SPS Commerce Inc (SPSC) 2025 Q3 法說會逐字稿

Good day, and welcome to the SPS Commerce Q3 2025 earnings conference call. (Operator Instructions).

大家好，歡迎參加 SPS Commerce 2025 年第三季財報電話會議。 （操作說明）

Please note this event is being recorded. I would now like to turn the conference over to Irmina Blaszczyk, Investor Relations for SPS Commerce. Please go ahead.

請注意，本次活動正在錄製。現在我將會議交給SPS Commerce的投資者關係負責人伊爾米娜·布拉什奇克女士。請開始。

Thank you, Dave. Good afternoon, everyone, and thank you for joining us on SPS Commerce third 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.

謝謝戴夫。大家下午好，感謝各位參加SPS Commerce 2025年第三季電話會議。今天我們將發表一些聲明，包括關於我們預期財務業績、市場推廣策略以及旨在提升我們在零售商和其他客戶群體中的影響力和滲透率的各項舉措。這些聲明屬於前瞻性陳述，涉及許多風險和不確定性，可能導致實際結果與預期有重大差異。

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

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，我們不承擔任何公開更新或修訂任何前瞻性陳述的義務，無論是因為新資訊、未來事件或其他原因。有關可能影響我們業績的風險因素的更詳細描述，請參閱我們向美國證券交易委員會 (SEC) 提交的文件，特別是我們的 10-K 表格以及我們的財務業績新聞稿。這些文件可在我們的網站 spscommerce.com 和美國證券交易委員會的網站 sec.gov 上取得。

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

此外，我們還在公司網站 spscommerce.com 的「投資者關係」欄位中提供了歷史資料表，方便您查閱。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。您可以在我們網站上發布的新聞稿和提交給美國證券交易委員會 (SEC) 的文件中找到關於這些非 GAAP 財務指標的更多披露信息，包括這些指標與相應 GAAP 指標的調節表。接下來，我將把電話會議交給 Chad。

Thanks, Irmina, and good afternoon, everyone. Thank you for joining us today. SPS Commerce delivered solid third quarter results across our core business despite ongoing macroeconomic uncertainty and continued spend scrutiny. Third quarter revenue grew 16% to $189.9 million and recurring revenue grew 18%. Our fulfillment business grew 20% year-over-year. The net increase of 450 customers exceeded our expectations in the quarter, primarily driven by strong retail relationship management programs.

謝謝伊爾米娜，大家下午好。感謝各位今天參加我們的會議。儘管宏觀經濟狀況持續不明朗，且支出審查仍在繼續，SPS Commerce 的核心業務在第三季度依然取得了穩健的業績。第三季營收成長 16% 至 1.899 億美元，經常性營收成長 18%。我們的物流業務年增 20%。本季淨增 450 位客戶超出預期，主要得益於我們強大的零售關係管理專案。

I'd like to take a moment to review the key dynamics that impacted our revenue recovery business, which came in approximately $3 million below our expectations in Q3. Firstly, we now recognize that there is more seasonality in this business than we had originally anticipated. In Q2, for example, we benefited from a higher-than-expected volume of shipped products related to Amazon Prime Day. Due to the seasonality effect in Q2 and the change in Amazon policy related to inventory capacity for third-party sellers, Q3 shipments came in below our expectations, which resulted in lower-than-forecast revenue recovery rates in the quarter.

我想花點時間回顧一下影響我們第三季營收恢復業務的關鍵因素，該業務的實際收入比預期低了約300萬美元。首先，我們現在意識到，這項業務的季節性比我們最初預想的還要強。例如，在第二季度，我們受惠於亞馬遜Prime Day相關的出貨量高於預期。由於第二季的季節性因素以及亞馬遜針對第三方賣家庫存容量政策的變化，第三季的出貨量低於預期，導致該季度的營收恢復率低於預期。

We've taken both of these factors into consideration in our updated outlook for that business. Revenue recovery is an important offering within our portfolio. It represents a $750 million addressable market across 1P US sellers and a significant cross-selling opportunity within our network, where we're making progress and building momentum. In addition, we're pleased to report we completed our combined go-to-market strategy ahead of schedule, and we are now better positioned to unlock the full potential of this emerging product category.

我們在更新該業務展望時已將上述兩個因素納入考量。營收復甦是我們產品組合中的重要舉措。它代表著美國第一方賣家7.5億美元的潛在市場，以及在我們現有網路中巨大的交叉銷售機會，我們正在這方面取得進展並積蓄力量。此外，我們很高興地宣布，我們已提前完成整合後的市場推廣策略，現在我們更有能力充分挖掘這個新興產品類別的潛力。

For example, Cyber Power Systems, a global manufacturer of power protection and management solutions, has partnered with SPS to modernize their business systems and processes since 2014. As a long-standing fulfillment customer, they recently engaged with SPS to drive further efficiencies across their supply chain, leveraging the revenue recovery solution for some of their key customers, including Amazon, Walmart and Home Depot. Having realized immediate benefits in ROI, Cyber Power Systems is evaluating other revenue recovery opportunities across their retail network.

例如，全球領先的電源保護和管理解決方案製造商 Cyber​​ Power Systems 自 2014 年以來一直與 SPS 合作，以實現其業務系統和流程的現代化。作為 SPS 的長期物流客戶，Cyber​​ Power Systems 近期與 SPS 合作，旨在進一步提升其供應鏈效率，並利用其收入回收解決方案為包括亞馬遜、沃爾瑪和家得寶在內的一些重要客戶提供服務。在獲得即時的投資報酬率後，Cyber​​ Power Systems 正在評估其零售網路中其他收入回收機會。

As we discussed at our Investor Day in September, SPS Commerce is well positioned to capitalize on the long-term growth opportunities driven by an ever-evolving retail ecosystem. Having made strategic acquisitions over the past two years to expand our product portfolio and market reach, we shared updates at Investor Day to address how our product strategy and our reimagined go-to-market motion have evolved to empower the kind of trading partner collaboration that enables supply chains to work like they should.

正如我們在9月份的投資者日活動中所討論的，SPS Commerce已做好充分準備，把握不斷發展的零售生態系統所帶來的長期成長機會。過去兩年，我們透過一系列策略性收購拓展了產品組合和市場覆蓋範圍。在投資者日活動上，我們分享了最新進展，闡述了我們的產品策略和重新構想的市場推廣策略如何演進，從而促進貿易夥伴間的協作，使供應鏈高效運作。

We also hosted a broad cross-section of customers who provided their perspectives on why they chose to work with SPS and how we help them manage supply chain complexity to strengthen their trading partner ecosystems. Most importantly, you heard firsthand accounts of the return on investment that comes from partnering with SPS, such as driving greater operational efficiency and fueling business growth. An example of a recent partnership is Petco, a pet retailer who operates over 1,500 locations in the US, Mexico and Puerto Rico, providing both in-store and online omnichannel services.

我們也接待了來自各行各業的眾多客戶，他們分享了選擇與SPS合作的原因，以及我們如何幫助他們管理複雜的供應鏈，從而增強其貿易夥伴生態系統。更重要的是，您能親耳聽到與SPS合作帶來的投資回報，例如提高營運效率和促進業務成長。最近的合作案例是寵物零售商Petco，該公司在美國、墨西哥和波多黎各擁有超過1500家門市，提供線上和線下全通路服務。

Leveraging SPS' retailer management solution, Petco transitioned over 700 suppliers to standardized digital supply chain requirements. As a result, the retailer reduced manual data reconciliation across merchandising and supply chain teams, delivered measurable efficiency gains and improved trading partner performance tracking. To summarize, despite the spend scrutiny we are experiencing this year across some of our customer groups, we believe the ever-evolving retail ecosystem will continue to drive the need for supply chain efficiencies.

