← Vertex, Inc.
| Annual Trend | FY 2018 | FY 2019 | FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|---|---|---|---|
| Cash flows from operating activities: | |||||||||
| Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||
| Net Income (Loss) Attributable to Parent | ($6.1m) |
$31.1m
+608.63%
|
($78.9m)
-354.17%
|
($1.5m)
+98.13%
|
($12.3m)
-731.91%
|
($13.1m)
-6.41%
|
($52.7m)
-302.73%
|
$7.2m
+113.68%
|
|
| Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | — | — | — | ($1.5m) | ($12.3m) | ($13.1m) | ($52.7m) | $7.2m | |
| Depreciation and amortization | $24.9m | $9.0m | $11.0m | $11.7m | $12.4m | $15.2m | $21.0m | $24.8m | |
| Amortization of Debt Issuance Costs | — | $266k | $373k | $211k | $245k | $266k | $2.0m | $2.7m | |
| Amortization of Intangible Assets | — | — | $443k | $1.1m | $4.0m | $2.9m | $2.7m | $2.3m | |
| Capitalized Computer Software, Amortization | — | $8.2m | $11.9m | $13.0m | $17.0m | $19.2m | $23.8m | $22.6m | |
| Other Depreciation and Amortization | — | $9.0m | $11.0m | $11.7m | $12.4m | $15.2m | $21.0m | $24.8m | |
| Amortization of cloud computing implementation costs | — | — | — | — | — | $2.6m | $4.0m | $3.7m | |
| Amortization of deferred financing costs | $266k | $266k | $373k | $211k | $245k | $266k | $2.0m | $2.7m | |
| Deferred Income Tax Expense (Benefit) | — | ($848k) | ($29.6m) | ($3.1m) | ($1.3m) | ($11.6m) | $51.1m | ($5.4m) | |
| Deferred income taxes | $847k | ($848k) | ($29.6m) | ($3.1m) | ($1.3m) | ($11.6m) | $51.1m | ($5.4m) | |
| Share-based Payment Arrangement, Noncash Expense | — | $9.5m | $147.9m | $26.2m | $19.7m | $33.9m | $47.4m | $57.8m | |
| Payment, Tax Withholding, Share-based Payment Arrangement | — | — | $14.8m | $12.8m | $1.1m | $9.7m | $21.5m | $28.9m | |
| Share-based Payment Arrangement, Expense | — | $9.5m | $147.9m | $26.2m | $19.7m | $33.9m | $47.4m | $57.8m | |
| Stock-based compensation expense | $5.1m | $9.5m | $147.9m | $26.2m | $19.7m | $33.9m | $47.4m | $57.8m | |
| Payments for taxes related to net share settlement of stock-based awards | — | — | ($14.8m) | ($12.8m) | ($1.1m) | ($9.7m) | ($21.5m) | ($28.9m) | |
| Other Nonoperating Income (Expense) | — | ($953k) | ($3.1m) | ($984k) | — | — | — | — | |
| Changes in operating assets and liabilities: | |||||||||
| Increase (Decrease) in Accounts Receivable | — | $10.1m | $6.8m | ($3.0m) | $25.7m | $45.2m | $22.1m | $12.9m | |
| Accounts Receivable, Credit Loss Expense (Reversal) | — | $1.2m | $259k | $454k | ($193k) | $2.1m | $279k | $2.5m | |
| Accounts receivable | ($17.0m) | ($10.1m) | ($6.8m) | $3.0m | ($25.7m) | ($45.2m) | ($22.1m) | ($12.9m) | |
| Increase (Decrease) in Accounts Payable | — | $3.9m | ($1.8m) | $3.8m | $1.4m | $9.2m | $11.6m | $1.2m | |
| Accounts payable | $3.4m | $3.9m | ($1.8m) | $3.8m | $1.4m | $9.2m | $11.6m | $1.2m | |
| Purchases of property and equipment, accrued but unpaid | — | $20.3m | $21.0m | $33.4m | $58.5m | $49.3m | — | — | |
| Accrued expenses | $1.6m | $2.5m | $4.6m | $3.2m | $15.1m | $5.8m | ($12.3m) | $8.1m | |
| Accrued and deferred compensation | $2.1m | $5.3m | ($632k) | ($3.7m) | ($12.0m) | $7.5m | $9.2m | ($5.2m) | |
