Manhattan Associates Inc (MANH) 2025 Q4 法說會逐字稿

Good afternoon. My name is Julien, and I will be your conference facilitator today. At this time, I would like to welcome everyone to Manhattan Associates' Q4 2025 earnings conference call. (Operator Instructions) As a reminder, ladies and gentlemen, this call is being recorded today, January 27, 2026.

午安.我叫朱利安，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年第四季財報電話會議。（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2026年1月27日。

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

現在我謹向大家介紹我們的東道主，曼哈頓聯合公司投資者關係主管麥可鮑爾先生。鮑爾先生，您可以開始您的會議了。

Great. Thanks, Julien, and good afternoon, everyone. Welcome to Manhattan Associates' 2025 fourth-quarter earnings call. I will review our cautionary language and then turn the call over to our President and Chief Executive Officer, Eric Clark.

偉大的。謝謝你，朱利安，大家下午好。歡迎參加曼哈頓聯合公司2025年第四季財報電話會議。我將回顧我們的警示性措辭，然後將電話轉交給我們的總裁兼執行長埃里克·克拉克。

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

在本次電話會議（包括問答環節）中，我們可能會對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。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。

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

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。請注意，動盪的全球宏觀環境可能會影響我們的超額收益，並導致實際結果與我們的預測有重大差異。我們沒有義務更新這些聲明。

In addition, our comments include certain non-GAAP financial measures to provide additional information to investors. We have reconciled all non-GAAP measures to the related GAAP measures in accordance with SEC rules. You'll find reconciliation schedules in the Form 8-K we filed with the SEC earlier today and on our website at manh.com.

此外，我們的評論中包含一些非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。

Thank you, Mike. Good afternoon, everyone, and thank you for joining us as we review our better-than-expected fourth quarter and full year 2025 results, as well as provide our outlook for 2026. 2025 was a successful year for Manhattan, and we ended the year strong, achieving record cloud bookings in the fourth quarter. In a volatile environment, Manhattan achieved annual records across RPO, cloud bookings, total revenue, operating income, free cash flow and earnings per share.

謝謝你，麥克。各位下午好，感謝各位參加本次會議，我們將回顧超出預期的2025年第四季和全年業績，並展望2026年。 2025年對曼哈頓來說是成功的一年，我們以強勁的勢頭結束了這一年，並在第四季度實現了創紀錄的雲端預訂量。在動盪的市場環境下，曼哈頓在 RPO、雲端預訂、總收入、營業收入、自由現金流和每股盈餘方面均創下了年度紀錄。

Recall, back in April on my first earnings call, I highlighted how Manhattan's strengths are well established as our platform, our products and our people are recognized as world class. Through strategic investments, we've strengthened each of these areas in 2025, positioning us to accelerate our momentum in 2026 and beyond, so let me briefly touch on each.

回想一下，早在四月我的第一次財報電話會議上，我就強調了曼哈頓的優勢是如何確立的，因為我們的平台、產品和員工都被公認為是世界一流的。透過策略投資，我們在 2025 年加強了這些領域的各項實力，為 2026 年及以後加速發展奠定了基礎，接下來我將簡要介紹一下各個方面。

In 2025, we extended our position as the leading innovator within the supply chain commerce universe and enabled faster implementation of our industry-leading solutions. While I will provide a more detailed platform and product update in a few minutes, I'm excited to say that several weeks ago, on the heels of a successful early access program, we announced the commercial availability of our initial set of AI agents and our Agent Foundry, which is our offering that enables customers to build or customize new agents directly in the Active platform using natural language.

2025年，我們鞏固了在供應鏈商業領域領先的創新者地位，並加快了我們行業領先解決方案的實施速度。雖然我稍後會提供更詳細的平台和產品更新，但我很高興地宣布，幾週前，在成功的早期訪問計劃之後，我們宣布了首批 AI 代理和 Agent Foundry 的商業可用性，Agent Foundry 是我們提供的一項服務，使客戶能夠使用自然語言直接在 Active 平台上構建或定制新的代理。

Excitingly, results and feedback from our early adopters indicate that our AI agent workforce generates significant value, as increased automation and simplicity can drive higher productivity, ROI and improve customer satisfaction. In 2025, our R&D team launched additional new offerings, including Enterprise Promise and Fulfill, which is designed to optimize B2B order promising and fulfillment, as well as introduce numerous industry-leading features and functionality across our supply chain commerce solutions.

令人興奮的是，早期採用者的結果和回饋表明，我們的 AI 代理團隊創造了巨大的價值，因為自動化程度的提高和操作的簡化可以提高生產力、投資回報率並提升客戶滿意度。2025 年，我們的研發團隊推出了更多新產品，包括企業承諾和履行，旨在優化 B2B 訂單承諾和履行，並在我們的供應鏈商務解決方案中引入眾多業界領先的特性和功能。

On the people front, to improve our effectiveness and accelerate our selling velocity to both new and existing customers, in 2025, we made key hires and introduced several new programs within our sales and marketing organization. To briefly recap, we reorganized our entire global sales team under the leadership of our Chief Sales Officer, Bob Howell, and added several new sales leaders and product specialists to the team. Additionally, we hired Greg Betz as our Chief Operating Officer. And under his leadership, we have introduced several new programs to drive growth.

在人員方面，為了提高我們的效率並加快我們向新舊客戶的銷售速度，我們在 2025 年進行了關鍵招聘，並在銷售和行銷組織中推出了幾個新項目。簡單回顧一下，我們在首席銷售長鮑勃·豪厄爾的領導下重組了整個全球銷售團隊，並為團隊增加了幾位新的銷售主管和產品專家。此外，我們還聘請了 Greg Betz 擔任營運長。在他的領導下，我們推出了多項新計劃來推動成長。

Last week at our sales kickoff in Atlanta, we hosted a Partner Day that was attended by more than 100 people from across our partner community. Greg and his team introduced our updated partner program for global SIs, Manhattan specialists as well as technology partners like Google and Shopify.

上週我們在亞特蘭大舉辦銷售啟動大會，同時也舉辦了合作夥伴日活動，來自我們合作夥伴社群的 100 多人參加了這項活動。Greg 和他的團隊向全球系統整合商、曼哈頓專家以及 Google 和 Shopify 等技術合作夥伴介紹了我們更新的合作夥伴計畫。

And a few weeks ago, we announced the hiring of Katie Foote as Chief Marketing Officer. Katie brings more than 20 years of marketing leadership for technology companies. Most recently, she was the CMO at CaptivateIQ. And prior to that, she held several leadership roles at salesforce.com. I'm excited to say that Katie hit the ground running and spent her first week with Manhattan at NRF in New York. We're delighted to have her on the team.

幾週前，我們宣布聘請 Katie Foote 擔任首席行銷長。Katie擁有超過20年的科技公司行銷領導經驗。她最近擔任 CaptivateIQ 的首席行銷長。在此之前，她曾在salesforce.com擔任多個領導職務。我很高興地告訴大家，凱蒂很快就適應了新環境，加入曼哈頓團隊的第一周就在紐約的NRF展會上。我們很高興她能加入團隊。

Now pivoting to quarterly results. Q4 was a record quarter that exceeded expectations. Revenue increased 6% to $270 million, highlighted by 20% growth in cloud and a return to growth in services. This resulted in adjusted earnings per diluted share increasing to $1.21. RPO increased 25% to $2.2 billion.

現在轉向季度業績。第四季業績創下歷史新高，超乎預期。營收成長 6% 至 2.7 億美元，其中雲端業務成長 20%，服務業務恢復成長。這使得調整後的每股攤薄收益增加至 1.21 美元。 RPO 成長 25% 至 22 億美元。

In Q4, competitive win rates remained over 70%, and more than 75% of our new cloud bookings were generated from net new logos. For the full year, our team did a fantastic job of gaining market share as new logos represented more than 55% of our 2025 new cloud bookings. With our growing opportunity for expansion from existing customers, we anticipate net new logos to revert to one-third of our new cloud bookings over time.

第四季度，競爭性成交率維持在 70% 以上，超過 75% 的新雲端預訂量來自新增客戶。全年來看，我們的團隊在獲取市場份額方面做得非常出色，新客戶占我們 2025 年新增雲端預訂量的 55% 以上。隨著現有客戶帶來的擴張機會不斷增加，我們預計隨著時間的推移，新增客戶數量將恢復到我們新雲端預訂量的三分之一。

Manhattan has always had strong cloud revenue visibility, and that gives us confidence in the durability of our growth. To better assist investors' assessment of our business, today, Dennis will provide additional color on renewals and annual recurring revenue. Many of our contracts will reach or approach full ramp pricing by the fourth year of subscription.

曼哈頓一直擁有強勁的雲端收入可見性，這讓我們對成長的可持續性充滿信心。為了更好地幫助投資者評估我們的業務，今天，丹尼斯將就續約和年度經常性收入提供更多細節。許多合約將在訂閱的第四年達到或接近完全遞增價格。

So to better showcase this dynamic, we're introducing a four-year annualized value of recurring revenue or a ramped ARR. This ramped ARR, alongside RPO, will help investors quantify the pace of our cloud revenue growth over time. At the conclusion of 2025, our ramped ARR exceeded $600 million and was up 23% compared to the ramped ARR at the conclusion of 2024.

為了更好地展現這種動態，我們引進了四年年度經常性收入價值或遞增式 ARR。ARR 的快速成長，加上 RPO，將幫助投資者量化我們雲端收入隨時間的成長速度。到 2025 年底，我們的年度經常性收入成長超過 6 億美元，比 2024 年底的年度經常性收入成長了 23%。

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

從垂直銷售角度來看，我們的終端市場十分多元化，我們在眾多子行業中都擁有穩固的業務基礎，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, Q4 deals included the following: a Fortune 100 home improvement company became a new logo Active Warehouse customer; an upscale department store chain became a new logo Active Omni and Active Warehouse customer; the largest global provider of medical surgical products became a new logo Active Warehouse customer; a lifestyle brand and omnichannel retailer of premium home furnishings that was an existing Warehouse customer expanded to include Active Omni; a medical supplies, equipment, and services company became a new logo Active Supply Chain Planning customer; a home furnishing wholesaler became a new logo Active Transportation and Active Warehouse customer; and many more as well.

