$SPSC
SPS COMMERCE INC

2019 Q1 Form 10-Q Financial Statement

#000156459019013342 Filed on April 26, 2019

View on sec.gov

Income Statement

Concept 2019 Q1 2018 Q1
Revenue $66.93M $59.09M
YoY Change 13.27% 13.79%
Cost Of Revenue $21.37M $19.76M
YoY Change 8.15% 14.02%
Gross Profit $45.57M $39.33M
YoY Change 15.85% 13.85%
Gross Profit Margin 68.08% 66.56%
Selling, General & Admin $30.69M $28.78M
YoY Change 6.65% 15.8%
% of Gross Profit 67.35% 73.16%
Research & Development $6.190M $5.132M
YoY Change 20.62% 0.53%
% of Gross Profit 13.58% 13.05%
Depreciation & Amortization $2.637M $2.083M
YoY Change 26.6% 23.18%
% of Gross Profit 5.79% 5.3%
Operating Expenses $38.19M $35.03M
YoY Change 9.0% 12.4%
Operating Profit $7.379M $4.300M
YoY Change 71.6% 27.26%
Interest Expense $580.0K $410.0K
YoY Change 41.46% 115.79%
% of Operating Profit 7.86% 9.53%
Other Income/Expense, Net $474.0K $260.0K
YoY Change 82.31% 98.47%
Pretax Income $7.853M $4.560M
YoY Change 72.21% 29.91%
Income Tax $1.040M $1.306M
% Of Pretax Income 13.24% 28.64%
Net Earnings $6.813M $3.254M
YoY Change 109.37% 9.01%
Net Earnings / Revenue 10.18% 5.51%
Basic Earnings Per Share $0.19 $0.19
Diluted Earnings Per Share $0.19 $0.09
COMMON SHARES
Basic Shares Outstanding 34.94M 17.09M
Diluted Shares Outstanding 35.98M 17.31M

Balance Sheet

Concept 2019 Q1 2018 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $185.4M $165.8M
YoY Change 11.82% 7.45%
Cash & Equivalents $143.7M $120.5M
Short-Term Investments $41.70M $45.30M
Other Short-Term Assets $43.60M $37.00M
YoY Change 17.84% 429.18%
Inventory
Prepaid Expenses
Receivables $28.30M $25.90M
Other Receivables $0.00 $0.00
Total Short-Term Assets $257.2M $228.8M
YoY Change 12.41% 11.7%
LONG-TERM ASSETS
Property, Plant & Equipment $35.90M $17.30M
YoY Change 107.51% 14.83%
Goodwill $70.08M
YoY Change
Intangibles
YoY Change
Long-Term Investments $2.500M
YoY Change 0.0%
Other Assets $22.40M $24.40M
YoY Change -8.2% 1678.43%
Total Long-Term Assets $150.0M $110.8M
YoY Change 35.38% -9.98%
TOTAL ASSETS
Total Short-Term Assets $257.2M $228.8M
Total Long-Term Assets $150.0M $110.8M
Total Assets $407.2M $339.6M
YoY Change 19.91% 3.56%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $4.400M $3.500M
YoY Change 25.71% -2.23%
Accrued Expenses $20.10M $15.70M
YoY Change 28.03% 252.1%
Deferred Revenue $28.89M
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $53.40M $42.10M
YoY Change 26.84% 11.91%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $1.424M $7.400M
YoY Change -80.76% -50.67%
Total Long-Term Liabilities $1.424M $7.400M
YoY Change -80.76% -50.67%
TOTAL LIABILITIES
Total Short-Term Liabilities $53.40M $42.10M
Total Long-Term Liabilities $1.424M $7.400M
Total Liabilities $76.50M $51.20M
YoY Change 49.41% -6.08%
SHAREHOLDERS EQUITY
Retained Earnings
YoY Change
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $330.7M $288.4M
YoY Change
Total Liabilities & Shareholders Equity $407.2M $339.6M
YoY Change 19.91% 3.56%

Cashflow Statement

Concept 2019 Q1 2018 Q1
OPERATING ACTIVITIES
Net Income $6.813M $3.254M
YoY Change 109.37% 9.01%
Depreciation, Depletion And Amortization $2.637M $2.083M
YoY Change 26.6% 23.18%
Cash From Operating Activities $10.20M $9.349M
YoY Change 9.11% -10.11%
INVESTING ACTIVITIES
Capital Expenditures $2.899M $3.884M
YoY Change -25.36% 199.0%
Acquisitions
YoY Change
Other Investing Activities $2.780M -$2.810M
YoY Change -198.93% -239.8%
Cash From Investing Activities -$121.0K -$6.692M
YoY Change -98.19% -1042.54%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $2.966M $5.871M
YoY Change -49.48%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -494.0K -5.156M
YoY Change -90.42% -595.77%
NET CHANGE
Cash From Operating Activities 10.20M 9.349M
Cash From Investing Activities -121.0K -6.692M
Cash From Financing Activities -494.0K -5.156M
Net Change In Cash 9.856M -2.580M
YoY Change -482.02% -121.23%
FREE CASH FLOW
Cash From Operating Activities $10.20M $9.349M
Capital Expenditures $2.899M $3.884M
Free Cash Flow $7.302M $5.465M
YoY Change 33.61% -39.95%

Facts In Submission

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<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;text-indent:4.54%;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Preparing financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, 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>
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LeaseCost
1490000
CY2019Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
1033000
CY2019Q1 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P5Y6M
CY2019Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.045
CY2019Q1 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
3289000
CY2019Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
3647000
CY2019Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
4491000
CY2019Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
4042000
CY2019Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Five
LesseeOperatingLeaseLiabilityPaymentsDueYearFive
3855000
CY2019Q1 us-gaap Lessee Operating Lease Liability Payments Due After Year Five
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive
4817000
CY2019Q1 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
24141000
CY2019Q1 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
2909000
CY2019Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
21232000
CY2019Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Available For Grant
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant
6195941
CY2019Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
5294000
CY2018Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
3533000
CY2019Q1 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized
18800000
CY2019Q1 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P2Y10M24D
CY2018Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
873234
CY2019Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
69943
CY2019Q1 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
68339
CY2019Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
7158
CY2019Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
867680
CY2018Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
51.86
CY2019Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
109.07
CY2019Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
44.34
CY2019Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
56.00
CY2019Q1 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
0
CY2019Q1 us-gaap Income Tax Examination Penalties And Interest Accrued
IncomeTaxExaminationPenaltiesAndInterestAccrued
0
CY2019Q1 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
361000
CY2018Q1 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
152000
CY2019Q1 us-gaap Incremental Common Shares Attributable To Contingently Issuable Shares
IncrementalCommonSharesAttributableToContingentlyIssuableShares
160000
CY2018Q1 us-gaap Incremental Common Shares Attributable To Contingently Issuable Shares
IncrementalCommonSharesAttributableToContingentlyIssuableShares
62000
CY2019Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
69000

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