$SPSC
SPS COMMERCE INC

2015 Q1 Form 10-Q Financial Statement

#000119312515162127 Filed on April 30, 2015

View on sec.gov

Income Statement

Concept 2015 Q1 2014 Q1
Revenue $36.97M $28.94M
YoY Change 27.75% 21.84%
Cost Of Revenue $11.57M $9.255M
YoY Change 25.04% 30.98%
Gross Profit $25.40M $19.68M
YoY Change 29.03% 17.97%
Gross Profit Margin 68.7% 68.02%
Selling, General & Admin $19.56M $15.40M
YoY Change 27.07% 16.0%
% of Gross Profit 77.02% 78.21%
Research & Development $4.069M $2.974M
YoY Change 36.82% 18.82%
% of Gross Profit 16.02% 15.11%
Depreciation & Amortization $1.541M $1.304M
YoY Change 18.17% 11.36%
% of Gross Profit 6.07% 6.62%
Operating Expenses $24.48M $19.09M
YoY Change 28.24% 15.73%
Operating Profit $922.0K $598.0K
YoY Change 54.18% 208.25%
Interest Expense $40.00K $50.00K
YoY Change -20.0% 150.0%
% of Operating Profit 4.34% 8.36%
Other Income/Expense, Net -$75.00K -$7.000K
YoY Change 971.43% -88.52%
Pretax Income $847.0K $591.0K
YoY Change 43.32% 344.36%
Income Tax $261.0K $218.0K
% Of Pretax Income 30.81% 36.89%
Net Earnings $586.0K $373.0K
YoY Change 57.1% 87.44%
Net Earnings / Revenue 1.59% 1.29%
Basic Earnings Per Share $0.04 $0.02
Diluted Earnings Per Share $0.03 $0.02
COMMON SHARES
Basic Shares Outstanding 16.43M shares 16.16M shares
Diluted Shares Outstanding 17.01M shares 16.83M shares

Balance Sheet

Concept 2015 Q1 2014 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $133.6M $134.6M
YoY Change -0.74% 85.4%
Cash & Equivalents $133.6M $134.6M
Short-Term Investments
Other Short-Term Assets $3.797M $13.60M
YoY Change -72.08% 10.57%
Inventory
Prepaid Expenses
Receivables $15.82M $12.17M
Other Receivables $0.00 $0.00
Total Short-Term Assets $166.2M $160.4M
YoY Change 3.6% 67.58%
LONG-TERM ASSETS
Property, Plant & Equipment $12.09M $9.479M
YoY Change 27.52% 24.72%
Goodwill $34.21M $25.49M
YoY Change 34.23%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $350.0K $197.0K
YoY Change 77.66% -98.64%
Total Long-Term Assets $80.71M $66.18M
YoY Change 21.96% -1.37%
TOTAL ASSETS
Total Short-Term Assets $166.2M $160.4M
Total Long-Term Assets $80.71M $66.18M
Total Assets $246.9M $226.6M
YoY Change 8.96% 39.16%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $3.444M $2.243M
YoY Change 53.54% 12.15%
Accrued Expenses $2.796M $3.069M
YoY Change -8.9% -60.65%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $24.75M $19.50M
YoY Change 26.93% 24.99%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $13.90M $12.00M
YoY Change 15.83% 17.65%
Total Long-Term Liabilities $13.90M $12.00M
YoY Change 15.83% 17.65%
TOTAL LIABILITIES
Total Short-Term Liabilities $24.75M $19.50M
Total Long-Term Liabilities $13.90M $12.00M
Total Liabilities $38.65M $31.46M
YoY Change 22.83% 21.95%
SHAREHOLDERS EQUITY
Retained Earnings -$43.50M -$46.42M
YoY Change -6.28%
Common Stock $254.5M $241.5M
YoY Change 5.37%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $208.2M $195.1M
YoY Change
Total Liabilities & Shareholders Equity $246.9M $226.6M
YoY Change 8.96% 39.16%

