SPSC SPS COMMERCE INC

Did the company actually spend money buying back stock in 3+ of the last 4 quarters?

Bought back stock in 4/4 quarters. Q1 2026: $40M, Q3 2025: $0M, Q2 2025: $21M, Q1 2025: $17M

Is the most recent quarter's buyback spend more than 15% above the trailing average?

Latest quarter $40M vs trailing avg $13M (+219%)

What percentage of free cash flow is going to buybacks? Bull: 30%+. Bear: negative FCF or no buybacks.

Negative FCF ($-186M), buybacks not supported by cash flow

How fast are they shrinking the float? Bull: 2%+ annually. Bear: under 0.5%.

Repurchased 800,687 shares = 2.1% of 37,517,239 outstanding (annualized)

Are officers and directors buying stock with their own money on the open market?

No insider open-market purchases in the last 12 months

Are both company buybacks and insider buying independently active? Bull when the company is buying back stock in 2+ quarters and insiders have made 2+ open-market purchases.

Need both buyback and insider purchase data

Over the last 90 days, are insiders net buyers or net sellers on the open market?

Insiders bought $0M, sold $2M in the last 90 days (net selling)

Active buyback + insiders net selling 3x+ more than buying. Company cash may be supporting price while insiders exit.

Company buying back stock while insiders sold 1647851.2x more than bought. 3 C-suite officers among sellers

• Collins Chadwick (Chief Executive Officer) sold 7,776 shares on 2026-02-20
• Collins Chadwick (Chief Executive Officer) sold 2,806 shares on 2026-02-20
• Collins Chadwick (Chief Executive Officer) sold 2,802 shares on 2026-02-20
• Nelson Kimberly K. (EVP & CFO) sold 3,700 shares on 2026-02-20
• Nelson Kimberly K. (EVP & CFO) sold 1,200 shares on 2026-02-20
• Nelson Kimberly K. (EVP & CFO) sold 1,400 shares on 2026-02-20
• THINGELSTAD JAMIE (EVP, Chief Technology Officer) sold 1,900 shares on 2026-02-24
• THINGELSTAD JAMIE (EVP, Chief Technology Officer) sold 518 shares on 2026-02-24