透過SPS的零售商管理解決方案，Petco已成功將700多家供應商轉型為符合標準化數位化供應鏈要求的供應商。因此，該零售商減少了商品和供應鏈團隊的手動資料核對工作，顯著提高了效率，並改善了對貿易夥伴績效的追蹤。總而言之，儘管今年部分客戶群面臨嚴格的支出審查，但我們相信，不斷發展的零售生態系統將繼續推動對供應鏈效率的需求。

With our data-driven solutions, SPS Commerce is competitively positioned to improve collaboration between trading partners. We are the industry's most broadly adopted retail cloud services platform and the world's leading retail network. We provide unmatched value in the data that powers AI-driven use cases and a unique network-led growth motion.

憑藉數據驅動的解決方案，SPS Commerce 在提升貿易夥伴間的協作方面擁有強大的競爭力。我們是業界應用最廣泛的零售雲端服務平台，也是全球領先的零售網路。我們提供的數據價值無與倫比，為人工智慧驅動的應用場景和獨特的網路驅動型成長模式提供強大支援。

Before we dive into our financial results, I'd like to take a moment to share an important leadership update. After nearly 10 years with SPS Commerce, Dan Juckniess, our Chief Revenue Officer, has decided to retire. He will remain with the company through the end of the year to ensure smooth transition. Dan helped shaped SPS' modern go-to-market organization, growing the sales team in both size and strength. On behalf of SPS Commerce, I wish him all the best in retirement. In addition, I'm excited to share that Eduardo Rosini will be joining the SPS Commerce team as Chief Commercial Officer starting December 1.

在深入探討財務表現之前，我想先分享一個重要的領導層變動。在SPS Commerce工作近十年後，我們的首席營收長Dan Juckniess決定退休。他將留任至年底，以確保平穩過渡。 Dan曾協助SPS打造現代化的市場拓展組織架構，並大幅提升了銷售團隊的規模與實力。我謹代表SPS Commerce，祝福他退休生活一切順利。此外，我很高興地宣布，Eduardo Rosini將於12月1日加入SPS Commerce團隊，擔任首席商務官。

In this new role at SPS, Eduardo will strengthen our commitment to total customer relationship, maximizing the entire customer life cycle from acquisition to onboarding, retention and expansion and ensuring we deliver consistent, intentional and customer-first experiences around the world. As SPS continues to scale, this evolution helps us deepen relationships, maximize customer value and stay aligned with how global customers view their partnerships with one trusted full-service connection.

在SPS的新職位上，Eduardo將進一步強化我們對全方位客戶關係的承諾，最大化客戶生命週期的各個階段，從客戶獲取、入職、留存到拓展，並確保我們在全球範圍內提供一致、以客戶為先的優質體驗。隨著SPS的持續發展，這項變革將有助於我們深化客戶關係，最大化客戶價值，並與全球客戶對合作關係的認知保持一致，打造值得信賴的全方位服務平台。

Eduardo brings more than 30 years of growth, go-to-market and full customer life cycle experience across industries and markets, most recently serving as Chief Growth Officer at Sage, VP of Mid-market and Corporate Sales at Intuit and in large-scale commercial leadership roles at Microsoft, operating in North America, South America, EMEA and APAC.

Eduardo 擁有超過 30 年的跨產業和市場成長、市場推廣和完整客戶生命週期經驗，最近曾擔任 Sage 的首席成長長、Intuit 的中端市場和企業銷售副總裁，以及微軟的大型商業領導職務，業務遍及北美、南美、歐洲、中東和非洲以及亞太地區。

His experience leading global organizations, paired with his passion for people and obsession with customers, make him an ideal fit for SPS' next phase of growth. And with that, I'll turn it over to Kim to discuss our financial results.

他擁有領導全球組織的豐富經驗，加之他對人才的熱情和對客戶的執著，使他成為SPS下一階段發展的理想人選。接下來，我將把發言權交給Kim，請他來談談我們的財務表現。

Thanks, Chad. We reported a solid third quarter of 2025. Revenue was $189.9 million, a 16% increase over Q3 of last year and represented our 99th consecutive quarter of revenue growth. Recurring revenue grew 18% year-over-year. The total number of recurring revenue customers in Q3 was approximately 54,950, an increase of 450 from the prior quarter. ARPU was approximately $13,300. For the quarter, adjusted EBITDA increased 25% to $60.5 million compared to $48.4 million in Q3 of last year.

謝謝查德。我們公佈了2025年第三季的穩健業績。營收達1.899億美元，較去年同期成長16%，這也是我們連續第99季實現營收成長。經常性收入較去年同期成長18%。第三季經常性收入客戶總數約54,950家，較上一季增加450家。平均每用戶收入（ARPU）約為13,300美元。本季調整後EBITDA成長25%，達6,050萬美元，去年同期為4,840萬美元。

We ended the quarter with total cash and investments of $134 million and repurchased $30 million of SPS shares. In addition, the Board of Directors has authorized a new program to repurchase up to $100 million of common stock, which becomes effective on December 1 this year and is expected to expire on December 1, 2027. We expect to fully utilize the current program before its termination on July 26, 2026. Before we dive into guidance, I'd like to highlight the factors currently shaping our fourth quarter and 2025 outlook. First, a continued impact to our revenue recovery business resulting from the dynamics Chad laid out in his prepared remarks.

本季末，我們持有的現金及投資總額為1.34億美元，並回購了價值3,000萬美元的SPS股票。此外，董事會已批准一項新的回購計劃，計劃回購至多1億美元的普通股，該計劃將於今年12月1日生效，預計於2027年12月1日到期。我們預計在2026年7月26日該計劃終止前將其全部用完。在深入探討業績指引之前，我想先重點介紹目前影響我們第四季及2025年展望的因素。首先，正如查德在事先準備好的演講稿中所述，我們的收入恢復業務將持續受到影響。

Second, ongoing invoice scrutiny and delayed purchases affecting spend across our fulfillment customers. Lastly, across retail relationship management programs, several large enablement campaigns were pushed from Q4 into the first half of 2026. As a result, we expect a decline in onetime revenue from testing and certification fees associated with these programs. Now turning to guidance. For the fourth quarter of 2025, we expect revenue to be in the range of $192.7 million to $194.7 million, which represents approximately 13% to 14% year-over-year growth. We expect adjusted EBITDA to be in the range of $58.8 million to $60.8 million.

其次，持續的發票審查和延遲採購影響了我們所有履行客戶的支出。最後，在零售關係管理項目中，幾個大型賦能活動從第四季延後到2026年上半年。因此，我們預計與這些項目相關的測試和認證費用的一次性收入將有所下降。接下來是業績展望。我們預計2025年第四季營收將在1.927億美元至1.947億美元之間，年增約13%至14%。我們預計調整後EBITDA將在5,880萬美元至6,080萬美元之間。

We expect fully diluted earnings per share to be in the range of $0.53 to $0.57 with fully diluted weighted average shares outstanding of approximately 38.3 million shares. We expect non-GAAP diluted income per share to be in the range of $0.98 to $1.02 with stock-based compensation expense of approximately $15 million, depreciation expense of approximately $5.8 million and amortization expense of approximately $9.5 million. For the full year 2025, we expect revenue to be in the range of $751.6 million to $753.6 million, representing approximately 18% growth over 2024.

