AVLR · Avalara, Inc. - Financials
Annual line items from SEC XBRL filings, sourced from EDGAR's Company Facts API with fallback to the quarterly Financial Statement Data Sets. See issuer overview for Form 4 activity and 10-K signals.
Income Statement
| Line item | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|
| Revenue | $698.98M | $500.57M | $382.42M | $167.43M |
| Cost of Revenue | $204.83M | $143.09M | $115.30M | $48.51M |
| Gross Profit | $494.14M | $357.47M | $267.12M | $118.91M |
| R&D | $167.39M | $119.71M | $82.44M | $32.85M |
| SG&A | $137.30M | $95.24M | $71.92M | $36.88M |
| Total Operating Expenses | $600.70M | $419.44M | $322.99M | $173.21M |
| D&A | $36.53M | $20.23M | $15.81M | $10.43M |
| Operating Income | ($106.55M) | ($61.97M) | ($55.87M) | ($54.29M) |
| Interest Expense | $2.31M | - | $289.0K | $2.30M |
| Income Tax | $3.31M | ($8.31M) | $955.0K | $640.0K |
| Net Income | ($125.23M) | ($49.18M) | ($50.21M) | ($57.89M) |
| EPS - Basic | - | - | - | - |
| EPS - Diluted | - | - | - | - |
Balance Sheet
| Line item | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|
| Cash & Equivalents | $1.51B | $673.59M | $466.95M | $10.68M |
| Accounts Receivable | $114.25M | $75.86M | $51.64M | $40.29M |
| Inventory | - | - | - | - |
| Accounts Payable | $16.68M | $20.28M | $11.69M | $4.85M |
| Current Assets | $1.78B | $832.91M | $566.80M | $207.30M |
| Total Assets | $2.70B | $1.60B | $807.27M | $322.93M |
| Current Liabilities | $567.67M | $378.95M | $271.73M | $185.67M |
| Long-term Debt | - | - | - | - |
| Total Liabilities | $1.67B | $522.17M | $343.55M | $213.38M |
| Stockholders' Equity | $1.03B | $1.08B | $463.72M | ($343.16M) |
| Retained Earnings | ($684.61M) | ($559.38M) | ($510.19M) | ($487.60M) |
Cash Flow
| Line item | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|
| Operating Cash Flow | $34.12M | $42.62M | $22.39M | ($21.70M) |
| Investing Cash Flow | ($100.35M) | ($378.06M) | ($52.13M) | ($29.69M) |
| Financing Cash Flow | $918.91M | $606.06M | $354.41M | $61.00M |
| CapEx | $7.66M | $4.50M | $10.18M | $6.66M |
| Free Cash Flow | $26.46M | $38.12M | $12.21M | ($28.36M) |
Ratios
| Metric | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|
| Profitability | ||||
| Gross margin | 70.7% | 71.4% | 69.9% | 71.0% |
| Operating margin | -15.2% | -12.4% | -14.6% | -32.4% |
| EBITDA margin | -10.0% | -8.3% | -10.5% | -26.2% |
| Net margin | -17.9% | -9.8% | -13.1% | -34.6% |
| Free cash flow margin | 3.8% | 7.6% | 3.2% | -16.9% |
| FCF / Net income | -0.21 | -0.78 | -0.24 | 0.49 |
| R&D / Revenue | 23.9% | 23.9% | 21.6% | 19.6% |
| SG&A / Revenue | 19.6% | 19.0% | 18.8% | 22.0% |
| Effective tax rate | - | - | - | - |
| Return on assets | -4.6% | -3.1% | -6.2% | -17.9% |
| Return on equity | -12.2% | -4.6% | -10.8% | 16.9% |
| Return on invested capital | - | - | - | - |
| Liquidity | ||||
| Current ratio | 3.13 | 2.20 | 2.09 | 1.12 |
| Quick ratio | 3.13 | 2.20 | 2.09 | 1.12 |
| Cash ratio | 2.67 | 1.78 | 1.72 | 0.06 |
| Leverage | ||||
| Debt / Equity | - | - | - | - |
| Debt / Assets | - | - | - | - |
| Debt / EBITDA | - | - | - | - |
| Interest coverage | -46.1x | - | -193.3x | -23.6x |
| Equity multiplier | 2.63 | 1.48 | 1.74 | -0.94 |
| Liabilities / Assets | 0.62 | 0.33 | 0.43 | 0.66 |
| Efficiency | ||||
| Asset turnover | 0.26 | 0.31 | 0.47 | 0.52 |
| Inventory turnover | - | - | - | - |
| Days sales outstanding | 60d | 55d | 49d | 88d |
| Days inventory outstanding | - | - | - | - |
| Days payable outstanding | 30d | 52d | 37d | 36d |
| Cash conversion cycle | - | - | - | - |
| Valuation | ||||
| P / E | - | - | - | - |
| P / B | - | - | - | - |
| P / S | - | - | - | - |
| EV / EBITDA | - | - | - | - |
| Growth | ||||
| Revenue growth (YoY) | 39.6% | 30.9% | 128.4% | - |
| Revenue CAGR (3y) | 61.0% | - | - | - |
| Revenue CAGR (5y) | - | - | - | - |
| Gross profit growth (YoY) | 38.2% | 33.8% | 124.6% | - |
| Operating income growth (YoY) | -71.9% | -10.9% | -2.9% | - |
| Net income growth (YoY) | -154.6% | 2.1% | 13.3% | - |
| EPS growth (YoY) | - | - | - | - |
| EPS CAGR (3y) | - | - | - | - |
| EPS CAGR (5y) | - | - | - | - |
| FCF growth (YoY) | -30.6% | 212.3% | - | - |
| FCF CAGR (5y) | - | - | - | - |
| Book value growth (YoY) | -5.0% | 132.9% | - | - |
Sales by segment
From XBRL dimensional facts in the 10-K period ending 2021-12-31.
Product / service
$1.28B totalSubscription And Circulation$633.09M · 49.4%
Subscription And Returns Tax Calculations$349.43M · 27.2%
Subscription And Returns Tax Returns And Compliance Management$233.42M · 18.2%
Professional Services$65.89M · 5.1%
Subscription And Returns Interest Income On Funds Held From Customers$769.0K · 0.1%
Geographic
$698.98M totalUS$643.13M · 92.0%
Non Us$55.84M · 8.0%
Stability scores
Altman Z′
FY 2021 · bankruptcy risk
0.50
Distress
Private-firm variant - uses book equity instead of market cap. > 2.90 safe · 1.23-2.90 grey · < 1.23 distress.
Piotroski F-score
FY 2021 · 9-point quality
3/9
Weak
- ✗Net income positive
- ✓Operating cash flow positive
- ✗ROA improved YoY
- ✓Cash flow > net income
- -Long-term debt decreased
- ✓Current ratio improved
- ✗No share dilution
- ✗Gross margin improved
- ✗Asset turnover improved
Peer comparison
Same SIC group: Services-Prepackaged Software
Comparing AVALARA against the 5 most active filers in the same SIC group.