8-K
0001858257false00018582572023-03-012023-03-01

 

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

 

FORM 8-K

 

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): March 01, 2023

 

 

AvidXchange Holdings, Inc.

(Exact name of Registrant as Specified in Its Charter)

 

 

Delaware

001-40898

86-3391192

(State or Other Jurisdiction
of Incorporation)

(Commission File Number)

(IRS Employer
Identification No.)

 

 

 

 

 

1210 AvidXchange Lane

 

Charlotte, North Carolina

 

28206

(Address of Principal Executive Offices)

 

(Zip Code)

 

Registrant’s Telephone Number, Including Area Code: 800 560-9305

 

 

(Former Name or Former Address, if Changed Since Last Report)

 

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:

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:


Title of each class

 

Trading
Symbol(s)

 


Name of each exchange on which registered

Common Stock, $0.001 par value per share

 

AVDX

 

The Nasdaq Global Select Market

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 1, 2023, AvidXchange Holdings, Inc. issued a press release announcing its financial results for the fourth quarter and full fiscal year ended December 31, 2022. 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.

 

Description

 

99.1

 

Press Release issued by AvidXchange Holdings, Inc. dated March 1, 2023.

 

104

 

Cover Page Interactive Data File (embedded within the Inline XBRL document).

 

 


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.

 

 

 

AvidXchange Holdings, Inc

 

 

 

 

Date:

March 1, 2023

By:

/s/ Joel Wilhite

 

 

 

Joel Wilhite
Chief Financial Officer

 


EX-99


 

Exhibit 99.1

https://cdn.kscope.io/5dfe62bd2049d9d41792ae30d21302e0-img157214268_0.jpg 

AvidXchange Announces Fourth Quarter 2022 Financial Results

--Broad-based demand across verticals drives year over year Q4’22 revenue growth of 24.4%, 23.3% organically

--Combination of strong revenue growth, gross profit expansion and expense control substantially narrow year over year Q4’22 operating and adjusted EBITDA losses

--Projecting accelerated path to adjusted EBITDA profitability in 2023 versus a previous target of 2024

--Strong financial performance and financial strength drive debt reduction and lower cost refinancing

--Introducing 2023 business outlook

Charlotte, N.C. –March 1, 2023 – 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 ended December 31, 2022.

 

“We are ending 2022 on the back of another solid quarter of operating and financial results amid continued macroeconomic uncertainty. This marks our sixth straight quarter of strong operational and financial performance relative to internal expectations. With a full year of public company performance and operating track record behind us, we believe we are well positioned entering 2023. This is underscored by the acceleration in our projected path to adjusted EBITDA breakeven to 2023 from 2024, a strong balance sheet and greater agility to our organizational structure. At the same time, we continue to support our middle market customers through our innovative out-of-the-box AP and payment automation solutions to help them counter cost and demand pressures. Given our large and underpenetrated addressable market, we believe that the trend toward digital transformation of a labor-intensive AP and payments solution process remains intact over the long-term even if it that trend somewhat moderates in the near term due to macro forces,” said Michael Praeger, CEO & Co-Founder of AvidXchange.

Fourth Quarter 2022 Financial Highlights:

Total revenue was $86.2 million, an increase of 24.4% year-over-year, compared with $69.3 million in the fourth quarter of 2021.
GAAP net loss was $(25.0) million, compared with a GAAP net loss of $(72.1) million in the fourth quarter of 2021.
Non-GAAP net loss was $(7.4) million, compared with a Non-GAAP net loss of $(17.7) million in the fourth quarter of 2021.
GAAP gross profit was $49.9 million, or 57.9% of total revenue, compared with $35.2 million, or 50.8% of revenue in the fourth quarter of 2021.
Non-GAAP gross profit was $56.0 million, or 64.9% of total revenue, compared with $43.1 million, or 62.2% of revenue in the fourth quarter of 2021.
Adjusted EBITDA was $(1.3) million compared with $(8.2) million in the fourth quarter of 2021.

 

Full Year 2022 Financial Highlights:

Total revenue was $316.4 million, an increase of 27.4% year-over-year, compared with $248.4 million in 2021.
GAAP net loss was $(101.3) million, compared with a GAAP net loss of $(199.6) million in 2021.


