SPS Commerce Reports Second Quarter 2024 Financial Results
SPS Commerce (NASDAQ: SPSC) reported strong Q2 2024 financial results, marking its 94th consecutive quarter of topline growth. Key highlights include:
- Revenue increased 18% year-over-year to $153.6 million
- Recurring revenue grew 18% from Q2 2023
- Net income rose to $18.0 million or $0.48 per diluted share
- Non-GAAP income per diluted share was $0.80
- Adjusted EBITDA increased 16% to $44.2 million
The company announced a new $100 million share repurchase program effective August 23, 2024. SPS Commerce also provided guidance for Q3 2024 and raised its full-year 2024 outlook, projecting 16-17% revenue growth.
SPS Commerce (NASDAQ: SPSC) ha riportato ottimi risultati finanziari per il secondo trimestre del 2024, segnando il 94° trimestre consecutivo di crescita dei ricavi. I punti salienti includono:
- I ricavi sono aumentati del 18% rispetto all'anno precedente, raggiungendo 153,6 milioni di dollari
- I ricavi ricorrenti sono cresciuti del 18% rispetto al secondo trimestre del 2023
- L'utile netto è aumentato a 18 milioni di dollari, ovvero 0,48 dollari per azione diluita
- L'utile per azione diluita non GAAP era di 0,80 dollari
- L'EBITDA rettificato è aumentato del 16%, raggiungendo 44,2 milioni di dollari
L'azienda ha annunciato un nuovo programma di riacquisto di azioni da 100 milioni di dollari efficace dal 23 agosto 2024. SPS Commerce ha inoltre fornito previsioni per il terzo trimestre del 2024 e ha innalzato le sue previsioni per l'intero anno 2024, prevedendo una crescita dei ricavi tra il 16% e il 17%.
SPS Commerce (NASDAQ: SPSC) reportó sólidos resultados financieros del segundo trimestre de 2024, marcando su 94° trimestre consecutivo de crecimiento en los ingresos. Los aspectos más destacados incluyen:
- Los ingresos aumentaron un 18% interanual, alcanzando 153,6 millones de dólares
- Los ingresos recurrentes crecieron un 18% desde el segundo trimestre de 2023
- La renta neta se elevó a 18 millones de dólares, o 0,48 dólares por acción diluida
- El ingreso por acción diluida no GAAP fue de 0,80 dólares
- El EBITDA ajustado aumentó un 16%, alcanzando 44,2 millones de dólares
La empresa anunció un nuevo programa de recompra de acciones de 100 millones de dólares que entrará en vigor el 23 de agosto de 2024. SPS Commerce también proporcionó pronósticos para el tercer trimestre de 2024 y elevó su pronóstico de todo el año 2024, proyectando un crecimiento de ingresos del 16% al 17%.
SPS Commerce (NASDAQ: SPSC)는 2024년 2분기 재무 결과를 발표하며, 94분기 연속 매출 성장을 기록했습니다. 주요 하이라이트는 다음과 같습니다:
- 매출이 전년 대비 18% 증가하여 1억 5천 360만 달러에 달했습니다.
- 반복 수익이 2023년 2분기 대비 18% 성장했습니다.
- 순이익은 1천 800만 달러로, 희석주당 0.48달러에 이르렀습니다.
- 희석주당 비 GAAP 수익은 0.80달러였습니다.
- 조정된 EBITDA는 16% 증가하여 4천 420만 달러에 도달했습니다.
회사는 2024년 8월 23일부터 시행되는 1억 달러 규모의 자사주 매입 프로그램을 발표했습니다. SPS Commerce는 또한 2024년 3분기 전망을 제시하고, 2024년 전체의 매출 성장률 전망을 16-17%로 상향 조정했습니다.
