0000950170-24-124065 | 10-Q | XBRL Viewer

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Intangible Assets and Goodwill

9 Months Ended

Sep. 30, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets and Goodwill

7. Intangible Assets and Goodwill

Intangible Assets

The following table presents information about capitalized software development costs:


	Three Months Ended September 30,				Nine Months Ended September 30,
Capitalized software development costs	2024		2023		2024		2023
Capitalized	$	4,852	$	4,165	$	12,939	$	11,898
Amortized		4,443		3,910		13,310		11,194


	As of September 30, 2024
	Gross		Accumulated
	Amount		Amortization			Net Amount
Internally developed software	$	114,248	$	(87,965	)	$	26,283
Non-compete		6,194		(4,352	)		1,842
Customer relationships		72,512		(43,809	)		28,703
Technology		45,791		(33,077	)		12,714
Trade name		7,748		(3,257	)		4,491
Total intangible assets	$	246,493	$	(172,460	)	$	74,033


	As of December 31, 2023
	Gross		Accumulated
	Amount		Amortization			Net Amount
Internally developed software	$	101,471	$	(74,655	)	$	26,816
Non-compete		6,194		(3,738	)		2,456
Customer relationships		72,512		(37,601	)		34,911
Technology		45,791		(30,178	)		15,613
Trade name		7,748		(2,739	)		5,009
Total intangible assets	$	233,716	$	(148,911	)	$	84,805

Total amortization expense associated with identifiable intangible assets was as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Total amortization expense associated with identifiable intangible assets	$	7,856	$	7,533	$	23,549	$	22,064

Impairment and write-off of intangible assets

Impairment and write-off expense related to internally developed software projects was as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Impairment and write-off of intangible assets	$	-	$	-	$	162	$	-

Goodwill

There were no changes in goodwill during the nine months ended September 30, 2024.

Summary of Significant Accounting Policies (Tables)

9 Months Ended

Sep. 30, 2024

Accounting Policies [Abstract]

Summary of Payment Service Obligations

Payment service obligations are comprised of outstanding daily transaction liabilities per state regulatory average daily transaction liability reporting requirements and other unregulated settlements with payees, which do not constitute a regulatory liability event under reporting requirements.


	As of September 30, 2024		As of December 31, 2023
Outstanding Transaction Liabilities	$	1,115,745	$	1,568,280
Other unregulated settlements		38,535		10,376
Total payment service obligations	$	1,154,280	$	1,578,656

Leases and Leasing Commitments - Schedule of Supplemental Cash Flow Information Related to Operating and Finance Leases (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Cash paid for amounts included in the measurement of lease liabilities:
Financing cash flows for finance leases	$ 73	$ 130	$ 223	$ 435
Operating cash flows for finance leases	1,494	1,472	4,448	4,386
Operating cash flows for operating leases	$ 536	$ 562	$ 1,682	1,668
Right of use assets obtained in exchange for new lease obligations:
Finance lease liabilities				81
Operating lease liabilities				$ 362

Stock-Based Compensation - Additional Information (Details) - USD ($) $ in Thousands		9 Months Ended
	Jan. 01, 2024	Sep. 30, 2024	Dec. 31, 2023
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Accumulated deficit		$ (1,018,686)	$ (1,022,160)
Unamortized stock-based compensation expense		8,809
Restricted Stock Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unamortized stock-based compensation expense		$ 92,158
Weighted average amortization period		2 years 9 months 18 days
Restricted Stock Units \| Minimum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting period		1 year
Restricted Stock Units \| Maximum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting period		4 years
Employee Stock Option
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Weighted average amortization period		2 years 1 month 6 days
Employee Stock Option \| Minimum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting period		3 years
Granting period		5 years
Employee Stock Option \| Maximum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting period		4 years
Granting period		10 years
ESPP
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Increase in number of shares authorized	2,040,840	7,948,829
2021 Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares allocated to be granted or issued		26,812,935
Increase in number of shares authorized	10,204,201
2021 Plan \| Restricted Stock Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting period		7 years
Expiration period		3 years

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Cash flows from operating activities
Net income (loss)	$ 3,474	$ (42,852)
Adjustments to reconcile net loss to net cash used by operating activities
Depreciation and amortization expense	27,607	26,515
Amortization of deferred financing costs	310	326
Debt extinguishment costs	1,081
Provision for credit losses	2,985	2,118
Stock-based compensation	35,128	31,181
Accrued interest	1,192	1,509
Impairment and write-off on intangible assets	162
Accretion of investments held to maturity	(3,322)	(4,091)
Deferred income taxes	267	158
Changes in operating assets and liabilities
Accounts receivable	(10,398)	(2,221)
Prepaid expenses and other current assets	(608)	(851)
Other noncurrent assets	(1,215)	1,369
Deferred customer origination costs	(14)	785
Accounts payable	(786)	4,679
Deferred revenue	(2,122)	(1,650)
Accrued expenses and other liabilities	(9,759)	(27,588)
Operating lease liabilities	(500)	(378)
Total adjustments	40,008	31,861
Net cash provided by (used in) operating activities	43,482	(10,991)
Cash flows from investing activities
Purchase of marketable securities held to maturity	(120,996)	(262,994)
Proceeds from maturity of marketable securities held to maturity	90,006	277,428
Purchases of equipment	(1,505)	(1,001)
Purchases of intangible assets	(12,939)	(11,898)
Supplier advances, net	(6,222)	(1,309)
Net cash (used in) provided by investing activities	(51,656)	226
Cash flows from financing activities
Repayments of long-term debt	(63,375)	(1,219)
Principal payments on finance leases	(223)	(435)
Proceeds from issuance of common stock	5,593	1,452
Proceeds from issuance of common stock under ESPP	1,220	1,178
Payment of debt issuance costs	(1,529)	(743)
Repurchases of common stock	(25,062)
Payment of acquisition-related liability	(100)	(100)
Payment service obligations	(424,376)	(57,607)
Net cash used in financing activities	(507,852)	(57,474)
Net decrease in cash, cash equivalents, and restricted funds held for customers	(516,026)	(68,239)
Cash, cash equivalents, and restricted funds held for customers
Cash, cash equivalents, and restricted funds held for customers, beginning of year	1,985,630	1,634,387
Cash, cash equivalents, and restricted funds held for customers, end of period	1,469,604	1,566,148
Supplementary information of noncash investing and financing activities
Property and equipment purchases in accounts payable and accrued expenses		939
Right-of-use assets obtained in exchange for new finance lease obligations		81
Right-of-use assets obtained in exchange for new operating lease obligations		362
Interest paid on notes payable	3,270	3,889
Interest paid on finance leases	4,448	4,386
Cash paid for income taxes	$ 393	$ 212

Income Taxes

9 Months Ended

Sep. 30, 2024

Income Tax Disclosure [Abstract]

Income Taxes

13. Income Taxes

The Company’s effective tax rate for the three months ended September 30, 2024 and 2023 was 9.6% and (1.7)%, respectively. The Company’s effective tax rate for the nine months ended September 30, 2024 and 2023 was 16.3% and (0.8)%, respectively. The Company's effective tax rate is driven by current state income taxes in taxable jurisdictions and changes in the Company's valuation allowances relative to pretax earnings.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-Name Accounting Standards Codification
-Section 50
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+ Details

Leases and Leasing Commitments - Schedule of Components of Lease Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Lease expense
Amortization of right-of-use assets	$ 538	$ 292	$ 1,694	$ 1,352
Interest on lease liabilities	1,658	1,647	4,966	4,934
Operating lease expense	361	426	1,183	1,290
Variable lease expense	109	99	257	206
Total lease expense	$ 2,666	$ 2,464	$ 8,100	$ 7,782

Summary of Significant Accounting Policies - Additional Information (Details) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2024 USD ($)	Sep. 30, 2023	Sep. 30, 2024 USD ($) Customer	Sep. 30, 2023	Dec. 31, 2023 USD ($)
Schedule Of Accounting Policies [Line Items]
Number of service providers accounted for more than 10% of revenue \| Customer			2
Number of service providers accounted for more than 10% of accounts receivable \| Customer			2
Restructuring charges	$ 0		$ 1,157
One-time severance charges			3,037
Customer funds held in trust accounts	21,925		21,925		$ 6,269
Deferred compensation plan assets	2,823		2,823		1,866
Deferred compensation plan liabilities	$ 2,429		$ 2,429		$ 2,398
ASU No.2023-01
Schedule Of Accounting Policies [Line Items]
Change in accounting principle, ASU, Adoption date	Jan. 01, 2024		Jan. 01, 2024
Change in accounting principle, ASU, adopted [true false]	true		true
Change in accounting principle, ASU, Immaterial effect [true false]	true		true
Total Revenues \| Customer Concentration Risk \| One Service Provider
Schedule Of Accounting Policies [Line Items]
Concentration risk percentage	25.00%	14.00%	22.00%	18.00%
Total Revenues \| Customer Concentration Risk \| Second Service Provider
Schedule Of Accounting Policies [Line Items]
Concentration risk percentage	21.00%	31.00%	24.00%	29.00%
Accounts Receivable \| Customer Concentration Risk \| One Service Provider
Schedule Of Accounting Policies [Line Items]
Concentration risk percentage			41.00%		12.00%
Accounts Receivable \| Customer Concentration Risk \| Second Service Provider
Schedule Of Accounting Policies [Line Items]
Concentration risk percentage			7.00%		38.00%

Stock-Based Compensation - Schedule of Employee Stock Purchase Plan Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock based compensation expense	$ 11,623	$ 11,043	$ 34,506	$ 30,573
ESPP
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock based compensation expense	$ 227	$ 186	$ 622	$ 608

Stockholders' Equity

9 Months Ended

Sep. 30, 2024

Stockholders' Equity Note [Abstract]

Stockholders' Equity

10. Stockholders’ Equity

The holders of common stock are entitled to one vote for each share.

Authorized Shares

The Company is authorized to issue 1,600,000,000 shares of common stock, $0.001 par value per share, and 50,000,000 shares of preferred stock, $0.001 par value per share.

Common Stock

At September 30, 2024, the Company had reserved a total of 52,312,253 of its 1,600,000,000 shares of common stock for future issuance as follows:


	As of September 30, 2024
Outstanding stock options		7,422,922
Restricted stock units		10,127,567
Available for future issuance under stock award plans		26,812,935
Available for future issuance under employee stock purchase plan		7,948,829
Total common shares reserved for future issuance		52,312,253

Share Repurchase Program

In August 2024, our board of directors authorized the repurchase of up to $100,000 of our outstanding shares of common stock (the "Share Repurchase Program"). Repurchases under the program may be made in the open market, in privately negotiated transactions or otherwise, including pursuant to a Rule 10b5-1 plan. The timing, price, and volume of the repurchases will be executed based on various market and legal factors, and subject to a $50,000 cap in any fiscal year pursuant to the terms of the 2024 Amended and Restated Credit Agreement. The share repurchase program will terminate upon the earlier of December 31, 2025 or the date on which the maximum dollar amount has been expended, but is subject to suspension, modification, or termination at any time at the Company's discretion.

During the three and nine months ended September 30, 2024, the Company repurchased and subsequently retired 3,104,312 shares of common stock for $25,062, including $62 of fees, under the Share Repurchase Program. The total price of the shares repurchased and related transaction costs are reflected as a reduction of common stock and additional paid-in capital on the Company's consolidated balance sheets. As of September 30, 2024, $75,000 remained available for future share repurchases under the Share Repurchase Program.

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
-Section 50
-Paragraph 13
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Revenue from Contracts with Customers - Additional Information (Details)	9 Months Ended
	Sep. 30, 2024
Disaggregation of Revenue [Line Items]
Capitalized Contract Cost, Amortization Method	straight-line basis
Contract acquisition and fulfillment costs, amortization period	5 years
Maximum
Disaggregation of Revenue [Line Items]
Revenue remaining performance obligation contractual term	5 years
Minimum
Disaggregation of Revenue [Line Items]
Revenue remaining performance obligation contractual term	2 years

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Commitments and Contingencies - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Cybersecurity Incident
Commitments and Contingencies [Line Items]
Cybersecurity expenses	$ 1,918	$ 302	$ 5,535

Marketable Securities

9 Months Ended

Sep. 30, 2024

Investments, Debt and Equity Securities [Abstract]

Marketable Securities

6. Marketable Securities

Marketable securities consist of corporate bonds, commercial paper, certificates of deposit, and U.S. Treasury and agency debt, and are classified as held-to-maturity. Investments held in marketable securities had contractual maturities of less than 13 months as of September 30, 2024. As the Company invests in short-term and high credit quality marketable securities, the Company expects to receive fixed par value without any loss of principle at the maturity of each security. Therefore, an allowance for expected credit losses is not recognized as of September 30, 2024 and December 31, 2023. The following presents information about the Company’s marketable securities:


	As of September 30, 2024
Sector	Amortized Cost		Allowance for Credit Losses		Net Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
Financial	$	56,251	$	-	$	56,251	$	73	$	(3	)	$	56,321
Industrial		22,706		-		22,706		10		(1	)		22,715
Total	$	78,957	$	-	$	78,957	$	83	$	(4	)	$	79,036


	As of December 31, 2023
Sector	Amortized Cost		Allowance for Credit Losses		Net Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
Financial	$	44,645	$	-	$	44,645	$	-	$	(14	)	$	44,631
Total	$	44,645	$	-	$	44,645	$	-	$	(14	)	$	44,631

The fair value of marketable securities in the Government major security type is classified as a Level 1 in the Company’s fair value hierarchy described in Note 5. The fair values of the remaining major security types are classified as Level 2.

