SPS Commerce Inc (SPSC) 2024 Q3 法說會逐字稿

Good afternoon and welcome to the SPS Commerce third-quarter, 2024 earnings conference call.

下午好，歡迎參加 SPS Commerce 2024 年第三季財報電話會議。

(Operator Instructions)

（操作員說明）

I would now like to turn the conference over to Ms. Irmina Blaszczyk, Investor Relations for SPS Commerce.

現在我想將會議轉交給 SPS Commerce 投資者關係部門的 Irmina Blaszczyk 女士。

Please go ahead.

請繼續。

Thank you, Cole.

謝謝你，科爾。

Good afternoon, everyone and thank you for joining us on SPS Commerce's third-quarter 2024 conference call.

大家下午好，感謝您參加 SPS Commerce 2024 年第三季電話會議。

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.

我們今天將發表一些聲明，包括我們的預期財務表現、進入市場策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.

這些陳述具有前瞻性，涉及許多風險和不確定性，可能導致實際結果有重大差異。

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 revise any forward-looking statements whether as a result of new information, future events, or otherwise.

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，我們沒有義務公開更新或修改任何前瞻性陳述，無論是由於新資訊、未來事件或其他原因。

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 the results.

請參閱我們向 SEC 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，以了解可能影響結果的風險因素的更詳細描述。

These documents are available at our website, spscommerce.com, and on the SEC's website, sec.gov.

這些文件可在我們的網站 spscommerce.com 和 SEC 網站 sec.gov 上取得。

In addition, we are providing a historical data sheet for easy reference on the Investor Relations section of our website, spscommerce.com.

此外，我們也在我們網站 spscommerce.com 的投資者關係部分提供歷史資料表，以便於參考。

During our call today, we will discuss adjusted EBITDA financial measures and non-GAAP income per share.

在今天的電話會議中，我們將討論調整後的 EBITDA 財務指標和非公認會計準則每股收益。

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.

在我們的新聞稿和向 SEC 提交的文件（均發佈在我們的網站上）中，您會發現有關這些非 GAAP 財務指標的其他披露信息，包括這些指標與可比較 GAAP 指標的調節表。

And with that, I will turn the call over to Chad.

接下來，我會將電話轉給乍得。

Thanks, Irmina.

謝謝，伊爾米娜。

And good afternoon, everyone.

大家下午好。

Thank you for joining us today.

感謝您今天加入我們。

We delivered a strong third quarter.

我們第三季的業績表現強勁。

Revenue grew 21% to $163.7million. Recurring revenue also grew 21%.

營收成長 21% 至 1.637 億美元。經常性收入也成長了 21%。

It's been a year since I joined SPS Commerce.

我加入 SPS Commerce 已經一年了。

I've now come to fully appreciate the power of SPS's go-to-market strategy, network effect, and unique ability to improve collaboration and data accuracy to optimize supply chain operations.

我現在已經充分認識到 SPS 的上市策略、網路效應以及改善協作和數據準確性以優化供應鏈運營的獨特能力的力量。

As the retail industry continues to increase in complexity, naturally, SPS's role in automating trading partner relationships continues to evolve.

隨著零售業的複雜性不斷增加，SPS 在自動化貿易夥伴關係方面的作用自然也不斷發展。

We are in the process of evaluating the expanded opportunity ahead of us and we look forward to sharing our updated view of our addressable markets.

我們正在評估我們面前的擴大機會，我們期待分享我們對潛在市場的最新看法。

The acquisitions we have completed in the past year exemplify SPS's growing TAM and our commitment to delivering a comprehensive suite of solutions to help retailers and suppliers improve collaboration.

我們在過去一年完成的收購體現了 SPS 不斷增長的 TAM 以及我們致力於提供一整套解決方案以幫助零售商和供應商改善協作的承諾。

Last month marked the one-year anniversary of closing the TIE Kinetix acquisition.

上個月是完成 TIE Kinetix 收購一週年。

We are pleased with our progress of the post-merger integration and remain enthusiastic about the long-term potential.

我們對合併後整合的進展感到高興，並對長期潛力保持熱情。

As a reminder, we acquired TIE Kinetix to add e-invoicing capability to our product portfolio, establish a-go-to market beachhead in Europe for a fulfillment product, and strengthen our position in the US market by adding the US portion of the TIE Kinetix business to our US operations.

謹此提醒，我們收購了 TIE Kinetix，以便為我們的產品組合增加電子發票功能，在歐洲建立履行產品的首選市場灘頭陣地，並通過增加 TIE 的美國部分來加強我們在美國市場的地位Kinetix 業務涉及我們的美國業務。

E-invoicing capability is a frequent requirement for customers implementing fulfillment outside of the US in countries where there is an e-invoicing mandate.

對於在美國境外、有電子發票強制規定的國家/地區實施履行的客戶來說，電子發票功能是一項常見要求。

With this capability integrated into our fulfillment product, we can now address the needs of these customers.

透過將此功能整合到我們的履行產品中，我們現在可以滿足這些客戶的需求。

We appreciate the differences between North America and European retail markets.

我們了解北美和歐洲零售市場之間的差異。

But with access to the experience and knowledge of the TIE Kinetix team, we are optimistic about the success and long-term potential of our opportunity in Europe.

但憑藉 TIE Kinetix 團隊的經驗和知識，我們對我們在歐洲機會的成功和長期潛力感到樂觀。

This year, we continue to be acquisitive.

今年，我們持續積極收購。

And in Q3, we acquired SupplyPike and expanded our portfolio with automated invoice deduction management and prevention.

在第三季度，我們收購了 SupplyPike，並透過自動發票扣除管理和預防擴展了我們的產品組合。

We're excited to welcome our new employees and customers to SPS Commerce.

我們很高興歡迎新員工和客戶加入 SPS Commerce。

Much like the acquisition of Traverse Systems in May this year, we strive to offer our customers in the broader market the resources needed to reduce supply chain missteps and strengthen suppliers relationships with retailers.

就像今年 5 月收購 Traverse Systems 一樣，我們努力為更廣泛市場的客戶提供所需的資源，以減少供應鏈失誤並加強供應商與零售商的關係。

We are pleased to see our customers benefiting from these offerings.

我們很高興看到我們的客戶從這些產品中受益。

For example, GNC is the world's largest global specialty health wellness and performance retailer and one of SPS's long-time customers.

例如，GNC 是全球最大的全球專業健康保健和功能零售商，也是 SPS 的長期客戶之一。

They worked with Traverse Systems over the years and leveraged the platform to gain complete visibility into every part of the purchase order life cycle.

他們與 Traverse Systems 合作多年，並利用該平台獲得採購訂單生命週期每個部分的完整可見性。

They were able to isolate the root causes of problematic shipments and work with vendors to raise the advanced shipping notice compliance rate from 76% to 92%.

他們能夠找出發貨問題的根本原因，並與供應商合作，將提前發貨通知合規率從 76% 提高到 92%。

This resulted in better visibility into inbound shipments allowing GNC to improve time to value of its inventory.

這樣可以更好地了解入庫貨物，從而使 GNC 能夠縮短庫存實現價值的時間。

BISSELL, a leading manufacturer of home cleaning solutions, was challenged with significant invoice deductions in their order fulfillment process because the recovery process was too cumbersome and time consuming.

BISSELL 是一家領先的家庭清潔解決方案製造商，在訂單履行過程中面臨大量發票扣除的挑戰，因為恢復過程過於繁瑣且耗時。

Using SupplyPike's automated invoice deduction management and prevention solution to consolidate data from retailer portals into a single, user-friendly platform gave BISSELL the visibility they needed to save millions in disputed deductions across multiple retailers.

