We therefore cannot guarantee future results, performance or achievements. Factors which could cause actual results or effects to differ materially from those reflected in forward-looking statements include, but are not limited to, risks related to the consummation of the proposed acquisition of AvidXchange by TPG in partnership with Corpay (the "Transaction”), including risks related to (i) the timing, receipt and terms and conditions of any required governmental and regulatory approvals of the Transaction that could reduce anticipated benefits or cause the parties to abandon the Transaction; (ii) the possibility that AvidXchange’s stockholders may not approve the Transaction; (iii) the occurrence of any event, change or other circumstance that could give rise to the termination of the merger agreement entered into pursuant to the Transaction; (iv) the risk that the parties to the merger agreement may not be able to satisfy the conditions to the Transaction in a timely manner or at all; (v) the risk of any litigation relating to the Transaction; (vi) the risk that the Transaction and its announcement could have an adverse effect on the ability of AvidXchange to retain buyers and retain and hire key personnel and maintain relationships with buyers, suppliers, employees, stockholders and other business relationships and on AvidXchange’s operating results and business generally; (vii) the risk that the Transaction and its announcement could have adverse effects on the market price of AvidXchange’s common stock; (viii) the possibility that the parties to the Transaction may not achieve some or all of any anticipated benefits with respect to AvidXchange’s business and the Transaction may not be completed in accordance with the parties’ expected plans or at all; (ix) the risk that restrictions on AvidXchange’s conduct during the pendency of the Transaction may impact AvidXchange’s ability to pursue certain business opportunities; (x) the possibility that the Transaction may be more expensive to complete than anticipated, including as a result of unexpected factors or events; (xi) the occurrence of any event, change or other circumstance that could give rise to the termination of the merger agreement, including in circumstances requiring AvidXchange to pay a termination fee; (xii) the risk that AvidXchange’s stock price may decline significantly if the Transaction is not consummated; (xiii) the acquisition may not be consummated within the anticipated time period, or at all; and the risk factors and other cautionary statements described, from time to time, in AvidXchange’s filings with the Securities and Exchange Commission ("SEC”), including, without limitation, AvidXchange’s Annual Report on Form 10-K and other documents filed with the SEC, which may be obtained on the investor relations section of our website ( ) and on the SEC website at Any forward-looking statements made by us in this press release are based only on information currently available to us and speak only as of the date they are made, and we assume no obligation to update any of these statements in light of new information, future events or otherwise unless required under the federal securities laws.
Consolidated Statements of Cash Flows(in thousands) Three Months Ended March 31, 2025 2024 Cash flows from operating activities Net loss $(7,311) $(1,009)Adjustments to reconcile net loss to net cash used by operating activities Depreciation and amortization expense 8,669 9,307 Amortization of deferred financing costs 95 106 Provision for credit losses 654 687 Stock-based compensation 14,486 10,959 Accrued interest 326 433 Impairment and write-off on intangible assets - 162 Accretion of investments held to maturity (346) (913)Deferred income taxes 344 89 Changes in operating assets and liabilities Accounts receivable (2,018) (2,442)Prepaid expenses and other current assets (2,101) (3,252)Other noncurrent assets (605) (725)Deferred customer origination costs (19) 448 Accounts payable 3,956 (1,428)Deferred revenue (6) (1,330)Accrued expenses and other liabilities (8,350) (17,288)Operating lease liabilities (378) (156)Total adjustments 14,707 (5,343)Net cash provided by (used in) operating activities 7,396 (6,352)Cash flows from investing activities Purchase of marketable securities held to maturity (59,403) (87,996)Proceeds from maturity of marketable securities held to maturity 11,446 33,666 Purchases of equipment (597) (522)Purchases of intangible assets (4,462) (4,039)Supplier advances, net (2,510) (656)Net cash used in investing activities (55,526) (59,547)Cash flows from financing activities Repayments of long-term debt - (406)Principal payments on finance leases (53) (77)Proceeds from issuance of common stock 164 3,168 Remittance of taxes upon vesting of restricted stock units (209) - Payment of acquisition-related liability (100) (100)Payment service obligations (100,822) (358,197)Net cash used in financing activities (101,020) (355,612)Net decrease in cash, cash equivalents, and restricted funds held for customers (149,150) (421,511)Cash, cash equivalents, and restricted funds held for customers Cash, cash equivalents, and restricted funds held for customers, beginning of year 1,605,983 1,985,630 Cash, cash equivalents, and restricted funds held for customers, end of period $1,456,833 $1,564,119 Supplementary information of noncash investing and financing activities Property and equipment purchases in accounts payable and accrued expenses $60 $85 Interest paid on notes payable - 1,330 Interest paid on finance leases 1,491 1,468 Cash paid for income taxes - 7 AvidXchange Holdings, Inc.
Reconciliation of GAAP to Non-GAAP Measures (Continued) Three Months Ended March 31, Reconciliation from Net Loss to Non-GAAP Net Income (Loss), including per share amounts 2025 2024 (in thousands, except share and per share data) Net loss $(7,311) $(1,009)Exclude: Provision for income taxes 1,089 125 Loss before taxes (6,222) (884)Amortization of acquired intangible assets 2,885 3,413 Impairment and write-off of intangible assets - 162 Stock-based compensation expense 14,486 10,959 Transaction and acquisition-related costs 1,996 - Non-recurring items not indicative of ongoing operations (1) 723 1,346 Total net adjustments 20,090 15,880 Non-GAAP income (loss) before taxes 13,868 14,996 Non-GAAP income tax expense (2) 3,453 3,734 Non-GAAP net income (loss) $10,415 $11,262 Weighted-average shares used to compute Non-GAAP net income (loss) per share attributable to common stockholders, basic 205,018,908 204,896,718 Weighted-average shares used to compute Non-GAAP net income (loss) per share attributable to common stockholders, diluted 207,348,652 209,896,829 GAAP Net income (loss) per share attributable to common stockholders, basic and diluted $(0.04) $0.00 Non-GAAP basic net income (loss) per share attributable to common stockholders, basic $0.05 $0.05 Non-GAAP basic net income (loss) per share attributable to common stockholders, diluted $0.05 $0.05 GAAP income (loss) per common share, basic and diluted $(0.04) $0.00 Amortization of acquired intangible assets 0.01 0.02 Impairment and write-off of intangible assets - - Stock-based compensation expense 0.07 0.05 Transaction and acquisition-related costs 0.01 - Non-recurring items not indicative of ongoing operations (1) - 0.01 Provision for income taxes (0.01) (0.02)Adjustment to fully diluted earnings per share 0.01 (0.01)Non-GAAP diluted income (loss) per common share $0.05 $0.05 AvidXchange Holdings, Inc.
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