Earnings call transcript Q4 2022

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Operator

Good morning everyone and thank you for joining us for the AvidXchange Exchange Holdings Inc. Fourth Quarter 2022 Earnings Call.

Joining us on the call today are Mike Praeger, AvidXchange 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.

-- initiatives, mind outlook, potential guidance today's uncertainties discusses the and these during strategic future market call. keep risks as in company financial Please opportunities, optional update company no the that note forward-looking statements. please duty Also to or revise undertakes

a will G. financial financial Regulation measures of call from for measures financial with presented should term Today's in considered discussion defined or in substitute that isolation is non-GAAP information compliance include also in Non-GAAP as not be GAAP. as

of release, results measures the end accordance provided today's reconciliation of financial has GAAP. the non-GAAP a to at Accordingly press with prepared company these financial the in

turn now will go ahead. to the I Mike Praeger. Please call over

Mike Praeger

Thank performance first full excited what successful quarter strong had you and another a our us AvidXchange's leading Wilhite finish healthy and was. in results. Joel I to and financial company to We everyone of are public and productive a XXXX operating for fourth joining year today. discuss quarter a as year XXXX

by three our financial As and success, our products, core include our highlighted our performance. talent, themes to which

revenue relates for first profitable, we across assemble long-term to of functions incredible XX%-plus our our the key organic average Our continue all to business. delivering talent our support to theme objective growth

elevation recent and supplier Sutton customer new the addition the Officer, buyer both as Revenue by driving Dan President of our sales highlighted along is our Drees to his James of as This role with new business. Chief of

management foster Dan. believe will marketing, I organizational greater agility product this With bringing structure, synergies under we sales, and organizational new operations, and operational by

corporate initiatives excited both cannot partnerships. and driving in with our and future acquisitions structure our focus operational growth for the longer business. growth executing Dan closely future will strategic to I same of enable development new meaningful our with me on At along more the efficiency leading and efforts be partner further time, term this strategic to

and along integrations highly significantly capabilities partnerships advanced with with orders, product our API AvidConnect purchase integrations new on for product next-generation receipts. as matching launches and we scalable such key order built tools platform our and three-way management Secondly, invoices, new our new purchase

through with AvidAnalytics in supplier Straight along in manual to card reconciliation, our cross-border information data capabilities while their of payments processing entry card new ACH virtual eliminating offering. aid and

supplier initiatives We access off better Invoice next-generation we address to key manage our and our kicked revenue also small will to suppliers their new growth Accelerator businesses. and as product management in as platform years drive related offerings, tools to their and future Pay a to meaningful financing cash believe which cash well have flow demand growing business from X.X flow run

the results XXXX, we for towards XXXX Lastly, breakeven share target. with year related profitable and our expect our profitability. strong to you financial pull-forward now our which acceleration be operational to financial EBITDA I'm performance, a is excited including on we capitalizing to are that of of continued full previous

remaining paper The customers’ our overall of generate management file of model growing checks. full income enabled of management an payment and us the strength as monetization our the business embedded float lever for buyer AvidXchange the flywheel to

leadership that last our the $X.XX transaction. of incrementally demonstrates increased of business that of metrics and transaction flywheel of is to quarter $X.XX and across per years we've true AvidXchange I power One network on the every business model our key the yield our two and strength our the which our focus we of impact the metric, AvidPay believe is from good two-sided barometer for a team

terms new reduce deleveraging while facility path strong with costs, us combined performance to towards already partially on $XX credit recently our profitability XXXX sheet. substantially our this Our our year and favorable strong balance in to enabled overall a our financial accelerated operational strength renegotiate million borrowing

fresh a XXXX payable and productive very to to back accounts the with product introductions our of of help of set buyer office. digital their payment entering we XXXX platform leverage supplier integration a power and With customers new behind automation and initiatives us, drive are transformation

product shortly highlights details of road after just We'll map and around on momentum year quarter the XXXX ended. touch for our I technology this the and provide more that past

On include; business today's quarter cover to flywheel our three number on two, metrics call, review our end results; like one, topic I'd perspectives AvidXchange of our which areas number fourth year seeing our related calendar to business middle number customers. three, market macro insights impacts trends we year; key this and along initiatives our and to for and our with and the are

on a laser-focused executing the we general those year macro we economy, of across that uncertainty things remain control. Despite mounting

deepening steadfast execution Specifically, disciplined growth this of four and AvidPay our our AvidXchange flywheel. the across our business network. of two-sided proprietary our we years advancing did remain through playbook the moat in of competitive our We

We is performance believe financial quarterly integrations, creation Our value of our our and our and innovation, to year-over-year flywheel execution. drive framework designed shareholders. for valued software solid is and our and new execution partnership operational supplier customers with product proof along buyer

For to revenues EBITDA marks on non-GAAP expanded organic we compared of million further in the year. points XX% adjusted $X.X a comparable to the to This consecutive quarters outlook implied relative Non-GAAP XXX internal year-over-year six losses growth. XX% quarter of December revenue financial fourth and XX%-plus up XXXX, delivered a gross over expectations. quarter to business in over grew same almost million delivering the basis quarter, basis $XX we our our at narrowed rate targets margins the now and which exceeding ending last our of period

air specializes their to efficiency and company Piedmont While Oesch software for Take customers. evangelists the only and there better government proposition of and of part North numbers no are value Ken heating organizations help an company. than conditioning the automation solutions Officer, Raleigh Financial industrial energy our costs. a Service lower Group, complete our story, Carolina-based customers ventilation Chief our story commercial, of providing Piedmont industrial tell HVAC their operating or HVAC adoption products in our

and Piedmont accounting an struggling Ken orders purchase Microsoft needed their ask in the invoices with Ken and answers. utilizing information them to invoices information match accounting was associates get on their them need paper the thousands when of paid XX of manages key to access certain Great get team AvidXchange, to drowning replies, Dynamics to GM's suppliers system. can and quick immediately Plains reports time. auditors about Thanks and

We one our and tell across done value checks, to people of The emerging all paper payable the time it proposition our need our streamlining has AvidXchange hospitality. for can of subverticals accounts the of what be said, Oesch. send of verticals including many our what replied power stickiness and industry business, seen and eliminating Ken

facility that in throughout problems. Florida-based story hospitality golf associates is Hampton success with our golf solving the Hampton locations X,XXX Golf that a is States. our to another customers' course Golf powerful premier course United XX company speaks manage and management

and Using of accounting the his payments invoices overseeing Enterprise and courses associates company's day-to-day Financial new QuickBooks to Chief Officer, system, Dede as XX the accounting processing of golf manages Franklin team onboarding a system.

