SPS Commerce (SPSC) 10-Q 29 Apr 22 2022 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2022	Apr. 21, 2022
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2022
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q1
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		36,095,129
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	Mar. 31, 2022	Dec. 31, 2021
Current assets
Cash and cash equivalents	$ 203,088	$ 207,552
Short-term investments	39,968	49,758
Accounts receivable	43,065	38,811
Allowance for credit losses	(4,287)	(4,249)
Accounts receivable, net	38,778	34,562
Deferred costs	46,710	44,529
Other assets	22,923	16,042
Total current assets	351,467	352,443
Property and equipment, net	32,261	31,901
Operating lease right-of-use assets	10,248	10,851
Goodwill	144,162	143,663
Intangible assets, net	56,158	58,587
Other assets
Deferred costs, non-current	15,900	15,191
Deferred income tax assets	199	182
Other assets, non-current	2,913	3,028
Total assets	613,308	615,846
Current liabilities
Accounts payable	4,731	8,330
Accrued compensation	21,930	31,661
Accrued expenses	6,632	8,345
Deferred revenue	56,798	50,428
Operating lease liabilities	4,337	4,108
Total current liabilities	94,428	102,872
Other liabilities
Deferred revenue, non-current	5,123	5,144
Operating lease liabilities, non-current	15,338	16,426
Deferred income tax liabilities	6,898	7,145
Total liabilities	121,787	131,587
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; 38,031,415 and 37,798,610 shares issued; and 36,120,518 and 36,009,257 shares outstanding, respectively	38	38
Treasury Stock, at cost; 1,910,897 and 1,789,353 shares, respectively	(100,903)	(85,677)
Additional paid-in capital	442,405	433,258
Retained earnings	150,690	138,087
Accumulated other comprehensive loss	(709)	(1,447)
Total stockholders’ equity	491,521	484,259
Total liabilities and stockholders’ equity	$ 613,308	$ 615,846

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares	Mar. 31, 2022	Dec. 31, 2021
Statement Of Financial Position [Abstract]
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	38,031,415	37,798,610
Common stock, shares outstanding	36,120,518	36,009,257
Treasury stock, shares	1,910,897	1,789,353

Condensed Consolidated Statemen

Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Income Statement [Abstract]
Revenues	$ 105,193	$ 90,094
Cost of revenues	35,389	29,970
Gross profit	69,804	60,124
Operating expenses
Sales and marketing	24,655	21,355
Research and development	10,701	8,706
General and administrative	15,468	14,737
Amortization of intangible assets	2,470	2,664
Total operating expenses	53,294	47,462
Income from operations	16,510	12,662
Other income (expense), net	423	(325)
Income before income taxes	16,933	12,337
Income tax expense	4,330	2,137
Net income	12,603	10,200
Other comprehensive income
Foreign currency translation adjustments	730	192
Unrealized loss on investments, net of tax of ($1) and ($15)	(3)	(45)
Reclassification of loss on investments into earnings, net of tax of $4 and $19	11	57
Total other comprehensive income	738	204
Comprehensive income	$ 13,341	$ 10,404
Net income per share
Basic	$ 0.35	$ 0.29
Diluted	$ 0.34	$ 0.28
Weighted average common shares used to compute net income per share
Basic	36,136	35,751
Diluted	36,989	36,722

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income (Unaudited) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Income Statement [Abstract]
Unrealized gain (loss) on investments, tax	$ (1)	$ (15)
Reclassification of (gain) loss on investments into earnings, tax	$ 4	$ 19

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands	Total	Common Stock [Member]	Treasury Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Accumulated Other Comprehensive Gain (Loss) [Member]
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	6,491			6,491
Shares issued pursuant to stock awards	2,802			2,802
Shares issued pursuant to stock awards, shares		372,746
Employee stock purchase plan activity	105			105
Employee stock purchase plan activity, shares		1,621
Net income	10,200				10,200
Foreign currency translation adjustments	192					192
Unrealized loss on investments, net of tax	(45)					(45)
Reclassification of loss on investments into earnings, net of tax	57					57
Ending balance at Mar. 31, 2021	440,523	$ 37	$ (65,247)	402,860	103,690	(817)
Ending balance, shares at Mar. 31, 2021		35,861,584	1,613,250
Beginning balance at Dec. 31, 2021	484,259	$ 38	$ (85,677)	433,258	138,087	(1,447)
Beginning balance, shares at Dec. 31, 2021		36,009,257	1,789,353
Stock-based compensation	8,496			8,496
Shares issued pursuant to stock awards	504			504
Shares issued pursuant to stock awards, shares		231,107
Employee stock purchase plan activity	147			147
Employee stock purchase plan activity, shares		1,698
Repurchases of common stock	(15,226)		$ (15,226)
Repurchases of common stock, shares		(121,544)	121,544
Net income	12,603				12,603
Foreign currency translation adjustments	730					730
Unrealized loss on investments, net of tax	(3)					(3)
Reclassification of loss on investments into earnings, net of tax	11					11
Ending balance at Mar. 31, 2022	$ 491,521	$ 38	$ (100,903)	$ 442,405	$ 150,690	$ (709)
Ending balance, shares at Mar. 31, 2022		36,120,518	1,910,897

