Manhattan Associates Inc (MANH) 2023 Q3 法說會逐字稿

Good afternoon. My name is Robert, and I'll be your conference facilitator today. At this time, I'd like to welcome everyone to the Manhattan Associates Third Quarter 2023 Earnings Conference Call.

午安.我叫羅伯特，今天我將擔任你們的會議主持人。現在，我歡迎大家參加曼哈頓聯合公司 2023 年第三季財報電話會議。

(Operator Instructions) As a reminder, ladies and gentlemen, this call is being recorded today, October 24, 2023. 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.

（操作員說明）女士們先生們，謹此提醒，本次電話錄音於今天（2023 年 10 月 24 日）進行。現在我想介紹一下你們的主持人，Manhattan Associates 投資者關係主管 Michael Bauer 先生。鮑爾先生，您可以開始會議了。

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

謝謝羅伯特，大家下午好。歡迎參加曼哈頓公司 2023 年第三季財報電話會議。我將回顧我們的警告性語言，然後將電話轉給我們的執行長 Eddie Capel。

During this call including the Q&A 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 risks 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表現做出前瞻性陳述。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有重大差異。

I refer you to the 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.

我建議您參閱曼哈頓聯合公司向 SEC 提交的報告，以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。

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. In addition, our comments include certain non-GAAP financial measures to provide additional information to investors.

我們注意到，動盪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有重大差異。我們沒有義務更新這些聲明。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資訊。

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. Now I'll turn the call over to Eddie.

我們已根據 SEC 規則將所有非 GAAP 衡量標準與相關 GAAP 衡量標準進行了調整。您可以在我們今天早些時候向 SEC 提交的 8-K 表格以及我們的網站 manh.com 上找到對帳時間表。現在我將把電話轉給艾迪。

Great. Thanks, Mike. Well, good afternoon, everybody, and thank you for joining us as we review our third quarter results and discuss our increased full year 2023 outlook. And a little later in the call, we'll provide some preliminary color anyway on our 2024 guidance.

偉大的。謝謝，麥克。好吧，大家下午好，感謝您加入我們，我們將回顧第三季業績並討論 2023 年全年展望。稍後，在電話會議中，我們將提供有關 2024 年指導的一些初步資訊。

Q3 and year-to-date results set all-time records on both top and bottom lines. For the quarter, total revenue increased 20% to $238 million and adjusted earnings per share increased 59% to $1.05. Both of these metrics were above our expectations.

第三季和年初至今的業績在營收和利潤上都創下了歷史記錄。本季總營收成長 20%，達到 2.38 億美元，調整後每股收益成長 59%，達到 1.05 美元。這兩個指標都超出了我們的預期。

Q3 was our tenth consecutive all-time record revenue quarter. Driving topline outperformance was 44% growth in cloud revenue and 24% growth in services revenue. This encompasses double-digit topline growth across all our geographies as our global teams continue to execute very well for our customers.

第三季是我們連續第十個季度營收創歷史新高。雲端營收成長 44%，服務收入成長 24%，推動營收表現優異。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成長。

While the global macro environment certainly remains volatile, Manhattan's business fundamentals are solid. Demand for our solutions is robust, customer satisfaction is high. And as Dennis is going to elaborate later on in the call, our strong balance sheet and cash flow provides us with plenty of capacity to steadily invest across our growing supply chain execution, Omnichannel and retail point-of-sale end markets.

儘管全球宏觀環境仍然不穩定，但曼哈頓的商業基礎仍然穩固。對我們解決方案的需求強勁，客戶滿意度很高。正如丹尼斯稍後將在電話會議中詳細闡述的那樣，我們強大的資產負債表和現金流為我們提供了充足的能力，可以在不斷增長的供應鏈執行、全通路和零售銷售點終端市場上進行穩定投資。

Now RPO, the leading indicator of our growth increased 37% to just over $1.3 billion. Demand for our mission-critical cloud solutions remains strong and resilient across our entire product portfolio. From a vertical perspective, retail, manufacturing and wholesale continue to drive more than 80% of our bookings in the quarter. And across our solutions, the sub-verticals are pretty diverse.

現在，我們成長的領先指標 RPO 成長了 37%，達到略高於 13 億美元。在我們的整個產品組合中，對我們的關鍵任務雲端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、製造和批發繼續推動我們本季 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。

For example, in the quarter, cloud deals won include an Omnichannel multi-brand retailer, a grocery distributor, a national e-commerce company and aerospace parts distributor, a multichannel apparel retailer and a multinational food manufacturing distributor as well as several others.

例如，本季贏得的雲端交易包括一家全通路多品牌零售商、一家雜貨分銷商、一家全國性電子商務公司和航空航太零件分銷商、一家多通路服裝零售商和一家跨國食品製造分銷商以及其他幾家公司。

For the quarter, competitive win rates were solid at about 75%, and we experienced strength from our new customers with approximately 50% of new cloud bookings being generated from net-new logos.

本季度，競爭獲勝率穩定在 75% 左右，我們從新客戶那裡感受到了力量，大約 50% 的新雲端預訂是由全新標誌產生的。

In addition to the healthy new logo activity, we also experienced a good mix of conversions, upsells and cross-sells. And certainly, while the timing of large deals and the mix of bookings will vary on a quarterly basis, we believe the year-to-date variety and breadth of deals across sales categories and products, exemplifies the value that we deliver and have multiple opportunities for sustainable growth.

除了健康的新標誌活動之外，我們還經歷了轉換、追加銷售和交叉銷售的良好組合。當然，雖然大宗交易的時間和預訂組合會按季度有所不同，但我們相信，今年迄今為止，跨銷售類別和產品的交易的多樣性和廣度體現了我們提供的價值，並擁有多種機會實現可持續增長。

Our solution pipeline remains robust with potential new customers representing about 35% of that demand. Our ability to deliver industry-leading solutions and service to our customers are key drivers for a steady demand. In fact, during Q3, Google recognized Manhattan for this core competency as a Google Cloud partner of the year.

