$SPSC
SPS COMMERCE INC

2016 Q4 Form 10-Q Financial Statement

#000119312516751569 Filed on October 28, 2016

View on sec.gov

Income Statement

Concept 2016 Q4 2016 Q3 2015 Q3
Revenue $51.06M $49.28M $40.35M
YoY Change 20.57% 22.13% 24.14%
Cost Of Revenue $17.32M $16.17M $12.70M
YoY Change 28.87% 27.33% 27.38%
Gross Profit $33.74M $33.11M $27.65M
YoY Change 16.7% 19.74% 22.71%
Gross Profit Margin 66.08% 67.19% 68.53%
Selling, General & Admin $24.11M $23.68M $20.07M
YoY Change 18.19% 17.96% 16.7%
% of Gross Profit 71.46% 71.5% 72.58%
Research & Development $5.800M $5.574M $4.494M
YoY Change 18.37% 24.03% 34.63%
% of Gross Profit 17.19% 16.83% 16.25%
Depreciation & Amortization $2.910M $2.810M $2.410M
YoY Change 22.27% 16.6% 16.43%
% of Gross Profit 8.63% 8.49% 8.71%
Operating Expenses $31.09M $30.44M $25.39M
YoY Change 19.16% 19.88% 19.88%
Operating Profit $2.653M $2.670M $2.260M
YoY Change -5.72% 18.14% 66.91%
Interest Expense $190.0K $110.0K $50.00K
YoY Change 171.43% 120.0% 0.0%
% of Operating Profit 7.16% 4.12% 2.21%
Other Income/Expense, Net -$130.0K $1.059M -$37.00K
YoY Change -218.18% -2962.16% -331.25%
Pretax Income $2.710M $3.729M $2.223M
YoY Change -9.67% 67.75% 62.26%
Income Tax $910.0K $1.220M $953.0K
% Of Pretax Income 33.58% 32.72% 42.87%
Net Earnings $1.805M $2.509M $1.270M
YoY Change -15.34% 97.56% 51.55%
Net Earnings / Revenue 3.53% 5.09% 3.15%
Basic Earnings Per Share $0.15 $0.08
Diluted Earnings Per Share $0.10 $0.14 $0.07
COMMON SHARES
Basic Shares Outstanding 17.04M shares 17.00M 16.61M shares
Diluted Shares Outstanding 17.34M 17.05M shares

Balance Sheet

Concept 2016 Q4 2016 Q3 2015 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $139.0M $125.3M $122.9M
YoY Change 7.63% 1.95% -12.71%
Cash & Equivalents $115.9M $109.6M $117.9M
Short-Term Investments $23.08M $15.60M $5.000M
Other Short-Term Assets $7.010M $7.323M $5.688M
YoY Change 39.36% 28.74% -64.89%
Inventory
Prepaid Expenses
Receivables $20.75M $21.36M $17.95M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $185.9M $172.6M $161.4M
YoY Change 11.48% 6.95% -5.43%
LONG-TERM ASSETS
Property, Plant & Equipment $15.31M $14.83M $13.08M
YoY Change 12.44% 13.39% 51.75%
Goodwill $49.78M $51.01M $33.53M
YoY Change 47.06% 52.13% 31.55%
Intangibles
YoY Change
Long-Term Investments $7.500M $12.50M $12.50M
YoY Change -50.0% 0.0%
Other Assets $1.527M $2.130M $397.0K
YoY Change 47.25% 436.52% 136.31%
Total Long-Term Assets $112.4M $119.7M $91.51M
YoY Change 18.42% 30.8% 42.99%
TOTAL ASSETS
Total Short-Term Assets $185.9M $172.6M $161.4M
Total Long-Term Assets $112.4M $119.7M $91.51M
Total Assets $298.4M $292.3M $252.9M
YoY Change 14.0% 15.58% 7.77%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.302M $2.442M $2.381M
YoY Change 6.43% 2.56% 13.49%
Accrued Expenses $3.508M $2.509M $2.338M
YoY Change 76.55% 7.31% 29.82%
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 $32.16M $30.23M $23.44M
YoY Change 32.71% 29.01% 12.11%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $15.00M $14.90M $14.70M
YoY Change -1.96% 1.36% 14.84%
Total Long-Term Liabilities $15.00M $14.90M $14.70M
YoY Change -1.96% 1.36% 14.84%
TOTAL LIABILITIES
Total Short-Term Liabilities $32.16M $30.23M $23.44M
Total Long-Term Liabilities $15.00M $14.90M $14.70M
Total Liabilities $49.10M $47.46M $38.15M
YoY Change 24.15% 24.41% 13.15%
SHAREHOLDERS EQUITY
Retained Earnings -$33.74M -$35.54M -$41.58M
YoY Change -14.47% -14.52% -7.48%
Common Stock $286.3M $281.6M $260.6M
YoY Change 7.93% 8.04% 5.99%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares $0.00
Shareholders Equity $257.8M $244.8M $214.7M
YoY Change
Total Liabilities & Shareholders Equity $298.4M $292.3M $252.9M
YoY Change 14.0% 15.58% 7.77%

