0001564590-21-007614 | 10-K | XBRL Viewer

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Document and Entity Information - USD ($) $ in Billions	12 Months Ended
Document and Entity Information - USD ($) $ in Billions	Dec. 31, 2020	Feb. 10, 2021	Jun. 30, 2020
Cover [Abstract]
Document Type	10-K
Amendment Flag	false
Document Period End Date	Dec. 31, 2020
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	FY
Trading Symbol	SPSC
Entity Registrant Name	SPS COMMERCE, INC.
Entity Central Index Key	0001092699
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	Yes
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Filer Category	Large Accelerated Filer
Entity Shell Company	false
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Entity Common Stock, Shares Outstanding		35,583,977
Entity Public Float			$ 2.6
Entity Interactive Data Current	Yes
Entity File Number	001-34702
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	41-2015127
Entity Address, Address Line One	333 South Seventh Street
Entity Address, Address Line Two	Suite 1000
Entity Address, City or Town	Minneapolis
Entity Address, State or Province	MN
Entity Address, Postal Zip Code	55402
City Area Code	612
Local Phone Number	435-9400
Title of 12(b) Security	Common Stock, par value $0.001 per share
Security Exchange Name	NASDAQ
Document Annual Report	true
Document Transition Report	false
Documents Incorporated by Reference	DOCUMENTS INCORPORATED BY REFERENCE Portions of the Company’s definitive Proxy Statement for the Annual Meeting of Stockholders to be held on May 19, 2021 (the “2021 Proxy Statement”), which is expected to be filed within 120 days after the end of the fiscal year covered by this Annual Report on Form 10-K, are incorporated by reference in Part III of this Annual Report on Form 10-K.

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
CURRENT ASSETS
Cash and cash equivalents	$ 149,692	$ 179,252
Short-term investments	37,786	34,284
Accounts receivable	37,811	33,001
Allowance for credit losses	(4,233)	(1,469)
Accounts receivable, net	33,578	31,532
Deferred costs	37,988	35,274
Other assets	12,312	11,279
Total current assets	271,356	291,621
PROPERTY AND EQUIPMENT, net	26,432	23,752
OPERATING LEASE RIGHT-OF-USE ASSETS	15,581	15,744
GOODWILL	134,853	76,845
INTANGIBLE ASSETS, net	60,230	22,668
INVESTMENTS	2,500
OTHER ASSETS
Deferred costs, non-current	12,607	11,667
Deferred income tax assets	194	2,630
Other assets, non-current	2,705	2,513
Total assets	526,458	447,440
CURRENT LIABILITIES
Accounts payable	5,354	4,274
Accrued compensation	22,872	22,303
Accrued expenses	11,161	6,207
Deferred revenue	37,947	31,463
Operating lease liabilities	2,798	3,783
Total current liabilities	80,132	68,030
OTHER LIABILITIES
Deferred revenue, non-current	2,996	2,851
Operating lease liabilities, non-current	19,672	20,085
Deferred income tax liabilities	2,937	1,193
Other liabilities, non-current		405
Total liabilities	105,737	92,564
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 and 55,000,000 shares authorized; 37,100,467 and 36,104,619 shares issued; and 35,487,217 and 34,863,271 shares outstanding, respectively	37	36
Treasury stock, at cost; 1,613,250 and 1,241,348 shares, respectively	(65,247)	(46,297)
Additional paid-in capital	393,462	354,115
Retained earnings	93,490	48,973
Accumulated other comprehensive loss	(1,021)	(1,951)
Total stockholders’ equity	420,721	354,876
Total liabilities and stockholders’ equity	$ 526,458	$ 447,440

Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2020	Dec. 31, 2019
Statement Of Financial Position [Abstract]
Preferred stock, par value	$ 0.001	$ 0.001
Preferred stock, shares authorized	5,000,000	5,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	110,000,000	55,000,000
Common stock, shares issued	37,100,467	36,104,619
Common stock, shares outstanding	35,487,217	34,863,271
Treasury stock, shares	1,613,250	1,241,348

Consolidated Statements of Comprehensive Income - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Income Statement [Abstract]
Revenues	$ 312,630	$ 279,124	$ 248,240
Cost of revenues	99,836	92,239	81,748
Gross profit	212,794	186,885	166,492
Operating expenses
Sales and marketing	75,955	70,140	71,719
Research and development	31,024	28,305	22,087
General and administrative	50,119	44,719	41,862
Amortization of intangible assets	5,538	5,315	4,093
Total operating expenses	162,636	148,479	139,761
Income from operations	50,158	38,406	26,731
Other income (expense)
Interest income, net	1,103	2,947	2,329
Other income (expense), net	1,334	272	(626)
Change in earn-out liability	85	445	(94)
Total other income, net	2,522	3,664	1,609
Income before income taxes	52,680	42,070	28,340
Income tax expense	7,094	8,358	4,468
Net income	45,586	33,712	23,872
Other comprehensive income (expense)
Foreign currency translation adjustments	1,097	1,290	(3,999)
Unrealized gain (loss) on investments, net of tax of ($3), $122 and $132	(10)	367	397
Reclassification of unrealized gain on investments into earnings, net of tax of ($52), ($133) and ($91)	(157)	(398)	(273)
Total other comprehensive income (expense)	930	1,259	(3,875)
Comprehensive income	$ 46,516	$ 34,971	$ 19,997
Net income per share
Basic	$ 1.29	$ 0.96	$ 0.69
Diluted	$ 1.26	$ 0.94	$ 0.68
Weighted average common shares used to compute net income per share
Basic	35,226	35,024	34,392
Diluted	36,285	36,002	35,212

Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Income Statement [Abstract]
Unrealized gain on investments, tax	$ (3)	$ 122	$ 132
Reclassification of unrealized (gain) loss on investments into earnings, tax	$ (52)	$ (133)	$ (91)

Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands	Total	Revision of Prior Period Accounting Standards Update Adjustment [Member]	Common Stock [Member]	Treasury Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings (Accumulated Deficit) [Member]	Retained Earnings (Accumulated Deficit) [Member] Revision of Prior Period Accounting Standards Update Adjustment [Member]	Accumulated Other Comprehensive Income (Loss) [Member]	Accumulated Other Comprehensive Income (Loss) [Member] Revision of Prior Period Accounting Standards Update Adjustment [Member]
Beginning balance at Dec. 31, 2017	$ 288,111		$ 34	$ (5,815)	$ 301,846	$ (8,611)		$ 657
Beginning balance, shares at Dec. 31, 2017			34,254,012	244,294
Stock-based compensation	11,270				11,270
Exercise of stock options and issuance of restricted stock	14,344		$ 2		14,342
Exercise of stock options and issuance of restricted stock, shares			866,398
Employee stock purchase plan	1,745				1,745
Employee stock purchase plan, shares			69,596
Repurchases of common stock	(19,864)			$ (19,864)	0
Repurchases of common stock, shares			(579,490)	579,490
Stock issued for acquisition	3,371				3,371
Stock issued for acquisition, Shares			80,956
Net income	23,872					23,872
Foreign currency translation adjustments	(3,999)							(3,999)
Unrealized gain (loss) on investments, net of tax	397							397
Reclassification of gain on investments into earnings, net of tax	(273)							(273)
Ending balance at Dec. 31, 2018	318,974		$ 36	$ (25,679)	332,574	15,261		(3,218)
Ending balance (ASU 2018-02) at Dec. 31, 2018		$ 8							$ 8
Ending balance, shares at Dec. 31, 2018			34,691,472	823,784
Stock-based compensation	13,365				13,365
Exercise of stock options and issuance of restricted stock	6,207				6,207
Exercise of stock options and issuance of restricted stock, shares			536,034
Employee stock purchase plan	2,269				2,269
Employee stock purchase plan, shares			58,851
Repurchases of common stock	(20,618)			$ (20,618)
Repurchases of common stock, shares			(417,564)	417,564
Settlement and subsequent return of shares	300				300
Settlement and subsequent return of shares, shares			5,522
Net income	33,712					33,712
Foreign currency translation adjustments	1,290							1,290
Unrealized gain (loss) on investments, net of tax	367							367
Reclassification of gain on investments into earnings, net of tax	(398)							(398)
Ending balance at Dec. 31, 2019	354,876		$ 36	$ (46,297)	354,115	48,973		(1,951)
Ending balance (ASU 2016-13) at Dec. 31, 2019		$ (1,069)					$ (1,069)
Ending balance, shares at Dec. 31, 2019			34,863,271	1,241,348
Settlement and subsequent return of shares	(300)				(300)
Settlement and subsequent return of shares, shares			(5,522)
Stock-based compensation	17,382				17,382
Exercise of stock options and issuance of restricted stock	18,592		$ 1		18,591
Exercise of stock options and issuance of restricted stock, shares			934,015
Employee stock purchase plan	3,374				3,374
Employee stock purchase plan, shares			61,833
Repurchases of common stock	(18,950)			$ (18,950)
Repurchases of common stock, shares			(371,902)	371,902
Net income	45,586					45,586
Foreign currency translation adjustments	1,097							1,097
Unrealized gain (loss) on investments, net of tax	(10)							(10)
Reclassification of gain on investments into earnings, net of tax	(157)							(157)
Ending balance at Dec. 31, 2020	$ 420,721		$ 37	$ (65,247)	$ 393,462	$ 93,490		$ (1,021)
Ending balance, shares at Dec. 31, 2020			35,487,217	1,613,250

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Cash flows from operating activities
Net income	$ 45,586	$ 33,712	$ 23,872
Reconciliation of net income to net cash provided by operating activities
Deferred income taxes	4,241	7,581	2,798
Change in earn-out liability	(85)	(445)	94
Depreciation and amortization of property and equipment	13,127	11,123	8,593
Amortization of intangible assets	5,538	5,315	4,093
Provision for credit losses	5,660	3,499	2,592
Stock-based compensation	18,936	14,690	12,510
Other, net	(24)	(574)	(364)
Changes in assets and liabilities, net of effects of acquisition
Accounts receivable	(5,922)	(6,771)	(4,569)
Deferred costs	(3,414)	(1,441)	(5,564)
Other current and non-current assets	1,201	(2,768)	(3,333)
Accounts payable	1,214	(489)	937
Accrued compensation	(1,257)	319	3,957
Accrued expenses	563	706	(135)
Deferred revenue	4,432	6,366	7,094
Deferred rent			2,440
Operating leases	(1,234)	971
Net cash provided by operating activities	88,562	71,794	55,015
Cash flows from investing activities
Purchases of property and equipment	(16,467)	(13,585)	(13,750)
Purchases of investments	(74,797)	(73,700)	(81,666)
Maturities of investments	69,461	84,472	82,224
Acquisition of business and intangible assets, net	(98,666)	(11,500)	(27,273)
Net cash used in investing activities	(120,469)	(14,313)	(40,465)
Cash flows from financing activities
Repurchases of common stock	(18,950)	(20,618)	(19,864)
Net proceeds from exercise of options to purchase common stock	18,592	6,207	14,344
Net proceeds from employee stock purchase plan	3,374	2,269	1,745
Payment for earn-out liability	688
Net cash provided by (used in) financing activities	2,328	(12,142)	(3,775)
Effect of foreign currency exchange rate changes	19	54	(43)
Net increase (decrease) in cash and cash equivalents	(29,560)	45,393	10,732
Cash and cash equivalents at beginning of year	179,252	133,859	123,127
Cash and cash equivalents at end of year	149,692	179,252	133,859
Supplemental disclosure of cash flow information
Cash paid for income taxes, net	1,656	1,545	1,534
Non-cash financing activities:
Net purchases of property and equipment on account	$ (551)	$ 322	405
Common stock issued for business acquisitions			$ 3,371

General

12 Months Ended

Dec. 31, 2020

Organization Consolidation And Presentation Of Financial Statements [Abstract]

General

NOTE A – General

Business Description

SPS Commerce is a leading provider of cloud-based supply chain management solutions that make it easier for retailers, suppliers, distributors, and logistics firms to orchestrate the management of item data, order fulfillment, inventory control and sales analytics across all channels. Implementing and maintaining a suite of supply chain management capabilities is resource intensive and is not a core competency for most businesses.

The services offered by SPS Commerce eliminate the need for on-premise software and support staff by taking on that capability on the customer’s behalf. The solutions SPS Commerce provides enable our customers to increase their supply cycle agility, optimize their inventory levels and sell-through, reduce operational costs and gain increased visibility into customer orders, ensuring that suppliers, distributors, and logistics firms can satisfy retailer requirements.

Basis of Presentation

The accompanying consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”) and include the accounts of SPS Commerce, Inc. and its subsidiaries. All intercompany accounts and transactions have been eliminated in the consolidated financial statements.

Effective January 1, 2020, we adopted Accounting Standards Update (“ASU”) No. 2016-13, Financial Instruments – Credit Losses (Topic 326) with a modified-retrospective approach and recorded a $1.1 million cumulative-effect adjustment to retained earnings.

On July 25, 2019, we announced that our board of directors declared a two-for-one stock split of our common stock, effected in the form of a 100 percent stock dividend as of the record date on August 8, 2019. The stock split dividend was distributed on August 22, 2019. Earnings per share and weighted average shares outstanding are presented in this Annual Report on Form 10-K after the effect of the 100 percent stock dividend. The two-for-one stock split is reflected in the share amounts in all periods presented in this Annual Report on Form 10-K.

Foreign Currency Translation

The functional currency of our foreign operations is generally the applicable local currency. The functional currency is translated into U.S. dollars for balance sheet accounts using current exchange rates in effect as of the balance sheet date and for revenue and expense accounts using an average exchange rate during the year. The translation adjustments are deferred as a component of other comprehensive income within the consolidated statements of comprehensive income and the consolidated statements of stockholders' equity. Gains or losses resulting from transactions denominated in foreign currencies, if any, are included in other income (expense), net in our consolidated statements of comprehensive income.

Use of Estimates

Preparing financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and 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.

