SPS Commerce (SPSC) 10-Q 29 Jul 21 2021 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2021	Jul. 22, 2021
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2021
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q2
Trading Symbol	SPSC
Entity Registrant Name	SPS COMMERCE, INC.
Entity Central Index Key	0001092699
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Common Stock, Shares Outstanding		35,831,643
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Shell Company	false
Entity File Number	001-34702
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	41-2015127
Entity Address, Address Line One	333 South Seventh Street
Entity Address, Address Line Two	Suite 1000
Entity Address, City or Town	Minneapolis
Entity Address, State or Province	MN
Entity Address, Postal Zip Code	55402
City Area Code	612
Local Phone Number	435-9400
Title of 12(b) Security	Common Stock, par value $0.001 per share
Security Exchange Name	NASDAQ
Document Quarterly Report	true
Document Transition Report	false

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
CURRENT ASSETS
Cash and cash equivalents	$ 184,367	$ 149,692
Short-term investments	48,999	37,786
Accounts receivable	42,191	37,811
Allowance for credit losses	(4,255)	(4,233)
Accounts receivable, net	37,936	33,578
Deferred costs	40,149	37,988
Other assets	11,711	12,312
Total current assets	323,162	271,356
PROPERTY AND EQUIPMENT, less accumulated depreciation of $67,074 and $59,152, respectively	29,046	26,432
OPERATING LEASE RIGHT-OF-USE ASSETS	13,352	15,581
GOODWILL	135,354	134,853
INTANGIBLE ASSETS, net	54,950	60,230
INVESTMENTS		2,500
OTHER ASSETS
Deferred costs, non-current	13,692	12,607
Deferred income tax assets	246	194
Other assets, non-current	2,476	2,705
Total assets	572,278	526,458
CURRENT LIABILITIES
Accounts payable	5,942	5,354
Accrued compensation	27,469	22,872
Accrued expenses	5,221	11,161
Deferred revenue	48,845	37,947
Operating lease liabilities	3,960	2,798
Total current liabilities	91,437	80,132
OTHER LIABILITIES
Deferred revenue, non-current	4,991	2,996
Operating lease liabilities, non-current	17,733	19,672
Deferred income tax liabilities	3,368	2,937
Total liabilities	117,529	105,737
COMMITMENTS and CONTINGENCIES
STOCKHOLDERS’ EQUITY
Preferred stock, $0.001 par value; 5,000,000 shares authorized; 0 shares issued and outstanding
Common stock, $0.001 par value; 110,000,000 shares authorized; 37,536,118 and 37,100,467 shares issued; and 35,859,353 and 35,487,217 outstanding, respectively	38	37
Treasury stock, at cost; 1,676,765 and 1,613,250 shares, respectively	(71,697)	(65,247)
Additional paid-in capital	413,182	393,462
Retained earnings	113,873	93,490
Accumulated other comprehensive loss	(647)	(1,021)
Total stockholders’ equity	454,749	420,721
Total liabilities and stockholders’ equity	$ 572,278	$ 526,458

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Statement Of Financial Position [Abstract]
Accumulated depreciation	$ 67,074	$ 59,152
Preferred stock, par value	$ 0.001	$ 0.001
Preferred stock, shares authorized	5,000,000	5,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	110,000,000	110,000,000
Common stock, shares issued	37,536,118	37,100,467
Common stock, shares outstanding	35,859,353	35,487,217
Treasury stock, shares	1,676,765	1,613,250

Condensed Consolidated Statemen

Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Income Statement [Abstract]
Revenues	$ 94,539	$ 75,573	$ 184,633	$ 149,765
Cost of revenues	31,730	24,326	61,700	47,870
Gross profit	62,809	51,247	122,933	101,895
Operating expenses
Sales and marketing	21,952	18,611	43,307	36,910
Research and development	8,899	7,466	17,605	15,034
General and administrative	15,758	12,743	30,495	24,652
Amortization of intangible assets	2,671	1,316	5,335	2,652
Total operating expenses	49,280	40,136	96,742	79,248
Income from operations	13,529	11,111	26,191	22,647
Other income (expense), net	(383)	1,468	(708)	795
Income before income taxes	13,146	12,579	25,483	23,442
Income tax expense	2,963	1,385	5,100	2,733
Net income	10,183	11,194	20,383	20,709
Other comprehensive income (expense)
Foreign currency translation adjustments	172	2,116	364	(1,748)
Unrealized gain (loss) on investments, net of tax of ($12), $3, ($27) and $26, respectively	(35)	7	(80)	78
Reclassification of (gain) loss on investments into earnings, net of tax of $11, ($27), $30 and ($53), respectively	33	(79)	90	(158)
Total other comprehensive income (expense)	170	2,044	374	(1,828)
Comprehensive income	$ 10,353	$ 13,238	$ 20,757	$ 18,881
Net income per share
Basic	$ 0.28	$ 0.32	$ 0.57	$ 0.59
Diluted	$ 0.28	$ 0.31	$ 0.55	$ 0.58
Weighted average common shares used to compute net income per share
Basic	35,903	35,030	35,828	35,051
Diluted	36,753	36,016	36,741	35,995

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income (Unaudited) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Income Statement [Abstract]
Unrealized gain (loss) on investments, tax	$ (12)	$ 3	$ (27)	$ 26
Reclassification of (gain) loss on investments into earnings, tax	$ 11	$ (27)	$ 30	$ (53)

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands	Total	Revision of Prior Period Accounting Standards Update Adjustment [Member]	Common Stock [Member]	Treasury Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Retained Earnings [Member]Revision of Prior Period Accounting Standards Update Adjustment [Member]	Accumulated Other Comprehensive Loss [Member]
Beginning balance at Dec. 31, 2019	$ 354,876		$ 36	$ (46,297)	$ 354,115	$ 48,973		$ (1,951)
Beginning balance, shares at Dec. 31, 2019			34,863,271	1,241,348
Stock-based compensation	8,596				8,596
Exercise of stock options and issuance of restricted stock	9,426		$ 1		9,425
Exercise of stock options and issuance of restricted stock, shares			601,666
Employee stock purchase plan	1,550				1,550
Employee stock purchase plan, shares			33,083
Repurchases of common stock	(18,950)			$ (18,950)
Repurchases of common stock, shares			(371,902)	371,902
Net income	20,709					20,709
Foreign currency translation adjustments	(1,748)							(1,748)
Unrealized gain (loss) on investments, net of tax	78							78
Reclassification of gain (loss) on investments into earnings, net of tax	(158)							(158)
Ending balance at Jun. 30, 2020	373,310		$ 37	$ (65,247)	373,686	68,613		(3,779)
Ending balance (ASU 2016-13) at Jun. 30, 2020		$ (1,069)					$ (1,069)
Ending balance, shares at Jun. 30, 2020			35,126,118	1,613,250
Beginning balance at Mar. 31, 2020	355,188		$ 36	$ (58,297)	361,853	57,419		(5,823)
Beginning balance, shares at Mar. 31, 2020			34,992,825	1,481,623
Stock-based compensation	4,628				4,628
Exercise of stock options and issuance of restricted stock	5,743		$ 1		5,742
Exercise of stock options and issuance of restricted stock, shares			233,852
Employee stock purchase plan	1,463				1,463
Employee stock purchase plan, shares			31,068
Repurchases of common stock	(6,950)			$ (6,950)
Repurchases of common stock, shares			(131,627)	131,627
Net income	11,194					11,194
Foreign currency translation adjustments	2,116							2,116
Unrealized gain (loss) on investments, net of tax	7							7
Reclassification of gain (loss) on investments into earnings, net of tax	(79)							(79)
Ending balance at Jun. 30, 2020	373,310		$ 37	$ (65,247)	373,686	68,613		(3,779)
Ending balance (ASU 2016-13) at Jun. 30, 2020		$ (1,069)					$ (1,069)
Ending balance, shares at Jun. 30, 2020			35,126,118	1,613,250
Beginning balance at Dec. 31, 2020	420,721		$ 37	$ (65,247)	393,462	93,490		(1,021)
Beginning balance, shares at Dec. 31, 2020			35,487,217	1,613,250
Stock-based compensation	13,505				13,505
Shares issued pursuant to stock awards	4,030		$ 1		4,029
Shares issued pursuant to stock awards, shares			409,502
Employee stock purchase plan	2,186				2,186
Employee stock purchase plan, shares			26,149
Repurchases of common stock	(6,450)			$ (6,450)
Repurchases of common stock, shares			(63,515)	63,515
Net income	20,383					20,383
Foreign currency translation adjustments	364							364
Unrealized gain (loss) on investments, net of tax	(80)							(80)
Reclassification of gain (loss) on investments into earnings, net of tax	90							90
Ending balance at Jun. 30, 2021	454,749		$ 38	$ (71,697)	413,182	113,873		(647)
Ending balance, shares at Jun. 30, 2021			35,859,353	1,676,765
Beginning balance at Mar. 31, 2021	440,523		$ 37	$ (65,247)	402,860	103,690		(817)
Beginning balance, shares at Mar. 31, 2021			35,861,584	1,613,250
Stock-based compensation	7,014				7,014
Exercise of stock options and issuance of restricted stock	1,228		$ 1		1,227
Exercise of stock options and issuance of restricted stock, shares			36,756
Employee stock purchase plan	2,081				2,081
Employee stock purchase plan, shares			24,528
Repurchases of common stock	(6,450)			$ (6,450)
Repurchases of common stock, shares			(63,515)	63,515
Net income	10,183					10,183
Foreign currency translation adjustments	172							172
Unrealized gain (loss) on investments, net of tax	(35)							(35)
Reclassification of gain (loss) on investments into earnings, net of tax	33							33
Ending balance at Jun. 30, 2021	$ 454,749		$ 38	$ (71,697)	$ 413,182	$ 113,873		$ (647)
Ending balance, shares at Jun. 30, 2021			35,859,353	1,676,765