The following table presents information about the Company’s investments that were in an unrealized loss position and for which an other-than-temporary impairment has not been recognized in earnings:


	As of September 30, 2024			As of December 31, 2023
Aggregate fair value of investments with unrealized losses (1)		22,391		$	33,578
Aggregate amount of unrealized losses		(4	)		(14	)

_________________


(1)	Investments have been in a continuous loss position for less than 12 months

Intangible Assets and Goodwill - Impairment and Wite-off of Intangible Assets (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2024 USD ($)
Finite-Lived Intangible Assets [Line Items]
Impairment and write-off of intangible assets	$ 162
Internally Developed Software
Finite-Lived Intangible Assets [Line Items]
Impairment and write-off of intangible assets	$ 162

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Leases and Leasing Commitments (Tables)

9 Months Ended

Sep. 30, 2024

Leases [Abstract]

Schedule of Supplemental Cash Flow Information Related to Operating and Finance Leases

Supplemental cash flow information related to the Company’s operating and finance leases was as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Cash paid for amounts included in the measurement of lease liabilities:
Financing cash flows for finance leases	$	73	$	130	$	223	$	435
Operating cash flows for finance leases		1,494		1,472		4,448		4,386
Operating cash flows for operating leases		536		562		1,682		1,668
Right of use assets obtained in exchange for new lease obligations:
Finance lease liabilities		-		-		-		81
Operating lease liabilities		-		-		-		362

Schedule of Components of Lease Expense

The components of lease expense were as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
Lease expense	2024		2023		2024		2023
Finance lease expense:
Amortization of right-of-use assets	$	538	$	292	$	1,694	$	1,352
Interest on lease liabilities		1,658		1,647		4,966		4,934
Operating lease expense		361		426		1,183		1,290
Variable lease expense		109		99		257		206
Total lease expense	$	2,666	$	2,464	$	8,100	$	7,782

Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2024

Fair Value Disclosures [Abstract]

Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis

The following tables present information about the Company’s assets and liabilities that are measured at fair value on a recurring basis using the above categories, as of the periods presented.


	As of September 30, 2024
Description	Level 1		Level 2		Level 3		Total
Cash equivalents
Money market mutual funds (1)	$	60,510	$	-	$	-	$	60,510
Rabbi trust-owned life insurance policies (at cash surrender value) (2)		-		2,823		-		2,823
Total assets	$	60,510	$	2,823	$	-	$	63,333

Other long-term liabilities
Deferred compensation	$	-	$	2,429	$	-		2,429
Total liabilities	$	-	$	2,429	$	-	$	2,429


	As of December 31, 2023
Description	Level 1		Level 2		Level 3		Total
Cash equivalents
Money market mutual funds (1)	$	226,715	$	-	$	-	$	226,715
Rabbi trust-owned life insurance policies (at cash surrender value) (2)		-		1,866		-		1,866
Total assets	$	226,715	$	1,866	$	-	$	228,581

Other long-term liabilities
Deferred compensation	$	-	$	2,398	$	-		2,398
Total liabilities	$	-	$	2,398	$	-	$	2,398

________________


(1)	Money market funds are classified as cash equivalents in the Company’s unaudited consolidated balance sheets. As short-term, highly liquid investments readily convertible to known amounts of cash with remaining maturities of three months or less at the time of purchase, the Company’s cash equivalent money market funds have carrying values that approximate fair value.
(2)	Fair value of insurance policies represents their cash surrender value based on the underlying investments in the account which is determined based on quoted prices for identical or similar financial instruments in active markets.

Formation and Business of the Company

9 Months Ended

Sep. 30, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Formation and Business of the Company

1. Formation and Business of the Company

AvidXchange, Inc. was incorporated in the state of Delaware in 2000. In July 2021, the company consummated a reorganization by interposing a holding company between AvidXchange, Inc. and its stockholders. After the reorganization, all of the stockholders of AvidXchange, Inc. became stockholders of AvidXchange Holdings, Inc. and AvidXchange, Inc. became a wholly owned subsidiary of AvidXchange Holdings, Inc. To accomplish the reorganization, the company formed AvidXchange Holdings, Inc., which was incorporated in Delaware on January 27, 2021, and AvidXchange Merger Sub, Inc. (“Merger Sub”) as a wholly owned subsidiary of AvidXchange Holdings, Inc. The Company merged AvidXchange, Inc. with and into Merger Sub, with AvidXchange, Inc. as the surviving entity, by issuing identical shares of stock of AvidXchange Holdings, Inc. to the stockholders of AvidXchange, Inc. in exchange for their equity interest in AvidXchange, Inc.

The merger was considered a transaction between entities under common control. Upon the effective date of the reorganization, July 9, 2021, AvidXchange Holdings, Inc. recognized the assets and liabilities of AvidXchange, Inc. at their carrying values within its financial statements.

AvidXchange Holdings, Inc. and its wholly owned subsidiaries are collectively referred to as “AvidXchange” or “the Company” in the accompanying consolidated financial statements after the reorganization.

AvidXchange provides accounts payable (“AP”) automation software and payment solutions for middle market businesses and their suppliers. The Company provides solutions and services throughout North America spanning multiple industries including real estate, community association management, construction, financial services (including banks and credit unions), healthcare facilities, social services, education, media, and hospitality.

Income (Loss) Per Common Share - Summary of Basic and Diluted Net Income (Loss) Per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Net income (loss)	$ 4,047	$ (8,091)	$ 3,474	$ (42,852)
Net income (loss) attributable to common stockholders	$ 4,047	$ (8,091)	$ 3,474	$ (42,852)
Weighted-average common shares outstanding, basic	207,235,954	202,526,844	206,389,565	201,338,550
Weighted-average common shares outstanding, diluted	209,015,661	202,526,844	209,721,858	201,338,550
Net income (loss) per common share, basic	$ 0.02	$ (0.04)	$ 0.02	$ (0.21)
Net income (loss) per common share, diluted	$ 0.02	$ (0.04)	$ 0.02	$ (0.21)
Employee Stock Option
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Weighted-average effect of potentially dilutive securities	787,733		1,205,661
Restricted Stock Units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Weighted-average effect of potentially dilutive securities	951,460		2,067,965
Employee Stock Purchase Plan
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Weighted-average effect of potentially dilutive securities	40,514		58,667

Stock-Based Compensation - Summary of Stock Option Activity (Details) $ / shares in Units, $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2024 USD ($) $ / shares shares	Dec. 31, 2023 USD ($) $ / shares shares
Share-Based Payment Arrangement [Abstract]
Number of Stock Options Outstanding, Beginning balance \| shares	8,175,088
Number of Stock Options, Granted \| shares	346,935
Number of Stock Options, Exercised \| shares	(838,428)
Number of Stock Options, Cancelled \| shares	(182,723)
Number of Stock Options, Expired \| shares	(77,950)
Number of Stock Options Outstanding, Ending balance \| shares	7,422,922	8,175,088
Number of Stock Options, Vested and exercisable \| shares	5,149,863
Weighted Average Exercise Price, Beginning balance \| $ / shares	$ 8.64
Weighted Average Exercise Price, Granted \| $ / shares	12.34
Weighted Average Exercise Price, Exercised \| $ / shares	6.68
Weighted Average Exercise Price, Cancelled \| $ / shares	8.57
Weighted Average Exercise Price, Expired \| $ / shares	11.95
Weighted Average Exercise Price, Ending balance \| $ / shares	9	$ 8.64
Weighted Average Exercise Price, Vested and exercisable \| $ / shares	$ 8.77
Weighted Average Remaining Contractual Life	6 years 9 months 3 days	7 years 2 months 19 days
Weighted Average Remaining Contractual Life, Vested and exercisable	6 years 2 months 15 days
Aggregate Intrinsic Value \| $	$ 5,471	$ 31,135
Aggregate Intrinsic Value, Vested and exercisable \| $	$ 5,418

Summary of Significant Accounting Policies - Summary of Payment Service Obligations (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Accounting Policies [Abstract]
Outstanding Transaction Liabilities	$ 1,115,745	$ 1,568,280
Other unregulated settlements	38,535	10,376
Total payment service obligations	$ 1,154,280	$ 1,578,656

Revenue from Contracts with Customers - Information about Deferred Contract Costs (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Capitalized Contract Cost [Line Items]
Capitalized sales commissions and implementation costs	$ 3,016	$ 3,045	$ 9,496	$ 8,422
Costs to Obtain Contracts \| Sales and Marketing Expense
Capitalized Contract Cost [Line Items]
Amortization of deferred contract costs	1,615	1,550	4,858	4,489
Costs to Fulfill Contracts \| Cost of Revenues
Capitalized Contract Cost [Line Items]
Amortization of deferred contract costs	$ 1,528	$ 1,564	$ 4,623	$ 4,718

Marketable Securities (Tables)

9 Months Ended

Sep. 30, 2024

Investments, Debt and Equity Securities [Abstract]

Schedule of Information about Marketable Securities

The following presents information about the Company’s marketable securities:


	As of September 30, 2024
Sector	Amortized Cost		Allowance for Credit Losses		Net Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
Financial	$	56,251	$	-	$	56,251	$	73	$	(3	)	$	56,321
Industrial		22,706		-		22,706		10		(1	)		22,715
Total	$	78,957	$	-	$	78,957	$	83	$	(4	)	$	79,036


	As of December 31, 2023
Sector	Amortized Cost		Allowance for Credit Losses		Net Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
Financial	$	44,645	$	-	$	44,645	$	-	$	(14	)	$	44,631
Total	$	44,645	$	-	$	44,645	$	-	$	(14	)	$	44,631

Schedule of Investments in Unrealized Loss Position and for which an Other-than-Temporary Impairment has not been Recognized in Earnings


	As of September 30, 2024			As of December 31, 2023
Aggregate fair value of investments with unrealized losses (1)		22,391		$	33,578
Aggregate amount of unrealized losses		(4	)		(14	)

_________________


(1)	Investments have been in a continuous loss position for less than 12 months

- Definition

Tabular disclosure of information about investment in debt security measured at amortized cost (held-to-maturity).

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
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-Name Accounting Standards Codification
-Section 50
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-URI https://asc.fasb.org/1943274/2147481800/320-10-50-5

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Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
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+ Details

Income (Loss) Per Common Share

9 Months Ended

Sep. 30, 2024

Earnings Per Share [Abstract]

Income (Loss) Per Common Share

4. Income (Loss) Per Common Share

The following common share equivalent securities have been excluded from the calculation of weighted average common shares outstanding because the effect is anti-dilutive for the periods presented:


	Three Months Ended September 30,				Nine Months Ended September 30,
Anti-Dilutive Common Share Equivalents	2024		2023		2024		2023
Stock options		402,042		8,252,768		186,582		8,252,768
Restricted stock units		816,531		10,114,472		285,127		10,114,472
Employee stock purchase plan		-		168,002		-		168,002
Total anti-dilutive common share equivalents		1,218,573		18,535,242		471,709		18,535,242

Basic and diluted net income (loss) per common share is calculated as follows:


	Three Months Ended September 30,					Nine Months Ended September 30,
	2024		2023			2024		2023
Numerator:
Net income (loss)	$	4,047	$	(8,091	)	$	3,474	$	(42,852	)
Net income (loss) attributable to common stockholders	$	4,047	$	(8,091	)	$	3,474	$	(42,852	)
Denominator:
Weighted-average common shares outstanding, basic		207,235,954		202,526,844			206,389,565		201,338,550
Weighted-average effect of potentially dilutive securities:
Stock options		787,733		-			1,205,661		-
Restricted stock units		951,460		-			2,067,965		-
Employee stock purchase plan		40,514		-			58,667		-
Weighted-average common shares outstanding, diluted		209,015,661		202,526,844			209,721,858		201,338,550
Net income (loss) per common share, basic	$	0.02	$	(0.04	)	$	0.02	$	(0.21	)
Net income (loss) per common share, diluted	$	0.02	$	(0.04	)	$	0.02	$	(0.21	)

Long-Term Debt (Tables)

9 Months Ended

Sep. 30, 2024

Debt Disclosure [Abstract]

Schedule of Long-term Debt

Long-term debt as of September 30, 2024 and December 31, 2023:


	As of September 30, 2024			As of December 31, 2023
Term loan facility	$	-		$	63,375
Promissory note payable for land acquisition		13,900			13,900
Total principal due		13,900			77,275
Current portion of term loan and promissory notes		(4,800	)		(6,425	)
Unamortized portion of debt issuance costs		-			(1,090	)
Long-term debt	$	9,100		$	69,760

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(22))
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+ Details

Marketable Securities - Schedule of Investments in Unrealized Loss Position and for which an Other-than-Temporary Impairment has not been Recognized in Earnings (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Debt Securities, Held-to-Maturity, Continuous Unrealized Loss Position [Abstract]
Aggregate fair value of investments with unrealized losses	$ 22,391	$ 33,578
Aggregate amount of unrealized losses	$ (4)	$ (14)

Stockholders' Equity - Schedule of Common Stock Reserved for Future Issuance (Details)	Sep. 30, 2024 shares
Class of Stock [Line Items]
Common stock reserved for future issuance	52,312,253
Outstanding Stock Options
Class of Stock [Line Items]
Common stock reserved for future issuance	7,422,922
Restricted Stock Units
Class of Stock [Line Items]
Common stock reserved for future issuance	10,127,567
Available for Future Issuance under Stock Award Plans
Class of Stock [Line Items]
Common stock reserved for future issuance	26,812,935
Available for Future Issuance under Employee Stock Purchase Plan
Class of Stock [Line Items]
Common stock reserved for future issuance	7,948,829

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
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-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Section 50
-Paragraph 13
-Subparagraph (e)
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-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (b)
-Publisher FASB
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Section 50
-Paragraph 18
-Subparagraph (c)
-Publisher FASB
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Subsequent Events

9 Months Ended

Sep. 30, 2024

Subsequent Events [Abstract]

Subsequent Events

14. Subsequent Events

On October 31, 2024, the Company issued 187,544 shares of common stock under its employee stock purchase plan at a purchase price of $7.16 per share representing a 15% discount on the closing price of $8.42 on the ending date of the offering period for an aggregate of $1,343. The purchase price is based on the lower of the fair market value of the Company's common stock at the grant date or purchase date.

On November 8, 2024, the Board of Directors approved the fourth installment of 165,729 shares of common stock to a philanthropic partner, Foundation for the Carolinas and its affiliate, Community Investments Foundation, as a charitable contribution in connection with an agreement between the parties dated October 1, 2021. Pursuant to this agreement, we intend to provide annual ongoing grants of 10% of the pledged shares for a period of ten years, subject in each case to the approval of our board of directors.

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Accounts receivable, allowance for credit loss, current	$ 4,738	$ 4,231
Receivable, allowance for credit loss, current	$ 1,664	$ 1,333
Preferred Stock, Par or Stated Value Per Share	$ 0.001	$ 0.001
Preferred Stock, Shares Authorized	50,000,000	50,000,000
Preferred Stock, Shares Issued	0	0
Preferred Stock, Shares Outstanding	0	0
Common stock, par or stated value per share	$ 0.001	$ 0.001
Common stock, shares authorized	1,600,000,000	1,600,000,000
Common stock, shares, issued	205,517,689	204,084,024
Common stock, shares, outstanding	205,517,689	204,084,024

Intangible Assets and Goodwill - Schedule of Intangible Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Finite-Lived Intangible Assets [Line Items]
Gross Amount	$ 246,493	$ 233,716
Accumulated Amortization	(172,460)	(148,911)
Net Amount	74,033	84,805
Internally Developed Software
Finite-Lived Intangible Assets [Line Items]
Gross Amount	114,248	101,471
Accumulated Amortization	(87,965)	(74,655)
Net Amount	26,283	26,816
Non-compete
Finite-Lived Intangible Assets [Line Items]
Gross Amount	6,194	6,194
Accumulated Amortization	(4,352)	(3,738)
Net Amount	1,842	2,456
Customer Relationships
Finite-Lived Intangible Assets [Line Items]
Gross Amount	72,512	72,512
Accumulated Amortization	(43,809)	(37,601)
Net Amount	28,703	34,911
Technology
Finite-Lived Intangible Assets [Line Items]
Gross Amount	45,791	45,791
Accumulated Amortization	(33,077)	(30,178)
Net Amount	12,714	15,613
Trade Name
Finite-Lived Intangible Assets [Line Items]
Gross Amount	7,748	7,748
Accumulated Amortization	(3,257)	(2,739)
Net Amount	$ 4,491	$ 5,009

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Income Statement [Abstract]
Revenues	$ 112,772	$ 98,680	$ 323,502	$ 276,656
Cost of revenues (exclusive of depreciation and amortization expense)	30,429	30,767	91,188	90,461
Operating expenses
Sales and marketing	21,102	18,735	60,799	58,946
Research and development	25,125	24,754	76,037	72,616
General and administrative	25,769	25,002	72,664	75,345
Impairment and write-off of intangible assets			162
Depreciation and amortization	9,092	9,051	27,607	26,515
Total operating expenses	81,088	77,542	237,269	233,422
Other income (expense)
Interest income	5,837	5,100	18,378	14,820
Interest expense	(2,614)	(3,428)	(9,274)	(10,106)
Other income	3,223	1,672	9,104	4,714
Income (loss) before income taxes	4,478	(7,957)	4,149	(42,513)
Income tax expense	431	134	675	339
Net income (loss)	$ 4,047	$ (8,091)	$ 3,474	$ (42,852)
Net income (loss) per share attributable to common stockholders, basic	$ 0.02	$ (0.04)	$ 0.02	$ (0.21)
Net income (loss) per share attributable to common stockholders, diluted	$ 0.02	$ (0.04)	$ 0.02	$ (0.21)
Weighted average number of common shares used to compute net income (loss) per share attributable to common stockholders, basic	207,235,954	202,526,844	206,389,565	201,338,550
Weighted average number of common shares used to compute net income (loss) per share attributable to common stockholders, diluted	209,015,661	202,526,844	209,721,858	201,338,550

Marketable Securities - Schedule of Information about Marketable Securities (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Schedule of Held-to-maturity Securities [Line Items]
Marketable Securities, Amortized Cost	$ 78,957	$ 44,645
Marketable Securities, Net Amortized Cost	78,957	44,645
Marketable Securities, Gross Unrealized Gains	83
Marketable Securities, Gross Unrealized Losses	(4)	(14)
Marketable Securities, Fair Value	79,036	44,631
Financial
Schedule of Held-to-maturity Securities [Line Items]
Marketable Securities, Amortized Cost	56,251	44,645
Marketable Securities, Net Amortized Cost	56,251	44,645
Marketable Securities, Gross Unrealized Gains	73
Marketable Securities, Gross Unrealized Losses	(3)	(14)
Marketable Securities, Fair Value	56,321	$ 44,631
Industrial
Schedule of Held-to-maturity Securities [Line Items]
Marketable Securities, Amortized Cost	22,706
Marketable Securities, Net Amortized Cost	22,706
Marketable Securities, Gross Unrealized Gains	10
Marketable Securities, Gross Unrealized Losses	(1)
Marketable Securities, Fair Value	$ 22,715

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-5

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
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-Section 50
-Paragraph 5
-Subparagraph (aaa)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-5

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 5
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-5

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 5
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-5

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 5
-Subparagraph (f)
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-URI https://asc.fasb.org/1943274/2147481800/320-10-50-5

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
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-Section 50
-Paragraph 5
-Subparagraph (f)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-5

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
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-Section 50
-Paragraph 5
-Subparagraph (f)(2)
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-URI https://asc.fasb.org/1943274/2147481800/320-10-50-5

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
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-Section 50
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-URI https://asc.fasb.org/1943274/2147481800/320-10-50-5

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
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-Paragraph 5
-Subparagraph (f)(4)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-5

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 5A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-5A

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147481800/320-10-50-5A

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-5A

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147481800/320-10-50-5B

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-5

+ Details

Stockholders' Equity (Tables)

9 Months Ended

Sep. 30, 2024

Stockholders' Equity Note [Abstract]

Schedule of Common Stock Reserved for Future Issuance

At September 30, 2024, the Company had reserved a total of 52,312,253 of its 1,600,000,000 shares of common stock for future issuance as follows:


	As of September 30, 2024
Outstanding stock options		7,422,922
Restricted stock units		10,127,567
Available for future issuance under stock award plans		26,812,935
Available for future issuance under employee stock purchase plan		7,948,829
Total common shares reserved for future issuance		52,312,253

Stock-Based Compensation - Schedule of Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	$ 11,623	$ 11,043	$ 34,506	$ 30,573
Cost of Revenues
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	1,615	1,109	4,399	3,437
Sales and Marketing
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	1,364	1,212	3,915	3,747
Research and Development
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	2,944	2,976	9,526	8,175
General and Administrative
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	$ 5,700	$ 5,746	$ 16,666	$ 15,214

Revenue from Contracts with Customers - Information on Accounts Receivable and Contract Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Revenue from Contract with Customer [Abstract]
Trade accounts receivable, net	$ 22,825	$ 16,261
Payment processing receivable, net	33,277	30,428
Accounts receivable, net	56,102	46,689
Contract liabilities	$ 25,471	$ 27,593

Intangible Assets and Goodwill - Additional Information (Details)	9 Months Ended
	Sep. 30, 2024 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
Changes in goodwill	$ 0

Document and Entity Information - shares	9 Months Ended
Document and Entity Information - shares	Sep. 30, 2024	Oct. 29, 2024
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2024
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
Current Fiscal Year End Date	--12-31
Document Quarterly Report	true
Document Transition Report	false
Entity Registrant Name	AvidXchange Holdings, Inc.
Entity Central Index Key	0001858257
Entity File Number	001-40898
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	86-3391192
Entity Address, Address Line One	1210 AvidXchange Lane
Entity Address, City or Town	Charlotte
Entity Address, State or Province	NC
Entity Address, Postal Zip Code	28206
City Area Code	800
Local Phone Number	560-9305
Security 12b Title	Common Stock, $0.001 par value per share
Trading Symbol	AVDX
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		205,725,969

Commitments and Contingencies

9 Months Ended

Sep. 30, 2024

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

12. Commitments and Contingencies

Cybersecurity Incident

The Company completed its investigation of its April 2023 cybersecurity incident in the fourth quarter of 2023. The Company has tendered claims for certain expenses incurred in connection with this event. The extent to which the Company's insurance will cover such expenses was substantially complete as of June 30, 2024. Insurance recoveries are recorded as a reduction of general and administrative expense. The Company incurred $302 in professional and legal fees, net of recoveries, related to this cyber incident in the nine months ended September 30, 2024 and $1,918 and $5,535 in the three and nine months ended September 30, 2023, respectively.

Leases and Leasing Commitments

9 Months Ended

Sep. 30, 2024

Leases [Abstract]

Leases and Leasing Commitments

8. Leases and Leasing Commitments

Supplemental cash flow information related to the Company’s operating and finance leases was as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Cash paid for amounts included in the measurement of lease liabilities:
Financing cash flows for finance leases	$	73	$	130	$	223	$	435
Operating cash flows for finance leases		1,494		1,472		4,448		4,386
Operating cash flows for operating leases		536		562		1,682		1,668
Right of use assets obtained in exchange for new lease obligations:
Finance lease liabilities		-		-		-		81
Operating lease liabilities		-		-		-		362

The components of lease expense were as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
Lease expense	2024		2023		2024		2023
Finance lease expense:
Amortization of right-of-use assets	$	538	$	292	$	1,694	$	1,352
Interest on lease liabilities		1,658		1,647		4,966		4,934
Operating lease expense		361		426		1,183		1,290
Variable lease expense		109		99		257		206
Total lease expense	$	2,666	$	2,464	$	8,100	$	7,782

Summary of Significant Accounting Policies (Policies)

9 Months Ended

Sep. 30, 2024

Accounting Policies [Abstract]

Basis of Consolidation and Presentation

The accompanying unaudited consolidated financial statements include the accounts of the Company and have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and applicable rules and regulations of the Securities and Exchange Commission (“SEC”) regarding interim financial reporting. The unaudited consolidated financial statements have been prepared on the same basis as the annual consolidated financial statements and reflect all normal and recurring adjustments that are, in the opinion of management, necessary for a fair statement of the Company’s financial position, results of operations, changes in stockholders’ equity, and cash flows for the periods presented. The results of operations for the three and nine months ended September 30, 2024 are not necessarily indicative of the results to be expected for the year ending December 31, 2024 or for any other future annual or interim period. The unaudited consolidated balance sheet as of December 31, 2023 included herein was derived from the audited financial statements as of that date, but does not include all disclosures including certain notes required by U.S. GAAP on an annual reporting basis. All significant intercompany accounts and transactions have been eliminated. There are no items of comprehensive income.

