Manhattan Associates Inc (MANH) 2023 Q4 法說會逐字稿

Good afternoon. My name is Sherry, and I will be your conference facilitator today. At this time, I would like to welcome everybody to Manhattan Associates' Fourth Quarter 2023 Conference Call. (Operator Instructions) As a reminder, ladies and gentlemen, the call is being recorded today, January 30, 2024.

午安.我叫雪莉，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 年第四季電話會議。 （操作員說明）女士們先生們，謹此提醒，通話錄音將於今天（2024 年 1 月 30 日）進行。

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麥可鮑爾先生。鮑爾先生，您可以開始會議了。

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

好的。謝謝你，雪莉，大家下午好。歡迎參加曼哈頓聯合公司 2023 年第四季財報電話會議。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 question-and-answer session, we may make forward-looking statements regarding the 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. 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. We note that 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.

在本次電話會議（包括問答環節）中，我們可能會就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。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。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。

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資訊。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。

Now I'll turn the call over to Eddie.

現在我將把電話轉給艾迪。

Thanks, Mike. Good afternoon, everybody, and a belated happy New Year. And thanks for joining us as we review our results for the fourth quarter and full year 2023 as well as provide our outlook for 2024.

謝謝，麥克。大家下午好，祝遲來的新年快樂。感謝您加入我們，我們將回顧 2023 年第四季和全年的業績，並提供 2024 年的展望。

So 2023 was a very successful year for Manhattan, setting new records in total revenue, RPO, operating profit, free cash flow and earnings per share. And to drive future growth and innovation, we also invested record amounts in our people and in research and development. In 2023, we increased our head count by about 10%, and our R&D investment was over $125 million. And for perspective, over the past 5 years, we've invested over $0.5 billion in R&D across mission-critical commerce and supply chain technology solutions. And this level of consistent commitment is really unmatched in our industry and is one of the Manhattan's important differentiators. And given the size of the opportunity in growing demand, we're committed to increasing these investments in 2024 and beyond.

因此，2023 年對曼哈頓來說是非常成功的一年，在總收入、RPO、營業利潤、自由現金流和每股盈餘方面都創下了新紀錄。為了推動未來的成長和創新，我們也在員工和研發方面投入了創紀錄的資金。 2023年，我們的員工人數增加了約10%，研發投入超過1.25億美元。從長遠來看，在過去 5 年裡，我們在關鍵任務商務和供應鏈技術解決方案的研發上投資了超過 5 億美元。這種程度的一致承諾在我們的行業中確實是無與倫比的，也是曼哈頓的重要區別之一。考慮到不斷增長的需求所帶來的巨大機遇，我們致力於在 2024 年及以後增加這些投資。

These investments will also contribute to our industry-leading levels of customer satisfaction, growing our addressable market and extending our position as the leading innovator in supply chain execution, omni-channel and point-of-sale solutions.

這些投資也將有助於提高我們領先業界的客戶滿意度水平，擴大我們的目標市場，並擴大我們作為供應鏈執行、全通路和銷售點解決方案領域領先創新者的地位。

Now while we remain appropriately cautious regarding the global economy, our business fundamentals are solid, and we're optimistic about our long-term market opportunity. Like prior years, we're entering 2024 with good visibility and benefiting from several growth drivers, which include the acquisition of new customers, conversions of on-premise customers to cloud and cross-selling our growing unified product portfolio.

現在，雖然我們對全球經濟保持適當的謹慎態度，但我們的業務基本面穩固，我們對長期市場機會持樂觀態度。與往年一樣，我們以良好的可視性進入 2024 年，並受益於多個成長動力，其中包括收購新客戶、將本地客戶轉換為雲端以及交叉銷售我們不斷增長的統一產品組合。

So pivoting to our quarterly results. Q4 was a record quarter that frankly exceeded our expectations. Revenue increased 20% as reported to $238 million, highlighted by 38% growth in cloud, 19% growth in services and double-digit revenue growth across all of our geographies. These strong results drove topline outperformance and solid earnings leverage in the quarter with adjusted earnings per diluted share increasing 27% to $1.03.

因此，我們轉向我們的季度業績。第四季度是創紀錄的季度，坦率地超出了我們的預期。據報告，營收成長 20%，達到 2.38 億美元，其中雲端成長 38%，服務成長 19%，以及我們所有地區的兩位數收入成長。這些強勁的業績推動了本季的營收優異表現和穩健的獲利槓桿，調整後每股攤薄收益成長 27% 至 1.03 美元。

RPO, the leading indicator of our growth, increased 36% to $1.4 billion at the end of 2023. Customer satisfaction levels are high and win rates remain at about 75%, with demand for our cloud solutions continuing to be solid across our product portfolio.

RPO 是我們成長的領先指標，到 2023 年底成長了 36%，達到 14 億美元。客戶滿意度很高，獲勝率保持在 75% 左右，我們的整個產品組合對雲端解決方案的需求持續強勁。

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. And the following is just a sample of some of the cloud deals we won this quarter: an industrial automation and energy management conglomerate, an airline, a fast-food restaurant chain, a sporting goods retailer, a health care and supplies company and a specialty retailer as well as a number of others.

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。以下只是我們本季贏得的一些雲端交易的範例：一家工業自動化和能源管理集團、一家航空公司、一家快餐連鎖店、一家體育用品零售商、一家醫療保健和用品公司以及一家專業公司零售商以及其他一些公司。

And this quarter's wins contributed to a healthy mix of bookings across sub-verticals for the full year. Additionally, and aided by secular tailwinds and the clear benefit of resilient, modern supply chains, roughly 1/3 of our total bookings were generated from new logos for the full year 2023. Our pipeline continues to be strong with solid demand across our product suites. Net new potential customers represent about 35% of that demand, and we have significant conversion opportunity as we enter 2024 with over 85% of our on-premise customers yet to begin their migration to our cloud solutions.

本季的勝利促成了全年各子垂直領域預訂量的健康組合。此外，在長期的順風車和有彈性的現代供應鏈的明顯好處的幫助下，2023 年全年我們總預訂量的大約1/3 是由新徽標產生的。我們的產品系列繼續強勁，對我們的產品套件的需求強勁。淨新潛在客戶約佔該需求的 35%，進入 2024 年，我們有大量的轉換機會，超過 85% 的本地客戶尚未開始遷移到我們的雲端解決方案。

For this quarter's brief product update, I'd like to start with 3 exciting announcements that we made at the National Retail Federation Conference in mid-January, 2 of which have to do with a pretty large step forward with our Manhattan Active Omni applications, and the third is an important new partnership for us.

對於本季度的簡短產品更新，我想從1 月中旬的全國零售聯合會會議上發布的3 項激動人心的公告開始，其中2 項與我們的曼哈頓Active Omni 應用程序向前邁出了相當大的一步有關，第三是我們之間重要的新夥伴關係。

So starting with the product enhancements. This quarter, we announced general availability of Iris, the next big step forward for our store associate app. Running on top of Manhattan Active Omni -- our Manhattan Active Omni platform, Iris offers unmatched transactional performance, resiliency that's purpose built for the connectivity issues inherent in store networks and a great new associate experience design. And we believe that Iris is the first cloud-native point-of-sale truly designed and built to offer the next best of both worlds, continuous innovation in the form of quarter releases and onboard resiliency to handle centralized cloud deployments at scale.

