AvidXchange Announces First-Quarter 2025 Financial Results
AvidXchange (NASDAQ: AVDX) reported its Q1 2025 financial results, showing modest growth amid challenging macro conditions. Total revenue increased 2.2% year-over-year to $107.9 million, while total transactions grew 1.9% to 19.7 million. The company reported a GAAP net loss of $(7.3) million, compared to $(1.0) million in Q1 2024.
Key metrics include non-GAAP net income of $10.4 million, total payment volume growth of 3.7% to $20.6 billion, and improved GAAP gross margins at 65.8%. The company maintained a strong balance sheet with $389.3 million in cash and marketable securities. Notably, AvidXchange has suspended its 2025 financial outlook due to its pending acquisition by TPG in partnership with Corpay.
AvidXchange (NASDAQ: AVDX) ha comunicato i risultati finanziari del primo trimestre 2025, evidenziando una crescita moderata nonostante le difficili condizioni macroeconomiche. Il fatturato totale è aumentato del 2,2% su base annua, raggiungendo 107,9 milioni di dollari, mentre il numero totale di transazioni è cresciuto dell'1,9% a 19,7 milioni. L'azienda ha registrato una perdita netta GAAP di 7,3 milioni di dollari, rispetto a 1,0 milione di dollari nel primo trimestre 2024.
I principali indicatori includono un utile netto non-GAAP di 10,4 milioni di dollari, una crescita del volume totale dei pagamenti del 3,7% a 20,6 miliardi di dollari e un miglioramento dei margini lordi GAAP al 65,8%. La società ha mantenuto un bilancio solido con 389,3 milioni di dollari in liquidità e titoli negoziabili. Da segnalare che AvidXchange ha sospeso le previsioni finanziarie per il 2025 a causa dell'acquisizione in corso da parte di TPG in collaborazione con Corpay.
Tra gli aspetti positivi si evidenziano: il miglioramento del flusso di cassa operativo a 7,4 milioni di dollari rispetto a -6,4 milioni nel Q1 2024, un bilancio solido con 389,3 milioni di dollari in liquidità e titoli negoziabili, l'aumento del margine lordo GAAP al 65,8% dal 65,5% anno su anno e la crescita del volume totale dei pagamenti del 3,7% a 20,6 miliardi di dollari.
AvidXchange (NASDAQ: AVDX) anunció sus resultados financieros del primer trimestre de 2025, mostrando un crecimiento moderado en medio de condiciones macroeconómicas desafiantes. Los ingresos totales aumentaron un 2,2% interanual hasta 107,9 millones de dólares, mientras que el total de transacciones creció un 1,9% hasta 19,7 millones. La compañía reportó una pérdida neta GAAP de 7,3 millones de dólares, en comparación con 1,0 millón en el primer trimestre de 2024.
Los indicadores clave incluyen un ingreso neto no GAAP de 10,4 millones de dólares, un crecimiento del volumen total de pagos del 3,7% hasta 20,6 mil millones de dólares y una mejora en los márgenes brutos GAAP al 65,8%. La empresa mantuvo un balance sólido con 389,3 millones de dólares en efectivo y valores negociables. Cabe destacar que AvidXchange ha suspendido sus perspectivas financieras para 2025 debido a su adquisición pendiente por parte de TPG en asociación con Corpay.
Entre los aspectos positivos se encuentran: la mejora del flujo de caja operativo a 7,4 millones de dólares desde -6,4 millones en el primer trimestre de 2024, un balance sólido con 389,3 millones en efectivo y valores negociables, el aumento del margen bruto GAAP al 65,8% desde 65,5% interanual y el crecimiento del volumen total de pagos del 3,7% hasta 20,6 mil millones de dólares.
AvidXchange (NASDAQ: AVDX)는 2025년 1분기 재무 결과를 발표하며 어려운 거시경제 환경 속에서도 소폭의 성장을 보였습니다. 총 매출은 전년 동기 대비 2.2% 증가한 1억 790만 달러를 기록했고, 총 거래량은 1.9% 증가한 1,970만 건에 달했습니다. 회사는 2024년 1분기 100만 달러 손실에 비해 GAAP 순손실 730만 달러를 보고했습니다.
