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Scott McFarlane, AvalaraAvalara is testing a software application that will enable accounting firms to prepare and file sales and use tax returns for clients. The test was announced this week by CEO Scott McFarlane as the company reported the first quarterly financial results as a public company since going public in June.

“We expect this filing extension to provide a new growth opportunity,” McFarlane said during a webcast for earnings for the second quarter ended June 30. He did not offer details on the application but said a launch is expected next year.

For the quarter, Seattle, Wash.-based Avalara lost $17.8 million, 39 percent more than the $15.4 million it lost the prior year. Revenue for the most recently ended quarter was $63.7 million, up 25 percent from $50.9 million a year ago. Subscription and returns revenue reached $59.7 million, a 24-percent rise from $48.3 million in last year’s corresponding period. Professional services and other revenue was $4.0 million, up 56 percent  from $2.6 million a year earlier.

The company spent $40.6 million on sales and marketing, an increase of 22.3 percent from $33.2 million a year ago. Total operating expenses of $62.4 million were 22.4 percent greater than slightly less than $51 million a year earlier.

Last modified on Thursday, 09 August 2018
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