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 second quarter ended June 30, 2024.
“We are extremely proud of the many milestones we have achieved
in short order since our IPO with GAAP net income profitability
being the latest. It is because of the transformational value
proposition of our AP automation software and payments we deliver
to our middle market buyer customers and their suppliers through
our proprietary two-sided network that we are in such a strong
financial position. As we continue to navigate macro choppiness
with the disciplined execution by our team members, we are
leveraging our strong balance sheet to advance our innovation by
continuing to broaden the application of artificial intelligence
(AI) across our customer and internal-facing opportunity sets,
which, we believe, will drive increased value for our customers and
further enhance our competitive position. I am particularly excited
about the future given our recently launched integration
partnerships and suite of innovative products that are on the near
horizon, from our new Payment 2.0 Platform to Payment Accelerator
2.0, Spend Management, etc. These products, we believe, will not
only further embed our capabilities into adjacent non-invoice
back-office workflows and deepen our customer relationships, but
also strengthen our competitive position, advance our balanced
growth and profitability objectives as well as drive value creation
for our investors,” said Michael Praeger, Chief Executive Officer
& Co-Founder of AvidXchange.
Second Quarter 2024 Financial Highlights:
- Total revenue was $105.1 million, an
increase of 15.3% year-over-year, compared with $91.2 million in
the second quarter of 2023.
- Revenue included interest income of
$11.8 million compared with $9.2 million in the second quarter of
2023.
- GAAP net income was $0.4 million,
compared with a GAAP net loss of $(18.8) million in the second
quarter of 2023.
- Non-GAAP net income was $10.7 million,
compared with a Non-GAAP net loss of $(0.5) million in the second
quarter of 2023.
- GAAP gross profit was $68.7 million, or
65.3% of total revenue, compared with $55.6 million, or 61.0% of
revenue in the second quarter of 2023.
- Non-GAAP gross profit was $76.3
million, or 72.6% of total revenue, compared with $62.3 million, or
68.3% of revenue in the second quarter of 2023.
- Adjusted EBITDA was $17.5 million
compared with $3.0 million in the second quarter of 2023.
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."
Second Quarter 2024 Key Business Metrics and
Highlights:
- Total transactions processed in the
second quarter of 2024 were 19.7 million, an increase of 4.8% from
18.8 million in the second quarter of 2023.
- Total payment volume in the second
quarter of 2024 was $20.6 billion, an increase of 10.4% from $18.7
billion in the second quarter of 2023.
- Transaction yield in the second quarter
of 2024 was $5.33, an increase of 10.1% from $4.84 in the second
quarter of 2023.
Full Year 2024 Financial Outlook
As of July 31, 2024, AvidXchange anticipates its Full Year 2024
revenue and adjusted EBITDA to be in the following ranges (in
millions):
|
CurrentFY 2024 Guidance |
|
PreviousFY 2024 Guidance |
Revenue(1) |
