$AVDX
AvidXchange Holdings, Inc.

2022 Q1 Form 10-Q Financial Statement

#000095017022008149 Filed on May 06, 2022

View on sec.gov

Income Statement

Concept 2022 Q1 2021 Q1
Revenue $71.20M $55.21M
YoY Change 28.96% 28.26%
Cost Of Revenue $27.81M $22.54M
YoY Change 23.37% 10.6%
Gross Profit $43.40M $32.67M
YoY Change 32.82% 44.13%
Gross Profit Margin 60.95% 59.18%
Selling, General & Admin $35.93M $27.68M
YoY Change 29.82% 23.38%
% of Gross Profit 82.79% 84.7%
Research & Development $20.07M $13.93M
YoY Change 44.06% 32.95%
% of Gross Profit 46.25% 42.64%
Depreciation & Amortization $7.718M $7.077M
YoY Change 9.06% 2.86%
% of Gross Profit 17.79% 21.66%
Operating Expenses $63.72M $48.69M
YoY Change 30.88% 22.35%
Operating Profit -$20.32M -$16.01M
YoY Change 26.92% -6.48%
Interest Expense $4.977M $5.025M
YoY Change -0.96% -153.12%
% of Operating Profit
Other Income/Expense, Net -$4.757M -$53.95M
YoY Change -91.18%
Pretax Income -$25.08M -$69.96M
YoY Change -64.15% 158.62%
Income Tax $69.00K $68.00K
% Of Pretax Income
Net Earnings -$25.15M -$70.03M
YoY Change -64.09% 160.41%
Net Earnings / Revenue -35.32% -126.83%
Basic Earnings Per Share -$0.13
Diluted Earnings Per Share -$127.6K -$357.7K
COMMON SHARES
Basic Shares Outstanding 196.8M
Diluted Shares Outstanding 197.0M

Balance Sheet

Concept 2022 Q1 2021 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $523.6M $229.8M
YoY Change 127.86%
Cash & Equivalents $294.9M $754.8M
Short-Term Investments $228.7M
Other Short-Term Assets $945.8M $535.6M
YoY Change 76.6%
Inventory
Prepaid Expenses
Receivables $34.21M $24.23M
Other Receivables $12.78M $8.964M
Total Short-Term Assets $1.516B $798.5M
YoY Change 89.9%
LONG-TERM ASSETS
Property, Plant & Equipment $105.6M $88.30M
YoY Change 19.64%
Goodwill $165.9M
YoY Change
Intangibles $106.0M
YoY Change
Long-Term Investments
YoY Change
Other Assets $4.297M $29.24M
YoY Change -85.3%
Total Long-Term Assets $415.2M $294.3M
YoY Change 41.11%
TOTAL ASSETS
Total Short-Term Assets $1.516B $798.5M
Total Long-Term Assets $415.2M $294.3M
Total Assets $1.932B $1.093B
YoY Change 76.76%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $15.51M $16.33M
YoY Change -5.06%
Accrued Expenses $51.49M $48.07M
YoY Change 7.12%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $4.800M $2.061M
YoY Change 132.87%
Total Short-Term Liabilities $1.016B $598.3M
YoY Change 69.85%
LONG-TERM LIABILITIES
Long-Term Debt $121.4M $173.1M
YoY Change -29.9%
Other Long-Term Liabilities $2.630M $19.28M
YoY Change -86.36%
Total Long-Term Liabilities $124.0M $192.4M
YoY Change -35.56%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.016B $598.3M
Total Long-Term Liabilities $124.0M $192.4M
Total Liabilities $1.227B $790.7M
YoY Change 55.15%
SHAREHOLDERS EQUITY
Retained Earnings -$897.7M
YoY Change
Common Stock $198.0K
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $704.9M -$534.3M
YoY Change
Total Liabilities & Shareholders Equity $1.932B $1.093B
YoY Change 76.76%