例如，第四季度達成的交易包括：一家財富 100 強家居裝修公司成為 Active Warehouse 的新客戶；一家高檔百貨連鎖店成為 Active Omni 和 Active Warehouse 的新客戶；全球最大的醫療外科產品供應商成為 Active Warehouse 的新客戶；一家生活方式品牌和全渠道服務公司，此前是 Warehouse 用品，此前是 Warehouse 的醫療用品品牌和全渠道服務公司，此前是 Warehouse Active Suppin Active；的新客戶；一家家居用品批發商成為 Active Transportation 和 Active Warehouse 的新客戶；等等。

So looking out to the new year, our pipeline remains strong across our product suite, and we have numerous opportunities to drive growth, including adding new customers, cross-selling our growing unified product portfolio and converting our on-premise customers to the cloud and renewing our initial sizable cohort of Active Warehouse customers.

展望新的一年，我們的產品線仍然強勁，我們有很多機會推動成長，包括增加新客戶、交叉銷售我們不斷增長的統一產品組合、將我們的本地客戶轉換為雲端客戶以及續訂我們最初數量可觀的Active Warehouse客戶群。

So now let me briefly provide some updates on our industry-leading products. As I stated earlier, we recently made our Agentic AI product set commercially available to our entire Active customer community. Our Active Agent offering consists of two primary elements: a set of base agents that are ready to be activated immediately and our Agent Foundry offering, which enables our customers to quickly build and deploy their own agents within the Active platform.

現在讓我簡要介紹一下我們領先業界的產品的一些最新情況。正如我之前所說，我們最近已將 Agentic AI 產品集正式向我們所有活躍客戶群開放。我們的 Active Agent 產品包含兩個主要部分：一組可立即啟動的基礎代理程式和我們的 Agent Foundry 產品，該產品使我們的客戶能夠在 Active 平台內快速建置和部署自己的代理程式。

We designed our base AI agents in collaboration with a set of key customers to provide immediate value to our customers by solving important day-to-day problems in areas like warehouse, transportation, contact center, and stores. Because we built our Active Agents directly into the platform, our customers don't need to implement costly and complex external data lakes to make them work. Our API-first architecture enables us to solve a growing list of high-impact problems with almost no configuration or additional upfront effort.

我們與一些主要客戶合作設計了基礎人工智慧代理，旨在透過解決倉庫、運輸、呼叫中心和商店等領域的重要日常問題，為我們的客戶提供即時價值。由於我們將主動代理直接建置到平台中，因此我們的客戶無需實施成本高且複雜的外部資料湖即可使其正常運作。我們以 API 為先的架構使我們能夠解決越來越多的高影響力問題，幾乎無需任何配置或額外的前期投入。

And while our Active Agents are highly capable today, we have an aggressive product road map, which will both enhance our existing agents with new features and deliver entirely new agents. Our agile software delivery process enables us to deliver these additional Agentic features on an incremental basis throughout 2026.

雖然我們現有的客服人員能力很強，但我們制定了積極的產品路線圖，旨在透過新功能增強現有客服人員的能力，並推出全新的客服人員。我們敏捷的軟體交付流程使我們能夠在 2026 年全年逐步交付這些額外的 Agentic 功能。

In addition to these base agents, this month, we also released our Agent Foundry. This intuitive tool enables our customers to build their own AI agents. Foundry provides a visual editor to allow customers to either start with an existing base agent and enhance it or to create an agent entirely from scratch. To achieve this, Foundry provides our customers with a comprehensive set of both base API and Agentic tooling. And during our early access program this fall, our forward deployed engineers used Foundry to enable our customers to create powerful new agents purpose-built to tackle specific operational challenges.

除了這些基礎代理之外，本月我們還發布了代理構建器。這款直覺易用的工具使我們的客戶能夠建立自己的人工智慧代理。Foundry 提供了一個視覺化編輯器，讓客戶可以從現有的​​基礎代理開始並對其進行增強，或從頭開始建立一個代理程式。為了實現這一目標，Foundry 為我們的客戶提供了一套全面的基礎 API 和 Agentic 工具。今年秋季的早期訪問計劃期間，我們前線部署的工程師使用 Foundry 幫助我們的客戶創建功能強大的新代理，這些代理是專門為應對特定的營運挑戰而構建的。

In terms of commercialization, our goal is to make it easy for our customers to start their Agentic journey with us, and we're going to do that by offering a low-risk Active Agent pilot to get started. We're confident that the combination of our powerful base agents, the flexibility provided by Foundry and the deep technical and domain expertise of our Manhattan forward-deployed engineers will provide a compelling reason for our customers to add an Active Agent subscription after they complete their pilot.

在商業化方面，我們的目標是讓客戶更容易開始他們的 Agentic 之旅，為此，我們將提供低風險的 Active Agent 試點專案。我們相信，憑藉我們強大的基礎代理、Foundry 提供的靈活性以及我們曼哈頓前沿部署工程師深厚的技術和領域專業知識，我們的客戶在完成試點後，將有充分的理由添加 Active Agent 訂閱。

Our Active Agents made their public debut a few weeks ago at NRF, where there was interest -- strong interest for these new AI capabilities and our Active Store offering, which is centered around our Active Point-of-Sale application. Designed from the outset to be mobile first and cloud native, Active Point-of-Sale now also embeds Agentic AI to help store associates become more effective sellers. With real-time insights into sales performance and the ability to understand what's selling well across the network, our store associate agent provides prescriptive recommendations within the Point-of-Sale application.

幾週前，我們的 Active Agents 在 NRF 展會上首次公開亮相，引起了人們的濃厚興趣——人們對這些新的 AI 功能以及我們以 Active Point-of-Sale 應用程式為中心的 Active Store 產品表現出了強烈的興趣。Active Point-of-Sale 從一開始就以行動優先和雲端原生為設計理念，現在也嵌入了 Agentic AI，以幫助門市員工提高銷售效率。憑藉對銷售業績的即時洞察以及對整個網路中哪些產品暢銷的了解，我們的門市助理代理商會在銷售點應用程式中提供指導性建議。

Because many of our active store customers also use our Active OMS, these selling insights and recommendations (technical difficulty) true view of our customers' commerce activity.

由於我們許多活躍的商店客戶也使用我們的 Active OMS，這些銷售洞察和建議（技術難度）真實反映了我們客戶的商業活動。

Speaking of order management, this quarter, we are also releasing a powerful new fulfillment optimization simulation capability. Our customers can now experiment with a variety of optimization settings to ensure they're meeting the overall needs of their business at any given time. Many of our customers change their view of what optimal fulfillment means throughout the course of the year.

說到訂單管理，本季我們還將發布一項強大的全新履約優化模擬功能。現在，我們的客戶可以嘗試各種優化設置，以確保在任何時候都能滿足其業務的整體需求。許多客戶對最佳履約標準的看法會在一年中不斷改變。

During the holiday season, speed of delivery may predominate, while at the end of the spring season, there's slightly more emphasis on shipping distressed inventory to avoid markdowns. Our new simulation feature enables our customers to test a number of these strategies, compare the outcomes, and ensure the system is ready to pivot fulfillment strategies when the business calls for it. Like interactive inventory, we project fulfillment simulation to have strong cross-sell potential for our Active Omni customers.

假日期間，出貨速度可能更為重要；而在春季末期，為了避免降價，出貨滯銷庫存可能會更注重速度。我們全新的模擬功能使我們的客戶能夠測試多種此類策略，比較結果，並確保系統能夠在業務需要時隨時調整履行策略。與互動式庫存類似，我們預期履行模擬對於我們的活躍全通路客戶具有強大的交叉銷售潛力。

And finally, we continue to experience strong sales and implementation results across our supply chain execution applications. Our active warehouse application continues to differentiate itself, both its functional and technical superiority. During selection processes, the vast majority of prospects reached the conclusion that only Manhattan's Active Warehouse application will meet their needs.

最後，我們的供應鏈執行應用在銷售和實施方面持續取得強勁的成果。我們主動式倉庫應用憑藉其功能和技術上的優勢，不斷脫穎而出。在選擇過程中，絕大多數潛在客戶都得出結論：只有曼哈頓的Active Warehouse應用程式才能滿足他們的需求。

And 2025 was also a strong year for our Active Transportation application with respect to both strategic wins and key go-lives around the globe. Our unification message continues to resonate. Customers no longer want to select separate stacks for warehouse and transportation. They see the real power of a single platform optimizing inbound and outbound flow throughout their supply chain.

2025 年對於我們的 Active Transportation 應用來說也是強勁的一年，我們在策略上取得了成功，並在全球範圍內實現了關鍵的上線。我們的統一訴求依然引起共鳴。客戶不再希望為倉儲和運輸選擇不同的貨垛。他們看到了單一平台優化整個供應鏈中入庫和出庫流程的真正力量。

So that concludes my business update. I'll now turn it over to Dennis to report on our financial performance and outlook, and then we'll move on to Q&A. So Dennis?

我的業務更新就到此結束了。現在我將把發言權交給丹尼斯，讓他報告我們的財務表現和前景，然後我們將進入問答環節。所以，丹尼斯？

Thanks. Thank you, Eric. As Eric highlighted, in 2025, we set records across bookings, our P&L and cash flow. Congratulations to our team members around the globe for great execution in a volatile macro environment.

謝謝。謝謝你，埃里克。正如艾瑞克所強調的，2025 年，我們在預訂量、損益表和現金流方面都創下了紀錄。恭喜我們全球各地的團隊成員在動盪的宏觀環境下出色地完成了任務。

I'll start by recapping our better-than-expected financial performance for the quarter and year. All growth rates are on an as-reported year-over-year basis unless otherwise stated.