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Cash flows from operating activities
Net income	$ 12,603	$ 10,200
Reconciliation of net income to net cash provided by operating activities
Deferred income taxes	(269)	163
Depreciation and amortization of property and equipment	3,864	3,765
Amortization of intangible assets	2,470	2,664
Provision for credit losses	1,144	1,205
Stock-based compensation	9,015	6,925
Other, net	(7)	76
Changes in assets and liabilities
Accounts receivable	(5,563)	(2,828)
Deferred costs	(2,797)	(986)
Other current and non-current assets	(6,736)	(2,257)
Accounts payable	(3,229)	(828)
Accrued compensation	(10,495)	(2,988)
Accrued expenses	(1,746)	(1,052)
Deferred revenue	6,349	7,565
Operating leases	(256)	(19)
Net cash provided by operating activities	4,347	21,605
Cash flows from investing activities
Purchases of property and equipment	(4,355)	(3,263)
Purchases of investments	(54,977)	(14,039)
Maturities of investments	65,000	12,500
Net cash provided by (used in) investing activities	5,668	(4,802)
Cash flows from financing activities
Repurchases of common stock	(15,226)
Net proceeds from exercise of options to purchase common stock	504	2,802
Net proceeds from employee stock purchase plan activity	147	105
Payment for contingent consideration		(164)
Net cash provided by (used in) financing activities	(14,575)	2,743
Effect of foreign currency exchange rate changes	96	36
Net increase (decrease) in cash and cash equivalents	(4,464)	19,582
Cash and cash equivalents at beginning of period	207,552	149,692
Cash and cash equivalents at end of period	$ 203,088	$ 169,274

General

General	3 Months Ended
	Mar. 31, 2022
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 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 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 three months ended March 31, 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.

Revenue

Revenue	3 Months Ended
	Mar. 31, 2022
Revenue From Contract With Customer [Abstract]
Revenue	NOTE B – Revenue We derive our revenues from the following revenue streams: Three Months Ended March 31, (in thousands) 2022 2021 Recurring revenues: Fulfillment $ 84,731 $ 71,404 Analytics 11,296 10,144 Other 1,540 1,253 Recurring revenues 97,567 82,801 One-time revenues 7,626 7,293 Total revenue $ 105,193 $ 90,094 Revenues are the amount that reflects the consideration we are contractually and legally entitled to, as well as 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’ 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. 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 March 31, (in thousands) 2022 2021 Balance, beginning of period $ 14,459 $ 11,118 Invoiced set-up fees 4,003 3,867 Recognized set-up fees (3,524 ) (2,883 ) Balance, end of period $ 14,938 $ 12,102 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	3 Months Ended
	Mar. 31, 2022
Deferred Costs [Abstract]
Deferred Costs	NOTE C – Deferred Costs The deferred costs activity was as follows: Three Months Ended March 31, (in thousands) 2022 2021 Balance, beginning of period $ 59,720 $ 50,595 Incurred deferred costs 17,781 13,427 Amortized deferred costs (14,891 ) (12,482 ) Balance, end of period $ 62,610 $ 51,540

Financial Instruments

Financial Instruments	3 Months Ended
	Mar. 31, 2022
Disclosure Text Block Supplement [Abstract]
Financial Instruments	NOTE D – Financial Instruments Cash equivalents and investments Cash equivalents and investments consisted of the following: March 31, 2022 December 31, 2021 (in thousands) Amortized Cost Unrealized Losses, net Fair Value Amortized Cost Unrealized Gains (Losses), net Fair Value Cash equivalents: Money market funds $ 135,238 $ — $ 135,238 $ 138,205 $ — $ 138,205 Certificates of deposit 7,497 — 7,497 7,268 — 7,268 Marketable securities: Commercial paper 29,976 (3 ) 29,973 34,984 7 34,991 U.S. treasury securities 2,500 (2 ) 2,498 7,500 (1 ) 7,499 $ 175,211 $ (5 ) $ 175,206 $ 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: March 31, 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 $ 135,238 $ — $ — $ 135,238 $ 138,205 $ — $ — $ 138,205 Certificates of deposit 7,497 — — 7,497 7,268 — — 7,268 Marketable securities: Commercial paper — 29,973 — 29,973 — 34,991 — 34,991 U.S. treasury securities — 2,498 — 2,498 — 7,499 — 7,499 $ 142,735 $ 32,471 $ — $ 175,206 $ 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	3 Months Ended
	Mar. 31, 2022
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: Three Months Ended March 31, (in thousands) 2022 2021 Balance, beginning of period $ 4,249 $ 4,233 Provision for credit losses 1,144 1,205 Write-offs, net of recoveries (1,106 ) (1,437 ) Balance, end of period $ 4,287 $ 4,001

Property and Equipment, Net

Property and Equipment, Net	3 Months Ended
	Mar. 31, 2022
Property Plant And Equipment [Abstract]
Property and Equipment, Net	NOTE F – Property and Equipment, Net Property and equipment, net consisted of the following: (in thousands) March 31, 2022 December 31, 2021 Internally developed software $ 48,013 $ 44,981 Computer equipment 30,609 29,329 Leasehold improvements 16,693 16,685 Office equipment and furniture 10,963 10,972 Property and equipment, cost 106,278 101,967 Less: accumulated depreciation and amortization (74,017 ) (70,066 ) Total property and equipment, net $ 32,261 $ 31,901

Goodwill and Intangible Assets,

Goodwill and Intangible Assets, Net	3 Months Ended
	Mar. 31, 2022
Goodwill And Intangible Assets Disclosure [Abstract]
Goodwill and Intangible Assets, Net	NOTE G – Goodwill and Intangible Assets, Net Goodwill The activity in goodwill was as follows: Three Months Ended March 31, (in thousands) 2022 2021 Balance, beginning of period $ 143,663 $ 134,853 Foreign currency translation 499 142 Remeasurement from provisional purchase accounting amount — 268 Balance, end of period $ 144,162 $ 135,263 Intangible Assets Intangible assets, net consisted of the following: March 31, 2022 Weighted Average Gross Foreign Remaining Carrying Accumulated Currency Amortization (in thousands, except weighted average amortization period) Amount Amortization Translation Net Period Subscriber relationships $ 45,162 $ (16,569 ) $ 41 $ 28,634 6 years Acquired technology 33,900 (6,376 ) — 27,524 7 years $ 79,062 $ (22,945 ) $ 41 $ 56,158 7 years December 31, 2021 Weighted Average Gross Foreign Remaining Carrying Accumulated Currency Amortization (in thousands, except weighted average amortization period) Amount Amortization Translation Net Period Subscriber relationships $ 61,270 $ (29,866 ) $ (1,395 ) $ 30,009 6 years Acquired technology 35,316 (6,738 ) — 28,578 7 years $ 96,586 $ (36,604 ) $ (1,395 ) $ 58,587 7 years The estimated future annual amortization expense related to intangible assets is as follows: (in thousands) Remainder of 2022 $ 7,431 2023 9,831 2024 8,535 2025 8,396 2026 7,392 Thereafter 14,573 Total future amortization $ 56,158

