UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
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Trading |
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Item 2.02 Results of Operations and Financial Condition.
On March 7, 2022, AvidXchange Holdings, Inc. issued a press release announcing its financial results for the fourth quarter and full fiscal year ended December 31, 2021. A copy of the press release is attached hereto as Exhibit 99.1 and is incorporated herein in its entirety by reference.
The information in this Item 2.02 (including Exhibit 99.1) is being furnished under Item 2.02 and Item 9.01 of Form 8-K and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such a filing.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
Exhibit No. |
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Description |
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99.1 |
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Press Release issued by AvidXchange Holdings, Inc. dated March 7, 2022. |
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104 |
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Cover Page Interactive Data File (embedded within the Inline XBRL document). |
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
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AvidXchange Holdings, Inc |
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Date: |
March 7, 2022 |
By: |
/s/ Joel Wilhite |
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Joel Wilhite |
Exhibit 99.1
AvidXchange Announces Fourth Quarter & Full Year 2021 Financial Results
--Fourth quarter 2021 revenue and Adjusted EBITDA above previous guidance
--2022 financial outlook highlights solid operating momentum and financial position
Charlotte, N.C. –March 7, 2022 – AvidXchange Holdings, Inc. (Nasdaq: AVDX), a leading provider of accounts payable (AP) automation software and payment solutions for middle market businesses and their suppliers, today announced financial results for the fourth quarter and full year ended December 31, 2021.
“2021 was an extraordinary year for AvidXchange. We completed our transition to a public company and raised a significant amount of strategic capital while ending the year with solid operating results that outperformed expectations. We believe our across-the-board strong fourth quarter and full year 2021 results and outperformance relative to guidance reflect the differentiated value proposition offered by our B2B mid-market AP automation software and payments platform, a strong competitive moat and solid execution against our key growth initiatives by leveraging the four growth gears of the ‘AvidXchange Business Flywheel’. We believe these results coupled with on-going investments set the stage for an upbeat outlook for 2022, highlighting our momentum and leadership position to capture significant greenfield opportunity that exists in the middle market B2B payments segment,” said Michael Praeger, CEO & Co-Founder of AvidXchange.
Fourth Quarter 2021 Financial Highlights:
Full Year 2021 Financial Highlights:
A reconciliation of GAAP to non-GAAP financial measures has been provided in the tables following the financial statements in this press release. An explanation of these measures is also included below under the heading "Non-GAAP Measures and Other Performance Metrics"
Fourth Quarter & Full Year 2021 Key Business Metrics and Highlights:
Full Year 2022 Financial Outlook
As of March 7, 2022, AvidXchange anticipates Full Year 2022 revenue and adjusted EBITDA to be in the following ranges (in millions):
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FY 2022 Guidance |
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Revenue |
$296.5 - $301.5 |
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Adjusted EBITDA(1) |
$(42.0) - $(48.0) |
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These statements are forward-looking and actual results may differ materially. Refer to the Forward-Looking Statements safe harbor below for information on the factors that could cause our actual results to differ materially from these forward-looking statements.
Full IPO Lock-Up Release
All remaining shares of common stock of AvidXchange subject to the lock-up agreements entered into by a substantial majority of AvidXchange’s stockholders and the underwriters of AvidXchange’s initial public offering will be fully released from the lock-up at the open of trading on March 10, 2022.
Earnings Teleconference Information
AvidXchange will discuss its fourth quarter financial results during a teleconference today, March 7, 2022, at 5:00 PM ET. The call will be broadcast simultaneously via webcast at https://ir.avidxchange.com/. Following the completion of the call, a recorded replay of the webcast will be available on AvidXchange’s website. In addition to the conference call, supplemental information is available on the Investor Relations section of AvidXchange’s website at https://ir.avidxchange.com/.
