Sps Commerce, Inc. · NASDAQ:SPSC
Sps Commerce — Investor Day (September 2025)
103 slides from Sps Commerce's investor day presentation, Sep 23, 2025
Slide 1: Investor Day
INVESTOR DAY September 23, 2025 © 2025 SPS Commerce
Slide 2: Today's Agenda
Agenda Today’s Growth Strategy | Chad Collins, CEO Agenda Product Strategy | Mike Svatek, CPO Go-to-Market Strategy | Chad Collins, CEO Break Moderated Customer Panel Network Strategy | Jamie Thingelstad, CTO Financial Review | Kim Nelson, CFO Q&A © 2025 SPS Commerce 2
Slide 3: Forward-Looking Statements and Non-GAAP Financial Measures
Forward-Looking Statements and Non-GAAP Financial Measures This presentation contains forward-looking statements, including information about management's view of SPS Commerce's future expectations, plans and prospects, including our views regarding future execution within our business, the opportun
Slide 4: Growth Strategy
Growth Strategy Chad Collins Chief Executive Officer © 2025 SPS Commerce 4
Slide 5: A brief overview of SPS Commerce
growth strategy A brief overview of SPS Commerce What we do As the world’s retail network, SPS Commerce connects businesses across global retail supply chains, empowering them with the expertise, guidance, and technology to work better together. © 2025 SPS Commerce 5
Slide 6: A brief overview of SPS Commerce
growth strategy A brief overview of SPS Commerce What we do Who we serve As the world’s retail Retailers Sell goods through brick-and- network, SPS Commerce mortar, e-commerce, etc. connects businesses across global retail supply Suppliers Manufacture goods for sale chains, empowering them through t
Slide 7: A brief overview of SPS Commerce
growth strategy A brief overview of SPS Commerce What we do Who we serve Customer benefits As the world’s retail Retailers Improved speed Sell goods through brick-and- network, SPS Commerce mortar, e-commerce, etc. to market connects businesses across global retail supply Suppliers Sales and Manufac
Slide 8: Our Purpose
growth strategy Our Purpose: To power the connections that move the world of commerce forward. © 2025 SPS Commerce 8
Slide 9: Our global network is the foundation and force-multiplier
growth strategy PERFORMANCE REVENUE MANAGEMENT ANALYTICS RECOVERY RELATIONSHIP FULFILLMENT ASSORTMENT MANAGEMENT Our global network is the foundation and the force-multiplier behind this purpose. Protocol-Agnostic AI-Enabled Scalable Secure © 2025 SPS Commerce 9
Slide 10: We're chosen for expertise, processes, platform
growth strategy We’re chosen for + + Expertise Processes Platform © 2025 SPS Commerce 10
Slide 11: ... and increasingly, the value of our data
growth strategy … and increasingly, the value of our data. + + + Expertise Processes Platform Data and Network © 2025 SPS Commerce 11
Slide 12: We lead and support trading partners through the evolving retail ecosystem
growth strategy Pandemic acceleration We lead and support trading partners through the ever-evolving retail ecosystem. Digitization & e-commerce Omnichannel fulfillment © 2025 SPS Commerce 12
Slide 13: Industry Dynamics and Pace of Change in Retail
growth strategy Industry Dynamics and Pace of Change in Retail Retail digitization Store-as-node Pandemic Normalization of and cloud-based and omnichannel acceleration and investment and global Dynamics behind the next EDI migrations fulfillment pull-ahead effect trade uncertainty phase of revenue g
Slide 14: Industry Dynamics and Pace of Change in Retail
growth strategy Industry Dynamics and Pace of Change in Retail Retail digitization Store-as-node Pandemic Normalization of and cloud-based and omnichannel acceleration and investment and global EDI migrations fulfillment pull-ahead effect trade uncertainty Long-term growth 2010 - 2016 2017 - 2019 20
Slide 15: These retail industry dynamics create opportunity
growth strategy Rapid brand emergence Lower barriers to entry and speed to market for new brands. These retail Marketplace expansion industry dynamics The rise in “marketplace” adoption and drop-ship create opportunity fulfillment. for SPS. Supplier rebalancing Diversification of supply bases due to
