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| Share Name | Share Symbol | Market | Type |
|---|---|---|---|
| Avalara Inc | NYSE:AVLR | NYSE | Common Stock |
| Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 93.48 | 0 | 00:00:00 |
From Nov 2021 to Nov 2024
Company Cancels Earnings Call in Light of Transaction with Vista Equity Partners
Second Quarter Total Revenue of $208.6 Million
Total Revenue Growth of 23% From Second Quarter 2021
Avalara, Inc. (NYSE: AVLR), a leading provider of tax compliance automation for businesses of all sizes, today announced financial results for its second quarter ended June 30, 2022.
“We posted a solid second quarter delivering year-over-year total revenue growth of 23%, in line with our guidance and we outperformed on our operating income guidance. We remain focused on delivering on the 2025 growth and profitability targets that we laid out at our recent Investor Day,” said Scott McFarlane, Avalara co-founder and chief executive officer. “Despite ongoing macro uncertainties, we believe Avalara is a durable, diversified, and resilient business, and that we are in the early days of addressing a huge market to automate compliance for businesses of all sizes.”
Second Quarter 2022 Financial Results
Reconciliations of GAAP to non-GAAP financial measures have been provided in the tables included in this release.
Second Quarter 2022 and Recent Operating Highlights
Second Quarter 2022 and Recent Product Highlights
Transaction with Vista Equity Partners
About Avalara, Inc.
Avalara helps businesses of all sizes get tax compliance right. In partnership with leading ERP, accounting, ecommerce, and other financial management system providers, Avalara delivers cloud-based compliance solutions for various transaction taxes, including sales and use, VAT, GST, excise, communications, lodging, and other indirect tax types. Headquartered in Seattle, Avalara has offices across the U.S. and around the world in Brazil, Europe, and India. More information at www.avalara.com.
Forward-Looking Statements
This press release contains forward-looking statements including, among others, statements about expected growth opportunities. In some cases you can identify forward-looking statements because they contain words such as “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “might,” “likely,” “plan,” “potential,” “predict,” “project,” “seek,” “should,” “target,” “will,” “would,” or similar expressions and the negatives of those terms.
These forward-looking statements involve risks, uncertainties, and assumptions that could cause actual performance or results to differ materially from those expressed or suggested by the forward-looking statements. If any of these risks or uncertainties materialize, or if any of our assumptions prove incorrect, our actual results could differ materially from the results expressed or implied by these forward-looking statements. These risks and uncertainties include risks associated with: our ability to sustain our revenue growth rate, to achieve or maintain profitability, and to effectively manage our anticipated growth; our ability to attract new customers on a cost-effective basis and the extent to which existing customers renew and upgrade their subscriptions; the timing of our introduction of new solutions or updates to existing solutions; our ability to successfully diversify our solutions by developing or introducing new solutions or acquiring and integrating additional businesses, products, services, or content; our ability to maintain and expand our strategic relationships with third parties; our ability to deliver our solutions to customers without disruption or delay; our exposure to liability from errors, delays, fraud, or system failures, which may not be covered by insurance; our ability to expand our international reach; and the risks described in the other filings we make with the Securities and Exchange Commission from time to time, including the risks described under the heading “Risk Factors” in our amended Annual Report on Form 10-K/A for the year ended December 31, 2021, and which should be read in conjunction with our financial results and forward-looking statements. All forward-looking statements in this press release are based on information available to us as of the date hereof, and we do not assume any obligation to update the forward-looking statements provided to reflect events that occur or circumstances that exist after the date on which they were made, except as required by law.
Use of Non-GAAP Financial Measures
In addition to our results determined in accordance with GAAP, we have disclosed non-GAAP cost of revenue, non-GAAP gross profit, non-GAAP gross margin, non-GAAP research and development expense, non-GAAP sales and marketing expense, non-GAAP general and administrative expense, non-GAAP operating income (loss), non-GAAP net income (loss), non-GAAP basic net income (loss) per share, non-GAAP diluted net income (loss) per share, free cash flow, and calculated billings, which are all non-GAAP financial measures. We have provided tabular reconciliations of each non-GAAP financial measure to its most directly comparable GAAP financial measure at the end of this release.
