# EDGAR Filing Document

**Accession Number:** 0001092699
**File Stem:** 0001092699-25-000062
**Filing Date:** 2025-10
**Character Count:** 37342
**Document Hash:** 45f1d6ca62958a40d38064aec86796e7
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001092699-25-000062.hdr.sgml**: 20251030

**ACCESSION NUMBER**: 0001092699-25-000062

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 15

**CONFORMED PERIOD OF REPORT**: 20251029

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers

**ITEM INFORMATION**: Other Events

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20251030

**DATE AS OF CHANGE**: 20251030

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** SPS COMMERCE INC
- **CENTRAL INDEX KEY:** 0001092699
- **STANDARD INDUSTRIAL CLASSIFICATION:** SERVICES-PREPACKAGED SOFTWARE [7372]
- **ORGANIZATION NAME:** 06 Technology
- **EIN:** 412015127
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-34702
- **FILM NUMBER:** 251436308

**BUSINESS ADDRESS:**
- **STREET 1:** 333 SOUTH SEVENTH STREET
- **STREET 2:** SUITE 1000
- **CITY:** MINNEAPOLIS
- **STATE:** MN
- **ZIP:** 55402
- **BUSINESS PHONE:** 612-435-9400

**MAIL ADDRESS:**
- **STREET 1:** 333 SOUTH SEVENTH STREET
- **STREET 2:** SUITE 1000
- **CITY:** MINNEAPOLIS
- **STATE:** MN
- **ZIP:** 55402

?xml version='1.0' encoding='ASCII'? spsc-20251029

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 8-K**

**CURRENT REPORT**

**Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934**

**<u>October 29, 2025</u>**

Date of report (Date of earliest event reported)

**<u>SPS COMMERCE, INC.</u>**

![sps logo (1).jpg](spsc-20251029_g1.jpg)

(Exact Name of Registrant as Specified in its Charter)

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| | | |
|:---|:---|:---|
| **Delaware** | **001-34702** | **41-2015127** |
| (State of Incorporation) | (Commission File Number) | (I.R.S. Employer Identification No.) |

---

---

| | |
|:---|:---|
| **333 South Seventh Street, Suite 1000**<br>**Minneapolis, Minnesota** | **55402** |
| (Address of Principal Executive Offices) | (Zip Code) |

---

**<u>(612) 435-9400</u>**

(Registrant's Telephone Number, Including Area Code)

**<u>Not Applicable</u>**

(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

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| | | |
|:---|:---|:---|
| **Title of each class** | **Trading Symbol(s)** | **Name of each exchange on which registered** |
| Common stock, par value $0.001 per share | SPSC | The Nasdaq Stock Market LLC |
| Common stock, par value $0.001 per share | SPSC | (Nasdaq Global Market) |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act

☐

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**Item 2.02. Results of Operations and Financial Condition.**

On October 30, 2025, SPS Commerce, Inc. (the "Company") issued a press release disclosing its results of operations and financial condition for the three and nine months ended September 30, 2025. In accordance with General Instruction B.2 of Form 8-K, the information in this Current Report on Form 8-K, including Exhibit 99, shall not be deemed to be "filed" for purposes of Section 18 of the Securities Exchange Act of 1934 or otherwise subject to the liability of that section, and shall not be incorporated by reference into any registration statement or other document filed under the Securities Act of 1933 or the Securities Exchange Act of 1934, except as shall be expressly set forth by specific reference in that filing.

**Item 5.02. Departure of Directors or Certain Oﬃcers; Election of Directors; Appointment of Certain Oﬃcers; Compensatory Arrangements of Certain Oﬃcers.**

The Board of Directors has appointed Eduardo Rosini to serve as the Company's Executive Vice President & Chief Commercial Officer, effective as of December 1, 2025 ("Transition Date").

On October 29, 2025, Daniel Juckniess, the Executive Vice President & Chief Revenue Officer of the Company, provided the Company with his six months' notice of his intent to retire from the Company. Due to the appointment of Mr. Rosini as Mr. Juckniess' successor as of the Transition Date, the Compensation & Talent Committee of the Board of Directors determined that Mr. Juckniess' effective retirement date would be December 31, 2025 (the "Retirement Date"), to allow for sufficient time for transition but to avoid redundancies.