使用SupplyPike 的自動發票扣除管理和預防解決方案將零售商入口網站的數據整合到一個用戶友好的平台中，為BISSELL 提供了所需的可見性，從而在多個零售商的爭議扣除中節省數百萬美元。

Having access to data on one platform also helped BISSELL gain actionable insights into deduction trends across retailers, identify areas for improvement, and optimize deduction recovery strategies.

在一個平台上存取數據還有助於 BISSELL 獲得有關零售商的扣除趨勢的可行見解，確定需要改進的領域，並優化扣除恢復策略。

Automation and optimization remains a priority across retail and distribution businesses.

自動化和優化仍然是零售和分銷業務的首要任務。

For example, Bunzl Retail Services offers a complete line of retail products and supplies with -- for more than 83,000 SKUs and operates seven distribution centers across US and Canada and six more internationally.

例如，Bunzl Retail Services 提供完整的零售產品和用品系列，涵蓋超過 83,000 個 SKU，並在美國和加拿大經營七個配送中心，在國際上還有六個配送中心。

Bunzl recognized that in order to run the business more efficiently, to support their growth, they had to optimize data by minimizing manual intervention and improve order visibility To support their goal to digitize their supply chain, they recently partnered with SPS Commerce to automate ordering, receiving, and invoicing processes with over 1,000 vendors.

Bunzl 意識到，為了更有效地經營業務並支持其成長，他們必須透過最大限度地減少人工幹預並提高訂單可見性來優化數據。訂單自動化，與 1,000 多家供應商的收貨和開票流程。

The evolving dynamics of the retail industry continue to drive digital transformation.

零售業不斷發展的動態持續推動數位轉型。

SPS has been a trusted partner to thousands of retailers, suppliers, logistics providers, and distributors over the years.

多年來，SPS 一直是數千家零售商、供應商、物流提供者和經銷商值得信賴的合作夥伴。

And we remain committed to our vision to be the world's retail network.

我們仍然致力於實現成為世界零售網路的願景。

Our customers continue to prioritize supply chain resilience and recognize the value we bring to the table as they strive for efficient collaboration with their trading partners.

我們的客戶繼續優先考慮供應鏈的彈性，並認識到我們在努力與貿易夥伴進行高效協作時所帶來的價值。

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

接下來，我會將其交給 Kim 討論我們的財務表現。

Thanks, Chad.

謝謝，查德。

We had a great third quarter of 2024.

2024 年第三季我們度過了一段美好的時光。

Revenue was $163.7 million, a 21% increase over Q3 of last year.

營收為 1.637 億美元，比去年第三季成長 21%。

Recurring revenue also grew 21% year over year.

經常性收入也較去年同期成長 21%。

The total number of recurring revenue customers increased 2% year over year to approximately 45,200 and wallet share increased 18% to approximately 13,700.

經常性收入客戶總數較去年同期成長 2%，達到約 45,200 名，錢包份額增加 18%，達到約 13,700 名。

As a reminder, in August, we closed the acquisition of SupplyPike, at which time we said we expect the acquisition to add approximately 200 customers to our network and increase wallet share by approximately 350.

提醒一下，我們在 8 月完成了對 SupplyPike 的收購，當時我們表示，預計此次收購將為我們的網路增加約 200 個客戶，並將錢包份額增加約 350 個。

For the quarter, adjusted EBITDA grew 19% to $48.4 million compared to $40.5 million in Q3 of last year.

本季調整後 EBITDA 成長 19%，達到 4,840 萬美元，去年第三季為 4,050 萬美元。

We ended the total -- we ended the quarter with total cash and investments of $206 million.

我們結束了總額——本季結束時，我們的現金和投資總額為 2.06 億美元。

Now turning to guidance.

現在轉向指導。

For the fourth quarter of 2024, we expect revenue to be in the range of $168.5 million to $169.5 million, which represents approximately 16% to 17% year-over-year growth.

對於 2024 年第四季度，我們預計營收將在 1.685 億美元至 1.695 億美元之間，年增約 16% 至 17%。

We expect adjusted EBITDA to be in the range of $48 million to $48.7 million.

我們預計調整後 EBITDA 將在 4800 萬美元至 4870 萬美元之間。

We expect fully diluted earnings per share to be in the range of $0.46 to $0.47, with fully diluted weighted average shares outstanding of approximately 38.1 million shares.

我們預計完全稀釋每股盈餘將在 0.46 美元至 0.47 美元之間，完全稀釋加權平均已發行股數約為 3,810 萬股。

We expect non-GAAP diluted income per share to be in the range of $0.83 to $0.84, with stock based compensation expense of approximately $12.8 million, depreciation expense of approximately $5.1 million, and amortization expense of approximately $7.2 million.

我們預計非 GAAP 攤薄每股收益為 0.83 至 0.84 美元，其中股票補償費用約為 1280 萬美元，折舊費用約為 510 萬美元，攤銷費用約為 720 萬美元。

For the full year 2024, we expect revenue to be in the range of $635.4 million to $636.4 million, representing approximately 18% to 19% growth over 2023.

對於 2024 年全年，我們預計營收將在 6.354 億美元至 6.364 億美元之間，較 2023 年增長約 18% 至 19%。

We expect adjusted EBITDA to be in the range of $185 million to $185.7 million, representing growth of approximately 17% to 18% over 2023.

我們預計調整後 EBITDA 將在 1.85 億美元至 1.857 億美元之間，較 2023 年成長約 17% 至 18%。

We expect fully diluted earnings per share to be in the range of $2.3 to $2.4 with fully diluted weighted average shares outstanding of approximately 37.9 million shares.

我們預計完全稀釋每股盈餘將在 2.3 至 2.4 美元之間，完全稀釋加權平均已發行股數約為 3,790 萬股。

We expect non-GAAP diluted income per share to be in the range of $3.41 to $3.42, with stock-based compensation expense of approximately $55.1 million, depreciation expense of approximately $19.1 million, and amortization expense for the year of approximately $22.8 million.

我們預計非 GAAP 攤薄每股收益為 3.41 至 3.42 美元，其中股票補償費用約為 5,510 萬美元，折舊費用約為 1,910 萬美元，全年攤提費用約為 2,280 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.

在今年剩餘的時間裡，投資者應按季度計算約 30% 的有效稅率（根據 GAAP 稅前淨利計算）。

In terms of 2025 guidance, we will provide revenue, adjusted EBITDA, and other measures on our Q4 earnings conference call.

就 2025 年指引而言，我們將在第四季財報電話會議上提供營收、調整後 EBITDA 和其他指標。

Long term, we maintain our annual revenue growth expectation of 15% or greater as we expand our network through community enablement campaigns and acquisitions, and we continue to expect adjusted EBITDA dollar growth of 15% to 25% as we invest in the business to support current and future growth.

從長遠來看，隨著我們透過社群支援活動和收購擴大我們的網絡，我們將保持15% 或更高的年收入成長預期，我們繼續預期調整後的EBITDA 美元將成長為15% 至25%，因為我們投資於業務以支持當前和未來的成長。

Our target model for adjusted EBITDA margin remains 35%.

我們調整後 EBITDA 利潤率的目標模型仍為 35%。

In summary, SPS Commerce delivered strong third-quarter performance and the 95th consecutive quarter of revenue growth.

總之，SPS Commerce 第三季業績強勁，營收連續第 95 季成長。

We remain committed to a balanced growth approach as we continue to support our customers with a comprehensive product portfolio that positions them to successfully navigate evolving omni-channel dynamics and overcome increasing supply chain complexity.

我們仍然致力於平衡成長方式，繼續為客戶提供全面的產品組合支持，使他們能夠成功駕馭不斷變化的全通路動態並克服日益增加的供應鏈複雜性。

And with that, I'd like to open the call to questions.

接下來，我想開始提問。

(Operator Instructions) Scott Berg, Needham.

（操作員說明）Scott Berg，Needham。

Hi, Chad and Kim.

嗨，查德和金。

Really nice quarter here.

這裡真的很不錯。

Chad, I wanted to ask about the demand environment that you're seeing out there and how maybe the quarter progressed versus your expectations.

乍得，我想問您所看到的需求環境，以及本季的進展與您的預期相比如何。

I know this has been a big year of filling back in and enabling existing customers with regards to some retailer needs out there.

我知道今年是填補現有客戶並滿足某些零售商需求的重要一年。

But how are you thinking about the net new business opportunity out there and how that will evolve maybe over the next couple quarters as you start moving on from those internally focused enablement items that you've been working on?

但是，當您開始從一直致力於的內部重點支援專案轉向時，您如何看待那裡的淨新商機以及在接下來的幾個季度中它將如何發展？

Thank you.

謝謝。

Yeah.

是的。

Thanks, Scott.

謝謝，斯科特。

Yeah.

是的。

As you mentioned and as we discussed quite a bit in the last earnings call, although all year long, we've seen a very healthy pipeline in terms of our community enablement programs, both in terms of the number of programs as well as the number of suppliers are in those programs, one dynamic that we did see in the programs in the first half of the year and we expected to see a little bit in the second half as well is that a higher proportion of those programs were areas where we expected to find existing customers, usually driven by a very healthy and strategic relationship with the retailer that just over time has led to a high penetration within those particular customers.

正如您所提到的，正如我們在上次財報電話會議中討論的那樣，儘管一整年，我們在社區支援計劃方面都看到了非常健康的管道，無論是在計劃數量還是在數量上的供應商參與了這些計劃，我們在上半年的計劃中確實看到了一個動態，我們預計下半年也會看到一些動態，那就是這些計劃中有更高比例是我們預期的領域尋找現有客戶，通常是由與零售商建立的非常健康的策略關係所驅動的，隨著時間的推移，這種關係在這些特定客戶中產生了很高的滲透率。

As we look out now to the fourth quarter and we have some pipeline visibility even into a little bit of 2025, that trend of strong pipeline of community programs continues, both in terms of number of programs and suppliers in those programs.

當我們現在展望第四季度時，甚至到 2025 年，我們都可以看到一些管道的可見性，社區專案的強大管道趨勢仍在繼續，無論是在專案數量還是這些專案中的供應商方面。

Maybe what we see a little less of is the higher concentration of existing customers within those programs.

也許我們較少看到的是這些計劃中現有客戶的集中度更高。

And that comment is probably a little bit more for the fourth quarter.

對於第四季來說，這一評論可能會更多一些。

It gets a little hard for us as we look further out, not to see the health of the pipeline but to know the specific contents in terms of existing customers, non-existing customers as we get a couple quarters out.

當我們看得更遠時，這對我們來說有點困難，不是要看到管道的健康狀況，而是要了解現有客戶和非現有客戶的具體內容，因為我們需要幾個季度的時間。

So overall, I'd say the demand environment looks positive and we are, of course, a little subject to the mix of existing customers within those programs.

因此，總的來說，我想說需求環境看起來是正面的，當然，我們有點受到這些計劃中現有客戶組合的影響。

But overall, I would say the health of the programs continues and I would just add that that growth has shown up this year more in the wallet share side.

但總的來說，我想說這些計劃的健康狀況仍在繼續，我只想補充一點，今年的成長更多地體現在錢包份額方面。

And I would expect that is the -- the product portfolio grows and we have more and more to up sell and cross sell to customers that we will see a lot of the growth coming in on wallet share, which is just natural as the product portfolio expands and we have more to cross sell and up sell.

我預期產品組合會成長，我們有越來越多的產品可以向客戶進行追加銷售和交叉銷售，我們將看到錢包份額的大量成長，這與產品組合一樣自然擴大，我們有更多的交叉銷售和追加銷售。

Got it.

知道了。

Very helpful.

非常有幫助。

And then, Kim, you mentioned not giving '25 guidance until the fourth-quarter call.

然後，Kim，您提到在第四季度電話會議之前不會提供 25 年指導。

I understand a lot of moving parts around some of the recent acquisitions and whatnot.

我了解最近的一些收購等方面的許多變化。

But as you're starting to think about calendar '25, should we think about any of your investments, whether it's in product or sales and marketing, that cadence differing than maybe what we've seen over the last couple of years or the philosophy there probably be relatively the same?

但是，當您開始考慮日曆 '25 時，我們是否應該考慮您的任何投資，無論是在產品還是銷售和行銷方面，這種節奏可能與我們在過去幾年或理念中看到的有所不同大概有比較相同的吧？

Sure.

當然。

So we're going to continue to invest in both the short term, medium term, and long term as we see appropriate for our existing customers and the opportunity ahead of us.

因此，我們將繼續在短期、中期和長期方面進行投資，因為我們認為適合我們現有的客戶和我們面前的機會。

That being said, we have reiterated our view of EBITDA growth anywhere between that 15% to 25%.

話雖如此，我們重申了 EBITDA 成長率在 15% 至 25% 之間的觀點。

What I would say is the primary reason why we made that comment about 2025 guidance providing it in in our next earnings call, Q4, is we do think that it actually is more comprehensive and better to investors when we can provide our information on revenue as well as EBITDA and the other metrics.

我想說的是，我們對2025 年指引發表評論並在下一次財報電話會議（第四季度）中提供的主要原因是，我們確實認為，當我們能夠提供有關收入的信息時，它實際上對投資者來說更全面、更好。

Over the last few years, we've given purely an EBITDA number.

在過去的幾年裡，我們給出的只是純粹的 EBITDA 數字。

And so our practice going forward is to be more comprehensive and provide the full spectrum of the guidance to investors, which naturally then leads to the Q4 earnings call.

因此，我們未來的做法是更加全面，並向投資者提供全方位的指導，這自然會導致第四季度的財報電話會議。

Got it.

知道了。

Helpful.

有幫助。

Congrats on a good quarter.

恭喜季度表現良好。

Thanks for taking the questions.

感謝您提出問題。

George Kurosawa, Citi.

喬治·黑澤明，花旗銀行。

Thanks for taking the questions.

感謝您提出問題。

I wanted to ask about the recent acquisition SupplyPike and Traverse.

我想問一下最近收購的 SupplyPike 和 Traverse 的情況。

I've been thinking in particular about Traverse.

我一直在特別思考特拉弗斯。

It seems like maybe there's some opportunity to synergize with some of these other add-ons.

看起來也許有機會與其他一些附加元件產生協同作用。

I think about score carding visibility, helping us kind of a carrot for analytics adoption or maybe helping identify underperforming suppliers.

我認為計分卡的可見度可以幫助我們採取分析方法，或幫助識別表現不佳的供應商。

You can then go help with something like a SupplyPike for invoice deduction management.

然後，您可以使用 SupplyPike 之類的工具來協助發票扣除管理。

And maybe if you just talk about kind of the strategy as this -- you start to become like a true multi-product platform, how you see some of these products playing with each other?

也許如果你只是談論這樣的策略——你開始變得像一個真正的多產品平台，你如何看待其中一些產品相互配合？

Yeah.

是的。

Yeah.

是的。

Absolutely, George.

絕對是，喬治。

So we're real excited about Traverse, one, just in terms of the way we're executing on the integration of it into our business but also the reception that we've had as we've had the opportunity to be with more Traverse customers and help them understand what we do to digitize their suppliers using our community enablement program and then also the inverse of that where we've introduced the Traverse platform to some of our long-term and strategic SPS retail customers.

因此，我們對 Traverse 感到非常興奮，一方面是因為我們將其整合到我們業務中的執行方式，另一方面是因為我們有機會與更多 Traverse 合作，所以我們受到了歡迎客戶並幫助他們了解我們如何使用我們的社群支援計畫來數位化他們的供應商，然後與我們向一些長期和策略性SPS 零售客戶介紹Traverse 平台的情況相反。

And I think here, really, what we're doing is really trying to help retailers and suppliers be more efficient overall in their supply chain.

我認為，我們正在做的事情實際上是在努力幫助零售商和供應商提高供應鏈的整體效率。

And a lot of times the reasons for those inefficiencies are lack of visibility or lack of performance measurements.

很多時候，效率低下的原因是缺乏可見性或缺乏績效衡量。

And that's really what Traverse gets to.

這正是特拉弗斯所要做的事。

And in that, you can pull a lot of supply chain data in and produce the scorecard for your suppliers and help improve that.

這樣，您可以提取大量供應鏈數據並為供應商產生記分卡並幫助改進。

And then that does lead obviously to more ways that we can work with suppliers than to help them with their performance.

顯然，這確實導致我們可以透過更多方式與供應商合作，而不是幫助他們提高績效。

The key to a lot of this is having the digital connection between the retailer and the supplier and that's obviously our core offering.

其中的關鍵是在零售商和供應商之間建立數位連接，這顯然是我們的核心產品。

That has been for years.

這種情況已經持續了好幾年。

But then when that supply chain performance isn't there, that can be come across in the form of a penalty or invoice deduction levied by the retailer.

但當供應鏈績效不存在時，零售商可能會以罰款或發票扣除的形式出現。

And we can then help with the technology we got from SupplyPike help on the supplier side.

然後，我們可以利用從供應商方面的 SupplyPike 幫助中獲得的技術來提供協助。

Those suppliers deal with those, either dispute them because they're incorrect, or probably more important to this whole ecosystem, help those suppliers identify the root cause of those supply chain problems that led to the deduction in the first place and get those issues resolved.

這些供應商處理這些問題，要么因為它們不正確而對它們提出異議，要么可能對整個生態系統更重要，幫助這些供應商找出導致扣除的供應鏈問題的根本原因，並解決這些問題。

So we can take overall friction out of the supply chain between the retailer and the supplier.

因此，我們可以消除零售商和供應商之間供應鏈的整體摩擦。

It's super interesting.

超有趣。

And then I did want to a follow up to that with more of a multi-product story of growing portfolio.

然後我確實想跟進更多關於不斷增長的產品組合的多產品故事。

Any updated thoughts on pricing and packaging approach?

關於定價和包裝方法有什麼最新的想法嗎？

Yeah.

是的。

We are still working through the details of that as we work through the post-merger integration of these projects.

我們仍在研究這些項目的合併後整合的細節。

But obviously, it's our objective to have a higher penetration of these products in our customers and to the extent that those customers can get that in a single package that's priced right.

但顯然，我們的目標是提高這些產品在客戶中的滲透率，並讓這些客戶能夠以價格合適的單一包裝獲得這些產品。

It makes it easy for them to adopt.

這使他們很容易採用。

We would, of course, implement those strategies.

當然，我們會實施這些策略。

Got it.

知道了。

And then if I could sneak in one follow up for Kim.

然後我是否可以偷偷為 Kim 做一個後續報道。

You gave some target numbers for SupplyPike and Traverse in terms of revenue and EBITDA.

您給出了 SupplyPike 和 Traverse 在收入和 EBITDA 方面的一些目標數字。

How did those come in the quarter and any change to the outlook for '25?

本季的情況如何？

Sure.

當然。

So when we announced both of those acquisitions, at that point in time, we gave a view of what our expectations were for top line as well as bottom line for this year as well as next year.

因此，當我們宣布這兩項收購時，我們當時就對今年和明年的營收和利潤做出了預期。

In the -- I'd say, in the quarter, they performed a little bit better than expectations, but we stand by what we have as our expectations at the time we announced those acquisitions.

我想說，在本季度，他們的表現比預期好一點，但我們堅持我們宣布這些收購時的預期。

Great.

偉大的。

Thanks for taking the questions.

感謝您提出問題。

Dylan Becker, William Blair.

迪倫貝克爾、威廉布萊爾。

Hey, Chad.

嘿，查德。

Hey, Kim.

嘿，金。

Nice job here.

這裡幹得好。

I guess maybe sticking with the idea of the enablement campaigns, when you guys -- and I understand the platform continues to evolve and expand and we'll have more to sell.

我想也許會堅持支持活動的想法，當你們——我理解這個平台繼續發展和擴展，我們將有更多的東西可以銷售。

But if you guys go in with a retailer with those initiatives, are the connections you're selling to suppliers, is that landing wall to wall?

但是，如果你們與零售商合作實施這些舉措，那麼你們向供應商銷售的聯繫是否是全方位的？

Or is there kind of incremental opportunities to go back with those retailers over time and sell more touch points?

或者隨著時間的推移，是否有更多機會與這些零售商合作並銷售更多接觸點？

I guess the question is how should we think about the durability of the expansion motion and the momentum we've seen, even if we move more to the kind of balanced mix of net new expansion, if that makes sense.

我想問題是我們應該如何考慮擴張運動的持久性和我們所看到的勢頭，即使我們更多地轉向淨新擴張的平衡組合，如果這有意義的話。

Yeah.

是的。

Yeah, that's a good point, Dylan.

是的，這是一個很好的觀點，迪倫。

It doesn't -- it is not a very binary activity.

它不是——這不是一個非常二元的活動。

So when we work with the retailer to digitize their suppliers, that's really at a point in time and we're extremely effective at getting almost all their order volume digitally connected at that point in time.

因此，當我們與零售商合作對其供應商進行數位化時，這確實是在某個時間點，我們非常有效地將幾乎所有訂單量在該時間點進行數位化連接。

But as you know, in retail, the merchandise assortment is always changing, suppliers are always changing.

但如您所知，在零售業，商品種類總是在變化，供應商也總是在變化。

And what typically happens with retailers is maybe the work we did got it to 98%.

零售商通常會遇到的情況是，我們所做的工作可能達到了 98%。

But then that assortment changes and the suppliers change and their internal vendor management capability isn't able to stay on top of that.

但隨後品種發生變化，供應商發生變化，他們的內部供應商管理能力就無法掌握這一點。

And we will go back then and work with other retailers to do a catch up and re-catch up to make sure that that same high percentage of the order volume is digitally connected.

我們將回去與其他零售商合作，奮起直追，以確保同樣高比例的訂單量是數位化連結的。

So we have a couple of modes of doing that.

所以我們有幾種模式可以做到這一點。

We can do those catch up programs in some of the more strategic relationships we have.

我們可以在我們擁有的一些更具策略性的關係中進行這些追趕計劃。

We're actually built into the vendor management and vendor onboarding process of the retailer.

我們實際上已融入零售商的供應商管理和供應商入職流程。

And we kind of catch those new suppliers as they come in.

我們會在新供應商進來時抓住他們。

But it is a pretty fluid environment as suppliers come and go.

但隨著供應商的來來去去，這是一個相當不穩定的環境。

And I think in the end, that creates sort of a continuous flow of leads into our organization through those community programs that then we can go out and capture and establish those digital connections as those suppliers join our network.

我認為最終，這會透過這些社群計畫創造出一種持續的潛在客戶流進入我們的組織，然後當這些供應商加入我們的網路時，我們就可以出去捕獲並建立這些數位連結。

Okay, great.

好的，太好了。

That makes sense.

這是有道理的。

That's really helpful.

這真的很有幫助。

Maybe as we think about to the network here, obviously, we've had a handful of somewhat larger transactions, if you will.

也許當我們想到這裡的網路時，如果您願意的話，顯然我們已經進行了一些規模較大的交易。

But thinking about kind of that network dynamic and how that plays into your buy-and-build effort, you obviously get a lot of access to data.

但考慮一下這種網路動態以及它如何影響您的購買和建立工作，您顯然可以獲得大量數據。

You see a lot of incremental processes that I'm sure you'd like to expand the network off of.

您會看到很多增量流程，我確信您希望從中擴展網路。

How do you think about that road map from a buy versus build perspective and organic versus organic, et cetera?

您如何從購買與建造、有機與有機等角度看待該路線圖？

Thank you.

謝謝。

Yeah.

是的。

So as we really kind of all as we look at product expansion opportunity starts with the customer and we're really working with that customer and understanding their business process.

因此，當我們尋找產品擴展機會時，我們實際上是從客戶開始的，我們確實與該客戶合作並了解他們的業務流程。

And then exactly like you mentioned, understanding where we could solve the problem with maybe data we have in the network, maybe we need to build a solution that leverages data in the network.

然後就像您提到的那樣，了解我們可以在哪裡使用網路中的資料解決問題，也許我們需要建立一個利用網路中的資料的解決方案。

Or even in the case of these recent product acquisitions, where we've decided that time to market was fastest and getting an installed customer base was beneficial.

或者甚至在最近的這些產品收購中，我們認為上市時間是最快的，並且獲得固定的客戶群是有益的。

And so those made sense to be acquisitions.

因此，這些收購是有意義的。

There's still quite a bit of benefit from the network data itself.

網路數據本身仍然有相當多的好處。

So both with Traverse and SupplyPike, as we integrate those products in, we're finding quite a bit of benefit by able to feed those application platforms with data in the network and get that more integrated into the network.

因此，當我們將 Traverse 和 SupplyPike 整合這些產品時，我們發現能夠為這些應用程式平台提供網路中的資料並將其更多地整合到網路中，從而獲得相當多的好處。

So the power of the data that we have and the network, we expect to be very applicable and additive to future acquisitions or new products that we launch as well.

因此，我們擁有的數據和網路的力量，我們預計將非常適合未來的收購或我們推出的新產品。

Great, Thanks.

太好了，謝謝。

Appreciate it.

欣賞它。

Lachlan Brown, Redburn Atlantic.

拉克蘭布朗，《雷德本大西洋》。

Hi.

你好。

Hi, Chad, Kim, Irmina.

嗨，查德，金，伊爾米娜。

Thanks for taking my questions.

感謝您回答我的問題。

Just interested in what you're seeing in terms of the channel sales funnel.

只是對您在通路銷售漏斗方面看到的內容感興趣。

I mean, obviously, the community enablement campaigns have been largely focused on the existing customer base.

我的意思是，顯然，社區支持活動主要集中在現有的客戶群上。

But what are the channel sales been seeing in terms of the sales environment for new logos?

但通路銷售對新標誌的銷售環境有何看法？

Yeah.

是的。

Great question.

很好的問題。

And our channel sales program is a great contributor of leads for us.

我們的通路銷售計劃為我們帶來了巨大的銷售線索。

And these also do tend to be more full replacement cycle.

而且這些也確實傾向於更完整的更換週期。

So typically, when somebody is implementing a new ERP system, especially when they're going with the cloud-based ERP system, it's a good time for them to change out whole infrastructure they have for all their digital connections.

因此，通常情況下，當有人實施新的 ERP 系統時，尤其是當他們使用基於雲端的 ERP 系統時，這是他們更換用於所有數位連接的整個基礎設施的好時機。

And we've seen really healthy activity in this area and with ERP change outs in volume with more of that though, I would say, coming more in the smaller side of this.

我們已經看到了這一領域的真正健康的活動，隨著 ERP 的改變，我想說，更多的是在較小的方面。

Most of this happens for us in the SMB area.

大多數這種情況發生在我們的中小企業領域。

I'd say we've been really healthy in the small side, maybe at the more mid-market or the higher end of SMB, maybe a little bit slower just to see some of these ERP change outs.

我想說的是，我們在小型方面一直非常健康，也許是在中端市場或中小型企業的高端市場，也許只是為了看到其中一些 ERP 的變化而稍微慢一點。

But when you put those two together, total volume of leads coming from channels has been quite healthy for us this year.

但當你把這兩者放在一起時，今年來自通路的潛在客戶總量對我們來說相當健康。

Okay.

好的。

Thanks.

謝謝。

That makes sense.

這是有道理的。

It's interesting in terms of the smaller side of things, given the channel is focused on also medium to large enterprises.

鑑於該管道也專注於大中型企業，因此從較小的方面來看，這很有趣。

We've heard that there's been some level of difficulty getting availability with system integrators at the moment, given they're quite tied up with the SAP migration.

我們聽說，目前系統整合商的可用性有一定程度的困難，因為他們與 SAP 遷移密切相關。

Have you seen this play out at all?

你看過這齣戲嗎？

Yeah.

是的。

We have not seen that connection directly to SAP.

我們還沒有看到與 SAP 的直接連接。

A lot of the value added resellers that we're working with tend to focus on the SMB area.

我們合作的許多增值經銷商往往專注於中小企業領域。

I would just say maybe some of the uncertainty in the environment overall with interest rates, consumer spending, the election in the US may have kind of slowed down a little bit of this ERP expenditure at the higher end of the mid-market.

我只想說，利率、消費者支出、美國大選等整體環境的一些不確定性可能會稍微減緩中階市場高端的 ERP 支出。

Now, I know there's a lot of information out there that would lead people to believe that there's going to be a big replacement cycle in, say, the higher end of the enterprise.

現在，我知道有很多資訊會讓人們相信，在企業的高端領域將會有一個大的更換週期。

We would expect to get some benefit from that.

我們希望能從中得到一些好處。

But probably, a little bit measured for us since we're more in the SMB side of the ERP market, which is a big lead channel driver for us.

但可能對我們來說有點衡量，因為我們更多地處於 ERP 市場的中小企業方面，這對我們來說是一個巨大的領先通路驅動因素。

That's very clear.

這非常清楚。

Thanks for your time.

感謝您抽出時間。

Parker Lane, Stifel.

帕克巷，斯蒂菲爾。

Hey, Chad.

嘿，查德。

Hey, Kim.

嘿，金。

Thanks for taking the questions here and congrats on the quarter.

感謝您在這裡提出問題，並祝賀本季。

Chad, you mentioned it, but it's been about a year since the TIE Kinetix deal.

Chad，您提到過，但 TIE Kinetix 交易已經過去一年左右了。

It'd be great to get your assessment of how the go-to-market landscape for you all has changed in the European market, in particular.

如果您能評估大家的進入市場格局發生了怎樣的變化，尤其是在歐洲市場，那就太好了。

And other than having more of a physical presence there, what are some of the initiatives you put in place to promote better efficiencies there and drive better performance?

除了在那裡有更多的實體存在之外，您還採取了哪些措施來提高那裡的效率並推動更好的績效？

Yeah, so a couple of points just to remind everybody about the TIE Kinetix acquisition.

是的，有幾點只是想提醒大家有關 TIE Kinetix 的收購。

Kind of three main things there.

那裡有三件主要的事情。

One that the e-invoicing capability that TIE Kinetix had that we didn't have, we felt was going to be a key product capability that we needed for our international expansion.

其中之一是 TIE Kinetix 擁有而我們沒有的電子發票功能，我們認為這將成為我們國際擴張所需的關鍵產品功能。

Then we wanted that -- we were selling our analytics product with active go to market in Europe, but we didn't really have an active go to market for fulfillment in Europe.

然後我們希望——我們在歐洲積極進入市場銷售我們的分析產品，但我們並沒有真正在歐洲積極進入市場以實現目標。

So we thought it could be a foundation for that.

所以我們認為這可以成為一個基礎。

And then there was some US business as well that we've now integrated into our US operations.

然後還有一些美國業務，我們現在已經整合到我們的美國業務中。

A couple of things that have -- as we work through the product strategy and the go-to-market strategy.

當我們制定產品策略和進入市場策略時，有一些事情。

One, e-invoicing, we now bundle that in with our fulfillment product.

一是電子發票，我們現在將其與我們的履行產品捆綁在一起。

So we no longer have that barrier.

所以我們不再有這個障礙。

We do think that the right go to market is e-invoicing coupled with fulfillment.

我們確實認為正確的市場進入方式是電子發票與履行相結合。

And the e-invoicing piece is definitely a requirement that we see in many of the countries in Europe to adopt fulfillment.

我們看到歐洲許多國家都要求採用電子發票來實現。

The second piece would be a lot of the network itself.

第二部分是網路本身的大部分內容。

And the network technology can be used in Europe.

並且該網路技術可以在歐洲使用。

And we prove that out with the product strategy.

我們透過產品策略證明了這一點。

And then we have early signals that a lot of the go-to-market techniques that we've used quite well in North America, specifically the channel relationships and the community go to market, should be applicable in Europe.

然後我們得到了早期訊號，表明我們在北美使用得很好的許多進入市場技術，特別是通路關係和社區進入市場，應該適用於歐洲。

Now, all that said, I think we're early innings, if you will, on building out that go to market for Europe.

現在，儘管如此，我認為，如果你願意的話，我們正處於進入歐洲市場的早期階段。

And I think there are a few unique challenges in Europe around the regional nature of the way the business is done there.

我認為，在歐洲，圍繞著業務開展方式的區域性質，存在一些獨特的挑戰。

I think the power balance is a little bit different between the retailers and suppliers, who tend to have a lot of region-specific or even country-specific retailers, where in the US, you have country specific retailers but it's a lot bigger market for them.

我認為零售商和供應商之間的權力平衡有點不同，他們往往有很多特定地區甚至特定國家的零售商，在美國，你有特定國家的零售商，但它的市場更大。

So they control a lot more power over their suppliers.

因此他們對供應商擁有更多的權力。

So those types of dynamics will need to work through.

因此，這些類型的動態需要解決。

But we're pretty optimistic that some of these things from a product strategy standpoint as well as a go-to-market approach that have worked quite well for us in North America are transferable to Europe.

但我們非常樂觀地認為，從產品策略的角度來看，其中一些在北美非常有效的入市方法可以轉移到歐洲。

Got it.

知道了。

Very helpful.

非常有幫助。

And then you mentioned doing an evaluation to get an updated view on the addressable market.

然後您提到進行評估以獲得對目標市場的最新看法。

The messaging has been very stable on the addressable market in this business's history.

在該業務的歷史上，該訊息傳遞在目標市場上一直非常穩定。

Is that assessment purely a reflection of all the additional product you brought to market recently or is there anything else we should read into there?

該評估純粹反映了您最近推向市場的所有附加產品，還是我們還應該了解其他內容？

Yeah.

是的。

So I'd say the work, what we previously shared with you on addressable market, is a bit dated at this point.

所以我想說，我們之前在目標市場上與您分享的這項工作在這一點上有點過時了。

And the product portfolio, as you mentioned, has expanded.

正如您所提到的，產品組合已經擴大。

So we are doing some work internally to just refresh that event to account for the current look at the market as well as incorporate some of the product line expansions.

因此，我們正在內部做一些工作，以更新該活動，以適應當前市場的情況，並納入一些產品線的擴展。

And we're optimistic that we'll be able to share some of that in more detail here in 2025.

我們樂觀地認為，我們將能夠在 2025 年在這裡更詳細地分享其中的一些內容。

Great.

偉大的。

Congrats again on the quarter.

再次恭喜本季。

Thank you.

謝謝。

Joe Vruwink, Baird.

喬·弗魯溫克，貝爾德。

Yeah, I know you're still talking about a balanced growth algorithm.

是的，我知道你還在談論平衡成長演算法。

But just given the source of the growth year to date and the focus of recent acquisitions, do you think there could come a time in the near future where you find yourself maybe just updating your sense of how you grow going forward?

但考慮到今年迄今為止的成長來源和最近收購的重點，您是否認為在不久的將來，您可能會發現自己可能只是更新了對未來發展方式的認識？

And I certainly don't have the question -- meaning to say that logo count stops growing.

我當然沒有這個問題——意思是徽標數量停止增長。

But just given the size and magnitude of trading relationships you already help manage, it does seem to be the case that just monetizing those relationships is a pretty credible path to growing for a long time.

但考慮到您已經幫助管理的貿易關係的規模和程度，似乎將這些關係貨幣化是一條相當可靠的長期成長之路。

And does that just become more of your focus as opposed to the balanced algo that you've been running up until this point?

與到目前為止您一直在運行的平衡演算法相比，這是否會成為您更多的關注點？

Yeah.

是的。

Joe, I think that's a good observation.

喬，我認為這是一個很好的觀察。

I mean, we are confident that due to the way the market works with the suppliers how much we're penetrated in that today, that certainly new customers is going to be a continued element in our growth algorithm.

我的意思是，我們相信，由於市場與供應商合作的方式，我們今天在這方面的滲透程度，新客戶肯定將成為我們成長演算法中的持續要素。

Now that said, now that we have over 45,000 customers and a broader product portfolio and some things that most likely we will do over time in terms of expanding that product portfolio, both organically and through M&A, I think it is logical to conclude that expanding the wallet share on those customers with a broader product portfolio will also be a lever.

話雖如此，既然我們擁有超過45,000 名客戶和更廣泛的產品組合，而且隨著時間的推移，我們很可能會在擴大產品組合方面做一些事情，無論是有機地還是通過併購，我認為得出這樣的結論是合乎邏輯的：擁有更廣泛產品組合的客戶的錢包份額也將是一個槓桿。

And you know, I think it's a little difficult to predict.

你知道，我認為這有點難以預測。

Historically, in the business those have grown fairly linearly, I think as the product portfolio gets bigger and there's a bigger base of customers to cross sell, it might be logical to conclude that that wallet share might start growing at a little bit faster rate than the specific customer count.

從歷史上看，在該業務中，這些增長相當線性，我認為隨著產品組合變得越來越大，並且交叉銷售的客戶群越來越大，可以合乎邏輯地得出這樣的結論：錢包份額可能開始以比具體客戶數量。

And that would be, I would say, on the revenue side that Chad's referring to.

我想說的是，查德所指的收入面。

I think your question was on revenue.

我認為你的問題是關於收入的。

But I just want to clarify we also talk about balance.

但我只是想澄清一下，我們也談平衡。

We talk about balance, meaning we have the ability to grow the top line nicely.

我們談論平衡，這意味著我們有能力很好地成長收入。

We also have the ability to drive the bottom line nicely as well as margin expansion over time.

我們還有能力很好地提高利潤，並隨著時間的推移擴大利潤率。

So that balanced approach between sort of top line and bottom line, we believe, based on our business model, we have the opportunity to continue to deliver on that.

因此，我們相信，根據我們的業務模式，我們有機會繼續實現這一目標。

That's on the overall financial picture.

這是整體財務狀況的一部分。

Specific on the revenue side, Chad certainly did answer that.

具體到收入方面，查德確實回答了這個問題。

But there's different sort of metrics that ultimately drive to that top-line growth and those components in there as our product portfolio expand certainly gives reason of why that wallet share component may continue to be strong going forward.

但是，有不同類型的指標最終會推動收入成長，隨著我們產品組合的擴大，其中的那些組成部分肯定會解釋為什麼錢包份額組成部分可能會繼續保持強勁的發展。

But I just wanted to clarify in the balance, there's also our view of top line and bottom line.

但我只是想澄清一下，在平衡中，還有我們對頂線和底線的看法。

Yeah.

是的。

No.

不。

Thanks, Kim.

謝謝，金。

That makes sense.

這是有道理的。

Just on the customer trends, and obviously, it's been well covered what's been happening with the enablement campaigns.

就客戶趨勢而言，顯然，它已經很好地涵蓋了支援活動所發生的情況。

I guess, I wanted to ask when you think about adding, I think, it's 150 customers organically year to date, do you self-audit that result and come away with a view that ultimately it might be reflecting maybe a tougher retail macro?

我想，我想問一下，當您考慮添加時，我想，今年迄今為止有機增加了150 個客戶，您是否會自我審核該結果並得出這樣的觀點：最終它可能反映了更嚴峻的零售宏觀形勢？

Or as you think about your customers, they've shifted their IT priorities, so it's maybe systems that could eventually lead to setting up the connection but that follows maybe the area of focus that's happening for customers this year?

或者當您考慮您的客戶時，他們已經改變了 IT 優先級，因此可能最終會導致建立連接的系統，但這可能是今年客戶關注的重點領域？

Just trying to get a sense of that number stands out because certainly, enablement campaigns while they're a big feeder of your customer growth, they're not the only feeder of your customer growth.

只是試圖了解這個數字就很引人注目，因為當然，支援活動雖然是客戶成長的重要推動者，但它們並不是客戶成長的唯一推動者。

Yeah.

是的。

No, Joe, we don't hold that view that it's driven by the macro environment or a change in the need for our types of solutions.

不，喬，我們不認為這是由宏觀環境或我們解決方案類型的需求變化所驅動的。

As we really looked into this, it really does come down to the mix of types of community programs that we've run this year.

當我們真正研究這個問題時，它確實歸結為我們今年運行的社區計劃類型的組合。

The overall number of programs and the suppliers in the programs has been quite strong.

項目總數和項目中的供應商數量相當強勁。

As we mentioned earlier in the call, the pipeline going forward for that looks quite strong.

正如我們之前在電話會議中提到的，未來的管道看起來相當強大。

It is really just the mix where we've run some campaigns this year with retailers.

這實際上只是我們今年與零售商一起進行的一些活動的組合。

We have been quite successful historically, and therefore, finding a higher percentage of existing SPS customers within those campaigns.

我們在歷史上取得了相當成功，因此，在這些活動中找到了更高比例的現有 SPS 客戶。

Okay.

好的。

Great.

偉大的。

Thank you.

謝謝。

Jeff Van Rhee, Craig Hallum.

傑夫·範·瑞，克雷格·哈勒姆。

Great.

偉大的。

Hey, guys.

嘿，夥計們。

Thanks.

謝謝。

Nice quarter.

不錯的季度。

Just to follow on to that last question, kind of a variation of that because we think about the TAM.

繼續最後一個問題，這是一個變體，因為我們考慮的是 TAM。

You've got 45,200 recurring customers.

您有 45,200 位回頭客。

And I know you've talked about 200,000 in the TAM.

我知道您在 TAM 中談到 20 萬人。

And with a lot of the enablement campaigns being with people that are already with you, is there something -- do you consider with respect to the go to market that you pursue enablement campaigns potentially with retailers of a type that don't have supplier bases -- suppliers that are already in your customer account?

由於許多支援活動是與已經與您在一起的人進行的，您是否考慮過與沒有供應商基礎的零售商進行支援活動的市場進入？

I mean, how would you get at the remaining 150,000 of 200,000 potential recurring customer?

我的意思是，您如何獲得 200,000 名潛在回頭客中剩下的 150,000 名？

Yeah.

是的。

Yeah, Jeff.

是的，傑夫。

Good question.

好問題。

And I've mentioned on previous calls, I believe, that historically, and even currently, our focus with that retail sales force is to get as many of these enablement programs with as many suppliers as we can through the door.

我相信，我在之前的電話會議中提到過，從歷史上看，甚至是現在，我們對零售銷售人員的關注重點是與盡可能多的供應商一起獲得盡可能多的支持計劃。

And that has worked quite well.

這非常有效。

And I would point out, even these campaigns that we have run and encountered a higher proportion of existing customers have been quite successful both for the customer and for us in terms of monetizing those campaigns.

我想指出的是，即使我們已經開展並遇到了更高比例的現有客戶的這些活動，在將這些活動貨幣化方面對客戶和我們來說都相當成功。

And your point about potentially going to some other areas, maybe kind of hunting some other ground. where there might be a lower penetration of existing SPS customers, maybe a tactic that we'll have to use in terms of pointing that retail sales force in some different directions.

你的觀點是可能會去其他一些地區，也許是在其他地方狩獵。如果現有 SPS 客戶的滲透率可能較低，也許我們必須使用一種策略，將零售銷售力量引向一些不同的方向。

Historically, we have not had to be too discriminating in where we pointed that team and it's led to lots of success.

從歷史上看，我們不必對團隊的定位過於挑剔，這已經帶來了許多成功。

But as things play out in the future, we may need to focus them and we certainly have an eye on that.

但隨著未來事情的發展，我們可能需要關注它們，我們當然會關注這一點。

And if that was what was required, we find ways to do that.

如果這是所需要的，我們就會找到方法來做到這一點。

Fair enough.

很公平。

Just one last for me.

對我來說只是最後一個。

As you look at the SupplyPike customer base, obviously, you've got some nice overlap and obvious synergies there.

當您查看 SupplyPike 客戶群時，顯然，您會發現其中存在一些很好的重疊和明顯的協同效應。

In the SupplyPike base that is not using SPSC, any observations on who they were using and any surprises in that respect.

在未使用 SPSC 的 SupplyPike 基地中，對他們使用的人員的任何觀察以及這方面的任何意外。

I'm talking about fulfillment.

我說的是成就感。

Yeah.

是的。

So the SupplyPike customer base does tend to skew a little bit larger.

因此，SupplyPike 的客戶群確實傾向於偏大。

So there is really good overlap and a very similar ideal customer profile.

因此，確實存在很好的重疊和非常相似的理想客戶檔案。

But I'd say the SupplyPike customer tends to be at the larger end of where the historic fulfillment customer is.

但我想說，SupplyPike 客戶往往處於歷史履行客戶的較大一端。

And what we still do find in that larger end of the consumer products companies is they invested in on-premise software and their own staff to manage these types of digital connections way back before there were SaaS platforms to do this for them.

我們仍然在較大的消費產品公司中發現，他們投資於本地軟體和自己的員工來管理這些類型的數位連接，早在 SaaS 平台為他們做這件事之前。

And so that change over cycle is a little bit slower in those larger customers.