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Cash flows from operating activities
Net income	$ 20,383	$ 20,709
Reconciliation of net income to net cash provided by operating activities
Deferred income taxes	351	1,443
Change in earn-out liability		72
Depreciation and amortization of property and equipment	7,294	6,276
Amortization of intangible assets	5,335	2,652
Provision for credit losses	2,831	3,020
Stock-based compensation	14,424	9,353
Other, net	170	(129)
Changes in assets and liabilities
Accounts receivable	(6,945)	(7,071)
Deferred costs	(3,338)	275
Other current and non-current assets	(1,201)	3,141
Accounts payable	(147)	321
Accrued compensation	3,246	(6,166)
Accrued expenses	(2,087)	(964)
Deferred revenue	12,893	4,705
Operating leases	1,449	(842)
Net cash provided by operating activities	54,658	36,795
Cash flows from investing activities
Purchases of property and equipment	(8,738)	(8,396)
Purchases of investments	(44,034)	(55,144)
Maturities of investments	35,000	31,050
Net cash used in investing activities	(17,772)	(32,490)
Cash flows from financing activities
Repurchases of common stock	(6,450)	(18,950)
Net proceeds from exercise of options to purchase common stock	4,030	9,426
Net proceeds from employee stock purchase plan	2,186	1,550
Payments for contingent consideration	(2,042)	(688)
Net cash used in financing activities	(2,276)	(8,662)
Effect of foreign currency exchange rate changes	65	(45)
Net increase (decrease) in cash and cash equivalents	34,675	(4,402)
Cash and cash equivalents at beginning of period	149,692	179,252
Cash and cash equivalents at end of period	$ 184,367	$ 174,850

General

General	6 Months Ended
	Jun. 30, 2021
Organization Consolidation And Presentation Of Financial Statements [Abstract]
General	NOTE A – General Business Description SPS Commerce is a leading provider of cloud-based supply chain management solutions that retailers, suppliers, grocers, distributors, and logistics firms to orchestrate the For many businesses, implementing and maintaining a suite of supply chain management capabilities is resource-intensive and not a core competency. The solutions offered by SPS Commerce eliminate the need for on-premise software and support staff by taking on that capability on the customer’s behalf. These solutions also 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, helping ensure that suppliers, grocers, distributors, and logistics firms can satisfy 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. 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 shown. Operating results for these interim periods are not necessarily indicative of the results to be expected for the full year. For further information, refer to the consolidated financial statements and accompanying notes included in our Annual Report on Form 10-K for the year ended December 31, 2020, as filed with the Securities and Exchange Commission (“SEC”). Business Combinations In December 2020, we acquired all of the outstanding equity ownership interests of D Masons Software, LLC (“Data Masons”). As of December 31, 2020 and June 30, 2021, the purchase accounting for the acquisition is not finalized. Use of Estimates Preparing financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates. Recently Issued and Adopted Accounting Pronouncements For the six months ended June 30, 2021, there were no newly adopted accounting pronouncements. As of June 30, 2021, there are no recently issued but not yet adopted accounting pronouncements that are expected to materially impact our consolidated financial statements. Significant Accounting Policies There were no material changes in our significant accounting policies during the six months ended June 30, 2021. See Note A to the consolidated financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2020, as filed with the SEC, for additional information regarding our significant accounting policies.

Revenue

Revenue	6 Months Ended
	Jun. 30, 2021
Revenue From Contract With Customer [Abstract]
Revenue	NOTE B – Revenue We derive our revenues from the following revenue streams: Three Months Ended Six Months Ended June 30, June 30, (In thousands) 2021 2020 2021 2020 Recurring revenues: Fulfillment $ 75,228 $ 60,745 $ 146,632 $ 119,848 Analytics 10,381 9,247 20,525 18,983 Other 1,331 1,221 2,584 2,420 Recurring Revenues 86,940 71,213 169,741 141,251 One-time revenues 7,599 4,360 14,892 8,514 $ 94,539 $ 75,573 $ 184,633 $ 149,765 Revenues are recognized when our services are made available to our customers, in an amount that reflects the consideration we are contractually and legally entitled to in exchange for those services. We determine revenue recognition through the following steps: - Identification of the contract, or contracts, with a customer - Identification of the performance obligations in the contract - Determination of the transaction price - Allocation of the transaction price to the performance obligations in the contract - Recognition of revenue when, or as, we satisfy a performance obligation Recurring Revenues Recurring revenues consist of recurring subscriptions from customers that utilize our Fulfillment, Analytics, and Other cloud-based supply chain management solutions. Revenue for these solutions 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, ranging from monthly to annual, and generally allow the customer to cancel the contract for any reason with 30 to 90 days’ notice. Timing of billings varies by customer and by contract type and are either in advance or within 30 days of the service being performed. The deferred revenue liability for recurring revenue contracts are for one year or less and recognized on a ratable basis over the contract term. We have applied the optional exemption to not disclose information about the remaining performance obligations for contracts which have original durations of one year or less. One-time Revenues One-time revenues consist of set-up fees from customers and miscellaneous one-time fees. Set-up fees are specific for each connection a customer has with a trading partner and many of our customers have connections with numerous trading partners. Set-up fees related to our cloud-based supply chain management solutions are nonrefundable upfront fees that are necessary for our customers to utilize our cloud-based services. These set-up fees do not provide any standalone value to our customers. Certain contracts contain set-up fees that constitute a material renewal option right. This material right provides customers a significant future incentive that would not otherwise be available to them unless they entered into the contract, as the set-up fees will not be incurred again upon contract renewal. For our Fulfillment solution, we have determined that the set-up fees and related costs represent a material renewal option right to our customers as they will not be incurred again upon renewal. These 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. For our Analytics solution, we have determined that the set-up fees do not represent a material customer renewal right and, as such, are deferred and recognized ratably over the estimated initial contract term, which is generally one year The table below presents the activity of the portion of the deferred revenue liability relating to set-up fees: Three Months Ended Six Months Ended June 30, June 30, (In thousands) 2021 2020 2021 2020 Balance, beginning of period $ 12,102 $ 10,572 $ 11,118 $ 10,518 Invoiced set-up fees 4,343 2,748 8,210 5,467 Amortized set-up fees (3,101 ) (2,687 ) (5,984 ) (5,352 ) Balance, end of period $ 13,344 $ 10,633 $ 13,344 $ 10,633 The entire balance of set-up fees will be recognized within two years and, as such, current amounts will be recognized in the next 1-12 months and long-term amounts will be recognized in the next 13-24 months. Miscellaneous one-time fees consist of professional services and testing and certification. The deferred revenue liability for these one-time fees are 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 contracts which have original durations of one year or less.

