AvidXchange Holdings, Inc. (AVDX) · 10+ Years of Financial statements

Income Statement	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Sales/Revenue/Turnover	150	186	248	316	381
+ Sales & Services Revenue	150	186	248	316	381
- Cost of Revenue	71	84	100	118	121
+ Cost of Goods & Services	71	84	100	118	121
Gross Profit	78	102	148	198	259
+ Other Operating Income	- -	- -	- -	- -	- -
- Operating Expenses	148	176	256	286	313
+ Selling, General & Admin	92	104	160	169	179
+ Research & Development	34	45	65	84	98
+ Other Operating Expense	22	28	31	33	36
Operating Income (Loss)	-69	-74	-107	-87	-54
- Non-Operating (Income) Loss	24	27	97	14	-7
+ Interest Expense, Net	16	18	19	14	-7
+ Interest Expense	17	20	20	21	14
- Interest Income	1	2	1	7	21
+ Other Non-Op (Income) Loss	8	8	78	- -	- -
Pretax Income	-93	-101	-204	-101	-46
- Income Tax Expense (Benefit)	- -	- -	-5	- -	1
- (Income) Loss from Affiliates	- -	- -	- -	- -	- -
Income (Loss) from Cont Ops	-94	-101	-200	-101	-47
- Net Extraordinary Losses (Gains)	- -	- -	- -	- -	- -
+ Discontinued Operations	- -	- -	- -	- -	- -
+ Extraord. & Accounting Changes	- -	- -	- -	- -	- -
Income (Loss) Incl. MI	-94	-101	-200	-101	-47
- Minority Interest	- -	- -	- -	- -	- -
Net Income, GAAP	-94	-101	-200	-101	-47
- Preferred Dividends	6	43	10	- -	- -
- Other Adjustments	- -	- -	- -	- -	- -
Net Income Avail to Common, GAAP	-100	-145	-209	-101	-47
Basic Weighted Avg Shares	168	168	85	198	202
Basic EPS, GAAP	-0.6	-0.86	-2.46	-0.51	-0.23
Basic EPS from Cont Ops	-0.56	-0.6	-2.35	-0.51	-0.23
Diluted Weighted Avg Shares	168	168	85	198	202
Diluted EPS, GAAP	-0.6	-0.86	-2.46	-0.51	-0.23
Diluted EPS from Cont Ops	-0.56	-0.6	-2.35	-0.51	-0.23
EBITDA	-47	-47	-77	-55	-18
EBITDA Margin (%)	-31.3	-25.08	-30.83	-17.24	-4.62
EBITA	-69	-74	-107	-87	-54
EBIT	-69	-74	-107	-87	-54
Gross Margin (%)	52.45	54.95	59.71	62.74	68.14
Operating Margin (%)	-46.24	-39.88	-43.2	-27.62	-14.05
Profit Margin (%)	-62.54	-54.45	-80.37	-32.02	-12.43
Sales per Employee	- -	- -	155,256	197,719	237,950
Dividend per Share	- -	- -	- -	- -	- -
Depreciation Expense	22	28	31	33	36

