$AVDX
AvidXchange Holdings, Inc.

2023 Q4 Form 10-Q Financial Statement

#000095017023062182 Filed on November 09, 2023

View on sec.gov

Income Statement

Concept 2023 Q4 2023 Q3
Revenue $104.1M $98.68M
YoY Change 20.76% 19.74%
Cost Of Revenue $30.85M $30.77M
YoY Change -1.1% 2.94%
Gross Profit $73.22M $67.91M
YoY Change 33.16% 29.3%
Gross Profit Margin 70.36% 68.82%
Selling, General & Admin $45.16M $43.74M
YoY Change -7.05% -1.23%
% of Gross Profit 61.67% 64.4%
Research & Development $24.94M $24.75M
YoY Change 14.77% 12.53%
% of Gross Profit 34.06% 36.45%
Depreciation & Amortization $9.397M $9.060M
YoY Change 11.1% 8.31%
% of Gross Profit 12.83% 13.34%
Operating Expenses $79.49M $77.54M
YoY Change 0.92% 3.88%
Operating Profit -$6.274M -$9.629M
YoY Change -73.62% -56.48%
Interest Expense $2.657M $3.428M
YoY Change -316.02% -34.19%
% of Operating Profit
Other Income/Expense, Net $1.672M
YoY Change -152.61%
Pretax Income -$3.617M -$7.957M
YoY Change -85.48% -68.55%
Income Tax $856.0K $134.0K
% Of Pretax Income
Net Earnings -$4.473M -$8.091M
YoY Change -82.13% -68.11%
Net Earnings / Revenue -4.3% -8.2%
Basic Earnings Per Share -$0.04
Diluted Earnings Per Share -$0.02 -$0.04
COMMON SHARES
Basic Shares Outstanding 203.1M 202.1M
Diluted Shares Outstanding 202.5M

Balance Sheet

Concept 2023 Q4 2023 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $451.6M $440.6M
YoY Change -2.15% -13.33%
Cash & Equivalents $407.0M $339.9M
Short-Term Investments $44.65M $100.6M
Other Short-Term Assets $1.591B $1.240B
YoY Change 22.7% 31.83%
Inventory
Prepaid Expenses
Receivables $46.69M $40.89M
Other Receivables $9.744M $10.20M
Total Short-Term Assets $2.099B $1.731B
YoY Change 16.11% 15.3%
LONG-TERM ASSETS
Property, Plant & Equipment $101.0M $101.5M
YoY Change -2.8% -3.25%
Goodwill $165.9M $165.9M
YoY Change 0.0% 0.0%
Intangibles $84.81M $88.58M
YoY Change -14.12% -12.75%
Long-Term Investments
YoY Change
Other Assets $3.957M $4.129M
YoY Change -23.74% -21.38%
Total Long-Term Assets $385.0M $389.5M
YoY Change -4.8% -5.28%
TOTAL ASSETS
Total Short-Term Assets $2.099B $1.731B
Total Long-Term Assets $385.0M $389.5M
Total Assets $2.484B $2.121B
YoY Change 12.28% 10.87%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $16.78M $18.76M
YoY Change 24.71% 13.4%
Accrued Expenses $56.37M $46.88M
YoY Change -23.35% -29.94%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $6.425M $6.425M
YoY Change 0.0% 33.85%
Total Short-Term Liabilities $1.673B $1.313B
YoY Change 20.25% 27.56%
LONG-TERM LIABILITIES
Long-Term Debt $69.76M $74.90M
YoY Change -8.1% -39.2%
Other Long-Term Liabilities $4.175M $3.385M
YoY Change 26.71% 10.66%
Total Long-Term Liabilities $73.94M $78.28M
YoY Change -6.66% -38.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.673B $1.313B
Total Long-Term Liabilities $73.94M $78.28M
Total Liabilities $1.827B $1.472B
YoY Change 17.54% 18.7%
SHAREHOLDERS EQUITY
Retained Earnings -$1.022B -$1.018B
YoY Change 4.85% 7.26%
Common Stock $204.0K $203.0K
YoY Change 2.51% 2.53%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $656.4M $648.4M
YoY Change
Total Liabilities & Shareholders Equity $2.484B $2.121B
YoY Change 12.28% 10.87%

