SPS Commerce Inc (SPSC) 2025 Q2 法說會逐字稿

Good day, and welcome to SPS Commerce Q2 2025 earnings conference call. (Operator Instructions) Please note, this event is being recorded.

大家好，歡迎參加 SPS Commerce 2025 年第二季財報電話會議。（操作員指示）請注意，此事件正在被記錄。

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

現在我想將會議交給 Irmina Blaszczyk 女士。請繼續。

Thank you, Manjeet. Good afternoon, everyone, and thank you for joining us on SPS Commerce second 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 attraction 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.

謝謝你，Manjeet。大家下午好，感謝您參加 SPS Commerce 2025 年第二季電話會議。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。

Please note, these forward-looking statements reflect our opinions only as of the date of this call, and we undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.

請注意，這些前瞻性陳述僅反映我們截至本次電話會議之日的觀點，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 are Form 10-K as well as our financial results press release for a more detailed description of the risk factors that may affect our results. These documents are available at our website, spscommerce.com, and at the SEC's website, sec.gov. 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 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 取得。此外，我們也在 spscommerce.com 的投資者關係版塊提供歷史資料表，方便您參考。

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 reconciliation 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 EBITDA 財務指標和非 GAAP 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 second-quarter results. Second-quarter revenue grew 22% to $187.4 million. Recurring revenue grew 24%.

謝謝，伊爾米娜，大家下午好。感謝您今天加入我們。SPS Commerce 取得了強勁的第二季業績。第二季營收成長 22% 至 1.874 億美元。經常性收入成長了24%。

Resilience and agility remain top of mind for trading partners across global supply chains, whether a result of tariffs or the need for cost and operational efficiencies. SPS is dedicated to supporting the supplier community through today's uncertain times, which we believe will ultimately incentivize them to increase investments in technologies that improve and optimize processes across their vendor networks.

無論是由於關稅還是成本和營運效率的需要，彈性和敏捷性仍然是全球供應鏈中貿易夥伴最關心的問題。SPS 致力於在當今不確定的時期為供應商社群提供支持，我們相信這最終將激勵他們增加對改進和優化其供應商網路流程的技術的投資。

SPS Commerce is the only full-service EDI solution on the market, uniquely positioned to help suppliers effortlessly maintain EDI compliance with retailers frequently changing requirements. Most importantly, our product portfolio enables stronger collaboration between trading partners, unlocking greater efficiency, cost savings, and shared success. These are dynamics that we believe position SPS for durable growth.

SPS Commerce 是市場上唯一的全方位服務 EDI 解決方案，其獨特優勢在於幫助供應商輕鬆保持 EDI 符合零售商頻繁變化的要求。最重要的是，我們的產品組合能夠加強貿易夥伴之間的合作，提高效率、節省成本並實現共同成功。我們相信這些動力將使 SPS 實現持久成長。

For example, Trader Joe's, a national chain of over 600 neighborhood grocery stores has been a long-standing SPS fulfillment customer. In an effort to reduce manual processes, improve order selection efficiencies, reduce shipping errors, and prepare for future growth, Trader Joe's has recently rolled out EDI compliance requirements across the entire vendor base. By partnering with SPS, Trader Joe's is accelerating progress toward 100% vendor compliance.

例如，Trader Joe's 是一家擁有 600 多家社區雜貨店的全國連鎖店，一直是 SPS 履行的長期客戶。為了減少手動流程、提高訂單選擇效率、減少運輸錯誤並為未來發展做好準備，Trader Joe's 最近在整個供應商群體中推出了 EDI 合規要求。透過與 SPS 合作，Trader Joe's 正在加快實現 100% 供應商合規的進程。

Managing supplier relationships remains one of the biggest challenges in retail. Compliance is an important part of managing supplier performance, but a scorecarding effort with insightful supplier metrics can help both the retailer and its suppliers perform better together. Research shows that organizations that systematically track and improve supplier performance can see sales increases of up to 10% and margin improvements of up to 12%. When products arrive on time and orders are filled completely, retailers can maximize sales opportunities while keeping operations efficient.

管理供應商關係仍然是零售業面臨的最大挑戰之一。合規性是管理供應商績效的重要組成部分，但採用富有洞察力的供應商指標進行記分卡可以幫助零售商及其供應商共同取得更好的績效。研究表明，系統性地追蹤和改善供應商績效的組織可以使銷售額增加高達 10%，利潤率提高高達 12%。當產品準時到達並且訂單完全滿足時，零售商可以最大限度地提高銷售機會，同時保持高效的營運。

Using SPS' supply chain performance management solution, one of the largest grocery retailers in the United States with nearly 500 locations, gained actionable insights into their vendors' performance and shared the data with their trading partners to improve efficiencies across the board. The grocer boosted on time and in full performance and reduced overall out of stocks, resulting in higher performing and more profitable supply chain in less than one year.

使用 SPS 的供應鏈績效管理解決方案，美國最大的雜貨零售商之一（擁有近 500 個門市）獲得了對其供應商績效的可行見解，並與其貿易夥伴共享數據，以全面提高效率。該雜貨店按時全面提高了業績，減少了整體缺貨情況，在不到一年的時間內實現了更有效率、更盈利的供應鏈。

Gemplers, a trusted retail brand for farm and home supply products is another recent example of a retailer who uses SPS' supply chain performance suite. Gemplers switched to SPS Commerce from another EDI provider to increase EDI compliance from 3 to nearly 100 vendors in an effort to improve order automation and support omnichannel growth.

Gemplers 是值得信賴的農場和家庭用品零售品牌，也是最近使用 SPS 供應鏈性能套件的零售商的另一個例子。Gemplers 從另一家 EDI 供應商轉向 SPS Commerce，將 EDI 合規性從 3 家供應商增加到近 100 家供應商，以提高訂單自動化程度並支援全通路成長。

The revenue recovery solutions we've acquired are beginning to deliver value to SPS fulfillment customers. As we advance the post-merger integration of SupplyPike and Carbon6, we're leveraging our expanded product portfolio to grow wallet share with our existing fulfillment customers. The advantages of a unified platform, amplified by the data across our network, are becoming increasingly evident.

我們獲得的收入恢復解決方案開始為 SPS 履行客戶帶來價值。隨著我們推進 SupplyPike 和 Carbon6 合併後的整合，我們正在利用擴大的產品組合來增加現有履行客戶的錢包份額。透過我們網路的資料放大的統一平台的優勢正變得越來越明顯。

For example, Allstar Innovations offers turnkey solutions for taking products from concept to consumer. The company has been an SPS fulfillment customer since 2022 and recently started using the revenue recovery solution for retailers, including Walmart, Target, Home Depot, and Amazon.

