$SPSC
SPS COMMERCE INC

2018 Q1 Form 10-Q Financial Statement

#000156459018010984 Filed on May 04, 2018

View on sec.gov

Income Statement

Concept 2018 Q1 2017 Q1
Revenue $59.09M $51.93M
YoY Change 13.79% 13.89%
Cost Of Revenue $19.76M $17.33M
YoY Change 14.02% 16.46%
Gross Profit $39.33M $34.55M
YoY Change 13.85% 12.47%
Gross Profit Margin 66.56% 66.53%
Selling, General & Admin $28.78M $24.85M
YoY Change 15.8% 7.23%
% of Gross Profit 73.16% 71.93%
Research & Development $5.132M $5.105M
YoY Change 0.53% 0.71%
% of Gross Profit 13.05% 14.78%
Depreciation & Amortization $2.083M $1.691M
YoY Change 23.18% 4.0%
% of Gross Profit 5.3% 4.89%
Operating Expenses $35.03M $31.17M
YoY Change 12.4% 6.01%
Operating Profit $4.300M $3.379M
YoY Change 27.26% 157.15%
Interest Expense $410.0K $190.0K
YoY Change 115.79% 26.67%
% of Operating Profit 9.53% 5.62%
Other Income/Expense, Net $260.0K $131.0K
YoY Change 98.47% -70.09%
Pretax Income $4.560M $3.510M
YoY Change 29.91% 100.34%
Income Tax $1.306M $525.0K
% Of Pretax Income 28.64% 14.96%
Net Earnings $3.254M $2.985M
YoY Change 9.01% 185.92%
Net Earnings / Revenue 5.51% 5.75%
Basic Earnings Per Share $0.19 $0.17
Diluted Earnings Per Share $0.09 $0.17
COMMON SHARES
Basic Shares Outstanding 17.09M 17.15M
Diluted Shares Outstanding 17.31M 17.39M

Balance Sheet

Concept 2018 Q1 2017 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $165.8M $154.3M
YoY Change 7.45% 27.63%
Cash & Equivalents $120.5M $128.7M
Short-Term Investments $45.30M $25.60M
Other Short-Term Assets $37.00M $6.992M
YoY Change 429.18% 26.46%
Inventory
Prepaid Expenses
Receivables $25.90M $22.68M
Other Receivables $0.00 $0.00
Total Short-Term Assets $228.8M $204.8M
YoY Change 11.7% 25.94%
LONG-TERM ASSETS
Property, Plant & Equipment $17.30M $15.07M
YoY Change 14.83% 7.83%
Goodwill $50.29M
YoY Change -1.24%
Intangibles
YoY Change
Long-Term Investments $2.500M $2.500M
YoY Change 0.0% -80.0%
Other Assets $24.40M $1.372M
YoY Change 1678.43% 31.54%
Total Long-Term Assets $110.8M $123.1M
YoY Change -9.98% 3.36%
TOTAL ASSETS
Total Short-Term Assets $228.8M $204.8M
Total Long-Term Assets $110.8M $123.1M
Total Assets $339.6M $327.9M
YoY Change 3.56% 16.4%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $3.500M $3.580M
YoY Change -2.23% -8.21%
Accrued Expenses $15.70M $4.459M
YoY Change 252.1% 52.39%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $42.10M $37.62M
YoY Change 11.91% 23.04%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $7.400M $15.00M
YoY Change -50.67% -2.6%
Total Long-Term Liabilities $7.400M $15.00M
YoY Change -50.67% -2.6%
TOTAL LIABILITIES
Total Short-Term Liabilities $42.10M $37.62M
Total Long-Term Liabilities $7.400M $15.00M
Total Liabilities $51.20M $54.51M
YoY Change -6.08% 12.79%
SHAREHOLDERS EQUITY
Retained Earnings -$14.49M
YoY Change -62.27%
Common Stock $289.7M
YoY Change 6.28%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $288.4M $273.4M
YoY Change
Total Liabilities & Shareholders Equity $339.6M $327.9M
YoY Change 3.56% 16.4%