payment's by integrates of AvidXchange's Golf and paper seamlessly Franklin Prior scanning AvidXchange's impact from to pretty their paper pulling well which saying them Dede and invoice-to-pay checks. After QuickBooks automation stacks solutions Hampton accounts to no-brainer. adopting voices adopting solution, and into e-mails articulated Enterprise, our AP full was is payable automated while business cutting

on. such critical our systems exceptional business new to efficiency are can I offerings of process. the pay we essential truly is with and be invoice that automate train idea automated impact onboarding and had hires our how our along economic simple a to It's AvidXchange's no and AP first business. the

I survived without no idea Now have however it.

note a Piedmont we Thanks as strong on to closed metrics. XXXX operating year-end Golf, middle Hampton market as and customers in our such reflected

the of those So let's take our context a in look closer flywheel. metrics at

During great under customers to flywheel. one the AP prior automation driven software increased by year XXXX, of total X,XXX of our delivering number the we buyer in X,XXX by – driving year XX% from

billion With all a fragmented of in our highly States companies was supplier go-to-market of core hybrid in customers across our large XX% a customers growth alone, strong growth This our contemplating the market buyer of eight growth XXX,XXX XXXX. in verticals. representing total buyer customer was strategy, addressable untapped once of broad-based result was opportunity, of in United growth and buyer again approximately middle-market $XXX

networking resulting and AvidPay approaching flywheel. on in customers X The our of buyer of supplier onto and bringing culminated buyers suppliers us Gear network management under our The new million our transactions our suppliers spend two-sided network effects of to increased two-sided our addition number drove network. their one in

total Transaction our roughly XX.X% FastPay some increasing mix XX.X rising on transactions, year-over-year XX% on was were in in impact. to payment contributions by volume $XX volumes reached the driven basis acquisitions, payment payment network vertical total coupled with XXXX. PayClearly million from increase and with This volume year-over-year billion in growth a our

focused remain as to management year-over-year sauce given by The volume, in And of of various to which we increase we one XX% transaction payment it, under our e-payment under the maximizing volume Gear in is electronic rise monetization, our the network total refer our reflected to billion. our X of on industry-leading growing forms $XXX AvidPay spend flywheel. on converting suppliers secret

supplier our the this XXXX, In network from the AvidPay We roughly transactions with XX% suppliers. underscores AvidPay in network prior of grew numbers. year, proposition the by our growth line e-payment overall on for our believe value

transaction we per the XXXX. yield execution was The transaction business year over per in retention ended of our XX% $X.XX XX%. transaction to with buyers, growing up monetization growth from suppliers $X.XX resulted rate of across net flywheel which and sum the encompassing in metric, and all-encompassing And transaction over transaction

enter rates impact business. XXXX, customers with the we macro interest mindful crosscurrents and their the related we and to As our to inflation rising are potential our of

we some our moderation be encouraged activity, retention continue we several to our While seen across top funnel in have verticals. of sales transaction by of trends

our in have to continue shift the retention, over our operational greater key and macro don't on we headwinds, strategic daily optionality middle interpret to all any market of of and and markedly want run scenarios and trajectory should we that trends are impact preserve customers. paying volume metrics to the attention a While

we deepen the market said, have and growth the operations. our along significant in continuing put enhancing we to scale plan throughout offerings capitalize we product to competitive to sector integrations and of new on in while our building moat XXXX, place that API invest our blocks That with across middle that

customers. offering. front, couldn't launch business base at Invoice Accelerator a time supplier the we our very, growing XXXX, large to are in come small On product This of very proprietary our X.X launch excited for and better flagship

time, for acceleration, are it short-term that hearing a Accelerator funding and financing which Invoice our that critical provides it, we tool unique for customers. invoice about functions is invoices supplier a gaps first the product working as capital working those capital eligible IA For call for as bridges payment

the purpose-built underlying products, the around are by the the and underwriting it hurdles risk traditional for business which Our the product as financing collecting buyer. this overcomes significant to when model of most two supplier, of is it's leverage money, invoice paid

business our That's two-sided because customers and our including buyer visibility invoice to AvidPay on their transactions, payment Network. timing. in our along the unique have supplier both model, history, and with historical their all we the And

version In been these invoices. to transactions and and determine network, automatically this related flow how addition, best with cohort with underwrite suppliers X.X related intercept develop these payments the to limited through along, us initial a data payments perfecting buyer Accelerator, and targeted the invoices to enables learning's the scale of efficiently. which our of and our metering key We've testing offering underlying Invoice to science

market utilized an Invoice credit suppliers, our by real-time analytics decisioning technology, designed credit customers. by underwriting, our our self-service and automated underpinned targeted next-generation be Accelerator solution towards incorporating X.X small middle to architecture is business-related buyer growing supplier

Our to in expect serve X.X that in XXXX slated half it is a we Invoice and as of and Accelerator will lever second XXXX be beyond. growth launched the offering

Microsoft, intelligence intelligent year indexing data of invoice also planning or decade jointly we that that is configured to it. and learning historical is a machine proprietary analyze IDC intelligent data call capture XXXX This AvidXchange artificial designed partnership to digitization in with launch and we're an and as Second sets. product invoice worth we a platform our plus leveraging

standard Currently, send We buyer data they non-machine since PDF we workflow IDC paper whose deploying of to data our approval with generated go portion human have great a XXXX. Microsoft and our invoice been engineering and worldwide, the by invoices. closely on before process. digitizes product suppliers invoice customers capital data fields assets this by partnering digitize through off

and arm But real-time twofold. projected team drive paired to we interface which AI with levels are capabilities, extraction IDC, increasing productivity learning by by will with scalability data custom-built a together with almost machine our

will to gross further costs. margin productivity long-term We believe margin this change scale in our exceeding our expansion gross aid target leverage to as XX% markedly we our automation reduce towards unit continue

on a year, and integrations penetration and for launch have of by our used deck and portfolio integration of APIs we robust systems last built partnerships our the out-of-the-box And customers. Connect our front, on platform lastly, partners we've our been of on Avid our new XXXX. the horizontal accounting deepening Since ERP our integration vertical buyer

strategy market volume of integration transaction opportunity be to verticals, to embedded, Our and and partnerships the system is been around across significant target is and deeply leading where existing monetized. there playbook who for new providers ERP with our be API accounting an have customers

an we of successfully next-generation active the XXX,XXX integration Online, launch alone as year with was new for middle-market XXXX launched our our boasts QuickBooks APIs, customers. API which over

for current and customers of total customer buyer pool combined Acumatica are Blackbaud, today. who Not of to our roughly ResMan, mention, multiple XX,XXX base APIs a

provides go-to-market which partnership, base. they a a for What's these powerful typically of middle API market accelerating technical, solution and share sales, our our catalyst accounting integrations lead that to providers, marketing, of with customer deepening about these is

accelerate We our focus supporting vertical several partners. API of with areas, with eight XXXX while and across integrations activity markets, horizontal are planned confident new will accounting along that system development growing that subvertical

