SPS Commerce Inc
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Let's analyse SPS Commerce Inc together

Penke I guess you are interested in SPS Commerce Inc. Buy, hold or sell? I don't know! However, I do recommend doing research before doing anything. I will help you with that.

I'm going to help you getting a better view of SPS Commerce Inc. At the end you don't have to ask anyone for trading advice. You can make your own decision, with more confidence, the odds in your favor, backed by data.

You can find me behind Let's Analyse Together in the top-right of each section.

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Quick analysis of SPS Commerce Inc (30 sec.)

What can you expect buying and holding a share of SPS Commerce Inc? (30 sec.)

How much money do you get?

$0.00

When do you have the money?

1 year

How often do you get paid?

0.0%

What is your share worth?

Current worth

$17.73

Expected worth in 1 year

$20.94

How sure are you?

97.5%

+ What do you gain per year?

Total Gains per Share

$3.21

Return On Investment

2.0%

For what price can you sell your share?

Current Price per Share

$163.13

Expected price per share

$153.98 - $172.54

How sure are you?

50%

1. Valuation of SPS Commerce Inc (5 min.)

Live pricePrice per Share (EOD)

$163.13

Book Value per Share

$17.73

Intrinsic Value Per Share

$20.37 - $37.19

Total Value Per Share

$38.10 - $54.92

My calculation of the intrinsic value of SPS Commerce Inc is based how much money is coming from the company's main activities (Free Cash Flow).

The following numbers are based on moving averages and per share and per quarter.
I use a 6% discount rate for the low estimation and 3% for the high estimation.
The current Free Cash Flow Per Share is 10Y: ($0.34) 3Y: ($0.65) TTM: ($0.75)
The change per quarter (trend) of the Free Cash Flow Per Share is 10Y: ($0.02) 3Y: ($0.02) TTM: ($0.07)

Years	Total Low est.	Total High est.	Added Free Cash Flow
1	$1.50	$2.76	$1.66 - $2.94
2	$3.17	$5.77	$1.95 - $3.30
3	$5.00	$9.03	$2.24 - $3.65
4	$6.95	$12.50	$2.52 - $4.00
5	$9.01	$16.18	$2.81 - $4.35
6	$11.17	$20.06	$3.10 - $4.71
7	$13.39	$24.11	$3.38 - $5.06
8	$15.68	$28.32	$3.67 - $5.41
9	$18.00	$32.69	$3.96 - $5.77
10	$20.37	$37.19	$4.24 - $6.12

2. Growth of SPS Commerce Inc (5 min.)

Is SPS Commerce Inc growing?

	Current year	Previous year	Grow	Grow %
How rich?	$667.4m	$508.3m	$106.9m	17.4%

How much money is SPS Commerce Inc making?

	Current year	Previous year	Grow	Grow %
Making money	$16.4m	$13.7m	$2.6m	16.2%
Net Profit Margin	12.2%	12.2%	-	-

How much money comes from the company's main activities?

Quarterly Yearly

3. Financial Health of SPS Commerce Inc (5 min.)

What can you expect buying and holding a share of SPS Commerce Inc? (5 min.)

Welcome investor! SPS Commerce Inc's management wants to use your money to grow the business. In return you get a share of SPS Commerce Inc.

What can you expect buying and holding a share of SPS Commerce Inc?

First you should know what it really means to hold a share of SPS Commerce Inc. And how you can make/lose money.

Speculation

The Price per Share of SPS Commerce Inc is $163.13. The market price reflects what other people think it is worth; not what it's really worth. Your job is to find out if the market price is fair, overpriced, or underpriced. I will help you with that.

If you buy blind, there is a 50% chance of making or losing money by selling the stock in the future. However, we can look at a few things to determine the odds in our favor:

The fundamentals: the financial health trends of SPS Commerce Inc.
The technials: based on market psychology, we can make a calculated estimate of what the price will do in the future. We can do this through technical analysis. We can calculate the probabilities and the expected value (millionaire math). That's called speculation.
The book value: what is the market price compared to it's book value.

Investing

If you really want to invest in SPS Commerce Inc, you will have to let go of the thought of selling in the future. If you have to sell the share for less than you bought it, it can still be a good investment. Focus on what it means to hold the stock forever:

You own a part of the company. The equity of this part can grow or shrink. The current Book Value per Share is $17.73. Based on the TTM, the Book Value Change Per Share is $0.80 per quarter. Based on the YOY, the Book Value Change Per Share is $0.37 per quarter.
You may receive quarterly/yearly dividend in the form of additional shares.
You may receive quarterly/yearly dividend in the form of cash. Based on the TTM the Dividend per Share is $0.00 per quarter.

Based on historical numbers we can estimate the returns while holding a share of SPS Commerce Inc.

How much money are you going to get?

	MRQ		TTM		YOY		5Y		10Y
	$	% of Price per Share	$	% of Price per Share	$	% of Price per Share	$	% of Price per Share	$	% of Price per Share
Usd Eps	0.51	0.3%	0.44	0.3%	0.37	0.2%	0.33	0.2%	0.19	0.1%
Usd Book Value Change Per Share	1.05	0.6%	0.80	0.5%	0.37	0.2%	0.46	0.3%	0.31	0.2%
Usd Dividend Per Share	0.00	0.0%	0.00	0.0%	0.00	0.0%	0.00	0.0%	0.00	0.0%
Usd Total Gains Per Share	1.05	0.6%	0.80	0.5%	0.37	0.2%	0.46	0.3%	0.31	0.2%
Usd Price Per Share	193.84	-	177.20	-	124.23	-	116.37	-	90.66	-
Price to Earnings Ratio	95.95	-	101.51	-	85.11	-	88.09	-	301.34	-
Price-to-Total Gains Ratio	183.80	-	226.74	-	460.41	-	563.87	-	512.45	-
Price to Book Ratio	10.93	-	10.78	-	9.04	-	9.12	-	9.48	-
Price-to-Total Gains Ratio	183.80	-	226.74	-	460.41	-	563.87	-	512.45	-

When do you get the money?

Usd Investment	$.00
Usd Price Per Share	163.13
Number of shares	6

Gains per Quarter	Trailing 12 Months	5 Year
Usd Dividend Per Share	0.00	0.00
Usd Book Value Change Per Share	0.80	0.46
Usd Total Gains Per Share	0.80	0.46
Gains per Quarter (6 shares)	4.81	2.73
Gains per Year (6 shares)	19.24	10.93

Years	Return on Investment (TTM)			Return on Investment (5Y)
	Dividend	Book Value gain	Total gains	Dividend	Book Value gain	Total gains
Broker costs	-	-	-10	-	-	-10
1	0	19	9	0	11	1
2	0	38	28	0	22	12
3	0	58	47	0	33	23
4	0	77	66	0	44	34
5	0	96	85	0	55	45
6	0	115	104	0	66	56
7	0	135	123	0	76	67
8	0	154	142	0	87	78
9	0	173	161	0	98	89
10	0	192	180	0	109	100

How sure are you?

Based on the past periods, how sure are you to get value out of your investment.

Linear %

	Trailing 12 Months				3Y				5 Year				10 Year				ALLTIME
				%				%				%				%				%
Earnings Per Share	4.0	0.0	0.0	100.0%	12.0	0.0	0.0	100.0%	20.0	0.0	0.0	100.0%	39.0	1.0	0.0	97.5%	57.0	4.0	0.0	93.4%
Book Value Change Per Share	4.0	0.0	0.0	100.0%	12.0	0.0	0.0	100.0%	20.0	0.0	0.0	100.0%	39.0	1.0	0.0	97.5%	57.0	2.0	2.0	93.4%
Dividend per Share	0.0	0.0	4.0	0.0%	0.0	0.0	12.0	0.0%	0.0	0.0	20.0	0.0%	0.0	0.0	40.0	0.0%	0.0	0.0	61.0	0.0%
Total Gains per Share	4.0	0.0	0.0	100.0%	12.0	0.0	0.0	100.0%	20.0	0.0	0.0	100.0%	39.0	1.0	0.0	97.5%	57.0	2.0	2.0	93.4%

Fundamentals of SPS Commerce Inc

About SPS Commerce Inc

https://www.spscommerce.com
2489
333 South Seventh Street, Minneapolis, MN, United States, 55402
Google Maps Bing Maps

SPS Commerce, Inc. provides cloud-based supply chain management solutions in the United States and internationally. It offers solutions through the SPS Commerce, a cloud-based platform that enhances the way retailers, grocers, suppliers, distributors, and logistics firms manage and fulfill omnichannel orders, optimize sell-through performance, and automate new trading relationships. The company also provides Fulfillment, an electronic data interchange solution that scales as a business grows, where companies use a single system to manage orders and logistics from various sales channels, including wholesale, eCommerce, and marketplaces; and Analytics product that enables organizations to enhance visibility into how products are selling through a single connection across various sales channels, including wholesale, eCommerce, and marketplaces, as well as enhances access and usage of sales and inventory data through a combination of analytics applications, network of connections, and industry-leading expertise. In addition, it offers various complimentary products, such as assortment product, which simplifies the communication of robust, accurate item data by automatically translating item attributes, and hierarchies; and community product that allows organizations to accelerate digitization of their supply chain and improve collaboration with suppliers through change management and onboarding programs. The company was formerly known as St. Paul Software, Inc. and changed its name to SPS Commerce, Inc. in May 2001. SPS Commerce, Inc. was incorporated in 1987 and is headquartered in Minneapolis, Minnesota.

Fundamental data was last updated by Penke on 2024-04-12 19:00:04.

Financial Health

Profitability Details

	Compared to previous year	Compared to industry
The company is making a huge profit.
Using its assets, the company is less efficient in making profit.
Using its investors money, the company is inefficient in making profit.

Operating Efficiency Details

	Compared to previous year	Compared to industry
The company is operating less efficient.
The company is less efficient in keeping operating costs low.

Liquidity Details

	Compared to previous year	Compared to industry
The company is able to pay all its short-term debts.
The company is very able to pay all its short-term debts with the most liquid assets.

Solvency Details

	Compared to previous year	Compared to industry
The company is very able to pay all its debts by selling its assets.
The company is very able to pay all its debts with equity.

Valuation

Valuation Details

	Compared to previous year	Compared to industry
Based on the equity, the company is expensive.
Based on the earnings, the company is expensive.
Based on how much money comes from the company's main activities, the company is overpriced.

1.1. Profitability of SPS Commerce Inc.

1.1. Profitability

1.1.1. Net Profit Margin

Measures how much net profit SPS Commerce Inc earns for each $1 of revenue.

Above 10% is considered healthy but always compare SPS Commerce Inc to the Software - Infrastructure industry mean.
A Net Profit Margin of 13.1% means that $0.13 for each $1 in revenue is generated as profit.

Let's take a look of the Net Profit Margin trends of SPS Commerce Inc:

The MRQ is 13.1%. The company is making a huge profit. +2
The TTM is 12.2%. The company is making a huge profit. +2

Trends

Current period		Compared to		+/-
MRQ	13.1%	TTM	12.2%	+0.9%
TTM	12.2%	YOY	12.2%	+0.1%
TTM	12.2%	5Y	12.5%	-0.3%
5Y	12.5%	10Y	7.9%	+4.6%

Measures how much net profit SPS Commerce Inc earns for each $1 of revenue.

Revenue is the amount of profit SPS Commerce Inc generates before taxes and all other costs. For example, when you buy a cup of coffee it will cost you $3. The company does not earn $3 in profit but also has to pay various costs and taxes to create that cup of coffee. Let's assume the cost of creating a cup of coffee is $1.5.

The $3 you pay for a cup of coffee is called revenue.
The $1.5 that’s left over when all costs to create that cup of coffee (including taxes) are deduced from the revenue is called net profit.

The net profit margin looks at how much net profit SPS Commerce Inc earns for each $1 in revenue.

How to use net profit margin

Higher profit margin is better (more profit).
Above 10% is considered healthy but always compare SPS Commerce Inc to the Software - Infrastructure industry mean.
Can be used to compare companies within the Software - Infrastructure industry.

You typically want a high profit margin. This means that for each $1 in sales, SPS Commerce Inc makes more profit. This shows the investor how efficiently SPS Commerce Inc is operating in general and compared to other companies in the same industry. SPS Commerce Inc operates in the Software - Infrastructure industry.

Why do investors use net profit margin in their analysis

It helps investors to determine the efficiency of SPS Commerce Inc. If profit margins remain low (compared to the Software - Infrastructure industry mean) and there are no improvements to make in production costs or other areas that might be a warning sign. If profit margins are high that means the company has low overhead costs and is efficiently using its resources to generate profit.

The three steps every investor should look at:

What is the current net profit margin?
The current most recent quarter (MRQ) Net Profit Margin of SPS Commerce Inc is 0.13. This means that SPS Commerce Inc earned $0.13 for each $1 in revenue in the most recent quarter.
How does it compare to the industry?
The mean MRQ Net Profit Margin of the Software - Infrastructure industry is .
What is the trend?
The trend is important because it shows you how SPS Commerce Inc is performing over time. The most recent quarter might be important if SPS Commerce Inc released a new product or service. And you can use MRQ to see if they performed better vs last year. You can find all the trends for SPS Commerce Inc up to 10 years back (depending if the company existed 10 years ago) when you exit this learning section.

Things to be aware of

Only compare SPS Commerce Inc with other companies in the same industry (Software - Infrastructure).
Net profit margin should rise over the years.
Can be influenced when SPS Commerce Inc sells assets (profit will increase while costs remain the same).
It won’t show what part of SPS Commerce Inc is doing great or needs improvement (it only looks at total revenue and total net income).

How to calculate net profit margin

Net profit margin = net income / total revenue * 100%

Real example of SPS Commerce Inc

You need the following data to determine net profit margin:

Income statement from the period you want to calculate (for example, MRQ or TTM).

Net income MRQ SPS Commerce Inc = 19,011
Total revenue MRQ SPS Commerce Inc = 144,965
$19,011 / $144,965 = 0.13 or 13.1%

Higher is better

The higher the net profit margin, the more efficient the company is generating income. This helps investors to determine how the company is managing money. The net profit margin is an important indicator when diving into the financial health of a company. Overall, you want to see the net profit margin rising over the years. That means the company improved their production and made it more efficient (if possible).

You can use the net profit margin to compare companies within the same industry. If there are two companies where one is much bigger but the smaller one has a higher net profit margin, that means the smaller company is more efficiently using operational costs.

Important: Profit margins can be very different between industries. Companies with assembly lines or transports are much more prone to see shifting in prices for fuel, ingredients and maintenance compared to companies that only provide services. You should never compare net profit margin between different industries.

1.1.2. Return on Assets

Shows how efficient SPS Commerce Inc is using its assets to generate profit.

Above 5% is considered healthy but always compare SPS Commerce Inc to the Software - Infrastructure industry mean.
2.3% Return on Assets means that SPS Commerce Inc generated $0.02 profit for each $1 in assets.

Let's take a look of the Return on Assets trends of SPS Commerce Inc:

The MRQ is 2.3%. Using its assets, the company is less efficient in making profit.
The TTM is 2.2%. Using its assets, the company is less efficient in making profit.

Trends

Current period		Compared to		+/-
MRQ	2.3%	TTM	2.2%	+0.1%
TTM	2.2%	YOY	2.2%	0.0%
TTM	2.2%	5Y	2.1%	+0.0%
5Y	2.1%	10Y	1.3%	+0.8%

Shows how efficient SPS Commerce Inc is using its assets to generate profit.

For a farm, a tractor is considered an asset. The tractor helps ploughing the land making it possible to plant and harvest crops. But the tractor might be old and needing maintenance all the time reducing its efficiency. Return on assets indicates how effectively the farm is using the tractor (and other assets that help the core business) to plough the land.

How to use return on assets

Higher is better.
Above 5% is considered healthy but always compare SPS Commerce Inc to the Software - Infrastructure industry mean.
Can be very different between industries.
Can be used to compare companies.

Why do investors use return on assets in their analysis

Shows the investor how effectively SPS Commerce Inc is using its resources to generate profit. If the return on assets (2.3%) from SPS Commerce Inc are higher than the Software - Infrastructure mean () that means SPS Commerce Inc is using its resources better than their competitors. If not, that means their competitors are more efficient in using their resources to generate profit.

An investor should always look at:

What is the current return on assets?
The current most recent quarter (MRQ) Return on Assets of SPS Commerce Inc is 2.3%. This means the company generated $0.02 for each $1 in assets.
How does it compare to the industry?
The mean MRQ Return on Assets of the Software - Infrastructure industry is .
What is the trend?
The trend is important because it shows you how SPS Commerce Inc is performing over time. The most recent quarter might be important if SPS Commerce Inc released a new product or service. And you can use MRQ to see if they performed better vs last year. You can find all the trends for SPS Commerce Inc up to 10 years back (depending if the company existed 10 years ago) when you exit this learning section.

Things to be aware of

Only compare with other companies in the same industry.
If a company has many assets changing over time, it’s better to calculate the average assets instead of the total assets.

How to calculate return on assets

Return on assets = net income / total assets * 100%

Real example SPS Commerce Inc

You need the following data to determine return on assets (ROA):

Income statement
Balance sheet

Net income MRQ (income statement) from SPS Commerce Inc = 19,011
Total assets MRQ (balance sheet) from SPS Commerce Inc = 823,844
19,011 / 823,844 = 0.02 or 2.3%

ROA is an important ratio as it will tell you how effectively SPS Commerce Inc is using its resources to generate profits. Example:

Bob and Kristin both sell ice cream in the summer. They both have an ice cream truck. The truck Bob owes cost him $20.000 and the truck Kristin owes cost her $1500. Over the summer, Bob earned $2000 and Kristin earned $200. To calculate the return on assets:

Bob: $2000 / $20.000 * 100% = 10%
Kristin: $200 / $1500 * 100% = 13.3%

This tells you Bob’s company is more valuable but Kristin's company is more efficient. Be aware that total assets can change over time. A transportation business will buy and sell trucks or planes all the time. Before using return on assets as a guideline, you have to know what the exact assets are. For a company that has many assets changing over time, it’s better to calculate the average assets instead of the total assets.

1.1.3. Return on Equity

Shows how efficient SPS Commerce Inc is using its investors money to generate profit.

Above 15%-20% is considered healthy but always compare SPS Commerce Inc to the Software - Infrastructure industry mean.
2.8% Return on Equity means SPS Commerce Inc generated $0.03 for each $1 the owners (shareholders) invested.

Let's take a look of the Return on Equity trends of SPS Commerce Inc:

The MRQ is 2.8%. Using its investors money, the company is inefficient in making profit. -1
The TTM is 2.7%. Using its investors money, the company is inefficient in making profit. -1

Trends

Current period		Compared to		+/-
MRQ	2.8%	TTM	2.7%	+0.2%
TTM	2.7%	YOY	2.7%	0.0%
TTM	2.7%	5Y	2.6%	+0.0%
5Y	2.6%	10Y	1.6%	+1.0%

Shows how efficient SPS Commerce Inc is using its investors money to generate profit.

A publicly traded company (any company that issues shares to the public) is owned by its shareholders. Return on equity calculates the amount of profit for every $1 the shareholders invested.

How to use return on equity

Higher is better.
Above 15%-20% is considered healthy but always compare SPS Commerce Inc to the Software - Infrastructure industry mean.
Can be very different between industries.
Can be used to compare companies.

Why do investors use return on equity in their analysis

To find out the owners/management's attitude toward their company. You typically want the owners/management to invest in the company and focus on generating profit. If not enough profit is generated (compared to the Software - Infrastructure industry mean), the company might not be investing their money efficiently.

The three steps every investor should look at:

What is the current return on equity?
The current most recent quarter (MRQ) Return on Equity of SPS Commerce Inc is 2.8%. This means SPS Commerce Inc generated $0.03 for each $1 the owners (shareholders) invested.
How does it compare to the industry?
The mean MRQ Return on Equity of the Software - Infrastructure industry is .
What is the trend?
The trend is important because it shows you how SPS Commerce Inc is performing over time. The most recent quarter might be important if SPS Commerce Inc released a new product or service. And you can use MRQ to see if they performed better vs last year. You can find all the trends for SPS Commerce Inc up to 10 years back (depending if SPS Commerce Inc existed 10 years ago) when you exit this learning section.

Things to be aware of

Only compare with other companies in the same industry.
Does not include intangible assets (non physical assets like licences, computer software, etc.).
Stockholders equity and shareholders equity refer to the same thing.
Liabilities should not be more than three times return on equity.

How to calculate return on equity

Return on equity = net profit / shareholders equity * 100%

Real example of SPS Commerce Inc

You need the following data to determine ROE:

Income statement
Balance sheet
Net profit MRQ (income statement) SPS Commerce Inc = 19,011
Shareholders equity (balance sheet) MRQ SPS Commerce Inc = 667,475
19,011 / 667,475 = 0.03 or 2.8%

A negative shareholder equity is a warning sign. It means the company has more liabilities than assets. It might also mean that the owners did not invest enough money or they are taking money out of the business.

1.2. Operating Efficiency of SPS Commerce Inc.

1.2. Operating Efficiency

1.2.1. Operating Margin

Measures how efficient SPS Commerce Inc is operating .

Measures how much profit SPS Commerce Inc makes for each $1 of sales after paying variable costs (production costs, wages, etc) but before taxes.
Above 15% is considered healthy but always compare SPS Commerce Inc to the Software - Infrastructure industry mean.
An Operating Margin of 15.8% means the company generated $0.16 for each $1 in revenue (before taxes).

Let's take a look of the Operating Margin trends of SPS Commerce Inc:

The MRQ is 15.8%. The company is operating efficient. +1
The TTM is 13.8%. The company is operating less efficient.

Trends

Current period		Compared to		+/-
MRQ	15.8%	TTM	13.8%	+2.0%
TTM	13.8%	YOY	15.7%	-1.8%
TTM	13.8%	5Y	14.7%	-0.9%
5Y	14.7%	10Y	10.0%	+4.7%

Measures how efficient SPS Commerce Inc is operating .

The more effecient a company creates products or provides services, the more profit it generates.

How to use operating margin

Higher is better
Above 15% is considered healthy but always compare SPS Commerce Inc to the Software - Infrastructure industry mean.
Can be very different between industries
Can be used to compare companies

Why do investors use operating margin in their analysis

To determine how much profit SPS Commerce Inc is making from it’s core business.

The three steps every investor should look at:

What is the current net profit margin?
The current most recent quarter (MRQ) Operating Margin of SPS Commerce Inc is 15.8%. This means that SPS Commerce Inc earned $0.16 for each $1 in revenue in the most recent quarter.
How does it compare to the industry?
The mean MRQ Operating Margin of the Software - Infrastructure industry is .
What is the trend?
The trend is important because it shows you how SPS Commerce Inc is performing over time. The most recent quarter might be important if SPS Commerce Inc released a new product or service. And you can use MRQ to see if they performed better vs last year. You can find all the trends for SPS Commerce Inc up to 10 years back (depending if the company existed 10 years ago) when you exit this learning section.

Things to be aware of

Only compare with other companies in the same industry
Can be calculated in different ways

How to calculate operating margin

Operating margin = operating earnings / total revenue

Real example of SPS Commerce Inc

You need the following data to determine operating margin:

Income statement
Operating earnings MRQ SPS Commerce Inc = 22,885
Total revenue MRQ SPS Commerce Inc = 144,965
$22,885 / $144,965 = 0.16 or 15.8%

Operating margin is used to calculate how much profit a company makes after variable costs of production but before paying interest and taxes. Some variable costs examples are wages, raw materials, packaging, and transaction fees. The amount of variable costs is different for each company and industry. In general, a higher operating margin is better as this implicates that a company is running efficiently.

For investors, a higher operating margin is a good sign. Although you should always look at operating margin in the long term. If operating margin is fluctuating over the years this might be a sign that things are not running efficiently enough. It’s a way to check how much profit a company is making from its core business.

Operation earnings can be calculated in multiple ways:

Operation earnings = EBIT - non operating income + non operating expense
Operation earnings = Gross profit - operating expense - depreciation and amortisation
Operation earnings = Total revenue - COGS (costs of goods sold) - indirect costs

1.2.2. Operating Ratio

Measures how efficient SPS Commerce Inc is keeping operating costs low.

Below 1 is considered healthy (always compare to Software - Infrastructure industry mean).
An Operation Ratio of 0.84 means that the operating costs are $0.84 for each $1 in net sales.

Let's take a look of the Operating Ratio trends of SPS Commerce Inc:

The MRQ is 0.842. The company is less efficient in keeping operating costs low.
The TTM is 0.857. The company is less efficient in keeping operating costs low.

Trends

Current period		Compared to		+/-
MRQ	0.842	TTM	0.857	-0.015
TTM	0.857	YOY	0.842	+0.014
TTM	0.857	5Y	0.852	+0.005
5Y	0.852	10Y	0.900	-0.048

Measures how efficient SPS Commerce Inc is keeping operating costs low.

If the operating ratio is below 1 that means the company is making money. The lower the operating ratio, the more efficient the company.

How to use operating ratio

Lower is better.
Below 1 is considered healthy but always compare SPS Commerce Inc to the Software - Infrastructure industry mean.
Can be very different between industries.
Can be used to compare companies.

