AvidXchange Announces Third Quarter 2021 Financial Results
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 | |||
| Revenue | $244.5M – $245.5M | ||
| Adjusted EBITDA(1) | $(30.1)M – $(28.1)M |
(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 conference call will be available through November 23, 2021 at 1-877-344-7529 (domestic) or 1-412-317-0088 (international). The replay passcode is 10160829. The call will also be broadcast simultaneously via webcast at https://ir.avidxchange.com/. Following the completion of the call, a recorded replay of the webcast will be available on AvidXchange’s website. In addition to the conference call, supplemental information is available on the Investor Relations section of AvidXchange’s website at https://ir.avidxchange.com/.
About AvidXchange™
AvidXchange is a leading provider of accounts payable (“AP”) automation software and payment solutions for middle market businesses and their suppliers. AvidXchange’s software-as-a-service-based, end-to-end software and payment platform digitizes and automates the AP workflows for more than 7,000 businesses and it has made payments to more than 700,000 supplier customers of its buyers over the past five years. To learn more about how AvidXchange is transforming the way companies pay their bills, visit www.AvidXchange.com.
Forward-Looking Statements
This press release 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 press release related to our expectations of future performance, including guidance for our revenue and adjusted EBITDA for the full year 2021, as well as 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.
Factors 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 in registration statements and periodic reports we file with the SEC, including our prospectus as filed with the SEC pursuant to Rule 424(b)(4) on October 14, 2021 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 press release 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.
Non-GAAP Measures and Other Performance Metrics
To supplement the financial measures presented in our press release and related conference call 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, Adjusted EBITDA, Non-GAAP Net Loss, and Free Cash Flow.
A “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.
We have presented Non-GAAP Gross Profit, Adjusted EBITDA, Non-GAAP Net Loss, and Free Cash Flow in this press release. We define Non-GAAP Gross Profit as revenue less cost of revenue excluding the portion of depreciation and amortization expense and stock-based compensation expense allocated to our cost of revenues. We define adjusted EBITDA as our net loss before depreciation and amortization of property and equipment, amortization of software development costs, amortization of acquired intangible assets, impairment and write-off of intangible assets, interest income and expense, income tax expense, stock-based compensation expense, transaction and acquisition-related costs expensed, and non-recurring items not indicative of ongoing operations of our business. 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, and non-recurring items not indicative of ongoing operations of our business. We define Free Cash Flow as cash flow from (used) in operating activities less purchase of plant, property and equipment and capitalization of internal-use software costs.
We 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 period results, and are useful to investors and financial analysts in assessing operating performance.
We define transactions processed as the number of invoice transactions and payment transactions, such as invoices, purchase orders, checks, ACH payments and VCCs, processed through our platform during a particular period. We believe that transactions processed is an important measure of our business because it is a key indicator of the use by both buyers and suppliers of our solutions and our ability to generate revenue, since a majority of our revenue is generated based on transactions processed.
We define total payment volume as the dollar sum of buyers’ AP payments paid to their suppliers through the AvidPay Network during a particular period. We believe total payment volume is an important measure of our AvidPay Network business as it quantifies the demand for our payment services.
We define transaction yield as the total revenue during a particular period divided by the total transactions processed during such period. We believe that transaction yield is an important measure of the value of solutions to buyers and suppliers as we scale.