首先，我將回顧我們本季和本年度超出預期的財務表現。除非另有說明，所有成長率均以報告的年比數據計算。

Regarding FX, it was a one point tailwind to our Q4 revenue growth rate and did not have a material impact on our full year revenue growth rate. For RPO, FX was less than a $1 million tailwind to sequential RPO growth and a $41 million tailwind to year-over-year RPO growth.

就外匯市場而言，它對我們第四季度的收入成長率起到了一定的推動作用，但並未對我們全年的收入成長率產生實質影響。對 RPO 而言，外匯波動對 RPO 環比成長的推動作用不到 100 萬美元，對 RPO 年成長的推動作用則高達 4,100 萬美元。

As Eric highlighted, to better assist investors' assessment of our business today, we are providing additional color on renewals and annual recurring revenue, ARR. Many of our contracts reach or approach full rent pricing in the full year of the subscription agreement. And so to provide additional insight on our cloud revenue visibility, we are introducing a four-year annualized value of recurring revenue, or ramped ARR.

正如艾瑞克所強調的，為了更好地幫助投資者評估我們今天的業務，我們將提供有關續約和年度經常性收入 (ARR) 的更多細節。我們許多合約在訂閱協議有效期內的租金價格都達到或接近全額租金。因此，為了進一步了解我們的雲端收入可見性，我們引入了四年年度經常性收入價值，即逐步成長的 ARR。

Our assumptions for ramped ARR are as follows. If a renewal is set to occur during this four-year period, it renews at current pricing with no churn or price increases assumed. Also, if the pricing ramp schedule extends beyond the four-year window, which today, that would be any ramps beyond 2029, that future uplift is not included.

我們對逐步提高年度經常性收入 (ARR) 的假設如下。如果在這四年期間發生續約，則以當前價格續約，不考慮客戶流失或價格上漲。此外，如果價格上漲計劃超過四年期限（目前指的是 2029 年以後的任何上漲），則未來的漲幅將不包含在內。

At the conclusion of 2025, our ramped ARR exceeded $600 million and was up 23% compared to the ramp period at the end of 2024. Please recall, deals that include ramp pricing are only time-based, which supports our strong cloud revenue visibility.

到 2025 年底，我們的年度經常性收入成長超過 6 億美元，比 2024 年底的成長期成長了 23%。請注意，包含階梯定價的交易僅基於時間，這有助於我們實現強大的雲端收入可見度。

So moving to Q4. Total revenue was $270 million, up 6%, and full year revenue totaled $1.08 billion, up 4%. Excluding license and maintenance revenue, which removes the revenue compression by our cloud transition, Q4 revenue growth was 9% and full year, 5%. Q4 cloud revenue totaled $109 million, up 20%, and includes a customer liquidation headwind of $1.3 million that was not embedded in our guidance. This resulted in full year cloud revenue increasing 21% to $408 million.

接下來進入第四季。總營收為 2.7 億美元，成長 6%；全年營收總計 10.8 億美元，成長 4%。如果排除授權和維護收入（這消除了雲端轉型帶來的營收壓縮），第四季營收成長 9%，全年成長 5%。第四季雲端收入總計 1.09 億美元，成長 20%，其中包括 130 萬美元的客戶清算不利影響，這筆影響並未計入我們的預期中。這使得全年雲端收入成長了 21%，達到 4.08 億美元。

As Eric stated, we achieved record cloud bookings in Q4 as we closed out 2025 with RPO of $2.2 billion, growing 25% year over year and 7% sequentially. Our RPO strength was driven by continued new logo momentum, which was a significant contributor to our approximately 20% growth in new cloud bookings for the year. Renewals, which does not include cross-sales, were about 18% of total bookings in 2025. Contract duration remains at 5.5 to six years, resulting in 38% of RPO to be recognized as revenue over the next 24 months.

正如艾瑞克所說，我們在第四季實現了創紀錄的雲端預訂量，2025 年的 RPO 達到 22 億美元，年成長 25%，環比成長 7%。我們的 RPO 優勢得益於持續的新客戶成長勢頭，這極大地促進了我們全年新雲端預訂量成長約 20%。2025 年，續約量（不包括交叉銷售）約佔總預訂量的 18%。合約期限仍為 5.5 至 6 年，這意味著 38% 的 RPO 將在未來 24 個月內確認為收入。

Q4 services revenue of $120 million was better than expected as solid execution returned this line item back to growth earlier than our original plan. For the full year, services revenue declined 4% to $503 million. Q4 adjusted operating profit was $91 million with an operating margin of 33.8%. Full year adjusted operating profit totaled $387 million with 35.8% operating margin and represents over 100 basis points of improvement over 2024. The better than the expected Q4 and 2025 results were driven by strong cloud revenue combined with operating leverage as our cloud business scales.

第四季服務收入為 1.2 億美元，優於預期，這得益於穩健的執行，該收入比我們原計劃更早恢復了成長。全年服務收入下降4%至5.03億美元。第四季調整後的營業利潤為 9,100 萬美元，營業利益率為 33.8%。全年調整後營業利潤總計 3.87 億美元，營業利潤率為 35.8%，比 2024 年提高了 100 多個基點。第四季和 2025 年的業績優於預期，這得益於強勁的雲端收入以及隨著雲端業務規模擴大而帶來的營運槓桿效應。

Q4 earnings per share increased 3% to $1.21, and GAAP earnings per share increased 12% to $0.86, big offer there. This resulted in full year adjusted earnings per share increasing 7% to $5.06 and GAAP earnings per share to increase 3% to $3.60.

第四季每股收益成長 3% 至 1.21 美元，按美國通用會計準則計算的每股收益成長 12% 至 0.86 美元，這是一個很大的利好。這使得全年調整後每股收益成長 7% 至 5.06 美元，GAAP 每股盈餘成長 3% 至 3.60 美元。

As discussed in Q2 and Q3, 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 4th US tax law change. As such, this change was the predominant driver to the $15 million reduction in Q4 cash taxes and $36 million reduction in our annual cash taxes.

正如第二季和第三季所討論的，我們較高的稅率是由於美國稅法7月4日變更後，國內研發成本扣除加速，導致稅收儲備增加所致。因此，這項變更是第四季度現金稅減少 1,500 萬美元和年度現金稅減少 3,600 萬美元的主要原因。

So moving to cash. Q4 operating cash flow increased 40% to $147 million with a 52.7% free cash flow margin and 34.4% adjusted EBITDA margin. Our full year operating cash flow increased 32% to $389 million with a 34.6% free cash flow margin and 36.4% adjusted EBITDA margin.

所以，轉而使用現金。第四季經營現金流量成長 40% 至 1.47 億美元，自由現金流利潤率為 52.7%，調整後 EBITDA 利潤率為 34.4%。我們全年經營現金流量成長 32% 至 3.89 億美元，自由現金流利潤率為 34.6%，調整後 EBITDA 利潤率為 36.4%。

Turning to the balance sheet. Deferred revenue increased 21% year over year to $337 million. We ended the year with $329 million in cash and zero debt. Accordingly, we leveraged our strong cash position and invested $75 million in share repurchases in the quarter, resulting in $275 million in buybacks in 2025. Additionally, our Board has approved the replenishment of our $100 million share repurchase authority.

接下來看一下資產負債表。遞延營收年增 21%，達到 3.37 億美元。年底時，我們擁有3.29億美元的現金，並且沒有負債。因此，我們利用自身強大的現金實力，在本季投資 7,500 萬美元用於股票回購，預計到 2025 年將回購總額達到 2.75 億美元。此外，董事會已批准補充1億美元的股票回購授權。

So moving on to our 2026 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. 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.

接下來，我們來看看2026年的業績指引。我們長期的財務目標是實現可持續的兩位數營收成長和在企業軟體同業中排名前四分之一的營業利潤率。軟體公司是我們實現一流投資報酬率的驅動力，因為我們保持著兼顧成長和獲利能力的平衡投資策略。

As noted on prior earnings calls, our goal is to update our RPO outlook on an annual basis. Additionally, as previously discussed, our bookings performance is impacted by the number and relative value of large deals we close in any quarter, which can potentially cause lumpiness or nonlinear bookings throughout the year.

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。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。

All guidance references made on today's call will be at the midpoint of their respective ranges. So with that, for RPO, we are targeting $2.62 billion to $2.68 billion RPO, representing a range of 18% to 20% growth. Included in our target is an 18% to 20% contribution from renewals, which implies double-digit growth in both new bookings and renewals when normalizing for FX movements.

今天電話會議上給出的所有指導性報價都將取其各自價格區間的中點。因此，對於 RPO，我們的目標是 26.2 億美元至 26.8 億美元，相當於 18% 至 20% 的成長。我們的目標包括續訂業務貢獻 18% 至 20%，這意味著在考慮匯率波動的情況下，新訂單和續約業務都將實現兩位數的成長。

For full year 2026, we expect total revenue of $1.133 billion to $1.153 billion. The $1.143 billion midpoint represents 10% growth excluding license and maintenance attrition and 6% all in.

我們預計 2026 年全年總營收為 11.33 億至 11.53 億美元。11.43 億美元的中點數值代表 10% 的成長（不包括授權和維護損耗）和 6% 的成長（包括所有損耗）。

For Q1, we are targeting $272 million to $274 million, which at the midpoint represents 10% growth, excluding license and maintenance attrition and 4% all in. For the rest of the year, at the midpoint, we are targeting total revenue of about $287 million in Q2, $296 million in Q3, and accounting for retail peak seasonality, $287 million in Q4.

第一季度，我們的目標是 2.72 億美元至 2.74 億美元，其中數值代表 10% 的成長（不包括授權和維護損耗），全部成長 4%。今年剩餘時間，我們預計第二季總營收約為 2.87 億美元，第三季約為 2.96 億美元，考慮到零售旺季的季節性因素，第四季約為 2.87 億美元。

For 2026 adjusted operating margin, we expect a range of 34.5% to 35%. Removing the impacts of license and maintenance attrition to 34.75% midpoint represents about 75 bps of margin expansion compared to 2025 and includes increased investment in our business, particularly in sales and marketing and expanding our services teams.

