0001092699-25-000011 | 10-K | XBRL Viewer

Print Document

Commitments and Contingencies - Components of Lease Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Operating lease cost	$ 3,420	$ 3,123	$ 3,087
Variable lease cost	3,685	3,771	3,576
Total Lease expense	$ 7,105	$ 6,894	$ 6,663

General - Narrative (Details)	12 Months Ended
General - Narrative (Details)	Dec. 31, 2024 period
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Deferred commission expected amortization period	2 years
Purchase price as a percentage of fair market value	85.00%
Number of offering periods	2
Stock plan offering period	6 months

Related Party Transactions (Tables)

12 Months Ended

Dec. 31, 2024

Summary of Contributions to Foundation

Contributions to the Foundation were recorded in general and administrative expense in our consolidated statements of comprehensive income. The activity was as follows:


	Year Ended December 31,
(in thousands)	2024		2023		2022
Foundation contributions	$	3,250	$	2,300	$	2,750

Deferred Costs

12 Months Ended

Dec. 31, 2024

Deferred Costs [Abstract]

Deferred Costs

The deferred costs activity was as follows:


	Year Ended December 31,
(in thousands)	2024		2023
Balance, beginning of year	$	82,750	$	70,179
Incurred deferred costs	90,482		89,012
Amortized deferred costs	(87,318)		(76,441)
Balance, end of year	$	85,914	$	82,750

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Current assets
Cash and cash equivalents	$ 241,017	$ 219,081
Short-term investments	0	56,359
Accounts receivable	56,214	50,160
Allowance for credit losses	(4,179)	(3,320)
Accounts receivable, net	52,035	46,840
Deferred costs	65,342	62,403
Other assets	23,513	16,758
Total current assets	381,907	401,441
Property and equipment, net	37,547	36,043
Operating lease right-of-use assets	8,192	7,862
Goodwill	399,180	249,176
Intangible assets, net	181,294	107,344
Other assets
Deferred costs, non-current	20,572	20,347
Deferred income tax assets	505	505
Other assets, non-current	2,033	1,126
Total assets	1,031,230	823,844
Current liabilities
Accounts payable	8,577	7,420
Accrued compensation	47,160	41,588
Accrued expenses	12,108	8,014
Deferred revenue	74,256	69,187
Operating lease liabilities	4,583	4,460
Total current liabilities	146,684	130,669
Other liabilities
Deferred revenue, non-current	6,189	6,930
Operating lease liabilities, non-current	7,885	9,569
Deferred income tax liabilities	15,541	8,972
Other liabilities, non-current	241	229
Total liabilities	176,540	156,369
Commitments and contingencies
Stockholders' equity
Preferred stock, $0.001 par value; 5,000,000 shares authorized; 0 shares issued and outstanding	0	0
Common stock, $0.001 par value; 110,000,000 shares authorized; 39,590,276 and 38,971,146 shares issued; and 37,661,308 and 36,820,048 shares outstanding, respectively	40	39
Treasury Stock, at cost; 1,928,968 and 2,151,098 shares, respectively	(99,748)	(128,892)
Additional paid-in capital	627,982	537,061
Retained earnings	336,099	259,045
Accumulated other comprehensive gain (loss)	(9,683)	222
Total stockholders’ equity	854,690	667,475
Total liabilities and stockholders’ equity	$ 1,031,230	$ 823,844

Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands	Total	Common Stock	Treasury Stock	Additional Paid-in Capital	Retained Earnings	Accumulated Other Comprehensive Gain (Loss)
Beginning balance (in shares) at Dec. 31, 2021		36,009,257
Beginning balance at Dec. 31, 2021	$ 484,259	$ 38	$ (85,677)	$ 433,258	$ 138,087	$ (1,447)
Beginning balance (in shares) at Dec. 31, 2021			1,789,353
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation	31,275			31,275
Shares issued pursuant to stock awards (in shares)		440,427
Shares issued pursuant to stock awards	4,908			4,908
Employee stock purchase plan (in shares)		70,107
Employee stock purchase plan activity	$ 6,676			6,676
Repurchases of common stock (in shares)	(361,745)	(361,745)	(361,745)
Repurchases of common stock	$ (43,215)		$ (43,215)
Net income	55,134				55,134
Foreign currency translation adjustments	(2,240)					(2,240)
Unrealized gain on investments, net of tax	441					441
Reclassification of gain on investments into earnings, net of tax	(165)					(165)
Ending balance (in shares) at Dec. 31, 2022		36,158,046
Ending balance at Dec. 31, 2022	537,073	$ 38	$ (128,892)	476,117	193,221	(3,411)
Ending balance (in shares) at Dec. 31, 2022			2,151,098
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation	42,975			42,975
Shares issued pursuant to stock awards (in shares)		598,361
Shares issued pursuant to stock awards	9,856	$ 1		9,855
Employee stock purchase plan (in shares)		63,641
Employee stock purchase plan activity	$ 8,114			8,114
Repurchases of common stock (in shares)	0
Repurchases of common stock	$ 0
Net income	65,824				65,824
Foreign currency translation adjustments	3,393					3,393
Unrealized gain on investments, net of tax	1,932					1,932
Reclassification of gain on investments into earnings, net of tax	$ (1,692)					(1,692)
Ending balance (in shares) at Dec. 31, 2023	36,820,048	36,820,048
Ending balance at Dec. 31, 2023	$ 667,475	$ 39	$ (128,892)	537,061	259,045	222
Ending balance (in shares) at Dec. 31, 2023	2,151,098		2,151,098
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation	$ 51,668			51,668
Shares issued pursuant to stock awards (in shares)		557,151
Shares issued pursuant to stock awards	4,714	$ 1		4,713
Employee stock purchase plan (in shares)		61,979
Employee stock purchase plan activity	$ 9,827			9,827
Repurchases of common stock (in shares)	(205,331)	(205,331)	(205,331)
Repurchases of common stock	$ (37,567)		$ (37,567)
Reissuances of treasury stock (in shares)		427,461	(427,461)
Reissuances of treasury stock	91,424		$ 66,711	24,713
Net income	77,054				77,054
Foreign currency translation adjustments	(9,384)					(9,384)
Unrealized gain on investments, net of tax	1,089					1,089
Reclassification of gain on investments into earnings, net of tax	$ (1,610)					(1,610)
Ending balance (in shares) at Dec. 31, 2024	37,661,308	37,661,308
Ending balance at Dec. 31, 2024	$ 854,690	$ 40	$ (99,748)	$ 627,982	$ 336,099	$ (9,683)
Ending balance (in shares) at Dec. 31, 2024	1,928,968		1,928,968

Business Acquisitions (Tables)

12 Months Ended

Dec. 31, 2024

Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]

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

The following table presents the purchase consideration and fair values of acquired assets and liabilities recorded in the Company's consolidated balance sheet as of the acquisition date:


(in thousands)
Cash paid	$	124,769
Equity consideration	87,156
Total consideration	$	211,925

Estimated fair value of assets and liabilities acquired:
Cash	$	6,118
Other assets	3,732
Intangible assets
Subscriber relationships	71,822
Developed technology	21,090
Deferred revenue	(2,297)
Other liabilities	(2,644)
Deferred income tax liabilities, net	(17,347)
Total fair value of assets and liabilities acquired	$	80,474

Goodwill	$	131,451

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

The following table summarizes the preliminary estimated useful lives for each acquired intangible asset:


			Useful Life
Subscriber relationships			9.0 years
Developed technology			8.0 years

Stockholders' Equity - Summary of Stock Repurchase Activity by Year (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Equity [Abstract]
Number of shares repurchased (in shares)	205,331	0	361,745
Total share repurchased cost	$ 37,567	$ 0	$ 43,215
Average price per repurchased share (in dollars per share)	$ 182.96	$ 0	$ 119.46

Stock-Based Compensation

12 Months Ended

Dec. 31, 2024

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation

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


	Year Ended December 31,
(in thousands)	2024		2023		2022
Cost of revenues	$	11,043	$	10,169	$	8,684
Operating expenses
Sales and marketing	12,547		9,774		7,590
Research and development	9,094		7,200		5,634
General and administrative	21,873		18,365		11,491
	$	54,557	$	45,508	$	33,399

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


	Year Ended December 31,
(in thousands)	2024		2023		2022
Stock options	$	2,059	$	1,947	$	1,903
PSUs	8,192		11,886		7,509
RSUs & DSUs	38,064		26,185		19,282
RSAs	442		472		437
ESPP	2,910		2,488		2,144
401(k) stock match	2,890		2,530		2,124
	$	54,557	$	45,508	$	33,399

As of December 31, 2024, there was $68.2 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 2.3 years. At December 31, 2024 there were 12.3 million shares available for grant under approved equity compensation plans.

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, 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
Granted	42,215	152.68
Exercised	(254,353)	38.75
Forfeited	(3,737)	129.43
Outstanding at December 31, 2023	346,822	80.02
Granted	38,984	195.76
Exercised	(94,338)	49.91
Forfeited	(2,094)	158.63
Outstanding at December 31, 2024	289,374	104.86

Of the total outstanding options at December 31, 2024, 0.2 million were exercisable. The outstanding and exercisable options had a weighted average exercise price of $86.95 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)	2024		2023		2022
Fair value of options vested	$	1,982	$	1,966	$	1,996
Intrinsic value of options exercised	13,934		31,227		16,705
Intrinsic value of options outstanding	23,387		39,474		40,692
Weighted-average fair value per share of options granted	69.11		56.47		41.34

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,
	2024		2023		2022
Life (in years)	4.1		4.2		4.3
Volatility	36.6	%	39.3	%	37.7	%
Dividend yield	—		—		—
Risk-free interest rate	4.3	%	4.0	%	2.5	%

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

We grant 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.

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, 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
Granted	416,377	163.55
Vested and common stock issued	(344,087)	77.52
Forfeited	(11,034)	122.97
Outstanding at December 31, 2023	773,414	147.50
Granted	413,619	185.54
Vested and common stock issued	(462,481)	130.03
Forfeited	(35,030)	180.59
Outstanding at December 31, 2024	689,522	180.35

The number of PSUs, RSUs, RSAs, and DSUs outstanding at December 31, 2024 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 shares)	2024		2023		2022
Amounts for shares purchased	$	9,827	$	8,114	$	6,676
Shares purchased	61,979		63,641		70,107

A total of 1.6 million shares of common stock are remaining for issuance under the plan at December 31, 2024.