Why do investors use operating ratio in their analysis

Shows if costs of creating products and or services is increasing or decreasing. The lower the operating ratio, the more efficient the company is creating products and services.

The three steps every investor should look at:

What is the current Operatin ratio?
The current most recent quarter (MRQ) Operating Ratio of SPS Commerce Inc is 84.2%. This means that SPS Commerce Inc earned $0.84 for each $1 in net sales in the most recent quarter.
How does it compare to the industry?
The mean MRQ Operating Ratio of the Software - Infrastructure industry is .
What is the trend?
The trend is important because it shows you how SPS Commerce Inc is performing over time. The most recent quarter might be important if SPS Commerce Inc released a new product or service. And you can use MRQ to see if they performed better vs last year. You can find all the trends for SPS Commerce Inc up to 10 years back (depending if the company existed 10 years ago) when you exit this learning section.

Things to be aware of

Only compare with other companies in the same industry.
You need COGS to calculate operating ratio which is not always shown in the income statement.
Does not consider debt.

How to calculate operating ratio

Operating ratio = Operating expenses + COGS \ Net sales

Real life example SPS Commerce Inc

You need the following data to determine operating ratio:

Income statement

COGS is not always specified on the income statement. If so you can use the following calculation:

(cost of revenue + total operating expenses) \ total revenue
(54,038 +68,042) \ 144,965 = 0.84

The operating ratio measures the efficiency of a company at keeping low costs while generating profits from sales. It compares the total operating expenses to the net amount of sales. The total operating expenses exists of:

COGS (materials, labour, rent of facility, repairs)
Operating expenses (legal fees, marketing, wages, rent, maintenance/repairs)

Operating expenses are all the costs the company makes that are not directly tied to the production of the service or product. Where COGS are costs that are directly tied to the production of a product or service.

Do note that COGS is not always available in the income statement. Some companies include COGS in the operating expenses while others list COGS separately. To make it even more confusing, COGS is also known as “costs of sales” and costs of sales is the same as costs of revenue.

The operating ratio tells you how efficient the company is creating its products or services while keeping prices low. In this case, a lower ratio is better. Higher or rising operating ratios might tell you that costs are rising while sales are not improving or staying the same.

1.3. Liquidity of SPS Commerce Inc.

1.3. Liquidity

1.3.1. Current Ratio

Measures if SPS Commerce Inc is able to pay off Short-term Debt.

Above 1.5 is considered healthy (always compare to Software - Infrastructure industry mean).
A Current Ratio of 2.59 means the company has $2.59 in assets for each $1 in short-term debts.

Let's take a look of the Current Ratio trends of SPS Commerce Inc:

The MRQ is 2.595. The company is able to pay all its short-term debts. +1
The TTM is 2.995. The company is able to pay all its short-term debts. +1

Trends

Current period		Compared to		+/-
MRQ	2.595	TTM	2.995	-0.400
TTM	2.995	YOY	3.367	-0.372
TTM	2.995	5Y	3.762	-0.767
5Y	3.762	10Y	4.943	-1.181

Measures if SPS Commerce Inc is able to pay off Short-term Debt.

How to use current ratio

Higher is better
Above 1.5 is considered healthy (always compare to Software - Infrastructure industry mean).
Can be very different between industries
Can be used to compare companies

Why do investors use current ratio in their analysis

Shows if the company can pay of short term debts if needed. A company that can't pay off it's short term debts might get in trouble if they have to pay off their short term debts for whatever reason. For example, markets can change due to global events like covid-19 or the war in Ukraine versus Russia. Because debts are always taken based on future income, it might become troublesome for SPS Commerce Inc if something happens in the market that will cause sales to plummet.

The three steps every investor should look at:

What is the current current Ratio?
The current most recent quarter (MRQ) Current Ratio of SPS Commerce Inc is 2.59. This means SPS Commerce Inc has $2.59 in assets for each $1 in short-term debts.
How does it compare to the industry?
The mean MRQ Current Ratio of the Software - Infrastructure industry is .
What is the trend?
The trend is important because it shows you how SPS Commerce Inc is performing over time. The most recent quarter might be important if SPS Commerce Inc released a new product or service. And you can use MRQ to see if they performed better vs last year. You can find all the trends for SPS Commerce Inc up to 10 years back (depending if the company existed 10 years ago) when you exit this learning section.

Things to be aware of

Only compare with other companies in the same industry.
Might be deluded.
Not all assets can always be quickly sold.
Can be manipulated by increasing or decreasing the assets and/or liabilities.

How to calculate current ratio

Current ratio = current assets \ current liabilities

Real life example SPS Commerce Inc

You need the following data to determine operating ratio:

Balance sheet
Current ratio = current assets \ current liabilities
339,038 \ 130,669) = 2.59

The current ratio measures if SPS Commerce Inc is able to pay short-term debts (obligations). Short term in this context means all debt obligations that are about to expire within one year. The current ratio incorporates current liabilities and current assets. Current assets are all the assets a company has that are expected to be consumed or sold within standard business operations. You can find the current assets in the balance sheet. They consist of:

Inventory
Accounts receivable
Marketable securities
Prepaid expenses
Cash
Cash equivalents
liquid assets

The current liabilities are short term obligations that are due within one year. These consist of:

Short term debts
Dividends
Income taxes
Short-term debts
Accounts payable
Interest payments

The result shows an investor if SPS Commerce Inc is able to pay all its short-term debts if they were due all at once. When the result of the above formula is below 1, then SPS Commerce Inc does not have enough capital after selling all its assets to pay all short-term debts. If the ratio drops far below 1 that might indicate SPS Commerce Inc is or will be in financial trouble anytime soon.

Although this gives an investor some clues, the current ratio may also be deluded. Because owning assets does not mean the company can easily sell them. Also, Accounts receivable may be quite old (they will probably never pay) which deludes the current ratio. As with all ratios, you should only compare them between the same industries and companies.

1.3.2. Quick Ratio

Measures if SPS Commerce Inc is able to pay off Short-term Debt but only using the most liquid assets.

Above 1 is considered healthy but always compare SPS Commerce Inc to the Software - Infrastructure industry mean.
A Quick Ratio of 2.90 means the company can pay off $2.90 for each $1 in debt (using most liquid assets).

Let's take a look of the Quick Ratio trends of SPS Commerce Inc:

The MRQ is 2.898. The company is very able to pay all its short-term debts with the most liquid assets. +2
The TTM is 2.980. The company is very able to pay all its short-term debts with the most liquid assets. +2

Trends

Current period		Compared to		+/-
MRQ	2.898	TTM	2.980	-0.082
TTM	2.980	YOY	3.166	-0.185
TTM	2.980	5Y	3.698	-0.717
5Y	3.698	10Y	4.766	-1.068

Measures if SPS Commerce Inc is able to pay off Short-term Debt but only using the most liquid assets.

How to use quick ratio

Higher is better.
Above 1 is considered healthy but always compare SPS Commerce Inc to the Software - Infrastructure industry mean.
Can be very different between industries.
Can be used to compare companies.

Why do investors use quick ratio in their analysis

Shows how fast SPS Commerce Inc can pay off its short term debts. This shows if SPS Commerce Inc can survive emergencies due to market changes or other reasons.

The three steps every investor should look at:

What is the current Quick Ratio?
The current most recent quarter (MRQ) quickRatio of SPS Commerce Inc is 2.90. This means that SPS Commerce Inc can pay off $2.90 for each $1 in debt (using most liquid assets).
How does it compare to the industry?
The mean MRQ Quick Ratio of the Software - Infrastructure industry is .
What is the trend?
The trend is important because it shows you how SPS Commerce Inc is performing over time. The most recent quarter might be important if SPS Commerce Inc released a new product or service. And you can use MRQ to see if they performed better vs last year. You can find all the trends for SPS Commerce Inc up to 10 years back (depending if the company existed 10 years ago) when you exit this learning section.

Things to be aware of

Only compare with other companies in the same industry.
Incorporates only most liquid assets.

How to calculate quick ratio

Quick ratio = cash and equivalents + marketable securities + accounts receivable / current liabilities

Real life example SPS Commerce Inc

You need the following data to determine operating ratio:

Balance sheet
Quick ratio = cash and short-term investments + short-term investments + netReceivables / total current liabilities
MRQ quick ratio SPS Commerce Inc: (275,440 + 56,359 +46,840) / 130,669 = 2.90

The quick ratio measures the same thing as the current ratio, only it uses the most liquid assets a company has. Meaning, the assets that can be sold for cash the easiest and fastest.

As the quick ratio only incorporates the most liquid assets, you should also check the current ratio which also includes less liquid assets. But they may be harder to sell.

1.4. Solvency of SPS Commerce Inc.

1.3. Liquidity

1.4.1. Debt to Asset Ratio

Measures how much % of SPS Commerce Inc assets are financed with debt.

Below 1 (100%) is considered healthy but always compare SPS Commerce Inc to Software - Infrastructure industry mean.
A Debt to Asset Ratio of 0.19 means that SPS Commerce Inc assets are financed with 19.0% credit (debt) and the remaining percentage (100% - 19.0%) is financed by its owners/shareholders.

Let's take a look of the Debt to Asset Ratio trends of SPS Commerce Inc:

The MRQ is 0.190. The company is very able to pay all its debts by selling its assets. +2
The TTM is 0.191. The company is very able to pay all its debts by selling its assets. +2

Trends

Current period		Compared to		+/-
MRQ	0.190	TTM	0.191	-0.001
TTM	0.191	YOY	0.201	-0.010
TTM	0.191	5Y	0.197	-0.006
5Y	0.197	10Y	0.178	+0.019

Measures how much % of SPS Commerce Inc assets are financed with debt.

When there are more debts than assets, that means creditors have a larger stake SPS Commerce Inc than its shareholders.

How to use debt to asset ratio

Lower is better.
below 1 (100%) is considered healthy but always compare SPS Commerce Inc to Software - Infrastructure industry mean.
Can be very different between industries.
Can be used to compare companies.

Why do investors use the debt to asset ratio in their analysis

It shows how much debt the company used to finance its assets. If a company is almost entirely financed with debt that means the company might get into serious trouble when emergencies arise like a raise in interest.

The three steps every investor should look at:

What is the current debt to asset ratio?
The current most recent quarter (MRQ) Debt to Asset Ratio of SPS Commerce Inc is 0.19. This means means that SPS Commerce Inc is financed with 19.0% credit and the remaining percentage is financed by it's owners (shareholders).
How does it compare to the industry?
The mean MRQ Current Ratio of the Software - Infrastructure industry is .
What is the trend?
The trend is important because it shows you how SPS Commerce Inc is performing over time. The most recent quarter might be important if SPS Commerce Inc released a new product or service. And you can use MRQ to see if they performed better vs last year. You can find all the trends for SPS Commerce Inc up to 10 years back (depending if the company existed 10 years ago) when you exit this learning section.

Things to be aware of

Only compare with other companies in the same industry
Some companies can have higher debt to assets ratio's (for example, banks).
Debt to asset ratio should improve over the years.
If the debt to asset ratio is above 1, look at the industry mean and find out why SPS Commerce Inc has so much debt.

How to calculate debt to asset ratio

Debt to asset ratio = total debt \ total assets

Real life example SPS Commerce Inc

You need the following data to determine debt to asset ratio:

Balance sheet
Debt to asset ratio = total debt \ total assets
156,369 \ 823,844 = 19.0% or 0.19.

The debt to total assets ratio shows if the company is owned by creditors or shareholders. Or in other words, the total debt in relation to the total amount of assets. It shows how much debt the company used to finance its assets.

1.4.2. Debt to Equity Ratio

Measures if SPS Commerce Inc is able to pay off its debts by using shareholders equity.

Below 2 is considered healthy but always compare SPS Commerce Inc to the Software - Infrastructure industry mean.
A Debt to Equity ratio of 23.4% means that company has $0.23 debt for each $1 in shareholders equity.

Let's take a look of the Debt to Equity Ratio trends of SPS Commerce Inc:

The MRQ is 0.234. The company is very able to pay all its debts with equity. +2
The TTM is 0.236. The company is very able to pay all its debts with equity. +2

Trends

Current period		Compared to		+/-
MRQ	0.234	TTM	0.236	-0.002
TTM	0.236	YOY	0.252	-0.016
TTM	0.236	5Y	0.246	-0.009
5Y	0.246	10Y	0.217	+0.028

Measures if SPS Commerce Inc is able to pay off its debts by using shareholders equity.

How to use debt to equity ratio

Lower is better.
Below 2 is considered healthy (always use industry average).
Can be very different between industries.
Can be used to compare companies.

Why do investors use the debt to shareholders equity ratio in their analysis

It shows how much debt the company uses to finance their operations. Shareholders equity is whats left over when you subtract total liabilities from total assets. It's another way to meassure how much of SPS Commerce Inc is financed with debt or own resources.

The three steps every investor should look at:

What is the current debt to equity ratio?
The current most recent quarter (MRQ) quickRatio of SPS Commerce Inc is 0.23. This means that SPS Commerce Inc can pay off $0.23 for each $1 in debt.
How does it compare to the industry?
The mean MRQ Quick Ratio of the Software - Infrastructure industry is .
What is the trend?
The trend is important because it shows you how SPS Commerce Inc is performing over time. The most recent quarter might be important if SPS Commerce Inc released a new product or service. And you can use MRQ to see if they performed better vs last year. You can find all the trends for SPS Commerce Inc up to 10 years back (depending if the company existed 10 years ago) when you exit this learning section.

Things to be aware of

Only compare with other companies in the same industry.
Not all debt is equally risky (for example, short term risk is less risky).

How to calculate debt to equity ratio

Debt to equity ratio = total debt \ shareholders equity.

Real life example SPS Commerce Inc

You need the following data to determine equity ratio:

Balance sheet
Debt to equity ratio = total debt \ shareholders equity
156,369 \ 667,475 = 0.23 or 23.4%

Debt to equity measures the total debt versus the total shareholders equity. While the total debts to total assets ratio uses total assets, the debt to equity ratio looks at the total equity of shareholders. Where equity of shareholders are:

Common shares.
Preferred shares.
Retained earnings.

You can find the shareholders' equity in the balance sheet. A ratio between 0,5 and 1,5 is preferred. If the ratio is above 1.5, that would indicate creditors have significantly more stake (debt) in the company than the shareholders. In other words, the company is using a lot of debt to finance their operations.

Not all debt is equally risky. Meaning you can adjust the ratio by including or excluding certain amounts of debt. Short term debts are less risky because they have to be paid back within one year anyway. It’s much easier to plan one year ahead versus five or ten years.

2. Market Valuation of SPS Commerce Inc

2.1. Earnings Per Share

2.1. Price to Earnings Ratio

Measures how much money you pay for each share for every $1 in earnings SPS Commerce Inc generates.

Above 15 is considered overpriced but always compare SPS Commerce Inc to the Software - Infrastructure industry mean.
A PE ratio of 95.95 means the investor is paying $95.95 for every $1 in earnings.

Let's take a look of the Price to Earnings Ratio trends of SPS Commerce Inc:

The EOD is 80.746. Based on the earnings, the company is expensive. -2
The MRQ is 95.946. Based on the earnings, the company is expensive. -2
The TTM is 101.513. Based on the earnings, the company is expensive. -2

Trends

Current period		Compared to		+/-
EOD	80.746	MRQ	95.946	-15.201
MRQ	95.946	TTM	101.513	-5.567
TTM	101.513	YOY	85.107	+16.406
TTM	101.513	5Y	88.089	+13.424
5Y	88.089	10Y	301.340	-213.251

Measures how much money you pay for each share for every $1 in earnings SPS Commerce Inc generates.

Indicates if the company’s shares are under or overvalued.

How to use PE ratio

Above 15 is considered overpriced but is hard to determine. Always compare SPS Commerce Inc to the Software - Infrastructure industry mean.
Can be very different between industries.
Can be used to compare companies.

Why do investors use PE ratio in their analysis

The PE ratio tells investors the current sentiment in the market for that company. As with every stock, the stock price never shows the real valuation of a company but rather how the market thinks how much the stock is worth.

In other words, the current stock price also incorporates any future earnings or business opportunities in the future. The best example is the stock market crash in 2000. The PE ratio for any internet based company was going through the roof. Only based on the general assumption the internet and all associated businesses would thrive in the future. But this was based on nothing. A business still needs a good product or service to be able to survive. Instead, every investor bought any stock which did something related to the internet. Result: huge market crash.

Many investors were willing to pay premium prices and that was causing the PE ratio to rise. A high PE ratio is a warning sign that investors might be overvaluing a stock based on future earnings.

The three steps every investor should look at:

What is the current PE Ratio?
The current most recent quarter (MRQ) PE Ratio of SPS Commerce Inc is 95.95. This means the investor is paying $95.95 for every $1 in earnings.
How does it compare to the industry?
The mean MRQ Quick Ratio of the Software - Infrastructure industry is .
What is the trend?
The trend is important because it shows you how SPS Commerce Inc is performing over time. The most recent quarter might be important if SPS Commerce Inc released a new product or service. And you can use MRQ to see if they performed better vs last year. You can find all the trends for SPS Commerce Inc up to 10 years back (depending if the company existed 10 years ago) when you exit this learning section.

Things to be aware of

Only compare with other companies in the same industry.
Some industries might have very high or very low PE ratios in general.
PE ratios can be high for several years, it does not mean a sudden collapse is imminent.
Earnings growth is not included in the PE ratio.

How to calculate PE ratio

PE ratio = market value per share \ earnings per share

Real life example SPS Commerce Inc

You need the following data to determine the PE ratio:

Balance sheet
Income statement

The PE ratio is a very commonly used ratio to determine the value of a company by comparing the current stock price relative to its earnings per share (EPS). Before we can calculate the PE ratio we need to know the EPS. EPS is calculated as follows:

EPS = (net profit - preferred dividends) \ end of period outstanding shares*
Net profit = revenue - expenses
0 \ 37,640 = EPS
PE ratio MRQ = 95.95

* The net profit minus preferred dividends can be found in the incomestatement as netIncomeApplicableToCommonShares.

The PE value helps investors to determine if the current stock price is under or overvalued. It also projects future growth.

In general, a higher PE ratio means that investors predict higher future growth. If the PE ratio is too high, then investors expect way too much future growth the company can never fulfil. This is most likely to happen in faster moving companies like tech companies or automobile companies like Tesla. These are hot and booming markets where investors expect much future growth driven by new technology (electric cars). When looking at the current MRQ (most recent quarter) PE ratio of Tesla ( jan. 2021) it's about 247 while the average in the industry is only 6. That might be a clue that Tesla is trading for way too high prices compared to their current assets and is more based on future growth.

2.2. Price To Free Cash Flow Ratio

Let's take a look of the Price To Free Cash Flow Ratio trends of SPS Commerce Inc:

The EOD is 53.877. Based on how much money comes from the company's main activities, the company is overpriced. -1
The MRQ is 64.019. Based on how much money comes from the company's main activities, the company is overpriced. -1
The TTM is 63.330. Based on how much money comes from the company's main activities, the company is overpriced. -1

Trends

Current period		Compared to		+/-
EOD	53.877	MRQ	64.019	-10.143
MRQ	64.019	TTM	63.330	+0.690
TTM	63.330	YOY	-37,879.268	+37,942.597
TTM	63.330	5Y	-7,532.901	+7,596.230
5Y	-7,532.901	10Y	-3,683.394	-3,849.506

2. Book Value per Share

2.3. Price to Book Ratio

Measures if the stock price of SPS Commerce Inc is to cheap or to expensive compared to its book value.

At or below 1 is considered healthy (always compare to Software - Infrastructure industry mean).
A PB ratio of 10.93 means the investor is paying $10.93 for each $1 in book value.

Let's take a look of the Price to Book Ratio trends of SPS Commerce Inc:

The EOD is 9.199. Based on the equity, the company is overpriced. -1
The MRQ is 10.931. Based on the equity, the company is expensive. -2
The TTM is 10.780. Based on the equity, the company is expensive. -2

Trends

Current period		Compared to		+/-
EOD	9.199	MRQ	10.931	-1.732
MRQ	10.931	TTM	10.780	+0.151
TTM	10.780	YOY	9.043	+1.737
TTM	10.780	5Y	9.116	+1.664
5Y	9.116	10Y	9.481	-0.365

2. Total Gains per Share

3. Holders & Insider Transactions

Let's take a look at which institutions, funds and insiders are holding shares of SPS Commerce Inc.

3.1. Institutions holding SPS Commerce Inc

Institutions are holding 102.219% of the shares of SPS Commerce Inc.

Date	Name	Total Shares	Total Assets	Current Shares	Change	%
2023-12-31	BlackRock Inc	15.6267	0.0287	5795765	169369	3.0103
2023-12-31	Vanguard Group Inc	11.5633	0.0182	4288681	38132	0.8971
2023-12-31	Neuberger Berman Group LLC	4.851	0.3041	1799191	-5142	-0.285
2023-12-31	State Street Corporation	3.7109	0.013	1376342	73553	5.6458
2023-12-31	Conestoga Capital Advisors, LLC	3.6242	3.9098	1344171	-212365	-13.6434
2023-12-31	Apg All Pensions Group	2.8729	0.3647	1065515	110571	11.5788
2023-12-31	Kayne Anderson Rudnick Investment Management LLC	2.4178	0.4349	896752	-60736	-6.3433
2023-12-31	Riverbridge Partners LLC	2.2939	2.0602	850767	-32385	-3.667
2023-12-31	Geode Capital Management, LLC	2.2768	0.0171	844427	36593	4.5298
2023-12-31	Congress Asset Management Company, LLP	2.2403	1.2679	830913	-17356	-2.046
2023-12-31	AllianceBernstein L.P.	2.019	0.0559	748825	-70718	-8.629
2023-12-31	Morgan Stanley - Brokerage Accounts	1.8352	0.0116	680665	-17981	-2.5737
2023-12-31	Fred Alger Management, LLC	1.6831	0.6529	624258	-23000	-3.5535
2023-12-31	Ameriprise Financial Inc	1.6262	0.035	603133	8509	1.431
2023-12-31	William Blair Investment Management, LLC	1.5656	0.3275	580650	11192	1.9654
2023-12-31	Amvescap Plc.	1.4098	0.0241	522878	246818	89.4074
2023-12-31	FMR Inc	1.3739	0.0076	509574	1619	0.3187
2023-12-31	Macquarie Group Ltd	1.3632	0.1132	505582	-1084	-0.2139
2023-12-31	Dimensional Fund Advisors, Inc.	1.3287	0.0279	492802	7179	1.4783
2023-12-31	Northern Trust Corp	1.288	0.0168	477721	-13341	-2.7168
Total		66.9705	9.6911	24838612	+249427	+1.0%

3.2. Funds holding SPS Commerce Inc

Date	Name	Total Shares	Total Assets	Current Shares	Change	%
2024-03-28	iShares Core S&P Small-Cap ETF	6.6818	0.5703	2478207	-3152	-0.127
2024-02-29	Vanguard Total Stock Mkt Idx Inv	3.0919	0.0137	1146750	-2704	-0.2352
2023-12-31	Neuberger Berman Genesis Inv	2.9625	2.0702	1098741	-2560	-0.2325
2024-02-29	Vanguard Small Cap Index	2.55	0.1246	945755	8663	0.9245
2024-03-28	iShares Russell 2000 ETF	2.4254	0.254	899553	2320	0.2586
2024-02-29	Conestoga Small Cap Investors	1.9817	3.3533	734980	-80925	-9.9184
2023-12-31	Virtus KAR Small-Cap Growth I	1.7056	3.695	632590	-53000	-7.7306
2024-02-29	Vanguard Institutional Extnd Mkt Idx Tr	1.4637	0.0985	542888	291	0.0536
2024-02-29	Vanguard Small Cap Growth Index Inv	1.4314	0.2817	530892	8128	1.5548
2024-02-29	Delaware Small Cap Core I	1.0872	1.0142	403212	6131	1.544
2023-12-31	Macquarie US Small Cap Core Equity	1.0835	1.0421	401841	0	0
2024-01-31	Fidelity Small Cap Index	1.0015	0.2754	371463	5887	1.6103
2024-02-29	AB Small Cap Growth A	1.0004	1.7096	371052	-7023	-1.8576
2024-03-28	iShares S&P Small-Cap 600 Growth ETF	0.9681	1.1231	359046	318	0.0886
2023-12-31	Conestoga Small Cap Growth	0.9091	4.0124	337184	-49845	-12.8789
2024-02-29	Vanguard Information Technology ETF	0.8803	0.0794	326508	1841	0.567
2024-03-28	SPDR® Portfolio S&P 600 Sm Cap ETF	0.8771	0.572	325305	335	0.1031
2023-12-31	T. Rowe Price Integrated US Sm Gr Eq	0.8698	0.8025	322600	-800	-0.2474
2024-03-28	iShares Russell 2000 Growth ETF	0.8588	0.5054	318535	-370	-0.116
2024-02-29	Vanguard Tax-Managed Small Cap Adm	0.776	0.5996	287802	0	0
Total		34.6058	22.197	12834904	-166465	-1.3%

3.3. Insider Transactions

Insiders are holding 0.787% of the shares of SPS Commerce Inc.

