AvePoint Announces Third Quarter 2022 Financial Results
November 10 2022 - 4:05PM
AvePoint (NASDAQ: AVPT), the most advanced SaaS and data management
platform provider, today announced financial results for
the third quarter ended September 30, 2022.
“Q3 was another strong quarter for AvePoint despite the
uncertain macroeconomic environment, highlighted by 34% ARR growth
and 26% revenue growth, both adjusted for the impact of FX,” said
Dr. Tianyi Jiang (TJ), CEO and Co-Founder of AvePoint. “Our strong
topline performance reflects the ongoing need of companies around
the world to secure collaboration data, sustain connections between
people and ensure business continuity. At the same time, we
continue to thoughtfully invest in a number of strategic growth
initiatives while emphasizing robust expense controls across the
company. We are excited for a strong close to 2022 and remain well
positioned to capture the enormous market opportunity ahead of
us.”
Third Quarter 2022 Financial
Highlights
- Revenue: Total revenue for the third quarter
of 2022 was $62.7 million, up 16% from the third quarter of 2021
and up 26% year over year on a constant currency basis. Within
total revenue, SaaS revenue was $30.0 million, up 34% from the
third quarter of 2021 and up 45% year over year on a constant
currency basis.
- Gross Profit: Gross profit for the third
quarter of 2022 was $45.9 million, compared to $38.7 million for
the third quarter of 2021. Gross margin for the third quarter of
2022 was 73.2%, compared to 71.8% for the third quarter of 2021.
Non-GAAP gross profit for the third quarter of 2022 was $46.6
million, compared to $41.1 million for the third quarter of 2021.
Non-GAAP gross margin was 74.2% for the third quarter of 2022,
compared to 76.3% for the third quarter of 2021.
- Operating Income/(Loss): GAAP operating
loss for the third quarter of 2022 was $(7.4) million, compared to
$(28.7) million for the third quarter of 2021. Non-GAAP operating
income for the third quarter of 2022 was $2.2 million, compared to
$4.0 million for the third quarter of 2021.
- Cash and short-term investments: $219.8
million as of September 30, 2022.
Third Quarter 2022 Key Performance Indicators and
Business Highlights
- ARR as of the end of third quarter was $191.7 million, up 30%
year-over-year. Adjusted for FX, ARR grew 34%.
- Dollar-based net retention rate was 106% and was 108% adjusted
for FX.
- The acquisitions of tyGraph, an award-winning platform that
allows organizations to organize, measure, and analyze human
interactions to accelerate success in the digital workplace, and
Essential, a South Korea-based software solutions provider that
will advance the Company’s ability to enable large organizations in
the country to accomplish their digital transformation goals were
both completed.
- A new research and development hub in Singapore, which will
serve as the Company’s international headquarters and foster local
talent to support the growing global demand for B2B SaaS solutions,
was announced.
- Three rigorous audits (ISO 27001:2013 and 27017:2015 frameworks
and CSA STAR Level 2), which reflect the Company’s prioritization
of security and privacy and its commitment to help all
organizations safely manage their digital collaboration data were
completed.
- Through September 30, 2022, the Company repurchased
approximately 4 million shares under the share repurchase program
at a cost of approximately $19.6 million.
Financial Outlook
For the fourth quarter of 2022, the Company expects:
- Total revenues of $63 million to $65 million, or 19%
year-over-year growth, 22% adjusted for constant currency.
- Non-GAAP operating income of $1.5 million to $3.5 million.
For the full year 2022, the Company now expects:
- Total revenues of $231.7 million to $233.7 million, or 21%
year-over-year growth, 28% adjusted for constant currency.
- Non-GAAP operating loss of $(3.2) million to $(1.2)
million.
- Total ARR of $202 million to $206 million, or 28%
year-over-year growth, 32% adjusted for the impact of FX.
Quarterly Conference Call
AvePoint will host a conference call today, November 10, 2022,
to review its third quarter 2022 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 (844) 826-3035 for US participants and 1 (412) 317-5195
for outside the US. The conference ID for the call is 5693960.
