SPS Commerce (SPSC) is a global leader in cloud-based supply chain management services, enabling retailers, grocers, distributors, suppliers, manufacturers, and logistics firms to collaborate efficiently. The company specializes in simplifying the management and sharing of item, inventory, order, and sales data across omnichannel retail channels. SPSC offers a suite of products designed to optimize supply chain performance, reduce operational costs, and enhance order visibility.
- Fulfillment - Facilitates efficient order data exchange among trading partners, streamlining supply chain operations.
- Analytics - Provides tools to analyze supply chain data, helping businesses optimize inventory levels and improve decision-making.
- Revenue Recovery Products - Includes ChargeGuard and Seller Investigators, which focus on recovering lost revenue for customers.
- Other Recurring Revenue Products - Offers ancillary solutions such as inventory management and advertising, serving as entry points for upselling customers into higher-value products.
- One-Time Revenues - Comprises set-up fees and miscellaneous fees from customers, contributing to the company's overall revenue.
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- Based on your Q1 reporting, you mentioned a net addition of 300 organic customers versus the 8,500 from the Carbon6 acquisition; how do you plan to integrate these divergent customer segments into a cohesive growth strategy, and what measures are in place to mitigate potential integration risks?
- You acknowledged a 2% decline in the analytics business amid tariff uncertainties; can you explain which specific macro factors are impacting this segment and what targeted initiatives you have to reverse this trend?
- Your EPS outperformance in Q1 was partially attributed to timing differences in spending and hiring; could you detail which cost elements or talent acquisitions are expected to be deferred and how that might affect near-term profitability?
- With recent enablement campaigns showing a bias toward retailers already on your network, what are the strategic reasons behind this trend and how do you plan to shift focus towards acquiring new retail relationships for sustainable organic growth?
- Given the ongoing macro uncertainties and evolving tariff impacts, which leading indicators are you monitoring for community enablement campaigns, and what contingency plans do you have if you observe a significant slowdown or increased supplier churn?
Research analysts who have asked questions during SPS COMMERCE earnings calls.
Dylan Becker
William Blair
4 questions for SPSC
Also covers: AIOT, AZPN, BLND +15 more
Lachlan Brown
Redburn Atlantic
4 questions for SPSC
Also covers: DSGX, MANH
Nehal Chokshi
Northland Capital Markets
4 questions for SPSC
Also covers: AGYS, ALLT, AVPT +12 more
Parker Lane
Stifel Financial Corp.
4 questions for SPSC
Also covers: BLKB, BRZE, CXM +14 more
George Michael Kurosawa
Citigroup
3 questions for SPSC
Also covers: BL, MANH, OTEX +2 more
Jeff Van Rhee
Craig-Hallum Capital Group LLC
3 questions for SPSC
Also covers: AKAM, ALKT, ASUR +17 more
Joseph Vruwink
Baird
3 questions for SPSC
Also covers: ADSK, ANSS, BSY +13 more
Mark Schappel
Loop Capital Markets
3 questions for SPSC
Also covers: ALTR, AZPN, DSGX +10 more
Scott Berg
Needham & Company, LLC
2 questions for SPSC
Also covers: AMPL, BILL, BRZE +20 more
Daniel Hibshman
Craig-Hallum Capital Group LLC
1 question for SPSC
Also covers: AKAM, BKSY, CRNC +6 more
George Kurosawa
Citigroup Inc.
1 question for SPSC
Also covers: BOX, MANH, PCTY +1 more
Ian Black
Needham & Company
1 question for SPSC
Also covers: BILL, DOCU, LAW +2 more
Mark Chappell
Loop Capital Markets
1 question for SPSC
Matt Vanvliet
Cantor Fitzgerald
1 question for SPSC
Also covers: AGYS, BRZE, FRSH +4 more
Quinton Gabrielli
Piper Sandler
1 question for SPSC
Also covers: DGII, FIVN, MANH +1 more
Robert Morelli
Needham & Company, LLC
1 question for SPSC
Also covers: FRSH, ONTF, PRO +2 more
William Jellison
D.A. Davidson & Co.
1 question for SPSC
Also covers: PDFS, PHR
Recent press releases and 8-K filings for SPSC.
