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AVIDXCHANGE EXPECTS STRONG GROWTH Featured

 AvidXchange expects double digit revenue growth will continue this year. The payments software company recently issued guidance stating revenue for 20202 will range from $296.4 million to $301.5 million.

That represents growth ranging from 19.4 percent to 21.4 percent. That compares to a 33-percent year-over-year increase to $248.4 million for the most recently ended year, compared to $185.9 million for 2020. Notably, 2021 revenue was almost $100 million higher than the $149.6 million for 2019. During the recent earnings webcast, CEO Michael Praeger said revenue growth last year was driven primarily by increased transactions. The bottom line was affected significantly by some uncommon items so operating loss is a lot more reflective of performance and that rose to $107.7 million for the most recently ended year, an increase of 44.8 million from slightly more than $75 million the prior year. AvidXchange lost $199.6 million for 2021, an increase of 97 percent from $201.2 million for 2020.  The loss reflected a $20-million drop in the fair value of a derivative instrument and $50 million negative that stemmed from a charge for amending a financing advisory engagement with a related party and a $20-million interest expense—basically related to continent payments to employees of acquired companies who now work for AvidXchange.

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