0001564590-22-016547 | 10-Q | XBRL Viewer

Revenue

NOTE B – Revenue

We derive our revenues from the following revenue streams:

	Three Months Ended
	March 31,
(in thousands)	2022		2021
Recurring revenues:
Fulfillment	$	84,731	$	71,404
Analytics		11,296		10,144
Other		1,540		1,253
Recurring revenues		97,567		82,801
One-time revenues		7,626		7,293
Total revenue	$	105,193	$	90,094

Revenues are the amount that reflects the consideration we are contractually and legally entitled to, as well as expect to collect, in exchange for those services.

Recurring Revenues

Recurring revenues consist of recurring subscriptions from customers that utilize our Fulfillment, Analytics, and Other supply chain management products. Revenue for these products 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, generally 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 generally are either in advance or within 30 days of the service being performed.

Given that the recurring revenue contracts are for one year or less, we have applied the optional exemption to not disclose information about the remaining performance obligations for recurring revenue contracts.

One-time Revenues

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

Set-up revenues

Set-up fees are specific for each connection a customer has with a trading partner. These nonrefundable fees are necessary for our customers to utilize our services and do not provide any standalone value. Many of our customers have connections with numerous trading partners.

Set-up fees constitute a material renewal option right that provide 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. As such, 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.

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

	Three Months Ended
	March 31,
(in thousands)	2022			2021
Balance, beginning of period	$	14,459		$	11,118
Invoiced set-up fees		4,003			3,867
Recognized set-up fees		(3,524	)		(2,883	)
Balance, end of period	$	14,938		$	12,102

The entire balance of deferred set-up fees will be recognized within two years. Those that will be recognized within the next year are classified as current, whereas the remainder are classified as non-current.

Miscellaneous one-time revenues

Miscellaneous one-time fees consist of professional services and testing and certification.

The contract period for these one-time fees is 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 miscellaneous one-time fee contracts since they have original durations of one year or less.

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.

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Financial Instruments Owned At Fair Value [Abstract]

Condensed Consolidated Statements of Comprehensive Income (Unaudited) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Income Statement [Abstract]
Unrealized gain (loss) on investments, tax	$ (1)	$ (15)
Reclassification of (gain) loss on investments into earnings, tax	$ 4	$ 19

Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2022

Summary of Cash Equivalents and Investments

Cash equivalents and investments

Cash equivalents and investments consisted of the following:

	March 31, 2022							December 31, 2021
(in thousands)	Amortized Cost		Unrealized Losses, net			Fair Value		Amortized Cost		Unrealized Gains (Losses), net			Fair Value
Cash equivalents:
Money market funds	$	135,238	$	—		$	135,238	$	138,205	$	—		$	138,205
Certificates of deposit		7,497		—			7,497		7,268		—			7,268
Marketable securities:
Commercial paper		29,976		(3	)		29,973		34,984		7			34,991
U.S. treasury securities		2,500		(2	)		2,498		7,500		(1	)		7,499
	$	175,211	$	(5	)	$	175,206	$	187,957	$	6		$	187,963

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

The following table details the fair value hierarchy of our assets and liabilities measured at a fair value on a recurring basis:

	March 31, 2022								December 31, 2021
(in thousands)	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents:
Money market funds	$	135,238	$	—	$	—	$	135,238	$	138,205	$	—	$	—	$	138,205
Certificates of deposit		7,497		—		—		7,497		7,268		—		—		7,268
Marketable securities:
Commercial paper		—		29,973		—		29,973		—		34,991		—		34,991
U.S. treasury securities		—		2,498		—		2,498		—		7,499		—		7,499
	$	142,735	$	32,471	$	—	$	175,206	$	145,473	$	42,490	$	—	$	187,963

Revenue - Summary of Revenues by Revenue Stream (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Revenue Recognition [Line Items]
Revenues	$ 105,193	$ 90,094
Recurring Revenues [Member]
Revenue Recognition [Line Items]
Revenues	97,567	82,801
One-time Revenues [Member]
Revenue Recognition [Line Items]
Revenues	7,626	7,293
Fulfillment [Member] \| Recurring Revenues [Member]
Revenue Recognition [Line Items]
Revenues	84,731	71,404
Analytics [Member] \| Recurring Revenues [Member]
Revenue Recognition [Line Items]
Revenues	11,296	10,144
Other [Member] \| Recurring Revenues [Member]
Revenue Recognition [Line Items]
Revenues	$ 1,540	$ 1,253

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.

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Geographic Information - Summary of Percentage of Property and Equipment Net Located at Subsidiary and Office Locations Outside of Unites States (Detail)	3 Months Ended	12 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Revenue Benchmark \| Geographic Concentration Risk \| Foreign [Member] \| Property, Plant and Equipment
Property Plant And Equipment [Line Items]
Concentration risk, percentage	12.00%	12.00%

Geographic Information - Additional Information (Detail)	3 Months Ended
	Mar. 31, 2022 jurisdiction
Disaggregation Of Revenue [Line Items]
Number of jurisdiction outside US had excess revenue of 10%	0
Revenue Benchmark \| Geographic Concentration Risk \| Foreign [Member] \| Maximum [Member]
Disaggregation Of Revenue [Line Items]
Concentration risk, percentage	10.00%

