0001092699-23-000006 | 10-K | XBRL Viewer

Revenue

We derive our revenues from the following revenue streams:


	Year Ended December 31,
(in thousands)	2022		2021		2020
Recurring revenues:
Fulfillment	$	364,148	$	306,851	$	251,272
Analytics	46,894		42,674		38,824
Other	8,005		5,481		4,920
Recurring Revenues	419,047		355,006		295,016
One-time revenues	31,828		30,270		17,614
Total revenue	$	450,875	$	385,276	$	312,630

Revenues are the amount that reflects the consideration we are contractually and legally entitled to, as well as the amount we 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 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:


	Year Ended December 31,
(in thousands)	2022		2021
Balance, beginning of year	$	14,459	$	11,118
Invoiced set-up fees	15,457		15,931
Recognized set-up fees	(14,917)		(12,590)
Balance, end of year	$	14,999	$	14,459

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 fees

Miscellaneous fees primarily 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.

Deferred Revenue

In the year ended December 31, 2022, we recognized revenue of $50.4 million from amounts included in deferred revenue at December 31, 2021.

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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Allowance for Credit Losses

Deferred Costs

12 Months Ended

Dec. 31, 2022

Deferred Costs [Abstract]

Deferred Costs

The deferred costs activity was as follows:


	Year Ended December 31,
(in thousands)	2022		2021
Balance, beginning of year	$	59,720	$	50,595
Incurred deferred costs	72,509		64,076
Amortized deferred costs	(62,050)		(54,951)
Balance, end of year	$	70,179	$	59,720

Fair Value Measurements

12 Months Ended

Dec. 31, 2022

Fair Value Disclosures [Abstract]

Fair Value Measurements

Cash Equivalents and Investments

Cash equivalents and investments, as measured at fair value on a recurring basis, consisted of the following:


		December 31, 2022						December 31, 2021
	Fair Value Level	Amortized Cost		Unrealized Gains (Losses), net		Fair Value		Amortized Cost		Unrealized Gains (Losses), net		Fair Value
(in thousands)
Cash equivalents:
Money market funds	Level 1	$	73,368	$	—	$	73,368	$	138,205	$	—	$	138,205
Investments:
Certificates of deposit	Level 1	6,813		—		6,813		7,268		—		7,268
Marketable securities:
Commercial paper	Level 2	44,224		375		44,599		34,984		7		34,991
U.S. treasury securities	Level 2	—		—		—		7,500		(1)		7,499
		$	124,405	$	375	$	124,780	$	187,957	$	6	$	187,963

Allowance for Credit Losses

12 Months Ended

Dec. 31, 2022

Receivables [Abstract]

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


	Year Ended December 31,
(in thousands)	2022		2021		2020
Balance, beginning of year	$	4,249	$	4,233	$	1,469
Provision for credit losses	3,359		4,717		5,660
Write-offs, net of recoveries	(4,542)		(4,790)		(4,319)
Initial allowance for business combination acquired receivables	—		89		354
Adoption of ASU 2016-13	—		—		1,069
Balance, end of year	$	3,066	$	4,249	$	4,233

Property and Equipment, net

12 Months Ended

Dec. 31, 2022

Property, Plant and Equipment [Abstract]

Property and Equipment, net

Property and equipment, net consisted of the following:


	December 31,
(in thousands)	2022		2021
Internally developed software	$	49,994	$	44,981
Computer equipment	30,310		29,329
Leasehold improvements	16,531		16,685
Office equipment and furniture	10,981		10,972
Property and equipment, cost	107,816		101,967
Less: accumulated depreciation and amortization	(72,358)		(70,066)
Total property and equipment, net	$	35,458	$	31,901

Depreciation and amortization expense of property and equipment was as follows:


	Year Ended December 31,
(in thousands)	2022		2021		2020
Depreciation and amortization expense	$	16,421	$	14,788	$	13,127

Goodwill and Intangible Assets, net

12 Months Ended

Dec. 31, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets, net

Goodwill

The activity in goodwill was as follows:


	Year Ended December 31,
(in thousands)	2022		2021
Balance, beginning of year	$	143,663	$	134,853
Additions from business acquisitions	56,566		8,914
Foreign currency translation	(1,618)		(372)
Remeasurement from provisional purchase accounting amount	(1,327)		268
Balance, end of year	$	197,284	$	143,663

Intangible Assets

Intangible assets, net consisted of the following:


	December 31, 2022
($ in thousands)	Gross Carrying Amount		Accumulated Amortization		Foreign Currency Translation		Net		Weighted Average Remaining Amortization Period
Subscriber relationships	$	80,101	$	(22,255)	$	(171)	$	57,675	6.8 years
Developed technology	40,610		(9,934)		1		30,677		5.4 years
	$	120,711	$	(32,189)	$	(170)	$	88,352	6.4 years


	December 31, 2021
($ in thousands)	Gross Carrying Amount		Accumulated Amortization		Foreign Currency Translation		Net		Weighted Average Remaining Amortization Period
Subscriber relationships	$	61,270	$	(29,866)	$	(1,395)	$	30,009	6.4 years
Developed technology	35,316		(6,738)		—		28,578		6.8 years
	$	96,586	$	(36,604)	$	(1,395)	$	58,587	6.6 years

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


(in thousands)
2023	$	15,289
2024	14,098
2025	13,960
2026	12,956
2027	12,493
Thereafter	19,556
Total future amortization	$	88,352

Commitments and Contingencies

12 Months Ended

Dec. 31, 2022

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Leases

We are engaged in a lease agreement for our current headquarters located in Minneapolis, Minnesota where we lease approximately 198,000 square feet under an agreement that expires in 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. We lease other smaller facilities across the U.S. and international locations.

The components of lease expense were as follows:


	Year Ended December 31,
(in thousands)	2022		2021		2020
Operating lease cost	$	3,087	$	3,089	$	2,719
Variable lease cost	3,576		3,660		3,578
	$	6,663	$	6,749	$	6,297

Supplemental cash flow information related to leases was as follows:


	December 31,
(in thousands)	2022		2021
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases	$	4,639	$	3,757
Right-of-use assets obtained in exchange for operating lease liabilities	934		992

Supplemental balance sheet information related to operating leases was as follows:


	December 31, 2022		December 31, 2021
Weighted-average remaining lease term	3.9 years		4.8 years
Weighted-average discount rate	4.0	%	4.0	%

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


(in thousands)
2023	$	4,889
2024	4,485
2025	4,369
2026	3,764
2027	1,265
Total future payments	18,772
Less: imputed interest	(1,486)
Total operating lease liabilities	$	17,286

Purchase Commitments

We have entered into separate noncancelable agreements with computing infrastructure, customer relationship management, and performance and security data analytics vendors for services through 2025. At December 31, 2022, the total remaining purchase commitments were $4.9 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, 2022

Equity [Abstract]

Stockholders' Equity

Stockholders’ Equity

Share Repurchase Program

Our board of directors has authorized multiple non-concurrent programs to repurchase our common stock. Details of the programs and activity thereunder through December 31, 2022 were as follows:


(in thousands)	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	$	29,611	$	20,389	N/A
2021 Program	November 2021	August 2022	50,000		49,992		8		N/A
2022 Program	August 2022	July 2024	50,000		2,992		N/A		$	47,008

The share repurchase activity by period was as follows:


	Year Ended December 31,
(in thousands, except shares and per share amounts)	2022		2021		2020
Number of shares repurchased	361,745		176,103		371,902
Shares repurchased cost	$	43,215	$	20,430	$	18,950
Average price per repurchased share	$	119.46	$	116.01	$	50.95

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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Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation

12 Months Ended

Dec. 31, 2022

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 to eligible participants.

