AvidXchange Holdings, Inc. (NASDAQ:AVDX) Q2 2024 Earnings Conference Call July 31, 2024 10:00 AM ET
Company Participants
Michael Praeger - Chairman, CEO & Co-Founder
Joel Wilhite - CFO
Conference Call Participants
Dave Koning - Robert W. Baird & Co.
Ramsey El-Assal - Barclays Bank
James Friedman - Susquehanna
Andrew Bauch - Wells Fargo Finance
Darrin Peller - Wolfe Research
James Faucette - Morgan Stanley
Craig Maurer - FT Partners
Timothy Chiodo - UBS
Alex Markgraff - KeyBanc Capital Markets
Rufus Hone - BMO Capital Markets
Clarke Jeffries - Piper Sandler & Co.
Tien-Tsin Huang - JPMorgan Chase & Co.
Operator
Good morning, everyone, and thank you for joining us for the AvidXchange Holdings, Inc., Second Quarter 2024 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 a 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 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 will now turn the call over to Mike Praeger.
Michael Praeger
Thank you, everyone, for joining us today. Joel Wilhite, and I are excited to discuss AvidXchange's second quarter 2024 results. This particular quarter marks a milestone, as we achieved our first ever GAAP net income ahead of our third anniversary as a publicly traded company, while already having delivered four quarters of positive free cash flow. Just as we accelerated our path to adjusted EBITDA breakeven and profitability meaningfully ahead of our expectations.
We have now delivered GAAP and non-GAAP net income profitability in short order, highlighting the speed of our execution, the power of our new innovation delivery our growing value proposition for both buyers and suppliers, along with the strength of our AvidXchange culture, has fueled our success and has been a key factor in attracting and retaining the critical talent required to execute our dynamic business.