ECOM - ChannelAdvisor News Story
$20.04 0.5 2.7%
Last Trade - 22/01/21
| Market Cap | £424.7m |
| Enterprise Value | £376.2m |
| Revenue | £102.0m |
| Position in Universe | 3234th / 6630 |
ChannelAdvisor Reports Third Quarter 2020 Results; Revenue and Adjusted EBITDA Exceed Guidance
Thu 5th November, 2020 11:45am
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Revenue Growth of 11% on a Y/Y Basis with Record Fixed Revenue
Brands Revenue Growth of 29% on a Y/Y Basis to a Record 34% of Revenue
Net Bookings Best In More Than Five Years
Adjusted EBITDA Increased 44% on a Y/Y Basis
Cash at $66 Million with Operating Cash Flow of $26 Million Year-To-Date
RESEARCH TRIANGLE PARK, N.C., Nov. 05, 2020 (GLOBE NEWSWIRE) -- ChannelAdvisor
Corporation (NYSE: ECOM), a leading provider of cloud-based e-commerce
solutions that enable brands and retailers to increase global sales, today
reported financial results for the quarter ended September 30, 2020.
“We delivered strong financial results again in the third quarter, with
revenue and adjusted EBITDA that both exceeded our guidance for the
quarter,” said David Spitz, ChannelAdvisor’s chief executive officer.
“What excites me even more is the strong performance we had in sales,
especially with brands, and overall outstanding revenue retention for the
quarter, both of which combined to drive an acceleration in fixed revenue
growth. Our strategic shift towards brands has continued to pay off, with
revenue growth from brands accelerating to 29% year over year for the quarter,
and our solid overall execution in the quarter positions us for continued
strong performance as we close out the year.”
Third Quarter 2020 Financial Results
* Revenue: Total revenue was $35.3 million for the third quarter 2020, an
increase of 11.4% from the year-ago period. Brands revenue increased 29.3%
from the year-ago period and reached a new high of 34.2% of total revenue.
Variable revenue was $8.2 million, or 23.2% of total revenue for the third
quarter 2020, compared with $5.8 million, or 18.5% of total revenue for the
year-ago period. Fixed subscription revenue was $27.1 million, or 76.8% of
total revenue for the third quarter 2020, compared with $25.8 million, or
81.5% of total revenue for the year-ago period.
* Gross Profit: GAAP gross profit was $27.6 million, representing a 78.2%
gross margin for the third quarter 2020, compared with $24.4 million and
77.1%, respectively, for the year-ago period. Non-GAAP gross profit was $27.8
million, representing a 78.8% non-GAAP gross margin for the third quarter
2020, compared with $24.8 million and 78.4%, respectively, for the year-ago
period. For a description of non-GAAP gross profit, non-GAAP gross margin and
other non-GAAP measures included in this press release, including their
potential limitations, see “Non-GAAP Financial Measures” below.
* Net Income: GAAP net income was $3.7 million for the third quarter 2020,
compared with $1.7 million for the year-ago period. GAAP net income per
diluted share was $0.12 based on 30.4 million diluted weighted average shares
outstanding for the third quarter 2020, compared with $0.06 per diluted share
based on 28.8 million diluted weighted average shares outstanding for the
year-ago period. Non-GAAP net income was $6.2 million for the third quarter
2020, compared with $3.5 million for the year-ago period. Non-GAAP net income
per diluted share was $0.20 based on 30.4 million diluted weighted average
shares outstanding for the third quarter 2020, compared with $0.12 based on
28.8 million diluted weighted average shares outstanding for the year-ago
period.
* Adjusted EBITDA: Adjusted EBITDA, a non-GAAP measure, was $7.4 million for
the third quarter 2020, compared with $5.2 million for the year-ago period.
Adjusted EBITDA margin, which is adjusted EBITDA divided by revenue, was 21.1%
for the third quarter 2020, compared with 16.3% for the year-ago period.
Adjusted EBITDA for the twelve months ended September 30, 2020 totaled $34.8
million.
* Cash: Cash and cash equivalents totaled $66.4 million as of September 30,
2020, compared with $51.8 million as of December 31, 2019. Cash generated
from operations was $26.0 million for the nine months ended September 30,
2020, compared with $7.5 million for the year-ago period. Free cash flow, a
non-GAAP measure, was $22.7 million for the nine months ended September 30,
2020, compared with $4.8 million for the year-ago period.