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 for SaaS and data management to optimize SaaS operations
and secure collaboration. More than 9 million cloud users rely on
our solutions. Our SaaS solutions are also available to managed
service providers via more than 100 cloud marketplaces, so they can
better support and manage their small and mid-sized business
customers. Founded in 2001, AvePoint is a five-time Global
Microsoft Partner of the Year and headquartered in Jersey City, New
Jersey. For more information, 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. In order for AvePoint’s investors to be better able to
compare its current results with those of previous periods, 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. AvePoint believes the presentation of its
non-GAAP financial measures enhances the user’s overall
understanding of its historical financial 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 Quarterly Report
on Form 10-Q 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.
Investor Contact
AvePointJamie Arestiair@avepoint.com(551) 220-5654
Media Contact
AvePointNicole Cacipr@avepoint.com (201) 201-8143
|
AvePoint, Inc. and SubsidiariesCondensed Consolidated Statements of
Operations(In thousands, except per share amounts)(Unaudited) |
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
Nine Months Ended |
|
|
|
September 30, |
|
|
September 30, |
|
|
|
2022 |
|
|
2021 |
|
|
2022 |
|
|
2021 |
|
Revenue: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SaaS |
|
$ |
29,959 |
|
|
$ |
22,410 |
|
|
$ |
84,131 |
|
|
$ |
61,255 |
|
Term license and support |
|
|
18,288 |
|
|
|
17,477 |
|
|
|
42,501 |
|
|
|
37,292 |
|
Services |
|
|
10,458 |
|
|
|
8,143 |
|
|
|
29,231 |
|
|
|
21,361 |
|
Maintenance |
|
|
3,754 |
|
|
|
5,293 |
|
|
|
12,262 |
|
|
|
16,160 |
|
Perpetual license |
|
|
280 |
|
|
|
604 |
|
|
|
606 |
|
|
|
2,003 |
|
Total revenue |
|
|
62,739 |
|
|
|
53,927 |
|
|
|
168,731 |
|
|
|
138,071 |
|
Cost of revenue: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SaaS |
|
|
7,011 |
|
|
|
4,866 |
|
|
|
18,651 |
|
|
|
13,870 |
|
Term license and support |
|
|
515 |
|
|
|
211 |
|
|
|
1,573 |
|
|
|
714 |
|
Services |
|
|
9,113 |
|
|
|
9,435 |
|
|
|
25,922 |
|
|
|
21,528 |
|
Maintenance |
|
|
189 |
|
|
|
710 |
|
|
|
739 |
|
|
|
1,608 |
|
Total cost of revenue |
|
|
16,828 |
|
|
|
15,222 |
|
|
|
46,885 |
|
|
|
37,720 |
|
Gross profit |
|
|
45,911 |
|
|
|
38,705 |
|
|
|
121,846 |
|
|
|
100,351 |
|
Operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales and marketing |
|
|
27,201 |
|
|
|
25,186 |
|
|
|
81,429 |
|
|
|
73,488 |
|
General and administrative |
|
|
16,365 |
|
|
|
22,230 |
|
|
|
48,229 |
|
|
|
44,186 |
|
Research and development |
|
|
8,953 |
|
|
|
19,648 |
|
|
|
23,247 |
|
|
|
27,633 |
|
Depreciation and amortization |
|
|
819 |
|
|
|
326 |
|
|
|
1,959 |
|
|
|
863 |
|
Total operating expenses |
|
|
53,338 |
|
|
|
67,390 |
|
|
|
154,864 |
|
|
|
146,170 |
|
Loss from operations |
|
|
(7,427 |
) |
|
|
(28,685 |
) |
|
|
(33,018 |
) |
|
|
(45,819 |
) |
Gain on earn-out and warrant
liabilities |
|
|
913 |
|
|
|
13,650 |
|
|
|
6,848 |
|
|
|
13,650 |
|
Interest income, net |
|
|
16 |
|
|
|
56 |
|
|
|
50 |
|
|
|
80 |
|
Other income (expense),
