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Stockholders' Equity - Narrative (Details) $ in Millions	Oct. 29, 2025 USD ($)
Subsequent Event
Schedule of Stockholders Equity [Line Items]
Share repurchase program, authorized amount	$ 100.0

Stock-Based Compensation - Summary of Weighted Average Assumptions Used in Black-Scholes Option Pricing Model (Details) - Stock options	9 Months Ended
	Sep. 30, 2025
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Life (in years)	3 years 10 months 24 days
Volatility	37.00%
Dividend yield	0.00%
Risk-free interest rate	4.20%

- 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

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+ Details

Allowance for Credit Losses

9 Months Ended

Sep. 30, 2025

Allowance for Credit Loss [Abstract]

Allowance for Credit Losses

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


	Nine Months Ended September 30,
(in thousands)	2025		2024
Balance, beginning of period	$	4,179	$	3,320
Provision for credit losses	6,843		6,239
Write-offs, net of recoveries	(5,122)		(5,085)
Balance, end of period	$	5,900	$	4,474

Stockholders' Equity - Summary of Share Repurchase Plan (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2025	Dec. 31, 2024
Schedule of Stockholders Equity [Line Items]
Share Value Repurchased	$ 152,096	$ 99,748
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	89,986
Share Value Available for Future Repurchase	$ 10,014

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Current assets
Cash and cash equivalents	$ 133,725	$ 241,017
Accounts receivable	73,339	56,214
Allowance for credit losses	(5,900)	(4,179)
Accounts receivable, net	67,439	52,035
Deferred costs	66,510	65,342
Other assets	47,947	23,513
Total current assets	315,621	381,907
Property and equipment, net	41,448	37,547
Operating lease right-of-use assets	6,723	8,192
Goodwill	543,035	399,180
Intangible assets, net	225,262	181,294
Other assets
Deferred costs, non-current	20,769	20,572
Deferred income tax assets	463	505
Other assets, non-current	5,359	2,033
Total assets	1,158,680	1,031,230
Current liabilities
Accounts payable	12,745	8,577
Accrued compensation	51,795	47,160
Accrued expenses	12,318	12,108
Deferred revenue	77,566	74,256
Operating lease liabilities	5,623	4,583
Total current liabilities	160,047	146,684
Other liabilities
Deferred revenue, non-current	5,150	6,189
Operating lease liabilities, non-current	4,021	7,885
Deferred income tax liabilities	30,223	15,541
Other liabilities, non-current	299	241
Total liabilities	199,740	176,540
Commitments and contingencies (Note I)
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; 39,969,060 and 39,590,276 shares issued; and 37,732,760 and 37,661,308 shares outstanding, respectively	40	40
Treasury stock, at cost; 2,236,300 and 1,928,968 shares, respectively	(152,096)	(99,748)
Additional paid-in capital	708,318	627,982
Retained earnings	403,597	336,099
Accumulated other comprehensive loss	(919)	(9,683)
Total stockholders’ equity	958,940	854,690
Total liabilities and stockholders’ equity	$ 1,158,680	$ 1,031,230

Net Income Per Share - Summary of Anti-dilutive Common Shares Excluded from Calculation of Diluted Net Income Per Share (Details) - shares shares in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Earnings Per Share [Abstract]
Anti-dilutive shares (in shares)	603	130	371	118

Commitments and Contingencies - Summary of Future Minimum Payments Under Operating Leases (Details) $ in Thousands	Sep. 30, 2025 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Remainder of 2025	$ 2,057
2026	5,562
Thereafter	2,398
Total future gross payments	10,017
Less: imputed interest	(373)
Total operating lease liabilities	$ 9,644

Property and Equipment, Net

9 Months Ended

Sep. 30, 2025

Property, Plant and Equipment [Abstract]

Property and Equipment, Net

Property and equipment, net consisted of the following:


(in thousands)	September 30, 2025		December 31, 2024
Internally developed software	$	89,209	$	73,617
Computer equipment	23,646		27,890
Leasehold improvements	15,065		14,999
Office equipment and furniture	9,144		8,796
Property and equipment, cost	137,064		125,302
Less: accumulated depreciation and amortization	(95,616)		(87,755)
Total property and equipment, net	$	41,448	$	37,547

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


	September 30, 2025		December 31, 2024
International property and equipment	24	%	18	%

Deferred Costs (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Deferred Costs (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Deferred Costs [Roll Forward]
Balance, beginning of period	$ 87,904	$ 84,928	$ 85,914	$ 82,750
Incurred deferred costs	25,138	22,532	77,868	67,483
Amortized deferred costs	(25,763)	(21,993)	(76,503)	(64,766)
Balance, end of period	$ 87,279	$ 85,467	$ 87,279	$ 85,467

Business Acquisitions - Narrative (Details) - USD ($) $ in Thousands			9 Months Ended
	Feb. 04, 2025	Jul. 31, 2024	Sep. 30, 2025	Sep. 30, 2024
Business Combination [Line Items]
Payments to acquire businesses, net of cash acquired			$ 142,628	$ 147,401
Carbon6
Business Combination [Line Items]
Consideration transferred, net of cash acquired	$ 210,200
Payments to acquire businesses, net of cash acquired	$ 142,500
Number of shares issued in business combination (in shares)	378,100
Value of common stock transferred	$ 67,672
SupplyPike
Business Combination [Line Items]
Consideration transferred, net of cash acquired		$ 205,800
Payments to acquire businesses, net of cash acquired		$ 118,600
Number of shares issued in business combination (in shares)		404,587
Value of common stock transferred		$ 87,156

- 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

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+ Details

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Sep. 30, 2025	Dec. 31, 2024
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)	39,969,060	39,590,276
Common stock, shares outstanding (in shares)	37,732,760	37,661,308
Treasury stock, at cost (in shares)	2,236,300	1,928,968

Goodwill and Intangible Assets, Net - Summary of Estimated Future Annual Amortization Expense Related to Intangible Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Remainder of 2025	$ 9,568
2026	37,432
2027	36,958
2028	35,622
2029	29,167
Thereafter	76,515
Total future amortization	$ 225,262	$ 181,294

Stockholders' Equity

9 Months Ended

Sep. 30, 2025

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 September 30, 2025 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
2022 Program	August 2022	July 2024	$	50,000	$	40,471	$	9,529	N/A
2024 Program	August 2024	July 2026	100,000		89,986		N/A		$	10,014

The share repurchase activity by period was as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
(in thousands, except shares and per share amounts)	2025		2024		2025		2024
Number of shares repurchased	259,645		456		685,432		205,331
Total share repurchased cost	$	30,000	$	84	$	90,000	$	37,567
Average total cost per repurchased share	$	115.54	$	184.21	$	131.30	$	182.96

On October 29, 2025 (announced October 30, 2025), our board of directors authorized a program to repurchase up to $100.0 million of our common stock, excluding costs to obtain. Under the program, purchases may be made from time

to time in the open market or in privately negotiated purchases, or both. The share repurchase program will become effective December 1, 2025 and expires on December 1, 2027.

Treasury Stock Reissuance

In connection with the acquisition of SupplyPike and Carbon6 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

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+ Details

Commitments and Contingencies - Summary of Supplemental Cash Flow Information Related to Leases (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024
Cash paid for amounts included in the measurement of lease liabilities
Operating cash outflows from operating leases	$ 4,821	$ 3,801
Right-of-use assets obtained in exchange for operating lease liabilities	$ 1,491	$ 2,554

Income Taxes	9 Months Ended
Income Taxes	Sep. 30, 2025
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes We record our interim provision for income taxes by applying our estimated annual effective tax rate to our year-to-date pre-tax income and adjust the provision for discrete tax items recorded in the period. Our provisions for income taxes includes current federal, state, and foreign income tax expense, as well as deferred tax expense. Differences between our effective tax rate and statutory tax rates are primarily due to the impact of permanently non-deductible expenses partially offset by the federal research and development credits and tax benefits associated with foreign-derived intangible income. Additionally, excess tax benefits generated upon settlement or exercise of stock awards are recognized as a reduction to income tax expense as a discrete tax item in the quarter that the event occurs, creating potentially significant fluctuation in tax expense by quarter and by year. On July 4, 2025, the One Big Beautiful Bill Act ("OBBBA") was signed into law in the U.S., making permanent most of the expiring key provisions of the 2017 Tax Cuts and Jobs Act, including, but not limited to, U.S. corporate international tax provisions, federal bonus depreciation and deductions for domestic research and development expenditures. We evaluated the OBBBA and estimated the 2025 impact to be primarily a reduction in cash taxes due to the accelerated deduction of previously capitalized research and experimental expenditures. In addition, we expect the Foreign Derived Intangible Income (FDII) deduction will be adversely affected. The remaining provisions of the OBBBA are not expected to have a material impact.

