Manhattan Associates Inc (MANH) 2025 Q1 法說會逐字稿

Good afternoon. My name is Paul. I will be your conference facilitator, today.

午安.我的名字是保羅。今天，我將擔任你們的會議主持人。

At this time, I would like to welcome everyone to the Manhattan Associates' first-quarter 2025 earnings conference call.

現在，我歡迎大家參加曼哈頓聯合公司 2025 年第一季財報電話會議。

(Operator Instructions)

（操作員指示）

As a reminder, ladies and gentlemen, this call is being recorded today, April 22, 2025.

提醒一下，女士們，先生們，本次通話於今天（2025 年 4 月 22 日）錄製。

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

現在，我想介紹您的主持人，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，您可以開始您的會議了。

Great. Thanks, Paul. Good afternoon everyone. Welcome to Manhattan Associates' 2025 first-quarter earnings call.

偉大的。謝謝，保羅。大家下午好。歡迎參加曼哈頓聯合公司 2025 年第一季財報電話會議。

I will review our cautionary language. And then, turn the call over to our Executive Vice Chairman, Eddie Capel, for some brief opening commentary, before he hands it off to our President and Chief Executive Officer, Eric Clark.

我將重新審視我們的警告語。然後，將電話轉給我們的執行副董事長 Eddie Capel，讓他做一些簡短的開場評論，然後他將電話交給我們的總裁兼執行長 Eric Clark。

During this call, including the Q&A session, we may make forward-looking statements regarding future events of Manhattan Associates' future financial performance. We caution you that these forward-looking statements involve risk and uncertainties and are not guarantees of future performance and actual results may differ, materially, from the projections contained in our forward-looking statements.

在本次電話會議（包括問答環節）中，我們可能會對曼哈頓公司未來財務表現的未來事件做出前瞻性陳述。我們提醒您，這些前瞻性陳述涉及風險和不確定性，並不能保證未來的業績，實際結果可能與我們的前瞻性陳述中的預測有重大差異。

I refer you to Manhattan Associates' SEC reports 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 2024 and the risk factor discussion in that report and any risk factor updates we provide on the subsequent Form 10-Qs.

我請您參閱曼哈頓聯合公司的美國證券交易委員會報告，其中列出了可能導致實際結果與我們的預測結果有重大差異的重要因素。特別是我們 2024 財年的 10-K 表格年度報告以及該報告中的風險因素討論以及我們在後續 10-Q 表格中提供的任何風險因素更新。

Please note that the turbulent global macro environment could impact our performance and cause actual results to differ, materially, from our projections. We are under no obligation to update these statements.

請注意，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 [available] GAAP measures in accordance with SEC rules. You'll find reconciliation [schedules] in the Form 8-K we filed with the SEC earlier today and on our website at manh.com.

此外，我們的評論還包括某些非公認會計準則財務指標，以便向投資者提供更多資訊。我們已根據美國證券交易委員會 (SEC) 規則將所有非 GAAP 指標與[可用的] GAAP 指標進行協調。您可以在我們今天早些時候向美國證券交易委員會提交的 8-K 表格中以及我們的網站 manh.com 上找到對帳表（時間表）。

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

現在，我將把電話轉給 Eddie。

Thanks, Mike. Good afternoon, everybody. Thanks, again, for joining us this afternoon.

謝謝，麥克。大家下午好。再次感謝您今天下午加入我們。

Well, it certainly is an interesting time to be delivering a quarterly earnings report and, maybe, an even more interesting time to be providing forward-looking guidance.

嗯，現在確實是發布季度財報的一個有趣時刻，或許，也是提供前瞻性指引的一個更有趣的時刻。

I think the words uncertainty and changeable don't really seem to appropriately describe the world we're living in today, do they?

我認為不確定性和多變性這兩個詞似乎不適合描述我們今天所處的世界，不是嗎？

That said, in a moment, I'll have the pleasure of formally introducing you to Eric, our new CEO, who'll cover that at quarterly results. And given the timing of that transition, we shared the CEO duties during Q1.

話雖如此，一會兒我將很高興正式向您介紹我們的新任首席執行官埃里克，他將在季度業績報告中討論這一問題。考慮到這次過渡的時間，我們在第一季共同承擔了執行長的職責。

But since mid-February, we've both been working double-time on the transition process. And I have to say it really couldn't be going any smoother. Eric's getting up-to-speed very quickly. We've had the opportunity to spend some time with our global teams, our partners, and some of our customers. And in a few weeks, I'm excited to be able to introduce Eric to a large gathering of our customer community at Momentum.

但自二月中旬以來，我們都在加倍努力地推進過渡進程。我必須說，事情真的進展得非常順利。Eric 很快就掌握了最新情況。我們有機會與我們的全球團隊、合作夥伴和一些客戶共度時光。幾週後，我很高興能夠向 Momentum 的客戶社群大型聚會介紹 Eric。

In my new role as Executive Vice Chairman, I look forward to supporting Eric and our global teams in any way that I can. Today, I'll be available to answer any product or industry questions, as well as provide any historical context that may be helpful.

在我擔任執行副董事長的新職位上，我期待盡我所能支持 Eric 和我們的全球團隊。今天，我將解答任何有關產品或行業的問題，並提供任何可能有用的歷史背景。

So with that, over to Eric.

那麼，交給 Eric 吧。

Great. Thank you, Eddie, for the warm introduction. Good afternoon, everyone. Thank you for joining us, as we review our first-quarter results and full-year 2025 outlook.

偉大的。謝謝 Eddie 的熱情介紹。大家下午好。感謝您加入我們，我們將回顧第一季業績和 2025 年全年展望。

Manhattan is off to a solid start to 2025, posting better-than-expected top- and bottom-line results.

曼哈頓在 2025 年取得了良好的開端，其營收和利潤均優於預期。

But before we review the specifics on the quarter, I'd like to share a few perspectives on our business and the market.

但在我們回顧本季的具體情況之前，我想先分享一些關於我們業務和市場的觀點。

Manhattan's strengths are well established. Our platform, our products, and our people are world class. Our unified Cloud product portfolio is superior, offering best-in-class functionality. Manhattan is the only vendor named by industry analysts as a leader across the supply chain commerce ecosystem.

曼哈頓的優勢已得到充分證實。我們的平台、產品和員工都是世界一流的。我們統一的雲端產品組合非常出色，提供一流的功能。曼哈頓是唯一一家被產業分析師評為供應鏈商務生態系統領導者的供應商。

Organic innovation is in Manhattan's DNA. And our focus and capital allocation strategy will remain intact.

有機創新是曼哈頓的 DNA。我們的重點和資本配置策略將保持不變。

Our growth opportunity continues to expand. Our addressable market is forecasted to grow at double-digit CAGR for the next several years. In addition to the market growth, we continue to invest in our products to expand the addressable market that we serve.

我們的成長機會不斷擴大。預計未來幾年我們的潛在市場將以兩位數的複合年增長率成長。除了市場成長之外，我們還繼續投資我們的產品，以擴大我們所服務的目標市場。

Our sales team is driving growth through adding new customers, cross-selling our unified product portfolio, and converting our on-premise customers to our Cloud offerings. All of these sales channels contributed to strong Q1 bookings and a 25% year-over-year increase in RPO.

我們的銷售團隊透過增加新客戶、交叉銷售我們的統一產品組合以及將我們的內部客戶轉化為我們的雲端產品來推動成長。所有這些銷售管道都促成了第一季強勁的預訂量以及 RPO 年增 25%。

As our customers navigate the current macro environment, we believe Manhattan is best positioned to help.

當我們的客戶應對當前的宏觀環境時，我們相信曼哈頓最有能力提供協助。

As tariffs impact the cost of inventory, precise inventory management and handling of inventory to optimally satisfy end customers is more important than ever. The unified capabilities in our products will allow our customers to react faster and with more precision.

