Avalara, Inc. (NYSE:AVLR) Q2 2020 Earnings Conference Call - Final Transcript

Aug 04, 2020 • 05:00 pm ET


Avalara, Inc. (NYSE:AVLR) Q2 2020 Earnings Conference Call - Final Transcript


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Ladies and gentlemen, thank you for standing by and welcome to the Avalara Second Quarter 2020 Earnings Conference Call. [Operator Instructions]

I would now like to hand the conference over to your first speaker today, Jennifer Gianola, Vice President, Investor Relations. Thank you. Please go ahead.

Jennifer Gianola

Good afternoon and welcome to Avalara's second quarter 2020 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; and CFO, 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, the impact of COVID-19 on our business and global economic conditions, our expected future business and financial performance and financial condition, and our guidance for the third 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, 2020, 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.

Scott McFarlane

Thanks, Jennifer and welcome to everyone joining our Q2 2020 earnings call. Q2 was another strong quarter that exceeded our expectations amid a challenging business climate. Our revenue was $116.5 million, up 28% year-over-year. I was pleased to see our momentum accelerate throughout the quarter, with June representing our best non-December total bookings month ever.

Our Q2 results validate the resiliency of the Avalara team, our business model and our value proposition, which we believe is resonating well with prospects in this difficult time. ROI and efficiency have always been compelling aspects of our solutions, but they're even more critical in tougher times as businesses look to reduce costs and reallocate people or reduce their headcount. Automating with software is an effective way to facilitate that kind of efficiency. I'm more confident than ever in our ability to build a lasting company with durable growth characteristics.

I'm so proud of the team, and we'd like to thank our employees for their hard work and their commitment