These unaudited consolidated financial statements should be read in conjunction with the audited consolidated financial statements of the Company for the year ended December 31, 2023.

Use of Estimates

The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses, and the disclosure of contingent assets and liabilities as of and during the reporting period. The Company bases estimates and assumptions on historical experience when available and on various factors that it believes to be reasonable under the circumstances. Significant estimates reflected in these unaudited consolidated financial statements include, but are not limited to, the allowance for credit losses and returns, useful lives assigned to fixed and intangible assets, capitalization of internal-use software, deferral of customer origination costs, the fair value of intangible assets acquired in a business combination, the fair value of goodwill, and the recoverability of deferred income taxes. The Company assesses estimates on an ongoing basis; however, actual results could materially differ from those estimates.

Concentrations

Significant Services

A substantial portion of the Company’s revenue is derived from interchange fees earned on payment transactions processed as virtual commercial cards (“VCC”). The Company utilizes service providers to process these transactions. Revenue from one service provider represented 25% and 14% of total revenue for the three months ended September 30, 2024 and 2023, respectively, and 22% and 18% of total revenue for the nine months ended September 30, 2024 and 2023, respectively. Accounts receivable from this service provider represented 41% and 12% of accounts receivable, net as of September 30, 2024 and

December 31, 2023, respectively. Revenue from a second provider represented 21% and 31% of total revenue for the three months ended September 30, 2024 and 2023, respectively, and 24% and 29% of total revenue for the nine months ended September 30, 2024 and 2023, respectively. Accounts receivable from this second service provider represented 7% and 38% of accounts receivable, net as of September 30, 2024 and December 31, 2023, respectively.

Future regulation or changes by the card brand payment networks could have a substantial impact on interchange rates and the Company’s revenue from VCC transactions. If interchange rates decline, whether due to actions by the card brand payment networks or future regulation, or if merchant/suppliers elect to receive payments that result in lower or no interchange revenue such as check or apply fees in consideration of accepting electronic forms of payment, the Company’s total operating revenues, operating results, prospects for future growth and overall business could be materially affected. The Company’s revenue from VCC transactions is also impacted by fees charged by service providers to process our VCC transactions.

Restructuring costs

During the fourth quarter of 2023, the Company initiated a restructuring plan to generate cost savings and improve effectiveness of the organization which resulted in a reduction in the Company’s U.S. workforce. The plan was implemented in the fourth quarter of 2023 and completed in the second quarter of 2024. There were no restructuring costs recorded in the three months ended September 30, 2024. The Company recorded restructuring costs of $1,157 in the nine months ended September 30, 2024, and $3,037 cumulatively, from one-time severance charges in connection with this plan. Restructuring costs are included in general and administrative expenses in the consolidated statements of operations.

Cash and Cash Equivalents

The Company considers all highly liquid investments with a maturity of three months or less at the time of purchase that are not recorded as marketable securities to be cash equivalents. The carrying values of cash and cash equivalents approximate their fair values due to the short-term nature of these instruments. Cash in the Company’s bank accounts may exceed federally insured limits.

Marketable Securities

Marketable securities consist of short-term investments in corporate bonds, commercial paper, certificates of deposits and various U.S. government backed securities. To reflect its intention, the Company classifies its marketable securities as held-to-maturity at the time of purchase. As a result, the marketable securities are recorded at amortized cost and any gains or losses realized upon maturity are reported in other income (expense) in the consolidated statements of operations.

Accounts Receivable, Supplier Advances and Allowance for Credit Losses

Accounts receivable represent amounts due from the Company’s VCC service providers for interchange fees earned and from buyer customers who have been invoiced for the use of the Company’s software offerings, but for whom payments have not been received. Accounts receivable from VCC service providers are presented net of an allowance for returns for transactions subsequently canceled that do not ultimately settle through the payment network. Accounts receivable from buyer customers are presented net of allowances for credit losses and returns. The Company estimates expected credit losses related to accounts receivable balances based on a review of available and relevant information including current economic conditions, projected economic conditions, historical loss experience, account aging, and other factors that could affect collectability. Expected credit losses are determined individually or collectively depending on whether the accounts receivable balances share similar risk characteristics. The allowance for returns for VCC transactions subsequently canceled are assessed at each period end and recognized as a reduction of revenue. The allowances for buyer customer’s credit losses and returns are assessed at each period end and are recognized as bad debt expense within general and administrative expenses in the consolidated statements of operations and as a reduction of revenue, respectively. A buyer customer receivable is written off against the allowance when it is determined that all collection efforts have been exhausted and the potential for recovery is considered remote. Historically, losses related to customer nonpayment have been immaterial and most of the accounts receivable balances have been current.

Supplier advances receivable represent amounts that have been advanced as part of the AvidXchange’s Payment Accelerator product but have not been collected. Advances are collected from the buyer customer once the buyer initiates the transfer of funds for the invoice that was previously advanced. If the buyer does not transfer the funds as expected, the Company is exposed to losses. The Company’s experience with such delinquencies by buyer customers has been immaterial. Supplier advances receivable are stated net of expected credit losses. The Company estimates expected credit losses related to supplier advances receivable balances based on a review of available and relevant information including current economic conditions, projected economic conditions, historical loss experience, account aging, and other factors that could affect collectability. Expected credit losses are determined individually or collectively depending on whether the accounts receivable balances share similar risk characteristics. The allowance for credit losses for supplier advances is assessed at period end and the measurement of the allowance is included as a component of cost of revenues in the Company’s consolidated statements of operations. Supplier

advances receivable balances are charged against the allowance when the Company determines it is probable the receivable will not be recovered after collection efforts and legal actions have been exhausted. The Company classifies the fees charged to supplier customers as cash flows from operating activities with the remaining accelerated advancements and recoupments classified as cash flows from investing activities on a net basis within the consolidated statements of cash flows.

Restricted Funds Held for Customers and Payment Service Obligations

Restricted funds held for customers and the corresponding liability of payment service obligations represent funds that are collected from customers for payments to their suppliers. The Company determines the balances of restricted funds held for customers, and the corresponding payment services obligations, by reconciling cash held by financial institutions and the corresponding payments in transit at the end of each period. The balance of these obligations may fluctuate from period to period depending on the timing of the period end and the timing of when outstanding payments clear with financial institutions. The Company is registered as a money services business with the Financial Crimes Enforcement Network. Payment service obligations are comprised of outstanding daily transaction liabilities per state regulatory average daily transaction liability reporting requirements and other unregulated settlements with payees, which do not constitute a regulatory liability event under reporting requirements.


	As of September 30, 2024		As of December 31, 2023
Outstanding Transaction Liabilities	$	1,115,745	$	1,568,280
Other unregulated settlements		38,535		10,376
Total payment service obligations	$	1,154,280	$	1,578,656

The Company historically transmitted buyer customer funds using a legacy model pursuant to which buyer customer funds were held in trust accounts that were maintained and operated by a trustee pending distribution to suppliers in accordance with instructions provided through the Company’s platform. The Company is not the trustee or beneficiary of the trusts which hold these buyer deposits; accordingly, the Company does not record these assets and offsetting liabilities on its consolidated balance sheets. The Company has largely phased out this model although certain banks that resell its products and services continue to leverage a similar structure. The Company contractually earns interest on funds held for certain buyers. The amount of Company and bank customer funds held in all trust-related and similar accounts was approximately $21,925 and $6,269 as of September 30, 2024 and December 31, 2023, respectively.

The Company has transitioned most payment transmission activity to the money transmitter license model and obtained a money transmitter license in all states which require licensure. This model enables AvidXchange to provide commercial payment services to businesses through its “for the benefit of customer” bank accounts, also known as FBO, that are restricted for such purposes. The restricted funds held for customers are restricted for the purpose of satisfying the customer’s supplier obligations and are not available for general business use by the Company. The Company maintains these funds in liquid cash accounts and contractually earns interest on these funds held for customers. These funds are recognized as a restricted cash asset and a corresponding liability is recorded for payments due to their suppliers on the Company’s consolidated balance sheets. Restricted funds held for customers are included in the cash and cash equivalents on the consolidated statements of cash flows.

Stock-Based Compensation

Compensation cost for stock-based awards issued to employees and outside directors, including stock options and restricted stock units (“RSUs”), is measured at fair value on the date of grant.

The fair value of stock options is estimated using a Black-Scholes option-pricing model, while the fair value of RSUs is determined using the fair value of the Company’s underlying common stock. Stock-based compensation expense is recognized on a straight-line basis over the requisite service period of the award. Stock-based compensation expense for RSUs with performance conditions is recognized over the requisite service period on an accelerated-basis as long as the performance condition in the form of a specified liquidity event is probable to occur. In the case of equity issued in lieu of cash bonus, expense is recognized in the period the cash bonus was earned.

Nonqualified Deferred Compensation Plan

The Company adopted a nonqualified, deferred compensation plan effective October 1, 2015, which is an unfunded plan created for the benefit of a select group of management or highly compensated employees. The purpose of the plan is to attract and retain key employees by providing them with an opportunity to defer receipt of a portion of their compensation. It is exempt from the participation, vesting, funding, and fiduciary requirements set forth in Title I of the Employee Retirement Income Security Act of 1974, as amended. Deferred amounts are not subject to forfeiture and are deemed invested among investment funds offered under the nonqualified deferred compensation plan, as directed by each participant.

The Company has established a ‘rabbi trust’ that serves as an investment to shadow the deferred compensation plan liability. The assets of the rabbi trust primarily consist of trust-owned life insurance policies which are recorded at cash surrender value and are included in other noncurrent assets. The change in cash surrender value of the life insurance policies in the rabbi trust is recorded in other income (expense) on the Company's unaudited consolidated statements of operations. The assets of the rabbi trust are general assets of the Company and as such, would be subject to the claims of creditors in the event of bankruptcy or insolvency. The related deferred compensation liabilities are included in other long-term liabilities.

The Company has recorded these assets and liabilities at their fair value. In association with this plan, $2,823 and $1,866 were included in other noncurrent assets and $2,429 and $2,398 were included in noncurrent liabilities as of September 30, 2024 and December 31, 2023, respectively, on the Company's unaudited consolidated balance sheets.

Contingent Liabilities

Contingent liabilities require significant judgment in estimating potential losses for legal claims. The Company reviews significant new claims and litigation for the probability of an adverse outcome. Estimates are recorded as liabilities when it is probable that a liability has been incurred and the amount of the loss is reasonably estimable. Disclosure is required when there is a reasonable possibility that the ultimate loss will materially exceed the recorded provision. Contingent liabilities are often resolved over long periods of time. Estimating probable losses requires analysis of multiple forecasts that often depend on judgments about potential actions by third parties such as regulators, and the estimated loss can change materially as individual claims develop.

New Accounting Pronouncements

Recently Adopted Accounting Standards

In March 2023, the FASB issued ASU No. 2023-01, Leases (Topic 842): Common Control Arrangements. The amendments in this update that apply to public business entities clarify the accounting for leasehold improvements associated with common control leases. The adoption of this guidance on January 1, 2024 did not have an impact on the Company's consolidated financial statements.

Accounting Pronouncements Issued but Not Yet Adopted

In December 2023, the FASB issued ASU 2023-09, Improvements to Income Tax Disclosures, which requires significant additional disclosures about income taxes, primarily focused on the disclosure of income taxes paid and the rate reconciliation table. The new guidance will be applied prospectively (with retrospective application permitted) and is effective for calendar year-end public business entities in the 2025 annual period and in 2026 for interim periods, with early adoption permitted. The Company is assessing the impact of this guidance on its financial statements.

In November 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses. This standard is intended to require more detailed disclosures about specified categories of expenses included in certain expense captions presented on the face of the income statement. This ASU is effective for fiscal years beginning after December 15, 2026, and for interim periods within fiscal years beginning after December 15, 2027, with early adoption permitted. The amendments may be applied either (1) prospectively to financial statements issued for reporting periods after the effective date of this ASU or (2) retrospectively to all prior periods presented in the financial statements. The Company is assessing the impact of this guidance on its financial statements.

