E2open Parent Holdings Inc (ETWO) 2023 Q4 法說會逐字稿

Greetings. Welcome to the E2open Fourth Quarter and Fiscal Year 2023 Earnings Call. (Operator Instructions) Please note, this conference is being recorded.

問候。歡迎來到 E2open 第四季度和 2023 財年收益電話會議。 （操作員說明）請注意，正在錄製此會議。

I will now turn the conference over to your host, Dusty Buell. You may begin.

我現在將會議轉交給主持人 Dusty Buell。你可以開始了。

Good afternoon, everyone. At this time, I would like to welcome you all to the E2open Fiscal Fourth Quarter and Full Year 2023 Earnings Conference Call. I am Dusty Buell, Head of Investor Relations here at E2open. Today's call will include recorded comments from our Chief Executive Officer, Michael Farlekas; and our Chief Financial Officer, Marje Armstrong. After those comments, we'll open the call for a live Q&A session. A replay of this call will be available on the company's Investor Relations website at investors.e2open.com. Information to access the replay is listed in today's press release, which is also available on our Investor Relations website.

大家下午好。此時，歡迎大家參加 E2open 財年第四季度和 2023 年全年收益電話會議。我是 E2open 的投資者關係主管 Dusty Buell。今天的電話會議將包括我們首席執行官 Michael Farlekas 的錄音評論；以及我們的首席財務官 Marje Armstrong。在發表這些評論之後，我們將開啟現場問答環節。此次通話的重播將在公司的投資者關係網站 investors.e2open.com 上提供。訪問重播的信息列在今天的新聞稿中，也可以在我們的投資者關係網站上找到。

Before we begin, I'd like to remind everyone that during today's call, we will be making forward-looking statements regarding future events and financial performance, including guidance for our fiscal first quarter and full year 2024. These forward-looking statements are subject to known and unknown risks and uncertainties. E2open cautions that these statements are not guarantees of future performance. We encourage you to review our most recent reports, including our 10-K and any applicable amendments, for a complete discussion of these factors and other risks that may affect our future results or the market price of our stock. And finally, we are not obligating ourselves to revise our results or these forward-looking statements in light of new information or future events.

在開始之前，我想提醒大家，在今天的電話會議上，我們將就未來事件和財務業績做出前瞻性陳述，包括對我們第一財季和 2024 年全年的指導。這些前瞻性陳述受已知和未知的風險和不確定性。 E2open 警告說，這些聲明並不是對未來性能的保證。我們鼓勵您查看我們最近的報告，包括我們的 10-K 和任何適用的修正案，以全面討論這些因素和可能影響我們未來業績或我們股票市場價格的其他風險。最後，我們沒有義務根據新信息或未來事件修改我們的結果或這些前瞻性陳述。

Also, during today's call, we'll refer to certain non-GAAP financial measures. Reconciliations of non-GAAP to GAAP measures and certain additional information are included in today's earnings press release, which can be viewed and downloaded from our Investor Relations website at investors.e2open.com.

此外，在今天的電話會議中，我們將提及某些非 GAAP 財務指標。非 GAAP 與 GAAP 措施的調節和某些額外信息包含在今天的收益新聞稿中，可以從我們的投資者關係網站 investors.e2open.com 查看和下載。

And with that, we will begin by turning the call over to our CEO, Michael Farlekas.

有了這個，我們將首先把電話轉給我們的首席執行官 Michael Farlekas。

Thank you, Dusty, and good afternoon. Welcome to our report of fiscal fourth quarter and full year 2023 results. I'll share my thoughts on our broader performance last year, including what went well and what didn't go as well as we would have liked. I'll spend some time discussing how we arrive as one of the largest purely SaaS-based supply chain software companies, scaling our business nearly 10x in 7 years. I'll outline how we have begun our pivot from a company optimized for rapid scaling through acquisitions, being optimized to deliver very high margin and double-digit organic subscription revenue growth.

謝謝你，Dusty，下午好。歡迎閱讀我們的第四財季和 2023 年全年業績報告。我將分享我對去年更廣泛表現的看法，包括進展順利和進展不順利的地方。我將花一些時間討論我們如何成為最大的純 SaaS 供應鏈軟件公司之一，在 7 年內將我們的業務擴展近 10 倍。我將概述我們如何從一家為通過收購進行快速擴張而優化的公司開始我們的轉型，經過優化以提供非常高的利潤率和兩位數的有機訂閱收入增長。

I'll close with a discussion of our strategic focus for FY '24 and share some recent highlights that demonstrate the value the platform creates for our clients. Finally, our CFO, Marje Armstrong, will provide a detailed discussion of our fourth quarter and full year results as well as our guidance for fiscal 2024.

最後，我將討論我們 24 財年的戰略重點，並分享一些最近的亮點，這些亮點展示了該平台為我們的客戶創造的價值。最後，我們的首席財務官 Marje Armstrong 將詳細討論我們的第四季度和全年業績以及我們對 2024 財年的指導。

While we continue to perform well from a margin perspective and delivered solid organic growth in FY '23, economic uncertainty, lower shipment volumes and, in particular, cost spending by high-tech companies, which generate 1/4 of our revenue, are combining to prove a headwind for us at the moment. Our current FY '24 forecasted growth rate are below our potential given our unique and differentiated competitive position. Embedded in our discussion is how we are building our business to realize the potential we have created over the past 7 years while delivering significant margin and free cash flow.

雖然從利潤率的角度來看，我們繼續表現良好，並在 23 財年實現了穩健的有機增長，但經濟不確定性、較低的出貨量，尤其是占我們收入 1/4 的高科技公司的成本支出，正在結合證明目前對我們不利。鑑於我們獨特且差異化的競爭地位，我們目前的 FY '24 預測增長率低於我們的潛力。我們討論的內容是我們如何建立我們的業務以實現我們在過去 7 年中創造的潛力，同時提供可觀的利潤和自由現金流。

I'm proud of what we accomplished in the 2 investment areas we outlined at the beginning of FY '23. We began the year determined to build 2 functions of E2open that were less important when we were scaling through acquisitions but are foundational to drive repeatable and expanding organic growth, namely a strong marketing organization and robust network of system integrators. These are long-term efforts, and I'm very pleased with our progress.

我為我們在 23 財年開始時概述的兩個投資領域所取得的成就感到自豪。今年年初，我們決定建立 E2open 的 2 個功能，這兩個功能在我們通過收購擴大規模時並不那麼重要，但卻是推動可重複和不斷擴大的有機增長的基礎，即強大的營銷組織和強大的系統集成商網絡。這些都是長期的努力，我對我們的進展感到非常滿意。

Having made the important addition to our organization, we can now leverage these critical functions as part of our broader pivot to organic growth. Marketing was simply not a prime focus for E2open during the rapid scaling phase of our business. Last year, we completed a wholesale refresh of our brand and increased our position for [share of voice] from last in our category to top 3, reaching a #2 position for several months. We now have an effective organization to target high-quality prospects and execute sophisticated account-based marketing programs to increase adoption within our client base.

在對我們的組織進行重要補充後，我們現在可以利用這些關鍵職能作為我們更廣泛的有機增長支點的一部分。在我們業務的快速擴展階段，營銷根本不是 E2open 的主要關注點。去年，我們完成了品牌的全面更新，並將 [聲音份額] 的位置從我們類別中的最後一位提高到前 3 名，連續幾個月排名第二。我們現在擁有一個有效的組織來瞄準高質量的潛在客戶並執行複雜的基於帳戶的營銷計劃以增加我們客戶群中的採用率。

On the partner front, we have built a dedicated network of system integrators to access the critical role they play in supply chain technology purchases. Over time, these partnerships are necessary to increase our growth rate as they help right in our specifications early in the client buying process. Building this ecosystem is critical to seeing more large-scale opportunities that were previously not on our radar screen. Partners clearly see the benefit of working with E2open, and we are seeing this work pay off in pipeline and client wins. These initiatives will take time to materialize as bookings and even more time to flow through to our revenue line. In particular, building a partner ecosystem is a 2- to 3-year process. That said, we have made significant progress, and the large upfront investment is now behind us.

在合作夥伴方面，我們建立了一個專門的系統集成商網絡，以了解他們在供應鏈技術採購中發揮的關鍵作用。隨著時間的推移，這些合作夥伴關係對於提高我們的增長率是必要的，因為它們有助於在客戶購買過程的早期確定我們的規格。建立這個生態系統對於發現以前未出現在我們雷達屏幕上的更多大規模機會至關重要。合作夥伴清楚地看到與 E2open 合作的好處，我們看到這項工作在管道和客戶贏得中得到回報。這些舉措將需要時間來實現預訂，甚至需要更多時間才能流入我們的收入線。特別是建立合作夥伴生態系統是一個2到3年的過程。儘管如此，我們已經取得了重大進展，巨額的前期投資現在已經過去了。

We've previously communicated that these investments to generate incremental bookings in the second half of FY '24 and into '25. Based on the growth of our SI-attributed pipeline, and a meaningful pickup in plus $1 million opportunity, we are now on track to meet or exceed this time line. I also want to remind our investors that our SI strategy requires us to gradually transition portions of our services revenue to the integrated community. The SIs simply cannot build or practice around our solution if we retain all of the implementation services work.

我們之前曾表示，這些投資將在 24 財年下半年和 25 財年產生增量預訂。基於我們 SI 歸因管道的增長，以及有意義的增加 100 萬美元的機會，我們現在有望達到或超過這一時間線。我還想提醒我們的投資者，我們的 SI 戰略要求我們逐步將部分服務收入轉移到綜合社區。如果我們保留所有實施服務工作，SI 就無法圍繞我們的解決方案構建或實踐。

Over the long term, this is a good trade for E2open given the relative margin profile of these 2 business lines and the long-duration recurring nature of software subscription. This trade-off has and will negatively impact near-term services revenue growth and, therefore, total revenue growth. The decoupling of subscription growth from services growth has begun. And going forward, we will increasingly communicate our financial performance on the basis of organic subscription growth, profit margins and free cash flow.

