$AVDX
AvidXchange Holdings, Inc.

2024 Q2 Form 10-Q Financial Statement

#000095017024056921 Filed on May 09, 2024

View on sec.gov

Income Statement

Concept 2024 Q2 2024 Q1
Revenue $105.1M $105.6M
YoY Change 15.33% 21.63%
Cost Of Revenue $30.43M $30.33M
YoY Change 0.68% 2.92%
Gross Profit $74.71M $75.27M
YoY Change 22.6% 31.24%
Gross Profit Margin 71.06% 71.28%
Selling, General & Admin $42.59M $44.00M
YoY Change -10.88% 2.9%
% of Gross Profit 57.01% 58.46%
Research & Development $25.01M $25.90M
YoY Change 1.08% 12.03%
% of Gross Profit 33.48% 34.42%
Depreciation & Amortization $9.208M $9.307M
YoY Change 3.72% 8.4%
% of Gross Profit 12.33% 12.37%
Operating Expenses $76.81M $79.37M
YoY Change -5.65% 6.59%
Operating Profit -$2.101M -$4.109M
YoY Change -89.74% -76.0%
Interest Expense $2.656M $3.337M
YoY Change 44.27% 177.85%
% of Operating Profit
Other Income/Expense, Net $2.656M $3.225M
YoY Change 44.27% 168.53%
Pretax Income $555.0K -$884.0K
YoY Change -102.98% -94.45%
Income Tax $119.0K $125.0K
% Of Pretax Income 21.44%
Net Earnings $436.0K -$1.009M
YoY Change -102.32% -93.69%
Net Earnings / Revenue 0.41% -0.96%
Basic Earnings Per Share $0.00 $0.00
Diluted Earnings Per Share $0.00 $0.00
COMMON SHARES
Basic Shares Outstanding 206.6M 204.3M
Diluted Shares Outstanding 210.4M 204.9M

Balance Sheet

Concept 2024 Q2 2024 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $465.0M $443.5M
YoY Change 6.09% 2.74%
Cash & Equivalents $375.2M $343.7M
Short-Term Investments $89.85M $99.89M
Other Short-Term Assets $1.208B $1.236B
YoY Change 0.53% 15.9%
Inventory
Prepaid Expenses
Receivables $50.09M $48.88M
Other Receivables $12.61M $9.967M
Total Short-Term Assets $1.736B $1.738B
YoY Change 2.51% 12.06%
LONG-TERM ASSETS
Property, Plant & Equipment $100.6M $100.1M
YoY Change -3.81% -4.96%
Goodwill $165.9M $165.9M
YoY Change 0.0% 0.0%
Intangibles $77.04M $80.85M
YoY Change -16.22% -15.22%
Long-Term Investments
YoY Change
Other Assets $32.52M $4.642M
YoY Change 2.27% -85.7%
Total Long-Term Assets $376.1M $380.3M
YoY Change -4.61% -4.7%
TOTAL ASSETS
Total Short-Term Assets $1.736B $1.738B
Total Long-Term Assets $376.1M $380.3M
Total Assets $2.112B $2.119B
YoY Change 1.17% 8.63%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $15.42M $15.43M
YoY Change -8.39% 16.31%
Accrued Expenses $47.16M $39.56M
YoY Change -14.6% -26.33%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $6.630M $6.425M
YoY Change -2.08% -5.64%
Total Short-Term Liabilities $1.274B $1.296B
YoY Change -0.52% 14.03%
LONG-TERM LIABILITIES
Long-Term Debt $131.8M $69.42M
YoY Change -4.12% -49.58%
Other Long-Term Liabilities $19.72M $3.934M
YoY Change -18.91% -84.31%
Total Long-Term Liabilities $151.5M $73.36M
YoY Change -6.34% -54.93%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.274B $1.296B
Total Long-Term Liabilities $151.5M $73.36M
Total Liabilities $1.426B $1.449B
YoY Change -1.17% 11.5%
SHAREHOLDERS EQUITY
Retained Earnings -$1.023B -$1.023B
YoY Change 1.3% 3.26%
Common Stock $207.0K $206.0K
YoY Change 2.48% 2.49%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $685.8M $669.6M
YoY Change
Total Liabilities & Shareholders Equity $2.112B $2.119B
YoY Change 1.17% 8.63%