- Definition

The entire disclosure for income tax.

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+ Details

Business Acquisitions - Summary of Pro Forma Consolidated Revenue and Net Income (Details) - Carbon6 - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Business Combination [Line Items]
Revenue	$ 189,904	$ 175,247	$ 563,034	$ 497,303
Net income	$ 25,569	$ 22,489	$ 67,085	$ 52,693

- 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

Other Income and Expense

9 Months Ended

Sep. 30, 2025

Other Income and Expenses [Abstract]

Other Income and Expense

Other income, net included the following:


	Three Months Ended September 30,				Nine Months Ended September 30,
(in thousands)	2025		2024		2025		2024
Investment income	$	1,076	$	2,704	$	3,613	$	8,377
Realized gain from investments held and foreign currency impact on cash and investments	205		1,077		678		2,636
Other expense, net	(21)		(3)		(51)		(47)
Total other income, net	$	1,260	$	3,778	$	4,240	$	10,966

Business Acquisitions - Summary of Estimated Useful Lives for each acquired Intangible Asset (Details)	Feb. 04, 2025	Jul. 31, 2024
Customer relationships \| Carbon6
Business Combination [Line Items]
Intangible assets useful life	8 years
Customer relationships \| SupplyPike
Business Combination [Line Items]
Intangible assets useful life		9 years
Developed technology \| Carbon6
Business Combination [Line Items]
Intangible assets useful life	9 years
Developed technology \| SupplyPike
Business Combination [Line Items]
Intangible assets useful life		8 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

General

9 Months Ended

Sep. 30, 2025

Organization, Consolidation and Presentation of Financial Statements [Abstract]

General

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

This interim financial information has been prepared under the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, these condensed consolidated financial statements do not include all of the information and notes required by GAAP. Therefore, these condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes included in our Annual Report on Form 10-K for the year ended December 31, 2024, as filed with the Securities and Exchange Commission (“SEC”). We have included all normal recurring adjustments considered necessary to provide a fair presentation of our financial position, results of operations, stockholders’ equity, and cash flows for the interim periods presented. Operating results for these interim periods are not necessarily indicative of the results to be expected for the full year.

Use of Estimates

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

Significant Accounting Policies

There were no material changes in our significant accounting policies, nor were there differences in the basis of our segmentation, during the nine months ended September 30, 2025. See Note A to the consolidated financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2024, as filed with the SEC.

Accounting Pronouncements Not Yet Adopted

Standard

Date of Issuance

Description

Year 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

The adoption will result in additional disclosure in our Annual Report on
Form 10-K for the year ending December 31, 2025.

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.

ASU 2025-05, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets

July 2025

This amendment allows for entities to elect a practical expedient when estimating expected credit losses for current accounts receivable and current contract assets arising from transactions accounted for under Topic 606. The practical expedient assumes that current conditions as of the balance sheet date do not change for the remaining life of the asset.

2026
(optional)

We are currently evaluating the election of the practical expedient on our financial statements and related disclosures.

ASU 2025-06, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40)

September 2025

This amendment modernizes the accounting for software costs under Subtopic 350-40, Intangibles—Goodwill and Other—Internal-Use Software by removing all references to software development project stages. The amendment requires an entity to begin capitalizing software costs when (1) management has authorized and committed to funding the software project and (2) it is probable that the project will be completed and the software will be used to perform the function intended.

2028

We are currently evaluating the adoption on our financial statements and related disclosures.

Fair Value Measurements (Details) - Cash equivalents - Money market funds - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Schedule of Financial Instruments [Line Items]
Amortized Cost	$ 101,618	$ 178,417
Unrealized Gains (Losses), net	0	0
Fair Value	$ 101,618	$ 178,417

- 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

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- Definition

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Net Income Per Share - Summary of Components and Computation of Basic and Diluted Net Income Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Numerator
Net income	$ 25,569	$ 23,460	$ 67,498	$ 59,495
Denominator
Weighted average common shares outstanding, basic (in shares)	37,895	37,447	37,939	37,192
Options to purchase common stock and ESPP (in shares)	51	145	73	159
PSUs, RSUs, RSAs, and DSUs (in shares)	47	404	58	434
Weighted average common shares outstanding, diluted (in shares)	37,993	37,996	38,070	37,785
Net income per share
Basic (in dollars per share)	$ 0.67	$ 0.63	$ 1.78	$ 1.60
Diluted (in dollars per share)	$ 0.67	$ 0.62	$ 1.77	$ 1.57

Commitments and Contingencies - Summary of Supplemental Balance Sheet Information Related to Operating Leases (Details)	Sep. 30, 2025	Dec. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Weighted-average remaining lease term	1 year 8 months 12 days	2 years 4 months 24 days
Weighted-average discount rate	4.20%	4.30%

Commitments and Contingencies - Summary of Remaining Purchase Commitments (Details) $ in Thousands	Sep. 30, 2025 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Remainder of 2025	$ 4,432
2026	9,047
Thereafter	4,137
Total estimated future purchases	$ 17,616

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Income Statement [Abstract]
Unrealized gain on investments, tax	$ 0	$ 28	$ 0	$ 363
Reclassification of gain on investments into earnings, tax	$ 0	$ (83)	$ 0	$ (537)

Revenue - Summary of Deferred Revenue Liability Relating to Set-Up Fees (Details) - Set-Up Fees - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Deferred Revenue Arrangement [Roll Forward]
Balance, beginning of period	$ 15,007	$ 18,360	$ 16,735	$ 17,603
Invoiced set-up fees	3,463	3,866	10,412	13,387
Recognized set-up fees	(3,998)	(4,519)	(12,675)	(13,283)
Balance, end of period	$ 14,472	$ 17,707	$ 14,472	$ 17,707