Management uses these non-GAAP financial measures to understand and compare operating results across accounting periods, for internal budgeting and forecasting purposes, and to evaluate financial performance and liquidity. We believe that non-GAAP financial measures provide useful information to investors and others in understanding and evaluating our results, prospects, and liquidity period-over-period without the impact of certain items that do not directly correlate to our performance and that may vary significantly from period to period for reasons unrelated to our operating performance, as well as when comparing our financial results to those of other companies.
Our definitions of these non-GAAP financial measures may differ from the definitions used by other companies and therefore comparability may be limited. In addition, other companies may not publish these or similar metrics. Thus, our non-GAAP financial measures should be considered in addition to, not as a substitute for, or in isolation from, measures prepared in accordance with GAAP. We encourage investors and others to review our financial information in its entirety, not to rely on any single financial measure and to view non-GAAP financial measures in conjunction with the related GAAP financial measure.
Definitions of Key Business Metrics
We also use the key business metrics of core customers and net revenue retention rate.
Core Customers
We believe our core customer count is a key indicator of our market penetration, growth, and potential future revenue. We use core customers as a metric to focus our customer count reporting on our primary target market segment. We define a core customer as:
Currently, our core customer count includes only customers with unique account identifiers in our primary U.S. billing systems and does not include customers that subscribe to our solutions through our international subsidiaries and certain legacy and acquired billing systems that have not yet been integrated into our primary U.S. billing systems (e.g., recent acquisitions and our lodging tax compliance solution). As we increase our international operations and sales in future periods, we may add customers billed from our international subsidiaries to the core customer metric.
We also have a substantial number of customers of various sizes that do not meet the revenue threshold to be considered a core customer. Many of these customers are in the emerging and small business segment of the marketplace, which represents strategic value and a growth opportunity for us. Customers who do not meet the revenue threshold to be considered a core customer provide us with market share and awareness, and we anticipate that some may grow into core customers. In addition, we have numerous enterprise-level customers that only utilize our services for small segments of their business, providing opportunities over time for us to extend our relationship and make them core customers.
In addition to customers with whom we have a direct relationship, some of our customers are business application publishers (including ecommerce platforms) that include automated tax determination powered by Avalara. While those platform providers may be core customers to Avalara, their end-user customers generally are not.
Net Revenue Retention Rate
We believe that our net revenue retention rate provides insight into our ability to retain and grow revenue from our customers, as well as their potential long-term value to us. We also believe it reflects the stability of our revenue base, which is one of our core competitive strengths. We calculate our net revenue retention rate by dividing (a) total subscription and returns revenue in the current quarter from any billing accounts that generated revenue during the corresponding quarter of the prior year by (b) total subscription and returns revenue in such corresponding quarter from those same billing accounts. This calculation includes changes during the period for such billing accounts, such as additional solutions purchased, changes in pricing and transaction volume, and terminations, but does not reflect revenue for new billing accounts added during the one-year period.
Our net revenue retention rate includes only customers with unique account identifiers in our primary U.S. billing systems and does not include customers who subscribe to our solutions through our international subsidiaries or certain legacy and acquired billing systems that have not been integrated into our primary U.S. billing systems.
Reported Consolidated Results
AVALARA, INC. UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except per share amounts)
For the Three Months Ended June 30,
2022
2021 (1)
Revenue:
Subscription and returns
$
189,764
$
152,442
Professional services
18,829
16,625
Total revenue
208,593
169,067
Cost of revenue:
Subscription and returns
51,036
41,477
Professional services
11,036
7,836
Total cost of revenue (2)
62,072
49,313
Gross profit
146,521
119,754
Operating expenses:
Research and development (2)
56,647
41,234
Sales and marketing (2)
101,242
72,651
General and administrative (2)
44,592
36,113
Total operating expenses
202,481
149,998
Operating loss
(55,960
)
(30,244
)
Other income (expense):
Fair value changes in earnout liabilities
117
(1,181
)
Interest income
1,859
23
Interest expense
(1,497
)
—
Other income (expense), net
528
220
Total other income (expense), net
1,007
(938
)
Loss before income taxes
(54,953
)
(31,182
)
(Provision for) benefit from income taxes
(895
)
148
Net loss
$
(55,848
)
$
(31,034
)
Net loss per share attributable to common shareholders, basic and diluted
$
(0.63
)
$
(0.36
)
Weighted average shares of common stock outstanding, basic and diluted
87,989
86,090
For the Three Months Ended June 30,
(2) The stock-based compensation expense included above was as follows:
2022
2021 (1)
Cost of revenue
$
6,200
$
3,082
Research and development
14,641
7,192
Sales and marketing
11,905
5,955
General and administrative
13,954
10,390
Total stock-based compensation
$
46,700
$
26,619
The amortization of acquired intangibles included above was as follows:
Cost of revenue
$
2,851
$
2,394
Research and development
—
—
Sales and marketing
3,603
2,905
General and administrative
839
894
Total amortization of acquired intangibles
$
7,293
$
6,193
(1) Prior year amounts have been adjusted to reflect the correction of an immaterial error related to stock-based compensation expense, which are further described in the Company’s 2021 Form 10-K/A.