About AvidXchange™
AvidXchange is a leading provider of accounts payable (“AP”) automation software and payment solutions for middle market businesses and their suppliers. AvidXchange’s software-as-a-service-based, end-to-end software and payment platform digitizes and automates the AP workflows for more than 8,000 businesses and it has made payments to more than 825,000 supplier customers of its buyers over the past five years. To learn more about how AvidXchange is transforming the way companies pay their bills, visit www.AvidXchange.com
Forward-Looking Statements
This press release may contain “forward-looking statements” within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. In this context, forward-looking statements generally relate to future events or our future financial or operating performance and often contain words such as: “anticipate,” “intend,” “plan,” “goal,” “seek,” “believe,” “project,” “estimate,” “expect,” “future,” “likely,” “may,” “should,” “will” and similar words and phrases indicating future results. The information presented in this press release related to our expectations of future performance, including guidance for our revenue and adjusted EBITDA for the full year 2022, as well as other statements that are not purely statements of historical fact, are forward-looking in nature. These forward-looking statements are made on the basis of management’s current expectations, assumptions, estimates and projections and are subject to significant risks and uncertainties that could cause actual results to differ materially from those anticipated in such forward-looking statements. We therefore cannot guarantee future results, performance or achievements.
Factors which could cause actual results or effects to differ materially from those reflected in forward-looking statements include, but are not limited to, the risk factors and other cautionary statements described, from time to time, in AvidXchange’s filings with the Securities and Exchange Commission (“SEC”), including, without limitation, AvidXchange’s Annual Report on Form 10-K and other documents filed with the SEC, which may be obtained on the investor relations section of our website (https://ir.avidxchange.com/) and on the SEC website at www.sec.gov. Any forward-looking statements made by us in this press release are based only on information currently available to us and speak only as of the date they are made, and we assume no obligation to update any of these statements in light of new information, future events or otherwise unless required under the federal securities laws.
Non-GAAP Measures and Other Performance Metrics
To supplement the financial measures presented in our press release and related conference call in accordance with generally accepted accounting principles in the United States (“GAAP”), we also present the following non-GAAP measures of financial performance: Non-GAAP Gross Profit, Adjusted EBITDA, and Non-GAAP Net Loss.
A “non-GAAP financial measure” refers to a numerical measure of our historical or future financial performance or financial position that is included in (or excluded from) the most directly comparable measure calculated and presented in accordance with GAAP in our financial statements. We provide certain non-GAAP measures as
additional information relating to our operating results as a complement to results provided in accordance with GAAP. The non-GAAP financial information presented herein should be considered in conjunction with, and not as a substitute for or superior to, the financial information presented in accordance with GAAP and should not be considered a measure of liquidity. There are significant limitations associated with the use of non-GAAP financial measures. Further, these measures may differ from the non-GAAP information, even where similarly titled, used by other companies and therefore should not be used to compare our performance to that of other companies.
We have presented Non-GAAP Gross Profit, Adjusted EBITDA, and Non-GAAP Net Loss in this press release. We define Non-GAAP Gross Profit as revenue less cost of revenue and depreciation and amortization before amortization of acquired intangible assets and stock-based compensation expense. We define Adjusted EBITDA as our net loss before depreciation and amortization of property and equipment, amortization of software development costs, amortization of acquired intangible assets, impairment of intangible assets, interest income and expense, interest expense on building lease financing obligations, income tax expense, stock-based compensation expense, transaction and acquisition-related costs expensed, costs not core to our business, and charitable contributions of common stock. We define Non-GAAP Net Loss as net loss before amortization of acquired intangible assets, impairment of intangible assets, stock-based compensation expense, transaction and acquisition-related costs expensed, costs not core to our business, and charitable contributions of common stock.
In the beginning of the fourth quarter of 2021, we revised our definitions of Adjusted EBITDA and Non-GAAP Net Loss to also exclude effects of charitable contributions of common stock. This revision to the definitions had no impact on our reported Adjusted EBITDA and Non-GAAP Net Loss for periods prior to the fourth quarter of 2021.
We believe the use of non-GAAP financial measures, as a supplement to GAAP measures, is useful to investors in that they eliminate items that are either not part of our core operations or do not require a cash outlay, such as stock-based compensation expense. Management uses these non-GAAP financial measures when evaluating operating performance and for internal planning and forecasting purposes. We believe that these non-GAAP financial measures help indicate underlying trends in the business, are important in comparing current results with prior period results, and are useful to investors and financial analysts in assessing operating performance.
Investor Contact:
Subhaash Kumar
Skumar1@avidxchange.com
813.760.2309
AvidXchange Holdings, Inc.
