AvidXchange Announces Third Quarter 2024 Financial Results
AvidXchange (AVDX) reported strong Q3 2024 financial results with total revenue reaching $112.8 million, up 14.3% year-over-year. The company achieved GAAP net income of $4.0 million, compared to a net loss of $(8.1) million in Q3 2023. Notable metrics include non-GAAP gross margin of 74.5% and adjusted EBITDA margin of 20.7%. The company processed 20.2 million transactions and handled $21.5 billion in payment volume. Based on strong performance, AvidXchange raised its 2024 outlook, projecting revenue of $437.0-$439.0 million and adjusted EBITDA of $78.0-$79.0 million.
AvidXchange (AVDX) ha riportato risultati finanziari solidi per il terzo trimestre del 2024, con un fatturato totale di 112,8 milioni di dollari, in aumento del 14,3% rispetto all’anno precedente. L'azienda ha registrato un utile netto GAAP di 4,0 milioni di dollari, rispetto a una perdita netta di (8,1) milioni di dollari nel Q3 2023. Le metriche notevoli includono un margine lordo non-GAAP del 74,5% e un margine EBITDA rettificato del 20,7%. L'azienda ha elaborato 20,2 milioni di transazioni e gestito un volume di pagamenti di 21,5 miliardi di dollari. Sulla base delle solide performance, AvidXchange ha rivisto al rialzo le sue previsioni per il 2024, prevedendo un fatturato di 437,0-439,0 milioni di dollari e un EBITDA rettificato di 78,0-79,0 milioni di dollari.
AvidXchange (AVDX) informó sobre resultados financieros sólidos para el tercer trimestre de 2024, con ingresos totales que alcanzaron 112,8 millones de dólares, un 14,3% más en comparación con el año anterior. La compañía logró un ingreso neto GAAP de 4,0 millones de dólares, en comparación con una pérdida neta de (8,1) millones de dólares en el tercer trimestre de 2023. Las métricas notables incluyen un margen bruto no GAAP del 74,5% y un margen EBITDA ajustado del 20,7%. La empresa procesó 20,2 millones de transacciones y manejó un volumen de pagos de 21,5 mil millones de dólares. Basándose en un sólido desempeño, AvidXchange ha elevado sus perspectivas para 2024, proyectando ingresos de 437,0-439,0 millones de dólares y un EBITDA ajustado de 78,0-79,0 millones de dólares.
AvidXchange (AVDX)는 2024년 3분기 강력한 재무 결과를 보고했으며, 총 수익이 1억 1280만 달러에 달해 전년 대비 14.3% 증가했습니다. 회사는 GAAP 기준 순이익을 400만 달러로 기록했으며, 이는 2023년 3분기의 순손실 (810만 달러)에 비해 개선된 수치입니다. 주목할 만한 지표로는 비GAAP 총 마진이 74.5%이고, 조정된 EBITDA 마진이 20.7%입니다. 회사는 2020만 건의 거래를 처리하고 215억 달러의 결제량을 처리했습니다. 강력한 실적에 기반하여 AvidXchange는 2024년 전망을 상향 조정하며, 4억 3700만-4억 3900만 달러의 수익과 7800만-7900만 달러의 조정된 EBITDA를 예상하고 있습니다.
AvidXchange (AVDX) a rapporté de solides résultats financiers pour le troisième trimestre de 2024, avec un chiffre d'affaires total atteignant 112,8 millions de dollars, en hausse de 14,3 % par rapport à l'année précédente. L'entreprise a enregistré un bénéfice net GAAP de 4,0 millions de dollars, contre une perte nette de (8,1) millions de dollars au T3 2023. Parmi les indicateurs notables, on trouve une marge brute non GAAP de 74,5 % et une marge EBITDA ajustée de 20,7 %. L'entreprise a traité 20,2 millions de transactions et géré un volume de paiements de 21,5 milliards de dollars. Sur la base de ses performances solides, AvidXchange a relevé ses prévisions pour 2024, prévoyant un chiffre d'affaires de 437,0-439,0 millions de dollars et un EBITDA ajusté de 78,0-79,0 millions de dollars.
