Manhattan Associates Inc (MANH) 2023 Q2 法說會逐字稿

Good afternoon. My name is Camilla, and I will be your conference facilitator today. At this time, I would like to welcome everyone to the Manhattan Associates' Second Quarter 2023 Conference Call. All lines have been placed on mute to prevent any background noise. (Operator Instructions) As a reminder, ladies and gentlemen, this call is being recorded today, July 25, 2023.

下午好。我叫卡米拉，今天我將擔任你們的會議主持人。此時此刻，我謹歡迎大家參加曼哈頓聯合公司 2023 年第二季度電話會議。所有線路均已靜音，以防止任何背景噪音。 （操作員說明）女士們先生們，謹此提醒，本次通話將於今天（2023 年 7 月 25 日）進行錄音。

I would now like to introduce your host, Mr. Michael Bauer, Head of Investor Relations of Manhattan Associates. Mr. Bauer, you may begin your conference.

現在我想介紹一下主持人，曼哈頓聯合公司投資者關係主管邁克爾·鮑爾先生。鮑爾先生，您可以開始會議了。

Great. Thank you, Camilla, and good afternoon, everyone. Welcome to Manhattan Associates 2023 Second Quarter Earnings Call. I will review our cautionary language and then turn the call over to Eddie Capel, our CEO.

偉大的。謝謝卡米拉，大家下午好。歡迎參加曼哈頓公司 2023 年第二季度財報電話會議。我將回顧我們的警告性語言，然後將電話轉給我們的首席執行官埃迪·卡佩爾 (Eddie Capel)。

During this call, including the question-and-answer session, we may make forward-looking statements regarding future events or the future financial performance of Manhattan Associates. You are cautioned that these forward-looking statements involve risk and uncertainties, are not guarantees of future performance and that actual results may differ materially from the projections contained in our forward-looking statements.

在本次電話會議（包括問答環節）中，我們可能會對曼哈頓聯合公司的未來事件或未來財務業績做出前瞻性陳述。請注意，這些前瞻性陳述涉及風險和不確定性，不能保證未來業績，實際結果可能與我們前瞻性陳述中包含的預測存在重大差異。

I refer you to reports Manhattan Associates files with the SEC for important factors that could cause actual results to differ materially from those in our projections, particularly our annual report on Form 10-K for fiscal year 2022 and the risk factor discussion in that report as well as any risk factor updates we provide in our subsequent Form 10-Qs. We note the turbulent global macro environment could impact our performance and cause actual results to differ materially from our projections. We are under no obligation to update these statements.

我建議您參閱曼哈頓公司向 SEC 提交的報告，了解可能導致實際結果與我們的預測產生重大差異的重要因素，特別是我們 2022 財年 10-K 表格的年度報告以及該報告中的風險因素討論：以及我們在後續表格10-Q 中提供的任何風險因素更新。我們注意到，動蕩的全球宏觀環境可能會影響我們的業績，並導致實際結果與我們的預測存在重大差異。我們沒有義務更新這些聲明。

In addition, our comments include certain non-GAAP financial measures to provide additional information to investors. We have reconciled all non-GAAP measures to the related GAAP measures in accordance with SEC rules. You'll find reconciliation schedules in the Form 8-K we submitted to the SEC earlier today and on our website at manh.com.

此外，我們的評論還包括某些非公認會計準則財務指標，以便為投資者提供更多信息。我們已根據 SEC 規則將所有非 GAAP 衡量標準與相關 GAAP 衡量標准進行了調整。您可以在我們今天早些時候提交給 SEC 的 8-K 表格以及我們的網站 manh.com 上找到對賬時間表。

Now I'll turn the call over to Eddie.

現在我將把電話轉給埃迪。

Very good. Thanks, Mike. Well, good afternoon, everyone, and thank you for joining us as we review our second quarter results and discuss our increased full year 2023 outlook. Manhattan delivered record Q2 and first half results. For the quarter, total revenue increased 20% to $231 million, and adjusted earnings per share increased 28% to $0.88, both exceeding our expectations. Q2 was our ninth consecutive all-time record revenue quarter.

非常好。謝謝，邁克。好吧，大家下午好，感謝您加入我們，我們將回顧第二季度的業績並討論我們提高的 2023 年全年展望。曼哈頓第二季度和上半年業績創下歷史新高。本季度總收入增長 20%，達到 2.31 億美元，調整後每股收益增長 28%，達到 0.88 美元，均超出我們的預期。第二季度是我們連續第九個季度收入創歷史新高。

Driving top line outperformance and earnings leverage was 44% growth in cloud revenue and 23% growth in services revenue. And this encompasses double-digit top line growth across all our geographies as our global teams continue to execute very well for our customers.

雲收入增長 44%，服務收入增長 23%，推動了營收表現和盈利槓桿的增長。隨著我們的全球團隊繼續為客戶提供出色的服務，我們所有地區的營收都實現了兩位數的增長。

More global macro volatility continues to be persistent. Manhattan's business fundamentals are solid. Demand for our solutions are robust, customer satisfaction is high and investment in research and development in our associates continues to widen our technological leadership across supply chain execution, omnichannel and retail point-of-sale markets.

全球宏觀波動繼續加劇。曼哈頓的商業基礎穩固。對我們解決方案的需求強勁，客戶滿意度很高，而且我們員工的研發投資不斷擴大我們在供應鏈執行、全渠道和零售銷售點市場的技術領先地位。

Now RPO, the leading indicator of our growth increased 38% to just over $1.2 billion. Demand for our mission-critical cloud solutions remains strong and resilient across all of our product portfolio. From a vertical perspective, retail, manufacturing and wholesale to continue to drive more than 80% of our bookings for the quarter. And across our solutions, the sub-verticals are pretty diverse. For example, in the quarter, cloud deals won include a beverage distributor, a luxury brand and specialty retailer, a food distribution services company, and office supply retailer, a technology distributor, and home furnishing brands in manufacture as well as a number of others.

現在，我們增長的領先指標 RPO 增長了 38%，達到略高於 12 億美元。在我們的所有產品組合中，對我們的關鍵任務雲解決方案的需求仍然強勁且富有彈性。從垂直角度來看，零售、製造和批發將繼續推動我們本季度 80% 以上的預訂。在我們的解決方案中，子垂直領域非常多樣化。例如，本季度贏得的雲交易包括一家飲料分銷商、一家奢侈品牌和專業零售商、一家食品分銷服務公司、一家辦公用品零售商、一家技術分銷商、製造中的家居品牌以及其他一些公司。

Now year-to-date, competitive win rates continue to be pretty solid at about 75%. With 25% of our new cloud bookings being generated from net new logos. Additionally, in Q2, we had a healthy mix of conversions, upsells and cross-sells. Well, the timing of large deals and bookings mix will certainly vary on a quarterly basis, we believe the breadth across sales categories and products exemplifies our multiple opportunities for sustainable future growth.

