SPS Commerce (SPSC) 10-Q 27 Oct 22 2022 Q3 Quarterly report Financial data

Cover

Cover - shares	9 Months Ended
	Sep. 30, 2022	Oct. 20, 2022
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2022
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		36,041,714
Entity Central Index Key	0001092699
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q3
Amendment Flag	false

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Current assets
Cash and cash equivalents	$ 186,230	$ 207,552
Short-term investments	50,928	49,758
Accounts receivable	40,445	38,811
Allowance for credit losses	(3,658)	(4,249)
Accounts receivable, net	36,787	34,562
Deferred costs	50,082	44,529
Other assets	15,246	16,042
Total current assets	339,273	352,443
Property and equipment, net	32,923	31,901
Operating lease right-of-use assets	9,760	10,851
Goodwill	165,908	143,663
Intangible assets, net	70,742	58,587
Other assets
Deferred costs, non-current	16,474	15,191
Deferred income tax assets	223	182
Other assets, non-current	1,787	3,028
Total assets	637,090	615,846
Current liabilities
Accounts payable	8,200	8,330
Accrued compensation	28,779	31,661
Accrued expenses	5,202	8,345
Deferred revenue	58,949	50,428
Operating lease liabilities	4,336	4,108
Total current liabilities	105,466	102,872
Other liabilities
Deferred revenue, non-current	5,146	5,144
Operating lease liabilities, non-current	13,974	16,426
Deferred income tax liabilities	4,841	7,145
Total liabilities	129,427	131,587
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; 38,184,747 and 37,798,610 shares issued; and 36,037,964 and 36,009,257 shares outstanding, respectively	38	38
Treasury Stock, at cost; 2,146,783 and 1,789,353 shares, respectively	(128,377)	(85,677)
Additional paid-in capital	463,356	433,258
Retained earnings	177,306	138,087
Accumulated other comprehensive loss	(4,660)	(1,447)
Total stockholders’ equity	507,663	484,259
Total liabilities and stockholders’ equity	$ 637,090	$ 615,846

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
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)	38,184,747	37,798,610
Common stock, shares outstanding (in shares)	36,037,964	36,009,257
Treasury stock, shares (in shares)	2,146,783	1,789,353
Cash and cash equivalents	$ 186,230	$ 207,552
Deferred costs	50,082	44,529
Other assets	$ 15,246	$ 16,042

Condensed Consolidated Statemen

Condensed Consolidated Statements of Comprehensive Income - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Income Statement [Abstract]
Revenues	$ 114,486	$ 97,887	$ 328,857	$ 282,520
Cost of revenues	38,605	34,343	111,524	96,043
Gross profit	75,881	63,544	217,333	186,477
Operating expenses
Sales and marketing	25,334	22,079	74,571	65,386
Research and development	11,135	10,854	33,268	28,459
General and administrative	16,724	14,691	49,390	45,186
Amortization of intangible assets	2,998	2,399	7,936	7,734
Total operating expenses	56,191	50,023	165,165	146,765
Income from operations	19,690	13,521	52,168	39,712
Other expense, net	(695)	(716)	(1,610)	(1,424)
Income before income taxes	18,995	12,805	50,558	38,288
Income tax expense	3,132	1,356	11,339	6,456
Net income	15,863	11,449	39,219	31,832
Other comprehensive income (expense)
Foreign currency translation adjustments	(2,296)	(968)	(3,309)	(604)
Unrealized gain (loss) on investments, net of tax of $53, ($9), $49 and ($36), respectively	158	(27)	147	(107)
Reclassification of (gain) loss on investments into earnings, net of tax of ($13), $16, ($17) and $46, respectively	(39)	48	(51)	138
Total other comprehensive expense	(2,177)	(947)	(3,213)	(573)
Comprehensive income	$ 13,686	$ 10,502	$ 36,006	$ 31,259
Net income per share
Basic (in dollars per share)	$ 0.44	$ 0.32	$ 1.09	$ 0.89
Diluted (in dollars per share)	$ 0.43	$ 0.31	$ 1.06	$ 0.86
Weighted average common shares used to compute net income per share
Basic (in shares)	36,093	35,961	36,104	35,873
Diluted (in shares)	36,915	37,015	36,942	36,898

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Income Statement [Abstract]
Unrealized gain (loss) on investments, tax	$ 53	$ (9)	$ 49	$ (36)
Reclassification of (gain) loss on investments into earnings, tax	$ (13)	$ 16	$ (17)	$ 46

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands	Total	Common Stock	Treasury Stock	Additional Paid-in Capital	Retained Earnings	Accumulated Other Comprehensive Loss
Beginning balance (in shares) at Dec. 31, 2020		35,487,217
Beginning balance at Dec. 31, 2020	$ 420,721	$ 37	$ (65,247)	$ 393,462	$ 93,490	$ (1,021)
Beginning balance (in shares) at Dec. 31, 2020			1,613,250
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation	19,866			19,866
Shares issued pursuant to stock awards (in shares)		555,160
Shares issued pursuant to stock awards	7,027	$ 1		7,026
Employee stock purchase plan activity (in shares)		27,675
Employee stock purchase plan activity	$ 2,316			2,316
Repurchases of common stock (in shares)	105,814	105,814	105,814
Repurchases of common stock	$ (10,661)		$ (10,661)
Net income	31,832				31,832
Foreign currency translation adjustments	(604)					(604)
Unrealized gain (loss) on investments, net of tax	(107)					(107)
Reclassification of (gain) loss on investments into earnings, net of tax	138					138
Ending balance (in shares) at Sep. 30, 2021		35,964,238
Ending balance at Sep. 30, 2021	470,528	$ 38	$ (75,908)	422,670	125,322	(1,594)
Ending balance (in shares) at Sep. 30, 2021			1,719,064
Beginning balance (in shares) at Jun. 30, 2021		35,859,353
Beginning balance at Jun. 30, 2021	454,749	$ 38	$ (71,697)	413,182	113,873	(647)
Beginning balance (in shares) at Jun. 30, 2021			1,676,765
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation	6,361			6,361
Shares issued pursuant to stock awards (in shares)		145,658
Shares issued pursuant to stock awards	2,997	$ 0		2,997
Employee stock purchase plan activity (in shares)		1,526
Employee stock purchase plan activity	$ 130			130
Repurchases of common stock (in shares)	42,299	42,299	42,299
Repurchases of common stock	$ (4,211)		$ (4,211)
Net income	11,449				11,449
Foreign currency translation adjustments	(968)					(968)
Unrealized gain (loss) on investments, net of tax	(27)					(27)
Reclassification of (gain) loss on investments into earnings, net of tax	48					48
Ending balance (in shares) at Sep. 30, 2021		35,964,238
Ending balance at Sep. 30, 2021	$ 470,528	$ 38	$ (75,908)	422,670	125,322	(1,594)
Ending balance (in shares) at Sep. 30, 2021			1,719,064
Beginning balance (in shares) at Dec. 31, 2021	36,009,257	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		1,789,353
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation	$ 24,053			24,053
Shares issued pursuant to stock awards (in shares)		348,621
Shares issued pursuant to stock awards	2,457			2,457
Employee stock purchase plan activity	$ 3,588			3,588
Repurchases of common stock (in shares)	357,430	357,430
Repurchases of common stock	$ (42,700)		$ (42,700)
Net income	39,219				39,219
Foreign currency translation adjustments	(3,309)
Unrealized gain (loss) on investments, net of tax	147
Reclassification of (gain) loss on investments into earnings, net of tax	$ (51)
Ending balance (in shares) at Sep. 30, 2022	36,037,964	36,037,964
Ending balance at Sep. 30, 2022	$ 507,663	$ 38	$ (128,377)	463,356	177,306	(4,660)
Ending balance (in shares) at Sep. 30, 2022	2,146,783		2,146,783
Beginning balance (in shares) at Jun. 30, 2022		36,029,477
Beginning balance at Jun. 30, 2022	$ 497,020	$ 38	$ (115,900)	453,922	161,443	(2,483)
Beginning balance (in shares) at Jun. 30, 2022			2,044,549
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation	7,429			7,429
Shares issued pursuant to stock awards (in shares)		108,240
Shares issued pursuant to stock awards	1,767			1,767
Employee stock purchase plan activity	$ 238			238
Repurchases of common stock (in shares)	102,234	102,234
Repurchases of common stock	$ (12,477)		$ (12,477)
Net income	15,863				15,863
Foreign currency translation adjustments	(2,296)
Unrealized gain (loss) on investments, net of tax	158
Reclassification of (gain) loss on investments into earnings, net of tax	$ (39)
Ending balance (in shares) at Sep. 30, 2022	36,037,964	36,037,964
Ending balance at Sep. 30, 2022	$ 507,663	$ 38	$ (128,377)	$ 463,356	$ 177,306	$ (4,660)
Ending balance (in shares) at Sep. 30, 2022	2,146,783		2,146,783