由於關稅影響庫存成本，精確的庫存管理和庫存處理以最佳地滿足最終客戶的需求比以往任何時候都更重要。我們產品的統一功能將使我們的客戶能夠更快、更精確地做出反應。

Over the past several years, we've seen many supply chain disruptions, including the global COVID pandemic. In all of these cases, we've seen the companies with the most agile supply chains excel. And we've also seen these disruptions create long-term demand for Manhattan products.

在過去幾年中，我們看到了許多供應鏈中斷，包括全球新冠疫情。在所有這些案例中，我們都看到擁有最靈活供應鏈的公司表現出色。我們也看到這些顛覆創造了對曼哈頓產品的長期需求。

Less than two weeks ago, Google named Manhattan its Cloud Business Applications Partner of the Year Award for Supply Chain and Logistics. This award highlights Manhattan's role as an innovator within the Google Cloud ecosystem, its commitment to driving customer success, and its pioneering application of agentic AI and generative AI within the Manhattan Active Suite.

不到兩週前，Google將曼哈頓評為年度供應鏈和物流雲端業務應用合作夥伴獎。該獎項凸顯了曼哈頓在 Google Cloud 生態系統中的創新地位、其致力於推動客戶成功的承諾，以及其在曼哈頓 Active Suite 中對代理 AI 和生成 AI 的開創性應用。

This is a great honor and demonstrates two leading engineering companies partnering to deliver innovation for their customers. We will continue to put our customers first, as we deliver industry-leading innovation and simplification.

這是一個巨大的榮譽，表明兩家領先的工程公司正在合作為客戶提供創新。我們將繼續把客戶放在第一位，提供業界領先的創新和簡化。

Supply chains are inherently sophisticated. But our R&D teams are investing in simplifying deployments to reduce the time-to-value and accelerate the adoption of Manhattan products across DCs and stores. These simplification initiatives are already improving customer experiences, while enabling Manhattan and its customers to move and grow faster.

供應鏈本質上是複雜的。但我們的研發團隊正在投資簡化部署，以縮短價值實現時間並加速曼哈頓產品在配送中心和商店中的採用。這些簡化措施已經改善了客戶體驗，同時使曼哈頓及其客戶能夠更快地發展和成長。

While the current macro environment brings uncertainty to all businesses, I'm excited about our position in the market and our opportunity for growth.

雖然當前的宏觀環境為所有企業帶來不確定性，但我對我們的市場地位和成長機會感到興奮。

So, now, let's dive into Q1.

那麼，現在讓我們深入了解第一季。

The quarter exceeded expectations, as 21% Cloud revenue growth drove our top-line outperformance and earnings leverage.

本季超出預期，21% 的雲端營收成長推動了我們的營收表現和獲利槓桿。

Services revenue performed slightly better than expected. To date, we have not experienced any adverse impacts from the macro environment, beyond what we shared on our Q4 call. However, given the inherent flexibility of time and materials contracts and the status of the ever-changing tariff environment, we remain cautious on our near-term Services revenue growth. Dennis will share more details on our guidance in just a few moments.

服務收入表現略優於預期。到目前為止，除了我們在第四季度電話會議上分享的內容之外，我們還沒有受到宏觀環境的任何不利影響。然而，鑑於時間和材料合約固有的靈活性以及不斷變化的關稅環境的現狀，我們對近期服務收入成長仍持謹慎態度。丹尼斯稍後將分享有關我們指導的更多細節。

RPO ended the quarter up 25% to roughly $1.9 billion, as demand for our mission-critical solutions remain solid.

由於對我們的關鍵任務解決方案的需求依然強勁，RPO 本季成長了 25%，達到約 19 億美元。

From a vertical perspective, our end markets are diverse and we have healthy, established footprints across numerous subsectors. Those sectors include retail, grocery, food distribution, life sciences, industrial, technology, airlines, third -party logistics, and others.

從垂直角度來看，我們的終端市場多種多樣，並且我們在眾多子行業中擁有健康、成熟的業務足跡。這些行業包括零售、雜貨、食品分銷、生命科學、工業、技術、航空、第三方物流等。

For example, Q1 deals included a global cosmetics company, a grocery and drug retailer, a life sciences manufacturer, a global pharmaceutical and medical device company, a department store chain, and a global designer, developer, and marketer of footwear, apparel, and accessories, as well as a number of others.

例如，第一季的交易包括一家全球化妝品公司、一家雜貨和藥品零售商、一家生命科學製造商、一家全球製藥和醫療器材公司、一家百貨連鎖店、一家全球鞋類、服裝和配件設計、開發和營銷商，以及其他一些公司。

Our Q1 competitive win rates remain consistent at about 70%. And we experience strength from new customers, with approximately 50% of new Cloud bookings generated from net new logos.

我們第一季的競爭勝率保持穩定在 70% 左右。我們從新客戶那裡感受到了力量，大約 50% 的新雲端預訂量來自淨新標誌。

In addition to the healthy new logo activity, we continue to experience a good mix of conversions, upsells, and cross-sells.

除了健康的新標誌活動之外，我們還繼續經歷轉換、追加銷售和交叉銷售的良好組合。

As always, while the timing of large deals and the mix of bookings will vary on a quarterly basis, we believe our bookings' breadth, from both new and existing customers across a broad set of industries and across our full product portfolio, exemplifies our multiple opportunities for sustainable growth.

像往常一樣，雖然大額交易的時間和訂單組合會按季度變化，但我們相信，來自各行各業和整個產品組合的新老客戶的訂單廣度體現了我們實現可持續增長的多種機會。

And while the macro environment is uncertain, our pipeline remains solid, with net new potential customers representing approximately 35% of the demand. This demand also continues to fuel opportunities for our Services organization. In Q1, our Services team completed over 100 go-lives for our customers.

儘管宏觀環境不確定，但我們的通路依然穩固，新增潛在客戶約佔需求的 35%。這種需求也持續為我們的服務組織帶來機會。在第一季度，我們的服務團隊為客戶完成了 100 多次上線。

So, now, let's turn to some product updates.

那麼，現在讓我們來看看一些產品更新。

This quarter, we launched a new product offering called Enterprise Promise and Fulfill. Designed to optimize B2B order promising and fulfillment, EPF delivers higher order conversion, lower fulfillment costs, and enhanced B2B customer experiences.

本季度，我們推出了一款名為「企業承諾與履行」的新產品。EPF 旨在優化 B2B 訂單承諾和履行，提供更高的訂單轉換率、更低的履行成本並增強的 B2B 客戶體驗。

In recent years, it's been clear that the trend in B2B order fulfillment is around creating more direct-to-consumer-like experiences. B2B customer expectations now include the need for capabilities like real-time inventory availability and order promising, real-time visibility into the order fulfillment process, and the ability to change orders after they've been submitted.

近年來，B2B 訂單履行的趨勢顯然是圍繞著創造更多直接面向消費者的體驗。B2B 客戶的期望現在包括需要即時庫存可用性和訂單承諾、即時查看訂單履行流程以及提交訂單後更改訂單的能力等功能。

Meanwhile, our customers are challenged to fulfill from increasingly complex supply chains, oftentimes the result of acquisitions and geographic expansion.

同時，我們的客戶面臨日益複雜的供應鏈的挑戰，這往往是收購和地理擴張的結果。

Modern ERPs simply aren't capable of providing this order fulfillment agility. Manhattan Active Enterprise promise and fulfill works, seamlessly, with the customers' existing ERPs to provide these capabilities without requiring expensive and risky ERP customization.