我們的解決方案管道依然強勁，潛在新客戶約佔該需求的 35%。我們為客戶提供業界領先的解決方案和服務的能力是穩定需求的關鍵驅動力。事實上，在第三季度，Google將曼哈頓的這項核心能力認可為年度Google雲端合作夥伴。

Our best-of-breed cloud native platform and solutions provide unmatched access to innovation and a uniquely capable of unifying mission-critical commerce and supply chain functions. And this is differentiating and helps our clients improve customer service and loyalty, drive more revenue and improve efficiency.

我們同類最佳的雲端原生平台和解決方案提供了無與倫比的創新途徑，並具有統一關鍵任務商務和供應鏈功能的獨特能力。這使我們的客戶脫穎而出，並幫助他們改善客戶服務和忠誠度、增加收入並提高效率。

As I mentioned earlier, our business fundamentals are solid, and we continue to invest for growth. This includes strategic investments in industry-leading innovation, further enablement of our customer success and expanding our addressable market. From a hiring standpoint, we've added over 400 new team members year-to-date. This represents about a 10% increase and its terrific progress towards our goal of adding 450 new hires in 2023.

正如我之前提到的，我們的業務基礎穩固，我們將繼續投資以實現成長。這包括對行業領先創新的策略性投資、進一步促進客戶成功以及擴大我們的目標市場。從招募的角度來看，今年迄今我們增加了 400 多名新團隊成員。這意味著增幅約為 10%，是我們在實現 2023 年增加 450 名新員工的目標方面取得的巨大進步。

With our R&D investment at record levels and growing, let's move to a quick update or 2 on our industry-leading solutions. I'm happy to tell you that while small, our point-of-sale business continues to slowly build momentum. We're seeing success on both new sales and implementation fronts with stores being activated at a record pace.

隨著我們的研發投資達到創紀錄水平並不斷增長，讓我們對我們行業領先的解決方案進行快速更新或兩次更新。我很高興地告訴您，雖然規模較小，但我們的銷售點業務仍在緩慢發展。我們看到新的銷售和實施方面都取得了成功，商店以創紀錄的速度開業。

It's now, I think, beyond dispute. The store network will remain an essential part of the overall consumer retail experience. And the vast majority of retailers are in need of a store technology refresh in order to maximize their store fleets potential.

我認為現在已經無可爭議了。商店網路仍將是整體消費者零售體驗的重要組成部分。絕大多數零售商都需要更新商店技術，以最大限度地發揮其商店隊伍的潛力。

Only with an Omnichannel native point-of-sale system, can retailers maximize revenue and margin, while simultaneously delivering that seamless shopping experience that today's consumer demands.

只有利用全通路本地銷售點系統，零售商才能最大限度地提高收入和利潤，同時提供當今消費者所需的無縫購物體驗。

This quarter saw the fastest pace of point-of-sale activations in our history, with customers working quickly and efficiently to get our new technology in place before the holidays. And we look forward to seeing a record number of stores this holiday period, driving incremental sales via endless aisle capabilities and providing seamless in-store fulfillment execution for pickup, shipping, curbside, same-day delivery and beyond.

本季的銷售點啟動速度是我們歷史上最快的，客戶快速且有效率地工作，以便在假期前將我們的新技術部署到位。我們期待在這個假期期間看到創紀錄的商店數量，透過無盡的過道能力推動增量銷售，並為提貨、運輸、路邊、當日送貨等提供無縫的店內履行執行。

Speaking of best-in-class customer service, our Manhattan Active customer engagement solution is also having an encouraging 2023. With a number of customers now live and several more activating before the end of the year, we're having success expanding our operational footprint to the contact center as well.

說到一流的客戶服務，我們的曼哈頓活躍客戶互動解決方案在2023 年也取得了令人鼓舞的成績。隨著許多客戶現已上線，並且在年底前還會有更多客戶激活，我們正在成功擴大我們的營運足跡也到聯絡中心。

Now as a reminder, our Customer Engagement Solution enables agents in the contact center to go far beyond just that basic order management. We enable call center agents to manage cases, manage interactions across half a dozen inbound communication channels and provide differentiated service capabilities like triggering refunds upon carrier scans and dynamic order fulfillment strategies.

現在提醒一下，我們的客戶互動解決方案使聯絡中心的座席能夠進行的工作遠遠超出了基本的訂單管理。我們使呼叫中心代理能夠管理案例，管理六個入站通訊管道的交互，並提供差異化的服務功能，例如在運營商掃描時觸發退款和動態訂單履行策略。

With some exciting go-lives imminent and several recent wins for customer engagement, we're looking forward to the continued growth of this offering within the broader Manhattan Active army suite.

隨著一些令人興奮的上線即將到來以及最近在客戶參與方面取得的幾項勝利，我們期待著該產品在更廣泛的曼哈頓活躍軍隊套件中的持續增長。

And finally, on the Omnichannel front this quarter, we launched an exciting new capability called Fulfillment Insights. It's a first of a kind in the industry. Fulfillment Insights provides our customers with live Omnichannel fulfillment performance benchmark data, allowing them to compare their performance against anonymized data from their peers and their competitors. Now our customers can track live performance versus the industry on important KPIs such as click-to-ship times, click-to-delivery times, store order rejection rates, BOPUS pickup rates and a host of others.

