Overview

• US data protection software firm's Q1 revenue rose 26% yr/yr, SaaS revenue up 35%

• Q1 non-GAAP operating income increased to $20.5 mln, margin rose to 17.5%

• Company renewed $150 mln share repurchase program for three more years

Outlook

• AvePoint expects Q2 revenue of $120.3 mln to $122.3 mln

• Company sees full-year ARR of $523.4 mln to $529.4 mln

• AvePoint expects full-year revenue of $509.4 mln to $515.4 mln

Result Drivers

• SAAS DEMAND - Co said demand for secure, automated, and AI-ready SaaS solutions drove 35% yr/yr SaaS revenue growth

• PRODUCT INNOVATION - Launch of AgentPulse Command Center and upgrades to AvePoint Confidence Platform supported customer adoption and data security

• CUSTOMER RETENTION - High dollar-based gross retention rate of 89% and net retention rate of 111% reflected ongoing customer expansion

Company press release: ID:nGNX7vW0bd

Key Details

Metric	Beat/Miss	Actual	Consensus Estimate
Q1 Net Income		$15.25 mln
Q1 Adjusted Gross Margin		73.40%
Q1 Adjusted Gross Profit		$86.10 mln
Q1 ARR		$435.20 mln
Q1 Gross Profit		$85.37 mln
Q1 Operating Expenses		$72.64 mln
Q1 Operating Income		$12.73 mln

Analyst Coverage

• The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 11 "strong buy" or "buy", 3 "hold" and no "sell" or "strong sell"

• The average consensus recommendation for the it services & consulting peer group is "buy"

• Wall Street's median 12-month price target for AvePoint Inc is $16.00, about 55.9% above its May 6 closing price of $10.26

• The stock recently traded at 25 times the next 12-month earnings vs. a P/E of 30 three months ago

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