因此從產品增強開始。本季度，我們宣布全面推出 Iris，這是我們商店助理應用程式向前邁出的一大步。 Iris 在曼哈頓 Active Omni（我們的曼哈頓 Active Omni 平台）之上運行，提供無與倫比的事務性能、專為解決商店網路固有的連接問題而構建的彈性以及出色的新員工體驗設計。我們相信，Iris 是第一個真正設計和建構的雲端原生銷售點，旨在提供兩全其美的解決方案，以季度發布的形式持續創新，並具有處理大規模集中式雲端部署的彈性。

Many of our customers face ongoing battles to provide fast and reliable network connectivity to every register in every store and Iris insulates the store associate from the whims of networks, offering unmatched checkout performance, whether the device is connected, partially disconnected or completely offline. And Iris also offers a great new visual experience for the store associate, seamlessly blending the 3 Cs of a best-in-class point-of-sale system: card, catalog and customer. Iris empowers store associates to maximize sales conversion rates in the store, the ability to sell both what's in the physical store and what's in the broader supply chain in a single transaction, ensuring every possible sale is converted. Furthermore, the highly visual customer profile within Iris empowers a store associate to truly deliver a personalized selling experience.

我們的許多客戶都面臨著為每家商店的每個收銀台提供快速、可靠的網絡連接的挑戰，而Iris 使商店員工免受網絡突發事件的影響，提供無與倫比的結帳性能，無論設備是否已連接、部分斷開連接或完全離線。 Iris 也為店員提供了全新的視覺體驗，無縫融合了一流銷售點系統的 3C：卡片、目錄和客戶。 Iris 讓商店員工能夠最大限度地提高商店的銷售轉換率，能夠在一次交易中同時銷售實體店中的商品和更廣泛的供應鏈中的商品，確保每一次可能的銷售都能實現轉換。此外，Iris 中高度視覺化的客戶檔案使店員能夠真正提供個人化的銷售體驗。

Staying with retail stores just for a moment, our point-of-sale system performed incredibly well during this recent holiday selling period with about 30,000 retail associates using our solution and customer transaction volumes exceeding any other cloud-native point-of-sale solution in the market.

就零售商店而言，我們的銷售點系統在最近的假期銷售期間表現得非常好，約有 30,000 名零售員工使用我們的解決方案，客戶交易量超過了任何其他雲端原生銷售點解決方案市場。

Now at NRF, we also highlighted our fulfillment experience insight dashboard. This capability is unique to Manhattan Active Omni and allows our omnichannel customers to compare their fulfillment performance against their peers and competitors. A key omnichannel fulfillment experience metrics like click to deliver, order rejection rates, pick up in store penetration percentage and abandonment rates, among others, a display dynamically for each of our customers. And we built this capability so that our Manhattan Active Omni customers can understand exactly how they stack up against the field. Fulfillment experience insights lays out these metrics for them in a clear and comprehensive manner. And frankly, armed with this information, our professional services team members can provide corresponding process and technology recommendations to help move these metrics forward in the right direction over time.

現在，在 NRF，我們也強調了我們的履行體驗洞察儀表板。此功能是Manhattan Active Omni 獨有的，使我們的全通路客戶能夠將他們的履行績效與同行和競爭對手進行比較。關鍵的全通路履行體驗指標，如點擊交付、訂單拒絕率、店內取貨滲透率和放棄率等，都會為我們的每位客戶動態顯示。我們建立了此功能，以便我們的曼哈頓 Active Omni 客戶能夠準確地了解他們在該領域的表現。履行體驗洞察以清晰、全面的方式為他們列出了這些指標。坦白說，有了這些訊息，我們的專業服務團隊成員就可以提供相應的流程和技術建議，以幫助這些指標隨著時間的推移朝著正確的方向前進。

And we were -- finally, we're also excited to announce our new partnership with Shopify. Over the last several years, we've witnessed Shopify surfacing more and more often in our Manhattan Active Omni prospect and customer base. And we thought the time was right to team up with Shopify to offer the market end-to-end omnichannel commerce solutions. Shopify shares our vision of providing solution which lower purchase friction, increase conversion and improve transparency and reliability during the fulfillment process. And for our customers, both Manhattan and Shopify are focused on delivering functionality-rich solutions, which can be implemented on time and on budget and we start delivering value immediately for them.

最後，我們也很高興地宣布與 Shopify 建立新的合作關係。在過去的幾年裡，我們見證了 Shopify 越來越頻繁地出現在我們的曼哈頓 Active Omni 潛在客戶和客戶群中。我們認為現在是與 Shopify 合作為市場提供端到端全通路商務解決方案的最佳時機。 Shopify 與我們有著共同的願景，即提供解決方案，在履行過程中降低購買摩擦、提高轉換率並提高透明度和可靠性。對於我們的客戶來說，Manhattan 和 Shopify 都專注於提供功能豐富的解決方案，這些解決方案可以按時、按預算實施，我們立即開始為他們提供價值。

We believe that in the near to medium term, the market will further emphasize total cost of ownership and lower project risk and the Manhattan Active Omni and Shopify partnership is well-suited to deliver on both of these.

我們相信，在中短期內，市場將進一步強調總擁有成本和降低專案風險，而曼哈頓 Active Omni 和 Shopify 的合作夥伴關係非常適合實現這兩點。

Now speaking of partners, I am proud to report that we finished 2023 by adding a record number of new partners to our Manhattan Value Partner or MVP program. Whether it's SaaS providers like Shopify or Adient, transportation visibility providers like FourKites or project44 or Shippeo, or material handling and robotics vendors for use within the 4 walls of the DC, Manhattan Active platform applications are easy to connect and offer our partners access to a world-class customer base. And we continue to -- we'll continue to add and strengthen our relationships with premier third-party integration and advisory firms as well.

現在談到合作夥伴，我很自豪地向大家報告，我們在 2023 年結束時為曼哈頓價值合作夥伴或 MVP 計劃添加了創紀錄數量的新合作夥伴。無論是Shopify 或Adient 等SaaS 供應商，FourKites、project44 或Shippeo 等運輸視覺供應商，還是在DC 4 堵牆內使用的物料搬運和機器人供應商，Manhattan Active 平台應用程式都可以輕鬆連接，並為我們的合作夥伴提供訪問世界一流的客戶群。我們也將繼續增加和加強與一流的第三方整合和諮詢公司的關係。

Our network of technology and consulting partners help us connect with the broader market of target customers and improve the speed and success of our deployments.

我們的技術和諮詢合作夥伴網路幫助我們與更廣泛的目標客戶市場建立聯繫，並提高部署的速度和成功率。

So next quarter, I'll likely focus my product updates within our Manhattan Active supply chain execution suite. But for now, I'll simply mention that we continue to see strong demand and deal activity for our market-leading unified supply chain execution offering consisting basically of WMS and TMS. This demand is coming from across the globe and across the industries.

