SPS Commerce Inc (SPSC) 2025 Q1 法說會逐字稿

Good day and welcome to the SPS Commerce first-quarter FY25 conference call. (Operator Instructions) Please note that this event is being recorded. I would now like to turn the conference over to Irmina Blaszczyk. Please go ahead.

大家好，歡迎參加 SPS Commerce 25 財年第一季電話會議。（操作員指示）請注意，此事件正在被記錄。現在我想將會議交給 Irmina Blaszczyk。請繼續。

Thank you, Sagar. Good afternoon, everyone, and thank you for joining us on SPS Commerce first-quarter 2025 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. 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 the 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.

謝謝你，薩加爾。大家下午好，感謝您參加 SPS Commerce 2025 年第一季電話會議。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。這些聲明具有前瞻性，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 a more detailed description of the risk factors that may affect our results. These documents are available on 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. During our call today, we will discuss adjusted EBITDA financial measures and non-GAAP income per share. In our press release and our filings with the SEC, each of which is posted on our website, you will find additional disclosures regarding these non-GAAP financial measures, including reconciliations of these measures with comparable GAAP measures.

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業績的風險因素的更詳細描述。這些文件可在我們的網站 spscommerce.com 和美國證券交易委員會 (SEC) 的網站 sec.gov 上查閱。此外，我們也在網站 spscommerce.com 的「投資者關係」版塊提供歷史資料表，方便您參考。在今天的電話會議上，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。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），您將找到有關這些非 GAAP 財務指標的更多揭露，包括這些指標與可比較 GAAP 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 delivered a strong first quarter and a great start to the year. First-quarter revenue grew 21% to $181.5 million. Recurring revenue grew 23%.

謝謝，伊爾米娜，大家下午好。感謝您今天加入我們。SPS Commerce 第一季業績表現強勁，為今年開了一個好頭。第一季營收成長21%至1.815億美元。經常性收入成長了23%。

As supply chains continue to evolve and macro dynamics impact their performance, the benefits of automation become more apparent. Our customers are telling us that their growth and profitability relies heavily on having the most efficient processes with their trading partners. SPS Commerce is committed and uniquely positioned to support and improve all trading partner relationships with a product portfolio that now includes fulfillment, analytics, e-invoicing, supply chain performance suite for retailers and revenue recovery.

隨著供應鏈的不斷發展和宏觀動態對其性能的影響，自動化的好處變得更加明顯。我們的客戶告訴我們，他們的成長和獲利能力很大程度上依賴與貿易夥伴之間最有效的流程。SPS Commerce 致力於透過其產品組合來支援和改善所有貿易夥伴關係，該產品組合目前包括履行、分析、電子發票、零售商供應鏈績效套件和收入恢復。

In February, we closed the acquisition of Carbon6, which expanded our portfolio and established SPS as a clear leader in the emerging category of revenue recovery, supporting supplier communities of the two largest global retailers. We're excited to welcome our new employees and customers to SPS Commerce.

今年 2 月，我們完成了對 Carbon6 的收購，此舉擴大了我們的產品組合，並確立了 SPS 在新興收入恢復領域的領先地位，為全球兩大零售商的供應商社群提供支援。我們非常高興地歡迎新員工和新客戶加入 SPS Commerce。

SPS network participants who recognize the initial benefits of automation tend to implement additional efficiencies over time. It is not uncommon for SPS to run numerous enablement campaigns from one retailer over the course of several years to reach all trading partners across all divisions of brands. We repeat this process for new compliance requirements and ongoing onboarding of new vendors. For example, Fastenal, one of the world's largest industrial distributors, has significantly diversified their product line over the years, adding thousands of suppliers to their network. They started with SPS Commerce in 2009 to run enablement campaigns, which included advanced shipment notice onboarding and rolling out additional requirements to improve visibility across transportation, logistics, inventory and assortment.

認識到自動化初始優勢的 SPS 網路參與者往往會隨著時間的推移實現額外的效率。SPS 通常會在數年內針對同一家零售商進行多次支援活動，以涵蓋各個品牌部門的所有貿易夥伴。我們會重複此流程以滿足新的合規要求並持續引入新的供應商。例如，全球最大的工業分銷商之一 Fastenal 多年來已顯著實現了其產品線的多樣化，在其網路中增加了數千家供應商。他們於 2009 年開始與 SPS Commerce 合作進行支援活動，其中包括提前裝運通知和推出額外要求，以提高運輸、物流、庫存和分類的可視性。

Barilla, a globally recognized brand, especially in high-quality pasta sauces and Italian food products, has operations in over 100 countries. To maintain its competitive edge and meet growing demand, Barilla had to overhaul its supply chain model and shift from direct imports via containers to local 3PL fulfillment strategy to secure local inventory. Barilla needed to integrate a new local ERP system with its customers and warehouse partners using EDI to streamline critical processes such as order handling.

Barilla 是一個全球知名品牌，尤其擅長生產高品質義大利麵醬和義大利食品，業務遍及 100 多個國家。為了保持競爭優勢並滿足不斷增長的需求，Barilla 必須徹底改革其供應鏈模式，從透過貨櫃直接進口轉向本地 3PL 履行策略，以確保本地庫存。Barilla 需要使用 EDI 將新的本地 ERP 系統與其客戶和倉庫合作夥伴集成，以簡化訂單處理等關鍵流程。

With the support of SPS Commerce, they successfully established a scalable system that not only improved operational efficiency but also prepared the company for future expansion and adapting to new markets, setting the stage for long-term growth. According to a recent survey of 579 supply chain professionals across the industries, Gartner found that only 29% of supply chains are ready for the future and most top-performing companies have yet to fully embrace advanced technologies.

在SPS Commerce的支持下，他們成功建立了可擴展的系統，不僅提高了營運效率，也為公司未來的擴張和適應新市場做好了準備，為長期成長奠定了基礎。根據 Gartner 最近對各行各業 579 名供應鏈專業人士進行的調查，發現只有 29% 的供應鏈為未來做好了準備，而大多數表現優異的公司尚未完全接受先進技術。

SPS actively engages with industry groups to promote the tools available to them to advance their supply chain performance. We recently participated in the Food Industry Association Supply Chain Forum and worked with key industry players to evaluate the possibility of deploying a collaborative supply chain performance scorecard. With access to data across our network, SPS is uniquely positioned to help execute such a collaboration at scale and drive measurable results for grocery retailers and suppliers.

