$SPSC
SPS COMMERCE INC

2015 Q2 Form 10-Q Financial Statement

#000119312515270865 Filed on July 30, 2015

View on sec.gov

Income Statement

Concept 2015 Q2 2014 Q2
Revenue $38.85M $31.10M
YoY Change 24.91% 21.21%
Cost Of Revenue $12.34M $9.627M
YoY Change 28.13% 21.2%
Gross Profit $26.51M $21.47M
YoY Change 23.46% 21.21%
Gross Profit Margin 68.25% 69.05%
Selling, General & Admin $20.16M $16.41M
YoY Change 22.81% 18.43%
% of Gross Profit 76.03% 76.43%
Research & Development $4.495M $3.365M
YoY Change 33.58% 26.65%
% of Gross Profit 16.96% 15.67%
Depreciation & Amortization $2.400M $2.200M
YoY Change 9.09% 16.4%
% of Gross Profit 9.05% 10.25%
Operating Expenses $25.48M $20.46M
YoY Change 24.56% 18.73%
Operating Profit $1.027M $1.014M
YoY Change 1.28% 109.94%
Interest Expense $40.00K $50.00K
YoY Change -20.0% 150.0%
% of Operating Profit 3.89% 4.93%
Other Income/Expense, Net -$20.00K $85.00K
YoY Change -123.53% -426.92%
Pretax Income $1.007M $1.099M
YoY Change -8.37% 140.48%
Income Tax $356.0K $460.0K
% Of Pretax Income 35.35% 41.86%
Net Earnings $651.0K $639.0K
YoY Change 1.88% 121.88%
Net Earnings / Revenue 1.68% 2.05%
Basic Earnings Per Share $0.04 $0.04
Diluted Earnings Per Share $0.04 $0.04
COMMON SHARES
Basic Shares Outstanding 16.54M shares 16.21M shares
Diluted Shares Outstanding 17.00M shares 16.77M shares

Balance Sheet

Concept 2015 Q2 2014 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $121.3M $136.5M
YoY Change -11.14% 81.76%
Cash & Equivalents $121.3M $136.5M
Short-Term Investments
Other Short-Term Assets $6.393M $15.00M
YoY Change -57.38% 15.38%
Inventory
Prepaid Expenses
Receivables $17.26M $13.35M
Other Receivables $0.00 $0.00
Total Short-Term Assets $159.1M $164.9M
YoY Change -3.53% 65.17%
LONG-TERM ASSETS
Property, Plant & Equipment $12.95M $9.036M
YoY Change 43.34% -3.04%
Goodwill $34.30M $25.49M
YoY Change 34.59% 0.0%
Intangibles
YoY Change
Long-Term Investments $10.00M
YoY Change
Other Assets $365.0K $205.0K
YoY Change 78.05% 1.49%
Total Long-Term Assets $90.86M $65.28M
YoY Change 39.17% -4.22%
TOTAL ASSETS
Total Short-Term Assets $159.1M $164.9M
Total Long-Term Assets $90.86M $65.28M
Total Assets $249.9M $230.2M
YoY Change 8.58% 37.02%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $3.706M $2.999M
YoY Change 23.57% 81.76%
Accrued Expenses $2.129M $1.805M
YoY Change 17.95% -47.22%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $23.84M $19.36M
YoY Change 23.17% 9.01%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $14.20M $12.70M
YoY Change 11.81% 18.69%
Total Long-Term Liabilities $14.20M $12.70M
YoY Change 11.81% 18.69%
TOTAL LIABILITIES
Total Short-Term Liabilities $23.84M $19.36M
Total Long-Term Liabilities $14.20M $12.70M
Total Liabilities $38.01M $32.04M
YoY Change 18.66% 12.56%
SHAREHOLDERS EQUITY
Retained Earnings -$42.85M -$45.78M
YoY Change -6.4% -3.33%
Common Stock $257.3M $243.9M
YoY Change 5.5% 30.52%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $211.9M $198.1M
YoY Change
Total Liabilities & Shareholders Equity $249.9M $230.2M
YoY Change 8.58% 37.02%

Cashflow Statement

Concept 2015 Q2 2014 Q2
OPERATING ACTIVITIES
Net Income $651.0K $639.0K
YoY Change 1.88% 121.88%
Depreciation, Depletion And Amortization $2.400M $2.200M
YoY Change 9.09% 16.4%
Cash From Operating Activities -$670.0K $3.380M
YoY Change -119.82% 62.5%
INVESTING ACTIVITIES
Capital Expenditures -$2.770M -$2.520M
YoY Change 9.92% 287.69%
Acquisitions
YoY Change
Other Investing Activities -$9.990M
YoY Change
Cash From Investing Activities -$12.76M -$2.520M
YoY Change 406.35% 287.69%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 1.190M 1.040M
YoY Change 14.42% -8.77%
NET CHANGE
Cash From Operating Activities -670.0K 3.380M
Cash From Investing Activities -12.76M -2.520M
Cash From Financing Activities 1.190M 1.040M
Net Change In Cash -12.24M 1.900M
YoY Change -744.21% -26.07%
FREE CASH FLOW
Cash From Operating Activities -$670.0K $3.380M
Capital Expenditures -$2.770M -$2.520M
Free Cash Flow $2.100M $5.900M
YoY Change -64.41% 116.12%

