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 ...

The most recent trading session ended with AvidXchange Holdings, Inc. (AVDX) standing at $11.28, reflecting a -0.35% shift from the previouse trading day's closing. The stock's performance was behind the S&P 500's daily loss of 0.32%. At the same time, the Dow lost 0.71%, and the tech-heavy Nasdaq lost 0.2%.Prior to today's trading, shares of the company had gained 0.09% over the past month. This has lagged the Computer and Technology sector's gain of 9.33% and the S&P 500's gain of 4.59% in that time.Analy ...

AvidXchange Holdings, Inc. (AVDX) closed at $11.26 in the latest trading session, marking a -1.57% move from the prior day. The stock fell short of the S&P 500, which registered a loss of 0.06% for the day. Elsewhere, the Dow gained 0.35%, while the tech-heavy Nasdaq lost 0.76%.Shares of the company have depreciated by 7.67% over the course of the past month, underperforming the Computer and Technology sector's gain of 6.36% and the S&P 500's gain of 3.36%.Investors will be eagerly watching for the performa ...

MSCI Inc.'s (MSCI) fourth-quarter 2023 adjusted earnings of $3.68 per share beat the Zacks Consensus Estimate by 11.85% and jumped 29.6% year over year.Revenues increased 19.8% year over year to $690.1 million and beat the consensus mark by 5.04%. Organic revenues increased 14.7% year over year.Recurring subscriptions of $505.4 million increased 16.8% year over year and accounted for 73.2% of revenues.Asset-based fees of $145.1 million increased 15.9% year over year and contributed 21% of revenues.Non-recur ...

The latest trading session saw AvidXchange Holdings, Inc. (AVDX) ending at $11.09, denoting a +0.64% adjustment from its last day's close. The stock's change was more than the S&P 500's daily gain of 0.29%. Elsewhere, the Dow saw a downswing of 0.25%, while the tech-heavy Nasdaq appreciated by 0.43%.The the stock of company has fallen by 10.55% in the past month, lagging the Computer and Technology sector's gain of 3.67% and the S&P 500's gain of 2.08%.Analysts and investors alike will be keeping a close ey ...

Group 1 - AvidXchange Holdings, Inc. will release its fourth quarter 2023 financial results on February 28, 2024 [1] - A conference call to discuss the financial results will be held at 10:00 AM ET on the same day [1] - The call will be available via live webcast and a recorded replay will be accessible afterward [1] Group 2 - AvidXchange is a leading provider of accounts payable automation software and payment solutions for middle market businesses [2] - The company's software-as-a-service platform automates AP workflows for over 8,800 businesses [2] - AvidXchange has facilitated payments to more than 965,000 supplier customers over the past five years [2]

Avidxchange Holdings, Inc. (NASDAQ:AVDX) Q3 2023 Earnings Conference Call November 8, 2023 10:00 AM ET Company Participants Michael Praeger - Co-Founder, Chairman & CEO Joel Wilhite - SVP & CFO Conference Call Participants Dave Koning - Baird Ramsey El-Assal - Barclays Andrew Bauch - Wells Fargo Securities Bryan Keane - Deutsche Bank Brent Bracelin - Piper Sandler & Co. James Faucette - Morgan Stanley Operator Thank you for joining us for the AvidXchange Holdings, Inc. Third Quarter 2023 Earnings Call. Join ...

