SPS Commerce Inc (SPSC) 2025 Q4 法說會逐字稿

Good day, and welcome to the SPS Commerce Q4 2025 earnings conference call. (Operator Instructions) Please note, this event is being recorded.

大家好，歡迎參加 SPS Commerce 2025 年第四季財報電話會議。（操作說明）請注意，本次活動正在錄影。

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

現在我將把會議交給 SPS Commerce 的投資者關係負責人 Irmina Blaszczyk。請繼續。

Thank you, Kim. Good afternoon, everyone, and thank you for joining us on SPS Commerce's fourth quarter and full year 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.

謝謝你，金。各位下午好，感謝各位參加 SPS Commerce 2025 年第四季及全年業績電話會議。今天我們將發表一些聲明，包括關於我們預期的財務業績、市場進入策略以及旨在提高我們在零售商和其他客戶中的吸引力和滲透率的各項舉措。

These statements are forward-looking and involve a number of risks and uncertainties that could cause actual results to differ materially. Please note that these forward-looking statements reflect our opinions only as of the date of this call, and we undertake no obligation to publicly update or revise any forward-looking statements whether as a result of new information, future events or otherwise.

這些陳述屬於前瞻性陳述，涉及許多風險和不確定性，可能導致實際結果與預期結果有重大差異。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，我們不承擔因新資訊、未來事件或其他原因而公開更新或修訂任何前瞻性陳述的義務。

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

有關可能影響我們業績的風險因素的更詳細說明，請參閱我們向美國證券交易委員會提交的文件，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 (SEC) 的網站 sec.gov 上查閱。此外，我們還在網站 spscommerce.com 的「投資者關係」部分提供了歷史資料表，方便您查閱。

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.

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。在我們的新聞稿和提交給美國證券交易委員會的文件中（均已發佈在我們的網站上），您可以找到有關這些非GAAP財務指標的更多披露信息，包括這些指標與可比GAAP指標的調節表。

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

接下來，我會把電話交給查德。

Thanks, Irmina, and good afternoon, everyone. Thank you for joining us today. The fourth quarter of 2025 marks SPS Commerce's 100th consecutive quarter of revenue growth, highlighting the company's pivotal role in driving efficient collaboration among trading partners as omnichannel retail has evolved and supply chains have grown increasingly complex.

謝謝伊爾米娜，大家下午好。感謝您今天蒞臨。2025 年第四季是 SPS Commerce 連續第 100 個季度實現營收成長，這凸顯了該公司在推動貿易夥伴之間高效協作方面發揮的關鍵作用，因為全通路零售已經發展，供應鏈也變得越來越複雜。

We delivered solid fourth quarter and full year results despite a challenging macroeconomic backdrop and tariff-related uncertainty, which contributed to spend scrutiny and delayed purchase decisions throughout the year, and continued to impact our customers in the fourth quarter.

儘管宏觀經濟環境充滿挑戰，關稅相關的不確定性導致全年支出審查和購買決策延遲，並且第四季度繼續影響我們的客戶，但我們仍然取得了穩健的第四季度和全年業績。

For the full year 2025, revenue grew 18% to $751.5 million. Recurring revenue grew 20%, driven by fulfillment growth of 22% year-over-year. SPS's sustained and profitable growth and ongoing expansion of our network demonstrate our success in delivering the products and services that retailers and suppliers depend on to strengthen their collaboration and drive continuous improvement.

2025 年全年，營收成長 18%，達到 7.515 億美元。經常性收入成長了 20%，主要得益於訂單履行業務年增 22%。SPS 持續獲利成長和網路不斷擴張，證明了我們在提供零售商和供應商賴以加強合作和推動持續改進的產品和服務方面取得了成功。

In 2025, we acquired Carbon6 to build on the SPS acquisition of SupplyPike in the prior year and extend the reach of our network with clear leadership in revenue recovery solutions. Revenue recovery represents a $750 million addressable market across 1P US sellers and a significant cross-selling opportunity within our network, which we have highlighted throughout the year.

2025 年，我們收購了 Carbon6，以鞏固 SPS 在前一年收購 SupplyPike 的基礎上，並透過在收入回收解決方案方面的明確領導地位，擴大我們的網路覆蓋範圍。收入恢復意味著美國 1P 賣家擁有 7.5 億美元的潛在市場，並且在我們的網路內存在著巨大的交叉銷售機會，我們全年都在強調這一點。

For example, Allstar Innovations offers turnkey solutions for taking products from concept to consumer. They have been an SPS Fulfillment customer since 2022 and started using the Revenue Recovery solution last year for several retailers, including Walmart, Target, Home Depot and Amazon.

例如，Allstar Innovations 提供從產品概念到消費者的全套解決方案。他們自 2022 年以來一直是 SPS Fulfillment 的客戶，並在去年開始為包括沃爾瑪、塔吉特、家得寶和亞馬遜在內的多家零售商使用收入回收解決方案。

CyberPower Systems, a global manufacturer of power protection and management solutions, is a long-standing Fulfillment customer. To drive further efficiencies across their supply chain, they leveraged Revenue Recovery for some of their key customers, including Amazon, Walmart and Home Depot, and recently added Amazon Canada.

Cyber​​Power Systems 是一家全球領先的電源保護和管理解決方案製造商，也是 Fulfillment 的長期客戶。為了進一步提高整個供應鏈的效率，他們利用收入回收服務為一些主要客戶提供服務，包括亞馬遜、沃爾瑪和家得寶，最近又增加了亞馬遜加拿大。

Other recent examples of customers who are realizing the benefits of Revenue Recovery include Outdoor Cap, one of the world's leading headwear manufacturing and importing companies; TaylorMade, an American sports equipment manufacturing company; and EOS, a beauty and skin care company; and Bunge, a global agribusiness and food company.

近期其他受惠於收入恢復的客戶案例包括：全球領先的帽飾製造和進口公司之一 Outdoor Cap；美國體育器材製造公司 TaylorMade；美容護膚公司 EOS；以及全球農業綜合企業和食品公司 Bunge。

Over the years, we expanded our portfolio of solutions through acquisitions and product innovation to support the evolving needs of our growing network, while strengthening long-standing partnerships, many of which have spanned decades. As we're celebrating 100 consecutive quarters of growth, I wanted to highlight a customer who has partnered with us throughout that journey.

多年來，我們透過收購和產品創新擴展了我們的解決方案組合，以支持我們不斷增長的網絡的不斷變化的需求，同時加強了長期合作夥伴關係，其中許多合作夥伴關係已經持續了幾十年。在我們連續 100 個季度實現成長之際，我想重點介紹一位在這段歷程中一直與我們攜手合作的客戶。

Wolverine Worldwide is a global marketer of branded footwear, apparel and accessories. They began as a Fulfillment customer with a single connection and grew within our network by connecting to additional retailers and eventually subscribing to Analytics. Building on this long-standing relationship, we recently supported Wolverine's expansion into Europe, resulting in a successful go-live on Fulfillment with over 300 trading partners.

Wolverine Worldwide是一家全球性的品牌鞋類、服裝和配件行銷人員。他們最初只是我們物流服務的一個客戶，透過與其他零售商建立聯繫，並最終訂閱了分析服務，從而在我們網絡中不斷發展壯大。基於這種長期的合作關係，我們最近支持 Wolverine 向歐洲擴張，並成功上線了 300 多個貿易夥伴的物流服務。

Trader Joe's, a national chain of over 600 neighborhood grocery stores, rolled out EDI requirements across the entire vendor base to reduce manual processes, improve order selection efficiencies, reduce shipping errors and prepare for future growth. With SPS's Fulfillment solution, Trader Joe's is accelerating progress toward 100% vendor compliance.