In order to qualify for retirement treatment under the terms of Mr. Juckniess' equity award agreements, among other requirements, he is to have reached age 58 and have at least 10 years of continuous service, and have provided at least six months' notice of his retirement date. In light of the fact that Mr. Juckniess will reach age 58 and 10 years of continuous service in the first quarter of 2026, that his successor has been identified and appointed, allowing for a sufficient transition period, and that the Compensation & Talent Committee determined to accelerate his Retirement Date, the Compensation & Talent Committee decided to waive the age and years of service, and the six-month notice period, requirements under the definition of "Retirement" in Mr. Juckniess' equity award agreements. With that, his outstanding equity awards will be treated as provided under the retirement provisions of those award agreements upon his Retirement Date. Mr. Juckniess will not be entitled to any cash payments or other severance in connection with his retirement.

In connection with Mr. Juckniess' planned retirement, the Board of Directors of the Company determined that as of the Transition Date, Mr. Juckniess will no longer serve as an executive officer of the Company, but will continue to serve as an employee of the Company to assist with the transition until the Retirement Date.

The Compensation & Talent Committee approved that Mr. Juckniess' current base salary amount will continue to apply during the period between the Transition Date and the Retirement Date. The Compensation & Talent Committee also decided that it would determine Mr. Juckniess' payout, if any, under the Company's Management Incentive Plan for 2025 at the same time that it determines any such payouts for the Company's other executive officers.

**Item 8.01. Other Events.**

On October 29, 2025, our board of directors authorized a program to repurchase up to $100.0 million of our common stock, excluding costs to obtain. Under the program, purchases may be made from time to time in the open market or in privately negotiated purchases, or both. The share repurchase program will become effective December 1, 2025 and expires on December 1, 2027. The Company's current share repurchase program terminates on the earlier of July 26, 2026, or the full utilization of the authorized amount under the program. The Company currently expects to fund the repurchase program from existing cash and cash equivalents and future cash flows.

***Cautionary Statement Regarding Forward-Looking Information***

Certain statements in this report may contain forward-looking statements within the meaning of the safe harbor provisions under the Private Securities Litigation Reform Act of 1995 including, but not limited to, the Company's plans to repurchase shares of its common stock, the timing and amount of any share repurchases under the program, if any, the effects of the repurchase program on future results of operations or financial condition, and the timing and impact of the executive transition. These statements involve known and unknown risks, uncertainties and other factors which may cause the results of the Company to be materially different than those expressed or implied in such statements. Certain of these risk factors and others are included in documents the Company files with the Securities and Exchange Commission, including but not limited to, the Company's Annual Report on Form 10-K for the year ended December 31, 2024, as well as subsequent reports filed with the Securities and Exchange

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Commission. Other unknown or unpredictable factors also could have material adverse effects on the Company's future results. The forward-looking statements included in this report are made only as of the date hereof. The Company cannot guarantee future results, levels of activity, performance or achievements. Accordingly, you should not place undue reliance on these forward-looking statements. Finally, the Company expressly disclaims any intent or obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.

**Item 9.01. Financial Statements and Exhibits.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;<u>Exhibits</u>

---

| | |
|:---|:---|
| **<u>Exhibit No.</u>** | **<u>Exhibit</u>** |
| <u>[99](er_q325.htm)</u> | <u>[Press Release dated](er_q325.htm)[O](er_q325.htm)[ctob](er_q325.htm)[er](er_q325.htm)[30, 2025](er_q325.htm)</u> |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |

---

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**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

---

| | | |
|:---|:---|:---|
| | **SPS COMMERCE, INC.** | **SPS COMMERCE, INC.** |
| Date: October 30, 2025 | By: | /s/ KIMBERLY NELSON |
|  |  | Kimberly Nelson |
|  |  | *Executive Vice President and Chief Financial Officer* |

---

## Ex-99

![spscommercelogoa.jpg](spscommercelogoa.jpg)

**Exhibit 99**

Contact:

Investor Relations

The Blueshirt Group

Irmina Blaszczyk & Lisa Laukkanen

SPSC@blueshirtgroup.com

415-217-4962

***SPS Commerce Reports Third Quarter 2025 Financial Results***

*Company delivers 99th consecutive quarter of topline growth*

*Third quarter 2025 revenue grew 16% and recurring revenue grew 18% from the third quarter of 2024*

*Appoints new Chief Commercial Officer as longtime Chief Revenue Officer intends to retire*

*Announces new Share Repurchase Program*

MINNEAPOLIS, October 30, 2025 (GLOBE NEWSWIRE) -- SPS Commerce, Inc. (NASDAQ: SPSC), a leader in retail supply chain cloud services, today announced financial results for the third quarter ended September 30, 2025.