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Cash flows from operating activities
Net income	$ 12,603	$ 10,200
Reconciliation of net income to net cash provided by operating activities
Deferred income taxes	(269)	163
Depreciation and amortization of property and equipment	3,864	3,765
Amortization of intangible assets	2,470	2,664
Provision for credit losses	1,144	1,205
Stock-based compensation	9,015	6,925
Other, net	(7)	76
Changes in assets and liabilities
Accounts receivable	(5,563)	(2,828)
Deferred costs	(2,797)	(986)
Other current and non-current assets	(6,736)	(2,257)
Accounts payable	(3,229)	(828)
Accrued compensation	(10,495)	(2,988)
Accrued expenses	(1,746)	(1,052)
Deferred revenue	6,349	7,565
Operating leases	(256)	(19)
Net cash provided by operating activities	4,347	21,605
Cash flows from investing activities
Purchases of property and equipment	(4,355)	(3,263)
Purchases of investments	(54,977)	(14,039)
Maturities of investments	65,000	12,500
Net cash provided by (used in) investing activities	5,668	(4,802)
Cash flows from financing activities
Repurchases of common stock	(15,226)
Net proceeds from exercise of options to purchase common stock	504	2,802
Net proceeds from employee stock purchase plan activity	147	105
Payment for contingent consideration		(164)
Net cash provided by (used in) financing activities	(14,575)	2,743
Effect of foreign currency exchange rate changes	96	36
Net increase (decrease) in cash and cash equivalents	(4,464)	19,582
Cash and cash equivalents at beginning of period	207,552	149,692
Cash and cash equivalents at end of period	$ 203,088	$ 169,274

Commitments and Contingencies - Schedule of Supplemental Balance Sheet Information Related to Leases (Detail)	Mar. 31, 2022	Dec. 31, 2021
Leases [Abstract]
Weighted-average remaining lease term - operating leases	4 years 7 months 6 days	4 years 9 months 18 days
Weighted-average discount rate - operating leases	4.00%	4.00%

Geographic Information (Tables)

3 Months Ended

Mar. 31, 2022

Summary of Domestic Revenue

The percentage of domestic revenue, which we define as the percentage of consolidated revenue that was attributable to customers based within the U.S., was as follows:

	Three Months Ended
	March 31,
	2022			2021
Domestic revenue		84	%		84	%

Summary of Percentage of Property and Equipment Net Located at Subsidiary and Office Locations Outside of Unites States

The percentage of property and equipment, net located in subsidiary and office locations outside of the U.S. was as follows:

		March 31, 2022				December 31, 2021
International property and equipment			12	%			12	%

Goodwill and Intangible Assets, Net - Estimated Future Annual Amortization Expense Related to Intangible Assets Subject to Amortization (Detail) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Goodwill And Intangible Assets Disclosure [Abstract]
Remainder of 2022	$ 7,431
2023	9,831
2024	8,535
2025	8,396
2026	7,392
Thereafter	14,573
Net	$ 56,158	$ 58,587

Stockholders' Equity - Summary of Stock Repurchase Activity by Year (Details)	3 Months Ended
	Mar. 31, 2022 USD ($) $ / shares shares
Class Of Stock [Line Items]
Shares repurchased cost \| $	$ 15,226,000
Common Stock [Member]
Class Of Stock [Line Items]
Number of shares repurchased \| shares	121,544
Stock Repurchase Program1 \| Common Stock [Member]
Class Of Stock [Line Items]
Shares repurchased cost \| $	$ 15,226,000
Number of shares repurchased \| shares	121,544
Average price per repurchased share \| $ / shares	$ 125.27

Goodwill and Intangible Assets, Net

3 Months Ended

Mar. 31, 2022

Goodwill And Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets, Net

NOTE G – Goodwill and Intangible Assets, Net

Goodwill

The activity in goodwill was as follows:

	Three Months Ended
	March 31,
(in thousands)	2022		2021
Balance, beginning of period	$	143,663	$	134,853
Foreign currency translation		499		142
Remeasurement from provisional purchase accounting amount		—		268
Balance, end of period	$	144,162	$	135,263

Intangible Assets

Intangible assets, net consisted of the following:

	March 31, 2022
										Weighted Average
	Gross					Foreign				Remaining
	Carrying		Accumulated			Currency				Amortization
(in thousands, except weighted average amortization period)	Amount		Amortization			Translation		Net		Period
Subscriber relationships	$	45,162	$	(16,569	)	$	41	$	28,634	6 years
Acquired technology		33,900		(6,376	)		—		27,524	7 years
	$	79,062	$	(22,945	)	$	41	$	56,158	7 years

	December 31, 2021
											Weighted Average
	Gross					Foreign					Remaining
	Carrying		Accumulated			Currency					Amortization
(in thousands, except weighted average amortization period)	Amount		Amortization			Translation			Net		Period
Subscriber relationships	$	61,270	$	(29,866	)	$	(1,395	)	$	30,009	6 years
Acquired technology		35,316		(6,738	)		—			28,578	7 years
	$	96,586	$	(36,604	)	$	(1,395	)	$	58,587	7 years

The estimated future annual amortization expense related to intangible assets is as follows:

(in thousands)
Remainder of 2022	$	7,431
2023		9,831
2024		8,535
2025		8,396
2026		7,392
Thereafter		14,573
Total future amortization	$	56,158

Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Mar. 31, 2022	Apr. 21, 2022
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2022
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q1
Trading Symbol	SPSC
Entity Registrant Name	SPS COMMERCE, INC.
Entity Central Index Key	0001092699
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Common Stock, Shares Outstanding		36,095,129
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Shell Company	false
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 Quarterly Report	true
Document Transition Report	false

Revenue (Tables)

3 Months Ended

Mar. 31, 2022

Summary of Revenues by Revenue Stream

We derive our revenues from the following revenue streams:

	Three Months Ended
	March 31,
(in thousands)	2022		2021
Recurring revenues:
Fulfillment	$	84,731	$	71,404
Analytics		11,296		10,144
Other		1,540		1,253
Recurring revenues		97,567		82,801
One-time revenues		7,626		7,293
Total revenue	$	105,193	$	90,094

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:

	Three Months Ended
	March 31,
(in thousands)	2022			2021
Balance, beginning of period	$	14,459		$	11,118
Invoiced set-up fees		4,003			3,867
Recognized set-up fees		(3,524	)		(2,883	)
Balance, end of period	$	14,938		$	12,102

Goodwill and Intangible Assets, Net (Tables)

3 Months Ended

Mar. 31, 2022

Goodwill And Intangible Assets Disclosure [Abstract]

Schedule of Activity in Goodwill

Goodwill

The activity in goodwill was as follows:

	Three Months Ended
	March 31,
(in thousands)	2022		2021
Balance, beginning of period	$	143,663	$	134,853
Foreign currency translation		499		142
Remeasurement from provisional purchase accounting amount		—		268
Balance, end of period	$	144,162	$	135,263

Intangible Assets

Intangible assets, net consisted of the following:

	March 31, 2022
										Weighted Average
	Gross					Foreign				Remaining
	Carrying		Accumulated			Currency				Amortization
(in thousands, except weighted average amortization period)	Amount		Amortization			Translation		Net		Period
Subscriber relationships	$	45,162	$	(16,569	)	$	41	$	28,634	6 years
Acquired technology		33,900		(6,376	)		—		27,524	7 years
	$	79,062	$	(22,945	)	$	41	$	56,158	7 years

	December 31, 2021
											Weighted Average
	Gross					Foreign					Remaining
	Carrying		Accumulated			Currency					Amortization
(in thousands, except weighted average amortization period)	Amount		Amortization			Translation			Net		Period
Subscriber relationships	$	61,270	$	(29,866	)	$	(1,395	)	$	30,009	6 years
Acquired technology		35,316		(6,738	)		—			28,578	7 years
	$	96,586	$	(36,604	)	$	(1,395	)	$	58,587	7 years

Estimated Annual Amortization Expense Related to Intangible Assets

The estimated future annual amortization expense related to intangible assets is as follows:

(in thousands)
Remainder of 2022	$	7,431
2023		9,831
2024		8,535
2025		8,396
2026		7,392
Thereafter		14,573
Total future amortization	$	56,158

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Current assets
Cash and cash equivalents	$ 203,088	$ 207,552
Short-term investments	39,968	49,758
Accounts receivable	43,065	38,811
Allowance for credit losses	(4,287)	(4,249)
Accounts receivable, net	38,778	34,562
Deferred costs	46,710	44,529
Other assets	22,923	16,042
Total current assets	351,467	352,443
Property and equipment, net	32,261	31,901
Operating lease right-of-use assets	10,248	10,851
Goodwill	144,162	143,663
Intangible assets, net	56,158	58,587
Other assets
Deferred costs, non-current	15,900	15,191
Deferred income tax assets	199	182
Other assets, non-current	2,913	3,028
Total assets	613,308	615,846
Current liabilities
Accounts payable	4,731	8,330
Accrued compensation	21,930	31,661
Accrued expenses	6,632	8,345
Deferred revenue	56,798	50,428
Operating lease liabilities	4,337	4,108
Total current liabilities	94,428	102,872
Other liabilities
Deferred revenue, non-current	5,123	5,144
Operating lease liabilities, non-current	15,338	16,426
Deferred income tax liabilities	6,898	7,145
Total liabilities	121,787	131,587
Commitments and contingencies
Stockholders' equity
Preferred stock, $0.001 par value; 5,000,000 shares authorized; 0 shares issued and outstanding
Common stock, $0.001 par value; 110,000,000 shares authorized; 38,031,415 and 37,798,610 shares issued; and 36,120,518 and 36,009,257 shares outstanding, respectively	38	38
Treasury Stock, at cost; 1,910,897 and 1,789,353 shares, respectively	(100,903)	(85,677)
Additional paid-in capital	442,405	433,258
Retained earnings	150,690	138,087
Accumulated other comprehensive loss	(709)	(1,447)
Total stockholders’ equity	491,521	484,259
Total liabilities and stockholders’ equity	$ 613,308	$ 615,846

Commitments and Contingencies - Schedule of Future Minimum Payments Under Operating Leases (Detail) $ in Thousands	Mar. 31, 2022 USD ($)
Leases [Abstract]
Remainder of 2022	$ 3,780
2023	4,698
2024	4,265
2025	3,861
2026	3,774
Thereafter	1,270
Total future gross payments	21,648
Less: imputed interest	(1,973)
Total operating lease liabilities	$ 19,675

