Stock Track | AvidXchange Stock Soars 5.76% on Strong Q3 Results, Raised 2024 Outlook

Stock Track11-06

Shares of AvidXchange Holdings, Inc. (NASDAQ:AVDX) surged 5.76% in pre-market trading on November 6, 2024, after the company reported impressive third-quarter financial results and raised its full-year guidance, reflecting continued strong growth and execution.

The accounts payable automation software provider reported revenue of $112.8 million for the third quarter of 2024, up 14.3% year-over-year, surpassing analyst estimates. The company's non-GAAP gross margin of 74.5% and adjusted EBITDA margin of 20.7% were at the high end or exceeded its guidance range, driven by strong revenue growth, cost efficiencies, and operating leverage.

AvidXchange showcased its financial strength by extinguishing its pre-existing term debt and establishing a larger $150 million credit facility, while maintaining a robust balance sheet with cash and marketable securities of $394.3 million. The company also repurchased $25.1 million worth of shares in the third quarter under its $100 million share buyback program.

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(NASDAQ:AVDX) surged 5.76% in pre-market trading on November 6, 2024, after the company reported impressive third-quarter financial results and raised its full-...</p>\n\n<a href=\"\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"AVDX","symbol_name":"AvidXchange Holdings, Inc","start_time":0,"source_url":"","article_id":"1113138220","we_media_id":"1086803395","thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=1113138220","pubTimestamp":1730894187,"sourceInfo":{"source_id":"ai_movement_en","name":"Stock Track"},"weMediaInfo":{"media_name":"Stock Track","introduction":"Track stock‘s movements and relevant news","home_visible":1,"id":"1086803395","head_image":"https://static.tigerbbs.com/a81accab1e7ee4144dc051f71903a390"},"summary":"Shares of AvidXchange Holdings, Inc.  surged 5.76% in pre-market trading on November 6, 2024, after the company reported impressive third-quarter financial results and raised its full-year guidance, reflecting continued strong growth and execution.The accounts payable automation software provider reported revenue of $112.8 million for the third quarter of 2024, up 14.3% year-over-year, surpassing analyst estimates. 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