Consolidated Statements of Operations
(in thousands, except share and per share data)
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Three Months Ended December 31, |
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Year Ended December 31, |
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2021 |
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2020 |
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2021 |
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2020 |
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Revenues |
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$ |
69,265 |
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$ |
52,863 |
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$ |
248,409 |
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$ |
185,928 |
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Cost of revenues (exclusive of depreciation and amortization expense) |
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28,747 |
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22,117 |
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100,090 |
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83,755 |
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Operating expenses |
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- |
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- |
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- |
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- |
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Sales and marketing |
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19,763 |
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12,631 |
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63,939 |
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47,910 |
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Research and development |
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21,922 |
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12,344 |
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65,147 |
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44,500 |
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General and administrative |
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50,319 |
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25,582 |
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95,817 |
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56,395 |
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Impairment and write-off of intangible assets |
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838 |
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- |
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1,412 |
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924 |
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Depreciation and amortization |
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8,404 |
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6,781 |
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30,738 |
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27,514 |
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Total operating expenses |
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101,246 |
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57,338 |
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257,053 |
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177,243 |
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Loss from operations |
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(60,728 |
) |
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(26,592 |
) |
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(108,734 |
) |
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(75,070 |
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Other income (expense) |
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Interest income |
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329 |
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85 |
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661 |
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1,675 |
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Interest expense |
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(5,123 |
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(5,064 |
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(20,108 |
) |
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(20,080 |
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Change in fair value of derivative instrument |
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(11,438 |
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(992 |
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(26,128 |
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(7,537 |
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Charge for amending financing advisory engagement letter - related party |
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- |
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- |
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(50,000 |
) |
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- |
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Other expenses |
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(16,232 |
) |
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(5,971 |
) |
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(95,575 |
) |
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(25,942 |
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Loss before income taxes |
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(76,960 |
) |
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(32,563 |
) |
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(204,309 |
) |
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(101,012 |
) |
Income tax (benefit) expense |
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(4,863 |
) |
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59 |
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(4,660 |
) |
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|
234 |
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Net loss |
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$ |
(72,097 |
) |
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$ |
(32,622 |
) |
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$ |
(199,649 |
) |
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$ |
(101,246 |
) |
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Deemed dividend on preferred stock |
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(9,500 |
) |
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(43,414 |
) |
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(9,500 |
) |
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(43,414 |
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Accretion of convertible preferred stock |
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(724 |
) |
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(5,686 |
) |
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(15,141 |
) |
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(21,682 |
) |
Net loss attributable to common stockholders |
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$ |
(82,321 |
) |
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$ |
(81,722 |
) |
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$ |
(224,290 |
) |
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$ |
(166,342 |
) |
Net loss per share attributable to common stockholders, basic and diluted |
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$ |
(0.47 |
) |
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$ |
(1.56 |
) |
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$ |
(2.64 |
) |
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$ |
(3.34 |
) |
Weighted average number of common shares used to compute net loss per share attributable to common stockholders, basic and diluted |
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|
175,401,322 |
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52,368,235 |
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85,061,417 |
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49,738,252 |
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AvidXchange Holdings, Inc.