AvidXchange (AVDX) berichtete über starke Finanzkennzahlen für das dritte Quartal 2024, wobei der Gesamtumsatz 112,8 Millionen US-Dollar erreichte, was einem Anstieg von 14,3% im Vergleich zum Vorjahr entspricht. Das Unternehmen erzielte einen GAAP-Nettoertrag von 4,0 Millionen US-Dollar, verglichen mit einem Nettoverlust von (8,1) Millionen US-Dollar im dritten Quartal 2023. Zu den bemerkenswerten Kennzahlen gehören eine Non-GAAP-Großmarge von 74,5% und eine bereinigte EBITDA-Marge von 20,7%. Das Unternehmen verarbeitete 20,2 Millionen Transaktionen und bearbeitete ein Zahlungsvolumen von 21,5 Milliarden US-Dollar. Basierend auf der starken Leistung hat AvidXchange seine Prognose für 2024 angehoben und erwartet einen Umsatz von 437,0-439,0 Millionen US-Dollar und ein bereinigtes EBITDA von 78,0-79,0 Millionen US-Dollar.
- Revenue increased 14.3% YoY to $112.8 million
- Achieved GAAP net income of $4.0 million vs $(8.1) million loss in Q3 2023
- Non-GAAP gross margin improved to 74.5% from 70.0% YoY
- Adjusted EBITDA doubled to $23.3 million from $11.4 million YoY
- Payment volume grew 9.4% to $21.5 billion
- Raised full-year 2024 adjusted EBITDA guidance to $78.0-$79.0 million
- Transaction growth slowed to 5.2% YoY
- Political revenue contribution forecast reduced from $9.0M to $6.5M
Insights
The Q3 2024 results demonstrate robust financial performance with several key achievements: 14.3% year-over-year revenue growth to
Notable financial improvements include a four-fold increase in operating cash flow to
The raised guidance for FY2024, particularly in adjusted EBITDA (
The operational metrics reveal solid business fundamentals with transaction volume up
Strategic initiatives including Payment 2.0 Platform, Payment Accelerator 2.0 and Spend Management solutions position the company well for sustained growth. The improving transaction retention trends, despite a challenging macro environment, suggest strengthening market position in the middle-market AP automation space.
- Q3'24 financial results highlight significant year-over-year gross margin and operating margin expansion driven by strong revenue growth, unit cost efficiencies and operating expense leverage
$25.1 million of the$100 million share repurchase program executed in the third quarter of 2024- Sustaining a strong balance sheet with cash and marketable securities of
$394.3 million while extinguishing pre-existing term debt and establishing a new larger credit facility - Strong Q3'24 financial results drive upward revision in 2024 revenue and adjusted EBITDA outlook
CHARLOTTE, N.C., Nov. 06, 2024 (GLOBE NEWSWIRE) -- AvidXchange Holdings, Inc. (Nasdaq: AVDX), a leading provider of accounts payable (AP) automation software and payment solutions for middle market businesses and their suppliers, today announced financial results for the third quarter ended September 30, 2024.
“We delivered solid third quarter 2024 results as measured by virtually every key metric. Starting with year over year revenue growth, which rose by
Third Quarter 2024 Financial Highlights:
- Total revenue was
$112.8 million , an increase of14.3% year-over-year, compared with$98.7 million in the third quarter of 2023. Third quarter 2023 total revenue included a favorable out of period adjustment, the net contribution of which was$1.5 million . Of the$1.5 million in net favorable contribution,$1.1 million favorably benefited software revenue and$0.5 million favorably benefited services revenue, while approximately$0.1 million was unfavorable to payment revenue. - Revenue included interest income of
$12.7 million compared with$10.6 million in the third quarter of 2023. - GAAP net income was
$4.0 million , compared with a GAAP net loss of$(8.1) million in the third quarter of 2023. Third quarter 2023 GAAP net income included a favorable out of period adjustment, the net of tax contribution of which was$1.5 million . - Non-GAAP net income was
$15.7 million , compared with$5.8 million in the third quarter of 2023. Third quarter 2023 Non-GAAP net income included a favorable out of period adjustment, the net of tax contribution of which was$1.1 million . - GAAP gross profit was
$76.4 million , or67.7% of total revenue, compared with$62.3 million , or63.2% of revenue in the third quarter of 2023. Third quarter 2023 GAAP gross profit included a favorable out of period adjustment, the net contribution of which was$1.5 million . - Non-GAAP gross profit was
$84.0 million , or74.5% of total revenue, compared with$69.1 million , or70.0% of revenue in the third quarter of 2023. Third quarter 2023 Non-GAAP gross profit included a favorable out of period adjustment, the net contribution of which was$1.5 million . - Adjusted EBITDA was
$23.3 million compared with$11.4 million in the third quarter of 2023. Third quarter 2023 adjusted EBITDA included a favorable out of period adjustment, the net contribution of which was$1.5 million .
