Manhattan Associates Inc (MANH) 2024 Q3 法說會逐字稿

Good afternoon. My name is Alicia, and I'll be your conference facilitator today. At this time, I would like to welcome everyone to Manhattan Associates Q3 2024 conference call. (Operator Instructions)

午安.我叫艾莉西亞，今天我將擔任你們的會議主持人。此時此刻，我歡迎大家參加曼哈頓聯合公司 2024 年第三季電話會議。（操作員說明）

As a reminder, ladies and gentlemen, this call is being recorded today, October 22, 2024. Now I would like to introduce you to your host, Michael Bauer, Head of Investor Relations of Manhattan Associates. Mr. Bauer, you may proceed.

女士們先生們，謹此提醒，本次通話錄音於今天（2024 年 10 月 22 日）進行。現在我想向您介紹主持人，曼哈頓聯合公司投資者關係主管邁克爾·鮑爾(Michael Bauer)。鮑爾先生，您可以繼續了。

Great. Thank you, Alicia, and good afternoon, everyone. Welcome to Manhattan Associates' 2024 third quarter earnings call. I will review our cautionary language and then turn the call over to Eddie Capel, our CEO.

偉大的。謝謝你，艾莉西亞，大家下午好。歡迎參加曼哈頓聯合公司 2024 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 question-and-answer session, we may make forward-looking statements regarding future events or the future financial performance of Manhattan Associates. You're 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 2023 and the risk factor discussion in that report, as well as any risk factor update we provide in our subsequent Form 10-Qs.

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，並不能保證未來業績，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 2023 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 macroenvironment could impact our performance and cause actual results to differ materially from our projections. We're under no obligation to update these statements.

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 the SEC rules. You'll find the reconciliation schedules in the Form 8-K we submitted to the SEC earlier today and on our website at they 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提交給 SEC 的 8-K 表格以及我們的網站 They 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。

Great. Thanks, Mike. Good afternoon, everyone, and thank you for joining us as we review our third-quarter results, discuss our Q4 outlook, and provide some very preliminary color at least on 2025.

偉大的。謝謝，麥克。大家下午好，感謝您加入我們，我們將回顧第三季度的業績，討論第四季度的前景，並至少提供一些非常初步的信息，至少是 2025 年的情況。

Q3 and year-to-date results set all-time records on both bottom and top lines. For the quarter, total revenue increased 12% and to $267 million and adjusted earnings per share increased 29% to $1.35. Both of these metrics were above our expectations, driving the top-line outperformance and earnings leverage with solid cloud and services revenue growth across all geographies, with cloud subscription revenue posting 33% growth in the quarter.

第三季和年初至今的業績在淨利和營收上都創下了歷史記錄。本季總營收成長 12%，達到 2.67 億美元，調整後每股收益成長 29%，達到 1.35 美元。這兩項指標都超出了我們的預期，推動了營收的優異表現和獲利槓桿，所有地區的雲端和服務收入均實現穩健成長，本季雲端訂閱營收成長了 33%。

And Manhattan's business fundamentals are solid, and we remain confident and very optimistic about our business opportunity. While the global macroenvironment remains challenging, demand for our solutions is robust, customer satisfaction is high and is evidenced by our recent release of the Manhattan Active supply chain planning solution, the investments we're making in R&D and our people are creating a clear differentiation. Delivering consistent market-leading innovation is creating more opportunities across supply chain, omnichannel retail, and as the world's best brands look to unify and digitally transform.

曼哈頓的商業基礎穩固，我們對我們的商業機會仍然充滿信心和非常樂觀。儘管全球宏觀環境仍然充滿挑戰，但對我們解決方案的需求強勁，客戶滿意度很高，我們最近發布的曼哈頓主動供應鏈規劃解決方案證明了這一點，我們在研發方面的投資和我們的員工正在創造明顯的差異化。隨著全球最佳品牌尋求統一和數位轉型，提供持續的市場領先創新正在整個供應鏈、全通路零售領域創造更多機會。

RPO, remaining performance obligation, increased 27% to roughly $1.7 billion. And as we've often cautioned, large complex deals can be lumpy on a quarter-over-quarter basis. And whilst we haven't seen much of that lumpiness over the past three or four years, this quarter and to a lesser extent, last quarter, we have seen some.

RPO（剩餘履約義務）增加了 27%，達到約 17 億美元。正如我們經常警告的那樣，大型複雜交易可能會在季度與季度之間出現波動。雖然在過去三、四年裡我們沒有看到太多的波動，但本季以及上個季度（較小程度上），我們已經看到了一些波動。

And our third-quarter RPO growth was impacted by some large digital transformational projects pushing out. That said, our fourth quarter is off to a great start and demand is solid. And attributes that give us confidence that we will actually achieve at the high end of our 2024 RPO bookings guidance of $1.8 billion.

我們第三季的 RPO 成長受到一些大型數位轉型專案推出的影響。也就是說，我們的第四季有一個良好的開端，需求也很穩定。這些屬性讓我們相信我們將真正實現 2024 年 RPO 預訂指導上限 18 億美元。

Across our industry-leading product portfolio and global pipeline sits at record levels, our win rates remain strong at about 70%. And these factors, despite the uncertain macro environment, again, give us confidence that we'll achieve the high end of our 2024 RPO bookings goals and equally important are well positioned for continued success in 2025, 2026, and of course, beyond that.

我們在業界領先的產品組合和全球管道都處於創紀錄的水平，我們的勝率仍然保持在 70% 左右的強勁水平。儘管宏觀環境存在不確定性，但這些因素再次讓我們有信心實現 2024 年 RPO 預訂目標的高端，同樣重要的是，我們為 2025 年、2026 年以及之後的持續成功做好了準備。

Now looking a little deeper into our Q3 bookings. From a vertical perspective, 80% of our deals came from retail, manufacturing, and wholesale. Across our solutions, the sub verticals continue to be pretty diverse. And so some of the cloud deals we won this quarter include a North American supply chain solutions provider, a global plastics manufacturer and multinational home improvement retailer, a global manufacturer of HVAC and refrigeration products, a global life sciences and clinical research company, a global apparel retailer and many others.

現在更深入地了解我們第三季的預訂情況。從縱向來看，我們80%的交易來自零售、製造和批發。在我們的解決方案中，子垂直領域仍然非常多樣化。因此，我們本季贏得的一些雲端交易包括一家北美供應鏈解決方案提供商、一家全球塑膠製造商和跨國家居裝修零售商、一家全球暖通空調和冷凍產品製造商、一家全球生命科學和臨床研究公司、一家全球服飾零售商等。

In Q3, 14% of our new bookings were generated from net new logos, and we continue to have a very healthy mix of conversions, upsells, and cross-sells. And we believe this demonstrates the many and varied opportunities we have for sustainable future growth.

在第三季度，我們 14% 的新預訂來自淨新徽標，並且我們繼續保持非常健康的轉換、追加銷售和交叉銷售組合。我們相信，這表明我們擁有多種實現未來永續成長的機會。

And as stated earlier, our solution pipeline is at record levels, and new potential customers represent about 35% of that demand. This strong demand is driven by our best-of-breed cloud native solutions that provide continuous access to innovation and helping our customers digitally transform their businesses to drive success.