Trader Joe's 是一家擁有 600 多家社區雜貨店的全國連鎖企業，已在其所有供應商中推行 EDI 要求，以減少人工流程、提高訂單揀選效率、減少發貨錯誤並為未來的增長做好準備。借助 SPS 的物流解決方案，Trader Joe's 正在加速實現 100% 供應商合規的目標。

Gemplers, a trusted retail brand for farm and home supply products, recently switched to SPS Commerce in an effort to improve order automation and support omnichannel growth. Gemplers opted for SPS's supply chain performance suite and increased EDI compliance from 3 to nearly 100 vendors.

Gemplers 是一個值得信賴的農場和家居用品零售品牌，最近轉而使用 SPS Commerce，以期提高訂單自動化水平並支持全通路成長。Gemplers 選擇使用 SPS 的供應鏈績效套件，並將 EDI 合規供應商數量從 3 家增加到近 100 家。

Petco, a pet retailer who operates in over 1,500 locations in the US, Mexico and Puerto Rico, leveraged SPS's retailer management solution to transition over 700 suppliers to standardized digital supply chain requirements. As a result, the retailer reduced manual data reconciliation, delivered measurable efficiency gains and improved trading partner performance tracking.

Petco 是一家寵物零售商，在美國、墨西哥和波多黎各擁有 1500 多家門市。該公司利用 SPS 的零售商管理解決方案，將 700 多家供應商過渡到標準化的數位化供應鏈需求。因此，該零售商減少了人工數據核對工作，實現了可衡量的效率提升，並改善了貿易夥伴績效追蹤。

SPS is committed to ongoing innovation to support customers on their journey to modernize their supply chains. We recently introduced our new agentic capabilities embedded into the SPS supply chain network, called MAX. Offering new AI functionality, MAX draws on hundreds of thousands of trading connections, decades of expertise, proprietary network intelligence and billions of transactions to help our customers unlock greater value from AI. Put simply, by leveraging the data across our network, SPS is competitively positioned to deliver more meaningful and scalable AI enhancements across our product portfolio to better address the trends that are shaping the future of supply chain collaboration.

SPS致力於持續創新，以支持客戶實現供應鏈現代化。我們最近推出了嵌入到 SPS 供應鏈網路中的全新代理功能，稱為 MAX。MAX 提供全新的 AI 功能，利用數十萬個交易連結、數十年的專業知識、專有的網路智慧和數十億筆交易，幫助我們的客戶從 AI 中釋放更大的價值。簡而言之，透過利用我們網路中的數據，SPS 具有競爭優勢，能夠為我們的產品組合提供更有意義、可擴展的 AI 增強功能，從而更好地應對塑造供應鏈協作未來的趨勢。

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

接下來，我將把發言權交給金，讓她來討論我們的財務表現。

Thanks, Chad. We reported a solid fourth quarter of 2025. Revenue was $192.7 million, a 13% increase over Q4 of last year and represented our 100th consecutive quarter of revenue growth. Recurring revenue grew 14% year-over-year. Adjusted EBITDA increased 22% to $60.5 million.

謝謝你，查德。我們公佈了2025年第四季穩健的業績。營收為 1.927 億美元，比去年第四季成長 13%，這是我們連續第 100 個季度實現營收成長。經常性收入年增 14%。調整後 EBITDA 成長 22% 至 6,050 萬美元。

For the year, revenue was $751.5 million, an 18% increase, and recurring revenue grew 20%. The total number of recurring revenue customers was approximately 54,600, as the number of 1P customers was flat sequentially while the number of 3P customers declined by 350. ARPU for the year increased to approximately $14,350. Adjusted EBITDA grew 24% to $231.4 million. We ended the year with total cash and cash equivalents of $151 million.

該年度營收為 7.515 億美元，成長 18%，經常性收入成長 20%。經常性收入客戶總數約為 54,600 人，其中 1P 客戶數量環比持平，而 3P 客戶數量減少了 350 人。本年度每位用戶平均收入 (ARPU) 增加至約 14,350 美元。調整後 EBITDA 成長 24% 至 2.314 億美元。截至年底，我們持有的現金及現金等價物總額為 1.51 億美元。

In 2025, we deployed 76% of free cash flow to repurchase $115 million of SPS shares. In addition, the Board of Directors approved an increase of $200 million in the current share repurchase program, which came into effect on December 1, 2025, for a total authorization of up to $300 million. This demonstrates our commitment to effectively deploy and return capital to shareholders while maintaining a flexible capital structure.

2025 年，我們投入 76% 的自由現金流回購了價值 1.15 億美元的 SPS 股票。此外，董事會批准將目前的股票回購計畫增加 2 億美元，該計畫於 2025 年 12 月 1 日生效，總授權額度最高可達 3 億美元。這反映了我們致力於有效部署資本並向股東返還資本，同時保持靈活的資本結構。

Now turning to guidance. For the first quarter of 2026, we expect revenue to be in the range of $191.6 million to $193.6 million, which represents approximately 6% year-over-year growth at the midpoint of the guided range. We expect adjusted EBITDA to be in the range of $55.5 million to $57.5 million. We expect fully diluted earnings per share to be in the range of $0.46 to $0.49, with fully diluted weighted average shares outstanding of approximately 38.2 million shares.

現在進入指導環節。我們預計 2026 年第一季的營收將在 1.916 億美元至 1.936 億美元之間，按預期範圍的中點計算，年增約 6%。我們預計調整後的 EBITDA 將在 5,550 萬美元至 5,750 萬美元之間。我們預計完全稀釋後的每股盈餘將在 0.46 美元至 0.49 美元之間，完全稀釋後的加權平均流通股數約為 3,820 萬股。

We expect non-GAAP diluted income per share to be in the range of $0.95 to $0.99, with stock-based compensation expense of approximately $17.2 million, depreciation expense of approximately $4.5 million and amortization expense of approximately $9.6 million. For the full year 2026, we expect revenue to be in the range of $798.5 million to $806.9 million, representing approximately 7% growth over 2025 at the midpoint of the guided range. We expect adjusted EBITDA to be in the range of $261 million to $265.5 million, representing growth of approximately 13% to 15% over 2025.

我們預計非GAAP稀釋後每股盈餘將在0.95美元至0.99美元之間，其中股權激勵費用約為1,720萬美元，折舊費用約為450萬美元，攤提費用約為960萬美元。我們預計 2026 年全年營收將在 7.985 億美元至 8.069 億美元之間，按預期範圍的中點計算，比 2025 年增長約 7%。我們預計調整後的 EBITDA 將在 2.61 億美元至 2.655 億美元之間，比 2025 年成長約 13% 至 15%。

We expect fully diluted earnings per share to be in the range of $2.50 to $2.58, with fully diluted weighted average shares outstanding of approximately 38.4 million shares. We expect non-GAAP diluted income per share to be in the range of $4.42 to $4.50, with stock-based compensation expense of approximately $67.1 million, depreciation expense of approximately $21.6 million and amortization expense for the year of approximately $38.3 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.

我們預計完全稀釋後的每股盈餘將在 2.50 美元至 2.58 美元之間，完全稀釋後的加權平均流通股數約為 3,840 萬股。我們預計非GAAP稀釋後每股盈餘將在4.42美元至4.50美元之間，其中股票選擇權費用約為6,710萬美元，折舊費用約為2,160萬美元，攤提費用約為3,830萬美元。在今年剩餘的時間裡，投資者應按季度模擬約 30% 的有效稅率，該稅率是根據 GAAP 稅前淨收益計算的。

I'd like to now turn the call over to Chad for closing remarks.

現在我把電話交給查德，請他做總結發言。

Thank you, Kim. Before I conclude my prepared remarks, I'd like to take a moment to acknowledge the announcement in our earnings release that Kim Nelson, our Chief Financial Officer, intends to retire after nearly 20 years with the company. Kim has been a steady and trusted leader through some of the most defining chapters of SPS Commerce's journey, from the IPO to our evolution into a global organization that just achieved 100 consecutive quarters of growth.

