AvePoint Inc

NASDAQ:AVPTUnited States

04:13 PM EST, 11/07/2024 (MT Newswires) -- ...

------------------- 2024 2023 -------- -------- Operating activities Net loss $(11,964) $(25,937) Adjustments to reconcile net loss to net cash provided by operating activities: Depreciation and amortization 4,020 3,439 Operating lease right-of-use assets expense 4,975 5,294 Foreign currency remeasurement loss 1,212 763 Stock-based compensation 29,807 26,975 Deferred income taxes (235) (240) Other (4) 725 Change in value of earn-out and warrant liabilities 11,717 6,921 Changes in operating assets and liabilities: Accounts receivable 6,873 (4,633) Prepaid expenses and other current assets 1,767 1,663 Deferred contract costs and other assets (3,280) (5,637) Accounts payable, accrued expenses, operating lease liabilities and other liabilities (598) (5,331) Deferred revenue 11,844 9,282 ------- ------- Net cash provided by operating activities 56,134 13,284 Investing activities Maturities of investments 5,361 1,292 Purchases of investments (1,850) (2,050) Capitalization of internal-use software (947) (988) Purchase of property and equipment (2,303) (1,478) Issuance of notes receivables (1,500) (1,000) Other investing activities (130) -- ------- ------- Net cash used in investing activities (1,369) (4,224) Financing activities Repurchase of common stock (21,704) (33,644) Proceeds from stock option exercises 3,613 3,865 Redemption of redeemable noncontrolling interest (6,130) -- Purchase of public warrants (3,991) -- Repayments of finance leases (6) (30) ------- ------- Net cash used in financing activities (28,218) (29,809) Effect of exchange rates on cash 94 (653) ------- ------- Net increase (decrease) in cash and cash equivalents 26,641 (21,402) Cash and cash equivalents at beginning of period 223,162 227,188 ------- ------- Cash and cash equivalents at end of period $249,803 $205,786 ======= ======= Supplemental disclosures of cash flow information Income taxes paid $ 5,552 $ 5,794 ======= ======= AvePoint, Inc. Non-GAAP Reconciliations (In thousands) (Unaudited) Three Months Ended Nine Months Ended September 30, September 30, -------------------- ---------------------- 2024 2023 2024 2023 ------- ------- -------- -------- Non-GAAP operating income GAAP operating income (loss) $ 7,652 $ (313) $ 2,313 $(16,229) Stock-based compensation expense 9,811 9,285 29,807 26,975 Amortization of acquired intangible assets 362 353 1,064 1,106 ------ ------ ------- ------- Non-GAAP operating income $17,825 $ 9,325 $ 33,184 $ 11,852 Non-GAAP operating margin 20.1% 12.8% 13.8% 6.0% Non-GAAP gross profit GAAP gross profit $67,583 $52,604 $180,694 $139,359 Stock-based compensation expense 530 806 1,516 2,292 Amortization of acquired intangible assets 242 241 722 725 ------ ------ ------- ------- Non-GAAP gross profit $68,355 $53,651 $182,932 $142,376 Non-GAAP gross margin 77.0% 73.7% 75.8% 72.2% Non-GAAP sales and marketing GAAP sales and marketing $30,050 $28,436 $ 90,459 $ 82,978 Stock-based compensation expense (2,186) (2,358) (6,684) (7,267) Amortization of acquired intangible assets (120) (112) (342) (381) ------ ------ ------- ------- Non-GAAP sales and marketing $27,744 $25,966 $ 83,433 $ 75,330 Non-GAAP sales and marketing as a % of revenue 31.2% 35.7% 34.6% 38.2% Non-GAAP general and administrative GAAP general and administrative $17,043 $15,838 $ 52,095 $ 45,679 Stock-based compensation expense (4,925) (5,264) (15,451) (14,551) ------ ------ ------- ------- Non-GAAP general and administrative $12,118 $10,574 $ 36,644 $ 31,128 Non-GAAP general and administrative as a % of revenue 13.6% 14.5% 15.2% 15.8% Non-GAAP research and development GAAP research and development $12,838 $ 8,643 $ 35,827 $ 26,931 Stock-based compensation expense (2,170) (857) (6,156) (2,865) ------ ------ ------- ------- Non-GAAP research and development $10,668 $ 7,786 $ 29,671 $ 24,066 Non-GAAP research and development as a % of revenue 12.0% 10.7% 12.3% 12.2%