A reconciliation of GAAP to non-GAAP financial measures has been provided in the tables following the financial statements in this press release. An explanation of these measures is also included below under the heading "Non-GAAP Measures and Other Performance Metrics."
Third Quarter 2024 Key Business Metrics and Highlights:
- Total transactions processed in the third quarter of 2024 were 20.2 million, an increase of
5.2% from 19.2 million in the third quarter of 2023. - Total payment volume in the third quarter of 2024 was
$21.5 billion , an increase of9.4% from$19.6 billion in the third quarter of 2023. - Transaction yield in the third quarter of 2024 was
$5.59 , an increase of8.5% from$5.15 in the third quarter of 2023. Third quarter 2023 transaction yield included a favorable out of period adjustment, the net contribution of which was$1.5 million , or$0.08 .
Full Year 2024 Financial Outlook
As of November 6, 2024, AvidXchange anticipates its Full Year 2024 revenue, adjusted EBITDA and Non-GAAP diluted earnings per share (EPS) to be in the following ranges (in millions, except per share data):
Current FY 2024 Guidance | Previous FY 2024 Guidance | ||
Revenue (1&2) | |||
Adjusted EBITDA(1,2&3) | |||
Non-GAAP Diluted EPS(3) |
- The current FY 2024 guidance anticipates interest revenue contribution of approximately
$50.0 million compared to$49.0 million previously - The current FY 2024 guidance anticipates political revenue contribution of approximately
$6.5 million compared to$9.0 million previously - Reconciliation of adjusted EBITDA to GAAP net loss and Non-GAAP diluted EPS to basic and diluted EPS on a forward-looking basis is not available without unreasonable efforts due to the high variability, complexity and low visibility with respect to the items excluded from the non-GAAP measures.
These statements are forward-looking and actual results may differ materially. Refer to the Forward-Looking Statements safe harbor below for information on the factors that could cause our actual results to differ materially from these forward-looking statements.
Earnings Teleconference Information
AvidXchange will discuss its third quarter 2024 financial results during a teleconference today, November 6, 2024, at 10:00 AM ET. The call will be broadcast simultaneously via webcast at https://ir.avidxchange.com/. Following the completion of the call, a recorded replay of the webcast will be available on AvidXchange’s website. In addition to the conference call, supplemental information is available on the Investor Relations section of AvidXchange’s website at https://ir.avidxchange.com/.
About AvidXchange™
AvidXchange is a leading provider of accounts payable (“AP”) automation software and payment solutions for middle market businesses and their suppliers. AvidXchange’s software-as-a-service-based, end-to-end software and payment platform digitizes and automates the AP workflows for more than 8,000 businesses and it has made payments to more than 1,200,000 supplier customers of its buyers over the past five years. To learn more about how AvidXchange is transforming the way companies pay their bills, visit www.AvidXchange.com.
Forward-Looking Statements
This press release may contain “forward-looking statements” within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. In this context, forward-looking statements generally relate to future events or our future financial or operating performance and often contain words such as: “anticipate,” “intend,” “plan,” “goal,” “seek,” “believe,” “outlook,” “project,” “estimate,” “expect,” “future,” “likely,” “may,” “should,” “continue,” “will” and similar words and phrases indicating future results. The information presented in this press release related to our expectations of future performance, including guidance for our revenue and Adjusted EBITDA for the full year 2024, the continued strength of our financial position and execution on behalf of buyers and suppliers, the macroeconomic backdrop within verticals in which we have domain expertise, future trends reflecting transaction retention, our ability to accelerate revenue growth, the advancement of our growth, profit and value creation objectives through integration partnerships and the launch and scaling of new products, and other statements that are not purely statements of historical fact, are forward-looking in nature. These forward-looking statements are made on the basis of management’s current expectations, assumptions, estimates and projections and are subject to significant risks and uncertainties that could cause actual results to differ materially from those anticipated in such forward-looking statements. We therefore cannot guarantee future results, performance or achievements.
