AVLR - Earnings call transcript Q1 2020

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Operator

Ladies and gentlemen, thank you for standing by. And welcome to Avalara’s First Quarter 2020 Earnings Conference Call. . At this time, all participants are in a listen-only mode. After the speakers’ presentation, there will be a question-and-answer session. advised conference be being Please Instructions] that is today’s recorded. [Operator Instructions] [Operator

now I today, the conference go Greg to over hand Investor would Thank ahead, like Relations. to sir. Please you. McDowell, your speaker

Gregory McDowell

welcome and quarter call. Avalara’s Good afternoon, to XXXX first earnings

the me We With our press closed Avalara’s Ross Tennenbaum. CEO, Scott announced release will results in after issued be market CFO, discussing are today. McFarlane; and

Act to contain Private the statements, made XXXX. Reform safe Securities provisions will which forward-looking call pursuant Today’s the harbor of Litigation of are

expect, Forward-looking our at seek economic relied words business and and subsequent reflect COVID-XX expected only, anticipate, These identified statements statements of quarter condition believe, views views be financial we should the update not not trends, second fiscal and any business the financial intend, and our include statements will. any be business plan, by our concerning representing year, duty and impacts or of for as to can today undertake our these financial date, future conditions, statements. on performance and do as global guidance such and upon our and as

to uncertainties Forward-looking nature, to materially and that actual address that expectations. differ results could are statements, risks from cause subject matters their by

the release, the press of with the and our results, could Exchange affect annual periodic please and filings other on material our Securities discussion our a today’s XX, important XXXX, report For XX-K actual discussed Commission risks refer and risks factors SEC. with filed in other that on to February Form the

available reconciliation which filed generally our our is not website investor.avalara.com. will accepted non-GAAP earnings and non-GAAP in also prepared with results on at accordance and with which of press we measures, GAAP discuss are also call, release, is SEC been the the During accounting the has principles. A included in financial

over With that, the me Scott. turn let to call

Scott McFarlane

to quarter And Avalara. QX everyone XXXX good another joining for call. QX Greg. was our welcome Thanks, earnings

with year-over-year, up million, up year-over-year. Our was subscription XX% XX% revenue and revenue $XXX.X returns

met was this expectations. impact sales experienced March, by than can new our even that our We continued strong internal crisis our this solid. February crisis, before. impacted April. and from in Overall, In we new believe and COVID-XX were emerge execution stronger We the in January sales

all the have. tailwinds having help at structural Not enjoy businesses benefit businesses SaaS from we backs. more We advantages our efficient. market become We

base. And have we customer environment. We well by represented in customer are risk segments believe well are our the that our are current to segments We grow positioned strong and that that are relatively from a we struggling. customer within doing sticky the insulated

to which the Businesses pivot many now have have to been forced tangible to helps the moving of cloud, us. including of providers remote SaaS workforces, advantage evidence

e-commerce marketplaces in we environment. Many customers of data around and revenue it that our on half meaningful the And revenue with enable where e-commerce businesses see platforms along from our from comes And experiencing current customers volume currently from benefiting is par transaction our increased decreases. transaction volume are them e-commerce. with experiencing our from

thrive. journey. be in who there all with the will our are open to business move and and will continuing succeed alongside businesses and this accelerate crisis believe providers, for to platform e-commerce, We many We marketplace partners we e-commerce their businesses with help leading cloud to partner

them their of When them position a puts and the partners, platform COVID-XX crisis this and the time. reminding our prospective reinforcing began, continue existing to that press e-commerce compliance we marketplace forward solution obligations our quickly engagement that with increased in and strength message in

relationships in conversation XXXX. important our and with of intensity the these result. new announce has exciting as that say increased partners we expect to a And happy I’m to expanded

from of the relatively base customer this We crisis. also well our is insulated consequences negative believe

meaningful customers, and increase small revenue in comes see a revenue While in gross from of XX% more did than includes core base churn our businesses, our our not March. customer we

crisis remain plan the the same. the landscape, has our While and vision our changed

automation, compliance unwavering to are inevitable. move The we and of the are mandated requirements. government accelerate in here alleviate our to We compliance the goal burden to

all size of will compliance the or optimize businesses. types believe of of as manual all The prioritize businesses to sizes we and supports months come. type, efficiencies they in diminish spend. pain Regardless look Avalara not will and tax for the

business yet acute it In rules, offers fact, automated. deadlines, are more be rate relief payment will patchwork changes. multiplied compelled by short complexities navigate and of we to the may there those new who become Every as new haven’t term will everyday be and environment, a for

from business model impacts the feel our from and facing. the insulate some Avalara believe compelling I No are difficulties, ROI we companies story doubt other may the crisis. But resilient will the of

Even before testing XXX% system we’ve that been from employees high. as and, is can that Nearly remains a are building customers our COVID, compliance employee our display. company, of and productivity global working a trust today, and our home, on

business, a so been videoconferencing, been current using for functions allow distance, the global and cloud-based management it’s other collaboration tools a These and many project seamless us reality. years. shift for to for for company have recalibrate geographic As bridge we a technologies SaaS us to

or prospects. sales have on we a us were remote the ASPs, sales everybody force. before how crisis. don’t Many have want asked remind are have investors reps we that we cycles a selling, visit sales our just have to Many high high-velocity employees rarely of long plane to I and to Because inside whom get

has overdrive. of our teams The into some crisis put

them respond mechanisms to tax available. our authorities options understand as rates for to generated relief, the marketing deadlines global support provide As compliance, business and and to businesses have resources and teams use help numerous

help to changes pivot include to models, states our ability educational businesses customers payments on to legislative partners. alongside and new the defer that updates of legislation, on assets pricing worldwide, effectively resources These new based promotional

understanding tax always companies Because be complexities has compliance Capturing rules and to our been changing can the overwhelming simplifying specialty. crisis. navigating tax

help businesses, going forward. our strengthen and customer navigate believe new will that have expertise this relationships expert on realities available website. existing made attract our We new an want more openly We who

Many the investors about of and how mechanics it have our business works. questions understandably

our First of designed business to be all, model stable. is

like external we upheavals. and is as businesses business simple about business forces to tied think we our one as other driven calculations, is to in While A economic suffered certainly to other Wayfair, positive previous parts, two framework many during the is compliance. enjoy by haven’t cycles tied much

talk in Let’s both more about detail.