例如，Allstar Innovations 提供將產品從概念轉化為消費者所需產品的交鑰匙解決方案。該公司自 2022 年起一直是 SPS 履行客戶，最近開始為沃爾瑪、塔吉特、家得寶和亞馬遜等零售商使用收入恢復解決方案。

SPS' unified platform approach is a competitive differentiator in its coverage of retailers, expertise in retailer deduction complexities and data on our network. We leverage order data to estimate customers' recoverable deductions, giving them greater visibility into potential revenue recovery opportunities with their trading partners.

SPS 的統一平台方法在零售商覆蓋範圍、零售商扣款複雜性方面的專業知識以及我們網路的數據方面具有競爭優勢。我們利用訂單資料來估算客戶的可收回扣除額，讓他們更了解與貿易夥伴的潛在收入恢復機會。

In summary, SPS' product portfolio addresses the pain points of both retailers and suppliers. Our full-service approach is designed to successfully implement solutions and improve supply chain partnerships with ongoing support to manage compliance. As a result, SPS is uniquely and competitively positioned to empower participants of the world's largest retail network to work better together today while helping them build resilience to meet the challenges of tomorrow.

總而言之，SPS 的產品組合解決了零售商和供應商的痛點。我們的全方位服務旨在成功實施解決方案並透過持續支援管理合規性來改善供應鏈合作夥伴關係。因此，SPS 擁有獨特且具競爭力的優勢，能夠幫助全球最大的零售網路的參與者更好地合作，同時幫助他們增強應對未來挑戰的韌性。

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 second quarter of 2025. Revenue was $187.4 million, a 22% increase over Q2 of last year and represented our 98th consecutive quarter of revenue growth. Recurring revenue grew 24% year over year. The total number of recurring revenue customers in Q2 was approximately 54,500 and ARPU was approximately 13,200.

謝謝，乍得。我們度過了 2025 年第二季的輝煌。營收為 1.874 億美元，比去年第二季成長 22%，這是我們連續第 98 季實現營收成長。經常性收入較去年同期成長24%。第二季經常性收入客戶總數約54,500人，ARPU約13,200。

As a reminder, in February, we closed the acquisition of Carbon6, which added approximately 8,500 customers and had an adverse effect on ARPU due to the smaller average customer size. The full quarter Q2 impact to ARPU was approximately $1,400.

提醒一下，2 月我們完成了對 Carbon6 的收購，這增加了約 8,500 名客戶，但由於平均客戶規模較小，對 ARPU 產生了不利影響。第二季對 ARPU 的影響約為 1,400 美元。

For the quarter, adjusted EBITDA increased 27% to $56.1 million compared to $44.2 million in Q2 of last year. We ended the quarter with total cash and investments of $108 million and repurchased $20 million of SPS shares.

本季調整後的 EBITDA 成長 27%，達到 5,610 萬美元，而去年第二季為 4,420 萬美元。本季末，我們的現金和投資總額為 1.08 億美元，並回購了價值 2,000 萬美元的 SPS 股票。

Now turning to guidance. For the third quarter of 2025, we expect revenue to be in the range of $191.7 million to $193.2 million, which represents approximately 17% to 18% year-over-year growth. We expect adjusted EBITDA to be in the range of $57.9 million to $59.9 million. We expect fully diluted earnings per share to be in the range of $0.50 to $0.54 with fully diluted weighted average shares outstanding of approximately 38.5 million shares.

現在轉向指導。對於 2025 年第三季度，我們預計營收將在 1.917 億美元至 1.932 億美元之間，年增約 17% 至 18%。我們預計調整後的 EBITDA 將在 5,790 萬美元至 5,990 萬美元之間。我們預計每股完全稀釋收益將在 0.50 美元至 0.54 美元之間，完全稀釋加權平均流通股數約為 3850 萬股。

We expect non-GAAP diluted income per share to be in the range of $0.96 to $1 with stock-based compensation expense of approximately $16 million, depreciation expense of approximately $5.6 million, and amortization expense of approximately $9.5 million.

我們預計非公認會計準則每股攤薄收益在 0.96 美元至 1 美元之間，其中股票薪酬費用約為 1,600 萬美元，折舊費用約為 560 萬美元，攤銷費用約為 950 萬美元。

For the full year 2025, we expect revenue to be in the range of $759 million to $763 million, representing approximately 19% to 20% growth over 2024. We expect adjusted EBITDA to be in the range of $230.7 million to $233.7 million, representing growth of approximately 24% to 25% over 2024. We expect fully diluted earnings per share to be in the range of $2.17 to $2.22, with fully diluted weighted average shares outstanding of approximately 38.3 million shares.

我們預計 2025 年全年營收將在 7.59 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 2.307 億美元至 2.337 億美元之間，比 2024 年增長約 24% 至 25%。我們預計每股完全稀釋收益將在 2.17 美元至 2.22 美元之間，完全稀釋加權平均流通股數約為 3830 萬股。

We expect non-GAAP diluted income per share to be in the range of $3.99 to $4.04 with stock-based compensation expense of approximately $60.9 million, depreciation expense of approximately $21.8 million, and amortization expense for the year of approximately $37.1 million. 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.

我們預計非公認會計準則每股攤薄收益在 3.99 美元至 4.04 美元之間，其中股票薪酬費用約為 6,090 萬美元，折舊費用約為 2,180 萬美元，年度攤提費用約為 3,710 萬美元。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。

Additionally, based on our interactions with investors over the last several months and their interest in better understanding our growth profile, given our recent M&A activity, we are providing our growth expectations beyond 2025, excluding future acquisitions.

此外，根據我們過去幾個月與投資者的互動以及他們對更好地了解我們成長狀況的興趣，考慮到我們最近的併購活動，我們提供了 2025 年以後的成長預期，不包括未來的收購。

The puts and takes impacting our outlook at this point in time are as follows. On the retail side, demand remains strong, as evidenced by enablement activity so far this year, driven by retailers who are realizing the value of digitized connections to their suppliers and optimizing supply chain performance management of their vendor relationships. Based on a recent TAM analysis and the ongoing push for automation and trading partner collaboration, we expect enablement activity to remain strong. On the supplier side, we are currently seeing dynamics impacting some customers within our network, such as heightened spend scrutiny and delayed purchasing decisions.