CONDENSED 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, 2023		36,820,048
Beginning balance at Dec. 31, 2023	$ 667,475	$ 39	$ (128,892)	$ 537,061	$ 259,045	$ 222
Beginning balance (in shares) at Dec. 31, 2023			2,151,098
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation	40,075			40,075
Shares issued pursuant to stock awards (in shares)		488,849
Shares issued pursuant to stock awards	4,198			4,198
Employee stock purchase plan activity (in shares)		35,416
Employee stock purchase plan activity	$ 5,672			5,672
Repurchases of common stock, net of costs (in shares)	205,331	205,331	205,331
Repurchases of common stock, net of costs	$ (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	59,495				59,495
Foreign currency translation adjustments	(886)					(886)
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 Sep. 30, 2024		37,566,443
Ending balance at Sep. 30, 2024	829,365	$ 39	$ (99,748)	611,719	318,540	(1,185)
Ending balance (in shares) at Sep. 30, 2024			1,928,968
Beginning balance (in shares) at Jun. 30, 2024		37,086,627
Beginning balance at Jun. 30, 2024	703,421	$ 39	$ (162,187)	574,842	295,080	(4,353)
Beginning balance (in shares) at Jun. 30, 2024			2,333,099
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation	9,996			9,996
Shares issued pursuant to stock awards (in shares)		72,852
Shares issued pursuant to stock awards	1,884			1,884
Employee stock purchase plan activity (in shares)		2,833
Employee stock purchase plan activity	$ 453			453
Repurchases of common stock, net of costs (in shares)	456	456	456
Repurchases of common stock, net of costs	$ (84)		$ (84)
Reissuances of treasury stock (in shares)		404,587	404,587
Reissuances of treasury stock	87,067		$ 62,523	24,544
Net income	23,460				23,460
Foreign currency translation adjustments	3,332					3,332
Unrealized gain on investments, net of tax	84					84
Reclassification of gain on investments into earnings, net of tax	(248)					(248)
Ending balance (in shares) at Sep. 30, 2024		37,566,443
Ending balance at Sep. 30, 2024	$ 829,365	$ 39	$ (99,748)	611,719	318,540	(1,185)
Ending balance (in shares) at Sep. 30, 2024			1,928,968
Beginning balance (in shares) at Dec. 31, 2024	37,661,308	37,661,308
Beginning balance at Dec. 31, 2024	$ 854,690	$ 40	$ (99,748)	627,982	336,099	(9,683)
Beginning balance (in shares) at Dec. 31, 2024	1,928,968		1,928,968
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation	$ 40,989			40,989
Shares issued pursuant to stock awards (in shares)		328,502
Shares issued pursuant to stock awards	3,481			3,481
Employee stock purchase plan activity (in shares)		50,282
Employee stock purchase plan activity	$ 5,924			5,924
Repurchases of common stock, net of costs (in shares)	685,432	685,432	685,432
Repurchases of common stock, net of costs	$ (90,000)		$ (90,000)
Reissuances of treasury stock (in shares)		378,100	378,100
Reissuances of treasury stock	67,594		$ 37,652	29,942
Net income	67,498				67,498
Foreign currency translation adjustments	8,764					8,764
Unrealized gain on investments, net of tax	0
Reclassification of gain on investments into earnings, net of tax	$ 0
Ending balance (in shares) at Sep. 30, 2025	37,732,760	37,732,760
Ending balance at Sep. 30, 2025	$ 958,940	$ 40	$ (152,096)	708,318	403,597	(919)
Ending balance (in shares) at Sep. 30, 2025	2,236,300		2,236,300
Beginning balance (in shares) at Jun. 30, 2025		37,927,432
Beginning balance at Jun. 30, 2025	$ 949,780	$ 40	$ (122,096)	693,113	378,028	695
Beginning balance (in shares) at Jun. 30, 2025			1,976,655
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation	13,632			13,632
Shares issued pursuant to stock awards (in shares)		60,670
Shares issued pursuant to stock awards	1,075			1,075
Employee stock purchase plan activity (in shares)		4,303
Employee stock purchase plan activity	$ 498			498
Repurchases of common stock, net of costs (in shares)	259,645	259,645	259,645
Repurchases of common stock, net of costs	$ (30,000)		$ (30,000)
Net income	25,569				25,569
Foreign currency translation adjustments	(1,614)					(1,614)
Unrealized gain on investments, net of tax	0
Reclassification of gain on investments into earnings, net of tax	$ 0
Ending balance (in shares) at Sep. 30, 2025	37,732,760	37,732,760
Ending balance at Sep. 30, 2025	$ 958,940	$ 40	$ (152,096)	$ 708,318	$ 403,597	$ (919)
Ending balance (in shares) at Sep. 30, 2025	2,236,300		2,236,300

Deferred Costs (Tables)

9 Months Ended

Sep. 30, 2025

Deferred Costs [Abstract]

Summary of Deferred Costs Activity

The deferred costs activity was as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
(in thousands)	2025		2024		2025		2024
Balance, beginning of period	$	87,904	$	84,928	$	85,914	$	82,750
Incurred deferred costs	25,138		22,532		77,868		67,483
Amortized deferred costs	(25,763)		(21,993)		(76,503)		(64,766)
Balance, end of period	$	87,279	$	85,467	$	87,279	$	85,467

Goodwill and Intangible Assets, Net - Summary of Intangible Assets, Net (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 320,061	$ 255,255
Accumulated Amortization	(97,678)	(71,543)
Foreign Currency Translation	2,879	(2,418)
Total future amortization	$ 225,262	$ 181,294
Weighted Average Remaining Amortization Period	6 years 7 months 6 days	6 years 10 months 24 days
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 214,462	$ 178,147
Accumulated Amortization	(63,877)	(47,432)
Foreign Currency Translation	1,908	(1,715)
Total future amortization	$ 152,493	$ 129,000
Weighted Average Remaining Amortization Period	6 years 9 months 18 days	7 years 3 months 18 days
Developed technology
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 105,599	$ 77,108
Accumulated Amortization	(33,801)	(24,111)
Foreign Currency Translation	971	(703)
Total future amortization	$ 72,769	$ 52,294
Weighted Average Remaining Amortization Period	6 years 3 months 18 days	5 years 8 months 12 days

- 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.

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+ Details

Revenue

9 Months Ended

Sep. 30, 2025

Revenue from Contract with Customer [Abstract]

Revenue

Revenue by Product Type

We derive our revenues from the following revenue streams:


	Three Months Ended September 30,				Nine Months Ended September 30,
(in thousands)	2025		2024		2025		2024
Recurring revenues:
Fulfillment	$	161,839	$	135,290	$	473,462	$	382,654
Analytics	14,142		13,838		41,787		41,361
Other	6,010		5,328		18,191		14,107
Recurring revenues	181,991		154,456		533,440		438,122
One-time revenues	7,913		9,230		25,413		28,736
Total revenue	$	189,904	$	163,686	$	558,853	$	466,858

Revenue by Geographic Area

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


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Domestic revenue	84	%	83	%	84	%	83	%

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 $11.1 million of the balance as of September 30, 2025 as revenue over the next 12 months with the remaining amount recognized thereafter.


	Three Months Ended September 30,				Nine Months Ended September 30,
(in thousands)	2025		2024		2025		2024
Balance, beginning of period	$	15,007	$	18,360	$	16,735	$	17,603
Invoiced set-up fees	3,463		3,866		10,412		13,387
Recognized set-up fees	(3,998)		(4,519)		(12,675)		(13,283)
Balance, end of period	$	14,472	$	17,707	$	14,472	$	17,707

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

We recognized revenue of $68.3 million and $61.8 million in the nine months ended September 30, 2025 and 2024, respectively, from amounts included in deferred revenue at the beginning of the period.

- 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 7
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-URI https://asc.fasb.org/1943274/2147479806/606-10-50-7

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Topic 606
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-Section 50
-Paragraph 12
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-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org/606/tableOfContent

+ Details

Revenue (Tables)

9 Months Ended

Sep. 30, 2025

Revenue from Contract with Customer [Abstract]

Summary of Revenues by Revenue Stream and Customer Type

We derive our revenues from the following revenue streams:


	Three Months Ended September 30,				Nine Months Ended September 30,
(in thousands)	2025		2024		2025		2024
Recurring revenues:
Fulfillment	$	161,839	$	135,290	$	473,462	$	382,654
Analytics	14,142		13,838		41,787		41,361
Other	6,010		5,328		18,191		14,107
Recurring revenues	181,991		154,456		533,440		438,122
One-time revenues	7,913		9,230		25,413		28,736
Total revenue	$	189,904	$	163,686	$	558,853	$	466,858

Summary of Percentage of Domestic Revenue

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


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Domestic revenue	84	%	83	%	84	%	83	%

Summary of Deferred Revenue Liability Relating to Set-Up Fees


	Three Months Ended September 30,				Nine Months Ended September 30,
(in thousands)	2025		2024		2025		2024
Balance, beginning of period	$	15,007	$	18,360	$	16,735	$	17,603
Invoiced set-up fees	3,463		3,866		10,412		13,387
Recognized set-up fees	(3,998)		(4,519)		(12,675)		(13,283)
Balance, end of period	$	14,472	$	17,707	$	14,472	$	17,707

