Manhattan Associates Inc (MANH) 2025 Q3 法說會逐字稿

Good afternoon. My name is Vaughn, and I will be your conference facilitator today. At this time, I would like to welcome everyone to the Manhattan Associates quarter three 2025 earnings conference call. (Operator Instructions) As a reminder, ladies and gentlemen, this call is being recorded today, October 21, 2025.

午安.我叫沃恩，今天我將擔任你們的會議主持人。此時此刻，我謹代表曼哈頓聯合公司歡迎各位參加 2025 年第三季財報電話會議。（操作員指示）提醒各位，女士們、先生們，本次通話正在錄音，時間是2025年10月21日。

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.

現在我謹向大家介紹主持人，曼哈頓聯合公司投資人關係主管麥可鮑爾先生。鮑爾先生，您可以開始您的會議了。

(technical difficulty) we'll review our cautionary language and then and then turn the call over to our President and Chief Executive Officer, Eric Clark. During this call, including the Q&A session, we may make forward-looking statements regarding future events or Manhattan Associates' future financial performance.

（技術故障）我們將回顧我們的警告性措辭，然後將電話轉交給我們的總裁兼首席執行官埃里克·克拉克。在本次電話會議（包括問答環節）中，我們可能會對未來事件或曼哈頓聯合公司的未來財務表現做出前瞻性陳述。

We caution you that these forward-looking statements involve risk and uncertainties are not guarantees of future performance, and actual results may differ materially from the projections contained in our forward-looking statements. 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-Qs.

我們提醒您，這些前瞻性陳述涉及風險和不確定性，並非對未來績效的保證，實際結果可能與前瞻性陳述中包含的預測有重大差異。關於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，請參閱曼哈頓聯合公司向美國證券交易委員會提交的報告，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，以及我們在後續的 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. In addition, our comments include certain non-GAAP financial measures to provide additional information to investors. We have reconciled all non-GAAP measures to related 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.

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。此外，我們的評論中包含一些非GAAP財務指標，以便為投資者提供更多資訊。我們已依照美國證券交易委員會的規定，將所有非GAAP指標與相關的GAAP指標進行了核對。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 表格以及我們的網站 manh.com 上找到對帳表。

Now I'll turn the call over to Eric.

現在我把電話交給埃里克。

Great. Thank you, Mike. Good afternoon, everyone, and thank you for joining us as we review our third-quarter results, discuss our Q4 outlook, and provide some color on our 2026 cloud revenue growth. Our Q3 results were better than expected as 21% cloud revenue growth drove our top-line outperformance and earnings leverage.

偉大的。謝謝你，麥克。各位下午好，感謝各位參加本次會議，我們將回顧第三季度業績，討論第四季度展望，並展望 2026 年雲端收入成長情況。第三季業績好於預期，其中雲端收入成長 21% 推動了營收成長和獲利能力提升。

Also encouraging was our continued services revenue outperformance versus expectations. While the global macro environment remains volatile, our consistent execution throughout 2025, as well as our services backlog and pipeline all set the stage to get back to growth in services in 2026. RPO increased 23% year-over-year to $2.1 billion. Win rates remained very strong at 70%, and we experienced strength selling to existing customers highlighted by a meaningful sequential uptick in conversions and a growing pipeline of future conversion opportunities.

同樣令人鼓舞的是，我們的服務收入持續超出預期。儘管全球宏觀環境依然動盪，但我們在 2025 年的持續執行，以及我們的服務積壓訂單和專案儲備，都為 2026 年服務業務恢復成長奠定了基礎。RPO年增23%，達到21億美元。成交率維持在 70% 的強勁水平，我們向現有客戶銷售業績強勁，轉換率出現了顯著的連續成長，未來轉換機會也日益增多。

However, like the year-ago period, Q3 seasonality coupled with general lumpiness of large deals pressured net new logos, which were about 17% of our new cloud bookings in Q3, but still represent 50% of new cloud bookings year to date. Importantly, our 2025 year-to-date bookings performance is in line with our original projections and supports continued 20% subscription growth. And like the year-ago period, Q4 is off to a solid start. In light of these factors, we expect to achieve toward the high end of our full-year 2025 RPO outlook.

然而，與去年同期一樣，第三季的季節性因素加上大額交易的普遍波動，對淨新增客戶造成了壓力，第三季淨新增客戶約占我們新雲端預訂量的 17%，但今年迄今仍佔新雲端預訂量的 50%。重要的是，我們 2025 年迄今的預訂業績與我們最初的預測一致，並支持繼續保持 20% 的訂閱成長。與去年同期一樣，第四季開局良好。鑑於這些因素，我們預計能夠實現 2025 年全年 RPO 預期的高端目標。

As I stated in the past, Manhattan's business fundamentals are strong, and we're optimistic about our long-term opportunity. Our platform is superior, and our product portfolio offers best-in-class functionality across the supply chain commerce ecosystem. This is driving solid pipeline, which provides our sales team with numerous opportunities to drive growth. Those opportunities include adding new customers, cross selling our unified product portfolio, and converting our on-premise customers to the cloud.

正如我之前所說，曼哈頓的商業基本面強勁，我們對長期的發展機會充滿信心。我們的平台性能卓越，我們的產品組合在整個供應鏈商業生態系統中提供一流的功能。這為銷售通路的穩定發展提供了保障，也為我們的銷售團隊提供了許多推動成長的機會。這些機會包括增加新客戶、交叉銷售我們統一的產品組合，以及將我們的本地部署客戶轉換為雲端部署。

At the end of the third quarter, new logos continue to represent approximately 35% of our pipeline. From a vertical perspective, our end markets are diverse, and we have a healthy, established footprint across numerous subsectors, which include retail, grocery, food distribution, life sciences, industrial, technology, airlines, third-party logistics, and more.

第三季末，新標誌仍占我們業務總量的約 35%。從垂直角度來看，我們的終端市場十分多元化，我們在眾多子行業中擁有健康、穩固的業務基礎，包括零售、雜貨、食品分銷、生命科學、工業、技術、航空、第三方物流等等。

For example, Q3 bookings included the following notable deals. A global developer, manufacturer, and distributor of medical devices became a new logo Active Warehouse customer. A global top 10 retailer was a conversion from on-prem to Active Warehouse. A North American food distributor that was an existing Active Transportation and inventory customer expanded to include Active Warehouse and Active Omni.

例如，第三季的預訂包括以下幾項值得關注的交易。一家全球醫療器材開發商、製造商和分銷商成為 Active Warehouse 的新客戶。全球排名前十的零售商之一，從門市自營模式轉型為倉儲式銷售模式。北美食品經銷商，原本是 Active Transportation 的現有客戶，後來業務拓展至 Active Warehouse 和 Active Omni。

A global developer, manufacturer, and distributor of pharmaceuticals converted from on-prem to Active Warehouse. A food and beverage distributor converted from on-prem to Active Warehouse, and at the same time added our entire Active portfolio, including Active Transportation, Active Omni, and Active Supply Chain Planning. A leading telecommunications company became a new logo with Active scale, as well as a number of others.

全球性的藥品開發商、製造商和經銷商，已從在地化生產模式轉型為主動倉庫模式。一家食品飲料經銷商從現場銷售模式轉型為主動倉儲模式，同時也增加了我們所有的主動產品組合，包括主動運輸、主動全通路和主動供應鏈規劃。一家領先的電信公司採用了 Active Scale 的新標誌，其他一些公司也採用了類似的標誌。

And 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 over a broad set of industries and across our full product portfolio exemplifies our multiple opportunities for sustainable long-term growth. To successfully execute on these robust opportunities, we continue to strategically invest in our sales and marketing team and mature our go-to-market partnerships. I want to share several updates since our last call.

雖然大額交易的時機和預訂組合會因季度而異，但我們相信，來自新舊客戶、涵蓋廣泛行業和我們全部產品組合的預訂範圍，體現了我們實現可持續長期增長的多種機會。為了成功掌握這些強勁的機遇，我們將繼續對我們的銷售和行銷團隊進行策略性投資，並完善我們的市場推廣合作夥伴關係。我想和大家分享一下自上次通話以來的一些最新進展。

First, we continue to add key sales talent to the team, including sales specialists in our newer products. Additionally, in Q3, we launched a dedicated renewal team led by a Manhattan veteran. This team brings consistency across all of our renewals to make sure we are maximizing the opportunity for cross sell and expansion at the time of renewal.

首先，我們持續為團隊增添關鍵銷售人才，包括我們新產品的銷售專家。此外，在第三季度，我們成立了一支由曼哈頓資深人士領導的專門續約團隊。團隊確保我們所有續約工作保持一致性，從而最大限度地利用續約時的交叉銷售和業務拓展機會。

We also launched a conversion program. This enables us to take a more proactive and consultative approach to converting our on-prem customers to Manhattan Active. We've been very encouraged by the early results, including some early wins and significant pipeline growth for conversions.

我們也啟動了轉換率提升計畫。這使我們能夠採取更積極主動、更具諮詢性的方式，將我們的本地部署客戶轉化為 Manhattan Active 使用者。我們對初步結果感到非常鼓舞，包括一些早期的成功案例和轉換率的顯著增長。

And this afternoon, we announced the addition of Greg Betz to the newly created position of Chief Operating Officer. Greg brings more than two decades of experience leading complex global organizations. He has a proven track record of operational excellence and strategic execution. Most recently, Greg led Microsoft's global cloud onboarding organization called Fast Track, a flagship program designed to accelerate customer conversions to Microsoft cloud solutions.