現代 ERP 根本無法提供這種訂單履行彈性。Manhattan Active Enterprise 承諾並履行與客戶現有 ERP 無縫協作以提供這些功能，而無需昂貴且有風險的 ERP 客製化。

As many customers are now moving their ERP workloads to the cloud, they're also re-evaluating which functions should remain in the ERP and which are better served by alternative cloud solutions.

由於許多客戶現在將其 ERP 工作負載轉移到雲端，他們也在重新評估哪些功能應該保留在 ERP 中，哪些功能更適合透過替代雲端解決方案來實現。

Enterprise Promise and Fulfill, along with our broader set of Manhattan Active Supply Chain Planning and Execution capabilities, is designed to capitalize on this big opportunity.

企業承諾和履行以及我們更廣泛的曼哈頓主動供應鏈規劃和執行功能旨在利用這一巨大機會。

Now, turning to our omnichannel commerce applications.

現在，轉向我們的全通路商務應用程式。

In Q1, we closed an important deal with a luxury department store. What's particularly notable about this win is the wide breadth of Manhattan Active Omni solutions they plan to implement. Once the roll-out is complete, MAO will have replaced their legacy order management, point of sale, CRM, and chatbot.

第一季度，我們與一家奢侈品百貨公司達成了一項重要交易。這場勝利尤其引人注目的是他們計劃實施的曼哈頓 Active Omni 解決方案範圍廣泛。一旦推出完成，MAO 將取代其傳統的訂單管理、銷售點、CRM 和聊天機器人。

No other cloud solution provider can deliver these four vital systems on a unified cloud native architecture, all with industry-leading functional depth.

沒有其他雲端解決方案供應商能夠在統一的雲端原生架構上提供這四個重要係統，並且所有系統都具有業界領先的功能深度。

As retailers look to rationalize the complexity and cost of their existing commerce systems, we believe Manhattan Active Omni puts us in a great position to benefit from the next wave of commerce, technology modernization.

當零售商尋求合理化其現有商業系統的複雜性和成本時，我們相信 Manhattan Active Omni 將使我們處於有利地位，從下一波商業和技術現代化浪潮中受益。

And speaking of chatbots, we now have multiple customers under contract for Manhattan Active maven, our agentic AI customer service bot. Because of its deep pre-built connectivity into the Manhattan Active Omni API, customers can be live and deflecting 40% or more of their chat sessions in a matter of a few weeks.

說到聊天機器人，現在我們有多個客戶與我們的代理 AI 客戶服務機器人 Manhattan Active maven 簽訂了合約。由於其與 Manhattan Active Omni API 具有深度預先建立連接，客戶可以在短短幾週內上線並轉移 40% 或更多的聊天會話。

And as of this quarter, Manhattan Active Maven can also answer email. After voice, email is still the most prevalent form of inbound inquiry coming into our customers' contact centers. Between email and chat, we're now able to significantly reduce the amount of activity performed by customer service agents.

從本季開始，Manhattan Active Maven 還可以回覆電子郵件。繼語音之後，電子郵件仍然是我們客戶聯絡中心最普遍的入站查詢形式。透過電子郵件和聊天，我們現在能夠大幅減少客戶服務代理執行的活動量。

More broadly on generative AI, we continue to make progress developing and deploying Manhattan Assist features across all Manhattan Active Platform applications.

更廣泛地講，在生成人工智慧方面，我們在所有曼哈頓活動平台應用程式中開發和部署曼哈頓輔助功能方面繼續取得進展。

In addition to pre-existing features like providing application configuration advice and a natural language read-out of existing configuration, customers can now add their own documentation to the knowledge base that Manhattan Assist draws from.

除了提供應用程式設定建議和自然語言讀取有配置等現有功能外，客戶現在還可以將自己的文件新增至 Manhattan Assist 所提取的知識庫。

These new capabilities allow contact center agents to ask questions about return policies. They also allow warehouse associates to ask questions about where they're supposed to induct a full [TOAD] and allow transportation planners to ask questions about their company's routing guide.

這些新功能允許聯絡中心代理人詢問有關退貨政策的問題。他們還允許倉庫員工詢問應該在哪裡引入完整的 [TOAD]，並允許運輸規劃人員詢問有關其公司路線指南的問題。

We continue to see strong use of Manhattan Assist across our Omnichannel Commerce and Supply Chain Execution customers. We'll be providing a preview of more agentic AI capabilities, next month, at Momentum.

我們繼續看到全通路商務和供應鏈執行客戶對曼哈頓輔助的廣泛使用。下個月，我們將在 Momentum 上提供更多代理 AI 功能的預覽。

So that concludes my business update.

這就是我的業務更新內容。

Next, Dennis will 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 on to Q&A. So Dennis, over to you.

接下來，丹尼斯將向您提供我們財務業績和前景的最新情況。然後，我將以簡短的總結來結束我們準備好的發言，然後我們再進入問答環節。那麼丹尼斯，交給你了。

Thanks, Eric.

謝謝，埃里克。

Hats off to our Manhattan global teams that continue to execute well in a very challenging macro environment.

我們向曼哈頓全球團隊致敬，他們在極具挑戰性的宏觀環境中繼續表現出色。

For the quarter, we delivered a better-than-expected financial performance on the top and bottom lines. This includes solid results across RPO bookings, Cloud revenue growth, operating margin expansion, and free cash flow generation.

本季度，我們的營收和淨利潤均超出預期。這包括 RPO 預訂、雲端收入成長、營業利潤率擴大和自由現金流產生的穩健業績。

FX volatility persists and was roughly a $2 million-dollar headwind to Q1 total revenue. However, it was a $14 million tailwind to sequential RPO growth and did not have a meaningful impact on the year-over-year RPO growth.

外匯波動持續存在，對第一季總收入造成約 200 萬美元的阻力。然而，這對連續的 RPO 增長來說是一個 1400 萬美元的順風，但對同比 RPO 增長並沒有產生重大影響。

Now, turning to our Q1 results. Our growth rates are reported on a year-over-year basis, unless otherwise stated.

現在，我們來看看第一季的業績。除非另有說明，我們的成長率是按年比計算的。

For the quarter, total revenue was $263 million, up 3%. Cloud revenue increased 21% to $94 million and Services revenue declined to 8% to $121 million, which was a bit better than expected.

本季總營收為 2.63 億美元，成長 3%。雲端營收成長 21% 至 9,400 萬美元，服務收入下降 8% 至 1.21 億美元，略優於預期。

As previously discussed, the year-over -year decline in Services revenue reflects customer budgetary constraints that shifted services work to future periods. As Eric highlighted, given the uncertain macro environment and inherent flexibility of time and material contracts, we remain cautious on our near-term Services revenue growth.

如前所述，服務收入的同比下降反映了客戶預算限制，從而將服務工作轉移到未來時期。正如 Eric 所強調的，鑑於不確定的宏觀環境以及時間和材料合約固有的靈活性，我們對近期服務收入成長保持謹慎。

We ended Q1 with RPO of $1.9 billion, up 25% compared to the prior year and 6% sequentially. The solid Q1 performance was driven by a healthy mix of sales from both new and existing customers.

我們第一季的 RPO 為 19 億美元，比上年增長 25%，比上一季增長 6%。第一季的穩健業績得益於新舊客戶的良好銷售組合。

Our average contract duration remains at 5.5 to 6 years. However, some customers are electing longer ramp timelines. While the full contract is not cancelable, we believe the current environment has resulted in several customers to take a more conservative approach to the first-half implementation timeline of their contracts.

我們的平均合約期限維持在5.5至6年。然而，有些客戶選擇更長的上線時間。雖然整個合約不可取消，但我們認為當前的環境已導致一些客戶對其合約上半年的實施時間表採取更保守的態度。

Accordingly, we expect 38% of RPO to be recognized as revenue over the next 24 months.

