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Jun 30, 2023
Vertex Q2 2023 Earnings Report
Vertex reported strong financial results in Q2 2023, marked by high-teens revenue growth and a significant year-over-year increase in adjusted EBITDA.
Key Takeaways
Vertex announced strong Q2 2023 financial results, featuring high-teens revenue growth and a notable increase in adjusted EBITDA. Total revenues reached $139.7 million, up 17.1% year-over-year. The company's net revenue retention increased to 111%, and it delivered record average annual revenue per customer.
Total revenues increased by 17.1% year-over-year, reaching $139.7 million.
Software subscription revenues grew by 16.6% year-over-year, amounting to $117.8 million.
Cloud revenues increased by 27.3% year-over-year, totaling $51.2 million.
Net Revenue Retention (NRR) was 111%, compared to 110% in the same period last year.
Vertex
Vertex
Vertex Revenue by Segment
Revenue by Segment
Services Revenue
CapyFin.com Forward Guidance
For Q3 2023, Vertex expects revenues of $141 to $143 million and adjusted EBITDA of $24 to $26 million. For the full year 2023, the company expects revenues of $556 to $562 million, cloud revenue growth of 27%, and adjusted EBITDA of $93 to $97 million.
Positive Outlook
- Revenue is expected to be between $141 million and $143 million for Q3 2023.
- Adjusted EBITDA is projected to be between $24 million and $26 million for Q3 2023.
- Full-year 2023 revenue is anticipated to be between $556 million and $562 million.
- Cloud revenue growth is expected to be 27% for the full year 2023.
- Adjusted EBITDA is forecasted to be between $93 million and $97 million for the full year 2023.