Avalara, Inc. (NYSE:AVLR) Q3 2019 Earnings Conference Call Transcript

Nov 05, 2019 • 05:00 pm ET

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Avalara, Inc. (NYSE:AVLR) Q3 2019 Earnings Conference Call Transcript

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Presentation
Operator
Operator

Ladies and gentlemen thank you for standing by and welcome to the Avalara Third Quarter 2019 Earnings Conference Call. [Operator Instructions]

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

Executive
Greg McDowell

Good afternoon and welcome to Avalara's Third Quarter 2019 Earnings Call. We will be discussing the results announced in our press release issued after market closed today. With me are Avalara's CEO Scott McFarlane; and CFO Bill Ingram. Today's call will contain forward-looking statements which are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements concerning financial and business trends our expected future business and financial performance and financial condition and our guidance for the fourth quarter and fiscal year and can be identified by words such as expect anticipate intend plan believe seek or will.

These statements reflect our views as of today only should not be relied upon as representing our views at any subsequent date and we do not undertake any duty to update these statements. Forward-looking statements by their nature address matters that are subject to risks and uncertainties that could cause actual results to differ materially from expectations. For a discussion of the material risks and other important factors that could affect our actual results please refer to the risks discussed in today's press release our annual report on Form 10-K filed with the Securities and Exchange Commission on February 28 2019 and our other periodic filings with the SEC. During the call we will also discuss non-GAAP financial measures which are not prepared in accordance with generally accepted accounting principles. A reconciliation of the GAAP and non-GAAP results is included in our earnings press release which has been filed with the SEC and is also available on our website at investor.avalara.com.

With that let me turn the call over to Scott.

Executive
Scott McFarlane

Thanks Greg and welcome to everyone joining our Q3 2019 earnings call. Q3 was another strong quarter for Avalara. We reported total revenue of $98.5 million representing an increase of 41% over the prior year. Our growth rate was driven by continued success across the business. We saw new customer wins across a wide range of industries segments and geographies. We also experienced strong customer retention and solid upsell activity. I've said it before and I'll say it again Avalarians worldwide have a shared vision to be part of every transaction in the world. As our value proposition gains more traction and validation I'm increasingly confident in our ability to build a great company with durable growth characteristics. Once again, I'd like to thank our employees for their hard work, your continued commitment to our customers, our vision, and each other is much appreciated. And I would like to thank our customers and partners for your trust in a Valera and our team.

Before we dig into several interesting topics for this quarter I want to reemphasize the