SPS Commerce Reports Fourth Quarter and Fiscal Year 2024 Financial Results
SPS Commerce (NASDAQ: SPSC) reported strong Q4 and full-year 2024 results, marking its 96th consecutive quarter of revenue growth. Q4 revenue reached $170.9 million, up 18% year-over-year, with recurring revenue growing 19%. Q4 net income was $17.6 million ($0.46 per diluted share).
Full-year 2024 revenue totaled $637.8 million, a 19% increase from 2023, with recurring revenue up 20%. Annual net income grew 17% to $77.1 million ($2.04 per diluted share).
Looking ahead to 2025, the company projects Q1 revenue between $178.5-180.0 million and full-year revenue of $758.0-763.0 million, representing 19-20% growth. The guidance includes expected results from the Carbon6 acquisition.
SPS Commerce (NASDAQ: SPSC) ha riportato risultati solidi per il quarto trimestre e per l'intero anno 2024, segnando il 96° trimestre consecutivo di crescita dei ricavi. I ricavi del quarto trimestre hanno raggiunto 170,9 milioni di dollari, con un incremento del 18% rispetto all'anno precedente, mentre i ricavi ricorrenti sono aumentati del 19%. L'utile netto nel quarto trimestre è stato di 17,6 milioni di dollari (0,46 dollari per azione diluita).
I ricavi totali per l'anno 2024 ammontano a 637,8 milioni di dollari, con un aumento del 19% rispetto al 2023, mentre i ricavi ricorrenti sono aumentati del 20%. L'utile netto annuale è cresciuto del 17% fino a 77,1 milioni di dollari (2,04 dollari per azione diluita).
Guardando al 2025, l'azienda prevede ricavi per il primo trimestre tra 178,5 e 180,0 milioni di dollari e ricavi per l'intero anno tra 758,0 e 763,0 milioni di dollari, il che rappresenta una crescita del 19-20%. Le proiezioni includono i risultati attesi dall'acquisizione di Carbon6.
SPS Commerce (NASDAQ: SPSC) informó resultados sólidos para el cuarto trimestre y el año completo 2024, marcando su 96º trimestre consecutivo de crecimiento en ingresos. Los ingresos del cuarto trimestre alcanzaron 170,9 millones de dólares, un 18% más que el año anterior, con ingresos recurrentes creciendo un 19%. La utilidad neta del cuarto trimestre fue de 17,6 millones de dólares (0,46 dólares por acción diluida).
Los ingresos totales del año 2024 ascendieron a 637,8 millones de dólares, un incremento del 19% respecto a 2023, con un aumento del 20% en los ingresos recurrentes. La utilidad neta anual creció un 17% a 77,1 millones de dólares (2,04 dólares por acción diluida).
De cara al 2025, la compañía proyecta ingresos para el primer trimestre entre 178,5 y 180,0 millones de dólares y ingresos de todo el año de entre 758,0 y 763,0 millones de dólares, lo que representa un crecimiento del 19-20%. La guía incluye los resultados esperados de la adquisición de Carbon6.
SPS 커머스 (NASDAQ: SPSC)는 2024년 4분기 및 연간 실적이 강하다고 보고하며, 이는 96분기 연속 수익 성장한 기록입니다. 4분기 수익은 1억 7090만 달러로, 작년 대비 18% 증가했으며, 반복 수익은 19% 증가했습니다. 4분기 순 이익은 1760만 달러(희석주당 0.46달러)였습니다.
2024년 전체 수익은 6억 3780만 달러로, 2023년 대비 19% 증가했으며, 반복 수익은 20% 증가했습니다. 연간 순 이익은 17% 증가하여 7710만 달러(희석주당 2.04달러)에 달했습니다.
2025년을 바라보며 회사는 1분기 수익이 1억 7850만에서 1억 8000만 달러 사이일 것으로 예상하며, 전체 연도 수익은 7억 5800만에서 7억 6300만 달러를 예상하며, 이는 19-20%의 성장을 나타냅니다. 이 가이드는 Carbon6 인수에서 기대되는 결과를 포함합니다.