Slide 16: Our opportunity: a growing global market
growth strategy Global TAM $11.1B Our opportunity: a growing global market U.S. TAM $6.5B Source: TAM Analysis and Market Penetration Study leveraging US Census NAICS Codes across Retail (42 Wholesalers), Distribution (42 Wholesalers), CPG/Finished Goods (31-33 Manufacturing), Retailers/Stores © 202
Slide 17: Our opportunity: a growing global market
growth strategy Our opportunity: a growing global market Q2 2025 Opportunity* Recurring Revenue 54,500 275,000 Customers Global TAM $11.1B Average Recurring Revenue/ $13,200 $40,500 Customer** *Source: TAM Analysis and Market Penetration Study leveraging US Census NAICS Codes across Retail (42 Whole
Slide 18: We have multiple inherent growth levers
growth strategy We have multiple inherent growth levers. Land Customers Expand Customers Retail Programs Expanding with Customers Channel Partners Upsell Opportunities Global Expansion Cross-Sell Products © 2025 SPS Commerce 18
Slide 19: A proven team to lead SPS in our next chapter of growth
growth strategy A proven team to lead SPS in our next chapter of growth: Chad Collins Mike Svatek Jamie Thingelstad Kim Nelson Erica Koenig Maria Pergolino Dan Juckniess Chief Executive Chief Product Chief Technology Chief Financial Chief Human Chief Marketing Chief Revenue Officer Officer Officer O
Slide 20: Our network leads the way
growth strategy Network-Led Growth Our network leads the way. Sales-Led The SPS network is signal-rich, Growth creating a growth engine that reveals the next incremental dollar. Product-Led Growth © 2025 SPS Commerce 20
Slide 21: Growth Strategy Key Takeaways
Growth Strategy Key Takeaways 01 The SPS network is the foundation of our growth and a competitive differentiator. 02 Retailer programs are an efficient and differentiated way to increase suppliers in the network. Customers choose SPS for our expertise, proven processes, technology, and increasingly
Slide 22: Product Strategy
Product Strategy Mike Svatek Chief Product Officer © 2025 SPS Commerce 22
Slide 23: Our Product Strategy
product strategy Our Product Strategy To build depth and breadth in solutions that enable trading partners to collaborate better—along the entire value chain. © 2025 SPS Commerce 23
Slide 24: This is why collaboration matters
product strategy This is why collaboration matters. RECALIBRATE & REPEAT 3PL CARRIER Receive Pick Up & Invoice & 3PL Onboard New Plan, Assign Deliver Load Status Collect Customers & Dispatch Shipment Tenders Updates Payment 3PL CARRIER 3PL CARRIER 3PL CARRIER 3PL WAREHOUSE Onboard New Receive Pick &
Slide 25: We enable collaboration and automation where business processes connect
product strategy RECALIBRATE & REPEAT 3PL CARRIER Receive Pick Up & Invoice & 3LP Onboard New Load Plan, Assign Deliver Status Collect Customers & Dispatch Shipment Tenders Updates Payment 3PL CARRIER 3PL CARRIER 3PL CARRIER 3PL WAREHOUSE Onboard New Receive Pick & Manage Excess Invoicing Monitor &
Slide 26: Our Impact in Key Areas
product strategy Our Impact in Key Areas RECALIBRATE & REPEAT 3PL CARRIER Receive Pick Up & Invoice & 3LP Onboard New Load Plan, Assign Deliver Status Collect Customers & Dispatch Shipment Tenders Updates Payment 3PL CARRIER 3PL CARRIER 3PL CARRIER 3PL WAREHOUSE Onboard New Receive Pick & Manage Exc
Slide 27: Opportunities to expand our impact along the value chain
product strategy RECALIBRATE & REPEAT 3PL CARRIER Receive Pick Up & Invoice & 3PL Onboard New Load Plan, Assign Deliver Status Collect Customers & Dispatch Shipment Tenders Updates Payment 3PL CARRIER And as retail dynamics continue to change, there are 3PL CARRIER 3PL CARRIER 3PL WAREHOUSE opportun
Slide 28: Let's talk about the network
product strategy Let’s talk about the network. © 2025 SPS Commerce 28
Slide 29: The network powers our products and solutions
