Manhattan Associates Inc (MANH) 2024 Q4 法說會逐字稿

Good afternoon. My name is Julian Bell, and I will be your conference facilitator for today. At this time, I would like to welcome everyone to Manhattan Associates Q4 2024 Earnings Conference Call. (Operator Instructions) As a reminder, ladies and gentlemen, this call is being recorded today, January 28, 2025.

午安.我叫朱利安貝爾，我將擔任今天的會議主持人。現在，我歡迎大家參加曼哈頓公司 2024 年第四季財報電話會議。（操作員說明）女士們先生們，謹此提醒，本次通話錄音於今天（2025 年 1 月 28 日）進行。

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

現在我想向您介紹我們的主持人，曼哈頓聯合公司投資者關係主管邁克爾鮑爾先生。鮑爾先生，您可以開始會議了。

Great. Thank you, Julian, and good afternoon, everyone. Welcome to Manhattan Associates 2024 Fourth Quarter Earnings Call. I will review our cautionary language and then turn the call over to Eddie Capel, our CEO. During this call, including the question-and-answer session, we may make forward-looking statements regarding future events or the future financial fulfillment of Manhattan Associates.

偉大的。謝謝朱利安，大家下午好。歡迎參加曼哈頓公司 2024 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。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狀況做出前瞻性陳述。

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 filed with the SEC for important factors that could cause actual results to differ materially from those 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 updates we provide in our subsequent Form 10-Qs.

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向 SEC 提交的報告，以了解可能導致實際結果與這些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任何我們在後續的10-Q 表格中提供了風險因素更新。

We note the turbulent global macro environment could impact our performance and cause actual results to differ materially from our projections or under no obligation to update these statements. In addition, our comments include certain non-GAAP financial measures to provide additional information to investors.

我們注意到，動盪的全球宏觀環境可能會影響我們的業績，並導致實際結果與我們的預測有重大差異，或沒有義務更新這些聲明。此外，我們的評論還包括某些非公認會計準則財務指標，以便為投資者提供更多資訊。

We have reconciled all non-GAAP measures to the related GAAP measures in accordance with SEC rules. You'll find reconciliation schedules in the Form 8-K we submitted to the SEC earlier today and on our website at manh.com.

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, and good afternoon, everybody. Before we start, I'll just note that I've got a little bit of a sore throat. So I apologize if my voice is croaky. But thank you. Thank you for joining us as we review our results for the fourth quarter and full year 2024 as well as our outlook for 2025.

謝謝麥克，大家下午好。在我們開始之前，我只想說我有點喉嚨痛。所以，如果我的聲音沙啞，我深感抱歉。但謝謝你。感謝您加入我們，我們將回顧 2024 年第四季和全年的業績以及 2025 年的展望。

So 2024 was another very successful year for Manhattan. We surpassed the $1 billion total revenue milestone and achieved new records in RPO, total revenue, operating profit, free cash flow and earnings per share. I'm also pleased to share with you that our Q4 RPO performance exceeded our expectations.

因此，2024 年對曼哈頓來說又是非常成功的一年。我們突破了 10 億美元的總收入里程碑，並在 RPO、總收入、營業利潤、自由現金流和每股收益方面創下了新紀錄。我還很高興與您分享，我們第四季度的 RPO 表現超出了我們的預期。

Now we're entering 2025 with strong business momentum, and we're optimistic about our growing market opportunity. We do remain cautious on the global economy, though, which has become more acute. Our near-term headwinds for our services business of surfaced as about 10% of our customers with in-flight implementations reduced their planned services work for the upcoming calendar and fiscal year, and we've adjusted our outlook accordingly.

現在，我們正以強勁的業務勢頭進入 2025 年，我們對不斷增長的市場機會感到樂觀。不過，我們對全球經濟仍保持謹慎態度，全球經濟情勢也變得更加嚴峻。我們的服務業務近期面臨的阻力已經顯現，大約 10% 的已在飛行中實施的客戶減少了即將到來的日曆和財年的計劃服務工作，我們相應地調整了我們的前景。

Now services continues to be very important to Manhattan.Firstly, because that team ensures our customer success. And secondly, it keeps us close to our customers. And these tight partnerships help us provide clarity on our customers' needs, which in turn incorporates -- allows us to incorporate that in our future waves of innovation, helping us drive future subscription growth.

現在，服務對曼哈頓來說仍然非常重要。其次，它使我們與客戶保持密切聯繫。這些緊密的合作夥伴關係幫助我們明確客戶的需求，從而使我們能夠將其納入未來的創新浪潮中，幫助我們推動未來的訂閱成長。

Now in 2025, we'll have a record number of customer implementations and those customers will continue to spend significantly on Manhattan services, albeit a little less than we had previously planned.

到 2025 年，我們的客戶實施數量將創歷史新高，這些客戶將繼續在曼哈頓服務上投入大量資金，儘管比我們之前的計劃略少一些。

So to summarize, this shift in professional services work for future periods -- some deal pushes that we highlighted throughout 2024 and to a lesser extent, reduced customization and higher partner utilization will cause services revenue to trough in the first quarter of 2025. With new service implementation projects steadily increasing throughout 2025, we anticipate solid sequential services revenue growth in the middle of the year before returning the year-over-year growth in Q4.

總而言之，專業服務的這種轉變將在未來一段時間內發揮作用——我們在2024 年強調的一些交易推動，在較小程度上，定制的減少和合作夥伴利用率的提高將導致服務收入在2025 年第一季觸底。隨著新服務實施項目在 2025 年穩步增加，我們預計服務收入將在年中實現穩健的連續增長，然後在第四季度恢復同比增長。

Importantly, though, our business fundamentals are solid, and we have a large opportunity in front of us. And just like Q4, Q1 is off to a great start from a new software bookings perspective. And we entered 2025 with the benefit of several growth drivers, which includes the acquisition of new customers, conversions of on-premise customers to the cloud and cross-selling into our growing unified product portfolio. These growth drivers, along with our strong pipeline, provide us confidence that we'll achieve 20% plus cloud subscription revenue growth over the next several years with cloud subscription revenue surpassing services revenue likely by the end of 2026.

但重要的是，我們的業務基礎穩固，眼前有巨大的機會。就像第四季度一樣，第一季從新的軟體預訂角度來看是一個好的開始。進入 2025 年，我們受益於多種成長動力，其中包括獲取新客戶、將本地客戶轉換為雲端以及交叉銷售到我們不斷增長的統一產品組合中。這些成長動力加上我們強大的管道，讓我們有信心在未來幾年內實現 20% 以上的雲端訂閱收入成長，到 2026 年底，雲端訂閱收入可能會超過服務收入。

Now let's pivot to our quarterly results just for a moment. Q4 was a record quarter that exceeded expectations. Revenue increased 7% as reported to $256 million highlighted by 26% growth in cloud and adjusted earnings per diluted share increased 14% to [$1.17]. RPO, or remaining performance obligation increased 25% to $1.8 billion. And -- if foreign exchange headwinds impacts are removed, RPO exceeded $1.8 billion in our prior outlook.

現在讓我們暫時轉向我們的季度業績。第四季度是創紀錄的季度，超出了預期。據報告，營收成長 7%，達到 2.56 億美元，其中雲端業務成長 26%，調整後每股稀釋收益成長 14%，達到 2.56 億美元。[1.17 美元]。 RPO（剩餘履約義務）增加了 25%，達到 18 億美元。而且，如果消除外匯不利因素的影響，我們先前的展望中 RPO 將超過 18 億美元。

In Q4, customer satisfaction levels remain high. Win rates were strong at about 70% and demand for our client solutions was solid across our product portfolio. From a vertical perspective, retail manufacturing and wholesale continue to drive more than 80% of our bookings in the quarter. And across our solutions, the sub-verticals are pretty diverse.

第四季度，客戶滿意度仍然很高。勝率高達 70% 左右，而且我們的產品組合對客戶解決方案的需求也很強勁。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。

Some of the cloud deals that we won this quarter, a global multi-brand specialty retailer, a diversified health care services company, a global home furnishings company, a supermarket chain, a global life sciences company, a global designer of retailer and distributor of outdoor products and many others.

