Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 31, 2023 | May 10, 2023 | |
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 | Q1 | |
Document Fiscal Year Focus | 2023 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2023 | |
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 | Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | true | |
Entity Ex Transition Period | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 191,588,714 | |
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 | Mar. 31, 2023 | Dec. 31, 2022 |
Assets | ||
Cash and cash equivalents | $ 228,827 | $ 227,188 |
Short-term investments | 2,879 | 2,620 |
Accounts receivable, net of allowance for doubtful accounts of $847 and $725 as of March 31, 2023 and December 31, 2022, respectively | 56,627 | 66,474 |
Prepaid expenses and other current assets | 6,453 | 10,013 |
Total current assets | 294,786 | 306,295 |
Property and equipment, net | 5,176 | 5,537 |
Goodwill | 18,871 | 18,904 |
Intangible assets, net | 10,848 | 11,079 |
Operating lease right-of-use assets | 16,984 | 15,855 |
Deferred contract costs | 47,794 | 48,553 |
Other assets | 7,052 | 9,310 |
Total assets | 401,511 | 415,533 |
Liabilities, mezzanine equity, and stockholders’ equity | ||
Accounts payable | 1,451 | 1,519 |
Accrued expenses and other liabilities | 35,057 | 47,784 |
Current portion of deferred revenue | 91,479 | 93,405 |
Total current liabilities | 127,987 | 142,708 |
Long-term operating lease liabilities | 11,755 | 11,348 |
Long-term portion of deferred revenue | 7,710 | 8,085 |
Earn-out shares liabilities | 6,922 | 6,631 |
Other non-current liabilities | 5,839 | 3,607 |
Total liabilities | 160,213 | 172,379 |
Commitments and contingencies | ||
Mezzanine equity | ||
Redeemable noncontrolling interest | 14,057 | 14,007 |
Total mezzanine equity | 14,057 | 14,007 |
Common stock, $0.0001 par value; 1,000,000 shares authorized, 186,788 and 185,278 shares issued and outstanding | 19 | 19 |
Additional paid-in capital | 674,768 | 665,715 |
Treasury stock | (23,477) | (21,666) |
Accumulated other comprehensive income | 2,055 | 2,006 |
Accumulated deficit | (426,124) | (416,927) |
Total stockholders’ equity | 227,241 | 229,147 |
Total liabilities, mezzanine equity, and stockholders’ equity | $ 401,511 | $ 415,533 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Accounts receivable, allowance | $ 847 | $ 725 |
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) | 186,788,000 | 185,278,000 |
Common stock, shares outstanding (in shares) | 186,788,000 | 185,278,000 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Revenue: | ||
Revenue | $ 59,572 | $ 50,291 |
Cost of revenue: | ||
Cost of revenue | 17,890 | 14,776 |
Gross profit | 41,682 | 35,515 |
Operating expenses: | ||
Sales and marketing | 26,851 | 27,206 |
General and administrative | 14,648 | 15,602 |
Research and development | 9,015 | 6,555 |
Total operating expenses | 50,514 | 49,363 |
Loss from operations | (8,832) | (13,848) |
(Loss) gain on earn-out and warrant liabilities | (109) | 3,267 |
Interest income, net | 325 | 14 |
Other income (expense), net | 1,412 | (177) |
Loss before income taxes | (7,204) | (10,744) |
Income tax expense | 1,978 | 309 |
Net loss | (9,182) | (11,053) |
Net income attributable to and accretion of redeemable noncontrolling interest | (15) | (617) |
Net loss attributable to AvePoint, Inc. | (9,197) | (11,670) |
Net loss available to common shareholders | $ (9,197) | $ (11,670) |
Basic and diluted loss per share (in dollars per share) | $ (0.05) | $ (0.06) |
Basic and diluted shares used in computing loss per share (in shares) | 182,818 | 182,833 |
SaaS [Member | ||
Revenue: | ||
Revenue | $ 35,512 | $ 26,553 |
Cost of revenue: | ||
Cost of revenue | 7,895 | 5,563 |
Termed License and Support [Member] | ||
Revenue: | ||
Revenue | 10,904 | 10,202 |
Cost of revenue: | ||
Cost of revenue | 461 | 585 |
Service [Member] | ||
Revenue: | ||
Revenue | 9,747 | 8,925 |
Cost of revenue: | ||
Cost of revenue | 9,351 | 8,350 |
Maintenance [Member] | ||
Revenue: | ||
Revenue | 3,409 | 4,611 |
Cost of revenue: | ||
Cost of revenue | $ 183 | $ 278 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Loss (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Net loss | $ (9,182) | $ (11,053) |
Other comprehensive income (loss) net of taxes | ||
Foreign currency translation adjustments | (84) | 1,728 |
Total other comprehensive income (loss) | 84 | (1,728) |
Total comprehensive loss | (9,098) | (12,781) |
Comprehensive income attributable to redeemable noncontrolling interests | (50) | (608) |
Total comprehensive loss attributable to AvePoint, Inc | $ (9,148) | $ (13,389) |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Mezzanine Equity and Stockholders' Equity (Unaudited) - USD ($) $ in Thousands | Total | Noncontrolling Interest [Member] | Temporary Equity, Including Portion Attributable to Noncontrolling Interests [Member] | Common Stock Outstanding [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Treasury Stock, Common [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | |||
Balance, temporary equity, including noncontrolling interest at Dec. 31, 2021 | $ 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 | [1] | $ 625,056 | $ (1,739) | $ (375,297) | $ 2,317 | |||||
Proceeds from exercise of options (in shares) | 713,810 | [1] | 0 | |||||||||
Proceeds from exercise of options | 1,036 | 0 | [1] | 1,036 | $ 0 | 0 | 0 | |||||
Common stock issued upon vesting of restricted stock units (in shares) | 92,430 | [1] | 0 | |||||||||
Common stock issued upon vesting of restricted stock units | 0 | 0 | [1] | 0 | $ 0 | 0 | 0 | |||||
Stock-based compensation expense | 8,274 | 0 | [1] | 8,274 | 0 | 0 | 0 | |||||
Reclassification of earn-out RSUs to earn-out shares | (296) | 0 | [1] | (296) | 0 | 0 | 0 | |||||
Repurchase of common stock (in shares) | [1] | (135,000) | ||||||||||
Repurchase of common stock | (743) | 0 | [1] | 0 | $ (743) | 0 | 0 | |||||
Repurchase of common stock (in shares) | 135,000 | |||||||||||
Net loss | (11,053) | 0 | [1] | 0 | $ 0 | (11,053) | 0 | |||||
Net income attributable to and accretion of redeemable noncontrolling interest | 617 | 617 | ||||||||||
Net income attributable to and accretion of redeemable noncontrolling interest | (617) | 0 | [1] | 0 | 0 | (617) | 0 | |||||
Foreign currency translation adjustments | (9) | (9) | ||||||||||
Foreign currency translation adjustments | (1,719) | 0 | 0 | $ 0 | 0 | (1,719) | ||||||
Balance, temporary equity, including noncontrolling interest at Mar. 31, 2022 | 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 | [1] | 634,070 | $ (2,482) | (386,967) | 598 | |||||
Balance, temporary equity, including noncontrolling interest at Dec. 31, 2022 | 14,007 | 14,007 | 14,007 | |||||||||
Balance (in shares) at Dec. 31, 2022 | 185,277,588 | [1] | 4,189,750 | |||||||||
Balance at Dec. 31, 2022 | $ 229,147 | 19 | [1] | 665,715 | $ (21,666) | (416,927) | 2,006 | |||||
Proceeds from exercise of options (in shares) | 680,385 | 680,385 | [1] | 0 | ||||||||
Proceeds from exercise of options | $ 1,131 | 0 | [1] | 1,131 | $ 0 | 0 | 0 | |||||
Common stock issued upon vesting of restricted stock units (in shares) | 1,254,710 | [1] | 0 | |||||||||
Common stock issued upon vesting of restricted stock units | 0 | 0 | [1] | 0 | $ 0 | 0 | 0 | |||||
Stock-based compensation expense | 8,104 | 0 | [1] | 8,104 | 0 | 0 | 0 | |||||
Reclassification of earn-out RSUs to earn-out shares | (182) | 0 | [1] | (182) | 0 | 0 | 0 | |||||
Repurchase of common stock (in shares) | [1] | (424,876) | ||||||||||
