AvePoint(AVPT) - 2023 Q4 - Annual Results

Revenue Growth - Full year SaaS revenue reached $161.0 million, representing a 37% year-over-year growth[1] - Total revenue for the full year was $271.8 million, reflecting a 17% year-over-year increase[4] - Total ARR as of December 31, 2023, was $264.5 million, up 23% year-over-year, with a 24% growth adjusted for FX[5] - Fourth quarter total revenue was $74.6 million, up 17% from Q4 2022, with SaaS revenue at $45.3 million, a 37% increase[3] - For Q1 2024, the company expects total revenues of $71.4 million to $73.4 million, indicating a year-over-year growth of 22% at the midpoint[7] - For the full year 2024, total ARR is projected to be between $314.7 million and $320.7 million, representing a 20% year-over-year growth at the midpoint[7] Profitability and Margins - Non-GAAP gross margin for the full year was 73.0%, slightly up from 72.9% in 2022[4] - Non-GAAP operating margin was reported at -1.2% for the year ended December 31, 2023[20] - Non-GAAP gross margin stood at 72.9% for the year ended December 31, 2023[21] - Non-GAAP sales and marketing expenses totaled $102,095 thousand for the year ended December 31, 2023, compared to $98,907 thousand in 2022[22] Cash Flow and Investments - The company generated $34.7 million in cash from operations for the full year, compared to $(0.8) million in the prior year[4] - Net cash used in investing activities was $5,648 thousand, down from $21,452 thousand year-over-year[20] - Cash and cash equivalents at the end of the period were $223,162 thousand, a decrease from $227,188 thousand[20] Liabilities and Equity - Total current liabilities increased to $176,665 thousand from $142,708 thousand, representing a 24% increase year-over-year[17] - Total liabilities rose to $217,738 thousand compared to $172,379 thousand, marking a 26% increase[17] - Stockholders' equity decreased to $218,806 thousand from $229,147 thousand, reflecting a decline of approximately 4.5%[17] - The accumulated deficit increased to $460,496 thousand from $416,927 thousand, indicating a rise of approximately 10.4%[17] Losses and Financial Performance - The company reported a net loss of $21,501 thousand for the year ended December 31, 2023, compared to a net loss of $38,688 thousand in 2022[19] Product Development and Innovation - AvePoint launched AvePoint Opus, an AI-powered information lifecycle management solution, to enhance data management and compliance[6] - The company signed an agreement to invest in A3Ventures, a growth equity fund targeting B2B software companies, to accelerate innovation in areas complementing its technology portfolio[6]