Recent Business Highlights
* Launch of ‘Shoppable Media’, a Comprehensive Suite of Multi-Channel
Solutions for Brands: From inspiration to conversion, brands can ease the path
to purchase directly from their websites and across various marketing and
advertising channels with ChannelAdvisor’s Shoppable Media, a product
offering that comprises Where to Buy Online, Where to Buy Local, Dynamic
Shopping Links, and Buy Now Interstitial, a new dynamic linking feature.
* Search Terms Generator for Amazon: Seller Central merchants advertising and
selling on Amazon through ChannelAdvisor can save time and resources with the
Search Terms Generator. This new feature automatically generates Search
Terms and provides updates based on advertising performance to help improve
organic listings.
* New Marketplace Integrations: ChannelAdvisor is committed to helping brands
and retailers reach new global audiences through the support of Bunnings
Marketlink (AU), Grupo Exito (US CBT to CO), Kroger (US), Love the Sales (UK),
Onceit (NZ), and Stockd (US), adding to the global total of more than 100
marketplace integrations.
* New First-Party Retail Dropship Connections: ChannelAdvisor added support
for first-party integrations with Bluestem (US), JClub (US), OTTO VAL (DE),
and Walgreens (US).
* Enhanced Client Experience to Improve Operational Agility:
* New Knowledge Center: New services IT infrastructure improves the ability
of clients to answer questions, solve problems and learn new features. With
improved self-help content that is easier to find, forums to encourage and
facilitate client engagement, and a new set of tools to enable team members to
better address client questions, ChannelAdvisor continues to invest in making
our clients successful.
* New Order Pipeline Dashboard: With this new analytics tool, ChannelAdvisor
continues to help brands and retailers minimize costly order processing
delays, especially during peak volume periods with powerful visualization and
monitoring of where those delays may be occurring in the processing pipeline.
* New Channel Health Console: Allows ChannelAdvisor Marketplace users to
understand and gauge operational health across all channel integrations,
enabling prioritization and focus on the most important areas of the business.
* Deal Planner: Introduces a new way to manage short-term promotions in dozens
of marketplaces. Brands and retailers can create deals for a specified time
period and then adjust the price for the deal’s duration. When the time
window expires, the listing returns to the original price.
* ChannelAdvisor Consumer Survey Indicates Significant Shift In Online
Shopping Behavior: Results from our recent consumer survey of more than one
thousand active shoppers in the US and the UK indicated significant shifts in
online shopping behavior among purchase-ready consumers across all age groups
and genders during the pandemic. ChannelAdvisor presented the survey findings
in a webinar that can be found on our corporate website
(https://go.channeladvisor.com/NA-Holiday-2020-Consumer-Habits-Webinar-WBN-Q320.html).
* Customer Details: ChannelAdvisor recently added notable new customers
including Epson U.S., Gant, Geox, Omron Healthcare Europe and Universal Music
Group Germany, and expanded its relationship with customers such as Brady
Corporation and Simone Perele SAS.
Financial Outlook
Based on the information available as of today, ChannelAdvisor is issuing
guidance for its fourth quarter 2020.
(in millions) Q4 2020
Revenue $37.3 - $38.3
Y/Y Growth 7% - 10%
Adjusted EBITDA $8.0 - $9.0
As a Percentage of Revenue (at the midpoint) 22%
Stock-based Compensation Expense $2.1 - $2.5
Weighted Average Shares Outstanding 29.0
Refer to the "Adjusted EBITDA Guidance Reconciliation" table included with the
financial tables at the end of this release for the reconciliation to the most
comparable GAAP financial measure.
Conference Call Information
What: ChannelAdvisor Third Quarter 2020 Financial Results Conference Call
When: Thursday, November 5, 2020
Time: 8:00 a.m. ET
Live Call: (855) 638-4821, Passcode 5252688, Toll Free
(704) 288-0612, Passcode 5252688, Toll
Webcast: http://ir.channeladvisor.com (live and replay)
Non-GAAP Financial Measures
This press release contains the following non-GAAP financial measures:
adjusted EBITDA and adjusted EBITDA margin, free cash flow, non-GAAP gross
profit and non-GAAP gross margin. Adjusted EBITDA and adjusted EBITDA margin
exclude depreciation, amortization, income tax (benefit) expense, net interest
expense, stock-based compensation expense, for 2019 only, non-recurring
severance and related costs, and for 2020 only, transaction costs associated
with our July 2020 acquisition of BlueBoard. Free cash flow is cash flow from
operations, reduced by purchases of property and equipment and payment of
software development costs. Non-GAAP gross profit and non-GAAP gross margin
exclude stock-based compensation expense.