Long-Term Debt - Schedule of Long-term Debt (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Total principal due	$ 13,900	$ 77,275
Current portion of term loan and promissory notes	(4,800)	(6,425)
Unamortized portion of debt issuance costs		(1,090)
Long term debt	9,100	69,760
Term Loan Facility
Debt Instrument [Line Items]
Total principal due		63,375
Promissory Note Payable for Land Acquisition
Debt Instrument [Line Items]
Total principal due	$ 13,900	$ 13,900

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

Income Taxes - Additional Information (Details)	3 Months Ended		9 Months Ended
Income Taxes - Additional Information (Details)	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Income Tax Disclosure [Abstract]
Effective income tax rate	9.60%	(1.70%)	16.30%	(0.80%)

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ 436	$ (1,009)	$ (8,091)	$ (18,771)	$ (15,990)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(i))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(A))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(B))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 30: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iv))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 31: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(5))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 32: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 60B
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482689/260-10-45-60B

Reference 33: http://www.xbrl.org/2003/role/disclosureRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483499/205-20-50-7

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Reference 35: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 10
-Name Accounting Standards Codification
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Reference 36: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (a)
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-URI https://asc.fasb.org/1943274/2147482790/220-10-45-1B

Reference 37: http://fasb.org/us-gaap/role/ref/legacyRef
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-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(22))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478524/942-220-S99-1

+ Details

Intangible Assets and Goodwill - Summary of Capitalized Software Development Costs (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Movement in Capitalized Computer Software, Net [Roll Forward]
Capitalized	$ 4,852	$ 4,165	$ 12,939	$ 11,898
Amortized	$ 4,443	$ 3,910	$ 13,310	$ 11,194

Long-Term Debt - Additional Information (Details)			3 Months Ended		9 Months Ended
Long-Term Debt - Additional Information (Details)	Aug. 08, 2024 USD ($)	Dec. 29, 2022	Sep. 30, 2024 USD ($) PromissoryNote	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($) PromissoryNote	Sep. 30, 2023 USD ($)	Dec. 31, 2023 USD ($)
Debt Instrument [Line Items]
Deferred financing costs			$ 0		$ 0		$ 1,090,000
Amortization of deferred financing costs			98,000	$ 106,000	310,000	$ 326,000
2022 Credit Agreement
Debt Instrument [Line Items]
Deferred financing costs			1,081,000		1,081,000
2024 Revolver
Debt Instrument [Line Items]
Letter of credit, Amount			0		$ 0
2024 Revolver \| Minimum
Debt Instrument [Line Items]
Line of credit facility, unused capacity, commitment fee percentage	0.25%
2024 Revolver \| Maximum
Debt Instrument [Line Items]
Line of credit facility, unused capacity, commitment fee percentage	0.30%
2024 Amended and Restated Credit Agreement
Debt Instrument [Line Items]
Debt Instrument, Term	5 years				5 years
Line of credit facility, maturity date	Aug. 08, 2029
Covenant description					The 2024 Amended and Restated Credit Agreement also contains several financial covenants, measured on a consolidated basis. First, during the period commencing with the fiscal quarter ended June 30, 2024 through June 30, 2025, (a) there must be liquidity (which is defined as availability under the 2024 Revolver, plus unrestricted cash) that is more than the greater of (1) $35,000 and (2) 35% of the Revolving Amount, as defined in the 2024 Amended and Restated Credit Agreement, (b) as of the end of each such quarter, total revenue on a trailing four-quarter basis must be greater than the requirements set forth in the 2024 Amended and Restated Credit Agreement, and (c) for each period of four consecutive quarters, Consolidated EBITDA, as defined in the 2024 Amended and Restated Credit Agreement, must not be less than $10,000. Second, during the period commencing with the fiscal quarter ending September 30, 2025 until maturity, (i) the Leverage Ratio, as defined in the 2024 Amended and Restated Credit Agreement, must not exceed 3.00 to 1.00 at the end of each fiscal quarter and (ii) the Interest Coverage Ratio, as defined in the 2024 Amended and Restated Credit Agreement, must not be less than 3.00 to 1.00 at the end of each fiscal quarter. The Leverage Ratio must not exceed 3.50 to 1.00 during certain periods following an acquisition of a certain size. The Company was in compliance with its financial debt covenants as of September 30, 2024.
Minimum liquidity amount	$ 35,000,000
Percentage of the total commitment amount	35.00%
Minimum consolidated EBITDA	$ 10,000,000
Debt instrument, covenant compliance					The Company was in compliance with its financial debt covenants as of September 30, 2024.
Line of credit facility, outstanding amount			0		$ 0
2024 Amended and Restated Credit Agreement \| Maximum
Debt Instrument [Line Items]
Leverage ratio	3				3.5
Coverage Ratio	3
2024 Amended and Restated Credit Agreement \| Daily Simple SOFR and Term SOFR Loans \| Minimum
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate	2.00%
2024 Amended and Restated Credit Agreement \| Daily Simple SOFR and Term SOFR Loans \| Maximum
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate	2.50%
2024 Amended and Restated Credit Agreement \| SOFR
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate	1.00%	0.10%
Debt instrument, term SOFR plus	one-month
2024 Amended and Restated Credit Agreement \| Base Rate
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate	0.50%
2024 Amended and Restated Credit Agreement \| Base Rate \| Minimum
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate	1.00%
2024 Amended and Restated Credit Agreement \| Base Rate \| Maximum
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate	1.50%
2024 Amended and Restated Credit Agreement \| Daily Simple SOFR, Term SOFR and Base Rate \| Maximum
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate	0.50%
Other Noncurrent Assets and Deposits
Debt Instrument [Line Items]
Deferred financing costs			$ 1,832,000		$ 1,832,000		$ 604,000
Promissory Note
Debt Instrument [Line Items]
Number of promissory notes executed \| PromissoryNote			2		2
Debt instrument, principal amount			$ 13,900,000		$ 13,900,000
Debt instrument, periodic payment, principal					4,800,000
Debt instrument, periodic payment					$ 4,300,000
Interest rate			6.75%		6.75%

Fair Value Measurements - Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - Fair Value, Recurring - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets	$ 63,333	$ 228,581
Total liabilities	2,429	2,398
Deferred compensation
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total liabilities	2,429	2,398
Money Market Mutual Funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets	60,510	226,715
Rabbi trust-owned life insurance policies
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets	2,823	1,866
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets	60,510	226,715
Level 1 \| Money Market Mutual Funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets	60,510	226,715
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets	2,823	1,866
Total liabilities	2,429	2,398
Level 2 \| Deferred compensation
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total liabilities	2,429	2,398
Level 2 \| Rabbi trust-owned life insurance policies
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets	$ 2,823	$ 1,866

Revenue from Contracts with Customers - Schedule of Revenues Disaggregated by Type of Services Performed (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Disaggregation Of Revenue [Line Items]
Total revenues	$ 112,772	$ 98,680	$ 323,502	$ 276,656
Software
Disaggregation Of Revenue [Line Items]
Total revenues	30,664	28,919	90,266	83,135
Payment
Disaggregation Of Revenue [Line Items]
Total revenues	80,697	68,485	230,082	190,894
Services
Disaggregation Of Revenue [Line Items]
Total revenues	$ 1,411	$ 1,276	$ 3,154	$ 2,627

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-41

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 270
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482964/270-10-50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (ee)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 4: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 5: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 924
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479941/924-10-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-5

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-30

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-42

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-40

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-4

+ Details

Stock-Based Compensation (Tables)

9 Months Ended

Sep. 30, 2024

Share-Based Payment Arrangement [Abstract]

Summary of Stock Option Activity

Stock option activity for the nine months ended September 30, 2024 was as follows:


	Stock Options
	Number of Stock Options Outstanding			Weighted Average Exercise Price		Weighted Average Remaining Contractual Life		Aggregate Intrinsic Value
Balance as of December 31, 2023		8,175,088		$	8.64		7.22	$	31,135
Granted		346,935			12.34
Exercised		(838,428	)		6.68
Cancelled		(182,723	)		8.57
Expired		(77,950	)		11.95
Balance as of September 30, 2024		7,422,922		$	9.00		6.76	$	5,471
Vested and exercisable		5,149,863		$	8.77		6.21	$	5,418

Summary of RSU Activity

RSU activity for the nine months ended September 30, 2024 was as follows:


	Restricted Stock Units
	Number of Restricted Stock Units Outstanding			Weighted Average Grant Date Fair Value
Balance as of December 31, 2023		8,919,024		$	8.98
Granted		5,478,481			12.21
Released		(3,532,198	)		9.15
Cancelled		(737,740	)		9.83
Balance as of September 30, 2024		10,127,567		$	10.60

Schedule of Stock-Based Compensation Expense

Stock-based compensation expense from stock options and RSUs, reduced for actual forfeitures, was included in the following line items in the accompanying consolidated statement of operations:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Cost of revenues	$	1,615	$	1,109	$	4,399	$	3,437
Sales and marketing		1,364		1,212		3,915		3,747
Research and development		2,944		2,976		9,526		8,175
General and administrative		5,700		5,746		16,666		15,214
Total	$	11,623	$	11,043	$	34,506	$	30,573

Schedule of Employee Stock Purchase Plan Expense

Total ESPP expense recorded in the Company's consolidated statements of operations was as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
ESPP expense	$	227	$	186	$	622	$	608

Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Current assets
Cash and cash equivalents	$ 315,324	$ 406,974
Restricted funds held for customers	1,154,280	1,578,656
Marketable securities	78,957	44,645
Accounts receivable, net of allowances of $4,738 and $4,231, respectively	56,102	46,689
Supplier advances receivable, net of allowances of $1,664 and $1,333 respectively	13,965	9,744
Prepaid expenses and other current assets	12,678	12,070
Total current assets	1,631,306	2,098,778
Property and equipment, net	98,433	100,985
Operating lease right-of-use assets	1,279	1,628
Deferred customer origination costs, net	27,678	27,663
Goodwill	165,921	165,921
Intangible assets, net	74,033	84,805
Other noncurrent assets and deposits	6,399	3,957
Total assets	2,005,049	2,483,737
Current liabilities
Accounts payable	15,991	16,777
Accrued expenses	47,473	56,367
Payment service obligations	1,154,280	1,578,656
Deferred revenue	13,076	12,851
Current maturities of lease obligations under finance leases	171	275
Current maturities of lease obligations under operating leases	1,659	1,525
Current maturities of long-term debt	4,800	6,425
Total current liabilities	1,237,450	1,672,876
Long-term liabilities
Deferred revenue, less current portion	12,395	14,742
Obligations under finance leases, less current maturities	62,863	62,464
Obligations under operating leases, less current maturities	2,291	3,275
Long-term debt	9,100	69,760
Other long-term liabilities	4,152	4,175
Total liabilities	1,328,251	1,827,292
Commitments and contingencies
Stockholders' equity
Preferred stock, $0.001 par value; 50,000,000 shares authorized, no shares issued and outstanding as of September 30, 2024 and December 31, 2023
Common stock, $0.001 par value; 1,600,000,000 shares authorized as of September 30, 2024 and December 31, 2023; 205,517,689 and 204,084,024 shares issued and outstanding as of September 30, 2024 and December 31, 2023, respectively	205	204
Additional paid-in capital	1,695,279	1,678,401
Accumulated deficit	(1,018,686)	(1,022,160)
Total stockholders' equity	676,798	656,445
Total liabilities and stockholders' equity	$ 2,005,049	$ 2,483,737

Income (Loss) Per Common Share - Summary of Common Share Equivalent Securities Excluded from the Calculation Weighted Average Common (Details) - shares	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total anti-dilutive common share equivalents	1,218,573	18,535,242	471,709	18,535,242
Employee Stock Option
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total anti-dilutive common share equivalents	402,042	8,252,768	186,582	8,252,768
Restricted Stock Units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total anti-dilutive common share equivalents	816,531	10,114,472	285,127	10,114,472
Employee Stock Purchase Plan
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total anti-dilutive common share equivalents	0	168,002	0	168,002

Revenue from Contracts with Customers - Significant Changes in Contract Liabilities Balance (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Revenue from Contract with Customer [Abstract]
Revenue recognized included in beginning of period balance	$ (2,120)	$ (3,351)	$ (8,733)	$ (8,264)
Cash received, excluding amounts recognized as revenue during the period	$ 2,733	$ 1,656	$ 6,611	$ 6,613

Subsequent Events - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended
	Oct. 31, 2024	Jun. 30, 2024	Jun. 30, 2023
Subsequent Event [Line Items]
Issuance of common stock under ESPP		$ 1,220	$ 1,178
Common Stock
Subsequent Event [Line Items]
Issuance of common stock under ESPP, Shares		167,351	193,164
Employee Stock Purchase Plan \| Common Stock \| Subsequent Events
Subsequent Event [Line Items]
Issuance of common stock under ESPP, Shares	187,544
Issuance of common stock under ESPP	$ 1,343
Stock price per share	$ 7.16
Stock price	$ 8.42
Percentage discount on closing purchase price per share	15.00%

Marketable Securities - Additional Information (Details)	9 Months Ended
	Sep. 30, 2024
Maximum
Marketable Securities [Line Items]
Marketable securities, contractual maturity period	13 months

Fair Value Measurements

9 Months Ended

Sep. 30, 2024

Fair Value Disclosures [Abstract]

Fair Value Measurements

5. Fair Value Measurements

The Company’s financial instruments consist of cash and cash equivalents, marketable securities, trade and supplier advances receivables, assets of the rabbi trust, AP, deferred compensation liabilities, and debt. The carrying amount of cash, trade and supplier advances receivables, and AP approximate fair value due to the short-term maturity. The estimated fair value of long-term debt is based on borrowing rates available during the period to the Company for similar debt issues. The fair value approximated the carrying value of long-term debt at the report date.

