$SPSC
SPS COMMERCE INC

2013 Q2 Form 10-Q Financial Statement

#000119312513315251 Filed on August 01, 2013

View on sec.gov

Income Statement

Concept 2013 Q2 2012 Q2
Revenue $25.66M $17.82M
YoY Change 43.98% 27.84%
Cost Of Revenue $7.943M $4.843M
YoY Change 64.01% 29.15%
Gross Profit $17.72M $12.98M
YoY Change 36.5% 27.36%
Gross Profit Margin 69.04% 72.82%
Selling, General & Admin $13.86M $10.14M
YoY Change 36.71% 16.65%
% of Gross Profit 78.23% 78.11%
Research & Development $2.657M $1.830M
YoY Change 45.19% 29.79%
% of Gross Profit 15.0% 14.1%
Depreciation & Amortization $1.890M $910.0K
YoY Change 107.69% 51.67%
% of Gross Profit 10.67% 7.01%
Operating Expenses $17.23M $12.23M
YoY Change 40.93% 19.52%
Operating Profit $483.0K $751.0K
YoY Change -35.69% -1977.5%
Interest Expense $20.00K $10.00K
YoY Change 100.0% -66.67%
% of Operating Profit 4.14% 1.33%
Other Income/Expense, Net -$26.00K -$25.00K
YoY Change 4.0% 25.0%
Pretax Income $457.0K $726.0K
YoY Change -37.05% -2520.0%
Income Tax $169.0K $300.0K
% Of Pretax Income 36.98% 41.32%
Net Earnings $288.0K $426.0K
YoY Change -32.39% -487.27%
Net Earnings / Revenue 1.12% 2.39%
Basic Earnings Per Share $0.02 $0.03
Diluted Earnings Per Share $0.02 $0.03
COMMON SHARES
Basic Shares Outstanding 15.08M shares 12.28M shares
Diluted Shares Outstanding 15.79M shares 13.03M shares

Balance Sheet

Concept 2013 Q2 2012 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $75.10M $35.50M
YoY Change 111.55% 19.13%
Cash & Equivalents $75.13M $35.50M
Short-Term Investments
Other Short-Term Assets $13.00M $8.900M
YoY Change 46.07% 32.84%
Inventory
Prepaid Expenses
Receivables $11.71M $9.000M
Other Receivables $0.00 $0.00
Total Short-Term Assets $99.83M $53.40M
YoY Change 86.94% 21.64%
LONG-TERM ASSETS
Property, Plant & Equipment $9.319M $4.000M
YoY Change 132.98% 37.93%
Goodwill $25.49M
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $202.0K $14.40M
YoY Change -98.6% 526.09%
Total Long-Term Assets $68.16M $29.50M
YoY Change 131.05% 70.52%
TOTAL ASSETS
Total Short-Term Assets $99.83M $53.40M
Total Long-Term Assets $68.16M $29.50M
Total Assets $168.0M $82.90M
YoY Change 102.64% 35.46%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.650M $1.900M
YoY Change -13.16% 5.56%
Accrued Expenses $3.420M $6.400M
YoY Change -46.56% 25.49%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $17.76M $12.70M
YoY Change 39.8% 18.69%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $10.70M $7.900M
YoY Change 35.44% 38.6%
Total Long-Term Liabilities $10.70M $7.900M
YoY Change 35.44% 38.6%
TOTAL LIABILITIES
Total Short-Term Liabilities $17.76M $12.70M
Total Long-Term Liabilities $10.70M $7.900M
Total Liabilities $28.46M $20.50M
YoY Change 38.83% 25.0%
SHAREHOLDERS EQUITY
Retained Earnings -$47.36M
YoY Change
Common Stock $186.9M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $139.5M $62.40M
YoY Change
Total Liabilities & Shareholders Equity $168.0M $82.90M
YoY Change 102.64% 35.46%

Cashflow Statement

Concept 2013 Q2 2012 Q2
OPERATING ACTIVITIES
Net Income $288.0K $426.0K
YoY Change -32.39% -487.27%
Depreciation, Depletion And Amortization $1.890M $910.0K
YoY Change 107.69% 51.67%
Cash From Operating Activities $2.080M $2.970M
YoY Change -29.97% 421.05%
INVESTING ACTIVITIES
Capital Expenditures -$650.0K -$1.260M
YoY Change -48.41% 152.0%
Acquisitions
YoY Change
Other Investing Activities $0.00
YoY Change -100.0%
Cash From Investing Activities -$650.0K -$1.260M
YoY Change -48.41% -88.91%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 1.140M 740.0K
YoY Change 54.05% 428.57%
NET CHANGE
Cash From Operating Activities 2.080M 2.970M
Cash From Investing Activities -650.0K -1.260M
Cash From Financing Activities 1.140M 740.0K
Net Change In Cash 2.570M 2.450M
YoY Change 4.9% -123.0%
FREE CASH FLOW
Cash From Operating Activities $2.080M $2.970M
Capital Expenditures -$650.0K -$1.260M
Free Cash Flow $2.730M $4.230M
YoY Change -35.46% 295.33%