product strategy The network powers our products and solutions. Data-Powered System-Integrated Expert-Led Real-time, visible data Our solutions are Built on decades of retail across the network create integrated into customers’ expertise and best “signals” for customer essential business practices t
Slide 30: We reimagined our retail go-to-market in 2025
product strategy We reimagined our retail go-to-market in 2025. Our Customers Retailers Suppliers 3PLs © 2025 SPS Commerce 30
Slide 31: We reimagined our retail go-to-market in 2025
product strategy We reimagined our retail go-to-market in 2025. + New capability Our Customers Retailers Suppliers 3PLs Acquired May 2024 © 2025 SPS Commerce 31
Slide 32: We reimagined our retail go-to-market in 2025
product strategy We reimagined our retail go-to-market in 2025. + New capability + Stronger solutions Our Customers Retailers PERFORMANCE MANAGEMENT Suppliers RELATIONSHIP 3PLs MANAGEMENT (Community) Acquired May 2024 © 2025 SPS Commerce 32
Slide 33: Retailers increase profitability by
product strategy PERFORMANCE MANAGEMENT RELATIONSHIP MANAGEMENT Retailers increase profitability by: Right items, right place, right price Right margin Right inventory position © 2025 SPS Commerce 33
Slide 34: Retailer Solutions
product strategy How it Works Value Evaluate and benchmark Supply Chain current supply chain Aligns internal teams Health health, develop a plan for and reduces paralysis. Assessment improvement. Retailer Supply Chain Performance Suite Solutions Engaging and educating Strengthens supplier Relationsh
Slide 35: Supply Chain Performance Suite
product strategy 3 Supply Chain Fine-tuning Performance Suite is Retailers that want to focus designed to give on advanced performance monitoring. retailers a clear path regardless of where they are today. 2 Growing and scaling Retailers that want to expand existing relationship management capabilit
Slide 36: Suppliers and 3PLs grow by streamlining and scaling operations
product strategy PERFORMANCE REVENUE MANAGEMENT ANALYTICS RECOVERY RELATIONSHIP FULFILLMENT ASSORTMENT MANAGEMENT Suppliers and 3PLs grow by streamlining and scaling their operations with many retail trading partners. © 2025 SPS Commerce 36
Slide 37: Supplier & 3PL Solutions
product strategy How it Works Value Order Data Fulfillment Purchase Orders, Shipping Supply chain visibility. Notices, Invoices + Item Data Accurate item setup and Assortment SKUs, Images, MSRP, speed-to-market. Colors, Country of Origin Supplier & 3PL Solutions + Sell-Through Data Inventory health
Slide 38: Product Strategy: Collaboration, Network, Expertise
product strategy PERFORMANCE REVENUE MANAGEMENT ANALYTICS RECOVERY RELATIONSHIP FULFILLMENT ASSORTMENT MANAGEMENT Product Strategy • Collaboration • Network • Expertise © 2025 SPS Commerce 38
Slide 39: With SPS, supply chains work like they should
product strategy With SPS, supply chains don’t just work–they work like they should. © 2025 SPS Commerce 39
Slide 40: Product Strategy Key Takeaways
Product Strategy Key Takeaways 01 SPS Commerce helps trading partners collaborate better along the entire value chain. 02 The SPS network powers our products and solutions. 03 Our reimagined GTM strategy capitalizes on changing retail dynamics. © 2025 SPS Commerce 40
Slide 41: Go-to-Market Strategy
Go-to-Market Strategy Chad Collins Chief Executive Officer © 2025 SPS Commerce 41
Slide 42: We have a proven and differentiated lead-generation engine
go-to-market strategy We have a proven and differentiated lead-generation engine. © 2025 SPS Commerce 42
Slide 43: Our win rates are consistently high
go-to-market strategy Win Rates 1H2025 28% Our win rates are 2% 70% consistently high. SPS Competition No Change © 2025 SPS Commerce 43
Slide 44: We have multiple inherent growth levers
go-to-market strategy We have multiple inherent growth levers. Land Customers Expand Customers Retail Programs Expanding with Customers Channel Partners Upsell Opportunities Global Expansion Cross-Sell Products © 2025 SPS Commerce 44