ChannelAdvisor believes that these non-GAAP measures of financial results
provide useful information to management and investors relating to
ChannelAdvisor’s financial condition and results of operations. The
company’s management uses these non-GAAP measures to compare the company’s
performance to that of prior periods for trend analyses, and for budgeting and
planning purposes. The company believes that the use of these non-GAAP
financial measures provides an additional tool for investors to use in
evaluating ongoing operating results and trends and in comparing the
company’s financial measures with other software companies, many of which
present similar non-GAAP financial measures to investors, and that it allows
for greater transparency with respect to key metrics used by management in its
financial and operational decision-making.
Management of the company does not consider these non-GAAP measures in
isolation or as an alternative to financial measures determined in accordance
with GAAP. The principal limitation of these non-GAAP financial measures is
that they exclude significant expenses that are required by GAAP to be
recorded in the company’s financial statements. In order to compensate for
these limitations, management presents non-GAAP financial measures together
with GAAP results. Non-GAAP measures should be considered in addition to
results and guidance prepared in accordance with GAAP, but should not be
considered a substitute for, or superior to, GAAP results. Reconciliation
tables of the most comparable GAAP financial measures to the non-GAAP
financial measures used in this press release are included with the financial
tables at the end of this release. ChannelAdvisor urges investors to review
the reconciliation and not to rely on any single financial measure to evaluate
the company’s business. In addition, other companies, including companies in
our industry, may calculate similarly named non-GAAP measures differently than
we do, which limits their usefulness in comparing our financial results with
theirs.
About ChannelAdvisor
ChannelAdvisor (NYSE: ECOM) is a leading e-commerce cloud platform whose
mission is to connect and optimize the world’s commerce. For nearly two
decades, ChannelAdvisor has helped brands and retailers worldwide improve
their online performance by expanding sales channels, connecting with
consumers around the world, optimizing their operations for peak performance
and providing actionable analytics to improve competitiveness. Thousands of
customers depend on ChannelAdvisor to securely power their sales and optimize
fulfillment on channels such as Amazon, eBay, Facebook, Google, Walmart, and
hundreds more. For more information, visit www.channeladvisor.com.
Cautionary Language Concerning Forward-Looking Statements
This press release contains "forward-looking statements" within the meaning of
the "safe harbor" provisions of the Private Securities Litigation Reform Act
of 1995, including but not limited to, statements regarding our financial
outlook and guidance for the fourth quarter 2020 and expectations regarding
our growth and that of the e-commerce industry. These forward-looking
statements are made as of the date of this release and are based on current
expectations, estimates, forecasts and projections, as well as the current
beliefs and assumptions of management. Forward-looking statements are subject
to a number of risks and uncertainties, many of which involve factors or
circumstances that are beyond ChannelAdvisor’s control. ChannelAdvisor’s
actual results could differ materially from those stated or implied in
forward-looking statements due to a number of factors, including but not
limited to, risks detailed in ChannelAdvisor’s Annual Report on Form 10-K
for the year ended December 31, 2019 and its Quarterly Report on Form 10-Q
that will be filed for the quarter ended September 30, 2020, as well as other
documents that may be filed by the company from time to time with the
Securities and Exchange Commission. These documents are available on the
‘SEC Filings’ section of the Investor Relations page of our website at
http://ir.channeladvisor.com. In particular, the following factors, among
others, could cause results to differ materially from those expressed or
implied by such forward-looking statements: the impact of the COVID-19
pandemic on global economic conditions and on our revenues and financial
performance; our reliance for a significant portion of our revenue on sales by
our customers on the Amazon and eBay marketplaces and through advertisements
on Google; our ability to respond to rapid changes in channel technologies or
requirements; our ability to compete successfully against current and future
competitors, which could include the channels themselves; our reliance in part
on a pricing model under which a portion of the subscription fees we receive
from customers is variable, based upon the amount of transaction volume that
those customers process through our platform; our reliance on non-redundant
data centers and cloud computing providers to deliver our SaaS solutions; the
potential that the e-commerce market does not grow, or grows more slowly than
we expect, particularly on the channels that our solutions support; challenges
and risks associated with our international operations; our ability to align
our expenses with revenue; and risks related to security or privacy breaches.
