Commerce.com Inc (CMRC) 2025 Q3 法說會逐字稿

Ladies and gentlemen, thank you for standing by, and welcome to the Commerce third quarter 2025 earnings conference call. (Operator Instructions) Please be advised that today's conference is being recorded.

女士們、先生們，感謝您的耐心等待，歡迎參加Commerce公司2025年第三季財報電話會議。 （操作說明）請注意，本次會議正在錄音。

I would now like to turn the conference over to your first speaker today, Tyler Duncan, Vice President, Finance and Investor Relations. You may begin.

現在我把會議交給今天的第一位發言人，財務和投資者關係副總裁泰勒鄧肯先生。您可以開始了。

Good morning, and welcome to Commerce's, formerly BigCommerce's third quarter 2025 earnings call. We will be discussing the results announced in our press release issued before today's market open. With me are Commerce's Chief Executive Officer, Travis Hess; and Chief Financial Officer, Daniel Lentz.

早安，歡迎參加Commerce（原BigCommerce）2025年第三季財報電話會議。我們將討論今天開盤前發布的新聞稿中公佈的業績。與我一同出席會議的有Commerce執行長Travis Hess和財務長Daniel Lentz。

Today's call will contain certain forward-looking statements, which are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995.

今天的電話會議將包含一些前瞻性陳述，這些陳述是根據 1995 年《私人證券訴訟改革法案》的安全港條款作出的。

Forward-looking statements include statements concerning financial and business trends as well as our expected future business and financial performance, financial condition and our guidance for both the fourth quarter of 2025 and the full year 2025.

前瞻性聲明包括有關財務和業務趨勢的聲明，以及我們對未來業務和財務業績、財務狀況的預期，以及我們對 2025 年第四季和 2025 年全年的指導意見。

These statements can be identified by words such as expect, anticipate, intend, plan, believe, seek, committed, will or similar words.

這些陳述可以透過諸如期望、預料、打算、計劃、相信、尋求、承諾、將等詞語或類似詞語來識別。

These statements reflect our views as of today only and should not be relied upon as representing our views at any subsequent date, and we do not undertake any duty to update these statements.

這些聲明僅反映我們截至今日的觀點，不應被視為代表我們之後任何日期的觀點，我們也沒有義務更新這些聲明。

Forward-looking statements, by their nature, address matters that are subject to risks and uncertainties that could cause actual results to differ materially from expectations.

前瞻性陳述本質上涉及存在風險和不確定性的事項，這些風險和不確定性可能導致實際結果與預期結果有重大差異。

For a discussion of the material risks and other important factors that could affect our actual results, please refer to the risks and other disclosures contained in our filings with the Securities and Exchange Commission.

有關可能影響我們實際業績的重大風險和其他重要因素的討論，請參閱我們向美國證券交易委員會提交的文件中所載的風險和其他揭露資訊。

During the call, we will also discuss certain non-GAAP financial measures, which are not prepared in accordance with generally accepted accounting principles.

在電話會議期間，我們也將討論一些非公認會計準則財務指標，這些指標並非依照公認會計原則編製。

A reconciliation of these non-GAAP financial measures to the most directly comparable GAAP financial measures as well as how we define these metrics and other metrics is included in our earnings press release, which has been furnished to the SEC and is also available on our website at investors.comerce.com.

這些非GAAP財務指標與最直接可比較的GAAP財務指標的調節表，以及我們如何定義這些指標和其他指標，都包含在我們的盈利新聞稿中，該新聞稿已提交給美國證券交易委員會，也可在我們的網站 investors.comerce.com 上查閱。

With that, let me turn the call over to Travis.

那麼，我把電話交給崔維斯吧。

Thanks, Tyler, and good morning, everyone. Q3 marked another solid step forward for Commerce. We delivered revenue of $86 million, in line with our guidance range.

謝謝泰勒，大家早安。第三季對商務部門來說又是穩健的進步。我們實現了 8,600 萬美元的營收，符合預期範圍。

Non-GAAP operating income reached $8 million, which significantly exceeded the high end of our profitability guidance while operating cash flow came in just under $11 million. For the 12 months ending September 30, 2025, we had total revenue of $340 million and non-GAAP operating income just above $30 million.

非GAAP營業收入達800萬美元，遠超過我們獲利預期上限，而營運現金流略低於1,100萬美元。截至2025年9月30日的12個月內，我們的總收入為3.4億美元，非GAAP營業收入略高於3,000萬美元。

For the three months ended September 30, 2025, we had approximately 80.8 million common shares outstanding and 81.3 million fully diluted shares outstanding. We are now in full execution mode, and our focus is on scaling profitable, sustainable growth across each of our core offerings.

截至2025年9月30日止三個月，我們約有8,080萬股普通股流通在外，完全稀釋後流通在外的股份約為8,130萬股。我們目前正全力執行各項計劃，重點在於擴大各項核心業務的獲利能力和永續成長。

AI is reshaping how customers discover, evaluate and purchase products. The future of commerce is intelligent, composable and agentic. Traditional e-commerce flows are shifting to conversational discovery, personalized curation and increasingly autonomous purchase journeys.

人工智慧正在重塑消費者發現、評估和購買產品的方式。未來的商業模式將是智慧化、可組合化和自主化的。傳統的電子商務流程正在轉變為對話式發現、個人化推薦和日益自主的購買旅程。

AI agents like ChatGPT, Gemini, CoPilot and Perplexity are fast becoming the entry point for commerce. This requires a fundamental shift in how merchants think about visibility, relevance and conversion.

ChatGPT、Gemini、CoPilot 和 Perplexity 等人工智慧代理商正迅速成為電商的切入點。這要求商家從根本上轉變對可見度、相關性和轉換率的思考方式。

When product discovery begins with a prompt, not a home page, it is the quality of data that determines whether you get seen, chosen and purchased. We've architected commerce to meet this shift head on.

當產品發現不再從首頁開始，而是從提示訊息開始時，資料的品質決定了你的產品能否被看到、選擇和購買。我們已經建構了全新的電商平台，以應對這一轉變。

Feedonomics syndicates enriched structured product data into all major AI services. Merchants can surface their catalogs in the exact context where intent is detected and decisions are made.

Feedonomics 將豐富的結構化產品資料整合到所有主流人工智慧服務中。商家可以根據使用者意圖和決策，精準地展示其產品目錄。

We are building and launching new products anchored by Feedonomics to meet this need, and we see strong pipeline signals emerging as we head into the holiday period.

我們正在建立和推出以飼料經濟學為基礎的新產品來滿足這一需求，隨著假期的臨近，我們看到了強勁的銷售訊號。

Similarly, Makeswift empowers marketers to build and update AI optimized site experiences in real time without writing code.

同樣，Makeswift 使行銷人員能夠即時建立和更新 AI 優化的網站體驗，而無需編寫程式碼。

Through our open modular platform, merchants can seamlessly integrate AI-driven services whether it's agent-assistant support, dynamic pricing, intelligent fulfillment or automated merchandising directly into their stack and at their own pace.

透過我們開放的模組化平台，商家可以無縫地將人工智慧驅動的服務（無論是代理助理支援、動態定價、智慧履行還是自動化商品銷售）直接整合到他們的技術堆疊中，並按照他們自己的步調進行部署。

Last week, PayPal reinforced our shared vision by publicly announcing a new initiative focused on enabling agentic Commerce and named Commerce as a strategic partner in that effort. This recognition underscores our leadership position for an AI-led future.

上週，PayPal 公開宣布了一項旨在賦能智慧商務的新計劃，並指定 Commerce 為該計劃的策略合作夥伴，這進一步強化了我們共同的願景。這項認可凸顯了我們在人工智慧引領的未來領域的領導地位。

It further validates the architecture, openness and data infrastructure we built over the last year. This isn't a theoretical road map. It's already happening.

這進一步驗證了我們過去一年所建構的架構、開放性和資料基礎設施。這並非紙上談兵，而是正在發生的現實。

Our partnerships with Perplexity, Microsoft, Google and Stripe and PayPal are examples of how we're building for an agent-led world where intelligent commerce needs to be fast, adaptive and always on.

