Manhattan Associates, Inc. (MANH) 2026 Q3 法說會逐字稿

Good afternoon. My name is Sachi, and I will be your conference facilitator today. At this time, I would like to welcome everyone to the Manhattan Associates' Q3 2026 earnings conference call. (Operator Instructions)

下午好。我叫 Sachi，今天將擔任本次電話會議的主持人。此刻，我謹代表 Manhattan Associates 歡迎各位參加 2026 年第三季（Q3）財報電話會議。（接線員指示）

As a reminder, ladies and gentlemen, this call is being recorded today, October 27, 2026.

提醒各位女士、先生，本通話將於今日 2026 年 10 月 27 日錄音。

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

接下來我想介紹本次會議主持人：Manhattan Associates 投資人關係副總裁 Michael Bauer 先生。Bauer 先生，您可以開始會議。

Thank you, Sachi, and good afternoon, everyone. Welcome to Manhattan Associates' 2026 third-quarter earnings call. I will review our cautionary language and then turn the call over to our President and Chief Executive Officer, Eric Clark.

謝謝你，Sachi，各位下午好。歡迎參加 Manhattan Associates 2026 年第三季財報電話會議。我將先說明我們的警示性聲明，接著把電話交給我們的總裁暨執行長 Eric Clark。

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

在本次通話期間（包含問答環節），我們可能會就未來事件或未來財務表現發表前瞻性陳述。我們提醒您，這些前瞻性陳述涉及風險與不確定性，並非對未來績效的保證，實際結果可能與我們前瞻性陳述中的預測存在重大差異。

I refer you to Manhattan 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 2025 and the risk factor discussion in that report and any risk factor updates we provide in our subsequent Form 10-Qs.

我請各位參閱 Manhattan 向 SEC 提交的報告，其中載有可能導致實際結果與我們預測存在重大差異的重要因素，特別是我們 2025 會計年度的 Form 10-K 年報，以及該報告中的風險因素討論，並包含我們在後續 Form 10-Q 中提供的任何風險因素更新。

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

另請注意，動盪的全球總體經濟環境可能影響我們的表現，並使實際結果與我們的預測出現重大差異。我們沒有義務更新這些陳述。

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，我們的評論包含若干非 GAAP 財務衡量指標，以向投資人提供額外資訊。我們已依 SEC 規則，將所有非 GAAP 指標與相關 GAAP 指標進行調節。您可在我們今日稍早向 SEC 提交的 Form 8-K 以及我們網站 manh.com 上找到調節表。

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

現在，我把電話交給 Eric。

Thank you, Mike. Good afternoon, everyone, and thank you for joining us as we review our third-quarter results, discuss our increased full-year 2026 outlook, and provide some color on 2027.

謝謝你，Mike。各位下午好，也感謝各位加入我們，一同回顧第三季業績、討論我們上調的 2026 全年展望，並就 2027 年提供一些補充說明。

Manhattan delivered record Q3 and year-to-date results. Our performance was highlighted by 28% cloud revenue growth, RPO increasing 25% to $2.6 billion, and our fourth consecutive quarter of record bookings.

Manhattan 在第三季及年初至今均創下紀錄。我們的表現亮點包括：雲端營收成長 28%、RPO 成長 25% 至 26 億美元，以及連續第四季創下訂單（bookings）新高。

We also achieved two milestones with cloud revenue surpassing services revenue and total quarterly revenue exceeding the $300 million watermark as total revenue growth of 11% was better than expected.

我們也達成兩項里程碑：雲端營收超越服務營收，以及單季總營收突破 3 億美元門檻；在總營收成長 11% 的帶動下，表現優於預期。

The steady acceleration of our business momentum continues to be powered by two primary drivers: first, Manhattan's commitment to innovation and driving speed and simplicity across our best-in-class supply chain solutions; and second, the strategic investments in sales and marketing are unlocking a growing number of opportunities across our large and expanding addressable market.

我們業務動能的穩健加速，持續由兩大主要驅動因素所推動：第一，Manhattan 致力於創新，並在我們同級最佳的供應鏈解決方案中推動速度與簡化；第二，對銷售與行銷的策略性投資，正在我們龐大且持續擴張的可服務市場中，釋放出愈來愈多的機會。

As we've previously communicated, these investments include building product-focused sales specialist teams to drive new logo growth and cross-sells; a dedicated conversion team to move on-prem customers to the cloud; a dedicated renewal team to focus on expansion; maturing our partner ecosystem created additional pipeline channels; building seamless agentic AI capabilities driven by Manhattan forward-deployed engineers; and most recently, the introduction of Editions, to make the Manhattan Active Platform available to customers of all sizes.

如我們先前所溝通，這些投資包括：建立以產品為導向的銷售專家團隊以推動新客戶（new logo）成長與交叉銷售；成立專責轉換團隊將地端（on-prem）客戶移轉至雲端；成立專責續約團隊聚焦擴張；成熟化我們的合作夥伴生態系以創造更多管道商機；由 Manhattan 前線部署工程師（forward-deployed engineers）驅動，打造無縫的代理式 AI（agentic AI）能力；以及最近推出 Editions，讓 Manhattan Active Platform 能提供給各種規模的客戶使用。

These investments have contributed to the acceleration of our year-to-date bookings growth as our year-to-date deal volume has already surpassed our total deal volume for the full year of 2025.

這些投資促成了我們年初至今訂單成長的加速，因為我們年初至今的交易量已經超過 2025 全年的總交易量。

In addition to strong Q3 deal volume, which included both Enterprise and Essentials Editions transactions, we also experienced healthy growth in new logos, upsells, and renewals.

除了第三季強勁的交易量（包含 Enterprise 與 Essentials Editions 的交易）之外，我們在新客戶、加購（upsells）與續約方面也呈現健康成長。

Specifically, new logos were about 35% of new cloud bookings and our win rate metric remained consistent at above 70%. Our AI offerings, which are built directly into our Active Platform, continue to be a meaningful differentiator, contributing to our Q3 deal flow, including an AI upsell through the Google Marketplace as well as new pipeline growth.

具體而言，新客戶約占新增雲端訂單的 35%，而我們的得標率指標維持一致，仍高於 70%。我們的 AI 產品直接內建於 Active Platform，持續成為重要差異化因素，並為第三季交易動能做出貢獻，其中包括透過 Google Marketplace 的一次 AI 加購，以及新的商機管線成長。

In summary, we continue to experience strong and diversified bookings momentum for the quarter and year to date. Our fourth consecutive record bookings quarter was a key contributor to our growth acceleration in cloud revenue, total revenue, RPO, and next 24-month RPO.

總結來說，我們在本季及年初至今持續展現強勁且多元化的訂單動能。連續第四季創下訂單新高，是推動我們雲端營收、總營收、RPO 以及未來 24 個月 RPO 成長加速的關鍵因素。

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.

從垂直產業銷售角度來看，我們的終端市場多元，並在多個次產業擁有健康且既有的布局，包括零售、雜貨、食品配送、生命科學、工業、科技、航空公司、第三方物流等。

For example, Q3 deals included a multinational home improvement retailer that increased their existing Active Order deployment and expanded to become an Active Warehouse, Active Transportation, and Active AI customer. A leading US grocer became a new logo Active Warehouse and Active AI customer. A global medical technology developer and manufacturer is converting from on-prem to Active Warehouse.

例如，第三季交易包括：一家跨國居家修繕零售商擴大其既有的 Active Order 部署，並擴展成為 Active Warehouse、Active Transportation 與 Active AI 客戶。一家美國領先的雜貨商成為新的 Active Warehouse 與 Active AI 客戶。一家全球醫療科技研發與製造商正從地端轉換至 Active Warehouse。

One of the largest consumer cooperatives renewed their Active Warehouse subscription and expanded to become an Active Transportation and Active AI customer. A lifestyle and fashion brand that is an existing Active Order customer expanded to become an Active Warehouse and Active AI customer. And an energy transmission and distribution company became a new logo Active Warehouse and Active Transportation customer.

最大的消費者合作社之一續約其 Active Warehouse 訂閱，並擴展成為 Active Transportation 與 Active AI 客戶。一家生活風格與時尚品牌（既有 Active Order 客戶）擴展成為 Active Warehouse 與 Active AI 客戶。另有一家能源輸配公司成為新的 Active Warehouse 與 Active Transportation 客戶。

In addition to several other impressive Q3 deals, we continue to make solid progress on monetizing our AI opportunity. As a reminder, our Active AI offering consists of two primary elements: a set of base agents ready to be activated immediately and then our Agent Foundry, which enables our customers to quickly build and deploy their own agents.