因此，下個季度，我可能會將產品更新重點放在曼哈頓活躍供應鏈執行套件中。但現在，我只想提一下，我們繼續看到市場領先的統一供應鏈執行產品（主要由 WMS 和 TMS 組成）的強勁需求和交易活動。這種需求來自全球各地、各產業。

And finally, throughout 2024, we'll also continue to update you on the progress that our R&D team is making as we incorporate the latest generative AI technologies into our supply chain and omnichannel retail solutions.

最後，在整個 2024 年，我們也將繼續向您通報我們的研發團隊在將最新的生成式人工智慧技術融入我們的供應鏈和全通路零售解決方案中所取得的進展。

So in summary, 2023 was a terrific year for Manhattan and we're very excited for the numerous opportunities that lie ahead to deliver simply world-class innovation into a growing customer base.

總而言之，2023 年對曼哈頓來說是極好的一年，我們對未來的許多機會感到非常興奮，可以為不斷增長的客戶群提供世界級的創新。

So that concludes my business update. Dennis is going to provide you with an update of financial performance for 2023 and our outlook for 2024. And then I'll close our prepared remarks with a brief summary before we before we move on to Q&A. So Dennis?

我的業務更新到此結束。丹尼斯將為您提供 2023 年財務業績的最新資訊以及我們對 2024 年的展望。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.

謝謝，艾迪。

As Eddie highlighted, in 2023, we set all-time records in RPO, total revenue, operating profit, free cash flow and earnings per share. So a big shout out to 4,600 team members across the globe, great execution through the year.

正如艾迪所強調的那樣，2023 年，我們在 RPO、總收入、營業利潤、自由現金流和每股盈餘方面創下了歷史記錄。在此，我要向全球 4,600 名團隊成員大聲疾呼，他們全年的出色執行力。

For both the quarter and the year, we delivered a strong balanced financial performance on topline growth and operating margin. Both our Q4 and full year results exceeded expectations and compare favorably to the Rule of 50. And if our revenue growth is normalized for our cloud transition, which excludes license and maintenance attrition, our performance is even stronger. Importantly, Manhattan continues to deliver strong, consistent results across revenue growth, profitability and cash flow.

在本季和本年度，我們在營收成長和營業利潤率方面實現了強勁平衡的財務表現。我們的第四季和全年業績都超出了預期，並且與50 規則相比更加有利。如果我們的營收成長因雲端轉型而正常化（不包括授權和維護損耗），那麼我們的業績會更加強勁。重要的是，曼哈頓在收入成長、獲利能力和現金流方面繼續取得強勁、一致的業績。

I'll start with recapping our financial performance for the quarter and year. Regarding FX, it was a 1-point tailwind to Q4 revenue growth and did not impact our full year revenue growth rate. For RPO, FX was a 1-point tailwind to both year-over-year and sequential growth.

我將首先回顧我們本季和本年度的財務表現。就外匯而言，這為第四季度營收成長帶來了 1 個百分點的推動力，並且沒有影響我們全年的營收成長率。對於 RPO 而言，外匯對年成長和環比成長都有 1 個百分點的推動作用。

Now to our results. All growth rates are on an as-reported year-over-year basis unless otherwise stated. For Q4 total revenue, total revenue was up -- was $238 million, up 20% and full year revenue totaled $929 million, up 21%. Excluding license and maintenance revenue, which removes the revenue compression by our cloud transition, Q4 revenue growth was 24% and full year 28%. Nice double-digit returns here.

現在我們的結果。除非另有說明，所有成長率均以報告的年比計算。對於第四季的總收入，總收入成長了 20%，達到 2.38 億美元，全年收入總計 9.29 億美元，成長 21%。不包括許可證和維護收入（消除了雲端轉型帶來的收入壓縮），第四季度營收成長了 24%，全年營收成長了 28%。這裡有不錯的兩位數回報。

Q4 cloud revenue totaled $71 million, up 38% with full year revenue totaling $255 million, up 44%. We closed out 2023 with RPO of $1.4 billion, growing 36% year-over-year and 8% sequentially as we experienced strength from across our Manhattan Active suite of products. Excluding FX impacts, RPO exceeded the high end of our $1.4 billion outlook by $13 million, which was stronger than expected.

第四季雲端收入總計 7,100 萬美元，成長 38%，全年營收總計 2.55 億美元，成長 44%。我們在 2023 年結束時實現了 14 億美元的 RPO，同比增長 36%，環比增長 8%，因為我們感受到了曼哈頓 Active 產品套件的優勢。排除匯率影響，RPO 超出我們 14 億美元預期上限 1,300 萬美元，強於預期。

Services had another fantastic year and great performance with Q4 revenue increasing 19% to $119 million, with full year services revenue up 24% to $488 million as cloud sales continue to fuel services growth globally. Q4 adjusted operating profit was $77 million with an operating margin of 32.2%, representing a 200 basis point year-over-year improvement. Full year adjusted operating profit totaled $281 million with a 30.3% operating margin and represents a 265 basis point improvement over 2022. Both Q4 and 2023 results were driven by strong cloud and services revenue growth, combined with operating leverage as our cloud business scales.

服務業又迎來了輝煌的一年和出色的業績，第四季度收入增長 19% 至 1.19 億美元，全年服務收入增長 24% 至 4.88 億美元，雲端銷售繼續推動全球服務增長。第四季調整後營業利潤為 7,700 萬美元，營業利潤率為 32.2%，較去年同期提高 200 個基點。全年調整後營業利潤總計2.81 億美元，營業利潤率為30.3%，比2022 年提高265 個基點。第四季和2023 年的業績均受到雲端和服務收入強勁增長以及雲端業務規模擴大的營運槓桿的推動。

Q4 earnings per share increased 27% to $1.03 and GAAP earnings per share increased 30% to $0.78. Full year adjusted earnings per share increased 36% to $3.74 and GAAP earnings per share increased 39% to $2.82. Q4 operating cash flow increased 60% to $88 million with a 36.3% free cash flow margin and a 32.9% adjusted EBITDA margin. Our full year operating cash flow was $246 million while generating 26% free cash flow margin and 30.9% adjusted EBITDA margin.

第四季每股收益成長 27% 至 1.03 美元，GAAP 每股盈餘成長 30% 至 0.78 美元。全年調整後每股收益成長 36% 至 3.74 美元，GAAP 每股盈餘成長 39% 至 2.82 美元。第四季營運現金流量成長 60%，達到 8,800 萬美元，自由現金流利潤率為 36.3%，調整後 EBITDA 利潤率為 32.9%。我們全年的營運現金流為 2.46 億美元，自由現金流利潤率為 26%，調整後 EBITDA 利潤率為 30.9%。

So turning to the balance sheet. Our deferred revenue increased 13% year-over-year to $239 million. We increased our cash position to $271 million with 0 debt, up from $182 million at the end of Q3. In 2023, we invested $166 million in share repurchases and we are entering 2024 with a board-approved $75 million share repurchase authority.

所以轉向資產負債表。我們的遞延收入年增 13%，達到 2.39 億美元。我們將現金部位從第三季末的 1.82 億美元增至 2.71 億美元，債務為零。 2023 年，我們投資了 1.66 億美元用於股票回購，進入 2024 年，我們獲得了董事會批准的 7,500 萬美元的股票回購授權。

Moving to the outlook. As consistently mentioned, our financial objective is to deliver sustainable double-digit topline growth and top quartile operating margins, benchmarked against any enterprise SaaS comps. As noted on prior earnings calls, our goal is to update our RPO outlook on an annual basis. Additionally, as previously discussed, 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.

