$SPSC
SPS COMMERCE INC

2021 Q1 Form 10-Q Financial Statement

#000156459021021965 Filed on April 29, 2021

View on sec.gov

Income Statement

Concept 2021 Q1 2020 Q1
Revenue $90.09M $74.19M
YoY Change 21.43% 10.84%
Cost Of Revenue $29.97M $23.54M
YoY Change 27.32% 10.15%
Gross Profit $60.12M $50.65M
YoY Change 18.7% 11.15%
Gross Profit Margin 66.73% 68.27%
Selling, General & Admin $36.09M $30.21M
YoY Change 19.46% -1.56%
% of Gross Profit 60.03% 59.65%
Research & Development $8.706M $7.570M
YoY Change 15.01% 22.29%
% of Gross Profit 14.48% 14.95%
Depreciation & Amortization $3.765M $3.138M
YoY Change 19.98% 19.0%
% of Gross Profit 6.26% 6.2%
Operating Expenses $47.46M $39.11M
YoY Change 21.35% 2.42%
Operating Profit $12.66M $11.54M
YoY Change 9.76% 56.34%
Interest Expense -$190.0K $640.0K
YoY Change -129.69% 10.34%
% of Operating Profit -1.5% 5.55%
Other Income/Expense, Net -$325.0K -$673.0K
YoY Change -51.71% -241.98%
Pretax Income $12.34M $10.86M
YoY Change 13.63% 38.29%
Income Tax $2.137M $1.350M
% Of Pretax Income 17.32% 12.43%
Net Earnings $10.20M $9.515M
YoY Change 7.2% 39.66%
Net Earnings / Revenue 11.32% 12.82%
Basic Earnings Per Share $0.29 $0.27
Diluted Earnings Per Share $0.28 $0.26
COMMON SHARES
Basic Shares Outstanding 35.75M 35.07M
Diluted Shares Outstanding 36.72M 35.93M

Balance Sheet

Concept 2021 Q1 2020 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $208.4M $214.6M
YoY Change -2.89% 15.75%
Cash & Equivalents $169.3M $184.5M
Short-Term Investments $39.20M $30.10M
Other Short-Term Assets $53.20M $45.00M
YoY Change 18.22% 3.21%
Inventory
Prepaid Expenses
Receivables $35.30M $30.30M
Other Receivables $0.00 $0.00
Total Short-Term Assets $296.9M $289.9M
YoY Change 2.41% 12.71%
LONG-TERM ASSETS
Property, Plant & Equipment $41.90M $39.20M
YoY Change 6.89% 9.19%
Goodwill $135.3M $74.46M
YoY Change 81.65% 6.26%
Intangibles
YoY Change
Long-Term Investments $2.500M
YoY Change
Other Assets $15.70M $2.210M
YoY Change 610.41% -90.13%
Total Long-Term Assets $252.9M $149.9M
YoY Change 68.69% -0.05%
TOTAL ASSETS
Total Short-Term Assets $296.9M $289.9M
Total Long-Term Assets $252.9M $149.9M
Total Assets $549.8M $439.8M
YoY Change 25.01% 8.01%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $5.100M $4.602M
YoY Change 10.82% 4.59%
Accrued Expenses $33.90M $5.374M
YoY Change 530.82% -73.26%
Deferred Revenue $34.93M
YoY Change 20.91%
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $83.40M $61.90M
YoY Change 34.73% 15.92%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $22.80M $21.70M
YoY Change 5.07% 1423.88%
Total Long-Term Liabilities $22.80M $21.70M
YoY Change 5.07% 1423.88%
TOTAL LIABILITIES
Total Short-Term Liabilities $83.40M $61.90M
Total Long-Term Liabilities $22.80M $21.70M
Total Liabilities $109.3M $84.60M
YoY Change 29.2% 10.59%
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 $440.5M $355.2M
YoY Change
Total Liabilities & Shareholders Equity $549.8M $439.8M
YoY Change 25.01% 8.01%