我們預計完全稀釋後每股盈餘將在0.53美元至0.57美元之間，完全稀釋後加權平均流通股數約為3830萬股。我們預計非GAAP稀釋後每股盈餘將在0.98美元至1.02美元之間，股權激勵費用約為1,500萬美元，折舊費用約為580萬美元，攤提費用約為950萬美元。我們預計2025年全年營收將在7.516億美元至7.536億美元之間，較2024年成長約18%。

We expect adjusted EBITDA to be in the range of $229.7 million to $231.7 million, representing growth of approximately 23% to 24% over 2024. We expect fully diluted earnings per share to be in the range of $2.31 to $2.34 with fully diluted weighted average shares outstanding of approximately 38.1 million shares. We expect non-GAAP diluted income per share to be in the range of $4.10 to $4.15 with stock-based compensation expense of approximately $58.3 million, depreciation expense of approximately $21.1 million and amortization expense for the year of approximately $37.1 million.

我們預計調整後 EBITDA 將在 2.297 億美元至 2.317 億美元之間，較 2024 年增長約 23% 至 24%。我們預計完全稀釋後每股收益將在 2.31 美元至 2.34 美元之間，完全稀釋後加權平均流通股數約為 3810 萬股。我們預計非 GAAP 稀釋後每股收益將在 4.10 美元至 4.15 美元之間，其中股權激勵費用約為 5,830 萬美元，折舊費用約為 2,110 萬美元，攤銷費用約為 3,710 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. Additionally, as a result of the dynamics that are impacting our customers and retail partners this year, we are providing our initial outlook for 2026 and expect to deliver revenue growth without future acquisitions of approximately 7% to 8%.

在今年剩餘的時間裡，投資者應按季度估算，實際稅率約為30%，該稅率基於GAAP稅前淨利潤計算。此外，鑑於今年影響我們客戶和零售合作夥伴的各種因素，我們初步預測2026年的營收成長率約為7%至8%，且不考慮未來的收購。

We continue to expect adjusted EBITDA margin expansion of 2 percentage points, driven by continued improvement in gross margin and operating efficiencies. Longer term, we remain confident in our competitive position and market opportunity and our ability to deliver at least high single-digit annual revenue growth without acquisitions and 2 percentage points in annual adjusted EBITDA margin expansion. And with that, I'd like to open the call to questions.

我們仍預期調整後 EBITDA 利潤率將提升 2 個百分點，這主要得益於毛利率和營運效率的持續改善。長期來看，我們對自身的競爭地位和市場機會充滿信心，並相信我們能夠在不進行收購的情況下，實現至少接近兩位數的年收入增長，以及每年 2 個百分點的調整後 EBITDA 利潤率提升。接下來，我將開放提問環節。

(Operator Instructions). Scott Berg, Needham & Company, LLC.

（操作說明）。史考特·伯格，尼德姆公司有限責任公司。

So I've got a multipart revenue recovery question here. I guess we're all going to have the same questions on this one is, try to help us understand, I guess, when this became apparent in the quarter that the seasonality was a little bit different than you had expected Chad. And as I think about that business going forward, I thought the seasonality in that business was supposed to be stronger in Q4, but it looks like you're reducing your fourth quarter revenues by roughly $6 million, likely all attributed to that business. And then as the natural extension of that is how do we think about that business as impact on that fiscal 2026 initial guidance Kim just gave?

我這裡有一個關於營收恢復的多方面問題。我想大家對這個問題都會有同樣的疑問，查德，請你幫我們理解一下，本季何時出現季節性波動與預期略有不同的情況？我原本以為這項業務的季節性波動在第四季會更強，但現在看來，你們第四季的營收減少了約600萬美元，很可能全部都歸功於這項業務。那麼，接下來自然而然地，我們該如何看待這項業務對金剛剛給出的2026財年初步業績指引的影響呢？

Yes, sure. Thanks, Scott. Let me speak maybe to the visibility and how that developed and let Kim speak to the outlook going forward. I'd say late in Q3, we did pick up that the volume of shipments that our customers were sending into Amazon warehouses were a little bit lighter than expected.

好的，謝謝，斯科特。我想先談談市場可見度及其發展情況，然後讓金來談談未來的展望。我想說的是，在第三季末，我們確實注意到客戶發送到亞馬遜倉庫的貨量略低於預期。

In many cases, that can be a leading indicator to revenue that will develop, but I would say not necessarily in all cases. Unfortunately, as we closed out the quarter, we did see a correlation in that reduction of shipments into Amazon warehouses from our customers did result in less revenue than expected. So the shipment visibility kind of became apparent pretty late in Q3, and we really didn't understand the full impact to revenue until we close things out after the quarter ended.

在很多情況下，這可以作為未來收入成長的先行指標，但並非所有情況都如此。遺憾的是，在季度末，我們確實發現，客戶發送到亞馬遜倉庫的貨物減少與收入低於預期之間存在相關性。因此，貨物運輸情況的可見度直到第三季末才逐漸顯現，而我們直到季末結算後才真正了解其對收入的全面影響。

And then when you think about the expectations that we have for the remainder of the year, when you think about the Q4 guidance that we just provided and the variance from that versus the implied Q4 guidance from a quarter ago, the impact on the revenue recovery in that, you should look at that similar as Q3.

然後，當你考慮到我們對今年剩餘時間的預期，考慮到我們剛剛提供的第四季度業績指引，以及它與上個季度隱含的第四季度業績指引之間的差異，以及這對收入復甦的影響時，你應該像看待第三季度那樣看待這個問題。

So there were three sort of dynamics that I highlighted that went into that, one of them being the revenue recovery, and that component was about similar impact in Q3 and Q4. Then the other two components were a continuation of where we're seeing some invoice scrutiny and delayed purchase decisions as well as some of those retailer enablement campaigns or relationship management campaigns we were initially thinking were going to happen in Q4.

因此，我重點強調了其中涉及的三種動態因素，其中之一是收入復甦，這一因素在第三季和第四季受到的影響類似。另外兩個因素分別是：發票審查的持續進行和採購決策的延遲，以及我們最初預計在第四季度進行的一些零售商賦能活動或關係管理活動。

Now those are happening in 2026. And as such, the impact to the P&L in Q4 would be most notable on that onetime revenue of testing and certification just because of the timing of how the subscription revenue works, more of that would show up negatively on the testing and certification in the quarter.

這些事情將在 2026 年發生。因此，由於訂閱收入的時間安排，第四季度損益表對測試和認證這項一次性收入的影響最為顯著，訂閱收入的增加會對當季的測試和認證收入產生負面影響。

All right. Understood. I guess from a follow-up question, I saw that Dan is leaving. Good luck, Dan. It's been fun working with you, is new Chief Commercial Officer coming in. I guess questions there revolve around what would you expect this new individual to do differently, if anything?

好的，明白了。我猜從你接下來的問題來看，丹要離開了。祝你好運，丹。和你一起工作很愉快。新的首席商務官即將上任。我想大家的問題主要是，你希望這位新人做出哪些改變（如果有的話）？

I see his background has been not at one, but at two ERPs that you all certainly partner with today for customers with tightly at least. And just trying to help understand what we might see maybe differently going forward, if anything.

我注意到他曾在兩家ERP系統公司工作過，而你們現在肯定都與這兩家公司建立了緊密的合作關係。我只是想幫助大家了解一下，未來我們可能會看到哪些不同的情況。

Yes. So let me start with what I think will stay the same, but continuing to improve over time. And that's, first, our differentiated go-to-market that we have with retailer relationship management, where we partner with the retailers to help them establish all their digital connections, that in turn, uncovers suppliers for us and is the largest source of new customers for us.

