2023 Q2 Form 10-Q Financial Statement

#000143774923013659 Filed on May 10, 2023

View on sec.gov

Income Statement

Concept 2023 Q2 2023 Q1 2022 Q4
Revenue $64.87M $59.57M $63.61M
YoY Change 16.46% 18.45% 18.15%
Cost Of Revenue $19.80M $17.89M $18.24M
YoY Change 28.32% 22.28% 22.04%
Gross Profit $45.07M $41.68M $45.37M
YoY Change 11.92% 16.88% 16.65%
Gross Profit Margin 69.48% 69.97% 71.33%
Selling, General & Admin $42.88M $41.50M $45.02M
YoY Change -1.41% -2.58% 7.04%
% of Gross Profit 95.14% 99.56% 99.23%
Research & Development $9.273M $9.015M $7.272M
YoY Change 17.5% 40.82% 75.99%
% of Gross Profit 20.57% 21.63% 16.03%
Depreciation & Amortization $1.115M $1.134M $1.239M
YoY Change -438.91% -31.77% 230.4%
% of Gross Profit 2.47% 2.72% 2.73%
Operating Expenses $52.16M $50.51M $53.42M
YoY Change 0.27% 2.03% 14.71%
Operating Profit -$7.084M -$8.832M -$8.048M
YoY Change -39.67% -36.22% 4.9%
Interest Expense $286.0K $325.0K -$90.00K
YoY Change 1330.0% 2221.43% -106.33%
% of Operating Profit
Other Income/Expense, Net $1.613M $1.412M $1.430M
YoY Change -332.76% -897.74% -75.56%
Pretax Income -$9.212M -$7.204M -$6.708M
YoY Change -5.5% -32.95% 1581.2%
Income Tax $3.313M $1.978M $4.939M
% Of Pretax Income
Net Earnings -$12.59M -$9.197M -$12.72M
YoY Change 28.04% -21.19% 58.0%
Net Earnings / Revenue -19.4% -15.44% -20.0%
Basic Earnings Per Share -$0.07 -$0.05
Diluted Earnings Per Share -$0.07 -$0.05 -$0.07
COMMON SHARES
Basic Shares Outstanding 191.6M 191.4M 186.7M
Diluted Shares Outstanding 183.3M 182.8M

Balance Sheet

Concept 2023 Q2 2023 Q1 2022 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $222.9M $231.7M $229.8M
YoY Change -9.61% -10.9% -15.08%
Cash & Equivalents $219.7M $228.8M $227.2M
Short-Term Investments $3.191M $2.879M $2.620M
Other Short-Term Assets $5.539M $6.453M $10.01M
YoY Change -11.35% -14.81% 18.34%
Inventory
Prepaid Expenses $4.300M $5.300M $7.100M
Receivables $61.82M $56.63M $66.47M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $290.3M $294.8M $306.3M
YoY Change -4.61% -6.62% -8.34%
LONG-TERM ASSETS
Property, Plant & Equipment $4.996M $5.176M $21.39M
YoY Change -3.53% 16.13% 445.44%
Goodwill $18.98M $18.87M $18.90M
YoY Change 300.06% 287.1%
Intangibles $10.77M $10.85M $11.08M
YoY Change 108.88%
Long-Term Investments
YoY Change
Other Assets $8.563M $7.052M $57.86M
YoY Change -14.4% -31.86% 393.12%
Total Long-Term Assets $108.3M $106.7M $109.2M
YoY Change 29.52% 40.8% 100.14%
TOTAL ASSETS
Total Short-Term Assets $290.3M $294.8M $306.3M
Total Long-Term Assets $108.3M $106.7M $109.2M
Total Assets $398.6M $401.5M $415.5M
YoY Change 2.75% 2.57% 6.89%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.439M $1.451M $1.519M
YoY Change -31.48% -19.16% -16.72%
Accrued Expenses $41.80M $35.06M $47.78M
YoY Change 27.7% 28.52% 53.56%
Deferred Revenue $96.00M $91.48M $93.41M
YoY Change 30.09% 20.25% 25.72%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $139.2M $128.0M $142.7M
YoY Change 28.18% 21.72% 28.36%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $5.586M $5.839M $29.67M
YoY Change 31.1% 32.7% 652.5%
Total Long-Term Liabilities $5.586M $5.839M $29.67M
YoY Change 31.1% 32.7% 652.5%
TOTAL LIABILITIES
Total Short-Term Liabilities $139.2M $128.0M $142.7M
Total Long-Term Liabilities $5.586M $5.839M $29.67M
Total Liabilities $173.4M $160.2M $186.4M
YoY Change 25.23% 14.1% 39.96%
SHAREHOLDERS EQUITY
Retained Earnings -$450.8M -$426.1M -$416.9M
YoY Change 13.6% 10.12% 11.09%
Common Stock $19.00K $19.00K $19.00K
YoY Change 5.56% 5.56% 5.56%
Preferred Stock
YoY Change
Treasury Stock (at cost) $0.00 $23.48M $21.67M
YoY Change -100.0% 845.89% 1145.89%
Treasury Stock Shares
Shareholders Equity $211.1M $227.2M $229.1M
YoY Change
Total Liabilities & Shareholders Equity $398.6M $401.5M $415.5M
YoY Change 2.75% 2.57% 6.89%

Cashflow Statement

Concept 2023 Q2 2023 Q1 2022 Q4
OPERATING ACTIVITIES
Net Income -$12.59M -$9.197M -$12.72M
YoY Change 28.04% -21.19% 58.0%
Depreciation, Depletion And Amortization $1.115M $1.134M $1.239M
YoY Change -438.91% -31.77% 230.4%
Cash From Operating Activities $8.006M $1.250M $6.119M
YoY Change -1792.6% -120.41% -31.97%
INVESTING ACTIVITIES
Capital Expenditures $564.0K $225.0K $433.0K