我們預計 2026 年調整後的營業利潤率將在 34.5% 至 35% 之間。剔除許可證和維護損耗的影響，將中點值降至 34.75%，與 2025 年相比，利潤率將提高約 75 個基點，其中包括對我們業務的加大投資，尤其是在銷售和行銷方面，以及擴大我們的服務團隊。

On a quarterly basis, at the midpoint, adjusted operating margin is expected to be about 31%; in Q1, 34.7%; in Q2, 36.9%; in Q3, and accounting for retail peak seasonality, 36.1% in Q4. This results in a full year adjusted EPS guidance range of $5.04 to $5.20 and a GAAP EPS range of $3.37 to $3.53. For Q1, we are targeting adjusted earnings per share of $1.08 to $1.10 and GAAP earnings per share of $0.64 to $0.66. For Q2 through Q4, we expect GAAP earnings per share to be about $0.40 lower than adjusted EPS per quarter, with the vast majority of accounting for our investment in equity-based compensation.

按季度計算，調整後的營業利潤率預計在中間值約為 31%；第一季為 34.7%；第二季為 36.9%；第三季為 36.1%；考慮到零售旺季的季節性因素，第四季為 36.1%。由此得出全年調整後每股盈餘預期區間為 5.04 美元至 5.20 美元，GAAP 每股盈餘預期區間為 3.37 美元至 3.53 美元。第一季度，我們預計調整後每股收益為 1.08 美元至 1.10 美元，GAAP 每股收益為 0.64 美元至 0.66 美元。第二至第四季度，我們預計 GAAP 每股盈餘將比調整後每股盈餘低約 0.40 美元，其中絕大部分是由於我們在股權激勵方面的投資所致。

So here are some more additional details on our 2026 outlook. We expect cloud revenue to increase 21% to $492 million, which assumes $114 million in Q1, $121.5 million in Q2, $126 million in Q3 and $130.5 million in Q4. We expect services revenue to increase 3% to $517 million, which assumes $124 million in Q1, $131.5 million in Q2, $137 million in Q3, and accounting for retail peak seasonality, $124 million in Q4.

以下是我們2026年展望的更多細節。我們預計雲端營收將成長 21% 至 4.92 億美元，其中第一季為 1.14 億美元，第二季為 1.215 億美元，第三季為 1.26 億美元，第四季為 1.305 億美元。我們預計服務收入將成長 3% 至 5.17 億美元，其中第一季為 1.24 億美元，第二季為 1.315 億美元，第三季為 1.37 億美元，考慮到零售旺季的季節性因素，第四季為 1.24 億美元。

On attrition to cloud, we expect maintenance and license to represent about a 4-point headwind to total revenue growth in 2026. As such, we expect maintenance to decline 19% to $105.5 million, which assumes $28 million in Q1, $27 million in Q2, $25.5 million in Q3, and $25 million in Q4. We expect license to be about $1 million per quarter and hardware to be between $6 million and $6.5 million per quarter.

隨著用戶流失到雲端，我們預計到 2026 年，維護和授權費用將對總收入成長造成約 4 個百分點的阻力。因此，我們預計維護費用將下降 19% 至 1.055 億美元，其中第一季為 2,800 萬美元，第二季為 2,700 萬美元，第三季為 2,550 萬美元，第四季為 2,500 萬美元。我們預計授權費用每季約為 100 萬美元，硬體費用每季在 600 萬美元至 650 萬美元之間。

To support our strong bookings growth and the significant Agentic AI opportunity, we have already onboarded about 100 new services associates in January, and we anticipate these new hires, coupled with license and maintenance attrition, will result in consolidated subscription, maintenance and services margin to be flat as reported compared to 2025.

為了支持我們強勁的預訂成長和重要的 Agentic AI 機遇，我們已經在 1 月份招募了約 100 名新的服務助理，我們預計這些新員工，加上許可證和維護人員的流失，將導致綜合訂閱、維護和服務利潤率與 2025 年相比持平。

On a quarterly basis, we expect consolidated subscription, maintenance and services margin to be about 57% in Q1, 59% in Q2, 60% in Q3, and accounting for retail peak seasonality, 60% in Q4. Removing the impacts of license and maintenance attrition, our target implies 50 basis points of year-over-year improvement. And we expect our effective tax rate to be 22% and our diluted share count to be 61 million shares, which assumes no buyback activity.

按季度計算，我們預計第一季綜合訂閱、維護和服務利潤率約為 57%，第二季約為 59%，第三季約為 60%，考慮到零售旺季的季節性因素，第四季約為 60%。剔除許可證和維護損耗的影響，我們的目標意味著年比提高 50 個基點。我們預計實際稅率為 22%，稀釋後股份數量為 6,100 萬股（假設沒有回購活動）。

So in summary, 2025 was a great year of progress and execution. Thank you, and back to Eric for some closing remarks.

總而言之，2025 年是取得巨大進步和出色執行的一年。謝謝大家，現在請艾瑞克做總結發言。

Great. Thank you, Dennis. To recap, 2025 was a successful year for Manhattan, and we ended the year on a strong note. Business fundamentals are solid, and we enter 2026 with accelerating momentum across the organization. So a big thank you for joining the call, and thank you to our global team for all the great work they do for our customers.

偉大的。謝謝你，丹尼斯。總而言之，2025 年對曼哈頓來說是成功的一年，我們以強勁的勢頭結束了這一年。公司基本面穩健，進入 2026 年，整個公司的發展動能將持續增強。非常感謝各位參加本次電話會議，也感謝我們的全球團隊為我們的客戶所做的一切出色工作。

And that concludes our prepared remarks, and we'd be happy to take questions.

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。

Yeah, hey. Good afternoon, Eric, Dennis, and Mike. I appreciate the time here. And then first, congrats on the 4Q bookings, that's impressive, and also just the 4Q cash flow finish.

是啊，嘿。下午好，艾瑞克、丹尼斯和麥克。我很珍惜在這裡的時光。首先，恭喜你們第四季的預訂量，這令人印象深刻，第四季的現金流也同樣出色。

I have a question maybe for you, Eric, first, in terms of both cloud migrations for WMS and starting to drive that kind of muscle tissue around fast renewals. I think those were some focus areas going into the year. Just really top '25 and then to '26. Can you show any progress reports on both of those areas and potentially the impact in the model in '26 from a couple of those major initiatives? And then I had a follow-up for Dennis.

Eric，我可能有個問題想問你，首先是關於 WMS 的雲端遷移以及如何開始圍繞快速續約來增強這種能力。我認為這些是我們今年的重點領域。就是先打到 2025 年，然後到 2026 年。能否提供這兩個領域的進展報告，以及其中幾項重大舉措可能對 2026 年的模型產生的影響？然後我還要給丹尼斯一個後續問題。

Great. Yeah. Thanks, Terry. So I'll start with kind of that conversion and driving some of our on-prem customers onto Active Warehouse. You recall that we started that effort kind of midyear in 2025, and we saw some early success. We're now seeing, I would say, the fruits of that effort. And we're seeing the pipeline really start to build. We've already closed some of these deals in Q1. So that helped us get off to a quick start in Q1.

偉大的。是的。謝謝你，特里。所以，我將從這種轉變入手，引導我們的一些本地部署客戶遷移到 Active Warehouse。您還記得嗎？我們大約在 2025 年年中啟動了這項工作，並且取得了一些初步成功。現在，我認為，我們已經看到了這項努力的成果。我們看到管道真的開始慢慢搭建起來了。我們第一季已經完成了一些交易。這幫助我們在第一季迅速取得了開門紅。

And that's a part of -- Dennis just talked about -- we've added 100 services headcount already in January. And that's a big difference from where we were a year ago in January. I think that says a lot about the confidence level we have in the book of business that we've built around services. So you combine the conversion opportunity with the new logo that we've brought in and what we see in terms of opportunity around forward deployed engineers to help drive our AI efforts, and we're very bullish in that area.

而這正是丹尼斯剛才提到的——我們在1月已經增加了100名服務人員。這和我們一年前一月的情況大不相同。我認為這充分體現了我們對圍繞服務建立的業務體系的信心。因此，我們將轉化機會與我們引入的新徽標以及我們看到的圍繞前沿部署工程師的機會結合起來，以幫助推動我們的人工智慧工作，我們對此領域非常樂觀。

Yeah. Did I hit everything there, Terry?

是的。特里，我說的都對嗎？

Yeah, you did. I mean, that was -- maybe just another part of this first question. So I may accidentally do 2.5 here, I apologize to everybody. It's not one of those things that gets a lot of attention, because we just care about the numbers. It's always about the numbers and spreadsheets. But you talked about faster implementation times and fast time to value, I think, last year. Again, that's not going to get a lot of the accolades. But where are you in some of those progress efforts?

是的，你做到了。我的意思是，那或許只是第一個問題的另一個面向。所以我可能不小心把分數寫成了2.5，我向大家道歉。這不是一件會引起太多關注的事情，因為我們只關心數字。一切都離不開數字和表格。但我記得你去年談到加快實施速度和快速實現價值。同樣，這不會獲得很多讚譽。但您在這些進度工作中處於什麼位置？

Yeah. Great question, and thanks for asking. So we're making really good progress in those efforts. And that's coming into play in some of our deployments, even some of the deployments that maybe were multiyear deployments that started years ago, and we're able to start accelerating those now. It's also coming into play in many of these conversions that we're actually closing them as fixed fee, fixed time line deals because we've got the confidence in that pace.

是的。問得好，謝謝提問。因此，我們在這些方面取得了非常好的進展。這一點正在我們的一些部署中發揮作用，甚至包括一些可能已經持續多年、幾年前就開始的部署，現在我們能夠開始加速這些部署了。在許多此類交易中，我們也確實採取了固定費用、固定期限的成交方式，因為我們對這種速度有信心。

So the other thing that will -- where it comes into play, Terry, we shared for the first time today, the ramped ARR, and it grew 23% year over year. Part of what's driving that is we're able to sell more deals at a faster pace. We're driving a faster ramp of that revenue, and you're seeing that confidence come through in that area as well.