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024
Cash flows from operating activities
Net income	$ 67,498	$ 59,495
Reconciliation of net income to net cash provided by operating activities
Deferred income taxes	12,583	(9,918)
Depreciation and amortization of property and equipment	15,302	14,010
Amortization of intangible assets	27,590	15,648
Provision for credit losses	6,843	6,239
Stock-based compensation	43,318	42,264
Other, net	(343)	(925)
Changes in assets and liabilities, net of effects of acquisitions
Accounts receivable	(16,301)	(11,456)
Deferred costs	234	(2,240)
Other assets and liabilities	(25,233)	(2,258)
Accounts payable	2,925	665
Accrued compensation	1,035	458
Accrued expenses	(2,226)	842
Deferred revenue	1,051	5,424
Operating leases	(1,357)	(1,412)
Net cash provided by operating activities	132,919	116,836
Cash flows from investing activities
Purchases of property and equipment	(18,873)	(13,832)
Purchases of investments	0	(85,759)
Maturities of investments	0	136,765
Acquisition of business, net	(142,628)	(147,401)
Net cash used in investing activities	(161,501)	(110,227)
Cash flows from financing activities
Repurchases of common stock	(89,556)	(37,567)
Net proceeds from exercise of options to purchase common stock	3,481	4,198
Net proceeds from employee stock purchase plan activity	5,924	5,672
Net cash used in financing activities	(80,151)	(27,697)
Effect of foreign currency exchange rate changes	1,441	849
Net decrease in cash and cash equivalents	(107,292)	(20,239)
Cash and cash equivalents at beginning of period	241,017	219,081
Cash and cash equivalents at end of period	$ 133,725	$ 198,842

Stock-Based Compensation

9 Months Ended

Sep. 30, 2025

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation

Our equity compensation plans include grants of incentive and nonqualified stock options, performance share units (“PSUs”), restricted stock awards (“RSAs”), restricted stock units (“RSUs”), and deferred stock units (“DSUs”), to employees, executive officers, and non-employee directors. We also provide an employee stock purchase plan (“ESPP”) and 401(k) match to eligible participants. At September 30, 2025, there were 11.8 million shares available for grant under approved equity compensation plans.

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


	Three Months Ended September 30,				Nine Months Ended September 30,
(in thousands)	2025		2024		2025		2024
Cost of revenues	$	3,171	$	1,412	$	9,610	$	8,224
Operating expenses
Sales and marketing	3,486		2,820		9,270		9,776
Research and development	2,354		1,939		6,506		7,001
General and administrative	5,442		4,581		17,932		17,263
	$	14,453	$	10,752	$	43,318	$	42,264

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


	Three Months Ended September 30,				Nine Months Ended September 30,
(in thousands)	2025		2024		2025		2024
Stock options	$	461	$	514	$	1,482	$	1,517
PSUs	2,846		2,260		8,980		7,149
RSUs & DSUs	9,471		6,309		27,941		28,751
RSAs	—		112		113		329
ESPP	870		800		2,489		2,323
401(k) stock match	805		757		2,313		2,195
	$	14,453	$	10,752	$	43,318	$	42,264

As of September 30, 2025, there was $86.7 million of unrecognized stock-based compensation expense under our equity compensation plans, which is expected to be recognized on a primarily straight-line basis over a weighted average period of 2.4 years.

Stock Options

Our stock option activity was as follows:


	Nine Months Ended September 30, 2025
	Options (#)	Weighted Average Exercise Price ($/share)
Outstanding, beginning of period	289,374	$	104.86
Granted	60,724	142.52
Exercised	(52,831)	65.91
Forfeited	(15,354)	162.62
Outstanding, end of period	281,913	$	117.13

Of the total outstanding options at September 30, 2025, 0.2 million were exercisable. The outstanding and exercisable options had a weighted average exercise price of $100.92 per share and a weighted average remaining contractual life of 2.6 years.

The weighted average grant date fair value of options granted during the nine months ended September 30, 2025 was $49.39 per share. This was estimated on the date of grant using the Black-Scholes option pricing model with the following weighted average assumptions:


Life (in years)	3.9
Volatility	37.0	%
Dividend yield	—
Risk-free interest rate	4.2	%

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

In each of the quarters ended March 31, 2025, 2024, 2023, and 2022, we granted PSU awards with a target performance level. 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. In the three months ended March 31, 2025, PSU awards granted in 2022 vested at the maximum performance level and 0.1 million shares of common stock were issued.

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


	Nine Months Ended September 30, 2025
	#	Weighted Average Grant Date Fair Value ($/share)
Outstanding, beginning of period	689,522	$	180.35
Granted	484,282	145.07
Vested and common stock issued	(276,256)	147.72
Forfeited	(51,665)	171.39
Outstanding, end of period	845,883	$	171.36

The number of PSUs, RSUs, RSAs, and DSUs outstanding at September 30, 2025 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 underlying agreements.

Employee Stock Purchase Plan

Our ESPP activity was as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
(in thousands, except shares)	2025		2024		2025		2024
Amounts for shares purchased	$	498	$	453	$	5,924	$	5,672
Shares purchased	4,303		2,833		50,282		35,416

A total of 1.6 million shares of common stock are reserved for issuance under the ESPP at September 30, 2025.

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:


Life (in years)	0.5
Volatility	33.7	%
Dividend yield	—
Risk-free interest rate	4.3	%

Revenue - Narrative (Details) - USD ($) $ in Millions	9 Months Ended
Revenue - Narrative (Details) - USD ($) $ in Millions	Sep. 30, 2025	Sep. 30, 2024
Disaggregation Of Revenue [Line Items]
Latest timing of billings	30 days
Contract term maximum	1 year
Set up fees recognized period	2 years
Maximum recognition period for miscellaneous one-time fee	1 year
Deferred revenue	$ 68.3	$ 61.8
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-10-01
Disaggregation Of Revenue [Line Items]
Revenue recognition	$ 11.1
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

Net Income Per Share (Tables)

9 Months Ended

Sep. 30, 2025

Earnings Per Share [Abstract]

Summary of Components and Computation of Basic and Diluted Net Income Per Share

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


	Three Months Ended September 30,				Nine Months Ended September 30,
(in thousands, except per share amounts)	2025		2024		2025		2024
Numerator
Net income	$	25,569	$	23,460	$	67,498	$	59,495
Denominator
Weighted average common shares outstanding, basic	37,895		37,447		37,939		37,192
Options to purchase common stock and ESPP	51		145		73		159
PSUs, RSUs, RSAs, and DSUs	47		404		58		434
Weighted average common shares outstanding, diluted	37,993		37,996		38,070		37,785
Net income per share
Basic	$	0.67	$	0.63	$	1.78	$	1.60
Diluted	$	0.67	$	0.62	$	1.77	$	1.57

Summary 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:


	Three Months Ended September 30,		Nine Months Ended September 30,
(in thousands)	2025	2024	2025	2024
Anti-dilutive shares	603	130	371	118

Commitments and Contingencies - Narrative (Details) $ in Thousands	Oct. 31, 2025 USD ($) ft²	Sep. 30, 2025 USD ($)
Other Commitments [Line Items]
Minimum lease payment, year one		$ 5,562
Minimum lease payment, thereafter		$ 2,398
Subsequent Event
Other Commitments [Line Items]
Operating lease, leased area \| ft²	198,000
Minimum lease payment, year one	$ 2,700
Minimum lease payment, year two to year three	2,000
Minimum lease payment, year three to year five	5,700
Minimum lease payment, thereafter	$ 46,100

Commitments and Contingencies (Tables)

9 Months Ended

Sep. 30, 2025

Commitments and Contingencies Disclosure [Abstract]

Summary of Components of Lease Expense

The components of lease expense were as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
(in thousands)	2025		2024		2025		2024
Operating lease cost	$	1,243	$	884	$	3,458	$	2,496
Variable lease cost	916		824		2,732		2,743
	$	2,159	$	1,708	$	6,190	$	5,239

Summary of Supplemental Cash Flow Information Related to Leases

Supplemental cash flow information related to leases was as follows:


	Nine Months Ended September 30,
(in thousands)	2025		2024
Cash paid for amounts included in the measurement of lease liabilities
Operating cash outflows from operating leases	$	4,821	$	3,801
Right-of-use assets obtained in exchange for operating lease liabilities	1,491		2,554

