AVIDXCHANGE HOLDINGS Releases Third Quarter FY2023 Earnings Results, Ending November 8 2023
November 21, 2023
🌥️Earnings Overview
AVIDXCHANGE HOLDINGS ($NASDAQ:AVDX) released its fiscal year 2023 third quarter earnings results on September 30 2023, with total revenue of USD 98.7 million, an increase of 19.7% compared to the same quarter the previous year. Net income reported was -8.1 million, a marked improvement from the -25.4 million reported in the year prior.
Price History
On Wednesday, AVIDXCHANGE HOLDINGS released its third quarter FY2023 earnings results, ending November 8 2023. As a result of the results, the company saw its stock open at $9.5 and close at $9.2, soaring by 15.2% from the previous closing price of 8.0. The impressive earnings report was largely attributed to their strong performance over the last few months, which has seen their revenue and profits increase significantly.
This growth is indicative of the company’s strong business model and the potential they have to continue to grow in the future. With the release of their third quarter earnings, investors now have even more reason to be excited about what AVIDXCHANGE HOLDINGS can do in the coming years. Live Quote…
About the Company
Income Snapshot
Below shows the total revenue, net income and net margin for Avidxchange Holdings. More…
| Total Revenues | Net Income | Net Margin |
| 362.83 | -67.88 | -18.7% |
Cash Flow Snapshot
Below shows the cash from operations, investing and financing for Avidxchange Holdings. More…
| Operations | Investing | Financing |
| -9.83 | -15.46 | 252.62 |
Balance Sheet Snapshot
Below shows the total assets, liabilities and book value per share for Avidxchange Holdings. More…
| Total Assets | Total Liabilities | Book Value Per Share |
| 2.12k | 1.47k | 3.2 |
Key Ratios Snapshot
Some of the financial key ratios for Avidxchange Holdings are shown below. More…
| 3Y Rev Growth | 3Y Operating Profit Growth | Operating Margin |
| 28.4% | – | -14.3% |
| FCF Margin | ROE | ROA |
| -7.6% | -5.0% | -1.5% |
Analysis
GoodWhale recently conducted an analysis of AVIDXCHANGE HOLDINGS‘s wellbeing and classified it as a ‘cheetah’ company. This means that AVIDXCHANGE HOLDINGS has achieved a high level of revenue or earnings growth, but is deemed less stable due to lower profitability. Investors who gravitate towards fast-growing companies that can offer high returns may be interested in AVIDXCHANGE HOLDINGS. According to our Star Chart, AVIDXCHANGE HOLDINGS is strong in growth, medium in asset and weak in dividend and profitability. Its intermediate health score of 4/10 in terms of cashflows and debt means that the company may be able to sustain its operations during times of crisis. More…
Peers
The company was founded in 2000 and is headquartered in Charlotte, North Carolina. AvidXchange has over 700 employees and serves over 6,000 customers in North America. AvidXchange’s main competitors are i3 Verticals Inc, GreenBox POS, and Avalara Inc. These companies are all similar to AvidXchange in that they provide software solutions for businesses.
However, each company has its own unique offerings that set it apart from the others.
– i3 Verticals Inc ($NASDAQ:IIIV)
Verticals Inc is a publicly traded company with a market capitalization of 506.04 million as of 2022. The company has a return on equity of -2.68%. Verticals Inc is a provider of cloud-based software and services for businesses. The company’s software and services enable businesses to manage their operations, customers, and employees.
Summary
AVIDXCHANGE HOLDINGS has seen a significant increase in total revenue for their third quarter ending November 8 2023, with USD 98.7 million reported. This marks a 19.7% growth from the same period in the previous year. Net income also saw an improved performance, reporting -8.1 million after a loss of -25.4 million the year prior. The stock price saw a positive reaction, increasing on the day results were released.
Investors can take this as a sign of confidence in AVIDXCHANGE HOLDINGS’ continued financial performance and stability. As the company continues to grow, investors will want to keep an eye out for further financial updates to ensure their investment is performing as expected.
Related Posts
Recent Posts