We recognize stock-based compensation expense based on grant date award fair value. This cost is recognized over the period for which the employee is required to provide service in exchange for the award or the award performance period, except for expenses relating to retirement-eligible employees that have not given their required notice, which is recognized on a pro-rata basis over the notice period prior to retirement. At December 31, 2022 there were 13.2 million shares available for grant under approved equity compensation plans.

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


	Year Ended December 31,
(in thousands)	2022		2021		2020
Cost of revenues	$	8,684	$	6,760	$	3,948
Operating expenses
Sales and marketing	7,590		6,248		4,119
Research and development	5,634		4,384		3,626
General and administrative	11,491		10,182		7,243
	$	33,399	$	27,574	$	18,936

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


	Year Ended December 31,
(in thousands)	2022		2021		2020
Stock options	$	1,903	$	2,057	$	2,232
PSUs	7,509		6,417		3,219
RSUs	19,282		15,388		10,367
RSAs & DSUs	437		434		446
ESPP	2,144		1,391		1,117
401(k) stock match	2,124		1,887		1,555
	$	33,399	$	27,574	$	18,936

As of December 31, 2022, there was $38.6 million of unrecognized stock-based compensation expense under our equity compensation plans, which is expected to be recognized on a primarily straight-line basis over a weighted-average period of 2.4 years.

Stock Options

Options generally vest over four years and, upon vesting, the holder is given the option to purchase shares of common stock at a specific strike price until expiration, which is generally seven years from the grant date.

Our stock option activity was as follows:


	Options (#)	Weighted Average Exercise Price ($/share)
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
Granted	53,223	105.53
Exercised	(311,378)	30.10
Forfeited	(8,081)	68.62
Outstanding at December 31, 2021	678,650	44.76
Granted	56,430	122.59
Exercised	(164,393)	29.86
Forfeited	(7,990)	92.48
Outstanding at December 31, 2022	562,697	56.24

Of the total outstanding options at December 31, 2022, 0.5 million were exercisable. The outstanding and exercisable options had a weighted average exercise price of $47.80 per share and a weighted average remaining contractual life of 2.9 years.

The table below presents additional information related to our stock options:


	Year Ended December 31,
(in thousands, except per share data)	2022		2021		2020
Fair value of options vested	$	1,996	$	2,509	$	3,000
Intrinsic value of options exercised	16,705		27,713		31,737
Intrinsic value of options outstanding	40,692		66,235		67,918
Weighted-average fair value per share of options granted	41.34		31.31		16.18

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,
	2022		2021		2020
Life (in years)	4.3		4.4		4.0
Volatility	38	%	35	%	33	%
Dividend yield	—		—		—
Risk-free interest rate	2.50	%	0.59	%	0.99	%

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

In 2022, 2021, and 2020 we granted PSU awards with certain target performance levels. These awards are earned based upon our Company’s total shareholder return as compared to an indexed total shareholder return over the course of a fiscal based three-year performance period, starting in the year of grant. Earned awards vest in the quarter following the conclusion of the performance period. 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 2022, PSU awards granted in 2019 were earned and vested at the maximum performance level and less than 0.1 million shares of common stock were issued.

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


	(#)	Weighted Average Grant Date Fair Value ($/share)
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
Granted	314,290	101.85
Vested and common stock issued	(331,669)	44.14
Forfeited	(18,883)	66.35
Outstanding at December 31, 2021	702,160	78.03
Granted	312,880	126.44
Vested and common stock issued	(276,872)	64.12
Forfeited	(26,010)	99.37
Outstanding at December 31, 2022	712,158	103.93

The number of PSUs, RSUs, RSAs, and DSUs outstanding at December 31, 2022 included less than 0.1 million units that have vested, but the shares of common stock have not yet been issued, pursuant to the terms of the agreements.

Employee Stock Purchase Plan

Our ESPP activity was as follows:


	Year Ended December 31,
(in thousands, except share data)	2022		2021		2020
Amounts for shares purchased	$	6,676	$	4,737	$	3,374
Shares purchased	70,107		55,726		61,833

A total of 1.7 million shares of common stock are remaining for issuance under the plan at December 31, 2022.

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:


	Year Ended December 31,
	2022		2021		2020
Life (in years)	0.5		0.5		0.5
Volatility	42	%	32	%	43	%
Dividend yield	—		—		—
Risk-free interest rate	1.27	%	0.07	%	0.96	%

Income Taxes

12 Months Ended

Dec. 31, 2022

Income Tax Disclosure [Abstract]

Income Taxes

Our provision for income taxes was comprised of the following components:


	Year Ended December 31,
(in thousands)	2022		2021		2020
Current
Federal	$	13,881	$	1,559	$	—
State	4,149		1,890		1,249
Foreign	1,990		1,610		1,608
Deferred
Federal	(2,530)		4,294		4,462
State	(751)		(88)		244
Foreign	(549)		(321)		(469)
	$	16,190	$	8,944	$	7,094

Our income tax expense differed from the amounts computed by applying the U.S. federal income tax rate to pretax income as a result of the following:


	Year Ended December 31,
	2022		2021		2020
U.S. statutory federal income tax rate	21.0	%	21.0	%	21.0	%
Increase (decrease) resulting from:
U.S. state income taxes, net of federal tax effect	4.6		4.5		4.5
Tax impact of stock activity	(4.7)		(12.8)		(12.9)
Nondeductible compensation	3.5		5.0		1.8
Research and development credit	(1.5)		(1.1)		(0.6)
Foreign derived intangible income	(1.4)		(1.3)		(1.3)
Other	1.2		1.4		1.0
Effective tax rate	22.7	%	16.7	%	13.5	%

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


	December 31,
(in thousands)	2022		2021
Deferred tax assets
Net operating loss and credit carryforwards	$	9,970	$	4,828
Stock-based compensation expense	5,084		3,934
Accrued expenses	4,469		5,174
Operating lease liabilities	4,384		5,235
Research and development capitalized	9,591		—
Other deferred tax assets	2,408		2,778
Gross deferred tax assets	35,906		21,949
Less: valuation allowance	(1,873)		(1,815)
Total net deferred tax assets	$	34,033	$	20,134

Deferred tax liabilities
Deferred costs	$	(17,696)	$	(15,126)
Right-of-use assets	(2,338)		(2,787)
Depreciation and amortization	(20,282)		(8,820)
Other deferred tax liabilities	(909)		(364)
Total deferred tax liabilities	(41,225)		(27,097)
Net deferred tax liabilities	$	(7,192)	$	(6,963)

Amounts for the year ended December 31, 2021 have been reclassified to be consistent with the current classification.

As of December 31, 2022, we had net operating loss carryforwards of $40.9 million for U.S. federal tax purposes and $4.5 million for state tax purposes. If not utilized, the loss carryforwards will expire between 2023 and 2036 for federal tax purposes and between 2026 and 2042 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, 2022, all $40.9 million of our net operating loss carryforwards are subject to Section 382 limitations, of which we believe $6.8 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.

