Business
Vertex Announces First Quarter 2022 Financial Results
KING OF PRUSSIA, Pa., May 10, 2022 (GLOBE NEWSWIRE) -- Vertex, Inc. (NASDAQ: VERX) (“Vertex” or the “Company”), a global provider of tax technology solutions,
About this update from Vertex, Inc.
[{"type":"text","content":"KING OF PRUSSIA, Pa., May 10, 2022 (GLOBE NEWSWIRE) -- Vertex, Inc. (NASDAQ: VERX) (“Vertex” or the “Company”), a global provider of tax technology solutions, today announced financial results for its first quarter ended March 31, 2022. “We delivered strong performance in the first quarter, with outstanding execution from our teams around the world,” said David DeStefano, Vertex Chief Executive Officer. “Our revenues continue to accelerate, and the investments we are making to drive our growth strategy are gaining momentum and advancing our market leadership.”First Quarter 2022 Financial Results Total revenues of $115.0 million, up 17.0% year-over-year.Software subscription revenues of $97.1 million, up 16.6% year-over-year.Cloud revenues of $38.3 million, up 42.1% year-over-year.Annual Recurring Revenue (“ARR”) of $380.6 million, up 18.9% year-over-year, compared to 17.0% in the fourth quarter of 2021.Average Annual Revenue per customer (“AARPC”) was $89,700 at March 31, 2022, compared to $79,600 at March 31, 2021 and $86,700 at December 31, 2021.Net Revenue Retention (“NRR”) rate was 110% in the first quarter of 2022, an increase from 105% for the quarter ended March 31, 2021 and 108% for the quarter ended December 31, 2021.Income from operations of $0.5 million, compared to $2.1 million for the same period prior year. Non-GAAP operating income of $16.2 million, compared to $15.4 million for the same period prior year.Net loss of $0.3 million, compared to net income of $2.3 million for the same period prior year.Net loss per basic and diluted Class A and Class B share of $(0.00) for 2022 compared to net income of $0.00 for the same period prior year.Non-GAAP net income of $12.1 million and Non-GAAP diluted EPS of $0.08.Adjusted EBITDA of $19.1 million, compared to $18.2 million for the same period prior year. Adjusted EBITDA margin of 16.6%, compared to 18.5% for the same period prior year.4,242 customers at March 31, 2022. Vertex Chief Financial Officer John Schwab said, “We saw continued growth in Q1 across key metrics including Annual Recurring Revenue and Net Revenue Retention rates. During the first quarter, we refinanced our credit facility to increase operational flexibility and we continued to make strategic investments in the business to drive sustained growth and shareholder value.” Definitions of certain key busines...