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Cash flows from operating activities
Net income	$ 39,219	$ 31,832
Reconciliation of net income to net cash provided by operating activities
Deferred income taxes	(2,092)	1,013
Depreciation and amortization of property and equipment	11,983	10,989
Amortization of intangible assets	7,936	7,734
Provision for credit losses	2,889	4,037
Stock-based compensation	25,636	21,273
Other, net	43	234
Changes in assets and liabilities, net of effects of acquisition
Accounts receivable	(3,999)	(5,327)
Deferred costs	(7,174)	(5,686)
Other current and non-current assets	2,202	(3,893)
Accounts payable	129	(1,518)
Accrued compensation	(4,388)	6,617
Accrued expenses	(3,035)	(174)
Deferred revenue	8,261	13,401
Operating leases	(1,127)	1,036
Net cash provided by operating activities	76,483	81,568
Cash flows from investing activities
Purchases of property and equipment	(13,894)	(15,567)
Purchases of investments	(134,276)	(84,020)
Maturities of investments	132,500	67,500
Acquisition of business, net	(44,923)	0
Net cash used in investing activities	(60,593)	(32,087)
Cash flows from financing activities
Repurchases of common stock	(42,700)	(10,661)
Net proceeds from exercise of options to purchase common stock	2,457	7,027
Net proceeds from employee stock purchase plan activity	3,588	2,316
Payments for contingent consideration	0	(2,042)
Net cash used in financing activities	(36,655)	(3,360)
Effect of foreign currency exchange rate changes	(557)	(10)
Net increase (decrease) in cash and cash equivalents	(21,322)	46,111
Cash and cash equivalents at beginning of period	207,552	149,692
Cash and cash equivalents at end of period	$ 186,230	$ 195,803

General

General	9 Months Ended
	Sep. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
General	General Business Description SPS Commerce is a leading provider of cloud-based supply chain management services across our global retail network. Our products make it easier for retailers, suppliers, grocers, distributors, and logistics firms to orchestrate the management of item data, order fulfillment, inventory control, and sales analytics across omnichannel retail channels. SPS Commerce delivers our products using a full-service model whereby our internal experts monitor, update, and boost network performance on our customers’ behalf. The services offered by SPS Commerce eliminate the need for on-premise software and support staff by taking on that capability on the customer’s behalf. The services we provide enable our customers to increase their supply cycle agility, optimize their inventory levels and sell-through, reduce operational costs and gain increased visibility into customer orders, to help ensure that suppliers, grocers, distributors, and logistics firms can satisfy exacting retailer requirements. Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”) and include the accounts of SPS Commerce, Inc. and its subsidiaries. All intercompany accounts and transactions have been eliminated in the condensed consolidated financial statements. This interim financial information has been prepared under the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, these condensed consolidated financial statements do not include all of the information and notes required by GAAP. Therefore, these condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes included in our Annual Report on Form 10-K for the year ended December 31, 2021, as filed with the Securities and Exchange Commission (“SEC”). We have included all normal recurring adjustments considered necessary to provide a fair presentation of our financial position, results of operations, stockholders’ equity, and cash flows for the interim periods presented. Operating results for these interim periods are not necessarily indicative of the results to be expected for the full year. Use of Estimates Preparing financial statements in conformity with GAAP requires management to make estimates, 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 during the nine months ended September 30, 2022. See Note A to the consolidated financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2021 , as filed with the SEC, for additional information regarding our significant accounting policies. Accounting Pronouncements Not Yet Adopted Standard Date of Issuance Description Date of Required Adoption Effect on the Financial Statements ASU 2021-08, Business Combinations (Topic 805) - Accounting for Contract Assets and Contract Liabilities from Contracts with Customers October 2021 This amendment requires that an acquirer recognize and measure contract assets and contract liabilities acquired in a business combination in accordance with Topic 606, effective for all business combinations in the year of adoption and thereafter. January 2023 The adoption of this standard may have a material impact on the purchase accounting for business combinations depending on the specific amount of contract assets and liabilities being acquired.

Business Acquisitions

Business Acquisitions	9 Months Ended
	Sep. 30, 2022
Business Combination and Asset Acquisition [Abstract]
Business Acquisitions	Business Acquisitions GCommerce Effective July 19, 2022, we acquired all of the outstanding equity ownership interests of GCommerce, Inc. ("GCommerce"), a leading EDI provider within the automotive aftermarket industry. Pursuant to the definitive agreement, the purchase price of $45 million was paid in cash at closing, and is subject to customary post-closing adjustments. The purchase accounting for the acquisition has not been finalized as of September 30, 2022. Provisional amounts are primarily related to intangible assets, net working capital, and tax positions. We expect to finalize the allocation of the purchase price within the one-year measurement period following the acquisition. Purchase Price Allocation We accounted for the acquisition as a business combination. We allocated the purchase price to the tangible and identifiable intangible assets acquired and liabilities assumed based on their estimated fair values as of the acquisition date. The excess of the purchase price over the fair value of net tangible and identifiable intangible assets acquired was recorded as goodwill. Goodwill is attributed to a trained workforce and other buyer-specific value resulting from expected synergies, including long-term cost savings, which are not included in the fair values of identifiable assets. The following table summarizes the estimated fair values of the assets acquired and liabilities assumed at the acquisition date: (in thousands) Estimated Fair Value Cash $ 230 Accounts receivable 467 Other current assets 288 Operating lease right-of-use asset 934 Goodwill 24,556 Intangible assets 20,250 Deferred income tax assets 5,291 Accounts payable (266) Accrued compensation (321) Deferred revenue (262) Operating lease liability (934) Deferred income tax liabilities (5,144) $ 45,089 Purchased Intangible Assets The following table summarizes the estimated fair value of the purchased intangible assets and their estimated useful lives, each of which are subject to finalization: ($ in thousands) Estimated Weighted Average Subscriber relationships $ 18,225 8.0 years Acquired technology 2,025 5.0 years Total $ 20,250 InterTrade Effective October 4, 2022, we acquired all of the outstanding equity ownership interests of Canadian based InterTrade Systems Inc. ("InterTrade"), a leading EDI provider within the apparel and general merchandising markets. Pursuant to the definitive agreement, the purchase price of $49 million was paid in cash at closing, and is subject to customary post-closing adjustments.

Revenue

Revenue	9 Months Ended
	Sep. 30, 2022
Revenue from Contract with Customer [Abstract]
Revenue	Revenue We derive our revenues from the following revenue streams: Three Months Ended Nine Months Ended (in thousands) 2022 2021 2022 2021 Recurring revenues: Fulfillment $ 92,952 $ 78,106 $ 265,570 $ 224,738 Analytics 11,902 10,858 34,846 31,383 Other 1,699 1,435 4,867 4,019 Recurring revenues 106,553 90,399 305,283 260,140 One-time revenues 7,933 7,488 23,574 22,380 Total revenue $ 114,486 $ 97,887 $ 328,857 $ 282,520 Revenues are the amount that reflects the consideration we are contractually and legally entitled to, as well as the amount we expect to collect, in exchange for those services. Recurring Revenues Recurring revenues consist of recurring subscriptions from customers that utilize our Fulfillment, Analytics, and Other supply chain management products. Revenue for these products is generally recognized on a ratable basis over the contract term beginning on the date that our service is made available to the customer. Our contracts with our recurring revenue customers are recurring in nature, generally ranging from monthly to annual, and generally allow the customer to cancel the contract for any reason with 30 to 90 days’ notice. Timing of billings varies by customer and by contract type and generally are either in advance or within 30 days of the service being performed. Given that the recurring revenue contracts are for one year or less, we have applied the optional exemption to not disclose information about the remaining performance obligations for recurring revenue contracts. One-time Revenues One-time revenues consist of set-up fees and miscellaneous fees from customers. Set-up revenues Set-up fees are specific for each connection a customer has with a trading partner. These nonrefundable fees are necessary for our customers to utilize our services and do not provide any standalone value. Many of our customers have connections with numerous trading partners. Set-up fees constitute a material renewal option right that provide customers a significant future incentive that would not be otherwise available to that customer unless they entered into the contract, as the set-up fees will not be incurred again upon contract renewal. As such, set-up fees and related costs are deferred and recognized ratably over two years which is the estimated period for which a material right is present for our customers. The table below presents the activity of the portion of the deferred revenue liability relating to set-up fees: Three Months Ended Nine Months Ended (in thousands) 2022 2021 2022 2021 Balance, beginning of period $ 15,309 $ 13,344 $ 14,459 $ 11,118 Invoiced set-up fees 3,715 3,622 11,776 11,832 Recognized set-up fees (3,805) (3,245) (11,016) (9,229) Balance, end of period $ 15,219 $ 13,721 $ 15,219 $ 13,721 The entire balance of deferred set-up fees will be recognized within two years. Those that will be recognized within the next year are classified as current, whereas the remainder are classified as non-current. Miscellaneous one-time revenues Miscellaneous one-time fees consist of professional services and testing and certification. The contract period for these one-time fees is for one year or less and recognized at the time service is provided. We have applied the optional exemption to not disclose information about the remaining performance obligations for miscellaneous one-time fee contracts since they have original durations of one year or less.