주요 지표로는 비-GAAP 순이익 1,040만 달러, 총 결제 금액 3.7% 증가한 206억 달러, GAAP 총이익률 65.8% 개선 등이 있습니다. 회사는 3억 8,930만 달러의 현금 및 시장성 증권을 보유하며 견고한 재무 상태를 유지했습니다. 특히 AvidXchange는 TPG와 Corpay의 파트너십에 의한 인수 진행으로 2025년 재무 전망을 일시 중단했습니다.
긍정적인 측면으로는 2024년 1분기 -640만 달러에서 740만 달러로 개선된 영업현금흐름, 3억 8,930만 달러의 현금 및 시장성 증권을 보유한 강력한 재무구조, 전년 대비 65.5%에서 65.8%로 상승한 GAAP 총이익률, 3.7% 증가한 206억 달러의 총 결제 금액 성장이 포함됩니다.
AvidXchange (NASDAQ : AVDX) a publié ses résultats financiers du premier trimestre 2025, montrant une croissance modeste malgré un contexte macroéconomique difficile. Le chiffre d'affaires total a augmenté de 2,2 % en glissement annuel pour atteindre 107,9 millions de dollars, tandis que le nombre total de transactions a progressé de 1,9 % pour atteindre 19,7 millions. La société a enregistré une perte nette GAAP de 7,3 millions de dollars, contre 1,0 million au premier trimestre 2024.
Les indicateurs clés comprennent un bénéfice net non-GAAP de 10,4 millions de dollars, une croissance du volume total des paiements de 3,7 % à 20,6 milliards de dollars, et une amélioration des marges brutes GAAP à 65,8 %. L'entreprise a maintenu un bilan solide avec 389,3 millions de dollars en liquidités et titres négociables. Il est à noter qu'AvidXchange a suspendu ses prévisions financières pour 2025 en raison de son acquisition en cours par TPG en partenariat avec Corpay.
Parmi les points positifs, on relève : une amélioration du flux de trésorerie opérationnel à 7,4 millions de dollars contre -6,4 millions au T1 2024, un bilan solide avec 389,3 millions de dollars en liquidités et titres négociables, une augmentation de la marge brute GAAP à 65,8 % contre 65,5 % en glissement annuel, et une croissance du volume total des paiements de 3,7 % à 20,6 milliards de dollars.
AvidXchange (NASDAQ: AVDX) meldete seine Finanzergebnisse für das erste Quartal 2025 und zeigte dabei ein moderates Wachstum trotz herausfordernder makroökonomischer Bedingungen. Der Gesamtumsatz stieg im Jahresvergleich um 2,2% auf 107,9 Millionen US-Dollar, während die Gesamttransaktionen um 1,9% auf 19,7 Millionen zunahmen. Das Unternehmen verzeichnete einen GAAP-Nettogewinnverlust von 7,3 Millionen US-Dollar gegenüber 1,0 Million US-Dollar im ersten Quartal 2024.
Wichtige Kennzahlen umfassen einen Non-GAAP-Nettogewinn von 10,4 Millionen US-Dollar, ein Wachstum des gesamten Zahlungsvolumens um 3,7% auf 20,6 Milliarden US-Dollar sowie verbesserte GAAP-Bruttomargen von 65,8%. Das Unternehmen hielt eine starke Bilanz mit 389,3 Millionen US-Dollar in bar und marktfähigen Wertpapieren. Bemerkenswert ist, dass AvidXchange seine Finanzprognose für 2025 aufgrund der ausstehenden Übernahme durch TPG in Partnerschaft mit Corpay ausgesetzt hat.
Positive Aspekte sind unter anderem: verbesserter operativer Cashflow auf 7,4 Millionen US-Dollar gegenüber -6,4 Millionen im ersten Quartal 2024, starke Bilanz mit 389,3 Millionen US-Dollar in bar und marktfähigen Wertpapieren, Anstieg der GAAP-Bruttomarge auf 65,8% von 65,5% im Jahresvergleich sowie ein Wachstum des gesamten Zahlungsvolumens um 3,7% auf 20,6 Milliarden US-Dollar.