謝謝你，金。在我結束準備好的發言之前，我想花一點時間提及我們在盈利報告中宣布的消息：我們的首席財務官金·尼爾森 (Kim Nelson) 將在公司工作近 20 年後退休。從 IPO 到發展成為全球性企業，並實現了連續 100 個季度成長，Kim 在 SPS Commerce 發展歷程中一些最具決定性的篇章中一直是一位穩定且值得信賴的領導者。

On behalf of the entire SPS team, I want to thank Kim for her extraordinary contributions and congratulate her on her well-earned retirement. In addition, I'm pleased to welcome Joseph Del Preto, who will assume the CFO role as of March 16, 2026. Joe brings more than 20 years of experience leading finance, accounting and operational strategy for high-growth, publicly traded-technology companies, most recently serving as Chief Financial Officer and Treasurer of Sprout Social.

我謹代表SPS全體團隊成員，感謝Kim的卓越貢獻，並祝賀她光榮退休。此外，我很高興地歡迎 Joseph Del Preto 加入我們，他將於 2026 年 3 月 16 日擔任財務長一職。Joe 擁有超過 20 年的經驗，曾領導高成長上市科技公司的財務、會計和營運策略，最近擔任 Sprout Social 的財務長兼財務主管。

With a leadership style that upholds our core values, I'm confident Joe will build on the strong foundation Kim created and help guide SPS through our next chapter of growth. Kim will remain at SPS through the transition process to ensure a seamless succession.

我相信，秉持我們核心價值的領導風格，喬將在金奠定的堅實基礎上繼續發展，並幫助SPS邁入下一個成長階段。在過渡期間，Kim 將繼續留在 SPS，以確保平穩交接。

Today we also announced the addition of two new independent directors to our Board in a cooperation agreement with Anson Funds, following extensive engagement with a number of our large investors, including Anson. We are excited to welcome Mike back to the Board and appoint Fumbi, who together bring valuable experience that will help us advance our strategy.

今天，我們也宣布，在與包括 Anson 在內的許多大型投資者進行廣泛磋商後，根據與 Anson Funds 的合作協議，我們的董事會新增了兩名獨立董事。我們很高興歡迎 Mike 重返董事會，並任命 Fumbi，他們兩人將帶來寶貴的經驗，幫助我們推進策略。

As I pause to reflect on the company's achievements to date, I'd like to take a moment to convey my genuine enthusiasm for the opportunity that lies ahead. We recently wrapped up our annual field kickoff event, and I was encouraged to see the sales team so highly energized by our recent launch of AI-enabled products, which we believe competitively position SPS to deliver unparalleled value to our customers.

在我回顧公司迄今為止的成就之際，我想藉此機會表達我對未來機會的真誠熱情。我們最近結束了年度現場啟動活動，看到銷售團隊對我們最近推出的人工智慧產品如此充滿活力，我感到非常鼓舞。我們相信，這些產品將使 SPS 具備競爭優勢，能夠為我們的客戶提供無與倫比的價值。

In addition, our reimagined retail go-to-market strategy is enabling more strategic conversations with retailers, initiating new engagements and cross-selling opportunities across our expanded product portfolio. Our competitive differentiation and inherent growth levers support our revenue growth expectations of at least high single digits without acquisitions beyond 2026. We expect to increase our adjusted EBITDA margin by 2 percentage points annually as we remain committed to steady margin expansion and free cash flow generation to support ongoing share repurchases and drive shareholder value.

此外，我們重新構想的零售市場進入策略能夠與零售商進行更具策略性的對話，從而在我們擴大的產品組合中開啟新的合作和交叉銷售機會。我們的競爭優勢和內在成長動力支撐著我們2026年後無需收購即可實現至少高個位數收入成長的預期。我們預計每年調整後的 EBITDA 利潤率將提高 2 個百分點，因為我們將繼續致力於穩步提高利潤率和產生自由現金流，以支持持續的股票回購並提升股東價值。

Lastly, I'd like to recognize that our success to date and prospects for the future growth are a testament to SPS Commerce employees worldwide. Their dedication and commitment to excellence underscores my conviction in our $11 billion global addressable market and our next chapter of growth.

最後，我要感謝 SPS Commerce 全球員工，感謝他們迄今為止的成功以及未來的發展前景。他們對卓越的奉獻和承諾，更加堅定了我對我們110億美元全球潛在市場以及下一個成長篇章的信心。

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

接下來，我想接受大家的提問。

(Operator Instructions)

（操作說明）

Scott Berg, Needham.

史考特·伯格，尼德姆。

Hi, everyone. Thanks for taking my questions. Before I get to those, I guess, Kim, it's been a really fun ride. I don't know why now is the right time. I look forward to catching up on that later. But just know that you will be missed.

大家好。謝謝您回答我的問題。在談到那些之前，我想說，金，這段旅程真的非常有趣。我不知道為什麼現在是合適的時機。我期待稍後能抽出時間來了解一下。但你要知道，我們會想念你的。

Getting to the quarter here, Kim, you talked about a challenging macro environment that persisted in the fourth quarter. When we look at the numbers, I think we'd all agree to come in maybe a touch weaker, although within guidance, than what we are used to and accustomed to. What were some of the challenges in the quarter that might have maybe impacted your expectations relative to where the numbers kind of ended up?

金，說到本季度，你剛才提到第四季宏觀環境充滿挑戰，而且這種挑戰一直持續到第四季。從數據來看，我想我們都會同意，雖然在指導方針範圍內，但實際表現可能會比我們以往習慣的水平稍弱一些。本季有哪些挑戰可能會影響您的預期，進而影響最終的業績數字？

Sure, Scott. So as we established our expectations for Q4 going back a quarter ago, as you can imagine, there were different scenarios or parameters of how that could play out. To your point, on the top line, we ended up at the lower end of our revenue guidance. We ended up at the higher end of our adjusted EBITDA guidance. So specifically on the revenue side, what we saw in Q4 was a continuation of headwinds that we've spoken about in the past.

當然可以，斯科特。因此，正如你所能想的，當我們在一個季度前製定第四季度的預期時，存在著不同的情景或參數，這些情景或參數可能會如何發展。正如您所說，就營收而言，我們最終達到了營收預期範圍的下限。我們最終達到了調整後 EBITDA 預期值的較高水準。因此，具體到收入方面，我們在第四季度看到的是我們過去一直在談論的不利因素的延續。

Some of those headwinds with our existing customers, just more challenging time for them, invoice scrutiny, uncertainty, et cetera. And then specific on the Revenue Recovery side, we actually -- there's nice demand there, so the demand is strong. However, with the take rate model that we have there, we did see more to the lower end of what our expectation would be, along with the Amazon policy changes that have occurred.

對於我們現有的客戶來說，一些不利因素包括：對他們而言，這是一個更具挑戰性的時期，例如發票審查、不確定性等等。而具體到收入回收方面，我們實際上——這方面的需求很好，所以需求很強勁。然而，根據我們現有的佣金率模型，以及亞馬遜政策的變化，我們看到實際佣金率更接近預期值的下限。

Got it. Helpful there. And then I saw the press release on your new MAX agentic AI solution there. I guess, how do we think about the opportunity there? Is this a functionality that you think you can monetize on an individual SKU basis?

知道了。那方面很有幫助。然後我看到了你們關於全新 MAX 智能體 AI 解決方案的新聞稿。我想，我們該如何看待其中的機會呢？您認為這項功能可以按單一 SKU 進行獲利嗎？

Or does this just kind of enhance your products platform and your competitive positioning relative to other competitors out there?

或者，這只是為了增強你的產品平台以及你相對於其他競爭對手的競爭地位？

Yes. So as I mentioned in the prepared remarks, super-excited about this new capability that we've launched. So it's really an agentic capability that's built right into the network. So it has access to the network itself, plus all our proprietary information about how retailers work and the requirements that retailers have for their supply chain. So we've sort of surfaced that capability up initially with three new features that are in our fulfillment product.