Cashflow Statement

Concept 2022 Q1 2021 Q1
OPERATING ACTIVITIES
Net Income -$25.15M -$70.03M
YoY Change -64.09% 160.41%
Depreciation, Depletion And Amortization $7.718M $7.077M
YoY Change 9.06% 2.86%
Cash From Operating Activities -$25.31M -$19.94M
YoY Change 26.93% 69.02%
INVESTING ACTIVITIES
Capital Expenditures -$13.04M -$3.959M
YoY Change 229.42% -238.44%
Acquisitions
YoY Change
Other Investing Activities -$230.6M -$139.0K
YoY Change 165818.28% -87.59%
Cash From Investing Activities -$243.7M -$4.098M
YoY Change 5846.46% 2.96%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $173.0K $540.0K
YoY Change -67.96%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -309.3M 388.8M
YoY Change -179.54% 3094.68%
NET CHANGE
Cash From Operating Activities -25.31M -19.94M
Cash From Investing Activities -243.7M -4.098M
Cash From Financing Activities -309.3M 388.8M
Net Change In Cash -578.3M 364.8M
YoY Change -258.54% -10203.91%
FREE CASH FLOW
Cash From Operating Activities -$25.31M -$19.94M
Capital Expenditures -$13.04M -$3.959M
Free Cash Flow -$12.27M -$15.98M
YoY Change -23.23% 9.04%