- None.
- Revenue growth slowed to 2.2% due to macro weakness
- GAAP net loss widened to $7.3 million from $1.0 million in Q1 2024
- Interest income declined to $11.0 million from $13.1 million year-over-year
- Non-GAAP net income decreased to $10.4 million from $11.3 million in Q1 2024
Insights
AvidXchange delivers modest 2.2% revenue growth with improved margins but wider GAAP losses amid pending TPG acquisition that halts future guidance.
AvidXchange's Q1 2025 results reveal a company navigating macroeconomic headwinds while maintaining operational efficiency. Revenue grew
The transaction metrics tell an important story: total transactions increased by a modest
Margin performance remains a bright spot, with GAAP gross margin improving to
The divergence between GAAP and non-GAAP results is noteworthy. GAAP net loss widened significantly to
The most encouraging metric is the significant improvement in operating cash flow, which swung to positive
The pending acquisition by TPG in partnership with Corpay represents a major inflection point, with the company consequently suspending its financial outlook for 2025. This acquisition will likely be the dominant factor affecting the company's trajectory in the near term.
- Q1'25 revenue growth of
2.2% impacted by a combination of lower transaction volume due to macro weakness and higher comparable float and political contributions in Q1'24 - Q1'25 versus Q1'24 GAAP gross margin expansion continues on lower unit cost and despite lower year over year transaction volume growth
- Q1'25 versus Q1'24 net cash provided by operating activities swings to
$7.4 million from a use of ($6.4) million in the year ago period - The Company sustains strong balance sheet with cash and marketable securities of
$389.3 million
CHARLOTTE, N.C., May 07, 2025 (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 first quarter ended March 31, 2025.
First Quarter 2025 Financial Highlights:
- Total revenue was
$107.9 million , an increase of2.2% year-over-year, compared with$105.6 million in the first quarter of 2024. - Revenue included interest income of
$11.0 million compared with$13.1 million in the first quarter of 2024. - GAAP net loss was
$(7.3) million , compared with a GAAP net loss of$(1.0) million in the first quarter of 2024. - Non-GAAP net income was
$10.4 million , compared with$11.3 million in the first quarter of 2024. - GAAP gross profit was
$71.0 million , or65.8% of total revenue, compared with$69.2 million , or65.5% of revenue in the first quarter of 2024. - Non-GAAP gross profit was
$79.1 million , or73.3% of total revenue, compared with$76.5 million , or72.4% of revenue in the first quarter of 2024. - Adjusted EBITDA was
$17.5 million compared with$17.7 million in the first quarter of 2024.
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."
First Quarter 2025 Key Business Metrics and Highlights:
- Total transactions processed in the first quarter of 2025 were 19.7 million, an increase of
1.9% from 19.3 million in the first quarter of 2024. - Total payment volume in the first quarter of 2025 was
$20.6 billion , an increase of3.7% from$19.9 billion in the first quarter of 2024. - Transaction yield in the first quarter of 2025 was
$5.48 , an increase of0.2% from$5.47 in the first quarter of 2024.
Full Year 2025 Financial Outlook
AvidXchange is suspending its previously issued financial outlook for fiscal 2025 in light of its pending acquisition by TPG in partnership with Corpay.