SPS Commerce Outlines Growth Strategy and Financial Targets at 2025 Investor Day
·$SPSCGuidance Update
New Projects/Investments
Share Buyback
- SPS Commerce targets ≥ High Single-Digit Revenue Growth beyond 2025, driven by low single-digit growth in net new customer adds and mid-to-high single-digit growth in Average Recurring Revenue per User (ARPU). The company aims for a long-term Adjusted EBITDA Margin of ≥35%.
- The company operates in a significant market with a Global Total Addressable Market (TAM) of $11.1 billion as of February 2025. SPS Commerce currently serves 54,500 recurring revenue customers with an ARPU of $13,200 (Q2 2025), identifying an opportunity to expand to 275,000 customers with an ARPU of $40,500.
- SPS Commerce's network supports 300,000+ trading relationships and processes over $650 billion in transaction value and 780 million+ documents (TTM calculation).
- From 2019 to 2024, SPS Commerce achieved +37% growth in total customers and +90% growth in total ARPU, with ARPU for large customers growing by +167%.
- The company plans to allocate approximately 50% of free cash flow to share repurchases for 2024:1H2025, alongside disciplined M&A and organic growth investments.
Sep 23, 2025, 1:30 PM
SPS Commerce Highlights Network Growth, Go-to-Market Strategy, and Financial Performance at Investor Day 2025
·$SPSCNew Projects/Investments
Revenue Acceleration/Inflection
Guidance Update
- SPS Commerce operates a cloud-based network connecting retailers, suppliers, and 3PLs, facilitating supply chain information exchange and collaboration. The network currently includes over 300,000 trading partner relationships, processing over $650 billion in transaction volume, and 780 million documents in the last 12 months.
- The company's go-to-market strategy is highlighted by differentiated retail programs that achieve 70% win rates by onboarding suppliers to retailer requirements. Other growth drivers include channel partnerships, global expansion into Europe, and leveraging network data for upsell and cross-sell opportunities.
- SPS Commerce has demonstrated a strong financial track record, achieving 17% top-line growth and 27% adjusted EBITDA dollar growth over the past decade. The company has a stated goal to reach at least 35% adjusted EBITDA margin.
- Revenue growth is driven by both increasing customer count and Average Revenue Per User (ARPU); from 2019 to 2024, the company added approximately 37% more customers and increased ARPU by about 90%.
- The company identifies significant remaining market opportunity across all customer segments and plans to achieve future profitable growth by driving efficiencies, particularly in gross margin, and through strategic investments in AI.
Sep 23, 2025, 1:30 PM
SPS Commerce Inc. Announces Strong Q2 2025 Results and Updates Full-Year Guidance
·$SPSCEarnings
Guidance Update
Demand Weakening
- SPS Commerce Inc. reported strong Q2 2025 results, with revenue increasing 22% year-over-year to $187.4 million and adjusted EBITDA growing 27% to $56.1 million, marking its 98th consecutive quarter of revenue growth.
- For the full year 2025, the company expects revenue to be between $759 million and $763 million (19% to 20% growth) and adjusted EBITDA in the range of $230.7 million to $233.7 million (24% to 25% growth).
- While retail demand remains strong, the company is experiencing heightened spend scrutiny and delayed purchasing decisions from suppliers, particularly in the mid-market ERP segment, due to macro uncertainties.
- Looking beyond 2025, SPS Commerce anticipates an organic revenue growth rate of at least high single digits and projects an annual expansion of adjusted EBITDA margin by two percentage points.
Aug 1, 2025, 6:51 PM
Commerce announces Q2 2025 financial results and rebranding
·$SPSCEarnings
Guidance Update
Board Change
- Commerce.com, Inc. (formerly BigCommerce Holdings, Inc.) reported total revenue of $84.4 million, a 3% increase compared to the second quarter of 2024, and a GAAP net loss of ($8.4) million for the second quarter ended June 30, 2025. The company also achieved non-GAAP operating income of $4.8 million and Adjusted EBITDA of $5.7 million for the same period.
- The company announced its rebranding to Commerce.com, Inc., unifying BigCommerce, Feedonomics, and Makeswift, and will change its Nasdaq ticker symbol to "CMRC" effective on or about August 1, 2025.
- For the third quarter of 2025, Commerce.com, Inc. expects total revenue between $85 million and $87 million and non-GAAP operating income between $2.3 million and $3.3 million. The full year 2025 outlook projects total revenue between $339.6 million and $346.6 million and non-GAAP operating income between $19 million and $25 million.
Jul 31, 2025, 11:00 AM