SPS Commerce (NASDAQ: SPSC) a annoncé de bons résultats financiers pour le deuxième trimestre 2024, marquant le 94e trimestre consécutif de croissance des revenus. Les points clés incluent :
- Les revenus ont augmenté de 18 % d'une année sur l'autre pour atteindre 153,6 millions de dollars
- Les revenus récurrents ont crû de 18 % par rapport au deuxième trimestre 2023
- Le revenu net a atteint 18 millions de dollars, soit 0,48 dollar par action diluée
- Le revenu dilué non-GAAP par action était de 0,80 dollar
- L'EBITDA ajusté a augmenté de 16 % pour atteindre 44,2 millions de dollars
L'entreprise a annoncé un nouveau programme de rachat d'actions de 100 millions de dollars qui entrera en vigueur le 23 août 2024. SPS Commerce a également fourni des prévisions pour le troisième trimestre 2024 et a relevé ses prévisions pour l'année 2024, anticipant une croissance des revenus de 16 à 17 %.
SPS Commerce (NASDAQ: SPSC) hat starke finanzielle Ergebnisse für das zweite Quartal 2024 bekannt gegeben und damit das 94. Quartal in Folge mit Umsatzwachstum verzeichnet. Die wichtigsten Highlights sind:
- Der Umsatz stieg um 18% im Vergleich zum Vorjahr auf 153,6 Millionen Dollar
- Wiederkehrende Einnahmen wuchsen um 18% im Vergleich zum 2. Quartal 2023
- Der Nettogewinn stieg auf 18 Millionen Dollar, was 0,48 Dollar pro verwässerter Aktie entspricht
- Der Non-GAAP Gewinn pro verwässerter Aktie lag bei 0,80 Dollar
- Das angepasste EBITDA erhöhte sich um 16% auf 44,2 Millionen Dollar
Das Unternehmen kündigte ein neues Aktienrückkaufprogramm über 100 Millionen Dollar an, das am 23. August 2024 in Kraft tritt. SPS Commerce gab außerdem eine Prognose für das 3. Quartal 2024 ab und hob den Ausblick für das Gesamtjahr 2024 an, mit einer erwarteten Umsatzwachstumsrate von 16-17%.
- Revenue and recurring revenue both grew 18% year-over-year
- Net income increased to $18.0 million from $14.7 million in Q2 2023
- Non-GAAP income per diluted share rose to $0.80 from $0.69 in Q2 2023
- Adjusted EBITDA grew 16% year-over-year to $44.2 million
- Announced a new $100 million share repurchase program
- Raised full-year 2024 guidance, projecting 16-17% revenue growth
- None.
Insights
SPS Commerce's Q2 2024 results demonstrate robust financial performance and sustained growth. The company's 18% year-over-year revenue increase to
Key financial highlights include:
- Net income rose to
$18.0 million ($0.48 per diluted share), up from$14.7 million in Q2 2023 - Non-GAAP income per diluted share increased to
$0.80 from$0.69 year-over-year - Adjusted EBITDA grew
16% to$44.2 million
The company's strong cash position is evident in its
Looking ahead, SPS Commerce's guidance for Q3 and full-year 2024 indicates continued growth expectations. The projected revenue range of
Overall, SPS Commerce's financial results reflect a company with a strong market position, consistent growth and solid profitability in the retail supply chain cloud services sector.
SPS Commerce's Q2 2024 results underscore the company's strategic positioning in the evolving retail landscape. The 18% growth in recurring revenue is particularly noteworthy, indicating strong customer retention and the sticky nature of SPS's cloud-based solutions. This recurring revenue model provides a stable foundation for future growth and helps insulate the company from short-term market fluctuations.
The retail industry's ongoing digital transformation is a key driver for SPS Commerce's growth. As CEO Chad Collins noted, the company is "uniquely positioned to help suppliers, large and small, digitize their trading partner connections." This speaks to the expanding addressable market as more retailers and suppliers seek to streamline their supply chain operations and adapt to the growing e-commerce and omnichannel retail trends.
