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 fourth quarter ended December 31, 2023.
“We had a strong close to 2023 in light of on-going macro
headwinds. Our fourth quarter 2023 results mark 10 consecutive
quarters of financial outperformance relative to internal
expectations. I am particularly pleased with the adjusted EBITDA
profit inflection excluding float and political contributions,
significantly ahead of expectations. Our success across economic
cycles, in our view, stems from the rapid and quantifiable ROI
realized by our buyers and suppliers through our accounts payable
and payments automation value proposition over our proprietary
two-sided network. As such, we believe our offering is viewed as a
critical lever and we, in turn, are viewed as our customers’
trusted partner in executing their digital transformation strategy
centered on the back office. And, we are in the early innings of
capitalizing on this opportunity. With the convergence of marque
new ERP integration partnerships, new pay product launches and
enhancements, continued unit cost reductions and management
additions we advanced in 2023, coupled with product and platform
innovations planned to be introduced in 2024, we believe we are
well positioned to accelerate our success in the new year,” said
Michael Praeger, CEO & Co-Founder of
AvidXchange.
Fourth Quarter 2023 Financial Highlights:
- Total revenue was $104.1 million, an
increase of 20.8% year-over-year, compared with $86.2 million in
the fourth quarter of 2022.
- GAAP net loss was $(4.5) million,
compared with a GAAP net loss of $(25.0) million in the fourth
quarter of 2022.
- Non-GAAP net income was $9.4 million,
compared with a Non-GAAP net loss of $(7.5) million in the fourth
quarter of 2022.
- GAAP gross profit was $67.3 million, or
64.6% of total revenue, compared with $49.9 million, or 57.9% of
revenue in the fourth quarter of 2022.
- Non-GAAP gross profit was $74.4
million, or 71.4% of total revenue, compared with $56.0 million, or
64.9% of revenue in the fourth quarter of 2022.
- Adjusted EBITDA was $15.6 million
compared with $(1.3) million in the fourth quarter of 2022.
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."
Fourth Quarter 2023 Key Business Metrics and
Highlights:
- Total transactions processed in the
fourth quarter of 2023 were 19.1 million, an increase of 6.1% from
18.0 million in the fourth quarter of 2022.
- Total payment volume in the fourth
quarter of 2023 was $19.9 billion, an increase of 8.5% from $18.3
billion in the fourth quarter of 2022.
- Transaction yield in the fourth quarter
of 2023 was $5.45, an increase of 13.8% from $4.79 in the fourth
quarter of 2022.
- Buyer customers were more than 8,000
and supplier customers were more than 1,200,000 as of the end of
2023, compared with 8,800 buyer customers and 965,000 suppliers at
the end of 2022(1).
(1) The year-end 2023 Buyer customer count reflects the
de-commissioning and exit of the Company's legacy Create-a-Check
(CAC) on-premise check printing software product, whose associated
base of customers was approximately 1,400. Refer to the attached
Buyer Customer Count Schedule for additional details.
Full Year 2024 Financial Outlook
As of February 28, 2024, AvidXchange anticipates its Full Year
2024 revenue and adjusted EBITDA to be in the following ranges (in
millions):
|
|
|
FY 2024 Guidance |
|
|
|
|
|
|
|
|
Revenue (1) |
$441.0 - $447.0 |
|
|
|
Adjusted EBITDA(2) |
$67.0 - $71.0 |
|
|
|
|
|
|
(1) |
The revenue associated with CAC was approximately $1.0 million in
2023 with no contribution anticipated in 2024. |
(2) |
A reconciliation of adjusted EBITDA to GAAP net loss 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 this non-GAAP measure. |
|
|
|
|
|
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 InformationAvidXchange
will discuss its fourth quarter 2023 financial results during a
teleconference today, February 28, 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 StatementsThis 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 EBITDA
for the full year 2024, our accelerating revenue growth and
continued gross margin expansion, the strength of our operating
leverage, statements related to our positioning to accelerate our
success in the new year, our continued strong operational
execution, our customers’ perception of the value proposition
associated with our products and services, our addressable market
opportunity, the role our balance sheet and cash position play in
accelerating long-term growth, the impact of the macroeconomic
environment on our business, 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
MetricsTo 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, and
Non-GAAP Net Income (Loss).