$436.0 - $439.0 |
|
$442.0 - $448.0 |
Adjusted EBITDA(1&2) |
$73.0 - $75.0 |
|
$71.0 - $75.0 |
|
|
|
|
(1) The current FY 2024 guidance anticipates interest revenue
contribution of approximately $49.0 million compared to $45.0
million previously(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 second quarter 2024 financial results during a
teleconference today, July 31, 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 Adjusted
EBITDA for the full year 2024, our ability to counterbalance
ongoing and future macroeconomic impacts, our customers’
perceptions of the value proposition of our AP automation software
and payments services, the role integration partnerships and
product innovation will play in embedding our capabilities into
adjacent non-invoice back-office workflows, deepening customer
relationships, strengthening our competitive positions, advancing
growth and returns, and driving value creation for our investors,
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 June 30, |
|
|
Six Months Ended June 30, |
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
Revenues |
$ |
105,132 |
|
|
$ |
91,154 |
|
|
$ |
210,730 |
|
|
$ |
177,976 |
|
Cost of revenues (exclusive of
depreciation and amortization expense) |
|
30,426 |
|
|
|
30,221 |
|
|
|
60,759 |
|
|
|
59,694 |
|
Operating
expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales and marketing |
|
19,956 |
|
|
|
20,076 |
|
|
|
39,697 |
|
|
|
40,211 |
|
Research and development |
|
25,008 |
|
|
|
24,740 |
|
|
|
50,912 |
|
|
|
47,862 |
|
General and
administrative |
|
22,635 |
|
|
|
27,716 |
|
|
|
46,895 |
|
|
|
50,343 |
|
Impairment and write-off of
intangible assets |
|
- |
|
|
|
- |
|
|
|
162 |
|
|
|
- |
|
Depreciation and
amortization |
|
9,208 |
|
|
|
8,878 |
|
|
|
18,515 |
|
|
|
17,464 |
|
Total operating expenses |
|
76,807 |
|
|
|
81,410 |
|
|
|
156,181 |
|
|
|
155,880 |
|
Loss from operations |
|
(2,101 |
) |
|
|
(20,477 |
) |
|
|
(6,210 |
) |
|
|
(37,598 |
) |
Other income
(expense) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income |
|
5,979 |
|
|
|
5,204 |
|
|
|
12,541 |
|
|
|
9,720 |
|
Interest expense |
|
(3,323 |
) |
|
|
(3,363 |
) |
|
|
(6,660 |
) |
|
|
(6,678 |
) |
Other income |
|
2,656 |
|
|
|
1,841 |
|
|
|
5,881 |
|
|
|
3,042 |
|
Income (loss) before income taxes |
|
555 |
|
|
|
(18,636 |
) |
|
|
(329 |
) |
|
|
(34,556 |
) |
Income tax expense |
|
119 |
|
|
|
135 |
|
|
|
244 |
|
|
|
205 |
|
Net income (loss) |
$ |
436 |
|
|
$ |
(18,771 |
) |
|
$ |
(573 |
) |
|
$ |
(34,761 |
) |
Net income (loss) per share attributable to common
stockholders: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
$ |
0.00 |
|
|
$ |
(0.09 |
) |
|
$ |
0.00 |
|
|
$ |
(0.17 |
) |
Diluted |
$ |
0.00 |
|
|
$ |
(0.09 |
) |
|
$ |
0.00 |
|
|
$ |
(0.17 |
) |
Weighted average number of common shares used to compute net income
(loss) per share attributable to common stockholders: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
207,025,967 |
|
|
|
201,559,007 |
|
|
|
205,961,720 |
|
|
|
200,734,555 |
|
Diluted |
|
210,370,559 |
|
|
|
201,559,007 |
|
|
|
205,961,720 |
|
|
|
200,734,555 |
|
AvidXchange Holdings, Inc.Consolidated
Balance Sheets(in thousands, except share and per share
