Report Industry Investment Rating - No information provided on the report industry investment rating Core Viewpoints - Asian IGs tightened by 1 - 3bps this morning, indicating a positive trend in the Asian investment - grade bond market [3] - Li & Fung's tender offer and new issue are beneficial to perp holders, and the company plans to reduce debt and adjust its balance sheet [7][8][9] - Zhongsheng's early redemption of ZHOSHK 3 01/13/26 reflects sufficient liquidity, and ZHOSHK 5.98 01/30/28 remains a good shorter - dated carry play [14] Summary by Related Catalogs Trading Desk Comments - In KR, LGENSO 26 - 35s tightened by 2 - 5bps; in Chinese IGs, BABA 31/MEITUA 30 tightened 1bp, ZHOSHK 26 - 28s were unchanged to 1bp tighter [1] - In financials, CSILTD priced a 3yr floating - rated bond at SOFR + 60; SUMIBK/STANLN Float 28 - 31s tightened 1 - 3bps [1] - In insurance, SHIKON 35 tightened 1bp, NSINTW 34 widened 1bp; ASAMLI Perps/MYLIFE 55s were up 0.1pt [1] - In AT1s, HSBC 6.95/LLOYDS 8/BACR 7.625 Perps were 0.2 - 0.4pt higher; in HK, BNKEA/DAHSIN/NANYAN 31 - 34s tightened 1 - 3bps [1] - In Chinese properties, DALWAN 26 was down 0.7pt; RAODKG 28 - 30s/Perps were 0.2pt lower to 0.3pt higher [1] - Outside properties, EHICAR 26 - 27s were 1.2 - 1.4pts higher; in SE Asia, GLPSP 28/Perps were 0.8 - 1.6pts higher [1] - VEDLN 28 - 33s were up 0.1 - 0.3pt; VLLPM 29 lowered 1.2pts; PTTEPT/PTTTB 42s were 0.6pt lower [1] - In CNH space, CCAMCL priced 3.5yr and 5yr CNH bonds at 2.35% and 2.43% respectively; onshore AAA guaranteed CNH LGFVs tightened 20 - 50bps [2] - BADNHI 6.9 28s/ZBZCHD 6.9 28s were 0.5 - 2.7pts higher; in SOE perps, CHPWCN Perp was up 0.1pt [4] Last Trading Day's Top Movers - Top performers included KAFEDI 6 1/2 06/04/28 with a price of 96.3 and a change of 2.7, GLPSP 4 1/2 PERP with a price of 55.3 and a change of 1.6 [5] - Top underperformers included TSIVMG 1.55 12/17/29 with a price of 70.4 and a change of - 1.2, VLLPM 9 3/8 07/29/29 with a price of 64.5 and a change of - 1.2 [5] Marco News Recap - On Monday, S&P was up 0.02%, Dow was down 0.14%, and Nasdaq was up 0.33%; long - term UST yield was higher, with 2/5/10/30 yield at 3.91%/3.96%/4.42%/4.96% [6] Desk Analyst Comments - Li & Fung launched a tender offer for LIFUNG 5.25 Perp at USD55, with a maximum acceptance amount of USD50mn, funded by a new 3.5NC2 USD bond [7] - The FV of the new LIFUNG 29 is expected to be mid - 8% vs IPT at 9% [7] - The tender offer is seen as a de facto voluntary partial exchange beneficial to perp holders [8] - With new issuance proceeds and cash on hand, Li & Fung plans to redeem bonds, repay loans, and adjust its balance sheet [9] - Zhongsheng announced to make - whole ZHOSHK 3 01/13/26 on 27 Aug'25, reflecting sufficient liquidity [14] - ZHOSHK 5.98 01/30/28 is considered a good shorter - dated carry play, and a buy recommendation is maintained [14] Offshore Asia New Issues - No offshore Asia new issues were priced today; in the pipeline, Chengdu Xisheng Investment Group plans a 3yr issue, China CITIC Bank London Branch plans a 3yr issue of up to USD300mn, and Li & Fung plans a 3.5NC2 issue [18] News and Market Color - 84 credit bonds were issued yesterday onshore with an amount of RMB92bn; month - to - date, 1,881 credit bonds were issued with a total amount of RMB2,024bn, a 15.2% yoy increase [21] - Adani Green Energy 1Q26 total revenue rose 36% yoy to INR38bn (cUSD439.2mn) [21] - Diamond Power won an INR13.5bn (cUSD155.6mn) order from Adani Energy Solutions [21] - China Cinda AMC issued 3.5y CNH3bn bonds at 2.35% and 5yr CNH2.3bn bonds at 2.43% [21] - Lippo Cikarang's 1H25 presales reached 48% of FY25 target [21] - SJM Holdings agreed to buy a property in Zhuhai for RMB724.2mn (cUSD101.1mn) [21]

Delray Beach, FL, July 21, 2025 (GLOBE NEWSWIRE) -- According to MarketsandMarkets™, the global Supply Chain Management Market growth is projected to reach USD 58.42 billion by 2030 from USD 38.51 billion in 2025, at a Compound Annual Growth Rate (CAGR) of 8.7% during the forecast period. Browse in-depth TOC on "Supply Chain Management Market" 340 - Tables 58 - Figures 361 - Pages Download Report Brochure @ https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=190997554 Supply Chain Management Market Dyn ...