因此，我們預計未來 24 個月內 38% 的 RPO 將確認為收入。

As Eric stated, our teams are focused on accelerating the adoption of our products. And our contracts always allow customers to amend their timeline for quicker deployments but not slower ones.

正如 Eric 所說，我們的團隊致力於加速我們產品的採用。我們的合約始終允許客戶修改時間表，以加快部署速度，但不允許減慢部署速度。

Adjusted operating profit was $91 million, with an adjusted operating margin of 34.7%. This is up over 340 basis points year over year. Our performance was driven by strong Cloud revenue growth, combined with operating leverage as our Cloud business continues to scale.

調整後的營業利潤為 9,100 萬美元，調整後的營業利益率為 34.7%。與去年同期相比，這一數字上漲了 340 個基點。我們的業績得益於雲端收入的強勁成長，以及隨著雲端業務不斷擴大而產生的營運槓桿。

Turning to EPS. We delivered Q1 adjusted earnings per share of $1.19, up 16%; and GAAP earnings per share of $0.85, down 1%.

轉向 EPS。我們實現第一季調整後每股收益為 1.19 美元，成長 16%；以美國通用會計準則計算，每股收益為 0.85 美元，下降 1%。

Moving to cash. Operating cash flow increased 37% to a solid $75 million. This resulted in a 28% free cash flow margin and 35% adjusted EBITDA margin.

轉為現金。經營現金流成長 37%，達到 7,500 萬美元。這導致自由現金流利潤率為 28%，調整後 EBITDA 利潤率為 35%。

Regarding the balance sheet, deferred revenue increased 12% to $298 million. We ended the quarter with $206 million in cash and zero debt.

就資產負債表而言，遞延收入增加 12% 至 2.98 億美元。本季結束時，我們的現金為 2.06 億美元，且零債務。

In the quarter, we leveraged our strong cash position and invested $100 million in share repurchases. Additionally, our Board has approved the replenishment of our 100 million share repurchase authority.

本季度，我們利用強大的現金狀況，投資 1 億美元用於股票回購。此外，我們的董事會已批准補充 1 億股股票回購權。

Now, on to our 2025 guidance.

現在，我們來談談 2025 年的指導。

Our long-term and longstanding financial objective is to deliver sustainable double-digit top-line growth and top-quartile operating margins benchmarked against enterprise software comps. These are drivers to our best-in-class return on invested capital, as we maintain a balanced investment approach to growth and profitability.

我們的長期財務目標是實現可持續的兩位數營收成長和以企業軟體公司為基準的最高四分位營業利潤率。由於我們維持了對成長和獲利的平衡投資方式，這些都是我們實現一流投資資本回報率的驅動因素。

As noted on prior earnings calls, our goal is to update our RPO outlook on an annual basis. Additionally, as previously discussed, our booking's 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.

正如先前的收益電話會議中所指出的，我們的目標是每年更新我們的 RPO 展望。此外，如前所述，我們的預訂表現受到我們在任何季度完成的大額交易的數量和相對價值的影響，這可能會導致全年預訂量的波動或非線性。

As discussed earlier on this call, the macro environment clearly remains very uncertain, which has increased our caution. While clarity on external variables is limited, after numerous conversations with customers and prospects and an analysis of our business, we are reiterating our full-year RPO total revenue and operating margin outlooks.

正如本次電話會議早些時候所討論的那樣，宏觀環境顯然仍然非常不確定，這增加了我們的謹慎。雖然對外部變數的清晰度有限，但在與客戶和潛在客戶進行多次對話並對我們的業務進行分析後，我們重申了全年 RPO 總收入和營業利潤率的展望。

To account for our share buyback activity, we are increasing our EPS outlook.

為了說明我們的股票回購活動，我們提高了每股盈餘預期。

And, finally, we stated in our Safe Harbor introduction the turbulent global macro environment could materially impact our performance and cause actual results to differ, materially, from our projections.

最後，我們在安全港介紹中指出，動盪的全球宏觀環境可能會對我們的業績產生重大影響，並導致實際結果與我們的預測有重大差異。

And, with that, for RPO, we continue to target $2.11 billion to $2.15 billion. For total revenue, we continue to target $1.06 billion to $1.07 billion.

因此，對於 RPO，我們繼續將目標定為 21.1 億美元至 21.5 億美元。對於總收入，我們繼續將目標定為 10.6 億美元至 10.7 億美元。

For Q2, we expect total revenue of $263 million to $265 million. For the rest of the year, at the midpoint, we are targeting total revenue of about $271 million in Q3 and accounting for retail peak seasonality of $267 million in Q4.

對於第二季度，我們預計總營收為 2.63 億美元至 2.65 億美元。今年剩餘時間的中期目標，我們的目標是第三季的總收入達到約 2.71 億美元，並將第四季的零售旺季收入計算在內，達到 2.67 億美元。

For adjusted operating margin, while in ordinary times, we would have passed through our Q1 outperformance given the macro uncertainty, we are reiterating our midpoint of 33.25%. At the midpoint, we expect adjusted operating margin, on a quarterly basis, to be about 33% for Q2, 33% in Q3, and accounting for retail peak seasonality, about 32.5% in Q4.

對於調整後的營業利潤率，雖然在正常時期，考慮到宏觀不確定性，我們本應在第一季度實現優異表現，但我們重申 33.25% 的中點。中間值方面，我們預計按季度計算的調整後營業利潤率第二季約為 33%，第三季約為 33%，考慮到零售旺季的影響，第四季約為 32.5%。

To account for our share buyback, our full-year adjusted earnings per share range increases to $4.54 to $4.64, up from our prior range of $4.45 to $4.55. On a quarterly basis, we are targeting Q2 earnings per share of $1.13, Q3 of $1.16, and accounting for retail peak seasonality, $1.12 in Q4.

考慮到我們的股票回購，我們全年調整後的每股盈餘範圍從先前的 4.45 美元至 4.55 美元上調至 4.54 美元至 4.64 美元。從季度來看，我們預計第二季每股收益為 1.13 美元，第三季每股收益為 1.16 美元，考慮到零售旺季的影響，第四季每股收益為 1.12 美元。

For GAAP earnings per share, our range is increasing to $3.06 to $3.16. For Q2, we are targeting GAAP earnings per share of $0.75.

對於 GAAP 每股收益，我們的範圍增加到 3.06 美元至 3.16 美元。對於第二季度，我們的目標是每股 GAAP 收益為 0.75 美元。

Here are some additional details on our 2025 outlook.

以下是我們關於 2025 年展望的一些補充細節。

For full-year 2025, we continue to expect Cloud revenue of $405 million to $410 million. On a quarterly basis, this assumes $99.5 million in Q2, $104.5 million in Q3, and $109 million in Q4.

對於 2025 年全年，我們繼續預期雲端收入將達到 4.05 億至 4.1 億美元。按季計算，預計第二季為 9,950 萬美元，第三季為 1.045 億美元，第四季為 1.09 億美元。

For Services, we continue to expect a range of $494 million to $500 million. On a quarterly basis, this assumes $126 million in Q2, $129 million in Q3, and accounting for retail peak seasonality, $121 million in Q4.

對於服務業，我們繼續預期其收入在 4.94 億美元至 5 億美元之間。按季度計算，假設第二季為 1.26 億美元，第三季為 1.29 億美元，考慮到零售旺季的影響，第四季為 1.21 億美元。

For Maintenance, we expect a range of $118 million to $120 million or a 14% decline at the midpoint, on attrition to Cloud. On a quarterly basis, we expect Q2, $30 million; Q3, $29 million; and Q4, $27.5 million.