最後，在本季的全通路方面，我們推出了一項令人興奮的新功能，稱為「履行洞察」。這在業界尚屬首次。 Fulfillment Insights 為我們的客戶提供即時全通路履行績效基準數據，使他們能夠將自己的績效與同業和競爭對手的匿名數據進行比較。現在，我們的客戶可以追蹤業界重要 KPI 的即時表現，例如點擊發貨時間、點擊交貨時間、商店訂單拒絕率、BOPUS 提貨率等。

As service and experience continue to play a critical role defining the brand image, Fulfillment Insights provides our Manhattan Active customers with a quantitative way to ensure that they're meeting or exceeding customer expectations.

由於服務和體驗繼續在定義品牌形象方面發揮關鍵作用，Fulfillment Insights 為曼哈頓活躍客戶提供了一種定量方法，以確保他們滿足或超越客戶期望。

At the platform level, we continue to work closely with Google to bring generative AI solutions to life within our Manhattan Active Solutions. And we're hard at work in embedding a variety of Google's Vertex AI models within the Manhattan Active platform to achieve a number of key benefits, including configuration management and automation, extension code development, guided intelligence for operations and consumer-facing chatbots. And we'll have a lot more to say about generative AI at the NRF show in New York in January.

在平台層面，我們繼續與Google密切合作，在我們的曼哈頓主動解決方案中將生成式人工智慧解決方案變為現實。我們正在努力將各種 Google Vertex AI 模型嵌入曼哈頓 Active 平台，以實現許多關鍵優勢，包括配置管理和自動化、擴展程式碼開發、操作智慧引導和麵向消費者的聊天機器人。我們將在 1 月紐約 NRF 展會上對生成式人工智慧進行更多討論。

In closing out my commentary on our products, we'll make a brief mention of the Manhattan Active supply chain solutions. We continue to see strong demand and win rates for our Manhattan Active Warehouse Management solution. This quarter, we'll set a record for the number of Manhattan Active WM go-lives.

在結束對我們產品的評論時，我們將簡要提及曼哈頓活躍供應鏈解決方案。我們繼續看到對曼哈頓主動倉庫管理解決方案的強勁需求和獲勝率。本季度，我們將創下曼哈頓活躍 WM 上線數量的紀錄。

And like point-of-sale, one of the real advantages of our cloud native technology is its rapid pace of rollout. Once global design has been completed, many of our customers have been very successful using our platform technology tools to get new sites ready for fast activation.

與銷售點一樣，我們的雲端原生技術的真正優勢之一是其快速的推出速度。完成全球設計後，我們的許多客戶都非常成功地使用我們的平台技術工具為新站點做好了快速啟動的準備。

So looking to next year and beyond, Manhattan is going to continue our aggressive investments in organic innovation that not only benefit our growing customer base, but also help us continue to expand our addressable market.

因此，展望明年及以後，曼哈頓將繼續對有機創新進行積極投資，這不僅有利於我們不斷增長的客戶群，而且有助於我們繼續擴大我們的目標市場。

So that concludes my business update. Dennis will provide you with an update on our financial performance and our outlook, and then I'll close our prepared remarks with a 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，然後在我們進入問答環節之前，我將用一個簡短的總結來結束我們準備好的發言。那麼丹尼斯？

Thanks, Eddie. So our Manhattan global teams continue to execute well in a challenging macro environment. For the quarter, we delivered a strong balanced financial performance across top and bottom lines. This includes posting record results across RPO, revenue, operating income and earnings per share. This resulted in our Q3 and year-to-date results slightly exceeding the Rule of 50, and if our revenue growth is normalized for our cloud transition, which excludes license and maintenance revenue, both results approach the Rule of 60.

謝謝，艾迪。因此，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，我們在營收和利潤方面實現了強勁平衡的財務表現。這包括在 RPO、收入、營業收入和每股盈餘方面公佈創紀錄的業績。這導致我們第三季和今年迄今的業績略高於 50 規則，如果我們的營收成長因雲端轉型而正常化（不包括授權和維護收入），則這兩個結果都接近 60 規則。

FX had a minor impact in the quarter and was an approximate 1 point tailwind to revenue growth, a 2 point tailwind to year-over-year RPO growth and a 1 point headwind to sequential RPO growth.

外匯對本季的影響較小，對營收成長有大約 1 個百分點的推動作用，對 RPO 同比成長有 2 個百分點的推動作用，對 RPO 環比成長有 1 個百分點的阻礙作用。

Now turning to our Q3 results. Our growth rates are reported on a year-over-year basis unless otherwise stated. Total revenue was $238 million, up 20%. Excluding license and maintenance revenue, which removes the compression driven by our cloud transition, our total revenue was up 28%.

現在轉向我們的第三季業績。除非另有說明，我們的成長率按年計算。總收入為 2.38 億美元，成長 20%。不包括許可證和維護收入（消除了雲端轉型帶來的壓縮），我們的總收入成長了 28%。

Cloud revenue totaled $65 million, up 44%. And as Eddie highlighted, we ended the quarter with RPO of $1.3 billion, up 37% compared to the prior year and up 7% sequentially. Our RPO performance was driven by a healthy mix of sales across our sales categories with notable strength from new logos. Also in the quarter, we had solid results from across our Manhattan Active suite of products.

雲端收入總計 6,500 萬美元，成長 44%。正如 Eddie 所強調的，本季結束時，我們的 RPO 為 13 億美元，比上一年增長 37%，比上一季增長 7%。我們的 RPO 績效是由各個銷售類別的健康銷售組合以及新商標帶來的顯著優勢所推動的。同樣在本季度，我們的曼哈頓活躍產品套件取得了堅實的成果。

Our global services teams are knocking it out of the park, delivering record revenue, totaling $128 million, up 24% as cloud sales continue to fuel services revenue growth globally.

隨著雲端銷售繼續推動全球服務收入成長，我們的全球服務團隊正在取得突破，創造了創紀錄的收入，總計 1.28 億美元，成長了 24%。

Adjusted operating profit was $72 million with adjusted operating margin of 30.4%. This is up 450 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 invest for sustainable long-term growth.

調整後營業利益為 7,200 萬美元，調整後營業利益率為 30.4%。較去年同期成長 450 個基點。我們的業績是由雲端和服務收入的強勁成長以及雲端業務規模擴大的營運槓桿所推動的。重要的是，正如艾迪所討論的，我們將繼續投資以實現可持續的長期成長。

This resulted in Q3 adjusted earnings per share of $1.05, up 59% and GAAP EPS of $0.79, up 68%. How about that? Included in our earnings per share is a $0.12 benefit predominantly from the U.S. Treasury, temporary delay of foreign tax credit regulations. Removing this tax benefit, adjusted earnings per share was up 41% and GAAP earnings per share up 43%.

這導致第三季調整後每股收益為 1.05 美元，成長 59%，GAAP 每股收益為 0.79 美元，成長 68%。那個怎麼樣？我們的每股盈餘中包括 0.12 美元的收益，主要來自美國財政部、暫時延後的外國稅收抵免法規。除去這項稅收優惠，調整後每股收益成長了 41%，GAAP 每股盈餘成長了 43%。

Turning to cash. Q3 operating cash flow increased 47% to a solid $59 million. Year-to-date operating cash flow increased 27% to $158 million, which includes the payment of about $50 million in cash taxes, resulting in free cash flow margin of 24% for the quarter and 22% year-to-date.

轉向現金。第三季營運現金流量成長 47%，達到 5,900 萬美元。年初至今的營運現金流成長了 27%，達到 1.58 億美元，其中包括支付約 5,000 萬美元的現金稅，導致本季自由現金流利潤率為 24%，年初至今為 22%。

Turning to the balance sheet. Deferred revenue increased 26% to $215 million. We ended the quarter with $182 million in cash and 0 debt, which includes $25 million in share repurchases in the quarter and $166 million year-to-date. Also, our Board has approved the replenishing of our $75 million share repurchase authority.

轉向資產負債表。遞延營收成長 26%，達到 2.15 億美元。截至本季末，我們的現金為 1.82 億美元，債務為零，其中包括本季的 2,500 萬美元的股票回購和年初至今的 1.66 億美元。此外，我們的董事會也批准補充 7,500 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 topline 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。如同一直提到的，我們的財務目標是以企業 SaaS 比較為基準，實現可持續的兩位數營收成長和最高四分之一的營業利潤率。這包括實現成長和盈利的平衡投資方法。

With our strong year-to-date performance and increasing visibility, we are raising our 2023 RPO revenue, operating margin and earnings per share guidance. All guidance references made on today's call will be at the midpoint of their respective ranges. As noted on prior earnings calls, our objective is to update our RPO outlook on an annual basis.

憑藉今年迄今的強勁業績和不斷提高的知名度，我們正在提高 2023 年 RPO 收入、營業利潤率和每股收益指引。今天電話會議上提出的所有指導參考都將位於各自範圍的中點。正如先前的財報電話會議所指出的，我們的目標是每年更新我們的 RPO 前景。

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.

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不穩定或非線性。

So for the full year 2023, we expect RPO to exceed the high end of our $1.3 billion to $1.4 billion range by approximately $5 million to $10 million. We expect full year total revenue to increase 19% to $914 million. This is up $24 million or about 3% higher versus our prior midpoint of $890 million. Excluding license and maintenance attrition, this represents 27% overall growth.

因此，對於 2023 年全年，我們預計 RPO 將超出 13 億至 14 億美元範圍的上限約 500 萬至 1,000 萬美元。我們預計全年總收入將成長 19%，達到 9.14 億美元。與我們之前的中位數 8.9 億美元相比，這一數字增加了 2,400 萬美元，約 3%。不包括許可證和維護消耗，這意味著整體成長 27%。

For operating margin, we are increasing our midpoint to 29%, which is up 150 basis points from our prior midpoint of 27.5%. As Eddie highlighted, given the combination of our demand and size of our opportunity, we continue to invest in our business for growth.

對於營業利潤率，我們將中點提高至 29%，比之前 27.5% 的中點提高了 150 個基點。正如埃迪所強調的那樣，考慮到我們的需求和機會的大小，我們將繼續投資我們的業務以實現成長。

Our full year adjusted earnings per share outlook is increasing by $0.43 to $3.52, up 14% from our prior midpoint of $3.09 and up 28% from 2022. For GAAP earnings per share, our midpoint increases by $0.40 to $2.60, up 18% from our prior midpoint of $2.20 and up 28% from 2022.

我們的全年調整後每股收益預期上調0.43 美元至3.52 美元，較之前的中點3.09 美元上漲14%，較2022 年上漲28%。對於GAAP 每股收益，我們的中點上調0.40 美元至2.60美元，較我們的預期上漲18%之前的中點為 2.20 美元，較 2022 年上漲 28%。

So in a nutshell, our 2023 guidance implies Q4 total revenue of $223 million, targeting cloud revenue of $67.5 million, services revenue of $115 million and maintenance revenue of $33 million. Operating margin is targeted to be 27%, resulting in adjusted earnings per share of $0.80. As previously mentioned on prior calls, our Q4 services revenue and operating margin accounts for retail peak seasonality, which traditionally is down sequentially as customers idle implementations to focus on their busy season.

