$AVDX
AvidXchange Holdings, Inc.

2022 Q3 Form 10-Q Financial Statement

#000095017022015131 Filed on August 05, 2022

View on sec.gov

Income Statement

Concept 2022 Q3 2022 Q2 2022 Q1
Revenue $82.41M $76.56M $71.20M
YoY Change 26.44% 30.31% 28.96%
Cost Of Revenue $29.89M $28.98M $27.81M
YoY Change 15.89% 31.2% 23.37%
Gross Profit $52.52M $47.58M $43.40M
YoY Change 33.36% 29.77% 32.82%
Gross Profit Margin 63.73% 62.15% 60.95%
Selling, General & Admin $44.28M $40.42M $35.93M
YoY Change 39.77% 33.33% 29.82%
% of Gross Profit 84.31% 84.95% 82.79%
Research & Development $22.00M $20.11M $20.07M
YoY Change 40.36% 47.63% 44.06%
% of Gross Profit 41.88% 42.26% 46.25%
Depreciation & Amortization $8.365M $8.301M $7.718M
YoY Change 2.46% 17.04% 9.06%
% of Gross Profit 15.93% 17.45% 17.79%
Operating Expenses $74.65M $68.83M $63.72M
YoY Change 34.45% 33.38% 30.88%
Operating Profit -$22.12M -$21.25M -$20.32M
YoY Change 37.13% 33.96% 26.92%
Interest Expense $5.209M $5.075M $4.977M
YoY Change 6.87% -0.22% -0.96%
% of Operating Profit
Other Income/Expense, Net -$3.178M -$4.420M -$4.757M
YoY Change -83.61% -26.39% -91.18%
Pretax Income -$25.30M -$25.67M -$25.08M
YoY Change -28.78% 17.39% -64.15%
Income Tax $69.00K $69.00K $69.00K
% Of Pretax Income
Net Earnings -$25.37M -$25.74M -$25.15M
YoY Change -28.59% 16.99% -64.09%
Net Earnings / Revenue -30.79% -33.62% -35.32%
Basic Earnings Per Share -$0.13 -$0.13 -$0.13
Diluted Earnings Per Share -$0.13 -$0.13 -$127.6K
COMMON SHARES
Basic Shares Outstanding 198.1M 197.9M 196.8M
Diluted Shares Outstanding 198.2M 197.9M 197.0M

Balance Sheet

Concept 2022 Q3 2022 Q2 2022 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $508.4M $511.1M $523.6M
YoY Change 236.79% 151.83% 127.86%
Cash & Equivalents $411.1M $363.3M $294.9M
Short-Term Investments $97.28M $147.8M $228.7M
Other Short-Term Assets $940.3M $1.037B $945.8M
YoY Change 6.39% 50.1% 76.6%
Inventory
Prepaid Expenses
Receivables $39.72M $36.02M $34.21M
Other Receivables $13.21M $14.50M $12.78M
Total Short-Term Assets $1.502B $1.599B $1.516B
YoY Change 39.5% 71.77% 89.9%
LONG-TERM ASSETS
Property, Plant & Equipment $104.9M $106.0M $105.6M
YoY Change 26.12% 21.71% 19.64%
Goodwill $165.9M $165.9M $165.9M
YoY Change 3.06%
Intangibles $101.5M $104.1M $106.0M
YoY Change -2.15%
Long-Term Investments
YoY Change
Other Assets $5.252M $4.667M $4.297M
YoY Change 15.84% -84.33% -85.3%
Total Long-Term Assets $411.2M $413.8M $415.2M
YoY Change 7.59% 41.83% 41.11%
TOTAL ASSETS
Total Short-Term Assets $1.502B $1.599B $1.516B
Total Long-Term Assets $411.2M $413.8M $415.2M
Total Assets $1.913B $2.012B $1.932B
YoY Change 31.14% 64.62% 76.76%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $16.54M $14.36M $15.51M
YoY Change -3.85% -10.02% -5.06%
Accrued Expenses $66.91M $56.57M $51.49M
YoY Change 12.32% 40.27% 7.12%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $4.800M $4.800M $4.800M
YoY Change 380.0% 145.22% 132.87%
Total Short-Term Liabilities $1.029B $1.112B $1.016B
YoY Change 7.17% 49.1% 69.85%
LONG-TERM LIABILITIES
Long-Term Debt $123.2M $122.9M $121.4M
YoY Change 21.16% -29.18% -29.9%
Other Long-Term Liabilities $3.059M $2.863M $2.630M
YoY Change -89.65% -85.94% -86.36%
Total Long-Term Liabilities $126.3M $125.7M $124.0M
YoY Change -3.8% -35.14% -35.56%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.029B $1.112B $1.016B
Total Long-Term Liabilities $126.3M $125.7M $124.0M
Total Liabilities $1.240B $1.324B $1.227B
YoY Change 4.99% 40.86% 55.15%
SHAREHOLDERS EQUITY
Retained Earnings -$948.8M -$923.4M -$897.7M
YoY Change 18.63%
Common Stock $198.0K $198.0K $198.0K
YoY Change 241.38%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $672.3M $688.6M $704.9M
YoY Change
Total Liabilities & Shareholders Equity $1.913B $2.012B $1.932B
YoY Change 31.14% 64.62% 76.76%