provides based revenue subscription over our And price are transactions calculation from the recognize term. We AvaTax of product, model our pricing the AvaTax. economic plans insulation number downturns. against on some

pay upfront. carried to customers for and term. over a on transaction our of base next subscription transactions an are subscription large Unused not pay Our volume, customers annual majority the

are bands quite Furthermore, wide. generally transaction our

see impact volumes transaction to band. is downgrade And order basis have revenue to a customer percentage to a than they in percentage renewal, significant the transaction volume. a even if downgrade So meaningfully in less at on to to degradation would decline chose in different a the

recognized VAT of our tax volumes and sales returns, compliance products tied returns, These from to others. revenue also number customers’ transaction certificate products, exemption a compliance management revenues. or We are not

processing around flexibility returns primarily of returns for are subscription services authorities our given are charged to within period. world basis a on to Tax impacted offering an time a the businesses. example, For process allotted number

return to provide and these payments customers. must be these our and filed be with at may later defer be services will returns and submitted a the on tax must submitted the others, option both returns compliance some, payments. the payment schedules date. And to for For existing Ultimately,

adding them customers compliance to value rapidly and We environment. in evolving remain as and are our react complex to we a understand and help

We’ve a rate. impact meaningful not seen on churn our

out for it solutions would our We go businesses. believe gross when is critical in back remained efficiency meaningfully QX especially our many be this our revenue churn and X%. costly below fact, to In to so for processes, frankly in rip manual crazy so customers difficult, time and

end churn Avalara which deteriorate, a of a should therefore, but rate. that risk macro believe will course, impact small churn we our if would the further among likely the there’s market for is on revenue have businesses, be increase and, lesser Of churn concentrated conditions lower

we’ve to the by would been crisis. I share like where impacted now

has many industry we concentration. heavily in business earlier, We specifically customer said customers our low Where don’t I significant have or impacted As impacted new fuel, and by companies, COVID-XX. have like lodging activity industries, two are been more revenue, tied weighted represent or total that out not transaction point I a our of want products percentage that volumes. they compliance revenue to customers’ heavily to these to are single-digit and industries each

Our cross-border impacted. being also is business

makes down of products. meaningfully, item Avalara classification in to reminder, offering sell easier BXC our has has suffered. codes our identifies it for anywhere trade to the a maps and part that As been Because global that customers world through business tariff customers’

COVID-XX. total for engagement services a QX, which in very due from in Professional QX services, decline revenue X% customers comparable represents result to of year-over-year a as of Professional our a ‘XX and lower our strong the saw

used type generation, footing. environment, opportunity has it’s trade shows and regain gathering of on partners its alongside reach their will impact when unclear the Regarding crisis market Avalara customers. the to trade out that wiped has and show the our Historically,

In XXX do with XXX being had those XXXX, events planned more of to than we canceled. already

We our new and different with find partners models than to their reach are working closer ever to customers.

quickly the on uncertainty crisis, businesses I believe experiencing long-term. normal to thinking is to positioned my economic well are move succeed the COVID-XX summarize To as we Today, Avalara in new operations.

new will sense their the of a tools, processes. and considering cloud-first the to and makes be of business it adopt efficiency impact, considering ROI just when Regardless every investments, and philosophy technology

further tightened mandatory control teams especially for automates to Avalara’s business forced and has As appealing, is processes. and costs, times cash any cloud technology return are of ambiguity. compliance effectively growth slow This headcount on investment cost flow in

been who serve us their on Avalara’s and processes today years many of to teams has rely and value we seamless. and more This efficient thousands more proposition customers for thousands make

other ourselves. about on companies improvements vigilant focused this internal driving in remain area efficiency, Just many for like are we that

In business, new on new our application want enable I including and our and to that within driving the efficiency we product customer our our machine growth. efforts last tax two efficiencies discussed customers. to programs to for additional touch learning Today, call, teams to of are product and Avalara earnings content drive

platforms. to our two use of returns team Previously, tax migration process file tools and required sales service the is First returns. core and our return separate

and a team our in like will to more returns we platform, use more to per our month. And this that plan tax communications types a excise process integrate sales us other has per into compliance and streamlined tool. platform enable single Now employee

self a better support how shows which major sales inbound customers through was projects in determined, detailed service We rate of like meaningful calculation of tools. request. a deflecting calculation types have many review, breakdown common AvaTax includes progress a tax very effort This cases exactly made

mapping As I technology implementation on-boarding. reduce tax this we AvaTax tree to the code accurately introduced in libraries codes this teams accurate, QX, a customers more customer for new through By this use, of launched this beta process, product more tax deploying ability and give we in quarter, further advanced of implementation aspect map tool broader and quickly get to With decision manual and will work. the tool.

efficiency are efforts global. Our

and and tasks. team European moved accounts, exchange avoiding to registrations e-mail of transfer web-based of manual has a them much documents materials filing more portal, enabling to among from data our services compliance Our handle seamlessly the and moving agents for

improvements effort of reflect engineering employees, product from all customers benefit. teams, types relentless and to These a our which our by stand and partners

at announced up, last be month Sadrian, Director XXXX. his in ends Board will Warburg Pincus, the we leaving Justin Wrapping that Directors current when term a of June Managing

CEO is company to has like accomplished Brian our I’m grateful the has to impact Board Boards, and in co-founder HomeAway invaluable. public Sharples Yelp, other Financial. contribution and since also Justin’s Avalara welcome he business. would as on I positive Brian leader been the the former GoDaddy and joining XXXX an on such to Board. of made for Ally

our results. to through turn talk now to the call will financial I over Ross

Ross Tennenbaum

Thank you, Scott.

continued in and in Our first quarter were strong and noted, sales January March. February; a with Scott execution demand by softness increase market in results highlighted as

returns first year-over-year For XX% on revenue a $XXX.X represented XX% which to million, and basis. revenue Subscription of our million, total up $XXX.X the was total XX% year-over-year revenue. grew quarter,

decline crisis $X.X Professional XX% our The [Technical and Professional a to year-over-year. in COVID-XX services as revenue difficult services XXXX was comparable attributable grew Professional services Difficulty]. the million year-over-year revenue QX was revenue

to XXX of approximately a of Our at XX%. QX the core end year-over-year increase customer XX,XXX by count increased XXXX,

four rate retention XXX% we from the revenue to XXX%, was average net average, QX. in quarter is a XXX% Our four in in QX XXXX, up reported quarter resulting which equal

impacted sales new and April. meaningfully remained Our March impacted was demand in in

still in our saw in if early macro though Despite and sustain. some file current too business shown our and far calculate to know our and we funnel environment, will improvement model the must this customers taxes opportunity the However, customer so resiliency base expect. it’s we April, has returns,

churned as churn, business details customer that the of more a meaningful year-over-year no number and illustrate, actually with you of down details both revenue our To like our our March. was uptick our In logo as with share of logos provide on as well I’d additional renewal on out to composition. base percentage QX, some in

gross gross was on the said billing divided that with annual have accounts their QX been revenue Our we canceled in of contribution four by which four and churn X%, define the QX revenue the the in the in we agreements remained associated the has XXXX recognized ‘XX. rate during We past, X% saw below revenue last meaningfully quarters, annual us as lower total with revenue last par churn, all than in with quarters.

