• SPS Commerce Reports First Quarter 2021 Financial Results

    来源: Nasdaq GlobeNewswire / 29 4月 2021 15:07:00   America/Chicago

    MINNEAPOLIS, April 29, 2021 (GLOBE NEWSWIRE) -- SPS Commerce, Inc. (Nasdaq: SPSC), a leader in retail cloud services, today announced financial results for the first quarter ended March 31, 2021.

    Revenue was $90.1 million in the first quarter of 2021, compared to $74.2 million in the first quarter of 2020, reflecting 21% growth in revenue from the first quarter of 2020. Recurring revenue grew 18% from the first quarter of 2020.

    Net income in the first quarter of 2021 was $10.2 million or $0.28 per diluted share, compared to net income of $9.5 million or $0.26 per diluted share, in the first quarter of 2020. Non-GAAP net income per diluted share was $0.43, compared to non-GAAP net income per diluted share of $0.38 in the first quarter of 2020. Adjusted EBITDA for the first quarter of 2021 increased 25% to $25.5 million compared to the first quarter of 2020.

    “The SPS team continues to work hard to support supply chain continuity and improve efficiencies amid evolving industry dynamics,” said Archie Black, President and CEO of SPS Commerce. “Ongoing investments in our business have also paid dividends, expanding our addressable market and strengthening our competitive differentiation.”  

    “SPS Commerce delivered another strong quarter as the shift to e-commerce continues to drive momentum in fulfillment,” said Kim Nelson, CFO of SPS Commerce. “Our customer focus and product portfolio are aligned with evolving retail dynamics, and we’re excited about the growing market opportunities ahead of us.”

    Guidance

    Second quarter 2021 revenue is expected to be in the range of $90.5 million to $91.5 million. Second quarter net income per diluted share is expected to be in the range of $0.20 to $0.21 with fully diluted weighted average shares outstanding of approximately 37.0 million shares. Non-GAAP net income per diluted share is expected to be in the range of $0.39 to $0.40. Adjusted EBITDA is expected to be in the range of $24.8 million to $25.5 million. Non-cash, share-based compensation expense is expected to be approximately $7.2 million, depreciation expense is expected to be approximately $4.0 million and amortization expense is expected to be approximately $2.7 million.

    For the full year of 2021, revenue is expected to be in the range of $371.1 million to $373.6 million, representing 19% to 20% growth over 2020. Full year net income per diluted share is expected to be in the range of $0.97 to $1.00, with fully diluted weighted average shares outstanding of approximately 37.0 million shares. Non-GAAP income per diluted share is expected to be in the range of $1.65 to $1.68. Adjusted EBITDA is expected to be in the range of $102.5 to $104.0 million, representing 18% to 20% growth over 2020. Non-cash, share-based compensation expense is expected to be approximately $26.9 million, depreciation expense is expected to be approximately $15.9 million and amortization expense is expected to be approximately $10.5 million.

    Quarterly Conference Call

    SPS Commerce will discuss its quarterly and annual results today via teleconference at 3:30 p.m. CT (4:30 p.m. ET). To access the call, please dial (877) 312-7508, or outside the U.S. (253) 237-1184, with Conference ID #9643214 at least five minutes prior to the 3:30 p.m. CT start time. A live webcast of the call will also be available at http://investors.spscommerce.com under the Events and Presentations menu. The replay will also be available on our website at http://investors.spscommerce.com.

    About SPS Commerce

    SPS Commerce is the world’s leading retail network, connecting trading partners around the globe to optimize supply chain operations for all retail partners. We support data-driven partnerships with innovative cloud technology, customer-obsessed service and accessible experts so our customers can focus on what they do best. To date, more than 95,000 companies in retail, distribution, grocery and e-commerce have chosen SPS as their retail network. SPS has achieved 81 consecutive quarters of revenue growth and is headquartered in Minneapolis. For additional information, contact SPS at 866-245-8100 or visit www.spscommerce.com.