Date	Owner	Type	Amount	Price
2024-02-22	Kimberly K Nelson	SELL	5965	183.17
2024-02-22	James J Frome	SELL	2901	183.32
2024-02-21	Archie C Black	SELL	8723	181.56
2024-02-20	James J Frome	SELL	2825	187.47
2024-02-20	Kimberly K Nelson	SELL	5197	187.44
2024-02-15	Sven Wehrwein	SELL	2408	197.03
2024-02-01	Archie C Black	SELL	12875	179.42
2024-02-01	James J Frome	SELL	12887	179.27
2024-02-01	Kimberly K Nelson	SELL	12907	179.41
2023-12-19	Marty M Reaume	SELL	3285	190.61
2023-11-29	Archie C Black	SELL	20075	172.94
2023-11-14	Philip Soran	SELL	3026	176.55
2023-11-07	Philip Soran	SELL	3026	168.86
2023-11-06	Kimberly K Nelson	SELL	1504	165.4
2023-11-02	Kimberly K Nelson	SELL	10215	164.67
2023-11-02	Sven Wehrwein	SELL	500	163.97
2023-10-31	Kimberly K Nelson	SELL	11631	159.69
2023-08-11	Sven Wehrwein	SELL	1000	170.03
2023-06-07	James J Frome	SELL	3772	169.48
2023-05-26	Kimberly K Nelson	SELL	5190	163.39

4. Summary

4.1. Key Performance Indicators

The key performance indicators of SPS Commerce Inc compared to the Most Recent Quarter (MRQ).

	End of day	+/-	Most Recent Quarter	Trailing 12 Months	+/-	Year-Over-Year	+/-	5 Year	+/-	10 Year	+/-
Book Value Change Per Share	-	-	1.055	0.802	+32%	0.373	+183%	0.455	+132%	0.313	+237%
Book Value Per Share	-	-	17.733	16.425	+8%	13.747	+29%	12.472	+42%	9.581	+85%
Current Ratio	-	-	2.595	2.995	-13%	3.367	-23%	3.762	-31%	4.943	-48%
Debt To Asset Ratio	-	-	0.190	0.191	-1%	0.201	-6%	0.197	-4%	0.178	+7%
Debt To Equity Ratio	-	-	0.234	0.236	-1%	0.252	-7%	0.246	-5%	0.217	+8%
Dividend Per Share	-	-	-	-	0%	-	0%	-	0%	-	0%
Eps	-	-	0.505	0.439	+15%	0.373	+35%	0.330	+53%	0.188	+168%
Free Cash Flow Per Share	-	-	0.757	0.750	+1%	0.542	+40%	0.565	+34%	0.344	+120%
Free Cash Flow To Equity Per Share	-	-	0.915	0.857	+7%	0.328	+179%	0.519	+76%	0.331	+176%
Gross Profit Margin	-	-	-1.135	-0.940	-17%	-0.887	-22%	-0.923	-19%	-6.326	+457%
Intrinsic Value_10Y_max	-	-	37.189	-	-	-	-	-	-	-	-
Intrinsic Value_10Y_min	-	-	20.365	-	-	-	-	-	-	-	-
Intrinsic Value_1Y_max	-	-	2.759	-	-	-	-	-	-	-	-
Intrinsic Value_1Y_min	-	-	1.497	-	-	-	-	-	-	-	-
Intrinsic Value_3Y_max	-	-	9.026	-	-	-	-	-	-	-	-
Intrinsic Value_3Y_min	-	-	4.996	-	-	-	-	-	-	-	-
Intrinsic Value_5Y_max	-	-	16.183	-	-	-	-	-	-	-	-
Intrinsic Value_5Y_min	-	-	9.014	-	-	-	-	-	-	-	-
Market Cap	6031519681.000	-21%	7296137600.000	6638771975.000	+10%	4593652156.750	+59%	4321715720.700	+69%	3361560281.000	+117%
Net Profit Margin	-	-	0.131	0.122	+7%	0.122	+8%	0.125	+5%	0.079	+66%
Operating Margin	-	-	0.158	0.138	+14%	0.157	+1%	0.147	+7%	0.100	+58%
Operating Ratio	-	-	0.842	0.857	-2%	0.842	0%	0.852	-1%	0.900	-6%
Pb Ratio	9.199	-19%	10.931	10.780	+1%	9.043	+21%	9.116	+20%	9.481	+15%
Pe Ratio	80.746	-19%	95.946	101.513	-5%	85.107	+13%	88.089	+9%	301.340	-68%
Price Per Share	163.130	-19%	193.840	177.203	+9%	124.228	+56%	116.370	+67%	90.659	+114%
Price To Free Cash Flow Ratio	53.877	-19%	64.019	63.330	+1%	-37879.268	+59269%	-7532.901	+11867%	-3683.394	+5854%
Price To Total Gains Ratio	154.677	-19%	183.796	226.739	-19%	460.408	-60%	563.868	-67%	512.450	-64%
Quick Ratio	-	-	2.898	2.980	-3%	3.166	-8%	3.698	-22%	4.766	-39%
Return On Assets	-	-	0.023	0.022	+7%	0.022	+7%	0.021	+9%	0.013	+74%
Return On Equity	-	-	0.028	0.027	+7%	0.027	+5%	0.026	+8%	0.016	+74%
Total Gains Per Share	-	-	1.055	0.802	+32%	0.373	+183%	0.455	+132%	0.313	+237%
Usd Book Value	-	-	667475000.000	615297500.000	+8%	508319250.000	+31%	462883300.000	+44%	355132050.000	+88%
Usd Book Value Change Per Share	-	-	1.055	0.802	+32%	0.373	+183%	0.455	+132%	0.313	+237%
Usd Book Value Per Share	-	-	17.733	16.425	+8%	13.747	+29%	12.472	+42%	9.581	+85%
Usd Dividend Per Share	-	-	-	-	0%	-	0%	-	0%	-	0%
Usd Eps	-	-	0.505	0.439	+15%	0.373	+35%	0.330	+53%	0.188	+168%
Usd Free Cash Flow	-	-	28492000.000	28134000.000	+1%	20043000.000	+42%	20966600.000	+36%	12750275.000	+123%
Usd Free Cash Flow Per Share	-	-	0.757	0.750	+1%	0.542	+40%	0.565	+34%	0.344	+120%
Usd Free Cash Flow To Equity Per Share	-	-	0.915	0.857	+7%	0.328	+179%	0.519	+76%	0.331	+176%
Usd Market Cap	6031519681.000	-21%	7296137600.000	6638771975.000	+10%	4593652156.750	+59%	4321715720.700	+69%	3361560281.000	+117%
Usd Price Per Share	163.130	-19%	193.840	177.203	+9%	124.228	+56%	116.370	+67%	90.659	+114%
Usd Profit	-	-	19011000.000	16456000.000	+16%	13783500.000	+38%	12242650.000	+55%	6983425.000	+172%
Usd Revenue	-	-	144965000.000	134227500.000	+8%	112718750.000	+29%	98240750.000	+48%	72834525.000	+99%
Usd Total Gains Per Share	-	-	1.055	0.802	+32%	0.373	+183%	0.455	+132%	0.313	+237%
	EOD	+4 -4	MRQ	TTM	+27 -7	YOY	+26 -8	5Y	+26 -8	10Y	+26 -8

4.2. Fundamental Score

Let's check the fundamental score of SPS Commerce Inc based on Penke's default stock scanner.

Penke's Stock Scanner

Indicator	Condition		Value
Price to Earnings Ratio (EOD)	Between	0-15	80.746
Price to Book Ratio (EOD)	Between	0-1	9.199
Net Profit Margin (MRQ)	Greater than	0	0.131
Operating Margin (MRQ)	Greater than	0	0.158
Quick Ratio (MRQ)	Greater than	1	2.898
Current Ratio (MRQ)	Greater than	1	2.595
Debt to Asset Ratio (MRQ)	Less than	1	0.190
Debt to Equity Ratio (MRQ)	Less than	1	0.234
Return on Equity (MRQ)	Greater than	0.15	0.028
Return on Assets (MRQ)	Greater than	0.05	0.023
Total			6/10 (60.0%)

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4.3. Technical Score

Let's check the technical score of SPS Commerce Inc based on Penke's default Symbol scanner.

Penke's Symbol Scanner

Indicator	Condition		Value
Rsi	Greater than	50	31.595
Ma 20	Greater than	Ma 50	175.345
Ma 50	Greater than	Ma 100	182.076
Ma 100	Greater than	Ma 200	182.964
Open	Greater than	Close	161.990
Total			1/5 (20.0%)

Create your own Symbol Scanner

Trading is personal. The best traders buy and sell based on their own technical analysis. Create your personal Symbol Scanner with the technical indicators that are important to you.
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Reversals in quarterly reports

I have detected a reversal (positive to negative, negative to positive) in the following values of the quarterly reports.

		2022-12-31		2023-03-31		2023-06-30		2023-09-30		2023-12-31
Accumulated Other Comprehensive Income		-3,411	-72	-3,483	1,641	-1,842	-2,808	-4,650	4,872	222

Latest Balance Sheet

Balance Sheet of 2023-12-31. Currency in USD. All numbers in thousands.

Summary

Total Assets	823,844
Total Liabilities	156,369
Total Stockholder Equity	667,475

	As reported
Total Liabilities	156,369
Total Stockholder Equity	+ 667,475
Total Assets	= 823,844

Assets

Total Assets	823,844
Total Current Assets	339,038
Long-term Assets	484,806

Total Current Assets

Total Current Assets (as reported)	339,038
Cash And Cash Equivalents	219,081
Short-term Investments	56,359
Net Receivables	46,840
Other Current Assets	16,758
Total Current Assets (calculated)	339,038
+/-	0

Long-term Assets

Long-term Assets (as reported)	484,806
Property Plant Equipment	43,905
Goodwill	249,176
Intangible Assets	107,344
Long-term Assets Other	83,876
Long-term Assets (calculated)	484,301
+/-	505

Liabilities & Shareholders' Equity

Total Current Liabilities	130,669
Long-term Liabilities	25,700
Total Stockholder Equity	667,475

Total Current Liabilities

Total Current Liabilities (as reported)	130,669
Short-term Debt	4,460
Accounts payable	7,420
Other Current Liabilities	49,602
Total Current Liabilities (calculated)	61,482
+/-	69,187

Long-term Liabilities

Long-term Liabilities (as reported)	25,700
Capital Lease Obligations	14,029
Long-term Liabilities Other	229
Long-term Liabilities (calculated)	14,258
+/-	11,442

Total Stockholder Equity

Total Stockholder Equity (as reported)	667,475
Common Stock	39
Retained Earnings	259,045
Accumulated Other Comprehensive Income	222
Other Stockholders Equity	408,169
Total Stockholder Equity (calculated)	667,475
+/-	0

Other

Capital Stock	39
Cash and Short Term Investments	275,440
Common Stock Shares Outstanding	37,640
Current Deferred Revenue	69,187
Liabilities and Stockholders Equity	823,844
Net Debt	-205,052
Net Invested Capital	667,475
Net Working Capital	270,772
Property Plant and Equipment Gross	129,013
Short Long Term Debt Total	14,029

Balance Sheet

Currency in USD. All numbers in thousands.

Trend

2023-12-31

2023-09-30

2023-06-30

2023-03-31

2022-12-31

2022-09-30

2022-06-30

2022-03-31

2021-12-31

2021-09-30

2021-06-30

2021-03-31

2020-12-31

2020-09-30

2020-06-30

2020-03-31

2019-12-31

2019-09-30

2019-06-30

2019-03-31

2018-12-31

2018-09-30

2018-06-30

2018-03-31

2017-12-31

2017-09-30

2017-06-30

2017-03-31

2016-12-31

2016-09-30

2016-06-30

2016-03-31

2015-12-31

2015-09-30

2015-06-30

2015-03-31

2014-12-31

2014-09-30

2014-06-30

2014-03-31

2013-12-31

2013-09-30

2013-06-30

2013-03-31

2012-12-31

2012-09-30

2012-06-30

2012-03-31

2011-12-31

2011-09-30

2011-06-30

2011-03-31

2010-12-31

2010-09-30

2010-06-30

2010-03-31

2009-12-31

2009-09-30

2009-06-30

2009-03-31

2008-12-31

> Total Assets

19,197
0
0
21,094
21,919
22,940
54,652
56,227
57,880
59,317
61,215
63,422
77,618
78,996
82,946
156,744
159,201
162,779
167,988
173,590
223,330
226,559
230,172
234,637
243,775
246,870
249,926
252,877
261,731
281,725
287,755
292,274
298,365
327,918
333,872
339,021
335,520
339,596
351,673
368,460
386,123
407,197
418,607
426,597
447,440
439,819
461,663
487,686
525,525
549,837
572,278
591,283
615,846
613,308
622,776
637,090
672,914
696,927
735,538
787,408
823,844

823,844

787,408

735,538

696,927

672,914

637,090

622,776

613,308

615,846

591,283

572,278

549,837

525,525

487,686

461,663

439,819

447,440

426,597

418,607

407,197

386,123

368,460

351,673

339,596

335,520

339,021

333,872

327,918

298,365

292,274

287,755

281,725

261,731

252,877

249,926

246,870

243,775

234,637

230,172

226,559

223,330

173,590

167,988

162,779

159,201

156,744

82,946

78,996

77,618

63,422

61,215

59,317

57,880

56,227

54,652

22,940

21,919

21,094

19,197

> Total Current Assets

13,122
0
0
15,571
16,263
17,393
48,486
50,202
51,641
52,924
43,882
45,960
48,239
49,807
53,425
89,944
91,511
95,652
99,827
105,240
156,075
160,377
164,889
170,644
162,194
166,157
159,071
161,371
166,786
162,653
173,420
172,582
185,933
204,840
209,057
217,207
219,456
228,781
239,886
256,438
249,615
257,249
272,773
273,524
291,621
289,854
303,977
337,008
270,870
296,874
323,162
343,255
352,443
351,467
365,549
339,273
322,814
346,382
384,976
359,739
339,038

339,038

359,739

384,976

346,382

322,814

339,273

365,549

351,467

352,443

343,255

323,162

296,874

270,870

337,008

303,977

289,854

291,621

273,524

272,773

257,249

249,615

256,438

239,886

228,781

219,456

217,207

209,057

204,840

185,933

172,582

173,420

162,653

166,786

161,371

159,071

166,157

162,194

170,644

164,889

160,377

156,075

105,240

99,827

95,652

91,511

89,944

53,425

49,807

48,239

45,960

43,882

52,924

51,641

50,202

48,486

17,393

16,263

15,571

13,122

Cash And Cash Equivalents

3,715
0
0
5,796
5,931
5,996
37,973
39,113
40,473
40,447
29,788
31,546
31,985
33,063
35,501
69,715
66,050
72,559
75,134
80,813
131,294
134,603
136,508
140,822
130,795
133,550
121,344
117,887
121,538
110,889
107,160
109,635
115,877
128,707
131,744
128,984
123,127
120,547
125,385
144,748
133,859
143,715
147,023
149,727
179,252
184,484
174,850
208,930
149,692
169,274
184,367
195,803
207,552
203,088
212,725
186,230
162,893
182,304
209,264
178,702
219,081

219,081

178,702

209,264

182,304

162,893

186,230

212,725

203,088

207,552

195,803

184,367

169,274

149,692

208,930

174,850

184,484

179,252

149,727

147,023

143,715

133,859

144,748

125,385

120,547

123,127

128,984

131,744

128,707

115,877

109,635

107,160

110,889

121,538

117,887

121,344

133,550

130,795

140,822

136,508

134,603

131,294

80,813

75,134

72,559

66,050

69,715

35,501

33,063

31,985

31,546

29,788

40,447

40,473

39,113

37,973

5,996

5,931

5,796

3,715

Short-term Investments

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
5,014
7,517
10,010
21,010
15,616
23,076
25,550
26,896
34,869
40,192
45,272
47,352
44,654
44,537
41,683
51,651
51,446
34,284
30,074
50,775
52,300
37,786
39,174
48,999
56,183
49,758
39,968
46,513
50,928
51,412
51,146
60,914
60,628
56,359

56,359

60,628

60,914

51,146

51,412

50,928

46,513

39,968

49,758

56,183

48,999

39,174

37,786

52,300

50,775

30,074

34,284

51,446

51,651

41,683

44,537

44,654

47,352

45,272

40,192

34,869

26,896

25,550

23,076

15,616

21,010

10,010

7,517

5,014

Net Receivables

4,564
0
0
4,819
4,766
5,125
4,987
5,517
5,574
6,356
7,353
7,695
7,958
7,981
9,029
10,146
10,940
10,788
11,707
11,148
11,611
12,166
13,348
13,594
15,422
15,823
17,255
17,945
17,615
20,426
20,432
21,361
20,746
22,683
21,545
24,175
24,897
25,948
28,171
27,289
27,488
28,301
30,747
29,383
31,532
30,336
34,177
30,289
33,578
35,270
37,936
35,330
34,562
38,778
40,105
36,787
39,435
43,437
44,992
45,141
46,840

46,840

45,141

44,992

43,437

39,435

36,787

40,105

38,778

34,562

35,330

37,936

35,270

33,578

30,289

34,177

30,336

31,532

29,383

30,747

28,301

27,488

27,289

28,171

25,948

24,897

24,175

21,545

22,683

20,746

21,361

20,432

20,426

17,615

17,945

17,255

15,823

15,422

13,594

13,348

12,166

11,611

11,148

11,707

10,788

10,940

10,146

9,029

7,981

7,958

7,695

7,353

6,356

5,574

5,517

4,987

5,125

4,766

4,819

4,564

Other Current Assets

4,843
0
0
4,956
5,566
6,272
5,526
5,572
5,594
6,121
6,741
6,719
8,296
8,763
8,895
10,083
14,521
12,305
12,986
13,279
13,170
13,608
15,033
16,228
3,846
3,797
6,393
5,688
5,030
5,529
7,540
7,323
7,010
6,992
6,955
5,853
6,149
5,696
6,762
6,613
9,229
8,858
8,265
8,385
11,279
9,417
8,378
8,927
12,312
14,490
11,711
14,346
16,042
22,923
17,912
15,246
16,319
15,651
13,556
15,743
16,758

16,758

15,743

13,556

15,651

16,319

15,246

17,912

22,923

16,042

14,346

11,711

14,490

12,312

8,927

8,378

9,417

11,279

8,385

8,265

8,858

9,229

6,613

6,762

5,696

6,149

5,853

6,955

6,992

7,010

7,323

7,540

5,529

5,030

5,688

6,393

3,797

3,846

16,228

15,033

13,608

13,170

13,279

12,986

12,305

14,521

10,083

8,895

8,763

8,296

6,719

6,741

6,121

5,594

5,572

5,526

6,272

5,566

4,956

4,843

> Long-term Assets

6,075
0
0
5,523
5,656
5,547
6,166
6,025
6,239
6,393
17,333
17,462
29,379
29,189
29,521
66,800
67,690
67,127
68,161
68,350
67,255
66,182
65,283
63,993
81,581
80,713
90,855
91,506
94,945
119,072
114,335
119,692
112,432
123,078
124,815
121,814
116,064
110,815
111,787
112,022
136,508
149,948
145,834
153,073
155,819
149,965
157,686
150,678
254,655
252,963
249,116
248,028
263,403
261,841
257,227
297,817
350,100
350,545
350,562
427,669
484,806

484,806

427,669

350,562

350,545

350,100

297,817

257,227

261,841

263,403

248,028

249,116

252,963

254,655

150,678

157,686

149,965

155,819

153,073

145,834

149,948

136,508

112,022

111,787

110,815

116,064

121,814

124,815

123,078

112,432

119,692

114,335

119,072

94,945

91,506

90,855

80,713

81,581

63,993

65,283

66,182

67,255

68,350

68,161

67,127

67,690

66,800

29,521

29,189

29,379

17,462

17,333

6,393

6,239

6,025

6,166

5,547

5,656

5,523

6,075

Property Plant Equipment

2,809
0
0
2,389
2,520
2,311
2,989
2,602
2,760
2,826
2,896
3,082
3,382
3,420
4,028
5,567
7,670
7,589
9,319
10,557
9,922
9,479
9,036
8,619
11,361
12,088
12,952
13,079
13,620
13,972
13,932
14,830
15,314
15,066
15,527
15,616
16,856
17,304
18,136
19,368
20,957
35,944
34,635
34,405
39,496
39,205
40,349
39,145
42,013
41,902
42,398
43,701
42,752
42,509
41,578
42,683
44,628
43,529
43,184
44,524
43,905

43,905

44,524

43,184

43,529

44,628

42,683

41,578

42,509

42,752

43,701

42,398

41,902

42,013

39,145

40,349

39,205

39,496

34,405

34,635

35,944

20,957

19,368

18,136

17,304

16,856

15,616

15,527

15,066

15,314

14,830

13,932

13,972

13,620

13,079

12,952

12,088

11,361

8,619

9,036

9,479

9,922

10,557

9,319

7,589

7,670

5,567

4,028

3,420

3,382

3,082

2,896

2,826

2,760

2,602

2,989

2,311

2,520

2,389

2,809

Goodwill

1,166
0
0
1,166
1,166
1,166
1,166
1,166
1,166
1,166
5,877
5,877
5,853
5,853
5,853
25,487
25,487
25,487
25,487
25,487
25,487
25,487
25,487
25,487
34,854
34,210
34,303
33,527
33,848
50,921
50,852
51,005
49,777
50,289
50,766
51,783
51,613
51,030
50,403
50,502
69,658
70,075
70,300
76,366
76,845
74,463
75,883
76,543
135,253
135,263
135,354
134,680
143,663
144,162
142,960
165,908
197,284
199,001
202,786
252,045
249,176

249,176

252,045

202,786

199,001

197,284

165,908

142,960

144,162

143,663

134,680

135,354

135,263

135,253

76,543

75,883

74,463

76,845

76,366

70,300

70,075

69,658

50,502

50,403

51,030

51,613

51,783

50,766

50,289

49,777

51,005

50,852

50,921

33,848

33,527

34,303

34,210

34,854

25,487

5,853

5,877

1,166

Long Term Investments

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
9,995
12,514
14,950
12,529
7,556
12,529
7,494
2,503
4,997
2,491
5,206
2,471
4,922
4,921
0
0
0
0
0
0
7,566
2,476
2,500
2,500
0
0
0
0
0
0
0
0
0
0
0

2,500

2,476

7,566

4,921

4,922

2,471

5,206

2,491

4,997

2,503

7,494

12,529

7,556

12,529

14,950

12,514

9,995

Intangible Assets

446
0
0
290
290
290
290
290
290
290
6,287
6,027
5,767
5,507
5,247
20,957
20,240
19,523
18,806
17,799
17,082
16,365
15,683
15,038
18,851
17,705
16,915
15,766
15,081
23,845
22,534
21,338
19,788
19,389
18,484
17,720
16,529
15,577
14,354
13,491
22,741
21,572
20,379
23,844
22,668
20,857
19,790
18,575
59,830
57,594
54,950
52,471
58,587
56,158
53,597
70,742
88,352
84,536
77,633
103,597
107,344

107,344

103,597

77,633

84,536

88,352

70,742

53,597

56,158

58,587

52,471

54,950

57,594

59,830

18,575

19,790

20,857

22,668

23,844

20,379

21,572

22,741

13,491

14,354

15,577

16,529

17,720

18,484

19,389

19,788

21,338

22,534

23,845

15,081

15,766

16,915

17,705

18,851

15,038

15,683

16,365

17,082

17,799

18,806

19,523

20,240

20,957

5,247

5,507

5,767

6,027

6,287

290

446

Long-term Assets Other

1,654
0
0
1,678
1,680
1,780
1,721
1,967
2,023
2,111
2,273
2,476
80
93
84
191
238
207
202
190
210
197
205
168
213
350
5,810
5,862
6,297
6,354
7,873
8,023
7,613
7,423
7,517
7,576
8,309
11,837
11,911
12,307
1,723
1,630
2,452
2,621
2,513
2,210
13,068
13,799
14,865
15,494
2,476
2,487
3,028
18,813
18,901
18,261
19,609
20,114
1,278
1,177
83,876

83,876

1,177

1,278

20,114

19,609

18,261

18,901

18,813

3,028

2,487

2,476

15,494

14,865

13,799

13,068

2,210

2,513

2,621

2,452

1,630

1,723

12,307

11,911

11,837

8,309

7,576

7,517

7,423

7,613

8,023

7,873

6,354

6,297

5,862

5,810

350

213

168

205

197

210

190

202

207

238

191

2,476

2,273

2,111

2,023

1,967

1,721

1,780

1,680

1,678

1,654

Deferred Long Term Asset Charges

0
0
0
0
0
0
0
0
0
0
2,193
2,396
14,297
14,316
14,309
14,598
14,055
14,321
14,347
14,317
14,554
14,654
14,872
14,681
16,302
16,360
16,325
16,223
16,409
16,762
17,248
17,860
18,532
34,459
33,943
33,103
24,321
22,835
22,389
22,030
21,429
20,727
18,068
15,837
14,297
13,230
10,852
11,571
12,607
12,874
13,692
14,500
15,191
15,900
16,371
16,474
17,424
17,965
19,005
0
0