 



 

Non-GAAP net loss was $(47.1) million, compared with a Non-GAAP net loss of $(63.5) million in 2021.
GAAP gross profit was $179.5 million, or 56.7% of total revenue, compared with $128.8 million, or 51.9% of revenue in 2021.
Non-GAAP gross profit was $202.6 million, or 64.0% of total revenue, compared with $151.1 million, or 60.8% of revenue in 2021.
Adjusted EBITDA was $(15.3) million compared with $(26.2) million in 2021.

 

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 2022 Key Business Metrics and Highlights:

Total transactions processed in the fourth quarter of 2022 were 18.0 million, an increase of 9.2% from 16.5 million in the fourth quarter of 2021.
Total payment volume in the fourth quarter of 2022 was $18.3 billion, an increase of 21.2% from $15.1 billion in the fourth quarter of 2021.
Transaction yield in the fourth quarter of 2022 was $4.79, an increase of 13.8% from $4.21 in the fourth quarter of 2021.
Total transactions processed in 2022 were 70.2 million, an increase of 12.3% from 62.5 million in 2021.
Total payment volume in 2022 was $68.2 billion, an increase of 30.9% from $52.1 billion in 2021.
Transaction yield in 2022 was $4.51, an increase of 13.3% from $3.98 in 2021.

 

Full Year 2023 Financial Outlook

As of March 1, 2023, AvidXchange anticipates its Full Year 2023 revenue and adjusted EBITDA to be in the following ranges (in millions):

 

Current

FY 2023 Guidance

 

Revenue

$359.0 - $366.0

 

Adjusted EBITDA(1)

$0 - $3.5

 

 

(1)
A reconciliation of adjusted EBITDA to GAAP net loss on a forward-looking basis is not available without unreasonable efforts due to the high variability, complexity and low visibility with respect to the items excluded from this non-GAAP measure.

 

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.


 



 

Earnings Teleconference Information

AvidXchange will discuss its fourth quarter 2022 financial results during a teleconference today, March 1, 2023, at 10:00 AM 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 8,800 businesses and it has made payments to more than 965,000 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 2023, statements related to the significance of our string of quarterly results having beaten expectations, the agility of our organizational structure, the speed of digital transformation in our addressable markets, the acceleration of our path to breakeven, and 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 excluding the portion of depreciation and amortization and stock-based compensation expense allocated to cost of revenues. We define Adjusted EBITDA as our net loss before depreciation and amortization, impairment and write-off of intangible assets, interest income and expense, income tax expense (benefit), stock-based compensation expense, transaction and acquisition-related costs expensed, change in fair value of derivative instrument, non-recurring items not indicative of ongoing operations, and charitable contributions of common stock. We define Non-GAAP Net Loss as net loss before amortization of acquired intangible assets, impairment and write-off of intangible assets, stock-based compensation expense, transaction and acquisition-related costs expensed, change in fair value of derivative instrument, non-recurring items not indicative of ongoing operations, income tax expense (benefit), and charitable contributions of common stock.

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)

 

 

 

Three Months Ended December 31,

 

 

Year Ended December 31,

 

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Revenues

 

$

86,175

 

 

$

69,265

 

 

$

316,350

 

 

$

248,409

 

Cost of revenues (exclusive of depreciation and amortization expense)

 

 

31,188

 

 

 

28,747

 

 

 

117,864

 

 

 

100,090

 

Operating expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Sales and marketing

 

 

19,805

 

 

 

19,763

 

 

 

77,733

 

 

 

63,939

 

Research and development

 

 

21,729

 

 

 

21,922

 

 

 

83,905

 

 

 

65,147

 

General and administrative

 

 

28,680

 

 

 

50,319

 

 

 

91,384

 

 

 

95,817

 

Impairment and write-off of intangible assets

 

 

-

 

 

 

838

 

 

 

-

 

 

 

1,412

 

Depreciation and amortization

 

 

8,458

 

 

 

8,404

 

 

 

32,842

 

 

 

30,738

 

Total operating expenses

 

 

78,672

 

 

 

101,246

 

 

 

285,864

 

 

 

257,053

 

Loss from operations

 

 

(23,685

)

 

 

(60,728

)

 

 

(87,378

)

 

 

(108,734

)

Other income (expense)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest income

 

 

4,258

 

 

 

329

 

 

 

7,164

 

 

 

661

 

Interest expense

 

 

(5,488

)