Business Combinations

We recognize the fair value of the assets acquired and the liabilities assumed at the acquisition date, separately from goodwill. Goodwill as of the acquisition date is measured as the excess of consideration transferred and the amount of the assets acquired and the liabilities assumed.

Assets acquired include tangible and intangible assets. We use estimates and assumptions that we believe are reasonable as a part of the purchase price allocation, which includes the process to determine the value and useful lives of purchased intangible assets and the process to determine the value of any contingent consideration liabilities. We recorded the acquisition-date fair value of any contingent liabilities, such as earn-out provisions, as part of the consideration transferred. The earn-out liability fair value is subsequently remeasured at each reporting date. The Company evaluates each contingent consideration to determine the valuation approach. See Notes B and E for valuation methods utilized in the fair value remeasurement as of the reporting date.

While we believe these estimates and assumptions are reasonable, they are inherently uncertain and subject to refinement. As a result, during the measurement period, which may be up to one year from the acquisition date, we may record adjustments to the fair value of the assets acquired and the liabilities assumed. Any such adjustments would be recorded as an offset to goodwill or a working capital adjustment as applicable. Upon the conclusion of the measurement period or final determination of the fair values, whichever comes first, any subsequent adjustments would be recorded in our consolidated statements of comprehensive income.

Segment Information

We operate in and report on one segment, which is supply chain management solutions.

Risk and Uncertainties

We rely on hardware and software licensed from third parties to offer our on-demand solutions. Our management believes alternate sources are available; however, disruption or termination of these relationships could adversely affect our operating results in the near term.

Concentration of Credit Risk

Financial instruments that potentially subject us to concentrations of credit risk consist principally of cash and cash equivalents in financial institutions in excess of federally insured limits and accounts receivable. Cash and cash equivalents are held with financial institutions that we believe are subject to minimal risk.

Cash and Cash Equivalents

Cash and cash equivalents consist of cash and highly liquid investments with original maturities of less than 90 days. Cash and cash equivalents are stated at fair value.

Investments

Management determines the appropriate classification of certificates of deposit and marketable securities at the time of purchase and reevaluates such determination at each balance sheet date. Securities are classified as available for sale and are carried at fair value, with the change in unrealized gains and losses, net of tax, reported as unrealized gains on investments on the consolidated statements of comprehensive income. Fair value is determined based on quoted market rates when observable or utilizing data points that are observable, such as quoted prices, interest rates and yield curves. When a determination has been made that an other-than-temporary decline in fair value has occurred, the amount of the decline that is related to a credit loss is realized and is included in other income (expense), net in the consolidated statements of comprehensive income.

Fair Value of Other Financial Instruments

The carrying amounts of our short-term financial instruments, which include cash, cash equivalents, accounts receivable, and accounts payable, approximates fair value due to their short-term nature.

Accounts Receivable

Accounts receivable are initially recorded upon the sale of solutions to customers. Credit is granted in the normal course of business without collateral. Accounts receivable are stated net of allowances for credit losses, which represent estimated losses resulting from the inability of certain customers to make the required payments. When determining the allowance, we pool our outstanding accounts receivable invoices based on the contractual due date of payment at the balance sheet date. We take several factors into consideration for estimated credit losses by pool, primarily our historical credit losses, with additional adjustments made for current and future macro-economic conditions and retail bankruptcy trends. We write-off accounts receivable when they are determined to be uncollectible. Changes in the allowance are recorded as bad debt expense and are included in general and administrative expense in our consolidated statements of comprehensive income.

Property and Equipment

Property and equipment, including assets acquired under capital lease obligations, are stated at cost, net of accumulated depreciation and amortization. Depreciation and amortization are computed using the straight-line method over the estimated useful lives when placed in service, which are:

Computer equipment and software: 2 to 3 years

Office equipment and furniture: 5 to 7 years

Leasehold improvements: the shorter of the useful life of the asset or the remaining term of the lease

Significant additions or improvements extending asset lives beyond one year are capitalized, while repairs and maintenance are charged to expense as incurred.

We capitalize and amortize eligible costs to acquire or develop internal-use software that are incurred during the application development stage. Costs incurred during the preliminary project stage and post-implementation stage are expensed as incurred. Internal-use software is depreciated over the estimated useful life, three years, commencing on the date when the asset is ready for its intended use. Depreciation is computed using the straight-line method. Maintenance and enhancements of internal-use software are expensed as incurred.

The assets and related accumulated depreciation and amortization are adjusted for asset retirements and disposals and abandoned internal-use software with the resulting gain or loss included in our consolidated statements of comprehensive income.

Leases

We determine if an arrangement is a lease at inception. Operating leases are included in operating lease right-of-use assets, current operating lease liabilities, and long-term operating lease liabilities in our consolidated balance sheets.

Right-of-use (“ROU”) assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. We estimate the discount rate for a similar collateralized asset by estimating costs of borrowing. We use the implicit interest rate when readily determinable. The operating lease ROU asset also includes any lease payments made and lease incentives that have been incurred. The options to extend our leases are not recognized as part of our ROU assets and lease liabilities unless it is reasonably certain that we will exercise that option. Lease expense for lease payments is recognized on a straight-line basis over the lease term. For all leases, we combine non-lease components with the related lease components and account for it as a single lease component. The ROU assets are subject to the same impairment process as our long-lived assets. Additionally, we review our lease liabilities for remeasurement whenever there is a triggering event or when relevant facts and circumstances change.

Research and Development

Research and development costs primarily include maintenance and data conversion activities related to our cloud-based supply chain management solutions and are expensed as incurred.

Goodwill

Goodwill represents the excess of the purchase price over the fair value of identifiable net assets acquired in business combinations. We test goodwill for impairment annually at November 30, or more frequently if events or changes in circumstances indicate that the asset might be impaired. The impairment test is conducted by comparing the fair value of the net assets with the carrying amount of the reporting unit. We determine the fair value of the reporting unit based on our market capitalization at the testing date. If the carrying amount exceeds the fair value of the reporting unit, we would recognize an impairment loss in the consolidated statements of comprehensive income, to the extent that the carrying amount exceeds fair value.

Intangible Assets

Assets acquired in business combinations may include identifiable intangible assets such as subscriber relationships, developed technology, and non-competition agreements. We recognize the fair value of the identifiable intangible assets acquired separately from goodwill. We have determined the fair value and useful lives of our purchased intangible assets using certain estimates and assumptions that we believe are reasonable.

The purchased intangible assets are being amortized on a straight-line basis over their estimated useful lives, which are seven to ten years for subscriber relationships, three to five years for non-competition agreements and three to ten years for acquired technology.

Third Party Implementation Assets

Third party implementation costs are capitalized assets included in Other Assets and relate to implementation costs incurred for software hosting arrangements.

Capitalized implementation costs are recognized on a straight-line basis beginning when the application is ready for its intended use and ending on the expected termination date of the hosting arrangement, including consideration of the noncancelable contractual term and reasonably certain renewals.

The terms are between four and six years for our current hosting arrangements. Recognized expense is reported in general and administrative expense, which is where the hosting arrangement subscriptions are reported.

Impairment of Long-Lived Assets

We review our long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. The carrying amount of a long-lived asset is not recoverable if the carrying amount of an asset group exceeds the sum of the undiscounted cash flows expected to result from the use and eventual disposition of the assets at the date it is tested for recoverability, whether in use or under development. An impairment loss is measured as the amount by which the carrying amount of a long-lived asset exceeds its fair value.

Revenue Recognition

Revenues are recognized when our services are made available to our customers, in an amount that reflects the consideration we are contractually and legally entitled to in exchange for those services.

We determine revenue recognition through the following steps:

•

Identification of the contract, or contracts, with a customer

•

Identification of the performance obligations in the contract

•

Determination of the transaction price

•

Allocation of the transaction price to the performance obligations in the contract

•

Recognition of revenue when, or as, we satisfy a performance obligation

See Note C for further descriptions of our revenue recognition policy.

Deferred Costs

Deferred costs are those that are incurred to fulfill or obtain customer contracts and that are considered incremental and recoverable costs. These consist primarily of customer implementation costs, commissions paid to sales personnel and third-party partners for customer referrals, respectively. These costs are deferred and amortized over the expected period of benefit which we have determined to be two years.

Sales commissions are calculated based on estimated annual recurring revenue to be generated over the customer’s initial contract period. Amortization expense is included in sales and marketing expenses in the accompanying consolidated statements of comprehensive income.

Customer implementation costs are based on actual costs incurred. Amortization expense is included in cost of revenues in the accompanying consolidated statements of comprehensive income.

Stock-Based Compensation

We recognize the cost of all share-based payments to employees, executive officers, and non-employee members of the Company’s Board of Directors, including grants of incentive and nonqualified stock options, performance share units (“PSUs”), restricted stock awards (“RSAs”), restricted stock units (“RSUs”), deferred stock units (“DSUs”), employee stock purchase plan (“ESPP”), and 401(k) stock match in the consolidated financial statements based on the grant date fair value of those awards. This cost is recognized over the period for which an employee is required to provide service in exchange for the award or the performance period, as applicable.

In valuing share-based awards, excluding PSUs, judgment is required in determining the expected volatility of common stock and the expected term individuals will hold their share-based awards prior to exercising. The expected volatility of the options is based on the historical volatility of our common stock. Beginning with awards granted in 2020, the expected term of the options is derived from historical data on employee exercises and post-vesting employment termination behavior. For awards granted prior to 2020, the expected term of the options was based on the simplified method which does not consider historical employee exercise behavior. Additional valuation inputs include our expected non-issuance of future common stock dividends and the risk-free interest rate that is based on the U.S. Treasury rates at the date of grant with maturity dates approximately equaling the expected life at the grant date. For PSUs, the grant date fair value is estimated using a Monte Carlo simulation that utilizes multiple input variables that determine the probability of satisfying the performance conditions stipulated in the award. For all awards, we recognize forfeitures as they occur.

Income Taxes

We account for income taxes using the asset and liability method, which requires recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements. Under this method, deferred tax assets and liabilities are determined based on the difference between the financial statement and tax basis of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. Deferred tax assets are reduced by a valuation allowance when, in our judgement, it is more likely than not that some or all of the deferred tax asset will not be realized.

We assess our ability to realize our deferred tax assets at the end of each reporting period. Realization of our deferred tax assets is contingent upon future taxable earnings. Accordingly, this assessment requires estimates and

judgment. If the estimates of future taxable income vary from actual results, our assessment regarding the realization of these deferred tax assets could change. Future changes in the estimated amount of deferred taxes expected to be realized will be reflected in our consolidated financial statements in the period the estimate is changed, with a corresponding adjustment to our operating results.

We recognize the financial statement benefit of a tax position only after determining that the relevant tax authority would “more likely than not” sustain the position following an audit. For tax positions meeting the “more likely than not” threshold, the amount recognized in the financial statements is the largest benefit that has a greater than 50% likelihood of being realized upon ultimate settlement with the relevant tax authority.

Net Income Per Share

Basic net income per share has been computed using the weighted average number of shares of common stock outstanding during each period. Diluted net income per share also includes the impact of our outstanding potential common shares, including options, RSUs, RSAs, PSUs, and DSUs. Potential common shares that are anti-dilutive are excluded from the calculation of diluted net income per share.

Recently Adopted Accounting Pronouncements

Standard	Date of Issuance	Description	Date Adopted	Effect on the Financial Statements
ASU 2016-13, Financial Instruments - Credit Losses (Topic 326), Measurement of Credit Losses on Financial Statements	June 2016	The amendment in this update replaces the incurred loss impairment methodology in current GAAP with a methodology that reflects expected credit losses on instruments within its scope, including trade receivables. This update is intended to provide financial statement users with more decision-useful information about the expected credit losses.	January 2020	The adoption of this standard did not have a material impact on our consolidated financial statements. See above under "Accounts Receivable" for significant inputs for the allowance for credit losses.
ASU 2018-13, Fair Value Measurement (Topic 820), Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement	August 2018	This ASU adds, modifies and removes several disclosure requirements relative to the three levels of inputs used to measure fair value in accordance with Topic 820, Fair Value Measurement.	January 2020	The adoption of this standard did not have a material impact on our consolidated financial statements.
ASU 2017-04, Intangibles - Goodwill and Other (Topic 350), Simplifying the Test for Goodwill Impairment	January 2017	This amendment eliminates Step 2 from the goodwill impairment test.	January 2020	The adoption of this standard did not have a material impact on our consolidated financial statements.

Business Acquisitions

12 Months Ended

Dec. 31, 2020

Business Combinations [Abstract]

Business Acquisitions

NOTE B – Business Acquisitions

Data Masons

On December 16, 2020, we acquired all of the outstanding equity ownership interests of D Masons Software, LLC (“Data Masons”), a leading provider of EDI System Automation solutions for the Microsoft Dynamics market. Pursuant to the membership interest purchase agreement, given a target working capital level, the total transaction price was $100 million. $98.7 million was paid in cash at closing and $0.4 million is due from the sellers as part of the initial net working capital adjustment. Additionally, the agreement allows for up to $1.9 million of contingent consideration based on the outcome of the PPP loan forgiveness as described below. The purchase accounting for the acquisition has not been finalized as of December 31, 2020. Provisional amounts are primarily related to intangible assets, net working capital, and tax positions. We expect to finalize the allocation of the purchase price within the one-year measurement period following the acquisition.

In May 2020, prior to acquisition, Data Masons received a loan (“PPP Loan”) of $1.9 million pursuant to the Paycheck Protection Program (“PPP”) as established by the Coronavirus Aid, Relief, and Economic Security (“CARES”) Act. Amounts outstanding under the loan bear interest of 1.0% per annum with a maturity date two years from the commencement date. The PPP Loan is subject to forgiveness under the PPP to the extent proceeds of the loan are used for eligible expenditures. In November 2020, Data Masons applied for full forgiveness of the PPP Loan. As of the acquisition date and December 31, 2020, there had not been determination from the Small Business Administration as to whether the Company will be eligible for forgiveness, in whole or in part. In conjunction with the provisions of the PPP loan program for a business combination, Data Masons placed the balance of the PPP Loan and accrued interest of $1.9 million in cash escrow with the lender. To the extent the PPP Loan is forgiven, this cash escrow will be released to the Company.

