Q2 2024 Avidxchange Holdings Inc Earnings Call Transcript
Key Points
- Achieved first-ever GAAP net income ahead of the third anniversary as a publicly traded company.
- Delivered four consecutive quarters of positive free cash flow.
- Revenue growth of over $105 million, up more than 15% year-over-year.
- Non-GAAP gross margins increased to 72.6%, up 430 basis points.
- Strong adjusted EBITDA margin of 16.6%.
- Choppy macroeconomic backdrop creating near-term volume headwinds.
- Top of funnel activity down around 4% compared to the same period last year.
- HOA construction financial services verticals were down high double digits.
- Guidance for the back half of the year reduced by about 5% due to macro headwinds and yield dynamics.
- Continued pressure from discretionary spending reductions impacting transaction volumes.
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
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