Balance Sheet	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Total Current Assets	308	432	1,858	1,808	2,099
+ Cash, Cash Equivalents & STI	225	252	563	462	452
+ Cash & Cash Equivalents	225	252	563	351	407
+ ST Investments	- -	- -	- -	111	45
+ Accounts & Notes Receiv	24	34	42	50	56
+ Accounts Receivable, Net	19	25	31	40	47
+ Notes Receivable, Net	- -	- -	- -	- -	- -
+ Loans Receivable, Net	- -	- -	- -	- -	- -
+ Other Receivable, Net	5	9	12	10	10
+ Inventories	- -	- -	- -	- -	- -
+ Raw Materials	- -	- -	- -	- -	- -
+ Work In Process	- -	- -	- -	- -	- -
+ Finished Goods	- -	- -	- -	- -	- -
+ Inventory Adjustments	- -	- -	- -	- -	- -
+ Other Inventory	- -	- -	- -	- -	- -
+ Other ST Assets	59	146	1,253	1,296	1,591
+ Prepaid Expenses	- -	- -	- -	- -	- -
+ ST Derivative & Hedging Assets	- -	- -	- -	- -	- -
+ ST Assets Held-for-Sale	- -	- -	- -	- -	- -
+ ST Deferred Tax Assets	- -	- -	- -	- -	- -
+ Misc ST Assets	- -	- -	- -	- -	- -
Total Noncurrent Assets	266	294	408	404	385
+ Property, Plant & Equip, Net	82	90	75	67	103
+ Property, Plant & Equip	104	119	110	106	147
- Accumulated Depreciation	22	29	34	39	45
+ LT Investments & Receivables	- -	- -	- -	- -	- -
+ LT Investments	- -	- -	- -	- -	- -
+ LT Receivables	- -	- -	- -	- -	- -
+ Other LT Assets	183	204	333	337	282
+ Total Intangible Assets	160	178	266	265	251
+ Goodwill	90	106	166	166	166
+ Other Intangible Assets	70	72	100	99	85
+ LT Deferred Tax Assets	- -	- -	- -	- -	- -
+ LT Derivative & Hedging Assets	- -	- -	- -	- -	- -
+ Misc LT Assets	24	26	67	73	32
Total Assets	574	727	2,266	2,212	2,484
+ Payables & Accruals	42	66	73	87	73
+ Accounts Payable	11	25	17	13	17
+ Accrued Taxes	- -	- -	- -	- -	- -
+ Interest & Dividends Payable	- -	- -	- -	- -	- -
+ Other Payables & Accruals	31	40	56	74	56
+ ST Debt	2	3	7	8	8
+ ST Borrowings	1	1	5	6	6
+ ST Finance Leases	1	2	2	2	2
+ Other ST Liabilities	55	144	1,253	1,296	1,592
+ Deferred Revenue	3	6	10	12	13
+ Derivatives & Hedging	- -	- -	- -	- -	- -
+ Deferred Tax Liabilities	- -	- -	- -	- -	- -
+ Misc ST Liabilities	52	138	1,243	1,284	1,579
Total Current Liabilities	100	213	1,332	1,391	1,673
+ LT Debt	155	175	184	143	135
+ LT Borrowings	94	98	120	76	70
+ LT Finance Leases	61	77	65	67	66
+ Other LT Liabilities	10	17	26	21	19
+ Accrued Liabilities	6	2	20	17	15
+ Pension Liabilities	- -	- -	- -	- -	- -
+ Deferred Revenue	- -	- -	- -	- -	- -
+ Deferred Tax Liabilities	- -	- -	- -	- -	- -
+ Derivatives & Hedging	- -	- -	- -	- -	- -
+ Misc LT Liabilities	5	15	6	3	4
Total Noncurrent Liabilities	165	192	211	163	154
Total Liabilities	265	405	1,543	1,555	1,827
+ Preferred Equity and Hybrid Capital	721	833	- -	- -	- -
+ Share Capital & APIC	12	161	1,595	1,632	1,679
+ Common Stock	- -	- -	- -	- -	- -
+ Additional Paid in Capital	12	161	1,595	1,632	1,678
- Treasury Stock	- -	- -	- -	- -	- -
+ Retained Earnings	-424	-672	-872	-975	-1,022
+ Other Equity	- -	- -	- -	- -	- -
Equity Before Minority Interest	309	322	723	657	656
+ Minority/Non Controlling Interest	- -	- -	- -	- -	- -
Total Equity	309	322	723	657	656
Total Liabilities & Equity	574	727	2,266	2,212	2,484
Shares Outstanding	168	168	197	199	204
Capital Leases - Total	62	79	66	68	68
Net Debt	-130	-153	-438	-268	-331
Net Debt to Equity	-42.19	-47.59	-60.6	-40.8	-50.39
Tangible Common Equity Ratio	-138.05	-125.69	22.83	20.17	18.17
Current Ratio	3.09	2.03	1.39	1.3	1.25
Cash Conversion Cycle	- -	-36.44	-36.66	-6.63	-4.08
Number of Employees	- -	- -	1,600	1,600	1,600