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,
	2024		2023		2022
Life (in years)	0.5		0.5		0.5
Volatility	33.1	%	36.4	%	42.0	%
Dividend yield	—		—		—
Risk-free interest rate	5.3	%	4.9	%	1.3	%

Deferred Costs - Summary of Deferred Costs Activity (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Deferred Costs [Roll Forward]
Balance, beginning of year	$ 82,750	$ 70,179
Incurred deferred costs	90,482	89,012
Amortized deferred costs	(87,318)	(76,441)
Balance, end of year	$ 85,914	$ 82,750

Income Taxes - Schedule of Income Tax Expense Differed from Amounts Computed by applying U.S. Federal Income Tax Rate to Pretax Income (Details)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Income Tax Disclosure [Abstract]
U.S. statutory federal income tax rate	21.00%	21.00%	21.00%
Increase (decrease) resulting from:
U.S. state income taxes, net of federal tax effect	5.70%	5.10%	4.60%
Tax impact of stock activity	(4.90%)	(5.60%)	(4.70%)
Nondeductible compensation	3.20%	4.70%	3.50%
Research and development credit	(1.50%)	(1.50%)	(1.50%)
Foreign derived intangible income	(1.30%)	(1.30%)	(1.40%)
Other	0.30%	0.70%	1.20%
Effective tax rate	22.50%	23.10%	22.70%

General (Tables)

12 Months Ended

Dec. 31, 2024

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			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)	2024		2023
Internally developed software	$	73,617	$	60,396
Computer equipment	27,890		34,402
Leasehold improvements	14,999		15,387
Office equipment and furniture	8,796		10,966
Property and equipment, cost	125,302		121,151
Less: accumulated depreciation and amortization	(87,755)		(85,108)
Total property and equipment, net	$	37,547	$	36,043

Schedule of Estimated Useful Lives of Intangible Assets

The estimated useful lives for intangible assets were as follows:


			Estimated Useful Life
Subscriber relationships			7-10 years
Developed technology			5-10 years

Stock-Based Compensation - PSU, RSU, RSA, and DSU (Details) - PSUs, RSUs, RSAs and DSUs - $ / shares	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Number of Shares
Beginning balance (in shares)	773,414	712,158	702,160
Granted (in shares)	413,619	416,377	312,880
Vested and common stock issued (in shares)	(462,481)	(344,087)	(276,872)
Forfeited (in shares)	(35,030)	(11,034)	(26,010)
Ending balance (in shares)	689,522	773,414	712,158
Weighted Average Grant Date Fair Value ($/share)
Beginning balance (in dollars per share)	$ 147.50	$ 103.93	$ 78.03
Granted (in dollars per share)	185.54	163.55	126.44
Vested and common stock issued (in dollars per share)	130.03	77.52	64.12
Forfeited (in dollars per share)	180.59	122.97	99.37
Ending balance (in dollars per share)	$ 180.35	$ 147.50	$ 103.93

Stock-Based Compensation - Narrative (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized stock-based compensation expense	$ 68.2
Unrecognized stock-based compensation, expected to be recognized, weighted average period	2 years 3 months 18 days
Shares available for grant (in shares)	12.3
Employee Stock Purchase Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock reserved for future issuance (in shares)	1.6
Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	4 years
Stock options contractual term range	7 years
Outstanding and exercisable options (in shares)	0.2
Weighted average exercise price (in dollars per share)	$ 86.95
Weighted average remaining contractual life	2 years 10 months 24 days
PSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	3 years	3 years	3 years
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
DSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	1 year
Award receipt delay	10 years
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

General - Summary of Estimated Useful Lives of Property and Equipment (Details)	Dec. 31, 2024
Internally developed software
Schedule of Accounting Policies [Line Items]
Estimated useful lives of property and equipment	3 years
Computer equipment
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

Commitments and Contingencies - Schedule of Supplemental Balance Sheet Information Related to Leases (Details)	Dec. 31, 2024	Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Weighted-average remaining lease term	2 years 4 months 24 days	3 years 1 month 6 days
Weighted-average discount rate	4.30%	4.00%

Property and Equipment, Net - Summary of Percentage of Property and Equipment Net Located at Subsidiary and Office Locations Outside of United States (Details)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
International property and equipment \| Geographic Concentration Risk \| International property and equipment
Property, Plant and Equipment [Line Items]
Concentration risk, percentage	18.00%	15.00%

Revenue - Narrative (Details) $ in Thousands	12 Months Ended
Revenue - Narrative (Details) $ in Thousands	Dec. 31, 2024 USD ($)
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
Deferred revenue	$ 69,200
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01
Disaggregation Of Revenue [Line Items]
Revenue recognition	$ 12,900
Revenue recognition period	12 months
Minimum
Disaggregation Of Revenue [Line Items]
Customer contract cancellation period	30 days
Maximum
Disaggregation Of Revenue [Line Items]
Customer contract cancellation period	90 days

Property and Equipment, Net - Schedule of Property and Equipment, Net (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Property, Plant and Equipment [Line Items]
Property and equipment, cost	$ 125,302	$ 121,151
Less: accumulated depreciation and amortization	(87,755)	(85,108)
Total property and equipment, net	37,547	36,043
Internally developed software
Property, Plant and Equipment [Line Items]
Property and equipment, cost	73,617	60,396
Computer equipment
Property, Plant and Equipment [Line Items]
Property and equipment, cost	27,890	34,402
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property and equipment, cost	14,999	15,387
Office equipment and furniture
Property, Plant and Equipment [Line Items]
Property and equipment, cost	$ 8,796	$ 10,966

Business Acquisitions

12 Months Ended

Dec. 31, 2024

Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]

Business Acquisitions

SupplyPike

Effective July 31, 2024, we acquired SupplyPike, a revenue recovery solution, through the purchase of all of the outstanding equity ownership interests in SupplyPike. Pursuant to the definitive agreement and plan of merger, the total consideration transferred at close was $205.8 million, net of cash acquired. The consideration was comprised of $118.6 million paid in cash and 404,587 shares of SPS common stock (valued at $87.2 million, determined at acquisition close based on the price of SPS common stock). The shares were issued from SPS treasury shares, see Note J - Stockholders' Equity for further detail on the treasury share reissuance. The purchase accounting for the acquisition has not been finalized as of December 31, 2024; provisional amounts are primarily related to intangible assets and tax components. We will finalize the allocation of the purchase price within the one-year measurement period following the acquisition. The goodwill associated with the acquisition is not deductible for income tax purposes.

Purchase Price Allocation

The following table presents the purchase consideration and fair values of acquired assets and liabilities recorded in the Company's consolidated balance sheet as of the acquisition date:


(in thousands)
Cash paid	$	124,769
Equity consideration	87,156
Total consideration	$	211,925

Estimated fair value of assets and liabilities acquired:
Cash	$	6,118
Other assets	3,732
Intangible assets
Subscriber relationships	71,822
Developed technology	21,090
Deferred revenue	(2,297)
Other liabilities	(2,644)
Deferred income tax liabilities, net	(17,347)
Total fair value of assets and liabilities acquired	$	80,474

Goodwill	$	131,451

The following table summarizes the preliminary estimated useful lives for each acquired intangible asset:


			Useful Life
Subscriber relationships			9.0 years
Developed technology			8.0 years

Traverse Systems

Effective May 8, 2024, we entered into an asset purchase agreement to acquire certain assets of Traverse Systems, an industry-leading provider in retailer supply chain performance and vendor management. Total consideration transferred at close was $29.4 million, which was comprised of $25.0 million paid in cash and 22,874 shares of SPS common stock (valued at $4.4 million, determined at acquisition close based on the price of SPS common stock). The shares were issued from SPS treasury shares, see Note J - Stockholders' Equity for further detail on the treasury share reissuance.

We accounted for the acquisition as a business combination. We allocated the purchase price to the tangible and identifiable intangible assets acquired and liabilities assumed based on their estimated fair values as of the acquisition date. Assets acquired primarily comprised of subscriber relationships and developed technology intangible assets, totaling $7.7 million and $3.6 million of estimated fair value, respectively, and $18.4 million was allocated to goodwill. The remainder of the consideration transferred was allocated to net assets acquired other than the intangible assets. The purchase accounting for the acquisition was finalized in the year ended December 31, 2024. The goodwill associated with the acquisition is deductible for income tax purposes.

Vision33

Effective April 10, 2024, the Company entered into an asset purchase agreement to acquire Vision33's SAP Business One SPS Integration Technology. Pursuant to the definitive agreement, the purchase price, denominated in Canadian dollars ("CAD"), was $5.8 million CAD ($4.3 million U.S. dollars ("USD") at the agreement date exchange rate), of which $4.5 million CAD ($3.3 million USD) was paid in cash at close, with the remainder payable in cash within two years, subject to certain closing conditions. Assets acquired were primarily comprised of developed technology and subscriber relationships, totaling $1.7 million USD and $0.4 million USD of estimated fair value, respectively. The remainder of the consideration transferred, $2.2 million USD, was allocated to goodwill. The purchase accounting for the acquisition was finalized in the year ended December 31, 2024. The goodwill associated with the acquisition is deductible for income tax purposes.

TIE Kinetix

Effective September 13, 2023, we acquired all of the outstanding equity ownership interests of TIE Kinetix Holding B.V. ("TIE Kinetix"), a leading provider of supply chain digitalization including EDI and e-invoicing in Europe and the United States. Pursuant to the definitive agreement, the purchase price was €63.9 million ($68.7 million at the September 13, 2023 exchange rate), net of cash acquired. In the year ended December 31, 2024, provisional amounts were adjusted by $1.8 million, primarily relating to a $2.9 million decrease in estimated value of intangible assets and the corresponding $1.0 million change to the deferred tax position, with the offsets to goodwill. The purchase accounting was finalized in the year ended December 31, 2024. The goodwill associated with the acquisition is not deductible for income tax purposes.

Other Acquisition Activity

On December 30, 2024, we entered into a definitive agreement to acquire all of the outstanding equity ownership interests of Carbon6, a provider of software tools to Amazon sellers, including specialized offerings for revenue recovery for both first-party (1P) and third-party (3P) suppliers. The acquisition became effective on February 4, 2025 ("Close"). Pursuant to the definitive agreement, the total consideration transferred at Close was $209.1 million, net of cash acquired and subject to post-close customary adjustments. The consideration was comprised of $141.4 million paid in cash and 378,100 shares of SPS common stock (valued at $67.7 million, determined at acquisition Close based on the price of SPS common stock). The shares were issued from SPS treasury shares. Given the timing of the acquisition, the Company is currently in the process of determining the impact on its financial statements.

