Cover
Cover | 12 Months Ended |
Dec. 31, 2022 | |
Document Information [Line Items] | |
Document Type | DEF 14A |
Amendment Flag | false |
Entity Information [Line Items] | |
Entity Registrant Name | AvidXchange Holdings, Inc. |
Entity Central Index Key | 0001858257 |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Pay vs Performance Disclosure [Table] | ||
Pay vs Performance [Table Text Block] | PAY VS PERFORMANCE DISCLOSURE As Regulation S-K Value of Initial Fixed $100 Fiscal Year (a) Summary (b) (1) Compensation (c) (1) Average for non-PEO (d) (1) Average (e) (1) Total (f) (2) Peer Group (g) (2) Net Income (or Loss) ($thousands) Company- 2022 $ 7,163,556 $ 5,091,582 $ 3,203,526 $ 2,801,525 $ 39.86 $ 83.38 ($ 101,284 ) $ 316,350 2021 $ 7,916,087 $ 11,416,621 $ 3,205,225 $ 4,738,321 $ 60.38 $ 105.39 ($ 199,649 ) $ 248,409 Notes: (1) Amounts represent compensation actually paid to our principal executive officer (our “PEO”) and the average compensation actually paid to our remaining NEOs for the relevant fiscal year, as determined under Item 402(v) of Regulation S-K Year PEO Non-PEO 2022 Michael Praeger Joel Wilhite, Daniel Drees, Angelic Gibson, Ryan Stahl 2021 Michael Praeger Joel Wilhite, Daniel Drees The amounts reported in the “Compensation Actually Paid to PEO” and “Average Compensation Actually Paid to Non-PEO non-PEO point-in-time non-PEO Compensation actually paid to our PEO and non-PEO NEOs represents the “Total” compensation reported in the Summary Compensation Table for the applicable fiscal year, as adjusted as follows: 2021 2022 Adjustments PEO Average Non- PEO Average Non- Deduction for Amounts Reported under the “Stock Awards” and “Option Awards” Columns in the Summary Compensation Table for Applicable FY ($ 6,961,451 ) ($ 2,486,791 ) ($ 5,999,481 ) ($ 2,449,786 ) Increase based on ASC 718 Fair Value of Awards Granted during Applicable FY that Remain Unvested as of Applicable FY End, determined as of Applicable FY End $ 9,275,731 $ 3,313,094 $ 8,081,196 $ 3,299,819 Increase based on ASC 718 Fair Value of Awards Granted during Applicable FY that Vested during Applicable FY, determined as of Vesting Date $ - $ - $ - $ - Increase/deduction for Awards Granted during Prior FY that were Outstanding and Unvested as of Applicable FY End, determined based on change in ASC 718 Fair Value from Prior FY End to Applicable FY End $ 448,518 $ 244,494 ($ 2,364,873 ) ($ 681,180 ) Increase/deduction for Awards Granted during Prior FY that Vested During Applicable FY, determined based on change in ASC 718 Fair Value from Prior FY End to Vesting Date $ 737,737 $ 462,301 ($ 1,788,815 ) ($ 570,853 ) Deduction of ASC 718 Fair Value of Awards Granted during Prior FY that were Forfeited during Applicable FY, determined as of Prior FY End $ - $ - $ - $ - Increase based on Dividends or Other Earnings Paid during Applicable FY prior to Vesting Date $ - $ - $ - $ - TOTAL ADJUSTMENTS $ 3,500,535 $ 1,533,098 ($ 2,071,973 ) ($ 402,000 ) The fair value or change in fair value, as applicable, of equity awards in the “Compensation Actually Paid” columns above was determined by reference to (i) for solely service-vesting RSU awards, the closing price per share on the applicable year-end year-end 10-K (2) For the applicable fiscal year, represents our cumulative TSR or the cumulative TSR of the S&P MidCap 400 Information Technology Index (the “Peer Group TSR”), in each case assuming an initial fixed investment of $100 at the close of market on October 13, 2021 (the date our common stock commenced trading on the Nasdaq Global Market), and that all dividends were reinvested. We have not declared or paid a dividend on our common stock since we become a public reporting company. | |
Company Selected Measure Name | Revenue | |
Named Executive Officers, Footnote [Text Block] | (1) Amounts represent compensation actually paid to our principal executive officer (our “PEO”) and the average compensation actually paid to our remaining NEOs for the relevant fiscal year, as determined under Item 402(v) of Regulation S-K Year PEO Non-PEO 2022 Michael Praeger Joel Wilhite, Daniel Drees, Angelic Gibson, Ryan Stahl 2021 Michael Praeger Joel Wilhite, Daniel Drees | |