Slide 45: A relationship management deployment is
go-to-market strategy A relationship management deployment is: Land Customers 1 Enabling critical data exchanges that power business processes … Retail Programs … by facilitating commitment and adoption among new and existing Channel 2 Partners suppliers … Global 3 … so they can monitor and measure
Slide 46: Relationship management programs are an embedded source of lead generation
go-to-market strategy Land Customers Retail Programs Relationship Channel management Partners programs are an Global embedded source Expansion of lead generation. © 2025 SPS Commerce 46
Slide 47: Relationship management programs are an embedded source of lead generation
go-to-market strategy Land Customers Retail Programs Relationship Channel management new Retailer Partners programs are an added Global embedded source Expansion of lead generation. © 2025 SPS Commerce 47
Slide 48: These programs generate new leads and new revenue
go-to-market strategy These programs generate new leads and new revenue in an ongoing capacity. Williams Sonoma (and its portfolio brands) have enlisted SPS Commerce for 5+ change events. Family of Brands Fulfillment Models Data Exchange International New Vendors Expansion © 2025 SPS Commerce 48
Slide 49: Our robust partner community is a source of new customer adds
go-to-market strategy Our robust partner community is a consistent source of new customer adds. Land Customers Systems SIs/VARS Retail Programs Channel Partners Global Expansion © 2025 SPS Commerce 49
Slide 50: Global Footprint
go-to-market strategy Global Footprint Land Customers We already have a Retail strong foothold in Programs Europe across customer types and industries Channel Partners We’re recreating the Global proven North American Expansion GTM playbook © 2025 SPS Commerce 50
Slide 51: We have multiple inherent growth levers
go-to-market strategy We have multiple inherent growth levers. Land Customers Expand Customers Retail Programs Expanding with Customers Channel Partners Upsell Opportunities Global Expansion Cross-Sell Products © 2025 SPS Commerce 51
Slide 52: Common customer expansion inflection points
go-to-market strategy Common customer expansion inflection points: Examples: Partner Expansion Examples: Document Volume Expansion Expand Customers Expanding A retailer adds a new requirement (e.g., with A supplier expands their business into purchase order acknowledgement or Customers new retailers
Slide 53: Network-led growth gives us visibility into opportunities
go-to-market strategy Expand Customers Network-led growth Expanding with gives us visibility into Customers opportunities we Upsell introduce to customers. Opportunities New trading partners Additional features Cross-Sell Products Increased document volume © 2025 SPS Commerce 53
Slide 54: The network reveals unrealized connection points
go-to-market strategy Expand Customers The network also Expanding reveals unrealized with Customers connection points that we can facilitate to Upsell Opportunities grow ARPU. Cross-Sell Example: Fulfillment customers whose retail Products trading partners share sell-through data with the network sh
Slide 55: Audien Hearing: 70x Account Growth
go-to-market strategy 3 Products 9 Trading Partners Audien Hearing Cross-Sell Products 70x Account Growth Expanding with Customers + Analytics Upsell 3 new Retailers + Opportunities Revenue Recovery 1 new 3PL Expanding with 2 Customers new Retailers 1 Product 1 1 Trading Partner 1 new new 3PL Retail
Slide 56: We have multiple inherent growth levers
go-to-market strategy We have multiple inherent growth levers. Land Customers Expand Customers Retail Programs Expanding with Customers Channel Partners Upsell Opportunities Global Expansion Cross-Sell Products © 2025 SPS Commerce 56
Slide 57: Go-to-Market Strategy Key Takeaways
