E2open Parent Holdings Inc (ETWO) 2025 Q4 法說會逐字稿

Greetings. Welcome to the E2open fourth-quarter fiscal year 2025 earnings call. (Operator Instructions) Please note, this conference is being recorded.

問候。歡迎參加 E2open 2025 財年第四季財報電話會議。（操作員指示）請注意，本次會議正在錄音。

I will now turn the conference over to your host, Russell Johnson, Head of Investor Relations. You may begin.

現在我將會議交給主持人、投資者關係主管 Russell Johnson。你可以開始了。

Good afternoon, everyone, and welcome to the E2open Fiscal Fourth Quarter and Full Year 2025 Earnings Conference Call. Today's call will include recorded comments from our Chief Executive Officer, Andrew Appel, our Chief Commercial Officer, Greg Randolph, and our Chief Financial Officer, Marje Armstrong.

大家下午好，歡迎參加 E2open 2025 財年第四季和全年財報電話會議。今天的電話會議將包括我們執行長 Andrew Appel、商務長 Greg Randolph 和財務長 Marje Armstrong 的錄音評論。

Following these comments, we'll open the call for a live Q&A session. A replay and transcript of this call will be available on the company's Investor Relations website at investor.e2open.com. Information to access this replay is listed in today's press release, which is also available on our Investor Relations website.

根據這些評論，我們將開啟現場問答環節。本次電話會議的重播和文字記錄可在公司投資者關係網站 investor.e2open.com 上查閱。訪問此重播的資訊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 2026. These forward-looking statements are subject to known and unknown risks and uncertainties. E2open cautions that these statements are not guarantees of future performance.

在我們開始之前，我想提醒大家，在今天的電話會議中，我們將對未來事件和財務業績做出前瞻性陳述，包括對 2026 財年第一季和全年的指導。這些前瞻性陳述受到已知和未知的風險和不確定性的影響。E2open 警告說，這些聲明並不能保證未來的表現。

We encourage you to review our most recent reports, including our 10-K or 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.

我們鼓勵您查看我們最新的報告，包括我們的 10-K 或任何適用的修訂，以全面討論這些因素以及可能影響我們未來業績或股票市場價格的其他風險。最後，我們沒有義務根據新資訊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，我們將參考某些非公認會計準則財務指標。今天的收益新聞稿中包含了非 GAAP 與 GAAP 指標的對帳表和某些附加信息，您可以從我們的投資者關係網站 investors.e2open.com 上查看和下載。

And with that, we'll begin by turning the call over to our CEO, Andrew Appel.

接下來，我們首先將電話轉給我們的執行長安德魯·阿佩爾 (Andrew Appel)。

Thank you, Russell, and thanks to everyone for joining today's call. I'll begin with comments on how I see our business positioned as we start the new fiscal year. And then I'll ask Greg to update you on recent commercial highlights. Finally, Marje, will review our fiscal fourth quarter and FY25 financial results and provide our FY26 guidance. Then we will open up the call for questions.

謝謝你，拉塞爾，也謝謝大家參加今天的電話會議。我首先想談談在新財年開始時我對我們的業務定位的看法。然後我會請格雷格向你們介紹最近的商業亮點。最後，Marje 將回顧我們的第四財季和 25 財年的財務表現並提供 26 財年的指導。然後我們將開始提問。

When I moved into the permanent CEO role at E2open a bit more than a year ago, my primary focus was on delighting our clients, stabilizing our core business with a particular emphasis on improving retention enhancing the client experience through better implementations and laying the groundwork for durable growth.

一年多前，當我出任 E2open 的永久執行長一職時，我的主要工作重點是讓客戶滿意，穩定我們的核心業務，特別強調提高保留率，透過更好的實施方案增強客戶體驗，並為持久成長奠定基礎。

Since then, I am proud to say we've made meaningful progress on all fronts. We've increased retention, grown ARR, delivered a material better implementation experience, seeing rising client satisfaction in the form of improved Net Promoter Score, and reduce our customer support backlog of aged support tickets by more than 60%. Our focus on operational discipline and client value has begun to yield results. These early wins what I'll refer to as green shoots are positive signs that our strategy is working.

自那時起，我很自豪地說我們在各個方面都取得了有意義的進展。我們提高了保留率，增加了 ARR，提供了更好的實施體驗，以提高的淨推薦值的形式提高了客戶滿意度，並將客戶支援積壓的陳舊支援票減少了 60% 以上。我們對營運紀律和客戶價值的關注已開始取得成果。這些早期的勝利，我稱之為綠芽，是我們的策略正在發揮作用的正面訊號。

Looking ahead, I firmly believe that we have the right ingredients to grow our business, a unique platform a client and value-driven culture, a world-class team and a clear strategic focus. While we still have work to do, our momentum is real and our commitment to long-term value creation is strong. I want to sincerely thank our employees for their passion and dedication to strengthening E2open's performance.

展望未來，我堅信我們擁有發展業務的正確要素：獨特的平台、客戶和價值驅動的文化、世界級的團隊和明確的策略重點。雖然我們還有很多工作要做，但我們的勢頭是真實的，我們對長期價值創造的承諾是堅定的。我要真誠感謝我們的員工為加強 E2open 的績效所展現的熱情和奉獻精神。

And I want to thank all of our clients and shareholders for their continued trust and our teams and the path we are pursuing. While our FY25 performance show that we still have work to do to realize the company's full potential, I am pleased that we have recorded modest sequential growth in subscription revenue over the past three quarters.

我要感謝所有客戶和股東對我們團隊的持續信任以及我們所追求的道路。雖然我們的 25 財年業績表明我們仍需努力才能充分發揮公司的潛力，但我很高興看到我們在過去三個季度的訂閱收入實現了適度的連續成長。

I'm also encouraged that our Q4 year-over-year subscription growth rate when adjusted for currency impacts came within 0.5 percentage point of flat growth. This progress is the direct result of our strong focus on client satisfaction, retention and go-to-market execution during FY25, and it shows that our subscription business is stabilizing and moving in the right direction.

令我感到鼓舞的是，經貨幣影響調整後，我們第四季的年比訂閱成長率在 0.5 個百分點的持平成長範圍內。這項進展是我們在 2025 財年高度重​​視客戶滿意度、保留率和市場進入執行的直接結果，顯示我們的訂閱業務正在穩定並朝著正確的方向發展。

I also want to highlight our Q4 retention performance. Our rate of churn peaked during Q1 of this fiscal year. However, through the balance of the fiscal year, our disciplined management cadence and cultural shift to delighting clients, enabled us to improve our retention results.

我還想強調一下我們第四季的保留表現。我們的客戶流失率在本財年第一季達到高峰。然而，在整個財政年度中，我們嚴謹的管理節奏和以客戶滿意為導向的文化轉變使我們能夠提高保留率。

In the fourth quarter, we had a large book of business up for renewal. I am pleased to say that our focus on this critically important aspect of our business served us very well and in Q4, we achieved the highest renewal percentage of any FY25 quarter.

在第四季度，我們有大量的業務需要續約。我很高興地說，我們對這一至關重要的業務方面的關注為我們帶來了很大的好處，在第四季度，我們實現了 2025 財年各個季度中最高的續約率。

I'll let Greg speak more about bookings in a moment. But I also want to note the progress we made in this area during FY25 as Q4 bookings again improved sequentially and year-over-year. Thanks to our combined performance on renewals and bookings, we ended the fiscal year with gross and net retention of 91% and 99%, respectively, which represents about a 1 percentage improvement in each compared to the end of FY24.

稍後我會讓格雷格詳細講解預訂事宜。但我也想指出我們在 25 財年在這一領域取得的進展，因為第四季度的預訂量再次環比和同比有所提高。由於我們在續約和預訂方面的綜合表現，我們在本財年結束時的總留存率和淨留存率分別達到 91% 和 99%，與 24 財年末相比分別提高了約 1 個百分點。

While these metrics are not yet back to our historically high levels and are still below what we need to drive strong growth, the trends in these metrics is another green shoot in our business. Improving gross and net retention is the direct result of better execution and multiple teams across the company have worked very hard to deliver.

雖然這些指標尚未恢復到歷史最高水平，並且仍然低於推動強勁成長所需的水平，但這些指標的趨勢是我們業務的另一個復甦跡象。提高總留存率和淨留存率是更好執行的直接結果，公司各團隊都為此付出了巨大的努力。

As we move into FY26, I'm very excited about how we have positioned our business from a client and product perspective. During FY25, we worked intensively to delight our customers and ensure that they receive the maximum value from our software. We also markedly improved the quality and speed of our implementations and significantly enhanced our customer care delivery.

