What changed in this filing

/stocks — the workspaceLOADING

Item 1. Financial Statements

2022-10-27 compared with 2022-07-27 · 148 added, 97 removed, 442 unchanged (36% of the section changed)

3 unchanged sentences

CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands, except shares) June 30,

(in thousands, except shares) September 30,

2022 December 31,

49 unchanged sentences

SPS COMMERCE, INC.

Form 10-Q for the Quarterly Period ended June 30, 2022

Form 10-Q for the Quarterly Period ended September 30, 2022

SPS COMMERCE, INC.

2 unchanged sentences

Three Months Ended

June 30, Six Months Ended

September 30, Nine Months Ended

September 30,

(in thousands, except per share amounts) (unaudited) 2022 2021 2022 2021

15 unchanged sentences

Foreign currency translation adjustments ( 2,296 ) ( 968 ) ( 3,309 ) ( 604 )

Unrealized loss on investments, net of tax of ($ 3 ), ($ 12 ), ($ 4 ) and $( 27 ), respectively

Unrealized gain (loss) on investments, net of tax of $ 53 , ($ 9 ), $ 49 and ($ 36 ), respectively

158 ( 27 ) 147 ( 107 )

1 unchanged sentence

( 39 ) 48 ( 51 ) 138

Total other comprehensive income (expense) ( 1,774 ) 170 ( 1,036 ) 374

Total other comprehensive expense ( 2,177 ) ( 947 ) ( 3,213 ) ( 573 )

Comprehensive income $ 13,686 $ 10,502 $ 36,006 $ 31,259

7 unchanged sentences

SPS COMMERCE, INC.

Form 10-Q for the Quarterly Period ended June 30, 2022

Form 10-Q for the Quarterly Period ended September 30, 2022

SPS COMMERCE, INC.

6 unchanged sentences

(in thousands, except shares) (unaudited) Shares Amount Shares Amount

Balances, March 31, 2021 35,861,584 $ 37 1,613,250 $ ( 65,247 ) $ 402,860 $ 103,690 $ ( 817 ) $ 440,523

Balances, June 30, 2021 35,859,353 $ 38 1,676,765 $ ( 71,697 ) $ 413,182 $ 113,873 $ ( 647 ) $ 454,749

Stock-based compensation — — — — 6,361 — — 6,361

6 unchanged sentences

Reclassification of loss on investments into earnings, net of tax — — — — — — 48 48

Balances, September 30, 2021 35,964,238 $ 38 1,719,064 $ ( 75,908 ) $ 422,670 $ 125,322 $ ( 1,594 ) $ 470,528

Balances, June 30, 2022 36,029,477 $ 38 2,044,549 $ ( 115,900 ) $ 453,922 $ 161,443 $ ( 2,483 ) $ 497,020

Balances, March 31, 2022 36,120,518 $ 38 1,910,897 $ ( 100,903 ) $ 442,405 $ 150,690 $ ( 709 ) $ 491,521

Stock-based compensation — — — — 7,429 — — 7,429

4 unchanged sentences

Foreign currency translation adjustments — — — — — — ( 2,296 ) ( 2,296 )

Unrealized loss on investments, net of tax — — — — — — ( 8 ) ( 8 )

Unrealized gain on investments, net of tax — — — — — — 158 158

Reclassification of gain on investments into earnings, net of tax — — — — — — ( 39 ) ( 39 )

Balances, June 30, 2022 36,029,477 $ 38 2,044,549 $ ( 115,900 ) $ 453,922 $ 161,443 $ ( 2,483 ) $ 497,020

Balances, September 30, 2022 36,037,964 $ 38 2,146,783 $ ( 128,377 ) $ 463,356 $ 177,306 $ ( 4,660 ) $ 507,663

Common Stock Treasury Stock Additional

12 unchanged sentences

Reclassification of loss on investments into earnings, net of tax — — — — — — 138 138

Balances, June 30, 2021 35,859,353 $ 38 1,676,765 $ ( 71,697 ) $ 413,182 $ 113,873 $ ( 647 ) $ 454,749

Balances, September 30, 2021 35,964,238 $ 38 1,719,064 $ ( 75,908 ) $ 422,670 $ 125,322 $ ( 1,594 ) $ 470,528

Balances, December 31, 2021 36,009,257 $ 38 1,789,353 $ ( 85,677 ) $ 433,258 $ 138,087 $ ( 1,447 ) $ 484,259

5 unchanged sentences

Foreign currency translation adjustments — — — — — — ( 3,309 ) ( 3,309 )

Unrealized loss on investments, net of tax — — — — — — ( 11 ) ( 11 )

Unrealized gain on investments, net of tax — — — — — — 147 147

Reclassification of gain on investments into earnings, net of tax — — — — — — ( 51 ) ( 51 )

Balances, June 30, 2022 36,029,477 $ 38 2,044,549 $ ( 115,900 ) $ 453,922 $ 161,443 $ ( 2,483 ) $ 497,020

Balances, September 30, 2022 36,037,964 $ 38 2,146,783 $ ( 128,377 ) $ 463,356 $ 177,306 $ ( 4,660 ) $ 507,663

See accompanying notes to these condensed consolidated financial statements.

