SPS Commerce Inc. Files 10-Q for Period Ending March 31, 2024

AI Summary

SPS COMMERCE INC (SPSC) filed a Quarterly Report (10-Q) with the SEC on April 25, 2024. SPS Commerce Inc. filed a 10-Q report for the period ending March 31, 2024. The filing covers the first quarter of fiscal year 2024. The company's fiscal year ends on December 31st. SPS Commerce Inc. is incorporated in Delaware. The company's principal business address is in Minneapolis, MN.

Why It Matters

For investors and stakeholders tracking SPS COMMERCE INC, this filing contains several important signals. This 10-Q filing provides investors and analysts with the latest financial data for SPS Commerce Inc., crucial for evaluating the company's performance and making investment decisions. The detailed financial information in the 10-Q allows for a comparison against previous periods and industry benchmarks, offering insights into the company's growth trajectory and operational health.

Risk Assessment

Risk Level: low — SPS COMMERCE INC shows low risk based on this filing. The filing is a standard 10-Q, which is a routine quarterly report and does not contain any immediately apparent significant negative or positive developments.

Analyst Insight

Review the detailed financial statements and management discussion within the 10-Q to assess revenue growth, profitability trends, and any new business initiatives or risks.

Key Numbers

• 2024-03-31 — Report Date (CONFORMED PERIOD OF REPORT)
• 2024-04-25 — Filing Date (FILED AS OF DATE)
• 2024-01-01 — Quarter Start Date (Q1 2024)
• 1231 — Fiscal Year End (FISCAL YEAR END)

Key Players & Entities

• SPS COMMERCE INC (company) — FILER
• MINNEAPOLIS (company) — CITY
• DE (company) — STATE OF INCORPORATION

FAQ

Industry Context

SPS Commerce Inc. operates in the software and services industry, specifically focusing on prepackaged software solutions.

Regulatory Implications

The filing is made under the Securities Exchange Act of 1934, requiring public companies to submit regular financial reports to the SEC.

What Investors Should Do

1. Analyze the balance sheet and income statement for the quarter ended March 31, 2024.
2. Review any disclosures regarding significant business events or risks mentioned in the filing.
3. Compare the Q1 2024 results with the corresponding period in 2023, if comparative data is available in the full filing.

Key Dates

• 2024-03-31: Quarter End — End of the reporting period for the 10-Q filing.
• 2024-04-25: Filing Date — Date the 10-Q was officially filed with the SEC.

Year-Over-Year Comparison

This is a 10-Q filing for the first quarter of 2024. Comparative data from the previous year's first quarter would typically be included in the full report for analysis.

Key Financial Figures

• $0.001 — ich registered Common Stock, par value $0.001 per share SPSC The Nasdaq Stock Market

Filing Documents

• spsc-20240331.htm (10-Q) — 906KB
• q1_2024exhibitex311ceo.htm (EX-31.1) — 9KB
• q1_2024exhibitex312cfo.htm (EX-31.2) — 9KB
• q1_2024exhibitex321ceocfo.htm (EX-32.1) — 6KB
• spsc-20240331_g1.jpg (GRAPHIC) — 4KB
• spsc-20240331_g2.jpg (GRAPHIC) — 8KB
• 0001092699-24-000046.txt ( ) — 5980KB
• spsc-20240331.xsd (EX-101.SCH) — 48KB
• spsc-20240331_cal.xml (EX-101.CAL) — 84KB
• spsc-20240331_def.xml (EX-101.DEF) — 182KB
• spsc-20240331_lab.xml (EX-101.LAB) — 597KB
• spsc-20240331_pre.xml (EX-101.PRE) — 423KB
• spsc-20240331_htm.xml (XML) — 788KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION Item 1.

Financial Statements (unaudited)

Financial Statements (unaudited) 3 Condensed Consolidated Balance Sheets 3 Condensed Consolidated Statements of Comprehensive Income 4 Condensed Consolidated Statements of Stockholders' Equity 5 Condensed Consolidated Statements of Cash Flows 6 Notes to Condensed Consolidated Financial Statements 7 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 18 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 25 Item 4.

Controls and Procedures

Controls and Procedures 25

OTHER INFORMATION

PART II. OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 26 Item 1A.

Risk Factors

Risk Factors 26 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 26 Item 3. Defaults Upon Senior Securities 26 Item 4. Mine Safety Disclosures 26 Item 5. Other Information 27 Item 6. Exhibits 27

SIGNATURES

SIGNATURES 28 Unless the context otherwise requires, for purposes of the Quarterly Report on Form 10-Q, the words "we," "us," "our," the "Company," "SPS," and "SPS Commerce" refer to SPS Commerce, Inc. SPS COMMERCE, INC. 2 Form 10-Q for the Quarterly Period ended March 31, 2024 Table of Contents

– FINANCIAL INFORMATION

PART I. – FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements SPS COMMERCE, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands, except shares) March 31, 2024 December 31, 2023 ASSETS (unaudited) Current assets Cash and cash equivalents $ 234,637 $ 219,081 Short-term investments 56,174 56,359 Accounts receivable 55,724 50,160 Allowance for credit losses ( 3,589 ) ( 3,320 ) Accounts receivable, net 52,135 46,840 Deferred costs 63,647 62,403 Other assets 13,695 16,758 Total current assets 420,288 401,441 Property and equipment, net 34,971 36,043 Operating lease right-of-use assets 7,285 7,862 Goodwill 248,813 249,176 Intangible assets, net 99,289 107,344 Other assets Deferred costs, non-current 20,601 20,347 Deferred income tax assets 7,483 505 Other assets, non-current 1,117 1,126 Total assets $ 839,847 $ 823,844 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities Accounts payable $ 12,303 $ 7,420 Accrued compensation 32,990 41,588 Accrued expenses 10,744 8,014 Deferred revenue 73,701 69,187 Operating lease liabilities 4,478 4,460 Total current liabilities 134,216 130,669 Other liabilities Deferred revenue, non-current 6,473 6,930 Operating lease liabilities, non-current 8,425 9,569 Deferred income tax liabilities 7,536 8,972 Other liabilities, non-current 232 229 Total liabilities 156,882 156,369 Commitments and contingencies Stockholders' equity Preferred stock, $ 0.001 par value; 5,000,000 shares authorized; 0 shares issued and outstanding — — Common stock, $ 0.001 par value; 110,000,000 shares authorized; 39,309,579 and 38,971,146 shares issued; and 37,049,001 and 36,820,048 shares outstanding, respectively 39 39 Treasury stock, at cost; 2,260,578 and 2,151,098 shares, respectively ( 148,892 ) ( 128,892 ) Additional paid-in capital 557,998 537,061 Retained earnings 277,048 259,045 Accumulated other comprehensive gain (loss) ( 3,228 ) 222 Total stockholders' equity 682,965 667,475 Total liabilities and stockholders' equity $ 839,847 $ 82

View Full Filing

View this 10-Q filing on SEC EDGAR