我們與 Perplexity、微軟、Google、Stripe 和 PayPal 的合作，體現了我們如何建立一個以代理為主導的世界，在這個世界裡，智慧商務需要快速、適應性強且始終在線上。

Whether the buyer is a person, an algorithm or a fully autonomous agent, Commerce ensures our merchants remain discoverable, performant and in control of their customer experience. Our B2B momentum also remained strong in Q3.

無論買家是人、演算法或完全自主的代理，電商都能確保我們的商家保持曝光、業績表現，並掌控客戶體驗。第三季度，我們的B2B業務發展動能依然強勁。

We continue to attract some of the world's most respected brands. We welcomed ADI Global, a leader in security and low-voltage distribution.

我們持續吸引一些全球最受尊敬的品牌。我們迎來了安防和低壓配電領域的領導者ADI Global。

Big Ass Fans, a global manufacturer known for its high-performance industrial and commercial fans, and Pantone, the world authority on color standards and design tools.

Big Ass Fans 是一家全球知名的製造商，以其高性能工業和商業風扇而聞名；Pantone 是世界色彩標準和設計工具的權威。

We also celebrated successful new launches from innovators like F&C distributors, Hengstler-Dynapar and Fisher Tools Handles all choosing Commerce to modernize and scale their businesses.

我們也慶祝了 F&C 經銷商、Hengstler-Dynapar 和 Fisher Tools Handles 等創新者成功推出新產品，他們都選擇 Commerce 來現代化和規模化業務。

In Q3, IDC validated our platform's impact through its study The Business Value of BigCommerce B2B Edition. IDC found that B2B Edition customers achieved a remarkable 391% three year ROI, a 24% boost in sales productivity and an 82% improvement in platform stability.

第三季度，IDC 透過其研究報告《BigCommerce B2B Edition 的商業價值》驗證了我們平台的影響力。 IDC 發現，B2B Edition 客戶實現了驚人的 391% 三年投資回報率、24% 的銷售效率提升以及 82% 的平台穩定性提升。

In addition, Gartner once again recognized BigCommerce for its fully integrated B2B capabilities, including native CPQ, our strategic partnership with PROS and the continued evolution of our catalyst storefront for B2B experiences.

此外，Gartner 再次認可了 BigCommerce 的完全整合的 B2B 功能，包括原生 CPQ、我們與 PROS 的策略合作夥伴關係以及我們用於 B2B 體驗的催化劑店面的持續發展。

When we announced our new Commerce parent brand last quarter, I committed to take steps to unify our product portfolio. Today, I want to share a couple of steps we have taken in this area that also demonstrate strategic progress with small business customers.

上個季度我們宣布啟用新的 Commerce 母品牌時，我承諾將採取措施統一我們的產品組合。今天，我想和大家分享我們在這一領域採取的幾項舉措，這些舉措也反映了我們在服務小型企業客戶方面取得的策略進展。

In Q3, we launched Feedonomics Surface, a feed management product available to all BigCommerce merchants. Surface gives merchants an easy way to connect and optimize product feeds across Google and Meta directly from their control panel.

第三季度，我們推出了 Feedonomics Surface，這是一款針對所有 BigCommerce 商家的 Feed 管理產品。 Surface 讓商家可以輕鬆地透過控制台連接和優化 Google 和 Meta 上的產品 Feed。

It represents a clear step forward to bring enterprise-grade capability down market. Future upgrades will include additional paid features such as advertising channels and agentic channels, data enrichment tools and AI-powered feed optimization features.

這標誌著企業級功能向大眾市場邁出了重要一步。未來的升級將包含更多付費功能，例如廣告管道和代理商管道、資料增強工具以及人工智慧驅動的資訊流優化功能。

We also remain on track with the planned launch of Makeswift on Stencil in 2026. We are also proud to announce that we are bringing Feedonomics order orchestration capabilities to BigCommerce customers through Feedonomics Order Orchestration.

我們仍按計劃於 2026 年在 Stencil 上推出 Makeswift。同時，我們也很榮幸地宣布，我們將透過 Feedonomics Order Orchestration 將 Feedonomics 的訂單編排功能帶給 BigCommerce 的客戶。

This capability was previously available only through the larger Feedonomics bundled product suite. It gives merchants the ability to optimize fulfillment across locations with efficiency and control and is now available a la carte to pilot merchants on both BigCommerce and Shopify.

先前，這項功能僅在 Feedonomics 的全套產品組合中提供。它使商家能夠有效率且可控地優化跨地域的訂單履行，現在，BigCommerce 和 Shopify 上的試點商家也可以單獨購買此功能。

It is another step towards realizing our vision of unified commerce from feed to fulfillment. Earlier this week, we announced the launch of new capabilities for Shopify merchants through two applications, Feedonomics for advertising and Feedonomics for listings and orders.

這是實現從資訊流到訂單履行一體化商務願景的另一個重要步驟。本週早些時候，我們宣布透過兩款應用程式為 Shopify 商家推出新功能：Feedonomics 廣告應用程式和 Feedonomics 商品清單及訂單管理應用程式。

These two Feedonomics applications are available on the Shopify App Store and provide a robust foundation that empowers merchants and partners to manage complex cross-platform operations.

Feedonomics 的這兩款應用程式均可在 Shopify 應用程式商店中找到，它們提供了一個強大的基礎，使商家和合作夥伴能夠管理複雜的跨平台營運。

Shopify merchants can improve product discoverability, increase advertising performance and drive additional revenue for their businesses. In Payments, we announced a new embedded payments offering in partnership with PayPal, BigCommerce payments powered by PayPal.

Shopify商家可以提升產品曝光、增強廣告效果並為企業帶來更多收入。在付款方面，我們宣布與PayPal合作推出全新的嵌入式支付服務——由PayPal提供支援的BigCommerce支付。

This new co-branded solution will launch in early 2026 and will offer full stack payment capabilities embedded directly into the BigCommerce control panel.

這款全新的聯合品牌解決方案將於 2026 年初推出，並將提供直接嵌入 BigCommerce 控制面板的全端支付功能。

Merchants will be able to manage balances, payouts, currency conversion and settlement, all from within our platform. We believe this will strengthen retention, expand wallet share and bring modern payment functionality to thousands of small and midsized customers.

商家將能夠直接透過我們的平台管理餘額、收款、貨幣兌換和結算。我們相信這將有助於提高用戶留存率，擴大錢包份額，並為成千上萬的中小客戶帶來現代化的支付功能。

Looking back on our progress so far in 2025, I see a lot to be proud of and a lot that must still improve. We drove a tremendous amount of organizational change this year, changes in strategy, operations and leadership.

回顧2025年至今的進展，我看到了許多值得驕傲的成就，但也有很多需要改進的地方。今年，我們推動了大量的組織變革，包括策略、營運和領導階層的調整。

That said, we need to grow faster, and we need to do so more profitably. That is our focus as we enter 2026 planning.

也就是說，我們需要加快成長速度，而且需要提高獲利能力。這是我們進入2026年規劃階段的重點。

We see a clear path to greater sales and marketing expense efficiency through multiple levers, including partner-led distribution with global system integrators like Accenture, simplified product packaging and pricing for mid-market customers, and tighter resource alignment across key verticals.

我們看到，透過多種手段可以提高銷售和行銷費用效率，包括與埃森哲等全球系統整合商合作開展合作夥伴主導的分銷，簡化面向中端市場客戶的產品包裝和定價，以及在關鍵垂直領域更緊密地協調資源。

Taken together, our rebrand to Commerce, our bundling strategy, and our leadership position in agentic commerce are all aligned to deliver measurable results for both our customers and our shareholders. With that, I'll turn it over to Daniel to walk through the financials

總而言之，我們更名為 Commerce 的品牌重塑、我們的捆綁銷售策略以及我們在代理商務領域的領先地位，所有這些都旨在為我們的客戶和股東帶來可衡量的成果。接下來，我將把財務分析部分交給 Daniel。

Thanks, Travis. For those of you who are newer to our story, Commerce serves tens of thousands of accounts globally, including just under six thousand accounts using our enterprise plans.

謝謝，崔維斯。對於那些不太了解我們情況的朋友，Commerce 為全球數萬個帳戶提供服務，其中包括近六千個使用我們企業套餐的帳戶。

Our platform powers both B2C and B2B ecommerce for leading brands and manufacturers, with capabilities that span storefront infrastructure, data syndication, and visual design. Our Feedonomics product sits at the center of our data strategy.

我們的平台為領先品牌和製造商提供B2C和B2B電子商務支持，其功能涵蓋店鋪基礎設施、數據分發和視覺設計。 Feedonomics產品是我們資料策略的核心。

It ingests, enriches, and syndicates product catalog data across channels like Google, Meta, Amazon, and, increasingly, AI-driven surfaces like OpenAI, Perplexity, Gemini, and Copilot. This enables merchants to increase discoverability, drive marketing spend performance, and optimize channel-level return on ad spend.

它能夠從 Google、Meta、Amazon 等管道，以及 OpenAI、Perplexity、Gemini 和 Copilot 等日益普及的 AI 驅動平台，攝取、豐富並整合產品目錄資料。這使商家能夠提升產品曝光率，提高行銷支出績效，並優化通路層面的廣告支出報酬率。

As of the end of Q3, our annual revenue run-rate was approximately $356 million, with 76% of ARR coming from customers using enterprise plans and corresponding average revenue per account exceeding $46,800.

截至第三季末，我們的年度營收運行率約為 3.56 億美元，其中 76% 的 ARR 來自使用企業計畫的客戶，相應的平均每個帳戶的收入超過 46,800 美元。

Our multi-product model combines recurring subscription revenue from our core platform and Feedonomics with revenue share from a curated ecosystem of technology and service partners, all underpinned by a disciplined operating model and strong balance sheet.

我們的多產品模式將來自核心平台和 Feedonomics 的經常性訂閱收入與來自精心挑選的技術和服務合作夥伴生態系統的收入分成相結合，所有這一切都以嚴謹的營運模式和強大的資產負債表為基礎。

We remain focused on delivering profitable, high-quality growth by expanding share of wallet within our installed base, acquiring new merchants, and scaling emerging self-serve product lines across small and mid-market businesses.

我們將繼續專注於透過擴大現有客戶群的錢包份額、獲取新商家以及在中小型企業中擴大新興自助服務產品線，來實現盈利、高品質的成長。

In Q3, we delivered revenue of $86 million, a 3% increase year-over-year and consistent with our guidance range. Non-GAAP operating income landed at $8 million, or 9% of revenue, which exceeded the high end of our profitability guidance by nearly $5 million.

第三季度，我們實現營收8,600萬美元，年增3%，與預期範圍一致。非GAAP營業利潤為800萬美元，佔營收的9%，比我們獲利預期的上限高出近500萬美元。

This represents a 413 basis point improvement year-over-year. Operating cash flow was approximately $11 million, marking our second consecutive quarter of double-digit operating cash flow margin and further demonstrating the operating leverage in our model.

這比上年同期提高了413個基點。經營現金流約為1100萬美元，這是我們連續第二季實現兩位數的經營現金流利潤率，進一步證明了我們模型中的經營槓桿效應。

ARR ended the quarter at $356 million, up 2% year-over-year. Enterprise ARR represented 76% of total ARR compared to 74% in the prior year with average revenue per enterprise account reaching 46,806, a 7% increase from Q3 of last year.

本季末，年度經常性收入 (ARR) 為 3.56 億美元，年增 2%。企業 ARR 佔總 ARR 的 76%，高於去年同期的 74%；企業帳戶平均營收達 46,806 美元，較去年第三季成長 7%。

Non-GAAP gross margin came in at 79%, and we maintained cost discipline even as we reinvested in product development and sales enablement. Partner and services revenue grew modestly to just above $21 million, up 2% year-over-year.

非GAAP毛利率為79%，我們在加大產品研發與銷售支援投入的同時，也維持了成本控制。合作夥伴和服務收入小幅成長，略高於2,100萬美元，較去年同期成長2%。

We also strengthened our balance sheet. We closed Q3 with approximately $143 million in cash, cash equivalents and marketable securities. Our net debt position is now just under $11 million, reflecting an 86% decrease since Q3 of 2023.

我們也加強了資產負債表。第三季末，我們持有約1.43億美元的現金、現金等價物和有價證券。我們的淨債務目前略低於1,100萬美元，較2023年第三季下降了86%。

Additionally, as of December 31, 2024, the company had net operating loss or NOL carry forwards for US federal income tax purposes of approximately $249.7 million which we expect to continue to offset taxable income in future periods.

此外，截至 2024 年 12 月 31 日，該公司在美國聯邦所得稅方面有約 2.497 億美元的淨營業虧損或 NOL 結轉，我們預計這將繼續抵消未來期間的應稅收入。

For the three months ended September 30, 2025, we had approximately 80.8 million common shares outstanding and 81.3 million fully diluted shares outstanding.

截至 2025 年 9 月 30 日止三個月，我們約有 8,080 萬股普通股流通在外，完全稀釋後的流通股約有 8,130 萬股流通在外。

This strong financial position gives us the flexibility to invest where we see compelling ROI opportunities and maintain discipline in our operating model.

雄厚的財務實力使我們能夠靈活地投資於那些我們認為具有顯著投資回報率的機會，並保持我們營運模式的嚴謹性。

Before I turn to guidance, I want to briefly discuss how AI is also helping drive monetization opportunities across our business as more discovery and decision-making shift to agent-led interactions. The value of structured high-quality data and the platforms that manage it increases significantly.

在闡述具體指導原則之前，我想先簡要探討一下，隨著越來越多的發現和決策過程轉向由智能體主導的交互，人工智慧如何幫助我們在業務中創造更多盈利機會。結構化高品質資料及其管理平台的價值也顯著提升。

This trend plays directly into our core strengths. Feedonomics Surface, which we launched this quarter, starts as a free product for big commerce merchants. It also includes a clear and scalable monetized upgrade path.

這一趨勢與我們的核心優勢不謀而合。我們本季推出的 Feedonomics Surface 最初是一款針對大型電商商家的免費產品，同時還包含清晰且可擴展的付費升級路徑。

As merchants grow, adopt more channels or require deeper feed customization and optimization, we can monetize that growth through premium feature tiers.

隨著商家發展壯大，採用更多管道或需要更深入的資訊流客製化和最佳化，我們可以透過高階功能層級將這種成長變現。

Similarly, BigCommerce Payments powered by PayPal set to launch next year, will generate monetization upside through payment economics and deeper merchant engagement, all within a model that keeps us aligned with merchant success.

同樣，由 PayPal 提供支援的 BigCommerce Payments 將於明年推出，它將透過支付經濟效益和更深入的商家互動來創造獲利成長空間，所有這些都將在一個與商家成功保持一致的模式下進行。

In both cases, these are product-led growth motions designed to start simple, scale with the customer and create sustainable revenue streams that improve average revenue per unit and strengthen retention over time.

這兩種情況都是以產品為主導的成長策略，旨在從簡單入手，隨著客戶規模的擴大而發展，並創造可持續的收入來源，從而提高單位平均收入，並隨著時間的推移加強客戶留存。

Let me now turn to guidance. For Q4, we expect revenue between $87.8 million and $92.8 million and non-GAAP operating income between $4.3 million and $9.3 million. For the full year 2025, we are updating guidance to reflect our Q3 execution and improved visibility into year-end performance.

現在我來談談業績展望。我們預計第四季營收在 8,780 萬美元至 9,280 萬美元之間，非 GAAP 營業利潤在 430 萬美元至 930 萬美元之間。對於 2025 年全年業績，我們更新了業績展望，以反映第三季的執行情況以及對年末業績更清晰的預測。

We now expect full year revenue between $340.6 million and $345.6 million. We expect full year non-GAAP operating income between $24.7 million and $29.7 million, with a midpoint of $27.2 million, representing a $5.2 million increase from our prior midpoint of $22 million.

我們現在預計全年營收將在3.406億美元至3.456億美元之間。我們預計全年非GAAP營業收入將在2,470萬美元至2,970萬美元之間，中位數為2,720萬美元，比我們先前預測的2,200萬美元中位數增加了520萬美元。

As we look ahead, we are focused on efficiency and operating leverage and top line revenue motions. We're focused on scaling responsibly, growing profitably and driving continued operating leverage across our business.

展望未來，我們將專注於提升效率、增強營運槓桿並推動營收成長。我們將致力於以負責任的方式擴大規模、實現獲利成長，並在整個業務範圍內持續提升營運槓桿。

We believe the investments we're making in product innovation, solutions, bundling and go-to-market efficiency will continue to deliver meaningful returns in 2025 and beyond. With that, Travis and I are happy to take your questions.

我們相信，我們在產品創新、解決方案、產品組合和市場推廣效率方面的投資，將在2025年及以後持續帶來豐厚的回報。接下來，我和Travis很樂意回答大家的問題。

(Operator Instructions) Ken Wong, Oppenheimer.

（操作說明）肯王，奧本海默。

Fantastic. I want to start with you, Daniel, hoping you could maybe address the sequential decline in enterprise ARR and the downtick in enterprise customers would just love a sense of kind of what's happening there and maybe what you're seeing in terms of how that might trend going forward?

太好了。我想先問問你，丹尼爾，希望你能談談企業年度經常性收入（ARR）的持續下降以及企業客戶數量的減少，我很想了解一下目前的情況，以及你認為未來的發展趨勢會如何？

Yeah, Ken, thanks for the question. I think what we're seeing there is kind of just a reflection of where we're at in progress through the year. We wanted to be a little bit further along in booking by this point in the year than where we are.

是的，肯，謝謝你的提問。我認為我們目前看到的情況反映了我們今年的進展。我們原本希望到今年這個時候，預訂量能比現在更高。

Really, it's a function primarily of net revenue retention last year and the year before, we were around 98% or 99% in net revenue retention. So far this year, we're in a very similar place.

實際上，這主要取決於去年和前年的淨收入留存率，我們的淨收入留存率約為98%到99%。今年到目前為止，我們的情況也非常相似。

And we are absolutely focused on what we're doing in that area of the business and focusing on our existing customers and existing customer expansion to help drive that.

我們絕對專注於我們在該業務領域所做的工作，並專注於現有客戶和現有客戶拓展，以推動這一目標的實現。

I think broadly speaking, what we're seeing in the market, a lot of the energy and focus is in what's going on in AI and agentic which is good for us because we've got a ton of stuff coming through there, which Travis will speak to here in a minute that we think is going to build a lot of momentum there.

總的來說，我認為目前市場上的許多精力和關注點都集中在人工智慧和智慧代理領域，這對我們來說是好事，因為我們有很多相關產品即將面世，Travis 稍後會談到這些產品，我們認為這些產品將會推動該領域發展。

It's been just a little bit tougher on the platform side, which I think is what's really reflected in those numbers.

平台方面確實遇到了一些困難，我認為這才是這些數據真正反映出來的原因。

Perfect. And then, Travis, in your prepared remarks, you alluded to seeing some strong signals into the holiday season.

完美。然後，特拉維斯，你在事先準備好的演講稿中暗示，你看到了一些預示著假期將會出現強勁跡象的跡象。

I would love if you could perhaps expand on that and just help us think through how things might play out this Black Friday, Cyber Monday, Christmas season and kind of how that's kind of baked into your expectations?

如果您能詳細闡述一下，幫助我們思考一下今年的黑色星期五、網路星期一和聖誕節期間的購物季可能會如何發展，以及這些因素是如何融入您的預期中的，那就太好了。

Yeah. Thanks, Ken. Yeah, I think a lot of the momentum, as Daniel just alluded to, is certainly around the AI piece. We've had several very large brand manufacturers, retailers in closed beta for the last couple of months around AI readiness.

是的，謝謝，肯。是的，正如丹尼爾剛才提到的，我認為許多發展勢頭確實都集中在人工智慧方面。過去幾個月裡，我們已經有好幾家大型品牌製造商和零售商參與了人工智慧方面的封閉測試。

We're kind of adding to that on a weekly basis. We'll share more about that, obviously, in next quarter's call. But that's where a lot of the peak demand is in.

我們每週都會增加這方面的供應。當然，我們會在下個季度的電話會議上分享更多細節。但大部分的高峰需求都集中在這個區域。

It's a lot of what we're doing in some of the larger GSI motion around distribution, particularly with Accenture, having had a tremendous amount of shared clients between themselves and us, particularly on the Feedonomics side where that's on the B2C side is where almost all of the momentum is right now just given the time of the year.

這正是我們在大型 GSI 分銷領域所做的許多工作，尤其是在與埃森哲的合作中，我們和埃森哲之間有很多共同的客戶，尤其是在 Feedonomics 這邊，B2C 方面幾乎是目前所有發展勢頭最強勁的地方，這主要是因為現在正值一年中的這個時候。

So right now in discovery, it's starting to trickle into shopping, but certainly, that's where most of the efforts, most of the energies are and to Daniel's point, we're sitting in a, I think, a really nice spot with obviously the existing installed base on the Feedonomics side.

所以現在，在產品發現階段，它開始慢慢滲透到購物階段，但可以肯定的是，大部分的努力和精力都集中在購物階段。正如丹尼爾所說，我認為，憑藉 Feedonomics 現有的用戶基礎，我們處於一個非常好的位置。

And that will trickle into more Makeswift stuff as we get into more brand agents, merchant agents, things like that, that are expanding pretty quickly in here into Q4 that we'll have more to share obviously in next quarter's call.

隨著我們拓展更多品牌代理、商家代理等業務，這些內容也會逐漸滲透到 Makeswift 的更多方面，這些業務在第四季度發展迅速，我們顯然會在下個季度的電話會議上分享更多資訊。

But that on the B2C side is there. On the B2B side, we've had strong momentum on platform for most of the year. We kind of talked about that in the prepared remarks. We're continuing to see that into Q4 as well. But on the B2C side, it's been mostly on the data front on the AI front. That's helpful.

但B2C方面確實有這種情況。 B2B方面，我們今年大部分時間在平台方面都保持著強勁的發展勢頭。我們在事先準備好的演講稿中也談到了這一點。這種勢頭在第四季也將繼續保持。但在B2C方面，主要集中在數據和人工智慧領域。這很有幫助。

DJ Hynes, Canaccord.

DJ Hynes，Canaccord。

So Travis, we've obviously seen a number of e-commerce platforms start to partner with these answer engines, right? It feels like a little bit of a land grab, which makes sense given where we are in the cycle.

所以特拉維斯，我們顯然已經看到許多電商平台開始與這些問答引擎合作，對吧？這感覺有點像是在搶佔市場，考慮到我們目前所處的周期階段，這也很合理。

Can you guys maybe talk about competitive dynamics of discoverability as it relates to these answer engines. Is it going to come down to who has the most store front? So has the most traffic stores?

你們能否談談與這些答案引擎相關的可發現性競爭動態？最終會不會取決於誰擁有最多的店？或者說，誰的店家流量最大？

What has the best product data? I guess I'm curious if it's a function of who has the better product or who gets there first? Any color there would be helpful.

哪家公司的產品資料最好？我很好奇，這究竟是取決於誰的產品比較好，還是又取決於誰搶先一步？如果能提供一些線索就更好了。

Yeah, it's a great question. We very much believe it's the quality of the data. It's not just the structured data. It's going to be unstructured data. That's combined.

是的，這是一個很好的問題。我們堅信關鍵在於數據品質。不僅是結構化數據，還包括非結構化數據。兩者是綜合考慮的因素。

And what I mean by unstructured data is anything from product spec sheets to brand guidelines to call center transcripts to articles, to blogs, to ratings and reviews, user-generated content, you name it.

我所說的非結構化資料是指從產品規格表到品牌指南，從呼叫中心記錄到文章、部落格、評分和評論、用戶生成的內容等等，不一而足。

All of those assets can be combined with typical structured data that were already enriching and syndicating and that quality of that data and how it's being syndicated into these answer engines per their spec.

所有這些資產都可以與典型的結構化數據相結合，這些數據已經豐富和聯合，並且這些數據的品質以及它如何按照規範聯合到這些答案引擎中。

And ultimately, the hypothesis of how we're optimizing to potential prompts and the feedback and analytics associated with that is ultimately going to drive the most amount of efficacy in our opinion.

最終，我們認為，我們如何優化潛在提示以及相關的回饋和分析的假設，最終將最大程度地提高效率。

Obviously, we're sitting on many, many of some of the largest branded manufacturers and retailers on the Feedonomics side today. I mean that is our moat, the fact that we have the most enriched basis of their catalog and their product data today to syndicate that in we feel very strongly.

顯然，在Feedonomics方面，我們與許多大型品牌製造商和零售商建立了合作關係。我的意思是，這就是我們的護城河，我們擁有他們最豐富的產品目錄和數據基礎，可以將其整合進來，我們對此深信不疑。

As it relates to shopping and monetization, we very much view being open and agnostic is a massive advantage.

就購物和獲利而言，我們認為保持開放和中立的態度是一項巨大的優勢。

We don't have a walled garden. We don't need to commercialize it by pushing it through our checkout. We're seeing several different models where that would go through other people's rails, some models now that would disrupt traditional channels where we go through our rails.

我們沒有封閉的生態系。我們不需要透過我們的結帳流程來強制推廣。我們看到幾種不同的模式，這些模式會透過其他人的管道來銷售，其中一些模式會顛覆我們傳統的銷售管道。

You saw our announcement around PayPal last week. You're starting to see some of the payment providers that have broad reach that have security and identification capabilities that are starting to play in this as well.

您上週已經看到我們關於PayPal的公告了。現在您也開始看到一些擁有廣泛用戶群、具備安全性和身份驗證能力的支付服務提供者也開始參與其中。

I think the reality of it is embracing the standard and embracing the enrichment of both structured and unstructured data, the enrichment of such and being able to syndicate that at scale agnostically regardless of the commercial model or regardless of where the market takes us, we think, is the ultimate advantage.

我認為，現實情況是接受標準，接受結構化和非結構化資料的豐富化，並且能夠大規模地、不依賴商業模式或市場走向地進行此類豐富化，我們認為，這才是最終的優勢。

And it's hard to read the tea leaves for those not in the space because it seems like every week, it's changing and seems to be, one, trying to disintermediate somebody else.

對於不在這個領域的人來說，很難看出其中的端倪，因為似乎每週都在變化，而且似乎總是有人試圖排擠其他人。

But the reality of it is that openness coupled with the existing client relationships and what we're doing on a day in and day out basis, we feel is a massive advantage for where we are. That's helpful.

但現實情況是，我們認為這種開放的態度，加上現有的客戶關係以及我們日常的工作，對我們目前的發展階段來說是一個巨大的優勢。這很有幫助。

Yeah. It's super helpful. And then, Dan, maybe a follow-up for you. I mean, obviously, margin progression has been a bright spot during this period of slower growth. You gave us a really wide range for Q4, wider than you normally do?

是的，這很有幫助。丹，或許我還有後續問題想問你。我的意思是，很明顯，在成長放緩的這段時間裡，利潤率的成長一直是個亮點。你給出的第四季預期範圍非常寬泛，比你通常給出的範圍要寬嗎？

Just talk about what you're contemplating in that? What kind of gets you to the high end of the guidance, what gets you to the low end of the guidance? Or how are you thinking about planned investments for Q4? Any color there would be helpful.

請談談您在這方面的考量？是什麼因素讓您得出業績指引的上限，又是什麼因素讓您得出業績指引的下限？或者，您對第四季的投資計畫有何設想？任何細節都將不勝感激。

Yeah. Let me first just address the guidance question really quickly, and then let me just talk about kind of progress in general. So from a guidance range perspective on the revenue side, we've got a range of about $5 million.

好的。首先，我快速回答一下業績指引的問題，然後再談談整體進展。就營收指引範圍而言，我們給的範圍約為500萬美元。

A lot of that for me really lands based upon where things come out with the consumer and where is the holiday shopping season and where does that land? I think we're just giving ourselves a little bit of room there to see how that can shake out.

對我來說，很多事情最終取決於產品何時上市，消費者何時買賬，以及假期購物季的走向。我認為我們應該給自己一些時間，看看最終結果如何。

Just based on the fact that there's a lot of things we see that are really resilient and good on the macroeconomic side of things, but there's also just some signals that just make us be a little bit cautious in that.

鑑於我們看到宏觀經濟方面有很多非常穩健和良好的方面，但也有一些訊號讓我們對此保持謹慎。

But we were not intending to signal some sort of bigger risk level than what we've seen in previous holiday period, some of that's just conservatism. What I'd say like just to focus on what I liked so far and what we've seen in the year and what we've seen, particularly on the quarter.

但我們並非有意暗示風險程度會比以往假期期間更高，這其中一部分原因只是出於保守考量。我想說的是，我們應該關注目前為止我所看好的方面，以及我們今年以來，特別是本季以來所看到的。

I mean we've posted stable revenue growth. We've got new products launching with more in pipeline that we think can drive stronger growth in 2026. That's really the focus.

我的意思是，我們的營收一直保持穩定成長。我們有新產品即將上市，還有更多產品正在研發中，我們認為這些產品能在2026年推動更強勁的成長。這才是我們真正的關注點。

The pace of new launches, what we've already shown, whether it's Feedonomics Surface or a whole host of other things. I'm really encouraged by, we have more new products coming out in the AI space, particularly in Feedonomics.

新產品的發布速度，以及我們已經展示的產品，無論是 Feedonomics Surface 還是其他眾多產品，都讓我感到非常鼓舞。我們即將推出更多人工智慧領域的新產品，尤其是在 Feedonomics 方面。

I can't even keep up with how many of them there are, actually, which is a big shout out to our product team, which I appreciate. We delivered revenue in line with expectations.

事實上，我都數不清到底有多少個產品了，這真的要好好稱讚我們的產品團隊，我非常感謝他們。我們的營收也達到了預期。

Like you said, we had really meaningful improvement to profit and cash flow. Profit margins were up 413 basis points versus a year ago. Operating cash nearly doubled versus a year ago.

正如您所說，我們的利潤和現金流都取得了顯著改善。利潤率較去年同期提高了413個基點。經營現金流較去年同期幾乎翻了一番。

And we've eliminated nearly 90% of our net debt in the last 18 months without reaching our growth potential to get there, which I'm really proud of. We're still seeing good improvements in average revenue per account, was 7% last quarter. I'd also call out there that's broad-based across all customer sizes.

在過去18個月裡，我們消除了近90%的淨債務，而且並未達到預期的成長目標，對此我感到非常自豪。我們每個帳戶的平均收入仍在穩步提升，上季度增長了7%。我還想強調的是，這種成長惠及所有規模的客戶。

We're actually seeing, in some cases, even better ARPA growth with some of our smaller customers that aren't buying enterprise plans, which gives Travis and I a lot of bullishness going in planning for next year and thinking about what's the upside we see in this business, even with some of our small and medium-sized customers, which is, I think, really encouraging for next year.

實際上，在某些情況下，我們看到一些沒有購買企業計劃的小客戶的 ARPA 增長甚至更好，這讓 Travis 和我對明年的計劃充滿信心，並思考我們在這個業務中看到了哪些增長空間，即使是對於我們的一些中小客戶來說，我認為這對明年來說真的很令人鼓舞。

And we're also, last thing I'd just call out is, we're still seeing really good progress on bookings quality. Deferred revenue was up 28% versus a year ago. And I expect RPO to go up meaningfully in our Q4 results as well, now that we have a new agreement signed with PayPal and some other agreements as well.

最後我想強調的是，我們在提升預訂品質方面仍然取得了顯著進展。遞延收入較去年同期成長了28%。鑑於我們與PayPal以及其他一些公司簽署了新的協議，我預計第四季的RPO（預訂成功率）也將大幅提升。

So by and large, I mean, like you said, in terms of quality of bookings and quality of revenue I feel really good about it.

所以總的來說，我的意思是，就像你說的，就預訂品質和收入品質而言，我感覺非常好。

Going into next year though we think that we can do a lot better, not just in growth, but really delivering value to shareholders next year, looking at what we're doing in profit and cash flow and what we think we can do with that.

展望明年，我們認為我們可以做得更好，不僅在成長方面，而且在明年真正為股東創造價值方面，我們將審視我們在利潤和現金流方面所取得的成就，以及我們認為我們可以利用這些成就做些什麼。

We're not at all satisfied with what we've been able to deliver so far this year, and we are kind of laser-focused on how we can deliver better shareholder returns on those areas next year.

我們對今年迄今取得的成績完全不滿意，我們正全力以赴地研究明年如何在這些領域為股東帶來更好的回報。

Madi Schrage, KeyBanc.

Madi Schrage，KeyBanc。

My first one is just maybe could you talk about which of your new product rollouts you're most excited for in 2026. And then I'm also curious, are there any early learnings from Feedonomics Surface? And is the intention to always keep this only for big commerce customers or maybe open it up later.

我的第一個問題是，您能否談談您最期待在2026年推出的哪些新產品？另外，我還想問一下，Feedonomics Surface有哪些初步經驗？你們打算一直只面向大型電商客戶，還是以後會開放給其他用戶？

Madi, thanks for the question. Oh, gosh, to pick a favorite, I'm going to have folks on the product side, someone's going to be mad here. Honestly, Feedo Surface coming out probably, I will say, too, Feedo Surface, which we just released to GA, it's the most downloaded app in that App Store for us.

Madi，謝謝你的提問。哎呀，要我選一個最喜歡的，產品團隊的人一定會不高興的。說實話，Feedo Surface 可能也是個不錯的選擇，我們剛剛正式發布了 Feedo Surface，它是我們 App Store 裡下載量最高的應用程式。

There's only two channels today. We're obviously looking to expand that substantially. Really excited about that. We've not had a lot of product-led growth here.

目前只有兩個頻道。我們顯然希望大幅擴展渠道。對此我們感到非常興奮。我們目前還沒有太多產品驅動型成長。

Quite frankly, it was one of the big things that I wanted to change when I first came in, kind of started with leadership, went into go-to-market, evolved into, obviously, the rebrand and the last is really product. We've had a high reliance on growth based on landing new accounts.

坦白說，這正是我剛來時最想改變的事情之一。我先從領導力入手，然後是市場推廣，之後自然而然地發展到品牌重塑，最後才是產品本身。我們一直以來都非常依賴透過拿下新客戶來實現成長。

When I got here, it's just not a sustainable model. We need to be able to sell more into the existing installed base and obviously, service is the first of many in doing that. So really, really excited about that.

我來到這裡之後發現，這種模式根本無法持續。我們需要向現有客戶群銷售更多產品，而服務顯然是實現這一目標的第一步。所以我對此感到非常興奮。

To the second part of that question, yes, the plan is that Feedo already runs agnostically today. You saw us in the prepared remarks, talked about partnership with Shopify, we've been supporting that for a long time.

關於問題的第二部分，是的，Feedo 目前已經以獨立平台的方式運作。您在我們事先準備好的演講稿中也看到了，我們談到了與 Shopify 的合作，我們長期以來一直支持這項合作。

We have many, many Feedonomics clients that use Shopify as a commerce platform, which is great for them. They use Feedonomics for all of the enrichment and syndication across ads and marketplaces and presumably at some point into LLM depending on the brand and the merchant.

我們有許多 Feedonomics 客戶使用 Shopify 作為電商平台，這對他們來說非常有利。他們使用 Feedonomics 來進行廣告和市場內容的豐富和分發，而且根據品牌和商家的具體情況，可能還會將其應用於 LLM（生命週期管理）。

So really excited about that as well. And then on the Makeswift side, we talked about this in the prepared remarks as well. When we bought Makeswift, it was put into play by way of catalysts.

對此我也感到非常興奮。至於Makeswift這方面，我們在事先準備好的發言稿中也提到了。我們收購Makeswift是透過一些催化劑促成的。

So very high-end headless architecture. It was really targeted to some of our most sophisticated merchants that were net new, it was limited to net new.

所以，這是一種非常高階的無頭架構。它主要面向我們一些最成熟的新商戶，而且僅限於新商家。

Obviously, putting that out on Stencil next year is going to be a massive move and upgrade similar to Feedo Surface. So really excited to do that.

顯然，明年在 Stencil 上推出這款產品將是一次巨大的舉措和升級，類似於 Feedo Surface。對此我感到非常興奮。

We're also exploring Makeswift on other surfaces as well as a Visual Editor. So very much taking an agnostic approach there as well, which we feel from a distribution perspective, could be very enriching to shareholders.

我們也在其他平台上探索 Makeswift，以及將其應用於視覺化編輯器。因此，我們採取了一種非常開放的態度，我們認為從分送的角度來看，這可能會對股東大有裨益。

And one thing, this is Daniel. Let me just add on that. Just to be really clear, we have already through Feedonomics given customers access to hundreds of channels.

還有一點，我是丹尼爾。我再補充一點。為了更清楚地說明，我們已經透過 Feedonomics 為客戶提供了數百個頻道的存取權。

And it's not rocket science for us to extend those channels into Surface but do it at a price point that makes it much more sellable for, not only our installed base, but to your point, we definitely think there's an opportunity in the future to extend Feedo Surface on to other platforms.

將這些管道擴展到 Surface 對我們來說並不難，但要以更具吸引力的價格出售，不僅是為了我們的現有客戶群，而且正如您所說，我們絕對認為未來有機會將 Feedo Surface 擴展到其他平台。

I think we've been very deliberate, and I think Travis is being very deliberate in his language to reflect the fact that Commerce is a platform-agnostic company. We have a platform product that works for the part of the market that we're targeting.

我認為我們一直非常謹慎，Travis 在措辭上也十分謹慎，以體現 Commerce 是一家平台無關的公司。我們擁有一個平台產品，它適用於我們所瞄準的那部分市場。

But we also partner with a lot of the other platforms that we compete with, with big commerce, and we think Feedonomics Surface in the future could potentially be something that could be great for other platforms to use with their customers as well.

但我們也與許多與我們競爭的其他平台，包括大型電商平台建立了合作關係，我們認為 Feedonomics Surface 未來可能會成為其他平台與其客戶一起使用的絕佳工具。

Scott Berg, Needham.

史考特·伯格，尼德姆。

Daniel, I just wanted to follow up on a comment you made a moment ago around your expectation that I think you said RPO is going to be up in 4Q with regard to the PayPal partnership.

Daniel，我只是想就你剛才提到的關於 RPO 將在第四季度上線（與 PayPal 合作有關）的評論做個後續說明。

Can you maybe give a little bit more color upon that, at least I view the opportunities you have there are going to be more transactional than something that would be maybe hitting RPO.

能否再詳細解釋一下？至少在我看來，您在那裡的機會更像是交易性的，而不是達到招募目標（RPO）的機會。

That's a good question, Scott. What I mean by that is there's a lot of elements within our agreements with different technology partners, some of which are purely volume-based, where you get a certain amount of take rate based on volume.

斯科特，你問得好。我的意思是，我們與不同技術合作夥伴的協議中包含很多條款，其中一些完全是基於交易量的，根據交易量的不同，你會獲得一定的分成比例。

Those elements to your point, don't typically hit RPO, but there's a whole lot of other economic arrangements within those agreements, whether it's the equivalent of slotting fees or development fees and otherwise.

正如你所說，這些因素通常不會影響 RPO，但這些協議中還有很多其他的經濟安排，無論是相當於場地費還是開發費等等。

That does end up hitting RPO and part of why we've seen a flattish more looking RPO over the course of the last few quarters is because we've been approaching the end of the agreement with PayPal and needed to get to renewal. And that's where we will see that effect reflecting in the Q4 numbers.

這最終確實會影響RPO，而過去幾季RPO保持穩定的部分原因在於，我們與PayPal的協議即將到期，需要續約。這將在第四季度的數據中反映出來。

Understood. Helpful. And then following on kind of the PayPal theme here is the Commerce for payments that you know are going to release early next year is as you're further down that road right now and starting to think about '26 I know you're certainly not guiding for anything financially in '26.

