SPS Commerce Inc (SPSC) 2023 Q1 法說會逐字稿

Good day, and welcome to the SPS Commerce First Quarter 2023 Earnings Conference Call. (Operator Instructions) Please note, this event is being recorded. I would now like to turn the conference over to Irmina Blaszczyk, Investor Relations for SPS Commerce. Please go ahead.

美好的一天，歡迎來到 SPS Commerce 2023 年第一季度收益電話會議。 （操作員說明）請注意，正在記錄此事件。我現在想將會議轉交給 SPS Commerce 投資者關係部的 Irmina Blaszczyk。請繼續。

Thank you, Andrew. Good afternoon, everyone, and thank you for joining us on SPS Commerce First Quarter 2023 Conference Call. We will make certain statements today, including with respect to our expected financial results, go-to-market strategy and efforts designed to increase our traction and penetration with retailers and other customers.

謝謝你，安德魯。大家下午好，感謝您加入我們的 SPS Commerce 2023 年第一季度電話會議。我們今天將發表某些聲明，包括我們的預期財務業績、上市戰略以及旨在提高我們對零售商和其他客戶的吸引力和滲透率的努力。

These statements are forward-looking and involve a number of risks and uncertainties that could cause actual results to differ materially. Please note that these forward-looking statements reflect our opinions only as of the date of this call, and we undertake no obligation to publicly update or reverse any forward-looking statements, whether as a result of new information, future events or otherwise. Please refer to our SEC filings, specifically our Form 10-K, as well as our financial results press release for a more detailed description of the risk factors that may affect our results. These documents are available at our website, spscommerce.com, and at the SEC's website, sec.gov.

這些陳述是前瞻性的，涉及許多可能導致實際結果大不相同的風險和不確定性。請注意，這些前瞻性陳述僅反映我們截至本次電話會議之日的意見，我們不承擔公開更新或推翻任何前瞻性陳述的義務，無論是由於新信息、未來事件還是其他原因。請參閱我們向美國證券交易委員會提交的文件，特別是我們的 10-K 表格，以及我們的財務業績新聞稿，以更詳細地描述可能影響我們業績的風險因素。這些文件可在我們的網站 spscommerce.com 和美國證券交易委員會的網站 sec.gov 上獲得。

In addition, we are providing a historical data sheet for easy reference on our Investor Relations section of our website, spscommerce.com. During our call today, we will discuss adjusted EBITDA financial measures and non-GAAP income per share. In our press release and our filings with the SEC, each of which is posted on our website, you will find additional disclosures regarding these non-GAAP financial measures, including reconciliations of these measures with comparable GAAP measures. And with that, I will turn the call over to Archie.

此外，我們還在我們網站 spscommerce.com 的投資者關係部分提供歷史數據表，以便於參考。在今天的電話會議中，我們將討論調整後的 EBITDA 財務指標和非 GAAP 每股收益。在我們的新聞稿和我們提交給美國證券交易委員會的文件中，每一份都發佈在我們的網站上，您會發現有關這些非 GAAP 財務措施的額外披露，包括這些措施與可比的 GAAP 措施的調節。有了這個，我會把電話轉給阿奇。

Thanks, Irmina, and welcome, everyone. The first quarter of 2023 marks a strong start to the year as macro and omnichannel dynamics continue to drive the need for efficiency across the retail industry.

謝謝 Irmina，歡迎大家。 2023 年第一季度標誌著今年的一個良好開端，因為宏觀和全渠道動態繼續推動整個零售行業對效率的需求。

We continue to see strong momentum in fulfillment and analytics and achieved total revenue of $125.9 million. Both total revenue and recurring revenue grew 20%. Before I continue with my prepared remarks, I'd like to acknowledge the announcement we made in early March about my planned retirement. The Board is in the process of conducting a search for my successor and in the meantime, we continue to execute our strategy to be the world's retail network.

我們繼續看到履行和分析方面的強勁勢頭，總收入達到 1.259 億美元。總收入和經常性收入均增長了 20%。在我繼續準備好的發言之前，我想感謝我們在 3 月初宣布的關於我計劃退休的消息。董事會正在尋找我的繼任者，與此同時，我們將繼續執行我們成為全球零售網絡的戰略。

The expertise and knowledge we gained from working with over 115,000 trading partners worldwide uniquely positions us as a business adviser to existing and potential customers who are looking to improve efficiency and productivity.

我們從與全球 115,000 多個貿易夥伴的合作中獲得的專業知識和知識使我們成為尋求提高效率和生產力的現有和潛在客戶的獨特商業顧問。

Over the past 3 years, retailers and suppliers face changing consumer behavior, growth in sales channels and volatility in the supply chain. Coupled with ongoing macroeconomic uncertainty, strain on the retail industry has been substantial on covering inefficiencies among the trading partners of all sizes.