目前影響我們前景的利弊如下。在零售方面，需求仍然強勁，今年迄今的支援活動證明了這一點，推動這一成長的原因是零售商意識到與供應商建立數位化連接的價值，並優化了供應商關係的供應鏈績效管理。根據最近的 TAM 分析以及對自動化和貿易夥伴合作的持續推動，我們預計支援活動將保持強勁。在供應商方面，我們目前看到一些動態正在影響我們網路內的一些客戶，例如加強支出審查和延遲購買決策。

We are seeing this directly with our customers and through our channel sales, where some companies are also delaying their mid-market ERP purchase decisions. We attribute the cumulative impact of these dynamics to ongoing uncertainties in the macro environment, including tariffs and their potential impact on consumer demand, which we have considered in our growth outlook. As a result, beyond 2025, we expect our revenue growth rate, excluding future acquisitions to be at least high single digits. We expect to remain acquisitive over time in keeping with our disciplined and effective M&A strategy, which has historically added to our growth rate, while strengthening our network and market leadership.

我們從客戶和通路銷售中直接看到了這一點，一些公司也在推遲中端市場 ERP 購買決策。我們將這些動態的累積影響歸因於宏觀環境中持續存在的不確定性，包括關稅及其對消費者需求的潛在影響，我們在成長展望中已經考慮了這些因素。因此，我們預計到 2025 年以後，我們的營收成長率（不包括未來的收購）將至少達到高個位數。我們期望隨著時間的推移繼續保持收購勢頭，遵循我們嚴謹而有效的併購策略，該策略在歷史上提高了我們的成長率，同時加強了我們的網路和市場領導地位。

As macro dynamics normalize and global trade headwinds stabilize, we remain confident in our ability to capitalize on the growth opportunity across our $11 billion total addressable market, add new customers to the network, both inside and outside the US, and drive higher ARPU through incremental network connections and cross-selling our broader product portfolio. In addition, given our history of strong operating leverage and the resilience of our SaaS business model, we expect to expand adjusted EBITDA margin by 2 percentage points annually, driven by continued improvement in gross margin and operating efficiencies.

隨著宏觀經濟動態正常化和全球貿易逆風穩定，我們仍然有信心能夠利用我們 110 億美元總目標市場的成長機會，為美國境內外的網路增加新客戶，並透過增量網路連接和交叉銷售我們更廣泛的產品組合來提高 ARPU。此外，鑑於我們歷史上強大的經營槓桿和 SaaS 業務模式的彈性，我們預計在毛利率和營運效率持續提高的推動下，調整後的 EBITDA 利潤率每年將擴大 2 個百分點。

We are looking forward to sharing more information about our view of retail industry dynamics and how our unified product platform aligns with our addressable market during our September 23 Analyst Day.

我們期待在 9 月 23 日的分析師日期間分享更多有關我們對零售業動態的看法以及我們的統一產品平台如何與我們的目標市場保持一致的資訊。

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

現在，我想開始提問。

(Operator Instructions) Scott Berg, Needham.

（操作員指示）斯科特·伯格，尼德姆。

Nice quarter here. I guess I wanted to focus on the, we'll call it, intermediate term or post [25%] organic revenue growth rate, Kim, that you laid out in the high single digits. And thank you for the puts and takes there. But how do we think about growth by, I guess, product area, whether it's fulfillment or analytics or however you're going to think about breaking up the business here on a go-forward basis? Maybe help us construct how we get to 9%. That would be helpful -- or upper single digits. Thank you.

這裡很不錯。我想重點關註一下我們稱之為中期或 [25%] 之後的有機收入成長率，Kim，您所說的成長率是高個位數。感謝您的付出與付出。但是，我想，我們如何看待產品領域的成長，無論是履行還是分析，或者無論你如何考慮在未來分解業務？也許可以幫助我們建立如何達到 9% 的目標。這將會很有幫助——或者更高的個位數。謝謝。

Sure, Scott. When you think about what goes into at least that high single digits, it does take into consideration our current product portfolio. When you think about our current product portfolio, and that's, call it, the core fulfillment aspect of our portfolio. A lot of that is driven by what's happening with community enablement activity, which, to your point, we did give some of those puts and takes, so that would hit sort of on that, call it, that retailer side.

當然，斯科特。當你考慮至少達到這麼高的個位數時，它確實考慮到了我們目前的產品組合。當您考慮我們目前的產品組合時，這就是我們產品組合的核心履行方面。其中很大一部分是由社區支持活動所推動的，正如您所說，我們確實做出了一些讓步，因此這會對零售商方面產生一定的影響。

On the analytics side, that is a product that, as we've discussed in the past, that does have more impact depending on the economy. So that one has been a bit more negative in growth rate relative to fulfillment. Over time, we see a lot of opportunity for analytics, but we would not anticipate analytics to grow at the same rate of fulfillment. And then our newer product, which is the revenue recovery, we have some cross-sell motions in place that we've done, but we would expect, over time, more opportunity to cross-sell that product across our customer base in the future.

從分析方面來看，正如我們過去所討論的，該產品確實會根據經濟狀況產生更大的影響。因此，相對於實現率而言，成長率有點負。隨著時間的推移，我們看到了許多分析機會，但我們預計分析不會以相同的速度成長。然後是我們的新產品，即收入恢復，我們已經採取了一些交叉銷售措施，但隨著時間的推移，我們預計未來將有更多的機會在我們的客戶群中交叉銷售該產品。

Very helpful, and thank you, Kim. And then Chad, as we zoom out a little bit on the broader macro here, Q2 was really the first quarter in this new kind of tariff macro that we're all seeing in today. And I know you have more data today 90 days ago than when we spoke at the end of April. But how do you think about some of the activity of your customers?

非常有幫助，謝謝你，Kim。然後，查德，當我們稍微縮小一下更廣泛的宏觀面時，第二季度實際上是我們今天看到的這種新型關稅宏觀的第一個季度。我知道，90 天前你們今天擁有的數據比我們 4 月底談話時的數據還要多。但是您如何看待客戶的一些活動？

I know Kim and the longer-term guidance, talked about some heightened sense of scrutiny around spend and whatnot. But I guess if you unpack that a little bit, is it really more on just, I don't know, your core fulfillment products or how they think about, I don't know, geographic expansion, retailer expansion, obviously, that you benefit from? But maybe just kind of take us through what the last 90-day journey relative to that macro has been like for you. Thanks.

我知道金正恩和長期指導方針談到了對支出等的高度審查意識。但我想，如果你稍微解釋一下，這是否真的更多地取決於你的核心履行產品，或者他們如何看待地理擴張、零售商擴張，顯然，你會從中受益？但也許您可以向我們介紹過去 90 天與宏觀相關的歷程。謝謝。

Yeah, yeah. Good question, Scott. I think when we -- on our last call, we certainly were aware of pending uncertainty and sort of looming uncertainty, I think, especially relative to the global trade situation. I'd say what we've learned over the last quarter is that, that uncertainty while initially was uncertainty and I'd say business as usual sort of quickly turn to uncertainty trying to be addressed by a pretty aggressive cost savings measure, specifically on the supplier side.