net |
|
|
48 |
|
|
|
(299 |
) |
|
|
(822 |
) |
|
|
(300 |
) |
Loss before income taxes |
|
|
(6,450 |
) |
|
|
(15,278 |
) |
|
|
(26,942 |
) |
|
|
(32,389 |
) |
Income tax expense
(benefit) |
|
|
336 |
|
|
|
(5,521 |
) |
|
|
99 |
|
|
|
(6,633 |
) |
Net loss |
|
$ |
(6,786 |
) |
|
$ |
(9,757 |
) |
|
$ |
(27,041 |
) |
|
$ |
(25,756 |
) |
Net income attributable to and
accretion of redeemable noncontrolling interest |
|
|
(626 |
) |
|
|
(517 |
) |
|
|
(1,870 |
) |
|
|
(1,413 |
) |
Net loss attributable to
AvePoint, Inc. |
|
$ |
(7,412 |
) |
|
$ |
(10,274 |
) |
|
$ |
(28,911 |
) |
|
$ |
(27,169 |
) |
Deemed dividends on preferred
stock |
|
|
— |
|
|
|
608 |
|
|
|
— |
|
|
|
(32,928 |
) |
Net loss available to common
shareholders |
|
$ |
(7,412 |
) |
|
$ |
(9,666 |
) |
|
$ |
(28,911 |
) |
|
$ |
(60,097 |
) |
Basic and diluted loss per share |
|
$ |
(0.04 |
) |
|
$ |
(0.05 |
) |
|
$ |
(0.16 |
) |
|
$ |
(0.47 |
) |
Basic and diluted shares used in computing loss per share |
|
|
180,732 |
|
|
|
176,621 |
|
|
|
179,563 |
|
|
|
126,738 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AvePoint, Inc. and SubsidiariesCondensed Consolidated Balance
Sheets(In thousands, except par value)(Unaudited) |
|
|
|
|
|
|
|
|
|
September 30, |
|
|
December 31, |
|
|
|
2022 |
|
|
2021 |
|
Assets |
|
|
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
217,781 |
|
|
$ |
268,217 |
|
Short-term investments |
|
|
2,003 |
|
|
|
2,411 |
|
Accounts receivable, net of allowance of $1,808 and $838 at
September 30, 2022 and December 31, 2021, respectively |
|
|
56,777 |
|
|
|
55,067 |
|
Prepaid expenses and other current assets |
|
|
9,370 |
|
|
|
8,461 |
|
Total current assets |
|
|
285,931 |
|
|
|
334,156 |
|
Property and equipment,
net |
|
|
5,610 |
|
|
|
3,922 |
|
Goodwill |
|
|
18,186 |
|
|
|
— |
|
Other intangible assets,
net |
|
|
11,260 |
|
|
|
— |
|
Operating lease right-of-use
assets |
|
|
16,913 |
|
|
|
— |
|
Deferred contract costs |
|
|
42,364 |
|
|
|
38,926 |
|
Other assets |
|
|
14,577 |
|
|
|
11,734 |
|
Total assets |
|
$ |
394,841 |
|
|
$ |
388,738 |
|
Liabilities, mezzanine
equity, and stockholders’ equity |
|
|
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
|
|
Accounts payable |
|
$ |
2,017 |
|
|
$ |
1,824 |
|
Accrued expenses and other liabilities |
|
|
39,134 |
|
|
|
35,062 |
|
Current portion of deferred revenue |
|
|
78,034 |
|
|
|
74,294 |
|
Total current liabilities |
|
|
119,185 |
|
|
|
111,180 |
|
Long-term operating lease
liabilities |
|
|
12,459 |
|
|
|
— |
|
Long-term portion of deferred
revenue |
|
|
7,997 |
|
|
|
8,038 |
|
Earn-out shares
liabilities |
|
|
4,074 |
|
|
|
10,012 |
|
Other non-current
liabilities |
|
|
5,730 |
|
|
|
3,943 |
|
Total liabilities |
|
|
149,445 |
|
|
|
133,173 |
|
Commitments and
contingencies |
|
|
|
|
|
|
|
|
Mezzanine equity |
|
|
|
|
|
|
|
|
Redeemable noncontrolling interest |
|
|
12,684 |
|
|
|
5,210 |
|
Total mezzanine equity |
|
|
12,684 |
|
|
|
5,210 |
|
Stockholders’ equity |
|
|
|
|
|
|
|
|
Common stock, $0.0001 par value; 1,000,000 shares authorized,
184,455 and 181,822 shares issued and outstanding, at September 30,
2022 and December 31, 2021, respectively |
|
|
19 |
|
|
|
18 |
|
Additional paid-in capital |
|
|
655,968 |
|
|
|
625,056 |
