The company reported $0.08 earnings per share (EPS) for the quarter, topping the Thomson Reuters' consensus estimate of $0.07 by $ Adjusted EBITDA in the range of $17.5 million to $18.5 million, representing a decrease of 10.7% to 5.6%. 610-312-2890. MRR is calculated by dividing the software subscription price, inclusive of discounts, by the number of subscription covered months. Our definitions of these non-GAAP financial measures may differ from similarly titled measures presented by other companies and therefore comparability may be limited. Adjusted EBITDA in the range of $78.0 million to $79.0 million, representing annual growth of 14.9% to 16.3%. In addition, other companies may not publish these or similar metrics. Net Revenue The unavailable information could have a significant impact on the Company’s GAAP financial results. For the third quarter of 2020, the Company currently expects: For the full year 2020, the Company currently expects: Certain non-GAAP measures included in our financial outlook were not reconciled to the comparable GAAP financial measures because the GAAP measures are not accessible on a forward-looking basis. Solebury Trout for Vertex, Inc.ir@vertexinc.com Non-GAAP operating income is determined by adding back to GAAP operating income (loss) the stock-based compensation expense, depreciation and amortization of capitalized software costs, and severance costs included for the respective periods. KING OF PRUSSIA, Pa., Sept. 09, 2020 (GLOBE NEWSWIRE) -- Vertex, Inc. (Nasdaq: VERX) (“Vertex” or the “Company”), a leading provider of tax technology and services, today announced financial results for its second quarter ended June 30, 2020. Total revenues for 2020 were $374.7 million, up 16.5% from 2019. In addition to our results determined in accordance with GAAP, we have calculated non-GAAP cost of revenues, non-GAAP gross profit, non-GAAP gross margin, non-GAAP research and development expense, non-GAAP selling and marketing expense, non-GAAP general and administrative expense, non-GAAP operating income, non-GAAP net income, non-GAAP net income per share, Adjusted EBITDA, Adjusted EBITDA margin, free cash flow and free cash flow margin, each of which are non-GAAP financial measures. Non-GAAP cost of revenues, software subscriptions is determined by adding back to GAAP cost of revenues, software subscriptions, the stock-based compensation expense and depreciation and amortization of capitalized software costs, for the respective periods. Total revenue of $91.3 million, up 16.5% year-over-year. Our recent performance speaks to the trust our customers have in us to help them continue to transact, comply and grow with confidence. We believe that our NRR provides insight into our ability to retain and grow revenue from our customers, as well as their potential long-term value to us. See Vertex, Inc. (VERX) stock analyst estimates, including earnings and revenue, EPS, upgrades and downgrades. Vertex is the leading and most-trusted provider of comprehensive, integrated tax technology solutions, having helped 10,000+ businesses since 1978. Total revenue in the range of $93 million to $95 million representing growth of 8.0% to 10.4%. Important disclosures in this earnings release about and reconciliations of historical and forward-looking non-GAAP measures to the nearest corresponding GAAP measures are provided below under “Use and Reconciliation of Non-GAAP Financial Measures.”. Such items may include stock-based compensation charges, public offering related charges, depreciation and amortization of capitalized software costs and acquired intangible assets, severance, IPO costs and other items. Such items may include stock-based compensation charges, public offering related charges, depreciation and amortization of capitalized software costs and acquired intangible assets, severance, IPO costs, income tax (benefit) expense from S to C Corporation conversion and other items. GAAP operating loss of $29.0 million, compared to GAAP operating income of $7.7 million for the same period last year. 484-595-6142, Ankit Hira or Ed Yuen Specifically, in Q3 2020's revenue was $94.6M; in Q2 2020, it was $91.3M; in Q3 2019, it was $82.4M; in Q2 2019, Vertex's revenue was $156 A PDF version of this press release is available for download at the top of this page. Thus, our non-GAAP financial measures should be considered in addition to, not as a substitute for, or in isolation from, the financial information prepared in accordance with GAAP, and should be read in conjunction with the financial statements included in our Quarterly Report on Form 10-Q to be filed with the SEC. Free cash flow is determined by adjusting net cash provided by (used