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. 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. [Operator Instructions]. 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 a discussion of non-GAAP financial measures as that term is defined in the 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.

With that, I'll now turn the call over to Mike Prager.

Michael Praeger

Thanks for joining us this morning. Joe and I are both excited to talk about our third quarter results and milestones with you. We once again delivered another set of strong quarterly business performance metrics and financial results. I'll summarize these shortly, and Joe will provide further details and commentary later on in his section.

Given the ongoing macroeconomic volatility, our unique AvidXchange value proposition continues to resonate in the marketplace with our middle market customers. We recently held our annual Customer Advisory Board meeting or CAB, as we call it here in Charlotte with over 25 diverse buyer customers attending across our various industry verticals who use our software to manage their accounts payable and payment processes. The cab is an in-person form subdivided into a series of vertical industry-focused groups where we dedicate time and resources for a deeper peer dialogue regarding their specific business and accounting processes unique to their vertical industry, updates on the key accounting systems that support their industry, as well as overall specific industry trends and observations they are seeing in operating their businesses.