In as moat, public a and serving summary, fourth we operationally company. we the achieve that We to results quarter revenue our the significantly we our profitability positioning in very enter our our along XXXX. objectives, pleased full middle advanced and first strategically market, with as financially competitive and our with year believe business are

achieve our our our us XX success As and road That's our beyond have throughout three help themes won't and map at included I the navigate years. XXXX, and that well our products, be done accelerated tested to and not say we in and performance way, deliver discussed as along bumps which to product will beginning, also cash free objectives. XXXX successfully of flow to position have previous we'll profitability potential the financial talent, we in

believe strengthen we to and backdrop pressures. customers remain new accordingly. revenue said, to creates the the and That We assess customers, also choppy continue believe the uncertainties, current that will near-term cost impacts we macroeconomic to our adapting tackle it our while and macro creates picture are and as grow throughout XXXX business, we opportunities that,

and largely is verticals we large our the for across Among subverticals our offerings various unlock XX months, for acquisition paper for from fragmented opportunities, us these can and see of dislocations the which paper away which transformation shifting middle have invoices in been and opportunities, for openings early and still addressable checks. digital reasons. arket new last also to market stages dormant market, due

middle can uncertainty thus such our market-leading macro market-leading, customers market proven supplier our for to reaching more the along overall -- impact our to both profitability well-capitalized in the play XXXX providers, AvidXchange, year. across and Finally, and objectives customers also accelerating our competitive gravitate with middle as differentiated as position and even market strength, towards buyer even bolstering

With to that, Joel. I'd the like over to call turn my partner

Joel Wilhite

of reflect to excited to about everyone. continued financial Thanks, uncertainty. good which XXXX execution results, and continued today macro morning Mike, quarter fourth growth our I'm our and talk you strategies

financial Relative driven came business fourth customers. interest a quarter funds control loss XXXX higher the the another to together revenues quarter largely XXXX. in lower-than-expected outlook, fourth in EBITDA of fourth held of quarter from Overall, year-over-year better, adjusted contributed expense That, implied by we with delivered solid for performance. to quarter revenue

More XXXX. pulling EBITDA As to Mike once again to profitability remarks, XXXX mentioned on prepared his our in later. from forward path we're that

interest reflect combination revenues. of transactions, buyer Total in was contribution new of XXXX revenue XXXX growth addition XXXX. the primarily which XX.X% over million and the was PayClearly to which which the XX.X%. the excludes the revenue increased January e-payments by Organic our to acquisition, and invoice of of growth, in suppliers of Organic quarter revenue driven increased payment by $XX.X contribution QX fourth closed of

$X.X related advertising our revenue Revenue the the XXXX elections associated full and was million from $X.X run-offs. mid-term media to political for XXXX respectively. year quarter and This contribution book-of-business fourth stems and million

we mid-term from XXXX presidential revenue business outlook. are advertising nor our neither a because As XXXX in the elections, factoring any has not political reminder, contribution

Back results. to QX financial XXXX

from revenue QX in in growth to up $X.XX transaction $X.XX XX% the strong XXXX. yield resulted quarter, total Our also in expanding

from driven yield with XXXX, remainder $X.XX the increased the of quarter $X.XX roughly driven of of Excluding contribution the by by improvement, yield interest XX.X% PayClearly the of transaction increase the and the in fourth half acquisition revenue.

in our of which $XX.X of in revenues quarter, by of of X.X%. transactions revenue increased QX XXXX. for driven million, was Software accounted XX.X% the largely total revenues The in growth XX.X% of increase in over QX XXXX software total

$XX.X QX million, over interest were QX of XXXX for the QX $X.X accounted of revenues reflect in million revenues, versus of XX.X% QX in in of the XXXX. XX% of our Payment in XXXX contribution million increased revenue XXXX. quarter, total of of which $X.X which Payment revenue

Payment the of revenues contribution PayClearly also reflect the acquisition.

revenue payment remainder Excluding organic PayClearly, was in by $X.X two-thirds the contributed XX.X% interest revenues of by the million payment roughly driven driven organic payment which the quarter, approximately in and revenues. volume growth increase was

XX.X%. a the XXX last XX.X% the of interest period the driven by XXXX for Non-GAAP margin of basis resulting in and political million a margin over XXXX improvement increased last over higher same gross QX increased revenue. point QX XX.X% in of points in basis, period same to $XX.X quarter the basis to gross On GAAP profit of by contribution year, gross primarily year XXX in

year-ago expenses, termination stock-based compensation XXXX. recognition development from related resulting our in reflect fees On IPO expenses. QX on over Moving operating XXXX period last decrease GAAP operating of XX.X% were expenses of QX a to to non-cash facilities the The a $XX.X basis, costs completing QX a operating our expenses of IPO the of of impact total in transaction million, and year. agreement,

prior excluding $X.X quarter to XXXX amortization On the million XX.X% of comparable million basis, period. $XX.X in non-GAAP fourth or from a the and year depreciation increased operating expenses

depreciation period operating the excluding amortization basis fourth This and leverage XXXX revenue However, highlights declined expense R&D of XXX year. expenses percentage G&A. from points marketing, operating XX.X% to a in the in comparable and of on XX.X% roughly and last quarter the sales across basis,

in to non-GAAP increase costs component operating and I'll our a QX million XXXX in the QX our The year of customers. to in investment with continued QX supplier by over talk the last sales our QX increased change of in over million in Non-GAAP continued channel $X.X Non-GAAP and XXXX was expenses acquire marketing million investment the $X.X about to on strategies now new each research of increase basis. million by driven products and increased and buyers of to direct due $XX.X last development of costs year. and by platform. $XX.X