AVALARA, INC. UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except per share amounts)
For the Six Months Ended June 30,
2022
2021 (1)
Revenue:
Subscription and returns
$
376,630
$
291,760
Professional services
36,493
30,908
Total revenue
413,123
322,668
Cost of revenue:
Subscription and returns
101,113
79,510
Professional services
21,085
14,299
Total cost of revenue (2)
122,198
93,809
Gross profit
290,925
228,859
Operating expenses:
Research and development (2)
107,499
80,508
Sales and marketing (2)
187,689
136,744
General and administrative (2)
86,786
67,312
Total operating expenses
381,974
284,564
Operating loss
(91,049
)
(55,705
)
Other income (expense):
Fair value changes in earnout liabilities
4,118
(2,531
)
Interest income
2,045
47
Interest expense
(2,993
)
—
Other income (expense), net
654
(704
)
Total other income (expense), net
3,824
(3,188
)
Loss before income taxes
(87,225
)
(58,893
)
Provision for income taxes
(1,180
)
(2,209
)
Net loss
$
(88,405
)
$
(61,102
)
Net loss per share attributable to common shareholders, basic and diluted
$
(1.01
)
$
(0.71
)
Weighted average shares of common stock outstanding, basic and diluted
87,728
85,765
For the Six Months Ended June 30,
(2) The stock-based compensation expense included above was as follows:
2022
2021 (1)
Cost of revenue
$
9,959
$
5,114
Research and development
24,104
12,596
Sales and marketing
18,616
10,010
General and administrative
26,671
17,756
Total stock-based compensation
$
79,350
$
45,476
The amortization of acquired intangibles included above was as follows:
Cost of revenue
$
5,496
$
4,414
Research and development
—
—
Sales and marketing
7,209
4,445
General and administrative
1,693
1,755
Total amortization of acquired intangibles
$
14,398
$
10,614
(1) Prior year amounts have been adjusted to reflect the correction of an immaterial error related to stock-based compensation expense, which are further described in the Company’s 2021 Form 10-K/A.
AVALARA, INC. UNAUDITED CONSOLIDATED BALANCE SHEETS (in thousands)
June 30,
December 31,
2022
2021 (1)
Assets
Current assets:
Cash and cash equivalents
$
1,460,594
$
1,514,064
Restricted cash
—
37,700
Trade accounts receivable—net of allowance for doubtful accounts
115,523
114,248
Deferred commissions
18,629
16,364
Prepaid expenses and other current assets
43,244
29,267
Total current assets before customer fund assets
1,637,990
1,711,643
Funds held from customers
72,957
62,509
Receivable from customers—net of allowance for doubtful accounts
1,889
1,472
Total current assets
1,712,836
1,775,624
Noncurrent assets:
Deferred commissions
56,946
52,155
Operating lease right-of-use assets—net
44,874
44,385
Property and equipment—net
52,765
46,464
Intangible assets—net
86,986
96,818
Goodwill
677,496
672,381
Other noncurrent assets
12,565
10,704
Total assets
$
2,644,468
$
2,698,531
Liabilities and shareholders' equity
Current liabilities:
Trade payables
$
19,188
$
16,683
Accrued expenses
80,897
109,792
Deferred revenue
306,834
280,816
Accrued purchase price related to acquisitions
5,597
51,476
Accrued earnout liabilities
38,135
33,151
Operating lease liabilities
12,076
11,453
Total current liabilities before customer fund obligations
462,727
503,371
Customer fund obligations
75,399
64,302
Total current liabilities
538,126
567,673
Noncurrent liabilities:
Convertible senior notes—net
963,029
961,259
Deferred revenue
859
2,139
Accrued purchase price related to acquisitions
6,720
7,988
Accrued earnout liabilities
59,424
81,485
Operating lease liabilities
43,620
45,614
Deferred tax liability
5,863
5,158
Other noncurrent liabilities
487
761
Total liabilities
1,618,128
1,672,077
Commitments and contingencies
Shareholders' equity:
Preferred stock
—
—
Common stock
9
9
Additional paid-in capital
1,825,991
1,732,742
Accumulated other comprehensive loss
(8,386
)
(3,428
)
Accumulated deficit
(791,274
)
(702,869
)
Total shareholders’ equity
1,026,340
1,026,454
Total liabilities and shareholders' equity
$
2,644,468
$
2,698,531
(1) Prior year amounts have been adjusted to reflect the correction of an immaterial error related to stock-based compensation expense, which are further described in the Company’s 2021 Form 10-K/A.