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, and
Non-GAAP Net Income (Loss) 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 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
WebsiteInvestors 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 KumarSkumar1@avidxchange.com813.760.2309
|
AvidXchange Holdings, Inc.Consolidated
Statements of Operations(in thousands, except share and
per share data) |
|
|
|
Three Months Ended December 31, |
|
|
Year Ended December 31, |
|
|
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
Revenues |
|
$ |
104,064 |
|
|
$ |
86,175 |
|
|
$ |
380,720 |
|
|
$ |
316,350 |
|
Cost of revenues (exclusive of
depreciation and amortization expense) |
|
|
30,846 |
|
|
|
31,188 |
|
|
|
121,307 |
|
|
|
117,864 |
|
Operating
expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales and marketing |
|
|
18,577 |
|
|
|
19,805 |
|
|
|
77,523 |
|
|
|
77,733 |
|
Research and development |
|
|
24,939 |
|
|
|
21,729 |
|
|
|
97,555 |
|
|
|
83,905 |
|
General and
administrative |
|
|
26,579 |
|
|
|
28,680 |
|
|
|
101,924 |
|
|
|
91,384 |
|
Depreciation and
amortization |
|
|
9,397 |
|
|
|
8,458 |
|
|
|
35,912 |
|
|
|
32,842 |
|
Total operating expenses |
|
|
79,492 |
|
|
|
78,672 |
|
|
|
312,914 |
|
|
|
285,864 |
|
Loss from operations |
|
|
(6,274 |
) |
|
|
(23,685 |
) |
|
|
(53,501 |
) |
|
|
(87,378 |
) |
Other income
(expense) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income |
|
|
6,070 |
|
|
|
4,258 |
|
|
|
20,890 |
|
|
|
7,164 |
|
Interest expense |
|
|
(3,413 |
) |
|
|
(5,488 |
) |
|
|
(13,519 |
) |
|
|
(20,749 |
) |
Other income (expenses) |
|
|
2,657 |
|
|
|
(1,230 |
) |
|
|
7,371 |
|
|
|
(13,585 |
) |
Loss before income taxes |
|
|
(3,617 |
) |
|
|
(24,915 |
) |
|
|
(46,130 |
) |
|
|
(100,963 |
) |
Income tax expense |
|
|
856 |
|
|
|
114 |
|
|
|
1,195 |
|
|
|
321 |
|
Net loss |
|
$ |
(4,473 |
) |
|
$ |
(25,029 |
) |
|
$ |
(47,325 |
) |
|
$ |
(101,284 |
) |
Net loss per share attributable to common stockholders, basic and
diluted |
|
$ |
(0.02 |
) |
|
$ |
(0.13 |
) |
|
$ |
(0.23 |
) |
|
$ |
(0.51 |
) |
Weighted average number of common shares used to compute net loss
per share attributable to common stockholders, basic and
diluted |
|
|
203,517,119 |
|
|
|
199,041,867 |
|
|
|
201,887,669 |
|
|
|
198,045,805 |
|
|
AvidXchange Holdings, Inc.Consolidated
Balance Sheets(in thousands, except share and per share
data) |
|
|
|
As of December 31, |
|
|
|
2023 |
|
|
2022 |
|
Assets |
|
|
|
|
|
|
|
|
Current assets |
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
406,974 |
|
|
$ |
350,563 |
|
Restricted funds held for customers |
|
|
1,578,656 |
|
|
|
1,283,824 |
|
Marketable securities |
|
|
44,645 |
|
|
|
110,986 |
|
Accounts receivable, net of allowances of $4,231 and $3,123,
respectively |
|
|
46,689 |
|
|
|
39,668 |