所以還有一點——Terry，我們今天首次分享了這一點，那就是 ARR 成長，比去年同期成長了 23%。部分原因是，我們能夠以更快的速度完成更多交易。我們正在加快營收成長速度，你也能看到這方面的信心正在顯現。

That's great. I appreciate that, Eric. And I guess, Dennis, the 4Q free cash flow strength. I'm curious, though, looking in '26, is there any way you can share any commentary on cash taxes or anything that we need to think about? And just maybe the relationship of free cash flow to EBIT or EBITDA in '26, just for some kind of parameters?

那太棒了。謝謝你，埃里克。我想，丹尼斯，第四季的自由現金流表現強勁。不過我很好奇，展望 2026 年，您能否就現金稅或其他我們需要考慮的事項發表一些評論？或許可以分析一下 2026 年自由現金流與 EBIT 或 EBITDA 的關係，作為某種參數？

Yeah, Terry, I think that's just -- it's similar from cash taxes.

是的，特里，我覺得這和現金稅的情況類似。

Yes, got it. Thanks.

是的，明白了。謝謝。

Brian Peterson, Raymond James.

布萊恩彼得森，雷蒙德詹姆斯。

Thanks and congrats on the quarter. So Eric, I wanted to dive into the RPO number. That looks like a very strong number versus what we had expected, particularly on the net new side. So I'd love to understand maybe in terms of deal timing, what products are out there, [geos]? Is there anything that you could share about what really drove that fourth quarter strength?

謝謝，也恭喜你本季取得佳績。所以埃里克，我想深入研究一下RPO（恢復點目標）數值。這個數字看起來比我們預期的要好得多，尤其是在新增數量方面。所以我很想了解一下，就交易時機而言，目前市面上有哪些產品。[地理]？您能否分享一下推動第四季強勁成長的真正原因？

Yes. The great thing about that fourth quarter strength is that it really comes across a variety of products and a variety of deal types. And I shared several examples there. We always talk about the big deals can be lumpy and you don't know when they're going to come. But I think Q4, we rounded out the year in a very complementary way with a lot of those deal types across a lot of -- across our entire product suite.

是的。第四季強勁的銷售動能體現在各種產品和各種交易類型上。我在那裡分享了幾個例子。我們總是說，大交易可能進展不順，你不知道它們什麼時候會到來。但我認為，在第四季度，我們透過許多類型的交易，涵蓋了我們整個產品組合，以非常互補的方式為這一年畫上了圓滿的句號。

So that gives us confidence in the pipeline that we've got going into next year as well. But the other thing I'll kind of -- great RPO. We're really proud of what we did in terms of RPO sequential growth quarter over quarter and year over year. But we also recognize that as we come into 2026, where we know it's a year where we've got kind of an uptick in renewals, we want to give you that ramped ARR, so that we don't have to go focus on renewing every deal at five years.

這也讓我們對明年的發展計畫充滿信心。但還有一點我想說的是——很棒的RPO。我們為 RPO 的季度環比增長和年度同比增長感到非常自豪。但我們也意​​識到，到了 2026 年，續約數量可能會增加，我們希望為您提供更高的年度經常性收入 (ARR)，這樣我們就不必專注於續約每一份五年合約。

If we can renew some of these deals at three years, that gives us another opportunity to increase price sooner. But when the only metric we give you to -- for you to measure growth is RPO, that might give you concerns if we're only giving you RPO. So that's why we're now going to give you this combination of RPO and ramped ARR so you can have confidence in the growth that we're projecting.

如果我們能將其中一些合約續約三年，那我們就有另一個機會更快地提高價格。但是，如果我們只提供 RPO 作為衡量成長的唯一指標，這可能會引起您的擔憂。所以，我們現在將為您提供 RPO 和逐步提高的 ARR 的組合，以便您對我們預測的成長充滿信心。

Got it. And I appreciate the new disclosures, guys. Dennis, I did have one clarification. You said 18% to 20% is coming for renewals in 2026. Is that the mix of the RPO target? I just want to make sure I understand the disclosure around that 18% to 20%.

知道了。我很感謝各位披露的新資訊。丹尼斯，我還有一點要澄清。你說過2026年續約時漲幅將達到18%到20%。這就是RPO目標組合嗎？我只是想確保我理解關於 18% 到 20% 的披露資訊。

Yes. Yes, that is the mix.

是的。是的，這就是混合比例。

Yes. And again, if we held ourselves to make sure we renewed every deal at five years, it could be a higher number, but we don't think that's in the best interest of the business. So that's why we want to give ourselves the ability to renew some deals at three years as well.

是的。再說，如果我們堅持每份合約都續簽五年，這個數字可能會更高，但我們認為這不符合公司的最佳利益。所以，這就是為什麼我們希望自己有能力在三年後再簽一些合約。

George Kurosawa, Citi.

喬治·黑澤，花旗銀行。

Great. Thanks for taking the questions. Maybe just to stay on this topic of renewals. I think if I got the numbers right, 18% of RPO bookings from renewals in '25, and now expecting 18% to 20%. I think we were maybe estimating that might be a bit of a bigger uplift.

偉大的。謝謝您回答問題。或許就讓我們繼續討論續約這個話題吧。我認為如果我沒算錯的話，2025 年 RPO 預訂中有 18% 來自續訂，現在預計會有 18% 到 20%。我想我們當時可能會估計這會是一個更大的提升。

Am I right in thinking here that maybe there's some level of conservatism baked into that? Or maybe there's the duration dynamics that you were just discussing? Or anything else we should keep in mind there?

我的理解沒錯吧，這其中可能蘊含著某種程度的保守主義？或者，也許還有你剛才討論的持續時間動態因素？或是有其他需要注意的地方嗎？

I think those are the key things. And maybe those two things go together, conservatism on duration. Again, if we really held ourselves to make sure that we renew every deal at five years, that 18% to 20% could be higher and the total RPO growth year over year could be higher. But we think we've got a very sticky product, and our customers are not leaving us.

我認為這些都是關鍵所在。也許這兩件事是相輔相成的，即在時長問題上持保守態度。再說一遍，如果我們真的嚴格要求自己，確保每份合約都續約五年，那麼18%到20%的成長可能會更高，RPO的年增率也會更高。但我們認為我們的產品非常暢銷，我們的客戶不會流失。

All of our customers are renewing. So having the opportunity to have another conversation about price increase in three years versus five years is an advantage to us.

我們所有的客戶都在續訂。因此，有機會在三年後而不是五年後再次討論價格上漲問題，這對我們來說是一個優勢。

Okay. Okay. Very helpful. And then I wanted to touch on the services business. I think you mentioned you're looking to hire into that group. You're guiding to 3% growth for the year. Historically, that's been a line item that's maybe a little bit lower visibility relative to the rest of the business. What's kind of underpinning your confidence there?

好的。好的。很有幫助。然後我想談談服務業。我想你之前提到過你們正在招募這個團隊的成員。您預計今年將實現 3% 的成長。從歷史上看，相對於公司其他業務而言，這部分支出可能不太引人注目。你自信的根源是什麼？

Yeah. So it's a few things. Number one, that strong bookings growth in Q4 and really strong in total for all of last year is going to continue to drive services well into 2026. But then, again, we put these conversion programs in place in the middle of last year. They're really starting to bear fruit.

是的。所以，這其中包含幾件事。第一，第四季強勁的預訂成長以及去年全年整體的強勁成長將繼續推動服務業發展到 2026 年。但是，我們是在去年年中才開始實施這些轉換計畫的。他們真的開始有成果了。

We're seeing the pipeline. We're seeing the deal volume pick up. That's creating services opportunity. And then I think the big one is Agentic AI. You look at a lot of SaaS companies that are out there trying to sell Agentic AI, and they don't have the army of services people that we have.

我們看到了管道。我們看到交易量正在增加。這就是創造服務業機會。然後，我認為最重要的就是智能體人工智慧。你看看市面上很多試圖銷售智慧人工智慧的 SaaS 公司，他們都沒有像我們一樣龐大的服務人員團隊。

And we see this as an opportunity to use that army of services people as a big advantage because we have the domain expertise. We can go in with forward-deployed engineers and help our customers realize value very, very quickly.

我們認為這是一個利用這支龐大的服務人員隊伍的巨大優勢的機會，因為我們擁有這方面的專業知識。我們可以派遣工程師到前線，幫助客戶非常非常迅速地實現價值。

This is the first time since Manhattan launched the cloud products where we've got an opportunity to go out to every cloud customer all at one time and have an immediate upsell opportunity that can add value from day one. So this is new for us, and we want to make sure that we get that message to all of our customers as quickly as possible.

這是曼哈頓推出雲端產品以來，我們第一次有機會一次接觸到所有雲端客戶，並立即獲得追加銷售機會，從第一天起就能增加價值。這對我們來說是全新的，我們希望確保盡快將這一訊息傳達給所有客戶。

Joe Vruwink, Baird.

Joe Vruwink，Baird。

A lot of questions on the renewal component to RPO next year. I wanted to ask about the remainder, the new bookings component. And what's kind of interesting is so new logos, so heavy and what you were able to achieve in 2025. You said your expectation is that balance is back towards normal. And yet, there's still a pretty healthy bookings component for '26.

明年關於RPO續約部分有很多問題。我想詢問一下剩餘部分，也就是新的預訂部分。有趣的是，這些全新的標誌，如此厚重的標誌，以及你們在 2025 年所取得的成就。你說過你預期平衡會逐漸恢復正常。然而，2026 年的預訂量仍然相當可觀。

So that would seem to be kind of the pace of migration or maybe cross-sell to -- it's the same customers kind of picking up the slack. Are you seeing kind of some early evidence? I know you talked about deals closing already here in 1Q around the more consultative approach to conversions. But what are some of the other things you're doing to accelerate the pace of migration? Because that new bookings number looks pretty good relative to where our expectations were.