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2022
Commitments And Contingencies Disclosure [Abstract]
Commitments and Contingencies	NOTE H – Commitments and Contingencies Leases T he components of lease expense were as follows: Three Months Ended March 31, (in thousands) 2022 2021 Operating lease cost $ 759 $ 540 Variable lease cost 793 768 $ 1,552 $ 1,308 Supplemental cash flow information related to leases was as follows: Three Months Ended March 31, (in thousands) 2022 2021 Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from operating leases $ 1,095 $ 521 Supplemental balance sheet information related to leases was as follows: March 31, 2022 December 31, 2021 Weighted-average remaining lease term - operating leases 4.6 years 4.8 years Weighted-average discount rate - operating leases 4.0 % 4.0 % At March 31, 2022, our future minimum payments under operating leases were as follows: (in thousands) Remainder of 2022 3,780 2023 4,698 2024 4,265 2025 3,861 2026 3,774 Thereafter 1,270 Total future gross payments 21,648 Less: imputed interest (1,973 ) Total operating lease liabilities $ 19,675 Purchase Commitments We have entered into separate noncancelable agreements with computing infrastructure and customer relationship management vendors for services through 2023. At March 31, 2022, the total remaining purchase commitments were $8.0 million.

Stockholders' Equity

Stockholders' Equity	3 Months Ended
	Mar. 31, 2022
Equity [Abstract]
Stockholders' Equity	NOTE I – Stockholders’ Equity Stock Repurchase Programs Our board of directors has authorized multiple non-concurrent programs to repurchase our common stock. Details of the plans and activity thereunder were as follows: 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 $ 50,000,000 $ 29,611,000 $ 20,389,000 N/A 2021 Program November 2021 November 2023 50,000,000 24,995,000 N/A $ 25,005,000 The stock repurchase activity by period was as follows: Three Months Ended March 31, 2022 2021 Shares repurchased cost $ 15,226,000 $ - Number of shares repurchased 121,544 - Average price per repurchased share $ 125.27 $ -

Stock-Based Compensation

Stock-Based Compensation	3 Months Ended
	Mar. 31, 2022
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”), 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 March 31, 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 March 31, (in thousands) 2022 2021 Cost of revenues $ 2,179 $ 1,503 Operating expenses Sales and marketing 2,032 1,482 Research and development 1,474 911 General and administrative 3,330 3,029 $ 9,015 $ 6,925 Stock-based compensation expense by grant type or plan was as follows: Three Months Ended March 31, (in thousands) 2022 2021 Stock options $ 477 $ 551 PSUs 2,699 2,084 RSUs 4,638 3,423 RSAs & DSUs 108 106 ESPP 574 326 401(k) stock match 519 435 $ 9,015 $ 6,925 As of March 31, 2022, there was $50.9 million of unrecognized stock-based compensation expense under our equity compensation plans, which is expected to be recognized on a straight-line basis over a weighted average period of 2.8 Stock Options Our stock option activity was as follows: Three Months Ended March 31, 2022 Weighted Average Options (#) Exercise Price ($/share) Outstanding, beginning of period 678,650 $ 44.76 Granted 31,829 130.16 Exercised (13,320 ) 37.86 Forfeited (2,634 ) 84.06 Outstanding, end of period 694,525 $ 48.66 Of the total outstanding options at March 31, 2022, 0.6 million were exercisable. The outstanding and exercisable options had a weighted average exercise price of $40.46 per share and a weighted average remaining contractual life of 3.2 The weighted average grant date fair value of options granted during the three months ended March 31, 2022 was $41.59 per share. This was estimated on the date of grant using the Black-Scholes option pricing model with the following weighted-average assumptions: Volatility 38 % Dividend yield — Life (in years) 4.0 Risk-free interest rate 1.82 % Performance Share Units, Restricted Stock Units and Awards, and Deferred Stock Units In each of the quarters ended March 31, 2022, 2021, 2020 and 2019 we granted PSU awards with a target performance level. three-year Activity for our PSUs, RSUs, RSAs, and DSUs in aggregate was as follows: Three Months Ended March 31, 2022 Weighted Average (#) Grant Date Fair Value ($/share) Outstanding, beginning of period 702,160 $ 78.03 Granted 233,255 127.18 Vested and common stock issued (218,957 ) 62.29 Forfeited (8,239 ) 96.74 Outstanding, end of period 708,219 $ 98.87 The number of PSUs, RSUs, RSAs, and DSUs outstanding at March 31, 2022 included less than 0.1 million units that have vested, but the shares of common stock have not yet been issued, pursuant to the terms of the underlying agreements. Employee Stock Purchase Plan Our ESPP activity was as follows: Three Months Ended March 31, (in thousands, except share data) 2022 2021 Amounts for shares purchased $ 147 $ 105 Shares purchased 1,698 1,621 A total of 1.8 million shares of common stock are reserved for issuance under the ESPP as of March 31, 2022. The fair value was estimated based on the market price of our common stock at the beginning of the offering period using the following assumptions: Volatility 32.3 % Dividend yield — Life (in years) 0.5 Risk-free interest rate 0.05 %

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2022
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.