    SPS COMMERCE, SPS, SPS logo, 1=INFINITY logo, AS THE NETWORK GROWS, SO DOES YOUR OPPORTUNITY, INFINITE RETAIL POWER, MASTERING THE RETAIL GAME and RSX are marks of SPS Commerce, Inc. and Registered in the U.S. Patent and Trademark Office. IN:FLUENCE, and others are further marks of SPS Commerce, Inc. These marks may be registered or otherwise protected in other countries. 

    SPS-F

    Use of Non-GAAP Financial Measures

    To supplement its financial statements, SPS Commerce also provides investors with Adjusted EBITDA, Adjusted EBITDA Margin, and non-GAAP net income per share, which are non-GAAP financial measures. SPS Commerce believes that these non-GAAP measures provide useful information to management and investors regarding certain financial and business trends relating to its financial condition and results of operations. SPS Commerce's management uses these non-GAAP measures to compare the company's performance to that of prior periods for trend analyses and planning purposes. It uses Adjusted EBITDA for purposes of determining executive and senior management incentive compensation. These measures are also presented to the company's board of directors.

    Adjusted EBITDA consists of net income adjusted for depreciation and amortization expense, investment income or loss, realized gain or loss from foreign currency on cash and investments held, income tax expense, stock-based compensation expense, and other adjustments as necessary for a fair presentation. 

    Adjusted EBITDA Margin consists of Adjusted EBITDA divided by revenue. Margin, the comparable GAAP measure of financial performance, consists of net income divided by revenue.

    SPS Commerce uses Adjusted EBITDA and Adjusted EBITDA Margin as measures of operating performance because they assist the company in comparing performance on a consistent basis, as they remove from operating results the impact of the company's capital structure. SPS Commerce believes Adjusted EBITDA and Adjusted EBITDA Margin are useful to an investor in evaluating the company's operating performance because they are widely used to measure a company's operating performance without regard to items such as depreciation and amortization, which can vary depending upon accounting methods and the book value of assets, and to present a meaningful measure of corporate performance exclusive of the company's capital structure and the method by which assets were acquired.

    Non-GAAP income per share consists of net income plus stock-based compensation expense, amortization expense related to intangible assets, realized gain or loss from foreign currency on cash and investments held, and other adjustments as necessary for a fair presentation, divided by the weighted average number of shares of common stock outstanding during each period. SPS Commerce believes non-GAAP income per share is useful to an investor because it is widely used to measure a company's operating performance.

    These non-GAAP measures should not be considered a substitute for, or superior to, financial measures calculated in accordance with generally accepted accounting principles in the United States. These non-GAAP financial measures exclude significant expenses and income that are required by GAAP to be recorded in the company's financial statements and are subject to inherent limitations. SPS Commerce urges investors to review the reconciliation of its non-GAAP financial measures to the comparable GAAP financial measures that are included in this press release.

    SPS Commerce includes an adjustment to non-GAAP income to reflect the income tax effects of the adjustments to GAAP net income, as discussed above. To quantify these tax effects, SPS Commerce recalculates income tax expense excluding the direct book and tax effects of the specific items constituting the non-GAAP adjustments (e.g., stock-based compensation expense). The difference between this recalculated income tax expense and GAAP income tax expense is presented as the income tax effect of the non-GAAP adjustments.

    Forward-Looking Statements

    This press release may contain 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 opportunity we see in the retail supply chain world and our performance for the second quarter and full year of 2021, within the safe harbor provisions under The Private Securities Litigation Reform Act of 1995. These statements involve known and unknown risks, uncertainties and other factors which may cause the results of SPS Commerce to be materially different than those expressed or implied in such statements. Certain of these risk factors and others are included in documents SPS Commerce files with the Securities and Exchange Commission, including but not limited to, SPS Commerce's Annual Report on Form 10-K for the year ended December 31, 2020, as well as subsequent reports filed with the Securities and Exchange Commission. Other unknown or unpredictable factors also could have material adverse effects on SPS Commerce's future results. The forward-looking statements included in this press release are made only as of the date hereof. SPS Commerce cannot guarantee future results, levels of activity, performance, or achievements. Accordingly, you should not place undue reliance on these forward-looking statements. Finally, SPS Commerce expressly disclaims any intent or obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.

