E2open Parent Holdings Inc (ETWO) 2026 Q1 法說會逐字稿

Greetings. Welcome to the E2open first quarter fiscal year 2026 earnings call. (Operator Instructions) Please note, this conference is being recorded.

問候。歡迎參加 E2open 2026 財年第一季財報電話會議。（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 first quarter and full year 2026 earnings conference call. Today's call will include recorded comments from our Chief Executive Officer, Andrew Appel; and our Chief Financial Officer, Marje Armstrong.

大家下午好，歡迎參加 E2open 2026 財年第一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 和財務長 Marje Armstrong 的錄音評論。

Due to E2open's pending acquisition by WiseTech Global, as announced on May 25, 2025, we will not conduct a live Q&A session after today's call or participate in individual post-call discussions with analysts and investors. In addition, we will not continue our past practice of providing quarterly guidance. We will, however, review our full year fiscal 2026 guidance.

由於 E2open 即將被 WiseTech Global 收購（如 2025 年 5 月 25 日宣布），我們將不會在今天的電話會議後進行現場問答環節，也不會參加與分析師和投資者的個人電話會議後討論。此外，我們不會延續過去提供季度指導的做法。不過，我們將重新檢視 2026 財年全年指引。

A replay and transcript of today's call will be available on the company's Investor Relations website at investors.e2open.com. Information to access this replay is listed in today's press release, which is also available on our Investor Relations website.

今日電話會議的重播及文字記錄將在公司投資者關係網站 investors.e2open.com 上提供。重播的獲取資訊已在今天的新聞稿中列出，新聞稿也可在我們的投資者關係網站上取得。

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 full year fiscal 2026 and our pending acquisition by WiseTech Global. These forward-looking statements are subject to known and unknown risks and uncertainties.

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 2026 財年全年以及我們即將被 WiseTech Global 收購。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 cautions that these statements are not guarantees of future performance. We encourage you to review our most recent reports filed with the SEC, including our 10-K or any amendments including a complete discussion of these factors and other risks that may affect our future results or the market price of our stock.

E2open 警告說，這些聲明並不能保證未來的表現。我們鼓勵您查看我們向美國證券交易委員會提交的最新報告，包括我們的 10-K 或任何修訂報告，其中全面討論了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。

And finally, we are not obligating ourselves to revise our results or these forward-looking statements in light of new information or future events. Also during today's call, we will 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.

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。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 some retrospective thoughts on what I see as the key accomplishments of our E2open team since I assumed the role of permanent CEO about 1.5 years ago.

謝謝你，拉塞爾，也謝謝大家參加今天的電話會議。我將首先回顧自大約一年半前我擔任常任執行長以來，我們 E2open 團隊的主要成就。

I'll also share my perspective on the exciting new opportunities for our customers and employees presented by our company's pending acquisition by WiseTech as announced in May. I'll then ask Marje to review our Q1 FY26 results and our full year FY26 guidance.

我還將分享我對我們公司即將被 WiseTech 收購（該消息於 5 月宣布）將為我們的客戶和員工帶來的激動人心的新機會的看法。然後我會請 Marje 審查我們 26 財年第一季的業績和 26 財年全年的業績指引。

Over the last 1.5 years, our primary focus at E2open has been to put in place the operational and cultural foundation needed for E2open to return to organic growth. At the core of these efforts was the simple, but powerful principle underlying the performance of all great companies that delighting your customers and ensuring they receive distinctive value from using your products and services is the key to long-term growth in a competitive market.

在過去的一年半裡，我們在 E2open 的主要重點是建立 E2open 恢復有機成長所需的營運和文化基礎。這些努力的核心是一個簡單但強大的原則，它是所有偉大公司業績的基礎：讓客戶滿意並確保他們透過使用您的產品和服務獲得獨特的價值是競爭激烈的市場中實現長期成長的關鍵。

I'm pleased to say that our fiscal first quarter results, in particular, achieving the first year-over-year growth in subscription revenue since mid-FY24, are direct evidence of the progress we have made. Through the focused efforts and singular commitment of our global E2open teams across multiple functional areas, we have succeeded in stabilizing our business and putting it back on a growth trajectory.

