Avepoint, Inc. · NASDAQ:AVPT
Avepoint — Apex Technology Acquisition — SPAC Merger (June 2021)
35 slides from Avepoint's SPAC merger presentation, Jun 2, 2021
Slide 1: Investor Presentation June 2021
Investor Presentation June 2021 Collaborate with Confidence Accessible content is available upon request.
Slide 2: Disclaimer
This presentation (“Presentation”) is for informational purposes only. This Presentation shall not constitute an offer to sell, or the solicitation of an offer to buy, any securities, nor shall there be any sale of securities in any states or jurisdictions in which such offer, solicitation or sale w
Slide 3: Apex Technology Acquisition Corp. Executive Team and Board
Apex Technology Acquisition Corp. (NASDAQ: APXT) Executive Team and Board Jeff Epstein Brad Koenig Co-CEO and CFO Co-CEO Operating Partner at Bessemer Venture Partners Professional career: Partner, 15+ years as the Global Head of Technology Investment Banking Advises over 100 portfolio companies; da
Slide 4: AvePoint is the Largest Data Management Solutions Provider for Microsoft 365
AvePoint is the Largest Data Management Solutions Provider for Microsoft 365 A Data Management Leader in Massive and Rapidly Growing Microsoft Q1 LTM 2021 Strong Cloud Marketplace Financial Performance TAM growth to $33Bn by 2022 Large, Established Global Presence $158mm Revenue Over 1,300 employees
Slide 5: Experienced and Proven Management Team
Experienced and Proven Management Team Tianyi (“TJ”) Jiang Xunkai (“Kai”) Gong Brian Brown Sophia Wu Chief Executive Officer Executive Chairman General Counsel & Chief Financial Officer Chief Operating Officer 23 Years Industry Exp. 35 Years Industry Exp. 20 Years Industry Exp. 22 Years Industry Exp
Slide 6: Our History of Innovation
Our History of Innovation Subscription Conversion Cloud Acceleration $194mm Partner Portal Backup for (AOS for Partners) Exchange DocAve V6 & Governance 2017 2001 Founded Automation V1 2001 2012 Cloud Records Compliance AvePoint 2017 AvePoint’s Virtual Guardian V3 mm) Cloud (Backup, Assistant (AVA)
Slide 7: Data Growth and the Cloud Have Entirely Changed the IT Landscape
Data Growth and the Cloud Have Entirely Changed the IT Landscape “Explosive” Enterprise Digital Transformation / Data Growth Shift to Cloud 1 2 CAGR of CAGR of enterprise data 26% 21% cloud storage Data Loss Security issues Compliance Digital Behavior Enterprises Deploying Collaboration Complex Envi
Slide 8: Digital Transformation Has Accelerated During the Pandemic, With Microsoft Cloud Gaining Momentum
Digital Transformation Has Accelerated During the Pandemic, With Microsoft Cloud Gaining Significant Momentum “Over a year into the pandemic, digital adoption curves aren’t slowing down. They’re accelerating, and it’s just the beginning.” Satya Nadella, (04/27/2021) $56.1bn Cloud LTM Revenue4 Micros
Slide 9: We Bridge the Gap Between What Microsoft Cloud Offers and What the Enterprise Requires
We Bridge the Gap Between What Microsoft Cloud Offers and What the Enterprise Requires What Microsoft Cloud Offers What the Enterprise Requires Seamless Collaboration Transformation Office Integration Governance Better Decision Making Compliance Office Tools Cloud On-Premises Leader in Digital Trans
Slide 10: AvePoint Solves Data Management Challenges at Any Stage in the Customer Cloud Journey
AvePoint Solves Data Management Challenges at Any Stage in the Customer Cloud Journey Information Lifecycle Management Content & Collaboration Security File Analysis and Discovery Delegated Administration Operational Governance/SaaS Mgmt Data Retention Managed, Automated End-User Services Asset Mana
Slide 11: AvePoint Advantage
