$AVDX
AvidXchange Holdings, Inc.

2022 Q4 Form 10-Q Financial Statement

#000095017022021999 Filed on November 04, 2022

View on sec.gov

Income Statement

Concept 2022 Q4 2022 Q3 2021 Q3
Revenue $86.18M $82.41M $65.18M
YoY Change 24.41% 26.44% 36.92%
Cost Of Revenue $31.19M $29.89M $25.79M
YoY Change 8.49% 15.89%
Gross Profit $54.99M $52.52M $39.38M
YoY Change 35.71% 33.36%
Gross Profit Margin 63.81% 63.73% 60.43%
Selling, General & Admin $48.58M $44.28M $31.68M
YoY Change -30.68% 39.77% 43.23%
% of Gross Profit 88.35% 84.31% 80.44%
Research & Development $21.73M $22.00M $15.67M
YoY Change -0.88% 40.36% 41.76%
% of Gross Profit 39.52% 41.88% 39.79%
Depreciation & Amortization $8.458M $8.365M $8.164M
YoY Change 0.64% 2.46%
% of Gross Profit 15.38% 15.93% 20.73%
Operating Expenses $78.77M $74.65M $55.52M
YoY Change -21.55% 34.45% 38.35%
Operating Profit -$23.78M -$22.12M -$16.13M
YoY Change -60.29% 37.13% 19.51%
Interest Expense -$1.230M $5.209M $4.874M
YoY Change -92.42% 6.87% -3.27%
% of Operating Profit
Other Income/Expense, Net -$3.178M -$19.39M
YoY Change -83.61% 338.12%
Pretax Income -$24.92M -$25.30M -$35.53M
YoY Change -67.63% -28.78% 98.18%
Income Tax $114.0K $69.00K $2.000K
% Of Pretax Income
Net Earnings -$25.03M -$25.37M -$35.53M
YoY Change -65.28% -28.59% 97.55%
Net Earnings / Revenue -29.04% -30.79% -54.51%
Basic Earnings Per Share -$0.13 -$0.71
Diluted Earnings Per Share -$0.13 -$0.13 -$181.5K
COMMON SHARES
Basic Shares Outstanding 198.7M 198.1M 57.17M
Diluted Shares Outstanding 198.2M 57.17M

Balance Sheet

Concept 2022 Q4 2022 Q3 2021 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $461.5M $508.4M $150.9M
YoY Change -17.99% 236.79%
Cash & Equivalents $350.6M $411.1M $150.9M
Short-Term Investments $111.0M $97.28M
Other Short-Term Assets $1.296B $940.3M $883.8M
YoY Change 3.5% 6.39%
Inventory
Prepaid Expenses
Receivables $39.67M $39.72M $30.14M
Other Receivables $10.02M $13.21M $11.55M
Total Short-Term Assets $1.808B $1.502B $1.076B
YoY Change -2.71% 39.5%
LONG-TERM ASSETS
Property, Plant & Equipment $103.9M $104.9M $83.15M
YoY Change -2.2% 26.12%
Goodwill $165.9M $165.9M $161.0M
YoY Change 0.0% 3.06%
Intangibles $98.75M $101.5M $103.8M
YoY Change -1.7% -2.15%
Long-Term Investments
YoY Change
Other Assets $5.189M $5.252M $4.534M
YoY Change 21.78% 15.84%
Total Long-Term Assets $404.4M $411.2M $382.2M
YoY Change -0.99% 7.59%
TOTAL ASSETS
Total Short-Term Assets $1.808B $1.502B $1.076B
Total Long-Term Assets $404.4M $411.2M $382.2M
Total Assets $2.212B $1.913B $1.459B
YoY Change -2.4% 31.14%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $13.45M $16.54M $17.20M
YoY Change -21.52% -3.85%
Accrued Expenses $73.54M $66.91M $59.57M
YoY Change 31.12% 12.32%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $6.425M $4.800M $1.000M
YoY Change 33.85% 380.0%
Total Short-Term Liabilities $1.391B $1.029B $960.2M
YoY Change 4.42% 7.17%
LONG-TERM LIABILITIES
Long-Term Debt $75.91M $123.2M $101.7M
YoY Change -36.68% 21.16%
Other Long-Term Liabilities $3.295M $3.059M $29.55M
YoY Change -45.28% -89.65%
Total Long-Term Liabilities $79.21M $126.3M $131.2M
YoY Change -37.09% -3.8%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.391B $1.029B $960.2M
Total Long-Term Liabilities $79.21M $126.3M $131.2M
Total Liabilities $1.555B $1.240B $1.182B
YoY Change 0.73% 4.99%
SHAREHOLDERS EQUITY
Retained Earnings -$974.8M -$948.8M -$799.8M
YoY Change 11.8% 18.63%
Common Stock $199.0K $198.0K $58.00K
YoY Change 1.02% 241.38%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $657.4M $672.3M -$569.9M
YoY Change
Total Liabilities & Shareholders Equity $2.212B $1.913B $1.459B
YoY Change -2.4% 31.14%

