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Mar 31, 2024
AvidXchange Q1 2024 Earnings Report
AvidXchange's Q1 2024 financial performance was driven by yield expansion, transaction growth, unit cost reduction, and operating expense discipline.
Key Takeaways
AvidXchange announced strong Q1 2024 financial results, marking 11 consecutive quarters of surpassing internal expectations. Total revenue increased by 21.6% year-over-year to $105.6 million, and GAAP net loss improved to $(1.0) million from $(16.0) million in the same quarter last year. The company is focused on capitalizing on the trend toward digital transformation of the back office and investing in innovation and new products for future growth.
Total revenue was $105.6 million, up 21.6% year-over-year.
GAAP net loss was $(1.0) million, compared to a loss of $(16.0) million in Q1 2023.
Non-GAAP net income was $11.3 million, compared to a loss of $(3.4) million in Q1 2023.
Adjusted EBITDA was $17.7 million, compared to $0.4 million in Q1 2023.
Forward Guidance
AvidXchange anticipates its Full Year 2024 revenue to be in the range of $442.0 - $448.0 million and adjusted EBITDA to be in the range of $71.0 - $75.0 million.
Positive Outlook
- Revenue guidance increased from $441.0 - $447.0 million to $442.0 - $448.0 million.
- Adjusted EBITDA guidance increased from $67.0 - $71.0 million to $71.0 - $75.0 million.
- Interest revenue contribution is anticipated to be approximately $45.0 million, compared to $44.0 million previously.
- Strong execution amid macro volatility.
- Sustained strong execution amid macro volatility.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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