Non-GAAP general to QX performance-based $XX.X over to financial strong transitioned combination million of by and increased company QX an $X.X to and and a administrative of driven increase in accruals due bonus XXXX expenses, in costs last as year, public by of we million results. a operating higher continued

for million Our quarter net loss mark-to-market impact was million $XX of driven GAAP upon costs the transaction to the compensation of year convertible for prior termination the from a resulting development IPO a in expenses, versus non-cash common net loss stock-based IPO, our of related period, IPO GAAP recognition the $XX.X stock and liability facilities XXXX. agreement in QX adjustment fees by completing our

compared a a to aforementioned XXXX adjusted non-GAAP interest basis, of an combined to growth our of the of of QX loss non-GAAP the leverage. loss on revenue $XX.X fourth basis, solid our XXXX million the loss to year improvement of million a as EBITDA in revenues On QX factors. $X.X ago quarter $X.X a XXXX due On well compared million as in quarter $X.X million, with net was was organic in expense of

key cash approximately a million for debt along and total for our deposit market roughly reflects note split $XXX.X with year-end $XX.X payable the few position million. ended paper I balance million a total strong corporate of a corporate money approximately moment. against XX:XX demand debt paydown year million funds to sheet of to cash The commercial of outstanding balance including $XX debt with between XXXX. is a balance $XX.X The an accounts on items. respectively. from want We Turning touch meanwhile

in cash the quarter corporate at of the fourth basis on XX interest maturity roughly was billion average while our an end points. with for the XXX days, corporate $X.X interest approximately position rate roughly quarter. weighted cash cash X.X% was roughly rate for was The Customer effective quarter

$XX borrowing million from our increased During credit we a facility which $XX million the new we quarter, to million. reduces costs. credit facility $XX our substantially to established Subsequent year-end,

on of execute guidance. light in volume move revenue now impacts the balanced potential all information to XXXX In business initiatives the we to our for $XXX macro across range year million. commentary about I'll total based of available, our and million to with on the further expect $XXX currently the opportunities crosscurrents to full and be Mike's year continue for the we

outlook versus interest Our $XX approximately of approximately $XX in earned XXXX funds million from revenue XXXX. reflects million revenues customer

as reminder, any not recognized we in contribution $X.X versus revenue anticipate Also having XXXX. XXXX a media million political do in

XX% roughly in XXXX half. the revenues expect projected of remaining the We the second with the in XX% half first

our be the EBITDA non-GAAP adjusted $X.X year. to expect between We EBITDA million positive and breakeven for

in occur EBITDA the expect second half of first losses half to reverse in the and to year. We the

would turn call I back for Operator? to to that, Q&A. the line to the the open With up over like now operator

Operator

you. Thank

ahead. Koning We will Instructions] first question-and-answer Baird. the go from question Dave begin come now Please session. And from will [Operator the

Dave Koning

it's That's first Thanks on what corollary sales. sequentially and think the the it guess software The my pace And guys. of way and this? a based at Is little And the is, probably I fair Hey the that deceleration, guiding nice parts. that? maybe that new of then control, right often in of And you about quarter. is of, to fair think I question out but fastest to Am know business, payments normal it part your can causing you're is I really better think sales the revenue seven Yeah. control. as about quarters. a two grew a that's really macro kind that stuff is to I than the doing new deceleration. to

Joel Wilhite

specifically that. just with can Broadly though off cetera. you software associated in a quarter fourth light revenue And we up did around impact Dave, impact price some revenue, guide the yes. year-end, just first routine have kind The I of control has we non-recurring increase. et one-time catch some share, Yeah, Joel. some would it's on to

guide then relative software software revenue. of the on going yes certainly So And see with some we level necessarily business. broadly of I wouldn't in the that caution to but outcome forward, guide across yield pleased reflects spending the the emerging

Mike Praeger

Yeah. maybe funnel just little Hey, to activity top to customer a flavor Dave add related to of new related of bit adds.

We and continue over to see about really healthy year verticals up of activity in business ZIP engagement ago. across of really funnel XX% all our that top a really the see code

Dave Koning

$XX Got -- to you. $XX margin margins, like normalized guiding a do Thanks. second drive that profitability. something The you're XX%, And that. you think that then it incremental guiding up my incremental about question. like with that seems million XX% EBITDA just you're around revenue wondering margin? incremental way XXXX Is Just million, go-forward

Joel Wilhite

target XX-plus which with margin expansion gross business. the the broadly reflected we And good in Like, question of is approach steady the Yeah. turning profitable code pleased we're our I to that the business guide. begin as across percent. long-term ZIP see XX% is Dave. we Remember mean, said, we

going on gross good stripping we We and that annually even impact quarterly steady the do expansion sort margin some portfolio contribution. of see float did have depending But forward. certainly out,

Dave Koning

right, guys. All Thanks

Joel Wilhite

Yeah. Thanks David.

Operator

Nance next Please Sachs. is And the from from go Goldman question Will ahead.

Will Nance

know the kind the of trends are payment and guys you some the Hey volume I I side payment follow-up software largely on that about. of Good guys. volumetric morning. both to driven. maybe spoke wanted

seeing well? retention size? I'm -- lower wondering lower on, And touch you payment could mentioned, trends. You just impacting transaction how average volume transaction it's as maybe

transaction some about maybe I of horizontal it of across across parts Thanks. market the more the noticeable you or kind is businesses a and talk seeing any delineations the slowdown when business? in business mean, more the And color. various of parts the trends vertical vertical then, just retention, of

Joel Wilhite

did during buyers it off answer I just adding that I'll fairly first see caution emerging Yes. color. of a the question Thanks the all the to mentioned fourth all our little we across quarter our in broad-based. Will. in kind Again verticals of spending bit start really in some

say customers as I to discretionary adjusting is, largely we would what closer And look their we that is see about spending. what

So, professional cases not specific. but necessarily spend improvement sort like services et tenant vertical in things type some and marketing, cetera. of advertising And specific projects

what crosscurrents that that, little seeing quarter. But of our face don't know going into forward. you still hopefully kind retaining market Mike, we're anything of in gives of transactions I add in kind a color XXX% the XXX% macro year-over-year. what's over the you But for a from the bit And to over guidance still want baked these perspective. pleased of of if --