**<u>Financial Highlights</u>**

**Third Quarter 2025 Financial Highlights**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Revenue was $189.9 million in the third quarter of 2025, compared to $163.7 million in the third quarter of 2024, reflecting 16% growth.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Recurring revenue grew 18% from the third quarter of 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Net income was $25.6 million or $0.67 per diluted share, compared to net income of $23.5 million or $0.62 per diluted share in the third quarter of 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Non-GAAP income per diluted share was $1.13, compared to non-GAAP income per diluted share of $0.92 in the third quarter of 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Adjusted EBITDA for the third quarter of 2025 increased 25% to $60.5 million compared to the third quarter of 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Share repurchases in the third quarter of 2025 totaled $30.0 million.

"Retailers and trading partners in our network continue to prioritize collaboration and automation across their business processes," said Chad Collins, CEO of SPS Commerce. "Despite ongoing global trade and economic uncertainty, and the spend scrutiny we're seeing across some of our customer groups this year, we believe the ever-evolving retail ecosystem will continue to drive the need for supply chain efficiencies. We are the industry's most broadly adopted retail cloud services platform and the world's leading retail network. We provide unmatched value in the data that powers AI-driven use cases, and a unique, network-led growth motion."

"SPS Commerce is uniquely and competitively positioned to improve collaboration between trading partners," said Kim Nelson, CFO of SPS Commerce. "With multiple growth drivers and a large addressable market, we have high conviction in our sustainable and profitable growth."

**<u>Executive Appointment</u>**

SPS Commerce also announced it has appointed Eduardo Rosini as its Executive Vice President & Chief Commercial Officer, effective December 1, 2025. Rosini brings more than 30 years of growth, go-to-market, and full customer lifecycle experience across industries and markets, most recently serving as Chief Growth Officer at Sage, VP of Mid-Market and Corporate Sales at Intuit, and in large scale commercial leadership roles at Microsoft operating in North

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America, South America, EMEA, and APAC. Rosini will replace SPS Commerce's current Executive Vice President & Chief Revenue Officer, Dan Juckniess, who is retiring from the Company effective December 31, 2025.

"On behalf of SPS Commerce, I thank Dan for his outstanding contributions to SPS' success over the past decade, during which he helped shape our modern go-to-market organization, growing the sales team in both size and strength. We wish him all the best in retirement," said Chad Collins, CEO of SPS Commerce. "We are excited to welcome Eduardo Rosini to our executive team. Eduardo exemplifies the kind of leadership that defines SPS, anchored in our values and focused on people. His track record of scaling organizations across geographies and market segments, deploying technology to transform customer engagement strategies, and unlocking new efficiencies and personalization, make him an ideal fit for SPS' next phase of growth."

**<u>Share Repurchase Program</u>**

The Company also announced today that the Board of Directors of SPS Commerce authorized a new program to repurchase up to $100.0 million of common stock. Under the program, purchases may be made from time to time in the open market, in privately negotiated purchases, or both. The timing and number of shares to be purchased will be based on the price of the Company's common stock, general business and market conditions and other investment considerations and factors. The share repurchase program becomes effective on December 1, 2025, and expires on December 1, 2027. The Company's August 2024 share repurchase program terminates on the earlier of July 26, 2026, or the full utilization of the authorized amount under the program. The program does not obligate the Company to repurchase any specific number of shares and may be suspended or discontinued at any time without prior notice. The Company had 37.7 million shares of outstanding common stock as of September 30, 2025. The Company intends to finance the share repurchase program with cash on hand.

**<u>Guidance</u>**

**Fourth Quarter 2025 Guidance**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Revenue is expected to be in the range of $192.7 million to $194.7 million, representing 13% to 14% year-over-year growth.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Net income per diluted share is expected to be in the range of $0.53 to $0.57, with fully diluted weighted average shares outstanding of 38.3 million shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Non-GAAP income per diluted share is expected to be in the range of $0.98 to $1.02.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Adjusted EBITDA is expected to be in the range of $58.8 million to $60.8 million.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Non-cash, share-based compensation expense is expected to be $15.0 million, depreciation expense is expected to be $5.8 million, and amortization expense is expected to be $9.5 million.