今天下午，我們宣布任命格雷格·貝茨擔任新設立的營運長一職。格雷格擁有二十多年領導複雜全球組織的經驗。他擁有卓越的營運能力和策略執行力，並取得了顯著的成績。最近，Greg 領導了微軟的全球雲端遷移組織 Fast Track，這是一個旨在加速客戶向微軟雲端解決方案轉型的旗艦專案。

In his new position here at Manhattan, Greg will play a key role in helping scale the operational frameworks around conversions and renewals, as well as drive the next generation of our partner model across global SIs, Manhattan specialists, and technology partners like Google and Shopify. I'm delighted to welcome Greg to the team.

在曼哈頓擔任新職務後，Greg 將在幫助擴大轉換和續訂相關的營運框架方面發揮關鍵作用，並推動下一代合作夥伴模式在全球系統整合商、曼哈頓專家以及Google和 Shopify 等技術合作夥伴中的發展。我很高興歡迎格雷格加入團隊。

So now I'll turn to some updates on the products. We are investing in agentic AI across all of our Manhattan Active solutions, and we are focused on delivering high-impact use cases for key personas across our user community. Earlier this month, we made good on the promise that we made at Momentum about being ready to roll out agentic AI this fall. We're currently working with a number of strategic customers as part of an early access program focused on agent deployments.

接下來我將介紹一些產品方面的最新情況。我們正在曼哈頓活力解決方案的所有方面投資智慧人工智慧，並專注於為我們用戶社群中的關鍵角色提供高影響力用例。本月初，我們兌現了在 Momentum 大會上所做的承諾，準備在今年秋季推出智慧體人工智慧。我們目前正與一些策略客戶合作，開展一項以代理部署為重點的早期存取計畫。

The applications covered as part of this early access program include warehouse, transportation, store, and contact center. Our aim is to gather feedback, create additional capabilities, and roll out to multiple groups of early access customers throughout this quarter. We will move to general availability for this initial set of agents in early 2026.

此次早期訪問計畫涵蓋的應用程式包括倉庫、運輸、商店和呼叫中心。我們的目標是在本季收集回饋意見，開發更多功能，並向多組早期體驗客戶推出。我們將於 2026 年初開始向首批代理商全面開放服務。

So I'd like to share a couple examples of the value that our initial set of agents are already providing. In Active Warehouse, we have embedded agents into the workflow that monitor operational performance in real time and make high-impact recommendations to make key users more productive. This includes areas like wave planning, which drives all of the outbound activity within a DC. Our wave agent empowers DC super users to ensure that orders are being allocated effectively and turned into tasks, and that those tasks are being released reliably and completed on the DC floor.

因此，我想分享幾個例子，說明我們最初的一群代理人已經創造了哪些價值。在 Active Warehouse 中，我們已將代理商嵌入到工作流程中，這些代理商可以即時監控營運績效，並提出具有重大影響力的建議，以提高關鍵用戶的生產力。這包括波次計畫等領域，它驅動著配送中心內的所有出庫活動。我們的波次代理商賦予配送中心超級用戶權力，確保訂單有效分配並轉化為任務，以及這些任務能夠可靠地發布並在配送中心現場完成。

In Active Transportation, we have created freight audit and pay agents. By automating the induction and payment of freight bills, our agents increase efficiency, speed, and accuracy while reducing or even removing the need for human involvement. And remember, all of this is executed within our unified cloud-native API-first platform, embedding AI agents into the workflow to make people more productive. No data lakes, no latency, deployed in minutes, not months, and creating value for our customers in real time.

在主動運輸領域，我們創建了貨運審核和支付代理商。透過自動接收和支付貨運帳單，我們的代理商提高了效率、速度和準確性，同時減少甚至消除了人工幹預的需要。請記住，這一切都在我們統一的雲端原生 API 優先平台中執行，將 AI 代理程式嵌入到工作流程中，以提高人們的生產力。沒有資料湖，沒有延遲，幾分鐘內即可部署，而不是幾個月，並即時為我們的客戶創造價值。

Another announcement that we made at Momentum was the launch of a new product, Enterprise Promise and Fulfill. EPF is designed to work seamlessly with leading ERPs like SAP to help our customers add agility and responsiveness to their supply chains. With EPF, we help our customers monetize their inventory more effectively by helping them sell to anyone and fulfill from anywhere. And we improve the end customer experience by providing transparency and flexibility throughout the fulfillment process.

我們在 Momentum 大會上宣布的另一項消息是推出了一款新產品：Enterprise Promise and Fulfill。EPF 旨在與 SAP 等領先的 ERP 系統無縫協作，幫助我們的客戶提高供應鏈的敏捷性和回應能力。透過 EPF，我們幫助客戶更有效地實現庫存變現，幫助他們向任何人銷售產品，並從任何地方出貨。我們透過在整個履行過程中提供透明度和靈活性來改善最終客戶體驗。

We already have a number of customers live with EPF, and we've signed some substantial new deals recently, including one at a large global 3PL. As our wholesale customers continue to find growth through acquisition and industry consolidation, they're faced with increasingly complex and fragmented fulfillment networks. Their ability to maximize their value of acquisition hinges in part on their ability to hide this network complexity and instead to present a simple interface to their sales force, and EPF helps them do just that.

我們已經有許多客戶在使用 EPF，最近我們也簽署了一些重要的新協議，其中包括與一家大型全球第三方物流公司簽訂的協議。隨著我們的批發客戶透過收購和行業整合不斷實現成長，他們面臨日益複雜和分散的物流網絡。他們能否最大限度地提高收購價值，部分取決於他們能否隱藏這種網路複雜性，並向銷售人員提供一個簡單的介面，而 EPF 正好可以幫助他們做到這一點。

EPF also serves another important purpose for us. It provides a natural bridge between our supply chain planning and supply chain execution solutions, particularly outside of retail. The combination of planning and EPF serves as a nexus of network inventory and facilitates the forecasting, procurement, promising, and selling of that inventory across the widest possible market.

EPF對我們來說還有另一個重要的用途。它為我們的供應鏈規劃和供應鏈執行解決方案之間建立了一座天然的橋樑，尤其是在零售業以外的領域。規劃與 EPF 的結合，構成了網路庫存的樞紐，並有助於在盡可能廣泛的市場範圍內預測、採購、承諾和銷售該庫存。

And speaking of supply chain planning, we continue to make progress in this exciting new focus area for us. Our message around unifying planning and execution is absolutely resonating, and it's helping us find our way into deals that we weren't seeing just a year ago. The cloud-native architecture which underpins the Manhattan Active Platform allows us to unlock use cases that vendors focused only on planning simply can't match. We now have our first customer live on supply chain planning, a US-based retailer with over 700 stores.

說到供應鏈規劃，我們在這個令人興奮的新重點領域中不斷取得進展。我們對統一規劃和執行的理念引起了廣泛共鳴，並幫助我們找到了在一年前還看不到的交易機會。Manhattan Active Platform 採用雲端原生架構，使我們能夠實現僅專注於規劃的供應商根本無法匹敵的用例。我們現在迎來了第一位上線供應鏈規劃的客戶，這是一家總部位於美國的零售商，擁有 700 多家門市。

This customer also runs Active Warehouse and Active Transportation. A number of the other customers that we have going live in the next few months also run other Manhattan Active products, reflecting the strength of the cross-sell potential. We also continue to hire planning talent aggressively into our engineering teams, allowing us to make rapid progress on building out both core planning capabilities as well as differentiating unification features across planning and execution.

該客戶也經營 Active Warehouse 和 Active Transportation。在接下來的幾個月裡，我們還有一些其他客戶也將上線使用 Manhattan Active 的其他產品，這反映了交叉銷售的強大潛力。我們也持續積極地向我們的工程團隊招募規劃人才，使我們能夠快速建立核心規劃能力，並在規劃和執行方面實現差異化的統一功能。

So that concludes my product update, and before I hand it off to Dennis, I'd like to share that as we indicated last quarter, our chairman, Eddie Capel, will be completing his transition away from any remaining executive management responsibilities as of January 1, and will continue in his role as Chairman of the Board.

我的新品更新就到此結束。在將發言權交給丹尼斯之前，我想分享一下，正如我們上個季度所指出的，我們的董事長埃迪·卡佩爾將於 1 月 1 日起完成卸任所有剩餘的執行管理職責，並將繼續擔任董事會主席一職。

And with that, Dennis will provide you with an update on our financial performance and outlook, and then I'll close our prepared remarks before we open it up to Q&A. So Dennis, over to you.

接下來，丹尼斯將向大家報告我們的財務表現和展望，然後我將結束我們的發言，之後我們將進入問答環節。那麼，丹尼斯，該你了。

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 as our reported results returned to exceeding the Rule of 40, and we continued to generate solid free cash flow. Regarding FX, in Q3, it was a 1-point tailwind to year-over-year total revenue growth but did not have a material impact on year-to-date revenue growth. FX was a $2 million headwind to potential or to sequential RPO growth and a $7 million tailwind to year-over-year RPO growth.

謝謝你，埃里克。在充滿挑戰的宏觀環境下，我們位於曼哈頓的全球團隊持續保持良好的表現。本季度，我們的營收和利潤均超出預期，財務業績表現優於預期，報告結果再次超過 40 法則，我們繼續產生穩健的自由現金流。就外匯而言，第三季它對年比總收入成長起到了 1 個百分點的推動作用，但對年初至今的營收成長並沒有產生實質影響。外匯波動對潛在的或連續的 RPO 成長造成了 200 萬美元的不利影響，但對 RPO 的同比增長造成了 700 萬美元的有利影響。

Now turning to our Q3 results, our growth rates are reported on a year-over-year basis unless otherwise stated. For the quarter, total revenue was $276 million, up 3%, excluding license and maintenance revenue, which removes the compression driven by our cloud transition. Our total revenue was up 7%. Cloud revenue increased 21% to $105 million and was slightly better than expected. Services revenue declined 3% to $133 million, driving the better-than-expected performance with solid execution and timing of about $2 million of service revenue shifting to Q3 from Q4.