Deferred Costs

Deferred Costs	9 Months Ended
	Sep. 30, 2022
Deferred Costs [Abstract]
Deferred Costs	Deferred Costs The deferred costs activity was as follows: Three Months Ended Nine Months Ended (in thousands) 2022 2021 2022 2021 Balance, beginning of period $ 64,665 $ 53,841 $ 59,720 $ 50,595 Incurred deferred costs 17,442 16,459 52,860 45,922 Amortized deferred costs (15,551) (14,207) (46,024) (40,424) Balance, end of period $ 66,556 $ 56,093 $ 66,556 $ 56,093

Financial Instruments

Financial Instruments	9 Months Ended
	Sep. 30, 2022
Fair Value Disclosures [Abstract]
Financial Instruments	Financial Instruments Cash Equivalents and Investments Cash equivalents and investments consisted of the following: September 30, 2022 December 31, 2021 (in thousands) Amortized Cost Unrealized Gains, net Fair Value Amortized Cost Unrealized Gains (Losses), net Fair Value Cash equivalents: Money market funds $ 111,498 $ — $ 111,498 $ 138,205 $ — $ 138,205 Certificates of deposit 6,437 — 6,437 7,268 — 7,268 Marketable securities: Commercial paper 44,358 133 44,491 34,984 7 34,991 U.S. treasury securities — — — 7,500 (1) 7,499 $ 162,293 $ 133 $ 162,426 $ 187,957 $ 6 $ 187,963 Recurring Fair Value Measurements The following table details the fair value hierarchy of our assets and liabilities measured at a fair value on a recurring basis: September 30, 2022 December 31, 2021 (in thousands) Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Assets: Cash equivalents: Money market funds $ 111,498 $ — $ — $ 111,498 $ 138,205 $ — $ — $ 138,205 Certificates of deposit 6,437 — — 6,437 7,268 — — 7,268 Marketable securities: Commercial paper — 44,491 — 44,491 — 34,991 — 34,991 U.S. treasury securities — — — — — 7,499 — 7,499 $ 117,935 $ 44,491 $ — $ 162,426 $ 145,473 $ 42,490 $ — $ 187,963 See Note E to the consolidated financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2021, as filed with the SEC, for additional information regarding the three levels of inputs that may be used to measure fair value.

Allowance for Credit Losses

Allowance for Credit Losses	9 Months Ended
	Sep. 30, 2022
Allowance for Credit Loss [Abstract]
Allowance for Credit Losses	Allowance for Credit Losses The allowance for credit losses activity, included in accounts receivable, net, was as follows: Nine Months Ended (in thousands) 2022 2021 Balance, beginning of period $ 4,249 $ 4,233 Provision for credit losses 2,889 4,037 Write-offs, net of recoveries (3,480) (3,666) Balance, end of period $ 3,658 $ 4,604

Property and Equipment, Net

Property and Equipment, Net	9 Months Ended
	Sep. 30, 2022
Property, Plant and Equipment [Abstract]
Property and Equipment, Net	Property and Equipment, Net Property and equipment, net consisted of the following: (in thousands) September 30, December 31, 2021 Internally developed software $ 50,311 $ 44,981 Computer equipment 32,520 29,329 Leasehold improvements 16,871 16,685 Office equipment and furniture 11,157 10,972 Property and equipment, cost 110,859 101,967 Less: accumulated depreciation and amortization (77,936) (70,066) Total property and equipment, net $ 32,923 $ 31,901

Goodwill and Intangible Assets,

Goodwill and Intangible Assets, Net	9 Months Ended
	Sep. 30, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Intangible Assets, Net	Goodwill and Intangible Assets, Net Goodwill The activity in goodwill was as follows: Nine Months Ended (in thousands) 2022 2021 Balance, beginning of period $ 143,663 $ 134,853 Addition from business acquisition 24,556 — Foreign currency translation (2,311) (441) Remeasurement from provisional purchase accounting amount — 268 Balance, end of period $ 165,908 $ 134,680 Intangible Assets Intangible assets, net consisted of the following: September 30, 2022 ($ in thousands) Gross Accumulated Foreign Net Weighted Average Remaining Amortization Period Subscriber relationships $ 79,365 $ (35,823) $ (159) $ 43,383 6.6 years Acquired technology 37,351 (9,992) — 27,359 6.0 years $ 116,716 $ (45,815) $ (159) $ 70,742 6.4 years December 31, 2021 ($ in thousands) Gross Accumulated Foreign Net Weighted Average Remaining Amortization Period Subscriber relationships $ 61,270 $ (29,866) $ (1,395) $ 30,009 6.4 years Acquired technology 35,316 (6,738) — 28,578 6.8 years $ 96,586 $ (36,604) $ (1,395) $ 58,587 6.6 years The estimated future annual amortization expense related to intangible assets is as follows: (in thousands) Remainder of 2022 $ 3,112 2023 12,379 2024 11,217 2025 11,079 2026 10,075 Thereafter 22,880 Total future amortization $ 70,742

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2022
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Leases The components of lease expense were as follows: Three Months Ended Nine Months Ended (in thousands) 2022 2021 2022 2021 Operating lease cost $ 788 $ 873 $ 2,287 $ 2,309 Variable lease cost 963 976 2,612 2,694 $ 1,751 $ 1,849 $ 4,899 $ 5,003 Supplemental cash flow information related to leases was as follows: Nine Months Ended (in thousands) 2022 2021 Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from operating leases $ 3,399 $ 2,488 Right-of-use assets obtained in exchange for operating lease liabilities 934 — Supplemental balance sheet information related to operating leases was as follows: September 30, December 31, 2021 Weighted-average remaining lease term 4.2 years 4.8 years Weighted-average discount rate 4.0 % 4.0 % At September 30, 2022, our future minimum payments under operating leases were as follows: (in thousands) Remainder of 2022 $ 1,515 2023 4,871 2024 4,474 2025 4,088 2026 3,760 Thereafter 1,266 Total future gross payments $ 19,974 Less: imputed interest (1,664) Total operating lease liabilities $ 18,310 Purchase Commitments

Stockholders' Equity

Stockholders' Equity	9 Months Ended
	Sep. 30, 2022
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, 2022 were as follows: (in thousands) Effective Date Expiration Date Share Value Authorized for Repurchase Share Value Repurchased Unused & Expired Share Repurchase Value Share Value Available for Future Repurchase 2019 Program November 2019 November 2021 $ 50,000 $ 29,611 $ 20,389 N/A 2021 Program November 2021 August 2022 50,000 49,992 8 N/A 2022 Program August 2022 July 2024 50,000 2,477 N/A $ 47,523 The share repurchase activity by period was as follows: Three Months Ended Nine Months Ended (in thousands, except shares and per share amounts) 2022 2021 2022 2021 Number of shares repurchased 102,234 42,299 357,430 105,814 Shares repurchased cost $ 12,477 $ 4,211 $ 42,700 $ 10,661 Average price per repurchased share $ 122.04 $ 99.55 $ 119.46 $ 100.75

