2015 Q4 Form 10-Q Financial Statement

#000119312515360265 Filed on October 30, 2015

View on sec.gov

Income Statement

Concept 2015 Q4 2015 Q3 2014 Q3
Revenue $42.35M $40.35M $32.51M
YoY Change 19.62% 24.14% 20.36%
Cost Of Revenue $13.44M $12.70M $9.970M
YoY Change 20.65% 27.38% 20.86%
Gross Profit $28.91M $27.65M $22.54M
YoY Change 19.16% 22.71% 20.13%
Gross Profit Margin 68.27% 68.53% 69.33%
Selling, General & Admin $20.40M $20.07M $17.20M
YoY Change 11.96% 16.7% 18.0%
% of Gross Profit 70.56% 72.58% 76.32%
Research & Development $4.900M $4.494M $3.338M
YoY Change 28.27% 34.63% 18.96%
% of Gross Profit 16.95% 16.25% 14.81%
Depreciation & Amortization $2.380M $2.410M $2.070M
YoY Change 4.39% 16.43% -8.0%
% of Gross Profit 8.23% 8.71% 9.19%
Operating Expenses $26.09M $25.39M $21.18M
YoY Change 14.18% 19.88% 15.19%
Operating Profit $2.814M $2.260M $1.354M
YoY Change 98.59% 66.91% 264.96%
Interest Expense $70.00K $50.00K $50.00K
YoY Change 75.0% 0.0% 66.67%
% of Operating Profit 2.49% 2.21% 3.69%
Other Income/Expense, Net $110.0K -$37.00K $16.00K
YoY Change -127.5% -331.25% -76.47%
Pretax Income $3.000M $2.223M $1.370M
YoY Change 185.71% 62.26% 212.07%
Income Tax $870.0K $953.0K $532.0K
% Of Pretax Income 29.0% 42.87% 38.83%
Net Earnings $2.132M $1.270M $838.0K
YoY Change 149.65% 51.55% 210.37%
Net Earnings / Revenue 5.03% 3.15% 2.58%
Basic Earnings Per Share $0.08 $0.05
Diluted Earnings Per Share $0.12 $0.07 $0.05
COMMON SHARES
Basic Shares Outstanding 16.63M shares 16.61M shares 16.25M shares
Diluted Shares Outstanding 17.05M shares 16.78M shares

Balance Sheet

Concept 2015 Q4 2015 Q3 2014 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $129.1M $122.9M $140.8M
YoY Change -1.3% -12.71% 74.26%
Cash & Equivalents $121.5M $117.9M $140.8M
Short-Term Investments $7.500M $5.000M
Other Short-Term Assets $5.030M $5.688M $16.20M
YoY Change 30.79% -64.89% 21.8%
Inventory
Prepaid Expenses
Receivables $17.62M $17.95M $13.59M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $166.8M $161.4M $170.6M
YoY Change 2.83% -5.43% 62.15%
LONG-TERM ASSETS
Property, Plant & Equipment $13.62M $13.08M $8.619M
YoY Change 19.88% 51.75% -18.36%
Goodwill $33.85M $33.53M $25.49M
YoY Change -2.89% 31.55% 0.0%
Intangibles
YoY Change
Long-Term Investments $15.00M $12.50M
YoY Change
Other Assets $1.037M $397.0K $168.0K
YoY Change 386.85% 136.31% -11.58%
Total Long-Term Assets $94.95M $91.51M $63.99M
YoY Change 16.38% 42.99% -6.37%
TOTAL ASSETS
Total Short-Term Assets $166.8M $161.4M $170.6M
Total Long-Term Assets $94.95M $91.51M $63.99M
Total Assets $261.7M $252.9M $234.6M
YoY Change 7.37% 7.77% 35.17%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.163M $2.381M $2.098M
YoY Change -45.39% 13.49% 24.51%
Accrued Expenses $1.987M $2.338M $1.801M
YoY Change -19.55% 29.82% -32.42%
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 $24.23M $23.44M $20.90M
YoY Change -1.33% 12.11% 8.84%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $15.30M $14.70M $12.80M
YoY Change 8.51% 14.84% 6.67%
Total Long-Term Liabilities $15.30M $14.70M $12.80M
YoY Change 8.51% 14.84% 6.67%
TOTAL LIABILITIES
Total Short-Term Liabilities $24.23M $23.44M $20.90M
Total Long-Term Liabilities $15.30M $14.70M $12.80M
Total Liabilities $39.55M $38.15M $33.72M
YoY Change 2.23% 13.15% 8.04%
SHAREHOLDERS EQUITY
Retained Earnings -$39.45M -$41.58M -$44.94M
YoY Change -10.52% -7.48% -4.55%
Common Stock $265.3M $260.6M $245.9M
YoY Change 5.84% 5.99% 29.77%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $231.4M $214.7M $200.9M
YoY Change
Total Liabilities & Shareholders Equity $261.7M $252.9M $234.6M
YoY Change 7.37% 7.77% 35.17%

