SPS Commerce Inc. reported significant financial growth in its latest 10-Q filing for the three and nine months ended September 30, 2024. The company achieved a net income of $23.46 million for the third quarter, marking a 39% increase from $16.84 million in the same period of 2023. For the nine-month period, net income rose by 27% to $59.50 million, up from $46.81 million in the prior year.
Total revenues for the third quarter reached $163.69 million, a 21% increase compared to $135.66 million in the same quarter of 2023. For the nine months, total revenues amounted to $466.86 million, reflecting a 19% increase from $391.95 million in the same period last year. Recurring revenues also saw substantial growth, with third-quarter figures at $154.46 million, up 21% from $127.37 million in 2023, and nine-month recurring revenues at $438.12 million, a 20% increase from $366.20 million.
The company's gross profit for the third quarter was $112.06 million, compared to $90.14 million in the same period of 2023. For the nine months, gross profit increased to $311.73 million from $258.92 million in the previous year. Adjusted EBITDA for the third quarter was reported at $48.40 million, an increase from $40.50 million in 2023, while for the nine months, it rose to $136.99 million from $115.67 million.
As of September 30, 2024, SPS Commerce had cash and cash equivalents of $198.84 million, a decrease from $219.08 million at the end of 2023. However, total assets increased significantly to $1.00 billion, up from $823.84 million at the end of the previous fiscal year. Total stockholders' equity also rose to $829.37 million, compared to $667.48 million as of December 31, 2023.
The company continues to demonstrate strong financial performance, driven by its recurring revenue model and effective cost management strategies.
About SPS COMMERCE INC
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