AVIDXCHANGE HOLDINGS Reports Second Quarter Earnings Results for FY2023
August 22, 2023
🌥️Earnings Overview
On August 2 2023, AVIDXCHANGE HOLDINGS ($NASDAQ:AVDX) reported their earnings results for the second quarter of fiscal year 2023, ending June 30 2023. The total revenue for the quarter was USD 91.2 million, showing a 19.1% increase compared to the same period in the previous year. Sadly, the net income for the quarter was USD -18.8 million, a decline from year-ago’s figure of -25.7 million.
Share Price
AVIDXCHANGE HOLDINGS, a financial technology company, reported their second quarter results for the fiscal year 2023 on Wednesday. The company saw their stock open at $12.6 and close at $11.1, reflecting a 10.8% plunge from prior closing price of $12.4. The overall decline was attributed to investors’ reaction to the company’s financial results.
Despite these results, the company’s stock price declined due to investors’ uncertainty about its future performance. The company is looking to capitalize on the growth opportunities in the financial technology (FinTech) market and is committed to delivering long-term value to its shareholders. 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 |
| 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% |
Analysis
GoodWhale recently conducted an analysis of AVIDXCHANGE HOLDINGS‘ wellbeing. According to our Star Chart, AVIDXCHANGE HOLDINGS is strong in growth, medium in asset and weak in dividend and profitability. Based on this, we classified AVIDXCHANGE HOLDINGS as a ‘cheetah’ company which means that it achieved high revenue or earnings growth but is considered less stable due to lower profitability. This type of company may be attractive for investors who are looking for higher growth potential but are willing to take on more risks. Additionally, our intermediate health score of 4/10 considering its cashflows and debt suggest that this company is likely to pay off debt and fund future operations. As such, investors who are comfortable with taking on more risk could consider investing in AVIDXCHANGE HOLDINGS. 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 recently reported their second quarter fiscal year 2023 earnings results, with total revenue for the quarter amounting to USD 91.2 million, a 19.1% increase from the prior year. Net income for the period, however, decreased to USD -18.8 million, compared to last year’s figure of -25.7 million. Despite the revenue increase, investors seemed to react negatively to the news, as the stock price dropped the same day. While this could be an opportunity to buy shares at a lower price, investors should conduct thorough research and assessment before investing in AVIDXCHANGE HOLDINGS.
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