Earnings Teleconference Information
Due to the recently announced and pending acquisition by TPG in partnership with Corpay, AvidXchange will not be holding a teleconference to discuss its first quarter 2025 financial results. 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 8,500 businesses and it has made payments to more than 1,350,000 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,” “assume,” “intend,” “aim,” “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 or statements made in this press release related to our beliefs and expectations of future performance, including our plans, strategies and financial performance; the solid footing and continued strength of our financial position, operating leverage, and execution on behalf of buyers and suppliers; the macroeconomic outlook and potential impacts within verticals in which we have domain expertise; expectations regarding margin expansion, scalability, value, opportunity size, transformational aspect of impacts, penetration, and momentum derived from our integration and strategic partnerships and our new and existing products, services, and systems; our ability to leverage AI within our operations, products, and services; our competitive position including our customers’ perceptions of the value proposition of our AP automation software and payments services; the impact of our operating priorities on our potential growth and margin expansion; our ability to improve the customer experience across our suite of products and services; the timing of revenue impacts; 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, risks related to the consummation of the proposed acquisition of AvidXchange by TPG in partnership with Corpay (the “Transaction”), including risks related to (i) the timing, receipt and terms and conditions of any required governmental and regulatory approvals of the Transaction that could reduce anticipated benefits or cause the parties to abandon the Transaction; (ii) the possibility that AvidXchange’s stockholders may not approve the Transaction; (iii) the occurrence of any event, change or other circumstance that could give rise to the termination of the merger agreement entered into pursuant to the Transaction; (iv) the risk that the parties to the merger agreement may not be able to satisfy the conditions to the Transaction in a timely manner or at all; (v) the risk of any litigation relating to the Transaction; (vi) the risk that the Transaction and its announcement could have an adverse effect on the ability of AvidXchange to retain buyers and retain and hire key personnel and maintain relationships with buyers, suppliers, employees, stockholders and other business relationships and on AvidXchange’s operating results and business generally; (vii) the risk that the Transaction and its announcement could have adverse effects on the market price of AvidXchange’s common stock; (viii) the possibility that the parties to the Transaction may not achieve some or all of any anticipated benefits with respect to AvidXchange’s business and the Transaction may not be completed in accordance with the parties’ expected plans or at all; (ix) the risk that restrictions on AvidXchange’s conduct during the pendency of the Transaction may impact AvidXchange’s ability to pursue certain business opportunities; (x) the possibility that the Transaction may be more expensive to complete than anticipated, including as a result of unexpected factors or events; (xi) the occurrence of any event, change or other circumstance that could give rise to the termination of the merger agreement, including in circumstances requiring AvidXchange to pay a termination fee; (xii) the risk that AvidXchange’s stock price may decline significantly if the Transaction is not consummated; (xiii) the acquisition may not be consummated within the anticipated time period, or at all; and 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, Non-GAAP Gross Margin, 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 & Gross Margin 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 March 31, | ||||||||
