AvidXchange (AVDX) - 2025 Q1 - Quarterly Results

Financial Performance - Q1 2025 total revenue was $107.9 million, an increase of 2.2% year-over-year compared to $105.6 million in Q1 2024[6] - GAAP net loss for Q1 2025 was $(7.3) million, compared to a net loss of $(1.0) million in Q1 2024[6] - Non-GAAP net income for Q1 2025 was $10.4 million, down from $11.3 million in Q1 2024[6] - Adjusted EBITDA for Q1 2025 was $17.5 million, slightly down from $17.7 million in Q1 2024[6] - Total revenues for the three months ended March 31, 2025, were $107,942 thousand, an increase from $105,598 thousand in the same period of 2024, representing a growth of 2.2%[26] - The net loss for the three months ended March 31, 2025, was $7,311 thousand, compared to a net loss of $1,009 thousand for the same period in 2024, indicating a significant increase in losses[28] - Non-GAAP net income for the three months ended March 31, 2025, was $10,415 thousand, slightly down from $11,262 thousand in the same period of 2024[28] - Adjusted EBITDA for the three months ended March 31, 2025, was $17,517 thousand, compared to $17,665 thousand for the same period in 2024, showing a minor decrease[30] Transaction and Payment Volume - Total transactions processed in Q1 2025 were 19.7 million, a 1.9% increase from 19.3 million in Q1 2024[6] - Total payment volume in Q1 2025 was $20.6 billion, an increase of 3.7% from $19.9 billion in Q1 2024[6] Profitability Metrics - GAAP gross profit was $71.0 million, or 65.8% of total revenue, compared to $69.2 million, or 65.5% in Q1 2024[6] - Non-GAAP gross profit was $79.1 million, or 73.3% of total revenue, compared to $76.5 million, or 72.4% in Q1 2024[6] - GAAP gross margin for the three months ended March 31, 2025, was 65.8%, slightly up from 65.5% in the same period of 2024[26] Balance Sheet and Cash Flow - The company has a strong balance sheet with cash and marketable securities totaling $389.3 million[6] - Cash and cash equivalents, along with restricted funds held for customers, decreased to $1,456,833 thousand as of March 31, 2025, from $1,605,983 thousand at the beginning of the year[24] - Total current assets as of March 31, 2025, were $1,625,841 thousand, down from $1,720,714 thousand as of December 31, 2024, reflecting a decline of 5.5%[22] - Total liabilities decreased to $1,312,645 thousand as of March 31, 2025, from $1,417,878 thousand as of December 31, 2024, a reduction of approximately 7.4%[22] - Cash used in financing activities for the three months ended March 31, 2025, was $101,020 thousand, compared to $355,612 thousand in the same period of 2024, indicating a significant reduction in cash outflow[24] Stock-Based Compensation - The company reported stock-based compensation expense of $14,486 thousand for the three months ended March 31, 2025, compared to $10,959 thousand in the same period of 2024, an increase of 32.5%[28] Outlook - AvidXchange is suspending its previously issued financial outlook for fiscal 2025 due to a pending acquisition by TPG in partnership with Corpay[7]