在過去 3 年中，零售商和供應商面臨不斷變化的消費者行為、銷售渠道的增長和供應鏈的波動。加上持續的宏觀經濟不確定性，零售業在彌補各種規模的貿易夥伴之間的低效率方面承受著巨大壓力。

SPS Commerce is proud to work with retailers and suppliers across different industries, helping growing businesses embrace automation and position them for success.

SPS Commerce 很榮幸能與不同行業的零售商和供應商合作，幫助成長型企業採用自動化並為成功做好準備。

We recently launched a community campaign for the True Value company, a wholesaler with over 4,500 independent retail locations worldwide and one of the largest distributors in the U.S. Our initial engagement to address specific EDI inefficiencies led to a full business assessment by SPS. Having recognized our ability to improve the quality and adoption of EDI within their vendor community, True Value decided to partner with SPS to standardize electronic order fulfillment with over 1,000 vendors.

我們最近為 True Value 公司發起了一項社區活動，該公司是一家在全球擁有 4,500 多個獨立零售點的批發商，也是美國最大的分銷商之一。我們最初參與解決特定的 EDI 低效率問題導致 SPS 進行了全面的業務評估。 True Value 認識到我們有能力在他們的供應商社區中提高 EDI 的質量和採用率，因此決定與 SPS 合作，與 1,000 多家供應商一起標準化電子訂單履行。

We believe this will result in improved order and inventory management, cost savings and trading partner performance across key metrics such as fill rates and ship time lines to deliver a better customer experience.

我們相信，這將改善訂單和庫存管理、成本節約和貿易夥伴在關鍵指標（如供貨率和發貨時間線）方面的績效，從而提供更好的客戶體驗。

SPS Commerce's network model, our channel partner collaboration, EDI expertise and our suite of solutions are key differentiators and underscore our competitive advantage. Orveon, a private equity-backed collective of premium cosmetic brands was focused on long-term omnichannel success and was introduced to SPS during an ERP implementation. Making EDI a priority, Orveon became a fulfillment customer. And in an effort to optimize the omnichannel experience, they subscribe to analytics to gain visibility into inventory levels and sell-through across their various sales channels.

SPS Commerce 的網絡模型、我們的渠道合作夥伴協作、EDI 專業知識和我們的解決方案套件是關鍵的差異化因素，並強調了我們的競爭優勢。 Orveon 是一家由私募股權支持的高端化妝品品牌集團，專注於全渠道的長期成功，並在 ERP 實施期間被引入 SPS。將 EDI 放在首位，Orveon 成為了履行客戶。為了優化全渠道體驗，他們訂閱了分析以了解庫存水平和各種銷售渠道的銷售情況。

Orveon is a prime example of a customer who is successfully navigating the omnichannel journey, leveraging SPS' fulfillment and analytics solutions to work with trading partners that include Bloomingdale's, Macy's and Nordstrom's.

Orveon 是成功駕馭全渠道旅程的客戶的典型例子，利用 SPS 的履行和分析解決方案與包括 Bloomingdale's、Macy's 和 Nordstrom's 在內的貿易夥伴合作。

In summary, the ongoing expansion of our network is a reflection of SPS' ability to help retailers, suppliers and emerging brands successfully and cost-effectively adapt to omnichannel retail while they future proof their investments in supply chain automation. I believe our strategy and our people position SPS Commerce for continued success as we capitalize on the growth opportunities ahead of us.

總而言之，我們網絡的持續擴張反映了 SPS 有能力幫助零售商、供應商和新興品牌成功且經濟高效地適應全渠道零售，同時他們在未來證明他們在供應鏈自動化方面的投資。我相信我們的戰略和我們的員工將使 SPS Commerce 在抓住我們面前的增長機會的同時取得持續的成功。

With that, I'll turn it over to Kim to discuss our financial results.

有了這個，我會把它交給 Kim 來討論我們的財務結果。

Thanks, Archie. We had a great first quarter of 2023. Revenue was $125.9 million, a 20% increase over Q1 of last year and represented our 89th consecutive quarter of revenue growth. Recurring revenue this quarter also grew 20% year-over-year. The total number of recurring revenue customers increased 13% year-over-year to 42,750, and wallet share increased 7% to 11,050.

謝謝，阿奇。我們在 2023 年第一季度表現出色。收入為 1.259 億美元，比去年第一季度增長 20%，這是我們連續第 89 個季度實現收入增長。本季度的經常性收入也同比增長 20%。經常性收入客戶總數同比增長 13% 至 42,750，錢包份額增長 7% 至 11,050。

For the quarter, adjusted EBITDA grew 16% to $37 million compared to $31.8 million in Q1 of last year. We ended the quarter with total cash and investments of approximately $233 million.

