Vertex Inc
For the period ended Dec 31, 2024. Filed Feb 27, 2025.
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FY2024 · Filed Feb 27, 2025
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, | |||||||
| · 2024 · 2023 · 2022 | ||||||||
| Cash flows from operating activities: · · · | ||||||||
| Net loss | $(52,729) | | $(13,093) | | $(12,304) | |||
| Adjustments to reconcile net loss to net cash provided by operating activities: | | | | | ||||
| Depreciation and amortization | 82,733 | | 71,891 | | 61,153 | |||
| Amortization of cloud computing implementation costs | | 4,007 | | | 2,570 | | | — |
| Provision for subscription cancellations and non-renewals | 199 | | 2,083 | | (196) | |||
| Amortization of deferred financing costs | 2,033 | | 266 | | 245 | |||
| Change in fair value of contingent consideration liabilities | | 14,925 | | | — | | | — |
| Change in settlement value of deferred purchase commitment liability | | 423 | | | — | | | — |
| Write-off of deferred financing costs | | 276 | | | — | | | 370 |
| Stock-based compensation expense | 47,425 | | 33,919 | | 19,729 | |||
| Deferred income taxes | | 51,068 | | | (11,574) | | | (1,345) |
| Non-cash operating lease costs | | 2,857 | | | 2,587 | | | 3,357 |
| Other | (203) | | 5,335 | | 4,052 | |||
| Changes in operating assets and liabilities: | | | | | | |||
| Accounts receivable | (22,076) | | (45,222) | | (25,665) | |||
| Prepaid expenses and other current assets | (14,207) | | (6,354) | | (2,171) | |||
| Deferred commissions | (6,242) | | (5,774) | | (2,908) | |||
| Accounts payable | 11,615 | | 9,241 | | 1,369 | |||
| Accrued expenses | (12,323) | | 5,837 | | 15,064 | |||
| Accrued and deferred compensation | 9,232 | | 7,516 | | (12,005) | |||
| Deferred revenue | 51,096 | | 18,172 | | 30,768 | |||
| Operating lease liabilities | | (3,999) | | | (4,224) | | | (4,041) |
| Payments for purchase commitment and contingent consideration liabilities in excess of initial fair value | | (4,367) | | | — | | | — |
| Other | 3,078 | | 1,156 | | (11,624) | |||
| Net cash provided by operating activities | 164,821 | | 74,332 | | 63,848 | |||
| Cash flows from investing activities: | | | ||||||
| Acquisition of businesses and assets, net of cash acquired | (71,755) | | — | | (474) | |||
| Property and equipment additions | (65,769) | | (49,261) | | (45,532) | |||
| Capitalized software additions | (21,344) | | (18,972) | | (14,888) | |||
| Purchase of investment securities, available-for-sale | | (15,993) | | | (16,328) | | | (16,518) |
| Proceeds from sales and maturities of investment securities, available-for-sale | | 16,710 | | | 18,390 | | | 5,364 |
| Net cash used in investing activities | (158,151) | | (66,171) | | (72,048) | |||
| Cash flows from financing activities: | | | | |||||
| Net increase (decrease) in customer funds obligations | 9,675 | | 5,610 | | (11,340) | |||
| Proceeds from term loan | | — | | | — | | | 50,000 |
| Proceeds from convertible senior notes | 345,000 | | — | | — | |||
| Principal payments on long-term debt | (46,875) | | (2,188) | | (938) | |||
| Payments on third-party debt | | (3,904) | | | — | | | — |
| Payment for purchase of capped calls | | (42,366) | | | — | | | — |
| Payments for deferred financing costs | (12,541) | | (1,001) | | (983) | |||
| Proceeds from purchases of stock under ESPP | | 2,998 | | | 2,486 | | | 1,951 |
| Payments for taxes related to net share settlement of stock-based awards | | (21,516) | | | (9,701) | | | (1,104) |
| Proceeds from exercise of stock options | 8,459 | | 4,839 | | 1,821 | |||
| Distributions under Tax Sharing Agreement | | — | | | — | | | (536) |
| Payments for purchase commitment and contingent consideration liabilities | | (7,580) | | | (6,424) | | | (423) |
| Payments of finance lease liabilities | | (93) | | | (103) | | | (1,354) |
| Payments for deferred purchase commitments | | — | | | (20,000) | | | (20,000) |
| Net cash provided by (used in) financing activities | 231,257 | | (26,482) | | 17,094 | |||
| Effect of exchange rate changes on cash, cash equivalents and restricted cash | (1,012) | | 724 | | (352) | |||
| Net increase (decrease) in cash, cash equivalents and restricted cash | | 236,915 | | | (17,597) | | | 8,542 |
| Cash, cash equivalents and restricted cash, beginning of period | 89,151 | | 106,748 | | 98,206 | |||
| Cash, cash equivalents and restricted cash, end of period | $326,066 | | $89,151 | | $106,748 | |||
| Reconciliation of cash, cash equivalents and restricted cash to the Consolidated Balance Sheets, end of period: | | | ||||||
| Cash and cash equivalents | $296,051 | | $68,175 | | $91,803 | |||
| Restricted cash—funds held for customers | 30,015 | | 20,976 | | 14,945 | |||
| Total cash, cash equivalents and restricted cash, end of period | $326,066 | | $89,151 | | $106,748 | |||
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