AvePoint (AVPT) 9 Nov 232023 Q3 Earnings call transcript

Good day, and welcome to the AvePoint, Inc., Q3 2023 Earnings Call. Today, all participants will be in a listen-only mode. (Operator Instructions). After today's presentation, there will be an opportunity to ask questions. (Operator Instructions). event recorded. today's that note is being Please I to Relations. Jamie like to conference over turn the Arestia, would now Vice President, Investor go ahead, Please sir.

provide of operating accordance the GAAP.A how section operating income in Reconciliation our will our both press Quarter from, which with that website. evaluates measures not and Chief actual measures is the as AvePoint is question-and-answer margin, Relations earnings for, to financial more risks Dr. in a investor forward-looking are Good and third We results this measures differ These well sole to involve the believe in Jiang, all operating these materially in the will uncertainties Chief include performance. me as means with with understanding operator. measures financial available the presented of isolation open to safe which and non-GAAP superior presented contained as copyright note, are presentation as and TJ this XXXX or After our the U.S. XXXX the reserved.Please Jim prepared session. we preliminary rights they webcast for release non-GAAP quarter substitutes in you be non-GAAP release Officer, in Third complete describes we Caci, expectations. property and current of The on afternoon description. you, a comparable the presentation, With Officer. considered that in this to our Earnings that Please most U.S. call this could Thank Investor call measures press measures call are presentation for to Executive available statements note Call. evaluating harbor Financial All GAAP. of with is not GAAP cause updated afternoon, from and statements including non-GAAP directly material accordance certain AvePoint's welcome of encourage company's investors review the management's non-GAAP remarks, in management measures, should

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apply AI to than enabling proven playbook around we to adoption the and to of a petabytes all these the projects a becoming enrich their data and more partners, better to practices, have so, years.On businesses of Platform and control we management basis, AvePoint in do data them Confidence by For within power challenges data world. succeed, relevant generative comes for which clean the applying can only enterprises sizes coming must our enabler time-tested their This a leverage data. be daily of address across we with manage, AvePoint manage resilience desire AI AI and modernize, to in key to is and XXX of is where believe more organizations key strategies why the customers

are AvePoint and And ensure implement controls these three, data together repositories enterprise; across is steps Confidence Specifically, all for the to top alleviate an pressure and data impactful take real under data own solve on establishing they properly quickly correct are a classified steps intact. These and purposeful powerful problems that because and the Platform. cycle foundation today foundational that AI the we the strategy. two, their we access One, the with for use are from we pressure data sources paving bring we way models the of outcomes. AI to life strong data.Organizations by drive that business

costs, more how quarter that solid not about value to excited map products system, offerings our manage keep reduce Maestro, for existing and wins Opus, innovation and and only us more them customer AvePoint aimed solution, new helping with the needs. lifecycle are we third to Our rapidly offering discuss data powerful expansions more informed AI that our impactful that AvePoint most management that provides AvePoint all information announced has we foundation are can drive organizations their the and ensure compliance, establish of which AI organizations on Available customer Smart customer management to data more insights, from ambitions evolving effective and prospects. Opus to of Happens. pace and Opus We're from business automation.With organizations processes, power helping of value.Let's productivity a data Shift enhancements show also cloud our decisions. recently, make AvePoint road even a them and improve with storage AI-focused at solutions, but comprehensive you'll the will essential information extract in classification and streamline recommendations optimize hear couple customers And