轉向展望。如同一直提到的，我們的財務目標是以任何企業 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。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。此外，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，這可能會導致全年預訂量的波動或非線性。

With that, we are raising the midpoint of our preliminary 2024 RPO, revenue, operating margin and EPS targets that we provided last quarter. For RPO, we are now targeting $1.75 billion to $1.8 billion. The $1.78 billion midpoint compares favorably to our prior midpoint of $1.75 billion and represents 25% growth. For full year 2024 guidance, we now expect total revenue of $1.015 billion to $1.025 billion, with a $1.02 billion midpoint, comparing favorably to our prior midpoint of roughly $1 billion -- a bunch of billions in there -- represents 16% growth, excluding license and maintenance attrition and all in, our target is 10%.

由此，我們提高了上季提供的 2024 年初步 RPO、營收、營業利潤率和每股盈餘目標的中點。對於 RPO，我們現在的目標是 17.5 億至 18 億美元。 17.8 億美元的中點比我們之前 17.5 億美元的中點要好，成長了 25%。對於2024 年全年指引，我們現在預計總收入為10.15 億美元至10.25 億美元，其中中點為10.2 億美元，與我們之前約10 億美元的中點（其中數十億美元）相比，增長16%，不包括許可證和維護消耗以及總而言之，我們的目標是 10%。

For Q1, we are targeting total revenue of $241 million to $245 million, which at the midpoint represents 16% growth excluding license and maintenance attrition and 10% growth all in. For the rest of the year, at the midpoint, we are targeting total revenue of about $255 million in Q2, $264 million in Q3 and accounting for retail peak seasonality, $258 million in Q4.

對於第一季度，我們的目標是總收入為2.41 億美元至2.45 億美元，其中中點表示不包括許可和維護消耗的收入增長16%，總體增長10%。對於今年剩餘時間，中點，我們的目標是總收入第二季度營收約為 2.55 億美元，第三季營收約為 2.64 億美元，考慮到零售旺季，第四季營收約為 2.58 億美元。

Driven by our revenue growth, and the inherent leverage in our business model, we continue to track ahead of our original margin expectations. As such, we are raising our 2024 adjusted operating margin guidance range to 28.75% to 29.25% with the 29% midpoint comparing favorably to our prior midpoint that we provided last quarter of 28.25%. Additionally, included in our outlook is 175 basis points of headwind from our license and maintenance revenue attrition to cloud. At the midpoint, adjusted operating margin on a quarterly basis is expected to be about 28% in Q1, 28.5% in Q2, 30% in Q3 and accounting for retail peak seasonality, 29.5% in Q4.

在營收成長以及業務模式固有槓桿的推動下，我們繼續領先最初的利潤預期。因此，我們將 2024 年調整後營業利潤率指引範圍提高至 28.75% 至 29.25%，其中 29% 的中點與我們上季度提供的 28.25% 的中點相比相當有利。此外，我們的展望還包括我們的授權和維護收入向雲端的消耗帶來的 175 個基點的阻力。中位數來看，按季度調整後的營業利潤率預計第一季約為28%，第二季約為28.5%，第三季約30%，考慮到零售旺季，第四季約為29.5% 。

The results and a full year adjusted EPS guidance range of $3.69 and $3.79 and a GAAP EPS range of $2.81 to $2.91. For comparison purposes, our 2024 adjusted tax rate is nearly 350 basis points higher than our 2023 adjusted tax rate. For Q1, we are targeting adjusted EPS of $0.85 to $0.87 and GAAP EPS of $0.71 to $0.73. For Q2 through Q4, we expect GAAP EPS to be about $0.25 lower than adjusted EPS per quarter, which accounts for our investment in equity-based compensation.

結果和全年調整後每股收益指引範圍為 3.69 美元至 3.79 美元，公認會計準則每股收益範圍為 2.81 美元至 2.91 美元。出於比較目的，我們 2024 年調整後的稅率比 2023 年調整後的稅率高出近 350 個基點。對於第一季度，我們的目標調整後每股收益為 0.85 美元至 0.87 美元，GAAP 每股收益為 0.71 美元至 0.73 美元。對於第二季度到第四季度，我們預計 GAAP 每股收益將比每季調整後每股收益低約 0.25 美元，這說明了我們對股權薪酬的投資。

Here are some additional details on our 2024 outlook. For full year 2024, we continue to expect cloud revenue of $326 million to $330 million. At the midpoint, this represents 29% growth and assumes roughly $75 million in Q1, $79 million in Q2, $85 million in Q3 and $89 million in Q4.

以下是我們對 2024 年展望的一些其他詳細資料。對於 2024 年全年，我們仍然預期雲端收入為 3.26 億美元至 3.3 億美元。在中點，這代表著 29% 的成長，並假設第一季約為 7,500 萬美元，第二季為 7,900 萬美元，第三季為 8,500 萬美元，第四季為 8,900 萬美元。

For services revenue, we are increasing our forecast to $532 million to $542 million, representing 10% growth at the midpoint. On a quarterly basis, we expect Q1 services revenue of roughly $128 million, $137 million in Q2, $141 million in Q3 and accounting for retail peak seasonality, $131 million in Q4.

對於服務收入，我們將預測上調至 5.32 億美元至 5.42 億美元，中間值成長 10%。按季度計算，我們預計第一季服務收入約為 1.28 億美元，第二季為 1.37 億美元，第三季為 1.41 億美元，考慮到零售旺季，第四季為 1.31 億美元。

On attrition to cloud, we expect maintenance and license to represent about a 6-point headwind to total revenue growth in 2024. For maintenance, we expect a range of $121 million to $123 million or a 15% decline at the midpoint. On a quarterly basis, we expect Q1 to be $32.5 million, Q2 $31 million, Q3 $29.5 million and Q4 $29 million. We expect license revenue to be roughly $6 million or less than 1% of 2024 total revenue and hardware to be between $5 million to $7 million per quarter.

在雲端消耗方面，我們預期維護和授權對 2024 年總收入成長造成約 6 個百分點的阻力。對於維護，我們預計範圍為 1.21 億美元至 1.23 億美元，中間值下降 15%。按季計算，我們預計第一季為 3,250 萬美元，第二季為 3,100 萬美元，第三季為 2,950 萬美元，第四季為 2,900 萬美元。我們預計授權收入約為 600 萬美元，佔 2024 年總收入的 1% 以下，硬體收入每季在 500 萬美元至 700 萬美元之間。

For consolidated subscription, maintenance and services margin, we are targeting about 100 basis points of year-over-year improvement for 2024 and Q1. We expect our effective tax rate to be 21.5% and our diluted share count to be 62.8 million shares, which assumes no buyback activity.

對於綜合訂閱、維護和服務利潤率，我們的目標是 2024 年和第一季年增約 100 個基點。我們預計有效稅率為 21.5%，稀釋後股份數量為 6,280 萬股（假設沒有回購活動）。

And finally, in summary, 2023 was a great year, and we expect 2024 to be another year of balanced performance across revenue, growth, profitability and cash flow.

