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NASDAQ: VERX The Decision to Defense Global Indirect Tax and Compliance Company. August-September 2026
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2 2 Safe Harbor Forward Looking Statements Any statements made in this presentation that are not statements of historical fact, including statements about our beliefs and expectations, are forward-looking statements and should be evaluated as such. Forward-looking statements include information concerning possible or assumed future results of operations, including descriptions of our business plan and strategies. Forward-looking statements are based on Vertex management’s beliefs, as well as assumptions made by, and information currently available to, them. 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. Factors which may cause actual results to differ materially from current expectations include, but are not limited to: 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” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024 as filed with the Securities Exchange Commission (“SEC”) and the Company’s subsequent filings with the SEC. Copies of each filing may be obtained from the Company or the SEC. All forward-looking statements reflect our beliefs and assumptions only as of the date of this presentation. We undertake no obligation to update forward-looking statements to reflect future events or circumstances. Definitions of Certain Key Business Metrics Annual Recurring Revenue (“ARR”) – We derive the vast majority of our revenues from recurring software subscriptions. We believe ARR provides us with visibility to our projected software subscription revenues in order to evaluate the health of our business. Because we recognize subscription revenues 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. ARR is based on monthly recurring revenues (“MRR”) from software subscriptions for the most recent month at period end, multiplied by twelve. MRR is calculated by dividing the software subscription price, inclusive of discounts, by the number of subscription covered months. MRR only includes customers with MRR at the end of the last month of the measurement period. Net Revenue Retention Rate (“NRR”) – We believe that our NRR provides insight into our ability to retain and grow revenues from our customers, as well as their potential long-term value to us. We also believe it demonstrates to investors our ability to expand existing customer revenues, which is one of our key growth strategies. 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. Our NRR calculation takes into account any revenues lost from departing customers or customers who have downgraded or reduced usage, as well as any revenue expansion from migrations, new licenses for additional products or contractual and usage-based price changes. Use and Reconciliation of Non-GAAP Financial Measures In addition to our results determined in accordance with accounting principles generally accepted in the U.S. (“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 diluted EPS, Adjusted EBITDA, Adjusted EBITDA margin, free cash flow and free cash flow margin, which are each non- GAAP financial measures. We have provided tabular reconciliations of each of these non-GAAP financial measures used in this presentation to its most directly comparable GAAP financial measure. 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. 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. Our definitions of these non-GAAP financial measures may differ from similarly titled measures presented by other companies and therefore comparability may be limited. In addition, other companies may not publish these or similar metrics. 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 financial measures, and should be read in conjunction with the consolidated financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2025 and in our other reports periodically filed with the SEC. Market & Industry Data Market data and industry information used throughout this presentation are based on management’s knowledge of the industry and the good faith estimates of management. The Company also relied, to the extent available, upon management’s review of independent industry surveys and publications and other publicly available information prepared by a number of third-party sources. All of the market data and industry information used in this presentation involves a number of assumptions and limitations, and you are cautioned not to give undue weight to such assumptions and resulting estimates. Although the Company believes that these sources are reliable, the Company cannot guarantee the accuracy or completeness of this information, and the Company has not independently verified this information. While the Company believes the estimated market position, market opportunity and market size information included in this presentation are generally reliable, such information, which is derived in part from management’s estimates and beliefs, is inherently uncertain and imprecise. No representations or warranties are made by the Company, any of its affiliates or underwriters as to the accuracy of any such statements or projections. Projections, assumptions and estimates of the Company’s future performance and the future performance of the industry in which the Company operates are necessarily subject to a high degree of uncertainty and risk due to a variety of factors, including those described above. These and other factors could cause results to differ materially from those expressed in the Company’s estimates and beliefs and in the estimates prepared by independent parties.