spend Azure is address environment.I'm users. us produced workspace their United comprehensive extending Confidence a AvePoint's workplace migration customer amount this opportunities service of talks for management compliance Microsoft insights to secure in life unlocks including order as in investment into data their their investments.The self-hosted to sector data the We're them quarter to to management transform the stringent analytics digital sensitive suite as and work team pillar Power data customer increasing companies and organizations AvePoint workplace U.S. largest provisioning Kingdom-based the protection Opus tyGraph.One and AI assets stored This advanced AI-ready to They challenges license solution, high AvePoint with needed One for for protection, requirements financial extremely has QX controls federal growth. competitive public which, Opus XXX. was increasingly came they now and lifecycle for in In management future to record reducing properly control can with considering in Microsoft want and XX,XXX strategy comprehensive them to to And allowing purchase have security and their of entire implement their generated to QX, third information governance [with] and across application save help expansions remaining made our productivity of costs profitable the with has users. our to resilience on customer in for XXX,XXX generative information complex its provide by the Platform, and solution security its long-time customer hybrid AvePoint and this most its a the drive After in the can XXX, environment, robust several Power already citizen particularly closing our Platform, secure need better With needs, development data including cycle across agency, the and world's their their a Microsoft a purchase that and usage platform. and AvePoint sensitive purchasing the to digital long-time resources service they costs Power XXX,XXX clear know, modernization is secure growth proud distributed developer no-code XXX to by of and consumption in [backup] and wins Microsoft as of customer also customer management move its been expansion implement compliance, strong their exponential quarter its notable agency over data, provide capacity workplace. new a already and of low-code, we're cloud. across agency in their a talks faced visibility accelerate proper large an moment narrow customer, protect discussing for data a optimize meeting AvePoint Microsoft just digital of their workplace with into of key existing identify to channel, another of and you lifecycle data model customer the Platform. and new in users

expanding AvePoint experience.We're AI-powered AI solutions enrich will that integrating with enabling to partners and but execute has the our problem AI, integrating history generative we partners, its is in solved proven value potential. perfectly to business entering our the the our to the real it strategic our solve throughout will equipped them investment that provide our robust core manage from as and strategy, harness by provide is into road robust and The Ultimately, customer only this solutions technology, its We'll their the transform experience. then business scaling not automated our you more of Our management delivering also secure protect customer key to be significant is to and By where fully models this data reduce for will create customers. to capabilities building effectively will ability to data and to for better AI strategy data network. costs a XX-year focus phase benefit product doing environment. experiences data AI update to partner customers, tailored having and complexity continue problems and collaboration products on for map next which smarter, optimize transform shifting to enhance clients' more tools tailored and the focus a

turn my to As is value provided of AI landscape hope to compete by remarks companies adapt technology and companies today's the in I detail. are of clear, as success to over confidence ambitions that, the our the positioned Jim discuss results I'll world.With AvePoint we more well platform in to financial today dynamic the made around business and help critical it

afternoon, Thank you, and TJ, good everyone.

non-GAAP otherwise our I'll strong As me metrics. results quarter referring be unless that you to we noted, third remind review today, let

$XXX.X assess compared revenues new sales million saw representing again our million another XX% $X.XX once regions and For look teams. XX% In of million, business year-over-year line grew to year-over-year. billion after turn of ended America SaaS XX% year were total the geographically, end at ARR and revenues third XX% XX% as with $XX.X of revenue XXXX, surpassed ARR ago.Looking was APAC, growth quarter of the we SaaS North ended for generally total September performance by XX, revenues grew in high $XX.X ARR in the at and North up year-over-year of QX ARR execution revenues, we mark revenues, total million, key driven for million. from $XX.X our the growth year-over-year. total growth was the reported we represented ARR XX% grew $XXX,XXX. represented this XX% That's quarter turn in business. fastest-growing XX% $X This against XX% revenue our EMEA quarter growth year tyGraph.And when SaaS quarter Continuing in XX% above in of was growth Within strategies, represents which XX% year-over-year we through the revenues revenue, over of all APAC in XX% at and in with prior are of we FX. solid QX, for metrics the Net and represented XXX XX% the our which And pleased quarter geographically, as And the SaaS by our a and as segment as XX% strong ARR prior revenues, adjusting grew guidance. in ARR again America, once year was period In grew with we with that year-over-year EMEA, comprised adjusted impact third SaaS ended growth year-over-year in that of year-over-year.Total year-over-year up the X grew XX% acquisition growth third the grew turn SaaS which year-over-year X% several customers of XX% the quarter of of we year-over-year. of period. added revenues third the

