AvidXchange Holdings, Inc. (NASDAQ:AVDX) Q1 2023 Earnings Conference Call May 3, 2023 10:00 AM ET

Company Participants

Subhaash Kumar - Head of Investor Relations

Mike Praeger - Co-Founder and Chief Executive Officer

Joel Wilhite - Chief Financial Officer

Conference Call Participants

Dave Koning - Robert W. Baird

Ramsey El-Assal - Barclays

Will Nance - Goldman Sachs

Josh Beck - KeyBanc Capital Markets

Craig Maurer - FT Partners

Brian Kean - Deutsche Bank

Timothy Fung - J.P. Morgan

James Fawcett - Morgan Stanley

Tim Chiodo - Credit Suisse

Brent Bracelin - Piper Sandler

Operator

Good morning, everyone and thank you for joining us for the AvidXchange Holdings Inc's First Quarter 2023 Earnings Call. Joining us on the call today is Mike Praeger, AvidXchange's Co-Founder and Chief Executive Officer; Joel Wilhite, AvidXchange's Chief Financial Officer; and Subhaash Kumar, AvidXchange's Head of Investor Relations.

Before we begin today's call, management has asked me to relay the forward-looking statements disclaimer that is included at the end of today's press release. This disclaimer emphasizes the major uncertainties and risks inherent in the forward-looking statements the company will make this afternoon. Please keep these uncertainties and risks in mind as the company discusses future strategic initiatives, potential market opportunities, operational outlook and financial guidance during today's call. Also, please note that the company undertakes no duty to update or revise forward-looking statements.

Today's call will also include the discussion of non-GAAP financial measures. As that term is defined in Regulation G, non-GAAP financial measures should not be considered in isolation from or as a substitute for financial information presented in compliance with GAAP. Accordingly, at the end of today's press release, the company has provided a reconciliation of these non-GAAP financial measures to financial results prepared in accordance with GAAP. Please also note today's event is being recorded.

With that, I will now turn the call over to Mike Praeger. Please go ahead.

Mike Praeger

Thank you everyone for joining us today. Joe Wilhite and I are excited to discuss AvidXchange's first quarter 2023 results. We delivered another solid quarter of year-over-year financial results backed by healthy underlying metrics. Best of all, I'm excited to report that we delivered our first profit on an adjusted EBITDA basis since our IPO on October 13, 2021, and two years ahead of plan at the time of our IPO.

Relative to our first quarter 2023 business outlook expectations, which Joel will discuss in his prepared remarks, our first quarter 2023 results also came in better than expected. As we stated in our March earnings call, we continue to see strong top of funnel activity with leading economic indicators moderating amid continued macro volatility. Our value proposition of accounts payable automation and payment solutions feel by our two-sided network is a powerful lever for resource constrained middle market companies to gain significant cost structure advantages and savings by automating their accounts payable and disbursement processes.