SPS Commerce, Inc. Citi’s 2026 Global TMT Conference

Welcome, Joe. Yeah, nice to be here.

Yeah. SPS has been around for a long time. The business was started in the late 1990s. The age of the internet really changed the way that suppliers and retailers can kind of work together. At the core, what SPS does is it built a managed network between some of the largest buying organizations. Think of big retailers, grocers, industrial suppliers, industrial distributors, and all their suppliers. We manage all the communication, all the EDI communication, API communication, all the digital requirements between the large retailers and grocers and the suppliers. The way we did it, we took a very different approach. We built a network. Once you connect to our network, for example, when one of the suppliers, for example, let's say a Target supplier connects on our network, they have access to all the other retailers.

For example, if they want to also connect with Costco, they don't need to know how to understand how to connect with Costco. They don't need to know what their EDI requirements are or their API requirements. Once they connected with us once, we manage that entire network. Over the years, we have about 3,500 buying organizations and a little over 40,000 suppliers, or what we call our customers, on the network. We kind of manage that network across day-to-day, across those different constituents.

Yeah, no. Obviously, we can't comment on that. What I would tell you right now, internally the business is just. Everyone internally is just focused on driving the business forward. No comment on that, as you can imagine, but we feel really good about the momentum on the business. I'm sure we're going to get into it a little bit, George, but there's a lot of things that are working well right now. I think we're pretty positive about the future of SPS.