Vertex Inc

Latest Results (13.06.2024):

Revenue Growth

In the first quarter of 2024, Vertex Inc. reported a significant increase in total revenues, reaching $156.8 million, which marks an 18.1% rise compared to the same period last year. This growth underscores the company's strong performance and expanding market reach.

Cloud and Subscription Success

Vertex Inc. saw notable growth in its cloud and software subscription segments. Cloud revenues climbed to $61.8 million, up 28.3% year-over-year, while software subscription revenues increased to $131.8 million, reflecting an 18.8% growth from the previous year. These figures highlight the company's successful pivot towards cloud-based solutions.

Profitability and Earnings

Vertex Inc. demonstrated a robust improvement in profitability, with a net income of $2.7 million in Q1 2024, a significant turnaround from a net loss of $18.1 million in the same quarter the previous year. Non-GAAP operating income also doubled to $31.7 million from $16.5 million year-over-year.

Operational Efficiency

The company reported an adjusted EBITDA of $36.7 million in the first quarter of 2024, up from $20.2 million in the prior year, with an adjusted EBITDA margin of 23.4%. This improvement from 15.2% in the previous year indicates enhanced operational efficiency and cost management.

Future Outlook

Looking ahead to the second quarter of 2024, Vertex Inc. expects revenues to be between $159 million and $162 million and adjusted EBITDA to range from $31 million to $33 million. For the full year, the company anticipates revenues between $650 million and $660 million and projects a 28% growth in cloud revenue, with adjusted EBITDA expected to be between $130 million and $135 million.