data) |
|
|
As of June 30, |
|
|
As of December 31, |
|
|
2024 |
|
|
2023 |
|
Assets |
|
|
|
|
|
|
|
Current assets |
|
|
|
|
|
|
|
Cash and cash equivalents |
$ |
375,173 |
|
|
$ |
406,974 |
|
Restricted funds held for customers |
|
1,193,455 |
|
|
|
1,578,656 |
|
Marketable securities |
|
89,854 |
|
|
|
44,645 |
|
Accounts receivable, net of allowances of $4,384 and $4,231,
respectively |
|
50,086 |
|
|
|
46,689 |
|
Supplier advances receivable, net of allowances of $1,343 and
$1,333 respectively |
|
12,610 |
|
|
|
9,744 |
|
Prepaid expenses and other current assets |
|
14,552 |
|
|
|
12,070 |
|
Total current assets |
|
1,735,730 |
|
|
|
2,098,778 |
|
Property and equipment,
net |
|
99,282 |
|
|
|
100,985 |
|
Operating lease right-of-use
assets |
|
1,299 |
|
|
|
1,628 |
|
Deferred customer origination
costs, net |
|
27,805 |
|
|
|
27,663 |
|
Goodwill |
|
165,921 |
|
|
|
165,921 |
|
Intangible assets, net |
|
77,038 |
|
|
|
84,805 |
|
Other noncurrent assets and
deposits |
|
4,719 |
|
|
|
3,957 |
|
Total assets |
$ |
2,111,794 |
|
|
$ |
2,483,737 |
|
Liabilities and
Stockholders' Equity |
|
|
|
|
|
|
|
Current liabilities |
|
|
|
|
|
|
|
Accounts payable |
$ |
15,419 |
|
|
$ |
16,777 |
|
Accrued expenses |
|
45,702 |
|
|
|
56,367 |
|
Payment service obligations |
|
1,193,455 |
|
|
|
1,578,656 |
|
Deferred revenue |
|
11,821 |
|
|
|
12,851 |
|
Current maturities of lease obligations under finance leases |
|
205 |
|
|
|
275 |
|
Current maturities of lease obligations under operating leases |
|
1,462 |
|
|
|
1,525 |
|
Current maturities of long-term debt |
|
6,425 |
|
|
|
6,425 |
|
Total current liabilities |
|
1,274,489 |
|
|
|
1,672,876 |
|
Long-term liabilities |
|
|
|
|
|
|
|
Deferred revenue, less current portion |
|
13,037 |
|
|
|
14,742 |
|
Obligations under finance leases, less current maturities |
|
62,738 |
|
|
|
62,464 |
|
Obligations under operating leases, less current maturities |
|
2,685 |
|
|
|
3,275 |
|
Long-term debt |
|
69,084 |
|
|
|
69,760 |
|
Other long-term liabilities |
|
3,998 |
|
|
|
4,175 |
|
Total liabilities |
|
1,426,031 |
|
|
|
1,827,292 |
|
Commitments and
contingencies |
|
|
|
|
|
|
|
Stockholders' equity |
|
|
|
|
|
|
|
Preferred stock, $0.001 par value; 50,000,000 shares authorized, no
shares issued and outstanding as of June 30, 2024 and December 31,
2023 |
|
- |
|
|
|
- |
|
Common stock, $0.001 par value; 1,600,000,000 shares authorized as
of June 30, 2024 and December 31, 2023; 207,819,898 and 204,084,024
shares issued and outstanding as of June 30, 2024 and December 31,
2023, respectively |
|
207 |
|
|
|
204 |
|
Additional paid-in capital |
|
1,708,289 |
|
|
|
1,678,401 |
|
Accumulated deficit |
|
(1,022,733 |
) |
|
|
(1,022,160 |
) |
Total stockholders' equity |
|
685,763 |
|
|
|
656,445 |
|
Total liabilities and stockholders' equity |
$ |
2,111,794 |
|
|
$ |
2,483,737 |
|
AvidXchange Holdings, Inc.Consolidated
Statements of Cash Flows(in thousands) |
|
|
Six Months Ended June 30, |
|
|
2024 |
|
|
2023 |
|
Cash flows from operating activities |
|
|
|
|
|
|
|
Net loss |
$ |
(573 |
) |
|
$ |
(34,761 |
) |
Adjustments to reconcile net
loss to net cash used by operating activities |
|
|
|
|
|
|
|
Depreciation and amortization expense |