除了其他幾筆令人印象深刻的第三季交易外，我們也持續在 AI 商機的變現方面取得扎實進展。提醒各位，我們的 Active AI 產品包含兩個主要要素：一套可立即啟用的基礎代理（base agents），以及我們的 Agent Foundry，使客戶能快速建置並部署自有代理。

And because we build all of these agents directly into the Active Platform, our customers don't need to implement costly and complex external data lakes. Our unified cloud-native, API-first architectures enables us to deploy agents with almost no configuration or additional upfront effort, embedding AI agents directly into the workflow, no data lakes, no latency, deployed in minutes, not months, and maximizing value and ROI in real time.

而且由於我們將所有這些代理直接建置於 Active Platform 中，客戶無需導入昂貴且複雜的外部資料湖。我們統一的雲端原生、API 優先架構，使我們幾乎不需設定或額外前期投入即可部署代理，將 AI 代理直接嵌入工作流程：不需要資料湖、沒有延遲、以分鐘而非數月完成部署，並即時最大化價值與投資報酬率（ROI）。

This is driving impressive market-leading adoption of our agents from our install base. And while it remains early, we're maintaining our 100% conversion success from AI pilot to AI subscription.

這正推動我們既有客戶群對代理的採用，展現令人印象深刻且領先市場的成長。雖然仍處於早期階段，但我們仍維持 AI 試點轉為 AI 訂閱的 100% 轉換成功率。

To help demonstrate the broad use cases and the operational benefits provided by our Active Agent technology, I'll provide three brief customer use cases from the quarter.

為了協助說明我們 Active Agent 技術的廣泛使用情境與其帶來的營運效益，我將分享本季三個簡短的客戶案例。

First, a 3PL with multiple agents deployed at several of their sites reduced wave planning by 50%. Agents also lowered appointment booking clerical time by 80% and wave failure investigation time by almost 70%. These are labor-intensive processes that require highly specialized resources.

第一，一家在多個據點部署多個代理的 3PL，將波次規劃（wave planning）時間降低 50%。代理也將預約排程的文書處理時間降低 80%，並將波次失敗（wave failure）調查時間降低近 70%。這些都是勞力密集、且需要高度專業資源的流程。

Together, on an annualized basis, these efficiency gains will return thousands of man hours back to the business. These agents also increased on-time departures with one site experiencing approximately a 20% increase.

合計而言，以年化計算，這些效率提升將為企業回收數千個工時。這些代理也提升了準時出發率，其中一個據點約提升 20%。

Next, a retailer that is also deploying multiple agents was able to reduce invoice write-offs by almost 20% and cut invoice resolution time by over 70%, increasing the company's revenue and cash flow.

第二，一家同樣部署多個代理的零售商，將發票沖銷（invoice write-offs）降低近 20%，並將發票解決時間縮短超過 70%，進而提升公司的營收與現金流。

And finally, a manufacturer with multiple agents live is using an order fill agent that automatically fills order from inventory available from other sales channels when their specific channel's inventory is depleted. This prevents lost sales, lowers freight overspend, and improves vendor status with key sales channels. Once these agents are implemented across all sites, this customer is forecasting to achieve seven figures' worth of increased sales and cost savings.

最後，一家已有多個代理上線的製造商，正在使用訂單補貨代理（order fill agent）：當特定通路的庫存耗盡時，該代理會自動從其他銷售通路可用庫存中補足訂單。這可避免流失銷售、降低運費超支，並改善與關鍵銷售通路的供應商地位。一旦這些代理在所有據點完成導入，該客戶預估可達成七位數美元等級的銷售提升與成本節省。

And we're excited about the growing use cases and the increasing number of new and existing active customers that are finding great value in their agentic journey with Manhattan.

我們對於不斷擴大的使用案例，以及越來越多新舊活躍客戶在與 Manhattan 的代理式（agentic）旅程中發現巨大價值，感到非常振奮。

But now I'm going to turn to some product updates.

不過現在我將轉到一些產品更新。

During last quarter's call, I described the upcoming launch of a new way to buy Active products called Editions. We launched Editions in Q3 to make our market-leading technology available to a much wider array of customers.

在上一季的電話會議中，我提到即將推出一種購買 Active 產品的新方式，稱為 Editions。我們在第三季推出 Editions，讓我們市場領先的技術能夠提供給更廣泛的客戶群。

And starting in Q3, our sales team started engaging with prospects using our new Editions-based packaging, the Essentials Edition for the lowest complexity supply chains, the Enterprise Premier Edition for those customers with the most complex and sophisticated supply chain needs, and the Enterprise Edition for those in between.

並且自第三季開始，我們的銷售團隊開始以新的 Editions 套裝方案與潛在客戶接洽：針對最低複雜度供應鏈的 Essentials Edition；針對供應鏈需求最複雜、最精密客戶的 Enterprise Premier Edition；以及介於兩者之間的 Enterprise Edition。

As a reminder, Editions is an important program for both Manhattan and our customers because it ensures that all customers are able to use Manhattan solutions built on our market-leading Active Platform. And by bringing customers of all sizes and complexities onto the same platform, we can make solution unification, extensibility, and agentic AI available across our entire customer base.

提醒一下，Editions 對 Manhattan 與我們的客戶而言都是一項重要計畫，因為它確保所有客戶都能使用建立在我們市場領先 Active Platform 之上的 Manhattan 解決方案。而透過讓各種規模與複雜度的客戶都上到同一個平台，我們就能在整個客戶群中提供解決方案整合、可擴充性，以及代理式 AI。

And we're off to a solid start with Editions. In Q3, we closed a number of deals on Active Warehouse Enterprise Edition. Historically, we would have sold and deployed Active SCALE to these customers. Now with Editions, these customers will have the opportunity to take advantage of our leading embedded AI capabilities, access adjacent Manhattan solutions like Active Transportation and Active Order and Active AI and we'll be able to easily move to Enterprise Premier Edition when they're ready for our most advanced capabilities.

而我們在 Editions 上已經有了穩健的起步。在第三季，我們完成了多筆 Active Warehouse Enterprise Edition 的交易。過去，我們會向這些客戶銷售並部署 Active SCALE。現在透過 Editions，這些客戶將有機會運用我們領先的內嵌式 AI 能力、存取鄰近的 Manhattan 解決方案（如 Active Transportation、Active Order 與 Active AI），並且在他們準備好採用我們最先進能力時，我們也能輕鬆升級到 Enterprise Premier Edition。

Our sales teams have transitioned seamlessly to Editions, even converting opportunities that originally we pursued with Active SCALE into Active Warehouse Enterprise Edition wins within Q3.

我們的銷售團隊已無縫轉換到 Editions，甚至把原本以 Active SCALE 推進的商機，在第三季轉為 Active Warehouse Enterprise Edition 的成交。

We also closed our first Essentials Edition of Active Warehouse. This opportunity wasn't even in the pipeline at the beginning of Q3. This customer reached out to us when we announced Editions and we closed the deal within the quarter.

我們也完成了第一筆 Active Warehouse 的 Essentials Edition 交易。這個機會在第三季一開始甚至不在管線中。該客戶在我們宣布 Editions 後主動聯繫，我們並在當季內完成簽約。

Both Essentials and Enterprise Editions will unlock an expanded addressable market, faster deal cycle times, and opportunities for partners to drive more deal flow to Manhattan.

Essentials 與 Enterprise Editions 都將帶來更大的可服務市場、更快的成交週期，以及讓合作夥伴為 Manhattan 帶來更多交易流量的機會。

And speaking of partners, last quarter I mentioned the increased deal flow coming from our partner community. That momentum has continued in Q3 and our year-to-date partner source deals are up more than 4x over last year.

說到合作夥伴，上季我提到來自合作夥伴社群的交易流量增加。這股動能在第三季持續延伸，我們年初至今由合作夥伴帶來的來源交易，較去年成長超過 4 倍。

One of our core strengths at Manhattan has always been innovation. We continue our strong innovation focus across all of our Active products. Within Active Order, we continue to enhance our market-leading position by introducing features that customers can only get from Manhattan.