是的。正如我在準備好的演講稿中提到的那樣，我對我們推出的這項新功能感到非常興奮。所以，這其實是一種內建在網路中的代理能力。因此，它可以存取網路本身，以及我們所有關於零售商如何運作以及零售商對其供應鏈的要求的專有資訊。因此，我們首先透過我們履行產品中的三個新功能，初步展現了這種能力。

The first feature is really a chat feature, which allows the user to have sort of guided workflows into how they process transactions back and forth with their trading partners, as well as full kind of inquiry capabilities around retailer requirements. As an example, asking what are the different shipment requirements or acknowledgment requirements that are different between Walmart and Target.

第一個功能實際上是聊天功能，它允許用戶在與交易夥伴進行來回交易的過程中獲得某種引導式工作流程，以及圍繞零售商要求的全面查詢功能。例如，詢問沃爾瑪和塔吉特在出貨要求或確認要求方面有哪些不同。

The second feature is a monitor capability. So think of this almost just like a dedicated agent for a customer that's monitoring all their transaction activities across our network. If there's any anomalies, like an order didn't come as expected or they didn't send the invoice out as expected, that monitor capability is going to catch that for customers.

第二個特點是具備監控功能。所以你可以把這想像成客戶的專屬代理人，負責監控他們在我們網路上的所有交易活動。如果出現任何異常情況，例如訂單未如預期送達或發票未如預期發出，則該監控功能將為客戶發現這些問題。

And then the final feature is allowing agent-to-agent communication. So we know we have a very rich data source in the SPS network, and it's most likely many of our customers will want to interact with that via agent-to-agent communication. So we've launched a model protocol interface into the network, and that gives full capability for agent-to-agent communication.

最後，該功能還允許代理之間進行通訊。所以我們知道 SPS 網路中擁有非常豐富的資料來源，而且很可能我們的許多客戶都希望透過代理程式之間的通訊與該資料來源互動。因此，我們已在網路中啟動了一個模型協定接口，從而實現了代理之間的全面通訊。

In terms of the monetization, this is initially available to beta customers, and we do have customers that are using it in the beta format, with very good feedback. And as we move through that beta, we're going to monitor the customers' usage of that and help that inform the monetization strategy.

在獲利方面，該功能最初僅面向測試版用戶開放，目前已有用戶以測試版形式使用該功能，並給予了非常好的回饋。隨著測試版的推進，我們將監控客戶的使用情況，並以此為依據制定獲利策略。

I absolutely believe this will be a competitive differentiator that will help us on the competitive side of the business and also help us with retention. But as we get to understand more and more about how customers are using this, I think the monetization opportunities will become more clear as well. And these first three features are just the first three areas where we're exposing MAX. Because it's built right into the network itself, we fully expect to be exposing MAX across the entire product portfolio over time.

我堅信這將是我們的競爭優勢，有助於提升我們在業務競爭上的競爭力，同時也有助於提高客戶留存率。但隨著我們對客戶如何使用這項功能了解得越來越多，我認為獲利機會也會變得更加清晰。而這前三個功能只是我們展示 MAX 的最初三個領域。由於 MAX 已內建於網路本身，我們完全有信心在未來將 MAX 應用於整個產品組合中。

Understood, thanks and congratulations on a good quarter.

明白了，謝謝，恭喜你們本季業績出色。

Matt Vanvliet, Cantor.

馬特範弗利特，坎托爾。

Good afternoon. Thanks for taking the questions. Congrats on the retirement, Kim. I guess as we look forward in terms of reviving growth here to maybe levels you're more expecting, what maybe additional resources or investments do you think can be made and drive sort of above-average returns, maybe even pushing beyond some of the community events? Anything that you're already working on and expect to be rolling out here shortly that can help drive the top line performance?

午安.謝謝您回答問題。金，恭喜你退休。我想，展望未來，為了恢復這裡的成長，達到您更期望的水平，您認為可以投入哪些額外的資源或資金來推動高於平均水平的回報，甚至超越一些社區活動？您目前正在進行哪些工作，並預計很快就會推出，以協助提升公司營收？

Sure. Yes. So we do expect that for increasing customer count over time, our unique go-to-market with the retail enablement programs will continue to drive a lot of that. And we continue to invest in that area and refine those approaches there. In addition to that, you may have noticed that we brought on a new Chief Marketing Officer and we're advancing the maturity of our marketing capabilities as a way to, one, attract new customers in ways outside the retail enablement program.

當然。是的。因此，我們預計，隨著客戶數量的不斷增長，我們獨特的零售賦能計畫的市場推廣方式將繼續推動這一成長。我們將繼續在該領域進行投資，並不斷改進相關方法。除此之外，您可能已經注意到，我們聘請了一位新的首席行銷官，並且我們正在提升行銷能力的成熟度，以此來吸引零售賦能計劃之外的新客戶。

So that would be incremental to what we already get with the retail programs, as well as market back to our existing customers, highlighting the broad product portfolio and the opportunity that we have with existing customers, both for the cross-sell opportunity for Analytics, Revenue Recovery, but also the further penetration within Fulfillment, adding more trading partners.

因此，這將在我們現有零售計劃的基礎上增加收益，同時也能回饋給現有客戶，突顯我們廣泛的產品組合以及我們與現有客戶合作的機會，這不僅包括分析、收入恢復方面的交叉銷售機會，還包括在履行方面進一步滲透，增加更多貿易夥伴。

So 2025 was a tough year in our end market. We did see a lot of challenges. And the main driver our customers were telling us about was global trade. So as we sort of lap some of those effects in 2026, have more of the cross-selling momentum from the products going forward, we expect all these will continue to drive long-term growth for SPS.

所以，2025年對我們的終端市場來說是艱難的一年。我們確實遇到了很多挑戰。客戶告訴我們的主要驅動因素是全球貿易。因此，隨著我們在 2026 年逐漸消除其中一些影響，並獲得更多來自產品的交叉銷售動力，我們預計所有這些都將繼續推動 SPS 的長期成長。

All right. Very helpful. And then given the changes at Amazon in particular, is there a thought of maybe pulling back some of the resources for the Revenue Recovery, maybe waiting to see how that plays out a little more in the market over the next several quarters and sort of reassess from there? Or I guess, what is the approach to thinking about continuing to invest in a business that's been underperforming your expectations?

好的。很有幫助。鑑於亞馬遜的種種變化，是否有可能撤回一些用於營收復甦的資源，或許應該等待觀察未來幾季市場的發展情況，然後再進行重新評估？或者說，對於一家業績未達預期的企業，我們該如何考慮繼續投資？

Yes. So I think what you'll see from us with Revenue Recovery is we do see the strong demand for this product in the market. So in terms of our ability to cross-sell it to our fulfillment customers, and especially the demand that we're seeing from the 1P sellers, which the 1P sellers on Amazon line up much more with our ideal customer profile in our typical Fulfillment and Analytics customer, that's going well. So I think what you'll see is us continue to invest in that 1P area of the business where it very much fits our strategy, it lines up with our ideal customer profile.

是的。所以我認為，從我們推出的Revenue Recovery產品來看，市場對該產品的需求非常強勁。因此，就我們向物流客戶交叉銷售的能力而言，尤其是我們從 1P 賣家看到的需求，亞馬遜上的 1P 賣家與我們典型的物流和分析客戶的理想客戶畫像更加吻合，這方面進展順利。所以我認為你會看到我們繼續投資於業務的1P領域，因為它非常符合我們的策略，也與我們的理想客戶畫像相符。

And on the third-party side, not that we won't continue to manage that, and there is demand for that product as well, but probably won't get the same level of total focus as the 1P will. And I think over time, there's probably some opportunities as well in this business to drive the mix a little bit more from the take rate model to the subscription model, but that will come over time.

至於第三方方面，並不是說我們不會繼續管理這部分業務，而且對這類產品也有需求，但可能不會像第一方產品那樣得到同等的關注。而且我認為，隨著時間的推移，這個行業可能也有一些機會，可以將模式從按次付費模式轉向訂閱模式，但這需要時間。

Okay, great. Thank you.