Cashflow Statement

Concept 2023 Q4 2023 Q3
OPERATING ACTIVITIES
Net Income -$4.473M -$8.091M
YoY Change -82.13% -68.11%
Depreciation, Depletion And Amortization $9.397M $9.060M
YoY Change 11.1% 8.31%
Cash From Operating Activities $19.44M $5.660M
YoY Change 1571.71% 546.86%
INVESTING ACTIVITIES
Capital Expenditures $5.405M $4.640M
YoY Change 13.46% -203.8%
Acquisitions
YoY Change
Other Investing Activities $57.12M $1.370M
YoY Change -622.88% -97.32%
Cash From Investing Activities $51.72M -$3.270M
YoY Change -429.66% -107.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 348.3M 36.74M
YoY Change 12.33% -138.27%
NET CHANGE
Cash From Operating Activities 19.44M 5.660M
Cash From Investing Activities 51.72M -3.270M
Cash From Financing Activities 348.3M 36.74M
Net Change In Cash 419.5M 39.13M
YoY Change 41.93% -180.86%
FREE CASH FLOW
Cash From Operating Activities $19.44M $5.660M
Capital Expenditures $5.405M $4.640M
Free Cash Flow $14.04M $1.020M
YoY Change -489.81% -80.92%

Facts In Submission

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CY2023Q3 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
11043000
CY2023Q3 us-gaap Adjustments To Additional Paid In Capital Share Based Compensation Employee Stock Purchase Program Requisite Service Period Recognition
AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationEmployeeStockPurchaseProgramRequisiteServicePeriodRecognition
186000
CY2023Q3 us-gaap Net Income Loss
NetIncomeLoss
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CY2023Q3 us-gaap Stockholders Equity
StockholdersEquity
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CY2021Q4 us-gaap Stockholders Equity
StockholdersEquity
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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 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
CY2022Q1 us-gaap Stockholders Equity
StockholdersEquity
703872000
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
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CY2022Q2 us-gaap Stockholders Equity
StockholdersEquity
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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
-25371000
CY2022Q3 us-gaap Stockholders Equity
StockholdersEquity
671341000
us-gaap Profit Loss
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us-gaap Profit Loss
ProfitLoss
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us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
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us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
24384000
us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
326000
us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
1018000
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
2118000
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
3751000
us-gaap Share Based Compensation
ShareBasedCompensation
31181000
us-gaap Share Based Compensation
ShareBasedCompensation
23767000
us-gaap Increase Decrease In Accrued Interest Receivable Net
IncreaseDecreaseInAccruedInterestReceivableNet
-1509000
us-gaap Increase Decrease In Accrued Interest Receivable Net
IncreaseDecreaseInAccruedInterestReceivableNet
-1765000
us-gaap Gain Loss On Disposition Of Assets1
GainLossOnDispositionOfAssets1
-36000
avdx Accretion Of Investments Held To Maturity
AccretionOfInvestmentsHeldToMaturity
-4091000
avdx Accretion Of Investments Held To Maturity
AccretionOfInvestmentsHeldToMaturity
-1123000
us-gaap Deferred Income Taxes And Tax Credits
DeferredIncomeTaxesAndTaxCredits
158000
us-gaap Deferred Income Taxes And Tax Credits
DeferredIncomeTaxesAndTaxCredits
162000
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
2221000
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
9493000
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
851000
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
2337000
us-gaap Increase Decrease In Other Noncurrent Assets
IncreaseDecreaseInOtherNoncurrentAssets
-1369000
us-gaap Increase Decrease In Other Noncurrent Assets
IncreaseDecreaseInOtherNoncurrentAssets
1061000
avdx Increase Decrease In Deferred Customer Origination Costs
IncreaseDecreaseInDeferredCustomerOriginationCosts
-785000
avdx Increase Decrease In Deferred Customer Origination Costs
IncreaseDecreaseInDeferredCustomerOriginationCosts
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us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
4679000
us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
167000
us-gaap Increase Decrease In Deferred Revenue
IncreaseDecreaseInDeferredRevenue
-1650000
us-gaap Increase Decrease In Deferred Revenue
IncreaseDecreaseInDeferredRevenue
-511000
us-gaap Increase Decrease In Accrued Liabilities And Other Operating Liabilities
IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities
-27588000
us-gaap Increase Decrease In Accrued Liabilities And Other Operating Liabilities
IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities
6097000