是的。那麼，首先我想說說我認為會保持不變但會隨著時間推移而不斷改進的地方。那就是我們獨特的市場拓展策略，也就是零售商關係管理。我們與零售商合作，幫助他們建立所有數位化連接，這反過來又為我們挖掘供應商，並成為我們最大的新客戶來源。

We've been refining that approach at SPS Commerce for 20 years, and I expect we'll continue to refine that approach for the next 20 years, and it will be great to have Eduardo partner on continued refinements to that, but I expect that will continue. I also expect that our channel go-to-market where we work with a lot of mid-market ERPs will absolutely continue and very excited to what Eduardo can bring to that, which I think will just be a further advancement of that strategy.

在SPS Commerce，我們20年來一直在完善這項策略，我預計未來20年我們也會繼續完善這個策略。能與Eduardo合作，繼續改進這項策略，我感到非常榮幸。同時，我也相信我們與眾多中階市場ERP供應商合作的通路推廣模式會持續保持，並且非常期待Eduardo能為這個模式帶來什麼，我認為這將進一步推動我們現有策略的發展。

Yes, he's worked at a couple of ERP companies that we do partner with, but his whole career has been utilizing a lot of channel to drive mid-market sales, which very much lines up with our business. I think in terms of what may evolve over time that Eduardo will be able to bring us, we'll be really maximizing that expansion and cross-sell motion that we have with existing customers and managing that full life cycle that we have with customers.

是的，他曾在我們合作的幾家ERP公司工作過，但他整個職業生涯都專注於利用各種管道推動中端市場銷售，這與我們公司的業務非常契合。我認為，隨著時間的推移，Eduardo能為我們帶來的價值將體現在我們與現有客戶的合作中，我們將最大限度地拓展業務，加強交叉銷售，並管理與客戶的整個生命週期。

We've been quite clear that we believe as our product portfolio expands, the opportunity to increase ARPU is probably going to be the faster growing in our growth algorithm between net new customers and ARPU increases. I think Eduardo's background is really going to help us with that. And then as we become a more global organization and continue with our efforts to expand in Europe, Eduardo certainly brings operating experience across multiple cultures and multiple continents and multiple geographies that I think will help us with that continued growth.

我們一直明確表示，隨著產品組合的擴展，我們認為提升每位用戶平均收入 (ARPU) 的機會，在我們成長演算法中，高於新增客戶和 ARPU 成長的幅度，可能會更快。我認為 Eduardo 的背景將對我們實現這一目標大有裨益。此外，隨著我們發展成為一家更全球化的公司，並繼續努力拓展歐洲市場，Eduardo 豐富的跨文化、跨大陸、跨地域的營運經驗無疑將有助於我們實現持續成長。

Christopher Quintero, Morgan Stanley.

克里斯多福昆特羅，摩根士丹利。

A lot of moving pieces here. We just went over the revenue recovery piece. But maybe on the organic side, you all called out invoice scrutiny and some of those retail go-to-market programs getting pushed into next year. So just to clarify, are those incremental impacts that you're seeing this quarter versus the last quarter? And why are some of those projects getting pushed out into next year?

這裡有很多變數。我們剛才討論了營收復甦的情況。但就自然成長方面而言，大家可能都提到了發票審查以及一些零售市場推廣項目被推遲到明年。所以我想確認一下，這些影響是本季相對於上季的增量影響嗎？為什麼有些項目要延到明年？

Sure. So specific in Q3, Q3 hit our expectations on both of those. The color that I was providing was specific to Q4 and two dynamics in there. So as it relates to 90 days ago, what we were anticipating for the quantity of retail relationship programs and the timing of those programs, that has changed. So instead of many of those happening in Q4, they're now happening earlier in 2026.

當然。具體來說，第三季在這兩方面都達到了我們的預期。我之前提到的情況是針對第四季度的，其中包含兩個方面的變化。與90天前相比，我們先前預期的零售關係項目數量和時間安排已經改變了。許多專案原本計劃在第四季啟動，現在則提前到了2026年初。

So the impact there is on the P&L in 2025. They're not lost programs. It's just the timing of when those are going to happen. Now in some cases, if you think about Q4, it's a really busy time, holiday season. And so it's possible that maybe some of those retailers were a little bit more optimistic of what they thought they would be able to accomplish in Q4.

因此，這些影響體現在2025年的損益表上。這些項目並非已經取消，只是實施時間有所調整。考慮到第四季是銷售旺季，也就是假日季，一些零售商可能對第四季的業績預期過於樂觀。

And in those cases, some of those now are just getting moved into 2026, primarily due to the holiday season. And then the second part of that, as it relates to the invoice scrutiny delayed purchase decisions. Again, we hit on that expectation in Q3, but we're starting to see some signs that, that's still continuing on. And in light of that, we wanted to also add that continuation at a little bit higher factored into our updated guidance.

在這些情況下，部分項目現在只是被推遲到2026年，主要原因是假日的影響。其次，發票審查延遲了採購決策。我們在第三季度達到了預期，但我們開始看到一些跡象表明，這種情況仍在持續。有鑑於此，我們希望在更新後的業績指引中略微提高此持續因素的影響。

Got it. Okay. So some of the retailers maybe got a little bit over their skis on their expectations for Q4, I guess. As my follow-up, maybe on the network-led growth motion. I know we talked a lot about it at Investor Day, but is there anything you all need to do from an investment standpoint to make that successful? And is there any kind of early evidence that you're seeing how that's progressing or any kind of early proof points?

明白了。好的。看來有些零售商對第四季的預期可能有點過高了。接下來我想問的是，關於網路驅動型成長模式。我知道我們在投資者日上討論了很多，但從投資的角度來看，你們需要做些什麼才能讓它成功？目前是否有任何初步跡象表明這種模式正在推進，或者有什麼早期驗證點？

Yes. I mean we are making investments in this area. I wouldn't describe them as incremental investments to achieve what we want here, more just where we're focusing our team's attention, and we're having great success.

是的。我的意思是，我們確實在這個領域進行投資。我不會把這些投資描述為為了實現我們的目標而進行的漸進式投資，而更像是我們團隊專注於關注的領域，而且我們取得了巨大的成功。

So I think a great example of how this is working is like in revenue recovery, where we're able to get based on the network data, the volume that our customers have trading with certain retail partners where we provide revenue recovery and immediately identify that they are a highly qualified candidate for that revenue recovery solution and automatically serve that up as a leader opportunity to the expansion salesperson that's responsible for that customer so they can engage with them about the benefits they receive from revenue recovery.

我認為一個很好的例子就是收入回收，它體現了這種運作方式。我們能夠根據網路數據，了解我們的客戶與某些零售合作夥伴的交易量，並提供收入回收服務。我們可以立即識別出哪些客戶是該收入回收解決方案的合格候選人，並自動將此作為領先機會提供給負責該客戶的拓展銷售人員，以便他們與客戶溝通，介紹收入回收帶來的好處。

That type of motion and triggering it off the network is sort of up and running, and we look forward to continuing to scale that and using that to drive more cross-selling activity. And that's just one example. There's multiple examples where we can identify opportunities right from the network data for further expansion in our customers.

這種基於網路觸發的行銷活動已經基本啟動並運行，我們期待繼續擴大規模，並利用它來推動更多的交叉銷售活動。這只是一個例子。我們還可以從網路數據中發現更多機會，從而進一步拓展客戶業務。

Matthew VanVliet, Cantor Fitzgerald & Co,

馬修範弗利特，坎托菲茨傑拉德公司

Obviously, across a lot of the software landscape on the application layer, there's a concern that toolkits from various AI tools and LLM providers are enabling more companies to look internally to maybe build functionality that they don't currently have rather than go out and find a vendor to do that.