Cashflow Statement

Concept 2022 Q3 2022 Q2 2022 Q1
OPERATING ACTIVITIES
Net Income -$25.37M -$25.74M -$25.15M
YoY Change -28.59% 16.99% -64.09%
Depreciation, Depletion And Amortization $8.365M $8.301M $7.718M
YoY Change 2.46% 17.04% 9.06%
Cash From Operating Activities $875.0K -$5.425M -$25.31M
YoY Change -494.32% -74.35% 26.93%
INVESTING ACTIVITIES
Capital Expenditures -$4.470M -$6.294M -$13.04M
YoY Change -12.33% 41.03% 229.42%
Acquisitions
YoY Change
Other Investing Activities $51.20M $78.59M -$230.6M
YoY Change -204.48% -5102.0% 165818.28%
Cash From Investing Activities $46.73M $72.30M -$243.7M
YoY Change -186.37% -1298.16% 5846.46%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $173.0K
YoY Change -67.96%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -96.00M 93.45M -309.3M
YoY Change -149.92% -40.14% -179.54%
NET CHANGE
Cash From Operating Activities 875.0K -5.425M -25.31M
Cash From Investing Activities 46.73M 72.30M -243.7M
Cash From Financing Activities -96.00M 93.45M -309.3M
Net Change In Cash -48.39M 160.3M -578.3M
YoY Change -135.08% 24.35% -258.54%
FREE CASH FLOW
Cash From Operating Activities $875.0K -$5.425M -$25.31M
Capital Expenditures -$4.470M -$6.294M -$13.04M
Free Cash Flow $5.345M $869.0K -$12.27M
YoY Change 9.6% -105.21% -23.23%

