$SPSC
SPS COMMERCE INC

2017 Q2 Form 10-Q Financial Statement

#000119312517240456 Filed on July 28, 2017

View on sec.gov

Income Statement

Concept 2017 Q2 2016 Q2
Revenue $54.28M $47.35M
YoY Change 14.64% 21.89%
Cost Of Revenue $18.19M $15.97M
YoY Change 13.89% 29.49%
Gross Profit $35.90M $31.38M
YoY Change 14.41% 18.36%
Gross Profit Margin 66.14% 66.27%
Selling, General & Admin $26.46M $23.76M
YoY Change 11.36% 17.88%
% of Gross Profit 73.7% 75.72%
Research & Development $5.369M $5.542M
YoY Change -3.12% 23.29%
% of Gross Profit 14.96% 17.66%
Depreciation & Amortization $2.850M $2.830M
YoY Change 0.71% 17.92%
% of Gross Profit 7.94% 9.02%
Operating Expenses $32.95M $30.50M
YoY Change 8.02% 19.68%
Operating Profit $2.956M $880.0K
YoY Change 235.91% -14.31%
Interest Expense $240.0K $150.0K
YoY Change 60.0% 275.0%
% of Operating Profit 8.12% 17.05%
Other Income/Expense, Net $140.0K -$223.0K
YoY Change -162.78% 1015.0%
Pretax Income $3.096M $657.0K
YoY Change 371.23% -34.76%
Income Tax $1.128M $305.0K
% Of Pretax Income 36.43% 46.42%
Net Earnings $1.968M $352.0K
YoY Change 459.09% -45.93%
Net Earnings / Revenue 3.63% 0.74%
Basic Earnings Per Share $0.11 $0.02
Diluted Earnings Per Share $0.11 $0.02
COMMON SHARES
Basic Shares Outstanding 17.20M 16.91M shares
Diluted Shares Outstanding 17.38M 17.12M shares

Balance Sheet

Concept 2017 Q2 2016 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $158.6M $128.2M
YoY Change 23.74% 5.69%
Cash & Equivalents $131.7M $107.2M
Short-Term Investments $26.90M $21.00M
Other Short-Term Assets $6.955M $7.540M
YoY Change -7.76% 17.94%
Inventory
Prepaid Expenses
Receivables $21.55M $20.43M
Other Receivables $0.00 $0.00
Total Short-Term Assets $209.1M $173.4M
YoY Change 20.55% 9.02%
LONG-TERM ASSETS
Property, Plant & Equipment $15.53M $13.93M
YoY Change 11.45% 7.57%
Goodwill $50.77M $50.85M
YoY Change -0.17% 48.24%
Intangibles
YoY Change
Long-Term Investments $5.000M $7.600M
YoY Change -34.21% -24.0%
Other Assets $1.098M $2.213M
YoY Change -50.38% 506.3%
Total Long-Term Assets $124.8M $114.3M
YoY Change 9.17% 25.84%
TOTAL ASSETS
Total Short-Term Assets $209.1M $173.4M
Total Long-Term Assets $124.8M $114.3M
Total Assets $333.9M $287.8M
YoY Change 16.03% 15.14%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.720M $3.581M
YoY Change -24.04% -3.37%
Accrued Expenses $3.723M $3.887M
YoY Change -4.22% 82.57%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $37.92M $33.15M
YoY Change 14.39% 39.04%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $14.90M $15.40M
YoY Change -3.25% 8.45%
Total Long-Term Liabilities $14.90M $15.40M
YoY Change -3.25% 8.45%
TOTAL LIABILITIES
Total Short-Term Liabilities $37.92M $33.15M
Total Long-Term Liabilities $14.90M $15.40M
Total Liabilities $54.84M $50.91M
YoY Change 7.72% 33.93%
SHAREHOLDERS EQUITY
Retained Earnings -$12.67M -$38.05M
YoY Change -66.72% -11.2%
Common Stock $292.6M $276.5M
YoY Change 5.81% 7.44%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $279.0M $236.8M
YoY Change
Total Liabilities & Shareholders Equity $333.9M $287.8M
YoY Change 16.03% 15.14%

