“Q3 was a stellar quarter,” McFarlane said. The sales and use tax company narrowed its loss to $12.3 million for the most recently ended period from $13.3 million a year earlier. However, substantially shrinking the loss does not seem to be part of the immediate plan as McFarlane noted, “We have resumed more aggressive spending in sales and marketing.” Revenue rose to 30 percent to $127.9 million, up from $98.5 million in last year’s corresponding period. McFarlane said the company benefit from the move to the cloud by many companies that has been triggered by the need to support remote operations. “We were able to close pent up demand that has lingered since the start of the pandemic” he said. The company has also continued its move upmarket, which was one of the benefits of the recent purchase of Transition Tax Resources.
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AVALARA REPORTS “STELLAR QUARTER” Featured
Avalara beat its own expectation for financial performance for the third quarter ended September 30. The result was based on the impact of the COVID-19 pandemic on demand for its services,” CEO Scott McFarlane said in a recent earnings webcast.