AvidXchange (AVDX) - 2024 Q4 - Annual Results

Financial Performance - Total revenue for Q4 2024 was $115.4 million, representing a year-over-year increase of 10.9% compared to $104.1 million in Q4 2023[6] - GAAP net income for Q4 2024 was $4.7 million, a significant improvement from a GAAP net loss of $(4.5) million in Q4 2023[6] - Revenues for the year ended December 31, 2024, increased to $438,940 million, up 15.3% from $380,720 million in 2023[23] - Net income for the year ended December 31, 2024, was $8,145 million, a significant recovery from a net loss of $47,325 million in 2023[23] - The company reported a basic net income per share of $0.04 for the year ended December 31, 2024, compared to a loss of $0.23 per share in 2023[23] - Non-GAAP net income for Q4 2024 was $17,331,000, significantly higher than $9,373,000 in Q4 2023, representing an 84.5% increase[32] - Non-GAAP basic net income per share for Q4 2024 was $0.08, compared to $0.05 in Q4 2023[32] Profitability Metrics - Non-GAAP gross profit was $86.4 million, or 74.9% of total revenue, compared to $74.4 million, or 71.4% of revenue in Q4 2023[10] - Adjusted EBITDA for Q4 2024 was $26.3 million, up from $15.6 million in Q4 2023[10] - Adjusted EBITDA for the year ended December 31, 2024, was $84,720,000, compared to $30,468,000 in 2023, indicating a substantial growth[34] - GAAP gross margin improved to 68.2% in Q4 2024, compared to 64.6% in Q4 2023[30] Cash Flow and Assets - Cash and marketable securities at year-end 2024 totaled $389.3 million, with long-term debt of $9.1 million[5] - Cash flows from operating activities for the year ended December 31, 2024, were $71,934 million, a substantial increase from $8,451 million in 2023[27] - Cash, cash equivalents, and restricted funds held for customers at the end of 2024 were $1,605,983 million, down from $1,985,630 million at the end of 2023[27] - Total assets as of December 31, 2024, decreased to $2,089,711 million from $2,483,737 million in 2023, representing a decline of 15.9%[25] - Total liabilities as of December 31, 2024, decreased to $1,417,878 million from $1,827,292 million in 2023, a reduction of 22.4%[25] Future Guidance - The company anticipates full-year 2025 revenue to be in the range of $453.0 million to $460.0 million[7] - Adjusted EBITDA guidance for full-year 2025 is projected between $86.0 million and $91.0 million[7] - Non-GAAP diluted EPS for full-year 2025 is expected to be in the range of $0.25 to $0.27[7] Operational Metrics - Total payment volume in Q4 2024 reached $21.9 billion, an increase of 10.0% from $19.9 billion in Q4 2023[10] - Total payment volume for the year 2024 reached $83,842,000,000, a 10.5% increase from $75,922,000,000 in 2023[34] - The number of transactions processed in 2024 was 79,123,540, up from 75,330,634 in 2023[34] Research and Development - Research and development expenses for the year ended December 31, 2024, were $101,110 million, an increase from $97,555 million in 2023[23] Strategic Initiatives - The company plans to continue leveraging AI across its business ecosystem to enhance competitive positioning and operational performance[3] - The company expanded its supplier base to 1,350,000 over the past five years, up from 1,200,000 previously[34]