SPS Commerce (NASDAQ: SPSC) a annoncé de solides résultats pour le quatrième trimestre et l'année entière 2024, marquant son 96ème trimestre consécutif de croissance des revenus. Les revenus du quatrième trimestre ont atteint 170,9 millions de dollars, en hausse de 18 % par rapport à l'année précédente, avec des revenus récurrents en hausse de 19 %. Le bénéfice net du quatrième trimestre était de 17,6 millions de dollars (0,46 dollar par action diluée).
Les revenus de l'année entière 2024 ont totalisé 637,8 millions de dollars, soit une augmentation de 19 % par rapport à 2023, avec des revenus récurrents en hausse de 20 %. Le bénéfice net annuel a augmenté de 17 % pour atteindre 77,1 millions de dollars (2,04 dollars par action diluée).
Pour 2025, l'entreprise prévoit un chiffre d'affaires pour le premier trimestre compris entre 178,5 et 180,0 millions de dollars et un chiffre d'affaires annuel compris entre 758,0 et 763,0 millions de dollars, représentant une croissance de 19 à 20 %. Les prévisions incluent les résultats attendus de l'acquisition de Carbon6.
SPS Commerce (NASDAQ: SPSC) meldete starke Ergebnisse für das 4. Quartal und das gesamte Jahr 2024 und verzeichnete damit das 96. aufeinanderfolgende Quartal mit Umsatzwachstum. Die Umsätze im 4. Quartal erreichten 170,9 Millionen Dollar, was einem Anstieg von 18 % im Vergleich zum Vorjahr entspricht, während die wiederkehrenden Einnahmen um 19 % wuchsen. Der Nettogewinn im 4. Quartal betrug 17,6 Millionen Dollar (0,46 Dollar pro verwässerter Aktie).
Die Gesamteinnahmen für das Jahr 2024 beliefen sich auf 637,8 Millionen Dollar, was einem Anstieg von 19 % gegenüber 2023 entspricht, wobei die wiederkehrenden Einnahmen um 20 % stiegen. Der jährliche Nettogewinn wuchs um 17 % auf 77,1 Millionen Dollar (2,04 Dollar pro verwässerter Aktie).
Für 2025 prognostiziert das Unternehmen einen Umsatz im 1. Quartal zwischen 178,5 und 180,0 Millionen Dollar sowie einen Gesamtjahresumsatz von 758,0 bis 763,0 Millionen Dollar, was einem Wachstum von 19-20 % entspricht. Die Prognose umfasst die erwarteten Ergebnisse aus der Akquisition von Carbon6.
- 96 consecutive quarters of revenue growth
- Q4 2024 revenue up 18% YoY to $170.9M
- Full-year 2024 revenue increased 19% to $637.8M
- Recurring revenue grew 20% in 2024
- Net income increased 17% YoY to $77.1M in 2024
- Strong 2025 guidance projecting 19-20% revenue growth
- Q4 2024 net income decreased to $17.6M from $19.0M in Q4 2023
- Q4 2024 diluted EPS declined to $0.46 from $0.51 in Q4 2023
Insights
The Q4 and FY2024 results demonstrate SPS Commerce's robust execution and market leadership in retail supply chain solutions. The company's 19% recurring revenue growth to
Several key metrics underscore the company's operational excellence and scalability:
- Adjusted EBITDA grew
18% to$186.6M while maintaining a29% margin, indicating efficient scaling of operations - Operating cash flow increased to
$157.4M , showing strong cash generation capabilities - Non-GAAP EPS grew
22% to$3.48 , reflecting improved operational leverage
The FY2025 guidance signals continued momentum with projected revenue of
The company's consistent performance across 96 consecutive quarters of growth, combined with its high-margin recurring revenue model and strategic M&A approach, positions it well for sustained growth in the evolving retail supply chain landscape. The robust cash position of
Company delivers 96th consecutive quarter of topline growth
Fourth quarter 2024 revenue grew
MINNEAPOLIS, Feb. 10, 2025 (GLOBE NEWSWIRE) -- SPS Commerce, Inc. (NASDAQ: SPSC), a leader in retail supply chain cloud services, today announced financial results for the fourth quarter and year ended December 31, 2024.