如前所述，我們的解決方案管道處於創紀錄的水平，新的潛在客戶約佔該需求的 35%。這種強勁的需求是由我們同類最佳的雲端原生解決方案推動的，這些解決方案提供持續的創新機會，並幫助我們的客戶對其業務進行數位轉型以取得成功。

Our mission-critical solutions help our clients improve customer satisfaction, drive more revenue, and improve efficiency. And this strong demand for our solutions is also fueling opportunities and growth for our internal services organization and our systems integrator integration partners. In Q3, our global services team completed over 100 go-lives and continue to perform very well for our customers.

我們的關鍵任務解決方案可協助我們的客戶提高客戶滿意度、增加收入並提高效率。對我們解決方案的強勁需求也為我們的內部服務組織和系統整合商整合合作夥伴帶來了機會和成長。第三季度，我們的全球服務團隊完成了 100 多個上線項目，並繼續為我們的客戶提供出色的服務。

Now turning to a few product updates. I mentioned last quarter at our annual customer conference, Momentum, we unveiled the Manhattan Active supply chain planning solution. And I'm happy to report that as planned, we completed the development and shipped this latest addition to the Manhattan Active family right on schedule 17 days ago, just at the beginning of October.

現在轉向一些產品更新。我在上個季度的年度客戶會議 Momentum 上提到，我們推出了曼哈頓主動供應鏈規劃解決方案。我很高興地向大家報告，我們按照計劃完成了開發，並在 17 天前（即 10 月初）如期將這款最新產品交付給了曼哈頓 Active 系列。

Manhattan Active supply chain planning is now generally available, deployed in our evergreen cloud environments. And just like all of the Manhattan Active platform applications, it will receive functional and technical enhancements every single quarter.

曼哈頓主動供應鏈規劃現已普遍可用，部署在我們常青的雲端環境中。就像所有曼哈頓活躍平台應用程式一樣，它每季都會獲得功能和技術增強。

Since announcing this new offering in May, we've seen notable interest from around the globe. And as we'd hoped and kind of suspected, WMS and TMS users are fascinated by our vision of combining these solutions with planning to improve their ability to execute in the field.

自從五月宣布這項新產品以來，我們看到了全球各地的濃厚興趣。正如我們所希望和懷疑的那樣，WMS 和 TMS 用戶對我們將這些解決方案與計劃相結合以提高其現場執行能力的願景著迷。

And Manhattan Active Omni users are digging in as well to see how a real-time view of inventory health can help them make better promising fulfillment decisions, which will yield even more margin advantages for their businesses.

曼哈頓 Active Omni 用戶也在深入研究庫存健康狀況的即時視圖如何幫助他們做出更有前景的履行決策，這將為他們的業務帶來更多的利潤優勢。

Now as a reminder, Manhattan Active supply chain planning is the first planning solution prewired directly into the operations. When combined with Manhattan Active warehouse management, for example, our new planning solution will deliver detailed and accurate projections of your DC labor and operational needs for the next 52 weeks all the way down to the department and job function, if necessary.

現在提醒一下，Manhattan Active 供應鏈規劃是第一個直接預先連接到營運中的規劃解決方案。例如，當與曼哈頓主動倉庫管理相結合時，我們的新規劃解決方案將在必要時提供對未來 52 週 DC 勞動力和營運需求的詳細而準確的預測，直至部門和工作職能。

Now having been in the WMS business and helping our customers plan the labor for over 30 years now, we feel very confident in saying that today, very few operations are getting anywhere near that level of forward visibility. Being able to match your labor plans to your labor needs from the next 30 minutes and up to the next 30 weeks improves just about every operational metric from on-time shipping to total cost of labor.

現在，我們已經從事 WMS 業務並幫助我們的客戶規劃勞動力 30 多年，我們非常有信心地說，今天，很少有營運能夠達到這種前瞻性可見性水平。能夠將您的勞動力計劃與未來 30 分鐘甚至未來 30 週的勞動力需求相匹配，從而改善從準時發貨到總勞動力成本的幾乎所有營運指標。

But we didn't stop there, because just like we put more planning into our WMS solution, we put more execution into our planning solutions as well. Unlike traditional solutions, Manhattan Active supply chain planning runs continuously, constantly fine-tuning order quantities even on orders that are already processing in the distribution center. And this is really transformative because it allows real-time demand data from throughout the day to continuously shape the final order quantities right up until those orders are ready to be shipped.

但我們並沒有就此止步，因為就像我們在 WMS 解決方案中投入更多規劃一樣，我們也在規劃解決方案中投入更多執行力。與傳統解決方案不同，Manhattan Active 供應鏈計劃持續運行，不斷微調訂單數量，即使訂單已在配送中心處理。這確實具有變革性，因為它允許全天的即時需求數據不斷調整最終訂單數量，直到這些訂單準備好發貨。

This level of supply chain agility is simply unachievable without the industry's leading cloud native platform that we call the Manhattan Active platform. The subsecond always-connected nature of the Manhattan Active applications allows them to collaborate with zero latency, a true industry-first.

如果沒有業界領先的雲端原生平台（我們稱之為曼哈頓活躍平台），這種程度的供應鏈敏捷性是根本無法實現的。曼哈頓活躍應用程式的亞秒級始終連接特性使它們能夠零延遲協作，這是真正的行業首創。

Now I went into a little bit of detail on that scenario involving Manhattan Active WM because I thought it would help illustrate the types of benefits that we're going that we're delivering. But rest assured, many other similar use cases exist for that solution, Manhattan Active TM and Manhattan Active Omni as well.

現在，我對涉及曼哈頓活躍 WM 的場景進行了一些詳細介紹，因為我認為這將有助於說明我們將要提供的好處類型。但請放心，解決方案還有許多其他類似的用例，例如曼哈頓 Active TM 和曼哈頓 Active Omni。

And we're in conversations with several customers by beginning to activate Manhattan Active supply chain planning in early to mid-2025. So certainly, stay tuned for more news, albeit in the early stages of our newest Manhattan Active offering.

我們正在與幾位客戶進行對話，並計劃在 2025 年初至中期啟動曼哈頓活躍供應鏈規劃。當然，請繼續關注更多新聞，儘管我們最新的曼哈頓活躍產品還處於早期階段。

Now we take a lot of pride in building software that enables our customers to gain a competitive advantage in their respective markets. Along those lines, we've recently released a few new capabilities within Manhattan Active Omni that our customers are really applauding.

現在，我們為建立能夠幫助我們的客戶在各自市場中獲得競爭優勢的軟體感到非常自豪。沿著這些思路，我們最近在曼哈頓 Active Omni 中發布了一些新功能，我們的客戶非常讚賞。

In an earlier quarter, I mentioned that our first-of-a-kind fulfillment experience insight dashboard. This fulfillment experience insights allows our customers to continuously benchmark their omnichannel fulfillment performance against their peers and against their competitors. But we didn't stop there. We knew that this level of insight and visibility was really great, but operational recommendations are better.