對於維護，我們預計範圍在 1.18 億美元至 1.2 億美元之間，或中間值下降 14%，原因是雲端業務流失。按季度計算，我們預計第二季度為 3,000 萬美元；第三季度，2,900 萬美元；第四季為 2,750 萬美元。

And, finally, we expect our tax rate to be about 21% and our diluted share count to be 61.5 million shares, which assumes no buyback activity.

最後，我們預計我們的稅率約為 21%，稀釋股數為 6,150 萬股（假設沒有回購活動）。

In summary, a solid Q1 performance by the Manhattan team.

總而言之，曼哈頓團隊在第一季表現穩健。

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

謝謝。最後請 Eric 做最後的總結發言。

Great. Thank you, Dennis.

偉大的。謝謝你，丹尼斯。

We are pleased with the better-than-expected results and strong selling momentum in the quarter. And, as we stated several times, we're cautious on the macro environment. And we will continue to manage the business in a prudent manner.

我們對本季優於預期的業績和強勁的銷售動能感到滿意。而且，正如我們多次指出的那樣，我們對宏觀環境持謹慎態度。我們將繼續以審慎的方式管理業務。

However, Manhattan's business fundamentals are solid. Our products are considered mission-critical by our customers. And we're excited for the long-term opportunity.

然而，曼哈頓的商業基礎是穩固的。我們的產品被客戶視為至關重要的產品。我們對這個長期機會感到非常興奮。

Thank you to everyone for joining the call. And thank you to the Manhattan team for their dedication and execution.

感謝大家參加此次電話會議。並感謝曼哈頓團隊的奉獻與執行。

That concludes our prepared remarks. And we'd be happy to take questions.

我們的準備好的演講到此結束。我們很樂意回答問題。

Thank you. We will now be conducting a question-and-answer session.

謝謝。我們現在將進行問答環節。

(Operator Instructions)

（操作員指示）

Terry Tillman, Truist Securities.

特里·蒂爾曼（Terry Tillman），Truist Securities。

Yeah. Good afternoon. First, I want to say nice job on the 1Q performance.

是的。午安.首先，我想說一下第一季的業績表現不錯。

Hi, Eddie. Welcome aboard, Eric. And, hi, Dennis and Mike.

你好，艾迪。歡迎加入，埃里克。嗨，丹尼斯和麥克。

My first question is I want to probe on Cloud bookings and RPO. And I know it's a tough question. But we clearly do have a new wrinkle here, with tariffs and just the uncertainty there.

我的第一個問題是我想探究雲端預訂和 RPO。我知道這是一個很難回答的問題。但我們顯然遇到了新的問題，即關稅和不確定性。

I'm curious about the sales pipeline and how you see the year unfolding. I know you're all maintaining the RPO dynamics. But is the assumption that, maybe, near term, there's a little bit of reconstitution with some of the sales pipeline?

我很好奇銷售管道以及您如何看待今年的進展。我知道你們都在維持 RPO 動態。但是否可以假設，在短期內，部分銷售管道可能會進行一些重組？

Because folks have to pivot, now, to focus on cost versus service level and supply chain velocity and we should assume that, maybe, the way this flows is 2Q and 3Q sales activity could be somewhat impacted and it's more of a seasonal strong finish in 4Q?

因為現在人們必須將重點轉向成本與服務水準和供應鏈速度，我們應該假設，也許這種趨勢是第二季和第三季的銷售活動可能會受到一定影響，而第四季的銷售活動更像是季節性的強勁收尾？

So would love to help with what is arguably a hard question. And then, I had a follow-up. Thank you.

因此，我很樂意幫助解決這個可以說是難題的問題。然後，我進行了後續跟進。謝謝。

Yeah. This is Eric. I'll jump in.

是的。這是埃里克。我會跳進去。

I think, from an RPO perspective, clearly, we had a very solid Q1 that we're happy with. And, as I mentioned, we continue to see strong pipeline in Q2.

我認為，從 RPO 的角度來看，顯然我們有一個非常穩健的第一季度，我們對此感到滿意。而且，正如我所提到的，我們在第二季度繼續看到強勁的成長勢頭。

I think, when you look at the RPO and converting that RPO to revenue, we feel confident in our guidance. If we see challenges in Q2 and Q3, as we've mentioned before, we think we would see it first in Services.

我認為，當您查看 RPO 並將 RPO 轉換為收入時，我們對我們的指導充滿信心。如果我們在第二季和第三季看到挑戰，正如我們之前提到的，我們認為我們會先在服務領域看到它。

However, we're not seeing that at this point. We continue to see strong bookings performance. And we continue to see strong demand on our services.

然而，目前我們還沒有看到這一點。我們繼續看到強勁的預訂表現。我們持續看到對我們服務的強勁需求。

And that's why, again, with caution from the macro -- and we understand that with time and materials contracts, things can change quickly in services, but, right now, we're feeling comfortable with the guidance.

這就是為什麼，再次從宏觀角度保持謹慎——我們明白，隨著時間和材料合約的實施，服務業的情況可能會迅速發生變化，但是，目前，我們對指導感到滿意。

Got it. That's an interesting data point, Eric, there on the Services quarter, to date.

知道了。埃里克，這是迄今為止服務季度的一個有趣的數據點。

Just a follow-up question -- and I'll get back in the queue -- is I'm just curious, in terms of this multi-year cloud innovation cycle and investments you've made, I think we'd like to hear about growth investments.

我接下來還有一個問題——我會繼續提問——我只是好奇，就這個多年的雲端創新週期和您所做的投資而言，我想我們想聽聽有關成長投資的情況。

So you've delivered on all these products. Now, it's time to monetize the heck out of these products. Could you, maybe, share a couple of interesting opportunistic areas where there's some interesting growth investments you're putting to work this year that could pay dividends over the next couple of years?

所以你們已經交付了所有這些產品。現在，是時候將這些產品轉化為現實貨幣了。您能否分享幾個有趣的機會領域，您今年在這些領域進行了一些有趣的成長投資，這些投資可能會在未來幾年帶來回報？

Thank you.

謝謝。

Yeah. Sure.

是的。當然。

Clearly, we're very proud of the fact that our products are market-leading. And job 1 is to continue that and make sure they continue to be market-leading.

顯然，我們對我們的產品在市場上處於領先地位感到非常自豪。首要任務就是繼續這樣做，並確保他們繼續保持市場領先地位。

However, with the product portfolio that we have in place today, we think it's the right time to invest in sales and marketing and really drive the growth, at an even faster pace than we already have been driving it.

然而，就我們目前擁有的產品組合而言，我們認為現在是投資銷售和行銷並真正推動成長的最佳時機，而且成長速度甚至比我們目前推動的成長速度還要快。

So I do expect that we will continue to invest in sales specialists around many of our new products and make sure that -- we talked about our high win rates against our competitors, we want to continue those high win rates. But we want to be competing for more and more deals.

因此，我確實希望我們將繼續投資於我們許多新產品的銷售專家，並確保 - 我們談到了我們相對於競爭對手的高勝率，我們希望繼續保持這些高勝率。但我們希望競爭越來越多的交易。

Thank you.

謝謝。

Brian Peterson, Raymond James.

布萊恩彼得森、雷蒙詹姆斯。

Thanks, gentlemen. Congrats on the strong quarter.

謝謝各位。恭喜本季業績強勁。

Maybe, following up on Terry's question: you, guys, mentioned, last quarter, that you had a strong start to the first quarter, in terms of bookings in RPO. It sounds like you had a solid close this quarter, as well.

也許，繼續回答 Terry 的問題：你們上個季度提到，就 RPO 預訂量而言，第一季開局強勁。聽起來你本季也取得了圓滿的成果。

I'd love to understand anything you can share on linearity, as we went through the quarter, in any perspective that you can share on how the second quarter started.