|
18,515 |
|
|
|
17,464 |
|
Amortization of deferred financing costs |
|
212 |
|
|
|
220 |
|
Provision for credit losses |
|
1,481 |
|
|
|
2,125 |
|
Stock-based compensation |
|
23,278 |
|
|
|
19,952 |
|
Accrued interest |
|
822 |
|
|
|
1,004 |
|
Impairment and write-off on intangible assets |
|
162 |
|
|
|
- |
|
Accretion of investments held to maturity |
|
(2,209 |
) |
|
|
(2,731 |
) |
Deferred income taxes |
|
178 |
|
|
|
105 |
|
Changes in operating assets and liabilities |
|
|
|
|
|
|
|
Accounts receivable |
|
(3,652 |
) |
|
|
(4,711 |
) |
Prepaid expenses and other current assets |
|
(2,481 |
) |
|
|
631 |
|
Other noncurrent assets |
|
(839 |
) |
|
|
1,247 |
|
Deferred customer origination costs |
|
(142 |
) |
|
|
717 |
|
Accounts payable |
|
(1,378 |
) |
|
|
2,925 |
|
Deferred revenue |
|
(2,735 |
) |
|
|
45 |
|
Accrued expenses and other liabilities |
|
(11,388 |
) |
|
|
(20,636 |
) |
Operating lease liabilities |
|
(323 |
) |
|
|
(242 |
) |
Total adjustments |
|
19,501 |
|
|
|
18,115 |
|
Net cash provided by (used in) operating activities |
|
18,928 |
|
|
|
(16,646 |
) |
Cash flows from
investing activities |
|
|
|
|
|
|
|
Purchase of marketable
securities held to maturity |
|
(98,996 |
) |
|
|
(162,996 |
) |
Proceeds from maturity of
marketable securities held to maturity |
|
55,996 |
|
|
|
175,705 |
|
Purchases of equipment |
|
(1,100 |
) |
|
|
(526 |
) |
Purchases of intangible
assets |
|
(8,087 |
) |
|
|
(7,733 |
) |
Supplier advances, net |
|
(4,092 |
) |
|
|
(946 |
) |
Net cash (used in) provided by investing activities |
|
(56,279 |
) |
|
|
3,504 |
|
Cash flows from
financing activities |
|
|
|
|
|
|
|
Repayments of long-term
debt |
|
(813 |
) |
|
|
(812 |
) |
Principal payments on finance
leases |
|
(150 |
) |
|
|
(305 |
) |
Proceeds from issuance of
common stock |
|
5,393 |
|
|
|
703 |
|
Proceeds from issuance of
common stock under ESPP |
|
1,220 |
|
|
|
1,178 |
|
Payment of debt issuance
costs |
|
- |
|
|
|
(743 |
) |
Payment of acquisition-related
liability |
|
(100 |
) |
|
|
(100 |
) |
Payment service
obligations |
|
(385,201 |
) |
|
|
(94,127 |
) |
Net cash used in financing activities |
|
(379,651 |
) |
|
|
(94,206 |
) |
Net decrease in cash, cash equivalents, and restricted funds held
for customers |
|
(417,002 |
) |
|
|
(107,348 |
) |
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 |
$ |
1,568,628 |
|
|
$ |
1,527,039 |
|
Supplementary
information of noncash investing and financing
activities |
|
|
|
|
|
|
|
Property and equipment
purchases in accounts payable and accrued expenses |
$ |
19 |
|
|
$ |
818 |
|
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 |
|
2,673 |
|
|
|
2,541 |
|
Interest paid on finance
leases |
|
2,954 |
|
|
|
2,914 |
|
Cash paid for income
taxes |
|
254 |
|
|
|
212 |
|
AvidXchange Holdings, Inc.Reconciliation
of GAAP to Non-GAAP Measures |
|
|
Three Months Ended June 30, |
|
|
Six Months Ended June 30, |
|
Reconciliation from
Revenue to Non-GAAP Gross Profit and Non-GAAP Gross
Margin |
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
(in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total revenues |
$ |
105,132 |
|
|
$ |
91,154 |
|
|
$ |
210,730 |
|
|
$ |
177,976 |
|
Expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of revenues (exclusive of depreciation and amortization
expense) |
|
(30,426 |
) |
|
|
(30,221 |
) |
|
|
(60,759 |
) |
|
|
(59,694 |
) |
Depreciation and amortization expense |
|
(6,034 |
) |
|
|
(5,364 |
) |
|
|
(12,098 |
) |
|
|
(10,583 |
) |
GAAP Gross profit |
$ |
68,672 |
|
|
$ |
55,569 |
|
|
$ |
137,873 |
|
|
$ |
107,699 |
|
Adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock-based compensation expense |
|
1,625 |
|
|
|
1,344 |
|
|
|
2,857 |
|
|
|
2,408 |
|
Depreciation and amortization expense |
|
6,034 |
|
|
|
5,364 |
|
|
|
12,098 |
|
|
|
10,583 |
|
Non-GAAP gross profit |
$ |
76,331 |
|
|
$ |
62,277 |
|
|
$ |
152,828 |
|
|
$ |
120,690 |
|
GAAP Gross margin |
|
65.3 |
% |
|
|
61.0 |
% |
|
|
65.4 |
% |
|
|
60.5 |
% |
Non-GAAP gross margin |
|
72.6 |
% |
|
|
68.3 |
% |
|
|
72.5 |
% |
|
|
67.8 |
% |
AvidXchange Holdings, Inc.Reconciliation
of GAAP to Non-GAAP Measures (Continued) |
|
|
Three Months Ended June 30, |
|
|
Six Months Ended June 30, |
|
Reconciliation from
Net Loss to Non-GAAP Net Income (Loss), including per share
amounts |
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
(in thousands, except share and per share data) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss |
$ |
436 |
|
|
$ |
(18,771 |
) |
|
$ |
(573 |
) |
|
$ |
(34,761 |
) |
Exclude: Provision for income
taxes |
|
119 |
|
|
|
135 |
|
|
|
244 |
|
|
|
205 |
|
Loss before taxes |
|
555 |
|
|
|
(18,636 |
) |
|
|
(329 |
) |
|
|
(34,556 |
) |
Amortization of acquired
intangible assets |
|
3,414 |
|
|
|
3,624 |
|
|
|
6,827 |
|
|
|
7,247 |
|
Impairment and write-off of
intangible assets |
|
- |
|
|
|
- |
|
|
|
162 |
|
|
|
- |
|
Stock-based compensation
expense |
|
12,319 |
|
|
|
11,021 |
|
|
|
23,278 |
|
|
|
19,952 |
|
Transaction and
acquisition-related costs |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(7 |
) |
Non-recurring items not
indicative of ongoing operations(1) |
|
(1,976 |
) |
|
|
3,626 |
|
|
|
(630 |
) |
|
|
3,635 |
|
Total net adjustments |
|
13,757 |
|
|
|
18,271 |
|
|
|
29,637 |
|
|
|
30,827 |
|
Non-GAAP income (loss) before
taxes |
|
14,312 |
|
|
|
(365 |
) |
|
|
29,308 |
|
|
|
(3,729 |
) |
Non-GAAP tax expense(2) |
|
3,564 |
|
|
|
135 |
|
|
|
7,298 |
|
|
|
205 |
|
Non-GAAP net income
(loss) |
$ |
10,748 |
|
|
$ |
(500 |
) |
|
$ |
22,010 |
|
|
$ |
(3,934 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted-average shares used
to compute Non-GAAP net income (loss) per share attributable to
common stockholders, basic |
|
207,025,967 |
|
|
|
201,559,007 |
|
|
|
205,961,720 |
|
|
|
200,734,555 |
|
Weighted-average shares used
to compute Non-GAAP net income (loss) per share attributable to
common stockholders, diluted |
|
210,370,559 |
|
|
|
201,559,007 |
|
|
|
210,047,252 |
|
|
|
200,734,555 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP Net income (loss) per
share attributable to common stockholders, basic |
$ |
0.00 |
|
|
$ |
(0.09 |
) |
|
$ |
0.00 |
|
|
$ |
(0.17 |
) |
GAAP Net income (loss) per
share attributable to common stockholders, diluted |
$ |
0.00 |
|
|
$ |
(0.09 |
) |
|
$ |
0.00 |
|
|
$ |
(0.17 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP basic net income
