Vertex, Inc.
For the period ended Dec 31, 2025. Filed Feb 24, 2026.
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A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2025 · Filed Feb 24, 2026
VERX$17.84+3.1%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Item 8. Consolidated Statements of Cash Flows
Consolidated Statements of Cash Flows
(Amounts in thousands)
| | | | | | | | | |
|---|---|---|---|---|---|---|---|---|
| | For the Year Ended December 31, | |||||||
| · 2025 · · 2024 · · 2023 | ||||||||
| | | | | | | | | |
| Cash flows from operating activities: · · · · · · | ||||||||
| Net income (loss) | $7,211 | | $(52,729) | | $(13,093) | |||
| Adjustments to reconcile net income to net cash provided by operating activities: | | | | | | |||
| Depreciation and amortization | 96,931 | | 82,733 | | 71,891 | |||
| Amortization of cloud computing implementation costs | | 3,738 | | | 4,007 | | | 2,570 |
| Provision for subscription cancellations and non-renewals | 2,700 | | 199 | | 2,083 | |||
| Amortization of deferred financing costs | 2,721 | | 2,033 | | 266 | |||
| Change in fair value of contingent consideration liabilities | | (16,800) | | | 14,925 | | | — |
| Change in settlement value of deferred purchase commitment liability | | — | | | 423 | | | — |
| Write-off of deferred financing costs | | — | | | 276 | | | — |
| Stock-based compensation expense | 57,763 | | 47,425 | | 33,919 | |||
| Deferred income taxes | | (5,395) | | | 51,068 | | | (11,574) |
| Non-cash operating lease costs | | 3,258 | | | 2,857 | | | 2,587 |
| Other | (54) | | (203) | | 5,335 | |||
| Changes in operating assets and liabilities: | | | | | | |||
| Accounts receivable | (12,880) | | (22,076) | | (45,222) | |||
| Prepaid expenses and other current assets | (5,805) | | (14,207) | | (6,354) | |||
| Deferred commissions | (4,428) | | (6,242) | | (5,774) | |||
| Accounts payable | 1,225 | | 11,615 | | 9,241 | |||
| Accrued expenses | 8,128 | | (12,323) | | 5,837 | |||
| Accrued and deferred compensation | (5,170) | | 9,232 | | 7,516 | |||
| Deferred revenue | 35,674 | | 51,096 | | 18,172 | |||
| Operating lease liabilities | | (4,323) | | | (3,999) | | | (4,224) |
| Payments for purchase commitment and contingent consideration liabilities in excess of initial fair value | | (200) | | | (4,367) | | | — |
| Other | 1,249 | | 3,078 | | 1,156 | |||
| Net cash provided by operating activities | 165,543 | | 164,821 | | 74,332 | |||
| Cash flows from investing activities: | | | | | | |||
| Acquisition of businesses and assets, net of cash acquired | — | | (71,755) | | — | |||
| Long-term investment | | (15,000) | | | — | | | — |
| Property and equipment additions | (96,236) | | (65,769) | | (49,261) | |||
| Capitalized software additions | (21,718) | | (21,344) | | (18,972) | |||
| Purchase of investment securities, available-for-sale | | (2,398) | | | (15,993) | | | (16,328) |
| Proceeds from sales and maturities of investment securities, available-for-sale | | 11,607 | | | 16,710 | | | 18,390 |
| Net cash used in investing activities | (123,745) | | (158,151) | | (66,171) | |||
| Cash flows from financing activities: | | | | | | |||
| Net increase (decrease) in customer funds obligations | (5,604) | | 9,675 | | 5,610 | |||
| Proceeds from convertible senior notes | — | | 345,000 | | — | |||
| Principal payments on long-term debt | — | | (46,875) | | (2,188) | |||
| Payments on third-party debt | | — | | | (3,904) | | | — |
| Payment for purchase of capped calls | | — | | | (42,366) | | | — |
| Payments for deferred financing costs | — | | (12,541) | | (1,001) | |||
| Repurchases of shares | | (10,094) | | | — | | | — |
| Proceeds from purchases of stock under ESPP | | 4,236 | | | 2,998 | | | 2,486 |
| Payments for taxes related to net share settlement of stock-based awards | | (28,950) | | | (21,516) | | | (9,701) |
| Proceeds from exercise of stock options | 7,706 | | 8,459 | | 4,839 | |||
| Payments for purchase commitment and contingent consideration liabilities | | — | | | (7,580) | | | (6,424) |
| Payments for deferred purchase commitments | | — | | | — | | | (20,000) |
| Payments of finance lease liabilities | | (76) | | | (93) | | | (103) |
| Net cash provided by (used in) financing activities | (32,782) | | 231,257 | | (26,482) | |||
| Effect of exchange rate changes on cash, cash equivalents and restricted cash | 3,213 | | (1,012) | | 724 | |||
| Net increase (decrease) in cash, cash equivalents and restricted cash | | 12,229 | | | 236,915 | | | (17,597) |
| Cash, cash equivalents and restricted cash, beginning of period | 326,066 | | 89,151 | | 106,748 | |||
| Cash, cash equivalents and restricted cash, end of period | $338,295 | | $326,066 | | $89,151 | |||
| Reconciliation of cash, cash equivalents and restricted cash to the Consolidated Balance Sheets, end of period: | | | | | | |||
| Cash and cash equivalents | $314,009 | | $296,051 | | $68,175 | |||
| Restricted cash—funds held for customers | 24,286 | | 30,015 | | 20,976 | |||
| Total cash, cash equivalents and restricted cash, end of period | $338,295 | | $326,066 | | $89,151 | |||
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