Cashflow Statement

Concept 2015 Q4 2015 Q3 2014 Q3
OPERATING ACTIVITIES
Net Income $2.132M $1.270M $838.0K
YoY Change 149.65% 51.55% 210.37%
Depreciation, Depletion And Amortization $2.380M $2.410M $2.070M
YoY Change 4.39% 16.43% -8.0%
Cash From Operating Activities $7.550M $4.490M $4.680M
YoY Change 46.03% -4.06% -37.43%
INVESTING ACTIVITIES
Capital Expenditures -$2.260M -$1.420M -$1.010M
YoY Change -29.15% 40.59% -69.3%
Acquisitions
YoY Change
Other Investing Activities -$5.020M -$7.520M
YoY Change -60.16%
Cash From Investing Activities -$7.270M -$8.940M -$1.010M
YoY Change -53.96% 785.15% -69.3%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 3.060M 1.650M 660.0K
YoY Change 159.32% 150.0% -56.0%
NET CHANGE
Cash From Operating Activities 7.550M 4.490M 4.680M
Cash From Investing Activities -7.270M -8.940M -1.010M
Cash From Financing Activities 3.060M 1.650M 660.0K
Net Change In Cash 3.340M -2.800M 4.330M
YoY Change -135.38% -164.67% -23.9%
FREE CASH FLOW
Cash From Operating Activities $7.550M $4.490M $4.680M
Capital Expenditures -$2.260M -$1.420M -$1.010M
Free Cash Flow $9.810M $5.910M $5.690M
YoY Change 17.34% 3.87% -47.17%

