Business
SPS Commerce Reports First Quarter 2020 Financial Results
Company delivers 77th consecutive quarter of topline growth, with 12% growth in recurring revenue over 2019 MINNEAPOLIS, April 30, 2020 (GLOBE NEWSWIRE) --
About this update from Sps Commerce, Inc.
[{"type":"text","content":"Company delivers 77th consecutive quarter of topline growth, with 12% growth in recurring revenue over 2019\nMINNEAPOLIS, April 30, 2020 (GLOBE NEWSWIRE) -- SPS Commerce, Inc. (Nasdaq: SPSC), a leader in retail cloud services, today announced financial results for the first quarter ended March 31, 2020.\n Revenue was $74.2 million in the first quarter of 2020, compared to $66.9 million in the first quarter of 2019, reflecting 11% growth in revenue from the first quarter of 2019. Recurring revenue grew 12% from the first quarter of 2019. Net income in the first quarter of 2020 was $9.5 million or $0.26 per diluted share, compared to net income of $6.8 million or $0.19 per diluted share, in the first quarter of 2019. Non-GAAP income per diluted share was $0.38 compared to non-GAAP income per diluted share of $0.30 in the first quarter of 2019. Adjusted EBITDA for the first quarter of 2020 increased 24% to $20.4 million compared to the first quarter of 2019. “SPS Commerce plays a mission-critical role in the global supply chain. Our solutions are keeping trading partners connected, especially now during this time of crisis and disruption,” said Archie Black, President and CEO of SPS Commerce. “We’d like to thank our employees and our partners who delivered world class service as they responded to the needs of retailers impacted by macroeconomic effects of the pandemic, executing remote retail automation better and faster than ever. We remain fully committed to provide unwavering support to the suppliers and retailers that serve our communities in these challenging times.” “We are pleased with our first quarter results as we continued to deliver uninterrupted, full-service solutions remotely, to new and existing customers worldwide. With proven operational leverage and a strong balance sheet, we are confident that SPS Commerce is positioned to overcome near term uncertainties. We expect the current supply chain dynamics to amplify the need for e-commerce and EDI solutions in the long term, and we believe SPS Commerce is uniquely positioned to expand on its market leadership.” said Kim Nelson, CFO of SPS Commerce. Guidance For the second quarter of 2020, revenue is expected to be in the range of $73.8 million to $74.8 million. Second quarter net income per diluted share is expected to be in the range of $0.17 to $0.19 with fully dilu...