| Deferred revenue | $35.2m | $27.2m | $17.6m | $24.7m | $30.8m | $18.2m | $51.1m | $35.7m | |
| Other | ($179k) | $496k | ($2.0m) | $336k | ($583k) | $1.2m | $3.1m | $1.2m | |
| Prepaid expenses and other current assets | $524k | ($809k) | ($1.5m) | ($5.2m) | ($214k) | ($6.4m) | ($14.2m) | ($5.8m) | |
| Net Cash Provided by (Used in) Operating Activities | $80.4m |
$92.5m
+14.98%
|
$59.5m
-35.63%
|
$92.0m
+54.46%
|
$76.8m
-16.44%
|
$74.3m
-3.27%
|
$164.8m
+121.74%
|
$165.5m
+0.44%
|
|
| Cash flows from investing activities: | |||||||||
| Payments to Acquire Property, Plant, and Equipment | ($21.1m) | $20.3m | $21.0m | $33.4m | $58.5m | $49.3m | ($65.8m) | ($96.2m) | |
| Debt Securities, Available-for-sale, Realized Gain (Loss) | — | — | — | — | — | ($4k) | — | — | |
| Proceeds from Maturities, Prepayments and Calls of Debt Securities, Available-for-sale | — | — | — | — | $5.4m | $18.4m | $16.7m | $11.6m | |
| Payments to Acquire Businesses, Net of Cash Acquired | — | — | $11.6m | $251.4m | $474k | — | — | — | |
| Net Cash Provided by (Used in) Investing Activities | ($33.3m) | ($37.6m) | ($44.4m) | ($296.5m) | ($85.0m) | ($66.2m) | ($158.2m) | ($123.7m) | |
| Cash flows from financing activities: | |||||||||
| Repayments of Long-term Debt | — | $5.6m | $226.3m | — | $938k | $2.2m | $46.9m | — | |
| Proceeds from Issuance of Long-term Debt | — | — | $175.0m | — | — | — | — | — | |
| Principal payments on long-term debt | ($3.3m) | ($5.6m) | ($226.3m) | — | ($938k) | ($2.2m) | ($46.9m) | — | |
| Payments for Repurchase of Common Stock | — | $841k | — | — | — | — | — | $10.1m | |
| Proceeds from Issuance of Common Stock | — | — | $423.0m | — | — | — | — | — | |
| Dividends paid | — | $29 | $146 | — | — | — | — | — | |
| Dividends Payable | — | $13 | — | — | — | — | — | — | |
| Proceeds from (Payments for) Other Financing Activities | — | — | — | ($964k) | ($1.4m) | ($103k) | — | — | |
| Net Cash Provided by (Used in) Financing Activities | ($30.7m) |
($30.6m)
+0.22%
|
$213.6m
+797.48%
|
($9.1m)
-104.26%
|
$17.1m
+287.87%
|
($26.5m)
-254.92%
|
$231.3m
+973.26%
|
($32.8m)
-114.18%
|
|
| Net increase (decrease) in cash, cash equivalents and restricted cash | $16.0m | $24.3m | $228.8m | ($214.1m) | $8.5m | ($17.6m) | $236.9m | $12.2m | |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect | — | $24.3m | $228.8m | ($214.1m) | $8.5m | ($17.6m) | $236.9m | $12.2m | |
| Cash, cash equivalents and restricted cash, beginning of period | $59.2m | $83.5m | $312.3m | $98.2m | $106.7m | $89.2m | $326.1m | $338.3m | |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | — | $83.5m | $312.3m | $98.2m | $106.7m | $89.2m | $326.1m | $338.3m | |
| Effect of Exchange Rate on Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | — | $12k | ($22k) | ($479k) | ($352k) | $724k | ($1.0m) | $3.2m | |
| Effect of exchange rate changes on cash, cash equivalents and restricted cash | ($402k) | $12k | ($22k) | ($479k) | ($352k) | $724k | ($1.0m) | $3.2m | |
| Additional Supplementary Disclosures | |||||||||
| Additional Supplementary Disclosures | |||||||||
| Additional Supplementary Disclosures | |||||||||
| Proceeds from Stock Options Exercised | — | $68k | $8.8m | $1.9m | $1.8m | $4.8m | $8.5m | $7.7m | |