我很高興地說，我們第一財季的業績，特別是自24財年中期以來訂閱收入首次實現同比增長，直接證明了我們所取得的進步。透過我們全球 E2open 團隊在多個職能領域的專注努力和共同承諾，我們成功穩定了業務並使其重回成長軌道。

Nowhere is this progress more visible than in the area of client retention where we have significantly improved our performance through better management and by prioritizing longer-term in partnerships over short-term gains.

在客戶保留方面，我們取得了最明顯的進步，透過更好的管理以及優先考慮長期合作關係而不是短期利益，我們顯著提高了業績。

In addition to improved retention, we have also made notable enhancements over the last 1.5 years in both our software products and in the way in which we bring these products and associated services to market.

除了提高留存率之外，過去一年半里，我們還在軟體產品以及將這些產品和相關服務推向市場的方式上取得了顯著的進步。

Driven by continued investment in R&D, we have launched exciting new products such as supply network discovery, released generative AI-driven tools to augment our industry-leading transportation management and global trade solutions and are on track for additional product announcements in the coming months.

在持續研發投入的推動下，我們推出了供應網絡發現等令人興奮的新產品，發布了生成式人工智慧驅動工具來增強我們行業領先的運輸管理和全球貿易解決方案，並預計在未來幾個月內發布更多產品。

Thanks to this ongoing focus on innovation, execution and client satisfaction, our products continue to enjoy strong demand and market acceptance. And our unique software platform remains deeply embedded across the Fortune 1000 universe of companies that carry out a large share of global commerce.

由於持續專注於創新、執行和客戶滿意度，我們的產品繼續享有強勁的需求和市場認可。我們獨特的軟體平台仍然深深植根於在全球商業中佔據很大份額的財富 1000 強企業之中。

Our software platform performs mission-critical supply chain functions, enabling our clients to scale their business and outperform their peers despite an increasingly volatile and uncertain business environment. And I continue to be impressed by the fact that each and every quarter, we win strategic new logo business and expand our high-value relationships with meaningful existing customers.

我們的軟體平台執行關鍵任務供應鏈功能，使我們的客戶能夠在日益動盪和不確定的商業環境中擴展業務並超越同行。令我印象深刻的是，每個季度我們都會贏得策略性新標誌業務，並擴大與有意義的現有客戶的高價值關係。

Our client list is ultimately our most valuable asset, and I'm honored to say that so many leading global businesses continue to place their trust in E2open to meet their most complex supply chain needs.

我們的客戶名單最終是我們最寶貴的資產，我很榮幸地說，許多全球領先的企業繼續信任 E2open 來滿足他們最複雜的供應鏈需求。

In summary, E2open business is now well positioned for the next chapter of our company's evolution. As we announced in late May, we have agreed to become part of WiseTech Global, a company that, like E2open, is widely recognized as a leader in the fast-growing market for supply chain and logistics software.

總而言之，E2open 業務現已為公司發展的下一篇章做好了準備。正如我們在五月下旬宣布的那樣，我們已同意成為 WiseTech Global 的一部分，該公司與 E2open 一樣，被廣泛認為是快速成長的供應鏈和物流軟體市場的領導者。

I am tremendously excited that these two great companies will be coming together once we have completed the necessary filings and received all the required approvals. In many ways, E2open and WiseTech are ideal partners with many common values that will underpin our future collaboration. We each bring a long and distinguished track record of serving clients, and we share a passion for software innovation that empowers our customers with highly differentiated capabilities.

