Vertex, Inc. Stock Price, News & Analysis

Vertex (NASDAQ:VERX) announced a proposed underwritten public offering of 1,500,000 shares of its Class A common stock, all offered by stockholder Jeffrey R. Westphal. Vertex will not receive any proceeds from this offering. Goldman Sachs & Co. LLC is the sole underwriter. The company had previously filed a shelf registration statement with the SEC, which became effective in July 2022. The final terms will be disclosed in a prospectus supplement. Forward-looking statements caution about uncertainties that could affect the offering's consummation.

Vertex, Inc. (NASDAQ:VERX) has achieved recognition in the SaaS Tax application market, placing in the highest scoring group according to IDC’s 2022 SaaS Customer Satisfaction Award for Tax. Vertex received top ratings for overall customer satisfaction, being evaluated by a global survey of approximately 2,400 organizations. Key strengths highlighted include ease of integration, superior features, and value for price paid. This acknowledgment reinforces Vertex’s commitment to innovative indirect tax solutions and exemplary customer service.

Vertex, Inc. (NASDAQ: VERX) reported strong Q3 2022 financial results, achieving total revenues of $126.2 million, marking a 14% year-over-year growth. Software subscription revenues grew by 15.3% to $106.4 million, while cloud revenues surged 31.3% to $43.8 million. The company also recorded an Annual Recurring Revenue (ARR) of $411.5 million, a 16.6% increase from the previous year. Despite a net loss of $(1.1) million, non-GAAP net income stood at $13.0 million. The outlook for Q4 anticipates revenues of $124 million to $127 million.

Vertex, Inc. (NASDAQ:VERX) plans to release its third quarter 2022 earnings on November 9, 2022, before markets open. A conference call will follow at 8:30 a.m. Eastern Time to discuss the results. Investors can join the call via the Company's Investor Relations website or by phone. Vertex is a leading provider of indirect tax solutions, serving global businesses with tailored solutions in sales, consumer use, and other major lines of indirect tax. The Company is headquartered in North America and operates internationally.

Vertex, Inc. (NASDAQ:VERX) released a research report highlighting that many UK and Ireland e-commerce businesses are lagging in optimizing their finance and VAT management processes, with 75% not nearing completion of their digital transformation. This delay poses significant barriers to growth and expansion into new markets. The study surveyed 730 financial decision-makers and found that nearly half of UKI respondents need to minimize VAT burdens on transactions. Furthermore, 44% are concerned about potential indirect tax increases from Covid-19, reflecting broader challenges in the evolving tax landscape.

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.

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.