好的，太好了。謝謝。

Dylan Becker, William Blair.

迪倫貝克爾，威廉布萊爾。

Hey, Chad. Hey, Kim. Kim I'd like to add my congrats on the retirement. I'm looking forward to catching up and hearing what's next. Maybe for you, and also for Chad as well too, but as we think about the broader demand backdrop and what we've talked about in the past as some of those initial projects that were pushed into 2026, I guess, could you give us any update on how those have continued to progress?

嘿，查德。嘿，金。金，我也想祝賀你退休。我很期待和你敘敘舊，聽聽你接下來的計畫。也許對你來說是這樣，對查德來說也是如此，但當我們考慮更廣泛的需求背景以及我們過去討論過的一些被推遲到 2026 年的初始項目時，我想，您能否給我們提供一些關於這些項目進展情況的最新信息？

And maybe what's implied kind of in the outlook for 2026 as it pertains to kind of your expectations on the mix of the net new customer side of the equation as that had stepped up in 2025, if that continues, as well as kind of some of the cross-selling efforts that's been an area of more kind of resource dedication as well too?

那麼，2026 年的展望是否暗示了您對淨新增客戶組合的預期呢？因為 2025 年淨新增客戶數量有所增加，如果這種趨勢能夠持續下去，那麼交叉銷售方面的努力也將有所改善，而交叉銷售也是我們投入更多資源的領域之一。

Sure, Dylan. I'll take that last one first and then I'll hit your other two. So we would continue to expect that the majority of the revenue growth is coming from that ARPU side of the equation. That does not mean we will not continue to add customers. Our retail go-to-market, as Chad talked about, is a great way through those retailer relationship management programs to get us in front of new customers.

當然，迪倫。我先拿走最後一個，然後再拿走你的另外兩個。因此，我們仍然預期大部分收入成長將來自每用戶平均收入（ARPU）的成長。但這並不意味著我們將停止拓展客戶。正如查德所說，我們的零售市場推廣策略是透過零售商關係管理計劃，讓我們接觸到新客戶的絕佳途徑。

But the mix between the two will continue to be more heavily skewed on the ARPU side. When we think about some of the dynamics as it relates to the retail relationship campaigns, we still see strong demand for that. What we're seeing, however, is that is probably going to be a bit more, call it, back half versus front half, just the timing of when those are coming in. So still very strong demand, but a bit more later in the year versus earlier in the year.

但兩者之間的比例仍將更嚴重地偏向 ARPU 一方。當我們思考與零售關係行銷活動相關的一些動態因素時，我們仍然看到對這方面有強勁的需求。然而，我們看到的情況是，這可能更體現為後半段與前半段之間的差異，只是這些內容何時出現的時間不同而已。所以需求依然非常強勁，但與年初相比，下半年的需求會更高一些。

And then as it relates to just some assumptions in our guidance, you may or may not have picked up, if you think about the Q1, sort of the midpoint is 6% top line growth. For the full year, the midpoint is about 7% of top line growth. We are still lapping some of those headwinds that we've talked about in 2025 across our business.

至於我們業績指引中的一些假設，您可能已經注意到，如果您回顧第一季度，其中點是營收成長 6%。全年來看，中點約為營收成長的 7%。我們仍在努力克服我們在 2025 年業務中遇到的一些不利因素。

And we really get to a point in the back half of the year where we are then -- that we have lapped those headwinds. So we're still facing some of that -- those -- again, it's the headwinds in the year-over-year compares in the front half of the year that we then have lapped in the back half.

到了下半年，我們就會真正意識到──我們已經克服了那些逆風。所以我們仍然面臨著一些這樣的問題——這些問題——再次強調，這是上半年同比數據中存在的逆風，而我們在下半年已經克服了這些逆風。

Very helpful. Thank you, Kim. And then maybe for Chad, kind of sticking with the topic of the idea of AI. MAX is obviously a part of it, but it does feel like there's been more of an emphasis on kind of an accelerated product momentum. And we've talked in the past about how you guys can leverage the network to deliver value.

很有幫助。謝謝你，金。然後，也許對查德來說，可以繼續探討人工智慧這個主題。MAX 顯然是其中的一部分，但感覺上似乎更注重加速產品發展勢頭。我們之前也討論過你們如何利用網路來創造價值。

But maybe how you're thinking about that innovation cadence kind of picking up and how that can contribute to a lot of the parts that maybe you guys kind of touched on, but obviously, customer retention, potential pricing power, serving as that carrot for kind of incremental customer adoption, but really leaning into more of that AI initiative to help kind of continue to support some of the pipeline momentum that you're seeing? Thank you.

但也許你們在思考如何加快創新節奏，以及這如何能對你們剛才提到的很多方面有所貢獻，比如客戶留存率、潛在的定價權，以此作為吸引客戶逐步採用的誘餌，但真正應該更多地依靠人工智能計劃來幫助繼續支持你們目前看到的銷售渠道增長勢頭？謝謝。

Yes. Absolutely, Dylan. So what we're hearing from our customers is that data is absolutely key to their AI initiatives. And we're a tremendous source of data. So in our network with our Fulfillment product, that generates massive amounts of retail and distribution data. Obviously, our Analytics business is based on data itself. And so we're just uncovering more and more use cases where we can expose that utilizing agentic capability. So I mentioned a few that are showing up in

是的。當然，迪倫。我們從客戶那裡了解到，數據對於他們的人工智慧計畫至關重要。我們擁有龐大的數據來源。因此，在我們的網路中，我們的物流產品會產生大量的零售和分銷數據。顯然，我們的分析業務是以數據本身為基礎的。因此，我們正在不斷發現越來越多的用例，可以在這些用例中利用代理能力來實現這一點。所以我提到了一些正在出現的例子。

Fulfillment now. I will also mention that we are doing a major technology replatforming to our Analytics product, which really allows that data that's in that Analytics product to fit just being on some more modern technologies in our customers' AI use cases a lot more effectively. And I do think that you'll continue to see innovation from us.

立即實現。我還要提一下，我們正在對我們的分析產品進行重大技術平台重構，這使得分析產品中的資料能夠更有效地適應我們客戶的 AI 用例中的一些更現代的技術。而且我認為你們會繼續看到我們不斷創新。

But at the heart of that is really the data that's on the network and the insights that customers can get from that. And it's just with the way the agent technology is moving forward, the speed at which that could come, I mean, it is really moving quickly. Very pleased with what the team has done and the time frame they've done it to get MAX in the market.

但其核心在於網路上的數據以及客戶可以從中獲得的見解。而且，隨著智能體技術的進步，這項技術的發展速度也越來越快，我的意思是，它的發展速度真的非常快。我對團隊的工作成果以及他們為將 MAX 推向市場所付出的時間感到非常滿意。

Thank you both.

謝謝你們兩位。

Lachlan Brown, Rothschild & Company Redburn.

拉克蘭布朗，羅斯柴爾德公司雷德伯恩分公司。

Hi, Chad. Kim, congrats on the excellent tenure as CFO. On M&A, your last transaction was over 12 months ago now. So how is the M&A environment at the moment? Conscious that publicly-traded software has materially derated over the last few months. Are you seeing this reflected at all in private valuations? And how competitive are the bidding process at the moment? Are you seeing much private equity?

嗨，查德。金，恭喜你擔任財務長期間的出色表現。關於併購，您上一次交易已經是12個月前的事了。那麼，目前的併購環境如何？意識到上市軟體在過去幾個月價值大幅下降。您在私人估值中是否看到任何這方面的體現？目前的競標過程競爭程度如何？你看到很多私募股權投資嗎？

Yes. So we continue to manage an M&A pipeline and stay active in that market. What I would say is we also have work remaining as we integrate the revenue recovery business into everything we're doing at SPS Commerce, especially on the go-to-market side.