Additionally, the Company has a contingent liability with the former owners of Data Masons, that will require an additional $1.9 million payment in the event the PPP loan is forgiven. While it is unknown, the Company has determined that it is probable that Data Masons’ use of the PPP Loan proceeds will meet the conditions for full forgiveness under the PPP. As such, the Company has recorded $1.9 million of contingent consideration as part of the total transaction price, included in accrued expenses on the consolidated balance sheet. The Company has also recorded the $1.9 million PPP loan with the lender within accrued expenses, as well as a $1.9 million government grant receivable within other current assets on the consolidated balance sheet. The payout of the contingent liability will be determined based upon the PPP Loan forgiveness application ruling, which is expected to occur in 2021. If the ruling results in partial forgiveness or no forgiveness of the PPP loan, the contingent liability and the government grant receivable will each be reduced by an equal and offsetting amount of the unforgiven portion of the PPP loan.

Purchase Price Allocation

We accounted for the acquisition as a business combination. We allocated the purchase price to the tangible and identifiable intangible assets acquired and liabilities assumed based on their estimated fair values as of the acquisition date. We engaged a third-party valuation firm to assist us in the determination of the value of the recognized intangible assets and certain liabilities assumed. The excess of the purchase price over the fair value of net tangible and identifiable intangible assets acquired was recorded as goodwill. Goodwill is attributed to a trained workforce and other buyer-specific value resulting from expected synergies, including long-term cost savings, which are not included in the fair values of identifiable assets. All recorded goodwill is expected to be deductible for tax purposes.

The following table summarizes the estimated fair values of the assets acquired and liabilities assumed at the acquisition date (in thousands):

Cash	$	2,949
Accounts receivable		3,801
Other current and non-current assets		2,246
Goodwill		56,960
Intangible assets		43,000
Current liabilities		(3,593	)
Deferred revenue		(2,196	)
	$	103,167

Purchased Intangible Assets

The following table summarizes the estimated fair value of the purchased intangible assets and their estimated useful lives:

	Estimated		Estimated
	Fair Value		Life
Purchased Intangible Assets	(in thousands)		(in years)
Subscriber relationships	$	17,600		8
Developed technology		25,400		8
Total	$	43,000

Revenue

12 Months Ended

Dec. 31, 2020

Revenue From Contract With Customer [Abstract]

Revenue

NOTE C – Revenue

We derive our revenues primarily from the following revenue streams:

	Year Ended December 31,
(in thousands)	2020		2019		2018
Recurring revenues:
Fulfillment	$	251,272	$	219,297	$	190,783
Analytics		38,824		37,038		34,447
Other		4,920		5,671		5,424
Recurring Revenues		295,016		262,006		230,654
One-time revenues		17,614		17,118		17,586
	$	312,630	$	279,124	$	248,240

We determine revenue recognition through the following steps:

•

Identification of the contract, or contracts, with a customer

•

Identification of the performance obligations in the contract

•

Determination of the transaction price

•

Allocation of the transaction price to the performance obligations in the contract

•

Recognition of revenue when, or as, we satisfy a performance obligation

Recurring Revenues

Recurring revenues consist of recurring subscriptions from customers that utilize our Fulfillment, Analytics and Other cloud-based supply chain management solutions. Revenue for these solutions is generally recognized on a ratable basis over the contract term beginning on the date that our service is made available to the customer. Our contracts with our recurring revenue customers are recurring in nature, ranging from monthly to annual, and generally allow the customer to cancel the contract for any reason with 30 to 90 days’ notice. Timing of billings varies by customer and by contract type and are either in advance or within 30 days of the service being performed.

The deferred revenue liabilities for recurring revenue contracts are for one year or less and recognized on a ratable basis over the contract term. We have applied the optional exemption to not disclose information about the remaining performance obligations for contracts which have original durations of one year or less.

One-time Revenues

One-time revenues consist of set-up fees from customers and miscellaneous one-time fees.

Set-up fees are specific for each connection a customer has with a trading partner and many of our customers have connections with numerous trading partners. Set-up fees related to our cloud-based supply chain management solutions are nonrefundable upfront fees that are necessary for our customers to utilize our cloud-based services. These set-up fees do not provide any standalone value to our customers.

Certain contracts contain set-up fees that constitute a material renewal option right. This material right provides customers a significant future incentive that would not be otherwise available to that customer unless they entered into the contract, as the set-up fees will not be incurred again upon contract renewal.

For our Fulfillment solution, we have determined that the set-up fees and related costs represent a material renewal option right to our customers as they will not be incurred again upon renewal. These set-up fees and related costs are deferred and recognized ratably over two years, which is the estimated period for which a material right is present for our customers.

For our Analytics solution, we have determined that the set-up fees do not represent a material customer renewal right and, as such, are deferred and recognized ratably over the estimated initial contract term, which is generally one year.

The table below presents the activity of the portion of the deferred revenue liability relating to set-up fees:

	Year Ended December 31,
(in thousands)	2020			2019
Balance, beginning of year	$	10,518		$	9,857
Invoiced set-up fees		11,410			11,056
Amortized set-up fees		(10,810	)		(10,395	)
Balance, end of year	$	11,118		$	10,518

The entire balance of set-up fees will be recognized within two years and, as such, current amounts will be recognized in the next 1-12 months and non-current amounts will be recognized in the next 13-24 months.

Miscellaneous one-time fees consist of professional services and testing and certification. The deferred revenue liability for these one-time fees are for one year or less and recognized at the time service is provided. We have applied the optional exemption to not disclose information about the remaining performance obligations for contracts which have original durations of one year or less.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-URI http://asc.fasb.org/topic&trid=49130388

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130551-203045

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130556-203045

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 9
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130550-203045

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (e)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 15
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130558-203045

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

+ Details

Deferred Costs

12 Months Ended

Dec. 31, 2020

Deferred Costs [Abstract]

Deferred Costs

NOTE D – Deferred Costs

The table below presents the activity of deferred costs and amortization of deferred costs:

	Year Ended December 31,
(in thousands)	2020			2019
Balance, beginning of year	$	46,941		$	45,475
Incurred deferred costs		54,421			49,883
Amortized deferred costs		(50,767	)		(48,417	)
Balance, end of year	$	50,595		$	46,941

Financial Instruments

12 Months Ended

Dec. 31, 2020

Disclosure Text Block Supplement [Abstract]

Financial Instruments

NOTE E – Financial Instruments

Cash equivalents and investments

We invest primarily in money market funds, certificates of deposit, highly liquid debt instruments of the U.S. government and U.S. corporate debt securities. Highly liquid investments with original maturities of 90 days or less are classified as cash equivalents. Investments with remaining maturities of less than one year from the balance sheet date are classified as short-term investments whereas those with remaining maturities of more than one year from the balance sheet date are classified as investments. Our marketable securities are classified as available-for-sale. We

intend to hold marketable securities until maturity; however, we may sell these securities at any time for use in current operations or for other purposes.

Our marketable securities are carried at fair value and unrealized gains and losses on these investments, net of taxes, are included in accumulated other comprehensive loss in the consolidated balance sheets. Realized gains or losses are included in other income (expense), net in the consolidated statements of comprehensive income. Certain securities accrue interest that is included in other income (expense), net. The unrealized gains (losses) noted below are exclusive of previously recognized interest income.

Cash equivalents and investments consisted of the following:

	December 31,
	2020							2019
	Amortized		Unrealized			Fair		Amortized		Unrealized		Fair
(in thousands)	Cost		Losses, net			Value		Cost		Gains, net		Value
Cash equivalents:
Money market funds	$	112,907	$	—		$	112,907	$	151,266	$	—	$	151,266
Certificate of deposit		7,708		—			7,708		7,030		—		7,030
Marketable securities:
Corporate bonds		5,069		(29	)		5,040		9,785		20		9,805
Commercial paper		7,569		(55	)		7,514		7,503		—		7,503
U.S. treasury securities		20,051		(27	)		20,024		9,855		91		9,946
	$	153,304	$	(111	)	$	153,193	$	185,439	$	111	$	185,550
Maturing within one year						$	150,693					$	185,550
Maturing within one to two years							2,500						—
Total						$	153,193					$	185,550

Recurring Fair Value Measurements

We measure certain financial assets at fair value on a recurring basis based on a fair value hierarchy that requires us to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. A financial instrument’s categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The three levels of inputs that may be used to measure fair value are:

•

Level 1 – quoted prices in active markets for identical assets or liabilities.

•

Level 2 – observable inputs other than Level 1 prices, such as (a) quoted prices for similar assets or liabilities, (b) quoted prices in markets with insufficient volume or infrequent transactions (less active markets), or (c) model-derived valuations in which all significant inputs are observable or can be derived principally from or corroborated by observable market data for substantially the full term of the assets or liabilities.

•

Level 3 – unobservable inputs to the valuation methodology that are significant to the measurement of fair value of assets or liabilities.

We obtain the fair values of our level 2 available-for-sale securities from a professional pricing service.

For the earn-out liability related to the EDIAdmin acquisition, the Company utilized the Monte Carlo simulation method to estimate the fair value of this contingent liability as of the reporting date. Thousands of iterations of the simulation were performed using forecasted revenues to develop a distribution of future values of recurring revenue which, in turn, provide indicated earn-out payments. The total estimated fair value equals the sum of the average present values of the indicated earn-out payments.

The following table presents information about our financial assets and liabilities that are measured at fair value on a recurring basis and indicates the fair value hierarchy of the valuation techniques utilized to determine such fair value:

	December 31, 2020
(in thousands)	Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents:
Money market funds	$	112,907	$	—	$	—	$	112,907
Certificate of deposit		7,708		—		—		7,708
Marketable securities:
Corporate bonds		—		5,040		—		5,040
Commercial paper		—		7,514		—		7,514
U.S. treasury securities		—		20,024		—		20,024
	$	120,615	$	32,578	$	—	$	153,193

Liabilities:
Data Masons Contingent Consideration	$	—	$	—	$	1,878	$	1,878
	$	—	$	—	$	1,878	$	1,878

	December 31, 2019
(in thousands)	Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents:
Money market funds	$	151,266	$	—	$	—	$	151,266
Certificate of deposit		7,030		—		—		7,030
Marketable securities:
Corporate bonds		—		9,805		—		9,805
Commercial paper		—		7,503		—		7,503
U.S. treasury securities		—		9,946		—		9,946
	$	158,296	$	27,254	$	—	$	185,550

Liabilities:
EDIAdmin Earn-out liability	$	—	$	—	$	405	$	405
	$	—	$	—	$	405	$	405

During the year ending December 31, 2020, we recognized a gain of $0.1 million in our consolidated statements of comprehensive income due to the remeasurement of the EDIAdmin contingent liability and paid $0.7 million for a portion of the contingent liability. The remaining portion of the earn-out liability that is expected to be paid in the first quarter of 2021 has been determined to be $0.1 million, given the completion of certain revenue milestones for the year ending December 31, 2020. As such, $0.1 million of the earn-out consideration is included in accrued expenses in the consolidated balance sheet at December 31, 2020 and transferred from the Level 3 earn-out liability.

Other than the transfer relating to the EDIAdmin contingent consideration, there were no other transfers in or out of our Level 1, 2, or 3 assets or liabilities during the years ended December 31, 2020 and 2019.

Nonrecurring Fair Value Measurements

We measure certain assets and liabilities at fair value on a nonrecurring basis. Assets that are measured at fair value on a nonrecurring basis include long-lived assets, goodwill, and indefinite-lived intangible assets, which would generally be recorded at fair value as a result of an impairment charge. Assets acquired and liabilities assumed as part of business combinations are measured at fair value. For additional information on our business

combinations and the related nonrecurring fair value measurement of the assets acquired and liabilities assumed, refer to Note B.

Allowance for Credit Losses

12 Months Ended

Dec. 31, 2020

Receivables [Abstract]

Allowance for Credit Losses

NOTE F – Allowance for Credit Losses

The allowance for credit losses activity, included in accounts receivable, net, was as follows:

(in thousands)	2020			2019			2018
Balance, beginning of year	$	1,469		$	1,392		$	763
Adoption of ASU 2016-13		1,069			—			—
Allowance for Data Masons acquired receivables		354			—			—
Provision for credit losses		5,660			3,499			2,592
Write-offs, net of recoveries		(4,319	)		(3,422	)		(1,963	)
Balance, end of year	$	4,233		$	1,469		$	1,392

Property and Equipment, net

12 Months Ended

Dec. 31, 2020

Property Plant And Equipment [Abstract]

Property and Equipment, net

NOTE G – Property and Equipment, net

Property and equipment, net included the following:

	December 31,
(in thousands)	2020			2019
Computer equipment and software	$	63,225		$	54,030
Office equipment and furniture		9,613			9,205
Leasehold improvements		12,746			11,091
		85,584			74,326
Less: accumulated depreciation and amortization		(59,152	)		(50,574	)
	$	26,432		$	23,752

Depreciation and amortization expense of property and equipment for the years ended December 31, 2020, 2019, and 2018 was $13.1 million, $11.1 million, and $8.6 million, respectively.