Cashflow Statement

Concept 2017 Q2 2016 Q2
OPERATING ACTIVITIES
Net Income $1.968M $352.0K
YoY Change 459.09% -45.93%
Depreciation, Depletion And Amortization $2.850M $2.830M
YoY Change 0.71% 17.92%
Cash From Operating Activities $7.510M $1.880M
YoY Change 299.47% -380.6%
INVESTING ACTIVITIES
Capital Expenditures -$2.030M -$950.0K
YoY Change 113.68% -65.7%
Acquisitions
YoY Change
Other Investing Activities -$3.860M -$6.120M
YoY Change -36.93% -38.74%
Cash From Investing Activities -$5.890M -$7.080M
YoY Change -16.81% -44.51%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 1.220M 1.870M
YoY Change -34.76% 57.14%
NET CHANGE
Cash From Operating Activities 7.510M 1.880M
Cash From Investing Activities -5.890M -7.080M
Cash From Financing Activities 1.220M 1.870M
Net Change In Cash 2.840M -3.330M
YoY Change -185.29% -72.79%
FREE CASH FLOW
Cash From Operating Activities $7.510M $1.880M
Capital Expenditures -$2.030M -$950.0K
Free Cash Flow $9.540M $2.830M
YoY Change 237.1% 34.76%

