Avidxchange Holdings, Inc. Stock Price, News & Analysis

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.

AvidXchange Holdings, Inc. (Nasdaq: AVDX), a leading provider of AP automation software and payment solutions for middle market businesses, has announced its participation in three upcoming investor conferences:

1. KeyBanc Technology Leadership Forum on August 5, 2024, with a presentation at 9:00 AM MT.
2. SIG Get Carded: A Payments & Internet Finance Conference on August 13, 2024.
3. Seaport Financials and Fintech Conference on August 15, 2024.

A live webcast of the KeyBanc presentation will be available on the AvidXchange investor relations website, with a replay accessible for a time. These conferences provide opportunities for AvidXchange to showcase its technology and engage with investors in the fintech sector.

AvidXchange Holdings, Inc. (Nasdaq: AVDX) reported its Q2 2024 financial results, marking a milestone with GAAP net income profitability. Key highlights include:

- Total revenue of $105.1 million, up 15.3% year-over-year
- GAAP net income of $0.4 million, compared to a loss of $18.8 million in Q2 2023
- Non-GAAP net income of $10.7 million
- Adjusted EBITDA of $17.5 million, up from $3.0 million in Q2 2023

The company processed 19.7 million transactions and $20.6 billion in payment volume. AvidXchange updated its 2024 outlook, projecting revenue between $436.0 - $439.0 million and adjusted EBITDA of $73.0 - $75.0 million.

AvidXchange, a leading provider of accounts payable automation software and payment solutions for middle market businesses, will release its second quarter 2024 financial results on July 31, 2024. The financial results will cover the quarter ended June 30, 2024. A conference call to discuss these results will take place at 10:00 AM ET on the same day. The call will be broadcast live via a webcast available on the AvidXchange Investor Relations website. A recorded replay of the call will also be accessible post-event on the same platform.

AvidXchange Holdings (NASDAQ: AVDX), a leader in AP automation software and payment solutions, announced participation in upcoming investor conferences. The events include:

1. Baird 2024 Global Consumer, Technology & Services Conference on June 6, 2024, at 12:15 PM ET.

2. Morgan Stanley US Financials, Payments & CRE Conference on June 10, 2024, at 10:15 AM ET, with a live webcast available on the AvidXchange investor relations website.

3. BMO Virtual Software Conference on June 11, 2024, at 10:00 AM ET, with replays available for a time.

AvidXchange (Nasdaq: AVDX) has announced a strategic partnership with MIP Fund Accounting by Community Brands. This partnership includes a new invoice-to-pay API integration aimed at streamlining financial processes for nonprofits and government organizations. MIP, a cloud-based SaaS fund accounting solution, will now offer AvidXchange's AP automation tool to its 6,000 customers. The integration will sync GL codes, vendor lists, invoices, and payments, reducing manual tasks and increasing efficiency. It also provides enhanced security and real-time data insights. This collaboration aims to give organizations more time to focus on their missions.

AvidXchange Holdings (Nasdaq: AVDX), a leader in accounts payable automation and payment solutions for middle-market businesses, announced its participation in two upcoming investor conferences. The company will present at the Barclays 14th Annual Emerging Payments and FinTech Forum on May 16, 2024, at 1:50 PM ET, and at the J.P. Morgan 52nd Annual Global Technology, Media & Communications Conference on May 20, 2024, also at 1:50 PM ET. Both presentations will be webcast live and made available on AvidXchange's investor relations website for a time.

AvidXchange Holdings, Inc. (AVDX) reported strong Q1'24 financial results with revenue up 21.6% YoY to $105.6 million and adjusted EBITDA at $17.7 million. The company reduced operating losses, sustained a solid balance sheet with $443.6 million in cash and securities, and provided a positive outlook for 2024. AVDX remains confident in its growth prospects amidst macroeconomic uncertainty.