Summary of Supplemental Balance Sheet Information Related to Operating Leases

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


	September 30, 2025		December 31, 2024
Weighted-average remaining lease term	1.7 years		2.4 years
Weighted-average discount rate	4.2	%	4.3	%

Summary of Future Minimum Payments Under Operating Leases

At September 30, 2025, our future minimum payments under operating leases were as follows:


(in thousands)
Remainder of 2025	$	2,057
2026	5,562



Thereafter	2,398
Total future gross payments	$	10,017
Less: imputed interest	(373)
Total operating lease liabilities	$	9,644

Summary of Remaining Purchase Commitments and Estimated Purchase Timing

At September 30, 2025, our remaining purchase commitments and estimated purchase timing were as follows:


(in thousands)
Remainder of 2025	$	4,432
2026	9,047



Thereafter	4,137
Total estimated future purchases	$	17,616

Property and Equipment, Net - Summary of Property and Equipment, Net (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Property, Plant and Equipment [Line Items]
Property and equipment, cost	$ 137,064	$ 125,302
Less: accumulated depreciation and amortization	(95,616)	(87,755)
Total property and equipment, net	41,448	37,547
Internally developed software
Property, Plant and Equipment [Line Items]
Property and equipment, cost	89,209	73,617
Computer equipment
Property, Plant and Equipment [Line Items]
Property and equipment, cost	23,646	27,890
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property and equipment, cost	15,065	14,999
Office equipment and furniture
Property, Plant and Equipment [Line Items]
Property and equipment, cost	$ 9,144	$ 8,796

Commitments and Contingencies

9 Months Ended

Sep. 30, 2025

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Leases

The components of lease expense were as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
(in thousands)	2025		2024		2025		2024
Operating lease cost	$	1,243	$	884	$	3,458	$	2,496
Variable lease cost	916		824		2,732		2,743
	$	2,159	$	1,708	$	6,190	$	5,239

Supplemental cash flow information related to leases was as follows:


	Nine Months Ended September 30,
(in thousands)	2025		2024
Cash paid for amounts included in the measurement of lease liabilities
Operating cash outflows from operating leases	$	4,821	$	3,801
Right-of-use assets obtained in exchange for operating lease liabilities	1,491		2,554

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


	September 30, 2025		December 31, 2024
Weighted-average remaining lease term	1.7 years		2.4 years
Weighted-average discount rate	4.2	%	4.3	%

At September 30, 2025, our future minimum payments under operating leases were as follows:


(in thousands)
Remainder of 2025	$	2,057
2026	5,562



Thereafter	2,398
Total future gross payments	$	10,017
Less: imputed interest	(373)
Total operating lease liabilities	$	9,644

In October 2025, we executed the sixth amendment to our lease agreement (the "Amendment") for our current headquarters located in Minneapolis, Minnesota where we lease approximately 198,000 square feet effective October 1, 2025. The Amendment extends the lease term to end in July 2043. Minimum lease payments under the Amendment are $2.7 million in year 1, $2.0 million in years 2-3, $5.7 million in years 3-5, and $46.1 million thereafter.

Purchase Commitments

We have entered into separate noncancelable agreements with vendors for computing infrastructure, software platforms, and other service arrangements through 2030. At September 30, 2025, our remaining purchase commitments and estimated purchase timing were as follows:


(in thousands)
Remainder of 2025	$	4,432
2026	9,047



Thereafter	4,137
Total estimated future purchases	$	17,616

Deferred Costs

9 Months Ended

Sep. 30, 2025

Deferred Costs [Abstract]

Deferred Costs

The deferred costs activity was as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
(in thousands)	2025		2024		2025		2024
Balance, beginning of period	$	87,904	$	84,928	$	85,914	$	82,750
Incurred deferred costs	25,138		22,532		77,868		67,483
Amortized deferred costs	(25,763)		(21,993)		(76,503)		(64,766)
Balance, end of period	$	87,279	$	85,467	$	87,279	$	85,467

Business Acquisitions - Summary of Estimated Fair Values of Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands	Feb. 04, 2025	Jul. 31, 2024	Sep. 30, 2025	Dec. 31, 2024
Estimated fair value of assets and liabilities acquired:
Goodwill			$ 543,035	$ 399,180
Carbon6
Business Combination [Line Items]
Cash paid	$ 144,855
Equity consideration	67,672
Total consideration	212,527
Estimated fair value of assets and liabilities acquired:
Cash	2,306
Accounts receivable	5,868
Other assets, current and non-current	8,665
Deferred revenue	(604)
Other liabilities, current and non-current	(8,709)
Deferred income tax liabilities, net	(7,271)
Total fair value of assets and liabilities acquired	74,160
Goodwill	138,367
Carbon6 \| Customer relationships
Estimated fair value of assets and liabilities acquired:
Intangible assets	44,535
Carbon6 \| Developed technology
Estimated fair value of assets and liabilities acquired:
Intangible assets	$ 29,370
SupplyPike
Business Combination [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
Accounts receivable		2,020
Other assets, current and non-current		1,712
Deferred revenue		(2,462)
Other liabilities, current and non-current		(2,644)
Deferred income tax liabilities, net		(10,705)
Total fair value of assets and liabilities acquired		78,096
Goodwill		133,829
SupplyPike \| Customer relationships
Estimated fair value of assets and liabilities acquired:
Intangible assets		62,967
SupplyPike \| Developed technology
Estimated fair value of assets and liabilities acquired:
Intangible assets		$ 21,090

Stockholders' Equity (Tables)

9 Months Ended

Sep. 30, 2025

Equity [Abstract]

Summary of Repurchase Agreements

Details of the programs and activity thereunder through September 30, 2025 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
2022 Program	August 2022	July 2024	$	50,000	$	40,471	$	9,529	N/A
2024 Program	August 2024	July 2026	100,000		89,986		N/A		$	10,014

The share repurchase activity by period was as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
(in thousands, except shares and per share amounts)	2025		2024		2025		2024
Number of shares repurchased	259,645		456		685,432		205,331
Total share repurchased cost	$	30,000	$	84	$	90,000	$	37,567
Average total cost per repurchased share	$	115.54	$	184.21	$	131.30	$	182.96

Insider Trading Arrangements

3 Months Ended

Sep. 30, 2025

Trading Arrangements, by Individual

Material Terms of Trading Arrangement

During the three months ended September 30, 2025, the following directors and officers (as defined in Rule 16a-1(f) of the Exchange Act) adopted written plans for the sale of our securities that are intended to satisfy the affirmative defense of Rule 10b5-1(c) of the Exchange Act:

Name

Title

Adoption Date

Earliest Sale Date

Expiration or Termination Date

Aggregate Number of Shares of the Company's Common Stock to be Sold(1)

Chad Collins

Chief Executive Officer and Director

September 12, 2025

February 16, 2026

March 31, 2026

25,776

Marty Réaume

Director

September 10, 2025

January 7, 2026

September 10, 2026

13,128

(1) The number of shares is the maximum number of shares to be sold but the actual activity may be lower. Transaction(s) may be contingent upon future events such as performance factors, tax withholding obligations, and/or future market price(s).

There were no other Rule 10b5-1(c) trading arrangements or non-Rule 10b5-1(c) trading arrangements adopted, modified or terminated by the Company's officers and directors during the three months ended September 30, 2025.