Stock-Based Compensation - Weighted Average Grant Date Fair Value of Options Granted, Assumptions (Detail) - Stock Options [Member]	3 Months Ended
	Mar. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Volatility	38.00%
Life (in years)	4 years
Risk-free interest rate	1.82%

Stock-Based Compensation - Fair Value Estimation of Common Stock, Assumptions (Detail) - Employee Stock Purchase Plan [Member]	3 Months Ended
	Mar. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Volatility	32.30%
Life (in years)	6 months
Risk-free interest rate	0.05%

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares	Mar. 31, 2022	Dec. 31, 2021
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	110,000,000
Common stock, shares issued	38,031,415	37,798,610
Common stock, shares outstanding	36,120,518	36,009,257
Treasury stock, shares	1,910,897	1,789,353

Geographic Information - Summary of Domestic Revenue (Detail)	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Revenue Benchmark \| Geographic Concentration Risk \| Domestic Revenue
Disaggregation Of Revenue [Line Items]
Concentration risk, percentage	84.00%	84.00%

Net Income Per Share

3 Months Ended

Mar. 31, 2022

Earnings Per Share [Abstract]

Net Income Per Share

NOTE M – Net Income Per Share

The components and computation of basic and diluted net income per share were as follows:

	Three Months Ended
	March 31,
(in thousands, except per share amounts)	2022		2021
Numerator
Net income	$	12,603	$	10,200
Denominator
Weighted average common shares outstanding, basic		36,136		35,751
Options to purchase common stock		419		568
PSUs, RSUs, RSAs, and DSUs		434		403
Weighted average common shares outstanding, diluted		36,989		36,722
Net income per share
Basic	$	0.35	$	0.29
Diluted	$	0.34	$	0.28

The number of outstanding potential common shares that were excluded from the calculation of diluted net income per share as they were anti-dilutive was as follows:

	Three Months Ended
	March 31,
(in thousands)	2022	2021
Antidilutive shares	151	56

Commitments and Contingencies - Schedule of Supplemental Cash Flow Information Related to Leases (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases	$ 1,095	$ 521

Allowance for Credit Losses - Schedule of Allowance for Credit Losses Activity Included in Accounts Receivable Net (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Allowance For Credit Loss [Abstract]
Balance, beginning of period	$ 4,249	$ 4,233
Provision for credit losses	1,144	1,205
Write-offs, net of recoveries	(1,106)	(1,437)
Balance, end of period	$ 4,287	$ 4,001

Deferred Costs

3 Months Ended

Mar. 31, 2022

Deferred Costs [Abstract]

Deferred Costs

NOTE C – Deferred Costs

The deferred costs activity was as follows:

	Three Months Ended
	March 31,
(in thousands)	2022			2021
Balance, beginning of period	$	59,720		$	50,595
Incurred deferred costs		17,781			13,427
Amortized deferred costs		(14,891	)		(12,482	)
Balance, end of period	$	62,610		$	51,540

Stock-Based Compensation - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2020	Mar. 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares available for grant	13,200,000
Unrecognized stock-based compensation expense	$ 50.9
Unrecognized stock-based compensation, expected to be recognized, weighted average period	2 years 9 months 18 days
Employee Stock Purchase Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock reserved for future issuance	1,800,000
Stock Options [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Outstanding and exercisable options	600,000
Weighted average exercise price	$ 40.46
Weighted average remaining contractual life	3 years 2 months 12 days
Weighted average fair value per share of options granted	$ 41.59
Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	3 years	3 years	3 years	3 years
Performance Shares \| Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares of common stock issued	100,000
PSU, RSU and DSU [Member] \| Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares vested and not issued during the period	100,000

Stock-Based Compensation - PSU, RSU, RSA, and DSU (Detail) - PSU, RSU, RSA, and DSU [Member]	3 Months Ended
	Mar. 31, 2022 $ / shares shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock awards, Outstanding, Beginning Balance \| shares	702,160
Granted, stock units \| shares	233,255
Vested and common stock issued, stock units \| shares	(218,957)
Forfeited, stock units \| shares	(8,239)
Stock awards, Outstanding, Ending Balance \| shares	708,219
Weighted average grant date fair value, Outstanding, Beginning Balance \| $ / shares	$ 78.03
Granted, Weighted Average Grant Date Fair Value \| $ / shares	127.18
Vested and common stock issued, Weighted Average Grant Date Fair Value \| $ / shares	62.29
Forfeited, Weighted Average Grant Date Fair Value \| $ / shares	96.74
Weighted average grant date fair value, Outstanding, Ending Balance \| $ / shares	$ 98.87

Stockholders' Equity

3 Months Ended

Mar. 31, 2022

Equity [Abstract]

Stockholders' Equity

NOTE I – Stockholders’ Equity

Stock Repurchase Programs

Our board of directors has authorized multiple non-concurrent programs to repurchase our common stock. Details of the plans and activity thereunder were as follows:

	Effective Date	Expiration Date	Share Value Authorized for Repurchase		Share Value Repurchased		Unused & Expired Share Repurchase Value		Share Value Available for Future Repurchase
2019 Program	November 2019	November 2021	$	50,000,000	$	29,611,000	$	20,389,000	N/A
2021 Program	November 2021	November 2023		50,000,000		24,995,000	N/A		$	25,005,000

