CHARLOTTE, N.C., March 06, 2025 (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 members of the management team will participate in the Wolfe FinTech Forum 2025 in New York, NY on Wednesday, March 12, 2025 at 8:10 AM ET. A live webcast of the presentation will be available on the Events page of the AvidXchange investor relations website at ...

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, 2024 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) ( State o ...

Financial Data and Key Metrics Changes - Revenue in Q4 2024 was approximately $115 million, up roughly 11% year over year, driven by increased transaction volume and transaction yield growth [16][41] - Non-GAAP gross margin reached almost 75%, up 350 basis points from the previous year, achieving the targeted margin milestone ahead of the 2025 objective [16][48] - Adjusted EBITDA margins for the quarter reached almost 23%, hitting the milestone committed during the Investor Day [18][48] - GAAP net income for Q4 2024 was $4.7 million, compared to a net loss of $4.5 million in Q4 2023, marking the third GAAP net income quarter since going public [51][52] - Non-GAAP diluted earnings per share increased 60% to $0.08 compared to $0.05 in Q4 2023 [53] Business Line Data and Key Metrics Changes - Software revenue was $30.9 million, accounting for 26.8% of total revenue, increasing 6.4% year over year [45] - Payment revenue was $83.4 million, accounting for 72.2% of total revenue, increasing 12.3% year over year [46] - Transaction yield increased to $5.80 per transaction, up 6.4% from $5.45 in Q4 2023 [44][46] Market Data and Key Metrics Changes - The overall top of funnel opportunities were down roughly 2%, with buyer customer logo count growth of over 6% in 2024 [11][12] - Positive growth was observed in three major verticals: real estate, financial services, and media, while declines in the HOA vertical moderated [11] Company Strategy and Development Direction - The company aims to continue building future growth through ERP integrations and vertical market expansion, alongside key product innovations [20][39] - New product offerings include Payment Accelerator 2.0 and AvidPay 2.0, which are expected to enhance revenue growth and margin expansion [25][29] - The company is focused on maximizing e-payment penetration and leveraging AI for operational efficiencies [34][38] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving long-term growth despite macroeconomic challenges, emphasizing disciplined execution and innovation [38][40] - The 2025 revenue outlook is projected to be between $453 million and $460 million, reflecting a cautious approach due to the unpredictable macroeconomic environment [56][57] Other Important Information - The company repurchased $25 million worth of shares in Q4 2024, totaling $50 million for the year under a $100 million share repurchase program [7][8] - The company ended the year with a strong cash position of $389.3 million and an undrawn credit facility of $150 million [54] Q&A Session Summary Question: Update on gross margin expansion and operating expenses - Management indicated a long-term trajectory towards an 80% gross margin, driven by sourcing strategies, standardization, and AI automation [63][64] Question: Insights on the financial services partner and paper checks initiative - The company plans to leverage existing specialty networks to eliminate paper checks and maximize electronic payments [68][70] Question: Expectations for macro headwinds in 2025 revenue guidance - Management noted that the guidance reflects a cautious outlook, with anticipated low single-digit transaction growth and contributions from new payment methods [76][80] Question: Trends in vertical-specific activity exiting 2024 - Management confirmed that while all verticals experienced subdued activity, they are optimistic about future growth driven by new channel partnerships [104]

Core Viewpoint - AvidXchange Holdings, Inc. reported quarterly earnings of $0.08 per share, exceeding the Zacks Consensus Estimate of $0.06 per share, and showing an increase from $0.05 per share a year ago, indicating a 33.33% earnings surprise [1][2] Financial Performance - The company achieved revenues of $115.44 million for the quarter ended December 2024, surpassing the Zacks Consensus Estimate by 0.40% and up from $104.06 million year-over-year [2] - Over the last four quarters, AvidXchange has exceeded consensus EPS estimates three times and topped revenue estimates three times as well [2] Stock Performance - AvidXchange shares have declined approximately 11.5% since the beginning of the year, contrasting with the S&P 500's gain of 1.3% [3] - The current Zacks Rank for AvidXchange is 3 (Hold), indicating expected performance in line with the market in the near future [6] Earnings Outlook - The consensus EPS estimate for the upcoming quarter is $0.07 on revenues of $114.66 million, and for the current fiscal year, it is $0.33 on revenues of $484.82 million [7] - The trend of estimate revisions for AvidXchange is currently mixed, which may change following the recent earnings report [6] Industry Context - The Internet - Software industry, to which AvidXchange belongs, is currently ranked in the top 30% of over 250 Zacks industries, suggesting a favorable outlook compared to lower-ranked industries [8]

