SPS Commerce was founded in 1987 and is headquartered in Minneapolis, US

President & CEO

Executive Vice President and Chief Operating Officer

Executive Vice President & Chief Financial Officer

SPS Commerce has offices in Minneapolis, Little Falls, Brampton, Burwood East and in 5 other locations

Minneapolis, US (HQ)

1000 333 S 7th St

Hong Kong, HK

18 Westlands Rd

North Sydney, AU

100 Miller St

Burwood East, AU

3 12 Wesley Ct

Brampton, CA

2 126 Devon Rd

Little Falls, US

400 150 Clove Rd

SPS Commerce's revenue was reported to be $51.9 m in Q1, 2017

USD

## Revenue (Q1, 2017) | 51.9 m |

## Gross profit (Q1, 2017) | 34.6 m |

## Gross profit margin (Q1, 2017), % | 67% |

## Net income (Q1, 2017) | 3 m |

## EBIT (Q1, 2017) | 3.4 m |

## Market capitalization (25-Jul-2017) | 1 b |

## Cash (31-Mar-2017) | 128.7 m |

SPS Commerce's current market capitalization is $1 b.

USD | FY, 2013^{} | FY, 2014^{} | FY, 2015^{} | FY, 2016^{} |
---|---|---|---|---|

## Revenue | 104.4 m | 127.9 m | 158.5 m | 193.3 m |

## Revenue growth, % | 23% | 24% | 22% | |

## Cost of goods sold | 31.8 m | 40 m | 50 m | 64.3 m |

## Gross profit | 72.6 m | 88 m | 108.5 m | 128.9 m |

## Gross profit Margin, % | 70% | 69% | 68% | 67% |

## Sales and marketing expense | 39.6 m | 65.9 m | ||

## R&D expense | 10.9 m | 22 m | ||

## General and administrative expense | 17.2 m | 28.8 m | ||

## Operating expense total | 70.8 m | 83.6 m | 101.5 m | 121.4 m |

## EBIT | 1.8 m | 4.4 m | 7 m | 7.5 m |

## EBIT margin, % | 2% | 3% | 4% | 4% |

## Interest income | 112 k | |||

## Pre tax profit | 1.7 m | 4.1 m | 7.1 m | 8.9 m |

## Income tax expense | 686 k | (1.4 m) | (2.4 m) | (3.1 m) |

## Net Income | 1.1 m | 2.7 m | 4.6 m | 5.7 m |

USD | Q2, 2014^{} | Q3, 2014^{} | Q1, 2015^{} | Q2, 2015^{} | Q3, 2015^{} | Q1, 2016^{} | Q2, 2016^{} | Q3, 2016^{} | Q1, 2017^{} |
---|---|---|---|---|---|---|---|---|---|

