Thu, Jul 25, 8:28 PM (44 days ago)
SPS Commerce, Inc. reported a strong financial performance for the quarter ended June 30, 2024. Key highlights include: - **Revenue**: Increased by 18% year-over-year to $153.6 million, driven by a 5% increase in recurring revenue customers and a 13% increase in average recurring revenue per customer. - **Gross Profit**: Rose to $101.6 million from $85.9 million, maintaining a gross margin of 66%. - **Operating Expenses**: Increased primarily due to higher personnel-related costs across sales, marketing, research, and general administrative functions. - **Net Income**: Increased by 23% to $18.0 million, with a net income margin of 12%. - **Cash Flow**: Generated $63.5 million from operating activities, up from $55.7 million in the prior year. - **Acquisitions**: Completed the acquisition of Traverse Systems, adding approximately 50 recurring revenue customers. - **Stock Repurchase**: Repurchased 95,395 shares at an average price of $183.25 per share. Overall, the company shows robust growth in revenue, profitability, and cash flow, with strategic acquisitions contributing to its expanding customer base and market presence.