Latest news with #AvidXchange
Yahoo
5 days ago
- Business
- Yahoo
AvidXchange and Ministry Brands Announce Exclusive Partnership
New Partnership Enhances Payment Innovation for Faith-Based and Nonprofit Organizations CHARLOTTE, N.C. and KNOXVILLE, Tenn., Aug. 07, 2025 (GLOBE NEWSWIRE) -- AvidXchange, Inc. a leading provider in accounts payable (AP) automation, offering intelligent AP software and payment solutions for mid-market businesses and their suppliers, today announced an exclusive partnership with Ministry Brands, a leading provider of church management software and online giving tools. Together, the two companies will offer churches and nonprofits a more efficient, secure way to manage and pay their bills, freeing up time and resources for ministry. AvidXchange's automation technology will integrate seamlessly into Ministry Brands' suite of financial and digital tools to simplify payment processes for their network of over 90,000 churches and nonprofit organizations. This collaboration offers a faster, more efficient way to manage payments, allowing shared customers to save time and shift more focus to mission-driven priorities. With real-time tracking, church staff, volunteers, and other community leaders gain greater visibility and reliability across the entire payment lifecycle. 'Churches and nonprofits often run lean on resources and outdated systems slow them down,' said Dan Drees, President at AvidXchange. 'This partnership is about closing that gap—eliminating manual work so they can operate more efficiently. We're excited to build on our proven success in the nonprofit sector, enabling organizations to achieve more with less and stay focused on their mission." Ministry Brands chose AvidXchange for its leading supplier network, payment platform, and nonprofit expertise, further strengthening AvidXchange's presence in mission-driven sectors. The partnership delivers a fully digitized payment process, increasing transparency across systems and offering more control than traditional paper-based methods. Customers will also gain enhanced security features that help reduce payment fraud risk, including eliminating check processing, along with real-time data and reporting that provide deeper insight into financial operations. 'We're excited to collaborate with AvidXchange to bring meaningful innovation to the churches and nonprofits we serve. Managing finances and administrative tasks can pull focus away from their mission, and this partnership allows us to offer solutions that help teams operate more efficiently and stay focused on serving their people. Together, we're delivering tools that make a real difference,' said Chris Bacon, CEO of Ministry Brands. To learn more about the partnership, please visit: About AvidXchange®AvidXchange (Nasdaq: AVDX) is a leading provider in accounts payable (AP) automation, offering intelligent AP software and payment solutions specifically designed for mid-market businesses and their suppliers. With 25 years of industry experience, AvidXchange modernizes the way businesses manage their expenses and payments by offering AI-enhanced software coupled with support from experts. Empowering over 8,500 growth-driven businesses, AvidXchange increases efficiency, control, and visibility in financial operations and has securely processed payments to more than 1.3 million suppliers through its proprietary payment network over the past five years. For more information, visit About Ministry Brands Ministry Brands helps more than 90,000 churches and non-profit organizations grow and increase their impact on the world. The company provides integrated solutions covering member and donor management, digital giving, accounting, websites, mobile apps, communications, media content, event planning, employee and volunteer background screenings, and more. Together, their nearly 700 employees help clients transform how they operate and create positive ripple effects that drive the real human impact for which we all strive. With over $6.45 billion in charitable giving managed annually, they exist to help mission-focused organizations thrive. For more information, visit Media Contacts: Alexis Riddick Public Relations Manager AvidXchange pr@ Julian ByrneanthonyBarnum Public Relations Ministry 665-9258Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Globe and Mail
6 days ago
- Business
- Globe and Mail
AvidXchange Announces Second-Quarter 2025 Financial Results
CHARLOTTE, N.C., Aug. 06, 2025 (GLOBE NEWSWIRE) -- AvidXchange Holdings, Inc. (Nasdaq: AVDX), a leading provider of accounts payable (AP) automation software and payment solutions for middle market businesses and their suppliers, today announced financial results for the second quarter ended June 30, 2025. Second Quarter 2025 Financial Highlights: Total revenue was $110.6 million, an increase of 5.2% year-over-year, compared with $105.1 million in the second quarter of 2024. Revenue included interest income of $10.6 million compared with $11.8 million in the second quarter of 2024. General and administrative expenses included transaction and deal costs of $6.4 million primarily related to the proposed plan of merger announced on May 6, 2025. GAAP net loss was $(9.5) million, compared with a GAAP net income of $0.4 million in the second quarter of 2024. Non-GAAP net income was $10.7 million, compared with $10.7 million in the second quarter of 2024. GAAP gross profit was $73.6 million, or 66.6% of total revenue, compared with $68.7 million, or 65.3% of revenue in the second quarter of 2024. Non-GAAP gross profit was $81.6 million, or 73.8% of total revenue, compared with $76.3 million, or 72.6% of revenue in the second quarter of 2024. Adjusted EBITDA was $17.4 million compared with $17.5 million in the second quarter of 2024. A reconciliation of GAAP to non-GAAP financial measures has been provided in the tables following the financial statements in this press release. An explanation of these measures is also included below under the heading "Non-GAAP Measures and Other Performance Metrics." Second Quarter 2025 Key Business Metrics and Highlights: Total transactions processed in the second quarter of 2025 were 20.1 million, an increase of 1.8% from 19.7 million in the second quarter of 2024. Total payment volume in the second quarter of 2025 was $21.5 billion, an increase of 4.1% from $20.6 billion in the second quarter of 2024. Transaction yield in the second quarter of 2025 was $5.50, an increase of 3.2% from $5.33 in the second quarter of 2024. Financial Outlook & Earnings Teleconference As disclosed previously, due to its pending acquisition by TPG in partnership with Corpay, AvidXchange has suspended its previously issued financial outlook for fiscal 2025 and will not hold a teleconference to discuss its second quarter 2025 financial results. About AvidXchange™ AvidXchange is a leading provider of accounts payable ('AP') automation software and payment solutions for middle market businesses and their suppliers. AvidXchange's software-as-a-service-based, end-to-end software and payment platform digitizes and automates the AP