AvePoint Advantage Limitations of Existing Solutions Microsoft Cloud Utilizes full benefits of Microsoft Cloud Lack Microsoft expertise Focus Data Protection Protects and prioritizes data Challenged data protection Significant expertise in compliance Compliance Do not adequately address compliance r
Slide 12: Customer ROI by the Numbers
Customer ROI by the Numbers 94% 500k Teams adoption achieved $5.4 savings: $1 spend for our after 1 mo of governance average Cloud Governance implementation customer Reduced Risk 100K 20mm Example fine reduction on $2 savings: $1 spend est. 75mm International Traffic in yearly savings of 5000-seat A
Slide 13: AvePoint Realizes the Benefits of Deep Focus on the Microsoft Cloud
AvePoint Realizes the Benefits of Deep Focus on the Microsoft Cloud Existing Horizontal Providers 365 Vertical Key Benefits of ‘Vertical’ Approach More efficient go-to-market / Transformation higher unit economics Efficient R&D spend by not being “all things to all people” Governance Greater focus a
Slide 14: Leader in Microsoft data management solutions
Leader in Microsoft 365 data management solutions Microsoft Designated Experts; Member Microsoft Alliance of Several Product Councils Better Together Since 2001 One of the Largest Microsoft 365 Focused R&D Team Outside of Microsoft One of the Largest 3rd Party SaaS Platform Built for Microsoft Cloud
Slide 15: Large and Growing Addressable Market
Large and Growing Addressable Market Digital Transformation TAM $1.8tn Security Cloud Integration by 20224 Compliance1 & Migration2 $7.2bn $3.1bn Additional $33bn Cloud by 20225 MSFT Cloud 3 Growth $DPaaS 4 8 . bn 2020 MSFT 365 TAM $6.5bn6 AvePoint Growth Outlook 2020 Future Achievable at 11% Micros
Slide 16: Effective Global Go-to-Market Sales Organization
Effective Global Go-to-Market Sales Organization Sales Segmentation GTM Model Customer Segment Awareness Over $2.5bn Lead Generation Primarily Direct, Some Lead Qualification Indirect $250mm to $2.5bn (Qualify/ Disqualify/Recycle) 100% Indirect Less than $250mm with Opportunities (VARs or MSPs, Dire
Slide 17: Representative Customers: Diversified Blue Chip Base
Representative Customers: Diversified Blue Chip Base Communications Retail / Consumer Pharma & Health Financial Services Gov’t / Education High Technology US Treasury US Department Department of State 17 ©AvePoint, Inc. All rights reserved. Confidential and proprietary information of AvePoint, Inc.
Slide 18: AvePoint Has Multiple Avenues for Growth
AvePoint Has Multiple Avenues for Growth Further International Expansion Expand Target Capture Entire Industry Focus Microsoft Cloud Increase SMB Customer Base Sell More to Footprint AvePoint positioned Existing to execute on all key Customers already has a growth areas globally AvePoint strong comm
Slide 19: mlatelareltelis
mlatelareltelis
Slide 20: A Powerful Financial Model
A Powerful Financial Model Predictable Multiple Growth Strong Operating Capital Efficient Recurring Revenue Expansion Vectors Leverage Business Model Conversion to subscription Increasing penetration in key Mix shift drives gross margin Minimal capital expenditure model completed in 2018 customer se
Slide 21: Significant Shift to Recurring Revenue
Significant Shift to Recurring Revenue Total Revenue Mix 2017A (Pre-Conversion) 2020A 2021E 2022E $257mm $194mm $152mm $94mm 65% 75% 81% 85% % Recurring Revenue1 Recurring Revenue Non-Recurring Revenue Source: AvePoint Management. 1) Includes SaaS, termed license and support and maintenance revenue
Slide 22: Continued Improvement in Net Revenue Retention Rates