Goodwill and Intangible Assets, Net - Schedule of Activity in Goodwill (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2024 USD ($)
Goodwill [Roll Forward]
Balance, beginning of year	$ 249,176
Addition from business acquisitions	154,632
Foreign currency translation	(6,445)
Remeasurement from provisional purchase accounting amount	1,817
Balance, end of year	$ 399,180

- Definition

Amount, after accumulated impairment loss, of asset representing future economic benefit arising from other asset acquired in business combination or from joint venture formation or both, that is not individually identified and separately recognized.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 49
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-49

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 24
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482548/350-20-55-24

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 100
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 4: http://www.xbrl.org/2003/role/exampleRef
-Topic 852
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481372/852-10-55-10

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(15))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 45
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482598/350-20-45-1

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03(10)(1))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478546/942-210-S99-1

+ Details

Income Taxes

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

Income Taxes

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


	Year Ended December 31,
(in thousands)	2024		2023		2022
Current
Federal	$	20,988	$	20,168	$	13,881
State	6,147		4,221		4,149
Foreign	3,161		2,103		1,990
Deferred
Federal	(5,256)		(5,425)		(2,530)
State	(1,466)		(390)		(751)
Foreign	(1,152)		(938)		(549)
	$	22,422	$	19,739	$	16,190

The percentage of domestic income before income taxes, which we define as the percentage of consolidated income before income taxes that was attributable to our subsidiaries based in the U.S., was as follows:


	Year Ended December 31,
	2024		2023		2022
Domestic income before income taxes	92	%	94	%	91	%

The following table reconciles the U.S. federal statutory income tax rate with our effective tax rate:


	Year Ended December 31,
	2024		2023		2022
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	5.7		5.1		4.6
Tax impact of stock activity	(4.9)		(5.6)		(4.7)
Nondeductible compensation	3.2		4.7		3.5
Research and development credit	(1.5)		(1.5)		(1.5)
Foreign derived intangible income	(1.3)		(1.3)		(1.4)
Other	0.3		0.7		1.2
Effective tax rate	22.5	%	23.1	%	22.7	%

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


	December 31,
(in thousands)	2024		2023
Deferred income tax assets
Net operating loss and credit carryforwards	$	10,722	$	10,212
Stock-based compensation expense	7,110		6,304
Accrued expenses	6,600		6,067
Operating lease liabilities	2,977		3,470
Research and development capitalized	26,788		17,007
Other deferred income tax assets	3,026		2,705
Gross deferred income tax assets	57,223		45,765
Less: valuation allowance	(2,965)		(2,545)
Total net deferred income tax assets	$	54,258	$	43,220

Deferred income tax liabilities
Deferred costs	$	(21,537)	$	(20,672)
Right-of-use assets	(1,893)		(1,884)
Depreciation and amortization	(44,556)		(28,066)
Other deferred income tax liabilities	(1,308)		(1,065)
Total deferred income tax liabilities	(69,294)		(51,687)
Net deferred income tax liabilities	$	(15,036)	$	(8,467)

As of December 31, 2024, we had the following tax loss carryforwards:


(in millions, except expiration dates)	Amount		Expiration Dates
Federal
Operating loss carryforwards	$	30.2
Operating loss carryforwards expected to expire unused due to Section 382 limitations	6.5
Federal operating loss carryforwards, net of Section 382 limitations	$	23.7	2025 - 2037

Other
State operating loss carryforwards	$	17.0	2025 - 2044
Foreign loss carryforwards	10.0		N/A
Total tax loss carryforwards, net of Section 382 limitations	$	50.7

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12C

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12B

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477891/740-270-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-13

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/740/tableOfContent

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-14

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-21

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-17

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482603/740-30-50-2

+ Details

Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Income Statement [Abstract]
Unrealized gain on investments, tax	$ 363	$ 644	$ 147
Reclassification of gain on investments into earnings, tax	$ (537)	$ (564)	$ (55)

Stock-Based Compensation - Summary of ESPP Activity (Details) - Employee Stock Purchase Plan - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Amounts for shares purchased	$ 9,827	$ 8,114	$ 6,676
Shares purchased (in shares)	61,979	63,641	70,107

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 35
-Paragraph 1D
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480483/718-10-35-1D

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 35
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480483/718-10-35-3

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(ii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)(01)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)(02)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)(03)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)(04)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(ii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(iii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(iii)(01)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(iii)(02)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(iii)(03)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(ii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(iii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(iv)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(v)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

+ Details

Related Party Transactions

12 Months Ended

Dec. 31, 2024

Related Party Transactions

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 executive 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. Contributions to the Foundation were recorded in general and administrative expense in our consolidated statements of comprehensive income. The activity was as follows:


	Year Ended December 31,
(in thousands)	2024		2023		2022
Foundation contributions	$	3,250	$	2,300	$	2,750

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-5

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-6

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(g)(3))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(c))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(e))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/850/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-6

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

+ Details

Consolidated Statements of Comprehensive Income - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Income Statement [Abstract]
Revenues	$ 637,765	$ 536,910	$ 450,875
Cost of revenues	210,714	182,069	153,065
Gross profit	427,051	354,841	297,810
Operating expenses
Sales and marketing	148,920	122,936	101,772
Research and development	62,809	53,654	45,748
General and administrative	102,929	84,887	67,340
Amortization of intangible assets	23,510	16,116	11,768
Total operating expenses	338,168	277,593	226,628
Income from operations	88,883	77,248	71,182
Other income, net	10,593	8,315	142
Income before income taxes	99,476	85,563	71,324
Income tax expense	22,422	19,739	16,190
Net income	77,054	65,824	55,134
Other comprehensive income (expense)
Foreign currency translation adjustments	(9,384)	3,393	(2,240)
Unrealized gain on investments, net of tax of $363, $644, and $147, respectively	1,089	1,932	441
Reclassification of gain on investments into earnings, net of tax of $(537), $(564), and $(55), respectively	(1,610)	(1,692)	(165)
Total other comprehensive income (expense)	(9,905)	3,633	(1,964)
Comprehensive income	$ 67,149	$ 69,457	$ 53,170
Net income per share
Basic (in dollars per share)	$ 2.07	$ 1.80	$ 1.53
Diluted (in dollars per share)	$ 2.04	$ 1.76	$ 1.49
Weighted Average Number of Shares Outstanding, Diluted [Abstract]
Basic (in shares)	37,306	36,646	36,117
Diluted (in shares)	37,856	37,475	36,953

Goodwill and Intangible Assets, Net

12 Months Ended

Dec. 31, 2024

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)	2024
Balance, beginning of year	$	249,176
Addition from business acquisitions	154,632
Foreign currency translation	(6,445)
Remeasurement from provisional purchase accounting amount	1,817
Balance, end of year	$	399,180

Intangible Assets

Intangible assets, net consisted of the following:


	December 31, 2024
($ in thousands)	Gross Carrying Amount		Accumulated Amortization		Foreign Currency Translation		Net		Weighted Average Remaining Amortization Period
Subscriber relationships	$	178,147	$	(47,432)	$	(1,715)	$	129,000	7.3 years
Developed technology	77,108		(24,111)		(703)		52,294		5.7 years
	$	255,255	$	(71,543)	$	(2,418)	$	181,294	6.9 years


	December 31, 2023
($ in thousands)	Gross Carrying Amount		Accumulated Amortization		Foreign Currency Translation		Net		Weighted Average Remaining Amortization Period
Subscriber relationships	$	105,228	$	(32,097)	$	724	$	73,855	6.6 years
Developed technology	48,843		(15,669)		315		33,489		5.0 years
	$	154,071	$	(47,766)	$	1,039	$	107,344	6.1 years

Amortization expense of intangible assets was as follows:


	Year Ended December 31,
(in thousands)	2024		2023		2022
Amortization expense	$	23,510	$	16,116	$	11,768

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


(in thousands)
2025	$	29,528
2026	28,690
2027	28,216
2028	26,886
2029	20,446
Thereafter	47,528
Total future amortization	$	181,294

Fair Value Measurements (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Schedule of Financial Instruments [Line Items]
Amortized Cost	$ 178,417	$ 216,898
Unrealized Gains (Losses), net	0	694
Fair Value	178,417	217,592
Certificates of deposit
Schedule of Financial Instruments [Line Items]
Amortized Cost	0	6,805
Unrealized Gains (Losses), net	0	0
Fair Value	0	6,805
Cash equivalents: \| Money market funds
Schedule of Financial Instruments [Line Items]
Amortized Cost	178,417	161,233
Unrealized Gains (Losses), net	0	0
Fair Value	178,417	161,233
Marketable securities: \| Commercial paper
Schedule of Financial Instruments [Line Items]
Amortized Cost	0	48,860
Unrealized Gains (Losses), net	0	694
Fair Value	$ 0	$ 49,554

- Definition

Amount of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 103
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-103

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 100
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(2)(i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (aa)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481830/320-10-45-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03(6))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478546/942-210-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 326
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479130/326-30-45-1

+ Details

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (aa)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (aaa)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

+ Details

Goodwill and Intangible Assets, Net - Intangible Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 255,255	$ 154,071
Accumulated Amortization	(71,543)	(47,766)
Foreign Currency Translation	(2,418)	1,039
Total future amortization	$ 181,294	$ 107,344
Weighted Average Remaining Amortization Period	6 years 10 months 24 days	6 years 1 month 6 days
Subscriber relationships
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 178,147	$ 105,228
Accumulated Amortization	(47,432)	(32,097)
Foreign Currency Translation	(1,715)	724
Total future amortization	$ 129,000	$ 73,855
Weighted Average Remaining Amortization Period	7 years 3 months 18 days	6 years 7 months 6 days
Developed technology
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 77,108	$ 48,843
Accumulated Amortization	(24,111)	(15,669)
Foreign Currency Translation	(703)	315
Total future amortization	$ 52,294	$ 33,489
Weighted Average Remaining Amortization Period	5 years 8 months 12 days	5 years

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Net Income Per Share (Tables)

12 Months Ended

Dec. 31, 2024

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)	2024		2023		2022
Numerator
Net income	$	77,054	$	65,824	$	55,134
Denominator
Weighted average common shares outstanding, basic	37,306		36,646		36,117
Options to purchase common stock and ESPP	150		265		382
PSUs, RSUs, RSAs, and DSUs	400		564		454
Weighted average common shares outstanding, diluted	37,856		37,475		36,953
Net income per share
Basic	$	2.07	$	1.80	$	1.53
Diluted	$	2.04	$	1.76	$	1.49

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)	2024	2023	2022
Anti-dilutive shares	55	36	75

Goodwill and Intangible Assets, Net - Estimated Future Annual Amortization Expense Related to Intangible Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
2025	$ 29,528
2026	28,690
2027	28,216
2028	26,886
2029	20,446
Thereafter	47,528
Total future amortization	$ 181,294	$ 107,344

Retirement Contributions (Tables)

12 Months Ended

Dec. 31, 2024

Retirement Benefits [Abstract]

Schedule of Total Contribution to the Plan

Our total contributions were as follows:


	Year Ended December 31,
(in thousands)	2024		2023		2022
Retirement contributions	$	7,849	$	6,627	$	5,386

Cover - USD ($) $ in Billions	12 Months Ended
Cover - USD ($) $ in Billions	Dec. 31, 2024	Feb. 11, 2025	Jun. 28, 2024
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Current Fiscal Year End Date	--12-31
Document Period End Date	Dec. 31, 2024
Document Transition Report	false
Entity File Number	001-34702
Entity Registrant Name	SPS COMMERCE, INC.
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
Trading Symbol	SPSC
Security Exchange Name	NASDAQ
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction	false
Entity Shell Company	false
Entity Public Float			$ 7.0
Entity Common Stock, Shares Outstanding		37,773,837
Documents Incorporated by Reference	DOCUMENTS INCORPORATED BY REFERENCE Portions of the Company’s definitive Proxy Statement for the Annual Meeting of Stockholders to be held on May 13, 2025 (the “2025 Proxy Statement”), which is expected to be filed within 120 days after the end of the fiscal year covered by this Annual Report on Form 10-K, are incorporated by reference in Part III of this Annual Report on Form 10-K.
Entity Central Index Key	0001092699
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	FY
Amendment Flag	false

