$SPSC
SPS COMMERCE INC

2014 Q1 Form 10-Q Financial Statement

#000119312514175537 Filed on May 01, 2014

View on sec.gov

Income Statement

Concept 2014 Q1 2013 Q1
Revenue $28.94M $23.75M
YoY Change 21.84% 43.66%
Cost Of Revenue $9.255M $7.066M
YoY Change 30.98% 58.79%
Gross Profit $19.68M $16.69M
YoY Change 17.97% 38.06%
Gross Profit Margin 68.02% 70.25%
Selling, General & Admin $15.40M $13.27M
YoY Change 16.0% 37.68%
% of Gross Profit 78.21% 79.54%
Research & Development $2.974M $2.503M
YoY Change 18.82% 44.68%
% of Gross Profit 15.11% 15.0%
Depreciation & Amortization $1.304M $1.171M
YoY Change 11.36% 37.76%
% of Gross Profit 6.62% 7.02%
Operating Expenses $19.09M $16.49M
YoY Change 15.73% 41.81%
Operating Profit $598.0K $194.0K
YoY Change 208.25% -57.73%
Interest Expense $50.00K $20.00K
YoY Change 150.0% 0.0%
% of Operating Profit 8.36% 10.31%
Other Income/Expense, Net -$7.000K -$61.00K
YoY Change -88.52% -12.86%
Pretax Income $591.0K $133.0K
YoY Change 344.36% -67.56%
Income Tax $218.0K -$66.00K
% Of Pretax Income 36.89% -49.62%
Net Earnings $373.0K $199.0K
YoY Change 87.44% -22.27%
Net Earnings / Revenue 1.29% 0.84%
Basic Earnings Per Share $0.02 $0.01
Diluted Earnings Per Share $0.02 $0.01
COMMON SHARES
Basic Shares Outstanding 16.16M shares 14.88M shares
Diluted Shares Outstanding 16.83M shares 15.56M shares

Balance Sheet

Concept 2014 Q1 2013 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $134.6M $72.60M
YoY Change 85.4% 119.34%
Cash & Equivalents $134.6M $72.56M
Short-Term Investments
Other Short-Term Assets $13.60M $12.30M
YoY Change 10.57% 39.77%
Inventory
Prepaid Expenses
Receivables $12.17M $10.80M
Other Receivables $0.00 $0.00
Total Short-Term Assets $160.4M $95.70M
YoY Change 67.58% 92.17%
LONG-TERM ASSETS
Property, Plant & Equipment $9.479M $7.600M
YoY Change 24.72% 123.53%
Goodwill $25.49M
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $197.0K $14.50M
YoY Change -98.64% 0.69%
Total Long-Term Assets $66.18M $67.10M
YoY Change -1.37% 129.79%
TOTAL ASSETS
Total Short-Term Assets $160.4M $95.70M
Total Long-Term Assets $66.18M $67.10M
Total Assets $226.6M $162.8M
YoY Change 39.16% 106.08%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.243M $2.000M
YoY Change 12.15% 66.67%
Accrued Expenses $3.069M $7.800M
YoY Change -60.65% 32.2%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $19.50M $15.60M
YoY Change 24.99% 39.29%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $12.00M $10.20M
YoY Change 17.65% 39.73%
Total Long-Term Liabilities $12.00M $10.20M
YoY Change 17.65% 39.73%
TOTAL LIABILITIES
Total Short-Term Liabilities $19.50M $15.60M
Total Long-Term Liabilities $12.00M $10.20M
Total Liabilities $31.46M $25.80M
YoY Change 21.95% 39.46%
SHAREHOLDERS EQUITY
Retained Earnings -$46.42M
YoY Change
Common Stock $241.5M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $195.1M $137.0M
YoY Change
Total Liabilities & Shareholders Equity $226.6M $162.8M
YoY Change 39.16% 106.08%

Cashflow Statement

Concept 2014 Q1 2013 Q1
OPERATING ACTIVITIES
Net Income $373.0K $199.0K
YoY Change 87.44% -22.27%
Depreciation, Depletion And Amortization $1.304M $1.171M
YoY Change 11.36% 37.76%
Cash From Operating Activities $3.560M $6.550M
YoY Change -45.65% 309.38%
INVESTING ACTIVITIES
Capital Expenditures $861.0K $1.089M
YoY Change -20.94% -272.86%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$860.0K -$1.090M
YoY Change -21.1% 73.02%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 610.0K 1.050M
YoY Change -41.9% 950.0%
NET CHANGE
Cash From Operating Activities 3.560M 6.550M
Cash From Investing Activities -860.0K -1.090M
Cash From Financing Activities 610.0K 1.050M
Net Change In Cash 3.310M 6.510M
YoY Change -49.16% 508.41%
FREE CASH FLOW
Cash From Operating Activities $3.560M $6.550M
Capital Expenditures $861.0K $1.089M
Free Cash Flow $2.699M $5.461M
YoY Change -50.58% 144.89%

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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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CY2014Q1 us-gaap Increase Decrease In Deferred Charges
IncreaseDecreaseInDeferredCharges
764000
CY2014Q1 us-gaap Gross Profit
GrossProfit
19684000
CY2014Q1 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-56000
CY2014Q1 us-gaap Investment Income Interest
InvestmentIncomeInterest
49000
CY2014Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
598000
CY2014Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
591000
CY2014Q1 us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
712000
CY2014Q1 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-7000
CY2014Q1 us-gaap Net Income Loss
NetIncomeLoss
373000
CY2014Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
861000
CY2014Q1 us-gaap Increase Decrease In Deferred Liabilities
IncreaseDecreaseInDeferredLiabilities
-82000
CY2014Q1 us-gaap Increase Decrease In Employee Related Liabilities
IncreaseDecreaseInEmployeeRelatedLiabilities
-287000
CY2014Q1 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
4511000
CY2014Q1 us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
612000
CY2014Q1 us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
173000
CY2014Q1 us-gaap Increase Decrease In Deferred Revenue
IncreaseDecreaseInDeferredRevenue
574000
CY2014Q1 us-gaap Share Based Compensation
ShareBasedCompensation
1339000
CY2014Q1 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
157000
CY2014Q1 us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
3309000
CY2014Q1 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
10884000
CY2014Q1 us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
-861000
CY2014Q1 us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
255000
CY2014Q1 us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
445000
CY2014Q1 us-gaap Cost Of Revenue
CostOfRevenue
9255000
CY2014Q1 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
2974000
CY2014Q1 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
587000
CY2014Q1 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
1304000
CY2014Q1 us-gaap Excess Tax Benefit From Share Based Compensation Financing Activities
ExcessTaxBenefitFromShareBasedCompensationFinancingActivities
25000
CY2014Q1 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
717000
CY2014Q1 us-gaap Operating Expenses
OperatingExpenses
19086000
CY2014Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
218000
CY2014Q1 spsc Percentage Of Common Stock On Fair Market Value
PercentageOfCommonStockOnFairMarketValue
0.85 pure
CY2014Q1 spsc Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Vested And Unissued In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedAndUnissuedInPeriod
4942 shares
CY2014Q1 spsc Number Of Offerings During Year
NumberOfOfferingsDuringYear
2 OfferingPeriods

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