19,005

17,965

17,424

16,474

16,371

15,900

15,191

14,500

13,692

12,874

12,607

11,571

10,852

13,230

14,297

15,837

18,068

20,727

21,429

22,030

22,389

22,835

24,321

33,103

33,943

34,459

18,532

17,860

17,248

16,762

16,409

16,223

16,325

16,360

16,302

14,681

14,872

14,654

14,554

14,317

14,347

14,321

14,055

14,598

14,309

14,316

14,297

2,396

2,193

> Total Liabilities

81,041
0
0
81,812
82,385
82,436
14,057
14,507
14,372
14,980
16,359
17,837
18,065
18,470
20,549
23,914
24,384
25,790
28,460
31,210
30,557
31,462
32,035
33,718
38,684
38,646
38,014
38,152
39,546
48,332
50,913
47,464
49,098
54,512
54,842
53,848
58,700
51,245
56,984
57,889
67,149
76,493
80,274
81,529
92,564
84,631
88,353
92,746
104,804
109,314
117,529
120,755
131,587
121,787
125,756
129,427
135,841
131,037
134,557
160,564
156,369

156,369

160,564

134,557

131,037

135,841

129,427

125,756

121,787

131,587

120,755

117,529

109,314

104,804

92,746

88,353

84,631

92,564

81,529

80,274

76,493

67,149

57,889

56,984

51,245

58,700

53,848

54,842

54,512

49,098

47,464

50,913

48,332

39,546

38,152

38,014

38,646

38,684

33,718

32,035

31,462

30,557

31,210

28,460

25,790

24,384

23,914

20,549

18,470

18,065

17,837

16,359

14,980

14,372

14,507

14,057

82,436

82,385

81,812

81,041

> Total Current Liabilities

9,508
0
0
11,142
11,290
11,411
9,407
9,594
9,089
9,434
10,651
11,508
11,466
11,176
12,676
15,911
14,471
15,621
17,755
19,206
18,915
19,499
19,355
20,904
24,560
24,750
23,840
23,436
24,234
30,574
33,146
30,234
32,161
37,618
37,916
37,625
43,147
42,096
48,378
49,674
56,522
53,382
58,400
60,533
69,319
61,903
66,735
70,389
79,199
83,432
91,437
94,928
102,872
94,428
101,239
105,466
110,642
106,961
111,968
132,871
130,669

130,669

132,871

111,968

106,961

110,642

105,466

101,239

94,428

102,872

94,928

91,437

83,432

79,199

70,389

66,735

61,903

69,319

60,533

58,400

53,382

56,522

49,674

48,378

42,096

43,147

37,625

37,916

37,618

32,161

30,234

33,146

30,574

24,234

23,436

23,840

24,750

24,560

20,904

19,355

19,499

18,915

19,206

17,755

15,621

14,471

15,911

12,676

11,176

11,466

11,508

10,651

9,434

9,089

9,594

9,407

11,411

11,290

11,142

9,508

Short-term Debt

3,150
0
0
2,479
2,337
2,486
343
122
122
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
3,509
3,469
3,281
5,072
3,866
4,189
4,355
2,798
3,424
3,960
3,895
4,108
4,337
4,341
4,336
4,277
4,121
4,073
4,449
4,460

4,460

4,449

4,073

4,121

4,277

4,336

4,341

4,337

4,108

3,895

3,960

3,424

2,798

4,355

4,189

3,866

5,072

3,281

3,469

3,509

122

343

2,486

2,337

2,479

3,150

Short Long Term Debt

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
3,509
3,469
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0

3,469

3,509

Accounts payable

804
0
0
938
1,345
1,208
983
1,058
998
1,579
1,821
1,387
1,411
1,240
1,944
2,739
1,857
2,034
1,650
1,685
1,798
2,243
2,999
2,098
3,961
3,444
3,706
2,381
2,163
3,900
3,581
2,442
2,302
3,580
2,720
3,089
4,463
3,472
3,709
3,853
4,440
4,391
3,708
4,367
4,274
4,602
4,256
5,036
5,354
5,081
5,942
3,752
8,330
4,731
4,442
8,200
11,256
5,339
6,163
6,195
7,420

7,420

6,195

6,163

5,339

11,256

8,200

4,442

4,731

8,330

3,752

5,942

5,081

5,354

5,036

4,256

4,602

4,274

4,367

3,708

4,391

4,440

3,853

3,709

3,472

4,463

3,089

2,720

3,580

2,302

2,442

3,581

3,900

2,163

2,381

3,706

3,444

3,961

2,098

2,999

2,243

1,798

1,685

1,650

2,034

1,857

2,739

1,944

1,240

1,411

1,387

1,821

1,579

998

1,058

983

1,208

1,345

938

804

Other Current Liabilities

2,487
0
0
3,946
4,078
4,124
4,393
4,740
4,384
4,306
5,096
6,315
6,215
5,859
6,366
7,910
7,115
7,760
9,931
11,069
10,782
10,763
9,444
11,845
13,094
13,776
12,301
12,983
14,331
15,340
17,284
15,635
18,804
18,235
18,572
18,327
22,277
17,041
20,478
20,873
26,754
16,593
20,847
22,534
28,510
18,506
22,017
25,416
33,100
30,446
32,690
38,096
40,006
28,562
33,363
33,981
37,686
34,594
35,351
50,374
49,602

49,602

50,374

35,351

34,594

37,686

33,981

33,363

28,562

40,006

38,096

32,690

30,446

33,100

25,416

22,017

18,506

28,510

22,534

20,847

16,593

26,754

20,873

20,478

17,041

22,277

18,327

18,572

18,235

18,804

15,635

17,284

15,340

14,331

12,983

12,301

13,776

13,094

11,845

9,444

10,763

10,782

11,069

9,931

7,760

7,115

7,910

6,366

5,859

6,215

6,315

5,096

4,306

4,384

4,740

4,393

4,124

4,078

3,946

2,487

> Long-term Liabilities

71,533
0
0
70,670
71,095
71,025
4,650
4,913
5,283
5,546
5,708
6,329
6,599
7,294
7,873
8,003
9,913
10,169
10,705
12,004
11,642
11,963
12,680
12,814
14,124
13,896
14,174
14,716
15,312
17,758
17,767
17,230
16,937
16,894
16,926
16,223
15,553
9,149
8,606
8,215
10,627
23,111
21,874
20,996
23,245
22,728
21,618
22,357
25,605
25,882
26,092
25,827
28,715
27,359
24,517
23,961
25,199
24,076
22,589
27,693
25,700

25,700

27,693

22,589

24,076

25,199

23,961

24,517

27,359

28,715

25,827

26,092

25,882

25,605

22,357

21,618

22,728

23,245

20,996

21,874

23,111

10,627

8,215

8,606

9,149

15,553

16,223

16,926

16,894

16,937

17,230

17,767

17,758

15,312

14,716

14,174

13,896

14,124

12,814

12,680

11,963

11,642

12,004

10,705

10,169

9,913

8,003

7,873

7,294

6,599

6,329

5,708

5,546

5,283

4,913

4,650

71,025

71,095

70,670

71,533

Long term Debt

1,285
0
0
0
355
146
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
17,723
16,890
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0

16,890

17,723

146

355

1,285

Capital Lease Obligations

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
21,232
20,359
19,505
23,868
22,823
22,109
21,080
22,470
22,167
21,693
20,592
20,534
19,675
18,580
18,310
17,286
16,115
15,131
15,012
14,029

14,029

15,012

15,131

16,115

17,286

18,310

18,580

19,675

20,534

20,592

21,693

22,167

22,470

21,080

22,109

22,823

23,868

19,505

20,359

21,232

Deferred Long Term Asset Charges

0
0
0
0
0
0
0
0
0
0
2,193
2,396
14,297
14,316
14,309
14,598
14,055
14,321
14,347
14,317
14,554
14,654
14,872
14,681
16,302
16,360
16,325
16,223
16,409
16,762
17,248
17,860
18,532
34,459
33,943
33,103
24,321
22,835
22,389
22,030
21,429
20,727
18,068
15,837
14,297
13,230
10,852
11,571
12,607
12,874
13,692
14,500
15,191
15,900
16,371
16,474
17,424
17,965
19,005
0
0

19,005

17,965

17,424

16,474

16,371

15,900

15,191

14,500

13,692

12,874

12,607

11,571

10,852

13,230

14,297

15,837

18,068

20,727

21,429

22,030

22,389

22,835

24,321

33,103

33,943

34,459

18,532

17,860

17,248

16,762

16,409

16,223

16,325

16,360

16,302

14,681

14,872

14,654

14,554

14,317

14,347

14,321

14,055

14,598

14,309

14,316

14,297

2,396

2,193

Other Liabilities

4,583
0
0
0
4,852
5,101
4,650
4,913
5,283
5,546
5,708
6,329
6,599
7,294
7,873
8,003
9,913
10,169
10,705
12,004
11,642
11,963
12,680
12,814
14,124
13,896
14,174
14,716
15,312
15,362
15,376
14,862
15,026
14,999
14,949
14,123
13,666
7,381
8,606
8,215
10,627
5,388
4,984
4,772
4,449
3,771
3,698
5,632
5,933
7,139
8,359
9,130
12,289
12,021
10,278
9,987
12,190
12,082
0
0
0

12,082

12,190

9,987

10,278

12,021

12,289

9,130

8,359

7,139

5,933

5,632

3,698

3,771

4,449

4,772

4,984

5,388

10,627

8,215

8,606

7,381

13,666

14,123

14,949

14,999

15,026

14,862

15,376

15,362

15,312

14,716

14,174

13,896

14,124

12,814

12,680

11,963

11,642

12,004

10,705

10,169

9,913

8,003

7,873

7,294

6,599

6,329

5,708

5,546

5,283

4,913

4,650

5,101

4,852

4,583

Long-term Liabilities Other

0
0
0
0
0
0
0
0
0
0
247
225
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
2,685
3,880
21,796
20,628
19,827
23,341
21,738
20,666
19,418
22,668
22,770
22,724
21,856
21,570
20,461
19,520
19,120
17,780
17,099
16,782
0
229

229

16,782

17,099

17,780

19,120

19,520

20,461

21,570

21,856

22,724

22,770

22,668

19,418

20,666

21,738

23,341

19,827

20,628

21,796

3,880

2,685

225

247

Deferred Long Term Liability

0
0
0
0
0
0
0
0
0
0
5,461
6,104
6,599
7,294
7,873
8,003
9,913
10,169
10,705
12,004
11,642
11,963
12,680
12,814
14,124
13,896
14,174
14,716
15,312
17,758
17,767
17,230
16,937
16,894
16,926
16,223
15,553
9,149
8,606
5,530
6,747
1,315
1,246
1,169
1,193
990
952
2,939
2,937
3,112
13,692
14,500
15,191
6,898
4,997
4,841
7,419
6,977
5,807
0
0

5,807

6,977

7,419

4,841

4,997

6,898

15,191

14,500

13,692

3,112

2,937

2,939

952

990

1,193

1,169

1,246

1,315

6,747

5,530

8,606

9,149

15,553

16,223

16,926

16,894

16,937

17,230

17,767

17,758

15,312

14,716

14,174

13,896

14,124

12,814

12,680

11,963

11,642

12,004

10,705

10,169

9,913

8,003

7,873

7,294

6,599

6,104

5,461

> Total Stockholder Equity

-61,844
0
0
-60,718
-60,466
-59,496
40,595
41,720
43,508
44,337
44,856
45,585
59,553
60,526
62,397
132,830
134,817
136,989
139,528
142,380
192,773
195,097
198,137
200,919
205,091
208,224
211,912
214,725
222,185
233,393
236,842
244,810
249,267
273,406
279,030
285,173
276,820
288,351
294,689
310,571
318,974
330,704
338,333
345,068
354,876
355,188
373,310
394,940
420,721
440,523
454,749
470,528
484,259
491,521
497,020
507,663
537,073
565,890
600,981
626,844
667,475

667,475

626,844

600,981

565,890

537,073

507,663

497,020

491,521

484,259

470,528

454,749

440,523

420,721

394,940

373,310

355,188

354,876

345,068

338,333

330,704

318,974

310,571

294,689

288,351

276,820

285,173

279,030

273,406

249,267

244,810

236,842

233,393

222,185

214,725

211,912

208,224

205,091

200,919

198,137

195,097

192,773

142,380

139,528

136,989

134,817

132,830

62,397

60,526

59,553

45,585

44,856

44,337

43,508

41,720

40,595

-59,496

-60,466

-60,718

-61,844

Common Stock

1
0
0
1
0
0
12
12
12
12
12
12
12
12
12
15
15
15
15
15
16
16
16
16
16
16
16
17
17
17
17
17
17
17
17
17
17
17
17
18
18
18
18
36
36
36
37
37
37
37
38
38
38
38
38
38
38
39
39
39
39

Retained Earnings

-66,814
0
0
-65,865
-65,652
-64,733
-64,094
-63,208
-62,768
-62,276
-62,385
-62,208
-49,065
-48,809
-48,383
-48,209
-47,843
-47,644
-47,356
-47,086
-46,792
-46,419
-45,780
-44,942
-44,088
-43,502
-42,851
-41,581
-39,449
-38,405
-38,053
-35,544
-33,739
-14,490
-12,665
-10,800
-19,902
-5,357
59
8,120
15,261
22,074
30,870
39,811
48,973
57,419
68,613
80,020
93,490
103,690
113,873
125,322
138,087
150,690
161,443
177,306
193,221
208,510
223,192
240,034
259,045

259,045

240,034

223,192

208,510

193,221

177,306

161,443

150,690

138,087

125,322

113,873

103,690

93,490

80,020

68,613

57,419

48,973

39,811

30,870

22,074

15,261

8,120

-5,357

-19,902

-10,800

-12,665

-14,490

-33,739

-35,544

-38,053

-38,405

-39,449

-41,581

-42,851

-43,502

-44,088

-44,942

-45,780

-46,419

-46,792

-47,086

-47,356

-47,644

-47,843

-48,209

-48,383

-48,809

-49,065

-62,208

-62,385

-62,276

-62,768

-63,208

-64,094

-64,733

-65,652

-65,865

-66,814

Accumulated Other Comprehensive Income

-7,020
0
0
-7,946
-8,309
0
0
0
-6,478
-6,478
0
0
-7,378
-7,378
0
0
-10,243
-10,243
0
0
-14,956
0
0
0
-1,470
-2,769
-2,570
-4,291
-3,648
-752
-1,584
-1,199
-3,326
-1,773
-855
1,013
657
-382
-1,590
-1,424
-3,218
-2,473
-2,160
-3,148
-1,951
-5,823
-3,779
-2,862
-1,021
-817
-647
-1,594
-1,447
-709
-2,483
-4,660
-3,411
-3,483
-1,842
-4,650
222

222

-4,650

-1,842

-3,483

-3,411

-4,660

-2,483

-709

-1,447

-1,594

-647

-817

-1,021

-2,862

-3,779

-5,823

-1,951

-3,148

-2,160

-2,473

-3,218

-1,424

-1,590

-382

657

1,013

-855

-1,773

-3,326

-1,199

-1,584

-752

-3,648

-4,291

-2,570

-2,769

-1,470

-14,956

-10,243

-7,378

-6,478

-8,309

-7,946

-7,020

Capital Surplus

0
0
0
0
0
0
0
0
0
0
107,229
107,781
108,606
109,323
110,768
181,024
182,645
184,618
186,869
189,451
239,549
241,500
243,901
245,845
250,633
254,479
257,317
260,580
265,265
272,533
276,462
281,536
286,315
289,652
292,533
294,943
301,863
305,759
313,887
323,539
332,592
339,730
344,250
349,014
354,115
361,853
373,686
382,992
393,462
402,860
413,182
422,670
433,258
442,405
453,922
463,356
476,117
489,716
508,484
0
0

508,484

489,716

476,117

463,356

453,922

442,405

433,258

422,670

413,182

402,860

393,462

382,992

373,686

361,853

354,115

349,014

344,250

339,730

332,592

323,539

313,887

305,759

301,863

294,943

292,533

289,652

286,315

281,536

276,462

272,533

265,265

260,580

257,317

254,479

250,633

245,845

243,901

241,500

239,549

189,451

186,869

184,618

182,645

181,024

110,768

109,323

108,606

107,781

107,229

Treasury Stock

-58,297

-46,297

-40,645

-34,645

-28,645

-25,679

-19,682

-17,684

-11,686

-5,815

Other Stockholders Equity

11,989
0
0
13,092
13,495
-32,439
104,677
104,916
112,742
106,601
107,229
107,781
115,984
109,323
110,768
181,024
192,888
184,618
186,869
189,451
254,505
241,500
243,901
245,845
250,163
251,710
257,317
260,289
265,265
272,533
276,462
281,337
285,989
289,652
292,533
294,943
295,705
293,691
296,203
303,433
306,695
310,612
309,445
308,221
307,818
303,556
308,439
317,745
328,215
337,613
341,485
346,762
347,581
341,502
338,022
334,979
347,225
360,824
379,592
391,421
408,169

408,169

391,421

379,592

360,824

347,225

334,979

338,022

341,502

347,581

346,762

341,485

337,613

328,215

317,745

308,439

303,556

307,818

308,221

309,445

310,612

306,695

303,433

296,203

293,691

295,705

294,943

292,533

289,652

285,989

281,337

276,462

272,533

265,265

260,289

257,317

251,710

250,163

245,845

243,901

241,500

254,505

189,451

186,869

184,618

192,888

181,024

110,768

109,323

115,984

107,781

107,229

106,601

112,742

104,916

104,677

-32,439

13,495

13,092

11,989

Balance Sheet

Currency in USD. All numbers in thousands.

	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31	2008-12-31	2007-12-31
Accounts Payable	7,420	11,256	8,330	5,354	4,274	4,440	4,463	2,302	2,163	3,961	1,798	1,857	1,411	998	1,345	804	1,123
Accumulated Amortization	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Accumulated Depreciation	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Accumulated Other Comprehensive Income	222	-3,411	-1,447	-1,021	-1,951	-3,218	657	-3,326	-3,648	-1,470	-14,956	-10,243	-7,378	-6,478	-8,309	-7,020	-5,845
Additional Paid In Capital	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Capital Lease Obligations	14,029	17,286	20,534	22,470	23,868	0	0	0	0	0	0	0	0	0	0	0	0
Capital Stock	39	38	38	37	36	18	0	0	0	0	0	0	0	0	0	0	0
Capital Surpluse	0	476,117	433,258	393,462	354,115	332,592	301,863	286,315	265,265	250,633	239,549	182,645	108,606	0	0	0	0
Cash	219,081	162,893	207,552	149,692	179,252	133,859	123,127	115,877	121,538	130,795	131,294	66,050	31,985	40,473	5,931	3,715	4,854
Cash And Equivalents	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Cash And Short Term Investments	275,440	214,305	257,310	187,478	213,536	178,396	163,319	138,953	129,055	130,795	131,294	66,050	31,985	40,473	5,931	3,715	6,117
Common Stock	39	38	38	37	36	18	17	17	17	16	16	15	12	12	0	1	1
Common Stock Shares Outstanding	37,475	36,953	36,962	36,285	36,002	35,212	34,712	34,482	34,064	33,628	31,862	27,820	25,488	23,192	18,536	588	19,050
Common Stock Total Equity	0	38	38	37	36	18	17	17	17	16	16	15	12	12	0	1	1
Current Deferred Revenue	69,187	57,423	50,428	37,947	31,463	25,328	16,407	11,055	7,740	7,505	6,335	5,499	3,840	3,585	3,530	3,067	2,355
Deferred Long Term Asset Charges	0	17,424	15,191	12,607	14,297	21,429	24,321	18,532	16,409	16,302	14,554	14,055	14,297	0	0	0	0
Deferred Long Term Liab	0	7,419	15,191	2,937	1,193	6,747	15,553	16,937	15,312	14,124	11,642	9,913	6,599	0	0	0	0
Earning Assets	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Good Will	249,176	197,284	143,663	135,253	76,845	69,658	51,613	49,777	33,848	34,854	25,487	25,487	5,853	1,166	1,166	1,166	1,166
Intangible Assets	107,344	88,352	58,587	59,830	22,668	22,741	16,529	19,788	15,081	18,851	17,082	20,240	5,767	290	290	446	1,234
Inventory	0	52,755	44,529	37,502	35,274	34,502	25,091	19,224	15,086	12,131	0	0	0	0	0	0	0
Liabilities And Stockholders Equity	823,844	672,914	615,846	525,525	447,440	386,123	335,520	298,365	261,731	243,775	223,330	159,201	77,618	57,880	21,919	19,197	20,687
Long Term Debt	0	0	0	0	0	0	0	0	0	0	0	0	0	0	355	1,285	0
Long Term Debt Total	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Long Term Investments	0	0	0	2,500	0	0	5,206	7,494	14,950	0	0	0	0	0	0	0	0
Negative Goodwill	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Net Debt	-205,052	-145,607	-187,018	-127,222	-155,384	-133,859	-123,127	-115,877	-121,538	-130,795	-131,294	-66,050	-31,985	-40,351	-3,239	720	98
Net Invested Capital	667,475	537,073	484,259	420,721	354,876	318,974	276,820	0	0	0	0	0	0	0	0	0	0
Net Receivables	46,840	39,435	34,562	33,578	31,532	27,488	24,897	20,746	17,615	15,422	11,611	10,940	7,958	5,574	4,766	4,564	4,149
Net Tangible Assets	0	251,437	282,009	225,638	255,363	226,575	208,678	179,702	173,256	151,386	150,204	89,090	47,933	0	0	0	0
Net Working Capital	270,772	212,172	249,571	191,224	223,591	193,093	176,309	153,772	142,552	137,634	137,160	77,040	36,773	42,552	4,973	3,614	4,535
Non Current Assets Total	484,806	350,100	263,403	254,655	155,819	136,508	116,064	112,432	94,945	81,581	67,255	67,690	29,379	6,239	5,656	6,075	6,868
Non Current Liabilities Other	229	17,780	21,570	22,668	23,341	3,880	0	0	0	0	0	0	0	0	0	0	0
Non Current Liabilities Total	25,700	25,199	28,715	25,605	23,245	10,627	15,553	16,937	15,312	14,124	11,642	9,913	6,599	5,283	71,095	71,533	71,514
Non Currrent Assets Other	83,876	19,609	3,028	14,865	2,513	1,723	8,309	7,613	6,297	213	210	238	80	2,023	1,680	1,654	1,507
Noncontrolling Interest In Consolidated Entity	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Other Assets	0	19,836	18,401	33,587	15,644	22,697	25,203	20,059	17,446	16,515	14,764	14,293	14,377	2,023	1,680	1,654	0
Other Current Assets	16,758	16,319	16,042	12,312	11,279	9,229	6,149	7,010	5,030	3,846	13,170	14,521	8,296	5,594	5,566	4,843	3,553
Other Current Liab	49,602	37,686	40,006	33,100	28,510	26,754	22,277	18,804	14,331	13,094	10,782	7,115	6,215	4,384	4,078	2,487	3,089
Other Liab	0	12,190	12,289	5,933	4,449	10,627	7,682	16,937	15,312	14,124	11,642	9,913	6,599	5,283	4,852	4,583	0
Other Stockholder Equity	408,169	347,225	347,581	328,215	307,818	306,695	295,705	285,989	265,265	250,163	254,505	192,888	115,984	112,742	13,495	11,989	10,652
Preferred Stock Redeemable	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Preferred Stock Total Equity	0	0	0	0	0	0	0	0	0	0	0	0	0	0	65,778	65,964	0
Property Plant And Equipment Gross	129,013	44,628	42,752	42,013	39,496	20,957	16,856	15,314	13,620	11,361	9,922	7,670	3,382	2,760	2,520	2,809	2,961
Property Plant And Equipment Net	43,905	44,628	42,752	42,013	39,496	20,957	16,856	15,314	13,620	11,361	9,922	7,670	3,382	2,760	2,520	2,809	2,961
Property Plant Equipment	0	35,458	42,752	26,432	23,752	20,957	16,856	15,314	13,620	11,361	9,922	7,670	3,382	2,760	2,520	2,809	0
Retained Earnings	259,045	193,221	138,087	93,490	48,973	15,261	-19,902	-33,739	-39,449	-44,088	-46,792	-47,843	-49,065	-62,768	-65,652	-66,814	-64,919
Retained Earnings Total Equity	0	193,221	138,087	93,490	48,973	15,261	-19,902	-33,739	-39,449	-44,088	-46,792	-47,843	-49,065	0	0	0	0
Short Long Term Debt	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Short Long Term Debt Total	14,029	17,286	20,534	22,470	23,868	0	0	0	0	0	0	0	0	122	2,692	4,435	4,952
Short Term Debt	4,460	4,277	4,108	2,798	5,072	0	0	0	0	0	0	0	0	122	2,337	3,150	2,717
Short Term Investments	56,359	51,412	49,758	37,786	34,284	44,537	40,192	23,076	7,517	0	0	0	0	0	0	0	1,263
Temporary Equity Redeemable Noncontrolling Interests	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Total Assets	823,844	672,914	615,846	525,525	447,440	386,123	335,520	298,365	261,731	243,775	223,330	159,201	77,618	57,880	21,919	19,197	20,687
Total Current Assets	339,038	322,814	352,443	270,870	291,621	249,615	219,456	185,933	166,786	162,194	156,075	91,511	48,239	51,641	16,263	13,122	13,819
Total Current Liabilities	130,669	110,642	102,872	79,199	69,319	56,522	43,147	32,161	24,234	24,560	18,915	14,471	11,466	9,089	11,290	9,508	9,284
Total Liab	156,369	135,841	131,587	104,804	92,564	67,149	58,700	49,098	39,546	38,684	30,557	24,384	18,065	14,372	82,385	81,041	80,798
Total Permanent Equity	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Total Stockholder Equity	667,475	537,073	484,259	420,721	354,876	318,974	276,820	249,267	222,185	205,091	192,773	134,817	59,553	43,508	-60,466	-61,844	-60,111
Treasury Stock	0	0	0	0	-46,297	-25,679	-5,815	0	0	0	0	0	0	0	0	0	0
Warrants	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0