我們本季贏得的一些雲端交易，一家全球多品牌專業零售商、一家多元化醫療保健服務公司、一家全球家居用品公司、一家連鎖超市、一家全球生命科學公司、一家全球設計師零售商和分銷商戶外產品等。

In Q4, about one-fourth of our new bookings was generated from net new logos, and we continue to have a healthy mix of conversions, upsells and cross-sells. And we believe this demonstrates the many and varied opportunities for sustainable future growth. 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.

在第四季度，我們大約四分之一的新預訂是由淨新標誌產生的，我們繼續保持轉換、追加銷售和交叉銷售的健康組合。我們相信，這顯示了未來可持續成長的多種機會。我們的產品線持續保持強勁，我們的產品套件需求強勁。淨新潛在客戶約佔該需求的 35%，我們擁有重要的轉換機會。

As we enter 2025 with just a little over 80% of our on-premise customers yet to begin their migration to our cloud solutions. Our key driver in our strong solutions pipeline is Manhattan's commitment to innovation. And in 2024, we invested about $138 million in research and development. This equates to nearly $1 billion of total investment across our supply chain planning, execution and omnichannel solutions since we began our journey to the cloud.

進入 2025 年，我們的本地客戶中只有 80% 多一點尚未開始遷移到我們的雲端解決方案。我們強大的解決方案管道的關鍵驅動力是曼哈頓對創新的承諾。2024 年，我們在研發方面投資了約 1.38 億美元。這相當於自我們開始雲端之旅以來，我們在供應鏈規劃、執行和全通路解決方案方面的總投資近 10 億美元。

And as I stated before, I believe this level of consistent commitment is unmatched in our industry and our investments are certainly paying off. For example, late in 2024, we launched Manhattan Active supply chain planning. We introduced Iris, an exaggerationexiteration of point-of-sale and developed numerous advancements across supply chain execution. And this innovation is expanding our total addressable market and interest levels from our customers and prospects are certainly encouraging.

正如我之前所說，我相信這種程度的一致承諾在我們的行業中是無與倫比的，我們的投資肯定會得到回報。例如，2024年底，我們啟動了Manhattan Active供應鏈規劃。我們推出了 Iris，一種對銷售點的誇張的刺激，並在供應鏈執行方面取得了許多進展。這項創新正在擴大我們的整體目標市場，我們的客戶和潛在客戶的興趣水平無疑令人鼓舞。

In Q4, we signed our first Manhattan Active supply chain planning customer. We closed 2 significant point-of-sale transactions, widened our leadership position in supply chain execution and strengthened our already industry-leading levels of customer satisfaction.

第四季度，我們簽署了第一個曼哈頓活躍供應鏈規劃客戶。我們完成了兩筆重要的銷售點交易，擴大了我們在供應鏈執行方面的領導地位，並加強了我們業已領先的客戶滿意度水準。

Now turning now to some of the specifics of our products. On the point-of-sale front, 2024 was a good year for us in terms of successful deployments with some great retail brands. We successfully deployed at point-of-sale systems rapidly in the scale with leading retailers such as PacSun and [Terex], both of these customers were able to roll out our cloud-native point-of-sale to their entire store fleet in a matter of weeks. And both of those companies were kind enough to speak on our behalf. at the National Retail Federation Conference just a few weeks ago.

現在談談我們產品的一些細節。在銷售點方面，2024 年對我們來說是豐收的一年，我們成功部署了一些優秀的零售品牌。我們成功地在 PacSun 和 [Terex] 等領先零售商的銷售點系統上進行了大規模部署，這兩個客戶都能夠將我們的雲端原生銷售點部署到他們的整個商店隊伍中幾週的事。這兩家公司都非常友善地代表我們發言。就在幾週前的全國零售聯合會會議上。

And they spoke in a number of different settings at that conference, which was great. In our 2024 holiday peak data, we're finally seeing an equilibrium being reached between the percentage of sales transacted online and in-store. And as we suspected, when we entered the point-of-sale business a few years ago, it's clear that store presence and performance still remains a vital ingredient for the vast majority of retailers. We believe that large scale store technology replacement cycle is emerging, which is going to fully decouple hardware from software in the store.

他們在那次會議上在許多不同的場合發表了講話，這很棒。在我們的 2024 年假期高峰數據中，我們終於看到線上和店內交易的銷售百分比之間達到了平衡。正如我們所懷疑的那樣，當我們幾年前進入銷售點業務時，很明顯，商店的存在和績效仍然是絕大多數零售商的重要組成部分。我們認為，大規模的商店技術更新周期正在出現，這將使商店中的硬體與軟體完全解耦。

In many of our store systems customers are now running on 2 operating systems in the stores and sometimes even all 3 of the major operating systems. Nowhere was the resurgent interest in point of sale, more apparent than the National Retail Federation Conference. The customer activity level that we had at our booth around point of sale, far outpaced anything we've seen in prior years. Now this uptick in interest in that point of sale was no debt driven at least in part from our recent terrific showing in the Forrester Wave point of sale. For the first point of sale -- for the first time, we were named a leader.

在我們的許多商店系統中，客戶現在在商店中運行 2 個作業系統，有時甚至運行所有 3 個主要作業系統。全國零售聯合會會議最明顯地反映了人們對銷售點重新燃起的興趣。我們展位上銷售點周圍的客戶活動水平遠遠超過了我們前幾年看到的任何水平。現在，對該銷售點的興趣上升並不是由債務驅動的，至少部分是由於我們最近在 Forrester Wave 銷售點的出色表現。對於第一個銷售點－我們第一次被評為領導者。

And we're certainly honored by this recognition. We believe it reflects the sustained investment that we've made in designing and building world-class user experience, industry-leading feature depth and truly differentiated omnichannel capabilities as well as unmatched ability to scale during peak periods.

我們對這項認可感到非常榮幸。我們相信，這反映了我們在設計和建構世界一流的用戶體驗、業界領先的功能深度和真正差異化的全通路能力以及在高峰期無與倫比的擴展能力方面所做的持續投資。

Now speaking of Forrester, last week and for the sixth time, we were named a leader in the Forrester omnichannel order management wave. Now no other software provider has ever received this distinction 6x and certainly no other provider has been named the leader in both point-of-sale and order management. And one final note on point-of-sale this past quarter, Q4. We won what we believe is one of the most significant point-of-sale opportunities available in the Americas in 2024.

現在說到 Forrester，上週我們第六次被評為 Forrester 全通路訂單管理浪潮的領導者。現在，沒有其他軟體供應商曾經獲得 6 倍的殊榮，當然也沒有其他供應商被評為銷售點和訂單管理領域的領導者。最後要注意的是上個季度（第四季）的銷售點。我們贏得了我們認為 2024 年美洲最重要的銷售點機會之一。

We were honored to be selected by a leading tool and equipment retailer to power their next-generation store systems. And when in this business represents an important milestone for us as our leading technology platform and next-generation associate experience allowed us to demonstrate differentiating value outside of our historic sweet spot of the smaller footprint specialty retail stores.

我們很榮幸被一家領先的工具和設備零售商選中為其下一代商店系統提供支援。這項業務對我們來說是一個重要的里程碑，因為我們領先的技術平台和下一代員工經驗使我們能夠在規模較小的專業零售店的歷史最佳點之外展示差異化價值。

Turning to one of our other newer offerings. As I noted earlier, we signed our first Manhattan Active supply chain planning customer in the quarter, and we anticipate having this pet supplies retailer live with planning by about the middle of the year, at which point they'll be using Manhattan Active Warehouse Management, transportation management, store fulfillment and planning. And this early adopter shares certainly our belief that the combination of cloud-native technology and unified applications are the key to enabling operational excellence.

轉向我們其他較新的產品之一。正如我之前指出的，我們在本季度簽署了第一個曼哈頓主動供應鏈規劃客戶，我們預計這家寵物用品零售商將在今年年中左右進行規劃，屆時他們將使用曼哈頓主動倉庫管理、運輸管理、商店履行和規劃。這位早期採用者當然與我們一樣相信雲端原生技術和統一應用程式的結合是實現卓越營運的關鍵。

And to close out our product update here. I'll mention that our transportation management business ended the year on a nice high note. We closed several important and highly competitive deals right at the end of the year with a fewer of these being replacements of other Gartner MQ Magic Quadrant Leaders.