 

 

(5,123

)

 

 

(20,749

)

 

 

(20,108

)

Change in fair value of derivative instrument

 

 

-

 

 

 

(11,438

)

 

 

-

 

 

 

(26,128

)

Charge for amending financing advisory engagement letter - related party

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(50,000

)

Other expenses

 

 

(1,230

)

 

 

(16,232

)

 

 

(13,585

)

 

 

(95,575

)

Loss before income taxes

 

 

(24,915

)

 

 

(76,960

)

 

 

(100,963

)

 

 

(204,309

)

Income tax expense (benefit)

 

 

114

 

 

 

(4,863

)

 

 

321

 

 

 

(4,660

)

Net loss

 

$

(25,029

)

 

$

(72,097

)

 

$

(101,284

)

 

$

(199,649

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deemed dividend on preferred stock

 

 

-

 

 

 

(9,500

)

 

 

-

 

 

 

(9,500

)

Accretion of convertible preferred stock

 

 

-

 

 

 

(724

)

 

 

-

 

 

 

(15,141

)

Net loss attributable to common stockholders

 

$

(25,029

)

 

$

(82,321

)

 

$

(101,284

)

 

$

(224,290

)

Net loss per share attributable to common stockholders, basic and diluted

 

$

(0.13

)

 

$

(0.47

)

 

$

(0.51

)

 

$

(2.64

)

Weighted average number of common shares used to compute net loss per share attributable to common stockholders, basic and diluted

 

 

199,041,867

 

 

 

175,401,322

 

 

 

198,045,805

 

 

 

85,061,417

 

 


 



 

AvidXchange Holdings, Inc.

Consolidated Balance Sheets

(in thousands, except share and per share data)

 

 

As of December 31,

 

 

 

2022

 

 

2021

 

Assets

 

 

 

 

 

 

 

 

Current assets

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

350,563

 

 

$

562,817

 

Restricted funds held for customers

 

 

1,283,824

 

 

 

1,242,346

 

Marketable securities

 

 

110,986

 

 

 

-

 

Accounts receivable, net of allowances of $3,123 and $2,283, respectively

 

 

39,668

 

 

 

30,965

 

Supplier advances receivable, net of allowances of $1,872 and $1,105, respectively

 

 

10,016

 

 

 

11,520

 

Prepaid expenses and other current assets

 

 

12,561

 

 

 

10,237

 

Total current assets

 

 

1,807,618

 

 

 

1,857,885

 

Property and equipment, net

 

 

103,892

 

 

 

106,227

 

Operating lease right-of-use assets

 

 

2,343

 

 

 

3,278

 

Deferred customer origination costs, net

 

 

28,284

 

 

 

28,276

 

Goodwill

 

 

165,921

 

 

 

165,921

 

Intangible assets, net

 

 

98,749

 

 

 

100,455

 

Other noncurrent assets and deposits

 

 

5,189

 

 

 

4,261

 

Total assets

 

$

2,211,996

 

 

$

2,266,303

 

Liabilities and Stockholders' Equity

 

 

 

 

 

 

 

 

Current liabilities

 

 

 

 

 

 

 

 

Accounts payable

 

$

13,453

 

 

$

17,142

 

Accrued expenses

 

 

73,535

 

 

 

56,082

 

Payment service obligations

 

 

1,283,824

 

 

 

1,242,346

 

Deferred revenue

 

 

12,063

 

 

 

9,530

 

Current portion of contingent consideration

 

 

-

 

 

 

688

 

Current maturities of lease obligations under finance leases

 

 

477

 

 

 

670

 

Current maturities of lease obligations under operating leases

 

 

1,380

 

 

 

1,048

 

Current maturities of long-term debt

 

 

6,425

 

 

 

4,800

 

Total current liabilities

 

 

1,391,157

 

 

 

1,332,306

 

Long-term liabilities

 

 

 

 

 

 

 

 

Deferred revenue, less current

 

 

17,487

 

 

 

20,350

 

Contingent consideration, less current portion

 

 

70

 

 

 

70

 

Obligations under finance leases, less current maturities

 

 

61,974

 

 

 

61,172

 

Obligations under operating leases, less current maturities

 

 

4,657

 

 

 

3,448

 

Long-term debt

 

 

75,912

 

 

 

119,880

 

Other long-term liabilities

 

