AvePoint Investment Thesis

GAAP to Non-GAAP Reconciliation (US$ in millions) YTD 2019 YTD 2020 2019A 2020E 2021E 2022E GAAP Operating Income (Loss) ($8.7) $2.9 ($18.0) $18.7 $6.5 $15.5 % Margin (17%) 4% (15%) 13% 3% 6% (+) Stock-Based Compensation $1.3 $1.3 $13.9 $2.1 $1.5 $1.5 % of Revenue 3% 2% 12% 1% 1% 1% (+) Other Adjustments¹ % of Revenue EBIT (Non-GAAP) % of Revenue $0.6 ($0.2) $0.3 ($0.2) 1% (0%) 0% (0%) ($6.8) $4.0 ($3.8) $20.5 $8.0 $17.0 (13%) 6% (3%) 14% 4% 7% Source: AvePoint Management. 1) Includes legal expenses, government grants, ASC 606 consulting fees, and other. ▲ Ave Point 25

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