Cashflow Statement

Concept 2022 Q4 2022 Q3 2021 Q3
OPERATING ACTIVITIES
Net Income -$25.03M -$25.37M -$35.53M
YoY Change -65.28% -28.59% 97.55%
Depreciation, Depletion And Amortization $8.458M $8.365M $8.164M
YoY Change 0.64% 2.46%
Cash From Operating Activities $1.163M $875.0K -$221.9K
YoY Change -104.25% -494.32%
INVESTING ACTIVITIES
Capital Expenditures $4.764M -$4.470M -$5.099M
YoY Change -125.27% -12.33%
Acquisitions
YoY Change
Other Investing Activities -$10.92M $51.20M -$49.01M
YoY Change 977.42% -204.48%
Cash From Investing Activities -$15.69M $46.73M -$54.11M
YoY Change -21.04% -186.37%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 310.1M -96.00M 192.3M
YoY Change -62.67% -149.92%
NET CHANGE
Cash From Operating Activities 1.163M 875.0K -221.9K
Cash From Investing Activities -15.69M 46.73M -54.11M
Cash From Financing Activities 310.1M -96.00M 192.3M
Net Change In Cash 295.6M -48.39M 138.0M
YoY Change -62.27% -135.08%
FREE CASH FLOW
Cash From Operating Activities $1.163M $875.0K -$221.9K
Capital Expenditures $4.764M -$4.470M -$5.099M
Free Cash Flow -$3.601M $5.345M $4.877M
YoY Change -57.62% 9.6%