現在來看我們第三季的業績，除非另有說明，否則我們的成長率均以年比計算。本季總收入為 2.76 億美元，成長 3%，不包括授權和維護收入，這消除了我們雲端轉型帶來的壓縮。我們的總收入成長了7%。雲端業務營收成長 21% 至 1.05 億美元，略優於預期。服務收入下降 3% 至 1.33 億美元，但由於約 200 萬美元的服務收入從第四季度轉移到第三季度，公司業績好於預期，這主要得益於穩健的執行和時機把握。

As previously discussed, the year-over-year decline in services revenue reflects customary budgetary constraints that shifted services work to future periods. We ended Q3 with RPO of $2.1 billion, up 23% compared to the prior year and 3% sequentially. As Eric discussed, and like the year-ago period, our bookings were impacted by the lumpiness of large deals and Q3 seasonality.

如前所述，服務收入年減反映了慣例性的預算限制，導致服務工作延後到未來時期。第三季末，RPO 為 21 億美元，比上年同期成長 23%，季增 3%。正如艾瑞克所討論的那樣，與去年同期一樣，我們的預訂量受到了大宗交易的波動和第三季季節性因素的影響。

Importantly, Manhattan's demand remains robust, win rates are strong, and our year-to-date bookings performance has accelerated compared to the year-ago period. Again, in light of these factors, we expect to achieve towards the high end of our 2025 RPO outlook, XFX, despite the ongoing macro uncertainty.

重要的是，曼哈頓的需求依然強勁，中標率很高，而且與去年同期相比，我們今年迄今的預訂業績有所加快。再次強調，鑑於這些因素，儘管宏觀經濟情勢持續存在不確定性，我們預計 2025 年 RPO 預期目標 XFX 將接近高端。

Our average contract duration remains at 5.5 to 6 years. And as previously discussed, some customers are electing longer ramp timelines. While our customer contracts are non-cancellable, 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仍為 5.5 至 6 年。如同之前討論過的，有些客戶選擇更長的過渡期。雖然我們的客戶合約不可取消，但我們認為，當前的宏觀環境導致一些客戶對其合約的執行時間表採取了更保守的態度。因此，我們預計未來 24 個月內，RPO 的 38% 將確認為收入。

As we've previously stated, our teams are focused on accelerating the adoption of our products. And this will be one of the key areas of focus for our newly appointed COO, Greg Betz. Also remember, our contracts always allow customers to amend their timeline for quicker deployments, but not slower ones.

正如我們之前所說，我們的團隊正致力於加速我們產品的普及應用。這將是我們新任命的營運長格雷格·貝茨的重點關注領域之一。另外請記住，我們的合約始終允許客戶修改部署時間表以加快部署速度，但不允許修改部署速度減慢。

Adjusted operating profit was $103 million with an adjusted operating margin of 37.5%. This is up about 40 basis points year-over-year and nicely ahead of plan. 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 1.03 億美元，經調整後的營業利益率為 37.5%。這比去年同期上升了約 40 個基點，遠超預期。我們的業績成長得益於強勁的雲端收入成長以及雲端業務持續擴張所帶來的營運槓桿效應。

Turning to earnings per share, we delivered Q3 adjusted earnings per share of $1.36, up 1%, and GAAP EPS of $0.96, down 7%. As discussed last quarter, our higher tax rate is due to an increase in tax reserves caused by the acceleration of our domestic R&D cost deductions under the July 4 US tax law change. As such, this change will also lower our cash taxes paid and benefited Q3 operating cash flow by approximately $20 million and will likely benefit Q4 operating cash flow by about $15 million.

再來看每股收益，我們第三季調整後每股收益為 1.36 美元，成長 1%；GAAP 每股收益為 0.96 美元，下降 7%。正如上個季度所討論的，我們較高的稅率是由於美國稅法7月4日生效後，國內研發成本扣除加速，導致稅收儲備增加所致。因此，這項變更也將使我們支付的現金稅款減少約 2,000 萬美元，並使第三季的經營現金流受益，並可能使第四季度的營運現金流受益約 1,500 萬美元。

So moving to cash, operating cash flow increased 49% to $93 million. Removing the benefit from the US tax law change, operating cash flow increased about 18%. As reported, this resulted in a 32% free cash flow margin and a 38% adjusted EBITDA margin. Year to date, our operating cash flow is up 27% to $242 million.

現金方面，經營現金流成長了 49%，達到 9,300 萬美元。剔除美國稅法變更帶來的好處，經營現金流成長了約 18%。據報道，這使得自由現金流利潤率為 32%，調整後 EBITDA 利潤率為 38%。今年迄今為止，我們的營運現金流成長了 27%，達到 2.42 億美元。

Regarding the balance sheet, deferred revenue increased 17% to $297 million. We ended the quarter with $264 million in cash and zero debt. In the quarter, we leveraged our strong cash position and invested $50 million in share repurchases, resulting in $200 million in buybacks year to date. Additionally, our Board has approved the replenishment of our $100 million share repurchase authority.

從資產負債表來看，遞延收入成長了 17%，達到 2.97 億美元。本季末，我們擁有2.64億美元現金，且無任何債務。本季度，我們利用強勁的現金狀況，投資 5,000 萬美元用於股票回購，使今年迄今的股票回購總額達到 2 億美元。此外，董事會已批准補充1億美元的股票回購授權。

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. These are drivers to our best-in-class return on invested capital as we maintain a balanced investment approach to growth and profitability.

現在來談談我們更新後的 2025 年業績指引，我們的長期財務目標是實現可持續的兩位數營收成長和與企業軟體競爭對手相比位居前四分之一的營業利潤率。我們之所以能獲得業界領先的投資報酬率，是因為我們始終堅持在成長和獲利之間保持平衡的投資策略。

As noted on prior earnings calls, our goal is to update our RPO outlook on an annual basis. Year to date, FX has been about a $40 million tailwind to RPO. And removing this impact, we expect to achieve towards the high end of our guidance. Additionally, as previously discussed, our bookings performance is impacted by the number and relative value of large deals we close in any quarter, which can potentially cause lumpiness or non-linear bookings throughout the year. This was evidenced by our Q3 performance and our expectations of a strong conclusion of the year.

如同先前的財報電話會議中所述，我們的目標是每年更新一次 RPO 預期。今年迄今為止，外匯市場已為 RPO 帶來了約 4000 萬美元的利多。排除這一影響後，我們預計能夠達到預期目標的高端水準。此外，正如之前討論過的，我們的預訂業績會受到每季達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出現波動或非線性變化。第三季的業績以及我們對全年強勁收官的預期都證明了這一點。

As discussed earlier on this call, the macro environment remains uncertain. While clarity on external variables remains limited, given our strong year-to-date performance, we are raising our full-year total revenue, operating margin, and EPS outlooks. This guidance is also provided in our earnings release.

正如之前在本次電話會議中討論的那樣，宏觀環境仍然不明朗。儘管外部變數仍不明朗，但鑑於我們今年迄今的強勁業績，我們上調了全年總收入、營業利潤率和每股收益預期。我們的獲利報告中也提供了這方面的指引。

With that, for RPO, we continue to target $2.11 billion to $2.15 billion, excluding FX movements. For total revenue, we expect $1.03 billion to $1.077 billion, with a $1.075 billion midpoint comparing favorably to our prior outlook due to our year-to-date outperformance. For adjusted operating margin, we are increasing the midpoint to 35.6% from our prior midpoint of 35%, while increasing investment in our business

因此，對於 RPO，我們繼續將目標設定為 21.1 億美元至 21.5 億美元，不計外匯波動的影響。在總收入方面，我們預計為 10.3 億美元至 10.77 億美元，其中 10.75 億美元的中位數與我們先前的預期相比較為樂觀，這得益於我們年初至今的優異表現。調整後營業利益率的中點數值從先前的 35% 上調至 35.6%，同時我們也增加了對業務的投資。

Our full-year adjusted earnings per share midpoint is increasing $0.16 to $4.96, while our GAAP earnings per share midpoint increases $0.17 to $3.44. This implies Q4 total revenue of $264 million, which is $3 million lower than our prior Q4 midpoint as we now anticipate $1 million less of hardware revenue and, as previously discussed, the timing of $2 million of services revenue that shifted to Q3 from Q4. This results in our adjusted operating margin target of 33% and earnings per share of $1.11.

我們全年調整後每股盈餘中位數調高0.16美元至4.96美元，而GAAP每股盈餘中位數調高0.17美元至3.44美元。這意味著第四季總營收為2.64億美元，比我們先前的第四季中位數低300萬美元，原因是我們現在預計硬體收入將減少100萬美元，並且如前所述，200萬美元的服務收入從第四季度調整至第三季度。由此，我們調整後的營業利潤率目標為 33%，每股收益為 1.11 美元。

Now moving to our 2026 preliminary parameters, to be better aligned with our software peers and to provide adequate time for calendar budget cycles to firm up, going forward, we intend to provide our initial annual guidance that will continue to include all the familiar line-item transparency on our Q4 call. Otherwise, our philosophy towards guidance remains unchanged. And given our visibility, we continue to expect 20% cloud revenue growth in 2026. And as Eric previously highlighted, we also expect services to grow in 2026.

現在，我們轉向 2026 年的初步參數，為了更好地與我們的軟體同行保持一致，並為日曆預算週期的確定留出足夠的時間，我們計劃在第四季度電話會議上提供我們最初的年度指導，其中將繼續包括所有熟悉的明細項目透明度。除此之外，我們對指導的理念保持不變。根據我們的預測，我們仍然預計 2026 年雲端收入將成長 20%。正如埃里克之前強調的那樣，我們也預計服務將在 2026 年實現增長。

Additionally, with initiatives now in place to drive migration of our maintenance paying customers to cloud, we anticipate maintenance attrition will begin to accelerate next year. Removing the impacts of license and maintenance attrition, we expect our adjusted operating margin to expand between 50 to 75 basis points, which is in line with our historical approach to margin expansion, while also increasing investment in our business, particularly in sales and marketing.