Other Income and Expense

Other Income and Expense	3 Months Ended
	Mar. 31, 2022
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 March 31, (in thousands) 2022 2021 Investment income $ 48 $ 97 Realized gain (loss) from foreign currency on cash and investments held 468 (289 ) Other expense, net (93 ) (133 ) Total other income (expense), net $ 423 $ (325 )

Net Income Per Share

Net Income Per Share	3 Months Ended
	Mar. 31, 2022
Earnings Per Share [Abstract]
Net Income Per Share	NOTE M – Net Income Per Share The components and computation of basic and diluted net income per share were as follows: Three Months Ended March 31, (in thousands, except per share amounts) 2022 2021 Numerator Net income $ 12,603 $ 10,200 Denominator Weighted average common shares outstanding, basic 36,136 35,751 Options to purchase common stock 419 568 PSUs, RSUs, RSAs, and DSUs 434 403 Weighted average common shares outstanding, diluted 36,989 36,722 Net income per share Basic $ 0.35 $ 0.29 Diluted $ 0.34 $ 0.28 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 March 31, (in thousands) 2022 2021 Antidilutive shares 151 56

Geographic Information

Geographic Information	3 Months Ended
	Mar. 31, 2022
Revenue From Contract With Customer [Abstract]
Geographic Information	NOTE N – 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 March 31, 2022 2021 Domestic revenue 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 in subsidiary and office locations outside of the U.S. was as follows: March 31, 2022 December 31, 2021 International property and equipment 12 % 12 %

General (Policies)

General (Policies)	3 Months Ended
	Mar. 31, 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 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 three months ended March 31, 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	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.

Revenue (Tables)

Revenue (Tables)	3 Months Ended
	Mar. 31, 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 March 31, (in thousands) 2022 2021 Recurring revenues: Fulfillment $ 84,731 $ 71,404 Analytics 11,296 10,144 Other 1,540 1,253 Recurring revenues 97,567 82,801 One-time revenues 7,626 7,293 Total revenue $ 105,193 $ 90,094
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 March 31, (in thousands) 2022 2021 Balance, beginning of period $ 14,459 $ 11,118 Invoiced set-up fees 4,003 3,867 Recognized set-up fees (3,524 ) (2,883 ) Balance, end of period $ 14,938 $ 12,102

Deferred Costs (Tables)

Deferred Costs (Tables)	3 Months Ended
	Mar. 31, 2022
Deferred Costs [Abstract]
Summary of Deferred Costs Activity	NOTE C – Deferred Costs The deferred costs activity was as follows: Three Months Ended March 31, (in thousands) 2022 2021 Balance, beginning of period $ 59,720 $ 50,595 Incurred deferred costs 17,781 13,427 Amortized deferred costs (14,891 ) (12,482 ) Balance, end of period $ 62,610 $ 51,540

Financial Instruments (Tables)

Financial Instruments (Tables)	3 Months Ended
	Mar. 31, 2022
Financial Instruments Owned At Fair Value [Abstract]
Summary of Cash Equivalents and Investments	Cash equivalents and investments Cash equivalents and investments consisted of the following: March 31, 2022 December 31, 2021 (in thousands) Amortized Cost Unrealized Losses, net Fair Value Amortized Cost Unrealized Gains (Losses), net Fair Value Cash equivalents: Money market funds $ 135,238 $ — $ 135,238 $ 138,205 $ — $ 138,205 Certificates of deposit 7,497 — 7,497 7,268 — 7,268 Marketable securities: Commercial paper 29,976 (3 ) 29,973 34,984 7 34,991 U.S. treasury securities 2,500 (2 ) 2,498 7,500 (1 ) 7,499 $ 175,211 $ (5 ) $ 175,206 $ 187,957 $ 6 $ 187,963
Summary of Fair Value Hierarchy 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: March 31, 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 $ 135,238 $ — $ — $ 135,238 $ 138,205 $ — $ — $ 138,205 Certificates of deposit 7,497 — — 7,497 7,268 — — 7,268 Marketable securities: Commercial paper — 29,973 — 29,973 — 34,991 — 34,991 U.S. treasury securities — 2,498 — 2,498 — 7,499 — 7,499 $ 142,735 $ 32,471 $ — $ 175,206 $ 145,473 $ 42,490 $ — $ 187,963

Allowance for Credit Losses (Ta

Allowance for Credit Losses (Tables)	3 Months Ended
	Mar. 31, 2022
Receivables [Abstract]
Schedule of Allowance for Credit Losses Activity Included in Accounts Receivable Net	The allowance for credit losses activity, included in accounts receivable, net, was as follows: Three Months Ended March 31, (in thousands) 2022 2021 Balance, beginning of period $ 4,249 $ 4,233 Provision for credit losses 1,144 1,205 Write-offs, net of recoveries (1,106 ) (1,437 ) Balance, end of period $ 4,287 $ 4,001

Property and Equipment, Net (Ta

Property and Equipment, Net (Tables)	3 Months Ended
	Mar. 31, 2022
Property Plant And Equipment [Abstract]
Schedule of Property and Equipment, Net	Property and equipment, net consisted of the following: (in thousands) March 31, 2022 December 31, 2021 Internally developed software $ 48,013 $ 44,981 Computer equipment 30,609 29,329 Leasehold improvements 16,693 16,685 Office equipment and furniture 10,963 10,972 Property and equipment, cost 106,278 101,967 Less: accumulated depreciation and amortization (74,017 ) (70,066 ) Total property and equipment, net $ 32,261 $ 31,901