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us-gaap Temporary Equity Accretion To Redemption Value
TemporaryEquityAccretionToRedemptionValue
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CY2022Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
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CY2021Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-26801000
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-50884000
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
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CY2022Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
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CY2022Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
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avdx Increase Decrease In Deferred Customer Origination Costs
IncreaseDecreaseInDeferredCustomerOriginationCosts
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CY2021Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.49
CY2021Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.49
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.26
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.26
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
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us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-1.90
CY2022Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
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CY2022Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
197864993
CY2021Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
54562145
CY2021Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
54562145
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
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us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
197443615
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
53317276
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
53317276
CY2021Q4 us-gaap Stockholders Equity
StockholdersEquity
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CY2022Q1 us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
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CY2022Q1 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
6595000
CY2022Q1 us-gaap Adjustments To Additional Paid In Capital Share Based Compensation Employee Stock Purchase Program Requisite Service Period Recognition
AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationEmployeeStockPurchaseProgramRequisiteServicePeriodRecognition
196000
CY2022Q1 us-gaap Net Income Loss
NetIncomeLoss
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CY2022Q1 us-gaap Stockholders Equity
StockholdersEquity
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CY2022Q2 us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
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CY2022Q2 avdx Stock Issued During Period Value Settlement Of Contingent Consideration
StockIssuedDuringPeriodValueSettlementOfContingentConsideration
344000
CY2022Q2 us-gaap Stock Issued During Period Value Employee Stock Purchase Plan
StockIssuedDuringPeriodValueEmployeeStockPurchasePlan
602000
CY2022Q2 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
8113000
CY2022Q2 us-gaap Adjustments To Additional Paid In Capital Share Based Compensation Employee Stock Purchase Program Requisite Service Period Recognition
AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationEmployeeStockPurchaseProgramRequisiteServicePeriodRecognition
145000
CY2022Q2 us-gaap Net Income Loss
NetIncomeLoss
-25737000
CY2022Q2 us-gaap Stockholders Equity
StockholdersEquity
688591000
CY2020Q4 us-gaap Stockholders Equity
StockholdersEquity
-511107000
CY2021Q1 avdx Stock Issued During Period Value Amended Agreement From Related Party
StockIssuedDuringPeriodValueAmendedAgreementFromRelatedParty
50000000
CY2021Q1 avdx Stock Issued During Period Value Stock Options And Warrants Exercised
StockIssuedDuringPeriodValueStockOptionsAndWarrantsExercised
540000
CY2021Q1 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
847000
CY2021Q1 avdx Adjustment To Additional Paid In Capital Accretion Of Convertible Preferred Stock
AdjustmentToAdditionalPaidInCapitalAccretionOfConvertiblePreferredStock
4602000
CY2021Q1 us-gaap Net Income Loss
NetIncomeLoss
-70026000
CY2021Q1 us-gaap Stockholders Equity
StockholdersEquity
-534348000
CY2021Q2 avdx Stock Issued During Period Value Stock Options And Warrants Exercised
StockIssuedDuringPeriodValueStockOptionsAndWarrantsExercised
623000
CY2021Q2 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
1105000
CY2021Q2 avdx Adjustments To Additional Paid In Capital Options Issued Related To Bonus Value
AdjustmentsToAdditionalPaidInCapitalOptionsIssuedRelatedToBonusValue
48000
CY2021Q2 avdx Adjustment To Additional Paid In Capital Accretion Of Convertible Preferred Stock
AdjustmentToAdditionalPaidInCapitalAccretionOfConvertiblePreferredStock
4802000
CY2021Q2 us-gaap Net Income Loss
NetIncomeLoss
-21999000
CY2021Q2 us-gaap Stockholders Equity
StockholdersEquity
-559373000
us-gaap Profit Loss
ProfitLoss
-50884000
us-gaap Profit Loss
ProfitLoss
-92025000
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
16019000
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
14170000
us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
679000
us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
679000
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
2318000
us-gaap Share Based Compensation
ShareBasedCompensation
15049000
us-gaap Share Based Compensation
ShareBasedCompensation
1952000
us-gaap Increase Decrease In Accrued Interest Receivable Net
IncreaseDecreaseInAccruedInterestReceivableNet
-1184000
us-gaap Increase Decrease In Accrued Interest Receivable Net
IncreaseDecreaseInAccruedInterestReceivableNet
-548000
us-gaap Gain Loss On Disposition Of Assets1
GainLossOnDispositionOfAssets1
-26000
avdx Noncash Expense On Contract Modification Related Party
NoncashExpenseOnContractModificationRelatedParty
50000000
avdx Impairment And Write Off On Intangible And Right Of Use Assets
ImpairmentAndWriteOffOnIntangibleAndRightOfUseAssets
574000
avdx Amortization Of Investments Held To Maturity
AmortizationOfInvestmentsHeldToMaturity
-494000
avdx Fair Value Adjustment To Derivative Instrument
FairValueAdjustmentToDerivativeInstrument
138000
us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
-2041000
us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
-9465000
us-gaap Increase Decrease In Deferred Revenue
IncreaseDecreaseInDeferredRevenue
-613000
us-gaap Increase Decrease In Deferred Revenue
IncreaseDecreaseInDeferredRevenue
664000
us-gaap Increase Decrease In Accrued Liabilities And Other Operating Liabilities
IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities
-3975000
us-gaap Increase Decrease In Accrued Liabilities And Other Operating Liabilities
IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities
-1325000
us-gaap Increase Decrease In Operating Lease Liability
IncreaseDecreaseInOperatingLeaseLiability
-107000
us-gaap Increase Decrease In Operating Lease Liability
IncreaseDecreaseInOperatingLeaseLiability
-403000
us-gaap Adjustments To Reconcile Net Income Loss To Cash Provided By Used In Operating Activities
AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivities
20145000