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2851000
CY2022Q1 avdx Increase Decrease In Deferred Customer Origination Costs
IncreaseDecreaseInDeferredCustomerOriginationCosts
-773000
CY2021Q1 avdx Increase Decrease In Deferred Customer Origination Costs
IncreaseDecreaseInDeferredCustomerOriginationCosts
366000
CY2022Q1 us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
-872000
CY2021Q1 us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
-9095000
CY2022Q1 us-gaap Increase Decrease In Deferred Revenue
IncreaseDecreaseInDeferredRevenue
-525000
CY2021Q1 us-gaap Increase Decrease In Deferred Revenue
IncreaseDecreaseInDeferredRevenue
449000
CY2022Q1 us-gaap Increase Decrease In Accrued Liabilities And Other Operating Liabilities
IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities
-8835000
CY2021Q1 us-gaap Increase Decrease In Accrued Liabilities And Other Operating Liabilities
IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities
5897000
CY2022Q1 us-gaap Increase Decrease In Operating Lease Liability
IncreaseDecreaseInOperatingLeaseLiability
-51000
CY2021Q1 us-gaap Increase Decrease In Operating Lease Liability
IncreaseDecreaseInOperatingLeaseLiability
-271000
CY2022Q1 us-gaap Adjustments To Reconcile Net Income Loss To Cash Provided By Used In Operating Activities
AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivities
-167000
CY2021Q1 us-gaap Adjustments To Reconcile Net Income Loss To Cash Provided By Used In Operating Activities
AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivities
50082000
CY2022Q1 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-25314000
CY2021Q1 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-19944000
CY2022Q1 avdx Purchase Of Short Term Investments Held To Maturity
PurchaseOfShortTermInvestmentsHeldToMaturity
228595000
CY2022Q1 us-gaap Payments To Acquire Machinery And Equipment
PaymentsToAcquireMachineryAndEquipment
967000
CY2021Q1 us-gaap Payments To Acquire Machinery And Equipment
PaymentsToAcquireMachineryAndEquipment
52000
CY2022Q1 avdx Payments For Proceeds From Acquire Land
PaymentsForProceedsFromAcquireLand
767000
CY2022Q1 us-gaap Payments To Acquire Intangible Assets
PaymentsToAcquireIntangibleAssets
11309000
CY2021Q1 us-gaap Payments To Acquire Intangible Assets
PaymentsToAcquireIntangibleAssets
3907000
CY2022Q1 avdx Payments To Supplier For Advances
PaymentsToSupplierForAdvances
2048000
CY2021Q1 avdx Payments To Supplier For Advances
PaymentsToSupplierForAdvances
139000
CY2022Q1 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-243686000
CY2021Q1 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-4098000
CY2022Q1 us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
1170000
CY2021Q1 us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
1131000
CY2022Q1 us-gaap Finance Lease Principal Payments
FinanceLeasePrincipalPayments
237000
CY2021Q1 us-gaap Finance Lease Principal Payments
FinanceLeasePrincipalPayments
309000
CY2022Q1 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
173000
CY2021Q1 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
540000
CY2022Q1 avdx Payment For Service Obligations
PaymentForServiceObligations
310371000
CY2021Q1 avdx Payment For Service Obligations
PaymentForServiceObligations
-387431000
CY2022Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-309265000
CY2021Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
388793000
CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-578265000
CY2021Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
364751000
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
1805163000
CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
390078000
CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
1226898000
CY2021Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
754829000
CY2022Q1 us-gaap Right Of Use Asset Obtained In Exchange For Finance Lease Liability
RightOfUseAssetObtainedInExchangeForFinanceLeaseLiability
57000
CY2021Q1 us-gaap Right Of Use Asset Obtained In Exchange For Finance Lease Liability
RightOfUseAssetObtainedInExchangeForFinanceLeaseLiability
154000
CY2022Q1 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
2831000
CY2022Q1 us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
4000
CY2021Q1 us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
9000
CY2022Q1 avdx Noncash Interest Paid On Notes Payable
NoncashInterestPaidOnNotesPayable
2612000
CY2021Q1 avdx Noncash Interest Paid On Notes Payable
NoncashInterestPaidOnNotesPayable
2571000
CY2022Q1 avdx Noncash Finance Lease Interest Payment On Liability
NoncashFinanceLeaseInterestPaymentOnLiability
1421000
CY2021Q1 avdx Noncash Finance Lease Interest Payment On Liability
NoncashFinanceLeaseInterestPaymentOnLiability
1836000
CY2022Q1 us-gaap Use Of Estimates
UseOfEstimates
<p style="text-indent:0.0%;font-size:10.0pt;margin-top:6.0pt;line-height:1.15;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;min-width:fit-content;">Use of Estimates</span></p><p style="text-indent:0.0%;font-size:10.0pt;margin-top:0.0pt;line-height:1.1979166666666667;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;min-width:fit-content;">The 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 assigned 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 prior to the IPO, 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>