workflows for more than 8,500 businesses and it has made payments to more than 1,350,000 supplier customers of its buyers over the past five years. To learn more about how AvidXchange is transforming the way companies pay their bills, visit Forward-Looking Statements Certain statements made in this press release constitute forward-looking statements within the meaning of the 'safe harbor' provisions of the Private Securities Litigation Reform Act of 1995. Any express or implied statements contained in this press release that are not statements of historical fact and generally relate to future events, hopes, intentions, strategies, or performance may be deemed to be forward-looking statements, including, without limitation, statements regarding AvidXchange's pending acquisition by TPG in partnership with Corpay. These forward-looking statements are based on management's current expectations and beliefs as of the date they are made. These statements are neither promises nor guarantees, but involve known and unknown risks, uncertainties and other important factors that may cause AvidXchange's actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements, including the risks discussed in AvidXchange's filings with the Securities and Exchange Commission ('SEC'), including AvidXchange's Annual Report on Form 10-K and other documents filed with the SEC, which may be obtained on the investor relations section of our website ( and on the SEC website at AvidXchange undertakes no obligation to update publicly any forward-looking statements, whether as a result of future events, new information or otherwise, except as required by law. Non-GAAP Measures and Other Performance Metrics To supplement the financial measures presented in our press release in accordance with generally accepted accounting principles in the United States ('GAAP'), we also present the following non-GAAP measures of financial performance: Non-GAAP Gross Profit, Non-GAAP Gross Margin, Adjusted EBITDA, Non-GAAP Net Income (Loss) and Non-GAAP Earnings Per Share. A 'non-GAAP financial measure' refers to a numerical measure of our historical or future financial performance or financial position that is included in (or excluded from) the most directly comparable measure calculated and presented in accordance with GAAP in our financial statements. We provide certain non-GAAP measures as additional information relating to our operating results as a complement to results provided in accordance with GAAP. The non-GAAP financial information presented herein should be considered in conjunction with, and not as a substitute for or superior to, the financial information presented in accordance with GAAP and should not be considered a measure of liquidity. There are significant limitations associated with the use of non-GAAP financial measures. Further, these measures may differ from the non-GAAP information, even where similarly titled, used by other companies and therefore should not be used to compare our performance to that of other companies. We have presented Non-GAAP Gross Profit, Adjusted EBITDA, Non-GAAP Net Income (Loss) and Non-GAAP Earnings Per Share in this press release. We define Non-GAAP Gross Profit & Gross Margin as revenue less cost of revenue excluding the portion of depreciation and amortization and stock-based compensation expense allocated to cost of revenues. We define Adjusted EBITDA as our net loss before depreciation and amortization, impairment and write-off of intangible assets, interest income and expense, income tax expense (benefit), stock-based compensation expense, transaction and acquisition-related costs expensed, change in fair value of derivative instrument, non-recurring items not indicative of ongoing operations, and charitable contributions of common stock. We define Non-GAAP Net Income (Loss) as net loss before amortization of acquired intangible assets, impairment and write-off of intangible assets, stock-based compensation expense, transaction and acquisition-related costs expensed, change in fair value of derivative instrument, non-recurring items not indicative of ongoing operations, acquisition-related effects on income tax, and charitable contributions of common stock. Non-GAAP income tax expense is calculated using our blended statutory rate except in periods of non-GAAP net loss when it is based on our GAAP income tax expense. In each case, non-GAAP income tax expense excludes the effects of acquisitions in the period on tax expense. We define Non-GAAP Earnings per Share as Non-GAAP Net Income (Loss) per diluted share. We believe the use of non-GAAP financial measures, as a supplement to GAAP measures, is useful to investors in that they eliminate items that are either not part of our core operations or do not require a cash outlay, such as stock-based compensation expense. Management uses these non-GAAP financial measures when evaluating operating performance and for internal planning and forecasting purposes. We believe that these non-GAAP financial measures help indicate underlying trends in the business, are important in comparing current results with prior period results and are useful to investors and financial analysts in assessing operating performance. Availability of Information on AvidXchange's Website Investors and others should note that AvidXchange routinely announces material information to investors and the marketplace using SEC filings, press releases, public conference calls, webcasts, and the Investor Relations section of AvidXchange's website. While not all information that AvidXchange posts to the Investor Relations website is of a material nature, some information could be deemed to be material. Accordingly, AvidXchange encourages investors, the media and others interested in AvidXchange to review the information that it shares at the Investor Relations link located at Users may automatically receive email alerts and other information about AvidXchange when enrolling an email address by visiting 'Email Alerts' in the 'Resources' section of AvidXchange's Investor Relations website Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 Revenues $ 110,570 $ 105,132 $ 218,512 $ 210,730 Cost of revenues (exclusive of depreciation and amortization expense) 30,949 30,426 61,738 60,759 Operating expenses Sales and marketing 23,068 19,956 45,579 39,697 Research and development 26,975 25,008 52,357 50,912 General and administrative 33,510 22,635 62,458 46,895 Impairment and write-off of intangible assets - - - 162 Depreciation and amortization 8,479 9,208 17,148 18,515 Total operating expenses 92,032 76,807 177,542 156,181 Loss from operations (12,411) (2,101) (20,768) (6,210) Other income (expense) Interest income 4,480 5,979 8,621 12,541 Interest expense (2,010) (3,323) (4,016) (6,660) Other income 2,470 2,656 4,605 5,881 (Loss) income before income taxes (9,941) 555 (16,163) (329) Income tax (benefit) expense (477) 119 612 244 Net (loss) income $ (9,464) $ 436 $ (16,775) $ (573) Net (loss) income per share attributable to common stockholders, basic and diluted Basic $ (0.05) $ 0.00 $ (0.08) $ 0.00 