SPS 積極與產業團體合作，推廣可用於提高其供應鏈績效的工具。我們最近參加了食品產業協會供應鏈論壇，並與主要產業參與者合作評估部署協作供應鏈績效記分卡的可能性。透過存取我們網路中的數據，SPS 具有獨特的優勢，可以幫助大規模地執行此類合作，並為雜貨零售商和供應商帶來可衡量的成果。

Over the years, SPS has shown the ability to seamlessly and cost-effectively implement efficiencies across supply chains and improve vendor compliance, add trading partner connections to grow sales and advance operations in a constantly changing retail industry. With the added uncertainty of today's economic backdrop, we are closely monitoring how current trade dynamics are impacting the retail industry, and we are committed to helping our partners and customers successfully now navigate challenging macro environment.

多年來，SPS 已展現出無縫且經濟高效地實現整個供應鏈效率、提高供應商合規性、增加貿易夥伴聯繫以增加銷售額以及在不斷變化的零售業中推進運營的能力。由於當今經濟背景的不確定性增加，我們正在密切關注當前的貿易動態如何影響零售業，並致力於幫助我們的合作夥伴和客戶成功應對充滿挑戰的宏觀環境。

In summary, SPS Commerce operates a network of over 50,000 suppliers, logistics companies and buying organizations across retail, distribution, grocery and manufacturing, and we are uniquely positioned to support all trading relationships. With an $11 billion total addressable market, we have a tremendous opportunity to transform how trading partners work together as they continue to advance their supply chain technologies.

總而言之，SPS Commerce 經營著一個由零售、分銷、雜貨和製造領域超過 50,000 家供應商、物流公司和採購組織組成的網絡，我們擁有獨特的優勢來支持所有貿易關係。我們擁有總計 110 億美元的潛在市場，在貿易夥伴不斷推進其供應鏈技術的同時，我們有巨大的機會改變他們的合作方式。

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 first quarter of 2025. Revenue was $181.5 million, a 21% increase over Q1 of last year and represented our 97th consecutive quarter of revenue growth. Recurring revenue grew 23% year over year. The total number of recurring revenue customers in Q1 was approximately 54,150 and ARPU was approximately $13,850.

謝謝，乍得。我們度過了一個美好的 2025 年第一季。營收為 1.815 億美元，比去年第一季成長 21%，這是我們連續第 97 個季度實現營收成長。經常性收入較去年同期成長23%。第一季經常性收入客戶總數約為 54,150 人，ARPU 約為 13,850 美元。

As a reminder, in February, we closed the acquisition of Carbon6. Having analyzed all available information following the closing, we concluded the acquisition added approximately 8,500 customers, which is higher than our preliminary estimate of 6,500. Due to the partial period in Q1, the Carbon6 acquisition is expected to have a full quarter ARPU impact in Q2, resulting in an expected decrease of approximately 1,400. For the quarter, adjusted EBITDA increased 22% to $54.4 million compared to $44.4 million in Q1 of last year. We ended the quarter with total cash and investments of $95 million and repurchased approximately $40 million of SPS shares.

提醒一下，我們在二月完成了對 Carbon6 的收購。在分析了交易結束後所有可用資訊後，我們得出結論，此次收購增加了約 8,500 名客戶，高於我們初步估計的 6,500 名。由於第一季部分時段的影響，Carbon6 收購預計將對第二季整個季度的 ARPU 產生影響，導致預計減少約 1,400。本季度，調整後的 EBITDA 成長 22%，達到 5,440 萬美元，而去年第一季為 4,440 萬美元。本季末，我們的現金和投資總額為 9,500 萬美元，並回購了約 4,000 萬美元的 SPS 股票。

Now turning to guidance. For the second quarter of 2025, we expect revenue to be in the range of $184.5 million to $186.2 million, which represents approximately 20% to 21% year-over-year growth. We expect adjusted EBITDA to be in the range of $53 million to $54.5 million. We expect fully diluted earnings per share to be in the range of $0.41 to $0.44 with fully diluted weighted average shares outstanding of approximately 38.8 million shares. We expect non-GAAP diluted income per share to be in the range of $0.87 to $0.90 with stock-based compensation expense of approximately $15.5 million, depreciation expense of approximately $5.5 million, and amortization expense of approximately $9.8 million.

現在轉向指導。對於 2025 年第二季度，我們預計營收將在 1.845 億美元至 1.862 億美元之間，年增約 20% 至 21%。我們預計調整後的 EBITDA 將在 5,300 萬美元至 5,450 萬美元之間。我們預計每股完全稀釋收益將在 0.41 美元至 0.44 美元之間，完全稀釋加權平均流通股數約為 3880 萬股。我們預計非公認會計準則每股攤薄收益在 0.87 美元至 0.90 美元之間，其中股票薪酬費用約為 1550 萬美元，折舊費用約為 550 萬美元，攤銷費用約為 980 萬美元。

As we look to the remainder of the year, as Chad mentioned, we are closely monitoring how trade dynamics are impacting the economy and, in turn, the retail industry. However, we believe automation and operational efficiencies across supply chains remain a priority for trading partners.

展望今年剩餘時間，正如查德所提到的，我們正在密切關注貿易動態如何影響經濟，進而影響零售業。然而，我們認為，整個供應鏈的自動化和營運效率仍然是貿易夥伴的首要任務。

Given the nominal cost of our fulfillment product relative to its value, combined with our fee structure with not priced on GMV, these factors have historically limited the impact on demand for SPS' mission-critical services. As a result, our outlook for the full year 2025 revenue growth remains unchanged, and we expect revenue to be in the range of $758.5 million to $763 million, representing approximately 19% to 20% growth over 2024. We expect adjusted EBITDA to be in the range of $229.4 million to $232.9 million, representing growth of approximately 23% to 25% over 2024.

鑑於我們的履行產品相對於其價值的名義成本，加上我們的費用結構不按 GMV 定價，這些因素歷來限制對 SPS 關鍵任務服務需求的影響。因此，我們對 2025 年全年營收成長的預測保持不變，我們預計營收將在 7.585 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 2.294 億美元至 2.329 億美元之間，比 2024 年增長約 23% 至 25%。

We expect fully diluted earnings per share to be in the range of $2.06 to $2.13 with fully diluted weighted average shares outstanding of approximately 38.7 million shares. We expect non-GAAP diluted income per share to be in the range of $3.86 to $3.93 with stock-based compensation expense of approximately $61.4 million, depreciation expense of approximately $23 million and amortization expense for the year of approximately $38 million.