in) operating activities by cash used for the redemption of stock appreciation rights redeemed in connection with the offering, purchases of property and equipment and capitalized software additions for the respective periods. Stock analysis for Vertex Inc (VERX:NASDAQ GM) including stock price, stock chart, company news, key statistics, fundamentals and company profile. Find company research, competitor information, contact details & financial data for Vertex, Inc. of King OF Prussia, PA. Get the latest business insights from Dun & Bradstreet. It was one of the first biotech firms to use an explicit strategy of rational drug design rather than combinatorial chemistry. ET. Our NRR refers to the ARR expansion during the 12 months of a reporting period for all customers who were part of our customer base at the beginning of the reporting period. Total revenue in the range of $368 million to $370 million, representing annual growth of 14.5% to 15.1%. Our NRR calculation takes into account any revenue lost from departing customers or customers who have downgraded as well as any revenue expansion from upgrades, cross sells or upsells of our software. Retailers need to rapidly test, refine, and execute supply chain management strategies. We believe ARR provides us with visibility to our projected software subscription revenue in order to evaluate the health of our business. Free cash flow margin is determined by dividing free cash flow by total revenues for the respective periods. Vertex delivers comprehensive tax solutions that enable global businesses to transact, comply and grow with confidence. We have provided tabular reconciliations of each of these non-GAAP financial measures to such measure’s most directly comparable GAAP financial measure. Non-GAAP gross margin is determined by adding back to GAAP gross margin the impact of stock-based compensation expense and depreciation and amortization of capitalized software costs included in cost of revenues as a percentage of revenue for the respective periods. For the fourth quarter of 2020, the Company currently expects: For the full year 2020, the Company currently expects: Certain non-GAAP measures included in our financial outlook were not reconciled to the comparable GAAP financial measures because the GAAP measures are not accessible on a forward-looking basis. Any statements made in this press release that are not statements of historical fact, including statements about our beliefs and expectations, are forward-looking statements and should be evaluated as such. Vertex is Avalara's #3 rival. Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: Provision for subscription cancellations and non-renewals. Adjusted EBITDA to be in the range of $18.5 to $19.5 million, representing an increase of 8.0% to 13.8%. Non-GAAP net income per diluted Class A share was $0.16 as compared to $0.11 for the same period last year. Cash flow from operations for the second quarter of 2020 was $27.2 million as compared to $23.0 million for the same period in 2019. Free cash flow for the third quarter of 2020 was $15.8 million, up from $3.7 million in the third quarter of 2019. Forward-looking statements are based on Vertex management’s beliefs, as well as assumptions made by, and information currently available to, them. Our strong financial results underscore the value that Vertex brings to our customers every day, and the confidence in our solutions to help them meet the challenges ahead. The call will also be webcast live from Vertex’s investor relations website at https://ir.vertexinc.com. Any statements made in this press release that are not statements of historical fact, including statements about our beliefs and expectations, are forward-looking statements and should be evaluated as such. Non-GAAP cost of revenues, services is determined by adding back to GAAP cost of revenues, services, the stock-based compensation expense for the respective periods. Management uses these non-GAAP financial measures to understand and compare operating results across accounting periods, for internal budgeting and forecasting purposes, and to evaluate financial performance and liquidity. Vertex, Inc.Condensed Consolidated Balance Sheets As of December 31, 2019 and June 30, 2020 (unaudited)(Amounts in thousands), Vertex, Inc.Condensed Consolidated Statements of Comprehensive Income (Loss) For the three and six months ended June 30, 2019 and 2020 (unaudited) (Amounts in thousands, except per share data), Vertex, Inc.Condensed Consolidated Statements of Cash Flows For the six months ended June 30, 2019 and 2020 (unaudited) (Amounts in thousands), Vertex, Inc. Reconciliation of GAAP to Non-GAAP MeasuresFor the three and six months