此外，隨著我們推動付費維護客戶遷移到雲端的措施已經到位，我們預計明年維護流失率將開始加速上升。在剔除許可證和維護損耗的影響後，我們預計調整後的營業利潤率將擴大 50 至 75 個基點，這與我們以往擴大利潤率的做法一致，同時我們也增加了對業務的投資，尤其是在銷售和行銷方面。

And finally, while the global macroeconomic environment remains volatile, and we are in the very early stages of our 2026 budget cycle, we believe consensus 2026 estimates are generally appropriate. In summary, solid year-to-date execution by the Manhattan team globally, and we are looking forward to ending the year strong.

最後，儘管全球宏觀經濟環境仍然動盪不安，而且我們正處於 2026 年預算週期的初期階段，但我們認為 2026 年的共識估計總體上是合適的。總而言之，曼哈頓團隊今年迄今為止在全球範圍內表現出色，我們期待著以強勁的勢頭結束這一年。

Thank you, and back to Eric with some closing remarks.

謝謝，現在把麥克風交給艾瑞克，讓他做些總結發言。

Great. Thank you, Dennis. We are pleased with our Q3 and year-to-date financial results. And while we had to navigate some seasonality in Q3, we expect to achieve towards the high end of our RPO goals in 2025 and grow cloud revenue 20% in 2026. We're optimistic about our expanding market opportunity, and we're making strategic investments to accelerate our growth initiative to drive new logos, cross-sell our unified product portfolio, and convert our on-premise customers to the cloud.

偉大的。謝謝你，丹尼斯。我們對第三季和年初至今的財務表現感到滿意。儘管我們在第三季度必須應對一些季節性因素，但我們預計在 2025 年將實現 RPO 目標的較高水平，並在 2026 年實現雲端收入成長 20%。我們對不斷擴大的市場機會充滿信心，並正在進行策略性投資以加速我們的成長計劃，從而吸引新客戶，交叉銷售我們統一的產品組合，並將我們的本地客戶轉化為雲端客戶。

And with that, thank you to everyone for joining the call, and thank you to the Manhattan team for their dedication to our customers. And that concludes our prepared remarks, and we'd be happy to take any questions.

最後，感謝各位參加本次電話會議，也感謝曼哈頓團隊對客戶的奉獻。我們的發言到此結束，歡迎大家提問。

(Operator Instructions) Terry Tillman, Truist Securities.

（操作員說明）Terry Tillman，Truist Securities。

[Thanks] for taking my questions. Good afternoon, Eric, Dennis, and Mike. I have two questions. There's a lot of investor focus on RPO, a lot of interest in the story in general, but in particular, RPO. I know you're not giving any perspective for next year, but can you just share a little bit more on maybe your level of optimism about RPO levels and just visibility into that potential metric as we move into '26 and beyond?

謝謝您回答我的問題。下午好，艾瑞克、丹尼斯和麥克。我有兩個問題。投資人對 RPO 非常關注，對整個產業的發展歷程，尤其是 RPO 本身，都非常感興趣。我知道您沒有對明年做出任何展望，但您能否稍微分享一下您對 RPO 水平的樂觀程度，以及隨著我們進入 2026 年及以後，我們對這一潛在指標的可見性？

Because there's a lot of things going on here. You're going to get renewals based next year, potential cross-selling, conversions, et cetera. Just anything at least qualitatively you could share more around RPO as you think going forward and just optimism there. And I have a follow up.

因為這裡發生了很多事情。明年您將獲得續約收入、潛在的交叉銷售收入、轉換率等等。至少在定性方面，您能否分享更多關於RPO（招募流程外包）的想法，以及您對未來發展方向的樂觀態度。我還有一個後續問題。

Sure, so when you look at the third-quarter RPO, if you normalize the year-ago period for FX, it's actually double-digit growth of RPO in third quarter. And that's also 23% increase year over year. When you look forward to your fourth quarter and next year, I think one of the things that gives us a lot of clarity and a lot of optimism in where we expect to be with RPO next year is the renewal cycle. And you mentioned that, and it's something that we've talked about before.

當然，如果你看一下第三季的 RPO，如果將去年同期的匯率進行標準化處理，那麼第三季的 RPO 實際上實現了兩位數的成長。而且，這比去年同期成長了23%。展望第四季和明年，我認為讓我們對明年 RPO 的發展前景充滿信心和樂觀的因素之一是續約週期。你剛才也提到了這一點，我們之前也討論過這個問題。

If you think about the way we talk about current RPO, keep in mind, current RPO is 24 months. We've got a major renewal cycle coming over the next 18 months, and those are some big warehouse management customers that current RPO is dwindling down to zero until we renew, and then it gets kind of re-upped at a larger scale than it was before. So having visibility to that renewal cycle and visibility to what we've got in the pipeline is what gives us that confidence.

如果你想想我們談論目前 RPO 的方式，請記住，目前的 RPO 是 24 個月。接下來的 18 個月我們將迎來一個重要的續約週期，這些客戶都是大型倉庫管理客戶，目前的 RPO 客戶數量正在逐漸減少，直到我們續約，續約後客戶的規模會比以前更大。因此，了解續約週期和我們正在籌備的項目，才能讓我們充滿信心。

That's great. Thanks, Eric, for that. I always like hearing about the customer examples and the diversity for the new deals. I heard more this quarter felt like on conversions, but I'd just like to unpack a little bit more on some of your conversion strategies in unlocking this on-prem customer base and getting them to move to cloud. So kind of related to that, how are you thinking about the mix of cloud for your WMS customer base maybe ending this year and as we look out over the next couple of years? How do you see it trending? Thank you.

那太棒了。謝謝你，埃里克。我總是很喜歡聽客戶案例和新交易的多樣性。我聽說本季在轉換率方面投入了更多精力，但我只想更詳細地探討一下你們在解鎖本地客戶群並讓他們遷移到雲端方面的一些轉換策略。與此相關的是，您如何看待今年年底以及未來幾年貴公司 WMS 客戶群的雲端解決方案組合？你覺得它會如何發展？謝謝。

Yes, so thanks for the questions, Terry. We're pretty excited about the early success around conversions. So I stated a quarter ago that we were going to take a more proactive and a more consultative approach to conversions. Our theory historically has been our customers will convert when they're ready. And we've had more focus on going out and taking share from our competitors as opposed to converting our on-prem to the cloud.

是的，謝謝你的提問，特里。我們對轉換率方面取得的早期成功感到非常興奮。因此，我三個月前就說過，我們將採取更積極主動、更具諮詢性的方式來提高轉換率。我們一直以來的理論是，客戶會在準備好的時候轉換。我們更加重視走出去，從競爭對手那裡奪取市場份額，而不是將我們的本地部署遷移到雲端。

And as I stated before, we haven't lost any on-prem customers to anybody else's cloud. So we've had success in letting them convert when they're ready to convert. However, as the most recent versions of our on-prem software get older and older, the opportunity that is in front of these customers with the newest version of our cloud is getting bigger and bigger. And the gap between those on-prem versions is getting bigger and bigger. And bringing in agentic AI is going to make that change even faster.

正如我之前所說，我們沒有因為使用其他公司的雲端服務而流失任何本地部署客戶。因此，我們成功地讓他們在準備好轉換時進行轉換。然而，隨著我們本地部署軟體的最新版本越來越老舊，我們雲端服務的最新版本為這些客戶帶來的機會也越來越大。而且這些本地部署版本之間的差距越來越大。引入智能體人工智慧將加速這項變革。

So we've taken, as I mentioned, a more consultative approach, gone out to a first cohort of customers, which we identified about 100 customers that were similar. They're all warehouse customers. They're all similar size, running a similar number of warehouses. So we had confidence to go out to them and offer them fixed fee, fixed timeline conversion to Active Warehouse.

正如我剛才提到的，我們採取了更具諮詢性的方法，接觸了第一批客戶，我們確定了大約 100 位類似的客戶。他們都是倉庫客戶。它們規模都差不多，營運的倉庫數量也相近。因此，我們有信心提供他們固定費用、固定時間的Active Warehouse轉換方案。

And we were very pleased by the pickup rate and the number of customers that were ready to have that conversation quickly once they learned more about it. That very quickly turned into about 30 new pipeline deals for us. And we saw a deal closing in Q3. We've got more expected to close in Q4. And it's given a whole lot of energy around our conversion pipeline, which, as you know, creates cloud revenue and creates services revenue.

我們對轉換率以及在了解更多資訊後很快就願意進行對話的客戶數量感到非常滿意。這很快就為我們帶來了大約 30 筆新的管道交易。我們在第三季看到了一筆交易的達成。預計第四季會有更多項目完成交易。這為我們的轉換管道注入了大量活力，正如您所知，轉換管道能夠創造雲端收入和服務收入。

So in Q4, we will take that to additional cohorts from warehouse management. We're also taking it to a cohort around transportation management. And we're even using a similar theory to go after some of our customers that may be behind in their DC rollouts and offer them faster ways and fixed-fee ways to get back on track with their DC rollout. So a lot of excitement in the building here around what that's driving for us.

因此，在第四季度，我們將把這項措施推廣到倉庫管理的其他群體。我們也將把它推廣給一個交通運輸管理的學員。我們甚至運用類似的理論來爭取一些資料中心部署進度落後的客戶，並為他們提供更快的方法和固定費用的方法，幫助他們重新走上資料中心部署的正軌。所以，公司上下都對這件事以及它將帶給我們的動力感到非常興奮。

Appreciate that. Good luck in the 4Q. Thank you.

謝謝。祝你在第四季好運。謝謝。

Thank you, Terry.