In accordance with applicable accounting standards, the Company utilizes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value into three broad levels.

The following is a brief description of those three levels:


Level 1	Observable inputs such as quoted market prices in active markets for identical assets or liabilities.
Level 2	Inputs other than quoted prices that are observable for the asset or liability, either directly or indirectly. These include quoted prices for similar assets or liabilities in active markets and quoted prices for identical or similar assets or liabilities in markets that are not active.
Level 3	Unobservable inputs that reflect the reporting entity’s own assumptions. The fair value for such assets and liabilities is generally determined using pricing models, discounted cash flow methodologies, or similar techniques that incorporate the assumptions a market participant would use in pricing the asset or liability.

When more than one level of input is used to determine the fair value, the financial instrument is classified as Level 1, 2 or 3 according to the lowest level input that has a significant impact on the fair value measurement. The Company performs a review of the fair value hierarchy classification on an annual basis. Changes in the observability of valuation inputs may result in a reclassification of certain financial assets or financial liabilities within the fair value hierarchy.

Assets and Liabilities Measured at Fair Value on a Recurring Basis

The Company evaluates its financial assets and liabilities subject to fair value measurements on a recurring basis to determine the appropriate level to classify them for each reporting period. This determination requires significant judgment.

The following tables present information about the Company’s assets and liabilities that are measured at fair value on a recurring basis using the above categories, as of the periods presented.


	As of September 30, 2024
Description	Level 1		Level 2		Level 3		Total
Cash equivalents
Money market mutual funds (1)	$	60,510	$	-	$	-	$	60,510
Rabbi trust-owned life insurance policies (at cash surrender value) (2)		-		2,823		-		2,823
Total assets	$	60,510	$	2,823	$	-	$	63,333

Other long-term liabilities
Deferred compensation	$	-	$	2,429	$	-		2,429
Total liabilities	$	-	$	2,429	$	-	$	2,429


	As of December 31, 2023
Description	Level 1		Level 2		Level 3		Total
Cash equivalents
Money market mutual funds (1)	$	226,715	$	-	$	-	$	226,715
Rabbi trust-owned life insurance policies (at cash surrender value) (2)		-		1,866		-		1,866
Total assets	$	226,715	$	1,866	$	-	$	228,581

Other long-term liabilities
Deferred compensation	$	-	$	2,398	$	-		2,398
Total liabilities	$	-	$	2,398	$	-	$	2,398

________________


(1)	Money market funds are classified as cash equivalents in the Company’s unaudited consolidated balance sheets. As short-term, highly liquid investments readily convertible to known amounts of cash with remaining maturities of three months or less at the time of purchase, the Company’s cash equivalent money market funds have carrying values that approximate fair value.
(2)	Fair value of insurance policies represents their cash surrender value based on the underlying investments in the account which is determined based on quoted prices for identical or similar financial instruments in active markets.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 107
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-107

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 100
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 940
-SubTopic 820
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

+ Details

Intangible Assets and Goodwill - Total Amortization Expense Associated with Identifiable Intangible Assets (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Total amortization expense associated with identifiable intangible assets	$ 7,856	$ 7,533	$ 23,549	$ 22,064

Stockholders' Equity - Additional Information (Details) $ / shares in Units, $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2024 USD ($) $ / shares shares	Sep. 30, 2024 USD ($) Vote $ / shares shares	Aug. 31, 2024 USD ($)	Dec. 31, 2023 $ / shares shares
Share Repurchase Program [Line Items]
Number of votes per share \| Vote		1
Common stock, shares authorized \| shares	1,600,000,000	1,600,000,000		1,600,000,000
Common stock, par or stated value per share \| $ / shares	$ 0.001	$ 0.001		$ 0.001
Preferred stock, shares authorized \| shares	50,000,000	50,000,000		50,000,000
Preferred stock par value \| $ / shares	$ 0.001	$ 0.001		$ 0.001
Common stock reserved for future issuance \| shares	52,312,253	52,312,253
Share repurchase program, authorized, amount			$ 100,000
Share repurchased subsequently retired \| shares	3,104,312	3,104,312
Repurchase and retirement of common stock	$ 25,062	$ 25,062
Fees included in repurchase and retirement of common stock	62	62
Share repurchase program, remaining authorized, amount	$ 75,000	$ 75,000
2024 Amended and Restated Credit Agreement
Share Repurchase Program [Line Items]
Stock repurchase program cap price			$ 50,000

Income (Loss) Per Common Share (Tables)

9 Months Ended

Sep. 30, 2024

Earnings Per Share [Abstract]

Summary of Common Share Equivalent Securities Excluded from the Calculation Weighted Average Common Shares Outstanding

The following common share equivalent securities have been excluded from the calculation of weighted average common shares outstanding because the effect is anti-dilutive for the periods presented:


	Three Months Ended September 30,				Nine Months Ended September 30,
Anti-Dilutive Common Share Equivalents	2024		2023		2024		2023
Stock options		402,042		8,252,768		186,582		8,252,768
Restricted stock units		816,531		10,114,472		285,127		10,114,472
Employee stock purchase plan		-		168,002		-		168,002
Total anti-dilutive common share equivalents		1,218,573		18,535,242		471,709		18,535,242

Summary of Basic and Diluted Net Income (Loss) Per Common Share

Basic and diluted net income (loss) per common share is calculated as follows:


	Three Months Ended September 30,					Nine Months Ended September 30,
	2024		2023			2024		2023
Numerator:
Net income (loss)	$	4,047	$	(8,091	)	$	3,474	$	(42,852	)
Net income (loss) attributable to common stockholders	$	4,047	$	(8,091	)	$	3,474	$	(42,852	)
Denominator:
Weighted-average common shares outstanding, basic		207,235,954		202,526,844			206,389,565		201,338,550
Weighted-average effect of potentially dilutive securities:
Stock options		787,733		-			1,205,661		-
Restricted stock units		951,460		-			2,067,965		-
Employee stock purchase plan		40,514		-			58,667		-
Weighted-average common shares outstanding, diluted		209,015,661		202,526,844			209,721,858		201,338,550
Net income (loss) per common share, basic	$	0.02	$	(0.04	)	$	0.02	$	(0.21	)
Net income (loss) per common share, diluted	$	0.02	$	(0.04	)	$	0.02	$	(0.21	)

Revenue from Contracts with Customers - Summary of Changes in Allowance for Credit Losses And Returns (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Accounts Receivable Allowance for Credit Losses
Accounts Notes And Loans Receivable [Line Items]
Allowance balance, Beginning Balance	$ 2,142	$ 1,539
Amounts charged to contra revenue, cost of revenues and expenses	1,016	945
Amounts written off as uncollectable	(309)	(484)
Allowance balance, Ending Balance	2,849	2,000
Accounts Receivable Allowance For Returns
Accounts Notes And Loans Receivable [Line Items]
Allowance balance, Beginning Balance	2,089	1,584
Amounts charged to contra revenue, cost of revenues and expenses	(200)	375
Amounts written off as uncollectable		(1)
Deduction released to revenue		(92)
Allowance balance, Ending Balance	1,889	1,866
Supplier Advances Receivable Allowance
Accounts Notes And Loans Receivable [Line Items]
Allowance balance, Beginning Balance	1,333	1,872
Amounts charged to contra revenue, cost of revenues and expenses	1,127	210
Amounts written off as uncollectable	(1,593)	(1,701)
Recoveries of amounts previously written off	797	932
Allowance balance, Ending Balance	$ 1,664	$ 1,313

Revenue from Contracts with Customers - Schedule of Remaining Performance Obligation (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Revenue from Contract with Customer [Abstract]
Current	$ 15,073	$ 15,031
Noncurrent	20,252	20,403
Total	$ 35,325	$ 35,434

Insider Trading Arrangements

3 Months Ended

Sep. 30, 2024

Trading Arrangements, by Individual

Material Terms of Trading Arrangement

       
      Trading Agreement

       
      Action

      Date

      Rule 10b5-1*

      Non-Rule 10b5-1**

      Total Shares to be Sold

      Expiration Date

Angelic Gibson, Chief Information Officer, Senior Vice President

Terminate

August 29, 2024

X

45,000

Not applicable

Angelic Gibson, Chief Information Officer, Senior Vice President

Adopt

August 29, 2024

X

45,000

June 30, 2025

Michael Praeger, Chief Executive Officer and Chairman of the Board

Adopt

August 27, 2024

X

258,883

May 16, 2025

      * Intended to satisfy the affirmative defense of Rule 10b5-1(c)

     

      ** Not intended to satisfy the affirmative defense of Rule 10b5-1(c)

     

Angelic Gibson [Member]

Trading Arrangements, by Individual

Non-Rule 10b5-1 Arrangement Adopted

false

Non-Rule 10b5-1 Arrangement Terminated

false

Michael Praeger [Member]

Trading Arrangements, by Individual

Name

Michael Praeger

Title

Chief Executive Officer and Chairman of the Board

Rule 10b5-1 Arrangement Adopted

true

Non-Rule 10b5-1 Arrangement Adopted

false

August 27, 2024

May 16, 2025

263 days

258,883

Rule 10B5-1 Trading Plan One [Member] | Angelic Gibson [Member]

Trading Arrangements, by Individual

Name

Angelic Gibson

Title

Chief Information Officer, Senior Vice President

Rule 10b5-1 Arrangement Terminated

true

Termination Date

August 29, 2024

Aggregate Available

45,000

Rule 10B5-1 Trading Plan Two [Member] | Angelic Gibson [Member]

Trading Arrangements, by Individual

Name

Angelic Gibson

Title

Chief Information Officer, Senior Vice President

Rule 10b5-1 Arrangement Adopted

true

August 29, 2024

June 30, 2025

306 days

45,000

Stock-Based Compensation - Summary of RSUs Activity (Details) - Restricted Stock Units	9 Months Ended
	Sep. 30, 2024 $ / shares shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of Restricted Stock, Beginning balance \| shares	8,919,024
Number of Restricted Stock, Granted \| shares	5,478,481
Number of Restricted Stock, Released \| shares	(3,532,198)
Number of Restricted Stock, Cancelled \| shares	(737,740)
Number of Restricted Stock Outstanding, Ending balance \| shares	10,127,567
Weighted Average Grant Date Fair Value, Beginning balance \| $ / shares	$ 8.98
Weighted Average Grant Date Fair Value, Granted \| $ / shares	12.21
Weighted Average Grant Date Fair Value, Released \| $ / shares	9.15
Weighted Average Grant Date Fair Value, Cancelled \| $ / shares	9.83
Weighted Average Grant Date Fair Value, Ending balance \| $ / shares	$ 10.6

Revenue from Contracts with Customers (Tables)

9 Months Ended

Sep. 30, 2024

Revenue from Contract with Customer [Abstract]

Schedule of Revenues Disaggregated by Type of Services Performed

The table below presents the Company’s revenues disaggregated by type of services performed.


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Software revenue	$	30,664	$	28,919	$	90,266	$	83,135
Payment revenue		80,697		68,485		230,082		190,894
Services revenue		1,411		1,276		3,154		2,627
Total revenues	$	112,772	$	98,680	$	323,502	$	276,656

Information on Accounts Receivable and Contract Liabilities

The table below presents information on accounts receivable and contract liabilities.


	As of September 30, 2024		As of December 31, 2023
Trade accounts receivable, net	$	22,825	$	16,261
Payment processing receivable, net		33,277		30,428
Accounts receivable, net	$	56,102	$	46,689
Contract liabilities	$	25,471	$	27,593

Significant Changes in Contract Liabilities Balance

Significant changes in the contract liabilities balance are as follows:


	Three Months Ended September 30,						Nine Months Ended September 30,
	2024			2023			2024			2023
Revenue recognized included in beginning of period balance	$	(2,120	)	$	(3,351	)	$	(8,733	)	$	(8,264	)
Cash received, excluding amounts recognized as revenue during the period		2,733			1,656			6,611			6,613

Summary of Changes in Allowance for Credit Losses And Returns

The tables below present a summary of changes in the Company’s allowances for credit losses and returns for the nine months ended September 30, 2024 and 2023:


	Accounts Receivable
	Allowance for Credit Losses			Allowance for Returns			Supplier Advances Receivable Allowance
Allowance balance, December 31, 2023	$	2,142		$	2,089		$	1,333
Amounts charged to contra revenue, cost of revenues and expenses		1,016			(200	)		1,127
Amounts written off as uncollectable		(309	)		-			(1,593	)
Recoveries of amounts previously written off		-			-			797
Deduction released to revenue		-			-			-
Allowance balance, September 30, 2024	$	2,849		$	1,889		$	1,664


	Accounts Receivable
	Allowance for Credit Losses			Allowance for Returns			Supplier Advances Receivable Allowance
Allowance balance, December 31, 2022	$	1,539		$	1,584		$	1,872
Amounts charged to contra revenue, cost of revenues and expenses		945			375			210
Amounts written off as uncollectable		(484	)		(1	)		(1,701	)
Recoveries of amounts previously written off		-			-			932
Deduction released to revenue		-			(92	)		-
Allowance balance, September 30, 2023	$	2,000		$	1,866		$	1,313

Schedule of Remaining Performance Obligation

Remaining performance obligation consisted of the following:


	Current		Noncurrent		Total
As of September 30, 2024	$	15,073	$	20,252	$	35,325
As of December 31, 2023		15,031		20,403		35,434

Information about Deferred Contract Costs

The following tables present information about deferred contract costs:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Capitalized sales commissions and implementation costs	$	3,016	$	3,045	$	9,496	$	8,422
Amortization of deferred contract costs
Costs to obtain contracts included in sales and marketing expense	$	1,615	$	1,550	$	4,858	$	4,489
Costs to fulfill contracts included in cost of revenue	$	1,528	$	1,564		4,623		4,718

Stock-Based Compensation

9 Months Ended

Sep. 30, 2024

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation

11. Stock-Based Compensation

Stock Plans

The Company maintains its 2021 Long-Term Incentive Plan ("2021 Plan") under which it grants stock awards to its employees, directors and non-employee third parties. On January 1, 2024, the number of shares of common stock available to issue under the 2021 Plan automatically increased by 10,204,201 shares. As of September 30, 2024, the Company had 26,812,935 shares of common stock allocated to the 2021 Plan, but not yet issued or granted as an award.

