$SPSC
SPS COMMERCE INC

2018 Q2 Form 10-Q Financial Statement

#000156459018017749 Filed on July 27, 2018

View on sec.gov

Income Statement

Concept 2018 Q2 2017 Q4 2017 Q2
Revenue $61.09M $58.20M $54.28M
YoY Change 12.54% 13.98% 14.64%
Cost Of Revenue $20.40M $19.46M $18.19M
YoY Change 12.15% 12.36% 13.89%
Gross Profit $40.69M $38.60M $35.90M
YoY Change 13.34% 14.4% 14.41%
Gross Profit Margin 66.6% 66.32% 66.14%
Selling, General & Admin $28.40M $31.03M $26.46M
YoY Change 7.33% 28.7% 11.36%
% of Gross Profit 69.79% 80.39% 73.7%
Research & Development $5.293M $6.160M $5.369M
YoY Change -1.42% 6.21% -3.12%
% of Gross Profit 13.01% 15.96% 14.96%
Depreciation & Amortization $3.130M $3.060M $2.850M
YoY Change 9.82% 5.15% 0.71%
% of Gross Profit 7.69% 7.93% 7.94%
Operating Expenses $34.72M $38.31M $32.95M
YoY Change 5.4% 23.22% 8.02%
Operating Profit $5.965M $292.0K $2.956M
YoY Change 101.79% -88.99% 235.91%
Interest Expense $550.0K $330.0K $240.0K
YoY Change 129.17% 73.68% 60.0%
% of Operating Profit 9.22% 113.01% 8.12%
Other Income/Expense, Net $379.0K $40.00K $140.0K
YoY Change 170.71% -130.77% -162.78%
Pretax Income $6.344M $660.0K $3.096M
YoY Change 104.91% -75.65% 371.23%
Income Tax $928.0K $640.0K $1.128M
% Of Pretax Income 14.63% 96.97% 36.43%
Net Earnings $5.416M -$6.778M $1.968M
YoY Change 175.2% -475.51% 459.09%
Net Earnings / Revenue 8.87% -11.65% 3.63%
Basic Earnings Per Share $0.32 $0.11
Diluted Earnings Per Share $0.15 -$0.39 $0.11
COMMON SHARES
Basic Shares Outstanding 17.16M 17.22M 17.20M
Diluted Shares Outstanding 17.55M 17.38M

Balance Sheet

Concept 2018 Q2 2017 Q4 2017 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $172.7M $163.3M $158.6M
YoY Change 8.86% 17.52% 23.74%
Cash & Equivalents $125.4M $123.1M $131.7M
Short-Term Investments $47.40M $40.20M $26.90M
Other Short-Term Assets $39.00M $6.149M $6.955M
YoY Change 460.75% -12.28% -7.76%
Inventory
Prepaid Expenses
Receivables $28.20M $24.90M $21.55M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $239.9M $224.3M $209.1M
YoY Change 14.75% 20.65% 20.55%
LONG-TERM ASSETS
Property, Plant & Equipment $18.10M $16.86M $15.53M
YoY Change 16.57% 10.07% 11.45%
Goodwill $51.61M $50.77M
YoY Change 3.69% -0.17%
Intangibles
YoY Change
Long-Term Investments $4.900M $5.200M $5.000M
YoY Change -2.0% -30.67% -34.21%
Other Assets $24.00M $1.539M $1.098M
YoY Change 2085.79% 0.79% -50.38%
Total Long-Term Assets $111.8M $115.4M $124.8M
YoY Change -10.43% 2.65% 9.17%
TOTAL ASSETS
Total Short-Term Assets $239.9M $224.3M $209.1M
Total Long-Term Assets $111.8M $115.4M $124.8M
Total Assets $351.7M $339.7M $333.9M
YoY Change 5.34% 13.87% 16.03%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $3.700M $4.463M $2.720M
YoY Change 36.03% 93.87% -24.04%
Accrued Expenses $19.10M $4.712M $3.723M
YoY Change 413.03% 34.32% -4.22%
Deferred Revenue $17.86M
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $48.40M $43.95M $37.92M
YoY Change 27.65% 36.64% 14.39%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $6.900M $5.800M $14.90M
YoY Change -53.69% -61.33% -3.25%
Total Long-Term Liabilities $6.900M $5.800M $14.90M
YoY Change -53.69% -61.33% -3.25%
TOTAL LIABILITIES
Total Short-Term Liabilities $48.40M $43.95M $37.92M
Total Long-Term Liabilities $6.900M $5.800M $14.90M
Total Liabilities $57.00M $51.63M $54.84M
YoY Change 3.93% 5.15% 7.72%
SHAREHOLDERS EQUITY
Retained Earnings $59.00K -$8.611M -$12.67M
YoY Change -100.47% -74.48% -66.72%
Common Stock $313.9M $301.9M $292.6M
YoY Change 7.29% 5.43% 5.81%
Preferred Stock
YoY Change
Treasury Stock (at cost) $17.68M $5.815M
YoY Change
Treasury Stock Shares $315.5K $122.1K
Shareholders Equity $294.7M $288.1M $279.0M
YoY Change
Total Liabilities & Shareholders Equity $351.7M $339.7M $333.9M
YoY Change 5.33% 13.87% 16.03%