本季度，調整後的 EBITDA 增長 16% 至 3700 萬美元，而去年第一季度為 3180 萬美元。本季度末，我們的現金和投資總額約為 2.33 億美元。

Now turning to guidance. For the second quarter of 2023, we expect revenue to be in the range of $128 million to $128.8 million, which represents approximately 17% to 18% year-over-year growth. We expect adjusted EBITDA to be in the range of $36.4 million to $37 million. We expect fully diluted earnings per share to be in the range of $0.30 to $0.31 with fully diluted weighted average shares outstanding of approximately 37.5 million shares. We expect non-GAAP diluted income per share to be in the range of $0.62 to $0.63 with stock-based compensation expense of approximately $12.8 million, depreciation expense of approximately $5 million and amortization expense of approximately $3.9 million.

現在轉向指導。對於 2023 年第二季度，我們預計收入將在 1.28 億美元至 1.288 億美元之間，同比增長約 17% 至 18%。我們預計調整後的 EBITDA 將在 3640 萬美元至 3700 萬美元之間。我們預計完全攤薄後的每股收益將在 0.30 美元至 0.31 美元之間，完全攤薄後的加權平均流通股數約為 3750 萬股。我們預計非 GAAP 每股攤薄收益在 0.62 美元至 0.63 美元之間，基於股票的補償費用約為 1280 萬美元，折舊費用約為 500 萬美元，攤銷費用約為 390 萬美元。

For the year, we expect revenue to be in the range of $525.5 million to $527.6 million, representing approximately 17% growth over 2022. We expect adjusted EBITDA to be in the range of $154.2 million to $155.8 million, representing approximately 17% to 18% growth over 2022. We expect fully diluted earnings per share to be in the range of $1.55 to $1.58 with fully diluted weighted average shares outstanding of approximately 37.4 million shares.

今年，我們預計收入將在 5.255 億美元至 5.276 億美元之間，比 2022 年增長約 17%。我們預計調整後的 EBITDA 將在 1.542 億美元至 1.558 億美元之間，約佔 17% 至 18% 2022 年以上的增長。我們預計完全攤薄後的每股收益將在 1.55 美元至 1.58 美元之間，完全攤薄後的加權平均流通股數約為 3740 萬股。

We expect non-GAAP diluted income per share to be in the range of $2.67 to $2.70, with stock-based compensation expense of approximately $45 million, depreciation expense of approximately $19.8 million and amortization expense for the year of approximately $15.6 million.

我們預計非 GAAP 每股攤薄收益在 2.67 美元至 2.70 美元之間，基於股票的補償費用約為 4500 萬美元，折舊費用約為 1980 萬美元，全年攤銷費用約為 1560 萬美元。

For the remainder of the year, on a quarterly basis, investors should model approximately a 30% effective tax rate calculated on GAAP pretax net earnings. Beyond 2023, we maintain our annual revenue growth expectations of 15% or greater as we expand our network through community enablement campaigns and acquisitions. We continue to expect adjusted EBITDA dollar growth of 15% to 25% as we invest in the business to capitalize on market dynamics and support current and future growth. In the long term, we maintain our target model for adjusted EBITDA margin of 35%.

在今年剩餘時間裡，投資者應按季度模擬根據 GAAP 稅前淨收益計算的大約 30% 的有效稅率。到 2023 年以後，隨著我們通過社區支持活動和收購擴展我們的網絡，我們將保持 15% 或更高的年收入增長預期。我們繼續預計調整後的 EBITDA 美元將增長 15% 至 25%，因為我們投資於該業務以利用市場動態並支持當前和未來的增長。從長遠來看，我們維持 35% 的調整後 EBITDA 利潤率目標模型。

In summary, our history of strong financial performance and 89 consecutive quarters of revenue growth, underscore the stability of our business model and our consistent execution. Despite ongoing macro dynamics, we believe we are better positioned than ever to deliver on our long-term targets and sustained profitable growth. And with that, I'd like to open the call to questions.

總而言之，我們過去強勁的財務業績和連續 89 個季度的收入增長，凸顯了我們業務模式的穩定性和我們始終如一的執行力。儘管宏觀動態持續存在，但我們相信我們比以往任何時候都更有能力實現我們的長期目標和持續的盈利增長。有了這個，我想打開問題的電話。

(Operator Instructions) The first question comes from Scott Berg with Needham & Company.

（操作員說明）第一個問題來自 Needham & Company 的 Scott Berg。

Congrats on the great quarter. I guess, I got 2. Let's start with the revenue outperformance in the quarter. It was roughly double what it was in Q1 a year ago. What went better in the quarter than maybe you expected? Or was this more of a case of, I guess, a change in guidance philosophy or you're maybe a little bit more conservative on your guidance this year, just given what the macro backdrop is like.

