AvidXchange Holdings, Inc. - AVDX STOCK NEWS

AvidXchange (AVDX) reported strong Q3 2024 financial results with total revenue reaching $112.8 million, up 14.3% year-over-year. The company achieved GAAP net income of $4.0 million, compared to a net loss of $(8.1) million in Q3 2023. Notable metrics include non-GAAP gross margin of 74.5% and adjusted EBITDA margin of 20.7%. The company processed 20.2 million transactions and handled $21.5 billion in payment volume. Based on strong performance, AvidXchange raised its 2024 outlook, projecting revenue of $437.0-$439.0 million and adjusted EBITDA of $78.0-$79.0 million.

AvidXchange (AVDX) announced winners of its inaugural Change Maker Awards, recognizing six AP professionals who drove innovative changes in their organizations. The winners implemented AvidXchange's AP automation solutions, achieving significant improvements including: cost savings ranging from $45,000 to $100,000 annually, reduced payment processing times, increased supplier satisfaction, and enhanced operational efficiency. Notable achievements include reducing invoice approval times by up to 30%, decreasing processing times from 14 to 5 days, and cutting administrative tasks from 40 to 10 hours weekly. Winners will be featured on the Nasdaq Tower and receive $1,000 donations to their chosen charities.

Insight Global, a leading professional services and staffing company, is bringing its Be the Light career event back to Charlotte on October 18, 2024. The event, powered by Avidxchange, will provide free career resources to local job seekers, including:

• One-on-one consultations with hiring experts
• Career readiness workshops
• Professional headshots
• Networking opportunities with local employers

The event aims to support underrepresented communities and break down barriers to career advancement. It will take place at the AvidXchange Silver Hammer Building from 9 a.m. to 4 p.m. Registration is encouraged as space is

AvidXchange Holdings, Inc. (Nasdaq: AVDX), a leading provider of accounts payable (AP) automation software and payment solutions for middle market businesses and their suppliers, has announced the timing of its third quarter 2024 financial results release and conference call. The company will release its financial results for the quarter ended September 30, 2024, on Wednesday, November 6, 2024.

A conference call to discuss the results will be held on the same day at 10:00 AM ET. The call will be broadcast live via webcast on the company's investor relations website. Following the call, a recorded replay will be available on the AvidXchange Investor Relations website for those unable to attend the live event.

AvidXchange's 2025 Trends Survey reveals top priorities for finance leaders in the coming year. Key findings from 500 middle market finance leaders highlight:

1. AI and ROI: 76% recognize AI's value, but 71% struggle with measuring ROI.
2. Security: The top concern, with over 75% experiencing or detecting cyberattacks in the past year.
3. Cloud Adoption: 76% view cloud-based technology as critical or favorable.
4. Evolving Finance Function: 87% report new responsibilities like data analytics and strategic advisory roles.

The survey emphasizes the need for employee training in AI, increased cybersecurity measures, and the growing importance of data-driven insights in business growth and operational efficiency.

AvidXchange, a leading AP automation software provider, has announced an exclusive strategic partnership with Workamajig, a top agency management software for the creative industry. This collaboration will make AvidXchange the exclusive, embedded provider of invoice automation solutions within Workamajig's platform, serving 3,500 customers.

The partnership aims to streamline AP processes, reduce costs, and free up employee time for strategic tasks. It will enable real-time updates and visibility between platforms, enhancing efficiency in managing project workflows from inquiry to final invoice. The integration supports flexibility, collaboration, and security in today's hybrid work environment, while also reducing fraud risks in AP processes.

AvidXchange Holdings, Inc. (Nasdaq: AVDX), a leading provider of AP automation software and payment solutions, has announced its participation in three upcoming investor conferences. The company will attend the Deutsche Bank 2024 Technology Conference on August 28 in Dana Point, CA, the Piper Sandler Growth Frontiers Conference on September 10 in Nashville, TN, and the Goldman Sachs Communacopia + Technology Conference on September 12 in San Francisco, CA.

Presentations at the Piper Sandler and Goldman Sachs conferences are scheduled for 5:00 PM ET and 11:50 AM ET, respectively. Live webcasts of these presentations will be available on the AvidXchange investor relations website, with replays accessible for a time.

AvidXchange Holdings, Inc. (Nasdaq: AVDX) has announced its first-ever share repurchase program, authorized by its board for up to $100 million of common shares. The program, effective immediately, allows repurchases in open market, private transactions, or through a Rule 10b5-1 plan. It's capped at $50 million per fiscal year and will end on December 31, 2025, or when the maximum amount is spent.

CEO Michael Praeger stated this move reflects confidence in the company's long-term growth, profitability, and cash flow prospects. It also demonstrates a disciplined capital allocation strategy aimed at driving returns and offsetting stock-based compensation dilution. The decision follows AvidXchange's acceleration towards adjusted EBITDA profitability and its first GAAP profit, driven by revenue growth and margin expansion.

AvidXchange (Nasdaq: AVDX) has launched the inaugural Change Maker Awards, recognizing individuals driving innovative change in the accounts payable (AP) industry. Nominations open from August 20 to September 30, 2024, with winners selected based on organizational impact or personal success in AP. The prize package includes a $1,000 charity donation, digital showcase on the Nasdaq Tower in Times Square, and a feature on AvidXchange's website.

Michael Praeger, Co-Founder, Chairman, and CEO of AvidXchange, emphasized the importance of showcasing innovative thinkers shaping the future of finance and AP. The awards are open to AvidXchange customers, who can self-nominate or be nominated by others through the company's website.