從長遠來看，考慮到這兩條業務線的相對利潤率和軟件訂閱的長期經常性性質，這對 E2open 來說是一筆不錯的交易。這種權衡已經並將對近期服務收入增長產生負面影響，因此也會對總收入增長產生負面影響。訂閱增長與服務增長的脫鉤已經開始。展望未來，我們將越來越多地根據有機訂閱增長、利潤率和自由現金流來傳達我們的財務業績。

While we are pleased with the progress of our 2 initiatives in FY '23, like many companies, we did have our calendar. Most importantly, we did not carry the momentum of bookings we saw exiting FY '22 into FY '23. A key issue here was the macro environment. What we saw during FY '23, particularly in the second half of the year, was that in a volatile and uncertain economy, customers scrutinize large commitments and spend lines more than small ones. Our second half results show this clearly. The pace of small run rate bookings came in as expected, flat to slightly up. While large deal closings of over $1 million were down year-over-year, they did not go away. And our pipeline of these large transactions has grown nicely from equally pushing to the right and also some engagement with our SI.

雖然我們對 23 財年的兩項舉措的進展感到滿意，但與許多公司一樣，我們確實有自己的日曆。最重要的是，我們沒有看到 22 財年進入 23 財年的預訂勢頭。這裡的一個關鍵問題是宏觀環境。我們在 23 財年，尤其是下半年看到的是，在動盪和不確定的經濟中，客戶比小額承諾更仔細地審查大額承諾和消費額度。我們下半年的結果清楚地表明了這一點。小批量預訂的速度符合預期，持平或略有上升。雖然超過 100 萬美元的大型交易成交量同比下降，但它們並沒有消失。我們的這些大型交易管道已經從同樣向右推動以及與我們的 SI 的一些接觸發展得很好。

While it's our job to adjust to changing business conditions, the slower deal closures will negatively impact our FY '24 growth, giving it the lower potential for the next fiscal year. While the macro environment was a headwind for us, we must also take responsibility for below par commercial performance. We were aware that integrating 2 businesses at the same time would put a strain on it. We have done this in the past where we drove tight performance as we integrate acquisitions. It is fair to say, however, that the size and complexity of these integrations, the speed at which we accomplished them against the backdrop of a challenging economic environment proved a greater challenge to our commercial organization than I anticipated. This had an impact to our net bookings performance in FY '23 and is the primary reason why we expect FY '24 to be a lower subscription revenue growth year for us. Even with lower growth rate, we are expanding our EBITDA margin as we continue to build our business.

雖然我們的工作是適應不斷變化的業務條件，但交易完成速度放緩將對我們 24 財年的增長產生負面影響，從而降低下一財年的潛力。雖然宏觀環境對我們不利，但我們也必須為低於標準的商業業績承擔責任。我們知道同時整合 2 家企業會給它帶來壓力。我們過去曾這樣做過，我們在整合收購時推動了嚴格的績效。然而，可以公平地說，這些整合的規模和復雜性，以及我們在充滿挑戰的經濟環境背景下完成這些整合的速度，證明對我們的商業組織來說是比我預期的更大的挑戰。這對我們 23 財年的淨預訂業績產生了影響，這也是我們預計 24 財年訂閱收入增長較低的主要原因。即使增長率較低，我們仍在擴大我們的 EBITDA 利潤率，因為我們繼續建立我們的業務。

It is useful to remember how E2open arrived to where we are today in a short amount of time. Over the past 7 years, we increased the size of our network from 40,000 to over 420,000 connected companies. We've grown revenue nearly 10x and increased our EBITDA from negative $30 million to nearly $220 million. A key driver of this growth was our rapid acquisition and integration. There were 14 strategic assets into 1 cohesive integrated supply chain platform, a one of one in our market. Our strategy was informed by the knowledge that point solution companies have a natural limit to their growth, and many see their growth rates and profitability decline as they reach the natural limit of their single solution orientation. We saw a lane to scale rapidly by using our unique ability to integrate to create a highly differentiated network business that drives extraordinary value for our clients, produces very long-duration subscription, excellent unit economics with very high operating margins.

記住 E2open 如何在短時間內達到今天的水平是很有用的。在過去的 7 年裡，我們的網絡規模從 40,000 家增加到超過 420,000 家關聯公司。我們的收入增長了近 10 倍，EBITDA 從負 3000 萬美元增加到近 2.2 億美元。這種增長的一個關鍵驅動力是我們的快速收購和整合。將 14 項戰略資產納入 1 個有凝聚力的集成供應鏈平台，這是我們市場上的一個。我們的戰略是基於這樣的認識，即單點解決方案公司的增長存在自然極限，許多公司在達到單一解決方案導向的自然極限時會發現其增長率和盈利能力下降。我們看到了通過利用我們獨特的整合能力來快速擴展的途徑，以創建高度差異化的網絡業務，為我們的客戶帶來非凡的價值，產生非常長期的訂閱，出色的單位經濟效益和非常高的營業利潤率。

Over the last 18 months, we scaled our business by 50% with the acquisitions of BluJay and Logistyx. We are now the largest pure SaaS company in the supply chain space. We are built upon a large supply chain network, and our platform serves as a core operational backbone for many of the largest and well-known brands in the world. While M&A will remain an element of our value creation engine going forward, as we enter FY '24 with the heavy lift of integrations largely behind us, our primary focus now is to calibrate our business from one built for rapid scaling through acquisition to a business focused on robust and reliable organic growth.

在過去的 18 個月裡，我們通過收購 BluJay 和 Logistyx 將業務規模擴大了 50%。我們現在是供應鏈領域最大的純 SaaS 公司。我們建立在一個龐大的供應鍊網絡之上，我們的平台是世界上許多最大和知名品牌的核心運營支柱。雖然併購仍將是我們未來價值創造引擎的一個組成部分，但隨著我們進入 24 財年，整合的繁重工作已經基本過去，我們現在的主要重點是調整我們的業務，從一個為通過收購快速擴展而建立的業務轉變為一個業務專注於穩健可靠的有機增長。

In this respect, our largest and most important organic growth opportunity is to increase adoption within our 650 enterprise clients. Our ability to cross-sell and upsell is fundamental to our organic growth model. We have clearly demonstrated we can execute this strategy on a repeatable basis. We have proven we can grow a client relationship with several hundred thousand dollars per year to several million in a few years. While we have proven our ability to scale and adopt within a client, we now need to scale that activity across our much larger organization, which is our primary focus for FY '24.

在這方面，我們最大和最重要的有機增長機會是提高我們 650 家企業客戶的採用率。我們的交叉銷售和追加銷售能力是我們有機增長模式的基礎。我們已經清楚地證明了我們可以在可重複的基礎上執行這一戰略。我們已經證明，我們可以在幾年內將每年數十萬美元的客戶關係發展到數百萬美元。雖然我們已經證明了我們在客戶中擴展和採用的能力，但我們現在需要在我們更大的組織中擴展該活動，這是我們 24 財年的主要重點。

To build a scaled growth engine is a company-wide effort that is now well underway, our team has taken considerable time analyzing our business. We have evaluated the factors we can control and have agreed on the changes we need to make to position ourselves for strong, consistent organic growth and high profitability for the years ahead. In doing so, we will be guided by 4 strategic pillars: client engagement, client experience, product excellence and operational efficiency. More specifically, we are taking concrete steps now to reaccelerate our growth. We are increasing our sales take-down so we can support better sales coverage and build closer client relationships, especially with core enterprise clients. We are refining our go-to-market processes to become more repeatable and scalable.

建立一個規模化的增長引擎是全公司範圍內的努力，目前正在順利進行，我們的團隊已經花了大量時間分析我們的業務。我們評估了我們可以控制的因素，並就我們需要做出的改變達成一致，以便在未來幾年實現強勁、持續的有機增長和高盈利能力。在此過程中，我們將以 4 個戰略支柱為指導：客戶參與、客戶體驗、卓越產品和運營效率。更具體地說，我們現在正在採取具體步驟來重新加速我們的增長。我們正在增加銷售量，以便我們能夠支持更好的銷售覆蓋範圍並建立更緊密的客戶關係，尤其是與核心企業客戶的關係。我們正在改進我們的上市流程，以變得更具可重複性和可擴展性。

We remain disciplined and have proven we can consistently produce high margins and generate extraordinary free cash flow. We are able and willing to make the hard choices to balance cost, investment opportunities and realistic revenue assumptions to maintain our commitment to strong profitability and high free cash flow in all economic environments. In short, over the past 7 years, we have created (inaudible) potential through rapid scaling through acquisitions. The strategy yielded a large business with durable competitive advantage and high free cash flow.

我們保持紀律，並證明我們能夠始終如一地產生高利潤並產生非凡的自由現金流。我們能夠並且願意做出艱難的選擇來平衡成本、投資機會和現實的收入假設，以在所有經濟環境中維持我們對強勁盈利能力和高自由現金流的承諾。簡而言之，在過去 7 年中，我們通過收購快速擴大規模，創造了（聽不清）潛力。該戰略產生了具有持久競爭優勢和高自由現金流的大型企業。

We are committed now to building capabilities needed to realize our potential of robust and reliable growth at scale, built on best-in-class unit economics and a very efficient translation of gross profit to the bottom line. We are energized by the opportunity we have created for ourselves. We know it won't be easy. We'll have our fair share of setbacks. We will overcome each of them to build a truly special business that produce a double-digit subscription growth while driving very high operating margin and free cash flow. Our drive and focus are immutable.

我們現在致力於構建實現我們穩健和可靠的規模增長潛力所需的能力，建立在一流的單位經濟效益和毛利潤非常有效地轉化為底線的基礎上。我們為自己創造的機會而充滿活力。我們知道這並不容易。我們會遇到相當多的挫折。我們將克服他們中的每一個，建立一個真正特殊的業務，產生兩位數的訂閱增長，同時推動非常高的營業利潤率和自由現金流。我們的動力和重點是不變的。

I'll close by highlights some recent customer engagement, starting with the demand side of our platform. A publicly created global company is utilizing E2open's channel application to visualize sales trends and inventory position for better decision-making. On the supply side, one of the world's largest consumer packaged goods companies has deployed E2open's supplier collaboration suite. This long-time client purchased an additional solution to manage the supply side of the business, adding to the original solution on the demand side. The additional solution connects their supplier community digitally to manage their entire order delivery to production cycle on our platform. In this supplier collaboration category, we are seeing an uptick in adoption in the automotive and process industry.

最後，我將重點介紹一些最近的客戶參與，從我們平台的需求方開始。一家公開創建的全球公司正在利用 E2open 的渠道應用程序來可視化銷售趨勢和庫存狀況，以便做出更好的決策。在供應方面，世界上最大的包裝消費品公司之一部署了 E2open 的供應商協作套件。這個長期客戶購買了一個額外的解決方案來管理業務的供應方，添加到需求方的原始解決方案中。附加解決方案以數字方式連接他們的供應商社區，以在我們的平台上管理他們從訂單交付到生產週期的整個過程。在此供應商協作類別中，我們看到汽車和加工行業的採用率有所上升。

E2open was fond on delivering this very solution to the high-tech industry over 20 years ago. In logistics, one of the largest North American retailer and a new customer for us will deploy our transition management solution. As a result of adopting our solution, this client estimated savings over 8x the annual cost of our subscription.

20 多年前，E2open 就熱衷於為高科技行業提供這一解決方案。在物流方面，北美最大的零售商之一和我們的新客戶將部署我們的過渡管理解決方案。由於採用了我們的解決方案，該客戶估計節省了超過 8 倍的年度訂閱費用。

Before I turn the call over to Marje for a detailed review of our financials, allow me to share a large-scale solution we are delivering for a major automotive client. I recently met with them to review our 7-year relationship. They start with a planning solution from a company we acquired. We work with them to address the very real talent they face with semiconductor shortages, which we all witnessed in the auto sector. 18 months ago, we expanded our partnership to grow our planning solution to the supply side, deploy our supplier collaboration solution and also our logistics solution.

在我將電話轉給 Marje 詳細審查我們的財務狀況之前，請允許我分享我們為一家主要汽車客戶提供的大規模解決方案。我最近與他們會面，回顧了我們 7 年的關係。他們從我們收購的一家公司的規劃解決方案開始。我們與他們合作，解決他們面臨的真正人才短缺問題，我們在汽車行業都看到了這一點。 18 個月前，我們擴大了合作夥伴關係，將我們的規劃解決方案擴展到供應方，部署我們的供應商協作解決方案以及我們的物流解決方案。

They are now connected in real time to hundreds of their suppliers to manage their constrained supply and can see both inbound and outbound products as they ship around the world. This product is being delivered with one of our strategic SI partners and as a clear example of our ability to execute a fivefold expansion within our existing clients. We are now quite literally integral and embedded as part of the global manufacturing process. These capabilities delivered in 1 connected platform is unique to E2open and represents a durable competitive advantage and massive potential we see.

他們現在與數百家供應商實時連接，以管理他們的受限供應，並且可以在他們運送到世界各地時查看入站和出站產品。該產品由我們的戰略 SI 合作夥伴之一提供，並作為我們在現有客戶中執行五倍擴展能力的一個明顯例子。我們現在完全融入並融入了全球製造過程。在 1 個連接平台中提供的這些功能是 E2open 獨有的，代表了我們看到的持久競爭優勢和巨大潛力。

At this time, I'd like to turn the call over to Marje to review our financial results and discuss our guidance.

在這個時候，我想把電話轉給 Marje 來審查我們的財務業績並討論我們的指導。

Thank you, Michael, and good afternoon, everyone. I want to start by thanking the finance organization and all other E2open teams that worked collaboratively over the last few months to get us ready for year-end supporting our earnings cycle and our new fiscal year operating plan. We have made tremendous progress over the last year in building the finance capabilities that our company needs to support its future organic growth plans and the strategic priorities that Michael outlined. I'll start by reviewing our fiscal fourth quarter and full year 2023 results and then close with a discussion of our FY '24 guidance.

謝謝邁克爾，大家下午好。首先，我要感謝財務組織和所有其他 E2open 團隊在過去幾個月中通力合作，讓我們為年終支持我們的盈利週期和新財政年度運營計劃做好準備。去年，我們在建立公司支持其未來有機增長計劃和邁克爾概述的戰略重點所需的財務能力方面取得了巨大進展。我將首先回顧我們的第四財季和 2023 年全年業績，然後討論我們的 24 財年指南。

Subscription revenue in the fiscal fourth quarter 2023 was $136.9 million, reflecting an organic growth rate of 5.4% on a pro forma basis and 6.6% on a constant currency basis when adjusting for the negative $1.5 million year-over-year impact from foreign exchange fluctuations. Our subscription revenue came in within our $137 million to $140 million guidance range. For full fiscal year 2023, subscription revenue was $532.9 million and grew 8.1% on a pro forma basis and 9.8% on a constant currency basis. While this represents solid top line growth, our fiscal year 2023 subscription revenue performance, which is a critical element of our overall business model, came in short at 10% growth versus our original expectations of 11% to 12% set at the beginning of fiscal year '23.

2023 財年第四季度的訂閱收入為 1.369 億美元，在調整了外匯波動帶來的 150 萬美元同比負影響後，預計有機增長率為 5.4%，按固定匯率計算為 6.6% .我們的訂閱收入在我們 1.37 億美元至 1.4 億美元的指導範圍內。在整個 2023 財年，訂閱收入為 5.329 億美元，按備考計算增長 8.1%，按固定匯率計算增長 9.8%。雖然這代表了穩健的收入增長，但我們 2023 財年的訂閱收入表現是我們整體業務模式的一個關鍵要素，與我們在本財年初設定的 11% 至 12% 的最初預期相比，增長了 10%。 23 年。

Following the strong FY '22 exit rate, we started to see delays in large deal closings as we move through the year, ultimately leading to a weaker-than-planned FY '23 exit. As Michael noted, we believe that a key factor behind this lower-than-normal run rate was macroeconomic uncertainty that led some customers, particularly in the tech sector, to spend more cautiously and push out decisions on larger projects. We believe the procurement delays we have experienced are largely temporary and that these projects still represent attractive sales opportunities for E2open. In summary, the customers and the demand have not gone away, but large-scale project spending, in many cases, has been pushed to the right.

繼 22 財年強勁的退出率之後，我們開始看到大型交易關閉在這一年中出現延遲，最終導致 23 財年的退出低於計劃。正如邁克爾指出的那樣，我們認為低於正常運行率背後的一個關鍵因素是宏觀經濟的不確定性導致一些客戶，特別是科技行業的客戶更加謹慎地消費並推遲對更大項目的決策。我們認為，我們所經歷的採購延遲在很大程度上是暫時的，這些項目仍然為 E2open 提供了有吸引力的銷售機會。綜上所述，客戶和需求並沒有消失，但在很多情況下，大規模的項目支出已經被推向了正確的方向。

Also as mentioned earlier, during the fourth quarter, we saw an out-of-trend increase in down sell that is included in our churn metrics, which slightly impacted quarterly growth and will have a more meaningful impact on subscription revenue during fiscal year 2024. A combination of onetime volumetric adjustments and other macro-related factors were the main drivers. We had some legacy clients with volume-based adjustment provisions that we set at lower tiers as compared to the high shipping volumes experienced during the COVID pandemic. In some select cases, we saw customers respond to budget cuts by reducing project spend. Timing related to customers that we knew would churn when we acquired them through M&A also had a small impact during the quarter.

同樣如前所述，在第四季度，我們看到流失指標中包含的降價銷售出現了超出趨勢的增長，這對季度增長產生了輕微影響，並將對 2024 財年的訂閱收入產生更有意義的影響。一次體積調整和其他宏觀相關因素的結合是主要驅動因素。與 COVID 大流行期間經歷的高運輸量相比，我們有一些傳統客戶具有基於數量的調整條款，我們將這些條款設置在較低級別。在某些特定案例中，我們看到客戶通過減少項目支出來響應預算削減。我們知道，當我們通過併購收購客戶時，與客戶相關的時間安排也對本季度產生了很小的影響。

As Michael noted, our overall retention metrics remain strong, and we intend to maintain and improve them as part of our strategy to deliver double-digit organic growth in subscription revenue. Overall, delivering on this growth commitment remains a cornerstone of our operating model and business strategy. As the go-to-market changes that Michael described start to yield results, we have a clear path to driving an acceleration in growth as we exit FY '24.

正如邁克爾指出的那樣，我們的整體留存率指標仍然強勁，我們打算維持和改進這些指標，作為我們實現訂閱收入兩位數有機增長戰略的一部分。總體而言，實現這一增長承諾仍然是我們運營模式和業務戰略的基石。隨著邁克爾描述的進入市場的變化開始產生結果，我們有一條明確的道路來推動我們在退出 24 財年時加速增長。

Professional services and other (inaudible) fiscal fourth quarter was $29.4 million, reflecting an organic pro forma growth rate of negative 6.9% and negative 5.2% on a constant currency basis when adjusting for a negative $500,000 year-over-year impact from foreign exchange fluctuations. While a key aspect of our business strategy is to place more focus on our subscription business, professional services revenue performance in the fourth quarter fell below our expectations. Weaker services revenue was driven by the same macro factors that affected our subscription business, including scaled-down customer purchases and longer-than-typical sales cycles for large projects. Our proactive shift towards partnering with system integrators also had some impact. These forces will have a continuing effect in early FY '24 with first quarter services revenue likely to be sequentially softer before strengthening later in the year.

專業服務和其他（聽不清）第四財季為 2940 萬美元，反映了在調整外匯波動的 500,000 美元同比負影響後，按固定匯率計算的有機預估增長率分別為負 6.9% 和負 5.2% .雖然我們業務戰略的一個關鍵方面是更加關注我們的訂閱業務，但第四季度的專業服務收入表現低於我們的預期。服務收入疲軟的原因與影響我們訂閱業務的宏觀因素相同，包括客戶購買量減少和大型項目的銷售週期比典型的更長。我們主動轉向與系統集成商合作也產生了一些影響。這些力量將在 24 財年初期產生持續影響，第一季度服務收入可能會依次走軟，然後在今年晚些時候走強。

We have recently brought new leadership into our services organization as part of our larger go-to-market adjustments mentioned previously. These changes should help us maintain our profitable services franchise even if we continue our strategic pivot to shift services work to integrate our partners as a means to drive faster future subscription growth. Putting it all together, total revenue for the fiscal fourth quarter was $166.3 million, reflecting pro forma organic growth of 3.0% over the prior year quarter and 4.3% growth on a constant currency basis after adjusting for a negative $2.0 million year-over-year impact from foreign exchange fluctuations. For full fiscal year 2023, total revenue grew 5.9% on pro forma organic and 7.7% on constant currency basis.

作為我們前面提到的更大的上市調整的一部分，我們最近為我們的服務組織帶來了新的領導層。即使我們繼續將服務工作轉移到整合我們的合作夥伴作為推動未來訂閱增長更快的手段的戰略重點，這些變化也應該有助於我們保持盈利的服務特許經營權。總而言之，第四財季總收入為 1.663 億美元，較上年同期預計有機增長 3.0%，在調整同比負 200 萬美元後按固定匯率計算增長 4.3%外匯波動的影響。在整個 2023 財年，總收入按備考有機增長 5.9%，按固定匯率計算增長 7.7%。

Turning to gross profit. In the fiscal fourth quarter of 2023, our gross profit was $116.6 million, reflecting a 3.5% increase on a pro forma organic basis and 4.1% increase on a constant currency basis. Gross margin was 70.2% in the fourth quarter or 69.8% on a constant currency basis compared to 69.9% on a pro forma basis in the prior year quarter. Our gross margin performance for the full year was roughly in line with our fourth quarter. This strong gross profit margin even during the quarter when we experienced softer-than-expected revenue generation reflects our ability to leverage cost control and operational efficiency as effective tools to drive consistent profitability.

轉向毛利。 2023 財年第四季度，我們的毛利潤為 1.166 億美元，按備考有機增長 3.5%，按固定匯率計算增長 4.1%。第四季度毛利率為 70.2%，按固定匯率計算為 69.8%，而去年同期為 69.9%。我們全年的毛利率表現與第四季度大致一致。即使在我們的收入低於預期的季度中，這種強勁的毛利率也反映了我們利用成本控制和運營效率作為有效工具來推動持續盈利的能力。

Turning to EBITDA. Our fourth quarter adjusted EBITDA was $61.2 million compared to $54.1 million in the prior year quarter, an increase of 13.2% and 11.7% on a pro forma constant currency basis. Fourth quarter adjusted EBITDA margin was 36.8% or 35.9% on a constant currency basis compared to EBITDA margin of 33.5% on a pro forma basis for the prior year quarter. For full fiscal year 2023, adjusted EBITDA was $217.1 million compared to $196.1 million versus the prior fiscal year, an increase of 10.7% or 8.8% on a pro forma constant currency basis. Adjusted EBITDA margin for the full fiscal 2023 was 33.3% and 32.2% on a constant currency basis, up from 31.8% in the prior fiscal year. This continued margin expansion reflects our focus on balancing profitability with growth.

轉向 EBITDA。我們第四季度調整後的 EBITDA 為 6120 萬美元，而去年同期為 5410 萬美元，按備考固定匯率計算分別增長 13.2% 和 11.7%。第四季度調整後的 EBITDA 利潤率為 36.8% 或按固定匯率計算的 35.9%，而去年同期的 EBITDA 利潤率為 33.5%。在整個 2023 財年，調整後的 EBITDA 為 2.171 億美元，而上一財年為 1.961 億美元，按備考固定匯率計算增長 10.7% 或 8.8%。按固定匯率計算，2023 財年調整後的 EBITDA 利潤率為 33.3% 和 32.2%，高於上一財年的 31.8%。這種持續的利潤增長反映了我們對平衡盈利能力與增長的關注。

Our fourth quarter EBITDA included approximately $5 million of strategic investment spend to improve our marketing capabilities and build our system integrator ecosystem. The full year spend totaled $19 million, slightly below the $20 million plan announced in the beginning of fiscal 2023. As Michael mentioned, we remain confident that our strategy of investing in staff training and go-to-market resources at leading integrators such as KPMG and Accenture will, over time, pay dividends in the form of stronger future pull-through of E2open software into large enterprise IT projects managed by these integrators.

我們第四季度的 EBITDA 包括大約 500 萬美元的戰略投資支出，用於提高我們的營銷能力和建立我們的系統集成商生態系統。全年支出總額為 1900 萬美元，略低於 2023 財年年初宣布的 2000 萬美元計劃。正如邁克爾所提到的，我們仍然相信，我們在畢馬威等領先集成商投資於員工培訓和上市資源的戰略隨著時間的推移，埃森哲將以更強大的方式將 E2open 軟件引入這些集成商管理的大型企業 IT 項目，從而獲得回報。

For FY '23, despite a lower-than-expected top line, we were able to deliver EBITDA within the original guidance range, a testament to our ability to effectively manage variable costs including bonus and incentive compensation. Moving forward, we will remain disciplined as we balance growth-oriented investments with our commitment to strong profitability and cash flow. Our goal will remain growth and realize the benefits of operating leverage.

對於 23 財年，儘管收入低於預期，但我們能夠在最初的指導範圍內實現 EBITDA，這證明了我們有效管理可變成本（包括獎金和激勵薪酬）的能力。展望未來，我們將保持紀律，因為我們會在以增長為導向的投資與我們對強勁盈利能力和現金流的承諾之間取得平衡。我們的目標將保持增長並實現經營槓桿的好處。

Finishing up on profitability. Net loss for the fiscal fourth quarter of 2023 was $303.5 million, and full fiscal year 2023 net loss was $720.2 million. The net loss figures include a noncash goodwill impairment charge of $386.8 million during the quarter and $901.6 million for the full year. These impairments were made in accordance with U.S. GAAP. As a reminder, E2open's goodwill carrying value was reset as part of our IPO transaction using the offering price of $10 per share. GAAP requires companies to continually monitor goodwill carrying value by evaluating potential triggering events such as share price declines and changes in market conditions.

完成盈利能力。 2023 財年第四季度淨虧損為 3.035 億美元，2023 財年全年淨虧損為 7.202 億美元。淨虧損數字包括本季度 3.868 億美元的非現金商譽減值費用和全年的 9.016 億美元。這些減值是根據美國公認會計原則進行的。提醒一下，作為我們 IPO 交易的一部分，E2open 的商譽賬面價值已使用每股 10 美元的發行價進行了重置。 GAAP 要求公司通過評估潛在的觸發事件（例如股價下跌和市場條件變化）來持續監控商譽賬面價值。

Now turning to cash flow. As discussed in our third quarter earnings call, we have changed our presentation of adjusted operating cash flow in order to provide a clear view of our cash generation starting with GAAP operating cash flow. This revised approach to normalized cash flow includes the full range of key recurring cash drivers, including cash interest, net working capital and cash taxes, but adjust out temporary or onetime items, such as spending on M&A integration. For this new presentation, during the fiscal fourth quarter and full 2023 fiscal year, we generated $29.8 million and $104.8 million of adjusted operating cash flow, respectively. We're pleased with our improving level of cash conversion as we continue to prioritize strong cash flow growth. We view cash flow as both a key performance metric and as a source of financial flexibility to optimize our capital structure and fund strategic growth. As a result of our strong cash flow generation, we ended fiscal year 2023 with $93 million of cash and cash equivalents, a sequential increase of $7 million from the third quarter.

現在轉向現金流。正如我們在第三季度財報電話會議上討論的那樣，我們已經更改了調整後經營現金流量的列報方式，以便從 GAAP 經營現金流量開始清楚地了解我們的現金產生情況。這種經修訂的標準化現金流量方法包括所有關鍵的經常性現金驅動因素，包括現金利息、淨營運資本和現金稅，但調整了臨時或一次性項目，例如併購整合支出。對於這個新的演示文稿，在第四財季和整個 2023 財年，我們分別產生了 2980 萬美元和 1.048 億美元的調整後經營現金流。我們對現金轉換水平的提高感到滿意，因為我們繼續優先考慮強勁的現金流增長。我們將現金流視為關鍵績效指標和財務靈活性的來源，以優化我們的資本結構並為戰略增長提供資金。由於產生了強勁的現金流，我們在 2023 財年結束時擁有 9300 萬美元的現金和現金等價物，比第三季度環比增加 700 萬美元。

This completes my remarks on our fiscal Q4 and full year financial results. At this point, I'd like to introduce our FY '24 and first quarter financial guidance and provide our thoughts around key drivers of our forecasted performance. We expect subscription revenue in the range of $545 million to $555 million for FY '24. This represents growth of 2% to 4% year-over-year. Key drivers of the slower-than-target growth are the softer net bookings momentum in late FY '23 as well as our view that the challenging macro environment will continue to impact customer purchasing levels and the timing of large projects through mid-FY '24.

我對第四財季和全年財務業績的評論到此結束。在這一點上，我想介紹我們的 24 財年和第一季度財務指南，並提供我們對預測業績的主要驅動因素的看法。我們預計 24 財年的訂閱收入在 5.45 億美元至 5.55 億美元之間。這意味著同比增長 2% 至 4%。增長低於目標的主要驅動因素是 23 財年後期淨預訂勢頭疲軟，以及我們認為充滿挑戰的宏觀環境將繼續影響客戶採購水平和大型項目的時機到 24 財年中期.

GAAP subscription revenue for the fiscal first quarter of '24 is expected to be in the range of $131 million to $134 million, representing a growth rate of 1% to 3% as compared to the prior year fiscal first quarter. We expect FY '24 total revenue to be within the range of $655 million to $670 million in FY '24, representing year-over-year growth of 0.5% to 3% as compared to FY '23. Our total revenue forecast, which includes our professional services business, reflects our focus on our subscription business and our strategic plan to shift services revenues to our system integrator partners. Given current exchange rates, we expect FX to have less than 50 basis point impact on our year-over-year revenue growth rates for FY '24.

24 財年第一季度的 GAAP 訂閱收入預計在 1.31 億美元至 1.34 億美元之間，與去年第一財季相比增長 1% 至 3%。我們預計 24 財年的總收入將在 24 財年的 6.55 億美元至 6.7 億美元之間，與 23 財年相比同比增長 0.5% 至 3%。我們的總收入預測（包括我們的專業服務業務）反映了我們對訂閱業務的關注以及我們將服務收入轉移給系統集成商合作夥伴的戰略計劃。鑑於當前匯率，我們預計外匯對我們 24 財年收入同比增長率的影響不到 50 個基點。

We expect FY '24 gross profit margin to be within a range of 68% to 70%. The midpoint of this range is roughly flat to what we achieved last year. Overall, our gross margin targets for the new year demonstrate the strong underlying attractiveness and unit economics of our core subscription software offerings and is the basis for our ability to drive value through profitable growth.

我們預計 24 財年的毛利率將在 68% 至 70% 的範圍內。該範圍的中點與我們去年取得的成績大致持平。總體而言，我們新一年的毛利率目標證明了我們核心訂閱軟件產品的強大潛在吸引力和單位經濟效益，並且是我們通過盈利增長推動價值的能力的基礎。

Finishing off on profitability. We expect FY '24 adjusted EBITDA to be within the range of $218 million to $228 million. This represents growth of 0.5% to 5% over the prior year. This range implies an adjusted EBITDA margin of 33% to 34% for FY '24. In addition, given the importance we place in generating strong cash flow, I would like to comment on some of its key drivers for FY '24. We expect CapEx to normalize to approximately 5% of revenue in FY '24 versus 7% of revenue in FY '23, which include an M&A-related CapEx. We plan to drive significant year-over-year improvements in working capital and expect FY '24 working capital to be a modest use of cash as typical for a growing company.

以盈利能力結束。我們預計 24 財年調整後的 EBITDA 將在 2.18 億美元至 2.28 億美元之間。這比上一年增長了 0.5% 到 5%。該範圍意味著 24 財年調整後的 EBITDA 利潤率為 33% 至 34%。此外，鑑於我們對產生強勁現金流的重視，我想評論一下 24 財年的一些關鍵驅動因素。我們預計 24 財年的資本支出將正常化至收入的 5% 左右，而 23 財年為收入的 7%，其中包括與併購相關的資本支出。我們計劃推動營運資金同比顯著改善，並預計 FY '24 營運資金將適度使用現金，這是一家成長型公司的典型做法。

Cash interest expense, net of interest income, is expected to be in the range of $90 million to $95 million. This projection assumes that the floating interest rate would pay on term loan debt stays within a range of 4.5% to 5%, and that we do not make any prepayments on our term loan during the year beyond required amortization. Finally, we expect onetime cash costs, including M&A integration, which were $29 million in FY '23, to be substantially lower in FY '24.

扣除利息收入後的現金利息支出預計在 9000 萬至 9500 萬美元之間。該預測假設浮動利率將支付定期貸款債務保持在 4.5% 至 5% 的範圍內，並且我們在年內不對我們的定期貸款進行任何超出所需攤銷的提前還款。最後，我們預計一次性現金成本，包括併購整合，在 23 財年為 2900 萬美元，在 24 財年將大幅降低。

In conclusion, while we did not hit our full growth targets for fiscal '23, we achieved solid revenue growth as well as strong profitability and cash flow performance. Looking ahead to FY '24, we will continue to support our large and growing customer base as they advance their supply chain capabilities. We remain confident in our strong strategic positioning given the unique supply chain software platform we have built through strategic M&A. We have a clear path to achieving higher future growth and remain committed to our long-term goals of 12%-plus subscription revenue growth, 70%-plus gross profit and mid-30%-plus EBITDA margin.

總之，雖然我們沒有實現 23 財年的全部增長目標，但我們實現了穩健的收入增長以及強勁的盈利能力和現金流表現。展望 24 財年，我們將繼續支持我們龐大且不斷增長的客戶群，因為他們提高了供應鏈能力。鑑於我們通過戰略併購建立的獨特供應鏈軟件平台，我們對我們強大的戰略定位充滿信心。我們有實現更高未來增長的明確途徑，並繼續致力於我們的長期目標，即 12% 以上的訂閱收入增長、70% 以上的毛利潤和 30% 以上的 EBITDA 利潤率。

That concludes our prepared remarks. I want to thank everyone for joining us today, and we look forward to connecting with you again as we proceed throughout the year. With that, Michael and I are ready to take your questions. Operator, please open up the line and begin the Q&A session.

我們準備好的發言到此結束。我要感謝大家今天加入我們，我們期待著在我們全年進行的過程中再次與您聯繫。有了這個，邁克爾和我準備好回答你的問題了。接線員，請打開線路並開始問答環節。

(Operator Instructions) And our first question is from Adam Hotchkiss with Goldman Sachs.

（操作員說明）我們的第一個問題來自高盛的 Adam Hotchkiss。

When you think about the revenue growth guidance for fiscal '24 and some of the near-term growth challenges that have materialized as you discussed on the call, how does that impact your view on getting back to the 12%-plus organic growth long term? And when you think about what some of the things are that you have to see go right for you outside of just improving macro, could you just go through that for us?

當您考慮 24 財年的收入增長指導以及您在電話會議上討論的一些已經實現的近期增長挑戰時，這如何影響您對恢復 12% 以上的長期有機增長的看法？當你想到除了改善宏觀之外，你必須看到哪些事情對你來說是正確的時，你能為我們介紹一下嗎？

Yes. Thanks for the question and good to hear your voice. Yes, listen, we have enormous confidence in our business. We've created a unique asset through, as we spoke about, scaling rapidly by combining unique assets into one platform. I think it's fair to say the macro environment, along with the combination of that increased our business by about 50% in the last year, this slowed us down from a commercial perspective. So we don't have any hesitation around that long-term growth outlook. And in fact, I think we're more confident than ever.

是的。感謝您提出問題，很高興聽到您的聲音。是的，聽著，我們對我們的業務充滿信心。正如我們所說，我們通過將獨特的資產組合到一個平台中來快速擴展，從而創造了一種獨特的資產。我認為可以公平地說宏觀環境，加上去年我們的業務增長了約 50%，這從商業角度來看放慢了我們的速度。因此，我們對長期增長前景毫不猶豫。事實上，我認為我們比以往任何時候都更有信心。

We do have some challenges from the macro that will subside, and we do have some things to work on internally as we train our people to kind of sell more than one of our solutions to our clients. But we've seen this happen, and we only have to scale that and calibrate our business to do that at scale. So I think what needs to happen for us is to continue to work on part of our business and just get better commercially at training a large number of people.

我們確實面臨一些來自宏觀的挑戰，這些挑戰將會消退，而且我們確實有一些內部工作要做，因為我們培訓我們的員工向我們的客戶銷售不止一種解決方案。但是我們已經看到這種情況發生了，我們只需要擴展它並調整我們的業務就可以大規模地做到這一點。因此，我認為我們需要做的是繼續致力於我們的部分業務，並在培訓大量人員方面做得更好。

Integrating companies quickly doesn't come without a cost. And I think it's fair to say, as I said, that this one was a little more -- these 2 are a little more complex than normal. And that, combined with the macro, kind of will make for a lower revenue growth year in FY '24, but we're seeing great green shoots really around the business. So we're as confident as ever, Adam.

快速整合公司並非沒有代價。而且我認為可以公平地說，正如我所說，這一個有點多——這兩個比正常情況要復雜一點。而且，與宏觀相結合，某種程度上將導致 24 財年的收入增長較低，但我們確實在業務周圍看到了巨大的綠芽。所以我們一如既往地自信，亞當。

That's great to hear. And then just on the revenue churn that you mentioned on the call, what is the sensitivity of outcomes that you're baking into fiscal '24 guidance? And when I think about the sort of worst-case scenario versus the best case scenario, what's the percent of your base that's exposed from a volume perspective that we could see vary throughout the year?

聽到這個消息我很高興。然後就您在電話會議上提到的收入流失問題而言，您在財政 24 年指南中提到的結果的敏感性是多少？當我考慮最壞情況與最佳情況時，從數量角度來看，我們可以看到全年變化的基數百分比是多少？

Yes, it's not that much, and we had a little bit of uptick in our overall annual churn numbers. But there was a little bit more in Q4, and we see a little more in Q1, which because of the timing drives a lower revenue. Remember, we have -- nearly all of our revenue comes from subscription. So if you have increasing churn earlier in the year, it's going to have an outsized impact to your revenue for the year. So in terms of range of outcomes, I think we have a pretty good handle on what that looks like, and that's fully informed by our guidance. But we don't really see a dramatic change in that respect at all.

是的，並沒有那麼多，而且我們的年度總體流失率略有上升。但是第四季度多一點，我們在第一季度看到更多，因為時機導致收入下降。請記住，我們幾乎所有的收入都來自訂閱。因此，如果您在今年早些時候增加了客戶流失，這將對您當年的收入產生巨大影響。因此，就結果的範圍而言，我認為我們可以很好地處理它的外觀，並且我們的指南充分說明了這一點。但我們並沒有真正看到這方面的巨大變化。

The next question is from Mark Schappel with Loop Capital.

下一個問題來自 Loop Capital 的 Mark Schappel。

Michael, starting with you, I was wondering if you could just provide some additional details around some of the internal issues related to the acquisition and integration that unfavorably impacted bookings -- or that you expect to unfavorably impact bookings in the coming year.

邁克爾，從你開始，我想知道你是否可以提供一些與收購和整合相關的內部問題的額外細節，這些內部問題對預訂產生了不利影響——或者你預計會在來年對預訂產生不利影響。

Yes. I think it's more, Mark, the -- as we saw softness in the macro economy last year and some of those challenges as we brought the companies together. I think impacted our bookings results, specifically on the larger transactions. And as I said, the run rate transactions have come in about where we expected them to, but the larger ones did push to the right and they're larger now, some from pushing to the right and some because of the SIs are contributing more.

是的。我認為更多的是，馬克，因為我們去年看到了宏觀經濟的疲軟以及我們將公司聚集在一起時遇到的一些挑戰。我認為影響了我們的預訂結果，特別是在較大的交易上。正如我所說，運行率交易已經達到我們預期的水平，但較大的交易確實向右推進，而且現在更大，有些是因為向右推進，有些是因為 SI 貢獻更多.

In terms of the impact of integrations, generally, it's about having a much larger set of clients that we need to kind of engage with and have our people learn how to sell more than one solution into bigger companies. And we get a lot of our sales coming from the acquisitions. And it's fair to say we have more work to do to train them on how to sell into that environment and how do we build a repeatable organization for the scale we are now. That work has already begun, and we have -- and part of our -- as Marje mentioned, we are increasing our headcount in the sales group. So we expect that to kind of normalize and get back in the second half of this year. So to us, it's just additional part of our business to build like we built the other parts of our business. So that's kind of how we think about the progression. Normally, we don't have as large an impact in terms of the integrations, but this one was larger and a bit more complex given the broader nature of the BluJay acquisition.

就整合的影響而言，一般來說，這是關於擁有更多的客戶，我們需要與之互動，並讓我們的員工學習如何向更大的公司銷售多個解決方案。我們從收購中獲得了很多銷售額。可以公平地說，我們還有更多工作要做，以培訓他們如何在那種環境中進行銷售，以及我們如何為我們現在的規模建立一個可重複的組織。這項工作已經開始，正如 Marje 提到的，我們已經——並且是我們的一部分——增加了銷售團隊的人數。因此，我們預計這種情況會在今年下半年恢復正常並恢復正常。所以對我們來說，這只是我們業務的額外部分，就像我們建立業務的其他部分一樣。這就是我們對進展的看法。通常情況下，我們在集成方面沒有那麼大的影響，但考慮到 BluJay 收購的更廣泛性質，這個影響更大，也更複雜一些。

And just to add in terms of the integrations more broadly, as we've said before, we're done with the BluJay acquisition integration. In terms of the logistics integration, the total synergies are still projected to be over $10 million. And just to give you sort of the latest of where we stand in terms of the integration work, it was actually approximately 80% of the run rate savings realized 60% where we are now. We have also seen sort of improvements. We've talked about Logistyx before, but we've seen improvements in revenue as well as gross margin side. And we do expect to be fully complete with integration of Logistyx as well by the second half of FY '24.

正如我們之前所說，只是為了更廣泛地添加集成，我們已經完成了 BluJay 收購集成。在物流整合方面，預計總協同效應仍將超過 1000 萬美元。只是為了向您介紹我們在集成工作方面的最新情況，實際上大約 80% 的運行率節省實現了我們現在的 60%。我們也看到了一些改進。我們之前討論過 Logistyx，但我們已經看到收入和毛利率方面的改善。我們確實希望在 24 財年下半年之前完全完成 Logistyx 的整合。

I think what we mentioned in terms of the integration impact also on churn, it's just some of the timing of the churn we already knew at the time of the acquisition just happened to coincide a couple of other churn-related impacts. So it just all happened at the same time. So I just want to make sure you have that full context.

我認為我們在整合影響方面提到的也對流失，這只是我們在收購時已經知道的一些流失時間恰好與其他幾個與流失相關的影響同時發生。所以這一切都是同時發生的。所以我只想確保你有完整的背景。

Great. That's helpful. Just -- and then just kind of building on, Michael, on your prior comments regarding the sales force and some of its plans for the coming year, I was wondering, could you just go through the thought process in adding sales capacity? Because it looks like there's lower subscription revenue growth expected this year. Just talk about why you think adding sales capacity at this time is the right decision.

偉大的。這很有幫助。只是——邁克爾，在你之前關於銷售隊伍的評論和來年的一些計劃的基礎上，我想知道，你能否通過增加銷售能力的思考過程？因為看起來今年的訂閱收入增長預期較低。只是談談為什麼您認為此時增加銷售能力是正確的決定。

Yes. The potential that we created is having -- adding a lot of clients that have a 1 or 2 solutions. And what we found is the more time we spend with them, the more we can amplify their subscription more quickly. So that's really how we thought -- thinking about really engaging with our clients. If you remember, 1.5 years ago, we said we needed to build a new logo sales team. We did that and we went -- we increased our kind of bookings percentage from mid-teens to 25% and up. So that was successful.

是的。我們創造的潛力是——增加許多擁有 1 或 2 個解決方案的客戶。我們發現，與他們相處的時間越多，我們就越能更快地擴大他們的訂閱量。所以這就是我們的想法——考慮真正與我們的客戶互動。如果您還記得，1.5 年前，我們說我們需要建立一個新的徽標銷售團隊。我們這樣做了，然後我們去了——我們將我們的預訂率從十幾歲增加到 25% 甚至更高。所以這是成功的。

And then now given the potential we have, we think adding more salespeople throughout the year allows us to kind of engage and drive what we know we've done in the past that we do today, which is to increase the adoption of our full suite into those clients. And that's the primary growth in the engine for our business. So it's all about how do we make sure we meter in those salespeople at a pace that we can train them effectively and maintain our margins. But clearly, that's our biggest opportunity.

然後現在考慮到我們的潛力，我們認為全年增加更多的銷售人員可以讓我們參與並推動我們過去所做的事情，即我們今天所做的事情，即提高我們全套產品的採用率進入那些客戶。這是我們業務引擎的主要增長點。所以這一切都是關於我們如何確保我們以能夠有效培訓他們並保持我們的利潤的速度來衡量這些銷售人員。但顯然，這是我們最大的機會。

The next question comes from Jeff Hickey with UBS.

下一個問題來自瑞銀的 Jeff Hickey。

Would love to just maybe understand some of the more recent trends you're seeing since the end of February, namely March and now into April. Obviously, there's been volatility and financial services volatility, mainly. You brought up the commentary around the tech sector, but curious if you're seeing any changes in customer behavior even in the last 6 to 8 weeks versus what you saw in the December and January time frame.

很想了解自 2 月底（即 3 月和現在進入 4 月）以來您看到的一些最新趨勢。顯然，主要是波動和金融服務波動。你提出了圍繞科技行業的評論，但很好奇你是否看到過去 6 到 8 週的客戶行為與你在 12 月和 1 月的時間框架內看到的有任何變化。

Yes. I think in general, people I think are getting used to a very uncertain future where I'm thinking early part and mid part and late part of last year is like, okay, what's the next year to drop? And I think people are kind of getting maybe normalized around that. Obviously, the banking issues doesn't help. I'll let Marje talk about our exposure there. But I think in general, we're seeing customers engage. And like Marje said, I think towards the back half, we'll see things kind of be really settled. It's kind of our view of it right now. Maybe, Marje, just talk about some of the banking issues, make sure we're clear on that.

是的。我認為總的來說，我認為人們已經習慣了一個非常不確定的未來，我在想去年的早期、中期和晚期，好吧，明年會下降什麼？而且我認為人們可能正在圍繞這一點正常化。顯然，銀行問題無濟於事。我會讓 Marje 談談我們在那裡的曝光率。但我認為總的來說，我們看到客戶參與其中。就像 Marje 說的那樣，我認為在後半部分，我們會看到事情真正得到解決。這是我們現在的看法。也許，Marje，只談談一些銀行問題，確保我們清楚這一點。

Yes, absolutely. And great question. So in terms of financial sector exposure, we have very, very little to none exposure to the sector from a customer perspective, but then also for E2open as a company, we have really no exposure to the financial turmoil that's happening.

是的，一點沒錯。很好的問題。因此，就金融行業的風險敞口而言，從客戶的角度來看，我們對該行業的敞口非常非常小，甚至沒有，但對於 E2open 作為一家公司來說，我們真的沒有接觸到正在發生的金融風暴。

I would also say that in terms of our customers more broadly, they are mainly large enterprises that, again, as a general rule, were less impacted by the turmoil in the regional banks in general. And in terms of trends, I think just as a data point, one of the large deals that slipped from Q4, we have now closed already in Q1. So we're making progress, and nothing has sort of materially changed from the regional banks turmoil.

我還要說的是，就我們更廣泛的客戶而言，他們主要是大型企業，一般來說，這些企業受區域銀行動蕩的影響較小。就趨勢而言，我認為作為一個數據點，從第四季度下滑的大型交易之一，我們現在已經在第一季度完成。所以我們正在取得進展，區域銀行的動盪並沒有帶來任何實質性的改變。

The next question comes from Andrew Obin with Bank of America.

下一個問題來自美國銀行的 Andrew Obin。

This is David Ridley-Lane on for Andrew. What are the macro assumptions behind the fiscal year '24 subscription revenue? I'm just wondering how this particular slowdown compares to historical cyclicality. And I may have misheard, but just to be clear, you are expecting bookings to improve in the second half of fiscal '24.

這是安德魯的大衛雷德利萊恩。 24 財年訂閱收入背後的宏觀假設是什麼？我只是想知道這種特殊的放緩與歷史週期性相比如何。我可能聽錯了，但要明確一點，您預計 24 財年下半年的預訂量會有所改善。

Yes. I think let me break that down into 2 categories. One is macro and then it's kind of our own outlook in terms of our own business. In terms of macro, I think this is significant. I don't think it's as significant as the beginning of COVID and not as significant as, obviously, 2007 or 2001, going back to my start of my career. So it's significant, but I think it's not as significant as other events.

是的。我想讓我把它分成兩類。一個是宏觀的，然後是我們對自己業務的看法。就宏觀而言，我認為這很重要。我認為它不像 COVID 的開始那麼重要，也不像 2007 年或 2001 年那樣重要，這可以追溯到我職業生涯的開始。所以它很重要，但我認為它沒有其他事件那麼重要。

In terms of how that informs us, I think we really are informed more by what we see in our own metrics in terms of our pipeline, in terms of what we see working, what we see we have to work more at. In that regard, we're informed by the pipeline of large deals that's up sequentially from last year at the start, and our ability to kind of penetrate and have pretty good visibility into that, and then good visibility into kind of the overall kind of churn and down-sell.

就這如何通知我們而言，我認為我們真的更多地了解我們在我們自己的管道方面的指標，我們看到的工作，我們看到我們必須更多地工作。在這方面，我們從去年開始的大型交易管道中獲悉，我們有能力滲透並對此有很好的可見性，然後對整體類型有很好的可見性流失和降價銷售。

So I think it's -- I think we have a realistic view of kind of what the year is. And I think -- as Marje said, we think the back half of the year, things kind of getting back to some kind of a normal run rate for us, and that's what's kind of driving our FY '24 lower growth rate than our potential and what we would like to do. We think that improves as we get into '25.

所以我認為這是 - 我認為我們對今年是什麼有一個現實的看法。而且我認為 - 正如 Marje 所說，我們認為今年下半年，事情會恢復到某種正常的運行率，這就是導致我們的 FY '24 增長率低於我們潛力的原因以及我們想做什麼。我們認為隨著我們進入 25 世紀，情況會有所改善。

And just to add to that, in terms of the assumptions in our guidance, just as Michael mentioned, we had some timing of churn that because of the early in the year timing sort of has an impact right from the start of the year, but will normalize as we go through the year, number one. Number two, I would say that we are proactively taking steps to also control what we can, and Michael has talked in detail about sort of the go-to-market changes and the pipeline reviews and the pipeline growth that has allowed us to kind of build the internal plan. So I wouldn't say that our guidance hinges on significant macro improvements. It's all these different items working together that we've discussed on this call.

除此之外，就我們指導中的假設而言，正如邁克爾提到的那樣，我們有一些流失的時間，因為年初的時間從年初開始就產生了影響，但是將在我們度過這一年時正常化，第一。第二，我想說我們正在積極採取措施來控制我們可以做的事情，Michael 已經詳細討論了上市變化、管道審查和管道增長，這讓我們能夠制定內部計劃。所以我不會說我們的指導取決於重大的宏觀改進。我們在這次電話會議上討論的是所有這些不同的項目一起工作。

Just 1 more. How do you bridge the fiscal year '24 EBITDA? Because I think you have the non-repeat of the $20 million in strategic investments, but maybe I'm underestimating the magnitude of the sales additions that are planned here for fiscal '24.

還有 1 個。您如何彌合 24 財年的 EBITDA？因為我認為你沒有重複 2000 萬美元的戰略投資，但也許我低估了這裡計劃為 24 財年增加的銷售額的規模。

Yes. I mean we constantly -- go ahead, Marje.

是的。我的意思是我們經常——繼續，Marje。

So just in terms of the numbers, and then Michael, please do add, so when you look at the investments, the $20 million that we announced a year ago that ended up being $19 million for last year, it was a combination of brand and marketing as well as system integrator and then also internal sort of staffing bill to support these investments. So if you think about the way we've talked about these investments going forward, some of the brand investments on the marketing side was onetime that's going to drop off. The SI spend, there is still a tail there, but that will be lower as well as we go forward. The internal investments will be part of the run rate, again, as we've discussed previously. And then as you think about the new and additional investments, they are on the go-to-market and sell side. So that is kind of how I would think about the new investments and the trajectory going forward.

所以就數字而言，然後邁克爾，請添加，所以當你看投資時，我們一年前宣布的 2000 萬美元，去年最終為 1900 萬美元，這是品牌和營銷以及系統集成商，然後還有內部人員配置法案來支持這些投資。因此，如果你考慮一下我們談論這些投資的方式，營銷方面的一些品牌投資曾經一度會下降。 SI 支出，那裡仍然有一條尾巴，但隨著我們前進，它會越來越低。正如我們之前討論過的，內部投資將再次成為運行率的一部分。然後當你考慮新的和額外的投資時，它們是在上市和銷售方面。這就是我對新投資和未來發展軌蹟的看法。

Yes. I think long-term, we operate with discipline, and that means we're focused a lot on margin expansion as we grow. And I think that's no different this year as we try to build the next things we need in our business to become a bigger and a more reliable organic producer of revenue. And it's just a matter of us kind of making those choices and making trade-offs that we need to make every single year.

是的。我認為從長遠來看，我們會遵守紀律，這意味著隨著我們的成長，我們會非常關注利潤率的擴張。而且我認為今年沒有什麼不同，因為我們試圖在我們的業務中建立我們需要的下一個東西，以成為一個更大、更可靠的有機收入生產者。這只是我們每年都需要做出這些選擇和權衡的問題。

The next question comes from Nick Mattiacci with Craig-Hallum.

下一個問題來自 Nick Mattiacci 和 Craig-Hallum。

This is Nick on for Chad Bennett. Michael, maybe if you could comment on the competitive environment. It seems like some of your adjacent SCM peers are continuing to post strong results despite the environment. And I know not all of them have the same maybe product overlap or same vertical exposure, but just what are your thoughts on your guided growth rate relative to the industry?

這是查德貝內特的尼克。邁克爾，也許你可以對競爭環境發表評論。儘管環境惡劣，但您的一些相鄰 SCM 同行似乎仍在繼續發布強勁的結果。而且我知道並非所有人都具有相同的產品重疊或相同的垂直風險，但您對相對於行業的指導增長率有何看法？

Yes. Listen, we think there's a strong tailwind in overall industry growth. And we think we have a differentiated position and a huge amount of potential right in front of us. And I think we are -- we have a strategy that's distinct and unique. And our strategy is really about how do we expand from one product category to the other and then have very, very long duration subscription revenue at very high margins. That is the stated strategy. That's what we've been able to accomplish in the past 7 years.

是的。聽著，我們認為整個行業的增長勢頭強勁。我們認為我們在我們面前擁有差異化的地位和巨大的潛力。我認為我們是——我們有一個獨特而獨特的戰略。我們的戰略實際上是關於我們如何從一個產品類別擴展到另一個產品類別，然後以非常高的利潤率獲得非常非常長的訂閱收入。這是既定的策略。這就是我們在過去 7 年中取得的成就。

We're going to have different puts and takes as we grow our business. And then clearly, we have a bigger exposure in the high-tech area, which kind of has not been helpful. And also, we did combine ourselves with 2 other companies, and we have a lot of integration work we did in the past year to 18 months. So I think those things kind of fill in that gap between what we would see is our potential at our scale as we're larger and kind of what the others are doing. But moreover, we focus on kind of our strategy and winning at the opportunities we have in front of us, which is that differential between what a large number of our clients have with us and what we know we can deliver for them. And that's kind of the long-term opportunity that we see. And that's why we're so excited about kind of our long-term guidance in terms of 12%-plus growth and mid-30s EBITDA.

隨著我們業務的發展，我們將有不同的投入和投入。然後很明顯，我們在高科技領域有更大的曝光率，這並沒有幫助。而且，我們確實與另外兩家公司合併，在過去的一年到 18 個月裡我們做了很多整合工作。因此，我認為這些東西可以填補我們在規模上看到的潛力與其他人正在做的事情之間的差距。但此外，我們專注於我們的戰略和贏得我們面前的機會，這是我們的大量客戶與我們擁有的東西與我們知道我們可以為他們提供的東西之間的差異。這就是我們看到的長期機會。這就是為什麼我們對我們在 12% 以上的增長和 30 年代中期的 EBITDA 方面的長期指導感到如此興奮。

Got it. And if you could just share your framework on how you think about EBITDA margins relative to revenue growth going forward. And kind of what is your appetite to get back towards that Rule of 40 mark if growth remains challenged in the back half of the year and into next?

知道了。如果你能分享你如何看待 EBITDA 利潤率相對於未來收入增長的框架。如果今年下半年和下半年的增長仍然面臨挑戰，您有什麼興趣回到 40 分的規則？

Yes. I think it's -- I think our guiding principle and what we've always believed in is generating high margins, mostly because of the unit economics we've created for ourselves and being efficient in terms of translation to the EBITDA line. And then from there, it's a matter of, okay, what can we responsibly add to our business every year and permanently build another part of our business to support ongoing organic growth given the large potential we have. And those are the trade-offs we make kind of literally every year and even throughout the year. And we can easily convince ourselves, spend a lot more money and drive down our EBITDA margins to chase growth, but I don't think that will be the right balance. And I also think it will be the right steward of our investors capital. We think we have an opportunity to sequentially increase our growth rate as we go while generating high margins. And maybe, Marje, your thoughts on the Rule of 40.

是的。我認為這是——我認為我們的指導原則和我們一直堅信的是產生高利潤率，這主要是因為我們為自己創造的單位經濟效益以及在轉化為 EBITDA 線方面的效率。然後從那裡開始，問題是，好吧，鑑於我們擁有巨大的潛力，我們每年可以負責任地為我們的業務增加什麼，並永久地建立我們業務的另一部分以支持持續的有機增長。這些是我們每年甚至全年都會做出的權衡。我們可以很容易地說服自己，花更多的錢並降低我們的 EBITDA 利潤率以追求增長，但我認為這不是正確的平衡。而且我還認為它將成為我們投資者資本的正確管家。我們認為我們有機會在產生高利潤的同時逐步提高我們的增長率。也許，Marje，你對 40 條法則的看法。

Yes. No, I think that's exactly right. I think we've already proven and shown our ability to cut costs even if our revenue slows, but our current investments really are squarely aimed to accelerate organic growth back to double digits. And overall, we remain very committed to balancing revenue growth and profitability and, moreover, generating strong cash flow. Mentioned already previously, but we expect the onetime M&A-related costs to significantly decrease in FY '24, further supporting our strong free cash flow generation, and as a result, also helping take our FY '24 net leverage naturally to 4x or even below that.

是的。不，我認為這是完全正確的。我認為我們已經證明並展示了即使我們的收入放緩也能削減成本的能力，但我們目前的投資確實旨在將有機增長加速回兩位數。總的來說，我們仍然非常致力於平衡收入增長和盈利能力，此外，還要產生強勁的現金流。之前已經提到過，但我們預計一次性併購相關成本將在 24 財年大幅下降，進一步支持我們強勁的自由現金流生成，因此，也有助於將我們 24 財年的淨槓桿率自然降至 4 倍甚至更低那。

So we are very, very focused on making sure that we get back to double-digit top line subscription revenue growth, also balancing margins and very importantly, also ensuring that we continue to produce strong and compounding free cash flow growth that will really allow us to continue to invest in the business as well as continue to take our leverage down and really set us up for a lot of strategic optionality going forward.

因此，我們非常非常專注於確保我們回到兩位數的頂線訂閱收入增長，同時平衡利潤率，非常重要的是，還要確保我們繼續產生強勁且複合的自由現金流增長，這將真正讓我們繼續投資於業務，並繼續降低我們的槓桿作用，真正為我們未來的許多戰略選擇做好準備。

(Operator Instructions) The next question comes from Fred Lee with Credit Suisse.

（操作員說明）下一個問題來自瑞士信貸的 Fred Lee。

A quick question for Marje. I imagine you were able to maintain gross margins, which was a solid and sequential performance, by the way, due to some cost levers despite revenue weakness. Can you talk about what those levers were and if there's further room for improvement through fiscal '24?

Marje 的一個快速問題。我想你能夠保持毛利率，順便說一句，儘管收入疲軟，但由於一些成本槓桿，這是一個穩健的連續表現。您能否談談這些槓桿是什麼，以及在 24 財年期間是否還有進一步改進的空間？

Thank you, Fred. Great question. In terms of when you look at the gross margin, right, so as -- a couple of different things working together. So as our subscription revenue growth increases as a percentage of our total revenue as we continue to emphasize subscription revenue growth over the services revenue growth, there's sort of a natural help to our gross margin. I would also say that we did take action in terms of just cost cuts last year, including external vendor costs but then also within our own staff and pay and so forth. So we continue to really closely monitor our costs and make sure that we drive profitability along with revenue growth.

謝謝你，弗雷德。很好的問題。就你何時查看毛利率而言，對，所以 - 幾個不同的事情一起工作。因此，隨著我們繼續強調訂閱收入增長超過服務收入增長，我們的訂閱收入增長佔總收入的百分比增加，這對我們的毛利率有一定的幫助。我還要說的是，我們去年確實在削減成本方面採取了行動，包括外部供應商成本，但也包括我們自己的員工和薪酬等。因此，我們將繼續密切監控我們的成本，並確保我們在推動盈利能力的同時推動收入增長。

Just building on that for 1 second. So we have a strategy where we have a hybrid method of deploying our solutions, and we've been doing that for literally 20 years. So that gives us a natural margin expansion in terms of our unit economics over the long term so that we don't increase our cost linearly as we grow our revenue.

只需在此基礎上構建 1 秒鐘。所以我們有一個戰略，我們有一個混合方法來部署我們的解決方案，我們已經這樣做了 20 年。因此，從長遠來看，這為我們的單位經濟效益帶來了自然的利潤增長，這樣我們就不會隨著收入的增長而線性增加成本。

So I think we're set up to kind of take advantage of be able to use really a strategic advantage we have to be able to deploy more and more software without incrementing our costs at the same rate. I think that's one of the reasons we're so confident in our unit economics at a gross margin level, which has been pretty steadily solid at this level for a long time now.

所以我認為我們已經準備好利用能夠真正利用戰略優勢，我們必須能夠部署越來越多的軟件，而不會以相同的速度增加我們的成本。我認為這就是我們對毛利率水平的單位經濟如此有信心的原因之一，長期以來，毛利率在這個水平上一直非常穩定。

Got it. And then 1 quick question for you, Michael. Last quarter, you mentioned the pause in M&A because bid-ask spreads weren't reasonable. Can you talk a little bit about how the spreads look today and for targets on your radar and if your appetite for acquisitions has shifted in either direction?

知道了。然後是 1 個簡單的問題，邁克爾。上個季度，你提到併購暫停是因為買賣價差不合理。您能否談談今天的利差情況以及您雷達上的目標，以及您對收購的興趣是否已向任一方向轉移？

Listen, we generated a lot of potential for our business, and we generate a high cash flow business through the M&A by thinking about unique assets that we felt were highly unique and very complementary to our platform so we can grow it in our client base. It's a very efficient way to grow your business. But I think it's fair to say that now, as a much larger company, we had to retool ourselves from one to being one that was built literally for rapid integration to one that's built for long term organic growth.

聽著，我們為我們的業務創造了很大的潛力，我們通過考慮我們認為非常獨特且與我們的平台非常互補的獨特資產，通過併購產生了高現金流業務，因此我們可以在我們的客戶群中發展它。這是發展業務的一種非常有效的方式。但我認為現在可以公平地說，作為一家規模大得多的公司，我們必須將自己從一家公司重組為一家真正為快速整合而建立的公司，再轉變為一家為長期有機增長而建立的公司。

I mean we literally built the business to acquire something every 6 months, and we've optimized it for that. And now as I look at our business, it's just the next building of our business, to kind of orient ourselves around organic growth at this scale, which is a different proposition than growing a business that's half our size. We're doing it -- you have to do it differently. So that's what we're taking on now, Fred. So the bid-ask spreads, I think, are still really kind of not where they need to be in general.

我的意思是，我們確實建立了每 6 個月收購一次的業務，並且我們為此進行了優化。現在，當我審視我們的業務時，這只是我們業務的下一個建設，以這種規模的有機增長為導向，這與發展規模只有我們一半的業務是不同的主張。我們正在這樣做——你必須以不同的方式來做。這就是我們現在要做的，弗雷德。因此，我認為，買賣價差總體上仍然沒有達到應有的水平。

But moreover, I think we have the biggest opportunity to build the next piece of our business, which is an organic growth engine at our size. Remember, we grew our business by 50% by combining 2-point solution companies that were much smaller than us, and that takes a little bit of time for us to kind of build and get right. I think that's our primary focus right now. And then once we do that, which we expect to do in the next year or so, then at that point, it's like, okay, now we have -- we're at the next level, and we can kind of think about what to do next.

但此外，我認為我們有最大的機會來建立我們的下一個業務，這是我們規模的有機增長引擎。請記住，我們通過合併比我們小得多的 2 點解決方案公司，使我們的業務增長了 50%，這需要一點時間讓我們建立起來並做好準備。我認為這是我們現在的主要關注點。然後一旦我們這樣做了，我們希望在明年左右做到這一點，那麼到那時，就像，好吧，現在我們有了——我們處於下一個層次，我們可以考慮一下接下來要做的。

But our core mission is to create a platform that is completely unique because it's built on 420,000 connected parties. So having a network of our size is unique. Having the application set that we have is unique. Having all the clients that we have is really unique. So that's the opportunity we see in front of us. And now it's a matter of building the organization for that proposition now that we've kind of created as much opportunity for ourselves. That's our primary focus, and it will be for the next while. And we look forward to being able to realize that potential.

但我們的核心任務是創建一個完全獨一無二的平台，因為它建立在 420,000 個關聯方之上。因此，擁有我們這樣規模的網絡是獨一無二的。擁有我們擁有的應用程序集是獨一無二的。擁有我們擁有的所有客戶真的是獨一無二的。這就是我們在我們面前看到的機會。既然我們已經為自己創造了盡可能多的機會，那麼現在就是為該提議建立組織的問題。這是我們的主要關注點，並且將在接下來的一段時間內。我們期待能夠實現這一潛力。

We have no further questions in queue. We have reached the end of the question-and-answer session. This concludes today's conference, and you may disconnect your lines at this time. Thank you for your participation.

隊列中沒有其他問題。我們已經結束了問答環節。今天的會議到此結束，此時您可以斷開您的線路。感謝您的參與。