Mike Praeger

good verticals, Yeah. our I'd the channel like partners comments horizontal you say, different the Dave all on engagement. by horizontal driven and in expectations that. seeing We're maybe slice to follow-up of kind example. plus We're activity. When current related top-of-funnel top to is NetSuite, -- to such the kind would our my one maybe is strong exceeding Acumatica last of kind of across as be look of areas others funnel where really

the long-term that of I highlighted vertical talked as The of of good Golf a markets example. seeing in some what centers. say, a kind care related we're we've emerging being the some the today of them well on hospitality about. I And I'd other vertical one care our call as Hampton with one kind sub-sector as of really trends new, health being emerging call, hospitality to within vertical

kind Tier our We really Tier initiatives been one on that probably related expectations of be our transformation. that of They've below more kind that's So are X, is banks. kind taking vertical X cautious of digital have and exceeding currently kind of to some would examples financial those with related new expectations. to projects services and

of we then, that Real have estate that. And of flat would a year-to-year. be good kind of a example number more verticals been have

seeing really but over verticals across -- about -- again collectively about ago. top up of all funnel activity good So and diversification XX% a year

Will Nance

the Super you wondering of then, of in guys pie the data invoice about of intelligent when I the on quick towards like maybe helpful. XX% business. you the And context target can Like, IDC? the part size was ask that rollout XX near And if the a the outlined part the it. as and points more if could contemplated margin I guide? the guys capture. much I currently guess Got ingestion that of are of gross that was margin just attribute think expenses kind have of And this -- something devoting you follow-up kind towards that the is kind how guys of think was -- of expansion of of term. you gross can improvement I over this you

Mike Praeger

Yes. giving of Joel to particular and Maybe, kind with details. product by flavor I'll that some of little start a can more offering follow up kind

stands is system electronic non-standard supplier of working IDC Every many for in this the we driving delivered been they we're accounting one can. has for with invoices as of Data everybody business really Intelligent partnership Microsoft is invoices receipt excited we've in -- different the forms. Capture a invoices. a to the of and years how in about are has Obviously, every last this and has on couple So of challenges different get different as form, documents. supplier forms project And and we much

in capture able and invoices it the read across way. But of what IDC elements is, to these does standardized forms all different of data kind a

embedded of Maybe, to process. worth advantage our XX confidence flavor of invoices, combined think And in that capabilities we're that's of plus of we so, and learning And XX% level certainly, the gross taking Joel, Microsoft's margins in then in unique OCR little components. time. training getting bit over you kind on it driving a new provide front-end I really years' AvidXchange machine automation think AI on of and literally with

Joel Wilhite

follow-up near to impact contemplated which was just the in that, your to Will, term. Yes. we've degree a -- the

that would I more in -- potentially see unit think, likely some result XXXX to that, in some and back part significant but of of to we're expect excited efficiencies a see cost IDC. do a directly so the as I again impact improvements guide we XXXX,

Operator

Ramsey Thank you. And El-Assal our Please, from next question ahead. Barclays. from go is

Ramsey El-Assal

factored bit there, more magnitude follow Thanks color get prior just to so wanted your from that taking up and on, of the Will's little macro in my you pressure I I sort for terms your question. response much of question into guide. a of and think, Hi.

to trying today? deterioration just better conservatism in steady you're of of, sort like, a Just of state your whether in what sort contemplates, guide or understand more seeing further terms

Joel Wilhite

Ramsey. question, Great Yes.

Let hit that me just on. of head sort

about, talked trends that of course with whatever see that the guide. you together fourth business over in And the the to call emerging quarter into sort factored in we're seeing the beginning the we we it. of So to challenge everything crosscurrents, want

be that would it's that So be contemplated sort a need It meaningfully. abrupt to would reversal of those certainly to fairly the extent we of trends. beat

year so, expecting exist in that we're to guidance. our the And for

Mike Praeger

certainly of seen Yes. through what And a maybe, Ramsey, we've just anything at to a navigated and years in cycles. necessarily XX-plus give longer-term And we've economic seeing not been number remember different than little for you this view, we're other cycles.

cautious and Middle exit market related to companies pretty few quickly a out And as very typically we then, they their market -- of of but to cycle. those manage middle are certainly see more a type go business, pretty of expenditures are is resilient we back do expenses our spend. related snap discretionary they -- group companies

Ramsey El-Assal

I'm distress. Got contributor ask a pricing pricing, in it. about macro And to you I deploy. or wanted Is to should could think that kind across especially deployed a about of separately of business, think about to your how that? or that margin, this potentially have we lever just also trying as context

Mike Praeger

Yes.

our just one, question do the number market, automated yet position significant lot that, adopted And Having have want not adoption? it's customers in that and we we across on solutions, pricing create overall, of to the get we way. market, XX% we So, of middle said for market middle roughly objective about market don't power. on the a talk based has and how a good really is incentives we're still a because one leading internally, that the where price in focused certainly, volume

cost increases, of the balancing our through, we're of knock passing objectives. to sensitive we're certainly living-type but way having are it's So, in amount to that delicate a following increases some that the kind adoption act, of of related that to -- year-over-year, we're

Operator

question go Thank Bauch And Please Nikko you. the from ahead. SMBC Andrew is from Securities. next

Andrew Bauch

remarks. taking to about XXXX prepared be, or the and from $X.X getting could this Hi, that the the XX% think thinking that Joel, the taking that you've I of is an the building hone on in outlined And a million of questions.Just political to back mean, maybe blocks number want in context, And either XXXX, time guys. about I around to that in directionally that that kind research to helpful. goes mean cycle. Thanks your can the in where where perspective? disclosure kind to wanted point you that algorithm magnitude growth for in I there is people market done

Mike Praeger

Yes.

about of That I love kind -- that question, blocks. kind Andrew. that thinking them, of we of get of that we think about So, And as business be base those building may question I media political have board including you our yesterday. DC, in point sector. and had really was good around media I customer today a customers political. with hit Actually, We advisory meetings, the our the lot Washington top

a what's is, industry hit spend interesting that of of the cycles $X expecting XX% our break we the ago, running billion billion XXXX, sector And to payment through political roughly transactions sector political spend. political the have Today, is of just $XX platform. and really in couple of

overall. the of to going benefit kind we're advertising certainly, growth in spend So from political overall