(loss) per share attributable to common stockholders, basic |
$ |
0.05 |
|
|
$ |
0.00 |
|
|
$ |
0.11 |
|
|
$ |
(0.02 |
) |
Non-GAAP basic net income
(loss) per share attributable to common stockholders, diluted |
$ |
0.05 |
|
|
$ |
0.00 |
|
|
$ |
0.10 |
|
|
$ |
(0.02 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP loss per common share,
basic and diluted |
$ |
0.00 |
|
|
$ |
(0.09 |
) |
|
$ |
0.00 |
|
|
$ |
(0.17 |
) |
Amortization of acquired
intangible assets |
|
0.02 |
|
|
|
0.02 |
|
|
|
0.03 |
|
|
|
0.04 |
|
Impairment and write-off of
intangible assets |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Stock-based compensation
expense |
|
0.06 |
|
|
|
0.05 |
|
|
|
0.11 |
|
|
|
0.09 |
|
Transaction and
acquisition-related costs |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Non-recurring items not
indicative of ongoing operations(1) |
|
(0.01 |
) |
|
|
0.02 |
|
|
|
- |
|
|
|
0.02 |
|
Provision for income
taxes |
|
(0.02 |
) |
|
|
- |
|
|
|
(0.03 |
) |
|
|
- |
|
Adjustment to fully diluted
earnings per share |
|
- |
|
|
|
- |
|
|
|
(0.01 |
) |
|
|
- |
|
Non-GAAP diluted income (loss)
per common share |
$ |
0.05 |
|
|
$ |
0.00 |
|
|
$ |
0.10 |
|
|
$ |
(0.02 |
) |
AvidXchange Holdings, Inc.Reconciliation
of GAAP to Non-GAAP Measures (Continued) |
|
|
Three Months Ended June 30, |
|
|
Six Months Ended June 30, |
|
Reconciliation of Net
Loss to Adjusted EBITDA |
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
(in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss |
$ |
436 |
|
|
$ |
(18,771 |
) |
|
$ |
(573 |
) |
|
$ |
(34,761 |
) |
Depreciation and
amortization |
|
9,208 |
|
|
|
8,878 |
|
|
|
18,515 |
|
|
|
17,464 |
|
Impairment and write-off of
intangible assets |
|
- |
|
|
|
- |
|
|
|
162 |
|
|
|
- |
|
Interest income |
|
(5,979 |
) |
|
|
(5,204 |
) |
|
|
(12,541 |
) |
|
|
(9,720 |
) |
Interest expense |
|
3,323 |
|
|
|
3,363 |
|
|
|
6,660 |
|
|
|
6,678 |
|
Provision for income
taxes |
|
119 |
|
|
|
135 |
|
|
|
244 |
|
|
|
205 |
|
Stock-based compensation
expense |
|
12,319 |
|
|
|
11,021 |
|
|
|
23,278 |
|
|
|
19,952 |
|
Transaction and
acquisition-related costs |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(7 |
) |
Non-recurring items not
indicative of ongoing operations(1) |
|
(1,976 |
) |
|
|
3,626 |
|
|
|
(630 |
) |
|
|
3,635 |
|
Adjusted EBITDA |
$ |
17,450 |
|
|
$ |
3,048 |
|
|
$ |
35,115 |
|
|
$ |
3,446 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)For the three
months ended June 30, 2024, this amount was primarily comprised of
an insurance recovery of $2,110 costs incurred in response to the
cybersecurity incident that was detected in April 2023. For the six
months ended June 30, 2024 this amount includes $1,157 of severance
costs and a net benefit of $1,808 of response costs incurred in
connection with the cybersecurity incident. In the three and six
months ended June 30, 2023, this amount was comprised of response
costs incurred in connection with the cybersecurity incident.
Response costs in each period include professional services and
legal fees. |
(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 (NASDAQ:AVDX)
過去 株価チャート
から 7 2024 まで 7 2024
AvidXchange (NASDAQ:AVDX)
過去 株価チャート
から 7 2023 まで 7 2024