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3 Intelligent Compliance Solutions for Global Commerce The leading enterprise platform for automating and governing transaction-based compliance obligations — intelligently $703.4M ARR (Q2 2026) >60% of the Fortune 500 95% Gross Retention Rate 85% Subscription Revenue $748M Total Revenue (FY2025) 20 Yrs Avg. Tenure — Top 50 Customers by ARR ✓ The only end-to-end intelligent compliance platform built for global enterprise complexity ✓ 45+ years of institutional tax knowledge — encoded, continuously updated, and AI-amplified ✓ Mission-critical infrastructure embedded in the core financial workflows of the world's most complex enterprises ✓ Proven, durable growth at scale — through recessions, technology shifts, and regulatory change ✓ Expanding ecosystem of ERP , e-commerce, and marketplace integrations that extend our reach and deepen our moat ✓ AI transforming both our product and our operations — expanding competitive advantage on both dimensions
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Mission Critical Partner to Highly Attractive Customer Base Best-in-class intelligent compliance solutions to highly complex needs drive embedded customer relationships 4 (1) Vertex direct customers are based on the Vertex active customer list as of March 31, 2026 (2) Top companies within the Fortune 500 by industry are based on annual revenue as of December 31, 2024 (3) Based on information as of March 31, 2026 (4) Based on CIO Magazine Most Powerful AI Companies ranking, March 2026 Top 50 Customers by ARR Have Average Tenure of 20 Years 4,895 (1) Direct Customers >60%(2) Of the Fortune 500 95% (3) GRR (Q1 2026) 9 of the Top 10 Business Services 7 of the Top 10 Communications & Transport 8 of the Top 10 Financial Services 8 of the Top 10 Manufacturing 6 of the Top 10 Retail 6 of the Top 10 Wholesale Trade 5 of the Top 10 AI Industry Leaders (4)
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5 The Problem is Getting Harder
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6 The Scale of Global Transaction Compliance THOUSANDS of taxing jurisdictions – Each with its own rates, rules, and filing requirements THOUSANDS of products and services – Classified at the lowest level of granularity In REAL-TIME – spanning OMNICHANNEL platforms BILLIONS of transactions – Processed in real time, every day And ACROSS THE GLOBAL SUPPLY CHAIN Cross-border, multi-entity, multi-jurisdiction 70+ Countries with e-invoicing mandates implemented or announced — spanning Europe, Latin America, Asia, and the Middle East EU ViDA Value in the Digital Age— Digital Reporting Requirements across all27 EU member states, phasing in 2028–2035.Estimated EU VAT gap:€61B+ annually CTC Live Now Continuous Transaction Controls already operational in Brazil, Italy, Mexico, India, and Saudi Arabia — with Germany, France, and Poland following by2027 Real-Time Shift Tax authorities moving from periodic self-assessment to transaction-level validation — requiring compliance to be proven at the moment of invoice, not at filing time Indirect tax compliance is not standing still. Governments worldwide are actively expanding the scope, frequency, and real-time nature of compliance obligations: $5.5T Global Indirect Tax Revenue(1) 3X Greater Than Corporate Income Tax Revenue The largest single category of transaction-based compliance obligations — and the one where Vertex has the deepest expertise. $7B e-invoicing TAM Mandates accelerating through 2035
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Complexity Is Accelerating — Across Three Dimensions Simultaneously The market Vertex serves benefits from a constant and compounding state of change Business Complexity • Globalization • M&A and new legal entities • Product and service expansion • Omnichannel commerce • Marketplace models • Supply chain evolution Regulatory Change Digital Transformation 7 The enterprise itself keeps growing in scope As businesses grow, their transaction footprint grows —and so does their compliance exposure. • E-invoicing mandates expanding globally • Germany B2B: January 2027 • EU ViDA: 2028–2035 • Real-time reporting requirements • Continuous Transaction Controls • Digital services taxation • Intensifying audit activity Governments are modernizing enforcement — fast Regulation is no longer periodic. Governments want compliance proven in real time, at the transaction level. • Cloud and SaaS adoption • ERP modernization cycles • New payment platforms • IoT and connected commerce • AI-driven business models Technology changes how commerce happens — and where obligations arise Every technology shift creates new compliance questions — and new demand for Vertex. These forces are compounding and accelerating.