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.

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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Other Income and Expenses [Abstract]

Other Income and Expense

12 Months Ended

Dec. 31, 2022

Other Income and Expense

Other income (expense), net included the following:


	Year Ended December 31,
(in thousands)	2022		2021		2020
Investment income	$	1,670	$	278	$	1,208
Realized gain (loss) from foreign currency on cash and investments held	(1,026)		(1,456)		1,753
Change in earn-out liability	—		—		(85)
Other expense, net	(502)		(366)		(354)
Total other income (expense), net	$	142	$	(1,544)	$	2,522

Effective January 1, 2021, all realized gains or losses and interest income on our investments are included in investment income. Previously, realized gains and losses were included in other income (expense), net and interest income was included in interest income, net. Additionally, realized gains or losses from foreign currency on cash and investments

held were previously included in other income (expense), net. Amounts for the year ended December 31, 2020 have been reclassified to be consistent with the current classification.

Net Income Per Share

12 Months Ended

Dec. 31, 2022

Earnings Per Share [Abstract]

Net Income Per Share

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


	Year Ended December 31,
(in thousands, except per share amounts)	2022		2021		2020
Numerator
Net income	$	55,134	$	44,597	$	45,586
Denominator
Weighted average common shares outstanding, basic	36,117		35,928		35,226
Options to purchase common stock	382		529		611
PSUs, RSUs, RSAs, and DSUs	454		505		448
Weighted average common shares outstanding, diluted	36,953		36,962		36,285
Net income per share
Basic	$	1.53	$	1.24	$	1.29
Diluted	$	1.49	$	1.21	$	1.26

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:


	Year Ended December 31,
(in thousands)	2022	2021	2020
Anti-dilutive shares	75	31	26

Retirement Savings Plan

12 Months Ended

Dec. 31, 2022

Retirement Benefits [Abstract]

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 as follows:


	Year Ended December 31,
(in thousands)	2022		2021		2020
Retirement contributions	$	5,386	$	4,790	$	3,889

The entire disclosure for retirement benefits.

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Geographic Information

12 Months Ended

Dec. 31, 2022

Related Party Transactions

Geographic Information

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:


	Year Ended December 31,
	2022		2021		2020
Domestic revenue	84	%	84	%	85	%

No single jurisdiction outside of the U.S. had revenues in excess of 10%.

Property and Equipment

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


	December 31,
	2022		2021
International property and equipment	13	%	12	%

Related Party Transactions

12 Months Ended

Dec. 31, 2022

The 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 corporate officers. These directors receive no compensation from the Foundation or us 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. We have no current legal obligations for future commitments to the Foundation. Our contributions to the Foundation were as follows:


	Year Ended December 31,
(in thousands)	2022		2021		2020
Foundation contributions	$	2,750	$	2,400	$	1,800

General (Policies)

12 Months Ended

Dec. 31, 2022

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Business Description

Basis of Presentation

Basis of PresentationThe 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.

Foreign Currency Translation

Use of Estimates

Business Combinations

Segment Information

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.

Investments

Fair Value of Other Financial Instruments

Fair Value Measurements

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.

Recurring Fair Value Measurements

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

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

Nonrecurring Fair Value Measurements

We measure certain assets and liabilities at fair value on a nonrecurring basis, including long-lived assets, goodwill, and indefinite-lived intangible assets.

Accounts Receivable

Property and Equipment

The estimated useful lives of property and equipment were as follows:


			Estimated Useful Life
Internally developed software			3 years
Computer equipment			2-3 years
Office equipment and furniture			5-7 years
Leasehold improvements			Shorter of the useful life of the asset or the remaining term of the lease

Leases

Research and Development

Goodwill

Intangible Assets

The purchased intangible assets are being amortized on a straight-line basis over their estimated useful lives.

The estimated useful lives for intangible were as follows:


			Estimated Useful Life
Subscriber relationships			7-10 years
Developed technology			3-10 years

Impairment of Long-Lived Assets

Revenue Recognition

Revenues are the amount that reflects the consideration we are contractually and legally entitled to, as well as the amount we expect to collect, 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

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

Stock-Based Compensation

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.

Income Taxes

It is our practice to recognize interest and penalties accrued on any unrecognized tax benefits as a component of income tax expense.

Net Income Per Share

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

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.

General (Tables)

12 Months Ended

Dec. 31, 2022

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Estimated Useful Lives of Property and Equipment

The estimated useful lives of property and equipment were as follows:


			Estimated Useful Life
Internally developed software			3 years
Computer equipment			2-3 years
Office equipment and furniture			5-7 years
Leasehold improvements			Shorter of the useful life of the asset or the remaining term of the lease

Property and equipment, net consisted of the following:


	December 31,
(in thousands)	2022		2021
Internally developed software	$	49,994	$	44,981
Computer equipment	30,310		29,329
Leasehold improvements	16,531		16,685
Office equipment and furniture	10,981		10,972
Property and equipment, cost	107,816		101,967
Less: accumulated depreciation and amortization	(72,358)		(70,066)
Total property and equipment, net	$	35,458	$	31,901

Summary of Estimated Useful Lives of Intangible Assets

The estimated useful lives for intangible were as follows:


			Estimated Useful Life
Subscriber relationships			7-10 years
Developed technology			3-10 years

Business Acquisitions (Tables)

12 Months Ended

Dec. 31, 2022

Business Combinations [Abstract]

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 dates:


	2022 Acquisition Activity
	GCommerce						InterTrade
(in thousands)	Acquisition Date Estimated Fair Value as of September 30, 2022		Adjustments		Acquisition Date Estimated Fair Value as of December 31, 2022		Acquisition Date Estimated Fair Value as of December 31, 2022
Cash paid at transaction date	$	45,153	$	—	$	45,153	$	47,165
Contingent consideration	—		—		—		2,000
Post-closing adjustments	(64)		—		(64)		(93)
Total consideration	$	45,089	$	—	$	45,089	$	49,072

Estimated fair value of assets and liabilities acquired:
Cash	$	230	$	—	$	230	$	668
Accounts receivable	467		—		467		1,302
Other current assets	288		—		288		1,903
Operating lease right-of-use asset	934		—		934		—
Intangible assets
Subscriber relationships	18,225		(925)		17,300		17,640
Developed technology	2,025		275		2,300		4,410
Deferred income tax assets	5,291		1,440		6,731		101
Accounts payable	(266)		—		(266)		(2,337)
Accrued compensation	(321)		—		(321)		—
Deferred revenue	(262)		—		(262)		(397)
Operating lease liability	(934)		—		(934)		—
Deferred income tax liabilities	(5,144)		537		(4,607)		(6,228)
Total fair value of assets and liabilities acquired	$	20,533	$	1,327	$	21,860	$	17,062

Goodwill	$	24,556	$	(1,327)	$	23,229	$	32,010

Finite-Lived and Indefinite-Lived Intangible Assets Acquired as Part of Business Combination

The following table summarizes the estimated useful lives for each acquired intangible asset, each of which are subject to finalization:


	Estimated Useful Life
	GCommerce	InterTrade
Subscriber relationships	8.0 years	8.0 years
Developed technology	5.0 years	6.0 years

Revenue (Tables)

12 Months Ended

Dec. 31, 2022

Summary of Revenues by Revenue Stream

We derive our revenues from the following revenue streams:


	Year Ended December 31,
(in thousands)	2022		2021		2020
Recurring revenues:
Fulfillment	$	364,148	$	306,851	$	251,272
Analytics	46,894		42,674		38,824
Other	8,005		5,481		4,920
Recurring Revenues	419,047		355,006		295,016
One-time revenues	31,828		30,270		17,614
Total revenue	$	450,875	$	385,276	$	312,630

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)	2022		2021
Balance, beginning of year	$	14,459	$	11,118
Invoiced set-up fees	15,457		15,931
Recognized set-up fees	(14,917)		(12,590)
Balance, end of year	$	14,999	$	14,459

Deferred Costs (Tables)

12 Months Ended

Dec. 31, 2022

Deferred Costs [Abstract]

Summary of Deferred Costs Activity

The deferred costs activity was as follows:


	Year Ended December 31,
(in thousands)	2022		2021
Balance, beginning of year	$	59,720	$	50,595
Incurred deferred costs	72,509		64,076
Amortized deferred costs	(62,050)		(54,951)
Balance, end of year	$	70,179	$	59,720

Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2022

Fair Value Disclosures [Abstract]

Summary of Cash Equivalents and Investments

Cash equivalents and investments, as measured at fair value on a recurring basis, consisted of the following:


		December 31, 2022						December 31, 2021
	Fair Value Level	Amortized Cost		Unrealized Gains (Losses), net		Fair Value		Amortized Cost		Unrealized Gains (Losses), net		Fair Value
(in thousands)
Cash equivalents:
Money market funds	Level 1	$	73,368	$	—	$	73,368	$	138,205	$	—	$	138,205
Investments:
Certificates of deposit	Level 1	6,813		—		6,813		7,268		—		7,268
Marketable securities:
Commercial paper	Level 2	44,224		375		44,599		34,984		7		34,991
U.S. treasury securities	Level 2	—		—		—		7,500		(1)		7,499
		$	124,405	$	375	$	124,780	$	187,957	$	6	$	187,963

Allowance for Credit Losses (Tables)

12 Months Ended

Dec. 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:


	Year Ended December 31,
(in thousands)	2022		2021		2020
Balance, beginning of year	$	4,249	$	4,233	$	1,469
Provision for credit losses	3,359		4,717		5,660
Write-offs, net of recoveries	(4,542)		(4,790)		(4,319)
Initial allowance for business combination acquired receivables	—		89		354
Adoption of ASU 2016-13	—		—		1,069
Balance, end of year	$	3,066	$	4,249	$	4,233

Property and Equipment, net (Tables)

12 Months Ended

Dec. 31, 2022

Property, Plant and Equipment [Abstract]

Schedule of Property and Equipment, Net

The estimated useful lives of property and equipment were as follows:


			Estimated Useful Life
Internally developed software			3 years
Computer equipment			2-3 years
Office equipment and furniture			5-7 years
Leasehold improvements			Shorter of the useful life of the asset or the remaining term of the lease

Property and equipment, net consisted of the following:


	December 31,
(in thousands)	2022		2021
Internally developed software	$	49,994	$	44,981
Computer equipment	30,310		29,329
Leasehold improvements	16,531		16,685
Office equipment and furniture	10,981		10,972
Property and equipment, cost	107,816		101,967
Less: accumulated depreciation and amortization	(72,358)		(70,066)
Total property and equipment, net	$	35,458	$	31,901

Schedule of Depreciation and Amortization Expense of Property and Equipment

Depreciation and amortization expense of property and equipment was as follows:


	Year Ended December 31,
(in thousands)	2022		2021		2020
Depreciation and amortization expense	$	16,421	$	14,788	$	13,127

Goodwill and Intangible Assets, net (Tables)

12 Months Ended

Dec. 31, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Activity in Goodwill

The activity in goodwill was as follows:


	Year Ended December 31,
(in thousands)	2022		2021
Balance, beginning of year	$	143,663	$	134,853
Additions from business acquisitions	56,566		8,914
Foreign currency translation	(1,618)		(372)
Remeasurement from provisional purchase accounting amount	(1,327)		268
Balance, end of year	$	197,284	$	143,663

Intangible Assets

Intangible assets, net consisted of the following:


	December 31, 2022
($ in thousands)	Gross Carrying Amount		Accumulated Amortization		Foreign Currency Translation		Net		Weighted Average Remaining Amortization Period
Subscriber relationships	$	80,101	$	(22,255)	$	(171)	$	57,675	6.8 years
Developed technology	40,610		(9,934)		1		30,677		5.4 years
	$	120,711	$	(32,189)	$	(170)	$	88,352	6.4 years


	December 31, 2021
($ in thousands)	Gross Carrying Amount		Accumulated Amortization		Foreign Currency Translation		Net		Weighted Average Remaining Amortization Period
Subscriber relationships	$	61,270	$	(29,866)	$	(1,395)	$	30,009	6.4 years
Developed technology	35,316		(6,738)		—		28,578		6.8 years
	$	96,586	$	(36,604)	$	(1,395)	$	58,587	6.6 years

Estimated Annual Amortization Expense Related to Intangible Assets

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


(in thousands)
2023	$	15,289
2024	14,098
2025	13,960
2026	12,956
2027	12,493
Thereafter	19,556
Total future amortization	$	88,352

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
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-Name Accounting Standards Codification
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Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
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-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
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-Paragraph 1
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-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
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-Name Accounting Standards Codification
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Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
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-Name Accounting Standards Codification
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Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
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-Name Accounting Standards Codification
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Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
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-Name Accounting Standards Codification
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Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
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-Name Accounting Standards Codification
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Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
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-Name Accounting Standards Codification
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Reference 11: http://www.xbrl.org/2003/role/exampleRef
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Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
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-Name Accounting Standards Codification
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Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies (Tables)

12 Months Ended

Dec. 31, 2022

Components of Lease Expense

The components of lease expense were as follows:


	Year Ended December 31,
(in thousands)	2022		2021		2020
Operating lease cost	$	3,087	$	3,089	$	2,719
Variable lease cost	3,576		3,660		3,578
	$	6,663	$	6,749	$	6,297

Schedule of Supplemental Cash Flow Information Related to Leases

Supplemental cash flow information related to leases was as follows:


	December 31,
(in thousands)	2022		2021
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases	$	4,639	$	3,757
Right-of-use assets obtained in exchange for operating lease liabilities	934		992

Schedule of Supplemental Balance Sheet Information Related to Leases

Supplemental balance sheet information related to operating leases was as follows:


	December 31, 2022		December 31, 2021
Weighted-average remaining lease term	3.9 years		4.8 years
Weighted-average discount rate	4.0	%	4.0	%

Schedule of Future Minimum Payments Under Operating Leases

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


(in thousands)
2023	$	4,889
2024	4,485
2025	4,369
2026	3,764
2027	1,265
Total future payments	18,772
Less: imputed interest	(1,486)
Total operating lease liabilities	$	17,286

Stockholders' Equity (Tables)

12 Months Ended

Dec. 31, 2022

Equity [Abstract]

Class of Treasury Stock

Our board of directors has authorized multiple non-concurrent programs to repurchase our common stock. Details of the programs and activity thereunder through December 31, 2022 were as follows:


(in thousands)	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	$	29,611	$	20,389	N/A
2021 Program	November 2021	August 2022	50,000		49,992		8		N/A
2022 Program	August 2022	July 2024	50,000		2,992		N/A		$	47,008

The share repurchase activity by period was as follows:


	Year Ended December 31,
(in thousands, except shares and per share amounts)	2022		2021		2020
Number of shares repurchased	361,745		176,103		371,902
Shares repurchased cost	$	43,215	$	20,430	$	18,950
Average price per repurchased share	$	119.46	$	116.01	$	50.95

Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2022

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation Expense

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


	Year Ended December 31,
(in thousands)	2022		2021		2020
Cost of revenues	$	8,684	$	6,760	$	3,948
Operating expenses
Sales and marketing	7,590		6,248		4,119
Research and development	5,634		4,384		3,626
General and administrative	11,491		10,182		7,243
	$	33,399	$	27,574	$	18,936

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


	Year Ended December 31,
(in thousands)	2022		2021		2020
Stock options	$	1,903	$	2,057	$	2,232
PSUs	7,509		6,417		3,219
RSUs	19,282		15,388		10,367
RSAs & DSUs	437		434		446
ESPP	2,144		1,391		1,117
401(k) stock match	2,124		1,887		1,555
	$	33,399	$	27,574	$	18,936

Stock Option Activity

Our stock option activity was as follows:


	Options (#)	Weighted Average Exercise Price ($/share)
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
Granted	53,223	105.53
Exercised	(311,378)	30.10
Forfeited	(8,081)	68.62
Outstanding at December 31, 2021	678,650	44.76
Granted	56,430	122.59
Exercised	(164,393)	29.86
Forfeited	(7,990)	92.48
Outstanding at December 31, 2022	562,697	56.24

Summary of Additional Information Related to Stock Options

The table below presents additional information related to our stock options:


	Year Ended December 31,
(in thousands, except per share data)	2022		2021		2020
Fair value of options vested	$	1,996	$	2,509	$	3,000
Intrinsic value of options exercised	16,705		27,713		31,737
Intrinsic value of options outstanding	40,692		66,235		67,918
Weighted-average fair value per share of options granted	41.34		31.31		16.18

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,
	2022		2021		2020
Life (in years)	4.3		4.4		4.0
Volatility	38	%	35	%	33	%
Dividend yield	—		—		—
Risk-free interest rate	2.50	%	0.59	%	0.99	%

PSU, RSU, RSA, and DSU

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


	(#)	Weighted Average Grant Date Fair Value ($/share)
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
Granted	314,290	101.85
Vested and common stock issued	(331,669)	44.14
Forfeited	(18,883)	66.35
Outstanding at December 31, 2021	702,160	78.03
Granted	312,880	126.44
Vested and common stock issued	(276,872)	64.12
Forfeited	(26,010)	99.37
Outstanding at December 31, 2022	712,158	103.93

Summary of ESPP Activity

Our ESPP activity was as follows:


	Year Ended December 31,
(in thousands, except share data)	2022		2021		2020
Amounts for shares purchased	$	6,676	$	4,737	$	3,374
Shares purchased	70,107		55,726		61,833

Fair Value Estimation of Common Stock, 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:


	Year Ended December 31,
	2022		2021		2020
Life (in years)	0.5		0.5		0.5
Volatility	42	%	32	%	43	%
Dividend yield	—		—		—
Risk-free interest rate	1.27	%	0.07	%	0.96	%

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2022

Income Tax Disclosure [Abstract]

Schedule of Provision for Income Taxes

Our provision for income taxes was comprised of the following components:


	Year Ended December 31,
(in thousands)	2022		2021		2020
Current
Federal	$	13,881	$	1,559	$	—
State	4,149		1,890		1,249
Foreign	1,990		1,610		1,608
Deferred
Federal	(2,530)		4,294		4,462
State	(751)		(88)		244
Foreign	(549)		(321)		(469)
	$	16,190	$	8,944	$	7,094

Schedule of Income Tax Expense Differed from Amounts Computed by applying U.S. Federal Income Tax Rate to Pretax Income

Our income tax expense differed from the amounts computed by applying the U.S. federal income tax rate to pretax income as a result of the following:


	Year Ended December 31,
	2022		2021		2020
U.S. statutory federal income tax rate	21.0	%	21.0	%	21.0	%
Increase (decrease) resulting from:
U.S. state income taxes, net of federal tax effect	4.6		4.5		4.5
Tax impact of stock activity	(4.7)		(12.8)		(12.9)
Nondeductible compensation	3.5		5.0		1.8
Research and development credit	(1.5)		(1.1)		(0.6)
Foreign derived intangible income	(1.4)		(1.3)		(1.3)
Other	1.2		1.4		1.0
Effective tax rate	22.7	%	16.7	%	13.5	%

Significant Components of Deferred Tax Assets (Liabilities)

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


	December 31,
(in thousands)	2022		2021
Deferred tax assets
Net operating loss and credit carryforwards	$	9,970	$	4,828
Stock-based compensation expense	5,084		3,934
Accrued expenses	4,469		5,174
Operating lease liabilities	4,384		5,235
Research and development capitalized	9,591		—
Other deferred tax assets	2,408		2,778
Gross deferred tax assets	35,906		21,949
Less: valuation allowance	(1,873)		(1,815)
Total net deferred tax assets	$	34,033	$	20,134

Deferred tax liabilities
Deferred costs	$	(17,696)	$	(15,126)
Right-of-use assets	(2,338)		(2,787)
Depreciation and amortization	(20,282)		(8,820)
Other deferred tax liabilities	(909)		(364)
Total deferred tax liabilities	(41,225)		(27,097)
Net deferred tax liabilities	$	(7,192)	$	(6,963)

Other Income and Expense (Tables)

12 Months Ended

Dec. 31, 2022

Other Income and Expenses [Abstract]

Summary of Other Income (Expense), Net

Other income (expense), net included the following:


	Year Ended December 31,
(in thousands)	2022		2021		2020
Investment income	$	1,670	$	278	$	1,208
Realized gain (loss) from foreign currency on cash and investments held	(1,026)		(1,456)		1,753
Change in earn-out liability	—		—		(85)
Other expense, net	(502)		(366)		(354)
Total other income (expense), net	$	142	$	(1,544)	$	2,522

Net Income Per Share (Tables)

12 Months Ended

Dec. 31, 2022

Earnings Per Share [Abstract]

Components of Computation of Basic and Diluted Net Income Per Share

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


	Year Ended December 31,
(in thousands, except per share amounts)	2022		2021		2020
Numerator
Net income	$	55,134	$	44,597	$	45,586
Denominator
Weighted average common shares outstanding, basic	36,117		35,928		35,226
Options to purchase common stock	382		529		611
PSUs, RSUs, RSAs, and DSUs	454		505		448
Weighted average common shares outstanding, diluted	36,953		36,962		36,285
Net income per share
Basic	$	1.53	$	1.24	$	1.29
Diluted	$	1.49	$	1.21	$	1.26

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

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:


	Year Ended December 31,
(in thousands)	2022	2021	2020
Anti-dilutive shares	75	31	26

Retirement Savings Plan (Tables)

12 Months Ended

Dec. 31, 2022

Retirement Benefits [Abstract]

Schedule of Total Contribution to the Plan

Our total contributions to the plan were as follows:


	Year Ended December 31,
(in thousands)	2022		2021		2020
Retirement contributions	$	5,386	$	4,790	$	3,889

Geographic Information (Tables)

12 Months Ended

Dec. 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:


	Year Ended December 31,
	2022		2021		2020
Domestic revenue	84	%	84	%	85	%

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 at subsidiary and office locations outside of the U.S. was as follows:


	December 31,
	2022		2021
International property and equipment	13	%	12	%

Related Party Transactions (Tables)

12 Months Ended

Dec. 31, 2022

Summary of Contributions to Foundation

Our contributions to the Foundation were as follows:


	Year Ended December 31,
(in thousands)	2022		2021		2020
Foundation contributions	$	2,750	$	2,400	$	1,800

General - Narrative (Detail)	12 Months Ended
General - Narrative (Detail)	Dec. 31, 2022 Segment period
Schedule of Accounting Policies [Line Items]
Number of reportable segment	1
Number of operating segment	1
Deferred commission expected amortization period	2 years
Number of offering periods \| period	2
Stock plan offering period	6 months

General - Summary of Estimated Useful Lives of Property and Equipment (Detail)	12 Months Ended
	Dec. 31, 2022
Internally developed software
Schedule of Accounting Policies [Line Items]
Estimated useful lives of property and equipment	3 years
Computer equipment \| Minimum
Schedule of Accounting Policies [Line Items]
Estimated useful lives of property and equipment	2 years
Computer equipment \| Maximum
Schedule of Accounting Policies [Line Items]
Estimated useful lives of property and equipment	3 years
Office equipment and furniture \| Minimum
Schedule of Accounting Policies [Line Items]
Estimated useful lives of property and equipment	5 years
Office equipment and furniture \| Maximum
Schedule of Accounting Policies [Line Items]
Estimated useful lives of property and equipment	7 years

General - Summary of Estimated Useful Lives of Intangible Assets (Detail)	12 Months Ended
	Dec. 31, 2022
Subscriber relationships \| Minimum
Schedule of Accounting Policies [Line Items]
Estimated useful lives of intangible assets	7 years
Subscriber relationships \| Maximum
Schedule of Accounting Policies [Line Items]
Estimated useful lives of intangible assets	10 years
Developed technology \| Minimum
Schedule of Accounting Policies [Line Items]
Estimated useful lives of intangible assets	3 years
Developed technology \| Maximum
Schedule of Accounting Policies [Line Items]
Estimated useful lives of intangible assets	10 years

Business Acquisitions - Narrative (Detail) - USD ($) $ in Thousands			12 Months Ended
	Oct. 04, 2022	Jul. 19, 2022	Dec. 31, 2022
GCommerce Inc
Business Acquisition [Line Items]
Total consideration		$ 45,100	$ 45,089
Measurement period		1 year
InterTrade Systems Inc.
Business Acquisition [Line Items]
Total consideration	$ 49,100		49,072
Measurement period	1 year
Contingent consideration	$ 2,000		$ 2,000

Business Acquisitions - Estimated Fair Values of Assets Acquired and Liabilities Assumed at Acquisition Date (Detail) - USD ($) $ in Thousands				9 Months Ended	12 Months Ended
	Oct. 04, 2022	Sep. 30, 2022	Jul. 19, 2022	Sep. 30, 2022	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Estimated fair value of assets and liabilities acquired:
Goodwill					$ 197,284	$ 143,663	$ 134,853
GCommerce Inc
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net
Cash paid at transaction date					45,153
Contingent consideration					0
Post-closing adjustments					(64)
Total consideration			$ 45,100		45,089
Estimated fair value of assets and liabilities acquired:
Cash					230
Accounts receivable					467
Other current assets					288
Operating lease right-of-use asset					934
Deferred income tax assets					6,731
Accounts payable					(266)
Accrued compensation					(321)
Deferred revenue					(262)
Operating lease liability					(934)
Deferred income tax liabilities					(4,607)
Total purchase price					21,860
Goodwill					23,229
GCommerce Inc \| Previously Reported
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net
Cash paid at transaction date		$ 45,153
Contingent consideration		0
Post-closing adjustments		(64)
Total consideration		45,089
Estimated fair value of assets and liabilities acquired:
Cash		230		$ 230
Accounts receivable		467		467
Other current assets		288		288
Operating lease right-of-use asset		934		934
Deferred income tax assets		5,291		5,291
Accounts payable		(266)		(266)
Accrued compensation		(321)		(321)
Deferred revenue		(262)		(262)
Operating lease liability		(934)		(934)
Deferred income tax liabilities		(5,144)		(5,144)
Total purchase price		20,533		20,533
Goodwill		24,556		24,556
GCommerce Inc \| Revision of Prior Period, Adjustment
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net
Cash paid at transaction date				0
Contingent consideration				0
Post-closing adjustments				0
Total consideration				0
Estimated fair value of assets and liabilities acquired:
Cash		0		0
Accounts receivable		0		0
Other current assets		0		0
Operating lease right-of-use asset		0		0
Deferred income tax assets		1,440		1,440
Accounts payable		0		0
Accrued compensation		0		0
Deferred revenue		0		0
Operating lease liability		0		0
Deferred income tax liabilities		537		537
Total purchase price		1,327		1,327
Goodwill		(1,327)		(1,327)
GCommerce Inc \| Subscriber relationships
Estimated fair value of assets and liabilities acquired:
Intangible assets					17,300
GCommerce Inc \| Subscriber relationships \| Previously Reported
Estimated fair value of assets and liabilities acquired:
Intangible assets		18,225		18,225
GCommerce Inc \| Subscriber relationships \| Revision of Prior Period, Adjustment
Estimated fair value of assets and liabilities acquired:
Intangible assets		(925)		(925)
GCommerce Inc \| Developed technology
Estimated fair value of assets and liabilities acquired:
Intangible assets					2,300
GCommerce Inc \| Developed technology \| Previously Reported
Estimated fair value of assets and liabilities acquired:
Intangible assets		2,025		2,025
GCommerce Inc \| Developed technology \| Revision of Prior Period, Adjustment
Estimated fair value of assets and liabilities acquired:
Intangible assets		$ 275		$ 275
InterTrade Systems Inc.
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net
Cash paid at transaction date					47,165
Contingent consideration					2,000
Post-closing adjustments					(93)
Total consideration	$ 49,100				49,072
Estimated fair value of assets and liabilities acquired:
Cash					668
Accounts receivable					1,302
Other current assets					1,903
Operating lease right-of-use asset					0
Deferred income tax assets					101
Accounts payable					(2,337)
Accrued compensation					0
Deferred revenue					(397)
Operating lease liability					0
Deferred income tax liabilities					(6,228)
Total purchase price					17,062
Goodwill					32,010
InterTrade Systems Inc. \| Subscriber relationships
Estimated fair value of assets and liabilities acquired:
Intangible assets					17,640
InterTrade Systems Inc. \| Developed technology
Estimated fair value of assets and liabilities acquired:
Intangible assets					$ 4,410

Business Acquisitions - Estimated Fair Value of Purchased Intangible Assets and Estimated Useful Lives (Detail)	12 Months Ended
	Dec. 31, 2022
GCommerce Inc \| Subscriber relationships
Finite-Lived Intangible Assets [Line Items]
Estimated Useful Life	8 years
GCommerce Inc \| Developed technology
Finite-Lived Intangible Assets [Line Items]
Estimated Useful Life	5 years
InterTrade Systems Inc. \| Subscriber relationships
Finite-Lived Intangible Assets [Line Items]
Estimated Useful Life	8 years
InterTrade Systems Inc. \| Developed technology
Finite-Lived Intangible Assets [Line Items]
Estimated Useful Life	6 years