Continued Improvement in Net Revenue Retention Rates Net Revenue Retention1 (%) +18pp 110% Constantly innovating and 107% expanding end-to-end data management software suite 104% driving customer loyalty and 103% stickiness 92% Increasing focus on customer success resulting in a reduction of down-se
Slide 23: Highly Attractive Financial Profile
Highly Attractive Financial Profile Quarterly Total ARR1 ($mm) $129 $119 $112 $104 $92 $97 $86 $75 $79 2019 Q1 2019 Q2 2019 Q3 2019 Q4 2020 Q1 2020 Q2 2020 Q3 2020 Q4 2021 Q1 % YoY ARR Growth 18% 20% 27% 29% 27% 32% 30% 29% 33% Annual Revenue and Recurring Revenue2 ($mm) $257 $220 CAGR $194 ’19A-’22
Slide 24: Summary Financial Profile
Summary Financial Profile (US$ in millions) 2019A 2020A 2021E 2022E ‘19A – ’22E Total Revenue1 $116 $152 $194 $257 30% % Growth 31% 28% 33% Recurring Revenue $83 $114 $158 $220 39% % Growth 38% 38% 40% % of Revenue 71% 75% 81% 85% Gross Profit $80 $111 $140 $191 34% % Margin 69% 73% 72% 74% EBIT (No
Slide 25: Transaction Summary
Transaction Summary Post-Transaction Apex Founder and Private Placement Ownership1 PIPE Ivestors (7%) Shares (3.3%) Overview Fully distributed pro forma enterprise value of $1.7bn, or 9.0x CY21E revenue Apex Public Existing AvePoint of $194mm and 6.7x CY22E revenue of $257mm Shareholders Shareholder
Slide 26: AvePoint is in an Elite Class
AvePoint is in an Elite Class Total NYSE / NASDAQ Listed Software Companies 212 137 $150mm+ ’20A Revenue 32 >25% ’19A-’20A Revenue Growth 5 >10% ’20A EBIT Margin Relevant Companies + Source: AvePoint Management and FactSet median broker consensus estimates as of October 19, 2020. 26 ©AvePoint, Inc.
Slide 27: AvePoint
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Slide 28: AvePoint
AvePoint leash the Power of You
Slide 29: Appendix
Appendix 29
Slide 30: Customer Journey
Customer Journey Achievable plan to maximize customer time to value Pre-Sales Post-Sales Customer Purchases Iterative 30 ©AvePoint, Inc. All rights reserved. Confidential and proprietary information of AvePoint, Inc.
Slide 31: Case Study: US Department of State
Case Study: US Department of State The Challenge 30,000+ employees Protect and manage 13+ TB of content in SharePoint 2010 $7.3mm LTV Compliant migration to hybrid cloud & SharePoint 2016 Data loss prevention during content restores Produce audit and PII reports for security teams Results Transforma
Slide 32: Case Study: Omron
Case Study: Omron The Challenge Unify collaboration onto single Microsoft 365 tenant $2.4mm LTV Support for 28,000 employees as well as varying regional laws, protocols, directions for 120 regions and countries Automation of management tasks (scale IT) Secure sharing on Teams, SharePoint CAGR of 30%
Slide 33: Case Study: ThermoFisher Scientific
Case Study: ThermoFisher Scientific The Challenge 70,000+ employees The engineering firm required protection for staff personal data and workspaces $1.9mm LTV Data included intellectual property, permissions, customizations, and other content stored on Microsoft 365 Results 500 TB of Data Protected
Slide 34: Long-Term Targets
Long-Term Targets 2019A 2020A 2022E Long-Term Target Gross Margin 69% 73% 74% 75%+ S&M as % of Revenue 46% 37% 41% 30%+ R&D as % of Revenue 9% 8% 11% 10% G&A as % of Revenue 17% 16% 15% 10% EBIT Margin (Non-GAAP)1 (4%) 12% 7% 25%+ Source: AvePoint Management. 1) See next slide for GAAP to non-GAAP r
Slide 35: GAAP to Non-GAAP Reconciliation
GAAP to Non-GAAP Reconciliation (US$ in millions) 2019A 2020A Q1 2021 LTM 2021E 2022E GAAP Operating Income (Loss) ($19.0) ($15.4) ($21.3) ($34.7) ($39.5) % Margin (16%) (10%) (14%) (18%) (15%) (+) Stock-Based Compensation $13.9 $33.8 $37.0 $42.7 $56.5 % of Revenue 12% 22% 24% 22% 22% EBIT (Non-GAAP
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