Avalara (AVLR) Tops Q1 EPS by 3c

Avalara (NYSE: AVLR) reported Q1 EPS of ($0.08), $0.03 better than the analyst estimate of ($0.11). Revenue for the quarter came in at $153.6 million versus the consensus estimate of $143.11 million.

“We are off to a great start in 2021, continuing the momentum we experienced in 2020. We experienced notable strength throughout our business, resulting in total revenue growth of 38% year-over-year in the first quarter and 47% year-over-year calculated billings growth,” said Scott McFarlane, Avalara co-founder and chief executive officer. “The global market for automated tax compliance services is huge and we believe we are still in the early stages of penetrating it as we build out the category-defining global cloud compliance platform. Importantly, as the global economy reopens, we continue to benefit from several tailwinds supporting adoption of these services, such as the generational shift to omnichannel commerce and cloud-based solutions along with growing emphasis on efficiency and the ever-greater regulatory scrutiny and penalties for non-compliance.”

For earnings history and earnings-related data on Avalara (AVLR) click here.

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