significant downgrades, of percent our does total not As the not a QX. gross of revenue churn in include was reminder, a revenue value which

$X,XXX core than paid than the trailing our customers XX,XXX more XX% base XX comes our our months. While businesses, small customer from more of that revenue in us does comprise

approximately Our total taking XXXX customer average dividing by core revenue XXXX calculated our XXXX revenue average by core core was and $XX,XXX, XX,XXX customer customers.

this larger customers reminder, and commerce a does platform that include marketplace customers. aggregators own many their As of end of are

Scott commerce the platforms us benefiting environment, enable our and as with that with to are discussed, this current in our the channel. increase number e-commerce opportunities providing important a of penetration customers, marketplaces Finally, along from them

this In issued discussing loss our references expenses, all basis GAAP of release a press reconciled before please income note results just are to stated, earnings that the and and was that our unless call. the results to per operating the on statement, are in share non-GAAP otherwise remainder

profit gross was million $XX.X XX% ‘XX, margin. for $XX.X with profit and representing XX% a period last the gross gross This a QX of in compares million Gross margin same year.

address or in improvement total revenue, and sales of increase demand year-over-year. over meaningful in investments and marketing made capacity Sales basis environment. to XXX marketing QX an our healthy ‘XX $XX.X million a QX to was We expense XX% points of

in began COVID-XX. We continued those and demand a as March as end February, in and in April investments January of we slowed see customer but products our result slowdown investments for to the

development invest platform, with to and cost million as expense in products, up continue QX in research and from of was features to revenue growth new $XX.X of increase our QX drive in cloud our XX% content ‘XX. expectations efficiency. revenue, was we This including or XX% sales consistent and global

revenue XX% ‘XX. versus of administrative XX% was $XX.X and expense million general QX or QX revenue of in

$X.X increasing expense bad our G&A ‘XX QX Our totaling foreign non-income related of primarily to includes tax reserves, increasing unplanned and legal estimate charges million, accruals higher debt expense.

was QX guidance. which our was $X.X non-GAAP operating million, loss better than previous

reflects outstanding. returns was margin. loss XX.X offset operating shares and $X.XX upside employee subscription quarter, quarter share non-GAAP lower Professional than higher-margin Our the loss services by and lower in on Non-GAAP expected costs per million the and revenue gross revenue based revenue and in expected than

Turning to our and cash balance statement. sheet flow

a end XXXX. decrease $XXX.X Our at cash QX and QX ‘XX, million million from $XXX were the equivalents the cash of of million of end at $XX.X

X% was ‘XX. QX of as the at ‘XX QX revenue from $XXX.X million deferred Total end $XXX.X of million, up

quarter reminder, we be our billing of would revenue is terms decline demand and quarter. our our fourth as to expect and, typically our strongest to fourth therefore, As compared end flat in quarter first a customer deferred

XX% Calculated Calculated from year. the ‘XX, billings in well and liabilities. as metric in into in that non-GAAP QX same contract $XX.X the million takes consideration up a deferred period $XXX.X change in were is as revenue, billings last million the revenue change

balance impacted deferred doubtful uncertainty was of approximately amid as million, COVID-XX. billings for of write-down result to our Calculated a allowance a in primarily increasing the total of $X revenue by QX accounts

was growth revenue lower-than-expected as also includes total since the Professional by impacted discussed. Additionally, calculated metric our previously billings rate services revenue, billings calculated

similar linearity share our like in discuss billings ‘XX January fluctuation. to calculated QX rate. don’t a to the would with more normally quarter, February, little I the growth was color we billings our billings month-to-month year-over-year respect Although In and to year-over-year growth

new more customer our in on billings to However, to deals in upsell existing extent, due and, calculated March, lesser and our cross-sell our an crisis. impact saw We meaningfully customers. decelerated acquisition a to demand the

year. same annual of the consumption various QX quarter renewal driven in and is largely increased of Free by $X spend and renewal $XX.X to level of insurance million cash software was of $XX.X a large million, corporate totaling bonuses last consumption was cash the $X.X for payment expected our The $XX.X flow for licenses in million compared million, the consumption and million.

Free by cash lighter the receivable impacted quarter. also flow than accounts was expected collections in

factors investment overall cash As expenses as caused past working timing flow our quarter-to-quarter from of we will well of level billings by stated calls, - business. the have capital, levels in our seasonality many free as the and our on and including of the fluctuate

now by non-GAAP to year and and COVID-XX revenue on the guidance QX loss guidance will surrounding due pandemic. uncertainty our for providing of for I operating XXXX. expanded We’ve of the the conclude call the full range the

also Our will the in occur based guidance second with the a most is of third that quarter on quarter. improvement assumption modest the significant headwinds

are conditions year. open of or these our more could higher the modify variation Clearly, the broadly to up assumptions end by assuming significant will lower. us that We further economic from guidance cause

XXXX, to range million. we total be to revenue $XXX expect $XXX in QX For the million of

growth Professional standard Although and to subscription out between practice expect rates to decline break would growth us to like we returns for year-over-year mid expect XX% Professional this only, while revenue services, share we subscription that modestly in quarter and we area, not services the and to expected returns year-over-year. for low revenue a

being thoroughly cash manage and hiring early XXXX about on efficient hiring plan decided we we focused In and we our business. growth, and March, to delivering as our responsible Management across are reviewed flow. how is such, the expenditures slow

operating non-essential delaying expenses. or curtailing been have we Additionally,

operating of million be expect $X the $X to million. our range We to QX in loss non-GAAP

a $XXX range we full our of million from XXXX, total revenue $XXX to a million million $XXX million. year of lowering to to $XXX the range guidance are For

services some year-over-year. expect mix XXXX growth We be on based shift that assumption our flattish revenue Professional will

We be year $XX our continue in non-GAAP loss the operating full million to to million. to expect of $XX range

