AvePoint(US:AVPT)2025-05-08 21:04Financial Performance - Total revenue for the three months ended March 31, 2025, was $93,064,000, representing a 25% increase from $74,534,000 in the same period of 2024[19] - SaaS revenue increased to $68,942,000, up 34.5% from $51,311,000 year-over-year[19] - Net income for the quarter was $3,566,000, compared to a net loss of $1,954,000 in the prior year[19] - Gross profit for the quarter was $69,165,000, resulting in a gross margin of approximately 74.3%[19] - Operating expenses totaled $65,878,000, an increase of 15% from $57,293,000 in the previous year[19] - The company reported a basic net income per share of $0.02 for the quarter, compared to a loss of $0.01 per share in the same quarter of the previous year[19] - Total comprehensive income for the three months ended March 31, 2025, was $4,702,000, compared to a loss of $2,532,000 in the prior year[22] - The company reported other income, net of $1,586,000 for Q1 2025, down from $3,404,000 in Q1 2024[137] Cash and Assets - Cash and cash equivalents increased to $351,481,000 as of March 31, 2025, up from $290,735,000 at the end of 2024[17] - Total assets grew to $598,848,000, a 15.3% increase from $519,055,000 at the end of 2024[17] - Total current assets increased to $446,639,000 as of March 31, 2025, up from $394,795,000 at the end of 2024[17] - Cash and cash equivalents at the end of the period were $351,481,000, an increase of $60,746,000 from $290,735,000 at the beginning of the period[27] - The company reported total cash equivalents and short-term investments of $189.412 million as of March 31, 2025, compared to $187.106 million as of December 31, 2024[124] Stockholders' Equity - Total stockholders' equity rose to $361,453,000, compared to $270,948,000 at the end of 2024, reflecting a 33.4% increase[17] - Total stockholders' equity increased to $361,453,000 as of March 31, 2025, up from $270,948,000 at the end of 2024, reflecting a growth of approximately 33.5%[24] - The company had 203,030,980 shares of common stock issued and outstanding, an increase from 194,070,512 shares as of December 31, 2024, representing a growth of approximately 4.9%[103] Liabilities and Expenses - AvePoint's total liabilities decreased to $877,000,000 as of March 31, 2025, down from $883,000,000 at the end of 2024, showing a reduction of approximately 0.7%[24] - Operating expenses rose to $65,878,000, up 15% from $57,293,000 year-over-year, primarily driven by increased sales and marketing expenses[19] - The company incurred stock-based compensation expenses of $9,620,000 for the three months ended March 31, 2025, slightly up from $9,458,000 in the prior year[27] - Total lease costs for the three months ended March 31, 2025, were $2.621 million, an increase from $2.122 million in the same period of 2024, reflecting a rise of approximately 23.6%[78] Acquisitions and Investments - The company completed the acquisition of 80% of Ydentic for an estimated fair value of $20.4 million, consisting of $14.9 million in cash and a $5.5 million unconditional purchase obligation[56] - Goodwill increased to $36.8 million as of March 31, 2025, from $17.7 million as of December 31, 2024, primarily due to the Ydentic acquisition[68] - The company plans to acquire the remaining interest in MaivenPoint for approximately $11.6 million in cash, enhancing its market position[143] - The preliminary fair value of intangible assets acquired in the Ydentic acquisition was estimated at $2.8 million, with a weighted average life of 4.2 years[63] - The company established a growth equity fund with Lumens Capital Partners Ltd., committing $50 million for portfolio investments, with no portion called as of March 31, 2025[107][109] Revenue by Region - North America generated $36,452,000 in revenue for Q1 2025, up 22% from $29,895,000 in Q1 2024[135] - EMEA revenue increased by 29% to $29,484,000 in Q1 2025 from $22,806,000 in Q1 2024[135] - APAC revenue rose to $27,128,000 in Q1 2025, a 24% increase from $21,833,000 in Q1 2024[135] Tax and Compliance - The effective tax rate for the three months ended March 31, 2025, was 26.8%, a significant decrease from 1062.6% for the same period in 2024, primarily due to changes in pre-tax income mix and other factors[74] - The Company has a revolving line of credit of up to $30.0 million with HSBC, with no borrowings outstanding as of March 31, 2025, and compliance with all covenants under the line[73] Other Financial Metrics - AvePoint's operating cash flow for the three months ended March 31, 2025, was $495,000, a decrease from $7,756,000 in the same period of 2024[27] - The company recognized term license revenue of $7.2 million for the three months ended March 31, 2025, up from $5.6 million for the same period in 2024, representing a year-over-year increase of approximately 28.6%[43] - The company experienced a foreign currency translation adjustment gain of $1,148,000, compared to a loss of $478,000 in the prior year[22] - The company reported a foreign currency remeasurement loss of $540,000 for the three months ended March 31, 2025, compared to a loss of $580,000 in the same period of 2024[27]