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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, a provider of tax technology and services, announced its third quarter 2020 earnings release scheduled for November 11, 2020, before market opening. Following this, a conference call will occur at 8:30 a.m. Eastern Time. Additionally, Vertex's CEO and CFO will present at the Stifel Midwest 1x1 Growth Virtual Conference on November 12, 2020. Vertex aims to offer tailored tax solutions for various industries, supporting compliance and growth globally.
Vertex, Inc. (NASDAQ: VERX) has observed significant trends in city-level taxes amid COVID-19's economic impact. In the first half of 2020, there were no changes to state tax rates, a rare occurrence, while 75% of new tax rates emerged at the city level. With projected state budget shortfalls totaling $555 billion from 2020-2022, municipalities may increase sales taxes to recover lost revenue. Vertex indicated that 2020 could see the second highest number of sales tax changes in over a decade, prompting increased compliance burdens for businesses. Global tax adjustments are also taking place in response to the pandemic.
Vertex, Inc. (Nasdaq: VERX) reported strong second-quarter results for 2020, with total revenue increasing by 16.5% year-over-year to $91.3 million. Software subscription revenue rose by 14.9% to $77.3 million and annual recurring revenue grew by 16.4% to $294.6 million. Adjusted net income surged 47.4% to $18.9 million, while adjusted EBITDA margin improved by 380 basis points to 23.6%. The company expects third-quarter revenue between $89 million to $91 million and full-year revenue between $362 million to $365 million.
Vertex, Inc. (NASDAQ:VERX) announced the release date for its second quarter 2020 earnings, scheduled for September 9, 2020, before the market opens. Following the earnings, a conference call will take place at 8:30 a.m. ET. Vertex's CEO and CFO will also participate in two upcoming investor conferences: the Citi Virtual Global Technology Conference on September 10 and the Jefferies Virtual Software Conference on September 15. This engagement reflects Vertex's commitment to transparency and investor communication.