Turning for to on our year. views the cash flow

We flow. to have cash solutions manage implemented responsible

to collections slow other outflow crisis, delay recently with accounts of AR CARES increased As passed our tax of employer deferral cash terms a we payments and that the the will programs advantage payroll vendors the began to of result take under extend including efforts as Act. payable

what February We continue our we of consistent with on earnings burn expect a cash to call. shared modest XXXX level in XXXX

the However, and our day be may higher billings slightly increase impact in sales outstanding. burn potential due to cash to

to closing, on in Scott In few I prepared would points like touched emphasize a remarks. that his

is immune from grow relatively crisis, While and are believe within current our represented struggling. doing insulated our business customer COVID-XX we are not that that that the are our customer the positioned well from the segments segments well are by in we to we risk environment

And of inside some times, we advantages these business including, sales are first, majority the our enjoy appealing model that team vast trying in is sales.

expect at be We teams in productive home the as our can sales is office.

don’t modest people Second, to so take software to our or we customers projects site, we implementation our continue need ASPs are for lengthy sales, can products. have be on to typically compared the many and live on

And the taxes, calculate are finally, and remit in file still industry. to Businesses tax payments. returns we have compliance

businesses relative function may still we to believe very software So making. this be is important purchases other

we on additional and details a our the accessible virtual On will be shortly. be event A will will we hosting IR of for website, Analyst Day the investment share June community. webcast XXrd,

questions. call At like your for to this up the point, open we would

Operator

[Operator Instructions] Sachs. first from Your question comes you. Goldman Chris Merwin Thank from

Your line is open.

Chris Merwin

many trigger so been Avalara. well. become ask my cause them in there a know one bigger I at big with to the know about of that it point-of-sale the least aware obviously, is customers now. Okay. much different events. I to wanted just taking past, for - And question. I about can one has a environment ERP as But much dealing has replacements been we’re of ones. Thanks

like what seeing new recently? customers has to Thank causing come if you. through? wondering you’re more looked So trigger events that Just

Scott McFarlane

is Chris. This Scott. Hey,

call the anywhere a pointed geography. a out that audit, CFO, you out, we or we is eight the as arena, – basis, different from So into events a that probably ERP, trigger to regular or eight different on there nine moving change to nine product call

the But there out CFOs, that got I that and I one. arena, a has say that everybody probably right? the been would know in to of all If ERP, am change somebody sales have, strongest to talking to the application do POS it hey, is, have you’re order When our ERP business that’s ERP change, they or take my change solve going to time to go an actually change they in to they’ve says, some problem application knows go the controllers do that change, over years, tax that. work they financial whatever and opportunity that

Now of and that having had, XXXX we having said is trigger through the that best learned that, downturn we sort gone uncertainty. all I probably them mean the XXXX, of

having at Our competitor decisions, ROI look the is biggest when are to to they And what quo. fore. with status is forced them brings decisions, this efficiency

now, So case order make in that having efficiency the look of looking to out or where at business, are their inefficiencies at actually one is the environment, right measures of this I are all with we strongest the triggers in can one right, people to are the there. COVID help the that

Chris Merwin

apologies in south of a tier if And the are the I But prepared that. of out you more. much. gross revenue. remarks, to very on you’d maybe it know Thanks. of pressure it could because what call if sounded And X%. it if ask impact I at very lower one percent significant missed out trading called Thanks if just actually I just wondering was customers Great. down revenue strong just like curious churn, but of

Scott McFarlane

meaningful and downgrading this time. a didn’t We that not moment at did change anybody in - specifically, out I we’re although seeing it call

Ross Tennenbaum

versus was are more are meaningfully Ross. volumes at volumes, offsetting the see very Chris, base other. look that those that up basis, each that they’re down - on see we that transaction up. a We is stable. did you dollar are Yes. at those are say And when more Scott When meaningfully our volumes see it’s we But down. look We what

basis, a on are So dollar to declining. that that ones about the are ones up the are equal

Chris Merwin

much. so Thanks Great.

Operator

Your next question comes from Sterling Auty from JPMorgan.

open. is line Your

Sterling Auty

been Yeah, so calls, some at through bouncing thanks. the of so to But of the of curious I’m when between in I look this. I’ve guys. did some you exposure cetera, BigCommerce, you if needle experiencing revenue? are the the that Wix, And the to of much of what with end really a amount see is it you spectrum? if et companies, terms anyway? variability, apologize we cover So that the smaller going Hi, move meaningful is

Scott McFarlane

you can Well, been big then did details, overview, us an strategic of some if so a big of - I’ll has give segment the have and But because for It’s Ross Sterling. sort fill protect expand area the been a to our revenue in we and that sort recall, us. not wanted been in down But the and through market, area then you ourselves upmarket. big land mid-market aggregators. opportunistic for we of

relationships more with be And we’ll time over in we done deals big then even customers. those so areas those monetize we’ve working than those volume to And today. are

the But our it efficiency it it. efficiency services - that doing from so because have perspective, of thinking I go overall lot actually not of and south. to we’re businesses, about Interestingly want seeing a impact businesses the aspect on the are does mean, if small were business of meaningful an a - it’s though,

a there’s to tail good that end bad market. of So and the

Ross Tennenbaum

would well. to are I Yeah. how Hope doing? that. add And thing just Sterling, one you you are

side, questions think One there’s as stand it’s commerce an a think great the from us. a commerce, And there. that, benefit I opportunity kind causes is that’s on two to so COVID I we positive. in more to of for acceleration of

ways business just And revenue, other exposure. which revenue. I call, about is XX% was on XX% core is said average customer to part XXXX think the our your question a average the mean, the few The think we I $XX,XXX. of total it. of small there’s core -- our we

revenue core comes a that commerce that skewed So but out, from number sizable high - little and bigger, from even customers a it’s marketplace that something is small when a look that average, you that net still it business. doesn’t are customers like from pretty

a about the about meaningfully and say you when that have companies just churn, you below then -- only is, about, like we I churn. our serve gross churn is that other that gross And looks our lot businesses meaningfully our annual When below said just monthly think thing you is dollar would think churn X%. well, think software which small

so you why I that higher? that And ours classic small dollar have with dollar why fewer is and from businesses well, or of churn. respect pretty say, we that is think insignificant isn’t those contribution our to suggests And just them either the

composition. color on that’s So a little more the

Sterling Auty

That makes sense. Thanks very much, guys.

Ross Tennenbaum

Sterling. Thanks,

Operator

Your Sills question next Securities. comes from of Brad America from Bank

Your line is open.