是啊是啊。問得好，史考特。我認為，在我們上次通話時，我們當然意識到了即將出現的不確定性和迫在眉睫的不確定性，尤其是相對於全球貿易狀況而言。我想說的是，我們在上個季度學到的是，不確定性最初只是不確定性，我想說，一切照舊很快就會變成不確定性，試圖透過相當積極的成本節約措施來解決這個問題，特別是在供應商方面。

So while we've seen activity with retailers, the actual enablement activity, the customer adds very positive from that enablement activity, plus the pipeline on the retailer side, I'd say all steady and strong in that area. The reaction from the supplier side has been a little bit more focused on cost spending initiatives. And how that's translated to us is it varies a little bit by product.

因此，雖然我們看到了與零售商的活動、實際的支援活動、客戶從該支援活動中獲得的非常積極的反饋，再加上零售商方面的管道，但我想說，該領域一切都穩定而強勁。供應商方面的反應更集中在成本支出計劃上。對我們來說，這意味著它會因產品不同而略有不同。

So on the analytics side, as we've mentioned in previous calls, it tends to be a little bit more discretionary. So we may see analytics customers turning off certain data feed connections from certain retailers that may be less volume or less strategic as a means to save costs.

因此，在分析方面，正如我們在之前的電話會議中提到的那樣，它往往會更加自由。因此，我們可能會看到分析客戶關閉某些零售商的某些數據饋送連接，這些連接可能數量較少或策略性較差，以節省成本。

On the fulfillment side, we really don't see customers canceling all together. It's a very sticky product and very key for them getting their ongoing orders. But what we have seen is them looking at sort of the document plans or the variable piece of their pricing they have with us, looking at trading partners that potentially they used last year and now maybe they no longer have that relationship with that trading partner. So like a lot of analysis how they could potentially reduce their spend with us.

在履行方面，我們確實沒有看到客戶全部取消訂單。這是一種非常有黏性的產品，對於他們獲得持續訂單至關重要。但我們看到的是，他們正在查看與我們簽訂的文件計劃或定價中的可變部分，查看去年可能使用的貿易夥伴，而現在他們可能不再與該貿易夥伴有這種關係。因此，就像很多分析一樣，他們如何減少在我們這裡的支出。

And it also had slowed down a few of the deal cycles, just more approval levels, things going through more signatures and approving. And that's also the dynamic we've seen on revenue recovery is that a little bit more focused on the ongoing cost of these solutions. And also the -- a little bit prolonged deal cycle.

而且它也減慢了一些交易週期，只是增加了更多的審批級別，事情需要經過更多的簽名和批准。這也是我們在收入恢復方面看到的動態，也就是更加關注這些解決方案的持續成本。而且交易週期也稍微延長了一點。

We're optimistic that this is a point in time approach that these suppliers are using to deal with the uncertainty. And then as there becomes more clarity, I'd say, in the overall global trade and how it will affect certain suppliers that will sort of return to normal conditions there.

我們樂觀地認為，這是這些供應商用來應對不確定性的及時方法。然後，我想說，隨著全球貿易整體情況變得更加明朗，以及它將如何影響某些供應商，那裡的情況將會恢復正常。

Very helpful. Thanks for taking my question.

非常有幫助。感謝您回答我的問題。

George Kurosawa, Citi.

花旗銀行的喬治‧黑澤明 (George Kurosawa)。

Thanks for taking the questions here. I think you specifically highlighted channel sales, which I think, tend to skew some of your larger customers. Is that fair to say that you saw some difference in behavior between maybe sort of your upmarket, mid-market customers versus more traditional SMB supplier base? Or just any color on those dynamics?

感謝您在這裡回答問題。我認為您特別強調了通路銷售，我認為這往往會扭曲您的一些大客戶。您是否發現高端市場、中階市場客戶與更傳統的 SMB 供應商群體在行為上存在一些差異？或只是這些動態上的任何顏色？

Yeah, good question because there was nuance, George. So what we've been seeing is more pressure in kind of the mid-market ERP area. So vis-a-vis customers typically under $300 million in revenue, but kind of over $10 million in revenue and those ERPs that they would typically choose in the mid-market. That's where we're seeing the kind of prolonged decision-making about new ERPs.

是的，這是個好問題，因為其中有細微差別，喬治。因此，我們看到中端市場 ERP 領域面臨更大的壓力。因此，對於收入通常低於 3 億美元但收入超過 1000 萬美元的客戶以及他們通常會在中端市場選擇的 ERP 而言。這就是我們看到的新 ERP 的長期決策過程。

And those ERPs, which is a nice catalyst for people to come and join the SPS network because when they change their ERP, it's typical that they would move to a cloud network approach like we have for all their digital connections. We've actually seen fairly healthy demand on the enterprise side, and some of those deals continue. But I'd just highlight the majority of our business is more in this mid-market segment versus the enterprise.

這些 ERP 是吸引人們加入 SPS 網路的良好催化劑，因為當他們更改 ERP 時，通常會轉向雲端網路方法，就像我們對所有數位連接所採用的方法一樣。我們實際上已經看到企業方面的需求相當健康，並且其中一些交易仍在繼續。但我想強調的是，我們大部分的業務都集中在中端市場，而不是企業市場。

Okay. Great. That's helpful. And then on the medium-term growth outlook you outlined, it sounds like you're contemplating some level of the current macro situation that you've described here. Is there any way to parse that out and give us a sense for maybe what a medium-term growth outlook in a normalized environment might look like?

好的。偉大的。這很有幫助。然後，關於您概述的中期成長前景，聽起來您正在考慮您在此處描述的當前宏觀形勢的某種程度。有什麼方法可以分析出這一點並讓我們了解正常環境下的中期成長前景是什麼樣的嗎？

Yeah, good question. So maybe let's just kind of maybe take one step back on all this. As Kim and I have engaged with investors over the last several months, there has been a request for us to provide a view on longer-term growth without acquisitions. And I think that makes sense, especially given the volume of M&A that we've done -- have completed in '24 and early '25, also consistent with the way a lot of the other SaaS companies report longer-term growth expectations.