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8 The Vertex Platform
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Integration 9 End-to-End Intelligent Compliance — One Platform Capabilities on the Vertex Intelligent Compliance Platform Business ERP e-Commerce Marketplaces Procurement Point of Sale Tax Authorities CTC/E-invoicing Real-Time Reporting & Remittance Notices & Audit Compliance Report E-invoice Pay File IntegrationDetermination Determine Calculate Audit & Planning Retain Defend Plan Integrated Data Platform powered by Proprietary Tax Content AI Access Read Configure
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10 Proprietary Tax Content: The Foundation of Every Solution 45 years of institutional knowledge — encoded, AI-amplified, and continuously updated across every pillar of the platform Retail Manufacturing Communications Services Medical/Healthcare Lodging Leasing Construction Banking Services Industry-Specific Content (examples) 20,000+ Global Jurisdictions 195 Countries Supported 1 Billion+ Tax Rates and Rules Continually Updated AI-Amplified Human expertise strengthened by AI 100s Tax Experts Worldwide SSAE 18 Certified Research Process This is not web-scraped content. It is 45 years of proprietary institutional knowledge — the research, interpretation, reconciliation, and jurisdictional precision that makes AI outputs in tax auditable and defensible. It is what powers Vertex AI. And it is what no competitor can replicate from scratch.
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11 Intelligent Determination Pillar 1
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Intelligent Determination: Real-Time Tax Calculation at Enterprise Scale The most established autonomous compliance system in the industry — and getting smarter 12 A single transaction can touch thousands of variables—all resolved in milliseconds. In the U.S. alone: 20,000+ unique taxing jurisdictions. Multiply across 195 countries Supply chains, omnichannel commerce, digital products, and increasing e- invoicing mandates require determination to be right the first time. Getting determination wrong is not an accounting problem. It is an audit exposure problem. The Vertex AnswerThe Problem Already autonomous at scale The Vertex tax engine determines the correct tax on billions of transactions without human review —running continuously, under policy-governed rules, trusted by the majority of the Fortune 500. AI-amplified and expanding • Proactive content intelligence — AI monitoring rule changes across jurisdictions and identifying downstream impact before errors propagate • Confidence-scored classification — AI flagging edge cases for human review; expert attention concentrates where it adds most value • Configuration monitoring — continuous detection of business changes requiring determination settings to be updated The AI proof point for this strategy — Smart Categorization — is live, commercial, and covered in the AI section.
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Intelligent Compliance Pillar 2 13
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14 Intelligent Compliance: Fulfilling the Obligation Across Every Jurisdiction Once the tax is determined, it still has to be reported, filed, paid, and proven — everywhere, all the time Returns & Filing Automated, signature-ready returns across sales tax, VAT, and GST — with unified reconciliation across every jurisdiction. Managed Services Indirect tax return preparation, filing, payment, and notice management — outsourced to Vertex for U.S. and Canada operations. E-Invoicing The fastest-growing component of compliance — and the one where regulatory urgency is highest. Governments are no longer waiting for periodic filings. They want compliance proven at the transaction level, in real time. The compliance operating model is shifting. From periodic filings to continuous transaction controls — requiring structured, digitally validated invoices to be cleared by tax authorities before they are legally valid. Once submitted, they cannot be corrected. The volume and velocity of obligations is growing faster than the teams managing them. Manual processes that worked five years ago are straining today. This creates both urgency for our customers and a significant opportunity for Vertex. Why This Is Getting HarderWhat Compliance Covers
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Integrated by Design — Not Stitched Together Vertex e-Invoicing Vertex VAT ComplianceVertex O Series Tax Determination CTC Continuous Transaction Controls PTC Periodic Transaction Controls Vertex Intelligent Compliance Platform The only platform where tax determination, e-invoicing, and VAT compliance share a single data model 15 One Data Model. One Audit Trail. One Platform. No reconciliation gap Determination and e-invoicing share the same underlying tax data. The invoice reflects what the engine calculated. No manual reconciliation between systems. No mandate blind spots As new e-invoicing requirements go live, they are added to the same platform that handles determination and periodic compliance — not managed through a separate vendor relationship. No accountability split One vendor owns the integration outcome. When authorities question an invoice, the answer lives in one system — not across three vendor support queues.