**Fiscal Year 2025 Guidance**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Revenue is expected to be in the range of $751.6 million to $753.6 million, representing 18% growth over 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Net income per diluted share is expected to be in the range of $2.31 to $2.34, with fully diluted weighted average shares outstanding of 38.1 million shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Non-GAAP income per diluted share is expected to be in the range of $4.10 to $4.15.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Adjusted EBITDA is expected to be in the range of $229.7 million to $231.7 million, representing 23% to 24% growth over 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Non-cash, share-based compensation expense is expected to be $58.3 million, depreciation expense is expected to be $21.1 million, and amortization expense is expected to be $37.1 million.

The forward-looking measures and the underlying assumptions involve significant known and unknown risks and uncertainties, and actual results may vary materially. The Company does not present a reconciliation of the forward-looking non-GAAP financial measures, including Adjusted EBITDA, Adjusted EBITDA margin, and non-GAAP income per share, to the most directly comparable GAAP financial measures because it is impractical to forecast certain items without unreasonable efforts due to the uncertainty and inherent difficulty of predicting, within a reasonable range, the occurrence and financial impact of and the periods in which such items may be recognized.

**<u>Quarterly Conference Call</u>**

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To access the call, please dial 1-833-816-1382, or outside the U.S. 1-412-317-0475 at least 15 minutes prior to the 3:30 p.m. CT start time. Please ask to join the SPS Commerce Q3 2025 conference call. A live webcast of the call will also be available at http://investors.spscommerce.com under the Events and Presentations menu. The replay will also be available on our website at http://investors.spscommerce.com.

**<u>About SPS Commerce</u>**

SPS Commerce is the world's leading retail network, connecting trading partners around the globe to optimize supply chain operations for all retail partners. We support data-driven partnerships with innovative cloud technology, customer-obsessed service, and accessible experts so our customers can focus on what they do best. Over 50,000 recurring revenue customers in retail, grocery, distribution, supply, manufacturing, and logistics are using SPS as their retail network. SPS has achieved 99 consecutive quarters of revenue growth and is headquartered in Minneapolis. For additional information, contact SPS at 866-245-8100 or visit www.spscommerce.com.

SPS COMMERCE, SPS, SPS logo and INFINITE RETAIL POWER are marks of SPS Commerce, Inc. and registered in the U.S. Patent and Trademark Office, along with other SPS marks. Such marks may also be registered or otherwise protected in other countries.

SPS-F

**<u>Use of Non-GAAP Financial Measures</u>**

To supplement our condensed consolidated financial statements, we provide investors with Adjusted EBITDA, Adjusted EBITDA Margin, and non-GAAP income per share, all of which are non-GAAP financial measures. We believe that these non-GAAP financial measures provide useful information to our management, Board of Directors, and investors regarding certain financial and business trends relating to our financial condition and results of operations.

Our management uses these non-GAAP financial measures to compare our performance to that of prior periods for trend analyses and planning purposes. Adjusted EBITDA is also used for purposes of determining executive and senior management incentive compensation. We believe these non-GAAP financial measures are useful to an investor as they are widely used in evaluating operating performance. Adjusted EBITDA and Adjusted EBITDA Margin are used to measure operating performance without regard to items such as depreciation and amortization, which can vary depending upon accounting methods and the book value of assets, and to present a meaningful measure of corporate performance exclusive of capital structure and the method by which assets were acquired.

These non-GAAP financial measures should not be considered a substitute for, or superior to, financial measures calculated in accordance with GAAP. These non-GAAP financial measures exclude significant expenses and income that are required by GAAP to be recorded in our condensed consolidated financial statements and are subject to inherent limitations. Investors should review the reconciliations of non-GAAP financial measures to the comparable GAAP financial measures that are included in this press release.