YoY Change -74.75% -76.78% -57.13%
Acquisitions $0.00
YoY Change -100.0%
Other Investing Activities -$2.720M $250.0K $1.365M
YoY Change -12.46% -100.14% -205.49%
Cash From Investing Activities -$3.284M $862.0K $1.365M
YoY Change 5.7% -100.48% -205.49%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -13.09M -$690.0K 612.0K
YoY Change 51.88% -340.42% -39.35%
NET CHANGE
Cash From Operating Activities 8.006M $1.250M 6.119M
Cash From Investing Activities -3.284M $862.0K 1.365M
Cash From Financing Activities -13.09M -$690.0K 612.0K
Net Change In Cash -8.372M $1.639M 8.096M
YoY Change -31.38% -100.87% -7.05%
FREE CASH FLOW
Cash From Operating Activities $8.006M $1.250M $6.119M
Capital Expenditures $564.0K $225.0K $433.0K
Free Cash Flow $7.442M $1.025M $5.686M
YoY Change -374.92% -114.45% -28.79%

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NetIncomeLossAttributableToRedeemableNoncontrollingInterest
15000 usd
CY2023Q1 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent
49000 usd
CY2021Q4 us-gaap Stockholders Equity
StockholdersEquity
250355000 usd
CY2022Q1 us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
1036000 usd
CY2022Q1 us-gaap Stock Issued During Period Value Restricted Stock Award Gross
StockIssuedDuringPeriodValueRestrictedStockAwardGross
0 usd
CY2022Q1 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
8274000 usd
CY2022Q1 avpt Reclassifications Of Earn Out Rs Us To Earn Out Shares
ReclassificationsOfEarnOutRSUsToEarnOutShares
296000 usd
CY2022Q1 us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
743000 usd
CY2022Q1 avpt Profit Loss Total
ProfitLossTotal
-11053000 usd
CY2022Q1 us-gaap Net Income Loss Attributable To Redeemable Noncontrolling Interest
NetIncomeLossAttributableToRedeemableNoncontrollingInterest
617000 usd
CY2022Q1 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent
-1719000 usd
CY2022Q1 us-gaap Stockholders Equity
StockholdersEquity
245237000 usd
CY2023Q1 us-gaap Profit Loss
ProfitLoss
-9182000 usd
CY2022Q1 us-gaap Profit Loss
ProfitLoss
-11053000 usd
CY2023Q1 avpt Depreciation Depletion And Amortization Including Amortization Of Intangible Assets
DepreciationDepletionAndAmortizationIncludingAmortizationOfIntangibleAssets
1134000 usd
CY2022Q1 avpt Depreciation Depletion And Amortization Including Amortization Of Intangible Assets
DepreciationDepletionAndAmortizationIncludingAmortizationOfIntangibleAssets
511000 usd
CY2023Q1 us-gaap Operating Lease Right Of Use Asset Amortization Expense
OperatingLeaseRightOfUseAssetAmortizationExpense
1749000 usd
CY2022Q1 us-gaap Operating Lease Right Of Use Asset Amortization Expense
OperatingLeaseRightOfUseAssetAmortizationExpense
1151000 usd
CY2023Q1 avpt Foreign Currency Remeasurement Gain Loss
ForeignCurrencyRemeasurementGainLoss
175000 usd
CY2022Q1 avpt Foreign Currency Remeasurement Gain Loss
ForeignCurrencyRemeasurementGainLoss
-194000 usd
CY2023Q1 us-gaap Share Based Compensation
ShareBasedCompensation
8104000 usd
CY2022Q1 us-gaap Share Based Compensation
ShareBasedCompensation
8274000 usd
CY2023Q1 us-gaap Deferred Income Taxes And Tax Credits
DeferredIncomeTaxesAndTaxCredits
-82000 usd
CY2022Q1 us-gaap Deferred Income Taxes And Tax Credits
DeferredIncomeTaxesAndTaxCredits
-9000 usd
CY2023Q1 us-gaap Other Noncash Income Expense
OtherNoncashIncomeExpense
1566000 usd
CY2022Q1 us-gaap Other Noncash Income Expense
OtherNoncashIncomeExpense
21000 usd
CY2023Q1 avpt Gain Loss On Change In Contingent Liability And Warrants Excluding General And Administrative Expense
GainLossOnChangeInContingentLiabilityAndWarrantsExcludingGeneralAndAdministrativeExpense
-109000 usd
CY2022Q1 avpt Gain Loss On Change In Contingent Liability And Warrants Excluding General And Administrative Expense
GainLossOnChangeInContingentLiabilityAndWarrantsExcludingGeneralAndAdministrativeExpense
3252000 usd
CY2023Q1 us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
-10049000 usd
CY2022Q1 us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
-6837000 usd
CY2023Q1 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
-3571000 usd
CY2022Q1 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
-205000 usd
CY2023Q1 us-gaap Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
