Business
SPS Commerce Reports Second Quarter 2023 Financial Results
Company delivers 90th consecutive quarter of topline growthRevenue growth of 19% year-over-year; Recurring revenue growth of 20% year-over-year MINNEAPOLIS,
About this update from Sps Commerce, Inc.
[{"type":"text","content":"Company delivers 90th consecutive quarter of topline growthRevenue growth of 19% year-over-year; Recurring revenue growth of 20% year-over-year MINNEAPOLIS, July 27, 2023 (GLOBE NEWSWIRE) -- SPS Commerce, Inc. (Nasdaq: SPSC), a leader in retail cloud services, today announced financial results for the second quarter ended June 30, 2023. Second Quarter 2023 Financial Highlights Revenue was $130.4 million in the second quarter of 2023, compared to $109.2 million in the second quarter of 2022, reflecting 19% growth.Recurring revenue grew 20% from the second quarter of 2022.Net income was $14.7 million or $0.39 per diluted share, compared to net income of $10.8 million or $0.29 per diluted share in the second quarter of 2022.Non-GAAP income per diluted share was $0.69, compared to non-GAAP income per diluted share of $0.53 in the second quarter of 2022.Adjusted EBITDA for the second quarter of 2023 increased 24% to $38.2 million compared to the second quarter of 2022. “Retailers and suppliers are investing in new technologies to revitalize their supply chain and SPS Commerce remains committed to delivering the world-class products and excellent customer experience suppliers have come to expect from us,” said Archie Black, CEO of SPS Commerce. “SPS is the world’s largest cloud retail network and as we continue to leverage its data and enhance its intelligence, we make joining and operating within the network increasingly more efficient, further expanding our competitive advantage.” “Ongoing investments across the retail industry continue to present tremendous opportunities for SPS,” said Kim Nelson, CFO of SPS Commerce. “With the only full-service EDI solution, we are well positioned to help our customers optimize their network as we capitalize on a multi-billion dollar addressable market to deliver sustained, profitable growth.” Guidance SPS Commerce third quarter and full year 2023 guidance does not include the pending acquisition of TIE Kinetix, which was announced in a separate press release issued July 26, 2023. Third Quarter 2023 Guidance Revenue is expected to be in the range of $133.6 million to $134.4 million.Net income per diluted share is expected to be in the range of $0.37 to $0.38, with fully diluted weighted average shares outstanding of 37.6 million shares.Non-GAAP income per diluted share is expected to be in the ran...