Repurchase of common stock | (1,811) | 0 | [1] | 0 | $ (1,811) | 0 | 0 | |||||
Repurchase of common stock (in shares) | 424,876 | |||||||||||
Net loss | (9,182) | 0 | [1] | 0 | (9,182) | 0 | ||||||
Net income attributable to and accretion of redeemable noncontrolling interest | 15 | 15 | ||||||||||
Net income attributable to and accretion of redeemable noncontrolling interest | (15) | 0 | [1] | 0 | $ 0 | (15) | 0 | |||||
Foreign currency translation adjustments | 35 | 35 | ||||||||||
Foreign currency translation adjustments | 49 | 0 | 0 | $ 0 | 0 | 49 | ||||||
Balance, temporary equity, including noncontrolling interest at Mar. 31, 2023 | 14,057 | $ 14,057 | $ 14,057 | |||||||||
Balance (in shares) at Mar. 31, 2023 | 186,787,807 | [1] | 4,614,626 | |||||||||
Balance at Mar. 31, 2023 | $ 227,241 | $ 19 | [1] | $ 674,768 | $ (23,477) | $ (426,124) | $ 2,055 | |||||
[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 Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Operating activities | ||
Net loss | $ (9,182) | $ (11,053) |
Adjustments to reconcile net loss to net cash provided by (used in) operating activities: | ||
Depreciation and amortization | 1,134 | 511 |
Operating lease right-of-use assets expense | 1,749 | 1,151 |
Foreign currency remeasurement (gain) loss | (175) | 194 |
Stock-based compensation | 8,104 | 8,274 |
Deferred income taxes | (82) | (9) |
Other | (1,566) | (21) |
Change in value of earn-out and warrant liabilities | 109 | (3,252) |
Changes in operating assets and liabilities: | ||
Accounts receivable | 10,049 | 6,837 |
Prepaid expenses and other current assets | 3,571 | 205 |
Deferred contract costs and other assets | 2,987 | 321 |
Accounts payable, accrued expenses, operating lease liabilities and other liabilities | (12,828) | (11,725) |
Deferred revenue | (2,620) | 2,444 |
Net cash provided by (used in) operating activities | 1,250 | (6,123) |
Investing activities | ||
Maturities of investments | 1,670 | 861 |
Purchases of investments | (74) | (179,890) |
Cash paid in business combinations and asset acquisitions, net of cash acquired | 0 | (1,473) |
Capitalization of internal-use software | (259) | 0 |
Purchase of property and equipment | (225) | (969) |
Other | (250) | 0 |
Net cash provided by (used in) investing activities | 862 | (181,471) |
Financing activities | ||
Purchase of common stock | (1,811) | (744) |
Proceeds from stock option exercises | 1,131 | 1,036 |
Repayments of finance leases | (10) | (5) |
Net cash (used in) provided by financing activities | (690) | 287 |
Effect of exchange rates on cash | 217 | (2,146) |
Net increase (decrease) in cash and cash equivalents | 1,639 | (189,453) |
Cash and cash equivalents at beginning of period | 227,188 | 268,217 |
Cash and cash equivalents at end of period | 228,827 | 78,764 |
Supplemental disclosures of cash flow information | ||
Income taxes paid | 327 | 335 |
Contingent consideration in business combination | $ 0 | $ 5,636 |
Note 1 - Nature of Business and
Note 1 - Nature of Business and Organization | 3 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Nature of Operations [Text Block] | 1. AvePoint, Inc. (hereinafter referred to as “ AvePoint Company we us our July 24, 2001 2006. AvePoint provides a cloud-native software platform that organizations rely on to optimize operations, manage critical data and secure the digital workplace. As companies around the world embrace the new normal of hybrid work, they must build and deliver a new, seamless workplace experience for knowledge workers, centered around an extensive portfolio of SaaS solutions and productivity applications aimed at improving collaboration across the organization. The adoption of this portfolio of solutions – what has been generally described as the “digital transformation” – is a substantial and ongoing challenge for most organizations, which for decades had previously relied upon only a small number of multi-purpose on-premises applications to drive business outcomes. However, to build and deliver an efficient digital workplace today, companies must address this abundance of applications – and the associated explosive growth and sprawl of data – with a platform offering that is well governed, fit for purpose, easy to use and built on automation. AvePoint’s Confidence Platform empowers organizations – of all sizes, in all regions, and across all industries – to optimize and secure the solutions that most commonly establish and underpin the digital workplace. As our customers seek to rapidly reduce costs, improve productivity and make more informed business decisions, they depend on our platform for data-driven insights, critical business intelligence and ongoing operational value through automation. Our principal corporate headquarters are located in Jersey City, New Jersey, with our principal 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 | 3 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | 2. Basis of Presentation The accompanying unaudited condensed consolidated balance sheet as of December 31, 2022, 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 three March 31, 2023 not may December 31, 2023 These unaudited interim condensed consolidated financial statements should be read in conjunction with our audited consolidated financial statements as of December 31, 2022 2021, December 31, 2022 2021, 10 December 31, 2022 March 31, 2023 (“ Annual Report Recently Adopted Accounting Guidance In January 2016, 2016 13, Financial Instruments Credit Losses on Financial Instruments not 2020 02 December 15, 2022. January 1, 2023. not In August 2020, 2020 06, 470 20 815 40 2020 06” 2020 06 January 1, 2022. not Comparative Data Certain amounts from prior periods have been reclassed to conform to the current period presentation, including: • The reclassification of perpetual license revenue to be included in maintenance revenue on the condensed consolidated statements of operations for the three March 31, 2022; • The reclassification of depreciation and amortization to be included in cost of revenue, sales and marketing, general and administrative and research and development on the condensed consolidated statements of operations for the three March 31, 2022; • The reclassification of operating lease right-of-use assets expense to be separated from depreciation and amortization within net cash provided by (used in) operating activities on the condensed consolidated statements of cash flows for the three March 31, 2022; • The reclassification of long-term unbilled receivables to be included in deferred contracts and other assets within net cash provided by (used in) operating activities on the condensed consolidated statements of cash flows for the three March 31, 2022; • The reclassification of provision for doubtful accounts and loss (gain) on disposal of property and equipment to be included in other within net cash provided by (used in) operating activities on the condensed consolidated statements of cash flows for the three March 31, 2022. 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 2022 not not Goodwill Goodwill represents the excess of the fair value of consideration transferred over the fair value of net identifiable assets acquired. We review goodwill for impairment at least annually or more frequently if events or changes in circumstances indicate that the carrying value of goodwill may not first not not no No March 31, 2023 December 31, 2022. Intangible Assets, net Intangible assets primarily consist of customer related assets and acquired software and technology. Typical customer related assets include order backlogs and customer relationships. 