我非常高興，一旦我們完成必要的備案並獲得所有必要的批准，這兩家偉大的公司就會合併。從許多方面來看，E2open 和 WiseTech 都是理想的合作夥伴，它們擁有許多共同的價值觀，這些價值觀將支撐我們未來的合作。我們每個人都擁有長期且卓越的客戶服務經驗，並且我們都熱衷於軟體創新，為我們的客戶提供高度差異化的功能。

Traditionally, WiseTech's focus has been on international freight forwarding and logistics and the bricks of success they have achieved in those areas is well known throughout the industry. By combining with E2open, WiseTech will extend its traditional focus to include our company's broad supply chain suite of planning, channel and supply applications. and also add highly complementary capabilities in adjacent areas of domestic logistics, carrier integration and global trade.

傳統上，WiseTech 一直專注於國際貨運代理和物流，他們在這些領域的成功在整個業界是眾所周知的。透過與 E2open 合併，WiseTech 將擴展其傳統重點，涵蓋我們公司廣泛的供應鏈套件，包括規劃、管道和供應應用程序，並在國內物流、承運商整合和全球貿易等相鄰領域增加高度互補的能力。

Following the combination, the new company will be uniquely positioned to serve a broader array of clients at all points of the value chain, from sourcing to manufacturing, from order to fulfillment and from supplier through to end customer.

合併後，新公司將擁有獨特的優勢，為價值鏈各個環節的更廣泛的客戶提供服務，從採購到製造、從訂單到履行、從供應商到最終客戶。

Ultimately, the success of any new business venture will depend on the people behind it, and E2open's pending combination with WiseTech is as much about people as it is about products. Based on my many conversations with our counterparts at WiseTech, I am confident they are acquiring E2open not only for the highly complementary software application and network of connected enterprises, but also for our deep base of knowledgeable and highly experienced employees and our uniquely valuable customer base.

最終，任何新商業企業的成功都取決於其背後的人才，而 E2open 與 WiseTech 的合併不僅關乎產品，也關乎人才。根據我與 WiseTech 同行的多次交談，我相信他們收購 E2open 不僅是因為其高度互補的軟體應用程式和互聯企業網絡，還因為我們擁有知識淵博、經驗豐富的員工隊伍和獨特而寶貴的客戶群。

They see immense value across our entire broad product line as well as in the global teams that develop and deliver our solutions and care for our customers. They will rely on the expertise of E2open's personnel as well as on the continued confidence and commitments of our many leading clients to reach our shared goal of becoming the operating system for global supply chains. I am confident that E2open's employees will embrace this new opportunity with the same passion and energy that you have shown for E2open's mission over the last several years.

他們看到了我們整個廣泛的產品線以及開發和提供解決方案並關心客戶的全球團隊的巨大價值。他們將依靠 E2open 員工的專業知識以及我們眾多主要客戶的持續信任和承諾，實現成為全球供應鏈作業系統的共同目標。我相信，E2open 的員工會以過去幾年對 E2open 使命所表現出的熱情和活力來擁抱這一新機會。

Additionally, I want to note that the process of completing the required filings and receiving US regulatory approval needed for the acquisition to close is underway and on schedule. We still expect transaction close by the end of this calendar year. Until then, of course, E2open and WiseTech will continue to operate as independent companies.

此外，我想指出的是，完成收購所需的備案和獲得美國監管部門批准的過程正在進行中，並且按計劃進行。我們仍然預計交易將在今年年底前完成。當然，在此之前，E2open 和 WiseTech 將繼續以獨立公司身分運作。

As we work towards our close, our global team remains focused on the things that have made us successful, namely putting our clients' needs first, delivering our software solutions flawlessly and growing our business. In closing, as we make progress on joining together with WiseTech, I want to thank all of the stakeholders who have helped E2open reach this important milestone in our future development.

在我們努力完成目標的過程中，我們的全球團隊始終專注於那些讓我們成功的事情，即將客戶的需求放在首位，完美地提供我們的軟體解決方案並發展我們的業務。最後，隨著我們與 WiseTech 的合作取得進展，我要感謝所有幫助 E2open 在未來發展中實現這一重要里程碑的利害關係人。

Our shareholders, our executive team and, of course, and most importantly, our employees and our clients. Exciting times for our company and our industry lie ahead, and we look forward to you joining us on this journey.