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CY2022Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
198234392
CY2022Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
198234392
CY2021Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
57174627
CY2021Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
57174627
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
197710104
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
197710104
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
54617200
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
54617200
CY2021Q4 us-gaap Stockholders Equity
StockholdersEquity
723055000
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
-25147000
avdx Impairment And Write Off On Intangible And Right Of Use Assets
ImpairmentAndWriteOffOnIntangibleAndRightOfUseAssets
574000
CY2022Q1 us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
173000
CY2022Q1 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
6595000
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
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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
CY2022Q3 us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
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CY2022Q3 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
8514000
CY2022Q3 us-gaap Adjustments To Additional Paid In Capital Share Based Compensation Employee Stock Purchase Program Requisite Service Period Recognition
AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationEmployeeStockPurchaseProgramRequisiteServicePeriodRecognition
204000
CY2022Q3 us-gaap Net Income Loss
NetIncomeLoss
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CY2022Q3 us-gaap Stockholders Equity
StockholdersEquity
672341000
CY2020Q4 us-gaap Stockholders Equity
StockholdersEquity
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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
CY2021Q3 avdx Stock Issued During Period Value Stock Options And Warrants Exercised
StockIssuedDuringPeriodValueStockOptionsAndWarrantsExercised
1460000
CY2021Q3 us-gaap Stock Issued During Period Value Acquisitions
StockIssuedDuringPeriodValueAcquisitions
31000000
CY2021Q3 avdx Stock Issued During Period Value Contingent Consideration
StockIssuedDuringPeriodValueContingentConsideration
500000
CY2021Q3 avdx Adjustment To Additional Paid In Capital Fair Value Of Call Option At Acquisition
AdjustmentToAdditionalPaidInCapitalFairValueOfCallOptionAtAcquisition
4118000
CY2021Q3 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
1157000
CY2021Q3 avdx Adjustment To Additional Paid In Capital Accretion Of Convertible Preferred Stock
AdjustmentToAdditionalPaidInCapitalAccretionOfConvertiblePreferredStock
5013000
CY2021Q3 us-gaap Net Income Loss
NetIncomeLoss
-35527000
CY2021Q3 us-gaap Stockholders Equity
StockholdersEquity
-569914000
us-gaap Profit Loss
ProfitLoss
-76255000
us-gaap Profit Loss
ProfitLoss
-127552000
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
24384000
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
22334000
us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
1018000
us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
1018000
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
3751000
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
1075000
us-gaap Share Based Compensation
ShareBasedCompensation
23767000
us-gaap Share Based Compensation
ShareBasedCompensation
3109000
avdx Fair Value Adjustment Of Contingent Consideration
FairValueAdjustmentOfContingentConsideration
140000
us-gaap Increase Decrease In Accrued Interest Receivable Net
IncreaseDecreaseInAccruedInterestReceivableNet
-1765000
us-gaap Increase Decrease In Accrued Interest Receivable Net
IncreaseDecreaseInAccruedInterestReceivableNet
-811000
us-gaap Gain Loss On Disposition Of Assets1
GainLossOnDispositionOfAssets1
-36000
us-gaap Gain Loss On Disposition Of Assets1
GainLossOnDispositionOfAssets1
-3000
avdx Noncash Expense On Contract Modification Related Party
NoncashExpenseOnContractModificationRelatedParty
50000000
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-311816000
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
737192000
avdx Amortization Of Investments Held To Maturity
AmortizationOfInvestmentsHeldToMaturity
-1123000
avdx Fair Value Adjustment To Derivative Instrument
FairValueAdjustmentToDerivativeInstrument
14690000
us-gaap Deferred Income Taxes And Tax Credits
DeferredIncomeTaxesAndTaxCredits
162000
us-gaap Deferred Income Taxes And Tax Credits
DeferredIncomeTaxesAndTaxCredits
162000
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
9493000
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
3730000
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
2337000
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
4254000
us-gaap Increase Decrease In Other Noncurrent Assets
IncreaseDecreaseInOtherNoncurrentAssets
1061000
us-gaap Increase Decrease In Other Noncurrent Assets
IncreaseDecreaseInOtherNoncurrentAssets
2593000
avdx Increase Decrease In Deferred Customer Origination Costs
IncreaseDecreaseInDeferredCustomerOriginationCosts
66000
avdx Increase Decrease In Deferred Customer Origination Costs
IncreaseDecreaseInDeferredCustomerOriginationCosts
2185000
us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
-11640000
us-gaap Increase Decrease In Deferred Revenue
IncreaseDecreaseInDeferredRevenue
-511000
us-gaap Increase Decrease In Deferred Revenue
IncreaseDecreaseInDeferredRevenue
13801000
us-gaap Increase Decrease In Accrued Liabilities And Other Operating Liabilities
IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities
6097000
us-gaap Increase Decrease In Accrued Liabilities And Other Operating Liabilities
IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities
3401000
us-gaap Increase Decrease In Operating Lease Liability
IncreaseDecreaseInOperatingLeaseLiability
-165000
us-gaap Increase Decrease In Operating Lease Liability
IncreaseDecreaseInOperatingLeaseLiability
-479000
us-gaap Adjustments To Reconcile Net Income Loss To Cash Provided By Used In Operating Activities
AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivities
46391000
us-gaap Adjustments To Reconcile Net Income Loss To Cash Provided By Used In Operating Activities
AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivities
86237000
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-29864000
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-41315000
avdx Purchase Of Short Term Investments Held To Maturity
PurchaseOfShortTermInvestmentsHeldToMaturity
310025000
avdx Proceeds From Maturity Of Short Term Investments Held To Maturity
ProceedsFromMaturityOfShortTermInvestmentsHeldToMaturity
213872000
us-gaap Payments To Acquire Machinery And Equipment
PaymentsToAcquireMachineryAndEquipment
2677000
us-gaap Payments To Acquire Machinery And Equipment
PaymentsToAcquireMachineryAndEquipment
939000
avdx Payments For Proceeds From Acquire Real Estate
PaymentsForProceedsFromAcquireRealEstate
767000
us-gaap Payments To Acquire Intangible Assets
PaymentsToAcquireIntangibleAssets
20363000
us-gaap Payments To Acquire Intangible Assets
PaymentsToAcquireIntangibleAssets
12582000
us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
5000
us-gaap Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
45963000
avdx Contingent Consideration And Deferred Obligation Payments Near Acquisition Date
ContingentConsiderationAndDeferredObligationPaymentsNearAcquisitionDate
1292000
avdx Payments To Supplier For Advances
PaymentsToSupplierForAdvances
4699000
avdx Payments To Supplier For Advances
PaymentsToSupplierForAdvances
3467000
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-124659000
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-64238000
us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
2367000
us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
2288000
us-gaap Finance Lease Principal Payments
FinanceLeasePrincipalPayments
666000
us-gaap Finance Lease Principal Payments
FinanceLeasePrincipalPayments
872000
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
828000
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
2623000
us-gaap Proceeds From Stock Plans
ProceedsFromStockPlans
602000
us-gaap Payment For Contingent Consideration Liability Financing Activities
PaymentForContingentConsiderationLiabilityFinancingActivities
344000
avdx Payment For Service Obligations
PaymentForServiceObligations
314603000
avdx Payment For Service Obligations
PaymentForServiceObligations
-733153000
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-466339000
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
631639000
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
us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
93000
CY2022Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
1338824000
CY2021Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
1021717000
us-gaap Right Of Use Asset Obtained In Exchange For Finance Lease Liability
RightOfUseAssetObtainedInExchangeForFinanceLeaseLiability
689000
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
877000
avdx Noncash Or Part Noncash Acquisition Common Stock Issued
NoncashOrPartNoncashAcquisitionCommonStockIssued
31000000
avdx Noncash Or Part Noncash Common Stock Issued As Contingent Consideration
NoncashOrPartNoncashCommonStockIssuedAsContingentConsideration
344000
avdx Noncash Or Part Noncash Common Stock Issued As Contingent Consideration
NoncashOrPartNoncashCommonStockIssuedAsContingentConsideration
500000
avdx Noncash Interest Paid On Notes Payable
NoncashInterestPaidOnNotesPayable
8134000
avdx Noncash Interest Paid On Notes Payable
NoncashInterestPaidOnNotesPayable
7619000
avdx Noncash Finance Lease Interest Payment On Liability
NoncashFinanceLeaseInterestPaymentOnLiability
4323000
avdx Noncash Finance Lease Interest Payment On Liability
NoncashFinanceLeaseInterestPaymentOnLiability
5537000
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:&quot;Arial&quot;, sans-serif;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:&quot;Arial&quot;, sans-serif;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>
us-gaap Restructuring Charges
RestructuringCharges
1621000
CY2022Q3 us-gaap Restructuring Reserve Current
RestructuringReserveCurrent
1505000
CY2022Q3 us-gaap Restructuring And Related Cost Expected Cost Remaining1
RestructuringAndRelatedCostExpectedCostRemaining1
1000000
CY2021Q4 avdx Unregulated Settlements With Payees
UnregulatedSettlementsWithPayees
32004000
CY2022Q3 avdx Payment Service Obligations
PaymentServiceObligations
927743000