創新一直是 Manhattan 的核心優勢之一。我們在所有 Active 產品上持續保持強勁的創新聚焦。在 Active Order 方面，我們持續推出只有 Manhattan 才能提供的功能，以強化我們市場領先的地位。

For example, we recently introduced a new Fulfillment Optimization Simulation capability in Active Order. Using this breakthrough feature, customers can experiment with new fulfillment network models, inventory positioning strategies, labor plans, and algorithm configurations. What makes this new capability so interesting is that we allow our customers to replay an entire day or even an entire week of order processing against these potential changes.

例如，我們最近在 Active Order 中推出了全新的「履約最佳化模擬」（Fulfillment Optimization Simulation）能力。透過這項突破性功能，客戶可以試驗新的履約網路模型、庫存配置策略、人力規劃，以及演算法設定。這項新能力之所以特別有趣，是因為我們允許客戶針對這些潛在變更，重播一整天甚至一整週的訂單處理流程。

We can show them concrete terms how this alternate reality will affect their customer service levels and fulfillment costs, all within the simulation sandbox using their real production data. Many of our larger Active Order customers are now beginning to use this new capability and the initial findings have been eye-opening. As these customers begin putting their findings into production, I look forward to sharing the measurable operational improvements they achieve.

我們可以在模擬沙盒中使用他們真實的生產資料，以具體方式向他們展示這個「替代現實」將如何影響其客戶服務水準與履約成本。我們許多較大型的 Active Order 客戶現在已開始使用這項新能力，初步發現令人驚訝。隨著這些客戶開始把發現導入正式環境，我期待分享他們所達成、可量化的營運改善成果。

Now, switching gears to our B2B customers. One of the most critical operational KPIs in supply chain and logistics is OTIF or OTIF. It stands for On Time In Full. It measures whether a customer receives the exact order in the exact quantity at the correct location and within the agreed upon time window.

接著把焦點轉到我們的 B2B 客戶。在供應鏈與物流中，最關鍵的營運 KPI 之一是 OTIF（或稱 OTIF），代表 On Time In Full（準時且足量）。它衡量客戶是否在約定的時間窗內、於正確地點，收到正確數量的完整訂單。

If you're shipping to a customer with any size and scale, it's safe to assume they'll be measuring and holding you accountable to a published OTIF goal. Failure to meet these goals often results in chargebacks running into the tens of millions of dollars for larger shippers.

如果你向任何規模的客戶出貨，可以合理假設他們都會衡量並要求你達成其公布的 OTIF 目標。未達成這些目標，對於較大型的出貨方而言，往往會導致高達數千萬美元的扣款（chargebacks）。

The Enterprise Promise & Fulfill or EP&F capabilities within Active Order help our customers comfortably meet their OTIF goals. For example, a leading global manufacturer recently activated EP&F and was able to reduce their critical order cycle time by more than half, increased their first-time fill rates by 50%, and shipped 25% of their customers from manual ordering to digital ordering and they did all of this while exceeding their inventory turn targets.

Active Order 中的 Enterprise Promise & Fulfill（EP&F）能力，能協助客戶更有把握地達成其 OTIF 目標。例如，某家全球領先製造商近期啟用 EP&F 後，將其關鍵訂單週期時間縮短超過一半、首次滿足率提升 50%，並將 25% 的客戶從人工下單轉為數位下單，同時還超越其庫存周轉目標。

For third-party logistics providers looking to expand their offerings and become so-called 4PLs, Active Order is proving to be a vital tool. Working together, Active Order and Active Warehouse are helping one of the world's largest 3PLs provide 4PL services to many leading brands, increasing their strategic competitiveness, and driving customer satisfaction for end customers.

對於希望擴大服務內容並成為所謂 4PL 的第三方物流供應商而言，Active Order 正被證明是一項關鍵工具。Active Order 與 Active Warehouse 的協同，正協助全球最大 3PL 之一為多個領先品牌提供 4PL 服務，提升其策略競爭力，並為終端客戶帶來更高的滿意度。

The growing importance of B2B capabilities also reflected in the current Gartner and Forrester order management system evaluations, both of which place significant emphasis on B2B requirements.

B2B 能力的重要性提升，也反映在目前 Gartner 與 Forrester 的訂單管理系統評估中，兩者都對 B2B 需求給予高度重視。

And finally, earlier this month, we held our European Customer Conference in Milan. During the event, we showcased our latest advancements with Active Agents. During the keynote, we demonstrated how our Active Agents can continuously monitor whether any shipments are tracking to depart behind schedule or with insufficient fulfillment levels.

最後，在本月稍早，我們在米蘭舉辦了歐洲客戶大會。在活動中，我們展示了 Active Agents 的最新進展。在主題演講中，我們示範了 Active Agents 如何持續監控是否有任何出貨可能延後出發，或履約水準不足。

These agents not only detect the issue; they also proactively remediate the process and data issues that put the shipment at risk. The agents resolved some issues autonomously while bringing others to a human for review and final decision making.

這些代理不僅能偵測問題；也會主動修復使出貨面臨風險的流程與資料問題。代理會自主解決部分問題，並將其他問題交由人工審核與最終決策。

We also showcased a number of other key agentic capabilities through our Active Order and Active Transportation applications. Similar to what we've done in the distribution center, our order and transportation agents live in the workflows that our contact center, fulfillment analysts, and transportation planners use every day.

我們也透過 Active Order 與 Active Transportation 應用展示了多項其他關鍵的代理式能力。類似於我們在配送中心所做的，我們的訂單與運輸代理嵌入在客服中心、履約分析師與運輸規劃人員每天使用的工作流程中。

We remain committed to delivering agentic AI capabilities right to our users, making it easy for them to benefit in real and measurable operational terms.

我們仍致力於將代理式 AI 能力直接交付給使用者，讓他們能輕鬆在實際且可衡量的營運層面受益。

Now, I'll hand it over to Linda to report on our financial performance outlook, and then I'll close our prepared remarks before we open it up to Q&A.

現在，我把時間交給 Linda，請她說明我們的財務表現展望；之後在進入問答之前，我會做最後的結語。

So Linda, over to you.

Linda，交給你。

Thanks, Eric. Our Manhattan Global teams continue to execute well in a challenging macro environment. For the quarter, we delivered better-than-expected financial performance on the top and bottom lines. This includes strong performance across RPO bookings, cloud revenue growth, and growth and operating margin expansion, all contributing to our Q3 and year-to-date results exceeding the Rule of 40.

謝謝你，Eric。我們 Manhattan 全球團隊在充滿挑戰的總體環境下，持續展現良好的執行力。本季我們在營收與獲利兩端都交出優於預期的財務表現。這包括 RPO 訂單（bookings）、雲端營收成長，以及成長與營業利益率擴張等方面的強勁表現，並共同推動我們第三季與年初至今的結果超越「40 法則」（Rule of 40）。

FX did not have an impact to year-over-year total revenue growth for the quarter. It was also less than $1 million headwind to sequential RPO growth and was an $8 million headwind to year-over-year RPO growth.

本季匯率（FX）對總營收的年增率沒有影響。匯率對 RPO 的季增也僅造成不到 100 萬美元的不利影響，對 RPO 的年增則造成 800 萬美元的不利影響。

Now to our results. Our growth rates are reported on a year-over-year basis unless otherwise stated. For the quarter, total revenue was $306 million, up 11%. Excluding license and maintenance revenue, which removes the compression driven by our cloud transition, our total revenue was up 12%. Cloud revenue increased 28% to $134 million. Our better-than-expected performance was driven by the combination of strong execution, upsells, and AI.

接著說明我們的業績。除非另有說明，我們的成長率皆以年對年為基礎呈報。本季總營收為 3.06 億美元，年增 11%。若排除授權與維護營收（可去除雲端轉型所帶來的壓縮效應），我們的總營收年增 12%。雲端營收成長 28%，達 1.34 億美元。我們優於預期的表現，來自強勁的執行力、加購（upsells）以及 AI 的綜合帶動。

Services revenue increased 1% to $134 million and was a bit better than expected. We ended Q3 with RPO of $2.59 billion, up 25% compared to the prior year and 5% sequentially. Year to date, we are tracking ahead of the bookings plan we communicated on our Q4 call for both new bookings and renewals, and we now expect renewals to be in the mid-20% range of our added RPO for full year 2026.

