AVIDXCHANGE HOLDINGS Reports 19.1% YOY Increase in FY2023 Q2 Revenue of USD 91.2 Million
August 4, 2023
☀️Earnings Overview
AVIDXCHANGE HOLDINGS ($NASDAQ:AVDX) has reported their earnings results for the period ending on June 30 2023, showing a 19.1% year-on-year increase in total revenue to USD 91.2 million. Net income for the quarter was USD -18.8 million, an improvement from the -25.7 million reported in Q2 FY2022.
Analysis
GoodWhale recently conducted an analysis of AVIDXCHANGE HOLDINGS‘s wellbeing and the results show that it is a low risk investment in terms of financial and business aspects. According to GoodWhale’s Risk Rating, AVIDXCHANGE HOLDINGS falls in the lower risk range. This suggests that the company has a solid financial and business performance with prudent risk management. However, GoodWhale has detected 1 risk warning in AVIDXCHANGE HOLDINGS’s cashflow statement. Investing in any company carries some level of risk, and so it is important to be aware of the possible risks associated with investing in AVIDXCHANGE HOLDINGS. To get more information about the identified risk warning, users can register on goodwhale.com. More…
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 |
| 346.56 | -85.16 | -24.6% |
Cash Flow Snapshot
Below shows the cash from operations, investing and financing for Avidxchange Holdings. More…
| Operations | Investing | Financing |
| -14.61 | 34.55 | 119.89 |
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 |
| 2.09k | 1.44k | 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% | – | -19.4% |
| FCF Margin | ROE | ROA |
| -9.3% | -6.5% | -2.0% |
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 reported their second quarter earnings results for the period ending June 30 2023, showing a 19.1% year-on-year increase in total revenue to USD 91.2 million. Net income for the quarter improved to USD -18.8 million, compared to -25.7 million in the same quarter of the previous year. Despite the encouraging financial results, the company’s stock price fell, indicating investors may be concerned about AvidXchange Holdings’ growth prospects going forward. Analysts note that the company’s earnings have been increasing steadily in recent quarters while its debt levels remain low, suggesting that investors may not be taking into account the company’s longer-term growth potential.
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