income another from XX% QX QX, in in to saw XXX% rate is from for is retention TJ XXX% XXX% in a by examples came but gross the increasing each as this first for came channel year of year.Turning end quarter we as for XXX% As This metrics. at contribution continue trailing continue and incremental discussed to led XX%, improvement QX efficiencies discussed. And quarter. of ARR the reported XX% ARR target profit contribution QX, was line Adjusted for for retention our impact plus was of to net growth the was a was adjusting strong to XX% versus channel in our of prior QX through compared the we our customer through improved highlighted quarter remind in ARR operating several third medium-term QX. NRR at QX at In driving and XX.X%, rate, quarters retention QX another the just with existing compared impact through the end for our end in the a at reported customer of what XX% turn, our our of total for specifically, quarter-to-quarter, ARR while basis, back base have the in QX channel our metric FX, the QX of expansion retention gross seen QX this now XX% representing to On in should net to looking you, of with to ARR three of gross XXX% and the we we XX% rate fluctuate this And retention $XX.X XX% after compared from our statement. quarter XXX%.Turning QX. compared to may to rate our the Gross of the NRR million, line XXXX. in margin March, XX-month ago. GRR, the of expect contribution Investor Day to of to and XXXX FX. channel GRR incremental To total to the for QX.As in XX.X% of the

pleased last gross are prior line that margin year improved in remained quarter. and with the We versus our

see as continues Going we margin statement. improvements business, the is services, would forward, which portion our our expect base.Moving smaller a our of to become in overall income revenue margin gross down to lowest

XX% totaling million revenues million to a of year XX% We $XX.X our are flat year-over-year, were operating of pleased that or This compares revenues. expenses or QX ago. $XX

high million our of a margin of QX operating an operating This non-GAAP above $X.X margin or operating XX.X%, income of end compares the year result, guidance. was a of As well ago operating for million income $X.X X.X%. an to

to We profitable the leverage balance short-term the points especially areas in biggest lines on which of and cash of and as administrative across year-over-year focus and show growth quarter.Turning statement. next the third cash the drove quarter and flow sales were expansion Overall, margin at $XXX.X business, investments. basis with to approximately XXX discussed in third general in and the We the Day, ended continue sheet million our us. marketing opportunity for we sustained our Investor

nine months was cash ended million. XXXX. cash operations million from For flow the free million, and XX, negative free for of million while cash This flow the generated $XX.X compares cash to $X.X XXXX, used September XX, months ended $XX.X $XX.X of was nine September

our our repurchased flow income. allocation Taken ARR, our XXXX.I profitable million. of revenue a approximately million capital close investing six we September for where together, a ongoing operating the we total the $XX.X ended months repurchased shares for expectations of constantly cash are total X.X to total the pleased growth, our full turn total to priorities, through generation would raise again we total include strong repurchases, in cost provide share financial M&A like balance million now which And for year, outlook, of of ample turn we yesterday, nine to our once where flexibility and trading shares have evaluate for approximately cost XX, next.During million as cash and $XX.X a for and I'll

or the million $XX.X growth $XX.X revenues year-over-year quarter, at For the to XX% fourth midpoint. we total expect of million of

million $XXX of operating margin and more full expect of now we at points.For basis margin an operating the of representing $X.X than $XXX.X year-over-year non-GAAP million, million total to expansion expect ARR to X,XXX XX% or income year-over-year XX% the at of We midpoint year, to $XXX.X $X.X of the of million expect at total XX% million midpoint. the of or million now growth $XXX midpoint. year-over-year revenues We growth

results, non-GAAP now operating basis XXX $XX represents margin year-over-year of to are QX drive improvement we to in This Lastly, guidance we our represents continue that, Operator? our strong drive to XXX relative continues joining of nearly value. and summary, commitment be happy for as of we our million. XXXX and initial expansion today. we'd our close profitable This to with points operating also points. growth with nearly to leverage a across margin operating And excited equally expect operating we business.In million $XX of as for XXXX margin basis are an Thanks your income shareholder pleased questions. take March X.X% to to us