Cashflow Statement

Concept 2021 Q1 2020 Q1
OPERATING ACTIVITIES
Net Income $10.20M $9.515M
YoY Change 7.2% 39.66%
Depreciation, Depletion And Amortization $3.765M $3.138M
YoY Change 19.98% 19.0%
Cash From Operating Activities $21.61M $14.67M
YoY Change 47.3% 43.78%
INVESTING ACTIVITIES
Capital Expenditures $3.263M $3.965M
YoY Change -17.7% 36.77%
Acquisitions
YoY Change
Other Investing Activities -$1.540M $3.420M
YoY Change -145.03% 23.02%
Cash From Investing Activities -$4.802M -$550.0K
YoY Change 773.09% 354.55%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $12.00M
YoY Change 304.59%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 2.743M -8.918M
YoY Change -130.76% 1705.26%
NET CHANGE
Cash From Operating Activities 21.61M 14.67M
Cash From Investing Activities -4.802M -550.0K
Cash From Financing Activities 2.743M -8.918M
Net Change In Cash 19.58M 5.232M
YoY Change 274.27% -46.92%
FREE CASH FLOW
Cash From Operating Activities $21.61M $14.67M
Capital Expenditures $3.263M $3.965M
Free Cash Flow $18.34M $10.70M
YoY Change 71.39% 46.56%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
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CY2020Q4 us-gaap Deferred Income Tax Liabilities Net
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CY2020Q4 us-gaap Deferred Costs
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CY2020Q4 us-gaap Assets
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CY2021Q1 dei Document Fiscal Year Focus
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CY2019Q4 us-gaap Stockholders Equity
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CY2020Q1 us-gaap Treasury Stock Value Acquired Cost Method
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CY2021Q1 us-gaap Increase Decrease In Contract With Customer Liability
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CY2020Q1 spsc Increase Decrease In Operating Leases
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CY2021Q1 us-gaap Use Of Estimates
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<p style="margin-top:18pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;font-style:italic;color:#1F282C;font-size:10pt;font-family:Times New Roman;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. Actual results could differ from those estimates.</p>
CY2020Q4 spsc Financial Instruments Maturities Within One To Two Year Fair Value
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CY2021Q1 us-gaap Allowance For Doubtful Accounts Receivable Write Offs
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1437000
CY2020Q1 us-gaap Allowance For Doubtful Accounts Receivable Write Offs
AllowanceForDoubtfulAccountsReceivableWriteOffs
884000
CY2021Q1 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
4001000
CY2020Q1 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
2939000
CY2020Q4 us-gaap Goodwill
Goodwill
134853000
CY2019Q4 us-gaap Goodwill
Goodwill
76845000
CY2021Q1 us-gaap Goodwill Purchase Accounting Adjustments
GoodwillPurchaseAccountingAdjustments
268000
CY2021Q1 us-gaap Goodwill Foreign Currency Translation Gain Loss
GoodwillForeignCurrencyTranslationGainLoss
142000
CY2020Q1 us-gaap Goodwill Foreign Currency Translation Gain Loss
GoodwillForeignCurrencyTranslationGainLoss
-2382000
CY2021Q1 us-gaap Goodwill
Goodwill
135263000
CY2020Q1 us-gaap Goodwill
Goodwill
74463000
CY2021Q1 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
88794000
CY2021Q1 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
30886000
CY2021Q1 spsc Finite Lived Intangible Assets Accumulated Foreign Currency Translation Gain Loss
FiniteLivedIntangibleAssetsAccumulatedForeignCurrencyTranslationGainLoss
-314000
CY2021Q1 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
57594000
CY2020Q4 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
88340000
CY2020Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
28207000
CY2020Q4 spsc Finite Lived Intangible Assets Accumulated Foreign Currency Translation Gain Loss
FiniteLivedIntangibleAssetsAccumulatedForeignCurrencyTranslationGainLoss
97000
CY2020Q4 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
60230000
CY2021Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Remainder Of Fiscal Year
FiniteLivedIntangibleAssetsAmortizationExpenseRemainderOfFiscalYear
7287000
CY2021Q1 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
2736000
CY2021Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
22167000
CY2020Q4 us-gaap Capitalized Computer Software Net
CapitalizedComputerSoftwareNet
1181000
CY2019Q4 us-gaap Capitalized Computer Software Net
CapitalizedComputerSoftwareNet
1166000
CY2021Q1 us-gaap Capitalized Computer Software Additions
CapitalizedComputerSoftwareAdditions
46000
CY2020Q1 us-gaap Capitalized Computer Software Additions
CapitalizedComputerSoftwareAdditions
51000
CY2021Q1 us-gaap Capitalized Computer Software Amortization1
CapitalizedComputerSoftwareAmortization1
57000
CY2020Q1 us-gaap Capitalized Computer Software Amortization1
CapitalizedComputerSoftwareAmortization1
29000
CY2021Q1 us-gaap Capitalized Computer Software Net
CapitalizedComputerSoftwareNet
1170000
CY2020Q1 us-gaap Capitalized Computer Software Net
CapitalizedComputerSoftwareNet
1188000
CY2021Q1 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
15296000
CY2020Q4 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