|
Treasury stock |
|
|
(21,293 |
) |
|
|
(1,739 |
) |
Accumulated other comprehensive income |
|
|
2,226 |
|
|
|
2,317 |
|
Accumulated deficit |
|
|
(404,208 |
) |
|
|
(375,297 |
) |
Total stockholders’
equity |
|
|
232,712 |
|
|
|
250,355 |
|
Total liabilities, mezzanine
equity, and stockholders’ equity |
|
$ |
394,841 |
|
|
$ |
388,738 |
|
|
|
|
|
|
|
|
|
|
|
AvePoint, Inc. and SubsidiariesCondensed Consolidated Statements of
Cash Flows(In thousands)(Unaudited) |
|
|
|
|
|
|
Nine Months Ended |
|
|
|
September 30, |
|
|
|
2022 |
|
|
2021 |
|
Operating activities |
|
|
|
|
|
|
|
|
Net loss |
|
$ |
(27,041 |
) |
|
$ |
(25,756 |
) |
Adjustments to reconcile net
loss to net cash used in operating activities: |
|
|
|
|
|
|
|
|
Depreciation and amortization |
|
|
2,255 |
|
|
|
863 |
|
Operating lease right-of-use assets expense |
|
|
4,602 |
|
|
|
— |
|
Foreign currency remeasurement loss (gain) |
|
|
3,026 |
|
|
|
(161 |
) |
Provision for doubtful accounts |
|
|
1,058 |
|
|
|
(880 |
) |
Stock-based compensation |
|
|
28,287 |
|
|
|
50,475 |
|
Gain on disposal of property and equipment |
|
|
(18 |
) |
|
|
(15 |
) |
Deferred income taxes |
|
|
(154 |
) |
|
|
(1,008 |
) |
Change in value of earn-out and warrant liabilities |
|
|
(6,754 |
) |
|
|
(13,650 |
) |
Changes in operating assets and liabilities: |
|
|
|
|
|
|
|
|
Accounts receivable and long-term unbilled receivables |
|
|
(9,931 |
) |
|
|
(7,002 |
) |
Prepaid expenses and other current assets |
|
|
(1,486 |
) |
|
|
(10,775 |
) |
Deferred contract costs and other assets |
|
|
(5,166 |
) |
|
|
(3,269 |
) |
Accounts payable, accrued expenses and other liabilities |
|
|
(4,227 |
) |
|
|
1,836 |
|
Deferred revenue |
|
|
8,656 |
|
|
|
5,377 |
|
Net cash used in operating
activities |
|
|
(6,893 |
) |
|
|
(3,965 |
) |
Investing
activities |
|
|
|
|
|
|
|
|
Maturities of investments |
|
|
180,837 |
|
|
|
— |
|
Purchases of investments |
|
|
(180,495 |
) |
|
|
(638 |
) |
Net assets acquired from
business combinations and asset acquisitions, net of cash
acquired |
|
|
(18,574 |
) |
|
|
— |
|
Capitalization of internal use
software |
|
|
(1,165 |
) |
|
|
— |
|
Purchase of property and
equipment |
|
|
(3,420 |
) |
|
|
(1,445 |
) |
Net cash used in investing
activities |
|
|
(22,817 |
) |
|
|
(2,083 |
) |
Financing
activities |
|
|
|
|
|
|
|
|
Proceeds from recapitalization
of Apex shares |
|
|
— |
|
|
|
441,573 |
|
Redemption of redeemable
convertible preferred stock |
|
|
— |
|
|
|
(130,925 |
) |
Redemption of Legacy AvePoint
common stock |
|
|
— |
|
|
|
(106,169 |
) |
Payments of transaction fees
by Legacy AvePoint |
|
|
— |
|
|
|
(2,998 |
) |
Purchase of common stock |
|
|
(19,554 |
) |
|
|
(1,631 |
) |
Payment of net cash settlement
for management options |
|
|
— |
|
|
|
(7,530 |
) |
Proceeds from stock option
exercises |
|
|
1,817 |
|
|
|
4,555 |
|
Proceeds from sale of common
shares of subsidiary |
|
|
— |
|
|
|
753 |
|
Repayments of finance
leases |
|
|
(23 |
) |
|
|
(20 |
) |
Net cash (used in) provided by
financing activities |
|
|
(17,760 |
) |
|
|
197,608 |
|
Effect of exchange rates on
cash |
|
|
(2,966 |
) |
|
|
32 |
|
Net (decrease) increase in
cash and cash equivalents |
|
|
(50,436 |
) |
|
|
191,592 |
|
Cash and cash equivalents at
