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Vertex, Inc. reports developments in enterprise tax and compliance technology for global commerce, with recurring updates on indirect tax solutions, financial results, cloud revenue, and product innovation. The company provides tax determination, e-invoicing, compliance and reporting, tax data management, and related software for sales and consumer use tax, value-added tax, payroll, and other indirect tax workflows.
Company news also covers AI-driven capabilities within Vertex Cloud, availability of Vertex O Series Tax Engine and Indirect Tax Accelerator through Oracle Marketplace, acquisition activity such as Brinta in Latin America, and Vertex research on sales tax rates and rules changes across U.S. jurisdictions.
Vertex, Inc. (NASDAQ: VERX) reported a strong second quarter for 2022 with total revenues of $119.3 million, up 13.7% year-over-year. Software subscription revenues rose 12.8% to $101.1 million, while cloud revenues increased 25.4% to $40.2 million. Annual Recurring Revenue (ARR) reached $398.1 million, an 18.4% increase year-over-year. However, the company posted a net loss of $(5.5) million compared to net income of $0.8 million in the prior year. For Q3, Vertex expects revenues between $121.5 million and $124.0 million with adjusted EBITDA projected at $16.5 million to $18.5 million.
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Vertex, Inc. has released its Mid-Year Rates and Rules Report indicating that the average U.S. sales tax rate has reached an all-time high of 10.17%. The report highlights a significant increase in city and county tax rates, with 126 city tax increases compared to 20 decreases. Despite a leveling off of new district sales taxes with 54 newly implemented in 2022, ongoing economic factors like wage inflation and rising interest rates suggest future increases in sales tax rates. This trend could boost sales tax revenues, which are vital for funding local governments.
Vertex, Inc. (NASDAQ:VERX) announced its second quarter 2022 earnings release date set for August 9, 2022, prior to market opening, followed by a conference call at 8:30 a.m. Eastern Time. The Company will also present at the Citi Global Technology Conference on September 9, 2022, in New York City. Vertex provides tailored indirect tax solutions globally, supporting diverse industries with dedicated tax technology. For additional details, access Vertex's Investor Relations website.
Research by Vertex highlights the challenges and opportunities in indirect tax management for finance professionals in 2022. Over 75% of finance leaders express concerns about scalability hindered by indirect tax complexities. Notably, 68% prioritize frictionless commerce, as many organizations expand their transaction territories. However, over 50% face delays in VAT/sales tax calculations, primarily due to inefficient manual processes. A significant 47% lack adequate indirect tax capabilities to navigate evolving regulations. The study emphasizes the importance of automation in tax management for business growth.
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Vertex, Inc. has been named a finalist for the 2022 SAP Pinnacle Award in the SAP Store category, recognizing its strong partnership with SAP. This acknowledgment highlights Vertex's 25+ year collaboration with SAP, focusing on providing indirect tax solutions integrated with SAP Business Technology Platform. Vertex's offerings, including Indirect Tax O Series 9.0 and Chain Flow Accelerator, are certified for integration with SAP S/4HANA. The awards celebrate partners' innovation and customer support, reflecting Vertex's commitment to enhancing customer success.
Vertex, Inc. (NASDAQ: VERX) reported Q1 2022 revenues of $115.0 million, a 17% increase year-over-year. Software subscription revenues rose 16.6% to $97.1 million, while cloud revenues soared 42.1% to $38.3 million. Annual Recurring Revenue (ARR) reached $380.6 million, up 18.9% year-over-year. Despite strong revenue growth, the company reported a net loss of $0.3 million, and Adjusted EBITDA decreased to $19.1 million. For Q2 2022, Vertex expects revenues between $116.0 million and $117.5 million.
Vertex, Inc. (NASDAQ:VERX), a leading provider of indirect tax solutions, has announced its first quarter 2022 earnings release scheduled for May 10, 2022, before the market opens. A conference call will follow at 8:30 a.m. ET. Additionally, CEO David DeStefano and CFO John Schwab will present at several upcoming investor conferences in June 2022, including the Jefferies Software Conference and the William Blair Growth Stock Conference. The company continues to expand its reach, providing tailored tax solutions to global businesses.
Vertex, Inc. (NASDAQ:VERX) highlights key tax trends for 2022, indicating a shift towards transaction-based revenue streams as states seek to replace income tax for stability. The company notes that 197 new district taxes were enacted in the U.S. in the past year, with ongoing increases in sales tax rates. Globally, jurisdictions are digitizing tax compliance, while U.S. states are considering electronic invoicing and data taxation. Vertex aims to support businesses in navigating these evolving tax environments.