Business
Vertex Announces Second Quarter 2024 Financial Results
KING OF PRUSSIA, Pa., Aug. 07, 2024 (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. 07, 2024 (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, 2024. “The second quarter financial results demonstrate the true earnings power of the Vertex business model,” stated David DeStefano, Vertex’s President, Chief Executive Officer and Chairperson of the Board. “We were GAAP earnings positive for the third quarter in a row, generated the highest level of quarterly cash provided by operating activities and free cash flow in our 46-year history and delivered our highest Adjusted EBITDA margin since we became a public company over four years ago.” DeStefano continued, “These are strong financial results, but we are just getting started. Several strategic initiatives completed to date in 2024 have positioned us well for continued profitable growth. Early in the second quarter we completed a $345 million convertible debt offering to bolster our balance sheet and further support organic and inorganic investments in our business. In June, we acquired tax-specific AI technology designed to more effectively manage the complexity of tax mapping. And this morning we announced our intent to acquire ecosio GmbH (“ecosio”), an Austrian company that is a provider of electronic data interchange and e-invoicing services. With ecosio, we strengthen our e-invoicing capabilities to seamlessly support customers in the rapidly changing regulatory compliance landscape. This acquisition is a significant step in accelerating our mission to deliver the world’s most trusted end-to-end solutions for global businesses to transact, comply and grow with confidence.” Second Quarter 2024 Financial Results Total revenues of $161.1 million, up 15.3% year-over-year.Software subscription revenues of $136.4 million, up 15.8% year-over-year.Cloud revenues of $66.3 million, up 29.6% year-over-year.Annual Recurring Revenue (“ARR”) was $548.4 million, up 17.3% year-over-year. This included $6.1 million due to the inclusion of Systax’s ARR, which was included as a result of the acquisition of the remaining ownership interests of Systax, which occurred during the second quarter of 2024. Excluding Systax, the ARR growth rate would have been 16.0%.Average Annual Revenue per direct customer (“...