CHARLOTTE, NC – Shareholders of AvidXchange Holdings, Inc. (NASDAQ:AVDX), a leading provider of prepackaged software services, cast their votes on several critical company matters at their 2024 annual meeting, which took place on Tuesday. The company, headquartered in Charlotte, North Carolina, announced the results of the voting in a recent SEC filing.
At the meeting, shareholders elected three Class III directors to the board. Teresa Mackintosh, Michael Praeger, and Arthur J. Rubado received the necessary votes to serve until the 2027 annual meeting. Praeger, who is also a co-founder of AvidXchange, received a notably high number of favorable votes, highlighting confidence in his continued leadership.
Additionally, the appointment of PricewaterhouseCoopers LLP as the company's independent auditor for the fiscal year ending December 31, 2024, was ratified.
Furthermore, the compensation package for AvidXchange's named executive officers received advisory approval from the shareholders. While this vote is non-binding, it is considered an endorsement of the company's executive compensation strategy.
The SEC filing detailed the precise vote counts for each nominee and proposal. Teresa Mackintosh received 126,993,680 votes for, 36,584,534 withheld, and there were 20,043,700 broker non-votes. Michael Praeger garnered 158,492,274 votes for, 5,085,940 withheld, alongside the same number of broker non-votes. Arthur J. Rubado had 163,008,812 votes for, 569,402 withheld, and broker non-votes remained constant.
For the ratification of PricewaterhouseCoopers LLP, the vote was overwhelmingly in favor, with 183,561,584 for, 47,521 against, and 12,809 abstentions. The advisory vote on executive compensation resulted in 158,643,502 votes for, 4,710,926 against, and 223,786 abstentions, with the same number of broker non-votes as in the director elections.
These decisions were made with a quorum present, representing 88.95% of the outstanding shares as of the record date, April 22, 2024.
This report is based on a press release statement and contains information directly from the company's SEC filing.
In other recent news, AvidXchange has reported a robust Q1 2024 earnings, showing a 21% year-over-year increase in revenue, surpassing $105 million. The company also achieved a non-GAAP gross margin of 72.4%, exceeding its 2025 target, and reported an adjusted EBITDA margin over 16%.
Despite a GAAP net loss of $1 million, AvidXchange's non-GAAP net income showed a positive trend. These developments were highlighted in a recent earnings call, where the company emphasized its commitment to expanding product offerings and partnerships, specifically mentioning recent integrations with AppFolio (NASDAQ:APPF) and M3 as drivers for future growth.
It's worth noting that AvidXchange is projecting a total revenue for the year between $442 million and $448 million. The company also anticipates a non-GAAP adjusted EBITDA profit ranging from $71 million to $75 million.
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