	2023-12-31	2023-09-30	2023-06-30	2023-03-31	2022-12-31	2022-09-30	2022-06-30	2022-03-31	2021-12-31	2021-09-30	2021-06-30	2021-03-31	2020-12-31	2020-09-30	2020-06-30	2020-03-31	2019-12-31	2019-09-30	2019-06-30	2019-03-31	2018-12-31	2018-09-30	2018-06-30	2018-03-31	2017-12-31	2017-09-30	2017-06-30	2017-03-31	2016-12-31	2016-09-30	2016-06-30	2016-03-31	2015-12-31	2015-09-30	2015-06-30	2015-03-31	2014-12-31	2014-09-30	2014-06-30	2014-03-31	2013-12-31	2013-09-30	2013-06-30	2013-03-31	2012-12-31	2012-09-30	2012-06-30	2012-03-31	2011-12-31	2011-09-30	2011-06-30	2011-03-31	2010-12-31	2010-09-30	2010-06-30	2010-03-31	2009-12-31	2009-09-30	2009-06-30	2009-03-31	2008-12-31
Accounts Payable	7,420	6,195	6,163	5,339	11,256	8,200	4,442	4,731	8,330	3,752	5,942	5,081	5,354	5,036	4,256	4,602	4,274	4,367	3,708	4,391	4,440	3,853	3,709	3,472	4,463	3,089	2,720	3,580	2,302	2,442	3,581	3,900	2,163	2,381	3,706	3,444	3,961	2,098	2,999	2,243	1,798	1,685	1,650	2,034	1,857	2,739	1,944	1,240	1,411	1,387	1,821	1,579	998	1,058	983	1,208	1,345	938	0	0	804
Accumulated Amortization	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Accumulated Depreciation	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Accumulated Other Comprehensive Income	222	-4,650	-1,842	-3,483	-3,411	-4,660	-2,483	-709	-1,447	-1,594	-647	-817	-1,021	-2,862	-3,779	-5,823	-1,951	-3,148	-2,160	-2,473	-3,218	-1,424	-1,590	-382	657	1,013	-855	-1,773	-3,326	-1,199	-1,584	-752	-3,648	-4,291	-2,570	-2,769	-1,470	0	0	0	-14,956	0	0	-10,243	-10,243	0	0	-7,378	-7,378	0	0	-6,478	-6,478	0	0	0	-8,309	-7,946	0	0	-7,020
Additional Paid In Capital	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Capital Lease Obligations	14,029	15,012	15,131	16,115	17,286	18,310	18,580	19,675	20,534	20,592	21,693	22,167	22,470	21,080	22,109	22,823	23,868	19,505	20,359	21,232	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Capital Stock	39	39	39	39	38	38	38	38	38	38	38	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Capital Surpluse	0	0	508,484	489,716	476,117	463,356	453,922	442,405	433,258	422,670	413,182	402,860	393,462	382,992	373,686	361,853	354,115	349,014	344,250	339,730	332,592	323,539	313,887	305,759	301,863	294,943	292,533	289,652	286,315	281,536	276,462	272,533	265,265	260,580	257,317	254,479	250,633	245,845	243,901	241,500	239,549	189,451	186,869	184,618	182,645	181,024	110,768	109,323	108,606	107,781	107,229	0	0	0	0	0	0	0	0	0	0
Cash	219,081	178,702	209,264	182,304	162,893	186,230	212,725	203,088	207,552	195,803	184,367	169,274	149,692	208,930	174,850	184,484	179,252	149,727	147,023	143,715	133,859	144,748	125,385	120,547	123,127	128,984	131,744	128,707	115,877	109,635	107,160	110,889	121,538	117,887	121,344	133,550	130,795	140,822	136,508	134,603	131,294	80,813	75,134	72,559	66,050	69,715	35,501	33,063	31,985	31,546	29,788	40,447	40,473	39,113	37,973	5,996	5,931	5,796	0	0	3,715
Cash And Equivalents	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Cash And Short Term Investments	275,440	239,330	270,178	233,450	214,305	237,158	259,238	243,056	257,310	251,986	233,366	208,448	187,478	261,230	225,625	214,558	213,536	201,173	198,674	185,398	178,396	189,402	172,737	165,819	163,319	163,853	158,640	154,257	138,953	125,251	128,170	120,899	129,055	122,901	121,344	133,550	130,795	140,822	136,508	134,603	131,294	80,813	75,134	72,559	66,050	69,715	35,501	33,063	31,985	31,546	29,788	40,447	40,473	39,113	37,973	5,996	5,931	5,796	0	0	3,715
Common Stock	39	39	39	39	38	38	38	38	38	38	38	37	37	37	37	36	36	36	18	18	18	18	17	17	17	17	17	17	17	17	17	17	17	17	16	16	16	16	16	16	16	15	15	15	15	15	12	12	12	12	12	12	12	12	12	0	0	1	0	0	1
Common Stock Shares Outstanding	37,640	37,584	37,426	37,155	36,971	36,915	36,862	36,989	37,154	37,015	36,753	36,722	36,729	36,366	36,016	35,926	36,152	35,932	36,020	35,984	35,444	35,482	35,098	34,614	34,650	34,820	34,756	34,786	34,732	34,682	34,240	34,058	34,220	34,108	33,996	34,022	33,756	33,560	33,536	33,660	32,752	31,972	31,570	31,128	31,032	27,788	26,052	26,370	25,842	25,470	23,838	25,396	25,118	24,826	23,688	19,050	19,640	18,008	18,092	177	19,050
Common Stock Total Equity	0	0	39	39	38	38	38	38	38	38	38	37	37	37	37	36	36	36	18	18	18	18	17	17	17	17	17	17	17	17	17	17	17	17	16	16	16	16	16	16	16	15	15	15	15	15	12	12	12	12	12	12	12	12	12	0	0	1	0	0	1
Current Deferred Revenue	69,187	71,853	66,381	62,907	57,423	58,949	59,093	56,798	50,428	49,185	48,845	44,481	37,947	35,582	36,273	34,929	31,463	30,351	30,376	28,889	25,328	24,948	24,191	21,583	16,407	16,209	16,624	15,803	11,055	12,157	12,281	11,334	7,740	8,072	7,833	7,530	7,505	6,961	6,912	6,493	6,335	6,452	6,174	5,827	5,499	5,262	4,366	4,077	3,840	3,806	3,734	3,549	3,585	3,674	3,688	3,593	3,530	3,779	0	0	3,067
Deferred Long Term Asset Charges	0	0	19,005	17,965	17,424	16,474	16,371	15,900	15,191	14,500	13,692	12,874	12,607	11,571	10,852	13,230	14,297	15,837	18,068	20,727	21,429	22,030	22,389	22,835	24,321	33,103	33,943	34,459	18,532	17,860	17,248	16,762	16,409	16,223	16,325	16,360	16,302	14,681	14,872	14,654	14,554	14,317	14,347	14,321	14,055	14,598	14,309	14,316	14,297	2,396	2,193	0	0	0	0	0	0	0	0	0	0
Deferred Long Term Liab	0	0	5,807	6,977	7,419	4,841	4,997	6,898	15,191	14,500	13,692	3,112	2,937	2,939	952	990	1,193	1,169	1,246	1,315	6,747	5,530	8,606	9,149	15,553	16,223	16,926	16,894	16,937	17,230	17,767	17,758	15,312	14,716	14,174	13,896	14,124	12,814	12,680	11,963	11,642	12,004	10,705	10,169	9,913	8,003	7,873	7,294	6,599	6,104	5,461	0	0	0	0	0	0	0	0	0	0
Earning Assets	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Good Will	249,176	252,045	202,786	199,001	197,284	165,908	142,960	144,162	143,663	134,680	135,354	135,263	135,253	76,543	75,883	74,463	76,845	76,366	70,300	70,075	69,658	50,502	50,403	51,030	51,613	51,783	50,766	50,289	49,777	51,005	50,852	50,921	33,848	33,527	34,303	34,210	34,854	25,487	25,487	25,487	25,487	25,487	25,487	25,487	25,487	25,487	5,853	5,853	5,853	5,877	5,877	1,166	1,166	1,166	1,166	1,166	1,166	1,166	0	0	1,166
Intangible Assets	107,344	103,597	77,633	84,536	88,352	70,742	53,597	56,158	58,587	52,471	54,950	57,594	59,830	18,575	19,790	20,857	22,668	23,844	20,379	21,572	22,741	13,491	14,354	15,577	16,529	17,720	18,484	19,389	19,788	21,338	22,534	23,845	15,081	15,766	16,915	17,705	18,851	15,038	15,683	16,365	17,082	17,799	18,806	19,523	20,240	20,957	5,247	5,507	5,767	6,027	6,287	290	290	290	290	290	290	290	0	0	446
Inventory	0	59,525	56,250	53,844	52,755	50,082	48,294	46,710	44,529	41,593	40,149	38,666	37,502	36,562	35,797	35,543	35,274	34,583	35,087	34,692	34,502	33,134	32,216	31,318	25,091	23,326	21,917	20,908	19,224	18,647	17,278	15,799	15,086	14,837	14,079	12,987	12,131	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Liabilities And Stockholders Equity	823,844	787,408	735,538	696,927	672,914	637,090	622,776	613,308	615,846	591,283	572,278	549,837	525,525	487,686	461,663	439,819	447,440	426,597	418,607	407,197	386,123	368,460	351,673	339,596	335,520	339,021	333,872	327,918	298,365	292,274	287,755	281,725	261,731	252,877	249,926	246,870	243,775	234,637	230,172	226,559	223,330	173,590	167,988	162,779	159,201	156,744	82,946	78,996	77,618	63,422	61,215	59,317	57,880	56,227	54,652	22,940	21,919	21,094	0	0	19,197
Long Term Debt	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	16,890	17,723	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	146	355	0	0	0	1,285
Long Term Debt Total	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Long Term Investments	0	0	0	0	0	0	0	0	0	0	0	2,500	2,500	2,476	7,566	0	0	0	0	0	0	4,921	4,922	2,471	5,206	2,491	4,997	2,503	7,494	12,529	7,556	12,529	14,950	12,514	9,995	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Negative Goodwill	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Net Debt	-205,052	-163,690	-194,133	-166,189	-145,607	-167,920	-194,145	-183,413	-187,018	-175,211	-162,674	-147,107	-127,222	-187,850	-152,741	-161,661	-155,384	-130,222	-126,664	-122,483	-133,859	-144,748	-125,385	-120,547	-123,127	-128,984	-131,744	-128,707	-115,877	-109,635	-107,160	-110,889	-121,538	-117,887	-121,344	-133,550	-130,795	-140,822	-136,508	-134,603	-131,294	-80,813	-75,134	-72,559	-66,050	-69,715	-35,501	-33,063	-31,985	-31,546	-29,788	-40,447	-40,351	-38,991	-37,630	-3,364	-3,239	-2,862	0	0	720
Net Invested Capital	667,475	626,844	600,981	565,890	537,073	507,663	497,020	491,521	484,259	470,528	454,749	440,523	420,721	394,940	373,310	355,188	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Net Receivables	46,840	45,141	44,992	43,437	39,435	36,787	40,105	38,778	34,562	35,330	37,936	35,270	33,578	30,289	34,177	30,336	31,532	29,383	30,747	28,301	27,488	27,289	28,171	25,948	24,897	24,175	21,545	22,683	20,746	21,361	20,432	20,426	17,615	17,945	17,255	15,823	15,422	13,594	13,348	12,166	11,611	11,148	11,707	10,788	10,940	10,146	9,029	7,981	7,958	7,695	7,353	6,356	5,574	5,517	4,987	5,125	4,766	4,819	0	0	4,564
Net Tangible Assets	0	0	320,562	282,353	251,437	271,013	300,463	291,201	282,009	283,377	264,445	247,666	225,638	299,822	277,637	259,868	255,363	244,858	247,654	239,057	226,575	246,578	229,932	221,744	208,678	215,670	209,780	203,728	179,702	172,467	163,456	158,627	173,256	165,432	160,694	156,309	151,386	160,394	156,967	153,245	150,204	99,094	95,235	91,979	89,090	86,386	51,297	49,166	47,933	33,681	32,692	0	0	0	0	0	0	0	0	0	0
Net Working Capital	270,772	226,868	273,008	239,421	212,172	233,807	264,310	257,039	249,571	248,327	231,725	213,442	191,224	266,619	237,242	227,951	222,302	212,991	214,373	203,867	193,093	206,764	191,508	186,685	176,309	179,582	171,141	167,222	153,772	142,348	140,274	132,079	142,552	137,935	135,231	141,407	137,634	149,740	145,534	140,878	137,160	86,034	82,072	80,031	77,040	74,033	40,749	38,631	36,773	34,452	33,231	43,490	42,552	40,608	39,079	5,982	4,973	4,429	0	0	3,614
Non Current Assets Total	484,806	427,669	350,562	350,545	350,100	297,817	257,227	261,841	263,403	248,028	249,116	252,963	254,655	150,678	157,686	149,965	155,819	153,073	145,834	149,948	136,508	112,022	111,787	110,815	116,064	121,814	124,815	123,078	112,432	119,692	114,335	119,072	94,945	91,506	90,855	80,713	81,581	63,993	65,283	66,182	67,255	68,350	68,161	67,127	67,690	66,800	29,521	29,189	29,379	17,462	17,333	6,393	6,239	6,025	6,166	5,547	5,656	5,523	0	0	6,075
Non Current Liabilities Other	229	0	16,782	17,099	17,780	19,120	19,520	20,461	21,570	21,856	22,724	22,770	22,668	19,418	20,666	21,738	23,341	19,827	20,628	21,796	3,880	2,685	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	225	247	0	0	0	0	0	0	0	0	0	0
Non Current Liabilities Total	25,700	27,693	22,589	24,076	25,199	23,961	24,517	27,359	28,715	25,827	26,092	25,882	25,605	22,357	21,618	22,728	23,245	20,996	21,874	23,111	10,627	8,215	8,606	9,149	15,553	16,223	16,926	16,894	16,937	17,230	17,767	17,758	15,312	14,716	14,174	13,896	14,124	12,814	12,680	11,963	11,642	12,004	10,705	10,169	9,913	8,003	7,873	7,294	6,599	6,329	5,708	5,546	5,283	4,913	4,650	71,025	71,095	70,670	0	0	71,533
Non Currrent Assets Other	83,876	1,177	1,278	20,114	19,609	18,261	18,901	18,813	3,028	2,487	2,476	15,494	14,865	13,799	13,068	2,210	2,513	2,621	2,452	1,630	1,723	12,307	11,911	11,837	8,309	7,576	7,517	7,423	7,613	8,023	7,873	6,354	6,297	5,862	5,810	350	213	168	205	197	210	190	202	207	238	191	84	93	80	2,476	2,273	2,111	2,023	1,967	1,721	1,780	1,680	1,678	0	0	1,654
Noncontrolling Interest In Consolidated Entity	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Other Assets	0	0	0	23,479	19,836	18,484	19,092	19,012	18,401	17,176	16,414	15,704	33,587	12,809	12,910	14,252	15,644	17,385	19,574	22,357	22,697	23,740	23,972	93,511	99,208	106,198	109,288	108,012	97,118	104,862	100,403	105,100	81,325	78,427	77,903	68,625	70,220	55,374	56,247	56,703	57,333	57,793	58,842	59,538	60,020	61,233	25,493	25,769	25,997	14,380	14,437	3,567	3,479	3,423	3,177	3,236	3,136	0	0	0	3,266
Other Current Assets	16,758	15,743	13,556	15,651	16,319	15,246	17,912	22,923	16,042	14,346	11,711	14,490	12,312	8,927	8,378	9,417	11,279	8,385	8,265	8,858	9,229	6,613	6,762	5,696	6,149	5,853	6,955	6,992	7,010	7,323	7,540	5,529	5,030	5,688	6,393	3,797	3,846	16,228	15,033	13,608	13,170	13,279	12,986	12,305	14,521	10,083	8,895	8,763	8,296	6,719	6,741	6,121	5,594	5,572	5,526	6,272	5,566	4,956	0	0	4,843
Other Current Liab	49,602	50,374	35,351	34,594	37,686	33,981	33,363	28,562	40,006	38,096	32,690	30,446	33,100	25,416	22,017	18,506	28,510	22,534	20,847	16,593	26,754	20,873	20,478	17,041	22,277	18,327	18,572	18,235	18,804	15,635	17,284	15,340	14,331	12,983	12,301	13,776	13,094	11,845	9,444	10,763	10,782	11,069	9,931	7,760	7,115	7,910	6,366	5,859	6,215	6,315	5,096	4,306	4,384	4,740	4,393	4,124	4,078	3,946	0	0	2,487
Other Liab	0	0	0	12,082	12,190	9,987	10,278	12,021	12,289	9,130	8,359	7,139	5,933	5,632	3,698	3,771	4,449	4,772	4,984	5,388	10,627	8,215	8,606	7,381	13,666	14,123	14,949	14,999	15,026	14,862	15,376	15,362	15,312	14,716	14,174	13,896	14,124	12,814	12,680	11,963	11,642	12,004	10,705	10,169	9,913	8,003	7,873	7,294	6,599	6,329	5,708	5,546	5,283	4,913	4,650	5,101	4,852	0	0	0	4,583
Other Stockholder Equity	408,169	391,421	379,592	360,824	347,225	334,979	338,022	341,502	347,581	346,762	341,485	337,613	328,215	317,745	308,439	303,556	307,818	308,221	309,445	310,612	306,695	303,433	296,203	293,691	295,705	294,943	292,533	289,652	285,989	281,337	276,462	272,533	265,265	260,289	257,317	251,710	250,163	245,845	243,901	241,500	254,505	189,451	186,869	184,618	192,888	181,024	110,768	109,323	115,984	107,781	107,229	106,601	112,742	104,916	104,677	-32,439	13,495	13,092	0	0	11,989
Preferred Stock Redeemable	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Preferred Stock Total Equity	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	65,778	65,778	0	0	0	65,964
Property Plant And Equipment Gross	129,013	126,650	43,184	43,529	44,628	120,619	0	0	0	0	42,398	41,902	42,013	39,145	40,349	39,205	39,496	34,405	34,635	35,944	20,957	19,368	18,136	17,304	16,856	15,616	15,527	15,066	15,314	14,830	13,932	13,972	13,620	13,079	12,952	12,088	11,361	8,619	9,036	9,479	9,922	10,557	9,319	7,589	7,670	5,567	4,028	3,420	3,382	3,082	2,896	2,826	2,760	2,602	2,989	2,311	2,520	2,389	0	0	2,809
Property Plant And Equipment Net	43,905	44,524	43,184	43,529	44,628	42,683	41,578	42,509	42,752	43,701	42,398	41,902	42,013	39,145	40,349	39,205	39,496	34,405	34,635	35,944	20,957	19,368	18,136	17,304	16,856	15,616	15,527	15,066	15,314	14,830	13,932	13,972	13,620	13,079	12,952	12,088	11,361	8,619	9,036	9,479	9,922	10,557	9,319	7,589	7,670	5,567	4,028	3,420	3,382	3,082	2,896	2,826	2,760	2,602	2,989	2,311	2,520	2,389	0	0	2,809
Property Plant Equipment	0	0	35,211	35,078	35,458	32,923	32,000	32,261	42,752	43,701	42,398	26,606	26,432	25,053	25,510	24,035	23,752	20,757	20,597	20,710	20,957	19,368	18,136	17,304	16,856	15,616	15,527	15,066	15,314	14,830	13,932	13,972	13,620	13,079	12,952	12,088	11,361	8,619	9,036	9,479	9,922	10,557	9,319	7,589	7,670	5,567	4,028	3,420	3,382	3,082	2,896	2,826	2,760	2,602	2,989	2,311	2,520	0	0	0	2,809
Retained Earnings	259,045	240,034	223,192	208,510	193,221	177,306	161,443	150,690	138,087	125,322	113,873	103,690	93,490	80,020	68,613	57,419	48,973	39,811	30,870	22,074	15,261	8,120	59	-5,357	-19,902	-10,800	-12,665	-14,490	-33,739	-35,544	-38,053	-38,405	-39,449	-41,581	-42,851	-43,502	-44,088	-44,942	-45,780	-46,419	-46,792	-47,086	-47,356	-47,644	-47,843	-48,209	-48,383	-48,809	-49,065	-62,208	-62,385	-62,276	-62,768	-63,208	-64,094	-64,733	-65,652	-65,865	0	0	-66,814
Retained Earnings Total Equity	0	0	223,192	208,510	193,221	177,306	161,443	150,690	138,087	125,322	113,873	103,690	93,490	80,020	68,613	57,419	48,973	39,811	30,870	22,074	15,261	8,120	59	-5,357	-19,902	-10,800	-12,665	-14,490	-33,739	-35,544	-38,053	-38,405	-39,449	-41,581	-42,851	-43,502	-44,088	-44,942	-45,780	-46,419	-46,792	-47,086	-47,356	-47,644	-47,843	-48,209	-48,383	-48,809	-49,065	-62,208	-62,385	0	0	0	0	0	0	0	0	0	0
Short Long Term Debt	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	3,469	3,509	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Short Long Term Debt Total	14,029	15,012	15,131	16,115	17,286	18,310	18,580	19,675	20,534	20,592	21,693	22,167	22,470	21,080	22,109	22,823	23,868	19,505	20,359	21,232	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	122	122	122	343	2,632	2,692	2,934	0	0	4,435
Short Term Debt	4,460	4,449	4,073	4,121	4,277	4,336	4,341	4,337	4,108	3,895	3,960	3,424	2,798	4,355	4,189	3,866	5,072	3,281	3,469	3,509	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	122	122	343	2,486	2,337	2,479	0	0	3,150
Short Term Investments	56,359	60,628	60,914	51,146	51,412	50,928	46,513	39,968	49,758	56,183	48,999	39,174	37,786	52,300	50,775	30,074	34,284	51,446	51,651	41,683	44,537	44,654	47,352	45,272	40,192	34,869	26,896	25,550	23,076	15,616	21,010	10,010	7,517	5,014	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Temporary Equity Redeemable Noncontrolling Interests	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Total Assets	823,844	787,408	735,538	696,927	672,914	637,090	622,776	613,308	615,846	591,283	572,278	549,837	525,525	487,686	461,663	439,819	447,440	426,597	418,607	407,197	386,123	368,460	351,673	339,596	335,520	339,021	333,872	327,918	298,365	292,274	287,755	281,725	261,731	252,877	249,926	246,870	243,775	234,637	230,172	226,559	223,330	173,590	167,988	162,779	159,201	156,744	82,946	78,996	77,618	63,422	61,215	59,317	57,880	56,227	54,652	22,940	21,919	21,094	0	0	19,197
Total Current Assets	339,038	359,739	384,976	346,382	322,814	339,273	365,549	351,467	352,443	343,255	323,162	296,874	270,870	337,008	303,977	289,854	291,621	273,524	272,773	257,249	249,615	256,438	239,886	228,781	219,456	217,207	209,057	204,840	185,933	172,582	173,420	162,653	166,786	161,371	159,071	166,157	162,194	170,644	164,889	160,377	156,075	105,240	99,827	95,652	91,511	89,944	53,425	49,807	48,239	45,960	43,882	52,924	51,641	50,202	48,486	17,393	16,263	15,571	0	0	13,122
Total Current Liabilities	130,669	132,871	111,968	106,961	110,642	105,466	101,239	94,428	102,872	94,928	91,437	83,432	79,199	70,389	66,735	61,903	69,319	60,533	58,400	53,382	56,522	49,674	48,378	42,096	43,147	37,625	37,916	37,618	32,161	30,234	33,146	30,574	24,234	23,436	23,840	24,750	24,560	20,904	19,355	19,499	18,915	19,206	17,755	15,621	14,471	15,911	12,676	11,176	11,466	11,508	10,651	9,434	9,089	9,594	9,407	11,411	11,290	11,142	0	0	9,508
Total Liab	156,369	160,564	134,557	131,037	135,841	129,427	125,756	121,787	131,587	120,755	117,529	109,314	104,804	92,746	88,353	84,631	92,564	81,529	80,274	76,493	67,149	57,889	56,984	51,245	58,700	53,848	54,842	54,512	49,098	47,464	50,913	48,332	39,546	38,152	38,014	38,646	38,684	33,718	32,035	31,462	30,557	31,210	28,460	25,790	24,384	23,914	20,549	18,470	18,065	17,837	16,359	14,980	14,372	14,507	14,057	82,436	82,385	81,812	0	0	81,041
Total Permanent Equity	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Total Stockholder Equity	667,475	626,844	600,981	565,890	537,073	507,663	497,020	491,521	484,259	470,528	454,749	440,523	420,721	394,940	373,310	355,188	354,876	345,068	338,333	330,704	318,974	310,571	294,689	288,351	276,820	285,173	279,030	273,406	249,267	244,810	236,842	233,393	222,185	214,725	211,912	208,224	205,091	200,919	198,137	195,097	192,773	142,380	139,528	136,989	134,817	132,830	62,397	60,526	59,553	45,585	44,856	44,337	43,508	41,720	40,595	-59,496	-60,466	-60,718	0	0	-61,844
Treasury Stock	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-58,297	-46,297	-40,645	-34,645	-28,645	-25,679	-19,682	-17,684	-11,686	-5,815	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Warrants	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0

Cash Flow

Currency in USD. All numbers in thousands.