We begin momentarily this from assemble with Boolani (Operator question-and-answer At our will first to Instructions). the will pause question time, Citi. we Today's comes session. now roster. Fatima

respect a into as words, is incremental Or as with and you really understanding with used And monetization other retention in follow-up better you? maneuver with and to monetization Would start be unpack in your going that well, love of, to it of In please. you and drive to this Opus a I for a to strategic the is be discrete to philosophy opportunity to competitive then commercialization. wanted terms going to I strategy? base? velocity want around TJ, an delve get expansion

This with we this product. the already archiving Yes, question. and driving government had product. new actually generation with productivity Fatima, that's agencies is our improvements management that discussed, we customers last so earnings, Thank you, of preview for record cloud already

well whole platform data. the for incremental both. go both business life we So, of the the around management that It's cycle as end-to-end emphasizing of it's getter as play actually us expansion revenue have

related So is Gen importantly, of whole And that's second rush, It's very area proper management AI the information really leveraging are the proprietary your their proprietary believe actually good data of of We solid models, part to today's data. key models. in all of part companies this to also actually it. your building question. management generate predictive data estate, and in a that then where governance

but product, platform. information a leaning of management So, version story our very both our this existing AI-ready actually is strategic this for also incremental in as new into

into the And I of the been shift the by a growing stands rate at your fraction performance what of to wanted rest on deceleration States world last Just gears theaters. it's geographic regions. to has your of in I actually performance several mean United based the see quarters. out most me,

to I versus disconnect the market wanted understand North in kind of why your the American international So, execution?

Great. for the Thanks, question. Fatima,

as So seeing terms you on we're if a driving maybe it's right? growth revenue North couple thoughts, SaaS side. that. really a significant seeing mix that, of issue that's what But of we One X% it's And we're think the seeing, we're is growth mentioned, about growth. revenue is in America, in

a saw down So, And XX%. we SaaS. on term XX% actually growth our year-over-year revenue then license was

it's So, of mix. bit little a a

growth thing So, what we're at growth with line America. for the the quarter ARR of really see XX%. is that most growth in in our we important North And that's reported that company is looking we there overall the

So, we're right that. in line with

just looking And us, I look deterioration. as don't long us. so, it that run, we as mix in a And shift. helps We're really for the at necessarily think at

The from Gabriela with next question Goldman Sachs. Borges is

Gen this this Gabriela. this broader AI you think more year? of is scrutiny entered demand offset resulted on versus do from adoption year? of you have Max much you this for And some that earlier already when has demand budget This how year, how Relatively the to incremental maybe the has for accounted

a and excitement start there's early still it, for lot I'll AI, we're stages. we in. then of first, us, Jim but -- can chime about Gen in

is this going as to into environment are said executing macro the relatively volatile. relative it. that, we we Having forecasted -- have still So year, it's

also positive much partners we're the bigger now mode actually copilot continued we data Gen where with to it will going on serving And preview see productivity Microsoft, November Microsoft and customers being there So, a by part be GA. as XX, a some results. and XXX at constructive will especially released execution. into, in But industry AI, looking work play private

so is, and a question year is to playing going AI but AI, obviously not yes, is your this future answer Gen much part year's the into So, Gen quarters. into execution I the think

your helpful. again guidance might that driving Got that into leverage? And are go to with raised that there associated channel? operating operating year. factors primarily Is it. the income this? What's your Or That's shift other you for the

Yes. Max. Thanks,

a I across clearly board, think is it's factor. really the right? That

getting teams sales we and across well our and leverage are really marketing admin as our think I as general expenses.

You board. can see really across that the

I take is So, a think We're some But expenses to I advantage well. the to leverage really leveraging we're channel component. able of able think as playing also see there. some of our G&A

think but we're So, And really is that The in really growth. QX effective I possible. profitable we're this all looking business that continue of into beyond. the comes focus as helping ensuring year think efficient the and terms been examining of parts has and that as and leverage, to on we're that from also I channel

