• AvePoint Announces Fourth Quarter and Full Year 2023 Financial Results

    المصدر: Nasdaq GlobeNewswire / 29 فبراير 2024 16:05:00   America/New_York

    Full year SaaS revenue of $161.0 million, representing 37% year-over-year growth
    Full year Total revenue of $271.8 million, representing 17% year-over-year growth
    Total ARR of $264.5 million, representing 23% year-over-year growth, 24% adjusted for FX

    JERSEY CITY, N.J., Feb. 29, 2024 (GLOBE NEWSWIRE) --  AvePoint (NASDAQ: AVPT), the most advanced platform to optimize SaaS operations and secure collaboration, today announced financial results for the fourth quarter and full year ended December 31, 2023. 

    “Our fourth quarter results were an outstanding close to our strongest year yet as a public company,” said Dr. Tianyi Jiang (TJ), CEO and Co-Founder, AvePoint. “The strength and differentiation of our platform offering, coupled with the continued customer demand to manage and protect critical data, reduce costs and improve productivity, enabled us to meaningfully outperform our financial guidance, as well as show substantial cash flow generation and improvement across key customer metrics. Looking ahead, our ability to secure and manage organizations’ rapidly expanding data estates leaves us well positioned to drive businesses’ generative AI adoption in 2024 and beyond.”

    Fourth Quarter 2023 Financial Highlights

    • Revenue: Total revenue was $74.6 million, up 17% from the fourth quarter of 2022. Within total revenue, SaaS revenue was $45.3 million, up 37% from the fourth quarter of 2022.

    • Gross Profit: GAAP gross profit was $55.0 million, compared to $44.8 million for the fourth quarter of 2022. Non-GAAP gross profit was $56.1 million, compared to $45.9 million for the fourth quarter of 2022. Non-GAAP gross margin was 75.2%, compared to 72.2% for the fourth quarter of 2022.

    • Operating Income/(Loss): GAAP operating income was $0.9 million, compared to a GAAP operating loss of $(8.0) million for the fourth quarter of 2022. Non-GAAP operating income was $10.3 million, compared to $1.4 million for the fourth quarter of 2022.

    Full Year 2023 Financial Highlights

    • Revenue: Total revenue was $271.8 million, up 17% from the full year 2022. Within total revenue, SaaS revenue was $161.0 million, up 37% from the full year 2022.

    • Gross Profit: GAAP gross profit was $194.4 million, compared to $166.1 million for the full year 2022. Non-GAAP gross profit was $198.5 million, compared to $169.3 million for the full year 2022. Non-GAAP gross margin was 73.0%, compared to 72.9% for the full year 2022.

    • Operating Income/(Loss): GAAP operating loss was $(15.4) million, compared to $(41.1) million for the full year 2022. Non-GAAP operating income was $22.2 million, compared to a non-GAAP operating loss of $(2.9) million for the full year 2022.

    • Cash and short-term investments: $226.9 million as of December 31, 2023.

    • Cash from operations: for the twelve months ended December 31, 2023, the Company generated $34.7 million of cash from operations, compared to $(0.8) million in the prior year period.

    Fourth Quarter 2023 Key Performance Indicators and Recent Business Highlights

    • ARR as of December 31, 2023 was $264.5 million, up 23% year-over-year. Adjusted for FX, ARR grew 24%.

    • Adjusted for FX, dollar-based gross retention rate was 87%, while dollar-based net retention rate was 109%. On an as-reported basis, dollar-based gross retention rate was 86%, while dollar-based net retention rate was 108%.

    • Announced the launch of AvePoint Opus, our AI-powered information lifecycle management solution, to enable organizations to manage information and ensure compliance, optimize cloud storage, and streamline processes.

    • Continued our focus on accelerating the adoption of generative AI around the globe, including signing an agreement on February 28, 2024 to invest in a new growth equity fund, A3Ventures, which will pursue B2B software companies that are ready for the global stage, including those that accelerate innovation in areas complementing AvePoint’s technology portfolio and building on the Company’s cloud platform.

    • Launched AvePoint AI, our program integrating AI across all aspects of our Company – from our products and services to our own business and operations. In addition, the program will include the opening of an AI Industry lab in partnership with the Economic Development Board of Singapore and other institutes of higher learning.

    Financial Outlook

    For the first quarter of 2024, the Company expects:

    • Total revenues of $71.4 million to $73.4 million, or year-over-year growth of 22% at the midpoint.
    • Non-GAAP operating income of $3.3 million to $4.3 million.

