$SPSC
SPS COMMERCE INC

2013 Q4 Form 10-Q Financial Statement

#000119312513418604 Filed on October 30, 2013

View on sec.gov

Income Statement

Concept 2013 Q4 2013 Q3 2012 Q3
Revenue $27.97M $27.01M $20.27M
YoY Change 24.41% 33.26% 30.5%
Cost Of Revenue $8.520M $8.249M $5.945M
YoY Change 25.29% 38.76% 45.71%
Gross Profit $19.45M $18.76M $14.32M
YoY Change 24.04% 30.98% 25.08%
Gross Profit Margin 69.53% 69.46% 70.67%
Selling, General & Admin $15.11M $14.58M $11.57M
YoY Change 23.65% 26.02% 24.1%
% of Gross Profit 77.69% 77.7% 80.76%
Research & Development $2.900M $2.806M $2.088M
YoY Change 15.08% 34.39% 29.69%
% of Gross Profit 14.91% 14.96% 14.58%
Depreciation & Amortization $2.020M $2.250M $1.410M
YoY Change 15.43% 59.57% 76.25%
% of Gross Profit 10.39% 11.99% 9.84%
Operating Expenses $18.73M $18.39M $14.18M
YoY Change 21.15% 29.64% 26.87%
Operating Profit $724.0K $371.0K $138.0K
YoY Change 223.21% 168.84% -48.89%
Interest Expense $40.00K $30.00K $27.00K
YoY Change 300.0% 11.11% 35.0%
% of Operating Profit 5.52% 8.09% 19.57%
Other Income/Expense, Net -$50.00K $68.00K -$88.00K
YoY Change -37.5% -177.27% 193.33%
Pretax Income $710.0K $439.0K $50.00K
YoY Change 343.75% 778.0% -80.77%
Income Tax $410.0K $169.0K -$124.0K
% Of Pretax Income 57.75% 38.5% -248.0%
Net Earnings $294.0K $270.0K $174.0K
YoY Change -19.67% 55.17% -3.33%
Net Earnings / Revenue 1.05% 1.0% 0.86%
Basic Earnings Per Share $0.02 $0.01
Diluted Earnings Per Share $0.02 $0.02 $0.01
COMMON SHARES
Basic Shares Outstanding 15.27M shares 15.22M shares 13.04M shares
Diluted Shares Outstanding 15.99M shares 13.89M shares

Balance Sheet

Concept 2013 Q4 2013 Q3 2012 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $131.3M $80.80M $69.70M
YoY Change 98.64% 15.93% 121.27%
Cash & Equivalents $131.3M $80.81M $69.72M
Short-Term Investments
Other Short-Term Assets $2.850M $13.30M $10.10M
YoY Change -80.34% 31.68% 50.75%
Inventory
Prepaid Expenses
Receivables $11.61M $11.15M $10.10M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $156.1M $105.2M $89.90M
YoY Change 70.55% 17.06% 95.43%
LONG-TERM ASSETS
Property, Plant & Equipment $9.922M $10.56M $5.600M
YoY Change 29.36% 88.52% 80.65%
Goodwill $25.49M $25.49M
YoY Change 0.0%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $210.0K $190.0K $14.80M
YoY Change -11.76% -98.72% 492.0%
Total Long-Term Assets $67.26M $68.35M $66.80M
YoY Change -0.64% 2.32% 283.91%
TOTAL ASSETS
Total Short-Term Assets $156.1M $105.2M $89.90M
Total Long-Term Assets $67.26M $68.35M $66.80M
Total Assets $223.3M $173.6M $156.7M
YoY Change 40.28% 10.78% 147.16%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.798M $1.685M $2.700M
YoY Change -3.18% -37.59% 92.86%
Accrued Expenses $2.413M $2.665M $7.900M
YoY Change 124.05% -66.27% 25.4%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $18.92M $19.21M $15.90M
YoY Change 30.71% 20.79% 38.26%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $11.60M $12.00M $8.000M
YoY Change 17.17% 50.0% 26.98%
Total Long-Term Liabilities $11.60M $12.00M $8.000M
YoY Change 17.17% 50.0% 26.98%
TOTAL LIABILITIES
Total Short-Term Liabilities $18.92M $19.21M $15.90M
Total Long-Term Liabilities $11.60M $12.00M $8.000M
Total Liabilities $30.56M $31.21M $23.90M
YoY Change 25.32% 30.59% 34.27%
SHAREHOLDERS EQUITY
Retained Earnings -$46.79M -$47.09M
YoY Change -2.2%
Common Stock $239.6M $189.5M
YoY Change 31.15%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $192.8M $142.4M $132.8M
YoY Change
Total Liabilities & Shareholders Equity $223.3M $173.6M $156.7M
YoY Change 40.28% 10.78% 147.16%

