AvidXchange Reports Strong Q2 Financial Results

By Bobby Samwell • Wednesday, July 31 08:07 • Permanent Link

Avidxchange Holdings, Inc. (NASDAQ: AVDX) has announced its financial results for the second quarter ended June 30, 2024, revealing significant achievements and positive performance metrics.

In the second quarter of 2024, Avidxchange reported total revenue of $105.1 million, marking a notable increase of 15.3% year-over-year from $91.2 million in the same period of 2023. The revenue included interest income of $11.8 million, up from $9.2 million in the second quarter of 2023.

The company also achieved GAAP net income of $0.4 million, a substantial improvement from a GAAP net loss of $(18.8) million in the second quarter of 2023. Furthermore, non-GAAP net income stood at $10.7 million, a significant increase from a non-GAAP net loss of $(0.5) million in the second quarter of 2023.

Avidxchange reported a GAAP gross profit of $68.7 million, representing 65.3% of total revenue, compared to $55.6 million, or 61.0% of revenue, in the second quarter of 2023. Additionally, non-GAAP gross profit reached $76.3 million, or 72.6% of total revenue, compared to $62.3 million, or 68.3% of revenue, in the second quarter of 2023.

The company's adjusted EBITDA for the second quarter of 2024 was $17.5 million, a significant increase from $3.0 million in the second quarter of 2023.

Avidxchange also highlighted key business metrics, with total transactions processed in the second quarter of 2024 reaching 19.7 million, up 4.8% from 18.8 million in the same period of 2023. Moreover, the total payment volume for the second quarter of 2024 amounted to $20.6 billion, reflecting a 10.4% increase from $18.7 billion in the second quarter of 2023. The transaction yield in the second quarter of 2024 was $5.33, up 10.1% from $4.84 in the second quarter of 2023.

Looking ahead, Avidxchange provided an updated full-year 2024 financial outlook, with anticipated revenue in the range of $436.0 million to $439.0 million, and adjusted EBITDA expected to be in the range of $73.0 million to $75.0 million. The company also noted an increase in the anticipated interest revenue contribution for the full year 2024.

These results and outlook demonstrate Avidxchange's strong financial performance and strategic execution, positioning the company for continued growth and value creation for its investors. The market has reacted to these announcements by moving the company's shares 1.4% to a price of $12.72. Check out the company's full 8-K submission here.

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