Consolidated Balance Sheets
(in thousands, except share and per share data)
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As of December 31, |
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2021 |
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2020 |
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Assets |
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Current assets |
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Cash and cash equivalents |
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$ |
562,817 |
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$ |
252,458 |
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Restricted funds held for customers |
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|
1,242,346 |
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|
137,620 |
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Accounts receivable, net of allowances of $2,283 and $1,769, respectively |
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|
30,965 |
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24,757 |
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Supplier advances receivable, net of allowances of $1,105 and $1,099, respectively |
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|
11,520 |
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|
|
8,855 |
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Prepaid expenses and other current assets |
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|
10,237 |
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|
|
8,626 |
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Total current assets |
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1,857,885 |
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|
432,316 |
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Property and equipment, net |
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|
106,227 |
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|
86,872 |
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Operating lease right-of-use assets |
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|
3,278 |
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|
|
3,139 |
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Deferred customer origination costs, net |
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|
28,276 |
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|
|
24,124 |
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Goodwill |
|
|
165,921 |
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|
|
105,696 |
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Intangible assets, net |
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|
100,455 |
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|
72,442 |
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Other noncurrent assets and deposits |
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4,261 |
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|
1,922 |
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Total assets |
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$ |
2,266,303 |
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$ |
726,511 |
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Liabilities, Convertible Preferred Stock and Stockholders' Equity (Deficit) |
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Current liabilities |
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|
|
|
|
|
|
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Accounts payable |
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$ |
17,142 |
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$ |
25,418 |
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Accrued expenses |
|
|
56,082 |
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|
|
40,472 |
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Payment service obligations |
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|
1,242,346 |
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|
|
137,620 |
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Deferred revenue |
|
|
9,530 |
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|
|
6,309 |
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Current portion of contingent consideration |
|
|
688 |
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|
|
- |
|
Current maturities of lease obligations under finance leases |
|
|
670 |
|
|
|
1,092 |
|
Current maturities of lease obligations under operating leases |
|
|
1,048 |
|
|
|
1,147 |
|
Current maturities of long-term debt |
|
|
4,800 |
|
|
|
1,000 |
|
Total current liabilities |
|
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1,332,306 |
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|
|
213,058 |
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Long-term liabilities |
|
|
|
|
|
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|
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Deferred revenue, less current |
|
|
20,350 |
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|
|
1,661 |
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Contingent consideration, less current portion |
|
|
70 |
|
|
|
- |
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Obligations under finance leases, less current maturities |
|
|
61,172 |
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|
|
73,139 |
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Obligations under operating leases, less current maturities |
|
|
3,448 |
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|
|
3,750 |
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Long-term debt |
|
|
119,880 |
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|
98,446 |
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Other long-term liabilities |
|
|
6,022 |
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|
|
14,939 |
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Total liabilities |
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1,543,248 |
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|
|
404,993 |
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Commitments and contingencies |
|
|
|
|
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Convertible preferred stock, $0.001 par value; 40,472,166 shares authorized and 30,081,996 shares issued and outstanding as of December 31, 2020; liquidation preference of $884,842 as of December 31, 2020 |
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|
- |
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|
|
832,625 |
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Stockholders' equity (deficit) |
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|
|
|
|
|
|
|
Preferred stock, $0.001 par value; 50,000,000 shares authorized as of December 31, 2021, no shares issued and outstanding as of December 31, 2021 |
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|
- |
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|
|
- |
|
Common stock, $0.001 par value; 1,600,000,000 and 240,000,000 shares authorized as of December 31, 2021 and 2020, respectively; 196,804,844 and 50,054,880 shares issued and outstanding as of December 31, 2021 and 2020, respectively |
|
|
197 |
|
|
|
50 |
|
Additional paid-in capital |
|
|
1,594,780 |
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|
|
161,116 |
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Accumulated deficit |
|
|
(871,922 |
) |
|
|
(672,273 |
) |
Total stockholders' equity (deficit) |
|
|
723,055 |
|
|
|
(511,107 |
) |
Total liabilities, convertible preferred stock and stockholders' equity (deficit) |
|
$ |
2,266,303 |
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|
$ |
726,511 |
|
AvidXchange Holdings, Inc.