Financial Highlights
Fourth Quarter 2024 Financial Highlights
- Revenue was
$170.9 million in the fourth quarter of 2024, compared to$145.0 million in the fourth quarter of 2023, reflecting18% growth. - Recurring revenue grew
19% from the fourth quarter of 2023. - Net income was
$17.6 million or$0.46 per diluted share, compared to net income of$19.0 million or$0.51 per diluted share in the fourth quarter of 2023. - Non-GAAP income per diluted share was
$0.89 , compared to non-GAAP income per diluted share of$0.75 in the fourth quarter of 2023. - Adjusted EBITDA for the fourth quarter of 2024 increased
18% to$49.6 million compared to the fourth quarter of 2023.
Fiscal Year 2024 Financial Highlights
- Revenue was
$637.8 million for the year ended December 31, 2024, compared to$536.9 million for the year ended December 31, 2023, reflecting19% growth. - Recurring revenue grew
20% from the year ended December 31, 2023. - Net income was
$77.1 million or$2.04 per diluted share for the year ended December 31, 2024, compared to net income of$65.8 million or$1.76 per diluted share for the comparable period in 2023, reflecting17% growth in year-over-year net income. - Non-GAAP income per diluted share was
$3.48 , compared to non-GAAP income per diluted share of$2.85 in the year ended December 31, 2023. - Adjusted EBITDA for the year ended December 31, 2024 increased
18% to$186.6 million compared to the year ended December 31, 2023.
“We are pleased with what we have accomplished in 2024, and I would like to congratulate SPS Commerce employees for their unwavering commitment to excellence and exceptional understanding of the retail supply chain,” said Chad Collins, CEO of SPS Commerce. “With the depth and breadth of solutions we offer today, we are uniquely positioned to support all trading relationships and continue growing our network to move the world of commerce forward.”
“We believe that SPS’ leading retail network and competitive product portfolio position us well to continue on our profitable growth trajectory,” said Kim Nelson, CFO of SPS Commerce.
Guidance*
First Quarter 2025 Guidance
- Revenue is expected to be in the range of
$178.5 million to$180.0 million , representing19% to20% year-over-year growth. - Net income per diluted share is expected to be in the range of
$0.39 t o$0.41 , with fully diluted weighted average shares outstanding of 38.7 million shares. - Non-GAAP income per diluted share is expected to be in the range of
$0.82 t o$0.84 . - Adjusted EBITDA is expected to be in the range of
$49.5 million to$50.5 million . - Non-cash, share-based compensation expense is expected to be
$15.0 million , depreciation expense is expected to be$5.4 million , and amortization expense is expected to be$9.2 million .
Fiscal Year 2025 Guidance
- Revenue is expected to be in the range of
$758.0 million to$763.0 million , representing19% to20% growth over 2024. - Net income per diluted share is expected to be in the range of
$1.93 t o$1.99 , with fully diluted weighted average shares outstanding of 38.9 million shares. - Non-GAAP income per diluted share is expected to be in the range of
$3.78 t o$3.84 . - Adjusted EBITDA is expected to be in the range of
$227.5 million to$231.0 million , representing22% to24% growth over 2024. - Non-cash, share-based compensation expense is expected to be
$63.0 million , depreciation expense is expected to be$23.5 million , and amortization expense is expected to be$39.8 million .
*Inclusive of the expected results of the Carbon6 acquisition
The forward-looking measures and the underlying assumptions involve significant known and unknown risks and uncertainties, and actual results may vary materially. The Company does not present a reconciliation of the forward-looking non-GAAP financial measures, including Adjusted EBITDA, Adjusted EBITDA margin, and non-GAAP income per share, to the most directly comparable GAAP financial measures because it is impractical to forecast certain items without unreasonable efforts due to the uncertainty and inherent difficulty of predicting, within a reasonable range, the occurrence and financial impact of and the periods in which such items may be recognized.
Quarterly Conference Call
To access the call, please dial 1-833-816-1382, or outside the U.S. 1-412-317-0475 at least 15 minutes prior to the 3:30 p.m. CT start time. Please ask to join the SPS Commerce Q4 2024 conference call. A live webcast of the call will also be available at http://investors.spscommerce.com under the Events and Presentations menu. The replay will also be available on our website at http://investors.spscommerce.com.