今年迄今為止，競爭勝率仍然保持在 75% 左右。我們 25% 的新雲預訂是由淨新徽標產生的。此外，在第二季度，我們實現了轉化、追加銷售和交叉銷售的健康組合。嗯，大型交易和預訂組合的時間肯定會按季度有所不同，我們相信銷售類別和產品的廣度體現了我們未來可持續增長的多種機會。

Foundational to that growth is the combination of our ability to deliver industry-leading solution and service to our customers. Our best-of-breed cloud native platform and solutions provide unmatched access to innovation and are a key component to our customers' success. Helping our clients strengthen their relationships with their end customers, drive more revenue and improve efficiency. These powerful benefits are translating into a robust solutions pipeline that has new potential customers representing about 35% of our demand.

這一增長的基礎是我們向客戶提供行業領先的解決方案和服務的能力。我們一流的雲原生平台和解決方案提供無與倫比的創新途徑，是客戶成功的關鍵組成部分。幫助我們的客戶加強與最終客戶的關係，增加收入並提高效率。這些強大的優勢正在轉化為強大的解決方案渠道，新的潛在客戶約占我們需求的 35%。

As solid product activity is also driving our services growth and pipeline. For example, our professional services team completed over 100 go-lives in the quarter and continues to perform superbly for our customers. Now to support our growth, we're making pretty solid progress on our hiring goal of approximately 450 new associates for 2023. In Q2, we added over 150 new team members, bringing our total new hires to over 330 for the first half of the year and over 900 over the past 18 months. And while we remain appropriately cautious regarding the global economy, we continue to invest for growth. This includes strategic investments in industry innovation, further enablement of our customer success and expanding our addressable market.

由於紮實的產品活動也推動了我們的服務增長和管道。例如，我們的專業服務團隊在本季度完成了 100 多次上線，並繼續為我們的客戶提供出色的服務。現在，為了支持我們的發展，我們在2023 年招聘約450 名新員工的目標方面取得了相當紮實的進展。第二季度，我們增加了150 多名新團隊成員，使上半年新員工總數超過330人。過去 18 個月內超過 900 個。儘管我們對全球經濟保持適當的謹慎態度，但我們繼續投資以促進增長。這包括對行業創新的戰略投資、進一步促進客戶成功以及擴大我們的目標市場。

In late May, at our global conference momentum, we showcased some of our industry-leading innovation. Our customer attendance trends continue to be strong, with both 2022 and 2023 conferences running above prepandemic attendance levels. A part of the explanation for our continued engagement growth at Momentum is the expanded breadth of the customer personas that we serve. And this includes significant participation level increases from both store systems leadership and technologists within our customer base. And this will be the focus of my brief product update today.

五月下旬，在我們的全球會議勢頭上，我們展示了一些行業領先的創新。我們的客戶出席率趨勢繼續強勁，2022 年和 2023 年會議的出席率均高於大流行前的水平。 Momentum 參與度持續增長的部分原因是我們服務的客戶角色範圍不斷擴大。這包括我們客戶群中商店系統領導層和技術人員的參與水平顯著提高。這將是我今天簡短的產品更新的重點。

Now as you'll recall from prior calls, and it's clearly noted in the recent Forrester Wave for omnichannel order management, we're the definitive market leader when it comes to providing store capabilities around order fulfillment. In fact, every day, nearly 100,000 store associates use our cloud-native technology to ship orders to customers' homes, get them ready for pickup and curbside and perform other critical omnichannel retail functions.

現在，正如您從之前的電話中回想起的那樣，並且在最近的 Forrester Wave 的全渠道訂單管理中明確指出，在提供圍繞訂單履行的商店功能方面，我們是絕對的市場領導者。事實上，每天都有近 100,000 名商店員工使用我們的雲原生技術將訂單運送到客戶家中，讓他們做好取貨和路邊準備，並執行其他關鍵的全渠道零售功能。

Additionally, as our customers evolve their consumer experiences, we've cutting edge advancements waiting to help them. For example, this year, we unveiled native support for RFID within our store applications, and we're currently working with several leading retailers to deploy this technology. Support for RFID delivers a dramatic improvement in store inventory accuracy, a metric which has a direct impact on store fulfillment of online orders and the digital consumer experience. RFID can also deliver significant reduction in store associate labor hours. And we've also built RFID support in that into a point-of-sale application. So checkout and returns faster and easier for the customer.

此外，隨著我​​們的客戶不斷發展他們的消費者體驗，我們擁有尖端的進步等待著幫助他們。例如，今年，我們在商店應用程序中推出了對 RFID 的本地支持，目前我們正在與幾家領先的零售商合作部署這項技術。對 RFID 的支持極大地提高了商店庫存的準確性，這一指標對商店在線訂單的履行和數字消費者體驗有直接影響。 RFID 還可以顯著減少商店員工的勞動時間。我們還在銷售點應用程序中構建了 RFID 支持。因此，客戶結帳和退貨變得更快、更輕鬆。

Now speaking of point-of-sale, we recently closed a new point-of-sale deal with a leading North American outdoor apparel brand. And this deal was notable for a few reasons, including that our point-of-sale is the very first application that they're subscribing to from Manhattan. And what we believe more strongly than ever in the power of unification within omnichannel and supply chain, it's also important to be able to compete successfully on an application by an application basis for brand-new business.

現在談到銷售點，我們最近與北美領先的戶外服裝品牌達成了一項新的銷售點協議。這筆交易之所以引人注目，有幾個原因，其中包括我們的銷售點是他們從曼哈頓訂閱的第一個應用程序。我們比以往任何時候都更加堅信全渠道和供應鏈內統一的力量，因此能夠在一個應用程序基礎上對全新業務進行成功競爭也很重要。

Now turning to another key customer constituency, a constituent that was present at our Momentum conference technologists. Ever since the first release of Manhattan Active platform in 2017, we've made it a priority to deliver new capabilities each quarter focused on the technologies within our customer base from unmatched library of API endpoint extension points and a full extensibility focused application. The focus we have on serving technologists and developers has never been more apparent.

現在轉向另一個關鍵客戶群體，即出席我們 Momentum 會議的技術專家。自 2017 年首次發布曼哈頓 Active 平台以來，我們一直將每個季度提供新功能作為首要任務，重點關注我們客戶群中的技術，包括無與倫比的 API 端點擴展點庫和全面的可擴展性應用程序。我們對為技術人員和開發人員提供服務的關注從未如此明顯。

Now it's easier than ever for our customers to tie our APIs into their broader supply chain commerce system landscape. Now our Manhattan Active platform technology sessions of momentum this year were, frankly, standing room, only. But our customers weren't just there to hear about the tools for the technologists. Given the modern API-first architecture of the Manhattan Active platform, they also wanted to learn about the possibilities that open AI might afford us all. We believe that the combination of best-in-class supply chain commerce solutions, a modern technology architecture and generative AI has strategic and game-changing potential for all of us. But what we wanted to do at Momentum was feature some real-world working generative AI prototypes for our customers so that we could bring the abstract to life for them. So I thought I'd share a couple of those proof of concepts that we demonstrated of Momentum with you today.

