Vertex Q3 2023 Earnings Report
Key Takeaways
Vertex announced strong financial results for the third quarter ended September 30, 2023. Total revenues were $145.0 million, up 14.9% year-over-year. Annual Recurring Revenue (ARR) was $484.9 million, up 17.8% year-over-year. Net loss was $(3.4) million, and Non-GAAP diluted EPS was $0.10.
Total revenues increased by 14.9% year-over-year, reaching $145.0 million.
Software subscription revenues grew by 14.0% year-over-year, totaling $121.3 million.
ARR increased by 17.8% year-over-year, reaching $484.9 million.
Average Annual Revenue per direct customer (AARPC) was $112,690.
Vertex
Vertex
Forward Guidance
For the fourth quarter of 2023, the Company currently expects revenues of $145 million to $147 million and Adjusted EBITDA of $27.5 million to $29.5 million. For the full-year 2023, the Company currently expects revenues of $562.5 to $564.5 million, cloud revenue growth of 25%, and Adjusted EBITDA of $96.3 to $98.3 million.