$SPSC
SPS COMMERCE INC

2014 Q2 Form 10-Q Financial Statement

#000119312514288939 Filed on July 31, 2014

View on sec.gov

Income Statement

Concept 2014 Q2 2013 Q2
Revenue $31.10M $25.66M
YoY Change 21.21% 43.98%
Cost Of Revenue $9.627M $7.943M
YoY Change 21.2% 64.01%
Gross Profit $21.47M $17.72M
YoY Change 21.21% 36.5%
Gross Profit Margin 69.05% 69.04%
Selling, General & Admin $16.41M $13.86M
YoY Change 18.43% 36.71%
% of Gross Profit 76.43% 78.23%
Research & Development $3.365M $2.657M
YoY Change 26.65% 45.19%
% of Gross Profit 15.67% 15.0%
Depreciation & Amortization $2.200M $1.890M
YoY Change 16.4% 107.69%
% of Gross Profit 10.25% 10.67%
Operating Expenses $20.46M $17.23M
YoY Change 18.73% 40.93%
Operating Profit $1.014M $483.0K
YoY Change 109.94% -35.69%
Interest Expense $50.00K $20.00K
YoY Change 150.0% 100.0%
% of Operating Profit 4.93% 4.14%
Other Income/Expense, Net $85.00K -$26.00K
YoY Change -426.92% 4.0%
Pretax Income $1.099M $457.0K
YoY Change 140.48% -37.05%
Income Tax $460.0K $169.0K
% Of Pretax Income 41.86% 36.98%
Net Earnings $639.0K $288.0K
YoY Change 121.88% -32.39%
Net Earnings / Revenue 2.05% 1.12%
Basic Earnings Per Share $0.04 $0.02
Diluted Earnings Per Share $0.04 $0.02
COMMON SHARES
Basic Shares Outstanding 16.21M shares 15.08M shares
Diluted Shares Outstanding 16.77M shares 15.79M shares

Balance Sheet

Concept 2014 Q2 2013 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $136.5M $75.10M
YoY Change 81.76% 111.55%
Cash & Equivalents $136.5M $75.13M
Short-Term Investments
Other Short-Term Assets $15.00M $13.00M
YoY Change 15.38% 46.07%
Inventory
Prepaid Expenses
Receivables $13.35M $11.71M
Other Receivables $0.00 $0.00
Total Short-Term Assets $164.9M $99.83M
YoY Change 65.17% 86.94%
LONG-TERM ASSETS
Property, Plant & Equipment $9.036M $9.319M
YoY Change -3.04% 132.98%
Goodwill $25.49M $25.49M
YoY Change 0.0%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $205.0K $202.0K
YoY Change 1.49% -98.6%
Total Long-Term Assets $65.28M $68.16M
YoY Change -4.22% 131.05%
TOTAL ASSETS
Total Short-Term Assets $164.9M $99.83M
Total Long-Term Assets $65.28M $68.16M
Total Assets $230.2M $168.0M
YoY Change 37.02% 102.64%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.999M $1.650M
YoY Change 81.76% -13.16%
Accrued Expenses $1.805M $3.420M
YoY Change -47.22% -46.56%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $19.36M $17.76M
YoY Change 9.01% 39.8%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $12.70M $10.70M
YoY Change 18.69% 35.44%
Total Long-Term Liabilities $12.70M $10.70M
YoY Change 18.69% 35.44%
TOTAL LIABILITIES
Total Short-Term Liabilities $19.36M $17.76M
Total Long-Term Liabilities $12.70M $10.70M
Total Liabilities $32.04M $28.46M
YoY Change 12.56% 38.83%
SHAREHOLDERS EQUITY
Retained Earnings -$45.78M -$47.36M
YoY Change -3.33%
Common Stock $243.9M $186.9M
YoY Change 30.52%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $198.1M $139.5M
YoY Change
Total Liabilities & Shareholders Equity $230.2M $168.0M
YoY Change 37.02% 102.64%

Cashflow Statement

Concept 2014 Q2 2013 Q2
OPERATING ACTIVITIES
Net Income $639.0K $288.0K
YoY Change 121.88% -32.39%
Depreciation, Depletion And Amortization $2.200M $1.890M
YoY Change 16.4% 107.69%
Cash From Operating Activities $3.380M $2.080M
YoY Change 62.5% -29.97%
INVESTING ACTIVITIES
Capital Expenditures -$2.520M -$650.0K
YoY Change 287.69% -48.41%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$2.520M -$650.0K
YoY Change 287.69% -48.41%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 1.040M 1.140M
YoY Change -8.77% 54.05%
NET CHANGE
Cash From Operating Activities 3.380M 2.080M
Cash From Investing Activities -2.520M -650.0K
Cash From Financing Activities 1.040M 1.140M
Net Change In Cash 1.900M 2.570M
YoY Change -26.07% 4.9%
FREE CASH FLOW
Cash From Operating Activities $3.380M $2.080M
Capital Expenditures -$2.520M -$650.0K
Free Cash Flow $5.900M $2.730M
YoY Change 116.12% -35.46%

