AvePoint(US:AVPT)2024-05-09 21:00Financial Performance - Total revenue for Q1 2024 was $74.534 million, a 25% increase from $59.572 million in Q1 2023[19] - SaaS revenue reached $51.311 million, up 45% from $35.512 million year-over-year[19] - Gross profit for the quarter was $54.092 million, compared to $41.682 million in the same period last year, reflecting a gross margin improvement[19] - Operating expenses totaled $57.293 million, an increase of 13% from $50.514 million in Q1 2023[19] - The net loss for Q1 2024 was $1.954 million, a significant improvement from a net loss of $9.182 million in Q1 2023[19] - Total comprehensive loss for the three months ended March 31, 2024, was $2,221 thousand, compared to $9,148 thousand for the same period in 2023, indicating a decrease of about 75.8%[22] - Basic and diluted loss per share available to common shareholders, excluding sponsor earn-out shareholders, was $(0.01) for the three months ended March 31, 2024, compared to $(0.05) for the same period in 2023[120] Cash and Assets - Cash and cash equivalents as of March 31, 2024, were $215.489 million, down from $223.162 million at the end of 2023[17] - Total assets decreased to $413.818 million from $442.582 million at the end of 2023[17] - Current liabilities decreased to $163.461 million from $176.665 million at the end of 2023[17] - Cash and cash equivalents at the end of the period were $215,489 thousand, down from $228,827 thousand at the end of 2023, reflecting a decrease of approximately 5.8%[28] - The company's cash balances at entities with regulations limiting cash transfer were $9.1 million as of March 31, 2024, down from $13.1 million as of December 31, 2023[42] - The total stockholders' equity as of March 31, 2024, was $212,748 thousand, a decrease from $229,147 thousand as of December 31, 2023, indicating a decline of approximately 7.1%[24] Revenue Breakdown - Revenue from North America was $29.895 million, up from $24.436 million year-over-year, reflecting a 22.5% increase[115] - EMEA revenue increased to $22.806 million from $19.488 million, a growth of 16.0%[115] - APAC revenue rose to $21.833 million, compared to $15.648 million in the prior year, marking a 39.2% increase[115] - Total annual recurring revenue (ARR) increased 23% year-over-year to $274.5 million as of March 31, 2024[128] - SaaS revenue represented 69% of total revenue for the three months ended March 31, 2024, up from 60% in the prior year[150] Operating Activities - Net cash provided by operating activities for the three months ended March 31, 2024, was $7,756 thousand, compared to $1,250 thousand for the same period in 2023, showing an increase of about 520.5%[28] - The company reported a GAAP operating loss of $3.2 million for the three months ended March 31, 2024, with a GAAP operating margin of (4.3)%, while the non-GAAP operating income was $6.6 million, resulting in a non-GAAP operating margin of 8.9%[171] Stock and Compensation - Stock-based compensation expense for the three months ended March 31, 2024, was $9,458 thousand, up from $8,104 thousand in the same period of 2023, representing an increase of approximately 16.7%[28] - The Company repurchased common stock amounting to $13,743 thousand during the three months ended March 31, 2024, compared to $1,811 thousand in the same period of 2023[28] - The Company reported total stock-based compensation for the three months ended March 31, 2024, was $9.458 million, up from $8.104 million in the same period of 2023, representing a 16.7% increase[98] Future Outlook and Strategy - The company continues to focus on expanding its SaaS offerings and improving operational efficiency to drive future growth[19] - The company continues to focus on expanding its cloud-native software platform to enhance operations and secure digital workplaces for organizations globally[31] - The company plans to continue investment in sales and marketing by hiring additional personnel and executing a global go-to-market strategy[143] Risks and Compliance - The company is exposed to foreign currency exchange risk, which may significantly affect revenue and expenses due to fluctuations in foreign exchange rates[196] - The company has identified a material weakness in internal control over financial reporting as of March 31, 2024, affecting the accuracy and completeness of information used[203] - The company’s financial position and results of operations are presented in conformity with U.S. GAAP despite the identified material weakness[204]