Peer Group Issuers, Footnote [Text Block] | For the applicable fiscal year, represents our cumulative TSR or the cumulative TSR of the S&P MidCap 400 Information Technology Index (the “Peer Group TSR”), in each case assuming an initial fixed investment of $100 at the close of market on October 13, 2021 (the date our common stock commenced trading on the Nasdaq Global Market), and that all dividends were reinvested. We have not declared or paid a dividend on our common stock since we become a public reporting company. | |
PEO Total Compensation Amount | $ 7,163,556 | $ 7,916,087 |
PEO Actually Paid Compensation Amount | $ 5,091,582 | 11,416,621 |
Adjustment To PEO Compensation, Footnote [Text Block] | Compensation actually paid to our PEO and non-PEO NEOs represents the “Total” compensation reported in the Summary Compensation Table for the applicable fiscal year, as adjusted as follows: 2021 2022 Adjustments PEO Average Non- PEO Average Non- Deduction for Amounts Reported under the “Stock Awards” and “Option Awards” Columns in the Summary Compensation Table for Applicable FY ($ 6,961,451 ) ($ 2,486,791 ) ($ 5,999,481 ) ($ 2,449,786 ) Increase based on ASC 718 Fair Value of Awards Granted during Applicable FY that Remain Unvested as of Applicable FY End, determined as of Applicable FY End $ 9,275,731 $ 3,313,094 $ 8,081,196 $ 3,299,819 Increase based on ASC 718 Fair Value of Awards Granted during Applicable FY that Vested during Applicable FY, determined as of Vesting Date $ - $ - $ - $ - Increase/deduction for Awards Granted during Prior FY that were Outstanding and Unvested as of Applicable FY End, determined based on change in ASC 718 Fair Value from Prior FY End to Applicable FY End $ 448,518 $ 244,494 ($ 2,364,873 ) ($ 681,180 ) Increase/deduction for Awards Granted during Prior FY that Vested During Applicable FY, determined based on change in ASC 718 Fair Value from Prior FY End to Vesting Date $ 737,737 $ 462,301 ($ 1,788,815 ) ($ 570,853 ) Deduction of ASC 718 Fair Value of Awards Granted during Prior FY that were Forfeited during Applicable FY, determined as of Prior FY End $ - $ - $ - $ - Increase based on Dividends or Other Earnings Paid during Applicable FY prior to Vesting Date $ - $ - $ - $ - TOTAL ADJUSTMENTS $ 3,500,535 $ 1,533,098 ($ 2,071,973 ) ($ 402,000 ) | |
Non-PEO NEO Average Total Compensation Amount | $ 3,203,526 | 3,205,225 |
Non-PEO NEO Average Compensation Actually Paid Amount | $ 2,801,525 | 4,738,321 |
Adjustment to Non-PEO NEO Compensation Footnote [Text Block] | Compensation actually paid to our PEO and non-PEO NEOs represents the “Total” compensation reported in the Summary Compensation Table for the applicable fiscal year, as adjusted as follows: 2021 2022 Adjustments PEO Average Non- PEO Average Non- Deduction for Amounts Reported under the “Stock Awards” and “Option Awards” Columns in the Summary Compensation Table for Applicable FY ($ 6,961,451 ) ($ 2,486,791 ) ($ 5,999,481 ) ($ 2,449,786 ) Increase based on ASC 718 Fair Value of Awards Granted during Applicable FY that Remain Unvested as of Applicable FY End, determined as of Applicable FY End $ 9,275,731 $ 3,313,094 $ 8,081,196 $ 3,299,819 Increase based on ASC 718 Fair Value of Awards Granted during Applicable FY that Vested during Applicable FY, determined as of Vesting Date $ - $ - $ - $ - Increase/deduction for Awards Granted during Prior FY that were Outstanding and Unvested as of Applicable FY End, determined based on change in ASC 718 Fair Value from Prior FY End to Applicable FY End $ 448,518 $ 244,494 ($ 2,364,873 ) ($ 681,180 ) Increase/deduction for Awards Granted during Prior FY that Vested During Applicable FY, determined based on change in ASC 718 Fair Value from Prior FY End to Vesting Date $ 737,737 $ 462,301 ($ 1,788,815 ) ($ 570,853 ) Deduction of ASC 718 Fair Value of Awards Granted during Prior FY that were Forfeited during Applicable FY, determined as of Prior FY End $ - $ - $ - $ - Increase based on Dividends or Other Earnings Paid during Applicable FY prior to Vesting Date $ - $ - $ - $ - TOTAL ADJUSTMENTS $ 3,500,535 $ 1,533,098 ($ 2,071,973 ) ($ 402,000 ) | |
Compensation Actually Paid vs. Total Shareholder Return [Text Block] | ||
Compensation Actually Paid vs. Net Income [Text Block] | ||
Compensation Actually Paid vs. Company Selected Measure [Text Block] | ||