Cashflow Statement

Concept 2018 Q2 2017 Q4 2017 Q2
OPERATING ACTIVITIES
Net Income $5.416M -$6.778M $1.968M
YoY Change 175.2% -475.51% 459.09%
Depreciation, Depletion And Amortization $3.130M $3.060M $2.850M
YoY Change 9.82% 5.15% 0.71%
Cash From Operating Activities $12.90M $9.080M $7.510M
YoY Change 71.77% 7.84% 299.47%
INVESTING ACTIVITIES
Capital Expenditures -$2.600M -$2.030M -$2.030M
YoY Change 28.08% -0.49% 113.68%
Acquisitions
YoY Change
Other Investing Activities -$4.690M -$8.060M -$3.860M
YoY Change 21.5% 228.98% -36.93%
Cash From Investing Activities -$7.290M -$10.09M -$5.890M
YoY Change 23.77% 124.72% -16.81%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -750.0K -4.790M 1.220M
YoY Change -161.48% -255.02% -34.76%
NET CHANGE
Cash From Operating Activities 12.90M 9.080M 7.510M
Cash From Investing Activities -7.290M -10.09M -5.890M
Cash From Financing Activities -750.0K -4.790M 1.220M
Net Change In Cash 4.860M -5.800M 2.840M
YoY Change 71.13% -182.62% -185.29%
FREE CASH FLOW
Cash From Operating Activities $12.90M $9.080M $7.510M
Capital Expenditures -$2.600M -$2.030M -$2.030M
Free Cash Flow $15.50M $11.11M $9.540M
YoY Change 62.47% 6.21% 237.1%