| Supplemental disclosure of cash flow information: | |||||||||
| Interest Paid, Excluding Capitalized Interest, Operating Activities | — | $1.8m | $2.5m | $223k | $2.2m | $3.7m | $3.3m | $3.3m | |
| Income Taxes Paid, Net | — | $945k | $588k | $1.3m | $3.1m | $5.7m | $8.6m | $1.9m | |
| Noncash investing and financing activities: | |||||||||
| Additional Financial Items | |||||||||
| Equity Securities, FV-NI, Gain (Loss) | — | — | — | — | $0 | $0 | $0 | $0 | |
| Equity Securities, FV-NI, Unrealized Gain (Loss) | — | — | — | — | $0 | $0 | $0 | $0 | |
| General and Administrative Expense | — | $71.0m | $149.1m | $107.0m | $121.7m | $145.9m | $152.8m | $178.7m | |
| Goodwill | — | $0 | $16.3m | $270.0m | $251.8m | $257.8m | $357.8m | $392.5m | |
| Income Tax Expense (Benefit) | — | ($155k) | ($28.9m) | ($2.4m) | $2.2m | ($8.6m) | $54.6m | $368k | |
| Operating Expenses | — | $179.3m | $314.0m | $266.6m | $306.6m | $366.1m | $428.4m | $479.3m | |
| Operating Lease, Expense | — | $6.4m | $7.0m | — | — | — | — | — | |
| Unrealized Gain (Loss) on Derivatives | — | — | — | — | — | — | — | $0 | |
| Provision for subscription cancellations and non-renewals | $237k | $1.2m | $259k | $466k | ($196k) | $2.1m | $199k | $2.7m | |
| Change in fair value of contingent consideration liabilities | — | — | — | — | — | — | $14.9m | ($16.8m) | |
| Write-off of deferred financing costs | — | — | $1.4m | — | $370k | — | $276k | — | |
| Deferred commissions | ($3.2m) | ($2.4m) | ($547k) | ($812k) | ($2.9m) | ($5.8m) | ($6.2m) | ($4.4m) | |
| Operating lease liabilities | — | — | — | ($4.7m) | ($4.0m) | ($4.2m) | ($4.0m) | ($4.3m) | |
| Payments for purchase commitment and contingent consideration liabilities in excess of initial fair value | — | — | — | — | — | — | ($4.4m) | ($200k) | |
| Acquisition of businesses and assets, net of cash acquired | — | — | — | — | ($474k) | — | ($71.8m) | — | |
| Capitalized software additions | ($12.3m) | ($17.2m) | ($11.8m) | ($11.7m) | ($14.9m) | ($19.0m) | ($21.3m) | ($21.7m) | |
| Purchase of investment securities, available-for-sale | — | — | — | — | ($16.5m) | ($16.3m) | ($16.0m) | ($2.4m) | |
| Proceeds from sales and maturities of investment securities, available-for-sale | — | — | — | — | $5.4m | $18.4m | $16.7m | $11.6m | |
| Net increase (decrease) in customer funds obligations | $1.7m | $4.3m | $1.7m | $14.2m | ($11.3m) | $5.6m | $9.7m | ($5.6m) | |
| Payments for deferred financing costs | — | — | ($2.4m) | — | ($983k) | ($1.0m) | ($12.5m) | — | |
| Repurchases of shares | ($1.3m) | ($841k) | — | — | — | — | — | ($10.1m) | |
| Proceeds from purchases of stock under ESPP | — | — | $957k | $2.1m | $2.0m | $2.5m | $3.0m | $4.2m | |
| Proceeds from exercise of stock options | $177k | $68k | $8.8m | $1.9m | $1.8m | $4.8m | $8.5m | $7.7m | |
| Payments for purchase commitment and contingent consideration liabilities | — | — | ($8.9m) | ($10.8m) | ($423k) | ($6.4m) | ($7.6m) | — | |
| Payments for deferred purchase commitments | — | — | — | — | ($20.0m) | ($20.0m) | — | — | |
| Payments of finance lease liabilities | — | — | — | ($964k) | ($1.4m) | ($103k) | ($93k) | ($76k) |