Cashflow Statement

Concept 2018 Q1 2017 Q1
OPERATING ACTIVITIES
Net Income $3.254M $2.985M
YoY Change 9.01% 185.92%
Depreciation, Depletion And Amortization $2.083M $1.691M
YoY Change 23.18% 4.0%
Cash From Operating Activities $9.349M $10.40M
YoY Change -10.11% 50.51%
INVESTING ACTIVITIES
Capital Expenditures $3.884M $1.299M
YoY Change 199.0% -38.61%
Acquisitions
YoY Change
Other Investing Activities -$2.810M $2.010M
YoY Change -239.8% -111.2%
Cash From Investing Activities -$6.692M $710.0K
YoY Change -1042.54% -103.54%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $5.871M
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -5.156M 1.040M
YoY Change -595.77% -50.24%
NET CHANGE
Cash From Operating Activities 9.349M 10.40M
Cash From Investing Activities -6.692M 710.0K
Cash From Financing Activities -5.156M 1.040M
Net Change In Cash -2.580M 12.15M
YoY Change -121.23% -209.95%
FREE CASH FLOW
Cash From Operating Activities $9.349M $10.40M
Capital Expenditures $3.884M $1.299M
Free Cash Flow $5.465M $9.101M
YoY Change -39.95% 89.84%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
CY2018Q1 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
2214000
CY2017Q1 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
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CY2018Q1 us-gaap Revenues
Revenues
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CY2018Q1 us-gaap Selling And Marketing Expense
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CY2017Q1 us-gaap Selling And Marketing Expense
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CY2018Q1 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
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CY2017Q1 us-gaap Research And Development Expense
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CY2018Q1 us-gaap General And Administrative Expense
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CY2017Q1 us-gaap General And Administrative Expense
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CY2018Q1 us-gaap Amortization Of Intangible Assets
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CY2017Q1 us-gaap Amortization Of Intangible Assets
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CY2018Q1 us-gaap Operating Expenses
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CY2017Q1 us-gaap Operating Expenses
OperatingExpenses
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CY2018Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
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CY2017Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
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CY2018Q1 us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
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CY2017Q1 us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
191000
CY2018Q1 us-gaap Other Nonoperating Income Expense
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CY2017Q1 us-gaap Other Nonoperating Income Expense
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CY2018Q1 us-gaap Nonoperating Income Expense
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CY2017Q1 us-gaap Nonoperating Income Expense
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CY2018Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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CY2017Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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CY2018Q1 us-gaap Income Tax Expense Benefit
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CY2017Q1 us-gaap Income Tax Expense Benefit
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CY2018Q1 us-gaap Net Income Loss
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CY2017Q1 us-gaap Net Income Loss
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CY2018Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
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CY2017Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
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CY2018Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.19
CY2017Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
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CY2018Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
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CY2017Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
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CY2018Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2017Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2018Q1 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Before Tax
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CY2017Q1 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Before Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentBeforeTax
1577000
CY2018Q1 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
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CY2017Q1 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
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CY2017Q1 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci For Sale Of Securities Net Of Tax
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CY2017Q1 us-gaap Depreciation Depletion And Amortization
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CY2018Q1 us-gaap Provision For Doubtful Accounts
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CY2017Q1 us-gaap Provision For Doubtful Accounts
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CY2018Q1 us-gaap Share Based Compensation
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CY2018Q1 us-gaap Increase Decrease In Deferred Charges
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CY2017Q1 us-gaap Increase Decrease In Deferred Charges
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CY2018Q1 us-gaap Increase Decrease In Other Operating Assets
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CY2017Q1 us-gaap Increase Decrease In Other Operating Assets
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CY2018Q1 us-gaap Increase Decrease In Accounts Payable
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CY2017Q1 us-gaap Increase Decrease In Accounts Payable
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CY2018Q1 us-gaap Increase Decrease In Employee Related Liabilities
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CY2017Q1 us-gaap Increase Decrease In Employee Related Liabilities
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CY2018Q1 us-gaap Increase Decrease In Accrued Liabilities
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CY2018Q1 us-gaap Increase Decrease In Deferred Revenue
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CY2017Q1 us-gaap Increase Decrease In Other Deferred Liability
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CY2018Q1 us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
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CY2017Q1 us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
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CY2018Q1 us-gaap Payments To Acquire Property Plant And Equipment
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CY2017Q1 us-gaap Payments To Acquire Property Plant And Equipment
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CY2018Q1 us-gaap Payments To Acquire Other Investments