在上一個季度，我提到了我們首個履行體驗洞察儀表板。這種履行體驗洞察力使我們的客戶能夠不斷地將他們的全通路履行績效與同業和競爭對手進行比較。但我們並沒有就此止步。我們知道這種程度的洞察力和可見性確實很棒，但營運建議更好。

So to that end, we recently introduced a capability that we call post-game spotlight. And post-game spotlight provides detailed recommendations on how fulfillment performance can be improved from both a customer experience and a cost standpoint. And this is done by making detailed recommendations on elements like inventory deployment and fulfillment staffing in stores.

為此，我們最近推出了一項稱為賽後聚光燈的功能。賽後聚焦提供瞭如何從客戶體驗和成本角度提高履行績效的詳細建議。這是透過對商店庫存部署和履行人員配置等要素提出詳細建議來完成的。

And we put the spotlight on specific operational changes that we believe will move the needle for our customers. Both fulfillment experience insights and post-game spotlight are really great examples of why prospects choose and customers stay with Manhattan Active Omni. We've moved far beyond enablement. We're now helping customers optimize and fine-tune their ever-evolving omnichannel fulfillment processes.

我們將重點放在具體的營運變化上，我們相信這些變化將為我們的客戶帶來推動。履行體驗洞察和賽後焦點都是潛在客戶選擇並留在曼哈頓 Active Omni 的真正好例子。我們已經遠遠超出了支援的範圍。我們現在正在幫助客戶優化和調整他們不斷發展的全通路履行流程。

And finally on our products, I'd like to provide a brief update on, yes, generative AI. As we've said before, AI is far from a new phenomenon here at Manhattan. We've had our operations research and data science team embedding AI into nearly every Manhattan application for several decades now.

最後，關於我們的產品，我想提供一個關於生成式人工智慧的簡短更新。正如我們之前所說，人工智慧在曼哈頓遠遠不是新現象。幾十年來，我們的運籌研究和數據科學團隊已經將人工智慧嵌入曼哈頓的幾乎每個應用程式中。

Generative AI is the latest of these powerful technologies, and we're off to a really good start shipping production-ready generative AI capabilities. At Momentum, again, introduced Manhattan Assist, for example, a generative AI capability accessible from all Manhattan Active solutions.

生成式人工智慧是這些強大技術中的最新技術，我們在交付可投入生產的生成式人工智慧功能方面取得了良好的開端。例如，Momentum 再次推出了曼哈頓輔助 (Manhattan Assist)，這是一種可從所有曼哈頓主動解決方案存取的生成式人工智慧功能。

Our customers use Manhattan Assist every single day now, helping them quickly understand the many capabilities within our applications. And it's really been great and kind of fun, to be honest, to see the questions that they're asking and some of the answers that we're providing, and frankly, where we can still tune a large language model.

我們的客戶現在每天都使用曼哈頓協助，幫助他們快速了解我們應用程式中的許多功能。說實話，看到他們提出的問題以及我們提供的一些答案，這真的很棒而且很有趣，坦白說，我們仍然可以調整大型語言模型。

Our partners at Google, of course, have continued to be a great help here as they continue to improve the underlying technology at a really rapid pace. So we're hard at work on a next generation of GenAI-based capabilities right now, and we'll be rolling those out in the first half of 2025.

當然，我們在Google的合作夥伴繼續為我們提供了很大的幫助，因為他們繼續以非常快的速度改進底層技術。因此，我們現在正在努力開發下一代基於 GenAI 的功能，我們將在 2025 年上半年推出這些功能。

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 brief summary, and we'll 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資訊。然後我將用一個簡短的總結來結束我們準備好的發言，然後我們將進入問答環節。那麼，丹尼斯？

Okay. Thanks, Eddie. Our Manhattan global teams continue to execute well in a challenging macroenvironment. For the quarter, we delivered a strong balanced financial performance across top-line growth, operating margin, and cash flows. This includes posting record results across RPO, revenue, operating income, and adjusted 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，我們在營收成長、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 RPO、收入、營業收入和調整後每股收益方面公佈創紀錄的業績。

On an as-reported basis, our Q3 results came in slightly below 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.

根據報告，我們第三季的業績略低於 50 法則。如果我們的收入成長因雲端轉型而正常化（不包括授權和維護收入），那麼我們的結果將超過 50 規則。

Of course, FX has remained volatile. It did not have a meaningful impact to Q3 revenue growth but was a $9 million tailwind to year-to-date RPO growth and an $18 million tailwind to sequential RPO growth.

當然，外匯仍然波動。它對第三季營收成長沒有重大影響，但對年初至今的 RPO 成長產生了 900 萬美元的推動作用，對環比 RPO 成長產生了 1800 萬美元的推動作用。

Now to our results. All growth rates are on an as-reported year-over-year basis unless otherwise stated.

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。

Total revenue was $267 million, up 12%, excluding license and maintenance revenue, which removes the compression driven by our cloud transition, our total revenue was up 15%. Cloud revenue totaled $86 million, up 33%. We ended the quarter with RPO of roughly $1.7 billion, up 27% compared to the prior year and up 5% sequentially. And as Eddie discussed, several large strategic digital transformational deals pushed.

總收入為 2.67 億美元，成長 12%，不包括授權和維護收入，消除了雲端轉型帶來的壓縮，我們的總收入成長了 15%。雲端收入總計 8,600 萬美元，成長 33%。本季末，我們的 RPO 約為 17 億美元，比上年增長 27%，比上一季增長 5%。正如艾迪所討論的，幾項大型策略性數位轉型交易得到了推動。

Importantly, Manhattan continues to benefit from a record pipeline that includes solid demand from both new and existing customers and strong win rates are giving us confidence in achieving the high end of our 2024 RPO bookings outlook and the ability to provide strong 2025 outlook parameters.

重要的是，曼哈頓繼續受益於創紀錄的管道，包括新客戶和現有客戶的強勁需求，以及強勁的獲勝率，使我們有信心實現2024 年RPO 預訂前景的高端，並有能力提供強勁的2025年前景參數。

Our global services teams delivered record revenue totaling $137 million, up 7%, as cloud sales continue to fuel services revenue growth for Manhattan. Adjusted operating profit was $99 million with adjusted operating margin of 37.1%. This is 670 basis points year over year up. Our performance was driven by strong cloud and services revenue growth, combined with operating leverage as our cloud business continues to scale.

我們的全球服務團隊創造了創紀錄的總收入 1.37 億美元，成長 7%，雲端銷售持續推動曼哈頓的服務收入成長。調整後營業利潤為 9,900 萬美元，調整後營業利益率為 37.1%。較去年同期成長 670 個基點。我們的業績是由強勁的雲端和服務收入成長以及我們的雲端業務不斷擴大的營運槓桿所推動的。

As Eddie discussed, we are very optimistic on our business opportunity and continue to invest in innovation to drive sustainable long-term growth.

正如艾迪所討論的，我們對我們的商業機會非常樂觀，並將繼續投資於創新，以推動可持續的長期成長。

Turning to EPS, earnings per share. We delivered Q3 adjusted earnings per share of $1.35, up 29%, and GAAP earnings per share of $1.03, up 30%.