Non-Rule 10b5-1 Arrangement Adopted

false

Rule 10b5-1 Arrangement Terminated

false

Non-Rule 10b5-1 Arrangement Terminated

false

Chad Collins [Member]

Trading Arrangements, by Individual

Name

Chad Collins

Title

Chief Executive Officer and Director

Rule 10b5-1 Arrangement Adopted

true

September 12, 2025

March 31, 2026

200 days

25,776

Marty Reaume [Member]

Trading Arrangements, by Individual

Name

Marty Réaume

Title

Director

Rule 10b5-1 Arrangement Adopted

true

September 10, 2025

September 10, 2026

365 days

13,128

Stock-Based Compensation - Summary of Activity for PSUs, RSUs, RSAs, and DSUs (Details) - PSUs, RSUs, RSAs and DSUs	9 Months Ended
	Sep. 30, 2025 $ / shares shares
#
Beginning balance (in shares) \| shares	689,522
Granted (in shares) \| shares	484,282
Vested and common stock issued (in shares) \| shares	(276,256)
Forfeited (in shares) \| shares	(51,665)
Ending balance (in shares) \| shares	845,883
Weighted Average Grant Date Fair Value ($/share)
Beginning balance (in dollars per share) \| $ / shares	$ 180.35
Granted (in dollars per share) \| $ / shares	145.07
Vested and common stock issued (in dollars per share) \| $ / shares	147.72
Forfeited (in dollars per share) \| $ / shares	171.39
Ending balance (in dollars per share) \| $ / shares	$ 171.36

Property and Equipment, Net (Tables)

9 Months Ended

Sep. 30, 2025

Property, Plant and Equipment [Abstract]

Summary of Property and Equipment, Net

Property and equipment, net consisted of the following:


(in thousands)	September 30, 2025		December 31, 2024
Internally developed software	$	89,209	$	73,617
Computer equipment	23,646		27,890
Leasehold improvements	15,065		14,999
Office equipment and furniture	9,144		8,796
Property and equipment, cost	137,064		125,302
Less: accumulated depreciation and amortization	(95,616)		(87,755)
Total property and equipment, net	$	41,448	$	37,547

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

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


	September 30, 2025		December 31, 2024
International property and equipment	24	%	18	%

Commitments and Contingencies - Summary of Components of Lease Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Operating lease cost	$ 1,243	$ 884	$ 3,458	$ 2,496
Variable lease cost	916	824	2,732	2,743
Total lease expense	$ 2,159	$ 1,708	$ 6,190	$ 5,239

Other Income and Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Other Income and Expense (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Other Income and Expenses [Abstract]
Investment income	$ 1,076	$ 2,704	$ 3,613	$ 8,377
Realized gain from investments held and foreign currency impact on cash and investments	205	1,077	678	2,636
Other expense, net	(21)	(3)	(51)	(47)
Total other income, net	$ 1,260	$ 3,778	$ 4,240	$ 10,966

Property and Equipment, Net - Summary of Percentage of Property and Equipment, Net Located Outside of the U.S. (Details)	9 Months Ended	12 Months Ended
	Sep. 30, 2025	Dec. 31, 2024
International property and equipment \| Geographic Concentration Risk \| International property and equipment
Property, Plant and Equipment [Line Items]
Concentration risk, percentage	24.00%	18.00%

- Definition

For an entity that discloses a concentration risk in relation to quantitative amount, which serves as the "benchmark" (or denominator) in the equation, this concept represents the concentration percentage derived from the division.

+ References + Details

Allowance for Credit Losses (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Balance, beginning of period	$ 4,179	$ 3,320
Provision for credit losses	6,843	6,239
Write-offs, net of recoveries	(5,122)	(5,085)
Balance, end of period	$ 5,900	$ 4,474

Stockholders' Equity - Summary of Stock Repurchase Activity by Period (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Equity [Abstract]
Number of shares repurchased (in shares)	259,645	456	685,432	205,331
Total share repurchased cost	$ 30,000	$ 84	$ 90,000	$ 37,567
Average total cost per repurchased share (in dollars per share)	$ 115.54	$ 184.21	$ 131.30	$ 182.96

Fair Value Measurements

9 Months Ended

Sep. 30, 2025

Fair Value Disclosures [Abstract]

Fair Value Measurements

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


		September 30, 2025						December 31, 2024
	Fair Value Level	Amortized Cost		Unrealized Gains (Losses), net		Fair Value		Amortized Cost		Unrealized Gains (Losses), net		Fair Value
(in thousands)
Cash equivalents:
Money market funds	Level 1	$	101,618	$	—	$	101,618	$	178,417	$	—	$	178,417

Stock-Based Compensation (Tables)

9 Months Ended

Sep. 30, 2025

Share-Based Payment Arrangement [Abstract]

Summary of Stock-Based Compensation Expense

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


	Three Months Ended September 30,				Nine Months Ended September 30,
(in thousands)	2025		2024		2025		2024
Cost of revenues	$	3,171	$	1,412	$	9,610	$	8,224
Operating expenses
Sales and marketing	3,486		2,820		9,270		9,776
Research and development	2,354		1,939		6,506		7,001
General and administrative	5,442		4,581		17,932		17,263
	$	14,453	$	10,752	$	43,318	$	42,264

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


	Three Months Ended September 30,				Nine Months Ended September 30,
(in thousands)	2025		2024		2025		2024
Stock options	$	461	$	514	$	1,482	$	1,517
PSUs	2,846		2,260		8,980		7,149
RSUs & DSUs	9,471		6,309		27,941		28,751
RSAs	—		112		113		329
ESPP	870		800		2,489		2,323
401(k) stock match	805		757		2,313		2,195
	$	14,453	$	10,752	$	43,318	$	42,264

Summary of Stock Option Activity

Our stock option activity was as follows:


	Nine Months Ended September 30, 2025
	Options (#)	Weighted Average Exercise Price ($/share)
Outstanding, beginning of period	289,374	$	104.86
Granted	60,724	142.52
Exercised	(52,831)	65.91
Forfeited	(15,354)	162.62
Outstanding, end of period	281,913	$	117.13

Summary of Weighted Average Assumptions Used in Black-Scholes Option Pricing Model

This was estimated on the date of grant using the Black-Scholes option pricing model with the following weighted average assumptions:


Life (in years)	3.9
Volatility	37.0	%
Dividend yield	—
Risk-free interest rate	4.2	%

Summary of Activity for PSUs, RSUs, RSAs, and DSUs

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


	Nine Months Ended September 30, 2025
	#	Weighted Average Grant Date Fair Value ($/share)
Outstanding, beginning of period	689,522	$	180.35
Granted	484,282	145.07
Vested and common stock issued	(276,256)	147.72
Forfeited	(51,665)	171.39
Outstanding, end of period	845,883	$	171.36

Summary of ESPP Activity

Our ESPP activity was as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
(in thousands, except shares)	2025		2024		2025		2024
Amounts for shares purchased	$	498	$	453	$	5,924	$	5,672
Shares purchased	4,303		2,833		50,282		35,416

Summary of Fair Value Assumptions for ESPP

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:


Life (in years)	0.5
Volatility	33.7	%
Dividend yield	—
Risk-free interest rate	4.3	%

COVER - shares	9 Months Ended
COVER - shares	Sep. 30, 2025	Oct. 23, 2025
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2025
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 Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		37,709,094
Entity Central Index Key	0001092699
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	Q3
Amendment Flag	false

General (Tables)

9 Months Ended

Sep. 30, 2025

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Summary of Accounting Pronouncements Not Yet Adopted

Accounting Pronouncements Not Yet Adopted

Standard

Date of Issuance

Description

Year of Required Adoption

Effect on the Financial Statements

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

December 2023

2025

The adoption will result in additional disclosure in our Annual Report on
Form 10-K for the year ending December 31, 2025.

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.

ASU 2025-05, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets

July 2025

2026
(optional)

We are currently evaluating the election of the practical expedient on our financial statements and related disclosures.

ASU 2025-06, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40)

September 2025

2028

We are currently evaluating the adoption on our financial statements and related disclosures.