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 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 March 31, 2023 2022, 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 March 31, 2023 December 31, 2022 Short-Term Investments Short-term investments consist mainly of U.S. treasury bills and certificates of deposit 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 condensed 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. Prepaid Expenses and Other Current Assets The Company recognizes payments made for services to be received in the near future as prepaid expenses and other current assets. Prepaid expenses and other current assets consist primarily of payments related to insurance premiums, prepaid rent, prepaid subscriptions, and other costs. The prepaid expenses balance as of March 31, 2023 December 31, 2022 Deferred Contract Costs We defer sales commissions earned by our 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 $4.2 million and $3.0 million for the three March 31, 2023 2022, March 31, 2023 December 31, 2022 Revenue Recognition The Company derives revenue from four Three Months Ended March 31, 2023 2022 (in thousands) Revenue: SaaS $ 35,512 $ 26,553 Term license and support 10,904 10,202 Services 9,747 8,925 Maintenance 3,409 4,611 Total revenue $ 59,572 $ 50,291 Term license revenue recognized at point in time was $5.9 million and $6.2 million for the three March 31, 2023 2022, We use judgement in determining the relative standalone selling price (“ SSP In rare cases when the software and the related when-and-if available updates are critical to the combined utility of the software, the Company has determined this to be one Accounts receivable, net is inclusive of accounts receivable, current unbilled receivables and long-term unbilled receivables, net of allowance for doubtful accounts. We record an unbilled receivable when revenue is recognized prior to invoicing. We have a well-established collection history from our direct and indirect sales. We periodically evaluate the collectability of our accounts receivable and provide an allowance for doubtful accounts as necessary, based on the age of the receivable, expected payment ability, and collection experience. As of March 31, 2023 December 31, 2022 not We record deferred revenue in the condensed consolidated balance sheets when cash is collected or invoiced before revenue is earned. Deferred revenue as of March 31, 2023 December 31, 2022 three March 31, 2023 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 revenue costs (in thousands) Balance, December 31, 2022 $ 73,348 $ 101,490 $ 48,553 Balance, March 31, 2023 60,738 99,189 47,794 There were no December 31, 2022 three March 31, 2023 As of March 31, 2023 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 the 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 considers the 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 the 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 unrecognized 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 2019 2022 2012 2022 Emerging Growth Company The Company is considered an emerging growth company. Section 102 1 not not 21E 1934, not Recent Accounting Pronouncements Recently issued accounting pronouncements are not |
Note 3 - Goodwill
Note 3 - Goodwill | 3 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Goodwill Disclosure [Text Block] | 3. The changes in the carrying amounts of goodwill were as follows: Goodwill (in thousands) Balance as of December 31, 2022 $ 18,904 Effect of foreign currency translation (33 ) Balance as of March 31, 2023 $ 18,871 |
Note 4 - Intangible Assets, Net
Note 4 - Intangible Assets, Net | 3 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Intangible Assets Disclosure [Text Block] | 4. Intangible assets consist of the acquired intangible assets and the self-developed software. Amortization expense for intangible assets was $0.5 million and $0.1 million for the three March 31, 2023 2022, As of March 31, 2023 Year Ending December 31: (in thousands) 2023 (nine months) $ 1,521 2024 1,961 2025 1,573 2026 1,163 2027 1,136 Thereafter 3,494 Total intangible assets subject to amortization $ 10,848 A summary of the balances of the Company's intangible assets as of March 31, 2023 December 31, 2022 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Weighted Average March 31, December 31, Life 2023 2022 (in thousands) (in years) Technology and software, net 7,129 (1,081 ) 6,048 6,842 (777 ) 6,065 6.8 Customer related assets, net 4,466 (294 ) 4,172 4,799 (477 ) 4,322 10.0 Content, net 838 (210 ) 628 830 (138 ) 692 3.0 Total $ 12,433 $ (1,585 ) $ 10,848 $ 12,471 $ (1,392 ) $ 11,079 7.7 |
Note 5 - Concentration of Credi
Note 5 - Concentration of Credit Risk | 3 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Concentration Risk Disclosure [Text Block] | 5. The Company deposits its cash with financial institutions and, at times, such balances may 10% three March 31, 2023 2022 |
Note 6 - Accounts Receivable, N
Note 6 - Accounts Receivable, Net | 3 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | 6. Accounts receivable, net, consists of the following components: March 31, December 31, 2023 2022 (in thousands) Trade receivables $ 35,841 $ 47,046 Current unbilled receivables 21,633 20,153 Allowance for doubtful accounts (847 ) (725 ) $ 56,627 $ 66,474 |
Note 7 - Line of Credit
Note 7 - Line of Credit | 3 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | 7. The Company maintains a loan and security agreement with a commercial bank for a revolving line of credit of up to $30.0 million, with an accordion feature that provides up to $20.0 million of additional borrowing capacity the Company may July 7, 2023. March 31, 2023, no |
Note 8 - Income Taxes
Note 8 - Income Taxes | 3 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 8. The Company had an effective tax rate of (27.46)% and (2.88)% for the three March 31, 2023 2022 The change in effective tax rates for the three March 31, 2023 three March 31, 2022 no 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 9 - Leases
Note 9 - Leases | 3 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Lessee, Operating Leases [Text Block] | 9. 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 expenses are reflected in the condensed consolidated statements of income for the three March 31, 2023 2022 Three Months Ended March 31, 2023 2022 (in thousands) Lease liability cost $ 1,749 $ 1,151 Short-term lease expenses (1) 248 814 Variable lease cost not included in the lease liability (2) 110 32 Total lease cost $ 2,107 $ 1,997 ( 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 March 31, 2023 Other information related to operating leases for the three March 31, 2023 2022, Three Months Ended March 31, 2023 2022 (in thousands) Cash paid for amounts included in the measurement of the lease liability: Operating cash flows from operating leases $ 2,046 $ 1,354 As of March 31, 2023 As of December 31, 2022, The maturity schedule of the operating lease liabilities as of March 31, 2023 Year Ending December 31: (in thousands) 2023 (nine months) $ 4,789 2024 5,171 2025 3,590 2026 2,499 2027 1,709 Thereafter 1,999 Total future lease payments $ 19,757 Less: Present value adjustment (2,186 ) Present value of future lease payments (1) $ 17,571 ( 1 |
Note 10 - Commitments and Conti
