Vertex Inc. (VERX) Financial Statements (2024 and earlier)

Company Profile

Business Address 2301 RENAISSANCE BOULEVARD
KING OF PRUSSIA, PA 19406
State of Incorp. DE
Fiscal Year End December 31
Industry (SIC) 7372 - Prepackaged Software (benchmarking)
More info Complete Financial Analysis Financial Benchmarking

Balance Sheet (Statement of Financial Position) ($ in thousands)
Annual | Quarterly

6/30/2024
MRQ
12/31/2023
12/31/2022
12/31/2021
12/31/2020
ASSETS
Current Assets
Cash, cash equivalents, and short-term investments68,17591,80373,333303,051
Cash and cash equivalents68,17591,80373,333303,051
Restricted cash and investments20,97614,94524,8739,222
Receivables141,752102,88576,92977,159
Prepaid expense11,5585,87512,251 
Other current assets  12,2178,285 
Other undisclosed current assets24,16013,464 13,259
Total current assets:266,621241,189195,671402,691
Noncurrent Assets
Finance lease, right-of-use asset, after accumulated amortization 107600602 
Operating lease, right-of-use asset14,60517,18720,249 
Property, plant and equipment100,734115,76898,39056,557
Intangible assets, net (including goodwill), including:260,238257,023272,70218,711
Goodwill257,842251,842270,04116,329
Intangible assets, net (excluding goodwill) 19,52416,153 2,382
Other undisclosed intangible assets, net (including goodwill)(17,128)(10,972)2,661 
Capitalized contract cost, net21,23715,46312,55511,743
Deferred income tax assets41,70830,93835,29829,974
Other noncurrent assets16,0132,6121,9003,263
Other undisclosed noncurrent assets38,66438,41232,84031,989
Total noncurrent assets:493,306478,003474,536152,237
TOTAL ASSETS:759,927719,192670,207554,928
LIABILITIES AND EQUITY
Liabilities
Current Liabilities
Accounts payable and accrued liabilities68,33163,35352,63745,378
Employee-related liabilities✕✕10,79016,67117,326
Accounts payable23,59614,32913,0008,876
Accrued liabilities44,73538,23422,96619,176
Deferred revenue290,143268,847237,344207,560
Debt2,5742,291284882
Deferred compensation liability  2,8094,2022,057
Deferred rent credit    939
Self insurance reserve 2,2462,2191,9221,766
Business combination, contingent consideration, liability11,9016,149468845
Other undisclosed current liabilities65,58457,54172,27532,541
Total current liabilities:440,779403,209369,132291,968
Noncurrent Liabilities
Long-term debt and lease obligation44,11046,71924,388225
Long-term debt, excluding current maturities44,05946,709 225
Finance lease, liability511068 
Liabilities, other than long-term debt21,74439,12224,45828,617
Deferred revenue2,57710,28911,66614,702
Deferred compensation liability, classified   1,9635,010
Operating lease, liability16,56720,42124,320 
Business combination, contingent consideration, liability 2,6008,41210,8298,905
Other undisclosed noncurrent liabilities31341722,1458,632
Total noncurrent liabilities:66,16786,25870,99137,474
Total liabilities:506,946489,467440,123329,442
Equity
Equity, attributable to parent, including:252,981229,725230,084225,486
Additional paid in capital275,155244,820222,621206,541
Accumulated other comprehensive loss(21,742)(27,752)(17,497)(3,127)
Retained earnings (accumulated deficit)(586)12,50724,81121,926
Other undisclosed equity, attributable to parent154150149146
Total equity:252,981229,725230,084225,486
TOTAL LIABILITIES AND EQUITY:759,927719,192670,207554,928

Income Statement (P&L) ($ in thousands)
Annual | Quarterly

6/30/2024
TTM
12/31/2023
12/31/2022
12/31/2021
12/31/2020
Revenues572,387491,624425,548374,665
Cost of revenue
(Cost of Goods and Services Sold)		(223,808)(193,132)(161,892)(165,387)
Gross profit:348,579298,492263,656209,278
Operating expenses(366,089)(306,574)(266,598)(314,036)
Other operating income, net
(Other Nonrecurring (Income) Expense)		    
Other undisclosed operating loss    
Operating income (loss):(17,510)(8,082)(2,942)(104,758)
Nonoperating expense
(Other Nonoperating expense)		   (984)(3,111)
Interest and debt expense (8)(18)(16)(373)
Other undisclosed loss from continuing operations before equity method investments, income taxes    
Income (loss) from continuing operations before equity method investments, income taxes:(17,518)(8,100)(3,942)(108,242)
Other undisclosed income (loss) from continuing operations before income taxes(4,156)(2,030)16373
Loss from continuing operations before income taxes:(21,674)(10,130)(3,926)(107,869)
Income tax expense (benefit)8,581(2,174)2,44728,932
Income (loss) from continuing operations:(13,093)(12,304)(1,479)(78,937)
Loss before gain (loss) on sale of properties:✕✕✕(1,479)(78,937)
Net income (loss) available to common stockholders, diluted:(13,093)(12,304)(1,479)(78,937)

Comprehensive Income ($ in thousands)
Annual | Quarterly

6/30/2024
TTM
12/31/2023
12/31/2022
12/31/2021
12/31/2020
Net income (loss):(13,093)(12,304)(1,479)(78,937)
Comprehensive income (loss):(13,093)(12,304)(1,479)(78,937)
Other undisclosed comprehensive income (loss), net of tax, attributable to parent6,010(10,255)(14,370)(2,636)
Comprehensive income (loss), net of tax, attributable to parent:(7,083)(22,559)(15,849)(81,573)

Statements Sources

The financial statements are based on the Company's filings with the U.S. Securities and Exchange Commission (SEC) through the Electronic Data Gathering, Analysis, and Retrieval system (EDGAR). The information is derived from the 10-K and 10-Q reports submitted to the SEC in XBRL (eXtensible Business Reporting Language) format and presented according to the US GAAP Taxonomy. Please review the original filings for a more detailed information.

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