Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Jun. 30, 2022 | Aug. 15, 2022 | |
Document Information [Line Items] | ||
Entity Central Index Key | 0001777921 | |
Entity Registrant Name | AvePoint, Inc. | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Period Focus | Q2 | |
Document Fiscal Year Focus | 2022 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 30, 2022 | |
Document Transition Report | false | |
Entity File Number | 001-39048 | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 83-4461709 | |
Entity Address, Address Line One | 525 Washington Blvd, Suite 1400 | |
Entity Address, City or Town | Jersey City | |
Entity Address, State or Province | NJ | |
Entity Address, Postal Zip Code | 07310 | |
City Area Code | 201 | |
Local Phone Number | 793-1111 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | true | |
Entity Ex Transition Period | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 185,393,492 | |
Warrant [Member] | ||
Document Information [Line Items] | ||
Title of 12(b) Security | Warrants, each whole warrant exercisable for one share of Common Stock at an exercise price of $11.50 per share | |
Trading Symbol | AVPTW | |
Security Exchange Name | NASDAQ | |
Common Stock [Member] | ||
Document Information [Line Items] | ||
Title of 12(b) Security | Common Stock, par value $0.0001 per share | |
Trading Symbol | AVPT | |
Security Exchange Name | NASDAQ |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Assets | ||
Cash and cash equivalents | $ 65,062 | $ 268,217 |
Short-term investments | 181,545 | 2,411 |
Accounts receivable, net of allowance of $1,320 and $838 at June 30, 2022 and December 31, 2021, respectively | 51,441 | 55,067 |
Prepaid expenses and other current assets | 6,248 | 8,461 |
Total current assets | 304,296 | 334,156 |
Property and equipment, net | 5,179 | 3,922 |
Goodwill | 4,744 | 0 |
Other intangible assets, net | 5,156 | 0 |
Operating lease right-of-use assets | 18,068 | 0 |
Deferred contract costs | 40,474 | 38,926 |
Other assets | 10,004 | 11,734 |
Total assets | 387,921 | 388,738 |
Liabilities, mezzanine equity, and stockholders’ equity | ||
Accounts payable | 2,100 | 1,824 |
Accrued expenses and other liabilities | 32,730 | 35,062 |
Current portion of deferred revenue | 73,795 | 74,294 |
Total current liabilities | 108,625 | 111,180 |
Long-term operating lease liabilities | 13,690 | 0 |
Long-term portion of deferred revenue | 7,151 | 8,038 |
Earn-out shares liabilities | 4,770 | 10,012 |
Other non-current liabilities | 4,261 | 3,943 |
Total liabilities | 138,497 | 133,173 |
Commitments and contingencies | ||
Mezzanine equity | ||
Redeemable noncontrolling interest | 12,173 | 5,210 |
Total mezzanine equity | 12,173 | 5,210 |
Common stock, $0.0001 par value; 1,000,000 shares authorized, 181,331 and 181,822 shares issued and outstanding, at June 30, 2022 and December 31, 2021, respectively | 18 | 18 |
Additional paid-in capital | 644,931 | 625,056 |
Treasury stock | (11,791) | (1,739) |
Accumulated other comprehensive income | 889 | 2,317 |
Accumulated deficit | (396,796) | (375,297) |
Total stockholders’ equity | 237,251 | 250,355 |
Total liabilities, mezzanine equity, and stockholders’ equity | $ 387,921 | $ 388,738 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Accounts receivable, allowance | $ 1,320 | $ 838 |
Common stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized (in shares) | 1,000,000,000 | 1,000,000,000 |
Common stock, shares issued (in shares) | 181,330,816 | 181,821,767 |
Common stock, shares outstanding (in shares) | 181,330,816 | 181,821,767 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Revenue: | ||||
Revenue | $ 55,701 | $ 45,344 | $ 105,992 | $ 84,144 |
Cost of revenue: | ||||
Cost of revenue | 15,427 | 11,720 | 30,057 | 22,498 |
Gross profit | 40,274 | 33,624 | 75,935 | 61,646 |
Operating expenses: | ||||
Sales and marketing | 27,174 | 29,001 | 54,228 | 48,302 |
General and administrative | 16,322 | 11,664 | 31,864 | 21,956 |
Research and development | 7,892 | 3,883 | 14,294 | 7,985 |
Depreciation and amortization | 629 | 279 | 1,140 | 537 |
Total operating expenses | 52,017 | 44,827 | 101,526 | 78,780 |
Loss from operations | (11,743) | (11,203) | (25,591) | (17,134) |
Gain on earn-out and warrant liabilities | 2,668 | 0 | 5,935 | 0 |
Interest income, net | 20 | 11 | 34 | 24 |
Other (expense) income, net | (693) | 62 | (870) | (1) |
Loss before income taxes | (9,748) | (11,130) | (20,492) | (17,111) |
Income tax benefit | (546) | (73) | (237) | (1,112) |
Net loss | (9,202) | (11,057) | (20,255) | (15,999) |
Net income attributable to and accretion of redeemable noncontrolling interest | (627) | (499) | (1,244) | (896) |
Net loss attributable to AvePoint, Inc. | (9,829) | (11,556) | (21,499) | (16,895) |
Deemed dividends on preferred stock | 0 | (24,742) | 0 | (33,536) |
Net loss available to common shareholders | $ (9,829) | $ (36,298) | $ (21,499) | $ (50,431) |
Basic and diluted loss per share (in dollars per share) | $ (0.05) | $ (0.36) | $ (0.12) | $ (0.50) |
Basic and diluted shares used in computing loss per share (in shares) | 182,491 | 101,968 | 182,661 | 101,368 |
SaaS [Member | ||||
Revenue: | ||||
Revenue | $ 27,619 | $ 20,586 | $ 54,172 | $ 38,845 |
Cost of revenue: | ||||
Cost of revenue | 6,120 | 4,564 | 11,640 | 9,004 |
Termed License and Support [Member] | ||||
Revenue: | ||||
Revenue | 14,011 | 11,088 | 24,213 | 19,815 |
Cost of revenue: | ||||
Cost of revenue | 482 | 230 | 1,058 | 503 |
Service [Member] | ||||
Revenue: | ||||
Revenue | 9,848 | 7,302 | 18,773 | 13,218 |
Cost of revenue: | ||||
Cost of revenue | 8,550 | 6,508 | 16,809 | 12,093 |
Maintenance [Member] | ||||
Revenue: | ||||
Revenue | 4,067 | 5,458 | 8,508 | 10,867 |
Cost of revenue: | ||||
Cost of revenue | 275 | 418 | 550 | 898 |
License [Member] | ||||
Revenue: | ||||
Revenue | $ 156 | $ 910 | $ 326 | $ 1,399 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Loss (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Net loss | $ (9,202) | $ (11,057) | $ (20,255) | $ (15,999) |
Other comprehensive income (loss) net of taxes | ||||
Unrealized gains on available-for-sale | 190 | 0 | 190 | 0 |
Foreign currency translation adjustments | 35 | 248 | (1,693) | 5 |
Total other comprehensive income (loss) | 225 | 248 | (1,503) | 5 |
Total comprehensive loss | (8,977) | (10,809) | (21,758) | (15,994) |
Comprehensive income attributable to redeemable noncontrolling interests | (561) | (447) | (1,169) | (844) |
Total comprehensive loss attributable to AvePoint, Inc | $ (9,538) | $ (11,256) | $ (22,927) | $ (16,838) |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Mezzanine Equity and Stockholders' Equity (Unaudited) - USD ($) $ in Thousands | Total | Temporary Equity [Member] Redeemable Convertible Preferred Stock [Member] | Temporary Equity [Member] Redeemable Common Shares [Member] | Temporary Equity [Member] Share-based Awards [Member] | Noncontrolling Interest [Member] | Temporary Equity, Including Portion Attributable to Noncontrolling Interests [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Common Stock Outstanding [Member] | Treasury Stock [Member] | ||
Balance, temporary equity, shares (in shares) at Dec. 31, 2020 | [1] | 42,000,592 | ||||||||||||
Balance, temporary equity, including noncontrolling interest at Dec. 31, 2020 | $ 183,390 | $ 25,074 | $ 1,489 | $ 3,061 | $ 213,014 | |||||||||
Balance (in shares) at Dec. 31, 2020 | [1] | 100,068,469 | ||||||||||||
Balance at Dec. 31, 2020 | $ (192,827) | $ 12 | $ 105,159 | $ (299,789) | $ 1,791 | |||||||||
Proceeds from exercise of options (in shares) | [1] | 3,763,054 | ||||||||||||
Proceeds from exercise of options | 3,277 | $ 0 | 3,277 | 0 | 0 | |||||||||
Stock-based compensation expense | 4,208 | 0 | 4,208 | 0 | 0 | |||||||||
Issuance of redeemable noncontrolling interest in EduTech | 515 | 0 | 515 | 0 | 0 | |||||||||
Net loss | (15,999) | 0 | 0 | (15,999) | 0 | |||||||||
Net income attributable to and accretion of redeemable noncontrolling interest | 896 | 0 | 0 | 0 | 896 | 896 | 0 | 0 | 896 | 0 | ||||
Net income attributable to and accretion of redeemable noncontrolling interest | (896) | 0 | 0 | 0 | (896) | (896) | 0 | 0 | (896) | 0 | ||||
Total other comprehensive income (loss) | 0 | 0 | 0 | (52) | (52) | |||||||||
Total other comprehensive income (loss) | 57 | 0 | 0 | 0 | 57 | |||||||||
Reclassification of share-based awards to mezzanine equity | (206) | 0 | 0 | 206 | 0 | 206 | 0 | (206) | 0 | 0 | ||||
Reclassification of common shares from liabilities | 0 | 6,873 | 0 | 0 | 6,873 | |||||||||
Remeasurement of redemption value of common shares | (7,810) | 0 | 7,810 | 0 | 0 | 7,810 | 0 | 0 | (7,810) | 0 | ||||
Remeasurement of redemption value of convertible preferred stock | (33,536) | 33,536 | 0 | 0 | 0 | 33,536 | $ 0 | (33,536) | 0 | |||||
Issuance of redeemable noncontrolling interest in EduTech | $ 0 | 0 | 0 | 238 | 238 | |||||||||
Balance, temporary equity, shares (in shares) at Jun. 30, 2021 | [1] | 42,000,592 | ||||||||||||
Balance, temporary equity, including noncontrolling interest at Jun. 30, 2021 | $ 216,926 | 39,757 | 1,695 | 4,143 | 262,521 | |||||||||
Balance (in shares) at Jun. 30, 2021 | [1] | 103,831,523 | ||||||||||||
Balance at Jun. 30, 2021 | (243,217) | $ 12 | 112,953 | (358,030) | 1,848 | |||||||||
Balance, temporary equity, shares (in shares) at Mar. 31, 2021 | [1] | 42,000,592 | ||||||||||||
Balance, temporary equity, including noncontrolling interest at Mar. 31, 2021 | $ 192,184 | 24,891 | 1,591 | 3,696 | 222,362 | |||||||||
Balance (in shares) at Mar. 31, 2021 | [1] | 100,195,199 | ||||||||||||
Balance at Mar. 31, 2021 | (203,207) | $ 12 | 108,972 | (313,739) | 1,548 | |||||||||
Proceeds from exercise of options (in shares) | [1] | 3,636,324 | ||||||||||||
Proceeds from exercise of options | 2,152 | $ 0 | 2,152 | 0 | 0 | |||||||||
Stock-based compensation expense | 1,933 | 0 | 1,933 | 0 | 0 | |||||||||
Net loss | (11,057) | 0 | 0 | (11,057) | 0 | |||||||||
Net income attributable to and accretion of redeemable noncontrolling interest | 499 | 0 | 0 | 0 | 499 | 499 | 0 | 0 | 499 | 0 | ||||
Net income attributable to and accretion of redeemable noncontrolling interest | (499) | 0 | 0 | 0 | (499) | (499) | 0 | 0 | (499) | 0 | ||||
Total other comprehensive income (loss) | 0 | 0 | 0 | (52) | (52) | |||||||||
Total other comprehensive income (loss) | 300 | 0 | 0 | 0 | 300 | |||||||||
Reclassification of share-based awards to mezzanine equity | (104) | 0 | 0 | 104 | 0 | 104 | 0 | (104) | 0 | 0 | ||||
Reclassification of common shares from liabilities | 0 | 6,873 | 0 | 0 | 6,873 | |||||||||
Remeasurement of redemption value of common shares | (7,993) | 0 | 7,993 | 0 | 0 | 7,993 | 0 | 0 | (7,993) | 0 | ||||
Remeasurement of redemption value of convertible preferred stock | (24,742) | $ 24,742 | 0 | 0 | 0 | 24,742 | $ 0 | 0 | (24,742) | 0 | ||||
Balance, temporary equity, shares (in shares) at Jun. 30, 2021 | [1] | 42,000,592 | ||||||||||||
Balance, temporary equity, including noncontrolling interest at Jun. 30, 2021 | $ 216,926 | 39,757 | 1,695 | 4,143 | 262,521 | |||||||||
Balance (in shares) at Jun. 30, 2021 | [1] | 103,831,523 | ||||||||||||
Balance at Jun. 30, 2021 | (243,217) | $ 12 | 112,953 | (358,030) | 1,848 | |||||||||
Balance, temporary equity, shares (in shares) at Dec. 31, 2021 | [1] | 0 | ||||||||||||
Balance, temporary equity, including noncontrolling interest at Dec. 31, 2021 | 5,210 | $ 0 | 0 | 0 | 5,210 | 5,210 | ||||||||
Balance (in shares) at Dec. 31, 2021 | 181,821,767 | [1] | 143,564 | |||||||||||
Balance at Dec. 31, 2021 | $ 250,355 | 18 | 625,056 | (375,297) | 2,317 | $ (1,739) | ||||||||
Proceeds from exercise of options (in shares) | 1,156,279 | 1,156,279 | [1] | 0 | ||||||||||
Proceeds from exercise of options | $ 1,719 | 0 | 1,719 | 0 | 0 | $ 0 | ||||||||
Common stock issued upon vesting of restricted stock units (in shares) | 254,432 | [1] | 0 | |||||||||||
Common stock issued upon vesting of restricted stock units | 0 | 0 | 0 | 0 | 0 | $ 0 | ||||||||
Stock-based compensation expense | 18,670 | 0 | 18,670 | 0 | 0 | 0 | ||||||||
Issuance of redeemable noncontrolling interest in EduTech | 0 | 0 | 0 | 0 | 5,794 | 5,794 | 0 | 0 | 0 | 0 | 0 | |||
Reclassification of earn-out RSUs to earn-out shares | (514) | 0 | (514) | 0 | 0 | $ 0 | ||||||||
Repurchase of common stock (in shares) | (1,901,662) | 1,901,662 | ||||||||||||
Repurchase of common stock | (10,052) | 0 | 0 | 0 | 0 | $ (10,052) | ||||||||
Net loss | (20,255) | 0 | 0 | (20,255) | 0 | 0 | ||||||||
Net income attributable to and accretion of redeemable noncontrolling interest | 1,244 | 0 | 0 | 0 | 1,244 | 1,244 | 0 | 0 | 1,244 | 0 | 0 | |||
Net income attributable to and accretion of redeemable noncontrolling interest | (1,244) | 0 | 0 | 0 | (1,244) | (1,244) | 0 | 0 | (1,244) | 0 | 0 | |||
Total other comprehensive income (loss) | $ 0 | 0 | 0 | (75) | (75) | |||||||||
Total other comprehensive income (loss) | (1,428) | 0 | 0 | 0 | (1,428) | $ 0 | ||||||||
Balance, temporary equity, shares (in shares) at Jun. 30, 2022 | [1] | 0 | ||||||||||||
Balance, temporary equity, including noncontrolling interest at Jun. 30, 2022 | 12,173 | $ 0 | 0 | 0 | 12,173 | 12,173 | ||||||||
Balance (in shares) at Jun. 30, 2022 | 181,330,816 | 2,045,226 | ||||||||||||
Balance at Jun. 30, 2022 | 237,251 | 18 | 644,931 | (396,796) | 889 | $ (11,791) | ||||||||
Balance, temporary equity, shares (in shares) at Mar. 31, 2022 | [1] | 0 | ||||||||||||
Balance, temporary equity, including noncontrolling interest at Mar. 31, 2022 | $ 0 | 0 | 0 | 5,818 | 5,818 | |||||||||