AVALARA, INC. UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands)
For the Three Months Ended June 30,
2022
2021 (1)
Cash flows from operating activities:
Net loss
$
(55,848
)
$
(31,034
)
Adjustments to reconcile net loss to net cash provided by operating activities:
Stock-based compensation
46,700
26,619
Depreciation and amortization
11,594
9,030
Amortization of debt issuance costs
886
—
Impairment of capitalized cloud computing costs
136
—
Deferred income tax expense
435
251
Non-cash operating lease costs
2,618
2,533
Fair value changes in earnout liabilities
(117
)
1,181
Bad debt expense
788
394
Other
404
267
Changes in operating assets and liabilities:
Trade accounts receivable
(2,683
)
6,283
Prepaid expenses and other current assets
(4,150
)
(1,377
)
Deferred commissions
(4,808
)
(7,413
)
Other noncurrent assets
(1,873
)
(2,138
)
Trade payables
463
(995
)
Accrued expenses
10,924
12,102
Deferred revenue
3,955
12,978
Operating lease liabilities
(3,220
)
(3,131
)
Net cash provided by operating activities
6,204
25,550
Cash flows from investing activities:
Purchase of property and equipment
(962
)
(1,704
)
Capitalized software development costs
(5,274
)
(3,642
)
Cash paid for acquisitions of businesses, net of cash and restricted cash equivalents acquired
(11,713
)
(21,842
)
Cash paid for acquired intangible assets
—
(1,500
)
Proceeds from maturity of customer fund available-for-sale securities
73
—
Net cash used in investing activities
(17,876
)
(28,688
)
Cash flows from financing activities:
Proceeds from exercise of stock options
1,816
4,668
Acquisition-related post-closing payments
(48,736
)
(18,850
)
Payments related to asset acquisition earnouts
(43
)
—
Payments on financed asset purchases
(64
)
—
Net increase (decrease) in customer fund obligations
9,031
(703
)
Net cash used in financing activities
(37,996
)
(14,885
)
Foreign currency effect
(617
)
(428
)
Net change in cash, cash equivalents, restricted cash, and restricted cash equivalents
(50,285
)
(18,451
)
Cash, cash equivalents, restricted cash, and restricted cash equivalents—Beginning of period
1,583,553
741,313
Cash, cash equivalents, restricted cash, and restricted cash equivalents—End of period
$
1,533,268
$
722,862
Reconciliation of cash, cash equivalents, restricted cash, and restricted cash equivalents to the Consolidated Balance Sheets, end of period:
Cash and cash equivalents
$
1,460,594
$
639,479
Restricted cash
—
37,803
Restricted cash equivalents—funds held from customers
72,674
45,580
Total cash, cash equivalents, restricted cash, and restricted cash equivalents, end of period
$
1,533,268
$
722,862
(1) Prior year amounts have been adjusted to reflect the correction of an immaterial error related to stock-based compensation expense, which are further described in the Company’s Form 2021 10-K/A.