-2987000 usd
CY2022Q1 us-gaap Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
-321000 usd
CY2023Q1 us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
-12828000 usd
CY2022Q1 us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
-11725000 usd
CY2023Q1 us-gaap Increase Decrease In Contract With Customer Liability
IncreaseDecreaseInContractWithCustomerLiability
-2620000 usd
CY2022Q1 us-gaap Increase Decrease In Contract With Customer Liability
IncreaseDecreaseInContractWithCustomerLiability
2444000 usd
CY2023Q1 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
1250000 usd
CY2022Q1 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-6123000 usd
CY2023Q1 us-gaap Payments For Proceeds From Short Term Investments
PaymentsForProceedsFromShortTermInvestments
-1670000 usd
CY2022Q1 us-gaap Payments For Proceeds From Short Term Investments
PaymentsForProceedsFromShortTermInvestments
-861000 usd
CY2023Q1 us-gaap Payments To Acquire Investments
PaymentsToAcquireInvestments
74000 usd
CY2022Q1 us-gaap Payments To Acquire Investments
PaymentsToAcquireInvestments
179890000 usd
CY2023Q1 us-gaap Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
-0 usd
CY2022Q1 us-gaap Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
1473000 usd
CY2023Q1 us-gaap Payments For Software
PaymentsForSoftware
259000 usd
CY2022Q1 us-gaap Payments For Software
PaymentsForSoftware
-0 usd
CY2023Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
225000 usd
CY2022Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
969000 usd
CY2023Q1 us-gaap Payments For Proceeds From Other Investing Activities
PaymentsForProceedsFromOtherInvestingActivities
250000 usd
CY2022Q1 us-gaap Payments For Proceeds From Other Investing Activities
PaymentsForProceedsFromOtherInvestingActivities
-0 usd
CY2023Q1 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
862000 usd
CY2022Q1 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-181471000 usd
CY2023Q1 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
1811000 usd
CY2022Q1 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
744000 usd
CY2023Q1 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
1131000 usd
CY2022Q1 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
1036000 usd
CY2023Q1 us-gaap Finance Lease Principal Payments
FinanceLeasePrincipalPayments
10000 usd
CY2022Q1 us-gaap Finance Lease Principal Payments
FinanceLeasePrincipalPayments
5000 usd
CY2023Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-690000 usd
CY2022Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
287000 usd
CY2023Q1 us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
217000 usd
CY2022Q1 us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
-2146000 usd
CY2023Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
1639000 usd
CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-189453000 usd
CY2023Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
228827000 usd
CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
78764000 usd
CY2023Q1 us-gaap Interest Paid Net
InterestPaidNet
327000 usd
CY2022Q1 us-gaap Interest Paid Net
InterestPaidNet
335000 usd
CY2023Q1 us-gaap Noncash Or Part Noncash Acquisition Net Nonmonetary Assets Acquired Liabilities Assumed1
NoncashOrPartNoncashAcquisitionNetNonmonetaryAssetsAcquiredLiabilitiesAssumed1
0 usd
CY2022Q1 us-gaap Noncash Or Part Noncash Acquisition Net Nonmonetary Assets Acquired Liabilities Assumed1
NoncashOrPartNoncashAcquisitionNetNonmonetaryAssetsAcquiredLiabilitiesAssumed1
5636000 usd
CY2023Q1 us-gaap Nature Of Operations
NatureOfOperations