顯然，在應用層的軟體領域，人們擔心來自各種人工智慧工具和LLM提供者的工具包會讓更多公司傾向於在內部建立他們目前沒有的功能，而不是外出尋找供應商來完成這項工作。

Is that at all being mentioned by some of your prospects as to something they're at least exploring and delaying deals? Or any other thoughts there that maybe your stronghold on this position in the market could be cracking a little bit as customers. I guess, the utility of buying something prebuilt isn't as high as it's been for some time?

您的潛在客戶是否也提到過這一點，他們是否正在考慮這個問題，並因此推遲了交易？或者您有其他想法，認為您在市場上的領先地位可能正在受到一些衝擊？我猜想，購買預製產品的實用性可能不如以前那麼高了？

Well, we are seeing a few headwinds in our demand environment that we mentioned. This AI as a replacement is not one of those things that we're hearing from prospective customers. And I think that's really for a couple of reasons. One is the breadth of the network itself in terms of the rules that are in there and the way that we have built out the compliance capabilities to so many different retailers to where you can connect once and access those.

正如我們之前提到的，我們目前的需求環境面臨一些不利因素。潛在客戶並沒有提出用人工智慧來取代人工服務的想法。我認為這主要有兩個原因。首先是網路本身的覆蓋範圍，包括其中的規則以及我們為眾多零售商構建的合規能力，只需連接一次即可存取所有功能。

That's years and years of that intelligence about retailer requirements being built into the network. And quite frankly, it would be very difficult to replicate with LLM or Agentic AI. The second reason is customers are seeing the power of the data that we have in our network and actually seeing that by participating in our network and having access to that data as they advance their AI strategies, the input mechanisms from that data on our network is going to be very powerful to them to execute on their AI strategy.

這意味著多年來我們一直在將零售商需求的情報融入網路中。坦白說，這很難用LLM或智能體AI來複製。第二個原因是，客戶已經看到了我們網路中數據的強大力量，他們意識到，透過參與我們的網路並存取這些數據，在推進其AI策略的過程中，來自我們網路的數據輸入機制將對他們執行AI策略起到非常強大的作用。

So it's actually quite complementary there. So I think it's really for those reasons that we're not seeing that as a disruption with the end customers. And then I'd say more broadly about our business and business model, unlike some of the other application providers that provide seat-based licensing, if there's less users and more agents, they're vulnerable because our pricing model is really based on the connections in the network, we think that, that's going to be a more durable model that we have with our customers as more AI kind of takes over.

所以實際上，這方面它相當互補。我認為正是由於這些原因，我們才沒有看到這對最終客戶造成乾擾。然後，我想更廣泛地談談我們的業務和商業模式。與其他一些提供基於席位許可的應用程式提供者不同，如果用戶數量減少而代理數量增加，他們就會變得脆弱，因為我們的定價模式實際上是基於網路中的連接數。我們認為，隨著人工智慧的普及，這種模式將是我們與客戶之間更持久的合作模式。

All right. Helpful. And then I guess as you look towards kind of out to next year and the initial guidance you gave with a little bit of a slowdown, at least relative to where we were expecting, does that change the appetite or the strategy around M&A? And will you potentially look for more tuck-ins that offer a broader set of solutions to appeal to more customers to try to revamp growth? Or anything on that front that you think will be impacted by what's going on today and kind of what the expectations are over the next several quarters?

好的，很有幫助。那麼，展望明年，考慮到您先前給出的成長預期略有放緩（至少相對於我們先前的預期），這是否會改變貴公司在併購方面的意願或策略？貴公司是否會尋求更多能夠提供更廣泛解決方案的收購，以吸引更多客戶，從而重振成長？或者，您認為當前狀況以及未來幾季的預期會對貴公司在這些方面產生哪些影響？

Yes. I wouldn't necessarily say it drives a change in philosophy. We have a lot of conviction in our M&A philosophy and continue to be active with our M&A pipeline really across what I'd say is kind of a couple of three different areas. One being continued consolidation in the core digital connection or EDI market.

是的。我並不認為這會促使我們改變理念。我們對自身的併購理念充滿信心，並持續積極推動併購項目，主要集中在以下幾個領域：一是核心數位連結或EDI市場的持續整合。

There still are opportunities for further consolidation there. And when we're able to execute on those types of opportunities, one, it's just really good for the customers because they're typically moving from a much smaller network or a point-to-point set of connections and then you move over to our network and really see the benefit of being on this broader connection, our network with lots of connections built in.

那裡仍然存在進一步整合的機會。當我們能夠抓住這些機會時，首先，這對客戶來說真的很有好處，因為他們通常是從一個規模小得多的網絡或點對點連接遷移過來的，然後遷移到我們的網絡，真正感受到使用我們這個擁有眾多內置連接的更廣泛連接的優勢。

The second category is more of the solution expanding or portfolio expanding type acquisitions, similar to what we've done in revenue recovery, and we continue to believe that there'll be more opportunities where we find a solution, it's very applicable to our 50,000-plus customers already on the network and therefore, will drive cross-selling. And a lot of times, we find that these solutions actually get improved by connecting to the network and having access to the data on the network.

第二類收購更著重於解決方案擴展或產品組合拓展，類似於我們在收入復甦方面所做的收購。我們始終相信，未來將有更多機會找到合適的解決方案，這些方案非常適合我們網路上已有的5萬多名客戶，從而促進交叉銷售。而且很多時候，我們發現這些解決方案透過連接到網路並存取網路上的數據，實際上得到了改進。

And then the third category would be geographic expansion. Admittedly, this one is probably a bit of a lower priority as we continue to drive the execution of our Europe strategy on the back of the TIE Kinetix acquisition. But I think as we continue to get traction in geographies outside of the US, we'll be able to use M&A over the long term to continue to build up business and capture more markets outside the US

第三類是地域擴張。誠然，鑑於我們正全力推動基於TIE Kinetix收購的歐洲策略，這方面的優先順序可能略低。但我認為，隨著我們在美國以外地區持續取得進展，我們將能夠長期利用併購來發展業務，並在美國以外開拓更多市場。

George Kurosawa, Citigroup Inc. Exchange Research

喬治‧黑澤，花旗集團交易所研究部

I wanted to dig in on some of the spend scrutiny you called out. This is something you mentioned last quarter as well. Is it right to think of that as being tariff-driven primarily? And then if you could just compare what you saw in Q3 versus Q2. At the time, it seemed like some of that was sort of ring-fenced within your mid-market customers. Is it more that, that's customer cohort has seen incremental weakness? Or has it maybe spread a little further across the customer base, if that makes sense?

我想深入探討您提到的支出審查問題。您上個季度也提到這一點。是否可以認為這主要是由關稅因素驅動的？另外，能否請您比較一下第三季和第二季的情況？當時，似乎部分問題僅限於您的中階市場客戶。現在的情況是，這部分客戶群出現了持續疲軟的趨勢嗎？還是說，這種疲軟的趨勢已經蔓延到更廣泛的客戶群了？

Yes, it makes sense. So I think if we look at customer sentiment right now, and there is some more spend scrutiny coming primarily on the supplier side of our network, I wouldn't say it's exclusively tariff related, but it definitely has a tariff impact.

是的，這很有道理。所以我覺得，如果我們看看現在的客戶情緒，以及供應商方面對支出更加嚴格的審查，我不會說這完全與關稅有關，但它肯定會對關稅產生影響。

It does seem that many of our suppliers are absorbing incremental costs for the products that they're selling to retailers and not passing a lot of that on. So therefore, they're looking for other types of cost savings in their organization. And I would say that trend has been consistent. It sort of picked up in Q2 and has carried through Q3.