The announcement of a new
Looking at the broader market context, SPS Commerce's consistent growth amidst economic uncertainties highlights the resilience and mission-critical nature of its offerings. The company's focus on helping businesses achieve efficiencies and scalability aligns well with the current market demands for cost-effective, cloud-based solutions that can adapt to rapidly changing retail dynamics.
In summary, SPS Commerce's Q2 results and forward-looking guidance reflect a company well-positioned to capitalize on the ongoing digital transformation in retail, with a robust business model that supports consistent growth and profitability.
Company delivers 94th consecutive quarter of topline growth
Revenue and recurring revenue growth of
Announces new Share Repurchase Program
MINNEAPOLIS, July 25, 2024 (GLOBE NEWSWIRE) -- SPS Commerce, Inc. (NASDAQ: SPSC), a leader in retail supply chain cloud services, today announced financial results for the second quarter ended June 30, 2024.
Financial Highlights
Second Quarter 2024 Financial Highlights
- Revenue was
$153.6 million in the second quarter of 2024, compared to$130.4 million in the second quarter of 2023, reflecting18% growth. - Recurring revenue grew
18% from the second quarter of 2023. - Net income was
$18.0 million or$0.48 per diluted share, compared to net income of$14.7 million or$0.39 per diluted share in the second quarter of 2023. - Non-GAAP income per diluted share was
$0.80 , compared to non-GAAP income per diluted share of$0.69 in the second quarter of 2023. - Adjusted EBITDA for the second quarter of 2024 increased
16% to$44.2 million compared to the second quarter of 2023. - Share repurchases in the second quarter of 2024 totaled
$17.5 million .
“As the retail industry continues to evolve, SPS is uniquely positioned to help suppliers, large and small, digitize their trading partner connections to achieve efficiencies and scalability,” said Chad Collins, CEO of SPS Commerce. “The mission-critical nature of our solutions fuels consistent demand for our product portfolio, and we remain confident in the growth opportunity ahead of us as e-commerce and omnichannel retail continue to grow.”
“SPS Commerce delivered a strong second quarter performance and the 94th consecutive quarter of revenue growth,” said Kim Nelson, CFO of SPS Commerce. “Retail dynamics continue to play a key role in the expansion of our addressable markets, and we believe our balanced growth approach is the right strategy to consistently deliver on our near-term and long-term financial targets.”
Share Repurchase Program
The Company also announced today that the Board of Directors of SPS Commerce authorized a new program to repurchase up to
Guidance
Third Quarter 2024 Guidance
- Revenue is expected to be in the range of
$157.6 million to$158.6 million . - Net income per diluted share is expected to be in the range of
$0.52 t o$0.53 , with fully diluted weighted average shares outstanding of 37.9 million shares. - Non-GAAP income per diluted share is expected to be in the range of
$0.83 t o$0.84 . - Adjusted EBITDA is expected to be in the range of
$46.9 million to$47.7 million . - Non-cash, share-based compensation expense is expected to be
$11.6 million , depreciation expense is expected to be$4.7 million , and amortization expense is expected to be$5.0 million .
Fiscal Year 2024 Guidance
- Revenue is expected to be in the range of
$624.2 million to$626.0 million , representing16% to17% growth over 2023. - Net income per diluted share is expected to be in the range of
$2.03 t o$2.05 , with fully diluted weighted average shares outstanding of 37.8 million shares. - Non-GAAP income per diluted share is expected to be in the range of
$3.63 t o$3.66 . - Adjusted EBITDA is expected to be in the range of
$185.5 t o$187.0 million , representing18% to19% growth over 2023. - Non-cash, share-based compensation expense is expected to be
$55.6 million , depreciation expense is expected to be$19.2 million , and amortization expense is expected to be$19.2 million .