	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31	2008-12-31	2007-12-31
Begin Period Cash Flow	162,893	207,552	149,692	179,252	133,859	123,127	115,877	121,538	130,795	131,294	66,050	31,985	40,473	5,931	3,715	4,854	1,942
Capital Expenditures	19,761	19,880	19,588	16,467	13,585	13,750	7,271	8,008	8,757	7,582	5,701	5,983	2,584	1,772	1,000	884	1,123
Cash And Cash Equivalents Changes	0	-44,369	57,829	-29,579	45,339	10,775	7,250	-5,661	-9,257	-499	65,244	34,065	-8,488	0	0	0	0
Cash Flows Other Operating	0	-3,611	1,795	985	3,128	637	-7,182	-6,641	-3,729	-4,384	2,081	-5,866	-2,487	0	0	0	0
Change In Cash	56,188	-44,659	57,860	-29,560	45,393	10,732	7,250	-5,661	-9,257	-499	65,244	34,065	-8,488	34,542	2,216	-1,139	2,912
Change In Working Capital	-11,824	-16,517	6,887	-4,417	-3,107	827	-3,564	-4,878	-7,394	-1,630	4,016	-2,434	-1,350	-550	1,493	-1,531	-727
Change Receivables	0	-6,435	-4,959	-5,922	-6,771	-4,569	-5,586	-3,735	-3,517	-3,890	-1,150	-2,067	-2,810	0	0	0	0
Change To Account Receivables	-11,949	-6,435	-4,959	-5,922	-6,771	-4,569	-5,586	-3,735	-3,517	-3,890	-1,150	-2,067	-2,810	-1,081	-641	-811	-800
Change To Inventory	11,956	0	-5,164	1,764	-2,062	-3,468	1,585	-921	-2,498	646	2,513	-1,994	-2,347	-849	-400	-342	595
Change To Liabilities	0	-6,471	16,742	520	536	4,759	9,204	5,498	-148	6,644	3,085	5,499	3,947	0	0	0	0
Change To Netincome	0	33,246	36,495	28,728	24,751	17,630	25,272	6,597	7,612	7,144	5,125	3,123	-10,515	0	0	0	0
Change To Operating Activities	0	-16,191	-4,896	-4,141	-2,213	-2,635	-5,951	-2,481	-2,895	-1,451	0	0	0	0	0	0	0
Depreciation	34,747	28,189	24,914	18,665	16,438	12,686	11,782	11,336	9,572	8,570	8,051	4,918	2,647	1,533	1,445	1,963	1,729
Dividends Paid	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
End Period Cash Flow	219,081	162,893	207,552	149,692	179,252	133,859	123,127	115,877	121,538	130,795	131,294	66,050	31,985	40,473	5,931	3,715	4,854
Exchange Rate Changes	0	0	0	0	0	0	1,292	-374	-656	-595	0	0	0	0	0	0	0
Free Cash Flow	112,537	80,172	93,305	72,095	58,209	41,265	23,779	10,757	5,672	9,206	12,542	846	1,901	3,147	4,158	-1,691	-1,926
Investments	-145,645	-112,790	-10,049	-5,336	10,772	558	-14,849	-8,117	-22,527	-22,527	0	0	0	0	0	0	0
Issuance Of Capital Stock	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Net Borrowings	0	0	0	0	0	0	0	0	0	0	0	-410	-122	0	0	0	0
Net Income	65,824	55,134	44,597	45,586	33,712	23,872	-2,440	5,710	4,639	2,704	1,051	1,222	13,703	2,884	1,162	-1,895	-2,156
Other Cashflows From Financing Activities	6,114	6,676	-2,042	-688	-12,142	12,718	3,343	10,105	8,254	1,282	4,964	1,951	-446	5,513	16,327	11,285	10,078
Other Cashflows From Investing Activities	0	-91,420	-17,066	-98,666	-11,500	-27,273	-500	-18,032	-22,527	-12,595	0	-26,262	-10,841	0	0	0	0
Other Non Cash Items	8,122	3,579	5,040	5,551	2,480	2,322	1,690	272	1,271	717	479	383	425	27	381	474	276
Sale Purchase Of Stock	-515	-43,215	-20,430	-18,950	-20,618	-19,864	-5,815	6,035	5,918	3,224	52,546	59,819	513	0	-201	0	0
Stock Based Compensation	45,508	33,399	27,574	18,936	14,690	12,510	12,728	8,023	6,379	5,396	4,203	2,755	1,768	750	228	157	46
Total Cash From Financing Activities	15,970	-31,631	-8,361	2,328	-12,142	-3,775	-2,472	10,105	8,254	3,485	52,702	59,481	452	31,395	-1,942	-711	6,101
Total Cash From Operating Activities	132,298	100,052	112,893	88,562	71,794	55,015	31,050	18,765	14,429	16,788	18,243	6,829	4,485	4,919	5,158	-807	-803
Total Cashflows From Investing Activities	0	-112,790	-46,703	-120,469	-14,313	-40,465	-22,620	-34,157	-31,284	-20,177	-5,701	-32,245	-13,425	0	0	379	0

	2023-12-31	2023-09-30	2023-06-30	2023-03-31	2022-12-31	2022-09-30	2022-06-30	2022-03-31	2021-12-31	2021-09-30	2021-06-30	2021-03-31	2020-12-31	2020-09-30	2020-06-30	2020-03-31	2019-12-31	2019-09-30	2019-06-30	2019-03-31	2018-12-31	2018-09-30	2018-06-30	2018-03-31	2017-12-31	2017-09-30	2017-06-30	2017-03-31	2016-12-31	2016-09-30	2016-06-30	2016-03-31	2015-12-31	2015-09-30	2015-06-30	2015-03-31	2014-12-31	2014-09-30	2014-06-30	2014-03-31	2013-12-31	2013-09-30	2013-06-30	2013-03-31	2012-12-31	2012-09-30	2012-06-30	2012-03-31	2011-12-31	2011-09-30	2011-06-30	2011-03-31	2010-12-31	2010-09-30	2010-06-30	2010-03-31	2009-12-31	2009-09-30	2009-06-30	2009-03-31	2008-12-31
Begin Period Cash Flow	178,702	209,264	182,304	162,893	186,230	212,725	203,088	207,552	195,803	184,367	169,274	149,692	208,930	174,850	184,484	179,252	149,727	147,023	143,715	133,859	144,748	125,385	120,547	123,127	128,984	131,744	128,707	115,877	109,635	107,160	110,889	121,538	117,887	121,344	133,550	130,795	140,822	136,508	134,603	131,294	80,813	75,134	72,559	66,050	69,715	35,501	33,063	31,985	31,546	29,788	40,447	40,473	39,113	37,973	5,996	5,931	5,796	5,381	4,313	3,715	2,759
Capital Expenditures	4,294	5,698	4,508	5,261	5,986	5,703	3,836	4,355	4,021	6,829	5,475	3,263	4,828	3,243	4,431	3,965	5,198	3,036	2,452	2,899	3,875	3,394	2,597	3,884	2,029	1,908	2,035	1,299	2,036	2,902	954	2,116	2,253	1,425	2,771	2,308	3,188	1,014	2,519	861	671	3,293	648	1,089	3,138	955	1,260	630	868	727	501	488	542	16	1,084	130	494	259	179	68	221
Cash And Cash Equivalents Changes	0	0	26,811	19,466	-23,604	-26,073	9,868	-4,560	11,708	11,511	15,064	19,546	-59,283	34,061	-9,556	5,199	29,546	2,821	3,386	9,586	-10,851	19,368	4,838	-2,580	-5,857	-2,760	3,037	12,830	6,242	2,475	-3,729	-10,649	3,651	-3,457	-12,206	2,755	-10,027	4,314	1,905	3,309	50,481	5,679	2,575	6,509	-3,665	34,214	2,438	1,078	0	0	0	0	0	0	0	0	0	0	0	0	0
Cash Flows Other Operating	0	0	3,139	4,289	-5,773	556	5,046	-3,440	-3,063	-4,945	5,500	4,303	-3,331	-2,963	2,550	4,729	-343	-1,147	2,016	2,602	-2,555	5,584	-2,402	10	-3,208	-697	-1,489	-1,788	664	-1,558	-5,148	-599	1,662	-269	-5,944	822	66	-1,529	-2,141	-780	-430	1,264	-806	2,053	-3,707	-1,180	-338	-641	0	0	0	0	0	0	0	0	0	0	0	0	0
Change In Cash	40,379	-30,562	26,960	19,411	-23,337	-26,495	9,637	-4,464	11,749	23,096	15,093	19,582	-59,238	34,080	-9,634	5,232	29,525	2,704	3,308	9,856	-10,889	19,363	4,838	-2,580	-5,857	-2,760	3,037	12,830	6,242	2,475	-3,729	-10,649	3,651	-3,457	-12,206	2,755	-10,027	4,314	1,905	3,309	50,481	5,679	2,575	6,509	-3,665	34,214	2,438	1,078	439	1,758	-10,659	-26	1,360	1,140	31,977	65	135	415	1,068	598	956
Change In Working Capital	-9,535	8,272	-87	-10,476	-7,386	8,350	6,992	-24,473	2,431	586	7,263	-3,393	-1,547	3,731	-1,015	-5,586	711	1,629	1,709	-7,156	2,842	-274	303	-2,044	-7	-4,300	-862	1,605	2,170	-4,753	-3,811	1,516	1,314	-1,252	-5,960	-1,496	463	-202	-1,386	-505	-1,717	3,625	-1,422	3,530	-4,120	1,416	610	-340	-986	830	-473	-721	-320	-211	1,168	-1,187	-153	384	493	769	-226
Change Receivables	0	0	-3,717	-6,220	-2,436	3,863	-2,299	-5,563	368	1,618	-4,117	-2,828	-1,371	2,520	-6,018	-1,053	-3,101	1,099	-3,441	-1,328	-290	94	-2,853	-1,520	-1,110	-2,869	594	-2,201	144	-1,384	-306	-2,189	-90	-1,030	-2,991	594	-1,400	-430	-1,348	-712	-627	428	-1,023	72	-883	51	-1,130	-105	0	0	0	0	0	0	0	0	0	0	0	0	0
Change To Account Receivables	-3,149	1,137	-3,717	-6,220	-2,436	3,863	-2,299	-5,563	368	1,618	-4,117	-2,828	-1,371	2,520	-6,018	-1,053	-3,101	1,099	-3,441	-1,328	-290	94	-2,853	-1,520	-1,110	-2,869	594	-2,201	144	-1,384	-306	-2,189	-90	-1,030	-1,803	-594	-1,400	-430	-1,348	-712	-627	428	-1,023	72	-883	51	-1,130	-105	-545	-466	-962	-837	-106	-590	75	-460	-67	-244	-164	-166	-183
Change To Inventory	0	10,742	1,561	0	0	0	0	0	-1,097	-779	21	-3,309	-845	432	751	1,426	-1,158	-759	132	-277	-2,069	-751	-423	-225	-19	1,401	-922	1,125	1,793	-40	-2,683	9	-338	874	-3,276	242	1,168	-452	-391	321	-275	-221	-36	3,045	-14	-1,464	-90	-426	-924	-338	-611	-474	-1,757	284	1,298	-674	-1,763	179	919	265	64
Change To Liabilities	0	0	493	-8,545	823	3,931	4,245	-15,470	4,859	-863	6,009	-4,868	3,155	4,174	2,453	-9,262	4,155	1,677	3,134	-8,430	5,687	-5,952	5,558	-534	4,311	-734	33	5,594	1,362	-1,811	1,643	4,304	-258	47	-149	212	1,797	1,757	2,103	987	-660	1,933	407	1,405	470	2,545	2,078	406	0	2,001	0	0	0	0	0	0	0	0	0	0	0
Change To Netincome	0	0	11,300	8,341	6,770	8,318	8,275	9,883	9,938	8,781	9,407	8,369	5,904	9,065	7,495	6,264	6,563	6,582	5,003	6,603	4,193	4,453	4,053	4,931	15,125	3,543	3,687	2,917	1,537	987	2,509	1,564	1,733	2,060	2,233	1,586	1,581	1,966	1,928	1,669	1,535	1,339	1,319	932	566	702	1,019	836	0	0	0	0	0	0	0	0	0	0	0	0	0
Change To Operating Activities	0	0	0	-5,225	-2,669	1,665	6,843	-22,030	-2,796	-169	5,371	-7,302	-504	919	4,028	-8,584	3,045	180	4,441	-9,879	2,522	-1,363	727	-4,521	-3,917	-1,028	-1,266	-1,788	-3,471	-1,558	-5,148	0	-2,895	0	0	0	-1,451	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Depreciation	9,665	8,463	8,142	8,477	8,270	7,167	6,418	6,334	6,191	4,798	6,200	6,429	5,206	4,531	4,454	4,474	4,398	4,146	3,953	3,941	3,292	3,060	3,126	3,208	3,061	2,958	2,857	2,906	2,900	2,818	2,831	2,787	2,372	2,413	2,401	2,386	2,273	2,075	2,201	2,021	2,024	2,240	1,899	1,888	1,751	1,403	912	852	828	801	596	422	385	403	405	340	363	322	320	440	500
Dividends Paid	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
End Period Cash Flow	219,081	178,702	209,264	182,304	162,893	186,230	212,725	203,088	207,552	23,096	184,367	169,274	149,692	208,930	174,850	184,484	179,252	149,727	147,023	143,715	133,859	144,748	125,385	120,547	123,127	128,984	131,744	128,707	115,877	109,635	107,160	110,889	121,538	117,887	121,344	133,550	130,795	140,822	136,508	134,603	131,294	80,813	75,134	72,559	66,050	69,715	35,501	33,063	31,985	31,546	29,788	40,447	40,473	39,113	37,973	5,996	5,931	5,796	5,381	4,313	3,715
Exchange Rate Changes	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-17	-81	-57	459	202	688	-773	394	-398	403	310	-659	39	-346	-595	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Free Cash Flow	28,492	38,144	29,530	16,370	17,583	33,995	28,602	-8	27,304	23,096	27,578	18,342	18,205	25,491	17,697	10,702	15,636	18,262	17,009	7,302	13,593	11,906	10,301	5,465	7,049	2,158	5,472	9,100	6,376	-1,341	927	4,795	5,298	3,066	-3,446	754	1,983	3,663	863	2,697	1,465	4,181	1,436	5,460	-4,575	2,740	1,707	974	71	1,693	65	72	305	1,354	1,364	124	562	1,028	1,442	1,126	-19
Investments	806	-75,100	-13,758	671	286	-4,673	-7,126	10,023	6,471	-7,486	-7,495	-1,539	15,000	3,758	-27,509	3,415	17,514	81	-9,601	2,778	4,992	2,682	-4,689	-2,427	-8,059	-5,440	-3,855	2,505	-2,480	362	-6,004	5	-5,018	-7,520	-9,989	0	-22,527	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Issuance Of Capital Stock	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Net Borrowings	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-410	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Net Income	19,011	16,842	14,682	15,289	15,915	15,863	10,753	12,603	12,765	11,449	10,183	10,200	13,470	11,407	11,194	9,515	9,162	8,941	8,796	6,813	7,141	8,061	5,416	3,254	-9,101	1,865	1,825	2,971	1,805	2,509	352	1,044	2,132	1,270	651	586	854	838	639	373	294	270	288	199	366	174	426	256	13,143	177	-109	492	441	886	638	919	213	346	657	-54	-286
Other Cashflows From Financing Activities	6,114	1,050	1	241	631	-10,472	3,389	651	-4,606	3,127	1,431	2,743	-12,414	4,812	7,206	3,082	-4,159	1,978	1,978	2,472	-10,891	6,680	5,241	715	-385	63	1,218	1,037	-1,214	3,060	1,866	2,090	-1,379	1,656	1,190	2,347	-706	651	1,042	612	1,278	1,498	1,139	1,049	-46,030	58,146	731	104	-155	65	141	24	7,055	8	32,902	4,450	4,101	4,000	4,125	3,900	4,050
Other Cashflows From Investing Activities	0	0	0	0	-46,497	-44,923	0	0	-17,066	0	0	0	-98,666	0	0	3,415	-728	-11,500	-6,823	2,778	-26,892	0	0	-381	0	0	0	-500	30	0	-120	-17,942	0	0	0	0	-12,595	0	0	0	0	0	0	0	0	-26,262	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Other Non Cash Items	2,407	2,081	1,927	1,708	647	290	1,505	1,137	769	-23,096	1,720	1,281	1,297	1,291	1,711	1,252	968	709	332	471	797	751	396	378	344	464	575	307	398	-646	581	-61	425	328	380	138	210	184	166	157	164	130	105	80	88	131	82	82	180	132	328	55	-226	60	62	131	141	148	101	-9	162
Sale Purchase Of Stock	0	0	6,530	2,425	-515	-12,477	-14,997	-15,226	-9,769	-4,211	-6,450	2,907	18,950	-18,950	-6,950	-12,000	-5,652	-6,000	-6,000	-2,966	-5,997	-1,998	-5,998	-5,871	-5,815	63	1,218	1,037	1,729	1,771	1,466	1,069	1,904	877	1,090	2,047	979	651	1,007	587	48,900	1,498	1,099	1,049	862	58,146	718	93	0	0	0	0	0	0	0	0	0	0	0	0	0
Stock Based Compensation	9,411	11,436	12,881	11,780	7,763	7,960	8,661	9,015	6,301	6,849	7,499	6,925	4,690	4,893	5,009	4,344	3,374	3,147	2,875	5,294	2,532	3,266	3,179	3,533	5,895	2,347	2,186	2,300	2,019	2,012	2,065	1,927	1,623	1,610	1,647	1,499	1,405	1,293	1,359	1,339	1,083	1,085	1,111	924	713	715	715	612	482	487	487	312	292	232	175	51	51	79	50	48	47
Total Cash From Financing Activities	5,965	1,050	6,531	2,425	5,024	-10,472	-11,608	-14,575	-5,001	-1,084	-5,019	2,743	6,178	4,812	256	-8,918	-3,604	-4,022	-4,022	-494	-2,544	4,682	-757	-5,156	-4,790	63	1,218	1,037	3,089	3,060	1,866	2,090	3,061	1,656	1,190	2,347	1,180	651	1,042	612	49,016	1,498	1,139	1,049	910	57,736	731	104	344	65	141	-98	1,055	-214	30,613	-59	-427	-613	-374	-528	-68
Total Cash From Operating Activities	32,786	43,842	34,038	21,631	23,569	39,698	32,438	4,347	31,325	23,096	33,053	21,605	23,033	28,734	22,128	14,667	20,834	21,298	19,461	10,201	17,468	15,300	12,898	9,349	9,078	4,066	7,507	10,399	8,412	1,561	1,881	6,911	7,551	4,491	-675	3,062	5,171	4,677	3,382	3,558	2,136	7,474	2,084	6,549	-1,437	3,695	2,967	1,604	939	2,420	566	560	847	1,370	2,448	254	1,056	1,287	1,621	1,194	202
Total Cashflows From Investing Activities	0	0	-13,758	-4,590	-52,197	-55,299	-10,962	5,668	-14,616	-14,315	-12,970	-4,802	-88,494	515	-31,940	-550	12,316	-14,455	-12,053	-121	-25,775	-712	-7,286	-6,692	-10,088	-7,348	-5,890	706	-4,486	-2,540	-7,078	-20,053	-7,271	-8,945	-12,760	-2,308	-15,783	-1,014	-2,519	-861	-671	-3,293	-648	-1,089	-3,138	-27,217	-1,260	-630	0	0	0	0	0	0	0	0	0	0	0	0	379

Income Statement

Currency in USD. All numbers in thousands.

	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31	2008-12-31	2007-12-31
Cost Of Revenue	182,069	153,065	131,678	99,836	92,239	81,748	73,625	64,346	50,043	39,991	31,781	22,040	15,366	12,626	11,715	9,208	6,379
Depreciation And Amortization	33,352	28,189	24,914	18,580	15,993	12,686	11,782	11,336	9,572	8,570	8,051	4,918	2,647	1,533	1,445	1,963	1,729
Discontinued Operations	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Ebit	77,248	71,182	55,085	50,158	38,406	26,731	8,428	7,517	7,023	4,383	1,772	1,370	1,224	3,194	1,881	-1,382	-1,701
Ebitda	110,600	99,371	79,999	68,738	54,399	39,417	20,210	18,853	16,595	12,953	9,823	6,288	3,871	4,727	3,326	581	28
Effect Of Accounting Charges	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Extraordinary Items	0	0	0	0	0	0	-6,796	0	0	0	0	0	0	0	0	0	0
Gross Profit	354,841	297,810	253,598	212,794	186,885	166,492	146,941	128,949	108,475	87,956	72,610	55,066	42,603	31,971	26,031	21,489	18,819
Income Before Tax	85,563	71,324	53,541	52,680	42,070	28,340	9,140	8,850	7,075	4,112	1,737	1,343	1,084	2,976	1,253	-1,801	-2,140
Income Tax Expense	19,739	16,190	8,944	7,094	8,358	4,468	11,580	3,140	2,436	1,408	686	121	-12,619	92	91	94	16
Interest Expense	0	142	1,544	2,607	4,109	0	0	0	0	0	0	27	0	74	270	419	439
Interest Income	0	0	0	1,103	2,947	2,329	1,032	601	197	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Net Income	65,824	55,134	44,597	45,586	33,712	23,872	-2,440	5,710	4,639	2,704	1,051	1,222	13,703	2,884	1,162	-1,895	-2,156
Net Income Applicable To Common Shares	0	55,134	44,597	45,586	33,712	23,872	-2,440	5,710	4,639	2,704	1,051	1,222	13,703	2,884	1,162	0	0
Net Income From Continuing Ops	62,728	55,134	44,597	45,586	33,712	23,872	-2,440	5,710	4,639	2,704	1,051	1,222	13,703	0	0	0	0
Net Interest Income	0	0	0	1,103	2,947	2,329	1,032	601	0	0	0	0	0	0	0	0	0
Non Operating Income Net Other	0	142	-1,544	1,419	717	-720	-320	732	-145	-271	-35	-202	-51	0	0	0	0
Non Recurring	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Operating Income	77,248	71,182	55,085	50,158	38,406	26,731	8,428	7,517	7,023	4,383	1,772	1,572	1,135	3,036	1,881	-1,410	-1,821
Other Items	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Other Operating Expenses	443,546	379,693	330,191	262,472	240,718	221,509	212,138	185,778	151,495	123,564	102,619	75,534	56,834	41,561	35,865	32,107	27,019
Preferred Stock And Other Adjustments	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Reconciled Depreciation	33,352	28,189	24,914	18,665	16,438	12,686	11,782	0	0	0	0	0	0	0	0	0	0
Research Development	53,654	45,748	39,038	31,024	28,305	22,087	23,183	21,981	17,954	13,494	10,870	8,166	5,838	4,349	4,305	3,640	3,546
Selling And Marketing Expenses	122,936	101,772	88,044	75,955	70,140	71,719	73,295	65,886	55,374	46,990	39,621	30,037	23,836	16,601	13,506	12,543	11,636
Selling General Administrative	84,887	67,340	61,305	50,119	44,719	41,862	37,461	28,827	24,817	20,233	17,189	13,524	11,151	7,985	6,339	6,716	5,458
Tax Provision	17,260	16,190	8,944	7,094	8,358	4,468	11,580	3,140	2,436	0	0	0	0	0	0	0	0
Total Operating Expenses	261,477	226,628	198,513	162,636	148,479	139,761	138,513	121,432	101,452	83,573	70,838	53,494	41,468	28,935	24,150	22,899	20,640
Total Other Income Expense Net	8,315	142	-1,544	2,522	3,664	-720	-320	732	-145	-458	-147	-248	-140	-144	-358	-391	-319
Total Revenue	536,910	450,875	385,276	312,630	279,124	248,240	220,566	193,295	158,518	127,947	104,391	77,106	57,969	44,597	37,746	30,697	25,198

