“This expansion was driven by the improvements I discussed earlier, as well as our management of stock-based compensation expense, which is now less than 10% of our revenues, and which we expect will further decrease as a percentage of revenue in 2026.”

In context

“eported growth and 25% constant currency growth, both of which were an acceleration from 2024. SaaS revenues grew 38% year over year to $319,200,000 and represented 76% of total revenues, compared to 70% in 2024 and 59% in 2023. As mentioned, total ARR as of December 31 was $416,800,000, representing growth of 27% or 26% when adjusted for FX. As a result, net new ARR for the full year was a record $89,800,000, representing record growth of 44%. This compares to net new ARR in 2024 of $62,500,000, which grew 25% over 2023. Full-year non-GAAP operating income was $79,200,000, or an operating margin of 18.9%, compared to $47,600,000 in 2024, or a margin of 14.4%. GAAP operating income for the year was $33,000,000, with GAAP operating margins expanding 570 basis points year over year to 7.9%. This expansion was driven by the improvements I discussed earlier, as well as our management of stock-based compensation expense, which is now less than 10% of our revenues, and which we expect will further decrease as a percentage of revenue in 2026. During 2025, we repurchased 3,400,000 shares for approximately $50,000,000, and through the close of trading last week, we have repurchased another 2,800,000 shares year to date, for another $33,500,000. Share buybacks remain a key pillar of our capital allocation philosophy, and we intend to remain active and opportunistic in the open market, reflecting our belief in the underlying strength of our business and commitment to driving shareholder value. And lastly, on a Rule of 40 basis, which for AvePoint, Inc. is the sum of ARR growth and non-GAAP operating margin, as I mentioned earlier, we finished 2025 at a Rule of 46. This compares to a Rule of 38 for 2024 and a Rule of 31 for 2023. Turning now to our guidance. For the first quarter, we expect total revenues of $115,000,000 to $117,00”