So that's in our inherent kind business. existing of

half of this three delivery buckets, of of really product of year in in kind kind within I innovation version new second what big product market we're in then, with Invoice which And cycles. we're in as, AvidXchange the of, And going this. delivering the of terms is well outer walls of four has lot during This Accelerator in excitement market, of the to X.X our X.X of year, And that delivery. a think for year with us, the big starting be offering. and as kind goes a both offering,

new we customers. this And we're payload be delivering going biggest had integrations, probably terms in that for payment year accounting ever our new have integrations addition, we new the our to system, platform. ERP of, In then, with combined

kind are XXXX, our will XXXX, that growth targets. blocks of you a organic from of of and revenue multiyear perspective, so drive product confidence any period, our XX% And those north kind be at building XXXX, growth look when the to

Andrew Bauch

squeeze No, but other I in you're One wanted helpful like out the just maybe that what the in if to that any upon know nothing of I could seeing supplier world. of and influence that. full here, touch of the side all to business there's hear side macro on But that laid question I the guide? buyer the weakness kind in the February also there would January moderating is something is guide. the impacting of elements that spend year contemplated supplier

Mike Praeger

multiple a Yes, question study we because of same lot that's a there's things happening at time. the that really kind interesting one

active been to XX% our very new were aggressively suppliers that we've customers network last up certainly our So, over supplier year. adding

that we're get taking while data in process advantage the we're But change some transaction of our that to offers rate of on doing MasterCard how case or that, data. with in reduced suppliers are more the also noticing tiers the they based

and because of provide qualified adoption is rate better data continuing rates it revenue network a we using on being actually for to using eligible those retention they're driving use it's benefits a process. also so drives AvidPay does they're to think by if the And it one the them on of we be -- actually the it's tiers to think different it's data perhaps positive And be is that of short-term, able cards. accept we on data of to element get what the you suppliers headwind that based very the to in the although key that way,

as short-term be of be it supplier data related virtual although adoption our card whether even a for kind suppliers retention AvidPay tier. we may using a So, long-term for electronic payments a positive payment element or Direct. Long-term, negative think it a in to of the it's really as well

Operator

And from the Keane Bryan is you. Deutsche Bank. Thank from ahead. Please next go question

Bryan Keane

Hi, guys. morning. Good

also for to about can high-level transactions the in Any think then by takes give terms of to or yield was year? model to Just out direction on any cadence and key volume the or us? thinking quarter? And how how comments about metrics out you model Joel? or on any that this Anything puts just

Joel Wilhite

guidance you tell can guidance that I But knowing just float Bryan, political and our and some update typical cadence seeing trends in what dynamics. quarterly. provide different Yes, we're to the is certainly annual

between a of guidance. share of What that range thought QX. within I would see overall about our expectation QX, this and we and on I'll revenue in million talk sort for $XX $XX of, sort ahead that is call kind I million go

last QX was in to the fourth if roughly a remember about the things there's year. in million there those million think was quarter, cadence. no One quarters. you're you about there thinking few right? And there's about political So, quarterly when $X And when $X

quarter The is fourth thing last revenue that the about out now million we're about that other I'd book $X.X was million. and point reporting year is first quarter in $X.X

that quarter. about gives you think of hopefully little So, the color to a bit

Bryan Keane

you Mike just any bit curious if XX little a stagnant M&A movement been the as there that's mentioned on No, since months? helpful. there's obviously, for front, that's And the last

Mike Praeger

of and different targeting. are activity that that we're those what in at lots of with smaller our lots AvidXchange, -- conversations terms having in I'd players of, Well, we're it's there's the the in of one kind market, players say Yes. especially that the verticals kind internally of industry of,

say that half greater this opportunities raising expectation would into seeing the the are years. we're that them year. those I going related sale type of our providers probably activity two over -- A evaluating capital second looking lot to were we going during is of year from last to benefited start of next at

for will position to that to or catalyst whether markets to So they're a actually be sale. having think pursue down the evaluating back go in yet go that they natural the raise to We capital. path them of want then not a

have in of conversations. So touch activity is our lots stay and current to debt corporate

those market So when we opportunities of good have arise. a really the sense

Operator

next question Beck Josh go is the And ahead. from Please from KeyBanc.

Josh Beck

a the so team. question to for wanted taking double-click much Thanks I little bit. Yes.

I it spend. discretionary was Mike's think around comments

on pulled so heard the we've companies little a of curious encompass out pullback just ones? certain services. general yes, I So, And customers back the seeing be may bit from I'm have is does you that all elements it what a called maybe really within? verticals, financial other those that discretionary or your some obviously like They of are space been You of more office think advertising. back P&E. BXB on pulled and has in back types

would Some color there be great.

Mike Praeger

Yes.

being, the towards And of broad-based number ascertain kind verticals So across last broad-based of improvement pull for in is But we construction of professional geared in the being all think market. past falloff kind say all is economic impact tenant but and any is these the build-out the marketing-related more of one with first dramatic one kind probably second kind seeing some been slowing expansion. would really consistent projects we've what third of really And verticals. categories seen kind we've one across kind again, real what estate, on -- type the I middle particular It's would cycles though, really which say, not of we're of of administrative basis, falling and services; any spend. buckets; a I seen seeing some what spend; nominal three across discretionary being, able of of -- advertising as back. into it media consulting we've services to spend that it all we're of that

Josh Beck

little will, that Okay. tightening Yes. it a we've is bit seems theme of if which you belt a pretty like consistent Certainly, -- heard.

the encouraging. curious funnel to the the about the of activity respect the top The guess, to top stages funnel how with other it from hear the to I the that of progressing? the of conversion been sound was, does the later is has funnel, of middle question pipe like I'm the pipe

Mike Praeger

Yes.

So really good question, Josh.

funnel, the before lot its of happen think as of just a top is recognize it the of we things activity when things of but have revenue. of one to to -- at top into funnel the important design turns So

on cycle focus side through kind but b, go and and any close timing of a you sales rates and then configuration sales cycle the cycle then timing. of if kind customer be is the metrics implementation cycle a are changes -- and adoption once two cycle, an the sales on to we So is the that would then one live

to are Those seen we've close -- rates. historically. the so to no overall And what consistent changes we've seen

XX-day This is We're being historically extended by XX- second is – to maybe overall And seeing of to in that related have the terms cycles. what days sales we we saw one timing. then sales verticals. is cycle a XX the seen different to across where five

So we that's impact. seeing where are some

Josh Beck

for Thanks the Mike. color,

Mike Praeger

Thanks, Josh.