明白了。很有幫助。接下來，我們繼續探討PayPal的主題，也就是您知道將於明年初發布的支付商務平台。鑑於您目前在這方面投入了更多精力，並且開始考慮2026年，我知道您肯定不會在2026年做出任何財務預測。

But how should we think about that impacting the P&L? Is it really just upside opportunity within the PSR revenue line item? Or is there maybe another impact there that I haven't considered yet?

但我們該如何看待這會對損益表產生的影響？這真的只是PSR收入項目內的潛在成長機會嗎？還是說還有其他我尚未考慮到的影響？

Yeah. I'll address the question on the P&L side really quickly and then turn it over to Travis to talk about kind of what the long-term vision is for what this looks like. We talked at our Investor Day about the fact that we are at this time, not kind of going kind of as a full in payments processor.

是的。我會快速解答一下損益的問題，然後把話題交給崔維斯，讓他談談公司的長期發展願景。我們在投資人日上討論過，目前我們還沒有全面轉型成為支付處理商。

We're going to be taking on pricing, getting incremental spread from that, but we're still going to be recognizing this net on P&L. So I don't anticipate anytime soon, we're going to end up with a P&L that looks like fintech.

我們將著手定價，從中獲得增量利潤，但最終仍會在損益表中確認這部分淨成本。因此，我預期短期內我們的損益表不會像金融科技公司那樣呈現。

We think this is going to be high margin revenue because of the fact that we're not going to be recognizing full interchange in cost of revenue.

我們認為這將是一筆高利潤收入，因為我們不會將全部交換費計入收入成本。

Yeah, Scott, I'll just (inaudible) for a second. I think directly and indirectly signaling, I feel very differently than previous leadership about this. This is kind of the first step in monetizing this capability.

是的，斯科特，我先（聽不清楚）一下。我認為，無論是直接或間接地，我都想表明，我對這件事的看法與之前的領導階層截然不同。這算是將這項能力貨幣化的第一步。

And I would expect us to go deeper here into 2026, we'll probably have a little bit more to share about that in the next quarter's call as we set kind of guidance for 2026. But yes, hopefully, this is a shot over the bow that we're open to this.

我預計我們會在2026年更深入地探討這個問題，我們可能會在下一季度的電話會議上分享更多相關信息，並製定2026年的業績指引。但可以肯定的是，這已經表明我們對此持開放態度。

We think it's an interesting opportunity to bring value not only to shareholders, but to our merchants. And to the extent we continue to do that and accelerate it, we'll lean in pretty aggressively.

我們認為這是一個絕佳的機會，不僅能為股東創造價值，也能為我們的商家創造價值。如果我們能夠繼續做到這一點並加快步伐，我們將採取非常積極的策略。

Josh Baer, Morgan Stanley.

喬許貝爾，摩根士丹利。

Katty Keyser on for Josh Baer. I appreciate the question. Interesting to hear about kind of the unbundling of the Feedonomics order orchestration, you being kind of available a la carte for merchants.

Katty Keyser 取代 Josh Baer 發言。感謝您的提問。很高興聽到您談到 Feedonomics 訂單編排的解構，以及您為商家提供的按需服務。

So maybe just a pricing and packaging question. I mean, first, how do you expect kind of the unbundling dynamic to drive this better adoption of the product?

所以，或許可以問一個關於定價和包裝的問題。我的意思是，首先，您認為這種分割銷售的模式將如何促進產品的更好普及？

And then just related any broader updates on pricing and packaging strategies, where are you leaning into kind of simplification and bundling relative to other areas of the platform that could be run kind of more a [la carte] like this?

然後，關於定價和包裝策略方面是否有任何更廣泛的更新，相對於平台的其他領域，你們在哪些方面傾向於簡化和捆綁銷售，而其他領域則可以像這樣以[按需選擇]的方式運行？

You bet. That's a great question. On the order orchestration piece, I've kind of alluded to this a few times in previous calls that with agentic in particular.

當然。這是一個很好的問題。關於訂單編排部分，我在之前的幾次通話中也提到過，尤其是在代理商方面。

Obviously, it's front and center in discovery right now that, that's going to evolve into, obviously, shopping and will introduce a fair amount of complexity around order orchestration in particular, which Feedo was already doing behind the scenes.

顯然，目前在產品發現方面，它是最重要的，而且很顯然，它將發展成為購物，並且會引入相當多的複雜性，尤其是在訂單協調方面，而 Feedo 已經在幕後進行這項工作了。

We've not touted it as a stand-alone SKU? Or is a product that just kind of organically travels with a lot of these larger merchants as it relates to sinking inventory and pricing and availability across all these different channels as they're selling across different surfaces and channels.

我們並沒有把它當作獨立 SKU 來推廣？或者說，這是一款隨著大型商家在不同通路和平台上銷售，在庫存、定價和供貨方面自然而然地融入他們產品線中的產品？

That's obviously extending in to what we've talked about and offering it a la carte. I think there's a lot of investment going into that product, and we'll evolve it appropriately in market for availability just as things get more complicated as merchants are selling across different services.

這顯然是對我們先前討論內容的延伸，並會以單一服務的形式提供。我認為我們在這款產品上投入了大量資金，隨著商家在不同服務平台上銷售產品，市場情況變得越來越複雜，我們會根據市場需求對產品進行適當的調整和完善。

We view this as very much a cost savings element as well, maintaining obviously positive customer experiences by sinking all of this data is obviously pertinent in that experience as folks are selling across different channels, making sure they're not overselling certain capacities.

我們也認為這是一個非常重要的成本節約因素，透過整合所有這些數據來維持正面的客戶體驗顯然與這種體驗息息相關，因為人們在不同的管道進行銷售，確保他們不會超賣某些容量。

And so we'll continue to roll out elements of this to the point we made earlier. Sometimes it will be a la carte, sometimes it will be properly bundled. I'll let Daniel allude to some of the bundling and packaging strategy we've got coming up.

因此，我們將繼續逐步推出先前提到的各項內容。有時是單獨提供，有時則會進行打包組合。接下來，我將讓丹尼爾介紹我們即將推出的打包和組合策略。

But any time we see an opportunity as the market evolves to bring value and monetize or make it easier for a merchant, certainly, we're going to take an opportunity to go do that. This is kind of the first of many in the evolution of that product as it maps to what the demand and changes in markets.

但每當我們看到市場發展帶來價值、實現盈利或簡化商家操作的機會時，我們當然會抓住機會去做。這只是該產品發展歷程中的第一步，它將隨著市場需求和變化而不斷演進。

And what I would add on top of that, look, we're always pretty transparent. We try to be really transparent about what we think has gone well and what we think needs to improve.

除此之外，我還想補充一點，我們一直都很透明。我們會努力做到坦誠相待，告訴大家哪些方面做得好，哪些方面需要改進。

If you look at where we are as a business, I think it reflects the fact that we are and will always be an open company and the way that we think about things. We want to give customers freedom of choice.

縱觀我們公司目前的狀況，我認為這反映了我們始終是一家開放的公司，也是我們思考問題的方式。我們希望給予客戶選擇的自由。

We want them to be able to pick the solutions that are right for them. But we also want to create products that make it easy and seamless for customers to use the products. It's just easy to use.

我們希望他們能夠選擇適合自己的解決方案。但我們也希望創造出讓客戶能夠輕鬆、方便使用的產品。它就是這麼簡單易用。

What that creates is an opportunity for us to actually improve the business model by creating more opportunities for cross-sell bundling or unbundling to your point, depending upon how we think about the product.

這為我們提供了一個機會，讓我們能夠透過創造更多交叉銷售、捆綁銷售或分割銷售的機會來改善商業模式，這取決於我們對產品的思考方式。

The business historically has not focused enough on having a typical SaaS product-led growth self-serve upgrade motion, and it's reflected in the net revenue retention results that I spoke about earlier, and this is why it's been a huge area of focus for our entire leadership team to do this.

從歷史上看，該企業並沒有足夠重視以典型的 SaaS 產品為主導的自助式升級成長模式，這體現在我之前提到的淨收入留存率結果上，因此，這已成為我們整個領導團隊的重點關注領域。

So if you look at Feedonomics surface or BC Payments, that's two examples of that. We've had Feedonomics as an upmarket product for a very long time, but it's at a price point that made it difficult to cross-sell into our mid-market customers.