|
Supplier advances receivable, net of allowances of $1,333 and
$1,872, respectively |
|
|
9,744 |
|
|
|
10,016 |
|
Prepaid expenses and other current assets |
|
|
12,070 |
|
|
|
12,561 |
|
Total current assets |
|
|
2,098,778 |
|
|
|
1,807,618 |
|
Property and equipment,
net |
|
|
100,985 |
|
|
|
103,892 |
|
Operating lease right-of-use
assets |
|
|
1,628 |
|
|
|
2,343 |
|
Deferred customer origination
costs, net |
|
|
27,663 |
|
|
|
28,284 |
|
Goodwill |
|
|
165,921 |
|
|
|
165,921 |
|
Intangible assets, net |
|
|
84,805 |
|
|
|
98,749 |
|
Other noncurrent assets and
deposits |
|
|
3,957 |
|
|
|
5,189 |
|
Total assets |
|
$ |
2,483,737 |
|
|
$ |
2,211,996 |
|
Liabilities and
Stockholders' Equity |
|
|
|
|
|
|
|
|
Current liabilities |
|
|
|
|
|
|
|
|
Accounts payable |
|
$ |
16,777 |
|
|
$ |
13,453 |
|
Accrued expenses |
|
|
56,367 |
|
|
|
73,535 |
|
Payment service obligations |
|
|
1,578,656 |
|
|
|
1,283,824 |
|
Deferred revenue |
|
|
12,851 |
|
|
|
12,063 |
|
Current maturities of lease obligations under finance leases |
|
|
275 |
|
|
|
477 |
|
Current maturities of lease obligations under operating leases |
|
|
1,525 |
|
|
|
1,380 |
|
Current maturities of long-term debt |
|
|
6,425 |
|
|
|
6,425 |
|
Total current liabilities |
|
|
1,672,876 |
|
|
|
1,391,157 |
|
Long-term liabilities |
|
|
|
|
|
|
|
|
Deferred revenue, less current |
|
|
14,742 |
|
|
|
17,487 |
|
Contingent consideration, less current portion |
|
|
- |
|
|
|
70 |
|
Obligations under finance leases, less current maturities |
|
|
62,464 |
|
|
|
61,974 |
|
Obligations under operating leases, less current maturities |
|
|
3,275 |
|
|
|
4,657 |
|
Long-term debt |
|
|
69,760 |
|
|
|
75,912 |
|
Other long-term liabilities |
|
|
4,175 |
|
|
|
3,295 |
|
Total liabilities |
|
|
1,827,292 |
|
|
|
1,554,552 |
|
Commitments and
contingencies |
|
|
|
|
|
|
|
|
Stockholders' equity |
|
|
|
|
|
|
|
|
Preferred stock, $0.001 par value; 50,000,000 shares authorized, no
shares issued and outstanding as of December 31, 2023 and 2022 |
|
|
- |
|
|
|
- |
|
Common stock, $0.001 par value; 1,600,000,000 shares authorized as
of December 31, 2023 and 2022; 204,084,024 and 199,433,998 shares
issued and outstanding as of December 31, 2023 and 2022,
respectively |
|
|
204 |
|
|
|
199 |
|
Additional paid-in capital |
|
|
1,678,401 |
|
|
|
1,632,080 |
|
Accumulated deficit |
|
|
(1,022,160 |
) |
|
|
(974,835 |
) |
Total stockholders' equity |
|
|
656,445 |
|
|
|
657,444 |
|
Total liabilities and stockholders' equity |
|
$ |
2,483,737 |
|
|
$ |
2,211,996 |
|
|
AvidXchange Holdings, Inc.Consolidated
Statements of Cash Flows(in thousands) |
|
|
Year Ended December 31, |
|
|
2023 |
|
|
2022 |
|
|
2021 |
|
Cash flows from operating activities |
|
|
|
|
|
|
|
|
|
|
|
Net loss |
$ |
(47,325 |
) |
|
$ |
(101,284 |
) |
|
$ |