SPS COMMERCE, INC.

Form 10-Q for the Quarterly Period ended June 30, 2022

Form 10-Q for the Quarterly Period ended September 30, 2022

SPS COMMERCE, INC.

1 unchanged sentence

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

Six Months Ended

Nine Months Ended

September 30,

(in thousands) (unaudited) 2022 2021

8 unchanged sentences

Other, net 43 234

Changes in assets and liabilities

Changes in assets and liabilities, net of effects of acquisition

Accounts receivable ( 3,999 ) ( 5,327 )

11 unchanged sentences

Maturities of investments 132,500 67,500

Acquisition of business, net ( 44,923 ) —

Net cash used in investing activities ( 60,593 ) ( 32,087 )

2 unchanged sentences

Net proceeds from exercise of options to purchase common stock 2,457 7,027

Net proceeds from employee stock purchase plan 3,350 2,186

Net proceeds from employee stock purchase plan activity 3,588 2,316

Payments for contingent consideration — ( 2,042 )

1 unchanged sentence

Effect of foreign currency exchange rate changes ( 557 ) ( 10 )

Net increase in cash and cash equivalents 5,173 34,675

Net increase (decrease) in cash and cash equivalents ( 21,322 ) 46,111

Cash and cash equivalents at beginning of period 207,552 149,692

2 unchanged sentences

SPS COMMERCE, INC.

Form 10-Q for the Quarterly Period ended June 30, 2022

Form 10-Q for the Quarterly Period ended September 30, 2022

SPS COMMERCE, INC.

AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

NOTE A – General

15 unchanged sentences

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.

Preparing financial statements in conformity with GAAP requires management to make estimates, judgments and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting periods.

Actual results could differ from those estimates.

Significant Accounting Policies

There were no material changes in our significant accounting policies during the six months ended June 30, 2022.

There were no material changes in our significant accounting policies during the nine months ended September 30, 2022.

See Note A to the consolidated financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2021 , as filed with the SEC, for additional information regarding our significant accounting policies.

5 unchanged sentences

SPS COMMERCE, INC.

Form 10-Q for the Quarterly Period ended June 30, 2022

NOTE B – Revenue

Form 10-Q for the Quarterly Period ended September 30, 2022

NOTE B – Business Acquisitions

Effective July 19, 2022, we acquired all of the outstanding equity ownership interests of GCommerce, Inc.

("GCommerce"), a leading EDI provider within the automotive aftermarket industry.

Pursuant to the definitive agreement, the purchase price of $ 45 million was paid in cash at closing, and is subject to customary post-closing adjustments.

The purchase accounting for the acquisition has not been finalized as of September 30, 2022.

Provisional amounts are primarily related to intangible assets, net working capital, and tax positions.

We expect to finalize the allocation of the purchase price within the one-year measurement period following the acquisition.

Purchase Price Allocation

We accounted for the acquisition as a business combination.

We allocated the purchase price to the tangible and identifiable intangible assets acquired and liabilities assumed based on their estimated fair values as of the acquisition date.

The excess of the purchase price over the fair value of net tangible and identifiable intangible assets acquired was recorded as goodwill.

Goodwill is attributed to a trained workforce and other buyer-specific value resulting from expected synergies, including long-term cost savings, which are not included in the fair values of identifiable assets.

The following table summarizes the estimated fair values of the assets acquired and liabilities assumed at the acquisition date:

(in thousands) Estimated Fair Value

Accounts receivable 467

Other current assets 288

Operating lease right-of-use asset 934

Goodwill 24,556

Intangible assets 20,250

Deferred income tax assets 5,291

Accounts payable ( 266 )

Accrued compensation ( 321 )

Deferred revenue ( 262 )

Operating lease liability ( 934 )

Deferred income tax liabilities ( 5,144 )

Purchased Intangible Assets

The following table summarizes the estimated fair value of the purchased intangible assets and their estimated useful lives, each of which are subject to finalization:

($ in thousands) Estimated

Fair Value Weighted Average

Subscriber relationships $ 18,225 8.0 years

Acquired technology 2,025 5.0 years

Total $ 20,250

Effective October 4, 2022, we acquired all of the outstanding equity ownership interests of Canadian based InterTrade Systems Inc.