隨著我們進入 26 財年，我對我們如何從客戶和產品角度定位我們的業務感到非常興奮。在 25 財年，我們竭盡全力取悅客戶並確保他們從我們的軟體中獲得最大價值。我們也顯著提高了實施的品質和速度，並大大增強了我們的客戶服務能力。

The reaction of our clients, these efforts has been very positive with follow-up benefits to our business performance. In Q4, we were particularly successful at upselling clients upon renewal of their legacy subscription business, a clear sign of happier clients. I firmly believe that E2open can only succeed when our clients succeed, and rising client satisfaction is another critically important green shoot in our business.

客戶對這些努力的反應非常積極，並為我們的業務表現帶來了後續效益。在第四季度，我們在客戶續訂其傳統訂閱業務後對其追加銷售方面取得了特別大的成功，這明顯表明客戶更加滿意。我堅信，只有當我們的客戶成功時，E2open 才能成功，而提高客戶滿意度是我們業務的另一個至關重要的復甦點。

During Q1 of this year, we launched our latest and most comprehensive survey of client sentiment. We expect this rigorous exercise will document and quantify the progress we've made with client satisfaction and loyalty and provide client-specific feedback on areas that we need to improve to serve them better.

今年第一季度，我們啟動了最新、最全面的客戶情緒調查。我們希望透過這次嚴格的練習來記錄和量化我們在客戶滿意度和忠誠度方面取得的進展，並針對我們需要改進的領域為客戶提供具體的回饋，以便更好地為他們服務。

On the product front, E2open continues to be recognized for our unique software assets. Our end-to-end platform combines proven field applications with robust execution capabilities and allows our clients to leverage the world's largest network of interconnected supply chain partners, which in FY25 reached over 0.5 million enterprises, the highest number in our company's history.

在產品方面，E2open 繼續因其獨特的軟體資產而獲得認可。我們的端到端平台將成熟的現場應用與強大的執行能力相結合，使我們的客戶能夠利用世界上最大的互聯供應鏈合作夥伴網絡，該網絡在25財年覆蓋了超過50萬家企業，是我們公司歷史上的最高數量。

Our technology received high marks from industry analysts. As of FY25, E2open was ranked a leader in 11 of the 16 industry quadrants across major functional areas that we compete in. And the recognitions keep coming.

我們的技術獲得了產業分析師的高度評價。截至 25 財年，E2open 在我們參與競爭的主要職能領域中的 16 個產業象限中 11 個被評為領導者。並且認可不斷湧現。

In January, E2open was named by IDC as a leader in multiple market segments for worldwide supply chain planning. In awarding this distinction, IDC highlighted the ability of E2open's network-based platform to enable large global companies to successfully carry out digital transformations.

今年 1 月，E2open 被 IDC 評為全球供應鏈規劃多個細分市場的領導者。在授予這項榮譽時，IDC 強調了 E2open 基於網路的平台能夠幫助大型跨國公司成功實現數位轉型的能力。

And in March, Gartner named E2open's Transportation Management Solution as a leader for the third consecutive year. Gartner's evaluation emphasized the company's overall completeness of vision and our ability to execute. Of course, to stay in the top ranks of supply chain providers we must continue to innovate.

今年 3 月，Gartner 連續第三年將 E2open 的運輸管理解決方案評為領導者。Gartner的評價強調了公司​​整體的願景完整性和執行能力。當然，為了維持供應鏈供應商的領先地位，我們必須不斷創新。

This is especially with respect to artificial intelligence. Generative AI is providing us with a unique opportunity to add capabilities to our software that can increase automation, enable better and faster decision-making and enhance the user experience.

這尤其與人工智慧有關。生成式人工智慧為我們提供了一個獨特的機會，可以為我們的軟體添加功能，從而提高自動化程度，實現更好、更快的決策並增強用戶體驗。

Taking advantage of AI to drive product innovation is not merely a source of competitive advantage in our market, it is requirement to stay relevant. E2open was a pioneer in embedding AI and machine learning and advanced decision-making frameworks into supply chain software, and we are continuing to push these boundaries today. And intend to stay that way, for example, through significant advancements to our data environments and multiple applications of client-centric and guided AI journeys.

利用人工智慧推動產品創新不僅是我們市場競爭優勢的來源，也是維持相關性的必要條件。E2open 是將人工智慧和機器學習以及先進的決策框架嵌入供應鏈軟體的先驅，我們今天正在繼續突破這些界限。並打算保持這種狀態，例如，透過對我們的資料環境進行重大改進以及以客戶為中心和引導式人工智慧旅程的多種應用。

For example, in March, we announced the launch of new AI tools across our global trade technology suite, that will unlock higher productivity, shorter cycle times and greater compliance assurance for companies in a wide range of industries. This latest technology release includes AI-driven innovations such as automated classification of products, natural language-based summaries of global trade content, enhanced counterparty screening and due diligence, and unstructured processing of trade documents.

例如，今年三月，我們宣佈在全球貿易技術套件中推出新的人工智慧工具，這將為各行各業的公司提高生產力、縮短週期時間並提供更強的合規保證。此次最新技術發布包括人工智慧驅動的創新，例如產品自動分類、基於自然語言的全球貿易內容摘要、增強的交易對手篩選和盡職調查以及貿易文件的非結構化處理。

This is just one example of how we are investing in our industry-leading products to make them even more valuable for our clients. We also have a number of other major enhancements to our platform scheduled for this year, and we are very excited by the work that our new Chief Product and Technology Officer, Rachit Lohani is doing to develop our technology base and ensure our products provide maximum value to our world-class clients. In fact, a very compelling example of how E2open's products create value for clients is the current situation with tariffs.

這只是我們如何投資行業領先產品以使其對客戶更有價值的一個例子。我們還計劃在今年對我們的平台進行其他一些重大改進，我們對新任首席產品和技術官 Rachit Lohani 為開發我們的技術基礎和確保我們的產品為世界一流的客戶提供最大價值所做的工作感到非常興奮。事實上，E2open 產品如何為客戶創造價值的一個非常有說服力的例子就是當前的關稅狀況​​。

No one know exactly how recent tariff volatility will play out but it has the potential to create the supply chain challenges comparable to what global companies experienced during the COVID pandemic. E2opens a global trade application suite provides the first line of tariff-related defense for many of our clients. This solution combines cutting-edge trade execution applications with the industry's most complete global trade content database.

沒有人確切知道最近的關稅波動將如何發展，但它有可能帶來與全球公司在新冠疫情期間經歷的相當的供應鏈挑戰。E2opens 全球貿易應用程式套件為我們的許多客戶提供了與關稅相關的第一道防線。該解決方案將尖端的交易執行應用程式與業界最完整的全球交易內容資料庫結合。

It is already proving to be an invaluable asset for clients seeking to navigate the new tariff landscape. In response to the new tariffs, E2open's global team of trade experts has worked literally around the clock to update our global trade content database with evolving tariff levels for both export and import across all countries that have introduced new rates or retaliatory responses.

事實證明，對於尋求適應新關稅格局的客戶來說，它是一項寶貴的資產。為了因應新的關稅，E2open 的全球貿易專家團隊日以繼夜地工作，更新我們的全球貿易內容資料庫，其中包含所有引入新關稅或報復性措施的國家不斷變化的出口和進口關稅水準。

The process has impacted over $2 million landed cost records that our clients access from our platform in order to determine the total all-in cost of bringing products to a final destination. In addition, our customer-facing trade and product teams are working directly with dozens of the largest manufacturing and logistics clients who are using our global trade application to create and file shipment level customs documents that accurately reflect the cargoes crossing the border based on their effective dates.

該流程影響了超過 200 萬美元的到岸成本記錄，我們的客戶可以透過我們的平台存取這些記錄，以確定將產品運送到最終目的地的總成本。此外，我們面向客戶的貿易和產品團隊正在與數十家最大的製造和物流客戶直接合作，他們正在使用我們的全球貿易應用程式來創建和提交裝運級海關文件，這些文件可以根據生效日期準確反映跨境貨物的情況。

While other software firms may be able to help clients with narrow aspects of the new tariffs, E2open is the only provider of a holistic global trade solution, that combines comprehensive trade data with seamless execution capabilities.

雖然其他軟體公司可能能夠幫助客戶解決新關稅的某些方面，但 E2open 是唯一一家提供整體全球貿易解決方案的供應商，它將全面的貿易數據與無縫的執行能力結合在一起。

And beyond our global trade applications, rapid changes to tariffs and trade flows will have profound impacts across the entire value chain served by E2open's broad family of solutions from end-to-end planning and supplier collaboration to logistics and transportation.

除了我們的全球貿易應用之外，關稅和貿易流量的快速變化將對 E2open 廣泛的解決方案系列所服務的整個價值鏈產生深遠影響，從端到端規劃和供應商協作到物流和運輸。

By connecting all of these activities, E2open's platform gives our clients clear and measurable advantage over their peers through a much more comprehensive landed cost and much more effective and efficient flows across our supply chain.

透過連接所有這些活動，E2open 平台透過更全面的到岸成本以及更有效、更有效率的供應鏈流程，為我們的客戶帶來比同行更明顯、可衡量的優勢。

As tariffs change, our clients can use our end-to-end platform to quickly evaluate alternative scenarios for inventory levels, sourcing locations, shipping modes and roots, and all-in landed costs. And not only can they model it, but they can take immediate actions to keep shipments moving and business running.

隨著關稅的變化，我們的客戶可以使用我們的端到端平台快速評估庫存水準、採購地點、運輸方式和根源以及總到岸成本的替代方案。他們不僅可以對其進行建模，還可以立即採取行動以保持貨物運輸和業務運作。

In a world where constant change is the norm, E2open is proud to be a much needed source of supply chain adaptability and resilience for the world's largest global companies. Before I turn the call over to Greg, I want to add that the strategic review that we initiated last year is still ongoing. As with prior quarters, we will not take questions or comment further on the review today.

在這個不斷變化的世界中，E2open 很自豪能夠成為全球最大跨國公司急需的供應鏈適應性和彈性來源。在我將電話轉給格雷格之前，我想補充一點，我們去年啟動的策略審查仍在進行中。與前幾季一樣，我們今天不會回答問題或對審查發表進一步評論。

With that, I'd like to now ask my friend Gregory Randolph, to provide our commercial update. Over to you, Greg.

有了這些，我現在想請我的朋友 Gregory Randolph 提供我們的商業更新。交給你了，格雷格。

Thank you, Andrew. During the fourth quarter, E2open's commercial organization continued to execute our company's return to growth playbook, and I'm very proud of the way our teams maintain their focus and enthusiasm as we closed out the fiscal year.

謝謝你，安德魯。在第四季度，E2open 的商業組織繼續執行我們公司恢復成長的策略，我對我們的團隊在財政年度結束時保持專注和熱情的方式感到非常自豪。

Since I joined E2open 1.5 years ago, our mission has been very clear. to put in place the structure, the processes and the capabilities needed by our commercial organization to drive consistent organic growth. Over that period, we've made notable progress on multiple fronts, particularly in areas such as operational cadence, sales training and enablement and performance management.

自從我一年半前加入 E2open 以來，我們的使命一直非常明確。建立商業組織所需的結構、流程和能力，以推動持續的有機成長。在此期間，我們在多個方面取得了顯著進展，特別是在營運節奏、銷售培訓和支援以及績效管理等領域。

And perhaps most importantly, we have realigned our organizational culture to one that values above all else, delighting our clients and building long-term mutually beneficial relationships with the companies that use our software. As a result of these and other improvements, E2open's performance has stabilized and started to turn the corner back to growth.

或許最重要的是，我們重新調整了我們的組織文化，使其價值高於一切，讓客戶滿意，並與使用我們軟體的公司建立長期互惠互利的關係。由於這些和其他改進，E2open 的表現已經穩定下來並開始恢復成長。

And while change is never easy and progress isn't values as fast as we want we have a solid foundation for moving forward. Our fourth quarter subscription bookings were solid and provide further evidence of positive momentum in our go-to-market strategy. Subscription bookings were up sequentially as well as year-over-year and were the highest quarterly total we've achieved since the end of FY23.

儘管改變從來都不是件容易的事，進步也不如我們所願，但我們擁有向前邁進的堅實基礎。我們第四季的訂閱預訂量穩健，進一步證明了我們的行銷策略的正面動能。訂閱預訂量環比和年比均有所增長，是自 2023 財年末以來我們實現的最高季度總額。

And I'm also pleased that in Q4, we logged our second quarter in a row of strong conversion rates, marking a notable improvement in our deal closure rate in the second half of the fiscal year as compared to the first half. With that said, we are not satisfied with these results.

我也很高興看到，在第四季度，我們連續第二個季度實現了強勁的轉換率，這標誌著我們本財年下半年的交易成交率與上半年相比有了顯著提高。話雖如此，我們對這些結果並不滿意。

We know that we still have work to do to return to double-digit top-line growth and to win our fair share of the fast-growing, highly attractive supply chain software market. We know what we need to do and are committed to investing in the right areas across the commercial organization to accelerate our progress. Our Q4 wins included many important highlights, several of which I'll describe today.

我們知道，要恢復兩位數的營收成長，並在快速成長、極具吸引力的供應鏈軟體市場中贏得應有的份額，我們還有很多工作要做。我們知道我們需要做什麼，並致力於在整個商業組織的正確領域進行投資，以加快我們的進步。我們在第四季取得的勝利包含許多重要的亮點，今天我將介紹其中的幾個。

First, a global active health and wellness company that distributes its branded products in over 125 countries selected E2open to expand our strategic partnership for broad-based digital supply chain transformation. This existing user of E2open transportation management, parcel, and global trade management applications will now deploy our solutions for demand planning, supply planning and multi-echelon inventory optimization.

首先，一家在 125 多個國家分銷其品牌產品的全球活躍健康和保健公司選擇 E2open 來擴大我們的策略合作夥伴關係，以實現廣泛的數位供應鏈轉型。E2open 運輸管理、包裹和全球貿易管理應用程式的現有用戶現在將部署我們的需求計劃、供應計劃和多層庫存最佳化解決方案。

This relationship is a model for how E2open wins by consistently growing our clients' adoption of our end-to-end connected platform so that they can build truly connected supply chains and rapidly scale their businesses. In another significant Q4 win, a major Europe-based global freight forwarder and existing E2open customers since 2023, signed on for a significant expansion of our relationship. The customer is using E2open's transportation management solution as a single integrated platform to connect its large carrier network and multi-region footprint to support future rapid growth.

這種關係是 E2open 如何取勝的典範，透過不斷增加客戶對我們端到端連接平台的採用，使他們能夠建立真正互聯的供應鏈並迅速擴展業務。在第四季的另一場重要勝利中，一家總部位於歐洲的全球貨運代理商和自 2023 年以來的現有 E2open 客戶簽署了一項重大擴展協議。客戶正在使用 E2open 的運輸管理解決方案作為單一整合平台來連接其大型承運商網路和多區域覆蓋範圍，以支援未來的快速成長。

The expanded relationship will allow this highly strategic customer to further optimize operations across multiple modes of transportation, reduced freight and operational costs and broaden its global rollout of TMS functionality.

擴大合作關係將使這家高度策略性的客戶進一步優化多種運輸方式的運營，降低貨運和營運成本，並擴大其 TMS 功能的全球推廣。

In another strategically important deal closed in Q4, a major US manufacturer and distributor of branded food and beverage products and long-tenured E2open customer selected us to provide additional software-based logistics and support services in addition to renewing their existing business. This expanded relationship demonstrates that E2open has multiple ways to win in our competitive markets. and that focusing on client satisfaction and seamless renewals opens many doors to upsell existing clients and monetize our installed base.

在第四季度完成的另一項具有重要戰略意義的交易中，一家美國大型品牌食品和飲料產品製造商和分銷商以及長期的 E2open 客戶選擇我們，除了續簽其現有業務外，還提供額外的基於軟體的物流和支援服務。這種擴大的合作關係表明 E2open 有多種方法可以在競爭激烈的市場中獲勝。而專注於客戶滿意度和無縫續約則為增加現有客戶的銷售額和將我們的安裝基礎貨幣化打開了許多大門。

It also shows that the consumer packaged goods industry remains a top opportunity for future E2open growth. Rounding out our wins for the fourth quarter, we booked new business with name brand customers in diverse industry segments, including automotive, consumer electronics, high tech, and retail across a broad array of applications such as logistics, supply collaboration, global trade management and planning. We did a particularly effective job of upselling existing customers as we process a large renewal volume in the quarter.

這也顯示消費品產業仍然是未來 E2open 成長的最大機會。我們在第四季度取得了圓滿成功，與汽車、消費電子、高科技和零售等不同行業領域的知名品牌客戶簽訂了新業務，涉及物流、供應協作、全球貿易管理和規劃等廣泛的應用領域。由於本季我們處理了大量的續訂量，我們在向現有客戶追加銷售方面做得特別有效。

Finally, during Q4, we added new logo customers to the long list of users of our parcel Global trade management and TMS applications. Looking back on FY25, I'm very proud of the way our commercial teams handled multiple priorities at once, driving new sales, while at the same time, leaning in hard to solve legacy customer satisfaction issues and improve our renewal performance.

最後，在第四季度，我們將新的標誌客戶添加到我們的包裹全球貿易管理和 TMS 應用程式的長用戶名單中。回顧 25 財年，我對我們的商業團隊同時處理多個優先事項的方式感到非常自豪，推動了新的銷售，同時努力解決遺留的客戶滿意度問題並提高我們的續約業績。

While the work we have done to stabilize and strengthen retention during FY25, was absolutely necessary, I'm excited to say that in FY26, our commercial organization should be largely freed up to focus its full attention on expanding our pipeline and winning new opportunities. We are also taking other important steps to make FY26 a year of intensive focus on improving sales productivity.

雖然我們在 2025 財年為穩定和加強保留所做的工作是絕對必要的，但我很高興地說，在 2026 財年，我們的商業組織應該在很大程度上得到解放，將全部注意力集中在擴大我們的管道和贏得新的機會上。我們也正在採取其他重要措施，使 2026 財年成為重點提高銷售生產力的一年。

For example, our marketing and sales operations teams have collaborated on a deep dive examination of the key attributes and characteristics of E2open's most successful long-term client relationships and most meaningful recent wins. We are now rolling out what we call looks like campaigns. These are highly refined and targeted demand generation strategies designed to engage high-value accounts that look like our best customers.

例如，我們的行銷和銷售營運團隊合作深入研究了 E2open 最成功的長期客戶關係和最有意義的近期勝利的關鍵屬性和特徵。我們現在正在推出所謂的「看起來像」活動。這些都是高度精細和有針對性的需求產生策略，旨在吸引看起來像我們最佳客戶的高價值帳戶。

These campaigns will focus on selling our most successful products into the industries and markets where the data tells us we have the best chance to win. This type of targeted selling based on ideal customer profiles and field-driven solution use cases should increase our ability to take advantage of our single largest market opportunity, which is monetizing our existing installed base as well as to drive more new logo wins.

這些活動將專注於將我們最成功的產品銷售到數據告訴我們最有可能獲勝的行業和市場。這種基於理想客戶檔案和現場驅動解決方案用例的定向銷售應該能夠提高我們利用最大單一市場機會的能力，即透過現有安裝基礎實現貨幣化並推動更多新標誌的勝利。

Additionally, our commercial teams are taking the opportunity provided by recent tariff changes to amplify and leverage E2open's thought leadership and technical expertise around global trade management. For example, we have made the import cost calculator embedded in our global trade application available to prospective clients on a trial basis. These companies can load their data into the tool and use it to evaluate multiple scenarios for landed cost estimates based on alternative trade lanes and sourcing destinations.

此外，我們的商業團隊正在利用最近關稅變化提供的機會來擴大和利用 E2open 在全球貿易管理方面的思想領導和技術專長。例如，我們已將嵌入在全球貿易應用程式中的進口成本計算器提供給潛在客戶進行試用。這些公司可以將其資料載入到該工具中，並使用它來評估基於替代貿易航線和採購目的地的多種到岸成本估算方案。

We are supplementing this activity for potential new customers with educational and outreach efforts around tariff management such as webinars and white papers. This and other campaigns we have undertaken are designed to capitalize on growing demand for our global trade management application, which is the industry's most powerful and complete tool for streamlining international trade processes and compliance.

我們正在透過網路研討會和白皮書等圍繞關稅管理的教育和推廣活動為潛在的新客戶補充這項活動。我們進行的這項活動和其他活動旨在利用對我們的全球貿易管理應用程式日益增長的需求，該應用程式是業界簡化國際貿易流程和合規性的最強大、最完整的工具。

Before handing off to Marje, I'll close with a few comments around our professional services business. Our professional services business has stabilized sequentially despite declining year-over-year and Q4 bookings were above the recent revenue run rate. We are continuing to utilize unbilled PS resources to address specific client satisfaction issues and we'll continue to do so as necessary to benefit our consolidated business.

在將工作交給 Marje 之前，我想就我們的專業服務業務發表一些評論。儘管我們的專業服務業務年減，但已連續穩定下來，第四季的訂單量高於近期的營收運作率。我們將繼續利用未計費的 PS 資源來解決特定的客戶滿意度問題，並且我們將根據需要繼續這樣做，以使我們的合併業務受益。

However, unbilled PS activity has stabilized as well. And I'll reiterate what I said to our entire commercial team during our recent global field kickoff. Because of our progress, focus and the important steps we are taking together, I am optimistic about our future and excited for FY26.

然而，未計費的 PS 活動也已穩定下來。我將重申我在最近的全球現場啟動儀式上對我們整個商業團隊所說的話。由於我們所取得的進步、重點和共同採取的重要步驟，我對我們的未來充滿樂觀，並對 26 財年感到興奮。

with that, I'll turn the call over to Marje.

說完這些，我將把電話轉給 Marje。

Thank you, Greg. Today, I will review our fiscal fourth quarter and full year 2025 results and then close with a discussion of our FY26 guidance. First, I would like to recognize and thank our E2open team members around the world for their dedication to our clients and our company this past year and every day. Thank you for all that you do. Now on to our reported results.

謝謝你，格雷格。今天，我將回顧我們 2025 財年第四季和全年的業績，然後討論我們的 2026 財年指引。首先，我要表彰並感謝我們遍布全球的 E2open 團隊成員在過去一年以及每一天對我們的客戶和公司的奉獻。感謝您所做的一切。現在來看看我們報告的結果。

Subscription revenue in the fiscal fourth quarter 2025 was $133.0 million, above the midpoint of our $131 million to $134 million guidance. On a year-over-year basis, subscription revenue declined 1.0%. On a constant currency basis, the year-over-year decline was only 0.5%, which represents another improvement in our subscription growth rate both sequentially and versus the prior year quarter.

2025 財年第四季的訂閱營收為 1.33 億美元，高於我們 1.31 億美元至 1.34 億美元預期的中點。與去年同期相比，訂閱收入下降了 1.0%。以固定匯率計算，年減僅 0.5%，這意味著我們的訂閱成長率無論是環比還是與去年同期相比都有所提高。

This improving growth performance was driven by our continued progress on retention and bookings in the second half of FY25. For full fiscal year 2025, subscription revenue was $528.0 million, declining 1.6%.

這一成長表現的改善得益於我們在 2025 財年下半年在保留和預訂方面持續取得進展。2025財年全年訂閱收入為5.28億美元，下降1.6%。

FY25 revenue growth was impacted by the slower bookings and elevated churn we experienced in FY24 and Q1 FY25, partially offset by the improvements we have made in both of these areas of our business starting in Q2 FY25 and continuing through fiscal year-end.

2025 財年的營收成長受到 2024 財年和 2025 財年第一季預訂量放緩和客戶流失率上升的影響，但從 2025 財年第二季開始並持續到財年末，我們在這兩個業務領域取得的改進部分抵銷了這一影響。

Professional services and other revenue in the fiscal fourth quarter was $19.7 million, a year-over-year decline of 18.3%. And the end of certain large service projects in the first half of FY24 had a continuing impact on Q4 PS revenue performance, as did targeted PS-related investments in client satisfaction and renewals. Professional services revenue for full fiscal year 2025 was $79.7 million, a decline of 18.4%.

第四財季專業服務及其他收入為 1,970 萬美元，較去年同期下降 18.3%。24 財年上半年某些大型服務項目的結束對第四季度 PS 收入表現產生了持續影響，針對客戶滿意度和續約的 PS 相關投資也產生了持續影響。2025財年全年專業服務收入為7,970萬美元，下降18.4%。

Total revenue for the fiscal fourth quarter was $152.7 million, reflecting a decline of 3.6% over the prior year quarter. For full fiscal year 2025, total revenue was $607.7 million, reflecting a growth rate of negative 4.2% over the prior year.

第四財季總營收為 1.527 億美元，較去年同期下降 3.6%。2025財年全年總營收為6.077億美元，較上一年增長-4.2%。

Turning to gross profit in the fiscal fourth quarter of 2025, our non-GAAP gross profit was $104.2 million, a 6.1% decrease year-over-year. Non-GAAP gross margin was 68.2% in Q4 versus 70.0% in the prior year quarter. Non-GAAP gross margin for full fiscal year 2025 was 68.5%, compared to 69.4% in the prior year.

談到2025財年第四季的毛利，我們的非GAAP毛利為1.042億美元，年減6.1%。第四季非公認會計準則毛利率為 68.2%，去年同期為 70.0%。2025 財年全年非公認會計準則毛利率為 68.5%，而上年度為 69.4%。

For both the quarter and the full year, lower subscription and PS revenue drove the reductions in consolidated margin. In addition, on the PS side, as previously noted, we have invested in unbilled work to improve client satisfaction, secure renewals and strengthen implementations. In our subscription business, we have also invested in our customer care organization in order to provide high-quality customer service. We expect the impact from these investments to normalize as we return to growth. Turning to EBITDA.

無論是本季還是全年，較低的訂閱費和 PS 收入都導致合併利潤率下降。此外，在 PS 方面，如前所述，我們已投資於未計費工作，以提高客戶滿意度、確保續約並加強實施。在我們的訂閱業務中，我們還投資了我們的客戶關懷組織，以提供高品質的客戶服務。我們預計，隨著經濟恢復成長，這些投資的影響將會正常化。轉向 EBITDA。

Our fourth quarter adjusted EBITDA was $56.3 million, a 36.9% margin, compared to $55.1 million and 34.8% margin in the prior year quarter. Our continued strong adjusted EBITDA margin reflects our ongoing commitment to operational efficiency.

我們第四季的調整後 EBITDA 為 5,630 萬美元，利潤率為 36.9%，而去年同期的調整後 EBITDA 為 5,510 萬美元，利潤率為 34.8%。我們持續強勁的調整後 EBITDA 利潤率反映了我們對營運效率的持續承諾。

Q4 G&A expenses were lower year-over-year due to continued efforts to streamline corporate support functions, control discretionary spend such as external consulting and T&E, and refocus our marketing spend around more productive client-centric activities. R&D expense benefited from cost efficiencies that we continue to realize by optimizing onshore versus offshore development headcount. For full fiscal year 2025 adjusted EBITDA was $215.5 million compared to $220.3 million in the prior fiscal year, a decrease of 2.2%.

由於我們持續努力精簡公司支援職能、控制外部諮詢和差旅與費用等可自由支配的開支，並將行銷開支重新集中在更有成效的以客戶為中心的活動上，因此第四季度的一般及行政費用同比有所下降。研發費用受惠於我們透過優化境內外開發人員數量而不斷實現的成本效率。2025 財年全年調整後 EBITDA 為 2.155 億美元，上一財年為 2.203 億美元，下降 2.2%。

Adjusted EBITDA margin for full fiscal 2025 was 35.5%, up from 34.7% in the prior year. The full year margin performance is further evidence of our ability to control costs in our business. Finishing up on profitability. Net loss for the fiscal fourth quarter of 2025 was $268.5 million. This net loss includes a noncash goodwill impairment charge of $245 million.

2025 財年全年調整後 EBITDA 利潤率為 35.5%，高於前一年的 34.7%。全年利潤率表現進一步證明了我們控制業務成本的能力。完成盈利。2025財年第四季淨虧損為2.685億美元。此淨虧損包括 2.45 億美元的非現金商譽減損費用。

Similar to impairments we reported in previous quarters, the trigger event for this latest impairment was a decline in our share price during the fourth quarter. For the full fiscal 2025, net loss was $725.8 million. The full year net loss figure included a noncash goodwill impairment charge of $614.1 million, taken in the third and fourth quarters of this fiscal year.

與我們前幾季報告的減損類似，這次減損的觸發事件是第四季度我們的股價下跌。2025財年全年淨虧損為7.258億美元。全年淨虧損數字包括本財年第三季和第四季提列的 6.141 億美元的非現金商譽減損費用。

Now turning to FY25 cash flow. Adjusted operating cash flow was $56.7 million in the fourth quarter and $111.4 million for the full fiscal year. We ended the fiscal year with a cash balance of $197.4 million, an increase of $46 million from the third quarter, which is a record sequential cash build for E2open, thanks to process improvements we have made in our accounts receivable collection function.

現在轉向 FY25 現金流。第四季調整後的營運現金流為 5,670 萬美元，全年調整後的營運現金流為 1.114 億美元。我們在本財年結束時的現金餘額為 1.974 億美元，比第三季增加了 4,600 萬美元，這是 E2open 創下的連續現金累積記錄，這要歸功於我們在應收帳款收款功能方面所做的流程改進。

Year over year, our cash balance increased by $63 million, which further highlights the robust cash generation capability of our business. This completes my remarks in our fiscal Q4 and full year FY25 financial results.

與去年同期相比，我們的現金餘額增加了 6,300 萬美元，這進一步凸顯了我們業務強勁的現金創造能力。這是我對我們第四財季和 25 財年全年財務表現的評論。

At this point, I'd like to introduce our FY26 and first quarter financial guidance and provide our thoughts around key drivers of our forecasted performance. We expect FY26 subscription revenue to be in the range of $525 million to $535 million, representing a year-over-year growth rate of negative 1.0% to positive 1.0%.

現在，我想介紹我們的 26 財年和第一季財務指導，並就預測業績的關鍵驅動因素提供我們的想法。我們預計 26 財年的訂閱收入將在 5.25 億美元至 5.35 億美元之間，年成長率為負 1.0% 至正 1.0%。

In terms of key performance drivers, we expect client retention to improve year-over-year and bookings momentum to build as we move through FY26. Overall, these FY26 trends of improving sales execution and continued retention focus should position the business well to return to positive growth as we move through the fiscal year.

就關鍵業績驅動因素而言，我們預計客戶保留率將逐年提高，隨著 2026 財年的到來，預訂動能也將增強。總體而言，隨著財政年度的推進，這些改善銷售執行力和持續關注保留的趨勢應該會使業務恢復正成長。

For the first quarter of FY26, we expect subscription revenue in the range of $129 million to $132 million, representing a 1.8% decline to a 0.5% increase on a year-over-year basis. For Q1, we expect continued year-over-year improvements in bookings and churn with further momentum from there as we go through the year as Q1 is typically our highest level of upper renewals and churn.

對於 2026 財年第一季度，我們預計訂閱營收將在 1.29 億美元至 1.32 億美元之間，年減 1.8% 至成長 0.5%。對於第一季度，我們預計預訂量和客戶流失率將繼續同比改善，隨著全年的發展，這一勢頭將進一步增強，因為第一季通常是我們續訂量和客戶流失率最高的季度。

We expect FY26 total revenue to be within the range of $600 million to $618 million, representing a year-over-year growth rate of 0.2% at the midpoint. This guidance range is wider than we normally provide at this time of the year in order to incorporate a more conservative view given the current tariff-led economic uncertainty. Our total revenue forecast includes our professional services business, which stabilized during FY25 and is positioned to build on improved bookings momentum as we move through FY26.

我們預計 26 財年總收入將在 6 億美元至 6.18 億美元之間，中間值年增率為 0.2%。鑑於當前關稅導致的經濟不確定性，這一指導範圍比我們通常在每年的這個時候提供的指導範圍要廣，以便納入更保守的觀點。我們的總收入預測包括我們的專業服務業務，該業務在 2025 財年期間趨於穩定，並將在 2026 財年繼續保持預訂量增長的勢頭。

Our PS business will continue its current focus on driving client satisfaction, delivering flawless implementations and supporting new subscription sales. However, we also intend to look for opportunities to grow the PS business as we move forward. We expect FY26 gross profit margin to be within a range of 68% to 68.5%.

我們的 PS 業務將繼續專注於提高客戶滿意度、提供完美的實施方案和支援新的訂閱銷售。然而，我們也打算在未來尋找機會發展 PS 業務。我們預計 26 財年的毛利率將在 68% 至 68.5% 之間。

As we return to growth, we expect to realize upside to our gross margin, given the significant operating leverage inherent in our business, particularly relating to our subscription business gross margin but also to our ability to proactively control services gross margin as needed. We expect FY26 adjusted EBITDA to be within the range of $200 million to $210 million, implying an adjusted EBITDA margin of 33% to 34%.

隨著我們恢復成長，考慮到我們業務固有的巨大經營槓桿，我們預計我們的毛利率將實現上升，特別是與我們的訂閱業務毛利率有關，也與我們根據需要主動控制服務毛利率的能力有關。我們預計 26 財年調整後的 EBITDA 將在 2 億美元至 2.1 億美元之間，這意味著調整後的 EBITDA 利潤率為 33% 至 34%。

Given our revenue guidance and our proven ability to control expenses, as demonstrated by several years of increasing EBITDA margin, we feel very comfortable with our ability to continue generating strong adjusted EBITDA in FY26.

鑑於我們的收入指引和我們已證實的費用控制能力（正如幾年來 EBITDA 利潤率的提高所證明的那樣），我們對在 26 財年繼續產生強勁調整後 EBITDA 的能力感到非常有信心。

That said, accelerating our top line growth is our primary focus for this year and beyond. Our FY26 adjusted EBITDA guidance reflects the fact that we're evaluating a number of targeted prudent investments in our commercial and product development organizations to support our future growth, with some projects and incremental spend getting underway in Q1.

也就是說，加速我們的營收成長是我們今年及以後的主要關注點。我們對 26 財年調整後的 EBITDA 指引反映了這樣一個事實：我們正在評估對商業和產品開發組織的一系列有針對性的審慎投資，以支持我們未來的成長，其中一些項目和增量支出將在第一季度啟動。

As evidenced by our FY25 performance, cash generation continues to be a top priority for our management team. In FY26, we expect adjusted operating cash flow as a percentage of adjusted EBITDA to be roughly in line with FY25 implying that our net leverage ratio should decline from 4.0x adjusted EBITDA at the end of FY25 to approximately 3.8x by the end of FY26.

從我們 25 財年的表現可以看出，創造現金仍然是我們管理團隊的首要任務。在 26 財年，我們預計調整後的經營現金流佔調整後 EBITDA 的百分比將與 25 財年大致持平，這意味著我們的淨槓桿率應從 25 財年末的 4.0 倍調整後 EBITDA 下降到 26 財年末的約 3.8 倍。

In conclusion, during FY25, we made meaningful progress in positioning E2open for a return to sustainable growth. And we see many reasons to be optimistic about our business in this new fiscal year. We made material improvements in retention in FY25 and subscription bookings gained momentum throughout the fiscal year.

總之，在 25 財年，我們在定位 E2open 恢復永續成長方面取得了有意義的進展。我們看到許多理由對新財年的業務感到樂觀。我們在 25 財年的保留率方面取得了實質性的提高，並且整個財年的訂閱預訂量都呈現增長勢頭。

As Andrew noted, we see many other green shoots of progress across our company, which are direct results of our renewed commitment to client centricity and value realization. This has enabled us to move very close to an inflection point where our growth turns positive again, which will be a very important milestone.

正如安德魯所說，我們看到公司內部出現了許多其他進步的跡象，這些都是我們重新致力於以客戶為中心和價值實現的直接結果。這使我們非常接近成長再次轉正的拐點，這將是一個非常重要的里程碑。

This progress as well as the very high quality of business we win each quarter gives us confidence as we continue executing our growth plan.

這一進步以及我們每季贏得的高品質業務使我們對繼續執行成長計劃充滿信心。

That concludes our prepared remarks. Operator, please open the line and begin the Q&A session.

我們的準備好的演講到此結束。接線員，請接通線路並開始問答環節。

(Operator Instructions) Chris Quintero, Morgan Stanley.

（操作員指示）摩根士丹利的 Chris Quintero。

Hey, Andrew, Greg, Marje. Thanks for taking the questions here. I wanted to ask on the fiscal year '26 revenue guide. Really great to see the implied return back to the positive growth there but a two-part question.

嘿，安德魯、格雷格、瑪傑。感謝您在這裡回答問題。我想詢問一下 26 財年的收入指南。很高興看到隱含的回報恢復到正成長，但這是一個由兩部分組成的問題。

On the subscription side, how should we think about the linearity throughout the year like be more steady improvement like we saw in '25? Or would there be more improvement in the second half of the year? And then the second part of the question is on the PS side.

在訂閱方面，我們應該如何看待全年的線性成長，就像我們在 25 年看到的那樣，實現更穩定的改善？或者說下半年會有更多改善？然後問題的第二部分是關於 PS 方面的。

It looks like that guide also implies a nice improvement in the year-over-year growth rate throughout the year. So just curious what gives you the confidence and visibility into improvement on the PS side?

看起來該指南還暗示全年同比增長率將大幅提升。所以我很好奇是什麼讓您對 PS 方面的改進充滿信心和洞察力？

Yeah. Thank you so much for the questions. This is Marje. So first, on the subscription revenue guidance side. So if you look at our FY25 is what we've reported, for the last fiscal year, we've shown sequential and year-over-year improvement as we went through the year.

是的。非常感謝您的提問。這是 Marje。首先，關於訂閱收入指導方面。因此，如果您看一下我們報告的 FY25，您會發現上一財年的情況是，我們在整個財年中都取得了連續和同比的改善。

So we should expect similarly -- similar style going forward. There is a lot more room for us to improve, and we continue to make those improvements. So you should expect to see our year-over-year growth rates just improve from execution as we go forward. Obviously, as you look at the overall guidance, we're not baking in any heroic numbers here. And keep in mind the broader macro picture as well.

因此，我們應該期待未來會出現類似的——類似的風格。我們還有很大的進步空間，我們會繼續改進。因此，隨著我們不斷前進，您應該會看到我們的同比增長率隨著執行而不斷提高。顯然，當您查看整體指導時，我們並沒有在這裡列出任何驚人的數字。並且也要記住更廣泛的宏觀形勢。

So trying to balance all the different areas here. When you look at our PS guidance, which is implied in our full year guidance, we've actually taken a more conservative view here. Typically, when you look at our overall total revenue guidance, it's a $15 million range to start the year. This year, the range is $18 million to take into account the broader macro volatility at the midpoint, flat for PS. But quite frankly, for our revenue.

因此嘗試平衡這裡的所有不同領域。當您查看我們的 PS 指導（隱含在我們的全年指導中）時，我們實際上採取了更保守的觀點。通常，當您查看我們的整體總收入指引時，年初的總收入範圍是 1500 萬美元。今年，考慮到中點更廣泛的宏觀波動，該範圍為 1800 萬美元，與 PS 持平。但坦白說，這是為了我們的收入。

Now that we've stabilized the business. We've actually seen nice pickup in bookings and backlog, as we mentioned in our prepared remarks. So again, we're trying to be conservative in our guidance, but there's definitely opportunity to build on PS revenue as well as we get through the year.

現在我們的業務已經穩定下來。正如我們在準備好的演講中提到的那樣，我們實際上已經看到預訂量和積壓量大幅回升。因此，我們再次嘗試保守地制定指導方針，但隨著我們度過這一年，肯定還有機會提高 PS 收入。

Got it. That's very helpful, Marje. And then you also mentioned some investments for 26 around the commercial business and making some product development as well. So just wondering if you could unpack that, where exactly are you making those investments in?

知道了。這非常有幫助，Marje。然後您還提到了 26 在商業業務方面的一些投資以及一些產品開發。所以我只是想問一下，您究竟在哪裡進行投資？

Yeah, sure. This is Andrew. How are you?

是的，當然。這是安德魯。你好嗎？

Doing well, Andrew. How are you?

做得很好，安德魯。你好嗎？

Good. So we're at the beginning of, I think, clarifying our investments in product and our strategy of expanding our differentiation in the marketplace. But it started with bringing on Rachit, as you know, for the last year and moving power onto a Head of Strategy role and the two of them have been working for the last three or four months to begin to put together a preliminary set of investments or initiatives that will extend our differentiation with our clients.

好的。因此，我認為，我們正開始明確我們在產品方面的投資以及擴大市場差異化的策略。但如你所知，這一切始於去年引入 Rachit，並將權力轉移到戰略主管職位上，他們兩人在過去三四個月裡一直在努力製定一套初步的投資或計劃，以擴大我們與客戶的差異化。

Now at this point, I think this year, it's not really spending some of the savings we generated from prior periods. And I'd say we're in -- these are the early obvious ones. They're not significant marginal dollars but there are a significant chance to make a real difference in the industry and our clients.

現在就這一點而言，我認為今年我們實際上並沒有花掉前幾個時期積累的一些儲蓄。我想說我們已經進入了——這些都是早期顯而易見的階段。雖然這不是很大的邊際收益，但卻有很大機會為產業和我們的客戶帶來真正的改變。

So for example, there's three or four areas that I thought I would just describe. One is moving query quickly towards a client-specific data platform around clean room so that they can -- we can consolidate all their data into one location when they're multi-application users. And that's going to create a huge opportunity for AI and LLM models, analytics that they want to do on their supply chain and linking in any other reporting engines because it's a very flexible platform.

例如，我認為我只想描述三、四個領域。一是將查詢快速轉移到潔淨室周圍的客戶特定資料平台，以便他們可以 - 當他們是多應用程式使用者時，我們可以將所有資料整合到一個位置。這將為 AI 和 LLM 模型、他們希望在供應鏈上進行的分析以及連結任何其他報告引擎創造巨大的機會，因為它是一個非常靈活的平台。

Another one is next-generation planning, right? We have a view that we can make planning a real-time experience rather than a scenario-based experience. And over time, if you can get real-time demand, real-time supply on a multi-echelon supply chain, then planning can become part of the execution life cycle versus a corporate exercise for scenario model, for example. So we're working on connecting those two sides of our platform together in real time. Third area is improving implementation speed.

還有一個就是下一代規劃吧？我們認為，我們可以使規劃成為一種即時體驗，而不是基於場景的體驗。隨著時間的推移，如果您可以在多層供應鏈上獲得即時需求和即時供應，規劃就可以成為執行生命週期的一部分，而不是情境模型的企業演習。因此，我們正在努力將我們平台的兩端即時連接在一起。第三是提高實施速度。

So Greg and I both are big believers that if we can have the time it takes to get an implementation in, clients get impact twice as fast. It usually takes six months and it takes three or nine months, it takes 4.5. That's just speed to impact is much higher. And speed to cross-sell is much higher because in general, client doesn't buy a second product or a third product as a unless the two that they have and the one that they have is already working. So that's always a waiting period.

因此，格雷格和我都堅信，如果我們有足夠的時間來實施，客戶就能以兩倍的速度獲得影響力。一般需要六個月，有的需要三到九個月，有的需要4.5個月。這只是撞擊速度要快得多。交叉銷售的速度要快得多，因為一般來說，客戶不會購買第二件產品或第三件產品，除非他們現有的兩件產品和一件產品已經在運作。所以這總是一個等待期。

So if -- we can cut the implementation time and half will increase speed impact. The fourth is a co-creation with a client around inter complex logistics management across most transport to enhance our ability to support end-to-end logistics. Then we did that in cooperation with one of our biggest clients.