Retirement Savings Plan

12 Months Ended

Dec. 31, 2024

Retirement Benefits [Abstract]

Retirement Contributions

We sponsor a 401(k) retirement savings plan for our U.S. employees. Eligible 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 were as follows:


	Year Ended December 31,
(in thousands)	2024		2023		2022
Retirement contributions	$	7,849	$	6,627	$	5,386

- Definition

The entire disclosure for retirement benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 70
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480794/715-70-50-1

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 17
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480482/715-20-55-17

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(iv)(03)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (q)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (l)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/715/tableOfContent

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(iii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (o)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (p)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (r)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (r)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480126/715-20-S99-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 60
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480266/715-60-50-3

+ Details

Stockholders' Equity (Tables)

12 Months Ended

Dec. 31, 2024

Equity [Abstract]

Schedule of Repurchase Agreements

Details of the programs and activity thereunder through December 31, 2024 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
2021 Program	November 2021	August 2022	$	50,000	$	49,992	$	8	N/A
2022 Program	August 2022	July 2024	50,000		40,471		9,529		N/A
2024 Program	August 2024	July 2026	100,000		—		N/A		$	100,000

The share repurchase activity by period was as follows:


	Year Ended December 31,
(in thousands, except shares and per share amounts)	2024		2023		2022
Number of shares repurchased	205,331		—		361,745
Total share repurchased cost	$	37,567	$	—	$	43,215
Average total cost per repurchased share	$	182.96	$	—	$	119.46

Allowance for Credit Losses (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Balance, beginning of year	$ 3,320	$ 3,066	$ 4,249
Provision for credit losses	7,683	5,707	3,359
Write-offs, net of recoveries	(6,824)	(5,453)	(4,542)
Balance, end of year	$ 4,179	$ 3,320	$ 3,066

Business Acquisitions - Narrative (Details) $ in Thousands, € in Millions, $ in Millions								12 Months Ended
	Feb. 04, 2025 USD ($) shares	Jul. 31, 2024 USD ($) shares	May 08, 2024 USD ($) shares	Apr. 10, 2024 USD ($)	Apr. 10, 2024 CAD ($)	Sep. 13, 2023 USD ($)	Sep. 13, 2023 EUR (€)	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Business Acquisition [Line Items]
Acquisition of businesses, net								$ 147,924	$ 70,218	$ 91,420
Goodwill								399,180	$ 249,176
SupplyPike, Inc.
Business Acquisition [Line Items]
Consideration transferred, net of cash acquired		$ 205,800
Acquisition of businesses, net		$ 118,600
Number of shares issued in business combination (in shares) \| shares		404,587
Value of common stock transferred		$ 87,156
Total consideration		211,925
Cash paid		124,769
Goodwill		131,451
SupplyPike, Inc. \| Subscriber relationships
Business Acquisition [Line Items]
Intangible assets		71,822
SupplyPike, Inc. \| Developed technology
Business Acquisition [Line Items]
Intangible assets		$ 21,090
Traverse Systems
Business Acquisition [Line Items]
Number of shares issued in business combination (in shares) \| shares			22,874
Value of common stock transferred			$ 4,400
Total consideration			29,400
Cash paid			25,000
Goodwill			18,400
Traverse Systems \| Subscriber relationships
Business Acquisition [Line Items]
Assets acquired			7,700
Traverse Systems \| Developed technology
Business Acquisition [Line Items]
Assets acquired			$ 3,600
Vision33's SAP Business One SPS Integration Technology
Business Acquisition [Line Items]
Total consideration				$ 4,300	$ 5.8
Cash paid				3,300	$ 4.5
Goodwill				$ 2,200
Business acquisition, remainder payable term				2 years	2 years
Vision33's SAP Business One SPS Integration Technology \| Subscriber relationships
Business Acquisition [Line Items]
Intangible assets				$ 400
Vision33's SAP Business One SPS Integration Technology \| Developed technology
Business Acquisition [Line Items]
Intangible assets				$ 1,700
TIE Kinetix Holding B.V.
Business Acquisition [Line Items]
Total consideration						$ 68,700	€ 63.9
InterTrade Systems Inc.
Business Acquisition [Line Items]
Decrease in provisional amounts for consideration transferred								1,800
Decrease in estimated value of deferred income tax assets								2,900
Increase (decrease) in estimated value of deferred income tax assets								$ 1,000
Carbon6 \| Subsequent Event
Business Acquisition [Line Items]
Number of shares issued in business combination (in shares) \| shares	378,100
Value of common stock transferred	$ 67,700
Total consideration	209,100
Cash paid	$ 141,400

General (Policies)

12 Months Ended

Dec. 31, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Business Description

SPS Commerce is transforming how our global retail supply chain co-operates by creating a more dynamic, interconnected community where players can more freely connect, collaborate, and prosper together. Our comprehensive suite of cloud-based products and solutions lead the industry in establishing and maintaining stronger collaboration between retailers, grocers, distributors, suppliers, manufacturers, and logistics firms around the globe.

Our products enable customers to enhance how they operate: both within their organizations and with their trading partners, with reduced operational costs and stronger supply chain performance; compete: with order and supply chain visibility, sell-through data, and optimized inventory management, and; adapt: through the limitless access to connect and grow with the world’s largest retail network of trading partners that only SPS Commerce can offer.

Basis of Presentation

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

Foreign Currency Translation

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

Use of Estimates

Preparing financial statements in conformity with GAAP requires management to make estimates, judgments, 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.

Business Combinations

We allocate the fair value of purchase consideration to the tangible assets acquired, liabilities assumed, and intangible assets acquired based on their estimated fair values as of the acquisition date. The excess of the fair value of purchase consideration over the fair values of these identifiable assets and liabilities is recorded as goodwill.

Assets acquired include tangible and intangible assets. We use estimates and assumptions that we believe are reasonable as a part of the purchase price allocation, which includes the process to determine the fair value of purchased intangible assets and the process to determine the value of any contingent consideration liabilities. We value identifiable intangible assets using variants of the income approach, such as the relief-from-royalty and multi-period excess earnings methods. The income approach uses estimates such as future expected cash flows from acquired customers and developed technology from a market participant perspective, useful lives, and discount rates to estimate the fair values of the identifiable intangible assets. We record the acquisition-date fair value of any contingent liabilities, such as earn-out provisions, as part of the consideration transferred, if present. The unsettled earn-out liability, if any, is subsequently remeasured at each reporting date at fair value through earnings.

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

Segment Information

The single operating and reporting segment we have is Supply Chain Management Solutions. This segment derives revenues from customers by providing access to our cloud-based supply chain management services, primarily under subscription-based service arrangements.

Our Chief Executive Officer acts as the Company’s chief operating decision maker (“CODM”). Our CODM primarily reviews revenue, consolidated net income, and consolidated Adjusted EBITDA for purposes of allocating resources and evaluating financial performance. These measures are used to monitor budget versus actual results as well as trends versus historical performance, which are the CODM's primary considerations to assess performance. The CODM does not use an asset measure to allocate resources or evaluate the consolidated performance. There are no segment managers who are held accountable by the CODM, or anyone else, for operations, operating results and planning for levels or components below the consolidated unit level. Adjusted EBITDA is a non-GAAP financial measure also reported in Management’s Discussion and Analysis of Financial Condition and Results of Operations.

Concentration of Credit Risk

Financial instruments that potentially subject us to concentrations of credit risk consist principally of cash and cash equivalents in financial institutions in excess of federally insured limits, accounts receivable, and investments. Cash and cash equivalents are held with financial institutions that we believe are subject to minimal risk. Concentrations of credit risk with respect to accounts receivable are subject to the financial condition of our customers, which are routinely assessed for potential credit losses. We believe that the receivable credit risk exposure is limited. Our investment policy limits the amount of credit exposure with any one financial institution or commercial issuer and sets requirements regarding credit rating and investment maturities to safeguard liquidity and minimize 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

We invest in money market funds, certificates of deposit, and/or marketable securities such as commercial paper, highly liquid debt instruments of the U.S. government, and U.S. corporate debt securities. Investments with remaining maturities of less than one year from the balance sheet date are classified as short-term investments whereas those with remaining maturities of more than one year from the balance sheet date are classified as investments, non-current.

Securities classified as available for sale are carried at fair value and the unrealized gains and losses on these investments, net of taxes, are included in accumulated other comprehensive gain (loss) in the consolidated balance sheets. Realized gains or losses are included in other income (expense), net in the consolidated statements of comprehensive income, on a specific identification basis. Certain securities accrue interest that is included in other income (expense), net as investment income. Investment income includes interest earned on securities, net of amortization of premiums and accretion of discounts from the purchase of available for sale securities, and interest earned on our cash and cash equivalents. If a determination has been made that the fair value of a marketable security is below its amortized cost basis, the portion of the unrealized loss that corresponds to a credit-related factor is realized through a credit allowance on the marketable security and the equivalent expense is realized in other income (expense), net in the consolidated statements of comprehensive income.

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

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

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

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

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

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

Accounts receivable are initially recorded upon the sale and invoicing of products to customers. Credit is granted in the normal course of business without collateral. Accounts receivable are stated net of allowances for credit losses, which represent estimated losses resulting from customers not making required payments on accounts receivables. When determining the allowance, we pool our outstanding accounts receivable invoices based on the contractual due date of payment. We take several factors into consideration for estimated credit losses by pool, primarily our historical credit losses, with additional adjustments made for current and future macro-economic conditions and retail bankruptcy trends. We write-off accounts receivable when they are determined to be uncollectible. Changes in the allowance are recorded as bad debt expense and are included in general and administrative expense in our consolidated statements of comprehensive income.

Property and Equipment

Property and equipment, including assets acquired under lease obligations, are stated at cost, net of accumulated depreciation and amortization. Depreciation and amortization expense is calculated using the straight-line method over the estimated useful lives, commencing on the earlier date in which the asset is placed in service or ready for its intended use.

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


			Estimated Useful Life
Internally developed software			3 years
Computer equipment			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

Significant additions or improvements extending asset lives beyond one year are capitalized, while repairs and maintenance are charged to expense as incurred. The assets and related accumulated depreciation and amortization are adjusted for asset retirements and disposals with the resulting gain or loss included in our consolidated statements of comprehensive income.

We capitalize and amortize eligible costs to acquire or generate internally developed software that are incurred during the application development stage, which include costs related to the design of the chosen path, coding, installation of the hardware necessary to run the software, and any testing done before the operational stage. Costs incurred during the preliminary project stage and post-implementation stage are expensed as incurred. Additionally, maintenance of internally developed software is expensed as incurred.

Leases

We determine if an arrangement is a lease at inception. Operating leases with initial terms longer than 12 months are included in operating lease right-of-use assets, current operating lease liabilities, and non-current operating lease liabilities in our consolidated balance sheets.

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

Research and Development

Research and development costs primarily include development, maintenance, and data conversion activities related to our cloud-based supply chain management products and are expensed as incurred. Research and development costs are net of amounts capitalized as internally developed software.