ended June 30, 2019 and 2020 (unaudited) (Amounts in thousands), Investor Contact: Free cash flow is determined by adjusting net cash provided by (used in) operating activities by cash used for purchases of property and equipment and capitalized software additions for the respective periods. Vertex Reports Full-Year and Fourth-Quarter 2018 Financial Results - Full-year 2018 CF product revenues of $3.04 billion, a 40% increase compared to $2.17 billion in 2017; fourth-quarter 2018 CF product revenues of $868 million - Get the latest tax & technology insights from Vertex. Vertex, Inc. (NASDAQ:VERX) announced its quarterly earnings data on Tuesday, March, 9th. The firm had revenue of $99.50 million for the quarter, compared to the consensus estimate of $94.15 million. MRR only includes customers with MRR at the end of the last month of the measurement period. Total revenue of $94.6 million, up 14.8% year-over-year. A high-level overview of Vertex, Inc. (VERX) stock. On average, equities analysts Given the number of risk factors, uncertainties and assumptions discussed below, actual results may differ materially. Vertex, Inc.tricia.schafer-petrecz@vertexinc.com Non-GAAP operating income of $19.8 million, compared to non-GAAP operating income of $17.3 million for the same period last year. Use and Reconciliation of Non-GAAP Financial Measures. Our annual recurring revenue, or ARR, grew to $316.4 million as of the end of 2020. Vertex provides cloud-based and on-premise solutions that can be tailored to specific industries for every major line of indirect tax, including sales and consumer use, value added and payroll. Although we are very proud of all that we have achieved so far, we are more excited that this is just the next step forward in our vision to accelerate global commerce.”, Definitions of the non-GAAP financial measures used in this press release and reconciliations of such measures to their nearest GAAP equivalents is included below under the heading “Use and Reconciliation of Non-GAAP Financial Measures.”. GAAP net loss was $29.1 million, compared to a GAAP net income of $7.1 million for the same period last year. Important disclosures in this earnings release about and reconciliations of historical and forward-looking non-GAAP measures to the nearest corresponding GAAP measures are provided below under “Use and Reconciliation of Non-GAAP Financial Measures.”. Adjusted EBITDA in the range of $73 million to $75 million, representing annual growth of 7.5% to 10.5%. A replay will be available from 11:30 a.m. We experienced solid revenue growth and accelerated cloud adoption among new and existing customers. Non-GAAP net income is determined by adding back to GAAP net income (loss) the depreciation and amortization of capitalized software costs, stock-based compensation expense, and severance costs included for the respective periods. The company’s mission is to deliver the most trusted tax technology enabling global businesses to transact, comply and grow with confidence. Find out the revenue, expenses and profit or loss over the last fiscal year. Free cash flow for the second quarter of 2020 was $18.7 million, up 27.1% year-over-year. We have provided tabular reconciliations of each of these non-GAAP financial measures to such measure’s most directly comparable GAAP financial measure. 1-610-312-2890ir@vertexinc.com. Vertex Announces Second Quarter 2020 Financial Results, Accounts receivable, net of allowance of $7,669 (unaudited), and $7,515, respectively, Prepaid expenses and other current assets, Property and equipment, net of accumulated depreciation, Capitalized software, net of accumulated amortization, Deferred compensation, net of current portion, Future acquisition commitment, net of current portion, Class A voting common stock, $0.001 par value, 600 shares authorized, 300 shares issued, 147 shares outstanding, Class B non-voting common stock, $0.001 par value, 299,400 shares authorized, 162,470 (unaudited), and 162,297 shares issued, respectively, 120,443 (unaudited) and 120,270 shares outstanding, respectively, Other comprehensive loss from foreign currency translation adjustments and revaluations, net of tax, Net income (loss) attributable to Class A stockholders, Net income (loss) per Class A share, basic and diluted, Weighted average Class A common stock, basic and diluted, Net income (loss) attributable to Class B stockholders, Net income (loss) per Class B share, basic, Weighted average common Class B stock, basic, Net income (loss) per Class B share, diluted, Weighted average common Class B stock, diluted. All forward-looking statements reflect our beliefs and assumptions only as of the date of this press release. Adjusted EBITDA