Cashflow Statement

Concept 2013 Q4 2013 Q3 2012 Q3
OPERATING ACTIVITIES
Net Income $294.0K $270.0K $174.0K
YoY Change -19.67% 55.17% -3.33%
Depreciation, Depletion And Amortization $2.020M $2.250M $1.410M
YoY Change 15.43% 59.57% 76.25%
Cash From Operating Activities $2.130M $7.480M $3.700M
YoY Change -247.92% 102.16% 52.89%
INVESTING ACTIVITIES
Capital Expenditures -$670.0K -$3.290M -$960.0K
YoY Change -78.59% 242.71% 31.51%
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00 -$26.26M
YoY Change -100.0%
Cash From Investing Activities -$670.0K -$3.290M -$27.22M
YoY Change -78.66% -87.91% 3628.77%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $47.60M $57.80M
YoY Change 82471.43%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 49.01M 1.500M 57.73M
YoY Change 5285.71% -97.4% 82371.43%
NET CHANGE
Cash From Operating Activities 2.130M 7.480M 3.700M
Cash From Investing Activities -670.0K -3.290M -27.22M
Cash From Financing Activities 49.01M 1.500M 57.73M
Net Change In Cash 50.47M 5.690M 34.21M
YoY Change -1475.2% -83.37% 1843.75%
FREE CASH FLOW
Cash From Operating Activities $2.130M $7.480M $3.700M
Capital Expenditures -$670.0K -$3.290M -$960.0K
Free Cash Flow $2.800M $10.77M $4.660M
YoY Change 65.68% 131.12% 47.94%

