Vertex Q1 2024 Earnings Report
Key Takeaways
Vertex reported a solid start to the year with strong financial performance in Q1 2024. Total revenues increased by 18.1% year-over-year, driven by cloud solutions. The company saw significant earnings leverage, leading to material growth in profitability and cash flow.
Total revenues reached $156.8 million, an 18.1% increase year-over-year.
Software subscription revenues grew to $131.8 million, up 18.8% year-over-year.
Cloud revenues increased by 28.3% year-over-year, reaching $61.8 million.
Net income was $2.7 million, a significant improvement compared to a net loss of $(18.1) million in the same period last year.
Vertex
Vertex
Forward Guidance
For Q2 2024, Vertex expects revenues between $159 million and $162 million, and adjusted EBITDA between $31 million and $33 million. For the full year 2024, the company anticipates revenues between $650 million and $660 million, cloud revenue growth of 28%, and adjusted EBITDA between $130 million and $135 million.