Business
Vertex Announces First Quarter 2023 Financial Results
KING OF PRUSSIA, Pa., May 10, 2023 (GLOBE NEWSWIRE) -- Vertex, Inc. (NASDAQ: VERX) (“Vertex” or the “Company”), a leading global provider of indirect tax
About this update from Vertex, Inc.
[{"type":"text","content":"KING OF PRUSSIA, Pa., May 10, 2023 (GLOBE NEWSWIRE) -- Vertex, Inc. (NASDAQ: VERX) (“Vertex” or the “Company”), a leading global provider of indirect tax solutions, today announced financial results for its first quarter ended March 31, 2023. David DeStefano, President, Chief Executive Officer, and Chairperson of the Board stated “Companies all around the world are struggling with the complexity of indirect taxes, and Vertex continues to differentiate itself as the provider of choice in the tax automation space, especially with large enterprises. In the first quarter we delivered solid revenue growth and profitability, but we also saw very strong momentum on the go-to-market front and landed several large new deals with high profile customers. As a result, we are pleased with the first quarter results, and we are very excited about our opportunity for continued revenue growth and improving earnings leverage through the balance of 2023.” First Quarter 2023 Financial Results Total revenues of $132.8 million, up 15.5% year-over-year.Software subscription revenues of $111.0 million, up 14.3% year-over-year.Cloud revenues of $48.2 million, up 25.9% year-over-year.Annual Recurring Revenue (“ARR”) was $446.5 million, up 17.3% year-over-year.Average Annual Revenue per direct customer (“AARPC”) was $104,370 at March 31, 2023, compared to $89,700 at March 31, 2022 and $100,500 at December 31, 2022.Net Revenue Retention (“NRR”) was 110%, consistent with March 31, 2022, and the fourth quarter of 2022.Gross Revenue Retention (“GRR”) was 96%, consistent with March 31, 2022, and the fourth quarter of 2022.Loss from operations of $(8.9) million, compared to income from operations of $0.5 million for the same period prior year. Non-GAAP operating income of $16.5 million, compared to $16.2 million for the same period prior year.Net loss of $(18.1) million, compared to net loss of $(0.3) million for the same period prior year.Net loss per basic and diluted Class A and Class B shares of $(0.12) for 2023, compared to net loss of $(0.00) for the same period prior year.Non-GAAP net income of $12.5 million and Non-GAAP diluted EPS of $0.08.Adjusted EBITDA of $20.2 million, compared to $19.1 million for the same period prior year. Adjusted EBITDA margin of 15.2%, compared to 16.6% for the same period prior year. John Schwab, Chief Financial Officer, sta...