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Intelligent Audit & Planning Pillar 3 16
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Intelligent Audit & Planning: Staying Defensible in a World of Continuous Enforcement 17 Closing the loop from transaction to audit resolution Tax Data Management — Retain • Unified transaction data from multiple ERPs and financial systems into a single governed data store • Detailed transaction-level visibility across the full compliance lifecycle • Anomaly and error detection before they reach an auditor • Adjustment logging and audit trails for every change • The data foundation that makes agentic AI operation possible Certificate Management — Defend Analytics & Planning — Plan • Intelligent collection and validation across tens of thousands of documents • Proactive renewal tracking before certificates lapse and create liability • Audit-ready retrieval — any certificate, any transaction, on demand • AI-assisted review flagging invalid or expired certificates before they propagate errors Vertex Certificate Center automates the full lifecycle of exemption certificates — the leading driver of U.S. sales tax audit exposure — at enterprise scale. • Data quality monitoring and anomaly detection across the transaction lifecycle • Variance analysis against prior periods and filing norms • Audit risk scoring by jurisdiction and entity • Compliance posture visibility for CFO and CIO reporting Because Determination, Compliance, and Audit & Planning share a single data platform, AI can reason across the full lifecycle — not just within individual features. That is what continuous, proactive compliance looks like.
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18 AI: The Horizontal Advantage The layer that amplifies everything — across all three pillars
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19 AI Product Strategy: Intelligent Compliance Across Every Workflow Pragmatic, targeted application of AI — connected to each pillar of the platform Certificate Management AICo-Pilots & Agents AI enhancing and automating determination workflows — reducing configuration burden, accelerating setup, and improving accuracy at the core engine level. • MDU Agent — automating managed services determination workflows • Text to Tax Assist — natural language guidance through tax configuration and rule interpretation • Vertex AI — AI assistance embedded in determination workflows DETERMINATION AUDIT & PLANNING AI automating the full exemption certificate lifecycle — the leading driver of U.S. sales tax audit exposure — at enterprise scale. Vertex Certificate Center—AI-powered collection, validation, renewal tracking, and audit-ready packaging of exemption certificates across tens of thousands of documents Smart Categorization—LLM- powered product-to-taxability- category mapping, with confidence scoring and Human-in-the-Loop governance. Multiple six-figure enterprise deals since GA 2025. AI connecting business product catalogs to the Vertex tax engine — automating the classification layer that sits between source systems and determination. Smart Categorization ECOSYSTEM / INTEGRATION LAYER AI connecting business product catalogs to the Vertex tax engine —automating the classification layer that sits between source systems and determination. Smart Categorization—LLM- powered product-to-taxability- category mapping, with confidence scoring and Human-in-the-Loop governance. Multiple six-figure enterprise deals since GA 2025.
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20 Smart Categorization: This Is What Our AI Strategy Looks Like in Practice Multiple six-figure sales to large enterprise customers since general availability in 2025 Enterprises are paying for this — at meaningful contract values — because the ROI is clear and the risk reduction is real. Live. Commercial. Scaling. — The proof that enterprise-grade AI compliance is not a roadmap item The Problem It Solves Historically, this mapping required: • Weeks to months of professional services at implementation • Continuous manual reclassification as catalogs, regulations, and business structures change • Silent error risk — miscategorized products taxed incorrectly on every transaction until an auditor finds them This is exactly the kind of high-volume, high-stakes, judgment- intensive work that AI is built to transform. Before an enterprise can use the Vertex tax engine at full effectiveness, every product and service must be mapped to the correct taxability category — across thousands of SKUs and 20,000+ jurisdictions. A large retailer might have 100,000+ SKUs. The Vertex Answer Smart Categorization uses generative AI to automate product-to-taxability-category mapping —the foundational step that makes accurate determination possible at scale. • LLM-powered classification — interprets product descriptions and attributes, assigns the correct tax category automatically • Tax Smart AI Models with Human-in-the-Loop governance — AI handles volume, experts handle edge cases • Confidence scoring on every classification—high-confidence items process automatically; low-confidence flagged for human review • Customer data never enters the LLM — strict data isolation, always The result: Implementation timelines compress from months toward days. Catalog changes handled continuously. Classification accuracy improves. Audit exposure decreases.