Deferred Costs

Deferred Costs	6 Months Ended
	Jun. 30, 2021
Deferred Costs [Abstract]
Deferred Costs	NOTE C – Deferred Costs The deferred costs and amortization of deferred costs activity was as follows: Three Months Ended Six Months Ended June 30, June 30, (In thousands) 2021 2020 2021 2020 Balance, beginning of period $ 51,540 $ 46,936 $ 50,595 $ 46,941 Incurred deferred costs 16,036 12,350 29,463 25,071 Amortized deferred costs (13,735 ) (12,637 ) (26,217 ) (25,363 ) Balance, end of period $ 53,841 $ 46,649 $ 53,841 $ 46,649

Financial Instruments

Financial Instruments	6 Months Ended
	Jun. 30, 2021
Disclosure Text Block Supplement [Abstract]
Financial Instruments	NOTE D – Financial Instruments We invest primarily in money market funds, certificates of deposit, highly liquid debt instruments of the United States (“U.S.”) government and U.S. corporate debt securities. All investments with remaining maturities of less than one year from the balance sheet date are classified as short-term investments. Investments with remaining maturities of more than one year from the balance sheet date are classified as long-term investments. Our short-term marketable securities are classified as available-for-sale. We intend to hold marketable securities until maturity; however, we may sell these securities at any time for use in current operations or for other purposes. Our marketable securities are carried at fair value and unrealized gains and losses on these investments, net of taxes, are included in accumulated other comprehensive loss in the condensed consolidated balance sheets. Realized gains or losses are included in other income (expense), net in the condensed consolidated statements of comprehensive income. Certain securities accrue interest that is included in other income (expense), net. The unrealized gains (losses) noted below are exclusive of previously recognized interest income. When a determination has been made that the fair value of a marketable security is below its amortized cost basis, the portion of the unrealized loss that corresponds to a credit-related factor is realized through a credit allowance on the marketable security and the equivalent expense is realized in other income (expense), net in the condensed consolidated statements of comprehensive income. Cash equivalents and investments consisted of the following: June 30, 2021 December 31, 2020 (In thousands) Amortized Cost Unrealized Gains (Losses), net Fair Value Amortized Cost Unrealized Losses, net Fair Value Cash equivalents: Money market funds $ 138,102 $ — $ 138,102 $ 112,907 $ — $ 112,907 Certificates of deposit 7,494 — 7,494 7,708 — 7,708 Marketable securities: Corporate bonds 12,564 (55 ) 12,509 5,069 (29 ) 5,040 Commercial paper 14,996 2 14,998 7,569 (55 ) 7,514 U.S. treasury securities 14,043 (45 ) 13,998 20,051 (27 ) 20,024 $ 187,199 $ (98 ) $ 187,101 $ 153,304 $ (111 ) $ 153,193 Maturing within one year $ 187,101 $ 150,693 Maturing within one to two years — 2,500 Total $ 187,101 $ 153,193 Recurring Fair Value Measurements The following table presents information about our financial assets and liabilities that are measured at fair value on a recurring basis and indicates the fair value hierarchy of the valuation techniques utilized to determine such fair value: June 30, 2021 December 31, 2020 (In thousands) Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Assets: Cash equivalents: Money market funds $ 138,102 $ — $ — $ 138,102 $ 112,907 $ — $ — $ 112,907 Certificates of deposit 7,494 — — 7,494 7,708 — — 7,708 Marketable securities: Corporate bonds — 12,509 — 12,509 — 5,040 — 5,040 Commercial paper — 14,998 — 14,998 — 7,514 — 7,514 U.S. treasury securities — 13,998 — 13,998 — 20,024 — 20,024 $ 145,596 $ 41,505 $ — $ 187,101 $ 120,615 $ 32,578 $ — $ 153,193 Liabilities: Contingent consideration $ — $ — $ — $ — $ — $ — $ 1,878 $ 1,878 $ — $ — $ — $ — $ — $ — $ 1,878 $ 1,878 See Note E to the consolidated financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2020, as filed with the SEC, for additional information regarding the three levels of inputs that may be used to measure fair value. For the contingent consideration liability, related to the Data Masons acquisition, we were required to pay the former owners of Data Masons $1.9 million in the event the Paycheck Protection Program (“PPP”) Loan (“PPP Loan”) acquired in the acquisition was forgiven in full. In the three months ended June 30, 2021, the Small Business Administration approved the full forgiveness of the PPP Loan and, accordingly, the payment of the $1.9 million contingent liability was made.

Allowance for Credit Losses

Allowance for Credit Losses	6 Months Ended
	Jun. 30, 2021
Receivables [Abstract]
Allowance for Credit Losses	NOTE E – Allowance for Credit Losses The allowance for credit losses activity, included in accounts receivable, net, was as follows: Six Months Ended June 30, (In thousands) 2021 2020 Balance, beginning of period $ 4,233 $ 1,469 Adoption of ASU 2016-13 — 1,069 Provision for credit losses 2,831 3,020 Write-offs, net of recoveries (2,809 ) (1,895 ) Balance, end of period $ 4,255 $ 3,663

Goodwill and Intangible Assets,

Goodwill and Intangible Assets, net	6 Months Ended
	Jun. 30, 2021
Goodwill And Intangible Assets Disclosure [Abstract]
Goodwill and Intangible Assets, net	NOTE F – Goodwill and Intangible Assets, net Goodwill The changes in the net carrying amount of goodwill were as follows: Six Months Ended June 30, (In thousands) 2021 2020 Balance, beginning of period $ 134,853 $ 76,845 Remeasurement from provisional purchase accounting amount 268 — Foreign currency translation adjustments 233 (962 ) Balance, end of period $ 135,354 $ 75,883 Intangible Assets Intangible assets subject to amortization are amortized over their respective useful lives (ranging from three to ten years). Intangible assets, net included the following: June 30, 2021 Gross Foreign Carrying Accumulated Currency (In thousands) Amount Amortization Translation Net Subscriber relationships $ 54,870 $ (27,781 ) $ (639 ) $ 26,450 Non-competition agreements 708 (708 ) — — Acquired technology 33,216 (4,716 ) — 28,500 $ 88,794 $ (33,205 ) $ (639 ) $ 54,950 December 31, 2020 Gross Foreign Carrying Accumulated Currency (In thousands) Amount Amortization Translation Net Subscriber relationships $ 54,447 $ (24,792 ) $ 101 $ 29,756 Non-competition agreements 698 (691 ) (4 ) 3 Acquired technology 33,195 (2,724 ) — 30,471 $ 88,340 $ (28,207 ) $ 97 $ 60,230 The estimated annual amortization expense related to intangible assets subject to amortization for the next five years is as follows: (In thousands) Remainder of 2021 $ 4,627 2022 8,856 2023 8,778 2024 7,476 2025 7,337 Thereafter 17,876 $ 54,950

Other Assets

Other Assets	6 Months Ended
	Jun. 30, 2021
Other Assets [Abstract]
Other Assets	NOTE G – Other Assets The changes in the net amount of capitalized implementation costs for software hosting arrangements was as follows: Three Months Ended Six Months Ended June 30, June 30, (In thousands) 2021 2020 2021 2020 Balance, beginning of period $ 1,170 $ 1,188 $ 1,181 $ 1,166 Capitalized implementation fees 52 29 98 80 Amortization of implementation fees (279 ) (29 ) (336 ) (58 ) Balance, end of period $ 943 $ 1,188 $ 943 $ 1,188

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2021
Commitments And Contingencies Disclosure [Abstract]
Commitments and Contingencies	NOTE H – Commitments and Contingencies Leases We are obligated under non-cancellable operating leases, primarily for office space, as follows: June 30, 2021 December 31, 2020 (In thousands, except remaining term) Remaining Term (years) Right-of-Use Asset Remaining Term (years) Right-of-Use Asset Minneapolis, MN lease 6 $ 9,544 6 $ 10,992 Kyiv, Ukraine lease 4 1,732 4 1,930 Other leases <1 - 5 2,076 <1 - 5 2,659 $ 13,352 $ 15,581 Some of our leases include options to extend the leases for up to five years. The options to extend our leases are not recognized as part of our Right-of-Use (“ROU”) assets and lease liabilities as it is not reasonably certain that we will exercise those options. Additionally, our agreements do not include options to terminate the leases. The components of lease expense were as follows: Three Months Ended Six Months Ended June 30, June 30, (In thousands) 2021 2020 2021 2020 Operating lease cost $ 896 $ 773 $ 1,436 $ 1,368 Variable lease cost 950 909 1,718 1,801 $ 1,846 $ 1,682 $ 3,154 $ 3,169 Supplemental cash flow information related to leases was as follows: Six Months Ended June 30, (In thousands) 2021 2020 Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from operating leases $ 1,204 $ 2,278 ROU assets obtained in exchange for operating lease liabilities — 330 Supplemental balance sheet information related to leases was as follows: June 30, 2021 December 31, 2020 Weighted-average remaining lease term - operating leases 5.3 years 5.6 years Weighted-average discount rate - operating leases 4.1 % 4.1 % At June 30, 2021, our future minimum payments under operating leases were as follows: (In thousands) Remainder of 2021 $ 2,467 2022 4,689 2023 4,422 2024 4,064 2025 3,715 Thereafter 4,849 24,206 Less: imputed interest (2,513 ) $ 21,693 Purchase Commitments We have entered into separate noncancelable agreements with computing infrastructure and customer relationship management vendors for services through 2023. At June 30, 2021, the total remaining purchase commitments were $13.7 million.