AVALARA, INC. UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands)
For the Six Months Ended June 30,
2022
2021 (1)
Cash flows from operating activities:
Net loss
$
(88,405
)
$
(61,102
)
Adjustments to reconcile net loss to net cash used in operating activities:
Stock-based compensation
79,350
45,476
Depreciation and amortization
22,726
16,101
Amortization of debt issuance costs
1,771
—
Impairment of capitalized cloud computing costs
136
345
Deferred income tax expense
660
2,279
Non-cash operating lease costs
5,141
4,708
Fair value changes in earnout liabilities
(4,118
)
2,531
Bad debt expense
1,309
976
Other
388
(122
)
Changes in operating assets and liabilities:
Trade accounts receivable
(2,357
)
(8,412
)
Prepaid expenses and other current assets
(14,096
)
(10,563
)
Deferred commissions
(7,056
)
(9,773
)
Other noncurrent assets
(1,996
)
(1,597
)
Trade payables
2,801
(2,890
)
Accrued expenses
(31,447
)
(3,532
)
Deferred revenue
24,610
28,819
Operating lease liabilities
(6,279
)
(5,941
)
Net cash used in operating activities
(16,862
)
(2,697
)
Cash flows from investing activities:
Purchase of property and equipment
(3,110
)
(3,070
)
Capitalized software development costs
(11,179
)
(5,953
)
Cash paid for acquisitions of businesses, net of cash and restricted cash equivalents acquired
(11,713
)
(24,009
)
Cash paid for acquired intangible assets
—
(1,500
)
Proceeds from maturity of customer fund available-for-sale securities
73
—
Net cash used in investing activities
(25,929
)
(34,532
)
Cash flows from financing activities:
Proceeds from exercise of stock options
4,097
10,197
Proceeds from purchases of stock under employee stock purchase plan
8,006
7,088
Acquisition-related post-closing payments
(48,736
)
(20,821
)
Payments related to business combination earnouts
(10,770
)
—
Payments related to asset acquisition earnouts
(636
)
(690
)
Payments on financed asset purchases
(125
)
—
Net increase in customer fund obligations
11,097
2,895
Net cash used in financing activities
(37,067
)
(1,331
)
Foreign currency effect
(777
)
(422
)
Net change in cash, cash equivalents, restricted cash, and restricted cash equivalents
(80,635
)
(38,982
)
Cash, cash equivalents, restricted cash, and restricted cash equivalents—Beginning of period
1,613,903
761,844
Cash, cash equivalents, restricted cash, and restricted cash equivalents—End of period
$
1,533,268
$
722,862
Reconciliation of cash, cash equivalents, restricted cash, and restricted cash equivalents to the Consolidated Balance Sheets, end of period:
Cash and cash equivalents
$
1,460,594
$
639,479
Restricted cash
—
37,803
Restricted cash equivalents—funds held from customers
72,674
45,580
Total cash, cash equivalents, restricted cash, and restricted cash equivalents, end of period
$
1,533,268
$
722,862
(1) Prior year amounts have been adjusted to reflect the correction of an immaterial error related to stock-based compensation expense, which are further described in the Company’s Form 2021 10-K/A.
AVALARA, INC. UNAUDITED PRESENTATION AND RECONCILIATION TO NON-GAAP FINANCIAL MEASURES (in thousands, except per share amounts)
The following schedules reflect our non-GAAP financial measures and reconcile our non-GAAP financial measures to the related GAAP financial measures:
Summary of Non-GAAP Financial Measures:
For the Three Months Ended June 30,
For the Six Months Ended June 30,
2022
2021
2022
2021
Non-GAAP cost of revenue
$
53,021
$
43,837
$
106,743
$
84,281
Non-GAAP gross profit
$
155,572
$
125,230
$
306,380
$
238,387
Non-GAAP gross margin
75
%
74
%
74
%
74
%
Non-GAAP research and development expense
$
42,006
$