About SPS Commerce
SPS Commerce is the world’s leading retail network, connecting trading partners around the globe to optimize supply chain operations for all retail partners. We support data-driven partnerships with innovative cloud technology, customer-obsessed service, and accessible experts so our customers can focus on what they do best. Over 45,000 recurring revenue customers in retail, grocery, distribution, supply, manufacturing, and logistics are using SPS as their retail network. SPS has achieved 96 consecutive quarters of revenue growth and is headquartered in Minneapolis. For additional information, contact SPS at 866-245-8100 or visit www.spscommerce.com.
SPS COMMERCE, SPS, SPS logo and INFINITE RETAIL POWER are marks of SPS Commerce, Inc. and registered in the U.S. Patent and Trademark Office, along with other SPS marks. Such marks may also be registered or otherwise protected in other countries.
SPS-F
Use of Non-GAAP Financial Measures
To supplement our consolidated financial statements, we provide investors with Adjusted EBITDA, Adjusted EBITDA Margin, and non-GAAP income per share, all of which are non-GAAP financial measures. We believe that these non-GAAP financial measures provide useful information to our management, Board of Directors, and investors regarding certain financial and business trends relating to our financial condition and results of operations.
Our management uses these non-GAAP financial measures to compare our performance to that of prior periods for trend analyses and planning purposes. Adjusted EBITDA is also used for purposes of determining executive and senior management incentive compensation. We believe these non-GAAP financial measures are useful to an investor as they are widely used in evaluating operating performance. Adjusted EBITDA and Adjusted EBITDA Margin are used to measure operating performance without regard to items such as depreciation and amortization, which can vary depending upon accounting methods and the book value of assets, and to present a meaningful measure of corporate performance exclusive of capital structure and the method by which assets were acquired.
These non-GAAP financial measures should not be considered a substitute for, or superior to, financial measures calculated in accordance with GAAP. These non-GAAP financial measures exclude significant expenses and income that are required by GAAP to be recorded in our consolidated financial statements and are subject to inherent limitations. Investors should review the reconciliations of non-GAAP financial measures to the comparable GAAP financial measures that are included in this press release.
Adjusted EBITDA Measures:
Adjusted EBITDA consists of net income adjusted for income tax expense, depreciation and amortization expense, stock-based compensation expense, realized gain or loss from investments held and foreign currency impact on cash and investments, investment income, and other adjustments as necessary for a fair presentation. Other adjustments for the year ended December 31, 2024 included the expense impacts from disposals of certain capitalized internally developed software and one-time acquisition-related insurance costs. Other adjustments for the year ended December 31, 2023 included the expense impacts from disposals of certain capitalized internally developed software and acquisition-related employee severance costs. Net income is the comparable GAAP measure of financial performance.
Adjusted EBITDA Margin consists of Adjusted EBITDA divided by revenue. Margin, the comparable GAAP measure of financial performance, consists of net income divided by revenue.
Non-GAAP Income Per Share Measure:
Non-GAAP income per share consists of net income adjusted for stock-based compensation expense, amortization expense related to intangible assets, realized gain or loss from investments held and foreign currency impact on cash and investments, other adjustments as necessary for a fair presentation, including for the year ended December 31, 2024 the expense impacts from disposals of certain capitalized internally developed software and one-time acquisition-related insurance costs, and for the year ended December 31, 2023 the expense impacts from disposals of certain capitalized internally developed software and acquisition-related employee severance costs, and the corresponding tax impacts of the adjustments to net income, divided by the weighted average number of shares of common and diluted stock outstanding during each period. Net income per share, the comparable GAAP measure of financial performance, consists of net income divided by the weighted average number of shares of common and diluted stock outstanding during each period. To quantify the tax effects, we recalculated income tax expense excluding the direct book and tax effects of the specific items constituting the non-GAAP adjustments. The difference between this recalculated income tax expense and GAAP income tax expense is presented as the income tax effect of the non-GAAP adjustments.