    For the full year 2024, the Company expects:

    • Total ARR of $314.7 million to $320.7 million, or year-over-year growth of 20% at the midpoint.
    • Total revenues of $308.6 million to $316.6 million, or year-over-year growth of 15% at the midpoint.
    • Non-GAAP operating income of $27.4 million to $30.4 million.

    Quarterly Conference Call

    AvePoint will host a conference call today, February 29, 2024, to review its fourth quarter and full year 2023 financial results and to discuss its financial outlook. The call is scheduled to begin at 4:30pm ET. You may access the call and register with a live operator by dialing 1 (833) 816-1428 for US participants and 1 (412) 317-0520 for outside the US. The passcode for the call is 5410286. Investors can also join by webcast by visiting https://ir.avepoint.com/events. The webcast will be available live, and a replay will be available following the completion of the live broadcast for approximately 90 days.

    About AvePoint

    Collaborate with Confidence. AvePoint provides the most advanced platform to optimize SaaS operations and secure collaboration. Over 17,000 customers worldwide rely on our solutions to modernize the digital workplace across Microsoft, Google, Salesforce and other collaboration environments. AvePoint's global channel partner program includes over 3,500 managed service providers, value added resellers and systems integrators, with our solutions available in more than 100 cloud marketplaces. To learn more, visit www.avepoint.com.  

    Non-GAAP Financial Measures

    To supplement AvePoint’s consolidated financial statements presented in accordance with GAAP, the company uses non-GAAP measures of certain components of financial performance. These non-GAAP measures include non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating expenses (including percentage of revenue figures), non-GAAP operating income and non-GAAP operating margin. The company has included a reconciliation of GAAP to non-GAAP financial measures at the end of this press release. These reconciliations adjust the related GAAP financial measures to exclude stock-based compensation expense and the amortization of acquired intangible assets. The company believes the presentation of its non-GAAP financial measures provides a better representation as to its overall operating performance. The presentation of AvePoint’s non-GAAP financial measures is not meant to be considered in isolation or as a substitute for its financial results prepared in accordance with GAAP, and AvePoint’s non-GAAP measures may be different from non-GAAP measures used by other companies.

    Disclosure Information

    AvePoint uses the https://ir.avepoint.com/ website as a means of disclosing material non-public information and for complying with its disclosure obligations under Regulation FD.

    Forward-Looking Statements

    This press release contains certain forward-looking statements within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995 and other federal securities laws including statements regarding the future performance of and market opportunities for AvePoint. These forward-looking statements generally are identified by the words “believe,” “project,” “expect,” “anticipate,” “estimate,” “intend,” “strategy,” “future,” “opportunity,” “plan,” “may,” “should,” “will,” “would,” “will be,” “will continue,” “will likely result,” and similar expressions. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements in this press release, including but not limited to: changes in the competitive and regulated industries in which AvePoint operates, variations in operating performance across competitors, changes in laws and regulations affecting AvePoint’s business and changes in AvePoint’s ability to implement business plans, forecasts, and ability to identify and realize additional opportunities, and the risk of downturns in the market and the technology industry. You should carefully consider the foregoing factors and the other risks and uncertainties described in the “Risk Factors” section of AvePoint’s most recent Annual Report on Form 10-K and its registration statement on Form S-1 and related prospectus and prospectus supplements filed with the SEC. Copies of these and other documents filed by AvePoint from time to time are available on the SEC's website, www.sec.gov. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and AvePoint does not assume any obligation and does not intend to update or revise these forward-looking statements after the date of this release, whether as a result of new information, future events, or otherwise, except as required by law. AvePoint does not give any assurance that it will achieve its expectations. Unless the context otherwise indicates, references in this press release to the terms “AvePoint”, “the Company”, “we”, “our” and “us” refer to AvePoint, Inc. and its subsidiaries.

