Business
Vertex Announces Third Quarter 2021 Financial Results
KING OF PRUSSIA, Pa., Nov. 10, 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., Nov. 10, 2021 (GLOBE NEWSWIRE) -- Vertex, Inc. (NASDAQ: VERX) (“Vertex” or the “Company”), a global provider of tax technology solutions, today announced financial results for its third quarter ended September 30, 2021. “The shift to e-commerce has accelerated, becoming a preferred method for consumers and a profitable option for businesses. We are driving our strategy to advance global commerce by increasing the adoption of our cloud-based solutions and making key acquisitions that will position us for future growth,” said David DeStefano, Vertex Chief Executive Officer. “This quarter we extended our end-to-end solution platform with advanced capabilities to support the ever-increasing complexity facing today’s major omnichannel businesses.” Third Quarter 2021 Financial Results Total revenues of $110.7 million, up 17.0% year-over-year.Software subscription revenues of $92.3 million, up 15.7% year-over-year.Cloud revenues of $33.3 million, up 45.6% year-over-year.Annual Recurring Revenue (“ARR”) of $352.9 million, up 15.1% year-over-year. Average Annual Revenue per customer (“AARPC”) was $82,900 at September 30, 2021, compared to $80,500 at June 30, 2021.Net Revenue Retention (“NRR”) rate was 106% in the third quarter of 2021, consistent with the second quarter of 2021.Loss from operations of $(3.6) million, compared to a loss from operations of $(50.0) million for the same period prior year. Non-GAAP operating income of $18.3 million, compared to $19.8 million for the same period prior year.Net loss of $(3.9) million, compared to a net loss of $(21.0) million for the same period prior year.Net loss per basic and diluted Class A and Class B share of $(0.03), compared to $(0.15) per basic and diluted Class A and Class B share for the same period prior year.Non-GAAP net income of $13.2 million and Non-GAAP diluted EPS of $0.08.Adjusted EBITDA of $21.4 million, compared to $22.5 million for the same period prior year. Adjusted EBITDA margin of 19.3%, compared to 23.8% for the same period prior year.Over 4,258 customers at September 30, 2021. Vertex Chief Financial Officer John Schwab said, “The global Vertex team delivered solid performance this quarter with continued growth in annual recurring revenues, including a number of significant expansion opportunities with existing accounts demonstrating our ability ...