Brad Sills

platform comments provide new little might categories. on and those excise Thanks, color that? be new you like wanted guys. I migration enable Could where and the a in It you ask the to compliance. this are just tax, a you. great. Hey, new question on the communications how about to for earlier for Thank sounds that two platform could a catalyst

Scott McFarlane

really all to had over it, about everything couple I of team. properly. new for the that of going I’m had move. and - new we on - customers to mean get Scott. been I’m the our excited working Brad, and been everybody make a on we’ve we I But we’ve mean proud Hey, very of you is and to this platform. the working years sure have - make features to all

deprecate of it’s over over and to had platforms so allowing platform, nine we’ve for we’ve this thousands a migrating us while. the one of customers to the that new been And last months,

work help your onboard, just So great of I agents to and customers, a better the to mean allows efficiency to respond to customers everybody. them going just to X them you for easier. help that benefit single service platform it’s our with

areas more then we single, use as you that to more sophisticated suggest, a there business And platform. better can through are drive

crisis. that it’s some So something we’re migration the the and of biggest about getting many that. did COVID the the really I’m customers of toughest proud team of the really for during excited and final under of they And the because done circumstances

Brad Sills

And case assuming Thank if I made of improvement Or in wanted then guidance of are you Scott. you. latter gross that earlier ask your more environment kind adds? the you on towards sustains? prior is Are part the you Thanks, saw the that comments funnel that, April. reflected about assuming to that of on the that

Ross Tennenbaum

Yes, Brad. ahead, Scott. Go

Scott McFarlane

ahead, go Ross. Go No, on.

Ross Tennenbaum

we and say, of were impacted We the to was side improvements nice in March. saw we hanging subcategories see like of as March. that some we the And saw COVID a week the some when going overall some on May, improvement opportunity commentary was first looked we a there. bookings March to then in There continue look bookings. lot we in at had April. in - funnel, around the And I of hit April

say we’re very would I So cautious. being

a to not are share call to we’re some that trend. We’re some we seeing want improvements. They just ready observations that

so when as see on I think we guidance, as about being And we the most prepared impaired. mentioned QX, the the remarks,

of kind that’s several we’re We modeled more something like shape. looking a at and scenarios, U

QX. most up in QX So then, impaired more some broadly, opening in QX, and improvement

Scott McFarlane

And message. we well And digital lots over. it efficiency that ROI lots together I’ll to March do an message through of us with of quickly develop we of - the crisis that COVID The what ‘XX, and XXXX developing, was, to month I responded personally, this. knowing things really been add got to when business. really, assets, switch read the quickly, the and real we to Brad. took rapidly to switched the team can saw I team, having and drive

- record, new prove expect. at the good I message that really opportunities. they’ve our June May will a of to think driving job done you an making number that is out April, it have all-time new And pretty coming transition. of are really as the is might webinars But we people And and

throughout So that, that we’re will continue very year. the hopeful

Brad Sills

guys. That’s much, so great. Thanks

Operator

question from comes next Your Walravens Securities. from Pat JMP

Your line open. is

Unidentified Analyst

Thank Thank Hey. I on this marketplaces. opportunity guys M&A much. about wondering you so is you. you thinking Joey are This time? then you for talk about if the could you with see Pat. how at was And

Scott McFarlane

ERPs the I can when marketplace I jump how this everybody, this got look, lot on - of go the remind Well, then the again, I’ll the involved start out, we in we think guess, in space, about and we’ll M&A. I to and e-commerce. But we in think really to And believe Ross it like mean in beginning. marketplaces, I a want is in

you yourselves with then ERPs, to to loyal that those monetize relationships. you develop those as the you - into and work get business, You partners those win and partners them secure

demand the transactions saw that what - of that’s for in being amazing. e-commerce on aggregators the mean Shopify, doing. And that really the we’ve generated focused and Wix. seeing I years, and just last number in mean, area COVID, coming And of now people is the happening marketplaces, So couple I is quite been I we exactly that and and having what BigCommerce, along, with mean, nobody really are like we’ve big working been right the that how are increases

sure them that been is our we’ve in with place, kinds them relationships to working this the those you you you’re monetize making things working really it a doubt, of just and market the over one? are And in solidify of become them marketplaces working all them, that but Ross, to and want a trusted time. it’s take getting so partner one opportunity strategically jump advantage help strong now, driver where with today. in on to But no itself will of

Ross Tennenbaum

acceleration opportunity, relationships last team think think marketplaces. in developing spent an of these it’s it’s e-commerce to commerce given Yeah. we and great the No, a it’s and years great. be XXXX We’ve great platforms, important the of on I those to efforts what of with a mean, expanded tied it’s opportunity. I focus We’ve really adoption couple really the long-term will COVID.

excited we’re in Two-way where be opportunities. say in helpful. conversations intensity we on can the conversations the were April very would encouraging. of very, then I QX about and So

a But I is game. is say would a out. will play that long-term what for this long-term This is us opportunity

We beta. We’re not a say lower to like GMV we’re model.

goes stuff So in in holds play immediately out a away the years. will not the the times, immediately. or revenue over and the model we’re where shows base But tough good up GMV

we it look out over - as have in for the time, and successes QX. don’t but So segment, not come it’s will it growth of

Scott McFarlane

players have has of Yeah. But us, having. with right? really been been go we is when conversations strategic big it for could the different expect it either quarters that said you I think I remarks, lots And and marketplaces, of could in as in that lots of prepared announcing the we’ll mean, to way, those impressed things What are a to I that come. my we’re now, lots talking I of e-commerce months some start businesses. of time really number

area is us. really it So good for a

at. for we’ve I to wanted M&A, areas mean, we now And had and acquisitive look an that company, we’re

deeper in build-and-buy identified But we and months things our got have would by look evaluating always targets partner. coming - like on We’re process, build we’ve at that we quarters. the to some a

in acquisitions. going to to comes we’re lean continue So it when to

Unidentified Analyst

Great. so Thank much. you

Operator

Your from next Scott question Needham. comes Berg from

open. is line Your

Unidentified Analyst

question. Scott. is guys. Hey, for on This Thanks my for taking Josh

curious, how generating versus partner is On ERP events impacted out just change the leads? groups there some the partner other of in side,

ERP more on And the wanted bit, this have you just weeks? know you color. get last I with specifically a seen but in touched some few any improvements to

Scott McFarlane

great Avalara I mean, of down segments. model. partner it they’re business, there right? really the everybody and mean think, I ERPs, mean when And assume -- I I I about and question. heart -- mean, really people I of new it’s boils to into our Yeah. goes talks two that think interestingly sort just it -

a here. You a have so we’re with new the less basis, in of States of United sold new which dealing are just not business, being lot ERPs that an crisis like in and annual on there’s

that the world, is But those the the already, with real the with Existing that them part Sage customers customers, in the in customers the world, of our have right? what working call, dealing Dynamics micro Epicor we with ERP we’re existing world. market

SAM, we order them their our do we’re tax programs more come driving account efficient strategic that of companies team to in managers, channel, So with tax. up those or working sales work use through a implement are to partner with with our to way customers

existing where that efficiency target-rich ERPs, really a So which focus it moment is on environment and the really drive the of and can we customer is bases stop a message.

