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Jun 30, 2023
AvidXchange Q2 2023 Earnings Report
Reported strong year-over-year revenue growth and gross margin expansion, with improved operating leverage.
Key Takeaways
AvidXchange reported strong Q2 2023 financial results, driven by healthy revenue growth and gross margin expansion. Adjusted EBITDA swung positively to $3.0 million, and the company raised its full-year 2023 business outlook.
Total revenue was $91.2 million, an increase of 19.1% year-over-year.
GAAP net loss was $(18.8) million, compared to $(25.7) million in the second quarter of 2022.
Non-GAAP net loss was $(0.5) million, compared to $(13.7) million in the second quarter of 2022.
Adjusted EBITDA was $3.0 million compared to $(4.7) million in the second quarter of 2022.
AvidXchange
AvidXchange
Forward Guidance
AvidXchange anticipates its Full Year 2023 revenue and adjusted EBITDA to be in the ranges of $368.0 - $370.0 million and $7.0 - $8.0 million, respectively.
Positive Outlook
- Revenue guidance increased from $363.0 - $368.0 million to $368.0 - $370.0 million.
- Adjusted EBITDA guidance increased from $2.0 - $4.0 million to $7.0 - $8.0 million.
- The updated adjusted EBITDA guidance excludes one-time non-recurring cyber-incident related costs.
- The updated adjusted EBITDA guidance includes approximately $2.0 million of incremental second-half investments in IT security enhancements.
- Company is well positioned to achieve medium and long-term Rule of 40 and 40-plus targets
Challenges Ahead
- Forward-looking statements are subject to risks and uncertainties.
- Actual results may differ materially from expectations.
- Guidance excludes one-time non-recurring cyber-incident related costs, but includes approximately $2.0 million of incremental second-half investments in IT security enhancements and associated costs related to the cyber incident.
- Reconciliation of adjusted EBITDA to GAAP net loss on a forward-looking basis is not available without unreasonable efforts.
- Ongoing macro volatility