2023-05-10 07:31:51 ET
- Vertex press release ( NASDAQ: VERX ): Q1 Non-GAAP EPS of $0.08 in-line.
- Revenue of $132.8M (+15.5% Y/Y) beats by $0.77M .
- Adjusted EBITDA of $20.2 million, compared to $19.1 million for the same period prior year. Adjusted EBITDA margin of 15.2%, compared to 16.6% for the same period prior year.
- Annual Recurring Revenue was $446.5 million, up 17.3% year-over-year.
- Average Annual Revenue per direct customer was $104,370 at March 31, 2023, compared to $89,700 at March 31, 2022 and $100,500 at December 31, 2022.
- Net Revenue Retention was 110%, consistent with March 31, 2022, and the fourth quarter of 2022.
- Gross Revenue Retention was 96%, consistent with March 31, 2022, and the fourth quarter of 2022.
- Outlook: For the second quarter of 2023, the Company currently expects: Revenues of $135 million to $137 million vs. consensus of $134.72M; and Adjusted EBITDA of $21 million to $22 million.
- For the full-year 2023, the Company currently expects: Revenues of $550 to $556 million vs. consensus of $553.17M; Cloud revenue growth of 27%; and Adjusted EBITDA of $92 to $96 million.
For further details see:
Vertex reports Q1 earningst; initiates Q2 and updates FY23 outlook