Stock-Based Compensation

Stock-Based Compensation	9 Months Ended
	Sep. 30, 2022
Share-Based Payment Arrangement [Abstract]
Stock-Based Compensation	Stock-Based Compensation Our equity compensation plans provide for the grant of incentive and nonqualified stock options, as well as other stock-based awards including performance share units (“PSUs”), restricted stock awards (“RSAs”), restricted stock units (“RSUs”), and deferred stock units (“DSUs”), to employees, non-employee directors and other consultants who provide services to us. We also provide an employee stock purchase plan (“ESPP”) and 401(k) match to eligible participants. We recognize stock-based compensation expense based on grant date award fair value. This cost is recognized over the period for which the employee is required to provide service in exchange for the award or the award performance period, except for expenses relating to retirement-eligible employees that have not given their required notice, which is recognized on a pro-rata basis over the notice period prior to retirement. At September 30, 2022 , there were 13.2 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 Nine Months Ended (in thousands) 2022 2021 2022 2021 Cost of revenues $ 2,146 $ 1,696 $ 6,477 $ 4,945 Operating expenses Sales and marketing 1,845 1,634 5,835 4,854 Research and development 1,396 1,195 4,250 3,212 General and administrative 2,573 2,324 9,074 8,262 $ 7,960 $ 6,849 $ 25,636 $ 21,273 Stock-based compensation expense by grant type or plan was as follows: Three Months Ended Nine Months Ended (in thousands) 2022 2021 2022 2021 Stock options $ 461 $ 496 $ 1,401 $ 1,569 PSUs 1,541 1,342 6,244 5,357 RSUs 4,735 4,039 14,467 11,577 RSAs & DSUs 110 109 328 325 ESPP 577 376 1,609 1,038 401(k) stock match 536 487 1,587 1,407 $ 7,960 $ 6,849 $ 25,636 $ 21,273 As of September 30, 2022, there was $42.1 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 2.5 years. Stock Options Our stock option activity was as follows: Nine Months Ended Options (#) Weighted Average Outstanding, beginning of period 678,650 $ 44.76 Granted 49,085 122.64 Exercised (79,089) 31.07 Forfeited (6,711) 89.21 Outstanding, end of period 641,935 $ 51.94 Of the total outstanding options at September 30, 2022, 0.5 million were exercisable. The outstanding and exercisable options had a weighted average exercise price of $43.96 per share and a weighted average remaining contractual life of 2.9 years. The weighted average grant date fair value of options granted during the nine months ended September 30, 2022 was $40.95 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) 4.3 Volatility 37.5 % Dividend yield — Risk-free interest rate 2.2 % Performance Share Units, Restricted Stock Units and Awards, and Deferred Stock Units In each of the quarters ended March 31, 2022, 2021, 2020, and 2019 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, 2022 , PSU awards granted in 2019 vested at the maximum performance level and less than 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 # Weighted Average Grant Outstanding, beginning of period 702,160 $ 78.03 Granted 284,739 126.88 Vested and common stock issued (268,607) 63.04 Forfeited (21,114) 96.81 Outstanding, end of period 697,178 $ 103.19 The number of PSUs, RSUs, RSAs, and DSUs outstanding at September 30, 2022 included less than 0.1 million units that have vested, but the shares of common stock have not yet been issued, pursuant to the terms of the underlying agreements. Employee Stock Purchase Plan Our ESPP activity was as follows: Three Months Ended Nine Months Ended (in thousands, except shares) 2022 2021 2022 2021 Amounts for shares purchased $ 238 $ 130 $ 3,588 $ 2,316 Shares purchased 2,481 1,526 37,516 27,675 A total of 1.8 million shares of common stock are reserved for issuance under the ESPP as of September 30, 2022. The fair value was estimated based on the market price of our common stock at the beginning of the offering period using the following assumptions: Life (in years) 0.5 Volatility 37.4 % Dividend yield — Risk-free interest rate 0.2 %

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2022
Income Tax Disclosure [Abstract]
Income Taxes	Income TaxesWe 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. Differences between our effective tax rate and statutory tax rates are primarily due to the impact of permanently non-deductible expenses partially offset by the federal research and development credits and tax benefits associated with foreign-derived intangible income. Additionally, excess tax benefits generated upon settlement or exercise of stock awards are recognized as a reduction to income tax expense as a discrete tax item in the quarter that the event occurs, creating potentially significant fluctuation in tax expense by quarter and by year. Our provisions for income taxes includes current federal, state, and foreign income tax expense, as well as deferred tax expense.

Other Income and Expense

Other Income and Expense	9 Months Ended
	Sep. 30, 2022
Other Income and Expenses [Abstract]
Other Income and Expense	Other Income and Expense Other expense, net included the following: Three Months Ended Nine Months Ended (in thousands) 2022 2021 2022 2021 Investment income $ 586 $ 66 $ 806 $ 242 Realized loss from foreign currency on cash and investments held (1,151) (854) (2,010) (1,492) Other income (expense), net (130) 72 (406) (174) Total other expense, net $ (695) $ (716) $ (1,610) $ (1,424)

Net Income Per Share

Net Income Per Share	9 Months Ended
	Sep. 30, 2022
Earnings Per Share [Abstract]
Net Income Per Share	Net Income Per Share The components and computation of basic and diluted net income per share were as follows: Three Months Ended Nine Months Ended (in thousands, except per share amounts) 2022 2021 2022 2021 Numerator Net income $ 15,863 $ 11,449 $ 39,219 $ 31,832 Denominator Weighted average common shares outstanding, basic 36,093 35,961 36,104 35,873 Options to purchase common stock 379 520 396 533 PSUs, RSUs, RSAs, and DSUs 443 534 442 492 Weighted average common shares outstanding, diluted 36,915 37,015 36,942 36,898 Net income per share Basic $ 0.44 $ 0.32 $ 1.09 $ 0.89 Diluted $ 0.43 $ 0.31 $ 1.06 $ 0.86 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 Nine Months Ended (in thousands) 2022 2021 2022 2021 Anti-dilutive shares 107 34 222 46

Geographic Information

Geographic Information	9 Months Ended
	Sep. 30, 2022
Revenue from Contract with Customer [Abstract]
Geographic Information	Geographic Information Revenue The percentage of domestic revenue, which we define as the percentage of consolidated revenue that was attributable to customers based within the U.S., was as follows: Three Months Ended Nine Months Ended 2022 2021 2022 2021 Domestic revenue 85 % 84 % 84 % 84 % No single jurisdiction outside of the U.S. had revenues in excess of 10%. Property and Equipment The percentage of property and equipment, net located at subsidiary and office locations outside of the U.S. was as follows: September 30, December 31, 2021 International property and equipment 13 % 12 %

General (Policies)

General (Policies)	9 Months Ended
	Sep. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Business Description	Business Description SPS Commerce is a leading provider of cloud-based supply chain management services across our global retail network. Our products make it easier for retailers, suppliers, grocers, distributors, and logistics firms to orchestrate the management of item data, order fulfillment, inventory control, and sales analytics across omnichannel retail channels. SPS Commerce delivers our products using a full-service model whereby our internal experts monitor, update, and boost network performance on our customers’ behalf. The services offered by SPS Commerce eliminate the need for on-premise software and support staff by taking on that capability on the customer’s behalf. The services we provide enable our customers to increase their supply cycle agility, optimize their inventory levels and sell-through, reduce operational costs and gain increased visibility into customer orders, to help ensure that suppliers, grocers, distributors, and logistics firms can satisfy exacting retailer requirements.
Basis of Presentation	Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”) and include the accounts of SPS Commerce, Inc. and its subsidiaries. All intercompany accounts and transactions have been eliminated in the condensed consolidated financial statements. This interim financial information has been prepared under the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, these condensed consolidated financial statements do not include all of the information and notes required by GAAP. Therefore, these condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes included in our Annual Report on Form 10-K for the year ended December 31, 2021, as filed with the Securities and Exchange Commission (“SEC”). We have included all normal recurring adjustments considered necessary to provide a fair presentation of our financial position, results of operations, stockholders’ equity, and cash flows for the interim periods presented. Operating results for these interim periods are not necessarily indicative of the results to be expected for the full year.
Use of Estimates	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	Significant Accounting Policies There were no material changes in our significant accounting policies during the nine months ended September 30, 2022. See Note A to the consolidated financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2021 , as filed with the SEC, for additional information regarding our significant accounting policies.

General (Tables)

General (Tables)	9 Months Ended
	Sep. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Accounting Pronouncements Note Yet Adopted	Accounting Pronouncements Not Yet Adopted Standard Date of Issuance Description Date of Required Adoption Effect on the Financial Statements ASU 2021-08, Business Combinations (Topic 805) - Accounting for Contract Assets and Contract Liabilities from Contracts with Customers October 2021 This amendment requires that an acquirer recognize and measure contract assets and contract liabilities acquired in a business combination in accordance with Topic 606, effective for all business combinations in the year of adoption and thereafter. January 2023 The adoption of this standard may have a material impact on the purchase accounting for business combinations depending on the specific amount of contract assets and liabilities being acquired.