Financial Performance - Total revenue for Q4 2024 was $115.4 million, representing a year-over-year increase of 10.9% compared to $104.1 million in Q4 2023[6] - GAAP net income for Q4 2024 was $4.7 million, a significant improvement from a GAAP net loss of $(4.5) million in Q4 2023[6] - Revenues for the year ended December 31, 2024, increased to $438,940 million, up 15.3% from $380,720 million in 2023[23] - Net income for the year ended December 31, 2024, was $8,145 million, a significant recovery from a net loss of $47,325 million in 2023[23] - The company reported a basic net income per share of $0.04 for the year ended December 31, 2024, compared to a loss of $0.23 per share in 2023[23] - Non-GAAP net income for Q4 2024 was $17,331,000, significantly higher than $9,373,000 in Q4 2023, representing an 84.5% increase[32] - Non-GAAP basic net income per share for Q4 2024 was $0.08, compared to $0.05 in Q4 2023[32] Profitability Metrics - Non-GAAP gross profit was $86.4 million, or 74.9% of total revenue, compared to $74.4 million, or 71.4% of revenue in Q4 2023[10] - Adjusted EBITDA for Q4 2024 was $26.3 million, up from $15.6 million in Q4 2023[10] - Adjusted EBITDA for the year ended December 31, 2024, was $84,720,000, compared to $30,468,000 in 2023, indicating a substantial growth[34] - GAAP gross margin improved to 68.2% in Q4 2024, compared to 64.6% in Q4 2023[30] Cash Flow and Assets - Cash and marketable securities at year-end 2024 totaled $389.3 million, with long-term debt of $9.1 million[5] - Cash flows from operating activities for the year ended December 31, 2024, were $71,934 million, a substantial increase from $8,451 million in 2023[27] - Cash, cash equivalents, and restricted funds held for customers at the end of 2024 were $1,605,983 million, down from $1,985,630 million at the end of 2023[27] - Total assets as of December 31, 2024, decreased to $2,089,711 million from $2,483,737 million in 2023, representing a decline of 15.9%[25] - Total liabilities as of December 31, 2024, decreased to $1,417,878 million from $1,827,292 million in 2023, a reduction of 22.4%[25] Future Guidance - The company anticipates full-year 2025 revenue to be in the range of $453.0 million to $460.0 million[7] - Adjusted EBITDA guidance for full-year 2025 is projected between $86.0 million and $91.0 million[7] - Non-GAAP diluted EPS for full-year 2025 is expected to be in the range of $0.25 to $0.27[7] Operational Metrics - Total payment volume in Q4 2024 reached $21.9 billion, an increase of 10.0% from $19.9 billion in Q4 2023[10] - Total payment volume for the year 2024 reached $83,842,000,000, a 10.5% increase from $75,922,000,000 in 2023[34] - The number of transactions processed in 2024 was 79,123,540, up from 75,330,634 in 2023[34] Research and Development - Research and development expenses for the year ended December 31, 2024, were $101,110 million, an increase from $97,555 million in 2023[23] Strategic Initiatives - The company plans to continue leveraging AI across its business ecosystem to enhance competitive positioning and operational performance[3] - The company expanded its supplier base to 1,350,000 over the past five years, up from 1,200,000 previously[34]

Core Insights - AvidXchange Holdings, Inc. reported strong financial results for Q4 and full year 2024, with significant improvements in gross and operating margins, reflecting effective execution of its accounts payable automation strategy [2][5][6]. Financial Performance - Total revenue for Q4 2024 was $115.4 million, a 10.9% increase from $104.1 million in Q4 2023 [6]. - GAAP net income for Q4 2024 was $4.7 million, compared to a net loss of $(4.5) million in Q4 2023 [6]. - Non-GAAP net income for Q4 2024 was $17.3 million, up from $9.4 million in Q4 2023 [6]. - Adjusted EBITDA for Q4 2024 was $26.3 million, compared to $15.6 million in Q4 2023 [6]. - The company achieved a non-GAAP gross margin of 74.9% in Q4 2024, up from 71.4% in Q4 2023 [6][29]. Operational Highlights - The total number of transactions processed in Q4 2024 was 19.9 million, a 4.3% increase from 19.1 million in Q4 2023 [6]. - Total payment volume in Q4 2024 reached $21.9 billion, a 10.0% increase from $19.9 billion in Q4 2023 [6]. - The transaction yield in Q4 2024 was $5.80, reflecting a 6.4% increase from $5.45 in Q4 2023 [6]. Strategic Outlook - For FY 2025, AvidXchange anticipates revenue between $453.0 million and $460.0 million, with adjusted EBITDA projected between $86.0 million and $91.0 million [7]. - The company expects continued margin expansion in 2025 despite anticipated macroeconomic headwinds [2][5].

