Non-GAAP Income Per Share Measure: Non-GAAP income per share consists of net income adjusted for stock-based compensation expense, amortization expense related to intangible assets, realized gain or loss from foreign currency on cash and investments held, other adjustments as necessary for a fair presentation, including the expense impact from disposals of certain capitalized internally developed software, 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.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS(Unaudited; in thousands) Six Months EndedJune 30, 2024 2023 Cash flows from operating activities Net income$36,035 $29,971 Reconciliation of net income to net cash provided by operating activities Deferred income taxes (8,172) (8,654)Depreciation and amortization of property and equipment 9,377 9,289 Amortization of intangible assets 9,178 7,330 Provision for credit losses 3,646 2,491 Stock-based compensation 31,512 24,661 Other, net (907) 1,143 Changes in assets and liabilities, net of effects of acquisitions Accounts receivable (11,407) (9,937)Deferred costs (1,996) (5,136)Other assets and liabilities 1,899 3,614 Accounts payable (1,450) (4,414)Accrued compensation (10,763) (2,910)Accrued expenses 1,489 (728)Deferred revenue 5,965 9,909 Operating leases (900) (959)Net cash provided by operating activities 63,506 55,670 Cash flows from investing activities Purchases of property and equipment (8,592) (9,769)Purchases of investments (78,994) (68,579)Maturities of investments 105,000 60,000 Acquisition of businesses, net (29,343) — Net cash used in investing activities (11,929) (18,348)Cash flows from financing activities Repurchases of common stock (37,483) — Net proceeds from exercise of options to purchase common stock 2,314 4,819 Net proceeds from employee stock purchase plan activity 5,219 4,136 Net cash provided by (used in) financing activities (29,950) 8,955 Effect of foreign currency exchange rate changes (476) 94 Net increase in cash and cash equivalents 21,151 46,371 Cash and cash equivalents at beginning of period 219,081 162,893 Cash and cash equivalents at end of period$240,232 $209,264 SPS COMMERCE, INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME(Unaudited; in thousands, except per share amounts) Three Months EndedJune 30, Six Months EndedJune 30, 2024 2023 2024 2023Revenues$153,596 $130,416 $303,172 $256,284Cost of revenues 52,018 44,544 103,505 87,508Gross profit 101,578 85,872 199,667 168,776Operating expenses Sales and marketing 35,691 30,349 72,123 59,433Research and development 14,366 13,318 30,375 25,880General and administrative 23,516 21,693 49,423 42,369Amortization of intangible assets 4,840 3,479 9,178 7,330Total operating expenses 78,413 68,839 161,099 135,012Income from operations 23,165 17,033 38,568 33,764Other income, net 4,056 1,882 7,188 3,157Income before income taxes 27,221 18,915 45,756 36,921Income tax expense 9,189 4,233 9,721 6,950Net income$18,032 $14,682 $36,035 $29,971 Net income per share Basic$0.49 $0.40 $0.97 $0.82Diluted$0.48 $0.39 $0.96 $0.80 Weighted average common shares used to compute net income per share Basic 37,078 36,593 37,063 36,511Diluted 37,683 37,426 37,690 37,327 SPS COMMERCE, INC.
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