("InterTrade"), a leading EDI provider within the apparel and general merchandising markets.

Pursuant to the definitive agreement, the purchase price of $ 49 million was paid in cash at closing, and is subject to customary post-closing adjustments.

SPS COMMERCE, INC.

Form 10-Q for the Quarterly Period ended September 30, 2022

NOTE C – Revenue

We derive our revenues from the following revenue streams:

Three Months Ended

June 30, Six Months Ended

September 30, Nine Months Ended

September 30,

(in thousands) 2022 2021 2022 2021

6 unchanged sentences

Total revenue $ 114,486 $ 97,887 $ 328,857 $ 282,520

Revenues are the amount that reflects the consideration we are contractually and legally entitled to, as well as expect to collect, in exchange for those services.

Revenues are the amount that reflects the consideration we are contractually and legally entitled to, as well as the amount we expect to collect, in exchange for those services.

Recurring Revenues

14 unchanged sentences

Three Months Ended

June 30, Six Months Ended

September 30, Nine Months Ended

September 30,

(in thousands) 2022 2021 2022 2021

3 unchanged sentences

Balance, end of period $ 15,219 $ 13,721 $ 15,219 $ 13,721

SPS COMMERCE, INC.

Form 10-Q for the Quarterly Period ended June 30, 2022

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.

SPS COMMERCE, INC.

Form 10-Q for the Quarterly Period ended September 30, 2022

Miscellaneous one-time revenues

2 unchanged sentences

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.

NOTE C – Deferred Costs

NOTE D – Deferred Costs

The deferred costs activity was as follows:

Three Months Ended

June 30, Six Months Ended

September 30, Nine Months Ended

September 30,

(in thousands) 2022 2021 2022 2021

3 unchanged sentences

Balance, end of period $ 66,556 $ 56,093 $ 66,556 $ 56,093

NOTE D – Financial Instruments

NOTE E – Financial Instruments

Cash Equivalents and Investments

Cash equivalents and investments consisted of the following:

June 30, 2022 December 31, 2021

(in thousands) Amortized Cost Unrealized Losses, net Fair Value Amortized Cost Unrealized Gains (Losses), net Fair Value

September 30, 2022 December 31, 2021

(in thousands) Amortized Cost Unrealized Gains, net Fair Value Amortized Cost Unrealized Gains (Losses), net Fair Value

Cash equivalents:

6 unchanged sentences

SPS COMMERCE, INC.

Form 10-Q for the Quarterly Period ended June 30, 2022

Form 10-Q for the Quarterly Period ended September 30, 2022

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:

June 30, 2022 December 31, 2021

September 30, 2022 December 31, 2021

(in thousands) Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total

7 unchanged sentences

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.

NOTE E – Allowance for Credit Losses

NOTE F – Allowance for Credit Losses

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

Six Months Ended

Nine Months Ended

September 30,

(in thousands) 2022 2021

3 unchanged sentences

Balance, end of period $ 3,658 $ 4,604

NOTE F – Property and Equipment, Net

NOTE G – Property and Equipment, Net

Property and equipment, net consisted of the following:

(in thousands) June 30,

(in thousands) September 30,

2022 December 31, 2021

7 unchanged sentences

SPS COMMERCE, INC.

Form 10-Q for the Quarterly Period ended June 30, 2022

NOTE G – Goodwill and Intangible Assets, Net

Form 10-Q for the Quarterly Period ended September 30, 2022

NOTE H – Goodwill and Intangible Assets, Net

The activity in goodwill was as follows:

Six Months Ended

Nine Months Ended

September 30,

(in thousands) 2022 2021

Balance, beginning of period $ 143,663 $ 134,853

Addition from business acquisition 24,556 —

Foreign currency translation ( 2,311 ) ( 441 )

3 unchanged sentences

Intangible assets, net consisted of the following:

June 30, 2022

September 30, 2022

($ in thousands) Gross

19 unchanged sentences

SPS COMMERCE, INC.

