SPS COMMERCE INC
For the period ended Dec 31, 2023. Filed Feb 21, 2024.
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FY2023 · Filed Feb 21, 2024
SPSC$80.92-0.1%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Item 8. Consolidated Statements of Cash Flows
| Year Ended December 31, | |||
|---|---|---|---|
| (in thousands) | 2023 | 2022 | 2021 |
| Cash flows from operating activities | |||
| Net income | $65,824 | $55,134 | $44,597 |
| Reconciliation of net income to net cash provided by operating activities | |||
| Deferred income taxes | (10,079) | (3,732) | 3,881 |
| Depreciation and amortization of property and equipment | 18,631 | 16,421 | 14,788 |
| Amortization of intangible assets | 16,116 | 11,768 | 10,126 |
| Provision for credit losses | 5,707 | 3,359 | 4,717 |
| Stock-based compensation | 45,508 | 33,399 | 27,574 |
| Other, net | 2,415 | 220 | 323 |
| Changes in assets and liabilities, net of effects of acquisitions | |||
| Accounts receivable | (11,949) | (6,435) | (4,959) |
| Deferred costs | (10,724) | (10,646) | (9,299) |
| Other assets and liabilities | 1,834 | 2,632 | (6,181) |
| Accounts payable | (3,947) | 144 | 2,259 |
| Accrued compensation | 7,143 | (3,786) | 6,775 |
| Accrued expenses | 1,302 | (2,829) | 1,017 |
| Deferred revenue | 6,464 | 5,965 | 14,483 |
| Operating leases | (1,947) | (1,562) | 2,792 |
| Net cash provided by operating activities | 132,298 | 100,052 | 112,893 |
| Cash flows from investing activities | |||
| Purchases of property and equipment | (19,761) | (19,880) | (19,588) |
| Purchases of investments | (133,994) | (160,427) | (121,242) |
| Maturities of investments | 131,331 | 158,937 | 111,193 |
| Acquisition of business, net | (70,218) | (91,420) | (17,066) |
| Net cash used in investing activities | (92,642) | (112,790) | (46,703) |
| Cash flows from financing activities | |||
| Repurchases of common stock | — | (43,215) | (20,430) |
| Net proceeds from exercise of options to purchase common stock | 9,856 | 4,908 | 9,374 |
| Net proceeds from employee stock purchase plan activity | 8,114 | 6,676 | 4,737 |
| Payments for contingent consideration | (2,000) | — | (2,042) |
| Net cash provided by (used in) financing activities | 15,970 | (31,631) | (8,361) |
| Effect of foreign currency exchange rate changes | 562 | (290) | 31 |
| Net increase (decrease) in cash and cash equivalents | 56,188 | (44,659) | 57,860 |
| Cash and cash equivalents at beginning of period | 162,893 | 207,552 | 149,692 |
| Cash and cash equivalents at end of period | $219,081 | $162,893 | $207,552 |
| Supplemental disclosure of cash flow information | |||
| Cash paid for income taxes | $29,207 | $16,076 | $9,979 |
| Non-cash financing activity: | |||
| Contingent consideration related to acquisition | $— | $2,000 | $— |
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