Go-to-Market Strategy Key Takeaways 01 Unique, proven, and optimized GTM strategy. 02 Multiple, inherent growth levers to land and expand. 03 Network–led growth drives upsell and cross-sell opportunities. © 2025 SPS Commerce 57
Slide 58: Customer Panel
Customer Panel © 2025 SPS Commerce 58
Slide 59: Network Strategy
Network Strategy Jamie Thingelstad Chief Technology Officer © 2025 SPS Commerce 59
Slide 60: 25 years of network growth
network strategy 25 years of network growth 2010 2015 2020 2025 © 2025 SPS Commerce 60
Slide 61: 25 years of network growth
network strategy 25 years of network growth 2010 2015 2020 2025 © 2025 SPS Commerce 61
Slide 62: 25 years of network growth
network strategy 25 years of network growth 2010 2015 2020 2025 © 2025 SPS Commerce 62
Slide 63: SPS Network: By the numbers
network strategy SPS Network By the numbers 300,000+ $650B+ trading relationships* transaction value** 33M+ 780M+ product SKUs* documents* *TTM calculation © 2025 SPS Commerce 63 ** Calculated on an annualized basis
Slide 64: Global Network Features
network strategy Global Network Features Protocol-Agnostic AI-Enabled Scalable and Secure Our network supports a Our network is supported Optimized for variety of protocols and by agentic AI workflows that performance, security, standards across data use proprietary data to add and compliance with e
Slide 65: Powered by industry-leading performance and reliability
network strategy Powered by industry-leading performance and reliability Trust Status Performance trust.spscommerce.com status.spscommerce.com status.spscommerce.com © 2025 SPS Commerce 65
Slide 66: SPS Network
network strategy SPS Network Powering the connections that move the world of commerce forward. 300,000+ $650B+ trading relationships* transaction value** connection point 1 security 33M+ certificate 780M+ product SKUs* documents* *TTM calculation © 2025 SPS Commerce 66 ** Calculated on an annualized
Slide 67: Our network gives us
network strategy Our network gives us: Data as a Faster time-to-value Unique network-led differentiator for customers growth motion © 2025 SPS Commerce 67
Slide 68: Our network gives us
network strategy Our network gives us: Data as a Faster time-to-value Unique network-led differentiator for customers growth motion © 2025 SPS Commerce 68
Slide 69: It's challenging for retailers to communicate their rules of engagement
network strategy It’s challenging for retailers to communicate their rules of engagement. Submit a purchase order acknowledgement within 24 hours of receiving an order. Ship with UPS to leverage preferred pricing and use this account number. Make sure all details are included in the advance ship not
Slide 70: Retailers rarely publish complete expectations
network strategy They have some Retailers are notoriously documentation, but bad at communicating they rarely publish their rules of & complete engagement. expectations (or keep Submit a purchase order acknowledgement Retailer Vendor within 24 hours of receiving our order. them up Rulebooks Guides t
Slide 71: Network data gives visibility into what Retailers actually do
network strategy Network data gives us visibility into what Retailers actually do – not just what they say they do. © 2025 SPS Commerce 71
Slide 72: Trading partners that use SPS get and stay on the same page
network strategy Trading partners that use SPS are uniquely equipped to get and stay on the same page. © 2025 SPS Commerce 72
Slide 73: The network provides unmatched value in the data that powers AI
network strategy + The network provides unmatched AI-driven value in the data Use Cases that powers AI use + + cases. © 2025 SPS Commerce 73
Slide 74: Our network gives us
network strategy Our network gives us: Data as a Faster time-to-value Unique network-led differentiator for customers growth motion © 2025 SPS Commerce 74
Slide 75: Faster and easier to connect to the network
network strategy To support new customers, we've made it faster and easier to connect to the network. © 2025 SPS Commerce 75
Slide 76: Streamlined customer onboarding