是的。因此，我們將繼續管理併購項目，並保持在該市場的活躍度。我想說的是，我們還有一些工作要做，因為我們需要將收入回收業務整合到 SPS Commerce 的所有業務中，尤其是在市場推廣方面。

And at this point in time as well, share repurchase is an attractive use of the capital that we have. So we're just balancing out all of those factors. You will see the Board authorized another $200 million of share repurchase, bringing that total to $300 million that they've authorized. And so that can be a definite attractive use of the tremendous free cash flow that this business generates.

而且在目前這個階段，股票回購也是我們現有資本的一個有吸引力的用途。所以我們只是在權衡所有這些因素。你會看到董事會批准了另外 2 億美元的股票回購計劃，使他們批准的股票回購總額達到 3 億美元。因此，這無疑是對這家企業所產生的巨額自由現金流的一種極具吸引力的利用方式。

That's clear. And on MAX Connect, which supports MCP and agent-to-agent communication, presumably great for supporting the SPS ecosystem and your customers. But given your moat is the retail network data, how do you manage AI ERP peers taking that strategic data out and using it to their benefit? And also, could you potentially look to price this MCP access?

這一點很清楚。MAX Connect 支援 MCP 和代理商之間的通信，這對於支援 SPS 生態系統和您的客戶來說應該非常有利。但鑑於你的護城河是零售網路數據，你如何應對 AI ERP 同行取得這些策略數據並加以利用的情況？另外，您能否考慮一下如何為這項 MCP 存取權限定價？

Yes, I think we will price the MCP access. At our field kickoff event we had last week, we did a live demo for our sales team of this MCP interface that -- where we were connected to one of our ERP partners and their agent-to-agent communication. And then we utilized, in this case, it was Claude, it could have been any type of chat-based LLM capability, and actually showing how that Claude was able to connect data out of the SPS network and this particular ERP provider's data, and put that together in a way that was very helpful for many customer use cases.

是的，我認為我們會對MCP存取權限進行定價。在上週的現場啟動活動中，我們向銷售團隊現場演示了這款 MCP 介面——我們將其連接到我們的 ERP 合作夥伴及其代理商之間的通訊。然後，我們利用了（在本例中是 Claude）任何類型的基於聊天的 LLM 功能，實際上展示了 Claude 如何將 SPS 網路的資料與這個特定的 ERP 提供者的資料連接起來，並以一種對許多客戶用例非常有幫助的方式將它們組合在一起。

So I think it just exemplifies that this -- we'll have use cases that are directly interacting with MAX, our agent, but we will also have many use cases where we're just a participant in the customer's agent-to-agent workflow. And I'm confident that our data that we're sort of bringing to that workflow will be valuable enough that we'll be able to monetize over time those types of agent-to-agent communications.

所以我認為這正好說明了這一點——我們會有一些用例直接與我們的代理 MAX 進行交互，但我們也會有很多用例只是客戶代理之間工作流程的參與者。我相信，我們正在引入該工作流程中的數據將具有足夠的價值，隨著時間的推移，我們將能夠從這類代理商之間的溝通中獲利。

Makes sense. Thanks for the questions.

有道理。謝謝大家的提問。

George Kurosawa, Citi.

喬治·黑澤，花旗銀行。

Okay, great, thanks for taking the questions. I want to echo congratulations to Kim. I wanted to follow up on the discussion from last quarter about some enablement campaigns that, from a timing perspective, pushed out of Q4 into the first half of '26.

好的，非常感謝你們回答問題。我謹向金表示祝賀。我想跟進上個季度關於一些賦能活動的討論，從時間安排上看，這些活動從第四季度推遲到了 2026 年上半年。

I wanted to just follow up on when you expect to execute on those. Just looking at the guide, it seems like possibly maybe some of those are skewing more towards Q2 than Q1. Just any color on that trend.

我想確認一下您預計何時執行這些計劃。單從這份指南來看，似乎其中一些數據可能更偏向第二季而不是第一季。任何符合這種流行趨勢的顏色都可以。

Yes. So those particular ones that did slip here into 2026 are still moving forward. And some of them are actually kind of running at this point in time. What I would say though is, keep in mind, as those programs affect customer count, there can be a little lag in that, so -- because we actually -- they don't really affect the customer count until we're fully up and running and billing those customers. So those programs are continuing, but I would expect them to drive more customer count in the -- probably the latter stages of Q2 and more in Q3 than they will in the first half of the year.

是的。所以那些推遲到 2026 年的特定項目仍在繼續。而其中一些項目目前實際上已經開始營運了。不過我想說的是，請記住，由於這些項目會影響客戶數量，因此可能會有一些滯後，所以——因為實際上——在我們完全啟動並開始向這些客戶收費之前，它們不會真正影響客戶數量。所以這些項目仍在繼續，但我預計它們在第二季後期和第三季帶來的客戶數量將比上半年更多。

Okay. That's helpful color. And then on the Q3 -- excuse me, the 3P customers for Carbon6, I think you had guided to about 150 net decline in customers. It seems like it came in a little below that. Maybe just any color on your line of sight to maybe those headwinds normalizing, or how long you expect those to persist for? Thanks.

好的。這是個很有幫助的顏色。然後是第三季——抱歉，是 Carbon6 的第三方客戶，我認為你們曾預測客戶淨減少約 150 家。看起來實際結果比這個略低。也許只是你視線範圍內出現的任何顏色，都可能預示著逆風會逐漸消失，或者你預期這些逆風會持續多久？謝謝。

Yes. So we really do think about the 1P customer count and the 3P customer count quite differently given the comments I made earlier about just the strategic focus. So you'll see our -- in our results, we're flat from a 1P customer count and then down 350 in the 3P side. As we focus more on the 1P side of revenue recovery, which is really where our ideal customer profile lies -- on the 3P side, the dynamics there are -- our focus is on 1P. We're attracting 1P customers in.

是的。所以，鑑於我之前提到的策略重點，我們對 1P 客戶數量和 3P 客戶數量的看法確實截然不同。所以你會看到，在我們的業績中，1P客戶數量持平，而3P客戶數量下降了350。隨著我們更加關注收入恢復的 1P 面向​​（這才是我們理想的客戶群所在），而 3P 方面則存在一些動態因素，因此我們的重點是 1P。我們正在吸引1P客戶。

Often those 1P customers that we attract are existing customers, right, because of this ideal customer profile. So they're not going to positively impact the customer count. Whereas on the 3P side, these are much smaller businesses, they do have a higher churn rate, and so there is going to be just some natural churn based on the size of the customer there.

通常情況下，我們吸引到的1P客戶都是現有客戶，對吧？因為有了這種理想的客戶畫像。所以它們不會對客戶數量產生正面影響。而對於第三方企業來說，由於這些企業的規模要小得多，它們的客戶流失率也更高，因此，根據客戶規模的大小，自然會出現一些客戶流失。

So you kind of have this dynamic with a little bit higher churn in 3P, and then 1P, which might not always increment up on the customer count side because sometimes these are existing SPS customers just taking on the Revenue Recovery solution. So hopefully, that's a little bit more color on those dynamics on customer count between 1P and 3P.

因此，3P 的流失率略高，而 1P 的流失率可能不一定會增加，因為有時這些是現有的 SPS 客戶，只是採用了收入恢復解決方案。希望這能讓大家對 1P 和 3P 之間的客戶數量動態有更清楚的了解。

Very helpful. Thanks for taking the questions

很有幫助。感謝您回答問題

Chris Quintero, Morgan Stanley.

克里斯昆特羅，摩根士丹利。

Hey, Chad, Kim, congrats on the well-deserved retirement here. I wish you all the best. I actually wanted to follow up on the enablement campaign commentary. So last quarter, you talked about those moving into the first half of this year and now we're talking about those moving to the second half of the year. So I guess, what gives you the confidence that those will actually commit in the second half of the year versus potentially pushing out again to 2027?

嘿，查德，金，祝賀你們光榮退休，這是你們應得的。祝你一切順利。我其實想就賦能活動的評論進行後續探討。所以上個季度，你們談到了那些進入今年上半年的人，現在我們來談談那些進入今年下半年的人。所以我想問，是什麼讓你確信這些項目會在今年下半年真正落實，而不是再次推遲到 2027 年？

Yes. They're definitely moving forward, Chris. What I was really -- when I mentioned maybe pushing out, it was more about just the timing effects of when we start billing those customers, right? So we kind of need to complete the program, the retailer has to go live and then we kick in with the invoicing. So it's not that the programs themselves are directly getting delayed but just providing a little outlook that the actual customer count impact may come a little bit later.

是的。克里斯，他們肯定是在向前邁進。我真正想表達的是——當我提到可能要推遲的時候——更多的是指我們何時開始向這些客戶收費的時間安排，對吧？所以我們需要完成這個項目，零售商必須上線運營，然後我們才能開始開立發票。所以並不是說這些項目本身直接被推遲了，只是預告一下，實際的客戶數量變化可能會稍晚一些。

Got it. That's helpful, Chad. And then I want to ask about the down-sell activity, reducing the number of connections, reducing the number of document volumes. Like, how far through we are in terms of how much more downside there is to that action? Or is this something that's going to continue throughout the rest of the year? What's your best guess or expectation around the trajectory of those trends?

知道了。那很有幫助，查德。然後我想問一下降價銷售活動，減少連線數，減少文件數量。例如，就採取這項行動的負面影響而言，我們已經走了多遠？或者這種情況會持續到今年底？你對這些趨勢的發展軌跡有什麼最佳猜測或預期？

Sure. So we started to see some of the down-sell activity in Q2 of '25, sort of the latter part of Q2 of '25. So our belief is that we'll have lapped the headwinds by the end of the first half of '26, if that makes sense. So that's basically a full year then of that -- those headwinds.

當然。因此，我們在 2025 年第二季度，也就是 2025 年第二季的後半段，開始看到一些降價拋售活動。因此，我們相信，到 2026 年上半年末，我們將克服這些逆風，如果這樣說你能理解的話。所以基本上整整一年都要面對這些逆風。

So our belief is in the second half of '26, we've lapped that down-sell activity and those headwinds that we've experienced. And we have -- that philosophy we have, that is incorporated into our guidance.

所以我們相信，到了 2026 年下半年，我們已經克服了拋售潮和那些我們所經歷的不利因素。我們有這樣的理念，並將之融入我們的指導方針中。

All right. Thank you.

好的。謝謝。

Parker Lane, Stifel.

帕克巷，斯蒂費爾。

Hi, this is Matthew Kikkert on for Parker. Thank you for taking my questions. Kim, congratulations on the retirement as well. My first question, I'm curious, what levers are you targeting to pull to achieve the EBITDA margin expansion in 2026? A little color there would be helpful.

大家好，我是馬修‧基克特，為您帶來帕克的報道。謝謝您回答我的問題。金，也恭喜你退休。我的第一個問題是，我很好奇，您計劃採取哪些措施來實現 2026 年 EBITDA 利潤率的成長？如果能加點顏色就更好了。

Yes, happy to answer that. So a lot of it is really a continuation of some of the dynamics that you've seen in '25. So when you think about -- I'll start with gross margin as an example. So you may or may not recall that over a multi, multiyear time period, we've made a lot of investments in the overall customer experience. And all right things to do for customers today and customers in the future, but we got ourselves to a position where we were able to now start seeing some of the benefits of that and drive more of the gross margin and those efficiencies.

是的，我很樂意回答這個問題。所以很多方面其實都是2025年一些動態的延續。所以，當你思考這個問題時──我先以毛利率為例。所以你可能記得，也可能不記得，在過去的許多年裡，我們對整體客戶體驗進行了大量投資。這些對現在和未來的客戶來說都是好事，但我們已經讓自己處於能夠開始看到這些好處並提高毛利率和效率的位置。

Simply stated, don't necessarily need to add as many folks as we've had to do historically. You started to see that, call it, very later part of '24. You saw that through '25. And that continues into '26. So gross margin expansion is a meaningful component of that overall anticipated, call it, 2% of EBITDA margin expansion.

簡而言之，我們不一定需要像過去那樣增加那麼多人。大約在 2024 年後期，你開始看到這種情況。你在25年就看到了這一點。這種情況一直延續到 2026 年。因此，毛利率擴張是預期整體 EBITDA 利潤率擴張（假設為 2%）的重要組成部分。

That being said, we do see opportunities in other line items as well, particularly in the sales and marketing as well as G&A side. R&D, we do think our level of spend as a percent of revenue is appropriate. We aren't really looking to get more efficient there in total. But the larger component in '26 of the 2 percentage points of EBITDA margin expansion, you would expect to come through gross margin.

話雖如此，我們也看到了其他項目方面的機會，尤其是在銷售和行銷以及一般及行政費用方面。我們認為，研發支出佔收入的比例是適當的。我們其實不打算全面提高效率。但 2026 年 EBITDA 利潤率提高 2 個百分點中，較大的部分預計會來自毛利率。

Okay. And then secondly, looking at the delays in the enablement pipeline, are you seeing any bright spots from specific verticals, or different size of vendors, or are the delays pretty much across the board?

好的。其次，從啟用流程的延誤情況來看，您是否在特定垂直領域或不同規模的供應商中發現了任何亮點，還是說延誤幾乎是普遍存在的？

I'd say that, pretty consistent across all the -- we have a pretty broad definition of retail, which includes kind of the mass merchant retail, grocery distribution. It's a pretty consistent behavior across all those. Things food related, there has been some favorable dynamics from some of the food safety activities that have been regulations there. But overall, pretty consistent across.

我認為，在各方面都相當一致——我們對零售的定義相當廣泛，包括大眾零售、食品雜貨分銷等等。這種行為在所有這些案例中都相當一致。在食品相關領域，一些食品安全活動和法規帶來了一些有利的動態。但整體而言，各方面都相當一致。

Okay, thank you.

好的，謝謝。

Jeff Van Rhee, Craig-Hallum.

Jeff Van Rhee，Craig-Hallum。

Great, thanks for taking the questions. Maybe just a couple left for me. As you look at the overall softness in the outlook for the quarter and in the forward guide, can you quantify maybe and break it down between two drivers, one just being the macro/general softening at your customers and the willingness to spend versus the percent that is coming from the Revenue Recovery dynamics? If you had to allocate the weakness in the guide to those two factors, which -- how would you weight that?

太好了，謝謝你回答這些問題。可能只剩下幾個給我了。鑑於本季和未來展望的整體疲軟態勢，您能否量化並將其分解為兩個驅動因素？一個是顧客整體消費意願的疲軟，另一個是所得復甦動態帶來的影響？如果你要將指南中的不足之處歸因於這兩個因素，你會如何權衡它們？

So Jeff, what I would say is both of those are important in the numbers. Think of it as how we exited '25 impacts your starting point then in '26. And so that has an impact then, obviously, in your Q1, your beginning of '26. And then implied in our guidance, we are lapping those headwinds. And those headwinds actually are both on what you hit upon there, right?

所以傑夫，我想說的是，這兩個數字在統計中都很重要。想想看，我們2025年結束時的情況會影響你2026年的起點。因此，這顯然會對你的第一季度，也就是 2026 年初產生影響。正如我們的指導所暗示的那樣，我們正在克服這些逆風。而這些逆風其實都與你所遇到的情況有關，對吧？

It's rightsizing of some contracts as well as some of the dynamics we've seen on the Amazon policy changes. And we do believe that those headwinds, by the second half of the year, we've sort of lapped that. And so that is implied within our guidance for a slight increase in our overall revenue growth second half of the year.

這涉及到一些合約的調整，以及我們在亞馬遜政策變化中看到的一些動態。我們相信，到下半年，我們基本上已經克服了這些不利因素。因此，我們對下半年整體營收成長的預期也隱含了這一點，即略有成長。

Okay. And then just maybe secondly, the -- on the pricing front, when you look at individual customers, understanding people have maybe downsized the number of connections, but if you look at the pricing and potential pricing pressure on a per connection basis, is there anything you would call out in terms of the customers maybe getting more price-sensitive on a per connection basis?