(199,649 |
) |
Adjustments to reconcile net
loss to net cash provided by (used in) operating activities |
|
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization expense |
|
35,912 |
|
|
|
32,842 |
|
|
|
30,738 |
|
Amortization of deferred financing costs |
|
431 |
|
|
|
1,357 |
|
|
|
1,357 |
|
Provision for doubtful accounts |
|
2,957 |
|
|
|
4,989 |
|
|
|
2,147 |
|
Stock-based compensation |
|
40,856 |
|
|
|
31,838 |
|
|
|
21,428 |
|
Fair value adjustment of contingent consideration |
|
- |
|
|
|
- |
|
|
|
(122 |
) |
Accrued interest |
|
728 |
|
|
|
815 |
|
|
|
881 |
|
Impairment and write-off on intangible and right-of-use assets |
|
- |
|
|
|
2,777 |
|
|
|
1,412 |
|
Loss on fixed asset disposal |
|
- |
|
|
|
36 |
|
|
|
36 |
|
Accretion of investments held to maturity |
|
(5,326 |
) |
|
|
(2,108 |
) |
|
|
- |
|
Debt extinguishment loss |
|
- |
|
|
|
1,579 |
|
|
|
- |
|
Value of donated common stock |
|
1,667 |
|
|
|
1,473 |
|
|
|
4,143 |
|
Noncash expense on contract modification - related party |
|
- |
|
|
|
- |
|
|
|
50,000 |
|
Fair value adjustment to derivative instrument |
|
- |
|
|
|
- |
|
|
|
26,128 |
|
Deferred income taxes |
|
721 |
|
|
|
216 |
|
|
|
(4,728 |
) |
Changes in operating assets and liabilities |
|
|
|
|
|
|
|
|
|
|
|
Accounts receivable |
|
(8,289 |
) |
|
|
(10,289 |
) |
|
|
(4,713 |
) |
Prepaid expenses and other current assets |
|
491 |
|
|
|
(2,324 |
) |
|
|
(1,759 |
) |
Other noncurrent assets |
|
1,605 |
|
|
|
(707 |
) |
|
|
(2,367 |
) |
Deferred customer origination costs |
|
621 |
|
|
|
(8 |
) |
|
|
(4,152 |
) |
Accounts payable |
|
2,862 |
|
|
|
(3,385 |
) |
|
|
(12,377 |
) |
Deferred revenue |
|
(1,956 |
) |
|
|
(330 |
) |
|
|
21,910 |
|
Accrued expenses and other liabilities |
|
(16,981 |
) |
|
|
14,036 |
|
|
|
1,560 |
|
Operating lease liabilities |
|
(523 |
) |
|
|
(224 |
) |
|
|
(540 |
) |
Total adjustments |
|
55,776 |
|
|
|
72,583 |
|
|
|
130,982 |
|
Net cash provided by (used in) operating activities |
|
8,451 |
|
|
|
(28,701 |
) |
|
|
(68,667 |
) |
Cash flows from
investing activities |
|
|
|
|
|
|
|
|
|
|
|
Purchases of marketable
securities held to maturity |
|
(273,995 |
) |
|
|
(385,022 |
) |
|
|
- |
|
Proceeds from maturity of
marketable securities held to maturity |
|
345,661 |
|
|
|
276,144 |
|
|
|
- |
|
Purchases of equipment |
|
(2,254 |
) |
|
|
(3,149 |
) |
|
|
(1,395 |
) |
Purchases of real estate |
|
- |
|
|
|
(767 |
) |
|
|
(14,050 |
) |
Purchases of intangible
assets |
|
(16,050 |
) |
|
|
(24,655 |
) |
|
|
(16,931 |
) |
Proceeds from sales of
property and equipment |
|
- |
|
|
|
- |
|
|
|
5 |
|
Acquisition of business, net
of cash acquired |
|
- |
|
|
|
- |
|
|
|
(46,089 |
) |
Contingent consideration and
deferred obligation payments near acquisition date |
|
- |
|
|
|
- |
|
|
|
(1,292 |
) |
Supplier advances, net |