現在，我們的客戶比以往任何時候都更容易將我們的 API 與他們更廣泛的供應鏈商務系統環境聯繫起來。坦率地說，今年我們的曼哈頓活躍平台技術會議勢頭強勁，只有站立的空間。但我們的客戶不僅僅是為了了解技術人員的工具。鑑於曼哈頓活躍平台的現代 API 優先架構，他們還想了解開放人工智能可能為我們所有人帶來的可能性。我們相信，一流的供應鏈商務解決方案、現代技術架構和生成式人工智能的結合對我們所有人都具有戰略和改變遊戲規則的潛力。但我們在 Momentum 想做的是為我們的客戶提供一些現實世界中可工作的生成式人工智能原型，以便我們能夠為他們將抽像變為現實。所以我想我應該與大家分享我們今天展示的 Momentum 的一些概念證明。

Now one of the challenges of using best-in-class agile supply chain technology is there -- around the almost infinite flexibility and configurability that it offers. And while machine learning can help with system self tuning, workflow adaptation and optimization through manual configuration can sometimes be pretty time-consuming and sometimes even challenging.

現在，使用一流的敏捷供應鏈技術面臨的挑戰之一是它提供的幾乎無限的靈活性和可配置性。雖然機器學習可以幫助系統自我調整，但通過手動配置進行工作流程調整和優化有時可能非常耗時，有時甚至具有挑戰性。

And we believe the power of natural language models can help on both fronts. By providing super fast and easy access to key documentation, knowledge bases and explainer videos, but also by giving our customers the ability to configure our application directly from text-based dialogue. What's fully productized this powerful facility will allow us -- allow for both faster initial implementation of our systems and the ability to quickly adapt configuration to changing business conditions and new innovation.

我們相信自然語言模型的力量可以在這兩方面提供幫助。通過提供對關鍵文檔、知識庫和講解視頻的超級快速和輕鬆的訪問，而且還使我們的客戶能夠直接通過基於文本的對話配置我們的應用程序。這個功能強大的設施的完全產品化將使我們能夠更快地初始實施我們的系統，並能夠快速調整配置以適應不斷變化的業務條件和新的創新。

And we've also had some initial success by using large language models to write code. During an implementation, for example, integration to our systems into the broader ecosystem can sometimes be one of the proverbial long poles in the tent. But in our labs, we've seen these LLMs successfully developed integration code across several key endpoints. And whilst progress in this area is very early, it is meaningful and very encouraging nonetheless.

通過使用大型語言模型來編寫代碼，我們也取得了一些初步的成功。例如，在實施過程中，將我們的系統集成到更廣泛的生態系統中有時可能是眾所周知的帳篷中的長桿之一。但在我們的實驗室中，我們看到這些法學碩士成功開發了跨多個關鍵端點的集成代碼。儘管這一領域的進展還處於早期階段，但它是有意義且非常令人鼓舞的。

And my final example is we're also optimistic about this technology's ability to deliver strategic step change in chatbots focused on the end consumer. Chatbot technology of the past has certainly successfully automated simple questions and answers around things like order and delivery status. But by and large, these capabilities have been confined to a pretty finite and fairly narrow set of capabilities.

我的最後一個例子是，我們也對這項技術能夠為專注於最終消費者的聊天機器人帶來戰略性變革的能力感到樂觀。過去的聊天機器人技術無疑已經成功地自動化了圍繞訂單和交付狀態等問題的簡單問題和答案。但總的來說，這些功能僅限於相當有限且相當狹窄的功能集。

Using LLMs, we think the range of what chat bots can do can expand enormously. And given our focus on all things customer service related is a real opportunity to deliver next-generation end consumer experiences around chat spot -- chatbot and customer engagement. Well, as you can probably tell, we're pretty excited about the potential opportunities around LLMs, and we'll continue to work and collaborate with our technology partners to progress our strategy into the future.

通過使用法學碩士，我們認為聊天機器人的工作範圍可以大大擴展。鑑於我們對與客戶服務相關的所有事情的關注，這是圍繞聊天點（聊天機器人和客戶參與）提供下一代最終消費者體驗的真正機會。嗯，正如您可能知道的那樣，我們對法學碩士周圍的潛在機會感到非常興奮，我們將繼續與我們的技術合作夥伴合作，以推進我們的未來戰略。

So that concludes my business update. Dennis is going to provide you with an update on our financial performance and our outlook. And then I'll close our prepared remarks with a very brief summary before we move to Q&A. So Dennis?

我的業務更新到此結束。丹尼斯將為您提供有關我們財務業績和前景的最新信息。然後，在進入問答環節之前，我將用一個非常簡短的總結來結束我們準備好的發言。那麼丹尼斯？

Okay. Thanks, Eddie. Our Manhattan global teams continue to execute very well in a challenging macro environment. For the quarter, we delivered a strong, balanced financial performance across top line growth, operating margin and cash flow. This includes posting record results across revenue, RPO, adjusted operating margin and earnings per share.

好的。謝謝，艾迪。我們的曼哈頓全球團隊在充滿挑戰的宏觀環境中繼續表現出色。本季度，我們在營收增長、營業利潤率和現金流方面實現了強勁、平衡的財務業績。這包括在收入、RPO、調整後營業利潤和每股收益方面公佈創紀錄的業績。

On an as-reported basis, our Q2 results came in at the Rule of 50. And if our revenue growth is normalized for our cloud transition, which excludes license and maintenance revenue, our results exceeded the Rule of 50. FX really did not have a meaningful impact to RPO or revenue in the quarter. Also in reviewing our strong financial performance, growth rates are on a year-over-year basis unless otherwise stated.

根據報告，我們第二季度的業績符合 50 法則。如果我們的收入增長因雲轉型而正常化（不包括許可和維護收入），那麼我們的業績就超過了 50 法則。FX 確實沒有對本季度的RPO或收入產生重大影響。此外，在審查我們強勁的財務業績時，除非另有說明，否則增長率都是按年計算的。

Looking at total revenue. Total revenue was $230 million, up 20%, excluding license and maintenance revenue, which removes the compression driven by our cloud transition, our total revenue was up 27%. Cloud revenue totaled $61 million, up 44%. As Eddie highlighted, we ended the quarter with RPO of $1.2 billion, up 38% compared to the prior year and up 7% sequentially.

看看總收入。總收入為 2.3 億美元，增長 20%，不包括許可和維護收入，消除了雲轉型帶來的壓縮，我們的總收入增長了 27%。雲收入總計 6100 萬美元，增長 44%。正如 Eddie 強調的那樣，本季度末我們的 RPO 為 12 億美元，比上年增長 38%，比上一季度增長 7%。

Our RPO performance was a healthy, healthy mix of sales across our sales categories, including conversions, new logos and upsells cross-sells as well as solid results from our Manhattan Active suite of products. We also experienced some larger deals push on a timing combined with a few customers experiencing bankruptcies.