最後，總而言之，2023 年是偉大的一年，我們預計 2024 年將是收入、成長、獲利能力和現金流方面表現均衡的另一年。

Thank you. And back to Eddie for some closing remarks.

謝謝。回到艾迪的閉幕詞。

Thanks, Dennis.

謝謝，丹尼斯。

So indeed, 2023 was a very successful year for Manhattan. And while we remain appropriately cautious given the volatile macro conditions that are out there, our business fundamentals and momentum are very solid. Manhattan enters 2024 as the industry leader with world-class technology, with record levels of R&D investment that's contributing to our 75% plus win rates in the field, with industry-leading levels of customer satisfaction and a strong pipeline with numerous drivers for sustainable long-term growth.

因此，2023 年對曼哈頓來說確實是非常成功的一年。儘管考慮到當前不穩定的宏觀環境，我們仍然保持適當的謹慎態度，但我們的業務基本面和勢頭非常穩固。進入2024 年，曼哈頓將成為行業領先者，擁有世界一流的技術，研發投資達到創紀錄的水平，為我們在該領域的勝率做出了超過75% 的貢獻，擁有行業領先的客戶滿意度水平，以及擁有眾多可持續長期驅動因素的強大管道。長期成長。

So in closing, I'd just like to echo Dennis' comments and thank all of the Manhattan team members around the world for a fantastic 2023. Your dedication and commitment to our growing customer base is just unparalleled and clearly, one of our key differentiators.

因此，最後，我想回應丹尼斯的評論，並感謝世界各地的所有曼哈頓團隊成員度過了美好的2023 年。你們對我們不斷增長的客戶群的奉獻和承諾是無與倫比的，顯然，這是我們的關鍵區別之一。

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

雪莉，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) And our first question comes from Terry Tillman with Truist Securities.

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

It's great to hear all the talk about the billions. Maybe Eddie, a question for you and then I had a couple of follow-ups for Dennis. As we just get further along in kind of the monetizing the cloud innovation cycles that you have, I'm curious, are you starting to see customers, whether it's existing customers or prospects, kind of look at all the things you have from a platform perspective, so supply chain unified commerce and starting to think about, hey, we want to go get more aggressive initially with more like a platform deal where it's a couple of major kind of sets of products as opposed to maybe WMS or OMS or POS. So I'm just kind of curious to the buying behavior, if they're starting to feel like, hey, we want to go bigger faster? Or does it still feel like no, there's the initial wedge and then over time, they add the other products. Kind of curious about the buying behavior around just all the way you deliver with the platform.

很高興聽到有關數十億美元的所有討論。也許艾迪，有個問題要問你，然後我向丹尼斯提出了一些後續問題。隨著我們在雲端創新週期的貨幣化方面取得進一步進展，我很好奇，您是否開始看到客戶，無論是現有客戶還是潛在客戶，看看您從平台擁有的所有東西從供應鏈統一商務的角度來看，我們開始思考，嘿，我們希望一開始就更加積極進取，更像是一個平台交易，其中包括幾套主要的產品，而不是WMS、OMS 或POS。所以我只是對購買行為感到好奇，如果他們開始覺得，嘿，我們想要更快地做大？或者仍然感覺沒有，有最初的楔子，然後隨著時間的推移，他們添加了其他產品。對您透過平台交付的整個方式的購買行為有點好奇。

Yes, sure. It's a great question, Terry. And it's really the latter. Primarily, if you think about it -- because these are pretty big initiatives let's just say, WMS and order management or something, any 2 of the major products, they're pretty big initiatives in themselves. And usually, our customers can only digest one of them at a time. So they're unlikely, let's take that example, to buy WMS and OMS knowing that they've got to pay OMS SaaS fees whilst not beginning an implementation for 6, 9, maybe even 12 months.

是的，當然。這是一個很好的問題，特里。確實是後者。首先，如果你想一想，因為這些都是相當大的舉措，所以我們可以說，WMS 和訂單管理或其他任何兩個主要產品，它們本身就是相當大的舉措。通常，我們的客戶一次只能消化其中一項。因此，讓我們以這個例子為例，他們不太可能購買 WMS 和 OMS，因為他們知道自己必須支付 OMS SaaS 費用，同時在 6、9、甚至 12 個月內不開始實施。

So I think they have a vision to be able to build on the platform and acquire additional products down the road. But just practically speaking, it doesn't make a ton of sense, frankly, to pay SaaS fees for products that you can't get to the implementation.

因此，我認為他們的願景是能夠在該平台上進行建構並在未來獲得更多產品。但實際上，坦白說，為無法實施的產品支付 SaaS 費用並沒有多大意義。

Okay. Understood on that. And I guess maybe, Dennis, just a follow-up in terms of the cloud booking strength in the quarter. It's great to see in the upside. I'm curious, if you could talk a little bit, double-click and then to that in terms of was there just some greater large deal exposure or benefits in the quarter? Or was there a larger number of just actual kind of units or customers signed up? Just kind of curious if there was anything that was interesting and different versus the prior couple of quarters. And then I had a follow-up.

好的。對此表示理解。丹尼斯，我想也許這只是本季雲端預訂實力的後續行動。很高興看到積極的一面。我很好奇，您是否可以稍微談談，然後雙擊，然後就本季度是否有一些更大的大型交易曝光或收益？或是否有更多實際類型的單位或客戶註冊？只是有點好奇與前幾季相比是否有什麼有趣和不同的地方。然後我進行了跟進。

I don't know about interesting or different. I thought it was pretty consistent kind of across the board, Terry.

我不知道有趣或不同。我認為這是非常一致的，特里。

Yes. I would agree with that, Dennis. I mean I'll tell you, we had no record-size deals in the quarter. We always like those, but we had no record-size deals in the quarter. I would say from a geographic perspective, we had a very good and very nice sort of balanced contribution from both the Americas, EMEA and APAC. That was enjoyable.

是的。我同意這一點，丹尼斯。我的意思是，我會告訴你，我們本季沒有創紀錄規模的交易。我們一直喜歡這些，但本季我們沒有創紀錄規模的交易。我想說，從地理角度來看，我們在美洲、歐洲、中東和非洲和亞太地區都做出了非常好的平衡貢獻。那真是令人愉快。

Yes. Yes. It sounds enjoyable. I guess just a follow-up question for Dennis or Eddie or Mike, it's just related to -- did move up the RPO balance a little bit. So that was nice to see, just given that we're still in the beginning of the year. One thing I'm curious about is, it does look like 1Q and 4Q were the biggest RPO or the bookings quarters in 2023. I'm not trying to pin you down the quarter where you kind of guided. But is there starting to be a common buying pattern with these cloud deals? Maybe it's at the very beginning of the year or very end of the year with budget flush. I'm just trying to get a sense on if you could kind of foretell how like there's a pattern recognition now around booking?

是的。是的。聽起來很愉快。我想這只是丹尼斯、艾迪或麥克的後續問題，它只是與——確實提高了 RPO 平衡一點。所以很高興看到這一點，只是考慮到我們仍處於年初。我很好奇的一件事是，看起來第一季和第四季確實是 2023 年最大的 RPO 或預訂季度。我並不是想確定您所指導的季度。但這些雲端交易是否開始形成共同的購買模式？也許是在年初或年底，預算充裕。我只是想了解一下，您是否可以預測一下，現在預訂方面是否存在模式識別？

Thank you, Terry. No, not really. So I would say definitely no budget flush at the end of the year, given that, obviously, their annual subscription fees. So there's no license buys right at the end of the year or anything like that in terms of budget flush.