us-gaap Adjustments To Reconcile Net Income Loss To Cash Provided By Used In Operating Activities
AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivities
50932000
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-30739000
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-41093000
avdx Purchase Of Short Term Investments Held To Maturity
PurchaseOfShortTermInvestmentsHeldToMaturity
254026000
avdx Proceeds From Maturity Of Short Term Investments Held To Maturity
ProceedsFromMaturityOfShortTermInvestmentsHeldToMaturity
106770000
us-gaap Payments To Acquire Machinery And Equipment
PaymentsToAcquireMachineryAndEquipment
2470000
us-gaap Payments To Acquire Machinery And Equipment
PaymentsToAcquireMachineryAndEquipment
344000
avdx Payments For Proceeds From Acquire Real Estate
PaymentsForProceedsFromAcquireRealEstate
767000
us-gaap Payments To Acquire Intangible Assets
PaymentsToAcquireIntangibleAssets
16100000
us-gaap Payments To Acquire Intangible Assets
PaymentsToAcquireIntangibleAssets
8078000
avdx Payments To Supplier For Advances
PaymentsToSupplierForAdvances
4796000
avdx Payments To Supplier For Advances
PaymentsToSupplierForAdvances
1710000
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-171389000
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-10132000
us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
2367000
us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
1131000
us-gaap Finance Lease Principal Payments
FinanceLeasePrincipalPayments
425000
us-gaap Finance Lease Principal Payments
FinanceLeasePrincipalPayments
589000
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
425000
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
1163000
us-gaap Proceeds From Stock Plans
ProceedsFromStockPlans
602000
avdx Payment For Service Obligations
PaymentForServiceObligations
218444000
avdx Payment For Service Obligations
PaymentForServiceObligations
-543201000
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-215819000
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
544906000
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-417947000
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
493681000
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
CY2022Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
1387216000
CY2021Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
883759000
us-gaap Right Of Use Asset Obtained In Exchange For Finance Lease Liability
RightOfUseAssetObtainedInExchangeForFinanceLeaseLiability
499000
us-gaap Right Of Use Asset Obtained In Exchange For Finance Lease Liability
RightOfUseAssetObtainedInExchangeForFinanceLeaseLiability
174000
us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
2831000
us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
316000
avdx Noncash Or Part Noncash Common Stock Issued As Contingent Consideration
NoncashOrPartNoncashCommonStockIssuedAsContingentConsideration
344000
us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
29000
us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
7000
avdx Noncash Interest Paid On Notes Payable
NoncashInterestPaidOnNotesPayable
5305000
avdx Noncash Interest Paid On Notes Payable
NoncashInterestPaidOnNotesPayable
5199000
avdx Noncash Finance Lease Interest Payment On Liability
NoncashFinanceLeaseInterestPaymentOnLiability
2863000
avdx Noncash Finance Lease Interest Payment On Liability
NoncashFinanceLeaseInterestPaymentOnLiability
3685000
avdx Options Issued In Connection With Bonus Compensation
OptionsIssuedInConnectionWithBonusCompensation
48000
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>
CY2021Q4 avdx Unregulated Settlements With Payees
UnregulatedSettlementsWithPayees
32004000
CY2022Q2 avdx Payment Service Obligations
PaymentServiceObligations
1023902000
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(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;">A substantial portion of the Company’s revenue is derived from interchange fees earned on payment transactions processed as virtual commercial cards (“VCC”). The Company utilizes service providers to process these transactions. For the three and six months ended June 30, 2022, revenue from </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;">two</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;"> service providers individually represented more than 10% of total revenues. These two providers, in the aggregate, represented </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;">66</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;">59</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 total revenue for the three and six months ended June 30,</span><span style="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></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;">2022, </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;">respectively, and represented </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;">63</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;">66</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 as of June 30, 2022 and December 31, 2021, respectively. For the three and six months ended June 30, 2021, revenue from </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;">one</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;"> service provider represented </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;">49</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 total revenue in each period.</span><span style="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></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>
avdx Number Of Service Provider Accounted For More Than Ten Percentage Of Revenue
NumberOfServiceProviderAccountedForMoreThanTenPercentageOfRevenue
2
CY2022Q2 avdx Number Of Service Provider Accounted For More Than Ten Percentage Of Revenue
NumberOfServiceProviderAccountedForMoreThanTenPercentageOfRevenue
2
avdx Number Of Service Provider Accounted For More Than Ten Percentage Of Revenue
NumberOfServiceProviderAccountedForMoreThanTenPercentageOfRevenue
1
CY2021Q2 avdx Number Of Service Provider Accounted For More Than Ten Percentage Of Revenue
NumberOfServiceProviderAccountedForMoreThanTenPercentageOfRevenue
1
CY2022Q2 avdx Service Obligations Liabilities
ServiceObligationsLiabilities
994309000
CY2021Q4 avdx Service Obligations Liabilities
ServiceObligationsLiabilities
1210342000
CY2022Q2 avdx Unregulated Settlements With Payees
UnregulatedSettlementsWithPayees
29593000
CY2021Q4 avdx Payment Service Obligations
PaymentServiceObligations
1242346000
CY2022Q2 avdx Customer Funds Held In Trust Accounts
CustomerFundsHeldInTrustAccounts
104611000
CY2021Q4 avdx Customer Funds Held In Trust Accounts
CustomerFundsHeldInTrustAccounts
123643000
CY2022Q2 us-gaap Deferred Compensation Plan Assets
DeferredCompensationPlanAssets
1464000
CY2021Q4 us-gaap Deferred Compensation Plan Assets
DeferredCompensationPlanAssets
1343000
CY2022Q2 us-gaap Deferred Compensation Liability Classified Noncurrent
DeferredCompensationLiabilityClassifiedNoncurrent
1394000
CY2021Q4 us-gaap Deferred Compensation Liability Classified Noncurrent
DeferredCompensationLiabilityClassifiedNoncurrent
1387000
CY2022Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
76561000
CY2021Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
58754000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
147764000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
