$AVDX
AvidXchange Holdings, Inc.

2021 Q4 Form 10-Q Financial Statement

#000095017021004742 Filed on November 18, 2021

View on sec.gov

Income Statement

Concept 2021 Q4 2021 Q3 2020 Q3
Revenue $69.27M $65.18M $47.60M
YoY Change 36.92%
Cost Of Revenue $28.75M $25.79M
YoY Change
Gross Profit $40.52M $39.38M
YoY Change
Gross Profit Margin 58.5% 60.43%
Selling, General & Admin $70.08M $31.68M $22.12M
YoY Change 43.23%
% of Gross Profit 172.97% 80.44%
Research & Development $21.92M $15.67M $11.06M
YoY Change 41.76%
% of Gross Profit 54.1% 39.79%
Depreciation & Amortization $8.404M $8.164M
YoY Change -38.81%
% of Gross Profit 20.74% 20.73%
Operating Expenses $100.4M $55.52M $40.13M
YoY Change 38.35%
Operating Profit -$59.89M -$16.13M -$13.50M
YoY Change 19.51%
Interest Expense -$16.23M $4.874M $5.039M
YoY Change -3.27%
% of Operating Profit
Other Income/Expense, Net -$19.39M -$4.426M
YoY Change 338.12%
Pretax Income -$76.96M -$35.53M -$17.93M
YoY Change 98.18%
Income Tax -$4.863M $2.000K $58.00K
% Of Pretax Income
Net Earnings -$72.10M -$35.53M -$17.98M
YoY Change 97.55%
Net Earnings / Revenue -104.09% -54.51% -37.78%
Basic Earnings Per Share -$0.71
Diluted Earnings Per Share -$411.0K -$181.5K
COMMON SHARES
Basic Shares Outstanding 196.2M 57.17M
Diluted Shares Outstanding 57.17M

Balance Sheet

Concept 2021 Q4 2021 Q3 2020 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $562.8M $150.9M
YoY Change
Cash & Equivalents $562.8M $150.9M $572.3M
Short-Term Investments
Other Short-Term Assets $1.253B $883.8M
YoY Change
Inventory
Prepaid Expenses
Receivables $30.97M $30.14M
Other Receivables $11.52M $11.55M
Total Short-Term Assets $1.858B $1.076B
YoY Change 329.75%
LONG-TERM ASSETS
Property, Plant & Equipment $106.2M $83.15M
YoY Change 22.28%
Goodwill $165.9M $161.0M
YoY Change 56.98%
Intangibles $100.5M $103.8M
YoY Change 38.67%
Long-Term Investments
YoY Change
Other Assets $4.261M $4.534M
YoY Change 121.7%
Total Long-Term Assets $408.4M $382.2M
YoY Change 38.83%
TOTAL ASSETS
Total Short-Term Assets $1.858B $1.076B
Total Long-Term Assets $408.4M $382.2M
Total Assets $2.266B $1.459B
YoY Change 211.94%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $17.14M $17.20M
YoY Change -32.56%
Accrued Expenses $56.08M $59.57M
YoY Change 38.57%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $4.800M $1.000M
YoY Change 380.0%
Total Short-Term Liabilities $1.332B $960.2M
YoY Change 525.33%
LONG-TERM LIABILITIES
Long-Term Debt $119.9M $101.7M
YoY Change 21.77%
Other Long-Term Liabilities $6.022M $29.55M
YoY Change -59.69%
Total Long-Term Liabilities $125.9M $131.2M
YoY Change 11.04%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.332B $960.2M
Total Long-Term Liabilities $125.9M $131.2M
Total Liabilities $1.543B $1.182B
YoY Change 281.06%
SHAREHOLDERS EQUITY
Retained Earnings -$871.9M -$799.8M
YoY Change 29.7%
Common Stock $197.0K $58.00K
YoY Change 294.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $723.1M -$569.9M -$287.9M
YoY Change
Total Liabilities & Shareholders Equity $2.266B $1.459B
YoY Change 211.94%

