Strong Cloud Revenue Growth
Cloud revenue grew by 29.6% year-over-year, showcasing significant momentum in Vertex's strategic cloud initiatives.
Record Adjusted EBITDA
Adjusted EBITDA reached a record $43.5 million, exceeding the high end of the guidance by $2.5 million, with an EBITDA margin of 22.6%.
Significant Free Cash Flow
Free cash flow was reported at $30.2 million for the third quarter, indicating strong cash generation capabilities.
Successful E-Invoicing Initiatives
Ecosio, a Vertex acquisition, contributed $4.1 million in revenue, marking a 30% increase from the previous year, with over 100 new customers acquired since March.
Share Repurchase Program
The Board of Directors authorized a share repurchase of up to $150 million, reflecting confidence in the company's long-term growth potential.
AI Initiatives Progress
Vertex advanced several AI initiatives, including smart categorization and agent-to-agent tax configuration capabilities, enhancing product offerings.