Business
Vertex Announces Fourth Quarter and Full Year 2022 Financial Results
KING OF PRUSSIA, Pa., March 08, 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., March 08, 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 fourth quarter and full year ended December 31, 2022. 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. The Vertex team is executing well, and we are optimistic about 2023 and beyond.” Fourth Quarter 2022 Financial Results Total revenues of $131.1 million, up 17.4% year-over-year.Software subscription revenues of $110.9 million, up 18.9% year-over-year.Cloud revenues of $46.6 million, up 34.4% year-over-year.Annual Recurring Revenue (“ARR”) was $431.1 million, up 16.5% year-over-year.Average Annual Revenue per direct customer (“AARPC”) was $100,500 at December 31, 2022, compared to $86,700 at December 31, 2021 and $97,300 at September 30, 2022.Net Revenue Retention (“NRR”) was 110%, an increase from 108% at December 31, 2021 and 109% at the end of the third quarter of 2022.Gross Revenue Retention (“GRR”) was 96%, an increase from 95% at December 31, 2021 and consistent with the third quarter of 2022.Loss from operations of $3.4 million. Prior year loss from operations approximated breakeven. Non-GAAP operating income of $17.7 million, compared to $16.4 million for the same period prior year.Net loss of $5.3 million, compared to net loss of $0.6 million for the same period prior year.Net loss per basic and diluted Class A and Class B shares of $(0.04) for 2022 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 $21.0 million, compared to $19.3 million for the same period prior year. Adjusted EBITDA margin of 16.0%, compared to 17.2% for the same period prior year. Full-Year 2022 Financial Results Total revenues of $491.6 million, up 15.5% year-over-year.Software subscription revenues of $415.5 million, up 15.9% year-over-year.Cloud revenues of $168.9 millio...