Cashflow Statement

Concept 2024 Q2 2024 Q1
OPERATING ACTIVITIES
Net Income $436.0K -$1.009M
YoY Change -102.32% -93.69%
Depreciation, Depletion And Amortization $9.208M $9.307M
YoY Change 3.72% 8.4%
Cash From Operating Activities $25.28M -$6.352M
YoY Change 181.42% -75.22%
INVESTING ACTIVITIES
Capital Expenditures $4.626M $4.561M
YoY Change 13.61% 8.93%
Acquisitions
YoY Change
Other Investing Activities $7.894M -$54.99M
YoY Change -121.56% -213.68%
Cash From Investing Activities $3.268M -$59.55M
YoY Change -108.03% -234.77%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net $406.0K
YoY Change 0.0%
Cash From Financing Activities -24.04M -355.6M
YoY Change -117.25% 52.24%
NET CHANGE
Cash From Operating Activities 25.28M -6.352M
Cash From Investing Activities 3.268M -59.55M
Cash From Financing Activities -24.04M -355.6M
Net Change In Cash 4.509M -421.5M
YoY Change -95.81% 96.03%
FREE CASH FLOW
Cash From Operating Activities $25.28M -$6.352M
Capital Expenditures $4.626M $4.561M
Free Cash Flow $20.65M -$10.91M
YoY Change 320.57% -63.4%

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<p style="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="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-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>
CY2024Q1 us-gaap Concentration Risk Credit Risk
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<p style="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="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-size:10pt;font-family:Arial;font-style:italic;min-width:fit-content;">Significant Services</span></p><p style="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-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;min-width:fit-content;">34</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Arial;min-width:fit-content;">%</span><span style="color:#000000;white-space:pre-wrap;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;min-width:fit-content;">27</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Arial;min-width:fit-content;">%</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Arial;min-width:fit-content;"> of total revenue for the three months ended March 31, 2024 and 2023, respectively. Accounts receivable from this service provider represented </span><span style="font-size:10pt;font-family:Arial;color:#000000;white-space:pre-wrap;min-width:fit-content;">33</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Arial;min-width:fit-content;">%</span><span style="color:#000000;white-space:pre-wrap;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;min-width:fit-content;">38</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Arial;min-width:fit-content;">%</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Arial;min-width:fit-content;"> of accounts receivable, net as of March 31, 2024 and December 31, 2023, respectively</span><span style="color:#000000;white-space:pre-wrap;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_2820f53c-ee44-42a8-854b-bd7af80b8b16;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Arial;min-width:fit-content;">second</span></span></span><span style="color:#000000;white-space:pre-wrap;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;min-width:fit-content;">12</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Arial;min-width:fit-content;">%</span><span style="color:#000000;white-space:pre-wrap;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;min-width:fit-content;">21</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Arial;min-width:fit-content;">%</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Arial;min-width:fit-content;"> of total revenue for the three</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Arial;min-width:fit-content;"> </span></p><p style="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-size:10pt;font-family:Arial;min-width:fit-content;">months ended March 31, 2024 and 2023, respectively. Accounts receivable from this second service provider represented </span><span style="font-size:10pt;font-family:Arial;color:#000000;white-space:pre-wrap;min-width:fit-content;">18</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Arial;min-width:fit-content;">%</span><span style="color:#000000;white-space:pre-wrap;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;min-width:fit-content;">12</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Arial;min-width:fit-content;">%</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Arial;min-width:fit-content;"> of accounts receivable, net as of March 31, 2024 and</span><span style="color:#231f20;white-space:pre-wrap;font-size:10pt;font-family:Arial;min-width:fit-content;"> December 31, 2023, respectively.</span></p><p style="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-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. The Company’s revenue from VCC transactions is also impacted by fees charged by service providers to process our VCC transactions.</span></p>
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CY2024Q1 us-gaap Severance Costs1
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CY2024Q1 us-gaap Revenue Remaining Performance Obligation
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CY2024Q1 avdx Other Than Temporary Impairment Amount Of Unrealized Losses Not Recognized In Earnings
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CY2023Q1 us-gaap Lease Cost
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CY2023Q4 us-gaap Deferred Finance Costs Noncurrent Net
DeferredFinanceCostsNoncurrentNet
1090000
CY2024Q1 us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
106000
CY2023Q1 us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
110000
CY2024Q1 avdx Common Stock Number Of Votes Entitled Per Share
CommonStockNumberOfVotesEntitledPerShare
1
CY2024Q1 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
1600000000
CY2024Q1 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.001
CY2024Q1 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
50000000
CY2024Q1 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.001
CY2024Q1 us-gaap Common Stock Capital Shares Reserved For Future Issuance
CommonStockCapitalSharesReservedForFutureIssuance
54720584
CY2024Q1 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
1600000000
CY2024Q1 us-gaap Common Stock Capital Shares Reserved For Future Issuance
CommonStockCapitalSharesReservedForFutureIssuance
54720584
CY2023Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
8175088
CY2023Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
8.64
CY2023 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P7Y2M19D
CY2023Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
31135000
CY2024Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
346935
CY2024Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
12.34
CY2024Q1 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
493608
CY2024Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
6.64
CY2024Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
140551
CY2024Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
9.29
CY2024Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
7887864
CY2024Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
8.92
CY2024Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P7Y2M8D
CY2024Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
33697000
CY2024Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableNumber
4882281
CY2024Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
8.53
CY2024Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P6Y5M23D
CY2024Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1
22848000
CY2024Q1 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Stock Options
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedStockOptions
12199000
CY2024Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
10766000
CY2023Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
8661000
CY2024Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
-0.141
CY2023Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
-0.004

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