所以這似乎就是遷移的速度，或者可能是交叉銷售的速度——都是同樣的客戶在彌補空缺。你看到一些早期跡象了嗎？我知道你在第一季已經談到了一些圍繞更具諮詢性的轉換方法而達成的交易。但你們還採取了哪些其他措施來加快移民步伐？因為這個新增預訂量看起來相當不錯，超出了我們的預期。

Yeah. So when you think about new bookings for us, that includes new logo. It includes expansion within existing accounts and of course, converting from on-prem to the cloud. We've talked about conversions quite a bit, as you mentioned. But that expansion is a big opportunity for us.

是的。所以，當您考慮為我們安排新的項目時，就包括新的標誌設計。它包括現有帳戶的擴展，當然還有從本地部署到雲端的轉換。正如您所提到的，我們已經多次討論過轉換問題。但這種擴張對我們來說是一個巨大的機會。

We've done really well in acquiring new logos. And we've got this renewal cycle of Warehouse, Active Warehouse. So the opportunity to cross-sell and expand is really ripe for us as well, and that's a big focus area for us. We also consider that taking market share because when we cross-sell new products, we're taking that from someone else. So that's kind of continued focus on taking market share.

我們在獲取新標誌方面做得非常出色。我們有倉庫、活躍倉庫的更新週期。因此，交叉銷售和擴張的機會對我們來說也非常成熟，這也是我們重點關注的領域。我們也認為這是搶佔市場份額，因為當我們交叉銷售新產品時，我們實際上是從其他人那裡搶走了市場份額。所以，我們仍然專注於搶佔市場份額。

So we'll do that in 2026 with new logos and cross-selling new products to existing customers.

所以我們將在 2026 年推出新標識，並向現有客戶交叉銷售新產品。

Okay. That's great. And then on the services outlook, so I guess that's good that kind of the update, maybe as hard as that was a year ago. You really haven't missed on a service communication since then, and now you're bringing people back. Are there aspects of the services pipeline where you would maybe say it's a lower risk factor?

好的。那太棒了。至於服務前景，我想這次更新還不錯，儘管一年前情況可能比較艱難。從那以後，你們的服務溝通一直都很到位，現在你們又把人帶回來了。在服務流程中，是否存在一些風險因素較低的環節？

I know Terry asked about this question. But I think about these six time line propositions that would seem to actually provide a high degree of confidence in services outlook. Are there are things around maybe a different go-to-market approach where you're trying to derisk what you're communicating tonight?

我知道特里問過這個問題。但我認為這六個時間軸提案似乎確實能為服務業前景提供高度信心。今晚您是不是想透過不同的市場推廣方式來降低您所傳達訊息的風險？

Yeah. So I think, number one, we always try to derisk what we're communicating and take a conservative approach. Of all of the revenue, services is the tough one to predict a year from now. It's easier to predict closer to now. But we've got -- the confidence that we have and what we've shared is based on the things that I mentioned.

是的。所以我覺得，第一，我們總是盡量降低溝通的風險，採取保守的做法。在所有收入來源中，服務業收入最難預測一年後的收入狀況。越接近現在，預測就越容易。但是，我們所擁有的信心以及我們所分享的一切，都是基於我剛才提到的那些事。

Those -- all of that pipeline and new logo that we sold last year and in Q4 gives a whole lot of clarity. Those ramp time lines are fixed. So that gives a whole lot of clarity to what we're doing. And the things that we're doing around conversions and creating fixed fee, yes, those -- as that volume picks up, that gives us an opportunity to potentially see upside in services as well.

那些——我們去年和第四季推出的所有產品線和新標識，都帶來了許多清晰的訊息。這些產能爬坡時間表是固定的。這樣一來，我們對正在做的事情就有了更清楚的認知。我們正在做的，例如提高轉換率和製定固定費用，是的，隨著交易量的增加，這讓我們有機會在服務方面也看到潛在的成長。

Dylan Becker, William Blair.

迪倫貝克爾，威廉布萊爾。

Hey, gentlemen. I appreciate the question here. Maybe, Eric, starting with you. I think it's very clear that the RPO strength is quite exceptional. I guess maybe if you were to reconcile kind of that outperformance relative to maybe the contribution from some of these newer initiatives that we've onboarded over the last maybe few quarters here, if we think about a dedicated migration team, partner emphasis, obviously, like more of an expansion motion as well, too. Is that something that you're starting to already see kind of some of the fruits of the labor from?

嘿，先生們。我很欣賞這個問題。或許，埃里克，就從你開始吧。我認為很明顯，RPO 的實力非常出色。我想，或許要將這種優異表現與我們在過去幾季推出的一些新舉措的貢獻聯繫起來，如果我們考慮一下專門的遷移團隊、合作夥伴的重視，以及更明顯的擴張舉措。你是否已經開始看到一些勞動成果了？

And maybe how we think about that layering in over time as well, too, and contributing to strength throughout the balance of the year, maybe as those start to ramp and become more material contributors over time?

或許我們也應該考慮如何隨著時間的推移逐步增加這些因素，並在今年剩餘的時間裡增強業績，也許隨著這些因素逐漸增強並成為更重要的貢獻因素？

Yeah. So I think some of the things that -- some of the programs that we put in place in 2025 did have a positive impact. But realistically, most of the pipeline we close is a little bit longer-term sales cycle. So I think you've got to credit what the team had in place before we went into 2025. Maybe we influenced some of that in the second half and got a little bit better result. But largely, the result that we got was based on the preparation that happened before '25.

是的。所以我認為，我們在 2025 年實施的一些計畫確實產生了正面的影響。但實際上，我們成交的大部分訂單都屬於週期稍長的銷售項目。所以我覺得應該肯定團隊在進入 2025 年之前所做的準備。或許我們在下半場對比賽做了一些調整，取得了稍微好一點的結果。但總的來說，我們取得的成績是基於 2025 年之前的準備。

Now that being said, I think we did a whole lot of great preparation in '25 for '26. And that's when I think we will really start to see the fruits from our labor around these programs that we put in place in the second half of '25.

話雖如此，我認為我們在 2025 年為 2026 年做了很多很好的準備。我認為，到那時，我們才能真正開始看到我們在 2025 年下半年實施的這些計劃所帶來的成果。

Perfect. Okay. Great. Thank you. And then maybe for Dennis or Eric, you have a comment as well, too. On the fully ramped metric as well, too, obviously, some nice room for incremental kind of contribution step-ups relative to what we're doing today from a cloud revenue perspective.

完美的。好的。偉大的。謝謝。或許你也對丹尼斯或艾瑞克有一些話要說。從完全提升後的指標來看，顯然，相對於我們目前在雲端收入所做的工作，還有一些不錯的增量貢獻提升空間。

I guess, how you think about the in-year contribution of those ramps of effectively kind of like what's committed, what you have visibility into? I know, Dennis, you called out high levels of visibility here, but maybe kind of parsing through what's rolling off of kind of that grant backlog and giving you conviction in that 20% growth versus kind of what's an incremental net new that you kind of have to go and get in a particular year?

我想，您是如何看待這些斜坡在一年內的貢獻，也就是已經承諾的、您能看到的貢獻？我知道，丹尼斯，你提到了這裡很高的知名度，但是也許應該仔細分析一下那些積壓的撥款項目，看看哪些能讓你確信20%的增長，而不是你在特定年份必須獲得的新增淨額是多少？

So maybe I'll start with that just to make sure I understand the question very clearly. When we talk about that ramped ARR, what we're doing is at the end of 2025, everything that is sold, we're looking at the ramps over the next four years and then comparing that to the same thing a year ago. So in that ramped ARR, it doesn't assume any new sales. That is all committed revenue. And then everything new that we sell adds to that committed revenue.

所以，我或許應該先從這裡開始，以確保我完全理解了這個問題。當我們談到逐步提高的年度經常性收入 (ARR) 時，我們所做的就是，到 2025 年底，對所有已售出的產品，我們都會查看未來四年的成長情況，然後將其與一年前的情況進行比較。因此，在這種逐步增加的年度經常性收入（ARR）中，並沒有假設任何新的銷售。以上均為已承諾收入。然後，我們銷售的所有新產品都會增加到已承諾的收入中。

Is that kind of the question you're asking? Or am I missing something there?

你問的是這類問題嗎？還是我漏掉了什麼？

It was more in the context of how that flows through to reported cloud revenues, right, of what's the kind of the step up in that ARR that you actually realized in a particular year, just giving you kind of conviction on the durability of the 20% growth algorithm, if that makes sense.

更重要的是，這如何轉化為已公佈的雲端收入，對吧？也就是說，在某一年，你的 ARR 實際上成長了多少？這能讓你對 20% 的成長演算法的持久性更有信心嗎？

Yeah. And the ramps vary. And in any given year, we've got -- as you know, some of our products like POS and Order Management ramp quicker, but some of the long complex warehouse do often take four years to fully ramp. And in any given year, we've got some that are four years in, some that are three years in and two years in and one year in. But you've seen the volume over the past several years of our sales growth. So each one of those categories is kind of stepping up each year, which is compounding that growth each year.

是的。而且坡道各不相同。在任何一年中，正如您所知，我們的一些產品，例如 POS 和訂單管理，上線速度更快，但一些複雜的大型倉庫通常需要四年才能完全上線。在任何一年裡，我們都會看到有些學員已經工作了四年，有些學員工作了三年，有些學員工作了兩年，有些學員工作了一年。但你們已經看到了過去幾年我們銷售額的成長。因此，這些類別每年都在不斷進步，從而逐年累積成長。

Thank you.

謝謝。

And then maybe one thing I'll add to that, sorry, is our GRR, gross retention rates, are world-class, and that really gives us confidence. So Dennis talked about the assumptions around this new ramped ARR number is that we're assuming no churn and no price increase. Well, that also creates upside because we're -- there's more opportunity for price increase than there is return.

然後，抱歉，我可能還要補充一點，我們的毛留存率（GRR）是世界一流的，這真的給了我們很大的信心。所以丹尼斯談到，圍繞這個新的逐步提高的 ARR 數值的假設是，我們假設沒有客戶流失，也沒有價格上漲。這也帶來了上漲空間，因為價格上漲的機會比回報更大。

Parker Lane, Stifel.