Unidentified Analyst

Okay, great. And then just a follow-up.

some redirecting Given have items, where but products didn’t are at that? are customers you the tax now the build shift out in you content any and previously, to finding team surging built demand for you’re

Scott McFarlane

question. the I’d on that our COVID blog at website goods look a things interesting about expect. of encourage Lots a question. are things That’s good the our on go crisis. to That’s that right? around good we’ve some rise, the everybody seen Survival of you would

it’s But to because that but not did where go we not did I’ve one I’ll content. heard the check haven’t that an on have back charts have heard that and for, all just that we I off of really content have area one.

Unidentified Analyst

Thanks.

Operator

Your from question comes next Canaccord. Hynes from DJ

Your open. line is

Unidentified Analyst

Hey, guys. This is DJ. Luke on for

seeing geographies? is, I in pre-COVID? today was versus verticals? you’re they Or are the in certain are concentrated customers differences wondering, in And you So as there adding that in differences profiles of are

And are today last then trigger you’ve also, events the and over couple identify? months to of been in new discernible the are of changes types there that that bookings driving able

Scott McFarlane

I in noticed have we’re the that customers not of We the - all any have time. discernible we hear change kind getting. this

- problem really regardless We’ve We’ve we to on. us. got a we’ve of make to got for with, got going this they’re and up. what’s deals is this that large done step deal Some like, no, get to it

Louisiana our harder. or whether any places an - it hit coming that in it of customers New or area some see that in, the - lack Arkansas, things or different don’t we be are area, York And of

us haven’t the product. change the a meaningful buying or way We seen in customers are approaching

decision to ROI some most efficiency of hey, I although different. part, around mean, we them way it for month. that. the the to is is off as business can’t a see we it says, anything, this push really month. If But to see somebody another I want I make and talking we’re usual,

Unidentified Analyst

helpful. Thanks. That’s

Operator

Brian Raymond next Our Peterson James. question comes from from

open. Your line is

Alex Sklar

more outside there it there I business is hiring? mentioned are shifts is to Sklar hiring, development, the buckets or you other This plan been product in just usual in invest automation? any you Alex know international thanks. of it being whether - year, have terms this any Ross, on as Great, Or measured on for but Brian. the be of

Ross Tennenbaum

mean we across hiring growth manage hiring we whole would some fortunate It’s fluid in of a slow modulate at headcount. tech largely evaluating headcount everything QX, to slow our we evolves basis we’re business went as usual. looked through as as can take early through company What can to March, say of expenses. a we that all and want costs And a out on dynamic hiring. situation, where is, we’re all I weekly very and in the I went high areas the we company, we and the how

on dials our hiring got of we the So the fingers pace.

our engineering. investments would I product that say at look still continuing and What is we in

and on products delivery in We have year, of more talk them June. efficiency some this a some drivers. are for growth roadmap for attractive exciting that we’ll Analyst products we’ve exciting really really long-term But about got Day for and

investments. we we so doing and want making those And really are to great there, continue

more in So all side. slowing I and the be while are we areas the think we’ll business R&D the normal of hiring,

our the marketing, good bit exited behind prior little a on and were in as sales XXXX. we we as is, felt news calls, Sales commented and we we marketing capacity

were lot QX, got January, continued us. so that that capacity ramping we our a of and we So in in behind

and further modulated so COVID continue that. as that at hit we’ll we’ve look And to

can QX, we unexpected on in think then have I get G&A, did in think some there. and leverage expenses I And we some

as much additional right usual, So color but a pretty business little there.

Scott McFarlane

And probably India. EMEA, to bit we We’ll focus be this probably hunker on - it just internationally. aggressive little a of internationally, expand and we’ll down probably probably year. Am, won’t But a as Lat down in quite and tone growth bit little

Alex Sklar

for Got it. other you. Scott, one question

seen your uptick of for one CertCapture? handling paper-based been One documentation biggest is the in has challenges like Have demand the during some of that digitization you of products of the we’ve any consistently things environment. work-from-home heard

Scott McFarlane

- at really we do cloud-based contemplate I realization in do the How to mean, we of of believe I something use can mean go not home can business, the big to as right? people driving how like that, for that is a this have you but product? tailwind You yet, a online? what really is

see did CertCapture in We our QX. happened - we’ve some largest ever that deals one of had

the that top So huge last I one people to are of three product haven’t in XX seen looking switch a days. is our at lines, it. but It

Alex Sklar

Thank it. Got you.

Operator

Brent from Sandler. question comes Piper Bracelin Your next from

open. is line Your

Brent Bracelin

there’s Thank know international I of here VAT is you. A with in Obviously, Scott, to from Europe rules some that into here couple effect is of EU maybe new January small, start XXXX. we’ll going go me. questions be small. you.

Thanks. But walk of that opportunity have? that a change go place? be into those And can in nice the rules as to us then through growth accelerate Or more a Europe? a kind Is follow-ups. to see couple you agent

Scott McFarlane

of tailwind for looking and I us. for There’s The the a digitization I able no the into down there’s that are playing area. going to why And EMEA. no ways right? the that. mean world, the happening, -- it’s changes certainly mean, good of all mean, we’re about we’re VAT strength different that - sort investing different business, and around a - doubling at matter, I the Europe all really all driving are rules, of in I and be on look, to like And question other and that’s Brexit I deal our really in in that with mean, mean, question. that’s is

just effect so So really there, a for international I widespread hit will. would But because dampening on hard. been -- has yes, it’s COVID put say, it

right I a will driver So lot But how business. initiatives that for things, nobody the it a be see we’re the and of know driving really we’ll we’ll now, it it’s - all We we mean out. see it of all tailwind. pushing know is how a settles

which the tax. that that state, is tax, interesting unlike things about that is federal sales mean, of One is I a

using a way the that different so blows the And they’re some things. soften as of to do and

have the how And see it’s the coming happens. So We’ll out out quarters. will political to I a hot think it fall potato. fall in