Form 10-Q for the Quarterly Period ended June 30, 2022

NOTE H – Commitments and Contingencies

Form 10-Q for the Quarterly Period ended September 30, 2022

NOTE I – Commitments and Contingencies

The components of lease expense were as follows:

Three Months Ended

June 30, Six Months Ended

September 30, Nine Months Ended

September 30,

(in thousands) 2022 2021 2022 2021

3 unchanged sentences

Supplemental cash flow information related to leases was as follows:

Six Months Ended

Nine Months Ended

September 30,

(in thousands) 2022 2021

1 unchanged sentence

Operating cash flows from operating leases $ 3,399 $ 2,488

Right-of-use assets obtained in exchange for operating lease liabilities 934 —

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

September 30,

2022 December 31, 2021

1 unchanged sentence

Weighted-average discount rate 4.0 % 4.0 %

At June 30, 2022, our future minimum payments under operating leases were as follows:

At September 30, 2022, our future minimum payments under operating leases were as follows:

(in thousands)

5 unchanged sentences

Purchase Commitments

We have entered into separate noncancelable agreements with computing infrastructure and customer relationship management vendors for services through 2023.

At June 30, 2022, the total remaining purchase commitments were $ 6.0 million .

We have entered into separate noncancelable agreements with computing infrastructure, customer relationship management, and performance and security data analytics vendors for services through 2025.

At September 30, 2022, the total remaining purchase commitments were $ 7.4 million .

SPS COMMERCE, INC.

Form 10-Q for the Quarterly Period ended June 30, 2022

NOTE I – Stockholders’ Equity

Form 10-Q for the Quarterly Period ended September 30, 2022

NOTE J – Stockholders’ Equity

Share Repurchase Programs

Our board of directors has authorized multiple non-concurrent programs to repurchase our common stock.

Details of the programs and activity thereunder were as follows:

Details of the programs and activity thereunder through September 30, 2022 were as follows:

(in thousands) Effective Date Expiration Date Share Value Authorized for Repurchase Share Value Repurchased Unused & Expired Share Repurchase Value Share Value Available for Future Repurchase

2019 Program November 2019 November 2021 $ 50,000 $ 29,611 $ 20,389 N/A

2021 Program November 2021 November 2023 50,000 39,992 N/A $ 10,008

On July 26, 2022, our board of directors authorized a new share repurchase program ("2022 Program"), effective August 26, 2022, that allows up to $ 50.0 million of common stock to be repurchased, expiring in July 2024.

The 2021 Program will terminate on the effective date of the 2022 Program.

2021 Program November 2021 August 2022 50,000 49,992 8 N/A

2022 Program August 2022 July 2024 50,000 2,477 N/A $ 47,523

The share repurchase activity by period was as follows:

Three Months Ended

June 30, Six Months Ended

(in thousands, except per share amounts) 2022 2021 2022 2021

Shares repurchased cost $ 14,997 $ 6,450 $ 30,223 $ 6,450

September 30, Nine Months Ended

September 30,

(in thousands, except shares and per share amounts) 2022 2021 2022 2021

Number of shares repurchased 102,234 42,299 357,430 105,814

Shares repurchased cost $ 12,477 $ 4,211 $ 42,700 $ 10,661

Average price per repurchased share $ 122.04 $ 99.55 $ 119.46 $ 100.75

NOTE J – Stock-Based Compensation

NOTE K – 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.

2 unchanged sentences

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 June 30, 2022 , there were approximately 13.2 million shares available for grant under approved equity compensation plans.

At September 30, 2022 , there were 13.2 million shares available for grant under approved equity compensation plans.

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

Three Months Ended

June 30, Six Months Ended

September 30, Nine Months Ended

September 30,

(in thousands) 2022 2021 2022 2021

6 unchanged sentences

SPS COMMERCE, INC.

Form 10-Q for the Quarterly Period ended June 30, 2022

Form 10-Q for the Quarterly Period ended September 30, 2022

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

Three Months Ended

June 30, Six Months Ended

September 30, Nine Months Ended

September 30,

(in thousands) 2022 2021 2022 2021

6 unchanged sentences

$ 7,960 $ 6,849 $ 25,636 $ 21,273

As of June 30, 2022, there was $ 44.0 million of unrecognized stock-based compensation expense under our equity compensation plans, which is expected to be recognized on a primarily straight-line basis over a weighted average period of 2.6 years.

As of September 30, 2022, there was $ 42.1 million of unrecognized stock-based compensation expense under our equity compensation plans, which is expected to be recognized on a primarily straight-line basis over a weighted average period of 2.5 years.

Stock Options

Our stock option activity was as follows:

Six Months Ended

June 30, 2022

Nine Months Ended

September 30, 2022

Options (#) Weighted Average

5 unchanged sentences

Outstanding, end of period 641,935 $ 51.94

Of the total outstanding options at June 30, 2022, 0.6 million were exercisable.

Of the total outstanding options at September 30, 2022, 0.5 million were exercisable.

The outstanding and exercisable options had a weighted average exercise price of $ 43.96 per share and a weighted average remaining contractual life of 2.9 years.

