Manhattan Associates Inc (MANH) 2025 Q2 法說會逐字稿

Good afternoon. My name is Julian, and I'll be your conference facilitator today. At this time, I would like to welcome everyone to Manhattan Associates Q2 2025 earnings conference call. (Operator Instructions) I would now like to introduce you, or 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.

午安.我叫朱利安，今天我將擔任你們的會議主持人。現在，我歡迎大家參加曼哈頓聯合公司 2025 年第二季財報電話會議。（操作員指示）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，您可以開始您的會議了。

Thank you, Julian, and good afternoon everyone. Welcome to Manhattan Associates 2025 second quarter earnings call. I will review our cautionary language and then turn the call over to our Executive Chairman, Eddie Capel for some brief opening commentary before he hands it off to our President and Chief Executive Officer, Eric Clark.

謝謝你，朱利安，大家下午好。歡迎參加曼哈頓聯合公司 2025 年第二季財報電話會議。我將回顧我們的警告性語言，然後將電話轉交給我們的執行主席 Eddie Capel 進行一些簡短的開場評論，然後他將電話轉交給我們的總裁兼首席執行官 Eric Clark。

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

在本次電話會議的問答環節中，我們可能會對未來事件或曼哈頓公司的未來財務表現做出前瞻性陳述。我們提醒您，這些前瞻性陳述涉及風險和不確定性，不能保證未來的表現，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 in our subsequent Form 10-Q.

我請您參閱曼哈頓聯合公司證券交易委員會的報告，其中列出了可能導致實際結果與我們的預測結果大不相同的重要因素。特別是我們 2024 財年的 10-K 表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 表中提供的任何風險因素更新。

Please note that turbulent global macro environment could impact our performance and cause actual results that differ materially from our projections or 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，或沒有義務更新這些聲明。

In addition, our comments include certain non-gap financial measures to provide additional information to investors. We have reconciled all non-GAAP measures that related to 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. Now, I'll turn the call over to Eddie.

此外，我們的評論還包括某些非差距財務措施，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) 規則核對所有與 GAAP 指標相關的非 GAAP 指標。您可以在我們今天早些時候提交給美國證券交易委員會 (SEC) 的 8-K 表格以及我們的網站 manh.com 上找到對帳表。現在，我將把電話交給 Eddie。

Thanks, Mike, and good afternoon, everyone. It's my pleasure one more time to kick things off and welcome everyone to today's call. Now, before we get to the real substance of the update though, I'd like to commend Eric on his first 160 days as CEO.

謝謝，麥克，大家下午好。我很高興再次開始並歡迎大家參加今天的電話會議。現在，在我們了解更新的真正內容之前，我想對 Eric 擔任執行長的頭 160 天表示讚揚。

The transition really couldn't have been smoother. We've had a very successful momentum conference a couple of months ago. You're going to hear about excellent Q2 performance and execution in just a moment. And Eric is making meaningful and positive impact to our company across the Board.

過渡確實非常順利。幾個月前我們舉辦了一次非常成功的勢頭會議。您馬上就會聽到有關第二季度出色的表現和執行情況的消息。埃里克正在為我們公司的各個部門帶來有意義且積極的影響。

Manhattan's fundamentals continue to be strong, and as always, we're innovating at pace, driving success for our customers, employees, and shareholders.

曼哈頓的基本面繼續保持強勁，並且一如既往，我們正在快速創新，為我們的客戶、員工和股東帶來成功。

And with this in mind, the Board and I plan for me to transition away from all of my remaining executive management responsibilities during the balance of 2025, so that beginning on January 1, 2026, my title and role at Manhattan will be Chairman of the Board.

考慮到這一點，董事會和我計劃讓我在 2025 年餘下時間內卸任所有剩餘的高階主管職責，這樣從 2026 年 1 月 1 日起，我在曼哈頓的頭銜和職責將是董事會主席。

I continue, as you would expect to be as excited as ever about Manhattan's future and the opportunity in front of us, and I look forward to supporting Eric and our global teams in any possible way that I can. So with that, over to Eric.

我繼續說，正如您所期望的那樣，對曼哈頓的未來和我們面前的機會感到興奮，我期待盡我所能支持埃里克和我們的全球團隊。那麼，交給 Eric 吧。

Great, thank you, Eddie. Good afternoon everyone, and thank you for joining us as we review our record second quarter results and discuss our increased full year 2025 outlook and briefly recap some of the market leading innovation that we announced at our customer conference just a couple of months ago.

太好了，謝謝你，艾迪。大家下午好，感謝大家加入我們，我們將回顧創紀錄的第二季度業績，討論我們對 2025 年全年前景的提升，並簡要回顧我們幾個月前在客戶會議上宣布的一些市場領先的創新。

Our Q2 results were better than expected as 22% cloud revenue growth drove top line outperformance and earnings leverage. And while the global macro environment remains volatile for consecutive quarters, our services revenue has slightly outperformed expectations.

我們第二季的業績優於預期，因為 22% 的雲端營收成長推動了營收的優異表現和獲利槓桿。儘管全球宏觀環境連續幾季波動，但我們的服務收入略超預期。

This execution is encouraging, however, given the inherent flexibility of time and materials contracts coupled with the ongoing tariff and general market uncertainty. We remain cautious on our services revenue growth.

然而，考慮到時間和材料合約固有的靈活性，加上持續的關稅和整體市場的不確定性，這種執行是令人鼓舞的。我們對服務收入成長保持謹慎。

Importantly, our business fundamentals are solid, and we remain optimistic on our long term opportunity. Manhattan's platform is superior and our product portfolio offers best in class functionality across the supply chain commerce ecosystem.

重要的是，我們的業務基礎穩固，我們對我們的長期機會仍然持樂觀態度。曼哈頓的平台非常出色，我們的產品組合在整個供應鏈商務生態系統中提供了一流的功能。

This is driving solid pipeline and providing our sales team with numerous opportunities to drive growth. Those opportunities include adding new customers, cross-selling our growing unified product portfolio, and converting our on-premise customers to the cloud.

這推動了穩固的銷售管道，並為我們的銷售團隊提供了眾多推動成長的機會。這些機會包括增加新客戶、交叉銷售我們不斷成長的統一產品組合以及將我們的內部客戶轉換為雲端客戶。

All of these sales channels contributed to RPO increasing 26% year over year and surpassing the $2 billion milestone at the end of the quarter. Win rates against our top five competitors in the quarter were consistent at over 70% and like Q1, we once again experienced strength from new customers as more than 70% of our new cloud bookings were generated from net new logos.

所有這些銷售管道都促使 RPO 年增 26%，並在本季末突破了 20 億美元的里程碑。本季度，我們對陣前五名競爭對手的勝率一直保持在 70% 以上，與第一季一樣，我們再次感受到來自新客戶的強勁增長，因為超過 70% 的新雲端預訂來自淨新標誌。

With new logos representing approximately 35% of our current pipeline, we anticipate bookings from net new logos to revert back to the standard one-third of our bookings over time. From a vertical perspective, end markets are diverse, and we have healthy established footprints across numerous sub-sectors which include retail, grocery, food distribution, life sciences, industrial technology, airlines, third-party logistics, and more.

由於新標誌約占我們目前通路的 35%，我們預計隨著時間的推移，淨新標誌的預訂量將恢復到標準的三分之一。從垂直角度來看，終端市場多種多樣，我們在零售、雜貨、食品分銷、生命科學、工業技術、航空、第三方物流等眾多次產業都有健康的足跡。

For example, Q2 deals included a global logistics and supply chain company that became a new logo with MAWM and MAO. A grocery wholesaler that became a new logo with MAWM, a global producer, wholesaler, and retailer of luxury goods that converted from on-prem to MAWM.

例如，第二季的交易包括一家全球物流和供應鏈公司，該公司採用了 MAWM 和 MAO 的新標誌。一家雜貨批發商以 MAWM 為新標誌，MAWM 是一家全球奢侈品生產商、批發商和零售商，已從當地轉變為 MAWM。

A global beverage and snack provider that became a new logo with MAO, a global automated warehouse service company that became a new logo with MAWM and MATM. And finally, a regional healthcare system that became a new logo with the Manhattan Active supply chain planning and Manhattan Active scale, as well as a number of others that we closed during the quarter.

