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X AvidXchange Announces Third Quarter 2021 Financial Results November 16 , 2021 Revenue Increased 37 % Year - over - year , Driven by 40 % Total Payment Volume Growth for the Quarter CHARLOTTE , N.C. , Nov. 16 , 2021 ( GLOBE NEWSWIRE ) -- AvidXchange Holdings , Inc. ( Nasdaq : AVDX ) , a leading provider of accounts payable ( AP ) automation software and payment solutions for middle market businesses and their suppliers , today announced financial results for the third quarter ended September 30 , 2021 . " I am pleased to report that we delivered strong third quarter results highlighted by 37 % year - over - year revenue growth and 40 % growth in total payment volume . We believe our strong results reflect continued demand for our software enabled , accounts payable automation and payment solutions along with solid execution against our key growth initiatives , " said Michael Praeger , CEO & Co - Founder of AvidXchange . " We are seeing momentum and continued success of our ' AvidXchange Business Flywheel ' and are looking to capture the significant greenfield opportunity that exists in the middle market B2B payments segment . " Third Quarter 2021 Financial Highlights : • Total revenue was $ 65.2 million , an increase of 37 % year - over - year , compared with $ 47.6 million in the third quarter of 2020 . • GAAP net loss was $ ( 35.5 ) million , compared with a net loss of $ ( 18.0 ) million in the third quarter of 2020 . • Non - GAAP net loss was $ ( 15.3 ) million , compared with a non - GAAP net loss of $ ( 14.9 ) million in the third quarter of 2020 . • GAAP gross profit was $ 34.3 million , or 53 % of total revenue , compared with $ 22.4 million , or 47 % of revenue in the third quarter of 2020 . • Non - GAAP gross profit was $ 39.5 million , or 61 % of total revenue , compared with $ 26.7 million , or 56 % of revenue in the third quarter of 2020 . • Adjusted EBITDA was $ ( 6.0 ) million compared with $ ( 6.2 ) million in the third quarter of 2020 . A reconciliation of GAAP to non - GAAP financial measures has been provided in the tables following the financial statements in this press release . An explanation of these measures is also included below under the heading " Non - GAAP Measures and Other Performance Metrics . " Third Quarter 2021 Key Business Metrics and Highlights : • Total transactions processed in the third quarter of 2021 was 16.1 million , an increase of 17 % from 13.7 million in the third quarter of 2020 . • Total payment volume in the third quarter of 2021 was $ 14.0 billion , an increase of 40 % from $ 10.0 billion in the third quarter of 2020 . • Transaction yield in the third quarter of 2021 was $ 4.05 , an increase of 17 % from $ 3.46 in the third quarter of 2020 . • AvidXchange completed the acquisition of FastPay , a leading provider of payments automation solutions for the media industry . With this deal , AvidXchange expands its portfolio of automated payments technologies and services to middle market companies across the media landscape in the U.S. • AvidXchange announced the appointment of Joseph Fox as Chief Product Officer to lead the company's overall product strategy and drive more value for customers through accelerated product innovation . Full Year 2021 Financial Outlook As of November 16 , 2021 , AvidXchange anticipates full year 2021 revenue and adjusted EBITDA to be in the following ranges ( in millions ) : Full Year 2021 Guidance $ 244.5M - $ 245.5M $ ( 30.1 ) M - $ ( 28.1 ) M Revenue Adjusted EBITDA ( 1 ) ( 1 ) A reconciliation of adjusted EBITDA to GAAP net loss on a forward - looking basis is not available without unreasonable efforts due to the high variability , complexity and low visibility with respect to the items excluded from this non - GAAP measure . These statements are forward - looking and actual results may differ materially . Refer to the Forward - Looking Statements safe harbor below for information on the factors that could cause our actual results to differ materially from these forward - looking statements . Earnings Teleconference Information AvidXchange will discuss its third quarter financial results during a teleconference today , November 16 , 2021 , at 5:00 PM ET . The conference call can be accessed by dialing 1-833-756-0859 ( domestic ) or 1-412-317-5749 ( international ) ( Access code : AvidXchange Holdings Inc. call ) . A replay of the