34,042
$
83,395
$
67,912
Non-GAAP sales and marketing expense
$
85,734
$
63,791
$
161,864
$
122,289
Non-GAAP general and administrative expense
$
29,799
$
24,829
$
58,422
$
47,801
Non-GAAP operating income (loss)
$
(1,967
)
$
2,568
$
2,699
$
385
Non-GAAP net income (loss)
$
(1,855
)
$
1,778
$
5,343
$
(5,012
)
Non-GAAP basic net income (loss) per share
$
(0.02
)
$
0.02
$
0.06
$
(0.06
)
Non-GAAP diluted net income (loss) per share
$
(0.02
)
$
0.02
$
0.06
$
(0.06
)
Free cash flow
$
(32
)
$
20,204
$
(31,151
)
$
(11,720
)
Reconciliation of Non-GAAP Financial Measures:
For the Three Months Ended June 30,
For the Six Months Ended June 30,
2022
2021 (1)
2022
2021 (1)
Reconciliation of Non-GAAP Cost of Revenue:
Cost of revenue
$
62,072
$
49,313
$
122,198
$
93,809
Stock-based compensation expense
(6,200
)
(3,082
)
(9,959
)
(5,114
)
Amortization of acquired intangibles
(2,851
)
(2,394
)
(5,496
)
(4,414
)
Non-GAAP Cost of Revenue
$
53,021
$
43,837
$
106,743
$
84,281
Reconciliation of Non-GAAP Gross Profit:
Gross Profit
$
146,521
$
119,754
$
290,925
$
228,859
Stock-based compensation expense
6,200
3,082
9,959
5,114
Amortization of acquired intangibles
2,851
2,394
5,496
4,414
Non-GAAP Gross Profit
$
155,572
$
125,230
$
306,380
$
238,387
Reconciliation of Non-GAAP Gross Margin:
Gross margin
70
%
71
%
70
%
71
%
Stock-based compensation expense as a percentage of revenue
3
%
2
%
2
%
2
%
Amortization of acquired intangibles as a percentage of revenue
1
%
1
%
1
%
1
%
Non-GAAP Gross Margin
75
%
74
%
74
%
74
%
Reconciliation of Non-GAAP Research and Development Expense:
Research and development
$
56,647
$
41,234
$
107,499
$
80,508
Stock-based compensation expense
(14,641
)
(7,192
)
(24,104
)
(12,596
)
Amortization of acquired intangibles
—
—
—
—
Non-GAAP Research and Development Expense
$
42,006
$
34,042
$
83,395
$
67,912
Reconciliation of Non-GAAP Sales and Marketing Expense:
Sales and marketing
$
101,242
$
72,651
$
187,689
$
136,744
Stock-based compensation expense
(11,905
)
(5,955
)
(18,616
)
(10,010
)
Amortization of acquired intangibles
(3,603
)
(2,905
)
(7,209
)
(4,445
)
Non-GAAP Sales and Marketing Expense
$
85,734
$
63,791
$
161,864
$
122,289
Reconciliation of Non-GAAP General and Administrative Expense:
General and administrative
$
44,592
$
36,113
$
86,786
$
67,312
Stock-based compensation expense
(13,954
)
(10,390
)
(26,671
)
(17,756
)
Amortization of acquired intangibles
(839
)
(894
)
(1,693
)
(1,755
)
Non-GAAP General and Administrative Expense
$
29,799
$
24,829
$
58,422
$
47,801
(1) Prior year amounts have been adjusted to reflect the correction of an immaterial error related to stock-based compensation expense, which are further described in the Company’s 2021 Form 10-K/A.
For the Three Months Ended June 30,
For the Six Months Ended June 30,
2022
2021 (1)
2022
2021 (1)
Reconciliation of Non-GAAP Operating Income (Loss):
Operating loss
$
(55,960
)
$
(30,244
)
$
(91,049
)
$
(55,705
)
Stock-based compensation expense
46,700
26,619
79,350
45,476
Amortization of acquired intangibles
7,293
6,193
14,398
10,614
Non-GAAP Operating Income (Loss)
$
(1,967
)
$
2,568
$
2,699
$
385
Reconciliation of Non-GAAP Net Income (Loss):
Net loss
$
(55,848
)
$
(31,034
)
$
(88,405
)
$
(61,102
)
Stock-based compensation expense
46,700
26,619
79,350
45,476
Amortization of acquired intangibles
7,293
6,193
14,398
10,614
Non-GAAP Net Income (Loss)
$
(1,855
)
$
1,778
$
5,343
$
(5,012
)
Reconciliation of Non-GAAP Basic Net Income (Loss) Per Share:
Net loss per share
$
(0.63
)
$
(0.36
)
$
(1.01
)
$
(0.71
)
Stock-based compensation expense per share
0.53
0.31
0.90
0.53
Amortization of acquired intangibles per share