看來我們的許多供應商都在自行承擔銷售給零售商產品的額外成本，並沒有將大部分成本轉嫁給消費者。因此，他們正在尋求其他方面的成本節約途徑。我認為這種趨勢一直持續至今，在第二季度有所加劇，並延續到了第三季。

As it relates to Q3 results, I think that was factored into our original thinking about Q3. The variance that came from Q3 was quite specific to revenue recovery and related to some of the shipment volume changes for Amazon third-party customers.

關於第三季業績，我認為這一點在我們最初對第三季的預期中已經考慮在內。第三季業績的波動主要體現在營收復甦方面，並且與亞馬遜第三方客戶的部分出貨量變化有關。

Okay. Great. And then as a follow-up on that line of thinking in the revenue recovery space, is there any way you can help us think through the performance of maybe the SupplyPike assets versus Carbon6, just to get a better feel for if there's anything sort of underlying happening in this market or if this is just exclusively a function of Amazon-specific dynamics?

好的，太好了。接下來，關於收入恢復方面的思考，您能否幫我們分析一下 SupplyPike 的資產與 Carbon6 的業績對比，以便更好地了解這個市場是否存在某種潛在因素，或者這僅僅是亞馬遜特有的動態所致？

Yes. So first, I'll say we have high conviction over the long term in this revenue recovery opportunity. We're seeing very strong interest in it and demand from our fulfillment customers and have some great early adopter customers on the fulfillment side who have taken it. We also believe in the strategy where we were quick to build out a comprehensive set of solutions that one covered a wide set of retailers and two, offered both models kind of a SaaS subscription model and Take Rate model. We're also pleased with the work that we've done integrating those teams across SupplyPike and Carbon6 now into a common go-to-market team that is offering all retailers and offering both sort of pricing models to customers based on their specific needs.

是的。首先，我想說我們對這項收入復甦機會的長期前景充滿信心。我們看到，我們的物流客戶對此表現出濃厚的興趣和需求，我們已經有一些優秀的早期採用者客戶。我們也相信我們迅速建立的全面解決方案的策略是正確的，該方案一方面涵蓋了廣泛的零售商群體，另一方面提供了兩種模式：SaaS訂閱模式和按佣金比例付費模式。此外，我們很高興看到SupplyPike和Carbon6的團隊整合為統一的市場推廣團隊，該團隊能夠根據客戶的具體需求，為所有零售商提供兩種定價模式。

The headwinds that we saw as a result of shipments in Q3 was exclusive to the 3P side of that business. So if you think all of SupplyPike and the retailers they support are primarily 1P, meaning they're shipping wholesale or direct to store for certain retailers. A good portion of the Carbon6 fits with that because it's the 1P model in Amazon.

第三季出貨量下降帶來的不利影響僅限於第三方（3P）業務。因此，如果您認為SupplyPike及其支持的零售商主要都是1P模式，即他們向特定零售商批發或直接送貨到店，那麼Carbon6也符合這一模式，因為它在亞馬遜上採用的是1P模式。

And then there's another portion of Carbon6 that is the 3P. The variability we saw was in the 3P area. We have not seen much disruption in the 1P area. And as we think strategically, the 3P part of the business is certainly important to us, and it was a sizable portion of Carbon6, and we will continue with that piece of the business.

此外，Carbon6還有另一部分業務，即第三方支付（3P）業務。我們看到的波動主要集中在第三方支付領域。而第一方支付（1P）領域則沒有受到太大影響。從策略角度來看，第三方支付業務對我們至關重要，它曾經是Carbon6相當大的組成部分，我們將繼續發展這部分業務。

But we really think of the 1P side as a lot more strategic for us because that 1P seller really lines up with our ideal customer profile on fulfillment. And so therefore, we think over time, we're likely to have a broader product portfolio for that 1P seller. And therefore, the fact that the 1P was the piece that was a little less disrupted, probably a little bit more favorable for us.

但我們認為1P通路對我們來說更具策略性，因為1P賣家在履約方面與我們的理想客戶畫像高度契合。因此，我們認為隨著時間的推移，我們可能會為1P賣家提供更廣泛的產品組合。所以，1P頻道受到的衝擊較小，這對我們來說可能更有利。

J. Lane, Stifel, Nicolaus & Company, Incorporated.

J. Lane，Stifel, Nicolaus & Company, Incorporated。

Kim, maybe if we look to the 7% to 8% outlook you have for 2026 initially here, can you just go into the assumptions on the macro environment that are embedded in that? Is that assuming any sort of normalization or improvement in the environment that you're outlining for 4Q? Anything you can offer there?

Kim，我們不妨先看看你最初對2026年7%到8%的預測，你能否詳細解釋一下其中隱含的宏觀環境假設？這個預測是否基於你所描述的第四季環境的某種正常化或改善？有什麼可以補充的嗎？

Yes. So Parker, what I would say is our initial guidance that we call it, the lower end of the high single digits takes into account the dynamics that we're seeing this year. And obviously, the way recurring revenue works, there are certain aspects of the dynamic this year that just naturally, right, feeds into next year.

是的。帕克，我想說的是，我們最初的預期，也就是我們所說的「高個位數成長」的下限，已經考慮到了我們今年看到的各種動態。顯然，由於經常性收入的運作方式，今年的一些動態因素自然會影響到明年。

And so I think of it more a mid-ish case, meaning we're reflecting what's happened this year, but we also do have optimism as it relates to the business and the opportunity next year that has been taken into account as well. And taking all of that into account, our best view is, call it, that lower end of the high single digit of 7% to 8%.

所以我認為這個預測更偏向中等水平，也就是說，我們既反映了今年的情況，也考慮到了我們對明年業務和機會的樂觀態度。綜合所有因素，我們最樂觀的估計是，大概在7%到8%這個高個位數區間的下限。

Got it. And Chad, you just alluded to the new go-to-market team that's combined here for revenue recovery. Can you just talk about how quickly you anticipate that you'll start seeing some of the benefits from that new structure? Is that something that can impact 4Q? Or is it more of a couple of quarters for the team to get its feet underneath it and start to execute?

明白了。查德，你剛才提到了為了恢復營收而組成的新市場推廣團隊。可以談談你預計多久才能看到新架構帶來的好處嗎？這會影響到第四季嗎？還是說團隊需要幾個季度的時間來磨合併開始執行？

Yes. So we are seeing some early success in pipeline development and pipeline management and moving deals forward with that combined approach in terms on the Amazon side, where we did see the headwinds in shipment, actually, some of the new customer acquisition has been tracking ahead of where we expected, which gives us conviction about the total market opportunity.

是的。因此，我們在管道開發和管理方面取得了一些初步成功，並透過這種綜合方法推進了與亞馬遜的交易。雖然我們在發貨方面確實遇到了一些阻力，但實際上，一些新客戶的獲取進度已經超過了我們的預期，這讓我們對整體市場機會充滿信心。

The thing about Q4, I would say, is most of the customers that we sign up in Q4 are not going to have a meaningful impact on revenue in either the subscription or the take rate model. So I think continued benefits from this new go-to-market are more likely to have may show up kind of through the P&L in the second half of 2027 in a more meaningful way or 2026, excuse me, than in Q4.

我認為，第四季新增的大部分客戶，無論是在訂閱模式或依佣金分成模式下，都不會對收入產生實質影響。因此，我認為這種新的市場推廣方式帶來的持續收益，更有可能在2027年下半年，或者更準確地說，2026年（抱歉），而不是第四季度，以更顯著的方式體現在損益表中。

Mark Schappel, Loop Capital.