一家全球飲料和零食供應商以MAO成為新標誌，一家全球自動化倉庫服務公司以MAWM和MATM成為新標誌。最後，區域醫療保健系統採用了曼哈頓活躍供應鏈規劃和曼哈頓活躍規模的新標誌，以及我們在本季關閉的一些其他標誌。

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

雖然大額交易的時間和預訂組合會按季度變化，但我們相信，來自廣泛行業和整個產品組合的新老客戶的預訂廣度體現了我們實現可持續長期增長的多重機會。

To accelerate our sales velocity and drive even further share gains within our large addressable market, we're strategically increasing our investment in sales and marketing. So, I want to share several updates since our last call.

為了加快我們的銷售速度並在我們龐大的目標市場中進一步擴大份額，我們正在策略性地增加對銷售和行銷的投資。因此，我想分享我們上次通話以來的一些最新進展。

First, we promoted Bob Howell to Chief Sales Officer. Bob has been a sales leader at Manhattan for nearly 20 years and has over 25 years of supply chain experience. Bob's knowledge, leadership, and strong--execution leading our America's sales organization makes him ideal for this expanded role. We look forward to Bob bringing his proven disciplined approach to our entire global sales team.

首先，我們將 Bob Howell 晉升為首席銷售長。鮑伯在曼哈頓擔任銷售主管近 20 年，擁有超過 25 年的供應鏈經驗。鮑勃的知識、領導能力以及領導我們美國銷售組織的強大執行力使他成為這一擴展職位的理想人選。我們期待鮑伯將他行之有效的嚴謹作風帶給我們整個全球銷售團隊。

Second, we've hired several new sales leaders on the team. So this includes a new strategic sales leader to facilitate executive demand creation, as well as new sales leaders for both POS and TMS. These are two large markets where we have industry leading solutions and a tremendous runway for market share gains.

其次，我們為團隊聘請了幾位新的銷售主管。因此，這包括一位新的策略銷售領導者來促進高階主管需求的創造，以及 POS 和 TMS 的新銷售領導者。在這兩個大市場中，我們擁有領先業界的解決方案和龐大的市佔率成長空間。

Third, we've added and will continue to add more feet on the street. This includes individual sales talent and product specialists. Since our last earnings call, we've hired more sales talent than in any quarter in the past 10 years. And fourth, we've expanded key go to market partnerships with Google and Shopify.

第三，我們已經增加並將繼續增加街頭的人數。其中包括個人銷售人才和產品專家。自上次財報電話會議以來，我們聘用的銷售人才比過去 10 年中的任何一個季度都多。第四，我們擴大了與 Google 和 Shopify 的關鍵市場合作夥伴關係。

Announced in May at our user conference, Manhattan Solutions are now available on Google Cloud Marketplace. This expanded alliance removes friction and enables customers to more easily procure, deploy and manage our industry leading solutions.

我們在 5 月的用戶大會上宣布，Manhattan Solutions 現已在 Google Cloud Marketplace 上線。這項擴大的聯盟消除了摩擦，使客戶能夠更輕鬆地採購、部署和管理我們領先業界的解決方案。

This sales channel has already hit the ground running. In fact, our largest deal in Q2 was influenced by Google Cloud Marketplace, and we have a growing pipeline of Google Marketplace deals. We're also excited about our expanded partnership with Shopify. The connector app to Manhattan Active Order Management is now available in the Shopify App Store.

此銷售管道已開始正式運作。事實上，我們第二季最大的交易受到了 Google Cloud Marketplace 的影響，而且我們的 Google Marketplace 交易管道也不斷增加。我們也對與 Shopify 擴大合作關係感到興奮。Manhattan Active Order Management 的連接器應用程式現已在 Shopify App Store 中提供。

Several enterprise class retailers are live on the app as we partner with Shopify to deliver a leading end to end commerce solution. We believe this deeper partnership will drive quicker adoption and deployments of our OMS and POS solutions.

我們與 Shopify 合作提供領先的端到端商務解決方案，多家企業級零售商已開始使用該應用程式。我們相信，這種更深層的合作將推動我們 OMS 和 POS 解決方案的更快採用和部署。

Now let's do some brief updates on our products. First, I'd like to provide an update on agentic AI. Earlier this year at Momentum, we provided some exciting updates on our existing AI capabilities in Manhattan Assist and Manhattan Active MAVEN. And we also announced new capabilities in our forthcoming agent platform.

現在讓我們對我們的產品做一些簡單的更新。首先，我想提供有關代理 AI 的最新資訊。今年早些時候，在 Momentum 上，我們為 Manhattan Assist 和 Manhattan Active MAVEN 中現有的 AI 功能提供了一些令人興奮的更新。我們也宣布了即將推出的代理平台的新功能。

So starting with Manhattan, we've now serviced hundreds of thousands of inquiries from customers across the globe spanning all Manhattan active platform applications. For multiple quarters, customers have been receiving high quality responses to questions regarding application capabilities. More importantly, Manhattan Assist is providing detailed guidance on how to best configure applications like warehouse transportation and order management to drive optimal business outcomes.

因此，從曼哈頓開始，我們現在已經為來自全球各地的客戶提供涉及所有曼哈頓活躍平台應用程式的數十萬個諮詢服務。多個季度以來，客戶一直收到有關應用程式功能問題的高品質答案。更重要的是，Manhattan Assist 提供了有關如何最佳配置倉庫運輸和訂單管理等應用程式以推動最佳業務成果的詳細指導。

More recently, we've added the ability for customers to upload their own operational documentation and for Manhattan Assist to provide answers which reflect each customer's operational preferences. Customers are uploading content, including training documents, process flows, and annotated screenshots. Armed with this additional information, Assist now enables associates to ask questions about customers specific distribution centers or store operations.

最近，我們增加了客戶上傳自己的操作文件的功能，並讓曼哈頓助理提供反映每個客戶操作偏好的答案。客戶正在上傳內容，包括培訓文件、流程圖和帶註釋的螢幕截圖。有了這些附加信息，Assist 現在可以讓員工詢問有關客戶特定配送中心或商店運營的問題。

We believe this set of new capabilities expands the user pool for assist and considerately expands the value it creates across our customers each day. But we didn't stop there. At Momentum, we also announced our next big step forward with agentic AI.

我們相信這組新功能擴大了協助的用戶池，並大大擴展了它每天為我們的客戶創造的價值。但我們並沒有就此止步。在 Momentum，我們也宣布了在代理 AI 方面邁出的又一大步。

Starting this fall, each Manhattan active platform application will include purpose-built agents for each app's respective roles and personas. These agents will intelligently automate and optimize processes, allowing associates to be faster and far more effective.

從今年秋季開始，每個曼哈頓活躍平台應用程式都將包含針對每個應用程式各自角色和角色的專用代理。這些代理商將智慧地自動化和優化流程，使員工的工作速度更快、更有效率。

For example, our labor optimization agent will recommend real-time reassignment of associates in the DC based on upcoming workload and historical productivity at the associate level. For years, DC managers have found it challenging to dynamically balanced department level capacity with fulfillment demand, and we think agentic AI offers a unique path forward for finally solving this difficult problem.

例如，我們的勞動力優化代理將根據即將到來的工作量和員工層級的歷史生產力，建議即時重新分配 DC 中的員工。多年來，DC 經理發現動態平衡部門級容量和履行需求是一項挑戰，我們認為代理 AI 為最終解決這一難題提供了一條獨特的前進道路。

And in the store, associates can receive detailed selling guidance in real time. When a store associate is actively selling, our store selling agent will provide personalized selling guidance based on the customer's omnichannel transaction history and the items they're purchasing at that moment.

在商店中，店員可以即時收到詳細的銷售指導。當店員積極銷售時，我們的店內銷售代理將根據客戶的全通路交易歷史和他們當時購買的商品提供個人化的銷售指導。

And in between customer visits, the agent will provide selling insights to store associates, including highlighting what items or styles are currently selling well either online or in other stores in their area.

在顧客拜訪期間，代理商將向店員提供銷售見解，包括重點介紹目前在網路上或所在地區其他商店暢銷的商品或款式。

Right now we're actively collaborating with store operations leaders from across our point of sale customer base to H1 these use cases in advance of our release later this year.

