SPS Commerce Files Q2 2024 10-Q

TL;DR

SPS Commerce dropped its Q2 10-Q. Looks like business as usual.

AI Summary

SPS Commerce Inc. filed its 10-Q for the period ending June 30, 2024. The filing details financial performance and operational updates for the second quarter of 2024. Key financial figures and business segment information are presented, reflecting the company's ongoing activities in the software services sector.

Why It Matters

This filing provides investors with a detailed look at SPS Commerce's financial health and operational performance during the second quarter of 2024, influencing investment decisions.

Risk Assessment

Risk Level: low — The filing is a standard quarterly report and does not indicate any immediate or unusual risks.

Key Numbers

• 2024 Q2 — Reporting Period (The second quarter of fiscal year 2024.)
• 2024-06-30 — Period End Date (The specific date marking the end of the reporting period.)
• 2024-07-25 — Filing Date (The date the 10-Q report was officially submitted to the SEC.)

Key Players & Entities

• SPS Commerce Inc. (company) — Filer of the 10-Q report
• 20240630 (date) — End of the reporting period
• 20240725 (date) — Filing date of the report
• 333 SOUTH SEVENTH STREET SUITE 1000 MINNEAPOLIS MN 55402 (address) — Company's business and mailing address

FAQ

Key Financial Figures

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

Filing Documents

• spsc-20240630.htm (10-Q) — 1251KB
• q2_2024exhibitex311ceo.htm (EX-31.1) — 9KB
• q2_2024exhibitex312cfo.htm (EX-31.2) — 9KB
• q2_2024exhibitex321ceocfo.htm (EX-32.1) — 6KB
• spsc-20240630_g1.jpg (GRAPHIC) — 4KB
• spsc-20240630_g2.jpg (GRAPHIC) — 8KB
• 0001092699-24-000060.txt ( ) — 6810KB
• spsc-20240630.xsd (EX-101.SCH) — 47KB
• spsc-20240630_cal.xml (EX-101.CAL) — 80KB
• spsc-20240630_def.xml (EX-101.DEF) — 190KB
• spsc-20240630_lab.xml (EX-101.LAB) — 614KB
• spsc-20240630_pre.xml (EX-101.PRE) — 439KB
• spsc-20240630_htm.xml (XML) — 958KB

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 7 Notes to Condensed Consolidated Financial Statements 8 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 19 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 28 Item 4.

Controls and Procedures

Controls and Procedures 28

OTHER INFORMATION

PART II. OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 29 Item 1A.

Risk Factors

Risk Factors 29 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 29 Item 3. Defaults Upon Senior Securities 29 Item 4. Mine Safety Disclosures 29 Item 5. Other Information 30 Item 6. Exhibits 30

SIGNATURES

SIGNATURES 31 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 June 30, 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) June 30, 2024 December 31, 2023 ASSETS (unaudited) Current assets Cash and cash equivalents $ 240,232 $ 219,081 Short-term investments 31,554 56,359 Accounts receivable 59,355 50,160 Allowance for credit losses ( 3,958 ) ( 3,320 ) Accounts receivable, net 55,397 46,840 Deferred costs 64,318 62,403 Other assets 15,437 16,758 Total current assets 406,938 401,441 Property and equipment, net 35,083 36,043 Operating lease right-of-use assets 7,076 7,862 Goodwill 268,872 249,176 Intangible assets, net 107,519 107,344 Other assets Deferred costs, non-current 20,610 20,347 Deferred income tax assets 7,347 505 Other assets, non-current 1,076 1,126 Total assets $ 854,521 $ 823,844 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities Accounts payable $ 5,877 $ 7,420 Accrued compensation 32,236 41,588 Accrued expenses 9,446 8,014 Deferred revenue 76,393 69,187 Operating lease liabilities 4,594 4,460 Total current liabilities 128,546 130,669 Other liabilities Deferred revenue, non-current 7,111 6,930 Operating lease liabilities, non-current 7,751 9,569 Deferred income tax liabilities 7,012 8,972 Other liabilities, non-current 680 229 Total liabilities 151,100 156,369 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; 39,419,726 and 38,971,146 shares issued; and 37,086,627 and 36,820,048 shares outstanding, respectively 39 39 Treasury stock, at cost; 2,333,099 and 2,151,098 shares, respectively ( 162,187 ) ( 128,892 ) Additional paid-in capital 574,842 537,061 Retained earnings 295,080 259,045 Accumulated other comprehensive gain (loss) ( 4,353 ) 222 Total stockholders' equity 703,421 667,475 Total liabilities and stockholders' equity $ 854,521 $ 823,

View Full Filing

View this 10-Q filing on SEC EDGAR