CY2022Q1 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p style="text-indent:0.0%;font-size:10.0pt;margin-top:6.0pt;line-height:1.15;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;min-width:fit-content;">Concentrations</span></p><p style="text-indent:0.0%;font-size:10.0pt;margin-top:6.0pt;line-height:1.15;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;min-width:fit-content;">Significant Services</span></p><p style="text-indent:0.0%;font-size:10.0pt;margin-top:0.0pt;line-height:1.1979166666666667;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;min-width:fit-content;">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 March 31, 2022 and 2021, 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;min-width:fit-content;">29</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;min-width:fit-content;">%</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;min-width:fit-content;"> 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;min-width:fit-content;">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;min-width:fit-content;">%</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;min-width:fit-content;"> of total revenues, respectively. As of March 31, 2022 and December 31, 2021, </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;min-width:fit-content;">40</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;min-width:fit-content;">%</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;min-width:fit-content;"> 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;min-width:fit-content;">53</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;min-width:fit-content;">%</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;min-width:fit-content;"> 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:1.1979166666666667;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;min-width:fit-content;">For the three months ended March 31, 2022 and 2021, interchange fee revenues from a second 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;min-width:fit-content;">23</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;min-width:fit-content;">%</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;min-width:fit-content;"> 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;min-width:fit-content;">0</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;min-width:fit-content;">%</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;min-width:fit-content;"> of total revenues, respectively. </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;min-width:fit-content;">As of March 31, 2022 and </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;min-width:fit-content;">December 31, 2021</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;min-width:fit-content;">, </span><span style="font-size:10.0pt;font-family:Arial;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;min-width:fit-content;">26</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;min-width:fit-content;">%</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;min-width:fit-content;"> and </span><span style="font-size:10.0pt;font-family:Arial;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;min-width:fit-content;">13</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;min-width:fit-content;">%</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;min-width:fit-content;"> of accounts receivable, net, is comprised of amounts due from a second service provider, respectively.</span></p><p style="text-indent:0.0%;font-size:10.0pt;margin-top:0.0pt;line-height:1.1979166666666667;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;min-width:fit-content;">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>
CY2021Q4 avdx Customer Funds Held In Trust Accounts
CustomerFundsHeldInTrustAccounts
123643000
CY2022Q1 avdx Service Obligations Liabilities
ServiceObligationsLiabilities
911154000
CY2021Q4 avdx Service Obligations Liabilities
ServiceObligationsLiabilities
1210342000
CY2022Q1 avdx Unregulated Settlements With Payees
UnregulatedSettlementsWithPayees
20821000
CY2021Q4 avdx Unregulated Settlements With Payees
UnregulatedSettlementsWithPayees
32004000
CY2022Q1 avdx Payment Service Obligations
PaymentServiceObligations
931975000
CY2021Q4 avdx Payment Service Obligations
PaymentServiceObligations
1242346000
CY2022Q1 avdx Customer Funds Held In Trust Accounts
CustomerFundsHeldInTrustAccounts
100555000
CY2022Q1 us-gaap Deferred Compensation Plan Assets
DeferredCompensationPlanAssets
1452000
CY2021Q4 us-gaap Deferred Compensation Plan Assets
DeferredCompensationPlanAssets
1343000
CY2022Q1 us-gaap Deferred Compensation Liability Classified Noncurrent
DeferredCompensationLiabilityClassifiedNoncurrent
1506000
CY2021Q4 us-gaap Deferred Compensation Liability Classified Noncurrent
DeferredCompensationLiabilityClassifiedNoncurrent
1387000
CY2021Q4 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
100455000
CY2021Q1 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
14164000
CY2021Q1 us-gaap Operating Expenses
OperatingExpenses
48685000
CY2021Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
-16011000
CY2021Q1 us-gaap Cost Of Goods And Service Excluding Depreciation Depletion And Amortization
CostOfGoodsAndServiceExcludingDepreciationDepletionAndAmortization
22540000
CY2021Q1 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
13511000
CY2021Q1 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
13933000
CY2021Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-69958000
CY2021Q1 us-gaap Profit Loss
ProfitLoss
-70026000
CY2021Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-74628000
CY2021Q1 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-1.43
CY2021Q1 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
847000
CY2021Q1 us-gaap Net Income Loss
NetIncomeLoss
-70026000
CY2021Q1 us-gaap Profit Loss
ProfitLoss
-70026000
CY2021Q1 us-gaap Share Based Compensation
ShareBasedCompensation
847000
CY2021Q1 us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
5897000
CY2021Q3 us-gaap Preferred Stock Convertible Conversion Ratio
PreferredStockConvertibleConversionRatio
4
CY2022Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
