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.

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
Read 94 times
Rate this item
(0 votes)

Visit other PMG Sites:

Template Settings

Color

For each color, the params below will give default values
Tomato Green Blue Cyan Dark_Red Dark_Blue

Body

Background Color
Text Color

Header

Background Color

Footer

Select menu
Google Font
Body Font-size
Body Font-family
Direction
PMG360 is committed to protecting the privacy of the personal data we collect from our subscribers/agents/customers/exhibitors and sponsors. On May 25th, the European's GDPR policy will be enforced. Nothing is changing about your current settings or how your information is processed, however, we have made a few changes. We have updated our Privacy Policy and Cookie Policy to make it easier for you to understand what information we collect, how and why we collect it.
Ok Decline