**Adjusted EBITDA Measures:**

<u>Adjusted EBITDA</u> consists of net income adjusted for income tax expense, depreciation and amortization expense, stock-based compensation expense, realized gain or loss from investments held and foreign currency impact on cash and investments, investment income, and other adjustments as necessary for a fair presentation. Other adjustments for the three months ended September 30, 2025 included the expense impact from disposals of other equipment and for the nine months ended September 30, 2025 included the expense impacts from

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disposals of certain capitalized internally developed software, disposals of other equipment, and one-time acquisition-related insurance costs. Net income is the comparable GAAP measure of financial performance.

<u>Adjusted EBITDA Margin</u> consists of Adjusted EBITDA divided by revenue. Margin, the comparable GAAP measure of financial performance, consists of net income divided by revenue.

**Non-GAAP Income Per Share Measure:**

<u>Non-GAAP income per share</u> consists of net income adjusted for stock-based compensation expense, amortization expense related to intangible assets, realized gain or loss from investments held and foreign currency impact on cash and investments, other adjustments as necessary for a fair presentation, including for the three months ended September 30, 2025 the expense impact from disposals of other equipment and for the nine months ended September 30, 2025 the expense impacts from disposals of certain capitalized internally developed software, disposals of other equipment, and one-time acquisition-related insurance costs, and the corresponding tax impacts of the adjustments to net income, divided by the weighted average number of shares of common and diluted stock outstanding during each period. Net income per share, the comparable GAAP measure of financial performance, consists of net income divided by the weighted average number of shares of common and diluted stock outstanding during each period. To quantify the tax effects, we recalculated income tax expense excluding the direct book and tax effects of the specific items constituting the non-GAAP adjustments. The difference between this recalculated income tax expense and GAAP income tax expense is presented as the income tax effect of the non-GAAP adjustments.

**<u>Forward-Looking Statements</u>**

This press release may contain forward-looking statements, including information about management's view of SPS Commerce's future expectations, plans and prospects, including our views regarding future execution within our business, the opportunity we see in the retail supply chain world and our performance for the fourth quarter and full year of 2025, within the safe harbor provisions under The Private Securities Litigation Reform Act of 1995. These statements involve known and unknown risks, uncertainties and other factors which may cause the results of SPS Commerce to be materially different than those expressed or implied in such statements. Certain of these risk factors and others are included in documents SPS Commerce files with the Securities and Exchange Commission, including but not limited to, SPS Commerce's Annual Report on Form 10-K for the year ended December 31, 2024, as well as subsequent reports filed with the Securities and Exchange Commission. Other unknown or unpredictable factors also could have material adverse effects on SPS Commerce's future results. The forward-looking statements included in this press release are made only as of the date hereof. SPS Commerce cannot guarantee future results, levels of activity, performance or achievements. Accordingly, you should not place undue reliance on these forward-looking statements. Finally, SPS Commerce expressly disclaims any intent or obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.

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**SPS COMMERCE, INC.**

**CONDENSED CONSOLIDATED BALANCE SHEETS**

(In thousands, except shares)

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| | | |
|:---|:---|:---|
| | **September 30,<br>2025** | **December 31,<br>2024** |
| **ASSETS** | (unaudited) |  |
| Current assets |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents | $133725 | $241017 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable | 73339 | 56214 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Allowance for credit losses | (5900) | (4179) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable, net | 67439 | 52035 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred costs | 66510 | 65342 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other assets | 47947 | 23513 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current assets | 315621 | 381907 |
| Property and equipment, net | 41448 | 37547 |
| Operating lease right-of-use assets | 6723 | 8192 |
| Goodwill | 543035 | 399180 |
| Intangible assets, net | 225262 | 181294 |
| Other assets |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred costs, non-current | 20769 | 20572 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred income tax assets | 463 | 505 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other assets, non-current | 5359 | 2033 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | $1158680 | $1031230 |
| **LIABILITIES AND STOCKHOLDERS' EQUITY** |  |  |
| Current liabilities |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts payable | $12745 | $8577 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued compensation | 51795 | 47160 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued expenses | 12318 | 12108 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred revenue | 77566 | 74256 |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating lease liabilities | 5623 | 4583 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current liabilities | 160047 | 146684 |
| Other liabilities |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred revenue, non-current | 5150 | 6189 |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating lease liabilities, non-current | 4021 | 7885 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred income tax liabilities | 30223 | 15541 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other liabilities, non-current | 299 | 241 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 199740 | 176540 |
| Commitments and contingencies (Note I) |  |  |
| Stockholders' equity |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Common stock | 40 | 40 |
| &nbsp;&nbsp;&nbsp;&nbsp;Treasury stock | (152096) | (99748) |
| &nbsp;&nbsp;&nbsp;&nbsp;Additional paid-in capital | 708318 | 627982 |
| &nbsp;&nbsp;&nbsp;&nbsp;Retained earnings | 403597 | 336099 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accumulated other comprehensive loss | (919) | (9683) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total stockholders' equity | 958940 | 854690 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities and stockholders' equity | $1158680 | $1031230 |