服務營收成長 1% 至 1.34 億美元，且略優於預期。我們在第三季末的 RPO 為 25.9 億美元，較去年同期成長 25%，並較前一季成長 5%。年初至今，我們在新訂單與續約兩方面的表現均領先於我們在第四季電話會議中所溝通的訂單計畫；此外，我們目前預期在 2026 全年新增 RPO 中，續約將落在 20% 中段的區間。

Contract duration in the quarter was between five and six years. At the end of Q3, we expect 40% of RPO to be recognized as revenue over the next 24 months, which is up from 39% at the end of Q2 and 38% at the end of Q1. This reflects the combination of strong deal volume and faster deployments.

本季合約期間介於五到六年。在第三季末，我們預期有 40% 的 RPO 將在未來 24 個月內認列為營收，高於第二季末的 39% 與第一季末的 38%。這反映了強勁的交易量與更快的部署速度之綜合影響。

Q3 adjusted operating profit was $115 million with an operating margin of 37.6%. Our better-than-expected performance was driven by strong cloud revenue growth, which offset the increased go-to-market investments and higher bonus accruals.

第三季調整後營業利益為 1.15 億美元，營業利益率為 37.6%。我們優於預期的表現主要來自雲端營收的強勁成長，抵銷了增加的市場推廣投資與較高的獎金提列。

Turning to EPS, we delivered better-than-expected adjusted earnings per share of $1.55, up 14%. GAAP EPS of $1.04 was up 8%.

談到 EPS，我們交出優於預期的調整後每股盈餘 1.55 美元，成長 14%。GAAP 每股盈餘 1.04 美元，成長 8%。

Moving to cash, operating cash flow was $69 million with the timing of collections driving the year-over-year change. This resulted in 22.1% free cash flow margin and 38.2% adjusted EBITDA margin.

再看現金流，營運現金流為 6,900 萬美元，年對年變動主要由收款時點所驅動。因此，自由現金流利潤率為 22.1%，調整後 EBITDA 利潤率為 38.2%。

Regarding the balance sheet, short-term deferred revenue increased 18% year over year to $348 million. We ended the quarter with $199 million in cash and zero debt. Accordingly, we leveraged our strong cash position and invested $50 million in share repurchases in the quarter, resulting in a record $325 million in buybacks year to date. As such, we have $175 million remaining in the share repurchase authority that we announced in March.

就資產負債表而言，短期遞延收入年增 18% 至 3.48 億美元。本季末我們持有 1.99 億美元現金且零負債。因此，我們運用強勁的現金部位，在本季投入 5,000 萬美元進行庫藏股回購，使年初至今的回購金額創下 3.25 億美元新高。因此，我們在 3 月宣布的股票回購授權額度中，尚餘 1.75 億美元可用。

Moving to our 2026 guidance. As we have previously highlighted, 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.

接著談 2026 年展望。如我們先前強調，我們長期且一貫的財務目標，是在維持可持續的兩位數營收成長的同時，達成以企業軟體同業為基準的前四分位數營業利益率。

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

在我們對成長與獲利採取平衡投資策略的同時，這些因素驅動了我們同級最佳的投入資本報酬率。並且如先前財報電話會議所述，我們的目標是每年更新一次 RPO 展望。

Also, 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 non-linear bookings throughout the year.

此外，如先前討論，我們的訂單表現會受到每季成交的大型交易數量及其相對價值影響，這可能導致全年訂單呈現非線性變化。

With all that said and acknowledging the volatile macro environment, given our strong year-to-date performance and solid pipeline, we are increasing our RPO outlook to 21% year-over-year growth, up from our prior target range of 18% to 20% growth.

綜合以上並考量宏觀環境波動，在我們年初至今強勁的表現與穩健的管線支撐下，我們將 RPO 展望上調至年增 21%，高於先前 18% 至 20% 成長的目標區間。

Moving to the P&L, we are raising our full year total revenue, operating margin, and EPS outlook. This guidance is also provided in today's earnings release.

就損益表而言，我們上調全年總營收、營業利益率與 EPS 展望。本指引亦已載於今日的財報新聞稿中。

For total revenue, we expect $1.176 billion to $1.178 billion with the $1.177 billion midpoint comparing favorably to our prior outlook and representing 12% growth excluding license and maintenance attrition, or 9% all in.

就總營收而言，我們預期為 11.76 億至 11.78 億美元，其中 11.77 億美元的中位數優於先前展望；若排除授權與維護收入流失，代表成長 12%，若全數計入則為 9%。

For Q4, which accounts for retail peak seasonality, we are targeting total revenue to be about $291 million, as we now target cloud revenue of $136 million, services revenue of $122 million, maintenance revenue of $26 million, and hardware revenue of $6 million.

就第四季而言（涵蓋零售業旺季季節性），我們目標總營收約 2.91 億美元；其中雲端營收目標 1.36 億美元、服務營收 1.22 億美元、維護營收 2,600 萬美元，以及硬體營收 600 萬美元。

For full year adjusted operating margin, we are increasing the midpoint to 35.3%, up from 35.1%. Accounting for retail peak seasonality, we are targeting 36.1% for Q4. Our full year adjusted EPS is increasing to $5.54 to $5.56. For Q4, we are targeting $1.38. Our GAAP EPS midpoint is increasing to $3.63, and we are targeting Q4 GAAP EPS of $0.92.

就全年調整後營業利益率而言，我們將中位數上調至 35.3%，高於先前的 35.1%。考量零售旺季季節性，我們第四季目標為 36.1%。全年調整後 EPS 上調至 5.54 至 5.56 美元；第四季目標為 1.38 美元。GAAP EPS 中位數上調至 3.63 美元，第四季 GAAP EPS 目標為 0.92 美元。

Now, moving to our preliminary commentary on 2027. While the global macro environment remains volatile and we are in the early stages of our 2027 budget cycle, given our solid business momentum and visibility, we believe the consensus 2027 estimates are generally appropriate for RPO and the P&L.

接著談我們對 2027 年的初步評論。儘管全球宏觀環境仍然波動，且我們仍處於 2027 年預算循環的早期階段，但基於我們穩健的業務動能與能見度，我們認為市場對 2027 年的共識預估在 RPO 與損益表方面大致合理。

This includes 20% cloud revenue growth, low single-digit services revenue growth, and continued operating margin expansion while we simultaneously invest in the business to drive future growth. We intend to provide our initial annual guidance that will continue to include all of the familiar line item transparency on our Q4 call.

這包括雲端營收成長 20%、服務營收低個位數成長，以及在我們同時投資業務以推動未來成長的情況下，持續擴張營業利益率。我們計畫在第四季電話會議中提供初步年度指引，並將一如既往地涵蓋各項熟悉的明細透明度。

In summary, solid year-to-date execution by the Manhattan team and we are looking forward to ending the year strong.

總結來說，Manhattan 團隊年初至今執行穩健，我們也期待以強勁表現為今年畫下句點。

Thank you and back to Eric for some closing remarks.

謝謝，接下來交回 Eric 做一些結語。

Great. Thank you, Linda. And before we move to Q&A, I'd like to start by welcoming Juan Perez to the Manhattan Board. For those that don't know Juan, he has tremendous and relevant experience. Most recently, he was the EVP and CIO of Salesforce.

很好。謝謝你，Linda。在進入問答之前，我想先歡迎 Juan Perez 加入 Manhattan 董事會。若各位不熟悉 Juan，他擁有非常豐富且高度相關的經驗。最近，他曾擔任 Salesforce 的執行副總裁（EVP）暨資訊長（CIO）。

Prior to Salesforce, Juan had a 30-year-plus career at UPS where he was the Chief Information and Engineering Officer. We're looking forward to Juan's future contributions to Manhattan as he joins the Board effective January 28.

在加入 Salesforce 之前，Juan 在 UPS 擁有超過 30 年的職涯，並曾擔任首席資訊與工程長。我們期待 Juan 自 1 月 28 日起正式加入董事會後，未來能為 Manhattan 帶來更多貢獻。

With that, we're very pleased with our strong year-to-date results and our continued business momentum. Manhattan's business fundamentals are very solid as our team remains focused on delivering market-leading innovation and exceptional results to our customers.