| 2025 | 2024 | |||||||
| Revenues | $ | 107,942 | $ | 105,598 | ||||
| Cost of revenues (exclusive of depreciation and amortization expense) | 30,789 | 30,333 | ||||||
| Operating expenses | ||||||||
| Sales and marketing | 22,511 | 19,741 | ||||||
| Research and development | 25,382 | 25,904 | ||||||
| General and administrative | 28,948 | 24,260 | ||||||
| Impairment and write-off of intangible assets | - | 162 | ||||||
| Depreciation and amortization | 8,669 | 9,307 | ||||||
| Total operating expenses | 85,510 | 79,374 | ||||||
| Loss from operations | (8,357 | ) | (4,109 | ) | ||||
| Other income (expense) | ||||||||
| Interest income | 4,141 | 6,562 | ||||||
| Interest expense | (2,006 | ) | (3,337 | ) | ||||
| Other income | 2,135 | 3,225 | ||||||
| Loss before income taxes | (6,222 | ) | (884 | ) | ||||
| Income tax expense | 1,089 | 125 | ||||||
| Net loss | $ | (7,311 | ) | $ | (1,009 | ) | ||
| Net loss per share attributable to common stockholders, basic and diluted | $ | (0.04 | ) | $ | (0.00 | ) | ||
| Weighted average number of common shares used to compute net loss per share attributable to common stockholders, basic and diluted | 205,018,908 | 204,896,718 | ||||||
| AvidXchange Holdings, Inc. | ||||||||
| Consolidated Balance Sheets | ||||||||
| (in thousands, except share and per share data) | ||||||||
| As of March 31, | As of December 31, | |||||||
| 2025 | 2024 | |||||||
| Assets | ||||||||
| Current assets | ||||||||
| Cash and cash equivalents | $ | 307,310 | $ | 355,637 | ||||
| Restricted funds held for customers | 1,149,523 | 1,250,346 | ||||||
| Marketable securities | 81,966 | 33,663 | ||||||
| Accounts receivable, net of allowances of | 53,439 | 51,671 | ||||||
| Supplier advances receivable, net of allowances of | 16,186 | 14,080 | ||||||
| Prepaid expenses and other current assets | 17,417 | 15,317 | ||||||
| Total current assets | 1,625,841 | 1,720,714 | ||||||
| Property and equipment, net | 97,099 | 97,592 | ||||||
| Deferred customer origination costs, net | 28,138 | 28,119 | ||||||
| Goodwill | 165,921 | 165,921 | ||||||
| Intangible assets, net | 68,012 | 71,068 | ||||||
| Other noncurrent assets and deposits | 6,806 | 6,297 | ||||||
| Total assets | $ | 1,991,817 | $ | 2,089,711 | ||||
| Liabilities and Stockholders' Equity | ||||||||
| Current liabilities | ||||||||
| Accounts payable | $ | 19,511 | $ | 15,494 | ||||
| Accrued expenses | 38,464 | 46,849 | ||||||
| Payment service obligations | 1,149,523 | 1,250,346 | ||||||
| Deferred revenue | 14,559 | 13,967 | ||||||
| Current maturities of lease obligations under finance leases | 56 | 103 | ||||||
| Current maturities of lease obligations under operating leases | 1,002 | 1,207 | ||||||
| Current maturities of long-term debt | 4,800 | 4,800 | ||||||
| Total current liabilities | 1,227,915 | 1,332,766 | ||||||
| Long-term liabilities | ||||||||
| Deferred revenue, less current portion | 11,258 | 11,856 | ||||||
| Obligations under finance leases, less current maturities | 63,191 | 63,025 | ||||||
| Obligations under operating leases, less current maturities | 1,796 | 1,969 | ||||||
| Long-term debt | 4,300 | 4,300 | ||||||
| Other long-term liabilities | 4,185 | 3,962 | ||||||
| Total liabilities | 1,312,645 | 1,417,878 | ||||||
| Commitments and contingencies | ||||||||
| Stockholders' equity | ||||||||
| Preferred stock, | - | - | ||||||
| Common stock, | 206 | 204 | ||||||
| Additional paid-in capital | 1,700,292 | 1,685,644 | ||||||
| Accumulated deficit | (1,021,326 | ) | (1,014,015 | ) | ||||
| Total stockholders' equity | 679,172 | 671,833 | ||||||
| Total liabilities and stockholders' equity | $ | 1,991,817 | $ | 2,089,711 | ||||