目前，我們正在積極與來自我們銷售點客戶群的商店營運領導合作，以便在今年稍後發布之前對這些用例進行 H1 開發。

But I believe the most exciting part of our AI story is the agent Foundry. In addition to these out of the box agents within each application, Manhattan Active Agent Foundry enables our customers customers to build their own agents within our platform.

但我相信我們的人工智慧故事中最令人興奮的部分是代理鑄造廠。除了每個應用程式中這些開箱即用的代理程式之外，Manhattan Active Agent Foundry 還允許我們的客戶在我們的平台內建立自己的代理商。

Foundry will provide customers the freedom to define the scope and capability of the agents they want their associates to use. Customers can either start with an existing Manhattan agent and provide tweaks of their own, or they can create an agent completely from scratch using our library of APIs.

Foundry 將為客戶提供自由定義他們希望其同事使用的代理商的範圍和能力。客戶可以從現有的曼哈頓代理商開始並提供自己的調整，也可以使用我們的 API 庫從頭開始建立代理。

And finally, Foundry also provides the ability to interact with other agents, including agents outside of the Manhattan Active platform through our native support of both agent to agent and model context protocol.

最後，Foundry 還透過我們對代理程式到代理程式和模型上下文協定的原生支持，提供了與其他代理程式互動的能力，包括 Manhattan Active 平台以外的代理程式。

The excitement we heard from our customers after our AI announcements at Momentum was overwhelming, and we're excited to get these base agent and agent Foundry into the hands of our customers later this year. Now, on a different note, I'm happy to share that we continue to see exceptional cross-al results when it comes to our unified product platform.

在 Momentum 上發布 AI 公告後，我們從客戶那裡聽到的興奮之情令人難以抗拒，我們很高興能在今年稍後將這些基礎代理和代理 Foundry 交到客戶手中。現在，換個角度來說，我很高興地告訴大家，在統一產品平台方面，我們持續看到卓越的跨領域成果。

Our functional and technical unification message continues to resonate with customers of all sizes across geographies and across industries. Over the past five quarters, roughly 80% of our customers that bought MATM also bought or had previously purchased MAWM.

我們的功能和技術統一訊息持續引起跨地區、跨產業各種規模客戶的共鳴。在過去五個季度中，大約 80% 購買 MATM 的客戶也購買了或曾經購買過 MAWM。

So our customers are truly experiencing the value of unification. The cross sell results that we've seen since launching Manhattan Active supply chain execution have far exceeded what we were able to achieve with our prior platform, and we continue to double down on this investment strategy with an engineering team focused solely on building unified functional advantages.

因此，我們的客戶真正體驗到了統一的價值。自從推出曼哈頓主動供應鏈執行以來，我們所看到的交叉銷售結果已經遠遠超過了我們之前的平台所能實現的成果，我們將繼續加倍投資策略，並組建一個專注於建立統一功能優勢的工程團隊。

We also recently launched a product council dedicated to serving our unified customers because we know that the best way to innovate is to co-create alongside the world-class supply chain practitioners in our customer base.

我們最近也成立了一個產品委員會，致力於服務我們的統一客戶，因為我們知道創新的最佳方式是與客戶群中世界一流的供應鏈從業者共同創造。

So that concludes my business update. 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 to Q&A. So Dennis, take it away. Okay.

這就是我的業務更新內容。接下來，丹尼斯將向您介紹我們的財務業績和前景的最新情況，然後我將以簡短的總結結束我們準備好的發言，然後我們進入問答環節。所以丹尼斯，把它拿走。好的。

Thanks, Eric. Our Manhattan global teams continue to execute well in a challenging macro environment. 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 and operating margin expansion, as well as free cash flow generation.

謝謝，埃里克。我們的曼哈頓全球團隊在充滿挑戰的宏觀環境中繼續表現出色。本季度，我們的營收和淨利潤均超出預期。這包括 RPO 預訂、雲端收入成長和營業利潤率擴大以及自由現金流產生的穩健業績。

FX volatility persists in Q2, it was a 1 point tailwind to year over year total revenue growth, but did not have a material impact on first half revenue growth. FX was also a $29 million dollar tailwind to sequential RPO growth and a $28 million tailwind to year over year RPO growth.

外匯波動在第二季度持續存在，這對同比總收入增長產生了 1 個百分點的順風，但對上半年收入增長沒有產生實質影響。FX 也為 RPO 的連續增長帶來了 2900 萬美元的順風，為 RPO 的同比增長帶來了 2800 萬美元的順風。

Now turning to our Q2 results, which were better than expected regardless of FX movements. Our growth rates are ordered on a year over year basis unless otherwise stated. For the quarter, total revenue was $272 million up 3%.

現在來看看我們的第二季業績，無論外匯走勢如何，我們的業績都比預期好。除非另有說明，我們的成長率是按年比計算的。本季總營收為 2.72 億美元，成長 3%。

Cloud revenue increased 22% to $100 million and services revenue declined 6% to $129 million. Both were a bit better than expected. As previously discussed, the year over year decline in services revenue reflects customer budgetary constraints that shifted services work to future periods.

雲端收入成長 22% 至 1 億美元，服務收入下降 6% 至 1.29 億美元。兩者都比預期的要好一些。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。

As Eric highlighted, given the uncertain macro environment and inherent flexibility of time and material contracts, we remain cautious on our services revenue growth. We ended Q2 with RPO of $2.01 billion. Up 26% compared to the prior year and 6% sequentially. The solid Q2 performance was driven by strength and new customers and a healthy contribution from existing customers.

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，我們對服務收入成長保持謹慎。我們第二季的 RPO 為 20.1 億美元。與上年相比成長 26%，比上一季成長 6%。第二季的穩健業績得益於強勁的新客戶以及現有客戶的良好貢獻。

Our average contract duration remains at 5.5 to 6 years. Like Q1, some customers are electing longer ramp timelines. While the full contract is non-cancelable, we believe the current macro environment has resulted in some customers taking a more conservative approach to the implementation timeline of their contracts. Accordingly, we expect 38% of RPO to be recognized as revenue over the next 24 months.

我們的平均合約期限維持在5.5至6年。與第一季一樣，有些客戶選擇延長產能提升時間。雖然整個合約不可取消，但我們認為當前的宏觀環境已導致一些客戶對合約實施時間表採取更保守的態度。因此，我們預計未來 24 個月內 38% 的 RPO 將確認為收入。

As we've previously 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. Adjusted operating profit was $101 million with an adjusted operating margin of 37.1%. This is up 210 basis points year over year.

正如我們之前所說，我們的團隊專注於加速我們的產品和合約的採用，始終允許客戶修改他們的時間表以加快部署，但不會減慢部署速度。調整後的營業利潤為 1.01 億美元，調整後的營業利益率為 37.1%。這比去年同期上漲了 210 個基點。

Our performance was driven by strong cloud revenue growth combined with operating leverage as our cloud business continues to scale. Turning to earnings per share, we delivered to adjusted earnings per share of $1.31 up 11%, and GAAP earnings per share of $0.93, up 9%.

隨著我們的雲端業務不斷擴大，強勁的雲端收入成長和營運槓桿推動了我們的業績。談到每股收益，我們實現調整後每股收益 1.31 美元，成長 11%，GAAP 每股收益 0.93 美元，成長 9%。

Moving to cash operating cash flow increased 1% to a solid $74 million. Note, our Q2 growth rate was adversely impacted by strong cash collections in the year ago period. This resulted in a 26% free cash flow margin and a 38% adjusted EBITDA margin with the difference due to the cash taxes paid in the quarter.

轉為現金後，營運現金流成長 1%，達到 7,400 萬美元。請注意，我們第二季的成長率受到去年同期強勁現金回款的不利影響。這導致自由現金流利潤率為 26%，調整後 EBITDA 利潤率為 38%，差額源自於本季支付的現金稅。

Year-to-date, our operating cash flow is up 17% to $149 million. Regarding the balance sheet, deferred revenue increased 16% to $300 million. We ended the quarter with $231 million in cash and zero debt. In the quarter, we leveraged our strong cash position and invested $50 million in share repurchases, resulting in $150 million in buybacks year-to-date.