The stock repurchase activity by period was as follows:

	Three Months Ended
	March 31,
	2022		2021
Shares repurchased cost	$	15,226,000	$	-
Number of shares repurchased		121,544		-

Average price per repurchased share	$	125.27	$	-

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

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Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Goodwill and Intangible Assets, Net - Intangible Assets (Detail) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Finite Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 79,062	$ 96,586
Accumulated Amortization	(22,945)	(36,604)
Foreign Currency Translation	41	(1,395)
Net	$ 56,158	$ 58,587
Weighted Average Remaining Amortization Period	7 years	7 years
Subscriber Relationships [Member]
Finite Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 45,162	$ 61,270
Accumulated Amortization	(16,569)	(29,866)
Foreign Currency Translation	41	(1,395)
Net	$ 28,634	$ 30,009
Weighted Average Remaining Amortization Period	6 years	6 years
Acquired Technology [Member]
Finite Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 33,900	$ 35,316
Accumulated Amortization	(6,376)	(6,738)
Net	$ 27,524	$ 28,578
Weighted Average Remaining Amortization Period	7 years	7 years

Stock-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2022

Stock-Based Compensation Expense

Stock-based compensation expense was allocated in the condensed consolidated statements of comprehensive income as follows:

	Three Months Ended
	March 31,
(in thousands)	2022		2021
Cost of revenues	$	2,179	$	1,503
Operating expenses
Sales and marketing		2,032		1,482
Research and development		1,474		911
General and administrative		3,330		3,029
	$	9,015	$	6,925

Stock-based compensation expense by grant type or plan was as follows:

	Three Months Ended
	March 31,
(in thousands)	2022		2021
Stock options	$	477	$	551
PSUs		2,699		2,084
RSUs		4,638		3,423
RSAs & DSUs		108		106
ESPP		574		326
401(k) stock match		519		435
	$	9,015	$	6,925

Stock Option Activity

Our stock option activity was as follows:

	Three Months Ended
	March 31, 2022
				Weighted Average
	Options (#)			Exercise Price ($/share)
Outstanding, beginning of period		678,650		$	44.76
Granted		31,829			130.16
Exercised		(13,320	)		37.86
Forfeited		(2,634	)		84.06
Outstanding, end of period		694,525		$	48.66

Weighted Average Grant Date Fair Value of Options Granted, Assumptions

The weighted average grant date fair value of options granted during the three months ended March 31, 2022 was $41.59 per share. This was estimated on the date of grant using the Black-Scholes option pricing model with the following weighted-average assumptions:

Volatility	38	%
Dividend yield	—
Life (in years)	4.0
Risk-free interest rate	1.82	%

PSU, RSU, RSA, and DSU

Activity for our PSUs, RSUs, RSAs, and DSUs in aggregate was as follows:

	Three Months Ended
	March 31, 2022
				Weighted Average
	(#)			Grant Date Fair Value ($/share)
Outstanding, beginning of period		702,160		$	78.03
Granted		233,255			127.18
Vested and common stock issued		(218,957	)		62.29
Forfeited		(8,239	)		96.74
Outstanding, end of period		708,219		$	98.87

Summary of ESPP Activity

Our ESPP activity was as follows:

	Three Months Ended
	March 31,
(in thousands, except share data)	2022		2021
Amounts for shares purchased	$	147	$	105
Shares purchased		1,698		1,621

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

The fair value was estimated based on the market price of our common stock at the beginning of the offering period using the following assumptions:

Volatility	32.3	%
Dividend yield	—
Life (in years)	0.5
Risk-free interest rate	0.05	%

Deferred Costs (Tables)

3 Months Ended

Mar. 31, 2022

Deferred Costs [Abstract]

Summary of Deferred Costs Activity

NOTE C – Deferred Costs

The deferred costs activity was as follows:

	Three Months Ended
	March 31,
(in thousands)	2022			2021
Balance, beginning of period	$	59,720		$	50,595
Incurred deferred costs		17,781			13,427
Amortized deferred costs		(14,891	)		(12,482	)
Balance, end of period	$	62,610		$	51,540

Goodwill and Intangible Assets, Net - Schedule of Changes in Net Carrying Amount of Goodwill (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Goodwill And Intangible Assets Disclosure [Abstract]
Balance, beginning of period	$ 143,663	$ 134,853
Foreign currency translation	499	142
Remeasurement from provisional purchase accounting amount		268
Balance, end of period	$ 144,162	$ 135,263

Commitments and Contingencies - Components of Lease Expense (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Leases [Abstract]
Operating lease cost	$ 759	$ 540
Variable lease cost	793	768
Lease expense	$ 1,552	$ 1,308

Commitments and Contingencies - Additional Information (Detail) $ in Millions	Mar. 31, 2022 USD ($)
Commitments And Contingencies Disclosure [Abstract]
Remaining purchase commitment	$ 8.0

Commitments and Contingencies (Tables)

3 Months Ended

Mar. 31, 2022

Commitments And Contingencies Disclosure [Abstract]

Components of Lease Expense

The components of lease expense were as follows:

	Three Months Ended
	March 31,
(in thousands)	2022		2021
Operating lease cost	$	759	$	540
Variable lease cost		793		768
	$	1,552	$	1,308

Schedule of Supplemental Cash Flow Information Related to Leases

Supplemental cash flow information related to leases was as follows:

	Three Months Ended
	March 31,
(in thousands)	2022		2021
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases	$	1,095	$	521

Schedule of Supplemental Balance Sheet Information Related to Leases

Supplemental balance sheet information related to leases was as follows:

	March 31, 2022			December 31, 2021
Weighted-average remaining lease term - operating leases	4.6 years			4.8 years
Weighted-average discount rate - operating leases		4.0	%		4.0	%

Schedule of Future Minimum Payments Under Operating Leases

At March 31, 2022, our future minimum payments under operating leases were as follows:

(in thousands)
Remainder of 2022		3,780
2023		4,698
2024		4,265
2025		3,861
2026		3,774
Thereafter		1,270
Total future gross payments		21,648
Less: imputed interest		(1,973	)
Total operating lease liabilities	$	19,675

Financial Instruments - Summary of Cash Equivalents and Investments (Detail) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Schedule of Financial Instruments [Line Items]
Amortized Cost	$ 175,211	$ 187,957
Unrealized Gains (Losses), net	(5)	6
Fair Value	175,206	187,963
Money Market Funds [Member]
Schedule of Financial Instruments [Line Items]
Amortized Cost	135,238	138,205
Fair Value	135,238	138,205
Certificates of Deposit [Member]
Schedule of Financial Instruments [Line Items]
Amortized Cost	7,497	7,268
Fair Value	7,497	7,268
Commercial Paper [Member]
Schedule of Financial Instruments [Line Items]
Amortized Cost	29,976	34,984
Unrealized Gains (Losses), net	(3)	7
Fair Value	29,973	34,991
U.S. Treasury Securities [Member]
Schedule of Financial Instruments [Line Items]
Amortized Cost	2,500	7,500
Unrealized Gains (Losses), net	(2)	(1)
Fair Value	$ 2,498	$ 7,499

Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Income Statement [Abstract]
Revenues	$ 105,193	$ 90,094
Cost of revenues	35,389	29,970
Gross profit	69,804	60,124
Operating expenses
Sales and marketing	24,655	21,355
Research and development	10,701	8,706
General and administrative	15,468	14,737
Amortization of intangible assets	2,470	2,664
Total operating expenses	53,294	47,462
Income from operations	16,510	12,662
Other income (expense), net	423	(325)
Income before income taxes	16,933	12,337
Income tax expense	4,330	2,137
Net income	12,603	10,200
Other comprehensive income
Foreign currency translation adjustments	730	192
Unrealized loss on investments, net of tax of ($1) and ($15)	(3)	(45)
Reclassification of loss on investments into earnings, net of tax of $4 and $19	11	57
Total other comprehensive income	738	204
Comprehensive income	$ 13,341	$ 10,404
Net income per share
Basic	$ 0.35	$ 0.29
Diluted	$ 0.34	$ 0.28
Weighted average common shares used to compute net income per share
Basic	36,136	35,751
Diluted	36,989	36,722

Commitments and Contingencies

3 Months Ended

Mar. 31, 2022

Commitments And Contingencies Disclosure [Abstract]

Commitments and Contingencies

NOTE H – Commitments and Contingencies

Leases

The components of lease expense were as follows:

	Three Months Ended
	March 31,
(in thousands)	2022		2021
Operating lease cost	$	759	$	540
Variable lease cost		793		768
	$	1,552	$	1,308

Supplemental cash flow information related to leases was as follows:

	Three Months Ended
	March 31,
(in thousands)	2022		2021
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases	$	1,095	$	521

Supplemental balance sheet information related to leases was as follows:

	March 31, 2022			December 31, 2021
Weighted-average remaining lease term - operating leases	4.6 years			4.8 years
Weighted-average discount rate - operating leases		4.0	%		4.0	%

At March 31, 2022, our future minimum payments under operating leases were as follows:

(in thousands)
Remainder of 2022		3,780
2023		4,698
2024		4,265
2025		3,861
2026		3,774
Thereafter		1,270
Total future gross payments		21,648
Less: imputed interest		(1,973	)
Total operating lease liabilities	$	19,675

Purchase Commitments

We have entered into separate noncancelable agreements with computing infrastructure and customer relationship management vendors for services through 2023. At March 31, 2022, the total remaining purchase commitments were $8.0 million.