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<div> <p style="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> <i>Use of Estimates</i></p> <p style="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"> 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.</p> </div>
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dei Trading Symbol
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dei Entity Registrant Name
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SPS COMMERCE INC
dei Amendment Flag
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dei Entity Central Index Key
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272000
spsc Percentage Of Common Stock On Fair Market Value
PercentageOfCommonStockOnFairMarketValue
0.85 pure
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.06
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
13373000 shares
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.07
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
846000 shares
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
8266000
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
12500000 shares
us-gaap Weighted Average Number Of Shares Restricted Stock
WeightedAverageNumberOfSharesRestrictedStock
26000 shares
CY2012Q3 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
2088000
CY2012Q3 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
530000
us-gaap Weighted Average Number Of Shares Employee Stock Ownership Plan Shares Not Committed To Be Released
WeightedAverageNumberOfSharesEmployeeStockOwnershipPlanSharesNotCommittedToBeReleased
1000 shares
CY2012Q3 us-gaap Gross Profit
GrossProfit
14322000
CY2012Q3 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-67000
CY2012Q3 us-gaap Investment Income Interest
InvestmentIncomeInterest
6000
CY2012Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
138000
CY2012Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
50000
CY2012Q3 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-88000
CY2012Q3 us-gaap Net Income Loss
NetIncomeLoss
174000
CY2012Q3 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
3726000
us-gaap Revenues
Revenues
54622000
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
484000
us-gaap Increase Decrease In Deferred Charges
IncreaseDecreaseInDeferredCharges
1675000
us-gaap Gross Profit
GrossProfit
39386000
us-gaap Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
26262000
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-170000
us-gaap Investment Income Interest
InvestmentIncomeInterest
34000
us-gaap Operating Income Loss
OperatingIncomeLoss
1348000
us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
120000
us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
1185000
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
1184000
us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-163000
us-gaap Net Income Loss
NetIncomeLoss
856000
us-gaap Repayments Of Long Term Capital Lease Obligations
RepaymentsOfLongTermCapitalLeaseObligations
410000
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
2845000
us-gaap Increase Decrease In Employee Related Liabilities
IncreaseDecreaseInEmployeeRelatedLiabilities
1516000
us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
10079000
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
58571000
us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
220000
us-gaap Increase Decrease In Deferred Revenue
IncreaseDecreaseInDeferredRevenue
2006000
us-gaap Share Based Compensation
ShareBasedCompensation
2042000
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
295000
us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
37730000
us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
21259000
us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
179000
us-gaap Interest Expense
InterestExpense
27000
us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
1328000
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
57940000
us-gaap Cost Of Revenue
CostOfRevenue
15236000
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-29107000
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
5650000
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
1137000
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
2117000
us-gaap Excess Tax Benefit From Share Based Compensation Financing Activities
ExcessTaxBenefitFromShareBasedCompensationFinancingActivities
24000
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
1050000
us-gaap Operating Expenses
OperatingExpenses
38038000
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
329000
CY2012Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.01
CY2012Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
13894000 shares
CY2012Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.01
CY2012Q3 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
821000 shares
CY2012Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
13042000 shares
CY2012Q3 us-gaap Weighted Average Number Of Shares Restricted Stock
WeightedAverageNumberOfSharesRestrictedStock
29000 shares
CY2012Q3 us-gaap Weighted Average Number Of Shares Employee Stock Ownership Plan Shares Not Committed To Be Released
WeightedAverageNumberOfSharesEmployeeStockOwnershipPlanSharesNotCommittedToBeReleased
2000 shares
CY2012Q3 us-gaap Revenues
Revenues
20267000
CY2012Q3 us-gaap Share Based Compensation
ShareBasedCompensation
715000
CY2012Q3 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
7840000
CY2012Q3 us-gaap Interest Expense
InterestExpense
27000
CY2012Q3 us-gaap Cost Of Revenue
CostOfRevenue
5945000
CY2012Q3 us-gaap Operating Expenses
OperatingExpenses
14184000
CY2012Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-124000
CY2013Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.02
CY2013Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
15986000 shares
CY2013Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.02
CY2013Q3 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
706000 shares
CY2013Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
15223000 shares
CY2013Q3 us-gaap Weighted Average Number Of Shares Restricted Stock
WeightedAverageNumberOfSharesRestrictedStock
54000 shares
CY2013Q3 us-gaap Weighted Average Number Of Shares Employee Stock Ownership Plan Shares Not Committed To Be Released
WeightedAverageNumberOfSharesEmployeeStockOwnershipPlanSharesNotCommittedToBeReleased
3000 shares
CY2013Q3 us-gaap Revenues
Revenues
27008000
CY2013Q3 us-gaap Gross Profit
GrossProfit
18759000
CY2013Q3 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
37000
CY2013Q3 us-gaap Investment Income Interest
InvestmentIncomeInterest
31000
CY2013Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
371000
CY2013Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
439000
CY2013Q3 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
68000
CY2013Q3 us-gaap Net Income Loss
NetIncomeLoss
270000
CY2013Q3 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
4284000
CY2013Q3 us-gaap Impairment Of Intangible Assets Finitelived
ImpairmentOfIntangibleAssetsFinitelived
290000
CY2013Q3 us-gaap Share Based Compensation
ShareBasedCompensation
1085000
CY2013Q3 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
10291000
CY2013Q3 us-gaap Cost Of Revenue
CostOfRevenue
8249000
CY2013Q3 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
2806000
CY2013Q3 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
1007000
CY2013Q3 us-gaap Operating Expenses
OperatingExpenses
18388000
CY2013Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
169000

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