	2023-12-31	2023-09-30	2023-06-30	2023-03-31	2022-12-31	2022-09-30	2022-06-30	2022-03-31	2021-12-31	2021-09-30	2021-06-30	2021-03-31	2020-12-31	2020-09-30	2020-06-30	2020-03-31	2019-12-31	2019-09-30	2019-06-30	2019-03-31	2018-12-31	2018-09-30	2018-06-30	2018-03-31	2017-12-31	2017-09-30	2017-06-30	2017-03-31	2016-12-31	2016-09-30	2016-06-30	2016-03-31	2015-12-31	2015-09-30	2015-06-30	2015-03-31	2014-12-31	2014-09-30	2014-06-30	2014-03-31	2013-12-31	2013-09-30	2013-06-30	2013-03-31	2012-12-31	2012-09-30	2012-06-30	2012-03-31	2011-12-31	2011-09-30	2011-06-30	2011-03-31	2010-12-31	2010-09-30	2010-06-30	2010-03-31	2009-12-31	2009-09-30	2009-06-30	2009-03-31	2008-12-31	2008-09-30	2008-06-30	2008-03-31
Cost Of Revenue	54,038	45,521	44,544	42,964	41,541	38,605	37,530	35,389	35,635	34,343	31,730	29,970	26,921	25,045	24,326	23,544	23,909	23,263	23,700	21,367	21,177	20,411	20,402	19,758	19,459	18,645	18,191	17,330	17,322	16,171	15,972	14,881	13,436	12,700	12,335	11,572	11,139	9,970	9,627	9,255	8,523	8,249	7,943	7,066	6,804	5,945	4,843	4,448	4,219	4,076	3,750	3,321	3,333	3,211	3,101	2,981	2,973	3,009	2,896	2,837	2,624	1,941	1,713	1,481
Depreciation And Amortization	9,665	8,463	8,142	8,477	3,832	7,732	7,573	6,334	2,392	6,094	6,200	6,429	5,206	1,333	4,454	4,474	4,398	4,146	3,953	3,941	3,292	3,060	3,126	3,208	1,114	2,958	2,857	2,906	1,185	2,818	2,831	2,787	2,372	2,413	2,401	2,386	2,273	2,075	2,201	2,021	2,024	2,240	1,899	1,888	1,751	1,403	912	852	828	801	123	422	385	403	405	340	363	322	320	440	500	-	-	-
Discontinued Operations	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Ebit	22,885	17,866	17,033	16,730	19,014	19,690	15,968	15,994	15,373	14,309	13,799	12,854	13,400	13,954	11,111	11,608	10,685	10,911	8,930	7,435	8,209	8,257	5,965	4,300	-521	2,845	2,727	3,376	2,653	2,670	880	1,314	2,814	2,260	1,027	922	1,417	1,354	1,014	598	724	439	483	194	224	144	789	524	414	286	-15	539	496	972	679	1,047	289	464	734	-77	-107	0	0	0
Ebitda	32,550	26,329	25,175	25,207	22,846	27,422	23,541	22,328	17,765	13,521	19,999	19,283	18,606	15,287	15,565	16,082	15,083	15,057	12,883	11,376	11,501	11,317	9,091	7,508	593	5,803	5,584	6,282	3,838	5,488	3,711	4,101	5,186	4,673	3,428	3,308	3,690	3,429	3,215	2,619	2,748	2,679	2,382	2,082	1,975	1,547	1,701	1,376	1,242	1,087	108	961	881	1,375	1,084	1,387	652	786	1,054	363	393	-	-	-
Effect Of Accounting Charges	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Extraordinary Items	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Gross Profit	90,927	90,140	85,872	82,904	80,477	75,881	71,648	69,804	67,121	63,544	62,809	60,124	56,387	54,512	51,247	50,648	48,824	47,665	44,829	45,567	44,012	42,457	40,689	39,334	38,741	37,505	36,093	34,602	33,739	33,113	31,379	30,718	28,912	27,654	26,511	25,398	24,263	22,536	21,473	19,684	19,450	18,759	17,715	16,686	15,680	14,322	12,978	12,086	11,635	11,453	10,187	9,328	8,586	8,280	7,843	7,262	7,008	6,625	6,704	5,694	5,456	0	0	0
Income Before Tax	26,341	22,301	18,915	18,006	20,766	18,995	14,630	16,933	15,253	12,805	13,146	12,337	14,861	14,377	12,579	10,863	11,801	11,633	10,783	7,853	8,770	8,666	6,344	4,560	-157	2,922	2,867	3,507	2,712	3,729	657	1,752	2,998	2,223	1,007	847	1,052	1,370	1,099	591	708	439	457	133	158	50	726	409	336	258	-31	521	437	879	676	984	244	395	657	-43	-204	0	0	0
Income Tax Expense	7,330	5,459	4,233	2,717	4,851	3,132	3,877	4,330	2,488	1,356	2,963	2,137	1,391	2,970	1,385	1,348	2,639	2,692	1,987	1,040	1,629	605	928	1,306	8,944	1,058	1,042	536	907	1,220	305	708	866	953	356	261	198	532	460	218	414	169	169	-66	-208	-124	300	153	-12,807	81	78	29	-4	-7	38	65	31	49	75	11	82	3	2	7
Interest Expense	0	0	0	1,276	1,752	695	1,338	423	0	0	0	0	121	116	226	640	714	843	813	577	740	628	547	414	327	272	242	191	193	112	151	145	74	49	37	37	0	0	0	0	0	0	0	0	54	27	0	0	0	0	0	8	8	8	13	45	45	61	75	89	97	104	106	112
Interest Income	0	0	0	0	0	0	0	0	0	0	0	0	121	116	226	640	714	843	813	577	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-	-	-
Minority Interest	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Net Income	19,011	16,842	14,682	15,289	15,915	15,863	10,753	12,603	12,765	11,449	10,183	10,200	13,470	11,407	11,194	9,515	9,162	8,941	8,796	6,813	7,141	8,061	5,416	3,254	-9,101	1,864	1,825	2,971	1,805	2,509	352	1,044	2,132	1,270	651	586	854	838	639	373	294	270	288	199	366	174	426	256	13,143	177	-109	492	441	886	638	919	213	346	657	-54	-286	0	0	0
Net Income Applicable To Common Shares	0	0	14,682	15,289	15,915	15,863	10,753	12,603	12,765	11,449	10,183	10,200	13,470	11,407	11,194	9,515	9,162	8,941	8,796	6,813	7,141	8,061	5,416	3,254	-9,100	1,864	1,825	2,971	1,805	2,509	352	1,044	2,132	1,270	651	586	854	838	639	373	294	270	288	199	366	174	426	256	13,143	177	-109	492	441	886	638	919	213	346	657	0	0	0	0	0
Net Income From Continuing Ops	19,011	16,842	14,682	15,289	15,915	15,863	10,753	12,603	12,765	11,449	10,183	10,200	13,470	11,407	11,194	9,515	9,162	8,941	8,796	6,813	7,141	8,061	5,416	3,254	-9,100	1,864	1,825	2,971	1,805	2,509	352	1,044	2,132	1,270	651	586	854	838	639	373	294	270	288	199	366	174	426	256	0	177	-109	0	0	0	0	0	0	0	0	0	0	0	0	0
Net Interest Income	0	0	0	0	0	0	0	0	0	0	0	0	121	116	226	640	714	843	813	577	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-	-	-
Non Operating Income Net Other	0	0	1,882	1,276	1,752	-695	-1,338	423	-120	-716	-383	-325	1,183	307	1,242	-1,313	323	-143	640	-103	-179	-219	-168	-154	37	-195	-102	-60	-134	947	-374	293	110	-86	-57	-112	-365	16	85	-7	-16	68	-26	-61	-66	-61	-25	-50	0	-12	10	0	0	0	0	0	0	0	0	0	0	-	-	-
Non Recurring	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Operating Income	22,885	20,599	17,033	16,730	19,014	19,690	15,968	16,510	15,373	13,521	13,529	12,662	13,557	13,954	11,111	11,536	10,764	10,933	9,330	7,379	8,209	8,257	5,965	4,300	-521	2,845	2,727	3,376	2,653	2,670	880	1,314	2,814	2,260	1,027	922	1,417	1,354	1,014	598	724	371	483	194	224	138	751	459	399	270	-41	507	442	868	679	1,047	761	464	734	-77	-134	0	0	0
Other Items	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Other Operating Expenses	122,080	115,062	113,383	109,138	103,004	94,796	93,210	88,683	87,383	84,366	81,010	77,432	69,751	65,603	64,462	62,656	61,969	59,995	59,199	59,555	56,980	54,611	55,126	54,792	58,721	53,305	51,557	48,556	48,408	46,614	46,471	44,285	39,534	38,094	37,819	36,048	33,985	31,152	30,086	28,341	27,249	26,637	25,175	23,558	22,260	20,129	17,070	16,075	15,455	15,259	13,978	12,142	11,477	10,623	10,265	9,196	9,220	9,170	8,866	8,608	8,214	0	0	0
Preferred Stock And Other Adjustments	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-	-	-
Reconciled Depreciation	9,665	8,463	8,142	8,477	8,270	7,167	6,418	6,334	6,191	6,094	6,200	6,429	5,206	4,531	4,454	4,474	4,398	4,146	3,953	3,941	3,292	3,060	3,126	3,208	3,061	2,958	2,857	2,906	2,900	2,818	2,831	2,787	2,372	2,413	2,401	2,386	2,273	2,075	2,201	2,021	2,024	2,240	1,899	1,888	1,751	1,403	912	852	828	801	596	422	385	403	405	340	363	322	320	440	500	-	-	-
Research Development	14,216	13,558	13,318	12,563	12,480	11,135	11,432	10,701	10,579	10,854	8,899	8,706	7,937	8,053	7,466	7,568	7,861	7,743	6,509	6,192	6,516	5,146	5,293	5,132	6,160	6,549	5,369	5,105	5,796	5,574	5,542	5,069	4,896	4,494	4,495	4,069	3,817	3,338	3,365	2,974	2,904	2,806	2,657	2,503	2,516	2,088	1,830	1,732	1,579	1,605	1,414	1,240	1,131	1,108	1,067	1,043	1,079	1,123	1,059	1,044	861	875	954	949
Selling And Marketing Expenses	40,593	27,861	30,349	29,083	27,201	25,334	24,582	24,655	22,658	22,079	21,952	21,355	19,812	19,233	18,611	18,299	17,736	16,937	17,545	17,922	17,696	16,952	18,424	18,647	19,236	18,239	18,741	17,079	16,794	16,526	16,677	15,889	13,734	13,795	14,101	13,744	12,490	12,046	11,570	10,884	10,458	10,291	9,647	9,225	8,778	7,840	6,972	6,447	6,454	6,404	5,852	5,126	4,833	4,139	4,122	3,507	3,501	3,533	3,397	3,075	3,005	-	-	-
Selling General Administrative	13,233	24,334	21,693	20,677	17,950	16,724	17,198	15,468	16,119	14,691	15,758	14,737	13,528	11,939	12,743	11,909	11,045	10,725	10,179	12,770	10,584	11,174	9,974	10,130	12,752	8,744	8,139	7,827	7,311	7,149	7,082	7,285	6,668	6,276	6,055	5,818	5,727	5,153	4,842	4,511	4,647	4,284	4,211	4,047	3,445	3,726	3,165	3,188	2,943	2,914	2,839	2,455	2,180	2,165	1,975	1,665	1,667	1,505	1,514	1,652	1,724	5,660	5,863	5,750
Tax Provision	7,330	5,459	4,233	2,717	4,851	3,132	3,877	4,330	2,488	1,356	2,963	2,137	1,391	2,970	1,385	1,348	2,639	2,692	1,987	1,040	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-	-	-
Total Operating Expenses	68,042	69,541	68,839	66,174	61,463	56,191	55,680	53,294	51,748	50,023	49,280	47,462	42,830	40,558	40,136	39,112	38,060	36,732	35,499	38,188	35,803	34,200	34,724	35,034	39,262	34,660	33,366	31,226	31,086	30,443	30,499	29,404	26,098	25,394	25,484	24,476	22,846	21,182	20,459	19,086	18,726	18,388	17,232	16,492	15,456	14,184	12,227	11,627	11,236	11,183	10,228	8,821	8,144	7,412	7,164	6,215	6,247	6,161	5,970	5,771	5,590	0	0	0
Total Other Income Expense Net	3,456	1,702	1,882	1,276	1,752	-695	-1,338	423	-120	-716	-383	-325	1,183	307	1,242	-1,313	323	-143	640	-103	-179	-219	-168	-154	36	-195	-102	-60	-134	947	-374	293	110	-86	-57	-112	-401	-36	35	-56	-52	37	-48	-84	-78	-67	-38	-65	-78	-28	-16	-18	-51	-85	10	-18	-517	-8	-2	123	-70	0	0	0
Total Revenue	144,965	135,661	130,416	125,868	122,018	114,486	109,178	105,193	102,756	97,887	94,539	90,094	83,308	79,557	75,573	74,192	72,733	70,928	68,529	66,934	65,189	62,868	61,091	59,092	58,200	56,150	54,284	51,932	51,061	49,284	47,351	45,599	42,348	40,354	38,846	36,970	35,402	32,506	31,100	28,939	27,973	27,008	25,658	23,752	22,484	20,267	17,821	16,534	15,854	15,529	13,937	12,649	11,919	11,491	10,944	10,243	9,981	9,634	9,600	8,531	8,080	8,074	7,586	6,957

Latest Income Statement (annual, 2023-12-31)

Gross Profit (+$)
totalRevenue	536,910
Cost of Revenue	-182,069
Gross Profit	354,841	354,841

Operating Income (+$)
Gross Profit	354,841
Operating Expense	-261,477
Operating Income	77,248	93,364

Operating Expense (+$)
Research Development	53,654
Selling General Administrative	84,887
Selling And Marketing Expenses	122,936
Operating Expense	261,477	261,477

Net Interest Income (+$)
Interest Income	0
Interest Expense	-0
Other Finance Cost	-0
Net Interest Income	0

Pretax Income (+$)
Operating Income	77,248
Net Interest Income	0
Other Non-Operating Income Expenses	0
Income Before Tax (EBT)	85,563	68,933 EBIT - interestExpense = 77,248 85,563 65,824
Interest Expense	0
Earnings Before Interest and Taxes (EBIT)	77,248	85,563
Earnings Before Interest and Taxes (EBITDA)	110,600

After tax Income (+$)
Income Before Tax	85,563
Tax Provision	-17,260
Net Income From Continuing Ops	62,728	68,303
Net Income	65,824
Net Income Applicable To Common Shares	0

Non-recurring Events
Discontinued Operations	0
Extraordinary Items	0
Effect of Accounting Charges	0
Other Items	0
Non Recurring	0
Other Operating Expenses	443,546
Total Other Income/Expenses Net	8,315	0

Technical Analysis of SPS Commerce Inc
The psychology behind the price

Technical indicators reflecting market sentiment and the collective psychology of you and other traders. Your emotions and other traders' emotions, such as fear and greed, play a significant role in driving price movements.

General trend

First of all, I'm going to put something in the back of your mind. One of the most stable factors that gives you more confidence as a trader: the general trend of SPS Commerce Inc. The general trend of SPS Commerce Inc is BEARISH with 71.4% confidence. It is very important for your mental being to use each indicator with this in mind. But beware, also the general trend flips once in a while! You can use moving averages to determine SPS Commerce Inc's overall trend. For convenience I use the most commonly used moving averages: 20, 50, 100 & 200. Of course you can use other moving averages or other indicators to determine the trend.

Indicator phases

Some of the indicators I use have 3 zones: overbought, oversold and neutral. Transitions between these zones (market phases) provide valuable trading signals and insights. Expecially with the general trend mind, I use the highlighted phases:

Indicator zone transitions	Bullish trend (-71.4%)		Bearish trend (71.4%)
Overbought to neutral	Bullish pullback	=	Bearish reversal
Upper to lower neutral	Bullish correction	=	Bearish continuation
Nuetral to oversold	Oversold	=	Oversold
Oversold to neutral	Bullish reversal	=	Bearish correction
Lower to upper neutral	Bullish continuation	=	Bearish pullback
Nuetral to overbought	Overbought	=	Overbought

1. Price Targets

1.1 Support & Resistance

Support and resistance are levels on a price chart that act as barriers or zones where the price of an asset tends to stop, reverse, or experience a significant amount of buying or selling pressure.

Support is a price level at which demand for an asset is strong enough to prevent the price from falling further.
Resistance is a price level at which selling pressure becomes significant enough to prevent the price of an asset from rising further.

Score

Let's take a look at the Support & Resistance of SPS Commerce Inc.

The long score for the Support & Resistance is 0/1.
The longshort score for the Support & Resistance is 0/(-1 +1).

Between support/resistance: The price is trading between support and resistance lines.

The bullish price targets are: 169.32 < 169.38 < 172.54.

The bearish price targets are: 155.11 > 154.25 > 153.98.

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SPS Commerce Inc Daily Support & Resistance Chart

2. Trend Indicators

2.1 Moving Averages

Shows the moving average of the selected period.

Moving averages are lagging trend indicators.
There are many types of moving averages.
Moving averages are also used within other indicators.

Score

Let's take a look at the Moving Averages of SPS Commerce Inc. The current mas is .

The long score for the Moving Averages is 2/14.
The longshort score for the Moving Averages is -10/(-14 +14).

MA 20 trending down: The MA 20 is trending down. -1
Close < MA 20: The price is below the MA 20. -1
MA 20 < MA 50: The MA 20 is lower than the MA 50. -1
MA 20 < MA 100: The MA 20 is lower than the MA 100. -1
MA 20 < MA 200: The MA 20 is lower than the MA 200. -1
MA 50 trending down: The MA 50 is trending down. -1
Close < MA 50: The price is below the MA 50. -1
MA 50 < MA 100: The MA 50 is lower than the MA 100. -1
MA 50 > MA 200: The MA 50 is higher than the MA 200. +1
MA 100 trending down: The MA 100 is trending down. -1
Close < MA 100: The price is below the MA 100. -1
MA 100 > MA 200: The MA 100 is higher than the MA 200. +1
MA 200 trending down: The MA 200 is trending down. -1
Close < MA 200: The price is below the MA 200. -1

Directionalities and relatives.

Moving Average	Amount of candles	vs. MA 50	vs. MA 100	vs. MA 200
MA 20	20
MA 50	50	-
MA 100	100	-	-
MA 200	200	-	-	-

Explanation: https://www.youtube.com/watch?v=xwW8h0lrQ-I

Shows the moving average of the selected period.

There are four types of indicators:

Trend indicators
Momentum indicators
Volatility indicators
Volume indicators

There are various kinds of moving averages:

Simple moving average (SMA);
Exponential moving average (EMA);
Smoothed moving average (SMMA);
Linear weighted moving average (LWMA).

The moving average looks at a certain period of time and it calculates the price average. The various types of averages are using various formulas. Don’t worry, you don’t have to memorize any formula. All moving averages are calculated automatically by basically every charting software you use. But it’s good to know how moving averages are actually calculated.

Simple moving average

SMA is calculated by summing up the price closures of the selected period. The price is then divided by the selected period. For example, when using the 21 day moving average you sum up all the closing prices for each day and divide that by 21. The result is a line on the chart representing the average. Because it’s an average in the selected timeframe, the trend is always lagging. An moving average looks like this on the chart:

Source: Tradingview.com

In this case, the blue line represents a 21 day moving average. Because the average is based on results from the past, the indicator will always lag behind. For example, when price would suddenly go up, the moving average won't immediately follow.

All other moving averages discussed below look the same on the chart. The only difference is that the line will move in different directions based on the maths behind the used indicators and the amount of days used to determine the average.

Exponential moving average

The EMA gives more weight to the latest closing prices by giving them more value in the equation. EMA is calculated by adding a certain percentage to the latest closing prices:

EMA = (CLOSE (i) * P) + (EMA (i - 1) * (1 - P))

Where:

CLOSE (i) = current period close price.
EMA (i - 1) = value of the Moving Average of a preceding period.
P = the percentage of using the price value.

Smoothed moving average

A smoothed moving average is an exponential moving average with a long lookback period. Older prices are reduced in weight but are never left out in the calculation. Unlike SMA and EMA where prices are removed when they are beyond the selected period. SMMA is a combination of the SMA and EMA. The main advantage is that it smooths out fluctuations in price.

Linear weighted moving average

The LWMA gives the latest price the highest weight and then lineary scales down with each price before that. The result is that the LWMA reacts quicker to changes in price than the SMA or EMA. The formula:

LWMA = ((Pn∗W1)+(Pn−1∗W2)+(Pn−2∗W3)...) / ∑W

Where:

P = Price for the period.
n = The most recent period, n-1 is the prior period, and n-2 is two periods prior.
W = The assigned weight to each period, with the highest weight going first and then descending linearly based on the number of periods being used.

Moving averages are widely used by many traders. Which moving average you need depends on your trading strategy. Common practise is using a combination of multiple periods. For example, the EMA21, EMA50, EMA100 and EMA200. How does that look on a chart:

Source: Tradingview.com

The lowest (purple) line on the chart represents the EMA200 then following up the EMA100, EMA50 and EMA21.

You can use moving averages to determine a trend. The 200 moving average is mostly used as a baseline for determining the current trend:

When the 200 moving average is moving up it is considered a bullish trend.
When the 200 moving average is down it is considered a bearish trend.
When moving averages are flatlined, there is no clear trend so you should look for market structure, consolidation or trend reversals. Depending on how you want to trade.

This is not set in stone. Most trading strategies use multiple moving averages each with different settings. While one strategy might use the EMA20, the other uses the SMA21. There can be hundreds of different variations. Moving averages can also be used as support and resistance. More often than not, prices will bounce on moving averages.

SPS Commerce Inc Daily Moving Averages Chart

2.2 Moving Average Convergence/Divergence (MACD)

Shows the momentum of the selected period based on two moving averages.

MACD is a lagging momentum indicator.
Uses two moving averages.
Can show buy or sell signals based on momentum.
Can show overbought. and oversold. levels.

Score

Let's take a look at the Moving Average Convergence/Divergence (MACD) of SPS Commerce Inc. The current macd is -5.14395448.

The long score for the Moving Average Convergence/Divergence (MACD) is 0/4.
The longshort score for the Moving Average Convergence/Divergence (MACD) is -4/(-4 +4).

MACD line < signal line: The MACD line is below the signal line, which indicates a bearish signal in the market. This means that the negative momentum is currently stronger than the average momentum, suggesting that sellers are more active than buyers, and there's a higher probability of the SPS Commerce Inc price going down in the near term. -2
MACD < 0: The MACD is below the zero line (centerline), it indicates a bearish signal for SPS Commerce Inc. This means that the short-term moving average is lower than the long-term moving average, signaling negative momentum and suggesting a higher likelihood of the SPS Commerce Inc price continuing to fall in the near future. It indicates that sellers are gaining control, and there is negativism in the market, leading to potential price decreases. -1
Trending down: The MACD line is trending down. This indicates that the short-term moving average is falling faster than the long-term moving average, suggesting negative momentum in the market. This signals that sellers are becoming more active and insecure, leading to potential price decreases as traders anticipate further losses and are willing to sell at lower prices. -1

SPS Commerce Inc Daily Moving Average Convergence/Divergence (MACD) Chart

2.3 Directional Movement Index (DMI)

The DMI is a collection of 3 indicators: +DI (Plus Direction Indicator), -DI (Minus Direction Indicator) and ADX (Average Directional Index). The ADX helps you determine the strength of a trend.

Score

Let's take a look at the Directional Movement Index (DMI) of SPS Commerce Inc. The current adx is 24.35.

The long score for the Directional Movement Index (DMI) is 0/7.
The longshort score for the Directional Movement Index (DMI) is -2/(-7 +7).

PLUS_ID < MINUS_DI: The +DI line is below the -DI line. This indicates a bearish signal in the market, as the negative directional movement is currently stronger than the positive directional movement, showing that sellers have the upper hand. Market psychology suggests that traders are pessimistic, expecting further price decreases, and are more willing to sell SPS Commerce Inc shares, leading to potential downward momentum in its price. -1
PLUS_ID < MINUS_DI && ADX < 25 && ADX trending up: The ADX is below 25 and indicates a weak or no trend. However, the ADX is rising and a new bearish trend could be forming. -1

SPS Commerce Inc Daily Directional Movement Index (DMI) Chart

2.4 Parabolic SAR

Shows the current trend and potential entry and exit signals.

Parabolic SAR (stop and reverse) is a lagging trend indicator.
Shows the current trend.
Shows potential entry signals.
Shows potential exit signals.
Can be used to place trailing stoplosses..

Score

Let's take a look at the Parabolic SAR of SPS Commerce Inc. The current sar is 170.52.