謝謝你，特里。不，不是真的。因此，我想說，考慮到他們的年度訂閱費，年底絕對沒有預算充裕。因此，就預算充裕而言，年底沒有購買許可證或類似的事情。

Q1, I can see maybe -- thank you for saying you're not going to pin us down on this. But I think in Q1, we sometimes see a little bit of a stronger buying pattern because there's still time to get systems in before peak, if you kind of buy early in Q1. So that is definitely an opportunity there for us, but no budget flush at the end of the Q4.

Q1，我明白了，也許──謝謝你說你不會讓我們在這件事上陷入困境。但我認為在第一季度，我們有時會看到更強勁的購買模式，因為如果您在第一季早期購買，那麼在高峰之前仍有時間讓系統投入使用。因此，這對我們來說絕對是一個機會，但第四季末不會出現預算充裕。

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。

Congrats on the strong quarter. So Eddie, I'd love to get an update. I know in the past, you've shared some details on the number of booked customers or implemented customers for Active WM. Any updated perspective that you can share there?

恭喜季度表現強勁。艾迪，我很想了解最新情況。我知道您過去曾分享過有關 Active WM 的預訂客戶或實施客戶數量的一些詳細資訊。您可以在那裡分享任何更新的觀點嗎？

Yes. I think I can. We're at somewhere -- I don't have the exact number, frankly, off the top of my head, but we're 120-plus of contracted customers. Live customers, again, don't quote me to the exact, we're about 75 live customers and right at 200 -- just over 200 facilities live around the globe. So -- and some of those, of course, are very large facilities, highly automated and so forth. So with, call it, 125, 75 and 200, I mean, this is a rock-solid proven solution now. We went through, of course, the peak season of 2022 with live Manhattan Active WM customers but as you can tell, we had hundreds of facilities that went through peak of 2023. So I think it's sort of a take it to the bank bulletproof solution that's proven at the top end of the market now.

是的。我覺得我可以。我們現在的情況是——坦白說，我不知道確切的數字，但我們有 120 多個簽約客戶。再次強調，現場客戶，不要準確地引用我的話，我們大約有 75 名現場客戶，大約有 200 名——全球只有 200 多個設施。所以——當然，其中一些是非常大的設施，高度自動化等等。因此，我的意思是，稱之為 125、75 和 200，現在這是一個經過驗證的可靠解決方案。當然，我們與曼哈頓活躍的 WM 客戶一起經歷了 2022 年的旺季，但正如你所知，我們有數百個設施經歷了 2023 年的高峰期。所以我認為這有點像銀行的防彈解決方案現在這一點已經在高端市場得到了證明。

No, it's great to see that progress. And maybe just a follow-up on services hiring and anything on productivity. I just -- obviously, we got the guide for the margins, but I'd love to understand how you guys are thinking about services capacity in 2024?

不，很高興看到這一進展。也許只是服務招募和生產力的後續行動。我只是 - 顯然，我們得到了利潤指南，但我很想了解你們如何看待 2024 年的服務能力？

Yes. We plan on increasing capacity, obviously, to help with customer satisfaction and so forth. As we've talked about before, hiring came in a little lower in 2023 than we had originally projected at the beginning of the year, only because we saw attrition very low, frankly. So we modulated our hiring accordingly. The onboarding and the productivity of the team members that we brought on has been outstanding, frankly. Now that's a combination to our kind of services operations team, all of the training programs, the center of excellence we have and so forth that is very focused on making those individuals productive as soon as we possibly can but certainly expect several hundred hires this year as well.

是的。顯然，我們計劃增加容量，以幫助提高客戶滿意度等。正如我們之前談到的，坦白說，2023 年的招募人數比我們最初預期的要低一些，只是因為我們看到員工流失率非常低。因此我們相應地調整了招募。坦白說，我們引入的團隊成員的入職和生產力非常出色。現在，這是我們的服務營運團隊、所有培訓計劃、我們擁有的卓越中心等的結合，非常注重盡快讓這些人變得高效，但肯定預計今年將僱用數百名員工以及。

Our next question is from Joe Vruwink with Baird.

我們的下一個問題來自 Joe Vruwink 和 Baird。

I wanted to start with the Shopify alliance, which sounds pretty interesting. You mentioned there's some existing customer overlap. Can you maybe quantify that or where you see the most synergies in the customer base today? And then obviously, when you think about the global Shopify merchant count, that's a massive number. I would imagine that's not all addressable by kind of your enterprise-grade technology. But what sort of expansion in audience do you think this could ultimately mean for Manhattan?

我想從 Shopify 聯盟開始，這聽起來很有趣。您提到現有的客戶存在一些重疊。您能否量化這一點，或者您在當今的客戶群中看到最大的協同效應？顯然，當你考慮全球 Shopify 商家數量時，這是一個龐大的數字。我想這並不是所有企業級技術都能解決的。但您認為這最終對曼哈頓意味著什麼樣的觀眾擴張？

Yes. So let's see, great question. Look, this is driven probably a little more, to be perfectly honest, Joe, with Shopify, obviously, is a fabulous history, a really great technology platform and have been doing exceptionally well in -- I hope they won't be offended by this -- but in the SMB space and have gradually been coming up the stack towards the enterprise where we play. So that's why we started to see a lot more sort of cross-fertilization of prospects and customers as they come up into kind of the real enterprise class versus us going down so much into SMB. We've had that conversation many, many times about our focus on both Tier 1 and Tier 2.

是的。讓我們看看，這是個好問題。聽著，這可能是更多的驅動因素，說實話，Joe 和 Shopify 顯然有著一段輝煌的歷史，一個非常偉大的技術平台，並且在以下方面做得非常好——我希望他們不會被冒犯但在中小型企業領域，我們已經逐漸向我們所在的企業領域發展。因此，這就是為什麼我們開始看到更多的潛在客戶和客戶之間的交叉融合，因為他們進入了真正的企業級，而我們則進入了中小企業。關於我們對第一層和第二層的關注，我們已經進行過很多次這樣的對話。

But we really do think the combination of our advanced technology and platform and Shopify's advanced technology and platform can really deliver some substantial and very effective and efficient results for our customer base and so forth. And one of the beauties, and I mentioned this in my prepared remarks, both they and we are very focused on essentially speed to value. They've become -- they are experts at this for the smaller merchants and so forth. And we think together, we can bring that fast, efficient, effective enablement up into the enterprise.

但我們確實認為我們的先進技術和平台與 Shopify 的先進技術和平台的結合確實可以為我們的客戶群等帶來一些實質的、非常有效和高效的結果。其中一位美女，我在準備好的發言中提到了這一點，他們和我們都非常注重本質上實現價值的速度。他們已經成為小商人等方面的專家。我們共同思考，我們可以將這種快速、有效率、有效的支援帶入企業。

Okay. That's great. And then maybe one for you and Dennis, just the maintenance revenues, they have been exceeding plan, still growing here in 4Q. Obviously, I appreciate the 2024 outlook and maybe the pace of attrition picking up. I'm wondering if you just have any updated thoughts on kind of the migration timeline and those existing on-prem customers, you mentioned at the beginning. What sort of duration might you expect for the majority to ultimately choose one of your cloud offerings?