113968000
CY2022Q2 avdx Trade Account Receivable Net
TradeAccountReceivableNet
12975000
CY2021Q4 avdx Trade Account Receivable Net
TradeAccountReceivableNet
9797000
CY2022Q2 avdx Payment Processing Receivable Net
PaymentProcessingReceivableNet
23046000
CY2021Q4 avdx Payment Processing Receivable Net
PaymentProcessingReceivableNet
21168000
CY2022Q2 us-gaap Accounts Receivable Net
AccountsReceivableNet
36021000
CY2021Q4 us-gaap Accounts Receivable Net
AccountsReceivableNet
30965000
CY2022Q2 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
29267000
CY2021Q4 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
29880000
CY2022Q2 us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
-2678000
CY2021Q2 us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
-1734000
us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
-5303000
us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
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FinanceLeaseRightOfUseAssetAmortization
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FinanceLeaseRightOfUseAssetAmortization
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us-gaap Finance Lease Right Of Use Asset Amortization
FinanceLeaseRightOfUseAssetAmortization
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us-gaap Finance Lease Right Of Use Asset Amortization
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FinanceLeaseInterestExpense
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FinanceLeaseInterestExpense
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us-gaap Finance Lease Interest Expense
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CY2022Q2 us-gaap Operating Lease Cost
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CY2021Q2 us-gaap Operating Lease Cost
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315000
us-gaap Operating Lease Cost
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ShortTermLeaseCost
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us-gaap Short Term Lease Cost
ShortTermLeaseCost
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us-gaap Short Term Lease Cost
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CY2022Q2 us-gaap Variable Lease Cost
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LeaseCost
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2843000
CY2022Q2 us-gaap Amortization Of Financing Costs
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340000
CY2021Q2 us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
340000
us-gaap Amortization Of Financing Costs
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679000
us-gaap Amortization Of Financing Costs
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avdx Common Stock Number Of Votes Entitled Per Share
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1
CY2022Q2 us-gaap Common Stock Shares Authorized
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CY2022Q2 us-gaap Common Stock Par Or Stated Value Per Share
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CY2022Q2 us-gaap Preferred Stock Shares Authorized
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CY2022Q2 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
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CY2022Q2 us-gaap Common Stock Capital Shares Reserved For Future Issuance
CommonStockCapitalSharesReservedForFutureIssuance
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CY2022Q2 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
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CY2022Q2 us-gaap Common Stock Capital Shares Reserved For Future Issuance
CommonStockCapitalSharesReservedForFutureIssuance
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CY2022Q2 us-gaap Change In Accounting Principle Accounting Standards Update Adopted
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CY2022Q2 us-gaap Change In Accounting Principle Accounting Standards Update Adoption Date
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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
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P7Y8M15D
CY2021Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
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36853000
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
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us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
8.04
us-gaap Stock Issued During Period Shares Stock Options Exercised
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us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
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us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
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us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
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us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Expirations In Period
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ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExpirationsInPeriodWeightedAverageExercisePrice
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CY2022Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
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CY2022Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
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6037000
CY2022Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Exercisable Number
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CY2022Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
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us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
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CY2022Q2 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
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CY2022Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Number
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CY2022Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Exercise Price
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CY2022Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Aggregate Intrinsic Value
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CY2022Q2 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Stock Options
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CY2022Q2 us-gaap Allocated Share Based Compensation Expense
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CY2021Q2 us-gaap Allocated Share Based Compensation Expense
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us-gaap Allocated Share Based Compensation Expense
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us-gaap Allocated Share Based Compensation Expense
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avdx Term Of Agreement
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avdx Number Of Additional Agreement Renewal Period
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CY2022Q2 avdx Payments For Sponsorship
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avdx Annual Payment For Sponsorship Increase In Percentage Each Year
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CY2022Q2 us-gaap Due To Affiliate Current
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CY2021Q4 us-gaap Due To Affiliate Current
DueToAffiliateCurrent
0

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