AvidXchange reports Q3 EPS (4c), consensus (3c)

Reports Q3 revenue $98.7M, consensus $94.7M. “Our solid Q3 financial results highlight continued strong operational execution across all key levers of the business. On key financial measures, from revenue growth to gross margin to EBITDA, we exceeded – significantly in some instances – our implied third quarter business outlook. Furthermore, we maintained our strong balance sheet, which we believe provides us additional optionality to accelerate our long-term path of progress. Our value proposition for cost containment and reduction continues to have tremendous resonance with our B2B middle market customers. And the recent integration partnership with AppFolio, a real estate focused provider of solutions with a base of 19,000 customers, is a great testament to that recognition and the large addressable market opportunity ahead of us. And while it is unclear how the macro cross currents play out, we remained focused on executing strategies that we believe will position us to achieve our medium and long-term Rule of 40 and 40-plus targets,” said Michael Praeger, CEO & Co-Founder of AvidXchange.