帕克巷，斯蒂費爾。

Hey, guys. Thanks for taking the questions here. Eric, great to see the commercial availability of the AI Agent and the Agent Foundry. I was just wondering if you could go a little bit deeper on the monetization strategy around these agents? If you expect that to be fairly static across the different types of agents you're providing, including those that are more customized?

嘿，夥計們。感謝您回答這些問題。Eric，很高興看到 AI Agent 和 Agent Foundry 的商業化應用。我想請您更詳細地介紹一下這些代理商的獲利策略？如果您希望您提供的各種類型的代理（包括那些更具客製化的代理）的性能保持相對穩定，那麼情況是否如此？

And when you look out to 2026, I know we're really early here, but what sort of momentum do you anticipate seeing within your base from an adoption standpoint? And perhaps any thoughts on how much that could contribute to growth here in the near term?

展望 2026 年，我知道現在還為時過早，但從用戶採納的角度來看，您預計您的用戶群將會出現怎樣的發展動能？那麼，您認為這在短期內能對這裡的成長做出多大貢獻呢？

Yeah. Thank you for that. So number one, we're really excited about what we've launched. And we think this is truly different in the market. We're in a unique position where we really have stuck to our model on creating a true API-driven micro services platform that is truly integrated. So we don't have to start the conversation with a project of data indexing and moving to a data lake. We start the project by turning it on, and you've got live agents working in your system that are natively working in your Active platform. So that's something that's really unique.

是的。謝謝。首先，我們對我們推出的產品感到非常興奮。我們認為這在市場上確實與眾不同。我們處於一個獨特的地位，因為我們真正堅持了自己的模式，創造了一個真正整合的 API 驅動的微服務平台。因此，我們不必從資料索引和遷移到資料湖的專案開始討論。我們首先啟動該項目，然後您的系統中就會有即時代理在您的 Active 平台上原生運行。所以這確實很獨特。

And I think we've got a lot of customers that are looking for ways to figure out how to take advantage of AI. And this gives them a very easy opportunity to turn it on, play with it, look at it, and see what value they can create.

我認為我們有很多客戶正在尋找利用人工智慧的方法。這讓他們有機會輕鬆地打開它，把玩它，觀察它，看看它能創造什麼價值。

So our approach is we're starting with proof of concepts or pilots with our customers. And we're offering this at a very low-cost, low-risk scenario. It's a 90-day proof of concept, and it will come with forward-deployed engineers that will make sure that they learn how to use all of the standard agents that they can turn on day one. And those forward deployed engineers will also help them build at least one or two custom agents using our Agent Foundry and train them how to build their own custom agents.

所以我們的做法是，先與客戶進行概念驗證或試點專案。而且我們以非常低成本、低風險的方式提供這項服務。這是一個為期 90 天的概念驗證，我們將提前部署工程師，確保他們學會如何使用所有可以在第一天啟用的標準代理商。這些前線部署的工程師還將幫助他們使用我們的 Agent Foundry 建立至少一兩個自訂代理，並培訓他們如何建立自己的自訂代理。

Clearly, all of this is so that when we get to the end of that 90-day proof of concept, we've got customers that say there's no way we can turn this off. It's adding so much value, we've got to use it. And that's when we monetize it. So we're pricing this.

顯然，這一切都是為了在 90 天的概念驗證結束時，讓客戶說他們根本無法關閉這個功能。它能帶來如此大的價值，我們必須加以利用。然後我們就可以從中獲利。所以我們正在定價。

We want to keep it very simple for our customers. So it's an uplift, kind of like we do with labor and slotting and some of the other things that we have within our product. it's a standard uplift, and that makes it easy for our salespeople to have the conversation and easy for our customers to buy.

我們希望為客戶提供最簡單的服務。所以這是一種價格提升，有點像我們對人工、貨位以及產品中其他一些項目所做的那樣。這是一種標準價格提升，這使得我們的銷售人員更容易與客戶溝通，也使我們的客戶更容易購買。

Thanks, Eric. And Dennis, one for you. Just a clarification on the customer liquidation headwind you faced, was that $1.3 million for the fourth quarter that wasn't contemplated in the guide? And if so, what's the annualized headwind you anticipate there in '26?

謝謝你，埃里克。還有丹尼斯，給你一杯。關於您遇到的客戶清算不利因素，我想澄清一下，第四季度那130萬美元的損失是否未在指南中考慮？如果情況屬實，您預期 2026 年的年度逆風會是多少？

Yeah. It was, in the quarter, $1.3 million. Or $2.5 million --

是的。該季度營收為 130 萬美元。或者250萬美元——

$1.3 million in the quarter, $2.5 million annualized.

1.3美元本季營收達 250 萬美元，年化收入達 250 萬美元。

Got it. Okay.

知道了。好的。

So that wasn't in our numbers a quarter ago. That happened quickly and surprisingly, but it's now baked into all of our numbers.

所以，這在上個季度的統計數據中還沒有反映出來。這件事發生得很快也很出乎意料，但現在它已經融入我們所有的數據了。

Chris Quintero, Morgan Stanley.

克里斯昆特羅，摩根士丹利。

Hey, Eric, Dennis. I really appreciate the ARR disclosure here. That's super helpful, especially with all the different dynamics hitting the RPO metric. So thank you for that additional color. I've got two questions on services. Usually, the number one question I get from investors is, how do we think about the services business over the medium and long term? Clearly, it's really great to see that get back to growth.

嘿，艾瑞克，丹尼斯。我非常讚賞貴方揭露年度經常性收入（ARR）資訊。這非常有幫助，尤其是在 RPO 指標受到各種不同因素影響的情況下。所以，謝謝你增添了這抹色彩。我有兩個關於服務方面的問題。通常，投資人問我的第一個問題是：我們如何看待服務業的中長期發展？顯然，看到它恢復增長真是太好了。

You have some easy comps from '25, but you also have a lot of renewals coming up. So is there any color you can give us around what does that kind of medium normalized kind of growth rate for the services business potentially look like here?

2025 年有一些比較容易的比較，但你也有很多續約即將到來。那麼，您能否為我們介紹一下，服務業的這種中等程度的正常化成長率可能會是什麼樣子？

Yeah. So it doesn't surprise me that you get that question a lot, because I think in the services -- in IT services world, that question is going around a lot. I think what's unique about our services business is that it is so domain specific. And that gives us a unique advantage across our products, but also when we're talking about things like Agentic AI. The real value in Agentic AI is being able to tie it to that domain knowledge and domain expertise, and that's what we're doing with our forward deployed engineers.

是的。所以，你經常被問到這個問題，我一點也不感到驚訝，因為我認為在服務業——在 IT 服務領域，這個問題經常被問到。我認為我們服務業務的獨特之處在於它的領域針對性很強。這讓我們在所有產品中都擁有獨特的優勢，尤其是談到智能體人工智慧等領域時。智能體人工智慧的真正價值在於能夠將其與領域知識和領域專業技能聯繫起來，而這正是我們透過前線部署的工程師們正在做的事情。

All that being said -- and based on some of the comments I made earlier -- these are all the things that give us confidence for that mid-single-digit growth rate in services. We don't expect this to be a double-digit growth rate, and we don't necessarily want it to be. We want to -- our focus is on growing the cloud business double digit, 20%-plus.

綜上所述——並且基於我之前的一些評論——這些因素都讓我們對服務業實現中等個位數的成長率充滿信心。我們預期成長率不會達到兩位數，而且我們也不一定希望如此。我們希望－我們的重點是實現雲端業務兩位數成長，20%以上。

Got it. That's super helpful. And then if we go back to this call last year, you all talked about some of those implementation -- in-flight implementations that got pushed out. Any update on that? Like how -- did all those close in '25? Are you still kind of working through some of those? Any additional color there would be helpful.

知道了。這太有幫助了。然後，如果我們回顧去年的這通通話，你們都談到了一些實施情況——一些正在實施但被推遲的方案。那件事有最新進展嗎？比如說——所有這些店都是在 2025 年關門的嗎？你還在處理其中一些問題嗎？如果能添加一些其他顏色就更好了。

Yeah. I think there's a little bit of all over the board on some of those. But the reality is, I think in a large part, none of them stopped. As we said a year ago, none of them are stopping. They were just slowing down. They're all back deploying again to some extent. Some of them are now ahead of where they were ahead of schedule, and we continue to have these conversations.

是的。我認為其中一些問題比較複雜，各種說法都有。但現實情況是，我認為在很大程度上，他們中沒有一個人停止過。正如我們一年前所說，他們沒有一個人會停止。他們只是放慢了速度。他們現在都已在一定程度上恢復部署。他們中的一些人現在的進度已經超過了原定計劃，我們將繼續進行這些討論。

If you remember, we talked about, not only are we offering fixed fee conversions, but in some cases, we're going out to some of these customers and offering fixed fee. Hey, let us do the next 10 DCs that we've already got the recipe for, let us go roll this out quickly. So there's a big effort to make sure all of those catch up or get ahead of their scheduled plan.

如果你還記得的話，我們討論過，我們不僅提供固定費用轉換服務，而且在某些情況下，我們還會主動聯繫一些客戶提供固定費用服務。嘿，讓我們趕緊把接下來10個我們已經掌握配方的DC（資料中心）專案推進下去吧。因此，各方都在努力確保所有這些項目都能趕上或提前完成原定計劃。

Guy Hardwick, Barclays.

蓋伊哈德威克，巴克萊銀行。

Hi, good evening.

您好，晚上好。

Hi.

你好。

Hi, Eric, I -- also, at NRF, I was able to be fortunate enough to speak to some Manhattan Associates reps and obviously, a home in on the Active Agent subscriptions, which you mentioned in your prepared remarks. So I know it was asked a little bit earlier, but asking in a different way, are you assuming any incremental subscription bookings from Active Agent subscription in that $2.6 million to $2.68 million RPO guidance for the year. Or is it within the SaaS revenue guidance? Or would anything be incremental if it's not?