## Revenue | 31.1 m | 32.5 m | 37 m | 38.8 m | 40.4 m | 45.6 m | 47.4 m | 49.3 m | 51.9 m |

## Cost of goods sold | 9.6 m | 10 m | 11.6 m | 12.3 m | 12.7 m | 14.9 m | 16 m | 16.2 m | 17.3 m |

## Gross profit | 21.5 m | 22.5 m | 25.4 m | 26.5 m | 27.7 m | 30.7 m | 31.4 m | 33.1 m | 34.6 m |

## Gross profit Margin, % | 69% | 69% | 69% | 68% | 69% | 67% | 66% | 67% | 67% |

## Sales and marketing expense | 11.6 m | 12 m | 13.7 m | 14.1 m | 13.8 m | 15.9 m | 16.7 m | 16.5 m | 17.1 m |

## R&D expense | 3.4 m | 3.3 m | 4.1 m | 4.5 m | 4.5 m | 5.1 m | 5.5 m | 5.6 m | 5.1 m |

## General and administrative expense | 4.8 m | 5.2 m | 5.8 m | 6.1 m | 6.3 m | 7.3 m | 7.1 m | 7.1 m | 7.8 m |

## Operating expense total | 19.8 m | 20.5 m | 23.6 m | 24.7 m | 24.6 m | 28.2 m | 29.3 m | 29.2 m | 30 m |

## EBIT | 1 m | 1.4 m | 922 k | 1 m | 2.3 m | 1.3 m | 880 k | 2.7 m | 3.4 m |

## EBIT margin, % | 3% | 4% | 2% | 3% | 6% | 3% | 2% | 5% | 7% |

## Interest income | 50 k | 52 k | |||||||

## Pre tax profit | 1.1 m | 1.4 m | 847 k | 1 m | 2.2 m | 1.8 m | 657 k | 3.7 m | 3.5 m |

## Income tax expense | (460 k) | (532 k) | (261 k) | (356 k) | (953 k) | (708 k) | (305 k) | (1.2 m) | (536 k) |

## Net Income | 639 k | 838 k | 586 k | 651 k | 1.3 m | 1 m | 352 k | 2.5 m | 3 m |

USD | FY, 2013^{} | FY, 2014^{} | FY, 2015^{} | FY, 2016^{} |
---|---|---|---|---|

## Cash | 131.3 m | 130.8 m | 121.5 m | 115.9 m |

## Accounts Receivable | 15.4 m | 17.6 m | 20.7 m | |

## Inventories | 2.9 m | |||

## Current Assets | 156.1 m | 162.2 m | 166.8 m | 185.9 m |

## PP&E | 9.9 m | 11.4 m | 13.6 m | 15.3 m |

## Goodwill | 25.5 m | 34.9 m | 33.8 m | 49.8 m |

## Total Assets | 223.3 m | 243.8 m | 261.7 m | 298.4 m |

## Accounts Payable | 1.8 m | 4 m | 2.2 m | 2.3 m |

## Current Liabilities | 18.9 m | 24.6 m | 24.2 m | 32.2 m |

## Total Liabilities | 49.1 m | |||

## Additional Paid-in Capital | 239.5 m | 250.6 m | 265.3 m | 286.3 m |

## Retained Earnings | (46.8 m) | (44.1 m) | (39.4 m) | (33.7 m) |

## Total Equity | 192.8 m | 205.1 m | 222.2 m | 249.3 m |

## Financial Leverage | 1.2 x | 1.2 x | 1.2 x | 1.2 x |

USD | Q2, 2014^{} | Q3, 2014^{} | Q1, 2015^{} | Q2, 2015^{} | Q3, 2015^{} | Q1, 2016^{} | Q2, 2016^{} | Q3, 2016^{} | Q1, 2017^{} |
---|---|---|---|---|---|---|---|---|---|

## Cash | 136.5 m | 140.8 m | 133.6 m | 121.3 m | 117.9 m | 110.9 m | 107.2 m | 109.6 m | 128.7 m |

## Current Assets | 164.9 m | 170.6 m | 166.2 m | 159.1 m | 161.4 m | 162.7 m | 173.4 m | 172.6 m | 204.8 m |

## PP&E | 9 m | 8.6 m | 12.1 m | 13 m | 13.1 m | 14 m | 13.9 m | 14.8 m | 15.1 m |

## Goodwill | 25.5 m | 25.5 m | 34.2 m | 34.3 m | 33.5 m | 50.9 m | 50.9 m | 51 m | 50.3 m |

## Total Assets | 230.2 m | 234.6 m | 246.9 m | 249.9 m | 252.9 m | 281.7 m | 287.8 m | 292.3 m | 327.9 m |

## Accounts Payable | 3 m | 2.1 m | 3.4 m | 3.7 m | 2.4 m | 3.9 m | 3.6 m | 2.4 m | 3.6 m |

## Current Liabilities | 19.4 m | 20.9 m | 24.8 m | 23.8 m | 23.4 m | 30.6 m | 33.1 m | 30.2 m | 37.6 m |

## Additional Paid-in Capital | 243.9 m | 245.8 m | 254.5 m | 257.3 m | 260.6 m | 272.5 m | 276.5 m | 281.5 m | 289.7 m |

## Retained Earnings | (45.8 m) | (44.9 m) | (43.5 m) | (42.9 m) | (41.6 m) | (38.4 m) | (38.1 m) | (35.5 m) | (14.5 m) |

## Total Equity | 198.1 m | 200.9 m | 208.2 m | 211.9 m | 214.7 m | 233.4 m | 236.8 m | 244.8 m | 273.4 m |

## Financial Leverage | 1.2 x | 1.2 x | 1.2 x | 1.2 x | 1.2 x | 1.2 x | 1.2 x | 1.2 x | 1.2 x |

USD | FY, 2013^{} | FY, 2014^{} | FY, 2015^{} | FY, 2016^{} |
---|---|---|---|---|

## Net Income | 1.1 m | 2.7 m | 4.6 m | 5.7 m |

## Depreciation and Amortization | 2.9 m | 3.3 m | 4.7 m | |

## Accounts Receivable | (1.2 m) | (3.9 m) | (3.5 m) | (3.7 m) |

## Inventories | 2.6 m | |||

## Accounts Payable | (59 k) | 1.3 m | (1.6 m) | (382 k) |

## Cash From Operating Activities | 18.2 m | 16.8 m | 14.4 m | 18.8 m |

## Purchases of PP&E | (5.7 m) | (7.6 m) | (8.8 m) | (8 m) |

## Cash From Investing Activities | (5.7 m) | (20.2 m) | (31.3 m) | (34.2 m) |

## Cash From Financing Activities | 52.7 m | 3.5 m | 8.3 m | 10.1 m |

## Interest Paid | 27 k | |||

## Income Taxes Paid | 55 k | 113 k | 114 k | 722 k |

USD | Q2, 2014^{} | Q3, 2014^{} | Q1, 2015^{} | Q2, 2015^{} | Q3, 2015^{} | Q1, 2016^{} | Q2, 2016^{} | Q3, 2016^{} | Q1, 2017^{} |
---|---|---|---|---|---|---|---|---|---|

## Net Income | 639 k | 838 k | 586 k | 651 k | 1.3 m | 1 m | 352 k | 2.5 m | 3 m |

## Depreciation and Amortization | 682 k | 645 k | 845 k | 833 k | 829 k | 1.2 m | 1.2 m | 1.2 m | 1.2 m |

## Accounts Payable | 3 m | 2.1 m | 3.4 m | 3.7 m | 2.4 m | 3.9 m | 3.6 m | 2.4 m | 3.6 m |

USD | Y, 2017 |
---|---|

## Revenue/Employee | 42.7 k |

## Financial Leverage | 1.2 x |

Source: 22 public H-1B filings from SPS Commerce