Revenue - Summary of Revenues by Revenue Stream (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Revenue Recognition [Line Items]
Revenues	$ 450,875	$ 385,276	$ 312,630
Recurring Revenues
Revenue Recognition [Line Items]
Revenues	419,047	355,006	295,016
One-time revenues
Revenue Recognition [Line Items]
Revenues	31,828	30,270	17,614
Fulfillment \| Recurring Revenues
Revenue Recognition [Line Items]
Revenues	364,148	306,851	251,272
Analytics \| Recurring Revenues
Revenue Recognition [Line Items]
Revenues	46,894	42,674	38,824
Other \| Recurring Revenues
Revenue Recognition [Line Items]
Revenues	$ 8,005	$ 5,481	$ 4,920

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.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Revenue - Narrative (Detail)	12 Months Ended
Revenue - Narrative (Detail)	Dec. 31, 2022
Disaggregation Of Revenue [Line Items]
Latest timing of billings	30 days
Set up fees recognized period	2 years
Maximum recognition period for miscellaneous one-time fee	1 year
Minimum
Disaggregation Of Revenue [Line Items]
Customer contract cancellation period	30 days
Maximum
Disaggregation Of Revenue [Line Items]
Customer contract cancellation period	90 days
Contract period for remaining performance obligations for contracts in which the optional exemption under ASC 606-10-50-14(a) was applied	1 year

Revenue - Summary of Deferred Revenue Liability Relating to Set-Up Fees (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Deferred Revenue Arrangement [Roll Forward]
Balance, beginning of year	$ 50,400
Balance, end of year		$ 50,400
Set-Up Fees
Deferred Revenue Arrangement [Roll Forward]
Balance, beginning of year	14,459	11,118
Invoiced set-up fees	15,457	15,931
Recognized set-up fees	(14,917)	(12,590)
Balance, end of year	$ 14,999	$ 14,459

Deferred Costs - Summary of Deferred Costs Activity (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Deferred Costs [Roll Forward]
Balance, beginning of year	$ 59,720	$ 50,595
Incurred deferred costs	72,509	64,076
Amortized deferred costs	(62,050)	(54,951)
Balance, end of year	$ 70,179	$ 59,720

Fair Value Measurements - Summary of Cash Equivalents and Investments (Detail) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Schedule of Financial Instruments [Line Items]
Amortized Cost	$ 124,405	$ 187,957
Unrealized Gains (Losses), net	375	6
Fair Value	124,780	187,963
Level 1 \| Money market funds
Schedule of Financial Instruments [Line Items]
Amortized Cost	73,368	138,205
Unrealized Gains (Losses), net	0	0
Fair Value	73,368	138,205
Level 1 \| Certificates of deposit
Schedule of Financial Instruments [Line Items]
Amortized Cost	6,813	7,268
Unrealized Gains (Losses), net	0	0
Fair Value	6,813	7,268
Level 2 \| Commercial paper
Schedule of Financial Instruments [Line Items]
Amortized Cost	44,224	34,984
Unrealized Gains (Losses), net	375	7
Fair Value	44,599	34,991
Level 2 \| U.S. treasury securities
Schedule of Financial Instruments [Line Items]
Amortized Cost	0	7,500
Unrealized Gains (Losses), net	0	(1)
Fair Value	$ 0	$ 7,499

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, 2022	Dec. 31, 2021	Dec. 31, 2020
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Balance, beginning of year	$ 4,249	$ 4,233	$ 1,469
Provision for credit losses	3,359	4,717	5,660
Write-offs, net of recoveries	(4,542)	(4,790)	(4,319)
Initial allowance for business combination acquired receivables	0	89	354
Adoption of ASU 2016-13	0	0	1,069
Balance, end of year	$ 3,066	$ 4,249	$ 4,233

Property and Equipment, net - Schedule of Property and Equipment, Net (Detail) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Property, Plant and Equipment [Line Items]
Property and equipment, cost	$ 107,816	$ 101,967
Less: accumulated depreciation and amortization	(72,358)	(70,066)
Total property and equipment, net	35,458	31,901
Internally developed software
Property, Plant and Equipment [Line Items]
Property and equipment, cost	49,994	44,981
Computer equipment
Property, Plant and Equipment [Line Items]
Property and equipment, cost	30,310	29,329
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property and equipment, cost	16,531	16,685
Office equipment and furniture
Property, Plant and Equipment [Line Items]
Property and equipment, cost	$ 10,981	$ 10,972

Property and Equipment, net - Schedule of Depreciation and Amortization Expense of Property and Equipment (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Property, Plant and Equipment [Abstract]
Depreciation and amortization expense	$ 16,421	$ 14,788	$ 13,127

Goodwill and Intangible Assets, net - Schedule of Activity in Goodwill (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Goodwill [Roll Forward]
Balance, beginning of year	$ 143,663	$ 134,853
Additions from business acquisitions	56,566	8,914
Foreign currency translation	(1,618)	(372)
Remeasurement from provisional purchase accounting amount	(1,327)	268
Balance, end of year	$ 197,284	$ 143,663

Amount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized.

+ References + Details

Goodwill and Intangible Assets, net - Intangible Assets (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 120,711	$ 96,586
Accumulated Amortization	(32,189)	(36,604)
Foreign Currency Translation	(170)	(1,395)
Net	$ 88,352	$ 58,587
Weighted Average Remaining Amortization Period	6 years 4 months 24 days	6 years 7 months 6 days
Subscriber relationships
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 80,101	$ 61,270
Accumulated Amortization	(22,255)	(29,866)
Foreign Currency Translation	(171)	(1,395)
Net	$ 57,675	$ 30,009
Weighted Average Remaining Amortization Period	6 years 9 months 18 days	6 years 4 months 24 days
Developed technology
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 40,610	$ 35,316
Accumulated Amortization	(9,934)	(6,738)
Foreign Currency Translation	1	0
Net	$ 30,677	$ 28,578
Weighted Average Remaining Amortization Period	5 years 4 months 24 days	6 years 9 months 18 days

Goodwill and Intangible Assets, net - Estimated Future Annual Amortization Expense Related to Intangible Assets (Detail) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
2023	$ 15,289
2024	14,098
2025	13,960
2026	12,956
2027	12,493
Thereafter	19,556
Net	$ 88,352	$ 58,587

Commitments and Contingencies - Narrative (Detail) ft² in Thousands, $ in Millions	Dec. 31, 2022 USD ($) ft² option
Commitments and Contingencies Disclosure [Abstract]
Current leased space \| ft²	198
Lease extension period, number of years	5 years
Number of extension options \| option	2
Remaining purchase commitment \| $	$ 4.9

Commitments and Contingencies - Components of Lease Expense (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Leases [Abstract]
Operating lease cost	$ 3,087	$ 3,089	$ 2,719
Variable lease cost	3,576	3,660	3,578
Total Lease expense	$ 6,663	$ 6,749	$ 6,297