Stockholders' Equity

Stockholders' Equity	6 Months Ended
	Jun. 30, 2021
Equity [Abstract]
Stockholders’ Equity	NOTE I – Stockholders’ Equity Stock Repurchase Program On November 2, 2019, our board of directors authorized a program to repurchase up to $50 million of common stock. Under the program, purchases may be made from time to time in the open market over two years. For the three months ended June 30, 2021, we repurchased 63,515 shares at a cost of $6.4 million. As of June 30, 2021, $24.6 million of the share repurchase program was available for future share repurchases.

Stock-Based Compensation

Stock-Based Compensation	6 Months Ended
	Jun. 30, 2021
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Stock-Based Compensation	NOTE J – 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”). We also have an employee stock purchase plan (“ESPP”). 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 expense 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 June 30, 2021, there were 13.6 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 Six Months Ended June 30, June 30, (In thousands) 2021 2020 2021 2020 Cost of revenues $ 1,746 $ 956 $ 3,249 $ 1,764 Operating expenses Sales and marketing 1,738 1,010 3,220 1,856 Research and development 1,106 883 2,017 1,806 General and administrative 2,909 2,160 5,938 3,927 $ 7,499 $ 5,009 $ 14,424 $ 9,353 Stock-based compensation expense by plan type was as follows: Three Months Ended Six Months Ended June 30, June 30, (In thousands) 2021 2020 2021 2020 Stock options $ 522 $ 540 $ 1,074 $ 1,134 PSUs 1,931 1,096 4,016 1,792 RSUs 4,115 2,672 7,536 5,001 RSAs & DSUs 110 107 217 234 ESPP 336 213 662 435 401(k) stock match 485 381 919 757 $ 7,499 $ 5,009 $ 14,424 $ 9,353 As of June 30, 2021, there was $37.6 million of unrecognized stock-based compensation expense under our equity compensation plans, which is expected to be recognized on a straight-line basis over a weighted average period of 2.6 years. Stock Options Our stock option activity was as follows: Six Months Ended June 30, 2021 Weighted Average Options (#) Exercise Price (per share) Outstanding, beginning of period 944,886 $ 36.71 Granted 51,730 104.73 Exercised (119,734 ) 33.65 Forfeited (3,243 ) 61.78 Outstanding, end of period 873,639 41.07 Of the total outstanding options at June 30, 2021, 0.7 million were exercisable. The outstanding and exercisable options had a weighted average exercise price of $34.39 per share and a weighted average remaining contractual life of 3.2 years. The weighted average grant date fair value of options granted during the six months ended June 30, 2021 was $30.96 per share. This was estimated on the date of grant using the Black-Scholes option pricing model with the following weighted-average assumptions: Volatility 35.4 % Dividend yield 0 % Life (in years) 4.4 Risk-free interest rate 0.6 % Performance Share Units, Restricted Stock Units and Awards, and Deferred Stock Units In each of the quarters ended March 31, 2021, 2020, 2019, and 2018 we granted PSU awards with a target performance level. three-year Our PSU, RSU, RSA, and DSU activity was as follows: Six Months Ended June 30, 2021 Weighted Average Grant # Date Fair Value (per unit) Outstanding, beginning of period 738,422 $ 52.37 Granted 272,813 99.62 Vested and common stock issued (288,058 ) 40.78 Forfeited (10,529 ) 61.12 Outstanding, end of period 712,648 75.01 Employee Stock Purchase Plan Our ESPP activity was as follows: Three Months Ended Six Months Ended June 30, June 30, (In thousands, except share data) 2021 2020 2021 2020 Amounts for shares purchased $ 2,081 $ 1,463 $ 2,186 $ 1,550 Shares purchased 24,528 31,068 26,149 33,083 A total of 1.8 million shares of common stock are reserved for issuance under the ESPP as of June 30, 2021. The fair value was estimated based on the market price of our common stock at the beginning of the offering period using the Black-Scholes option pricing model with the following assumptions: Volatility 31.7 % Dividend yield 0 % Life (in years) 0.5 Risk-free interest rate 0.1 %

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2021
Income Tax Disclosure [Abstract]
Income Taxes	NOTE K – Income Taxes We record our interim provision for income taxes by applying our estimated annual effective tax rate to our year-to-date pretax income and adjust the provision for discrete tax items recorded in the period. Differences between our effective tax rate and statutory tax rates are primarily due to the impact of permanently non-deductible expenses partially offset by the federal research and development credits and tax benefits associated with foreign-derived intangible income. Additionally, excess tax benefits generated upon settlement or exercise of stock awards are recognized as a reduction to income tax expense as a discrete tax item in the quarter that the event occurs creating potentially significant fluctuation in tax expense by quarter and by year. Our provisions for income taxes includes current federal, state, and foreign income tax expense, as well as deferred tax expense. As of June 30, 2021, we did not have any unrecognized tax benefits, accrued interest, or tax penalties.

Other Income and Expense

Other Income and Expense	6 Months Ended
	Jun. 30, 2021
Other Income And Expenses [Abstract]
Other Income and Expense	NOTE L – Other Income and Expense Other income (expense), net included the following: Three Months Ended Six Months Ended June 30, June 30, (In thousands) 2021 2020 2021 2020 Investment income $ 79 $ 332 $ 176 $ 972 Realized gain (loss) from foreign currency on cash and investments held (349 ) 1,370 (638 ) 127 Other expense, net (113 ) (234 ) (246 ) (232 ) Change in earn-out liability — — — (72 ) $ (383 ) $ 1,468 $ (708 ) $ 795 Effective January 1, 2021, all realized gains or losses and interest income on our investments are included in investment income. Previously, realized gains and losses were included in other income (expense), net and interest income was included in interest income, net. Additionally, realized gains or losses from foreign currency on cash and investments held were previously included in other income (expense), net. Amounts for the three and six months ended June 30, 2020 have been reclassified to be consistent with the classifications for the three and six months ended June 30, 2021.

Net Income Per Share

Net Income Per Share	6 Months Ended
	Jun. 30, 2021
Earnings Per Share [Abstract]
Net Income Per Share	NOTE M – Net Income Per Share Basic net income per share has been computed using the weighted average number of shares of common stock outstanding during each period. Diluted net income per share also includes the impact of our outstanding potential common shares, including options, PSUs, RSUs, RSAs, and DSUs. Potential common shares that are anti-dilutive are excluded from the calculation of diluted net income per share. The components and computation of basic and diluted net income per share were as follows: Three Months Ended Six Months Ended June 30, June 30, (In thousands, except per share amounts) 2021 2020 2021 2020 Numerator Net income $ 10,183 $ 11,194 $ 20,383 $ 20,709 Denominator Weighted average common shares outstanding, basic 35,903 35,030 35,828 35,051 Options to purchase common stock 505 581 536 588 PSUs, RSUs, RSAs, and DSUs 345 405 377 356 Weighted average common shares outstanding, diluted 36,753 36,016 36,741 35,995 Net income per share Basic $ 0.28 $ 0.32 $ 0.57 $ 0.59 Diluted $ 0.28 $ 0.31 $ 0.55 $ 0.58 The following table presents the effect of the outstanding potential common shares that were excluded from the calculation of diluted net income per share as they were anti-dilutive: Three Months Ended Six Months Ended June 30, June 30, (in thousands) 2021 2020 2021 2020 Antidilutive shares 129 206 93 195

Geographic Information

Geographic Information	6 Months Ended
	Jun. 30, 2021
Revenue From Contract With Customer [Abstract]
Geographic Information	NOTE N – Geographic Information The following table presents domestic revenue, which we define as the percentage of revenue that was attributable to customers based within the U.S. No single jurisdiction outside of the U.S. had revenues in excess of 10%. Three Months Ended Six Months Ended June 30, June 30, 2021 2020 2021 2020 Domestic revenue 84 % 85 % 84 % 85 % At June 30, 2021

General (Policies)

General (Policies)	6 Months Ended
	Jun. 30, 2021
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Business Description	Business Description SPS Commerce is a leading provider of cloud-based supply chain management solutions that retailers, suppliers, grocers, distributors, and logistics firms to orchestrate the For many businesses, implementing and maintaining a suite of supply chain management capabilities is resource-intensive and not a core competency. The solutions offered by SPS Commerce eliminate the need for on-premise software and support staff by taking on that capability on the customer’s behalf. These solutions also 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, helping ensure that suppliers, grocers, distributors, and logistics firms can satisfy 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. 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 shown. Operating results for these interim periods are not necessarily indicative of the results to be expected for the full year. For further information, refer to the consolidated financial statements and accompanying notes included in our Annual Report on Form 10-K for the year ended December 31, 2020, as filed with the Securities and Exchange Commission (“SEC”).
Business Combinations	Business Combinations In December 2020, we acquired all of the outstanding equity ownership interests of D Masons Software, LLC (“Data Masons”). As of December 31, 2020 and June 30, 2021, the purchase accounting for the acquisition is not finalized.
Use of Estimates	Use of Estimates Preparing financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates.
Recently Issued and Adopted Accounting Pronouncements	Recently Issued and Adopted Accounting Pronouncements For the six months ended June 30, 2021, there were no newly adopted accounting pronouncements. As of June 30, 2021, there are no recently issued but not yet adopted accounting pronouncements that are expected to materially impact our consolidated financial statements.
Significant Accounting Policies	Significant Accounting Policies There were no material changes in our significant accounting policies during the six months ended June 30, 2021. See Note A to the consolidated financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2020, as filed with the SEC, for additional information regarding our significant accounting policies.