我們的 RPO 績效是整個銷售類別的健康、健康的銷售組合，包括轉化、新徽標和追加銷售交叉銷售以及我們的曼哈頓活躍產品套件的堅實成果。我們還經歷了一些較大的交易推動以及一些客戶破產的情況。

While immaterial as a percentage of RPO without the bankruptcy contraction, our sequential RPO increase would have been roughly in line with Q1 or about $100 million. Also as of June 30, 98% of our RPO represents cloud-native subscriptions. Global Services smoked it, delivering record revenue totaling $125 million up 23% as cloud sales continue to fuel services revenue growth globally.

雖然在沒有破產收縮的情況下，RPO 的百分比並不重要，但我們的 RPO 連續增長將與第一季度大致一致，即約 1 億美元。截至 6 月 30 日，我們 98% 的 RPO 代表云原生訂閱。隨著雲銷售繼續推動全球服務收入增長，全球服務實現了創紀錄的總收入 1.25 億美元，增長 23%。

Adjusted operating profit, we like profit was $68 million with adjusted operating margin of 29.6%, up 210 basis points year-over-year. Our performance was driven by strong cloud and services revenue growth, combined with operating leverage as our cloud business scales. Importantly, as Eddie discussed, we continue to also invest for future growth. This resulted in Q2 earnings per share of $0.88, up 28% and GAAP earnings per share of $0.63, up 29%. We don't take GAAP for granted.

調整後營業利潤，我們預計利潤為 6800 萬美元，調整後營業利潤率為 29.6%，同比增長 210 個基點。我們的業績是由雲和服務收入的強勁增長以及雲業務規模擴大的運營槓桿推動的。重要的是，正如埃迪所討論的，我們還繼續為未來的增長進行投資。這導致第二季度每股收益為 0.88 美元，增長 28%，GAAP 每股收益為 0.63 美元，增長 29%。我們並不認為 GAAP 是理所當然的。

Turning to cash. Operating cash flow was a solid $41 million with timing of collections driving the year-over-year change. This resulted in free cash flow margin of 17% for the quarter, with year-to-date free cash flow margin totaling 22%. Year-to-date operating cash flow increased 18% to $99 million, and includes absorbing about $37 million in cash taxes paid in the first half of the year. For the full year 2023, we are on pace to pay approximately $75 million to Uncle Sam in cash taxes.

轉向現金。運營現金流為 4100 萬美元，收款時間推動了同比變化。這使得該季度的自由現金流利潤率為 17%，而年初至今的自由現金流利潤率為 22%。年初至今的運營現金流增長了 18%，達到 9,900 萬美元，其中包括吸收了上半年支付的約 3,700 萬美元的現金稅。 2023 年全年，我們將向山姆大叔繳納約 7500 萬美元的現金稅。

Moving to the balance sheet. Deferred revenue increased 28% to $227 million. We ended the quarter with $153 million in cash and 0 debt. Accordingly, we leveraged our strong cash position and invested $67 million in share repurchases in the quarter, resulting in $141 million in buybacks year-to-date. Also, our Board has approved the replenishment of our $75 million share repurchase authority.

轉向資產負債表。遞延收入增長 28%，達到 2.27 億美元。本季度結束時，我們的現金為 1.53 億美元，債務為零。因此，我們利用強大的現金狀況，在本季度投資了 6700 萬美元用於股票回購，今年迄今的回購額達到 1.41 億美元。此外，我們的董事會還批准補充 7500 萬美元的股票回購授權。

On to our updated 2023 guidance. As consistently mentioned, our financial objective is to deliver sustainable double-digit top line growth and top quartile operating margins benchmarked against enterprise SaaS comps. This includes a balanced investment approach to growth and profitability.

關於我們更新的 2023 年指南。正如一直提到的，我們的財務目標是實現可持續的兩位數營收增長和以企業 SaaS 比較為基準的最高四分之一的營業利潤率。這包括實現增長和盈利的平衡投資方法。

With our strong first half performance and increasing visibility we are again raising our 2023 revenue, operating margin and EPS guidance. We are also reiterating our 2023 RPO guidepost range and midpoint of $1.35 billion, consistent with our recent earnings releases. Our guidepost and guidance ranges can be found in today's earnings release, supplemental schedules. All guidance references made on today's call will be the midpoint of their respective ranges.

憑藉上半年強勁的業績和不斷提高的知名度，我們再次提高了 2023 年收入、營業利潤率和每股收益指引。我們還重申 2023 年 RPO 指導範圍和中值 13.5 億美元，與我們最近發布的財報一致。我們的指南和指導範圍可以在今天的收益發布和補充時間表中找到。今天電話會議上提出的所有指導參考都將是各自範圍的中點。

As noted on prior earnings calls, we will be updating our RPO outlook on an annual basis. And lastly, on RPO, as previously noted, our bookings performance is impacted by the number and relative value of large deals we close in any quarter, which can potentially cause lumpiness or nonlinear bookings throughout the year.

正如之前的財報電話會議所指出的，我們將每年更新我們的 RPO 前景。最後，就 RPO 而言，如前所述，我們的預訂業績受到我們在任何季度完成的大型交易的數量和相對價值的影響，這可能會導致全年的預訂量出現波動或非線性。

So for full year 2023, we expect total revenue of $890 million, up $30 million or 3% from our prior midpoint of $860 million. Excluding license and maintenance attrition, this represents 24% growth. All in, our target is 16%. For Q3, we expect total revenue of $226 million, with 24% year-over-year growth ex license and maintenance, all in our target is 14%. And for operating margin, we are increasing our midpoint to 27.5%, up from our prior midpoint of 26.5%. Included in this outlook is a 150-plus basis points headwind from the reduction in license and maintenance revenue. As Eddie highlighted, given the combination of our demand and size of our opportunity, we are continuing to invest in our business.

因此，我們預計 2023 年全年總收入為 8.9 億美元，比之前的 8.6 億美元中值增加 3,000 萬美元，增幅為 3%。不包括許可證和維護消耗，這意味著增長 24%。總而言之，我們的目標是 16%。對於第三季度，我們預計總收入為 2.26 億美元，扣除許可和維護費用後同比增長 24%，我們的目標是 14%。對於營業利潤率，我們將中點從之前的 26.5% 提高到 27.5%。這一前景包括許可證和維護收入減少帶來的 150 多個基點的阻力。正如埃迪強調的那樣，考慮到我們的需求和機會的大小，我們將繼續投資於我們的業務。

At the midpoint, we are targeting Q3 operating margin of 27% and 24.3% in Q4, which accounts for retail peak seasonality. Our full year adjusted earnings per share outlook is increasing by $0.21 to $3.09, up 7% from our prior midpoint of $2.88. On a quarterly basis, we are targeting Q3 to be $0.77 and $0.65 in Q4, which again accounts for Q4 retail peak seasonality.