Goodwill

Goodwill represents the excess of the purchase price over the fair value of identifiable net assets acquired in business combinations. Goodwill is attributed to a trained workforce and other buyer-specific value resulting from expected synergies, including long-term cost savings, which are not included in the fair values of identifiable assets.

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

Intangible Assets

Assets acquired in business combinations may include identifiable intangible assets such as subscriber relationships and developed technology. We recognize the fair value of the identifiable intangible assets acquired separately from goodwill. We have determined the fair value and useful lives of our purchased intangible assets using certain estimates and assumptions that we believe are reasonable. The purchased intangible assets are being amortized on a straight-line basis over their estimated useful lives.

The estimated useful lives for intangible assets were as follows:


			Estimated Useful Life
Subscriber relationships			7-10 years
Developed technology			5-10 years

Impairment of Long-Lived Assets

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

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

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

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.

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

Stock-Based Compensation

Stock-based compensation includes grants of incentive and nonqualified stock options, performance share units (“PSUs”), restricted stock awards (“RSAs”), restricted stock units (“RSUs”), deferred stock units (“DSUs”), employee stock purchase plan (“ESPP”) activity, and 401(k) stock match and is used to compensate employees, executive officers, and non-employee directors.

We recognize the cost of all stock-based payments based on the grant date fair value of those awards. This cost is recognized over the period for which an employee is required to provide service in exchange for the award or the 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. For all awards, we recognize forfeitures as they occur.

RSAs result in the issuance of new shares of common stock when granted. For other stock-based awards, new shares of common stock are issued when the award is exercised, vested, or released according to the terms of the agreement.

Our ESPP allows participating employees to purchase shares of our common stock at a discount through payroll deductions. The plan is available to all employees subject to certain eligibility requirements. Participating employees may purchase common stock, on a voluntary after-tax basis, at a price that is the lower of 85% of the fair market value of our common stock at the beginning or end of each stock purchase period. The plan is a Type B plan, so the number of shares a participants can acquire is variable. Participants purchase more shares as the stock price decreases, up to the total amount originally elected to withhold at the beginning of the offering period. The plan consists of two six-month offering periods, beginning on January 1 and July 1 of each calendar year.

The fair value of stock options and ESPP activity is estimated using the Black-Scholes option valuation model. The fair value for RSAs, RSUs, and DSUs is the closing market value of the underlying stock on the date of grant less the purchase price (if any). The fair value of PSUs is estimated using a Monte Carlo simulation.

Judgment is required in determining the expected volatility of common stock and the expected term individuals will hold their share-based awards prior to exercising. The expected volatility of the options is based on the historical volatility of our common stock. The expected term of the options is derived from historical data on option holder exercises and post-vesting employment termination behavior.

Additional valuation inputs include our expected non-issuance of future common stock dividends and the risk-free interest rate that is based on the U.S. Treasury rates at the date of grant with maturity dates approximately equaling the expected life at the grant date. For PSUs, the Monte Carlo simulation utilizes multiple input variables that determine the probability of satisfying the performance conditions stipulated in the award.

Share Repurchases and Reissuances

Share repurchases, reflected as treasury stock on the consolidated balance sheets, are accounted for as the trade date occurs and are reflected net of the costs incurred to acquire the shares. Share repurchases that have not yet settled in cash are included in accrued expenses in the consolidated balance sheets. Treasury stock reissuances are accounted for using the specific identification method, with gains (or losses to the extent of previously recognized gains) recognized in additional paid-in capital and any remaining loss recorded in retained earnings in the consolidated financial statements.

Income Taxes

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

We assess our ability to realize our deferred tax assets at the end of each reporting period. Realization of our deferred tax assets is contingent upon future taxable earnings. Accordingly, this assessment requires estimates and judgment. If the estimates of future taxable income vary from actual results, our assessment regarding the realization of these deferred tax assets could change. Future changes in the estimated amount of deferred taxes expected to be realized will be reflected in our consolidated financial statements in the period the estimate is changed, with a corresponding adjustment to our operating results.

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

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 research & development credit carryforwards and the utilization of the carryforwards in years still open under statute. The deferred tax asset for the federal net operating loss carryforward is reported net of the Section 382 limitations.

When applicable, the Company recognizes interest and penalties accrued on any unrecognized tax benefits as a component of income tax expense.

Net Income Per Share

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

Accounting Pronouncements Recently Adopted and Accounting Pronouncements Not Yet Adopted

Accounting Pronouncements Recently Adopted

Standard

Date of Issuance

Description

Date of Adoption

Effect on the Financial Statements

ASU 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures

November 2023

This amendment requires that an entity disclose significant segment expenses impacting profit and loss that are regularly provided to the chief operating decision maker.

2024

The adoption resulted in additional disclosure.

Accounting Pronouncements Not Yet Adopted

Standard

Date of Issuance

Description

Date of Required Adoption

Effect on the Financial Statements

ASU 2023-09, Income Taxes (Topic 740) - Improvements to Income Tax Disclosures

December 2023

This amendment requires that an entity disclose specific categories in the effective tax rate reconciliation table as well as provide disclosure of disaggregated information related to income tax expense, income before income taxes, and income taxes paid.

2025

We are currently evaluating the adoption on our financial statements and anticipate the impact will result in additional disclosure.

ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40)

November 2024

This amendment requires that an entity disclose in its notes to financial statements specified information about certain costs and expenses.

2027

We are currently evaluating the adoption on our financial statements and anticipate the impact will result in additional disclosure.

Related Party Transactions - Summary of Contributions to Foundation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Contributions to Foundation
Related Party Transaction [Line Items]
Foundation contributions	$ 3,250	$ 2,300	$ 2,750

Allowance for Credit Losses (Tables)

12 Months Ended

Dec. 31, 2024

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)	2024		2023		2022
Balance, beginning of year	$	3,320	$	3,066	$	4,249
Provision for credit losses	7,683		5,707		3,359
Write-offs, net of recoveries	(6,824)		(5,453)		(4,542)
Balance, end of year	$	4,179	$	3,320	$	3,066

Income Taxes - Schedule of Operating Loss Carryforwards (Details) $ in Millions	Dec. 31, 2024 USD ($)
Income Tax Expense Benefit [Line Items]
Operating loss carryforwards	$ 50.7
Federal
Income Tax Expense Benefit [Line Items]
Operating loss carryforwards	30.2
Operating loss carryforwards expected to expire unused due to Section 382 limitations	6.5
Federal operating loss carryforwards, net of Section 382 limitations	23.7
State operating loss carryforwards
Income Tax Expense Benefit [Line Items]
Operating loss carryforwards	17.0
Foreign loss carryforwards
Income Tax Expense Benefit [Line Items]
Operating loss carryforwards	$ 10.0

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Cash flows from operating activities
Net income	$ 77,054	$ 65,824	$ 55,134
Reconciliation of net income to net cash provided by operating activities
Deferred income taxes	(9,786)	(10,079)	(3,732)
Depreciation and amortization of property and equipment	18,721	18,631	16,421
Amortization of intangible assets	23,510	16,116	11,768
Provision for credit losses	7,683	5,707	3,359
Stock-based compensation	54,557	45,508	33,399
Other, net	577	2,415	220
Changes in assets and liabilities, net of effects of acquisitions
Accounts receivable	(9,653)	(11,949)	(6,435)
Deferred costs	(3,120)	(10,724)	(10,646)
Other assets and liabilities	(7,313)	1,834	2,632
Accounts payable	796	(3,947)	144
Accrued compensation	1,434	7,143	(3,786)
Accrued expenses	4,115	1,302	(2,829)
Deferred revenue	728	6,464	5,965
Operating leases	(1,905)	(1,947)	(1,562)
Net cash provided by operating activities	157,398	132,298	100,052
Cash flows from investing activities
Purchases of property and equipment	(20,046)	(19,761)	(19,880)
Purchases of investments	(85,759)	(133,994)	(160,427)
Maturities of investments	143,275	131,331	158,937
Acquisition of businesses, net	(147,924)	(70,218)	(91,420)
Net cash used in investing activities	(110,454)	(92,642)	(112,790)
Cash flows from financing activities
Repurchases of common stock	(37,567)	0	(43,215)
Net proceeds from exercise of options to purchase common stock	4,714	9,856	4,908
Net proceeds from employee stock purchase plan activity	9,827	8,114	6,676
Payments for contingent consideration	0	(2,000)	0
Net cash provided by (used in) financing activities	(23,026)	15,970	(31,631)
Effect of foreign currency exchange rate changes	(1,982)	562	(290)
Net increase (decrease) in cash and cash equivalents	21,936	56,188	(44,659)
Cash and cash equivalents at beginning of period	219,081	162,893	207,552
Cash and cash equivalents at end of period	241,017	219,081	162,893
Supplemental disclosure of cash flow information
Cash paid for income taxes	27,097	29,207	16,076
Non-cash financing activity:
Contingent consideration related to acquisition	$ 0	$ 0	$ 2,000

Income Taxes - Schedule of Percentage of Domestic Revenue and Domestic Income Before Income Taxes (Details)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Income Before Income Tax \| Geographic Concentration Risk \| Domestic income before income taxes
Property, Plant and Equipment [Line Items]
Concentration risk, percentage	92.00%	94.00%	91.00%

Deferred Costs (Tables)

12 Months Ended

Dec. 31, 2024

Deferred Costs [Abstract]

Summary of Deferred Costs Activity

The deferred costs activity was as follows:


	Year Ended December 31,
(in thousands)	2024		2023
Balance, beginning of year	$	82,750	$	70,179
Incurred deferred costs	90,482		89,012
Amortized deferred costs	(87,318)		(76,441)
Balance, end of year	$	85,914	$	82,750

Commitments and Contingencies

12 Months Ended

Dec. 31, 2024

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 200,000 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)	2024		2023		2022
Operating lease cost	$	3,420	$	3,123	$	3,087
Variable lease cost	3,685		3,771		3,576
	$	7,105	$	6,894	$	6,663

Supplemental cash flow information related to operating leases was as follows:


	Year Ended December 31,
(in thousands)	2024		2023		2022
Cash paid for amounts included in the measurement of lease liabilities
Operating cash outflows from operating leases	$	5,209	$	5,022	$	4,639
Right-of-use assets obtained in exchange for operating lease liabilities	3,158		1,147		934

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


	December 31, 2024		December 31, 2023
Weighted-average remaining lease term	2.4 years		3.1 years
Weighted-average discount rate	4.3	%	4.0	%

At December 31, 2024, our future minimum payments under operating leases were as follows:


(in thousands)
2025	$	5,952
2026	4,996
2027	1,920


Thereafter	273
Total future gross payments	13,141
Less: imputed interest	(673)
Total operating lease liabilities	$	12,468

Purchase Commitments

We have entered into separate noncancelable agreements with computing infrastructure, productivity software, customer relationship management, and performance and security data analytics vendors for services through 2026. At December 31, 2024, our remaining purchase commitments and estimated purchase timing were as follows:


(in thousands)
2025	$	14,187
2026	4,160

Total remaining purchase commitments	$	18,347

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 adverse effect on our financial position or results of operations.

