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Dec 31, 2023
AvidXchange Q4 2023 Earnings Report
Announced fourth quarter 2023 financial results, demonstrating revenue growth driven by transaction growth and yield expansion, gross margin expansion fueled by yield expansion and lower unit costs, and reduced loss from operations due to the aforementioned factors and opex discipline.
Key Takeaways
AvidXchange reported a strong close to 2023, with fourth quarter revenue increasing by 20.8% year-over-year to $104.1 million. The company's GAAP net loss decreased significantly to $(4.5) million, and Non-GAAP net income was $9.4 million. Adjusted EBITDA was $15.6 million, marking a substantial improvement from the previous year.
Total revenue increased by 20.8% year-over-year to $104.1 million.
GAAP net loss improved to $(4.5) million from $(25.0) million year-over-year.
Non-GAAP net income was $9.4 million, compared to a Non-GAAP net loss of $(7.5) million in the fourth quarter of 2022.
Adjusted EBITDA was $15.6 million, a significant increase from $(1.3) million in the fourth quarter of 2022.
Forward Guidance
AvidXchange anticipates its Full Year 2024 revenue and adjusted EBITDA to be in the ranges of $441.0 - $447.0 million and $67.0 - $71.0 million respectively.
Positive Outlook
- Accelerating revenue growth
- Continued gross margin expansion
- Operating leverage
Historical Earnings Impact
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Avg. Return Before/After Earnings
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