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Sep 30, 2023
AvidXchange Q3 2023 Earnings Report
Announced third quarter 2023 financial results, demonstrating strong revenue growth, gross margin expansion, and operating leverage.
Key Takeaways
AvidXchange reported strong Q3 2023 results with a 19.7% year-over-year increase in total revenue to $98.7 million. The company's GAAP net loss decreased significantly to $(8.1) million, and non-GAAP net income was $5.8 million. Adjusted EBITDA swung positively to $11.4 million.
Total revenue increased by 19.7% year-over-year to $98.7 million.
GAAP net loss improved to $(8.1) million compared to $(25.4) million in Q3 2022.
Non-GAAP net income was $5.8 million, a significant improvement from a loss of $(11.7) million in the same period last year.
Adjusted EBITDA was $11.4 million, compared to $(3.7) million in the third quarter of 2022.
Forward Guidance
AvidXchange anticipates its Full Year 2023 revenue to be in the range of $374.5 million - $375.5 million and adjusted EBITDA to be in the range of $22.0 million - $23.0 million.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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