SPS Commerce Cash Flow Statement

Financials in millions USD. Fiscal year is January - December.

Millions USD. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Period Ending	Sep '25 Sep 30, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021	Dec '20 Dec 31, 2020
Net Income	85.06	77.05	65.82	55.13	44.6	45.59
Depreciation & Amortization	55.47	42.23	34.75	28.19	24.91	18.67
Stock-Based Compensation	55.61	54.56	45.51	33.4	27.57	18.94
Provision & Write-off of Bad Debts	8.29	7.68	5.71	3.36	4.72	5.66
Other Operating Activities	13.87	-9.21	-7.66	-3.51	4.2	4.13
Change in Accounts Receivable	-14.5	-9.65	-11.95	-6.44	-4.96	-5.92
Change in Accounts Payable	3.06	0.8	-3.95	0.14	2.26	1.21
Change in Unearned Revenue	-3.65	0.73	6.46	5.97	14.48	4.43
Change in Other Net Operating Assets	-29.73	-6.79	-2.39	-16.19	-4.9	-4.14
Operating Cash Flow	173.48	157.4	132.3	100.05	112.89	88.56
Operating Cash Flow Growth	15.95%	18.97%	32.23%	-11.37%	27.47%	23.36%
Capital Expenditures	-25.09	-20.05	-19.76	-19.88	-19.59	-16.47
Cash Acquisitions	-143.15	-147.92	-70.22	-91.42	-17.07	-98.67
Investment in Securities	6.51	57.52	-2.66	-1.49	-10.05	-5.34
Investing Cash Flow	-161.73	-110.45	-92.64	-112.79	-46.7	-120.47
Issuance of Common Stock	14.08	14.54	17.97	11.58	14.11	21.97
Repurchase of Common Stock	-89.56	-37.57	-	-43.22	-20.43	-18.95
Other Financing Activities	-	-	-2	-	-2.04	-0.69
Financing Cash Flow	-75.48	-23.03	15.97	-31.63	-8.36	2.33
Foreign Exchange Rate Adjustments	-1.39	-1.98	0.56	-0.29	0.03	0.02
Net Cash Flow	-65.12	21.94	56.19	-44.66	57.86	-29.56
Free Cash Flow	148.39	137.35	112.54	80.17	93.31	72.1
Free Cash Flow Growth	12.85%	22.05%	40.37%	-14.07%	29.42%	23.86%
Free Cash Flow Margin	20.34%	21.54%	20.96%	17.78%	24.22%	23.06%
Free Cash Flow Per Share	3.90	3.63	3.00	2.17	2.52	1.99
Cash Income Tax Paid	27.1	27.1	29.21	16.08	9.98	1.66
Levered Free Cash Flow	123.15	133.3	111.13	80.42	77.5	59.78
Unlevered Free Cash Flow	123.15	133.3	111.13	80.42	77.5	59.78
Change in Working Capital	-44.81	-14.92	-11.82	-16.52	6.89	-4.42

Source: S&P Global Market Intelligence. Standard template. Financial Sources.