Goodwill and Intangible Assets, net

12 Months Ended

Dec. 31, 2020

Goodwill And Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets, net

NOTE H – Goodwill and Intangible Assets, net

Goodwill

The changes in the net carrying amount of goodwill was as follows:

(in thousands)	2020		2019
Balance, beginning of year	$	76,845	$	69,658
Additions from business acquisitions		56,960		6,372
Foreign currency translation		1,048		815
Balance, end of year	$	134,853	$	76,845

Intangible Assets

Intangible assets, net included the following:

	December 31, 2020
(in thousands)	Gross Carrying Amount		Accumulated Amortization			Foreign Currency Translation			Net
Subscriber relationships		54,447		(24,792	)		101		$	29,756
Non-competition agreements		698		(691	)		(4	)		3
Acquired technology		33,195		(2,724	)		-			30,471
	$	88,340	$	(28,207	)	$	97		$	60,230

	December 31, 2019
(in thousands)	Gross Carrying Amount		Accumulated Amortization			Foreign Currency Translation		Net
Subscriber relationships	$	43,640	$	(27,287	)	$	214	$	16,567
Non-competition agreements		2,495		(2,371	)		10		134
Acquired technology		8,602		(2,643	)		8		5,967
	$	54,737	$	(32,301	)	$	232	$	22,668

The estimated annual amortization expense related to intangible assets subject to amortization for the next five years and thereafter was as follows:

(in thousands)
2021	$	9,942
2022		8,838
2023		8,758
2024		7,476
2025		7,337
Thereafter		17,879
	$	60,230

Other Assets

12 Months Ended

Dec. 31, 2020

Other Assets [Abstract]

Other Assets

NOTE I – Other Assets

The changes in the net amount of capitalized implementation costs for software hosting arrangements was as follows:

(in thousands)	2020			2019
Balance, beginning of year	$	1,166		$	455
Capitalized implementation fees		127			797
Amortization of implementation fees		(112	)		(86	)
Balance, end of year	$	1,181		$	1,166

Commitments and Contingencies

12 Months Ended

Dec. 31, 2020

Commitments And Contingencies Disclosure [Abstract]

Commitments and Contingencies

NOTE J – Commitments and Contingencies

Leases

We are obligated under non-cancellable operating leases, primarily for office space and certain equipment, as follows:

	December 31, 2020				December 31, 2019
(In thousands, except remaining term)	Remaining Term (years)		Right-of-Use Asset		Remaining Term (years)		Right-of-Use Asset
Minneapolis, MN lease		6	$	10,992		5	$	10,704
Kyiv, Ukraine lease		4		1,930		5		2,316
Other leases	<1 - 5			2,659	<1 - 5			2,724
			$	15,581			$	15,744

In December 2020, we executed the fifth amendment to our lease agreement for our current headquarters located in Minneapolis, Minnesota where we lease approximately 198,000 square feet under an agreement that expires in April 2027. The lease also has two options to extend the term for five years each at a market rate determined in accordance with the lease. Incentives of $2.4 million are included as a lease component.

In December 2019, we executed a lease agreement for a new Kyiv, Ukraine location, where we lease approximately 17,000 square feet under an agreement that expires on May 31, 2025. The lease includes one option to extend the term for five years and six months at a market rate determined in accordance with the lease.

The components of lease expense were as follows:

	Year Ended December 31,
(in thousands)	2020		2019
Operating lease cost	$	2,719	$	2,569
Variable lease cost		3,578		3,390
	$	6,297	$	5,959

Rent expense for all operating leases, which includes minimum lease payments and other charges such as common area maintenance fees, charged to operations was as follows:

	Year Ended December 31,
(in thousands)	2018
Rent expense	$	5,577

Supplemental cash flow information related to leases was as follows:

	December 31,
(in thousands)	2020		2019
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases	$	4,134	$	4,383
ROU assets obtained in exchange for operating lease liabilities		12,801		2,537

Supplemental balance sheet information related to leases was as follows:

	December 31, 2020			December 31, 2019
Weighted-average remaining lease term - operating leases	5.6 years			5.0 years
Weighted-average discount rate - operating leases		4.1	%		4.5	%

At December 31, 2020, our future minimum payments under operating leases were as follows:

(in thousands)
2021	$	3,728
2022		4,699
2023		4,431
2024		4,070
2025		3,715
Thereafter		4,753
		25,396
Less: imputed interest		(2,926	)
	$	22,470

Purchase Commitments

In 2020, we entered into separate noncancelable agreements with computing infrastructure and customer relationship management vendors for services through 2023. At December 31, 2020, the total remaining purchase commitment was $17.9 million.

Contingencies

We may be involved in various claims and legal actions in the normal course of business. We believe that the outcome of any such claim or legal action is not expected to have a material effect on our financial position, results of operations or cash flows.

Stockholders' Equity

12 Months Ended

Dec. 31, 2020

Equity [Abstract]

Stockholders' Equity

NOTE K – Stockholders’ Equity

Stock Split

On August 22, 2019, we effected a two-for-one stock split of our common stock. There was no change in the number of our authorized common shares. All share and per share data have been adjusted for all periods presented to reflect the stock split.

Stock Repurchase Program

On November 2, 2017, our board of directors authorized a program to repurchase up to $50.0 million of common stock over two years. On November 2, 2019, $3.7 million expired from the program. On November 2, 2019, our board of directors authorized a new program to repurchase up to $50 million of common stock. Under the program, purchases may be made from time to time in the open market over two years. As of December 31, 2020, $31.1 million of the share repurchase authorized was available for future share repurchases.

Under the programs, we purchased 0.4 million, 0.4 million, and 0.6 million shares at costs of $19.0 million, $20.6 million, and $19.9 million for the years ended December 31, 2020, 2019, and 2018, respectively.

Stock-Based Compensation

12 Months Ended

Dec. 31, 2020

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Stock-Based Compensation

NOTE L – Stock-Based Compensation

Our equity compensation plans provide for the grant of incentive and nonqualified stock options, as well as other stock-based awards including PSUs, RSAs, RSUs, and DSUs, to employees, non-employee directors and other consultants who provide services to us. We also provide an ESPP and 401(k) stock match.

RSAs result in the issuance of new shares when granted. For other stock-based awards, new shares are issued when the award is exercised, vested, or released according to the terms of the agreement. In February 2020, February 2019, and January 2018, 2.1 million additional shares were reserved for future issuance under our 2010 Equity Incentive Plan. At December 31, 2020 there were approximately 15.8 million shares available for grant under approved equity compensation plans.

Stock-based compensation expense was allocated as follows:

	Year Ended December 31,
(in thousands)	2020		2019		2018
Cost of revenues	$	3,948	$	2,819	$	2,168
Operating expenses
Sales and marketing		4,119		2,946		2,675
Research and development		3,626		2,651		1,505
General and administrative		7,243		6,274		6,162
	$	18,936	$	14,690	$	12,510

Stock-based compensation expense by type was as follows:

	Year Ended December 31,
(in thousands)	2020		2019		2018
Stock options	$	2,232	$	3,211	$	3,355
PSUs		3,219		1,379		1,034
RSUs		10,367		7,553		5,930
RSAs and DSUs		446		519		487
ESPP		1,117		701		466
401(k) stock match		1,555		1,327		1,238
	$	18,936	$	14,690	$	12,510

As of December 31, 2020, there was $24.1 million of unrecognized stock-based compensation expense under our equity compensation plans, which is expected to be recognized over a weighted-average period of 2.4 years.

Stock Options

Stock options generally vest over four years and have a contractual term of seven to ten years from the date of grant. Our stock option activity was as follows:

				Weighted Average
	Options			Exercise Price
	(#)			($/share)
Outstanding at December 31, 2017		2,194,662			23.80
Granted		362,944			29.94
Exercised		(688,668	)		20.83
Forfeited		(122,470	)		28.34
Outstanding at December 31, 2018		1,746,468			25.93
Granted		184,434			53.92
Exercised		(346,098	)		21.98
Forfeited		(40,892	)		30.74
Outstanding at December 31, 2019		1,543,912			30.03
Granted		127,974			59.02
Exercised		(712,074	)		26.11
Forfeited		(14,926	)		43.14
Outstanding at December 31, 2020		944,886			36.71

Of the total outstanding options at December 31, 2020, 0.7 million were exercisable. The outstanding and exercisable options had a weighted average exercise price of $32.35 per share and a weighted average remaining contractual life of 3.4 years.

The table below presents the intrinsic value of options exercised and outstanding and factors related to our stock options:

	Year Ended December 31,
(in thousands, except per share data)	2020		2019		2018
Fair value of options vested	$	3,000	$	3,393	$	3,689
Intrinsic value of options exercised		31,737		11,103		14,852
Intrinsic value of options outstanding		67,918		39,194		26,654
Weighted-average fair value per share of options granted		16.18		16.86		9.74

The fair values of the options granted were estimated on the date of grant using the Black-Scholes option pricing model with the following weighted-average assumptions:

	Year Ended December 31,
	2020			2019			2018
Volatility		33	%		33	%		35	%
Dividend yield		—			—			—
Life (in years)		4.01			4.43			4.44
Risk-free interest rate		0.99	%		2.41	%		2.54	%

Performance Share Units, Restricted Stock Units and Awards, and Deferred Stock Units

In February 2020, 2019, and 2018, our executive officers were granted PSU awards with vesting contingent on our total shareholder return as compared to indexed total shareholder return over the course of a fiscal based three-year performance period, starting in the year of grant. Expense is recognized on a straight-line basis over the performance period, regardless of whether the market condition is satisfied as the likelihood of the market condition being met is included in the fair-value measurement of the award.

In February 2017, our executive officers were granted PSU awards with vesting contingent on successful attainment of pre-determined revenue targets over the course of a three-year performance period (fiscal 2017 – 2019). The awards were forfeited in 2020 as the targets were not met.

RSUs generally vest over four years and, upon vesting, the holder is entitled to receive shares of our common stock.

RSAs vest over one year and, upon vesting, the holder is entitled to receive shares of our common stock. In lieu of RSAs, a participant may elect to receive DSUs with one year vesting, but the participant directs delayed receipt of common shares of up to ten years after the end of service to us.

Activity for our PSU, RSU, RSA, and DSU was as follows:

				Weighted Average
				Grant Date Fair
	(#)			Value (per share)
Outstanding at December 31, 2017		646,560			27.59
Granted		360,198			33.19
Vested and common stock issued		(176,802	)		28.74
Forfeited		(71,622	)		27.52
Outstanding at December 31, 2018		758,334			29.99
Granted		288,462			55.69
Vested and common stock issued		(217,424	)		31.05
Forfeited		(31,826	)		34.67
Outstanding at December 31, 2019		797,546			38.80
Granted		331,264			62.78
Vested and common stock issued		(222,606	)		36.06
Forfeited		(167,782	)		30.09
Outstanding at December 31, 2020		738,422			52.37

The number of PSUs, RSUs, and DSUs outstanding at December 31, 2020 included 122,910 units that have vested, but the shares of common stock have not yet been issued, pursuant to the terms of the agreement.

Employee Stock Purchase Plan

Our ESPP allows participating employees to purchase shares of our common stock at a discount through payroll deductions. The plan is available to all employees subject to certain eligibility requirements. Participating employees may purchase common stock, on a voluntary after-tax basis, at a price that is the lower of 85% of the fair market value of one share of common stock at the beginning or end of each stock purchase period. The plan consists of two six-month offering periods, beginning on January 1 and July 1 of each calendar year. A total of 1.9 million shares of common stock are remaining for issuance under the plan at December 31, 2020.

Our ESPP activity was as follows:

	Year Ended December 31,
(in thousands, except share data)	2020		2019		2018
Amounts for shares purchased	$	3,374	$	2,270	$	1,745
Shares purchased		61,833		58,851		69,596

The fair value was estimated based on the market price of our common stock at the beginning of each offering period and using the Black-Scholes option pricing model with the following weighted-average assumptions:

	Year Ended December 31,
	2020			2019			2018
Volatility		43	%		36	%		26	%
Dividend yield		—			—			—
Life (in years)		0.50			0.50			0.50
Risk-free interest rate		0.96	%		2.36	%		1.77	%

Income Taxes

12 Months Ended

Dec. 31, 2020

Income Tax Disclosure [Abstract]

Income Taxes

NOTE M – Income Taxes

Our provisions for income taxes included current federal, foreign, and state income tax expense, as well as deferred tax expense as follows:

	Year Ended December 31,
(in thousands)	2020			2019			2018
Current
State	$	1,249		$	599		$	1,103
Foreign		1,608			169			540
Deferred
Federal		4,462			6,595			3,011
State		244			1,156			224
Foreign		(469	)		(161	)		(410	)
	$	7,094		$	8,358		$	4,468

A reconciliation of the expected federal income tax at the statutory rate to the provision for income taxes was as follows:

	Year Ended December 31,
(in thousands)	2020			2019			2018
Expected federal income tax at statutory rate	$	11,063		$	8,835		$	5,951
State income taxes, net of federal tax effect		2,382			1,933			1,293
Tax impact of foreign activity		233			(108	)		57
Nondeductible executive compensation		928			940			902
Foreign derived intangible income		(710	)		—			—
Nondeductible expenses		234			329			351
Change in valuation allowance		—			—			(4	)
Change in state deferred rate		32			47			38
Research and development credit		(294	)		(1,252	)		(1,843	)
Tax impact of stock activity		(6,807	)		(2,518	)		(2,438	)
Other		33			152			161
	$	7,094		$	8,358		$	4,468

Differences between our effective tax rate and statutory tax rates are primarily due to tax benefits generated upon settlement or exercise of stock awards as such activities are recognized as a reduction to income tax expense as a discrete tax item in the period that such events occur, creating potentially significant fluctuations in tax expense by period. Additionally, federal research and development credit benefits are partially offset by permanently non-deductible expenses contributing to the difference in effective and statutory tax rates.

The significant components of our deferred tax assets and liabilities were as follows:

	December 31,
(in thousands)	2020						2019
Deferred tax assets
Net operating loss and credit carryforwards	$	4,539					$	9,122
Stock-based compensation expense		3,605						3,944
Accounts receivable allowances		1,228						496
Accrued expenses		3,200						2,916
Deferred revenue		695						668
Lease liabilities		5,435						5,995
Other		660						9
Gross deferred tax assets					19,362						23,150
Less: valuation allowance		(1,582	)					(1,068	)
Total net deferred tax assets					17,780						22,082
Deferred tax liabilities
Deferred costs		(12,561	)					(11,436	)
Right-of-use assets		(3,754	)					(4,047	)
Foreign operations		(228	)					(144	)
Depreciation and amortization		(3,980	)					(4,975	)
Other		—						(43	)
Total deferred tax liabilities					(20,523	)					(20,645	)
Net deferred tax assets (liabilities)				$	(2,743	)				$	1,437

As of December 31, 2020, we had net operating loss carryforwards of $17.5 million for U.S. federal tax purposes and $1.5 million for state tax purposes. If not utilized, the loss carryforwards will expire between 2021 and 2024 for federal tax purposes and between 2028 and 2031 for state tax purposes. Section 382 of the U.S. Internal Revenue Code generally imposes an annual limitation on the amount of net operating loss carryforwards that might be used to offset taxable income when a corporation has undergone significant changes in stock ownership. As of December 31, 2020, all $17.5 million of our net operating loss carryforwards are subject to Section 382 limitations, of which we believe $14.6 million of federal losses will expire unused due to Section 382 limitations. Accordingly, our deferred tax assets are reported net of the Section 382 limitations.