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**SPS COMMERCE, INC.**

**CONDENSED CONSOLIDATED STATEMENTS OF INCOME**

(Unaudited; in thousands, except per share amounts)

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended<br>September 30,** | **Three Months Ended<br>September 30,** | **Nine Months Ended<br>September 30,** | **Nine Months Ended<br>September 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| Revenues | $189904 | $163686 | $558853 | $466858 |
| Cost of revenues | 57932 | 51624 | 174672 | 155129 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gross profit | 131972 | 112062 | 384181 | 311729 |
| Operating expenses |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Sales and marketing | 42322 | 37577 | 127390 | 109700 |
| &nbsp;&nbsp;&nbsp;&nbsp;Research and development | 17276 | 15292 | 51986 | 45667 |
| &nbsp;&nbsp;&nbsp;&nbsp;General and administrative | 31690 | 27152 | 93598 | 76575 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of intangible assets | 9493 | 6470 | 27590 | 15648 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total operating expenses | 100781 | 86491 | 300564 | 247590 |
| Income from operations | 31191 | 25571 | 83617 | 64139 |
| Other income, net | 1260 | 3778 | 4240 | 10966 |
| Income before income taxes | 32451 | 29349 | 87857 | 75105 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income tax expense | 6882 | 5889 | 20359 | 15610 |
| Net income | $25569 | $23460 | $67498 | $59495 |
| Net income per share |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Basic | $0.67 | $0.63 | $1.78 | $1.60 |
| &nbsp;&nbsp;&nbsp;Diluted | $0.67 | $0.62 | $1.77 | $1.57 |
| Weighted average common shares used to compute net income per share |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Basic | 37895 | 37447 | 37939 | 37192 |
| &nbsp;&nbsp;&nbsp;Diluted | 37993 | 37996 | 38070 | 37785 |

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**SPS COMMERCE, INC.**

**CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS**

(Unaudited; in thousands)

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| | | |
|:---|:---|:---|
| | **Nine Months Ended<br>September 30,** | **Nine Months Ended<br>September 30,** |
| | **2025** | **2024** |
| Cash flows from operating activities |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net income | $67498 | $59495 |
| &nbsp;&nbsp;&nbsp;&nbsp;Reconciliation of net income to net cash provided by operating activities |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred income taxes | 12583 | (9918) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization of property and equipment | 15302 | 14010 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of intangible assets | 27590 | 15648 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Provision for credit losses | 6843 | 6239 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stock-based compensation | 43318 | 42264 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other, net | (343) | (925) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Changes in assets and liabilities, net of effects of acquisitions |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable | (16301) | (11456) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred costs | 234 | (2240) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other assets and liabilities | (25233) | (2258) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable | 2925 | 665 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued compensation | 1035 | 458 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued expenses | (2226) | 842 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred revenue | 1051 | 5424 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating leases | (1357) | (1412) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash provided by operating activities | 132919 | 116836 |
| Cash flows from investing activities |  |  |
| &nbsp;&nbsp;&nbsp;Purchases of property and equipment | (18873) | (13832) |
| &nbsp;&nbsp;&nbsp;Purchases of investments |  | (85759) |
| &nbsp;&nbsp;&nbsp;Maturities of investments |  | 136765 |
| &nbsp;&nbsp;&nbsp;Acquisition of business, net | (142628) | (147401) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash used in investing activities | (161501) | (110227) |
| Cash flows from financing activities |  |  |
| &nbsp;&nbsp;&nbsp;Repurchases of common stock | (89556) | (37567) |
| &nbsp;&nbsp;&nbsp;Net proceeds from exercise of options to purchase common stock | 3481 | 4198 |
| &nbsp;&nbsp;&nbsp;Net proceeds from employee stock purchase plan activity | 5924 | 5672 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash used in financing activities | (80151) | (27697) |
| Effect of foreign currency exchange rate changes | 1441 | 849 |
| Net decrease in cash and cash equivalents | (107292) | (20239) |
| Cash and cash equivalents at beginning of period | 241017 | 219081 |
| Cash and cash equivalents at end of period | $133725 | $198842 |