祝賀這個偉大的季度。我想，我得到了 2。讓我們從本季度的收入表現開始。它大約是一年前第一季度的兩倍。本季度有什麼比您預期的更好？或者這更多的是，我猜，指導理念發生了變化，或者你今年的指導可能有點保守，只是考慮到宏觀背景是什麼樣的。

Scott, I'll take that one. As it relates to the outperformance, it was really across the board. So we had solid execution on the fulfillment as well as our analytics product. We also, in this quarter, did have higher than typical onetime revenue as well. That is not something that you would anticipate or we would anticipate -- would continue going forward. That was really a mix of some of the community activity and a little bit of other onetime revenue.

斯科特，我要那個。由於它與出色的表現有關，它確實是全面的。因此，我們在履行和我們的分析產品方面都有紮實的執行力。我們在本季度的收入也確實高於典型的一次性收入。這不是您預期或我們預期的事情 - 會繼續前進。這實際上是一些社區活動和一些其他一次性收入的混合體。

Got it, helpful. And then as we think about the macro a little bit, I know we've had a chance to discuss this, I think a lot over the last 3 or 4 quarters, but if you break down by geographic region on where your presences are, maybe it's Asia Pac, obviously, with your foothold out of Australia, U.S. and Europe. Are you seeing any changes there that are kind of noteworthy or anything that might be different than your expectations 6 to 12 months ago?

明白了，有幫助然後當我們稍微考慮一下宏觀時，我知道我們有機會討論這個問題，我在過去的 3 或 4 個季度中想了很多，但如果你按地理區域細分你的存在，也許是亞太地區，很明顯，你的立足點不在澳大利亞、美國和歐洲。您是否看到任何值得注意的變化或與您 6 到 12 個月前的預期不同的任何變化？

Yes, Scott, thanks for the question. No, we're really not seeing major movements. I mean it's -- the biggest theme in retail besides omnichannel and trying to catch up with consumer expectations is, it is really challenging for retailers and suppliers to forecast their business because there aren't any comparables. I mean, you compare against last Q1, you compare against '21, '20. You've just got multiple years that are all one-off years. So that just continues to be the biggest thing. And so they're all cautious, obviously, but take the different regions. Europe is really all about analytics. We still see strong momentum there. Australia is really an entire ecosystem. We're seeing strong momentum there. And then last is Asia, which we're really supporting North America supply chain customers. And we, frankly, aren't seeing a lot of chains there either. I mean, not of significance anyway.

是的，斯科特，謝謝你的提問。不，我們真的沒有看到重大變動。我的意思是——除了全渠道和試圖趕上消費者期望之外，零售業最大的主題是，零售商和供應商預測他們的業務真的很有挑戰性，因為沒有任何可比性。我的意思是，你與上一季度相比，你與 21 年、20 年進行比較。你剛剛有很多年都是一次性的。所以這仍然是最重要的事情。所以他們都很謹慎，很明顯，但採取不同的地區。歐洲真的全都與分析有關。我們在那裡仍然看到強勁的勢頭。澳大利亞真的是一個完整的生態系統。我們在那裡看到了強勁的勢頭。最後是亞洲，我們真正支持北美供應鏈客戶。坦率地說，我們也沒有看到很多連鎖店。我的意思是，無論如何都不重要。

Archie, just a quick follow-up on that. I know China has opened up over the last 90 to 120 days more from a travel perspective than a supply chain perspective necessarily. But does that kind of loosening of some of their restrictions, and I guess, borders, does that create an opportunity at all for you maybe as a minor tailwind of the business? Or is it really kind of a non-event for you all?

阿奇，只是快速跟進一下。我知道在過去的 90 到 120 天裡，中國從旅遊的角度而不是從供應鏈的角度開放。但是這種放鬆他們的一些限制，我想，邊界，這是否為你創造了一個機會，也許是作為業務的一個小順風？或者這對你們所有人來說真的是一件無關緊要的事情嗎？

Frankly, it's somewhat of a non-event. It really comes down to the suppliers. And typically, it's the manufacturing is in China. So where that manufacturing takes place. At the end of the day, it really doesn't affect us and doesn't really create an opportunity or a threat for us.

坦率地說，這有點無關緊要。這真的取決於供應商。通常，它的製造是在中國。那麼製造發生的地方。歸根結底，它真的不會影響我們，也不會真正為我們創造機會或威脅。

The next question comes from Parker Lane with Stifel.

下一個問題來自 Stifel 的 Parker Lane。

Congrats on the quarter. Kim, I noticed that wallet share was down a touch quarter-over-quarter. Wondering if you could dive into the dynamics of that? I know it's not a terribly large decline. And then just give us a reminder on the balance of wallet share and net new customer additions that you expect in the growth algorithm this year.