我們預計每股完全稀釋收益將在 2.06 美元至 2.13 美元之間，完全稀釋加權平均流通股數約為 3870 萬股。我們預計非公認會計準則每股攤薄收益在 3.86 美元至 3.93 美元之間，其中股票薪酬費用約為 6,140 萬美元，折舊費用約為 2,300 萬美元，年度攤提費用約為 3,800 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. In summary, we delivered strong first-quarter performance and the 97th consecutive quarter of revenue growth. Despite ongoing uncertainty in the macro environment, we remain confident in our full-year 2025 growth outlook and margin expansion profile, which underscores the resilience of our business model and the mission-critical nature of our solutions designed to improve collaboration across the global retail supply chain.

今年剩餘時間，投資者應按季度根據 GAAP 稅前淨收益計算出約 30% 的有效稅率。總而言之，我們第一季業績表現強勁，連續第 97 季實現營收成長。儘管宏觀環境持續存在不確定性，但我們對 2025 年全年成長前景和利潤率擴張前景仍然充滿信心，這凸顯了我們業務模式的彈性以及旨在改善全球零售供應鏈協作的解決方案的關鍵任務性質。

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

現在，我想開始提問。

(Operator Instructions) Parker Lane, Stifel.

（操作員指示） Parker Lane，Stifel。

Chad, SupplyPike done in August, Carbon6 done earlier this year, so I understand they're relatively new to the business. But anything you're seeing in the initial customer conversations at go-to-market efforts around this new part of your business that perhaps give you any more confidence or clarity on the cross-sell potential that you're going to see from these solutions going forward?

Chad、SupplyPike 於 8 月完成，Carbon6 於今年早些時候完成，因此我知道他們在這個行業相對較新。但是，在圍繞這一新業務​​部分進行市場推廣的過程中，您在與客戶的初步交談中看到的任何情況，是否可以讓您對未來這些解決方案的交叉銷售潛力更有信心或更清晰？

Yeah, absolutely. So one of the things we really like about this emerging category of revenue recovery was that the ideal customer profile for revenue recovery and the ideal customer profile for our fulfillment product really lined up very nicely. And we thought that when you do get that ideal customer profile lining up, over time, that will generate opportunities for cross-selling. And so here in 2025, we're still operating with two different sales teams: one for fulfillment, one for revenue recovery. But we do have certain incentives and lead-sharing programs in place across those two teams.

是的，絕對是如此。因此，我們真正喜歡這個新興收入恢復類別的原因之一是，收入恢復的理想客戶概況和我們履行產品的理想客戶概況確實非常吻合。我們認為，當你確實獲得了理想的客戶資料後，隨著時間的推移，就會產生交叉銷售的機會。因此，在 2025 年，我們仍然會使用兩個不同的銷售團隊：一個負責履行，一個負責收入恢復。但我們確實在這兩個團隊之間實施了一定的激勵措施和領先共享計劃。

And early indications are positive that our hypothesis around this alignment around ideal customer profile will lead to cross-selling, meaning that we have successfully qualified opportunities from the fulfillment side over to the revenue recovery side and even some opportunities on revenue recovery that we think will lead to fulfillment business. So still very early days, but enough that we have -- we view it as a positive validation of our high hypothesis.

早期跡象表明，我們圍繞理想客戶形象的這種一致性假設將帶來交叉銷售，這意味著我們已經成功地將履行方面的機會轉移到收入恢復方面，甚至一些收入恢復機會我們認為將帶來履行業務。雖然現在還處於早期階段，但我們已經擁有足夠的東西了——我們認為這是對我們高假設的積極驗證。

Appreciate the feedback. And just one follow-up. On the analytics piece of the business, if I'm not mistaken, it looks like it was down a touch year over year and quarter over quarter. Just wondering if there's anything you could provide around what you saw there in 1Q and how you expect potential customers to evaluate that solution in light of some of the tariff concerns and macro trends we're seeing.

感謝您的回饋。並且只有一個後續行動。就業務分析部分而言，如果我沒有記錯的話，看起來它與去年同期和上一季相比都有所下降。我只是想知道您是否可以提供一些關於您在第一季度看到的情況的信息，以及您預計潛在客戶將如何根據我們看到的一些關稅問題和宏觀趨勢來評估該解決方案。

Sure, Parker. So you are correct, the analytics business slightly declined year over year by approximately 2%. You may recall that is the one area of our business that does tend to be a little bit more impacted, depending on what's happening in the economy. And to your point, there certainly is still a fair amount of uncertainty out there with tariffs, et cetera. So that, you did see reflected within our Q1 results.

當然，帕克。所以您說得對，分析業務較去年同期略有下降，約 2%。您可能還記得，這是我們業務中一個容易受到更大影響的領域，這取決於經濟狀況。正如您所說，關稅等方面確實仍然存在相當大的不確定性。因此，您確實在我們的第一季業績中看到了這一點。

Our current expectation for the year is we do expect analytics to be about flat on a year-over-year basis. And it was down, again, about 2% in the quarter. Therefore, Q2 through Q4 or the remainder of the year, we do expect some slight improvement, netting us to about flat on an annual basis.

我們目前對今年的預期是，我們確實預期分析數據與去年同期相比將基本持平。本季再次下降了約 2%。因此，從第二季到第四季或今年剩餘時間，我們確實預計會出現一些小幅改善，從而使我們的年度淨收入基本持平。

We'd like all the product lines to have strong growth. I will remind the analytics is about 10% -- a little less than 10% of our total business. So on the total scale of the business, it's important but maybe not impactful to the total revenue number.

我們希望所有產品線都能強勁成長。我要提醒的是，分析約占我們總業務的 10%——略低於 10%。因此，就業務的整體規模而言，這很重要，但可能對總收入數字影響不大。

Scott Berg, Needham & Company.

伯格（Scott Berg），Needham & Company。

This is Rob Morelli on for Scott. Would like to just touch on the tariff side of things. Are you hearing or any suppliers at all or seeing retailers delay enablement campaigns due to all this uncertainty?

羅布·莫雷利 (Rob Morelli) 代替斯科特 (Scott) 發言。只想談談關稅方面的問題。您是否聽說或任何供應商是否看到零售商因所有這些不確定性而推遲支持活動？

Yes. So as we engage with customers, certainly on both the retailer side and the supplier side, everything going on with the tariffs is very top of mind right now for our customers and is leading to some uncertainty about not only how the tariffs will kind of impact their business and how they should react, but also, will that lead to other uncertainty or headwinds in the macro. Now all of that said, while it's top of mind, if we look at our information around enablement programs, the pipeline for enablement programs and what we have in the business, we are not yet seeing any decline in the total volume of the pipeline nor the speed at which we're able to move opportunities through that pipeline. But I would say, given all this uncertainty, it's something we're monitoring very closely so we really understand those dynamics. But as of now, not seeing a huge impact.

是的。因此，當我們與客戶接觸時，當然包括零售商和供應商，關稅的所有變化都是我們客戶目前最關心的問題，這不僅導致了一些不確定性，他們不僅不知道關稅將如何影響他們的業務以及他們應該如何應對，而且也不知道這是否會導致宏觀上的其他不確定性或阻力。現在，儘管這是最重要的事情，但如果我們查看有關支援計劃、支援計劃的管道以及我們在業務中擁有的內容的信息，我們還沒有看到渠道總量有任何下降，也沒有看到我們通過該渠道轉移機會的速度有任何下降。但我想說，考慮到所有這些不確定性，我們正在密切關注，以便真正了解這些動態。但截至目前，尚未看到巨大的影響。

Got it. That's helpful color. And then you guys had a strong EPS outperformance in the quarter, but the full year guide -- or the full-year increase was less than 1Q outperformance. Is there a potential change in expense timing? Or is something else driving that would be additional revenue expenses?

知道了。這是很有幫助的顏色。然後，你們在本季的每股盈餘表現強勁，但全年指引 - 或全年增幅低於第一季的表現。費用支出時間是否有可能改變？還是其他因素導致額外的收入支出？

Sure, Rob. It's really more driven by the timing. You'll notice, though, we did increase our view for the year, but it's not the complete beat in that profit in Q1. And that part that's not being carried over to the full year is exactly what you said. It's just due to the timing of some of our spend and investments and hiring that we're anticipating making.

當然，羅布。這實際上更多地取決於時機。不過，您會注意到，我們確實提高了對今年的預期，但這並不意味著第一季的利潤完全超出預期。而沒有結轉到全年的那部分正是您所說的。這只是因為我們預計進行的一些支出、投資和招聘的時間表。

Thanks for the color and congrats on the quarter.

感謝顏色並祝賀本季。

Lachlan Brown, Redburn Atlantic.

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

Chad, Kim, Irmina, congrats on the solid results amid a tough backdrop. On the new customer organic-inorganic split for the quarter, just given 8,500 of the customer from the Carbon6 acquisition, that implies that those 300 of them that are organic? Have I got that correct? And if so, maybe just the drivers of the strong delivery in the quarter.

查德、金、伊爾米娜，恭喜你們在艱難的背景下取得了堅實的成績。關於本季新客戶的有機-無機分佈，考慮到從 Carbon6 收購中獲得的 8,500 名客戶，這意味著其中 300 名是有機的嗎？我說得對嗎？如果是這樣，這可能只是本季強勁交付的驅動因素。

Yeah. So yes, that math all ties together with the net 300 adds without the Carbon6 effect included. And what we saw was another quarter of strong performance from community enablement programs as we had in 2024. The difference I'd say is just the mix of the opportunities for new subscribing customers within those community programs has happened a little bit in 2024 was shifted more to existing customers. What we saw more currently was more opportunities for new subscribing customers.

是的。所以是的，這些數學計算都與不包含 Carbon6 效應的淨 300 個增加值相關。我們看到，社區支持計畫在本季再次表現強勁，就像 2024 年一樣。我想說的不同之處在於，這些社區計劃中新訂閱客戶的機會組合在 2024 年發生了一些變化，更多地轉移到了現有客戶身上。目前我們看到的是新訂閱客戶有更多機會。

So really just that mix within the campaigns and then -- that was really it, just the mix.

因此，實際上只是在活動中進行混合，然後 - 確實就是這樣，只是混合。

Interesting. That's a strong outcome. And the upcoming expiry of the de minimis exemption, are you anticipating any meaningful impact on your customer base? And how should we think about exposure to Carbon6 just given the tariffs on sellers?

有趣的。這是一個強而有力的結果。最低限度豁免即將到期，您預計這會對您的客戶群產生任何重大影響嗎？考慮到對賣家徵收的關稅，我們應該如何看待 Carbon6 的風險暴露？

Yeah. We do see a little bit of the use of de minimis shipments in the Amazon area. However, I would say the majority of Amazon Marketplace sellers that we are working with are bringing that product into the US in bulk and then fulfilling it. So we don't expect a major impact to that 3P side of our business, which is the Amazon sellers.

是的。我們確實看到亞馬遜地區少量使用最低限度運輸的情況。不過，我想說的是，我們合作的大多數亞馬遜市場賣家都是將該產品批量帶入美國，然後進行配送。因此，我們預計我們的業務的第三方（即亞馬遜賣家）不會受到重大影響。

George Kurosawa, Citi.

花旗銀行的喬治‧黑澤明 (George Kurosawa)。

We discussed a little bit about maybe the downside risk from tariffs already. I'd love to talk a little bit about how we should think about maybe some positive potential offset if I think about retailers looking to reorient supply chains, maybe diversify their supplier base, maybe some reshoring activity. Are any of those things that seem to be coming up in conversations that you're hearing? And how are you guys just kind of thinking about that -- those dynamics generally?

我們已經討論過關稅可能帶來的下行風險。我想談談，如果零售商希望重新調整供應鏈、實現供應商基礎多樣化、進行一些回流活動，我們應該如何考慮一些積極的潛在抵銷因素。您在聽到的談話中似乎提到了上述任何一件事嗎？你們對於這些動態一般有何看法？

Yes. So maybe just a quick reminder that the majority of trade-in traffic that happens on our network is happening domestically. So the goods could kind of be coming from all over the world, but usually the brand is bringing them in domestically. And then we're picking up on our network when they start that trade-in process domestically with the retailers. I would say that if the tariffs result in retailers and their suppliers dramatically shifting the sources of supply to other locations around the world and finding new suppliers, we certainly have a strong position and are well recognized in the market as a service provider that can help them with the onboarding of all of those new vendors.

是的。因此，也許只是想快速提醒一下，我們網路上發生的大部分以舊換新流量都發生在國內。因此，貨物可能來自世界各地，但通常品牌會將其進口到國內。然後，當他們在國內與零售商開始以舊換新流程時，我們就開始在我們的網路上進行操作。我想說的是，如果關稅導致零售商及其供應商大幅將供應來源轉移到世界其他地方並尋找新的供應商，我們肯定擁有強大的地位，並且在市場上被廣泛認可為服務提供商，可以幫助他們引入所有這些新供應商。

So I would say that if that happens, and there's a potential that we'd be one of the phone calls they'd make to help them with that process. In terms of how that would impact, I mean, that potentially could be a tailwind to our community enablement activity. However, what I would say, if those vendors are all replacing other vendors, some of which are already trading on our network and no longer have that agreement with the retail, there could be a little bit of a headwind then and just that shift. So I think there's some potential for that to be a benefit to our business. But I think we'll kind of have to wait and see how that really plays out.

所以我想說，如果發生這種情況，我們有可能成為他們撥打的電話之一，以幫助他們完成這一過程。就其將產生的影響而言，我的意思是，這可能會成為我們社區支持活動的順風。然而，我想說的是，如果這些供應商都在取代其他供應商，其中一些供應商已經在我們的網路上交易，並且不再與零售商簽訂協議，那麼可能會出現一點阻力，然後就是這種轉變。所以我認為這對我們的業務有一定的潛在益處。但我認為我們必須拭目以待，看看事情最終會如何發展。

Okay. Okay. That's helpful color. And then I wanted to talk about -- I think, Kim, you referenced some timing of investments. Maybe just in general, how you guys are thinking about the cadence of growth investments here.

好的。好的。這是很有幫助的顏色。然後我想談談——我認為，金，你提到了一些投資時機。也許只是一般而言，你們如何看待這裡的成長投資節奏。

I mean, does any of this uncertainty put any of those on pause in any areas? Maybe there's some areas where you want to be more aggressive. Just how are you guys thinking about where you want to put dollars to work?

我的意思是，這些不確定性是否會導致任何領域的工作暫停？也許有些領域你需要表現得更積極一些。你們到底是怎麼考慮把錢投入哪裡的呢？

Sure. We -- when we put together our expectations for the year, we have assumptions in there as it relates to resources, as an example, to meet both the needs of our existing customers as well as opportunity for future customers. In this case, some of that timing, it just didn't end up happening quite as soon as expected in Q1. But we still do see the opportunity to be adding some great talent to the organization. We, of course, are going to be mindful of what's happening externally and make sure we don't underinvest or overinvest.

當然。當我們總結今年的預期時，我們會做出與資源相關的假設，例如，既要滿足現有客戶的需求，也要滿足未來客戶的機會。在這種情況下，某些時機並沒有像預期的那樣在第一季及時實現。但我們仍然看到了為組織增添一些優秀人才的機會。當然，我們會留意外部情況，確保不會投資不足或過度投資。

But with most of our business model being somewhat agnostic to what happens to the economy, although we'll be mindful to it, that is a thing that currently is impacting our view of investments that we think are appropriate for the short term, medium term and long term.

但是，由於我們大多數的商業模式對經濟狀況有些不可知，儘管我們會留意這一點，但這目前正在影響我們對短期、中期和長期適當投資的看法。

Dylan Becker, William Blair.

迪倫貝克爾、威廉布萊爾。

Nice job here. Maybe Chad, you kind of touched on this in the little earlier ones. But given the current backdrop, does that lead to any shift in resource allocation throughout your enablement campaigns? Effectively, like are retailers digitizing more and looking to go deeper or does it give the opportunity, to your point, to add different supplier touch points that the ecosystem? Maybe it's a bit of both.

幹得好。也許查德，你在之前的幾篇文章中已經提到過這一點。但考慮到目前的背景，這是否會導致整個支援活動中資源分配發生任何轉變？實際上是，零售商是否在進一步數位化並尋求更深入的發展，或者是否為您提供了在生態系統中添加不同供應商接觸點的機會？或許兩者皆有。

But how should we be thinking about that?

但我們該如何思考這個問題呢？

Yes. So what -- I'd say what we're seeing right now is pretty steady and consistent with our expectation pipeline of community enablement programs. We haven't seen either the tariff situation or the macro really having an impact to that positively or negatively. I think one of the great things about the way that we're set up in our go-to-market is that if we did see an uptick in community enablement campaigns between that retail sales force that typically follows up on that and our very large supplier sales force, we do have very sufficient capacity to follow up on new opportunities for suppliers joining our network. So I do feel pretty confident that if there was that uptick, one, we could handle the immediate demand.

是的。那麼——我想說我們現在看到的情況相當穩定，並且與我們對社區支持計劃的預期一致。我們尚未看到關稅情況或宏觀因素對此產生正面或負面的影響。我認為，我們制定的行銷策略的一大優點是，如果我們確實看到通常跟進社區活動的零售銷售團隊和我們非常龐大的供應商銷售團隊之間的社區支持活動有所增加，那麼我們確實有足夠的能力跟進供應商加入我們網絡的新機會。因此，我確實非常有信心，如果出現這種成長，那麼我們就可以滿足當前的需求。

And then as we have in the past, we could scale up the sales force. Now all that said, demand is consistent with our expectations. We're not seeing upticks in demand but feel confident in our -- in the ability of this business to scale as it has in the past.

然後，就像我們過去所做的那樣，我們可以擴大銷售團隊。綜上所述，需求與我們的預期一致。我們沒有看到需求上升，但對這項業務像過去一樣擴大規模的能力充滿信心。

Got it. Okay. And then maybe for Kim, too, you touched on kind of the opportunity for automation. But as a lot of these suppliers are kind of trying to navigate and make sense of what's going on, even though the spend level today is a relative drop in the bucket, as I think you kind of said, how do they think about kind of efficiency and automation in helping kind of circumnavigate that externally? And then also how you guys are thinking about as the network scale being able to utilize greater automation efforts, gross margin expansion, things like that as well, too?

知道了。好的。那麼對於 Kim 來說，也許您也談到了自動化的機會。但是，正如您所說，儘管今天的支出水平相對來說只是九牛一毛，但許多供應商都在試圖弄清楚並理解正在發生的事情，他們如何看待效率和自動化來幫助從外部解決這個問題？那麼你們該如何看待網路規模能夠利用更大的自動化程度、毛利率擴大等事情呢？

Sure. From an internal of how we run the business and the costs associated with running the business, we're always looking at ways to get more efficient. We look at that from a people process and a technology side. We're leveraging, as you'd expect, things like AI to help look at ways to be more efficient in what we're doing. We also are making sure that everything we're doing to delight our customers, we're able to do that as fast and efficiently as possible so that time to value continues to shrink, and that overall customer experience tends to be very positive.

當然。從我們經營業務的內部方式以及與經營業務相關的成本來看，我們一直在尋找提高效率的方法。我們從人員流程和技術角度來看這個問題。正如您所期望的，我們正在利用人工智慧等技術來幫助尋找更有效率地完成工作的方法。我們也確保我們所做的一切都是為了取悅我們的客戶，我們能夠盡可能快速有效地完成，以便價值實現時間不斷縮短，並且整體客戶體驗趨於非常積極。

You're also seeing that translate in -- you're already beginning to see that translate in our results. If you look at our EBITDA margin expansion, you'll see that come through in gross margin. And in our implied expectations for the year, you'd expect to see a continued improvement in EBITDA margin and particularly in that gross margin area. From a customer perspective, the way we price our core fulfillment product, think of it as there's that fixed fee per retailer. But we do -- we're very mindful of our overall cost of our product offering to customers.

您也會看到這一點 — — 您已經開始在我們的結果中看到這一點。如果您看一下我們的 EBITDA 利潤率擴張，您會發現這反映在毛利率上。在我們對今年的隱含預期中，您預計 EBITDA 利潤率將持續改善，尤其是毛利率領域。從客戶的角度來看，我們對核心履行產品的定價方式可以視為每個零售商的固定費用。但我們確實非常注意向客戶提供產品的總成本。

So we do make sure that we make sure that, that is at an appropriate price and that, that will naturally scale. The more the customer buys from us, the more scaling in that cost there'll be. So we don't envision a situation where our cost for our customer is prohibitive to the customer. We think it's very cost-effective for suppliers to gain efficiency as well as to comply with what retailers' expectations are.

因此，我們確實要確保價格合適，並且能夠自然擴大規模。客戶從我們這裡購買的越多，成本的降低幅度就越大。因此，我們並不認為我們向客戶收取的成本會對客戶造成過高的影響。我們認為，這對於供應商提高效率並滿足零售商的期望是非常划算的。

Joe Vruwink, Baird.

喬·弗魯溫克，貝爾德。

I want to say on the tariff topic and what could change about the opportunity. I think Dylan kind of asked a part of what I'm going to ask. But is this actually something that could lead retailers to want to digitally upskill their supply chains? So as part of a fulfillment transaction, they just realize more information is very helpful in this type of environment, and that becomes more documents exchanged over the network. They maybe need to run enablement campaign.

我想談談關稅問題以及機會可能會發生哪些變化。我認為迪倫問了我要問的部分問題。但這是否真的會促使零售商想要以數位化方式提升供應鏈？因此，作為履行交易的一部分，他們意識到在這種環境中更多的資訊非常有用，並且可以透過網路交換更多的文件。他們可能需要開展支持活動。

So suppliers are getting onboarded to the type of information they're now looking for. I guess all of that is kind of part of supply chain visibility, but that does seem to be really important and rising in attention at the moment. So could that ultimately be a knock-on benefit you see, not to say it's being seen now, but over time, could there maybe be an uplift in wallet share that comes about?

因此，供應商正在獲取他們現在正在尋找的資訊類型。我想所有這些都是供應鏈可視性的一部分，但這似乎確實非常重要並且目前越來越受到關注。那麼，這最終是否會成為一種連鎖效益，並不是說現在已經看到了，而是隨著時間的推移，錢包份額是否可能會有所提升？

Yes. I definitely could imagine that the more complexity that's out there in the global supply chain for these organizations, the more they're going to want visibility to the full scope of their supply chain, which is beneficial for us. So there is definitely that visibility piece that you mentioned, Joe. I think there is likely to be a focus, too, on just supply chain agility coming out of this. And certainly, the ability to onboard new suppliers quickly and effectively and make sure that they're tying into all the systems and processes you have for managing your suppliers would really lead to that supply chain agility and would be favorable to them wanting more their suppliers to be connected to them via the SPS network.

是的。我完全可以想像，對於這些組織來說，全球供應鏈越複雜，他們就越希望了解其供應鏈的全部範圍，這對我們有利。所以喬，你提到的可見性確實很重要。我認為，由此產生的重點也可能放在供應鏈的敏捷性上。當然，能夠快速有效地吸收新供應商並確保他們融入管理供應商的所有系統和流程，將真正提高供應鏈的靈活性，並有利於他們希望更多的供應商透過 SPS 網路與他們建立聯繫。

Okay. That's helpful. When -- I guess, for a few years now, SPS has discussed 15%-plus revenue growth. M&A is a piece of that this year. Just given SupplyPike and Carbon6, M&A is a larger contributor to the growth algorithm than it's been the case since the 15% target was established.

好的。這很有幫助。我想，幾年來，SPS 一直在討論 15% 以上的營收成長。併購是今年其中的一部分。僅就 SupplyPike 和 Carbon6 而言，自從設定 15% 的目標以來，併購對成長演算法的貢獻就比以往更大。

I guess, probably the most common question we've been getting is when you get out of this year and think ahead, what's kind of the right organic growth rate to think about and that there's probably going to be a regular amount of M&A as well. Do you kind of have a rough sense of how those two average out over time and what kind of the organic contribution to the 15% ultimately should be?

我想，我們可能經常被問到的一個問題是，當你走出今年並展望未來時，應該考慮什麼樣的正確有機成長率，以及是否可能還會有一定數量的併購。您是否大致了解這兩者隨著時間的推移平均會如何變化，以及最終對 15% 的有機貢獻應該是多少？

Sure. So let's start with this year. We are well within those parameters of what was our stated goal. To your point, we're above that at that 19% to 20% on the top line, and we're at 23% to 25% based on our guidance for the implied EBITDA dollar growth. And the reason that number is higher on that revenue growth, you also did mention, is because of some of the more recent acquisitions we've made that have been a little bit larger.

當然。那我們就從今年開始吧。我們完全符合我們既定目標的參數。正如您所說，我們的營業收入成長率高於這一水平，為 19% 至 20%，而根據我們對隱含 EBITDA 美元成長的預測，我們的營業收入成長率為 23% 至 25%。您也提到了，收入成長數字較高的原因是我們最近進行的一些收購規模更大。

So we've reiterated our expectations for this year, and we talked about the reasons why we feel confident with reiterating what that top line growth rate is for this year. Now to your point, there is a lot of uncertainty right now out in the market. And therefore, we're comfortable with our numbers that we've established for 2025, but we're not in a position to provide maybe a little bit more granular information or a view as it relates to '26 at this point in time. We do recognize that is an area of focus for investors, and some investors really would like to understand what that number is or how we're thinking about that, excluding acquisitions. So that's something we're certainly mindful of.

因此，我們重申了對今年的預期，並討論了我們有信心重申今年營收成長率的原因。正如您所說，目前市場上存在著許多不確定性。因此，我們對我們為 2025 年制定的數字感到滿意，但目前我們無法提供與 2026 年相關的更詳細的資訊或觀點。我們確實認識到這是投資者關注的領域，一些投資者確實想了解這個數字是多少，或者我們是如何考慮這一點的（不包括收購）。所以我們當然會留意這一點。

We're taking that into account internally. But at this point in time, we've reiterated what our expectations is for '25. And as it gets closer towards '26, later in this year, we will certainly relook at what information we may or may not feel would be helpful to share to investors.

我們正在內部考慮這一點。但此時此刻，我們已經重申了對 25 年的期望。隨著今年稍後 26 號的臨近，我們肯定會重新審視哪些資訊我們認為有必要或無必要與投資者分享。

Jeff Van Rhee, Craig-Hallum.

傑夫·範·裡、克雷格·哈勒姆。

Got a few. So if -- I guess, Kim, if we look at the -- well, this is for both of you, for -- on the enablement campaigns, why are the more recent enablement campaigns last several biased more to retailers that already have suppliers who are on your network as opposed to people that would be net new. I know that started to emerge as a trend last, I don't know, last year, a handful of quarters, several quarters ago, you're getting deeper and deeper into it. Any more clarity on why the enablement campaigns tend to be biased if -- obviously, it wasn't intentional to retailers whose suppliers are already on the network?

得到了一些。所以如果——我想，金，如果我們看一下——嗯，這對你們兩個來說都是如此，對於——在支持活動中，為什麼最近幾年的支持活動更多地偏向於已經在你們網絡上擁有供應商的零售商，而不是那些全新的人。我知道這在去年，也就是幾個季度前，開始成為一種趨勢，你對此的了解越來越深。能否更清楚地解釋為什麼支持活動往往會出現偏見——顯然，對於供應商已經在網路上的零售商來說，這並不是故意的？

Yes. It really has to do with how much work we've done with the retailer in the past. So in 2024, we did some work that really extended the use of documents on the network with that -- those retailers or went to different divisions or banners of retailers where there was more overlap in the supplier. So in a lot of cases, we've been through that retailer's list of suppliers before and many of them had already joined the SPS network. What we saw in Q1 was a little bit of that same type of work system work where it was a new retailer.

是的。這實際上與我們過去與零售商合作的程度有關。因此，在 2024 年，我們做了一些工作，真正擴展了網路上文件的使用範圍——那些零售商或零售商的不同部門或品牌與供應商的重疊程度更高。因此在許多情況下，我們之前已經查看過該零售商的供應商名單，其中許多供應商已經加入了 SPS 網路。我們在第一季看到的是與新零售商相同類型的工作系統工作。

We had not worked with that retailer before to run an enablement campaign. And in that type of scenario, we tend to uncover more suppliers that have not -- we've not asked them yet to join the SPS network. And so they come in as new subscribing customers through those programs. So it's really more how much we've worked with given retailers that drives that.

我們之前沒有與該零售商合作進行過支援活動。在這種情況下，我們傾向於發現更多尚未加入 SPS 網路的供應商——我們還沒有要求他們加入 SPS 網路。因此，他們透過這些計劃成為新的訂閱客戶。因此，這實際上更多地取決於我們與特定零售商的合作程度。

Yes. Got it. And Kim, pleasant surprise you got more new customers in Carbon6 than you expected. Just what was the process of discovery there? Where did you see that surprise play out?

是的。知道了。Kim，令人驚訝的是，你在 Carbon6 獲得的新客戶比你預期的要多。那裡的發現過程究竟是怎麼樣的呢？您在哪裡看到了這驚喜的發生？

Sure. So as it relates to Carbon6, before we had acquired Carbon6, as you might recall, this was when we announced our intent to acquire. And there was a delay between that and then actually closing the transaction. So when we put together our initial view, it was just simply -- it really wasn't a complete list of all of their customers. Once we then owned the acquisition -- or the company, we then had access to the complete view of all of the customers, and it was just a more rigorous exercise we were able to go through once we actually -- on the Carbon6.

當然。因此，就 Carbon6 而言，在我們收購 Carbon6 之前，您可能還記得，這就是我們宣布收購意圖的時候。但這與實際完成交易之間存在延遲。因此，當我們把最初的觀點放在一起時，它只是簡單的——它實際上並不是所有客戶的完整清單。一旦我們擁有了被收購的公司，我們就可以全面了解所有客戶，這只是我們在 Carbon6 上能夠進行的一項更嚴格的練習。

And by doing that, they ended up being approximately 8,500 customers versus the 6,500 customers.

透過這樣做，他們的客戶數量最終從 6,500 名減少到約 8,500 名。

Okay. And I guess just last one on the supplier count. If you look at the rest of the year, like if I exclude Carbon6 this quarter, we're roughly flattish, maybe very low single-digit organic growth. I know you don't break down the ARPU versus customer count metrics in terms of the guide specifically, but should we at least think that customer count should not go negative on an organic basis? I'm talking year over year, sequentially, however you want to calculate it, but organic.

好的。我想這只是供應商數量的最後一個。如果你看今年剩餘的時間，例如如果我將本季的 Carbon6 排除在外，我們的業績大致持平，或許只是個位數的低有機成長率。我知道您沒有在指南中具體分解 ARPU 與客戶數量指標，但我們至少應該認為客戶數量不應該在有機基礎上負成長嗎？我說的是逐年、連續地進行，無論你想如何計算，但都是有機的。

Yes. So as you know, when you think about the customer count -- again, I'm ignoring acquisitions, so it's that organic concept. The biggest driver of that customer count really does come back to that community enablement activity. So specific for Q1, you saw a net 300 customer count, excluding the acquisition. When we're getting closer to running the community enablement activity, we have a little bit better visibility into where we think that will be, but that visibility is obviously much less later in the year.

是的。所以，正如你所知，當你考慮客戶數量時——再次強調，我忽略了收購，所以這是一個有機概念。推動客戶數量成長的最大因素確實來自於社區支持活動。具體到第一季度，不包括收購，客戶數量淨增加 300 人。當我們越來越接近社區賦能活動時，我們對活動將進行到哪裡有了更好的了解，但這種了解顯然在今年晚些時候會少得多。

So what I could tell you is for Q2, our current view is that we would expect net customer count to be similar to what we experienced and saw in Q1. It's a little premature in which they have a view as it relates to the back half of the year, but we still see very strong community enablement activity for this year.

因此，我可以告訴您的是，對於第二季度，我們目前的觀點是，我們預計淨客戶數量將與我們在第一季經歷和看到的類似。現在就下半年的情況來看他們的觀點還為時過早，但我們仍然看到今年的社區支持活動非常強勁。

Nehal Chokshi, Northland Capital Markets.

Nehal Chokshi，北國資本市場。

A couple of questions, please. First one is that -- how fast is Carbon6 adding customers?

請問幾個問題。第一個問題是－Carbon6 增加客戶的速度有多快？

So Carbon6 has approximately 8,500 customers that is heavily skewed to the 3P, so think about that as the Amazon Marketplace. So the vast majority of that customers are on the Amazon Marketplace side. So in that area, that -- those tend to be customers that -- they're a lot smaller in size. So they -- if you think about it, they tend to probably more frequently add, that they also can more frequently subtract or churn over time. So overall, when you look at the net customer, that 8,500 that we have announced, which reflects the number at the end of the quarter, it is similar to what that number would have been at the time we actually acquired them.

因此，Carbon6 擁有約 8,500 名客戶，這些客戶嚴重偏向 3P，因此可以將其視為亞馬遜市場。因此，絕大多數客戶都在亞馬遜市場。因此，在那個地區，那些客戶規模往往要小得多。所以，如果你仔細想想，你會發現，隨著時間的推移，他們可能會更頻繁地添加，也可能更頻繁地減去或攪拌。因此總體而言，當您查看淨客戶數時，我們宣布的 8,500 人反映了本季度末的數量，這與我們實際獲得這些客戶時的數量相似。

So think about that as sort of a net -- zero in the net customer add in that sort of, call it, that month, 1.5 months in which we have owned Carbon6.

因此，可以將其視為一種淨值——淨客戶增加價值為零，即我們擁有 Carbon6 的那個月，即 1.5 個月。

So does that mean that basically [Carbon6] is -- their growth is coming from wallet share gains then, more or less?

那麼這是否意味著 [Carbon6] 的成長基本上來自於錢包份額的成長？

Well, it just means that when you think about -- we set expectations of what the revenue is, and we're aligned with that. Carbon6 actually did slightly better than we had originally anticipated in Q1, and the customer count is -- the 8,500 of how it is at the end of the quarter is about the same as the number was in, call it, mid-February when we acquired the acquisition.

嗯，這只是意味著當你考慮時——我們設定了收入預期，並且我們與之保持一致。Carbon6 在第一季的表現實際上比我們最初預期的要好一些，客戶數量——本季末為 8,500 人，與我們在 2 月中旬收購該公司時的客戶數量大致相同。

Okay. And then with respect to solid organic customer adds in the quarter, congratulations, by the way, on that. What space was this new retailer in that drove that solid customer new adds?

好的。然後，關於本季度穩定的有機客戶增加，順便說一句，對此表示祝賀。這家新零售商處於什麼領域，因而吸引了大量新客戶？

We've ran a number of enablement campaigns as -- this quarter as we do in every quarter and was really consistent across kind of traditional grocery, retail, distribution, so kind of the same areas that we typically run campaigns in.

與每個季度一樣，本季度我們開展了多項支援活動，並且在傳統雜貨、零售、分銷等領域保持了高度一致性，因此這些領域與我們通常開展活動的領域基本相同。

(Operator Instructions) Mark Schappel, Loop Capital Markets.

（操作員說明）Mark Schappel，Loop Capital Markets。

Nice job on the quarter. Chad, question for you, regarding the broader economy, what are some of the leading indicators that you're looking at with respect to the macro environment and the business?

本季表現不錯。查德，我想問您一個問題，就整體經濟而言，您關注的宏觀環境和業務領先指標有哪些？

Yes. So as it relates to our business, we really look, first and foremost, at this pipeline of community enablement campaigns both in terms of the magnitude and scale of that and how quickly we're able to move retailers through that. Because of the enablement programs, we're just kind of at the tip of the spear in our business. And then I'd say the other thing that we're looking at is just sort of the health and retention of that supplier base. And that's an area where if there's a little more pressure in the macro, we can see more pressure just on the retention of our suppliers.

是的。因此，就我們的業務而言，我們首先要關注的是社區支援活動的管道，包括其規模和範圍，以及我們能夠多快地推動零售商完成這些活動。由於這些支持計劃，我們在業務上處於領先地位。然後我想說，我們正在關注的另一件事就是供應商群體的健康和保留率。如果宏觀層面的壓力再大一點，我們就會看到在保留供應商方面面臨更大的壓力。

As Kim mentioned earlier, it tends to show up a little more in analytics, which is more of a discretionary area, and less so on the fulfillment due to both the price point, the pricing policy, but also, it's pretty sticky. It's really the way that these -- they're getting their orders from their customers. So it's a pretty important piece of their business.

正如 Kim 之前提到的，它往往更多地出現在分析中，這更像是一個可自由支配的領域，而在履行方面則較少出現，這既是由於價格點，也是定價政策，而且它相當粘性。這實際上是他們從客戶那裡獲取訂單的方式。所以這是他們業務中相當重要的一環。

Okay. And then as a follow-up, could you just also comment on what you're seeing with respect to your -- not to your but to the ERP and WMS projects within your supplier community? Are you seeing any slowdown of those projects given the recent uncertainties?

好的。然後作為後續問題，您能否評論一下您所看到的情況——不是您的情況，而是您的供應商社群內的 ERP 和 WMS 專案的情況？鑑於最近的不確定性，您是否認為這些項目會放緩？

No. We are not yet seeing any slowdowns, but that is something that, again, we are closely monitoring. I think we would expect that if there really is macro pressure driven from the environment that, that area would slow down and that could be a potential headwind to our business. Right now, we're not really seeing that, but we're very closely monitoring it.

不。我們尚未看到任何放緩，但這是我們正在密切關注的事情。我認為，我們可以預料到，如果真的存在來自環境的宏觀壓力，那麼該領域的發展就會放緩，這可能會對我們的業務造成潛在的阻力。目前，我們還沒有真正看到這一點，但我們正在密切監視它。

Thank you. This concludes our question-and-answer session. The conference has now concluded. Thank you for attending today's presentation. You may now disconnect

謝謝。我們的問答環節到此結束。會議現已結束。感謝您參加今天的演講。現在您可以斷開連接