Facts In Submission

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dei Trading Symbol
TradingSymbol
SPSC
dei Entity Registrant Name
EntityRegistrantName
SPS COMMERCE INC
dei Amendment Flag
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dei Entity Filer Category
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dei Document Fiscal Year Focus
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dei Document Type
DocumentType
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dei Document Period End Date
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dei Entity Central Index Key
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<div> <p style="MARGIN-TOP: 18px; MARGIN-BOTTOM: 0px"><font style="FONT-FAMILY: Times New Roman" size="2"><i>Use of Estimates</i></font></p> <p style="MARGIN-TOP: 6px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px"> <font style="FONT-FAMILY: Times New Roman" size="2">Preparing financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates.</font></p> </div>
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3165000
CY2012Q2 us-gaap Share Based Compensation
ShareBasedCompensation
715000
us-gaap Revenues
Revenues
34355000
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
-157000
us-gaap Increase Decrease In Deferred Charges
IncreaseDecreaseInDeferredCharges
1136000
us-gaap Gross Profit
GrossProfit
25064000
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-103000
us-gaap Investment Income Interest
InvestmentIncomeInterest
28000
us-gaap Operating Income Loss
OperatingIncomeLoss
1210000
us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
1135000
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
1235000
us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-75000
us-gaap Net Income Loss
NetIncomeLoss
682000
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
1890000
us-gaap Increase Decrease In Employee Related Liabilities
IncreaseDecreaseInEmployeeRelatedLiabilities
-312000
us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
6353000
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
835000
us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
364000
us-gaap Increase Decrease In Deferred Revenue
IncreaseDecreaseInDeferredRevenue
1800000
us-gaap Share Based Compensation
ShareBasedCompensation
1327000
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
164000
us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
3516000
us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
13419000
us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
463000
us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
533000
us-gaap Cost Of Revenue
CostOfRevenue
9291000
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-1890000
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
3562000
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
811000
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
1244000
us-gaap Excess Tax Benefit From Share Based Compensation Financing Activities
ExcessTaxBenefitFromShareBasedCompensationFinancingActivities
24000
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
520000
us-gaap Operating Expenses
OperatingExpenses
23854000
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
453000
CY2012Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.03
CY2012Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
13026000 shares
CY2012Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.03
CY2012Q2 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
728000 shares
CY2012Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
12284000 shares
CY2012Q2 us-gaap Revenues
Revenues
17821000
CY2012Q2 us-gaap Gross Profit
GrossProfit
12978000
CY2012Q2 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-38000
CY2012Q2 us-gaap Investment Income Interest
InvestmentIncomeInterest
13000
CY2012Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
751000
CY2013Q2 spsc Employee Stock Purchase Plan Weighted Average Purchase Price Of Shares Purchased
EmployeeStockPurchasePlanWeightedAveragePurchasePriceOfSharesPurchased
37.27
CY2012Q2 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
6972000
CY2012Q2 us-gaap Cost Of Revenue
CostOfRevenue
4843000
CY2012Q2 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
1830000
CY2012Q2 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
260000
CY2012Q2 us-gaap Operating Expenses
OperatingExpenses
12227000
CY2012Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
300000
CY2013Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.02
CY2013Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
15785000 shares
CY2013Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.02
CY2013Q2 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
665000 shares
CY2013Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
15076000 shares
CY2013Q2 us-gaap Weighted Average Number Of Shares Restricted Stock
WeightedAverageNumberOfSharesRestrictedStock
39000 shares
CY2013Q2 us-gaap Weighted Average Number Of Shares Employee Stock Ownership Plan Shares Not Committed To Be Released
WeightedAverageNumberOfSharesEmployeeStockOwnershipPlanSharesNotCommittedToBeReleased
5000 shares
CY2013Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
16000 shares
CY2013Q2 us-gaap Revenues
Revenues
25658000
CY2013Q2 us-gaap Gross Profit
GrossProfit
17715000
CY2013Q2 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-48000
CY2013Q2 us-gaap Investment Income Interest
InvestmentIncomeInterest
22000
CY2013Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
483000
CY2013Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
457000
CY2013Q2 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-26000
CY2013Q2 us-gaap Net Income Loss
NetIncomeLoss
288000
CY2013Q2 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
4211000
CY2013Q2 us-gaap Share Based Compensation
ShareBasedCompensation
1111000
CY2013Q2 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
9647000
CY2013Q2 us-gaap Cost Of Revenue
CostOfRevenue
7943000
CY2013Q2 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
2657000
CY2013Q2 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
717000
CY2013Q2 us-gaap Operating Expenses
OperatingExpenses
17232000
CY2013Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
169000

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