謝謝你，特里。

(Operator Instructions) Brian Peterson, Raymond James.

（操作說明）布萊恩彼得森，雷蒙德詹姆斯。

Thanks, gentlemen, for taking the question. So Eric, you talked about the fourth quarter was off to a pretty strong start in terms of RPO or bookings. Is there any additional color that you could add to that? And maybe how did that fourth quarter look so far this year versus what you saw in the fourth quarter of last year at this point in the year?

謝謝各位先生回答這個問題。艾瑞克，你剛才提到第四季在 RPO 或預訂方面開局相當強勁。還能添加其他顏色嗎？那麼，今年第四季至今的情況與去年同期相比如何？

I think in any software business, the linearity typically is towards month three in a quarter. But sometimes when you have deals push into the next quarter and slip into the next quarter, that gets you off to a quicker start. Compared to a year ago, we experienced some of that. A year ago, we had a lower bookings Q3 and similar this year. And I think what you saw from us last year is we came back with a very strong Q4, and we expect to do something similar to that this year.

我認為在任何軟體產業，線性成長通常發生在季度中的第三個月左右。但有時，當一些交易推遲到下一個季度，或順延到下一個季度時，這反而能讓你更快啟動。與一年前相比，我們經歷了其中的一些情況。一年前的第三季度，我們的預訂量較低，今年也類似。我認為你們去年已經看到我們第四季表現非常強勁，我們預計今年也會有類似的表現。

And Greg looks like a very impressive hire. I just want to understand from your perspective, Eric, where do you see him coming in and helping you guys as you think about the growth story going forward? Thanks, guys.

格雷格看起來是一位非常優秀的員工。艾瑞克，我只是想從你的角度了解一下，你認為他會在哪些方面加入並幫助你們規劃未來的發展？謝謝各位。

Yes, so I think I mentioned getting him involved in some of our programs around conversions and renewals, strengthening, maturing our partner ecosystem. A lot of things that he's going to be focused on are about building pipeline from both existing customers and new logos faster. And I think, as I've talked about before, we've already got a lot of programs in place there, but I think we've got some low-hanging fruit where he can come in and make a difference pretty quickly.

是的，我想我之前提到過讓他參與我們的一些關於轉化和續約、加強和完善我們的合作夥伴生態系統的專案。他接下來要重點關注的事情有很多，其中之一就是如何更快地從現有客戶和新客戶建立銷售管道。而且我認為，正如我之前所說，我們已經在那裡制定了很多計劃，但我認為我們有一些唾手可得的成果，他可以很快地加入並發揮作用。

Thank you.

謝謝。

Joe Vruwink, Baird.

Joe Vruwink，Baird。

Hi. Great, thanks for taking my questions. On the fixed fee and time conversion strategy, can you maybe address the risk factor associated with this approach? I guess, are you able to share with customers? Obviously, if you're kind of commonizing the cohort, you probably have a pretty good experience to say that when and implementation remains in scope without change orders. They have been finishing on time and on budget. Is that kind of the approach here? And how do you think about the risk Manhattan takes on in this strategy?

你好。太好了，謝謝你回答我的問題。關於固定費用和時間轉換策略，您能否談談這種方法存在的風險因素？我想，您能和客戶分享嗎？顯然，如果你對群體進行某種程度的概括，你可能已經有了相當好的經驗來判斷何時以及實施是否仍在範圍內而無需變更指令。他們一直按時按預算完成專案。這就是這裡採用的方法嗎？你如何看待曼哈頓在這種策略中所承擔的風險？

Yes, so it's really about repeatability and similarity. So as you mentioned, this cohort of customers has a lot of things that are very similar. And because they're running our software that we deployed, we know exactly what their extensions are. We know how many warehouses they have. So there's not a whole lot of surprise there for us. So we can be pretty confident in what it takes.

是的，所以關鍵在於可重複性和相似性。正如您所提到的，這群客戶有很多非常相似的地方。因為他們運行的是我們部署的軟體，所以我們確切地知道他們的擴充是什麼。我們知道他們有多少倉庫。所以這對我們來說並沒有什麼太大的意外。所以我們可以相當肯定地知道需要做些什麼。

The other thing that plays into that is as we build more and more automation and leverage AI in our conversions and deployments, we want to monetize that. So over time, I think you'll see us doing more fixed fee across everything that we're doing just to make sure that we can monetize what we've built and monetize some of the acceleration that we've created. And that allows us to hold our margins.

另一個影響因素是，隨著我們建立越來越多的自動化系統並在轉換和部署中利用人工智慧，我們希望將其貨幣化。所以隨著時間的推移，我認為你會看到我們在所有業務中更多地採用固定費用，以確保我們能夠將我們已經建立的東西貨幣化，並將我們創造的一些加速成果貨幣化。這樣一來，我們就能維持利潤率。

Sure. No, that's important. I want to be clear. Is the biggest change, because you're talking -- when you alluded to how 2026 might look, the 2026 subgrowth, the return to growth in services, margin expansion, I mean, a lot of that at kind of a higher level, I suppose, is what you have been saying? Is that kind of the key message here? It's that you're not making kind of the explicit ranges that you normally give in preliminary commentary? But generally speaking, things are tracking to what you thought about 2026?

當然。不，這很重要。我想把話說清楚。最大的變化，因為你剛才提到了 2026 年的前景，2026 年的次級增長，服務業恢復增長，利潤率擴張，我的意思是，很多更高層面的變化，我想，這就是你一直在說的嗎？這就是這裡想要傳達的關鍵訊息嗎？是不是因為你沒有像通常在初步評論中那樣給出明確的範圍？但總的來說，事情的發展和你對2026年的預期一致嗎？

Yes, that's right, and we're comfortable that the consensus that's out there is in the right ballpark, and we'll give clear guidance on the next call.

是的，沒錯，我們認為目前的共識大致正確，我們將在下次電話會議上給予明確的指導。

Okay, thank you.

好的，謝謝。

Chris Quintero, Morgan Stanley.

克里斯昆特羅，摩根士丹利。

Hey, Eric. Hey, Dennis. Thanks for taking our questions here. I want to -- kind of similar to Terry's question, but from the services angle, just curious, how would you kind of describe it from a qualitative perspective in terms of the momentum as we head into '26? I know it's still early, but just curious. At a high level, any qualitative commentary?

嘿，艾瑞克。嘿，丹尼斯。感謝您回答我們的問題。我想問一個與 Terry 的問題有點類似，但從服務業的角度來看，只是好奇，從定性的角度來看，您會如何描述我們邁向 2026 年的勢頭？我知道現在問這個問題還太早，但我只是好奇。從宏觀層面來看，有什麼定性評論嗎？

Because there's a lot of stuff going on there, right? You're moving to more of a fixed fee, you're speeding up some of these implementation timelines, but you also have a huge on-premise space that you're trying to move over. So just kind of curious at a high level, how would you kind of describe that qualitatively?

因為那裡發生了很多事情，對吧？你們正在轉向更固定的收費方式，加快一些實作進度，但你們也正在嘗試遷移龐大的本地部署空間。所以，我只是有點好奇，從宏觀層面來說，您會如何定性地描述它？

Yes, so throughout this year we've seen the services pipeline continue to strengthen, the backlog continue to strengthen. So we are optimistic about how that's building. And we're feel like we're in a good place where we are right now in Q4 and feel like we're going to be in a better place as we go into next year. And again, you look at where we are year-to-date, growth on RPO, still expecting to hit the high end of the guidance on full-year RPO, exceeding our financial numbers in Q3 and year to date, so we're pleased with where we are and the business continues to operate well and perform well.

是的，今年以來，我們看到服務業務管道持續增強，積壓訂單也持續增加。所以我們對它的發展前景持樂觀態度。我們感覺目前第四季的情況不錯，而且感覺明年我們會處於更好的狀態。再看看我們今年迄今為止的業績，RPO 實現了增長，我們仍然預計全年 RPO 將達到預期上限，第三季度和今年迄今為止的財務數據均超過了預期，因此我們對目前的狀況感到滿意，業務繼續良好運營和表現。

Got it. Super helpful. As you were talking through some of the customer examples from the quarter, I was really struck by the food and beverage customer that converted and added the entire Active portfolio. Just curious if there are any lessons from that conversion, and how applicable could this be to the rest of the base?

知道了。非常有用。在您介紹本季的一些客戶案例時，我印象最深刻的是那位食品飲料行業的客戶，他成功轉換並購買了整個 Active 產品組合。我只是好奇這次轉換有沒有什麼經驗教訓，以及這些經驗教訓對基地其他部分有多大的適用性？

Yes, so the examples I gave this quarter, heavy dose of conversions and a heavy dose of cross sell. And that one had both. I think the message there is this unification story is truly resonating. I mentioned that one of the big takeaways from our Momentum conference in May is we had a lot of customers that said a year ago it was a great story, but now we've seen that it's real and we've got to get on board. Once they realize that, it takes a bit of time for it to start happening, but it's happening. We see it in the pipeline and we saw it in the results in Q3.

是的，所以我在本季舉的例子，都是大量運用轉換率和交叉銷售。而那一個兩者兼備。我認為這傳遞的訊息是，這個統一的故事確實引起了人們的共鳴。我提到，我們在五月的「勢頭」大會上最大的收穫之一是，很多客戶表示，一年前這只是一個很棒的故事，但現在我們看到它是真實的，我們必須加入。一旦他們意識到這一點，雖然需要一些時間才能開始發生，但它正在發生。我們在產品線中看到了這一點，也在第三季的業績中看到了這一點。

Awesome. Thanks so much, Eric.

驚人的。非常感謝你，埃里克。

Yes, thank you.

是的，謝謝。

Dylan Becker, William Blair.