Balance (in shares) at Mar. 31, 2022 | 182,493,007 | [1] | 278,564 | |||||||||||
Balance at Mar. 31, 2022 | $ 245,237 | 18 | 634,070 | (386,967) | 598 | $ (2,482) | ||||||||
Proceeds from exercise of options (in shares) | 442,469 | 442,469 | [1] | 0 | ||||||||||
Proceeds from exercise of options | $ 683 | 0 | 683 | 0 | 0 | $ 0 | ||||||||
Common stock issued upon vesting of restricted stock units (in shares) | 162,002 | [1] | 0 | |||||||||||
Common stock issued upon vesting of restricted stock units | 0 | 0 | 0 | 0 | 0 | $ 0 | ||||||||
Stock-based compensation expense | 10,396 | 0 | 10,396 | 0 | 0 | 0 | ||||||||
Issuance of redeemable noncontrolling interest in EduTech | 0 | 0 | 0 | 0 | 5,794 | 5,794 | 0 | 0 | 0 | 0 | 0 | |||
Reclassification of earn-out RSUs to earn-out shares | (218) | 0 | (218) | 0 | 0 | $ 0 | ||||||||
Repurchase of common stock (in shares) | (1,766,662) | 1,766,662 | ||||||||||||
Repurchase of common stock | (9,309) | 0 | 0 | 0 | 0 | $ (9,309) | ||||||||
Net loss | (9,202) | 0 | 0 | (9,202) | 0 | 0 | ||||||||
Net income attributable to and accretion of redeemable noncontrolling interest | 627 | 0 | 0 | 0 | 627 | 627 | 0 | 0 | 627 | 0 | 0 | |||
Net income attributable to and accretion of redeemable noncontrolling interest | (627) | 0 | 0 | 0 | (627) | (627) | 0 | 0 | (627) | 0 | 0 | |||
Total other comprehensive income (loss) | $ 0 | 0 | 0 | (66) | (66) | |||||||||
Total other comprehensive income (loss) | 291 | 0 | 0 | 0 | 291 | $ 0 | ||||||||
Balance, temporary equity, shares (in shares) at Jun. 30, 2022 | [1] | 0 | ||||||||||||
Balance, temporary equity, including noncontrolling interest at Jun. 30, 2022 | 12,173 | $ 0 | $ 0 | $ 0 | $ 12,173 | $ 12,173 | ||||||||
Balance (in shares) at Jun. 30, 2022 | 181,330,816 | 2,045,226 | ||||||||||||
Balance at Jun. 30, 2022 | $ 237,251 | $ 18 | $ 644,931 | $ (396,796) | $ 889 | $ (11,791) | ||||||||
[1]As part of the Business Combination (as disclosed in "Note 3 — Business Combination"), all per share information has been retroactively adjusted using an exchange ratio of 8.69144 per share. |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Mezzanine Equity and Stockholders' Equity (Unaudited) (Parentheticals) | Jun. 30, 2022 | Jun. 30, 2021 |
Common Stock [Member] | ||
Business Combination, Share Exchange Ratio | 8.69144 | 8.69144 |
Condensed Consolidated Statem_5
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Operating activities | ||
Net loss | $ (20,255) | $ (15,999) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation and amortization | 1,333 | 537 |
Operating lease right-of-use assets expense | 2,649 | 0 |
Foreign currency remeasurement loss (gain) | 1,386 | (134) |
Provision for doubtful accounts | 519 | (732) |
Stock-based compensation | 18,678 | 17,799 |
Gain on disposal of property and equipment | (45) | (15) |
Deferred income taxes | (37) | (981) |
Change in value of earn-out and warrant liabilities | (5,840) | 0 |
Changes in operating assets and liabilities: | ||
Accounts receivable and long-term unbilled receivables | 2,522 | 2,399 |
Prepaid expenses and other current assets | 1,452 | (1,994) |
Deferred contract costs and other assets | (5,025) | (1,955) |
Accounts payable, accrued expenses and other liabilities | (6,654) | (4,144) |
Deferred revenue | 2,721 | 3,298 |
Net cash used in operating activities | (6,596) | (1,921) |
Investing activities | ||
Maturities of investments | 1,093 | 0 |
Purchases of investments | (180,041) | (423) |
Net assets acquired from business combinations and asset acquisitions, net of cash acquired | (2,222) | 0 |
Capitalization of internal use software | (1,174) | 0 |
Purchase of property and equipment | (2,234) | (897) |
Net cash used in investing activities | (184,578) | (2,951) |
Financing activities | ||
Payments of transaction fees | 0 | (1,872) |
Purchase of common stock | (10,042) | 0 |
Proceeds from stock option exercises | 1,719 | 3,277 |
Proceeds from sale of common shares of subsidiary | 0 | 753 |
Repayments of finance leases | (11) | (14) |
Net cash (used in) provided by financing activities | (8,334) | 2,144 |
Effect of exchange rates on cash | (3,647) | (46) |
Net decrease in cash and cash equivalents | (203,155) | (2,774) |
Cash and cash equivalents at beginning of period | 268,217 | 69,112 |
Cash and cash equivalents at end of period | 65,062 | 66,338 |
Supplemental disclosures of cash flow information | ||
Income taxes paid | 420 | 2,389 |
Noncash acquisition | 5,635 | 0 |
Merger [Member] | ||
Investing activities | ||
Purchase of APXT shares | $ 0 | $ (1,631) |
Note 1 - Nature of Business and
Note 1 - Nature of Business and Organization | 6 Months Ended |
Jun. 30, 2022 | |
Notes to Financial Statements | |
Nature of Operations [Text Block] | 1. On July 1, 2021, inter alia Apex April 5, 2019, Legacy AvePoint July 24, 2001 2006 June 2021, July 26, 2021, AvePoint Company we us our Note 3 1 10 We are a leading provider of enterprise collaboration and productivity software solutions. We develop, market, and sell our suite of software solutions and services, primarily in North America, Europe, Australia, and Asia. We provide our customers with high-performance infrastructure management, compliance, data governance, mobility and productivity, online services and software solutions consulting. We do this through our Confidence Platform, a software as a service ( “ SaaS 365, one Our principal executive headquarters are located in Jersey City, New Jersey, with our operating headquarters in Richmond, Virginia and additional offices in North America, Europe, Asia, Australia and the Middle East. |
Note 2 - Summary of Significant
Note 2 - Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2022 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | 2. Basis of Presentation The accompanying unaudited condensed consolidated balance sheet as of December 31, 2021, SEC GAAP In the opinion of management, these financial statements contain all material adjustments, consisting of normal recurring accruals, necessary to present fairly the financial position, results of operations and cash flows for the periods indicated. Operating results for the six June 30, 2022 not may December 31, 2022 These unaudited interim condensed consolidated financial statements should be read in conjunction with our audited consolidated financial statements as of December 31, 2021 2020 December 31, 2021, 2020 2019 10 December 31, 2021 March 31, 2022 (“ Annual Report Recently Adopted Accounting Guidance In February 2016, FASB ASU 2016 02, Leases “ ASC 2017 13, 2018 10, 2018 11, 2018 20, 2019 01, 2019 10, 2020 02, 2020 05 2021 05 “ ASC 842 842 January 1, 2022 not 842 ROU The Company elected the package of practical expedients permitted under the transition guidance within the new standard, which allowed the Company to carry forward its historical assessments of whether a contract contains a lease, lease classification and initial direct costs. The Company elected not 842: not ASC 840 840 12 The adoption of the new standard resulted in the recognition of ROU assets of $13.9 million, net of previously recognized deferred rent balance of $0.6 million and total lease liabilities of $14.5 million, including a current liability of $3.6 million, and corresponding deferred tax assets and liabilities, on the Company's condensed consolidated balance sheet as of January 1, 2022. no In October 2021, No. 2021 08, ASC 805 ASC 606 December 15, 2022, not January 1, 2022. not Comparative Data Certain amounts from prior periods which have been presented separately have been grouped to conform to the current period presentation, including: • The reclassification of long-term unbilled receivables to be included in other assets on the condensed consolidated balance sheets as of December 31, 2021; • The reclassification of accrued rent obligation to be included in accounts payable, accrued expenses and other liabilities on the condensed consolidated statements of cash flows for the six June 30, 2021. Business Combination When we consummate a business combination, the assets acquired, and the liabilities assumed are recognized separately from goodwill at their acquisition date fair values. Goodwill as of the acquisition date is measured as the excess of the fair value of consideration transferred over the acquisition date fair value of the net identifiable assets acquired. While best estimates and assumptions are used to accurately value assets acquired and liabilities assumed at the acquisition date as well as contingent consideration, where applicable, our estimates are inherently uncertain and subject to refinement. As a result, during the measurement period, which may one Goodwill Goodwill represents the excess of the fair value of consideration transferred over the fair value of net identifiable assets acquired. We will test goodwill for impairment at least annually by performing qualitative and quantitative assessment of whether the fair value of each reporting unit or asset exceeds its carrying amount. We have one No six June 30, 2022, not Other Intangible Assets, net Other intangible assets consist of order backlog, customer relationship and acquired software and technology. Intangible assets that have finite useful lives are amortized over their useful lives on a straight-line basis, which range from one ten may may Use of Estimates 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 not may 19. Foreign Currency The Company has foreign operations where the functional currency has been determined to be the local currency, in accordance with FASB ASC 830, Foreign Currency Matters three six June 30, 2022 three six June 30, 2021 Cash and Cash Equivalents The Company maintains cash with several high credit-quality financial institutions. The Company considers all investments available with original maturities of three not not June 30, 2022 December 31, 2021 Short-Term Investments Short-term investments consist mainly U.S. treasury bills and certificate of deposits held by financial institutions which have an initial maturity of greater than three one Based on our intentions regarding these investments, we classify substantially all of our investments as available-for-sale. We carry these securities at fair value, and report the unrealized gains and losses, net of taxes, as a component of stockholders’ equity, except for any unrealized losses determined to be related to credit losses, which we record within non-operating income, net in the accompanying consolidated statements of operations. Substantially all of our investments are classified as current based on the nature of the investments and their availability for use in current operations. Allowance for Doubtful Accounts The Company evaluates the collectability of its accounts receivable based on a combination of factors. Where we are aware of circumstances that may Deferred Contract Costs We defer sales commissions earned by its sales force that are considered to be incremental and recoverable costs of obtaining SaaS, term license and support, service, perpetual license and maintenance contracts. We have structured commissions plans such that the commission rate paid on renewal contracts are less than those paid on the initial contract; therefore, it is determined that the renewal commissions are not Amortization of deferred contract costs of $3.2 million and $6.2 million for the three six June 30, 2022 three six June 30, 2021 June 30, 2022 December 31, 2021 Revenue Recognition The Company derives revenue from four Three Months Ended Six Months Ended June 30, June 30, 2022 2021 2022 2021 (in thousands) Revenue: SaaS $ 27,619 $ 20,586 $ 54,172 $ 38,845 Term license and support 14,011 11,088 24,213 19,815 Services 9,848 7,302 18,773 13,218 Maintenance 4,067 5,458 8,508 10,867 Perpetual license 156 910 326 1,399 Total revenue $ 55,701 $ 45,344 $ 105,992 $ 84,144 Term license and perpetual license revenue recognized at point in time was $9.9 million and $16.1 million for the three six June 30, 2022 three six June 30, 2021 We use judgement in determining the SSP for products and services. For substantially all performance obligations except term licenses, we are able to establish the SSP based on the observable prices of products or services sold separately in comparable circumstances to similar customers. We typically establish an SSP range for our products and services which is reassessed on a periodic basis or when facts and circumstances change. Term licenses are sold only as a bundled arrangement that includes the rights to a term license and support. In determining the SSP of license and support in a term license arrangement we applied observable inputs using the value relationship between support and term license, the value relationship between support and perpetual licenses, the average economic life of our products, software renewals rates and the price of the bundled arrangement in relation to the perpetual licensing approach. Using a combination of the relative fair value method or the residual value method the SSP of the performance obligations in an arrangement was allocated to each performance obligation within a sales arrangement. Revenue deferred as of June 30, 2022 December 31, 2021 six June 30, 2022 six June 30, 2021 The opening and closing balances of the Company’s accounts receivable, net, deferred revenue and deferred contract costs are as follows: Accounts Deferred receivable, Deferred contract net (1) revenue costs (in thousands) Opening (January 1, 2021) $ 53,749 $ 74,688 $ 31,943 Closing (December 31, 2021) 61,335 82,332 38,926 Increase/(decrease) 7,586 7,644 6,983 Opening (January 1, 