SPS Commerce reports strong Q2 with revenue of $153.6 million and announces Share Repurchase Program.

From GlobeNewswire: 2024-07-25 23:46:00

SPS Commerce, Inc. (NASDAQ: SPSC) reported a strong second quarter with revenue of $153.6 million and recurring revenue growing by 18%. Net income was $18.0 million, with non-GAAP income per diluted share at $0.80. The company also announced a new Share Repurchase Program totaling $100.0 million. Guidance for Q3 2024 includes revenue of $157.6 million to $158.6 million.

SPS Commerce expects Fiscal Year 2024 revenue to be in the range of $624.2 million to $626.0 million, representing 16% to 17% growth over 2023. Net income per diluted share is expected to be $2.03 to $2.05. Adjusted EBITDA is projected to be in the range of $185.5 to $187.0 million. The company delivered a strong second quarter performance and remains confident in the growth opportunity ahead.

The Board of Directors of SPS Commerce authorized a new program to repurchase up to $100.0 million of common stock. Share repurchases may be made from time to time based on market conditions. The share repurchase program will be in effect from August 23, 2024, to July 24, 2026. The Company intends to finance the program with cash on hand. SPS Commerce is a leader in retail supply chain cloud services.



Read more at GlobeNewswire:: CORRECTING and REPLACING – SPS Commerce Reports Second