好的。那太棒了。然後也許是你和丹尼斯的一個，只是維護收入，他們已經超出了計劃，在第四季度仍在增長。顯然，我很欣賞 2024 年的前景，或許還有加速的人員流失速度。我想知道您是否對您在開頭提到的遷移時間表和現有本地客戶有任何更新的想法。您預計大多數人最終選擇您的雲端產品之一的持續時間是多少？

Yes. I mean, look, I've been saying it for a pretty long time. I think it's a 6- to 7-year run. Now it would be fair for you to say, but Eddie, you said 6 to 7 years at the beginning of the year, and now you're saying 6 to 7 years at the beginning of this year as well. Yes. It's still in that range, in that range, Joe, would be my estimate to get through the bulk of the transitions. My guess is there will still be 5%, 10% at the end of that period of time, there will be sort of laggards and so forth, but it's a 6- or 7-year journey in my view.

是的。我的意思是，聽著，我已經說了很久了。我認為這是一個六到七年的過程。現在你這麼說是公平的，但艾迪，你在年初說的是 6 到 7 年，現在你在今年年初也說是 6 到 7 年。是的。它仍然在這個範圍內，在這個範圍內，喬，我估計可以完成大部分的轉換。我的猜測是，在那段時間結束時，仍然會有 5%、10%，會有一些落後者等等，但在我看來，這是一個 6 或 7 年的旅程。

I'm sorry, the one thing I'll mention, just to remind you there, Joe, we essentially offer no incentives for either our customers or for our sales guys and the sales team to promote. Our strategy is when the time is right, we're there for you. So there's no incentive. And frankly, there's no gun to the head. Thank you. I was going to try and look for a better -- a nicer expression than that. But there's no threats of lack of support or anything else.

抱歉，我要提到的一件事只是提醒您，喬，我們基本上沒有為我們的客戶或我們的銷售人員和銷售團隊提供促銷激勵。我們的策略是，當時機成熟時，我們隨時為您服務。所以沒有動力。坦白說，沒有槍指著頭。謝謝。我打算嘗試尋找比這更好的表達方式。但不存在缺乏支持或其他任何威脅。

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。

Nice job on the quarter guys. Eddie, with respect to your point-of-sale business, I was wondering if you could just highlight or point out some of the biggest opportunities you face and also some of the challenges you're facing right now. So for instance, are you facing -- challenge-wise, are you facing more so on the marketing side or maybe on the product side?

夥計們，本季幹得好。艾迪，關於您的銷售點業務，我想知道您是否可以強調或指出您面臨的一些最大機會以及您目前面臨的一些挑戰。例如，您面臨的挑戰是，您面臨的挑戰更多是在行銷方面還是在產品方面？

Yes. Great question, Mark. So let's start with the challenges, get those out of the way. I just think we've still got a little bit of an awareness challenge at this. We are beating the drums and telling neighbors, friends and aunts and uncles as best as we possibly can about this world-class solution that we have, number one. Now at the National Retail Federation Show -- conference, I should say, a couple of weeks ago, and I mentioned in my prepared comments, we launched the next generation -- so we still have got the most revolutionary cloud native point of sale in the industry. But we updated it yet again, next generation and launched it at NRF and very, very well received.

是的。好問題，馬克。因此，讓我們從挑戰開始，解決這些挑戰。我只是認為我們在這方面仍然面臨一些意識挑戰。我們正在敲鑼打鼓，盡我們所能告訴鄰居、朋友、叔叔阿姨們，我們擁有這個世界級的解決方案，第一名。現在，在全國零售聯合會展會上——我應該說，幾週前的會議，我在準備好的評論中提到，我們推出了下一代產品——所以我們仍然擁有最具革命性的雲端原生銷售點行業。但我們再次更新了它，下一代，並在 NRF 上發布，非常非常受歡迎。

So I think awareness is still kind of a challenge. Now you and others have heard me talk about the goal by the end of the year was to have about 10 live customers. Well, we've got that. We've got about 10 because I think that sort of gets you over the hump in terms of, okay, this is not a little early cycle product anymore. And the fact of the matter is we went through the holiday peak season here with 10 live customers, 30,000 store associates using our system. Every penny of revenue -- if you think about the customers that run both Manhattan Active Omni and point-of-sale, right? All of the wholesale business, if they have it, their direct-to-consumer business is all running through Manhattan Active Omni, all of their foot traffic revenue is running through point-of-sale. So every single penny of their revenue is running through the Manhattan solutions.

所以我認為意識仍然是一個挑戰。現在，您和其他人已經聽到我談論到今年年底的目標是擁有大約 10 個現場客戶。好吧，我們已經做到了。我們有大約 10 個，因為我認為這會讓你克服困難，好吧，這不再是一個早期週期的產品了。事實上，我們在這裡度過了假日旺季，有 10 位現場顧客、30,000 名商店員工使用我們的系統。每一分錢的收入 - 如果您考慮同時運行曼哈頓 Active Omni 和銷售點的客戶，對嗎？所有的批發業務，如果他們有的話，他們的直接面向消費者的業務都是透過曼哈頓Active Omni運行的，他們所有的客流量收入都是透過銷售點運作的。因此，他們的每一分錢收入都透過曼哈頓解決方案運作。

30,000 associates and right around 1,500 more now, but right around 1,500 stores live on point-of-sale through the peak season. And transaction volumes that are substantial, let's just call it that, and certainly exceed any other cloud-native point-of-sale system out there. So feel really good about kind of where we are with the product.

現有 30,000 名員工，目前還有大約 1,500 名員工，但在旺季期間約有 1,500 家商店依靠銷售點。交易量非常大，我們就這麼稱呼它吧，並且肯定超過了任何其他雲端原生銷售點系統。因此，我們對產品的現狀感到非常滿意。

We've noted -- a long answer here, but we noted some of the wins we've had against best-of-breed point-of-sale companies, head-to-head with no other solutions for Manhattan and no previous experience with Manhattan. So clearly, we can go head-to-head. And now, I mean, if there was ever any question about scalability and so forth, we sailed through Q4 with, again, 30,000, 1,500 stores, very high transaction volume. So feel like we're there. We just got to beat the drum, get the word out.

我們已經注意到——這裡有一個很長的答案，但我們注意到我們與最佳銷售點公司的一些勝利，在曼哈頓沒有其他解決方案且沒有經驗的情況下進行正面交鋒與曼哈頓。很明顯，我們可以正面交鋒。現在，我的意思是，如果有任何關於可擴展性等方面的問題，我們在第四季度再次順利完成了 30,000 家、1,500 家商店的交易，交易量非常高。所以感覺我們就在那裡。我們只需要敲響鼓，把消息說出來。

That's helpful. And then shifting gears a little bit here. With respect to your sales motion, could you just give us a sense of what percentage of bookings were cross-sell upsell during the quarter or actually during the year?