Revenue (Tables)

Revenue (Tables)	6 Months Ended
	Jun. 30, 2021
Revenue From Contract With Customer [Abstract]
Summary of Revenues by Revenue Stream	We derive our revenues from the following revenue streams: Three Months Ended Six Months Ended June 30, June 30, (In thousands) 2021 2020 2021 2020 Recurring revenues: Fulfillment $ 75,228 $ 60,745 $ 146,632 $ 119,848 Analytics 10,381 9,247 20,525 18,983 Other 1,331 1,221 2,584 2,420 Recurring Revenues 86,940 71,213 169,741 141,251 One-time revenues 7,599 4,360 14,892 8,514 $ 94,539 $ 75,573 $ 184,633 $ 149,765
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 Six Months Ended June 30, June 30, (In thousands) 2021 2020 2021 2020 Balance, beginning of period $ 12,102 $ 10,572 $ 11,118 $ 10,518 Invoiced set-up fees 4,343 2,748 8,210 5,467 Amortized set-up fees (3,101 ) (2,687 ) (5,984 ) (5,352 ) Balance, end of period $ 13,344 $ 10,633 $ 13,344 $ 10,633

Deferred Costs (Tables)

Deferred Costs (Tables)	6 Months Ended
	Jun. 30, 2021
Deferred Costs [Abstract]
Summary of Deferred Costs and Amortization of Deferred Costs	NOTE C – Deferred Costs The deferred costs and amortization of deferred costs activity was as follows: Three Months Ended Six Months Ended June 30, June 30, (In thousands) 2021 2020 2021 2020 Balance, beginning of period $ 51,540 $ 46,936 $ 50,595 $ 46,941 Incurred deferred costs 16,036 12,350 29,463 25,071 Amortized deferred costs (13,735 ) (12,637 ) (26,217 ) (25,363 ) Balance, end of period $ 53,841 $ 46,649 $ 53,841 $ 46,649

Financial Instruments (Tables)

Financial Instruments (Tables)	6 Months Ended
	Jun. 30, 2021
Financial Instruments Owned At Fair Value [Abstract]
Summary of Cash Equivalents and Investments	Cash equivalents and investments consisted of the following: June 30, 2021 December 31, 2020 (In thousands) Amortized Cost Unrealized Gains (Losses), net Fair Value Amortized Cost Unrealized Losses, net Fair Value Cash equivalents: Money market funds $ 138,102 $ — $ 138,102 $ 112,907 $ — $ 112,907 Certificates of deposit 7,494 — 7,494 7,708 — 7,708 Marketable securities: Corporate bonds 12,564 (55 ) 12,509 5,069 (29 ) 5,040 Commercial paper 14,996 2 14,998 7,569 (55 ) 7,514 U.S. treasury securities 14,043 (45 ) 13,998 20,051 (27 ) 20,024 $ 187,199 $ (98 ) $ 187,101 $ 153,304 $ (111 ) $ 153,193 Maturing within one year $ 187,101 $ 150,693 Maturing within one to two years — 2,500 Total $ 187,101 $ 153,193
Summary of Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis	The following table presents information about our financial assets and liabilities that are measured at fair value on a recurring basis and indicates the fair value hierarchy of the valuation techniques utilized to determine such fair value: June 30, 2021 December 31, 2020 (In thousands) Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Assets: Cash equivalents: Money market funds $ 138,102 $ — $ — $ 138,102 $ 112,907 $ — $ — $ 112,907 Certificates of deposit 7,494 — — 7,494 7,708 — — 7,708 Marketable securities: Corporate bonds — 12,509 — 12,509 — 5,040 — 5,040 Commercial paper — 14,998 — 14,998 — 7,514 — 7,514 U.S. treasury securities — 13,998 — 13,998 — 20,024 — 20,024 $ 145,596 $ 41,505 $ — $ 187,101 $ 120,615 $ 32,578 $ — $ 153,193 Liabilities: Contingent consideration $ — $ — $ — $ — $ — $ — $ 1,878 $ 1,878 $ — $ — $ — $ — $ — $ — $ 1,878 $ 1,878

Allowance for Credit Losses (Ta

Allowance for Credit Losses (Tables)	6 Months Ended
	Jun. 30, 2021
Receivables [Abstract]
Schedule of Allowance for Credit Losses Activity Included in Accounts Receivable Net	The allowance for credit losses activity, included in accounts receivable, net, was as follows: Six Months Ended June 30, (In thousands) 2021 2020 Balance, beginning of period $ 4,233 $ 1,469 Adoption of ASU 2016-13 — 1,069 Provision for credit losses 2,831 3,020 Write-offs, net of recoveries (2,809 ) (1,895 ) Balance, end of period $ 4,255 $ 3,663

Goodwill and Intangible Asset_2

Goodwill and Intangible Assets, net (Tables)	6 Months Ended
	Jun. 30, 2021
Goodwill And Intangible Assets Disclosure [Abstract]
Schedule of Changes in Net Carrying Amount of Goodwill	Goodwill The changes in the net carrying amount of goodwill were as follows: Six Months Ended June 30, (In thousands) 2021 2020 Balance, beginning of period $ 134,853 $ 76,845 Remeasurement from provisional purchase accounting amount 268 — Foreign currency translation adjustments 233 (962 ) Balance, end of period $ 135,354 $ 75,883
Intangible Assets	Intangible Assets Intangible assets subject to amortization are amortized over their respective useful lives (ranging from three to ten years). Intangible assets, net included the following: June 30, 2021 Gross Foreign Carrying Accumulated Currency (In thousands) Amount Amortization Translation Net Subscriber relationships $ 54,870 $ (27,781 ) $ (639 ) $ 26,450 Non-competition agreements 708 (708 ) — — Acquired technology 33,216 (4,716 ) — 28,500 $ 88,794 $ (33,205 ) $ (639 ) $ 54,950 December 31, 2020 Gross Foreign Carrying Accumulated Currency (In thousands) Amount Amortization Translation Net Subscriber relationships $ 54,447 $ (24,792 ) $ 101 $ 29,756 Non-competition agreements 698 (691 ) (4 ) 3 Acquired technology 33,195 (2,724 ) — 30,471 $ 88,340 $ (28,207 ) $ 97 $ 60,230
Estimated Annual Amortization Expense Related to Intangible Assets Subject to Amortization	The estimated annual amortization expense related to intangible assets subject to amortization for the next five years is as follows: (In thousands) Remainder of 2021 $ 4,627 2022 8,856 2023 8,778 2024 7,476 2025 7,337 Thereafter 17,876 $ 54,950

Other Assets (Tables)

Other Assets (Tables)	6 Months Ended
	Jun. 30, 2021
Other Assets [Abstract]
Summary of Changes in Net Amount of Capitalized Implementation Costs for Software Hosting Arrangements	The changes in the net amount of capitalized implementation costs for software hosting arrangements was as follows: Three Months Ended Six Months Ended June 30, June 30, (In thousands) 2021 2020 2021 2020 Balance, beginning of period $ 1,170 $ 1,188 $ 1,181 $ 1,166 Capitalized implementation fees 52 29 98 80 Amortization of implementation fees (279 ) (29 ) (336 ) (58 ) Balance, end of period $ 943 $ 1,188 $ 943 $ 1,188

