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 second quarter ended June 30, 2024.
Michael Praeger, Chief Executive Officer & Co-Founder of AvidXchange said:
“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.”
As noted in the update:
“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,”
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.
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.