Contacts:
Media Contact:
Olivia Sorrells
[email protected]
704.615.7603
Investor Contact:
[email protected]
| AvidXchange Holdings, Inc. Unaudited Consolidated Statements of Operations (in thousands, except share and per share data) |
||||||||||||||||
| Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
| 2021 | 2020 | 2021 | 2020 | |||||||||||||
| Revenues | $ | 65,176 | $ | 47,600 | $ | 179,144 | $ | 133,065 | ||||||||
| Cost of revenues (exclusive of depreciation and amortization expense) | 25,792 | 20,972 | 71,343 | 61,638 | ||||||||||||
| Operating expenses | ||||||||||||||||
| Sales and marketing | 16,118 | 11,763 | 44,176 | 35,279 | ||||||||||||
| Research and development | 15,672 | 11,055 | 43,225 | 32,156 | ||||||||||||
| General and administrative | 15,564 | 10,357 | 45,498 | 30,813 | ||||||||||||
| Impairment and write-off of intangible assets | – | – | 574 | 924 | ||||||||||||
| Depreciation and amortization | 8,164 | 6,953 | 22,334 | 20,733 | ||||||||||||
| Total operating expenses | 55,518 | 40,128 | 155,807 | 119,905 | ||||||||||||
| Loss from operations | (16,134 | ) | (13,500 | ) | (48,006 | ) | (48,478 | ) | ||||||||
| Other income (expense) | ||||||||||||||||
| Interest income | 35 | 613 | 332 | 1,590 | ||||||||||||
| Interest expense | (4,874 | ) | (5,039 | ) | (14,985 | ) | (15,016 | ) | ||||||||
| Change in fair value of derivative instrument | (14,552 | ) | – | (14,690 | ) | (6,545 | ) | |||||||||
| Charge for amending financing advisory engagement letter – related party | – | – | (50,000 | ) | – | |||||||||||
| Other expenses | (19,391 | ) | (4,426 | ) | (79,343 | ) | (19,971 | ) | ||||||||
| Loss before income taxes | (35,525 | ) | (17,926 | ) | (127,349 | ) | (68,449 | ) | ||||||||
| Income tax expense | 2 | 58 | 203 | 175 | ||||||||||||
| Net loss | $ | (35,527 | ) | $ | (17,984 | ) | $ | (127,552 | ) | $ | (68,624 | ) | ||||
| Accretion of convertible preferred stock | (5,012 | ) | (5,577 | ) | (14,417 | ) | (15,996 | ) | ||||||||
| Net loss attributable to common stockholders | $ | (40,539 | ) | $ | (23,561 | ) | $ | (141,969 | ) | $ | (84,620 | ) | ||||
| Net loss per share attributable to common stockholders, basic and diluted | $ | (0.71 | ) | $ | (0.42 | ) | $ | (2.60 | ) | $ | (1.73 | ) | ||||
| Weighted average number of common shares used to compute net loss per share attributable to common stockholders, basic and diluted | 57,174,627 | 55,721,646 | 54,617,200 | 48,855,189 | ||||||||||||
| AvidXchange Holdings, Inc. Unaudited Consolidated Balance Sheets (in thousands, except share and per share data) |
||||||||
| As of September 30, | As of December 31, | |||||||
| 2021 | 2020 | |||||||
| Assets | ||||||||
| Current assets | ||||||||
| Cash and cash equivalents | $ | 150,944 | $ | 252,458 | ||||
| Restricted funds held for customers | 870,773 | 137,620 | ||||||
| Accounts receivable, net of allowances of $1,907 and $1,769, respectively | 30,135 | 24,757 | ||||||
| Supplier advances receivable, net of allowances of $808 and $1,099, respectively | 11,551 | 8,855 | ||||||
| Prepaid expenses and other current assets | 13,042 | 8,626 | ||||||
| Total current assets | 1,076,445 | 432,316 | ||||||
| Property and equipment, net | 83,152 | 86,872 | ||||||
| Operating lease right-of-use assets | 3,467 | 3,139 | ||||||
| Deferred customer origination costs, net | 26,309 | 24,124 | ||||||