Goodwill and Intangible Asset_2

Goodwill and Intangible Assets, Net (Tables)	3 Months Ended
	Mar. 31, 2022
Goodwill And Intangible Assets Disclosure [Abstract]
Schedule of Activity in Goodwill	Goodwill The activity in goodwill was as follows: Three Months Ended March 31, (in thousands) 2022 2021 Balance, beginning of period $ 143,663 $ 134,853 Foreign currency translation 499 142 Remeasurement from provisional purchase accounting amount — 268 Balance, end of period $ 144,162 $ 135,263
Intangible Assets	Intangible Assets Intangible assets, net consisted of the following: March 31, 2022 Weighted Average Gross Foreign Remaining Carrying Accumulated Currency Amortization (in thousands, except weighted average amortization period) Amount Amortization Translation Net Period Subscriber relationships $ 45,162 $ (16,569 ) $ 41 $ 28,634 6 years Acquired technology 33,900 (6,376 ) — 27,524 7 years $ 79,062 $ (22,945 ) $ 41 $ 56,158 7 years December 31, 2021 Weighted Average Gross Foreign Remaining Carrying Accumulated Currency Amortization (in thousands, except weighted average amortization period) Amount Amortization Translation Net Period Subscriber relationships $ 61,270 $ (29,866 ) $ (1,395 ) $ 30,009 6 years Acquired technology 35,316 (6,738 ) — 28,578 7 years $ 96,586 $ (36,604 ) $ (1,395 ) $ 58,587 7 years
Estimated Annual Amortization Expense Related to Intangible Assets	The estimated future annual amortization expense related to intangible assets is as follows: (in thousands) Remainder of 2022 $ 7,431 2023 9,831 2024 8,535 2025 8,396 2026 7,392 Thereafter 14,573 Total future amortization $ 56,158

Commitments and Contingencies (

Commitments and Contingencies (Tables)	3 Months Ended
	Mar. 31, 2022
Commitments And Contingencies Disclosure [Abstract]
Components of Lease Expense	T he components of lease expense were as follows: Three Months Ended March 31, (in thousands) 2022 2021 Operating lease cost $ 759 $ 540 Variable lease cost 793 768 $ 1,552 $ 1,308
Schedule of Supplemental Cash Flow Information Related to Leases	Supplemental cash flow information related to leases was as follows: Three Months Ended March 31, (in thousands) 2022 2021 Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from operating leases $ 1,095 $ 521
Schedule of Supplemental Balance Sheet Information Related to Leases	Supplemental balance sheet information related to leases was as follows: March 31, 2022 December 31, 2021 Weighted-average remaining lease term - operating leases 4.6 years 4.8 years Weighted-average discount rate - operating leases 4.0 % 4.0 %
Schedule of Future Minimum Payments Under Operating Leases	At March 31, 2022, our future minimum payments under operating leases were as follows: (in thousands) Remainder of 2022 3,780 2023 4,698 2024 4,265 2025 3,861 2026 3,774 Thereafter 1,270 Total future gross payments 21,648 Less: imputed interest (1,973 ) Total operating lease liabilities $ 19,675

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	3 Months Ended
	Mar. 31, 2022
Equity [Abstract]
Summary of Stock Repurchase Program Plans and Activity	Our board of directors has authorized multiple non-concurrent programs to repurchase our common stock. Details of the plans and activity thereunder were as follows: 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 $ 50,000,000 $ 29,611,000 $ 20,389,000 N/A 2021 Program November 2021 November 2023 50,000,000 24,995,000 N/A $ 25,005,000
Summary of Stock Repurchase Activity by Year	The stock repurchase activity by period was as follows: Three Months Ended March 31, 2022 2021 Shares repurchased cost $ 15,226,000 $ - Number of shares repurchased 121,544 - Average price per repurchased share $ 125.27 $ -

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	3 Months Ended
	Mar. 31, 2022
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Stock-Based Compensation Expense	Stock-based compensation expense was allocated in the condensed consolidated statements of comprehensive income as follows: Three Months Ended March 31, (in thousands) 2022 2021 Cost of revenues $ 2,179 $ 1,503 Operating expenses Sales and marketing 2,032 1,482 Research and development 1,474 911 General and administrative 3,330 3,029 $ 9,015 $ 6,925 Stock-based compensation expense by grant type or plan was as follows: Three Months Ended March 31, (in thousands) 2022 2021 Stock options $ 477 $ 551 PSUs 2,699 2,084 RSUs 4,638 3,423 RSAs & DSUs 108 106 ESPP 574 326 401(k) stock match 519 435 $ 9,015 $ 6,925
Stock Option Activity	Our stock option activity was as follows: Three Months Ended March 31, 2022 Weighted Average Options (#) Exercise Price ($/share) Outstanding, beginning of period 678,650 $ 44.76 Granted 31,829 130.16 Exercised (13,320 ) 37.86 Forfeited (2,634 ) 84.06 Outstanding, end of period 694,525 $ 48.66
Weighted Average Grant Date Fair Value of Options Granted, Assumptions	The weighted average grant date fair value of options granted during the three months ended March 31, 2022 was $41.59 per share. This was estimated on the date of grant using the Black-Scholes option pricing model with the following weighted-average assumptions: Volatility 38 % Dividend yield — Life (in years) 4.0 Risk-free interest rate 1.82 %
PSU, RSU, RSA, and DSU	Activity for our PSUs, RSUs, RSAs, and DSUs in aggregate was as follows: Three Months Ended March 31, 2022 Weighted Average (#) Grant Date Fair Value ($/share) Outstanding, beginning of period 702,160 $ 78.03 Granted 233,255 127.18 Vested and common stock issued (218,957 ) 62.29 Forfeited (8,239 ) 96.74 Outstanding, end of period 708,219 $ 98.87
Summary of ESPP Activity	Our ESPP activity was as follows: Three Months Ended March 31, (in thousands, except share data) 2022 2021 Amounts for shares purchased $ 147 $ 105 Shares purchased 1,698 1,621
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: Volatility 32.3 % Dividend yield — Life (in years) 0.5 Risk-free interest rate 0.05 %

