The following is a summary of the AvePoint, Inc. (AVPT) Q4 2023 Earnings Call Transcript:
Financial Performance:
AvePoint reported Q4 revenue of $74.6 million, up 17% year-over-year, and full year revenue of $271.8 million, a 17% growth.
SaaS revenue for Q4 amounted to $45.3 million, an annual growth of 37%, while full year SaaS revenues were $161 million, indicating the same growth rate.
Gross Profit in Q4 was $56.1 million, resulting in a Gross Margin of 75.2%, improving from 72.2% in Q4 2022.
The company recorded a Q4 operating income of $10.3 million, indicating an operating margin of 13.8%, and a full year non-GAAP operating income of $22.2 million, representing an operating margin of 8.1%.
Business Progress:
AvePoint had notable customer wins in Q4 and saw customer growth of 24% year-over-year.
New AI-based products like AvePoint Opus, AvePoint EnPower, and AvePoint MyHub were launched and have contributed to the company's and customers' AI ambitions.
The company has launched AvePoint AI and announced plans to open an AI industry lab in Singapore.
AvePoint announced anchoring a new growth equity fund, A3 Ventures, to invest in B2B software companies, primarily those implementing AI for the digital workplace.
The company's net retention rate improved by a percentage point each quarter, indicating a steady expansion of the existing customer base, with the gross retention rate at 87% and FX adjusted net retention rate at 109%.
The company anticipates a revenue of $71.4 million to $73.4 million for Q1 2024 and a 15% year-over-year growth for the full year of 2024.
More details: AvePoint IR
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