並在此結束我們的產品更新。我要提到的是，我們的運輸管理業務在今年結束時表現出色。我們在年底完成了幾項重要且競爭激烈的交易，其中很少有交易是替代其他 Gartner MQ 魔力像限領導者的交易。

And we believe the power of the unified supply chain execution platform and our leading technology, again, made the difference. So that concludes my business update. Dennis is going to provide you with an update on our financial performance and outlook. And then I'll close our prepared remarks with a brief summary before we move to Q&A. So Dennis?

我們相信，統一供應鏈執行平台的力量和我們領先的技術再次發揮了作用。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，在進入問答環節之前，我將用一個簡短的總結來結束我們準備好的演講。那麼丹尼斯？

Okay. Thanks, Eddie. As Eddie highlighted, in 2024, we set records in RPO, total revenue, operating profit, free cash flow and earnings per share. Congratulations to all our team members around the globe for great execution throughout the year in a challenging macro environment. For both the quarter and the year, we delivered a strong balanced financial performance on top line growth and operating margin, both our Q4 and full year results exceeded expectations and compare favorably to the Rule of 40.

好的。謝謝，艾迪。正如艾迪所強調的那樣，2024 年，我們在 RPO、總收入、營業利潤、自由現金流和每股收益方面都創下了記錄。恭喜我們全球所有團隊成員在充滿挑戰的宏觀環境中全年出色的執行力。無論是季度還是年度，我們在營收成長和營業利潤率方面都實現了強勁平衡的財務業績，第四季度和全年業績都超出了預期，並且與 40 法則相比毫不遜色。

I'll start with recapping our financial performance for the quarter and year. While FX volatility persists, it did not have a meaningful impact to our Q4 full year total revenue growth. However, it was a $23 million headwind to full year RPO growth and a $33 million headwind to sequential RPO growth. FX also had a meaningful impactful to our 2025 guidance, which I'll discuss later.

我將首先回顧我們本季和本年度的財務表現。儘管外匯波動持續存在，但它並沒有對我們第四季全年總收入成長產生有意義的影響。然而，這對全年 RPO 成長產生了 2,300 萬美元的阻力，對環比 RPO 成長產生了 3,300 萬美元的阻力。外匯也對我們的 2025 年指導產生了有意義的影響，我將在稍後討論。

Now to our results. All growth rates are on an as-reported year-over-year basis, unless otherwise stated. For Q4, total revenue was $256 million, up 7% and full year revenue totaled $1.04 billion, up 12%. Excluding license and maintenance revenue, which removes the revenue compression by our cloud transition, Q4 revenue growth was 11% and full year 16%.

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。第四季總營收為 2.56 億美元，成長 7%，全年營收總計 10.4 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營收壓縮），第四季營收成長了 11%，全年營收成長了 16%。

Q4 cloud revenue totaled $90 million, up 26%, with full year revenue totaling $337 million, up 32%. We had record bookings in Q4 as we closed out 2024 with RPO of $1.8 billion growing 25% year-over-year and 6% sequentially. Excluding FX impacts, RPO exceeded the high end of our $1.8 billion outlook by [$13] million as we experienced strength from across our Manhattan Active suite of products.

第四季雲端收入總計 9,000 萬美元，成長 26%，全年營收總計 3.37 億美元，成長 32%。2024 年結束時，我們在第四季度創下了創紀錄的訂單量，RPO 為 18 億美元，年增 25%，環比成長 6%。排除匯率影響，RPO 超出了我們 18 億美元預期上限 [13]00 萬美元，因為我們感受到了曼哈頓活躍產品套件的優勢。

Service revenue of $119 million was up slightly compared to the year ago period and was $2 million below our prior expectations as budgetary constraints were more pronounced for several customers. Our Q4 adjusted operating profit was $90 million with an operating margin of 35.3%, representing over a 300 basis year-over-year improvement. Full year adjusted operating profit totaled $362 million with a 34.7% operating margin and represents a 440 basis point improvement over 2023.

服務收入為 1.19 億美元，比去年同期略有成長，但比我們先前的預期低 200 萬美元，因為一些客戶的預算限制更為明顯。第四季調整後營業利潤為 9,000 萬美元，營業利潤率為 35.3%，年增 300 倍以上。全年調整後營業利潤總計 3.62 億美元，營業利益率為 34.7%，較 2023 年提高 440 個基點。

Both Q4 and 2024 results were driven by strong cloud revenue growth, combined with solid operating leverage as our cloud business scales. Our Q4 earnings per share increased 14% to $1.17, and GAAP earnings per share declined to 1% or [$0.277]. The GAAP decline includes a nonrecurring $7 million or $0.09 charge from a health insurance claim on behalf of an employee. Excluding this claim, GAAP earnings per share would have increased 10%. This resulted in full year adjusted earnings per share to increase 26% to $4.72 and GAAP earnings per share to increase 24% to $3.51.

第四季和 2024 年的業績均受到強勁的雲端收入成長以及隨著我們的雲端業務規模擴大而穩固的營運槓桿的推動。我們第四季的每股盈餘成長 14% 至 1.17 美元，而 GAAP 每股盈餘下降至 1% 或[0.277 美元]。GAAP 下降包括 700 萬美元的非經常性費用或代表員工的健康保險索賠費用 0.09 美元。排除這一說法，GAAP 每股收益將增加 10%。這導致全年調整後每股收益成長 26% 至 4.72 美元，GAAP 每股盈餘成長 24% 至 3.51 美元。

Moving to cash. Q4 operating cash flow increased to 18% to $105 million with a 39.7% free cash flow margin and a 35.9% adjusted EBITDA margin. Our full year operating cash flow was $295 million while generating a 27.5% free cash flow margin and 35.3% adjusted EBITDA margin.

轉向現金。第四季營運現金流量成長 18%，達到 1.05 億美元，自由現金流利潤率為 39.7%，調整後 EBITDA 利潤率為 35.9%。我們全年的營運現金流為 2.95 億美元，自由現金流利潤率為 27.5%，調整後 EBITDA 利潤率為 35.3%。

Turning to the balance sheet. Deferred revenue increased 17% year-over-year to $279 million. We ended the year with $266 million in cash and zero debt. Accordingly, we leveraged our strong cash position and invested $44 million in share repurchases in the quarter, resulting in $242 million in buybacks in 2024, given the strength of our balance sheet, solid cash collections and increasing visibility, our Board increased our share repurchase authority to $100 million, up from the prior customary $75 million.

轉向資產負債表。遞延營收年增 17%，達到 2.79 億美元。年底，我們擁有 2.66 億美元現金和零債務。因此，我們利用強大的現金狀況，在本季度投資了4,400 萬美元用於股票回購，考慮到我們的資產負債表實力、穩健的現金迴籠和可見度的提高，我們的董事會增加了股票回購權限，從而在2024 年實現了2.42 億美元的回購至 1 億美元，高於先前的慣例 7,500 萬美元。

So turning to guidance. Our financial objective is to deliver sustainable double-digit top line growth in top quartile operating margins benchmarked against enterprise software comps. As noted on prior earnings calls, our goal is to update our RPO outlook on an annual basis.

因此轉向指導。我們的財務目標是以企業軟體比較為基準，在前四分之一的營業利潤中實現可持續的兩位數營收成長。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。

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. All guidance references made on today's call will be at the midpoint of their respective ranges and remind investors that we provide our preliminary parameters using FX rates at the conclusion of Q3.

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，這可能會導致全年的預訂量出現波動或非線性。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，並提醒投資者，我們在第三季結束時使用外匯匯率提供初步參數。

For RPO, we are now targeting $2.11 billion to $2.15 billion with the $2.13 billion midpoint, representing 20% growth. Removing the $33 million FX headwind, our 2025 RPO outlook is $13 million higher than our preliminary parameters. For the full year 2025 guidance, we now expect total revenue of $1.06 billion to $1.07 billion, the $70 million difference from our preliminary parameters consists of $20 million of FX headwind, and as Eddie highlighted, a reduction in services revenue.