<p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin: 0pt;"><b><em style="font: inherit;">1.</em> Nature of Business and Organization </b></p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify; text-indent: 36pt;">AvePoint, Inc. (hereinafter referred to as “<i><b>AvePoint</b></i>,” the “<i><b>Company</b></i>,” “<i><b>we</b></i>,” “<i><b>us</b></i>,” or “<i><b>our</b></i>”) was incorporated as a New Jersey corporation on <em style="font: inherit;"> July 24, 2001 </em>and redomiciled as Delaware corporation in <em style="font: inherit;">2006.</em></p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">AvePoint provides a cloud-native software platform that organizations rely on to optimize operations, manage critical data and secure the digital workplace. As companies around the world embrace the new normal of hybrid work, they must build and deliver a new, seamless workplace experience for knowledge workers, centered around an extensive portfolio of SaaS solutions and productivity applications aimed at improving collaboration across the organization.</p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">The adoption of this portfolio of solutions – what has been generally described as the “digital transformation” – is a substantial and ongoing challenge for most organizations, which for decades had previously relied upon only a small number of multi-purpose on-premises applications to drive business outcomes. However, to build and deliver an efficient digital workplace today, companies must address this abundance of applications – and the associated explosive growth and sprawl of data – with a platform offering that is well governed, fit for purpose, easy to use and built on automation.</p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">AvePoint’s Confidence Platform empowers organizations – of all sizes, in all regions, and across all industries – to optimize and secure the solutions that most commonly establish and underpin the digital workplace. As our customers seek to rapidly reduce costs, improve productivity and make more informed business decisions, they depend on our platform for data-driven insights, critical business intelligence and ongoing operational value through automation.</p> <p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-indent: 36pt; text-align: justify;"> </p> <p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-indent: 36pt; text-align: justify;">Our principal corporate headquarters are located in Jersey City, New Jersey, with our principal operating headquarters in Richmond, Virginia and additional offices in North America, Europe, Asia, Australia and the Middle East.</p>
CY2023Q1 us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;"><b><i><span style="text-decoration: underline; ">Comparative Data</span></i></b></p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify; text-indent: 36pt;">Certain amounts from prior periods have been reclassed to conform to the current period presentation, including:</p> <p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify; text-indent: 36pt;"> </p> <table border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; width: 100%;"><tbody><tr><td style="width: 19px;"> </td><td style="width: 19px;">•</td><td style="width: 1245px; text-align: justify;">The reclassification of perpetual license revenue to be included in maintenance revenue on the condensed consolidated statements of operations for the <em style="font: inherit;">three</em> months ended <em style="font: inherit;"> March 31, 2022;</em></td></tr> <tr><td style="width: 19px;"> </td><td style="width: 19px;">•</td><td style="width: 1245px; text-align: justify;">The reclassification of depreciation and amortization to be included in cost of revenue, sales and marketing, general and administrative and research and development on the condensed consolidated statements of operations for the <em style="font: inherit;">three</em> months ended <em style="font: inherit;"> March 31, 2022;</em></td></tr> <tr><td style="width: 19px;"> </td><td style="width: 19px;">•</td><td style="width: 1245px; text-align: justify;">The reclassification of operating lease right-of-use assets expense to be separated from depreciation and amortization within net cash provided by (used in) operating activities on the condensed consolidated statements of cash flows for the <em style="font: inherit;">three</em> months ended <em style="font: inherit;"> March 31, 2022;</em></td></tr> <tr><td style="width: 19px;"> </td><td style="width: 19px;">•</td><td style="width: 1245px; text-align: justify;">The reclassification of long-term unbilled receivables to be included in deferred contracts and other assets within net cash provided by (used in) operating activities on the condensed consolidated statements of cash flows for the <em style="font: inherit;">three</em> months ended <em style="font: inherit;"> March 31, 2022; </em>and</td></tr> <tr><td style="width: 19px;"> </td><td style="width: 19px;">•</td><td style="width: 1245px; text-align: justify;">The reclassification of provision for doubtful accounts and loss (gain) on disposal of property and equipment to be included in other within net cash provided by (used in) operating activities on the condensed consolidated statements of cash flows for the <em style="font: inherit;">three</em> months ended <em style="font: inherit;"> March 31, 2022.