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 expectation
- Total 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-point
- Subscription Revenue in the range of $26.7 million to $27.0
million, up 49.3% year-over-year at the mid-point
- GAAP operating loss in the range of $(11.9) million to $(4.1)
million, representing GAAP operating margins of (31.0)% and
(10.6)%, respectively
- Non-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)%, respectively
- Cash, 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, AvePoint's products and markets
and expected future performance and market opportunities of
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 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 the registration statement on Form S-4
discussed below and other documents filed by Apex from time to time
with the SEC. 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 and Apex assume no
obligation and do not intend to update or revise these
forward-looking statements, whether as a result of new information,
future events, or otherwise. Neither AvePoint nor Apex gives any
assurance that either AvePoint or Apex, or the combined company,
will achieve its expectations.
No Offer or Solicitation
This press release shall not constitute a solicitation of a
proxy, consent or authorization with respect to any securities or
in respect of the business combination discussed herein. This press
release also shall not constitute an offer to sell or the
solicitation of an offer to buy any securities, nor shall there be
any sale of securities in any states or jurisdictions in which such
offer, solicitation or sale would be unlawful prior to registration
or qualification under the securities laws of any such
jurisdiction. No offering of securities shall be made except by
means of a prospectus meeting the requirements of the Securities
Act of 1933, as amended, or an exemption therefrom.
Important Information for Investors and Stockholders
This press release relates to a proposed transaction between
AvePoint and Apex. In connection with the proposed transaction,
Apex has filed a registration statement on Form S-4 with the SEC,
also includes a document that serves as a prospectus and proxy
statement of Apex, referred to as a proxy statement/prospectus. A
proxy statement/prospectus will be sent to all Apex shareholders.
Apex will file other documents regarding the proposed transaction
with the SEC. Before making any voting decision, investors and
security holders of Apex are urged to read the registration
statement, the proxy statement/prospectus and all other relevant
documents filed or that will be filed with the SEC in connection
with the proposed transaction as they become available because they
will contain important information about the proposed
transaction.
Investors and security holders are able to obtain free copies of
the registration statement, the proxy statement/prospectus and all
other relevant documents filed or that will be filed with the SEC
by Apex through the website maintained by the SEC at www.sec.gov.
The information contained on, or that may be accessed through, the
websites referenced in this press release is not incorporated by
reference into, and is not a part of, this press release.
Participants in the Solicitation
Apex and its directors and officers may be deemed participants
in the solicitation of proxies of Apex's stockholders in connection
with the proposed transaction. Apex's stockholders and other
interested persons may obtain, without charge, more detailed
information regarding the directors and officers of Apex in the
registration statement containing the proxy statement/prospectus
which has been filed with the SEC.
Investor Contacts:
AvePoint, Inc.
Erica Mannion, Sapphire Investor
Relations, LLC.
ir@avepoint.com
617-542-6180
Reconciliation of
Estimated Preliminary GAAP Loss from Operations to
|
Estimated
Preliminary Non-GAAP Operating Income (Loss)
|
|
|
Three Months
Ended March
31,
|
|
2021 Estimated
|
|
|
|
Low
|
|
High
|
|
2020
Actual
|
|
(unaudited)
|
|
(in
thousands)
|
Loss from operations.
. . . . . . . . . . . . . . . . .
|
$
(11,878)
|
|
$
(4,108)
|
|
$
(72)
|
Add:
|
|
|
|
|
|
Stock-based
compensation . . . . . . . . . .
|
9,999
|
|
2,617
|
|
75
|
Non-GAAP operating
income (loss) . . . . .
|
$
(1,879)
|
|
$
(1,491)
|
|
$
3
|
Non-GAAP operating
margin2
|
(4.9)%
|
|
(3.9)%
|
|
0.0%
|
1 AvePoint calculates annual recurring revenue
("ARR") at the end of a particular period as the annualized sum of:
(1) contractually obligated Annual Contract Value from subscription
and maintenance revenue sources from all customers with a contract
duration exceeding three months, and (2) the product of the current
month's monthly recurring revenue ("MRR") multiplied by twelve (to
prospectively annualize subscription revenue). MRR is attributable
to AvePoint's Channel business and includes contracts that may or
may not be extended or renewed by AvePoint's customers. ARR also
includes some recurring professional services revenue, such as
recurring technical account management services.
2 AvePoint defines non-GAAP operating margin as
non-GAAP operating income (loss) divided by revenue. AvePoint
estimates GAAP operating margin for the three months ended
March 31, 2021 in the range of
(31.0)% to (10.6)% and (0.3)% for the three months ended
March 31, 2020.
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SOURCE AvePoint, Inc.