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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 (NASDAQ:VERX), a global leader in indirect tax solutions, will release its first-quarter 2023 financial results on May 10, 2023, before market opens. A conference call to discuss these results is scheduled for 8:30 a.m. Eastern Time that same day. Interested participants can join by dialing 1-412-317-0494 or via the company's Investor Relations website. The call will also have a replay available shortly after the live session, expiring on May 24, 2023. Vertex focuses on providing trusted tax technology, serving global businesses in diverse sectors. The company's tax solutions cater to various industries, supporting compliance and growth with over 1,300 employees worldwide.
Vertex, Inc. (NASDAQ: VERX) reported strong financial results for Q4 and full-year 2022, highlighting a 17.4% increase in revenues to $131.1 million and a 15.5% rise for the year to $491.6 million. Software subscription revenues reached $110.9 million, up 18.9%, while cloud revenues surged 34.4% to $46.6 million. Despite a net loss of $5.3 million for Q4 and $12.3 million for the year, the company achieved positive free cash flow of $3.4 million. Looking ahead, Vertex expects Q1 2023 revenues between $131 million and $133 million, and for the full year, revenues of $550 million to $556 million, signaling continued growth.
Vertex (NASDAQ:VERX) reports that 87% of sellers using marketplaces for online trading have seen revenue increases, viewing it as crucial for growth. However, a significant challenge remains, as 70% express concerns over indirect tax issues potentially limiting future marketplace use. A recent survey revealed that 81% of businesses leverage marketplaces for customer acquisition and international sales, highlighting demands for improved support in tax compliance and seamless transactions. Despite operator interest in expanding seller bases, complications related to tax management persist, with 45% of sellers indicating the need for enhanced finance and tax automation.
Vertex, Inc. (NASDAQ:VERX) announced it will release its fourth quarter 2022 financial results on March 8, 2023, before market open. A conference call to discuss these results will take place at 8:30 a.m. Eastern Time on the same day. Participants can join by dialing in or accessing a listen-only webcast via the Company’s Investor Relations website. Vertex specializes in indirect tax solutions, serving various industries and employing over 1,300 professionals globally. The Company aims to enable businesses to comply and grow confidently through tailored tax technology solutions.
Vertex, Inc. (NASDAQ:VERX) has released its annual End-of-Year Sales Tax Rates and Rules report, revealing a decline in transaction tax changes across the U.S., with 542 changes noted, the lowest in eight years. Interestingly, while new district taxes decreased from an average of 180 to 115, existing district tax rate increases outnumbered decreases by a three-to-one ratio. The report highlights the ongoing trend of rising sales tax rates across jurisdictions, driven by inflation, potential recession, and declines in property and income tax revenues. Increased sales tax rates are expected as governments address budget gaps due to reduced federal funding and economic conditions.
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