AvePoint Inc (AVPT)

[Norton1973]

Wow! APXT, AvePoint Announces Preliminary First Quarter 2021 Financial Results and $20.0 million APXT Share Purchase Program

April 14 2021 - 04:45PM
PR Newswire (US)

JERSEY CITY, N.J., April 14, 2021 /PRNewswire/ -- AvePoint, Inc. ("AvePoint" or the "Company"), the largest data management solutions provider for Microsoft 365, today announced AvePoint's preliminary financial results for the first quarter ended March 31, 2021. 

"Although the Company's first quarter is historically our slowest quarter, the Company has achieved significant growth.  We reported strong first quarter results with subscription revenue growth of 49% year over year at the mid-point of the range," said Dr. Tianyi "TJ" Jiang, CEO of AvePoint. "Over the past two quarters we have made meaningful investments in scaling our go-to-market organization to accelerate growth and capture the significant market opportunity ahead.  Our first quarter results continue the growth momentum we experienced in 2020 and combined with the ongoing ramp of our salesforce, gives us confidence in our outlook for 2021."

Preliminary First Quarter 2021 Financial Results

Total Revenue in the range of $38.4 million to $38.8 million, in line with our quarterly revenue expectationTotal ARR1 in the range of $128.0 million to $129.2 million as of March 31, 2021, up 32.6% year-over-year at the mid-pointSubscription Revenue in the range of $26.7 million to $27.0 million, up 49.3% year-over-year at the mid-pointGAAP operating loss in the range of $(11.9) million to $(4.1) million, representing GAAP operating margins of (31.0)% and (10.6)%, respectivelyNon-GAAP operating loss in the range of $(1.9) million to $(1.5) million, representing non-GAAP operating margins of (4.9)% and (3.9)%, respectivelyCash, Cash Equivalents and Short-Term Investments of approximately $65.8 million as of March 31, 2021; Company remains debt-free

Based upon the Company's strong first quarter results, the Company is raising its revenue guidance for Fiscal Year 2021 to $194.0 million.

In addition, today AvePoint announced that the Board of Directors has authorized a share purchase program pursuant to which the Company may purchase up to $20.0 million of Apex Technology Acquisition Corporation (NASDAQ: APXT, "Apex") common stock until the date on which the SEC declares Apex's S-4 Registration Statement effective.  The closing of the business combination remains subject to customary closing conditions, including SEC review and the approval of the shareholders of Apex and AvePoint.  In light of the recent SEC statement regarding accounting and reporting considerations for warrants issued by Special Purpose Acquisition Companies, or SPACs, Apex, together with its advisors, is reviewing the terms of its warrants in order to determine the proper accounting treatment. 

"This share purchase program demonstrates the Board's confidence in our future and our commitment to deliver value to our shareholders," said Dr. Jiang. "Our strong cash flow and balance sheet enable us to create value for our existing shareholders by reducing dilution associated with the proposed business combination at what we believe to be an attractive valuation."

Any purchases of Apex common stock pursuant to the share purchase program will be made in the open market or in privately negotiated transactions. The purchases will be conducted in compliance with the SEC's Rule 10b-18 and applicable legal requirements and will be subject to market conditions and other factors.  AvePoint is not obligated to acquire any particular amount of Apex common stock and such purchases may be suspended at any time, at AvePoint's discretion.

About AvePoint

AvePoint enables customers to collaborate with confidence. Our data management solutions help our diverse, global customer base overcome complex transformation, governance, and compliance challenges in the Microsoft cloud. A five-time winner of the Global Microsoft Partner of the Year award, AvePoint offers the only full suite of SaaS solutions to migrate, manage and protect data in Microsoft 365. More than 7 million cloud users, including a quarter of the Fortune 500, rely on our solutions. Our SaaS solutions are also available to managed service providers, so they can better support and manage their small and mid-sized business customers. Our multi-tenant solutions are available from over a dozen distributors in more than 100 cloud marketplaces worldwide. For more information about AvePoint, visit https://www.avepoint.com.

About Apex Technology Acquisition Corporation

Apex is a special purpose acquisition corporation led by co-CEOs Jeff Epstein, the former CFO of Oracle, and Brad Koenig, the former head of Goldman Sachs' global technology investment banking team. For more information about Apex, visit https://apexacquisitioncorp.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 operating income (loss) 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.

Forward-Looking Statements

This press release contains certain forward-looking statements within the meaning of the federal securities laws including statements regarding AvePoint's preliminary financial results for the first quarter ending March 31, 2021, $AvePoint's plan to $purchase $up $to $20 $million $shares of Apex common stock pursuant to the $Apex share purchase program!!!!