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FY2021 Annual Report · ChannelAdvisor
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Copyright ChannelAdvisor 2022
1
2021
ANNUAL REPORT

Copyright ChannelAdvisor 2022
2
Fellow Shareowners,
Our momentum from a strong 2020 continued in 2021.  Revenues were up 16% year-over-year to a record $168 
million, our fastest annual growth since 2015, as we continued to see strong demand for our solutions from brands 
and retailers seeking to improve and accelerate their e-commerce operations.  And, despite making significant 
investments in our business designed to propel future growth, we also achieved record Adjusted EBITDA1 of $38 
million and operating cash flow of $34 million, swelling our debt-free balance sheet to over $100 million by year end. 
We’ve more than doubled our cash on hand since mid-2019, a testament to the efficiency of our model and our 
financial discipline.
In contrast to many cash-consuming companies in the technology sector, we face the opposite “problem” – deciding 
what to do with our accumulation of surplus capital.  More on that in a moment.  But I would first like to briefly highlight 
our progress over the last few years, as our strategic focus on end markets with better unit economics (specifically, 
larger customers, especially brands) has yielded solid growth with dramatically improved profitability – in fact, ~70% 
of our incremental revenue growth since 2014 has fallen to our bottom line:
To say that I am proud of our team for our performance over the last two years, in particular, is an understatement. 
While we were well-positioned and adapted very well to the COVID-induced e-commerce tailwinds during 2020, in 
many respects those tailwinds “happened to” us.  In contrast, 2021 was about demonstrating that we could sustain 
that growth, and in this regard our team shined like never before, delivering faster revenue growth while making 
investments and maintaining very healthy margins – all while continuing to work remotely and dealing with the 
constantly-shifting challenges of living through a global pandemic.  I cannot adequately express how grateful I am 
to lead so many hard-working and dedicated colleagues around the world.
On Growth, Profitability, Surplus Cash, & Capital Allocation
If you gave me $1.00 and I promised to give you back $0.90 next year, you’d be forgiven for asking for your dollar 
back immediately. Alternatively, if I promised to give you $1.20 next year, for a 20% return, you’d probably consider 
that to be an attractive proposition, assuming you believe I’m as good as my word. You’d probably encourage me 
to accept more dollars.
1 Adjusted EBITDA is equal to net income adjusted for income tax expense, interest expense, depreciation and amortization, stock-based compensation and 
certain one-time costs. Adjusted EBITDA is not calculated in accordance with accounting principles generally accepted in the United States, or GAAP.  We 
include a description of this measure and its limitations in our enclosed Annual Report on Form 10-K.  Please see the section entitled “Adjusted EBITDA” in 
the annual report for more information and for a reconciliation of Adjusted EBITDA to net income, the most directly comparable financial measure calculated 
and presented in accordance with GAAP.
2014
2015
2016
2017
2018
2019
2020
2021
Revenue
84.9
100.6
113.2
122.5
131.2
130
145.1
167.7
Adj. EBITDA
-19.5
1.4
7.4
4.6
9.8
20.2
36.3
37.9
in millions

Copyright ChannelAdvisor 2022
3
Businesses are expected to be a lot of things – they have “stakeholders” after all – but at the end of the day, the 
fundamental purpose of a business is simple: to turn money into more money, at least eventually. And yet however 
obvious this point is, in my experience surprisingly few management teams – especially in the technology sector 
– focus on trying to generate attractive returns on invested capital.  During periods of market excess in particular, 
objective intrinsic value metrics tend to give way to less meaningful shortcuts like “revenue multiples,” and these 
market dynamics in turn reward highly aggressive behavior by managements in the pursuit of growth at virtually all 
costs.  Capital returns are an afterthought, and survivorship bias only encourages more of this behavior until there 
are no more greater fools to be found and the music, inevitably, stops.
As an investor, you deserve to know how your CEO is wired.  I am not wired to lose buckets of “other people’s 
money” for years on end in pursuit of growth at any cost, or to think in terms of revenue multiples.  I am wired to think 
in terms of capital allocation and free cash flow per share, and I believe that the only reliable way to grow long-term 
shareholder value is to generate returns on invested capital that are comfortably above our cost of capital while 
keeping dilution, and existential risk, in check.
That’s not to say it’s easy, or that we won’t make mistakes or take risks.  In an industry as dynamic as e-commerce, 
we have to take risks to remain relevant, and projecting future capital returns from a new product idea or from 
the acquisition of an early stage company inherently involves a lot of uncertainty; that’s part of the reason many 
managers in our industry don’t even bother trying to project returns on capital.  But, at ChannelAdvisor, we do put the 
effort into having a framework for capital returns and running our major investment decisions through that framework. 
It forces us to pressure test our assumptions, and it gives us some guideposts to measure our progress along the 
way.  Mistakes will be made, but at least we’ll realize they’re mistakes.  We learn from them, and get better.
A natural consequence of this approach is that we won’t swing at every pitch, and it’s unlikely we’ll ever be the 
fastest-growing company in the sector.  We place a lot of value on the durability of our business, not only for our 
investors’ sake but for the sake of our customers and our employees.  That’s part of the reason we’ve been an 
industry leader for over 20 years.  And so, while we are biased towards growth, we will also remain disciplined, even 
if the result is we continue to accumulate cash on the balance sheet.  We are willing to be patient, and wait – as long 
as necessary – for compelling opportunities before deploying your surplus capital. 
Thank you for your continued support.
David Spitz
CEO, ChannelAdvisor


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4
Corporate Headquarters
ChannelAdvisor Corporation
3025 Carrington Mill Blvd., Suite 500
Morrisville, NC 27560
Phone (919) 228-4700
Fax (866) 225-3085 
www.channeladvisor.com
Independent Auditor
Ernst & Young LLP
Raleigh, NC
Transfer Agent and Registrar
Computershare, Inc.
P.O. Box 505000
Louisville, KY  40233
Phone (877) 373-6374
www.computershare.com
Investor Relations
Raiford Garrabrant
Phone: (919) 228-4817
Additional investor materials may be obtained without 
charge by contacting Investor Relations.
Annual Meeting of Shareholders
The annual meeting of shareholders will be held on May 13, 
2022 at 10 a.m. at ChannelAdvisor’s headquarters located 
at 3025 Carrington Mill Blvd., Suite 500, Morrisville, NC.
Additional Information
The company’s stock is traded on the NYSE and is quoted 
under the symbol “ECOM.”
Executive Officers
David J. Spitz 
Chief Executive Officer and Director
Richard F. Cornetta
Chief Financial Officer and Treasurer
Elizabeth Segovia
Chief Operating Officer
Board of Directors
Timothy J. Buckley
Retired Chief Executive Officer
Xtium, Inc.
Joseph L. Cowan
Retired President and Chief Executive Officer
Epicor Software Corporation
Janet R. Cowell
Former Treasurer
State of North Carolina
Linda M. Crawford
Retired Chief Executive Officer
Helpshift
Marshall A. Heinberg
Managing Director
MAH Associates, LLC
Himanshu S. Palsule
Chief Executive Officer
Cornerstone OnDemand
David J. Spitz
Chief Executive Officer and Director
ChannelAdvisor Corporation
Timothy V. Williams
Retired Chief Financial Officer 
Blackbaud, Inc.
M. Scot Wingo
Chief Executive Officer
Get Spiffy, Inc.
ChannelAdvisor® is a registered trademark of ChannelAdvisor Corporation. 
CORPORATE INFORMATION
Copyright ChannelAdvisor 2022
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