Other Income and Expense (Table

Other Income and Expense (Tables)	3 Months Ended
	Mar. 31, 2022
Other Income And Expenses [Abstract]
Summary of Other Income (Expense), Net	Other income (expense), net included the following: Three Months Ended March 31, (in thousands) 2022 2021 Investment income $ 48 $ 97 Realized gain (loss) from foreign currency on cash and investments held 468 (289 ) Other expense, net (93 ) (133 ) Total other income (expense), net $ 423 $ (325 )

Net Income Per Share (Tables)

Net Income Per Share (Tables)	3 Months Ended
	Mar. 31, 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 March 31, (in thousands, except per share amounts) 2022 2021 Numerator Net income $ 12,603 $ 10,200 Denominator Weighted average common shares outstanding, basic 36,136 35,751 Options to purchase common stock 419 568 PSUs, RSUs, RSAs, and DSUs 434 403 Weighted average common shares outstanding, diluted 36,989 36,722 Net income per share Basic $ 0.35 $ 0.29 Diluted $ 0.34 $ 0.28
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 March 31, (in thousands) 2022 2021 Antidilutive shares 151 56

Geographic Information (Tables)

Geographic Information (Tables)	3 Months Ended
	Mar. 31, 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 March 31, 2022 2021 Domestic revenue 84 % 84 %
Summary of Percentage of Property and Equipment Net Located at Subsidiary and Office Locations Outside of Unites States	The percentage of property and equipment, net located in subsidiary and office locations outside of the U.S. was as follows: March 31, 2022 December 31, 2021 International property and equipment 12 % 12 %

Revenue - Summary of Revenues b

Revenue - Summary of Revenues by Revenue Stream (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Revenue Recognition [Line Items]
Revenues	$ 105,193	$ 90,094
Recurring Revenues [Member]
Revenue Recognition [Line Items]
Revenues	97,567	82,801
One-time Revenues [Member]
Revenue Recognition [Line Items]
Revenues	7,626	7,293
Fulfillment [Member] | Recurring Revenues [Member]
Revenue Recognition [Line Items]
Revenues	84,731	71,404
Analytics [Member] | Recurring Revenues [Member]
Revenue Recognition [Line Items]
Revenues	11,296	10,144
Other [Member] | Recurring Revenues [Member]
Revenue Recognition [Line Items]
Revenues	$ 1,540	$ 1,253

Revenue - Additional Informatio

Revenue - Additional Information (Detail)	3 Months Ended
	Mar. 31, 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 [Member]
Disaggregation Of Revenue [Line Items]
Customer contract cancellation period	30 days
Maximum [Member]
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 [Member] - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Deferred Revenue Arrangement [Line Items]
Balance, beginning of period	$ 14,459	$ 11,118
Invoiced set-up fees	4,003	3,867
Recognized set-up fees	(3,524)	(2,883)
Balance, end of period	$ 14,938	$ 12,102

Deferred Costs - Summary of Def

Deferred Costs - Summary of Deferred Costs Activity (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Deferred Costs [Abstract]
Balance, beginning of period	$ 59,720	$ 50,595
Incurred deferred costs	17,781	13,427
Amortized deferred costs	(14,891)	(12,482)
Balance, end of period	$ 62,610	$ 51,540

Financial Instruments - Summary

Financial Instruments - Summary of Cash Equivalents and Investments (Detail) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Schedule of Financial Instruments [Line Items]
Amortized Cost	$ 175,211	$ 187,957
Unrealized Gains (Losses), net	(5)	6
Fair Value	175,206	187,963
Money Market Funds [Member]
Schedule of Financial Instruments [Line Items]
Amortized Cost	135,238	138,205
Fair Value	135,238	138,205
Certificates of Deposit [Member]
Schedule of Financial Instruments [Line Items]
Amortized Cost	7,497	7,268
Fair Value	7,497	7,268
Commercial Paper [Member]
Schedule of Financial Instruments [Line Items]
Amortized Cost	29,976	34,984
Unrealized Gains (Losses), net	(3)	7
Fair Value	29,973	34,991
U.S. Treasury Securities [Member]
Schedule of Financial Instruments [Line Items]
Amortized Cost	2,500	7,500
Unrealized Gains (Losses), net	(2)	(1)
Fair Value	$ 2,498	$ 7,499

Financial Instruments - Summa_2

Financial Instruments - Summary of Fair Value Hierarchy Assets and Liabilities Measured at Fair Value on a Recurring Basis (Detail) - Fair Value, Measurements, Recurring [Member] - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Assets fair value	$ 175,206	$ 187,963
Level 1 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Assets fair value	142,735	145,473
Level 2 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Assets fair value	32,471	42,490
Money Market Funds [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Assets fair value	135,238	138,205
Money Market Funds [Member] | Level 1 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Assets fair value	135,238	138,205
Certificates of Deposit [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Assets fair value	7,497	7,268
Certificates of Deposit [Member] | Level 1 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Assets fair value	7,497	7,268
Commercial Paper [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Assets fair value	29,973	34,991
Commercial Paper [Member] | Level 2 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Assets fair value	29,973	34,991
U.S. Treasury Securities [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Assets fair value	2,498	7,499
U.S. Treasury Securities [Member] | Level 2 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Assets fair value	$ 2,498	$ 7,499

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	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Allowance For Credit Loss [Abstract]
Balance, beginning of period	$ 4,249	$ 4,233
Provision for credit losses	1,144	1,205
Write-offs, net of recoveries	(1,106)	(1,437)
Balance, end of period	$ 4,287	$ 4,001

