AvidXchange Announces Third Quarter 2024 Financial Results

Core Insights - AvidXchange Holdings, Inc. reported strong financial results for Q3 2024, with significant year-over-year growth in revenue and margins, driven by effective cost management and operational efficiencies [1][2][3] Financial Performance - Total revenue for Q3 2024 was $112.8 million, reflecting a 14.3% increase from $98.7 million in Q3 2023 [3] - Non-GAAP gross margin reached 74.5%, while adjusted EBITDA margin was 20.7%, both at the high end of the targets set during the June 2023 Investor Day [2][3] - GAAP net income improved to $4.0 million from a net loss of $(8.1) million in Q3 2023 [3] - Non-GAAP net income was $15.7 million, up from $5.8 million in the same quarter last year [3] Operational Highlights - The company processed 20.2 million transactions in Q3 2024, a 5.2% increase from 19.2 million in Q3 2023 [4] - Total payment volume for the quarter was $21.5 billion, representing a 9.4% increase from $19.6 billion in Q3 2023 [4] - Transaction yield increased by 8.5% to $5.59 from $5.15 in Q3 2023 [4] Debt Management and Financial Outlook - AvidXchange extinguished $63 million of higher interest rate term debt and established a new $150 million credit facility [2][3] - The company has a strong balance sheet with cash and marketable securities totaling $394.3 million [1] - Full Year 2024 revenue guidance was revised to $437.0 - $439.0 million, up from the previous range of $436.0 - $439.0 million [5]