VERTEX Reports Record Q2 Earnings for FY2023
August 24, 2023
🌥️Earnings Overview
On August 9, 2023, VERTEX ($NASDAQ:VERX) released their earning report for the quarter ending June 30, 2023. Total revenue rose 17.1% to USD 139.7 million compared to the same quarter in the prior year. Net income for this period declined from -5.5 million to -6.9 million.
Price History
On Wednesday, VERTEX announced its record earnings for the second quarter of the fiscal year 2023. The news sent their stock soaring, with the opening price at $20.8 before closing at $19.6 – a 10.2% increase from the prior closing price of $17.8. The rise in the stock is attributed to VERTEX’s strong financial performance in the second quarter. The quarterly report reported an increase in revenue and profit, beating analysts’ expectations.
Moreover, VERTEX also announced a significant reduction in its expenses, resulting in a higher net income and improving cash flow. The strong earnings report has further bolstered investor confidence in VERTEX, and their stock is expected to remain strong for the remainder of the fiscal year. With optimism abounding, investors will be keenly watching to see if VERTEX can continue its upward trajectory or if it experiences any pullbacks in the future. Live Quote…
About the Company
Income Snapshot
Below shows the total revenue, net income and net margin for Vertex. More…
| Total Revenues | Net Income | Net Margin |
| 529.81 | -31.48 | -5.9% |
Cash Flow Snapshot
Below shows the cash from operations, investing and financing for Vertex. More…
| Operations | Investing | Financing |
| 67.36 | -80.59 | -20.88 |
Balance Sheet Snapshot
Below shows the total assets, liabilities and book value per share for Vertex. More…
| Total Assets | Total Liabilities | Book Value Per Share |
| 725.07 | 499.36 | 1.49 |
Key Ratios Snapshot
Some of the financial key ratios for Vertex are shown below. More…
| 3Y Rev Growth | 3Y Operating Profit Growth | Operating Margin |
| 14.9% | – | -3.3% |
| FCF Margin | ROE | ROA |
| -1.7% | -4.8% | -1.5% |
Analysis
GoodWhale has conducted a detailed analysis of VERTEX‘s financials and has given it a Risk Rating of medium risk. This assessment takes into account financial and business aspects, such as debt, profitability and cash flows. However, our analysis has detected one risk warning in the cashflow statement. To view the warning, become a registered user of GoodWhale. It is important to stay informed and take those risks into account when deciding to invest in any company. GoodWhale strives to provide our users with the best analysis possible, making sure they can make informed decisions about their investments. More…
Peers
The company was founded in 1978 and is headquartered in Berwyn, Pennsylvania. Vertex Inc has several competitors, including KLDiscovery Inc, TKC Corp, and Business-intelligence of Oriental Nations Corp Ltd.
– KLDiscovery Inc ($OTCPK:KLDI)
KLDiscovery Inc is a global provider of electronic discovery, data recovery, and litigation support services. The company has a market cap of 106.98M as of 2022 and a Return on Equity of -7.61%. KLDiscovery Inc provides services to law firms, corporations, and government agencies worldwide. The company offers a full range of services, from data collection and processing to document review and trial preparation.
– TKC Corp ($TSE:9746)
TKC Corp is a publicly traded company with a market cap of 199.69B as of 2022. The company has a Return on Equity of 9.32%. TKC Corp is a diversified conglomerate with businesses in a variety of industries including construction, real estate, hospitality, and health care. The company has a strong presence in the United States, Asia, and Europe.
– Business-intelligence of Oriental Nations Corp Ltd ($SZSE:300166)
Oriental Nations Corp Ltd is a 9.89B market cap company with a ROE of 1.79%. The company is involved in the business of intelligence and information technology.
Summary
Investors reacted positively to VERTEX‘s earnings results for the second quarter of FY2023, with their stock price rising following the announcement. Overall, revenues increased 17.1% year-over-year to USD 139.7 million, however, net income for the quarter reported a decrease from the same period last year to USD -6.9 million. With more stability in the markets and potential for further growth in the near future, investors may be considering VERTEX as an attractive option for their portfolios.
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