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**SPS COMMERCE, INC.**

**NON-GAAP RECONCILIATIONS**

(Unaudited; in thousands, except Margin, Adjusted EBITDA Margin, and per share amounts)

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| | | | | |
|:---|:---|:---|:---|:---|
| **Adjusted EBITDA** | **Adjusted EBITDA** | **Adjusted EBITDA** | **Adjusted EBITDA** | **Adjusted EBITDA** |
| | **Three Months Ended<br>September 30,** | **Three Months Ended<br>September 30,** | **Nine Months Ended<br>September 30,** | **Nine Months Ended<br>September 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
| Net income | $25569 | $23460 | $67498 | $59495 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income tax expense | 6882 | 5889 | 20359 | 15610 |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization of property and equipment | 5354 | 4633 | 15302 | 14010 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of intangible assets | 9493 | 6470 | 27590 | 15648 |
| &nbsp;&nbsp;&nbsp;&nbsp;Stock-based compensation expense | 14453 | 10752 | 43318 | 42264 |
| &nbsp;&nbsp;&nbsp;&nbsp;Realized gain from investments held and foreign currency impact on cash and investments | (205) | (1077) | (678) | (2636) |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment income | (1076) | (2704) | (3613) | (8377) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | 10 | 978 | 1129 | 978 |
| Adjusted EBITDA | $60480 | $48401 | $170905 | $136992 |

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| | | | | |
|:---|:---|:---|:---|:---|
| **Adjusted EBITDA Margin** | **Adjusted EBITDA Margin** | **Adjusted EBITDA Margin** | **Adjusted EBITDA Margin** | **Adjusted EBITDA Margin** |
| | **Three Months Ended<br>September 30,** | **Three Months Ended<br>September 30,** | **Nine Months Ended<br>September 30,** | **Nine Months Ended<br>September 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
| Revenue | $189904 | $163686 | $558853 | $466858 |
| Net income | 25569 | 23460 | 67498 | 59495 |
| Margin | 13% | 14% | 12% | 13% |
| Adjusted EBITDA | 60480 | 48401 | 170905 | 136992 |
| Adjusted EBITDA Margin | 32% | 30% | 31% | 29% |

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| | | | | |
|:---|:---|:---|:---|:---|
| **Non-GAAP Income per Share** | **Non-GAAP Income per Share** | **Non-GAAP Income per Share** | **Non-GAAP Income per Share** | **Non-GAAP Income per Share** |
| | **Three Months Ended<br>September 30,** | **Three Months Ended<br>September 30,** | **Nine Months Ended<br>September 30,** | **Nine Months Ended<br>September 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
| Net income | $25569 | $23460 | $67498 | $59495 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stock-based compensation expense | 14453 | 10752 | 43318 | 42264 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of intangible assets | 9493 | 6470 | 27590 | 15648 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Realized gain from investments held and foreign currency impact on cash and investments | (205) | (1077) | (678) | (2636) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other | 10 | 978 | 1129 | 978 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income tax effects of adjustments | (6365) | (5514) | (19935) | (18134) |
| Non-GAAP income | $42955 | $35069 | $118922 | $97615 |
| Shares used to compute net income and non-GAAP income per share |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Basic | 37895 | 37447 | 37939 | 37192 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diluted | 37993 | 37996 | 38070 | 37785 |
| Net income per share, basic | $0.67 | $0.63 | $1.78 | $1.60 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-GAAP adjustments to net income per share, basic | 0.46 | 0.31 | 1.35 | 1.02 |
| Non-GAAP income per share, basic | $1.13 | $0.94 | $3.13 | $2.62 |
| Net income per share, diluted | $0.67 | $0.62 | $1.77 | $1.57 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-GAAP adjustments to net income per share, diluted | 0.46 | 0.30 | 1.35 | 1.01 |
| Non-GAAP income per share, diluted | $1.13 | $0.92 | $3.12 | $2.58 |

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*The annual per share amounts may not cross-sum due to rounding.*

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