Factors which could cause actual results or effects to differ materially from those reflected in forward-looking statements include, but are not limited to, the risk factors and other cautionary statements described, from time to time, in AvidXchange’s filings with the Securities and Exchange Commission (“SEC”), including, without limitation, AvidXchange’s Annual Report on Form 10-K and other documents filed with the SEC, which may be obtained on the investor relations section of our website (https://ir.avidxchange.com/) and on the SEC website at www.sec.gov. Any forward-looking statements made by us in this press release are based only on information currently available to us and speak only as of the date they are made, and we assume no obligation to update any of these statements in light of new information, future events or otherwise unless required under the federal securities laws.
Non-GAAP Measures and Other Performance Metrics
To supplement the financial measures presented in our press release and related conference call in accordance with generally accepted accounting principles in the United States (“GAAP”), we also present the following non-GAAP measures of financial performance: Non-GAAP Gross Profit, Adjusted EBITDA, Non-GAAP Net Income (Loss) and Non-GAAP Earnings Per Share.
A “non-GAAP financial measure” refers to a numerical measure of our historical or future financial performance or financial position that is included in (or excluded from) the most directly comparable measure calculated and presented in accordance with GAAP in our financial statements. We provide certain non-GAAP measures as additional information relating to our operating results as a complement to results provided in accordance with GAAP. The non-GAAP financial information presented herein should be considered in conjunction with, and not as a substitute for or superior to, the financial information presented in accordance with GAAP and should not be considered a measure of liquidity. There are significant limitations associated with the use of non-GAAP financial measures. Further, these measures may differ from the non-GAAP information, even where similarly titled, used by other companies and therefore should not be used to compare our performance to that of other companies.
We have presented Non-GAAP Gross Profit, Adjusted EBITDA, Non-GAAP Net Income (Loss) and Non-GAAP Earnings Per Share in this press release. We define Non-GAAP Gross Profit as revenue less cost of revenue excluding the portion of depreciation and amortization and stock-based compensation expense allocated to cost of revenues. We define Adjusted EBITDA as our net loss before depreciation and amortization, impairment and write-off of intangible assets, interest income and expense, income tax expense (benefit), stock-based compensation expense, transaction and acquisition-related costs expensed, change in fair value of derivative instrument, non-recurring items not indicative of ongoing operations, and charitable contributions of common stock. We define Non-GAAP Net Income (Loss) as net loss before amortization of acquired intangible assets, impairment and write-off of intangible assets, stock-based compensation expense, transaction and acquisition-related costs expensed, change in fair value of derivative instrument, non-recurring items not indicative of ongoing operations, acquisition-related effects on income tax, and charitable contributions of common stock. Non-GAAP income tax expense is calculated using our blended statutory rate except in periods of non-GAAP net loss when it is based on our GAAP income tax expense. In each case, non-GAAP income tax expense excludes the effects of acquisitions in the period on tax expense. We define Non-GAAP Earnings per Share as Non-GAAP Net Income (Loss) per diluted share.
We believe the use of non-GAAP financial measures, as a supplement to GAAP measures, is useful to investors in that they eliminate items that are either not part of our core operations or do not require a cash outlay, such as stock-based compensation expense. Management uses these non-GAAP financial measures when evaluating operating performance and for internal planning and forecasting purposes. We believe that these non-GAAP financial measures help indicate underlying trends in the business, are important in comparing current results with prior period results and are useful to investors and financial analysts in assessing operating performance.
Availability of Information on AvidXchange’s Website
Investors and others should note that AvidXchange routinely announces material information to investors and the marketplace using SEC filings, press releases, public conference calls, webcasts, and the Investor Relations section of AvidXchange’s website. While not all information that AvidXchange posts to the Investor Relations website is of a material nature, some information could be deemed to be material. Accordingly, AvidXchange encourages investors, the media and others interested in AvidXchange to review the information that it shares at the Investor Relations link located at https://ir.avidxchange.com. Users may automatically receive email alerts and other information about AvidXchange when enrolling an email address by visiting “Email Alerts” in the “Resources” section of AvidXchange’s Investor Relations website https://ir.avidxchange.com.
