Company Overview - AvidXchange Holdings, Inc. is a leading provider of accounts payable (AP) automation software and payment solutions specifically designed for middle market businesses and their suppliers [2] - The company offers a software-as-a-service-based, end-to-end platform that digitizes and automates AP workflows for over 8,000 businesses [2] - AvidXchange has facilitated payments to more than 1,200,000 supplier customers over the past five years [2] Upcoming Events - Members of AvidXchange's management team will participate in the Wolfe FinTech Forum 2024 in New York on March 13, 2024, at 8:45 AM ET [1] - A live webcast of the presentation will be available on the company's investor relations website, with a replay accessible for a limited time [1]

Core Viewpoint - AvidXchange Holdings, Inc. (NASDAQ:AVDX) maintains a Buy investment rating, with Q4 2023 performance and FY 2024 outlook exceeding analysts' expectations, indicating potential for stock re-rating as the company aims to achieve the Rule of 40 target next year [1][8]. Financial Performance - AvidXchange reported Q4 2023 revenue of $104.1 million, a 21% year-over-year increase, surpassing the consensus estimate of $98.6 million by 6% [3]. - The number of transactions processed grew by 6% year-over-year, from 18.0 million in Q4 2022 to 19.1 million in Q4 2023, while transaction yield increased by 14% year-over-year to $5.45 [3]. - The company achieved a positive non-GAAP adjusted EBITDA of $15.6 million in Q4 2023, a significant turnaround from a normalized EBITDA loss of $1.3 million in Q4 2022, and nearly double the market's consensus projection of $8.0 million [3][4]. 2024 Outlook - AvidXchange anticipates FY 2024 revenue in the range of $441-$447 million and EBITDA between $67 million and $71 million, representing year-over-year growth of 17% and 126%, respectively [4][5]. - The mid-point EBITDA guidance of $69 million exceeds the consensus estimate of $51 million by 35%, indicating potential for better-than-expected performance if macroeconomic conditions improve [5]. Rule of 40 Target - The company aims to achieve the Rule of 40 benchmark in 2025, with FY 2024 guidance suggesting an EBITDA margin of 16% and revenue growth of 17%, resulting in a combined score of 33% for 2024 [7][9]. - AvidXchange's management expressed confidence in reaching the Rule of 40 target by highlighting improvements in operating expenses due to scale economies [7]. Valuation Comparison - AvidXchange is currently trading at a lower EV/Revenue ratio compared to peers, despite having superior revenue growth and EBITDA margin metrics [8]. - The potential for future EBITDA beats and achieving the Rule of 40 benchmark are expected to drive a favorable re-rating of AvidXchange's shares [8].

van UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ________________ to ________________. Commission File Number: 001-40898 AvidXchange Holdings, Inc. (Exact name of registrant as specified in its charter) Delaw ...

Financial Data and Key Metrics Changes - The company achieved its first-ever revenue quarter exceeding $100 million, with Q4 2023 revenue at $104.1 million, a 20.8% increase year-over-year [6][31] - Adjusted EBITDA for Q4 2023 was $16.9 million, marking a significant improvement from a loss of approximately $1.3 million in Q4 2022 [39] - Gross profit increased by 34.8% to $67.3 million, resulting in a gross margin of 64.6% for Q4 2023, compared to 57.9% in Q4 2022 [36] Business Line Data and Key Metrics Changes - Software revenue rose by 10.1% to $29 million, accounting for 27.9% of total revenue, driven by a 6.1% increase in total transactions [34] - Payment revenue increased by 25.5% to $74.2 million, representing 71.3% of total revenue, with interest revenues contributing $13.7 million in Q4 2023 [35] - Transaction yield reached $5.45 in Q4 2023, up 13.8% from $4.79 in Q4 2022, primarily driven by pay and software yield expansion [33] Market Data and Key Metrics Changes - The total number of buyer customers increased by 8.1% to 8,000, while supplier customer count grew by 24% in 2023 [12][14] - Total payment volume approached $76 billion in 2023, reflecting an 11% year-over-year increase, with spend under management rising 7.4% to $230 billion [14][15] - The net transaction retention rate was 101%, despite macroeconomic pressures affecting discretionary spending [17] Company Strategy and Development Direction - The company aims to reach $1 billion in revenue in the coming years, focusing on a $40 billion addressable market opportunity [9] - Key strategic partnerships were established with AppFolio and M3 to enhance market penetration in the real estate and hospitality sectors [20][21] - The company plans to launch a new spend management platform in 2024, targeting non-invoice-based expenses to provide a comprehensive expense management solution [24][70] Management's Comments on Operating Environment and Future Outlook - Management acknowledged ongoing macroeconomic challenges but expressed confidence in the company's ability to navigate these conditions and achieve growth targets [41][75] - The guidance for 2024 anticipates total revenue between $441 million and $447 million, reflecting a cautious approach to political media revenue and the decommissioning of certain products [41][42] - The company expects to maintain adjusted EBITDA profitability in the range of $67 million to $71 million for 2024 [42] Other Important Information - The company ended 2023 with a strong balance sheet, including a net cash position of over $374 million [20] - The focus on cost efficiency and unit cost reduction initiatives led to a gross margin expansion of 540 basis points to 69.4% in 2023 [19] Q&A Session Summary Question: Can you comment on the macro pressure factored into the guidance? - Management indicated that the guidance contemplates continued macro conditions experienced in 2023, with no expected changes [44][45] Question: What is the assumption on political spend for 2024? - The guidance includes $9 million in political revenue, reflecting a cautious approach due to the unpredictability of political advertising cycles [46][47] Question: Can you discuss the growth in core payments and ePay? - Management noted strong growth driven by yield expansion and a shift towards digital payments, with ongoing efforts to reduce checks in the system [51][52] Question: What are the expectations for supplier growth and monetization? - Supplier growth was consistent with previous years, with a focus on increasing monetization through various payment modalities [61][63] Question: What is the outlook for the spend management product launch? - The spend management platform is expected to launch with initial customers in late 2024, aiming to capture a larger share of customer expenses [70][71]