祝賀這個季度。金，我注意到錢包份額環比下降了一點。想知道您是否可以深入了解其中的動態？我知道這不是一個非常大的下降。然後提醒我們您在今年的增長算法中期望的錢包份額和淨新客戶增加的平衡。

Sure, Parker. So from a year-over-year perspective, it grew about 7%. But to your point, if you look at the absolute dollars, Q4 to Q1, there was a slight sequential decline. That's driven from an acquisition we made in Q4 of InterTrade. As a reminder, when we made that acquisition, we said that would add about 2,500 customers. But their average revenue per customer is much smaller than ours, roughly around 3,000. And so that is why you see that sequential decline because Q1 is the first full quarter where we have all of that InterTrade revenue.

當然，帕克。因此，從同比的角度來看，它增長了大約 7%。但就你的觀點而言，如果你看一下第四季度到第一季度的絕對美元，就會出現輕微的環比下降。這是由我們在第四季度對 InterTrade 進行的收購推動的。提醒一下，當我們進行收購時，我們說這將增加大約 2,500 名客戶。但是他們每個客戶的平均收入比我們的要小得多，大約在 3,000 左右。這就是為什麼你看到連續下降的原因，因為第一季度是我們擁有所有 InterTrade 收入的第一個完整季度。

Also, just of note, that has occurred in some other acquisitions as well. So if you were to look back at Q4 '21 compared to Q1 '22 based on an acquisition we made in Q4 '21, you saw a similar type of dynamic.

另外，請注意，這也發生在其他一些收購中。因此，如果你根據我們在 21 年第四季度進行的收購回顧一下 21 年第四季度與 22 年第一季度的比較，你會看到類似的動態。

Got it. I appreciate that. And can you talk a little bit about gross margin leverage in this model longer term and just the impact that some of the recent acquisitions have had on gross margins where you expect the long-term model to shake out on that front?

知道了。我很感激。你能談談這個模型中長期的毛利率槓桿，以及最近的一些收購對毛利率的影響，你預計長期模型會在這方面發生變化嗎？

Sure. So if you think about where we're at from a gross margin, we're at, call it, sort of that mid-ish to maybe a little bit above mid-ish 60s from a gross margin perspective. Longer term, we believe that can be in the low 70s. The biggest driver of how that will change over time to get us to the low 70s is really primarily going to be around scaling. Cost of goods sold is an area we've made a lot of investments in, in the overall customer experience. And over time, we believe we'll be able to grow into a lot of those investments.

當然。因此，如果你從毛利率的角度考慮我們所處的位置，從毛利率的角度來看，我們處於中等甚至略高於 60 年代中期的水平。從長遠來看，我們認為可以在 70 年代的低位。隨著時間的推移，這種情況將如何改變，使我們達到 70 年代低水平的最大驅動力實際上主要是圍繞擴展。銷售成本是我們在整體客戶體驗方面進行了大量投資的領域。隨著時間的推移，我們相信我們將能夠成長為很多這樣的投資。

For any acquisitions we've made where the asset that we've acquired has lower gross margins than we do, we do believe that there is nothing that would make them not equal our gross margins over time. So nothing has changed from our belief of the ability to have gross margins in the low 70s in the future and that would align with when we're at, call it, that sort of mid-30s from an adjusted EBITDA margin perspective.

對於我們進行的任何收購，如果我們收購的資產的毛利率低於我們的毛利率，我們相信隨著時間的推移，沒有什麼會使它們不等於我們的毛利率。因此，我們對未來毛利率能夠在 70 多歲左右的能力的信念沒有任何改變，並且從調整後的 EBITDA 利潤率角度來看，這與我們所處的那種 30 多歲的狀態保持一致。

The next question comes from Jeff Van Rhee with Craig-Hallum.

下一個問題來自 Jeff Van Rhee 和 Craig-Hallum。

Congrats on another great quarter. So a couple of questions. I'd love to hear a bit more about the True Value opportunity in terms of -- just maybe as a case study, what do they have now? What are they using? What are you displacing? How do they find you? Just a little more backdrop on how you got here.

祝賀又一個偉大的季度。所以有幾個問題。我很想听到更多關於 True Value 機會的信息——也許只是作為一個案例研究，他們現在有什麼？他們在用什麼？你在置換什麼？他們怎麼找到你？關於您如何到達這裡的更多背景信息。

Yes. So a lot of manual processes, what we typically see in a retailer. A lot -- and either, a, some of the documents are automated, but not all the documents, but it's really not -- it's not across the board. So a lot of manual processes. And I would say this is a little different type of company, but pretty much straight down the fairway as far as type of enablement campaign. They really are a distributor. They sit between them and the retailers. So we will enable their suppliers. We'll do a typical campaign, which is where we record a webcast, we work with their team, we do calling, those suppliers will have the opportunity to either use our solution and/or buy a competitor solution and test and certify with them. So -- and we'll be aligned at the top at True Value.