Diluted $ (0.05) $ 0.00 $ (0.08) $ 0.00 Weighted average number of common shares used to compute net loss per share attributable to common stockholders, basic and diluted Basic 206,933,045 207,025,967 205,982,206 205,961,720 AvidXchange Holdings, Inc. Consolidated Balance Sheets (in thousands, except share and per share data) As of June 30, As of December 31, 2025 2024 Assets Current assets Cash and cash equivalents $ 335,773 $ 355,637 Restricted funds held for customers 1,148,195 1,250,346 Marketable securities 71,461 33,663 Accounts receivable, net of allowances of $4,362 and $4,279, respectively 50,988 51,671 Supplier advances receivable, net of allowances of $2,024 and $1,644 respectively 18,035 14,080 Prepaid expenses and other current assets 15,503 15,317 Total current assets 1,639,955 1,720,714 Property and equipment, net 96,632 97,592 Deferred customer origination costs, net 29,005 28,119 Goodwill 165,921 165,921 Intangible assets, net 65,235 71,068 Other noncurrent assets and deposits 7,087 6,297 Total assets $ 2,003,835 $ 2,089,711 Liabilities and Stockholders' Equity Current liabilities Accounts payable $ 20,482 $ 15,494 Accrued expenses 45,094 46,849 Payment service obligations 1,148,195 1,250,346 Deferred revenue 12,747 13,967 Current maturities of lease obligations under finance leases 36 103 Current maturities of lease obligations under operating leases 663 1,207 Current maturities of long-term debt 4,800 4,800 Total current liabilities 1,232,017 1,332,766 Long-term liabilities Deferred revenue, less current portion 10,640 11,856 Obligations under finance leases, less current maturities 63,342 63,025 Obligations under operating leases, less current maturities 1,655 1,969 Long-term debt 4,300 4,300 Other long-term liabilities 4,331 3,962 Total liabilities 1,316,285 1,417,878 Commitments and contingencies Stockholders' equity Preferred stock, $0.001 par value; 50,000,000 shares authorized, no shares issued and outstanding as of June 30, 2025 and December 31, 2024 - - Common stock, $0.001 par value; 1,600,000,000 shares authorized as of June 30, 2025 and December 31, 2024; 207,695,309 and 204,335,860 shares issued and outstanding as of June 30, 2025 and December 31, 2024, respectively 208 204 Additional paid-in capital 1,718,132 1,685,644 Accumulated deficit (1,030,790) (1,014,015) Total stockholders' equity 687,550 671,833 Total liabilities and stockholders' equity $ 2,003,835 $ 2,089,711 AvidXchange Holdings, Inc. Three Months Ended June 30, Six Months Ended June 30, Reconciliation of Revenue to Non-GAAP Gross Profit and Non-GAAP Gross Margin 2025 2024 2025 2024 (in thousands) Total revenues $ 110,570 $ 105,132 $ 218,512 $ 210,730 Expenses: Cost of revenues (exclusive of depreciation and amortization expense) (30,949) (30,426) (61,738) (60,759) Depreciation and amortization expense (5,977) (6,034) (12,106) (12,098) GAAP Gross profit $ 73,644 $ 68,672 $ 144,668 $ 137,873 Adjustments: Stock-based compensation expense 1,996 1,625 3,980 2,857 Depreciation and amortization expense 5,977 6,034 12,106 12,098 Non-GAAP gross profit $ 81,617 $ 76,331 $ 160,754 $ 152,828 GAAP Gross margin 66.6 % 65.3 % 66.2 % 65.4 % Non-GAAP gross margin 73.8 % 72.6 % 73.6 % 72.5 % AvidXchange Holdings, Inc. Reconciliation of GAAP to Non-GAAP Measures (Continued) Three Months Ended June 30, Six Months Ended June 30, Reconciliation of Net Income (Loss) to Non-GAAP Net Income (Loss), including per share amounts 2025 2024 2025 2024 (in thousands, except share and per share data) Net income (loss) $ (9,464) $ 436 $ (16,775) $ (573) Exclude: Provision for income taxes (477) 119 612 244 Income (loss) before taxes (9,941) 555 (16,163) (329) Amortization of acquired intangible assets 2,859 3,414 5,744 6,827 Impairment and write-off of intangible assets - - - 162 Stock-based compensation expense 15,085 12,319 29,571 23,278 Transaction and acquisition-related costs (1) 6,449 - 8,445 - Non-recurring items not indicative of ongoing operations (2) (195) (1,976) 528 (630) Total net adjustments 24,198 13,757 44,288 29,637 Non-GAAP income (loss) before taxes 14,257 14,312 28,125 29,308 Non-GAAP income tax expense (2) 3,550 3,564 7,003 7,298 Non-GAAP net income (loss) $ 10,707 $ 10,748 $ 21,122 $ 22,010 Weighted-average shares used to compute Non-GAAP net income (loss) per share attributable to common stockholders, basic 206,933,045 207,025,967 205,982,206 205,961,720 Weighted-average shares used to compute Non-GAAP net income (loss) per share attributable to common stockholders, diluted 207,348,652 209,896,829 205,982,206 205,961,720 GAAP Net income (loss) per share attributable to common stockholders, basic and diluted $ (0.05) $ 0.00 $ (0.08) $ 0.00 Non-GAAP basic net income (loss) per share attributable to common stockholders, basic $ 0.05 $ 0.05 $ 0.10 $ 0.11 Non-GAAP basic net income (loss) per share attributable to common stockholders, diluted $ 0.05 $ 0.05 $ 0.10 $ 0.11 GAAP income (loss) per common share, basic and diluted $ (0.05) $ 0.00 $ (0.08) $ 0.00 Amortization of acquired intangible assets 0.01 0.02 0.03 0.03 Impairment and write-off of intangible assets - - - - Stock-based compensation expense 0.07 0.06 0.14 0.11 Transaction and acquisition-related costs 0.03 - 0.04 - Non-recurring items not indicative of ongoing operations (1) - (0.01) - - Provision for income taxes (0.02) (0.02) (0.03) (0.03) Adjustment to fully diluted earnings per share 0.01 - - - Non-GAAP diluted income (loss) per common share $ 0.05 $ 0.05 $ 0.10 $ 0.11 AvidXchange Holdings, Inc. Reconciliation of GAAP to Non-GAAP Measures (Continued) Three Months Ended June 30, Six Months Ended June 30, Reconciliation of Net Loss to Adjusted EBITDA 2025 2024 2025 2024 (in thousands) Net loss $ (9,464) $ 436 $ (16,775) $ (573) Depreciation and amortization 8,479 9,208 17,148 18,515 Impairment and write-off of intangible assets - - - 162 Interest income (4,480) (5,979) (8,621) (12,541) Interest expense 2,010 3,323 4,016 6,660 Provision for income taxes (477) 119 612 244 Stock-based compensation expense 15,085 12,319 29,571 23,278 Transaction and acquisition-related costs (1) 6,449 - 8,445 - Non-recurring items not indicative of ongoing operations (2) (195) (1,976) 528 (630) Adjusted EBITDA $ 17,407 $ 17,450 $ 34,924 $ 35,115 (1) For the three and six months ended June 30, 2025, this amount consists of transaction and deal costs incurred in connection with the proposed plan of merger announced on May 6, 2025 described in our unaudited consolidated financial statements. (2) For the three months ended June 30, 2025, this amount includes a $172 gain on lease buyout. For the three months ended June 30, 2024, this amount was primarily comprised of an insurance recovery of $2,110 for costs incurred in response to the cybersecurity incident that was detected in April 2023. For the six months ended June 30, 2025, this amount includes $618 in restructuring costs and a $172 gain on lease buyout. For the six months ended June 30, 2024 this amount includes $1,157 of severance costs and a net benefit of $1,808 of response costs incurred in connection with the cybersecurity incident.
