Vertex Q4 Profit Beats Estimates; Total Revenues Up 17.4%

Vertex, Inc. (VERX) posted a fourth quarter net loss of $5.3 million compared to a loss of $627 thousand, prior year. Net loss per class A share was $0.04 compared to breakeven per share, prior year. Adjusted EBITDA was $21.0 million, compared to $19.3 million. Non-GAAP EPS was $0.08, flat with a year ago. On average, 11 analysts polled by Thomson Reuters expected the company to report profit per share of $0.06, for the quarter. Analysts' estimates typically exclude special items.

Total revenues were $131.1 million, up 17.4% year-over-year. Software subscription revenues were $110.9 million, up 18.9%. Cloud revenues were $46.6 million, up 34.4%. Analysts on average had estimated $125.96 million in revenue.

For the first quarter, the company expects: revenues of $131 million to $133 million; and adjusted EBITDA of $19 million to $21 million.

For the full-year 2023, the company expects: revenues of $550 million to $556 million;
cloud revenue growth of 27%; and adjusted EBITDA of $92 million to $96 million.

Shares of Vertex are up 12% in pre-market trade on Wednesday.

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