這很有幫助。然後在這裡稍微改一下。關於您的銷售動議，您能否讓我們了解本季或全年實際進行交叉銷售追加銷售的預訂百分比？

I think, let's see, we're right around -- give me a percentage here and there, but we were just under 30% for the quarter. And I think for the year, we are right in the 26%, 27%.

我想，讓我們看看，我們就在附近——給我一個百分比，但我們這個季度的比例略低於 30%。我認為今年，我們處於 26%、27% 的位置。

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. Nice quarter guys. And I wanted to ask on the Shopify partnership. Is that just a product integration partnership? Or is there a go-to-market motion there as well with them?

偉大的。好季度夥計們。我想詢問一下 Shopify 的合作關係。這只是產品整合合作關係嗎？或者他們也有進入市場的動議？

Yes, both. I mean, as is -- obviously, we've announced the partnership as is customary with us, and I think Shopify too, we're going to make sure that we've got all of the technical aspects of product integration, end-to-end integration and process flows completely ironed out before we do anything more. But now it's -- at the moment, it is -- we're working on the certified integration. We've got joint clients that are in active implementation, we expect to be live in Q2.

是的，兩者都有。我的意思是，很明顯，我們已經按照慣例宣布了合作夥伴關係，我認為 Shopify 也是如此，我們將確保我們擁有產品集成的所有技術方面，最終-在我們做更多事情之前，端到端的集成和流程已經完全解決了。但現在——目前，我們正在致力於經過認證的整合。我們有正在積極實施的聯合客戶，我們預計將在第二季投入使用。

Got it. Great. And then I wanted to ask on the margins. I understand that -- I think the margin -- slight margin decline, operating margin decline you're guiding for in '24 is effectively all driven by revenue mix, with the runoff of maintenance and license. As we think like longer term, about the cloud gross margin, which you don't break out specifically, but is that still ramping? Is there still upside to that as you scale? How do we think about that?

知道了。偉大的。然後我想問一下邊緣。我理解，我認為利潤率略有下降，您在 24 年指導的營業利潤率下降實際上都是由收入組合以及維護和許可的流失所驅動的。正如我們從長遠來看，關於雲毛利率，你沒有具體公佈，但它仍在上升嗎？隨著規模的擴大，這還有好處嗎？我們對此有何看法？

Yes. Yes, there is. I mean, we're effectively continuing to increase operating margins if you take out the drag, and we still think there's scale opportunity in client operations and up and down the P&L, frankly.

是的。就在這裡。我的意思是，如果排除拖累，我們實際上會繼續提高營業利潤率，而且坦白說，我們仍然認為客戶營運以及損益表上下存在規模化機會。

And our final question comes 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。

Nice quarter, guys. Dennis, just wondering on the professional services side of the business. If you look at your overall hiring, your total employee headcount was up around 10% in the year. But your professional services revenues were up around 24%. Can you just help reconcile sort of capacity in that professional services business and pricing in the market, how that performed in '23 and sort of what you're looking at for '24?

夥計們，這個季度不錯。丹尼斯，只是想知道業務的專業服務方面。如果您查看整體招聘情況，您會發現您的員工總數在這一年增加了 10% 左右。但您的專業服務收入成長了 24% 左右。您能否協助協調專業服務業務的產能和市場定價、23 年的表現以及您對 24 年的期望？

Well, Eddie here. Just a couple of points. I mean, obviously, we have seen a little bit, not a ton, but we have passed on a little bit of wage inflation and so forth for that customer. So you've seen hourly rates tick up a little bit. But most of the leverage comes from the efficiency of the organization, for sure, particularly as we continue to focus on the center of excellence that I talked about, the training and the onboarding of the new resources. Now the other thing that I mentioned, we had forecasted a little bit higher headcount acquisition in 2023 than we needed because attrition was lower than we expected, that helps efficiency for sure.

嗯，艾迪在這裡。只是幾點。我的意思是，顯然，我們看到了一點點，而不是很多，但我們已經為該客戶傳遞了一點點工資上漲等等。所以你已經看到每小時費率略有上升。但毫無疑問，大部分影響力來自組織的效率，特別是當我們繼續關注我談到的卓越中心、新資源的培訓和入職時。我提到的另一件事是，我們預測 2023 年的員工招募量會比我們需要的多一些，因為人員流失率低於我們的預期，這肯定有助於提高效率。

Okay. Great. And is there -- with the Shopify relationship, will that also drive some professional services, I guess, it would if larger customers adopt your solution?

好的。偉大的。我想，透過與 Shopify 的關係，如果更大的客戶採用您的解決方案，這是否也會推動一些專業服務的發展？

Yes. Sure. Sure. Yes. No doubt it will. Now part of our objective there, just to be clear, is to take out any of base integration work that's needed to be done. Between us, we'll carry that cost. So the idea is to speed up implementations, reduce the total cost of ownership and so forth. But nonetheless, there's still professional services fees associated with implementing that joint solution.

是的。當然。當然。是的。毫無疑問會的。現在我們的目標的一部分，需要明確的是，取消任何需要完成的基礎整合工作。我們將承擔這筆費用。因此，我們的想法是加快實施速度、降低整體擁有成本等等。但儘管如此，實施該聯合解決方案仍需要支付專業服務費。

Okay. Great. Great. And then my next question was just really around -- just maybe a little more color on the guidance, the revenue guidance for fiscal '24. So 10% on the topline, did 21% in '23, did 15% in '22 and is there -- I just want to get your sense of sort of how you came to your 2024 revenue view?

好的。偉大的。偉大的。然後我的下一個問題真的是圍繞著——也許只是對指導方針，即 24 財年的收入指導方針，多一點色彩。因此，營收佔 10%，23 年佔 21%，22 年佔 15%，是否存在——我只是想了解一下您對 2024 年收入的看法？

Well, we're -- our revenue growth guidance coming into 2024 is roughly the same as it was coming into 2023, slightly higher actually.

嗯，我們對 2024 年的收入成長指引與 2023 年的營收成長指引大致相同，實際上略高一些。

Okay. Is the environment feeling about the same as '23 at the end of last year?

好的。環境感覺和去年年底的23年差不多嗎？

Yes, in the same ballpark. Obviously, there's a few things going on around the world that are happening now that weren't happening at the beginning of 2023. 2024 is an election year, et cetera, et cetera. So the things that you know about. But aside from those things, everything feels about the same.

是的，在同一個球場。顯然，世界各地正在發生一些 2023 年初沒有發生的事情。2024 年是選舉年，等等。所以你所知道的事。但除了這些事情之外，一切感覺都一樣。

We have reached the end of our question-and-answer session. I would like to turn the conference back over to Eddie for closing remarks.

我們的問答環節已經結束。我想把會議轉回艾迪做閉幕詞。

Okay. Terrific, Sherry. Well, thanks, everybody, for attending today. Again, we're pleased with 2023. Looking forward to a fabulous 2024, and we look forward to updating you on the Q1 results in about 90 days. Thank you.

好的。太棒了，雪莉。好的，謝謝大家今天出席。再次，我們對 2023 年感到滿意。期待美好的 2024 年，我們期待在大約 90 天內向您通報第一季的最新結果。謝謝。

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

謝謝。今天的會議到此結束。此時您可以斷開線路，感謝您的參與。