“Our first quarter 2022 revenues came in better than our forecast, driven by higher total payment volumes and higher transactions,” CFO Joel Wilhite said during the webcast. AvidXchange reported a loss of $25.1 million for the most recently ended period, down sharply from a loss of slightly more than $70 million a year ago. Revenue of $71.2 million was 29-percent higher than the $55.2 million reported in last year’s corresponding period. Software revenue reached $23.9 million, up 33.6 percent over a year ago. Payment revenue rose 65.3 percent to $46.5 million. Operating expenses roses to $63.7 million, an increase of 30.8 percent. Wilhite said expense growth stemmed from “headcount additions to support our growth initiatives, increased expenses in preparation of our transition to become a public company and the recognition of noncash stock-based compensation costs.”