What does the word Audax mean in the world of cycling?

An Audax is a non-competitive event, usually with an emphasis on longer distances (starting at 100km and going up to 600km events and more). Riders are not timed, but there is a minimum speed that must be achieved. To stop riders racing, a maximum speed is set as well. These are generally sociable events, with cafe stops a good chance to talk to other riders.