Forward-Looking Statements
This press release may contain forward-looking statements, including information about management's view of SPS Commerce's future expectations, plans and prospects, including our views regarding future execution within our business, the opportunity we see in the retail supply chain world and our performance for the first quarter and full year of 2025, within the safe harbor provisions under The Private Securities Litigation Reform Act of 1995. These statements involve known and unknown risks, uncertainties and other factors which may cause the results of SPS Commerce to be materially different than those expressed or implied in such statements. Certain of these risk factors and others are included in documents SPS Commerce files with the Securities and Exchange Commission, including but not limited to, SPS Commerce's Annual Report on Form 10-K for the year ended December 31, 2023, as well as subsequent reports filed with the Securities and Exchange Commission. Other unknown or unpredictable factors also could have material adverse effects on SPS Commerce's future results. The forward-looking statements included in this press release are made only as of the date hereof. SPS Commerce cannot guarantee future results, levels of activity, performance or achievements. Accordingly, you should not place undue reliance on these forward-looking statements. Finally, SPS Commerce expressly disclaims any intent or obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.
| SPS COMMERCE, INC. CONSOLIDATED BALANCE SHEETS (Unaudited; in thousands, except shares) | |||||||
| December 31, 2024 | December 31, 2023 | ||||||
| ASSETS | |||||||
| Current assets | |||||||
| Cash and cash equivalents | $ | 241,017 | $ | 219,081 | |||
| Short-term investments | — | 56,359 | |||||
| Accounts receivable | 56,214 | 50,160 | |||||
| Allowance for credit losses | (4,179 | ) | (3,320 | ) | |||
| Accounts receivable, net | 52,035 | 46,840 | |||||
| Deferred costs | 65,342 | 62,403 | |||||
| Other assets | 23,513 | 16,758 | |||||
| Total current assets | 381,907 | 401,441 | |||||
| Property and equipment, net | 37,547 | 36,043 | |||||
| Operating lease right-of-use assets | 8,192 | 7,862 | |||||
| Goodwill | 399,180 | 249,176 | |||||
| Intangible assets, net | 181,294 | 107,344 | |||||
| Other assets | |||||||
| Deferred costs, non-current | 20,572 | 20,347 | |||||
| Deferred income tax assets | 505 | 505 | |||||
| Other assets, non-current | 2,033 | 1,126 | |||||
| Total assets | $ | 1,031,230 | $ | 823,844 | |||
| LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||
| Current liabilities | |||||||
| Accounts payable | $ | 8,577 | $ | 7,420 | |||
| Accrued compensation | 47,160 | 41,588 | |||||
| Accrued expenses | 12,108 | 8,014 | |||||
| Deferred revenue | 74,256 | 69,187 | |||||
| Operating lease liabilities | 4,583 | 4,460 | |||||
| Total current liabilities | 146,684 | 130,669 | |||||
| Other liabilities | |||||||
| Deferred revenue, non-current | 6,189 | 6,930 | |||||
| Operating lease liabilities, non-current | 7,885 | 9,569 | |||||
| Deferred income tax liabilities | 15,541 | 8,972 | |||||
| Other liabilities, non-current | 241 | 229 | |||||
| Total liabilities | 176,540 | 156,369 | |||||
| Commitments and contingencies | |||||||
| Stockholders' equity | |||||||
| Common stock | 40 | 39 | |||||
| Treasury stock | (99,748 | ) | (128,892 | ) | |||
| Additional paid-in capital | 627,982 | 537,061 | |||||
| Retained earnings | 336,099 | 259,045 | |||||
| Accumulated other comprehensive gain (loss) | (9,683 | ) | 222 | ||||
| Total stockholders’ equity | 854,690 | 667,475 | |||||
| Total liabilities and stockholders’ equity | $ | 1,031,230 | $ | 823,844 | |||