</em></td></tr> </tbody></table> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"/>
CY2023Q1 us-gaap Goodwill Impairment Loss
GoodwillImpairmentLoss
0 usd
CY2023Q1 us-gaap Use Of Estimates
UseOfEstimates
<p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin: 0pt;"><span style="text-decoration: underline; "><i><b>Use of Estimates </b></i></span></p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">The preparation of condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in our condensed consolidated financial statements and accompanying notes. We base our estimates and assumptions on historical experience and on various other assumptions that we believe are reasonable under the circumstances. The amounts of assets and liabilities reported in our condensed consolidated balance sheets and the amounts of revenue and expenses reported for each of its periods presented are affected by estimates and assumptions, which are used for, but <em style="font: inherit;">not</em> limited to, the accounting for revenue recognition, deferred contract costs, valuation of goodwill and other intangible assets, income taxes and related reserves, stock-based compensation, purchase price in a business combination, and earn-out liabilities. Actual results and outcomes <em style="font: inherit;"> may </em>differ from management’s estimates and assumptions due to risks and uncertainties.</p> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt 0pt 0pt 15pt;text-indent:36pt;"> </p> <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin: 0pt;"/>
CY2023Q1 us-gaap Foreign Currency Transaction Gain Loss Before Tax
ForeignCurrencyTransactionGainLossBeforeTax
300000 usd
CY2022Q1 us-gaap Foreign Currency Transaction Gain Loss Before Tax
ForeignCurrencyTransactionGainLossBeforeTax
200000 usd
CY2023Q1 us-gaap Cash
Cash
7800000 usd
CY2022Q4 us-gaap Cash
Cash
10800000 usd
CY2023Q1 us-gaap Prepaid Expense Current
PrepaidExpenseCurrent
5300000 usd
CY2022Q4 us-gaap Prepaid Expense Current
PrepaidExpenseCurrent
7100000 usd
CY2023Q1 us-gaap Capitalized Contract Cost Amortization
CapitalizedContractCostAmortization
4200000 usd
CY2022Q1 us-gaap Capitalized Contract Cost Amortization
CapitalizedContractCostAmortization
3000000.0 usd
CY2023Q1 us-gaap Capitalized Contract Cost Net
CapitalizedContractCostNet
47800000 usd
CY2022Q4 us-gaap Capitalized Contract Cost Net
CapitalizedContractCostNet
48600000 usd
CY2023Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
59572000 usd
CY2022Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
50291000 usd
CY2023Q1 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
99200000 usd
CY2022Q4 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
101500000 usd
CY2023Q1 us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
35000000.0 usd
CY2022Q4 us-gaap Accounts Receivable Net
AccountsReceivableNet
73348000 usd
CY2022Q4 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
101490000 usd
CY2022Q4 us-gaap Capitalized Contract Cost Net
CapitalizedContractCostNet
48553000 usd
CY2023Q1 us-gaap Accounts Receivable Net
AccountsReceivableNet
60738000 usd
CY2023Q1 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
99189000 usd
CY2023Q1 us-gaap Capitalized Contract Cost Net
CapitalizedContractCostNet
47794000 usd
CY2023Q1 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
238600000 usd
CY2023Q1 us-gaap Revenue Remaining Performance Obligation Percentage
RevenueRemainingPerformanceObligationPercentage
0.64 pure
CY2022Q4 us-gaap Goodwill
Goodwill
18904000 usd
CY2023Q1 us-gaap Goodwill Foreign Currency Translation Gain Loss
GoodwillForeignCurrencyTranslationGainLoss