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21 Why AI Makes Vertex's Moat Wider — Not Narrower Deterministic Core with Auditable Outcomes Enterprise compliance must be 100% correct, explainable, and repeatable —every single time. A structural constraint, not a timing constraint. Proprietary Knowledge That Cannot Be Scraped 45 years of institutional knowledge — not publicly available content. The data that makes AI outputs defensible. Structural Position in the Transaction Flow Vertex sits between customers and tax authorities —at the moment of determination and the moment of compliance proof. Integrations span ERP , e-invoicing, compliance, and audit. Complexity is an Economic Moat Vertex is optimized for multi-entity, multi- jurisdiction, frequently- audited enterprises. Complexity increases switching costs— and pricing power. AI as an Offensive Weapon AI expands workflow ownership beyond tax determination —into configuration, exemptions, filing, audit response, and continuous monitoring. AI improves productivity across Vertex's own operations. Vertex is the System of Record for Enterprise Transaction Compliance — and AI expands that position across every pillar, every workflow, and every customer relationship. AI-native tax startups can be plausible. Ours must be auditable. A competitor can stand up an AI model. They cannot replicate the knowledge base it reasons from. Switching costs include the risk of audit exposure during transition. The enterprises that need us most are the ones hardest to displace. AI increases stickiness, pricing power, and margin —simultaneously.
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Managed Services MARGIN EXPANSION AI reducing manual effort in tax return preparation, filing, and notice management — enabling scale without proportional head count growth. Sales PRODUCTIVITY Precision targeting and seller effectiveness through AI-powered opportunity health scoring, account insights, and real-time coaching. Tax Research SPEED & COVERAGE Accelerating regulatory analysis and expanding jurisdictional coverage —encoding rule changes faster than manual processes allow. Customer Success & Support PROACTIVE CARE AI routing, virtual assistants, telemetry, and an expanding knowledge base— shifting from reactive ticket resolution to proactive, predictive customer care. Engineering DELIVERY VELOCITY AI-assisted development workflows streamlining design, testing, and deployment— increasing delivery quality and accelerating time to market. 22 AI Transforming How Vertex Operates — Not Just What We Deliver Internal efficiency gains fund growth investment and expand our margin profile The same AI transformation we’re delivering for our customers is underway inside Vertex. The result: amore efficient, more scalable business — with savings reinvested into the platform capabilities that drive long-term growth. This is the engine behind our 2026 Value Creation Plan.
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23 Financial Overview & Outlook Well-Positioned for Durable Growth
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Durable Revenue Growth Over the Long Haul Annual Revenue ($ in millions) $100 $109 $121 $130 $134 $144 $154 $165 $174 $188 $207 $225 $245 $272 $322 $375 $426 $492 $572 $667 $748 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Notes: 1.2005 through 2017 from unaudited financial statements. Revenue starting in 2018 reflects application of ASC 606 Last major Recession 24
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• Consistent double-digit revenue growth, with high teens cloud revenue growth. • Proven land-and-expand sales motion: ~70% of new revenue coming from existing customers every year. • 2026 Value Creation Plan driving accelerating earnings leverage while enabling investment in growth initiatives • $60-$70 million of fully annualized cash savings • Global transaction compliance — including rapidly expanding E-invoicing mandates — is a significant new growth vector Growth at Scale Earnings Leverage Clear Growth Opportunities FY 2025 Results (1)(2) $671M ARR $748M Total Revenue $162M Adj. EBITDA 12% Revenue Growth 22% Adj. EBITDA Margin 28% Cloud Revenue Growth Financial Highlights Notes: 1. Adjusted EBITDA is a non-GAAP measure. For a reconciliation to the nearest GAAP measure, please see the Appendix. 2. Margins reflect respective financial figures as a percentage of total revenues in each respective period. 15 Q2 2026 Results(1)(2) $703M ARR $204M Total Revenue $51M Adj. EBITDA 11% Revenue Growth 25% Adj. EBITDA Margin 18% Cloud Revenue Growth 25
