Benzinga | Apr 14, 2021 04:49PM EDT

AvePoint Sees Prelim. Q1 Sales $38.4M-$38.8M; Also Announces Up To $20M Repurchase Of Apex Technology Acquisition Corporation Shares

AvePoint, Inc. ("AvePoint" or the "Company"), the largest data management solutions provider for Microsoft 365, today announced AvePoint's preliminary financial results for the first quarter ended March 31, 2021.

"Although the Company's first quarter is historically our slowest quarter, the Company has achieved significant growth. We reported strong first quarter results with subscription revenue growth of 49% year over year at the mid-point of the range," said Dr. Tianyi "TJ" Jiang, CEO of AvePoint. "Over the past two quarters we have made meaningful investments in scaling our go-to-market organization to accelerate growth and capture the significant market opportunity ahead. Our first quarter results continue the growth momentum we experienced in 2020 and combined with the ongoing ramp of our salesforce, gives us confidence in our outlook for 2021."

Preliminary First Quarter 2021 Financial Results

* Total Revenue in the range of $38.4 million to $38.8 million, in line with our quarterly revenue expectation

* Total ARR1 in the range of $128.0 million to $129.2 million as of March 31, 2021, up 32.6% year-over-year at the mid-point

* Subscription Revenue in the range of $26.7 million to $27.0 million, up 49.3% year-over-year at the mid-point

* GAAP operating loss in the range of $(11.9) million to $(4.1) million, representing GAAP operating margins of (31.0)% and (10.6)%, respectively

* Non-GAAP operating loss in the range of $(1.9) million to $(1.5) million, representing non-GAAP operating margins of (4.9)% and (3.9)%, respectively

* Cash, Cash Equivalents and Short-Term Investments of approximately $65.8 million as of March 31, 2021; Company remains debt-free

Based upon the Company's strong first quarter results, the Company is raising its revenue guidance for Fiscal Year 2021 to $194.0 million.

In addition, today AvePoint announced that the Board of Directors has authorized a share purchase program pursuant to which the Company may purchase up to $20.0 million of Apex Technology Acquisition Corporation (NASDAQ:APXT, &quot, , Apex&quot, , ))))) common stock until the date on which the SEC declares Apex's S-4 Registration Statement effective. The closing of the business combination remains subject to customary closing conditions, including SEC review and the approval of the shareholders of Apex and AvePoint. In light of the recent SEC statement regarding accounting and reporting considerations for warrants issued by Special Purpose Acquisition Companies, or SPACs, Apex, together with its advisors, is reviewing the terms of its warrants in order to determine the proper accounting treatment.

"This share purchase program demonstrates the Board's confidence in our future and our commitment to deliver value to our shareholders," said Dr. Jiang. "Our strong cash flow and balance sheet enable us to create value for our existing shareholders by reducing dilution associated with the proposed business combination at what we believe to be an attractive valuation."

Any purchases of Apex common stock pursuant to the share purchase program will be made in the open market or in privately negotiated transactions. The purchases will be conducted in compliance with the SEC's Rule 10b-18 and applicable legal requirements and will be subject to market conditions and other factors. AvePoint is not obligated to acquire any particular amount of Apex common stock and such purchases may be suspended at any time, at AvePoint's discretion.

About AvePoint

AvePoint enables customers to collaborate with confidence. Our data management solutions help our diverse, global customer base overcome complex transformation, governance, and compliance challenges in the Microsoft cloud. A five-time winner of the Global Microsoft Partner of the Year award, AvePoint offers the only full suite of SaaS solutions to migrate, manage and protect data in Microsoft 365. More than 7 million cloud users, including a quarter of the Fortune 500, rely on our solutions. Our SaaS solutions are also available to managed service providers, so they can better support and manage their small and mid-sized business customers. Our multi-tenant solutions are available from over a dozen distributors in more than 100 cloud marketplaces worldwide. For more information about AvePoint, visit https://www.avepoint.com.