Yahoo
6 days ago
- Business
- Yahoo
AvidXchange Announces Second-Quarter 2025 Financial Results
CHARLOTTE, N.C., Aug. 06, 2025 (GLOBE NEWSWIRE) -- AvidXchange Holdings, Inc. (Nasdaq: AVDX), a leading provider of accounts payable (AP) automation software and payment solutions for middle market businesses and their suppliers, today announced financial results for the second quarter ended June 30, 2025. Second Quarter 2025 Financial Highlights: Total revenue was $110.6 million, an increase of 5.2% year-over-year, compared with $105.1 million in the second quarter of 2024. Revenue included interest income of $10.6 million compared with $11.8 million in the second quarter of 2024. General and administrative expenses included transaction and deal costs of $6.4 million primarily related to the proposed plan of merger announced on May 6, 2025. GAAP net loss was $(9.5) million, compared with a GAAP net income of $0.4 million in the second quarter of 2024. Non-GAAP net income was $10.7 million, compared with $10.7 million in the second quarter of 2024. GAAP gross profit was $73.6 million, or 66.6% of total revenue, compared with $68.7 million, or 65.3% of revenue in the second quarter of 2024. Non-GAAP gross profit was $81.6 million, or 73.8% of total revenue, compared with $76.3 million, or 72.6% of revenue in the second quarter of 2024. Adjusted EBITDA was $17.4 million compared with $17.5 million in the second quarter of 2024. A reconciliation of GAAP to non-GAAP financial measures has been provided in the tables following the financial statements in this press release. An explanation of these measures is also included below under the heading "Non-GAAP Measures and Other Performance Metrics." Second Quarter 2025 Key Business Metrics and Highlights: Total transactions processed in the second quarter of 2025 were 20.1 million, an increase of 1.8% from 19.7 million in the second quarter of 2024. Total payment volume in the second quarter of 2025 was $21.5 billion, an increase of 4.1% from $20.6 billion in the second quarter of 2024. Transaction yield in the second quarter of 2025 was $5.50, an increase of 3.2% from $5.33 in the second quarter of 2024. Financial Outlook & Earnings TeleconferenceAs disclosed previously, due to its pending acquisition by TPG in partnership with Corpay, AvidXchange has suspended its previously issued financial outlook for fiscal 2025 and will not hold a teleconference to discuss its second quarter 2025 financial results. About AvidXchange™AvidXchange is a leading provider of accounts payable ('AP') automation software and payment solutions for middle market businesses and their suppliers. AvidXchange's software-as-a-service-based, end-to-end software and payment platform digitizes and automates the AP workflows for more than 8,500 businesses and it has made payments to more than 1,350,000 supplier customers of its buyers over the past five years. To learn more about how AvidXchange is transforming the way companies pay their bills, visit Forward-Looking StatementsCertain statements made in this press release constitute forward-looking statements within the meaning of the 'safe harbor' provisions of the Private Securities Litigation Reform Act of 1995. Any express or implied statements contained in this press release that are not statements of historical fact and generally relate to future events, hopes, intentions, strategies, or performance may be deemed to be forward-looking statements, including, without limitation, statements regarding AvidXchange's pending acquisition by TPG in partnership with Corpay. These forward-looking statements are based on management's current expectations and beliefs as of the date they are made. These statements are neither promises nor guarantees, but involve known and unknown risks, uncertainties and other important factors that may cause AvidXchange's actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements, including the risks discussed in AvidXchange's filings with the Securities and Exchange Commission ('SEC'), including AvidXchange's Annual Report on Form 10-K and other documents filed with the SEC, which may be obtained on the investor relations section of our website ( and on the SEC website at AvidXchange undertakes no obligation to update publicly any forward-looking statements, whether as a result of future events, new information or otherwise, except as required by law. Non-GAAP Measures and Other Performance MetricsTo supplement the financial measures presented in our press release in accordance with generally accepted accounting principles in the United States ('GAAP'), we also present the following non-GAAP measures of financial performance: Non-GAAP Gross Profit, Non-GAAP Gross Margin, Adjusted EBITDA, Non-GAAP Net Income (Loss) and Non-GAAP Earnings Per Share. A 'non-GAAP financial measure' refers to a numerical measure of our historical or future financial performance or financial position that is included in (or excluded from) the most directly comparable measure calculated and presented in accordance with GAAP in our financial statements. We provide certain non-GAAP measures as additional information relating to our operating results as a complement to results provided in accordance with GAAP. The non-GAAP financial information presented herein should be considered in conjunction with, and not as a substitute for or superior to, the financial information presented in accordance with GAAP and should not be considered a measure of liquidity. There are significant limitations associated with the use of non-GAAP financial measures. Further, these measures may differ from the non-GAAP information, even where similarly titled, used by other companies and therefore should not be used to compare our performance to that of other companies. We have presented Non-GAAP Gross Profit, Adjusted EBITDA, Non-GAAP Net Income (Loss) and Non-GAAP Earnings Per Share in this press release. We define Non-GAAP Gross Profit & Gross Margin as revenue less cost of revenue excluding the portion of depreciation and amortization and stock-based compensation expense allocated to cost of revenues. We define Adjusted EBITDA as our net loss before depreciation and amortization, impairment and write-off of intangible assets, interest income and expense, income tax expense (benefit), stock-based compensation expense, transaction and acquisition-related costs expensed, change in fair value of derivative instrument, non-recurring items not indicative of ongoing operations, and charitable contributions of common stock. We define Non-GAAP Net Income (Loss) as net loss before amortization of acquired intangible assets, impairment and write-off of intangible assets, stock-based compensation expense, transaction and acquisition-related costs expensed, change in fair value of derivative instrument, non-recurring items not indicative of ongoing operations, acquisition-related effects on income tax, and charitable contributions of common stock. Non-GAAP income tax expense is calculated using our blended statutory rate except in periods of non-GAAP net loss when it is based on our GAAP income tax expense. In each case, non-GAAP income tax expense excludes the effects of acquisitions in the period on tax expense. We define Non-GAAP Earnings per Share as Non-GAAP Net Income (Loss) per diluted share. We believe the use of non-GAAP financial measures, as a supplement to GAAP measures, is useful to investors in that they eliminate items that are either not part of our core operations or do not require a cash outlay, such as stock-based compensation expense. Management uses these non-GAAP financial measures when evaluating operating performance and for internal planning and forecasting purposes. We believe that these non-GAAP financial measures help indicate underlying trends in the business, are important in comparing current results with prior period results and are useful to investors and financial analysts in assessing operating performance. Availability of Information on AvidXchange's WebsiteInvestors and others should note that AvidXchange routinely