是的。如此多的手動流程，我們通常會在零售商中看到。很多 - 或者，a，一些文檔是自動化的，但不是所有文檔，但它確實不是 - 它不是全面的。所以很多手動過程。我會說這是一家有點不同類型的公司，但就支持活動的類型而言，它幾乎是直截了當的。他們真的是經銷商。他們坐在他們和零售商之間。因此，我們將啟用他們的供應商。我們會做一個典型的活動，這是我們錄製網絡廣播的地方，我們與他們的團隊合作，我們打電話，這些供應商將有機會使用我們的解決方案和/或購買競爭對手的解決方案並與他們一起測試和認證.所以 - 我們將在 True Value 的頂部保持一致。

So it feels like obviously, there's a pretty decent number of suppliers, but we feel this is pretty down the middle type of retailer, just at the end of the day, they're more of a distributor than an actual retailer because they're independent stores.

所以感覺很明顯，有相當數量的供應商，但我們認為這是相當低的中間類型零售商，就在一天結束時，他們更像是分銷商而不是實際零售商，因為他們獨立的商店。

On the acquisition front, just any update on sort of pricing, pricing expectations from potential sellers, pipeline of future deals that you're looking at or how it's changing?

在收購方面，關於定價類型、潛在賣家的定價預期、您正在關注的未來交易管道或它如何變化的任何更新？

Yes. I mean we continue to be very active. And as you would expect, I mean, it is a challenge at least. If they've raised -- if companies have raised funds in the last 2 years, a lot of times they have real ridiculous valuation expectations, and we're just not going to pay valuations that were normal 18 months ago, but are outdated today. So that does create some headwind, but a lot of times have over time, they do become more, I don't know, more in check. I think the other thing we're seeing in some of these, if they are funded by investors is a move towards profitability, a lot of them were burning a lot of cash, which creates some problems for us and so we'd rather not do that. So some of them are getting their houses in order. So we continue to be aggressive, we continue to be out there. But we're going to stay disciplined.

是的。我的意思是我們繼續非常活躍。正如您所期望的那樣，我的意思是，這至少是一個挑戰。如果他們籌集了——如果公司在過去兩年籌集了資金，很多時候他們有真正荒謬的估值預期，我們就不會支付 18 個月前正常的估值，但今天已經過時了.所以這確實造成了一些不利因素，但很多時候隨著時間的推移，它們確實變得更多，我不知道，更多地受到控制。我認為我們在其中一些中看到的另一件事是，如果他們由投資者資助，那就是朝著盈利的方向發展，他們中的很多人都在消耗大量現金，這給我們帶來了一些問題，所以我們寧願不這樣做去做。所以他們中的一些人正在整理他們的房子。所以我們繼續積極進取，我們繼續在那裡。但我們會保持紀律。

Last for me, in terms of the most recent, call it, last 12 months, give or take, a cohort of suppliers coming on to the network, any observations about how this core might be behaving differently with respect to the number of connections, the frequency or pace at which they start to add new connection, the size that they come in. Any notable differences about the most recent cohort that stands out.

最後對我來說，就最近而言，稱之為過去 12 個月，給予或接受，一群供應商進入網絡，關於這個核心在連接數量方面可能如何表現不同的任何觀察，他們開始添加新連接的頻率或速度，他們進來的規模。最近突出的群體的任何顯著差異。

That's a good question. It's something we look at pretty regularly. And it tends to be -- it's pretty typical. Over time, they do -- over time, especially with the committee enablement campaign, we have great upsell opportunity with those suppliers, it takes time, but nothing unique about over the last 12 months in particular.

這是個好問題。這是我們經常看的東西。而且它往往是 - 這非常典型。隨著時間的推移，他們會這樣做——隨著時間的推移，尤其是在委員會支持活動中，我們與這些供應商有很好的追加銷售機會，這需要時間，但在過去的 12 個月裡沒有什麼特別之處。

The next question comes from Joe Vruwink with Robert W. Baird & Company.

下一個問題來自 Joe Vruwink 和 Robert W. Baird & Company。

Yes, I guess similar to the last question, maybe similar on just the macro topic with a bankruptcy -- retailer bankruptcy now in the news. Is there any change in just how suppliers currently on the network kind of absorb information like that? Like is there a certain immediacy where that connection, that particular connection just goes away? Or are there sometimes opportunities to actually use it as a reengaging event and kind of reeducate on what the platform can bring. And so you don't end up losing a lot of business. How would you kind of approach that proposition these days?