15581000
CY2021Q1 us-gaap Lessee Operating Lease Renewal Term
LesseeOperatingLeaseRenewalTerm
P5Y
CY2021Q1 us-gaap Operating Lease Cost
OperatingLeaseCost
540000
CY2020Q1 us-gaap Operating Lease Cost
OperatingLeaseCost
595000
CY2021Q1 us-gaap Variable Lease Cost
VariableLeaseCost
768000
CY2020Q1 us-gaap Variable Lease Cost
VariableLeaseCost
892000
CY2021Q1 us-gaap Lease Cost
LeaseCost
1308000
CY2020Q1 us-gaap Lease Cost
LeaseCost
1487000
CY2021Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
521000
CY2020Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
1112000
CY2020Q1 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
29000
CY2021Q1 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P5Y4M24D
CY2020Q4 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P5Y7M6D
CY2021Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.041
CY2020Q4 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.041
CY2021Q1 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
3149000
CY2021Q1 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
4695000
CY2021Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
4427000
CY2021Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
4067000
CY2021Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
3715000
CY2021Q1 spsc Lessee Operating Lease Liability Payments Due After Year Four
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFour
4850000
CY2021Q1 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
24903000
CY2021Q1 us-gaap Purchase Commitment Remaining Minimum Amount Committed
PurchaseCommitmentRemainingMinimumAmountCommitted
16200000
CY2021Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Available For Grant
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant
13600000
CY2021Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
6925000
CY2020Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
4344000
CY2021Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
6925000
CY2020Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
4344000
CY2021Q1 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized
40600000
CY2021Q1 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P2Y9M18D
CY2020Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
944886
CY2020Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
36.71
CY2021Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
34395
CY2021Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
110.42
CY2021Q1 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
87658
CY2021Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
31.97
CY2021Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
1560
CY2021Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
51.57
CY2021Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
890063
CY2021Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
40.00
CY2021Q1 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
0
CY2021Q1 us-gaap Income Tax Examination Penalties And Interest Accrued
IncomeTaxExaminationPenaltiesAndInterestAccrued
0
CY2021Q1 us-gaap Investment Income Net
InvestmentIncomeNet
97000
CY2020Q1 us-gaap Investment Income Net
InvestmentIncomeNet
640000
CY2021Q1 us-gaap Foreign Currency Transaction Gain Loss Before Tax
ForeignCurrencyTransactionGainLossBeforeTax
-289000
CY2020Q1 us-gaap Foreign Currency Transaction Gain Loss Before Tax
ForeignCurrencyTransactionGainLossBeforeTax
-1243000
CY2021Q1 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-133000
CY2020Q1 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
2000
CY2020Q1 us-gaap Business Combination Contingent Consideration Arrangements Change In Amount Of Contingent Consideration Liability1
BusinessCombinationContingentConsiderationArrangementsChangeInAmountOfContingentConsiderationLiability1
72000
CY2021Q1 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-325000
CY2020Q1 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-673000
CY2021Q1 us-gaap Net Income Loss
NetIncomeLoss
10200000
CY2020Q1 us-gaap Net Income Loss
NetIncomeLoss
9515000
CY2021Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
35751000
CY2020Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
35072000
CY2021Q1 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
568000
CY2020Q1 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
582000
CY2021Q1 us-gaap Incremental Common Shares Attributable To Contingently Issuable Shares
IncrementalCommonSharesAttributableToContingentlyIssuableShares
403000
CY2020Q1 us-gaap Incremental Common Shares Attributable To Contingently Issuable Shares
IncrementalCommonSharesAttributableToContingentlyIssuableShares
272000
CY2021Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
36722000
CY2020Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
35926000
CY2021Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.29
CY2020Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.27
CY2021Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.28
CY2020Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.26
CY2021Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
56000
CY2020Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
309000
CY2021Q1 spsc Number Of Jurisdiction Outside Us Had Excess Revenue Of Ten Percentage
NumberOfJurisdictionOutsideUSHadExcessRevenueOfTenPercentage
0

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