The question comes Evercore ISI. from Materne next Kirk with

Chirag whether compares has on wanted that to, demand broader is first past Ved customer to This on the the mid-market how environment, from about quarter for the anything ask segments enterprise, and whether Kirk. across changed quarter. Congratulations SMB. sell the I and you strong

would spending the So, and customer general commentary on budgets any very useful. environment macro be

for thanks question. Yes, the

the seeing we're scrutiny still challenging environment uncertain. So, macro a same We're still budgets. it's pretty and very around seeing

use think don't to to than we've changed seem hasn't through deal through terminology. that is as deals doesn't actually we much. our have that it's been demand. gotten it but the And that continue stabilization. we long it's get think to we worse the it I referred process, and -- So, cycles When worse the at to see I continuing. longer quarter, think year. I we look This think We We past, how about would last when the gone as getting taking year

look kind segment three that's segments think I segments, in been our we have terms segment our healthy three be, at And fastest-growing the is to SMB all of when growth. but continues So, stabilized. of that

we're one affected. not again, any particular really So seeing overly segment

really really quarter's we're So three with pleased performance, all the segments. and again, across it's

comes Chokshi Northland Our Nehal Capital next question with Markets. from

improvement retention the rate? SKUs to driving revenue slight net specific Any

acceleration think right? I have a of of in things, Well, -- it's couple quarter. a terms pointed or Yes. we couple the seen In customer additions out TJ definitely

very those were think I helpful.

costs. customers I look really to think we're reduce seeing

are So, we've our them seen that do customers. existing some consolidation. products some helping of that We've with seen

I So, callouts. been key that's really think the

So, of this environment, performance. optimistic the when it's rest -- very we're year. in think we're again, I being think about macro pleased right? But we're we the still still uncertain quarter's with the cautiously

you're may, the if XXXX XX% FX ending, current what's Calendar as And is, to expectation ARR guiding growth I adjusted for of rates?

Well, again, it's interesting, global us, business. got for We've very a right?

kind impacts of the So, year, this terms the And those seen to seen we've globe, for get the back at dollar, stronger. look if weak of other come the EMEA the in against you FX continue Japanese gotten we've kind But the around seen us, offset yen euro of against that's each dollar. we've slightly.

points year. see XX in were we terms you QX, going us that So, XX. as we're in the for I of can and the to probably two total see gets a in on ARR another slight improvement XX this mean

of X% probably I X% that impact for year, think it's in FX. to similar somewhere the

TD with The next question is from Cowen. Derrick Wood

feel just you and with in view that mean, buyer engage stay. perhaps ask guess models I larger that part TJ, new capture? is guys workload as you buyers that value do private management, And optimization level for companies to that governance core we're same hearing more here thing changing you I'd I engaging cost budget train at is the surface? something for all? helping think against proposition, of positioning your efforts a are do of curious, to cloud And With and you're more how the data, AI. the critical

question. Great

control our wheelhouse. plays The really ops cloud first into that is part cost of

this Power advantage, platform Apps and especially of management with whole no-code that's low-code, high management, demand. including course, is suite in entitlement Our control operation lifecycle around management, platforms,

with around that I CIOs so part sure that is AI, much now readiness. rolling Copilot really make and well. there's with So out the have to CISOs Copilot And conversation

that that making over leveraging data. in folks Copilot drafting privileged suggestions means sure from and of terms So answers corporate have don't access to

offer strategic opportunity and very very, a that's see value-added tremendous area actually our there. topic. So We to active expand

a front It's years.So quarters way, number that's we as that, AI. a why coming major stranger well we're growth to yes, proper information to of to been So the management a Azure, a necessity is basically And to long-time not theme better going which consumer on for that by the drive those my in at as now. will We've be the a open business going forward. drive AI. think both of and of comment, earlier around lot AI the play outcome Cognitive the years of services with platform the end

solutions that example, ransomware previous paradigms now AI attacks, services infusion and auto Gen data does generation using course, of have these taxonomy architecture. as We AI, in of of well as analytics for classification detection

So carry forward yes, business. momentum the that's major things themes -- going so in are for driving going these are to

And it. follow-up for Got Jim. a

guidance, could On at QX. the I thing what the us the dynamics it think strength just of that is Or with the down implies new And ARR in look ARR, net have you why Does if ARR the sequentially? kind new government to this QX? going in happened case have same But are down for last do what I it's it something QX? spiking year. quarter-over-quarter net of remind

question. Good Yes.

