Exhibit 99.1 > avidxchange AvidXchange Announces Third Quarter 2024 Financial Results Charlotte, N.C. – November 6, 2024 – AvidXchange Holdings, Inc. (Nasdaq: AVDX), a leading provider of accounts payable (AP) automation software and payment solutions for middle market businesses and their suppliers, today announced financial results for the third quarter ended September 30, 2024. "We delivered solid third quarter 2024 results as measured by virtually every key metric. Starting with year over year revenue g ...

Core Insights - AvidXchange Holdings, Inc. reported strong financial results for Q3 2024, with significant year-over-year growth in revenue and margins, driven by effective cost management and operational efficiencies [1][2][3] Financial Performance - Total revenue for Q3 2024 was $112.8 million, reflecting a 14.3% increase from $98.7 million in Q3 2023 [3] - Non-GAAP gross margin reached 74.5%, while adjusted EBITDA margin was 20.7%, both at the high end of the targets set during the June 2023 Investor Day [2][3] - GAAP net income improved to $4.0 million from a net loss of $(8.1) million in Q3 2023 [3] - Non-GAAP net income was $15.7 million, up from $5.8 million in the same quarter last year [3] Operational Highlights - The company processed 20.2 million transactions in Q3 2024, a 5.2% increase from 19.2 million in Q3 2023 [4] - Total payment volume for the quarter was $21.5 billion, representing a 9.4% increase from $19.6 billion in Q3 2023 [4] - Transaction yield increased by 8.5% to $5.59 from $5.15 in Q3 2023 [4] Debt Management and Financial Outlook - AvidXchange extinguished $63 million of higher interest rate term debt and established a new $150 million credit facility [2][3] - The company has a strong balance sheet with cash and marketable securities totaling $394.3 million [1] - Full Year 2024 revenue guidance was revised to $437.0 - $439.0 million, up from the previous range of $436.0 - $439.0 million [5]

CHARLOTTE, N.C., Oct. 23, 2024 (GLOBE NEWSWIRE) -- AvidXchange, Inc. (Nasdaq: AVDX), a leading provider of accounts payable (AP) automation software and payment solutions for middle market businesses and their suppliers, today announced the winners of the inaugural Change Maker Awards, recognizing individuals who have driven innovative and transformative change in the AP industry. Change Makers:For this award program, AvidXchange honors those who embodied being a “change maker,” or someone who facilitates o ...

CHARLOTTE, N.C., Oct. 17, 2024 (GLOBE NEWSWIRE) -- In today’s fast-paced business environment, more and more finance departments are beginning to turn to automation to improve efficiency and job satisfaction. As automation continues to transform the landscape of financial operations, new data suggests that accounts payable (AP) professionals with a higher degree of automation are benefiting both in their careers and lifestyles. According to a new survey conducted by the Institute of Finance and Management ( ...

Company Performance - AvidXchange Holdings, Inc. (AVDX) closed at $8.41, reflecting a -0.24% change from the previous trading day, underperforming the S&P 500's daily gain of 0.47% [1] - Over the past month, AvidXchange shares gained 13.31%, outperforming the Computer and Technology sector's gain of 3.88% and the S&P 500's gain of 3.48% [1] - The upcoming earnings release on November 6, 2024, is anticipated to show earnings per share (EPS) of $0.07, a 133.33% increase year-over-year, with projected revenue of $110.89 million, indicating a 12.37% increase from the same quarter last year [1] Annual Estimates - For the full year, Zacks Consensus Estimates project earnings of $0.24 per share and revenue of $438.08 million, reflecting increases of +242.86% and +15.07% respectively from the previous year [2] - Recent changes in analyst estimates for AvidXchange indicate positive sentiment towards the company's business operations and profit generation capabilities [2] Valuation and Ranking - AvidXchange Holdings has a Zacks Rank of 3 (Hold), with no change in the consensus EPS estimate over the past month [3] - The company has a Forward P/E ratio of 35.13, which is higher than the industry average Forward P/E of 31.87, suggesting it is trading at a premium [3] - The Internet - Software industry, part of the Computer and Technology sector, holds a Zacks Industry Rank of 74, placing it in the top 30% of over 250 industries [3]

CHARLOTTE, N.C., Oct. 08, 2024 (GLOBE NEWSWIRE) -- AvidXchange Holdings, Inc. (Nasdaq: AVDX), a leading provider of accounts payable (AP) automation software and payment solutions for middle market businesses and their suppliers, today announced that its third quarter 2024 ended September 30, 2024, financial results will be released on Wednesday, November 6, 2024. AvidXchange will host a conference call at 10:00 AM ET on November 6, 2024, to discuss the company’s financial results. The call will be broadcas ...

AvidXchange Holdings, Inc. (AVDX) closed at $8.08 in the latest trading session, marking a -0.12% move from the prior day. The stock trailed the S&P 500, which registered a daily gain of 0.4%. Elsewhere, the Dow saw an upswing of 0.62%, while the tech-heavy Nasdaq appreciated by 0.6%.Heading into today, shares of the company had gained 1.51% over the past month, outpacing the Computer and Technology sector's gain of 0.91% and lagging the S&P 500's gain of 1.71% in that time.Investors will be eagerly watchin ...

AvidXchange Holdings, Inc. (AVDX) ended the recent trading session at $8.09, demonstrating a +1.51% swing from the preceding day's closing price. The stock outpaced the S&P 500's daily loss of 0.19%. At the same time, the Dow added 0.09%, and the tech-heavy Nasdaq lost 0.36%.The company's stock has climbed by 2.57% in the past month, exceeding the Computer and Technology sector's loss of 0.09% and the S&P 500's gain of 2.06%.The upcoming earnings release of AvidXchange Holdings, Inc. will be of great intere ...

CHARLOTTE, N.C., Sept. 17, 2024 (GLOBE NEWSWIRE) -- AvidXchange, Inc., a leading provider of accounts payable (AP) automation software and payment solutions for middle market businesses and their suppliers, today announced the results of their 2025 Trends Survey, highlighting the top priorities and concerns of finance leaders looking ahead to the new year. After polling 500 middle market finance leaders in August 2024, key findings revealed continued focus on security, increasing use of cloud-based solution ...

CHARLOTTE, N.C., Aug. 27, 2024 (GLOBE NEWSWIRE) -- AvidXchange, a leading provider of accounts payable (AP) automation software and payment solutions for middle market businesses and their suppliers, today announced a strategic and exclusive partnership with Workamajig, a leading agency management software for the creative industry. AvidXchange will be the exclusive, embedded provider of invoice automation solutions within the Workamajig software platform. Workamajig enables creative and media agencies to c ...