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Thursday, February 09, 2012 1:38:53 AM
PROVIDED BY GlobeNewswire - 4:05 PM 02/08/2012
MINNEAPOLIS, Feb. 8, 2012 (GLOBE NEWSWIRE) -- SPS Commerce (SPSC) , a leading provider of on-demand supply chain management solutions, today announced financial results for the fourth quarter and full year ended December 31, 2011.
Revenue was $15.9 million in the fourth quarter of 2011, compared to $11.9 million in the fourth quarter of 2010, reflecting 33% growth in revenue from the fourth quarter 2010. Recurring revenue grew 37% from the fourth quarter of 2010.
Net income in the fourth quarter of 2011 was $13.1 million or $1.02 per diluted share, compared to net income of $441,000, or $0.04 per diluted share, in the fourth quarter of 2010. In the fourth quarter 2011, the Company recorded a tax benefit of $12.8 million from a deferred tax asset valuation allowance reversal that positively impacted net income and net income per share. Non-GAAP net income per diluted share was $0.08, compared to non-GAAP net income per diluted share of $0.06 in the fourth quarter of 2010. Adjusted EBITDA for the fourth quarter of 2011 was $1.6 million, compared to $1.1 million for the fourth quarter of 2010.
"2011 was an outstanding year for SPS Commerce (SPSC), highlighted by a record number of new customers and 32% growth in recurring revenue," said Archie Black, President and CEO of SPS Commerce (SPSC
SPSC SPS COMMERCE INC
27.91
Change +0.13 (+0.47%)
AS OF 4:00 PM ET 02/08/12.). "We are benefitting from a dynamic evolution in the supply chain market, driven by the growing need for cloud-based EDI solutions, the rise of e-commerce, the changing distribution needs of retailers, and the increased demands from heightened consumer expectations. As we start the new year, we are focused on repeating the success of 2011 by executing against our strategy and taking advantage of the favorable market trends that are providing a tailwind to our growth."
Revenue for the full year ended December 31, 2011 was $58.0 million compared to $44.6 million for the full year ended December 31, 2010, reflecting 30% growth in revenue. Recurring revenue grew 32% from the year ended December 31, 2010.
Net income for the twelve months ended December 31, 2011 was $13.7 million or $1.08 per diluted share, compared to net income of $2.9 million, or $0.25 per diluted share, for the comparable period in 2010. In the year ended 2011, the Company recorded a tax benefit of $12.8 million from a deferred tax asset valuation allowance reversal that positively impacted net income and net income per share. Non-GAAP net income per diluted share for the twelve months ended December 31, 2011 was $0.26, compared to non-GAAP net income per diluted share of $0.31 for the comparable period in 2010. Adjusted EBITDA for the full year ended December 31, 2011 was $5.4 million, compared to $5.2 million for the full year ended December 31, 2010.
"The fourth quarter marked a successful conclusion to 2011, highlighted by 37% growth in recurring revenue. We also increased the number of recurring revenue customers as well as the wallet share of those customers," said Kim Nelson, Chief Financial Officer of SPS Commerce (SPSC). "We continue to focus on delivering profitable top line growth and making incremental improvements in Adjusted EBITDA margin."
Guidance
For the first quarter of 2012, revenue is expected to be in the range of $16.3 to $16.5 million. First quarter net income per diluted share is expected to be in the range of $0.00 to $0.01. Non-GAAP net income per diluted share is expected to be in the range of $0.07 to $0.08. Adjusted EBITDA is expected to be in the range of $1.5 to $1.7 million. Non-cash, share-based compensation expense is expected to be approximately $625,000.
For the full year of 2012, revenue is expected to be in the range of $69.5 to $70.5 million. Full year net income per diluted share is expected to be in the range of $0.10 to $0.13. Non-GAAP net income per diluted share is expected to be in the range of $0.39 to $0.42. Adjusted EBITDA is expected to be in the range of $8.5 to $9 million. Non-cash, share-based compensation expense is expected to be approximately $2.8 million. Also for the year, we expect an annual effective tax rate of approximately 38%, with cash taxes for the year to be minimal.