announces material information to investors and the marketplace using SEC filings, press releases, public conference calls, webcasts, and the Investor Relations section of AvidXchange's website. While not all information that AvidXchange posts to the Investor Relations website is of a material nature, some information could be deemed to be material. Accordingly, AvidXchange encourages investors, the media and others interested in AvidXchange to review the information that it shares at the Investor Relations link located at Users may automatically receive email alerts and other information about AvidXchange when enrolling an email address by visiting 'Email Alerts' in the 'Resources' section of AvidXchange's Investor Relations website Investor Contact: Subhaash KumarSkumar1@ Holdings, Statements of Operations(in thousands, except share and per share data) Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 Revenues $ 110,570 $ 105,132 $ 218,512 $ 210,730 Cost of revenues (exclusive of depreciation and amortization expense) 30,949 30,426 61,738 60,759 Operating expenses Sales and marketing 23,068 19,956 45,579 39,697 Research and development 26,975 25,008 52,357 50,912 General and administrative 33,510 22,635 62,458 46,895 Impairment and write-off of intangible assets - - - 162 Depreciation and amortization 8,479 9,208 17,148 18,515 Total operating expenses 92,032 76,807 177,542 156,181 Loss from operations (12,411 ) (2,101 ) (20,768 ) (6,210 ) Other income (expense) Interest income 4,480 5,979 8,621 12,541 Interest expense (2,010 ) (3,323 ) (4,016 ) (6,660 ) Other income 2,470 2,656 4,605 5,881 (Loss) income before income taxes (9,941 ) 555 (16,163 ) (329 ) Income tax (benefit) expense (477 ) 119 612 244 Net (loss) income $ (9,464 ) $ 436 $ (16,775 ) $ (573 ) Net (loss) income per share attributable to common stockholders, basic and diluted Basic $ (0.05 ) $ 0.00 $ (0.08 ) $ 0.00 Diluted $ (0.05 ) $ 0.00 $ (0.08 ) $ 0.00 Weighted average number of common shares used to compute net loss per share attributable to common stockholders, basic and diluted Basic 206,933,045 207,025,967 205,982,206 205,961,720 Diluted 206,933,045 210,370,559 205,982,206 205,961,720 AvidXchange Holdings, Balance Sheets(in thousands, except share and per share data) As of June 30, As of December 31, 2025 2024 Assets Current assets Cash and cash equivalents $ 335,773 $ 355,637 Restricted funds held for customers 1,148,195 1,250,346 Marketable securities 71,461 33,663 Accounts receivable, net of allowances of $4,362 and $4,279, respectively 50,988 51,671 Supplier advances receivable, net of allowances of $2,024 and $1,644 respectively 18,035 14,080 Prepaid expenses and other current assets 15,503 15,317 Total current assets 1,639,955 1,720,714 Property and equipment, net 96,632 97,592 Deferred customer origination costs, net 29,005 28,119 Goodwill 165,921 165,921 Intangible assets, net 65,235 71,068 Other noncurrent assets and deposits 7,087 6,297 Total assets $ 2,003,835 $ 2,089,711 Liabilities and Stockholders' Equity Current liabilities Accounts payable $ 20,482 $ 15,494 Accrued expenses 45,094 46,849 Payment service obligations 1,148,195 1,250,346 Deferred revenue 12,747 13,967 Current maturities of lease obligations under finance leases 36 103 Current maturities of lease obligations under operating leases 663 1,207 Current maturities of long-term debt 4,800 4,800 Total current liabilities 1,232,017 1,332,766 Long-term liabilities Deferred revenue, less current portion 10,640 11,856 Obligations under finance leases, less current maturities 63,342 63,025 Obligations under operating leases, less current maturities 1,655 1,969 Long-term debt 4,300 4,300 Other long-term liabilities 4,331 3,962 Total liabilities 1,316,285 1,417,878 Commitments and contingencies Stockholders' equity Preferred stock, $0.001 par value; 50,000,000 shares authorized, no shares issued and outstanding as of June 30, 2025 and December 31, 2024 - - Common stock, $0.001 par value; 1,600,000,000 shares authorized as of June 30, 2025 and December 31, 2024; 207,695,309 and 204,335,860 shares issued and outstanding as of June 30, 2025 and December 31, 2024, respectively 208 204 Additional paid-in capital 1,718,132 1,685,644 Accumulated deficit (1,030,790 ) (1,014,015 ) Total stockholders' equity 687,550 671,833 Total liabilities and stockholders' equity $ 2,003,835 $ 2,089,711 AvidXchange Holdings, Statements of Cash Flows(in thousands) Six Months Ended June 30, 2025 2024 Cash flows from operating activities Net loss $ (16,775 ) $ (573 ) Adjustments to reconcile net loss to net cash used by operating activities Depreciation and amortization expense 17,148 18,515 Amortization of deferred financing costs 190 212 Provision for credit losses 1,976 1,481 Stock-based compensation 29,571 23,278 Accrued interest 638 822 Impairment and write-off on intangible assets - 162 Loss on write-off of fixed assets 3 - Gain on lease buyout (172 ) - Accretion of investments held to maturity (629 ) (2,209 ) Deferred income taxes 247 178 Changes in operating assets and liabilities Accounts receivable 184 (3,652 ) Accrued interest on investments 43 - Prepaid expenses and other current assets (186 ) (2,481 ) Other noncurrent assets (980 ) (839 ) Deferred customer origination costs (887 ) (142 ) Accounts payable 4,988 (1,378 ) Deferred revenue (2,436 ) (2,735 ) Accrued expenses and other liabilities (1,631 ) (11,388 ) Operating lease liabilities (686 ) (323 ) Total adjustments 47,381 19,501 Net cash provided by operating activities 30,606 18,928 Cash flows from investing activities Purchase of marketable securities held to maturity (65,329 ) (98,996 ) Proceeds from maturity of marketable securities held to maturity 28,117 55,996 Purchases of equipment (1,324 ) (1,100 ) Purchases of intangible assets (9,034 ) (8,087 ) Supplier advances, net (5,431 ) (4,092 ) Net cash used in investing activities (53,001 ) (56,279 ) Cash flows from financing activities Repayments of long-term debt - (813 ) Principal payments on finance leases (81 ) (150 ) Proceeds from issuance of common stock 1,474 5,393 Proceeds from issuance of common stock under ESPP 1,447 1,220 Remittance of taxes upon vesting of restricted stock units (209 ) - Payment of acquisition-related liability (100 ) (100 ) Payment service obligations (102,151 ) (385,201 ) Net cash used in financing activities (99,620 ) (379,651 ) Net decrease in cash, cash equivalents, and restricted funds held for customers (122,015 ) (417,002 ) Cash, cash equivalents, and restricted funds held for customers Cash, cash equivalents, and restricted funds held for customers, beginning of year 1,605,983 1,985,630 Cash, cash equivalents, and restricted funds held for customers, end of period $ 1,483,968 $ 1,568,628 Supplementary information of noncash investing and financing activities Property and equipment purchases in accounts payable and accrued expenses $ - $ 19 Interest paid on notes payable - 2,673 Interest paid on finance leases 3,000 2,954 Cash paid for income taxes 369 254 AvidXchange Holdings, of GAAP to Non-GAAP Measures Three Months Ended June 30, Six Months Ended June 30, Reconciliation of Revenue to Non-GAAP Gross Profit and Non-GAAP Gross Margin 2025 2024 2025 2024 (in thousands) Total revenues $ 110,570 $ 105,132 $ 218,512 $ 210,730 Expenses: Cost of revenues (exclusive of depreciation and amortization expense) (30,949 ) (30,426 ) (61,738 ) (60,759 ) Depreciation and amortization expense (5,977 ) (6,034 ) (12,106 ) (12,098 ) GAAP Gross profit $ 73,644 $ 68,672 $ 144,668 $ 137,873 Adjustments: Stock-based compensation expense 1,996 1,625 3,980 2,857 Depreciation and amortization expense 5,977 6,034 12,106 12,098 Non-GAAP gross profit $ 81,617 $ 76,331 $ 160,754 $ 152,828 GAAP Gross margin 66.6 % 65.3 % 66.2 % 65.4 % Non-GAAP gross margin 73.8 % 72.6 % 73.6 % 72.5 %AvidXchange Holdings, of GAAP to Non-GAAP Measures (Continued) Three Months Ended June 30, Six Months Ended June 30, Reconciliation of Net Income (Loss) to Non-GAAP Net Income (Loss), including per share amounts 2025 2024 2025 2024 (in thousands, except share and per share