Commitments and Contingencies (

Commitments and Contingencies (Tables)	6 Months Ended
	Jun. 30, 2021
Commitments And Contingencies Disclosure [Abstract]
Summary of Non-Cancellable Operating Leases, Primarily for Office Space	We are obligated under non-cancellable operating leases, primarily for office space, as follows: June 30, 2021 December 31, 2020 (In thousands, except remaining term) Remaining Term (years) Right-of-Use Asset Remaining Term (years) Right-of-Use Asset Minneapolis, MN lease 6 $ 9,544 6 $ 10,992 Kyiv, Ukraine lease 4 1,732 4 1,930 Other leases <1 - 5 2,076 <1 - 5 2,659 $ 13,352 $ 15,581
Components of Lease Expense	The components of lease expense were as follows: Three Months Ended Six Months Ended June 30, June 30, (In thousands) 2021 2020 2021 2020 Operating lease cost $ 896 $ 773 $ 1,436 $ 1,368 Variable lease cost 950 909 1,718 1,801 $ 1,846 $ 1,682 $ 3,154 $ 3,169
Schedule of Supplemental Cash Flow Information Related to Leases	Supplemental cash flow information related to leases was as follows: Six Months Ended June 30, (In thousands) 2021 2020 Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from operating leases $ 1,204 $ 2,278 ROU assets obtained in exchange for operating lease liabilities — 330
Schedule of Supplemental Balance Sheet Information Related to Leases	Supplemental balance sheet information related to leases was as follows: June 30, 2021 December 31, 2020 Weighted-average remaining lease term - operating leases 5.3 years 5.6 years Weighted-average discount rate - operating leases 4.1 % 4.1 %
Schedule of Future Minimum Payments Under Operating Leases	At June 30, 2021, our future minimum payments under operating leases were as follows: (In thousands) Remainder of 2021 $ 2,467 2022 4,689 2023 4,422 2024 4,064 2025 3,715 Thereafter 4,849 24,206 Less: imputed interest (2,513 ) $ 21,693

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	6 Months Ended
	Jun. 30, 2021
Stock-Based Compensation Expense	Stock-based compensation expense was allocated in the condensed consolidated statements of comprehensive income as follows: Three Months Ended Six Months Ended June 30, June 30, (In thousands) 2021 2020 2021 2020 Cost of revenues $ 1,746 $ 956 $ 3,249 $ 1,764 Operating expenses Sales and marketing 1,738 1,010 3,220 1,856 Research and development 1,106 883 2,017 1,806 General and administrative 2,909 2,160 5,938 3,927 $ 7,499 $ 5,009 $ 14,424 $ 9,353 Stock-based compensation expense by plan type was as follows: Three Months Ended Six Months Ended June 30, June 30, (In thousands) 2021 2020 2021 2020 Stock options $ 522 $ 540 $ 1,074 $ 1,134 PSUs 1,931 1,096 4,016 1,792 RSUs 4,115 2,672 7,536 5,001 RSAs & DSUs 110 107 217 234 ESPP 336 213 662 435 401(k) stock match 485 381 919 757 $ 7,499 $ 5,009 $ 14,424 $ 9,353
Stock Option Activity	Our stock option activity was as follows: Six Months Ended June 30, 2021 Weighted Average Options (#) Exercise Price (per share) Outstanding, beginning of period 944,886 $ 36.71 Granted 51,730 104.73 Exercised (119,734 ) 33.65 Forfeited (3,243 ) 61.78 Outstanding, end of period 873,639 41.07
Weighted Average Grant Date Fair Value of Options Granted, Assumptions	The weighted average grant date fair value of options granted during the six months ended June 30, 2021 was $30.96 per share. This was estimated on the date of grant using the Black-Scholes option pricing model with the following weighted-average assumptions: Volatility 35.4 % Dividend yield 0 % Life (in years) 4.4 Risk-free interest rate 0.6 %
Summary of ESPP Activity	Our ESPP activity was as follows: Three Months Ended Six Months Ended June 30, June 30, (In thousands, except share data) 2021 2020 2021 2020 Amounts for shares purchased $ 2,081 $ 1,463 $ 2,186 $ 1,550 Shares purchased 24,528 31,068 26,149 33,083
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 Black-Scholes option pricing model with the following assumptions: Volatility 31.7 % Dividend yield 0 % Life (in years) 0.5 Risk-free interest rate 0.1 %
PSU, RSU, RSA, and DSU [Member]
PSU, RSU, RSA, and DSU	Our PSU, RSU, RSA, and DSU activity was as follows: Six Months Ended June 30, 2021 Weighted Average Grant # Date Fair Value (per unit) Outstanding, beginning of period 738,422 $ 52.37 Granted 272,813 99.62 Vested and common stock issued (288,058 ) 40.78 Forfeited (10,529 ) 61.12 Outstanding, end of period 712,648 75.01

Other Income and Expense (Table

Other Income and Expense (Tables)	6 Months Ended
	Jun. 30, 2021
Other Income And Expenses [Abstract]
Summary of Other Income (Expense), Net	Other income (expense), net included the following: Three Months Ended Six Months Ended June 30, June 30, (In thousands) 2021 2020 2021 2020 Investment income $ 79 $ 332 $ 176 $ 972 Realized gain (loss) from foreign currency on cash and investments held (349 ) 1,370 (638 ) 127 Other expense, net (113 ) (234 ) (246 ) (232 ) Change in earn-out liability — — — (72 ) $ (383 ) $ 1,468 $ (708 ) $ 795

Net Income Per Share (Tables)

Net Income Per Share (Tables)	6 Months Ended
	Jun. 30, 2021
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 Six Months Ended June 30, June 30, (In thousands, except per share amounts) 2021 2020 2021 2020 Numerator Net income $ 10,183 $ 11,194 $ 20,383 $ 20,709 Denominator Weighted average common shares outstanding, basic 35,903 35,030 35,828 35,051 Options to purchase common stock 505 581 536 588 PSUs, RSUs, RSAs, and DSUs 345 405 377 356 Weighted average common shares outstanding, diluted 36,753 36,016 36,741 35,995 Net income per share Basic $ 0.28 $ 0.32 $ 0.57 $ 0.59 Diluted $ 0.28 $ 0.31 $ 0.55 $ 0.58
Schedule of Anti-dilutive Common Shares Excluded from Calculation of Diluted Net Income Per Share	The following table presents the effect of the outstanding potential common shares that were excluded from the calculation of diluted net income per share as they were anti-dilutive: Three Months Ended Six Months Ended June 30, June 30, (in thousands) 2021 2020 2021 2020 Antidilutive shares 129 206 93 195

Geographic Information (Tables)

Geographic Information (Tables)	6 Months Ended
	Jun. 30, 2021
Revenue From Contract With Customer [Abstract]
Summary of Domestic Revenue	The following table presents domestic revenue, which we define as the percentage of revenue that was attributable to customers based within the U.S. No single jurisdiction outside of the U.S. had revenues in excess of 10%. Three Months Ended Six Months Ended June 30, June 30, 2021 2020 2021 2020 Domestic revenue 84 % 85 % 84 % 85 %

General - Additional Informatio

General - Additional Information (Detail) $ in Millions	Mar. 31, 2021USD ($)
Data Masons [Member]
Schedule Of Accounting Policies [Line Items]
Business combination due from sellers related within initial net working capital adjustment	$ 0.3

Revenue - Summary of Revenues b

Revenue - Summary of Revenues by Revenue Stream (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Revenue Recognition [Line Items]
Revenues	$ 94,539	$ 75,573	$ 184,633	$ 149,765
Recurring Revenues [Member]
Revenue Recognition [Line Items]
Revenues	86,940	71,213	169,741	141,251
One-time Revenues [Member]
Revenue Recognition [Line Items]
Revenues	7,599	4,360	14,892	8,514
Fulfillment [Member] | Recurring Revenues [Member]
Revenue Recognition [Line Items]
Revenues	75,228	60,745	146,632	119,848
Analytics [Member] | Recurring Revenues [Member]
Revenue Recognition [Line Items]
Revenues	10,381	9,247	20,525	18,983
Other [Member] | Recurring Revenues [Member]
Revenue Recognition [Line Items]
Revenues	$ 1,331	$ 1,221	$ 2,584	$ 2,420

Revenue - Additional Informatio

Revenue - Additional Information (Detail)	6 Months Ended
	Jun. 30, 2021
Disaggregation Of Revenue [Line Items]
Latest timing of billings	30 days
Estimated period for material rights present to customers	2 years
Set up fees recognized period	2 years
Maximum recognition period for miscellaneous one-time fee	1 year
Analytics Solution [Member]
Disaggregation Of Revenue [Line Items]
Set up fees recognized period	1 year
Minimum [Member]
Disaggregation Of Revenue [Line Items]
Customer contract cancellation period	30 days
Current amount recognition period of set up fees	1 month
Long-term amount recognition period of set up fees	13 months
Maximum [Member]
Disaggregation Of Revenue [Line Items]
Customer contract cancellation period	90 days
Deferred revenue recognition period	1 year
Contract period for remaining performance obligations for contracts in which the optional exemption under ASC 606-10-50-14(a) was applied	1 year
Current amount recognition period of set up fees	12 months
Long-term amount recognition period of set up fees	24 months