Brent Bracelin

guess, you, shifting to Helpful color then And I Ross. there.

offline, at of of base, customers XX,XXX customer look online, those customers, mix a are kind your there’s that multi-channel. you As

We’re online the opportunities. acceleration kind clearly of seeing to

the of are online at other more can of you a drive marketplace partners, I’m of your sharp opportunities at how I with what efforts just are in that of capture some there? your the pivot to top And And get like funnel, do there seeing quickly out things wondering, can activities now. to the but pretty businesses? here kind we’re where specifically looks platforms pivoting more of online you you go-to-market some acceleration target to happening

Ross Tennenbaum

from that hasn’t comes said We’ve Yeah. really now. the about call, of volume mean, me, I a that at on e-commerce. for game We transaction changed. while been our to XX%

or could migrated e-commerce could the this have pure this the evolution mix of So in that be models. be storefronts

And so see that we our across base.

about, big but own. And I just That’s the think on as doing partners or the also commerce not their marketplaces own, their talked just that platform it’s it our a It’s on our Scott commerce mix doing model. businesses are go-to-market been track is the pure past. of top growth And commerce area that customers the for are that business or into woven in we something model. have many

before, ability And the getting about I think ourselves and ourselves establish partners were have and And platform compliance, you at to I sales talked be we in look couple of the our the company. as the this when we the platform putting in as multi-product of international really – multi-platform leader. laid groundwork think coming a position cross-border, years to over last exemptions to tax,

journey. tax inherently compliance in ability that I to attract with varying they e-commerce And these we’re so customers our our as find and that the working in become are just our deepen customers. have and they needs across global partnerships shining

of acceleration e-commerce and advantaged said, So the I again, what potential opportunity, agree by we’ll to which be you it’s think customers the what I a long-term with there. out by is journey

Scott McFarlane

that a saw had we name stores been malls come retail mean, things. we - I recently. customer household fast. saw in selling exclusively mean it’s A interesting and they’ve know know. We here would very just almost all most We all very, the I one of over. sorry,

retail. And new And that partners, they’ve do one one going way online, in brand, were our in our they driving selected, That’s we see way. the than But Avalara. our they that. sold and and business We big any never gone and like just relatively never new - other with years, Tulip of of had - XXX our partners, record like a time. selling up and got it’s using them who

Brent Bracelin

about pretty really step then February, a the talked January, or services. part billings, good in Ross, being kind - Obviously, me, to services tied obviously, and of down. go-to-market encouraging. the down business, in being pro you that pro you billings talked around excuse Very step of about

pro the in virtual what Just a the the was what Are QX? it rate implementation? understand to services, services? linearity trying implies run pro pivoting more of of to drivers of you So margin, kind for

Ross Tennenbaum

global including we an PS, definitely Yeah. the in first meaningfully saw from March, of I business. and about one PS February question. and PS, US impact some in thing PS then in important think our international Good starting all,

year-over-year then that I think QX ‘XX. looking so in grew at, And PS And hit. XX% we’re

of that we’re comparison, So difficult. was facing kind year-over-year which

and our important part understand people I we and new that sell good is we existing add But subscription and on a business. I don’t products as our that that customers view - in What’s continue think customers, business most to want add-on existing customers leading is for we to important the them to products indicator that expanding land live. our take and PS

or March, our And was from months March. when above then was in April, in Feb, above it and in And was we it go-lives look XXXX. January at down many the it of at but

them customers we’re and so subscription. live, job what taking that’s drives really a of in And bringing and doing still good

customs is like brokerage like support and comprised things color, and And agreements you studies nexus more voluntary so and to disclosure really even in PS PS, give a registrations that of little services.

from the PS so the core for business a little velocity of implementation. revenue And high comes

think filed just want with on and that our become are this and and services and now, customers. on payments I get the they very the to But the made. filings put calculated other more the more returns to back focused of think which headache, that to all complex. going doc EDA, want they their they’re the business, tax later. I continue I So things, dealing come complex pause it’s think be And They right just and taxes to can valuable get has to to

being given And ‘XX a don’t the flattish a leading year. well. at that’s that back, that we guide, strong for in see just we the subscription the services, had year, see it comes QX I we and first the the important half I majority is of as think, in It’s to kind year-over-year difficult it the when we’ve - so growth we look and year And year. the of the of But PS think think how in did that’s, I color the see XX% some business. Last point where indicator of as we impact.

Scott McFarlane

our And I we’re just partners. it that be - call want it’s comes to because in not with on Professional everybody competition out the we want to very point conflicted services when to to do

first. people, are who business how that so we’re And much and partners. to we The we partner and grow with, the be want business in walk fine implementations, what always we a line involve doing us very we much doing how the bringing

Operator

next question [Operator Instructions] come from Your will Stotler from Blair. William Matt

is line open. Your

Matt Stotler

for guys. Thanks Hey, taking my questions.

of just a addressed me. quick most You’ve for of them, ones couple

point. pretty benign at this are like all, downgrades about First talked positive. you customer churn of It stable sounds

outside or of structured any seeing terms But downgrades flexibility the billings you you’re of requests that? kind or relief like that in are for ACV from customers anything seeing,

Ross Tennenbaum

Yeah.

We payment have seen customers ask terms. for extended

seen outstanding, that. sales net-XX of concerning point. our dollars. we We’ve pay can instead it’s few of million some It’s nothing in net at this So seen day - elongation XX. It’s a too but we’ve

increasing as the we sales, been more haven’t relief. but And for new discounts really, side, on on been interested in they’ve cash pricing customers focused - haven’t

something so them or think a net-XX maybe longer. I in itself And that giving manifests

customers And quarterly annual of pay also, request some advance, or we instead monthly. seen paying have can they

portion are a expect of So but significant not more we’ll that. some getting we I of those It’s requests. see yet,

Matt Stotler

Right.

the guys so, Okay. then Obviously, of or just massive That’s library a helpful. content. the over level. built past this And higher you have one, second decade from

through both that and acquisitions. You’ve organically expanded

have types wondering, different kind looking you. capabilities, of whether of in that’s expand priorities and in of what or was coverage? content Thank of terms you I tax forward, continuing to geographically terms

Scott McFarlane

to Yes. development, going I going what take content, doing protect when are talked really forward. bit we’ve in around investments Ross little a R&D. actually And addressed we to mean, this we’re hard really around about tried our we where

So we efficiencies. that bringing products drive new we’re out the can the

just one we content do I Brazil. around want that And roadmap think, in content need what in well, as got, strong is deliver we’ve those. to the EMEA particular, a the very holes And US to internationally and we in fill and to of and

in that on going game holes fill that to we’re plan the we’ve stay had. and So

through US, we all to saying way the in relentless don’t making to line, I’ve that be been content we well that that AI going come need efforts, the happen to either point have acquisitions through done as along all we’re our as the index the the up. can own when get start and acquisition service that they we and as in continue to

relentless I be going mean, to in So driving that we’re forward.

Matt Stotler

Got for taking it. Thank you questions.

Scott McFarlane

Thank you.

Operator

comes Panigrahi Your next Mizuho. from question Siti from

open. is line Your

Siti Panigrahi

Hey, you glad doing Most were to questions hear of guys my asked. well.

Just question. a quick

business the talked compliance? more just about where wondering I’m talked impact business the calculation do You between lower. you model. about guidance guys revised You see your versus

more - Just you wondering expect where where the impact.

Ross Tennenbaum

the think, I half that. like one, really subscription volume mean I tied business roughly compliance, so transaction that’s sort we or to and of when anything not of Yeah. is about think

reasonably so to meaningfully have downgraded. than of hard we impact because calculation. So the in is then our be model, we pricing how transaction we’ve They’re the other and half have to and bands is then customers feel to well pretty model the the how on to there get in insulated very wide, of then and less we to wide impaired And so is built. way it’s meaningfully volume. - pricing revenue the And downgrade where about impact impaired insulated. us And well feel talked price

churn we is how the good why really far. play really sure the base so is our good talked reasons going that Not So downgrades, and so good. out forward. look we’re about stable will far, across insulated there’s looking and But as And board. the metrics it

When things, say U zeroed modeled on XXXX, Shape. We Shape, a U right. in the scenarios, of We V Shape, we L for focused we think I’d Shape. on X few guidance about kind

what As low able look get we boundaries year, to were able boundaries. get and we’re we those those can the scenarios, on to around high and the revenue for modeled like comfortable

the at of that will how shape just was of And the three we affect new it and curve sort bookings. looked areas

broadly. QX And and hit then QX being And then more the there and churn. part is second improving from so up QX the opening hardest

was what about As I March. par we churn. In commented, was just on it’s good. with it March, do April think

really So seeing far, we’re some resilient model uptick. a assume It stable uptick. and did base. could We

in nicely. But been expect so far, it’s it holding We would.

coming got bunch of year. this we’ve the one a out is And third new then products

And year. of half them, in some for projections had we of revenue the back the

getting We’re still going those to we are going launch on products. focus products, and from revenue those to still

in what our think environment, products. this we It dampened expect I our But out could those expectations. expectations dampen has for that of

and kind things the our how arms those guidance. got scenario talked is about of around So model we the three I

Siti Panigrahi

taking for my Thanks question.

Ross Tennenbaum

Siti. Thanks,

Operator

question last comes from Jester from Daniel Your Citi.

Your line is open.

Daniel Jester

you thank for ones. in. Great. squeezing Thanks, me really everyone. Two And quick

First, on the growth opportunities.

a which about going little in bit might be a You question. current the So little a growth about first difficult that being bit going this could sale, talked little the higher rank be your in touch a that’s that opportunistic how earlier priorities environment? upmarket upmarket. of I given guess, does more

of be the especially returns? incremental impact great. there that then local you, would and the And aren’t your customers revenue? question costs that how a for that sort does to up insight you. jurisdictions change for add shift side? Does filing second dates, Any the state - Thank subscription on is, when on tax does that that Does any

Scott McFarlane

one. the then do deal ahead. the other first, take to last Ross, - want with take question and the I’ll you Go we’ll

Ross Tennenbaum

Yeah.

you that file; some well. you cases, have payment, delay you monitoring changes your So customers delay delay jurisdictions can to some in we’ve allowing are cataloging the - our cases, and can -- we’re to but filing as making,

compliance is mostly the annual to the years, subscriptions past would moved over upfront. few what we’ve paid I But say business really

returns the And still is become the recognize mean, we and so revenue. somewhat really majority I as But bill call recognized compliance. the revenue are so of significant ratably. file, There minority I we pay-as-you-file, -- it’s

of recognized annual, it ratably. is most So

see could small we And so that minority.

revenue, little you meaningful really a that might see later, it into we revenue. If impact but shift as a some file don’t

Scott McFarlane

repeat you can the question? Daniel, first

Daniel Jester

Sure.

of going a where rank now? like kind sale. a this upmarket, of of might your it priorities feels difficult on environment, in bit it Just that Kind in right be little high-touch does

Scott McFarlane

don’t we’re opportunistic, to mean, I - when mean to that opportunistic don’t after we at continue thing that the against be -- mean We - and upper look is of the same enterprise change say our sales going the about mean, I the an in way really motion. we end I space. into the space. upmarket enterprise I mid-market is way go we go the opportunistic I the

opportunistic I changes quarter. of - as no we’re is aggressive going as we So of every for those be us, motion. in do a those really and can, there mean, opportunistic number change And we quite doing to deals sales possibly

just to driving in of the custom bringing release - we’ve What that say quarters. our that I out talked upmarket. And past that a been coming in and we need we’re process biggest order the that limited the And towards is availability a about the go as over getting in really feature that’s I’ve element really rules. would to of having we’re the in have

of coincide And the to our have it on And issues. with and all COVID opportunistic loosening up. of will we so sight the yeah, hopefully, be set continuing moving

could yes, timing really So us. be for it good

Daniel Jester

you Great. much. very Thank

Scott McFarlane

you. Thank

Operator

closing questions. over would no Co-Founder to have and remarks. Scott turn like McFarlane, to CEO, further for the I We back call

Scott McFarlane

congratulations trust. all thank with to earnings and customers to employees for call the to partners want our Avalara I saying his first and close on by adaptability, to your you your and for Ross and

We you look to confident will the that as much. and to Thank crisis you interest next for navigate all emerge partners. I’m your and to from coming in and together, forward customers call. valued very on the talking stronger this as Avalara we our technology will Thank and a team Avalara, months a you

Operator

call. gentlemen, Thank this concludes you and Ladies today’s conference for your participation.

disconnect. now may You

Avalara (AVLR) 9 May 202020 Q1 Earnings call transcript