    SPS COMMERCE, INC. 
    CONDENSED CONSOLIDATED BALANCE SHEETS 
    (Unaudited; in thousands, except shares) 
             
      March 31,  December 31, 
      2021  2020 
    ASSETS        
    CURRENT ASSETS        
    Cash and cash equivalents $169,274  $149,692 
    Short-term investments  39,174   37,786 
    Accounts receivable  39,271   37,811 
    Allowance for credit losses  (4,001)  (4,233)
    Accounts receivable, net  35,270   33,578 
    Deferred costs  38,666   37,988 
    Other assets  14,490   12,312 
    Total current assets  296,874   271,356 
    PROPERTY AND EQUIPMENT, less accumulated depreciation of $62,947 and $59,152, respectively  26,606   26,432 
    OPERATING LEASE RIGHT-OF-USE ASSETS  15,296   15,581 
    GOODWILL  135,263   134,853 
    INTANGIBLE ASSETS, net  57,594   60,230 
    INVESTMENTS  2,500   2,500 
    OTHER ASSETS        
    Deferred costs, non-current  12,874   12,607 
    Deferred income tax assets  210   194 
    Other assets, non-current  2,620   2,705 
    Total assets $549,837  $526,458 
    LIABILITIES AND STOCKHOLDERS’ EQUITY        
    CURRENT LIABILITIES        
    Accounts payable $5,081  $5,354 
    Accrued compensation  20,428   22,872 
    Accrued expenses  10,018   11,161 
    Deferred revenue  44,481   37,947 
    Operating lease liabilities  3,424   2,798 
    Total current liabilities  83,432   80,132 
    OTHER LIABILITIES        
    Deferred revenue, non-current  4,027   2,996 
    Operating lease liabilities, non-current  18,743   19,672 
    Deferred income tax liabilities  3,112   2,937 
    Total liabilities  109,314   105,737 
    COMMITMENTS and CONTINGENCIES        
    STOCKHOLDERS’ EQUITY        
    Preferred stock, $0.001 par value; 5,000,000 shares authorized; 0 shares issued and outstanding      
    Common stock, $0.001 par value; 110,000,000 shares authorized; 37,474,834 and 37,100,467 shares issued; and 35,861,584 and 35,487,217 outstanding, respectively  37   37 
    Treasury stock, at cost; 1,613,250 shares  (65,247)  (65,247)
    Additional paid-in capital  402,860   393,462 
    Retained earnings  103,690   93,490 
    Accumulated other comprehensive loss  (817)  (1,021)
    Total stockholders’ equity  440,523   420,721 
       Total liabilities and stockholders’ equity $549,837  $526,458 
             

    Subject to reclassification

    SPS COMMERCE, INC. 
    CONDENSED CONSOLIDATED STATEMENTS OF INCOME 
    (Unaudited; in thousands, except per share amounts) 
             
      Three Months Ended 
      March 31, 
      2021  2020 
    Revenues $90,094  $74,192 
    Cost of revenues  29,970   23,544 
    Gross profit  60,124   50,648 
    Operating expenses        
    Sales and marketing  21,355   18,299 
    Research and development  8,706   7,568 
    General and administrative  14,737   11,909 
    Amortization of intangible assets  2,664   1,336 
    Total operating expenses  47,462   39,112 
    Income from operations  12,662   11,536 
    Other expense, net  (325)  (673)
    Income before income taxes  12,337   10,863 
    Income tax expense  2,137   1,348 
    Net income $10,200  $9,515 
             
    Net income per share        
    Basic $0.29  $0.27 
    Diluted $0.28  $0.26 
             
    Weighted average common shares used to compute net income per share        
    Basic  35,751   35,072 
    Diluted  36,722   35,926 

    Per share amounts may not foot due to rounding.        