簡而言之，我們的 2023 年指引意味著第四季總收入為 2.23 億美元，目標雲端收入為 6,750 萬美元，服務收入為 1.15 億美元，維護收入為 3,300 萬美元。營業利益率目標為 27%，調整後每股收益為 0.80 美元。如同先前電話中所提到的，我們第四季的服務收入和營業利潤率考慮了零售旺季的影響，傳統上，隨著客戶閒置實施以專注於繁忙季節，零售旺季的收入和營業利潤率會依次下降。

So that covers our Q4 guidance. Now I'll turn to addressing our 2024 preliminary parameters. We are currently in our early stages of our 2024 budget cycle and will firm up this outlook on our Q4 call. With that said, our preliminary total revenue is expected to increase 10% to $1 billion to $1.01 billion, representing 16% growth excluding license and maintenance attrition. This includes our cloud revenue target of $328 million, representing 31% year-over-year growth.

這涵蓋了我們第四季的指導。現在我將談談我們的 2024 年初步參數。我們目前正處於 2024 年預算週期的早期階段，並將在第四季度電話會議上堅定這一前景。話雖如此，我們的初步總收入預計將成長 10%，達到 10 億美元，達到 10.1 億美元，不包括授權和維護損耗，成長 16%。這包括我們 3.28 億美元的雲端收入目標，年增 31%。

To help you with comparisons, our target would be at our prior guidepost high end of $345 million if FX rates remained unchanged from October 2021 levels, which is when we provided our initial 2024 guidepost and normalize for the bankruptcies that we highlighted on our prior Q2 call.

為了幫助您進行比較，如果匯率與2021 年10 月的水平保持不變，我們的目標將是之前的指導上限3.45 億美元，當時我們提供了最初的2024 年指導方針，並使我們在上一季度強調的破產正常化稱呼。

For RPO, we are targeting a range of $1.7 billion to $1.8 billion. The $1.75 billion midpoint compares favorably to our prior guidepost midpoint of $1.7 billion, and represents approximately 25% growth.

對於 RPO，我們的目標範圍為 17 億至 18 億美元。 17.5 億美元的中點與我們先前 17 億美元的中點相比毫不遜色，代表著約 25% 的成長。

For services, our demand continues to be driven by cloud, resulting in solid visibility. In 2024, we are targeting services revenue of $530 million, which represents 10% year-over-year growth.

對於服務，我們的需求繼續由雲端驅動，從而產生可靠的可見性。 2024 年，我們的服務收入目標為​​ 5.3 億美元，年增 10%。

On license and maintenance attrition to cloud, we are targeting maintenance revenue to be about $119 million, which represents a 15% decline and for license revenue to be about $4 million which is below 1% of total revenue.

關於雲端的授權和維護消耗，我們的目標是維護收入約為 1.19 億美元，下降 15%，許可證收入目標為​​約 400 萬美元，低於總收入的 1%。

We anticipate operating margin to be about 28.25%. In 2024, we expect our license and maintenance revenue attrition to cloud will result in an approximate 175 basis point headwind to operating margin. Normalized for this transition, our 2024 operating margin would expand 100 basis points year-over-year.

我們預計營業利潤率約為 28.25%。到 2024 年，我們預計我們的授權和維護收入向雲端的消耗將導致營運利潤率下降約 175 個基點。根據這項轉變的正常化，我們 2024 年的營業利潤率將比去年同期擴大 100 個基點。

Like prior years, in 2024, we will continue to opportunistically invest in our business and hire leading supply chain talent. We expect our 2024 tax rate to be 21.5% and diluted share count to be approximately 63 million shares, which assumes no buyback activity.

與往年一樣，2024 年，我們將繼續機會主義地投資我們的業務並聘請領先的供應鏈人才。我們預計 2024 年的稅率為 21.5%，稀釋後的股份數量約為 6,300 萬股（假設沒有回購活動）。

In summary, our preliminary 2024 parameters on an as-reported basis are: total revenue ex license and maintenance attrition to increase 16%; cloud revenue to increase 31%; services revenue to increase 10%; RPO to increase 25%; and for operating margin to exceed 28%.

總而言之，根據報告，我們 2024 年的初步參數是： 扣除許可證和維護損耗的總收入增加 16%；雲端收入成長 31%；服務收入成長10%； RPO 提高 25%；營業利益率超過28%。

In summary, fantastic execution by the Manhattan team, and let's finish the year strong. Thank you, and back to Eddie.

總而言之，曼哈頓團隊的出色執行力，讓我們以強勁的表現結束這一年。謝謝你，回到艾迪。

Terrific. Thank you, Dennis. Well, clearly, we're very pleased with our outstanding Q3 and year-to-date results. And while we remain appropriately cautious on the volatile macro conditions, and that's reflected in what we consider to be responsible growth targets for 2024, our business momentum and fundamentals remain very solid.

了不起。謝謝你，丹尼斯。顯然，我們對第三季和年初至今的出色業績感到非常滿意。儘管我們對不穩定的宏觀環境保持適當的謹慎態度，這也反映在我們認為的 2024 年負責任成長目標中，但我們的業務動能和基本面仍然非常穩固。

Thank you for everybody for joining the call, and thank you to our global team for all the exceptional work that they're doing for our customers.

感謝大家加入電話會議，並感謝我們的全球團隊為我們的客戶所做的所有出色工作。

Robert, that concludes our prepared remarks, and we'd be happy to take any questions at this point.

羅伯特，我們準備好的演講到此結束，我們很樂意在此時回答任何問題。

(Operator Instructions) First question comes from Terry Tillman with Truist Securities.

（操作員說明）第一個問題來自 Truist Securities 的 Terry Tillman。

Eddie, Dennis and Mike, first and foremost, congrats on the quarter, a strong quarter. Also, Dennis, thanks for all the color on '24, that was helpful. My two questions, I guess the first question, I'm going to start with -- unless I got this wrong, and I get plenty of things wrong. The new logo activity in terms of bookings composition was 50%. Is that right? Did I get that right? Because I was going to ask about that.