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us-gaap Use Of Estimates
UseOfEstimates
<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>
us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
157569 shares
dei Trading Symbol
TradingSymbol
SPSC
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.08
us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P2Y10M24D
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
5079000
us-gaap Payments To Acquire Marketable Securities
PaymentsToAcquireMarketableSecurities
9989000
us-gaap Net Income Loss
NetIncomeLoss
1237000
us-gaap Revenues
Revenues
75816000
us-gaap Increase Decrease In Deferred Charges
IncreaseDecreaseInDeferredCharges
2126000
us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
74000
us-gaap Operating Income Loss
OperatingIncomeLoss
1949000
us-gaap Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
2710000
us-gaap Gross Profit
GrossProfit
51909000
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-169000
us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-95000
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
2397000
us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
-1334000
us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
-2577000
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
1854000
us-gaap Unrealized Gain Loss On Investments
UnrealizedGainLossOnInvestments
6000
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
617000
us-gaap Share Based Compensation
ShareBasedCompensation
3146000
us-gaap Increase Decrease In Deferred Revenue
IncreaseDecreaseInDeferredRevenue
671000
us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
27845000
us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
-9451000
us-gaap Operating Expenses
OperatingExpenses
49960000
us-gaap Proceeds From Stock Plans
ProceedsFromStockPlans
741000
us-gaap Increase Decrease In Deferred Liabilities
IncreaseDecreaseInDeferredLiabilities
-286000
us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
-15068000
us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
3537000
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
8564000
us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
155000
us-gaap Increase Decrease In Employee Related Liabilities
IncreaseDecreaseInEmployeeRelatedLiabilities
-409000
us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
-324000
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
2396000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
3146000
us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
11873000
us-gaap Effect Of Exchange Rate On Cash And Cash Equivalents
EffectOfExchangeRateOnCashAndCashEquivalents
-307000
us-gaap Excess Tax Benefit From Share Based Compensation Financing Activities
ExcessTaxBenefitFromShareBasedCompensationFinancingActivities
400000
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
1678000
us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
125000
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
3109000
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
518000
us-gaap Cost Of Revenue
CostOfRevenue
23907000
spsc Number Of Offerings During Year
NumberOfOfferingsDuringYear
2 OfferingPeriods
spsc Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Vested And Unissued In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedAndUnissuedInPeriod
12487 shares
CY2014Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.04
CY2014Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
126000 shares
CY2014Q2 us-gaap Weighted Average Number Of Shares Restricted Stock
WeightedAverageNumberOfSharesRestrictedStock
30000 shares
CY2014Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
16768000 shares
CY2014Q2 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
528000 shares
CY2014Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
16210000 shares
CY2014Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.04
CY2014Q2 us-gaap Net Income Loss
NetIncomeLoss
639000
CY2014Q2 us-gaap Revenues
Revenues
31100000
CY2014Q2 us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
50000
CY2014Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
1014000
CY2014Q2 us-gaap Gross Profit
GrossProfit
21473000
CY2014Q2 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
35000
CY2014Q2 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
85000
CY2014Q2 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
639000
CY2014Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
1099000
CY2014Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
460000
CY2014Q2 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
11570000
CY2014Q2 us-gaap Operating Expenses
OperatingExpenses
20459000
CY2014Q2 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
3365000
CY2014Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1359000
CY2014Q2 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
4842000
CY2014Q2 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
682000
CY2014Q2 us-gaap Cost Of Revenue
CostOfRevenue
9627000
CY2015Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.04
CY2015Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
39000 shares
CY2015Q2 us-gaap Weighted Average Number Of Shares Employee Stock Ownership Plan Shares Not Committed To Be Released
WeightedAverageNumberOfSharesEmployeeStockOwnershipPlanSharesNotCommittedToBeReleased
2000 shares
CY2015Q2 us-gaap Weighted Average Number Of Shares Restricted Stock
WeightedAverageNumberOfSharesRestrictedStock
24000 shares
CY2015Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
16998000 shares
CY2015Q2 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
436000 shares
CY2015Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
16536000 shares
CY2015Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.04
CY2015Q2 us-gaap Net Income Loss
NetIncomeLoss
651000
CY2015Q2 us-gaap Revenues
Revenues
38846000
CY2015Q2 us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
37000
CY2015Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
1027000
CY2015Q2 us-gaap Gross Profit
GrossProfit
26511000
CY2015Q2 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-57000
CY2015Q2 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-20000
CY2015Q2 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
-621000
CY2015Q2 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
-1278000
CY2015Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
1007000
CY2015Q2 us-gaap Unrealized Gain Loss On Investments
UnrealizedGainLossOnInvestments
6000
CY2015Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
356000
CY2015Q2 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
14101000
CY2015Q2 us-gaap Operating Expenses
OperatingExpenses
25484000
CY2015Q2 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
4495000
CY2015Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1647000
CY2015Q2 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
6055000
CY2015Q2 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
833000
CY2015Q2 us-gaap Cost Of Revenue
CostOfRevenue
12335000

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