SPSC - SPS Commerce beats Q1 top and bottom line estimates; initiates Q2 and updates FY23 outlook

2023-04-26 16:16:52 ET

• SPS Commerce press release ( NASDAQ: SPSC ): Q1 Non-GAAP EPS of $0.67 beats by $0.09 .
• Revenue of $125.9M (+19.7% Y/Y) beats by $1.95M .
• Adjusted EBITDA for the first quarter of 2022 increased 16% to $37.0 million compared to the first quarter of 2022.
• Second Quarter 2023 Guidance: Revenue is expected to be in the range of $128.0 million to $128.8 million vs. consensus of $128.54M.
• Net income per diluted share is expected to be in the range of $0.30 to $0.31, with fully diluted weighted average shares outstanding of 37.5 million shares.
• Non-GAAP income per diluted share is expected to be in the range of $0.62 to $0.63 vs. consensus of $0.65.
• Adjusted EBITDA is expected to be in the range of $36.4 million to $37.0 million.
• Non-cash, share-based compensation expense is expected to be $12.8 million, depreciation expense is expected to be $5.0 million, and amortization expense is expected to be $3.9 million.
• Full Year 2023 Guidance: Revenue is expected to be in the range of $525.5 million to $527.6 million, representing 17% growth over 2022 vs. consensus of $525.49M.
• Net income per diluted share is expected to be in the range of $1.55 to $1.58, with fully diluted weighted average shares outstanding of 37.4 million shares.
• Non-GAAP income per diluted share is expected to be in the range of $2.67 to $2.70 vs. consensus of $2.66.
• Adjusted EBITDA is expected to be in the range of $154.2 to $155.8 million, representing 17% to 18% growth over 2022.
• Non-cash, share-based compensation expense is expected to be $45.0 million, depreciation expense is expected to be $19.8 million, and amortization expense is expected to be $15.6 million.

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