| Goodwill | 160,987 | 105,696 | ||||||
| Intangible assets, net | 103,753 | 72,442 | ||||||
| Other noncurrent assets and deposits | 4,534 | 1,922 | ||||||
| Total assets | $ | 1,458,647 | $ | 726,511 | ||||
| Liabilities, Convertible Preferred Stock and Stockholders’ Deficit | ||||||||
| Current liabilities | ||||||||
| Accounts payable | $ | 17,204 | $ | 25,418 | ||||
| Accrued expenses | 59,573 | 40,472 | ||||||
| Payment service obligations | 870,773 | 137,620 | ||||||
| Deferred revenue | 8,872 | 6,309 | ||||||
| Current portion of contingent consideration | 950 | – | ||||||
| Current maturities of lease obligations under finance leases | 815 | 1,092 | ||||||
| Current maturities of lease obligations under operating leases | 1,037 | 1,147 | ||||||
| Current maturities of long-term debt | 1,000 | 1,000 | ||||||
| Total current liabilities | 960,224 | 213,058 | ||||||
| Long-term liabilities | ||||||||
| Deferred revenue, less current | 12,899 | 1,661 | ||||||
| Contingent consideration, less current portion | 70 | – | ||||||
| Obligations under finance leases, less current maturities | 73,383 | 73,139 | ||||||
| Obligations under operating leases, less current maturities | 3,708 | 3,750 | ||||||
| Long-term debt | 101,682 | 98,446 | ||||||
| Other long-term liabilities | 29,553 | 14,939 | ||||||
| Total liabilities | 1,181,519 | 404,993 | ||||||
| Commitments and contingencies | ||||||||
| Convertible preferred stock, $0.001 par value; 40,472,166 shares authorized as of September 30, 2021 and December 31, 2020; 30,081,996 shares issued and outstanding as of September 30, 2021 and December 31, 2020; and liquidation preference of $884,842 as of September 30, 2021 and December 31, 2020 |
847,042 | 832,625 | ||||||
| Stockholders’ deficit | ||||||||
| Common stock, $0.001 par value; 340,000,000 shares authorized as of September 30, 2021 and 240,000,000 shares authorized as of December 31, 2020; 57,600,488 shares issued and outstanding as of September 30, 2021 and 50,054,880 shares issued and outstanding as of December 31, 2020 |
58 | 50 | ||||||
| Additional paid-in capital | 229,853 | 161,116 | ||||||
| Accumulated deficit | (799,825 | ) | (672,273 | ) | ||||
| Total stockholders’ deficit | (569,914 | ) | (511,107 | ) | ||||
| Total liabilities, convertible preferred stock and stockholders’ deficit | $ | 1,458,647 | $ | 726,511 | ||||
| AvidXchange Holdings, Inc. Unaudited Consolidated Statements of Cash Flows (in thousands) |
||||||||
| Nine Months Ended September 30, | ||||||||
| 2021 | 2020 | |||||||
| Cash flows from operating activities | ||||||||
| Net loss | $ | (127,552 | ) | $ | (68,624 | ) | ||
| Adjustments to reconcile net loss to net cash used by operating activities | ||||||||
| Depreciation and amortization expense | 22,334 | 20,733 | ||||||
| Amortization of deferred financing costs | 1,018 | 843 | ||||||
| Provision for doubtful accounts | 1,075 | 802 | ||||||
| Stock-based compensation | 3,109 | 852 | ||||||
| Fair value adjustment of contingent consideration | 140 | – | ||||||
| Warrants vested in connection with consulting services | – | 101 | ||||||
| Accrued interest | 811 | 889 | ||||||
| Impairment on intangible and right-of-use assets | 574 | 997 | ||||||
| Loss on fixed asset disposal | 3 | 3 | ||||||
| Noncash expense on contract modification – related party | 50,000 | – | ||||||