就中點而言，我們的目標是第三季度營業利潤率為 27%，第四季度營業利潤率為 24.3%，這考慮到了零售旺季。我們將全年調整後每股收益預期上調 0.21 美元，至 3.09 美元，較之前 2.88 美元的中點上漲 7%。按季度計算，我們的目標是第三季度為 0.77 美元，第四季度為 0.65 美元，這再次考慮了第四季度的零售旺季。

For GAAP earnings per share, our midpoint increases by $0.17 to $2.20, up 8% from our prior $2.03 midpoint. And for Q3, we are targeting GAAP earnings per share of $0.53. Here are some additional details on our 2023 outlook. We are increasing our cloud revenue midpoint to $247 million, representing 40% growth and is up 3% from our prior midpoint of $240 million. On a quarterly basis, we are targeting $63 million in Q3 and about $66 million in Q4. For services, we are increasing our forecast of $473 million to $479 million. The $476 million midpoint represents 21% growth, and is up $17 million or 4% from our prior $459 million midpoint.

對於 GAAP 每股收益，我們的中點增加了 0.17 美元，達到 2.20 美元，比之前 2.03 美元的中點上漲了 8%。對於第三季度，我們的 GAAP 每股收益目標為 0.53 美元。以下是我們對 2023 年展望的一些其他詳細信息。我們將雲收入中值提高至 2.47 億美元，增長 40%，比之前 2.4 億美元的中值增長 3%。按季度計算，我們第三季度的目標是 6300 萬美元，第四季度的目標是 6600 萬美元左右。對於服務業，我們將預測從 4.73 億美元上調至 4.79 億美元。 4.76 億美元的中點代表了 21% 的增長，比之前 4.59 億美元的中點增加了 1700 萬美元，即 4%。

On a quarterly basis, we are targeting Q3 services revenue of $125 million and $110 million in Q4, which accounts for retail peak seasonality. For maintenance, we are targeting $131.5 million or an 8% decline. On a quarterly basis, we are targeting Q3 at $31 million and Q4 at $29 million. We expect hardware revenue of about $5.5 million per quarter and expect license of $1.5 million per quarter.

按季度計算，我們的目標是第三季度服務收入為 1.25 億美元，第四季度服務收入為 1.1 億美元，這是零售旺季的原因。對於維護，我們的目標是 1.315 億美元，即下降 8%。按季度計算，我們的目標是第三季度為 3100 萬美元，第四季度為 2900 萬美元。我們預計每季度硬件收入約為 550 萬美元，許可收入為每季度 150 萬美元。

For consolidation subscription, maintenance and services margin, we continue to target about 54% for the full year. On a quarterly basis, we are targeting approximately 54.5% in Q3 and 53.5% in Q4 on retail peak seasonality. And finally, we expect our tax rate to be 21.5% and our diluted share count to be 62.6 million shares, which assumes no buyback activity.

對於合併認購、維護和服務利潤率，我們繼續將全年目標定為 54% 左右。按季度計算，我們的目標是零售旺季第三季度約為 54.5%，第四季度約為 53.5%。最後，我們預計稅率為 21.5%，稀釋後股票數量為 6260 萬股（假設沒有回購活動）。

So in summary, solid execution by the Manhattan global team and a great Q2 and first half performance. Thank you, and back to Eddie.

總而言之，曼哈頓全球團隊的出色執行力以及第二季度和上半年的出色表現。謝謝你，回到埃迪。

Very good. Thank you, Dennis. Well, we're pleased. We're pleased with our second quarter and our first half results. And while we certainly continue to be appropriately cautious on the volatile macro conditions, Manhattan's business momentum remains positive.

非常好。謝謝你，丹尼斯。嗯，我們很高興。我們對第二季度和上半年的業績感到滿意。儘管我們肯定會繼續對不穩定的宏觀環境保持適當的謹慎態度，但曼哈頓的商業勢頭仍然樂觀。

And we're just very optimistic about our long-term market opportunity. So thank you, everybody, for joining the call, and thank you to our global team for all of the really terrific work that you're doing for our customers out there.

我們對長期市場機會非常樂觀。因此，感謝大家加入這次電話會議，並感謝我們的全球團隊為我們的客戶所做的所有出色的工作。

Well, that concludes our prepared remarks. And Camilla, we'd be happy to take any questions.

好了，我們準備好的發言就到此結束。卡米拉，我們很樂意回答任何問題。

(Operator Instructions) thank you and our first question comes from Terry Tillman with Truist Securities.

（操作員說明）謝謝您，我們的第一個問題來自 Truist Securities 的 Terry Tillman。

Eddie, Dennis and Mike. Great GAAP earnings performance, by the way, in the quarter. Maybe, Eddie, I got a question for you and then Dennis had a 2-parter for you. I guess first question for you, Eddie. I mean it's a really important event every year. You all put a lot of effort into it in terms of momentum. The kind of the theme around unified commerce, I think, is intriguing. How does that resonate with some of the interactions and maybe even some of the prospects there at the conference because what I'm getting at is they're using a lot of tools probably to do buy online, pick up in store, but it's a lot of point solutions.

埃迪、丹尼斯和邁克。順便說一句，本季度的 GAAP 收益表現出色。也許，艾迪，我有一個問題要問你，然後丹尼斯有一個兩人的問題要問你。我想你的第一個問題是，埃迪。我的意思是，每年這都是一個非常重要的事件。就動力而言，你們都付出了很多努力。我認為，圍繞統一商務的主題很有趣。這如何與會議上的一些互動甚至一些潛在客戶產生共鳴，因為我了解到的是他們可能正在使用很多工具在線購買、在商店提貨，但這是一個很多點解決方案。

Do you all see an opportunity, whether it's like that POS win or with your OMS or your other store-level technologies to almost start to be able to create a vendor consolidation play and actually win net new business that way versus just like a WMS deal?

你們是否都看到了機會，無論是 POS 勝利，還是 OMS 或其他商店級技術，幾乎開始能夠創建供應商整合策略，並以這種方式真正贏得淨新業務，而不是像 WMS 交易那樣？

Yes. I mean, that's certainly part of the strategy, Harry. And the good news is that across our OMS and store systems customer base, we're leading with different capabilities, frankly, and then gradually rolling out more and more capabilities as those customers need them. And certainly, you can feel some of the vendor consolidation play as you call it, coming into play and certainly part of the strategy and seems to be taking hold.

是的。我的意思是，這當然是策略的一部分，哈利。好消息是，坦率地說，在我們的 OMS 和商店系統客戶群中，我們以不同的功能處於領先地位，然後根據客戶的需要逐步推出越來越多的功能。當然，您可以感覺到一些供應商整合正在發揮作用，正如您所說的那樣，它們正在發揮作用，並且肯定是戰略的一部分，並且似乎正在紮根。

That's good to hear. And I guess, maybe, Dennis, a follow-up question, the 2-parter. The first part is you definitely handily beat my RPO addition estimate, but I think you did call out a couple of things and puts and takes. I'm curious around a couple of maybe larger deals slipping in the quarter. Is that something that you think timing-wise can be made up in the second half of the year? Or just how do you think about that going forward?

聽起來還不錯。我想，也許，丹尼斯，一個後續問題，兩人的問題。第一部分是，您肯定輕而易舉地超過了我對 RPO 增加的估計，但我認為您確實提出了一些事情以及投入和獲取。我對本季度可能發生的幾筆規模較大的交易感到好奇。您認為下半年可以彌補這一問題嗎？或者您如何看待未來的發展？

And then the second part, and I can repeat all this because I'm long-winded. The second part is just we're getting further and further along through this transformation, both in the business model and the financial model. I'm curious about the visibility as you look into '24 and '25, and just how it's shaping up, both on subscription revenue and services?

