SPS COMMERCE INC
For the period ended Dec 31, 2024. Filed Feb 19, 2025.
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FY2024 · Filed Feb 19, 2025
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) | 2024 | 2023 | 2022 |
| Cash flows from operating activities | |||
| Net income | $77,054 | $65,824 | $55,134 |
| Reconciliation of net income to net cash provided by operating activities | |||
| Deferred income taxes | (9,786) | (10,079) | (3,732) |
| Depreciation and amortization of property and equipment | 18,721 | 18,631 | 16,421 |
| Amortization of intangible assets | 23,510 | 16,116 | 11,768 |
| Provision for credit losses | 7,683 | 5,707 | 3,359 |
| Stock-based compensation | 54,557 | 45,508 | 33,399 |
| Other, net | 577 | 2,415 | 220 |
| Changes in assets and liabilities, net of effects of acquisitions | |||
| Accounts receivable | (9,653) | (11,949) | (6,435) |
| Deferred costs | (3,120) | (10,724) | (10,646) |
| Other assets and liabilities | (7,313) | 1,834 | 2,632 |
| Accounts payable | 796 | (3,947) | 144 |
| Accrued compensation | 1,434 | 7,143 | (3,786) |
| Accrued expenses | 4,115 | 1,302 | (2,829) |
| Deferred revenue | 728 | 6,464 | 5,965 |
| Operating leases | (1,905) | (1,947) | (1,562) |
| Net cash provided by operating activities | 157,398 | 132,298 | 100,052 |
| Cash flows from investing activities | |||
| Purchases of property and equipment | (20,046) | (19,761) | (19,880) |
| Purchases of investments | (85,759) | (133,994) | (160,427) |
| Maturities of investments | 143,275 | 131,331 | 158,937 |
| Acquisition of businesses, net | (147,924) | (70,218) | (91,420) |
| Net cash used in investing activities | (110,454) | (92,642) | (112,790) |
| Cash flows from financing activities | |||
| Repurchases of common stock | (37,567) | — | (43,215) |
| Net proceeds from exercise of options to purchase common stock | 4,714 | 9,856 | 4,908 |
| Net proceeds from employee stock purchase plan activity | 9,827 | 8,114 | 6,676 |
| Payments for contingent consideration | — | (2,000) | — |
| Net cash provided by (used in) financing activities | (23,026) | 15,970 | (31,631) |
| Effect of foreign currency exchange rate changes | (1,982) | 562 | (290) |
| Net increase (decrease) in cash and cash equivalents | 21,936 | 56,188 | (44,659) |
| Cash and cash equivalents at beginning of period | 219,081 | 162,893 | 207,552 |
| Cash and cash equivalents at end of period | $241,017 | $219,081 | $162,893 |
| Supplemental disclosure of cash flow information | |||
| Cash paid for income taxes | $27,097 | $29,207 | $16,076 |
| Non-cash financing activity: | |||
| Contingent consideration related to acquisition | $— | $— | $2,000 |
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