3 unchanged sentences
We are exposed to market risk related to changes in interest rates.
−Removed: We may choose based on our investment strategy to hold cash, cash equivalents, and investments in interest-bearing or non-interest-bearing accounts.
−Removed: Based upon a sensitivity model , an immediate hypothetical 50-basis point change in interest rates at December 31, 2024 would have resulted in a $1.0 million impact on our investment income included in net income (loss) for the year ended December 31, 2024.
−Removed: We do not enter into investments for trading or speculative purposes.
−Removed: We did not have any variable interest rate outstanding debt as of December 31, 2024.
+Added: We may choose based on our investment strategy to hold cash, cash equivalents, and investments in interest-bearing or
SPS COMMERCE, INC.
Form 10-K for the Annual Period ended December 31, 2025
+Added: non-interest-bearing accounts.
+Added: Based upon a sensitivity model, an immediate hypothetical 50-basis point change in interest rates at December 31, 2025 would have resulted in a $0.6 million impact on o ur investment income included in net income for the year ended December 31, 2025.
+Added: We do not enter into investments for trading or speculative purposes.
+Added: We did not have any variable interest rate outstanding debt as of December 31, 2025.
Foreign Currency Exchange and Inflation Risk
6 unchanged sentences
Our expenses are generally denominated in the local currencies in which our operations are located.
−Removed: As of December 31, 2024, we maintained 13% of our total cash and cash equivalents in foreign currencies.
+Added: As of December 31, 2025 , we mai ntained 12% of our total cash and cash equivalents in foreign currencies.
Based upon a sensitivity model, an immediate hypothetical 10% unfavorable change in all foreign currency exchange rates would have resulted in a $1.8 million impact on our cash and cash equivalents held in currencies other than the U.S.
5 unchanged sentences
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.