Property and Equipment, Net - S

Property and Equipment, Net - Schedule of Property and Equipment, Net (Detail) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Property Plant And Equipment [Line Items]
Property and equipment, cost	$ 106,278	$ 101,967
Less: accumulated depreciation and amortization	(74,017)	(70,066)
Total property and equipment, net	32,261	31,901
Internally Developed Software [Member]
Property Plant And Equipment [Line Items]
Property and equipment, cost	48,013	44,981
Computer Equipment [Member]
Property Plant And Equipment [Line Items]
Property and equipment, cost	30,609	29,329
Leasehold Improvements [Member]
Property Plant And Equipment [Line Items]
Property and equipment, cost	16,693	16,685
Office Equipment and Furniture [Member]
Property Plant And Equipment [Line Items]
Property and equipment, cost	$ 10,963	$ 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	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Goodwill And Intangible Assets Disclosure [Abstract]
Balance, beginning of period	$ 143,663	$ 134,853
Foreign currency translation	499	142
Remeasurement from provisional purchase accounting amount		268
Balance, end of period	$ 144,162	$ 135,263

Goodwill and Intangible Asset_4

Goodwill and Intangible Assets, Net - Intangible Assets (Detail) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Finite Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 79,062	$ 96,586
Accumulated Amortization	(22,945)	(36,604)
Foreign Currency Translation	41	(1,395)
Net	$ 56,158	$ 58,587
Weighted Average Remaining Amortization Period	7 years	7 years
Subscriber Relationships [Member]
Finite Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 45,162	$ 61,270
Accumulated Amortization	(16,569)	(29,866)
Foreign Currency Translation	41	(1,395)
Net	$ 28,634	$ 30,009
Weighted Average Remaining Amortization Period	6 years	6 years
Acquired Technology [Member]
Finite Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 33,900	$ 35,316
Accumulated Amortization	(6,376)	(6,738)
Net	$ 27,524	$ 28,578
Weighted Average Remaining Amortization Period	7 years	7 years

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	Mar. 31, 2022	Dec. 31, 2021
Goodwill And Intangible Assets Disclosure [Abstract]
Remainder of 2022	$ 7,431
2023	9,831
2024	8,535
2025	8,396
2026	7,392
Thereafter	14,573
Net	$ 56,158	$ 58,587

Commitments and Contingencies -

Commitments and Contingencies - Components of Lease Expense (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Leases [Abstract]
Operating lease cost	$ 759	$ 540
Variable lease cost	793	768
Lease expense	$ 1,552	$ 1,308

Commitments and Contingencies_2

Commitments and Contingencies - Schedule of Supplemental Cash Flow Information Related to Leases (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases	$ 1,095	$ 521

Commitments and Contingencies_3

Commitments and Contingencies - Schedule of Supplemental Balance Sheet Information Related to Leases (Detail)	Mar. 31, 2022	Dec. 31, 2021
Leases [Abstract]
Weighted-average remaining lease term - operating leases	4 years 7 months 6 days	4 years 9 months 18 days
Weighted-average discount rate - operating leases	4.00%	4.00%

Commitments and Contingencies_4

Commitments and Contingencies - Schedule of Future Minimum Payments Under Operating Leases (Detail) $ in Thousands	Mar. 31, 2022USD ($)
Leases [Abstract]
Remainder of 2022	$ 3,780
2023	4,698
2024	4,265
2025	3,861
2026	3,774
Thereafter	1,270
Total future gross payments	21,648
Less: imputed interest	(1,973)
Total operating lease liabilities	$ 19,675

Commitments and Contingencies_5

Commitments and Contingencies - Additional Information (Detail) $ in Millions	Mar. 31, 2022USD ($)
Commitments And Contingencies Disclosure [Abstract]
Remaining purchase commitment	$ 8

Stockholders' Equity - Summary

Stockholders' Equity - Summary of Stock Repurchase Program Plans and Activity (Details)	3 Months Ended
	Mar. 31, 2022USD ($)
Class Of Stock [Line Items]
Share Value Repurchased	$ 15,226,000
Two Thousand And Nineteen Stock Repurchase Program | Common Stock [Member]
Class Of Stock [Line Items]
Effective Date	2019-11
Expiration Date	2021-11
Share Value Authorized for Repurchase	$ 50,000,000
Share Value Repurchased	29,611,000
Unused & Expired Share Repurchase Value	$ 20,389,000
Two Thousand And Twenty One Stock Repurchase Program | Common Stock [Member]
Class Of Stock [Line Items]
Effective Date	2021-11
Expiration Date	2023-11
Share Value Authorized for Repurchase	$ 50,000,000
Share Value Repurchased	24,995,000
Share Value Available for Future Repurchase	$ 25,005,000

Stockholders' Equity - Summar_2

Stockholders' Equity - Summary of Stock Repurchase Activity by Year (Details)	3 Months Ended
	Mar. 31, 2022USD ($)$ / sharesshares
Class Of Stock [Line Items]
Shares repurchased cost | $	$ 15,226,000
Common Stock [Member]
Class Of Stock [Line Items]
Number of shares repurchased | shares	121,544
Stock Repurchase Program1 | Common Stock [Member]
Class Of Stock [Line Items]
Shares repurchased cost | $	$ 15,226,000
Number of shares repurchased | shares	121,544
Average price per repurchased share | $ / shares	$ 125.27

Stock-Based Compensation - Addi

Stock-Based Compensation - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2020	Mar. 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares available for grant	13,200,000
Unrecognized stock-based compensation expense	$ 50.9
Unrecognized stock-based compensation, expected to be recognized, weighted average period	2 years 9 months 18 days
Employee Stock Purchase Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock reserved for future issuance	1,800,000
Stock Options [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Outstanding and exercisable options	600,000
Weighted average exercise price	$ 40.46
Weighted average remaining contractual life	3 years 2 months 12 days
Weighted average fair value per share of options granted	$ 41.59
Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	3 years	3 years	3 years	3 years
Performance Shares | Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares of common stock issued	100,000
PSU, RSU and DSU [Member] | Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares vested and not issued during the period	100,000