    Investor Contact
    AvePoint
    Jamie Arestia
    ir@avepoint.com
    (551) 220-5654

    Media Contact
    AvePoint
    Nicole Caci
    pr@avepoint.com  
    (201) 201-8143

    AvePoint, Inc.
    Condensed Consolidated Statements of Operations
    (In thousands, except per share amounts)
    (Unaudited)

      Three Months Ended  Year Ended 
      December 31,  December 31, 
      2023  2022  2023  2022 
    Revenue:                
    SaaS $45,260  $33,049  $160,961  $117,180 
    Term license and support  12,270   14,713   52,744   57,214 
    Services  13,788   12,052   44,795   41,283 
    Maintenance  3,306   3,794   13,325   16,662 
    Total revenue  74,624   63,608   271,825   232,339 
    Cost of revenue:                
    SaaS  9,338   8,379   35,924   27,313 
    Term license and support  505   406   1,946   2,006 
    Services  9,576   9,833   38,807   36,037 
    Maintenance  199   172   783   920 
    Total cost of revenue  19,618   18,790   77,460   66,276 
    Gross profit  55,006   44,818   194,365   166,063 
    Operating expenses:                
    Sales and marketing  29,127   28,636   112,105   110,638 
    General and administrative  15,592   16,721   61,271   65,132 
    Research and development  9,409   7,509   36,340   31,359 
    Total operating expenses  54,128   52,866   209,716   207,129 
    Income (loss) from operations  878   (8,048)  (15,351)  (41,066)
    Other (expense) income, net  (1,687)  1,340   (3,263)  7,416 
    Loss before income taxes  (809)  (6,708)  (18,614)  (33,650)
    Income tax (benefit) expense  (5,245)  4,939   2,887   5,038 
    Net income (loss) $4,436  $(11,647) $(21,501) $(38,688)
    Net income attributable to noncontrolling interest  (167)  (1,072)  (224)  (2,942)
    Net loss attributable to AvePoint, Inc. $4,269  $(12,719) $(21,725) $(41,630)
    Net loss available to common shareholders $4,269  $(12,719) $(21,725) $(41,630)
    Earnings per share:                
    Basic $0.02  $(0.07) $(0.12) $(0.23)
    Diluted $0.02  $(0.07) $(0.12) $(0.23)
    Weighted average shares outstanding:                
    Basic  181,152   181,795   182,257   181,957 
    Diluted  198,570   181,795   182,257   181,957 

     AvePoint, Inc.
    Condensed Consolidated Balance Sheets
    (In thousands, except par value)

      December 31,  December 31, 
      2023  2022 
    Assets        
    Current assets:        
    Cash and cash equivalents $223,162  $227,188 
    Short-term investments  3,721   2,620 
    Accounts receivable, net of allowance of $926 and $725, respectively  85,877   66,474 
    Prepaid expenses and other current assets  12,824   10,013 
    Total current assets  325,584   306,295 
    Property and equipment, net  5,118   5,537 
    Goodwill  19,156   18,904 
    Intangible assets, net  10,546   11,079 
    Operating lease right-of-use assets  13,908   15,855 
    Deferred contract costs  54,675   48,553 
    Other assets  13,595   9,310 
    Total assets $442,582  $415,533 
    Liabilities, mezzanine equity, and stockholders’ equity        
    Current liabilities:        
    Accounts payable $1,384  $1,519 
    Accrued expenses and other current liabilities  53,766   47,784 
    Current portion of deferred revenue  121,515   93,405 
    Total current liabilities  176,665   142,708 
    Long-term operating lease liabilities  9,383   11,348 
    Long-term portion of deferred revenue  7,741   8,085 
    Earn-out shares liabilities  18,346   6,631 
    Other liabilities  5,603   3,607 
    Total liabilities  217,738   172,379 
    Commitments and contingencies        
    Mezzanine equity        
    Redeemable noncontrolling interest  6,038   14,007 
    Total mezzanine equity  6,038   14,007 
    Stockholders’ equity        
    Common stock, $0.0001 par value; 1,000,000 shares authorized, 184,652 and 185,278 shares issued and outstanding as of December 31, 2023 and 2022, respectively  18   19 
    Additional paid-in capital  667,881   665,715 
    Treasury stock     (21,666)
    Accumulated other comprehensive income  3,196   2,006 
    Accumulated deficit  (460,496)  (416,927)
    Noncontrolling interest  8,207    
    Total stockholders’ equity  218,806   229,147 
    Total liabilities, mezzanine equity, and stockholders’ equity $442,582  $415,533 

    AvePoint, Inc.
    Condensed Consolidated Statements of Cash Flows
    (In thousands)
    (Unaudited)

