AvidXchange Holdings, Inc. reported a significant increase in financial performance for the fiscal year ended December 31, 2024, achieving total revenues of $438.9 million, a 15.3% increase from $380.7 million in 2023. This growth was primarily driven by a notable rise in payment revenue, which surged by 18.2% to $313.5 million, attributed to increased electronic payments processed through the AvidPay Network and a boost in payment yield due to higher interest rates. The company also recorded its first-ever GAAP net income of $8.1 million in the second quarter of 2024, marking a significant turnaround from a net loss of $47.3 million in 2023.
In terms of operational metrics, AvidXchange processed approximately 79.1 million transactions in 2024, up from 75.3 million in 2023, reflecting a 5% increase. The total payment volume reached $83.8 billion, a 10.4% rise compared to the previous year. The company’s customer base expanded to over 8,500 businesses, with a focus on enhancing its two-sided network connecting buyers and suppliers. AvidXchange also made strategic investments in customer service, appointing its first Senior Vice President of Customer Experience and launching the AvidXchange Trust Center to improve customer engagement and security.
The company faced challenges due to macroeconomic conditions, which tempered spending in certain verticals, particularly in real estate and construction. Despite these challenges, AvidXchange continued to pursue growth through strategic partnerships and product development, including scaling its Payment Accelerator offering and enhancing its spend management solutions. The company also engaged in a share repurchase program, authorizing the buyback of up to $100 million in common stock, with approximately $50 million repurchased in the latter half of 2024.
Looking ahead, AvidXchange anticipates that the macroeconomic environment in 2025 will be influenced by interest rates, inflation, and federal policies, which could impact its revenue and operational performance. The company remains focused on expanding its market presence, enhancing its product offerings, and managing costs effectively to sustain its growth trajectory. AvidXchange's financial position as of December 31, 2024, included unrestricted cash and cash equivalents of $355.6 million, positioning it well for future investments and operational needs.
About AvidXchange Holdings, Inc.
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