Investor Contact:
Subhaash Kumar
Skumar1@avidxchange.com
813.760.2309
AvidXchange Holdings, Inc. Consolidated Statements of Operations (in thousands, except share and per share data) | ||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2024 | 2023 | 2024 | 2023 | |||||||||||||
Revenues | $ | 112,772 | $ | 98,680 | $ | 323,502 | $ | 276,656 | ||||||||
Cost of revenues (exclusive of depreciation and amortization expense) | 30,429 | 30,767 | 91,188 | 90,461 | ||||||||||||
Operating expenses | ||||||||||||||||
Sales and marketing | 21,102 | 18,735 | 60,799 | 58,946 | ||||||||||||
Research and development | 25,125 | 24,754 | 76,037 | 72,616 | ||||||||||||
General and administrative | 25,769 | 25,002 | 72,664 | 75,345 | ||||||||||||
Impairment and write-off of intangible assets | - | - | 162 | - | ||||||||||||
Depreciation and amortization | 9,092 | 9,051 | 27,607 | 26,515 | ||||||||||||
Total operating expenses | 81,088 | 77,542 | 237,269 | 233,422 | ||||||||||||
Income (loss) from operations | 1,255 | (9,629 | ) | (4,955 | ) | (47,227 | ) | |||||||||
Other income (expense) | ||||||||||||||||
Interest income | 5,837 | 5,100 | 18,378 | 14,820 | ||||||||||||
Interest expense | (2,614 | ) | (3,428 | ) | (9,274 | ) | (10,106 | ) | ||||||||
Other income | 3,223 | 1,672 | 9,104 | 4,714 | ||||||||||||
Income (loss) before income taxes | 4,478 | (7,957 | ) | 4,149 | (42,513 | ) | ||||||||||
Income tax expense | 431 | 134 | 675 | 339 | ||||||||||||
Net income (loss) | $ | 4,047 | $ | (8,091 | ) | $ | 3,474 | $ | (42,852 | ) | ||||||
Net income (loss) per share attributable to common stockholders: | ||||||||||||||||
Basic | $ | 0.02 | $ | (0.04 | ) | $ | 0.02 | $ | (0.21 | ) | ||||||
Diluted | $ | 0.02 | $ | (0.04 | ) | $ | 0.02 | $ | (0.21 | ) | ||||||
Weighted average number of common shares used to compute net income (loss) per share attributable to common stockholders: | ||||||||||||||||
Basic | 207,235,954 | 202,526,844 | 206,389,565 | 201,338,550 | ||||||||||||
Diluted | 209,015,661 | 202,526,844 | 209,721,858 | 201,338,550 |
AvidXchange Holdings, Inc. Consolidated Balance Sheets (in thousands, except share and per share data) | ||||||||
As of September 30, | As of December 31, | |||||||
2024 | 2023 | |||||||
Assets | ||||||||
Current assets | ||||||||
Cash and cash equivalents | $ | 315,324 | $ | 406,974 | ||||
Restricted funds held for customers | 1,154,280 | 1,578,656 | ||||||
Marketable securities | 78,957 | 44,645 | ||||||
Accounts receivable, net of allowances of | 56,102 | 46,689 | ||||||
Supplier advances receivable, net of allowances of | 13,965 | 9,744 | ||||||
Prepaid expenses and other current assets | 12,678 | 12,070 | ||||||
Total current assets | 1,631,306 | 2,098,778 | ||||||
Property and equipment, net | 98,433 | 100,985 | ||||||
Operating lease right-of-use assets | 1,279 | 1,628 | ||||||
Deferred customer origination costs, net | 27,678 | 27,663 | ||||||
Goodwill | 165,921 | 165,921 | ||||||
Intangible assets, net | 74,033 | 84,805 | ||||||
Other noncurrent assets and deposits | 6,399 | 3,957 | ||||||
Total assets | $ | 2,005,049 | $ | 2,483,737 | ||||
Liabilities and Stockholders' Equity | ||||||||
Current liabilities | ||||||||
Accounts payable | $ | 15,991 | $ | 16,777 | ||||
Accrued expenses | 47,473 | 56,367 | ||||||
Payment service obligations | 1,154,280 | 1,578,656 | ||||||
Deferred revenue | 13,076 | 12,851 | ||||||
Current maturities of lease obligations under finance leases | 171 | 275 | ||||||