The Company also maintains its 2021 Employee Stock Purchase Plan ("ESPP"), under which eligible employees may purchase the Company’s common stock through accumulated payroll deductions. On January 1, 2024, the number of shares of common stock reserved for issuance under the ESPP automatically increased by 2,040,840. As of September 30, 2024, the number of shares of common stock reserved for issuance under the ESPP was 7,948,829.

Stock Options

Stock options granted under the Company's current and prior equity incentive plans have various vesting periods ranging from fully-vested on the date of grant to vesting over a period of three or four years. The term for each incentive stock option under these plans is ten years from the grant date, or five years for a grant to a ten percent owner optionee, in each case assuming continued employment. The fair value of options granted is estimated on the date of grant using the Black-Scholes option-pricing model.

Stock option activity for the nine months ended September 30, 2024 was as follows:


	Stock Options
	Number of Stock Options Outstanding			Weighted Average Exercise Price		Weighted Average Remaining Contractual Life		Aggregate Intrinsic Value
Balance as of December 31, 2023		8,175,088		$	8.64		7.22	$	31,135
Granted		346,935			12.34
Exercised		(838,428	)		6.68
Cancelled		(182,723	)		8.57
Expired		(77,950	)		11.95
Balance as of September 30, 2024		7,422,922		$	9.00		6.76	$	5,471
Vested and exercisable		5,149,863		$	8.77		6.21	$	5,418

As of September 30, 2024, the total unamortized stock-based compensation expense related to the unvested stock options was $8,809, which the Company expects to amortize over a weighted average period of 2.1 years.

Restricted Stock Units

RSUs have a vesting period generally of one to four years. Any unvested RSUs are forfeited upon termination of employment. The grant date value of RSUs is equal to the closing price of the Company’s stock on the date of grant, or, if not a trading day, the closing price of the previous trading day.

RSUs granted prior to the Company's IPO have a term of seven years, or three years for time vested RSUs after termination of employment and were also subject to a performance condition upon a predefined liquidity event such as an IPO or a change in control. The performance condition was satisfied upon completion of the Company's IPO. Prior to the IPO, RSUs were valued at the estimated value of a share of common stock at the date of grant.

RSU activity for the nine months ended September 30, 2024 was as follows:


	Restricted Stock Units
	Number of Restricted Stock Units Outstanding			Weighted Average Grant Date Fair Value
Balance as of December 31, 2023		8,919,024		$	8.98
Granted		5,478,481			12.21
Released		(3,532,198	)		9.15
Cancelled		(737,740	)		9.83
Balance as of September 30, 2024		10,127,567		$	10.60

As of September 30, 2024, the total unamortized stock-based compensation expense related to the unvested RSUs was $92,158, which the Company will amortize over a weighted average period of 2.8 years.

Stock-Based Compensation Expense

Stock-based compensation expense from stock options and RSUs, reduced for actual forfeitures, was included in the following line items in the accompanying consolidated statement of operations:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Cost of revenues	$	1,615	$	1,109	$	4,399	$	3,437
Sales and marketing		1,364		1,212		3,915		3,747
Research and development		2,944		2,976		9,526		8,175
General and administrative		5,700		5,746		16,666		15,214
Total	$	11,623	$	11,043	$	34,506	$	30,573

Employee Stock Purchase Plan

Stock-based compensation expense for the ESPP is based on the estimated fair value of the option to purchase shares at a discount and uses grant date inputs including the purchase discount, expected contributions and stock price. Total ESPP expense recorded in the Company's consolidated statements of operations was as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
ESPP expense	$	227	$	186	$	622	$	608

Intangible Assets and Goodwill (Tables)

9 Months Ended

Sep. 30, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Summary of Capitalized Software Development Costs

The following table presents information about capitalized software development costs:


	Three Months Ended September 30,				Nine Months Ended September 30,
Capitalized software development costs	2024		2023		2024		2023
Capitalized	$	4,852	$	4,165	$	12,939	$	11,898
Amortized		4,443		3,910		13,310		11,194

Schedule of Intangible Assets


	As of September 30, 2024
	Gross		Accumulated
	Amount		Amortization			Net Amount
Internally developed software	$	114,248	$	(87,965	)	$	26,283
Non-compete		6,194		(4,352	)		1,842
Customer relationships		72,512		(43,809	)		28,703
Technology		45,791		(33,077	)		12,714
Trade name		7,748		(3,257	)		4,491
Total intangible assets	$	246,493	$	(172,460	)	$	74,033


	As of December 31, 2023
	Gross		Accumulated
	Amount		Amortization			Net Amount
Internally developed software	$	101,471	$	(74,655	)	$	26,816
Non-compete		6,194		(3,738	)		2,456
Customer relationships		72,512		(37,601	)		34,911
Technology		45,791		(30,178	)		15,613
Trade name		7,748		(2,739	)		5,009
Total intangible assets	$	233,716	$	(148,911	)	$	84,805

Total Amortization Expense Associated with Identifiable Intangible Assets

Total amortization expense associated with identifiable intangible assets was as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Total amortization expense associated with identifiable intangible assets	$	7,856	$	7,533	$	23,549	$	22,064

Impairment and write-off of intangible assets

Impairment and write-off expense related to internally developed software projects was as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Impairment and write-off of intangible assets	$	-	$	-	$	162	$	-

Impairment and Write-off of Intangible Assets

Impairment and write-off expense related to internally developed software projects was as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Impairment and write-off of intangible assets	$	-	$	-	$	162	$	-

Consolidated Statements of Equity - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Accumulated Deficit
Beginning Balance, Shares at Dec. 31, 2022		199,433,998
Beginning Balance at Dec. 31, 2022	$ 657,444	$ 199	$ 1,632,080	$ (974,835)
Exercise of stock options, Shares		123,168
Exercise of stock options	366		366
Issuance of common stock upon vesting of restricted stock units, shares		1,471,826
Issuance of common stock upon vesting of restricted stock units	1	$ 2	(1)
Stock-based compensation expense	8,661		8,661
Stock-based compensation expense for Employee Stock Purchase Plan, or ESPP	270		270
Net income (loss)	(15,990)			(15,990)
Ending Balance, Shares at Mar. 31, 2023		201,028,992
Ending Balance at Mar. 31, 2023	650,752	$ 201	1,641,376	(990,825)
Exercise of stock options, Shares		99,215
Exercise of stock options	337		337
Issuance of common stock upon vesting of restricted stock units, shares		792,242
Issuance of common stock upon vesting of restricted stock units		$ 1	(1)
Issuance of common stock under ESPP, Shares		193,164
Issuance of common stock under ESPP	1,178		1,178
Stock-based compensation expense	10,869		10,869
Stock-based compensation expense for Employee Stock Purchase Plan, or ESPP	152		152
Net income (loss)	(18,771)			(18,771)
Ending Balance, Shares at Jun. 30, 2023		202,113,613
Ending Balance at Jun. 30, 2023	644,517	$ 202	1,653,911	(1,009,596)
Exercise of stock options, Shares		91,353
Exercise of stock options	748		748
Issuance of common stock upon vesting of restricted stock units, shares		691,115
Issuance of common stock upon vesting of restricted stock units		$ 1	(1)
Stock-based compensation expense	11,043		11,043
Stock-based compensation expense for Employee Stock Purchase Plan, or ESPP	186		186
Net income (loss)	(8,091)			(8,091)
Ending Balance, Shares at Sep. 30, 2023		202,896,081
Ending Balance at Sep. 30, 2023	$ 648,403	$ 203	1,665,887	(1,017,687)
Beginning Balance, Shares at Dec. 31, 2023	204,084,024	204,084,024
Beginning Balance at Dec. 31, 2023	$ 656,445	$ 204	1,678,401	(1,022,160)
Exercise of stock options, Shares		493,608
Exercise of stock options	3,168		3,168
Issuance of common stock upon vesting of restricted stock units, shares		1,737,736
Issuance of common stock upon vesting of restricted stock units		$ 2	(2)
Stock-based compensation expense	10,766		10,766
Stock-based compensation expense for Employee Stock Purchase Plan, or ESPP	193		193
Net income (loss)	(1,009)			(1,009)
Ending Balance, Shares at Mar. 31, 2024		206,315,368
Ending Balance at Mar. 31, 2024	$ 669,563	$ 206	1,692,526	(1,023,169)
Beginning Balance, Shares at Dec. 31, 2023	204,084,024	204,084,024
Beginning Balance at Dec. 31, 2023	$ 656,445	$ 204	1,678,401	(1,022,160)
Exercise of stock options, Shares	838,428
Repurchase and retirement of common stock shares	(3,104,312)
Repurchase and retirement of common stock	$ (25,062)
Ending Balance, Shares at Sep. 30, 2024	205,517,689	205,517,689
Ending Balance at Sep. 30, 2024	$ 676,798	$ 205	1,695,279	(1,018,686)
Beginning Balance, Shares at Mar. 31, 2024		206,315,368
Beginning Balance at Mar. 31, 2024	669,563	$ 206	1,692,526	(1,023,169)
Exercise of stock options, Shares		308,435
Exercise of stock options	2,225		2,225
Issuance of common stock upon vesting of restricted stock units, shares		1,028,744
Issuance of common stock upon vesting of restricted stock units		$ 1	(1)
Issuance of common stock under ESPP, Shares		167,351
Issuance of common stock under ESPP	1,220		1,220
Stock-based compensation expense	12,117		12,117
Stock-based compensation expense for Employee Stock Purchase Plan, or ESPP	202		202
Net income (loss)	436			436
Ending Balance, Shares at Jun. 30, 2024		207,819,898
Ending Balance at Jun. 30, 2024	685,763	$ 207	1,708,289	(1,022,733)
Exercise of stock options, Shares		36,385
Exercise of stock options	$ 200		200
Issuance of common stock upon vesting of restricted stock units, shares		765,718
Issuance of common stock upon vesting of restricted stock units		$ 1	(1)
Repurchase and retirement of common stock shares	(3,104,312)	(3,104,312)
Repurchase and retirement of common stock	$ (25,062)	$ (3)	(25,059)
Stock-based compensation expense	11,623		11,623
Stock-based compensation expense for Employee Stock Purchase Plan, or ESPP	$ 227		227
Ending Balance, Shares at Sep. 30, 2024	205,517,689	205,517,689
Ending Balance at Sep. 30, 2024	$ 676,798	$ 205	$ 1,695,279	$ (1,018,686)

Summary of Significant Accounting Policies

9 Months Ended

Sep. 30, 2024

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

2. Summary of Significant Accounting Policies

Basis of Consolidation and Presentation

These unaudited consolidated financial statements should be read in conjunction with the audited consolidated financial statements of the Company for the year ended December 31, 2023.

Use of Estimates

Concentrations

Significant Services

Restructuring costs

Cash and Cash Equivalents

Marketable Securities

Accounts Receivable, Supplier Advances and Allowance for Credit Losses

Restricted Funds Held for Customers and Payment Service Obligations


	As of September 30, 2024		As of December 31, 2023
Outstanding Transaction Liabilities	$	1,115,745	$	1,568,280
Other unregulated settlements		38,535		10,376
Total payment service obligations	$	1,154,280	$	1,578,656

Stock-Based Compensation

Compensation cost for stock-based awards issued to employees and outside directors, including stock options and restricted stock units (“RSUs”), is measured at fair value on the date of grant.