2022) $ 61,335 $ 82,332 $ 38,926 Closing (June 30, 2022) 56,218 80,946 40,474 Increase/(decrease) (5,117 ) (1,386 ) 1,548 ( 1 There were no December 31, 2021 six June 30, 2022 As of June 30, 2022 twelve As of December 31, 2021, twelve Stock-Based Compensation Stock-based compensation represents the cost related to stock-based awards granted to employees. To date, we have issued both stock options and restricted stock units (“ RSUs We estimate the fair value of stock options using a Black-Scholes valuation model. The Black-Scholes model requires highly subjective assumptions in order to derive the inputs necessary to calculate the fair value of stock options. To estimate the expected term of stock options, the Company considered contractual terms of the options, including the vesting and expiration periods, as well as historical option exercise data and current market conditions to determine an estimated expected term. The Company’s historical experience is too limited to be able to reasonably estimate expected term. Expected volatility is based on historical volatility of a group of peer entities. Dividend yields are based upon historical dividend yields. Risk-free interest rates are based on the implied yields currently available on U.S. Treasury zero Income Taxes Deferred tax assets and liabilities are recognized for the future tax consequences attributable to difference between financial statement carrying amounts of existing assets and liabilities and their respective tax basis. Deferred tax assets and liabilities are measured using enacted tax rates expected to be applied to taxable income in the years in which those temporary differences are expected to be recovered or settled. We recognize liabilities for uncertain tax positions taken or expected to be taken in income tax returns. Accrued interest and penalties related to unrecognized tax benefits are recognized as part of the provision for income taxes. Judgment is required in determining the provision for income taxes, deferred tax assets and liabilities and unrecognize tax benefits. In determining the need for a valuation allowance, the historical and projected financial performance of the operation that is recording a net deferred tax asset is considered along with any other pertinent information. We file income tax returns in the U.S. federal, various states and foreign jurisdictions. The tax years 2017 2020 2011 2021 Redeemable Noncontrolling Interest At June 30, 2022 December 31, 2021 EduTech AEPL Pte. Ltd. (“ AEPL As part of AEPL’s investment in EduTech, the Company granted AEPL a put option which allows AEPL to cause the Company to repurchase AEPL’s shares in EduTech at any time between December 24, 2022 December 24, 2023 June 30, 2022 December 31, 2021 I-Access Solutions Pte. Ltd. (“ I-Access On February 18, 2022 ( I-Access Closing Date January 31, 2022 ( Share Purchase Agreement June 30, 2022 3 — Emerging Growth Company The Company is considered an emerging growth company. Section 102 1 not not not Recent Accounting Pronouncements In August 2020, 2020 06, Debt — Debt with Conversion and Other Options ASC 470 20 Derivatives and Hedging — Contracts in Entity’s Own Equity ASC 815 40 ASU 2020 06 2020 06 December 15, 2023. 2020 06 In December 2019, 2019 12, Income Taxes ASC 740 2019 12 740. December 15, 2021. not not 2019 12 In January 2016, 2016 13, Financial Instruments — Credit Losses on Financial Instruments ASC 326 not 2020 02 December 15, 2022. While the Company generally expects the financial records to be impacted by the requirements highlighted above, the Company cannot reasonably estimate the impact that adoption of the ASUs referenced in this announcement is expected to have on the financial statements at this time. |
Note 3 - Business Combination
Note 3 - Business Combination | 6 Months Ended |
Jun. 30, 2022 | |
Notes to Financial Statements | |
Business Combination Disclosure [Text Block] | 3. Apex Technology Acquisition Corporation On November 23, 2020, July 1, 2021 Merger Sub 1 First Merger Apex 2, Merger Sub 2 1 Apex Group Second Merger 2 Surviving Entity Mergers July 26, 2021, The Apex Business Combination was accounted for as a reverse recapitalization as Legacy AvePoint was determined to be the accounting acquirer under ASC 805. no 8.6914. 8.69144 I-Access Acquisition On the I-Access Closing Date, EduTech consummated its acquisition of all of the ordinary shares of I-Access. As a result, I-Access became a wholly-owned subsidiary of EduTech. The acquisition was made pursuant to the Share Purchase Agreement, by and among EduTech and the former I-Access shareholders. The Company, through its subsidiary EduTech, completed the acquisition of I-Access to further expand its SaaS solutions for corporate learning and development. The fair value of the transaction considerations totaled approximately $7.1 million, consisting of: $1.5 million in cash, and contingent consideration measured at a fair value of $5.6 million on the I-Access Closing date. The above mentioned contingent consideration (the “ I-Access Contingent Consideration (i) 2.96% of EduTech common shares (of those, 292,440 shares were issued on the I-Access Closing Date and 30,252 shares were held in escrow pending distribution pursuant to the Adjustment for Guaranteed Minimum Revenue (as defined below)); (ii) put option which allows sellers to cause EduTech to repurchase the shares of EduTech for approximately $5.9 million, upon 24 months from Acquisition Close Date or the occurrence of certain triggering events which are in the control of the Company; and (iii) earnout in EduTech shares held in escrow at a fair value equal to revenue surplus above the agreed guaranteed minimum revenue amount, of up to approximately $0.7 million, or the return of EduTech shares at a fair value equal to the revenue shortfall below the agreed guaranteed minimum revenue amount, of up to approximately $0.7 million (together, the “ Adjustment for Guaranteed Minimum Revenue On April 15, 2022, no The acquisition-related costs totaled at $0.3 million and are recognized as an expense in the general and administrative item in the condensed consolidated statements of operations. Prior to being reclassified to mezzanine equity, the contingent consideration was liability classified and was measured at fair value on the I-Access Closing Date and remeasured on the date the Adjustment for Guaranteed Minimum Revenue was cancelled. The fair value of the contingent consideration was estimated using a combination of multiple valuation methods, including discounted cash flows method, guideline public company method, and Black-Scholes option-pricing model with the following weighted-average assumptions at February 18, 2022 April 15, 2022: February 18, April 15, 2022 2022 Expected life (in years) 2.08 1.93 Expected volatility 50 % 50 % Risk-free rate 1.23 % 1.83 % Dividend 0 % 0 % The contingent consideration fair value estimated on the I-Access Closing Date and the date the Adjustment for Guaranteed Minimum Revenue was cancelled was $5.6 million and $5.8 million, respectively. During the six June 30, 2022 805 740, The valuation of assets acquired and liabilities assumed has not June 30, 2022 no one The following table summarizes the preliminary fair value of assets acquired and liabilities assumed as of the acquisition date: Preliminary Allocation (in thousands) Accounts receivable, net $ 429 Prepaid expenses and other current assets 72 Property and equipment 22 Goodwill 4,862 Technology and software 2,750 Customer relationship 646 Order backlog 263 Other assets 85 Accrued expenses and other liabilities (718 ) Current portion of deferred revenue (230 ) Other non-current liabilities (1,072 ) Total purchase consideration $ 7,109 The goodwill, which is generally not not Intangible assets primarily relate to acquired technology and software, customer relationship and order backlog. The acquired definite-lived intangible assets are being amortized over an estimated useful life of: (i) 10 years for technology and software on a straight-line basis; (ii) 10 years for customer relationship on a straight-line basis; and (iii) 1 year for order backlog on a straight-line basis. The estimated fair values of identifiable intangible assets were determined using the relief from royalty method which is based on the premise that the only value that a purchaser of the assets receives is the exemption from paying a royalty for its use over its remaining useful life. Some of the significant assumptions inherent in the development of such asset valuations include revenues, royalty rate, contributory asset charges, discount rate, useful life, as well as other factors. The fair value of intangible assets as of June 30, 2022 |
Note 4 - Goodwill
Note 4 - Goodwill | 6 Months Ended |
Jun. 30, 2022 | |
Notes to Financial Statements | |
Goodwill Disclosure [Text Block] | 4. The changes in the carrying amounts of goodwill were as follows: Goodwill (in thousands) Balance as of December 31, 2021 $ — I-Access acquisition 4,862 Effect of foreign currency translation (118 ) Balance as of June 30, 2022 $ 4,744 The goodwill is assigned to the single reporting unit. |
Note 5 - Other Intangible Asset
Note 5 - Other Intangible Assets, Net | 6 Months Ended |
Jun. 30, 2022 | |
Notes to Financial Statements | |
Intangible Assets Disclosure [Text Block] | 5. Amortization expense for intangible assets was $0.1 million and $0.2 million for the three six June 30, 2022 three six June 30, 2021. As of June 30, 2022 Year Ending December 31: (in thousands) 2022 (six months) $ 620 2023 1,026 2024 912 2025 555 2026 331 Thereafter 1,712 Total intangible assets subject to amortization $ 5,156 A summary of the balances of the Company's intangible assets as of June 30, 2022 December 31, 2021 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Weighted Average June 30, December 31, Life 2022 2021 (in thousands) (in years) Technology and software, net $ 3,857 $ (281 ) $ 3,576 $ — $ — $ — 7.9 Content, net 800 — 800 — — — 3.0 Customer relationship, net 630 (21 ) 609 — — — 10.0 Order backlog, net 257 (86 ) 171 — — — 1.0 Total $ 5,544 $ (388 ) $ 5,156 $ — $ — $ — 7.1 |
Note 6 - Concentration of Credi
Note 6 - Concentration of Credit Risk | 6 Months Ended |
Jun. 30, 2022 | |
Notes to Financial Statements | |
Concentration Risk Disclosure [Text Block] | 6. The Company deposits its cash with financial institutions and, at times, such balances may 10% six June 30, 2022 2021 10% June 30, 2022 December 31, 2021 |
Note 7 - Accounts Receivable, N
Note 7 - Accounts Receivable, Net | 6 Months Ended |
Jun. 30, 2022 | |
Notes to Financial Statements | |
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | 7. Accounts receivable, net, consists of the following components: June 30, December 31, 2022 2021 (in thousands) Trade receivables $ 32,480 $ 38,819 Current unbilled receivables 20,281 17,086 Allowance for doubtful accounts (1,320 ) (838 ) $ 51,441 $ 55,067 |
Note 8 - Line of Credit
Note 8 - Line of Credit | 6 Months Ended |
Jun. 30, 2022 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | 8. On April 7, 2020, Loan Agreement HSBC On July 1, 2021, first First Amendment First Amended Loan Agreement First Assignment and Assumption Agreement Pledge Agreement Limited Guaranty Pledged Equity On July 26, 2021, Rollup Merger July 23, 2021, second Second Assignment and Assumption Agreement Assumption Guarantors July 23, 2021 ( Limited Consent On October 31, 2021, Second Amendment Second Amended Loan Agreement The Second Amended Loan Agreement’s substantive economic terms were not may The Company, on a consolidated basis with its subsidiaries, is required to maintain a specified adjusted quick ratio and minimum annual recurring revenue, tested by HSBC each quarter. Pursuant to the Second Amended Loan Agreement, the Company pledged, assigned, and granted HSBC a security interest in all shares of its subsidiaries, future proceeds, and certain assets as security for its obligations under the Second Amended Loan Agreement. The Company's line of credit under the Second Amended Loan Agreement will mature on April 7, 2023. To date, the Company is in compliance with all covenants under the Second Amended Loan Agreement. The Company has not June 30, 2022 December 31, 2021 |
Note 9 - Income Taxes
Note 9 - Income Taxes | 6 Months Ended |
Jun. 30, 2022 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 9. The Company had an effective tax rate of 5.6% and 0.7% for the three June 30, 2022 2021 six June 30, 2022 2021, The change in effective tax rates for the three June 30, 2022 three June 30, 2021 The change in effective tax rates for the six June 30, 2022 six June 30, 2021 The Company continues to evaluate the realizability of its deferred tax assets on a quarterly basis and will adjust such amounts in light of changing facts and circumstances. In making such an assessment, management would consider all available positive and negative evidence, including the level of historical taxable income, future reversals of existing temporary differences, tax planning strategies, and projected future taxable income. |
Note 10 - Leases
Note 10 - Leases | 6 Months Ended |
Jun. 30, 2022 | |
Notes to Financial Statements | |