[PART I. FINANCIAL INFORMATION](index=3&type=section&id=PART%20I.%20FINANCIAL%20INFORMATION) [Item 1. Financial Statements (Unaudited)](index=3&type=section&id=Item%201.%20Financial%20Statements%20(Unaudited)) Unaudited statements show year-over-year revenue growth, a narrowed net loss, and a slight decrease in total assets [Unaudited Consolidated Balance Sheets](index=3&type=section&id=Unaudited%20Consolidated%20Balance%20Sheets) Total assets decreased to $2.12 billion, driven by a reduction in restricted funds held for customers Consolidated Balance Sheet Highlights (in thousands) | Balance Sheet Item | Sep 30, 2023 | Dec 31, 2022 | | :--- | :--- | :--- | | Cash and cash equivalents | $339,932 | $350,563 | | Restricted funds held for customers | $1,226,216 | $1,283,824 | | **Total Assets** | **$2,120,798** | **$2,211,996** | | Payment service obligations | $1,226,216 | $1,283,824 | | **Total Liabilities** | **$1,472,395** | **$1,554,552** | | **Total Stockholders' Equity** | **$648,403** | **$657,444** | [Unaudited Consolidated Statements of Operations](index=4&type=section&id=Unaudited%20Consolidated%20Statements%20of%20Operations) Revenues grew 19.7% in Q3 and 20.2% year-to-date, with a significant reduction in net loss for both periods Quarterly Statement of Operations (in thousands) | Metric | Q3 2023 | Q3 2022 | YoY Change | | :--- | :--- | :--- | :--- | | Revenues | $98,680 | $82,411 | +19.7% | | Loss from operations | $(9,629) | $(22,124) | N/A | | Net loss | $(8,091) | $(25,371) | N/A | | Net loss per share | $(0.04) | $(0.13) | N/A | Nine-Month Statement of Operations (in thousands) | Metric | YTD 2023 | YTD 2022 | YoY Change | | :--- | :--- | :--- | :--- | | Revenues | $276,656 | $230,175 | +20.2% | | Loss from operations | $(47,227) | $(63,693) | N/A | | Net loss | $(42,852) | $(76,255) | N/A | | Net loss per share | $(0.21) | $(0.39) | N/A | [Unaudited Consolidated Statements of Cash Flows](index=7&type=section&id=Unaudited%20Consolidated%20Statements%20of%20Cash%20Flows) Net cash used in operations improved, while investing activities provided cash due to marketable securities timing Cash Flow Summary (in thousands) | Cash Flow Activity | Nine Months Ended Sep 30, 2023 | Nine Months Ended Sep 30, 2022 | | :--- | :--- | :--- | | Net cash used in operating activities | $(10,991) | $(29,864) | | Net cash provided by (used in) investing activities | $226 | $(124,659) | | Net cash used in financing activities | $(57,474) | $(311,816) | | **Net decrease in cash, cash equivalents, and restricted funds** | **$(68,239)** | **$(466,339)** | [Notes to Unaudited Consolidated Financial Statements](index=8&type=section&id=Notes%20to%20Unaudited%20Consolidated%20Financial%20Statements) Notes detail revenue concentration with two service providers and costs related to a recent cybersecurity incident - The company has a significant revenue concentration, with two service providers for virtual commercial card (VCC) transactions accounting for **14% and 31% of total revenue in Q3 2023**, respectively[20](index=20&type=chunk)[22](index=22&type=chunk) - In April 2023, the company detected a cybersecurity incident and for the nine months ended Sep 30, 2023, it incurred **$5.5 million in response costs** and recorded an insurance recovery receivable of **$1.2 million**[84](index=84&type=chunk)[85](index=85&type=chunk)[86](index=86&type=chunk) Disaggregation of Revenue (in thousands) | Revenue Type | Q3 2023 | Q3 2022 | YTD 2023 | YTD 2022 | | :--- | :--- | :--- | :--- | :--- | | Software revenue | $28,919 | $25,039 | $83,135 | $73,152 | | Payment revenue | $68,485 | $56,645 | $190,894 | $154,694 | | Services revenue | $1,276 | $727 | $2,627 | $2,329 | | **Total revenues** | **$98,680** | **$82,411** | **$276,656** | **$230,175** | [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=23&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses revenue growth driven by payment volume and interest rates, alongside macroeconomic and cybersecurity impacts - Macroeconomic factors like inflation and rising interest rates have had mixed effects, increasing payment revenue from interest on customer funds but also leading to **more volatile and unpredictable sales cycles**[95](index=95&type=chunk) - The company's principal sources of liquidity as of September 30, 2023, are **$339.9 million in cash and cash equivalents**, **$100.6 million in marketable securities**, and **$30.0 million available** under its revolving credit facility[129](index=129&type=chunk) Key Business Metrics | Metric | Q3 2023 | Q3 2022 | YoY Change | | :--- | :--- | :--- | :--- | | Transactions Processed | 19,175,866 | 18,020,165 | +6.4% | | Transaction Yield | $5.15 | $4.57 | +12.7% | | Total Payment Volume (in millions) | $19,627 | $18,108 | +8.4% | [Results of Operations](index=28&type=section&id=Results%20of%20Operations) Q3 revenue grew 19.7%, primarily from payment revenue boosted by interest income, leading to a narrowed net loss - Q3 2023 revenue growth was primarily driven by a **20.9% increase in payment revenue**, which was positively impacted by a **$7.9 million increase in interest earned** on funds held for customers due to rising interest rates[118](index=118&type=chunk) - General and Administrative expenses in Q3 2023 included **$1.9 million in costs related to the cybersecurity incident** (offset by $1.2 million in insurance recoveries) and a **$1.6 million loss contingency** for a potential commercial dispute[119](index=119&type=chunk) [Liquidity and Capital Resources](index=32&type=section&id=Liquidity%20and%20Capital%20Resources) The company maintains a strong liquidity position with sufficient cash, marketable securities, and credit facility availability - Net cash used in operating activities for the first nine months of 2023 **improved to $11.0 million from $29.9 million** in the prior year period, mainly due to higher revenue and an improved net loss[132](index=132&type=chunk) Outstanding Debt (in thousands) | Debt Component | Sep 30, 2023 | Dec 31, 2022 | | :--- | :--- | :--- | | Term loan facility | $63,781 | $65,000 | | Promissory note payable | $18,700 | $18,700 | | **Total principal due** | **$82,481** | **$83,700** | [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=34&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company faces market risks from interest rate fluctuations and concentration with key service providers - The company is sensitive to interest rate changes, as a hypothetical **100 basis point increase** in the Federal Funds rate would have increased interest income on buyer funds by **$8.1 million** during the first nine months of 2023[143](index=143&type=chunk) - A substantial portion of revenue is derived from interchange fees processed by **two VCC service providers**, creating a concentration risk[148](index=148&type=chunk) [Item 4. Controls and Procedures](index=36&type=section&id=Item%204.%20Controls%20and%20Procedures) Disclosure controls were deemed ineffective due to a material weakness in accounting personnel and expertise - The Chief Executive Officer and Chief Financial Officer concluded that **disclosure controls and procedures were not effective** as of September 30, 2023[150](index=150&type=chunk) - A **material weakness in internal control** over financial reporting persists, specifically a lack of sufficient personnel with the appropriate level of accounting knowledge, training, and experience[151](index=151&type=chunk) - Remediation efforts are ongoing, including **hiring a controller with public company experience**, an experienced SEC reporting leader, and other technical accounting resources[152](index=152&type=chunk) [PART II. OTHER INFORMATION](index=36&type=section&id=PART%20II.%20OTHER%20INFORMATION) [Item 1. Legal Proceedings](index=36&type=section&id=Item%201.%20Legal%20Proceedings.) The company is not currently party to any material legal proceedings - As of the reporting date, the company is **not involved in any legal proceedings** that are considered individually or in aggregate to be material[153](index=153&type=chunk)[154](index=154&type=chunk) [Item 1A. Risk Factors](index=37&type=section&id=Item%201A.%20Risk%20Factors.) Risk factors were updated to address the potential material impact of the April 2023 cybersecurity incident - A new risk factor was added to address the cybersecurity incident from April 2023, acknowledging that **data was exfiltrated and posted on the dark web**, including personally identifiable information[156](index=156&type=chunk) - The company warns that the incident could lead to **loss of customers, significant remediation expenses**, and potential liability from governmental investigations or class action litigation[156](index=156&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=37&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds.) No unregistered equity sales occurred, and the planned use of IPO proceeds remains unchanged - The company reported **no material changes to the planned use of proceeds** from its IPO, which generated net proceeds of approximately **$621.1 million**[157](index=157&type=chunk)[159](index=159&type=chunk) [Item 5. Other Information](index=38&type=section&id=Item%205.%20Other%20Information.) The Board adopted a new clawback policy to comply with Nasdaq listing standards - The Board adopted a **clawback policy for erroneously awarded compensation** to comply with new Nasdaq listing standards[160](index=160&type=chunk)