| Fair value adjustment to derivative instrument | 14,690 | 6,545 | ||||||
| Deferred income taxes | 162 | 136 | ||||||
| Changes in operating assets and liabilities | ||||||||
| Accounts receivable | (3,730 | ) | (2,587 | ) | ||||
| Prepaid expenses and other current assets | (4,254 | ) | (230 | ) | ||||
| Other noncurrent assets | (2,593 | ) | 349 | |||||
| Deferred customer origination costs | (2,185 | ) | (2,558 | ) | ||||
| Accounts payable | (11,640 | ) | 2,039 | |||||
| Deferred revenue | 13,801 | 432 | ||||||
| Accrued expenses and other liabilities | 3,401 | 8,416 | ||||||
| Operating lease liabilities | (479 | ) | (718 | ) | ||||
| Total adjustments | 86,237 | 37,044 | ||||||
| Net cash used in operating activities | (41,315 | ) | (31,580 | ) | ||||
| Cash flows from investing activities | ||||||||
| Purchases of equipment | (939 | ) | (653 | ) | ||||
| Purchases of land | – | 25 | ||||||
| Purchases of intangible assets | (12,582 | ) | (7,959 | ) | ||||
| Proceeds from sales of property and equipment | 5 | – | ||||||
| Acquisition of business, net of cash acquired | (45,963 | ) | – | |||||
| Contingent consideration and deferred obligation payments near acquisition date | (1,292 | ) | – | |||||
| Supplier advances, net | (3,467 | ) | (1,883 | ) | ||||
| Net cash used in investing activities | (64,238 | ) | (10,470 | ) | ||||
| Cash flows from financing activities | ||||||||
| Proceeds from the issuance of long-term debt | 2,288 | 3,328 | ||||||
| Principal payments on finance leases | (872 | ) | (1,258 | ) | ||||
| Proceeds from issuance of preferred and common stock | 2,623 | 321,748 | ||||||
| Transaction costs related to issuance of stock | – | (1,327 | ) | |||||
| Transaction costs related to issuance of stock – related party | – | (19,227 | ) | |||||
| Payment service obligations | 733,153 | 34,157 | ||||||
| Net cash provided by financing activities | 737,192 | 337,421 | ||||||
| Net increase in cash, cash equivalents, and restricted funds held for customers | 631,639 | 295,371 | ||||||
| Cash, cash equivalents, and restricted funds held for customers | ||||||||
| Cash, cash equivalents, and restricted funds held for customers, beginning of year | 390,078 | 276,973 | ||||||
| Cash, cash equivalents, and restricted funds held for customers, end of period | $ | 1,021,717 | $ | 572,344 | ||||
| Supplementary information of noncash investing and financing activities | ||||||||
| Right-of-use assets obtained in exchange for new finance lease obligations | $ | 174 | $ | 469 | ||||
| Right-of-use assets obtained in exchange for new operating lease obligations | 877 | 163 | ||||||
| Common stock issued in business combination | 31,000 | – | ||||||
| Common stock issued as contingent consideration | 500 | – | ||||||
| Initial fair value of contingent consideration and deferred payment obligation at acquisition date | 2,672 | – | ||||||
| Property and equipment purchases in accounts payable and accrued expenses | 93 | – | ||||||
| Interest paid on notes payable | 7,619 | 7,929 | ||||||
| Interest paid on finance leases | 5,537 | 5,355 | ||||||
| Options issued in connection with bonus compensation | 48 | – | ||||||
| AvidXchange Holdings, Inc. Unaudited Reconciliation of GAAP to Non-GAAP Measures (in thousands) |
||||||||||||||||
| Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
| 2021 | 2020 | 2021 | 2020 | |||||||||||||