us-gaap Increase Decrease In Operating Lease Liability
IncreaseDecreaseInOperatingLeaseLiability
-378000
us-gaap Increase Decrease In Operating Lease Liability
IncreaseDecreaseInOperatingLeaseLiability
-165000
us-gaap Adjustments To Reconcile Net Income Loss To Cash Provided By Used In Operating Activities
AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivities
31861000
us-gaap Adjustments To Reconcile Net Income Loss To Cash Provided By Used In Operating Activities
AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivities
46391000
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-10991000
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-29864000
us-gaap Payments To Acquire Held To Maturity Securities
PaymentsToAcquireHeldToMaturitySecurities
262994000
us-gaap Payments To Acquire Held To Maturity Securities
PaymentsToAcquireHeldToMaturitySecurities
310025000
us-gaap Proceeds From Sale And Maturity Of Held To Maturity Securities
ProceedsFromSaleAndMaturityOfHeldToMaturitySecurities
277428000
us-gaap Proceeds From Sale And Maturity Of Held To Maturity Securities
ProceedsFromSaleAndMaturityOfHeldToMaturitySecurities
213872000
us-gaap Payments To Acquire Machinery And Equipment
PaymentsToAcquireMachineryAndEquipment
1001000
us-gaap Payments To Acquire Machinery And Equipment
PaymentsToAcquireMachineryAndEquipment
2677000
avdx Payments For Proceeds From Acquire Real Estate
PaymentsForProceedsFromAcquireRealEstate
767000
us-gaap Payments To Acquire Intangible Assets
PaymentsToAcquireIntangibleAssets
11898000
us-gaap Payments To Acquire Intangible Assets
PaymentsToAcquireIntangibleAssets
20363000
avdx Payments To Supplier For Advances
PaymentsToSupplierForAdvances
1309000
avdx Payments To Supplier For Advances
PaymentsToSupplierForAdvances
4699000
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
226000
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-124659000
us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
2367000
us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
1219000
us-gaap Finance Lease Principal Payments
FinanceLeasePrincipalPayments
435000
us-gaap Finance Lease Principal Payments
FinanceLeasePrincipalPayments
666000
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
1452000
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
828000
us-gaap Proceeds From Stock Plans
ProceedsFromStockPlans
1178000
us-gaap Proceeds From Stock Plans
ProceedsFromStockPlans
602000
us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
743000
us-gaap Payment For Contingent Consideration Liability Financing Activities
PaymentForContingentConsiderationLiabilityFinancingActivities
100000
us-gaap Payment For Contingent Consideration Liability Financing Activities
PaymentForContingentConsiderationLiabilityFinancingActivities
344000
avdx Payment For Service Obligations
PaymentForServiceObligations
57607000
avdx Payment For Service Obligations
PaymentForServiceObligations
314603000
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-57474000
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-311816000
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-68239000
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-466339000
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
1634387000
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
1805163000
CY2023Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
1566148000
CY2022Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
1338824000
us-gaap Right Of Use Asset Obtained In Exchange For Finance Lease Liability
RightOfUseAssetObtainedInExchangeForFinanceLeaseLiability
81000
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 Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
362000
us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
2831000
avdx Noncash Or Part Noncash Common Stock Issued As Contingent Consideration
NoncashOrPartNoncashCommonStockIssuedAsContingentConsideration
344000
us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
939000
us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
1000
avdx Noncash Interest Paid On Notes Payable
NoncashInterestPaidOnNotesPayable
3889000
avdx Noncash Interest Paid On Notes Payable
NoncashInterestPaidOnNotesPayable
8134000
avdx Noncash Finance Lease Interest Payment On Liability
NoncashFinanceLeaseInterestPaymentOnLiability
4386000
avdx Noncash Finance Lease Interest Payment On Liability
NoncashFinanceLeaseInterestPaymentOnLiability
4323000
us-gaap Use Of Estimates
UseOfEstimates
<p style="text-indent:0;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:2pt;text-align:left;"><span style="color:#231f20;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Arial;min-width:fit-content;">Use of Estimates</span></p><p style="text-indent:0;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:6pt;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;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 unaudited consolidated financial statements include, but are not limited to, the allowance for credit losses and returns, 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, and the recoverability of deferred income taxes. The Company assesses estimates on an ongoing basis; however, actual results could materially differ from those estimates.</span></p>
