Condensed Consolidated Balance Sheets(In thousands, except par value)(Unaudited) March 31, December 31, 2024 2023 Assets Current assets: Cash and cash equivalents $215,489 $223,162 Short-term investments 3,795 3,721 Accounts receivable, net of allowance for doubtful accounts of $792 and $926, respectively 73,404 85,877 Prepaid expenses and other current assets 11,037 12,824 Total current assets 303,725 325,584 Property and equipment, net 4,906 5,118 Goodwill 18,692 19,156 Intangible assets, net 10,165 10,546 Operating lease right-of-use assets 12,887 13,908 Deferred contract costs 52,595 54,675 Other assets 10,848 13,595 Total assets $413,818 $442,582 Liabilities, mezzanine equity, and stockholders’ equity Current liabilities: Accounts payable $7,347 $1,384 Accrued expenses and other liabilities 40,917 53,766 Current portion of deferred revenue 115,197 121,515 Total current liabilities 163,461 176,665 Long-term operating lease liabilities 8,121 9,383 Long-term portion of deferred revenue 7,372 7,741 Earn-out shares liabilities 17,140 18,346 Other non-current liabilities 4,976 5,603 Total liabilities 201,070 217,738 Commitments and contingencies Mezzanine equity Redeemable noncontrolling interest — 6,038 Total mezzanine equity — 6,038 Stockholders’ equity Common stock, $0.0001 par value; 1,000,000 shares authorized, 185,216 and 184,652 shares issued and outstanding as of March 31, 2024 and December 31, 2023, respectively 19 18 Additional paid-in capital 677,926 667,881 Accumulated other comprehensive income 2,693 3,196 Accumulated deficit (469,517) (460,496)Noncontrolling interest 1,627 8,207 Total stockholders’ equity 212,748 218,806 Total liabilities, mezzanine equity, and stockholders’ equity $413,818 $442,582 AvePoint, Inc.
Condensed Consolidated Statements of Cash Flows(In thousands)(Unaudited) Three Months Ended March 31, 2024 2023 Operating activities Net loss $(1,954) $(9,182)Adjustments to reconcile net loss to net cash provided by operating activities: Depreciation and amortization 1,295 1,134 Operating lease right-of-use assets expense 1,420 1,749 Foreign currency remeasurement loss (gain) 580 (175)Stock-based compensation 9,458 8,104 Deferred income taxes (72) (82)Other (146) (1,566)Change in value of earn-out and warrant liabilities (1,490) 109 Changes in operating assets and liabilities: Accounts receivable 10,933 10,049 Prepaid expenses and other current assets 1,718 3,571 Deferred contract costs and other assets 4,447 2,987 Accounts payable, accrued expenses, operating lease liabilities and other liabilities (14,293) (12,828)Deferred revenue (4,140) (2,620)Net cash provided by operating activities 7,756 1,250 Investing activities Maturities of investments 240 1,670 Purchases of investments (389) (74)Capitalization of internal-use software (391) (259)Purchase of property and equipment (502) (225)Investment in notes (500) (250)Net cash (used in) provided by investing activities (1,542) 862 Financing activities Repurchase of common stock (13,743) (1,811)Proceeds from stock option exercises 784 1,131 Repayments of finance leases (2) (10)Net cash used in financing activities (12,961) (690)Effect of exchange rates on cash (926) 217 Net (decrease) increase in cash and cash equivalents (7,673) 1,639 Cash and cash equivalents at beginning of period 223,162 227,188 Cash and cash equivalents at end of period $215,489 $228,827 Supplemental disclosures of cash flow information Income taxes paid $984 $327 Unpaid redemption of noncontrolling interest $5,926 $— AvePoint, Inc.
First quarter SaaS revenue of $51.3 million, representing 44% year-over-year growthFirst quarter Total revenue of $74.5 million, representing 25% year-over-year growthTotal ARR of $274.5 million, representing 23% year-over-year growth JERSEY CITY, N.J., May 09, 2024 (GLOBE NEWSWIRE) -- AvePoint (NASDAQ: AVPT), a global leader in robust data management and data governance, today announced financial results for the first quarter ended March 31, 2024. "Our first quarter was a very strong start to the year, as we outperformed our guidance for total revenues and non-GAAP operating income, while delivering strong growth in total and net new ARR,” said Dr.
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