今年迄今為止，我們的營運現金流成長了 17%，達到 1.49 億美元。就資產負債表而言，遞延收入增加 16% 至 3 億美元。本季結束時，我們的現金為 2.31 億美元，且零債務。本季度，我們利用強大的現金狀況，投資 5,000 萬美元回購股票，年初至今的回購總額達 1.5 億美元。

Additionally, our Board has approved the replenishment of our $100 million share repurchase authority. Now on to our updated 2025 guidance. Our long-term and long-standing financial objective is to deliver sustainable double digit top line growth and top quartile operating margins benchmarked against enterprise software comps.

此外，我們的董事會已批准補充 1 億美元的股票回購權。現在來看看我們更新後的 2025 年指南。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數營業利潤率。

These are drivers to our best in class return on invested capital as we maintain a balanced investment approach to growth and profitability. As noted on prior earnings calls, our goal is to update our RPO outlook on an annual basis.

由於我們維持了對成長和獲利的平衡投資方式，這些都是我們實現最佳投資資本回報率的驅動因素。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。

Year-to-date, FX has been about a $42 million tailwind to RPO and removing this impact, we are entering the second half of the year tracking to the high end of our guidance. 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.

年初至今，外匯對 RPO 的推動作用約為 4,200 萬美元，消除這一影響後，我們將進入下半年，並達到預期的高端水準。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 remains uncertain. While clarity on external variables remains limited, given our strong first half performance and second half visibility, we are raising our full year total revenue, operating margin, and EPS outlooks. This guidance is also provided in our earnings release.

正如本次電話會議早些時候所討論的，宏觀環境仍然不確定。儘管外部變數的清晰度仍然有限，但鑑於我們上半年的強勁表現和下半年的可預見性，我們提高了全年總收入、營業利潤率和每股收益預期。我們的收益報告中也提供了這項指引。

And regarding FX, it is about a $4 million tailwind to second half revenue from guidance we provided in late April. With that, for RPO we continue to talk $2.11 billion to $2.15 billion, excluding FX movements. For total revenue, we expect $1.071 billion to $1.075 billion with a $1.073 billion midpoint comparing favorably to our prior outlook due to our first half outperformance.

至於外匯，根據我們在 4 月底提供的指導，這將為下半年的收入帶來約 400 萬美元的順風。因此，對於 RPO，我們繼續談論 21.1 億美元至 21.5 億美元，不包括外匯變動。對於總收入，我們預計為 10.71 億美元至 10.75 億美元，中間值為 10.73 億美元，由於我們上半年的出色表現，與我們之前的預測相比更為有利。

For Q3, we continue to target total revenue of $270 million to $272 million accounting for retail peak seasonality. For Q4, we continue to target a midpoint of $267 million. For adjusted operating margin, we are increasing the midpoint to 35% from our prior midpoint of 33.25%. At the midpoint we are targeting Q3 adjusted operating margin of 35%.

對於第三季度，考慮到零售旺季因素，我們繼續將總收入目標定為 2.7 億美元至 2.72 億美元。對於第四季度，我們繼續以 2.67 億美元的中點為目標。對於調整後的營業利潤率，我們將中間點從先前的 33.25% 提高到 35%。中間值我們的目標是第三季調整後的營業利潤率達到 35%。

And accounting for retail peak seasonality, about 33.2% in Q4. Our full year adjusted earnings per share at the midpoint is increasing by $0.21 to $4.80 up from our prior midpoint of $4.59 and includes our annual tax rate increasing to 22.5%, up from 21%, which represents an $0.08 headwind to the second half of the year.

並考慮到零售旺季的影響，第四季約為33.2%。我們全年調整後的每股盈餘中位數從先前的中位數 4.59 美元增加 0.21 美元至 4.80 美元，其中包括我們的年稅率從 21% 增加到 22.5%，這代表著下半年將出現 0.08 美元的逆風。

The increase in our tax rate is related to an increase in tax reserves caused by the acceleration of our domestic R&D cost deductions under the July 4th US tax law change. As such, this change will also lower our cash taxes paid and likely benefit operating cash flow by approximately $30 million in 2025.

我們稅率的提高與 7 月 4 日美國稅法變化導致我們國內研發成本扣除加速而導致的稅收儲備增加有關。因此，這項變更還將降低我們支付的現金稅，並可能使 2025 年的營運現金流受益約 3,000 萬美元。

On a quarterly basis, we are targeting a Q3 tax rate of 25% and earnings per share of the dollar 17 and accounting for retail peak seasonality and a tax rate of 22.5%, $1.13 in Q4. For GAAP EPS our range is increasing to $3.23 to $3.31. For Q3, we are targeting GAAP EPS of $0.77.

按季度計算，我們的目標是第三季的稅率為 25%，每股收益為 17 美元，考慮到零售旺季因素，第四季的稅率為 22.5%，每股收益為 1.13 美元。對於 GAAP 每股收益，我們的目標區間將上調至 3.23 美元至 3.31 美元。對於第三季度，我們的目標是 GAAP 每股收益 0.77 美元。

Here are some additional details on our 2025 outlook for full year 2025 on our first half outperformance, our cloud revenue midpoint upticks to $408.5 million on a quarterly basis. We continue to assume $104.5 million in Q3 and $109 million in Q4.

以下是我們對 2025 年全年業績展望的更多細節，我們上半年的業績表現優異，雲端收入中點按季度上漲至 4.085 億美元。我們繼續假設第三季為 1.045 億美元，第四季為 1.09 億美元。

For services, we continue to expect a midpoint of $497 million on a quarterly basis. This assumes $127 million in Q3 and accounting for retail peak seasonality, $120 million in Q4. For maintenance, our midpoint increases to $128 million or a 7% decline on attrition to the coal. On a quarterly basis, we expect Q3, $32 million and Q4 $29 million.

對於服務業，我們繼續預期季度中位數為 4.97 億美元。假設第三季為 1.27 億美元，考慮到零售旺季因素，第四季為 1.2 億美元。對於維護，我們的中間點增加到 1.28 億美元，或煤炭損耗下降 7%。按季計算，我們預計第三季營收為 3,200 萬美元，第四季營收為 2,900 萬美元。

And finally, we expect our diluted share count to be $61.3 million shares, which assumes no buyback activity. In summary, a solid Q2 performance by the Manhattan Global team. Thank you and back to Eric for some closing remarks.

最後，我們預期稀釋股數為 6,130 萬股（假設沒有回購活動）。總而言之，曼哈頓全球團隊第二季表現穩健。謝謝，最後請 Eric 致以結語。

Great. Thank you, Dennis. We're really pleased with our better than expected second quarter and first half results. As we have stated, the global macro environment remains challenging. However, we're optimistic about our business fundamentals and our growth opportunity.

偉大的。謝謝你，丹尼斯。我們對第二季和上半年優於預期的業績感到非常滿意。正如我們所說，全球宏觀環境依然充滿挑戰。然而，我們對我們的業務基本面和成長機會持樂觀態度。

We believe our industry leading unified cloud platform positions Manhattan is the clear choice for modern supply chain commerce solutions. So thank you to everyone for joining the call and thank you to the Manhattan team for their dedication and execution, and that concludes our prepared remarks, and we'd be happy to take questions.

我們相信，我們領先業界的統一雲端平台使曼哈頓成為現代供應鏈商務解決方案的明確選擇。因此，感謝大家參加電話會議，感謝曼哈頓團隊的奉獻精神和執行力，我們的準備好的發言到此結束，我們很樂意回答問題。

Thank you. (Operator Instructions)

謝謝。（操作員指示）

Terry Tillman, Truist Securities.

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

Yeah, thanks for taking my questions and good afternoon, Eddie, Eric, Dennis, and Mike. Nice to see these results, so, good job on that. Two questions. First question is on the supply chain unification. It resonated at the momentum event that I attended. I think you all showed a bunch of logos in terms of combined TM and WM transactions. I mean, maybe easier said than done, but is there anything you can programmatically kind of now do to even put more kind of gas on the fire here in terms of whether it's tuning the products better together, is it go to market investments, maybe AI fuses them better together, just what can you do on your own and your controllables to even drive more of these unification deals and then I had to follow up.