data) Net income (loss) $ (9,464 ) $ 436 $ (16,775 ) $ (573 ) Exclude: Provision for income taxes (477 ) 119 612 244 Income (loss) before taxes (9,941 ) 555 (16,163 ) (329 ) Amortization of acquired intangible assets 2,859 3,414 5,744 6,827 Impairment and write-off of intangible assets - - - 162 Stock-based compensation expense 15,085 12,319 29,571 23,278 Transaction and acquisition-related costs(1) 6,449 - 8,445 - Non-recurring items not indicative of ongoing operations(2) (195 ) (1,976 ) 528 (630 ) Total net adjustments 24,198 13,757 44,288 29,637 Non-GAAP income (loss) before taxes 14,257 14,312 28,125 29,308 Non-GAAP income tax expense(2) 3,550 3,564 7,003 7,298 Non-GAAP net income (loss) $ 10,707 $ 10,748 $ 21,122 $ 22,010 Weighted-average shares used to compute Non-GAAP net income (loss) per share attributable to common stockholders, basic 206,933,045 207,025,967 205,982,206 205,961,720 Weighted-average shares used to compute Non-GAAP net income (loss) per share attributable to common stockholders, diluted 207,348,652 209,896,829 205,982,206 205,961,720 GAAP Net income (loss) per share attributable to common stockholders, basic and diluted $ (0.05 ) $ 0.00 $ (0.08 ) $ 0.00 Non-GAAP basic net income (loss) per share attributable to common stockholders, basic $ 0.05 $ 0.05 $ 0.10 $ 0.11 Non-GAAP basic net income (loss) per share attributable to common stockholders, diluted $ 0.05 $ 0.05 $ 0.10 $ 0.11 GAAP income (loss) per common share, basic and diluted $ (0.05 ) $ 0.00 $ (0.08 ) $ 0.00 Amortization of acquired intangible assets 0.01 0.02 0.03 0.03 Impairment and write-off of intangible assets - - - - Stock-based compensation expense 0.07 0.06 0.14 0.11 Transaction and acquisition-related costs 0.03 - 0.04 - Non-recurring items not indicative of ongoing operations(1) - (0.01 ) - - Provision for income taxes (0.02 ) (0.02 ) (0.03 ) (0.03 ) Adjustment to fully diluted earnings per share 0.01 - - - Non-GAAP diluted income (loss) per common share $ 0.05 $ 0.05 $ 0.10 $ 0.11 AvidXchange Holdings, of GAAP to Non-GAAP Measures (Continued) Three Months Ended June 30, Six Months Ended June 30, Reconciliation of Net Loss to Adjusted EBITDA 2025 2024 2025 2024 (in thousands) Net loss $ (9,464 ) $ 436 $ (16,775 ) $ (573 ) Depreciation and amortization 8,479 9,208 17,148 18,515 Impairment and write-off of intangible assets - - - 162 Interest income (4,480 ) (5,979 ) (8,621 ) (12,541 ) Interest expense 2,010 3,323 4,016 6,660 Provision for income taxes (477 ) 119 612 244 Stock-based compensation expense 15,085 12,319 29,571 23,278 Transaction and acquisition-related costs(1) 6,449 - 8,445 - Non-recurring items not indicative of ongoing operations(2) (195 ) (1,976 ) 528 (630 ) Adjusted EBITDA $ 17,407 $ 17,450 $ 34,924 $ 35,115 (1) For the three and six months ended June 30, 2025, this amount consists of transaction and deal costs incurred in connection with the proposed plan of merger announced on May 6, 2025 described in our unaudited consolidated financial statements. (2) For the three months ended June 30, 2025, this amount includes a $172 gain on lease buyout. For the three months ended June 30, 2024, this amount was primarily comprised of an insurance recovery of $2,110 for costs incurred in response to the cybersecurity incident that was detected in April 2023. For the six months ended June 30, 2025, this amount includes $618 in restructuring costs and a $172 gain on lease buyout. For the six months ended June 30, 2024 this amount includes $1,157 of severance costs and a net benefit of $1,808 of response costs incurred in connection with the cybersecurity incident. (3) Non-GAAP income tax expense is based on the Company's blended tax rate of 24.9% in periods the Company has Non-GAAP income before tax. In periods the Company is in a non-GAAP loss position, tax expense is based on GAAP tax expense.
Forbes
22-07-2025
- Business
- Forbes
What CFOs Need To Know (And Often Don't) About Company Workers
There aren't many good things to have come out of the Covid-19 pandemic, but a new study of finance professionals from accounts payable software maker AvidXchange pinpoints one of them: Businesses increased their readiness for the unexpected. As businesses navigate an uncertain financial future, two-thirds say they are more prepared to handle it now than five years ago, when many normal flows of global commerce were disrupted by the virus. Since the pandemic, companies have been investing more in strategic financial technology, including for automation, operational effectiveness, forecasting and productivity. Nearly three-quarters of respondents said technology implemented during the pandemic is helping them now, with seven in 10 reporting that technology is at least very important to their ability to continue to respond to market changes. Just having the technology available doesn't mean that finance professionals are confident in what is coming next, however. The vast majority—86%—are concerned about the state of the economy, and half have deeper concerns about a potential recession. President Donald Trump's unpredictable financial policy, punctuated by threats of high tariffs that are often delayed and revised, has made planning difficult. Nearly half of all companies are reevaluating their budgets and discretionary spending. Three in 10 are using scenario planning and financial modeling to prepare for a range of outcomes. So far, just over half have made moderate changes to their forecasts because of impending tariffs, but about a quarter that have been minimally impacted so far are monitoring them closely. Close to a fifth—17%—said the tariff threat has significantly disrupted planning and required major adjustments. This survey was taken in late spring—April to May—and many of the proposed tariffs seemed to loom much more in the immediate future. That effective date has shifted through the months, and is now set for August 1. However, one thing that hasn't changed since this survey was conducted is the unknown nature of the immediate financial picture, which has been a consistent fog over finance departments since January. When companies are being prudent about their finances, one area where they often make cuts is personnel. However, many companies fail to share relevant people data between managers, HR and the finance department, leading companies to cut employees based on salaries alone—a strategy that sometimes will lead to vital knowledge and capabilities being cut, and ultimately losing more money in the long run. I spoke with Andrea Derler, principal in Research and Customer Value at AI workforce analytics platform Visier, about why companies need to share data to make better informed staffing cuts in difficult times. An excerpt from our conversation is later in this newsletter. This is the published version of Forbes' CFO newsletter, which offers the latest news for chief finance officers and other leaders focused on the budget. Sign up here to get it delivered to your inbox every Tuesday. ECONOMIC INDICATORS Stocks climbed to fresh all-time highs on Monday. Michael Nagle/Bloomberg What uncertain economy? Looking at the stock market, the U.S. economy appears to be making fast progress with nothing in its way. The S&P 500 shattered records with two all-time highs in the last week—Monday and Thursday—while the Nasdaq also set a daily record on Monday. Optimism in technology, especially AI, is buoying the markets, with Alphabet, Amazon, Apple, Verizon, Qualcomm and Broadcom leading Monday's rally. Analysts are mixed on whether the rally will continue, with strategists at Goldman Sachs, Wells and Fargo projecting more growth this year. Analysts at JP Morgan Chase and Evercore ISI are projecting a decrease. Positive economic data has helped boost the markets. Unemployment claims hit 221,000 last week, down 7,000 from the week before, and June's retail sales were up 0.6% over May, writes Forbes senior contributor Pamela Danziger. Additionally, 83% of S&P 500 companies reporting earnings so far this quarter exceeded expectations. Alphabet and Tesla, two of the 'Magnificent Seven' tech