Business Acquisitions (Tables)

Business Acquisitions (Tables)	9 Months Ended
	Sep. 30, 2022
Business Combination and Asset Acquisition [Abstract]
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed	The following table summarizes the estimated fair values of the assets acquired and liabilities assumed at the acquisition date: (in thousands) Estimated Fair Value Cash $ 230 Accounts receivable 467 Other current assets 288 Operating lease right-of-use asset 934 Goodwill 24,556 Intangible assets 20,250 Deferred income tax assets 5,291 Accounts payable (266) Accrued compensation (321) Deferred revenue (262) Operating lease liability (934) Deferred income tax liabilities (5,144) $ 45,089
Finite-Lived and Indefinite-Lived Intangible Assets Acquired as Part of Business Combination	The following table summarizes the estimated fair value of the purchased intangible assets and their estimated useful lives, each of which are subject to finalization: ($ in thousands) Estimated Weighted Average Subscriber relationships $ 18,225 8.0 years Acquired technology 2,025 5.0 years Total $ 20,250

Revenue (Tables)

Revenue (Tables)	9 Months Ended
	Sep. 30, 2022
Revenue from Contract with Customer [Abstract]
Summary of Revenues by Revenue Stream	We derive our revenues from the following revenue streams: Three Months Ended Nine Months Ended (in thousands) 2022 2021 2022 2021 Recurring revenues: Fulfillment $ 92,952 $ 78,106 $ 265,570 $ 224,738 Analytics 11,902 10,858 34,846 31,383 Other 1,699 1,435 4,867 4,019 Recurring revenues 106,553 90,399 305,283 260,140 One-time revenues 7,933 7,488 23,574 22,380 Total revenue $ 114,486 $ 97,887 $ 328,857 $ 282,520
Summary of Deferred Revenue Liability Relating to Set-Up Fees	The table below presents the activity of the portion of the deferred revenue liability relating to set-up fees: Three Months Ended Nine Months Ended (in thousands) 2022 2021 2022 2021 Balance, beginning of period $ 15,309 $ 13,344 $ 14,459 $ 11,118 Invoiced set-up fees 3,715 3,622 11,776 11,832 Recognized set-up fees (3,805) (3,245) (11,016) (9,229) Balance, end of period $ 15,219 $ 13,721 $ 15,219 $ 13,721

Deferred Costs (Tables)

Deferred Costs (Tables)	9 Months Ended
	Sep. 30, 2022
Deferred Costs [Abstract]
Summary of Deferred Costs and Amortization of Deferred Costs	The deferred costs activity was as follows: Three Months Ended Nine Months Ended (in thousands) 2022 2021 2022 2021 Balance, beginning of period $ 64,665 $ 53,841 $ 59,720 $ 50,595 Incurred deferred costs 17,442 16,459 52,860 45,922 Amortized deferred costs (15,551) (14,207) (46,024) (40,424) Balance, end of period $ 66,556 $ 56,093 $ 66,556 $ 56,093

Financial Instruments (Tables)

Financial Instruments (Tables)	9 Months Ended
	Sep. 30, 2022
Fair Value Disclosures [Abstract]
Summary of Cash Equivalents and Investments	Cash equivalents and investments consisted of the following: September 30, 2022 December 31, 2021 (in thousands) Amortized Cost Unrealized Gains, net Fair Value Amortized Cost Unrealized Gains (Losses), net Fair Value Cash equivalents: Money market funds $ 111,498 $ — $ 111,498 $ 138,205 $ — $ 138,205 Certificates of deposit 6,437 — 6,437 7,268 — 7,268 Marketable securities: Commercial paper 44,358 133 44,491 34,984 7 34,991 U.S. treasury securities — — — 7,500 (1) 7,499 $ 162,293 $ 133 $ 162,426 $ 187,957 $ 6 $ 187,963
Summary of Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis	The following table details the fair value hierarchy of our assets and liabilities measured at a fair value on a recurring basis: September 30, 2022 December 31, 2021 (in thousands) Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Assets: Cash equivalents: Money market funds $ 111,498 $ — $ — $ 111,498 $ 138,205 $ — $ — $ 138,205 Certificates of deposit 6,437 — — 6,437 7,268 — — 7,268 Marketable securities: Commercial paper — 44,491 — 44,491 — 34,991 — 34,991 U.S. treasury securities — — — — — 7,499 — 7,499 $ 117,935 $ 44,491 $ — $ 162,426 $ 145,473 $ 42,490 $ — $ 187,963

Allowance for Credit Losses (Ta

Allowance for Credit Losses (Tables)	9 Months Ended
	Sep. 30, 2022
Allowance for Credit Loss [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: Nine Months Ended (in thousands) 2022 2021 Balance, beginning of period $ 4,249 $ 4,233 Provision for credit losses 2,889 4,037 Write-offs, net of recoveries (3,480) (3,666) Balance, end of period $ 3,658 $ 4,604

Property and Equipment, Net (Ta

Property and Equipment, Net (Tables)	9 Months Ended
	Sep. 30, 2022
Property, Plant and Equipment [Abstract]
Property, Plant and Equipment	Property and equipment, net consisted of the following: (in thousands) September 30, December 31, 2021 Internally developed software $ 50,311 $ 44,981 Computer equipment 32,520 29,329 Leasehold improvements 16,871 16,685 Office equipment and furniture 11,157 10,972 Property and equipment, cost 110,859 101,967 Less: accumulated depreciation and amortization (77,936) (70,066) Total property and equipment, net $ 32,923 $ 31,901

Goodwill and Intangible Asset_2

Goodwill and Intangible Assets, Net (Tables)	9 Months Ended
	Sep. 30, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Changes in Net Carrying Amount of Goodwill	Goodwill The activity in goodwill was as follows: Nine Months Ended (in thousands) 2022 2021 Balance, beginning of period $ 143,663 $ 134,853 Addition from business acquisition 24,556 — Foreign currency translation (2,311) (441) Remeasurement from provisional purchase accounting amount — 268 Balance, end of period $ 165,908 $ 134,680
Intangible Assets	Intangible Assets Intangible assets, net consisted of the following: September 30, 2022 ($ in thousands) Gross Accumulated Foreign Net Weighted Average Remaining Amortization Period Subscriber relationships $ 79,365 $ (35,823) $ (159) $ 43,383 6.6 years Acquired technology 37,351 (9,992) — 27,359 6.0 years $ 116,716 $ (45,815) $ (159) $ 70,742 6.4 years December 31, 2021 ($ in thousands) Gross Accumulated Foreign Net Weighted Average Remaining Amortization Period Subscriber relationships $ 61,270 $ (29,866) $ (1,395) $ 30,009 6.4 years Acquired technology 35,316 (6,738) — 28,578 6.8 years $ 96,586 $ (36,604) $ (1,395) $ 58,587 6.6 years
Estimated Future Annual Amortization Expense Related to Intangible Assets Subject to Amortization	The estimated future annual amortization expense related to intangible assets is as follows: (in thousands) Remainder of 2022 $ 3,112 2023 12,379 2024 11,217 2025 11,079 2026 10,075 Thereafter 22,880 Total future amortization $ 70,742

Commitments and Contingencies (

Commitments and Contingencies (Tables)	9 Months Ended
	Sep. 30, 2022
Commitments and Contingencies Disclosure [Abstract]
Components of Lease Expense	The components of lease expense were as follows: Three Months Ended Nine Months Ended (in thousands) 2022 2021 2022 2021 Operating lease cost $ 788 $ 873 $ 2,287 $ 2,309 Variable lease cost 963 976 2,612 2,694 $ 1,751 $ 1,849 $ 4,899 $ 5,003
Schedule of Supplemental Cash Flow Information Related to Leases	Supplemental cash flow information related to leases was as follows: Nine Months Ended (in thousands) 2022 2021 Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from operating leases $ 3,399 $ 2,488 Right-of-use assets obtained in exchange for operating lease liabilities 934 —
Schedule of Supplemental Balance Sheet Information Related to Leases	Supplemental balance sheet information related to operating leases was as follows: September 30, December 31, 2021 Weighted-average remaining lease term 4.2 years 4.8 years Weighted-average discount rate 4.0 % 4.0 %
Schedule of Future Minimum Payments Under Operating Leases	At September 30, 2022, our future minimum payments under operating leases were as follows: (in thousands) Remainder of 2022 $ 1,515 2023 4,871 2024 4,474 2025 4,088 2026 3,760 Thereafter 1,266 Total future gross payments $ 19,974 Less: imputed interest (1,664) Total operating lease liabilities $ 18,310