是的，感謝你們回答我的問題，下午好，Eddie、Eric、Dennis 和 Mike。很高興看到這些結果，所以，做得很好。兩個問題。第一個問題是關於供應鏈統一。它在我參加的動量活動中引起了共鳴。我認為你們都展示了一系列有關組合 TM 和 WM 交易的標誌。我的意思是，也許說起來容易做起來難，但是現在你能以編程的方式做些什麼來進一步推動這一進程嗎？無論是更好地調整產品，還是進行市場投資，也許人工智慧可以更好地將它們融合在一起，你自己和你的可控因素可以做些什麼來推動更多這樣的統一交易，然後我必須跟進。

Okay, yeah, great. Thank you, Terry. Love the question. As I mentioned in my prepared remarks, we're truly doubling down on our investment in unification and we're doing that in several ways. So we have created an engineering team that's focused solely on building these unified functional advantages.

好的，是的，太好了。謝謝你，特里。喜歡這個問題。正如我在準備好的演講中提到的那樣，我們正在加倍投資於統一，並且我們正在透過多種方式來實現這一目標。因此，我們創建了一支工程團隊，專注於建立這些統一的功能優勢。

So we want to make that even bigger and more clear of why it makes sense to leverage our unified platform. We've also engaged with our customers by creating this, product council that's dedicated to serving these unified customers to really find out, directly from them, what they're looking for, what they need, and co-innovate and co-create.

因此，我們希望進一步明確並解釋為什麼利用我們的統一平台是有意義的。我們也透過創建產品委員會與客戶接觸，該委員會致力於為這些統一的客戶提供服務，直接從他們那裡真正了解他們正在尋找什麼、需要什麼，並共同創新和創造。

Yeah, and then sales and awareness is a big part of that as well. But I think one of the common themes that I heard at Momentum this year, because you're right, we talked a lot about unification, but our customers also talked a lot about unification, and one of the themes was that, customers would tell me a year ago at Momentum. That unification was a compelling strategy. Customers believed in it.

是的，銷售和知名度也是其中很重要的一部分。但我認為今年我在 Momentum 上聽到的一個共同主題是，因為你是對的，我們談了很多關於統一的話題，但我們的客戶也談了很多關於統一的話題，其中一個主題是，客戶一年前在 Momentum 上會告訴我。這種統一是一個引人注目的策略。顧客們相信了這一點。

People were starting to lean in, but this year at Momentum, it came to life, and there were customers on stage telling their stories of how it increased efficiency, how it increased ROI, how it created strategic advantages for them. So we're really seeing our customers buying in.

人們開始傾向於此，但在今年的 Momentum 大會上，它變得生動起來，客戶在台上講述了它如何提高效率、如何提高投資回報率、如何為他們創造戰略優勢的故事。所以我們確實看到我們的客戶購買了我們的產品。

And also to your point, yeah, I think Manhattan active warehouse management and transportation management are probably leading the way, and we've more than doubled our unification logos in that area from, year over year, but we're also seeing lots of unification logos, and I mentioned some of them in my opening remarks that are, unified leveraging MAO and supply chain planning and POS. So, great optimism and we're continuing to lean in and invest here around unification.

另外，關於您的觀點，是的，我認為曼哈頓主動倉庫管理和運輸管理可能處於領先地位，我們在該領域的統一標識數量逐年增加了一倍以上，但我們也看到了很多統一標識，我在開場白中提到了其中一些，即統一利用 MAO 和供應鏈規劃和 POS。因此，我們非常樂觀，我們將繼續致力於統一並進行投資。

Great, thanks Eric for that. My follow-up question is on cloud subscription revenue. It picked up a bit in terms of the growth rate compared to the first quarter, so it's nice to see. It does look like, you have this large balance of RPO.

太好了，謝謝 Eric。我的後續問題是關於雲端訂閱收入。與第一季相比，成長率略有回升，令人欣慰。看起來，您有這麼大的 RPO 餘額。

So I guess that supports, going forward visibility, but I would just love an update on confidence level and sustaining 20% growth beyond the next quarter or two. Just anything you could share on, yeah, that subscription revenue visibility. Thank you.

所以我認為這支持了未來的可見性，但我只是想了解一下信心水平的更新以及在未來一兩個季度內維持 20% 的成長。是的，您可以分享任何內容，即訂閱收入可見度。謝謝。

Yeah, so, when we originally provided the multi-year metric of the sustained, multi-year 20% growth, we said we weren't going to update that metric every quarter, but I can tell you we do remain confident and, the reasons why we remain confident, we've got a large booked business and RPO like you mentioned, and that gives us good visibility, particularly good visibility and, second half of next year. Our bookings and pipeline continue to be solid, [ouram] is expanding.

是的，當我們最初提供持續多年 20% 增長的多年指標時，我們說過我們不會每季度更新該指標，但我可以告訴您，我們確實仍然充滿信心，我們保持信心的原因是，我們擁有大量訂單業務和 RPO，正如您所提到的，這為我們提供了良好的可見性，特別是明年下半年的良好可見性。我們的預訂和管道持續穩定，[ouram] 正在擴張。

As I mentioned, we're making changes to accelerate sales velocity that includes specialization and specialization around products, around renewals, around conversions, strengthening partnerships, adding sales talent, and then another big factor that we talked about when it comes to maintaining that 20plus % growth is the renewal cycle, and that really starts to pick up pace next year, particularly with our Manhattan Active warehouse management and if you walk through the mechanics of that, you think about it as the contract progresses, the dollars move from RPO to subscription revenue, and by the end of the contract, there's no RPO left.

正如我所提到的，我們正在做出改變以加快銷售速度，包括圍繞產品、續約、轉換的專業化和專業化，加強合作夥伴關係，增加銷售人才，然後，在保持 20% 以上的增長時我們談到的另一個重要因素是續約週期，而這一進程明年將真正開始加快，特別是我們的曼哈頓交易到倉庫管理，如果你了解其中的資金了。

And then when we renew it renews that RPO and refreshes that RPO, but it also does that at a higher level for a number of reasons. Number one, we've ramped that customer through the first, 10 number of years of the contract. So we've ramped up VCs and users, so we're now going to be renewing at a run rate that's much higher. We've also got the opportunity to cross sell when we renew.

然後，當我們更新時，它會更新該 RPO 並刷新該 RPO，但由於多種原因，它也會在更高層級上執行此操作。首先，我們已經幫助該客戶度過了合約的前 10 年。因此，我們增加了 VC 和用戶，因此我們現在將以更高的運行率進行更新。當我們續約時，我們也有機會進行交叉銷售。

So when those customers that are going to be renewing in 206, when they bought warehouse management, we didn't have transportation management or supply chain management or AI agents. So all of those things are opportunities for cross sell. Of course, there's also the opportunity for price increases in some cases, and all of this will drive higher RPO and higher subscription revenue.

因此，當那些將在 206 年續約的客戶購買倉庫管理時，我們沒有運輸管理或供應鏈管理或 AI 代理。所以所有這些都是交叉銷售的機會。當然，在某些情況下也存在價格上漲的機會，所有這些都將推動更高的 RPO 和更高的訂閱收入。

So, and then add to that the fact that, as we've mentioned in previous calls, we do have customers that are maybe taking a conservative view of their defense cycles and are rolling out a little bit slower. We are actively working with those customers to find opportunities for them to move faster.

因此，再加上這樣一個事實，正如我們在之前的電話會議中提到的那樣，我們確實有一些客戶對他們的防禦週期持保守態度，並且推出的速度稍微慢一些。我們正在積極與這些客戶合作，為他們尋找更快行動的機會。

And as they move faster, that grows our subscription revenue faster as well. So we think we've got lots of levers to pull to to be proactive and work with our customers to drive this and and continue this success.

隨著他們行動的加快，我們的訂閱收入也會成長得更快。因此，我們認為我們可以採取多種措施來積極主動地與客戶合作，推動這一目標並延續這一成功。

That's great, thanks.

太好了，謝謝。

Thank you. Joe Vruwink, Baird

謝謝。喬·弗魯溫克，貝爾德

Great, thanks for taking my questions, Eric, just, forward to go to market investment areas you walk through it I appreciate some of these take time to become productive and revenue enhancing, but maybe you could go into a bit more just qualitative detail on what you think is possible through like the enhanced specialists and new hires and quantitatively, if you have to put a number on it, you understand, given Terry's question, 20% growth in cloud subs that was intended to be a multi-year target, but do you really think that some of these go to market investments pay off we're thinking about a number beyond the 20% level?