Earnings Presentation Fourth Quarter 2023 February 28, 2024 Forward-Looking Statements 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," "outlook," "project," "estimate," "expect," "future," "likely," "m ...

Exhibit 99.1 avidxchange" AvidXchange Announces Fourth Quarter 2023 Financial Results • Transaction growth and solid yield expansion drive year over year fourth quarter 2023 revenue growth • Yield expansion coupled with lower unit cost fuel year over year fourth quarter 2023 gross margin expansion • The aforementioned combination & opex discipline materially reduce year over year fourth quarter 2023 loss from operations • Exiting 2023 with a strong balance sheet and a net cash position • 2024 business outlo ...

AvidXchange (AVDX) is slated to release its fourth-quarter 2023 results on Feb 28.For the fourth quarter, the Zacks Consensus Estimate for revenues is pegged at $98.64 million, suggesting an increase of 14.45% from the figure reported in the year-ago quarter.The consensus mark for earnings per share is pegged at breakeven, which has remained unchanged in the past 30 days.AvidXchange’s earnings beat the Zacks Consensus Estimate in all the trailing four quarters, the average surprise being 95.56%.Let’s see ho ...

Core Insights - AvidXchange Holdings, Inc. (AVDX) is expected to report break-even quarterly earnings per share, reflecting a year-over-year increase of 100% [1] - Anticipated revenues for the upcoming quarter are projected to be $98.64 million, representing a 14.5% increase compared to the same quarter last year [1] Revenue Estimates - Analysts forecast 'Revenues- Payment' to reach $68.62 million, indicating a year-over-year change of +16% [2] - 'Revenues- Software' is expected to be $29.18 million, showing a significant change of +78% from the year-ago quarter [2] Transaction Metrics - The average prediction for 'Transactions Processed' is 19,173.75 thousand, compared to 18,000 thousand in the previous year [3] - Analysts project 'Total Payment Volume' to reach $19.69 billion, up from $18.30 billion reported in the same quarter last year [3] Stock Performance - AvidXchange Holdings, Inc. shares have increased by +11.4% over the past month, outperforming the +5% move of the Zacks S&P 500 composite [3] - The company holds a Zacks Rank 3 (Hold), suggesting it is expected to mirror overall market performance in the near future [3]

AvidXchange Holdings, Inc. (AVDX) closed the most recent trading day at $12.13, moving -1.14% from the previous trading session. The stock's change was less than the S&P 500's daily loss of 0.6%. Meanwhile, the Dow experienced a drop of 0.17%, and the technology-dominated Nasdaq saw a decrease of 0.92%.Shares of the company witnessed a gain of 11.34% over the previous month, beating the performance of the Computer and Technology sector with its gain of 3.1% and the S&P 500's gain of 3.56%.The upcoming earni ...

AvidXchange Holdings, Inc. (AVDX) ended the recent trading session at $12.24, demonstrating a -0.24% swing from the preceding day's closing price. The stock fell short of the S&P 500, which registered a loss of 0.1% for the day. Elsewhere, the Dow gained 0.33%, while the tech-heavy Nasdaq lost 0.3%.Shares of the company have appreciated by 8.49% over the course of the past month, underperforming the Computer and Technology sector's gain of 11.35% and outperforming the S&P 500's gain of 5.78%.Analysts and in ...