Business
SPS Commerce Reports Fourth Quarter and Full Year 2019 Financial Results
Company delivers 76th consecutive quarter of topline growth, with 14% growth in recurring revenue over 2018 MINNEAPOLIS, Feb. 13, 2020 (GLOBE NEWSWIRE) -- SPS
About this update from Sps Commerce, Inc.
[{"type":"text","content":"Company delivers 76th consecutive quarter of topline growth, with 14% growth in recurring revenue over 2018\nMINNEAPOLIS, Feb. 13, 2020 (GLOBE NEWSWIRE) -- SPS Commerce, Inc. (Nasdaq: SPSC), a leader in retail cloud services, today announced financial results for the fourth quarter and full year ended December 31, 2019.\n Revenue was $72.7 million in the fourth quarter of 2019, compared to $65.2 million in the fourth quarter of 2018, reflecting 12% growth in revenue from the fourth quarter of 2018. Recurring revenue grew 13% from the fourth quarter of 2018. Net income in the fourth quarter of 2019 was $9.2 million or $0.25 per diluted share, compared to net income of $7.1 million or $0.20 per diluted share, in the fourth quarter of 2018. Non-GAAP net income per diluted share was $0.35, compared to non-GAAP net income per diluted share of $0.26 in the fourth quarter of 2018. Adjusted EBITDA for the fourth quarter of 2019 increased 35% to $18.9 million compared to the fourth quarter of 2018. “Our ongoing focus on sustained growth and profitability is inherent in our business model,” said Archie Black, President and CEO of SPS Commerce. “Our ability to scale is unique as we leverage the lead-generation engine fueled by the power of our vast trading community, which positions SPS Commerce to become the world’s retail network.” Revenue for the full year ended December 31, 2019 was $279.1 million compared to $248.2 million for the full year ended December 31, 2018, reflecting 12% growth in revenue. Recurring revenue grew 14% from the year ended December 31, 2018. Net income for the year ended December 31, 2019 was $33.7 million or $0.94 per diluted share, compared to net income of $23.9 million or $0.68 per diluted share, for the comparable period in 2018. Non-GAAP net income per diluted share for the year ended December 31, 2019 was $1.28, compared to non-GAAP net income per diluted share of $0.96 for the comparable period in 2018. Adjusted EBITDA for the full year ended December 31, 2019 increased 36% to $69.8 million, compared to the full year ended December 31, 2018. “SPS Commerce continues to deliver on its financial targets, capitalizing on the evolution of the retail industry and leveraging the power of our network to deliver profitable and sustained growth,” said Kim Nelson, CFO of SPS Commerce. “We serve a large and expanding...