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Avalara, Inc. reported second-quarter 2022 results with total revenue of $208.6 million, a 23% increase from the previous year. Subscription revenue grew 24% to $189.8 million, while professional services revenue rose 13%. Despite revenue growth, Avalara experienced a GAAP operating loss of $56.0 million, worsening from a loss of $30.2 million in Q2 2021. The company announced a definitive agreement to be acquired by Vista Equity Partners, resulting in the cancellation of the earnings call and future guidance. Avalara's cash reserves remain stable at $1.5 billion.
Avalara shareholders are set to receive $93.50 per share in cash as part of a definitive acquisition agreement with Vista Equity Partners.
The all-cash deal is valued at $8.4 billion, reflecting a 27% premium over the last closing price prior to acquisition talks.
The transaction aims to enhance Avalara's tax compliance solutions and is expected to close in the second half of 2022, pending shareholder and regulatory approvals.
Avalara, Inc. (NYSE: AVLR) has announced important investor conference presentations by its executives. CEO Scott McFarlane will speak at the Goldman Sachs Communacopia and Technology Conference on September 14, 2022, at 10:45 a.m. PT. CFO Ross Tennenbaum will present at the Canaccord Genuity Growth Conference on August 11, 2022, at 12:30 p.m. ET. Both presentations will be available via live webcasts on Avalara's investor relations website, with archived replays following the events.
Avalara, Inc. (NYSE: AVLR) will announce its financial results for Q2 2022 on August 8, 2022, after market close. A conference call is scheduled for 2:00 PM PT (5:00 PM ET) the same day to discuss earnings and business highlights. The call can be accessed at (888) 660-6196 in the US and (929) 203-1824 internationally, with a conference ID of 5816067. Webcast details are available at investor.avalara.com, which will also host a replay until August 15, 2022 at 8:59 PM PT.
Avalara, a leader in tax compliance automation, has launched Avalara Exemption Certificate Management Pro, which simplifies exemption certificate collection for small-to-medium businesses (SMBs). This AI-powered tool enhances accuracy and efficiency with features such as automatic document validation, a user-friendly dashboard, and integration with over 35 platforms. The solution addresses the growing need for automated compliance in the digital sales landscape, streamlining the often manual and error-prone process of managing tax-exempt transactions.
Avalara, Inc. (NYSE: AVLR) has launched its Transfer Pricing Reports for Accountants, aimed at automating the transfer pricing documentation process for firms of all sizes. This new solution streamlines compliance reporting to clients by combining predefined benchmarks with a self-guided questionnaire, facilitating data collection and report generation. Key features include global compliance support and built-in management tools. The launch of this product is part of Avalara's suite for accountants, designed to help firms enhance client satisfaction and improve practice growth through efficient tax compliance services.
Avalara, Inc. (NYSE: AVLR) has launched Avalara MyLodgeTax Pro, a cloud-based SaaS solution aimed at streamlining tax compliance for short-term rental property managers. Designed for managers overseeing 5 to 40,000 properties, the tool automates the calculation of occupancy, sales, and use taxes, aiding in ensuring compliance and reducing audit risks. MyLodgeTax Pro allows property managers to focus on business growth while handling complex tax obligations efficiently. The offering is a response to the increasing professionalism of the short-term rental industry.
Avalara, Inc. (NYSE: AVLR) announced the appointment of Ee Lyn Khoo as the new chief people officer, responsible for overseeing global HR initiatives. With over 20 years of experience in HR and diversity, she previously held leadership roles at Amazon, General Mills, and Redfin. CEO Scott McFarlane emphasized that Khoo's leadership will support Avalara's growth strategy by enhancing workplace culture. Avalara is a provider of cloud-based tax compliance solutions.
Avalara reported a 33% growth in total revenue for Q1 2022, reaching $204.5 million, compared to $153.6 million in Q1 2021. Subscription revenue grew by 34% to $186.9 million. The company maintained a 71% gross margin with a GAAP gross profit of $144.4 million. However, there was a GAAP operating loss of $35.1 million, an increase from $25.5 million the previous year. Non-GAAP metrics showed profitability improvements, with a net income of $7.2 million. The company forecasts Q2 revenue between $208 million and $210 million.
Avalara, a leader in tax compliance automation, is hosting a Virtual Analyst Day on June 28, 2022. Presentations will start at 10:00 a.m. PT and end around 12:00 p.m. PT, featuring insights from the executive team. Interested parties can access the webcast at investor.avalara.com. For further inquiries, investors can reach out via email at investor@avalara.com.
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