Consolidated Statements of Cash Flows
(in thousands)
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Year Ended December 31, |
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2021 |
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2020 |
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2019 |
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|||
Cash flows from operating activities |
|
|
|
|
|
|
|
|
|
|
|
Net loss |
$ |
(199,649 |
) |
|
$ |
(101,246 |
) |
|
$ |
(93,546 |
) |
Adjustments to reconcile net loss to net cash used by operating activities |
|
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization expense |
|
30,738 |
|
|
|
27,514 |
|
|
|
22,340 |
|
Amortization of deferred financing costs |
|
1,357 |
|
|
|
1,182 |
|
|
|
1,184 |
|
Provision for doubtful accounts |
|
2,147 |
|
|
|
1,442 |
|
|
|
901 |
|
Stock-based compensation |
|
21,428 |
|
|
|
1,630 |
|
|
|
1,379 |
|
Fair value adjustment of contingent consideration |
|
(122 |
) |
|
|
- |
|
|
|
- |
|
Warrants vested in connection with consulting services |
|
- |
|
|
|
101 |
|
|
|
202 |
|
Accrued interest |
|
881 |
|
|
|
913 |
|
|
|
878 |
|
Impairment and write-off on intangible and right-of-use assets |
|
1,412 |
|
|
|
997 |
|
|
|
7,891 |
|
Loss on fixed asset disposal |
|
36 |
|
|
|
14 |
|
|
|
11 |
|
Payment of third party fees related to debt modification |
|
- |
|
|
|
- |
|
|
|
(593 |
) |
Payment of third party fees related to debt modification —related party |
|
- |
|
|
|
- |
|
|
|
(2,645 |
) |
Value of donated common stock |
|
4,143 |
|
|
|
- |
|
|
|
- |
|
Noncash expense on contract modification - related party |
|
50,000 |
|
|
|
- |
|
|
|
- |
|
Fair value adjustment to derivative instrument |
|
26,128 |
|
|
|
7,537 |
|
|
|
555 |
|
Deferred income taxes |
|
(4,728 |
) |
|
|
181 |
|
|
|
60 |
|
Changes in operating assets and liabilities |
|
|
|
|
|
|
|
|
|
|
|
Accounts receivable |
|
(4,713 |
) |
|
|
(5,711 |
) |
|
|
(2,328 |
) |
Prepaid expenses and other current assets |
|
(1,759 |
) |
|
|
(1,245 |
) |
|
|
(1,099 |
) |
Other noncurrent assets |
|
(2,367 |
) |
|
|
359 |
|
|
|
(340 |
) |
Deferred customer origination costs |
|
(4,152 |
) |
|
|
(2,876 |
) |
|
|
(4,646 |
) |
Accounts payable |
|
(12,377 |
) |
|
|
14,149 |
|
|
|
3,665 |
|
Deferred revenue |
|
21,910 |
|
|
|
289 |
|
|
|
235 |
|
Accrued expenses and other liabilities |
|
1,560 |
|
|
|
11,619 |
|
|
|
3,725 |
|
Operating lease liabilities |
|
(540 |
) |
|
|
(978 |
) |
|
|
- |
|
Deferred rent and tenant improvement allowance |
|
- |
|
|
|
- |
|
|
|
380 |
|
Total adjustments |
|
130,982 |
|
|
|
57,117 |
|
|
|
31,755 |
|
Net cash used in operating activities |
|
(68,667 |
) |
|
|
(44,129 |
) |
|
|
(61,791 |
) |
Cash flows from investing activities |
|
|
|
|
|
|
|
|
|
|
|
Purchases of equipment |
|
(1,395 |
) |
|
|
(703 |
) |
|
|
(1,905 |
) |
Purchases of real estate |
|
(14,050 |
) |
|
|
25 |
|
|
|
(39 |
) |
Purchases of intangible assets |
|
(16,931 |
) |
|
|
(11,346 |
) |
|
|
(7,349 |
) |
Proceeds from sales of property and equipment |
|
5 |
|
|
|
- |
|
|
|
- |
|
Acquisition of business, net of cash acquired |
|
(46,089 |
) |
|
|
(19,829 |
) |
|
|
(105,834 |
) |
Contingent consideration and deferred obligation payments near acquisition date |
|
(1,292 |