 

3,295

 

 

 

6,022

 

Total liabilities

 

 

1,554,552

 

 

 

1,543,248

 

Commitments and contingencies

 

 

 

 

 

 

 

 

Stockholders' equity

 

 

 

 

 

 

 

 

Preferred stock, $0.001 par value; 50,000,000 shares authorized, no shares issued and outstanding as of December 31, 2022 and 2021

 

 

-

 

 

 

-

 

Common stock, $0.001 par value; 1,600,000,000 shares authorized as of December 31, 2022 and 2021; 199,433,998 and 196,804,844 shares issued and outstanding as of December 31, 2022 and 2021, respectively

 

 

199

 

 

 

197

 

Additional paid-in capital

 

 

1,632,080

 

 

 

1,594,780

 

Accumulated deficit

 

 

(974,835

)

 

 

(871,922

)

Total stockholders' equity

 

 

657,444

 

 

 

723,055

 

Total liabilities and stockholders' equity

 

$

2,211,996

 

 

$

2,266,303

 

 

 


 



 

AvidXchange Holdings, Inc.

Consolidated Statements of Cash Flows

(in thousands)

 

Year Ended December 31,

 

 

2022

 

 

2021

 

 

2020

 

Cash flows from operating activities

 

 

 

 

 

 

 

 

 

 

 

Net loss

$

(101,284

)

 

$

(199,649

)

 

$

(101,246

)

Adjustments to reconcile net loss to net cash used by operating activities

 

 

 

 

 

 

 

 

 

 

 

Depreciation and amortization expense

 

32,842

 

 

 

30,738

 

 

 

27,514

 

Amortization of deferred financing costs

 

1,357

 

 

 

1,357

 

 

 

1,182

 

Provision for doubtful accounts

 

4,989

 

 

 

2,147

 

 

 

1,442

 

Stock-based compensation

 

31,838

 

 

 

21,428

 

 

 

1,630

 

Fair value adjustment of contingent consideration

 

-

 

 

 

(122

)

 

 

-

 

Warrants vested in connection with consulting services

 

-

 

 

 

-

 

 

 

101

 

Accrued interest

 

815

 

 

 

881

 

 

 

913

 

Impairment and write-off on intangible and right-of-use assets

 

2,777

 

 

 

1,412

 

 

 

997

 

Loss on fixed asset disposal

 

36

 

 

 

36

 

 

 

14

 

Amortization of investments held to maturity

 

(2,108

)

 

 

-

 

 

 

-

 

Debt extinguishment loss

 

1,579

 

 

 

-

 

 

 

-

 

Value of donated common stock

 

1,473

 

 

 

4,143

 

 

 

-

 

Noncash expense on contract modification - related party

 

-

 

 

 

50,000

 

 

 

-

 

Fair value adjustment to derivative instrument

 

-

 

 

 

26,128

 

 

 

7,537

 

Deferred income taxes

 

216

 

 

 

(4,728

)

 

 

181

 

Changes in operating assets and liabilities

 

 

 

 

 

 

 

 

 

 

 

Accounts receivable

 

(10,289

)

 

 

(4,713

)

 

 

(5,711

)

Prepaid expenses and other current assets

 

(2,324

)

 

 

(1,759

)

 

 

(1,245

)

Other noncurrent assets

 

(707

)

 

 

(2,367

)

 

 

359

 

Deferred customer origination costs

 

(8

)

 

 

(4,152

)

 

 

(2,876

)

Accounts payable

 

(3,385

)

 

 

(12,377

)

 

 

14,149

 

Deferred revenue

 

(330

)

 

 

21,910

 

 

 

289

 

Accrued expenses and other liabilities

 

14,036

 

 

 

1,560

 

 

 

11,619

 

Operating lease liabilities

 

(224

)

 

 

(540

)

 

 

(978

)

Total adjustments

 

72,583

 

 

 

130,982

 

 

 

57,117

 

Net cash used in operating activities

 

(28,701

)

 

 

(68,667

)

 

 

(44,129

)

Cash flows from investing activities

 

 

 

 

 

 

 

 

 

 

 

Purchases of equipment

 

(3,149

)

 

 

(1,395

)

 

 

(703

)

Purchases of real estate

 

(767

)

 

 

(14,050

)

 

 

25

 

Purchases of intangible assets

 