迪倫貝克爾，威廉布萊爾。

Hey, gentlemen, appreciate it. Maybe for Eric, starting out here, we talked about kind of structure and maybe some mechanization of a handful of processes around conversions, renewals. We've talked about partners in the past. All of that kind of ties into growing capacity and backlog kind of evident in the RPO and bookings commentary, maybe. But how are you thinking about scaling the kind of SI ecosystem to help kind of match the capacity side of the equation relative to what feels like a pretty healthy backlog and growth from a demand perspective as things shape up into 2026?

嘿，各位先生，謝謝。也許對艾瑞克來說，從這裡開始，我們討論的是某種結構，以及圍繞著轉換、續訂的一些流程的機械化。我們之前也討論過合作夥伴的問題。所有這些都與產能成長和積壓訂單有關，這可能可以從 RPO 和預訂評論中看出。但是，您打算如何擴展系統整合生態系統，以幫助匹配產能方面的需求，以應對 2026 年以來相當健康的積壓訂單和需求成長？

Yes, so we've started having those conversations with our SI partners. In fact, we had one of them here in the office all day today. And they're pretty excited about where we're headed as well. I think some of the changes that we're making really put us, our partner program, more similar to what they're used to with ServiceNow or Salesforce where they've got more clear expectations of how we're going to support them and help them grow their business, but also more clear expectations about what we expect from them in terms of bringing us opportunities and bringing us deals, and then having us help them win those deals together, so I think building that clarity and that trust.

是的，我們已經開始與系統整合合作夥伴進行這些對話了。事實上，今天我們辦公室裡就有一隻這樣的狗。他們對我們的未來發展方向也感到非常興奮。我認為我們正在進行的一些改變，確實使我們的合作夥伴計劃更接近他們過去在 ServiceNow 或 Salesforce 等平台上的體驗，他們對我們將如何支持他們並幫助他們發展業務有了更清晰的期望，同時也對我們期望他們為我們帶來機會和交易，以及我們幫助他們共同贏得這些交易有了更清晰的期望。所以我認為，建立這種清晰度和信任至關重要。

The other thing that we did is Greg will be taking over our training education certification team, which will make it more easily available for our partners and will give us a better opportunity to build that ecosystem of certified consultants out in the market and also measure our partners on how many certified consultants they've got by product to make sure that they're building their teams the way that we need and expect them to.

我們做的另一件事是，Greg 將接管我們的培訓教育認證團隊，這將使我們的合作夥伴更容易獲得認證，並給我們提供更好的機會在市場上建立認證顧問生態系統，還可以衡量我們的合作夥伴按產品擁有的認證顧問數量，以確保他們按照我們需要和期望的方式組建團隊。

Okay, that's very helpful. And then maybe you hinted at obviously foundry at the conference and the opportunity for AI and agents, maybe some early use cases, more GA deployments expected here in 2026. But could you talk or expand on some of kind of the receptivity and use cases you're seeing from customers maybe to what extent that's serving as an additional [carat] on this accelerated kind of conversion opportunity? You called out several examples around kind of unification. It feels like to get full platform value, obviously, adopt more and lean into the agentic approach, but wondering if that's resonating in conversations. Thanks.

好的，這很有幫助。然後，您可能暗示了大會上明顯的 Foundry 以及人工智慧和代理的機會，也許還有一些早期用例，預計 2026 年將會有更多 GA 部署。您能否談談或詳細說明您從客戶那裡看到的接受度和使用案例，以及這些在多大程度上為這種加速轉換機會增添了額外的優勢？你列舉了幾個關於某種統一性的例子。感覺要充分發揮平台價值，顯然需要更多地採用和傾向於代理方法，但不知道這是否在對話中引起了共鳴。謝謝。

Yes, so thanks for that. And the short answer is yes. It's resonating very well. And in fact, as the word has gotten out in the Manhattan community that we have some early access customers out there, I've been in a few conversations with customers where they've told me, hey, I thought I was one of your best customers. How come I'm not in the early access program? So we've had to let some more in, and we've continued to have waves of customers getting into the early access program.

是的，非常感謝。簡而言之，答案是肯定的。它引起了很好的共鳴。事實上，隨著我們在曼哈頓社區擁有了一些早期體驗客戶的消息傳開，我與一些客戶進行了交談，他們告訴我：“嘿，我以為我是你們最好的客戶之一。”為什麼我沒有被列入提前體驗計畫？所以我們不得不讓更多人加入，而且我們不斷有新一波的客戶加入早期體驗計畫。

And the feedback has been quite positive and very encouraging. In fact, the transportation example that I gave earlier, one of our customers even asked if they could extend that across the part of transportation that isn't on Manhattan yet and use that agent across their entire transportation network. So we're exploring that option with them as well because while it is in their plan to move Manhattan across their entire transportation network, if we can get our agents out there in advance, that gives us an opportunity to help them move even faster across that domain.

收到的回饋相當積極，令人鼓舞。事實上，就我之前提到的交通運輸例子而言，我們的一位客戶甚至問他們是否可以將這種模式擴展到曼哈頓以外的交通運輸領域，並在其整個交通網絡中使用該代理商。所以我們也在和他們探討這個方案，因為雖然他們的計畫是讓曼哈頓透過他們的整個交通網絡進行運輸，但如果我們能提前派我們的經紀人到那裡，就能幫助他們更快地跨越這個區域。

Great. Thank you.

偉大的。謝謝。

Thank you.

謝謝。

Parker Lane, Stifel.

帕克巷，斯蒂費爾。

Hey, guys. Good afternoon. Thanks for taking the question. Eric, you talked about the new dedicated renewal team and the launch of the conversion program, obviously added Greg here this afternoon. How should we think about the investments you're making in sales and marketing around this? Is this a lot of people that have been shifted into these new teams or initiatives? Is there some incremental step up in investment that you're making? Thanks.

嘿，夥計們。午安.感謝您回答這個問題。艾瑞克，你談到了新的專門續約團隊和轉換計畫的啟動，顯然今天下午又加入了格雷格。我們該如何看待你們圍繞著這方面在銷售和行銷方面的投資？有很多人被調到這些新團隊或專案中嗎？你們的投資是否有逐步增加的計畫？謝謝。

Yes, so definitely incremental step-up in investment, but it's also a mix of leveraging Manhattan veterans to make sure that we've got some of that knowledge on board as well. So I mentioned that our new dedicated renewals team is led by a Manhattan veteran. John Liberman's been with the company 27 years, knows this company inside and out, and we've built a team around him of people that have been in the company as well as people from outside the company that have experience in renewals.

是的，所以投資肯定會逐步增加，但同時也要利用曼哈頓老手的經驗，確保我們也能掌握一些這方面的知識。所以我提到，我們新成立的專門續約團隊由一位曼哈頓資深人士領導。John Liberman 在公司工作了 27 年，對公司瞭如指掌，我們圍繞他組建了一支團隊，團隊成員既有公司內部員工，也有公司外部在續約方面有經驗的人員。

Greg is another example of bringing in somebody from Microsoft that's been very focused on conversions and getting customers to not only convert but expand within the Microsoft Cloud Platform. So all of those concepts are things where we want to have a combination of outside knowledge and skills and ideas with all of the deep knowledge that we've got here at Manhattan. One of the things that we take pride in at Manhattan is the longevity of this team, and we want to make sure that we take advantage of that as well. I don't think any of our competitors can put together that mix of longevity with new skills like we can.

Greg 是另一個例子，說明從微軟引進人才，非常注重轉換率，不僅要讓客戶轉化，還要讓他們在微軟雲端平台內擴展業務。所以所有這些概念都是我們希望將外部知識、技能和想法與我們在曼哈頓學院所擁有的所有深厚知識相結合的東西。曼哈頓隊引以為傲的一點就是這支隊伍的穩定性，我們也希望確保充分利用這一優勢。我認為我們的競爭對手中，沒有人能像我們一樣，將資歷與新技能完美結合。

One follow up on a comment you made earlier about working with customers that are a little bit behind on DC rollouts, is that primarily something that's related to services and budget unlock inside of them, or are there other commonalities that you find in that cohort that you can work on to get them across the goal line?

關於您之前提到的與在資料中心部署方面稍有滯後的客戶合作，我想進一步了解一下，這主要是與他們內部的服務和預算解鎖有關，還是您在這些客戶群體中發現了其他共同點，可以著手幫助他們實現目標？

Really, it's a mix. There are some cases where maybe they've gotten -- the customer has gotten focused on something else and hasn't been as focused on getting all of their warehouses rolled out. So it's really kind of, I would say, similar to I mentioned earlier about conversions. We've always taken the approach of they'll come to us when they're ready.

實際上，這是一種混合情況。有些情況下，可能是客戶把注意力轉移到了其他事情上，而沒有像之前那樣專注於完成所有倉庫的部署。所以，我覺得這其實跟我之前提到的轉換問題有點類似。我們一直秉持的原則是，當他們準備好的時候，自然會來找我們。

There's been a little bit of that with DCs as well. Maybe when we sell the new deal that includes the first five warehouses, and we get those done and then we move on to the next customer, and we don't go ask them about 6 through 15. So now we're doing that and we're taking a more proactive, consultative approach to make sure they get everything deployed.

DCs 也出現了一些類似的情況。也許當我們賣出包含前五個倉庫的新合同，完成這些之後，我們就可以去服務下一個客戶，而不會再去問他們關於第 6 到 15 個倉庫的事情了。所以現在我們正在這樣做，並且採取更積極主動、協商一致的方式來確保他們完成所有部署工作。

Got it. Thanks for the feedback.

知道了。感謝您的回饋。

Yes, thank you.

是的，謝謝。

George Kurosawa, Citi.

喬治·黑澤，花旗銀行。

Hey, thanks for taking the question here. I wanted to ask about the services upside in the quarter. It was nice to see the stabilization there. Maybe if you could unpack the drivers of that upside and maybe that seemed like the $2 million pulled from Q4 into Q3. Was that a function of maybe resumed projects that had been maybe paused or slowed a bit earlier in the year? Was there some other dynamic at play there? Thanks.