) |
|
|
- |
|
|
|
- |
|
Supplier advances, net |
|
(4,355 |
) |
|
|
(4,707 |
) |
|
|
(1,728 |
) |
Net cash used in investing activities |
|
(84,107 |
) |
|
|
(36,560 |
) |
|
|
(116,855 |
) |
Cash flows from financing activities |
|
|
|
|
|
|
|
|
|
|
|
Proceeds from issuance of common stock upon initial public offering, net of underwriting discounts and commissions and other offering costs, including exercise of overallotment option |
|
627,981 |
|
|
|
- |
|
|
|
- |
|
Proceeds from the issuance of long-term debt |
|
3,471 |
|
|
|
4,472 |
|
|
|
96,081 |
|
Repayments of long-term debt |
|
- |
|
|
|
- |
|
|
|
(70,781 |
) |
Principal payments on land promissory note |
|
(1,000 |
) |
|
|
(1,000 |
) |
|
|
(1,000 |
) |
Principal payments on finance leases |
|
(1,139 |
) |
|
|
(1,582 |
) |
|
|
(1,777 |
) |
Proceeds from issuance of preferred and common stock |
|
2,820 |
|
|
|
322,288 |
|
|
|
260,488 |
|
Common stock repurchased |
|
- |
|
|
|
(148,763 |
) |
|
|
- |
|
Convertible preferred stock redeemed |
|
(169,000 |
) |
|
|
(46,980 |
) |
|
|
(11,184 |
) |
Transaction costs related to issuance of stock |
|
- |
|
|
|
(1,327 |
) |
|
|
(1,241 |
) |
Transaction costs related to issuance of stock - related party |
|
- |
|
|
|
(19,227 |
) |
|
|
(11,428 |
) |
Debt issuance costs |
|
- |
|
|
|
- |
|
|
|
(2,106 |
) |
Payment on earn-out agreement |
|
- |
|
|
|
- |
|
|
|
(500 |
) |
Payment service obligations |
|
1,104,726 |
|
|
|
85,913 |
|
|
|
51,707 |
|
Net cash provided by financing activities |
|
1,567,859 |
|
|
|
193,794 |
|
|
|
308,259 |
|
Net increase in cash, cash equivalents, and restricted funds held for customers |
|
1,415,085 |
|
|
|
113,105 |
|
|
|
129,613 |
|
Cash, cash equivalents, and restricted funds held for customers |
|
|
|
|
|
|
|
|
|
|
|
Cash, cash equivalents, and restricted funds held for customers, beginning of year |
|
390,078 |
|
|
|
276,973 |
|
|
|
147,360 |
|
Cash, cash equivalents, and restricted funds held for customers, end of year |
$ |
1,805,163 |
|
|
$ |
390,078 |
|
|
$ |
276,973 |
|
Supplementary information of noncash investing and financing activities |
|
|
|
|
|
|
|
|
|
|
|
Right-of-use assets obtained in exchange for new finance lease obligations |
$ |
174 |
|
|
$ |
544 |
|
|
$ |
1,110 |
|
Right-of-use assets obtained in exchange for new operating lease obligations |
|
877 |
|
|
|
163 |
|
|
|
- |
|
Purchase of real estate in exchange for promissory note |
|
21,500 |
|
|
|
- |
|
|
|
- |
|
Common stock issued on conversion of convertible preferred stock and convertible common stock liability |
|
724,649 |
|
|
|
- |
|
|
|
- |
|
Common stock issued in business combination |
|
31,000 |
|
|
|
5,988 |
|
|
|
9,514 |
|
Common stock issued as contingent consideration |
|
500 |
|
|
|
- |
|
|
|
- |
|
Initial fair value of contingent consideration and deferred payment obligation at acquisition date |
|
2,672 |
|
|
|
- |
|
|
|
- |
|
Property and equipment purchases in accounts payable and accrued expenses |
|
768 |
|
|
|
- |
|
|
|
84 |
|
Interest paid on notes payable |
|
10,486 |
|
|
|
10,798 |
|
|
|
9,605 |
|
Interest paid on finance leases |
|
7,384 |
|
|
|
7,187 |
|
|
|
5,631 |
|
Options issued in connection with bonus compensation |
|
49 |
|
|
|
- |
|
|
|
128 |
|
AvidXchange Holdings, Inc.