The forward-looking statements included in this press release represent
ChannelAdvisor’s views as of the date of this press release. ChannelAdvisor
undertakes no obligation to update or revise any forward-looking statements,
whether as a result of new information, future events or otherwise.
Accordingly, these forward-looking statements should not be relied upon as
representing ChannelAdvisor’s views as of any date subsequent to the date of
this press release.
ChannelAdvisor Corporation and Subsidiaries
Condensed Consolidated Balance Sheets
(in thousands, except share and per share data)
September 30, 2020 December 31, 2019
(unaudited)
Assets
Current assets:
Cash and cash equivalents $ 66,357 $ 51,785
Accounts receivable, net of allowance of $410 and $733 as of September 30, 2020 and December 31, 2019, respectively 21,817 22,126
Prepaid expenses and other current assets 12,840 10,452
Total current assets 101,014 84,363
Operating lease right of use assets 8,802 11,128
Property and equipment, net 9,184 9,597
Goodwill 30,990 23,486
Intangible assets, net 4,439 1,285
Deferred contract costs, net of current portion 13,370 12,810
Long-term deferred tax assets, net 3,649 3,584
Other assets 979 614
Total assets $ 172,427 $ 146,867
Liabilities and stockholders' equity
Current liabilities:
Accounts payable $ 545 $ 409
Accrued expenses 14,892 8,577
Deferred revenue 21,368 21,000
Other current liabilities 6,375 6,431
Total current liabilities 43,180 36,417
Long-term operating leases, net of current portion 6,436 9,767
Long-term finance leases, net of current portion 12 27
Other long-term liabilities 2,170 1,007
Total liabilities 51,798 47,218
Commitments and contingencies
Stockholders' equity:
Preferred stock, $0.001 par value, 5,000,000 shares authorized, no shares issued and outstanding as of September 30, 2020 and December 31, 2019 — —
Common stock, $0.001 par value, 100,000,000 shares authorized, 28,981,204 and 28,077,469 shares issued and outstanding as of September 30, 2020 and December 31, 2019, respectively 29 28
Additional paid-in capital 286,208 278,111
Accumulated other comprehensive loss (1,803 ) (1,740 )
Accumulated deficit (163,805 ) (176,750 )
Total stockholders' equity 120,629 99,649
Total liabilities and stockholders' equity $ 172,427 $ 146,867
ChannelAdvisor Corporation and Subsidiaries
Unaudited Condensed Consolidated Statements of Operations
(in thousands, except share and per share data)
Three Months Ended September 30, Nine Months Ended September 30,
2020 2019 2020 2019
Revenue $ 35,285 $ 31,678 $ 104,760 $ 95,184
Cost of revenue (1) (2) 7,691 7,251 21,807 21,876
Gross profit 27,594 24,427 82,953 73,308
Operating expenses (1) (2):
Sales and marketing 13,477 12,403 38,436 40,808
Research and development 4,809 4,803 14,153 15,161
General and administrative 5,974 5,440 17,742 19,272
Total operating expenses 24,260 22,646 70,331 75,241
Income (loss) from operations 3,334 1,781 12,622 (1,933 )
Other income:
Interest (expense) income, net (1 ) 205 210 599
Other income (expense), net 5 (44 ) 44 (32 )
Total other income 4 161 254 567
Income (loss) before income taxes 3,338 1,942 12,876 (1,366 )
Income tax (benefit) expense (374 ) 213 171 572
Net income (loss) $ 3,712 $ 1,729 $ 12,705 $ (1,938 )
Net income (loss) per share:
Basic $ 0.13 $ 0.06 $ 0.45 $ (0.07 )
Diluted $ 0.12 $ 0.06 $ 0.43 $ (0.07 )
Weighted average common shares outstanding:
Basic 28,802,310 28,049,199 28,485,547 27,824,696
Diluted 30,436,601 28,754,679 29,815,829 27,824,696
(1) Includes stock-based compensation as follows:
Cost of revenue $ 203 $ 169 $ 760 $ 745
Sales and marketing 544 — 2,061 1,773