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	9 Months Ended
	Sep. 30, 2022
Equity [Abstract]
Stock Repurchase Activity	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, 2022 were as follows: (in thousands) Effective Date Expiration Date Share Value Authorized for Repurchase Share Value Repurchased Unused & Expired Share Repurchase Value Share Value Available for Future Repurchase 2019 Program November 2019 November 2021 $ 50,000 $ 29,611 $ 20,389 N/A 2021 Program November 2021 August 2022 50,000 49,992 8 N/A 2022 Program August 2022 July 2024 50,000 2,477 N/A $ 47,523 The share repurchase activity by period was as follows: Three Months Ended Nine Months Ended (in thousands, except shares and per share amounts) 2022 2021 2022 2021 Number of shares repurchased 102,234 42,299 357,430 105,814 Shares repurchased cost $ 12,477 $ 4,211 $ 42,700 $ 10,661 Average price per repurchased share $ 122.04 $ 99.55 $ 119.46 $ 100.75

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	9 Months Ended
	Sep. 30, 2022
Share-Based Payment Arrangement [Abstract]
Stock-Based Compensation Expense	Stock-based compensation expense was allocated in the condensed consolidated statements of comprehensive income as follows: Three Months Ended Nine Months Ended (in thousands) 2022 2021 2022 2021 Cost of revenues $ 2,146 $ 1,696 $ 6,477 $ 4,945 Operating expenses Sales and marketing 1,845 1,634 5,835 4,854 Research and development 1,396 1,195 4,250 3,212 General and administrative 2,573 2,324 9,074 8,262 $ 7,960 $ 6,849 $ 25,636 $ 21,273 Stock-based compensation expense by grant type or plan was as follows: Three Months Ended Nine Months Ended (in thousands) 2022 2021 2022 2021 Stock options $ 461 $ 496 $ 1,401 $ 1,569 PSUs 1,541 1,342 6,244 5,357 RSUs 4,735 4,039 14,467 11,577 RSAs & DSUs 110 109 328 325 ESPP 577 376 1,609 1,038 401(k) stock match 536 487 1,587 1,407 $ 7,960 $ 6,849 $ 25,636 $ 21,273
Stock Option Activity	Our stock option activity was as follows: Nine Months Ended Options (#) Weighted Average Outstanding, beginning of period 678,650 $ 44.76 Granted 49,085 122.64 Exercised (79,089) 31.07 Forfeited (6,711) 89.21 Outstanding, end of period 641,935 $ 51.94
Weighted Average Grant Date Fair Value of Options Granted, Assumptions	The weighted average grant date fair value of options granted during the nine months ended September 30, 2022 was $40.95 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) 4.3 Volatility 37.5 % Dividend yield — Risk-free interest rate 2.2 %
PSU, RSU, RSA, and DSU	Activity for our PSUs, RSUs, RSAs, and DSUs in aggregate was as follows: Nine Months Ended # Weighted Average Grant Outstanding, beginning of period 702,160 $ 78.03 Granted 284,739 126.88 Vested and common stock issued (268,607) 63.04 Forfeited (21,114) 96.81 Outstanding, end of period 697,178 $ 103.19
Summary of ESPP Activity	Our ESPP activity was as follows: Three Months Ended Nine Months Ended (in thousands, except shares) 2022 2021 2022 2021 Amounts for shares purchased $ 238 $ 130 $ 3,588 $ 2,316 Shares purchased 2,481 1,526 37,516 27,675
Fair Value Estimation of Common Stock Using Black-Scholes Option Pricing Model, Assumptions	The fair value was estimated based on the market price of our common stock at the beginning of the offering period using the following assumptions: Life (in years) 0.5 Volatility 37.4 % Dividend yield — Risk-free interest rate 0.2 %

Other Income and Expense (Table

Other Income and Expense (Tables)	9 Months Ended
	Sep. 30, 2022
Other Income and Expenses [Abstract]
Summary of Other Income (Expense), Net	Other expense, net included the following: Three Months Ended Nine Months Ended (in thousands) 2022 2021 2022 2021 Investment income $ 586 $ 66 $ 806 $ 242 Realized loss from foreign currency on cash and investments held (1,151) (854) (2,010) (1,492) Other income (expense), net (130) 72 (406) (174) Total other expense, net $ (695) $ (716) $ (1,610) $ (1,424)

Net Income Per Share (Tables)

Net Income Per Share (Tables)	9 Months Ended
	Sep. 30, 2022
Earnings Per Share [Abstract]
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 Nine Months Ended (in thousands, except per share amounts) 2022 2021 2022 2021 Numerator Net income $ 15,863 $ 11,449 $ 39,219 $ 31,832 Denominator Weighted average common shares outstanding, basic 36,093 35,961 36,104 35,873 Options to purchase common stock 379 520 396 533 PSUs, RSUs, RSAs, and DSUs 443 534 442 492 Weighted average common shares outstanding, diluted 36,915 37,015 36,942 36,898 Net income per share Basic $ 0.44 $ 0.32 $ 1.09 $ 0.89 Diluted $ 0.43 $ 0.31 $ 1.06 $ 0.86
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: Three Months Ended Nine Months Ended (in thousands) 2022 2021 2022 2021 Anti-dilutive shares 107 34 222 46

Geographic Information (Tables)

Geographic Information (Tables)	9 Months Ended
	Sep. 30, 2022
Revenue from Contract with Customer [Abstract]
Summary of Domestic Revenue	The percentage of domestic revenue, which we define as the percentage of consolidated revenue that was attributable to customers based within the U.S., was as follows: Three Months Ended Nine Months Ended 2022 2021 2022 2021 Domestic revenue 85 % 84 % 84 % 84 %
Schedule Of Percentage Of Property And Equipment Net	The percentage of property and equipment, net located at subsidiary and office locations outside of the U.S. was as follows: September 30, December 31, 2021 International property and equipment 13 % 12 %

Business Acquisitions - Narrati

Business Acquisitions - Narrative (Details) - USD ($) $ in Millions	Oct. 04, 2022	Jul. 19, 2022
GCommerce Inc
Business Acquisition [Line Items]
Purchase price		$ 45
Measurement period		1 year
InterTrade Systems Inc. | Subsequent Event
Business Acquisition [Line Items]
Purchase price	$ 49

Business Acquisitions - Fair Va

Business Acquisitions - Fair Value of Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Jul. 19, 2022	Dec. 31, 2021	Sep. 30, 2021	Dec. 31, 2020
Business Acquisition [Line Items]
Goodwill	$ 165,908		$ 143,663	$ 134,680	$ 134,853
GCommerce Inc
Business Acquisition [Line Items]
Cash		$ 230
Accounts receivable		467
Other current assets		288
Operating lease right-of-use asset		934
Goodwill		24,556
Intangible assets		20,250
Deferred income tax assets		5,291
Accounts payable		(266)
Accrued compensation		(321)
Deferred revenue		(262)
Operating lease liability		(934)
Deferred income tax liabilities		(5,144)
Assets acquired and liabilities assumed, net		$ 45,089

Business Acquisitions - Intangi

Business Acquisitions - Intangible Assets Acquired (Details) - GCommerce Inc $ in Thousands	Jul. 19, 2022 USD ($)
Business Acquisition [Line Items]
Estimated Fair Value	$ 20,250
Subscriber relationships
Business Acquisition [Line Items]
Estimated Fair Value	$ 18,225
Weighted Average Estimated Useful Life	8 years
Acquired technology
Business Acquisition [Line Items]
Estimated Fair Value	$ 2,025
Weighted Average Estimated Useful Life	5 years

Revenue - Summary of Revenues b

Revenue - Summary of Revenues by Revenue Stream (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Revenue Recognition [Line Items]
Revenues	$ 114,486	$ 97,887	$ 328,857	$ 282,520
Recurring revenues
Revenue Recognition [Line Items]
Revenues	106,553	90,399	305,283	260,140
One-time revenues
Revenue Recognition [Line Items]
Revenues	7,933	7,488	23,574	22,380
Fulfillment | Recurring revenues
Revenue Recognition [Line Items]
Revenues	92,952	78,106	265,570	224,738
Analytics | Recurring revenues
Revenue Recognition [Line Items]
Revenues	11,902	10,858	34,846	31,383
Other | Recurring revenues
Revenue Recognition [Line Items]
Revenues	$ 1,699	$ 1,435	$ 4,867	$ 4,019