Unaudited Reconciliation of GAAP to Non-GAAP Measures
(in thousands)
|
Three Months Ended December 31, |
|
|
Year Ended December 31, |
|
||||||||||
|
2021 |
|
|
2020 |
|
|
2021 |
|
|
2020 |
|
||||
Reconciliation from Revenue to Non-GAAP Gross Profit and Non-GAAP Gross Margin: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total revenues |
$ |
69,265 |
|
|
$ |
52,863 |
|
|
$ |
248,409 |
|
|
$ |
185,928 |
|
Expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of revenues (exclusive of depreciation and amortization expense) |
|
(28,747 |
) |
|
|
(22,117 |
) |
|
|
(100,090 |
) |
|
|
(83,755 |
) |
Depreciation and amortization expense |
|
(5,327 |
) |
|
|
(4,219 |
) |
|
|
(19,498 |
) |
|
|
(16,783 |
) |
GAAP Gross profit |
$ |
35,191 |
|
|
$ |
26,527 |
|
|
$ |
128,821 |
|
|
$ |
85,390 |
|
Adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock-based compensation expense |
|
2,545 |
|
|
|
43 |
|
|
|
2,775 |
|
|
|
169 |
|
Depreciation and amortization expense |
|
5,327 |
|
|
|
4,219 |
|
|
|
19,498 |
|
|
|
16,783 |
|
Non-GAAP gross profit |
$ |
43,063 |
|
|
$ |
30,789 |
|
|
$ |
151,094 |
|
|
$ |
102,342 |
|
GAAP Gross margin |
|
50.8 |
% |
|
|
50.2 |
% |
|
|
51.9 |
% |
|
|
45.9 |
% |
Non-GAAP gross margin |
|
62.2 |
% |
|
|
58.2 |
% |
|
|
60.8 |
% |
|
|
55.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation from Net Loss to Non-GAAP Net Loss: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss |
$ |
(72,097 |
) |
|
$ |
(32,622 |
) |
|
$ |
(199,649 |
) |
|
$ |
(101,246 |
) |
Amortization of acquired intangible assets |
|
3,675 |
|
|
|
2,605 |
|
|
|
12,856 |
|
|
|
10,740 |
|
Impairment and write-off of intangible assets |
|
838 |
|
|
|
- |
|
|
|
1,412 |
|
|
|
924 |
|
Income tax (benefit) expense |
|
(4,863 |
) |
|
|
59 |
|
|
|
(4,660 |
) |
|
|
234 |
|
Stock-based compensation expense |
|
18,319 |
|
|
|
778 |
|
|
|
21,428 |
|
|
|
1,630 |
|
Transaction and acquisition-related costs |
|
17,241 |
|
|
|
1,167 |
|
|
|
20,949 |
|
|
|
1,352 |
|
Change in fair value of derivative instrument |
|
11,438 |
|
|
|
992 |
|
|
|
26,128 |
|
|
|
7,537 |
|
Non-recurring items not indicative of ongoing operations |
|
3,628 |
|
|
|
10,851 |
|
|
|
53,852 |
|
|
|
10,927 |
|
Charitable contribution of stock |
|
4,143 |
|
|
|
- |
|
|
|
4,143 |
|
|
|
- |
|
Total net adjustments |
|
54,419 |
|
|
|
16,452 |
|
|
|
136,108 |
|
|
|
33,344 |
|
Non-GAAP net loss |
$ |
(17,678 |
) |
|
$ |
(16,170 |
) |
|
$ |
(63,541 |
) |
|
$ |
(67,902 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation from Net Loss to Adjusted EBITDA: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss |
$ |
(72,097 |
) |
|
$ |
(32,622 |
) |
|
$ |
(199,649 |
) |
|
$ |
(101,246 |
) |
Depreciation and amortization |
|
8,404 |
|
|
|
6,781 |
|
|
|
30,738 |
|
|
|
27,514 |
|
Impairment and write-off of intangible assets |
|
838 |
|
|
|
- |
|
|
|
1,412 |
|
|
|
924 |
|
Interest income |
|
(329 |
) |
|
|
(85 |
) |
|
|
(661 |
) |
|
|
(1,675 |
) |
Interest expense |
|
5,123 |
|
|
|
5,064 |
|
|
|
20,108 |
|
|
|
20,080 |
|
Income tax (benefit) expense |
|
(4,863 |
) |
|
|
59 |
|
|
|
(4,660 |
) |
|
|
234 |
|
Stock-based compensation expense |
|
18,319 |
|
|
|
778 |
|
|
|
21,428 |
|
|
|
1,630 |
|
Transaction and acquisition-related costs |
|
17,241 |
|
|
|
1,167 |
|
|
|
20,949 |
|
|
|
1,352 |
|
Change in fair value of derivative instrument |
|
11,438 |
|
|
|
992 |
|
|
|
26,128 |
|
|
|
7,537 |
|
Non-recurring items not indicative of ongoing operations |
|
3,628 |
|
|
|
10,851 |
|
|
|
53,852 |
|
|
|
10,927 |
|
Charitable contribution of stock |
|
4,143 |
|
|
|
- |
|
|
|
4,143 |
|
|
|
- |
|
Adjusted EBITDA |
$ |
(8,155 |
) |
|
$ |
(7,015 |
) |
|
$ |
(26,212 |
) |
|
$ |
(32,723 |
) |