嘿，謝謝你在這裡回答這個問題。我想詢問一下本季服務業的成長情況。很高興看到那裡局勢趨於穩定。也許如果你能分析出這種上漲的驅動因素，也許就能看出第四季到第三季之間節省的 200 萬美元了。這是否與年初暫停或放緩的專案恢復有關？是否還有其他因素在起作用？謝謝。

Yes, thank you. So I think first and foremost, the services team continues to execute at a very high level. And some of that, what you saw, Q4 being pulled into Q3 as a result of that, they're executing it at a high level, and they're finding the opportunity to bring things quicker. And we've got happy customers that want to move faster. So we'll continue to look for opportunities. And I mentioned earlier, we've got a building pipeline and a building backlog in services, which gives us a whole lot of optimism going into 2026.

是的，謝謝。所以我認為，首先，服務團隊繼續保持非常高的執行水準。而你看到的，由於這些原因，第四季度的工作被提前到了第三季度，他們正在高水準地執行這些工作，並且他們正在尋找機會更快地完成工作。我們有很多滿意的客戶，他們希望加快進度。所以我們會繼續尋找機會。正如我之前提到的，我們在服務領域擁有不斷增長的項目儲備和積壓訂單，這讓我們對 2026 年充滿樂觀。

Okay, great, great. And then you referenced some of the hiring you're doing on the go-to-market side. Maybe you could just give some color on how that's going relative to your plan and what the initial productivity ramp looks like for those new hires. Thanks.

好的，太好了。然後你提到了你在市場推廣方面進行的一些招募工作。或許您可以詳細說明一下，相對於您的計劃，進展情況如何，以及這些新員工的初期生產力提升情況如何。謝謝。

Yes, so I mentioned last quarter we brought in new leaders for both TMS and POS. We also brought in a strategic selling leader. All of those leaders are building out their teams and continue to bring in talent. I kind of described it as a little bit of a snowball effect. We start to bring in talent that is well-known in the market, and that talent attracts more talent.

是的，正如我上個季度提到的，我們為TMS和POS都引入了新的領導者。我們也聘請了一位策略銷售負責人。所有這些領導者都在擴充團隊，並不斷引進人才。我把它比喻成滾雪球效應。我們開始引進業內知名的優秀人才，而這些人才又會吸引更多的人才。

And you kind of go from recruiting talent to deciding which ones you want to bring in because everybody wants to join. So we're kind of in a luxury right now where we've got kind of a great pipeline of very strong candidates coming in, and we continue to bring them in at what we think is the right pace so that we can continue to get people effective very quickly, not have too many coming in at one time, but we'll continue to have a steady growth of our sales team across the next several quarters.

然後，你就得從招募人才轉變為決定要引進哪些人才，因為每個人都想加入。所以我們現在處於一種有利地位，我們擁有大量優秀的候選人源源不斷地湧入，我們會繼續以我們認為合適的速度引進他們，這樣我們就可以繼續快速地讓員工發揮作用，不會一次性引進太多人，但我們的銷售團隊將在未來幾個季度繼續穩步增長。

George, we also continue to drive solid margins in terms of the investment that Eric's talking about. So very strong operating margins.

喬治，就艾瑞克提到的投資而言，我們也持續保持著穩健的利潤率。因此，營業利潤率非常高。

Understood. Thanks for the color.

明白了。謝謝你提供的色彩。

Guy Hardwick, Barclays.

蓋伊哈德威克，巴克萊銀行。

Hi, good afternoon. Hello, Eric, I was wondering if you could -- I know you touched on this in the last quarter, but whether you could expand a little bit more on the impact of agentic AI, both externally and internally, maybe starting internally. The R&D to sales ratio is still rising as you're investing, but what point will we potentially see some leverage on R&D from agentic AI and then also externally in terms of incremental revenues? I know the model may have to be different for agentic AI than the SaaS model, but perhaps you could expand a little bit on that?

您好，下午好。你好，Eric，我想問一下——我知道你在上個季度談到了這一點，但你是否可以再詳細闡述一下智能AI的影響，包括外部和內部的影響，也許可以從內部開始談起。隨著研發投入的增加，研發與銷售的比率仍在上升，但是我們什麼時候才能看到人工智慧研發以及外部研發在增量收入方面產生一些槓桿作用呢？我知道智能體人工智慧的模型可能與SaaS模型有所不同，但您能否就此稍作詳細說明？

So internally, we are absolutely seeing leverage from agentic AI right now, and not just in R&D, but across just about every department within the company. I would say specifically in R&D, and I mentioned this last quarter as well, we've taken the approach -- while you've seen some companies in the market talk about big layoffs because of agentic AI, we've taken a different approach, and that is we're doing a whole lot more by leveraging agentic AI.

因此，在公司內部，我們確實看到了智慧人工智慧帶來的優勢，而且不僅僅是在研發領域，而是在公司內部的幾乎每個部門。我想特別指出的是，在研發方面，我在上個季度也提到過這一點，我們採取了不同的方法——雖然你看到市場上一些公司因為人工智慧的出現而談論大規模裁員，但我們採取了不同的方法，那就是我們正在利用人工智慧做更多的事情。

So we continue to add talent to the company, and we continue to hire. But every quarter, as we do our quarterly releases on all of our products, we have more and more features each quarter. So we're making the gap between us and the competition bigger and bigger every quarter and making it harder and harder for anybody else to be able to compete with us. So that's internal.

因此，我們會繼續為公司補充人才，並繼續招募。但是，每個季度，隨著我們所有產品發布季度更新，我們每個季度都會增加越來越多的功能。因此，我們每季都在拉大與競爭對手之間的差距，讓其他任何競爭對手都越來越難與我們競爭。這是內部事務。

And then external, As I mentioned, we're really excited about what we've got with agentic AI. We've got a lot of customers that are excited about it. I think what's truly unique about what we have with agentic AI in our platform is because our team has stuck to this model of truly cloud-native microservice API first, we don't have to be talking about data lakes, and we don't have to be talking about latency. We don't have to have discussions about increased security because you're moving data somewhere else and then you've got to take an action to move it back into the core system.

至於外部方面，正如我所提到的，我們對智能體人工智慧的成果感到非常興奮。我們有很多客戶對此感到興奮。我認為我們平台中智慧AI的真正獨特之處在於，因為我們的團隊堅持採用真正的雲端原生微服務API優先的模式，所以我們不必討論資料湖，也不必討論延遲。我們不必討論如何提高安全性，因為你把資料轉移到了其他地方，然後你必須採取措施將其移回核心系統。

Everything -- all of our agentic AI can be done natively in our platform, which allows us to deploy agents in minutes, not months, and allows our customers to take advantage of it right away. All of those things resonate very, very well with our customers. When they're having conversations with lots of software partners about how to take advantage of AI, it's a very different conversation with us that they like. So that's going to create a lot of opportunities for us to truly own and control the domain around supply chain when it comes to agentic AI.

所有的一切——我們所有的智慧體人工智慧都可以在我們的平台上原生實現，這使我們能夠在幾分鐘內（而不是幾個月內）部署智能體，並讓我們的客戶立即從中受益。這些都與我們的客戶產生了非常非常好的共鳴。當他們與眾多軟體合作夥伴探討如何利用人工智慧時，他們喜歡與我們進行的對話卻截然不同。因此，這將為我們創造許多機會，讓我們在智慧體人工智慧領域真正擁有和控制供應鏈領域。

Now from a revenue perspective, we've taken a very conservative approach. We're just getting into this, and we want to work through it with our customers and see what this is going to look like before we start to talk about how much revenue growth it's going to do for us. Again, different than some of the other players in the software space.

從收入角度來看，我們採取了非常保守的做法。我們才剛開始涉足這個領域，我們希望先與客戶一起探索，看看最終效果如何，然後再討論它能為我們帶來多少收入成長。再次強調，這與其他一些軟體領域的參與者有所不同。

Just a quick follow up for Dennis. Just to be clear, the RPO guidance of $2.11 billion to $2.15 billion excludes FX?

給丹尼斯的一個小後續問題。需要明確的是，RPO 預期值 21.1 億美元至 21.5 億美元不包括外匯影響嗎？

Yes.

是的。

Reportedly, it could be a lot higher than that, including FX?

據報道，實際數字可能遠高於此，包括外匯因素在內？

Yes.

是的。

Thank you.

謝謝。

Absolutely. Thank you.

絕對地。謝謝。

Mark Schappel, Loop Capital Markets.

馬克‧沙佩爾 (Mark Schappel)，Loop 資本市場。

Thank you for taking my question. Eric, it was good to hear the call out on the supply chain planning win as part of the larger deal. I was wondering if you could just provide some additional color on where the relatively new application stands with respect to, say, reference customers built out to date. And also, too, if you could just maybe touch on where you would like to see that product by the end of next year, 2026.

感謝您回答我的問題。艾瑞克，很高興聽到供應鏈規劃項目作為更大交易的一部分而獲得認可。我想請您補充一些關於這個相對較新的應用程式目前發展狀況的信息，例如，目前為止已經建立的參考客戶案例。另外，如果您能稍微談談您希望該產品在明年年底（2026 年）達到什麼水平，那就太好了。

Yes, so as I've said on the past couple of calls, we're ahead of schedule in terms of customers and pipeline. And I think one thing that's been, I guess, expected is that it's a great unification play. Customers that are using warehouse and transportation, it's a natural add on.

是的，正如我在過去幾次電話會議中所說，我們在客戶和業務拓展方面都提前完成了計劃。我想，大家可能都預料到，這是一部偉大的統一劇。對於使用倉儲和運輸服務的客戶來說，這是一個很自然的附加服務。

Maybe the thing that was a little less expected but very positive for us is we're also seeing customers look at supply chain planning as an entry point, as the first product that they've bought from Manhattan or the first Active product that they've used. So that's very encouraging for us.

