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- **Revenue Growth Strong Despite Challenges**: 16% YoY revenue rise to $189.9M, driven by recurring and fulfillment business. 
- **Revenue Recovery Hurdles**: $3M Q3 shortfall due to Amazon policy changes and seasonal shipment declines. 
- **Leadership Shifts**: Incoming CCO to enhance customer lifecycle management and global expansion. 
- **2026 Outlook**: 7-8% organic growth target, with focus on ARPU expansion and EBITDA margin gains. 
- **Amazon Impact**: 3P seller shipment volume drops highlight reliance on 1P customers for stability.

**【CEO Summary Section】**
- Q3 2025 revenue grew 16% YoY to $189.9 million, driven by 18% recurring revenue growth and 20% expansion in fulfillment business. 
- Revenue recovery business underperformed by $3 million due to Amazon policy changes and seasonal shipment volume declines. 
- Completed go-to-market integration for revenue recovery, with cross-sell opportunities to 50,000+ existing customers. 
- Announced Chief Commercial Officer Eduardo Rosini to enhance customer lifecycle management and global expansion. 

**【CFO Financial Commentary】**
- Adjusted EBITDA rose 25% to $60.5 million, with $134 million cash and $30 million share buybacks. 
- Q4 2025 guidance: $192.7-$194.7 million revenue (13-14% YoY growth), $58.8-$60.8 million EBITDA. 
- Full year 2025 outlook: $751.6-$753.6 million revenue (18% YoY), $229.7-$231.7 million EBITDA (23-24% growth). 
- 2026 organic growth target: 7-8%, with 2% EBITDA margin expansion. 

**【Q&A Highlights】**
- Amazon's inventory policy changes caused 3P seller shipment declines, impacting revenue recovery. 
- 2026 enablement campaigns pushed to H1 due to holiday season delays. 
- Network-led growth strategy leverages 50,000+ customers for cross-selling, with early success in revenue recovery pipeline. 
- AI investments focus on customer onboarding efficiency and go-to-market workflows. 
- 3P customer churn expected to continue, but 1P ARPU growth offsets impact.

SPS Commerce, Inc. (SPSC) Q3 2025 Earnings Call Transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

SPSC

SPSC fundamentals

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