是的，我想與上一個問題類似，可能只是在破產的宏觀話題上類似——新聞中現在有零售商破產。目前網絡上的供應商如何吸收此類信息是否有任何變化？就像那種聯繫，那種特定的聯繫就消失了一樣，有某種即時性嗎？或者有時是否有機會實際將其用作重新參與的活動，並重新教育該平台可以帶來什麼。所以你最終不會失去很多業務。這些天你會如何處理這個提議？

Yes. So really, when you think about the supplier, there's suppliers that only use SPS for that supplier -- for that retailer. So you're at risk of losing that supplier. And those numbers tend to be highest when we have a strong retail relationship. In other words, we're doing our onboarding, which in the Bed Bath & Beyond case, I assume that's what you're referring to, we don't have that. So we don't have very many suppliers in that boat.

是的。所以真的，當你想到供應商時，有些供應商只為那個供應商使用 SPS——那個零售商。所以你有失去那個供應商的風險。當我們擁有強大的零售關係時，這些數字往往最高。換句話說，我們正在進行入職培訓，在 Bed Bath & Beyond 案例中，我認為這就是你所指的，我們沒有。所以我們在那條船上沒有很多供應商。

Then you have suppliers that they might have 5, 10, 50 or 100 different retail trading partners they use SPS for and kind of part of typical business for these guys is they're adding and subtracting training partners along the way. I mean, our bigger suppliers, in particular, they might stay at 50 retailers, they may go from 50 to 55, but they subtract 7 and add 12. So it's kind of typical.

然後你有供應商，他們可能有 5、10、50 或 100 個不同的零售貿易夥伴，他們使用 SPS，這些人的典型業務的一部分是他們一路增加和減少培訓合作夥伴。我的意思是，我們更大的供應商，特別是，他們可能會留在 50 個零售商處，他們可能會從 50 個增加到 55 個，但他們減去 7 個並增加 12 個。所以這是典型的。

So from that standpoint, I think it's kind of proof of our business model. It's not going to have a significant impact to us. Would we like to lose any business? Obviously, we don't like to lose any business. And along the way, our job of our sales staff and our marketing team is to continually be engaging with all of those suppliers. So they're fully aware how else they can use SPS Commerce. So obviously, a little bit of an escalation in those processes. When you have something like a Bed Bath & Beyond. But frankly, as I talk to retailers, we're seeing Bed Bath & Beyond is a little bit more of a one-off than a "wow! look what's happening to retail."

所以從這個角度來看，我認為這是我們商業模式的一種證明。它不會對我們產生重大影響。我們願意失去任何生意嗎？顯然，我們不想失去任何業務。在此過程中，我們的銷售人員和營銷團隊的工作是不斷與所有這些供應商接觸。因此，他們完全了解可以使用 SPS Commerce 的其他方式。很明顯，這些過程中有一點點升級。當您擁有 Bed Bath & Beyond 之類的東西時。但坦率地說，當我與零售商交談時，我們看到 Bed Bath & Beyond 更像是一次性產品，而不是“哇！看看零售業正在發生什麼。”

Okay. That's all helpful. And then just based on what one of your peers in the supply chain category had to say last night, it seems like kind of rejuvenated investments in the stores, brick-and-mortar stores is something that's taking place. Is there may be a lagged effect when you hear about retailers sinking investment into things like point of sale or inventory management. Could your analytics product ultimately benefit, but it may be benefits after those commitments? Or is there not a relationship at all?

好的。這都是有幫助的。然後，根據你在供應鏈領域的一位同行昨晚所說的話，這似乎是對商店的一種重新投資，實體店正在發生。當您聽說零售商將投資投入到銷售點或庫存管理等方面時，是否可能存在滯後效應？您的分析產品最終能否受益，但可能是在這些承諾之後受益？或者根本就沒有關係？

Yes, I think a couple of things. One, not all that surprised by the results last night. I assume you're referring to Manhattan. And just one of the big themes we're seeing in retail is they met the demand to the consumer in '21, '22. And now they're really trying to get the back-end systems.

是的，我認為有幾件事。第一，並不是所有人都對昨晚的結果感到驚訝。我假設你指的是曼哈頓。我們在零售業看到的一個重要主題是它們滿足了 21 和 22 年消費者的需求。現在他們真的在嘗試獲得後端系統。

So there are different lag effects for us. For instance, if a retailer is automating their distribution center, so they're going to start receiving product and with a barcode label. That will typically, upon implementation lead to a potential enablement campaign. And we have a partnership there. So there are different lagging or leading indicators for us that can be a positive, don't want to overblow it, but they can be a positive. If again, like if a retailer is buying Manhattan Associates, they need to get their suppliers to behave differently. They need to send an advanced ship notice, they need to send a barcode label and that's where we come in. We enable those suppliers, we do an enablement campaign for those documents. So a lot of those things are real positive and we are seeing investment from retailers because they have met the needs of the consumer, for the most part, but they're not doing it efficiently, effectively or necessarily profitably. So there's a big push.