太好了，艾瑞克，謝謝你回答我的問題，剛才你談到了進入市場投資的領域，我知道有些領域需要時間才能產生效益和增加收入，但也許你可以更詳細地談談你認為通過增強專家和新員工的數量可以實現哪些目標，如果必須給出一個數字，你明白，考慮到特里的問題，雲計算用戶增長 20% 是一個長期我們考慮的是 20% 以上的數字？

Yeah, thank you for the question. Yeah, I, as I mentioned, we're not making changes to that to that long term projection, but we are making a lot of changes to what we're doing in sales and go to market, and I think these are low risk changes that can have, relatively quick impact, some quicker than others. So you talk about, Bob Howell, who I mentioned is taking over as Chief Sales Officer. He's been here 20 years.

是的，謝謝你的提問。是的，正如我所提到的，我們不會對長期預測做出改變，但我們會對我們的銷售和行銷工作做出很多改變，我認為這些都是低風險的改變，可以產生相對較快的影響，有些改變會比其他改變更快。所以你談到了鮑勃·豪厄爾，我提到他將接任首席銷售官。他已經在這裡住了20年。

He's worked closely on a lot of the big deals that we've done in Europe and AIPAC already. He's worked closely with those teams. So this gives him the opportunity to take some of the things that That Bob and his sales team in the Americas have really perfected in terms of specialization, sales diligence, etc.

他已經與我們在歐洲和美國以色列公共事務委員會 (AIPAC) 達成的許多大交易密切合作。他與這些團隊密切合作。因此，這讓他有機會學習鮑伯和他的美洲銷售團隊在專業化、銷售勤勉等方面真正完善的一些技能。

And leverage that more globally. So some of the things that we're doing really well in the Americas, we can tap into in other parts of the world, and I think that's, very low risk and can have a quick return. I think some of the things that we're doing with partnerships with Google, with, Shopify, as I mentioned, we're already seeing returns.

並在全球範圍內進一步利用這一點。因此，我們在美洲做得很好的事情，我們可以在世界其他地區進行推廣，而且我認為風險很低，而且可以快速獲得回報。我認為，正如我所提到的，我們與 Google、Shopify 合作開展的一些工作已經看到了回報。

The product specialization, I mentioned we've got new leaders for POS and TMS since the last time we had this call. Those guys are coming up to speed quickly. Obviously they've been in this market. They know the business, they know Manhattan more as a competitor and how they're learning it as a company that they're working for. But the relationships that they have in the market will be valuable, and they will help us to increase our pipelines very quickly.

產品專業化，我提到，自上次通話以來，我們已經有了新的 POS 和 TMS 領導者。那些傢伙正在快速進步。顯然他們已經進入這個市場。他們了解業務，他們更了解曼哈頓作為競爭對手，以及他們作為一家他們所服務的公司如何學習它。但他們在市場上的關係非常寶貴，他們將幫助我們快速增加我們的管道。

And I'm confident that the specialized teams that they're building around them. Will give us the ability to enter new markets. I think one of the things that we've been pretty clear about is we know that we've got market leading products in POS and PMS, but we probably don't have the the market awareness that we want in those spaces, and I think those guys that we brought in can help us address that very quickly.

我相信他們正在組建專業團隊。將使我們有能力進入新市場。我認為我們已經非常清楚的一件事是，我們知道我們在 POS 和 PMS 領域擁有市場領先的產品，但我們可能沒有我們想要的這些領域的市場知名度，我認為我們引進的人可以幫助我們很快解決這個問題。

So yeah, I think there are several things that we're doing that can have material impact certainly next year, some of these things, when you look from a revenue perspective, it's difficult to impact significantly revenue in the second half from a product standpoint, but all of these things should be able to give us a good impact for next year.

是的，我認為我們正在做的幾件事肯定會對明年產生重大影響，從收入角度來看，從產品角度來看，有些事情很難對下半年的收入產生重大影響，但所有這些事情都應該能夠為明年帶來良好的影響。

Okay, that's great. Thank you. Wanted to ask about the RPO bookings much better this quarter than last quarter. I'm curious if you can maybe parcel out how much is customers just acclimating to the macro versus, Manhattan works a pipeline, sometimes for a while and opportunities come together in a period. Do you think it was just the pipeline opportunities you had going into this period that was conducive to the better RPO activity?

好的，太好了。謝謝。想詢問本季的 RPO 預訂情況是否比上一季好很多。我很好奇，您是否可以解釋一下，有多少客戶只是在適應宏觀環境，而曼哈頓則在一段時間內運作管道，機會會在一段時間內聚集在一起。您是否認為正是這段時期所擁有的通路機會才有利於更好的進行 RPO 活動？

Well, I think a big part of it was, just very solid execution by our sales team, but from a macro point of view, I think some of the uncertainty has abated, but I think also customers are adapting to moving forward with some uncertainty and just like we are doing, we're managing through the uncertainty and controlling what we can, and I think our customers are doing that as well and The pipeline that we went into Q2 was solid and we continue to see solid pipeline in the second half.

嗯，我認為一些不確定性已經減弱，但我認為客戶也在適應一些不確定性，就像我們所做的一樣，我們正在管理不確定性並控制我們所能控制的，我認為我們的客戶也在這樣做，我們進入第二季度的渠道很穩健，我們將在下半年繼續看到我們將在下半年繼續看到的渠道。

One of the interesting things we talked about the tough macro that we've been in for a while now, our last three bookings quarters have been our best three bookings quarters ever. So, and you can argue that all three of those quarters were during, at least a changing, if not a challenging macro. So I think our team continues to execute well and we've got a product that the market wants and demand is strong.

我們談到的有趣的事情之一是，我們已經經歷了一段時間的艱難宏觀經濟形勢，最近三個季度的預訂量是我們有史以來最好的三個季度。因此，你可以說，這三個季度至少都處於一個變化的宏觀經濟時期，即使不是一個充滿挑戰的宏觀經濟時期。因此我認為我們的團隊繼續表現良好，並且我們擁有市場需要且需求強勁的產品。

Great. Thank you very much.

偉大的。非常感謝。

Yeah. Thank you.

是的。謝謝。

Thank you. Brian Peterson, Raymond James.

謝謝。布萊恩彼得森、雷蒙詹姆斯。

Thanks, gentlemen, and congrats on the strong quarter. So I wanted to hit on maintenance that was a little bit higher than I had expected this quarter. Are you seeing some of your existing on-premise customers kind of renew for longer and can we get an update on where we stand on the status of that on-premise to cloud migration for WMS?

謝謝各位，恭喜本季業績強勁。因此，我希望本季的維護費用能比我預期的要高一些。您是否發現一些現有的本地客戶續約時間更長，我們能否了解 WMS 從本地到雲端遷移的現況？

Yeah, so, bottom line we've always taken the approach that our customers are going to convert to cloud when they're ready, and this is the second quarter in a row where we've had really strong bookings from new logo and ultimately in the long run, that's going to drive more growth opportunity because that creates more opportunity for cross sell.

是的，所以，我們的底線是始終採取這樣的方法：當客戶準備好時，他們就會轉向雲端運算，這是我們連續第二個季度從新標誌中獲得非常強勁的預訂量，最終從長遠來看，這將推動更多的成長機會，因為這為交叉銷售創造了更多的機會。

That being said, we are continuing to look at our conversion opportunities and conversion pipelines. And I do see that as an area that we can get more aggressive and not only create more cloud, subscription revenue, but also create more services revenue.

話雖如此，我們仍在繼續尋找轉換機會和轉換管道。我確實認為我們可以在這個領域更加積極，不僅可以創造更多的雲端和訂閱收入，還可以創造更多的服務收入。

So conversions is an area that we will continue to focus on now from a percentage standpoint, not a significant change from what we talked about a quarter ago. Roughly 20% of our on-prem customers have started that conversion to the cloud.

因此，從百分比的角度來看，轉換率是我們現在將繼續關注的一個領域，與我們一個季度前談論的內容相比並沒有顯著的變化。我們大約 20% 的內部部署客戶已經開始轉換到雲端。

When I walked through kind of some samples of our new logos and conversions that we close in Q2, we do continue to close conversions, but we still have a lot of conversions in the pipeline to close over the next, several years.

