Business
Vertex Announces Second Quarter 2020 Financial Results
KING OF PRUSSIA, Pa., Sept. 09, 2020 (GLOBE NEWSWIRE) -- Vertex, Inc. (Nasdaq: VERX) (“Vertex” or the “Company”), a leading provider of tax technology and
About this update from Vertex, Inc.
[{"type":"text","content":"KING OF PRUSSIA, Pa., Sept. 09, 2020 (GLOBE NEWSWIRE) -- Vertex, Inc. (Nasdaq: VERX) (“Vertex” or the “Company”), a leading provider of tax technology and services, today announced financial results for its second quarter ended June 30, 2020.\n “We are pleased with our strong second quarter performance, driven by revenue growth of 16.5% and ARR growth of 16.4% versus the prior year period,” said David DeStefano, Chairperson and Chief Executive Officer of Vertex. “We’ve also been able to effectively balance our commitment to growth and innovation with profitability by delivering adjusted net income growth of 47.4% to $18.9 million and Adjusted EBITDA margin of 23.6%, an increase of 380 basis points, compared to the second quarter of 2019.” DeStefano continued, “The rapid changes taking place in today's global business, technology and regulatory environments are having a compounded effect on the complexity of indirect tax management, giving us significant growth opportunity. Our recent performance speaks to the trust our customers have in us to help them continue to transact, comply and grow with confidence. Our recent IPO was a significant milestone for us. Although we are very proud of all that we have achieved so far, we are more excited that this is just the next step forward in our vision to accelerate global commerce.” Second Quarter 2020 Financial Results Total revenue of $91.3 million, up 16.5% year-over-year.Software subscription revenue of $77.3 million, up 14.9% year-over-year.Annual Recurring Revenue (“ARR”) of $294.6 million, up 16.4% year-over-year.Net Revenue Retention Rate (“NRR”) was 108%, which was consistent on a year-over-year basis.GAAP operating loss of $29.0 million, compared to GAAP operating income of $7.7 million for the same period last year. Non-GAAP operating income of $19.0 million, compared to non-GAAP operating income of $13.4 million for the same period last year.GAAP net loss was $29.1 million, compared to a GAAP net income of $7.1 million for the same period last year. GAAP net loss per basic and diluted Class A and Class B share was $(0.24), compared to a GAAP net income per basic and diluted Class A and Class B share of $0.06 for the same period last year.Non-GAAP net income was $18.9 million, compared to a Non-GAAP net income of $12.8 million for the same period last year. Non-GAAP net income ...