network strategy Streamlined Support customer Agent AI AGENT MCP MCP MCP onboarding Specification Testing Agent Agent AI AGENT A2A AI AGENT TRANSACTION TRACKER We pre-built trading partner TEST ORDER GENERATOR A2A A2A connections using network FIFROMSERVICE - NO RELATIONSHIP FOUND data and intellige
Slide 77: Our network gives us
network strategy Our network gives us: Data as a Faster time-to-value Unique network-led differentiator for customers growth motion © 2025 SPS Commerce 77
Slide 78: Network data agents support upsell and cross-sell motions
network strategy Network data agents support upsell and cross- sell motions. © 2025 SPS Commerce 78
Slide 79: Network Data Agents
network strategy Network Agent How can I ship to Target? Target can receive products via fulfillment following models: • Directly to Warehouse (DC) Network Expert AI AGENT Network • Direct to Store (DSD) • Drop Shipping (D2G & D2C) SPS Commerce supports all these models when connecting to Target. Da
Slide 80: The network powers internal AI use cases
network strategy The network powers internal AI use cases Data as a that improve operational differentiator efficiency. © 2025 SPS Commerce 80
Slide 81: AI Impact
network strategy Customer Success • Faster onboarding • Customer configuration and setup • Support agents that work across the portfolio Sales & Marketing Product Delivery Agentic software Use network data to development, delivery, and personalize, recommend, product operations and identify opportun
Slide 82: SPS Agent Platform Spotlight
network strategy Network Expert AI Agent SPS Agent Identity Service API Agents Tools Reporting Service API Retailer Rulebook SPS Agent Customer Success Company Search CRM API Platform Transactions Data lake Lead … Generator Vector Search Spotlight Supplier Assistant File Assistant CRM Adapters Assis
Slide 83: Network Strategy Key Takeaways
Network Strategy Key Takeaways 01 SPS’s network is protocol-agnostic, AI-enabled, scalable, and secure. 02 Proprietary data along with retailer information and expertise is critical. 03 Multiple internal AI use-cases to drive operational efficiencies and customer value. © 2025 SPS Commerce 83
Slide 84: Financial Review
Financial Review Kim Nelson Chief Financial Officer © 2025 SPS Commerce 84
Slide 85: Key Messages
financial review Key Messages Strong foundation Multiple growth Conviction in for durable growth drivers to capitalize sustainable and on large TAM profitable growth © 2025 SPS Commerce 85
Slide 86: Track Record of Consistent Execution and Profitable Growth
financial review Track Record of Consistent Execution and Profitable Growth Revenue ($M) $800 25% 2017–2025* $700 20% CAGR $600 Revenue $500 15% Growth % $400 $300 10% Revenue: $200 $100 5% 17% $- 0% 2017 2018 2019 2020 2021 2022 2023 2024 2025* Adj. EBITDA ($M) $280 35% $240 30% $200 25% Adj. EBITD
Slide 87: Track Record of Consistent Execution and Profitable Growth
financial review Track Record of Consistent Execution and Profitable Growth Balanced growth Introduced beyond 2021 expectations framework including annual for annual revenue growth of ≥15% Revenue ($M) revenue growth target of (including acquisitions) $800 ≥10% 25% $700 20% $600 Revenue $500 15% Gro
Slide 88: Strong Foundation of Durable Growth
financial review Strong Foundation of Durable Growth Customers ARPU 55,000 $16,000 $14,000 50,000 $12,000 45,000 $10,000 40,000 $8,000 35,000 $6,000 30,000 $4,000 25,000 $2,000 20,000 $- 2017 2018 2019 2020 2021 2022 2023 2024 1H25 Customer Count ARPU © 2025 SPS Commerce 88
Slide 89: Strong Foundation of Durable Growth
financial review Strong Foundation of Durable Growth Customers ARPU 55,000 Sequential Adds Excluding M&A $16,000 $14,000 50,000 Pre-pandemic* Pandemic* Post-pandemic* 2700 $12,000 45,000 2200 2,100 $10,000 40,000 1700 $8,000 1200 1,300 35,000 1,000 $6,000 700 30,000 $4,000 200 2017 2018 2019 2020 20
Slide 90: Key Messages
financial review Strong foundation Multiple growth Conviction in for durable growth drivers to capitalize sustainable and on large TAM profitable growth © 2025 SPS Commerce 90