Core Insights - The GearTrack April Cargo Security Index indicates a significant rise in cargo theft incidents in the U.S., with 54% occurring in California, Florida, and Texas in March 2025 [1][7] - California experienced a 34% month-over-month increase in cargo theft incidents, while Texas and Florida saw increases of 17% [1][7] - Food and beverage items were among the most targeted goods, highlighted by a thwarted theft of $55,000 worth of beef in Philadelphia [1][7] Industry Trends - Organized theft groups are employing innovative schemes, including non-delivery of loads and document forgery for fraudulent pick-ups [2] - Shippers are advised to enhance route planning to ensure the safe delivery of valuable goods, particularly in sectors like food and beverage, apparel, household goods, metals, and vehicles [2] Cargo Security Index Overview - The Cargo Security Index is a collaboration between GearTrack and CargoNet, providing insights into cargo theft trends, high-risk routes, and organized theft activity [3] - The Index aims to equip shippers, logistics providers, and insurers with intelligence to counter increasingly sophisticated threats [3] Response to Rising Theft - The surge in cargo theft is attributed to economic pressures, tariff uncertainty, and increased shipment volumes [4] - GearTrack plans to integrate Verisk CargoNet's RouteScore API to offer route-specific intelligence and customized protection recommendations [4] Company Background - GearTrack is an IoT-powered supply chain solution that tracks and protects high-value assets in real-time, helping companies reduce downtime and ensure timely deliveries [5] - Verisk is a strategic data analytics partner for the global insurance industry, focusing on improving operational efficiency and combating fraud [6]

Financial Data and Key Metrics Changes - First quarter revenue grew 21% to $181.5 million, marking the 97th consecutive quarter of revenue growth [8][16] - Recurring revenue increased by 23% year-over-year, with approximately 54,150 recurring revenue customers and an average revenue per user (ARPU) of approximately $13,850 [16] - Adjusted EBITDA rose 22% to $54.4 million compared to $44.4 million in Q1 of the previous year [17] - Total cash and investments at the end of the quarter were $95 million, with approximately $40 million of SPS shares repurchased [18] Business Line Data and Key Metrics Changes - The analytics segment experienced a slight decline of approximately 2% year-over-year, which is expected to remain flat for the year [30][31] - The acquisition of CarbonSix added approximately 8,500 customers, exceeding initial estimates [17][94] Market Data and Key Metrics Changes - SPS Commerce operates a network of over 50,000 suppliers, logistics companies, and buying organizations across various sectors, including retail and manufacturing [15] - The total addressable market for SPS Commerce is estimated at $11 billion [15] Company Strategy and Development Direction - The company is focused on enhancing trading partner relationships through a diverse product portfolio, including fulfillment, analytics, e-invoicing, and revenue recovery [9][10] - SPS Commerce is committed to supporting automation and operational efficiencies in supply chains, which are seen as critical for customer growth and profitability [14][19] Management's Comments on Operating Environment and Future Outlook - Management is closely monitoring trade dynamics and their impact on the retail industry, emphasizing the importance of automation and operational efficiencies [19][21] - Despite macroeconomic uncertainties, the company maintains its full-year revenue growth outlook of 19% to 20% [20][21] Other Important Information - The company expects Q2 2025 revenue to be in the range of $184.5 million to $186.2 million, with adjusted EBITDA expected between $53 million and $54.5 million [18] - Stock-based compensation expense is anticipated to be approximately $15.5 million for the year [19] Q&A Session Summary Question: Insights on cross-sell potential from recent acquisitions - Management noted that the ideal customer profiles for revenue recovery and fulfillment align well, indicating potential for cross-selling opportunities [26][28] Question: Performance of the analytics business - The analytics segment saw a slight decline, attributed to economic conditions, with expectations for it to remain