Cashflow Statement

Concept 2021 Q4 2021 Q3 2020 Q3
OPERATING ACTIVITIES
Net Income -$72.10M -$35.53M -$17.98M
YoY Change 97.55%
Depreciation, Depletion And Amortization $8.404M $8.164M
YoY Change -38.81%
Cash From Operating Activities -$27.35M -$221.9K
YoY Change 56.19%
INVESTING ACTIVITIES
Capital Expenditures -$18.85M -$5.099M
YoY Change 198.88%
Acquisitions
YoY Change
Other Investing Activities -$1.014M -$49.01M
YoY Change -95.88%
Cash From Investing Activities -$19.87M -$54.11M
YoY Change -35.79%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 830.7M 192.3M
YoY Change 1862.52%
NET CHANGE
Cash From Operating Activities -27.35M -221.9K
Cash From Investing Activities -19.87M -54.11M
Cash From Financing Activities 830.7M 192.3M
Net Change In Cash 783.4M 138.0M
YoY Change -12878.06%
FREE CASH FLOW
Cash From Operating Activities -$27.35M -$221.9K
Capital Expenditures -$18.85M -$5.099M
Free Cash Flow -$8.497M $4.877M
YoY Change -24.16%

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6545000
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avdx Increase Decrease In Deferred Customer Origination Costs
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2185000
avdx Increase Decrease In Deferred Customer Origination Costs
IncreaseDecreaseInDeferredCustomerOriginationCosts
2558000
us-gaap Increase Decrease In Accrued Liabilities And Other Operating Liabilities
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3401000
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us-gaap Increase Decrease In Accounts Payable
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2039000
avdx Noncash Interest Paid On Notes Payable
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7929000
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avdx Noncash Finance Lease Interest Payment On Liability
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5355000
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avdx Payments Of Stock Issuance Costs Related Party
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19227000
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PaymentForServiceObligations
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avdx Payment For Service Obligations
PaymentForServiceObligations
-34157000
avdx Options Issued In Connection With Bonus Compensation
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CY2021Q3 us-gaap Preferred Stock Convertible Conversion Ratio
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2672000
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8416000
us-gaap Increase Decrease In Operating Lease Liability
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-479000
us-gaap Increase Decrease In Operating Lease Liability
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37044000
us-gaap Net Cash Provided By Used In Operating Activities
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us-gaap Net Cash Provided By Used In Operating Activities
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us-gaap Payments To Acquire Machinery And Equipment
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avdx Contingent Consideration And Deferred Obligation Payments Near Acquisition Date
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avdx Payments To Supplier For Advances
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avdx Payments To Supplier For Advances
PaymentsToSupplierForAdvances
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us-gaap Net Cash Provided By Used In Investing Activities
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us-gaap Net Cash Provided By Used In Investing Activities
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us-gaap Proceeds From Issuance Or Sale Of Equity
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us-gaap Net Cash Provided By Used In Financing Activities
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us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
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CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
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CY2021Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
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CY2020Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
572344000
us-gaap Right Of Use Asset Obtained In Exchange For Finance Lease Liability
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us-gaap Right Of Use Asset Obtained In Exchange For Finance Lease Liability
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us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
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us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
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avdx Noncash Or Part Noncash Acquisition Common Stock Issued
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ProfitLoss
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us-gaap Use Of Estimates
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<p style="text-indent:0.0%;font-size:10.0pt;margin-top:6.0pt;line-height:1.3;font-family:Times New Roman;margin-bottom:2.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(35,31,32,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:Arial;">Use of Estimates</span></p><p style="text-indent:0.0%;font-size:10.0pt;margin-top:0.0pt;line-height:1.3541666666666667;font-family:Times New Roman;margin-bottom:6.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Arial;">The </span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Arial;">preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses, and the disclosure of contingent assets and liabilities as of and during the reporting period. The Company bases estimates and assumptions on historical experience when available and on various factors that it believes to be reasonable under the circumstances. Significant estimates reflected in these consolidated financial statements include, but are not limited to, the allowance for doubtful accounts, useful lives</span><span style="color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Arial;"> </span></p><p style="text-indent:0.0%;font-size:10.0pt;margin-top:0.0pt;line-height:1.3541666666666667;font-family:Times New Roman;margin-bottom:6.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Arial;">assigned </span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Arial;">to fixed and intangible assets, capitalization of internal-use software, deferral of customer origination costs, the fair value of intangible assets acquired in a business combination, the fair value of goodwill, the recoverability of deferred income taxes, the fair value of common stock, and the fair value of the convertible common stock liability (or the “derivative instrument.”) The Company assesses estimates on an ongoing basis; however, actual results could materially differ from those estimates.</span></p>