Note 10 - Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Commitments Contingencies and Guarantees [Text Block] | 10. Legal Proceedings In the normal course of its business, the Company may March 31, 2023 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 deposit. As of March 31, 2023 not |
Note 11 - Earn-Out and Warrant
Note 11 - Earn-Out and Warrant Liabilities | 3 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Earn-Out and Warrant Liabilities [Text Block] | 11. Company Earn-Out Agreement Certain holders of common stock and certain holders of 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 July 1, 2021 seventh $12.50 20 30 $12.50 • 1,000,000 shares of AvePoint's common stock, in the aggregate, if at any time from July 1, 2021 seventh $15.00 20 30 $15.00 • 1,000,000 shares of AvePoint's common stock, in the aggregate, if at any time from July 1, 2021 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 13 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’ (as defined below) 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 March 31, 2023 December 31, 2022 three March 31, 2023 March 31, 2023 Term (in years) 5.25 Volatility 55.00 % Private Warrants to Acquire Common Stock On July 1, 2021, The private placement warrants are held by only two July 1, 2021, March 31, 2023 December 31, 2022 three March 31, 2023 2022 |
Note 12 - Mezzanine Equity and
Note 12 - Mezzanine Equity and Stockholders' Equity | 3 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Equity [Text Block] | 12. Equity The Company has 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 191,402,433 and 189,467,338 shares issued and outstanding, including treasury shares, at March 31, 2023 December 31, 2022 one not 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 March 31, 2023 Public Warrants to Acquire Common Stock On July 1, 2021, one fifth March 31, 2023 Share Repurchase Program On March 17, 2022, Share Repurchase Program three may not three March 31, 2023 |
Note 13 - Stock-based Compensat
Note 13 - Stock-based Compensation | 3 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Share-Based Payment Arrangement [Text Block] | 13. The Company previously maintained the 2006 2006 2016 2016 2006 2016 May 27, 2021, 2021 2021 2016 2021 2021 no 2016 2006 March 31, 2023 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 March 31, 2023 2022 (in thousands) Cost of revenue $ 670 $ 578 Sales and marketing 2,201 2,462 General and administrative 4,382 4,484 Research and development 851 750 Total stock-based compensation $ 8,104 $ 8,274 Stock Options The compensation costs for stock option awards are accounted for in accordance with ASC 718. four tenth On March 13, 2023, 2021 March 13, 2023 Expected life (in years) 6.11 Expected volatility 59.19 % Risk-free rate 3.63 % 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 March 31, 2023 As of March 31, 2023 three March 31, 2023 Restricted Stock Units 6,349,464 RSUs were granted under the 2021 three March 31, 2023 718. four March 31, 2023 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 |
Note 14 - Financial Instruments
Note 14 - Financial Instruments | 3 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Financial Instruments Disclosure [Text Block] | 14. Fair value is defined by ASC 820, Fair Value Measurement ASC 820 820 three three • Level 1 • Level 2 1 • Level 3 March 31, 2023 (in thousands) Level 1 Level 2 Level 3 Total Assets Cash Equivalents: Certificates of deposit (1) $ — $ 1,707 $ — $ 1,707 Money funds (2) — 190,734 — 190,734 Short term investments: Certificates of deposit (1) — 2,879 — 2,879 Total $ — $ 195,320 $ — $ 195,320 Liabilities: Earn-out shares liabilities: Earn-out shares (3) $ — $ — $ 6,922 $ 6,922 Other non-current liabilities: Warrant liabilities (3) — 227 — 227 Total $ — $ 227 $ 6,922 $ 7,149 December 31, 2022 (in thousands) Level 1 Level 2 Level 3 Total Assets Cash Equivalents: Certificates of deposit (1) $ — $ 1,693 $ — $ 1,693 Money funds (2) — 188,769 — 188,769 Short term investments: Certificates of deposit (1) — 2,620 — 2,620 Other assets: Certificates of deposit (1) — 162 — 162 Total $ — $ 193,244 $ — $ 193,244 Liabilities: Earn-out shares liabilities: Earn-out shares (3) $ — $ — $ 6,631 $ 6,631 Other non-current liabilities: Warrant liabilities (3) — 227 — 227 Total $ — $ 227 $ 6,631 $ 6,858 ( 1 ( 2 three March 31, 2023 2022 ( 3 Note 11 The following table presents the reconciliation in Level 3 three March 31, 2023 Three Months Ended March 31, 2023 (in thousands) Opening balance $ 6,631 Total gains or losses from the period Included in earnings 109 Reclass from Earnout-RSU 182 Closing balance $ 6,922 |
Note 15 - Segment Information
Note 15 - Segment Information | 3 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | 15. The Company operates in one 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 10% three March 31, 2023 2022 Three Months Ended March 31, 2023 2022 (in thousands) Revenue: North America $ 24,436 $ 21,709 EMEA 19,488 15,342 APAC 15,648 13,240 Total revenue $ 59,572 $ 50,291 The following table sets forth revenue generated from customers by country and represent more than 10% Three Months Ended March 31, 2023 2022 (in thousands) Revenue: United States $ 23,518 21,709 Germany 8,655 5,971 Singapore 6,437 4,200 Japan 5,375 5,895 |
Note 16 - Loss Per Share
Note 16 - Loss Per Share | 3 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 16. Basic loss per share available to AvePoint common shareholders (“ EPS two Note 12 no no Three Months Ended March 31, 2023 2022 (in thousands, except per share amounts) Loss per share available to common shareholders, excluding sponsor earn-out shareholders Numerator: Net loss $ (9,182 ) $ (11,053 ) Net income attributable to redeemable noncontrolling interest (15 ) (617 ) Net loss attributable to AvePoint, Inc. $ (9,197 ) $ (11,670 ) Total net loss available to common shareholders $ (9,197 ) $ (11,670 ) Denominator: Weighted average common shares outstanding 182,818 182,833 Effect of dilutive securities — — Weighted average diluted shares 182,818 182,833 Basic and diluted loss per share available to common shareholders, excluding sponsor earn-out shareholders $ (0.05 ) $ (0.06 ) To arrive at net loss available to common shareholders, the Company deducted net income attributable to the redeemable noncontrolling interest. For the three March 31, 2023 2022 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: March 31, 2023 2022 (in thousands) Stock options 29,437 30,437 Restricted stock units 13,246 9,369 Warrants 17,905 17,905 Company Earn-Outs 3,000 3,000 Total potentially dilutive securities 63,588 60,711 |
Note 17 - Related Party Transac
Note 17 - Related Party Transactions | 3 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | 17. 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 18 - Subsequent Events
Note 18 - Subsequent Events | 3 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | 18. No |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2023 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | Basis of Presentation The accompanying unaudited condensed consolidated balance sheet as of December 31, 2022, 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 three March 31, 2023 not may December 31, 2023 These unaudited interim condensed consolidated financial statements should be read in conjunction with our audited consolidated financial statements as of December 31, 2022 2021, December 31, 2022 2021, 10 December 31, 2022 March 31, 2023 (“ Annual Report |