is determined by adding back to GAAP net income (loss) the net interest expense, taxes, depreciation and amortization of property and equipment and capitalized software costs, stock-based compensation expense, severance cost and IPO costs included for the respective periods. A replay will be available from 11:30 a.m. Adjusted EBITDA is determined by adding back to GAAP net income (loss) the net interest expense, taxes, depreciation and amortization of property and equipment, capitalized software costs and acquired intangibles, stock-based compensation expense, severance cost and IPO costs included for the respective periods. The company’s mission is to deliver the most trusted tax technology enabling global businesses to transact, comply and grow with confidence. Tricia Schafer-Petrecz We calculate these non-GAAP financial measures as follows: We encourage investors and others to review our financial information in its entirety, not to rely on any single financial measure and to view these non-GAAP financial measures in conjunction with the related GAAP financial measures. 2021 Find related and similar companies as well as employees by title and much more. Management uses these non-GAAP financial measures to understand and compare operating results across accounting periods, for internal budgeting and forecasting purposes, and to evaluate financial performance and liquidity. tricia.schafer-petrecz@vertexinc.com Non-GAAP gross margin is determined by adding back to GAAP gross margin the impact of stock-based compensation expense and depreciation and amortization of capitalized software costs included in cost of revenues as a percentage of revenue for the respective periods. Companies with complex tax operations rely on Vertex to automate their end-to-end indirect tax processes. Total revenue of $94.6 million, up 14.8% year-over-year. ARR is calculated based on monthly recurring revenue (“MRR”) from software subscriptions for the most recent month at period end, multiplied by twelve. Non-GAAP net income was $21.6 million, compared to a Non-GAAP net income of $16.9 million for the same period last year. The replay passcode will be 13712106. Ankit Hira or Ed Yuen In July 2020, Vertex completed its initial public offering (“IPO”) of its stock at a price of $19.00 per share and issued 24.3 million shares, including 3.2 million shares issued pursuant to the full exercise of the underwriters' option to purchase additional shares. Because we recognize subscription revenue ratably, we believe investors can use ARR to measure our expansion of existing customer revenues, new customer activity, and as an indicator of future software subscription revenues. Forward-looking statements include information concerning possible or assumed future results of operations, including descriptions of our business plan and strategies. Annual Recurring … Reconciliation of cash, cash equivalents and restricted cash to the Consolidated Balance Sheets, end of period: Total cash, cash equivalents and restricted cash, end of period, Non-GAAP cost of revenues, software subscriptions, Non-GAAP research and development expense, Non-GAAP general and administrative expense, Depreciation and amortization - cost of subscription revenues, Depreciation and amortization of capitalized software, Stock-based compensation as a percentage of revenue, Depreciation and amortization - cost of subscription revenues as a percentage of revenue, Depreciation and amortization – cost of subscription revenues. Definitions of Certain Key Business Metrics. Non-GAAP gross profit is determined by adding back to GAAP gross profit the stock-based compensation expense and the depreciation and amortization of capitalized software costs included in cost of revenue for the respective periods. Non-GAAP net income per diluted Class A and Class B share was $0.15 as compared to $0.14 for the same period last year. Products for Tax Returns Vertex Indirect Tax Returns The company is unable to reconcile these forward looking non-GAAP financial measures to the most directly comparable GAAP measures without unreasonable efforts because the company is currently unable to predict with a reasonable degree of certainty the type and extent of certain items that would be expected to impact GAAP measures for these periods but would not impact the non-GAAP measures. Adjusted EBITDA margin is determined by dividing Adjusted EBITDA by total revenues for the respective periods. Vertex will host a conference call to discuss the second quarter 2020 financial results on September 9, 2020 at 8:30 a.m. Adjusted EBITDA of $22.5 million, up 14.7% year-over-year. © 2021 Vertex, Inc. All rights reserved. GAAP operating loss of $50.0 million, compared