Cashflow Statement

Concept 2015 Q1 2014 Q1
OPERATING ACTIVITIES
Net Income $586.0K $373.0K
YoY Change 57.1% 87.44%
Depreciation, Depletion And Amortization $1.541M $1.304M
YoY Change 18.17% 11.36%
Cash From Operating Activities $3.060M $3.560M
YoY Change -14.04% -45.65%
INVESTING ACTIVITIES
Capital Expenditures $2.308M $861.0K
YoY Change 168.06% -20.94%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$2.310M -$860.0K
YoY Change 168.6% -21.1%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 2.350M 610.0K
YoY Change 285.25% -41.9%
NET CHANGE
Cash From Operating Activities 3.060M 3.560M
Cash From Investing Activities -2.310M -860.0K
Cash From Financing Activities 2.350M 610.0K
Net Change In Cash 3.100M 3.310M
YoY Change -6.34% -49.16%
FREE CASH FLOW
Cash From Operating Activities $3.060M $3.560M
Capital Expenditures $2.308M $861.0K
Free Cash Flow $752.0K $2.699M
YoY Change -72.14% -50.58%

Facts In Submission

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CY2015Q1 dei Entity Registrant Name
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SPS COMMERCE INC
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<div> <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 10pt 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 18pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px"> <i>Use of Estimates</i></p> <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 10pt 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 6pt; LETTER-SPACING: normal; TEXT-INDENT: 4%; -webkit-text-stroke-width: 0px"> 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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ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1
P4Y
CY2015Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
67.10
CY2015Q1 dei Entity Central Index Key
EntityCentralIndexKey
0001092699
CY2015Q1 us-gaap Weighted Average Number Of Shares Employee Stock Ownership Plan Shares Not Committed To Be Released
WeightedAverageNumberOfSharesEmployeeStockOwnershipPlanSharesNotCommittedToBeReleased
1000 shares
CY2015Q1 dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q1
CY2015Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
256000 shares
CY2015Q1 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
138986 shares
CY2015Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
16433000 shares
CY2015Q1 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
-1299000
CY2015Q1 us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
37000
CY2015Q1 us-gaap Gross Profit
GrossProfit
25398000
CY2015Q1 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
-713000
CY2015Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
922000
CY2015Q1 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-75000
CY2015Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
847000
CY2015Q1 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-112000
CY2015Q1 us-gaap Revenues
Revenues
36970000
CY2015Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
2308000
CY2015Q1 us-gaap Net Income Loss
NetIncomeLoss
586000
CY2015Q1 us-gaap Increase Decrease In Deferred Charges
IncreaseDecreaseInDeferredCharges
-863000
CY2015Q1 us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
-594000
CY2015Q1 us-gaap Increase Decrease In Other Current Assets
IncreaseDecreaseInOtherCurrentAssets
-105000
CY2015Q1 us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
-51000
CY2015Q1 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
1541000
CY2015Q1 us-gaap Effect Of Exchange Rate On Cash And Cash Equivalents
EffectOfExchangeRateOnCashAndCashEquivalents
-346000
CY2015Q1 us-gaap Increase Decrease In Deferred Revenue
IncreaseDecreaseInDeferredRevenue
-78000
CY2015Q1 us-gaap Increase Decrease In Employee Related Liabilities
IncreaseDecreaseInEmployeeRelatedLiabilities
420000
CY2015Q1 us-gaap Operating Expenses
OperatingExpenses
24476000
CY2015Q1 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
4069000
CY2015Q1 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
13744000
CY2015Q1 us-gaap Excess Tax Benefit From Share Based Compensation Financing Activities
ExcessTaxBenefitFromShareBasedCompensationFinancingActivities
300000
CY2015Q1 us-gaap Increase Decrease In Deferred Liabilities
IncreaseDecreaseInDeferredLiabilities
-146000
CY2015Q1 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
138000
CY2015Q1 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
845000
CY2015Q1 us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
2755000
CY2015Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
261000
CY2015Q1 us-gaap Cost Of Revenue
CostOfRevenue
11572000
CY2015Q1 us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
2347000
CY2015Q1 us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
347000
CY2015Q1 us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
-2308000
CY2015Q1 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
2047000
CY2015Q1 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
5818000
CY2015Q1 us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
-477000
CY2015Q1 us-gaap Share Based Compensation
ShareBasedCompensation
1499000
CY2015Q1 spsc Number Of Offerings During Year
NumberOfOfferingsDuringYear
2 OfferingPeriods
CY2015Q1 spsc Percentage Of Common Stock On Fair Market Value
PercentageOfCommonStockOnFairMarketValue
0.85 pure
CY2015Q1 spsc Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Vested And Unissued In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedAndUnissuedInPeriod
3140 shares

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