companies, will report their earnings later this week. Despite all of these positive numbers, however, tariffs are still waiting in the wings, writes Forbes senior contributor Erik Sherman. According to President Donald Trump's latest deadlines, many of them will start on August 1, and could begin to impact the prices companies and consumers pay soon thereafter. Countries and companies are working to figure out how to mitigate the majority of the impact when it comes, the Washington Post reports. Meanwhile, Forbes senior contributor Jim Osman writes that a distressing sign is emerging from consumers: 5.1% of all car loans are delinquent, marking a 15-year high in subprime loan delinquencies. Osman writes car loans tend to be the last payment Americans skip. When times are tight, they may miss a credit card, utility, mortgage or rent payment, but vehicles tend to be the last thing they will risk losing. Osman writes that credit stress is spreading as household debt increases, while credit card and buy-now, pay-later companies tighten their standards. POLICY + REGULATIONS President Donald Trump holds up the just-signed GENIUS Act with Speaker of the House Mike Johnson (R-La.) applauding next to U.S. has regulations in place to govern some types of cryptocurrency. Last week, President Trump signed legislation to regulate stablecoins, which are cryptocurrencies tethered to the value of assets like the U.S. dollar. The new laws put guidelines in place for banks and other entities to issue stablecoins. The new law has been hailed as a landmark moment for the crypto industry, writes Forbes senior contributor Charles Lloyd Bovaird II. Analysts told him that with regulations in place, there will be more momentum to establish and invest in cryptocurrency, both for individual investors and corporate entities. And several companies are looking into the issue. The Wall Street Journal reported last month that Walmart and Amazon are considering launching their own stablecoins as a way to circumvent traditional payment systems. With the ink barely dry on the new law, the earliest impacts have come in the form of runaway valuations on Bitcoin and Ethereum stablecoins. Prices for these tokens have skyrocketed over the last week. Two other Republican-backed bills that would provide more regulation on the industry are currently before the Senate. They would prohibit the Federal Reserve from issuing a central bank digital currency and divide regulatory jurisdiction for digital assets between the Commodity Futures Trading Commission and the Securities and Exchange Commission. NOTABLE NEWS Illustration by Samantha Lee for Forbes; Images;; Devonyu-Getty Images; Ali Çobanoğlu-Getty Images; Joe_Potato/Getty Images; lavsketch/Getty images;It may be about time to take another look at office perks. In Trump's sweeping domestic policy bill—dubbed the One Big, Beautiful Bill Act—the 50% tax deduction on food and drinks in the office expires on January 1, writes Forbes' Kelly Phillips Erb. Office coffee, snacks and employee meals got a 50% tax break under Trump's signature 2017 financial policy bill, but the perk did not get renewed in the latest policy bill. (Unless you work on a fishing vessel in Alaska or a restaurant, that is.) The end of the deduction will raise $32.5 billion over the next decade, Erb writes—a relatively small increase in revenue, considering the bill includes tax cuts adding up to $4.475 trillion in the next decade. The question now facing companies is whether to continue stocking the office kitchen with goodies. A 2023 survey found that eight in 10 employees said catered meals encouraged them to come into the office, and 98% said free meals at work make them feel appreciated. But considering the other internal cost issues that may be at play in 2026, it may be challenging for companies to preserve a non-deductible employee perk. OFF THE LEDGER Why Data Blind Spots For CFOs Lead To Ineffective Layoffs Andrea Derler, Visier Principal, Research and Customer Value. Visier When it's time to cut costs, financial leaders typically begin by looking at a company's largest cost center: personnel. But the CFO's office and the personnel department don't always have the same data—down to agreeing on total employee counts—and the information the CFO has is usually based on numbers and location, missing important context like job functions and company plans for further growth. I spoke with Andrea Derler, principal in Research and Customer Value at AI workforce analytics platform Visier, about how everyone in the company can align on its workforce. This conversation has been edited for length, clarity and continuity. In an ideal business situation, what kind of access would the CFO have of personnel data? Derler: To begin with, what type of data does the organization have? How is it currently processed and integrated? I'm exaggerating here, but she's probably not going to be interested in seeing a spreadsheet with 300,000 employees. Ideally, it's in a system where it's easily accessible to the C-suite. The better it is integrated and actually prepared for results and insights, the easier it becomes. These people don't have time to play around with the system for half an hour to get to one insight. What's our headcount? Where's the diversity in terms of women in leadership positions? How does our projected headcount actually affect our ability to meet our targets next quarter? That needs to be really easily integrated. In terms of the detail and what they see, hopefully they'll work with the relevant IT and CHRO teams to understand: Can I have access to this and that because I need it for this and that? The collaborative aspect of all of these decisions is increasingly high nowadays because it's technically possible: Understanding and negotiating access to certain data points and certain business units is really a collaborative effort. There's a basic set of metrics that are always relevant. We need to know who is going, who is coming in the organization, particularly for workforce planning. You always need to know who is where. Engagement may not be the most important one for the CFO because it's further away from proof to say it really affects the bottom line. Closer to that would be how many people do we have? Do we have the right skills, and how is it going to affect our projected revenue next year? What are some of the bigger things that go wrong in companies because the CFO doesn't necessarily have access to good data from HR? We have a massive data set of [about] more 30 million employee records of global industry data. We look at that data constantly. Two years ago, we studied layoffs—reduction in force, turnover, resignation. Most companies have some type of a number we can see in our data. Then I interviewed six CHROs to understand what the decision making process around layoff positions look like? If there's a very short term calculation: I'm going to save this much if I let 10% go in the next three months, what's sometimes missing? Sure, you have the cost savings in the short term, but what's sometimes neglected is what the actual long-term cost is. I'm going to let go 10% now because I think we don't need them anymore, and currently I'm going to have to save some costs. Sometimes, what's not happening is thinking ahead 12 months. We want to grow again after the difficult economic times. Now, I'm going to have to rehire individuals or find new replacement employees. We know that hiring new employees is generally much more expensive than keeping existing employees and helping them either internally to find different roles or reskill them. There's a lot of academic research and also industry research that found that layoffs most of the time are not really financially making sense because the planning capabilities don't always exist. If the CFO knew how much it's going to cost their company to rehire, knowing it may cost a lot more, giving us another headache in two years time, [they may advise against it]. They had only the financial data and said, 'Oh man, we are spending way too much on wages. We're