轉向 EPS，每股盈餘。第三季調整後每股收益為 1.35 美元，成長 29%，GAAP 每股收益為 1.03 美元，成長 30%。

Moving to cash. Q3 operating cash flow increased 6% to a solid $62 million. This resulted in 23% free cash flow margin and 38% adjusted EBITDA margin.

轉向現金。第三季營運現金流量成長 6%，達到穩定的 6,200 萬美元。這導致自由現金流利潤率達到 23%，調整後 EBITDA 利潤率達到 38%。

Regarding the balance sheet, total deferred revenue increased 18% to $253 million. We ended the quarter with $215 million in cash and zero debt. Accordingly, we leveraged our strong cash position and invested $50 million in share repurchases in the quarter, resulting in $198 million in buybacks year to date. Also, our Board has approved the replenishment of our $75 million share repurchase authority.

就資產負債表而言，遞延收入總額成長了 18%，達到 2.53 億美元。本季結束時，我們擁有 2.15 億美元現金和零債務。因此，我們利用強大的現金狀況，在本季投資了 5,000 萬美元用於股票回購，今年迄今的回購額為 1.98 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 2024 guidance. As consistently mentioned, our financial objective is to deliver sustainable double-digit top-line growth and top-quartile operating margins benchmarked against any enterprise SaaS comps. These are important drivers to our best-in-class return on invested capital as we maintain a balanced investment approach to growth and profitability.

關於我們更新的 2024 年指南。正如我們一直提到的，我們的財務目標是實現可持續的兩位數營收成長和與任何企業 SaaS 相比最高四分之一的營運利潤率。這些是我們實現一流投資資本回報的重要驅動力，因為我們保持平衡的投資方式以實現成長和獲利。

With our strong year-to-date performance in an uneven macroenvironment, we are tightening our 2024 revenue guidance and increasing our operating margin and EPS guidance. Details can be found in today's earnings release.

鑑於我們在不平衡的宏觀環境中今年迄今的強勁表現，我們正在收緊 2024 年收入指導，並提高營業利潤率和每股收益指導。詳細資訊可以在今天的財報中找到。

Also as discussed earlier, we expect to achieve the high end of our 2024 RPO outlook of $1.75 billion to $1.8 billion. As noted on the prior earnings calls, our objective is to update 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 non-linear bookings throughout the year as evidenced by our Q3 deal pushes.

同樣如前所述，我們預計 2024 年 RPO 展望的上限將達到 17.5 億美元至 18 億美元。正如先前的財報電話會議中所指出的，我們的目標是每年更新我們的 RPO 前景。最後，在RPO 上，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，正如我們第三季的交易推動所證明的那樣。

All guidance references made on today's call will be at the midpoint of their respective ranges.

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。

With that, for the full-year 2024, we expect total revenue of $1.039 billion to $1.041 billion, with a $1.04 billion midpoint, which represents 12% growth. For operating margin, we are increasing our midpoint to 34%. This compares favorably from our prior midpoint of 32.1% and 30.4% in the prior-year period.

因此，我們預計 2024 年全年總營收為 10.39 億美元至 10.41 億美元，中間值為 10.4 億美元，成長 12%。對於營業利益率，我們將中點提高至 34%。這與我們去年同期的中點 32.1% 和 30.4% 相比是有利的。

As Eddie highlighted, given the demand and size of our opportunity, we continue to invest in our business to fully leverage the new large TAM expansion revenue streams through investments in R&D and sales and marketing.

正如 Eddie 所強調的，考慮到我們機會的需求和規模，我們將繼續投資我們的業務，透過研發、銷售和行銷方面的投資，充分利用新的大型 TAM 擴張收入流。

Our full-year earnings per share midpoint is increasing, $0.35 to $4.61, and represents 23% growth compared to the prior year.

我們的全年每股收益中點正在增加，從 0.35 美元增至 4.61 美元，與前一年相比增長 23%。

For GAAP earnings per share, our midpoint increases by $0.36 to $3.48 and also represents 23% growth compared to the prior year. This implies Q4 total revenue of $253.5 million, which is $3.5 million lower than our prior Q4 midpoint as we now anticipate services revenue of $121.5 million as the choppy macroenvironment has resulted in several transformational deal pushes, some customers shifting services projects to 2025, and a more pronounced pausing impact from this year's retail peak season.

對於 GAAP 每股收益，我們的中點增加了 0.36 美元，達到 3.48 美元，與前一年相比也增加了 23%。這意味著第四季的總收入為2.535 億美元，比我們之前的第四季中點低350 萬美元，因為我們現在預計服務收入為1.215 億美元，因為動盪的宏觀環境導致了幾項轉型性交易的推動，一些客戶將服務項目轉移到2025 年，今年零售旺季的停頓影響更為明顯。

We are increasing our cloud target to $89.5 million and maintenance revenue upticks to $33.5 million. Our operating margin target is increasing to 32.5% and is up from our prior 30.5% estimate. The Q4 sequential change in operating margin accounts for retail peak seasonality, which, as a reminder, is when customers idle implementations to focus on their peak busy season.

我們將雲端目標提高到 8,950 萬美元，並將維護收入提高到 3,350 萬美元。我們的營業利益率目標提高至 32.5%，高於我們先前預測的 30.5%。第四季營業利潤率的環比變化是考慮到零售旺季的原因，提醒一下，這是指客戶閒置實施以專注於繁忙季節的情況。

Now moving to 2025. We're going to provide some preliminary parameters here. We are currently in the very early stages of our 2025 budget cycle, and we'll firm up this outlook on our Q4 call as we get through the US election process and our final market analysis.

現在進入 2025 年。我們將在這裡提供一些初步參數。我們目前正處於 2025 年預算週期的早期階段，當我們完成美國大選過程和最終市場分析時，我們將在第四季度電話會議上堅定這一前景。

With that, we are targeting total revenue of $1.13 billion to $1.14 billion, representing 9% to 10% growth, with license and maintenance attrition masking total growth by 5 percentage points. This includes our cloud revenue target of $415 million, representing 23% year-over-year growth. For RPO, we are targeting $2.15 billion, which represents 21% growth.

因此，我們的目標是總收入達到 11.3 億美元至 11.4 億美元，成長 9% 至 10%，授權和維護消耗掩蓋了總成長 5 個百分點。這包括我們 4.15 億美元的雲端收入目標，年增 23%。對於 RPO，我們的目標是 21.5 億美元，成長 21%。

In 2025, we are targeting services revenue of $565 million to $575 million. The $570 million midpoint represents 8% growth. On license and maintenance attrition to cloud, we are targeting maintenance revenue to be about $118 million, which represents a 15% decline and for license revenue to be about $5 million, which is well below 1% of total revenue.

到 2025 年，我們的服務收入目標為​​ 5.65 億至 5.75 億美元。5.7 億美元的中點代表 8% 的成長。關於雲端的授權和維護消耗，我們的目標是維護收入約為 1.18 億美元，下降 15%，許可證收入目標為​​約 500 萬美元，遠低於總收入的 1%。

We anticipate operating margin to be about 33.5%. Normalizing for our license and maintenance revenue attrition to cloud, our 2025 operating margin increases roughly 100 bps year over year, while we simultaneously increased our investment in our business and hire leading supply chain talent. We expect our 2025 tax rate to be 21% and and diluted share count to be approximately 63 million shares, which assumes no buyback activity.