對於 RPO，我們現在的目標是 21.1 億美元至 21.5 億美元，中點為 21.3 億美元，成長 20%。在消除 3,300 萬美元的外匯阻力後，我們的 2025 年 RPO 前景比我們的初步參數高出 1,300 萬美元。對於 2025 年全年指導，我們現在預計總收入為 10.6 億至 10.7 億美元，與我們初步參數的 7000 萬美元差異包括 2000 萬美元的外匯逆風，以及正如埃迪強調的，服務收入的減少。

This will result in Q1 total revenue of $256 million to $258 million, and we are targeting total revenue of about $266.5 million in Q2, $273 million in Q3 and $269 million in Q4. For 2025 adjusted operating margin, we expect a range of 33% to 33.5% and FX in the range is unchanged from our prior parameters. On a quarterly basis, at the midpoint, adjusted operating margin is expected to be about 31% in Q1, 33.5% in Q2, 34.5% in Q3 and accounting for retail peak seasonality, 34% in Q4.

這將使第一季的總收入達到2.56 億至2.58 億美元，我們的目標是第二季的總收入約為2.665 億美元，第三季的總收入為2.73 億美元，第四季的總收入為2.69 億美元。對於 2025 年調整後的營業利潤率，我們預計範圍為 33% 至 33.5%，且該範圍內的外匯與我們先前的參數相比沒有變化。以季度計算，中位數調整後營業利潤率預計第一季約為 31%，第二季為 33.5%，第三季為 34.5%，考慮到零售旺季，第四季為 34%。

This results in a full year adjusted EPS guidance range of $4.45 to $4.55 and a GAAP EPS range of $3.05 to $3.15, including -- included in GAAP are $0.15 of nonrecurring charges, predominantly from nonrecurring health insurance claim. For Q1, we are targeting adjusted earnings per share of $1.01 to $1.03 and GAAP earnings per share of $0.71 to $0.73. For Q2 through Q4, we expect GAAP earnings per share to be about $0.38 lower than adjusted EPS per quarter with the vast majority accounting for our investment and equity-based compensation.

這導致全年調整後每股收益指引範圍為4.45 美元至4.55 美元，GAAP 每股盈餘範圍為3.05 美元至3.15 美元，其中GAAP 包含0.15 美元的非經常性費用，主要來自非經常性健康保險索賠。第一季度，我們的目標是調整後每股收益為 1.01 美元至 1.03 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 0.38 美元，其中絕大多數來自我們的投資和基於股權的薪酬。

So here are some additional details on our 2025 outlook. For full year 2025, we expect cloud revenue of $405 million to $410 million. At the midpoint, this represents 21% growth and FX, the midpoint is unchanged from our earlier parameters. On a quarterly basis, this assumes $93.5 million in Q1, $99.5 million in Q2 and $105 million in Q3 and $109.5 million in Q4.

以下是我們對 2025 年展望的一些額外細節。2025 年全年，我們預計雲端收入為 4.05 億美元至 4.1 億美元。就中點而言，這代表著 21% 的成長，而外匯方面，中點與我們先前的參數相比沒有變化。以季計算，假設第一季為 9,350 萬美元，第二季為 9,950 萬美元，第三季為 1.05 億美元，第四季為 1.095 億美元。

For services, we now expect a range of $494 million to $500 million and assumes steady growth improvement throughout the year as new service projects ramp. On a quarterly basis, this assumes $117 million in Q1, $127.5 million in Q2, $130.5 million in Q3 and accounting for retail peak seasonality $122 million in Q4. For maintenance, we expect a range of $118 million to $120 million or a 14% decline at the midpoint on attrition to cloud.

對於服務業，我們目前預計收入範圍為 4.94 億美元至 5 億美元，並假設隨著新服務項目的增加，全年成長將穩步改善。以季度計算，假設第一季為 1.17 億美元，第二季為 1.275 億美元，第三季為 1.305 億美元，第四季零售旺季為 1.22 億美元。對於維護，我們預計雲端消耗費用將在 1.18 億美元至 1.2 億美元之間，即中位數下降 14%。

On a quarterly basis, we expect Q1 to be $31.5 million; Q2, $31 million; Q3, $29 million; and Q4, $27.5 million. We expect license revenue to be roughly $13.5 million or 1% of 2025 total revenue. For Q1, we expect $8 million of license revenue and then between $1.5 million to $2.5 million per quarter.

按季度計算，我們預計第一季為 3,150 萬美元；第二季度，3,100 萬美元；第三季度，2,900 萬美元；第四季為 2750 萬美元。我們預計授權收入約為 1,350 萬美元，佔 2025 年總收入的 1%。對於第一季度，我們預計許可收入為 800 萬美元，然後每季為 150 萬美元至 250 萬美元。

For hardware, we expect revenue to be between $6.5 million to $7 million per quarter. For consolidated subscription, maintenance and services margin, we are targeting about a 50 basis point year-over-year improvement for 2025. We expect our effective tax rate to be 21% and our diluted share count to be 62.7 million shares, which assumes no buyback activity.

對於硬件，我們預計每季收入在 650 萬美元至 700 萬美元之間。對於綜合訂閱、維護和服務利潤率，我們的目標是到 2025 年年增約 50 個基點。我們預計有效稅率為 21%，稀釋後股份數量為 6,270 萬股（假設沒有回購活動）。

Lastly, as Eddie highlighted, to better assist investors assessment of our future cloud revenue growth, we are providing incremental color on our financial model that will not be updated on a regular cadence. Accounting for our solid RPO visibility, strong pipeline and multiple growth drivers, we expect to achieve 20%-plus cloud subscription revenue growth for the next several years, and we'll continue to invest in world-class innovation to drive future growth. So in summary, 2024 was a great year, and we are tremendously excited for 2025 and beyond.

最後，正如艾迪所強調的那樣，為了更好地幫助投資者評估我們未來的雲端收入成長，我們正在為我們的財務模型提供增量色彩，但不會定期更新。考慮到我們可靠的RPO 可見度、強大的管道和多個成長動力，我們預計未來幾年將實現20% 以上的雲端訂閱收入成長，並且我們將繼續投資於世界一流的創新，以推動未來的成長。總而言之，2024 年是偉大的一年，我們對 2025 年及以後感到非常興奮。

Thank you, and back to Eddie for closing remarks.

謝謝您，最後請艾迪致閉幕詞。

Very good. Thank you, Dennis. Well, 2024 was a very successful year for Manhattan. In Q4, we achieved record bookings. And as I mentioned before, Q1 is off to a great start as well.

非常好。謝謝你，丹尼斯。嗯，2024 年對曼哈頓來說是非常成功的一年。第四季度，我們實現了創紀錄的預訂量。正如我之前提到的，第一季也有一個好的開始。

So we're entering 2025 with a very strong software selling motion for sure. And while there's considerable FX noise and continued macro choppiness is causing some near-term services headwinds, structurally, Manhattan's business fundamentals are very, very solid.

因此，進入 2025 年，我們肯定會出現非常強勁的軟體銷售動向。雖然相當大的外匯噪音和持續的宏觀波動正在為服務業帶來一些短期阻力，但從結構上看，曼哈頓的商業基礎非常非常穩固。

And we're excited about our growing market opportunity as we enter 2025, but we're the industry leader with world-class technology. Record levels of R&D investment that are increasing our TAM and contributing to our 70%-plus win rates. We've got industry-leading levels of customer satisfaction and a strong pipeline with numerous drivers for durable growth. So in closing, thanks, everybody, for joining the call. Thank you to our global team for all the great work that they do for our customers, and that includes our -- concludes our prepared remarks.

進入 2025 年，我們對不斷增長的市場機會感到興奮，但我們是擁有世界一流技術的行業領導者。創紀錄的研發投資水準提高了我們的 TAM，並為我們 70% 以上的勝率做出了貢獻。我們擁有業界領先的客戶滿意度水準和強大的管道，並擁有眾多可持續成長的驅動力。最後，感謝大家加入此次電話會議。感謝我們的全球團隊為我們的客戶所做的所有出色工作，其中包括我們準備好的演講。

So Julian, we'd be happy to take any questions at this point.