然後是第二部分，我可以重複這一切，因為我很囉嗦。第二部分是我們在商業模式和財務模式方面都在這一轉型中走得越來越遠。我很好奇您對“24”和“25”的可見性，以及訂閱收入和服務方面的情況如何？

Yes. Well, I'll take -- just that front-end piece of lumpiness and kind of deals moving around. Terry, that hasn't changed in the -- frankly, in the 23 years or so that I've been here, use the expression puts and takes, and that's what it is. But -- and it's always going to be a little lumpy. We feel like we had a pretty solid Q2 actually. And hey, there's always -- it always seems like there's a couple that got away, but we'll pick those up at the down the river a little bit.

是的。好吧，我會採取——只是前端的塊狀部分和四處移動的交易。特里，坦率地說，在我來到這裡的 23 年左右的時間裡，這一點沒有改變，使用“放”和“取”這樣的表達方式，就是這樣。但是——它總是會有點凹凸不平。我們覺得我們的第二季度實際上非常穩定。嘿，總是有——似乎總是有一對逃跑的情侶，但我們會在河下游把它們撿起來。

Yes. Just the final point, Terry, is visibility is great. We've got a super pipeline in front of us. We've got to execute, obviously, but real happy with the visibility.

是的。特里，最後一點是可見度非常好。我們面前有一條超級管道。顯然，我們必須執行，但對可見性感到非常滿意。

And our next question is from Brian Peterson with Raymond James.

我們的下一個問題來自布萊恩·彼得森和雷蒙德·詹姆斯。

Eddie, maybe just starting with you, you spent some time on generative AI in your prepared remarks. I'm curious to think about the magnitude of what that could do for you guys internally? I know that's early. And as you guys have kind of built this microservices cloud architecture. What does that do to the monetization potential of the business longer term?

Eddie，也許從你開始，你在準備好的演講中花了一些時間討論生成式人工智能。我很想知道這對你們內部能帶來多大的幫助？我知道那還早。你們已經構建了這個微服務雲架構。這對企業長期的貨幣化潛力有何影響？

Well, certainly, we think it's a ton of potential for sure. Now there is -- I'll just -- I'll do a little aside. I think all of us are wondering exactly how much this is going to cost. So we've got to figure -- as we move forward with the practicalities of implementing generative AI. We've got to make sure that we keep our eye on the return on investment, both for internal usage and for our customers.

嗯，當然，我們認為這肯定有很大的潛力。現在——我會——我會做一點事情。我想我們所有人都想知道這到底要花多少錢。因此，當我們推進生成式人工智能的實用性時，我們必須考慮這一點。我們必須確保關注投資回報，無論是內部使用還是客戶的投資回報。

But there is no question that we are, what can only be described as fortunate. When we designed and architected API-first micro services architecture a number of years ago, we didn't know that generative AI was on sort of the horizon. But the fact of the matter is, in order to be able to really benefit from the implementation of generative AI, you need an API-first architecture.

但毫無疑問，我們只能用幸運來形容。幾年前，當我們設計和構建 API 優先的微服務架構時，我們並不知道生成式人工智能即將出現。但事實是，為了能夠真正從生成式人工智能的實施中受益，您需要一個 API 優先的架構。

It's pretty hard to bench generative AI up against the monolithic architecture because it really doesn't have very good ears and doesn't have a mouth to speak back. So we feel very fortunate about that. As I mentioned, we're in the early stages, but whether it be from a knowledge-based perspective, a navigation perspective, a configuration perspective and a code generation perspective, I sort of highlighted all of those just a little bit today.

讓生成式人工智能與整體架構進行比較是相當困難的，因為它確實沒有很好的耳朵，也沒有可以說話的嘴。所以我們對此感到非常幸運。正如我所提到的，我們正處於早期階段，但無論是從基於知識的角度、導航角度、配置角度還是代碼生成角度，我今天都稍微強調了所有這些角度。

We are doing real work and creating real proof of concepts, so that as the technology hardens and becomes more regularly available, we are right on the forefront of being able to a, use the capability to increase our internal efficiency, but also be able to offer a differentiated capability to our customers.

我們正在做實際的工作並創建真正的概念證明，以便隨著技術的加強和變得更加經常可用，我們正處於能夠使用該功能來提高我們的內部效率的最前沿，但也能夠為我們的客戶提供差異化​​的能力。

Great. And maybe just one on hiring, very good progress this quarter. I'm just curious, has the hiring environment eased at all? And given what you've seen in RPO, was there a temptation to kind of raise that hiring target for the year?

偉大的。也許只是招聘方面的一個，本季度進展非常好。我只是好奇，招聘環境有緩和嗎？鑑於您在 RPO 中看到的情況，是否存在提高今年招聘目標的誘惑？

Yes. No. Look, we've got a pretty healthy target. We did 550-or-so last year, 450 is the target for this year. We're on track for that. And no, hiring hasn't got any easier. Now bear in mind, we're after the top technical talent on the planet and nothing has waned in terms of that demand profile. But we're still at it. And we think that if there are folks out there that are looking for a place to invest their career than a market-leading company using forward and modern technology like ours is a really terrific place.

是的。不，看，我們有一個非常健康的目標。去年我們做了550個左右，今年的目標是450個。我們正朝著這個目標邁進。不，招聘並沒有變得更容易。現在請記住，我們正在尋找地球上的頂尖技術人才，而且這種需求狀況並沒有減少。但我們仍在努力。我們認為，如果有人正在尋找一個地方來投資他們的職業生涯，那麼像我們這樣使用先進和現代技術的市場領先公司是一個非常棒的地方。

Pretty solid operating margin adding that headcount, Brian.

加上員工人數，營業利潤相當可觀，布萊恩。

Yes. Yes, it is.

是的。是的。

Our next question is from Joe Vruwink with Baird.

我們的下一個問題來自 Joe Vruwink 和 Baird。

Maybe just a discussion on point-of-sale and how big that business could become over time? And maybe one way to tackle the question. So if I just think about the size of the order management business and appreciating how long Active Omni has been in market.

也許只是討論銷售點以及該業務隨著時間的推移會發展到多大？也許是解決這個問題的一種方法。因此，如果我考慮一下訂單管理業務的規模並了解 Active Omni 進入市場的時間有多長。

Do you think that's maybe a relevant starting point for how big point-of-sale could be and could point-of-sale approach that size over a similar point in its life cycle? I guess what are kind of the puts and takes as you think about forecasting that business because it's obviously a much larger TAM but also comparably newer offering for Manhattan?