Revenue - Summary of Deferred R

Revenue - Summary of Deferred Revenue Liability Relating to Set-Up Fees (Detail) - Set-Up Fees [Member] - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Deferred Revenue Arrangement [Line Items]
Balance, beginning of period	$ 12,102	$ 10,572	$ 11,118	$ 10,518
Invoiced set-up fees	4,343	2,748	8,210	5,467
Amortized set-up fees	(3,101)	(2,687)	(5,984)	(5,352)
Balance, end of period	$ 13,344	$ 10,633	$ 13,344	$ 10,633

Deferred Costs - Summary of Def

Deferred Costs - Summary of Deferred Costs and Amortization of Deferred Costs (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Deferred Costs [Abstract]
Balance, beginning of period	$ 51,540	$ 46,936	$ 50,595	$ 46,941
Incurred deferred costs	16,036	12,350	29,463	25,071
Amortized deferred costs	(13,735)	(12,637)	(26,217)	(25,363)
Balance, end of period	$ 53,841	$ 46,649	$ 53,841	$ 46,649

Financial Instruments - Summary

Financial Instruments - Summary of Cash Equivalents and Investments (Detail) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Schedule of Financial Instruments [Line Items]
Amortized Cost	$ 187,199	$ 153,304
Unrealized Gains (Losses), net	(98)	(111)
Fair Value	187,101	153,193
Maturing within one year	187,101	150,693
Maturing within one to two years		2,500
Money Market Funds [Member]
Schedule of Financial Instruments [Line Items]
Amortized Cost	138,102	112,907
Fair Value	138,102	112,907
Certificates of Deposit [Member]
Schedule of Financial Instruments [Line Items]
Amortized Cost	7,494	7,708
Fair Value	7,494	7,708
Corporate Bonds [Member]
Schedule of Financial Instruments [Line Items]
Amortized Cost	12,564	5,069
Unrealized Gains (Losses), net	(55)	(29)
Fair Value	12,509	5,040
Commercial Paper [Member]
Schedule of Financial Instruments [Line Items]
Amortized Cost	14,996	7,569
Unrealized Gains (Losses), net	2	(55)
Fair Value	14,998	7,514
U.S. Treasury Securities [Member]
Schedule of Financial Instruments [Line Items]
Amortized Cost	14,043	20,051
Unrealized Gains (Losses), net	(45)	(27)
Fair Value	$ 13,998	$ 20,024

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 [Member] - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Assets fair value	$ 187,101	$ 153,193
Liabilities fair value		1,878
Money Market Funds [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Assets fair value	138,102	112,907
Certificates of Deposit [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Assets fair value	7,494	7,708
Corporate Bonds [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Assets fair value	12,509	5,040
Commercial Paper [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Assets fair value	14,998	7,514
U.S. Treasury Securities [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Assets fair value	13,998	20,024
Contingent Consideration [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Liabilities fair value		1,878
Level 1 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Assets fair value	145,596	120,615
Level 1 [Member] | Money Market Funds [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Assets fair value	138,102	112,907
Level 1 [Member] | Certificates of Deposit [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Assets fair value	7,494	7,708
Level 2 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Assets fair value	41,505	32,578
Level 2 [Member] | Corporate Bonds [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Assets fair value	12,509	5,040
Level 2 [Member] | Commercial Paper [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Assets fair value	14,998	7,514
Level 2 [Member] | U.S. Treasury Securities [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Assets fair value	$ 13,998	20,024
Level 3 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Liabilities fair value		1,878
Level 3 [Member] | Contingent Consideration [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Liabilities fair value		$ 1,878

Financial Instruments - Additio

Financial Instruments - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2021	Jun. 30, 2020
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Payment contingent consideration liability		$ 2,042	$ 688
Data Masons [Member] | PPP Loan [Member] | Former Owners [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Contingent consideration liability	$ 1,900	$ 1,900
Payment contingent consideration liability	$ 1,900

Allowance for Credit Losses - S

Allowance for Credit Losses - Schedule of Allowance for Credit Losses Activity Included in Accounts Receivable Net (Detail) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Allowance For Credit Loss [Abstract]
Balance, beginning of period	$ 4,233	$ 1,469
Adoption of ASU 2016-13		1,069
Provision for credit losses	2,831	3,020
Write-offs, net of recoveries	(2,809)	(1,895)
Balance, end of period	$ 4,255	$ 3,663

Goodwill and Intangible Asset_3

Goodwill and Intangible Assets, net - Schedule of Changes in Net Carrying Amount of Goodwill (Detail) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Goodwill And Intangible Assets Disclosure [Abstract]
Balance, beginning of period	$ 134,853	$ 76,845
Remeasurement from provisional purchase accounting amount	268
Foreign currency translation adjustments	233	(962)
Balance, end of period	$ 135,354	$ 75,883

Goodwill and Intangible Asset_4

Goodwill and Intangible Assets, net - Additional Information (Detail)	6 Months Ended
	Jun. 30, 2021
Minimum [Member]
Finite-Lived Intangible Assets [Line Items]
Intangible assets useful life	3 years
Maximum [Member]
Finite-Lived Intangible Assets [Line Items]
Intangible assets useful life	10 years

Goodwill and Intangible Asset_5

Goodwill and Intangible Assets, net - Intangible Assets (Detail) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 88,794	$ 88,340
Accumulated Amortization	(33,205)	(28,207)
Foreign Currency Translation	(639)	97
Net	54,950	60,230
Subscriber Relationships [Member]
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	54,870	54,447
Accumulated Amortization	(27,781)	(24,792)
Foreign Currency Translation	(639)	101
Net	26,450	29,756
Non-competition Agreements [Member]
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	708	698
Accumulated Amortization	(708)	(691)
Foreign Currency Translation		(4)
Net		3
Acquired Technology [Member]
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	33,216	33,195
Accumulated Amortization	(4,716)	(2,724)
Net	$ 28,500	$ 30,471

Goodwill and Intangible Asset_6

Goodwill and Intangible Assets, net - Estimated Annual Amortization Expense Related to Intangible Assets Subject to Amortization (Detail) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Goodwill And Intangible Assets Disclosure [Abstract]
Remainder of 2021	$ 4,627
2022	8,856
2023	8,778
2024	7,476
2025	7,337
Thereafter	17,876
Net	$ 54,950	$ 60,230

Other Assets - Summary of Chang

Other Assets - Summary of Changes in Net Amount of Capitalized Implementation Costs for Software Hosting Arrangements (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Capitalized Computer Software Net [Abstract]
Balance, beginning of period	$ 1,170	$ 1,188	$ 1,181	$ 1,166
Capitalized implementation fees	52	29	98	80
Amortization of implementation fees	(279)	(29)	(336)	(58)
Balance, end of period	$ 943	$ 1,188	$ 943	$ 1,188

Commitments and Contingencies -

Commitments and Contingencies - Summary of Non-Cancellable Operating Leases, Primarily for Office Space (Detail) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Lessee Lease Description [Line Items]
Right-of-Use Asset	$ 13,352	$ 15,581
Minneapolis, MN Lease [Member]
Lessee Lease Description [Line Items]
Remaining Term	6 years	6 years
Right-of-Use Asset	$ 9,544	$ 10,992
Kyiv, Ukraine Lease [Member]
Lessee Lease Description [Line Items]
Remaining Term	4 years	4 years
Right-of-Use Asset	$ 1,732	$ 1,930
Other Leases [Member]
Lessee Lease Description [Line Items]
Right-of-Use Asset	$ 2,076	$ 2,659
Other Leases [Member] | Minimum [Member]
Lessee Lease Description [Line Items]
Remaining Term	1 year	1 year
Other Leases [Member] | Maximum [Member]
Lessee Lease Description [Line Items]
Remaining Term	5 years	5 years

Commitments and Contingencies_2

Commitments and Contingencies - Additional Information (Detail) $ in Millions	Jun. 30, 2021USD ($)
Commitments And Contingencies Disclosure [Abstract]
Lease extension period, number of years	5 years
Remaining purchase commitment	$ 13.7