Nonqualified Deferred Compensation Plan

Contingent Liabilities

New Accounting Pronouncements

Recently Adopted Accounting Standards

Accounting Pronouncements Issued but Not Yet Adopted

Long-Term Debt

9 Months Ended

Sep. 30, 2024

Debt Disclosure [Abstract]

Long-Term Debt

9. Long-Term Debt

Long-term debt as of September 30, 2024 and December 31, 2023:


	As of September 30, 2024			As of December 31, 2023
Term loan facility	$	-		$	63,375
Promissory note payable for land acquisition		13,900			13,900
Total principal due		13,900			77,275
Current portion of term loan and promissory notes		(4,800	)		(6,425	)
Unamortized portion of debt issuance costs		-			(1,090	)
Long-term debt	$	9,100		$	69,760

On August 8, 2024, the Company, through its wholly-owned subsidiaries, AvidXchange, Inc. and AFV Commerce, Inc. (the "Borrowers"), entered into a credit agreement (the "2024 Amended and Restated Credit Agreement") with KeyBank National Association ("KeyBank") to amend and restate in its entirety its previous senior secured credit facility (as amended, the "2022 Credit Agreement"), dated as of December 29, 2022. The Company repaid all amounts outstanding under the term loan facility under the 2022 Credit Agreement upon closing the 2024 Amended and Restated Credit Agreement. The 2024 Amended and Restated Credit Agreement has a term of five years and consists of a $150,000 5-year revolving credit facility (the "2024 Revolver").

Under the 2024 Amended and Restated Credit Agreement and subject to specific conditions, the Company may request, and the lenders have the right, but not the obligation, to increase the 2024 Revolver or add a term loan facility by an additional amount (for all such increases) not to exceed $150,000, for a total aggregate amount of $300,000. The 2024 Revolver may be used for working capital, for refinancing existing indebtedness, and for other general corporate purposes.

Letters of credit may be issued by KeyBank pursuant to the 2024 Amended and Restated Credit Agreement in an aggregate face amount up to $30,000 and the availability under the 2024 Revolver will be reduced by any outstanding letters of credit. As of September 30, 2024, no letters of credit were outstanding.

The maturity date for the 2024 Revolver is August 8, 2029. Interest only payments are required during the term, with the outstanding principal balance due in full upon maturity. Interest is payable quarterly. The Company may voluntarily pre-pay all or any part of the 2024 Revolver along with accrued interest and any applicable breakage costs, without premium or penalty.

Interest on the loans under the 2024 Amended and Restated Credit Agreement is equal to the daily simple secured overnight financing rate ("SOFR"), term SOFR or a base rate, plus an applicable margin. The applicable margin is between 2.0% and 2.5% for daily simple SOFR and term SOFR loans (plus a SOFR adjustment of 0.1%), and between 1.0% and 1.5% for base rate loans. The applicable margin fluctuates based on a leverage ratio that reflects the Company's consolidated funded indebtedness to the Company's consolidated EBITDA. The Company may elect one-, three- or six-month interest periods in connection with term SOFR. The base rate is equal to the higher of KeyBank’s prime rate, the federal funds effective rate plus 0.5%, or one-month term SOFR plus 1.0%. For purposes of the 2024 Amended and Restated Credit Agreement, daily simple SOFR, term SOFR and the base rate will never be less than 0.5%.

The 2024 Amended and Restated Credit Agreement contains certain customary representations and warranties and affirmative and negative covenants. The affirmative covenants require the Company to provide the lenders with certain financial statements, budgets, compliance certificates and other documents and reports and to comply with certain laws. The negative covenants restrict the Company’s ability to incur additional indebtedness, create additional liens on its assets, make certain investments, dispose of its assets or engage in a merger or other similar transaction or engage in transactions with affiliates, which are subject, in each case, to the various exceptions and conditions described in the 2024 Amended and Restated Credit Agreement. The negative covenants further restrict the Company’s ability to make certain restricted payments, including the payment of dividends in certain circumstances and repurchase of common equity in excess of $50,000 shares in any fiscal year.

The 2024 Amended and Restated Credit Agreement also contains several financial covenants, measured on a consolidated basis. First, during the period commencing with the fiscal quarter ended June 30, 2024 through June 30, 2025, (a) there must be liquidity (which is defined as availability under the 2024 Revolver, plus unrestricted cash) that is more than the greater of (1) $35,000 and (2) 35% of the Revolving Amount, as defined in the 2024 Amended and Restated Credit Agreement, (b) as of the end of each such quarter, total revenue on a trailing four-quarter basis must be greater than the requirements set forth in the 2024 Amended and Restated Credit Agreement, and (c) for each period of four consecutive quarters, Consolidated EBITDA, as defined in the 2024 Amended and Restated Credit Agreement, must not be less than $10,000. Second, during the period commencing with the fiscal quarter ending September 30, 2025 until maturity, (i) the Leverage Ratio, as defined in the 2024 Amended and Restated Credit Agreement, must not exceed 3.00 to 1.00 at the end of each fiscal quarter and (ii) the Interest Coverage Ratio, as defined in the 2024 Amended and Restated Credit Agreement, must not be less than 3.00 to 1.00 at the end of each fiscal quarter. The Leverage Ratio must not exceed 3.50 to 1.00 during certain periods following an acquisition of a certain size. The Company was in compliance with its financial debt covenants as of September 30, 2024.

The 2024 Amended and Restated Credit Agreement also includes certain customary events of default. If an event of default occurs and is continuing, the lenders are entitled to take various actions, including the charging of a default rate of interest, accelerating the maturity of all loans and taking all actions permitted to be taken by a secured creditor with respect to the collateral for the 2024 Amended and Restated Credit Agreement and under applicable law.

The obligations under the 2024 Amended and Restated Credit Agreement are secured by:

•

substantially all of the tangible and intangible assets of the Company and its material subsidiaries, except for existing real estate, client funds, client funds accounts, and other excluded accounts (as such terms are defined in the 2024 Amended and Restated Credit Agreement), and

•

the capital stock of the Company’s material subsidiaries.

Under the 2024 Amended and Restated Credit Agreement, the Company's wholly-owned subsidiaries, AvidXchange, Inc. and AFV Commerce, Inc., are the only borrowers, and AvidXchange Holdings, Inc. and certain subsidiaries of AvidXchange, Inc. and AFV Commerce, Inc. are co-guarantors.

Revolving Credit Facility

There was no balance outstanding under the 2024 Revolver as of September 30, 2024. The Company is required to pay on a quarterly basis a commitment fee of between 0.25% and 0.3% per annum as determined by the Leverage Ratio, with respect to the amount of the 2024 Revolver during the term of the agreement.

Deferred Financing Costs

Costs incurred with entering into the 2024 Amended and Restated Credit Agreement were deferred and amortized over the five-year term of the agreement. Of the remaining deferred costs associated with the 2022 Credit Agreement, $1,081 were written off and included in general and administrative expense in the three and nine months ended September 30, 2024. The Company has $1,832 and $604 in deferred financing costs included in other noncurrent assets and deposits, and $0 and $1,090 of deferred financing costs associated with its term loans recorded net of long-term debt as of September 30, 2024 and December 31, 2023, respectively.

Amortization of deferred financing costs was $98 and $106 for the three months ended September 30, 2024 and 2023, respectively, and $310 and $326 for the nine months ended September 30, 2024 and 2023, respectively, which is presented in the consolidated statements of operations as interest expense.

Land Promissory Notes

The Company has two promissory notes executed in connection with the purchase of land parcels and improvements adjacent to its Charlotte, North Carolina headquarters campus. The aggregate outstanding principal amount was $13,900 as of September 30, 2024 and will be paid in two remaining equal annual payments of $4,800 and a final annual payment of $4,300, plus accrued interest at 6.75%.

Revenue from Contracts with Customers

9 Months Ended

Sep. 30, 2024

Revenue from Contract with Customer [Abstract]

Revenue from Contracts with Customers

3. Revenue from Contracts with Customers

Disaggregation of Revenue

The table below presents the Company’s revenues disaggregated by type of services performed.


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Software revenue	$	30,664	$	28,919	$	90,266	$	83,135
Payment revenue		80,697		68,485		230,082		190,894
Services revenue		1,411		1,276		3,154		2,627
Total revenues	$	112,772	$	98,680	$	323,502	$	276,656

Contract Assets and Liabilities

The Company’s rights to payments are not conditional on any factors other than the passage of time, and as such, the Company does not have any contract assets. Contract liabilities consist primarily of advance cash receipts for services (deferred revenue) and are recognized as revenue when the services are provided.

The table below presents information on accounts receivable and contract liabilities.


	As of September 30, 2024		As of December 31, 2023
Trade accounts receivable, net	$	22,825	$	16,261
Payment processing receivable, net		33,277		30,428
Accounts receivable, net	$	56,102	$	46,689
Contract liabilities	$	25,471	$	27,593

Significant changes in the contract liabilities balance are as follows:


	Three Months Ended September 30,						Nine Months Ended September 30,
	2024			2023			2024			2023
Revenue recognized included in beginning of period balance	$	(2,120	)	$	(3,351	)	$	(8,733	)	$	(8,264	)
Cash received, excluding amounts recognized as revenue during the period		2,733			1,656			6,611			6,613

The tables below present a summary of changes in the Company’s allowances for credit losses and returns for the nine months ended September 30, 2024 and 2023:


	Accounts Receivable
	Allowance for Credit Losses			Allowance for Returns			Supplier Advances Receivable Allowance
Allowance balance, December 31, 2023	$	2,142		$	2,089		$	1,333
Amounts charged to contra revenue, cost of revenues and expenses		1,016			(200	)		1,127
Amounts written off as uncollectable		(309	)		-			(1,593	)
Recoveries of amounts previously written off		-			-			797
Deduction released to revenue		-			-			-
Allowance balance, September 30, 2024	$	2,849		$	1,889		$	1,664


	Accounts Receivable
	Allowance for Credit Losses			Allowance for Returns			Supplier Advances Receivable Allowance
Allowance balance, December 31, 2022	$	1,539		$	1,584		$	1,872
Amounts charged to contra revenue, cost of revenues and expenses		945			375			210
Amounts written off as uncollectable		(484	)		(1	)		(1,701	)
Recoveries of amounts previously written off		-			-			932
Deduction released to revenue		-			(92	)		-
Allowance balance, September 30, 2023	$	2,000		$	1,866		$	1,313

Transaction Price Allocated to Remaining Performance Obligations

Transaction price allocated to the remaining performance obligations represents contracted revenue that has not yet been recognized. These revenues are subject to future economic risks including customer cancellations, bankruptcies, regulatory changes and other market factors.

The Company applies the practical expedient in ASC Topic 606, Revenue from Contracts with Customers (“Topic 606”), paragraph 606-10-50-14(b) and does not disclose information about remaining performance obligations related to transaction and processing services that qualify for recognition in accordance with paragraph 606-10-55-18 of Topic 606. These contracts contain variable consideration for stand-ready performance obligations for which the exact quantity and mix of transactions to be processed are contingent upon buyer or supplier request. These contracts also contain fixed fees and non-refundable upfront fees; however, these amounts are not considered material to total consolidated revenue.

The Company’s remaining performance obligation consists of contracts with financial institutions who are using the ASCEND solution. These contracts generally have a duration of two to five years and contain fixed maintenance fees that are considered fixed price guarantees. Remaining performance obligation consisted of the following:


	Current		Noncurrent		Total
As of September 30, 2024	$	15,073	$	20,252	$	35,325
As of December 31, 2023		15,031		20,403		35,434

Contract Costs

The Company incurs incremental costs to obtain a contract, as well as costs to fulfill a contract with buyer customers that are expected to be recovered. These costs consist primarily of sales commissions incurred if a contract is obtained, and customer implementation related costs.

The Company utilizes a portfolio approach when estimating the amortization of contract acquisition and fulfillment costs. These costs are amortized on a straight-line basis over the expected benefit period of generally five years, which was determined by taking into consideration customer attrition rates, estimated terms of customer relationships, useful lives of technology, industry peers, and other factors. The amortization of contract fulfillment costs associated with implementation activities are recorded as cost of revenues in the Company's consolidated statements of operations. The amortization of contract acquisition costs associated with sales commissions that qualify for capitalization is recorded as sales and marketing expense in the Company’s consolidated statements of operations. Costs to obtain or fulfill a contract are classified as deferred customer origination costs in the Company’s consolidated balance sheets.

The following tables present information about deferred contract costs:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Capitalized sales commissions and implementation costs	$	3,016	$	3,045	$	9,496	$	8,422
Amortization of deferred contract costs
Costs to obtain contracts included in sales and marketing expense	$	1,615	$	1,550	$	4,858	$	4,489
Costs to fulfill contracts included in cost of revenue	$	1,528	$	1,564		4,623		4,718

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-9

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-10

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-15

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-13

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org/606/tableOfContent

+ Details