Avidxchange Holdings, Inc. Stock Price, News & Analysis

AvidXchange Holdings, Inc. (Nasdaq: AVDX) has announced strategic growth in the Homeowners Association (HOA) sector by appointing Michael Pizzico as Vice President. He will oversee sales performance, strategy, and revenue opportunities within this new business line. CEO Michael Praeger emphasized AvidXchange's commitment to understanding the unique challenges faced by middle-market businesses. With over 8,000 clients and a strong supplier network, AvidXchange seeks to enhance its AP automation solutions in the HOA industry.

AvidXchange, a provider of accounts payable automation software, announced the completion of the first stage of a Wi-Fi infrastructure project in Charlotte, N.C. This initiative, in partnership with the City of Charlotte and Tech Rising, offers free high-speed internet access to residents, enhancing digital equity in local communities. A gigabit fiber connection was established to facilitate this access, with plans for future expansions. AvidXchange will also host the Tech Rising Summit on April 6, 2022, focusing on digital equity and providing grants for technology education.

AvidXchange Holdings (AVDX) issued a correction regarding share ownership data provided to institutional investors. The company clarified that Mastercard Investment Holdings reported no change in its stake, contrary to previous reports indicating a reduction as of December 31, 2021. Additionally, AvidXchange confirmed that affiliate shares held by Steve McLaughlin also remained unchanged as of October 13, 2021. This correction aims to provide accurate shareholder information, crucial for institutional investors and market stability.

AvidXchange Holdings, Inc. (AVDX) reported strong financial results for Q4 2021, with total revenue of $69.3 million, up 31% year-over-year. They achieved full-year revenue of $248.4 million, reflecting a 33.6% increase from 2020. Despite a GAAP net loss of $(72.1) million in Q4 and $(199.6) million for the year, the company noted improvements in gross profit margins. For 2022, AvidXchange projects revenue between $296.5 million and $301.5 million, alongside an adjusted EBITDA loss of $(42.0) million to $(48.0) million, indicating ongoing investments in growth.

CHARLOTTE, N.C., Feb. 25, 2022 (GLOBE NEWSWIRE) -- AvidXchange Holdings, a leader in accounts payable automation, announced upcoming presentations at the Wolfe FinTech Forum and KeyBanc’s 17th Annual Emerging Tech Conference. The management team will present virtually at the Wolfe Conference on March 8, 2022, at 1:40 PM ET, and at the KeyBanc Conference on March 9, 2022, at 2:30 PM ET. Live webcasts will be available on their investor relations website, along with replays for a limited time.

AvidXchange Holdings (Nasdaq: AVDX) reported positive trends in its fifth Middle Market Spending Trends report, highlighting a recovery in the Retail Trade and Professional Services sectors, returning to pre-pandemic spending levels. The Transportation and Warehousing industry experienced the highest quarterly spending growth due to rising gas prices and increased demand for warehouse spaces. However, the Construction sector continued to decline for the third consecutive quarter, affected by labor shortages and supply chain disruptions.

AvidXchange Holdings, a top provider of accounts payable automation software, will release its Q4 and full year 2021 financial results on March 7, 2022, after market close. A conference call to discuss the results is scheduled for 5:00 PM ET that day, with a live webcast available for investors.

Over the past five years, AvidXchange has facilitated payments for over 700,000 suppliers, serving more than 7,000 businesses. Investors can access call replays on the company's Investor Relations website.

AvidXchange Holdings (Nasdaq: AVDX) has announced the integration of Sage 100 Contractor with AvidPay via the TimberScan Titanium platform. This new capability enables professionals in the construction industry to streamline their accounts payable processes, enhancing efficiency by automating purchase order matching and invoice approvals. The integration aims to reduce manual processing and improve vendor payment security, which is essential for contractors managing financial operations amidst ongoing project demands and recovery planning.

AvidXchange, a leading provider of accounts payable automation solutions, announced the launch of FastPay Political+ on January 20, 2022. This enhanced platform aims to streamline the media buying and selling process for political agencies amidst a projected $9 billion advertising spend during the historic 2022 mid-term elections. Key features include direct media buying system integration, automated check mailing within the U.S., and upgraded virtual commercial card management tools. AvidXchange supports over 7,000 businesses and has made payments to over 700,000 suppliers in the past five years.