As of December 31, 2020, we had federal research and development (“R&D”) credit carryforwards, net of Section 383 limitations, of $2.2 million, which, if not utilized, will begin to expire in 2039. We had state research and development credit carryforwards of $1.6 million which, if not utilized, will begin to expire in 2025.

As of December 31, 2020, we had a valuation allowance against our deferred tax assets of $1.6 million. The valuation allowance is established for state credit carryforwards that we do not expect to utilize based on our current expectations of future state taxable income.

We are subject to income taxes for U.S. federal and various state and international jurisdictions. We are generally subject to U.S. federal and state tax examinations for most prior tax years due to our net operating loss and R&D credit carryforwards and the utilization of the carryforwards in years still open under statute.

As of December 31, 2020, we do not have any unrecognized tax benefits. It is our practice to recognize interest and penalties accrued on any unrecognized tax benefits as a component of income tax expense. We do not expect any material changes in our unrecognized tax positions over the next 12 months.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References + Details

Net Income Per Share

12 Months Ended

Dec. 31, 2020

Earnings Per Share [Abstract]

Net Income Per Share

NOTE N – Net Income Per Share

The following table presents the components of the computation of basic and diluted net income per share for the periods indicated:

	Year Ended December 31,
(in thousands, except per share amounts)	2020		2019		2018
Numerator
Net income	$	45,586	$	33,712	$	23,872
Denominator
Weighted average common shares outstanding, basic		35,226		35,024		34,392
Options to purchase common stock		611		680		612
PSUs, RSUs, RSAs, and DSUs		448		298		208
Weighted average common shares outstanding, diluted		36,285		36,002		35,212
Net income per share
Basic	$	1.29	$	0.96	$	0.69
Diluted	$	1.26	$	0.94	$	0.68

The following table presents the effect of the outstanding potential common shares that were excluded from the calculation of diluted net income per share as they were anti-dilutive:

	Year Ended December 31,
(in thousands)	2020	2019	2018
Antidilutive shares	26	181	1

Retirement Savings Plan

12 Months Ended

Dec. 31, 2020

Compensation And Retirement Disclosure [Abstract]

Retirement Savings Plan

NOTE O – Retirement Savings Plan

We sponsor a 401(k) retirement savings plan for our employees. Employees can contribute up to 80% of their compensation, subject to the limits established by law, and we match 50% of the employee’s contribution up to the first 6% of pre-tax annual compensation. A portion of our match is in company stock, which is purchased from the open market by our plan provider and immediately deposited into the employee’s 401(k) account. Additionally, we make statutory contributions to retirement plans as required by local foreign government regulations. Our total contributions to the plan were $3.9 million, $3.3 million and $2.9 million for the years ended December 31, 2020, 2019, and 2018, respectively.

- Definition

The entire disclosure for retirement benefits.

+ References

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+ Details

Related Party Transactions

12 Months Ended

Dec. 31, 2020

Related Party Transactions

NOTE P – Related Party Transactions

SPS Commerce Foundation (the “Foundation”) is a Minnesota non-profit organization exempt from federal taxation under Section 501(c)(3) of the Internal Revenue Code. The Foundation was formed in 2015 to engage in, advance, support, promote and administer charitable activities. The directors of the Foundation are also our officers.

These officers receive no compensation from the Foundation for the management services performed for the Foundation. The Foundation is not a subsidiary of ours and the financial results of the Foundation are not consolidated with our financial statements. For the years ended December 31, 2020, 2019, and 2018, we made contributions to the Foundation of $1.8 million, less than $0.1 million, and $0.7 million, respectively. We have no current legal obligations for future commitments to the Foundation.

Geographic Information

12 Months Ended

Dec. 31, 2020

Revenue From Contract With Customer [Abstract]

Geographic Information

NOTE Q – Geographic Information

For the years ended December 31, 2020, 2019, and 2018, 85%, 85%, and 83%, respectively, of our revenue was attributable to customers based within the United States. No single jurisdiction outside of the U.S. had revenues in excess of 10%.

At December 31, 2020 and 2019, 15% and 8%, respectively, of property and equipment, net was located at subsidiary and office locations outside of the United States.

General (Policies)

12 Months Ended

Dec. 31, 2020

Organization Consolidation And Presentation Of Financial Statements [Abstract]

Business Description

Basis of Presentation

Foreign Currency Translation

Use of Estimates

Business Combinations

Segment Information

We operate in and report on one segment, which is supply chain management solutions.

Risk and Uncertainties

Concentration of Credit Risk

Cash and Cash Equivalents

Cash and cash equivalents consist of cash and highly liquid investments with original maturities of less than 90 days. Cash and cash equivalents are stated at fair value.

Investments

Fair Value of Other Financial Instruments

The carrying amounts of our short-term financial instruments, which include cash, cash equivalents, accounts receivable, and accounts payable, approximates fair value due to their short-term nature.

Accounts Receivable

Property and Equipment

Computer equipment and software: 2 to 3 years

Office equipment and furniture: 5 to 7 years

Leasehold improvements: the shorter of the useful life of the asset or the remaining term of the lease

Significant additions or improvements extending asset lives beyond one year are capitalized, while repairs and maintenance are charged to expense as incurred.

Leases

Research and Development

Research and development costs primarily include maintenance and data conversion activities related to our cloud-based supply chain management solutions and are expensed as incurred.

Goodwill

Intangible Assets

Third Party Implementation Assets

Third party implementation costs are capitalized assets included in Other Assets and relate to implementation costs incurred for software hosting arrangements.

Impairment of Long-Lived Assets

Revenue Recognition

We determine revenue recognition through the following steps:

•

Identification of the contract, or contracts, with a customer

•

Identification of the performance obligations in the contract

•

Determination of the transaction price

•

Allocation of the transaction price to the performance obligations in the contract

•

Recognition of revenue when, or as, we satisfy a performance obligation

See Note C for further descriptions of our revenue recognition policy.

Deferred Costs

Customer implementation costs are based on actual costs incurred. Amortization expense is included in cost of revenues in the accompanying consolidated statements of comprehensive income.

Stock-Based Compensation

Income Taxes

Net Income Per Share

Recently Adopted Accounting Pronouncements

Standard	Date of Issuance	Description	Date Adopted	Effect on the Financial Statements
ASU 2016-13, Financial Instruments - Credit Losses (Topic 326), Measurement of Credit Losses on Financial Statements	June 2016	The amendment in this update replaces the incurred loss impairment methodology in current GAAP with a methodology that reflects expected credit losses on instruments within its scope, including trade receivables. This update is intended to provide financial statement users with more decision-useful information about the expected credit losses.	January 2020	The adoption of this standard did not have a material impact on our consolidated financial statements. See above under "Accounts Receivable" for significant inputs for the allowance for credit losses.
ASU 2018-13, Fair Value Measurement (Topic 820), Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement	August 2018	This ASU adds, modifies and removes several disclosure requirements relative to the three levels of inputs used to measure fair value in accordance with Topic 820, Fair Value Measurement.	January 2020	The adoption of this standard did not have a material impact on our consolidated financial statements.
ASU 2017-04, Intangibles - Goodwill and Other (Topic 350), Simplifying the Test for Goodwill Impairment	January 2017	This amendment eliminates Step 2 from the goodwill impairment test.	January 2020	The adoption of this standard did not have a material impact on our consolidated financial statements.

Business Acquisitions (Tables) - Data Masons [Member]

12 Months Ended

Dec. 31, 2020

Business Acquisition [Line Items]

Estimated Fair Values of Assets Acquired and Liabilities Assumed at Acquisition Date

The following table summarizes the estimated fair values of the assets acquired and liabilities assumed at the acquisition date (in thousands):

Cash	$	2,949
Accounts receivable		3,801
Other current and non-current assets		2,246
Goodwill		56,960
Intangible assets		43,000
Current liabilities		(3,593	)
Deferred revenue		(2,196	)
	$	103,167

Estimated Fair Value of Purchased Intangible Assets and Estimated Useful Lives

The following table summarizes the estimated fair value of the purchased intangible assets and their estimated useful lives:

	Estimated		Estimated
	Fair Value		Life
Purchased Intangible Assets	(in thousands)		(in years)
Subscriber relationships	$	17,600		8
Developed technology		25,400		8
Total	$	43,000

Revenue (Tables)

12 Months Ended

Dec. 31, 2020

Revenue From Contract With Customer [Abstract]

Summary of Revenues by Revenue Stream

We derive our revenues primarily from the following revenue streams:

	Year Ended December 31,
(in thousands)	2020		2019		2018
Recurring revenues:
Fulfillment	$	251,272	$	219,297	$	190,783
Analytics		38,824		37,038		34,447
Other		4,920		5,671		5,424
Recurring Revenues		295,016		262,006		230,654
One-time revenues		17,614		17,118		17,586
	$	312,630	$	279,124	$	248,240

Summary of Deferred Revenue Liability Relating to Set-Up Fees

The table below presents the activity of the portion of the deferred revenue liability relating to set-up fees:

	Year Ended December 31,
(in thousands)	2020			2019
Balance, beginning of year	$	10,518		$	9,857
Invoiced set-up fees		11,410			11,056
Amortized set-up fees		(10,810	)		(10,395	)
Balance, end of year	$	11,118		$	10,518

Deferred Costs (Tables)

12 Months Ended

Dec. 31, 2020

Deferred Costs [Abstract]

Summary of Deferred Costs and Amortization of Deferred Costs

The table below presents the activity of deferred costs and amortization of deferred costs:

	Year Ended December 31,
(in thousands)	2020			2019
Balance, beginning of year	$	46,941		$	45,475
Incurred deferred costs		54,421			49,883
Amortized deferred costs		(50,767	)		(48,417	)
Balance, end of year	$	50,595		$	46,941

Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2020

Financial Instruments Owned At Fair Value [Abstract]

Summary of Cash Equivalents and Investments

Cash equivalents and investments consisted of the following:

	December 31,
	2020							2019
	Amortized		Unrealized			Fair		Amortized		Unrealized		Fair
(in thousands)	Cost		Losses, net			Value		Cost		Gains, net		Value
Cash equivalents:
Money market funds	$	112,907	$	—		$	112,907	$	151,266	$	—	$	151,266
Certificate of deposit		7,708		—			7,708		7,030		—		7,030
Marketable securities:
Corporate bonds		5,069		(29	)		5,040		9,785		20		9,805
Commercial paper		7,569		(55	)		7,514		7,503		—		7,503
U.S. treasury securities		20,051		(27	)		20,024		9,855		91		9,946
	$	153,304	$	(111	)	$	153,193	$	185,439	$	111	$	185,550
Maturing within one year						$	150,693					$	185,550
Maturing within one to two years							2,500						—
Total						$	153,193					$	185,550

Summary of Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis

	December 31, 2020
(in thousands)	Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents:
Money market funds	$	112,907	$	—	$	—	$	112,907
Certificate of deposit		7,708		—		—		7,708
Marketable securities:
Corporate bonds		—		5,040		—		5,040
Commercial paper		—		7,514		—		7,514
U.S. treasury securities		—		20,024		—		20,024
	$	120,615	$	32,578	$	—	$	153,193

Liabilities:
Data Masons Contingent Consideration	$	—	$	—	$	1,878	$	1,878
	$	—	$	—	$	1,878	$	1,878

	December 31, 2019
(in thousands)	Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents:
Money market funds	$	151,266	$	—	$	—	$	151,266
Certificate of deposit		7,030		—		—		7,030
Marketable securities:
Corporate bonds		—		9,805		—		9,805
Commercial paper		—		7,503		—		7,503
U.S. treasury securities		—		9,946		—		9,946
	$	158,296	$	27,254	$	—	$	185,550

Liabilities:
EDIAdmin Earn-out liability	$	—	$	—	$	405	$	405
	$	—	$	—	$	405	$	405

Allowance for Credit Losses (Tables)

12 Months Ended

Dec. 31, 2020

Receivables [Abstract]

Schedule of Allowance for Credit Losses Activity Included in Accounts Receivable Net

The allowance for credit losses activity, included in accounts receivable, net, was as follows:

(in thousands)	2020			2019			2018
Balance, beginning of year	$	1,469		$	1,392		$	763
Adoption of ASU 2016-13		1,069			—			—
Allowance for Data Masons acquired receivables		354			—			—
Provision for credit losses		5,660			3,499			2,592
Write-offs, net of recoveries		(4,319	)		(3,422	)		(1,963	)
Balance, end of year	$	4,233		$	1,469		$	1,392

Property and Equipment, net (Tables)

12 Months Ended

Dec. 31, 2020

Property Plant And Equipment [Abstract]

Schedule of Property and Equipment, Net

Property and equipment, net included the following:

	December 31,
(in thousands)	2020			2019
Computer equipment and software	$	63,225		$	54,030
Office equipment and furniture		9,613			9,205
Leasehold improvements		12,746			11,091
		85,584			74,326
Less: accumulated depreciation and amortization		(59,152	)		(50,574	)
	$	26,432		$	23,752

Goodwill and Intangible Assets, net (Tables)

12 Months Ended

Dec. 31, 2020

Goodwill And Intangible Assets Disclosure [Abstract]

Schedule of Changes in Net Carrying Amount of Goodwill

Goodwill

The changes in the net carrying amount of goodwill was as follows:

(in thousands)	2020		2019
Balance, beginning of year	$	76,845	$	69,658
Additions from business acquisitions		56,960		6,372
Foreign currency translation		1,048		815
Balance, end of year	$	134,853	$	76,845

Intangible Assets

Intangible assets, net included the following:

	December 31, 2020
(in thousands)	Gross Carrying Amount		Accumulated Amortization			Foreign Currency Translation			Net
Subscriber relationships		54,447		(24,792	)		101		$	29,756
Non-competition agreements		698		(691	)		(4	)		3
Acquired technology		33,195		(2,724	)		-			30,471
	$	88,340	$	(28,207	)	$	97		$	60,230

	December 31, 2019
(in thousands)	Gross Carrying Amount		Accumulated Amortization			Foreign Currency Translation		Net
Subscriber relationships	$	43,640	$	(27,287	)	$	214	$	16,567
Non-competition agreements		2,495		(2,371	)		10		134
Acquired technology		8,602		(2,643	)		8		5,967
	$	54,737	$	(32,301	)	$	232	$	22,668

Estimated Annual Amortization Expense Related to Intangible Assets Subject to Amortization

The estimated annual amortization expense related to intangible assets subject to amortization for the next five years and thereafter was as follows:

(in thousands)
2021	$	9,942
2022		8,838
2023		8,758
2024		7,476
2025		7,337
Thereafter		17,879
	$	60,230

Other Assets (Tables)

12 Months Ended

Dec. 31, 2020

Other Assets [Abstract]

Summary of Changes in Net Amount of Capitalized Implementation Costs for Software Hosting Arrangements

The changes in the net amount of capitalized implementation costs for software hosting arrangements was as follows:

(in thousands)	2020			2019
Balance, beginning of year	$	1,166		$	455
Capitalized implementation fees		127			797
Amortization of implementation fees		(112	)		(86	)
Balance, end of year	$	1,181		$	1,166

Commitments and Contingencies (Tables)

12 Months Ended

Dec. 31, 2020

Commitments And Contingencies Disclosure [Abstract]

Summary of Non-Cancellable Operating Leases, Primarily for Office Space and Certain Equipment

We are obligated under non-cancellable operating leases, primarily for office space and certain equipment, as follows:

	December 31, 2020				December 31, 2019
(In thousands, except remaining term)	Remaining Term (years)		Right-of-Use Asset		Remaining Term (years)		Right-of-Use Asset
Minneapolis, MN lease		6	$	10,992		5	$	10,704
Kyiv, Ukraine lease		4		1,930		5		2,316
Other leases	<1 - 5			2,659	<1 - 5			2,724
			$	15,581			$	15,744

Components of Lease Expense

The components of lease expense were as follows:

	Year Ended December 31,
(in thousands)	2020		2019
Operating lease cost	$	2,719	$	2,569
Variable lease cost		3,578		3,390
	$	6,297	$	5,959

Schedule of Rent Expense Under Operating Leases

Rent expense for all operating leases, which includes minimum lease payments and other charges such as common area maintenance fees, charged to operations was as follows:

	Year Ended December 31,
(in thousands)	2018
Rent expense	$	5,577

Schedule of Supplemental Cash Flow Information Related to Leases

Supplemental cash flow information related to leases was as follows:

	December 31,
(in thousands)	2020		2019
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases	$	4,134	$	4,383
ROU assets obtained in exchange for operating lease liabilities		12,801		2,537

Schedule of Supplemental Balance Sheet Information Related to Leases

Supplemental balance sheet information related to leases was as follows:

	December 31, 2020			December 31, 2019
Weighted-average remaining lease term - operating leases	5.6 years			5.0 years
Weighted-average discount rate - operating leases		4.1	%		4.5	%

Schedule of Future Minimum Payments Under Operating Leases

At December 31, 2020, our future minimum payments under operating leases were as follows:

(in thousands)
2021	$	3,728
2022		4,699
2023		4,431
2024		4,070
2025		3,715
Thereafter		4,753
		25,396
Less: imputed interest		(2,926	)
	$	22,470

Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2020

Stock-Based Compensation Expense

Stock-based compensation expense was allocated as follows:

	Year Ended December 31,
(in thousands)	2020		2019		2018
Cost of revenues	$	3,948	$	2,819	$	2,168
Operating expenses
Sales and marketing		4,119		2,946		2,675
Research and development		3,626		2,651		1,505
General and administrative		7,243		6,274		6,162
	$	18,936	$	14,690	$	12,510

Stock-based compensation expense by type was as follows:

	Year Ended December 31,
(in thousands)	2020		2019		2018
Stock options	$	2,232	$	3,211	$	3,355
PSUs		3,219		1,379		1,034
RSUs		10,367		7,553		5,930
RSAs and DSUs		446		519		487
ESPP		1,117		701		466
401(k) stock match		1,555		1,327		1,238
	$	18,936	$	14,690	$	12,510

Stock Option Activity

Our stock option activity was as follows:

				Weighted Average
	Options			Exercise Price
	(#)			($/share)
Outstanding at December 31, 2017		2,194,662			23.80
Granted		362,944			29.94
Exercised		(688,668	)		20.83
Forfeited		(122,470	)		28.34
Outstanding at December 31, 2018		1,746,468			25.93
Granted		184,434			53.92
Exercised		(346,098	)		21.98
Forfeited		(40,892	)		30.74
Outstanding at December 31, 2019		1,543,912			30.03
Granted		127,974			59.02
Exercised		(712,074	)		26.11
Forfeited		(14,926	)		43.14
Outstanding at December 31, 2020		944,886			36.71

Summary of Intrinsic Value of Options Exercised and Outstanding

The table below presents the intrinsic value of options exercised and outstanding and factors related to our stock options:

	Year Ended December 31,
(in thousands, except per share data)	2020		2019		2018
Fair value of options vested	$	3,000	$	3,393	$	3,689
Intrinsic value of options exercised		31,737		11,103		14,852
Intrinsic value of options outstanding		67,918		39,194		26,654
Weighted-average fair value per share of options granted		16.18		16.86		9.74

Weighted Average Fair Value Per Share of Options Granted, Assumptions

The fair values of the options granted were estimated on the date of grant using the Black-Scholes option pricing model with the following weighted-average assumptions:

	Year Ended December 31,
	2020			2019			2018
Volatility		33	%		33	%		35	%
Dividend yield		—			—			—
Life (in years)		4.01			4.43			4.44
Risk-free interest rate		0.99	%		2.41	%		2.54	%

Summary of ESPP Activity

Our ESPP activity was as follows:

	Year Ended December 31,
(in thousands, except share data)	2020		2019		2018
Amounts for shares purchased	$	3,374	$	2,270	$	1,745
Shares purchased		61,833		58,851		69,596

Fair Value Estimation of Common Stock Using Black-Scholes Option Pricing Model, Weighted-Average Assumptions

	Year Ended December 31,
	2020			2019			2018
Volatility		43	%		36	%		26	%
Dividend yield		—			—			—
Life (in years)		0.50			0.50			0.50
Risk-free interest rate		0.96	%		2.36	%		1.77	%

PSU, RSU, RSA, and DSU [Member]

PSU, RSU, RSA, and DSU

Activity for our PSU, RSU, RSA, and DSU was as follows:

				Weighted Average
				Grant Date Fair
	(#)			Value (per share)
Outstanding at December 31, 2017		646,560			27.59
Granted		360,198			33.19
Vested and common stock issued		(176,802	)		28.74
Forfeited		(71,622	)		27.52
Outstanding at December 31, 2018		758,334			29.99
Granted		288,462			55.69
Vested and common stock issued		(217,424	)		31.05
Forfeited		(31,826	)		34.67
Outstanding at December 31, 2019		797,546			38.80
Granted		331,264			62.78
Vested and common stock issued		(222,606	)		36.06
Forfeited		(167,782	)		30.09
Outstanding at December 31, 2020		738,422			52.37

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2020

Income Tax Disclosure [Abstract]

Schedule of Provision for Income Taxes

Our provisions for income taxes included current federal, foreign, and state income tax expense, as well as deferred tax expense as follows:

	Year Ended December 31,
(in thousands)	2020			2019			2018
Current
State	$	1,249		$	599		$	1,103
Foreign		1,608			169			540
Deferred
Federal		4,462			6,595			3,011
State		244			1,156			224
Foreign		(469	)		(161	)		(410	)
	$	7,094		$	8,358		$	4,468

Reconciliation of the Provision for Income Taxes to the Statutory Federal Rate

A reconciliation of the expected federal income tax at the statutory rate to the provision for income taxes was as follows:

	Year Ended December 31,
(in thousands)	2020			2019			2018
Expected federal income tax at statutory rate	$	11,063		$	8,835		$	5,951
State income taxes, net of federal tax effect		2,382			1,933			1,293
Tax impact of foreign activity		233			(108	)		57
Nondeductible executive compensation		928			940			902
Foreign derived intangible income		(710	)		—			—
Nondeductible expenses		234			329			351
Change in valuation allowance		—			—			(4	)
Change in state deferred rate		32			47			38
Research and development credit		(294	)		(1,252	)		(1,843	)
Tax impact of stock activity		(6,807	)		(2,518	)		(2,438	)
Other		33			152			161
	$	7,094		$	8,358		$	4,468

Significant Components of Deferred Tax Assets (Liabilities)

The significant components of our deferred tax assets and liabilities were as follows:

	December 31,
(in thousands)	2020						2019
Deferred tax assets
Net operating loss and credit carryforwards	$	4,539					$	9,122
Stock-based compensation expense		3,605						3,944
Accounts receivable allowances		1,228						496
Accrued expenses		3,200						2,916
Deferred revenue		695						668
Lease liabilities		5,435						5,995
Other		660						9
Gross deferred tax assets					19,362						23,150
Less: valuation allowance		(1,582	)					(1,068	)
Total net deferred tax assets					17,780						22,082
Deferred tax liabilities
Deferred costs		(12,561	)					(11,436	)
Right-of-use assets		(3,754	)					(4,047	)
Foreign operations		(228	)					(144	)
Depreciation and amortization		(3,980	)					(4,975	)
Other		—						(43	)
Total deferred tax liabilities					(20,523	)					(20,645	)
Net deferred tax assets (liabilities)				$	(2,743	)				$	1,437

Net Income Per Share (Tables)

12 Months Ended

Dec. 31, 2020

Earnings Per Share [Abstract]

Components of Computation of Basic and Diluted Net Income Per Share

The following table presents the components of the computation of basic and diluted net income per share for the periods indicated:

	Year Ended December 31,
(in thousands, except per share amounts)	2020		2019		2018
Numerator
Net income	$	45,586	$	33,712	$	23,872
Denominator
Weighted average common shares outstanding, basic		35,226		35,024		34,392
Options to purchase common stock		611		680		612
PSUs, RSUs, RSAs, and DSUs		448		298		208
Weighted average common shares outstanding, diluted		36,285		36,002		35,212
Net income per share
Basic	$	1.29	$	0.96	$	0.69
Diluted	$	1.26	$	0.94	$	0.68

Schedule of Anti-dilutive Common Shares Excluded from Calculation of Diluted Net Income Per Share

The following table presents the effect of the outstanding potential common shares that were excluded from the calculation of diluted net income per share as they were anti-dilutive:

	Year Ended December 31,
(in thousands)	2020	2019	2018
Antidilutive shares	26	181	1

General - Additional Information (Detail) $ in Thousands			12 Months Ended
General - Additional Information (Detail) $ in Thousands	Aug. 22, 2019	Aug. 08, 2019	Dec. 31, 2020 USD ($) Segment	Dec. 31, 2019 USD ($)
Schedule of Accounting Policies [Line Items]
Cumulative-effect adjustment to retained earnings			$ 93,490	$ 48,973
Stock split ratio	2	2
Percentage of stock dividend from stock split		100.00%
Number of reportable segments \| Segment			1
Deferred commission expected amortization period			2 years
Minimum [Member]
Schedule of Accounting Policies [Line Items]
Hosting services arrangement period			4 years
Minimum [Member] \| Subscriber Relationships [Member]
Schedule of Accounting Policies [Line Items]
Estimated useful lives of intangible assets			7 years
Minimum [Member] \| Non-competition Agreements [Member]
Schedule of Accounting Policies [Line Items]
Estimated useful lives of intangible assets			3 years
Minimum [Member] \| Acquired Technology [Member]
Schedule of Accounting Policies [Line Items]
Estimated useful lives of intangible assets			3 years
Maximum [Member]
Schedule of Accounting Policies [Line Items]
Hosting services arrangement period			6 years
Maximum [Member] \| Subscriber Relationships [Member]
Schedule of Accounting Policies [Line Items]
Estimated useful lives of intangible assets			10 years
Maximum [Member] \| Non-competition Agreements [Member]
Schedule of Accounting Policies [Line Items]
Estimated useful lives of intangible assets			5 years
Maximum [Member] \| Acquired Technology [Member]
Schedule of Accounting Policies [Line Items]
Estimated useful lives of intangible assets			10 years
Computer Equipment and Software [Member] \| Minimum [Member]
Schedule of Accounting Policies [Line Items]
Estimated useful lives of property and equipment			2 years
Computer Equipment and Software [Member] \| Maximum [Member]
Schedule of Accounting Policies [Line Items]
Estimated useful lives of property and equipment			3 years
Office Equipment and Furniture [Member] \| Minimum [Member]
Schedule of Accounting Policies [Line Items]
Estimated useful lives of property and equipment			5 years
Office Equipment and Furniture [Member] \| Maximum [Member]
Schedule of Accounting Policies [Line Items]
Estimated useful lives of property and equipment			7 years
Internal-use Software [Member]
Schedule of Accounting Policies [Line Items]
Estimated useful lives of property and equipment			3 years
ASU 2016-13 \| Cumulative Effect Period of Adoption Adjustment [Member]
Schedule of Accounting Policies [Line Items]
Cumulative-effect adjustment to retained earnings			$ 1,100