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$316 $370 $431 $513 $603 $671 2020 2021 2022 2023 2024 2025 $87 $127 $169 $215 $276 $353 2020 2021 2022 2023 2024 2025 Strong Recurring Top-Line Performance, Highlighted by Rapid Growth in Cloud Revenue ($ in Millions) Annual Recurring Revenue (ARR) Cloud Subscription Revenue 26
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Scaled Customers Fuel Vertex’s Growth Notes: 1.Scaled customers defined as customers with annual revenues greater than $100K Scaled customer count has nearly doubled since 2020 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 27
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April 2026 Cost Actions Overview FY 2026 Impact 9% workforce reduction Significant reduction in third party spend Q1 pretax charge of $6.2 million Approximately $14-$16 million increase in 2026 AEBITDA Fully annualized cash savings of approximately $60 to $70 million per year beginning in 2027 28 Restructuring to accelerate AI investment and intelligent compliance platform development — with $60–$70M in annualized savings funding that reinvestment
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Value Creation Plan Driving Stronger Profitability Adjusted EBITDA Margins Inflecting due to 2026 Value Creation Plan 22.8% 21.6% Notes: 1. Adjusted EBITDA is a non-GAAP measure. For a reconciliation to the nearest GAAP measure, please see the Appendix. 2. Margins reflect respective financial figures as a percentage of total revenues in each respective period. $151.9 $161.5 $208.0 2024 2025 2026 Guidance Midpoint AEBITDA Margin 22.8% 21.6% 25.1% VCP Impact 29 $38.4 $43.5 $42.5 $44.1 $51.0 2Q25 3Q25 4Q25 1Q26 2Q26 AEBITDA Margin 21.7% 23.6% 22.1% 22.7% 25.0%
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Q3 and FY 2026 Financial Guidance Q3 2026 FY 2026 Revenue expected to be $208 to $211 million Adjusted EBITDA expected to be $55 to $57 million Revenue expected to be $825 to $830 million 18% Cloud Revenue Growth Adjusted EBITDA expected to be $206 to $210 million 30
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Q&A
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Appendix
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Adjusted EBITDA Reconciliation (1) 23 ($ in Thousands) Q1’23 Q2’23 Q3’23 Q4’23 Q1’24 Q2’24 Q3’24 Q4’24 Q1’25 Q2’25 Q3’25 Q4’25 Q1’26 Q2’26 Adjusted EBITDA Net Income (Loss) (18,132) (6,896) (3,399) 15,334 2,684 5,164 7,221 (67,798) 11,130 (961) 4,045 (7,003) (2,510) 9,043 Interest expense (income), net (350) (105) 597 4,022 286 181 (2,938) (1,666) (1,539) (1,228) (1,245) (1,236) (957) (344) Income tax expense (benefit) 9,553 2,929 784 (21,847) (4,535) 2,200 613 56,360 (5,105) (1,675) 1,520 5,628 (7,139) (13,142) Depreciation and amortization – property and equipment 3,741 3,878 3,782 3,801 5,006 5,212 5,214 5,521 5,880 6,187 6,372 6,373 6,442 6,720 Depreciation and amortization of capitalized software and acquired intangible assets – cost of subscription revenues 12,435 12,686 14,029 14,898 15,347 14,578 14,198 15,179 15,855 16,670 18,143 19,174 20,086 21,882 Amortization of acquired intangible assets - selling and marketing expense 766 684 596 595 595 592 706 585 531 571 588 587 525 522 Amortization of cloud computing implementation costs – general and administrative - 631 919 1,020 994 995 1,005 1,013 1,006 1,018 871 843 1,037 1,358 Stock-based compensation expense 11,434 7,022 7,772 7,691 16,324 10,001 10,134 10,966 21,044 11,990 13,215 11,514 18,508 13,762 Severance expense 555 905 643 1,473 842 619 927 660 457 317 1,199 4,850 7,408 2,689 Acquisition contingent consideration 200 249 900 200 (800) (1,575) 100 (300) - 200 - - - - Change in fair value of acquisition contingent earn-outs - - - - - - - 17,500 (14,700) 2,300 (4,000) (600) (5,738) (100) Acquisition-related retained employee compensation - - - - - - - - - - - - 417 1,250 Transaction costs - - - 4,853 - 548 1,443 41 2,660 2,980 2,785 2,329 5,984 7,375 Adjusted EBITDA ($) 20,202 21,983 26,623 32,040 36,743 38,515 38,623 38,061 37,219 38,369 43,493 42,459 44,063 51,015 Notes: 1. Adjusted EBITDA is a non-GAAP financial measure. The above table reconciles this non-GAAP financial measure to the most directly comparable GAAP financial measure. Refer to Form 10Q for the six months ended June 30, 2026 for additional information regarding the Company’s use of this non-GAAP financial measure