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 Q2 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. To date, more than 120,000 companies in retail, grocery, distribution, supply, and logistics have chosen SPS as their retail network. SPS has achieved 94 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 condensed 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 condensed 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 foreign currency on cash and investments held, investment income, and other adjustments as necessary for a fair presentation. Other adjustments included the expense impact from disposals of certain capitalized internally developed software. 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 foreign currency on cash and investments held, other adjustments as necessary for a fair presentation, including the expense impact from disposals of certain capitalized internally developed software, 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 third quarter and full year of 2024, 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. CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands, except shares) | |||||||
| June 30, 2024 | December 31, 2023 | ||||||
| ASSETS | (unaudited) | ||||||
| Current assets | |||||||
| Cash and cash equivalents | $ | 240,232 | $ | 219,081 | |||
| Short-term investments | 31,554 | 56,359 | |||||
| Accounts receivable | 59,355 | 50,160 | |||||
| Allowance for credit losses | (3,958 | ) | (3,320 | ) | |||
| Accounts receivable, net | 55,397 | 46,840 | |||||
| Deferred costs | 64,318 | 62,403 | |||||
| Other assets | 15,437 | 16,758 | |||||
| Total current assets | 406,938 | 401,441 | |||||
| Property and equipment, net | 35,083 | 36,043 | |||||
| Operating lease right-of-use assets | 7,076 | 7,862 | |||||
| Goodwill | 268,872 | 249,176 | |||||
| Intangible assets, net | 107,519 | 107,344 | |||||
| Other assets | |||||||
| Deferred costs, non-current | 20,610 | 20,347 | |||||
| Deferred income tax assets | 7,347 | 505 | |||||
| Other assets, non-current | 1,076 | 1,126 | |||||
| Total assets | $ | 854,521 | $ | 823,844 | |||
| LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||
| Current liabilities | |||||||
| Accounts payable | $ | 5,877 | $ | 7,420 | |||
| Accrued compensation | 32,236 | 41,588 | |||||
| Accrued expenses | 9,446 | 8,014 | |||||
| Deferred revenue | 76,393 | 69,187 | |||||
| Operating lease liabilities | 4,594 | 4,460 | |||||
| Total current liabilities | 128,546 | 130,669 | |||||
| Other liabilities | |||||||
| Deferred revenue, non-current | 7,111 | 6,930 | |||||
| Operating lease liabilities, non-current | 7,751 | 9,569 | |||||
| Deferred income tax liabilities | 7,012 | 8,972 | |||||
| Other liabilities, non-current | 680 | 229 | |||||
| Total liabilities | 151,100 | 156,369 | |||||
| Commitments and contingencies | |||||||
| Stockholders' equity | |||||||
| Common stock | 39 | 39 | |||||
| Treasury stock | (162,187 | ) | (128,892 | ) | |||
| Additional paid-in capital | 574,842 | 537,061 | |||||
| Retained earnings | 295,080 | 259,045 | |||||
| Accumulated other comprehensive gain (loss) | (4,353 | ) | 222 | ||||
| Total stockholders’ equity | 703,421 | 667,475 | |||||
| Total liabilities and stockholders’ equity | $ | 854,521 | $ | 823,844 | |||
| SPS COMMERCE, INC. CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited; in thousands, except per share amounts) | |||||||||||
| Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||
| Revenues | $ | 153,596 | $ | 130,416 | $ | 303,172 | $ | 256,284 | |||
| Cost of revenues | 52,018 | 44,544 | 103,505 | 87,508 | |||||||
| Gross profit | 101,578 | 85,872 | 199,667 | 168,776 | |||||||
| Operating expenses | |||||||||||
| Sales and marketing | 35,691 | 30,349 | 72,123 | 59,433 | |||||||
| Research and development | 14,366 | 13,318 | 30,375 | 25,880 | |||||||
| General and administrative | 23,516 | 21,693 | 49,423 | 42,369 | |||||||
| Amortization of intangible assets | 4,840 | 3,479 | 9,178 | 7,330 | |||||||
| Total operating expenses | 78,413 | 68,839 | 161,099 | 135,012 | |||||||
| Income from operations | 23,165 | 17,033 | 38,568 | 33,764 | |||||||
| Other income, net | 4,056 | 1,882 | 7,188 | 3,157 | |||||||
| Income before income taxes | 27,221 | 18,915 | 45,756 | 36,921 | |||||||
| Income tax expense | 9,189 | 4,233 | 9,721 | 6,950 | |||||||
| Net income | $ | 18,032 | $ | 14,682 | $ | 36,035 | $ | 29,971 | |||
| Net income per share | |||||||||||
| Basic | $ | 0.49 | $ | 0.40 | $ | 0.97 | $ | 0.82 | |||
| Diluted | $ | 0.48 | $ | 0.39 | $ | 0.96 | $ | 0.80 | |||
| Weighted average common shares used to compute net income per share | |||||||||||
| Basic | 37,078 | 36,593 | 37,063 | 36,511 | |||||||
| Diluted | 37,683 | 37,426 | 37,690 | 37,327 | |||||||
| SPS COMMERCE, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited; in thousands) | |||||||
| Six Months Ended June 30, | |||||||
| 2024 | 2023 | ||||||
| Cash flows from operating activities | |||||||
| Net income | $ | 36,035 | $ | 29,971 | |||
| Reconciliation of net income to net cash provided by operating activities | |||||||
| Deferred income taxes | (8,172 | ) | (8,654 | ) | |||
| Depreciation and amortization of property and equipment | 9,377 | 9,289 | |||||
| Amortization of intangible assets | 9,178 | 7,330 | |||||
| Provision for credit losses | 3,646 | 2,491 | |||||
| Stock-based compensation | 31,512 | 24,661 | |||||
| Other, net | (907 | ) | 1,143 | ||||
| Changes in assets and liabilities, net of effects of acquisitions | |||||||
| Accounts receivable | (11,407 | ) | (9,937 | ) | |||
| Deferred costs | (1,996 | ) | (5,136 | ) | |||
| Other assets and liabilities | 1,899 | 3,614 | |||||
| Accounts payable | (1,450 | ) | (4,414 | ) | |||
| Accrued compensation | (10,763 | ) | (2,910 | ) | |||
| Accrued expenses | 1,489 | (728 | ) | ||||
| Deferred revenue | 5,965 | 9,909 | |||||
| Operating leases | (900 | ) | (959 | ) | |||
| Net cash provided by operating activities | 63,506 | 55,670 | |||||
| Cash flows from investing activities | |||||||
| Purchases of property and equipment | (8,592 | ) | (9,769 | ) | |||
| Purchases of investments | (78,994 | ) | (68,579 | ) | |||
| Maturities of investments | 105,000 | 60,000 | |||||
| Acquisition of businesses, net | (29,343 | ) | — | ||||
| Net cash used in investing activities | (11,929 | ) | (18,348 | ) | |||
| Cash flows from financing activities | |||||||
| Repurchases of common stock | (37,483 | ) | — | ||||
| Net proceeds from exercise of options to purchase common stock | 2,314 | 4,819 | |||||
| Net proceeds from employee stock purchase plan activity | 5,219 | 4,136 | |||||
| Net cash provided by (used in) financing activities | (29,950 | ) | 8,955 | ||||