Business Acquisitions - Additional Information (Detail) - USD ($)		1 Months Ended
	Dec. 16, 2020	May 31, 2020	Dec. 31, 2020	Dec. 31, 2019
Business Acquisition [Line Items]
Accrued expenses			$ 11,161,000	$ 6,207,000
Data Masons [Member]
Business Acquisition [Line Items]
Total transaction price	$ 100,000,000
Payments to acquire businesses, gross	98,700,000
Business combination due from sellers related within initial net working capital adjustment	400,000
Data Masons [Member] \| PPP Loan [Member]
Business Acquisition [Line Items]
Loan received		$ 1,900,000
Loan bear interest		1.00%
Maturity term		2 years
Loan and accrued interest balance in escrow		$ 1,900,000
Accrued expenses	1,900,000
Data Masons [Member] \| PPP Loan [Member] \| Accrued Expenses [Member]
Business Acquisition [Line Items]
Non current debt	1,900,000
Data Masons [Member] \| PPP Loan [Member] \| Other Current Assets [Member]
Business Acquisition [Line Items]
Government grant receivable	1,900,000
Data Masons [Member] \| PPP Loan [Member] \| Former Owners [Member]
Business Acquisition [Line Items]
Contingent consideration	1,900,000
Data Masons [Member] \| PPP Loan [Member] \| Maximum [Member]
Business Acquisition [Line Items]
Contingent consideration	$ 1,900,000

Business Acquisitions - Estimated Fair Values of Assets Acquired and Liabilities Assumed at Acquisition Date (Detail) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 16, 2020	Dec. 31, 2019	Dec. 31, 2018
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net
Goodwill	$ 134,853		$ 76,845	$ 69,658
Data Masons [Member]
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net
Cash		$ 2,949
Accounts receivable		3,801
Other current and non-current assets		2,246
Goodwill		56,960
Intangible assets		43,000
Current liabilities		(3,593)
Deferred revenue		(2,196)
Total purchase price		$ 103,167

Business Acquisitions - Estimated Fair Value of Purchased Intangible Assets and Estimated Useful Lives (Detail) - Data Masons [Member] $ in Thousands	Dec. 16, 2020 USD ($)
Finite-Lived Intangible Assets [Line Items]
Estimated Fair Value	$ 43,000
Developed Technology [Member]
Finite-Lived Intangible Assets [Line Items]
Estimated Fair Value	$ 25,400
Estimated Life (in years)	8 years
Subscriber Relationships [Member]
Finite-Lived Intangible Assets [Line Items]
Estimated Fair Value	$ 17,600
Estimated Life (in years)	8 years

Revenue - Summary of Revenues by Revenue Stream (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Revenue Recognition [Line Items]
Revenues	$ 312,630	$ 279,124	$ 248,240
Recurring Revenues [Member]
Revenue Recognition [Line Items]
Revenues	295,016	262,006	230,654
One-time Revenues [Member]
Revenue Recognition [Line Items]
Revenues	17,614	17,118	17,586
Fulfillment [Member] \| Recurring Revenues [Member]
Revenue Recognition [Line Items]
Revenues	251,272	219,297	190,783
Analytics [Member] \| Recurring Revenues [Member]
Revenue Recognition [Line Items]
Revenues	38,824	37,038	34,447
Other [Member] \| Recurring Revenues [Member]
Revenue Recognition [Line Items]
Revenues	$ 4,920	$ 5,671	$ 5,424

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8906-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 40
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9031-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 41
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9038-108599

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 4
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130543-203045

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8736-108599

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8736-108599

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 42
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9054-108599

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130545-203045

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 924
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-URI http://asc.fasb.org/extlink&oid=6472922&loc=d3e499488-122856

+ Details

Revenue - Additional Information (Detail)	12 Months Ended
Revenue - Additional Information (Detail)	Dec. 31, 2020
Disaggregation Of Revenue [Line Items]
Latest timing of billings	30 days
Estimated period for material rights present to customers	2 years
Set up fees recognized period	2 years
Maximum recognition period for miscellaneous one-time fee	1 year
Analytics Solution [Member]
Disaggregation Of Revenue [Line Items]
Set up fees recognized period	1 year
Minimum [Member]
Disaggregation Of Revenue [Line Items]
Customer contract cancellation period	30 days
Current amount recognition period of set up fees	1 month
Non-current amount recognition period of set up fees	13 months
Maximum [Member]
Disaggregation Of Revenue [Line Items]
Customer contract cancellation period	90 days
Deferred revenue recognition period	1 year
Contract period for remaining performance obligations for contracts in which the optional exemption under ASC 606-10-50-14(a) was applied	1 year
Current amount recognition period of set up fees	12 months
Non-current amount recognition period of set up fees	24 months

Revenue - Summary of Deferred Revenue Liability Relating to Set-Up Fees (Detail) - Set-Up Fees [Member] - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Deferred Revenue Arrangement [Line Items]
Balance, beginning of year	$ 10,518	$ 9,857
Invoiced set-up fees	11,410	11,056
Amortized set-up fees	(10,810)	(10,395)
Balance, end of year	$ 11,118	$ 10,518

Deferred Costs - Summary of Deferred Costs and Amortization of Deferred Costs (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Deferred Costs [Abstract]
Balance, beginning of year	$ 46,941	$ 45,475
Incurred deferred costs	54,421	49,883
Amortized deferred costs	(50,767)	(48,417)
Balance, end of year	$ 50,595	$ 46,941

Financial Instruments - Summary of Cash Equivalents and Investments (Detail) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Schedule of Financial Instruments [Line Items]
Maturing within one year	$ 150,693	$ 185,550
Maturing within one to two years	2,500
Amortized Cost	153,304	185,439
Unrealized Gains (Losses), net	(111)	111
Fair Value	153,193	185,550
Money Market Funds [Member]
Schedule of Financial Instruments [Line Items]
Amortized Cost	112,907	151,266
Fair Value	112,907	151,266
Certificate of Deposit [Member]
Schedule of Financial Instruments [Line Items]
Amortized Cost	7,708	7,030
Fair Value	7,708	7,030
Corporate Bonds [Member]
Schedule of Financial Instruments [Line Items]
Amortized Cost	5,069	9,785
Unrealized Gains (Losses), net	(29)	20
Fair Value	5,040	9,805
Commercial Paper [Member]
Schedule of Financial Instruments [Line Items]
Amortized Cost	7,569	7,503
Unrealized Gains (Losses), net	(55)
Fair Value	7,514	7,503
U.S. Treasury Securities [Member]
Schedule of Financial Instruments [Line Items]
Amortized Cost	20,051	9,855
Unrealized Gains (Losses), net	(27)	91
Fair Value	$ 20,024	$ 9,946

Financial Instruments - Summary of Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis (Detail) - Fair Value, Measurements, Recurring [Member] - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Assets fair value	$ 153,193	$ 185,550
Liabilities fair value	1,878	405
Money Market Funds [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Assets fair value	112,907	151,266
Certificate of Deposit [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Assets fair value	7,708	7,030
Corporate Bonds [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Assets fair value	5,040	9,805
Commercial Paper [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Assets fair value	7,514	7,503
U.S. Treasury Securities [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Assets fair value	20,024	9,946
Data Masons Contingent Consideration [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Liabilities fair value	1,878
EDIAdmin Earn-out Liability [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Liabilities fair value		405
Level 1 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Assets fair value	120,615	158,296
Level 1 [Member] \| Money Market Funds [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Assets fair value	112,907	151,266
Level 1 [Member] \| Certificate of Deposit [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Assets fair value	7,708	7,030
Level 2 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Assets fair value	32,578	27,254
Level 2 [Member] \| Corporate Bonds [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Assets fair value	5,040	9,805
Level 2 [Member] \| Commercial Paper [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Assets fair value	7,514	7,503
Level 2 [Member] \| U.S. Treasury Securities [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Assets fair value	20,024	9,946
Level 3 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Liabilities fair value	1,878	405
Level 3 [Member] \| Data Masons Contingent Consideration [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Liabilities fair value	$ 1,878
Level 3 [Member] \| EDIAdmin Earn-out Liability [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Liabilities fair value		$ 405

Financial Instruments - Additional Information (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Earn-out liability expected to be paid on completion of revenue milestones	$ 100,000
Contingent liability payment	688,000
Fair value, assets, level 1 to level 2 transfers, amount	0	$ 0
Fair value, assets, level 2 to level 1 transfers, amount	0	0
Fair value, liabilities, level 1 to level 2 transfers, amount	0	0
Fair value, liabilities, level 2 to level 1 transfers, amount	0	0
Fair value, asset transfers into level 3	0	0
Fair value, asset, transfers out of level 3	0	0
Fair value, liability, transfers into level 3	0	0
Fair value, liability, transfers out of level 3	0	$ 0
E D I Admin [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Gain due to remeasurement of contingent liability	100,000
Accrued Expenses [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Contingent consideration transferred out of the fair value hierarchy from level 3	$ 100,000

Allowance for Credit Losses - Schedule of Allowance for Credit Losses Activity Included in Accounts Receivable Net (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Allowance For Credit Loss [Abstract]
Balance, beginning of year	$ 1,469	$ 1,392	$ 763
Adoption of ASU 2016-13	1,069
Allowance for Data Masons acquired receivables	354
Provision for credit losses	5,660	3,499	2,592
Write-offs, net of recoveries	(4,319)	(3,422)	(1,963)
Balance, end of year	$ 4,233	$ 1,469	$ 1,392

Property and Equipment, net - Schedule of Property and Equipment, Net (Detail) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	$ 85,584	$ 74,326
Less: accumulated depreciation and amortization	(59,152)	(50,574)
Net, Total	26,432	23,752
Computer Equipment and Software [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	63,225	54,030
Office Equipment and Furniture [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	9,613	9,205
Leasehold Improvements [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	$ 12,746	$ 11,091

Property and Equipment, net - Additional Information (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Property Plant And Equipment [Abstract]
Depreciation and amortization of property and equipment	$ 13,127	$ 11,123	$ 8,593

Goodwill and Intangible Assets, net - Schedule of Changes in Net Carrying Amount of Goodwill (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Goodwill And Intangible Assets Disclosure [Abstract]
Balance, beginning of year	$ 76,845	$ 69,658
Additions from business acquisitions	56,960	6,372
Foreign currency translation	1,048	815
Balance, end of year	$ 134,853	$ 76,845

Goodwill and Intangible Assets, net - Intangible Assets (Detail) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 88,340	$ 54,737
Accumulated Amortization	(28,207)	(32,301)
Foreign Currency Translation	97	232
Net	60,230	22,668
Subscriber Relationships [Member]
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	54,447	43,640
Accumulated Amortization	(24,792)	(27,287)
Foreign Currency Translation	101	214
Net	29,756	16,567
Non-competition Agreements [Member]
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	698	2,495
Accumulated Amortization	(691)	(2,371)
Foreign Currency Translation	(4)	10
Net	3	134
Acquired Technology [Member]
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	33,195	8,602
Accumulated Amortization	(2,724)	(2,643)
Foreign Currency Translation		8
Net	$ 30,471	$ 5,967

Goodwill and Intangible Assets, net - Estimated Annual Amortization Expense Related to Intangible Assets Subject to Amortization (Detail) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Goodwill And Intangible Assets Disclosure [Abstract]
2021	$ 9,942
2022	8,838
2023	8,758
2024	7,476
2025	7,337
Thereafter	17,879
Net	$ 60,230	$ 22,668

Other Assets - Summary of Changes in Net Amount of Capitalized Implementation Costs for Software Hosting Arrangements (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Capitalized Computer Software Net [Abstract]
Balance, beginning of year	$ 1,166	$ 455
Capitalized implementation fees	127	797
Amortization of implementation fees	(112)	(86)
Balance, end of year	$ 1,181	$ 1,166

Commitments and Contingencies - Summary of Non-Cancellable Operating Leases, Primarily for Office Space and Certain Equipment (Detail) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Lessee Lease Description [Line Items]
Right-of-Use Asset	$ 15,581	$ 15,744
Minneapolis, MN Lease [Member]
Lessee Lease Description [Line Items]
Remaining Term	6 years	5 years
Right-of-Use Asset	$ 10,992	$ 10,704
Kyiv, Ukraine Lease [Member]
Lessee Lease Description [Line Items]
Remaining Term	4 years	5 years
Right-of-Use Asset	$ 1,930	$ 2,316
Other Leases [Member]
Lessee Lease Description [Line Items]
Right-of-Use Asset	$ 2,659	$ 2,724
Other Leases [Member] \| Minimum [Member]
Lessee Lease Description [Line Items]
Remaining Term	1 year	1 year
Other Leases [Member] \| Maximum [Member]
Lessee Lease Description [Line Items]
Remaining Term	5 years	5 years

Commitments and Contingencies - Additional Information (Detail) $ in Millions	1 Months Ended		12 Months Ended
	Dec. 31, 2020 USD ($) ft² Option	Dec. 31, 2019 ft² Option	Dec. 31, 2019 USD ($) ft²
Commitments And Contingencies [Line Items]
Remaining purchase commitment \| $	$ 17.9
Kyiv, Ukraine Lease [Member]
Commitments And Contingencies [Line Items]
Number of options to extend term of the lease \| Option		1
Lease extension period, number of years		5 years 6 months	5 years 6 months
Kyiv, Ukraine Lease [Member] \| Lease Agreement Expires on May 31, 2025 [Member]
Commitments And Contingencies [Line Items]
Current leased space \| ft²		17,000	17,000
Lease agreement expires, date		May 31, 2025
Current Headquarters [Member]
Commitments And Contingencies [Line Items]
Lease agreement expires, date	Apr. 30, 2027
Number of options to extend term of the lease \| Option	2
Lease extension period, number of years	5 years
Incentives \| $			$ 2.4
Current Headquarters [Member] \| Minneapolis, Minnesota [Member]
Commitments And Contingencies [Line Items]
Current leased space \| ft²	198,000