Cashflow Statement

Concept 2016 Q4 2016 Q3 2015 Q3
OPERATING ACTIVITIES
Net Income $1.805M $2.509M $1.270M
YoY Change -15.34% 97.56% 51.55%
Depreciation, Depletion And Amortization $2.910M $2.810M $2.410M
YoY Change 22.27% 16.6% 16.43%
Cash From Operating Activities $8.420M $1.560M $4.490M
YoY Change 11.52% -65.26% -4.06%
INVESTING ACTIVITIES
Capital Expenditures -$2.040M -$2.900M -$1.420M
YoY Change -9.73% 104.23% 40.59%
Acquisitions
YoY Change
Other Investing Activities -$2.450M $360.0K -$7.520M
YoY Change -51.2% -104.79%
Cash From Investing Activities -$4.490M -$2.540M -$8.940M
YoY Change -38.24% -71.59% 785.15%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 3.090M 3.060M 1.650M
YoY Change 0.98% 85.45% 150.0%
NET CHANGE
Cash From Operating Activities 8.420M 1.560M 4.490M
Cash From Investing Activities -4.490M -2.540M -8.940M
Cash From Financing Activities 3.090M 3.060M 1.650M
Net Change In Cash 7.020M 2.080M -2.800M
YoY Change 110.18% -174.29% -164.67%
FREE CASH FLOW
Cash From Operating Activities $8.420M $1.560M $4.490M
Capital Expenditures -$2.040M -$2.900M -$1.420M
Free Cash Flow $10.46M $4.460M $5.910M
YoY Change 6.63% -24.53% 3.87%