| Reconciliation from Revenue to Non-GAAP Gross Profit and Non-GAAP Gross Margin: |
||||||||||||||||
| Total revenues | $ | 65,176 | $ | 47,600 | $ | 179,144 | $ | 133,065 | ||||||||
| Expenses: | ||||||||||||||||
| Cost of revenues (exclusive of depreciation and amortization expense) | (25,792 | ) | (20,972 | ) | (71,343 | ) | (61,638 | ) | ||||||||
| Depreciation and amortization expense | (5,068 | ) | (4,244 | ) | (14,171 | ) | (12,564 | ) | ||||||||
| GAAP Gross profit | $ | 34,316 | $ | 22,384 | $ | 93,630 | $ | 58,863 | ||||||||
| Adjustments: | ||||||||||||||||
| Stock-based compensation expense | 90 | 49 | 230 | 126 | ||||||||||||
| Depreciation and amortization expense | 5,068 | 4,244 | 14,171 | 12,564 | ||||||||||||
| Non-GAAP gross profit | $ | 39,474 | $ | 26,677 | $ | 108,031 | $ | 71,553 | ||||||||
| GAAP Gross margin | 52.7 | % | 47.0 | % | 52.3 | % | 44.2 | % | ||||||||
| Non-GAAP gross margin | 60.6 | % | 56.0 | % | 60.3 | % | 53.8 | % | ||||||||
| Reconciliation from Net Loss to Non-GAAP Net Loss: | ||||||||||||||||
| Net loss | $ | (35,527 | ) | $ | (17,984 | ) | $ | (127,552 | ) | $ | (68,624 | ) | ||||
| Amortization of acquired intangible assets | 3,675 | 2,664 | 9,181 | 8,135 | ||||||||||||
| Impairment and write-off of intangible assets | – | – | 574 | 924 | ||||||||||||
| Provision for income taxes | 2 | 58 | 203 | 175 | ||||||||||||
| Stock-based compensation expense | 1,157 | 279 | 3,109 | 852 | ||||||||||||
| Transaction and acquisition-related costs | 662 | 86 | 3,708 | 185 | ||||||||||||
| Change in fair value of derivative instrument | 14,552 | – | 14,690 | 6,545 | ||||||||||||
| Non-recurring items not indicative of ongoing operations | 174 | 24 | 50,224 | 76 | ||||||||||||
| Total net adjustments | 20,222 | 3,111 | 81,689 | 16,892 | ||||||||||||
| Non-GAAP net loss | $ | (15,305 | ) | $ | (14,873 | ) | $ | (45,863 | ) | $ | (51,732 | ) | ||||
| Reconciliation from Net Loss to Adjusted EBITDA: | ||||||||||||||||
| Net loss | $ | (35,527 | ) | $ | (17,984 | ) | $ | (127,552 | ) | $ | (68,624 | ) | ||||
| Depreciation and amortization | 8,164 | 6,953 | 22,334 | 20,733 | ||||||||||||
| Impairment and write-off of intangible assets | – | – | 574 | 924 | ||||||||||||
| Interest income | (35 | ) | (613 | ) | (332 | ) | (1,590 | ) | ||||||||
| Interest expense | 4,874 | 5,039 | 14,985 | 15,016 | ||||||||||||
| Provision for income taxes | 2 | 58 | 203 | 175 | ||||||||||||
| Stock-based compensation expense | 1,157 | 279 | 3,109 | 852 | ||||||||||||
| Transaction and acquisition-related costs | 662 | 86 | 3,708 | 185 | ||||||||||||
| Change in fair value of derivative instrument | 14,552 | – | 14,690 | 6,545 | ||||||||||||
| Non-recurring items not indicative of ongoing operations | 174 | 24 | 50,224 | 76 | ||||||||||||
| Adjusted EBITDA | $ | (5,977 | ) | $ | (6,158 | ) | $ | (18,057 | ) | $ | (25,708 | ) | ||||
| Reconciliation of Cash Used in Operating Activities to Free Cash Flow: | ||||||||||||||||
| Net cash used in operating activities | $ | (222 | ) | $ | (4,964 | ) | $ | (41,315 | ) | $ | (31,580 | ) | ||||
| Purchases of property and equipment | (595 | ) | (86 | ) | (939 | ) | (653 | ) | ||||||||
| Capitalization of internal-use software costs | (4,504 | ) | (2,810 | ) | (12,582 | ) | (7,959 | ) | ||||||||
| Free Cash Flow | $ | (5,321 | ) | $ | (7,860 | ) | $ | (54,836 | ) | $ | (40,192 | ) | ||||
