Avalara Inc. (NASDAQ: AVLR) stock gains by 3.26% in the current market trading. Avalara assists businesses of all types with proper tax compliance. Avalara provides cloud-based compliance solutions for different transaction taxes in collaboration with top ERP, accounting, ecommerce, and other financial management system providers.
AVLR stock, Financial Highlights
Avalara has announced its 2021 financial results. Given below is the summary:
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- For Q2 2021, net revenue was $169.1 million, an increase of 45 percent from $116.5 million in Q2 2020.
- In the second quarter of 2021, GAAP gross profit was $120.4 million, reflecting a 71 percent gross margin, relative to $83.2 million and a 71 percent gross margin in the second quarter of 2020.
- Non-GAAP gross profit for Q2 2021 was $125.2 million, reflecting a 74 percent non-GAAP gross margin, relative to $85.7 million and a 74 percent non-GAAP gross margin in the second quarter of 2020.
- In the second quarter of 2021, GAAP operating loss was $26.9 million, relative to a GAAP operating loss of $10.0 million in the second quarter of 2020.
- Operating activities generated $25.6 million in net cash in the second quarter of 2021, relative to $7.5 million in the second quarter of 2020
- For the second quarter of 2021, computed billings were $181.0 million, relative to $118.7 million in the second quarter of 2020.
AVLR Stock 2021 Outlook
- The total revenue for the third quarter of 2021 is expected between $169.0 and $171.0 million. However, for the full year of 2021, the revenue will be between $672.0 and $676.0 million.
- The Non-GAAP operating loss for the third quarter and full year 2021 will be between $5.0-$7.0 million and $10.0-$14.0 million, respectively.
Scott McFarlane, Avalara co-founder and CEO stated,
They are happy to raise their fiscal year forecast once more due to solid business progress. Their results show the beneficial effect of their organic and acquisition-based investments, which they think have enabled them to lead and influence the future of global compliance. Fundamental transformations in the fabric of commerce and regulatory responsibilities, as well as expanding use of cloud-based solutions and the market’s increasing emphasis on efficiency expectations, are all helping us succeed.