{ "docId": "019de515-e587-76fc-b05c-72362f3ac5cf", "docSlug": "7ce0541e52c002ec7d8d75d42e3231cf", "documentTitle": "AvidXchange | Investor Presentation Deck | 40 slides", "authorId": "avidxchange", "authorName": "AvidXchange", "documentKindSlug": "pitchdeck", "documentKindLabel": "Pitch deck", "sourceTypeSlug": "investor_relations", "sourceTypeLabel": "Investor relations", "presentationDate": "2023-06-01 00:00:00", "orientation": "landscape", "aspectRatio": 1.7777778, "pageNumber": 2, "pageCount": 40, "prevPage": 1, "nextPage": 3, "slideType": "disclaimer", "function": "appendix", "density": "dense", "nDataPoints": 0, "notes": null, "elementsJson": null, "metadataConfidence": 1, "imagePath": null, "slideHref": "/slides/019de515-e587-76fc-b05c-72362f3ac5cf/2", "deckHref": "/decks/019de515-e587-76fc-b05c-72362f3ac5cf", "deckJsonHref": "/decks/019de515-e587-76fc-b05c-72362f3ac5cf.json", "deckAnchorHref": "/decks/019de515-e587-76fc-b05c-72362f3ac5cf#slide-2", "components": [ { "bbox": { "h": 0.5, "w": 0.88, "x": 0.08, "y": 0.43 }, "kind": "disclaimer", "text": "To supplement the financial measures presented, in accordance with generally accepted accounting principles in the United States (\"GAAP\"), we also present the following non-GAAP measures of financial performance: Non-GAAP Gross Profit and Adjusted EBITDA.\nA \"non-GAAP financial measure\" refers to a numerical measure of our historical or future financial performance or financial position that is included in (or excluded from) the most directly comparable measure calculated and presented in accordance with GAAP in our financial statements. We provide certain non-GAAP measures as additional information relating to our operating results as a complement to results provided in accordance with GAAP. The non-GAAP financial information presented herein should be considered in conjunction with, and not as a substitute for or superior to, the financial information presented in accordance with GAAP and should not be considered a measure of liquidity. There are significant limitations associated with the use of non-GAAP financial measures. Further, these measures may differ from the non-GAAP information, even where similarly titled, used by other companies and therefore should not be used to compare our performance to that of other companies.\nWe have presented Non-GAAP Gross Profit, Adjusted EBITDA, and Non-GAAP Net Loss in this presentation. We define Non-GAAP Gross Profit as revenue less cost of revenue excluding the portion of depreciation and amortization and stock-based compensation expense allocated to cost of revenues. We define Adjusted EBITDA as our net loss before depreciation and amortization, impairment and write-off of intangible assets, interest income and expense, income tax expense (benefit), stock-based compensation expense, transaction and acquisition-related costs expensed, change in fair value of derivative instrument, non-recurring items not indicative of ongoing operations, and charitable contributions of common stock. We define Non-GAAP Net Loss as net loss before amortization of acquired intangible assets, impairment and write-off of intangible assets, stock-based compensation expense, transaction and acquisition-related costs expensed, change in fair value of derivative instrument, non-recurring items not indicative of ongoing operations, acquisition-related effects on income tax, and charitable contributions of common stock. Non-GAAP income tax expense is calculated using our blended statutory rate except in periods of non-GAAP net loss when it is based on our GAAP income tax expense. In each case, non-GAAP income tax expense excludes the effects of acquisitions in the period on tax expense.\nIn the quarter ended March 31, 2023, we revised our definition for Non-GAAP Net Loss to include tax expense adjusted for acquisition-related effects on income tax. This change did not materially change Non-GAAP Net Loss reported in previous periods. The Non-GAAP Net Loss reported for the quarter ended March 31, 2022 has been revised to reflect the new definition.\nWe believe the use of non-GAAP financial measures, as a supplement to GAAP measures, is useful to investors in that they eliminate items that are either not part of our core operations or do not require a cash outlay, such as stock-based compensation expense. Management uses these non-GAAP financial measures when evaluating operating performance and for internal planning and forecasting purposes. We believe that these non-GAAP financial measures help indicate underlying trends in the business, are important in comparing current results with prior periods and in anticipating future performance.", "attrs": {}, "subkind": null, "toolName": null, "toolSlug": null, "confidence": null, "componentId": "e41e823e-df02-4dea-979b-660e89fba85f", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.35, "w": 0.88, "x": 0.08, "y": 0.07 }, "kind": "disclaimer", "text": "This presentation may contain \"forward-looking statements\" within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. In this context, forward-looking statements generally relate to future events or our future financial or operating performance and often contain words such as: \"anticipate,\" \"intend,\" \"plan,\" \"goal,\" \"seek,\" \"believe,\" \"project,\" \"estimate,\" \"expect,\" \"future,\" \"likely,\" \"may,\" \"should,\" \"will\" and similar words and phrases indicating future results. The information presented in this presentation related to our expectations of future performance, including guidance for our revenue and adjusted EBITDA for the full year 2023 as well as medium and long term goals, statements related to the significance of our string of quarterly results having beaten expectations, the agility of our organizational structure, our response to the cyber security incident in April 2023 and its impact on our future results, the speed of digital transformation in our addressable markets, the acceleration of our path to breakeven, and other statements that are not purely statements of historical fact, are forward-looking in nature. These forward-looking statements are made on the basis of management's current expectations, assumptions, estimates and projections and are subject to significant risks and uncertainties that could cause actual results to differ materially from those anticipated in such forward-looking statements. We therefore cannot guarantee future results, performance or achievements.\nFactors which could cause actual results or effects to differ materially from those reflected in forward-looking statements include, but are not limited to, 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, Quarterly Report on Form 10-Q to be filed for the period ended March 31, 2023, and other documents filed with the SEC, which may be obtained on the investor relations section of our website (https://ir.avidxchange.com/) and on the SEC website at www.sec.gov. Any forward-looking statements made by us in this presentation 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.", "attrs": {}, "subkind": null, "toolName": null, "toolSlug": null, "confidence": null, "componentId": "f60a442b-0334-48b3-b117-956c697f4dbd", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.04, "w": 0.11, "x": 0.85, "y": 0.91 }, "kind": "image", "text": "avidxchange", "attrs": {}, "subkind": "logo", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "0ca5548b-4631-402e-8ed7-606b0b94bea1", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.03, "w": 0.23, "x": 0.08, "y": 0.03 }, "kind": "title", "text": "Disclaimer", "attrs": {}, "subkind": "headline", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "ea2133d3-adad-4c5a-96cb-95ad48589f69", "frameworkName": null, "frameworkSlug": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [], "loops": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }