SPS Commerce Inc (SPSC) 2024 Q4 法說會逐字稿

Good day, and welcome to the SPS Commerce Q4 2024 earnings conference call. (Operator Instructions) Please note that this event is being recorded.

大家好，歡迎參加 SPS Commerce 2024 年第四季財報電話會議。（操作員指示）請注意，該事件正在被記錄。

I would now like to turn the conference over to Irmina Blaszczyk. Please go ahead.

現在我想將會議交給 Irmina Blaszczyk。請繼續。

Thank you, Nick, and good afternoon, everyone, and thank you for joining us on SPS Commerce fourth-quarter and full-year 2024 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，尼克，大家下午好，謝謝你們參加 SPS Commerce 2024 年第四季和全年電話會議。我們今天將發表一些聲明，包括有關我們的預期財務業績、市場進入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力的努力。

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

這些聲明是前瞻性的，涉及許多風險和不確定性，可能導致實際結果大不相同。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觀點，我們不承擔公開更新或修改任何前瞻性陳述的義務，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 more description of risk factors that may affect our results. These documents are available at our website, spscommerce.com, and at the SEC's website, sec.gov. In addition, we are providing a historical data sheet for easy reference on the Investor Relations section of our website spscommerce.com.

請參閱我們的 SEC 文件，特別是我們的 10-K 表格以及我們的財務業績新聞稿，以獲得可能影響我們結果的風險因素的更多描述。這些文件可在我們的網站 spscommerce.com 以及美國證券交易委員會的網站 sec.gov 上取得。此外，我們還在網站 spscommerce.com 的投資者關係部分提供了歷史資料表，以方便參考。

During our call today, we will discuss adjusted 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.

在今天的電話會議中，我們將討論調整後的財務指標和非公認會計準則每股盈餘。在我們的新聞稿和向美國證券交易委員會提交的文件中（均發佈在我們的網站上），您可以找到有關這些非公認會計準則財務指標的更多披露，包括這些指標與可比較公認會計準則指標的對帳。

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

說完這些，我會把電話轉給查德。

Thanks, Irmina, and good afternoon, everyone. Thank you for joining us today. SPS Commerce continues to execute its mission to provide the retail industry with solutions to optimize trading partner relationships. We delivered a strong fourth quarter and another year of solid performance. For the full year 2024, revenue grew 19% to $637.8 million.

謝謝，伊爾米娜，大家下午好。感謝您今天加入我們。SPS Commerce 繼續履行其使命，為零售業提供優化貿易夥伴關係的解決方案。我們在第四季表現強勁，並延續了穩健的一年。2024 年全年營收成長 19%，達到 6.378 億美元。

Recurring revenue grew 20% with fulfillment growth of 20% and analytics growth of 8%.

經常性收入成長 20%，其中履行量成長 20%，分析量成長 8%。

In 2024, we added valuable products to our portfolio with the acquisitions of Vision33's SAP Business One integration technology, Traverse Systems and SupplyPike.

2024 年，我們收購了 Vision33 的 SAP Business One 整合技術、Traverse Systems 和 SupplyPike，為我們的產品組合增添了有價值的產品。

And on February 7, we announced the closing of our acquisition of Carbon6, which builds on SPS's acquisition of SupplyPike to extend the reach of our network, and positions us with clear leadership in revenue recovery solutions, supporting the supplier communities of the two largest global retailers, including the rapidly growing Amazon marketplace.

2 月 7 日，我們宣布完成對 Carbon6 的收購，此舉將以 SPS 收購 SupplyPike 為基礎，擴大我們的網路覆蓋範圍，使我們在收入恢復解決方案方面佔據明顯的領導地位，為全球兩大零售商的供應商社區提供支持，包括快速增長的亞馬遜市場。

By powering highly collaborative supply chains, SPS builds long-standing partnerships with retailers like Canadian Tire, the number one retail brand in Canada. They engaged with SPS in 2001, driven by the need to support various omnichannel fulfillment models across their network.

透過支援高度協作的供應鏈，SPS 與加拿大第一零售品牌 Canadian Tire 等零售商建立了長期合作夥伴關係。他們於 2001 年與 SPS 合作，因為需要在其網路中支援各種全通路履行模式。

With more than 20 years of partnership supporting a significant growth trajectory Canadian Tire Trust, SPS' retail expertise to help them make the right decisions as they strive for supply chain resilience among evolving retail dynamics.

SPS 與 Canadian Tire Trust 已建立了超過 20 年的合作夥伴關係，支持其實現顯著增長，其零售專業知識可幫助他們在不斷變化的零售動態中努力實現供應鏈彈性，從而做出正確的決策。

GNC is the world's largest global specialty health, wellness products retailer and one of SPS's long-time customers, operating as both a retailer and supplier, GNC partnered with SPS to automate data exchange across their entire supply chain, improving collaboration with over 1,000 vendors and more than 30 retailers and grocers.

GNC 是全球最大的專業健康、保健產品零售商，也是 SPS 的長期客戶之一，作為零售商和供應商，GNC 與 SPS 合作實現整個供應鏈中資料交換的自動化，改善了與 1,000 多家供應商以及 30 多家零售商和雜貨商的協作。

In addition, using SPS' analytics solution, GNC shares point-of-sale data to enable its vendors to optimize inventory management and sales strategies. GNC was also a Traverse Systems customer prior to our acquisition and merged the platform to gain complete visibility into every part of the purchaser life cycle.

此外，GNC 利用 SPS 的分析解決方案共享銷售點數據，以協助其供應商優化庫存管理和銷售策略。在我們收購之前，GNC 也是 Traverse Systems 的客戶，並合併了該平台以全面了解購買者生命週期的每個部分。

They were able to isolate the root causes of problematic shipments and worked with vendors to raise the advanced shipping notice compliance rate from 76% to 92%. This resulted in better visibility into inbound shipments, allowing to improve time to value of its inventory.

他們能夠找出問題貨物的根本原因，並與供應商合作將提前裝運通知的遵守率從 76% 提高到 92%。這使得對入庫貨物的可視性更高，從而縮短了庫存的價值實現時間。

BISSELL, a leading manufacturer of home cleaning solutions uses SupplyPike's automated revenue recovery solutions to consolidate data from retailer portals into a single user-friendly platform. This gave BISSELL the visibility they needed to save millions in disputed deductions across multiple retailers.

BISSELL 是一家領先的家居清潔解決方案製造商，它使用 SupplyPike 的自動化收入恢復解決方案將來自零售商入口網站的資料整合到一個用戶友好的平台中。這為 BISSELL 提供了所需的可視性，從而節省了多家零售商之間數百萬美元的爭議扣款。

Having access to the data on one platform also helped BISSELL gain actionable insights into deduction trends across retailers, identify areas for improvement and optimize revenue recovery strategies. Canadian Tire, GNC, and BISSELL are great examples that demonstrate the possibility of wallet share expansion across SPS' supplier network.

透過一個平台存取資料也幫助 BISSELL 獲得有關各零售商扣款趨勢的可行見解，確定需要改進的領域並優化收入恢復策略。Canadian Tire、GNC 和 BISSELL 就是很好的例子，它們證明了 SPS 供應商網路中錢包份額擴大的可能性。

I would now like to spend a couple of minutes on our growth opportunity. Last year, we committed to providing an updated view of our addressable market. Over the last several months, we worked with a third-party strategy and soaking firm to evaluate the size of SPS' market opportunity, taking into consideration our current product portfolio.

現在我想花幾分鐘談談我們的成長機會。去年，我們致力於提供我們目標市場的最新觀點。在過去的幾個月裡，我們與第三方策略和整合公司合作，評估了 SPS 的市場機會規模，並考慮到我們目前的產品組合。

We identified the applicable industries to potential customer count, potential wallet share, and we currently estimate our addressable market to be $11.1 billion globally including $6.5 billion in the US. The $11.1 billion TAM equates to 275,000 recurring revenue customers on average spending of approximately $40,500 per year.

我們確定了適用產業的潛在客戶數量和潛在錢包份額，目前我們估計我們的潛在市場在全球為 111 億美元，其中包括美國的 65 億美元。111 億美元的 TAM 相當於 275,000 名經常性收入客戶，平均每年支出約 40,500 美元。

As we look at the global market opportunity, we address the needs of all sizes of customers, small, medium and large.

當我們放眼全球市場機會時，我們會滿足各種規模的客戶的需求，無論是小型、中型或大型。

We have included several slides in our investor presentation to demonstrate this updated view of our addressable market. Our expectation is that going forward, we will continue to report the global number of recurring revenue customers and ARPU on a quarterly basis and provide the information related to the penetration levels across our customer categories on an annual basis.

我們在投資者簡報中加入了數張投影片來展示我們對潛在市場的最新看法。我們的預期是，未來我們將繼續按季度報告全球經常性收入客戶數量和 ARPU，並按年度提供與我們客戶類別的滲透程度相關的資訊。

To summarize, we are pleased with what we have accomplished in 2024. And I'd like to congratulate the SPS Commerce employees for their unwavering commitment to excellence and exceptional understanding of the retail supply chain. With the depth and breadth of solutions we offer today we are uniquely positioned to support all trading relationships and continue growing our network to move the world of commerce forward.

總而言之，我們對 2024 年的成就感到滿意。我還要祝賀 SPS Commerce 員工對卓越的不懈追求和對零售供應鏈的深刻理解。憑藉我們今天提供的解決方案的深度和廣度，我們擁有獨特的優勢來支持所有貿易關係，並不斷發展我們的網絡，推動商業世界的發展。

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

說完這些，我會把話題交給 Kim 來討論我們的財務表現。

Thanks, Chad. We had a great fourth quarter of 2024. Revenue was $170.9 million, an 18% increase over Q4 of last year. Recurring revenue grew 19% year-over-year. Adjusted EBITDA increased 18% to $49.6 million.

謝謝，乍得。我們度過了一個美好的 2024 年第四季。營收為 1.709 億美元，比去年第四季成長 18%。經常性收入較去年同期成長19%。調整後 EBITDA 成長 18% 至 4,960 萬美元。

For the year, revenue was $637.8 million, a 19% increase and recurring revenue grew 20%. The total number of recurring revenue customers increased to approximately $45,350 and wallet share increased to approximately $13,300. Adjusted EBITDA grew 18% to $186.6 million. We ended the year with total cash and investments of $241 million.

全年營收為 6.378 億美元，成長 19%，經常性收入成長 20%。經常性收入客戶總數增加至約 45,350 美元，錢包份額增加至約 13,300 美元。調整後 EBITDA 成長 18% 至 1.866 億美元。截至年底，我們的現金和投資總額為 2.41 億美元。

Now turning to guidance. For the first quarter of 2025, we expect revenue to be in the range of $178.5 million to $180 million, which represents approximately 19% to 20% year-over-year growth. We expect adjusted EBITDA to the range of $49.5 million to $50.5 million. We expect fully diluted earnings per share to be in the range of $0.39 to $0.41, with fully diluted weighted average shares outstanding of approximately 38.7 million shares.

現在轉向指導。對於 2025 年第一季度，我們預計營收在 1.785 億美元至 1.8 億美元之間，年增約 19% 至 20%。我們預計調整後的 EBITDA 在 4,950 萬美元至 5,050 萬美元之間。我們預計每股完全攤薄收益在 0.39 美元至 0.41 美元之間，完全攤薄加權平均流通股約為 3,870 萬股。

We expect non-GAAP diluted income per share to be in the range of $0.82 to $0.84, with stock-based compensation expense of approximately $15 million, depreciation expense of approximately $5.4 million and amortization expense of approximately $9.2 million.

我們預計非公認會計準則稀釋每股收益在 0.82 美元至 0.84 美元之間，股票薪酬費用約為 1500 萬美元，折舊費用約為 540 萬美元，攤銷費用約為 920 萬美元。

For the full year 2025, we expect revenue to be in the range of $758 million to $763 million, representing approximately 19% to 20% growth over 2024. We expect adjusted EBITDA to be in the range of $227.5 million to $231 million, representing growth of approximately 22% to 24% over 2024.

我們預計 2025 年全年營收將在 7.58 億美元至 7.63 億美元之間，比 2024 年成長約 19% 至 20%。我們預計調整後的 EBITDA 將在 2.275 億美元至 2.31 億美元之間，比 2024 年成長約 22% 至 24%。

We expect fully diluted earnings per share to be in the range of $1.93 to $1.99, with fully diluted weighted average shares outstanding of approximately 38.9 million shares.

我們預計每股完全攤薄收益在 1.93 美元至 1.99 美元之間，完全攤薄加權平均流通股約為 3,890 萬股。

We expect non-GAAP diluted income per share to be in the range of $3.78 to $3.84 with stock-based compensation expense of approximately $63 million, depreciation expense of approximately $23.5 million and amortization expense for the year of approximately $39.8 million. For the year, you should model approximately 30% effective tax rate calculated on GAAP pretax net earnings.

我們預計非公認會計準則稀釋每股收益在 3.78 美元至 3.84 美元之間，股票薪資費用約為 6,300 萬美元，折舊費用約為 2,350 萬美元，年度攤提費用約為 3,980 萬美元。對於該年度，您應該根據 GAAP 稅前淨收益計算出約 30% 的有效稅率。

In summary, SPS Commerce delivered strong fourth quarter and full year 2024 performance. We believe that SPS' leading retail network and competitive product portfolio position us well to consistently deliver on our target revenue growth and adjusted EBITDA profile, which remain unchanged.

總而言之，SPS Commerce 在第四季度和 2024 年全年表現強勁。我們相信，SPS 領先的零售網絡和有競爭力的產品組合使我們能夠持續實現目標收入成長和調整後 EBITDA 狀況，這些目標保持不變。

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

現在，我想開始提問。

(Operator Instructions) George Kurosawa, Citi.

(操作員指令) 花旗銀行，喬治‧黑澤明 (George Kurosawa)。

Hi, Chad, Kim. Thanks for taking the questions here. Maybe just to start on this new TAM analysis you guys have rolled out here. It seems like relative to the prior analysis, the big needle mover here was quite a significant step-up in wallet share. I'm curious if you could just talk us through what underpins this new view. I mean, obviously, you have expanded the products, but any color on how you guys came up with this --

你好，Chad，Kim。感謝您在這裡回答問題。也許只是為了開始你們在這裡推出的新的 TAM 分析。相對於先前的分析，這裡最大的推動因素似乎是錢包份額的顯著提升。我很好奇，您能否向我們講講這一新觀點的基礎。我的意思是，顯然你們已經擴大了產品範圍，但你們是如何想出這個主意的呢？--

Yeah, sure, George. So we did a quite extensive set of work over the last several months. You'll recall, in our last earnings call, we made a commitment to deliver an updated view on the opportunity sometime in 2025. And so I'm pleased that we're able to do that here on this call. And so working with this top-tier strategy consulting firm in partnership, we really identified all the industries which were applicable for suppliers on our network.

是的，當然，喬治。因此，我們在過去幾個月裡做了相當廣泛的工作。您可能還記得，在我們上次的財報電話會議上，我們承諾將在 2025 年的某個時候對這一機會提供最新的看法。因此我很高興我們能夠在這次通話中做到這一點。因此，透過與這家頂級策略顧問公司合作，我們真正確定了適合我們網路上供應商的所有產業。

And identified the total population of potential customers in there and then applied what I think is some pretty reasonable addressability factors to bring those numbers down. Then what we did is we looked at our product portfolio and the distribution of our customers in three size buckets, small, medium and large, and assess what the potential average revenue per customer was there based on current spending levels with certain customers, and how addressable the product portfolio is into each one of those sizes.

並確定了其中潛在客戶的總數量，然後應用我認為一些非常合理的可尋址因素來降低這些數字。然後，我們研究了我們的產品組合和客戶在小型、中型和大型三個規模類別中的分佈情況，並根據特定客戶的當前支出水平評估每個客戶的潛在平均收入，以及產品組合對每個規模類別的可尋址性。

And that really arrived at a step up in two ways. One, the total potential customers was larger than -- quite larger than our previous stated potential customer count. And as you noted, a pretty sizable step-up in the potential wallet share with each of the customers.

這確實在兩方面都取得了進步。首先，潛在客戶的總數比我們之前公佈的潛在客戶數量大得多。正如您所提到的，每個客戶的潛在錢包份額都有相當大的提升。

I think that wallet share, in particular, is something that we validated closely. And I will point out that in each of these small, medium and large buckets, we already have existing customers that are in excess of our target wallet share that does give us confidence that we can bring some of our existing customers to the target over time and take advantage of this market opportunity.

我認為，錢包份額是我們特別密切驗證的。我要指出的是，在每一個小、中、大群體中，我們都已經擁有超出目標錢包份額的現有客戶，這確實讓我們有信心，隨著時間的推移，我們可以將一些現有客戶帶到目標客戶群，並利用這個市場機會。

Okay. Really interesting. I appreciate the color. I wanted to ask about your pipeline of enablement campaigns. I know you guys have done some work on improving your visibility into what that pipeline looks like.

好的。真的很有趣。我很欣賞這個顏色。我想詢問一下你們的支持活動管道。我知道你們已經做了一些工作來提高對管道狀況的了解。

If you could just talk about how we're set up today? And if there's any color you can give on what that pipeline looks like in terms of how it informs the mix of net new logos versus wallet share for 2025? Thank you.

能談談我們今天的安排嗎？您能否詳細說明一下這個管道是怎麼樣的，以及它如何影響 2025 年淨新品牌與錢包份額的組合？謝謝。

Sure, George. When we're looking at 2025, we feel really good about the opportunity we see with our community enablement campaigns. To your point, there's more visibility closer in than out later in the year. But at this point, when we look at that visibility in this upcoming quarter, so Q1, we do see that, that customer count versus wallet share, it will probably be similar customer count to what we experienced in Q4.

當然，喬治。展望 2025 年，我們對社區支持活動所帶來的機會感到非常高興。正如您所說，今年稍後的可見性比近期的可見性更高。但此時，當我們展望即將到來的第一季時，我們確實看到，客戶數量與錢包份額的關係可能​​與我們在第四季度經歷的客戶數量相似。

So we still see a lot of opportunity to grow both customer count as well as wallet share like the pipeline we see in community, but the mix from customer versus wallet share again, we do expect early on that it's probably closer to what we experienced in Q4.

因此，我們仍然看到很多機會來增加客戶數量和錢包份額，就像我們在社區中看到的管道一樣，但是從客戶與錢包份額的組合來看，我們早期確實預計它可能更接近我們在第四季度經歷的水平。

Okay. Great. Thanks for taking the questions.

好的。偉大的。感謝您回答這些問題。

Dylan Becker, William Blair.

迪倫貝克爾、威廉布萊爾。

Hey, Chad. Hey, Kim. Maybe -- and I appreciate the TAM analysis here, maybe double clicking on that one, too. It does sound like there's ample room across both logos and wallet. But if we assume that the long tail there is more SMB-oriented. Maybe how should we think about the unit economics and prioritization within those scales, to your point, Chad, of larger consumers with a greater propensity to spend versus maybe a greater mix of smaller logos that have the only -- the potential for a few number of attached products?

嘿，查德。嘿，金。也許 — — 我很欣賞這裡的 TAM 分析，也許也會雙擊那個。聽起來，標誌和錢包之間確實有足夠的空間。但如果我們假設長尾則更以中小企業為導向。也許我們應該如何思考這些規模內的單位經濟學和優先級，正如你所說，Chad，更大的消費者有更大的消費傾向，而更小的標誌可能只具有少數附加產品的潛力？

Yeah, sure. Great question, Dylan. So I'd say in summary, we found opportunity in each of the small, medium and large customer size categories for still quite a bit of continued addressable customer count in each of those.

是的，當然。很好的問題，迪倫。所以我想說，總而言之，我們在每個小型、中型和大型客戶規模類別中都發現了機會，並且在每個類別中仍然有相當多的持續可尋址客戶數量。

I think what's important to understand with business model and the customer buying dynamics here is they do follow a little bit different pattern. So at the small and a little bit into the medium, we're most likely to attract those new customers through our community at a program that we run with the retailers.

我認為，了解商業模式和客戶購買動態的重要一點是，它們確實遵循略有不同的模式。因此，在小型和中型企業中，我們最有可能透過與零售商共同開展的社區計畫來吸引新客戶。

And we do find, especially on the small side, that it's often the first entrance into these types of digital connections. So a little bit more greenfield on the small side. On the large side, obviously, a smaller number of total potential customers there versus the small, but higher wallet share potential there.

我們確實發現，尤其對於小型企業而言，它通常是進入此類數位連接的第一個入口。因此，小範圍內綠地面積稍微多一點。從總體來看，那裡的潛在客戶數量顯然較少，而錢包份額潛力雖然較小，但較高。

And on the large side, we find that those typical are more on a replacement cycle. So they may have existing solutions, whether those are on-premise, in-house managed software that will be the predominant way.

從整體來看，我們發現這些典型的產品更處於更換週期。因此，他們可能有現有的解決方案，無論是內部部署還是內部管理軟體，都將是主要方式。

And that's really where our channel go-to-market really fits in because the channel go-to-market allows us to gain access when there is ERP or supply chain system changes, which is a very logical time to move from those older historic on-premise approaches to a cloud-based network approach like we offer in those repeat projects at the large end of the market.

這就是我們的通路進入市場真正適合的地方，因為通路進入市場讓我們能夠在 ERP 或供應鏈系統發生變化時獲得訪問權限，這是一個非常合理的時機，可以從那些較舊的歷史內部部署方法轉向基於雲端的網路方法，就像我們在大型市場的重複項目中提供的方法一樣。

Got it. That's very helpful. Maybe, Chad, sticking with you, too, when we were out at NRF, obviously, there's been more of this emphasis on traceability at least in the grocery segment to some extent, but maybe that proliferates to other end markets as well. How should we think about traceability mandates impacting fulfillment and tracking, the focus on entry management, layering into the full of some of these supplier networks? Thanks.

知道了。這非常有幫助。也許，Chad，當我們在 NRF 時，我也一直和你在一起，顯然，至少在雜貨領域在一定程度上更加強調可追溯性，但也許這也會擴展到其他終端市場。我們應該如何看待可追溯性要求對履行和追蹤的影響、對存取管理的關注以及對這些供應商網路的全面影響？謝謝。

Yeah. Sure. So anytime that there's a government mandated traceability requirement, we typically see an increased requirement for collaboration between supplying organizations and buying organizations. In particular, we've seen in the last, call it, year to 18 months increased focus on traceability for food safety, and that has driven incremental interest, I'd say, in connecting the traceability dots from the suppliers into the buying organizations.

是的。當然。因此，每當政府強制要求可追溯性時，我們通常會看到供應組織和購買組織之間協作的要求增加。特別是，我們看到在過去的一年到一年半里，人們對食品安全可追溯性的關注度有所提高，我想這推動了人們對將供應商的可追溯性點與購買組織連接起來的興趣日益濃厚。

Great. Thank you.

偉大的。謝謝。

Lachlan Brown, Redburn Atlantic.

拉克蘭布朗 (Lachlan Brown)，雷德伯恩大西洋 (Redburn Atlantic)。

Hi, Chad, Kim. Thanks for the question. Given the fluidity of tariff announcements over the last few weeks, but also given the uncertainty leading into it, what are you seeing in terms of your customer base? And does this drive the cost to set up more digital connections with SPS? And also do you see much risk of your customers dropping connections that have our international exposure?

你好，Chad，Kim。謝謝你的提問。鑑於過去幾週關稅公告的流動性，以及導致關稅公告的不確定性，您認為客戶群的情況如何？這是否會增加與 SPS 建立更多數位連接的成本？此外，您是否認為您的客戶中斷與我們開展國際業務的連結的風險很高？

Yeah. So I think what we typically see is in any time period of uncertainty that there is an increased need for collaboration between suppliers and retailers to avoid any potential supply chain disruptions. And so I'd say the general theme is supply chain uncertainty can be a benefit to these types of investments.

是的。因此，我認為我們通常會看到，在任何不確定的時期，供應商和零售商之間的合作需求會增加，以避免任何潛在的供應鏈中斷。所以我想說，整體而言，供應鏈的不確定性可能對這類投資有益。

And then when the uncertainty has to do with the spending levels or potential demand environment, I'd say we're a little bit isolated from what happened -- can happen in some of those bigger ticket purchases in the supply chain where it uncertainty may have a little bit more negative effect.

然後，當不確定性與支出水準或潛在需求環境有關時，我想說我們與發生的事情有點隔絕——可能發生在供應鏈中的一些較大宗的採購中，不確定性可能會產生更多的負面影響。

Because of mission-critical and what we do really enabling the supplier to get their orders from the retailer and a relatively smaller ticket price for our solution versus the other supply chain applications out there, we don't tend to have some of the macro headwinds that could exist from uncertainty that maybe other supply chain applications do.

由於任務關鍵性，以及我們所做的真正使供應商能夠從零售商那裡獲得訂單，而且與其他供應鏈應用程式相比，我們的解決方案的票價相對較低，因此我們不會遇到其他供應鏈應用程式可能存在的不確定性所帶來的一些宏觀阻力。

Thanks. That's very clear. And with Amazon being one of your larger retail partners, the announcement that UPS is significantly cutting back its Amazon package delivery by mid-2026. Are you expecting any impact? And does this change anything on the Carbon6 strategy?

謝謝。這非常清楚。由於亞馬遜是您較大的零售合作夥伴之一，UPS 宣布將在 2026 年中期大幅削減其亞馬遜包裹遞送服務。您預計會產生什麼影響嗎？這對 Carbon6 戰略有什麼改變嗎？

We don't expect any impact there. The majority of the third-party Amazon fulfillment from the Amazon marketplace, there appears to be sufficient capacity in the Amazon parcel network in their fulfilled by Amazon service, which the majority of our third-party sellers utilize that service. So we don't anticipate any disruption there.

我們預計不會產生任何影響。大多數第三方亞馬遜配送都來自亞馬遜市場，亞馬遜包裹網路在其亞馬遜配送服務中似乎有足夠的容量，我們的大多數第三方賣家都使用該服務。因此我們預計那裡不會出現任何混亂。

That's very clear. Thanks, Chad.

這非常清楚。謝謝，乍得。

Parker Lane, Stifel.

帕克巷，斯蒂費爾。

Yeah. Hi. Thanks for taking the question. Chad, after doing this new TAM analysis and getting more granular view of small, medium and large potential targets for the business. Is that changing any of the philosophy around go-to-market or informing the way you're allocating resources there this year?

是的。你好。感謝您回答這個問題。Chad，在進行了這項新的 TAM 分析並對該業務的小型、中型和大型潛在目標有了更細緻的了解之後。這是否會改變您的行銷理念或影響您今年的資源分配方式？

No, I'd say if anything, give us more conviction in the approaches that we're using really, as I highlighted earlier, a commission that the community enablement go-to-market is a fantastic way to catch these available suppliers that we don't yet have at SPS customers through those enablement programs and that the channel go-to-market in particular, is a great way to catch those more on this replacement cycle.

不，我想說，如果有的話，讓我們對我們正在使用的方法更加有信心，正如我之前強調的那樣，社區支持進入市場是一種很好的方式來捕捉這些我們還沒有在 SPS 客戶那裡獲得的可用供應商，通過這些支持計劃，特別是渠道進入市場，是一種在這種更換週期中捕捉更多供應商的好方法。

So I'd say, if anything, we feel more confident having done this analysis, that the overall go-to-market motions are the right ones to go tackle this opportunity.

因此，我想說，如果有的話，我們在完成這項分析後會更有信心，整體的上市舉措是抓住這一機會的正確舉措。

Got it. And obviously, we're still pretty early here with SupplyPike and Carbon6 just closed. But when you think about the addition of new retailers to those networks versus just leaning in on what you have there today, how much of a priority is that here in 2025 as you hit the ground right?

知道了。顯然，我們還處於早期階段，因為 SupplyPike 和 Carbon6 剛剛關閉。但是，當您考慮在這些網路中添加新的零售商，而不是僅僅依靠現有零售商時，在 2025 年實現這一目標時，這有多大的優先事項呢？

Yeah. So we're definitely focused on continuing to drive those businesses, which have nice healthy growth. And I think anytime that we can we get a big benefit from our acquisition strategy by bringing in additional customers that meet our ideal customer profile.

是的。因此，我們肯定會專注於繼續推動這些實現健康成長的業務。我認為，任何時候，我們都可以透過引進更多符合我們理想客戶形象的客戶，從我們的收購策略中獲得巨大收益。

So on both supply pipe and carbon not every single one of those customers, but a good portion of those customers will be applicable for our fulfillment and potentially our analytics product as well. And we think that then getting those cross-selling motions in place can just help us expand the wallet share with customers one coming from the SPS side, but also the acquired customers coming in from SupplyPike and Carbon6.

因此，就供應管道和碳而言，並不是每個客戶，但其中很大一部分客戶都適用於我們的履行，也可能適用於我們的分析產品。我們認為，實施這些交叉銷售措施不僅可以幫助我們擴大來自 SPS 方面的客戶的錢包份額，還可以幫助我們擴大來自 SupplyPike 和 Carbon6 的客戶的錢包份額。

Got it. Appreciate the feedback.

知道了。感謝您的回饋。

Joe Vruwink, Baird.

喬·弗魯溫克，貝爾德。

Great. Thanks for taking my question. If I step back, Carbon6 on the guidance, it looks like the implied organic revenue growth rate is maybe approaching 10% or 11% through 2025. Just wondering if you can help reconcile some of the year-over-year moderation.

偉大的。感謝您回答我的問題。如果我回顧一下Carbon6的指導方針，看起來到2025年隱含的有機收入成長率可能會接近10％或11％。只是想知道您是否可以幫助協調一些同比放緩的情況。

How much might simply just be a function of the new customer acquisition that you already took place in 2024. But obviously, that has a bearing on 2025 results, maybe any conservatism on retail macro? I know you just addressed that, but maybe any additional hedging there or, I guess, other things you had called out in your planning approach?

這其中有多少可能只取決於你在 2024 年已經獲得的新客戶。但顯然，這與 2025 年的結果有關係，也許是對零售宏觀的保守主義？我知道您剛剛提到了這一點，但也許還有任何額外的對沖，或者我想您在規劃方法中提到的其他事情？

Sure, Joe. So when you think about our expectations, I'll start with -- as a company, we've set expectations that we believe we can grow 15% or greater on an annual basis. The guidance we just provided for 2025 is well within that stated goal.

當然，喬。因此，當您考慮我們的期望時，我首先會說——作為一家公司，我們設定了期望，我們相信我們可以每年增長 15％ 或更高。我們剛剛提供的 2025 年指導完全符合這一既定目標。

Then as it relates to how we come up with the numbers, we will -- we do look and have a view of, okay, what do we think will occur in 2022. We take into account what we see for our existing customers, opportunities with them.

然後，當涉及到我們如何得出這些數字時，我們會——我們確實會觀察並思考，好吧，我們認為 2022 年會發生什麼。我們會考慮現有客戶的情況以及與他們合作的機會。

We look obviously at our community enablement pipeline. We do look overall to say, hey, what's happening in the retail environment. Now again, we tend not to be a great bellwether for that, but we certainly do take a look at that, and the impact that may or may not have on our products, fulfillment, and analytics as an example. And then overall, I'd say our approach to how we determine that annual guidance and how we did that this year is very similar to how we've done it in prior years.

我們顯然關注我們的社區支持管道。我們確實會從整體觀察零售環境中發生了什麼事情。現在，我們再次傾向於不成為這方面的領頭羊，但我們肯定會關注這一點，以及這可能會或可能不會對我們的產品、履行和分析產生的影響。總的來說，我們確定年度指導的方法以及今年的做法與前幾年的做法非常相似。

Okay. Thanks, Kim. On the wallet share moving from the old $25,000 to the new 41 -- almost $41,000. Would you say the amount saw an uplift in each of the customer segments, small, medium, large? And is a lot of that uplift, maybe a function of some of the acquired solution areas?

好的。謝謝，金。錢包份額從原來的 25,000 美元增加到新的 41 美元——幾乎 41,000 美元。您認為小型、中型還是大型等各個客戶群的數量都有增加嗎？而這種提升是否可能是某些已獲得的解決方案領域的功能？

Or how much would, I guess, the wallet share number have gone up if you just appreciate what the business has ended up seeing since the TAM definition was treated and just fulfillment being so much more applicable in the supply base?

或者，如果您只是欣賞自從 TAM 定義得到處理並且履行在供應基地變得更加適用以來業務最終看到的結果，那麼我猜錢包份額數字會增加多少？

Yeah. So the largest driver for the wallet share increase across all three of the segments would be the opportunity to increase trading partner connections for the fulfillment product. And that we can look at our existing customers where we do have good penetration in each of the three size categories of trading partner connections.

是的。因此，推動這三個領域錢包份額成長的最大動力就是增加履行產品的貿易夥伴聯繫的機會。我們可以看看我們現有的客戶，我們在三種規模類別的貿易夥伴連結中都有很好的滲透率。

It show how that does push the average revenue per customer up quite a bit, more in the medium and large, then that's really where you'd also get some effect from the broader product portfolio, whether that's analytics, adding on the revenue recovery piece of fulfillment, those would contribute, but you see those contributing more in medium and large. But for sure, the largest factor is the opportunity we have to drive more trading partner connections per customer.

它顯示了這確實如何大幅提高每位客戶的平均收入，尤其是在中大型企業中，那麼這實際上也是你從更廣泛的產品組合中獲得一些影響的地方，無論是分析，還是增加收入恢復部分的履行，這些都會有所貢獻，但你會看到這些在中大型企業中的貢獻更大。但可以肯定的是，最大的因素是我們有機會為每位客戶建立更多的貿易夥伴連結。

Great. Thank you very much.

偉大的。非常感謝。

William Jellison, D.A. Davidson.

威廉·傑利森（William Jellison），地方檢察官戴維森。

Hey. Good afternoon and thanks for taking the question. I have two that I'd like to ask the first for Chad and a second for Kim. Chad, to start out with you. I'm curious with the customer portion of the new TAM, what impact did adding European geographies after establishing the beachhead with TIE Kinetix have on the way you sized the total customer opportunity?

嘿。下午好，感謝您回答這個問題。我有兩個問題想問：第一個是給 Chad 的，第二個是給 Kim 的。查德，首先從你開始。我對新 TAM 的客戶部分感到好奇，在與 TIE Kinetix 建立灘頭陣地之後增加歐洲地區對您確定整體客戶機會的方式有何影響？

Yeah. The -- call it, outside US portion of the total addressable market approach has actually been rather consistent between the two methodologies that we used, one many years ago and one now. So I would say there certainly is an increase in outside US potential customer count, but it's largely in proportion to the increase we found by doing the deep dive diligence around the total customer population in each one of these small, medium and large.

是的。我們可以這樣說，整體可尋址市場方法中的美國以外部分實際上在我們使用的兩種方法之間是相當一致的，一種是很多年前的方法，另一種是現在的方法。因此，我想說，美國以外的潛在客戶數量肯定有所增加，但這在很大程度上與我們透過對這些小型、中型和大型企業的總客戶數量進行深入調查後發現的成長成正比。

It wasn't really driven by us now having a presence in go-to-market in Europe. That's always been part of our view, TAM. It's always been a global TAM view.

這其實並不是我們現在在歐洲市場佔有一席之地所推動的。這一直是我們的觀點，TAM。這始終是一個全球性的 TAM 視角。

Great. Thanks for clarifying. And then, Kim, I was surprised to the upside on the implied EBITDA margin guide for this year, given the two acquisitions you closed most recently and last year were most likely EBITDA margin dilutive in 2025. And so I'm wondering from you, if there's any details you can give on the core business with what you think will drive either nice expense leverage or any cost savings this year?

偉大的。謝謝澄清。然後，Kim，考慮到你們最近和去年完成的兩次收購很可能會在 2025 年稀釋 EBITDA 利潤率，我對今年隱含 EBITDA 利潤率指南的上行感到驚訝。所以我想知道，您是否可以提供一些關於核心業務的詳細信息，以及您認為今年哪些業務將帶來良好的費用槓桿或成本節約？

Sure. Thanks, Will. So to your point, VMI EBITDA growth is between 24% to -- 22% to 24% on an annual basis, which is a bit higher than what you saw in 2024. Big driver of that is our expectations of continued improvement in gross margin.

當然。謝謝，威爾。因此，正如您所說，VMI EBITDA 的年增長率在 24% 到 22% 到 24% 之間，比您在 2024 年看到的成長率略高。推動這一趨勢的一個重要因素是我們對毛利率持續改善的預期。

That has been an area we've talked about over time saying that we do see an opportunity to scale and grow into various investments we've made there. You started to see a little of it come through in '24. Our expectation is you'll see more come through in '25 as well as in future years.

這是我們長期以來一直在談論的一個領域，我們確實看到了擴大和發展我們在那裡進行的各種投資的機會。從 24 年開始你就能看到它一點點實現。我們期望在2025年以及未來幾年能看到更多成果。

So that doesn't mean there isn't opportunities to continue to scale in each of the line items, but gross margin is one area that we would point to investors to that we expect to see continued improvement in overall gross margin.

所以，這並不意味著每個項目都沒有繼續擴大規模的機會，但毛利率是我們向投資者指出的一個領域，我們預期整體毛利率將繼續提高。

Great. Thank you, both.

偉大的。謝謝你們兩位。

Jeffrey Van Rhee, Craig-Hallum.

傑弗瑞·範·裡、克雷格·哈勒姆。

Great. Excuse me. Thanks for taking the question. Just a couple of remain for me. On the TAM, just one follow-up on the increased potential customer count. It sounds like it's heavily domestic. Is there any real subsegmentation within retail itself as to where those incremental customers -- potential customers were found, maybe subsegments of retail that you don't have a substantial presence in?

偉大的。打擾一下。感謝您回答這個問題。我只剩下幾個了。在 TAM 上，只需對增加的潛在客戶數量進行一次跟進。聽起來這主要是國內的事。零售業本身是否存在真正的細分市場，也就是那些增量客戶──潛在客戶在哪裡，也許是你們還沒有大量參與的零售細分市場？

I know you said it doesn't take -- Chad said, you don't have a go-to-market changes to make per se, but were those perhaps in new subsegments or retail, we're going have a big footprint now?

我知道你說過這不需要——查德說，你不需要做出本質上的市場進入改變，但這些改變可能是在新的細分市場或零售業，我們現在會有很大的發展空間嗎？

Yeah. I would say we have some level of presence in all the industries that are represented. So the big maybe difference what we really did it from the bottoms up here. So we went into every NAIC code that we believe is applicable for our solution and build that up from -- and those are actually noted in the investor presentation, if you wanted to see those NICS codes and took that total population of all those applicable industries, mainly on the supplier to retailer side.

是的。我想說我們在所有代表行業中都佔有一定地位。因此，最大的差異可能是我們真正從底層做起的。因此，我們研究了我們認為適用於我們的解決方案的每個 NAIC 代碼並從中構建它 - 這些實際上在投資者介紹中有所說明，如果您想查看這些 NICS 代碼，則可以獲得所有適用行業的總人口，主要是在供應商到零售商方面。

And then those were some pretty big numbers. And so we work through those and apply certain addressability factors on top of the industries to get to our target customers. So I'd say the majority of these industries are represented in our customer base today, but there could be varying levels of penetration, which inside each one of those NICS codes.

這些數字相當大。因此，我們努力解決這些問題，並在業界之上應用某些可尋址因素來接觸我們的目標客戶。所以我想說，這些行業中的大多數都代表了我們今天的客戶群，但在每個 NICS 程式碼中，滲透程度可能會有所不同。

Yeah. Okay. All right. And then, Kim, on Carbon6, it's not that long since we had the initial acquisition call, but just curious if anything has changed in terms of revenue EBITDA expectations for the fiscal year? And then more specifically, I know when you bought it, you had a little more discovery to do, but any more thoughts on how the $40 million is spread through the year and seasonality maybe putting a Q4 a little more back-end loaded in the year into Q4?

是的。好的。好的。然後，Kim，關於 Carbon6，距離我們最初的收購電話會議召開並沒有過去很長時間，但我只是好奇，就本財年的收入 EBITDA 預期而言，是否有任何變化？然後更具體地說，我知道當你購買它時，你還有更多的發現要做，但是對於這 4,000 萬美元是如何分配到全年的以及季節性因素是否會讓第四季度在年度後端負荷稍微增加一點，你還有什麼想法嗎？

Sure. So to your point, we just closed that acquisition last week. So the information that we provided at the time we announced our intent to acquire which was $40 million of revenue for the year, approximately $5.5 million adjusted EBITDA for the year.

當然。正如您所說，我們上週才剛完成收購。因此，我們在宣布收購意向時提供的資訊是，今年的收入為 4000 萬美元，今年的調整後 EBITDA 約為 550 萬美元。

And then specific to Q1, we had said about a little over $5 million. I think it was $5.5 million of revenue in Q1 and breakeven in Q1, those information -- that's the information that we provided at the time of our intent to acquire, and we have no update to that number think about our consolidated overall guidance would take into account those expectations that we have for Carbon6.

然後具體到第一季度，我們說過大約 500 萬美元多一點。我認為第一季的收入是 550 萬美元，並且第一季實現了盈虧平衡，這些信息 - 這是我們打算收購時提供的信息，我們沒有對這個數字進行更新，想想我們的綜合總體指導會考慮到我們對 Carbon6 的預期。

As far as the seasonality throughout the year, there there's so many -- I mean, there's thousands of customers within Carbon6. And so at any point of the year, there's different types of third parties and first parties that are selling with Amazon. So there really isn't a seasonality per se to provide to you. We provided, again, at time of announcing our intent to acquire our view of what we're anticipating the revenue to be as well as profit.

就全年的季節性而言，有很多——我的意思是，Carbon6 中有成千上萬的客戶。因此，在一年中的任何時候，都有不同類型的第三方和第一方與亞馬遜進行銷售。因此，實際上並沒有提供給您季節性的資訊。在宣布我們的意圖時，我們再次提供了我們對預期收入和利潤的看法。

Okay. Got it. Thank you.

好的。知道了。謝謝。

Quinton Gabrielli, Piper Sandler.

昆頓·加布里埃利，派珀·桑德勒。

Hey, guys. Thanks for the questions here. Chad, maybe for you. You've outlined the international expansion as a key driver for SPS to capture more of this TAM that really just got the outline of. Obviously, there's going to be organic and inorganic investment. But can you remind us the mix right now of enablement campaign contribution for international customers today versus channel?

嘿，大家好。感謝您的提問。查德，也許對你來說是這樣。您已將國際擴張描述為 SPS 獲得更多 TAM 的關鍵驅動力，而這實際上只是概述而已。顯然，將會有有機投資和無機投資。但是，您能否提醒我們目前針對國際客戶的支援活動捐款與通路捐款的組合情況？

And then how you think about that moving forward? Is there opportunity to accelerate or add more enablement campaigns, specifically for the international market?

那麼您如何看待未來的發展呢？是否有機會加速或增加更多的支援活動，特別是針對國際市場？

When you think about our approach for Europe, in particular, I'd say, still a large source of customers for us is US retailers running enablement campaigns where the fires are in Europe. And we've had this for years, the ability to add them to our network.

當你考慮我們針對歐洲的做法時，我想說，我們一個重要的客戶來源仍然是美國零售商在歐洲發生火災的地方所進行的支援活動。多年來，我們一直擁有將它們添加到我們網路的能力。

The second piece would be or move to run community enablement programs in Europe. That was the go-to-market strategy that we developed and determined as we integrated TIE Kinetix into the business, which was something that we intended to launch in Europe here in 2025.

第二部分是轉向在歐洲進行社區支持計畫。這是我們在將 TIE Kinetix 整合到業務中時制定和確定的行銷策略，我們打算在 2025 年在歐洲推出這項服務。

And then the channel would be a third leg to that and probably something we'd be able to focus on more after we put the second leg in place of getting the community enablement programs going in Europe.

然後，通路將成為第三個支柱，在我們把第二個支柱放到歐洲進行社區支持計畫之後，我們或許能夠更加專注於這個支柱。

Got it. That's helpful. Kim and maybe for you. Gross margins were fairly resilient here in Q4. Is there anything with product mix or anything onetime here that we wouldn't be able to expect this level of gross margin to continue into fiscal '25? Thanks.

知道了。這很有幫助。Kim，也許對你來說也是如此。第四季的毛利率相當有彈性。是否存在產品結構或任何一次性因素導致我們無法預期這種毛利率水準能夠持續到25財年？謝謝。

Sure. So gross margin is one that's probably best to look at on an annual basis. There is some noise when you're looking at it on a specific quarter sometimes. However, I'd take you back to our overall statement that we believe there's opportunity to continue to show gross margin improvement. You started to see that in the latter half of 2024, and we have expectations in '25 based on our implied guidance of EBITDA that we'll continue to see some improvement on gross margin.

當然。因此，毛利率可能是最好以年度來衡量的指標。有時當你查看特定季度時會出現一些噪音。不過，我想回顧一下我們的整體聲明，我們相信還有機會繼續提高毛利率。您從 2024 年下半年開始看到這一點，根據我們對 EBITDA 的隱含指導，我們預計 2025 年毛利率將繼續有所改善。

Mark Schappel, Loop Capital Markets.

Loop Capital Markets 的 Mark Schappel。

Hi. Thank you for taking my question. Chad, could you just talk about the key priorities for investments in the coming year?

你好。感謝您回答我的問題。查德，您能談談來年投資的重點嗎？

Sure. So -- one, I would say is we always continue to invest in the scale and resiliency of our network as we continue to add customers to our network, we want to ensure that we can continue the high level of transaction processing that our customers trust us for.

當然。因此，我想說的是，隨著我們不斷向我們的網路增加客戶，我們始終會繼續投資於我們網路的規模和彈性，我們希望確保我們能夠繼續保持客戶信任的高水準交易處理。

We're also spending quite a bit of time ensuring that we integrate properly the acquisitions we did in 2024 and take advantage of all the cross-selling potential that is expect a small modest amount in '25, but really that were set up for continuing and taking advantage of that cross-selling opportunity for the long term.

我們也花了大量時間來確保正確整合我們在 2024 年進行的收購，並利用所有交叉銷售潛力，預計 25 年這一潛力會很小，但實際上是為了繼續利用這種交叉銷售機會而設立的。

And then we're always looking at aligning our sales and marketing capabilities in the best way to meet the global market opportunity, whether that's, as I mentioned earlier, getting the traction with the new go-to-market in Europe or driving additional trading partner connections through cross-selling and up-selling existing customers, but always continually with that sales and marketing investment that we do make, making sure it's aligned to take advantage of the market opportunity.

然後，我們一直在尋求以最佳方式協調我們的銷售和行銷能力，以滿足全球市場機會，無論是如我之前提到的，透過在歐洲新的市場進入獲得吸引力，還是透過交叉銷售和追加銷售現有客戶來推動額外的貿易夥伴聯繫，但始終持續進行我們所做的銷售和行銷投資，確保其與利用市場機會保持一致。

Thank you. And then on the analytics front, the 8% analytics growth this year. It's down from about 10% during the past two years, 10% growth over the past two years. Can you discuss just some of the puts and takes around analytics growth this year that you would expect and maybe what we should expect?

謝謝。在分析方面，今年的分析成長率為 8%。過去兩年，這一數字約為 10%，但過去兩年的成長幅度為 10%。您能否討論一下您預期的今年分析成長的一些情況以及我們應該期待的情況？

Yeah. When you think about the analytics product, we think that's a very valuable and important product offering for our customers. However, that is a product that does have a little bit more sensitivity depending on what's happening in the retail environment.

是的。當您考慮分析產品時，我們認為這對我們的客戶來說是一種非常有價值且重要的產品。然而，根據零售環境中發生的情況，該產品確實具有更高的敏感度。

So analytics of 8% for the year, you're correct, that compares 10% from the prior year. Again, depending on what's happening in uncertainty in retail macro environment, et cetera, that one is a little bit more susceptible to customer buying behavior. So our expectation for 2025 is somewhat similar to what we've seen in 2024.

因此，您說的對，今年的分析是 8%，而前一年是 10%。同樣，這取決於零售宏觀環境等的不確定性，這更容易受到客戶購買行為的影響。因此，我們對 2025 年的預期與 2024 年的預期有些相似。

We still see great long-term opportunity for the products. But again, that is the that is a portion that is the one part of our portfolio that is a little bit more susceptible depending on what's happening in the macro environment.

我們仍然看到該產品具有巨大的長期機會。但同樣，這也是我們投資組合中比較容易受到宏觀環境影響的一部分。

That's helpful. Thank you.

這很有幫助。謝謝。

Ian Black, Needham & Company.

伊恩·布萊克，尼德漢姆公司。

Hi. This is Ian Black on for Scott Berg. With the addition of Carbon6's marketplace solution, should we be expecting higher customer adds in 2025, even with the similar fulfillment mix on campaigns?

你好。這是 Ian Black 為 Scott Berg 主持的節目。隨著 Carbon6 的市場解決方案的加入，即使活動的履行組合相似，我們是否應該預期 2025 年的客戶數量會增加？

Hi, Ian. For the Carbon6 acquisition at the time we announced our intent to acquire, we had said we anticipated it would add about 6,500 customers. So that's a much larger quantity of customers than you would typically see from us and the majority, a large part of that number, it really has to do with the third-party marketplace side of the Amazon sellers. So that would be -- now that the acquisition is closed in Q1, all it's being equal, that's what you would expect to see for the net time adds in Q1.

你好，伊恩。對於 Carbon6 的收購，當我們宣布收購意願時，我們曾表示預計它將增加約 6,500 名客戶。因此，這個客戶數量比您通常從我們這裡看到的要多得多，而且其中大多數，很大一部分，實際上與亞馬遜賣家的第三方市場有關。所以那將是——既然收購已經在第一季完成，那麼在所有條件相同的情況下，這就是您期望在第一季度看到的淨時間增加價值。

Now do keep in mind that they do have a smaller price point, so we'd also at the time of the acquisition that all else being equal, you'd anticipate a roto go down by about $1,000. So you get a nice uptick in a large quantity, but the amount of revenue per customer is lower.

現在請記住，它們的價格點確實較低，因此，在收購時，如果其他條件相同，您預計 roto 的價格會下降約 1,000 美元。因此，您會獲得較大的數量成長，但每位客戶的收入卻較低。

So that's what you'd expect that we closed that acquisition. And then we'll continue to, obviously, by owning the Carbon6 product, we'll continue to make sure that we are selling that product to existing and future customers as well.

所以正如您所期望的那樣，我們完成了那次收購。然後，顯然，透過擁有 Carbon6 產品，我們將繼續確保向現有和未來的客戶銷售該產品。

Given the company's current growth rate, should we be seeing an additional [ 30 to 40 ] customer adds in Q2 through Q4 from Carbon6 on top of that?

考慮到該公司目前的成長率，我們是否應該看到 Carbon6 在第二季至第四季再增加 [ 30 到 40 個 ] 客戶？

So probably premature as far as what you'd expect for a customer adds for Carbon6. We -- again, we -- since we just closed the transaction, it is probably a little premature to give that specificity. As far as our expectations of what overall revenue will be, that has been taken into account in our guidance. And then obviously, every quarter, we'll provide all in what our customer count as well as wallet share is.

因此，就您對 Carbon6 客戶添加內容的期望而言，這可能為時過早。我們 — — 再說一次，我們 — — 因為我們剛剛完成交易，所以現在給出具體信息可能還為時過早。就我們對總收入的預期而言，這已在我們的指導中考慮到。顯然，每個季度我們都會提供我們的客戶數量以及錢包份額。

Okay. Thank you for taking my question.

好的。感謝您回答我的問題。

(Operator Instructions) Nehal Chokshi, Northland Capital Markets.

(操作員指示) Nehal Chokshi，Northland Capital Markets。

Yeah. Thank you. And I see the updated slide deck, really nice detail on the new TAM breakup. I do have a question on that. But first, I wanted to ask, how big is an Amazon-only supplier community in terms of your potential customer account?

是的。謝謝。我看到了更新的幻燈片，其中詳細介紹了新的 TAM 分拆情況。我對此確實有一個疑問。但首先，我想問一下，就您的潛在客戶帳戶而言，僅限亞馬遜的供應商社群有多大？

So in the -- in our updated number of the approximately 275,000 that takes into account the first-party side, not the third-party space.

因此，我們更新後的數字約為 275,000，其中考慮的是第一方，而不是第三方。

And how big is that first-party side?

第一方規模有多大？

That would be captured in our overall view of what that product offering or revenue recovery is. So at the time we announced the SupplyPike acquisition, we have provided a view of what we that opportunity was, which is about $750 million in the US.

這將體現在我們對該產品供應或收入恢復的整體看法中。因此，當我們宣布收購 SupplyPike 時，我們已經說明了這個機會是什麼，即在美國價值約 7.5 億美元。

As we went through the more exercise here, we were able to validate that, recognizing that globally, it's a little bit higher than that. So that has been factored in. But -- do you want to talk to the third?

隨著我們在這裡進行更多的練習，我們能夠驗證這一點，並認識到從全球來看，這個數字要略高一些。這一點已被考慮在內。但是──你想和第三個人談談嗎？

Yeah. What is not is the first-party revenue recovery is included in this TAM analysis when we started the TAM analysis, we did own supply and so we included that portion of the market. Therefore, the one party side of Carbon6 would be included in those figures that Kim just stated. The third party was not in the scope of this. If we did a refresh in the future, we probably include that.

是的。當我們開始 TAM 分析時，第一方收入恢復不包括在這項 TAM 分析中，我們確實擁有自己的供應，因此我們將這部分市場納入其中。因此，Carbon6 的一方當事人將包含在 Kim 剛才陳述的數字中。第三方不在此範圍內。如果我們將來進行更新，我們可能會將其包括在內。

Just some of our analysis from doing Carbon6 told us that there was north of 200,000 Amazon third-party sellers doing at least 1 million of GMV on Amazon Marketplace. That would give us a sense for how many are out there.

根據我們對 Carbon6 進行的一些分析，我們發現，亞馬遜市場上有超過 20 萬家亞馬遜第三方賣家的 GMV 至少達到 100 萬。這將讓我們了解那裡有多少人。

Got it. Okay. So that could be potentially a significant incremental TAM there?

知道了。好的。那麼，這可能是潛在的顯著增量 TAM 嗎？

Yes. However, the average revenue per customer on that third-party seller is quite a bit lower than what we would find as a potential average revenue for 1 party seller where we might have fulfillment in analytics and revenue recovery, all addressable to that 1 party seller.

是的。然而，該第三方賣家的每位客戶平均收入比我們發現的第一方賣家的潛在平均收入要低得多，我們可能在分析和收入恢復方面實現目標，所有這些都與該第一方賣家有關。

As well as many more connections per customer?

以及每個客戶擁有更多連結嗎？

Correct.

正確的。

Correct. Yes. Okay. All right. And then going to this new TAM analysis, looking at pages 13 and 15. You already alluded to this, you do have customers over that 40,500 threshold, less than 10% of customers, but nevertheless, that's still a big number of customers.

正確的。是的。好的。好的。然後轉到這個新的 TAM 分析，請查看第 13 和 15 頁。您已經提到了這一點，您的客戶數量確實超過了 40,500 個門檻，雖然不到 10%，但儘管如此，這仍然是一個很大的客戶數量。

Of those, say, 10% of customers that are in that 40,500 range already, what percent are actually in that small-sized company bucket?

假設說，在 40,500 個客戶中，有 10% 的客戶屬於小型公司？

Yes. So the best way to probably take a look at that is to look at slides 13, 15 together. And slide 13, there as footnoted that the distribution of customers really fits for each of the size small, medium and large. So you could take the small size information on slide 15 and overlay this distribution that you find on 13 because that distribution fits for each of the 3 size groups.

是的。因此，查看該內容的最佳方法可能是同時查看投影片 13、15。第 13 頁投影片有註腳，指出顧客的分佈確實適合小、中、大尺寸。因此，您可以獲得幻燈片 15 上的小尺寸信息，並將其與您在幻燈片 13 上找到的分佈疊加，因為該分佈適合 3 個尺寸組中的每一個。

Okay. So I mean approximately, it looks like small represents 90% of the customer opportunity, maybe 85% of the customer opportunity. And so therefore, of these customers that are at the 40,500, almost 85% would be small customers. Is that correct?

好的。所以我的意思是，大致來說，小規模似乎代表了 90% 的客戶機會，也許代表了 85% 的客戶機會。因此，在這 40,500 名客戶中，幾乎 85% 都是小客戶。那正確嗎？

The way you should interpret the slide 13, that's showing overall across all of our customers and then where they are relative to that wallet share ARPU what the -- where we're at as of the end of '24, which is at $13,300. And then the stated opportunity of 4,500. So to your point, we're illustrating that there is up to or a little less than 10% of customers already at that amount.

您應該這樣解讀第 13 張投影片，它展示了我們所有客戶的整體情況，以及他們相對於錢包份額 ARPU 的情況——截至 24 年底，我們的 ARPU 為 13,300 美元。然後是所述的4,500個機會。對於您的觀點，我們表明已經有多達 10％ 或略少於 10％ 的客戶達到了這一數量。

Then to Chad's point, the footnote talks about, if you were to look at this chart, which we're showing this in total, we're not showing it by small, medium, and large. But if you were to look at it by small, medium, and large, you would see somewhat of a similar underlying distribution, not the exact numbers, but underlying.

然後回到 Chad 的觀點，腳註中提到，如果你看這張圖表，我們會總體展示它，而不是按小、中、大來展示。但如果你從小、中、大三個角度來看它，你會看到有些類似的潛在分佈，不是確切的數字，而是潛在的。

So that point was made to show that there's a similar concept when you're looking at small, medium, and large as it relates to customers in each of those buckets that some are below, some are at and some are above.

因此，這一點表明，當你查看小型、中型和大型時，存在類似的概念，因為它與每個桶中的客戶相關，有些低於，有些達到，有些高於。

Okay. Okay. I think I understand. Thank you.

好的。好的。我想我明白了。謝謝。

This will conclude today's question-and-answer session as well as conference call. Thank you for attending today's presentation. You may now disconnect your lines and have a great day.

今天的問答環節和電話會議就到此結束。感謝您參加今天的演講。現在您可以斷開您的線路並享受美好的一天。