Research and development 485 454 1,708 1,696
General and administrative 1,030 178 3,203 2,786
$ 2,262 $ 801 $ 7,732 $ 7,000
(2) Includes depreciation and amortization as follows:
Cost of revenue $ 1,062 $ 1,046 $ 3,067 $ 2,947
Sales and marketing 154 205 465 607
Research and development 61 94 195 277
General and administrative 378 319 928 975
$ 1,655 $ 1,664 $ 4,655 $ 4,806
ChannelAdvisor Corporation and Subsidiaries
Unaudited Condensed Consolidated Statements of Cash Flows
(in thousands)
Nine Months Ended September 30,
2020 2019
Cash flows from operating activities
Net income (loss) $ 12,705 $ (1,938 )
Adjustments to reconcile net income (loss) to cash and cash equivalents provided by operating activities:
Depreciation and amortization 4,655 4,806
Bad debt expense 479 911
Stock-based compensation expense 7,732 7,000
Deferred income taxes (61 ) 513
Other items, net (617 ) 43
Changes in assets and liabilities, net of effects from acquisition:
Accounts receivable 343 1,007
Prepaid expenses and other assets (917 ) 2,282
Deferred contract costs (1,800 ) (2,661 )
Accounts payable and accrued expenses 3,404 (2,112 )
Deferred revenue 62 (2,337 )
Cash and cash equivalents provided by operating activities 25,985 7,514
Cash flows from investing activities
Acquisition, net of cash acquired (8,787 ) —
Purchases of property and equipment (1,021 ) (755 )
Payment of software development costs (2,283 ) (1,972 )
Cash and cash equivalents used in investing activities (12,091 ) (2,727 )
Cash flows from financing activities
Repayment of finance leases (1,418 ) (2,357 )
Proceeds from exercise of stock options 3,553 968
Payment of statutory tax withholding related to net-share settlement of restricted stock units (1,299 ) (2,101 )
Payment of line of credit financing costs (179 ) —
Cash and cash equivalents provided by (used in) financing activities 657 (3,490 )
Effect of currency exchange rate changes on cash and cash equivalents 21 (256 )
Net increase in cash and cash equivalents 14,572 1,041
Cash and cash equivalents, beginning of period 51,785 47,185
Cash and cash equivalents, end of period $ 66,357 $ 48,226
Reconciliation of GAAP Gross Profit and GAAP Gross Margin to Non-GAAP Gross Profit and Non-GAAP Gross Margin
(unaudited; dollars in thousands)
Three Months Ended September 30, Nine Months Ended September 30,
2020 2019 2020 2019
Revenue $ 35,285 $ 31,678 $ 104,760 $ 95,184
Gross profit (GAAP) $ 27,594 $ 24,427 $ 82,953 $ 73,308
Plus: Stock-based compensation expense included within cost of revenue 203 169 760 745
Plus: Non-recurring severance and related costs included within cost of revenue — 238 — 238
Gross profit (Non-GAAP) $ 27,797 $ 24,834 $ 83,713 $ 74,291
Gross margin (GAAP) 78.2 % 77.1 % 79.2 % 77.0 %
Gross margin (Non-GAAP) 78.8 % 78.4 % 79.9 % 78.0 %
Reconciliation of GAAP Operating Expenses to Non-GAAP Operating Expenses
(unaudited; in thousands)
Three Months Ended September 30, Nine Months Ended September 30,
2020 2019 2020 2019
Operating expenses (GAAP) $ 24,260 $ 22,646 $ 70,331 $ 75,241
Less: Stock-based compensation expense included within operating expenses 2,059 632 6,972 6,255
Less: Transaction costs in connection with acquisition included within operating expenses 178 — 443 —
Less: Non-recurring severance and related costs included within operating expenses — 727 — 727
Operating expenses (Non-GAAP) $ 22,023 $ 21,287 $ 62,916 $ 68,259
Reconciliation of GAAP Income (Loss) from Operations and GAAP Operating Margin to Non-GAAP Income from Operations and Non-GAAP Operating Margin
(unaudited; dollars in thousands)
Three Months Ended September 30, Nine Months Ended September 30,
