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Sep 30, 2024
AvidXchange Q3 2024 Earnings Report
Announced third quarter 2024 financial results, highlighting year-over-year gross and operating margin expansion driven by revenue growth and cost efficiencies.
Key Takeaways
AvidXchange reported a solid third quarter with a 14.3% increase in revenue, significant expansion in non-GAAP gross margin to 74.5%, and adjusted EBITDA margin at 20.7%. Net cash from operating activities increased significantly due to the replacement of higher interest rate debt with a new credit facility. The company also revised its 2024 revenue and adjusted EBITDA outlook upward.
Revenue increased by 14.3% year-over-year.
GAAP net income was $4.0 million, compared to a net loss of $(8.1) million in the third quarter of 2023.
Non-GAAP gross margin reached 74.5%.
Adjusted EBITDA was $23.3 million, compared to $11.4 million in the third quarter of 2023.
Forward Guidance
AvidXchange anticipates its Full Year 2024 revenue, adjusted EBITDA and Non-GAAP diluted earnings per share (EPS) to be in the following ranges (in millions, except per share data):
Positive Outlook
- Revenue: $437.0 - $439.0 million
- Adjusted EBITDA: $78.0 - $79.0 million
- Non-GAAP Diluted EPS: $0.24 - $0.25
- The current FY 2024 guidance anticipates interest revenue contribution of approximately $50.0 million compared to $49.0 million previously
- The current FY 2024 guidance anticipates political revenue contribution of approximately $6.5 million compared to $9.0 million previously
Historical Earnings Impact
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