| SPS COMMERCE, INC. CONSOLIDATED STATEMENTS OF INCOME (Unaudited; in thousands, except per share amounts) | |||||||||||||||
| Three Months Ended December 31, | Twelve Months Ended December 31, | ||||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||||
| Revenues | $ | 170,907 | $ | 144,965 | $ | 637,765 | $ | 536,910 | |||||||
| Cost of revenues | 55,585 | 49,040 | 210,714 | 182,069 | |||||||||||
| Gross profit | 115,322 | 95,925 | 427,051 | 354,841 | |||||||||||
| Operating expenses | |||||||||||||||
| Sales and marketing | 39,220 | 33,214 | 148,920 | 122,936 | |||||||||||
| Research and development | 17,142 | 14,216 | 62,809 | 53,654 | |||||||||||
| General and administrative | 26,354 | 20,612 | 102,929 | 84,887 | |||||||||||
| Amortization of intangible assets | 7,862 | 4,998 | 23,510 | 16,116 | |||||||||||
| Total operating expenses | 90,578 | 73,040 | 338,168 | 277,593 | |||||||||||
| Income from operations | 24,744 | 22,885 | 88,883 | 77,248 | |||||||||||
| Other income (expense), net | (373 | ) | 3,456 | 10,593 | 8,315 | ||||||||||
| Income before income taxes | 24,371 | 26,341 | 99,476 | 85,563 | |||||||||||
| Income tax expense | 6,812 | 7,330 | 22,422 | 19,739 | |||||||||||
| Net income | $ | 17,559 | $ | 19,011 | $ | 77,054 | $ | 65,824 | |||||||
| Net income per share | |||||||||||||||
| Basic | $ | 0.47 | $ | 0.52 | $ | 2.07 | $ | 1.80 | |||||||
| Diluted | $ | 0.46 | $ | 0.51 | $ | 2.04 | $ | 1.76 | |||||||
| Weighted average common shares used to compute net income per share | |||||||||||||||
| Basic | 37,646 | 36,831 | 37,306 | 36,646 | |||||||||||
| Diluted | 38,133 | 37,640 | 37,856 | 37,475 | |||||||||||
| SPS COMMERCE, INC. CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited; in thousands) | |||||||
| Twelve Months Ended December 31, | |||||||
| 2024 | 2023 | ||||||
| Cash flows from operating activities | |||||||
| Net income | $ | 77,054 | $ | 65,824 | |||
| Reconciliation of net income to net cash provided by operating activities | |||||||
| Deferred income taxes | (9,786 | ) | (10,079 | ) | |||
| Depreciation and amortization of property and equipment | 18,721 | 18,631 | |||||
| Amortization of intangible assets | 23,510 | 16,116 | |||||
| Provision for credit losses | 7,683 | 5,707 | |||||
| Stock-based compensation | 54,557 | 45,508 | |||||
| Other, net | 577 | 2,415 | |||||
| Changes in assets and liabilities, net of effects of acquisitions | |||||||
| Accounts receivable | (9,653 | ) | (11,949 | ) | |||
| Deferred costs | (3,120 | ) | (10,724 | ) | |||
| Other assets and liabilities | (7,313 | ) | 1,834 | ||||
| Accounts payable | 796 | (3,947 | ) | ||||
| Accrued compensation | 1,434 | 7,143 | |||||
| Accrued expenses | 4,115 | 1,302 | |||||
| Deferred revenue | 728 | 6,464 | |||||
| Operating leases | (1,905 | ) | (1,947 | ) | |||
| Net cash provided by operating activities | 157,398 | 132,298 | |||||
| Cash flows from investing activities | |||||||
| Purchases of property and equipment | (20,046 | ) | (19,761 | ) | |||
| Purchases of investments | (85,759 | ) | (133,994 | ) | |||
| Maturities of investments | 143,275 | 131,331 | |||||
| Acquisition of businesses, net | (147,924 | ) | (70,218 | ) | |||
| Net cash used in investing activities | (110,454 | ) | (92,642 | ) | |||
| Cash flows from financing activities | |||||||
| Repurchases of common stock | (37,567 | ) | — | ||||
| Net proceeds from exercise of options to purchase common stock | 4,714 | 9,856 | |||||
| Net proceeds from employee stock purchase plan activity | 9,827 | 8,114 | |||||
| Payments for contingent consideration | — | (2,000 | ) | ||||
| Net cash provided by (used in) financing activities | (23,026 | ) | 15,970 | ||||
| Effect of foreign currency exchange rate changes | (1,982 | ) | 562 | ||||