基於此，我們對年初至今的強勁成果以及持續的業務動能感到非常滿意。Manhattan 的業務基本面非常穩健，我們的團隊仍專注於為客戶提供市場領先的創新與卓越成果。

These are key drivers to our four consecutive quarters of record bookings and acceleration in cloud revenue growth, total revenue growth, RPO growth, and current RPO growth.

這些是我們連續四個季度創下訂單新高，以及雲端營收成長、總營收成長、RPO 成長與當期 RPO 成長加速的關鍵驅動因素。

So thank you to everyone for joining the call and thank you to our global team for the continued execution. That concludes our prepared remarks, and we'd be happy to take any questions.

因此，感謝各位參與本次電話會議，也感謝我們全球團隊持續落實執行。以上為我們的準備發言，接下來我們很樂意回答各位的問題。

(Operator Instructions) Terry Tillman, Truist Securities.

（接線員指示）Terry Tillman，Truist Securities。

Hey. Good afternoon, Eric, Linda, and Mike. Thanks for taking my questions, and it is great to see the strong bookings. And I thought it's supposed to be a seasonally slower quarter, but anyway, so it was a great job there.

嗨，午安，Eric、Linda 和 Mike。謝謝你們回答我的問題，也很高興看到強勁的訂單表現。我原本以為這應該是季節性較慢的一季，不過無論如何，這裡做得很棒。

My first question is on agent uptake. Eric, you gave some examples and some of the returns being seen.

我的第一個問題是關於代理（agent）的採用情況。Eric，你舉了一些例子以及目前看到的部分回報。

But then, Linda, you actually mentioned as part of like the third quarter cloud subscription revenue execution, I don't recall hearing that actually in that line item before. So I was hoping to get a little bit of perspective on how this is starting to manifest in the actual revenue and thoughts in the 4Q or just generally going forward on materiality. Thank you.

不過，Linda，你其實提到第三季雲端訂閱營收的執行情況時，提到了這一點；我不記得以前在這個科目中聽過這樣的說法。所以我想請你們分享一些觀點：這開始如何在實際營收中顯現？以及對第四季或更長期而言，其重要性（materiality）的看法。謝謝。

Yeah. So as far, Terry, as the P&L for the quarter, we don't, at this point, intend on breaking out revenue by product on a quarterly basis. But AI did definitely contribute to our results this quarter, and we'll provide more color on that when we get into our discussion on 2027 on the Q4 call.

好的。Terry，就本季的損益表而言，我們目前不打算按產品在季度基礎上拆分揭露營收。但 AI 的確對我們本季的結果有所貢獻；我們會在第四季電話會議、進入 2027 年討論時，提供更多相關說明。

Okay. Got it. And maybe just a follow-up question. You all did change the typical methodology, and you did raise full-year RPO. I think you said 21% year-over-year growth, if I'm not mistaken.

好的。了解。另外可能再追問一個問題。你們確實調整了慣常的方法論，而且也上調了全年RPO。我記得你們說年增21%，如果我沒記錯的話。

Last year in the 4Q -- and I know last year there was a couple of quarters that maybe there was a little bit more movement quarter to quarter or variability, but the 4Q was especially large. I guess based on your assumption for ending RPO, are you assuming a little bit more of a measured budget flush or seasonal strength in bookings or just what's informing that 4Q RPO add? Thank you.

去年在第四季——我知道去年有幾個季度可能季度間的變動或波動稍微大一些，但第四季特別大。我想根據你們對期末RPO的假設，你們是預期會有比較溫和的預算消化（budget flush）或是訂單（bookings）的季節性走強？還是說是什麼因素在支撐第四季RPO的增加？謝謝。

Yes, Terry, we've got a strong pipeline for Q4 and I think the pattern that we've seen throughout this year with increased deal volume and strength in bookings in every quarter. Our policy here, we always try to under-promise and over-deliver. But typically, we don't update RPO at all during the year. But since it was pretty evident that we were going to exceed the range, we felt like we needed to say something about it.

是的，Terry，我們第四季的管線很強，我認為我們今年一路看到的型態是成交量增加，而且每一季的訂單都很強。我們這邊的原則一向是盡量保守承諾、超額交付。但一般來說，我們在年度進行中是不會更新RPO的。不過因為很明顯我們會超出原先區間，所以我們覺得需要對此說明一下。

Got it. Thank you.

了解。謝謝。

George Kurosawa, Citi.

George Kurosawa，花旗。

Okay. Great. Thanks for taking the questions here. I wanted to start on the renewal side. You mentioned it's trending ahead of expectations. Maybe if we could just unpack that. What exactly is doing better than your initial assumptions under the hood? Is it on the cross-sell side, attach rates, or pricing or anything else? And how much would you attribute to the dedicated renewals team?

好的。很棒。謝謝讓我提問。我想先從續約面談起。你提到續約趨勢優於預期。也許我們可以拆解一下。在內部細項上，究竟是哪些表現比你們最初的假設更好？是交叉銷售、附加率（attach rates）、定價，或其他因素？另外，你們認為其中有多少要歸功於專責續約團隊？

Yeah. So it's all of those things. It's the cross-sells, the upsells, the pricing, all of those things that we're doing at the time of renewals. And I give a lot of credit to that dedicated renewals team, just the discipline and the structure that they've put into all of these conversations.

是的。其實就是你提到的全部因素。包含交叉銷售、加購（upsell）、定價，以及我們在續約時所做的所有這些事情。而且我非常肯定那支專責續約團隊，他們在所有這些對話中建立的紀律與架構，功勞很大。

And I'll point to some of the examples that I gave of Q3 deals. You heard several examples of multi-product deals and several examples of adding at the time of renewal. So that's just becoming a structural change, that's becoming a very well-exercised muscle for our team to have those conversations, and really explain the value of the unification multi-product and adding AI at time of renewal.

我也想回到我提到的一些第三季交易案例。你們聽到好幾個多產品交易的例子，也聽到好幾個在續約時加購的例子。所以這正在變成一種結構性的改變，對我們團隊而言，進行這些對話已經成為非常熟練的能力；並且在續約時真正把「整合式多產品」的價值，以及在續約時加入AI的價值，說清楚。

Okay. Great. And then I was really interested in that customer example that was landed in quarter on the Essentials Edition. Maybe if you could give some detail on maybe that customer's profile, was it something outside of the norm of what you would typically see if we consider like a SCALE customer, for example, and how prescriptive might this type of motion be going forward?

好的，很棒。另外我對那個在本季以Essentials Edition落地的客戶案例很感興趣。你能否多分享一些該客戶的輪廓？例如若以SCALE客戶來看，它是否超出你們通常看到的常態？

Yeah. So and maybe I'll start with, you mentioned SCALE and I said in the prepared remarks that we had several deals closed that came into the quarter as SCALE opportunities. But by the end of the quarter, we had moved them to Enterprise Edition and closed them as Enterprise Edition.

可以。也許我先從你提到的SCALE開始。我在事先準備的講稿裡提到，我們有幾筆在本季初以SCALE機會進來的案子。但到季末時，我們把它們轉到Enterprise Edition，並以Enterprise Edition結案。

And that's pretty much what we intended. We thought Enterprise Edition would be a good fit for our SCALE customers and Essentials was really created for the customers that are not quite even at that level. And in the past maybe we're buying products that were far inferior to the cloud products that we offer, and now they've got the opportunity to get directly onto the Active Platform and just move up subscriptions as they grow.

這基本上就是我們原本的意圖。我們認為Enterprise Edition很適合我們的SCALE客戶；而Essentials則是為了那些甚至還不到那個等級的客戶所打造。過去他們可能買的是遠不如我們雲端產品的解決方案，而現在他們有機會直接上到Active Platform，並在成長過程中逐步升級訂閱。

So that's exactly what that customer recognized, and it was a customer that was aware of Manhattan but never thought they could afford or fit into Manhattan. And when we announced Editions, they made a quick decision and we closed the deal.

所以那位客戶正是看到了這一點；他們知道Manhattan，但以前從沒想過自己負擔得起或適合採用Manhattan。當我們宣布各個Edition之後，他們很快就做了決定，我們也完成了簽約。

Great. Thanks for taking the questions.

很好。謝謝回答我的問題。

Yeah. Thank you.

好的，謝謝。

Brian Peterson, Raymond James.