好的。其次，在定價方面，考慮到單一客戶，我們理解人們可能減少了連接數，但如果您按連接數來考慮定價和潛在的價格壓力，您是否認為客戶可能會對每個連接的價格更加敏感？

And kind of along those lines, I remember over the years, periodically, things would pop up about EDI versus more real-time API-based connectivity. Have you seen any shift in the base and, thereby, pricing pressure accordingly?

類似地，我記得這些年來，時不時會有人討論 EDI 與基於 API 的即時連線之間的差異。您是否觀察到市場基數發生變化，導致價格壓力相應增加？

Yes. No, if you look at it on a per connection basis, I'd say it's consistent. And when customers are typically downsizing, it's because they have lost that business with a particular retailer. Or based on the way their cost of goods have changed, they're deciding not to do business in certain ways with certain retailers. So it tends to be driven more from that.

是的。不，如果按每次連接來看，我認為它是一致的。而當顧客縮減購物規模時，通常是因為他們失去了與特定零售商的合作關係。或者，根據商品成本的變化情況，他們決定不再以某些方式與某些零售商進行交易。所以，這往往是受此驅動的。

On the API side, in most cases, this isn't a choice of how to connect. It tends to be more of the kind of wholesale type connections tend to be EDI. If it's more modern, in a marketplace, it tends to be more API. And our network does both, so we support both types. And in fact, when it's an API connection, a lot of times there's potentially more value in that for a customer because those API connections tend to be a little bit more complex than the EDI connections.

在 API 方面，大多數情況下，這不是連接方式的選擇問題。它往往更傾向於批發類型的連接，而這類連接通常採用 EDI。如果是更現代化的產品，例如在市場環境中，它往往更注重 API。我們的網路同時支援這兩種類型，所以我們兩種類型都支援。事實上，當使用 API 連線時，很多時候對客戶來說可能更有價值，因為 API 連線往往比 EDI 連線更複雜一些。

Got it. I'll leave it there. And Kim, congrats. It's been just a really exceptional tenure. You've been at class act all the way along. So certainly, wish you all the best.

知道了。我就說到這兒吧。金，恭喜你。這真是一段非常出色的任期。你一直都表現得非常出色。當然，祝你一切順利。

Thank you.

謝謝。

Mark Schappel, Loop Capital.

Mark Schappel，Loop Capital。

Hi, this is Tim on for Mark. I guess I'll ask around the go-to-market strategy. Given the new CTO that you onboarded, is there any changes that we should expect or anticipate over the coming year?

大家好，我是Tim，替Mark為您報道。我打算打聽一下他們的市場推廣策略。鑑於你們新聘的技術官，在未來一年我們應該期待或預見哪些變化？

Yes. We're super-excited to have Eduardo on the team. Obviously, he played a pivotal role in our big field kickoff event that we just recently had. I wouldn't say you should expect major changes in the go-to-market. But with this wider product portfolio, the opportunity that we have identified to expand ARPU, definitely more customer practices and things that will help us drive the expansion of that ARPU with the customer is a priority in our go-to-market. Not an exclusive priority, but driving that ARPU, I think, will be a key component of our strategy and, therefore, a focus going forward.

是的。我們非常高興Eduardo加入團隊。顯然，他在我們最近舉辦的大型場地啟動活動中發揮了關鍵作用。我不認為你應該期待市場推廣策略會發生重大變化。但隨著產品組合的擴大，我們發現了提高 ARPU 的機會，因此，更多能夠幫助我們提高客戶 ARPU 的客戶服務實踐和措施，是我們市場推廣的優先事項。雖然這不是唯一的優先事項，但我認為提高每位用戶平均收入 (ARPU) 將是我們策略的關鍵組成部分，因此也是我們未來工作的重點。

Okay. I think that's the only question I have.

好的。我想這就是我唯一的問題了。

(Operator Instructions) Nehal Chokshi, Northland Capital Markets.

（操作員指示）Nehal Chokshi，北地資本市場。

Yeah, thank you. A couple of questions for me. One is that, I'm pretty sure you addressed, but just to be perfectly clear, why did the 1P customers be flat Q-to-Q? Because over the prior two quarters, that was showing good growth again.

是啊，謝謝。我有幾個問題想問一下。第一個問題是，我確信你已經提到過了，但為了完全弄清楚，為什麼 1P 客戶的數量在季度之間保持穩定？因為在前兩個季度，該指標再次呈現良好的成長動能。

Hi, Nehal, I can answer that. We mentioned this on last quarter's earnings call as well. This has to do with the timing of some of those relationship management, formerly known as community enablement programs. So the color we had given a quarter ago was the timing of those, instead of being in Q4, was going to be in the first half of 2026.

你好，Nehal，我可以回答這個問題。我們在上個季度的財報電話會議上也提到過這一點。這與某些關係管理（以前稱為社區賦能計劃）的時機有關。因此，我們三個月前給出的預測是，這些產品不會在第四季上市，而是在 2026 年上半年上市。

And as such, we signaled that our expectations were that the 1P customer count would be flat sequentially. And that's -- and basically landed right on with what our expectations were.

因此，我們表示，我們預計 1P 客戶數量將保持穩定。而結果——基本上完全符合我們的預期。

Great. Okay. And do you expect the pace of the 1P customer adds to return to what you were seeing in the second quarter and third quarter as we go through calendar '26?

偉大的。好的。您是否預期，隨著我們進入 2026 年，1P 客戶的成長速度會恢復到第二季和第三季的水平？

Sure. So the biggest driver as it relates to the 1P customer count is related to the relationship management, again, formerly known as the community enablement program. So the timing of those programs will have an impact in the timing of the customer adds. And so some of the dialogue we've had here on the call is we have a strong community enablement pipeline.

當然。因此，與 1P 客戶數量相關的最大驅動因素是關係管理，也就是先前所說的社區賦能計畫。因此，這些專案的實施時間將對客戶成長的時間產生影響。因此，我們在這次電話會議上進行的一些對話表明，我們擁有強大的社區賦能管道。

More of that, however, will be in, call it, the Q2 to second half of the year, which we still run them throughout the year, but more of those would be later on, closer to the second half of the year. So at this point in time, we would assume that Q1 '26 would also probably be flat to Q4 '25 due to the timing.

不過，更多此類活動將在（姑且稱之為）第二季度到下半年舉行，我們全年都會舉辦此類活動，但更多此類活動將在晚些時候，更接近下半年舉行。因此，目前我們可以假設，由於時間安排的原因，2026 年第一季的數據也可能與 2025 年第四季的數據持平。

Okay. And then general and administrative, that was up 29% year-over-year for calendar '25, whereas sales and marketing and R&D were up in the teens. Why is the G&A at such an elevated growth rate right now?

好的。一般及行政支出較去年同期成長 29%（2025 年曆年），而銷售、行銷和研發支出則較去年同期成長 10% 左右。為什麼目前一般及行政費用成長率如此高？

Yes. So when you look at G&A as a percent of revenue, you've seen it be, call it, like 15%, 16%-ish of revenue. There's various costs in there that you would expect. There has been investments we've been making in some of our back-end tools and technology from both the tools and technology as well as the team, augmenting the team, et cetera. We do have a stated goal of 10% to 15% for G&A over time.

是的。所以，當你把一般及行政費用佔收入的百分比看作是…大概是收入的 15% 到 16% 左右。其中包含各種你預料之中的費用。我們一直在對一些後端工具和技術進行投資，包括工具和技術方面的投入，以及團隊的擴充等等。我們已明確設定目標，隨著時間的推移，一般及行政費用佔比將達到 10% 至 15%。

Thank you.

謝謝。

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

我們的問答環節和今天的電話會議到此結束。感謝各位參加今天的報告會。您現在可以斷開連線了。