71203000
CY2021Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
55214000
CY2022Q1 avdx Trade Account Receivable Net
TradeAccountReceivableNet
11496000
CY2021Q4 avdx Trade Account Receivable Net
TradeAccountReceivableNet
9797000
CY2022Q1 avdx Payment Processing Receivable Net
PaymentProcessingReceivableNet
22717000
CY2021Q4 avdx Payment Processing Receivable Net
PaymentProcessingReceivableNet
21168000
CY2022Q1 us-gaap Accounts Receivable Net
AccountsReceivableNet
34213000
CY2021Q4 us-gaap Accounts Receivable Net
AccountsReceivableNet
30965000
CY2022Q1 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
29355000
CY2021Q4 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
29880000
CY2022Q1 us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
-2780000
CY2021Q1 us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
-2246000
CY2022Q1 avdx Revenue Recognized Cash Received Excluding Amounts Recognized As Revenue
RevenueRecognizedCashReceivedExcludingAmountsRecognizedAsRevenue
2255000
CY2021Q1 avdx Revenue Recognized Cash Received Excluding Amounts Recognized As Revenue
RevenueRecognizedCashReceivedExcludingAmountsRecognizedAsRevenue
2695000
CY2022Q1 avdx Revenue Remaining Performance Obligation Contractual Term
RevenueRemainingPerformanceObligationContractualTerm
P5Y
CY2022Q1 avdx Revenue Remaining Performance Obligation Current
RevenueRemainingPerformanceObligationCurrent
13935000
CY2022Q1 avdx Revenue Remaining Performance Obligation Non Current
RevenueRemainingPerformanceObligationNonCurrent
23415000
CY2022Q1 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
37350000
CY2021Q4 avdx Revenue Remaining Performance Obligation Current
RevenueRemainingPerformanceObligationCurrent
13339000
CY2021Q4 avdx Revenue Remaining Performance Obligation Non Current
RevenueRemainingPerformanceObligationNonCurrent
23475000
CY2021Q4 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
36814000
CY2022Q1 us-gaap Capitalized Contract Cost Amortization Method
CapitalizedContractCostAmortizationMethod
straight-line basis
CY2022Q1 us-gaap Capitalized Contract Cost Amortization Period
CapitalizedContractCostAmortizationPeriod
P5Y
CY2022Q1 avdx Capitalized Sales Commissions And Implementation Costs
CapitalizedSalesCommissionsAndImplementationCosts
2076000
CY2021Q1 avdx Capitalized Sales Commissions And Implementation Costs
CapitalizedSalesCommissionsAndImplementationCosts
2858000
CY2022Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
16023264
CY2021Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
123168608
CY2022Q1 us-gaap Profit Loss
ProfitLoss
-25147000
CY2021Q1 us-gaap Profit Loss
ProfitLoss
-70026000
CY2021Q1 us-gaap Temporary Equity Accretion To Redemption Value
TemporaryEquityAccretionToRedemptionValue
4602000
CY2022Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-25147000
CY2021Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-74628000
CY2022Q1 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
197017555
CY2021Q1 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
52057532
CY2022Q1 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.13
CY2021Q1 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-1.43
CY2022Q1 us-gaap Debt Securities Held To Maturity Amortized Cost After Allowance For Credit Loss
DebtSecuritiesHeldToMaturityAmortizedCostAfterAllowanceForCreditLoss
228655000
CY2022Q1 us-gaap Held To Maturity Securities Accumulated Unrecognized Holding Gain
HeldToMaturitySecuritiesAccumulatedUnrecognizedHoldingGain
4000
CY2022Q1 us-gaap Held To Maturity Securities Accumulated Unrecognized Holding Loss
HeldToMaturitySecuritiesAccumulatedUnrecognizedHoldingLoss
81000
CY2022Q1 us-gaap Held To Maturity Securities Fair Value
HeldToMaturitySecuritiesFairValue
228578000
CY2022Q1 us-gaap Held To Maturity Securities Continuous Unrealized Loss Position Fair Value
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162520000
CY2022Q1 avdx Other Than Temporary Impairment Amount Of Unrealized Losses Not Recognized In Earnings
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-81000
CY2022Q1 us-gaap Capitalized Computer Software Additions
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4544000
CY2021Q1 us-gaap Capitalized Computer Software Additions
CapitalizedComputerSoftwareAdditions
3907000
CY2022Q1 us-gaap Capitalized Computer Software Amortization1
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2541000
CY2021Q1 us-gaap Capitalized Computer Software Amortization1
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98791000
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106031000
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193113000
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FiniteLivedIntangibleAssetsAccumulatedAmortization
92658000
CY2022Q1 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
6134000
CY2021Q1 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
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0
CY2022Q1 us-gaap Finance Lease Principal Payments
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237000
CY2021Q1 us-gaap Finance Lease Principal Payments
FinanceLeasePrincipalPayments
309000
CY2022Q1 us-gaap Finance Lease Interest Payment On Liability
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1421000
CY2021Q1 us-gaap Finance Lease Interest Payment On Liability
FinanceLeaseInterestPaymentOnLiability
1836000
CY2022Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
505000
CY2021Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
577000
CY2022Q1 us-gaap Right Of Use Asset Obtained In Exchange For Finance Lease Liability
RightOfUseAssetObtainedInExchangeForFinanceLeaseLiability
57000
CY2021Q1 us-gaap Right Of Use Asset Obtained In Exchange For Finance Lease Liability