Allowance for Credit Losses (Tables)

9 Months Ended

Sep. 30, 2025

Allowance for Credit Loss [Abstract]

Summary 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:


	Nine Months Ended September 30,
(in thousands)	2025		2024
Balance, beginning of period	$	4,179	$	3,320
Provision for credit losses	6,843		6,239
Write-offs, net of recoveries	(5,122)		(5,085)
Balance, end of period	$	5,900	$	4,474

Net Income Per Share

9 Months Ended

Sep. 30, 2025

Earnings Per Share [Abstract]

Net Income Per Share

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


	Three Months Ended September 30,				Nine Months Ended September 30,
(in thousands, except per share amounts)	2025		2024		2025		2024
Numerator
Net income	$	25,569	$	23,460	$	67,498	$	59,495
Denominator
Weighted average common shares outstanding, basic	37,895		37,447		37,939		37,192
Options to purchase common stock and ESPP	51		145		73		159
PSUs, RSUs, RSAs, and DSUs	47		404		58		434
Weighted average common shares outstanding, diluted	37,993		37,996		38,070		37,785
Net income per share
Basic	$	0.67	$	0.63	$	1.78	$	1.60
Diluted	$	0.67	$	0.62	$	1.77	$	1.57

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


	Three Months Ended September 30,		Nine Months Ended September 30,
(in thousands)	2025	2024	2025	2024
Anti-dilutive shares	603	130	371	118

Stock-Based Compensation - Narrative (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended				9 Months Ended
	Mar. 31, 2025	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2022	Sep. 30, 2025
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares available for grant (in shares)					11.8
Unrecognized stock-based compensation expense					$ 86.7
Unrecognized stock-based compensation, expected to be recognized, weighted average period					2 years 4 months 24 days
Employee Stock Purchase Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock reserved for future issuance (in shares)					1.6
Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Outstanding and exercisable options (in shares)					0.2
Weighted average exercise price (in dollars per share)					$ 100.92
Weighted average remaining contractual life					2 years 7 months 6 days
Weighted average fair value per share of options granted (in dollars per share)					$ 49.39
PSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	3 years	3 years	3 years	3 years
PSUs \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares issued (in shares)	0.1
PSUs, RSUs, RSAs and DSUs \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vested number of units (less than) (in shares)					0.1

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Income Statement [Abstract]
Revenues	$ 189,904	$ 163,686	$ 558,853	$ 466,858
Cost of revenues	57,932	51,624	174,672	155,129
Gross profit	131,972	112,062	384,181	311,729
Operating expenses
Sales and marketing	42,322	37,577	127,390	109,700
Research and development	17,276	15,292	51,986	45,667
General and administrative	31,690	27,152	93,598	76,575
Amortization of intangible assets	9,493	6,470	27,590	15,648
Total operating expenses	100,781	86,491	300,564	247,590
Income from operations	31,191	25,571	83,617	64,139
Other income, net	1,260	3,778	4,240	10,966
Income before income taxes	32,451	29,349	87,857	75,105
Income tax expense	6,882	5,889	20,359	15,610
Net income	25,569	23,460	67,498	59,495
Other comprehensive income (expense)
Foreign currency translation adjustments	(1,614)	3,332	8,764	(886)
Unrealized gain on investments, net of tax of $—, $28, $—, and $363, respectively	0	84	0	1,089
Reclassification of gain on investments into earnings, net of tax of $—, $(83), $—, and $(537), respectively	0	(248)	0	(1,610)
Total other comprehensive income (expense)	(1,614)	3,168	8,764	(1,407)
Comprehensive income	$ 23,955	$ 26,628	$ 76,262	$ 58,088
Net income per share
Basic (in dollars per share)	$ 0.67	$ 0.63	$ 1.78	$ 1.60
Diluted (in dollars per share)	$ 0.67	$ 0.62	$ 1.77	$ 1.57
Weighted average common shares used to compute net income per share
Basic (in shares)	37,895	37,447	37,939	37,192
Diluted (in shares)	37,993	37,996	38,070	37,785

Goodwill and Intangible Assets, Net

9 Months Ended

Sep. 30, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets, Net

Goodwill

The activity in goodwill was as follows:


(in thousands)	Nine Months Ended September 30, 2025
Balance, beginning of period	$	399,180
Addition from business acquisitions	129,566
Foreign currency translation	5,790
Remeasurement from provisional purchase accounting amount and other	8,499
Balance, end of period	$	543,035

Intangible Assets

Intangible assets, net consisted of the following:


	September 30, 2025
($ in thousands)	Gross Carrying Amount		Accumulated Amortization		Foreign Currency Translation		Net		Weighted Average Remaining Amortization Period
Customer relationships	$	214,462	$	(63,877)	$	1,908	$	152,493	6.8 years
Developed technology	105,599		(33,801)		971		72,769		6.3 years
	$	320,061	$	(97,678)	$	2,879	$	225,262	6.6 years


	December 31, 2024
($ in thousands)	Gross Carrying Amount		Accumulated Amortization		Foreign Currency Translation		Net		Weighted Average Remaining Amortization Period
Customer 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

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


(in thousands)
Remainder of 2025	$	9,568
2026	37,432
2027	36,958
2028	35,622
2029	29,167
Thereafter	76,515
Total future amortization	$	225,262

Revenue - Summary of Percentage of Domestic Revenue (Details)	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Revenue Benchmark \| Geographic Concentration Risk \| Domestic revenue
Disaggregation Of Revenue [Line Items]
Concentration risk, percentage	84.00%	83.00%	84.00%	83.00%

- Definition

+ References + 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

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-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479777/606-10-55-91

+ Details

Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2025

Fair Value Disclosures [Abstract]

Summary of Cash Equivalents

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


		September 30, 2025						December 31, 2024
	Fair Value Level	Amortized Cost		Unrealized Gains (Losses), net		Fair Value		Amortized Cost		Unrealized Gains (Losses), net		Fair Value
(in thousands)
Cash equivalents:
Money market funds	Level 1	$	101,618	$	—	$	101,618	$	178,417	$	—	$	178,417

Other Income and Expense (Tables)

9 Months Ended

Sep. 30, 2025

Other Income and Expenses [Abstract]

Summary of Other Income, Net

Other income, net included the following:


	Three Months Ended September 30,				Nine Months Ended September 30,
(in thousands)	2025		2024		2025		2024
Investment income	$	1,076	$	2,704	$	3,613	$	8,377
Realized gain from investments held and foreign currency impact on cash and investments	205		1,077		678		2,636
Other expense, net	(21)		(3)		(51)		(47)
Total other income, net	$	1,260	$	3,778	$	4,240	$	10,966

Goodwill and Intangible Assets, Net (Tables)

9 Months Ended

Sep. 30, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

Summary of Activity in Goodwill

The activity in goodwill was as follows:


(in thousands)	Nine Months Ended September 30, 2025
Balance, beginning of period	$	399,180
Addition from business acquisitions	129,566
Foreign currency translation	5,790
Remeasurement from provisional purchase accounting amount and other	8,499
Balance, end of period	$	543,035

Summary of Intangible Assets, Net

Intangible assets, net consisted of the following:


	September 30, 2025
($ in thousands)	Gross Carrying Amount		Accumulated Amortization		Foreign Currency Translation		Net		Weighted Average Remaining Amortization Period
Customer relationships	$	214,462	$	(63,877)	$	1,908	$	152,493	6.8 years
Developed technology	105,599		(33,801)		971		72,769		6.3 years
	$	320,061	$	(97,678)	$	2,879	$	225,262	6.6 years


	December 31, 2024
($ in thousands)	Gross Carrying Amount		Accumulated Amortization		Foreign Currency Translation		Net		Weighted Average Remaining Amortization Period
Customer 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

Summary of Estimated Future Annual Amortization Expense Related to Intangible Assets

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


(in thousands)
Remainder of 2025	$	9,568
2026	37,432
2027	36,958
2028	35,622
2029	29,167
Thereafter	76,515
Total future amortization	$	225,262

- Definition

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

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+ Details

Stock-Based Compensation - Summary of ESPP Activity (Details) - Employee Stock Purchase Plan - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Amounts for shares purchased	$ 498	$ 453	$ 5,924	$ 5,672
Shares purchased (in shares)	4,303	2,833	50,282	35,416

- 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

Stock-Based Compensation - Summary of Stock Option Activity (Details)	9 Months Ended
	Sep. 30, 2025 $ / shares shares
Options (#)
Beginning balance (in shares) \| shares	289,374
Granted (in shares) \| shares	60,724
Exercised (in shares) \| shares	(52,831)
Forfeited (in shares) \| shares	(15,354)
Ending balance (in shares) \| shares	281,913
Weighted Average Exercise Price ($/share)
Beginning balance (in dollars per share) \| $ / shares	$ 104.86
Granted (in dollars per share) \| $ / shares	142.52
Exercised (in dollars per share) \| $ / shares	65.91
Forfeited (in dollars per share) \| $ / shares	162.62
Ending balance (in dollars per share) \| $ / shares	$ 117.13

Goodwill and Intangible Assets, Net - Summary of Activity in Goodwill (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2025 USD ($)
Goodwill [Roll Forward]
Balance, beginning of period	$ 399,180
Addition from business acquisitions	129,566
Foreign currency translation	5,790
Remeasurement from provisional purchase accounting amount and other	8,499
Balance, end of period	$ 543,035

- 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.