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:&quot;Arial&quot;, sans-serif;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:&quot;Arial&quot;, sans-serif;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:&quot;Arial&quot;, sans-serif;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 nine months ended September 30, 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:&quot;Arial&quot;, sans-serif;min-width:fit-content;">, revenue from </span><span style="font-size:10.0pt;font-family:&quot;Arial&quot;, sans-serif;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:&quot;Arial&quot;, sans-serif;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:&quot;Arial&quot;, sans-serif;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:&quot;Arial&quot;, sans-serif;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:&quot;Arial&quot;, sans-serif;min-width:fit-content;">54</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:&quot;Arial&quot;, sans-serif;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:&quot;Arial&quot;, sans-serif;min-width:fit-content;"> and </span><span style="font-size:10.0pt;font-family:&quot;Arial&quot;, sans-serif;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:&quot;Arial&quot;, sans-serif;min-width:fit-content;">53</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:&quot;Arial&quot;, sans-serif;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:&quot;Arial&quot;, sans-serif;min-width:fit-content;"> of total revenue for the three and nine months ended September 30, 2022, respectively, and represented </span><span style="font-size:10.0pt;font-family:&quot;Arial&quot;, sans-serif;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:&quot;Arial&quot;, sans-serif;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:&quot;Arial&quot;, sans-serif;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:&quot;Arial&quot;, sans-serif;min-width:fit-content;"> and </span><span style="font-size:10.0pt;font-family:&quot;Arial&quot;, sans-serif;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:&quot;Arial&quot;, sans-serif;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:&quot;Arial&quot;, sans-serif;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:&quot;Arial&quot;, sans-serif;min-width:fit-content;"> of accounts receivable, net as of September 30, 2022 and December 31, 2021, respectively. For the three and nine months ended September 30, 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:&quot;Arial&quot;, sans-serif;min-width:fit-content;">, revenue from </span><span style="font-size:10.0pt;font-family:&quot;Arial&quot;, sans-serif;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:&quot;Arial&quot;, sans-serif;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:&quot;Arial&quot;, sans-serif;min-width:fit-content;"> significant service provider represented </span><span style="font-size:10.0pt;font-family:&quot;Arial&quot;, sans-serif;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:&quot;Arial&quot;, sans-serif;min-width:fit-content;">51</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:&quot;Arial&quot;, sans-serif;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:&quot;Arial&quot;, sans-serif;min-width:fit-content;"> and </span><span style="font-size:10.0pt;font-family:&quot;Arial&quot;, sans-serif;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:&quot;Arial&quot;, sans-serif;min-width:fit-content;">50</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:&quot;Arial&quot;, sans-serif;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:&quot;Arial&quot;, sans-serif;min-width:fit-content;"> of total revenue, 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:&quot;Arial&quot;, sans-serif;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
CY2022Q3 avdx Number Of Service Provider Accounted For More Than Ten Percentage Of Revenue
NumberOfServiceProviderAccountedForMoreThanTenPercentageOfRevenue
2
CY2021Q3 avdx Number Of Service Provider Accounted For More Than Ten Percentage Of Revenue
NumberOfServiceProviderAccountedForMoreThanTenPercentageOfRevenue
1
avdx Number Of Service Provider Accounted For More Than Ten Percentage Of Revenue
NumberOfServiceProviderAccountedForMoreThanTenPercentageOfRevenue
1
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UnregulatedSettlementsWithPayees
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ServiceObligationsLiabilities
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ServiceObligationsLiabilities
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PaymentServiceObligations
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CustomerFundsHeldInTrustAccounts
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CY2022Q3 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
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RevenueRemainingPerformanceObligationCurrent
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avdx Capitalized Sales Commissions And Implementation Costs
CapitalizedSalesCommissionsAndImplementationCosts
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avdx Capitalized Sales Commissions And Implementation Costs
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us-gaap Capitalized Computer Software Additions
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13599000
us-gaap Capitalized Computer Software Additions
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us-gaap Capitalized Computer Software Amortization1
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us-gaap Capitalized Computer Software Amortization1
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339000