Revenue - Narrative (Detail)

Revenue - Narrative (Detail)	9 Months Ended
	Sep. 30, 2022
Disaggregation Of Revenue [Line Items]
Latest timing of billings	30 days
Contract term maximum	1 year
Set up fees recognized period	2 years
Maximum recognition period for miscellaneous one-time fee	1 year
Minimum
Disaggregation Of Revenue [Line Items]
Customer contract cancellation period	30 days
Maximum
Disaggregation Of Revenue [Line Items]
Customer contract cancellation period	90 days

Revenue - Summary of Deferred R

Revenue - Summary of Deferred Revenue Liability Relating to Set-Up Fees (Detail) - Set-Up Fees - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Deferred Revenue Arrangement [Roll Forward]
Balance, beginning of period	$ 15,309	$ 13,344	$ 14,459	$ 11,118
Invoiced set-up fees	3,715	3,622	11,776	11,832
Recognized set-up fees	(3,805)	(3,245)	(11,016)	(9,229)
Balance, end of period	$ 15,219	$ 13,721	$ 15,219	$ 13,721

Deferred Costs (Detail)

Deferred Costs (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Deferred Costs [Roll Forward]
Balance, beginning of period	$ 64,665	$ 53,841	$ 59,720	$ 50,595
Incurred deferred costs	17,442	16,459	52,860	45,922
Amortized deferred costs	(15,551)	(14,207)	(46,024)	(40,424)
Balance, end of period	$ 66,556	$ 56,093	$ 66,556	$ 56,093

Financial Instruments - Summary

Financial Instruments - Summary of Cash Equivalents and Investments (Detail) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Schedule of Financial Instruments [Line Items]
Amortized Cost	$ 162,293	$ 187,957
Unrealized Gains (Losses), net	133	6
Fair Value	162,426	187,963
Certificates of deposit
Schedule of Financial Instruments [Line Items]
Amortized Cost	6,437	7,268
Unrealized Gains (Losses), net	0	0
Fair Value	6,437	7,268
Cash Equivalents | Money market funds
Schedule of Financial Instruments [Line Items]
Amortized Cost	111,498	138,205
Unrealized Gains (Losses), net	0	0
Fair Value	111,498	138,205
Marketable Securities | Commercial paper
Schedule of Financial Instruments [Line Items]
Amortized Cost	44,358	34,984
Unrealized Gains (Losses), net	133	7
Fair Value	44,491	34,991
Marketable Securities | U.S. treasury securities
Schedule of Financial Instruments [Line Items]
Amortized Cost	0	7,500
Unrealized Gains (Losses), net	0	(1)
Fair Value	$ 0	$ 7,499

Financial Instruments - Summa_2

Financial Instruments - Summary of Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis (Detail) - Fair Value, Measurements, Recurring - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Assets fair value	$ 162,426	$ 187,963
Money market funds
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Assets fair value	111,498	138,205
Certificates of deposit
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Assets fair value	6,437	7,268
Commercial paper
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Assets fair value	44,491	34,991
U.S. treasury securities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Assets fair value	0	7,499
Level 1
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Assets fair value	117,935	145,473
Level 1 | Money market funds
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Assets fair value	111,498	138,205
Level 1 | Certificates of deposit
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Assets fair value	6,437	7,268
Level 1 | Commercial paper
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Assets fair value	0	0
Level 1 | U.S. treasury securities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Assets fair value	0	0
Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Assets fair value	44,491	42,490
Level 2 | Money market funds
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Assets fair value	0	0
Level 2 | Certificates of deposit
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Assets fair value	0	0
Level 2 | Commercial paper
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Assets fair value	44,491	34,991
Level 2 | U.S. treasury securities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Assets fair value	0	7,499
Level 3
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Assets fair value	0	0
Level 3 | Money market funds
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Assets fair value	0	0
Level 3 | Certificates of deposit
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Assets fair value	0	0
Level 3 | Commercial paper
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Assets fair value	0	0
Level 3 | U.S. treasury securities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Assets fair value	$ 0	$ 0

Allowance for Credit Losses (De

Allowance for Credit Losses (Detail) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Balance, beginning of period	$ 4,249	$ 4,233
Provision for credit losses	2,889	4,037
Write-offs, net of recoveries	(3,480)	(3,666)
Balance, end of period	$ 3,658	$ 4,604

Property and Equipment, Net (De

Property and Equipment, Net (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Property, Plant and Equipment [Line Items]
Property and equipment, cost	$ 110,859	$ 101,967
Less: accumulated depreciation and amortization	(77,936)	(70,066)
Property and equipment, net	32,923	31,901
Internally developed software
Property, Plant and Equipment [Line Items]
Property and equipment, cost	50,311	44,981
Computer equipment
Property, Plant and Equipment [Line Items]
Property and equipment, cost	32,520	29,329
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property and equipment, cost	16,871	16,685
Office equipment and furniture
Property, Plant and Equipment [Line Items]
Property and equipment, cost	$ 11,157	$ 10,972

Goodwill and Intangible Asset_3

Goodwill and Intangible Assets, Net - Schedule of Changes in Net Carrying Amount of Goodwill (Detail) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Goodwill [Roll Forward]
Balance, beginning of period	$ 143,663	$ 134,853
Addition from business acquisition	24,556	0
Foreign currency translation	(2,311)	(441)
Remeasurement from provisional purchase accounting amount	0	268
Balance, end of period	$ 165,908	$ 134,680

Goodwill and Intangible Asset_4

Goodwill and Intangible Assets, Net - Intangible Assets (Detail) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2021	Dec. 31, 2021	Sep. 30, 2022
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount		$ 96,586	$ 116,716
Accumulated Amortization		(36,604)	(45,815)
Foreign Currency Translation		(1,395)	(159)
Net		$ 58,587	70,742
Weighted Average Remaining Amortization Period	6 years 4 months 24 days	6 years 7 months 6 days
Subscriber relationships
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount		$ 61,270	79,365
Accumulated Amortization		(29,866)	(35,823)
Foreign Currency Translation		(1,395)	(159)
Net		$ 30,009	43,383
Weighted Average Remaining Amortization Period	6 years 7 months 6 days	6 years 4 months 24 days
Acquired technology
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount		$ 35,316	37,351
Accumulated Amortization		(6,738)	(9,992)
Foreign Currency Translation		0	0
Net		$ 28,578	$ 27,359
Weighted Average Remaining Amortization Period	6 years	6 years 9 months 18 days

Goodwill and Intangible Asset_5

Goodwill and Intangible Assets, Net - Estimated Future Annual Amortization Expense Related to Intangible Assets Subject to Amortization (Detail) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Remainder of 2022	$ 3,112
2023	12,379
2024	11,217
2025	11,079
2026	10,075
Thereafter	22,880
Net	$ 70,742	$ 58,587

Commitments and Contingencies -

Commitments and Contingencies - Components of Lease Expense (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Commitments and Contingencies Disclosure [Abstract]
Operating lease cost	$ 788	$ 873	$ 2,287	$ 2,309
Variable lease cost	963	976	2,612	2,694
Lease expense	$ 1,751	$ 1,849	$ 4,899	$ 5,003

Commitments and Contingencies_2

Commitments and Contingencies - Schedule of Supplemental Cash Flow Information Related to Leases (Detail) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases	$ 3,399	$ 2,488
Right-of-use assets obtained in exchange for operating lease liabilities	$ 934	$ 0

Commitments and Contingencies_3

Commitments and Contingencies - Schedule of Supplemental Balance Sheet Information Related to Leases (Detail)	Sep. 30, 2022	Dec. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
Weighted-average remaining lease term	4 years 2 months 12 days	4 years 9 months 18 days
Weighted-average discount rate	4%	4%

Commitments and Contingencies_4

Commitments and Contingencies - Schedule of Future Minimum Payments Under Operating Leases (Detail) $ in Thousands	Sep. 30, 2022 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Remainder of 2022	$ 1,515
2023	4,871
2024	4,474
2025	4,088
2026	3,760
Thereafter	1,266
Total future gross payments	19,974
Less: imputed interest	(1,664)
Total operating lease liabilities	$ 18,310

Commitments and Contingencies_5

Commitments and Contingencies - Narrative (Detail) $ in Millions	Sep. 30, 2022 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Remaining purchase commitment	$ 7.4