所以，如果你看看 Feedonomics Surface 或 BC Payments，那就是兩個例子。 Feedonomics 一直以來都是我們的高端產品，但它的價格定位使得我們很難將其交叉銷售給中端市場客戶。

And we have tens of thousands of them on the platform, right? So by launching Feedonomics Surface, it's a free product to start with, but we're going to be introducing additional channels that will have either paid channels or paid features.

我們平台上有成千上萬的用戶，對吧？所以，Feedonomics Surface 的推出，一開始是免費的，但我們將推出更多頻道，這些頻道或頻道將提供付費功能。

So as customers adopt and grow and use the product, they are going to grow and expand what they're spending with us as a company.

因此，隨著客戶接受、發展和使用該產品，他們作為一家公司在我們這裡的消費也會增加。

And there's a lot of ways that we're looking across the business model to say, how can we augment the existing product offering through bundling and partnerships and picking a couple of partners that are best in their area and building their solution into our so that it looks almost native.

我們正在從商業模式的各個方面進行審視，思考如何透過捆綁銷售和合作來增強現有的產品，選擇幾個在其領域內最優秀的合作夥伴，並將他們的解決方案融入到我們的產品中，使其看起來幾乎是原生的。

That's the bundling strategy. There's also another version of that where you can take the products that we have, like Feedonomics and say, look, we're going to put this at a price point that our core customers can buy, so we can expand adoption and usage.

這就是捆綁銷售策略。還有另一種方法，就是把我們現有的產品，像是 Feedonomics，定價在核心客戶所能負擔的範圍內，這樣就能擴大使用者群組和使用範圍。

We are also, again, in our ethos, open and we are agnostic. So how can we then extend that to Shopify customers? How can we extend it to WooCommerce customers and Wix customers.

此外，我們秉持開放和中立的理念。那麼，我們該如何將這個理念推廣到 Shopify 客戶、WooCommerce 客戶和 Wix 客戶呢？

It's just a philosophically different way of approaching things that shores up the business model and we think creates a lot of upside to growth and efficient growth next year.

這只是理念上不同的做事方式，它鞏固了商業模式，我們認為這將為明年的成長和高效成長創造很大的潛力。

But when Travis went through his list of areas of focus and the last one he mentioned was investments in product, we're not talking about new features and functions and things that we launched.

但當 Travis 列出他的重點領域清單時，他最後提到的是產品投資，我們指的不是新功能和我們已經推出的產品。

What we're focusing on here are things that we think can be transformative to the economics of the business model and ultimately make this a lot more profitable for shareholders in the long run.

我們在這裡關注的是那些我們認為可以改變商業模式經濟效益，並最終從長遠來看為股東帶來更多利潤的事情。

Brian Peterson, Raymond James.

布萊恩彼得森，雷蒙德詹姆斯。

Just one for me. Just as we're thinking about the overall demand environment and the pipeline of opportunities, would you say that's changed overall in 2025.

我只有一個問題。正如我們正在思考的整體需求環境和潛在機會一樣，您認為到2025年，這些方面是否發生了整體變化？

And as some of the larger merchants are potentially thinking about AI initiatives, has that accelerated their investment in innovation or maybe that's taken a step back in terms of them evaluating alternatives? Would love to get some color there.

一些大型商家可能正在考慮人工智慧項目，這是否加快了他們對創新的投資？或者，這是否讓他們在評估替代方案方面有所退縮？很想了解這方面的具體情況。

Yeah. I think we both alluded to it earlier, the demand for B2B has been consistent and solid. I think that was expected kind of coming into the year, and it's something that we've seen since I've been here to be the norm.

是的。我想我們之前都提到過，B2B需求一直穩定且強勁。我認為這在年初就已在預料之中，而且自從我來到這裡以來，這種情況也逐漸成為常態。

On the B2C side, I think the behavioral change really over the last six or so months as agentic has become front and center, obviously, that sucked a lot of the air out of the room, just given organic traffic dropping for a lot of these brand manufacturers and retailers, which has probably softened their demand for wanting to re-platform.

在 B2C 方面，我認為過去六個月左右的行為變化確實發生了，代理模式顯然成為了焦點，這佔據了許多空間，因為許多品牌製造商和零售商的自然流量都在下降，這可能削弱了他們想要重新搭建平台的意願。

I'm not saying we're not winning deals out there. There's certainly deals out there to be one. But I would say, especially the larger ones, agentic has shifted their focus I think you're seeing a blending of marketing and commerce organizationally.

我並不是說我們沒有拿下任何訂單。當然，我們有很多機會可以拿下訂單。但我想說，尤其是在那些規模較大的訂單中，Agentic 的重心已經改變了。我認為你會看到行銷和商務在組織架構上融合在一起。

It's starting to catalyze a lot of transformation. We've been very deliberate in our partnerships, particularly around Accenture and how astute they are around digital transformation. They're obviously front and center of this as well with a lot of shared clients.

它正開始催化諸多變革。我們在合作關係方面一直非常謹慎，尤其是在與埃森哲的合作方面，因為他們對數位轉型有著敏銳的洞察力。顯然，他們也處於這一領域的前沿，擁有許多共同的客戶。

And what you're seeing is a lot of energy and effort going towards optimizing one's data strategy within the organizations and how the organization needs to ultimately support that, where again, getting ready particularly around, obviously, discovery right now is front and center.

我們看到的是，各組織投入了大量的精力和努力來優化自身的數據策略，以及組織最終需要如何支持這項策略。顯然，做好準備，特別是圍繞數據發現的準備工作，目前是重中之重。

And then as this evolves into shopping, what does that look like from a branded manufacturer or retailer perspective, how do I protect that experience? How do I make sure that I'm serving up relevant contextual content and experience and product availability through those conversations?

然後，隨著這種模式演變為購物，從品牌製造商或零售商的角度來看，這會是什麼樣子？我該如何保護這種體驗？我該如何確保透過這些對話提供相關的背景內容、體驗和產品供應？

How do I protect the monetization of the brand experience? How do I protect my AOV? How do I ingest loyalty and think about security and everything else.

如何保障品牌體驗的獲利能力？如何保障我的平均訂單價值？如何提升客戶忠誠度，同時兼顧安全和其他所有面向？

And obviously, we're front and center in a lot of those conversations across all the different services and people are still figuring out some of those commercial models as well on the answer engine side. So that's where you're seeing a lot of the energy and the effort.

顯然，我們在各種服務的許多討論中都處於核心地位，人們仍在探索答案引擎方面的一些商業模式。因此，你會看到很多精力和努力都集中在這些方面。

I can't speak tangibly to what the monetary investment is at the merchant level. I can just tell you from an effort and an importance and an inks perspective, this is absolutely front and center and taking most of the air out of the room versus a re-platform.

我無法具體說明商家層面的資金投入。但我可以從投入的精力、重要性和成本角度告訴你，這絕對是重中之重，遠比重新搭建平台重要得多。

I think folks know that re-platforming is not going to solve this challenge. If you solve this challenge, it may do other things, but I think that's what's front and center right now if that's helpful.

我認為大家都明白，平台遷移並不能解決這個問題。如果解決了這個問題，或許還能帶來其他好處，但就目前而言，解決這個問題才是重中之重，希望這能有所幫助。

This concludes our question-and-answer session. I would like to turn the conference back over to Travis Hess, CEO, for any closing remarks.

問答環節到此結束。現在我將會議交還給執行長特拉維斯·赫斯先生，請他作總結發言。

Thanks, everyone, for joining today. Looking forward to our Q4 call, where we'll share much more about 2026 and kind of the evolution of what we alluded to today around partnerships advancement momentum and lots of things we're excited for going into next year. So thank you all.

感謝各位今天參加。期待我們的第四季度電話會議，屆時我們將分享更多關於2026年的信息，以及今天提到的關於合作夥伴關係發展勢頭和明年諸多令人振奮的計劃的後續進展。再次感謝大家。

The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

會議已結束。感謝您參加今天的報告。您可以斷開連線了。