(24,655

)

 

 

(16,931

)

 

 

(11,346

)

Proceeds from sales of property and equipment

 

-

 

 

 

5

 

 

 

-

 

Purchases of short-term investments held to maturity

 

(385,022

)

 

 

-

 

 

 

-

 

Proceeds from maturity of short-term investments held to maturity

 

276,144

 

 

 

-

 

 

 

-

 

Acquisition of business, net of cash acquired

 

-

 

 

 

(46,089

)

 

 

(19,829

)

Contingent consideration and deferred obligation payments near acquisition date

 

-

 

 

 

(1,292

)

 

 

-

 

Supplier advances, net

 

(2,899

)

 

 

(4,355

)

 

 

(4,707

)

Net cash used in investing activities

 

(140,348

)

 

 

(84,107

)

 

 

(36,560

)


 



 

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

 

67,367

 

 

 

3,471

 

 

 

4,472

 

Repayments of long-term debt

 

(106,390

)

 

 

-

 

 

 

-

 

Principal payments on land promissory note

 

(4,800

)

 

 

(1,000

)

 

 

(1,000

)

Principal payments on finance leases

 

(844

)

 

 

(1,139

)

 

 

(1,582

)

Proceeds from issuance of preferred and common stock

 

1,448

 

 

 

2,820

 

 

 

322,288

 

Proceeds from issuance of shares under ESPP

 

1,570

 

 

 

-

 

 

 

-

 

Common stock repurchased

 

-

 

 

 

-

 

 

 

(148,763

)

Convertible preferred stock redeemed

 

-

 

 

 

(169,000

)

 

 

(46,980

)

Transaction costs related to issuance of stock

 

-

 

 

 

-

 

 

 

(1,327

)

Transaction costs related to issuance of stock - related party

 

-

 

 

 

-

 

 

 

(19,227

)

Debt issuance costs

 

(1,212

)

 

 

-

 

 

 

-

 

Payment on earn-out agreement

 

(344

)

 

 

-

 

 

 

-

 

Payment service obligations

 

41,478

 

 

 

1,104,726

 

 

 

85,913

 

Net cash (used in) provided by financing activities

 

(1,727

)

 

 

1,567,859

 

 

 

193,794

 

Net (decrease) increase in cash, cash equivalents, and restricted funds held for customers

 

(170,776

)

 

 

1,415,085

 

 

 

113,105

 

Cash, cash equivalents, and restricted funds held for customers

 

 

 

 

 

 

 

 

 

 

 

Cash, cash equivalents, and restricted funds held for customers, beginning of year

 

1,805,163

 

 

 

390,078

 

 

 

276,973

 

Cash, cash equivalents, and restricted funds held for customers, end of year

$

1,634,387

 

 

$

1,805,163

 

 

$

390,078

 

Supplementary information of noncash investing and financing activities

 

 

 

 

 

 

 

 

 

 

 

Right-of-use assets obtained in exchange for new finance lease obligations

$

712

 

 

$

174

 

 

$

544

 

Right-of-use assets obtained in exchange for new operating lease obligations

 

2,831

 

 

 

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

 

Common stock issued as contingent consideration

 

344

 

 

 

500

 

 

 

-

 

Initial fair value of contingent consideration and deferred payment obligation at acquisition date

 

-

 

 

 

2,672

 

 

 

-

 

Property and equipment and intangible asset purchases in accounts payable and accrued expenses

 

400

 

 

 

768

 

 

 

-

 

Interest paid on notes payable

 

12,880

 

 

 

10,486

 

 

 

10,798

 

Interest paid on finance leases

 

5,774

 

 

 

7,384

 

 

 

7,187

 

Options issued in connection with bonus compensation

 

-

 

 

 

49

 

 

 

-

 


 



 

AvidXchange Holdings, Inc.

Unaudited Reconciliation of GAAP to Non-GAAP Measures

(in thousands)

 

Three Months Ended December 31,

 

 

Year Ended December 31,

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Reconciliation from Revenue to Non-GAAP Gross Profit and Non-GAAP Gross Margin:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total revenues

$

86,175

 

 

$

69,265

 

 

$

316,350

 

 

$

248,409

 

Expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

  Cost of revenues (exclusive of depreciation and amortization expense)

 

(31,188

)

 

 

(28,747

)

 

 

(117,864

)