艾迪、丹尼斯和麥克首先祝賀本季度，這是一個強勁的季度。另外，丹尼斯，感謝 24 日的所有色彩，這很有幫助。我的兩個問題，我猜是第一個問題，我將從——除非我弄錯了，而且我弄錯了很多事情。新標誌的預訂量構成活躍度為 50%。是對的嗎？我做對了嗎？因為我正想問這個。

Yes, 50% for the quarter, Terry.

是的，本季 50%，特里。

Yes. You're a 30-year-old company and you have that kind of new logo activity is pretty impressive. What do you think is driving it? Is it more of this kind of like -- because you have the cloud products, you can kind of dip more into that mid-market with these fast-growing DTC brands?

是的。你們是一家有 30 年歷史的公司，你們的新標誌活動令人印象深刻。您認為是什麼驅動了它？是不是更像這樣——因為您擁有雲端產品，您可以透過這些快速成長的 DTC 品牌更多地涉足中階市場？

Or is it you're seeing more shots on go with like less traditional kind of end markets. I'm just trying to understand that because that's pretty striking. And then the second part of that question is, going forward, I mean I'm not saying it needs to be in that ZIP code, but do you expect still ongoing vibrancy in terms of the new logo stuff? And then I was going to ask Dennis a question.

或者您是否會在不那麼傳統的終端市場中看到更多的鏡頭。我只是想理解這一點，因為這非常引人注目。然後這個問題的第二部分是，展望未來，我的意思是我並不是說它需要在該郵政編碼中，但您是否期望新徽標的內容仍然具有持續的活力？然後我要問丹尼斯一個問題。

Yes. That's a lot packed in there. Good question. So we still continue to be focused on what we categorize as Tier 1 and Tier 2. So certainly making some progress moving in that market, but that is not where the new logos is really coming from. It's not a dip down into SMB or anything. It's really a function, I think, of our innovative solutions that we're bringing to market, number one; and number two, the breadth of the portfolio that we're bringing to the market.

是的。裡面裝了很多東西。好問題。因此，我們仍然繼續關注我們歸類為第一級和第二級的產品。因此，我們肯定在該市場取得了一些進展，但這並不是新徽標的真正來源。這不是深入了解中小企業或其他任何東西。我認為，這確實是我們推向市場的創新解決方案的一項功能；第二，我們向市場推出的產品組合的廣度。

I do expect -- I don't know that we're going to maintain a 50% new logo territory every quarter. We certainly like to. We've seen it be 50% before. And as you know, we've seen it be as low as, I think, 27% or something like that. We generally, again, as you know, think about overall, 1/3 roughly of our net new software bookings coming from new logos. That generally is how it normalized. It's been a bit higher than that for the last couple of years, but I think that's the way to -- that's kind of the way to think about it.

我確實預計 - 我不知道我們是否會每個季度保持 50% 的新徽標區域。我們當然喜歡。我們之前見過它是 50%。如您所知，我認為該比例低至 27% 或類似水平。如您所知，我們通常認為，總體而言，大約 1/3 的新軟體淨預訂量來自新商標。這通常就是它正常化的方式。它比過去幾年要高一些，但我認為這就是思考這個問題的方式。

Got it. And I'll have less packed in this next question, I promise. And I'll try to ask this for Dennis, but maybe Eddie, you'll want to chime in. But it is good to see because people want to know kind of the RPO and how it looks a year out. It looks like the midpoint is moving higher to $1.75 billion. So that's positive.

知道了。我保證，下一個問題我會少說一點。我會試著向丹尼斯詢問這個問題，但也許艾迪，你會想插話。但很高興看到，因為人們想知道 RPO 的類型以及一年後的情況。看起來中點正在上升至 17.5 億美元。所以這是積極的。

But what I'm curious about is 90-days since the last update call, and that $1.75 billion midpoint for RPO, do you all assume a similar kind of consumer and IT spending environment? Or is it a little bit choppier? Or does it improve? What's baked into that increased midpoint?

但我很好奇的是，自上次更新電話以來已經過了 90 天，RPO 的中點為 17.5 億美元，你們是否都假設消費者和 IT 支出環境類似？還是有點不穩定？或有改善嗎？增加的中點包含了什麼？

Yes. Look, the phrase I used, Terry, was we think we've set responsible targets. Given the various turbulent conditions around the world, what we think we've done is build a responsible set of growth targets, of course, including RPO. So we are very optimistic about our market leadership position. We're very optimistic about the breadth of products, the technology, their geographic reach and so forth. But I think it would be dangerous to assume that there wasn't going to be a little bit of chop in the water, and that's what we've assumed.

是的。聽著，特里，我用的這句話是我們認為我們已經設定了負責任的目標。考慮到世界各地的各種動盪局勢，我們認為我們所做的是建立一套負責任的成長目標，當然包括 RPO。因此，我們對我們的市場領導地位非常樂觀。我們對產品的廣度、技術、地理覆蓋範圍等非常樂觀。但我認為假設水中不會有一點波動是危險的，而這正是我們的假設。

Our next question comes 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。

So maybe just a follow-up to Terry, I'd love to understand, Eddie, what you've seen from a linearity perspective so far this year. I know it's been kind of a choppy macro. But how has that net new business kind of come in over the course of the year relative to your expectations?

所以也許只是特里的後續行動，我很想了解艾迪，今年到目前為止你從線性角度看到了什麼。我知道這是一個不穩定的宏觀。但是，與您的預期相比，這一年中淨新業務的情況如何？

Honestly, I think it's been a bad spot on, Brian. Again, kind of back to -- we generally think about net new being about 1/3 of our business. Again, we benched around a little bit between the high 20s, up to 50 now, pipeline continues to be strong. If you think about and look at net new opportunities in the pipeline, again, it's about 1/3 or a little higher.