| AvidXchange Holdings, Inc. | ||||||||
| Consolidated Statements of Cash Flows | ||||||||
| (in thousands) | ||||||||
| Three Months Ended March 31, | ||||||||
| 2025 | 2024 | |||||||
| Cash flows from operating activities | ||||||||
| Net loss | $ | (7,311 | ) | $ | (1,009 | ) | ||
| Adjustments to reconcile net loss to net cash used by operating activities | ||||||||
| Depreciation and amortization expense | 8,669 | 9,307 | ||||||
| Amortization of deferred financing costs | 95 | 106 | ||||||
| Provision for credit losses | 654 | 687 | ||||||
| Stock-based compensation | 14,486 | 10,959 | ||||||
| Accrued interest | 326 | 433 | ||||||
| Impairment and write-off on intangible assets | - | 162 | ||||||
| Accretion of investments held to maturity | (346 | ) | (913 | ) | ||||
| Deferred income taxes | 344 | 89 | ||||||
| Changes in operating assets and liabilities | ||||||||
| Accounts receivable | (2,018 | ) | (2,442 | ) | ||||
| Prepaid expenses and other current assets | (2,101 | ) | (3,252 | ) | ||||
| Other noncurrent assets | (605 | ) | (725 | ) | ||||
| Deferred customer origination costs | (19 | ) | 448 | |||||
| Accounts payable | 3,956 | (1,428 | ) | |||||
| Deferred revenue | (6 | ) | (1,330 | ) | ||||
| Accrued expenses and other liabilities | (8,350 | ) | (17,288 | ) | ||||
| Operating lease liabilities | (378 | ) | (156 | ) | ||||
| Total adjustments | 14,707 | (5,343 | ) | |||||
| Net cash provided by (used in) operating activities | 7,396 | (6,352 | ) | |||||
| Cash flows from investing activities | ||||||||
| Purchase of marketable securities held to maturity | (59,403 | ) | (87,996 | ) | ||||
| Proceeds from maturity of marketable securities held to maturity | 11,446 | 33,666 | ||||||
| Purchases of equipment | (597 | ) | (522 | ) | ||||
| Purchases of intangible assets | (4,462 | ) | (4,039 | ) | ||||
| Supplier advances, net | (2,510 | ) | (656 | ) | ||||
| Net cash used in investing activities | (55,526 | ) | (59,547 | ) | ||||
| Cash flows from financing activities | ||||||||
| Repayments of long-term debt | - | (406 | ) | |||||
| Principal payments on finance leases | (53 | ) | (77 | ) | ||||
| Proceeds from issuance of common stock | 164 | 3,168 | ||||||
| Remittance of taxes upon vesting of restricted stock units | (209 | ) | - | |||||
| Payment of acquisition-related liability | (100 | ) | (100 | ) | ||||
| Payment service obligations | (100,822 | ) | (358,197 | ) | ||||
| Net cash used in financing activities | (101,020 | ) | (355,612 | ) | ||||
| Net decrease in cash, cash equivalents, and restricted funds held for customers | (149,150 | ) | (421,511 | ) | ||||
| Cash, cash equivalents, and restricted funds held for customers | ||||||||
| Cash, cash equivalents, and restricted funds held for customers, beginning of year | 1,605,983 | 1,985,630 | ||||||
| Cash, cash equivalents, and restricted funds held for customers, end of period | $ | 1,456,833 | $ | 1,564,119 | ||||
| Supplementary information of noncash investing and financing activities | ||||||||
| Property and equipment purchases in accounts payable and accrued expenses | $ | 60 | $ | 85 | ||||
| Interest paid on notes payable | - | 1,330 | ||||||
| Interest paid on finance leases | 1,491 | 1,468 | ||||||
| Cash paid for income taxes | - | 7 | ||||||
| AvidXchange Holdings, Inc. | ||||||||
| Reconciliation of GAAP to Non-GAAP Measures | ||||||||
| Three Months Ended March 31, | ||||||||
| Reconciliation from Revenue to Non-GAAP Gross Profit and Non-GAAP Gross Margin | 2025 | 2024 | ||||||
| (in thousands) | ||||||||
| Total revenues | $ | 107,942 | $ | 105,598 | ||||
| Expenses: | ||||||||
| Cost of revenues (exclusive of depreciation and amortization expense) | (30,789 | ) | (30,333 | ) | ||||
| Depreciation and amortization expense | (6,129 | ) | (6,064 | ) | ||||
| GAAP Gross profit | $ | 71,024 | $ | 69,201 | ||||
| Adjustments: | ||||||||
| Stock-based compensation expense | 1,984 | 1,232 | ||||||