|
(1,416 |
) |
|
|
(2,899 |
) |
|
|
(4,355 |
) |
Net cash provided by (used in) investing activities |
|
51,946 |
|
|
|
(140,348 |
) |
|
|
(84,107 |
) |
Cash flows from
financing activities |
|
|
|
|
|
|
|
|
|
|
|
Proceeds from issuance of
common stock upon initial public offering, net of underwriting
discounts and commissions and other offering costs, including
exercise of overallotment option |
|
- |
|
|
|
- |
|
|
|
627,981 |
|
Proceeds from the issuance of
long-term debt |
|
- |
|
|
|
67,367 |
|
|
|
3,471 |
|
Repayments of long-term
debt |
|
(1,625 |
) |
|
|
(106,390 |
) |
|
|
- |
|
Principal payments on land
promissory note |
|
(4,800 |
) |
|
|
(4,800 |
) |
|
|
(1,000 |
) |
Principal payments on finance
leases |
|
(521 |
) |
|
|
(844 |
) |
|
|
(1,139 |
) |
Proceeds from issuance of
common stock |
|
1,570 |
|
|
|
1,448 |
|
|
|
2,820 |
|
Proceeds from issuance of
shares under ESPP |
|
2,233 |
|
|
|
1,570 |
|
|
|
- |
|
Convertible preferred stock
redeemed |
|
- |
|
|
|
- |
|
|
|
(169,000 |
) |
Debt issuance costs |
|
(743 |
) |
|
|
(1,212 |
) |
|
|
- |
|
Payment of acquisition-related
liability |
|
(100 |
) |
|
|
(344 |
) |
|
|
- |
|
Payment service
obligations |
|
294,832 |
|
|
|
41,478 |
|
|
|
1,104,726 |
|
Net cash provided by (used in) financing activities |
|
290,846 |
|
|
|
(1,727 |
) |
|
|
1,567,859 |
|
Net increase (decrease) in cash, cash equivalents, and restricted
funds held for customers |
|
351,243 |
|
|
|
(170,776 |
) |
|
|
1,415,085 |
|
Cash, cash
equivalents, and restricted funds held for customers |
|
|
|
|
|
|
|
|
|
|
|
Cash, cash equivalents, and
restricted funds held for customers, beginning of year |
|
1,634,387 |
|
|
|
1,805,163 |
|
|
|
390,078 |
|
Cash, cash equivalents, and
restricted funds held for customers, end of year |
$ |
1,985,630 |
|
|
$ |
1,634,387 |
|
|
$ |
1,805,163 |
|
|
AvidXchange Holdings, Inc.Consolidated
Statements of Cash Flows (continued)(in thousands) |
|
|
Year Ended December 31, |
|
|
2023 |
|
|
2022 |
|
|
2021 |
|
Supplementary information of noncash investing and
financing activities |
|
|
|
|
|
|
|
|
|
|
|
Right-of-use assets obtained
in exchange for new finance lease obligations |
$ |
81 |
|
|
$ |
712 |
|
|
$ |
174 |
|
Right-of-use assets obtained
in exchange for new operating lease obligations |
|
362 |
|
|
|
2,831 |
|
|
|
877 |
|
Purchase of real estate in
exchange for promissory note |
|
- |
|
|
|
- |
|
|
|
21,500 |
|
Common stock issued on
conversion of convertible preferred stock and convertible common
stock liability |
|
- |
|
|
|
- |
|
|
|
724,649 |
|
Common stock issued in
business combination |
|
- |
|
|
|
- |
|
|
|
31,000 |
|
Common stock issued as
contingent consideration |
|
- |
|
|
|
344 |
|
|
|
500 |
|
Initial fair value of
contingent consideration and deferred payment obligation at
acquisition date |