us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p style="text-indent:0.0%;font-size:10.0pt;margin-top:6.0pt;line-height:1.3;font-family:Times New Roman;margin-bottom:2.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(35,31,32,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:Arial;">Concentrations</span></p><p style="text-indent:0.0%;font-size:10.0pt;margin-top:6.0pt;line-height:1.3;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(35,31,32,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Arial;font-style:italic;">Significant Services</span></p><p style="text-indent:0.0%;font-size:10.0pt;margin-top:0.0pt;line-height:1.3541666666666667;font-family:Times New Roman;margin-bottom:6.0pt;text-align:left;"><span style="background-color:rgba(255,255,255,1);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Arial;">A substantial portion of the Company’s revenue is derived from interchange fees earned on payment transactions processed as virtual commercial cards (“VCC”). For the three months ended September 30, 2021 and 2020, interchange fee revenues from a single service provider represented approximately </span><span style="font-size:10.0pt;font-family:Arial;background-color:rgba(255,255,255,1);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Arial;">51</span><span style="background-color:rgba(255,255,255,1);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Arial;">% and </span><span style="font-size:10.0pt;font-family:Arial;background-color:rgba(255,255,255,1);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Arial;">50</span><span style="background-color:rgba(255,255,255,1);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Arial;">% of total revenues, respectively. For the nine months ended September 30, 2021 and 2020, interchange fee revenues from a single service provider represented approximately </span><span style="font-size:10.0pt;font-family:Arial;background-color:rgba(255,255,255,1);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Arial;">50</span><span style="background-color:rgba(255,255,255,1);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Arial;">% and </span><span style="font-size:10.0pt;font-family:Arial;background-color:rgba(255,255,255,1);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Arial;">49</span><span style="background-color:rgba(255,255,255,1);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Arial;">% of total revenues, respectively. As of September 30, 2021 and December 31, 2020, </span><span style="font-size:10.0pt;font-family:Arial;background-color:rgba(255,255,255,1);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Arial;">66</span><span style="background-color:rgba(255,255,255,1);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Arial;">% and </span><span style="font-size:10.0pt;font-family:Arial;background-color:rgba(255,255,255,1);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Arial;">62</span><span style="background-color:rgba(255,255,255,1);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Arial;">%</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Arial;"> of accounts receivable, net, is comprised of amounts due from this service provider, respectively.</span></p><p style="text-indent:0.0%;font-size:10.0pt;margin-top:0.0pt;line-height:1.3541666666666667;font-family:Times New Roman;margin-bottom:6.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Arial;">Future regulation or changes by the card brand payment networks could have a substantial impact on the Company’s revenue from VCC transactions. If interchange rates decline, whether due to actions by the card brand payment networks, merchant/suppliers availing themselves of lower rates, or future regulation, the Company’s total operating revenues, operating results, prospects for future growth and overall business could be materially affected.</span></p>
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CY2021Q3 avdx Unregulated Settlements With Payees
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CY2021Q3 avdx Customer Funds Held In Trust Accounts
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CY2021Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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CY2020Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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122484570
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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121821200
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CY2020Q4 us-gaap Deferred Compensation Plan Assets
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1232000
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787000
CY2020Q3 us-gaap Cost Of Goods And Service Excluding Depreciation Depletion And Amortization
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20972000
CY2020Q3 us-gaap Selling And Marketing Expense
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11763000
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11055000
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10357000
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279000
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32156000
us-gaap General And Administrative Expense
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30813000
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us-gaap Profit Loss
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us-gaap Earnings Per Share Basic And Diluted
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us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
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175000

Files In Submission

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0000950170-21-004742.txt Edgar Link pending
0000950170-21-004742-xbrl.zip Edgar Link pending
avdx-20210930.htm Edgar Link pending
avdx-20210930.xsd Edgar Link pending
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avdx-20210930_def.xml Edgar Link unprocessable
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