Lessee, Operating Leases [Text Block] | 10. The Company is obligated under various non-cancelable operating leases primarily for office space. The initial terms of the leases expire on various dates through 2030. Leases are classified as either operating or finance leases based on certain criteria. This classification determines the timing and presentation of expenses on the income statement, as well as the presentation of the related cash flows and balance sheet. Operating leases are recorded on the balance sheet beginning January 1, 2022 no ROU assets and related liabilities are recorded at lease commencement based on the present value of the lease payments over the expected lease term. Lease payments include future increases unless the increases are based on changes in an index or rate. As the Company's leases do not The components of the Company's operating lease expense are reflected in the condensed consolidated statements of income for the three six June 30, 2022 Three Months Ended June 30, Six Months Ended June 30, 2022 2022 (in thousands) Lease liability cost $ 1,498 $ 2,649 Short-term lease expenses (1) 535 1,349 Variable lease cost not included in the lease liability (2) 37 69 Total lease cost $ 2,070 $ 4,067 ( 1 12 ( 2 Our lease agreements generally contain lease and non-lease components. Non-lease components primarily include payments for maintenance and utilities. We elected to combine fixed payments for non-lease components, for all classes of underlying assets, with our lease payments and account for them together as a single lease component which increases the amount of our lease assets and liabilities. During the three six June 30, 2022 Other information related to operating leases for the three six June 30, 2022 Three Months Ended June 30, Six Months Ended June 30, 2022 2022 (in thousands) Cash paid for amounts included in the measurement of the lease liability: Operating cash flows from operating leases $ 1,152 $ 2,506 As of June 30, 2022 The maturity schedule of the operating lease liabilities as of June 30, 2022 Year Ending December 31: (in thousands) 2022 (six months) $ 2,808 2023 5,995 2024 4,076 2025 2,844 2026 2,133 Thereafter 3,249 Total future lease payments $ 21,105 Less: Present value adjustment (2,434 ) Present value of future lease payments (1) $ 18,671 ( 1 During the three six June 30, 2021 The future minimum rental payments under ASC 840 December 31, 2021 Year Ending December 31: (in thousands) 2022 $ 5,680 2023 3,808 2024 2,428 2025 1,840 2026 1,438 Thereafter 2,960 $ 18,154 |
Note 11 - Commitments and Conti
Note 11 - Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2022 | |
Notes to Financial Statements | |
Commitments Contingencies and Guarantees [Text Block] | 11. Legal Proceedings In the normal course of its business, the Company may June 30, 2022 not Guarantees In the normal course of business, we are seldomly required to enter into service agreements that require contingency agreements with customers in highly regulated sectors. These agreements are secured by certificates of deposits. As of June 30, 2022 not |
Note 12 - Earn-Out and Warrant
Note 12 - Earn-Out and Warrant Liabilities | 6 Months Ended |
Jun. 30, 2022 | |
Notes to Financial Statements | |
Earn-Out and Warrant Liabilities [Text Block] | 12. Company Earn-Out Agreement As a result of the Apex Business Combination, the holders of Legacy AvePoint Preferred Stock, Legacy AvePoint common stock and Legacy AvePoint Options shall be issued additional shares of AvePoint's Common Stock, as follows: • 1,000,000 shares of AvePoint's Common Stock, in the aggregate, if at any time from and after the Apex Business Combination through the seventh $12.50 20 30 $12.50 • 1,000,000 shares of AvePoint's Common Stock, in the aggregate, if at any time from and after the Apex Business Combination through the seventh $15.00 20 30 $15.00 • 1,000,000 shares of AvePoint's Common Stock, in the aggregate, if at any time from and after the Apex Business Combination through the seventh $17.50 20 30 $17.50 The rights described above are hereafter referred to as the “ Company Earn-Out Shares Company Earn-Out RSUs 718, Compensation-Stock Compensation ASC 718 Note 14 In order to capture the market conditions associated with the Company Earn-Out Shares, the Company applied an approach that incorporated a Monte Carlo simulation, which involved random iterations that took different future price paths over the Sponsor Earn-Out Shares’ contractual life based on the appropriate probability distributions. The fair value was determined by taking the average of the fair values under each Monte Carlo simulation trial. The Monte Carlo model requires highly subjective assumptions including the expected volatility of the price of our common stock, and the expected term of the earn-out shares. Significant increases or decreases to these inputs in isolation could result in a significantly higher or lower liability. Under this approach, the fair value of the Company Earn-Out Shares on July 1, 2021 June 30, 2022 December 31, 2021 three six June 30, 2022 June 30, 2022 Term (in years) 6.01 Volatility 40.00 % Warrants to Acquire Common Stock On July 1, 2021, The private placement warrants are held by only two Note 13 . June 30, 2022 December 31, 2021 three six June 30, 2022 |
Note 13 - Mezzanine Equity and
Note 13 - Mezzanine Equity and Stockholders' Equity | 6 Months Ended |
Jun. 30, 2022 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | 13. Equity Prior to the Apex Business Combination, the Company had two one Common Stock Pursuant to the Company’s restated Articles of Incorporation, the Company was authorized to issue up to 1,000,000,000 shares of common stock at $0.0001 par value. There were 181,330,816 and 181,821,767 shares issued and outstanding at June 30, 2022 December 31, 2021 one not On July 1, 2021, 8.6914. Sponsor Earn-Out Shares On July 1, 2021, Sponsor Earn-Out Shares • 100% seventh $15.00 20 30 • 100% not seventh The Sponsor Earn-Out Shares are currently outstanding and receive all benefits of regular shares with the exception of the fact that the shares are held in escrow and restricted from transfer until the vesting conditions described above are met. Consequently, the shares are classified as equity. No Sponsor Earn-Out Shares have vested as of June 30, 2022 Public Warrants to Acquire Common Stock On July 1, 2021, one fifth June 30, 2022 Share Repurchase Program On March 17, 2022, Share Repurchase Program three not may six June 30, 2022 June 30, 2022, Redeemable Noncontrolling Interest On December 24, 2020, December 31, 2020 On February 11, 2021, December 24, 2022 December 24, 2023 On February 18, 2022, GMR may On April 15, 2022, no June 30, 2022 At each reporting period, the Company increases the carrying amount of the redeemable noncontrolling interest by periodic accretions using the interest method so that the carrying amount will equal the redemption amount on the date that the put option becomes exercisable. These adjustments are recorded as net income attributable to redeemable noncontrolling interest. The roll forward of the balance of the redeemable noncontrolling interest is as follows: Redeemable noncontrolling interest (in thousands) Balance as of December 31, 2021 $ 5,210 Issuance of redeemable noncontrolling interest in EduTech 5,794 Net income (loss) attributable to redeemable noncontrolling interest 71 Other comprehensive income (loss) attributable to redeemable noncontrolling interest (75 ) Adjustment to present redemption value as of June 30, 2022 1,173 Balance as of June 30, 2022 $ 12,173 |
Note 14 - Stock-based Compensat
Note 14 - Stock-based Compensation | 6 Months Ended |
Jun. 30, 2022 | |
Notes to Financial Statements | |
Share-Based Payment Arrangement [Text Block] | 14. The Company maintained the 2006 2006 2006 2006 January 1, 2016, 2016 2016 2006 2016 not 2006 2016 no 2006 May 27, 2021, 2021 2021 June 30, 2021. 2021 2021 no 2016 June 30, 2022 2021 2006 2016 2006 2016 The Company records stock-based compensation in cost of revenue, sales and marketing, general and administrative and research and development. Stock-based compensation was included in the following line items: Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 (in thousands) Cost of revenue $ 703 $ 272 $ 1,281 $ 362 Sales and marketing 3,396 9,791 5,858 10,902 General and administrative 5,281 4,364 9,765 6,355 Research and development 1,024 83 1,774 180 Total stock-based compensation $ 10,404 $ 14,510 $ 18,678 $ 17,799 Stock Options The compensation costs for stock option awards are accounted for in accordance with ASC 718. four tenth Officer Awards not 2021, July 2022 On March 21, 2022, 2021 March 21, 2022 Expected life (in years) 6.11 Expected volatility 45.18 % Risk-free rate 2.16 % Dividend yield — To estimate the expected life of stock options, the Company considered the vesting term, contractual expiration period, and market conditions. Expected volatility is based on historical volatility of a group of peer entities. Dividend yields are based upon historical dividend yields. Risk-free interest rates are based on the implied yields currently available on U.S. Treasury zero As of June 30, 2022 December 31, 2021 At June 30, 2022 three six June 30, 2022 Restricted Stock Units In addition to Stock Options granted under the 2006 2016 2021 RSUs 2021 six June 30, 2022 718, four tenth three six June 30, 2022 2021 June 30, 2022 2021 Company Earn-Out RSUs The compensation costs for Company Earn-Out RSUs are accounted for in accordance with ASC 718. July 1, 2021 four tenth not seventh not three six June 30, 2022 |
Note 15 - Financial Instruments
Note 15 - Financial Instruments | 6 Months Ended |
Jun. 30, 2022 | |
Notes to Financial Statements | |
Financial Instruments Disclosure [Text Block] | 15. Fair value is defined by ASC 820, Fair Value Measurement ASC 820 820 three three • Level 1 • Level 2 1 • Level 3 June 30, 2022 (in thousands) Level 1 Level 2 Level 3 Total Assets Cash Equivalents: U.S. treasury bills $ — $ 19,992 $ — $ 19,992 Certificate of deposits — 1,726 — 1,726 Short term investments: U.S. treasury bills — 179,933 — 179,933 Certificate of deposits — 1,612 — 1,612 Total $ — $ 203,263 $ — $ 203,263 Liabilities: Earn-out shares liabilities: Earn-out shares (1) $ — $ — $ 4,770 $ 4,770 Other non-current liabilities: Warrant liabilities (1) — 279 — 279 Total $ — $ 279 $ 4,770 $ 5,049 ( 1 July 1, 2021, 3. 2. Note 12 December 31, 2021 (in thousands) Level 1 Level 2 Level 3 Total Assets Cash Equivalents: U.S. treasury bills $ — $ 199,999 $ — $ 199,999 Certificate of deposits — 1,433 — 1,433 Short term investments: Certificate of deposits — 2,411 — 2,411 Other assets: Certificate of deposits — 285 — 285 Total $ — $ 204,128 $ — $ 204,128 Liabilities: Earn-out shares liabilities: Earn-out shares (1) $ — $ — $ 10,012 $ 10,012 Other non-current liabilities: Warrant liabilities (1) — 458 — 458 Total $ — $ 458 $ 10,012 $ 10,470 ( 1 July 1, 2021, 3. 2. Note 12 |
Note 16 - Segment Information
Note 16 - Segment Information | 6 Months Ended |
Jun. 30, 2022 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | 16. The Company operates in one segment. Its products and services are sold throughout the world, through direct and indirect sales channels. The Company’s chief operating decision maker (the “ CODM not Revenue by geography is based upon the billing address of the customer. All transfers between geographic regions have been eliminated from consolidated revenue. No customers represented greater than 10% three six June 30, 2022 2021 Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 (in thousands) Revenue: United States $ 24,523 $ 20,556 $ 46,232 $ 38,189 EMEA 17,570 13,753 32,912 24,944 APAC 13,608 11,035 26,848 21,011 Total revenue $ 55,701 $ 45,344 $ 105,992 $ 84,144 The following table sets forth revenue generated from customers by country, based outside of the United States, and represent more than 10% Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 (in thousands) Revenue: Germany $ 7,947 $ 5,553 $ 13,918 $ 10,279 Japan 4,465 4,932 10,360 9,687 Other 18,766 14,303 35,482 25,989 |
Note 17 - Loss Per Share
Note 17 - Loss Per Share | 6 Months Ended |
Jun. 30, 2022 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 17. Basic loss per share available to AvePoint common shareholders (“ EPS two Note 13 no no Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 (in thousands, except per share amounts) Loss per share available to common shareholders, excluding sponsor earn-out shareholders Numerator: Net loss $ (9,202 ) $ (11,057 ) $ (20,255 ) $ (15,999 ) Net income attributable to redeemable noncontrolling interest (627 ) (499 ) (1,244 ) (896 ) Net loss attributable to AvePoint, Inc. $ (9,829 ) $ (11,556 ) $ (21,499 ) $ (16,895 ) Deemed dividends on preferred stock — (24,742 ) — (33,536 ) Total net loss available to common shareholders $ (9,829 ) $ (36,298 ) $ (21,499 ) $ (50,431 ) Denominator: Weighted average common shares outstanding 182,491 101,968 182,661 101,368 Effect of dilutive securities — — — — Weighted average diluted shares 182,491 101,968 182,661 101,368 Basic and diluted loss per share available to common shareholders, excluding sponsor earn-out shareholders $ (0.05 ) $ (0.36 ) $ (0.12 ) $ (0.50 ) To arrive at net loss available to common shareholders, the Company deducted net income attributable to the redeemable noncontrolling interest in EduTech and deemed dividends, which related to the redemption, extinguishment, and remeasurement of preferred stock. For the six June 30, 2022 2021 The following potentially dilutive securities outstanding have been excluded from the computation of diluted weighted-average shares outstanding because such securities have an antidilutive impact due to losses reported: June 30, 2022 2021 (in thousands) Convertible preferred stock — 42,001 Stock options 29,977 30,634 Restricted stock units 9,321 — Warrants 17,905 — Company Earn-Outs 3,000 — Total potentially dilutive securities 60,203 72,635 |