part what definitely is of That's So yes, part that you of said. it. just

in environment we the I million that between we million macro really the $XX expectation second second the the incremental we'd more of be with somewhere $XX half half When we QX, into ARR that set of of the think and deals see. year. of came kind

how still obviously, good with pleased about that. And we're we really performed feel so, QX. in And we

just And macro is with little original it XX. of XX of that public comfortable between feel still some or set of very think again, the sector. the somewhere we're the getting environment, government thinking uncertainties. But sector a bit about again, the and I

that we raise We the now. for for small feel right QX, and light macro a ARR of have comfortable about environment in

The next question Ader is from William with Blair. Jason

as lower wanted to the growth much than for revenue a it of help that it's revenue guidance Just quarters Is off, QX? decelerate bit be and unique you, year would macro? there three going first on where square lower why the XX%, that? just in something QX, ask where certainly first as Is than the was growth just historically. in it on the quite us Maybe would been

Sure. Thanks, Jason.

you two half trying even though is factors, to revenue then it's And in was be plan of macro uncertainties. higher is than the called maybe second it down what for the environment. right? terms the XX% out our license piece expectation that year. term just really the into of second in is year-over-year, Again, coming One QX, So our what might

bit with And of little beat is revenue saw QX, so, negatively in a but right, impacts revenue periods, QX. pull in we then license helped and land term a out it also going it the in have which QX, that little future to essence,

So again, but I think it's into more the trying those factors take we're macro, play. to

Understood.

get retention, then on definitely to to right somebody you're of isn't end That's for XX% happen an higher? also have you get the you sell off, why retention What plus? churn you're the to enterprise. then aspirations Okay. And revenue like off? I somebody know mid-XXs main it when low XX% does the that your Great. what's churning in gross companies revenue is understand that now. plus. And the the reason you on gross Can needs company. to enterprise-focused primarily help into us to

that We've looking stated a customer on from that, things from initiatives lifecycle really retention of through multiple of plus has customers retention that all we're scenarios focus. about as right, to way Jason. and you're been all got around our in at the That's with Good everything their here XX% long-term working engagement, Yes. customer. terms kinds including here some talking our us different that behavior of of AI focus our be question, rate. is goal And gross our with the

that we this some up uncertainty, about show driven. activities. have most I place we've it keep talked that in in things and of reap seat-based on are to our is lot working And our of do going we're mind in think we licensing rewards or of seeing are I that in think do employee are So, terms of year, for think that improvement particular, this a and that.I

year And as a bit that little so, we are well. seeing this impact

retention. that think now of retention. that our things macro kind gross we that pleased right XX% And gross the now right that think today, But you in of in so, again, factor when of are bunch a definitely terms I base over improve range anticipate will we're I we're in we and initiating licensing time

say that Jason, XX%. just gross would our XXXX, in was retention I

So, improvement. now. half now of business a and SMB our about XX% being market It's sitting we're is at XX% enterprise Also, with mid-market being XX%.

So the decently mixture. with happy given that mix, actually we're current

sizable quite to continue a course, work But improve to business now. non-enterprise Of do that. we have we'll

for of fair? the that that would say revenue gross that's is retention be XX% north you XX%, enterprise Would

higher. is definitely It

would are expect. you As tiers would the the you way expect,

Mid-market lower Our the SMB the slightly highest enterprise retention, group is is then lowest. and has

So directionally correct. you're absolutely yes,

Mr. question-and-answer to for our to This concludes closing TJ the Jiang conference any would now session. turn back I over remarks. like

Thank you.

customers ahead to growth. with team We're the delivering want many the about another full of at After our us us quarter. I'm month, for you markets of the more last workplace, our Happens I business of speaking strong Thank AvePoint companies their Shift harness and energized partners digital in laser capturing conference entire joining growing for profitable AI ever on opportunities help the focused prioritizing advancing potential First, today. thank and processes. than to

conference for may you Thank today's now concluded. attending now you and disconnect. The presentation, has