Avalara, Inc. (NYSE:AVLR) Q4 2019 Earnings Conference Call - Final Transcript

Feb 12, 2020 • 05:00 pm ET

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Avalara, Inc. (NYSE:AVLR) Q4 2019 Earnings Conference Call - Final Transcript

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Presentation
Operator
Operator

Ladies and gentlemen, thank you for standing by, and welcome to Avalara's Fourth Quarter and Fiscal Year 2019 Earnings Conference Call. [Operator Instructions]After the speakers' presentation, there will be a question-and-answer session. [Operator Instructions].

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

Executive
Greg McDowell

Good afternoon, and welcome to Avalara's fourth quarter and fiscal year 2019 earnings call. We will be discussing the results announced in our press release issued after market close today.

With me are Avalara's CEO, Scott McFarlane; CFO, Bill Ingram; and Executive Vice President of Strategic Initiatives, Ross Tennenbaum.

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 first 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 Q4 2019 earnings call. Q4 was another strong quarter for Avalara, capping off an amazing year. In Q4, we reported total revenue of $107.6 million, representing an increase of 40% over the same quarter last year. Our growth rate was driven by continued strong execution across the business. We saw new customer wins across a wide range of industries, segments and geographies, and we experienced strong customer retention and solid upsell activity.

I would like to thank all of our customers and partners, who contributed to our success in 2019. And I would like to thank our employees for their hard work, their continued commitment to our customers, our vision and each other is greatly appreciated. We recently had a chance to celebrate our success and hard work at our All-Hands Company Meeting. It was amazing to see the involvement, excitement and enthusiasm of all of our