您認為這可能是銷售點可以有多大的相關起點，並且銷售點可以在其生命週期的相似點達到這個規模嗎？我想當你考慮預測該業務時，看跌期權和看跌期權是什麼樣的，因為它顯然是一個更大的 TAM，但對於曼哈頓來說也是相對較新的產品？

Yes. Good question, Joe. I think the opportunity for point-of-sale is, for us, is at least as big as our warehouse management system business. Now that is sort of on a go-forward basis, right? I mean we're not going to pick up 30 years of WMS revenue and everything that goes along with that in a short period of time. But if you were to dam that up, start the clock over, over time, I think the opportunity for us is point-of-sale can be as big as WMS. So in other words, bigger than OMS.

是的。好問題，喬。我認為對我們來說，銷售點的機會至少與我們的倉庫管理系統業務一樣大。現在這算是一種向前推進的基礎，對吧？我的意思是，我們不會在短時間內獲得 30 年的 WMS 收入以及與之相關的所有收入。但如果你要阻止它，重新開始計時，隨著時間的推移，我認為我們的機會是銷售點可以像 WMS 一樣大。換句話說，比 OMS 更大。

Okay. Very good. And then just following up on RPO. So good bookings quarter, some big deals slipped, but good bookings, nonetheless. Is kind of the read here that if big deals slipped a bit, then this quarter just had a standout volume of deals and the volume of transactions made up the difference? And I guess if that's true, and we are looking at a higher volume of transactions, does that suggest anything about maybe underlying market health or just how you think about handicapping pipeline conversion because it sounds like the pipeline is also in a good spot?

好的。非常好。然後跟進 RPO。季度預訂量如此之好，一些大宗交易有所下滑，但預訂量仍然不錯。這裡是否有這樣的解讀：如果大宗交易略有下滑，那麼本季度的交易量就很突出，而交易量彌補了差額？我想如果這是真的，而且我們正在考慮更高的交易量，這是否表明潛在的市場健康狀況，或者您如何看待阻礙管道轉換，因為聽起來管道也處於良好位置？

No, I don't think there's really anything to read, Joe, to be perfectly honest into 1 quarter. And I know we frankly get a little boring with how frequently we repeat that there is opportunity for lumpiness in all kinds of different ways, whether it be big deals, new logo acquisition, customer migrations, all those kinds of things.

不，喬，老實說，我認為第一季度沒有什麼可讀的。我知道坦率地說，我們對我們如此頻繁地重複說有可能以各種不同方式出現混​​亂的情況感到有點無聊，無論是大交易、新標誌收購、客戶遷移，還是所有這些事情。

And they do. They bounce around every quarter. And there was nothing really particularly different. When you look across multiple quarters. There was nothing particularly different about this quarter than any other. It was a little different to last quarter, but next quarter will be a little bit different to the one that we've just concluded. So I really don't think there's anything to read into one 90-day period in that regard.

他們確實這麼做了。他們每個季度都會反彈。並沒有什麼特別不同的地方。當你縱觀多個季度時。本季度與其他季度沒有什麼特別不同。與上個季度略有不同，但下個季度將與我們剛剛得出的結論有所不同。所以我真的認為 90 天的時間段在這方面沒有什麼值得解讀的。

Our next question is from Matt Pfau with William Blair.

我們的下一個問題來自馬特·普福和威廉·布萊爾。

Great. Wanted to first ask on the commentary around bankruptcies. I think you said it would have been closer to $100 million in sequential RPO added, if it weren't for those basically implying a $15 million impact. Was that all driven by one customer? Or were there multiple customers in that number?

偉大的。想首先詢問有關破產的評論。我想您說過，如果不是那些基本上意味著 1500 萬美元影響的因素，連續增加的 RPO 會接近 1 億美元。這一切都是由一位客戶推動的嗎？或者這個數字中有多個客戶嗎？

A small handful of customers.

一小部分客戶。

Okay. Got it. And then I wanted to follow up on the commentary around the point-of-sale customer that you added and that, that was the first product that they elected to go with Manhattan. Maybe just a little bit more detail on how that came about? And do they have a road map to add additional products from you?

好的。知道了。然後我想跟進您添加的銷售點客戶的評論，這是他們選擇與曼哈頓搭配的第一個產品。也許只是更詳細地說明這是如何發生的？他們是否有添加您的其他產品的路線圖？

Yes, I think -- look, it's -- there's no guarantee there. We've got to execute well on the work in front of us to be able to garner more business from this customer. But this was a full-on RFP-driven multi-vendor selection process for a stand-alone point-of-sale system. Nothing else alongside it, and really nothing else being considered.

是的，我認為——看，這——沒有任何保證。我們必須出色地完成眼前的工作，才能從該客戶那裡獲得更多業務。但這是一個完全由 RFP 驅動的獨立銷售點系統的多供應商選擇流程。除此之外沒有其他任何事情，實際上也沒有考慮其他任何事情。

And that's really why we called it out. As you know, we're very high on the opportunity around whether it be commerce or supply chain unification. But our ability to be able to, frankly, beat the best of the best in the point-of-sale industry on the merits of that particular product alone was encouraging.

這就是我們呼籲的真正原因。如您所知，無論是商業還是供應鏈統一，我們都非常看好機會。但坦率地說，我們能夠僅憑特定產品的優點就能夠擊敗銷售點行業中的佼佼者，這令人鼓舞。

Our next question is from Mark Schappel with Loop Capital Markets.

我們的下一個問題來自 Loop Capital Markets 的 Mark Schappel。

And nice job on the quarter. Eddie, starting with you with respect to the new active yard management solution that you introduced at the user conference. I was wondering if -- I know it's still early, but I was wondering if you could just add some additional insight in maybe some of the interest you're seeing around the solution and what type of customers are giving you the most interest?

本季度的工作做得很好。 Eddie，首先向您介紹您在用戶會議上介紹的新的主動堆場管理解決方案。我想知道是否——我知道現在還為時過早，但我想知道您是否可以添加一些額外的見解，了解您對解決方案的一些興趣以及什麼類型的客戶對您最感興趣？

Yes. We're excited about it, Mark. And look, it's not the biggest product that we've ever released, of course, but it's sort of an important one. Yard management is, as you know, the physical intersection and unification, the physical unification of WMS and TMS is where those things kind of come together.

是的。我們對此感到很興奮，馬克。當然，這不是我們發布過的最大的產品，但它是一個重要的產品。如您所知，堆場管理是物理交叉和統一，WMS 和 TMS 的物理統一是這些東西結合在一起的地方。

And so we're excited to get out in the field. We're seeing good early interest. And currently, the plan is to have the first live customer in the fall of this year. So pretty good early adoption, frankly.

因此，我們很高興能夠進入該領域。我們看到了早期的良好興趣。目前，計劃是在今年秋季迎來第一個現場客戶。坦率地說，早期採用非常好。

Okay. Great. And then kind of building on that question. Product wise at the user conference, you mentioned that the company is kind of focused on filling in the white space between the solutions. And I think yard management is one of those white spaces. I was wondering if you could just give us some insights maybe what some of the other white spaces might look like?