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WeightedAverageNumberOfSharesEmployeeStockOwnershipPlanSharesNotCommittedToBeReleased
3000 shares
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
45.62
dei Entity Filer Category
EntityFilerCategory
Large Accelerated Filer
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Terms Of Award
ShareBasedCompensationArrangementByShareBasedPaymentAwardTermsOfAward
Seven to ten years
dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
us-gaap Weighted Average Number Of Shares Restricted Stock
WeightedAverageNumberOfSharesRestrictedStock
25000 shares
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Purchase Price Of Common Stock Percent
SharebasedCompensationArrangementBySharebasedPaymentAwardPurchasePriceOfCommonStockPercent
0.85 pure
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
67.39
dei Document Period End Date
DocumentPeriodEndDate
2015-09-30
us-gaap Line Of Credit Facility Expiration Date1
LineOfCreditFacilityExpirationDate1
2016-09-30
dei Entity Registrant Name
EntityRegistrantName
SPS COMMERCE INC
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
17040000 shares
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
487000 shares
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
178654 shares
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
15.21
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
16525000 shares
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
23.07
us-gaap Use Of Estimates
UseOfEstimates
<div> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 18pt"> <i>Use of Estimates</i></p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt; TEXT-INDENT: 4%"> 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
215126 shares
us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
-12908000
us-gaap Operating Expenses
OperatingExpenses
75354000
dei Trading Symbol
TradingSymbol
SPSC
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.15
us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P2Y8M12D
us-gaap Lease Expiration Date1
LeaseExpirationDate1
2023-06-30
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
6504000
us-gaap Payments To Acquire Marketable Securities
PaymentsToAcquireMarketableSecurities
17509000
us-gaap Net Income Loss
NetIncomeLoss
2507000
us-gaap Revenues
Revenues
116170000
us-gaap Increase Decrease In Deferred Charges
IncreaseDecreaseInDeferredCharges
2904000
us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
123000
us-gaap Operating Income Loss
OperatingIncomeLoss
4209000
us-gaap Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
2056000
us-gaap Gross Profit
GrossProfit
79563000
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-255000
us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-132000
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
3427000
us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
-1784000
us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
-4310000
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
4077000
us-gaap Unrealized Gain Loss On Investments
UnrealizedGainLossOnInvestments
19000
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
1570000
us-gaap Share Based Compensation
ShareBasedCompensation
4756000
us-gaap Increase Decrease In Deferred Revenue
IncreaseDecreaseInDeferredRevenue
1615000
us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
41640000
us-gaap Proceeds From Stock Plans
ProceedsFromStockPlans
741000
us-gaap Increase Decrease In Deferred Liabilities
IncreaseDecreaseInDeferredLiabilities
-431000
us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
-24013000
us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
5193000
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
13058000
us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
277000
us-gaap Increase Decrease In Employee Related Liabilities
IncreaseDecreaseInEmployeeRelatedLiabilities
93000
us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
-104000
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
3273000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
4756000
us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
18149000
CY2014Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
1370000
CY2014Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
532000
CY2014Q3 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
12046000
CY2014Q3 us-gaap Operating Expenses
OperatingExpenses
21182000
CY2014Q3 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
3338000
us-gaap Effect Of Exchange Rate On Cash And Cash Equivalents
EffectOfExchangeRateOnCashAndCashEquivalents
-966000
us-gaap Excess Tax Benefit From Share Based Compensation Financing Activities
ExcessTaxBenefitFromShareBasedCompensationFinancingActivities
1179000
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
2507000
us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
-1494000
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
4693000
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
846000
us-gaap Cost Of Revenue
CostOfRevenue
36607000
spsc Number Of Offerings During Year
NumberOfOfferingsDuringYear
2 OfferingPeriods
spsc Number Of Options To Extend Lease
NumberOfOptionsToExtendLease
1 OptionPlan
spsc Options To Extend Term Of Lease On Market Rate Determined At Number Of Periods
OptionsToExtendTermOfLeaseOnMarketRateDeterminedAtNumberOfPeriods
P5Y
spsc Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Vested And Unissued In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedAndUnissuedInPeriod
27171 shares
CY2014Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.05
CY2014Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
126000 shares
CY2014Q3 us-gaap Weighted Average Number Of Shares Employee Stock Ownership Plan Shares Not Committed To Be Released
WeightedAverageNumberOfSharesEmployeeStockOwnershipPlanSharesNotCommittedToBeReleased
2000 shares
CY2014Q3 us-gaap Weighted Average Number Of Shares Restricted Stock
WeightedAverageNumberOfSharesRestrictedStock
36000 shares
CY2014Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
16780000 shares
CY2014Q3 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
488000 shares
CY2014Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
16254000 shares
CY2014Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.05
CY2014Q3 us-gaap Net Income Loss
NetIncomeLoss
838000
CY2014Q3 us-gaap Revenues
Revenues
32506000
CY2014Q3 us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
52000
CY2014Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
1354000
CY2014Q3 us-gaap Gross Profit
GrossProfit
22536000
CY2014Q3 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-36000
CY2014Q3 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
16000
CY2014Q3 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
838000
CY2014Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1293000
CY2014Q3 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
5153000
CY2014Q3 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
645000
CY2014Q3 us-gaap Cost Of Revenue
CostOfRevenue
9970000
CY2015Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.07
CY2015Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
2000 shares
CY2015Q3 us-gaap Weighted Average Number Of Shares Employee Stock Ownership Plan Shares Not Committed To Be Released
WeightedAverageNumberOfSharesEmployeeStockOwnershipPlanSharesNotCommittedToBeReleased
1000 shares
CY2015Q3 us-gaap Weighted Average Number Of Shares Restricted Stock
WeightedAverageNumberOfSharesRestrictedStock
28000 shares
CY2015Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
17054000 shares
CY2015Q3 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
420000 shares
CY2015Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
16605000 shares
CY2015Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.08
CY2015Q3 us-gaap Net Income Loss
NetIncomeLoss
1270000
CY2015Q3 us-gaap Revenues
Revenues
40354000
CY2015Q3 us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
49000
CY2015Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
2260000
CY2015Q3 us-gaap Gross Profit
GrossProfit
27654000
CY2015Q3 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-86000
CY2015Q3 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-37000
CY2015Q3 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
-450000
CY2015Q3 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
-1733000
CY2015Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
2223000
CY2015Q3 us-gaap Unrealized Gain Loss On Investments
UnrealizedGainLossOnInvestments
13000
CY2015Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
953000
CY2015Q3 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
13795000
CY2015Q3 us-gaap Operating Expenses
OperatingExpenses
25394000
CY2015Q3 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
4494000
CY2015Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1610000
CY2015Q3 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
6276000
CY2015Q3 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
829000
CY2015Q3 us-gaap Cost Of Revenue
CostOfRevenue
12700000

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