Brian Peterson，Raymond James。

Thanks and congrats on a really strong quarter. So Eric, if I look at the third quarter numbers of the last few years, we definitely did see a little bit more seasonality. I know there's a lot of things you guys are doing from a product and a go-to-market perspective and clearly that's working to offset that. But if you have a staff rank those factors, like what do you think were the biggest factors for you to offset that seasonal softness in the third quarter?

謝謝，也恭喜你們交出非常強勁的一季。Eric，如果我看過去幾年的第三季數字，我們確實看到季節性更明顯一些。我知道你們在產品與市場推進（go-to-market）方面做了很多事情，而且顯然這些作法正在抵消那種影響。但如果要你把這些因素排個優先順序，你認為哪些是讓你們能抵消第三季季節性疲弱的最大因素？

Yeah. Great question. And I think -- I'm not throwing out seasonality, I think Q3 is a seasonally tougher quarter, but I think the things that we've done over the past year plus to increase that deal volume and not only that, but we've increased that deal volume in all of our region. So that was another important factor in our results and our bookings in Q3. We had great participation from every region.

是的，問得很好。我不會否認季節性，我認為第三季確實是季節性較具挑戰的一季；但我認為我們在過去一年多所做的事情，讓成交量提升，而且不只如此，我們在所有區域的成交量都提升了。所以這也是我們第三季業績與訂單表現的另一個重要因素：每個區域都有很好的貢獻。

And I think that discipline that we've put in the sales team, I mentioned last quarter, our sales team has found a new gear in the way that they're operating and the way that they're finding opportunities and closing opportunities and we had a lot to work with in Q3 and the team executed at a very high level.

另外，我認為我們在銷售團隊導入的那種紀律也很關鍵。我上季提過，我們的銷售團隊在運作方式上找到了新的檔位：他們如何發掘機會、如何結案。

Understood. And Linda, maybe one for you. I know you mentioned that the next 24 months RPO, we've expanded up to 40%. Given that we're seeing accelerated implementations and we have some, I guess, lower price point products coming in line, like how should we think about that number over the next year or two? Should that increase, stay the same? Any color on that? Thanks, guys.

了解。Linda，也想請教你一題。我知道你提到未來24個月的RPO占比，我們已經擴大到40%。考量到我們看到導入（implementations）加速，且也有一些我想是較低價位的產品陸續到位，未來一到兩年我們應該如何看待這個數字？它會上升、維持不變嗎？能否提供一些看法？謝謝各位。

Yeah. And again, we're not going to really provide formal guidance on that percentage, but if we think about it logically, as we mentioned, our deal length was around five to six years, probably closer to five. So just given that metric, you would think somewhere around the 40% ballpark would be a reasonable place for it to stay.

好的。再說一次，我們不會對這個百分比提供正式指引；但如果用邏輯來看，正如我們提到的，我們的合約年限大約是五到六年，可能更接近五年。所以就這個指標而言，你會認為大概在40%附近，會是合理且可能維持的水準。

And then, again, what's driving it, though, is in addition to the duration being maybe a little bit shorter is also just the volume of deals increasing.

另外，再次強調，驅動它的因素除了期間可能稍微縮短之外，也包括交易量的增加。

And maybe I'll add one thing to that because it ties into this. I've talked in a couple of different forums about our mentality on the sales team, a couple of years ago, we were very well positioned to win all the big deals in the market, but maybe weren't as well set up to win some of the midsize and smaller deals, and now that we're positioned to win all of those deals.

我也許再補充一點，因為這跟剛才的問題有關。我在幾個不同場合談過我們銷售團隊的心態：幾年前，我們在市場上非常有利於贏下所有大型交易，但在贏下某些中型與小型交易方面，可能沒有那麼到位；而現在我們已經具備贏下所有這些交易的能力。

If you think about if you compare a $150 million deal to $51 million deals, both have the same impact on RPO and both have the same impact on ramped ARR, but the $51 million deals, each one of those can ramp a whole lot faster than that one big one, so that drives a whole lot more current RPO, in that next 24-month RPO. So this focus on more deals and more deals of all sizes is giving us a whole lot more momentum in the near term.

如果你把一筆1.5億美元的交易和三筆5,100萬美元的交易相比，兩者對RPO的影響相同，對已爬坡（ramped）的ARR影響也相同；但那三筆5,100萬美元的交易，每一筆都能比那一筆大單更快完成爬坡，因此會帶來更多的當期RPO、也就是未來24個月的RPO。所以，聚焦更多交易、且涵蓋各種規模的更多交易，正在讓我們在短期內獲得更強的動能。

Great. Thank you.

很好。謝謝。

Joe Vruwink, Baird.

Joe Vruwink，Baird。

Great. Thank you. Hopefully, you can hear me okay. I want to go back to this idea of 3Q seasonality and I guess, is the migration pipeline just going to end up changing if the seasonality of migrations are accelerating?

很好。謝謝。希望你們聽得到我。我想回到第三季季節性這個概念；我想問的是，如果遷移的季節性正在加速，遷移的管線是否最終也會跟著改變？

Should we start to maybe think about a different cadence for the time being? And maybe therein, can you give a few updates on migrations, like what it represented as a share of bookings this quarter? And then, is some of the recent success really follow through from all the hard work over the past year or so, thinking about like the fixed timeline packages or even the new product hearing and moving the scale customers, like is that all contributing to those higher migration activity?

我們是否應該開始在短期內用不同的節奏來看待？另外，也請你更新一下遷移的情況，例如本季遷移占訂單（bookings）的比重是多少？再者，近期的一些成功是否真的是過去一年左右辛勤投入的延續成果——像是固定時程的套裝方案，或甚至新產品的推進、把規模型客戶帶進來——這些是否都在推動更高的遷移活動？

Yeah. So thanks for that. As you correctly said, all of our focus, including fixed fee conversions, all of that has driven more activity and more pipeline around that conversion. I wouldn't point to that as the reason that we were able to get past Q3 seasonality, but all of these things contribute to it.

是的。謝謝你的提問。如你所說，我們所有的重點投入，包括固定費用轉換等，確實都帶來了更多活動量，也讓這類轉換的管線更充實。我不會把這當作我們能夠超越第三季季節性的單一原因，但這些因素都對結果有所貢獻。

I think, again, I talked about Editions over time, it's only been in the market for one quarter now, but over time, I think that will also unlock more of those migration conversion opportunities because we've got a lot of companies that have been on-prem products for decades and not every one of those companies was going to go to Enterprise Premier, but now we have multiple paths for all of those companies.

我想，再次回到我先前談到的 Editions：它目前才上市一個季度，但隨著時間推進，我認為它也會釋放更多遷移轉換的機會，因為我們有很多公司已經使用地端（on-prem）產品數十年，而並不是每一家都會選擇升級到 Enterprise Premier；但現在我們為這些公司提供了多條路徑。

So we see big opportunity to continue to increase the deal volume with Editions. I think all of this just plays together and again, put partners in the mix as well as we've continued to mature that partner ecosystem. All of these things are driving increased deal volume and driving more opportunities in the pipeline.

因此，我們看到透過 Editions 持續提高成交量（deal volume）的巨大機會。我認為這些因素彼此相互作用；另外也要把合作夥伴納入考量，因為我們也持續讓合作夥伴生態系更成熟。這些都在推動成交量提升，並在管線中帶來更多機會。

And from a mix perspective, we always say that over an elongated period of time, it's going to go to thirds, one-third new logo, one-third conversions, and one-third expansion. If you look at year-to-date, we're pretty close to that, new logos are still the largest, but we're getting meaningful contribution from all three.

就組合（mix）而言，我們一直說，拉長時間來看，會趨近三等分：三分之一新客（new logo）、三分之一轉換（conversions）、三分之一擴張（expansion）。如果看年初至今（year-to-date），我們已經很接近這個結構；新客仍是最大宗，但另外兩項也有顯著貢獻。

That's great. Thank you. And then on the in-period upside in cloud subs, just focusing on the upsell fee, is that taking sites live faster and ahead of schedule? And if so, is that related to like AI also and AI tooling helping customers roll out faster?