| Effect of foreign currency exchange rate changes | (476 | ) | 94 | ||||
| Net increase in cash and cash equivalents | 21,151 | 46,371 | |||||
| Cash and cash equivalents at beginning of period | 219,081 | 162,893 | |||||
| Cash and cash equivalents at end of period | $ | 240,232 | $ | 209,264 | |||
| SPS COMMERCE, INC. NON-GAAP RECONCILIATION (Unaudited; in thousands, except Margin, Adjusted EBITDA Margin, and per share amounts) | |||||||||||||||
| Adjusted EBITDA | |||||||||||||||
| Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||||
| Net income | $ | 18,032 | $ | 14,682 | $ | 36,035 | $ | 29,971 | |||||||
| Income tax expense | 9,189 | 4,233 | 9,721 | 6,950 | |||||||||||
| Depreciation and amortization of property and equipment | 4,683 | 4,663 | 9,377 | 9,289 | |||||||||||
| Amortization of intangible assets | 4,840 | 3,479 | 9,178 | 7,330 | |||||||||||
| Stock-based compensation expense | 11,494 | 12,881 | 31,512 | 24,661 | |||||||||||
| Realized gain from foreign currency on cash and investments held | (1,255 | ) | (290 | ) | (1,559 | ) | (427 | ) | |||||||
| Investment income | (2,794 | ) | (1,611 | ) | (5,673 | ) | (2,737 | ) | |||||||
| Other | — | 134 | — | 134 | |||||||||||
| Adjusted EBITDA | $ | 44,189 | $ | 38,171 | $ | 88,591 | $ | 75,171 | |||||||
| Adjusted EBITDA Margin | |||||||||||||||
| Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||||
| Revenue | $ | 153,596 | $ | 130,416 | $ | 303,172 | $ | 256,284 | |||||||
| Net income | 18,032 | 14,682 | 36,035 | 29,971 | |||||||||||
| Margin | 12 | % | 11 | % | 12 | % | 12 | % | |||||||
| Adjusted EBITDA | 44,189 | 38,171 | 88,591 | 75,171 | |||||||||||
| Adjusted EBITDA Margin | 29 | % | 29 | % | 29 | % | 29 | % | |||||||
| Non-GAAP Income per Share | |||||||||||||||
| Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||||
| Net income | $ | 18,032 | $ | 14,682 | $ | 36,035 | $ | 29,971 | |||||||
| Stock-based compensation expense | 11,494 | 12,881 | 31,512 | 24,661 | |||||||||||
| Amortization of intangible assets | 4,840 | 3,479 | 9,178 | 7,330 | |||||||||||
| Realized gain from foreign currency on cash and investments held | (1,255 | ) | (290 | ) | (1,559 | ) | (427 | ) | |||||||
| Other | — | 134 | — | 134 | |||||||||||
| Income tax effects of adjustments | (3,066 | ) | (5,199 | ) | (12,620 | ) | (11,108 | ) | |||||||
| Non-GAAP income | $ | 30,045 | $ | 25,687 | $ | 62,546 | $ | 50,561 | |||||||
| Shares used to compute net income and non-GAAP income per share | |||||||||||||||
| Basic | 37,078 | 36,593 | 37,063 | 36,511 | |||||||||||
| Diluted | 37,683 | 37,426 | 37,690 | 37,327 | |||||||||||
| Net income per share, basic | $ | 0.49 | $ | 0.40 | $ | 0.97 | $ | 0.82 | |||||||
| Non-GAAP adjustments to net income per share, basic | 0.32 | 0.30 | 0.72 | 0.56 | |||||||||||
| Non-GAAP income per share, basic | $ | 0.81 | $ | 0.70 | $ | 1.69 | $ | 1.38 | |||||||
| Net income per share, diluted | $ | 0.48 | $ | 0.39 | $ | 0.96 | $ | 0.80 | |||||||
| Non-GAAP adjustments to net income per share, diluted | 0.32 | 0.30 | 0.70 | 0.55 | |||||||||||
| Non-GAAP income per share, diluted | $ | 0.80 | $ | 0.69 | $ | 1.66 | $ | 1.35 | |||||||
Contact:
Investor Relations
The Blueshirt Group
Irmina Blaszczyk & Lisa Laukkanen
SPSC@blueshirtgroup.com
415-217-4962
FAQ
What was SPS Commerce's revenue for Q2 2024?
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