Recently Adopted Accounting Guidance [Policy Text Block] | Recently Adopted Accounting Guidance In January 2016, 2016 13, Financial Instruments Credit Losses on Financial Instruments not 2020 02 December 15, 2022. January 1, 2023. not In August 2020, 2020 06, 470 20 815 40 2020 06” 2020 06 January 1, 2022. not |
Reclassification, Comparability Adjustment [Policy Text Block] | Comparative Data Certain amounts from prior periods have been reclassed to conform to the current period presentation, including: • The reclassification of perpetual license revenue to be included in maintenance revenue on the condensed consolidated statements of operations for the three March 31, 2022; • The reclassification of depreciation and amortization to be included in cost of revenue, sales and marketing, general and administrative and research and development on the condensed consolidated statements of operations for the three March 31, 2022; • The reclassification of operating lease right-of-use assets expense to be separated from depreciation and amortization within net cash provided by (used in) operating activities on the condensed consolidated statements of cash flows for the three March 31, 2022; • The reclassification of long-term unbilled receivables to be included in deferred contracts and other assets within net cash provided by (used in) operating activities on the condensed consolidated statements of cash flows for the three March 31, 2022; • The reclassification of provision for doubtful accounts and loss (gain) on disposal of property and equipment to be included in other within net cash provided by (used in) operating activities on the condensed consolidated statements of cash flows for the three March 31, 2022. |
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 2022 not not |
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 review goodwill for impairment at least annually or more frequently if events or changes in circumstances indicate that the carrying value of goodwill may not first not not no No March 31, 2023 December 31, 2022. |
Goodwill and Intangible Assets, Intangible Assets, Policy [Policy Text Block] | Intangible Assets, net Intangible assets primarily consist of customer related assets and acquired software and technology. Typical customer related assets include order backlogs and customer relationships. 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 |
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 March 31, 2023 2022, |
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 March 31, 2023 December 31, 2022 |
Investment, Policy [Policy Text Block] | Short-Term Investments Short-term investments consist mainly of U.S. treasury bills and certificates of deposit 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 condensed 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. |
Prepaid Expenses and Other Assets [Policy Text Block] | Prepaid Expenses and Other Current Assets The Company recognizes payments made for services to be received in the near future as prepaid expenses and other current assets. Prepaid expenses and other current assets consist primarily of payments related to insurance premiums, prepaid rent, prepaid subscriptions, and other costs. The prepaid expenses balance as of March 31, 2023 December 31, 2022 |
Deferred Charges, Policy [Policy Text Block] | Deferred Contract Costs We defer sales commissions earned by our 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 $4.2 million and $3.0 million for the three March 31, 2023 2022, March 31, 2023 December 31, 2022 |
Revenue from Contract with Customer [Policy Text Block] | Revenue Recognition The Company derives revenue from four Three Months Ended March 31, 2023 2022 (in thousands) Revenue: SaaS $ 35,512 $ 26,553 Term license and support 10,904 10,202 Services 9,747 8,925 Maintenance 3,409 4,611 Total revenue $ 59,572 $ 50,291 Term license revenue recognized at point in time was $5.9 million and $6.2 million for the three March 31, 2023 2022, We use judgement in determining the relative standalone selling price (“ SSP In rare cases when the software and the related when-and-if available updates are critical to the combined utility of the software, the Company has determined this to be one Accounts receivable, net is inclusive of accounts receivable, current unbilled receivables and long-term unbilled receivables, net of allowance for doubtful accounts. We record an unbilled receivable when revenue is recognized prior to invoicing. We have a well-established collection history from our direct and indirect sales. We periodically evaluate the collectability of our accounts receivable and provide an allowance for doubtful accounts as necessary, based on the age of the receivable, expected payment ability, and collection experience. As of March 31, 2023 December 31, 2022 not We record deferred revenue in the condensed consolidated balance sheets when cash is collected or invoiced before revenue is earned. Deferred revenue as of March 31, 2023 December 31, 2022 three March 31, 2023 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 revenue costs (in thousands) Balance, December 31, 2022 $ 73,348 $ 101,490 $ 48,553 Balance, March 31, 2023 60,738 99,189 47,794 There were no December 31, 2022 three March 31, 2023 As of March 31, 2023 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 the 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 considers the 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 the 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 unrecognized 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 2019 2022 2012 2022 |
Emerging Growth Company [Policy Text Block] | Emerging Growth Company The Company is considered an emerging growth company. Section 102 1 not not 21E 1934, not |
New Accounting Pronouncements, Policy [Policy Text Block] | Recent Accounting Pronouncements Recently issued accounting pronouncements are not |
Note 2 - Summary of Significa_2
Note 2 - Summary of Significant Accounting Policies (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Notes Tables | |
Disaggregation of Revenue [Table Text Block] | Three Months Ended March 31, 2023 2022 (in thousands) Revenue: SaaS $ 35,512 $ 26,553 Term license and support 10,904 10,202 Services 9,747 8,925 Maintenance 3,409 4,611 Total revenue $ 59,572 $ 50,291 |
Accounts Receivable, Net, Deferred Revenue and Deferred Sales Commissions [Table Text Block] | Accounts Deferred receivable, Deferred contract net revenue costs (in thousands) Balance, December 31, 2022 $ 73,348 $ 101,490 $ 48,553 Balance, March 31, 2023 60,738 99,189 47,794 |
Note 3 - Goodwill (Tables)
Note 3 - Goodwill (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Notes Tables | |
Schedule of Goodwill [Table Text Block] | Goodwill (in thousands) Balance as of December 31, 2022 $ 18,904 Effect of foreign currency translation (33 ) Balance as of March 31, 2023 $ 18,871 |
Note 4 - Intangible Assets, N_2
Note 4 - Intangible Assets, Net (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Notes Tables | |
Finite-Lived Intangible Assets Amortization Expense [Table Text Block] | Year Ending December 31: (in thousands) 2023 (nine months) $ 1,521 2024 1,961 2025 1,573 2026 1,163 2027 1,136 Thereafter 3,494 Total intangible assets subject to amortization $ 10,848 |
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 March 31, December 31, Life 2023 2022 (in thousands) (in years) Technology and software, net 7,129 (1,081 ) 6,048 6,842 (777 ) 6,065 6.8 Customer related assets, net 4,466 (294 ) 4,172 4,799 (477 ) 4,322 10.0 Content, net 838 (210 ) 628 830 (138 ) 692 3.0 Total $ 12,433 $ (1,585 ) $ 10,848 $ 12,471 $ (1,392 ) $ 11,079 7.7 |