Note 18 - Related Party Transac
Note 18 - Related Party Transactions | 6 Months Ended |
Jun. 30, 2022 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | 18. The Company has entered into indemnification agreements with its executive officers and directors. These agreements, among other things, require AvePoint to indemnify its directors and executive officers to the fullest extent permitted by Delaware law, specifically the Delaware General Corporation Law (as the same exists or may one |
Note 19 - Subsequent Events
Note 19 - Subsequent Events | 6 Months Ended |
Jun. 30, 2022 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | 19. No Note 13 Stockholders’ Equity Note 14 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2022 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | Basis of Presentation The accompanying unaudited condensed consolidated balance sheet as of December 31, 2021, SEC GAAP In the opinion of management, these financial statements contain all material adjustments, consisting of normal recurring accruals, necessary to present fairly the financial position, results of operations and cash flows for the periods indicated. Operating results for the six June 30, 2022 not may December 31, 2022 These unaudited interim condensed consolidated financial statements should be read in conjunction with our audited consolidated financial statements as of December 31, 2021 2020 December 31, 2021, 2020 2019 10 December 31, 2021 March 31, 2022 (“ Annual Report |
Recently Adopted Accounting Guidance [Policy Text Block] | Recently Adopted Accounting Guidance In February 2016, FASB ASU 2016 02, Leases “ ASC 2017 13, 2018 10, 2018 11, 2018 20, 2019 01, 2019 10, 2020 02, 2020 05 2021 05 “ ASC 842 842 January 1, 2022 not 842 ROU The Company elected the package of practical expedients permitted under the transition guidance within the new standard, which allowed the Company to carry forward its historical assessments of whether a contract contains a lease, lease classification and initial direct costs. The Company elected not 842: not ASC 840 840 12 The adoption of the new standard resulted in the recognition of ROU assets of $13.9 million, net of previously recognized deferred rent balance of $0.6 million and total lease liabilities of $14.5 million, including a current liability of $3.6 million, and corresponding deferred tax assets and liabilities, on the Company's condensed consolidated balance sheet as of January 1, 2022. no In October 2021, No. 2021 08, ASC 805 ASC 606 December 15, 2022, not January 1, 2022. not |
Reclassification, Comparability Adjustment [Policy Text Block] | Comparative Data Certain amounts from prior periods which have been presented separately have been grouped to conform to the current period presentation, including: • The reclassification of long-term unbilled receivables to be included in other assets on the condensed consolidated balance sheets as of December 31, 2021; • The reclassification of accrued rent obligation to be included in accounts payable, accrued expenses and other liabilities on the condensed consolidated statements of cash flows for the six June 30, 2021. |
Business Combinations Policy [Policy Text Block] | Business Combination When we consummate a business combination, the assets acquired, and the liabilities assumed are recognized separately from goodwill at their acquisition date fair values. Goodwill as of the acquisition date is measured as the excess of the fair value of consideration transferred over the acquisition date fair value of the net identifiable assets acquired. While best estimates and assumptions are used to accurately value assets acquired and liabilities assumed at the acquisition date as well as contingent consideration, where applicable, our estimates are inherently uncertain and subject to refinement. As a result, during the measurement period, which may one |
Goodwill and Intangible Assets, Goodwill, Policy [Policy Text Block] | Goodwill Goodwill represents the excess of the fair value of consideration transferred over the fair value of net identifiable assets acquired. We will test goodwill for impairment at least annually by performing qualitative and quantitative assessment of whether the fair value of each reporting unit or asset exceeds its carrying amount. We have one No six June 30, 2022, not |
Goodwill and Intangible Assets, Intangible Assets, Policy [Policy Text Block] | Other Intangible Assets, net Other intangible assets consist of order backlog, customer relationship and acquired software and technology. Intangible assets that have finite useful lives are amortized over their useful lives on a straight-line basis, which range from one ten may may |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates 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 not may 19. |
Foreign Currency Transactions and Translations Policy [Policy Text Block] | Foreign Currency The Company has foreign operations where the functional currency has been determined to be the local currency, in accordance with FASB ASC 830, Foreign Currency Matters three six June 30, 2022 three six June 30, 2021 |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and Cash Equivalents The Company maintains cash with several high credit-quality financial institutions. The Company considers all investments available with original maturities of three not not June 30, 2022 December 31, 2021 |
Investment, Policy [Policy Text Block] | Short-Term Investments Short-term investments consist mainly U.S. treasury bills and certificate of deposits held by financial institutions which have an initial maturity of greater than three one Based on our intentions regarding these investments, we classify substantially all of our investments as available-for-sale. We carry these securities at fair value, and report the unrealized gains and losses, net of taxes, as a component of stockholders’ equity, except for any unrealized losses determined to be related to credit losses, which we record within non-operating income, net in the accompanying consolidated statements of operations. Substantially all of our investments are classified as current based on the nature of the investments and their availability for use in current operations. |
Receivables, Trade and Other Accounts Receivable, Allowance for Doubtful Accounts, Policy [Policy Text Block] | Allowance for Doubtful Accounts The Company evaluates the collectability of its accounts receivable based on a combination of factors. Where we are aware of circumstances that may |
Deferred Charges, Policy [Policy Text Block] | Deferred Contract Costs We defer sales commissions earned by its sales force that are considered to be incremental and recoverable costs of obtaining SaaS, term license and support, service, perpetual license and maintenance contracts. We have structured commissions plans such that the commission rate paid on renewal contracts are less than those paid on the initial contract; therefore, it is determined that the renewal commissions are not Amortization of deferred contract costs of $3.2 million and $6.2 million for the three six June 30, 2022 three six June 30, 2021 June 30, 2022 December 31, 2021 |
Revenue from Contract with Customer [Policy Text Block] | Revenue Recognition The Company derives revenue from four Three Months Ended Six Months Ended June 30, June 30, 2022 2021 2022 2021 (in thousands) Revenue: SaaS $ 27,619 $ 20,586 $ 54,172 $ 38,845 Term license and support 14,011 11,088 24,213 19,815 Services 9,848 7,302 18,773 13,218 Maintenance 4,067 5,458 8,508 10,867 Perpetual license 156 910 326 1,399 Total revenue $ 55,701 $ 45,344 $ 105,992 $ 84,144 Term license and perpetual license revenue recognized at point in time was $9.9 million and $16.1 million for the three six June 30, 2022 three six June 30, 2021 We use judgement in determining the SSP for products and services. For substantially all performance obligations except term licenses, we are able to establish the SSP based on the observable prices of products or services sold separately in comparable circumstances to similar customers. We typically establish an SSP range for our products and services which is reassessed on a periodic basis or when facts and circumstances change. Term licenses are sold only as a bundled arrangement that includes the rights to a term license and support. In determining the SSP of license and support in a term license arrangement we applied observable inputs using the value relationship between support and term license, the value relationship between support and perpetual licenses, the average economic life of our products, software renewals rates and the price of the bundled arrangement in relation to the perpetual licensing approach. Using a combination of the relative fair value method or the residual value method the SSP of the performance obligations in an arrangement was allocated to each performance obligation within a sales arrangement. Revenue deferred as of June 30, 2022 December 31, 2021 six June 30, 2022 six June 30, 2021 The opening and closing balances of the Company’s accounts receivable, net, deferred revenue and deferred contract costs are as follows: Accounts Deferred receivable, Deferred contract net (1) revenue costs (in thousands) Opening (January 1, 2021) $ 53,749 $ 74,688 $ 31,943 Closing (December 31, 2021) 61,335 82,332 38,926 Increase/(decrease) 7,586 7,644 6,983 Opening (January 1, 2022) $ 61,335 $ 82,332 $ 38,926 Closing (June 30, 2022) 56,218 80,946 40,474 Increase/(decrease) (5,117 ) (1,386 ) 1,548 ( 1 There were no December 31, 2021 six June 30, 2022 As of June 30, 2022 twelve As of December 31, 2021, twelve |
Share-Based Payment Arrangement [Policy Text Block] | Stock-Based Compensation Stock-based compensation represents the cost related to stock-based awards granted to employees. To date, we have issued both stock options and restricted stock units (“ RSUs We estimate the fair value of stock options using a Black-Scholes valuation model. The Black-Scholes model requires highly subjective assumptions in order to derive the inputs necessary to calculate the fair value of stock options. To estimate the expected term of stock options, the Company considered contractual terms of the options, including the vesting and expiration periods, as well as historical option exercise data and current market conditions to determine an estimated expected term. The Company’s historical experience is too limited to be able to reasonably estimate expected term. Expected volatility is based on historical volatility of a group of peer entities. Dividend yields are based upon historical dividend yields. Risk-free interest rates are based on the implied yields currently available on U.S. Treasury zero |
Income Tax, Policy [Policy Text Block] | Income Taxes Deferred tax assets and liabilities are recognized for the future tax consequences attributable to difference between financial statement carrying amounts of existing assets and liabilities and their respective tax basis. Deferred tax assets and liabilities are measured using enacted tax rates expected to be applied to taxable income in the years in which those temporary differences are expected to be recovered or settled. We recognize liabilities for uncertain tax positions taken or expected to be taken in income tax returns. Accrued interest and penalties related to unrecognized tax benefits are recognized as part of the provision for income taxes. Judgment is required in determining the provision for income taxes, deferred tax assets and liabilities and unrecognize tax benefits. In determining the need for a valuation allowance, the historical and projected financial performance of the operation that is recording a net deferred tax asset is considered along with any other pertinent information. We file income tax returns in the U.S. federal, various states and foreign jurisdictions. The tax years 2017 2020 2011 2021 |
Redeemable Noncontrolling Interest [Policy Text Block] | Redeemable Noncontrolling Interest At June 30, 2022 December 31, 2021 EduTech AEPL Pte. Ltd. (“ AEPL As part of AEPL’s investment in EduTech, the Company granted AEPL a put option which allows AEPL to cause the Company to repurchase AEPL’s shares in EduTech at any time between December 24, 2022 December 24, 2023 June 30, 2022 December 31, 2021 I-Access Solutions Pte. Ltd. (“ I-Access On February 18, 2022 ( I-Access Closing Date January 31, 2022 ( Share Purchase Agreement June 30, 2022 3 — |
Emerging Growth Company [Policy Text Block] | Emerging Growth Company The Company is considered an emerging growth company. Section 102 1 not not not |
New Accounting Pronouncements, Policy [Policy Text Block] | Recent Accounting Pronouncements In August 2020, 2020 06, Debt — Debt with Conversion and Other Options ASC 470 20 Derivatives and Hedging — Contracts in Entity’s Own Equity ASC 815 40 ASU 2020 06 2020 06 December 15, 2023. 2020 06 In December 2019, 2019 12, Income Taxes ASC 740 2019 12 740. December 15, 2021. not not 2019 12 In January 2016, 2016 13, Financial Instruments — Credit Losses on Financial Instruments ASC 326 not 2020 02 December 15, 2022. While the Company generally expects the financial records to be impacted by the requirements highlighted above, the Company cannot reasonably estimate the impact that adoption of the ASUs referenced in this announcement is expected to have on the financial statements at this time. |
Note 2 - Summary of Significa_2
Note 2 - Summary of Significant Accounting Policies (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Notes Tables | |