Mark Schappel，Loop Capital。

This is Tim Greaves on for Mark. I guess I want to ask with leveraging your customer change events such as ERP and WMS replacements. Could you provide some directional insight on activity levels you observed there with ERP and WMS replacements, like anything upgrades over the past quarter or two?

我是 Tim Greaves，替 Mark 發言。我想問一下，關於您如何利用客戶變更事件，例如 ERP 和 WMS 系統的更換。您能否就過去一兩個季度中觀察到的 ERP 和 WMS 系統更換活動水平，例如昇級情況，提供一些方向性的見解？

Yes. Majority of those change events, which lead to new customers for us are on the ERP side. WMS can be one of them, but I'd say the majority of them are on the ERP side. We have seen some softness in ERP sort of changeout or replacement market. And that has come mostly in the area of the what we call the mid-market ERPs. So meaning the very high-end enterprise ERPs, we don't do a ton of business there, but we have seen those deals go through as expected.

是的。我們獲得新客戶的大部分變革事件都發生在ERP領域。 WMS也可能是其中之一，但我認為絕大多數都發生在ERP領域。我們注意到ERP的更換或替換市場出現了一些疲軟。這種情況主要出現在我們所謂的中端ERP領域。也就是說，我們並沒有大量涉足高端企業級ERP領域，但我們看到這些交易都如預期完成了。

And the very low end, the small kind of QuickBooks type systems, those actually have moved forward in more of the mid-market ERPs, the Sage, the Microsoft, the NetSuite, in these areas, we have seen some softness in that market, which then kind of slows down the ability to capture new customers via these change events.

而低端市場，小型 QuickBooks 類型的系統，實際上已經向中端市場 ERP 系統（如 Sage、Microsoft、NetSuite）發展，在這些領域，我們看到市場出現了一些疲軟，這在某種程度上減緩了透過這些變革事件獲取新客戶的能力。

(Operator Instructions). Dylan Becker, William Blair.

（操作說明）。迪倫貝克爾，威廉布萊爾。

This is Jackson Bogli on for Dylan Becker. I was wondering if you could go into the new logo side of the equation here. We saw a little bit of a step-up in the quarter. I was just curious to get your thoughts on how we should think about the new logo momentum going into 2026 despite enablement campaigns getting pushed out, but maybe how you're feeling about going into 2026 with some new logo momentum behind you?

這裡是傑克森·博格利，替迪倫·貝克爾發言。我想請您談談新Logo帶來的影響。我們本季業績略有提升。我很好奇，儘管推廣活動有所推遲，但您認為我們應該如何看待新Logo在2026年的發展勢頭？您對2026年新Logo帶來的發展動能有何感想？

Sure, Jackson. So through the first three quarters of this year, we've added a net 1,100 customers. So to your point, that's at a much higher clip than last year and that number excludes M&A. And then last year, the number, excluding M&A was 300 for the year. So to your point, we're at a much accelerated rate. And that's primarily driven by these retailer relationship management programs. In Q3, we also exceeded that expectation. We had assumed it would end up being, call it, a net 350. It ended up closer to a net 450 based on those activities.

當然，傑克遜。今年前三個季度，我們淨增了1,100位客戶。正如您所說，這個數字比去年同期成長速度快得多，而且這個數字還不包括併購。去年，不包括併購在內，全年淨增客戶數為300位。所以，正如您所說，我們的成長速度確實加快了很多。這主要得益於我們所進行的零售商關係管理專案。第三季度，我們也超出了預期。我們原本預期淨增客戶數量會達到350位左右，但由於這些專案的發展，最終淨增客戶數量接近450位。

So that's great momentum. I know you're asking about next year, but I'm just going to give a little color about Q4. So specific to Q4, because of the comments that I made in the prepared remarks, where we have a fair number of those relationship management programs that are pushing from our original expectation of Q4 into 2026, super logical reason why with the holiday season, but knowing that, that is different than we originally anticipated. Our lens for Q4, when we look at our net customer add perspective, we're assuming similar churn to what we've seen in the last couple of quarters.

所以這真是個好勢頭。我知道你們都想了解明年的狀況，但我還是想簡單介紹一下第四季。具體到第四季度，正如我在準備的發言稿中提到的，我們有相當一部分客戶關係管理項目因為假日季的緣故，不得不從原定的第四季度推遲到2026年，這完全合情合理。但即便如此，這也與我們最初的預期有所不同。從淨新增客戶的角度來看，我們預期第四季的客戶流失率將與過去幾季的情況類似。

But many of those programs have moved out, our expectation for net customer adds in Q4, we expect that number is flat to slightly down potentially in Q4. Again, just that's really timing driven. So then when we think about 2026, we really like the pipeline that we're seeing on relationship management programs.

但許多此類項目已經延期，我們預計第四季度淨新增客戶數量將持平或略有下降。當然，這很大程度取決於時間因素。展望2026年，我們對目前關係管理專案的進度非常滿意。

At this point, similar to what we would have shared at Analyst Day, when we think of that mix of what gets us to that high single-digit growth rate, the expectation would be that customer adds are certainly a part of it, but a larger portion of that growth would be coming from the ARPU side of the equation.

這一點與我們在分析師日上分享的內容類似，當我們思考是什麼因素促成瞭如此高的個位數增長率時，我們預期客戶增長當然是其中的一部分，但更大的增長部分將來自 ARPU（每用戶平均收入）這方面。

Nothing's changed there relative to our expectation of the mix being more on the ARPU side and less being on the customer growth side, both important, but similar comments to Analyst Day would still remain.

就我們預期而言，情況並沒有改變，即ARPU（每用戶平均收入）佔比會更高，而客戶成長佔比會更低，兩者都很重要，但與分析師日類似的評論仍然有效。

Great. That's helpful. And then one follow-up, if I could. We saw continued margin expansion in the quarter. And I was curious, we've talked about AI a little bit in this call, but what areas are you guys looking to really lean into to drive that further operating leverage in line with your long-term model and maybe how that leads to better network monetization and that AI differentiation building that competitive moat that you guys have?

太好了，這很有幫助。如果可以的話，我還有一個後續問題。我們看到本季利潤率持續成長。我很好奇，我們在這次電話會議中稍微談到了人工智慧，但你們打算專注於哪些領域，以進一步提升營運槓桿，從而更好地實現長期商業模式？這又將如何幫助你們更好地利用人工智慧差異化優勢，鞏固你們現有的競爭優勢？

Yes. Jackson, thanks for picking up on the expanding margins. A lot of that coming from the gross margin. And the driver there in the gross margin is primarily the investments that we have made in our customer experience and in particular, our customer onboarding to the network. That's become much more efficient and that leads to a better customer experience, and that efficiency also has led to some margin improvement.

是的，傑克遜，謝謝你注意到利潤率的提升。這主要得益於毛利率的成長。而毛利率成長的主要驅動因素是我們對客戶體驗，特別是客戶入駐流程的投入。這方面的效率大幅提升，從而帶來了更好的客戶體驗，而效率的提升也帶來了利潤率的提升。

There's continued improvement that we will drive there, first and foremost, to improve that customer experience and then secondarily, to have that efficiency drive better margin for us. Also, I would say, on the G&A lines and sales and marketing lines, as we continue to scale the business, we think we will get continued efficiency there over time and work towards the targets that we have in our long-term model. You did mention AI.