The long score for the Parabolic SAR is 0/1.
The longshort score for the Parabolic SAR is -1/(-1 +1).

Close < SAR: The price is below the SAR. It's generally considered a bearish signal. -1

SPS Commerce Inc Daily Parabolic SAR Chart

3. Momentum Indicators

3.1 Relative Strength Index (RSI)

Measures the speed and change of price movements.

Leading momentum indicator, meaning the signals are instant.
Ranges between 0 and 100.
Above 70 is considered overbought.
Below 30 is considered oversold.
Above or below 50 can also be used to determine price trend or support and resistance.
RSI divergence looks at a deviation between RSI and price movement. Penketrading automatically calculates RSI divergences.
Can be used in many different ways

Score

Let's take a look at the Relative Strength Index (RSI) of SPS Commerce Inc. The current rsi is 31.59. The current phase is Continuation in bear market.

The long score for the Relative Strength Index (RSI) is 1/13.
The longshort score for the Relative Strength Index (RSI) is -2/(-13 +13).

Continuation in bear market: Downtrend continues after a consolidation or pullback. Hold or add to short positions.
Trending up: The RSI is trending up. +1

Measures the speed and change of price movements.

There are four types of indicators:

Trend indicators
Momentum indicators
Volatility indicators
Volume indicators

The RSI measures the magnitude of recent price changes to determine if the asset is overbought or oversold.

Overbought (RSI above 70) means that the trading price is above its intrinsic value. This might indicate a sell or short signal.
Oversold (RSI below 30) means that the trading price is below its intrinsic value. This might indicate a buy or long signal.
RSI levels above or below 50 can also be used to determine a trend.
RSI divergence looks at a deviation between RSI and price movement.
Can be used in many different ways.

Original usage

Keep in mind that almost every indicator can be used in different ways. Even beyond the orginal settings. The relative strength index was developed by J. Welles Wilder. Wilder recommended a smoothing period of 14 days. That means a 14 day moving average (read more about this setting below). Another quote from the wikipedia page:

Wilders also considers the RSI 50 line as both support and resistance. I recommend to always read the original settings first before using an indicator. Many traders and websites are using their own version of the indicator which might be confusing.

How you can use RSI (Divergence)

First and foremost, there is no real right or wrong usage of the RSI indicator. You can use it in any way you want. Wilder recommends using a 14 day average but you can make it 50 or 100 if you like. Just keep in mind that using an indicator is just part of a larger trading plan. In other words, it’s not recommended to do any trading or investing based on a single indicator like the RSI.

The RSI is measured on a scale between 0 and 100. From 30 till 0 is considered oversold. and from 70 -100 is overbought. The RSI is a leading indicator, meaning the signals are instant.

I like to use the RSI as a trend\momentum indicator and not as an overbought or oversold indicator. I use the middle (50) as the baseline. When prices go above RSI 50 the trend is bullish and can indicate long positions. When below 50 it is considered bearish and can indicate short positions. Other traders use the 70 and 30 levels as overbought/oversold depending on the used strategy. The RSI indicator looks like this:

Source: Tradingview.com

The general concensus is that an RSI above 70 indicates that the security is overbought. In other words, the price this security is trading for is to high and should come down. So if RSI hits 70 or above this might indicate a sell signal or taking a short position (expecting the price will go down). Although RSI above 70 indicates the security is trading above it's fair value, that does not mean the price will go down.

Use tradingview to add indicators

I highly recommend using tradingview to add indicators to a chart. It has all the indicators you can think off and can add them for free (up to three indicators) to any chart you want. You can see that the levels 30 and 70 are marked with a dotted line. If you want you can remove these lines or give it another colour using Tradingview. You can also adjust the moving average used. You can also find RSI indicators made by the community that include other settings like RSI divergences.

Tradingview

Use Tradingview to (back)test your strategies and add hundreds of indicators created by the community.

View tool on Tradingview.com

RSI divergence

RSI is not only used to determine momentum but can also spot reversals or continuations of the trend. A reversal means that the trend is going in the opposite direction. From bullish to bearish or from bearish to bullish. These reversals can be spotted by looking at the price and the direction of the RSI. When the price is going up but the RSI is going down that means there is a divergence. This is also the case when RSI goes up but price is going down.

There are four types of divergences:

Regular bullish divergence
Regular bearish divergence
Hidden bullish divergence
Hidden bearish divergence

Regular bullish divergence

With a regular bullish divergence, the price is making lower highs but the oscillator (in this case the RSI) is making higher lows. A regular bullish divergence might indicate the end of the current trend. You’ll see regular bullish divergences mostly at the end of a downtrend. But that does not mean that every regular bullish divergence is a trend reversal.

Price is making lower highs
RSI is making higher lows
Indicating bullish reversal (price might go up)

Source: Tradingview.com

Regular bearish divergence

With a regular bearish divergence the price is making higher highs but the oscillator (in this case the RSI) is making lower highs. This might indicate the end of an uptrend.

Price is making higher highs
RSI is making lower highs
Indicating bearish reversal

Source: Tradingview.com

Hidden bullish divergence

With a hidden bullish divergence, the price is making a higher low while the RSI is making a lower low. This might indicate bullish trend continuation.

Price is making higher lows
RSI is making lower lows
Indicating bullish continuation

Source: Tradingview.com

As you have noticed, you can have multiple divergences in a row.

Hidden bearish divergence

With a hidden bearish divergence, price is making lower highs but RSI is making higher highs. This might indicate bearish trend continuation.

Price is making lower highs
RSI making higher highs
Indicating bearish continuation

Source: Tradingview.com

You can find many cheatsheets of RSI divergences online. Search for "RSI divergence overview" and you'll find a lot of examples. You can print these to learn the various types of divergences.

SPS Commerce Inc Daily Relative Strength Index (RSI) Chart

3.2 Stochastic Oscillator

Compares a certain price to multiple prices ranging over time.

Leading momentum indicator, meaning the signals are instant.
Used to determine overbought and oversold areas much like the RSI.
Ranges between 0 and 100.
Above 80 is considered overbought.
Below 20 is considered oversold.
Consists of two lines named K and D.
K compares the highest high and lowest low on the selected price range.
The D line is a moving average of the K line.
Can be used to spot divergences

Score

Let's take a look at the Stochastic Oscillator of SPS Commerce Inc. The current phase is Oversold in bear market.

The long score for the Stochastic Oscillator is 3/6.
The longshort score for the Stochastic Oscillator is 0/(-6 +6).

STOCH < 50: The STOCH %K is below 50. There are more sellers than buyers. -1
STOCH < 20: The STOCH %K is below 20 and oversold. -2
STOCH %K line > STOCH %D line: The STOCH %K line is above the STOCH %D line, which indicates a bullish signal in the market. This means that the positive momentum is currently stronger than the average momentum, suggesting that buyers are more active than sellers, and there's a higher probability of the SPS Commerce Inc price going up in the near term. +2
Trending up: The STOCH %K is trending up. +1

SPS Commerce Inc Daily Stochastic Oscillator Chart

3.3 Commodity Channel Index (CCI)

Measures the difference between the current price and the historical average price.

Lagging or leading Momentum indicator
When the CCI is above zero, the price is above the historical average
When the CCI is below zero, the price is below the historical average
Used for spotting trends
- If the CCI moves from negative or near zero to positive 100 that might indicate an uptrend
- If the CCI moves from positive or near zero to negative -100 that might indicate a downtrend

Score

Let's take a look at the Commodity Channel Index (CCI) of SPS Commerce Inc. The current cci is -134.73299391.

The long score for the Commodity Channel Index (CCI) is 0/1.
The longshort score for the Commodity Channel Index (CCI) is -1/(-1 +1).

CCI < -100: The CCI is below -100, it indicates that the price is significantly below its average, suggesting a potential oversold condition. -1

SPS Commerce Inc Daily Commodity Channel Index (CCI) Chart

3.4 Chande Momentum Oscillator (CMO)

Measures the difference between the sum of recent gains and the sum of recent losses. Then divides the result by the sum of all price movements in that period.

Lagging momentum indicator
Ranges between +100 and -100
Considered overbought above +50
Considered oversold below -50
It's possible to add a moving average that acts as a signal line

Score

Let's take a look at the Chande Momentum Oscillator (CMO) of SPS Commerce Inc. The current cmo is -45.63575901.

The long score for the Chande Momentum Oscillator (CMO) is 0/1.
The longshort score for the Chande Momentum Oscillator (CMO) is -1/(-1 +1).

CMO < 0: The CMO is below 0, the momentum of the price is negative, indicating a potential downtrend in the price. -1

SPS Commerce Inc Daily Chande Momentum Oscillator (CMO) Chart

3.5 Williams %R

Shows the current price relative to the highest high over the last 14 days.

Lagging momentum indicator
Ranging between 0 and -100
Above -20 is considered overbought
Below -80 is considered oversold
Is prone to give false signals

Score

Let's take a look at the Williams %R of SPS Commerce Inc. The current willr is -90.42792793.

The long score for the Williams %R is 0/1.
The longshort score for the Williams %R is -1/(-1 +1).

WILLR < -80: The Williams %R is below -80. This indicates that the price is in oversold territory, suggesting a potential price correction or trend reversal to the upside. -1

SPS Commerce Inc Daily Williams %R Chart

4. Volatility Indicators

4.1 Bollinger Bands

Shows if the price is to high or to low relative to an average.

Lagging volatility indicator
Uses 3 bands: one upper, one lower and one in the middle
Works best when the middle band reflects an intermediate trend (MA20).
When the price is moving closer to the upper band, the market might be overbought
When the price is moving closer to the lower band, the market might be oversold

Score

Let's take a look at the Bollinger Bands of SPS Commerce Inc.

SPS Commerce Inc Daily Bollinger Bands Chart

4.2 Average True Range (ATR)

Measures market volatility

Leading volatility indicator
Can be used to determine stop-loss positions
Calculated by:
- Current high minus the current low
- Current high minus the previous close
- Current low minus the previous close
The larger the range of the candles, the greater the ATR value

Score

Let's take a look at the Average True Range (ATR) of SPS Commerce Inc. The current atr is 4.71576552.

SPS Commerce Inc Daily Average True Range (ATR) Chart

5. Volume Indicators

5.1 On-Balance Volume (OBV)

Measures market volatility

Leading momentum indicator
Calculation:
- If the closing price is above the previous closing price: OBV = previous OBV + current volume
- If the closing price is below the previous closing price: OBV = previous OBV - current volume
- If the closing price is the same as the previous closing price than the OBV is the same.
Can be used to confirm price trends
Can be used with divergences

Score

Let's take a look at the On-Balance Volume (OBV) of SPS Commerce Inc. The current obv is 3,011,641.

SPS Commerce Inc Daily On-Balance Volume (OBV) Chart

5.2 Money Flow Index (MFI)

Measures the flow of money in and out of a security

Lagging momentum indicator
Looks like RSI but uses volume as an extra metric (RSI only considers price)
Above 80 is considered overbought
Below 20 is considered oversold
Can be used with divergences

Score

Let's take a look at the Money Flow Index (MFI) of SPS Commerce Inc. The current mfi is 39.82.

The long score for the Money Flow Index (MFI) is 0/2.
The longshort score for the Money Flow Index (MFI) is -1/(-2 +2).

MFI < 50: -1

SPS Commerce Inc Daily Money Flow Index (MFI) Chart

6. Summary

6.1. Notifications

Type	Notification	Date
Currently no notifications for SPS Commerce Inc.

6.2. Trading Signals

Below you will find trading signals as the indicator is commonly used. This doesn't mean you should use it that way. Learn from these, but don't use them blindly. I recommend using at least 4 indicators, 1 from each category: trend, momentum, volatility and volume.

Date	Indicator	Signal
2023-11-28	STOCH	LONG EXIT		The %K line crosses below the %D line.
2023-11-29	CMO	SHORT ENTRY	LONG CLOSE	Zero line crossover to downside
2023-11-30	MACD	SHORT ENTRY	LONG CLOSE	The MACD line crosses below the signal line.
	CMO	LONG ENTRY	SHORT CLOSE	Zero line crossover to upside
2023-12-01	MACD	LONG ENTRY	SHORT CLOSE	The MACD line crosses above the signal line.
	STOCH	SHORT EXIT		The %K line crosses above the %D line.
	ATR	LONG ENTRY	SHORT CLOSE	Price closed above (close + ATR).
2023-12-04	SAR	LONG ENTRY	SHORT CLOSE	The price broke the SAR to the upside.
	CCI	LONG ENTRY	SHORT CLOSE	100 crossover to upside
	BB	SHORT ENTRY	LONG CLOSE	Price closed above the lower band.
	ATR	LONG ENTRY	SHORT CLOSE	Price closed above (close + ATR).
2023-12-06	STOCH	LONG EXIT		The %K line crosses below the %D line.
2023-12-08	STOCH	SHORT EXIT		The %K line crosses above the %D line.
2023-12-11	CCI	LONG ENTRY	SHORT CLOSE	100 crossover to upside
	WILLR	LONG ENTRY	SHORT CLOSE	-20 crossover to upside
2023-12-12	STOCH	LONG EXIT		The %K line crosses below the %D line.
2023-12-13	STOCH	SHORT EXIT		The %K line crosses above the %D line.
	WILLR	LONG ENTRY	SHORT CLOSE	-20 crossover to upside
2023-12-14	STOCH	LONG EXIT		The %K line crosses below the %D line.
2023-12-18	STOCH	SHORT EXIT		The %K line crosses above the %D line.
	CCI	LONG ENTRY	SHORT CLOSE	100 crossover to upside
	WILLR	LONG ENTRY	SHORT CLOSE	-20 crossover to upside
2023-12-19	BB	SHORT ENTRY	LONG CLOSE	Price closed above the lower band.
	ATR	LONG ENTRY	SHORT CLOSE	Price closed above (close + ATR).
2023-12-20	RSI	SHORT ENTRY	LONG CLOSE	70 crossover to downside
	STOCH	LONG EXIT		The %K line crosses below the %D line.
2023-12-22	STOCH	SHORT EXIT		The %K line crosses above the %D line.
	WILLR	LONG ENTRY	SHORT CLOSE	-20 crossover to upside
2023-12-28	STOCH	LONG EXIT		The %K line crosses below the %D line.
2024-01-02	MACD	SHORT ENTRY	LONG CLOSE	The MACD line crosses below the signal line.
	SAR	SHORT ENTRY	LONG CLOSE	The price broke the SAR to the downside
	CMO	SHORT ENTRY	LONG CLOSE	Zero line crossover to downside
	ATR	SHORT ENTRY	LONG CLOSE	Price closed below (close - ATR).
2024-01-03	DMI	SHORT ENTRY	LONG CLOSE	The +DI crossed the -DI to the downside. The trend is reversing to a down trend.
	WILLR	SHORT ENTRY	LONG CLOSE	-80 crossover to downside
2024-01-04	CCI	SHORT ENTRY	LONG CLOSE	-100 crossover to downside
2024-01-05	BB	LONG ENTRY	SHORT CLOSE	Price closed below the lower band.
2024-01-08	STOCH	SHORT EXIT		The %K line crosses above the %D line.
	ATR	LONG ENTRY	SHORT CLOSE	Price closed above (close + ATR).
2024-01-09	WILLR	SHORT ENTRY	LONG CLOSE	-80 crossover to downside
2024-01-10	STOCH	LONG EXIT		The %K line crosses below the %D line.
2024-01-11	STOCH	SHORT EXIT		The %K line crosses above the %D line.
2024-01-12	DMI	LONG ENTRY	SHORT CLOSE	The +DI crossed the -DI to the upside. The trend is reversing to an up trend.
2024-01-16	STOCH	LONG EXIT		The %K line crosses below the %D line.
2024-01-18	STOCH	SHORT EXIT		The %K line crosses above the %D line.
	CMO	LONG ENTRY	SHORT CLOSE	Zero line crossover to upside
2024-01-19	SAR	LONG ENTRY	SHORT CLOSE	The price broke the SAR to the upside.
2024-01-22	MACD	LONG ENTRY	SHORT CLOSE	The MACD line crosses above the signal line.
	WILLR	LONG ENTRY	SHORT CLOSE	-20 crossover to upside
2024-01-24	STOCH	LONG EXIT		The %K line crosses below the %D line.
2024-01-29	STOCH	SHORT EXIT		The %K line crosses above the %D line.
	WILLR	LONG ENTRY	SHORT CLOSE	-20 crossover to upside
2024-01-30	CCI	LONG ENTRY	SHORT CLOSE	100 crossover to upside
2024-01-31	STOCH	LONG EXIT		The %K line crosses below the %D line.
	CMO	SHORT ENTRY	LONG CLOSE	Zero line crossover to downside
	ATR	SHORT ENTRY	LONG CLOSE	Price closed below (close - ATR).
2024-02-01	MACD	SHORT ENTRY	LONG CLOSE	The MACD line crosses below the signal line.
	DMI	SHORT ENTRY	LONG CLOSE	The +DI crossed the -DI to the downside. The trend is reversing to a down trend.
	SAR	SHORT ENTRY	LONG CLOSE	The price broke the SAR to the downside
2024-02-05	WILLR	SHORT ENTRY	LONG CLOSE	-80 crossover to downside
2024-02-06	STOCH	SHORT EXIT		The %K line crosses above the %D line.
2024-02-08	CMO	LONG ENTRY	SHORT CLOSE	Zero line crossover to upside
2024-02-09	MACD	LONG ENTRY	SHORT CLOSE	The MACD line crosses above the signal line.
	DMI	LONG ENTRY	SHORT CLOSE	The +DI crossed the -DI to the upside. The trend is reversing to an up trend.
	SAR	LONG ENTRY	SHORT CLOSE	The price broke the SAR to the upside.
	CCI	LONG ENTRY	SHORT CLOSE	100 crossover to upside
	WILLR	LONG ENTRY	SHORT CLOSE	-20 crossover to upside
	BB	SHORT ENTRY	LONG CLOSE	Price closed above the lower band.
	ATR	LONG ENTRY	SHORT CLOSE	Price closed above (close + ATR).
2024-02-12	RSI	SHORT ENTRY	LONG CLOSE	70 crossover to downside
	STOCH	LONG EXIT		The %K line crosses below the %D line.
	ATR	SHORT ENTRY	LONG CLOSE	Price closed below (close - ATR).
2024-02-13	ATR	SHORT ENTRY	LONG CLOSE	Price closed below (close - ATR).
2024-02-15	STOCH	SHORT EXIT		The %K line crosses above the %D line.
2024-02-16	STOCH	LONG EXIT		The %K line crosses below the %D line.
2024-02-20	CMO	SHORT ENTRY	LONG CLOSE	Zero line crossover to downside
2024-02-21	MACD	SHORT ENTRY	LONG CLOSE	The MACD line crosses below the signal line.
	SAR	SHORT ENTRY	LONG CLOSE	The price broke the SAR to the downside
	WILLR	SHORT ENTRY	LONG CLOSE	-80 crossover to downside
2024-02-23	STOCH	SHORT EXIT		The %K line crosses above the %D line.
2024-02-26	STOCH	LONG EXIT		The %K line crosses below the %D line.
2024-02-27	STOCH	SHORT EXIT		The %K line crosses above the %D line.
2024-02-28	STOCH	LONG EXIT		The %K line crosses below the %D line.
2024-03-01	STOCH	SHORT EXIT		The %K line crosses above the %D line.
	CMO	LONG ENTRY	SHORT CLOSE	Zero line crossover to upside
2024-03-05	DMI	SHORT ENTRY	LONG CLOSE	The +DI crossed the -DI to the downside. The trend is reversing to a down trend.
	STOCH	LONG EXIT		The %K line crosses below the %D line.
	CMO	SHORT ENTRY	LONG CLOSE	Zero line crossover to downside
	WILLR	SHORT ENTRY	LONG CLOSE	-80 crossover to downside
	ATR	SHORT ENTRY	LONG CLOSE	Price closed below (close - ATR).
2024-03-06	STOCH	SHORT EXIT		The %K line crosses above the %D line.
2024-03-12	STOCH	LONG EXIT		The %K line crosses below the %D line.
2024-03-13	STOCH	SHORT EXIT		The %K line crosses above the %D line.
2024-03-14	STOCH	LONG EXIT		The %K line crosses below the %D line.
	CCI	SHORT ENTRY	LONG CLOSE	-100 crossover to downside
2024-03-19	STOCH	SHORT EXIT		The %K line crosses above the %D line.
2024-03-20	CMO	LONG ENTRY	SHORT CLOSE	Zero line crossover to upside
2024-03-22	MACD	LONG ENTRY	SHORT CLOSE	The MACD line crosses above the signal line.
	STOCH	LONG EXIT		The %K line crosses below the %D line.
	CMO	SHORT ENTRY	LONG CLOSE	Zero line crossover to downside
2024-03-26	MACD	SHORT ENTRY	LONG CLOSE	The MACD line crosses below the signal line.
2024-03-27	MACD	LONG ENTRY	SHORT CLOSE	The MACD line crosses above the signal line.
	STOCH	SHORT EXIT		The %K line crosses above the %D line.
	CMO	LONG ENTRY	SHORT CLOSE	Zero line crossover to upside
2024-03-28	DMI	LONG ENTRY	SHORT CLOSE	The +DI crossed the -DI to the upside. The trend is reversing to an up trend.
2024-04-02	MACD	SHORT ENTRY	LONG CLOSE	The MACD line crosses below the signal line.
	DMI	SHORT ENTRY	LONG CLOSE	The +DI crossed the -DI to the downside. The trend is reversing to a down trend.
	STOCH	LONG EXIT		The %K line crosses below the %D line.
	CCI	SHORT ENTRY	LONG CLOSE	-100 crossover to downside
	CMO	SHORT ENTRY	LONG CLOSE	Zero line crossover to downside
	WILLR	SHORT ENTRY	LONG CLOSE	-80 crossover to downside
	BB	LONG ENTRY	SHORT CLOSE	Price closed below the lower band.
	ATR	SHORT ENTRY	LONG CLOSE	Price closed below (close - ATR).
2024-04-05	STOCH	SHORT EXIT		The %K line crosses above the %D line.
2024-04-10	STOCH	LONG EXIT		The %K line crosses below the %D line.
	CCI	SHORT ENTRY	LONG CLOSE	-100 crossover to downside
	WILLR	SHORT ENTRY	LONG CLOSE	-80 crossover to downside
	BB	LONG ENTRY	SHORT CLOSE	Price closed below the lower band.
	ATR	SHORT ENTRY	LONG CLOSE	Price closed below (close - ATR).
2024-04-12	STOCH	SHORT EXIT		The %K line crosses above the %D line.
2024-04-15	STOCH	LONG EXIT		The %K line crosses below the %D line.
	BB	LONG ENTRY	SHORT CLOSE	Price closed below the lower band.
2024-04-18	RSI	LONG ENTRY	SHORT CLOSE	30 crossover to upside
	STOCH	SHORT EXIT		The %K line crosses above the %D line.

6.3. Candlestick Patterns

SPS Commerce Inc Daily Candlestick Chart

Date	Candlestick Pattern

6.4. Technical Score

Let's check the technical score of SPS Commerce Inc based on Penke's default Symbol scanner.

Penke's Symbol Scanner

Indicator	Condition		Value
Rsi	Greater than	50	31.595
Ma 20	Greater than	Ma 50	175.345
Ma 50	Greater than	Ma 100	182.076
Ma 100	Greater than	Ma 200	182.964
Open	Greater than	Close	161.990
Total			1/5 (20.0%)

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Quick analysis of SPS Commerce Inc (30 sec.)

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1. Valuation of SPS Commerce Inc (5 min.)

$163.13

$17.73

$20.37 - $37.19

$38.10 - $54.92

2. Growth of SPS Commerce Inc (5 min.)

Is SPS Commerce Inc growing?

How much money is SPS Commerce Inc making?

How much money comes from the company's main activities?

3. Financial Health of SPS Commerce Inc (5 min.)

What can you expect buying and holding a share of SPS Commerce Inc? (5 min.)

What can you expect buying and holding a share of SPS Commerce Inc?

Speculation

Investing

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Fundamentals of SPS Commerce Inc

About SPS Commerce Inc

Financial Health

Valuation

1.1. Profitability of SPS Commerce Inc.

1.1. Profitability

1.1.1. Net Profit Margin

Trends

1.1.2. Return on Assets

Trends

1.1.3. Return on Equity

Trends

1.2. Operating Efficiency of SPS Commerce Inc.

1.2. Operating Efficiency

1.2.1. Operating Margin

Trends

1.2.2. Operating Ratio

Trends

1.3. Liquidity of SPS Commerce Inc.

1.3. Liquidity

1.3.1. Current Ratio

Trends

1.3.2. Quick Ratio

Trends

1.4. Solvency of SPS Commerce Inc.

1.3. Liquidity

1.4.1. Debt to Asset Ratio

Trends

1.4.2. Debt to Equity Ratio

Trends

2. Market Valuation of SPS Commerce Inc

2.1. Earnings Per Share

2.1. Price to Earnings Ratio

Trends

2.2. Price To Free Cash Flow Ratio

Trends

2. Book Value per Share

2.3. Price to Book Ratio

Trends

SPS Commerce Inc
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