going to have to make some cost savings.' That's for lack of data integration. That's for lack of the ability to collaborate and look at the same data set and do thorough scenario planning, very much to the detriment, not only of the employees who are being let go, but even financially, it doesn't make sense most of the time. What advice would you give to a CFO who wants to make the best financial decisions in the long run for their company when it comes to personnel, and feels like they need to have more access to information? The first thing, very practically, I would recommend that they would go to their counterparts— CHRO or IT—and find out how solidly set up they are from a technology and analytics perspective in terms of what do we have? How are we set up? Are we still working on spreadsheets? What questions can you answer for me here and now—not tomorrow, next week, not in two months, because we still have to do all the calculations manually. That would be an expectation that the CFO can reasonably have, to say, 'Well, if we want to make good decisions, that's what we need.' Secondly, gauge the appetite. If it's not in place, make a business case for it and say, 'I will be able to make more solid financial decisions if I have the solid HR data behind me. I can make a decision faster and be more agile. That's a big selling point. Currently, with all that's happening in the economy, it's very hard to plan ahead. You need agility and the ability to look something up today. Find out what's in place. If nothing's in place, what's the appetite, and who are the stakeholders that I need to engage with within the company? The third important task that they could do by themselves is list what's missing for me right now in terms of people data. These are the table stakes five questions that I need to be able to answer so I can, as a CFO, make meaningful decisions, or help at least advise the board or others on those decisions. COMINGS + GOINGS Energy services provider Halliburton tapped Stephanie Holzhauser as its new senior vice president and chief accounting officer, effective July 16. Holzhauser was an intern with Halliburton before joining the firm in 2004, and she succeeds Charles Geer Jr. who is leaving the company. tapped as its new senior vice president and chief accounting officer, effective July 16. Holzhauser was an intern with Halliburton before joining the firm in 2004, and she succeeds Charles Geer Jr. who is leaving the company. Utilities provider Southern Company promoted David P. Poroch to its executive vice president and chief financial officer role, effective July 31. Poroch currently works as senior vice president, comptroller and chief accounting officer, and he will succeed Daniel S. Tucker, who is retiring after more than 25 years with the firm. promoted to its executive vice president and chief financial officer role, effective July 31. Poroch currently works as senior vice president, comptroller and chief accounting officer, and he will succeed Daniel S. Tucker, who is retiring after more than 25 years with the firm. Luxury retail group Saks Global appointed Brandy Richardson as chief financial officer, effective August 18. Richardson joins the company from Tailored Brands, Inc., and will succeed interim chief financial officer Mark Weinsten. STRATEGIES + ADVICE Businesses do want to make money, but your success and longevity may depend on your ability to do something else: create value for your customers. Here are some ways to make a shift away from pure profit, but possibly a better market position. If you want to add some leadership insight to your summer reading list, here are six books to help you reflect on your shortcomings and learn how to lead your team more effectively. QUIZ Last week, a TV network canceled a top-rated show because it said it was losing money—though critics have wondered if the cancellation had more to do with President Trump's dislike of it. Which show is it? A. 60 Minutes B. The Daily Show C. The View D. The Late Show See if you got the right answer here.
Globe and Mail
17-07-2025
- Business
- Globe and Mail
New AvidXchange Report Shows Finance Teams More Prepared Than in 2020—But Still Investing to Weather Uncertainty
CHARLOTTE, N.C., July 17, 2025 (GLOBE NEWSWIRE) -- AvidXchange, Inc. a leading provider in accounts payable (AP) automation software and payment solutions for mid-market businesses and their suppliers, today announced the results of its 2025 Economic Sentiment Survey, conducted via Pollfish. The survey of 709 finance professionals reveals a key shift: 67% feel more prepared to handle today's economic uncertainty than they did in 2020, crediting increased technology investment and hard-earned experience. Many are continuing to double down on digital tools to stay agile amid inflation, supply chain disruptions, and ongoing market volatility. Economic Concerns Still Weigh Heavily While confidence is growing, post-Covid hangover remains. 86% of finance professionals express concern about the current state of the economy, with nearly half taking actions like cutting discretionary spending. Additionally, 50% say they are 'very concerned' about the likelihood of a recession, and 22% expect one to hit within the next 12 months. Tariffs and inflation are also reshaping financial planning: 83% report supplier cost increases due to inflation 52% say tariffs have led to moderate forecast adjustments Nearly 1 in 3 organizations are sharing those costs with customers These findings reflect a market still in flux—and the pressure on finance leaders to respond swiftly and strategically. Technology Fuels Financial Readiness Despite uncertainty, tech investments are enabling confidence. Seven in 10 finance professionals say technology is critical to their ability to respond to changing conditions, and 72% say tools implemented early in the pandemic are paying off today. In fact, 49% say they are more likely to invest in AI and automation specifically because of ongoing economic uncertainty. Top areas of focus include: AI and machine learning (48%) Data security and compliance tools (44%) Collaboration and workflow tools (36%) Finance teams are embracing technology not just to cut costs—but to enable smarter, faster decisions. Finance Professionals Emerge as Strategic Partners The survey findings point to a fundamental shift in how finance is viewed: from operational support to strategic leadership. Nearly 30% of teams are conducting scenario planning and financial modeling, while 27% are focused on strengthening supplier relationships—clear signals of a proactive, future-focused mindset. With better tools and a broader mandate, finance leaders are stepping into roles that directly shape business direction, resilience, and growth. Momentum in a Shifting Economy Though 52% of respondents expect volatility to continue into 2026, the overall tone is one of momentum. Finance professionals are moving from reactive to proactive, leaning into their role as stewards of strategy, stability, and innovation. 'Finance teams aren't just adapting—they're planning smarter, automating faster, and driving strategic decisions across the business,' said Dan Drees, President at AvidXchange. 'This research reinforces what we're seeing in the market—technology is a critical enabler for companies looking to drive efficiency and fuel growth.' To read the full report visit About AvidXchange® AvidXchange (Nasdaq: AVDX) is a leading provider in accounts payable (AP) automation, offering intelligent AP software and payment solutions specifically designed for mid-market businesses and their suppliers. With 25 years of industry experience, AvidXchange modernizes the way businesses manage their expenses and payments by offering AI-enhanced software coupled with support from experts. Empowering over 8,500 growth-driven businesses, AvidXchange increases efficiency, control, and visibility in financial operations and has securely processed payments to more than 1.3 million suppliers through its proprietary payment network over the past five years. For more information, visit