to GAAP operating income of $12.3 million for the same period last year. Vertex, Inc. All rights reserved. The conference call can be accessed live over the phone by dialing 1-877-407-4018, or for international callers 1-201-689-8471. Vertex Pharmaceuticals annual/quarterly revenue history and growth rate from 2006 to … MRR only includes customers with MRR at the end of the last month of the measurement period. We derive the vast majority of our revenue from recurring software subscriptions. Vertex generates 72% the revenue of Avalara. Annual Recurring Revenue (“ARR”) of $306.5 million, up 15.4% year-over-year. We also believe it demonstrates to investors our ability to expand existing customer revenues, which is one of our key growth strategies. Forward-looking statements include information concerning possible or assumed future results of operations, including descriptions of our business plan and strategies. Solebury Trout for Vertex Software subscription revenue of $77.3 million, up 14.9% year-over-year. Thus, our non-GAAP financial measures should be considered in addition to, not as a substitute for, or in isolation from, the financial information prepared in accordance with GAAP, and should be read in conjunction with the financial statements included in our Quarterly Report on Form 10-Q to be filed with the SEC. Following the completion of the call, a recorded replay of the webcast will be available on the website. Factors which may cause actual results to differ materially from current expectations include, but are not limited to: potential effects on our business of the COVID-19 pandemic; our ability to attract new customers on a cost-effective basis and the extent to which existing customers renew and upgrade their subscriptions; our ability to sustain and expand revenues, maintain profitability, and to effectively manage our anticipated growth; our ability to maintain and expand our strategic relationships with third parties; and the other factors described under the heading “Risk Factors” of our final prospectus filed with the Securities and Exchange Commission (“SEC”) on July 30, 2020, in the Company’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2020 (once available) and the Company’s subsequent filings with the SEC. Non-GAAP net income was $18.9 million, compared to a Non-GAAP net income of $12.8 million for the same period last year. Like Avalara, Vertex also competes in the Application Software industry. The PDF contains the following financial statements: Tricia Schafer-Petrecz, Vertex Inc. Headquartered in North America, and with offices in South America and Europe, Vertex employs over 1,100 professionals and serves companies across the globe. Vertex Announces Q4 Results Vertex Inc Qtrly Total Rev Of $94.6 Mln, Up 14.8% Year-Over-Year Viking Global Investors Lp Reports 8.2% Passive Stake In Vertex Inc As Of July 29 - SEC Filing Join us as we discuss how retailers can continue to adapt to the "new normal". “As digital transformation continues to accelerate, so does the scale and complexity of our customers’ tax operations supporting these initiatives. According to Vertex Inc., (NASDAQ:VERX) (“Vertex” or the “Company”), a leading provider of tax technology and services, trends are emerging that may create unique challenges for businesses with respect to city-level taxes, specifically as locales look to make up lost revenue caused by COVID-19. Vertex, Inc. is a leading global provider of indirect tax software and solutions. The foregoing forward-looking statements reflect Vertex’s expectations as of today's date. The foregoing forward-looking statements reflect Vertex’s expectations as of today's date. The company report on January 1, 2021 that Vertex Energy, Inc. Granted 180-Day Extension by Nasdaq to Regain Compliance with Minimum Bid Price Rule. Our non‑GAAP financial measures are presented as supplemental disclosure as we believe they provide useful information to investors and others in understanding and evaluating our results, prospects and liquidity period-over-period without the impact of certain items that do not directly correlate to our operating performance and that may vary significantly from period to period for reasons unrelated to our operating performance, as well as comparing our financial results to those of other companies. Because such statements are based on expectations as to future financial and operating results and are not statements of fact, actual results may differ materially from those projected. Get the detailed quarterly/annual income statement for Vertex, Inc. (VERX). Given the number of risk factors, uncertainties and assumptions discussed below, actual results may differ materially.