很棒。謝謝。接著關於雲端訂閱在期內（in-period）的上行，聚焦在加購（upsell）費用：這是否代表站點更快上線、甚至早於原定時程？如果是，這是否也與 AI、以及 AI 工具協助客戶更快推行有關？

So yes and yes, that's exactly it. As we deploy faster, people are getting the ROI faster, but they're also getting into higher tiers and ramping their subscriptions faster. And a key way that we're able to do that is by leveraging AI in that deployment cycle. So yes, that's exactly right.

是的、也是的，正是如此。我們部署得越快，客戶越快取得投資報酬（ROI）；同時他們也更快進入更高等級（tiers），並更快拉升其訂閱規模。而我們能做到這點的一個關鍵方式，就是在部署週期中運用 AI。所以沒錯，你說得完全正確。

Thank you.

謝謝。

Chris Quintero, Morgan Stanley.

Chris Quintero，Morgan Stanley。

Hi. Can you hear me?

嗨，你們聽得到我嗎？

Yes.

聽得到。

Hi. This is Beatrice on for Chris Quintero. Congrats on the quarter, by the way. One of the key pieces of feedback we received from investors following our recent upgrades was around the sustainability of the recent cloud outperformance. This Q3 acceleration is a great proof point for that sustainability.

嗨，我是代 Chris Quintero 發言的 Beatrice。順帶一提，恭喜本季表現。我們在近期上調評等後，從投資人那裡收到的一個關鍵回饋，是關於近期雲端表現優於預期（outperformance）的可持續性。第三季的加速是支持這種可持續性的很好佐證。

How much of that outperformance do you think reflects structural improvements in bookings and faster implementations and how sustainable are those benefits going forward in fiscal '27 and beyond?

你認為這些優於預期有多少反映了訂單結構性改善與更快的導入（implementations）？而這些效益在 2027 財年及之後能有多可持續？

Yeah. I mean, I think as far as the quarter goes, like if we think about it, probably about half of the beat within the quarter was tied to the upsells that we've mentioned, which are directly attributable, like you said, to A, we have more customers, and B, with our focus on speed and simplicity and helping them to deploy faster, that's helping them to pull their ramps forward. So that's a big part of the outperformance.

是的。我想就本季而言，如果我們拆解來看，本季超預期（beat）大約有一半來自我們提到的加購（upsells）；而這些加購可直接歸因於——如你所說——A，我們有更多客戶；B，我們聚焦速度與簡化、協助他們更快部署，這也幫助他們把拉升（ramps）時點往前移。所以這是優於預期的一大部分。

But we think about our forecast and our guidance for Q4 and beyond, we typically don't include a significant amount of upsell in those numbers just because they do tend to vary both in terms of timing and amount. So we usually take a conservative position on those. So that's why you're seeing what we've projected so far for Q4.

但當我們看第四季及之後的預測與指引（guidance）時，通常不會在數字中納入大量加購，因為加購在時點與金額上都可能波動。因此我們通常會採取較保守的立場。這也是為什麼你會看到我們目前對第四季所做的預估。

Okay. Got it. And then maybe just one more question. You mentioned a customer purchasing one of the new Editions offerings despite not even being in the pipeline. Given the potential for shorter sales cycles and faster deployments, how should we think about the timing of when Editions momentum shows up in cloud revenue versus RPO, and what do you think the TAM is for Editions?

了解。那再問最後一題。你提到有客戶購買了新的 Editions 方案之一，甚至原本不在管線中。考量到可能更短的銷售週期與更快的部署，我們應該如何看待 Editions 動能在雲端營收相對於 RPO（剩餘履約義務）上反映的時間點？另外，你認為 Editions 的 TAM（可服務總市場）有多大？

Yeah. So I think as we stated when we launched this a quarter ago, I think it takes a year to really build it up. When we announced some of the structural changes and investments around sales and marketing in July of last year, it took three or four quarters to really see all of those come to fruition. I think the same will be similar for Editions.

是的。我想如同我們在一季前推出時所說，真正把它建立起來大概需要一年。去年七月我們宣布銷售與行銷相關的一些結構性調整與投資時，也花了三到四個季度才真正看到成果落地。我認為 Editions 也會是類似的節奏。

Now that being said, I think we'll start to see some additional wins in Q4 and Q1, et cetera, but look to the second half to really have the material impact coming from Editions.

不過話說回來，我認為我們會在第四季與第一季等開始看到一些額外的勝出（wins），但真正出現由 Editions 帶來的實質影響，請看下半年。

Okay. Great. Thank you so much.

好的。很棒。非常感謝。

Dylan Becker, William Blair.

Dylan Becker，William Blair。

Hey, Eric, Linda, Mike. Appreciate it. Really nice job here. Maybe a question on agents, really helpful use cases and value prop ROI you've called out across a multitude of the agentic base. I wonder if are you seeing or to what extent are you seeing any shift in that proof of concept momentum as that ROI becomes more explicit and tangible?

嗨，Eric、Linda、Mike。感謝。這次表現真的很不錯。我想問一下關於代理（agents）：你們提到在多種代理型（agentic）基礎上，有很有幫助的使用案例與價值主張/投資報酬（ROI）。我想知道，隨著 ROI 變得更明確、更可量化，你們是否看到概念驗證（POC）的動能出現任何轉變？

Are customers' appetite maybe skipping that POC stage? And maybe one of the broader implications, we talked about accelerating the volume. But on land sizes as maybe they are more willing to take agents upfront without the 90-day POC period.

客戶是否更有意願跳過 POC 階段？以及可能帶來的一些更廣泛影響：我們談到成交量加速。但在首次導入規模（land sizes）方面，是否因為客戶更願意一開始就採用代理，而不需要 90 天的 POC 期間？

Yeah. We are seeing more of that and that started in Q2, continued in Q3. So we've got a meaningful number of customers that have skipped the pilot phase and gone straight to subscription.

是的，我們確實看到更多這種情況，而且從第二季開始、第三季持續。也就是說，我們有相當數量的客戶跳過試點（pilot）階段，直接進入訂閱（subscription）。

Now, of course, when they do that, we still spend time with them and take up many of the steps that would be in the pilot in terms of training and educating them on how to use the base agents and how to build the custom agents.

當然，當他們這麼做時，我們仍會花時間與他們合作，並完成許多原本會在試點中進行的步驟，包括訓練與教育他們如何使用基礎代理（base agents），以及如何建立自訂代理（custom agents）。

But yeah, that has been an effective way to grow the AI business as well.

但沒錯，這也一直是推動 AI 業務成長的一個有效方式。

Got it. Okay. Thank you.

了解。好的，謝謝。

And I mentioned some of those in the prepared remarks on some of those deals I mentioned, you could tell those were straight to subscription deals.

而且我在事先準備的發言中也提到其中一些——就我提到的那些交易來看，你可以看得出來那是直接轉訂閱的交易。

Right. Okay. Perfect. Thank you. And then I think you did call out 4x year-over-year growth in the partner channel. I know it's been more of a direct emphasis as well, too. But what are you seeing and hearing there from an opportunity perspective and how those partners are allocating capital and deploying and building teams as a contribution to that ramped partner motion?

對。好的。完美。謝謝。另外，我想你也提到合作夥伴通路（partner channel）年增 4 倍。我知道這也是你們更直接強調的重點。但從機會的角度來看，你們在那裡看到了什麼、聽到了什麼？以及這些合作夥伴如何配置資本、投入資源、建立團隊，來促成這個加速的合作夥伴推進動能？

Yeah. We're seeing a lot of partners really lean in and invest and invest in terms of hiring talent and training talent. I didn't give the stats this quarter on the increase in number of trained and certified professionals, but the quarter-on-quarter increase this quarter was even higher than last quarter, so we continue to see a very rapid pace of customers truly engaging with us.

是的。我們看到很多合作夥伴真的全力投入並加大投資，包括招募人才與培訓人才。我這一季沒有提供受訓並取得認證的專業人士人數增加的統計數據，但本季相較上季的增幅甚至高於上一季，因此我們持續看到客戶真正與我們互動的速度非常快。

And the way that we're measuring and monitoring them and comparing them to each other is also creating a competition structure where all of them want to be top tier partners. So we're seeing a whole lot more activity and investment from all of them.

而我們衡量與監控他們、並彼此比較的方式，也正在形成一種競爭機制，讓他們都想成為頂級合作夥伴。因此我們看到他們所有人都有更多的活動與投資。

Okay. Thank you.

好的。謝謝。

Thank you.