Julian，我們現在很樂意回答任何問題。

Thank you. (Operator Instructions)

謝謝。（操作員說明）

Terry Tillman, Truist Securities.

特里·蒂爾曼，Truist 證券公司。

I may have a sore throat thing going on too here, Eddie. I have 2 or 3 questions. The first question is just related to the $127 million constant currency RPO. I think the last high watermark was way back in 4Q '21 or 125.5%, I mean that seemed like a solid print. But I'm curious, though, you said you got started off to pretty well here in the first quarter.

我這裡可能也有喉嚨痛的情況，艾迪。我有 2 或 3 個問題。第一個問題與 1.27 億美元的固定貨幣 RPO 有關。我認為最後一個高水位線是在 21 年第四季或 125.5% 上的，我的意思是這看起來像是一個堅實的印刷品。但我很好奇，你說你在第一季開始得很好。

I've been asking repeatedly in the past that you're starting to see a little bit of seasonality, maybe where 4Q and 1Q are the strongest. Any more you could shed light in terms of 1Q activity and just confidence and visibility around just near-term strength in cloud bookings during the first quarter.

我過去一直反覆問，你開始看到一點季節性，也許第四季和第一季最強。您還可以進一步闡明第一季的活動以及第一季雲端預訂近期強勢的信心和可見性。

Yes. No. I mean, I'll answer probably the same way I have previously, Terry, doesn't seem to be really any seasonality other than sometimes maybe in the middle of the year, it's a little slowdown due to vacations, particularly internationally and so forth. But -- but yes, Q4 was a record for us, and we're off to a strong start in Q1. So we're excited about that.

是的。不。我的意思是，我的回答可能與我之前的方式相同，特里，除了有時可能在年中之外，似乎並沒有真正的季節性，由於假期，特別是國際假期等，情況有點放緩。但是——但是，是的，第四季度對我們來說是一個記錄，我們在第一季有了一個強勁的開局。所以我們對此感到興奮。

The balance across the product portfolio, existing customers versus new and the geographies was certainly encouraging as well.

產品組合、現有客戶與新客戶以及地理之間的平衡當然也令人鼓舞。

Yes. And just a follow-up question, maybe a bit of a tale of 2 cities. But even towards the end here in your prepared remarks, well listen with beta breadth. And it sounds like software is actually quite resilient demand-wise. Services, you're seeing some sluggishness -- what I'm curious about in services, and maybe it's too early to tell, but part of this is it's a whole different model with the cloud.

是的。只是一個後續問題，也許是兩個城市的故事。但即使在您準備好的發言即將結束時，我們也將廣泛聽取您的意見。聽起來軟體實際上在需求方面具有相當的彈性。服務方面，你看到了一些遲緩的情況——我對服務感到好奇，也許現在下結論還為時過早，但部分原因是它與雲端的模式完全不同。

And you have three plus versions each year, and so there's new stuff coming out. And so I'm just curious where you think we are on cyclicality versus maybe structural dynamics with services going forward? And then I have a last question.

每年都會有三個以上版本，所以會有新的東西問世。所以我很好奇，您認為我們在周期性方面與未來服務的結構性動態方面處於什麼位置？然後我還有最後一個問題。

Yes. There's no question that we are becoming much more efficient, implementing our software, that's having some impact. Being the now, I think, unequivocal leader in the space, there were more and more particularly Tier 1 partners that are implementing our software, so that's having an impact as well. But there is no question, we've seen pressure on budgets. As we as our customers went into their budgeting cycle, call it, August, September, October of last year, they were more bullish, I think, about how much they wanted to get completed calendar year 2025.

是的。毫無疑問，我們的軟體實施變得更加高效，這產生了一些影響。我認為，作為現在該領域明確的領導者，越來越多的一級合作夥伴正在實施我們的軟體，因此這也產生了影響。但毫無疑問，我們已經看到了預算壓力。當我們作為客戶進入他們的預算週期（即去年的 8 月、9 月、10 月）時，我認為他們對於完成 2025 年的目標更加樂觀。

And we've got, obviously, a whole cadre of fabulous Tier 1 companies that honestly are going to continue to implement our software during 2025 and spend significant services dollars with us, just not quite as much as the team -- their teams are anticipating when they originally budgeted in the fall of last year. So I think they had their budgets pulled back a little bit, and that trickle down to us.

顯然，我們擁有一大批優秀的一級公司，他們將誠實地在 2025 年繼續實施我們的軟體，並與我們一起花費大量的服務費用，只是沒有團隊那麼多——他們的團隊預期當他們最初在去年秋天制定預算時。所以我認為他們的預算有所減少，這也惠及我們。

Got it. And Dennis, just another question in terms of -- I'm curious though on free cash flow. I know you don't typically guide to like a hard range or a number for free cash flow, free cash flow margin. But I'm just curious in terms of there's some kind of nonoperating things that maybe impact cash flow or maybe they don't. But just anything you could share about relationship of free cash flow to either operating profit or EBITDA or just anything around just any onetime items we should think about for free cash flow.

知道了。丹尼斯，這只是另一個問題——我對自由現金流很好奇。我知道您通常不會指導自由現金流、自由現金流利潤率的硬範圍或數字。但我只是好奇有些非經營性的事情可能會影響現金流，也可能不會。但是，您可以分享有關自由現金流與營業利潤或 EBITDA 的關係的任何內容，或者我們應該考慮自由現金流的任何一次性項目的任何內容。

Yes. I would say just in terms of cash flow through 2025, Terry, we're going to be probably at a run rate of about $300 million a quarter roughly and close out. We're targeting about $1.2 billion on a full year basis cash collections.

是的。我想說的是，就到 2025 年的現金流而言，特里，我們的運行速度可能約為每季 3 億美元，並最終結束。我們的目標是全年現金回收額約為 12 億美元。

Okay, thank you.

好的，謝謝。

Thank you, Derek.

謝謝你，德里克。

Joe Vruwink, Baird

喬·弗魯溫克，貝爾德

Great. SAP on their earnings call overnight, they touched on this dynamic where large customers are also making cloud commitments. But initially, maybe it's only one-third of the potential scope and then the expectation is these customers come back 1 or 2 years later with another contract.

偉大的。SAP 在昨晚的財報電話會議上談到了大客戶也做出雲端承諾的動態。但最初，可能只是潛在範圍的三分之一，然後期望這些客戶在一兩年後帶著另一份合約回來。

Is this at all this dynamic happening with your WMS engagements? I know it's typically you might not grab the full warehouse footprint, and that just represents room for future expansion. Is any of that happening in kind of the changes and kind of service intentions you're noting here?

您的 WMS 業務中是否發生過這種情況？我知道您通常可能無法佔據整個倉庫的佔地面積，而這僅代表了未來擴展的空間。您在這裡注意到的變化和服務意圖是否發生了這種情況？

Not really, Joe. That's happened quite a lot for several years now. So oftentimes, our customers, whatever the number may be, they may have 10 or 15 distribution centers and they'll commit to 1, 2 or 3. So that is not a new dynamic for us. We've seen it for several years, and we expect that to be -- we expect that to be ongoing.

不完全是，喬。幾年來，這種情況已經發生了很多次。通常，我們的客戶，無論數量有多少，他們可能有 10 或 15 個配送中心，並且他們會承諾 1、2 或 3 個。所以這對我們來說並不是一個新的動態。我們已經看到這種情況好幾年了，我們預計這種情況將會持續下去。

So it's not a new dynamic and it's not having any kind of near-term impact.

因此，這不是一個新動態，也不會產生任何短期影響。

Okay, thank, thank you for that. Could you maybe provide an update of your year-end RPO mix? I think in the past, you've kind of given a breakout WMS Active on the TMS. And I'm wondering, obviously, it sounds like you got some big wins and end point of sales at year-end. Is that product mix begins to shift, does that actually contribute to a shift in kind of services intensity around what needs to happen.

好的，謝謝，謝謝你。您能否提供年終 RPO 組合的更新資訊？我認為過去，您已經在 TMS 上實現了突破性的 WMS Active。我想知道，顯然，聽起來你在年底取得了一些重大勝利和銷售終點。產品組合是否開始發生變化，這實際上是否有助於圍繞所需發生的服務強度發生變化。

And so that also factors and kind of your go-forward Rightsized Headcounts?