是的，好問題。所以也許我們應該退一步來看這一切。過去幾個月，當我和 Kim 與投資者接觸時，他們要求我們提出關於不進行收購的長期成長的看法。我認為這是有意義的，特別是考慮到我們在 24 年和 25 年初完成的併購數量，這也與許多其他 SaaS 公司報告的長期成長預期一致。

We go through a process every summer, sort of June, early July and recast our strategic plan and our strategic models. And we were doing that work in the height of a very uncertain time when we were seeing some spend scrutiny from customers and certainly factored that into our thinking around the longer-term expectations for the business. I think it's a little difficult to parse exactly how much of the current dynamic is impacting that number and break it into the pieces.

我們每年夏天、六月或七月初都會經歷一個過程，重新制定我們的策略計畫和策略模型。我們是在非常不確定的時期開展這項工作的，當時我們看到客戶對支出進行了一些審查，並且我們當然將這一點納入了我們對業務長期預期的思考中。我認為，要準確分析當前動態對這個數字的影響有多大，並將其分解成各個部分，有點困難。

But we felt, given the current dynamics that we were seeing in the business, we have quite a bit of confidence still in our 2025 guidance, but I felt that this was the right expectation to set over the longer term. And I would say, if we do see sort of more tailwinds in the macro and maybe more certainty on global trade. We're optimistic that we'll see increased level of spending from our supplier customers.

但我們認為，鑑於我們目前看到的業務動態，我們對 2025 年的指導仍然很有信心，但我認為這是從長遠來看應該設定的正確預期。我想說，如果我們確實看到宏觀上出現更多順風，全球貿易可能會更加確定。我們樂觀地認為，我們的供應商客戶的支出水準將會提高。

Great. Thanks for taking the questions.

偉大的。感謝您回答這些問題。

Lachlan Brown, Rothschild & Co. Redburn.

拉克蘭布朗 (Lachlan Brown)，羅斯柴爾德公司雷德伯恩 (Rothschild & Co. Redburn)。

If we take the midpoint of the full-year revenue guidance, it implies a deceleration in the second half. But I do appreciate that that does consider cycling out their SupplyPike acquisition from August. So I just wanted to check within the guidance, whilst your expectation on organic revenue growth for the second half of the year.

如果我們採用全年收入預期的中點，則表示下半年收入將會減速。但我確實很欣賞該公司考慮從 8 月開始停止收購 SupplyPike。因此，我只是想檢查一下指導範圍內的情況，以及您對下半年有機收入成長的預期。

Sure. So when you think about our expectations for the year, what you'll notice from what our current guide for the year is compared to where it was at the beginning of the year. So what we guided to on our Q4 earnings call in February, you'll see the high end of the guidance is the same, and the low end has been taken up. So the midpoint is higher than where we were at the beginning of the year. But outside of that, we pretty much just stayed with what our annual expectation is at least at the high end.

當然。因此，當您考慮我們對今年的期望時，您會注意到我們目前的年度指南與年初的指南相比有何不同。因此，我們在二月第四季財報電話會議上給出的指引是，你會發現指引的高端是相同的，而低端已經被採納。因此中點高於年初的水平。但除此之外，我們基本上只是維持了我們的年度預期，至少是高端預期。

So there's no real change in that sense relative to what our expectations are for the year, based on the guidance that we gave in February and based on the expectations of those acquisitions. If you do the reverse math on those numbers, that got you to call it a sort of a 10-ish for the year organic growth rate. And again, we've maintained the high end, and we've slightly taken up the bottom end.

因此，根據我們在二月給予的指導以及對這些收購的預期，相對於我們對今年的預期而言，並沒有真正的變化。如果你對這些數字進行反向計算，你會發現它是一種 10 左右的年有機成長率。再次強調，我們保持了高端地位，並略微提高了低端地位。

That's very clear. Thank you. And just the theme of supply chain system unification appears to be more of a focal point this year from both vendors and customers. So I just wanted to ask, have you seen any notable pickup in third-party ERP on that (inaudible) desiring to integrate with SPS this year or even in the way that your existing partners desire to be integrated?

這很清楚。謝謝。而供應鏈系統統一的主題似乎成為今年供應商和客戶的焦點。所以我只想問一下，您是否看到第三方 ERP 在希望今年與 SPS 整合方面有任何顯著的成長，或者甚至以您現有合作夥伴希望整合的方式？

Yeah, I would agree that the integration of data in supply chain applications and collaboration across the supply chain is a key focus that we're hearing from the market. I would not say that we've seen any substantial increase, though, in sort of request for partnerships. I think we're -- as having a market-leading network and a market-leading position, it's been pretty steady and known that SPS is the go-to partner for some of these supply chain application companies and consulting companies. And I think we've seen those relationships continue to develop over time, but no material change.

是的，我同意供應鏈應用程式中的資料整合和整個供應鏈的協作是我們從市場上聽到的一個重點。不過，我不會說我們看到合作請求有任何實質的成長。我認為，由於我們擁有市場領先的網路和市場領先地位，SPS 已成為一些供應鏈應用公司和顧問公司的首選合作夥伴。我認為我們已經看到這些關係隨著時間的推移而不斷發展，但沒有實質的變化。

I think we've been known for many years as the go-to partner for this -- for exchange of supply chain data across our network.

我認為，多年來我們一直被譽為這方面的首選合作夥伴——透過我們的網路交換供應鏈資料。

Makes sense. Thanks for your time.

有道理。感謝您的時間。

Matt VanVliet, Cantor.

馬特‧範弗利特 (Matt VanVliet)，領唱者。

Hey, good afternoon. Thanks for taking the question. I know historically you've taken a little bit slower approach to integrate products after acquisition, but on the revenue recovery side, you mentioned some strength there. Curious on how that pipeline looks, how much are you using the go-to-market team on a more consolidated basis, knowing that you're going after a couple different areas of the market there, even if the products themselves aren't fully integrated yet?

嘿，下午好。感謝您回答這個問題。我知道從歷史上看，你們在收購後整合產品的方式比較慢，但在收入恢復方面，你們提到了一些優勢。我很好奇這個管道是什麼樣的，您在多大程度上以更整合的方式使用市場進入團隊，同時知道您正在追求市場的幾個不同領域，即使產品本身還沒有完全整合？

Yeah, the post-merger integration for both SupplyPike and Carbon6 is going very well and going as expected. Historically, we have taken a little bit longer maybe to bring the go-to-market teams together in the case of SupplyPike and Carbon6 because they're going after the same end markets, and we have a much more compelling value proposition where we can offer the supplier revenue recovery solutions across more retailers. It made a lot of sense to pull those solutions and go-to-market teams together.

是的，SupplyPike 和 Carbon6 的合併後整合進展非常順利，符合預期。從歷史上看，在 SupplyPike 和 Carbon6 的案例中，我們可能需要更長的時間來將市場進入團隊聚集在一起，因為他們追求的是相同的終端市場，而我們有一個更具吸引力的價值主張，我們可以為更多零售商提供供應商收入恢復解決方案。將這些解決方案和行銷團隊整合在一起非常有意義。

So we're in the process now of the SupplyPike and Carbon6 go-to-market teams coming together, selling a complete solution across all the retailers we support. We have not yet integrated the revenue recovery go-to-market team with our fulfillment team, but we do have a nice sort of lead sharing and prospect identification program running for our go-to-market team on fulfillment to identify opportunities where there's a need for revenue recovery. So the team is doing that.

因此，我們現在正處於 SupplyPike 和 Carbon6 行銷團隊聯合起來的過程，向我們支援的所有零售商銷售完整的解決方案。我們尚未將收入恢復上市團隊與我們的履行團隊整合在一起，但我們確實為我們的上市團隊運行了一個很好的潛在客戶共享和潛在客戶識別計劃，以識別需要收入恢復的機會。所以團隊正在這樣做。

And then the other thing that's really nice about our business and our technology is we can use the network itself to identify those opportunities so we can look into the network and actually see the trading volume, and that can help us identify opportunities for cross selling revenue recovery.

我們的業務和技術的另一個優點是，我們可以使用網路本身來識別這些機會，這樣我們就可以研究網路並實際了解交易量，這可以幫助我們發現交叉銷售收入恢復的機會。

Clear. Very helpful. And then Kim, curious on what your headcount addition plans are for not only the rest of this year but sort of built into that 200 basis points of margin expansion annually. Should we think about the rate of headcount additions maybe being lower than in past years? Or how are you guys thinking about that as the business continues to grow?

清除。非常有幫助。然後 Kim，我很好奇您今年剩餘時間的員工增加計劃是什麼，而且還將其納入每年 200 個基點的利潤率擴張中。我們是否應該考慮員工人數增加的速度可能低於過去幾年？或者隨著業務的不斷成長，你們對此有何看法？

Sure, Matt. So as with any year, we will look to say what resources do we need to make sure we're meeting the needs of our existing customers as well as the opportunities we see in the future. We also continue to work on ways to make sure what we're doing, even more efficiently or as efficiently going forward. All of that gets taken into account as it relates to what our needs are for a headcount.

當然，馬特。因此，與任何一年一樣，我們將考慮需要哪些資源來確保滿足現有客戶的需求以及未來看到的機會。我們還在繼續努力確保我們正在做的事情更加高效，或者在未來同樣高效。所有這些都與我們的人員需求有關，因此需要考慮。

So safe to assume that we'll continue to add headcount and resources as needed to support our customer base and the opportunity we see, but we're able to do that more efficiently than in historical years. You definitely also see that come through in already gross margins. So if you look at sort of the first half gross margin this year, compare it to call it annual last year, compare it to like annual the year before you're starting to see some of that gross margin improvement come through. And simplistically, that's really growing into various investments we've made historically. So the rate of additions we need to add is at a different rate than where it has been historically.

因此可以肯定地說，我們將繼續根據需要增加員工和資源，以支持我們的客戶群和我們看到的機會，但我們能夠比歷史上更有效地做到這一點。您肯定也會看到這一點已經體現在毛利率中。因此，如果您查看今年上半年的毛利率，將其與去年全年的毛利率進行比較，將其與前年的毛利率進行比較，您將開始看到一些毛利率的提高。簡單來說，這實際上正在發展成為我們歷史上進行的各種投資。因此，我們需要添加的速度與歷史上的速度不同。

Okay. Thank you.

好的。謝謝。

Dylan Becker, William Blair.

迪倫貝克爾、威廉布萊爾。

I appreciate the questions here. Maybe Chad, starting with you, you kind of talked about kind of a healthy retailer pipeline for enablement campaigns in light of kind of some of the supplier side of the equation being a bit more cautious on spend. Wondering how you're thinking about kind of the opportunity to -- I think Kim hinted some of the efficiency side of the equation, but more effective and efficient in your delivery, maybe helping kind of offset that uncertainty and faster time to value, getting those customers live, getting those customers maybe compliance, but you're thinking about kind of optionality of maybe drawing down against that pipeline a little bit faster as somewhat of an offset through efficiency.

我很感謝這裡提出的問題。也許 Chad，從您開始，您談到了零售商為開展活動建立一種健康的管道，因為供應商方面在支出方面更加謹慎。想知道您是如何看待這種機會的——我認為 Kim 暗示了等式的效率方面，但在交付方面更有效、更高效，可能有助於抵消不確定性並加快價值實現時間，讓這些客戶活躍起來，讓這些客戶可能合規，但您正在考慮一種可選性，也許可以更快地減少該管道，以某種方式通過效率進行抵消。

Yeah, I would say, that actually ties directly to some of the investments that Kim's been speaking of that's driving some of this gross margin improvement. And it's not really that we're just doing it solely for the gross margin improvement. It's a much better customer experience when they can onboard to our network more quickly and start getting the value of that digitized trading partner connection.

是的，我想說，這實際上與金所說的一些投資直接相關，這些投資推動了毛利率的提高。我們這樣做不只是為了提高毛利率。當客戶能夠更快加入我們的網路並開始獲得數位化貿易夥伴連結的價值時，他們會獲得更好的體驗。

So we've really been focused there honestly over the last couple of years and have seen positive improvements both in terms of the and people required to do that, but more importantly, the customer experience and the time to value for the customer. And I think that's an area where we're going to continue to be able to improve that experience for the customer, keep doing it faster. And I think certainly, an area where -- as we're starting to introduce generative AI and agentic AI into those processes, we're very optimistic that we'll be able to continue the improvement there for the customers.

因此，過去幾年我們確實一直專注於此，並且看到了積極的改進，無論是在工作內容方面還是在人員方面，但更重要的是，客戶體驗和客戶價值實現時間方面。我認為，我們將繼續在這個領域改善客戶體驗，並持續加快速度。我認為，當我們開始將生成式人工智慧和代理式人工智慧引入這些流程時，我們非常樂觀地認為，我們將能夠繼續為客戶帶來改進。

Okay. Very helpful. And then maybe for Kim, I know there's some questions obviously on kind of the medium term framework here, but maybe slicing it as well, too, and apologies if you mentioned this. But in light of some of the supplier side being a bit more cautious, how do you think about the mix of kind of that [8] or that let's call that high single digit build between the opportunity that we've highlighted in the past around kind of wallet expansion, paired alongside what seems to be a slight uptick or some improvement sequentially in the new logo outside of the equation to maybe kind of the two pillars that get you to that high single digit framework? Thank you.

好的。非常有幫助。然後也許對於 Kim 來說，我知道這裡顯然存在一些關於中期框架的問題，但也許也涉及了切片，如果您提到了這一點，我很抱歉。但是考慮到一些供應商更加謹慎，您如何看待這種[8]的組合，或者我們稱之為高個位數構建，我們過去強調過的圍繞錢包擴張的機會，加上似乎略有上升或連續改進的新標誌，也許是讓您達到高個位數框架的兩個支柱？謝謝。

Sure. So we see opportunities for both to continue to grow over time, adding customers as well as growing that ARPU with customers. To your point, there tends to be a bit more of a correlation depending on what's happening on the community side with the customer ads. As it relates to community, we have a healthy pipeline this year. As far as what that mix is between what ultimately translates into a customer ad versus an upsell or an ARPU, really don't have that granularity until closer in to like basically think of it as like a 90-day out window.

當然。因此，我們看到兩者都有機會隨著時間的推移而繼續增長，增加客戶，並隨著客戶數量的增加而提高 ARPU。正如您所說，根據社區方面發生的情況，客戶廣告與社區方面發生的情況往往會有更多的關聯。就社區而言，我們今年擁有健康的管道。至於最終轉化為客戶廣告與追加銷售或 ARPU 之間的組合是什麼，實際上沒有這種粒度，直到更接近基本上將其視為 90 天的窗口期。

So in the shorter term, if we think about Q3 as an example, our sort of initial view is probably similar customer adds to Q2. I realize you're asking the question from more of a medium-term lens. From a medium-term lens, we would expect that growth is coming from both areas, but it's challenging to give you an exact percentage between the two because that customer growth side is so correlated with what's happening with community enablement activity.

因此，從短期來看，如果我們以第三季為例，我們最初的看法可能是客戶數量與第二季類似。我知道你是從中期角度來提出這個問題的。從中期來看，我們預計成長將來自這兩個領域，但很難給出兩者之間的確切百分比，因為客戶成長方面與社區支援活動的進展密切相關。

Perfectly fair. No, that's very helpful. Thanks again.

非常公平。不，這非常有幫助。再次感謝。

Parker Lane, Stifel.

帕克巷，斯蒂費爾。

Hey, thanks for taking the questions. Staying with the same theme here, Chad, on the supplier side, when you look at the different geographies you work in and the sub verticals of suppliers, is there any particular areas that stand out as seeing incremental cautiousness? Or is this really across the board that you're picking up on these trends?

嘿，謝謝你回答這些問題。繼續討論同樣的主題，Chad，在供應商方面，當您查看您工作的不同地區和供應商的子垂直行業時，是否有任何特定領域因逐漸謹慎而脫穎而出？或者說，您真的全面了解這些趨勢嗎？

It's primarily in the US-based suppliers. Now that's the largest proportion of our customers, but we have not seen the same level of spend scrutiny in Europe and Australia that we have seen in the US.

它主要位於美國供應商。現在，這是我們客戶中最大的一部分，但我們在歐洲和澳洲沒有看到與美國同等程度的支出審查。

Understood. And then for you, Kim, on the adjusted EBITDA margin 2% annually, is that regardless of any M&A activity such that if you bought a dilutive asset, you would still be delivering 2% annually? Or is that just 2% organic and we could potentially see the all-in performance slightly lower in a given year?

明白了。那麼，Kim，對於您來說，調整後的 EBITDA 利潤率每年為 2%，是否無論進行任何併購活動，如果您購買了稀釋性資產，您每年仍能獲得 2% 的收益？或者這只是 2% 的有機成長，我們可能會看到某一年的整體表現略低？

Sure. So the expectations that we provided is that we expect at least high single digits and also being able to deliver that 2 percentage points of EBITDA margin. Those statements then we said sort of excludes acquisitions. With acquisitions, however, we typically are able to, within a 12-month time period, make those accretive. So we have a lot of, I'll call it, confidence and conviction in our ability to drive that healthy margin expansion in the medium term.

當然。因此，我們提供的預期是，我們預計至少會有較高的個位數成長，並且能夠實現 2 個百分點的 EBITDA 利潤率。我們說這些聲明在某種程度上排除了收購。然而，透過收購，我們通常能夠在 12 個月的時間內實現增值。因此，我們對自己在中期內推動利潤率健康擴張的能力充滿信心和信念。

Great. Thanks for the feedback here. Appreciate it.

偉大的。感謝您的回饋。非常感謝。

Jeff Van Rhee, Craig Callum.

傑夫·範·裡、克雷格·卡勒姆。

This is [Daniel Hinchman] on for Jeffrey Van Rhee. Chad, Kin, thanks for the transparency and just the color on '26, very helpful. Maybe just one more on the customer adds. Just wanted to confirm on that Carbon6 customer count that, that was fully reflected in the Q1 numbers, so those 350 ad this quarter. So that's the organic number to sort of look at as sort of the trend going into Q3, Q4.

我是 [Daniel Hinchman]，為 Jeffrey Van Rhee 報道。Chad、Kin，謝謝你們提供的透明度和 26 號的顏色，非常有幫助。也許只是客戶又增加了一個。只是想確認 Carbon6 的客戶數量，這已完全反映在第一季的數據中，所以本季有 350 個廣告。因此，這是一個有機數字，可以作為進入第三季和第四季的趨勢。

That's correct. So the Carbon6 added approximately 8,500 customers that was fully reflected in Q1. So the sequential from Q1 to Q2 are approximately $350 million. Think about that as primarily driven by that community enablement activity, so the first-party customer add.

沒錯。因此，Carbon6 增加了約 8,500 名客戶，這在第一季得到了充分體現。因此，第一季至第二季的連續收入約為 3.5 億美元。認為這主要是由社區支持活動推動的，因此第一方客戶增加了。

Okay, okay. And then just on, as we go forward and we're seeing some of these headwinds, traditionally, growth has been primarily if you boil it down a fulfillment to the connection growth versus seeing more of the M&A activity and product development activity emphasizing cross-sell. As we think a little bit more about the midterm image that you're painting for upper single-digit growth, is that looking for that to be primarily driven by growth in connections? Or are we seeing any of the pivot there to more of the majority of that being driven by cross-sell? Thanks.