    SPS COMMERCE, INC. 
    CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS 
    (Unaudited; in thousands) 
             
      Three Months Ended 
      March 31, 
      2021  2020 
    Cash flows from operating activities        
    Net income $10,200  $9,515 
    Reconciliation of net income to net cash provided by operating activities        
    Deferred income taxes  163   668 
    Change in earn-out liability     72 
    Depreciation and amortization of property and equipment  3,765   3,138 
    Amortization of intangible assets  2,664   1,336 
    Provision for credit losses  1,205   1,285 
    Stock-based compensation  6,925   4,344 
    Other, net  76   (105)
    Changes in assets and liabilities        
    Accounts receivable  (2,828)  (1,053)
    Deferred costs  (986)  (256)
    Other current and non-current assets  (2,257)  2,041 
    Accounts payable  (828)  655 
    Accrued compensation  (2,988)  (9,302)
    Accrued expenses  (1,052)  (615)
    Deferred revenue  7,565   3,396 
    Operating leases  (19)  (452)
       Net cash provided by operating activities  21,605   14,667 
    Cash flows from investing activities        
    Purchases of property and equipment  (3,263)  (3,965)
    Purchases of investments  (14,039)  (12,460)
    Maturities of investments  12,500   15,875 
    Net cash used in investing activities  (4,802)  (550)
    Cash flows from financing activities        
    Repurchases of common stock     (12,000)
    Net proceeds from exercise of options to purchase common stock  2,802   3,683 
    Net proceeds from employee stock purchase plan  105   87 
    Payment for earn-out liability  (164)  (688)
    Net cash provided by (used in) financing activities  2,743   (8,918)
    Effect of foreign currency exchange rate changes  36   33 
    Net increase in cash and cash equivalents  19,582   5,232 
    Cash and cash equivalents at beginning of period  149,692   179,252 
    Cash and cash equivalents at end of period $169,274  $184,484 
             

    Subject to reclassification

    SPS COMMERCE, INC. 
    NON-GAAP RECONCILIATION 
    (Unaudited; in thousands, except per share amounts) 
             
      Three Months Ended 
      March 31, 
      2021  2020 
             
    Adjusted EBITDA 
    Net income $10,200  $9,515 
    Depreciation and amortization of property        
    and equipment  3,765   3,138 
    Amortization of intangible assets  2,664   1,336 
    Investment income  (97)  (640)
    Realized loss from foreign currency on cash and investments held  289   1,243 
    Income tax expense  2,137   1,348 
    Stock-based compensation expense  6,925   4,344 
    Other  (426)  72 
    Adjusted EBITDA $25,457  $20,356 
             
    Adjusted EBITDA Margin 
    Net income $10,200  $9,515 
    Revenue  90,094   74,192 
    Net Income Margin  11%  13%
             
    Adjusted EBITDA $25,457  $20,356 
    Revenue  90,094   74,192 
    Adjusted EBITDA Margin  28%  27%
             
    Non-GAAP Income 
    Net income $10,200  $9,515 
    Stock-based compensation expense  6,925   4,344 
    Amortization of intangible assets  2,664   1,336 
    Realized loss from foreign currency on cash and investments held  289   1,243 
    Other  (426)  72 
    Income tax effects of adjustments  (3,975)  (3,026)
    Non-GAAP income $15,677  $13,484 
             
    Shares used to compute non-GAAP income per share        
    Basic  35,751   35,072 
    Diluted  36,722   35,926 
             
    Non-GAAP income per share        
    Basic $0.44  $0.38 
    Diluted $0.43  $0.38 

    Per share amounts may not foot due to rounding.  

    Contact:

    Investor Relations
    The Blueshirt Group
    Irmina Blaszczyk
    Lisa Laukkanen
    SPSC@blueshirtgroup.com
    415-217-4962      


    Primary Logo

分享