Group 1 - Analysts project AvidXchange Holdings, Inc. (AVDX) will announce quarterly earnings of $0.06 per share, a 20% increase year over year [1] - Revenues are expected to reach $114.98 million, reflecting a 10.5% increase from the same quarter last year [1] - The consensus EPS estimate has remained unchanged over the past 30 days, indicating a reassessment of projections by covering analysts [1] Group 2 - Analysts estimate 'Revenues- Payment' at $82.63 million, representing an 11.3% year-over-year change [4] - 'Revenues- Software' is projected to be $31.35 million, indicating a 7.9% increase from the prior-year quarter [4] - 'Transaction Yield' is expected to reach $5.71, up from $5.45 a year ago [4] Group 3 - The average prediction for 'Transactions Processed' is 20.15 million, compared to 19.1 million a year ago [5] - 'Total Payment Volume' is anticipated to be $21.95 billion, an increase from $19.90 billion in the previous year [5] Group 4 - AvidXchange shares have shown a return of -8.9% over the past month, contrasting with the Zacks S&P 500 composite's +2.2% change [6] - AVDX holds a Zacks Rank 3 (Hold), suggesting it is expected to mirror overall market performance in the near future [6]

Group 1 - AvidXchange Holdings, Inc. (AVDX) stock closed at $10.81, reflecting a +1.69% change, outperforming the S&P 500's gain of 0.39% [1] - The stock has increased by 5.04% over the past month, surpassing the Computer and Technology sector's gain of 0.04% and the S&P 500's gain of 1.7% [1] Group 2 - AvidXchange Holdings, Inc. is set to announce its earnings on February 26, 2025, with projected earnings per share (EPS) of $0.06, indicating a 20% increase year-over-year [2] - Revenue is expected to reach $114.98 million, representing a 10.49% increase from the same quarter last year [2] Group 3 - Recent modifications to analyst estimates for AvidXchange Holdings, Inc. reflect changing short-term business dynamics, with positive revisions indicating optimism about the company's outlook [3] - The Zacks Rank system, which incorporates estimate changes, provides an actionable rating system for investors [4] Group 4 - AvidXchange Holdings, Inc. currently holds a Zacks Rank of 3 (Hold), with no changes in the Zacks Consensus EPS estimate over the past month [5] - The company has a Forward P/E ratio of 32.46, which is a premium compared to the industry average of 31.7 [6] Group 5 - The Internet - Software industry, part of the Computer and Technology sector, holds a Zacks Industry Rank of 68, placing it in the top 28% of over 250 industries [6][7] - The Zacks Industry Rank indicates that the top 50% rated industries outperform the bottom half by a factor of 2 to 1 [7]

Group 1 - AvidXchange Holdings, Inc. (AVDX) closed at $10.66, reflecting a -0.93% change from the previous day, underperforming the S&P 500's gain of 0.53% [1] - The stock has increased by 4.06% over the past month, outperforming the Computer and Technology sector's decline of 0.75% and the S&P 500's gain of 1.24% [1] Group 2 - The upcoming earnings report for AvidXchange is scheduled for February 26, 2025, with projected EPS of $0.06, indicating a 20% increase year-over-year [2] - Revenue is estimated to be $114.98 million, reflecting a 10.49% increase compared to the same quarter of the previous year [2] Group 3 - Recent modifications to analyst estimates for AvidXchange are crucial as they reflect short-term business trends, with positive revisions indicating optimism about the company's outlook [3] - The Zacks Rank system, which incorporates estimate changes, provides actionable ratings, with AvidXchange currently holding a Zacks Rank of 3 (Hold) [4][5] Group 4 - AvidXchange is currently traded at a Forward P/E ratio of 32.85, which is higher than the industry average Forward P/E of 30.73 [6] - The Internet - Software industry, part of the Computer and Technology sector, has a Zacks Industry Rank of 47, placing it in the top 19% of over 250 industries [6]

Company Performance - AvidXchange Holdings, Inc. closed at $10.71, with a daily increase of +0.47%, underperforming the S&P 500's gain of 0.92% [1] - Over the past month, the company's shares have appreciated by 4.31%, outperforming the Computer and Technology sector's decline of 2.99% and the S&P 500's increase of 0.81% [1] Upcoming Earnings Report - The company is set to release its earnings report on February 26, 2025, with projected earnings per share (EPS) of $0.06, reflecting a 20% increase year-over-year [2] - Revenue is estimated to be $114.98 million, indicating a 10.49% increase compared to the same quarter last year [2] Analyst Estimates and Valuation - Recent changes to analyst estimates for AvidXchange Holdings, Inc. are being monitored, as positive revisions indicate optimism regarding the company's business and profitability [3] - The Zacks Rank system, which assesses estimate changes, currently ranks AvidXchange Holdings, Inc. at 3 (Hold) [5] - The company's Forward P/E ratio is 32.55, which is a premium compared to its industry's Forward P/E of 31.2 [6] Industry Context - The Internet - Software industry, part of the Computer and Technology sector, holds a Zacks Industry Rank of 44, placing it in the top 18% of over 250 industries [6] - The Zacks Industry Rank indicates that the top 50% rated industries outperform the bottom half by a factor of 2 to 1 [7]