"SPS Commerce operates a network of over 50,000 suppliers, logistics companies and buying organizations across retail, distribution, grocery, and manufacturing, and we are uniquely positioned to support all trading relationships,” said Chad Collins, CEO of SPS Commerce. "With an $11 billion total addressable market, we have a tremendous opportunity to transform how trading partners work together as they continue to advance their supply chain technologies.” "We delivered strong first-quarter performance, and the 97th consecutive quarter of revenue growth,” said Kim Nelson, CFO of SPS Commerce. "Despite ongoing uncertainty in the macro environment, we remain confident in our full-year 2025 growth outlook and margin expansion profile, which underscores the resilience of our business model and the mission critical nature of our solutions, designed to improve collaboration across the global retail supply chain.” Guidance Second Quarter 2025 Guidance Revenue is expected to be in the range of $184.5 million to $186.2 million, representing 20% to 21% year-over-year growth. Net income per diluted share is expected to be in the range of $0.41 to $0.44, with fully diluted weighted average shares outstanding of 38.8 million shares.
Non-GAAP Income Per Share Measure: Non-GAAP income per share consists of net income adjusted for stock-based compensation expense, amortization expense related to intangible assets, realized gain or loss from investments held and foreign currency impact on cash and investments, other adjustments as necessary for a fair presentation, including for the three months ended March 31, 2025 the expense impacts from disposals of certain capitalized internally developed software and one-time acquisition-related insurance costs, and the corresponding tax impacts of the adjustments to net income, divided by the weighted average number of shares of common and diluted stock outstanding during each period.
NON-GAAP RECONCILIATIONS(Unaudited; in thousands, except Margin, Adjusted EBITDA Margin, and per share amounts) Adjusted EBITDA Three Months EndedMarch 31, 2025 2024Net income$22,196 $18,003 Income tax expense 5,967 532 Depreciation and amortization of property and equipment 4,957 4,694 Amortization of intangible assets 8,588 4,338 Stock-based compensation expense 13,867 20,018 Realized gain from investments held and foreign currency impact on cash and investments (366) (304)Investment income (1,849) (2,879)Other 1,013 — Adjusted EBITDA$54,373 $44,402 Adjusted EBITDA Margin Three Months EndedMarch 31, 2025 2024Revenue$181,549 $149,576 Net income 22,196 18,003 Margin 12% 12% Adjusted EBITDA 54,373 44,402 Adjusted EBITDA Margin 30% 30% Non-GAAP Income per Share Three Months EndedMarch 31, 2025 2024Net income$22,196 $18,003 Stock-based compensation expense 13,867 20,018 Amortization of intangible assets 8,588 4,338 Realized gain from investments held and foreign currency impact on cash and investments (366) (304)Other 1,013 — Income tax effects of adjustments (7,285) (9,554)Non-GAAP income$38,013 $32,501 Shares used to compute net income and non-GAAP income per share Basic 37,990 37,049 Diluted 38,163 37,686 Net income per share, basic$0.58 $0.49 Non-GAAP adjustments to net income per share, basic 0.42 0.39 Non-GAAP income per share, basic$1.00 $0.88 Net income per share, diluted$0.58 $0.48 Non-GAAP adjustments to net income per share, diluted 0.42 0.38 Non-GAAP income per share, diluted$1.00 $0.86 The annual per share amounts may not cross-sum due to rounding.
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