Note 6 - Accounts Receivable,_2
Note 6 - Accounts Receivable, Net (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Notes Tables | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | March 31, December 31, 2023 2022 (in thousands) Trade receivables $ 35,841 $ 47,046 Current unbilled receivables 21,633 20,153 Allowance for doubtful accounts (847 ) (725 ) $ 56,627 $ 66,474 |
Note 9 - Leases (Tables)
Note 9 - Leases (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Notes Tables | |
Lease, Cost [Table Text Block] | Three Months Ended March 31, 2023 2022 (in thousands) Lease liability cost $ 1,749 $ 1,151 Short-term lease expenses (1) 248 814 Variable lease cost not included in the lease liability (2) 110 32 Total lease cost $ 2,107 $ 1,997 |
Other Information Related to Operating Leases [Table Text Block] | Three Months Ended March 31, 2023 2022 (in thousands) Cash paid for amounts included in the measurement of the lease liability: Operating cash flows from operating leases $ 2,046 $ 1,354 |
Lessee, Operating Lease, Liability, to be Paid, Maturity [Table Text Block] | Year Ending December 31: (in thousands) 2023 (nine months) $ 4,789 2024 5,171 2025 3,590 2026 2,499 2027 1,709 Thereafter 1,999 Total future lease payments $ 19,757 Less: Present value adjustment (2,186 ) Present value of future lease payments (1) $ 17,571 |
Note 11 - Earn-Out and Warran_2
Note 11 - Earn-Out and Warrant Liabilities (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Notes Tables | |
Fair Value Measurement Inputs and Valuation Techniques [Table Text Block] | March 31, 2023 Term (in years) 5.25 Volatility 55.00 % |
Note 13 - Stock-based Compens_2
Note 13 - Stock-based Compensation (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Notes Tables | |
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Table Text Block] | Three Months Ended March 31, 2023 2022 (in thousands) Cost of revenue $ 670 $ 578 Sales and marketing 2,201 2,462 General and administrative 4,382 4,484 Research and development 851 750 Total stock-based compensation $ 8,104 $ 8,274 |
Schedule of Share-Based Payment Award, Employee Stock Purchase Plan, Valuation Assumptions [Table Text Block] | March 13, 2023 Expected life (in years) 6.11 Expected volatility 59.19 % Risk-free rate 3.63 % Dividend yield — |
Note 14 - Financial Instrumen_2
Note 14 - Financial Instruments (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Notes Tables | |
Fair Value, by Balance Sheet Grouping [Table Text Block] | March 31, 2023 (in thousands) Level 1 Level 2 Level 3 Total Assets Cash Equivalents: Certificates of deposit (1) $ — $ 1,707 $ — $ 1,707 Money funds (2) — 190,734 — 190,734 Short term investments: Certificates of deposit (1) — 2,879 — 2,879 Total $ — $ 195,320 $ — $ 195,320 Liabilities: Earn-out shares liabilities: Earn-out shares (3) $ — $ — $ 6,922 $ 6,922 Other non-current liabilities: Warrant liabilities (3) — 227 — 227 Total $ — $ 227 $ 6,922 $ 7,149 December 31, 2022 (in thousands) Level 1 Level 2 Level 3 Total Assets Cash Equivalents: Certificates of deposit (1) $ — $ 1,693 $ — $ 1,693 Money funds (2) — 188,769 — 188,769 Short term investments: Certificates of deposit (1) — 2,620 — 2,620 Other assets: Certificates of deposit (1) — 162 — 162 Total $ — $ 193,244 $ — $ 193,244 Liabilities: Earn-out shares liabilities: Earn-out shares (3) $ — $ — $ 6,631 $ 6,631 Other non-current liabilities: Warrant liabilities (3) — 227 — 227 Total $ — $ 227 $ 6,631 $ 6,858 |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | Three Months Ended March 31, 2023 (in thousands) Opening balance $ 6,631 Total gains or losses from the period Included in earnings 109 Reclass from Earnout-RSU 182 Closing balance $ 6,922 |
Note 15 - Segment Information (
Note 15 - Segment Information (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Three Months Ended March 31, 2023 2022 (in thousands) Revenue: North America $ 24,436 $ 21,709 EMEA 19,488 15,342 APAC 15,648 13,240 Total revenue $ 59,572 $ 50,291 Three Months Ended March 31, 2023 2022 (in thousands) Revenue: United States $ 23,518 21,709 Germany 8,655 5,971 Singapore 6,437 4,200 Japan 5,375 5,895 |
Note 16 - Loss Per Share (Table
Note 16 - Loss Per Share (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Months Ended March 31, 2023 2022 (in thousands, except per share amounts) Loss per share available to common shareholders, excluding sponsor earn-out shareholders Numerator: Net loss $ (9,182 ) $ (11,053 ) Net income attributable to redeemable noncontrolling interest (15 ) (617 ) Net loss attributable to AvePoint, Inc. $ (9,197 ) $ (11,670 ) Total net loss available to common shareholders $ (9,197 ) $ (11,670 ) Denominator: Weighted average common shares outstanding 182,818 182,833 Effect of dilutive securities — — Weighted average diluted shares 182,818 182,833 Basic and diluted loss per share available to common shareholders, excluding sponsor earn-out shareholders $ (0.05 ) $ (0.06 ) |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block] | March 31, 2023 2022 (in thousands) Stock options 29,437 30,437 Restricted stock units 13,246 9,369 Warrants 17,905 17,905 Company Earn-Outs 3,000 3,000 Total potentially dilutive securities 63,588 60,711 |
Note 2 - Summary of Significa_3
Note 2 - Summary of Significant Accounting Policies 1 (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | |
Goodwill, Impairment Loss | $ 0 | $ 0 | |
Finite-Lived Intangible Asset, Useful Life (Year) | 7 years 8 months 12 days | ||
Gain (Loss), Foreign Currency Transaction, before Tax | $ 300 | $ 200 | |
Cash | 7,800 | 10,800 | |
Prepaid Expense, Current | 5,300 | 7,100 | |
Capitalized Contract Cost, Amortization | 4,200 | 3,000 | |
Capitalized Contract Cost, Net | 47,794 | 48,553 | |
Revenue from Contract with Customer, Excluding Assessed Tax | 59,572 | 50,291 | |
Contract with Customer, Liability | 99,189 | $ 101,490 | |
Contract with Customer, Liability, Revenue Recognized | 35,000 | ||
Revenue, Remaining Performance Obligation, Amount | $ 238,600 | ||
Domestic Tax Authority [Member] | Internal Revenue Service (IRS) [Member] | |||
Open Tax Year | 2019 | ||
State and Local Jurisdiction [Member] | |||
Open Tax Year | 2022 | ||
Foreign Tax Authority [Member] | |||
Open Tax Year | 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 | ||
Termed License and Support [Member] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 10,904 | 10,202 | |
Termed License and Support [Member] | SaaS [Member | |||
Revenue, Remaining Performance Obligation, Amount | 186,400 | ||
Transferred at Point in Time [Member] | Termed License and Support [Member] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 5,900 | $ 6,200 | |
Minimum [Member] | |||
Finite-Lived Intangible Asset, Useful Life (Year) | 1 year | ||
Maximum [Member] | |||
Finite-Lived Intangible Asset, Useful Life (Year) | 10 years |
Note 2 - Summary of Significa_4
Note 2 - Summary of Significant Accounting Policies 2 (Details Textual) - Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-04-01 | Mar. 31, 2023 |
Revenue, Remaining Performance Obligation, Percentage | 64% |
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 | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Revenue | $ 59,572 | $ 50,291 |
SaaS [Member | ||
Revenue | 35,512 | 26,553 |
Termed License and Support [Member] | ||
Revenue | 10,904 | 10,202 |
Service [Member] | ||
Revenue | 9,747 | 8,925 |
Maintenance [Member] | ||
Revenue | $ 3,409 | $ 4,611 |
Note 2 - Summary of Significa_6
Note 2 - Summary of Significant Accounting Policies - Accounts Receivable, Net, Deferred Revenue and Deferred Sales Commissions (Details) $ in Thousands | Mar. 31, 2023 USD ($) |