Stockholders' Equity

12 Months Ended

Dec. 31, 2024

Equity [Abstract]

Stockholders' Equity

Stockholders’ Equity

Share Repurchase Programs

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, 2024 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
2021 Program	November 2021	August 2022	$	50,000	$	49,992	$	8	N/A
2022 Program	August 2022	July 2024	50,000		40,471		9,529		N/A
2024 Program	August 2024	July 2026	100,000		—		N/A		$	100,000

The share repurchase activity by period was as follows:


	Year Ended December 31,
(in thousands, except shares and per share amounts)	2024		2023		2022
Number of shares repurchased	205,331		—		361,745
Total share repurchased cost	$	37,567	$	—	$	43,215
Average total cost per repurchased share	$	182.96	$	—	$	119.46

Treasury Stock Reissuances

In connection with the acquisitions of Traverse Systems and SupplyPike, the Company re-issued treasury shares as part of the purchase consideration (see Note B – Business Combinations for further information).

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 505
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478448/946-505-50-6

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480237/815-40-50-6

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480008/505-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(e)(1))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/505/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 16
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-16

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

+ Details

Commitments and Contingencies - Summary of Remaining Purchase Commitments (Details) $ in Thousands	Dec. 31, 2024 USD ($)
Commitments and Contingencies Disclosure [Abstract]
2025	$ 14,187
2026	4,160
Total remaining purchase commitments	$ 18,347

Commitments and Contingencies - Summary of Supplemental Cash Flow Information Related to Leases (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Cash paid for amounts included in the measurement of lease liabilities
Operating cash outflows from operating leases	$ 5,209	$ 5,022	$ 4,639
Right-of-use assets obtained in exchange for operating lease liabilities	$ 3,158	$ 1,147	$ 934

Commitments and Contingencies - Schedule of Future Minimum Payments Under Operating Leases (Details) $ in Thousands	Dec. 31, 2024 USD ($)
Commitments and Contingencies Disclosure [Abstract]
2025	$ 5,952
2026	4,996
2027	1,920
Thereafter	273
Total future gross payments	13,141
Less: imputed interest	(673)
Total operating lease liabilities	$ 12,468

Other Income and Expense

12 Months Ended

Dec. 31, 2024

Other Income and Expenses [Abstract]

Other Income and Expense

Other income, net included the following:


	Year Ended December 31,
(in thousands)	2024		2023		2022
Investment income	$	10,582	$	7,660	$	1,670
Realized gain (loss) from investments held and foreign currency impact on cash and investments	115		1,726		(1,026)
Other expense, net	(104)		(1,071)		(502)
Total other income, net	$	10,593	$	8,315	$	142

Allowance for Credit Losses

12 Months Ended

Dec. 31, 2024

Receivables [Abstract]

Allowance for Credit Losses

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


	Year Ended December 31,
(in thousands)	2024		2023		2022
Balance, beginning of year	$	3,320	$	3,066	$	4,249
Provision for credit losses	7,683		5,707		3,359
Write-offs, net of recoveries	(6,824)		(5,453)		(4,542)
Balance, end of year	$	4,179	$	3,320	$	3,066

Stock-Based Compensation - Fair Value Estimation of Common Stock, Assumptions (Details) - Employee Stock Purchase Plan	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Life (in years)	6 months	6 months	6 months
Volatility	33.10%	36.40%	42.00%
Dividend yield	0.00%	0.00%	0.00%
Risk-free interest rate	5.30%	4.90%	1.30%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Business Acquisitions - Summary of Estimated Fair Values of Assets Acquired and Liabilities Assumed at Acquisition Date (Details) - USD ($) $ in Thousands	Jul. 31, 2024	Dec. 31, 2024	Dec. 31, 2023
Estimated fair value of assets and liabilities acquired:
Goodwill		$ 399,180	$ 249,176
SupplyPike, Inc.
Business Acquisition [Line Items]
Cash paid	$ 124,769
Equity consideration	87,156
Total consideration	211,925
Estimated fair value of assets and liabilities acquired:
Cash	6,118
Other assets	3,732
Deferred revenue	(2,297)
Other liabilities	(2,644)
Deferred income tax liabilities, net	(17,347)
Total fair value of assets and liabilities acquired	80,474
Goodwill	131,451
SupplyPike, Inc. \| Subscriber relationships
Estimated fair value of assets and liabilities acquired:
Intangible assets	71,822
SupplyPike, Inc. \| Developed technology
Estimated fair value of assets and liabilities acquired:
Intangible assets	$ 21,090

Stock-Based Compensation - Summary of Additional Information Related to Stock Options (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Share-Based Payment Arrangement [Abstract]
Fair value of options vested	$ 1,982	$ 1,966	$ 1,996
Intrinsic value of options exercised	13,934	31,227	16,705
Intrinsic value of options outstanding	$ 23,387	$ 39,474	$ 40,692
Weighted-average fair value per share of options granted	$ 69.11	$ 56.47	$ 41.34

Revenue - Summary of Percentage of Domestic Revenue (Details)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Revenue Benchmark \| Geographic Concentration Risk \| Domestic income before income taxes
Disaggregation Of Revenue [Line Items]
Concentration risk, percentage	83.00%	84.00%	84.00%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Fair Value Measurements

12 Months Ended

Dec. 31, 2024

Fair Value Disclosures [Abstract]

Fair Value Measurements

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


	December 31,
	2024							2023
	Fair Value Level	Amortized Cost		Unrealized Gains (Losses), net		Fair Value		Fair Value Level	Amortized Cost		Unrealized Gains (Losses), net		Fair Value
(in thousands)
Cash equivalents:
Money market funds	Level 1	$	178,417	$	—	$	178,417	Level 1	$	161,233	$	—	$	161,233
Investments:
Certificates of deposit	Level 2	—		—		—		Level 1	6,805		—		6,805
Marketable securities:
Commercial paper	Level 2	—		—		—		Level 2	48,860		694		49,554

		$	178,417	$	—	$	178,417		$	216,898	$	694	$	217,592

Goodwill and Intangible Assets, Net - Schedule of Amortization Expense of Intangible Assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization expense	$ 23,510	$ 16,116	$ 11,768

Pay vs Performance Disclosure - USD ($) $ in Thousands	12 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Pay vs Performance Disclosure
Net income	$ 77,054	$ 65,824	$ 55,134

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-6

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-9

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 60
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476176/805-60-65-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 323
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (g)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478666/740-323-65-2

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(20))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 323
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481687/323-10-50-3

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 28
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-28

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482765/220-10-50-6

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-3

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480175/815-40-65-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-8

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-11

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-11

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-4

Reference 17: http://www.xbrl.org/2003/role/exampleRef
-Topic 946
-SubTopic 830
-Name Accounting Standards Codification
-Section 55
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479168/946-830-55-10

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section 45
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479105/946-220-45-7

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(18))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477250/944-220-S99-1

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(9))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-09(1)(d))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-3

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(i))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 23: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(ii))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iii)(A))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iv))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(5))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(i))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(A))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(B))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 30: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iv))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 31: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(5))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 32: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 60B
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482689/260-10-45-60B

Reference 33: http://www.xbrl.org/2003/role/disclosureRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483499/205-20-50-7

Reference 34: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 230
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 28
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482740/230-10-45-28

Reference 35: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482790/220-10-45-1A

Reference 36: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1B
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482790/220-10-45-1B

Reference 37: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 942
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(22))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478524/942-220-S99-1

+ Details

Stock-Based Compensation - Weighted Average Fair Value Per Share of Options Granted, Assumptions (Details) - Stock options	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Life (in years)	4 years 1 month 6 days	4 years 2 months 12 days	4 years 3 months 18 days
Volatility	36.60%	39.30%	37.70%
Dividend yield	0.00%	0.00%	0.00%
Risk-free interest rate	4.30%	4.00%	2.50%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Retirement Contributions - Schedule of Total Contribution to the Plan (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Retirement Benefits [Abstract]
Retirement contributions	$ 7,849	$ 6,627	$ 5,386

Commitments and Contingencies - Narrative (Details) ft² in Thousands	Dec. 31, 2024 ft² option
Commitments and Contingencies Disclosure [Abstract]
Current leased space \| ft²	200
Number of extension options \| option	2
Lease extension period	5 years

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Dec. 31, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Other Income and Expense (Tables)

12 Months Ended

Dec. 31, 2024

Other Income and Expenses [Abstract]

Summary of Other Income (Expense), Net

Other income, net included the following:


	Year Ended December 31,
(in thousands)	2024		2023		2022
Investment income	$	10,582	$	7,660	$	1,670
Realized gain (loss) from investments held and foreign currency impact on cash and investments	115		1,726		(1,026)
Other expense, net	(104)		(1,071)		(502)
Total other income, net	$	10,593	$	8,315	$	142

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2024

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)	2024		2023		2022
Current
Federal	$	20,988	$	20,168	$	13,881
State	6,147		4,221		4,149
Foreign	3,161		2,103		1,990
Deferred
Federal	(5,256)		(5,425)		(2,530)
State	(1,466)		(390)		(751)
Foreign	(1,152)		(938)		(549)
	$	22,422	$	19,739	$	16,190

Schedule of Percentage of Domestic Revenue and Domestic Income Before Income Taxes

Domestic revenue, which we define as revenue that was attributable to customers based within the U.S. was as follows:


	Year Ended December 31,
	2024		2023		2022
Domestic revenue	83	%	84	%	84	%


	Year Ended December 31,
	2024		2023		2022
Domestic income before income taxes	92	%	94	%	91	%

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

The following table reconciles the U.S. federal statutory income tax rate with our effective tax rate:


	Year Ended December 31,
	2024		2023		2022
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	5.7		5.1		4.6
Tax impact of stock activity	(4.9)		(5.6)		(4.7)
Nondeductible compensation	3.2		4.7		3.5
Research and development credit	(1.5)		(1.5)		(1.5)
Foreign derived intangible income	(1.3)		(1.3)		(1.4)
Other	0.3		0.7		1.2
Effective tax rate	22.5	%	23.1	%	22.7	%

Significant Components of Deferred Tax Assets (Liabilities)

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


	December 31,
(in thousands)	2024		2023
Deferred income tax assets
Net operating loss and credit carryforwards	$	10,722	$	10,212
Stock-based compensation expense	7,110		6,304
Accrued expenses	6,600		6,067
Operating lease liabilities	2,977		3,470
Research and development capitalized	26,788		17,007
Other deferred income tax assets	3,026		2,705
Gross deferred income tax assets	57,223		45,765
Less: valuation allowance	(2,965)		(2,545)
Total net deferred income tax assets	$	54,258	$	43,220

Deferred income tax liabilities
Deferred costs	$	(21,537)	$	(20,672)
Right-of-use assets	(1,893)		(1,884)
Depreciation and amortization	(44,556)		(28,066)
Other deferred income tax liabilities	(1,308)		(1,065)
Total deferred income tax liabilities	(69,294)		(51,687)
Net deferred income tax liabilities	$	(15,036)	$	(8,467)