我們預計營業利潤率約為 33.5%。由於我們的授權和維護收入對雲端的消耗正常化，我們到 2025 年的營業利潤率將年增約 100 個基點，同時我們增加了對業務的投資並聘請了領先的供應鏈人才。我們預計 2025 年的稅率為 21%，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 2025 parameters include total revenue, excluding license and maintenance attrition to increase 14%; cloud revenue to increase 23%; services revenue to increase 8%; and RPO to increase 21%; and for an operating margin of 33.5%, while increasing our investment in Manhattan leading innovation. All in, solid execution by our global Manhattan team and looking forward to the -- ending the year strong.

總而言之，我們的 2025 年初步參數包括總收入（不包括授權和維護損耗）成長 14%；雲端收入成長 23%；服務收入成長8%； RPO 提高 21%；營業利益率達 33.5%，同時增加我們對曼哈頓領先創新的投資。總而言之，我們的全球曼哈頓團隊執行力紮實，並期待這一年的強勁收官。

Thank you very much, and back to Eddie.

非常感謝你，然後回到艾迪。

Yeah, thanks, Dennis. Well, we're pleased with our Q3 and our year-to-date results while we continue to be appropriately cautious, I think, on the volatile macro conditions. And we did experience a more pronounced impact this quarter, as we said earlier, though. We're still very confident in achieving the high end of our RPO goals for 2024.

是的，謝謝，丹尼斯。嗯，我們對第三季和今年迄今的業績感到滿意，同時我認為，我們對不穩定的宏觀環境繼續保持適當的謹慎。不過，正如我們之前所說，本季我們確實經歷了更明顯的影響。我們仍然對實現 2024 年 RPO 目標的高端充滿信心。

Longer term, our business fundamentals, win rates, and innovation strategies are really solid. And accordingly, we're optimistic about expanding our opportunity and what we've provided what we consider to be, albeit preliminary but responsible targets for 2025.

從長遠來看，我們的業務基礎、勝率和創新策略都非常穩固。因此，我們對擴大我們的機會以及我們所提供的我們認為的 2025 年目標持樂觀態度，儘管這是初步但負責任的目標。

So we thank everybody for joining the call, and we thank our global team for all the great work that they do for our customers.

因此，我們感謝大家加入電話會議，感謝我們的全球團隊為我們的客戶所做的所有出色工作。

So that concludes our prepared remarks. And Alicia, we'll be happy to take any questions.

我們準備好的發言就到此結束。艾莉西亞，我們很樂意回答任何問題。

Terry Tillman, Truist Securities.

特里·蒂爾曼，Truist 證券公司。

Just two questions for me. The first question is, Eddie, I don't recall usually in press releases, giving commentary on the current quarter. So you said off to a good start, and you talked about it in your prepared remarks. Could we just dig into that or double-click into that a little bit more? Have you actually seen some of those deals slip have actually closed?

對我來說只有兩個問題。第一個問題是，艾迪，我不記得通常在新聞稿中對當前季度發表評論。所以你說這是一個好的開始，你在準備好的發言中也談到了這一點。我們可以深入研究一下或雙擊一下嗎？您是否真的看到其中一些交易實際上已經完成？

And the second part of that first question is, what kind of signals are you getting particularly on the bigger transformational deals that there's some budget flush in store here in 4Q? And are you assuming that? And then I had a follow-up for Dennis.

第一個問題的第二部分是，您收到了什麼樣的訊號，特別是在較大的轉型交易中，即第四季將出現一些預算充裕？你這麼認為嗎？然後我對丹尼斯進行了跟進。

[Good luck], but back in there, Terry, thanks. Yeah. So let's see, in the start to Q4 -- the good start to Q4 has been a combination of some of the deals that slipped from Q3 into Q4 closing, but also some of the deals that we expected to close early in Q4 to indeed close. So just feel good about where we are in that regard, hence the reiteration of the full-year RPO guidance.

[祝你好運]，但回到那裡，特里，謝謝。是的。因此，讓我們看看，在第四季度開始時，第四季度的良好開端是一些從第三季度滑到第四季度結束的交易的組合，但也包括一些我們預計將在第四季度早期完成的交易，這些交易實際上已經完成。因此，只要對我們在這方面的進展感到滿意即可，因此重申了全年 RPO 指導。

In terms of budget flush, don't expect to see that, frankly. I think for the most part, the days of end-of-year budget flush seem to have disappeared because we're talking about OpEx here and a longer-term revenue stream for us and cost commitment for our customers. So the days where customers and price mix may well flush a little budget on a one-time license payment seems to largely have gone away.

坦白說，就預算充裕而言，不要期望看到這種情況。我認為在大多數情況下，年終預算激增的日子似乎已經消失，因為我們在這裡討論的是營運支出以及我們的長期收入來源和客戶的成本承諾。因此，客戶和價格組合可能會在一次性許可證付款上花掉一點預算的日子似乎已經一去不復返了。

Okay, got it. Thanks, Eddie. And I guess, Dennis, just a follow-up. Thanks for all the commentary for '25. The one thing on services, what I'm curious about is because you're talking about hitting at least the high end of your RPO guidance for this year, and it looks pretty constructive in terms of the initial RPO targets for next year.

好的，明白了。謝謝，艾迪。我想，丹尼斯，這只是後續行動。感謝 '25 的所有評論。關於服務，我很好奇的是，因為您正在談論至少要達到今年 RPO 指導的上限，而且就明年的初始 RPO 目標而言，它看起來相當有建設性。

On the services side, I'm curious, is there something to be said about some of these customers just maybe being more frugal? When they sign a contract, maybe they're just using less resources and you're assuming that? Or there's just kind of using maybe a longer duration of rolling it out so it could impact services? And/or is there just maybe some incremental conservatism you're baking in because of some of these risk factors like the global macro elections, et cetera?

在服務方面，我很好奇，對於其中一些客戶可能更加節儉，是否有什麼好說的？當他們簽訂合約時，也許他們只是使用了更少的資源，而你是這麼認為的嗎？或者只是使用更長的時間來推出它，這可能會影響服務？和/或是否由於一些風險因素（例如全球宏觀選舉等），您可能正在醞釀一些漸進的保守主義？

Terry, I'll take the first half of that. Dennis can talk about any conservatism and so forth, contingency he may have built into the model.

特里，我先講前半部。丹尼斯可以談論任何保守主義等等，他可能已經在模型中加入了偶然性。

But I would tell you that there's two components. One is frankly, we are getting more efficient. There's no question as we've gone down this journey.

但我會告訴你，有兩個組成部分。一是坦白說，我們的效率正在提高。毫無疑問，我們已經走過了這段旅程。

The cost of implementing our Manhattan Active solutions is getting better and better and better. We've seen -- on a number of fronts. Straight efficiency is getting better on the services side. We're seeing far less customization because of the richness of solutions. So that's on our side of the fence.

