AvidXchange Holdings, Inc. (Nasdaq: AVDX), a provider of accounts payable (AP) automation software and payment solutions for middle market businesses and their suppliers, announced financial results for the first quarter ended March 31, 2024.
Michael Praeger, Chief Executive Officer & Co-Founder of AvidXchange, said:
“We continued our streak of delivering standout financial results with our first quarter 2024 being no exception, marking 11 consecutive quarters of surpassing internal expectations. Given the volatile macro backdrop, which has continued to impact transaction volumes, we are utilizing all the levers that help us counterbalance those impacts, resulting in strong growth, gross margin and adjusted EBITDA margin performance.”
As noted in the update:
“With the market for accounts payable and payments automation for middle market companies estimated at $40 billion, we believe our differentiated value proposition positions us well to capitalize on the trend toward digital transformation of the back office given our breadth of verticals, depth of integrations, competitive strength and our proprietary two-side network. Furthermore, we believe the investments we are making in innovation, new products and integration partnerships — both launched and in the pipeline — provide a long runway for growth and profits,”
First Quarter 2024 Financial Highlights:
- Total revenue was $105.6 million, an increase of 21.6% year-over-year, compared with $86.8 million in the first quarter of 2023.
- Revenue included interest income of $13.1 million compared with $7.1 million in the first quarter of 2023.
- GAAP net loss was $(1.0) million, compared with a GAAP net loss of $(16.0) million in the first quarter of 2023.
- Non-GAAP net income was $11.3 million, compared with a Non-GAAP net loss of $(3.4) million in the first quarter of 2023.
- GAAP gross profit was $69.2 million, or 65.5% of total revenue, compared with $52.1 million, or 60.0% of revenue in the first quarter of 2023.
- Non-GAAP gross profit was $76.5 million, or 72.4% of total revenue, compared with $58.4 million, or 67.3% of revenue in the first quarter of 2023.
- Adjusted EBITDA was $17.7 million compared with $0.4 million in the first quarter of 2023.
As covered, AvidXchange is a “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.”