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CY2017Q1 us-gaap Payments To Acquire Other Investments
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CY2017Q1 us-gaap Proceeds From Sale And Maturity Of Available For Sale Securities
ProceedsFromSaleAndMaturityOfAvailableForSaleSecurities
7500000
CY2018Q1 spsc Payments To Acquire Businesses And Intangible Assets Net Of Cash Acquired
PaymentsToAcquireBusinessesAndIntangibleAssetsNetOfCashAcquired
381000
CY2017Q1 spsc Payments To Acquire Businesses And Intangible Assets Net Of Cash Acquired
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500000
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CY2017Q1 us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
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706000
CY2018Q1 us-gaap Payments For Repurchase Of Common Stock
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CY2018Q1 us-gaap Proceeds From Stock Options Exercised
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715000
CY2017Q1 us-gaap Proceeds From Stock Options Exercised
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CY2018Q1 us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
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CY2017Q1 us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
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CY2018Q1 us-gaap Effect Of Exchange Rate On Cash And Cash Equivalents
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CY2017Q1 us-gaap Effect Of Exchange Rate On Cash And Cash Equivalents
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CY2018Q1 us-gaap Cash And Cash Equivalents Period Increase Decrease
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CY2017Q1 us-gaap Cash And Cash Equivalents Period Increase Decrease
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CY2016Q4 us-gaap Cash And Cash Equivalents At Carrying Value
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CY2017Q1 us-gaap Cash And Cash Equivalents At Carrying Value
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CY2018Q1 us-gaap Use Of Estimates
UseOfEstimates
<div> <p style="margin-top:18pt;margin-bottom:0pt;text-indent:0%;font-style:italic;font-size:10pt;font-family:Times New Roman;font-weight:normal;text-transform:none;font-variant: normal;">Use of Estimates</p> <p style="Background-color:#FFFFFF;margin-bottom:0pt;margin-top:6pt;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;text-indent:4.54%;">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.&nbsp;&nbsp;Actual results could differ from those estimates.</p></div>
CY2018Q1 us-gaap Deferred Revenue
DeferredRevenue
9952000
CY2016Q4 us-gaap Deferred Revenue
DeferredRevenue
9995000
CY2017Q1 spsc Deferred Revenue Invoiced Set Up Fees
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CY2017Q1 us-gaap Deferred Revenue
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CY2018Q1 spsc Set Up Fees Recognized Period
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P2Y
CY2018Q1 spsc Deferred Commission Expected Amortization Period
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CY2018Q1 us-gaap Deferred Costs Current And Noncurrent
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CY2017Q4 us-gaap Deferred Tax Assets Liabilities Net Noncurrent
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CY2018Q1 spsc Recurring Revenues Timing Of Billings Earliest Period Description
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in advance
CY2018Q1 spsc Recurring Revenues Timing Of Billings Latest Period
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P30D
CY2018Q1 spsc Estimated Connection Life Between Customer And Trading Partner
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CY2018Q1 spsc Performance Obligation Estimated Initial Contract And Analytics Set Up Fees Recognized Period
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CY2017Q4 us-gaap Deferred Revenue
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CY2018Q1 spsc Deferred Revenue Invoiced Set Up Fees
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CY2018Q1 us-gaap Amortization Of Deferred Charges
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CY2017Q1 us-gaap Amortization Of Deferred Charges
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CY2018Q1 us-gaap Capitalized Contract Cost Impairment Loss
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CY2017Q1 us-gaap Capitalized Contract Cost Impairment Loss
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CY2018Q1 us-gaap Goodwill Foreign Currency Translation Gain Loss
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CY2018Q1 us-gaap Finite Lived Intangible Assets Gross
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CY2018Q1 us-gaap Finite Lived Intangible Assets Accumulated Amortization
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24642000
CY2018Q1 us-gaap Finite Lived Intangible Assets Foreign Currency Translation Gain Loss
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CY2017Q4 us-gaap Finite Lived Intangible Assets Gross
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CY2018Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Year Three
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CY2018Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Year Four
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CY2018Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Year Five
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CY2018Q1 us-gaap Operating Leases Future Minimum Payments Due In Two Years
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CY2018Q1 us-gaap Operating Leases Future Minimum Payments Due In Five Years
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CY2018Q1 us-gaap Operating Leases Future Minimum Payments Due Thereafter
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CY2018Q1 us-gaap Allocated Share Based Compensation Expense
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CY2018Q1 us-gaap Stock Issued During Period Shares Stock Options Exercised
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28149
CY2018Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
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1184053
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46.13
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57.56
CY2018Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
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48.16
CY2018Q1 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
0
CY2018Q1 us-gaap Income Tax Examination Penalties And Interest Accrued
IncomeTaxExaminationPenaltiesAndInterestAccrued
0
CY2018Q1 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.210
CY2018Q1 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
152000
CY2017Q1 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
199000
CY2018Q1 us-gaap Incremental Common Shares Attributable To Contingently Issuable Shares
IncrementalCommonSharesAttributableToContingentlyIssuableShares
62000
CY2017Q1 us-gaap Incremental Common Shares Attributable To Contingently Issuable Shares
IncrementalCommonSharesAttributableToContingentlyIssuableShares
40000
CY2018Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
275000
CY2017Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
269000

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