我很想了解您能否分享有關線性的任何信息，因為我們經歷了這個季度，您可以從任何角度分享第二季度的開始情況。

Well, I'll take a little bit of Q1 there, Brian. This is Eddie.

好吧，布萊恩，我將就 Q1 進行一些討論。這是埃迪。

Really, it was a pretty strong -- there was no particular lumps and bumps in the quarter. When you look at the product portfolio that was procured by our customers and prospects, when you look at the vertical industries that we spanned in Q1 and the [geospread], it was all pretty balanced.

確實，這是一個相當強勁的——本季度沒有出現特別的坎坷和起伏。當您查看我們的客戶和潛在客戶採購的產品組合時，當您查看我們在第一季和[地理分佈]涵蓋的垂直行業時，您會發現一切都相當平衡。

So that's one of the beauties of our customer portfolio, our vertical portfolio, and our product portfolio; that we don't -- these are just (inaudible), as they say -- have all of our eggs in one basket.

這是我們的客戶組合、垂直組合和產品組合的優點之一；我們不會——正如他們所說，這些只是（聽不清楚）——把所有的雞蛋都放在一個籃子裡。

So not a ton of lumps and bumps, as they say, in the quarter.

因此，正如他們所說，本季不會出現太多波動。

With regard to Q1, maybe Eric has got a comment or two to make about the forward-looking pipeline. But we feel good about where the pipeline is.

關於第一季度，埃里克可能對前瞻性的管道有一些評論。但我們對於管道的現狀感到滿意。

It's a bit early in the quarter. But activity is strong. And we certainly have high expectations for the quarter.

本季還為時過早。但活動很強烈。我們當然對本季抱有很高的期望。

Yeah. I think that said it well. And the only thing I would add to that is, as I mentioned in the prepared remarks, 50% of the new Cloud bookings in Q1 were from net new logos. And that shows a strong demand for our products.

是的。我認為說得很好。我唯一要補充的是，正如我在準備好的演講中提到的那樣，第一季 50% 的新雲端預訂來自淨新標誌。這顯示我們的產品需求旺盛。

And, typically, we think conversions and cross-sells selling to existing customers can be quicker and easier.

通常，我們認為向現有客戶進行轉換和交叉銷售可以更快、更容易。

So to start the year with 50% new logo in Q1, I think, is a really good statement for us.

因此，我認為，今年第一季就推出 50% 的新標誌，這對我們來說是一個非常好的聲明。

Great. Appreciate all the color.

偉大的。欣賞所有的色彩。

Dennis, maybe a follow-up for you. I appreciate that you're guiding quarterly in this kind of environment. But -- just your thought process on keeping the op margin the same. Just to be clear, are there any incremental investments that you're making, in terms of a product or go-to-market? Or is that, maybe, a little bit just conservatism, from your end?

丹尼斯，也許可以跟進一下你的情況。我很感激您在這樣的環境下指導季度工作。但是—您的思考過程只是保持操作利潤率不變。需要明確的是，在產品或市場進入方面，您是否進行了任何增量投資？或者，從您的角度來看，這可能只是有點保守主義？

Thanks, guys.

謝謝大家。

Yeah. Eric brought that up. Really, focused on investing in sales and marketing, Brian, would be my, probably, primary call-out.

是的。埃里克提出了這一點。確實，專注於投資銷售和行銷，布萊恩可能是我的主要關注對象。

Got it. Thanks, guys.

知道了。謝謝大家。

Thank you, Brian.

謝謝你，布萊恩。

Joe Vruwink, Baird.

喬·弗魯溫克，貝爾德。

All right. Great. Thanks for taking my questions.

好的。偉大的。感謝您回答我的問題。

When you think about the [theaters] of Cloud bookings between migrations, cross-sell, new logos, do you think one of those is more resilient in the current environment?

當您考慮遷移、交叉銷售、新標誌之間的雲端預訂時，您是否認為其中一個在當前環境下更具彈性？

I wouldn't have thought new logos would be the thing that really stands out. But it did in the quarter. So that's kind of the heart of my question, I guess.

我沒有想到新標誌會成為真正引人注目的東西。但本季確實如此。我想，這就是我的問題的核心。

You're dealing with big enterprise customers. And so, they're probably thinking about what their fulfillment needs to look like years from now. But is there a certain resiliency and one driver of your bookings, where you would say, yeah, the macro is turbulent but these decisions still likely get made in 2025?

您正在與大型企業客戶打交道。因此，他們可能正在思考多年後他們的目標需要變成什麼樣子。但是，您的預訂量是否具有一定的彈性和一個驅動因素，您會說，是的，宏觀經濟動盪，但這些決定仍有可能在 2025 年做出？

I don't think there's any, Joe. I don't think there's any particular segment that is stronger than the other or more resilient than the other.

我不認為有，喬。我認為沒有哪個部分比其他部分更強大或更有彈性。

As Eric pointed out, we did have a terrific quarter from a new logo perspective. But, as you know and I think most of our community knows, that does bounce around on a quarter-to-quarter basis.

正如埃里克指出的那樣，從新標誌的角度來看，我們確實度過了一個非常棒的季度。但是，正如您所知，我想我們社區的大多數人都知道，這個數字確實會按季度波動。

We've seen it as high as I think 55% in the quarter. We've seen it as low as high-teens in a quarter.

我認為本季這一比例高達 55%。我們在一個季度內看到它下降到了十幾歲。

When you average and look at all that, you smooth all that stuff out, it tends to be one-third, one-third, one-third across the board. So I don't think there's one versus the other.

當你取平均值並觀察所有這些，你將所有這些東西平滑掉，它往往是全面三分之一、三分之一、三分之一。所以我不認為有一個與另一個之間的對立。

Again, as Eric pointed out, whilst, certainly, there is acute focus on spending across every company on the planet, at the moment, inventory levels are likely to drop a little bit, making inventory more precious than ever.

再次，正如艾瑞克指出的那樣，雖然全球每家公司都非常關注支出，但目前庫存水準可能會略有下降，這使得庫存比以往任何時候都更加珍貴。

Customer expectations don't lower. So you need really precise supply chain execution across the board. So I don't think we expect to see any particular shifts in priorities and resiliency across that channel.

顧客期望不會降低。因此，您需要全面、精確的供應鏈執行。因此，我認為我們不會期望看到該管道的優先順序和彈性會發生任何特別的變化。

Okay. Great.

好的。偉大的。

And then, I wanted to ask about the 38% share of RPO converting to revenue in the next 24 months. That's a take-down from, I think, the 40% you normally see -- you can calculate -- in implied bookings on RPO.

然後，我想問一下未來 24 個月內 RPO 轉化為收入的 38% 份額。我認為，這是從 RPO 隱含預訂量中通常看到的 40%（你可以計算出來）中得到的。

Just based on that activity -- and maybe that is a bit of a new normal here in the near term -- do you think that the 20% growth in Cloud subs that you spoke about last quarter, is that the right number to think about for this year and next year?

僅基於這項活動——也許這在短期內會成為一種新常態——您是否認為上個季度您提到的雲端用戶成長 20% 是今年和明年值得考慮的正確數字？

I'll turn it back over. Thank you.

我會把它翻過來。謝謝。

Well, I'll kick that off, Joe. Yes is the answer to the 20%. I don't think there's any change there. Obviously, not a radical change, in terms of 40% to 38%.

好吧，喬，我先開始吧。對 20% 來說，答案是肯定的。我認為那裡沒有任何變化。顯然，從 40% 到 38% 的變化並不大。

Just as we see some of these bigger global deals come into come into the family, big tier 1 logo come into come into the family, there is just -- the ramp of some of those roll-outs across the globe, it's just a little slower.