Disaggregation of Revenue [Table Text Block] | Three Months Ended Six Months Ended June 30, June 30, 2022 2021 2022 2021 (in thousands) Revenue: SaaS $ 27,619 $ 20,586 $ 54,172 $ 38,845 Term license and support 14,011 11,088 24,213 19,815 Services 9,848 7,302 18,773 13,218 Maintenance 4,067 5,458 8,508 10,867 Perpetual license 156 910 326 1,399 Total revenue $ 55,701 $ 45,344 $ 105,992 $ 84,144 |
Accounts Receivable, Net, Deferred Revenue and Deferred Sales Commissions [Table Text Block] | Accounts Deferred receivable, Deferred contract net (1) revenue costs (in thousands) Opening (January 1, 2021) $ 53,749 $ 74,688 $ 31,943 Closing (December 31, 2021) 61,335 82,332 38,926 Increase/(decrease) 7,586 7,644 6,983 Opening (January 1, 2022) $ 61,335 $ 82,332 $ 38,926 Closing (June 30, 2022) 56,218 80,946 40,474 Increase/(decrease) (5,117 ) (1,386 ) 1,548 |
Note 3 - Business Combination (
Note 3 - Business Combination (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Notes Tables | |
Schedule of Business Acquisitions by Acquisition, Contingent Consideration [Table Text Block] | February 18, April 15, 2022 2022 Expected life (in years) 2.08 1.93 Expected volatility 50 % 50 % Risk-free rate 1.23 % 1.83 % Dividend 0 % 0 % |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | Preliminary Allocation (in thousands) Accounts receivable, net $ 429 Prepaid expenses and other current assets 72 Property and equipment 22 Goodwill 4,862 Technology and software 2,750 Customer relationship 646 Order backlog 263 Other assets 85 Accrued expenses and other liabilities (718 ) Current portion of deferred revenue (230 ) Other non-current liabilities (1,072 ) Total purchase consideration $ 7,109 |
Note 4 - Goodwill (Tables)
Note 4 - Goodwill (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Notes Tables | |
Schedule of Goodwill [Table Text Block] | Goodwill (in thousands) Balance as of December 31, 2021 $ — I-Access acquisition 4,862 Effect of foreign currency translation (118 ) Balance as of June 30, 2022 $ 4,744 |
Note 5 - Other Intangible Ass_2
Note 5 - Other Intangible Assets, Net (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Notes Tables | |
Finite-Lived Intangible Assets Amortization Expense [Table Text Block] | Year Ending December 31: (in thousands) 2022 (six months) $ 620 2023 1,026 2024 912 2025 555 2026 331 Thereafter 1,712 Total intangible assets subject to amortization $ 5,156 |
Schedule of Finite-Lived Intangible Assets [Table Text Block] | Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Weighted Average June 30, December 31, Life 2022 2021 (in thousands) (in years) Technology and software, net $ 3,857 $ (281 ) $ 3,576 $ — $ — $ — 7.9 Content, net 800 — 800 — — — 3.0 Customer relationship, net 630 (21 ) 609 — — — 10.0 Order backlog, net 257 (86 ) 171 — — — 1.0 Total $ 5,544 $ (388 ) $ 5,156 $ — $ — $ — 7.1 |
Note 7 - Accounts Receivable,_2
Note 7 - Accounts Receivable, Net (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Notes Tables | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | June 30, December 31, 2022 2021 (in thousands) Trade receivables $ 32,480 $ 38,819 Current unbilled receivables 20,281 17,086 Allowance for doubtful accounts (1,320 ) (838 ) $ 51,441 $ 55,067 |
Note 10 - Leases (Tables)
Note 10 - Leases (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Notes Tables | |
Lease, Cost [Table Text Block] | Three Months Ended June 30, Six Months Ended June 30, 2022 2022 (in thousands) Lease liability cost $ 1,498 $ 2,649 Short-term lease expenses (1) 535 1,349 Variable lease cost not included in the lease liability (2) 37 69 Total lease cost $ 2,070 $ 4,067 |
Other Information Related to Operating Leases [Table Text Block] | Three Months Ended June 30, Six Months Ended June 30, 2022 2022 (in thousands) Cash paid for amounts included in the measurement of the lease liability: Operating cash flows from operating leases $ 1,152 $ 2,506 |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | Year Ending December 31: (in thousands) 2022 (six months) $ 2,808 2023 5,995 2024 4,076 2025 2,844 2026 2,133 Thereafter 3,249 Total future lease payments $ 21,105 Less: Present value adjustment (2,434 ) Present value of future lease payments (1) $ 18,671 |
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | Year Ending December 31: (in thousands) 2022 $ 5,680 2023 3,808 2024 2,428 2025 1,840 2026 1,438 Thereafter 2,960 $ 18,154 |
Note 12 - Earn-Out and Warran_2
Note 12 - Earn-Out and Warrant Liabilities (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Notes Tables | |
Fair Value Measurement Inputs and Valuation Techniques [Table Text Block] | June 30, 2022 Term (in years) 6.01 Volatility 40.00 % |
Note 13 - Mezzanine Equity an_2
Note 13 - Mezzanine Equity and Stockholders' Equity (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Notes Tables | |
Redeemable Noncontrolling Interest [Table Text Block] | Redeemable noncontrolling interest (in thousands) Balance as of December 31, 2021 $ 5,210 Issuance of redeemable noncontrolling interest in EduTech 5,794 Net income (loss) attributable to redeemable noncontrolling interest 71 Other comprehensive income (loss) attributable to redeemable noncontrolling interest (75 ) Adjustment to present redemption value as of June 30, 2022 1,173 Balance as of June 30, 2022 $ 12,173 |
Note 14 - Stock-based Compens_2
Note 14 - Stock-based Compensation (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Notes Tables | |
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Table Text Block] | Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 (in thousands) Cost of revenue $ 703 $ 272 $ 1,281 $ 362 Sales and marketing 3,396 9,791 5,858 10,902 General and administrative 5,281 4,364 9,765 6,355 Research and development 1,024 83 1,774 180 Total stock-based compensation $ 10,404 $ 14,510 $ 18,678 $ 17,799 |
Schedule of Share-Based Payment Award, Employee Stock Purchase Plan, Valuation Assumptions [Table Text Block] | March 21, 2022 Expected life (in years) 6.11 Expected volatility 45.18 % Risk-free rate 2.16 % Dividend yield — |
Note 15 - Financial Instrumen_2
Note 15 - Financial Instruments (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Notes Tables | |
Fair Value, by Balance Sheet Grouping [Table Text Block] | June 30, 2022 (in thousands) Level 1 Level 2 Level 3 Total Assets Cash Equivalents: U.S. treasury bills $ — $ 19,992 $ — $ 19,992 Certificate of deposits — 1,726 — 1,726 Short term investments: U.S. treasury bills — 179,933 — 179,933 Certificate of deposits — 1,612 — 1,612 Total $ — $ 203,263 $ — $ 203,263 Liabilities: Earn-out shares liabilities: Earn-out shares (1) $ — $ — $ 4,770 $ 4,770 Other non-current liabilities: Warrant liabilities (1) — 279 — 279 Total $ — $ 279 $ 4,770 $ 5,049 December 31, 2021 (in thousands) Level 1 Level 2 Level 3 Total Assets Cash Equivalents: U.S. treasury bills $ — $ 199,999 $ — $ 199,999 Certificate of deposits — 1,433 — 1,433 Short term investments: Certificate of deposits — 2,411 — 2,411 Other assets: Certificate of deposits — 285 — 285 Total $ — $ 204,128 $ — $ 204,128 Liabilities: Earn-out shares liabilities: Earn-out shares (1) $ — $ — $ 10,012 $ 10,012 Other non-current liabilities: Warrant liabilities (1) — 458 — 458 Total $ — $ 458 $ 10,012 $ 10,470 |
Note 16 - Segment Information (
Note 16 - Segment Information (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 (in thousands) Revenue: United States $ 24,523 $ 20,556 $ 46,232 $ 38,189 EMEA 17,570 13,753 32,912 24,944 APAC 13,608 11,035 26,848 21,011 Total revenue $ 55,701 $ 45,344 $ 105,992 $ 84,144 Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 (in thousands) Revenue: Germany $ 7,947 $ 5,553 $ 13,918 $ 10,279 Japan 4,465 4,932 10,360 9,687 Other 18,766 14,303 35,482 25,989 |
Note 17 - Loss Per Share (Table
Note 17 - Loss Per Share (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 (in thousands, except per share amounts) Loss per share available to common shareholders, excluding sponsor earn-out shareholders Numerator: Net loss $ (9,202 ) $ (11,057 ) $ (20,255 ) $ (15,999 ) Net income attributable to redeemable noncontrolling interest (627 ) (499 ) (1,244 ) (896 ) Net loss attributable to AvePoint, Inc. $ (9,829 ) $ (11,556 ) $ (21,499 ) $ (16,895 ) Deemed dividends on preferred stock — (24,742 ) — (33,536 ) Total net loss available to common shareholders $ (9,829 ) $ (36,298 ) $ (21,499 ) $ (50,431 ) Denominator: Weighted average common shares outstanding 182,491 101,968 182,661 101,368 Effect of dilutive securities — — — — Weighted average diluted shares 182,491 101,968 182,661 101,368 Basic and diluted loss per share available to common shareholders, excluding sponsor earn-out shareholders $ (0.05 ) $ (0.36 ) $ (0.12 ) $ (0.50 ) |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block] | June 30, 2022 2021 (in thousands) Convertible preferred stock — 42,001 Stock options 29,977 30,634 Restricted stock units 9,321 — Warrants 17,905 — Company Earn-Outs 3,000 — Total potentially dilutive securities 60,203 72,635 |
Note 2 - Summary of Significa_3
Note 2 - Summary of Significant Accounting Policies 1 (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||||||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Mar. 31, 2022 | Jan. 01, 2022 | Dec. 31, 2021 | Feb. 11, 2021 | Dec. 31, 2020 | ||
Operating Lease, Right-of-Use Asset | $ 18,068 | $ 18,068 | $ 0 | |||||||
Operating Lease, Liability, Total | [1] | 18,671 | 18,671 | |||||||
Operating Lease, Liability, Current | 5,000 | $ 5,000 | ||||||||
Finite-Lived Intangible Asset, Useful Life (Year) | 7 years 1 month 6 days | |||||||||
Goodwill, Impairment Loss | $ 0 | |||||||||
Foreign Currency Transaction Gain (Loss), before Tax, Total | (900) | $ (100) | (1,100) | $ (200) | ||||||
Cash | 7,900 | 7,900 | 9,300 | |||||||
Capitalized Contract Cost, Amortization | 3,200 | 2,400 | 6,200 | 4,600 | ||||||
Capitalized Contract Cost, Net, Total | 40,474 | 40,474 | 38,926 | $ 31,943 | ||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 55,701 | 45,344 | 105,992 | 84,144 | ||||||
Contract with Customer, Liability, Total | $ 80,946 | 80,946 | $ 82,332 | $ 74,688 | ||||||
Contract with Customer, Liability, Revenue Recognized | $ 51,600 | 43,300 | ||||||||
AvePoint EduTech PTE. LTD. [Member] | ||||||||||
Noncontrolling Interest, Ownership Percentage by Parent | 73.82% | 73.82% | 76.09% | 76.09% | 77.78% | |||||
AvePoint EduTech PTE. LTD. [Member] | AEPL PTE. LTD. [Member] | ||||||||||
Investment Owned, at Cost | $ 8,300 | $ 8,300 | ||||||||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 23.20% | 23.20% | 23.91% | 23.91% | 22.22% | |||||
AvePoint EduTech PTE. LTD. [Member] | I-Access Solutions Pte. Ltd. [Member] | ||||||||||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 2.96% | 2.96% | ||||||||
Domestic Tax Authority [Member] | Internal Revenue Service (IRS) [Member] | ||||||||||
Open Tax Year | 2017 2018 2019 2020 | |||||||||
State and Local Jurisdiction [Member] | ||||||||||
Open Tax Year | 2017 2018 2019 2020 | |||||||||
Foreign Tax Authority [Member] | ||||||||||
Open Tax Year | 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 | |||||||||
Termed License and Support [Member] | ||||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 14,011 | 11,088 | $ 24,213 | 19,815 | ||||||
Revenue, Remaining Performance Obligation, Amount | 126,700 | 126,700 | $ 147,100 | |||||||
Termed License and Support [Member] | Transferred at Point in Time [Member] | ||||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 9,900 | 8,700 | 16,100 | 14,900 | ||||||
SaaS [Member | ||||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 27,619 | $ 20,586 | 54,172 | $ 38,845 | ||||||
Revenue, Remaining Performance Obligation, Amount | $ 194,300 | $ 194,300 | $ 201,100 | |||||||
Minimum [Member] | ||||||||||
Finite-Lived Intangible Asset, Useful Life (Year) | 1 year | |||||||||
Maximum [Member] | ||||||||||
Finite-Lived Intangible Asset, Useful Life (Year) | 10 years | |||||||||
Accounting Standards Update 2016-02 [Member] | ||||||||||
Operating Lease, Right-of-Use Asset | $ 13,900 | |||||||||
Deferred Rent Credit | 600 | |||||||||
Operating Lease, Liability, Total | 14,500 | |||||||||
Operating Lease, Liability, Current | $ 3,600 | |||||||||
[1]Includes the current portion of operating lease liabilities of $5.0 million, which is reflected in accrued expenses and other liabilities in the condensed consolidated balance sheets. |
Note 2 - Summary of Significa_4
Note 2 - Summary of Significant Accounting Policies 2 (Details Textual) | Jun. 30, 2022 | Dec. 31, 2021 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-01-01 | ||
Revenue, Remaining Performance Obligation, Percentage | 76% | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period (Month) | 12 months | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-07-01 | ||
Revenue, Remaining Performance Obligation, Percentage | 66% | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period (Month) | 12 months |
Note 2 - Summary of Significa_5
Note 2 - Summary of Significant Accounting Policies - Revenue by Source (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Revenue | $ 55,701 | $ 45,344 | $ 105,992 | $ 84,144 |
SaaS [Member | ||||
Revenue | 27,619 | 20,586 | 54,172 | 38,845 |
Termed License and Support [Member] | ||||
Revenue | 14,011 | 11,088 | 24,213 | 19,815 |
Service [Member] | ||||
Revenue | 9,848 | 7,302 | 18,773 | 13,218 |
Maintenance [Member] | ||||
Revenue | 4,067 | 5,458 | 8,508 | 10,867 |
License [Member] | ||||
Revenue | $ 156 | $ 910 | $ 326 | $ 1,399 |
Note 2 - Summary of Significa_6