因此，如果我們能夠縮短實施時間，速度影響就會增加一半。第四是與客戶共同創造涵蓋大多數運輸環節的複雜物流管理，以增強我們支援端到端物流的能力。然後我們與我們最大的客戶之一合作完成了這項工作。

And then finally, just as the last example, obviously know what's going on with tariffs and global trade. So we are continuing to invest and we've made some announcements around automation.

最後，就像最後一個例子一樣，顯然要知道關稅和全球貿易的情況。因此，我們將繼續投資，並就自動化領域發布了一些公告。

The next level is to enhance the AI and the tools for accelerating this feed through what is becoming a much more complicated set of calculations around landed costs and then building some optimizers.

下一個層次是增強人工智慧和加速這一供給的工具，透過圍繞到岸成本進行越來越複雜的計算，然後建立一些優化器。

Excellent. Super helpful, Andrew.

出色的。非常有幫助，安德魯。

Mark Schappel, Loop.

馬克·沙佩爾，Loop。

Hi. Thank you for taking my question. Andrew, starting with you, I appreciate your commentary in your prepared remarks around your global trade capabilities. But I was wondering if you could provide some additional details around some of the customer conversations you're having regarding global trade.

你好。感謝您回答我的問題。安德魯，首先，我很欣賞您在準備好的演講中對全球貿易能力的評論。但我想知道您是否可以提供一些有關全球貿易方面與客戶對話的更多細節。

For instance, is it opening discussions to get you in the door and then once you're in the door, is it opening up just a broader discussion around your just digital transformation capabilities for supply chains in general. Any further insight would be helpful.

例如，它是否會開啟討論以讓您進門，然後一旦您進門，它是否會開啟有關您整個供應鏈的數位轉型能力的更廣泛的討論。任何進一步的見解都會有所幫助。

Yeah. The first thing I'd say about the uncertainty in the environment and the constant rapid change to tariff rates -- the first thing it is, is what I've told our own teams. This is a moment of truth, right? Every 5 to 10 years, your clients look at you and you say, are you there for us when we most needed? And so this is 1 of those moments where the world has gotten infinitely more complicated when it comes to global trade and they're expecting us to basically help them navigate these very difficult and complex times.

是的。關於環境的不確定性和關稅稅率的不斷快速變化，我首先要說的是——這是我告訴我們自己團隊的第一件事。這是一個關鍵時刻，對吧？每隔 5 到 10 年，您的客戶就會看著您，然後您問，在我們最需要的時候，您是否在我們身邊？因此，當涉及全球貿易時，世界變得無比複雜，他們期望我們能夠幫助他們度過這段非常困難和複雜的時期。

And so that -- and our teams are working night and day. We have hundreds of people, keeping up with all the changes and thousands plus people serving our clients. So that -- the impact of that is that clients right now are heads down delivering and trying to make sure they can process stuff through customs. And so they're not calling us about new features or do things unless it speeds up less it's an accuracy question or a speed question. Because the complexity of all the work has increased dramatically.

因此——我們的團隊正在日夜不停地工作。我們有數百名員工緊跟著所有變化，還有數千名員工為我們的客戶提供服務。因此，其影響是，客戶現在全力以赴地交付貨物，並試圖確保他們能夠通過海關。因此，他們不會打電話給我們詢問新功能或做事，除非速度提高，這是一個準確性問題或速度問題。因為所有工作的複雜性都急劇增加。

And so we have to process more and less time. And so that's what we're really focused on now is do it my guess. And so we're not likely, I think, in this period of uncertainty, to see clients change who they're using for global trade, right, at least in the next, like, call it, two to six months.

因此我們必須處理更多和更少的時間。所以，我猜我們現在真正關注的是做到這一點。因此，我認為，在當前不確定的時期，我們不太可能看到客戶改變他們在全球貿易中使用的合作夥伴，至少在未來兩到六個月內不會。

And so for us, it's a chance to prove we are the market leader that we are make sure that all of our existing clients are dealing with the complexity is better than any other software vendor player in the space. And then that will open up, I think, a lot of opportunities in the second half of the year, a bit akin to like how things played out different scenarios with COVID, right?

因此對我們來說，這是一個證明我們是市場領導者的機會，我們確保我們所有現有客戶都能比該領域的任何其他軟體供應商更好地應對複雜性。我認為這會在下半年帶來很多機會，有點類似 COVID 的不同情景，對吧？

So there was a lockdown period then there was a whole bunch of supply chain impacts out of stocks, issues and getting things around the world. And we saw once the steady state didn't disappear, which unless our president wakes up and changes his whole philosophy overnight, the complexity plays through the supply chain.

因此，在一段封鎖期之後，庫存、問題以及全球範圍內的貨物運輸等一系列供應鏈都會受到影響。我們看到，一旦穩定狀態沒有消失，除非我們的總統醒來並在一夜之間改變他的整個哲學，否則複雜性就會貫穿整個供應鏈。

So job one is I got to get my step through customs, got to pay the tariff, I got to have the right cost. Then it becomes like, what does my supply chain actually look like? And how do I optimize when I'm not just solving for like I got stuff in a port that I got to get through but I'm going to optimize around medium-term cost of delivery, inventory, all the things that we do create at.

所以首要任務是我必須通過海關，必須繳關稅，必須有正確的費用。那麼問題來了，我的供應鏈實際上是什麼樣的呢？當我不只是解決像我在港口得到東西需要通過的問題時，我該如何進行優化，而是要優化中期交付成本、庫存以及我們所創造的所有東西。

So that is how I think Greg and I look at is like how is the time to deliver. And then I think as we evolve into the second half of the year, you're going to see a lot of people asking like probably with the right partner.

所以我認為格雷格和我所關注的是如何實現交付。然後我認為隨著我們進入下半年，你會看到很多人詢問可能找到合適的合作夥伴。

Great. Thanks. Then with respect to the demand environment, I was wondering if you could just comment on what you're seeing on the trucking or the freight side of your business.

偉大的。謝謝。然後關於需求環境，我想知道您是否可以評論您在卡車運輸或貨運業務方面看到的情況。

Yeah. I mean -- hey, Mark, it's Greg. Good to connect with you. We're not seeing, at least near term, any significant movements. It's been pretty stable both in terms of road transportation as well as ocean transportation. So there hasn't been a significant shift at least with our clients.

是的。我的意思是——嘿，馬克，我是格雷格。很高興與您聯繫。至少在短期內，我們沒有看到任何重大的變動。無論是公路運輸還是海運，都比較穩定。因此至少對我們的客戶來說，並沒有重大轉變。

Great. Thank you.

偉大的。謝謝。

(Operator Instructions) Andrew Obin, Bank of America.

（操作員指示）美國銀行安德魯·奧賓。

Hi. This is David Ridley-Lane on for Andrew Obin. First question on the first quarter subscription revenue guidance -- what are the factors that are driving it down sequentially?

你好。這是 David Ridley-Lane 為 Andrew Obin 報道的。關於第一季訂閱營收指引的第一個問題——導致其季減的因素有哪些？

Yeah. Hi. It's Marje. So if you look at our last couple of -- last couple of years, you've seen sequential dollar-based step down. And it's really a factor of a couple of things. First, when you think about our churn versus bookings.

是的。你好。是 Marje。因此，如果你回顧過去幾年，你會發現美元匯率持續下降。這實際上是由幾個因素造成的。首先，當您考慮我們的客戶流失率與預訂量。

So within a quarter, churn is generally more front-end loaded versus bookings as more back-end loaded. And as mentioned in our prepared remarks, for Q1 there is -- generally churn is elevated just because of higher overall renewals, again, Q4 being our largest bookings quarter generally, that spills over to Q1.

因此，在一個季度內，客戶流失通常更多地發生在前端，而預訂則更多地發生在後端。正如我們在準備好的評論中所提到的，對於第一季而言，客戶流失率通常會上升，因為整體續訂量較高，而第四季度通常是我們預訂量最大的季度，因此這種情況會蔓延至第一季。

So when we look at our Q1 from churn perspective, we expect that to be the highest for the year and then improve from there with, again, Q1 churn still being down year over year. So continued improvements but just seasonally higher point for the year.

因此，當我們從客戶流失率的角度來看第一季時，我們預計這將是今年的最高水平，然後從那裡開始改善，而且第一季的客戶流失率仍然同比下降。因此，情況持續改善，但只是今年季節性的高點。

Got it. And then on the full-year subscription revenue guidance, I mean, if I understand you right, your net retention rate is 99%. The bookings are growing year over year and put in the midpoint at flat? Would you describe that as conservatism? What are some other potential offsets to that?

知道了。然後關於全年訂閱收入指引，如果我理解正確的話，您的淨留存率是 99%。預訂量逐年成長，中間值持平？您會將其描述為保守主義嗎？還有哪些其他的潛在抵銷因素？

Yeah. I mean I think if you -- I think it's appropriate to be somewhat conservative in the current environment. If you look at our Q1 guidance, right, the high point implies we already get back to grow, right? So depending on where we land Q1, we expect to return to positive growth and then to continue to make incremental improvement in our year-over-year growth rate from there for the full year.