Commitments and Contingencies - Components of Lease Expense (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Leases [Abstract]
Operating lease cost	$ 2,719	$ 2,569
Variable lease cost	3,578	3,390
Lease expense	$ 6,297	$ 5,959

Commitments and Contingencies - Schedule of Rent Expense Under Operating Leases (Detail) $ in Millions	12 Months Ended
	Dec. 31, 2018 USD ($)
Leases [Abstract]
Rent expense	$ 5,577

Commitments and Contingencies - Schedule of Supplemental Cash Flow Information Related to Leases (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases	$ 4,134	$ 4,383
ROU assets obtained in exchange for operating lease liabilities	$ 12,801	$ 2,537

Commitments and Contingencies - Schedule of Supplemental Balance Sheet Information Related to Leases (Detail)	Dec. 31, 2020	Dec. 31, 2019
Leases [Abstract]
Weighted-average remaining lease term - operating leases	5 years 7 months 6 days	5 years
Weighted-average discount rate - operating leases	4.10%	4.50%

Commitments and Contingencies - Schedule of Future Minimum Payments Under Operating Leases (Detail) $ in Thousands	Dec. 31, 2020 USD ($)
Leases [Abstract]
2021	$ 3,728
2022	4,699
2023	4,431
2024	4,070
2025	3,715
Thereafter	4,753
Future minimum payments	25,396
Less: imputed interest	(2,926)
Operating lease liability	$ 22,470

Stockholders' Equity - Additional Information (Detail) $ in Thousands				12 Months Ended
	Nov. 02, 2019 USD ($)	Aug. 22, 2019 shares	Aug. 08, 2019	Dec. 31, 2020 USD ($) shares	Dec. 31, 2019 USD ($) shares	Dec. 31, 2018 USD ($) shares	Nov. 02, 2017 USD ($)
Schedule Of Stockholders Equity [Line Items]
Stock split ratio		2	2
Change in number of common stock, shares authorized \| shares		0
Stock repurchase program, purchased costs				$ 18,950	$ 20,618	$ 19,864
Stock Repurchase Program [Member]
Schedule Of Stockholders Equity [Line Items]
Stock repurchase program, purchased in shares \| shares				400,000	400,000	600,000
Stock repurchase program, purchased costs				$ 19,000	$ 20,600	$ 19,900
Common Stock [Member]
Schedule Of Stockholders Equity [Line Items]
Stock repurchase program, authorized amount	$ 50,000						$ 50,000
Stock repurchase program, authorized repurchase amount expired	$ 3,700
Stock repurchase program, period	2 years
Stock repurchase program, available for future repurchases				$ 31,100
Stock repurchase program, purchased in shares \| shares				371,902	417,564	579,490

Stock-Based Compensation - Additional Information (Detail) $ / shares in Units, $ in Millions	1 Months Ended				12 Months Ended
	Feb. 29, 2020 shares	Feb. 28, 2019 shares	Feb. 28, 2018	Feb. 28, 2017	Dec. 31, 2020 USD ($) Offering $ / shares shares	Jan. 31, 2018 shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares available for grant					15,800,000
Unrecognized stock-based compensation expense \| $					$ 24.1
Unrecognized stock-based compensation, expected to be recognized, weighted average period					2 years 4 months 24 days
Employee Stock Purchase Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Additional shares reserved for issuance under the plan					1,900,000
Number of offerings per year \| Offering					2
Maximum [Member] \| Employee Stock Purchase Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Purchase price as a percentage of fair market value					85.00%
Equity Incentive Plan [Member] \| 2010 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Additional shares reserved for issuance under the plan	2,100,000	2,100,000				2,100,000
Stock Options [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period					4 years
Outstanding and exercisable options					700,000
Weighted average exercise price \| $ / shares					$ 32.35
Weighted average remaining contractual life					3 years 4 months 24 days
Stock Options [Member] \| Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options contractual term range					7 years
Stock Options [Member] \| Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options contractual term range					10 years
Performance Share Unit [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	3 years	3 years	3 years	3 years
Restricted Stock Units [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period					4 years
Restricted Stock Award [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period					1 year
Deferred Stock Units [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period					1 year
Deferred Stock Units [Member] \| Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Period of delayed receipt of common shares					10 years
PSU, RSU and DSU [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares vested and not issued during the period					122,910

Stock-Based Compensation - Stock-Based Compensation Expense (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock-based compensation expense	$ 18,936	$ 14,690	$ 12,510
Stock Options [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock-based compensation expense	2,232	3,211	3,355
PSUs [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
PSUs	3,219	1,379	1,034
RSUs [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock-based compensation expense	10,367	7,553	5,930
RSAs and DSUs [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock-based compensation expense	446	519	487
ESPP [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock-based compensation expense	1,117	701	466
401(k) Stock Match [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock-based compensation expense	1,555	1,327	1,238
Cost of Revenues [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock-based compensation expense	3,948	2,819	2,168
Sales and Marketing [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock-based compensation expense	4,119	2,946	2,675
Research and Development [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock-based compensation expense	3,626	2,651	1,505
General and Administrative [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock-based compensation expense	$ 7,243	$ 6,274	$ 6,162

Stock-Based Compensation - Stock Option Activity (Detail) - $ / shares	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Options Outstanding, Beginning balance	1,543,912	1,746,468	2,194,662
Options, Granted	127,974	184,434	362,944
Options, Exercised	(712,074)	(346,098)	(688,668)
Options, Forfeited	(14,926)	(40,892)	(122,470)
Options Outstanding, Ending balance	944,886	1,543,912	1,746,468
Weighted Average Exercise Price, Outstanding, Beginning Balance	$ 30.03	$ 25.93	$ 23.80
Weighted Average Exercise Price, Granted	59.02	53.92	29.94
Weighted Average Exercise Price, Exercised	26.11	21.98	20.83
Weighted Average Exercise Price, Forfeited	43.14	30.74	28.34
Weighted Average Exercise Price, Outstanding, Ending Balance	$ 36.71	$ 30.03	$ 25.93

Stock-Based Compensation - Summary of Intrinsic Value of Options Exercised and Outstanding (Detail) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Fair value of options vested	$ 3,000	$ 3,393	$ 3,689
Intrinsic value of options exercised	31,737	11,103	14,852
Intrinsic value of options outstanding	$ 67,918	$ 39,194	$ 26,654
Weighted-average fair value per share of options granted	$ 16.18	$ 16.86	$ 9.74

Stock-Based Compensation - Weighted Average Fair Value Per Share of Options Granted, Assumptions (Detail) - Stock Options [Member]	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Volatility	33.00%	33.00%	35.00%
Dividend yield	0.00%	0.00%	0.00%
Life (in years)	4 years 3 days	4 years 5 months 4 days	4 years 5 months 8 days
Risk-free interest rate	0.99%	2.41%	2.54%

Stock-Based Compensation - PSU, RSU, RSA, and DSU (Detail) - PSU, RSU, RSA, and DSU [Member] - $ / shares	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock awards, Outstanding, Beginning Balance	797,546	758,334	646,560
Granted, stock units	331,264	288,462	360,198
Vested and common stock issued, stock units	(222,606)	(217,424)	(176,802)
Forfeited, stock units	(167,782)	(31,826)	(71,622)
Stock awards, Outstanding, Ending Balance	738,422	797,546	758,334
Weighted average grant date fair value, Outstanding, Beginning Balance	$ 38.80	$ 29.99	$ 27.59
Granted, Weighted Average Grant Date Fair Value	62.78	55.69	33.19
Vested and common stock issued, Weighted Average Grant Date Fair Value	36.06	31.05	28.74
Forfeited, Weighted Average Grant Date Fair Value	30.09	34.67	27.52
Weighted average grant date fair value, Outstanding, Ending Balance	$ 52.37	$ 38.80	$ 29.99

Stock-Based Compensation - Summary of ESPP Activity (Detail) - Employee Stock Purchase Plan [Member] - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Amounts for shares purchased	$ 3,374	$ 2,270	$ 1,745
Shares purchased	61,833	58,851	69,596

Stock-Based Compensation - Fair Value Estimation of Common Stock Using Black-Scholes Option Pricing Model, Weighted-Average Assumptions (Detail) - Employee Stock Purchase Plan [Member]	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Volatility	43.00%	36.00%	26.00%
Dividend yield	0.00%	0.00%	0.00%
Life (in years)	6 months	6 months	6 months
Risk-free interest rate	0.96%	2.36%	1.77%

Income Taxes - Schedule of Provision for Income Taxes (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Current
State	$ 1,249	$ 599	$ 1,103
Foreign	1,608	169	540
Deferred
Federal	4,462	6,595	3,011
State	244	1,156	224
Foreign	(469)	(161)	(410)
Total provision for income taxes	$ 7,094	$ 8,358	$ 4,468

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

Income Taxes - Reconciliation of Provision for Income Taxes to Statutory Federal Rate (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Income Tax Disclosure [Abstract]
Expected federal income tax at statutory rate	$ 11,063	$ 8,835	$ 5,951
State income taxes, net of federal tax effect	2,382	1,933	1,293
Tax impact of foreign activity	233	(108)	57
Nondeductible executive compensation	928	940	902
Foreign derived intangible income	(710)
Nondeductible expenses	234	329	351
Change in valuation allowance			(4)
Change in state deferred rate	32	47	38
Research and development credit	(294)	(1,252)	(1,843)
Tax impact of stock activity	(6,807)	(2,518)	(2,438)
Other	33	152	161
Total provision for income taxes	$ 7,094	$ 8,358	$ 4,468

Income Taxes - Significant Components of Deferred Tax Assets (Liabilities) (Detail) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Deferred tax assets
Net operating loss and credit carryforwards	$ 4,539	$ 9,122
Stock-based compensation expense	3,605	3,944
Accounts receivable allowances	1,228	496
Accrued expenses	3,200	2,916
Deferred revenue	695	668
Lease liabilities	5,435	5,995
Other	660	9
Gross deferred tax assets	19,362	23,150
Less: valuation allowance	(1,582)	(1,068)
Total net deferred tax assets	17,780	22,082
Deferred tax liabilities
Deferred costs	(12,561)	(11,436)
Right-of-use assets	(3,754)	(4,047)
Foreign operations	(228)	(144)
Depreciation and amortization	(3,980)	(4,975)
Other		(43)
Total deferred tax liabilities	(20,523)	(20,645)
Net deferred tax assets		$ 1,437
Net deferred tax liabilities	$ (2,743)

Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Income Tax Expense Benefit [Line Items]
Valuation allowance against our deferred tax assets	$ 1,582	$ 1,068
Domestic Tax Authority [Member]
Income Tax Expense Benefit [Line Items]
Net operating loss carryforward	$ 17,500
Expiration of net operating loss carryforwards	will expire between 2021 and 2024 for federal tax purposes
Losses expected to expire unused	$ 14,600
Domestic Tax Authority [Member] \| Research and Development [Member]
Income Tax Expense Benefit [Line Items]
Research and development credit carryforwards	$ 2,200
Year in which credit carryforward begins to expire	2039
Domestic Tax Authority [Member] \| U.S. Internal Revenue Code [Member]
Income Tax Expense Benefit [Line Items]
Net operating loss carryforward	$ 17,500
State and Local Jurisdiction [Member]
Income Tax Expense Benefit [Line Items]
Net operating loss carryforward	$ 1,500
Expiration of net operating loss carryforwards	and between 2028 and 2031 for state tax purposes
State and Local Jurisdiction [Member] \| Net Operating Loss and Credit Carryforwards [Member]
Income Tax Expense Benefit [Line Items]
Valuation allowance against our deferred tax assets	$ 1,600
State and Local Jurisdiction [Member] \| Research and Development [Member]
Income Tax Expense Benefit [Line Items]
Research and development credit carryforwards	$ 1,600
Year in which credit carryforward begins to expire	2025

Net Income Per Share - Components of Computation of Basic and Diluted Net Income Per Share (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Numerator
Net income	$ 45,586	$ 33,712	$ 23,872
Denominator
Weighted average common shares outstanding, basic	35,226	35,024	34,392
Options to purchase common stock	611	680	612
PSUs, RSUs, RSAs, and DSUs	448	298	208
Weighted average common shares outstanding, diluted	36,285	36,002	35,212
Net income per share
Basic	$ 1.29	$ 0.96	$ 0.69
Diluted	$ 1.26	$ 0.94	$ 0.68

Net Income Per Share - Schedule of Anti-dilutive Common Shares Excluded from Calculation of Diluted Net Income Per Share (Detail) - shares shares in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Net Income Per Share [Abstract]
Antidilutive shares	26	181	1

Retirement Savings Plan - Additional Information (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Compensation And Retirement Disclosure [Abstract]
Maximum allowable contribution by employee percentage	80.00%	80.00%	80.00%
Defined benefit plan employer matching contribution percent	50.00%	50.00%
Maximum annual contribution per employee, percent	6.00%
Employer matching contribution amount	$ 3.9	$ 3.3	$ 2.9

Related Party Transactions - Additional Information (Detail) - SPS Commerce Foundation [Member] - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Related Party Transaction [Line Items]
Contributions to Foundation	$ 1,800,000		$ 700,000
Legal obligations for future commitments to Foundation	0
Directors of Foundation [Member]
Related Party Transaction [Line Items]
Officers' compensation from Foundation	$ 0
Maximum [Member]
Related Party Transaction [Line Items]
Contributions to Foundation		$ 100,000

Geographic Information - Additional Information (Detail) - jurisdiction	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Disaggregation Of Revenue [Line Items]
Number of jurisdiction outside US had excess revenue of 10%	0
Geographic Concentration Risk \| United States [Member]
Disaggregation Of Revenue [Line Items]
Concentration risk, percentage	85.00%	85.00%	83.00%
Geographic Concentration Risk \| Foreign [Member] \| Property, Plant and Equipment
Disaggregation Of Revenue [Line Items]
Concentration risk, percentage	15.00%	8.00%
Geographic Concentration Risk \| Foreign [Member] \| Maximum [Member]
Disaggregation Of Revenue [Line Items]
Concentration risk, percentage	10.00%