當我展示我們在第二季完成的新標誌和轉換的一些樣本時，我們確實在繼續完成轉換，但在接下來的幾年裡，我們還有很多轉換需要完成。

Thanks Eric and maybe just a follow up. I know ERP migrations have gotten a lot of talk kind of industry wide as you see that strength and net new, is that a big factor in in what's driving new customers to Manhattan or maybe some commonality on what you're seeing on the net new side. Thanks guys.

謝謝 Eric，也許這只是一個後續問題。我知道 ERP 遷移已經引起了整個行業的廣泛討論，正如您所看到的，實力和淨新是推動新客戶來到曼哈頓的一個重要因素，或者也許是您在淨新方面看到的一些共同點。謝謝大家。

Yeah, so the ERP continues to be a tailwind for us, right, as people are making decisions on ERP and looking at what the ERP players have to offer and comparing that to what we have to offer, that's, the change is creating the change that they have to do in ERP is creating an opportunity for them to do a change in supply chain as well. So that's absolutely creating pipeline for us, and I think that the amount of pipeline and what that's driving has been consistent over the past several quarters, and we continue to see pipeline created that way.

是的，所以 ERP 對我們來說繼續是順風，對吧，當人們在 ERP 上做決策並查看 ERP 參與者提供的內容並將其與我們提供的內容進行比較時，那就是，變化正在創造他們必須在 ERP 中做的改變，這也為他們在供應鏈中做出改變創造了機會。所以這絕對是在為我們創造管道，我認為管道的數量和驅動力在過去幾個季度保持一致，而且我們繼續看到管道以這種方式創建。

Okay, thank you.

好的，謝謝。

Dylan Becker, William Blair.

迪倫貝克爾、威廉布萊爾。

Hey, gentlemen, congrats here. I appreciate it. Maybe Eric sticking on one of those prior topics around the idea of conversion momentum, but also on the new logo side. I wonder if you could contextualize some of the efficiency gains. You're seeing around kind of delivery and implementation, what you can do to make that process easier and faster, and maybe if that is a [TAM] unlock in and of itself, as it's kind of historically been viewed as a heavy implementation if that allows you to go maybe more down market into tier two and what that TAM unlock could potentially look like.

嘿，先生們，恭喜你。我很感激。也許 Eric 會堅持先前關於轉換動力這個主題的一個想法，但也會堅持新標誌方面的想法。我想知道您是否可以具體說明一些效率的提升。您正在了解交付和實施的情況，您可以做些什麼來使這個過程更容易、更快，也許這本身就是一種 [TAM] 解鎖，因為從歷史上看，這被視為一種沉重的實施，如果這允許您進入更低層的市場，進入第二層，以及 TAM 解鎖可能會是什麼樣子。

Yeah, great question. And in fact, this is something that we talked about at Momentum as well. Our team is having success of, leveraging automation and AI to reduce implementation timelines, to reduce the number of extensions required to, reduce the number of hours to create an extension. So there's, example after example of where we're reducing timelines and reducing cost and deployment.

是的，很好的問題。事實上，這也是我們在 Momentum 上討論過的事情。我們的團隊成功地利用自動化和人工智慧來縮短實施時間，減少所需的擴展數量，減少創建擴展所需的時間。因此，我們透過一個又一個的例子來說明如何縮短時間表、降低成本和減少部署。

So that absolutely makes our TAM bigger and that's one of the things that we're one of the messages that we're taking to market right now as well, as we can reduce the speed or increase the speed and reduce the complexity, it increases our TAM and it also can be another way to encourage customers to do those migrations and convert from on-prem to the cloud.

因此，這絕對會使我們的 TAM 變得更大，這也是我們目前向市場傳達的訊息之一，因為我們可以降低速度或提高速度並降低複雜性，這會增加我們的 TAM，也可以是鼓勵客戶進行遷移並從本地轉換到雲端的另一種方式。

So those are messages that we're taking to market right now, and I think they're being received very well. Sure, thank you. And by the way, at Momentum, our customers were also happy to hear that with that speed and reducing complexity, it gets them to their ROI faster, which is a very important message for them.

這些就是我們現在向市場傳達的訊息，我認為它們受到了熱烈歡迎。當然，謝謝。順便說一句，在 Momentum，我們的客戶也很高興聽到，憑藉這樣的速度和降低的複雜性，他們可以更快地獲得投資回報，這對他們來說是一個非常重要的訊息。

Very much so, yeah, perfect. Okay, thank you. And then we've talked about kind of the pace and productivity, kind of the expectations on sales hiring and where you think about kind of segmenting that out. But if we were to kind of step back and contemplate the renewal cycle in fiscal '26, kinda having come on board now 150, 160 days, could you maybe draw any parallels in your prior experiences of how you're kind of positioning and viewing. Navigating that renewal opportunity and what that can kind of contextualize from a potential upsell, obviously unification cross selling dynamic as well. Thank you.

非常完美，是的，非常完美。好的，謝謝。然後我們討論了速度和生產力、對銷售招聘的期望以及您如何考慮對其進行細分。但是，如果我們退一步考慮一下 26 財年的更新週期，現在已經到了 150 到 160 天，您是否可以結合您之前的經驗來分析您的定位和看法。把握這一更新機會，並將其與潛在的追加銷售聯繫起來，顯然也包括統一交叉銷售動態。謝謝。

Yeah, definitely. So, it's not too dissimilar from the cycle that we were on when I joined ServiceNow, when ServiceNow was just over a billion dollars and going through significant renewal cycles and at the same time we were introducing new products and doing cross-sell and upsell when we did those renewals.

是的，確實。因此，這與我加入 ServiceNow 時所處的周期並不太相似，當時 ServiceNow 的市值剛剛超過 10 億美元，正在經歷重要的更新周期，同時，我們推出了新產品，並在進行這些更新時進行交叉銷售和追加銷售。

So that will be a big focus for us in the second half of this year, and that's a big part of what Bob Howell and his team are going to be putting together is that global structure that we will use to make sure that we are maximizing the opportunity at renewal and not just renewing, but driving growth within those customers as well.

因此，這將是我們今年下半年的一大重點，也是鮑勃·豪厄爾和他的團隊將要構建的全球結構的重要組成部分，我們將使用該結構來確保我們最大限度地利用續約機會，而不僅僅是續約，而且還推動這些客戶的成長。

Great. Thanks, sir. Appreciate it.

偉大的。謝謝，先生。非常感謝。

Thank you. George Kurosawa, Citi.

謝謝。花旗銀行的喬治‧黑澤明 (George Kurosawa)

Hey, thanks for taking the questions. Maybe as it relates to the macro backdrop, if you could talk about kind of linearity in the quarter, did things improve as the quarter progressed and any comments on how things are trending so far in July?

嘿，謝謝你回答這些問題。也許與宏觀背景有關，如果您可以談談本季度的線性情況，隨著本季度的進展情況是否有所改善，以及對 7 月份迄今為止的情況趨勢有何評論？

I wouldn't say there was anything material to note in terms of things improving throughout the quarter, or even in July. Typically in our business Q3 has been seasonally a weaker quarter and Q4 seasonally a stronger quarter. We'll see if that plays out, but in terms of the macro, nothing meaningful.

我不會說整個季度，甚至整個 7 月的情況有什麼值得注意的實質改善。通常，在我們的業務中，第三季度是季節性較弱的季度，而第四季度是季節性較強的季度。我們將看看這是否會發生，但從宏觀角度來看，沒有任何意義。

Okay, that's helpful. And then on the this 2026, 2027 renewal cycle that you're gearing up for anything you can help us with in terms of, when you're looking at the timelines for when we should expect those to really start to kick in when you have kind of the big book of business, coming back to the table and, are you thinking about success relative to, renewal cycles you've seen in the past.

好的，這很有幫助。然後，在 2026 年、2027 年的更新周期中，您正在為任何可以幫助您的事情做準備，當您查看時間表時，我們應該預期這些時間何時真正開始發揮作用，當您有大量的業務時，回到談判桌上，您是否考慮過相對於過去所見過的更新周期的成功。

Yeah, so, it's not going to hit in one big wave all of a sudden it hits, it gets a little bit bigger every quarter. So, it can sneak up on you if you're not prepared for it, and that's why we are, making a very clear effort to be prepared for it and build the team, build the comp plan, build the structure all around it so that we can measure it very well.