Stock-Based Compensation - Stoc

Stock-Based Compensation - Stock-Based Compensation Expense (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock-based compensation expense	$ 9,015	$ 6,925
Stock Options [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock-based compensation expense	477	551
PSUs [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock-based compensation expense	2,699	2,084
RSUs [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock-based compensation expense	4,638	3,423
RSAs & DSUs [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock-based compensation expense	108	106
ESPP [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock-based compensation expense	574	326
401(k) Stock Match [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock-based compensation expense	519	435
Cost of Revenues [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock-based compensation expense	2,179	1,503
Sales and Marketing [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock-based compensation expense	2,032	1,482
Research and Development [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock-based compensation expense	1,474	911
General and Administrative [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock-based compensation expense	$ 3,330	$ 3,029

Stock-Based Compensation - St_2

Stock-Based Compensation - Stock Option Activity (Detail)	3 Months Ended
	Mar. 31, 2022$ / sharesshares
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Options Outstanding, Beginning balance | shares	678,650
Options, Granted | shares	31,829
Options, Exercised | shares	(13,320)
Options, Forfeited | shares	(2,634)
Options Outstanding, Ending balance | shares	694,525
Weighted Average Exercise Price, Outstanding, Beginning Balance | $ / shares	$ 44.76
Weighted Average Exercise Price, Granted | $ / shares	130.16
Weighted Average Exercise Price, Exercised | $ / shares	37.86
Weighted Average Exercise Price, Forfeited | $ / shares	84.06
Weighted Average Exercise Price, Outstanding, Ending Balance | $ / shares	$ 48.66

Stock-Based Compensation - Weig

Stock-Based Compensation - Weighted Average Grant Date Fair Value of Options Granted, Assumptions (Detail) - Stock Options [Member]	3 Months Ended
	Mar. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Volatility	38.00%
Life (in years)	4 years
Risk-free interest rate	1.82%

Stock-Based Compensation - PSU,

Stock-Based Compensation - PSU, RSU, RSA, and DSU (Detail) - PSU, RSU, RSA, and DSU [Member]	3 Months Ended
	Mar. 31, 2022$ / sharesshares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock awards, Outstanding, Beginning Balance | shares	702,160
Granted, stock units | shares	233,255
Vested and common stock issued, stock units | shares	(218,957)
Forfeited, stock units | shares	(8,239)
Stock awards, Outstanding, Ending Balance | shares	708,219
Weighted average grant date fair value, Outstanding, Beginning Balance | $ / shares	$ 78.03
Granted, Weighted Average Grant Date Fair Value | $ / shares	127.18
Vested and common stock issued, Weighted Average Grant Date Fair Value | $ / shares	62.29
Forfeited, Weighted Average Grant Date Fair Value | $ / shares	96.74
Weighted average grant date fair value, Outstanding, Ending Balance | $ / shares	$ 98.87

Stock-Based Compensation - Summ

Stock-Based Compensation - Summary of ESPP Activity (Detail) - Employee Stock Purchase Plan [Member] - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Amounts for shares purchased	$ 147	$ 105
Shares purchased	1,698	1,621

Stock-Based Compensation - Fair

Stock-Based Compensation - Fair Value Estimation of Common Stock, Assumptions (Detail) - Employee Stock Purchase Plan [Member]	3 Months Ended
	Mar. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Volatility	32.30%
Life (in years)	6 months
Risk-free interest rate	0.05%

Other Income and Expense - Summ

Other Income and Expense - Summary of Other Income (Expense), Net (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Other Income And Expenses [Abstract]
Investment income	$ 48	$ 97
Realized gain (loss) from foreign currency on cash and investments held	468	(289)
Other expense, net	(93)	(133)
Total other income (expense), net	$ 423	$ (325)

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
	Mar. 31, 2022	Mar. 31, 2021
Numerator
Net income	$ 12,603	$ 10,200
Denominator
Weighted average common shares outstanding, basic	36,136	35,751
Options to purchase common stock	419	568
PSUs, RSUs, RSAs, and DSUs	434	403
Weighted average common shares outstanding, diluted	36,989	36,722
Net income per share
Basic	$ 0.35	$ 0.29
Diluted	$ 0.34	$ 0.28

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
	Mar. 31, 2022	Mar. 31, 2021
Net Income Per Share [Abstract]
Antidilutive shares	151	56

Geographic Information - Summar

Geographic Information - Summary of Domestic Revenue (Detail)	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Revenue Benchmark | Geographic Concentration Risk | Domestic Revenue
Disaggregation Of Revenue [Line Items]
Concentration risk, percentage	84.00%	84.00%

Geographic Information - Additi

Geographic Information - Additional Information (Detail)	3 Months Ended
	Mar. 31, 2022jurisdiction
Disaggregation Of Revenue [Line Items]
Number of jurisdiction outside US had excess revenue of 10%	0
Revenue Benchmark | Geographic Concentration Risk | Foreign [Member] | Maximum [Member]
Disaggregation Of Revenue [Line Items]
Concentration risk, percentage	10.00%

Geographic Information - Summ_2

Geographic Information - Summary of Percentage of Property and Equipment Net Located at Subsidiary and Office Locations Outside of Unites States (Detail)	3 Months Ended	12 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Revenue Benchmark | Geographic Concentration Risk | Foreign [Member] | Property, Plant and Equipment
Property Plant And Equipment [Line Items]
Concentration risk, percentage	12.00%	12.00%