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.
Vertex, Inc., traded under the symbol VERX on NASDAQ, is a global leader in tax technology and services. The company specializes in offering cloud-based and on-premise solutions tailored to specific industries for various types of taxes including income, sales, consumer use, value-added, and payroll. Founded in 1978, Vertex has earned the trust of over 10,000 corporate customers worldwide, enabling them to stay compliant with ever-changing regulatory standards.
Vertex's comprehensive suite of solutions includes Tax Determination, Tax Data Management, Document Management, and Compliance and Reporting. These tools help businesses streamline their tax processes, improve productivity, and limit risks, making tax a more strategic component of their operations. The company is well-known for its innovative approach, combining advanced technology with the expertise of experienced tax professionals.
Recent Achievements: In 2023, Vertex released its annual End-of-Year Sales Tax Rates and Rules report, highlighting a 10-year high in U.S. sales tax rate changes. This report underscores the complexities businesses face in meeting compliance obligations, further validating Vertex's role in simplifying these challenges.
Partnerships and Collaborations: Vertex has established itself as a premier partner with major software providers such as SAP and Oracle, and works closely with the Big 4 accounting firms. These partnerships enhance the company's capability to provide top-notch tax solutions and extend its market reach.
Financial Health: Vertex has shown robust financial performance with a significant increase in revenue and Annual Recurring Revenue (ARR). For the first quarter ending March 31, 2024, the company reported an estimated revenue of $155.5 million to $157.5 million, representing a 17% to 19% increase from the previous year. The net income for the same period is expected to be between $2.4 million and $3.1 million, a notable improvement from the net loss of $18.1 million in the prior year.
For more detailed information, visit Vertex's Official Website or follow their updates on Twitter and LinkedIn.
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.
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