因此，對於那些較大的客戶來說，更換週期會稍微慢一些。

And so we got to wait for the right point in time.

所以我們必須等待正確的時間點。

It typically comes as those companies move to full all on into the cloud and really want a cloud-based approach.

它通常是在這些公司全面遷移到雲端並且真正想要一種基於雲端的方法時出現的。

Or as they come to some conclusion that it really does make sense to go forward with a managed network rather than having their own staff that needs to go manage all these connections point to point.

或者當他們得出一些結論時，認為繼續使用託管網路確實有意義，而不是讓自己的員工需要管理所有這些點對點連線。

So we're confident in the long term that these are great customers that are likely to come over to SPS because they're already SPS customers via SupplyPike.

因此，從長遠來看，我們相信這些都是很可能轉向 SPS 的優秀客戶，因為他們已經透過 SupplyPike 成為 SPS 客戶。

It just the adoption may take some time.

只是採用可能需要一些時間。

Sounds good.

聽起來不錯。

Thanks for taking my questions.

感謝您回答我的問題。

Mark Schappel, Loop Capital Markets.

馬克‧沙佩爾 (Mark Schappel)，Loop 資本市場。

Thank you for taking my question.

感謝您回答我的問題。

Chad, analytics growth appears to have settled in the mid-single-digit range over the past few quarters.

乍得，過去幾季的分析成長似乎已穩定在中個位數範圍內。

Should we think of this as the new normal for analytics growth or do you expect a solution to get back up to more of a low-double-digit growth rate?

我們是否應該將其視為分析成長的新常態，或者您是否期望解決方案能夠恢復到較低的兩位數成長率？

Yeah.

是的。

So we have had a couple quarters now of analytics growth coming in right about 6%.

因此，我們已經有幾個季度的分析成長率約為 6%。

We would expect for the year analytics growth to probably come in -- maybe not quite double-digits but certainly the high-single digits.

我們預計今年的分析成長可能會出現——也許不是兩位數，但肯定是高個位數。

And say, over the mid-term, we would expect to get double-digit growth out of the analytics product.

並說，從中期來看，我們預計分析產品將達到兩位數的成長。

I would just point out that the analytics product -- a couple of things.

我只想指出分析產品——有幾件事。

It's not quite as addressable in our customer base's fulfillment.

在我們的客戶群的履行中，這並不是那麼容易解決。

We do tend to do well in certain sub-segments of retail or product categories.

我們確實傾向於在零售或產品類別的某些子領域中做得很好。

We're much stronger in analytics, whereas fulfillment is very addressable across all of retail.

我們在分析方面更強大，而履行在整個零售業中都是非常容易實現的。

And the other point I would make on analytics is unlike fulfillment where it's very sticky, very mission-critical, the analytics can tend to be a little bit more discretionary.

我要在分析上提出的另一點與履行不同，它非常具有黏性，非常關鍵的任務，分析往往會更加自由裁量。

And so what we can see is if a particular set of suppliers is feeling maybe a little bit more cost pressure, it's a little easier for them to turn on or off the analytics piece versus the fulfillment piece.

因此，我們可以看到，如果一組特定的供應商感受到了更多的成本壓力，那麼他們打開或關閉分析部分比履行部分更容易一些。

But overall, I know this quarter was a little bit lower growth.

但總體而言，我知道本季的成長略低。

We do think that analytics can be a double-digit grower for us.

我們確實認為分析可以為我們帶來兩位數的成長。

Thank you.

謝謝。

(Operator Instructions) Nehal Chokshi, Northland Capital Markets.

（操作員指示）Nehal Chokshi，Northland 資本市場。

I know we've talked about this before, but I think it's worthwhile to refresh.

我知道我們之前已經討論過這個問題，但我認為值得更新。

Of the 200,000 target customers that make up your $5 billion opportunity, what percent do you guys believe that is North America base?

在構成 50 億美元機會的 20 萬個目標客戶中，你們認為北美客戶所佔的百分比是多少？

So what I would say is when we initially put that information together, and granted, it's quite dated, which is why we're in the process of updating and we'll be in a position to provide that update at some point in 2025.

所以我想說的是，當我們最初將這些資訊放在一起時，並且確實已經過時了，這就是我們正在進行更新的原因，並且我們將能夠在 2025 年的某個時候提供該更新。

But going back to when we initially put that together, that expectation was about, call it half US and then half outside of the US.

但回到我們最初把它們放在一起時，我們的期望是，一半是美國，一半是美國以外。

I would say, since we put that together, we obviously have even stronger results in the United States than we probably envisioned we would have had at that point in time.

我想說，既然我們把這些放在一起，我們在美國的結果顯然比我們當時的預期還要好。

So again, at that point in time, US was half.

再說一次，在那個時間點，美國就佔了一半。

Everything outside of US, was the other half.

美國以外的一切都是另一半。

But I would say, we see more opportunity in the US probably than we've thought when we initially put that together.

但我想說，我們在美國看到的機會可能比我們最初想像的還要多。

Again, at some point in 2025 we expect to be able to provide a more comprehensive update to our view of TAM.

同樣，我們預計在 2025 年的某個時候能夠對 TAM 的觀點提供更全面的更新。

Great.

偉大的。

And then Chad, you mentioned that go-to-market techniques in North America should be applicable in Europe.

然後查德，您提到北美的上市技術應該適用於歐洲。

What are the risks that make you say should instead of will?

有哪些風險讓您說「應該」而不是「願意」？

Yeah, I mean, we haven't done it yet.

是的，我的意思是，我們還沒有做到。

I mean, so I think we do need to prove that and I think there are certain things that make that a little easier in the US.

我的意思是，所以我認為我們確實需要證明這一點，而且我認為有些事情可以讓這在美國變得更容易一些。

One is, you know, retailers tend to have quite a bit of power over their suppliers.

一是，你知道，零售商往往對其供應商擁有相當大的權力。

And so when we get the mandate for digital connections coming from the retailer, in the US, that definitely catches the attention their supplier and then they look to join our network.

因此，當我們獲得美國零售商的數位連接授權時，這肯定會引起他們的供應商的注意，然後他們希望加入我們的網路。

I think that balance of that power is a little bit different in Europe because the retailers tend to be a little smaller, a little bit more regional- or country-specific.

我認為歐洲的這種權力平衡有點不同，因為零售商往往規模較小，更具區域性或國家特定性。

The other dynamic is when we execute say a community enablement program.

另一個動態是當我們執行社區支持計劃時。

We're doing all that primarily with our sales team located in Minneapolis and we can reach the whole -- the world's largest economy, all in one language, all from one location.

我們主要透過位於明尼阿波利斯的銷售團隊來完成這一切，我們可以從一個地點以一種語言覆蓋整個世界最大的經濟體。

There's certainly be regional differences that can add a little bit of complexity to running a program like that in Europe.

當然，存在地區差異，這可能會增加在歐洲運行此類計劃的複雜性。

So those would be the factors that I think we're optimistic that we can execute these programs there but it may be a little bit more nuanced than how we've done it in the North American market.

因此，我認為這些因素是我們對在那裡執行這些計劃感到樂觀的因素，但它可能比我們在北美市場的做法更加微妙。

And this will conclude our question-and-answer session; also concluding today's call.

我們的問答環節到此結束；也結束今天的電話會議。

We'd like to thank you for attending today's presentation.

我們要感謝您參加今天的示範。

And at this time, you may now disconnect your lines.

此時，您可以斷開線路。

Thank you.

謝謝。