謝謝。

Mark Schappel, Loop Capital Markets.

Mark Schappel，Loop Capital Markets。

Hi. Thanks for taking my question and nice job on the quarter. Eric, maybe you just talk a little bit about how the bookings and pipeline conversion or just comparing across your main product solutions, WMS, TMS, OMS.

嗨。謝謝讓我提問，本季表現做得很好。Eric，你能否談談在你們主要產品解決方案（WMS、TMS、OMS）之間，訂單簽約（bookings）與銷售管線轉換（pipeline conversion）的情況，或是做個比較？

Yeah. I would say we continue to have strong momentum across all of our product set. It varies quarter to quarter of which ones lead the way. But if you look -- if you take a multi-quarter view, we're getting strong input from all of our products.

好的。我會說我們在所有產品線上都持續保持強勁動能。每一季由哪些產品領先會有所不同。但如果你用跨多季的角度來看，我們所有產品都帶來了強勁的貢獻。

And I would say, as we announced Editions, that also has an increase in cross product as well. Because it opens up more opportunities for companies that maybe were willing to go in on one product but not multiple and now they've got the ability to go on multiple products with Editions. So that pipeline continues to expand across the product set.

另外我想說，正如我們宣布的 Editions，那也帶動了更多跨產品的採用。因為它為一些公司打開了更多機會：過去他們可能願意先採用單一產品、但不願意採用多個產品；現在透過 Editions，他們有能力同時採用多個產品。因此，整體產品組合的管線持續擴大。

Okay. Great. Thanks. And then how has the services friction that was discussed in prior quarters evolved here? Maybe what evidence are you seeing of just improvements and things like implementation times, customer satisfaction, project ramps, things like that.

好的。很棒。謝謝。另外，先前幾季提到的服務交付摩擦（services friction）在這裡的演變如何？你們看到哪些改善的證據，例如導入時間、客戶滿意度、專案啟動爬坡等？

Yeah. So one of the things that we've been saying for the past few quarters and it continues to be true is we continue to do services projects faster than we did them a year ago, but we're doing more of them and that's why our revenue is growing and we're comfortable that we can continue to have that kind of success with that low single-digit revenue growth in services because we see a healthy pipeline of new deals that are booked and new deals in the pipeline to have that deal volume continue to grow.

好的。我們過去幾季一直在說、而且現在仍然成立的一點是：我們完成服務專案的速度持續比一年前更快，但我們同時也在做更多專案，這也是我們營收成長的原因。我們也有信心能持續在服務業務上取得這樣的成功，維持服務營收低個位數成長，因為我們看到已簽約的新案有健康的管線，以及管線中的新案，能讓成交量持續成長。

But I would say from a customer standpoint, you've got more and more customers in the market that are recognizing the cost of action is decreasing, right? The cost of doing something is decreasing and AI is driving a lot of that. So we're able to deploy a whole lot faster and get them to ROI faster.

但我會說，從客戶角度來看，市場上越來越多客戶正在意識到「採取行動的成本」正在下降，對吧？也就是做點什麼的成本正在下降，而 AI 正在推動其中很大一部分。因此我們能更快部署，並更快讓他們達成投資報酬（ROI）。

And then, they're also recognizing the flip side that the cost of doing nothing is increasing and those that are doing nothing are getting farther and farther behind. So we're seeing a lot of activity and a lot of customers that are trying to figure out how to accelerate what they've got going with Manhattan.

同時，他們也意識到另一面：「什麼都不做的成本」正在上升，而那些什麼都不做的人會越落越後。因此我們看到很多活動，也看到很多客戶正在思考如何加速他們與 Manhattan 既有的推進進度。

Thank you.

謝謝。

Thank you.

謝謝。

Lachlan Brown, Rothschild.

Lachlan Brown，Rothschild。

Hi, Eric. Linda. Congrats on the strong quarter. With the average contraction -- sorry, contract duration close to 5 years now compared to that usual 5.5 to 6 years, I appreciate now smaller shorter deals in there with Editions, but are you also seeing some success with customers shortening terms upon renewal? And if so, if you could just provide some color on the execution here?

嗨，Eric、Linda。恭喜本季表現強勁。平均合約期間——抱歉——現在接近 5 年，相較於以往通常的 5.5 到 6 年。我理解現在有 Editions 帶來較小、較短的案子，但你們是否也看到客戶在續約時縮短合約年期的成功案例？如果有的話，能否請你提供一些執行面的細節？

Yeah. So -- and you're correct. A couple of quarters ago, I made a comment that we would start our renewal conversations by talking about three-year renewals, but I mentioned last quarter and it's still true this quarter, the bulk of our renewals continue to be five years.

好的。是的——你說得沒錯。幾季前我曾提到，我們會以三年期續約作為續約對話的起點；但我上季也提到、而且本季仍然如此，我們大多數的續約仍然是五年期。

So we are comfortable with three-year renewals. We would love to have the opportunity to talk every three years about expansion and price increases, but we're seeing our customers that really do love to have that five-year more set duration and protection from price increases. So that continues to be the norm on renewals.

所以我們對三年期續約是可以接受的。我們也很希望能每三年就有機會談一次擴充與價格調整，但我們看到客戶確實偏好五年期這種更固定的期間，以及對價格上調的保護。因此，續約仍以五年期為常態。

That's helpful. Thanks. And maybe I missed it, but what was cloud conversions as a percent of new cloud bookings in the quarter? And further to that, you have several, I guess, newer catalysts at play here for conversions, agentic AI driving, incentivizing the transition, dedicated conversion programs, maturing the partner channel, and now you've got Editions.

很有幫助。謝謝。另外也許我漏聽了，本季雲端轉換（cloud conversions）占新增雲端簽約（new cloud bookings）的百分比是多少？再延伸一下，你們現在有幾個我想算是較新的轉換催化因素：代理式 AI（agentic AI）推動並激勵轉換、專門的轉換計畫、合作夥伴通路日益成熟，現在又有 Editions。

And I know it's a combination, but if you have to call one out, which of these drivers is currently moving the needle the most for those on-premise customers? Thanks.

我知道這是多因素共同作用，但如果你必須點出一個，對那些地端（on-premise）客戶而言，目前最能推動轉換的驅動因素是哪一個？謝謝。

Yeah. I would say right now the thing moving the needle the most for those on-prem customer conversions is the fixed price conversation because we've had that in market for a while now and that's been driving a lot of the conversations.

好的。我會說，就目前而言，對那些地端客戶轉雲最能推動進展的是「固定價格」的對話，因為我們已經在市場上推行一段時間了，而它帶動了很多討論。

But just in the past quarter when we've been able to add to that the Editions conversation, it opens up more doors and opens up more opportunities and I think accelerates some of the timelines.

但就在過去這一季，當我們能在此基礎上加入 Editions 的對話後，它打開了更多大門、帶來更多機會，我認為也加速了一些時程。

So we do expect that we will see continued increase in conversion and we've got a strong pipeline around conversions for the rest of this year and into next year. So that's something that we've always said that this is something that's going to take many, many years to convert all these customers, and that is still true, but we do see the pace picking up.

因此我們確實預期轉換會持續增加，而且我們在今年剩餘時間以及明年都有強勁的轉換管線。所以我們一直都說，把這些客戶全部轉換過來需要很多很多年，這點仍然不變，但我們確實看到速度正在加快。

Thanks.

謝謝。

There are no further questions at this time. I'd like to turn the floor back over to Eric Clark for closing comments.

目前沒有進一步的問題。我想把時間交回給 Eric Clark 做結語。

Yes. I just want to thank everyone. As I mentioned, we're really pleased with what we accomplished in Q3 and to go through the past three quarters like we've had with 24% cloud growth in Q1, and 26% in Q2, and 28% in Q3, the team is really firing on all cylinders and we're pleased about where we are and excited about where we're headed. So thank you for joining.

好的。我只想感謝大家。如我所提到的，我們對第三季的成果非常滿意。回顧過去三季：第一季雲端成長 24%，第二季 26%，第三季 28%，團隊確實火力全開、各方面都運轉順暢；我們對目前的狀態感到滿意，也對未來的方向感到興奮。謝謝各位參與。

This concludes today's teleconference. You may disconnect your lines at this time. Thank you for your participation.

今天的電話會議到此結束。您現在可以掛斷電話。感謝您的參與。