us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
1018000
us-gaap Amortization Of Financing Costs
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avdx Common Stock Number Of Votes Entitled Per Share
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CY2021Q3 us-gaap Lease Cost
LeaseCost
3512000
us-gaap Lease Cost
LeaseCost
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AmortizationOfIntangibleAssets
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CY2021Q3 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
6529000
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
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us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
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us-gaap Operating Lease Payments
OperatingLeasePayments
1520000
us-gaap Operating Lease Payments
OperatingLeasePayments
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190000
us-gaap Right Of Use Asset Obtained In Exchange For Finance Lease Liability
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689000
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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FinanceLeaseRightOfUseAssetAmortization
1921000
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FinanceLeaseRightOfUseAssetAmortization
2551000
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FinanceLeaseInterestExpense
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FinanceLeaseInterestExpense
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us-gaap Finance Lease Interest Expense
FinanceLeaseInterestExpense
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us-gaap Finance Lease Interest Expense
FinanceLeaseInterestExpense
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CY2021Q3 us-gaap Operating Lease Cost
OperatingLeaseCost
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us-gaap Operating Lease Cost
OperatingLeaseCost
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us-gaap Operating Lease Cost
OperatingLeaseCost
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LeaseCost
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8962000
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CY2021Q4 us-gaap Deferred Finance Costs Noncurrent Net
DeferredFinanceCostsNoncurrentNet
2843000
CY2022Q3 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
50000000
CY2022Q3 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.001
CY2022Q3 us-gaap Common Stock Capital Shares Reserved For Future Issuance
CommonStockCapitalSharesReservedForFutureIssuance
38293695
CY2022Q3 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
1600000000
CY2022Q3 us-gaap Common Stock Capital Shares Reserved For Future Issuance
CommonStockCapitalSharesReservedForFutureIssuance
38293695
CY2022Q3 us-gaap Change In Accounting Principle Accounting Standards Update Adopted
ChangeInAccountingPrincipleAccountingStandardsUpdateAdopted
true
CY2022Q3 us-gaap Change In Accounting Principle Accounting Standards Update Adoption Date
ChangeInAccountingPrincipleAccountingStandardsUpdateAdoptionDate
2022-01-01
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
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
2526126
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
StockIssuedDuringPeriodSharesStockOptionsExercised
300110
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
2.76
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
199281
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
9.99
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExpirationsInPeriod
21452
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExpirationsInPeriodWeightedAverageExercisePrice
2.14
CY2022Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
7306429
CY2022Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
8.38
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P7Y8M26D
CY2022Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
10753000
CY2022Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingNumber
7303529
CY2022Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageExercisePrice
8.38
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageRemainingContractualTerm1
P7Y8M26D
CY2022Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Aggregate Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingAggregateIntrinsicValue
10753000
CY2022Q3 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Stock Options
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedStockOptions
14265000
CY2022Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
8514000
CY2021Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1157000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
23222000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
3109000
avdx Term Of Agreement
TermOfAgreement
P3Y
avdx Number Of Additional Agreement Renewal Period
NumberOfAdditionalAgreementRenewalPeriod
5
avdx Agreement Renewal Term
AgreementRenewalTerm
P3Y
CY2022Q1 avdx Agreement Extension Date
AgreementExtensionDate
2025-02-28
CY2022Q2 avdx Payments For Sponsorship
PaymentsForSponsorship
371000
avdx Annual Payment For Sponsorship Increase In Percentage Each Year
AnnualPaymentForSponsorshipIncreaseInPercentageEachYear
0.02
CY2022Q3 us-gaap Due To Affiliate Current
DueToAffiliateCurrent
33000
CY2021Q4 us-gaap Due To Affiliate Current
DueToAffiliateCurrent
0

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