老實說，我認為這是一個糟糕的地方，布萊恩。再次，我們通常認為淨新增業務約占我們業務的 1/3。再次，我們在 20 多歲之間徘徊，現在一直到 50 多歲，管道仍然強勁。如果您考慮並查看正在醞釀中的淨新機會，您會發現該比例約為 1/3 或更高。

So I think -- honestly, I think we're going to see a profile or the same profile going forward. We'll see a little bit of bouncing around quarter by quarter. I think it will normalize on an annualized basis at somewhere around about 1/3 net new logos.

所以我認為——老實說，我認為我們將來會看到一個配置文件或相同的配置文件。我們會看到每個季度都會有一些反彈。我認為，按年計算，淨新徽標的比例將會正常化，約 1/3。

Got it. And maybe a follow-up, and I appreciate that you guys have given '24 way before some other folks. But I'd love to understand what sort of service hiring assumptions you guys have in the 2024 targets that you guys get?

知道了。也許是後續行動，我很感激你們比其他人先於 24 小時做出了貢獻。但我很想了解你們對 2024 年目標有什麼樣的服務招募假設？

Yes. We haven't got all the way there yet, Brian, and we'll certainly provide some of that specific commentary in the Q4 call in January. But I think we probably see a little less aggressive hiring than this year but still certainly quite solid. In the hundreds, let's put it that way.

是的。布萊恩，我們還沒有完全實現這一目標，我們肯定會在 1 月的第四季電話會議中提供一些具體評論。但我認為我們的招募可能比今年少一些，但仍然相當穩定。就數百個而言，我們這樣說吧。

Our next question comes from Joe Vruwink with Baird.

我們的下一個問題來自 Joe Vruwink 和 Baird。

I maybe wanted to start with the Fulfillment Insights product -- and just wondering, does that typically be the full suite of active products in order to generate its most value. I'm just wondering if that's maybe one incremental reason customers would pursue cross-sells across the platform.

我可能想從 Fulfillment Insights 產品開始——只是想知道，這通常是一整套活躍的產品，以產生最大的價值。我只是想知道這是否可能是客戶尋求跨平台交叉銷售的增量原因之一。

And then that kind of relates to my ultimate question of whether you are seeing more cross-selling interest given the nature of just all the applications being on the same platform, but also maybe some of the go-to-market changes you've made.

然後，這與我的最終問題有關，即考慮到所有應用程式都在同一平台上的性質，以及您所做的一些上市更改，您是否會看到更多的交叉銷售興趣。

Yes. So let's maybe take it a little bit in reverse order. We saw some very nice cross-sell in the quarter, and we have done for the year, frankly. Cross-sell has been running, I think, in the 25% to 27% range. So we sort of like to see it there. In terms of the Insights' capability, it's not a product, it's frankly just a feature today of Manhattan Active omni. And it's very focused on commerce performance for our customers.

是的。那麼讓我們以相反的順序來考慮一下。我們在本季度看到了一些非常好的交叉銷售，坦白說，我們今年也做到了。我認為交叉銷售一直在 25% 到 27% 的範圍內運行。所以我們有點喜歡在那裡看到它。就 Insights 的功能而言，它不是一個產品，坦白說，它只是曼哈頓活躍全向的功能。它非常注重客戶的商務績效。

So benchmarking, again, things like click-to-ship, click-to-deliver, BOPUS pickup rate percentage, store order rejection, all of those kinds of things, that are right on the front end. And look, at the end of the day, it's the ability to be able to aggregate all that data inside of our native cloud solutions that gives us the ability to offer this really very valuable real-time, almost real-time benchmark data to our customers.

因此，再次對諸如點擊發貨、點擊交付、BOPUS 提貨率百分比、商店訂單拒絕等所有此類內容進行基準測試，這些都位於前端。看看，歸根結底，能夠在我們的本地雲端解決方案中聚合所有數據的能力使我們能夠向我們的客戶提供這種非常有價值的即時、幾乎即時的基準數據。顧客。

We have begun the journey of providing Insights just within Manhattan Active omni for the moment, Joe, and we'll be looking to expand that across the portfolio as it makes sense.

喬，我們目前已經開始在曼哈頓活躍全向範圍內提供洞察力，我們將尋求在有意義的情況下將其擴展到整個產品組合中。

Okay. That's great. And then, Eddie, a few comments in your prepared remarks, new stores activating at a record pace, warehouse management record go-lives. Cloud is certainly more efficient. I'm just wondering, like, for instance, this quarter, it was a really strong RPO billings quarter.

好的。那太棒了。然後，艾迪，請在您準備好的發言中發表一些評論，新店以創紀錄的速度開業，倉庫管理創紀錄的上線。雲端肯定更有效率。我只是想知道，例如，本季度，RPO 帳單季度非常強勁。

Does kind of the relationship between what's going in the cloud RPO in the current period and the timeline for when you see it in services and ultimately see it in cloud, is that all coming in sooner so that within a 12 -- you typically talk about a next 24-month RPO contribution. But are you seeing more go-live than kind of that 12-month time frame as a virtue of just more being on cloud?

當前階段雲RPO 中發生的情況與您在服務中看到它並最終在雲中看到它的時間線之間有某種關係嗎？所有這些都會更快地出現，以便在12 年內完成- 您通常會談論接下來 24 個月的 RPO 貢獻。但是，您是否認為比 12 個月的時間框架更多的上線是更多部署在雲端上的優點？

No. I think the initial implementation of whether it be warehouse management, point-of-sale or order management really hasn't changed very much from an on-prem world to a cloud world. Because, frankly, the design work that you do, the configuration work, the testing work, it isn't -- you don't see a lot of positive impact by moving to the cloud. A little, because you don't have to deploy infrastructure and so forth, but not a ton.