Cash Flow Statement	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
+ Net Income	-94	-101	-200	-101	-47
+ Depreciation & Amortization	22	28	31	33	36
+ Non-Cash Items	10	14	103	43	42
+ Stock-Based Compensation	1	2	21	32	41
+ Deferred Income Taxes	- -	- -	-5	- -	1
+ Asset Impairment Charge	8	1	1	3	- -
+ Other Non-Cash Adj	- -	11	85	8	- -
+ Chg in Non-Cash Work Cap	- -	16	-2	-3	-22
+ (Inc) Dec in Accts Receiv	-2	-6	-5	-10	-8
+ (Inc) Dec in Inventories	- -	- -	- -	- -	- -
+ (Inc) Dec in Prepaid Assets	-1	-1	-2	-2	- -
+ Inc (Dec) in Accts Payable	7	26	-11	11	-14
+ Inc (Dec) in Other	-4	-3	15	-1	- -
+ Net Cash From Disc Ops	- -	- -	- -	- -	- -
Cash from Operating Activities	-62	-44	-69	-29	8
+ Change in Fixed & Intang	- -	- -	- -	- -	- -
+ Disp in Fixed & Intang	- -	- -	- -	- -	- -
+ Disp of Fixed Prod Assets	- -	- -	- -	- -	- -
+ Disp of Intangible Assets	- -	- -	- -	- -	- -
+ Acq of Fixed & Intang	-9	-12	-18	-28	-18
+ Acq of Fixed Prod Assets	-2	-1	-1	-3	-2
+ Acq of Intangible Assets	-7	-11	-17	-25	-16
+ Net Change in LT Investment	- -	- -	- -	-109	72
+ Dec in LT Investment	- -	- -	- -	276	346
+ Inc in LT Investment	- -	- -	- -	-385	-274
+ Net Cash From Acq & Div	-106	-20	-46	- -	- -
+ Cash from Divestitures	- -	- -	- -	- -	- -
+ Cash for Acq of Subs	-106	-20	-46	- -	- -
+ Cash for JVs	- -	- -	- -	- -	- -
+ Other Investing Activities	-2	-5	-20	-4	-1
+ Net Cash From Disc Ops	- -	- -	- -	- -	- -
Cash from Investing Activities	-117	-37	-84	-140	52
+ Dividends Paid	- -	- -	- -	- -	- -
+ Net Cash From Debt	23	2	1	-45	-7
+ Cash From Debt	96	4	3	67	- -
+ Repayments of Debt	-74	-3	-2	-112	-7
+ Cash (Repurchase) of Equity	- -	-149	628	1	2
+ Increase in Capital Stock	- -	- -	628	1	2
+ Decrease in Capital Stock	- -	-149	- -	- -	- -
+ Other Financing Activities	286	341	939	41	296
+ Net Cash From Disc Ops	- -	- -	- -	- -	- -
Cash from Financing Activities	308	194	1,568	-2	291
Effect of Foreign Exchange Rates	- -	- -	- -	- -	- -
Net Changes in Cash	130	113	1,415	-171	351
EBITDA	-47	-47	-77	-55	-18
EBITDA Margin (%)	-31.3	-25.08	-30.83	-17.24	-4.62
Net Cash Paid for Acquisitions	106	20	46	- -	- -
Free Cash Flow	-71	-56	-87	-57	-10
Free Cash Flow to Firm	- -	- -	- -	- -	- -
Free Cash Flow to Equity	- -	25	-911	-77	-1
Free Cash Flow per Basic Share	-0.42	-0.33	-1.02	-0.29	-0.05
Price/Free Cash Flow	- -	- -	-26.93	-2,101.89	94.7
Cash Flow to Net Income	0.66	0.44	0.34	0.28	-0.18

AvidXchange Holdings, Inc.

AVDX US

10.82