Stockholders' Equity - Share Re

Stockholders' Equity - Share Repurchase Plan (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2022	Dec. 31, 2021
Schedule Of Stockholders Equity [Line Items]
Share Value Repurchased	$ 128,377	$ 85,677
Common Stock | 2019 Share Repurchase Program
Schedule Of Stockholders Equity [Line Items]
Share Value Authorized for Repurchase	50,000
Share Value Repurchased	29,611
Unused & Expired Share Repurchase Value	20,389
Common Stock | 2021 Share Repurchase 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 Stock Repurchase Program
Schedule Of Stockholders Equity [Line Items]
Share Value Authorized for Repurchase	50,000
Share Value Repurchased	2,477
Share Value Available for Future Repurchase	$ 47,523

Stockholders' Equity - Stock Re

Stockholders' Equity - Stock Repurchase Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Equity [Abstract]
Number of shares repurchased (in shares)	102,234	42,299	357,430	105,814
Shares repurchased cost	$ 12,477	$ 4,211	$ 42,700	$ 10,661
Average price per repurchased share (in dollars per share)	$ 122.04	$ 99.55	$ 119.46	$ 100.75

Stock-Based Compensation - Narr

Stock-Based Compensation - Narrative (Detail) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended				9 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2020	Mar. 31, 2019	Sep. 30, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares available for grant (in shares)					13,200,000
Unrecognized stock-based compensation expense					$ 42.1
Unrecognized stock-based compensation, expected to be recognized, weighted average period					2 years 6 months
Employee Stock Purchase Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock reserved for future issuance (in shares)					1,800,000
Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Outstanding and exercisable options (in shares)					500,000
Weighted average exercise price (in dollars per share)					$ 43.96
Weighted average remaining contractual life					2 years 10 months 24 days
Weighted average fair value per share of options granted (in dollars per share)					$ 40.95
Performance Share Unit
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	3 years	3 years	3 years	3 years
Performance Share Unit | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares issued (in shares)	100,000
PSU, RSU, RSA, and DSU | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vested at period end (in shares)					100,000

Stock-Based Compensation - Stoc

Stock-Based Compensation - Stock-Based Compensation Expense (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock-based compensation expense	$ 7,960	$ 6,849	$ 25,636	$ 21,273
Unrecognized stock-based compensation expense	42,100		42,100
Stock options
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock-based compensation expense	461	496	1,401	1,569
PSUs
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock-based compensation expense	1,541	1,342	6,244	5,357
RSUs
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock-based compensation expense	4,735	4,039	14,467	11,577
RSAs & DSUs
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock-based compensation expense	110	109	328	325
ESPP
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock-based compensation expense	577	376	1,609	1,038
401(k) stock match
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock-based compensation expense	536	487	1,587	1,407
Cost of revenues
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock-based compensation expense	2,146	1,696	6,477	4,945
Sales and marketing
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock-based compensation expense	1,845	1,634	5,835	4,854
Research and development
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock-based compensation expense	1,396	1,195	4,250	3,212
General and administrative
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock-based compensation expense	$ 2,573	$ 2,324	$ 9,074	$ 8,262

Stock-Based Compensation - St_2

Stock-Based Compensation - Stock Option Activity (Detail)	9 Months Ended
	Sep. 30, 2022 $ / shares shares
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding [Roll Forward]
Outstanding, beginning of period (in shares) | shares	678,650
Granted (in shares) | shares	49,085
Exercised (in shares) | shares	(79,089)
Forfeited (in shares) | shares	(6,711)
Outstanding, end of period (in shares) | shares	641,935
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract]
Outstanding, beginning of period (in dollars per share) | $ / shares	$ 44.76
Granted (in dollars per share) | $ / shares	122.64
Exercised (in dollars per share) | $ / shares	31.07
Forfeited (in dollars per share) | $ / shares	89.21
Outstanding, end of period (in dollars per share) | $ / shares	$ 51.94

Stock-Based Compensation - Weig

Stock-Based Compensation - Weighted Average Grant Date Fair Value of Options Granted, Assumptions (Detail) - Stock options	9 Months Ended
	Sep. 30, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Life (in years)	4 years 3 months 18 days
Volatility	37.50%
Dividend yield	0%
Risk-free interest rate	2.20%

Stock-Based Compensation - PSU,

Stock-Based Compensation - PSU, RSU, RSA, and DSU (Detail) - PSU, RSU, RSA, and DSU	9 Months Ended
	Sep. 30, 2022 $ / shares shares
#
Outstanding, beginning of period (in shares) | shares	702,160
Granted (in shares) | shares	284,739
Vested and common stock issued (in shares) | shares	(268,607)
Forfeited (in shares) | shares	(21,114)
Outstanding, end of period (in shares) | shares	697,178
Weighted Average Grant Date Fair Value ($/share)
Outstanding, beginning of period (in dollars per share) | $ / shares	$ 78.03
Granted (in dollars per share) | $ / shares	126.88
Vested and common stock issued (in dollars per share) | $ / shares	63.04
Forfeited (in dollars per share) | $ / shares	96.81
Outstanding, end of period (in dollars per share) | $ / shares	$ 103.19

Stock-Based Compensation - Summ

Stock-Based Compensation - Summary of ESPP Activity (Detail) - Employee Stock Purchase Plan - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share Based Compensation Arrangement By Share Based Payment Award Value Purchased For Award	$ 238	$ 130	$ 3,588	$ 2,316
Share-Based Compensation Arrangement by Share-Based Payment Award, Shares Purchased for Award	2,481	1,526	37,516	27,675
Common stock reserved for future issuance (in shares)	1,800,000		1,800,000

Stock-Based Compensation - Fair

Stock-Based Compensation - Fair Value Estimation of Common Stock Using Black-Scholes Option Pricing Model, Assumptions (Detail) - Employee Stock Purchase Plan	9 Months Ended
	Sep. 30, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Life (in years)	6 months
Volatility	37.40%
Dividend yield	0%
Risk-free interest rate	0.20%

Other Income and Expense (Detai

Other Income and Expense (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Other Income and Expenses [Abstract]
Investment income	$ 586	$ 66	$ 806	$ 242
Realized loss from foreign currency on cash and investments held	(1,151)	(854)	(2,010)	(1,492)
Other income (expense), net	(130)	72	(406)	(174)
Total other income (expense), net	$ (695)	$ (716)	$ (1,610)	$ (1,424)

Net Income Per Share - Componen

Net Income Per Share - Components and Computation of Basic and Diluted Net Income Per Share (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Numerator
Net income	$ 15,863	$ 11,449	$ 39,219	$ 31,832
Denominator
Weighted average common shares outstanding, basic (in shares)	36,093	35,961	36,104	35,873
Options to purchase common stock (in shares)	379	520	396	533
PSUs, RSUs, RSAs, and DSUs (in shares)	443	534	442	492
Weighted average common shares outstanding, diluted (in shares)	36,915	37,015	36,942	36,898
Net income per share
Basic (in dollars per share)	$ 0.44	$ 0.32	$ 1.09	$ 0.89
Diluted (in dollars per share)	$ 0.43	$ 0.31	$ 1.06	$ 0.86

Net Income Per Share - Schedule

Net Income Per Share - Schedule of Anti-dilutive Common Shares Excluded from Calculation of Diluted Net Income Per Share (Detail) - shares shares in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Earnings Per Share [Abstract]
Antidilutive shares (in shares)	107	34	222	46

Geographic Information - Narrat

Geographic Information - Narrative (Detail) - jurisdiction	9 Months Ended	12 Months Ended
	Sep. 30, 2022	Dec. 31, 2021
Disaggregation Of Revenue [Line Items]
Number of jurisdiction outside US had excess revenue of 10%	0
Revenue Benchmark | Geographic Concentration Risk | Foreign
Disaggregation Of Revenue [Line Items]
Concentration risk, percentage	13%	12%
Revenue Benchmark | Geographic Concentration Risk | Foreign | Maximum
Disaggregation Of Revenue [Line Items]
Concentration risk, percentage	10%

Geographic Information - Summar

Geographic Information - Summary of Domestic Revenue (Detail) - Revenue Benchmark - Geographic Concentration Risk	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Domestic Revenue
Disaggregation Of Revenue [Line Items]
Concentration risk, percentage	85%	84%	84%	84%
Foreign
Disaggregation Of Revenue [Line Items]
Concentration risk, percentage			13%		12%