Vertex, Inc.

Listed Company

VERXCIK 0001806837NasdaqLarge AcceleratedServices-Prepackaged SoftwareDelawareFY ends Dec 31

Period

FY 2025

Revenue

$748.44M

Net Income

$7.21M

Total Assets

$1.27B

Equity

$258.92M

Shares Out

26.36M

Op. Cash Flow

$165.54M

Business

Vertex, Inc. provides enterprise tax technology solutions that automate indirect tax determination, compliance, and reporting for companies with complex tax operations. The company offers software, proprietary tax content, and professional services including tax determination, compliance and reporting, tax data and document management, analytics, pre-built integrations, implementation and managed services, and e-invoicing. Its business is organized around solution offerings, proprietary content and technology capabilities, and services including implementation and managed returns. Vertex serves a global market—primarily the U.S. with operations and customers in Canada, Europe and other regions—selling through direct sales, channel partners, system integrators, marketplaces, and technology partnerships.

Summary from filing dated 2025-02-27

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Total revenues	748	667	572	492	426
Total cost of revenues	267	241	224	193	162
Gross profit	482	426	349	298	264
Research and development	84	67	58	42	44
Selling and marketing	196	171	140	125	99
General and administrative	179	153	146	122	107
Depreciation and amortization	25	21	15	12	12
Change in fair value of acquisition contingent earn-outs	−17	18	—	—	—
Other operating expense (income), net	13	−175,000	7	5	5
Total operating expenses	479	428	366	307	267
Income (loss) from operations	2	−2	−18	−8	−3
Interest expense (income), net	−5	−4	4	2	984,000
Income (loss) before income taxes	8	2	−22	−10	−4
Income tax expense (benefit)	368,000	55	−9	2	−2
Net income (loss)	7	−53	−13	−12	−1
Foreign currency translation adjustments, net of tax	−45	24	−6	10	14
Unrealized loss (gain) on investments, net of tax	9,000	−13,000	−32,000	36,000	—
Total other comprehensive income (loss), net of tax	−45	24	−6	10	14
Total comprehensive income (loss)	52	−77	−7	−23	−16

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2023 2023-03-31	FY 2022 2022-12-31
Cash and cash equivalents	314	296	68	—	92
Funds held for customers	24	30	21	—	15
Accounts receivable, net of allowance of $11,466 and $16,838, respectively	183	164	142	—	103
Prepaid expenses and other current assets	39	37	26	26	22
Investment securities available-for-sale, at fair value (amortized cost of $0 and $9,147, respectively)	—	9	10	—	11
Total current assets	561	536	267	235	243
Property and equipment, net of accumulated depreciation	210	178	101	—	—
Capitalized software, net of accumulated amortization	35	36	39	—	39
Goodwill and other intangible assets	396	363	260	—	—
Deferred commissions	32	27	21	—	15
Deferred income tax asset	85,000	19,000	42	—	31
Operating lease right-of-use assets	10	12	15	—	17
Long-term investment	15	—	—	—	—
Other assets	12	14	16	17	15
Total assets	1,271	1,167	760	—	719
Accounts payable	38	36	24	—	14
Accrued expenses	44	35	45	—	38
Customer funds obligations	22	27	18	—	12
Accrued salaries and benefits	24	15	12	—	11
Accrued variable compensation	35	46	34	—	24
Deferred revenue, current	383	339	290	—	269
Current portion of operating lease liabilities	4	4	4	—	4
Current portion of finance lease liabilities	55,000	77,000	74,000	—	103,000
Purchase commitment and contingent consideration liabilities, current	26	35	12	—	6
Total current liabilities	575	537	441	—	403
Deferred revenue, net of current portion	5	5	3	—	10
Debt, net of current portion	337	335	44	—	47
Operating lease liabilities, net of current portion	9	13	17	—	20
Finance lease liabilities, net of current portion	54,000	10,000	51,000	—	10,000
Purchase commitment and contingent consideration liabilities, net of current portion	80	87	3	—	8
Deferred income tax liabilities	6	10	—	—	—
Deferred other liabilities	345,000	90,000	313,000	—	417,000
Total liabilities	1,012	987	507	—	489
Commitments and contingencies (Note 14)	—	—	—	—	—
Preferred shares, $0.001 par value, 30,000 shares authorized; no shares issued and outstanding	—	—	—	—	—
Treasury stock, at cost 504 and 0 shares, respectively	−10	—	—	—	—
Additional paid in capital	316	278	275	—	245
Accumulated deficit	−46	−53	−586,000	—	13
Accumulated other comprehensive loss	−1	−46	−22	—	−28
Total stockholders' equity	259	179	253	—	230
Total liabilities and stockholders' equity	1,271	1,167	760	—	719