那麼這也是您未來的員工規模調整的因素和類型嗎？

Yes. Yes. Great. Great set of a couple of conjoined questions there, Joe, in reverse sequence though, the answer is not really. There's not really a big difference across the portfolio in terms of services attach rate.

是的。是的。偉大的。喬，這是一組很棒的連帶問題，雖然順序相反，但答案並不是真的。就服務附加率而言，整個投資組合併沒有太大差異。

So whether it be planning, point-of-sale, WMS, TMS, OMS, or at least directionally, similar services attach rate. In terms of the breakdown of RPO, we don't provide a detailed breakdown there.

因此，無論是規劃、銷售點、WMS、TMS、OMS，或至少在方向上，類似的服務都具有附加率。至於 RPO 的細目，我們沒有提供詳細的細目。

I would tell you that the preponderance certainly comes from WMS, followed by OMS, followed by TMS and then sort of other. But there's no question. We are -- it's slow. It's -- there's nobody more impatient with this than me.

我想告訴你，優勢肯定來自 WMS，其次是 OMS，其次是 TMS，然後是其他。但毫無疑問。我們——速度很慢。沒有人比我更不耐煩了。

But the point of sale, implementation activity, subscription activity and sales activity definitely seems to be picking up. So we're encouraged by that, for sure.

但銷售點、實施活動、訂閱活動和銷售活動似乎確實在回升。所以我們肯定對此感到鼓舞。

Great. I'll leave it there. Thank you.

偉大的。我會把它留在那裡。謝謝。

Okay, thank you, Joe.

好的，謝謝你，喬。

Brian Peterson with Raymond James.

布萊恩彼得森和雷蒙德詹姆斯。

And maybe just following up on Joe's question. Eddie, I think in the past, you've mentioned some stats on the number of active WM customers that are signed or live. Just as we think about the progress that you've made as we have about 20% through that transition, any help on maybe giving a little more specifics on where we stand entering that transition in '25.

也許只是跟進喬的問題。Eddie，我想您過去曾提到過有關已簽約或在線的活躍 WM 客戶數量的一些統計數據。正如我們思考你們所取得的進展一樣，我們已經完成了大約 20% 的過渡，任何幫助都可能會提供更多關於我們在 25 年進入過渡的情況的具體信息。

Yes. Well, in terms of number of live customers and so forth?

是的。那麼，就即時客戶數量等而言？

Correct.

正確的。

I think we're a little more than 150 live customers, about 600 -- a little over 600 facilities around the world. And yes, we're just a tick below 80% of our customers still on-premise. So the inverse of that is not quite 20% have migrated.

我認為我們有 150 多個現場客戶，大約 600 個——全球 600 多個設施。是的，我們的客戶中 80% 的客戶仍在本地部署，但我們只比這個略低一點。所以相反的是，不到 20% 的人已經遷移。

Got it. And I just wanted to follow up on point-of-sale. I was out at NRF as well. I'd agree with you that the interest was definitely there. As you've seen a lot of product cycles and macro cycles in the past.

知道了。我只是想跟進銷售點。我也去了NRF。我同意你的觀點，興趣一定是存在的。正如您過去看到的許多產品週期和宏觀週期一樣。

I'd love to get your sense of what is the customer optimism around this kind of cloud-based point-of-sale refresh -- and how much momentum do you think that you could see there in 2025?

我很想了解一下客戶對這種基於雲端的銷售點更新的樂觀程度如何，以及您認為 2025 年可以看到多大的發展勢頭？

Yes, I don't know if I can quantify exactly how much momentum, Brian, I'd love to be able to do that probably stay away from the specifics of that. But in terms of the enthusiasm for replacement cycles and so forth. I think look, we've been talking about this for a little while, but I think there is enthusiasm around upgrading technology, store system technology. Some of it is merely driven by the hardware aging out in the stores. It just -- it's just aging out, as you probably know as a consumer.

是的，我不知道我是否可以準確地量化有多少動力，布萊恩，我很樂意能夠做到這一點，可能遠離具體細節。但就更換週期等方面的熱情而言。我想，我們已經討論這個問題有一段時間了，但我認為人們對升級技術、商店系統技術充滿熱情。其中一些僅僅是由商店硬體老化造成的。它只是——它只是在老化，正如你作為消費者可能知道的那樣。

Some of it is driven by the retailer's desire to have a true omnichannel selling strategy in their retail store versus this very bifurcated online and foot traffic strategy. But as you pointed out, as we pointed out in our prepared remarks, definitely a lot more enthusiasm and interest at NRF. You would expect that be in a Retail Federation conference, but we certainly saw a lot of, frankly, unsolicited inbound interest at the conference, which was encouraging.

其中一些是由零售商希望在其零售店中擁有真正的全通路銷售策略而不是這種非常分裂的線上和客流量策略所驅動的。但正如您所指出的，正如我們在準備好的發言中指出的那樣，人們對 NRF 的熱情和興趣肯定要高得多。你可能會想到這是在零售聯盟會議上，但坦白說，我們確實在會議上看到了很多主動提出的入站興趣，這是令人鼓舞的。

Great to hear. Thanks.

很高興聽到。謝謝。

Thank you, Brian.

謝謝你，布萊恩。

Quinton Gabrielli with Piper Sandler.

昆頓·加布里埃利和派珀·桑德勒。

Maybe first, it would be helpful to understand kind of the magnitude of deal pushouts that we talked about in Q2 and Q3 and how much that impacted kind of the strong constant currency Q4 bookings here? And is it fair to kind of assume that all of those prior push deals closed in the quarter? Or is there incremental opportunity in Q1 and Q2 for those to catch up?

也許首先，了解我們在第二季和第三季討論的交易推出的規模以及這對第四季度強勁的固定貨幣預訂的影響有多大會有所幫助？假設所有先前的推動交易都在本季完成，是否公平？或者第一季和第二季是否有增量機會讓這些企業迎頭趕上？

No. They have not all closed. We're obviously not going to give detailed empirical specifics around that. But some of them are closed and some haven't. The good news is of all of those deals across the last 12 months, maybe even longer, that we have been in the pipeline that haven't closed just yet.

不。他們還沒有全部關閉。顯然，我們不會就此提供詳細的實證細節。但有些已經關閉，有些還沒有。好消息是，在過去 12 個月甚至更長的時間裡，我們一直在醞釀、尚未完成的所有交易。

We haven't lost them, right?

我們沒有失去他們，對吧？

So there's still opportunities out there for us. There are certainly circumstances where a company will enter into a buying cycle. And as they get towards the end of it, decide they're going to push out a full year right, the full year of the budgetary cycle. So not -- we don't like it, but it's not an uncommon phenomenon.

所以我們仍然有機會。在某些情況下，公司肯定會進入購買週期。當他們接近尾聲時，決定推遲一整年，也就是預算週期的一整年。所以不是——我們不喜歡它，但這並不是一種罕見的現象。

Got it. That's helpful. I understand. And then maybe on the services line, obviously, it's creating some messiness here in 2025. I understand there's some FX that's kind of out of your control, but does this accelerate the company's desire or decision to maybe focus more on leveraging large partners and accelerating kind of your cloud transition first and kind of pushing the services to the side? Or how do you balance that decision of pushing services while also accelerating that cloud growth?

知道了。這很有幫助。我明白。然後，顯然，在 2025 年，服務領域可能會造成一些混亂。我知道有些外匯是你無法控制的，但這是否會加速公司的願望或決定，即更多地專注於利用大型合作夥伴並首先加速你的雲端轉型，並將服務推到一邊？或者，您如何平衡推播服務和加速雲端成長的決定？

Yes. That's a great question, Quentin. So as I said in my prepared remarks, and we've been frankly saying this for a very long time. In 2026, we expect software revenue to exceed services revenue, okay? Obviously, with the growth -- with 20% or so growth on the software line, that makes perfect sense.