Note 2 - Summary of Significant Accounting Policies - Accounts Receivable, Net, Deferred Revenue and Deferred Sales Commissions (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2022 | Dec. 31, 2021 | ||
Opening, accounts receivable, net | [1] | $ 61,335 | $ 53,749 |
Opening, deferred revenue | 82,332 | 74,688 | |
Opening, deferred sales commissions | 38,926 | 31,943 | |
Closing, accounts receivable, net | [1] | 56,218 | 61,335 |
Closing, deferred revenue | 80,946 | 82,332 | |
Closing, deferred sales commissions | 40,474 | 38,926 | |
Increase/(decrease), accounts receivable, net | [1] | (5,117) | 7,586 |
Increase/(decrease), deferred revenue | (1,386) | 7,644 | |
Increase/(decrease), deferred sales commissions | $ 1,548 | $ 6,983 | |
[1]Accounts receivable, net is inclusive of accounts receivable, net of allowance for doubtful accounts, current unbilled receivables and long-term unbilled receivables. |
Note 3 - Business Combination_2
Note 3 - Business Combination (Details Textual) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||||
Apr. 15, 2022 USD ($) shares | Feb. 18, 2022 USD ($) shares | Jun. 30, 2022 USD ($) | Jun. 30, 2022 USD ($) | Jun. 30, 2021 USD ($) | Dec. 31, 2021 USD ($) | Jul. 01, 2021 USD ($) | Nov. 23, 2020 | |
Business Combination, Share Exchange Ratio | 8.69144 | |||||||
Business Combination, Contingent Consideration, Liability, Total | $ 4,800 | $ 4,800 | $ 10,000 | $ 29,600 | ||||
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability | $ 2,600 | 5,800 | ||||||
Merger [Member] | ||||||||
Business Combination, Share Exchange Ratio | 8.69144 | |||||||
Payments to Acquire Businesses, Gross | 0 | $ 1,631 | ||||||
I-Access Solutions Pte. Ltd. [Member] | ||||||||
Business Combination, Consideration Transferred, Total | $ 7,100 | |||||||
Payments to Acquire Businesses, Gross | 1,500 | |||||||
Business Combination, Contingent Consideration, Liability, Total | $ 5,800 | 5,600 | ||||||
Business Combination, Acquisition Related Costs | $ 300 | |||||||
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability | $ 200 | |||||||
I-Access Solutions Pte. Ltd. [Member] | Technology-Based Intangible Assets [Member] | ||||||||
Acquired Finite-Lived Intangible Assets, Weighted Average Useful Life (Year) | 10 years | |||||||
I-Access Solutions Pte. Ltd. [Member] | Customer Relationships [Member] | ||||||||
Acquired Finite-Lived Intangible Assets, Weighted Average Useful Life (Year) | 10 years | |||||||
I-Access Solutions Pte. Ltd. [Member] | Order or Production Backlog [Member] | ||||||||
Acquired Finite-Lived Intangible Assets, Weighted Average Useful Life (Year) | 1 year | |||||||
I-Access Solutions Pte. Ltd. [Member] | EduTech Common Shares [Member] | ||||||||
Business Combination, Contingent Consideration, Percentage of Shares | 2.96% | |||||||
Stock Issued During Period, Shares, Acquisitions (in shares) | shares | 292,440 | |||||||
Business Acquisition, Shares Held in Escrow (in shares) | shares | 30,252 | |||||||
Stock Issued for Acquisitions, No Longer Contingent and Reclassified to Mezzanine Equity (in shares) | shares | 292,440 | |||||||
Business Acquisition, Shares Held in Escrow, No Longer Contingent and Reclassified to Mezzanine Equity (in shares) | shares | 30,252 | |||||||
I-Access Solutions Pte. Ltd. [Member] | Put Option to Repurchase Shares [Member] | ||||||||
Business Acquisition, Conditional Option to Repurchase Shares | $ 5,900 | |||||||
Business Acquisition, Conditional Option to Repurchase Shares, Period (Month) | 24 months | |||||||
I-Access Solutions Pte. Ltd. [Member] | Revenue Surplus [Member] | ||||||||
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High | $ 700 | |||||||
I-Access Solutions Pte. Ltd. [Member] | Revenue Shortfall [Member] | ||||||||
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High | $ 700 |
Note 3 - Business Combination -
Note 3 - Business Combination - Weighted Average Assumptions (Details) | Jun. 30, 2022 | Apr. 15, 2022 | Feb. 18, 2022 |
Measurement Input, Expected Term [Member] | |||
Expected life (in years) | 6.01 | ||
Measurement Input, Expected Term [Member] | I-Access Solutions Pte. Ltd. [Member] | |||
Expected life (in years) | 1.93 | 2.08 | |
Measurement Input, Price Volatility [Member] | |||
Expected life (in years) | 0.4000 | ||
Measurement Input, Price Volatility [Member] | I-Access Solutions Pte. Ltd. [Member] | |||
Expected life (in years) | 0.50 | 0.50 | |
Measurement Input, Risk Free Interest Rate [Member] | I-Access Solutions Pte. Ltd. [Member] | |||
Expected life (in years) | 0.0183 | 0.0123 | |
Measurement Input, Expected Dividend Rate [Member] | I-Access Solutions Pte. Ltd. [Member] | |||
Expected life (in years) | 0 | 0 |
Note 3 - Business Combination_3
Note 3 - Business Combination - Preliminary Fair Value of Asset Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Feb. 18, 2022 | Dec. 31, 2021 |
Goodwill | $ 4,744 | $ 0 | |
I-Access Solutions Pte. Ltd. [Member] | |||
Accounts receivable, net | $ 429 | ||
Prepaid expenses and other current assets | 72 | ||
Property and equipment | 22 | ||
Goodwill | 4,862 | ||
Other assets | 85 | ||
Accrued expenses and other liabilities | (718) | ||
Current portion of deferred revenue | (230) | ||
Other non-current liabilities | (1,072) | ||
Total purchase consideration | 7,109 | ||
I-Access Solutions Pte. Ltd. [Member] | Technology-Based Intangible Assets [Member] | |||
Intangible | 2,750 | ||
I-Access Solutions Pte. Ltd. [Member] | Customer Relationships [Member] | |||
Intangible | 646 | ||
I-Access Solutions Pte. Ltd. [Member] | Order or Production Backlog [Member] | |||
Intangible | $ 263 |
Note 4 - Goodwill - Changes in
Note 4 - Goodwill - Changes in Carrying Amount of Goodwill (Details) $ in Thousands | 6 Months Ended |
Jun. 30, 2022 USD ($) | |
Balance | $ 0 |
I-Access acquisition | 4,862 |
Effect of foreign currency translation | (118) |
Balance | $ 4,744 |
Note 5 - Other Intangible Ass_3
Note 5 - Other Intangible Assets, Net (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Amortization of Intangible Assets | $ 100 | $ 0 | $ 200 | $ 0 |
Note 5 - Other Intangible Ass_4
Note 5 - Other Intangible Assets, Net - Estimated Future Amortization Expense for Intangible Assets (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
2022 (six months) | $ 620 | |
2023 | 1,026 | |
2024 | 912 | |
2025 | 555 | |
2026 | 331 | |
Thereafter | 1,712 | |
Total intangible assets subject to amortization | $ 5,156 | $ 0 |
Note 5 - Other Intangible Ass_5
Note 5 - Other Intangible Assets, Net - Summary of Balances of Intangible Assets (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2022 | Dec. 31, 2021 | |
Gross carrying amount | $ 5,544 | $ 0 |
Accumulated amortization | (388) | 0 |
Net carrying amount | $ 5,156 | 0 |
Finite-Lived Intangible Asset, Useful Life (Year) | 7 years 1 month 6 days | |
Technology-Based Intangible Assets [Member] | ||
Gross carrying amount | $ 3,857 | 0 |
Accumulated amortization | (281) | 0 |
Net carrying amount | $ 3,576 | 0 |
Finite-Lived Intangible Asset, Useful Life (Year) | 7 years 10 months 24 days | |
Media Content [Member] | ||
Gross carrying amount | $ 800 | 0 |
Accumulated amortization | 0 | 0 |
Net carrying amount | $ 800 | 0 |
Finite-Lived Intangible Asset, Useful Life (Year) | 3 years | |
Customer Relationships [Member] | ||
Gross carrying amount | $ 630 | 0 |
Accumulated amortization | (21) | 0 |
Net carrying amount | $ 609 | 0 |
Finite-Lived Intangible Asset, Useful Life (Year) | 10 years | |
Order or Production Backlog [Member] | ||
Gross carrying amount | $ 257 | 0 |
Accumulated amortization | (86) | 0 |
Net carrying amount | $ 171 | $ 0 |
Finite-Lived Intangible Asset, Useful Life (Year) | 1 year |
Note 6 - Concentration of Cre_2
Note 6 - Concentration of Credit Risk (Details Textual) - Customer Concentration Risk [Member] Pure in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | |
Revenue from Contract with Customer Benchmark [Member] | |||||
Number of Major Customers | 0 | 0 | 0 | 0 | |
Accounts Receivable [Member] | |||||
Number of Major Customers | 0 | 0 |
Note 7 - Accounts Receivable,_3
Note 7 - Accounts Receivable, Net - Accounts Receivable, Net (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Allowance for doubtful accounts | $ (1,320) | $ (838) |
Accounts Receivable, after Allowance for Credit Loss, Current, Total | 51,441 | 55,067 |
Trade Accounts Receivable [Member] | ||
Accounts receivable, gross | 32,480 | 38,819 |
Unbilled Receivable [Member] | ||
Accounts receivable, gross | $ 20,281 | $ 17,086 |
Note 8 - Line of Credit (Detail
Note 8 - Line of Credit (Details Textual) - HSBC Venture Bank USA Inc. [Member] - USD ($) $ in Thousands | 6 Months Ended | 21 Months Ended | ||
Apr. 07, 2020 | Jun. 30, 2022 | Dec. 31, 2021 | Jul. 01, 2021 | |
Revolving Credit Facility [Member] | ||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 30,000 | |||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.50% | |||
Proceeds from Lines of Credit, Total | $ 0 | $ 0 | ||
Revolving Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||
Debt Instrument, Basis Spread on Variable Rate | 3.50% | |||
Revolving Credit Facility [Member] | AvePoint US, LLC [Member] | ||||
Debt Instrument, Percentage of Equity Pledged | 100% | |||
Line of Credit, Accordion Feature [Member] | ||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 20,000 |
Note 9 - Income Taxes (Details
Note 9 - Income Taxes (Details Textual) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Effective Income Tax Rate Reconciliation, Percent, Total | 5.60% | 0.70% | 1.20% | 6.50% |
Note 10 - Leases (Details Textu
Note 10 - Leases (Details Textual) $ in Millions | 3 Months Ended | 6 Months Ended |
Jun. 30, 2022 USD ($) | Jun. 30, 2022 USD ($) | |
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability | $ 5.7 | $ 6.7 |
Operating Lease, Weighted Average Remaining Lease Term (Year) | 4 years 8 months 12 days | 4 years 8 months 12 days |
Operating Lease, Weighted Average Discount Rate, Percent | 4.60% | 4.60% |
Operating Lease, Liability, Current | $ 5 | $ 5 |
Operating Lease, Expense | $ 1.5 | $ 3 |
Note 10 - Leases - Components o
Note 10 - Leases - Components of Operating Lease Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2022 | ||
Lease liability cost | $ 1,498 | $ 2,649 | |
Short-term lease expenses (1) | [1] | 535 | 1,349 |
Variable lease cost not included in the lease liability (2) | [2] | 37 | 69 |
Total lease cost | $ 2,070 | $ 4,067 | |
[1]Short-term lease expenses include rent expenses from leases of 12 months or less on the transition date or lease commencement.[2]Variable lease cost includes common area maintenance, property taxes, and fluctuations in rent due to a change in an index or rate. |
Note 10 - Leases - Other Inform
Note 10 - Leases - Other Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended |
Jun. 30, 2022 | Jun. 30, 2022 | |
Operating cash flows from operating leases | $ 1,152 | $ 2,506 |
Note 10 - Leases - Maturity Sch
Note 10 - Leases - Maturity Schedule of Operating Lease Liabilities (Details) $ in Thousands | Jun. 30, 2022 USD ($) | |
2022 (six months) | $ 2,808 | |
2023 | 5,995 | |
2024 | 4,076 | |
2025 | 2,844 | |
2026 | 2,133 | |
Thereafter | 3,249 | |
Total future lease payments | 21,105 | |
Less: Present value adjustment | (2,434) | |
Present value of future lease payments (1) | $ 18,671 | [1] |
[1]Includes the current portion of operating lease liabilities of $5.0 million, which is reflected in accrued expenses and other liabilities in the condensed consolidated balance sheets. |
Note 10 - Leases - Operating Le
Note 10 - Leases - Operating Leases (Details) $ in Thousands | Dec. 31, 2021 USD ($) |
2022 | $ 5,680 |
2023 | 3,808 |
2024 | 2,428 |
2025 | 1,840 |
2026 | 1,438 |
Thereafter | 2,960 |
Operating Leases, Future Minimum Payments Due | $ 18,154 |
Note 11 - Commitments and Con_2
Note 11 - Commitments and Contingencies (Details Textual) $ in Millions | Jun. 30, 2022 USD ($) |
Guarantee for Service Agreement [Member] | |
Letters of Credit Outstanding, Amount | $ 1.4 |
Note 12 - Earn-Out and Warran_3
Note 12 - Earn-Out and Warrant Liabilities (Details Textual) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jul. 26, 2021 | Jun. 30, 2022 | Jun. 30, 2022 | Dec. 31, 2021 | Jul. 01, 2021 | |
Number of Shares Exchangeable at $12.50 (in shares) | 1,000,000 | ||||
Number of Shares Exchangeable at $15.00 (in shares) | 1,000,000 | ||||
Number of Shares Exchangeable at $17.50 (in shares) | 1,000,000 | ||||
Business Combination, Contingent Consideration, Liability, Total | $ 4.8 | $ 4.8 | $ 10 | $ 29.6 | |
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability | 2.6 | 5.8 | |||
Private Placement Warrant [Member] | |||||
Class of Warrant or Right, Outstanding (in shares) | 405,000 | ||||
Warrants and Rights Outstanding, Term (Year) | 5 years | ||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ 11.50 | ||||
Warrants and Rights Outstanding | 0.3 | 0.3 | $ 0.5 | ||
Fair Value Adjustment of Warrants | $ 0.1 | $ 0.2 |
Note 12 - Earn-Out and Warran_4
Note 12 - Earn-Out and Warrant Liabilities - Earn-out Shares Fair Value Assumptions (Details) | Jun. 30, 2022 |
Measurement Input, Expected Term [Member] | |
Measurement input | 6.01 |
Measurement Input, Price Volatility [Member] | |
Measurement input | 0.4000 |
Note 13 - Mezzanine Equity an_3
Note 13 - Mezzanine Equity and Stockholders' Equity (Details Textual) $ / shares in Units, $ in Thousands | 1 Months Ended | 6 Months Ended | |||||||||
Apr. 15, 2022 shares | Feb. 18, 2022 USD ($) | Jul. 01, 2021 $ / shares shares | Feb. 11, 2021 USD ($) | Aug. 15, 2022 $ / shares shares | Jun. 30, 2022 USD ($) $ / shares shares | Mar. 31, 2022 | Mar. 17, 2022 USD ($) | Dec. 31, 2021 USD ($) $ / shares shares | Dec. 31, 2020 | Dec. 24, 2020 USD ($) | |
