SPS COMMERCE INC
For the period ended May 13, 2025. Filed Mar 28, 2025.
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May 13, 2025 · Filed Mar 28, 2025
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SPSC$81.91-0.8%Stored close · as of Nov 6, 2026
Contents
Appendix A-1
The following table provides a reconciliation of net income, the most directly comparable GAAP measure, to Adjusted EBITDA:
| Year Ended December 31, | |||||
|---|---|---|---|---|---|
| (in thousands) | 2024 | 2023 | 2022 | 2021 | 2020 |
| Net income | $77,054 | $65,824 | $55,134 | $44,597 | $45,586 |
| Income tax expense | 22,422 | 19,739 | 16,190 | 8,944 | 7,094 |
| Depreciation and amortization of property and equipment | 18,721 | 18,631 | 16,421 | 14,788 | 13,127 |
| Amortization of intangible assets | 23,510 | 16,116 | 11,768 | 10,126 | 5,538 |
| Stock-based compensation expense | 54,557 | 45,508 | 33,399 | 27,574 | 18,936 |
| Realized (gain) loss from investments held and foreign currency impact on cash and investments | (115) | (1,726) | 1,026 | 1,456 | (1,753) |
| Investment income | (10,582) | (7,660) | (1,670) | (278) | (1,208) |
| Other | 1,064 | 1,198 | — | (192) | (326) |
| Adjusted EBITDA | $186,631 | $157,630 | $132,268 | $107,015 | $86,994 |
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