是的，所以，它不會突然以一波大浪潮來襲，而是每季都會變得更大一點。因此，如果你沒有做好準備，它就會悄悄地降臨到你身上，這就是為什麼我們要做出非常明確的努力來做好準備，建立團隊，制定補償計劃，建立圍繞它的結構，以便我們能夠很好地衡量它。

And in fact, we're already measuring it 18 months out, we're looking at the next 18 months, what the renewals are coming in, making sure that we're preparing. And making sure that we can have the right cross all conversations in advance so that they can have their budgets ready and we can maximize this opportunity.

事實上，我們已經在進行 18 個月的衡量，我們正在展望未來 18 個月，了解續約情況，確保我們做好準備。並確保我們能夠提前進行正確的交叉對話，以便他們準備好預算，我們能夠最大限度地利用這個機會。

Great, thanks for taking the questions.

太好了，感謝您回答這些問題。

Thank you. Mark Schappel, Loop Capital Markets.

謝謝。馬克‧沙佩爾 (Mark Schappel)，Loop 資本市場。

Hi, thank you for taking my question and nice job on the RPO print. Eric, question for you, given that things kind of seem to be settling down a little bit since Liberation Day, what's your observation around or sentiment around CIOs moving forward with say large WS or T must upgrade your expansions. And then also since Liberation Day, are you seeing any of these initiatives kind of being crowded out by other priorities?

您好，感謝您回答我的問題，RPO 列印做得很好。埃里克，我想問您一個問題，鑑於自解放日以來事情似乎有所平息，您對 CIO 繼續前進的觀察或看法是什麼，比如說大型 WS 或 T 必須升級您的擴展。那麼自解放日以來，您是否發現這些措施被其他優先事項所排擠？

Well, I think one thing is very clear that the Liberation Day was just one more reason for CIOs and boards to recognize that this is mission-critical software. And what we are seeing is while some of the uncertainty is maybe getting more clear and some of the uncertainty is getting more common, people are figuring out how to work around the uncertainty.

嗯，我認為有一件事很清楚，那就是解放日只是讓 CIO 和董事會認識到這是關鍵任務軟體的另一個原因。我們看到的是，雖然一些不確定性可能變得更加清晰，一些不確定性變得更加普遍，但人們正在想辦法解決這些不確定性。

We're seeing that the most forward leaning companies are not holding back on investing in supply chain. They recognize this as a differentiator and they recognize it as something that they need to, look for strategic advantages. So we're not seeing large customers use this as a place to save money.

我們看到，最具前瞻性的公司並沒有停止對供應鏈的投資。他們認識到這是一個差異化因素，並且認識到這是他們需要尋求的策略優勢。因此，我們並沒有看到大客戶利用這個來省錢。

Now that being said, I'll continue to use the same caution that when it comes to rollout cycles, that's where they have, a little bit more flexibility and how quickly they want to spend and how quickly they want to deploy.

話雖如此，我將繼續保持同樣的謹慎，當談到推出週期時，他們擁有更多的靈活性，以及他們希望多快花錢和多快部署。

Great, thank you. And then, I appreciate your earlier comments on your, on the go to market investments you're making. On the marketing front or market awareness front, what can we expect, on that front for the balance of the year?

太好了，謝謝。然後，我很欣賞您先前對您正在進行的市場投資的評論。在行銷方面或市場意識方面，我們對今年剩餘時間的預期是什麼？

Yeah, we're in a period of change right now, so I think maybe a quarter for now we can give you a bigger update on what that's going to look like, but we have an open search for a Chief Marketing Officer, and, we've made it clear that we want to invest, we want to, change our awareness and presence in the market, and we're taking the steps to make sure that we do that.

是的，我們現在正處於變革時期，所以我想也許一個季度後我們可以給你一個更大的更新，關於未來將會是什麼樣子，但我們正在公開尋找首席營銷官，我們已經明確表示我們想要投資，我們想要改變我們在市場上的意識和存在，我們正在採取措施確保我們做到這一點。

Thank you. That's all for me.

謝謝。對我來說就這些了。

Thank you. [Chris Quintero], Morgan Stanley.

謝謝。 [Chris Quintero]，摩根士丹利。

Hey, Dennis. Great to be on the call here with you all. Thanks for taking the questions. [Mas] on the go to market changes here, just curious kind of how far along are we on those, how much more is left and when you think about the new sales reps that you're hiring, what's the kind of background and profile and is that different from the historical sales rep that you all have hired?

嘿，丹尼斯。很高興在這裡和大家通話。感謝您的提問。 [Mas] 關於市場變化，我只是好奇我們在這方面進展如何，還剩下多少？說到你們正在招募的新銷售代表，他們的背景和資歷是什麼樣的？他們和你們之前招募的銷售代表有什麼不同？

Yeah, so in terms of how far along we're just getting started, I mentioned a lot of these hires were in the past quarter since the last time we did this earnings call, backgrounds that are, coming from our competitors in many cases, and, they're coming from the competitors that we're often routinely beating, and they want to come be a part of Manhattan.

是的，就我們剛起步而言，我提到，自上次召開收益電話會議以來，很多員工都是在過去一個季度招聘的，他們的背景在很多情況下來自我們的競爭對手，而且，他們來自我們經常擊敗的競爭對手，他們希望成為曼哈頓的一部分。

So, this group of people that we hired has experience across, Blue Yonder and Oracle, Mad Mobile, Walmart, and just about every competitor, we're bringing in people that understand those businesses and can help us, build a better product and create more market awareness around our products.

因此，我們僱用的這群人都有來自 Blue Yonder、Oracle、Mad Mobile、沃爾瑪以及幾乎所有競爭對手的經驗，我們引進的是了解這些業務並能幫助我們打造更好的產品並為我們的產品創造更多市場知名度的人才。

Right, that's helpful, Eric, and then I want to follow up on services, really nice to see that outperformance in the quarter, the full year guide states unchanged. So just curious, like any change on how you're thinking about the full year or just stay conservative.

好的，這很有幫助，埃里克，然後我想跟進服務，很高興看到本季度的出色表現，全年指南保持不變。所以只是好奇，您對全年的看法有什麼改變嗎？還是只是保持保守？

Yeah, we're staying conservative, again, that's the part of our business that the customers have a lot of flexibility. It's time and material contracts, and if they want to, put their foot on the throttle and really go fast, we can help them do that. But if they want us down, we do that with them as well. So, we're just taking a conservative approach and, but we're pleased with where we are at this point in the year.

是的，我們保持保守，這是我們業務的一部分，客戶擁有很大的靈活性。這是時間和材料合同，如果他們願意，踩下油門，快速前進，我們可以幫助他們做到這一點。但如果他們想打倒我們，我們也會對他們這麼做。因此，我們只是採取保守的方法，但我們對今年目前的狀況感到滿意。

Excellent, thank you.

非常好，謝謝。

Thank you. I want that there are no further questions at this time. I'd like to turn the call back to Eric Clark for closing remarks.

謝謝。我希望此時沒有其他問題。我想請 Eric Clark 做最後發言。

Yeah, thanks so much. I appreciate you joining and appreciate all the questions. Bottom line, we're pleased. We had a very solid quarter and we did, better than expected and had great new logo performance and great margin expansion.

是的，非常感謝。感謝您的加入，也感謝您提出的所有問題。總而言之，我們很高興。我們本季表現非常穩健，表現優於預期，新標誌表現優異，利潤率大幅提升。

I'm personally very excited about the go to market changes. I'm excited about what Bob can bring to the global team, and, also excited to see the impact that Agentic AI will have on our business in the second half and beyond.

我個人對於市場變化感到非常興奮。我很高興看到 Bob 能為全球團隊帶來什麼，也很高興看到 Agentic AI 對我們下半年及以後的業務產生的影響。

Great, thank you and everyone this does conclude today's teleconference. We thank you for your participation. You may disconnect your lines at this time.

太好了，謝謝大家，今天的電話會議到此結束。我們感謝您的參與。現在您可以斷開線路。