TMX Transform Partners on Strategic Supply Chain Transformation for Marks & Spencer's Largest Food Distribution Centre Share Sep 30, 2025 9:07 AM Eastern Daylight Time LONDON--(BUSINESS WIRE)--TMX Transform, leading end-to-end supply chain consultancy, has successfully partnered with Marks & Spencer (M&S) on its landmark supply chain transformation project - the development of one of the UK's largest automated National Distribution Centre's (NDC). The 1.3 million sq ft NDC at Daventry International Rail Fre ...

Company Overview - Fastenal Company operates approximately 1,600 branch locations across 25 countries, providing a wide range of fasteners, safety products, metal cutting products, and other industrial supplies to various sectors including manufacturing, construction, and government [2][3]. - The company employs a "high-touch, high-tech" approach, focusing on local expertise, customer-facing technology, and efficient supply chain management to help customers reduce costs and risks [2]. Recent Developments - Fastenal has announced a conference call scheduled for October 13, 2025, at 9:00 a.m. central time to review its third quarter earnings and current operations [1]. - The company has launched a new high-tech distribution center in Magna, Utah, covering 298,000 square feet, aimed at enhancing operational efficiency and customer service in the region [4].

Inspectorio's new offering combines business data from various sources with advanced technologies, including generative AI (GenAI) capabilities, trained AI copilots, and autonomous agents. Together, these capabilities automate intelligence and orchestrate essential operations. According to Inspectorio, Paramo will function as an integrated "intelligence layer" throughout its supply chain platform. It will encompass areas such as quality control, risk management, product management, traceability, and lab t ...

Core Insights - project44 has expanded its service offerings with the launch of a new Tariff Simulator, shifting from a focus on visibility to a more comprehensive suite of shipment execution solutions under the Movement Platform [1] Group 1: Tariff Simulator Launch - The Tariff Simulator was launched in response to the expiration of numerous Section 301 exclusions, which increased tariff burdens on imports from China, particularly affecting sectors like electronics, industrial machinery, and solar equipment [2] - The simulator allows businesses to quickly calculate U.S. import duties and tariffs using HTS codes, providing real-time calculations essential for understanding cost exposures and strategizing procurement [2] Group 2: Market Need and Design - Ellie Crist, Senior Director of Project Management at project44, highlighted that existing market solutions were fragmented and not user-friendly for buyers and planners, necessitating a tool that provides quick and reliable duty estimates [3] - The Tariff Simulator was designed to cater broadly across the supply chain, enabling teams to make informed sourcing and transportation decisions without relying solely on compliance specialists [3] Group 3: Strategic Integration - The Tariff Simulator is part of project44's strategic transition towards integrating comprehensive decision-making tools into their Movement Platform, serving as an entry point to broader decisioning workflows [4] - The tool is envisioned as both a standalone function and part of an AI-powered decision-making experience that encompasses sourcing, procurement, and inventory decisions [4] Group 4: Applications and Benefits - The Tariff Simulator supports various applications, including strategic sourcing, budget planning, and scenario modeling, allowing companies to manage supplier comparisons and landed cost calculations effectively [6] - By facilitating crucial pre-booking and pre-shipment validations, project44 positions the simulator as an essential asset for optimizing supply chain operations [6]

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]

Core Insights - The global Supply Chain Management (SCM) Market is projected to grow from USD 38.51 billion in 2025 to USD 58.42 billion by 2030, reflecting a Compound Annual Growth Rate (CAGR) of 8.7% during the forecast period [1] Market Dynamics - Rising automation in production and distribution is driving demand for SCM solutions that align planning with real-time execution, enhancing efficiency and reducing errors [3] - The need for actionable insights from operational data is pushing companies towards intelligent SCM platforms that improve forecasting and streamline costs [3] - Mobile-first SCM tools are optimizing business performance by providing real-time access to information and enhancing agility in supply chain execution [4][5] Regional Insights - The US is the largest market for supply chain management, driven by operational resilience, digital transformation, and end-to-end visibility [6] - High demand from sectors such as manufacturing, retail, healthcare, and e-commerce is fueling investments in logistics optimization and warehouse automation [6] Deployment Trends - Cloud-based deployments in SCM are expected to witness the highest growth rate, offering scalable and remotely accessible platforms that enhance agility and reduce IT maintenance [7] - These cloud solutions support core modules such as planning, sourcing, production, logistics, and fulfillment, making them the preferred model across industries [7] Technological Opportunities - Digital twins and scenario simulation are transforming supply chain planning by allowing organizations to model and trial the effects of different decisions in real-time [8] - These technologies help businesses anticipate responses to disruptions and streamline resource deployment, enhancing strategic planning [8]

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]

Market Overview - The Nasdaq has officially entered bear market territory, falling over 20% from its December peak, with a weekly decline of 8.6% [1] - The Fidelity NASDAQ Composite Index ETF (ONEQ) has slumped 19.1% year-to-date and is down 4% over the past year [1][2] Investor Sentiment - A survey by the American Association of Individual Investors indicates that 62% of respondents expect market declines over the next six months, marking the most pessimistic outlook in over a year [2] Technology Sector Performance - Technology stocks have been significantly impacted, with Apple (AAPL) down 7% on April 4, totaling a 13% loss for the week; NVIDIA (NVDA) also fell 7%, and Tesla (TSLA) dropped 10% [3] - These companies, heavily exposed to China, faced challenges due to retaliatory tariffs from Beijing [3] AI Investment Concerns - There are growing concerns that the investment boom in AI by Big Tech is outpacing demand, exacerbated by competition from Chinese startup DeepSeek, which released a low-cost AI model [4][5] Standout Stocks in Bear Market - Despite the bear market, several stocks in the Nasdaq Composite have shown strong performance: - ThredUp (TDUP) has a year-to-date price change of +86.5% and a one-month change of +11.4% [6][7] - 908 Devices (MASS) has a year-to-date price change of +73.9% and a one-month change of +38% [7][8] - Logility Supply Chain Solutions Inc. (LGTY) has a year-to-date price change of +29.9% [8] - Palomar Holdings (PLMR) has a year-to-date price change of +27.7% and a one-month change of +4.5% [9] - EZCORP (EZPW) has a year-to-date price change of +25.7% and a one-month change of +14.2% [10]