所以對我們來說有不同的滯後效應。例如，如果零售商正在自動化他們的配送中心，那麼他們將開始接收帶有條形碼標籤的產品。這通常會在實施後導致潛在的支持活動。我們在那裡有合作夥伴關係。所以對我們來說有不同的滯後或領先指標可以是積極的，不想誇大它，但它們可以是積極的。如果再一次，就像零售商購買 Manhattan Associates 一樣，他們需要讓供應商採取不同的行為。他們需要發送提前發貨通知，他們需要發送條形碼標籤，這就是我們進來的地方。我們支持這些供應商，我們為這些文件開展支持活動。所以很多事情都是積極的，我們看到零售商的投資，因為他們在很大程度上滿足了消費者的需求，但他們沒有有效地、有效地或不一定有利可圖地做到這一點。所以有很大的推動力。

And does that relationship hold with the store activity? I think you have like point-of-sale, just wanting to have more accurate placement of inventory if you're a supplier, visibility into kind of final demand? Does that kind of follow along?

這種關係是否與商店活動有關？我想你有銷售點，如果你是供應商，只是想更準確地放置庫存，了解最終需求？那種跟風嗎？

It does. Obviously, the point of sales is most valuable for the store activity, either the store for the consumer buying at the store or also one of the trends we're seeing is stores are becoming distribution centers. So having inventory on hand at the stores, what's selling. So those are positives for us. Again, I don't want to overblow, but they are positives for us.

確實如此。顯然，銷售點對於商店活動最有價值，無論是商店供消費者在商店購買，還是我們看到的趨勢之一是商店正在成為配送中心。因此，在商店手頭有庫存，賣什麼。所以這些對我們來說是積極的。同樣，我不想誇大其詞，但它們對我們來說是積極的。

(Operator Instructions) The next question comes from (inaudible) with Northland Capital Markets.

（操作員說明）下一個問題來自（聽不清）Northland Capital Markets。

Congrats on the quarter. Just wondering if you could talk about a little bit more about the level of activity that you're seeing from channel partners. Are you still seeing strong contributions from them? And are there any changes to that relative to maybe 2020 levels?

祝賀這個季度。只是想知道您是否可以多談談您從渠道合作夥伴那裡看到的活動水平。您是否仍然看到他們的強大貢獻？相對於 2020 年的水平是否有任何變化？

Sure. So channel sales in that lead generation engine still remains very important and robust for us. There are some nuances depending on which ERP system, but that still remains quite positive and quite robust.

當然。因此，該潛在客戶生成引擎的渠道銷售對我們來說仍然非常重要和強勁。根據哪個 ERP 系統，存在一些細微差別，但仍然非常積極且非常穩健。

Got it. Very helpful. And then on the revenue guidance provided for Q2 and the full year, I believe there is a slight deceleration embedded for the second half of '23. Can you just walk us through how you're thinking about that trajectory there? Was there may be some pull forward that you saw in the first half or maybe a little bit more cautiousness baked into the guidance there?

知道了。很有幫助。然後關於為第二季度和全年提供的收入指導，我相信 23 年下半年會略有減速。你能告訴我們你是如何思考那裡的軌蹟的嗎？您是否在上半場看到了一些推動力，或者在那裡的指導中可能更加謹慎？

Sure. So a couple of things I can point you to is, one, there was a couple of acquisitions that we made in the latter part of '22 that we lack in the latter part of '23. So that has been reflected into the guidance itself. Also, just as a reminder, the guidance that we just provided for our revenue expectations for the year at a midpoint is about $2 million higher than what we had anticipated just 90 days ago.

當然。所以我可以指出的幾件事是，一個，我們在 22 年下半年進行了幾次收購，而我們在 23 年下半年缺乏。因此，這已反映在指南本身中。另外，提醒一下，我們剛剛提供的今年收入預期的中間值比我們 90 天前的預期高出約 200 萬美元。

Got it. Okay. And then final question for me would be on the Analytics piece of the business there. Did you guys see any acceleration this quarter? How did that part of the business perform?

知道了。好的。然後我的最後一個問題是關於那裡業務的分析部分。你們看到本季度有任何加速嗎？這部分業務的表現如何？

Sure. So Analytics grew about 10% year-over-year. And our expectation would be that we would expect to see Analytics grow within a couple of percentage points similar to that 10% number. So stay basically at 10% or plus or minus 1% or 2%.

當然。因此，Analytics 同比增長約 10%。我們的期望是，我們希望看到 Analytics 增長幾個百分點，類似於 10% 的數字。所以基本上保持在 10% 或正負 1% 或 2%。

I'm showing no further questions in the queue. Ladies and gentlemen, this concludes today's conference call. Thank you for your participation, and have a wonderful day. You may now disconnect.

我不會在隊列中顯示更多問題。女士們，先生們，今天的電話會議到此結束。感謝您的參與，祝您有美好的一天。您現在可以斷開連接。