Slide 91: Multiple Growth Drivers to Capitalize on Large TAM
financial review Multiple Growth Drivers to Capitalize on Large TAM Global TAM Q2 2025 Opportunity* $11.1B Recurring Revenue 54,500 275,000 Customers U.S. TAM Average Recurring Revenue/ $13,200 $40,500 $6.5B Customer** *Source: TAM Analysis and Market Penetration Study leveraging US Census NAICS Cod
Slide 92: Deeper Look: U.S. Customer Groups
financial review Deeper Look: U.S. Customer Groups Small Medium Large Small-scale businesses operating with a Midsize Suppliers with broader customer Large Suppliers selling multiple product small number of Retailers and have on reach and trading at larger scale than lines, to many Retailers, across
Slide 93: U.S. Customer Count and ARPU Opportunity by Customer Size
financial review U.S. Customer Count and ARPU Opportunity by Customer Size Customers Revenue 4% 9% 18% 18% 87% 64% Small Medium Large Small Medium Large *Source: TAM Analysis and Market Penetration Study leveraging US Census NAICS Codes across Retail (42 Wholesalers), Distribution (42 Wholesalers),
Slide 94: Growth Across All Customer Sizes
financial review Growth Across All Customer Sizes +40% 3000 +26% 1400 +9% +37% 32000 35000 Customers 27000 2500 1300 30000 22000 17000 2000 1200 25000 12000 20000 1500 1100 7000 15000 2000 1000 1000 10000 2019 2024 2019 2024 2019 2024 2019 2024 Small Medium Large Total $12,000 +87% +85% +167% $13,00
Slide 95: Proven Ability to Land and Expand
financial review Proven Ability to Land and Expand 2-3x revenue expansion across cohorts since initial year 2024 2023 2022 2021 2020 2019 2018 2018 2019 2020 2021 2022 2023 2024 © 2025 SPS Commerce 95
Slide 96: Key Messages
financial review Strong foundation Multiple growth Conviction in for durable growth drivers to capitalize sustainable and on large TAM profitable growth © 2025 SPS Commerce 96
Slide 97: Key Metrics Drive Durable Revenue Growth Beyond 2025
financial review Key Metrics Drive Durable Revenue Growth Beyond 2025 ≥ High Single-Digit Revenue Growth + Acquisitions Customer Adds & ARPU growth Portfolio Expansion + Mid-to-High + Low Single-Digit Growth Geographic Expansion Single-Digit Growth Relationship Management Upsell Market Consolidation
Slide 98: On Track to Achieve Long-Term Adjusted EBITDA Margin of ≥35%
financial review On Track to Achieve Long-Term Adjusted EBITDA Margin of ≥35% Future expansion through Gross Margin and operating ≥35% efficiencies Sales & Marketing efficiencies drove historical margin expansion 29% 16% 2017 2024 LTM © 2025 SPS Commerce 98
Slide 99: Profitable Revenue Growth and Strong Operating Leverage
financial review Profitable Revenue Growth and Strong Operating Leverage Mid-Term Model Commentary > High Single Digits • Low single-digit growth in net new customer adds Revenue Growth (excluding future acquisitions) • Mid-to-high single-digit growth in ARPU • Inherent operational leverage from mul
Slide 100: Capital Allocation
financial review Capital Allocation Share Repurchases Disciplined M&A Organic growth investment Capital Return Buy Build ~50% of free cash Best-in-class, Feature sets and flow in share repurchases complementary to our core capabilities aligned to core 2024 : 1H2025* competencies, and well- competenc
Slide 101: Financial Review Key Takeaways
Financial Review Key Takeaways 01 Strong foundation for durable growth. 02 Multiple growth drivers to capitalize on large TAM. 03 Conviction in sustainable and profitable growth. © 2025 SPS Commerce 101
Slide 102: Appendix
Appendix © 2025 SPS Commerce 102
Slide 103: Appendix A: Reconciliation of Non-GAAP Financial Measures
Appendix A Reconciliation of Non-GAAP Financial Measures • Adjusted EBITDA and Adjusted EBITDA Margin are non-GAAP measures of financial performance. We believe that these non-GAAP financial measures provide useful information to our management, board of directors, and investors regarding certain fi