Balance | $ 73,348 |
Balance | 101,490 |
Balance | 48,553 |
Balance | 60,738 |
Balance | 99,189 |
Balance | $ 47,794 |
Note 3 - Goodwill - Changes in
Note 3 - Goodwill - Changes in Carrying Amount of Goodwill (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2023 USD ($) | |
Balance | $ 18,904 |
Effect of foreign currency translation | (33) |
Balance | $ 18,871 |
Note 4 - Intangible Assets, N_3
Note 4 - Intangible Assets, Net (Details Textual) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Amortization of Intangible Assets | $ 0.5 | $ 0.1 |
Note 4 - Intangible Assets, N_4
Note 4 - Intangible Assets, Net - Estimated Future Amortization Expense for Intangible Assets (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
2023 (nine months) | $ 1,521 | |
2024 | 1,961 | |
2025 | 1,573 | |
2026 | 1,163 | |
2027 | 1,136 | |
Thereafter | 3,494 | |
Total intangible assets subject to amortization | $ 10,848 | $ 11,079 |
Note 4 - Intangible Assets, N_5
Note 4 - Intangible Assets, Net - Summary of Balances of Intangible Assets (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Gross carrying amount | $ 12,433 | $ 12,471 |
Accumulated amortization | (1,585) | (1,392) |
Net carrying amount | $ 10,848 | 11,079 |
Finite-Lived Intangible Asset, Useful Life (Year) | 7 years 8 months 12 days | |
Technology-Based Intangible Assets [Member] | ||
Gross carrying amount | $ 7,129 | 6,842 |
Accumulated amortization | (1,081) | (777) |
Net carrying amount | $ 6,048 | 6,065 |
Finite-Lived Intangible Asset, Useful Life (Year) | 6 years 9 months 18 days | |
Customer Relationships [Member] | ||
Gross carrying amount | $ 4,466 | 4,799 |
Accumulated amortization | (294) | (477) |
Net carrying amount | $ 4,172 | 4,322 |
Finite-Lived Intangible Asset, Useful Life (Year) | 10 years | |
Media Content [Member] | ||
Gross carrying amount | $ 838 | 830 |
Accumulated amortization | (210) | (138) |
Net carrying amount | $ 628 | $ 692 |
Finite-Lived Intangible Asset, Useful Life (Year) | 3 years |
Note 5 - Concentration of Cre_2
Note 5 - Concentration of Credit Risk (Details Textual) Pure in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Revenue from Contract with Customer Benchmark [Member] | Customer Concentration Risk [Member] | ||
Number of Major Customers | 0 | 0 |
Note 6 - Accounts Receivable,_3
Note 6 - Accounts Receivable, Net - Accounts Receivable, Net (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Allowance for doubtful accounts | $ (847) | $ (725) |
Accounts Receivable, after Allowance for Credit Loss, Current | 56,627 | 66,474 |
Trade Accounts Receivable [Member] | ||
Accounts receivable, gross | 35,841 | 47,046 |
Unbilled Receivable [Member] | ||
Accounts receivable, gross | $ 21,633 | $ 20,153 |
Note 7 - Line of Credit (Detail
Note 7 - Line of Credit (Details Textual) - HSBC Venture Bank USA Inc. [Member] - USD ($) $ in Thousands | 36 Months Ended | |
Apr. 07, 2020 | Mar. 31, 2023 | |
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 | |
Revolving Credit Facility [Member] | Secured Overnight Financing Rate (SOFR) [Member] | ||
Debt Instrument, Basis Spread on Variable Rate | 0.10% | |
Line of Credit, Accordion Feature [Member] | ||
Line of Credit Facility, Maximum Borrowing Capacity | $ 20,000 |
Note 8 - Income Taxes (Details
Note 8 - Income Taxes (Details Textual) | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Effective Income Tax Rate Reconciliation, Percent | (27.46%) | (2.88%) |
Note 9 - Leases (Details Textua
Note 9 - Leases (Details Textual) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Dec. 31, 2022 | |
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability | $ 2.6 | |
Operating Lease, Weighted Average Remaining Lease Term (Year) | 4 years 3 months 18 days | 4 years 4 months 24 days |
Operating Lease, Weighted Average Discount Rate, Percent | 5.50% | 5.10% |
Operating Lease, Liability, Current | $ 5.8 |
Note 9 - Leases - Components of
Note 9 - Leases - Components of Operating Lease Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | ||
Lease liability cost | $ 1,749 | $ 1,151 | |
Short-term lease expenses (1) | [1] | 248 | 814 |
Variable lease cost not included in the lease liability (2) | [2] | 110 | 32 |
Total lease cost | $ 2,107 | $ 1,997 | |
[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 9 - Leases - Other Informa
Note 9 - Leases - Other Information (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Operating cash flows from operating leases | $ 2,046 | $ 1,354 |
Note 9 - Leases - Maturity Sche
Note 9 - Leases - Maturity Schedule of Operating Lease Liabilities (Details) $ in Thousands | Mar. 31, 2023 USD ($) | |
2023 (nine months) | $ 4,789 | |
2024 | 5,171 | |
2025 | 3,590 | |
2026 | 2,499 | |
2027 | 1,709 | |
Thereafter | 1,999 | |
Total future lease payments | 19,757 | |
Less: Present value adjustment | (2,186) | |
Long-term Operating Lease Liabilities [Member] | ||
Present value of future lease payments (1) | $ 17,571 | [1] |
[1]Includes the current portion of operating lease liabilities of $5.8 million, which is reflected in accrued expenses and other liabilities in the condensed consolidated balance sheets. |
Note 10 - Commitments and Con_2
Note 10 - Commitments and Contingencies (Details Textual) $ in Millions | Mar. 31, 2023 USD ($) |
Guarantee for Service Agreement [Member] | |
Letters of Credit Outstanding, Amount | $ 2.6 |
Note 11 - Earn-Out and Warran_3
Note 11 - Earn-Out and Warrant Liabilities (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | ||||
Jul. 26, 2021 | Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | 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 | $ 6,900 | $ 6,600 | $ 29,600 | ||
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability | 100 | ||||
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 | 200 | $ 200 | $ 1,400 | ||
Fair Value Adjustment of Warrants | $ 0 | $ 100 |
Note 11 - Earn-Out and Warran_4
Note 11 - Earn-Out and Warrant Liabilities - Earn-out Shares Fair Value Assumptions (Details) | Mar. 31, 2023 |
Measurement Input, Expected Term [Member] | |
Measurement input | 5.25 |
Measurement Input, Price Volatility [Member] | |
Measurement input | 0.5500 |
Note 12 - Mezzanine Equity an_2
Note 12 - Mezzanine Equity and Stockholders' Equity (Details Textual) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | |||
Jul. 01, 2021 | Mar. 31, 2023 | Dec. 31, 2022 | Mar. 17, 2022 | |
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) | $ 0.0001 | $ 0.0001 | ||
Common Stock, Shares, Issued, Including Treasury Shares (in shares) | 191,402,433 | 189,467,338 | ||
Number of Shares Subject to Vesting Provision (in shares) | 2,916,700 | 0 | ||
Common Stock, Shares, Outstanding Including Treasury Shares (in shares) | 191,402,433 | 189,467,338 | ||
Share Repurchase Program [Member] | ||||
Stock Repurchase Program, Authorized Amount | $ 150 | |||
Treasury Stock, Shares, Acquired (in shares) | 424,876 | |||
Shares Acquired, Average Cost Per Share (in dollars per share) | $ 4.2635 | |||
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) | $ 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 - Stock-based Compens_3
Note 13 - Stock-based Compensation (Details Textual) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | |
Jul. 01, 2021 | Mar. 31, 2023 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Fair Value | $ 25 | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Number (in shares) | 29,436,670 | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercisable, Number (in shares) | 20,229,958 | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Intrinsic Value | $ 32.3 | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercisable, Intrinsic Value | $ 31.4 | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercises in Period (in shares) | 680,385 | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercises in Period, Intrinsic Value | $ 2 | |
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 | |
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) | 22,573,555 | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Gross (in shares) | 1,125,374 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Fair Value | $ 2.8 | |
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, Equity Instruments Other than Options, Grants in Period (in shares) | 6,349,464 | |
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) | $ 4.22 | |
Share-Based Payment Arrangement, Nonvested Award, Excluding Option, Cost Not yet Recognized, Amount | $ 73.2 |
Note 13 - Stock-based Compens_4
Note 13 - Stock-based Compensation - Stock-based Compensation (Details) - The 2006, 2016 and 2021 [Member] - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Stock-based Compensation | $ 8,104 | $ 8,274 |
Cost of Sales [Member] | ||
Stock-based Compensation | 670 | 578 |
Selling and Marketing Expense [Member] | ||
Stock-based Compensation | 2,201 | 2,462 |
General and Administrative Expense [Member] | ||
Stock-based Compensation | 4,382 | 4,484 |
Research and Development Expense [Member] | ||
Stock-based Compensation | $ 851 | $ 750 |
Note 13 - Stock-based Compens_5
Note 13 - Stock-based Compensation - Stock Option Valuation Assumptions (Details) - Share-Based Payment Arrangement, Option [Member] - The 2021 Plan [Member] | 3 Months Ended |
Mar. 31, 2023 | |
Expected life (in years) (Year) | 6 years 1 month 9 days |
Expected volatility | 59.19% |
Risk-free rate | 3.63% |
Dividend yield | 0% |
Note 14 - Financial Instrumen_3
Note 14 - Financial Instruments (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Money Market Funds [Member] | Securities Investment [Member] | ||
Gain (Loss) on Investments | $ 1,700 | $ 0 |
Note 14 - Financial Instrumen_4
Note 14 - Financial Instruments - Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 | |
Total | $ 195,320 | $ 193,244 | |
Liabilities | 7,149 | 6,858 | |
Warrant Liabilities [Member] | |||
Liabilities | [1] | 227 | 227 |
Company Earn-Outs [Member] | |||
Liabilities | [1] | 6,631 | |
Fair Value, Inputs, Level 1 [Member] | |||
Total | 0 | 0 | |
Liabilities | 0 | 0 | |
Fair Value, Inputs, Level 1 [Member] | Warrant Liabilities [Member] | |||
Liabilities | [1] | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | Company Earn-Outs [Member] | |||
Liabilities | [1] | 0 | |
Fair Value, Inputs, Level 2 [Member] | |||
Total | 195,320 | 193,244 | |
Liabilities | 227 | 227 | |
Fair Value, Inputs, Level 2 [Member] | Warrant Liabilities [Member] | |||
Liabilities | [1] | 227 | 227 |
Fair Value, Inputs, Level 2 [Member] | Company Earn-Outs [Member] | |||
Liabilities | [1] | 0 | |
Fair Value, Inputs, Level 3 [Member] | |||
Total | 0 | 0 | |
Liabilities | 6,922 | 6,631 | |
Fair Value, Inputs, Level 3 [Member] | Warrant Liabilities [Member] | |||
Liabilities | [1] | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | Company Earn-Outs [Member] | |||
Liabilities | [1] | 6,631 | |
Certificates of Deposit [Member] | |||
Cash Equivalents | [2] | 1,707 | 1,693 |
Short term investments | [2] | 2,879 | 2,620 |
Cash Equivalents | [2] | 1,707 | 1,693 |
Certificates of deposit (1) | [2] | 162 | |
Certificates of Deposit [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Cash Equivalents | [2] | 0 | 0 |
Short term investments | [2] | 0 | 0 |
Cash Equivalents | [2] | 0 | 0 |
Certificates of deposit (1) | [2] | 0 | |
Certificates of Deposit [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Cash Equivalents | [2] | 1,707 | 1,693 |
Short term investments | [2] | 2,879 | 2,620 |
Cash Equivalents | [2] | 1,707 | 1,693 |
Certificates of deposit (1) | [2] | 162 | |
Certificates of Deposit [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Cash Equivalents | [2] | 0 | 0 |
Short term investments | [2] | 0 | 0 |
Cash Equivalents | [2] | 0 | 0 |
Certificates of deposit (1) | [2] | 0 | |
Money Market Funds [Member] | |||
Cash Equivalents | [3] | 190,734 | 188,769 |
Cash Equivalents | [3] | 190,734 | 188,769 |
Money Market Funds [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Cash Equivalents | [3] | 0 | 0 |
Cash Equivalents | [3] | 0 | 0 |
Money Market Funds [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Cash Equivalents | [3] | 190,734 | 188,769 |
Cash Equivalents | [3] | 190,734 | 188,769 |
Money Market Funds [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Cash Equivalents | [3] | 0 | 0 |
Cash Equivalents | [3] | 0 | $ 0 |
Company Earn-Outs [Member] | |||
Liabilities | [1] | 6,922 | |
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] | $ 6,922 | |
[1]Refer to “Note 11 — Earn-Out and Warrant Liabilities” for further details.[2]The majority of certificates of deposit are foreign deposits.[3]Profits on securities for the three months ended March 31, 2023 and 2022 were $1.7 million and $0 million, respectively. |
Note 14 - Financial Instrumen_5
Note 14 - Financial Instruments - Reconciliation in Level 3 Instruments Measured on Recurring Basis (Details) - Fair Value, Recurring [Member] - Fair Value, Inputs, Level 3 [Member] - Earn-out Shares Liabilities [Member] $ in Thousands | 3 Months Ended |
Mar. 31, 2023 USD ($) | |
Opening balance | $ 6,631 |
Included in earnings | 109 |
Reclass from Earnout-RSU | 182 |
Closing balance | $ 6,922 |
Note 15 - Segment Information_2
Note 15 - Segment Information (Details Textual) | 3 Months Ended |
Mar. 31, 2023 | |
Number of Operating Segments | 1 |
Note 15 - Segment Information -
Note 15 - Segment Information - Segment Information (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Revenue | $ 59,572 | $ 50,291 |
North America [Member] | ||
Revenue | 24,436 | 21,709 |
UNITED STATES | ||
Revenue | 23,518 | 21,709 |
EMEA [Member] | ||
Revenue | 19,488 | 15,342 |
GERMANY | ||
Revenue | 8,655 | 5,971 |
Asia Pacific [Member] | ||
Revenue | 15,648 | 13,240 |
SINGAPORE | ||
Revenue | 6,437 | 4,200 |
JAPAN | ||
Revenue | $ 5,375 | $ 5,895 |
Note 16 - Loss Per Share - Loss
Note 16 - Loss Per Share - Loss Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Net loss | $ (9,182) | $ (11,053) |
Net income attributable to and accretion of redeemable noncontrolling interest | (15) | (617) |
Net loss attributable to AvePoint, Inc. | (9,197) | (11,670) |
Total net loss available to common shareholders | $ (9,197) | $ (11,670) |
Weighted average common shares outstanding (in shares) | 182,818 | 182,833 |
Effect of dilutive securities (in shares) | 0 | 0 |
Weighted average diluted shares (in shares) | 182,818 | 182,833 |
Basic and diluted loss per share (in dollars per share) | $ (0.05) | $ (0.06) |
Note 16 - Loss Per Share - Anti
Note 16 - Loss Per Share - Antidilutive Securities (Details) - shares shares in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Antidilutive securities (in shares) | 63,588 | 60,711 |
Share-Based Payment Arrangement, Option [Member] | ||
Antidilutive securities (in shares) | 29,437 | 30,437 |
Restricted Stock Units (RSUs) [Member] | ||
Antidilutive securities (in shares) | 13,246 | 9,369 |
Warrant [Member] | ||
Antidilutive securities (in shares) | 17,905 | 17,905 |
Company Earn-Outs [Member] | ||
Antidilutive securities (in shares) | 3,000 | 3,000 |