      Year Ended 
      December 31, 
      2023  2022 
    Operating activities        
    Net loss $(21,501) $(38,688)
    Adjustments to reconcile net loss to net cash provided by (used in) operating activities:        
    Depreciation and amortization  4,687   3,494 
    Operating lease right-of-use assets expense  6,234   5,945 
    Foreign currency remeasurement loss     835 
    Stock-based compensation  36,048   37,218 
    Deferred income taxes  (864)  3,701 
    Other  1,068   (607
    Change in value of earn-out and warrant liabilities  11,454   (4,402)
    Changes in operating assets and liabilities:        
    Accounts receivable  (19,448)  (14,388)
    Prepaid expenses and other current assets  (2,773)  (2,108)
    Deferred contract costs and other assets  (7,687)  (9,596)
    Accounts payable, accrued expenses, operating lease liabilities and other liabilities  609   (2,553)
    Deferred revenue  26,867   20,375 
    Net cash provided by (used in) operating activities  34,694   (774)
    Investing activities        
    Maturities of investments  2,620   183,554 
    Purchases of investments  (3,497)  (180,969)
    Cash paid in business combinations and asset acquisitions, net of cash acquired     (18,572)
    Capitalization of internal-use software  (1,434)  (1,612)
    Purchase of property and equipment  (2,087)  (3,853)
    Investment in notes  (1,250)   
    Net cash used in investing activities  (5,648)  (21,452)
    Financing activities        
    Repurchase of common stock  (39,036)  (19,927)
    Proceeds from stock option exercises  5,569   2,818 
    Repayments of finance leases  (64)  (39)
    Payments of debt issuance costs  (136)   
    Net cash used in financing activities  (33,667)  (17,148)
    Effect of exchange rates on cash  595   (1,655)
    Net decrease in cash and cash equivalents  (4,026)  (41,029)
    Cash and cash equivalents at beginning of period  227,188   268,217 
    Cash and cash equivalents at end of period $223,162  $227,188 
    Supplemental disclosures of cash flow information        
    Income taxes paid $6,112  $3,320 
    Contingent consideration in business combinations $  $5,635 
    Common stock issued in business combination $  $1,517 
    Loan to certain acquiree shareholders $  $235 

    AvePoint, Inc.
    Non-GAAP Reconciliations
    (In thousands)
    (Unaudited)

      Three Months Ended  Year Ended 
      December 31,  December 31, 
      2023  2022  2023  2022 
    Non-GAAP operating income                
    GAAP operating loss $878  $(8,048) $(15,351) $(41,066)
    Stock-based compensation expense  9,073   8,931   36,048   37,218 
    Amortization of acquired intangible assets  350   527   1,456   955 
    Non-GAAP operating income (loss) $10,301  $1,410  $22,153  $(2,893)
    Non-GAAP operating margin  13.8%  2.2%  8.1%  -1.2%
                     
                     
                     
    Non-GAAP gross profit                
    GAAP gross profit $55,006  $44,818  $194,365  $166,063 
    Stock-based compensation expense  869   692   3,161   2,640 
    Amortization of acquired intangible assets  239   393   964   617 
    Non-GAAP gross profit $56,114  $45,903  $198,490  $169,320 
    Non-GAAP gross margin  75.2%  72.2%  73.0%  72.9%
                     
    Non-GAAP sales and marketing                
    GAAP sales and marketing $29,127  $28,636  $112,105  $110,638 
    Stock-based compensation expense  (2,251)  (2,688)  (9,518)  (11,393)
    Amortization of acquired intangible assets  (111)  (134)  (492)  (338)
    Non-GAAP sales and marketing $26,765  $25,814  $102,095  $98,907 
    Non-GAAP sales and marketing as a % of revenue  35.9%  40.6%  37.6%  42.6%
                     
    Non-GAAP general and administrative                
    GAAP general and administrative $15,592  $16,721  $61,271  $65,132 
    Stock-based compensation expense  (4,787)  (4,573)  (19,338)  (19,398)
    Non-GAAP general and administrative $10,805  $12,148  $41,933  $45,734 
    Non-GAAP general and administrative as a % of revenue  14.5%  19.1%  15.4%  19.7%
                     
    Non-GAAP research and development                
    GAAP research and development $9,409  $7,509  $36,340  $31,359 
    Stock-based compensation expense  (1,166)  (978)  (4,031)  (3,787)
    Non-GAAP research and development $8,243  $6,531  $32,309  $27,572 
    Non-GAAP research and development as a % of revenue  11.0%  10.3%  11.9%  11.9%


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