實施曼哈頓主動解決方案的成本越來越低。我們已經在很多方面看到了。服務方面的直接效率正在變得更好。由於解決方案的豐富性，我們看到的客製化程度要低得多。所以那是在我們這邊。

And secondly, as I think you know, we've advanced and enhanced system integrator network. And the good news is they're doing a healthy amount of the work as well. So we're getting a global reach across systems integrators. So that's a little bit of what's going on in there, strong software, but not quite as strong on the services side, but we see that as largely as a positive.

其次，正如我想你知道的，我們已經先進和增強了系統整合商網路。好消息是他們也做了大量的工作。因此，我們正在跨系統整合商實現全球影響力。這就是其中發生的一些事情，強大的軟體，但在服務方面並不那麼強大，但我們認為這在很大程度上是積極的。

That's helpful. And then I guess maybe just like on the idea, though, just kind of finishing up here, Dennis, in terms of -- there's always an underpromise and overdeliver kind of philosophy here. Is there some incremental conservatism because of some of these things that you can't really control?

這很有幫助。然後我想也許就像這個想法一樣，丹尼斯，就這裡而言，這裡總是有一種承諾不足和交付過多的哲學。由於某些你無法真正控制的事情，是否存在一些漸進的保守主義？

And then the thing that I didn't even plan on asking I'm going to ask, you all benefited from some of these customers committing for long durations. Are you still seeing that kind of multiyear, five-year-plus contracting? Thank you.

然後，我甚至沒有打算問我要問的事情，你們都從其中一些客戶的長期承諾中受益。您還在看到那種多年期、五年以上的合約嗎？謝謝。

Yes on the multiyear, five-year contracting. And you hit the nail on the head, we like to underpromise and overdeliver, Terry, yeah.

是的，多年期、五年合約。你說得一中要害，我們喜歡承諾不足，交付過多，特里，是的。

Joe Vruwink, Baird.

喬·弗魯溫克，貝爾德。

I want to begin by following up on the share of bookings coming from net new with 14% was the lowest it's been in some time. I guess, is that just emblematic of the type of environment we're in where naturally you expect more of the book of business to come from existing customers?

首先，我想追蹤來自淨新的預訂比例，14% 是一段時間以來的最低水準。我想，這是否只是我們所處環境類型的象徵，您自然會期望更多的業務來自現有客戶？

And I'm wondering if that's true within the interest existing customers are expressing, is that leaning more into maybe migrations and that's part of the strong 4Q activity you're seeing? Or is the cross-sell vision and truly getting buy-in to the active supply chain, is that actually factoring in more prominently?

我想知道現有客戶所表達的興趣是否屬實，是否更傾向於遷移，這是您所看到的強勁第四季度活動的一部分？或者是交叉銷售願景和真正獲得活躍供應鏈的支持，這實際上是更重要的因素嗎？

No. I think, Joe, you bring up a good point that it is, I think, the lowest we've seen, certainly for quite some time. So now our spread is 14 to -- I think, 52% or 53%. But as you look across the deals, you look across the pipeline and so forth, there was nothing particularly trend-worthy in that number.

不。我認為，喬，你提出了一個很好的觀點，我認為這是我們所見過的最低水平，當然是相當長一段時間以來的最低水平。所以現在我們的利差是 14 到——我想是 52% 或 53%。但當你審視這些交易、審視整個管道等等時，你會發現這個數字中沒有什麼特別值得趨勢的東西。

When you look at the pipeline, about 35% of the pipeline is new logos. I'm not calling this, but I would expect this to get back to historical norms in Q4 and going forward.

當你查看管道時，大約 35% 的管道是新徽標。我不是這麼稱呼的，但我預計這將在第四季度並繼續恢復到歷史正常水平。

Okay. That's great. The large digital transformation projects, that sound like they're converting already in 4Q. Is that still largely around WMS? Is there a multi-product scope and that's why it's truly digital transformation? And how, I think, over recent quarters, there's been some cautious optimism that things like point of sale might factor more prominently in 2025?

好的。那太棒了。大型數位轉型專案聽起來像是在第四季就已經開始轉型。這仍然主要圍繞著 WMS 嗎？是否存在多產品範圍，這就是真正的數位轉型的原因？我認為，最近幾個季度，人們對銷售點等因素可能在 2025 年發揮更重要的作用持謹慎樂觀態度？

Certainly, it seems like supply chain planning is going to start to be more common in the deal flow. Any way to kind of maybe size or quantify or frame those newer products playing into the cloud activity?

當然，供應鏈規劃似乎將開始在交易流程中變得更加普遍。有什麼方法可以確定或量化或框架那些參與雲端活動的新產品嗎？

Yeah. Let's see. So in terms of product mix, you asked specifically about the strong start to Q4 -- nice product mix and the strong start to Q4. We don't have those percentages and all those kinds of things laid out yet, of course.

是的。讓我們來看看。因此，就產品組合而言，您特別詢問了第四季度的強勁開局——良好的產品組合和第四季度的強勁開局。當然，我們還沒有列出這些百分比和所有這些類型的事情。

But I know off the top of my head, we've got some WMS deals. We've got some nice OMS deals. We've got a point-of-sale deal in the mix already closed for Q4. So pretty nice mix.

但我立刻就知道，我們有一些 WMS 交易。我們有一些不錯的 OMS 優惠。我們已經在第四季度完成了一項銷售點交易。非常好的組合。

In terms of the -- I suppose you're sort of asking for closer to the top of the pipeline funnel on supply chain planning and point of sale and those kinds of things. Point of sale, we're enthused about the pipeline specifically for Q4 and on into 2025.

就供應鏈規劃和銷售點以及諸如此類的事情而言，我想您有點要求更接近管道漏斗的頂部。銷售點方面，我們對第四季和 2025 年的具體管道感到興奮。

As far as supply chain planning is concerned, obviously, we're 17 days post-GA. So it's a little early to be calling that. But I would tell you the interest and the enthusiasm, as I said in my prepared comments, has been maybe a little, just a little on the positive side of surprising, both here in the US and in Europe and in APAC. So as we've traveled around the world doing this launch.

顯然，就供應鏈規劃而言，我們已經在正式發布後 17 天了。所以現在這樣稱呼還太早。但我想告訴你們，正如我在準備好的評論中所說，無論是在美國、歐洲還是亞太地區，人們的興趣和熱情可能有點令人驚訝，只是有點令人驚訝。當我們環遊世界進行這次發佈時。

So these things don't move the needle overnight, but we are certainly encouraged by the early conversations we're having. But I would also say, both with existing customers and net new conversations around supply chain planning.

因此，這些事情不會在一夜之間取得進展，但我們的早期對話無疑地讓我們感到鼓舞。但我還要說，無論是與現有客戶還是圍繞供應鏈規劃的新對話。

Brian Peterson, Raymond James.

布萊恩彼得森，雷蒙德詹姆斯。

So, Eddie, I appreciate all the color, but would love to understand if there's any commonality in what's driving the delayed deals for some of these larger customers. Is that a certain end market or getting implementation plans over the finish line? We just love to understand if there's any commonality there.

所以，艾迪，我很欣賞所有的顏色，但很想了解是否有任何共同點導致這些大客戶的交易延遲。這是某個終端市場還是即將完成的實施計畫？我們只是想了解其中是否有任何共同點。

No. Nothing that I would call out, Brian. When we talk to folks, there may be just a little -- if I put something a little bit ahead of all others, maybe a little -- a few folks wanted to wait to see how the election shakes down, I don't know how that really impacts our decision, but sometimes that is cited. But all of the other things that are going around the planet are not discussed. So I think it's just -- for us, just a little bit of a confidence matter that we've got to get through with our customers.

不。布萊恩，我沒什麼想說的。當我們與人們交談時，可能會有一點——如果我把一些事情放在所有其他人之前，也許有一點——有些人想等著看選舉如何進行，我不知道這如何真正影響我們的決定，但有時會被引用。但地球上正在發生的所有其他事情都沒有被討論。所以我認為，對我們來說，我們必須與客戶打交道，這只是一點信心問題。

The great news is that our win rates and our selection being selected continues to be very strong. So some of the deals that have pushed both into Q4 and even further than that, we've been selected. It's just a question of the customer and the prospect getting comfortable that the time is right. So hence, the reason for, frankly, some of our confidence and enthusiasm.

好消息是我們的勝率和我們的選擇仍然非常強大。因此，一些將這兩個季度推至第四季甚至更遠的交易，我們被選中了。這只是客戶和潛在客戶是否適應時機的問題。因此，坦白說，這就是我們充滿信心和熱情的原因。

Understood. Thanks, Eddie. And Dennis, maybe one for you. You obviously give a lot in the preliminary outlook for '25. But at a high level, how should we think about the underlying demand environment that's going to underpinning your assumptions for '25? Thanks, guys.

明白了。謝謝，艾迪。丹尼斯，也許適合你。顯然，您對 25 年的初步展望做出了許多貢獻。但從較高的層次來看，我們該如何思考支撐 25 年假設的潛在需求環境？謝謝，夥計們。

No change, Brian.

沒有變化，布萊恩。

I would agree with that. No real change in the demand environment. Obviously, we continue, as we have done for a number of years, our vertical diversification.

我同意這一點。需求環境沒有真正的改變。顯然，正如我們多年來所做的那樣，我們將繼續我們的垂直多元化。

Our global diversification, frankly, remains about the same. So we're pleased with that. There's no real change there. It moves a little bit again from quarter to quarter.

坦白說，我們的全球多元化程度基本上保持不變。所以我們對此感到滿意。那裡沒有真正的變化。從一個季度到另一個季度，它又稍微移動了一點。

Our product mix remains about the same. And our new logo to existing customer, cross-sell and upsell opportunity remains about the same as well. So no change there and continue to feel optimistic about the nature, but especially our competitive advantage and differentiation going forward.

我們的產品組合基本上保持不變。我們對現有客戶的新商標、交叉銷售和追加銷售機會也基本保持不變。因此，沒有任何變化，我們繼續對本質感到樂觀，尤其是我們未來的競爭優勢和差異化。

George Kurosawa, Citi.

喬治·黑澤明，花旗銀行。

Maybe the first one on the pace of cloud migrations that you guys have seen. I think in the past, you've given 15% of the base is migrated over to cloud at this point. Maybe an update either on that number or directionally and how that's trended relative to expectations.

也許是你們所看到的關於雲端遷移速度的第一個。我認為在過去，您已經將 15% 的基礎遷移到雲端了。也許會更新該數字或方向以及相對於預期的趨勢。

Yeah. I've a couple of points as sort of you would expect and continuing to track in about the same direction. So we're a little less than 20%. It's hard to put an exact number on it, but right in there, the midpoint of 15% to 20% or so is sort of where we are. The trajectory seems about the same. I think we're still on about a six-year -- my opinion, six-year trajectory to get the bulk of our customers across the bridge.

是的。我有幾點正如你所期望的那樣，並繼續朝著大致相同的方向進行追蹤。所以我們的比例略低於 20%。很難給出一個確切的數字，但就在那裡，15% 到 20% 左右的中點就是我們所處的位置。軌跡看起來差不多。我認為我們仍然處於大約六年的時間——我認為，六年的軌跡才能讓我們的大部分客戶過橋。

Okay, great. And then I did want to follow up on a line of discussion earlier on the duration of contracts and seeing some longer duration contracts. I guess, to put a finer point on it, has the duration of contracts on average been increasing? And has that had a meaningful impact on RPO?

好的，太好了。然後我確實想跟進之前關於合約期限的一系列討論，並看到一些期限較長的合約。我想，更具體地說，合約的平均期限是否在增加？這對 RPO 產生了有意義的影響嗎？

No. Well, so when we first started the transitional process five, six years ago, we originally thought -- this goes way back. We originally thought three years was sort of going to be the number. But a long time ago, I want to say 2019 or so, maybe even '18, we started to see these five-year contracts being requested, primarily because of the stickiness of our systems.

不。嗯，所以當我們五、六年前第一次開始過渡過程時，我們最初認為——這可以追溯到很久以前。我們原本以為三年是個數字。但很久以前，我想說 2019 年左右，甚至可能是 18 年，我們開始看到有人要求簽訂這些五年合約，主要是因為我們系統的黏性。

And our customers, I think, thought it made sense for them to be five years. And it's held pretty solid there from -- so that one is that, five or six years now, it's been pretty stable at 5, maybe 5.5 years.

我認為，我們的客戶認為五年的時間對他們來說是有意義的。從那時起它就保持得非常穩定——所以，現在五六年了，它已經非常穩定地保持在 5 年，也許 5.5 年。

No major change.

沒有重大變化。

Yeah.

是的。

Okay, great. And then one last, if I may. On the margin upside, I think, was pretty impressive. Last quarter, I think you called out mix being a tailwind here. Is that also a story in this quarter? And it sounds like scaling was also a benefit, but just how would you frame the upside that you saw in the quarter and in the guidance?

好的，太好了。如果可以的話，還有最後一個。我認為，就利潤率上升而言，這是相當令人印象深刻的。上個季度，我認為您稱混合為這裡的順風車。這也是這個季度的故事嗎？聽起來擴展也是一個好處，但您如何描述您在本季度和指導中看到的上行空間？

Absolutely. From a mix standpoint, so a fantastic execution by the business, record cloud and services. Yeah, just great performance there.

絕對地。從混合的角度來看，業務、記錄雲端和服務的執行非常出色。是的，那裡的表演很棒。

Mark Schappel, Loop Capital Markets.

馬克‧沙佩爾 (Mark Schappel)，Loop 資本市場。

Eddie, with respect to the tone around your point-of-sale business, maybe just talk about whether there are any point-of-sale deals during the quarter. You may have mentioned this on the call, but I didn't catch it.

艾迪，關於您的銷售點業務的基調，也許只是談談本季是否有任何銷售點交易。您可能在電話中提到過這一點，但我沒有聽清楚。

Yeah. I actually did not. But no point-of-sale deals in Q3, but we have -- I did mention that we have closed one in early Q4. And the near-term pipeline for point of sale is encouraging. We're excited about the opportunities even inside the quarter here that we might be able to close.