好的，好的。然後，隨著我們繼續前進，我們看到了一些阻力，傳統上，成長主要歸結為連接成長的實現，而不是更多的強調交叉銷售的併購活動和產品開發活動。當我們進一步思考您所描繪的中期形象時，即上個位數成長，這是否主要由連結的成長所推動？或者我們看到了其中的大部分是由交叉銷售推動的？謝謝。

So when you think about our sort of overall growth, there's a component of it that's adding new subscribers to our network, and that will largely be driven in count by the -- from the community programs where we're that's the largest factor for us adding new customers to the network. The second then in terms of ARPU expansion will really come in two buckets, the upselling and the cross-selling of solutions.

因此，當您考慮我們的整體成長時，其中一部分就是為我們的網路增加新用戶，而這很大程度上將受到我們所在社區計畫的推動，這是我們為網路增加新客戶的最大因素。就 ARPU 擴展而言，第二個方面實際上將分為兩類：解決方案的追加銷售和交叉銷售。

The largest opportunity for us with existing customers is upselling more connections on the network, so increasing with fulfillment customers their use of the network. That would be the most substantial opportunity for us. And then the cross-selling would be a secondary opportunity.

對於我們現有客戶來說，最大的機會是增加網路上的更多連接，從而增加客戶對網路的使用。這對我們來說將是最實質的機會。然後交叉銷售將成為次要的機會。

Now in our customer treatment strategy, we're focused on both of those. But based on the number of customers and the opportunity for remaining connections, it would be the connections as the largest opportunity there.

現在，在我們的客戶處理策略中，我們將重點放在這兩者上。但根據客戶數量和剩餘連接的機會，連接將是那裡最大的機會。

Thanks, Chad, Kim.

謝謝，查德，金。

Mark Schappel, Loop Capital Markets.

馬克‧沙佩爾 (Mark Schappel)，Loop 資本市場。

Thank you for taking my question. Chad, given what you're seeing with your supplier base with the delayed purchase decisions, could you just speak to just the general health of your SMB customers and also to the level of churn that you're seeing?

感謝您回答我的問題。查德，鑑於您看到供應商群體推遲購買決策的情況，您能否談談中小企業客戶的整體健康狀況以及您所看到的客戶流失程度？

Yeah. So from a customer churn perspective, it's actually been very consistent. So we are not seeing an increased level of full cancels. And I think there's a normal -- when you're servicing SMB and you're servicing retail, there is kind of just a natural churn that happens with those smaller suppliers. But we haven't seen a difference there.

是的。因此，從客戶流失的角度來看，它實際上是非常一致的。因此，我們並沒有看到完全取消的情況增加。我認為這是一個正常現象——當你為中小企業提供服務和零售時，這些較小的供應商就會自然而然地流失。但我們並沒有看到任何差異。

Where the difference has come is really customers really studying the invoice they get from SPS Commerce, saying, hey, is there any possibility I could get this a little bit lower? Our owner, our CFO, has asked me to go find any cost in the business right now due to this uncertainty in the tariffs. That's where we're seeing more of the pressure with the existing customers.

差異實際上在於客戶真正研究了他們從 SPS Commerce 獲得的發票，並說，嘿，我有沒有可能把價格降得低一點？由於關稅的不確定性，我們的老闆、財務長要求我找出目前業務中的任何成本。這就是我們看到現有客戶面臨更大壓力的地方。

And then we are just seeing the slower deal cycles on the new customers and the larger upsells and cross-sells. So I wouldn't attribute this to a massive amount of bankruptcies or insolvencies in the end market at this point, but more just a lot of uncertainty and strong reaction to that uncertainty by cost savings initiatives within the suppliers.

然後，我們看到新客戶的交易週期變慢，而追加銷售和交叉銷售則變大。因此，我不會將此歸因於終端市場目前的大量破產或無力償債，而更多的只是大量的不確定性以及供應商內部成本節約舉措對這種不確定性的強烈反應。

Thank you. That's helpful. That's all. Thanks.

謝謝。這很有幫助。就這樣。謝謝。

(Operator Instructions) Nehal Choksi, Northland Capital Markets.

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

Thank you. I think you guys have already answered my question. But I do have two questions. First one is that when we talk about high single digit growth beyond counter '25 on an organic basis, is that fair to say that that is basically 7% to 9%?

謝謝。我想你們已經回答我的問題了。但我確實有兩個問題。首先，當我們談論 2025 年以後有機成長的高個位數時，可以說基本上是 7% 到 9% 嗎？

We provided our view of our expectations beyond '25 of at least high single digits. We're not giving specificity of exactly what the number is, but there's probably somewhat of a standard, I don't know, expectation of what that high single-digit means. So I can't really narrow into a particular number for you, but just our expectation is at least high single digits.

我們對 25 年以後的預期至少為個位數。我們沒有具體說明這個數字到底是多少，但可能存在某種標準，我不知道，對於這個高個位數意味著什麼的期望。所以我無法為你縮小到具體的數字，但我們的預期至少是高個位數。

Okay. I do believe that you've already answered this question, but I will ask you one more time. The parsing between ARPU and customer adds to get to that high single-digit growth, it does sound like the primary driver of the deceleration that you're expecting from '25 to '26 is going to be ARPU. Is that indeed correct, here?

好的。我相信你已經回答了這個問題，但我還是再問你一次。透過對 ARPU 和客戶增加價值進行分析，可以實現如此高的個位數成長，這聽起來確實像是您預期的 25 年至 26 年減速的主要驅動因素將是 ARPU。這確實正確嗎？

So when you think about what makes up revenue and therefore, the drivers that get us to at least high single digits, our expectation is in the medium term that will continue to have growth coming from both customer adds as well as ARPU. Now the biggest driver we expect to remain on customer adds being as it relates to community and then the opportunity for ARPU to grow over time, that hits upon what Chad talked about, which there's a lot of opportunity to continue to upsell existing customers as well as cross-sell those customers over time.

因此，當您思考收入的組成以及推動我們至少達到高個位數的驅動因素時，我們預計在中期內，客戶增加和 ARPU 將繼續帶來成長。現在，我們預計客戶增加的最大驅動力仍與社區有關，然後是 ARPU 隨著時間的推移而增長的機會，這與 Chad 所說的相符，即有很多機會繼續向現有客戶追加銷售，並隨著時間的推移向這些客戶進行交叉銷售。

So in our expectations beyond '25, you would expect that our growth will come from both customer adds as well as ARPU. And those hopefully gave you a little bit of color of some of the dynamics of what will impact each component.

因此，在我們對 25 年以後的預期中，您會預期我們的成長將來自客戶增加以及 ARPU。希望這些內容能讓您稍微了解影響每個元件的一些動態因素。

Okay. Thank you.

好的。謝謝。

Thank you. The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

謝謝。會議現已結束。感謝您參加今天的演講。您現在可以斷開連線。