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Jun 30, 2024
AvidXchange Q2 2024 Earnings Report
Achieved GAAP net income profitability through disciplined execution, year-over-year revenue growth, unit cost efficiencies, and operating expense leverage.
Key Takeaways
AvidXchange announced Q2 2024 financial results, marking a milestone in GAAP net income profitability with revenue growth of 15.3% year-over-year. The company sustains a strong balance sheet with $465.0 million in cash and marketable securities. Updated 2024 business outlook reflects strong execution amid macro choppiness.
Achieved GAAP net income profitability in Q2 2024.
Maintained a strong balance sheet with $465.0 million in cash and marketable securities.
Revenue increased by 15.3% year-over-year.
Updated 2024 business outlook reflects strong execution amid macro choppiness.
AvidXchange
AvidXchange
Forward Guidance
AvidXchange anticipates its Full Year 2024 revenue to be in the range of $436.0 million to $439.0 million and adjusted EBITDA to be in the range of $73.0 million to $75.0 million.
Positive Outlook
- Full Year 2024 revenue guidance: $436.0M - $439.0M
- Full Year 2024 adjusted EBITDA guidance: $73.0M - $75.0M
- Anticipates interest revenue contribution of approximately $49.0 million
- Strong execution amid macro choppiness
- Continuing to broaden the application of artificial intelligence (AI)
Challenges Ahead
- Actual results may differ materially
- High variability with respect to items excluded from adjusted EBITDA
- Complexity with respect to items excluded from adjusted EBITDA
- Low visibility with respect to items excluded from adjusted EBITDA
- Ongoing and future macroeconomic impacts