-33000 usd
CY2023Q1 us-gaap Goodwill
Goodwill
18871000 usd
CY2023Q1 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
500000 usd
CY2022Q1 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
100000 usd
CY2023Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Remainder Of Fiscal Year
FiniteLivedIntangibleAssetsAmortizationExpenseRemainderOfFiscalYear
1521000 usd
CY2023Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Next Twelve Months
FiniteLivedIntangibleAssetsAmortizationExpenseNextTwelveMonths
1961000 usd
CY2023Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Year Two
FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo
1573000 usd
CY2023Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Year Three
FiniteLivedIntangibleAssetsAmortizationExpenseYearThree
1163000 usd
CY2023Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Year Four
FiniteLivedIntangibleAssetsAmortizationExpenseYearFour
1136000 usd
CY2023Q1 avpt Finitelived Intangible Asset Expected Amortization After Year Four
FinitelivedIntangibleAssetExpectedAmortizationAfterYearFour
3494000 usd
CY2023Q1 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
10848000 usd
CY2023Q1 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
12433000 usd
CY2023Q1 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
1585000 usd
CY2023Q1 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
10848000 usd
CY2022Q4 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
12471000 usd
CY2022Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
1392000 usd
CY2022Q4 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
11079000 usd
CY2023Q1 us-gaap Finite Lived Intangible Asset Useful Life
FiniteLivedIntangibleAssetUsefulLife
P7Y8M12D
CY2023Q1 us-gaap Allowance For Doubtful Accounts Receivable Current
AllowanceForDoubtfulAccountsReceivableCurrent
847000 usd
CY2022Q4 us-gaap Allowance For Doubtful Accounts Receivable Current
AllowanceForDoubtfulAccountsReceivableCurrent
725000 usd
CY2023Q1 us-gaap Accounts Receivable Net Current
AccountsReceivableNetCurrent
56627000 usd
CY2022Q4 us-gaap Accounts Receivable Net Current
AccountsReceivableNetCurrent
66474000 usd
CY2023Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
-0.2746 pure
CY2022Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
-0.0288 pure
CY2023Q1 us-gaap Operating Lease Cost
OperatingLeaseCost
1749000 usd
CY2022Q1 us-gaap Operating Lease Cost
OperatingLeaseCost
1151000 usd
CY2023Q1 us-gaap Short Term Lease Cost
ShortTermLeaseCost
248000 usd
CY2022Q1 us-gaap Short Term Lease Cost
ShortTermLeaseCost
814000 usd
CY2023Q1 us-gaap Variable Lease Cost
VariableLeaseCost
110000 usd
CY2022Q1 us-gaap Variable Lease Cost
VariableLeaseCost
32000 usd
CY2023Q1 us-gaap Lease Cost
LeaseCost
2107000 usd
CY2022Q1 us-gaap Lease Cost
LeaseCost
1997000 usd
CY2023Q1 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
2600000 usd
CY2023Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
2046000 usd
CY2022Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
1354000 usd
CY2023Q1 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P4Y3M18D
CY2023Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.055 pure
CY2022Q4 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P4Y4M24D
CY2022Q4 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.051 pure
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
4789000 usd
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
5171000 usd
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
3590000 usd
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
2499000 usd
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
1709000 usd
CY2023Q1 avpt Lessee Operating Lease Liability To Be Paid After Year Four
LesseeOperatingLeaseLiabilityToBePaidAfterYearFour
1999000 usd
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
19757000 usd
CY2023Q1 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
2186000 usd
CY2023Q1 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
5800000 usd
CY2021Q3 avpt Number Of Shares Exchangeable At1250
NumberOfSharesExchangeableAt1250
1000000
CY2021Q3 avpt Number Of Shares Exchangeable At1500
NumberOfSharesExchangeableAt1500
1000000