Quarterly Conference Call
SPS Commerce (SPSC) will discuss its quarterly results today via teleconference at 3:30 pm Central Time (4:30 pm Eastern Time). To access the call, please dial (877) 312-7508, or outside the U.S. (253) 237-1184, at least five minutes prior to the 3:30 pm CT start time. A live webcast of the call will also be available at http://investors.spscommerce.com under the Events & Presentations menu. An audio replay will be available between 6:30 pm CT February 8, 2012 and 11:00pm CT February 24, 2012 by calling (855) 859-2056 or (404) 537-3406, with Conference ID 38853400. The replay will also be available on the Company's website at http://investors.spscommerce.com.
About SPS Commerce (SPSC)
SPS Commerce (SPSC) is a leading provider of on-demand supply chain management solutions and the Retail Universe community, providing integration, collaboration, connectivity, visibility and data analytics to thousands of customers worldwide. We deliver our solutions over the Internet using a Software-as-a-Service model to improve the way the retail supply chain community of suppliers, retailers, distributors and other customers build their trading partner relationships and manage and fulfill orders. Our Retail Universe hosts profiles of thousands of retail supply chain members, and enables retailers, suppliers and 3PLs to find, connect and form new business partnerships based on product or integration requirements. The SPSCommerce.net platform features pre-built integrations used by current and new customers alike, spanning 3,000 order management models across 1,500 retailers, grocers and distributors, as well as integrations to over 100 accounting, warehouse management, enterprise resource planning, and packing and shipping applications. More than 45,000 customers across more than 40 countries have used SPSCommerce.net, making it one of the largest trading partner integration centers. SPS Commerce (SPSC) has achieved 44 consecutive quarters of increased revenues and is headquartered in Minneapolis. For additional information, please contact SPS Commerce (SPSC) at 866-245-8100 or visit www.spscommerce.com or www.retailuniverse.com.
The SPS Commerce (SPSC) logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=7184
Use of Non-GAAP Financial Measures
To supplement its financial statements, SPS Commerce (SPSC) also provides investors with Adjusted EBITDA and non-GAAP net income per share, which are non-GAAP financial measures. SPS Commerce believes that these non-GAAP measures provide useful information to management and investors regarding certain financial and business trends relating to its financial condition and results of operations. SPS Commerce's (SPSC) management uses these non-GAAP measures to compare the company's performance to that of prior periods for trend analyses and planning purposes. It uses Adjusted EBITDA for purposes of determining executive and senior management incentive compensation. These measures are also presented to the company's board of directors.
EBITDA consists of net income plus depreciation and amortization, interest expense, interest income and income tax (benefit) expense. Adjusted EBITDA consists of EBITDA plus non-cash, share-based compensation expense. SPS Commerce (SPSC) uses Adjusted EBITDA as a measure of operating performance because it assists the company in comparing performance on a consistent basis, as it removes from operating results the impact of the company's capital structure. SPS Commerce believes Adjusted EBITDA is useful to an investor in evaluating the company's operating performance because it is widely used to measure a company's operating performance without regard to items such as depreciation and amortization, which can vary depending upon accounting methods and the book value of assets, and to present a meaningful measure of corporate performance exclusive of the company's capital structure and the method by which assets were acquired.
Non-GAAP net income per share consists of net income plus non-cash, share-based compensation expense and amortization expense related to intangible assets minus the deferred tax asset valuation allowance reversal divided by the weighted average number of shares of common stock outstanding during each period. SPS Commerce believes non-GAAP net income per share is useful to an investor because it is widely used to measure a company's operating performance.
These non-GAAP measures should not be considered a substitute for, or superior to, financial measures calculated in accordance with generally accepted accounting principles in the United States. These non-GAAP financial measures exclude significant expenses and income that are required by GAAP to be recorded in the company's financial statements and are subject to inherent limitations. SPS Commerce urges investors to review the reconciliation of its non-GAAP financial measures to the comparable GAAP financial measures that are included in this press release. The following tables provide reconciliations of net income to Adjusted EBITDA and non-GAAP net income per share:
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