Vertex Q3 2024 Earnings Report
Key Takeaways
Vertex reported strong Q3 2024 results with revenue above guidance, mid-teens organic growth, GAAP profitability, and significant cash flow. The acquisition of ecosio was completed, expanding the company's global cloud platform for e-invoicing and VAT compliance.
Total revenues reached $170.4 million, reflecting a 17.5% year-over-year increase.
Software subscription revenues grew to $146.3 million, a 20.6% increase year-over-year.
ARR increased by 19.0% year-over-year to $576.8 million, with organic growth at 16.1% excluding acquisitions.
Net income was $7.2 million, a significant improvement from the $(3.4) million net loss in the prior year.
Vertex
Vertex
Forward Guidance
For Q4 2024, Vertex expects revenues of $175 million to $178 million and Adjusted EBITDA of $33 million to $37 million. For the full year 2024, the company expects revenues of $663.3 million to $666.3 million, cloud revenue growth of 29%, and Adjusted EBITDA of $146.9 million to $150.9 million.
Positive Outlook
- Revenues of $175 million to $178 million for Q4 2024.
- Adjusted EBITDA of $33 million to $37 million for Q4 2024.
- Revenues of $663.3 million to $666.3 million for the full year 2024.
- Cloud revenue growth of 29% for the full year 2024.
- Adjusted EBITDA of $146.9 million to $150.9 million for the full year 2024.