MORRISVILLE – The pandemic and people’s collective shift to online buying is continuing to drive customers as well as revenue – a record – to ecommerce services provider ChannelAdvisor.
The company (ECOM stock ticker) on Thursday reported second-quarter net income of $4.6 million.
“We enjoyed continued strong momentum in Q2, with record revenue and strong adjusted EBITDA [earnings before interest, taxes, depreciation, amoritizaion], both of which exceeded our guidance for the quarter,” said David Spitz, ChannelAdvisor’s chief executive officer, in a statement. “Our focus on brands, product innovation, channel expansion, and strong sales and revenue retention drove another quarter of accelerating subscription revenue growth. Demand for our products has remained very strong as brands continue to accelerate their digital transformation strategies.”
On a per-share basis, ChannelAdvisor said it had net income of 15 cents. Earnings, adjusted for stock option expense, came to 26 cents per share.
Revenue came in at $41.5 million.
Highlights from the quarter ending June 30:
- Record revenue of $41.5 million, up 11% year-over-year
- Subscription revenue growth accelerated to 25% year-over-year
- Brands revenue increased 39% year-over-year
- Brands subscription revenue growth of 54% year-over-year and represented 44% of total subscription revenue
- Brands customer count increased 45% year-over-year
- Cash and cash equivalents were $90.4 million, an increase of $26.5 million since June 30, 2020 and an increase of $8.0 million since March 31, 2021
- Operating cash flow increased 19% year-over-year to $9.2 million
For the current quarter ending in October, ChannelAdvisor said it expects revenue in the range of $41.3 million to $41.7 million.
ChannelAdvisor shares have risen 42% since the beginning of the year. The stock has increased roughly 5% in the last 12 months.