flat for the year [30][31] Question: Impact of tariffs on enablement campaigns - Management confirmed that while tariffs are a concern, there has not yet been a decline in the volume of enablement programs [37][38] Question: Customer growth from CarbonSix acquisition - The acquisition added more customers than initially expected, with a rigorous review process revealing a higher customer count [94][95] Question: Organic customer growth expectations - Management indicated that organic customer growth is expected to remain stable, with strong community enablement activity anticipated [99] Question: Broader economic indicators being monitored - Key indicators include the pipeline of community enablement campaigns and the health of the supplier base [112][113]

Financial Data and Key Metrics Changes - First quarter revenue grew 21% to $181.5 million, marking the 97th consecutive quarter of revenue growth [8][16] - Recurring revenue increased by 23% year-over-year, with approximately 54,150 recurring revenue customers and an average revenue per user (ARPU) of approximately $13,850 [16] - Adjusted EBITDA rose 22% to $54.4 million compared to $44.4 million in Q1 of the previous year [17] - The company ended the quarter with total cash and investments of $95 million and repurchased approximately $40 million of its shares [18] Business Line Data and Key Metrics Changes - The analytics segment experienced a slight decline of approximately 2% year-over-year, which is attributed to economic conditions and tariff uncertainties [30][32] - The acquisition of CarbonSix added approximately 8,500 customers, exceeding initial estimates, and is expected to impact ARPU in the following quarter [17][94] Market Data and Key Metrics Changes - SPS Commerce operates a network of over 50,000 suppliers, logistics companies, and buying organizations across various sectors, including retail and manufacturing, within an $11 billion total addressable market [15] - The company is closely monitoring how current trade dynamics are impacting the retail sector amid economic uncertainties [14][19] Company Strategy and Development Direction - SPS Commerce aims to enhance trading partner relationships through a diverse product portfolio, including fulfillment, analytics, e-invoicing, and supply chain performance solutions [9][10] - The company is focused on automation and operational efficiencies as priorities for trading partners, which are expected to drive future growth [19][20] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the full-year 2025 growth outlook despite ongoing macroeconomic uncertainties, emphasizing the resilience of their business model [21] - The company is not currently seeing a decline in the volume of enablement programs, indicating a stable demand environment [37] Other Important Information - The company expects revenue for Q2 2025 to be in the range of $184.5 million to $186.2 million, representing approximately 20% to 21% year-over-year growth [18] - For the full year 2025, revenue is expected to be between $758.5 million and $763 million, reflecting a growth rate of 19% to 20% over 2024 [20] Q&A Session Summary Question: Insights on cross-sell potential from recent acquisitions - Management noted that the ideal customer profiles for revenue recovery and fulfillment products align well, indicating potential for cross-selling opportunities [26][28] Question: Performance of the analytics business - The analytics segment saw a slight decline, attributed to economic conditions, with expectations for it to remain flat for the year [30][31] Question: Impact of tariffs on enablement campaigns - Management confirmed that while tariffs are a concern, they have not yet seen a decline in the pipeline for enablement programs [37][38] Question: Customer growth from CarbonSix acquisition - The acquisition added more customers than initially expected, with a rigorous review process revealing approximately 8,500 customers [94][95] Question: Organic customer growth expectations - Management indicated that organic customer growth is expected to remain stable, with strong community enablement activity anticipated for the year [99] Question: Broader economic indicators being monitored - Key indicators include the pipeline of community enablement campaigns and the health of the supplier base, with no current signs of slowdown in ERP and WMS projects [112][116]