我們將繼續推動這方面的改進，首先也是最重要的，是提升客戶體驗，其次是提高效率，進而為我們帶來更高的利潤。此外，我想說，在一般及行政費用和銷售行銷費用方面，隨著業務規模的不斷擴大，我們相信隨著時間的推移，這些領域的效率也會持續提升，並朝著我們長期發展模式中的目標邁進。您剛才提到了人工智慧。

I would say we do have internal initiatives now to apply AI technology to continue that efficiency journey and looking, first and foremost, at our go-to-market teams, so a combination of marketing and sales and our customer success teams. One, those are probably the most meaningful workflows in terms of they're all customer-facing workflows. That's also where a lot of our people are today. So we think we continue to drive efficiencies that way as well.

我認為我們目前確實有一些內部舉措，旨在應用人力智慧技術來持續提升效率，首先關注的是我們的行銷團隊，包括行銷、銷售和客戶成功團隊。這些團隊的工作流程可能最為重要，因為它們都直接面對客戶。而且，我們目前的大部分員工也都在這個團隊工作。因此，我們認為繼續透過這種方式提升效率也至關重要。

Joseph Vruwink, Robert W. Baird & Co. Incorporated

Joseph Vruwink，Robert W. Baird & Co. Incorporated

Carbon6 and SupplyPike, when they were originally announced, I think they added to $65 million in revenue in fiscal 2025, bringing a faster rate of growth with it. If I annualize this $3 million to $12 million for a year, it's taking off a double-digit proportion from those businesses.

Carbon6 和 SupplyPike 最初發佈時，預計在 2025 財年將新增 6,500 萬美元的收入，並帶來更快的成長速度。如果我將這 300 萬美元到 1200 萬美元的年度收入減少幅度計算，那麼這將使這些業務的收入減少兩位數。

Is that the right way to think of it? And then if I do that into next year, and I'm subtracting off their elevated or what was an elevated growth rate, can you maybe talk about the embedded assumption for revenue recovery within that 7% to 8%? It maybe seems like that side of the business is in line to below the 7% to 8% and the SBS fulfillment business is still kind of above there, but I want to be sure on all that analysis.

這樣想對嗎？如果我把這個思路延伸到明年，並扣除他們之前較高的增長率，您能否談談這7%到8%的增長率中隱含的收入復甦假設？看起來這部分業務的成長率可能低於7%到8%，而SBS物流業務的成長率仍然高於這個水平，但我希望確保所有分析都正確無誤。

Sure. So when we think about that business and we think about it first for the year 2025, we're in around, within, call it, 10-ish percent of what our original expectations were. When we think about what next year that business represents for us, we still do expect that, that grows at a faster click than our core business.

當然。所以，當我們展望這項業務，尤其是2025年時，我們目前的業績大約只有最初預期的10%左右。展望明年這項業務對我們而言的意義，我們仍然預期它的成長速度會超過我們的核心業務。

And keep in mind the comments that Chad added, when we think about the cross-sell muscle here, now that we have the combined go-to-market strategy and the combined teams in place, we do believe there's a lot of opportunity for us in 2026 to really flex that cross-sell muscle. We have some at bats that have worked well for us this year, but it's still very early on. So the fact that we're going to have that for all of next year has also been taken into account and leaves us with strong conviction that, that business still will grow at a faster click than the core business next year.

請記住查德補充的評論，當我們考慮交叉銷售實力時，鑑於我們現在擁有了整合後的市場推廣策略和團隊，我們相信在2026年我們將有很多機會真正發揮交叉銷售的優勢。今年我們有一些嘗試取得了不錯的成效，但現在還處於早期階段。考慮到明年我們將擁有這項業務，我們也堅信，這項業務明年仍將以比核心業務更快的速度成長。

Okay. That's helpful. And then going back to the customer count, if my math is right, it looks like the 3P side of the count is down maybe 500 logos or 5% since the start of the year. One question, how much of that is churn that you're okay with going back to Chad's comments of you're inheriting a business, but now you're looking to refine it and optimize it for what's going to be more enduring for you going forward?

好的，這很有幫助。再說回客戶數量，如果我沒算錯的話，第三方客戶數量似乎比年初減少了500個，也就是5%。我想問一下，考慮到查德之前說過你是接手一家公司，但現在你想對其進行改進和優化，使其更適合你未來的發展，你能接受多少流失客戶？

And then the silver lining of this question is that if you add the 500 logos back to those 1,100 number you were talking about earlier at the corporate level, 1,600 added for legacy SPS Commerce is a pretty good number. And I wanted to just ask kind of where that's being driven within the environment of spend through the need.

這個問題也有正面的一面，那就是，如果把這500個logo加到你之前提到的公司層面的1100個logo上，那麼為傳統SPS Commerce系統增加的1600個logo數量相當可觀。我想問的是，在支出需求方面，這個數字是由什麼因素驅動的？

Sure. So when you think about the customer count, to your point, we show the number as total customers, but then we do break that out within supplemental in the 10-Q. So if you think about the 3P side of the business in the quarter in Q3, the 3P customer count declined approximately 150. So just as a reminder, when we acquired the Carbon6 business, that added about 8,500 customers, of which the vast majority were 3P, about 8,200 of that 8,500 were 3P.

當然。說到客戶數量，正如您所說，我們通常會以客戶總數的形式呈現，但我們會在 10-Q 表格的補充文件中將其細分。例如，第三季第三方業務方面，第三方客戶數量減少了約 150 家。需要提醒的是，我們收購 Carbon6 業務後新增了約 8500 家客戶，其中絕大多數是第三方客戶，約佔這 8500 家中的 8,200 家。

So what we've seen in that business is specific, it's actually specific in Q3, where that is down approximately 150. And when I think about the business, one, there tends to just be more churn, right, in that 3P business. It's also a much smaller ASP per customer. And there's also some, I'd call them, nonstrategic ancillary type products that we offer to 3P customers. And in those areas, we have seen some of that churn off. Our expectation would be in some of those areas, we'd expect to see that 3P customer count decline a little bit, very immaterial on the overall revenue, but that trend we saw in Q3, we would expect that, that trend would also continue into Q4 and beyond.

所以，我們在這個業務領域觀察到的情況比較特殊，尤其是在第三季度，客戶數量下降了約150。考慮到這個業務，首先，第三方業務的客戶流失率往往更高。其次，每位客戶的平均售價也低得多。此外，我們也向第三方客戶提供一些非策略性的輔助產品。在這些領域，我們也看到了一些客戶流失。我們預計，在這些領域，第三方客戶數量會略有下降，但這對整體收入的影響微乎其微。我們預計，第三季觀察到的這種趨勢將會延續到第四季及以後。

So when you think about the business overall, there's the 1P side and the 3P side. The 1P side has much larger revenue per customer or ARPU per customer. The quantity of customers acquired was much skewed to the 3P side. Again, we definitely see a bit more churn there and also the nonstrategic part of the business. But where we saw a decline, really, I would characterize that as really starting in Q3 at that sort of net 150 and wouldn't be imprudent to assume that we're sort of at that clicked going forward as well.

所以，從整體來看，業務分為第一方（1P）和第三方（3P）兩部分。第一方的單客戶收入（ARPU）要高得多。而客戶獲取量則主要集中在第三方。同樣，我們也看到第三方客戶流失率更高，而且這部分業務也屬於非策略性業務。但就我們看到的下滑而言，我認為是從第三季淨客戶流失率達到150左右開始的，而且我們有理由相信，未來一段時間內，我們仍將保持在這個水平。

Then last thing, to your point, that over the 1P customers actually grew more. So the net 450 would actually be a higher number when you're looking at the 1P customer adds to your point.

最後，正如您所說，1P客戶的成長實際上更快。因此，如果您將1P客戶也考慮在內，那麼淨成長450這個數字實際上會更高。

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

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