是的。這是一個很好的問題，昆汀。正如我在準備好的演講中所說，我們已經坦率地說這一點很長一段時間了。到 2026 年，我們預計軟體收入將超過服務收入，好嗎？顯然，隨著軟體產品線成長 20% 左右，這是完全合理的。

Now obviously, that tells you what the trajectory looks like in '27, '28 and so on and so forth going forward.

顯然，這告訴你 27 年、28 年等等的軌跡是什麼樣的。

So software is continuing to grow at a faster rate than services. Now services is still very important to us, very important to us. You could put a case together, it's not as important to long-term top line growth as software is, of course, because that's the core of what we do, core of what we build and where our innovation investments go, but services are very important for a couple of reasons.

因此，軟體的成長速度持續快於服務。現在服務對我們來說還是非常重要，非常重要。你可以舉一個例子，當然，對於長期收入成長來說，它不像軟體那麼重要，因為這是我們工作的核心，我們建構的核心以及我們創新投資的去向，但服務非常重要出於以下幾個原因，這一點很重要。

One, we feel it's important that we'd be engaged with the client to ensure that they get great success from that software. And second of all, our customers are really an important part of our secret innovation source. So staying very close to them, so we understand what market trends are we can build innovation to be, as I often say, 1/8 of a pace in front of them in the market is very, very important.

第一，我們認為與客戶合作以確保他們從該軟體中獲得巨大成功非常重要。其次，我們的客戶確實是我們秘密創新來源的重要組成部分。因此，與他們保持非常密切的聯繫，這樣我們就可以了解市場趨勢是什麼，我們可以建立創新，正如我經常說的那樣，在市場上領先他們 1/8 是非常非常重要的。

But again, you bring up a good point there. But no, no intentions of moving away from the services business. But we certainly expect the software revenue to continue to grow much faster with that line crossing in 2026.

但你再次提出了一個很好的觀點。但不，無意離開服務業務。但我們當然預計，到 2026 年，軟體收入將繼續以更快的速度成長。

Hey, Quentin, it's Dennis Story. I just need to want to apologize. On the 2025, the free cash flow target should be $300 million with end of year -- full year, $1.2 billion in cash collections

嘿，昆汀，我是丹尼斯‧斯托里。我只是想道歉。2025 年，自由現金流目標應為 3 億美元，年底現金回款為 12 億美元

Got it. Thank you both.

知道了。謝謝你們倆。

Mark Schappel with Loop Capital Markets.

Loop Capital Markets 的 Mark Schappel。

Eddie, starting with you, what's the sentiment from CIOs that you're seeing out there on moving forward with say, big WMS or even TMS upgrades or expansions. Are you seeing these initiatives being crowded out by other priorities?

Eddie，從您開始，您所看到的資訊長們對推動大型 WMS 甚至 TMS 升級或擴展有何看法。您是否發現這些措施被其他優先事項所排擠？

I would say from a sentiment perspective, now obviously, we have a much more diverse customer base than just retail. But if we think about kind of the concentration of conversations that you're able to have in one place at NRF, which is no question retail. But if we compare January of 2024, with January of 2025. So just a couple, 3 weeks ago, my view would be the tone was much more enthusiastic than it was 12 months prior.

我想說，從情緒的角度來看，現在顯然我們擁有比零售更多樣化的客戶群。但如果我們考慮 NRF 中你可以在一個地方進行的集中對話，這毫無疑問是零售業。但如果我們將 2024 年 1 月和 2025 年 1 月進行比較。因此，就三週前而言，我認為基調比 12 個月前更加熱情。

Great. And then switching gears a little bit here. With respect to the new supply chain planning solutions. I was wondering if you could just provide some additional color or comments on the reference customers that you built up during the quarter.

偉大的。然後在這裡稍微切換一下。關於新的供應鏈規劃解決方案。我想知道您是否可以對本季建立的參考客戶提供一些額外的顏色或評論。

Yes. Well, we signed our first customer in the quarter, which honestly was sort of a surprise. When you launch a mission-critical applications such as supply chain planning. On our prior call, I know there were some questions about when should we expect to see some impact and so forth. And our initial estimates were that we would close our first customer kind of midyear 2025.

是的。好吧，我們在本季度簽下了第一個客戶，說實話，這有點令人驚訝。當您啟動關鍵任務應用程式（例如供應鏈規劃）。在我們之前的電話會議中，我知道有人問我們什麼時候應該看到一些影響等等。我們最初的估計是我們將在 2025 年年中關閉我們的第一個客戶。

So we couldn't be more excited that what 65 days or something like that after launch. We closed our first deal.

因此，我們對發布後 65 天或類似的時間感到無比興奮。我們完成了第一筆交易。

Now we have seen and continue to see a ton of enthusiasm around bringing finally, supply chain planning and supply chain execution together on a truly unified platform. But that enthusiasm usually takes quite a while to translate into deals closing. So again, to have our first visionary and early adopter customer after 65 days or so, certainly gives us reason for enthusiasm.

現在，我們已經看到並將繼續看到人們對最終將供應鏈規劃和供應鏈執行整合到一個真正統一的平台上的熱情。但這種熱情通常需要相當一段時間才能轉化為交易完成。因此，在 65 天左右的時間後，我們迎來了第一個有遠見且早期採用的客戶，這無疑給了我們熱情的理由。

Great. Thank you.

偉大的。謝謝。

Thank you, Mark.

謝謝你，馬克。

William Jellison with D.A. Davidson.

威廉·傑里森與 D.A.戴維森。

The first relates to professional services, and I wanted to get an update because in the past, you've spoken to some strong increases in efficiency within that organization, in part related to record low attrition in the services labor force. And I was just curious on where we are with those kinds of trends. And in light of the updated expectations for services in 2025, how are you thinking about hiring in that organization?

第一個與專業服務有關，我想了解最新情況，因為在過去，您曾談到該組織內效率的大幅提高，部分與服務勞動力的創紀錄的低流失率有關。我只是好奇我們在這些趨勢上處於什麼位置。鑑於 2025 年對服務的最新預期，您如何考慮在該組織中進行招募？

Yes. Great question. Well, great questions. So first of all, efficiency continues to grow and the efficiency continues to get better. There's no question about that.

是的。很好的問題。嗯，很好的問題。所以首先，效率不斷成長，效率不斷變好。毫無疑問。

And we -- our attrition is certainly very low in our professional services organization.

我們的專業服務組織的人員流失率肯定非常低。

So again, that continues to be a driver of efficiency. In terms of hiring, obviously, we've got to balance out supply and demand to state the very obvious. We've seen a downtick in demand. So we'll keep a very close eye on what that profile looks like. We expect it to start picking up in the back half of the year.

同樣，這仍然是效率的驅動因素。顯然，在招募方面，我們必須平衡供需，以明確這一點。我們看到需求下降。因此，我們將密切關注該配置文件的外觀。我們預計它將在今年下半年開始回升。

But we've got time be able to monitor that situation before we decide specifically what the hiring profile in services for 2025 looks like.

但在我們具體決定 2025 年服務業的招募情況之前，我們有時間來監控這種情況。

Great. Thanks for taking my question.

偉大的。感謝您提出我的問題。

My pleasure. Thank you, William.

我的榮幸。謝謝你，威廉。

Dylan Becker with William Blair.

迪倫貝克爾與威廉布萊爾。

Gentlemen, appreciate it here. I don't want to continue hammering on the point of services, maybe, but Eddie, for you, any additional color on the types of projects that are being pushed here? You talk about kind of the number of record customers onboarding are expected to go live in '25, growing enthusiasm, which I would agree with kind of general tenant sentiment coming out of NRF. But what's causing lower spending? And maybe how can we think about the mix of that $50 million impact between the internal efficiency and partnership versus maybe what's kind of being pushed out from a project perspective?

先生們，請欣賞這裡。也許我不想繼續強調服務點，但是艾迪，對你來說，這裡推動的項目類型有什麼額外的顏色嗎？您談到預計 25 年的入職客戶數量將創紀錄，熱情不斷高漲，我同意 NRF 的普遍租戶情緒。但是是什麼導致支出減少呢？也許我們如何考慮內部效率和合作夥伴關係之間這 5000 萬美元的影響與從專案角度推出的可能是什麼？

Yes. Well, obviously, we're not going to provide the specifics of how that -- that $50 million exactly breaks down. But the phenomenon goes something like this, that we have a customer with a large scale program that is -- and they're going to roll out maybe WMS across a bigger state or maybe they're going to roll out OMS across multiple brands. Let's say, hypothetically, it was 10 distribution centers they were planning in 2025 or 5 brands in 2025 in the case of OMS. What we're seeing is the WMS rollout continues.

