Business
Vertex Announces Fourth Quarter and Full Year 2024 Financial Results
KING OF PRUSSIA, Pa., Feb. 27, 2025 (GLOBE NEWSWIRE) -- Vertex, Inc. (NASDAQ: VERX) (“Vertex” or the “Company”), a leading global provider of indirect tax
About this update from Vertex, Inc.
KING OF PRUSSIA, Pa., Feb. 27, 2025 (GLOBE NEWSWIRE) -- Vertex, Inc. (NASDAQ: VERX) (“Vertex” or the “Company”), a leading global provider of indirect tax solutions, today announced financial results for its fourth quarter and full year ended December 31, 2024. “Vertex’s 2024 financial results demonstrated the power of our business and financial model, which is built to deliver consistent and durable mid-to-high teens revenue growth with strong earnings leverage and cash flow,” stated David DeStefano, Vertex’s President, Chief Executive Officer and Chairperson of the Board. “We believe the secular tailwinds that enable our performance will accelerate in the coming years as indirect taxes continue to grow in complexity, and enterprise technology continues to evolve and move to the cloud.” Fourth Quarter 2024 Financial Results Total revenues of $178.5 million, up 15.2% year-over-year.Software subscription revenues of $152.6 million, up 16.8% year-over-year.Cloud revenues of $76.9 million, up 27.0% year-over-year.Annual Recurring Revenue (“ARR”) was $603.1 million, up 17.7% year-over-year. This included $5.9 million added to ARR due to the inclusion of Systax’s ARR, as a result of the acquisition of the remaining ownership interests of Systax during the second quarter of 2024, and $7.9 million added to ARR due to the ecosio acquisition during the third quarter of 2024. Excluding the impact of both Systax and ecosio, ARR growth was 15.0%.Average Annual Revenue per direct customer (“AARPC”) was $122,706 at December 31, 2024, compared to $118,910 at December 31, 2023, and $118,800 at September 30, 2024.Net Revenue Retention (“NRR”) was 109%, compared to 113% at December 31, 2023, and 111% at September 30, 2024.Gross Revenue Retention (“GRR”) was 95%, consistent with both December 31, 2023, and September 30, 2024.Loss from operations of $(13.1) million, compared to loss of $(2.5) million for the same period in the prior year.Non-GAAP operating income of $32.5 million, compared to $28.2 million for the same period in the prior year.Net loss of $(67.8) million, compared to net income of $15.3 million for the same period in the prior year.Net loss per basic and diluted Class A and Class B shares of $(0.43), compared to net income per basic Class A and Class B shares of $0.10, and net income per diluted Class A and Class B shares of $0.09, for the same period in the...