Company: Avalara, Inc.
Symbol: AVLR
Description: They provide a leading suite of cloud-based solutions designed to improve accuracy and efficiency by automating the processes of determining taxability, identifying applicable tax rates, determining and collecting taxes, preparing and filing returns, remitting taxes, maintaining tax records, and managing compliance documents.
Trade Date: 6/15
Shares: 7.5 million
Price Range: $19.00-$21.00
Underwriter(s): Goldman Sachs & Co., J.P. Morgan, BofA Merrill Lynch
Co-Manager(s): JMP Securities, KeyBanc Capital, Stifel
Terms Added: 6-4-18
Business: The rise of digital commerce and international trade, coupled with constantly shifting taxation and reporting obligations imposed by the global patchwork of local, regional, state, and national taxing authorities, has created a tremendously complex and onerous compliance burden for businesses of all sizes. Avalara’s mission is to provide solutions for this challenge, allowing companies to focus on their core operations. They provide a leading suite of cloud-based solutions designed to improve accuracy and efficiency by automating the processes of determining taxability, identifying applicable tax rates, determining and collecting taxes, preparing and filing returns, remitting taxes, maintaining tax records, and managing compliance documents. In 2017, they processed an average of over 16 million tax determinations per day. Their vision is to be part of every transaction in the world.
FINANCIALS: They generated revenue of $123.2 million, $167.4 million, $213.2 million, and $61.4 million in 2015, 2016, 2017, and the three months ended March 31, 2018, respectively. They had net losses of $77.8 million, $57.9 million, $64.1 million, and $15.2 million in 2015, 2016, 2017, and the three months ended March 31, 2018, respectively, primarily due to their investments in growth.
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