Allowance for Credit Losses (Tables)

3 Months Ended

Mar. 31, 2022

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:

	Three Months Ended
	March 31,
(in thousands)	2022			2021
Balance, beginning of period	$	4,249		$	4,233
Provision for credit losses		1,144			1,205
Write-offs, net of recoveries		(1,106	)		(1,437	)
Balance, end of period	$	4,287		$	4,001

Property and Equipment, Net - Schedule of Property and Equipment, Net (Detail) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Property Plant And Equipment [Line Items]
Property and equipment, cost	$ 106,278	$ 101,967
Less: accumulated depreciation and amortization	(74,017)	(70,066)
Total property and equipment, net	32,261	31,901
Internally Developed Software [Member]
Property Plant And Equipment [Line Items]
Property and equipment, cost	48,013	44,981
Computer Equipment [Member]
Property Plant And Equipment [Line Items]
Property and equipment, cost	30,609	29,329
Leasehold Improvements [Member]
Property Plant And Equipment [Line Items]
Property and equipment, cost	16,693	16,685
Office Equipment and Furniture [Member]
Property Plant And Equipment [Line Items]
Property and equipment, cost	$ 10,963	$ 10,972

Other Income and Expense

3 Months Ended

Mar. 31, 2022

Other Income And Expenses [Abstract]

Other Income and Expense

NOTE L – Other Income and Expense

Other income (expense), net included the following:

	Three Months Ended
	March 31,
(in thousands)	2022			2021
Investment income	$	48		$	97
Realized gain (loss) from foreign currency on cash and investments held		468			(289	)
Other expense, net		(93	)		(133	)
Total other income (expense), net	$	423		$	(325	)

Revenue - Additional Information (Detail)	3 Months Ended
Revenue - Additional Information (Detail)	Mar. 31, 2022
Disaggregation Of Revenue [Line Items]
Latest timing of billings	30 days
Contract term maximum	1 year
Set up fees recognized period	2 years
Maximum recognition period for miscellaneous one-time fee	1 year
Minimum [Member]
Disaggregation Of Revenue [Line Items]
Customer contract cancellation period	30 days
Maximum [Member]
Disaggregation Of Revenue [Line Items]
Customer contract cancellation period	90 days

Financial Instruments

3 Months Ended

Mar. 31, 2022

Disclosure Text Block Supplement [Abstract]

Financial Instruments

NOTE D – Financial Instruments

Cash equivalents and investments

Cash equivalents and investments consisted of the following:

	March 31, 2022							December 31, 2021
(in thousands)	Amortized Cost		Unrealized Losses, net			Fair Value		Amortized Cost		Unrealized Gains (Losses), net			Fair Value
Cash equivalents:
Money market funds	$	135,238	$	—		$	135,238	$	138,205	$	—		$	138,205
Certificates of deposit		7,497		—			7,497		7,268		—			7,268
Marketable securities:
Commercial paper		29,976		(3	)		29,973		34,984		7			34,991
U.S. treasury securities		2,500		(2	)		2,498		7,500		(1	)		7,499
	$	175,211	$	(5	)	$	175,206	$	187,957	$	6		$	187,963

Recurring fair value measurements

The following table details the fair value hierarchy of our assets and liabilities measured at a fair value on a recurring basis:

	March 31, 2022								December 31, 2021
(in thousands)	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents:
Money market funds	$	135,238	$	—	$	—	$	135,238	$	138,205	$	—	$	—	$	138,205
Certificates of deposit		7,497		—		—		7,497		7,268		—		—		7,268
Marketable securities:
Commercial paper		—		29,973		—		29,973		—		34,991		—		34,991
U.S. treasury securities		—		2,498		—		2,498		—		7,499		—		7,499
	$	142,735	$	32,471	$	—	$	175,206	$	145,473	$	42,490	$	—	$	187,963

See Note E to the consolidated financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2021, as filed with the SEC, for additional information regarding the three levels of inputs that may be used to measure fair value.

Net Income Per Share - Schedule of Anti-dilutive Common Shares Excluded from Calculation of Diluted Net Income Per Share (Detail) - shares shares in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Net Income Per Share [Abstract]
Antidilutive shares	151	56

Stock-Based Compensation - Stock-Based Compensation Expense (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock-based compensation expense	$ 9,015	$ 6,925
Stock Options [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock-based compensation expense	477	551
PSUs [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock-based compensation expense	2,699	2,084
RSUs [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock-based compensation expense	4,638	3,423
RSAs & DSUs [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock-based compensation expense	108	106
ESPP [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock-based compensation expense	574	326
401(k) Stock Match [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock-based compensation expense	519	435
Cost of Revenues [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock-based compensation expense	2,179	1,503
Sales and Marketing [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock-based compensation expense	2,032	1,482
Research and Development [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock-based compensation expense	1,474	911
General and Administrative [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock-based compensation expense	$ 3,330	$ 3,029

Deferred Costs - Summary of Deferred Costs Activity (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Deferred Costs [Abstract]
Balance, beginning of period	$ 59,720	$ 50,595
Incurred deferred costs	17,781	13,427
Amortized deferred costs	(14,891)	(12,482)
Balance, end of period	$ 62,610	$ 51,540

General (Policies)

3 Months Ended

Mar. 31, 2022

Organization Consolidation And Presentation Of Financial Statements [Abstract]

Business Description

SPS Commerce is a leading provider of cloud-based supply chain management services across our global retail network. Our products make it easier for retailers, suppliers, grocers, distributors, and logistics firms to orchestrate the management of item data, order fulfillment, inventory control, and sales analytics across omnichannel retail channels. SPS Commerce delivers our products using a full-service model whereby our internal experts monitor, update, and boost network performance on our customers’ behalf.

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 services we provide 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, to help ensure that suppliers, grocers, distributors, and logistics firms can satisfy exacting retailer requirements.

Basis of Presentation

The accompanying unaudited condensed 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 condensed consolidated financial statements.

