Vertex, Inc. (NASDAQ:VERX) Q1 2022 Results Conference Call May 10, 2022 8:30 AM ET

Company Participants

Ankit Hira - Investor Relations

David DeStefano - Chief Executive Officer

John Schwab - Chief Financial Officer

Conference Call Participants

Matt Stotler - William Blair

Joshua Reilly - Needham

Andrew DeGasperi - Berenberg

Samad Samana - Jefferies

Joey Marincek - JMP

Brad Reback - Stifel

Daniel Jester - BMO

Operator

Greetings, and welcome to Vertex, Inc. First Quarter 2022 Earnings Conference Call. At this time, all participants are in a listen-only mode. [Operator Instructions] As a reminder, this conference is being recorded.

And I'd like to turn the conference over to your host, Ankit Hira, with Investor Relations at Vertex. Please go ahead.

Ankit Hira

Thank you. Good morning, everyone, and thank you for joining us for Vertex's financial results conference call for the first quarter ending March 31, 2022. On the call today, we have Vertex CEO, David DeStefano; and CFO, John Schwab.

Before we begin, allow me to provide a disclaimer regarding forward-looking statements. This call, including the Q&A portion of the call, may include forward-looking statements related to the expected future results for our company and are therefore forward-looking statements. Our actual results may differ materially from our projections due to a number of risks and uncertainties. The risks and uncertainties and forward-looking statements are subject to and are described in our earnings release and other SEC filings.

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 through Vertex's Investor Relations website at ir.vertexinc.com.

With that, I'll now turn the call over to David.

David DeStefano

Thanks, Ankit. Welcome, everyone. 2022 has started off incredibly well at Vertex with solid growth and positive progression across many dimensions of our business, resulting in total revenues of $115 million, up 17% year-over-year.

Our teams continue to execute well and drive momentum in the markets we serve, accelerating ARR growth to 18.9% in the first quarter while maintaining strong EBITDA margins of 16.6%. We're seeing strong adoption persists from both new and existing customers. Our NRR grew to 110% this quarter, which speaks to the efficacy of our increased go-to-market investments and our ability to build trusted lasting relationships through a differentiated customer experience. These are cornerstones of our sustained success.