正如我們看到一些較大的全球交易進入這個家族、大型一級標誌進入這個家族一樣，全球範圍內的一些推廣速度只是稍微慢了一點。

Now, it doesn't change, obviously, the terminal RPO of the company, it just shifts around a little bit, when we recognize that revenue. That's all.

現在，顯然它不會改變公司的終端 RPO，當我們確認收入時，它只是稍微改變了。就這樣。

Thank you.

謝謝。

Sure.

當然。

Dylan Becker, William Blair.

迪倫貝克爾、威廉布萊爾。

Hey, gentlemen. Congrats on the results, here.

嘿，先生們。在此祝賀您所取得的成果。

Maybe, for Eric or Eddie to start. Can you help us think through how customers are navigating some of the puts-and-takes, obviously, in the current macro.

也許，由 Eric 或 Eddie 來開始。您能否幫助我們思考一下，在當前的宏觀環境下，客戶顯然是如何處理一些優點和缺點的？

You could argue real-time visibility planning and execution is incrementally more important. But it is a large transformational project.

您可能會認為即時可見性規劃和執行變得越來越重要。但這是一個大型轉型計畫。

Like, how that force ranks in their investment cycle, relative to putting out, maybe, some more immediate term, types of fires, if that makes sense?

例如，相對於撲滅某些更直接的火災類型，這種力量在他們的投資週期中排名如何，如果這說得通的話？

Yeah. It's very hard to predict, Dylan. The crystal ball, no question, I think, is a little cloudier than it's been for just about every company on the planet, at the moment.

是的。這很難預測，迪倫。毫無疑問，我認為，目前，水晶球比地球上幾乎所有公司的水晶球都要模糊一些。

But as we look at the execution of the supply chain, certainly, visibility and so forth is always important. But I think precise execution is going to be top-of-mind, in terms of inventory management and getting that precious inventory into the right place at the right time and into the hands of the consumer, when they expect it.

但當我們審視供應鏈的執行時，可見性等等當然始終很重要。但我認為，在庫存管理方面，精確執行是最重要的，要將寶貴的庫存在正確的時間送到正確的地點，並在消費者期望的時候送到他們手中。

Because I don't think that -- regardless of everything else that's going on around the world, frankly, I don't think the expectations of the consumer are going to change, right? They're going to like, yeah, this is going to tariff da da da da da da, but I still want my products tomorrow.

因為我不認為——無論世界各地發生什麼，坦白說，我認為消費者的期望不會改變，對嗎？他們會說，是的，這將會徵收關稅，但我明天仍然想要我的產品。

It just doesn't change, which means that any manufacturer, wholesaler, distributor, retailer is still going to have to focus on executing at a really high level. And, obviously, we can help them do that.

它不會改變，這意味著任何製造商、批發商、分銷商、零售商仍然必須專注於真正高水準的執行。顯然，我們可以幫助他們做到這一點。

Got it. Okay. That's helpful. Thanks, Eddie.

知道了。好的。這很有幫助。謝謝，埃迪。

And then, maybe for Dennis too. Going back to the ramped contract component, right? Slight elongation for components there.

那麼，也許對丹尼斯來說也是如此。回到遞增合約部分，對嗎？那裡的組件略微伸長。

But how do you think about the incremental visibility? And, maybe, how we should think through some of these multi-year ramps that are already in place or in process? And how that gives you visibility and confidence and [combat] 20% sustainable growth trajectory, if that makes sense.

但是您如何看待增量可見性？也許，我們應該如何思考一些已經到位或正在進行的多年期成長計劃？這如何為您提供可見性和信心並[應對] 20％的可持續增長軌跡，如果這有意義的話。

Thanks.

謝謝。

Well, before Dennis kicks in or maybe Eric has got a comment here, we have, essentially, the ultimate visibility.

好吧，在丹尼斯開始發言或埃里克發表評論之前，我們基本上已經獲得了最終的可見性。

We know exactly what the contract duration is. We have, essentially, a documented ramp process, built-in -- or ramp built into that contract. So the visibility is very clear.

我們確切地知道合約期限是多長。我們基本上有一個記錄在案的內建坡道流程——或者說是內建在合約中的坡道流程。所以可見度非常清晰。

Now, again, as Eric pointed out, we've got some things that we've got in the (inaudible) that to try to help accelerate deployments and help time-to-value for our customers. And, generally, they're pretty open to that.

現在，正如 Eric 再次指出的那樣，我們已經採取了一些措施（聽不清楚），試圖幫助加速部署並幫助我們的客戶實現價值。總體來說，他們對此持相當開放的態度。

So there's an opportunity for us to, maybe, speed up, a little bit, that revenue process during the contract duration. But we've got really good visibility into that.

因此，我們有機會在合約期限內稍微加快收入流程。但我們對此有非常清晰的認識。

We have great, as Eddie said, visibility. We have an internal metric we call Bank Revenue.

正如 Eddie 所說，我們的知名度很高。我們有一個內部指標，稱為「銀行收入」。

And, basically, the free cash flow component is pretty strong, as you can imagine. But, as Eddie said, just great visibility, multi-year projection.

而且，基本上，正如您所想像的，自由現金流部分相當強勁。但是，正如艾迪所說，這只是一個極好的可見性，多年的預測。

Perfect. Thanks, guys. Really appreciate it.

完美的。謝謝大家。真的很感激。

George Kurosawa, Citi.

花旗銀行的喬治‧黑澤明 (George Kurosawa)。

Hey. Thanks for taking the questions, here.

嘿。謝謝你們在這裡回答問題。

You called out some work you did talking to customers or doing some independent analysis that ultimately led you to reiterate the guide.

您提到了與客戶交談或進行獨立分析時所做的一些工作，這些工作最終促使您重申該指南。

I'd love if you could just double-click on what you learned there, qualitative insights.

如果您能雙擊您在那裡學到的內容，我會很高興，那就是定性見解。

Well, I'll let Eric pick this one up.

好吧，我會讓艾瑞克來接這個。

But it wasn't so much we did any primary research with customers. We're in contact with our customers on a constant basis.

但我們並沒有對客戶進行任何初步研究。我們一直與客戶保持聯繫。

So I think it was a process of looking across that pipeline, talking to customers, talking to our prospects that led us to believe that we were comfortable reiterating our annual RPO number.

因此，我認為這是一個審視整個管道、與客戶交談、與潛在客戶交談的過程，這讓我們相信我們可以輕鬆地重申我們的年度 RPO 數字。

Yeah. And, in addition to the constant communication with our customers -- and we have that, particularly in the customers where we're deploying and we've got services projects going on.

是的。除了與客戶保持持續溝通之外，我們還有這樣的溝通，特別是與我們正在部署的客戶以及我們正在進行的服務項目。

In addition to quarterly and monthly reviews, our team is very actively gauging the demand, from the Services perspective, from those clients. And all of those factors were taken into consideration.

除了季度和月度審查之外，我們的團隊還從服務角度積極評估這些客戶的需求。所有這些因素都被考慮在內。

Okay. That's helpful.

好的。這很有幫助。

And then, I also wanted to clarify the FX component in the full -year revenue guide. I think you called out $20 million headwind last quarter.

然後，我還想澄清全年收入指南中的外匯部分。我認為您上個季度預測到了 2000 萬美元的逆風。

Based off the FX moves, what's baked into the full-year guide, now, at this point?

根據外匯走勢，目前全年指南中有哪些內容？

Yeah. Less than 1%, George. Tailwind.

是的。不到 1%，喬治。順風。

It's moving around, obviously, quite a bit, George. But it's, again, a less-than-1% tailwind, for sure.

顯然，它移動得相當厲害，喬治。但可以肯定的是，這仍然是一個不足 1% 的順風。

And we keep our eye on it. Obviously, every quarter, we'll report out what the real-time situation looks like.