| Depreciation and amortization expense | 6,129 | 6,064 | ||||||
| Non-GAAP gross profit | $ | 79,137 | $ | 76,497 | ||||
| GAAP Gross margin | 65.8 | % | 65.5 | % | ||||
| Non-GAAP gross margin | 73.3 | % | 72.4 | % | ||||
| AvidXchange Holdings, Inc. | ||||||||
| Reconciliation of GAAP to Non-GAAP Measures (Continued) | ||||||||
| Three Months Ended March 31, | ||||||||
| Reconciliation from Net Loss to Non-GAAP Net Income (Loss), including per share amounts | 2025 | 2024 | ||||||
| (in thousands, except share and per share data) | ||||||||
| Net loss | $ | (7,311 | ) | $ | (1,009 | ) | ||
| Exclude: Provision for income taxes | 1,089 | 125 | ||||||
| Loss before taxes | (6,222 | ) | (884 | ) | ||||
| Amortization of acquired intangible assets | 2,885 | 3,413 | ||||||
| Impairment and write-off of intangible assets | - | 162 | ||||||
| Stock-based compensation expense | 14,486 | 10,959 | ||||||
| Transaction and acquisition-related costs | 1,996 | - | ||||||
| Non-recurring items not indicative of ongoing operations (1) | 723 | 1,346 | ||||||
| Total net adjustments | 20,090 | 15,880 | ||||||
| Non-GAAP income (loss) before taxes | 13,868 | 14,996 | ||||||
| Non-GAAP income tax expense (2) | 3,453 | 3,734 | ||||||
| Non-GAAP net income (loss) | $ | 10,415 | $ | 11,262 | ||||
| Weighted-average shares used to compute Non-GAAP net income (loss) per share attributable to common stockholders, basic | 205,018,908 | 204,896,718 | ||||||
| Weighted-average shares used to compute Non-GAAP net income (loss) per share attributable to common stockholders, diluted | 207,348,652 | 209,896,829 | ||||||
| GAAP Net income (loss) per share attributable to common stockholders, basic and diluted | $ | (0.04 | ) | $ | 0.00 | |||
| Non-GAAP basic net income (loss) per share attributable to common stockholders, basic | $ | 0.05 | $ | 0.05 | ||||
| Non-GAAP basic net income (loss) per share attributable to common stockholders, diluted | $ | 0.05 | $ | 0.05 | ||||
| GAAP income (loss) per common share, basic and diluted | $ | (0.04 | ) | $ | 0.00 | |||
| Amortization of acquired intangible assets | 0.01 | 0.02 | ||||||
| Impairment and write-off of intangible assets | - | - | ||||||
| Stock-based compensation expense | 0.07 | 0.05 | ||||||
| Transaction and acquisition-related costs | 0.01 | - | ||||||
| Non-recurring items not indicative of ongoing operations (1) | - | 0.01 | ||||||
| Provision for income taxes | (0.01 | ) | (0.02 | ) | ||||
| Adjustment to fully diluted earnings per share | 0.01 | (0.01 | ) | |||||
| Non-GAAP diluted income (loss) per common share | $ | 0.05 | $ | 0.05 | ||||
| AvidXchange Holdings, Inc. | ||||||||
| Reconciliation of GAAP to Non-GAAP Measures (Continued) | ||||||||
| Three Months Ended March 31, | ||||||||
| Reconciliation of Net Loss to Adjusted EBITDA | 2025 | 2024 | ||||||
| (in thousands) | ||||||||
| Net loss | $ | (7,311 | ) | $ | (1,009 | ) | ||
| Depreciation and amortization | 8,669 | 9,307 | ||||||
| Impairment and write-off of intangible assets | - | 162 | ||||||
| Interest income | (4,141 | ) | (6,562 | ) | ||||
| Interest expense | 2,006 | 3,337 | ||||||
| Provision for income taxes | 1,089 | 125 | ||||||
| Stock-based compensation expense | 14,486 | 10,959 | ||||||
| Transaction and acquisition-related costs | 1,996 | - | ||||||
| Non-recurring items not indicative of ongoing operations (1) | 723 | 1,346 | ||||||
| Adjusted EBITDA | $ | 17,517 | $ | 17,665 | ||||
| (1) For the three months ended March 31, 2025, this amount includes | ||||||||
| (2) Non-GAAP income tax expense is based on the Company's blended tax rate of | ||||||||
FAQ
What was AvidXchange (AVDX) revenue growth in Q1 2025?
Why did AVDX suspend its 2025 financial outlook?
What was AvidXchange's (AVDX) payment volume in Q1 2025?
How much cash does AvidXchange (AVDX) have on its balance sheet?
What was AVDX's net loss in Q1 2025?
