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Vertex (NASDAQ:VERX) shares are trading higher on Wednesday after the company reported better-than-expected Q4 results.
Vertex reported quarterly earnings of $0.08 per share which beat the analyst consensus estimate of $0.06. The company also reported quarterly sales of $131.13 million which beat the analyst consensus estimate of $125.96 million.
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David DeStefano, Chief Executive Officer, stated "The fourth quarter wrapped up a very strong year for Vertex. Revenue growth accelerated, profitability was strong, and we delivered positive free cash flow. It's clear the investments we are making in strategic acquisitions, new product development and expansion of our go-to-market and customer success organizations are helping us attack our significant growth opportunity."
For 2023, Vertex expects Q1 revenues of $131 million to $133 million, FY23 revenues of $550 million to $556 million and adjusted EBITDA of $19 million to $21 million.
John Schwab, Chief Financial Officer, stated, "Our guidance for 2023, which indicates continued double-digit revenue growth and strengthening profitability, reflects confidence in our business. Indirect tax automation is a must-have, not a nice-to-have, in today's complex business environment and we see strong sales pipelines and little impact of a weakening economy on our business so far this year."
Vertex Inc is a global provider of indirect tax solutions.
VERX Price Action: Vertex has a 52-week high of $19.3 and a 52-week low of $9.44.
Vertex shares are up 24.4% at $18.70 at the time of writing, according to Benzinga Pro.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.