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us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
3380000
us-gaap Net Income Loss
NetIncomeLoss
1012000
us-gaap Investment Income Interest
InvestmentIncomeInterest
99000
us-gaap Increase Decrease In Deferred Charges
IncreaseDecreaseInDeferredCharges
2260000
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
2060000
us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
576000
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
2823000
us-gaap Increase Decrease In Deferred Revenue
IncreaseDecreaseInDeferredRevenue
1809000
us-gaap Increase Decrease In Employee Related Liabilities
IncreaseDecreaseInEmployeeRelatedLiabilities
-342000
us-gaap Operating Expenses
OperatingExpenses
39545000
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
6339000
us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
22454000
us-gaap Excess Tax Benefit From Share Based Compensation Financing Activities
ExcessTaxBenefitFromShareBasedCompensationFinancingActivities
60000
us-gaap Increase Decrease In Deferred Liabilities
IncreaseDecreaseInDeferredLiabilities
-170000
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
1399000
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
323000
us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
5214000
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
678000
us-gaap Cost Of Revenue
CostOfRevenue
18882000
us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
1654000
us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
421000
us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
-3380000
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
922000
us-gaap Proceeds From Stock Plans
ProceedsFromStockPlans
672000
us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
9353000
us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
1202000
us-gaap Share Based Compensation
ShareBasedCompensation
2698000
spsc Number Of Offerings During Year
NumberOfOfferingsDuringYear
2 OfferingPeriods
spsc Percentage Of Common Stock On Fair Market Value
PercentageOfCommonStockOnFairMarketValue
0.85 pure
spsc Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Vested And Unissued In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedAndUnissuedInPeriod
12063 shares
CY2013Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.02
CY2013Q2 us-gaap Weighted Average Number Of Shares Restricted Stock
WeightedAverageNumberOfSharesRestrictedStock
39000 shares
CY2013Q2 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
665000 shares
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 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 Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
15076000 shares
CY2013Q2 us-gaap Gross Profit
GrossProfit
17715000
CY2013Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
483000
CY2013Q2 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-26000
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 Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-48000
CY2013Q2 us-gaap Revenues
Revenues
25658000
CY2013Q2 us-gaap Net Income Loss
NetIncomeLoss
288000
CY2013Q2 us-gaap Investment Income Interest
InvestmentIncomeInterest
22000
CY2013Q2 us-gaap Operating Expenses
OperatingExpenses
17232000
CY2013Q2 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
2657000
CY2013Q2 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
9647000
CY2013Q2 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
717000
CY2013Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
169000
CY2013Q2 us-gaap Cost Of Revenue
CostOfRevenue
7943000
CY2013Q2 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
4211000
CY2013Q2 us-gaap Share Based Compensation
ShareBasedCompensation
1111000
CY2014Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.04
CY2014Q2 us-gaap Weighted Average Number Of Shares Restricted Stock
WeightedAverageNumberOfSharesRestrictedStock
30000 shares
CY2014Q2 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
528000 shares
CY2014Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
16768000 shares
CY2014Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.04
CY2014Q2 us-gaap Weighted Average Number Of Shares Employee Stock Ownership Plan Shares Not Committed To Be Released
WeightedAverageNumberOfSharesEmployeeStockOwnershipPlanSharesNotCommittedToBeReleased
0 shares
CY2014Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
126000 shares
CY2014Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
16210000 shares
CY2014Q2 us-gaap Gross Profit
GrossProfit
21473000
CY2014Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
1014000
CY2014Q2 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
85000
CY2014Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
1099000
CY2014Q2 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
35000
CY2014Q2 us-gaap Revenues
Revenues
31100000
CY2014Q2 us-gaap Net Income Loss
NetIncomeLoss
639000
CY2014Q2 us-gaap Investment Income Interest
InvestmentIncomeInterest
50000
CY2014Q2 us-gaap Operating Expenses
OperatingExpenses
20459000
CY2014Q2 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
3365000
CY2014Q2 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
11570000
CY2014Q2 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
682000
CY2014Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
460000
CY2014Q2 us-gaap Cost Of Revenue
CostOfRevenue
9627000
CY2014Q2 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
4842000
CY2014Q2 us-gaap Share Based Compensation
ShareBasedCompensation
1359000

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