是的。我的意思是，我認為如果你——我認為在當前環境下採取某種保守的態度是合適的。如果你看一下我們的第一季指引，那麼高點意味著我們已經恢復成長，對嗎？因此，根據我們第一季的業績表現，我們預計將恢復正成長，然後全年繼續逐步提高同比成長率。

Got it. And then in the investments in products, is there a similar willingness to invest in sales force structure and headcount?

知道了。那麼在產品投資方面，是否有類似的意願投資於銷售隊伍結構與員工人數？

Yes, absolutely. So this is consistent with what we've communicated for the last several quarters where we've been systematically looking for efficiencies, especially in the back office areas, and then looking for ways to invest in our client-facing organizations, so including commercial, customer care and then importantly also our products organization. So those are the areas we're targeting investment.

是的，絕對是。因此，這與我們過去幾季所傳達的訊息一致，我們一直在有系統地尋求效率，特別是在後台領域，然後尋找投資面向客戶的組織的方法，包括商業、客戶服務，以及重要的產品組織。這些就是我們目標投資的領域。

All right. Thank you very much.

好的。非常感謝。

Absolutely. Thanks for the question.

絕對地。謝謝你的提問。

(Operator Instructions) Adam Hotchkiss, Goldman Sachs.

（操作員指示）高盛的亞當‧霍奇基斯 (Adam Hotchkiss)。

Great. Thanks so much for squeezing me in here. I just wanted to touch on the legacy customer satisfaction piece. I know that gross retention has been at or around 90% for a little while now, improved a little bit to 91%, and I think there's still a couple of points behind where you were back during 2021 and 2022.

偉大的。非常感謝您邀請我來這裡。我只是想談談傳統的客戶滿意度問題。我知道總留存率目前已經保持在 90% 左右一段時間了，略微提高到了 91%，但我認為與 2021 年和 2022 年相比，仍然落後幾個百分點。

So how would you characterize what inning you're in now? I know you mentioned the 60% reduction in support tickets and some continued unbilled professional services flowing through.

那麼，您如何描述自己現在所處的局面呢？我知道您提到了支援票減少了 60% 以及一些未計費的專業服務仍在繼續流動。

But where are we in the process of getting back to normalized churn and how much longer should we expect there to be on some of these support ticket reductions and unbilled PS in order to get back to where you were historically?

但是，我們在恢復正常客戶流失率的過程中處於什麼位置，以及我們預計這些支援票減少和未計費 PS 還需要多長時間才能恢復到歷史水平？

Yeah. I would -- I don't know about inning, but I would -- if you had to -- if I had to pick one, I'd say somewhere between the fifth and sixth inning. So whatever, 55%, two-thirds of the way there. I think as we look at churn issues, if we look back at last year, still frustratingly 30% to 40% of those losses were situations where we were informed of them in '23 and '24. So it's still the tail end of the stakes made back then, not much you can do about it but that is down from 50% to 60% last year.

是的。我會——我不知道局數，但如果必須——如果我必須選擇一個，我會說在第五局和第六局之間。不管怎樣，55%，已經完成三分之二了。我認為，當我們回顧客戶流失問題時，如果回顧去年，仍然令人沮喪的是，30% 到 40% 的損失是我們在 23 年和 24 年被告知的情況。因此，這仍然是當時所持股份的尾端，對此你無能為力，但已從去年的 50％ 下降到 60％。

And I think heading down to 0 probably in FY middle, early middle of FY27. So -- and when that -- once we basically eliminate what I'd call since of the past, then you get to a normalized level of GRR and 93% to 95%. Can you just take that --

我認為在 2027 財年中期，這個數字可能會降至 0。所以 — — 一旦我們基本上消除了我所說的過去的影響，那麼你就會達到 GRR 的正常水平和 93% 到 95%。你能接受嗎--

Got it. So that's really helpful.

知道了。這真的很有幫助。

Four or five more quarters, I'd say. But on a continued -- on a declining basis, right, just because I think the biggest lumps are behind us or will be behind us at the end of next quarter or this quarter.

我想說還有四、五個季度。但從持續下降的角度來看，對，只是因為我認為最大的困難已經過去，或者將在下個季度末或本季末過去。

Okay. Yes. That's really helpful. And Marje, would you just remind us, I know there's the potential for volatility in global trade volumes -- to what extent E2open has exposure to changes in those volumes within your products? .

好的。是的。這真的很有幫助。Marje，您能否提醒我們，我知道全球貿易量可能會出現波動－E2open 在多大程度上會受到您產品中這些貿易量變化的影響？。

So the changes in our product --

因此，我們的產品發生了變化--

Sorry, the revenue yeah, revenue -- any like revenue exposure to volatility in it trade volume.

抱歉，是的，收入——任何收入都可能受到交易量波動的影響。

Yeah, absolutely. So when you look at our public disclosures as well, our pure volume-based revenue exposure at 2% now, down from about 4% two years ago. But that's -- there's a lot of different businesses that we are in that. And as you can imagine, we've spent quite a bit of time making sure that we understand that. It's not fully clear, given all the volatilities that in that part of the business really is impacted.

是的，絕對是如此。因此，當您查看我們的公開揭露資訊時，我們純粹基於交易量的收入曝險現在為 2%，低於兩年前的 4% 左右。但那是──我們從事很多不同的業務。正如您所想的，我們花了相當多的時間來確保我們理解這一點。考慮到所有波動性，目前還不完全清楚該部分業務是否真的受到影響。

But again, that's 2% of our total revenue. We do also have, if you recall, following COVID, we do have some, what we've called previously tiered or volumetric revenue where depending on the volumes, there is annual potential step up or step down for that contract.

但同樣，這只占我們總收入的 2%。如果你還記得的話，在新冠疫情之後，我們確實有一些所謂的先前分級或體積收入，根據數量，該合約的年度潛在上升或下降。

We have -- our commercial team has done an incredible job converting most of those contracts into fixed price. So different from what we saw at the end of FY24, surprises there as those tier step functions, that impact now is really minimal. So when you think about those just volume or volumetric fluctuations, like including even those, it's probably around 3% or something like that of total revenue.

我們的商業團隊已經完成了一項令人難以置信的工作，將大部分合約轉換為固定價格。與我們在 24 財年末看到的情況如此不同，令人驚訝的是，這些層級階躍函數現在的影響確實很小。因此，當您考慮這些只是數量或體積波動時，例如包括這些，它可能約為總收入的 3％ 左右。

Okay. That's really helpful color. Thanks, Marje. Thanks, Andrew.

好的。這顏色確實很有幫助。謝謝，Marje。謝謝，安德魯。

Absolutely. Thanks for getting on the call.

絕對地。感謝您接聽電話。

Okay. We have no further questions in the queue. I would like to turn the call back over to management for any closing remarks.

好的。我們沒有其他問題了。我想將電話轉回給管理階層，請他們做最後的總結發言。

Thank you very much. First, I think, hopefully, a number of our employees that are listening out is a big shout out for all your hard work. Thank you for hanging with us. I think this organization has a really bright future, right? We do important things for important companies, change is hard, and we've been working very hard at improving on all the dimensions that matter, the most more in which serving clients with distinction.

非常感謝。首先，我希望，我們的許多員工都能聽到你們的辛勤工作。感謝您與我們一起度過這段時光。我認為這個組織的未來非常光明，對嗎？我們為重要的公司做重要的事情，改變是困難的，我們一直在努力改進所有重要的方面，最重要的是為客戶提供卓越的服務。

And we do terrific work for clients and we exceed their expectations. Given our portfolio and the area that we work in, we have a really bright future and really excited about our progress. Nothing is ever fast enough if you're a CEO. It comes with the job.

我們為客戶提供了出色的服務，超越了他們的期望。考慮到我們的投資組合和我們工作的領域，我們擁有非常光明的未來，並且對我們的進步感到非常興奮。如果你是一名首席執行官，那麼沒有什麼事情是足夠快的。這是工作帶來的。

So I wish it was faster but I couldn't be more prouder of all the people that work for E2open in all their hard work to keep us moving forward despite occasional headwinds or changes. But we're excited about the journey we're on, and I think we're starting to make real progress.

所以我希望它能更快一些，但我對所有為 E2open 工作的人感到無比自豪，儘管偶爾遇到逆風或變化，但他們的辛勤工作讓我們繼續前進。但我們對我們正在進行的旅程感到興奮，我認為我們開始取得真正的進展。

So thank you. Thank you for the investors for sticking with us, and thank you to our employees for fighting hard for us every day.

所以謝謝你。感謝投資者對我們的堅持，感謝員工每天為我們努力奮鬥。

Thank you. This concludes today's conference, and you may disconnect your lines at this time. Thank you for your participation.

謝謝。今天的會議到此結束，大家可以斷開連線了。感謝您的參與。