Operator

is And Morgan from Faucette go ahead. question James the next Stanley. from Please

James Faucette

help type is you benefit any rates go the operations importantly, use? your interest Thanks interest wondering us and back about could having metric very versus around margin XX wanted move today. rates I'm of should at terms detail your as rule can float like want there of to to we if much. you're planning Thanks event for planning with in strip gross around I – how think like And margin I to at move the quickly move about of all incremental there. of the can or that if you you float whatever share move in our least just guess how in thumb basis that natural we out that points And some and least terms leverage?

Joel Wilhite

Yes. Got James. you,

Okay.

So good question.

unpack see we is to march a and further. bit already the I'll ahead steadily margin think mentioned of I code. – into improve long-term but point a is we're us sort of on XX% of to that of comments what of that the gross good sort target little made ZIP XX% year-over-year. getting it of the Again, gross of couple me sort I margin Let I on expansion Again this

XX.X%. or XXX bps from for up year So for year-over-year the the XX%, quarter

we the benefit of political look just at then which We let's advertising less did some is I float the you've recognize see quarter feature and XXX positive gross sort margin pull But impact if both on got model. a bps. flow then a and and puts And of take the of takes. out because a little that

XXXX XXX the of fourth sense the for for the added in year that quarter. the would political of there, say business a I you give about – inclusion on to political just the the and impact bps So

about margin the bps for to as added to gross float for continue XXX bps ramp. then about And the quarter XXX rates year and

both out bps steady on the the taking and up XXX But for efficiencies improved of we yield, expansion. gross again, you're XX down for And year. margin mix quarter, And that then about progression bps. were so about

And there cloud fully then with the along into and that incremental a managed we've going out before this you that Azure called QX. associated bit going our in we about some as spend so QX see public headcount of including talked about little separately ramp softening we've QX cost getting into expectations in with impact cloud,

margin forward of to final guidance. expansion we're stripping around looking both float then that political profit calling good and so our And in out, question rule that we your on thumb. And just continue way see

Fed we've our million is of float our XXX lag. think float roughly And fund prepared guidance rate I about in as about as on remarks, mentioned think should revenue bps you of what our $XX a I off – talked for calls for revenue our about XXXX.

James Faucette

just appreciate Got quick a that. it. out – to as And then just I finish really follow-up that. And

You for business guys a have having quite this while. of the benefit run

participating rates see in do that affect change you pay the how the other effectively? terms would amount networks and or that they a behavior in in are As underlying those deposit of increase, things your customers

Mike Praeger

Yes.

And for solve that's what are rates we that deposits. is getting automated in that number the what nature flow monetization of our scenario, I things more across of kind enterprise of a of of an regardless in of model funds how that And flow, managing kind is flow consistent the business of related of what manage our -- to companies. is of part say cash middle focus in as process, the in more terms kind -- market, probably any think customers trying you're terms float So, we are efficient probably to of I one. of of board would the of

to reduce going just the process today. efficient Our paid process paper customers are kind the trying an manual get of in through suppliers and their they're way, that

accounting send don't now system we're are, directly that integrated from typically the and triggers their to the how different underlying to again, we our immediately flow that of so up XXX when over were of customers that characteristics funds movement, And platform they terms see systems And money file well. manage into dynamic. a in as our we

when control they So customers the their still bills. the pay timing

James Faucette

No, great and all setup. I Right. appreciate that's great detail. that

Mike Praeger

Thanks Okay. James.

Joel Wilhite

James. Thanks

Operator

is ahead. Suisse. from with question Please And Chiodo Timothy next go Credit the

Timothy Chiodo

terms lot. color do the on hit that small of the but risk three One and -- the And issue the to that a I time on wanted you that Thanks program you've a change data but I you extra that that Great. across IA as if funding, the have could so want could an credit today bit clarify you assume expands? over you're assuming just assuming being all not there appreciate comment areas. that funding anything X.X. little disclosed there. the and just to it's in

time, over any might rough see some there over appreciate that that kind is much And then context? be would TPV that think to related Accelerator the in could of program program that Invoice how might a of terms to of evolve you that, percentage of about that Some and addressable of the penetration today time. of

Mike Praeger

a question, Right. No, good that's Tim.

are true parties. have So they've risk two-sided we the the both a have historical the transactions seeing buyer standpoint, on all benefit supplier first done And of and of the all that network both credit on we having benefit the the network. the between that of

and have for of to seen buyer of and offering -- the examples in X.X transactions. although X.X launching offering, is believe supplier the our we've And been all last related we we're years again, behavior the so, our different market and several these type

of good automated really element it that and of feel be of will highly we a kind So about credit process. kind that

underlying the it sheet. our Related we balance to doing are today element, own funding on

is We probably planning for change. to XX, balances that maybe having in our existing partners. we're months those in it's roughly view one model that that XX our exciting something from we're that that of we're a way business However, away

have able large couple years partners last have sheet. to to this being of talking been stable take We the of a bank off us balance about that for

that, will and of part that, expect absolutely our that's we model. long-term And do so we

that the pool flow the to businesses. relates the our that is we think best of small about total cash anticipate of of product of question, needs to last suppliers are how is it it of really suited business help part roughly small our As XX% this suppliers. We our

offering we're that's of so that available And this kind the to. making market target

kind what suppliers really offering. And kind routinely, ongoing the insight year over really Within of makes is of kind which invoice excited, did so and that, that, one our shared stats days of building think, I of of offering advances. we've came us is our for taking led to when last notice XX were accelerate we the that, advantage back they X.X or

have So we're impact really excited to long our about that is for term this business. going the

Timothy Chiodo

could Michael, on Those TPV. the answers – you series clear time of point you. you it portion context the on more thank sheet. scales are currently Thank and have off. it of taken But for all of SMB as penetration the a well and that, data the on the or balance take and great

Mike Praeger

Tim. Thanks

Operator

ahead. Sandler. Bracelin And the from Piper go Please next question is from Brent

Brent Bracelin

top next products a growth there's into you. the tightening. here like of just year. is morning. Mike, of going it got mid-market It near-term like optimism the It sounds Good belt lot could and Thank sounds that real new help lot of like sounds a you challenge funnel.

negative? go us temporary, near you the the Looking TPV Thanks. go it basis? can flat where mid-market prior on at growth, to past I TPV as on how cycles talking go? good Temporarily, you are a thing but trying recessions term could trying what to the TPV to relative growth tell mid-market does year-over-year mean, to past assess Does within are assess cycles they about we saw bad where get relative cycles, here,

Mike Praeger

Yes.

