$SPSC
SPS COMMERCE INC

2014 Q4 Form 10-Q Financial Statement

#000119312514389355 Filed on October 30, 2014

View on sec.gov

Income Statement

Concept 2014 Q4 2014 Q3 2013 Q3
Revenue $35.40M $32.51M $27.01M
YoY Change 26.56% 20.36% 33.26%
Cost Of Revenue $11.14M $9.970M $8.249M
YoY Change 30.75% 20.86% 38.76%
Gross Profit $24.26M $22.54M $18.76M
YoY Change 24.75% 20.13% 30.98%
Gross Profit Margin 68.54% 69.33% 69.46%
Selling, General & Admin $18.22M $17.20M $14.58M
YoY Change 20.58% 18.0% 26.02%
% of Gross Profit 75.09% 76.32% 77.7%
Research & Development $3.820M $3.338M $2.806M
YoY Change 31.72% 18.96% 34.39%
% of Gross Profit 15.74% 14.81% 14.96%
Depreciation & Amortization $2.280M $2.070M $2.250M
YoY Change 12.87% -8.0% 59.57%
% of Gross Profit 9.4% 9.19% 11.99%
Operating Expenses $22.85M $21.18M $18.39M
YoY Change 22.0% 15.19% 29.64%
Operating Profit $1.417M $1.354M $371.0K
YoY Change 95.72% 264.96% 168.84%
Interest Expense $40.00K $50.00K $30.00K
YoY Change 0.0% 66.67% 11.11%
% of Operating Profit 2.82% 3.69% 8.09%
Other Income/Expense, Net -$400.0K $16.00K $68.00K
YoY Change 700.0% -76.47% -177.27%
Pretax Income $1.050M $1.370M $439.0K
YoY Change 47.89% 212.07% 778.0%
Income Tax $200.0K $532.0K $169.0K
% Of Pretax Income 19.05% 38.83% 38.5%
Net Earnings $854.0K $838.0K $270.0K
YoY Change 190.48% 210.37% 55.17%
Net Earnings / Revenue 2.41% 2.58% 1.0%
Basic Earnings Per Share $0.05 $0.02
Diluted Earnings Per Share $0.05 $0.05 $0.02
COMMON SHARES
Basic Shares Outstanding 16.28M shares 16.25M shares 15.22M shares
Diluted Shares Outstanding 16.78M shares 15.99M shares

Balance Sheet

Concept 2014 Q4 2014 Q3 2013 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $130.8M $140.8M $80.80M
YoY Change -0.38% 74.26% 15.93%
Cash & Equivalents $130.8M $140.8M $80.81M
Short-Term Investments
Other Short-Term Assets $3.846M $16.20M $13.30M
YoY Change 34.95% 21.8% 31.68%
Inventory
Prepaid Expenses
Receivables $15.42M $13.59M $11.15M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $162.2M $170.6M $105.2M
YoY Change 3.92% 62.15% 17.06%
LONG-TERM ASSETS
Property, Plant & Equipment $11.36M $8.619M $10.56M
YoY Change 14.5% -18.36% 88.52%
Goodwill $34.85M $25.49M $25.49M
YoY Change 36.75% 0.0%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $213.0K $168.0K $190.0K
YoY Change 1.43% -11.58% -98.72%
Total Long-Term Assets $81.58M $63.99M $68.35M
YoY Change 21.3% -6.37% 2.32%
TOTAL ASSETS
Total Short-Term Assets $162.2M $170.6M $105.2M
Total Long-Term Assets $81.58M $63.99M $68.35M
Total Assets $243.8M $234.6M $173.6M
YoY Change 9.15% 35.17% 10.78%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $3.961M $2.098M $1.685M
YoY Change 120.3% 24.51% -37.59%
Accrued Expenses $2.470M $1.801M $2.665M
YoY Change 2.36% -32.42% -66.27%
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 $24.56M $20.90M $19.21M
YoY Change 29.84% 8.84% 20.79%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $14.10M $12.80M $12.00M
YoY Change 21.55% 6.67% 50.0%
Total Long-Term Liabilities $14.10M $12.80M $12.00M
YoY Change 21.55% 6.67% 50.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $24.56M $20.90M $19.21M
Total Long-Term Liabilities $14.10M $12.80M $12.00M
Total Liabilities $38.68M $33.72M $31.21M
YoY Change 26.6% 8.04% 30.59%
SHAREHOLDERS EQUITY
Retained Earnings -$44.09M -$44.94M -$47.09M
YoY Change -5.78% -4.55%
Common Stock $250.6M $245.9M $189.5M
YoY Change 4.63% 29.77%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $205.1M $200.9M $142.4M
YoY Change
Total Liabilities & Shareholders Equity $243.8M $234.6M $173.6M
YoY Change 9.15% 35.17% 10.78%

Cashflow Statement

Concept 2014 Q4 2014 Q3 2013 Q3
OPERATING ACTIVITIES
Net Income $854.0K $838.0K $270.0K
YoY Change 190.48% 210.37% 55.17%
Depreciation, Depletion And Amortization $2.280M $2.070M $2.250M
YoY Change 12.87% -8.0% 59.57%
Cash From Operating Activities $5.170M $4.680M $7.480M
YoY Change 142.72% -37.43% 102.16%
INVESTING ACTIVITIES
Capital Expenditures -$3.190M -$1.010M -$3.290M
YoY Change 376.12% -69.3% 242.71%
Acquisitions
YoY Change
Other Investing Activities -$12.60M $0.00
YoY Change -100.0%
Cash From Investing Activities -$15.79M -$1.010M -$3.290M
YoY Change 2256.72% -69.3% -87.91%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 1.180M 660.0K 1.500M
YoY Change -97.59% -56.0% -97.4%
NET CHANGE
Cash From Operating Activities 5.170M 4.680M 7.480M
Cash From Investing Activities -15.79M -1.010M -3.290M
Cash From Financing Activities 1.180M 660.0K 1.500M
Net Change In Cash -9.440M 4.330M 5.690M
YoY Change -118.7% -23.9% -83.37%
FREE CASH FLOW
Cash From Operating Activities $5.170M $4.680M $7.480M
Capital Expenditures -$3.190M -$1.010M -$3.290M
Free Cash Flow $8.360M $5.690M $10.77M
YoY Change 198.57% -47.17% 131.12%