2020 2019 2020 2019
Revenue $ 35,285 $ 31,678 $ 104,760 $ 95,184
Income (loss) from operations (GAAP) $ 3,334 $ 1,781 $ 12,622 $ (1,933 )
Plus: Stock-based compensation expense 2,262 801 7,732 7,000
Plus: Transaction costs in connection with acquisition 178 — 443 —
Plus: Non-recurring severance and related costs — 965 — 965
Income from operations (Non-GAAP) $ 5,774 $ 3,547 $ 20,797 $ 6,032
Operating margin (GAAP) 9.4 % 5.6 % 12.0 % (2.0 )%
Operating margin (Non-GAAP) 16.4 % 11.2 % 19.9 % 6.3 %
Reconciliation of GAAP Net Income (Loss) to Non-GAAP Net Income
(unaudited; in thousands)
Three Months Ended September 30, Nine Months Ended September 30,
2020 2019 2020 2019
Net income (loss) (GAAP) $ 3,712 $ 1,729 $ 12,705 $ (1,938 )
Plus: Stock-based compensation expense 2,262 801 7,732 7,000
Plus: Transaction costs in connection with acquisition 178 — 443 —
Plus: Non-recurring severance and related costs — 965 — 965
Net income (Non-GAAP) $ 6,152 $ 3,495 $ 20,880 $ 6,027
Reconciliation of GAAP Net Income (Loss) to Adjusted EBITDA
(unaudited; in thousands)
Three Months Ended September 30, Nine Months Ended September 30,
2020 2019 2020 2019
Net income (loss) (GAAP) $ 3,712 $ 1,729 $ 12,705 $ (1,938 )
Adjustments:
Interest expense (income), net 1 (205 ) (210 ) (599 )
Income tax (benefit) expense (374 ) 213 171 572
Depreciation and amortization expense 1,655 1,664 4,655 4,806
Total adjustments 1,282 1,672 4,616 4,779
EBITDA 4,994 3,401 17,321 2,841
Stock-based compensation expense 2,262 801 7,732 7,000
Transaction costs in connection with acquisition 178 — 443 —
Non-recurring severance and related costs — 965 — 965
Adjusted EBITDA $ 7,434 $ 5,167 $ 25,496 $ 10,806
Reconciliation of Trailing Twelve Month (TTM) GAAP Net Income to Adjusted EBITDA
(unaudited; in thousands)
QTD QTD QTD QTD TTM
September 30, 2020 June 30, 2020 March 31, 2020 December 31, 2019 September 30, 2020
Net income (GAAP) $ 3,712 $ 6,986 $ 2,007 $ 5,420 $ 18,125
Adjustments:
Interest expense (income), net 1 (85 ) (126 ) (155 ) (365 )
Income tax (benefit) expense (374 ) 325 220 117 288
Depreciation and amortization expense 1,655 1,522 1,478 1,530 6,185
Total adjustments 1,282 1,762 1,572 1,492 6,108
EBITDA 4,994 8,748 3,579 6,912 24,233
Stock-based compensation expense 2,262 2,556 2,914 1,976 9,708
Transaction costs in connection with acquisition 178 265 — — 443
Non-recurring severance and related costs — — — 464 464
Adjusted EBITDA $ 7,434 $ 11,569 $ 6,493 $ 9,352 $ 34,848
Free Cash Flow Reconciliation
(unaudited; in thousands)
Nine Months Ended September 30,
2020 2019
Cash and cash equivalents provided by operating activities $ 25,985 $ 7,514
Less: Purchases of property and equipment (1,021 ) (755 )
Less: Payment of software development costs (2,283 ) (1,972 )
Free cash flow $ 22,681 $ 4,787
Adjusted EBITDA Guidance Reconciliation
(unaudited; in millions)
Fourth Quarter 2020
Low High
Net income (estimate) $ 3.5 $ 5.2
Adjustments (estimates):
Interest (income) expense, net 0.0 (0.1 )
Income tax (benefit) expense 0.2 0.1
Depreciation and amortization expense 1.8 1.7
Total adjustments 2.0 1.7
EBITDA 5.5 6.9
Stock-based compensation expense (estimate) 2.5 2.1
Adjusted EBITDA guidance (floor) $ 8.0 $ 9.0
Investor Contact:
Raiford Garrabrant
ChannelAdvisor Corporation
raiford.garrabrant@channeladvisor.com
919-228-4817
Media Contact:
Tamara Gibbs
ChannelAdvisor Corporation
tamara.gibbs@channeladvisor.com
919-249-9798
(https://www.globenewswire.com/NewsRoom/AttachmentNg/561ac7e1-3396-4612-82d7-e4117aeddad1)
GlobeNewswire, Inc. 2020
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