Vertex, Inc. (NASDAQ:VERX) Q3 2022 Earnings Conference Call November 9, 2022 8:30 AM ET
Company Participants
Joe Crivelli - VP of IR
David DeStefano - CEO
John Schwab - CFO
Conference Call Participants
Joshua Reilly - Needham
Adam Hotchkiss - Goldman Sachs
Daniel Jester - BMO Capital Markets
Andrew DeGasperi - Berenberg
Brad Reback - Stifel
Steve Enders - Citi
Patrick Walravens - JMP Securities
Samad Samana - Jefferies
Operator
Good day, and welcome to the Vertex Incorporated Third Quarter 2022 Earnings Conference Call. All participants will be in a listen-only mode. [Operator Instructions]. Please note, this event is being recorded.
I would now like to turn the conference over to Joe Crivelli, Vice President of Investor Relations. Please go ahead.
Joe Crivelli
Good morning, everyone, and thanks for joining us for Vertex's conference call for the third quarter ended September 30, 2022. I'm Joe Crivelli, Vice President Investor Relations; David DeStefano, our CEO; and John Schwab, our CFO, joined me on the call today.
As a reminder, this call including the Q&A portion of the call may include forward-looking statements related to our expected future results. Our actual results may differ materially from our projections due to risks and uncertainties. These risks and uncertainties are described in our earnings release and filings with the Securities and Exchange Commission.
Today's remarks will also include references to non-GAAP financial measures. Additional information, including reconciliation between non-GAAP financial information to the GAAP financial information is provided in the press release. This conference call will be available for replay via webcast on our Investor Relations website.
And with that, I'll now turn the call over to David.
David DeStefano
Thank you, Joe. Welcome everyone and thank you for joining us.
The Vertex value proposition of delivering end-to-end indirect tax determination and compliance capabilities was on full display in the third quarter. Total revenue was a record $126.2 million, up 14% compared to, last year's third quarter and, $2 million above the high-end of our third quarter guidance.
We have now delivered double-digit growth and outperformed our revenue guidance. Nine consecutive quarters since going public. And once again delivered strong profitability. Adjusted EBITDA was $20.7 million, which also exceeded the high-end of our third quarter guidance by over $2 million.
Finally, we saw solid growth across the key measures by which we monitor success in the market. ARR grew in the quarter to, $411 million, up nearly 17% year-over-year. NRR was at 109%, up from 106% for the same-period in 2021. And GRR held steady at 96%, up from 95% in the same-period last year.