beginning of period |
|
|
268,217 |
|
|
|
69,112 |
|
Cash and cash equivalents at
end of period |
|
$ |
217,781 |
|
|
$ |
260,704 |
|
Supplemental
disclosures of cash flow information |
|
|
|
|
|
|
|
|
Income taxes paid |
|
$ |
421 |
|
|
$ |
2,823 |
|
Noncash acquisition |
|
$ |
5,635 |
|
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
AvePoint, Inc. and
SubsidiariesNon-GAAP Reconciliations(In thousands)(Unaudited) |
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
Nine Months Ended |
|
|
|
September 30, |
|
|
September 30, |
|
|
|
2022 |
|
|
2021 |
|
|
2022 |
|
|
2021 |
|
Non-GAAP operating income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP operating loss |
|
$ |
(7,427 |
) |
|
$ |
(28,685 |
) |
|
$ |
(33,018 |
) |
|
$ |
(45,819 |
) |
Stock-based compensation
expense |
|
|
9,609 |
|
|
|
32,676 |
|
|
|
28,287 |
|
|
|
50,475 |
|
Non-GAAP operating income
(loss) |
|
$ |
2,182 |
|
|
$ |
3,991 |
|
|
$ |
(4,731 |
) |
|
$ |
4,656 |
|
Non-GAAP operating margin |
|
|
3.5 |
% |
|
|
7.4 |
% |
|
|
-2.8 |
% |
|
|
3.4 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP gross
profit |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP gross profit |
|
$ |
45,911 |
|
|
$ |
38,705 |
|
|
$ |
121,846 |
|
|
$ |
100,351 |
|
Stock-based compensation
expense |
|
|
667 |
|
|
|
2,428 |
|
|
|
1,948 |
|
|
|
2,790 |
|
Non-GAAP gross profit |
|
$ |
46,578 |
|
|
$ |
41,133 |
|
|
$ |
123,794 |
|
|
$ |
103,141 |
|
Non-GAAP gross margin |
|
|
74.2 |
% |
|
|
76.3 |
% |
|
|
73.4 |
% |
|
|
74.7 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP sales and
marketing |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP sales and marketing |
|
$ |
27,201 |
|
|
$ |
25,186 |
|
|
$ |
81,429 |
|
|
$ |
73,488 |
|
Stock-based compensation
expense |
|
|
(2,847 |
) |
|
|
(2,171 |
) |
|
|
(8,705 |
) |
|
|
(13,073 |
) |
Non-GAAP sales and
marketing |
|
$ |
24,354 |
|
|
$ |
23,015 |
|
|
$ |
72,724 |
|
|
$ |
60,415 |
|
Non-GAAP sales and marketing
as a % of revenue |
|
|
38.8 |
% |
|
|
42.7 |
% |
|
|
43.1 |
% |
|
|
43.8 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP general and
administrative |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP general and
administrative |
|
$ |
16,365 |
|
|
$ |
22,230 |
|
|
$ |
48,229 |
|
|
$ |
44,186 |
|
Stock-based compensation
expense |
|
|
(5,060 |
) |
|
|
(13,020 |
) |
|
|
(14,825 |
) |
|
|
(19,375 |
) |
Non-GAAP general and
administrative |
|
$ |
11,305 |
|
|
$ |
9,210 |
|
|
$ |
33,404 |
|
|
$ |
24,811 |
|
Non-GAAP general and
administrative as a % of revenue |
|
|
18.0 |
% |
|
|
17.1 |
% |
|
|
19.8 |
% |
|
|
18.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP research and
development |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP research and
development |
|
$ |
8,953 |
|
|
$ |
19,648 |
|
|
$ |
23,247 |
|
|
$ |
27,633 |
|
Stock-based compensation
expense |
|
|
(1,035 |
) |
|
|
(15,057 |
) |
|
|
(2,809 |
) |
|
|
(15,237 |
) |
Non-GAAP research and
development |
|
$ |
7,918 |
|
|
$ |
4,591 |
|
|
$ |
20,438 |
|
|
$ |
12,396 |
|
Non-GAAP research and
development as a % of revenue |
|
|
12.6 |
% |
|
|
8.5 |
% |
|
|
12.1 |
% |
|
|
9.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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