Total Shareholder Return Vs Peer Group [Text Block] | ||
Tabular List [Table Text Block] | Tabular List of Most Important Financial Performance Measures in Determining Compensation Performance Measure Role in Determining Compensation Total Stockholder Return Builds alignment between long-term Revenue Ensures that company is growing in order to deliver both short-term long-term short-term Non-GAAP Focuses our NEOs on operating an efficient organization while ensuring that controllable expense decisions do not impact individual NEO compensation paid in short-term | |
Total Shareholder Return Amount | $ 39.86 | 60.38 |
Peer Group Total Shareholder Return Amount | 83.38 | 105.39 |
Net Income (Loss) | $ (101,284,000) | $ (199,649,000) |
Company Selected Measure Amount | 316,350,000 | 248,409,000 |
PEO Name | Michael Praeger | |
Measure [Axis]: 1 | ||
Pay vs Performance Disclosure [Table] | ||
Measure Name | Total Stockholder Return | |
Measure [Axis]: 2 | ||
Pay vs Performance Disclosure [Table] | ||
Measure Name | Revenue | |
Measure [Axis]: 3 | ||
Pay vs Performance Disclosure [Table] | ||
Measure Name | Non-GAAP Operating Margin | |
PEO [Member] | ||
Pay vs Performance Disclosure [Table] | ||
Adjustment to Compensation Amount | $ (2,071,973) | $ 3,500,535 |
PEO [Member] | Stock Awards and Option Awards [Member] | ||
Pay vs Performance Disclosure [Table] | ||
Adjustment to Compensation Amount | (5,999,481) | (6,961,451) |
PEO [Member] | Fair Value of Awards Granted that Remain Unvested, Determined as of Applicable FY End [Member] | ||
Pay vs Performance Disclosure [Table] | ||
Adjustment to Compensation Amount | 8,081,196 | 9,275,731 |
PEO [Member] | Fair Value of Awards Granted During that Vested During Applicable FY, Determined as of Vesting Date [Member] | ||
Pay vs Performance Disclosure [Table] | ||
Adjustment to Compensation Amount | 0 | 0 |
PEO [Member] | Awards Granted that were Outstanding and Unvested as of Applicable FY End [Member] | ||
Pay vs Performance Disclosure [Table] | ||
Adjustment to Compensation Amount | (2,364,873) | 448,518 |
PEO [Member] | Awards Granted During Prior FY that Vested During Applicable FY [Member] | ||
Pay vs Performance Disclosure [Table] | ||
Adjustment to Compensation Amount | (1,788,815) | 737,737 |
PEO [Member] | Fair Value of Awards Granted During Prior FY that were Forfeited During Applicable FY [Member] | ||
Pay vs Performance Disclosure [Table] | ||
Adjustment to Compensation Amount | 0 | 0 |
PEO [Member] | Dividends or Other Earnings Paid During Applicable FY Prior to Vesting Date [Member] | ||
Pay vs Performance Disclosure [Table] | ||
Adjustment to Compensation Amount | 0 | 0 |
Non-PEO NEO [Member] | ||
Pay vs Performance Disclosure [Table] | ||
Adjustment to Compensation Amount | (402,000) | 1,533,098 |
Non-PEO NEO [Member] | Stock Awards and Option Awards [Member] | ||
Pay vs Performance Disclosure [Table] | ||
Adjustment to Compensation Amount | (2,449,786) | (2,486,791) |
Non-PEO NEO [Member] | Fair Value of Awards Granted that Remain Unvested, Determined as of Applicable FY End [Member] | ||
Pay vs Performance Disclosure [Table] | ||
Adjustment to Compensation Amount | 3,299,819 | 3,313,094 |
Non-PEO NEO [Member] | Fair Value of Awards Granted During that Vested During Applicable FY, Determined as of Vesting Date [Member] | ||
Pay vs Performance Disclosure [Table] | ||
Adjustment to Compensation Amount | 0 | 0 |
Non-PEO NEO [Member] | Awards Granted that were Outstanding and Unvested as of Applicable FY End [Member] | ||
Pay vs Performance Disclosure [Table] | ||
Adjustment to Compensation Amount | (681,180) | 244,494 |
Non-PEO NEO [Member] | Awards Granted During Prior FY that Vested During Applicable FY [Member] | ||
Pay vs Performance Disclosure [Table] | ||
Adjustment to Compensation Amount | (570,853) | 462,301 |
Non-PEO NEO [Member] | Fair Value of Awards Granted During Prior FY that were Forfeited During Applicable FY [Member] | ||
Pay vs Performance Disclosure [Table] | ||
Adjustment to Compensation Amount | 0 | 0 |
Non-PEO NEO [Member] | Dividends or Other Earnings Paid During Applicable FY Prior to Vesting Date [Member] | ||
Pay vs Performance Disclosure [Table] | ||
Adjustment to Compensation Amount | $ 0 | $ 0 |