是的。我其實沒有。但第三季沒有銷售點交易，但我們有——我確實提到我們在第四季初已經完成了一項交易。銷售點的近期管道令人鼓舞。我們對本季內可能能夠完成的機會感到興奮。

Okay, great. And then with respect to your sales motion in the quarter, you mentioned new logos, I think, were 14%. What about the remaining sales balance in terms of cross-sells and conversions?

好的，太好了。然後，關於本季度的銷售動議，我認為您提到了新徽標，佔 14%。交叉銷售和轉換方面的剩餘銷售餘額如何？

Yeah. So 14% was below. Cross-sells were just a little over 20%, and conversion is pretty high this quarter at about, call it, 60%, maybe even a little tick above 60% in terms of migrations.

是的。所以低於 14%。交叉銷售僅略高於 20%，本季的轉換率相當高，約 60%，就遷移而言，甚至可能略高於 60%。

Dylan Becker, William Blair.

迪倫貝克爾、威廉布萊爾。

Maybe, Eddie, starting for you. You called out the inside offering and spot lights. It seems like there's a lot more value that you guys can add through these solutions and the data set that you've scaled, but wonder how you're thinking about the opportunity to narrow those benchmarking capabilities over time now that you can reconcile planning and execution and maybe how this further incentivizes the broader adoption across your platform over time?

也許，艾迪，從你開始。你喊出了裡面的祭品和聚光燈。看起來你們可以透過這些解決方案和你們擴展的資料集添加更多價值，但想知道你們如何考慮隨著時間的推移縮小這些基準測試能力的機會，因為你們可以協調規劃和隨著時間的推移，這如何進一步激勵整個平台的更廣泛採用？

Well, Dylan, our strategy, no question, is a land-and-expand strategy. We think that as we continue to innovate and increase our TAM in adjacent products and so forth, that ability to cross-sell into our existing customer base is very, very important.

好吧，迪倫，毫無疑問，我們的策略是土地擴張策略。我們認為，隨著我們不斷創新並增加相鄰產品等領域的 TAM，向現有客戶群進行交叉銷售的能力非常非常重要。

Not always, but most of the time, customers and prospects buy one SaaS solution at a time because obviously, it takes some time to implement and so forth. No point in paying SaaS fees for something that is going to be implemented in 9 or 12 months --12 months from that. But it's all part and parcel of our strategy to expand our breadth and be able to address greater total addressable market and across an expanded set of verticals.

並非總是如此，但大多數時候，客戶和潛在客戶一次購買一種 SaaS 解決方案，因為顯然需要一些時間來實施等等。為將在 9 或 12 個月後（即 12 個月後）實施的東西支付 SaaS 費用是沒有意義的。但這是我們策略的重要組成部分，旨在擴大我們的廣度，並能夠在更廣泛的垂直市場中解決更大的整體目標市場。

Got it. Okay. That makes sense. And then maybe for you, Eddie or Dennis here, too. You guys called out some of the internal efficiencies on the services side.

知道了。好的。這是有道理的。也許對你來說，艾迪或丹尼斯也在這裡。你們提到了服務方面的一些內部效率。

You also talked about some of the evolution of the partner ecosystem. Would love to just kind of get an update on how you're thinking about offloading to be more of that services work to partners receptivity appetite in growing that ecosystem. Thanks.

您也談到了合作夥伴生態系統的一些演進。我很想了解您如何考慮卸載服務的最新信息，以便更多地服務於合作夥伴的接受胃口，以發展該生態系統。謝謝。

Yeah, yeah, sure. Well, first of all, certainly, our services team have done a fabulous job. Always have, but continue to get more and more and more efficient. There's no doubt that over the last, if you look back over the last couple of years, 24 to 30 months or so, frankly, we did a lot of campus recruiting and those guys are really becoming experienced and efficient at what they do now.

是的，是的，當然。嗯，首先，當然，我們的服務團隊做得非常出色。一直都有，但會繼續變得越來越有效率。毫無疑問，如果你回顧過去幾年，24 到 30 個月左右，坦白說，我們進行了大量的校園招聘，而這些人現在所做的事情確實變得經驗豐富且高效。

Our attrition is being low. So again, we're just sort of infusing experience into our services organization that's creating a great deal of efficiency.

我們的人員流失率很低。再說一遍，我們只是將經驗注入到我們的服務組織中，從而提高了效率。

On top of that, we're seeing the need for customers to customize our solution go down. And that is because of the thoughtfulness and the richness of the new solutions that we're introducing into the market.

最重要的是，我們發現客戶客製化我們的解決方案的需求正在下降。這是因為我們向市場推出的新解決方案的深思熟慮和豐富性。

We've always said every time we reengineer one of our solutions from the ground floor up, it's based upon all the product experience that we've gained. WMS, for example, 30 years of experience that we put into Manhattan Active WM, everything you could possibly imagine. And we were able and fortunate enough to be able to start from a clean sheet of paper. So less customization is required. That drives services down.

我們總是說，每次我們從底層重新設計一個解決方案時，它都是基於我們所獲得的所有產品經驗。例如，WMS，我們將 30 年的經驗融入曼哈頓 Active WM 中，您可以想像的一切。我們有能力而且很幸運能夠從一張白紙開始。因此需要較少的定制。這導致服務下降。

And we've been able to attract a larger systems integrator community for sure, and frankly, a number of the bigger global systems integrators that are in the program.

當然，我們已經能夠吸引更大的系統整合商社區，坦白說，該計劃中有許多更大的全球系統整合商。

They're all important, don't get me wrong, all of our partners. But when you look at the guys with global reach, like the Accentures and the caps and the Deloittes and IBMs and so forth, it's not that we're pushing services to them. But if our customers choose to use them either on a regional or a global basis, that's fine by us. And we're just seeing a little bit more of that. That's all.

別誤會，他們都很重要，我們所有的合作夥伴。但當你看看那些具有全球影響力的公司，例如埃森哲、Caps、德勤和 IBM 等等，我們並不是向他們推銷服務。但如果我們的客戶選擇在區域或全球範圍內使用它們，我們也沒有問題。我們只是看到了更多這樣的情況。就這樣。

Thank you. There are no further questions at this time. I would like to pass the call back over to Eddie for closing remarks.

謝謝。目前沒有其他問題。我想將電話轉回艾迪以供結束發言。

Very good. Thank you, Alicia. Well, thank you very much, everybody, for joining us today. Thank you for support, as always. We'll look forward to getting back together in 90 days or so and reporting on Q4, and also, of course, tightening up then 2025 guidance for you.

非常好。謝謝你，艾莉西亞。非常感謝大家今天加入我們。感謝您一如既往的支持。我們期待在 90 天左右的時間裡再次聚在一起，報告第四季度的情況，當然，還會為您加強 2025 年的指導。

But until then, I guess it's very early, but it would be appropriate for me to say happy holidays to everybody, even though it's a little premature. I guess the next time we speak to you, it will be after. Thank you. Bye-bye.

但在那之前，我想現在還很早，但對我來說，向大家說節日快樂是合適的，儘管現在有點太早。我想下次我們跟你說話的時候就是之後了。謝謝。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。