嗨，Eric，我也——在 NRF 期間，我有幸與 Manhattan Associates 的一些代表進行了交談，顯然，我們重點討論了您在準備好的發言稿中提到的 Active Agent 訂閱服務。我知道之前有人問過這個問題，但我換個方式問一下，您是否假設 Active Agent 訂閱會帶來任何增量訂閱預訂，從而達到今年 260 萬美元至 268 萬美元的 RPO 指導目標？或者說，它是否在SaaS收入預期之內？如果並非如此，那麼任何事物還能算是漸進式的嗎？

Yeah. So we've taken a very conservative approach. Anything we do in AI is incremental to what we've talked about today.

是的。所以我們採取了非常保守的做法。我們在人工智慧領域所做的一切都是對我們今天所討論內容的漸進式擴展。

Okay. Got it. And just as a follow-up. I guess, that's -- given you -- I mean, in terms of the Q4 bookings, how much was that a catch-up from perhaps the bookings being a little bit disappointing in Q3? So how much was it of bookings, which should have fallen in Q3, fill in Q4? And then how much was down to your sales guys over delivering or perhaps delivering better than expected?

好的。知道了。作為後續補充。我想，鑑於你——我的意思是，就第四季度的預訂量而言，這在多大程度上彌補了第三季預訂量略顯令人失望的情況？那麼，原本應該在第三季完成的預訂量，有多少被計入了第四季呢？那麼，這其中有多少要歸功於你們的銷售人員超額完成任務，或者說他們的表現超出了預期呢？

Yeah. I think when we talked about Q3 bookings. It was a little below what we wanted it to be. But at the time, I said we are still on track to hit our full year number. And that is a little bit just the lumpiness, but we beat our full year guidance by $40 million. So it absolutely was more than just timing by quarter. It was over performance by the team.

是的。我想我們當時是在討論第三季預訂情況的時候。比我們預期的略低。但當時我說過，我們仍有望實現全年目標。雖然這其中存在一些波動，但我們全年業績比預期高出 4000 萬美元。所以，這絕對不只是按季度安排時間那麼簡單。這是球隊超常發揮。

Mark Schappel, Loop Capital Markets.

馬克‧沙佩爾 (Mark Schappel)，Loop 資本市場。

Thank you for taking my question. Nice job on the quarter, especially on the RPO print. Eric, a question for you here. Could you just comment on the CIO sentiment you're seeing with respect to greenlighting large WMS and TMS conversion projects and maybe how that sentiment has evolved over, say, the past six to nine months?

感謝您回答我的問題。本季工作做得不錯，尤其是 RPO 列印部分。艾瑞克，我有個問題想問你。您能否就您觀察到的資訊長們對批准大型 WMS 和 TMS 轉換專案的態度發表一下看法，以及這種態度在過去六到九個月中發生了怎樣的變化？

Yeah. I would say the sentiment really hasn't changed drastically over the six to nine months. I would say that our customers that are in programs are -- really like everything we're doing about speeding them up, speed and simplicity, how can they get their ROI faster. The reason companies embark on this is because it truly does create efficiency and it does create cost savings, and it does create ROI for them. So the faster they can achieve that, the better.

是的。我認為在過去的六到九個月裡，這種情緒並沒有太大的變化。我想說，我們參與專案的客戶——他們真的很喜歡我們所做的一切，那就是加快他們的速度，簡化流程，讓他們更快獲得投資回報。公司之所以開展這項工作，是因為它確實能夠提高效率、節省成本，並為他們帶來投資回報。所以他們越快達成這個目標越好。

But you can -- I gave you several examples of Q4 companies and the types of companies that we sold to and what they bought, many of them being new logos. We still see a very healthy pipeline of companies that are recognizing if they want to achieve the things that they need to do to meet their business strategies, they need software that supports that. And there's not another provider in the market that can provide what we can in these spaces, and that's why we continue to see these very, very strong win rates against the competition.

但你可以——我給你舉了幾個第四季度公司的例子，以及我們向其銷售產品的公司類型和他們購買的產品，其中許多都是新標誌。我們仍然看到許多公司意識到，如果他們想要實現實現其業務策略目標所需的目標，就需要相應的軟體來支援這些目標。市場上沒有其他供應商能夠在這些領域提供我們所能提供的服務，這就是為什麼我們能夠持續保持如此非常高的勝率，戰勝競爭對手。

Great. And then as a follow-up here, in terms of your sales motion, obviously, a very strong quarter for new logos again this quarter. Could you also talk a little bit about the mix this quarter with conversions and cross-sells? And also, how we should expect that to -- or how we should expect that mix to evolve in the coming year?

偉大的。然後，作為後續跟進，就你們的銷售情況而言，顯然，本季新客戶數量再次非常強勁。您能否也談談本季轉換率和交叉銷售的組合情況？此外，我們應該預期這種組合在未來一年會如何演變？

Sure. We always say that over time that it's kind of the rule of thirds; one-third will be new logo, one-third will be expansion, and one-third will be conversion. But clearly, what we saw in '25 is we had 55% come from new logos. So that was a pretty remarkable performance. Now, if any one of those three categories is going to be higher than the others, I would absolutely want it to be new logo because that means we're going out and we're taking market share.

當然。我們總是說，隨著時間的推移，這有點像是三分法；三分之一是新標誌，三分之一是擴張，三分之一是轉化。但很明顯，我們在 2025 年看到的是，55% 的成長來自新的標誌。那真是一場精彩絕倫的表演。如果這三個類別中有一個類別的排名高於其他類別，我絕對希望是新標誌，因為這意味著我們正在走出去，搶佔市場份額。

That being said, I think just being realistically and the more new logo we win, the more opportunity we have for expansion, and we know we have a ripe set of customers that are getting ready for conversion. So we're just kind of weighing that as probably the rule of thirds over a longer period of time will come back into play. But we see big opportunity in all of those categories.

話雖如此，我認為現實一點來說，我們贏得的新客戶越多，我們的擴張機會就越多，我們知道我們有一群成熟的客戶正在準備轉換。所以我們正在權衡，從長遠來看，三分法構圖可能會再次發揮作用。但我們看到所有這些領域都蘊藏著巨大的機會。

Clark Wright, DA Davidson.

克拉克·賴特，DA戴維森。

Hi there. Thank you. Most of my questions have been asked here already. But I just wanted to understand, again, going back to the services revenue and the opportunity that you have there once the customer is converted to the cloud. What's driving really the upsell from there on out? And how do you continue to drive value through services and your domain expertise moving forward?

你好呀。謝謝。我的大部分問題之前都已經有人問過了。但我只是想再次了解一下，回到服務收入，以及一旦客戶遷移到雲端，您將擁有的機會。真正推動後續追加銷售的因素是什麼？那麼，您未來將如何繼續透過服務和您的領域專業知識來創造價值呢？

Yes. So once a customer converts to the cloud, keep in mind, every quarter, they get quarterly updates. So new features and functions that come to them through release notes, and then our teams will help them determine which of these features and functions can add value to you right away, which do you want to think about later, et cetera.

是的。因此，一旦客戶遷移到雲端，請記住，他們每個季度都會收到季度更新。因此，我們會透過版本說明向使用者介紹新的特性和功能，然後我們的團隊會幫助他們確定哪些特性和功能可以立即為他們帶來價值，哪些特性和功能可以稍後再考慮等等。

So the customers that are having the most success and getting the most value out of this software platform that we've built are the ones that are really looking at that quarterly. So then it comes in, the services that are related to that come in very small doses each quarter. As compared to back in the old on-prem days, maybe it was an upgrade every five or 10 years with no services in between. So now it's more of a steady dose of services throughout the life of the partnership.

因此，那些真正按季度關注我們開發的軟體平台，並從中獲得最大成功和最大價值的客戶，都是那些真正關注該平台的客戶。因此，與此相關的服務就會以每季少量提供的形式出現。與以前本地部署時代相比，現在可能每五到十年才升級一次，中間沒有任何服務中斷。所以現在更多的是在合作關係存續期間持續不斷地提供服務。

Awesome. That's helpful. And then just in terms of -- go ahead.

驚人的。那很有幫助。然後就——繼續吧。

Please go ahead.

請繼續。

I was wondering in terms of the strength of the new business that you're talking about, has there been any specific verticals where you've seen more traction than others?

我想問一下，就您所說的新業務的實力而言，您是否發現某些特定垂直領域比其他領域更有發展勢頭？

Well, I think what's been exciting for us is, it's been very diverse. People really know us as we're really strong in retail and a lot of people think about us is that retail strength. But when I kind of listed out the wins and talked about the wins that we had in Q4, it goes far beyond retail. And it's great to see we're getting more and more strength and more dominance outside of retail.

我覺得最令人興奮的是，它非常多元化。人們之所以對我們有所了解，是因為我們在零售業實力雄厚，很多人想到我們，就會想到我們在零售業的實力。但是，當我列出我們在第四季的成就並談論這些成就時，我發現它遠遠超出了零售業的範疇。很高興看到我們在零售業以外的領域也獲得了越來越強的實力和越來越大的優勢。

Thank you. And ladies and gentlemen, with that, this does conclude today's question-and-answer session. I would now like to turn the floor back to Eric Clark for any closing remarks.

謝謝。女士們、先生們，今天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，讓他做最後的總結發言。

I know we ran a few minutes long, but thank you all for sticking with us. Really appreciate your time. We're pleased of where we are here in Q1 and excited about the year ahead.

我知道我們超時了幾分鐘，但感謝大家的陪伴。非常感謝您抽出時間。我們對第一季的成績感到滿意，並對未來一年充滿期待。

Thank you. And with that, ladies and gentlemen, this does conclude today's teleconference. We thank you for your participation, and you may disconnect your lines at this time, and have a wonderful day.

謝謝。女士們、先生們，今天的電話會議到此結束。感謝您的參與，您可以斷開線路了，祝您有美好的一天。