Current maturities of lease obligations under operating leases | 1,659 | 1,525 | ||||||
Current maturities of long-term debt | 4,800 | 6,425 | ||||||
Total current liabilities | 1,237,450 | 1,672,876 | ||||||
Long-term liabilities | ||||||||
Deferred revenue, less current portion | 12,395 | 14,742 | ||||||
Obligations under finance leases, less current maturities | 62,863 | 62,464 | ||||||
Obligations under operating leases, less current maturities | 2,291 | 3,275 | ||||||
Long-term debt | 9,100 | 69,760 | ||||||
Other long-term liabilities | 4,152 | 4,175 | ||||||
Total liabilities | 1,328,251 | 1,827,292 | ||||||
Commitments and contingencies | ||||||||
Stockholders' equity | ||||||||
Preferred stock, | - | - | ||||||
Common stock, | 205 | 204 | ||||||
Additional paid-in capital | 1,695,279 | 1,678,401 | ||||||
Accumulated deficit | (1,018,686 | ) | (1,022,160 | ) | ||||
Total stockholders' equity | 676,798 | 656,445 | ||||||
Total liabilities and stockholders' equity | $ | 2,005,049 | $ | 2,483,737 |
AvidXchange Holdings, Inc. Consolidated Statements of Cash Flows (in thousands) | ||||||||
Nine Months Ended September 30, | ||||||||
2024 | 2023 | |||||||
Cash flows from operating activities | ||||||||
Net income (loss) | $ | 3,474 | $ | (42,852 | ) | |||
Adjustments to reconcile net income (loss) to net cash used by operating activities | ||||||||
Depreciation and amortization expense | 27,607 | 26,515 | ||||||
Amortization of deferred financing costs | 310 | 326 | ||||||
Debt extinguishment costs | 1,081 | - | ||||||
Provision for credit losses | 2,985 | 2,118 | ||||||
Stock-based compensation | 35,128 | 31,181 | ||||||
Accrued interest | 1,192 | 1,509 | ||||||
Impairment and write-off on intangible assets | 162 | - | ||||||
Accretion of investments held to maturity | (3,322 | ) | (4,091 | ) | ||||
Deferred income taxes | 267 | 158 | ||||||
Changes in operating assets and liabilities | ||||||||
Accounts receivable | (10,398 | ) | (2,221 | ) | ||||
Prepaid expenses and other current assets | (608 | ) | (851 | ) | ||||
Other noncurrent assets | (1,215 | ) | 1,369 | |||||
Deferred customer origination costs | (14 | ) | 785 | |||||
Accounts payable | (786 | ) | 4,679 | |||||
Deferred revenue | (2,122 | ) | (1,650 | ) | ||||
Accrued expenses and other liabilities | (9,759 | ) | (27,588 | ) | ||||
Operating lease liabilities | (500 | ) | (378 | ) | ||||
Total adjustments | 40,008 | 31,861 | ||||||
Net cash provided by (used in) operating activities | 43,482 | (10,991 | ) | |||||
Cash flows from investing activities | ||||||||
Purchase of marketable securities held to maturity | (120,996 | ) | (262,994 | ) | ||||
Proceeds from maturity of marketable securities held to maturity | 90,006 | 277,428 | ||||||
Purchases of equipment | (1,505 | ) | (1,001 | ) | ||||
Purchases of intangible assets | (12,939 | ) | (11,898 | ) | ||||
Supplier advances, net | (6,222 | ) | (1,309 | ) | ||||
Net cash (used in) provided by investing activities | (51,656 | ) | 226 | |||||
Cash flows from financing activities | ||||||||
Repayments of long-term debt | (63,375 | ) | (1,219 | ) | ||||
Principal payments on finance leases | (223 | ) | (435 | ) | ||||
Proceeds from issuance of common stock | 5,593 | 1,452 | ||||||
Proceeds from issuance of common stock under ESPP | 1,220 | 1,178 | ||||||
Payment of debt issuance costs | (1,529 | ) | (743 | ) | ||||
