NASDAQ$AVDX
AvidXchange · Q3 2024 earnings
Q3 2024 earnings · · Investor relations
Briefing
Announced third quarter 2024 financial results, highlighting year-over-year gross and operating margin expansion driven by revenue growth and cost efficiencies.
AvidXchange reported a solid third quarter with a 14.3% increase in revenue, significant expansion in non-GAAP gross margin to 74.5%, and adjusted EBITDA margin at 20.7%. Net cash from operating activities increased significantly due to the replacement of higher interest rate debt with a new credit facility. The company also revised its 2024 revenue and adjusted EBITDA outlook upward.
- Revenue increased by 14.3% year-over-year.
- GAAP net income was $4.0 million, compared to a net loss of $(8.1) million in the third quarter of 2023.
- Non-GAAP gross margin reached 74.5%.
- Adjusted EBITDA was $23.3 million, compared to $11.4 million in the third quarter of 2023.
Headline financials
Revenue & EPS history
AvidXchange · Revenue · Quarterly
$113M
Forward guidance
AvidXchange anticipates its Full Year 2024 revenue, adjusted EBITDA and Non-GAAP diluted earnings per share (EPS) to be in the following ranges (in millions, except per share data):
Tailwinds
- Revenue: $437.0 - $439.0 million
- Adjusted EBITDA: $78.0 - $79.0 million
- Non-GAAP Diluted EPS: $0.24 - $0.25
- The current FY 2024 guidance anticipates interest revenue contribution of approximately $50.0 million compared to $49.0 million previously
- The current FY 2024 guidance anticipates political revenue contribution of approximately $6.5 million compared to $9.0 million previously
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 16 quarterly earnings reports · overlaid with Q3 2024
-1.0%
Avg return
Earnings day
-1.6%
Avg return
5 days after
+0.8%
Avg return
30 days after
44%
8 / 18 earnings
Positive
+18.8%
Q1 2025
Best reaction
-35.1%
Q2 2024
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q3 2025 | — | — | — | |
| Q2 2025 | -0.1% | +0.2% | +0.6% | |
| Q1 2025 | +18.8% | +18.7% | +19.5% | |
| Q4 2024 | -20.7% | -19.1% | -6.7% | |
| Q3 2024 | +17.6% | +23.4% | +36.1% | |
| Q2 2024 | -35.1% | -40.5% | -36.5% | |
| Q1 2024 | -4.3% | -6.3% | -10.9% | |
| Q4 2023 | +9.5% | +7.1% | +8.2% | |
| Q3 2023 | +17.9% | +15.9% | +39.5% | |
| Q2 2023 | -13.7% | -15.9% | -17.0% | |
| Q1 2023 | +16.2% | +14.2% | +50.8% | |
| Q4 2022 | -11.4% | -3.8% | -21.7% | |
| Q3 2022 | -15.8% | -10.2% | -1.9% | |
| Q2 2022 | +11.0% | +16.2% | +5.7% | |
| Q1 2022 | -4.0% | -18.1% | +9.1% | |
| Q2 2021 | -2.5% | +16.7% | +19.4% | |
| Q4 2021 | -5.6% | -17.4% | -6.6% | |
| Q4 2020 | +4.5% | -15.4% | -36.9% | |
| Q3 2021 | +0.4% | +4.8% | -36.0% | |
| Q1 2021 | — | — | — | |
| Q3 2020 | — | — | — | |
| Q2 2020 | — | — | — | |
| Q1 2020 | — | — | — |
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