我們的股東、我們的執行團隊，當然最重要的是我們的員工和我們的客戶。我們的公司和產業即將迎來令人興奮的時刻，我們期待您加入我們的旅程。

Thank you, Andrew. Today, I will discuss our fiscal first quarter results, and also review our full year FY26 guidance. Before doing so, I would like to extend my sincere gratitude to our E2open team members around the world for their unwavering commitment to E2open's mission of delivering distinctive value to our clients. Your hard work and dedication have truly made a positive difference that resonates across our whole company. Now on to our reported results.

謝謝你，安德魯。今天，我將討論我們第一財季的業績，並回顧我們 2026 財年全年的業績指引。在此之前，我要向世界各地的 E2open 團隊成員表示誠摯的感謝，感謝他們堅定不移地致力於 E2open 的使命，即為我們的客戶提供獨特的價值。您的辛勤工作和奉獻精神確實產生了積極的影響，並引起了我們整個公司的共鳴。現在來看看我們報告的結果。

Subscription revenue in the fiscal first quarter 2026 was $132.9 million, above the high end of our $129 million to $132 million guidance. On a year-over-year basis, subscription revenue grew 1.1% and 0.9% on a constant currency basis. Our return to subscription revenue growth in the first quarter was driven by progress on retention and bookings in the second half of FY25, which has continued in early FY26.

2026 財年第一季的訂閱收入為 1.329 億美元，高於我們 1.29 億美元至 1.32 億美元預期的高端。與去年同期相比，訂閱收入成長了 1.1%，以固定匯率計算則成長了 0.9%。我們第一季的訂閱收入恢復成長，這得益於 2025 財年下半年保留率和預訂量的進步，這種勢頭一直延續到 2026 財年初期。

Professional services and other revenue in the fiscal first quarter was $19.7 million, a year-over-year decline of 0.1%. While we continue to see potential to grow our PS revenue as we move through the fiscal year, the flat year-over-year Q1 performance is another positive indication of recent stabilization in that business.

第一財季專業服務及其他收入為 1,970 萬美元，較去年同期下降 0.1%。雖然我們繼續看到隨著財政年度的推進，PS 收入仍有成長的潛力，但第一季的同比持平業績是該業務近期趨於穩定的另一個積極跡象。

Total revenue for the fiscal first quarter was $152.6 million, reflecting positive growth of 1.0% over the prior year quarter. Turning to gross profit. In the fiscal first quarter of 2026, our non-GAAP gross profit was $102.4 million, a 0.2% decrease year-over-year.

第一財季總營收為 1.526 億美元，較去年同期成長 1.0%。轉向毛利。2026財年第一季，我們的非公認會計準則毛利為1.024億美元，年減0.2%。

Non-GAAP gross margin was 67.1% in Q1 versus 67.8% in the prior year quarter. Lower PS gross margin negatively impacted the Q1 consolidated figure, but as we expect PS margins to improve throughout the year, it will also translate into improved consolidated gross margin performance.

第一季非公認會計準則毛利率為 67.1%，去年同期為 67.8%。較低的 PS 毛利率對第一季合併數據產生了負面影響，但由於我們預計 PS 利潤率將全年提高，因此這也將轉化為合併毛利率表現的提高。

Turning to EBITDA. Our first quarter adjusted EBITDA was $52.2 million, a 34.2% margin compared to $50.7 million and 33.6% margin in the prior year quarter. We continue to be mindful of operational efficiency as we focus on repositioning our business for growth. Our OpEx spend was down year-over-year due to ongoing cost discipline in nonclient-facing areas and further savings from optimizing our use of offshore R&D resources.