Repurchases of common stock | (25,062 | ) | - | |||||
Payment of acquisition-related liability | (100 | ) | (100 | ) | ||||
Payment service obligations | (424,376 | ) | (57,607 | ) | ||||
Net cash used in financing activities | (507,852 | ) | (57,474 | ) | ||||
Net decrease in cash, cash equivalents, and restricted funds held for customers | (516,026 | ) | (68,239 | ) | ||||
Cash, cash equivalents, and restricted funds held for customers | ||||||||
Cash, cash equivalents, and restricted funds held for customers, beginning of year | 1,985,630 | 1,634,387 | ||||||
Cash, cash equivalents, and restricted funds held for customers, end of period | $ | 1,469,604 | $ | 1,566,148 | ||||
Supplementary information of noncash investing and financing activities | ||||||||
Property and equipment purchases in accounts payable and accrued expenses | $ | - | $ | 939 | ||||
Right-of-use assets obtained in exchange for new financing lease obligations | - | 81 | ||||||
Right-of-use assets obtained in exchange for new operating lease obligations | - | 362 | ||||||
Interest paid on notes payable | 3,270 | 3,889 | ||||||
Interest paid on finance leases | 4,448 | 4,386 | ||||||
Cash paid for income taxes | 393 | 212 |
AvidXchange Holdings, Inc. Reconciliation of GAAP to Non-GAAP Measures | ||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2024 | 2023 | 2024 | 2023 | |||||||||||||
Reconciliation from Revenue to Non-GAAP Gross Profit and Non-GAAP Gross Margin: | ||||||||||||||||
Total revenues | $ | 112,772 | $ | 98,680 | $ | 323,502 | $ | 276,656 | ||||||||
Expenses: | ||||||||||||||||
Cost of revenues (exclusive of depreciation and amortization expense) | (30,429 | ) | (30,767 | ) | (91,188 | ) | (90,461 | ) | ||||||||
Depreciation and amortization expense | (5,977 | ) | (5,574 | ) | (18,075 | ) | (16,157 | ) | ||||||||
GAAP Gross profit(1) | $ | 76,366 | $ | 62,339 | $ | 214,239 | $ | 170,038 | ||||||||
Adjustments: | ||||||||||||||||
Stock-based compensation expense | 1,653 | 1,144 | 4,510 | 3,552 | ||||||||||||
Depreciation and amortization expense | 5,977 | 5,574 | 18,075 | 16,157 | ||||||||||||
Non-GAAP gross profit | $ | 83,996 | $ | 69,057 | $ | 236,824 | $ | 189,747 | ||||||||
GAAP Gross margin | 67.7 | % | 63.2 | % | 66.2 | % | 61.5 | % | ||||||||
Non-GAAP gross margin | 74.5 | % | 70.0 | % | 73.2 | % | 68.6 | % |
AvidXchange Holdings, Inc. Reconciliation of GAAP to Non-GAAP Measures (Continued) | ||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
Reconciliation from Net Income (Loss) to Non-GAAP Net Income (Loss), including per share amounts | 2024 | 2023 | 2024 | 2023 | ||||||||||||
(in thousands, except share and per share data) | ||||||||||||||||
Net income (loss) | $ | 4,047 | $ | (8,091 | ) | $ | 3,474 | $ | (42,852 | ) | ||||||
Exclude: Provision for income taxes | 431 | 134 | 675 | 339 | ||||||||||||
Loss before taxes | 4,478 | (7,957 | ) | 4,149 | (42,513 | ) | ||||||||||
Amortization of acquired intangible assets | 3,413 | 3,623 | 10,240 | 10,870 | ||||||||||||
Impairment and write-off of intangible assets | - | - | 162 | - | ||||||||||||
Stock-based compensation expense | 11,850 | 11,229 | 35,128 | 31,181 | ||||||||||||
Transaction and acquisition-related costs(1) | 1,081 | - | 1,081 | (7 | ) | |||||||||||
Non-recurring items not indicative of ongoing operations (2) | 21 | 773 | (609 | ) | 4,408 | |||||||||||
Total net adjustments | 16,365 | 15,625 | 46,002 | 46,452 | ||||||||||||
