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Mar 31, 2023
Vertex Q1 2023 Earnings Report
Vertex's first quarter results were announced, demonstrating solid revenue growth and profitability.
Key Takeaways
Vertex announced its Q1 2023 financial results, reporting a total revenue of $132.8 million, a 15.5% increase year-over-year. The company's ARR reached $446.5 million, up 17.3% year-over-year, and the Average Annual Revenue per direct customer was $104,370. Despite a net loss of $(18.1) million, the company's non-GAAP operating income was $16.5 million, and Non-GAAP diluted EPS was $0.08.
Total revenues increased by 15.5% year-over-year, reaching $132.8 million.
ARR grew by 17.3% year-over-year, amounting to $446.5 million.
Average Annual Revenue per direct customer increased to $104,370.
Net Revenue Retention was 110%, consistent with the previous year and quarter.
Vertex
Vertex
Vertex Revenue by Segment
Revenue by Segment
Services Revenue
CapyFin.com Forward Guidance
For the second quarter of 2023, Vertex expects revenues of $135 million to $137 million and Adjusted EBITDA of $21 million to $22 million. For the full year 2023, the company expects revenues of $550 to $556 million, cloud revenue growth of 27%, and Adjusted EBITDA of $92 to $96 million.
Positive Outlook
- Revenues of $135 million to $137 million for Q2 2023.
- Adjusted EBITDA of $21 million to $22 million for Q2 2023.
- Revenues of $550 to $556 million for full year 2023.
- Cloud revenue growth of 27% for full year 2023.
- Adjusted EBITDA of $92 to $96 million for full year 2023.