the first – I So, – I at our think all, two And of underlying is we the kind I in supplier. health One buyer of mean impact then their middle the particularly look the – transactions. one so second market on of a lenses. is customer. it

we kind the out negative across XXXX, middle of go kind of last cycle, had of bankruptcy. cycle the and one through Within customer being market XXXX business

of XXX% close customers retained literally we from so And to our that perspective.

is network So within the that were flows. market. up to seen in to in XXXX, the volumes, launched say, cycles again, But middle we've not different XXXX. transaction XXXX. headwinds the middle we've What a X% of from is, resilience payments kind demonstrates seen extrapolating a in We've different business across I in we would really market. the payment past typically kind the the invoice verticals, of

things up they get the usually it's type kind capital to back caught And then, then, improvement those And of spend and exiting delaying usually that. across expenses of snap pretty cycle. projects like discretionary this geared expenditures quickly

we with So There's saying, that's seeing, historically. hey, an we've think anomaly nothing really we're we're before. what seen of consistent haven't that historically. is, behavior And seen I we've what seen currently what that, type that's

Brent Bracelin

it. Got

to it like to And headwind sort And transactions That's obviously, how be of to super that's X%-ish some is so, Thank you all sounds no spend then much the discretionary impacted. processed? churn impact. expect Do you. But going helpful. little variable I had.

Operator

question comes Wolfe Please Darrin Peller next from ahead. And go from Research. the

Darrin Peller

Thanks. Hey guys.

And couple versus investments pulled now what the growth your you uptick And you part just how profitability see and mean story? a and year and of in How on balancing profitability expenses can years. going to been are the managing those maybe plan up levels into hopefully profitability the and of that that revisiting, forward of for dramatic your next good I one. 'XX 'XX? of your in much as quick see the expect levels plans what or have a bit. a Just It's reiteration guys we

Joel Wilhite

Yes Darrin, one. to take happy that

in again, of were that bring we our face forward kind guidance the of profitability in year uncertainty. a by So, obviously some to pleased point

continue of on whatever but that a side this of discipline in of even we're be prudent, know part sort the of we to so, lies to ahead lot super reflects management season in. other is that the invest just growth what is the to on And

And the so, clear maybe if negative in back sure, of half that is, year, made half. out the EBITDA not EBITDA front one of before. thing to call I'm do in we see the I kind positive

really is depends it 'XX what doing. then, 'XX on the macro and And

market underscore will that when we're really there also, We be. a being endpoint. But comment thereafter. we ahead focused don't us. be any and know about, of And exiting opportunity business huge I would I we need that would So, an profitable but have to know make a 'XX on --

of so, in invest generate And going to to we're that going to the be the and ourselves use sort business able capital forward. disciplined the we're

Mike Praeger

Maybe be, Yes. add here. spring training that to would I game again, and know, one I'd thing baseball. long Darrin, don't Joel's comments we're it's in a

So context. to of into in second you first, the bottom give maybe, we're the heading the

have payments. So solutions it's And really the we're roughly the we're accounts still, not related XX% early or automating yet their overall game payable seeing to in playing. middle adopted of market any that

what drive that can balancing investment kind that each we're so, to well year, And growth maximize as efficient we do profitability. that to adoption as of and incremental

of in And to adoption to market. required I of this of So, we Day. X little kind continue the for amortize maybe is kind opportunity also would our the invest say, Analyst a what's upcoming June

as questions, targets gross diving some as of to be deeper we'll think, margin. well long-term related updated I providing some these in

Darrin Peller

be That helpful. really would

Joel Wilhite

just is as And -- the a wrap would thing do that lot I thing Darrin, have say to of capital, optionality. question I we we that Yes.

of that lot growth, So relative the investing available to to levers but we us on in so. a to have we but of do focused uncertainty we're have kind macro,

question. great So,

Darrin Peller

hear I think X,XXX XXXX. number I it I the added throughout XXXX? actually. update on end But an at Very Maybe missed of quickly the of didn't it was new buyers

Joel Wilhite

the we year That's Yes, finished right. at X,XXX.

the at X,XXX XXXX. to of X,XXX end So,

Darrin Peller

Okay. decent new, still some of And you're number net but. or expecting a a it's tougher macro I know

Joel Wilhite

I deliver retention yield the enter see really look, Yes. and good that to to. add continue along growth kind we buyers continue Mike can with optimistic top we're by to mean, expansion, we and expansion on the funnel comment we've the made we net that so of encouraged year, that see a as committed

Darrin Peller

guys. Great. Thanks Cool.

Joel Wilhite

bet, Darrin. You

Operator

go Huang from the And Tien-Tsin next is question from JPMorgan. Please ahead.

Tien-Tsin Huang

a and one have Mike just you answered transactions. lot Hey, just more questions I of Joel, on have guys know already. I

Mike Praeger

take No, questions. happy your to

Tien-Tsin Huang

be to on the call. Happy no. Hey,

XXXX? was Just I historical that wanted XXX. I revenue or -- look on the hear like? it's has was it what for rate But transaction same I what think to thinking think, retention metric retention, for XXX. what the touched you Did you're say really highlight

it's hovered if trended? further around back go XXX, XXX, think but we I has how that

Joel Wilhite

Tien-Tsin. we Yes, question have pre-pandemic just historically of sort we growth then sort post-COVID was see XXX underlying saw at you're of said kind recovery. right. great XXX, and you And retention abruptly our across returned and XXX-ish that -- dip buyers' volume. quarters We've of kind even that that rise of over gradually to referenced gave that the in that higher that seen We time

But forward there we specifically normalish would bit certainly an range. from little see that a about. the We guidance, the in of I of in know talked belt don't XXX, expect some tightening but do XXX impact our we guide don't of kind

Tien-Tsin Huang

Got it. Thank you.

Operator

Ladies question-and-answer would this and to to now gentlemen, remarks. Mike for Praeger our back turn like any concludes conference over closing I session. the

Mike Praeger

again, playing in automation of we thank everyone payment a we're opportunity you. that in strong to large opportunity. to us believe Thank across position for wanted puts payable We're our I the opportunities us and today. to ahead market. about related And Well, accounts joining us here this middle the on excited leadership the capitalize

the on Finally, we'll upcoming North that, close our in Charlotte, I want Day remind Carolina. call. to With Xst everyone June Investor about

Operator

thank for concluded. Thank And you today's attending presentation. conference you. now The has

You disconnect. may now

AvidXchange (AVDX) 1 Mar 232022 Q4 Earnings call transcript