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+ Details

Revenue - Summary of Revenues by Revenue Stream (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Revenue Recognition [Line Items]
Total revenue	$ 189,904	$ 163,686	$ 558,853	$ 466,858
Recurring revenues
Revenue Recognition [Line Items]
Total revenue	181,991	154,456	533,440	438,122
One-time revenues
Revenue Recognition [Line Items]
Total revenue	7,913	9,230	25,413	28,736
Fulfillment \| Recurring revenues
Revenue Recognition [Line Items]
Total revenue	161,839	135,290	473,462	382,654
Analytics \| Recurring revenues
Revenue Recognition [Line Items]
Total revenue	14,142	13,838	41,787	41,361
Other \| Recurring revenues
Revenue Recognition [Line Items]
Total revenue	$ 6,010	$ 5,328	$ 18,191	$ 14,107

- 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.

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+ Details

General (Policies)

9 Months Ended

Sep. 30, 2025

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Business Description

Basis of Presentation

Use of Estimates

Significant Accounting Policies

Accounting Pronouncements Not Yet Adopted

Standard

Date of Issuance

Description

Year of Required Adoption

Effect on the Financial Statements

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

December 2023

2025

The adoption will result in additional disclosure in our Annual Report on
Form 10-K for the year ending December 31, 2025.

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.

ASU 2025-05, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets

July 2025

2026
(optional)

We are currently evaluating the election of the practical expedient on our financial statements and related disclosures.

ASU 2025-06, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40)

September 2025

2028

We are currently evaluating the adoption on our financial statements and related disclosures.

- Definition

Disclosure of accounting policy for the use of estimates in the preparation of financial statements in conformity with generally accepted accounting principles.

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+ Details

Stock-Based Compensation - Summary of Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	$ 14,453	$ 10,752	$ 43,318	$ 42,264
Stock options
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	461	514	1,482	1,517
PSUs
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	2,846	2,260	8,980	7,149
RSUs & DSUs
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	9,471	6,309	27,941	28,751
RSAs
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	0	112	113	329
ESPP
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	870	800	2,489	2,323
401(k) stock match
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	805	757	2,313	2,195
Cost of revenues
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	3,171	1,412	9,610	8,224
Sales and marketing
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	3,486	2,820	9,270	9,776
Research and development
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	2,354	1,939	6,506	7,001
General and administrative
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	$ 5,442	$ 4,581	$ 17,932	$ 17,263

Business Acquisitions

9 Months Ended

Sep. 30, 2025

Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]

Business Acquisitions

Carbon6 Technologies, Inc.

On December 30, 2024, we entered into a definitive agreement to acquire all of the outstanding equity ownership interests of Carbon6 Technologies, Inc. ("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 was $210.2 million, net of cash acquired. The consideration was comprised of $142.5 million paid in cash, net of cash acquired, 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. The goodwill associated with the acquisition is not deductible for income tax purposes.

Unaudited Pro Forma Financial Information

The following unaudited pro forma financial information presents the combined results of SPS and Carbon6 assuming the acquisition was completed as of the beginning of the prior fiscal year, January 1, 2024. These unaudited pro

forma results are presented for informational purposes only and are not necessarily indicative of what the actual results of operations of the combined companies would have been, nor are they indicative of future results of operations.

The pro forma results reflect certain adjustments, such as one-time acquisition-related costs, incremental impact for amortization of acquired intangibles, and the elimination of debt extinguishment and interest costs. The adjustments do not reflect synergies or costs that would have been expected to result from the integration of the acquisition.

Pro forma consolidated revenue and net income for the three and nine months ended September 30, 2025 and 2024 are as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
(in thousands)	2025		2024		2025		2024
Revenue	$	189,904	$	175,247	$	563,034	$	497,303
Net income	25,569		22,489		67,085		52,693

SupplyPike, Inc.

Effective July 31, 2024, we acquired SupplyPike, Inc. ("SupplyPike"), an automated invoice deduction management and prevention solution, through the purchase of all of the outstanding equity ownership interests of 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, net of cash acquired, 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. The goodwill associated with the acquisition is not deductible for income tax purposes.

Purchase Price Allocations

We accounted for the acquisitions 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 dates.

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


(in thousands)	Carbon6(1)		SupplyPike(2)
Cash paid	$	144,855	$	124,769
Equity consideration	67,672		87,156
Total consideration	$	212,527	$	211,925

Estimated fair value of assets and liabilities acquired:
Cash	$	2,306	$	6,118
Accounts receivable	5,868		2,020
Other assets, current and non-current	8,665		1,712
Intangible assets
Customer relationships	44,535		62,967
Developed technology	29,370		21,090
Deferred revenue	(604)		(2,462)
Other liabilities, current and non-current	(8,709)		(2,644)
Deferred income tax liabilities, net	(7,271)		(10,705)
Total fair value of assets and liabilities acquired	$	74,160	$	78,096

Goodwill	$	138,367	$	133,829

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


	Carbon6(1)	SupplyPike(2)
Customer relationships	8.0 years	9.0 years
Developed technology	9.0 years	8.0 years

(1) The purchase accounting for the Carbon6 acquisition has not been finalized as of September 30, 2025; provisional amounts are primarily related to tax components and correspondingly, goodwill. We will finalize the allocation of the purchase price within the one-year measurement period following the acquisition.

(2) The purchase accounting for the SupplyPike acquisition is finalized.

- Definition

The entire disclosure for business combination.

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+ Details

Business Acquisitions (Tables)

9 Months Ended

Sep. 30, 2025

Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]

Summary of Pro Forma Consolidated Revenue and Net Income

Pro forma consolidated revenue and net income for the three and nine months ended September 30, 2025 and 2024 are as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
(in thousands)	2025		2024		2025		2024
Revenue	$	189,904	$	175,247	$	563,034	$	497,303
Net income	25,569		22,489		67,085		52,693

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


(in thousands)	Carbon6(1)		SupplyPike(2)
Cash paid	$	144,855	$	124,769
Equity consideration	67,672		87,156
Total consideration	$	212,527	$	211,925

Estimated fair value of assets and liabilities acquired:
Cash	$	2,306	$	6,118
Accounts receivable	5,868		2,020
Other assets, current and non-current	8,665		1,712
Intangible assets
Customer relationships	44,535		62,967
Developed technology	29,370		21,090
Deferred revenue	(604)		(2,462)
Other liabilities, current and non-current	(8,709)		(2,644)
Deferred income tax liabilities, net	(7,271)		(10,705)
Total fair value of assets and liabilities acquired	$	74,160	$	78,096

Goodwill	$	138,367	$	133,829

Summary of Estimated Useful Lives for each acquired Intangible Asset

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


	Carbon6(1)	SupplyPike(2)
Customer relationships	8.0 years	9.0 years
Developed technology	9.0 years	8.0 years

(2) The purchase accounting for the SupplyPike acquisition is finalized.

Stock-Based Compensation - Summary of Fair Value Assumptions for ESPP (Details) - Employee Stock Purchase Plan	9 Months Ended
	Sep. 30, 2025
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Life (in years)	6 months
Volatility	33.70%
Dividend yield	0.00%
Risk-free interest rate	4.30%

- 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