Welcome to our dedicated page for Vertex news (Ticker: $VERX), a resource for investors and traders seeking the latest updates and insights on Vertex stock.
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Vertex Inc. (NASDAQ: VERX) announced strong financial results for the first quarter of 2024, with total revenues of $156.8 million, up 18.1% year-over-year. The company saw significant growth in software subscription and cloud revenues, along with an increase in Annual Recurring Revenue (ARR) and Average Annual Revenue per direct customer (AARPC).
Despite a loss from operations, Vertex reported positive Non-GAAP operating income, net income, and Adjusted EBITDA. The company provided positive financial outlook for the second quarter and full-year 2024, reflecting confidence in business growth.
Vertex, Inc. announced the closing of an upsized offering of $345 million convertible senior notes due 2029. The net proceeds are estimated to be approximately $333.7 million. Funds will be used for working capital, acquisitions, and general corporate purposes. Vertex sold the notes to qualified institutional buyers under Rule 144A, with the offering including capped call transactions. The notes and potential shares issuable upon conversion have not been registered under the Securities Act.