好的。偉大的。然後以這個問題為基礎。在用戶會議上的產品方面，您提到該公司專注於填補解決方案之間的空白。我認為庭院管理就是其中之一。我想知道您是否可以給我們一些見解，也許其他一些空白可能是什麼樣子？

Yes. Obviously, without getting into the specifics, which I'd get my wrists slapped by all kinds of people if I got into the specifics Mark, but there's a healthy amount of white space still in the supply chain execution area. So in the -- still inside the 4 walls of the distribution center, certainly, the extended execution portfolio and also around the commerce space.

是的。顯然，如果不深入細節，馬克，如果我深入細節，我會被各種各樣的人拍打，但供應鏈執行區域仍然存在大量空白。因此，當然，仍然是在配送中心的 4 堵牆內，擴展的執行組合以及商業空間周圍。

There is, frankly, still a lot to be done. And there's a lot of changes shaping up in the commerce space. Whereas there used to be a very strong, powerful e-commerce platforms, such names as WebSphere Commerce, Hybris, ATG and the like. We're certainly seeing those channels truly starting to collapse from a technology perspective now and certainly more headless approaches to bringing those the physical stores and the e-commerce stores together. And of course, we're right in the middle of all of that. So a lot of opportunities still in front of us and a lot of places for us to deploy our 1,000-plus research and development engineers.

坦率地說，還有很多工作要做。商業領域正在發生許多變化。而以前有一個非常強大、強大的電子商務平台，比如WebSphere Commerce、Hybris、ATG之類的。從技術角度來看，我們現在確實看到這些渠道真正開始崩潰，當然也有更多無頭的方法將實體店和電子商務商店結合在一起。當然，我們正處於這一切之中。所以我們面前還有很多機會，還有很多地方可以部署我們的 1000 多名研發工程師。

And our final question is from Blair Abernethy with Rosenblatt Securities.

我們的最後一個問題來自羅森布拉特證券公司的布萊爾·阿伯內西。

Great quarter, gentlemen. Just wanted to ask for starters more of a macro question. I noticed the EMEA region kind of grew 29% this quarter. It seems to be doing fairly well in what I perceive as a slightly more difficult macro environment there. I'm just wondering if you can give us your sense of how the geographies are looking comparably? And maybe back to sort of at the beginning of this year when you set your guidance for 2023. Are we trending about the same generally from your perspective? Or are things getting worse or better?

先生們，很棒的季度。只是想向初學者詢問更多宏觀問題。我注意到 EMEA 地區本季度增長了 29%。在我認為稍微困難的宏觀環境中，它似乎表現得相當好。我只是想知道您能否告訴我們您對這些地理位置的比較有何看法？也許可以追溯到今年年初，當時您設定了 2023 年的指導。從您的角度來看，我們的趨勢總體上是相同的嗎？或者事情變得更糟還是更好？

About the same from a geographic performance perspective, there are a couple of spots. I don't want to overstate them because -- but they have moved on us a little bit. The U.K. is frankly pretty flat. We had thought there might be a little more supply chain expansion as a function of Brexit and the movement of goods across borders not being quite so straightforward. So that's a little flatter than maybe than we expected.

從地理表現的角度來看，大致相同，有幾個位置。我不想誇大它們，因為——但它們已經對我們產生了一些影響。坦率地說，英國的情況相當平坦。我們曾認為，由於英國脫歐，供應鏈可能會進一步擴張，而且貨物跨境流動不會那麼簡單。所以這比我們預期的要平坦一些。

We thought China might banks back a little faster, particularly on the luxury side of the world than it has. So there are a couple of spots that deviated from our original plan, but as part of the reason we have a multi-geography business here. So we can absorb those ups and downs.

我們認為中國銀行業的複蘇速度可能會比現在快一點，特別是在奢侈品行業。因此，有幾個地點偏離了我們最初的計劃，但這是我們在這裡開展多地域業務的原因之一。所以我們可以吸收這些起伏。

And again, I don't want to make a big deal of either of those. I'm just giving you a couple of examples. Sure. There's a few things that are moved around on us a little bit. We put what we thought was a perfect plan together. And guess what? It's changed along the way. And my guess is it will change just a little bit even between now and the end of the year, probably.

再說一遍，我不想對這兩件事小題大做。我只是給你舉幾個例子。當然。有一些事情在我們身上發生了一些變化。我們把我們認為完美的計劃放在一起。你猜怎麼著？一路走來都變了。我的猜測是，即使從現在到今年年底，情況也可能會發生一點點變化。

Okay. Great. And then just back on the product side for a moment. Your commentary and some of the things you were talking about Momentum. What would you say sitting back here with a crystal ball, what do you think are going to be the most impactful areas for Manhattan Associates with leveraging some of this new technology?

好的。偉大的。然後回到產品方面。您的評論以及您談論的一些有關 Momentum 的內容。坐在這裡，拿著水晶球，您認為曼哈頓聯合公司利用這些新技術的最有影響力的領域是什麼？

Well, look, we're -- we've got a market-leading position with next-generation warehouse management. And I think that the continued need for distribution -- advanced distribution capability is going to continue for as far as we can see. Our order management suite of solutions is market-leading as well.

好吧，看，我們在下一代倉庫管理方面處於市場領先地位。我認為，就我們所見，對分銷的持續需求——先進的分銷能力將持續下去。我們的訂單管理解決方案套件也處於市場領先地位。

And certainly, there's the continued evolution of the commerce side of the world. Bringing together transportation management, warehouse management, inventory management, commerce solutions and a unified suite of solutions has a great deal of promise and upside for us.

當然，世界商業方面也在不斷發展。將運輸管理、倉庫管理、庫存管理、商務解決方案和一套統一的解決方案結合在一起，對我們來說有很大的前景和優勢。

If you were to ask me what has got the greatest CAGR opportunity, it would be our point-of-sale solution simply because we are so early to the game in a market that is being disrupted. So maybe if the question is where do we maybe get the most the single most leverage, it may be there because the potential for CAGR is greatest.

如果你問我什麼擁有最大的複合年增長率機會，那將是我們的銷售點解決方案，因為我們在一個正在被擾亂的市場中處於領先地位。因此，如果問題是我們在哪裡可以獲得最大的槓桿，那麼它可能就在那裡，因為複合年增長率的潛力是最大的。

Thank you. And with that, this concludes our question-and-answer session. I would like to turn the floor back over to CEO and President, Eddie Capel for closing comments.

謝謝。我們的問答環節到此結束。我想請首席執行官兼總裁埃迪·卡佩爾 (Eddie Capel) 發表結束評論。

Terrific. Thank you, Camilla. Well, I'll just say thank you very much for your time, your support and your diligence. We would appreciate getting on these calls and sharing our results and listening to the feedback. And we look forward to doing the same again about 90 days from now. Thanks a lot. Bye-bye.

了不起。謝謝你，卡米拉。好吧，我只想說非常感謝您的時間、支持和勤奮。我們非常樂意接聽這些電話並分享我們的結果並聽取反饋。我們期待在大約 90 天后再次做同樣的事情。多謝。再見。

This concludes today's teleconference. You may disconnect your lines at this time. Thank you for your participation.

今天的電話會議到此結束。此時您可以斷開線路。感謝您的參與。