NASDAQ$VERX
Vertex Inc · Q1 2023 earnings
Q1 2023 earnings · · Investor relations
Briefing
Vertex's first quarter results were announced, demonstrating solid revenue growth and profitability.
Vertex announced its Q1 2023 financial results, reporting a total revenue of $132.8 million, a 15.5% increase year-over-year. The company's ARR reached $446.5 million, up 17.3% year-over-year, and the Average Annual Revenue per direct customer was $104,370. Despite a net loss of $(18.1) million, the company's non-GAAP operating income was $16.5 million, and Non-GAAP diluted EPS was $0.08.
- Total revenues increased by 15.5% year-over-year, reaching $132.8 million.
- ARR grew by 17.3% year-over-year, amounting to $446.5 million.
- Average Annual Revenue per direct customer increased to $104,370.
- Net Revenue Retention was 110%, consistent with the previous year and quarter.
Headline financials
Revenue & EPS history
Vertex · Revenue · Quarterly
$133M
Revenue by segment
Vertex · $21.7M total across 1 segment · Q1 2023
- Services$21.7M+21.8%100.0%
Forward guidance
For the second quarter of 2023, Vertex expects revenues of $135 million to $137 million and Adjusted EBITDA of $21 million to $22 million. For the full year 2023, the company expects revenues of $550 to $556 million, cloud revenue growth of 27%, and Adjusted EBITDA of $92 to $96 million.
Tailwinds
- Revenues of $135 million to $137 million for Q2 2023.
- Adjusted EBITDA of $21 million to $22 million for Q2 2023.
- Revenues of $550 to $556 million for full year 2023.
- Cloud revenue growth of 27% for full year 2023.
- Adjusted EBITDA of $92 to $96 million for full year 2023.
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 20 quarterly earnings reports · overlaid with Q1 2023
+0.5%
Avg return
Earnings day
+0.3%
Avg return
5 days after
+4.2%
Avg return
30 days after
50%
12 / 24 earnings
Positive
+32.1%
Q4 2023
Best reaction
-20.9%
Q4 2020
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | -5.2% | +6.8% | +3.9% | |
| Q4 2025 | -13.8% | -14.3% | -10.6% | |
| Q3 2025 | -8.5% | -14.8% | -13.6% | |
| Q2 2025 | -18.0% | -24.4% | -27.3% | |
| Q1 2025 | -3.1% | -3.3% | +6.1% | |
| Q4 2024 | -19.0% | -24.4% | -16.6% | |
| Q3 2024 | +17.4% | +12.8% | +28.8% | |
| Q2 2024 | -1.4% | -1.5% | -2.5% | |
| Q1 2024 | +1.3% | +5.1% | +13.7% | |
| Q4 2023 | +32.1% | +17.9% | +25.0% | |
| Q3 2023 | +21.3% | +23.7% | +27.6% | |
| Q2 2023 | +8.2% | +9.9% | +23.1% | |
| Q1 2023 | -5.9% | -7.0% | +8.7% | |
| Q4 2022 | +20.2% | +21.2% | +48.4% | |
| Q3 2022 | +11.3% | +3.1% | -7.0% | |
| Q2 2022 | +10.1% | +10.4% | +13.6% | |
| Q1 2022 | -19.7% | -5.5% | -13.2% | |
| Q4 2021 | +1.1% | -5.6% | +16.0% | |
| Q3 2021 | +1.4% | +1.1% | -14.2% | |
| Q2 2021 | -0.2% | +3.0% | +1.7% | |
| Q1 2021 | +13.5% | +20.4% | +16.7% | |
| Q4 2020 | -20.9% | -16.6% | -34.3% | |
| Q3 2020 | -10.2% | -8.8% | -1.2% | |
| Q2 2020 | +0.7% | -2.0% | +8.4% | |
| Q1 2020 | — | — | — | |
| Q4 2019 | — | — | — | |
| Q3 2019 | — | — | — | |
| Q2 2019 | — | — | — | |
| Q1 2019 | — | — | — |
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