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Mar 31, 2025
SPS Commerce Q1 2025 Earnings Report
SPS Commerce reported strong Q1 2025 results, achieving its 97th consecutive quarter of revenue growth and solid profitability metrics.
Key Takeaways
SPS Commerce delivered a strong Q1 2025 performance with 21% revenue growth and a 22% increase in adjusted EBITDA. The company reported $181.5M in revenue and $22.2M in net income, driven by growth in recurring revenue and continued operational efficiency.
Forward Guidance
SPS Commerce expects continued revenue and profitability growth in Q2 and FY 2025, maintaining strong margins and performance despite macroeconomic uncertainty.
Positive Outlook
- Q2 2025 revenue guidance: $184.5M–$186.2M (20–21% YoY growth)
- Q2 2025 non-GAAP EPS guidance: $0.87–$0.90
- FY 2025 revenue guidance: $758.5M–$763.0M (19–20% YoY growth)
- FY 2025 non-GAAP EPS guidance: $3.86–$3.93
- FY 2025 adjusted EBITDA guidance: $229.4M–$232.9M (23–25% growth)
Challenges Ahead
- Expected Q2 2025 GAAP EPS lower than Q1: $0.41–$0.44
- Significant share-based compensation: $15.5M forecasted for Q2
- Cash position decreased by ~$146M due to acquisition and buybacks
- Increased amortization expense projected: $9.8M in Q2
Historical Earnings Impact
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Avg. Return Before/After Earnings
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