Commitments and Contingencies_3

Commitments and Contingencies - Components of Lease Expense (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Leases [Abstract]
Operating lease cost	$ 896	$ 773	$ 1,436	$ 1,368
Variable lease cost	950	909	1,718	1,801
Lease expense	$ 1,846	$ 1,682	$ 3,154	$ 3,169

Commitments and Contingencies_4

Commitments and Contingencies - Schedule of Supplemental Cash Flow Information Related to Leases (Detail) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases	$ 1,204	$ 2,278
ROU assets obtained in exchange for operating lease liabilities		$ 330

Commitments and Contingencies_5

Commitments and Contingencies - Schedule of Supplemental Balance Sheet Information Related to Leases (Detail)	Jun. 30, 2021	Dec. 31, 2020
Leases [Abstract]
Weighted-average remaining lease term - operating leases	5 years 3 months 18 days	5 years 7 months 6 days
Weighted-average discount rate - operating leases	4.10%	4.10%

Commitments and Contingencies_6

Commitments and Contingencies - Schedule of Future Minimum Payments Under Operating Leases (Detail) $ in Thousands	Jun. 30, 2021USD ($)
Leases [Abstract]
Remainder of 2021	$ 2,467
2022	4,689
2023	4,422
2024	4,064
2025	3,715
Thereafter	4,849
Future minimum payments	24,206
Less: imputed interest	(2,513)
Operating lease liability	$ 21,693

Stockholders' Equity - Addition

Stockholders' Equity - Additional Information (Detail) - USD ($) $ in Thousands	Nov. 02, 2019	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Schedule Of Stockholders Equity [Line Items]
Stock repurchase program, purchased costs		$ 6,450	$ 6,950	$ 6,450	$ 18,950
Stock Repurchase Program [Member]
Schedule Of Stockholders Equity [Line Items]
Stock repurchase program, repurchased in shares		63,515
Stock repurchase program, purchased costs		$ 6,400
Common Stock [Member]
Schedule Of Stockholders Equity [Line Items]
Stock repurchase program, authorized amount	$ 50,000
Stock repurchase program, period	2 years
Stock repurchase program, repurchased in shares		63,515	131,627	63,515	371,902
Stock repurchase program, available for future repurchases		$ 24,600		$ 24,600

Stock-Based Compensation - Addi

Stock-Based Compensation - Additional Information (Detail) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended			6 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Mar. 31, 2019	Jun. 30, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares available for grant				13.6
Unrecognized stock-based compensation expense				$ 37.6
Unrecognized stock-based compensation, expected to be recognized, weighted average period				2 years 7 months 6 days
Employee Stock Purchase Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock reserved for future issuance				1.8
Stock Options [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Outstanding and exercisable options				0.7
Weighted average exercise price				$ 34.39
Weighted average remaining contractual life				3 years 2 months 12 days
Weighted average fair value per share of options granted				$ 30.96
Performance Share Unit [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	3 years	3 years	3 years
Shares of common stock issued	0.1

Stock-Based Compensation - Stoc

Stock-Based Compensation - Stock-Based Compensation Expense (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock-based compensation expense	$ 7,499	$ 5,009	$ 14,424	$ 9,353
Stock Options [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock-based compensation expense	522	540	1,074	1,134
PSUs [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock-based compensation expense	1,931	1,096	4,016	1,792
RSUs [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock-based compensation expense	4,115	2,672	7,536	5,001
RSAs & DSUs [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock-based compensation expense	110	107	217	234
ESPP [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock-based compensation expense	336	213	662	435
401(k) Stock Match [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock-based compensation expense	485	381	919	757
Cost of Revenues [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock-based compensation expense	1,746	956	3,249	1,764
Sales and Marketing [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock-based compensation expense	1,738	1,010	3,220	1,856
Research and Development [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock-based compensation expense	1,106	883	2,017	1,806
General and Administrative [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock-based compensation expense	$ 2,909	$ 2,160	$ 5,938	$ 3,927

Stock-Based Compensation - St_2

Stock-Based Compensation - Stock Option Activity (Detail)	6 Months Ended
	Jun. 30, 2021$ / sharesshares
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Options Outstanding, Beginning balance | shares	944,886
Options, Granted | shares	51,730
Options, Exercised | shares	(119,734)
Options, Forfeited | shares	(3,243)
Options Outstanding, Ending balance | shares	873,639
Weighted Average Exercise Price, Outstanding, Beginning Balance | $ / shares	$ 36.71
Weighted Average Exercise Price, Granted | $ / shares	104.73
Weighted Average Exercise Price, Exercised | $ / shares	33.65
Weighted Average Exercise Price, Forfeited | $ / shares	61.78
Weighted Average Exercise Price, Outstanding, Ending Balance | $ / shares	$ 41.07

Stock-Based Compensation - Weig

Stock-Based Compensation - Weighted Average Grant Date Fair Value of Options Granted, Assumptions (Detail) - Stock Options [Member]	6 Months Ended
	Jun. 30, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Volatility	35.40%
Dividend yield	0.00%
Life (in years)	4 years 4 months 24 days
Risk-free interest rate	0.60%

Stock-Based Compensation - PSU,

Stock-Based Compensation - PSU, RSU, RSA, and DSU (Detail) - PSU, RSU, RSA, and DSU [Member]	6 Months Ended
	Jun. 30, 2021$ / sharesshares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock awards, Outstanding, Beginning Balance | shares	738,422
Granted, stock units | shares	272,813
Vested and common stock issued, stock units | shares	(288,058)
Forfeited, stock units | shares	(10,529)
Stock awards, Outstanding, Ending Balance | shares	712,648
Weighted average grant date fair value, Outstanding, Beginning Balance | $ / shares	$ 52.37
Granted, Weighted Average Grant Date Fair Value | $ / shares	99.62
Vested and common stock issued, Weighted Average Grant Date Fair Value | $ / shares	40.78
Forfeited, Weighted Average Grant Date Fair Value | $ / shares	61.12
Weighted average grant date fair value, Outstanding, Ending Balance | $ / shares	$ 75.01

Stock-Based Compensation - Summ

Stock-Based Compensation - Summary of ESPP Activity (Detail) - Employee Stock Purchase Plan [Member] - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Amounts for shares purchased	$ 2,081	$ 1,463	$ 2,186	$ 1,550
Shares purchased	24,528	31,068	26,149	33,083

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 [Member]	6 Months Ended
	Jun. 30, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Volatility	31.70%
Dividend yield	0.00%
Life (in years)	6 months
Risk-free interest rate	0.10%

Income Taxes - Additional Infor

Income Taxes - Additional Information (Detail)	Jun. 30, 2021USD ($)
Income Tax Disclosure [Abstract]
Unrecognized tax benefits	$ 0
Accrued interest or tax penalties	$ 0

Other Income and Expense - Summ

Other Income and Expense - Summary of Other Income (Expense), Net (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Other Income And Expenses [Abstract]
Investment income	$ 79	$ 332	$ 176	$ 972
Realized gain (loss) from foreign currency on cash and investments held	(349)	1,370	(638)	127
Other expense, net	(113)	(234)	(246)	(232)
Change in earn-out liability				(72)
Total other income (expense), net	$ (383)	$ 1,468	$ (708)	$ 795

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		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Numerator
Net income	$ 10,183	$ 11,194	$ 20,383	$ 20,709
Denominator
Weighted average common shares outstanding, basic	35,903	35,030	35,828	35,051
Options to purchase common stock	505	581	536	588
PSUs, RSUs, RSAs, and DSUs	345	405	377	356
Weighted average common shares outstanding, diluted	36,753	36,016	36,741	35,995
Net income per share
Basic	$ 0.28	$ 0.32	$ 0.57	$ 0.59
Diluted	$ 0.28	$ 0.31	$ 0.55	$ 0.58

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		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Net Income Per Share [Abstract]
Antidilutive shares	129	206	93	195

Geographic Information - Additi

Geographic Information - Additional Information (Detail) - jurisdiction	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Disaggregation Of Revenue [Line Items]
Number of jurisdiction outside US had excess revenue of 10%	0
Geographic Concentration Risk | Foreign [Member] | Property, Plant and Equipment
Disaggregation Of Revenue [Line Items]
Concentration risk, percentage	14.00%	9.00%
Geographic Concentration Risk | Foreign [Member] | Maximum [Member]
Disaggregation Of Revenue [Line Items]
Concentration risk, percentage	10.00%

Geographic Information - Summar

Geographic Information - Summary of Domestic Revenue (Detail)	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Geographic Concentration Risk | Domestic Revenue
Disaggregation Of Revenue [Line Items]
Concentration risk, percentage	84.00%	85.00%	84.00%	85.00%