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Net income (loss)	7	−53	−13	−12	−1
Depreciation and amortization	97	83	72	61	45
Amortization of cloud computing implementation costs	4	4	3	—	—
Provision for subscription cancellations and non-renewals	3	199,000	2	−196,000	466,000
Amortization of deferred financing costs	3	2	266,000	245,000	211,000
Change in fair value of contingent consideration liabilities	−17	15	—	—	—
Change in settlement value of deferred purchase commitment liability	—	423,000	—	—	—
Write-off of deferred financing costs	—	276,000	—	370,000	—
Stock-based compensation expense	58	47	34	20	26
Deferred income taxes	−5	51	−12	−1	−3
Non-cash operating lease costs	3	3	3	3	4
Other	−54,000	−203,000	5	4	510,000
Accounts receivable	−13	−22	−45	−26	3
Prepaid expenses and other current assets	−6	−14	−6	−2	−5
Deferred commissions	−4	−6	−6	−3	−812,000
Accounts payable	1	12	9	1	4
Accrued expenses	8	−12	6	15	3
Accrued and deferred compensation	−5	9	8	−12	−4
Deferred revenue	36	51	18	31	25
Operating lease liabilities	−4	−4	−4	−4	−5
Payments for purchase commitment and contingent consideration liabilities in excess of initial fair value	−200,000	−4	—	—	—
Other	1	3	1	−12	−1
Net cash provided by operating activities	166	165	74	64	90
Acquisition of businesses and assets, net of cash acquired	—	−72	—	—	—
Long-term investment	−15	—	—	—	—
Property and equipment additions	−96	−66	−49	−46	—
Capitalized software additions	−22	−21	−19	−15	—
Purchase of investment securities, available-for-sale	−2	−16	−16	−17	—
Proceeds from sales and maturities of investment securities, available-for-sale	12	17	18	5	—
Net cash used in investing activities	−124	−158	−66	−72	−295
Net increase (decrease) in customer funds obligations	−6	10	6	−11	14
Proceeds from convertible senior notes	—	345	—	—	—
Principal payments on long-term debt	—	−47	−2	−938,000	—
Payments on third-party debt	—	−4	—	—	—
Payment for purchase of capped calls	—	−42	—	—	—
Payments for deferred financing costs	—	−13	−1	−983,000	—
Repurchases of shares	−10	—	—	—	—
Proceeds from purchases of stock under ESPP	4	3	2	2	2
Payments for taxes related to net share settlement of stock-based awards	−29	−22	−10	−1	−13
Proceeds from exercise of stock options	8	8	5	2	2
Payments for purchase commitment and contingent consideration liabilities	—	−8	−6	−423,000	−11
Payments for deferred purchase commitments	—	—	−20	−20	—
Payments of finance lease liabilities	−76,000	−93,000	−103,000	−1	—
Net cash provided by (used in) financing activities	−33	231	−26	17	−9
Effect of exchange rate changes on cash, cash equivalents and restricted cash	3	−1	724,000	−352,000	−479,000
Net increase (decrease) in cash, cash equivalents and restricted cash	12	237	−18	9	−214

Filings

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