The weighted average grant date fair value of options granted during the six months ended June 30, 2022 was $ 40.78 per share.

The weighted average grant date fair value of options granted during the nine months ended September 30, 2022 was $ 40.95 per share.

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

7 unchanged sentences

Earned awards vest in the quarter following the conclusion of the performance period.

In the three months ended March 31, 2022 ,

In the three months ended March 31, 2022 , PSU awards granted in 2019 vested at the maximum performance level and less than 0.1 million shares of common stock were issued.

SPS COMMERCE, INC.

Form 10-Q for the Quarterly Period ended June 30, 2022

PSU awards granted in 2019 vested at the maximum performance level and less than 0.1 million shares of common stock were issued.

Form 10-Q for the Quarterly Period ended September 30, 2022

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

Six Months Ended

June 30, 2022

Nine Months Ended

September 30, 2022

# Weighted Average Grant

5 unchanged sentences

Outstanding, end of period 697,178 $ 103.19

The number of PSUs, RSUs, RSAs, and DSUs outstanding at June 30, 2022 included less than 0.1 million units that have vested, but the shares of common stock have not yet been issued, pursuant to the terms of the underlying agreements.

The number of PSUs, RSUs, RSAs, and DSUs outstanding at September 30, 2022 included less than 0.1 million units that have vested, but the shares of common stock have not yet been issued, pursuant to the terms of the underlying agreements.

Employee Stock Purchase Plan

1 unchanged sentence

Three Months Ended

June 30, Six Months Ended

September 30, Nine Months Ended

September 30,

(in thousands, except shares) 2022 2021 2022 2021

1 unchanged sentence

Shares purchased 2,481 1,526 37,516 27,675

A total of 1.8 million shares of common stock are reserved for issuance under the ESPP as of June 30, 2022.

A total of 1.8 million shares of common stock are reserved for issuance under the ESPP as of September 30, 2022.

The fair value was estimated based on the market price of our common stock at the beginning of the offering period using the following assumptions:

3 unchanged sentences

Risk-free interest rate 0.2 %

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.

NOTE L – Income Taxes

We record our interim provision for income taxes by applying our estimated annual effective tax rate to our year-to-date pre-tax income and adjust the provision for discrete tax items recorded in the period.

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.

2 unchanged sentences

SPS COMMERCE, INC.

Form 10-Q for the Quarterly Period ended June 30, 2022

NOTE L – Other Income and Expense

Form 10-Q for the Quarterly Period ended September 30, 2022

NOTE M – Other Income and Expense

Other expense, net included the following:

Three Months Ended

June 30, Six Months Ended

September 30, Nine Months Ended

September 30,

(in thousands) 2022 2021 2022 2021

1 unchanged sentence

Realized loss from foreign currency on cash and investments held ( 1,151 ) ( 854 ) ( 2,010 ) ( 1,492 )

Other expense, net ( 183 ) ( 113 ) ( 276 ) ( 246 )

Other income (expense), net ( 130 ) 72 ( 406 ) ( 174 )

Total other expense, net $ ( 695 ) $ ( 716 ) $ ( 1,610 ) $ ( 1,424 )

NOTE M – Net Income Per Share

NOTE N – Net Income Per Share

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

Three Months Ended

June 30, Six Months Ended

September 30, Nine Months Ended

September 30,

(in thousands, except per share amounts) 2022 2021 2022 2021

9 unchanged sentences

Three Months Ended

June 30, Six Months Ended

September 30, Nine Months Ended

September 30,

(in thousands) 2022 2021 2022 2021

1 unchanged sentence

SPS COMMERCE, INC.

Form 10-Q for the Quarterly Period ended June 30, 2022

NOTE N – Geographic Information

Form 10-Q for the Quarterly Period ended September 30, 2022

NOTE O – Geographic Information

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

June 30, Six Months Ended

September 30, Nine Months Ended

September 30,

2022 2021 2022 2021

5 unchanged sentences

was as follows:

September 30,

2022 December 31, 2021

International property and equipment 13 % 12 %

NOTE O - Subsequent Events

Business Acquisitions

Effective July 19, 2022, we acquired all of the outstanding equity ownership interests of GCommerce, Inc., a leading EDI provider within the automotive aftermarket industry.

Pursuant to the definitive agreement, the purchase price of approximately $ 45 million was paid in cash at closing, and is subject to post-closing adjustments.

Stockholders' Equity

See Note I for information regarding the authorization of a new share repurchase program on July 26, 2022.

SPS COMMERCE, INC.

Form 10-Q for the Quarterly Period ended June 30, 2022

Form 10-Q for the Quarterly Period ended September 30, 2022

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-Q

Item 1. Financial Statements