是的。嗯，顯然，我們不會提供 5000 萬美元具體如何分解的細節。但現像是這樣的，我們有一個客戶有一個大型計劃，他們可能會在更大的州推出 WMS，或者他們可能會在多個品牌推出 OMS。假設，他們計劃在 2025 年建立 10 個配送中心，或就 OMS 而言，計劃在 2025 年建立 5 個品牌配送中心。我們看到 WMS 的推出仍在繼續。

But instead of doing 10 distribution centers in 2025, it's going to be 7. Instead of doing 5 brands for OMS in 2025, it's going to be 3 of the brands. That's the type of phenomenon that we're seeing. We have seen no projects be canceled, right? So there's no project cancellations and so forth.

但到 2025 年，配送中心的數量將不再是 10 個，而是 7 個。到 2025 年，OMS 的品牌不再是 5 個，而是 3 個。這就是我們所看到的現象。我們沒有看到任何項目被取消，對吧？所以不存在項目取消等情況。

But yes, budgets have been clipped. So our customers have tended to slow down some of those rollouts.

但確實，預算已經被削減。因此，我們的客戶傾向於放慢其中一些部署的速度。

Okay. That's really helpful. Maybe one more sticking with you, Eddie here. If we think about, again, the early momentum of adaptive planning and the importance of kind of planning and forecasting here. Help us understand maybe where the industry sits from a data readiness perspective, if we think about kind of that adoption curve maybe it ties into cloud modernization.

好的。這真的很有幫助。也許還有一個人會陪你，艾迪在這裡。如果我們再次考慮適應性規劃的早期動力以及此處規劃和預測的重要性。幫助我們從資料準備的角度來理解產業所處的位置，如果我們考慮採用曲線，它可能與雲端現代化有關。

But how that flows through to their willingness or propensity to kind of get more real time in that data and maybe how the latter can help accelerate our fuel performer. Thank you

但這如何影響他們獲得更多即時數據的意願或傾向，也許後者如何幫助加速我們的燃料績效。謝謝

Yes, the data is ready. The data is available and ready for sure, because they run generally overnight batch jobs. All the data queue it up, they run a large batch job overnight to create a forecast on a plan. And to some -- so we're going to be using essentially the exact same data inputs. But instead of accumulating it and running it overnight, we're able to run it in real time and take a slice of the plan and the forecast at any point along the way, enabling essentially the speed of the planning process to catch up with the speed of execution because the execution systems obviously have gained in pace over the last longer, really, but over the last 10 or 15 years.

是的，數據準備好了。數據肯定是可用且準備就緒的，因為它們通常在夜間運行批次作業。所有資料都排隊，他們連夜運行大型批次作業以創建計劃預測。對於某些人來說，我們將使用基本上完全相同的資料輸入。但是，我們不需要累積並在一夜之間運行它，而是能夠實時運行它，並在整個過程中的任何時刻獲取計劃和預測的一部分，從而使規劃過程的速度基本上能夠趕上執行速度，因為執行系統在過去更長的時間裡顯然已經加快了步伐，實際上是在過去的10 或15 年。

And we're -- one of our goals is to make sure that planning starts to catch up with execution pace. So no concerns about the data availability. I would tell you, just like everything else that we do, it is -- there's a lot of change management that goes into moving from a batch-based system to a real-time processing system.

我們的目標之一是確保規劃開始趕上執行速度。所以不用擔心數據可用性。我想告訴你，就像我們所做的其他事情一樣，從基於批次的系統轉向即時處理系統需要大量的變更管理。

So unlikely to be the lack of data availability, more likely to be getting through that change management process.

因此不太可能是缺乏資料可用性，更有可能是透過變更管理流程。

Very helpful. Thanks buddy, you were saying.

非常有幫助。謝謝哥們，你說的是。

George Kurosawa with Citi.

花旗銀行的喬治黑澤明。

Sorry to start with politics here, but maybe just kind of the current house view on how you're thinking about the potential impact of tariffs on your business and if there's any kind of changes to your positioning?

抱歉，首先從政治開始，但也許只是目前眾議院的觀點，即您如何看待關稅對您業務的潛在影響以及您的定位是否有任何變化？

Yes, sure. Good question. From our perspective, no tariffs really we expect on our business. Obviously, we're monitoring the situation from a supply chain perspective and if there are any impacts to our customers. Now given that we are largely a finished goods supply chain systems provider.

是的，當然。好問題。從我們的角度來看，我們確實不希望我們的業務受到關稅影響。顯然，我們正在從供應鏈的角度監控情況，以及是否對我們的客戶有任何影響。現在考慮到我們主要是成品供應鏈系統提供者。

So most of what we do happens when the goods hit the port -- hit the ports from wherever they come from, there's likely to be a little impact on Manhattan Associates, George.

因此，我們所做的大部分事情都是在貨物到達港口時發生的——無論它們來自哪裡，到達港口時，都可能對曼哈頓聯合公司產生一點影響，喬治。

Okay. Makes perfect sense. And then I did want to ask on the margin guide, I think maybe ticked down a tiny bit from your initial target. To me, I guess I would intuitively think that with software being relatively stronger than services, maybe there'd be some mix benefit. Are there any kind of OpEx lines that you're looking to invest more in?

好的。很有道理。然後我確實想詢問保證金指南，我認為可能比您最初的目標稍微下降了一點。對我來說，我想我會直觀地認為軟體比服務相對更強，也許會有一些混合效益。您是否希望在任何類型的營運支出領域進行更多投資？

Or just any kind of color on the change there?

或只是改變那裡的任何一種顏色？

Well, look, we're always -- we will increase our investment in research and development if anything. We're, frankly, I'm proud to been able to save for the last 15 years -- 15 years running. We're going to spend more in research and development this year than we did last year. So that is true, again, 2025 over the last 15 years for sure. We will spend more money in sales and marketing given that we've got a broader product portfolio.

好吧，看，我們總是——如果有的話，我們將增加對研發的投資。坦白說，我很自豪能夠在過去 15 年裡連續 15 年存錢。今年我們在研發方面的支出將比去年更多。過去 15 年的 2025 年確實如此。鑑於我們擁有更廣泛的產品組合，我們將在銷售和行銷方面投入更多資金。

Obviously, we've got the FX noise and some impact from top line revenue decline.

顯然，我們受到了外匯噪音和營收下降的一些影響。

Makes sense. Thanks for taking the questions.

有道理。感謝您提出問題。

My pleasure, George. Thank you.

我很榮幸，喬治。謝謝。

There are no further questions at this time. I would like to turn the floor back to Eddie Cable for closing remarks.

目前沒有其他問題。我想請艾迪凱布爾（Eddie Cable）發表閉幕詞。

Thank you, Julian. Well, thanks, everybody, for toughing with me with my cookie voice really mentioned before. Whilst we've seen some choppiness here, we've seen a little downturn in the services business for 2025, our fundamentals are very strong because our fundamentals are built around our product innovation. We're continuing to innovate. The demand for that innovation is strong.

謝謝你，朱利安。好吧，謝謝大家，用我之前提到的餅乾聲音對我進行了嚴厲的打擊。雖然我們看到了一些波動，我們看到 2025 年服務業務略有下滑，但我們的基本面非常強勁，因為我們的基本面是圍繞我們的產品創新建立的。我們正在繼續創新。這種創新的需求很強烈。

So we are as encouraged as we've ever been about our long-term future, and we look forward to telling you more about that in 90 days or so. So thanks again.

因此，我們對我們的長期未來一如既往地感到鼓舞，我們期待在 90 天左右的時間內向您提供更多相關資訊。所以再次感謝。

And with that, that does conclude today's teleconference. We thank you for your participation. You may disconnect your lines at this time.

今天的電話會議到此結束。我們感謝您的參與。此時您可以斷開線路。