Vertex Inc
For the period ended Dec 31, 2023. Filed Feb 29, 2024.
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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.
FY2023 · Filed Feb 29, 2024
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, | |||||||
| · 2023 · 2022 · 2021 | ||||||||
| Cash flows from operating activities: · · · | ||||||||
| Net loss | $(13,093) | | $(12,304) | | $(1,479) | |||
| Adjustments to reconcile net loss to net cash provided by operating activities: | | | | | ||||
| Depreciation and amortization | 71,891 | | 61,153 | | 44,782 | |||
| Amortization of cloud computing implementation costs | | 2,570 | | | — | | | — |
| Provision for subscription cancellations and non-renewals | 2,083 | | (196) | | 466 | |||
| Amortization of deferred financing costs | 266 | | 245 | | 211 | |||
| Write-off of deferred financing costs | | — | | | 370 | | | — |
| Stock-based compensation expense | 33,919 | | 19,729 | | 26,160 | |||
| Deferred income tax benefit | | (11,574) | | | (1,345) | | | (3,116) |
| Non-cash operating lease costs | | 2,587 | | | 3,357 | | | 3,825 |
| Other | 5,335 | | 4,052 | | 510 | |||
| Changes in operating assets and liabilities: | | | | | | |||
| Accounts receivable | (45,222) | | (25,665) | | 2,962 | |||
| Prepaid expenses and other current assets | (6,354) | | (2,171) | | (5,192) | |||
| Deferred commissions | (5,774) | | (2,908) | | (812) | |||
| Accounts payable | 9,241 | | 1,369 | | 3,847 | |||
| Accrued expenses | 5,837 | | 15,064 | | 3,210 | |||
| Accrued and deferred compensation | 7,516 | | (12,005) | | (3,735) | |||
| Deferred revenue | 18,172 | | 30,768 | | 24,691 | |||
| Operating lease liabilities | | (4,224) | | | (4,041) | | | (4,697) |
| Other | 1,156 | | (11,624) | | (1,344) | |||
| Net cash provided by operating activities | 74,332 | | 63,848 | | 90,289 | |||
| Cash flows from investing activities: | | | ||||||
| Acquisition of business, net of cash acquired | — | | (474) | | (251,412) | |||
| Property and equipment additions | (49,261) | | (45,532) | | (31,706) | |||
| Capitalized software additions | (18,972) | | (14,888) | | (11,660) | |||
| Purchase of investment securities, available-for-sale | | (16,328) | | | (16,518) | | | — |
| Proceeds from sales and maturities of investment securities, available-for-sale | | 18,390 | | | 5,364 | | | — |
| Net cash used in investing activities | (66,171) | | (72,048) | | (294,778) | |||
| Cash flows from financing activities: | | | | |||||
| Net increase (decrease) in customer funds obligations | 5,610 | | (11,340) | | 14,226 | |||
| Proceeds from term loan | — | | 50,000 | | — | |||
| Principal payments on long-term debt | (2,188) | | (938) | | — | |||
| Payments for deferred financing costs | (1,001) | | (983) | | — | |||
| Proceeds from purchases of stock under ESPP | | 2,486 | | | 1,951 | | | 2,060 |
| Payments for taxes related to net share settlement of stock-based awards | | (9,701) | | | (1,104) | | | (12,758) |
| Proceeds from exercise of stock options | 4,839 | | 1,821 | | 1,859 | |||
| Distributions under Tax Sharing Agreement | | — | | | (536) | | | (2,700) |
| Payments for purchase commitment and contingent consideration liabilities | | (6,424) | | | (423) | | | (10,822) |
| Payments of finance lease liabilities | | (103) | | | (1,354) | | | (964) |
| Payments for deferred purchase commitments | | (20,000) | | | (20,000) | | | — |
| Net cash (used in) provided by financing activities | (26,482) | | 17,094 | | (9,099) | |||
| Effect of exchange rate changes on cash, cash equivalents and restricted cash | 724 | | (352) | | (479) | |||
| Net (decrease) increase in cash, cash equivalents and restricted cash | | (17,597) | | | 8,542 | | | (214,067) |
| Cash, cash equivalents and restricted cash, beginning of period | 106,748 | | 98,206 | | 312,273 | |||
| Cash, cash equivalents and restricted cash, end of period | $89,151 | | $106,748 | | $98,206 | |||
| Reconciliation of cash, cash equivalents and restricted cash to the Consolidated Balance Sheets, end of period: | | | ||||||
| Cash and cash equivalents | $68,175 | | $91,803 | | $73,333 | |||
| Restricted cash—funds held for customers | 20,976 | | 14,945 | | 24,873 | |||
| Total cash, cash equivalents and restricted cash, end of period | $89,151 | | $106,748 | | $98,206 | |||
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