|
- |
|
|
|
- |
|
|
|
2,672 |
|
Property and equipment and
intangible asset purchases in accounts payable and accrued
expenses |
|
675 |
|
|
|
400 |
|
|
|
768 |
|
Options issued in connection
with bonus compensation |
|
- |
|
|
|
- |
|
|
|
49 |
|
Interest paid on notes
payable |
|
6,510 |
|
|
|
12,880 |
|
|
|
10,486 |
|
Interest paid on finance
leases |
|
5,857 |
|
|
|
5,774 |
|
|
|
7,384 |
|
Cash paid for income
taxes |
|
304 |
|
|
|
125 |
|
|
|
63 |
|
|
AvidXchange Holdings, Inc.Reconciliation
of GAAP to Non-GAAP Measures(in thousands) |
|
|
Three Months EndedDecember 31, |
|
|
Year EndedDecember 31, |
|
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
Reconciliation from Revenue to Non-GAAP Gross Profit and
Non-GAAP Gross Margin: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total revenues |
$ |
104,064 |
|
|
$ |
86,175 |
|
|
$ |
380,720 |
|
|
$ |
316,350 |
|
Expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of revenues (exclusive of
depreciation and amortization expense) |
|
(30,846 |
) |
|
|
(31,188 |
) |
|
|
(121,307 |
) |
|
|
(117,864 |
) |
Depreciation and amortization
expense |
|
(5,949 |
) |
|
|
(5,074 |
) |
|
|
(22,106 |
) |
|
|
(19,004 |
) |
GAAP Gross profit |
$ |
67,269 |
|
|
$ |
49,913 |
|
|
$ |
237,307 |
|
|
$ |
179,482 |
|
Adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock-based compensation
expense |
|
1,135 |
|
|
|
983 |
|
|
|
4,687 |
|
|
|
4,113 |
|
Depreciation and amortization
expense |
|
5,949 |
|
|
|
5,074 |
|
|
|
22,106 |
|
|
|
19,004 |
|
Non-GAAP gross profit |
$ |
74,353 |
|
|
$ |
55,970 |
|
|
$ |
264,100 |
|
|
$ |
202,599 |
|
GAAP Gross margin |
|
64.6 |
% |
|
|
57.9 |
% |
|
|
62.3 |
% |
|
|
56.7 |
% |
Non-GAAP gross margin |
|
71.4 |
% |
|
|
64.9 |
% |
|
|
69.4 |
% |
|
|
64.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation from
Net Loss to Non-GAAP Net Loss: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss |
$ |
(4,473 |
) |
|
$ |
(25,029 |
) |
|
$ |
(47,325 |
) |
|
$ |
(101,284 |
) |
Exclude: Provision for income
taxes |
|
856 |
|
|
|
114 |
|
|
|
1,195 |
|
|
|
321 |
|
Loss before taxes |
|
(3,617 |
) |
|
|
(24,915 |
) |
|
|
(46,130 |
) |
|
|
(100,963 |
) |
Amortization of acquired
intangible assets |
|
3,623 |
|
|
|
3,623 |
|
|
|
14,493 |
|
|
|
14,575 |
|
Stock-based compensation
expense |
|
9,675 |
|
|
|
8,071 |
|
|
|
40,856 |
|
|
|
31,838 |
|
Transaction and
acquisition-related costs |
|
- |
|
|
|
1,708 |
|
|
|
(7 |
) |
|
|
1,988 |
|
Non-recurring items not
indicative of ongoing operations(1) |
|
1,133 |
|
|
|
2,659 |
|
|
|
5,541 |
|
|
|
3,945 |
|
Charitable contribution of
stock |
|
1,667 |
|
|
|
1,473 |
|
|
|
1,667 |
|
|
|
1,473 |
|
Total net adjustments |
|
16,098 |
|
|
|
17,534 |
|
|
|
62,550 |
|
|
|
53,819 |
|
Non-GAAP income (loss) before
taxes |
|
12,481 |
|
|
|
(7,381 |
) |
|
|
