Business
SPS Commerce Reports Second Quarter 2022 Financial Results
Company delivers 86th consecutive quarter of topline growthRevenue growth of 15% year-over-year; Recurring revenue growth of 16% year-over-yearAnnounces new
About this update from Sps Commerce, Inc.
[{"type":"text","content":"Company delivers 86th consecutive quarter of topline growthRevenue growth of 15% year-over-year; Recurring revenue growth of 16% year-over-yearAnnounces new Share Repurchase Program MINNEAPOLIS, July 27, 2022 (GLOBE NEWSWIRE) -- SPS Commerce, Inc. (Nasdaq: SPSC), a leader in retail cloud services, today announced financial results for the second quarter ended June 30, 2022. Second Quarter 2022 Financial Highlights Revenue was $109.2 million in the second quarter of 2022, compared to $94.5 million in the second quarter of 2021, reflecting 15% growth.Recurring revenue grew 16% from the second quarter of 2021.Net income was $10.8 million or $0.29 per diluted share, compared to net income of $10.2 million or $0.28 per diluted share in the second quarter of 2021.Non-GAAP income per diluted share was $0.53, compared to non-GAAP income per diluted share of $0.46 in the second quarter of 2021.Adjusted EBITDA for the second quarter of 2022 increased 13% to $30.9 million compared to the second quarter of 2021. “SPS Commerce continues to capitalize on the retail industry’s ongoing investments in supply chain management efficiency, digital transformation, and cloud migration,” said Archie Black, CEO of SPS Commerce. “Retailers and suppliers are more motivated than ever to overhaul their systems to accommodate the demands of omnichannel retail and to address ongoing supply chain disruptions.” “SPS Commerce is well positioned for long-term growth as macro dynamics and the growing need for trading partner collaboration continue to fuel demand for SPS’ full-service EDI,” said Kim Nelson, CFO of SPS Commerce. Share Repurchase Program The Company also announced today that the Board of Directors of SPS Commerce authorized a new program to repurchase up to $50.0 million of common stock. Under the program, purchases may be made from time to time in the open market, in privately negotiated purchases, or both. The timing and number of shares to be purchased will be based on the price of the Company's common stock, general business and market conditions and other investment considerations and factors. The share repurchase program becomes effective on August 26, 2022, and expires on July 26, 2024. The Company’s November 2021 program that previously authorized repurchase of up to $50.0 million will terminate when the new program goes into effect. The pro...