Business
Vertex Announces Second Quarter 2021 Financial Results
KING OF PRUSSIA, Pa., Aug. 11, 2021 (GLOBE NEWSWIRE) -- Vertex, Inc. (NASDAQ: VERX) (“Vertex” or the “Company”), a global provider of tax technology
About this update from Vertex, Inc.
[{"type":"text","content":"KING OF PRUSSIA, Pa., Aug. 11, 2021 (GLOBE NEWSWIRE) -- Vertex, Inc. (NASDAQ: VERX) (“Vertex” or the “Company”), a global provider of tax technology solutions, today announced financial results for its second quarter ended June 30, 2021. “Our performance reflects strong demand across all our segments and product lines this quarter, as global businesses, governments and communities work to emerge from this past year stronger than ever,” said David DeStefano, Vertex President and Chief Executive Officer. “We continue to execute on our strategy to accelerate global commerce, with investments in go-to-market expansion and our cloud platform driving revenues from our cloud business up 59.5% year-over-year in the second quarter.” Second Quarter 2021 Financial Results Total revenues of $104.9 million, up 15.0% year-over-year.Software subscription revenues of $89.6 million, up 15.9% year-over-year.Cloud revenues of $32.1 million, up 59.5% year-over-year.Annual Recurring Revenue (“ARR”) of $336.2 million, up 14.1% year-over-year. ARR per customer (“ARRPC”) was $80,500 at June 30, 2021.Net Revenue Retention (“NRR”) rate was 106% in the second quarter of 2021 as compared to 105% in the first quarter of 2021.Loss from operations of $(1.5) million, compared to a loss from operations of $(29.0) million for the same period prior year. Non-GAAP operating income of $16.3 million, compared to $19.0 million for the same period prior year.Net income of $0.8 million, compared to a net loss of $(29.1) million for the same period prior year.Net income (loss) per basic and diluted Class A and Class B share of $0.01, compared to $(0.24) per basic and diluted Class A and Class B share for the same period prior year.Non-GAAP net income of $12.4 million and Non-GAAP diluted EPS of $0.08.Adjusted EBITDA of $19.2 million, compared to $21.5 million for the same period prior year. Adjusted EBITDA margin of 18.3%, compared to 23.6% for the same period prior year.Over 4,175 customers at June 30, 2021. Vertex Chief Financial Officer John Schwab said, “Our business performed well this quarter with sequential quarterly growth in software subscription revenues, ARR and NRR, demonstrating a focus on our customers and the ability to unlock long-term, sustainable value from our solutions.” Definitions of certain key business metrics and the non-GAAP financial measures ...