RightOfUseAssetObtainedInExchangeForFinanceLeaseLiability
154000
CY2022Q1 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
2831000
CY2022Q1 us-gaap Finance Lease Right Of Use Asset Amortization
FinanceLeaseRightOfUseAssetAmortization
670000
CY2021Q1 us-gaap Finance Lease Right Of Use Asset Amortization
FinanceLeaseRightOfUseAssetAmortization
882000
CY2022Q1 us-gaap Finance Lease Interest Expense
FinanceLeaseInterestExpense
1623000
CY2021Q1 us-gaap Finance Lease Interest Expense
FinanceLeaseInterestExpense
2068000
CY2022Q1 us-gaap Operating Lease Cost
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454000
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127523000
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4800000
CY2021Q4 us-gaap Long Term Debt Current
LongTermDebtCurrent
4800000
CY2022Q1 us-gaap Unamortized Debt Issuance Expense
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2527000
CY2021Q4 us-gaap Unamortized Debt Issuance Expense
UnamortizedDebtIssuanceExpense
2843000
CY2022Q1 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
121366000
CY2021Q4 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
119880000
CY2022Q1 us-gaap Deferred Finance Costs Noncurrent Net
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2527000
CY2022Q1 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
128693000
CY2022Q1 us-gaap Common Stock Capital Shares Reserved For Future Issuance
CommonStockCapitalSharesReservedForFutureIssuance
39353670
CY2022Q1 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
1600000000
CY2021Q1 us-gaap Operating Lease Cost
OperatingLeaseCost
306000
CY2022Q1 us-gaap Short Term Lease Cost
ShortTermLeaseCost
160000
CY2021Q1 us-gaap Short Term Lease Cost
ShortTermLeaseCost
20000
CY2022Q1 us-gaap Variable Lease Cost
VariableLeaseCost
35000
CY2021Q1 us-gaap Variable Lease Cost
VariableLeaseCost
60000
CY2021Q1 us-gaap Sublease Income
SubleaseIncome
67000
CY2022Q1 us-gaap Lease Cost
LeaseCost
2942000
CY2021Q1 us-gaap Lease Cost
LeaseCost
3269000
CY2021Q4 us-gaap Deferred Finance Costs Noncurrent Net
DeferredFinanceCostsNoncurrentNet
2843000
CY2022Q1 us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
339000
CY2021Q1 us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
339000
CY2022Q1 avdx Common Stock Number Of Votes Entitled Per Share
CommonStockNumberOfVotesEntitledPerShare
1
CY2022Q1 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
1600000000
CY2022Q1 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.001
CY2022Q1 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
50000000
CY2022Q1 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.001
CY2022Q1 us-gaap Common Stock Capital Shares Reserved For Future Issuance
CommonStockCapitalSharesReservedForFutureIssuance
39353670
CY2022Q1 us-gaap Change In Accounting Principle Accounting Standards Update Adopted
ChangeInAccountingPrincipleAccountingStandardsUpdateAdopted
true
CY2021Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
5301146
CY2021Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
8.25
CY2021 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P7Y8M15D
CY2021Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
36853000
CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
2526126
CY2022Q1 us-gaap Change In Accounting Principle Accounting Standards Update Adoption Date
ChangeInAccountingPrincipleAccountingStandardsUpdateAdoptionDate
2022-01-01
CY2022Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
8.04
CY2022Q1 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
63118
CY2022Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
2.74
CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
12524
CY2022Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
3.79
CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExpirationsInPeriod
19504
CY2022Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExpirationsInPeriodWeightedAverageExercisePrice
2.35
CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
7732126
CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
8.25
CY2022Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P8Y3M14D
CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
10582000
CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableNumber
2739161
CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
5.99
CY2022Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P6Y6M29D
CY2022Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1
8930000
CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingNumber
7732126
CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageExercisePrice
8.25
CY2022Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageRemainingContractualTerm1
P8Y3M14D
CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Aggregate Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingAggregateIntrinsicValue
10582000
CY2022Q1 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Stock Options
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedStockOptions
18442000
CY2022Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
6595000
CY2021Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
847000
CY2022Q1 avdx Term Of Agreement
TermOfAgreement
P3Y
CY2022Q1 avdx Agreement Renewal Term
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P3Y
CY2022Q1 avdx Agreement Extension Date
AgreementExtensionDate
2025-02-28
CY2022Q1 avdx Payments For Sponsorship
PaymentsForSponsorship
371000
CY2022Q1 avdx Annual Payment For Sponsorship Increase In Percentage Each Year
AnnualPaymentForSponsorshipIncreaseInPercentageEachYear
0.02
CY2022Q1 us-gaap Due To Affiliate Current
DueToAffiliateCurrent
21000
CY2021Q4 us-gaap Due To Affiliate Current
DueToAffiliateCurrent
0

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