Business
SPS Commerce Reports Fourth Quarter and Fiscal Year 2022 Financial Results
Company delivers 88th consecutive quarter of topline growth Fourth quarter 2022 revenue grew 19% and recurring revenue grew 20% from the fourth quarter of
About this update from Sps Commerce, Inc.
[{"type":"text","content":"Company delivers 88th consecutive quarter of topline growth Fourth quarter 2022 revenue grew 19% and recurring revenue grew 20% from the fourth quarter of 2021 MINNEAPOLIS, Feb. 09, 2023 (GLOBE NEWSWIRE) -- SPS Commerce, Inc. (Nasdaq: SPSC), a leader in retail cloud services, today announced financial results for the fourth quarter and year ended December 31, 2022. Financial Highlights Fourth Quarter 2022 Financial Highlights Revenue was $122.0 million in the fourth quarter of 2022, compared to $102.8 million in the fourth quarter of 2021, reflecting 19% growth.Recurring revenue grew 20% from the fourth quarter of 2021.Net income was $15.9 million or $0.43 per diluted share, compared to net income of $12.8 million or $0.34 per diluted share in the fourth quarter of 2021, reflecting 25% growth in period over period net income.Non-GAAP income per diluted share was $0.63, compared to non-GAAP income per diluted share of $0.46 in the fourth quarter of 2021.Adjusted EBITDA for the fourth quarter of 2022 increased 26% to $35.0 million compared to the fourth quarter of 2021. Fiscal Year 2022 Financial Highlights Revenue was $450.9 million for the year ended December 31, 2022, compared to $385.3 million for the year ended December 31, 2021, reflecting 17% growth.Recurring revenue grew 18% from the year ended December 31, 2021.Net income was $55.1 million or $1.49 per diluted share for the year ended December 31, 2022, compared to net income of $44.6 million or $1.21 per diluted share, for the comparable period in 2021, reflecting 24% growth in year over year net income.Non-GAAP income per diluted share was $2.35, compared to non-GAAP income per diluted share of $1.82 in the year ended December 31, 2021.Adjusted EBITDA for the year ended December 31, 2022 increased 24% to $132.3 million, compared to the year ended December 31, 2021. “Over the years, SPS Commerce has consistently executed on our mission to connect all retail trading partners through the easiest-to-join and use network,” said Archie Black, CEO of SPS Commerce. “We remained laser focused on improving customer experience and made strategic investments which helped us build the world’s largest cloud retail network and position SPS Commerce for continued success.” “SPS Commerce achieved strong fourth quarter and full year 2022 results. We continued to deliver profitable growth...