AvidXchange Holdings, Inc. (NASDAQ:AVDX) Q1 2022 Earnings Conference Call May 5, 2022 6:00 PM ET
Company Participants
Mike Praeger - Co-Founder President & CEO
Joel Wilhite - SVP & CFO
Conference Call Participants
Dave Koning - Baird
Ramsey El-Assal - Barclays
Darrin Peller - Wolfe Research
James Faucette - Morgan Stanley
Will Nance - Goldman Sachs
Andrew Bauch - SMBC Nikko Securities
Josh Beck - KeyBanc Capital Markets
Bryan Keane - Deutsche Bank
Tien-Tsin Huang - JPMorgan
Chris Zhang - Credit Suisse
Brent Bracelin - Piper Sandler
Mike Funk - Bank of America Merrill Lynch
Operator
Good evening, everyone. And thank you for joining us for the AvidXchange Holdings, Inc. First quarter 2022 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 statement 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 discuss its 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 any forward-looking statements.
Today's call will also include a discussion of non-GAAP financial measures as that term is defined in Regulation G of 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.
With that, I'll now turn the call over to Mike Praeger. Please go ahead.
Mike Praeger
Thank you, everyone, for joining us today. Joel and I are excited to discuss AvidXchange's first quarter 2022 results and the continued momentum we are experiencing across our business, driven by our middle market focus and the four growth gears of our AvidXchange business flywheel that drives our business.
Overall, we once again delivered a solid quarter of both operational and financial performance, with results coming in better than our forecast. This is the third consecutive quarter of over 20% organic revenue growth. These positive results reflect the middle market's steady demand for AvidXchange's industry-leading and differentiated business-to-business accounts payable automation software and our payment solutions that are purpose-built for middle market companies.