This interim financial information has been prepared under the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, these condensed consolidated financial statements do not include all of the information and notes required by GAAP. Therefore, these condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes included in our Annual Report on Form 10-K for the year ended December 31, 2021, as filed with the Securities and Exchange Commission (“SEC”). We have included all normal recurring adjustments considered necessary to provide a fair presentation of our financial position, results of operations, stockholders’ equity, and cash flows for the interim periods presented. Operating results for these interim periods are not necessarily indicative of the results to be expected for the full year.

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, 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.

Significant Accounting Policies

There were no material changes in our significant accounting policies during the three months ended March 31, 2022. See Note A to the consolidated financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2021, as filed with the SEC, for additional information regarding our significant accounting policies.

Accounting Pronouncements Not Yet Adopted

Standard

Date of Issuance

Description

Date of Required

Adoption

Effect on the Financial Statements

ASU 2021-08, Business Combinations (Topic 805) - Accounting for Contract Assets and Contract Liabilities from Contracts with Customers

October 2021

This amendment requires that an acquirer recognize and

measure contract assets and contract liabilities acquired in a business combination in accordance with Topic 606, effective for all business combinations in the year of adoption and thereafter.

January 2023

The adoption of this standard may have a material impact on the purchase accounting for business combinations depending on the specific amount of contract assets and liabilities being acquired.

Income Taxes

3 Months Ended

Mar. 31, 2022

Income Tax Disclosure [Abstract]

Income Taxes

NOTE K – Income Taxes

We record our interim provision for income taxes by applying our estimated annual effective tax rate to our year-to-date pretax income and adjust the provision for discrete tax items recorded in the period. Differences between our effective tax rate and statutory tax rates are primarily due to the impact of permanently non-deductible expenses partially offset by the federal research and development credits and tax benefits associated with foreign-derived intangible income. Additionally, excess tax benefits generated upon settlement or exercise of stock awards are recognized as a reduction to income tax expense as a discrete tax item in the quarter that the event occurs, creating potentially significant fluctuation in tax expense by quarter and by year. Our provisions for income taxes includes current federal, state, and foreign income tax expense, as well as deferred tax expense.

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.

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Property Plant And Equipment [Abstract]

Property and Equipment, Net

3 Months Ended

Mar. 31, 2022

Property and Equipment, Net

NOTE F – Property and Equipment, Net

Property and equipment, net consisted of the following:

(in thousands)	March 31, 2022			December 31, 2021
Internally developed software	$	48,013		$	44,981
Computer equipment		30,609			29,329
Leasehold improvements		16,693			16,685
Office equipment and furniture		10,963			10,972
Property and equipment, cost		106,278			101,967
Less: accumulated depreciation and amortization		(74,017	)		(70,066	)
Total property and equipment, net	$	32,261		$	31,901

Allowance for Credit Losses

3 Months Ended

Mar. 31, 2022

Receivables [Abstract]

Allowance for Credit Losses

NOTE E – Allowance for Credit Losses

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

	Three Months Ended
	March 31,
(in thousands)	2022			2021
Balance, beginning of period	$	4,249		$	4,233
Provision for credit losses		1,144			1,205
Write-offs, net of recoveries		(1,106	)		(1,437	)
Balance, end of period	$	4,287		$	4,001

Condensed Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands	Total	Common Stock [Member]	Treasury Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Accumulated Other Comprehensive Gain (Loss) [Member]
Beginning balance at Dec. 31, 2020	$ 420,721	$ 37	$ (65,247)	$ 393,462	$ 93,490	$ (1,021)
Beginning balance, shares at Dec. 31, 2020		35,487,217	1,613,250
Stock-based compensation	6,491			6,491
Shares issued pursuant to stock awards	2,802			2,802
Shares issued pursuant to stock awards, shares		372,746
Employee stock purchase plan activity	105			105
Employee stock purchase plan activity, shares		1,621
Net income	10,200				10,200
Foreign currency translation adjustments	192					192
Unrealized loss on investments, net of tax	(45)					(45)
Reclassification of loss on investments into earnings, net of tax	57					57
Ending balance at Mar. 31, 2021	440,523	$ 37	$ (65,247)	402,860	103,690	(817)
Ending balance, shares at Mar. 31, 2021		35,861,584	1,613,250
Beginning balance at Dec. 31, 2021	484,259	$ 38	$ (85,677)	433,258	138,087	(1,447)
Beginning balance, shares at Dec. 31, 2021		36,009,257	1,789,353
Stock-based compensation	8,496			8,496
Shares issued pursuant to stock awards	504			504
Shares issued pursuant to stock awards, shares		231,107
Employee stock purchase plan activity	147			147
Employee stock purchase plan activity, shares		1,698
Repurchases of common stock	(15,226)		$ (15,226)
Repurchases of common stock, shares		(121,544)	121,544
Net income	12,603				12,603
Foreign currency translation adjustments	730					730
Unrealized loss on investments, net of tax	(3)					(3)
Reclassification of loss on investments into earnings, net of tax	11					11
Ending balance at Mar. 31, 2022	$ 491,521	$ 38	$ (100,903)	$ 442,405	$ 150,690	$ (709)
Ending balance, shares at Mar. 31, 2022		36,120,518	1,910,897

Geographic Information

3 Months Ended

Mar. 31, 2022