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167903 shares
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Terms Of Award
ShareBasedCompensationArrangementByShareBasedPaymentAwardTermsOfAward
Seven to ten years
us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
60592 shares
dei Trading Symbol
TradingSymbol
SPSC
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
17384000 shares
us-gaap Weighted Average Number Of Shares Restricted Stock
WeightedAverageNumberOfSharesRestrictedStock
31000 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. Actual results could differ from those estimates.</p> </div>
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
17176000 shares
spsc Payments To Acquire Businesses And Intangible Assets Net Of Cash Acquired
PaymentsToAcquireBusinessesAndIntangibleAssetsNetOfCashAcquired
500000
spsc Increase Decrease In Deferred Rent
IncreaseDecreaseInDeferredRent
-249000
spsc Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Vested And Unissued In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedAndUnissuedInPeriod
18448 shares
spsc Number Of Offerings
NumberOfOfferings
2 OfferingPeriods
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
3992000
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
339000000 shares
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
2359000
us-gaap Business Combination Contingent Consideration Arrangements Change In Amount Of Contingent Consideration Liability1
BusinessCombinationContingentConsiderationArrangementsChangeInAmountOfContingentConsiderationLiability1
-72000
us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
-14378000
us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
3460000
us-gaap Cost Of Revenue
CostOfRevenue
30853000
us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
-439000
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
3259000
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.08
us-gaap Effect Of Exchange Rate On Cash And Cash Equivalents
EffectOfExchangeRateOnCashAndCashEquivalents
5000
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.08
us-gaap Excess Tax Benefit From Share Based Compensation Financing Activities
ExcessTaxBenefitFromShareBasedCompensationFinancingActivities
1421000
us-gaap Gross Profit
GrossProfit
62097000
us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
14367000
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
2409000
us-gaap Increase Decrease In Deferred Revenue
IncreaseDecreaseInDeferredRevenue
4325000
us-gaap Increase Decrease In Employee Related Liabilities
IncreaseDecreaseInEmployeeRelatedLiabilities
439000
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
2495000
us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
464000
us-gaap Increase Decrease In Deferred Charges
IncreaseDecreaseInDeferredCharges
2592000
us-gaap Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
3138000
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
226000 shares
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
1013000
us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
719000
us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
296000
us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
-27131000
CY2016Q2 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
1198000
CY2016Q2 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
-480000
CY2016Q2 us-gaap Cost Of Revenue
CostOfRevenue
15972000
CY2016Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.02
CY2016Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.02
CY2016Q2 us-gaap Gross Profit
GrossProfit
31379000
us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
8792000
us-gaap Operating Expenses
OperatingExpenses
59903000
us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
3956000
us-gaap Net Income Loss
NetIncomeLoss
1396000
us-gaap Operating Income Loss
OperatingIncomeLoss
2194000
us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
215000
us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Before Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentBeforeTax
1965000
us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci For Sale Of Securities Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIForSaleOfSecuritiesTax
0
us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
99000
us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodTax
61000
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-81000
us-gaap Payments To Acquire Available For Sale Securities Debt
PaymentsToAcquireAvailableForSaleSecuritiesDebt
8499000
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
3070000
us-gaap Proceeds From Sale And Maturity Of Available For Sale Securities
ProceedsFromSaleAndMaturityOfAvailableForSaleSecurities
2500000
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
1749000
us-gaap Proceeds From Stock Plans
ProceedsFromStockPlans
786000
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
592000
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
10611000
us-gaap Revenues
Revenues
92950000
us-gaap Share Based Compensation
ShareBasedCompensation
3992000
us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
32566000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
17100000 shares
us-gaap Weighted Average Number Of Shares Restricted Stock
WeightedAverageNumberOfSharesRestrictedStock
1000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
16873000 shares
spsc Payments To Acquire Businesses And Intangible Assets Net Of Cash Acquired
PaymentsToAcquireBusinessesAndIntangibleAssetsNetOfCashAcquired
18062000
spsc Increase Decrease In Deferred Rent
IncreaseDecreaseInDeferredRent
-17000
CY2016 us-gaap Finite Lived Intangible Assets Foreign Currency Translation Gain Loss
FiniteLivedIntangibleAssetsForeignCurrencyTranslationGainLoss
-375000
CY2016Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
2065000
CY2016Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
315000000 shares
CY2016Q2 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
7082000
CY2016Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
657000
CY2016Q2 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
209000 shares
CY2016Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
305000
CY2016Q2 us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
151000
CY2016Q2 us-gaap Operating Expenses
OperatingExpenses
30499000
CY2016Q2 us-gaap Net Income Loss
NetIncomeLoss
352000
CY2016Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
880000
CY2016Q2 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-223000
CY2016Q2 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
24000
CY2016Q2 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Before Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentBeforeTax
-856000
CY2016Q2 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci For Sale Of Securities Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIForSaleOfSecuritiesTax
0
CY2017Q2 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
18741000
CY2017Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
17378000 shares
CY2016Q2 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodTax
15000
CY2016Q2 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-374000
CY2016Q2 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
5542000
CY2016Q2 us-gaap Revenues
Revenues
47351000
CY2016Q2 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
16677000
CY2016Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
17120000 shares
CY2016Q2 us-gaap Weighted Average Number Of Shares Restricted Stock
WeightedAverageNumberOfSharesRestrictedStock
2000 shares
CY2016Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
16909000 shares
CY2017Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
2186000
CY2017Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
267000000 shares
CY2017Q2 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
1117000
CY2017Q2 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
2743000
CY2017Q2 us-gaap Cost Of Revenue
CostOfRevenue
18191000
CY2017Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.11
CY2017Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.11
CY2017Q2 us-gaap Gross Profit
GrossProfit
36093000
CY2017Q2 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
8139000
CY2017Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
2867000
CY2017Q2 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
152000 shares
CY2017Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
1042000
CY2017Q2 us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
242000
CY2017Q2 us-gaap Operating Expenses
OperatingExpenses
33366000
CY2017Q2 us-gaap Net Income Loss
NetIncomeLoss
1825000
CY2017Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
2727000
CY2017Q2 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
140000
CY2017Q2 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Before Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentBeforeTax
935000
CY2017Q2 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci For Sale Of Securities Net Of Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIForSaleOfSecuritiesNetOfTax
8000
CY2017Q2 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci For Sale Of Securities Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIForSaleOfSecuritiesTax
-5000
CY2017Q2 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
-9000
CY2017Q2 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodTax
-5000
CY2017Q2 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-102000
CY2017Q2 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
5369000
CY2017Q2 us-gaap Revenues
Revenues
54284000
CY2017Q2 us-gaap Weighted Average Number Of Shares Restricted Stock
WeightedAverageNumberOfSharesRestrictedStock
28000 shares
CY2017Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
17198000 shares

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