Business
Vertex Announces Third Quarter 2022 Financial Results
KING OF PRUSSIA, Pa., Nov. 09, 2022 (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., Nov. 09, 2022 (GLOBE NEWSWIRE) -- Vertex, Inc. (NASDAQ: VERX) (“Vertex” or the “Company”), a leading global provider of indirect tax solutions, today announced financial results for its third quarter ended September 30, 2022. “In the third quarter, Vertex once again delivered healthy double-digit revenue growth and solid operating results,” said David DeStefano, Chief Executive Officer. “These results reflect the strength of our business, the talent of our team, and the diversity of our world-class customer base.” Third Quarter 2022 Financial Results Total revenues of $126.2 million, up 14.0% year-over-year.Software subscription revenues of $106.4 million, up 15.3% year-over-year.Cloud revenues of $43.8 million, up 31.3% year-over-year.Annual Recurring Revenue (“ARR”) of $411.5 million in the third quarter, up 16.6% year-over-year.Average Annual Revenue per direct customer (“AARPC”) was $97,300 at September 30, 2022, compared to $82,900 at September 30, 2021 and $93,850 at June 30, 2022.Net Revenue Retention (“NRR”) was 109% in the third quarter of 2022, an increase from 106% for the quarter ended September 30, 2021 and down slightly from 110% for the second quarter of 2022.Gross Revenue Retention (“GRR”) was 96% in the third quarter of 2022, an increase from 95% for the quarter ended September 30, 2021 and consistent with the second quarter of 2022.Loss from operations of $(0.9) million, compared to a net loss of $(3.6) million for the same period prior year. Non-GAAP operating income of $17.8 million, compared to $18.3 million for the same period prior year.Net loss of $(1.1) million, compared to net loss of $(3.9) million for the same period prior year.Net loss per basic and diluted Class A and Class B shares of $(0.01) for 2022 compared to net loss of $(0.03) for the same period prior year.Non-GAAP net income of $13.0 million and Non-GAAP diluted EPS of $0.08.Adjusted EBITDA of $20.7 million, compared to $21.4 million for the same period prior year. Adjusted EBITDA margin of 16.4%, compared to 19.3% for the same period prior year. John Schwab, Chief Financial Officer, stated, “The strong third quarter financial results exceeded our third quarter guidance for both revenue and Adjusted EBITDA. We are seeing continued positive momentum throughout the business which is translating to durable topline growth ...