Commitments and Contingencies - Schedule of Supplemental Cash Flow Information Related to Leases (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases	$ 4,639	$ 3,757
Right-of-use assets obtained in exchange for operating lease liabilities	$ 934	$ 992

Commitments and Contingencies - Schedule of Supplemental Balance Sheet Information Related to Leases (Detail)	Dec. 31, 2022	Dec. 31, 2021
Leases [Abstract]
Weighted-average remaining lease term	3 years 10 months 24 days	4 years 9 months 18 days
Weighted-average discount rate	4.00%	4.00%

Commitments and Contingencies - Schedule of Future Minimum Payments Under Operating Leases (Detail) $ in Thousands	Dec. 31, 2022 USD ($)
Leases [Abstract]
2023	$ 4,889
2024	4,485
2025	4,369
2026	3,764
2027	1,265
Total future payments	18,772
Less: imputed interest	(1,486)
Total operating lease liabilities	$ 17,286

Stockholders' Equity - Summary of Stock Repurchase Program Plans and Activity (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Class Of Stock [Line Items]
Share Value Repurchased	$ 43,215,000	$ 20,430,000	$ 18,950,000
2019 Program \| Common Stock
Class Of Stock [Line Items]
Share Value Authorized for Repurchase	50,000,000
Share Value Repurchased	29,611,000
Unused & Expired Share Repurchase Value	20,389,000
2021 Program \| Common Stock
Class Of Stock [Line Items]
Share Value Authorized for Repurchase	50,000,000
Share Value Repurchased	49,992,000
Unused & Expired Share Repurchase Value	8,000
2022 Program \| Common Stock
Class Of Stock [Line Items]
Share Value Authorized for Repurchase	50,000,000
Share Value Repurchased	2,992,000
Share Value Available for Future Repurchase	$ 47,008,000

Stockholders' Equity - Summary of Stock Repurchase Activity by Year (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Equity [Abstract]
Number of shares repurchased	361,745	176,103	371,902
Shares repurchased cost	$ 43,215,000	$ 20,430,000	$ 18,950,000
Average price per repurchased share (in dollars per share)	$ 119.46	$ 116.01	$ 50.95

Stock-Based Compensation - Narrative (Detail) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares available for grant	13.2
Unrecognized stock-based compensation expense	$ 38.6
Unrecognized stock-based compensation, expected to be recognized, weighted average period	2 years 4 months 24 days
Employee Stock Purchase Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock reserved for future issuance (in shares)	1.7
Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Outstanding and exercisable options (in shares)	0.5
Weighted average exercise price (in dollars per share)	$ 47.80
Weighted average remaining contractual life	2 years 10 months 24 days
Vesting period	4 years
Stock options contractual term range	7 years
PSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	3 years	3 years	3 years
Shares issued (in shares)	0.1
RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	4 years
RSAs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	1 year
PSUs, RSUs, RSAs and DSUs \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vested at period end (in shares)	0.1
DSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	1 year
Award receipt delay	10 years

Stock-Based Compensation - Stock-Based Compensation Expense (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock-based compensation expense	$ 33,399	$ 27,574	$ 18,936
Stock options
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock-based compensation expense	1,903	2,057	2,232
PSUs
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock-based compensation expense	7,509	6,417	3,219
RSUs
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock-based compensation expense	19,282	15,388	10,367
RSAs & DSUs
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock-based compensation expense	437	434	446
ESPP
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock-based compensation expense	2,144	1,391	1,117
401(k) stock match
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock-based compensation expense	2,124	1,887	1,555
Cost of revenues
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock-based compensation expense	8,684	6,760	3,948
Sales and marketing
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock-based compensation expense	7,590	6,248	4,119
Research and development
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock-based compensation expense	5,634	4,384	3,626
General and administrative
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock-based compensation expense	$ 11,491	$ 10,182	$ 7,243

Stock-Based Compensation - Stock Option Activity (Detail) - $ / shares	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Options (#)
Beginning balance (in shares)	678,650	944,886	1,543,912
Granted (in shares)	56,430	53,223	127,974
Exercised (in shares)	(164,393)	(311,378)	(712,074)
Forfeited (in shares)	(7,990)	(8,081)	(14,926)
Ending balance (in shares)	562,697	678,650	944,886
Weighted Average Exercise Price ($/share)
Beginning Balance (in dollars per share)	$ 44.76	$ 36.71	$ 30.03
Granted (in dollars per share)	122.59	105.53	59.02
Exercised (in dollars per share)	29.86	30.10	26.11
Forfeited (in dollars per share)	92.48	68.62	43.14
Ending Balance (in dollars per share)	$ 56.24	$ 44.76	$ 36.71

Stock-Based Compensation - Summary of Additional Information Related to Stock Options (Detail) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Share-Based Payment Arrangement [Abstract]
Fair value of options vested	$ 1,996	$ 2,509	$ 3,000
Intrinsic value of options exercised	16,705	27,713	31,737
Intrinsic value of options outstanding	$ 40,692	$ 66,235	$ 67,918
Weighted-average fair value per share of options granted (in dollars per share)	$ 41.34	$ 31.31	$ 16.18

Stock-Based Compensation - Weighted Average Fair Value Per Share of Options Granted, Assumptions (Detail) - Stock options	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Life (in years)	4 years 3 months 18 days	4 years 4 months 24 days	4 years
Volatility	38.00%	35.00%	33.00%
Dividend yield	0.00%	0.00%	0.00%
Risk-free interest rate	2.50%	0.59%	0.99%

Stock-Based Compensation - PSU, RSU, RSA, and DSU (Detail) - PSUs, RSUs, RSAs and DSUs - $ / shares	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
(#)
Beginning balance (in shares)	702,160	738,422	797,546
Granted (in shares)	312,880	314,290	331,264
Vested and common stock issued (in shares)	(276,872)	(331,669)	(222,606)
Forfeited (in shares)	(26,010)	(18,883)	(167,782)
Ending balance (in shares)	712,158	702,160	738,422
Weighted Average Grant Date Fair Value ($/share)
Beginning balance (in dollars per share)	$ 78.03	$ 52.37	$ 38.80
Granted (in dollars per share)	126.44	101.85	62.78
Vested and common stock issued (in dollars per share)	64.12	44.14	36.06
Forfeited (in dollars per share)	99.37	66.35	30.09
Ending balance (in dollars per share)	$ 103.93	$ 78.03	$ 52.37

Stock-Based Compensation - Summary of ESPP Activity (Detail) - Employee Stock Purchase Plan - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Amounts for shares purchased	$ 6,676	$ 4,737	$ 3,374
Shares purchased	70,107	55,726	61,833

Stock-Based Compensation - Fair Value Estimation of Common Stock, Assumptions (Detail) - Employee Stock Purchase Plan	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Life (in years)	6 months	6 months	6 months
Volatility	42.00%	32.00%	43.00%
Dividend yield	0.00%	0.00%	0.00%
Risk-free interest rate	1.27%	0.07%	0.96%

Income Taxes - Schedule of Provision for Income Taxes (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Current
Federal	$ 13,881	$ 1,559	$ 0
State	4,149	1,890	1,249
Foreign	1,990	1,610	1,608
Deferred
Federal	(2,530)	4,294	4,462
State	(751)	(88)	244
Foreign	(549)	(321)	(469)
Total provision for income taxes	$ 16,190	$ 8,944	$ 7,094