16,420 |
|
|
|
(47,144 |
) |
Non-GAAP tax expense (2) |
|
3,108 |
|
|
|
114 |
|
|
|
4,089 |
|
|
|
321 |
|
Non-GAAP net income
(loss) |
$ |
9,373 |
|
|
$ |
(7,495 |
) |
|
$ |
12,331 |
|
|
$ |
(47,465 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation from
Net Loss to Adjusted EBITDA: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss |
$ |
(4,473 |
) |
|
$ |
(25,029 |
) |
|
$ |
(47,325 |
) |
|
$ |
(101,284 |
) |
Depreciation and
amortization |
|
9,397 |
|
|
|
8,458 |
|
|
|
35,912 |
|
|
|
32,842 |
|
Interest income |
|
(6,070 |
) |
|
|
(4,258 |
) |
|
|
(20,890 |
) |
|
|
(7,164 |
) |
Interest expense |
|
3,413 |
|
|
|
5,488 |
|
|
|
13,519 |
|
|
|
20,749 |
|
Provision for income
taxes |
|
856 |
|
|
|
114 |
|
|
|
1,195 |
|
|
|
321 |
|
Stock-based compensation
expense |
|
9,675 |
|
|
|
8,071 |
|
|
|
40,856 |
|
|
|
31,838 |
|
Transaction and
acquisition-related costs |
|
- |
|
|
|
1,708 |
|
|
|
(7 |
) |
|
|
1,988 |
|
Non-recurring items not
indicative of ongoing operations (1) |
|
1,133 |
|
|
|
2,659 |
|
|
|
5,541 |
|
|
|
3,945 |
|
Charitable contribution of
stock |
|
1,667 |
|
|
|
1,473 |
|
|
|
1,667 |
|
|
|
1,473 |
|
Adjusted EBITDA |
$ |
15,598 |
|
|
$ |
(1,316 |
) |
|
$ |
30,468 |
|
|
$ |
(15,292 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) For the three
months ended December 31, 2023, this amount is primarily comprised
of $1,880 of restructuring costs, $507 of insurance recoveries
related to the cybersecurity incident that was detected in April
2023, and $176 benefit from the adjustment of accruals related to
costs incurred in connection with the cybersecurity incident. For
the year ended December 31, 2023, this amount is primarily
comprised of $3,698 of response costs, including professional
services and legal fees, incurred in connection with the
cybersecurity incident, net of insurance recoveries and $1,880 of
restructuring costs. For the three months ended December 31, 2022,
includes $2,777 related to impairment of ROU asset. For the twelve
months ended December 31, 2022, includes $1,526 of restructuring
costs, a benefit of $308 for a liability release related to the
FastPay acquisition that closed in July 2021, and $2,777 of
impairment of ROU asset. |
|
(2) Non-GAAP tax
expense is based on the Company's blended tax rate of 24.9% in
periods the Company has Non-GAAP income before tax. In periods the
Company is in a non-GAAP loss position, tax expense is based on
GAAP tax expense. |
|
|
AvidXchange Holdings, Inc.Buyer Customer
Count Schedule |
|
|
|
As of December 31, |
|
Buyer Customer Count |
|
2023 |
|
|
2022 |
|
|
2021 |
|
Buyer customers, as reported |
|
|
8,000 |
|
|
|
8,800 |
|
|
|
8,000 |
|
Buyer customers, excluding
Create-a-Check customers |
|
|
8,000 |
|
|
|
7,400 |
|
|
|
6,700 |
|
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