Facts In Submission

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890000
us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
2258000
us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
15867000
CY2016Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
115877000
CY2017Q2 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
131744000
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>
us-gaap Capitalized Contract Cost Impairment Loss
CapitalizedContractCostImpairmentLoss
0
CY2017Q4 us-gaap Deferred Tax Assets Liabilities Net Noncurrent
DeferredTaxAssetsLiabilitiesNetNoncurrent
13697000
spsc Recurring Revenues Timing Of Billings Earliest Period Description
RecurringRevenuesTimingOfBillingsEarliestPeriodDescription
in advance
spsc Recurring Revenues Timing Of Billings Latest Period
RecurringRevenuesTimingOfBillingsLatestPeriod
P30D
spsc Estimated Connection Life Between Customer And Trading Partner
EstimatedConnectionLifeBetweenCustomerAndTradingPartner
P2Y
spsc Set Up Fees Recognized Period
SetUpFeesRecognizedPeriod
P2Y
spsc Maximum Recognition Period For Miscellaneous One Time Fee
MaximumRecognitionPeriodForMiscellaneousOneTimeFee
P1Y
spsc Deferred Commission Expected Amortization Period
DeferredCommissionExpectedAmortizationPeriod
P2Y
CY2018Q1 us-gaap Deferred Costs Current And Noncurrent
DeferredCostsCurrentAndNoncurrent
41557000
CY2017Q1 us-gaap Deferred Costs Current And Noncurrent
DeferredCostsCurrentAndNoncurrent
33461000
CY2017Q4 us-gaap Deferred Costs Current And Noncurrent
DeferredCostsCurrentAndNoncurrent
39933000
CY2016Q4 us-gaap Deferred Costs Current And Noncurrent
DeferredCostsCurrentAndNoncurrent
32117000
CY2018Q2 spsc Deferred Cost Incurred Set Up Fees
DeferredCostIncurredSetUpFees
11910000
CY2017Q2 spsc Deferred Cost Incurred Set Up Fees
DeferredCostIncurredSetUpFees
10855000
spsc Deferred Cost Incurred Set Up Fees
DeferredCostIncurredSetUpFees
24416000
spsc Deferred Cost Incurred Set Up Fees
DeferredCostIncurredSetUpFees
20849000
CY2018Q2 spsc Deferred Cost Amortized Set Up Fees
DeferredCostAmortizedSetUpFees
-10923000
CY2017Q2 spsc Deferred Cost Amortized Set Up Fees
DeferredCostAmortizedSetUpFees
-8984000
spsc Deferred Cost Amortized Set Up Fees
DeferredCostAmortizedSetUpFees
-21805000
spsc Deferred Cost Amortized Set Up Fees
DeferredCostAmortizedSetUpFees
-17634000
CY2018Q2 us-gaap Deferred Costs Current And Noncurrent
DeferredCostsCurrentAndNoncurrent
42544000
CY2017Q2 us-gaap Deferred Costs Current And Noncurrent
DeferredCostsCurrentAndNoncurrent
35332000
us-gaap Goodwill Foreign Currency Translation Gain Loss
GoodwillForeignCurrencyTranslationGainLoss
-1210000
CY2018Q2 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
40361000
CY2018Q2 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
25738000
us-gaap Finite Lived Intangible Assets Foreign Currency Translation Gain Loss
FiniteLivedIntangibleAssetsForeignCurrencyTranslationGainLoss
269000
CY2017Q4 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
38979000
CY2017Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
23168000
CY2018Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Remainder Of Fiscal Year
FiniteLivedIntangibleAssetsAmortizationExpenseRemainderOfFiscalYear
1852000
CY2017 us-gaap Finite Lived Intangible Assets Foreign Currency Translation Gain Loss
FiniteLivedIntangibleAssetsForeignCurrencyTranslationGainLoss
-718000
us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.210
CY2018Q2 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
290000
CY2017Q2 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
152000
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
225000
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
177000
CY2018Q2 us-gaap Incremental Common Shares Attributable To Contingently Issuable Shares
IncrementalCommonSharesAttributableToContingentlyIssuableShares
91000
CY2017Q2 us-gaap Incremental Common Shares Attributable To Contingently Issuable Shares
IncrementalCommonSharesAttributableToContingentlyIssuableShares
28000
us-gaap Incremental Common Shares Attributable To Contingently Issuable Shares
IncrementalCommonSharesAttributableToContingentlyIssuableShares
77000
us-gaap Incremental Common Shares Attributable To Contingently Issuable Shares
IncrementalCommonSharesAttributableToContingentlyIssuableShares
31000
CY2018Q2 us-gaap Incremental Common Shares Attributable To Equity Unit Purchase Agreements
IncrementalCommonSharesAttributableToEquityUnitPurchaseAgreements
5000
us-gaap Incremental Common Shares Attributable To Equity Unit Purchase Agreements
IncrementalCommonSharesAttributableToEquityUnitPurchaseAgreements
4000
CY2018Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
53000
CY2017Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
267000
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
264000
CY2018Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Year Two
FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo
3699000
CY2018Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Year Three
FiniteLivedIntangibleAssetsAmortizationExpenseYearThree
3349000
CY2018Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Year Four
FiniteLivedIntangibleAssetsAmortizationExpenseYearFour
2511000
CY2018Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Year Five
FiniteLivedIntangibleAssetsAmortizationExpenseYearFive
1440000
CY2018Q2 us-gaap Finite Lived Intangible Assets Amortization Expense After Year Five
FiniteLivedIntangibleAssetsAmortizationExpenseAfterYearFive
1503000
CY2018Q2 us-gaap Operating Leases Future Minimum Payments Remainder Of Fiscal Year
OperatingLeasesFutureMinimumPaymentsRemainderOfFiscalYear
2055000
CY2018Q2 us-gaap Operating Leases Future Minimum Payments Due In Two Years
OperatingLeasesFutureMinimumPaymentsDueInTwoYears
4154000
CY2018Q2 us-gaap Operating Leases Future Minimum Payments Due In Three Years
OperatingLeasesFutureMinimumPaymentsDueInThreeYears
3572000
CY2018Q2 us-gaap Operating Leases Future Minimum Payments Due In Four Years
OperatingLeasesFutureMinimumPaymentsDueInFourYears
4346000
CY2018Q2 us-gaap Operating Leases Future Minimum Payments Due In Five Years
OperatingLeasesFutureMinimumPaymentsDueInFiveYears
4035000
CY2018Q2 us-gaap Operating Leases Future Minimum Payments Due Thereafter
OperatingLeasesFutureMinimumPaymentsDueThereafter
8671000
CY2018Q2 us-gaap Operating Leases Future Minimum Payments Due
OperatingLeasesFutureMinimumPaymentsDue
26833000
CY2018Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Available For Grant
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant
5300000
CY2018Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
3179000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
6712000
CY2017Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
2186000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
4486000
CY2018Q2 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized
17100000
us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P2Y8M12D
CY2017Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
1097331
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
181165
us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
117233
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
47336
CY2017Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
47.60
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
59.83
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
43.68
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
57.39
CY2018Q2 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
0
CY2018Q2 us-gaap Income Tax Examination Penalties And Interest Accrued
IncomeTaxExaminationPenaltiesAndInterestAccrued
0

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