轉向 EBITDA。我們第一季的調整後 EBITDA 為 5,220 萬美元，利潤率為 34.2%，而去年同期的調整後 EBITDA 為 5,070 萬美元，利潤率為 33.6%。我們致力於重新定位業務以實現成長，同時繼續專注於營運效率。由於非客戶領域持續的成本控制以及透過優化對離岸研發資源的使用而進一步節省成本，我們的營運支出較去年同期下降。

Finishing up on profitability. Net loss for the fiscal first quarter of 2026 was $15.5 million compared to a net loss of $42.8 million from the year ago comparable period. Now turning to FY26 cash flow. Adjusted operating cash flow was $48.0 million in the fiscal first quarter, driven by strong customer collections and our continued focus on managing working capital efficiently.

完成盈利。2026 財年第一季淨虧損為 1,550 萬美元，而去年同期淨虧損為 4,280 萬美元。現在轉向 FY26 現金流。第一財季調整後的營運現金流為 4,800 萬美元，這得益於強勁的客戶回款以及我們持續注重高效管理營運資金。

We ended Q1 with $230.2 million of cash, an increase of $33 million from the fourth quarter and marking another quarter of very strong performance on cash generation. This completes my remarks on our fiscal Q1 financial results.

我們第一季結束時的現金為 2.302 億美元，比第四季增加了 3,300 萬美元，這標誌著本季在現金產生方面又一次表現非常強勁。這是我對我們第一季財務業績的評論。

At this point, I will turn to financial guidance for full year FY26. We are confirming all aspects of our full year FY26 guidance previously provided on April 29, 2025. We still expect subscription revenue to be in the range of $525 million to $535 million, representing a year-over-year growth rate of negative 1.0% and to positive 1.0%.

現在，我將轉向 26 財年全年的財務指引。我們正在確認 2025 年 4 月 29 日提供的 2026 財政年度全年指引的所有面向。我們仍預期訂閱收入將在 5.25 億美元至 5.35 億美元之間，年成長率分別為負 1.0% 和正 1.0%。

We still expect FY26 total revenue to be within the range of $600 million to $618 million, representing a year-over-year growth rate of negative 1.3% to positive 1.7%. We still expect FY26 gross profit margin to be within a range of 68% to 68.5%.

我們仍預期 26 財年總營收將在 6 億美元至 6.18 億美元之間，年成長率為負 1.3% 至正 1.7%。我們仍預期 26 財年的毛利率將在 68% 至 68.5% 之間。

We still expect FY26 adjusted EBITDA to be within the range of $200 million to $210 million, implying an adjusted EBITDA margin of 33% to 34%. Regarding cash flow, we also still expect FY26 adjusted operating cash flow as a percentage of adjusted EBITDA to be roughly in line with FY25, and net leverage ratio to be approximately 3.8 times at the end of this fiscal year.

我們仍預期 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%。關於現金流，我們仍預期 26 財年調整後營運現金流量佔調整後 EBITDA 的百分比將與 25 財年大致持平，本財年末淨槓桿比率約為 3.8 倍。

In conclusion, as we work to close the WiseTech transaction and start an exciting new chapter in E2open's growth and development, our business is well positioned to be a strong contributor to the success of the combined company. We look forward to partnering with WiseTech to bring further innovation to the supply chain industry to create new levels of value for our many clients and to continue to provide a great place to work for our talented E2open employees.

總而言之，隨著我們努力完成 WiseTech 交易並開啟 E2open 成長和發展令人興奮的新篇章，我們的業務已做好準備，為合併後公司的成功做出強有力的貢獻。我們期待與 WiseTech 合作，為供應鏈產業帶來進一步的創新，為我們的眾多客戶創造新的價值，並繼續為我們優秀的 E2open 員工提供良好的工作場所。

I want to thank everyone for joining us today. This concludes our call.

我要感謝今天與我們一起參加的各位。我們的通話到此結束。

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

今天的會議到此結束，大家可以斷開連線了。感謝您的參與。