CY2021Q3 avpt Number Of Shares Exchangeable At1750
NumberOfSharesExchangeableAt1750
1000000
CY2021Q3 us-gaap Business Combination Contingent Consideration Liability
BusinessCombinationContingentConsiderationLiability
29600000 usd
CY2023Q1 us-gaap Business Combination Contingent Consideration Liability
BusinessCombinationContingentConsiderationLiability
6900000 usd
CY2022Q4 us-gaap Business Combination Contingent Consideration Liability
BusinessCombinationContingentConsiderationLiability
6600000 usd
CY2023Q1 us-gaap Business Combination Contingent Consideration Arrangements Change In Amount Of Contingent Consideration Liability1
BusinessCombinationContingentConsiderationArrangementsChangeInAmountOfContingentConsiderationLiability1
100000 usd
CY2023Q1 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
1000000000
CY2023Q1 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.0001
CY2023Q1 avpt Common Stock Shares Issued Including Treasury Shares
CommonStockSharesIssuedIncludingTreasuryShares
191402433
CY2022Q4 avpt Common Stock Shares Issued Including Treasury Shares
CommonStockSharesIssuedIncludingTreasuryShares
189467338
CY2021Q3 avpt Number Of Shares Subject To Vesting Provision
NumberOfSharesSubjectToVestingProvision
2916700
CY2023Q1 avpt Number Of Shares Subject To Vesting Provision
NumberOfSharesSubjectToVestingProvision
0
CY2023Q1 avpt Sharebased Compensation Arrangement By Sharebased Payment Award Options Grants In Period Fair Value
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsGrantsInPeriodFairValue
25000000.0 usd
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
29436670
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
20229958
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
32300000 usd
CY2023Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1
31400000 usd
CY2023Q1 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
680385
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
2000000.0 usd
CY2023Q1 us-gaap Liabilities Fair Value Disclosure
LiabilitiesFairValueDisclosure
7149000 usd
CY2022Q4 us-gaap Assets Fair Value Disclosure
AssetsFairValueDisclosure
193244000 usd
CY2022Q4 us-gaap Liabilities Fair Value Disclosure
LiabilitiesFairValueDisclosure
6858000 usd
CY2023Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
59572000 usd
CY2022Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
50291000 usd
CY2023Q1 us-gaap Profit Loss
ProfitLoss
-9182000 usd
CY2022Q1 us-gaap Profit Loss
ProfitLoss
-11053000 usd
CY2023Q1 us-gaap Net Income Loss Attributable To Redeemable Noncontrolling Interest
NetIncomeLossAttributableToRedeemableNoncontrollingInterest
15000 usd
CY2022Q1 us-gaap Net Income Loss Attributable To Redeemable Noncontrolling Interest
NetIncomeLossAttributableToRedeemableNoncontrollingInterest
617000 usd
CY2023Q1 us-gaap Net Income Loss
NetIncomeLoss
-9197000 usd
CY2022Q1 us-gaap Net Income Loss
NetIncomeLoss
-11670000 usd
CY2023Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-9197000 usd
CY2022Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-11670000 usd
CY2023Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
182818000
CY2022Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
182833000
CY2023Q1 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
0
CY2022Q1 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
0
CY2023Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
182818000
CY2022Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
182833000
CY2023Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.05
CY2022Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.06
CY2023Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
63588000
CY2022Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
60711000

Files In Submission

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avpt-20230331_cal.xml Edgar Link unprocessable
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0001437749-23-013659-index.html Edgar Link pending
0001437749-23-013659.txt Edgar Link pending
0001437749-23-013659-xbrl.zip Edgar Link pending
avpt-20230331.xsd Edgar Link pending
avpt20230331_10q.htm Edgar Link pending
ex_496066.htm Edgar Link pending
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