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ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1
P4Y
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
63.01
dei Entity Central Index Key
EntityCentralIndexKey
0001092699
us-gaap Weighted Average Number Of Shares Employee Stock Ownership Plan Shares Not Committed To Be Released
WeightedAverageNumberOfSharesEmployeeStockOwnershipPlanSharesNotCommittedToBeReleased
1000 shares
dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q3
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
126000 shares
us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
138420 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
16207000 shares
us-gaap Gross Profit
GrossProfit
63693000
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
929000
us-gaap Operating Income Loss
OperatingIncomeLoss
2966000
us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
94000
us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
3060000
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-57000
us-gaap Revenues
Revenues
92545000
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
4394000
us-gaap Net Income Loss
NetIncomeLoss
1850000
us-gaap Investment Income Interest
InvestmentIncomeInterest
151000
us-gaap Increase Decrease In Deferred Charges
IncreaseDecreaseInDeferredCharges
3276000
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
2490000
us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
1065000
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
4253000
us-gaap Increase Decrease In Deferred Revenue
IncreaseDecreaseInDeferredRevenue
2077000
us-gaap Increase Decrease In Employee Related Liabilities
IncreaseDecreaseInEmployeeRelatedLiabilities
2063000
us-gaap Operating Expenses
OperatingExpenses
60727000
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
9677000
us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
34500000
us-gaap Excess Tax Benefit From Share Based Compensation Financing Activities
ExcessTaxBenefitFromShareBasedCompensationFinancingActivities
60000
us-gaap Increase Decrease In Deferred Liabilities
IncreaseDecreaseInDeferredLiabilities
-245000
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
507000
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
2044000
us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
9528000
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
1210000
us-gaap Cost Of Revenue
CostOfRevenue
28852000
us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
2305000
us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
407000
us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
-4394000
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
1573000
us-gaap Proceeds From Stock Plans
ProceedsFromStockPlans
672000
us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
14506000
us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
300000
us-gaap Share Based Compensation
ShareBasedCompensation
3991000
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
19262 shares
CY2013Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.02
CY2013Q3 us-gaap Weighted Average Number Of Shares Restricted Stock
WeightedAverageNumberOfSharesRestrictedStock
54000 shares
CY2013Q3 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
706000 shares
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 Weighted Average Number Of Shares Employee Stock Ownership Plan Shares Not Committed To Be Released
WeightedAverageNumberOfSharesEmployeeStockOwnershipPlanSharesNotCommittedToBeReleased
3000 shares
CY2013Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
15223000 shares
CY2013Q3 us-gaap Gross Profit
GrossProfit
18759000
CY2013Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
371000
CY2013Q3 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
68000
CY2014Q3 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
5153000
CY2014Q3 us-gaap Share Based Compensation
ShareBasedCompensation
1293000
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 Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
37000
CY2013Q3 us-gaap Revenues
Revenues
27008000
CY2013Q3 us-gaap Net Income Loss
NetIncomeLoss
270000
CY2013Q3 us-gaap Investment Income Interest
InvestmentIncomeInterest
31000
CY2013Q3 us-gaap Operating Expenses
OperatingExpenses
18388000
CY2013Q3 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
2806000
CY2013Q3 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
10291000
CY2013Q3 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
1007000
CY2013Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
169000
CY2013Q3 us-gaap Cost Of Revenue
CostOfRevenue
8249000
CY2013Q3 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
4284000
CY2013Q3 us-gaap Share Based Compensation
ShareBasedCompensation
1085000
CY2014Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.05
CY2014Q3 us-gaap Weighted Average Number Of Shares Restricted Stock
WeightedAverageNumberOfSharesRestrictedStock
36000 shares
CY2014Q3 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
488000 shares
CY2014Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
16780000 shares
CY2014Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.05
CY2014Q3 us-gaap Weighted Average Number Of Shares Employee Stock Ownership Plan Shares Not Committed To Be Released
WeightedAverageNumberOfSharesEmployeeStockOwnershipPlanSharesNotCommittedToBeReleased
2000 shares
CY2014Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
126000 shares
CY2014Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
16254000 shares
CY2014Q3 us-gaap Gross Profit
GrossProfit
22536000
CY2014Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
1354000
CY2014Q3 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
16000
CY2014Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
1370000
CY2014Q3 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-36000
CY2014Q3 us-gaap Revenues
Revenues
32506000
CY2014Q3 us-gaap Net Income Loss
NetIncomeLoss
838000
CY2014Q3 us-gaap Investment Income Interest
InvestmentIncomeInterest
52000
CY2014Q3 us-gaap Operating Expenses
OperatingExpenses
21182000
CY2014Q3 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
3338000
CY2014Q3 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
12046000
CY2014Q3 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
645000
CY2014Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
532000
CY2014Q3 us-gaap Cost Of Revenue
CostOfRevenue
9970000

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