不。我認為，無論是倉庫管理、銷售點還是訂單管理，從本地世界到雲端世界的最初實施實際上並沒有太大變化。因為，坦白說，您所做的設計工作、配置工作、測試工作都不是——遷移到雲端後您看不到很多正面的影響。有一點，因為您不必部署基礎架構等，但不會太多。

But where it really kicks in is when you start rolling out across either multiple distribution centers or multiple stores because, of course, you've got a single version of the software that's in the cloud, and you can roll out much faster. So you don't really see a faster move from RPO to revenue. That's remained pretty consistent. But then, as I say, the activation, once you get into the flywheel gets moving, tends to move a little faster.

但真正發揮作用的是當您開始跨多個配送中心或多個商店推出時，因為當然，您在雲端中擁有該軟體的單一版本，並且您可以更快地推出。因此，您並沒有真正看到從 RPO 到收入的更快轉變。這仍然非常一致。但是，正如我所說，一旦進入飛輪，激活就會移動得更快一些。

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

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

Guys, nice job on the quarter, especially around the new logo business. And on the new logo front, just kind of building on an earlier question there. Eddie, could you just talk whether you're seeing your new logo business concentrated around certain solutions more than others, like whether it's WMM -- WMS or like the Active omni solution?

夥計們，本季工作做得很好，尤其是在新標誌業務方面。在新標誌方面，只是建立在先前的問題之上。 Eddie，您能否談談您的新商標業務是否更集中於某些解決方案而不是其他解決方案，例如 WMM - WMS 還是 Active 全方位解決方案？

Yes. No, I can comment on that, Mark, and it's really -- there is no concentration particularly. It's pretty well balanced. We know that roughly, and it bounces by quarter, but 50% of our revenue comes from WMS and 25% or 30% from omni, 30% transformation and so forth. And it's pretty balanced across those parameters.

是的。不，我可以對此發表評論，馬克，而且確實——沒有特別集中。它非常平衡。我們粗略地知道這一點，而且它按季度反彈，但我們 50% 的收入來自 WMS，25% 或 30% 來自全向，30% 轉型等等。而且這些參數之間非常平衡。

As we always say, bounces quarter-by-quarter a little bit. But generally, it's across the portfolio and across geographies as well. So it's -- there's no real point of concentration for the new logos and of course, we love it that way.

正如我們常說的，每季都會有一點反彈。但總的來說，它是跨投資組合和跨地域的。所以，新標誌沒有真正的集中點，當然，我們喜歡這樣。

Great. And then I appreciate your comments around the new customer engagement solution and particularly expanding your operational footprint into the contact center. I was wondering if you could just talk a little bit more about -- or maybe give an example or two of how your solutions are actually interacting with contact center agents?

偉大的。然後，我感謝您對新的客戶參與解決方案的評論，特別是將您的營運足跡擴展到聯絡中心。我想知道您是否可以多談談 - 或者舉一個或兩個例子來說明您的解決方案實際上如何與聯絡中心座席互動？

Well, you tend to think about traditional call center agents just taking a query, right? Taking a call, where is my order, kind of maybe a change of shipment destination, maybe change the color of a product, goodness forbid maybe even canceling an order. And of course, we take care of all of those capabilities.

嗯，您傾向於認為傳統的呼叫中心代理只是接受查詢，對吧？接個電話，我的訂單在哪裡，可能會改變發貨目的地，可能會改變產品的顏色，天哪，甚至可能會取消訂單。當然，我們會照顧所有這些功能。

But now you can think about a broader set of engagement from that call center agent, all within the Active omni solution. So any type of case management, exception case management, you call in and need to have something found in -- discovered and found in a shipping hub. You need it moved from one location to another. You need to add some kind of service capability, all of that case management can now be handled inside of our call center application as well as all of the other engagement actions, sophisticated returns, sophisticated exchanges. And anything that you might take -- might take a real lot of manual effort.

但現在您可以考慮呼叫中心代理更廣泛的參與，所有這些都在 Active 全方位解決方案中。因此，任何類型的案例管理、異常案例管理，您都需要在運輸中心發現並找到一些東西。您需要將其從一個位置移動到另一個位置。您需要添加某種服務功能，所有案例管理現在都可以在我們的呼叫中心應用程式內部處理，以及所有其他參與操作、複雜的回報、複雜的交換。您可能採取的任何措施都可能需要大量的手動工作。

And possibly, as I think most of us experienced, having to bounce from department to department, right? Nothing more frustrating than let me put you on hold and transfer to you to that department or that department or that department. We can handle all of that customer engagement in one single solution. And that's really, as you know, where a lot of the power of our capability comes from.

也許，正如我認為我們大多數人都經歷過的那樣，必須從一個部門跳到另一個部門，對嗎？沒有什麼比讓我把你擱置並轉給你到那個部門或那個部門或那個部門更令人沮喪的了。我們可以在一個解決方案中處理所有客戶參與。如您所知，這確實是我們能力的大部分來源。

(Operator Instructions) There are no further questions at this time. I'd like to turn the call back over to Eddie Capel for closing comments.

（操作員說明） 目前沒有其他問題。我想將電話轉回埃迪·卡佩爾以徵求結束意見。

Okay. Very good, Robert. Thank you very much. And thank you all for your time today, for your support of Manhattan Associates. It's a little early to say this, of course. But since I won't speak to you before, everybody have a happy holiday season, and we'll look forward to speaking to you again in January. Bye-bye.

好的。非常好，羅伯特。非常感謝。感謝大家今天抽出寶貴的時間，感謝你們對曼哈頓聯合公司的支持。當然，現在說這個還為時過早。但由於我之前不會與您交談，所以大家都有一個愉快的假期，我們期待在一月份再次與您交談。再見。

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

今天的會議到此結束。此時您可以斷開線路，我們感謝您的參與。