Business
Vertex Announces Second Quarter 2023 Financial Results
KING OF PRUSSIA, Pa., Aug. 09, 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., Aug. 09, 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 second quarter ended June 30, 2023. David DeStefano, President, Chief Executive Officer, and Chairperson of the Board stated “The return on our growth investments of the last several years was evident in the second quarter. Vertex delivered strong financial results, with high-teens revenue growth and the largest year-over-year increase in adjusted EBITDA since our IPO in mid-2020. In addition, scaled customer growth accelerated to the mid-teens; net revenue retention increased to a new high of 111%, and we delivered record average annual revenue per customer. While we are pleased with our results in the second quarter, we believe we have ongoing opportunity to drive additional top-line growth and earnings leverage in the quarters to come.” Second Quarter 2023 Financial Results Total revenues of $139.7 million, up 17.1% year-over-year.Software subscription revenues of $117.8 million, up 16.6% year-over-year.Cloud revenues of $51.2 million, up 27.3% year-over-year.Annual Recurring Revenue (“ARR”) was $467.7 million, up 17.5% year-over-year.Average Annual Revenue per direct customer (“AARPC”) was $109,170 at June 30, 2023, compared to $93,850 at June 30, 2022 and $104,370 at March 31, 2023.Net Revenue Retention (“NRR”) was 111%, compared to 110% at June 30, 2022, and the first quarter of 2023.Gross Revenue Retention (“GRR”) was 96%, consistent with June 30, 2022, and the first quarter of 2023.Loss from operations of $(4.1) million, compared to loss from operations of $(4.3) million for the same period prior year. Non-GAAP operating income of $18.1 million, compared to $14.6 million for the same period prior year.Net loss of $(6.9) million, compared to net loss of $(5.5) million for the same period prior year.Net loss per basic and diluted Class A and Class B shares of $(0.05) for 2023, compared to net loss of $(0.04) for the same period prior year.Non-GAAP net income of $13.6 million and Non-GAAP diluted EPS of $0.08.Adjusted EBITDA of $22.0 million, compared to $17.8 million for the same period prior year. Adjusted EBITDA margin of 15.7%, compared to 14.9% for the same period prior year. Definitions of certain key business met...