也許有些出乎意料但對我們來說非常積極的一點是，我們也看到客戶將供應鏈規劃視為一個切入點，作為他們從曼哈頓購買的第一件產品，或者他們使用的第一件Active產品。這對我們來說是個很大的鼓舞。

The pipeline is, again, in good shape and ahead of where we expected it to be. I don't have a number in mind of where it needs to be at the end of next year. But if you look at all of our products as we've launched them, how they've grown, we're very pleased with where this one is.

管道狀況良好，進度也超出了我們的預期。我還沒有一個具體的數字目標，那就是到明年年底它需要達到多少。但如果你回顧我們所有產品的上市歷程，看看它們是如何發展壯大的，我們對這款產品目前的狀況非常滿意。

Great, thank you. And then shifting over to point of sale, not much discussion around point of sale this quarter. I was wondering if you could just maybe spell out some of the challenges that you face in that business right now.

太好了，謝謝。然後話題轉向銷售點，本季關於銷售點的討論並不多。我想問您能否具體談談您目前在這個行業面臨的一些挑戰。

Well, point-of-sale is a pretty exciting place to be. So I did mention in my list of new deals, I talked about Omni, which includes point-of-sale. So we do have some new point-of-sale in there. And if you look purely at point-of-sale transactions, which is how we charge for point-of-sale based on transactions, we're up over -- Q3, up over 80% year over year.

嗯，銷售點真是一個令人興奮的地方。所以，我在新交易清單中提到了 Omni，其中包括銷售點系統。所以我們那裡確實有一些新的銷售點設備。如果只看銷售點交易，也就是我們根據交易量收取銷售點費用的方式，那麼第三季年增超過 80%。

So that's a combination of our point-of-sale customers continuing to add new stores and store growth, as well as more transactions in the stores and more registers and putting our point-of-sale product into more places. So yes, I think point-of-sale is one of those gifts that keeps on giving. And as we see our retail customers grow, we're growing right along with them. So Q3 up 80% year over year. We're pretty excited about the retail season and peak coming up here in Q4.

這是由於我們的銷售點客戶不斷增加新店和門市數量成長，以及門市交易量和收銀機數量的增加，並將我們的銷售點產品推廣到更多地方等因素共同作用的結果。所以，是的，我認為銷售點系統是那種能帶來持續收益的禮物之一。隨著我們的零售客戶不斷壯大，我們也與他們一起成長。所以第三季年增了80%。我們對即將到來的第四季零售旺季感到非常興奮。

Thank you.

謝謝。

Lachlan Brown, Rothschild & Co.

拉克蘭布朗，羅斯柴爾德公司

Hi, Eric, Dennis. Thanks for the questions. Could you talk to the feedback that you've had from the early access program on agentic AI? And how should we think about the gross margin impact from these solutions? I guess some of your peers have pointed to a level of dilution given the high cost to compute. Should we expect something similar here, or is the intention to preserve those margins within the cloud solutions?

嗨，艾瑞克，丹尼斯。謝謝大家的提問。您能否談談您從早期體驗計畫中收到的關於智慧體人工智慧的回饋？我們該如何看待這些解決方案對毛利率的影響？我想你們的一些同行已經指出，考慮到計算成本高昂，這可能會導致一定程度的稀釋。我們是否應該預期這裡也會出現類似的情況，還是說雲端解決方案的目的是為了維持這些利潤空間？

Absolutely, intention is to preserve our margins, so we are not expecting any dilution there. We haven't shared our pricing. In the early access program, we're still working with customers and finalizing how we're going to price this, and that's another part of the reason that we haven't really talked about revenue impact. But when we In our Q4 call a quarter from now, we'll have more information on how we're going to price and what we expect in that area. But I think you can be very confident that for us, this is about revenue growth and margin expansion.

當然，我們的目標是保持利潤率，所以我們預計不會有任何利潤率稀釋的情況。我們尚未公佈定價策略。在早期體驗計畫中，我們仍在與客戶合作，最終確定定價方式，這也是我們尚未真正討論收入影響的另一個原因。但是，在下個季度的第四季度電話會議上，我們將提供更多關於定價方式以及我們對該領域預期方面的資訊。但我認為您可以非常肯定，對我們而言，這關乎收入成長和利潤率擴張。

That's clear. Thanks. (multiple speakers)

明白了，謝謝。（多位發言者）

Sorry, I didn't answer your whole question. You also asked me the feedback we're getting. I think that the key pieces of feedback is a lot of these customers in the early access program, because they've talked with other partners, software players about this, they thought the early access program was going to be months of deployment. What does it take? How long does it take? So I think a big surprise at how quickly we can turn these on because we truly have this standard platform, our standard agents can be turned on and used the same day. So a lot of excitement around that.

抱歉，我沒有回答你的全部問題。你還問了我我們收到的回饋意見。我認為關鍵的回饋在於，許多參與早期訪問計畫的客戶都與其他合作夥伴、軟體廠商討論過這個問題，他們認為早期訪問計畫需要幾個月的時間才能完成部署。需要具備哪些條件？多久時間？所以我覺得大家會很驚訝我們能這麼快就啟用這些功能，因為我們確實擁有一個標準平台，我們的標準代理可以當天啟用並投入使用。所以大家對此都非常興奮。

And then also the second piece that I would say that's pretty consistent is, okay, we can do all of this just by turning on standard agents. What if I can go build one that does this for my unique process? And just getting people starting to think about what else they can do, and that's the whole point of the foundry. We can turn on these standard agents right away, but we've also got the ability to build custom agents for you, or we've also given you the ability to build your own custom agents, or have a partner build your custom agents.

其次，我認為比較一致的是，我們只需啟用標準代理即可完成所有這些操作。如果我能自己做一個，專門處理我的獨特流程呢？讓大家開始思考他們還能做些什麼，這就是鑄造廠的意義。我們可以立即啟用這些標準代理，但我們也可以為您建立自訂代理，或者您也可以自行建立自訂代理，或讓合作夥伴為您建立自訂代理。

Appreciate the level of color. With new logos being 35% in the pipeline, I might have thought that existing customer expansion would have started to become a greater proportion, just given the strong renewal cycle that's anticipated to come up next year or over the next 18 months. When would you anticipate this cohort to come into the pipeline? And could you remind me how long does it typically take for a customer in the pipeline to convert to a booking?

欣賞這豐富的色彩。由於新客戶數量佔比高達 35%，考慮到預計明年或未來 18 個月將迎來強勁的續約週期，我原本以為現有客戶拓展的比例會開始上升。您預計這群人才何時會進入培養階段？請問，從潛在客戶到最終預訂，通常需要多長時間？

Yes, so first of all, when we talk about 35%, we're talking about 35% of our new cloud pipeline, so that does not include renewals. So renewals is a separate pipeline. And when it comes to how long does it take to convert, obviously, renewals and conversions and cross sell are much quicker than new logo. But new logo pipeline, this is not a three-month sale for the most part. These are typically multiple-quarter sales cycles. And then once we do sell, it varies by product.

是的，首先，當我們談到 35% 時，我們指的是我們新增雲端業務的 35%，所以這不包括續約。所以續約是單獨的流程。至於轉換需要多長時間，顯然，續約、轉換和交叉銷售比新客戶開發要快得多。但就新標誌的推出而言，這在很大程度上並不是一個為期三個月的促銷活動。這些通常是跨越多個季度的銷售週期。然後，一旦我們開始銷售，銷售情況會因產品而異。

I would say, on one end, POS, we can roll out very, very quickly. And warehouse, as was mentioned in some of the prepared remarks in the beginning, we do have customers that take conservative approaches to the deployment of warehouses and can do that over quite some period of time. But again, all the focus that we've put around automation and leveraging AI in the deployments and accelerating that makes it faster, easier, and more economical for them to move faster. Because the faster they deploy, the faster they achieve the ROI.

我覺得，就POS系統而言，我們可以非常非常迅速地推出。正如在開頭的一些準備好的發言中提到的那樣，我們確實有一些客戶在部署倉庫方面採取保守的方法，並且可以在相當長的一段時間內這樣做。但是，我們一直以來都非常注重自動化和利用人工智慧進行部署和加速，這使得他們能夠更快、更容易、更經濟地推進專案。因為部署速度越快，獲得投資回報的速度就越快。

Make sense. Thanks for your response.

有道理。謝謝你的回覆。

Thank you.

謝謝。

This now concludes our question-and-answer session. I would like to turn the floor back over to Eric Clark for closing comments.

我們的問答環節到此結束。現在我把發言權交還給艾瑞克克拉克，請他做總結發言。

Yes. Thank you all for joining. Appreciate all the questions. I guess I would close by saying we're very pleased with where we are: strong fundamentals, back to exceeding the Rule of 40, and free cash flow margin of 32%. We're making the investments that we feel very confident are going to continue to drive the business in the right way. And again, confidence in heading towards the high end of our RPO guidance for this year and very optimistic about 2026. So thank you all.

是的。感謝各位的參與。感謝大家提出的所有問題。最後我想說的是，我們對目前的狀況非常滿意：基本面強勁，重新超過了 40 法則，自由現金流利潤率達到 32%。我們進行的投資，我們非常有信心將繼續推動業務朝著正確的方向發展。再次重申，我們有信心實現今年 RPO 預期的高端目標，並且對 2026 年充滿信心。所以，謝謝大家。

Ladies and gentlemen, thank you for your participation. This does conclude today's teleconference. Please disconnect your lines and have a wonderful day.

女士們、先生們，感謝各位的參與。今天的電話會議到此結束。請斷開線路，祝您有美好的一天。