Schedule of Operating Loss Carryforwards

As of December 31, 2024, we had the following tax loss carryforwards:


(in millions, except expiration dates)	Amount		Expiration Dates
Federal
Operating loss carryforwards	$	30.2
Operating loss carryforwards expected to expire unused due to Section 382 limitations	6.5
Federal operating loss carryforwards, net of Section 382 limitations	$	23.7	2025 - 2037

Other
State operating loss carryforwards	$	17.0	2025 - 2044
Foreign loss carryforwards	10.0		N/A
Total tax loss carryforwards, net of Section 382 limitations	$	50.7

Audit Information	12 Months Ended
Audit Information	Dec. 31, 2024
Audit Information [Abstract]
Auditor Firm ID	185
Auditor Name	KPMG, LLP
Auditor Location	Minneapolis, MN

Revenue - Summary of Deferred Revenue Liability Relating to Set-Up Fees (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue recognition	$ 12,900
Set-Up Fees
Deferred Revenue Arrangement [Roll Forward]
Balance, beginning of year	17,603	$ 14,999
Invoiced set-up fees	16,915	19,146
Recognized set-up fees	(17,783)	(16,542)
Balance, end of year	$ 16,735	$ 17,603

Net Income Per Share - Schedule of Anti-dilutive Common Shares Excluded from Calculation of Diluted Net Income Per Share (Details) - shares shares in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Earnings Per Share [Abstract]
Anti-dilutive shares (in shares)	55	36	75

Stockholders' Equity - Share Repurchase Plan (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Schedule Of Stockholders Equity [Line Items]
Share Value Repurchased	$ 99,748	$ 128,892
Common Stock \| 2021 Program
Schedule Of Stockholders Equity [Line Items]
Share Value Authorized for Repurchase	50,000
Share Value Repurchased	49,992
Unused & Expired Share Repurchase Value	8
Common Stock \| 2022 Program
Schedule Of Stockholders Equity [Line Items]
Share Value Authorized for Repurchase	50,000
Share Value Repurchased	40,471
Unused & Expired Share Repurchase Value	9,529
Common Stock \| 2024 Program
Schedule Of Stockholders Equity [Line Items]
Share Value Authorized for Repurchase	100,000
Share Value Repurchased	0
Share Value Available for Future Repurchase	$ 100,000

Insider Trading Policies and Procedures	12 Months Ended
Insider Trading Policies and Procedures	Dec. 31, 2024
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

Property and Equipment, Net

12 Months Ended

Dec. 31, 2024

Property, Plant and Equipment [Abstract]

Property and Equipment, Net

Property and equipment, net consisted of the following:


	December 31,
(in thousands)	2024		2023
Internally developed software	$	73,617	$	60,396
Computer equipment	27,890		34,402
Leasehold improvements	14,999		15,387
Office equipment and furniture	8,796		10,966
Property and equipment, cost	125,302		121,151
Less: accumulated depreciation and amortization	(87,755)		(85,108)
Total property and equipment, net	$	37,547	$	36,043

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


	Year Ended December 31,
(in thousands)	2024		2023		2022
Depreciation and amortization expense	$	18,721	$	18,631	$	16,421

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


	December 31,
	2024		2023
International property and equipment	18	%	15	%

Other Income and Expense - Summary of Other Income (Expense), Net (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Other Income and Expenses [Abstract]
Investment income	$ 10,582	$ 7,660	$ 1,670
Realized gain (loss) from investments held and foreign currency impact on cash and investments	115	1,726	(1,026)
Other expense, net	(104)	(1,071)	(502)
Total other income, net	$ 10,593	$ 8,315	$ 142

Income Taxes - Schedule of Provision for Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Current
Federal	$ 20,988	$ 20,168	$ 13,881
State	6,147	4,221	4,149
Foreign	3,161	2,103	1,990
Deferred
Federal	(5,256)	(5,425)	(2,530)
State	(1,466)	(390)	(751)
Foreign	(1,152)	(938)	(549)
Total provision for income taxes	$ 22,422	$ 19,739	$ 16,190

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 270
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482964/270-10-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (ee)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 4: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-9

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 6.I.7)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-8

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-10

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(9))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477250/944-220-S99-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Subparagraph (a)
-SubTopic 20
-Topic 740
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482659/740-20-45-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h))
-SubTopic 10
-Topic 235
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

+ Details

Revenue

12 Months Ended

Dec. 31, 2024

Revenue from Contract with Customer [Abstract]

Revenue

We derive our revenues from the following revenue streams:


	Year Ended December 31,
(in thousands)	2024		2023		2022
Recurring revenues:
Fulfillment	$	523,704	$	436,702	$	364,148
Analytics	55,717		51,703		46,894
Other	20,668		13,608		8,005
Recurring revenues	600,089		502,013		419,047
One-time revenues	37,676		34,897		31,828
Total revenue	$	637,765	$	536,910	$	450,875

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.

Revenue by Geographic Area

Domestic revenue, which we define as revenue that was attributable to customers based within the U.S. was as follows:


	Year Ended December 31,
	2024		2023		2022
Domestic revenue	83	%	84	%	84	%

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

Recurring Revenues

We define recurring revenue as active contracts during the reporting period to regularly pay us fees for subscription-based and reoccurring services. All components of the contracts that are not expected to recur (primarily set ups and professional services) are excluded from recurring revenue.

Revenue for subscription-based services is recognized on a ratable basis over the contract term beginning on the date that our service is made available to the customer. Our contracts primarily range 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 generally 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, a component of our revenue, 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, generally 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. We expect to recognize $12.9 million of the balance as of December 31, 2024 as revenue over the next 12 months with the remaining amount recognized thereafter.


	Year Ended December 31,
(in thousands)	2024		2023
Balance, beginning of year	$	17,603	$	14,999
Invoiced set-up fees	16,915		19,146
Recognized set-up fees	(17,783)		(16,542)
Balance, end of year	$	16,735	$	17,603

Miscellaneous one-time revenues

Miscellaneous one-time 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, 2024, we recognized revenue of $69.2 million from amounts included in deferred revenue at December 31, 2023.

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-9

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-10

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-15

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-13

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org/606/tableOfContent

+ Details

Net Income Per Share

12 Months Ended

Dec. 31, 2024

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)	2024		2023		2022
Numerator
Net income	$	77,054	$	65,824	$	55,134
Denominator
Weighted average common shares outstanding, basic	37,306		36,646		36,117
Options to purchase common stock and ESPP	150		265		382
PSUs, RSUs, RSAs, and DSUs	400		564		454
Weighted average common shares outstanding, diluted	37,856		37,475		36,953
Net income per share
Basic	$	2.07	$	1.80	$	1.53
Diluted	$	2.04	$	1.76	$	1.49

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)	2024	2023	2022
Anti-dilutive shares	55	36	75

Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2024

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,
	2024							2023
	Fair Value Level	Amortized Cost		Unrealized Gains (Losses), net		Fair Value		Fair Value Level	Amortized Cost		Unrealized Gains (Losses), net		Fair Value
(in thousands)
Cash equivalents:
Money market funds	Level 1	$	178,417	$	—	$	178,417	Level 1	$	161,233	$	—	$	161,233
Investments:
Certificates of deposit	Level 2	—		—		—		Level 1	6,805		—		6,805
Marketable securities:
Commercial paper	Level 2	—		—		—		Level 2	48,860		694		49,554

		$	178,417	$	—	$	178,417		$	216,898	$	694	$	217,592

Property and Equipment, Net - Schedule of Depreciation and Amortization Expense of Property and Equipment (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Property, Plant and Equipment [Abstract]
Depreciation and amortization expense	$ 18,721	$ 18,631	$ 16,421

Business Acquisitions - Summary of Estimated Useful Lives for each acquired Intangible Asset (Details) - SupplyPike, Inc.	Jul. 31, 2024
Subscriber relationships
Business Acquisition [Line Items]
Intangible assets useful life	9 years
Developed technology
Business Acquisition [Line Items]
Intangible assets useful life	8 years

Revenue (Tables)

12 Months Ended

Dec. 31, 2024

Revenue from Contract with Customer [Abstract]

Summary of Revenues by Revenue Stream

We derive our revenues from the following revenue streams:


	Year Ended December 31,
(in thousands)	2024		2023		2022
Recurring revenues:
Fulfillment	$	523,704	$	436,702	$	364,148
Analytics	55,717		51,703		46,894
Other	20,668		13,608		8,005
Recurring revenues	600,089		502,013		419,047
One-time revenues	37,676		34,897		31,828
Total revenue	$	637,765	$	536,910	$	450,875

Summary of Percentage of Domestic Revenue

Domestic revenue, which we define as revenue that was attributable to customers based within the U.S. was as follows:


	Year Ended December 31,
	2024		2023		2022
Domestic revenue	83	%	84	%	84	%


	Year Ended December 31,
	2024		2023		2022
Domestic income before income taxes	92	%	94	%	91	%

Summary of Deferred Revenue Liability Relating to Set-Up Fees


	Year Ended December 31,
(in thousands)	2024		2023
Balance, beginning of year	$	17,603	$	14,999
Invoiced set-up fees	16,915		19,146
Recognized set-up fees	(17,783)		(16,542)
Balance, end of year	$	16,735	$	17,603

Stock-Based Compensation - Stock Option Activity (Details) - $ / shares	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Options (#)
Beginning balance (in shares)	346,822	562,697	678,650
Granted (in shares)	38,984	42,215	56,430
Exercised (in shares)	(94,338)	(254,353)	(164,393)
Forfeited (in shares)	(2,094)	(3,737)	(7,990)
Ending balance (in shares)	289,374	346,822	562,697
Weighted Average Exercise Price ($/share)
Beginning Balance (in dollars per share)	$ 80.02	$ 56.24	$ 44.76
Granted (in dollars per share)	195.76	152.68	122.59
Exercised (in dollars per share)	49.91	38.75	29.86
Forfeited (in dollars per share)	158.63	129.43	92.48
Ending Balance (in dollars per share)	$ 104.86	$ 80.02	$ 56.24

General

12 Months Ended

Dec. 31, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

General

Business Description

Basis of Presentation

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 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			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 estimated useful lives for intangible assets were as follows:


			Estimated Useful Life
Subscriber relationships			7-10 years
Developed technology			5-10 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

Share Repurchases and Reissuances

Income Taxes

When applicable, the Company recognizes interest and penalties accrued on any unrecognized tax benefits as a component of income tax expense.

Net Income Per Share

Accounting Pronouncements Recently Adopted

Standard

Date of Issuance

Description

Date of Adoption

Effect on the Financial Statements

ASU 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures

November 2023

This amendment requires that an entity disclose significant segment expenses impacting profit and loss that are regularly provided to the chief operating decision maker.

2024

The adoption resulted in additional disclosure.

Accounting Pronouncements Not Yet Adopted

Standard

Date of Issuance

Description

Date of Required Adoption

Effect on the Financial Statements

ASU 2023-09, Income Taxes (Topic 740) - Improvements to Income Tax Disclosures

December 2023

2025

We are currently evaluating the adoption on our financial statements and anticipate the impact will result in additional disclosure.

ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40)

November 2024

This amendment requires that an entity disclose in its notes to financial statements specified information about certain costs and expenses.

2027

We are currently evaluating the adoption on our financial statements and anticipate the impact will result in additional disclosure.

Income Taxes - Significant Components of Deferred Tax Assets (Liabilities) (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Deferred income tax assets
Net operating loss and credit carryforwards	$ 10,722	$ 10,212
Stock-based compensation expense	7,110	6,304
Accrued expenses	6,600	6,067
Operating lease liabilities	2,977	3,470
Research and development capitalized	26,788	17,007
Other deferred income tax assets	3,026	2,705
Gross deferred income tax assets	57,223	45,765
Less: valuation allowance	(2,965)	(2,545)
Total net deferred income tax assets	54,258	43,220
Deferred income tax liabilities
Deferred costs	(21,537)	(20,672)
Right-of-use assets	(1,893)	(1,884)
Depreciation and amortization	(44,556)	(28,066)
Other deferred income tax liabilities	(1,308)	(1,065)
Total deferred income tax liabilities	(69,294)	(51,687)
Net deferred income tax liabilities	$ (15,036)	$ (8,467)

Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized (in shares)	5,000,000	5,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	110,000,000	110,000,000
Common stock, shares issued (in shares)	39,590,276	38,971,146
Common stock, shares outstanding (in shares)	37,661,308	36,820,048
Treasury stock, shares (in shares)	1,928,968	2,151,098

Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2024

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)	2024		2023		2022
Cost of revenues	$	11,043	$	10,169	$	8,684
Operating expenses
Sales and marketing	12,547		9,774		7,590
Research and development	9,094		7,200		5,634
General and administrative	21,873		18,365		11,491
	$	54,557	$	45,508	$	33,399

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


	Year Ended December 31,
(in thousands)	2024		2023		2022
Stock options	$	2,059	$	1,947	$	1,903
PSUs	8,192		11,886		7,509
RSUs & DSUs	38,064		26,185		19,282
RSAs	442		472		437
ESPP	2,910		2,488		2,144
401(k) stock match	2,890		2,530		2,124
	$	54,557	$	45,508	$	33,399

Stock Option Activity

Our stock option activity was as follows:


	Options (#)	Weighted Average Exercise Price ($/share)
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
Granted	42,215	152.68
Exercised	(254,353)	38.75
Forfeited	(3,737)	129.43
Outstanding at December 31, 2023	346,822	80.02
Granted	38,984	195.76
Exercised	(94,338)	49.91
Forfeited	(2,094)	158.63
Outstanding at December 31, 2024	289,374	104.86

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)	2024		2023		2022
Fair value of options vested	$	1,982	$	1,966	$	1,996
Intrinsic value of options exercised	13,934		31,227		16,705
Intrinsic value of options outstanding	23,387		39,474		40,692
Weighted-average fair value per share of options granted	69.11		56.47		41.34

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,
	2024		2023		2022
Life (in years)	4.1		4.2		4.3
Volatility	36.6	%	39.3	%	37.7	%
Dividend yield	—		—		—
Risk-free interest rate	4.3	%	4.0	%	2.5	%

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, 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
Granted	416,377	163.55
Vested and common stock issued	(344,087)	77.52
Forfeited	(11,034)	122.97
Outstanding at December 31, 2023	773,414	147.50
Granted	413,619	185.54
Vested and common stock issued	(462,481)	130.03
Forfeited	(35,030)	180.59
Outstanding at December 31, 2024	689,522	180.35

Summary of ESPP Activity

Our ESPP activity was as follows:


	Year Ended December 31,
(in thousands, except shares)	2024		2023		2022
Amounts for shares purchased	$	9,827	$	8,114	$	6,676
Shares purchased	61,979		63,641		70,107

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,
	2024		2023		2022
Life (in years)	0.5		0.5		0.5
Volatility	33.1	%	36.4	%	42.0	%
Dividend yield	—		—		—
Risk-free interest rate	5.3	%	4.9	%	1.3	%

Commitments and Contingencies (Tables)

12 Months Ended

Dec. 31, 2024

Commitments and Contingencies Disclosure [Abstract]

Components of Lease Expense

The components of lease expense were as follows:


	Year Ended December 31,
(in thousands)	2024		2023		2022
Operating lease cost	$	3,420	$	3,123	$	3,087
Variable lease cost	3,685		3,771		3,576
	$	7,105	$	6,894	$	6,663

Schedule of Supplemental Cash Flow Information Related to Leases

Supplemental cash flow information related to operating leases was as follows:


	Year Ended December 31,
(in thousands)	2024		2023		2022
Cash paid for amounts included in the measurement of lease liabilities
Operating cash outflows from operating leases	$	5,209	$	5,022	$	4,639
Right-of-use assets obtained in exchange for operating lease liabilities	3,158		1,147		934

Schedule of Supplemental Balance Sheet Information Related to Leases

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


	December 31, 2024		December 31, 2023
Weighted-average remaining lease term	2.4 years		3.1 years
Weighted-average discount rate	4.3	%	4.0	%

Schedule of Future Minimum Payments Under Operating Leases

At December 31, 2024, our future minimum payments under operating leases were as follows:


(in thousands)
2025	$	5,952
2026	4,996
2027	1,920


Thereafter	273
Total future gross payments	13,141
Less: imputed interest	(673)
Total operating lease liabilities	$	12,468

Summary of Remaining Purchase Commitments and Estimated Purchase Timing

At December 31, 2024, our remaining purchase commitments and estimated purchase timing were as follows:


(in thousands)
2025	$	14,187
2026	4,160

Total remaining purchase commitments	$	18,347

General - Summary of Estimated Useful Lives of Intangible Assets (Details)	Dec. 31, 2024
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	5 years
Developed technology \| Maximum
Schedule of Accounting Policies [Line Items]
Estimated useful lives of intangible assets	10 years

Net Income Per Share - Components and Computation of Basic and Diluted Net Income Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Numerator
Net income	$ 77,054	$ 65,824	$ 55,134
Weighted Average Number of Shares Outstanding, Diluted [Abstract]
Weighted average common shares outstanding, basic (in shares)	37,306	36,646	36,117
Options to purchase common stock and ESPP (in shares)	150	265	382
PSUs, RSUs, RSAs, and DSUs (n shares)	400	564	454
Weighted average common shares outstanding, diluted (in shares)	37,856	37,475	36,953
Net income per share
Basic (in dollars per share)	$ 2.07	$ 1.80	$ 1.53
Diluted (in dollars per share)	$ 2.04	$ 1.76	$ 1.49

Property and Equipment, Net (Tables)

12 Months Ended

Dec. 31, 2024

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			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)	2024		2023
Internally developed software	$	73,617	$	60,396
Computer equipment	27,890		34,402
Leasehold improvements	14,999		15,387
Office equipment and furniture	8,796		10,966
Property and equipment, cost	125,302		121,151
Less: accumulated depreciation and amortization	(87,755)		(85,108)
Total property and equipment, net	$	37,547	$	36,043

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)	2024		2023		2022
Depreciation and amortization expense	$	18,721	$	18,631	$	16,421

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

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


	December 31,
	2024		2023
International property and equipment	18	%	15	%

Stock-Based Compensation - Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock-based compensation expense	$ 54,557	$ 45,508	$ 33,399
Stock options
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock-based compensation expense	2,059	1,947	1,903
PSUs
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock-based compensation expense	8,192	11,886	7,509
RSUs & DSUs
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock-based compensation expense	38,064	26,185	19,282
RSAs
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock-based compensation expense	442	472	437
ESPP
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock-based compensation expense	2,910	2,488	2,144
401(k) stock match
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock-based compensation expense	2,890	2,530	2,124
Cost of revenues
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock-based compensation expense	11,043	10,169	8,684
Sales and marketing
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock-based compensation expense	12,547	9,774	7,590
Research and development
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock-based compensation expense	9,094	7,200	5,634
General and administrative
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock-based compensation expense	$ 21,873	$ 18,365	$ 11,491

Retirement Contributions - Narrative (Details)	12 Months Ended
Retirement Contributions - Narrative (Details)	Dec. 31, 2024
Retirement Benefits [Abstract]
Maximum allowable contribution by employee percentage	80.00%
Defined benefit plan employer matching contribution percent	50.00%
Maximum annual contribution per employee, percent	6.00%

Goodwill and Intangible Assets, Net (Tables)

12 Months Ended

Dec. 31, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Activity in Goodwill

The activity in goodwill was as follows:


	Year Ended December 31,
(in thousands)	2024
Balance, beginning of year	$	249,176
Addition from business acquisitions	154,632
Foreign currency translation	(6,445)
Remeasurement from provisional purchase accounting amount	1,817
Balance, end of year	$	399,180

Intangible Assets

Intangible assets, net consisted of the following:


	December 31, 2024
($ in thousands)	Gross Carrying Amount		Accumulated Amortization		Foreign Currency Translation		Net		Weighted Average Remaining Amortization Period
Subscriber relationships	$	178,147	$	(47,432)	$	(1,715)	$	129,000	7.3 years
Developed technology	77,108		(24,111)		(703)		52,294		5.7 years
	$	255,255	$	(71,543)	$	(2,418)	$	181,294	6.9 years


	December 31, 2023
($ in thousands)	Gross Carrying Amount		Accumulated Amortization		Foreign Currency Translation		Net		Weighted Average Remaining Amortization Period
Subscriber relationships	$	105,228	$	(32,097)	$	724	$	73,855	6.6 years
Developed technology	48,843		(15,669)		315		33,489		5.0 years
	$	154,071	$	(47,766)	$	1,039	$	107,344	6.1 years

Schedule of Amortization Expense of Intangible Assets

Amortization expense of intangible assets was as follows:


	Year Ended December 31,
(in thousands)	2024		2023		2022
Amortization expense	$	23,510	$	16,116	$	11,768

Estimated Annual Amortization Expense Related to Intangible Assets

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


(in thousands)
2025	$	29,528
2026	28,690
2027	28,216
2028	26,886
2029	20,446
Thereafter	47,528
Total future amortization	$	181,294

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 24
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482548/350-20-55-24

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1A

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-2

+ Details

Revenue - Summary of Revenues by Revenue Stream (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Revenue Recognition [Line Items]
Revenues	$ 637,765	$ 536,910	$ 450,875
Recurring revenues
Revenue Recognition [Line Items]
Revenues	600,089	502,013	419,047
One-time revenues
Revenue Recognition [Line Items]
Revenues	37,676	34,897	31,828
Fulfillment \| Recurring revenues
Revenue Recognition [Line Items]
Revenues	523,704	436,702	364,148
Analytics \| Recurring revenues
Revenue Recognition [Line Items]
Revenues	55,717	51,703	46,894
Other \| Recurring revenues
Revenue Recognition [Line Items]
Revenues	$ 20,668	$ 13,608	$ 8,005

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-41

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 270
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482964/270-10-50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (ee)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 4: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 5: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 924
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479941/924-10-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-5

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-30

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-42

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-40

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-4

+ Details