Vertex Q1 2023 Earnings Report
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
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.