The growth of revenue is “really about trigger events. Wayfair is one of those trigger events,” CEO Scott McFarlane said during the webcast. McFarlane said that that as states move to a system of economic nexus, Wayfair is having an impact, but that it is not causing a swell of business. “This a long steady process of people moving from no automation to full automation,” McFarlane said. Questions from financial analysts about the impact came with the one-year anniversary of the Wayfair decision. For the most recently ended quarter, Avalara lost $13.2 million, down 25.8 percent from $17.8 million in red ink a year ago. Second-quarter revenue was $91.3 million, an increase of 42.9 percent from $63.9 million in last year’s corresponding. Avalara also noted that it completed a secondary stock offering during the quarter. The proceeds of $274.7 million will be used for a wide variety of purposes, including acquisitions. McFarlane has consistently said that Avalara’s need is to add content in order to expand into new areas of indirect taxation.Last modified on Friday, 09 August 2019
AVALARA: WAYFAIR NOT TOP DRIVER Featured
The Supreme Court’s Wayfair decision, which enables states to tax out-of-state sales, is important, but not the top business driver, Avalara executives said this week. The comments were made during this week’s webcast for earnings for the second quarter ended June 30.