Non-GAAP income (loss) before taxes | 20,843 | 7,668 | 50,151 | 3,939 | ||||||||||||
Non-GAAP tax expense (3) | 5,190 | 1,909 | 12,488 | 981 | ||||||||||||
Non-GAAP net income (loss) | $ | 15,653 | $ | 5,759 | $ | 37,663 | $ | 2,958 | ||||||||
Weighted-average shares used to compute Non-GAAP net income (loss) per share attributable to common stockholders, basic | 207,235,954 | 202,526,844 | 206,389,565 | 201,338,550 | ||||||||||||
Weighted-average shares used to compute Non-GAAP net income (loss) per share attributable to common stockholders, diluted | 209,015,661 | 202,526,844 | 209,721,858 | 201,338,550 | ||||||||||||
GAAP Net income (loss) per share attributable to common stockholders, basic | $ | 0.02 | $ | (0.04 | ) | $ | 0.02 | $ | (0.21 | ) | ||||||
GAAP Net income (loss) per share attributable to common stockholders, diluted | $ | 0.02 | $ | (0.04 | ) | $ | 0.02 | $ | (0.21 | ) | ||||||
Non-GAAP basic net income (loss) per share attributable to common stockholders, basic | $ | 0.08 | $ | 0.03 | $ | 0.18 | $ | 0.01 | ||||||||
Non-GAAP basic net income (loss) per share attributable to common stockholders, diluted | $ | 0.07 | $ | 0.03 | $ | 0.18 | $ | 0.01 | ||||||||
GAAP income (loss) per common share, basic and diluted | $ | 0.02 | $ | (0.04 | ) | $ | 0.02 | $ | (0.21 | ) | ||||||
Amortization of acquired intangible assets | 0.02 | 0.02 | 0.05 | 0.05 | ||||||||||||
Impairment and write-off of intangible assets | - | - | - | - | ||||||||||||
Stock-based compensation expense | 0.06 | 0.06 | 0.17 | 0.15 | ||||||||||||
Transaction and acquisition-related costs | 0.01 | - | 0.01 | - | ||||||||||||
Non-recurring items not indicative of ongoing operations (1) | - | - | - | 0.02 | ||||||||||||
Provision for income taxes | (0.02 | ) | (0.01 | ) | (0.06 | ) | - | |||||||||
Adjustment to fully diluted earnings per share | (0.02 | ) | - | (0.01 | ) | - | ||||||||||
Non-GAAP diluted income (loss) per common share | $ | 0.07 | $ | 0.03 | $ | 0.18 | $ | 0.01 | ||||||||
AvidXchange Holdings, Inc. Reconciliation of GAAP to Non-GAAP Measures (Continued) | ||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
Reconciliation of Net Income (Loss) to Adjusted EBITDA | 2024 | 2023 | 2024 | 2023 | ||||||||||||
(in thousands) | ||||||||||||||||
Net income (loss) | $ | 4,047 | $ | (8,091 | ) | $ | 3,474 | $ | (42,852 | ) | ||||||
Depreciation and amortization | 9,092 | 9,051 | 27,607 | 26,515 | ||||||||||||
Impairment and write-off of intangible assets | - | - | 162 | - | ||||||||||||
Interest income | (5,837 | ) | (5,100 | ) | (18,378 | ) | (14,820 | ) | ||||||||
Interest expense | 2,614 | 3,428 | 9,274 | 10,106 | ||||||||||||
Provision for income taxes | 431 | 134 | 675 | 339 | ||||||||||||
Stock-based compensation expense | 11,850 | 11,229 | 35,128 | 31,181 | ||||||||||||
Transaction and acquisition-related costs(1) | 1,081 | - | 1,081 | (7 | ) | |||||||||||
Non-recurring items not indicative of ongoing operations (2) | 21 | 773 | (609 | ) | 4,408 | |||||||||||
Adjusted EBITDA | $ | 23,299 | $ | 11,424 | $ | 58,414 | $ | 14,870 |
(1) For the three and nine months ended September 30, 2024, this amount is comprised of debt issuance costs written-off related to the repayment of the Company's term loan. | ||||||||
(2) For the nine months ended September 30, 2024, this amount includes | ||||||||
(3) Non-GAAP tax expense is based on the Company's blended tax rate of |
FAQ
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