Common Stock, Shares Authorized (in shares) | 1,000,000,000 | 1,000,000,000 | |||||||||
Common Stock, Par or Stated Value Per Share (in dollars per share) | $ / shares | $ 0.0001 | $ 0.0001 | |||||||||
Common Stock, Shares, Issued (in shares) | 181,330,816 | 181,821,767 | |||||||||
Business Combination, Share Exchange Ratio | 8.69144 | ||||||||||
Number of Shares Subject to Vesting Provision (in shares) | 2,916,700 | 0 | |||||||||
Redeemable Noncontrolling Interest, Equity, Carrying Amount, Total | $ | $ 12,173 | $ 5,210 | $ 7,500 | ||||||||
Redeemable Noncontrolling Interest, Increase from Contribution by Noncontrolling Interest | $ | $ 800 | ||||||||||
Common Stock, Shares, Outstanding, Ending Balance (in shares) | 181,330,816 | 181,821,767 | |||||||||
I-Access Solutions Pte. Ltd. [Member] | |||||||||||
Business Combination, Consideration Transferred, Total | $ | $ 7,100 | ||||||||||
I-Access Solutions Pte. Ltd. [Member] | EduTech Common Shares [Member] | |||||||||||
Stock Issued for Acquisitions, No Longer Contingent and Reclassified to Mezzanine Equity (in shares) | 292,440 | ||||||||||
Business Acquisition, Shares Held in Escrow, No Longer Contingent and Reclassified to Mezzanine Equity (in shares) | 30,252 | ||||||||||
AvePoint EduTech PTE. LTD. [Member] | I-Access Solutions Pte. Ltd. [Member] | |||||||||||
Business Acquisition, Percentage of Voting Interests Acquired | 100% | ||||||||||
Business Combination, Consideration Transferred, Total | $ | $ 7,100 | ||||||||||
Business Acquisition, Conditional Option to Repurchase Shares | $ | $ 5,900 | ||||||||||
Business Acquisition, Conditional Option to Repurchase Shares, Period (Month) | 24 months | ||||||||||
AvePoint EduTech PTE. LTD. [Member] | |||||||||||
Redeemable Noncontrolling Interest, Equity, Carrying Amount, Total | $ | $ 12,173 | $ 5,210 | |||||||||
Noncontrolling Interest, Ownership Percentage by Parent | 76.09% | 73.82% | 76.09% | 77.78% | |||||||
AvePoint EduTech PTE. LTD. [Member] | AEPL PTE. LTD. [Member] | |||||||||||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 23.91% | 23.20% | 23.91% | 22.22% | |||||||
AvePoint EduTech PTE. LTD. [Member] | I-Access Solutions Pte. Ltd. [Member] | |||||||||||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 2.96% | ||||||||||
Share Repurchase Program [Member] | |||||||||||
Stock Repurchase Program, Authorized Amount | $ | $ 150,000 | ||||||||||
Treasury Stock, Shares, Acquired (in shares) | 1,901,662 | ||||||||||
Treasury Stock Acquired, Average Cost Per Share (in dollars per share) | $ / shares | $ 5.27 | ||||||||||
Share Repurchase Program [Member] | Subsequent Event [Member] | |||||||||||
Treasury Stock, Shares, Acquired (in shares) | 1,783,203 | ||||||||||
Treasury Stock Acquired, Average Cost Per Share (in dollars per share) | $ / shares | $ 4.62 | ||||||||||
Public Warrant [Member] | |||||||||||
Class of Warrant or Right, Outstanding (in shares) | 17,500,000 | 17,500,000 | |||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ / shares | $ 11.50 | ||||||||||
Class of Warrant or Right, Number of Securities Called by Each Warrant or Right (in shares) | 1 | ||||||||||
Warrants and Rights Outstanding, Term (Year) | 5 years |
Note 13 - Mezzanine Equity an_4
Note 13 - Mezzanine Equity and Stockholders' Equity - Redeemable Noncontrolling Interest (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Beginning balance | $ 5,210 | |||
Net income attributable to and accretion of redeemable noncontrolling interest | $ (627) | $ (499) | (1,244) | $ (896) |
Ending balance | 12,173 | 12,173 | ||
AvePoint EduTech PTE. LTD. [Member] | ||||
Beginning balance | 5,210 | |||
Issuance of redeemable noncontrolling interest in EduTech | 5,794 | |||
Net income attributable to and accretion of redeemable noncontrolling interest | 71 | |||
Other comprehensive income (loss) attributable to redeemable noncontrolling interest | (75) | |||
Adjustment to present redemption value as of June 30, 2022 | 1,173 | |||
Ending balance | $ 12,173 | $ 12,173 |
Note 14 - Stock-based Compens_3
Note 14 - Stock-based Compensation (Details Textual) - USD ($) $ / shares in Units, $ in Millions | 1 Months Ended | 3 Months Ended | 6 Months Ended | |||
Mar. 21, 2022 | Jul. 01, 2021 | Jul. 31, 2022 | Jun. 30, 2022 | Jun. 30, 2022 | Dec. 31, 2021 | |
Share-Based Payment Arrangement, Nonvested Award, Option, Cost Not yet Recognized, Amount | $ 34.2 | $ 34.2 | $ 42.7 | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Number, Ending Balance (in shares) | 29,977,130 | 29,977,130 | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercisable, Number (in shares) | 16,347,485 | 16,347,485 | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Intrinsic Value | $ 40.8 | $ 40.8 | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercisable, Intrinsic Value | $ 35.5 | $ 35.5 | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercises in Period (in shares) | 442,469 | 1,156,279 | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercises in Period, Intrinsic Value | $ 2 | $ 4.7 | ||||
Share-Based Payment Arrangement, Expense | $ 0.2 | $ 0.4 | ||||
Share-Based Payment Arrangement, Option [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 4 years | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period (Year) | 10 years | |||||
Share-Based Payment Arrangement, Option [Member] | Subsequent Event [Member] | ||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Net of Forfeitures, Total (in shares) | 3,592,504 | |||||
Earn-Out RSUs [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 4 years | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period (Year) | 10 years | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Outstanding, Fair Value | $ 2.5 | |||||
The 2021 Plan [Member] | ||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Available for Grant (in shares) | 20,845,063 | 20,845,063 | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Gross (in shares) | 689,409 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Fair Value | $ 1.9 | |||||
The 2021 Plan [Member] | Restricted Stock Units (RSUs) [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 4 years | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period (Year) | 10 years | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 4,716,194 | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share) | $ 5.80 | |||||
Share-Based Payment Arrangement, Expense | $ 5.7 | $ 9.4 | ||||
Share-Based Payment Arrangement, Nonvested Award, Excluding Option, Cost Not yet Recognized, Amount | $ 61.2 | $ 61.2 |
Note 14 - Stock-based Compens_4
Note 14 - Stock-based Compensation - Stock-based Compensation (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Stock-based Compensation | $ 200 | $ 400 | ||
The 2006, 2016 and 2021 [Member] | ||||
Stock-based Compensation | 10,404 | $ 14,510 | 18,678 | $ 17,799 |
Cost of Sales [Member] | The 2006, 2016 and 2021 [Member] | ||||
Stock-based Compensation | 703 | 272 | 1,281 | 362 |
Selling and Marketing Expense [Member] | The 2006, 2016 and 2021 [Member] | ||||
Stock-based Compensation | 3,396 | 9,791 | 5,858 | 10,902 |
General and Administrative Expense [Member] | The 2006, 2016 and 2021 [Member] | ||||
Stock-based Compensation | 5,281 | 4,364 | 9,765 | 6,355 |
Research and Development Expense [Member] | The 2006, 2016 and 2021 [Member] | ||||
Stock-based Compensation | $ 1,024 | $ 83 | $ 1,774 | $ 180 |
Note 14 - Stock-based Compens_5
Note 14 - Stock-based Compensation - Stock Option Valuation Assumptions (Details) - Share-Based Payment Arrangement, Option [Member] - The 2021 Plan [Member] | 6 Months Ended |
Jun. 30, 2022 | |
Expected life (in years) (Year) | 6 years 1 month 9 days |
Expected volatility | 45.18% |
Risk-free rate | 2.16% |
Note 15 - Financial Instrumen_3
Note 15 - Financial Instruments - Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2022 | Dec. 31, 2021 | ||
Total | $ 203,263 | $ 204,128 | |
Liabilities | 5,049 | 10,470 | |
Company Earn-Outs [Member] | |||
Liabilities | [1] | 10,012 | |
Warrant Liabilities [Member] | |||
Liabilities | [1] | 279 | 458 |
Fair Value, Inputs, Level 1 [Member] | |||
Total | 0 | 0 | |
Liabilities | 0 | 0 | |
Fair Value, Inputs, Level 1 [Member] | Company Earn-Outs [Member] | |||
Liabilities | [1] | 0 | |
Fair Value, Inputs, Level 1 [Member] | Warrant Liabilities [Member] | |||
Liabilities | [1] | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | |||
Total | 203,263 | 204,128 | |
Liabilities | 279 | 458 | |
Fair Value, Inputs, Level 2 [Member] | Company Earn-Outs [Member] | |||
Liabilities | [1] | 0 | |
Fair Value, Inputs, Level 2 [Member] | Warrant Liabilities [Member] | |||
Liabilities | [1] | 279 | 458 |
Fair Value, Inputs, Level 3 [Member] | |||
Total | 0 | 0 | |
Liabilities | 4,770 | 10,012 | |
Fair Value, Inputs, Level 3 [Member] | Company Earn-Outs [Member] | |||
Liabilities | [1] | 10,012 | |
Fair Value, Inputs, Level 3 [Member] | Warrant Liabilities [Member] | |||
Liabilities | [1] | 0 | 0 |
US Treasury Securities [Member] | |||
Cash Equivalents | 19,992 | 199,999 | |
Short term investments | 179,933 | ||
US Treasury Securities [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Cash Equivalents | 0 | 0 | |
Short term investments | 0 | ||
US Treasury Securities [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Cash Equivalents | 19,992 | 199,999 | |
Short term investments | 179,933 | ||
US Treasury Securities [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Cash Equivalents | 0 | 0 | |
Short term investments | 0 | ||
Certificates of Deposit [Member] | |||
Cash Equivalents | 1,726 | 1,433 | |
Short term investments | 1,612 | 2,411 | |
Certificate of deposits | 285 | ||
Certificates of Deposit [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Cash Equivalents | 0 | 0 | |
Short term investments | 0 | 0 | |
Certificate of deposits | 0 | ||
Certificates of Deposit [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Cash Equivalents | 1,726 | 1,433 | |
Short term investments | 1,612 | 2,411 | |
Certificate of deposits | 285 | ||
Certificates of Deposit [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Cash Equivalents | 0 | 0 | |
Short term investments | 0 | 0 | |
Certificate of deposits | $ 0 | ||
Company Earn-Outs [Member] | |||
Liabilities | [1] | 4,770 | |
Company Earn-Outs [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Liabilities | [1] | 0 | |
Company Earn-Outs [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Liabilities | [1] | 0 | |
Company Earn-Outs [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Liabilities | [1] | $ 4,770 | |
[1]As a result of the Apex Business Combination on July 1, 2021, the Company recorded Company Earn-Out Shares and private placement warrants as liabilities and measured at fair value each reporting period. The Company measured the Company Earn-Out Shares at fair value determined at Level 3. The Company measured the private placement warrants at fair value determined at Level 2. Refer to “Note 12 — Earn-Out and Warrant Liabilities” for further details. |
Note 16 - Segment Information_2
Note 16 - Segment Information (Details Textual) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Number of Operating Segments | 1 | |||
Revenue from Contract with Customer Benchmark [Member] | Customer Concentration Risk [Member] | ||||
Number of Major Customers | 0 | 0 | 0 | 0 |
Note 16 - Segment Information -
Note 16 - Segment Information - Segment Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Revenue | $ 55,701 | $ 45,344 | $ 105,992 | $ 84,144 |
UNITED STATES | ||||
Revenue | 24,523 | 20,556 | 46,232 | 38,189 |
GERMANY | ||||
Revenue | 7,947 | 5,553 | 13,918 | 10,279 |
EMEA [Member] | ||||
Revenue | 17,570 | 13,753 | 32,912 | 24,944 |
JAPAN | ||||
Revenue | 4,465 | 4,932 | 10,360 | 9,687 |
Asia Pacific [Member] | ||||
Revenue | 13,608 | 11,035 | 26,848 | 21,011 |
Other Countries [Member] | ||||
Revenue | $ 18,766 | $ 14,303 | $ 35,482 | $ 25,989 |
Note 17 - Loss Per Share - Loss
Note 17 - Loss Per Share - Loss Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Net loss | $ (9,202) | $ (11,057) | $ (20,255) | $ (15,999) |
Net income attributable to and accretion of redeemable noncontrolling interest | (627) | (499) | (1,244) | (896) |
Net loss attributable to AvePoint, Inc. | (9,829) | (11,556) | (21,499) | (16,895) |
Deemed dividends on preferred stock | 0 | (24,742) | 0 | (33,536) |
Total net loss available to common shareholders | $ (9,829) | $ (36,298) | $ (21,499) | $ (50,431) |
Weighted average common shares outstanding (in shares) | 182,491 | 101,968 | 182,661 | 101,368 |
Effect of dilutive securities (in shares) | 0 | 0 | 0 | 0 |
Weighted average diluted shares (in shares) | 182,491 | 101,968 | 182,661 | 101,368 |
Basic and diluted loss per share (in dollars per share) | $ (0.05) | $ (0.36) | $ (0.12) | $ (0.50) |
Note 17 - Loss Per Share - Anti
Note 17 - Loss Per Share - Antidilutive Securities (Details) - shares shares in Thousands | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Antidilutive securities (in shares) | 60,203 | 72,635 |
Convertible Preferred Stock [Member] | ||
Antidilutive securities (in shares) | 42,001 | |
Share-Based Payment Arrangement, Option [Member] | ||
Antidilutive securities (in shares) | 29,977 | 30,634 |
Restricted Stock Units (RSUs) [Member] | ||
Antidilutive securities (in shares) | 9,321 | |
Warrant [Member] | ||
Antidilutive securities (in shares) | 17,905 | |
Company Earn-Outs [Member] | ||
Antidilutive securities (in shares) | 3,000 |