0.08
0.07
0.16
0.12
Non-GAAP Basic Net Income (Loss) Per Share
$
(0.02
)
$
0.02
$
0.06
$
(0.06
)
Reconciliation of Non-GAAP Diluted Net Income (Loss) Per Share:
Net loss per diluted share
$
(0.63
)
$
(0.35
)
$
(0.99
)
$
(0.71
)
Stock-based compensation expense per share
0.53
$
0.30
0.89
0.53
Amortization of acquired intangibles per share
0.08
$
0.07
0.16
0.12
Non-GAAP Diluted Net Income (Loss) Per Share (2)
$
(0.02
)
$
0.02
$
0.06
$
(0.06
)
Shares used in computing non-GAAP diluted net income (loss) per share
87,989
89,518
89,080
85,765
(2) For the three months ended June 30, 2022, all common stock equivalents have been excluded from the diluted share count as their effect is antidilutive. Non-GAAP diluted net income per share for the three months ended June 30, 2021, was calculated using the diluted share count which includes approximately 3.4 million dilutive shares related to employee stock options and stock-based awards. Non-GAAP diluted net income per share for the six months ended June 30, 2022, was calculated using the diluted share count which includes approximately 1.4 million dilutive shares primarily related to employee stock options. For the six months ended June 30, 2021, all common stock equivalents have been excluded from the diluted share count as their effect is antidilutive.
Free Cash Flow:
Net cash provided by (used in) operating activities
$
6,204
$
25,550
$
(16,862
)
$
(2,697
)
Less: Purchases of property and equipment
(962
)
(1,704
)
(3,110
)
(3,070
)
Less: Capitalized software development costs
(5,274
)
(3,642
)
(11,179
)
(5,953
)
Free Cash Flow
$
(32
)
$
20,204
$
(31,151
)
$
(11,720
)
(1) Prior year amounts have been adjusted to reflect the correction of an immaterial error related to stock-based compensation expense, which are further described in the Company’s 2021 Form 10-K/A.
AVALARA, INC. UNAUDITED PRESENTATION OF CALCULATED BILLINGS AND RECONCILIATION TO REVENUE
Three Months Ended
Jun 30,
2022
Mar 31,
2022
Dec 31,
2021 (1)
Sep 30,
2021 (1)
Jun 30,
2021 (1)
Mar 31,
2021
Dec 31,
2020 (1)
Sep 30,
2020
Total revenue
$
208,593
$
204,530
$
195,142
$
181,167
$
169,067
$
153,601
$
144,760
$
127,879
Add:
Deferred revenue (end of period)
307,693
303,610
282,955
257,883
239,395
225,531
209,690
180,640
Contract liabilities (end of period)
643
897
6,918
8,597
11,406
12,466
10,134
7,673
Less:
Deferred revenue (beginning of period)
(303,610
)
(282,955
)
(257,883
)
(239,395
)
(225,531
)
(209,690
)
(180,640
)
(167,719
)
Contract liabilities (beginning of period)
(897
)
(6,918
)
(8,597
)
(11,406
)
(12,466
)
(10,134
)
(7,673
)
(6,195
)
Deferred revenue and contract liabilities assumed in business combinations
—
—
(747
)
(430
)
(886
)
—
(9,194
)
—
Calculated billings
$
212,422
$
219,164
$
217,788
$
196,416
$
180,985
$
171,774
$
167,077
$
142,278
(1) These quarters include reconciling adjustments to exclude the acquisition-date fair value of deferred revenue assumed in business combinations.
AVALARA, INC. UNAUDITED PRESENTATION OF KEY BUSINESS METRICS
Jun 30, 2022
Mar 31, 2022
Dec 31, 2021
Sep 30, 2021
Jun 30, 2021
Mar 31, 2021
Dec 31, 2020
Sep 30, 2020
Number of core customers (as of end of period)
20,110
19,160
18,270
17,400
16,570
15,730
15,020
14,300
Net revenue retention rate
113
%
115
%
116
%
116
%
116
%
113
%
115
%
116
%
View source version on businesswire.com: https://www.businesswire.com/news/home/20220805005468/en/
Investor Contact Jennifer Gianola Avalara jennifer.gianola@avalara.com 650-499-9837 Media Contact Tommy Morgan Avalara media@avalara.com 540-448-7551
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