Avalara cruised past expectations for its fourth quarter earnings, reporting $144.8 million in revenue, up 35% year-over-year, and non-GAAP earnings per share of $0.09. Wall Street expected revenue of $133 million and earnings per share of -$0.06.
The growth of e-commerce amid the pandemic is helping drive business for the Seattle-based tax automation company. Its full-year revenue for 2020 came in at $500.6 million, up 31% year-over-year.
“As we look ahead to 2021, the generational shifts to omnichannel commerce and cloud-based solutions, a growing emphasis on efficiency through automation, and an increasingly complex regulatory environment remain ongoing tailwinds for our business,” Avalara CEO Scott McFarlane said in a statement.
Avalara now has has 14,1890 core customers, up from 14,180 customers in the third quarter and up 23% year-over-year.
Avalara went on an acquisition spree last quarter, swooping up companies including Business Licenses, Transaction Tax Resources, and Impendulo Limited. It also announced the acquisition of INPOSIA Solutions; the deal is expected to close in the first half of 2021.
Shares of Avalara were up slightly in after-hours trading. Avalara’s stock price has nearly tripled since March. The company went public in June 2018.
For the first quarter of 2021, Avalara expects revenue between $142 million and $144 million, and non-GAAP operating loss between $10 and $12 million.