us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p style="text-indent:0;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:2pt;text-align:left;"><span style="color:#231f20;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Arial;min-width:fit-content;">Concentrations</span></p><p style="text-indent:0;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#231f20;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Arial;font-style:italic;min-width:fit-content;">Significant Services</span></p><p style="text-indent:0;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:6pt;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;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. Revenue from one service provider represented </span><span style="font-size:10pt;font-family:Arial;color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Arial;min-width:fit-content;">14</span><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Arial;min-width:fit-content;">%</span><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Arial;min-width:fit-content;"> and </span><span style="font-size:10pt;font-family:Arial;color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Arial;min-width:fit-content;">22</span><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Arial;min-width:fit-content;">%</span><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Arial;min-width:fit-content;"> of total revenue for the three months ended September 30, 2023 and 2022, respectively, and </span><span style="font-size:10pt;font-family:Arial;color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Arial;min-width:fit-content;">18</span><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Arial;min-width:fit-content;">%</span><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Arial;min-width:fit-content;"> and </span><span style="font-size:10pt;font-family:Arial;color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Arial;min-width:fit-content;">26</span><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Arial;min-width:fit-content;">%</span><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Arial;min-width:fit-content;"> of total revenue for the nine months ended September 30, 2023 and 2022, respectively. Accounts receivable from this service provider represented </span><span style="font-size:10pt;font-family:Arial;color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Arial;min-width:fit-content;">21</span><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Arial;min-width:fit-content;">%</span><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Arial;min-width:fit-content;"> and </span><span style="font-size:10pt;font-family:Arial;color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Arial;min-width:fit-content;">28</span><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Arial;min-width:fit-content;">%</span><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Arial;min-width:fit-content;"> of accounts receivable, net as of September 30, 2023 and</span><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Arial;min-width:fit-content;"> </span></p><p style="text-indent:0;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:6pt;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Arial;min-width:fit-content;">December 31, 2022, respectively</span><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Arial;min-width:fit-content;">. Revenue from a </span><span style="font-size:10pt;font-family:Arial;"><span style="-sec-ix-hidden:F_8f6810b6-8dbb-4d83-af23-68e62ef19476;"><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Arial;min-width:fit-content;">second</span></span></span><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Arial;min-width:fit-content;"> provider represented </span><span style="font-size:10pt;font-family:Arial;color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Arial;min-width:fit-content;">31</span><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Arial;min-width:fit-content;">%</span><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Arial;min-width:fit-content;"> and </span><span style="font-size:10pt;font-family:Arial;color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Arial;min-width:fit-content;">32</span><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Arial;min-width:fit-content;">%</span><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Arial;min-width:fit-content;"> of total revenue for the three months ended September 30, 2023 and 2022, respectively, and </span><span style="font-size:10pt;font-family:Arial;color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Arial;min-width:fit-content;">29</span><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Arial;min-width:fit-content;">%</span><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Arial;min-width:fit-content;"> and </span><span style="font-size:10pt;font-family:Arial;color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Arial;min-width:fit-content;">27</span><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Arial;min-width:fit-content;">%</span><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Arial;min-width:fit-content;"> of total revenue for the nine months ended September 30, 2023 and 2022, respectively. Accounts receivable from this second service provider represented </span><span style="font-size:10pt;font-family:Arial;color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Arial;min-width:fit-content;">35</span><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Arial;min-width:fit-content;">%</span><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Arial;min-width:fit-content;"> and </span><span style="font-size:10pt;font-family:Arial;color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Arial;min-width:fit-content;">29</span><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Arial;min-width:fit-content;">%</span><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Arial;min-width:fit-content;"> of accounts receivable, net as of September 30, 2023 and</span><span style="color:#231f20;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Arial;min-width:fit-content;"> December 31, 2022, respectively.</span></p><p style="text-indent:0;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:6pt;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Arial;min-width:fit-content;">Future regulation or changes by the card brand payment networks could have a substantial impact on interchange rates and 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>
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
276656000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
230175000
CY2023Q3 avdx Service Obligations Liabilities
ServiceObligationsLiabilities
1195559000
CY2022Q4 avdx Service Obligations Liabilities
ServiceObligationsLiabilities
1242155000
CY2023Q3 avdx Unregulated Settlements With Payees
UnregulatedSettlementsWithPayees
30657000
CY2022Q4 avdx Unregulated Settlements With Payees
UnregulatedSettlementsWithPayees
41669000
CY2023Q3 avdx Payment Service Obligations
PaymentServiceObligations
1226216000
CY2022Q4 avdx Payment Service Obligations
PaymentServiceObligations
1283824000
CY2023Q3 avdx Customer Funds Held In Trust Accounts
CustomerFundsHeldInTrustAccounts
20449000
CY2022Q4 avdx Customer Funds Held In Trust Accounts
CustomerFundsHeldInTrustAccounts
135058000
CY2023Q3 us-gaap Deferred Compensation Plan Assets
DeferredCompensationPlanAssets
1704000
CY2022Q4 us-gaap Deferred Compensation Plan Assets
DeferredCompensationPlanAssets
1611000
CY2023Q3 us-gaap Deferred Compensation Liability Classified Noncurrent
DeferredCompensationLiabilityClassifiedNoncurrent
2116000
CY2022Q4 us-gaap Deferred Compensation Liability Classified Noncurrent
DeferredCompensationLiabilityClassifiedNoncurrent
1803000
CY2023Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
98680000
CY2022Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
82411000
CY2023Q3 avdx Trade Account Receivable Net
TradeAccountReceivableNet
12940000
CY2022Q4 avdx Trade Account Receivable Net
TradeAccountReceivableNet
14152000
CY2023Q3 avdx Payment Processing Receivable Net
PaymentProcessingReceivableNet
27952000
CY2022Q4 avdx Payment Processing Receivable Net
PaymentProcessingReceivableNet
25516000
CY2023Q3 us-gaap Accounts Receivable Net
AccountsReceivableNet
40892000
CY2022Q4 us-gaap Accounts Receivable Net
AccountsReceivableNet
39668000
CY2023Q3 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
27899000
CY2022Q4 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
29550000
CY2023Q3 us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
-3351000
CY2022Q3 us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
-2745000
us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
-8264000
us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
-6220000
CY2023Q3 avdx Revenue Recognized Cash Received Excluding Amounts Recognized As Revenue
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1656000
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LeaseCost
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CY2023Q3 us-gaap Common Stock Capital Shares Reserved For Future Issuance
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CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
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CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
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CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
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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 Exercises In Period Weighted Average Exercise Price
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