| Net increase in cash and cash equivalents | 21,936 | 56,188 | |||||
| Cash and cash equivalents at beginning of period | 219,081 | 162,893 | |||||
| Cash and cash equivalents at end of period | $ | 241,017 | $ | 219,081 | |||
| SPS COMMERCE, INC. NON-GAAP RECONCILIATIONS (Unaudited; in thousands, except Margin, Adjusted EBITDA Margin, and per share amounts) | |||||||
| Adjusted EBITDA | |||||||||||||||
| Three Months Ended | Twelve Months Ended | ||||||||||||||
| December 31, | December 31, | ||||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||||
| Net income | $ | 17,559 | $ | 19,011 | $ | 77,054 | $ | 65,824 | |||||||
| Income tax expense | 6,812 | 7,330 | 22,422 | 19,739 | |||||||||||
| Depreciation and amortization of property and equipment | 4,711 | 4,667 | 18,721 | 18,631 | |||||||||||
| Amortization of intangible assets | 7,862 | 4,998 | 23,510 | 16,116 | |||||||||||
| Stock-based compensation expense | 12,293 | 9,411 | 54,557 | 45,508 | |||||||||||
| Realized (gain) loss from investments held and foreign currency impact on cash and investments | 2,521 | (1,201 | ) | (115 | ) | (1,726 | ) | ||||||||
| Investment income | (2,205 | ) | (2,287 | ) | (10,582 | ) | (7,660 | ) | |||||||
| Other | 86 | 28 | 1,064 | 1,198 | |||||||||||
| Adjusted EBITDA | $ | 49,639 | $ | 41,957 | $ | 186,631 | $ | 157,630 | |||||||
| Adjusted EBITDA Margin | |||||||||||||||||||
| Three Months Ended | Twelve Months Ended | ||||||||||||||||||
| December 31, | December 31, | ||||||||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||||||||
| Revenue | $ | 170,907 | $ | 144,965 | $ | 637,765 | $ | 536,910 | |||||||||||
| Net income | 17,559 | 19,011 | 77,054 | 65,824 | |||||||||||||||
| Margin | 10 | % | 13 | % | 12 | % | 12 | % | |||||||||||
| Adjusted EBITDA | 49,639 | 41,957 | 186,631 | 157,630 | |||||||||||||||
| Adjusted EBITDA Margin | 29 | % | 29 | % | 29 | % | 29 | % | |||||||||||
| Non-GAAP Income per Share | |||||||||||||||
| Three Months Ended | Twelve Months Ended | ||||||||||||||
| December 31, | December 31, | ||||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||||
| Net income | $ | 17,559 | $ | 19,011 | $ | 77,054 | $ | 65,824 | |||||||
| Stock-based compensation expense | 12,293 | 9,411 | 54,557 | 45,508 | |||||||||||
| Amortization of intangible assets | 7,862 | 4,998 | 23,510 | 16,116 | |||||||||||
| Realized (gain) loss from investments held and foreign currency impact on cash and investments | 2,521 | (1,201 | ) | (115 | ) | (1,726 | ) | ||||||||
| Other | 86 | 28 | 1,064 | 1,198 | |||||||||||
| Income tax effects of adjustments | (6,371 | ) | (3,906 | ) | (24,505 | ) | (19,983 | ) | |||||||
| Non-GAAP income | $ | 33,950 | $ | 28,341 | $ | 131,565 | $ | 106,937 | |||||||
| Shares used to compute net income and non-GAAP income per share | |||||||||||||||
| Basic | 37,646 | 36,831 | 37,306 | 36,646 | |||||||||||
| Diluted | 38,133 | 37,640 | 37,856 | 37,475 | |||||||||||
| Net income per share, basic | $ | 0.47 | $ | 0.52 | $ | 2.07 | $ | 1.80 | |||||||
| Non-GAAP adjustments to net income per share, basic | 0.43 | 0.25 | 1.46 | 1.12 | |||||||||||
| Non-GAAP income per share, basic | $ | 0.90 | $ | 0.77 | $ | 3.53 | $ | 2.92 | |||||||
| Net income per share, diluted | $ | 0.46 | $ | 0.51 | $ | 2.04 | $ | 1.76 | |||||||
| Non-GAAP adjustments to net income per share, diluted | 0.43 | 0.24 | 1.44 | 1.09 | |||||||||||
| Non-GAAP income per share, diluted | $ | 0.89 | $ | 0.75 | $ | 3.48 | $ | 2.85 | |||||||
| The annual per share amounts may not cross-sum due to rounding. | |||||||||||||||
Contact:
Investor Relations
The Blueshirt Group
Irmina Blaszczyk & Lisa Laukkanen
SPSC@blueshirtgroup.com
415-217-4962
FAQ
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