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Large Accelerated Filer
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AmortizationOfIntangibleAssets
3553000
us-gaap Cost Of Revenue
CostOfRevenue
47024000
us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P2Y8M12D
us-gaap Business Combination Contingent Consideration Arrangements Change In Amount Of Contingent Consideration Liability1
BusinessCombinationContingentConsiderationArrangementsChangeInAmountOfContingentConsiderationLiability1
-1103000
us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
-818000
us-gaap Revenues
Revenues
142234000
us-gaap Increase Decrease In Deferred Charges
IncreaseDecreaseInDeferredCharges
4194000
us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
1274000
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
866000
us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
126000
us-gaap Gross Profit
GrossProfit
95210000
us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
6354000
us-gaap Operating Expenses
OperatingExpenses
90346000
us-gaap Proceeds From Stock Plans
ProceedsFromStockPlans
786000
us-gaap Net Income Loss
NetIncomeLoss
3905000
us-gaap Payments To Acquire Marketable Securities
PaymentsToAcquireMarketableSecurities
18137000
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
977000
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
6138000
us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
-29671000
us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
2408000
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
3879000
us-gaap Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
18062000
us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
-90000
us-gaap Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
2840000
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
253000 shares
us-gaap Operating Income Loss
OperatingIncomeLoss
4864000
us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
408000
us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
7016000
us-gaap Increase Decrease In Deferred Revenue
IncreaseDecreaseInDeferredRevenue
3927000
us-gaap Increase Decrease In Employee Related Liabilities
IncreaseDecreaseInEmployeeRelatedLiabilities
173000
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
2233000
us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
10353000
us-gaap Goodwill Acquired During Period
GoodwillAcquiredDuringPeriod
15700000
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
5972000
us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
193015 shares
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.&#xA0;Actual results could differ from those estimates.</p> </div>
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
17185000 shares
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Award Vesting Period1
ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1
P4Y
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P4Y9M18D
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
3520000
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
48.56
us-gaap Weighted Average Number Of Shares Restricted Stock
WeightedAverageNumberOfSharesRestrictedStock
16000 shares
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
55.31
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
18.24
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
16916000 shares
dei Trading Symbol
TradingSymbol
SPSC
us-gaap Unrealized Gain Loss On Investments
UnrealizedGainLossOnInvestments
41000
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
16185000
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Terms Of Award
ShareBasedCompensationArrangementByShareBasedPaymentAwardTermsOfAward
Seven to ten years
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
340045 shares
us-gaap Proceeds From Sale And Maturity Of Marketable Securities
ProceedsFromSaleAndMaturityOfMarketableSecurities
12500000
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
16.12
CY2015Q3 us-gaap Revenues
Revenues
40354000
CY2015Q3 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-37000
CY2015Q3 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-86000
CY2015Q3 us-gaap Gross Profit
GrossProfit
27654000
CY2015Q3 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
-450000
CY2015Q3 us-gaap Operating Expenses
OperatingExpenses
25394000
CY2015Q3 us-gaap Net Income Loss
NetIncomeLoss
1270000
CY2015Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
2223000
us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
49092000
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
43093 shares
us-gaap Share Based Compensation
ShareBasedCompensation
6004000
spsc Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Vested And Unissued In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedAndUnissuedInPeriod
24995 shares
spsc Number Of Offerings
NumberOfOfferings
2 OfferingPeriods
spsc Increase Decrease In Deferred Rent
IncreaseDecreaseInDeferredRent
-271000
spsc Other Income Loss Net
OtherIncomeLossNet
1100000
CY2015Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
4353 shares
CY2015Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1610000
CY2015Q3 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
6276000
CY2015Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.08
CY2015Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.07
CY2015Q3 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
829000
CY2015Q3 us-gaap Cost Of Revenue
CostOfRevenue
12700000
CY2015Q3 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
-1733000
CY2015Q3 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
420000 shares
CY2015Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
2260000
CY2015Q3 us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
49000
CY2015Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
953000
CY2015Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
17054000 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 Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
16605000 shares
CY2015Q3 us-gaap Unrealized Gain Loss On Investments
UnrealizedGainLossOnInvestments
13000
CY2015Q3 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
4494000
CY2015Q3 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
13795000
CY2016Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
4353 shares
CY2016Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
2012000
CY2016Q3 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
7149000
CY2016Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.15
CY2016Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.14
CY2016Q3 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
1194000
CY2016Q3 us-gaap Cost Of Revenue
CostOfRevenue
16171000
CY2016Q3 us-gaap Revenues
Revenues
49284000
CY2016Q3 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
1059000
CY2016Q3 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
947000
CY2016Q3 us-gaap Gross Profit
GrossProfit
33113000
CY2016Q3 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
2894000
CY2016Q3 us-gaap Operating Expenses
OperatingExpenses
30443000
CY2016Q3 us-gaap Net Income Loss
NetIncomeLoss
2509000
CY2016Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
3729000
CY2016Q3 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
443000
CY2016Q3 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
295000 shares
CY2016Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
2670000
CY2016Q3 us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
112000
CY2016Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
1220000
CY2016Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
17341000 shares
CY2016Q3 us-gaap Weighted Average Number Of Shares Employee Stock Ownership Plan Shares Not Committed To Be Released
WeightedAverageNumberOfSharesEmployeeStockOwnershipPlanSharesNotCommittedToBeReleased
1000 shares
CY2016Q3 us-gaap Weighted Average Number Of Shares Restricted Stock
WeightedAverageNumberOfSharesRestrictedStock
44000 shares
CY2016Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
17001000 shares
CY2016Q3 us-gaap Unrealized Gain Loss On Investments
UnrealizedGainLossOnInvestments
-58000
CY2016Q3 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
5574000
CY2016Q3 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
16526000
CY2016Q3 spsc Other Income Loss Net
OtherIncomeLossNet
1000000

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d243692d10q.htm Edgar Link pending
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