我們對此保持關注。顯然，每個季度我們都會報告即時情況。

Okay. Thanks for the help.

好的。謝謝你的幫忙。

Sure thing.

當然可以。

Mark Schappel, Loop Capital Markets.

馬克‧沙佩爾 (Mark Schappel)，Loop 資本市場。

Hi. Thank you for taking my call. Nice job on the quarter.

你好。感謝您接聽我的電話。本季表現不錯。

Eddie, with respect to your deal pipeline, I was wondering if you could just comment on the strength of the large deals in the pipeline and, maybe, how that compares with, say, a year ago.

艾迪，關於你的交易管道，我想知道你是否可以評論一下正在進行的大型交易的實力，以及與一年前相比如何。

And then, also, if you could just comment on, maybe, the confidence in your closure rates, with respect to last year as well.

然後，另外，如果您可以評論一下，也許，對於去年的成交率，您是否有信心。

Yeah. Good question, Mark.

是的。問得好，馬克。

It's favorable, for sure. Pipeline continues to grow.

這肯定是有利的。管道持續成長。

And to the underbelly of your question there: does the large deal pipeline look proportionally similar this year than it did last year, given the pipeline is growing?

對於您問題的核心：鑑於交易管道不斷增長，今年的大型交易管道在比例上是否與去年相似？

And the answer to that is yes. For all of the reasons, frankly, that we've talked about before. So I would say yes and yes, in answer to your question there.

答案是肯定的。坦白說，所有原因我們之前都討論過。因此，對於您的問題，我的答案是肯定的。

That's fair. Thanks.

這很公平。謝謝。

And then, as a follow-up, it's nice to hear about the large omnichannel deal that was called out in the quarter. I was wondering if you could just provide some additional details around that deal, such as, maybe, who you competed with, the length of the sales cycle?

然後，作為後續行動，很高興聽到有關本季宣布的大型全通路交易。我想知道您是否可以提供一些有關該交易的更多細節，例如，您的競爭對手是誰，銷售週期有多長？

Yeah. This one goes back. So I'll take -- goes back a bit so I can certainly take this one.

是的。這個回去吧。所以我會接受──稍微往後退一點，這樣我就可以接受這個了。

Listen, I can't remember the exact sales cycle duration: but a little over a year, for sure.

聽著，我不記得確切的銷售週期長度：但肯定是一年多一點。

And more of this detail will come out. We just don't have authorizations to use names and stuff, at the moment. But we will, I'm sure, going forward.

更多細節即將揭曉。目前，我們還沒有使用名稱和其他內容的授權。但我確信，我們會繼續前進。

But it's a department store for omnichannel and point-of-sale. So we're really excited about it.

但它是一家全通路和銷售點的百貨公司。所以我們對此感到非常興奮。

This is frankly our first real luxury department store for point-of-sale. So we're very excited about that.

坦白說，這是我們第一家真正的奢侈品百貨公司。所以我們對此感到非常興奮。

And, as I say, more details are coming. But a little over a year, in terms of the cycle.

正如我所說，更多細節即將公佈。但從週期來看，只有一年多一點。

Competed with everybody. It's a deal that everybody was chasing, frankly, and glad to come out on top.

和大家競爭。坦白說，這是一筆人人都渴望達成的交易，人人都很高興能夠獲得勝利。

Great. Thanks. That's all for me. Thanks.

偉大的。謝謝。對我來說就這些了。謝謝。

Lachlan Brown, Redburn Atlantic.

拉克蘭布朗 (Lachlan Brown)，雷德伯恩大西洋公司 (Redburn Atlantic)。

Hi, Eddie, Eric, Dennis, Mike. Congrats on the strong quarter.

嗨，Eddie、Eric、Dennis、Mike。恭喜本季業績強勁。

Looks like there was strong delivery on EMEA, relative to the Americas. How should we think about the FX benefit in there? And, notwithstanding that, would it be fair to say that there's more supply chain certainty and willingness to invest from your European customer base?

相對於美洲地區，歐洲、中東和非洲地區的交付似乎表現強勁。我們該如何看待其中的外匯利益？儘管如此，是否可以公平地說，您的歐洲客戶群具有更高的供應鏈確定性和投資意願？

Well, as Dennis pointed out, the FX swings represent less than 1%. So not really a big impact there.

嗯，正如丹尼斯指出的那樣，外匯波動幅度不到 1%。所以實際上影響並不大。

We always call them out. We always want to provide full transparency there, for sure, Lachlan.

我們總是呼喚他們。我們始終希望提供完全的透明度，這是肯定的，拉克蘭。

In terms of the spending enthusiasm across the [theaters], I would say it's a batting (inaudible) across the three [theaters] that we operate in.

就各 [戲院] 的消費熱情而言，我想說，我們經營的三家 [戲院] 的消費熱情都處於 (聽不清楚) 水準。

Q1 was a little lower for EMEA, for sure. But you know those things bounced around again, quarter by quarter. And when we look at the annual pipeline across all those [theaters], we're certainly encouraged by all of them.

毫無疑問，歐洲、中東和非洲地區第一季的業績略低一些。但你知道，這些事情每季都會再次波動。當我們看到所有這些影院的年度上映計劃時，我們確實受到了鼓舞。

Thanks for the detail.

謝謝你的詳細說明。

And in this uncertain tariff environment, could you, maybe, talk to some of the capabilities that your Active Cloud Solution can provide that, perhaps, [on-premise] solution cannot? And, maybe, do you see this as not to be a trigger of the cloud migration for some of your customers, in the near term?

在這種不確定的關稅環境下，您能否談談您的 Active Cloud 解決方案可以提供的一些功能，而本地解決方案可能無法提供這些功能？並且，也許，您是否認為這在短期內不會成為您的一些客戶進行雲端遷移的觸發因素？

Yeah. I don't think it's going to trigger any particular activity in the near term, moving from [on-prem] to the cloud, Lachlan. One never knows exactly. But I don't think so because our projects are mission-critical.

是的。拉克蘭，我認為從本地遷移到雲端不會在短期內引發任何特別的活動。誰也無法確切知道。但我不這麼認為，因為我們的專案至關重要。

And, as volatile as the environment is today, generally, those are not going to push our customers into making near-term and short-term decisions.

而且，儘管當今環境動盪不安，但一般來說，這些都不會促使我們的客戶做出近期和短期決策。

But, in answer to the first part of your question, the flexibility and the agility of our Cloud solutions, the ability to be able to update them in real-time with zero downtime is really helpful in this environment, where, again, inventory can be and will likely be a highly-valued commodity and will be important to make sure it's in the right position at the right time.

但是，回答你問題的第一部分，我們的雲端解決方案的靈活性和敏捷性，能夠在零停機時間內即時更新它們的能力在這種環境下確實很有幫助，在這種環境下，庫存可能是一種高價值商品，確保它在正確的時間處於正確的位置非常重要。

And our customers will need the ability to be able to, as the expression goes, turn on a dime when things change.

正如俗話所說，當情況改變時，我們的客戶需要具備立即做出改變的能力。

That's very clear, Eddie. Thanks for the questions.

這很清楚，埃迪。感謝您的提問。

Pleasure, Lachlan. Thank you.

很高興，拉克蘭。謝謝。

Thank you.

謝謝。

There are no further questions, at this time. I would like to hand the floor back over to CEO, Eric Clark

目前沒有其他問題。我想把發言權交還給執行長 Eric Clark

Great. Thank you, all, for joining. Appreciate your time and look forward to speaking to you, again, next quarter.

偉大的。謝謝大家的參與。感謝您的時間，並期待下個季度再次與您交談。

This concludes today's conference.

今天的會議到此結束。

You may disconnect your lines, at this time.

此時您可以斷開線路。

Thank you for your participation.

感謝您的參與。