SPS Commerce, Inc. (SPSC) 2026 Q1 法說會逐字稿

Good day, and welcome to the SPS Commerce Q1 2026 earnings conference call. (Operator Instructions) Please note this event is being recorded.

大家好，歡迎參加 SPS Commerce 2026 年第一季財報電話會議。(接線員指示) 請注意，本活動將被錄音。

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

現在我想把電話交給 Irmina Blaszczyk。請開始。

Thank you. Good afternoon, everyone, and thank you for joining us on SPS Commerce First Quarter 2026 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。各位下午好，感謝各位參加 SPS Commerce 2026 年第一季電話會議。我們今天將發表若干聲明，包括關於我們預期的財務結果、上市推廣（go-to-market）策略，以及旨在提升我們在零售商與其他客戶中牽引力與滲透率的相關努力。

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

這些聲明屬於前瞻性陳述，並涉及多項風險與不確定性，可能導致實際結果出現重大差異。請注意，這些前瞻性陳述僅反映截至本次電話會議日期我們的觀點；無論因新資訊、未來事件或其他原因，我們均不承擔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 on our website, spscommerce.com, and at the SEC's website, sec.gov.

請參閱我們向 SEC 提交的文件，特別是 Form 10-K 以及我們的財務結果新聞稿，以取得可能影響我們業績之風險因素的更詳細說明。這些文件可於我們網站 spscommerce.com 以及 SEC 網站 sec.gov 查閱。

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

此外，我們在網站 spscommerce.com 的投資人關係（Investor Relations）專區提供一份歷史資料表，便於查閱。今天的電話會議中，我們將討論調整後 EBITDA（adjusted EBITDA）財務衡量指標以及非 GAAP 每股盈餘。在我們的新聞稿與向 SEC 提交的文件中（兩者皆已張貼於我們網站），您將可看到關於這些非 GAAP 財務衡量指標的額外揭露資訊，包括與可比 GAAP 指標之間的調節表。

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

接下來，我把電話交給 Chad。

Thanks, Irmina, and good afternoon, everyone. Thank you for joining us today. SPS Commerce delivered a solid first quarter. Q1 revenue grew 6% to $192.1 million. Recurring revenue grew 7%, driven by fulfillment growth of 8%.

謝謝你，Irmina，各位下午好。感謝各位今天加入我們。SPS Commerce 第一季表現穩健。第一季營收成長 6%，達 1.921 億美元。經常性收入成長 7%，主要由履約（fulfillment）業務 8% 的成長所帶動。

Amid rapidly evolving global supply networks, SPS innovations are critical in addressing trading partner needs across the supply chains of manufacturers, retailers, logistics providers, and brands. Tariffs, geopolitics and risk mitigation are fundamentally restructuring global trade. In this environment, supply chain partners need real-time coordination to respond to disruptions, demand shifts and capacity constraints. And SPS is uniquely positioned to deliver the AI-optimized automation trading partners need at scale. Before I provide an update on how customers are leveraging our AI-enabled solutions, I'll review current business dynamics across our product portfolio.

在全球供應網路快速演變之際，SPS 的創新對於滿足製造商、零售商、物流服務商與品牌等供應鏈各方的交易夥伴需求至關重要。關稅、地緣政治與風險緩解正從根本上重塑全球貿易。在此環境下，供應鏈夥伴需要即時協同，以因應中斷、需求變化與產能限制。而 SPS 具備獨特優勢，能以規模化方式提供交易夥伴所需、經 AI 最佳化的自動化能力。在我更新客戶如何運用我們的 AI 賦能解決方案之前，我將先回顧我們產品組合目前的業務動態。

First, with respect to our revenue recovery business, we continue to manage the headwinds from Amazon's policy changes. For example, to better align pricing with the value we deliver, we are introducing a subscription platform fee to our 3P take rate customers. Joe will be providing further detail.

首先，就我們的營收追回（revenue recovery）業務而言，我們仍在管理 Amazon 政策變更所帶來的逆風。例如，為了讓定價更貼近我們所提供的價值，我們正對 3P 抽成（take rate）客戶導入訂閱制平台費用。Joe 將提供進一步細節。

Second, we are pleased with our cross-selling momentum among 1P customers, and I'll share some examples of that shortly. And third, our business without revenue recovery is performing in line with our expectations, with early indications that the invoice scrutiny we observed last year as a result of tariff and macro headwinds is subsiding.

第二，我們對於在 1P 客戶之間的交叉銷售動能感到滿意，稍後我會分享一些例子。第三，扣除營收追回後的業務表現符合我們的預期；初步跡象顯示，去年因關稅與總體環境逆風所觀察到的發票審查趨嚴情況正在緩解。

We continue to expect these transitory headwinds will be largely behind us by the end of the second quarter as we remain focused on delivering the solutions our customers need to succeed in a dynamic trade environment. A great example of how suppliers are realizing value from the SPS portfolio is Siete Foods, a customer since 2018.

我們仍預期這些短暫性的逆風在第二季末前大致會消退；同時我們持續專注於提供客戶在動態貿易環境中成功所需的解決方案。供應商如何從 SPS 產品組合中實現價值的一個絕佳例子，是自 2018 年起即為客戶的 Siete Foods。

Over the past year, Siete made the transition from a high-growth emerging brand into an enterprise scale operation, driven by their acquisition by PepsiCo and rapid expansion across mass retailers like Walmart, Target, Whole Foods and Costco. As their scale increased, so did the complexity of their supply chain. We worked closely with Siete to modernize their operations and support their goal of full supplier compliance, while integrating tightly with their ERP to ensure they were able to handle higher volumes and evolving retail requirements with greater data consistency across orders, shipments and invoicing workflows.

過去一年，Siete 在百事公司（PepsiCo）收購以及快速擴張至 Walmart、Target、Whole Foods 與 Costco 等大型零售商的帶動下，從高速成長的新興品牌轉型為具企業規模的營運。隨著規模提升，其供應鏈的複雜度也隨之增加。我們與 Siete 緊密合作，協助其現代化營運並支持其達成全面供應商合規的目標，同時與其 ERP 緊密整合，確保其能以更高的一致性處理更大的量能與不斷演進的零售需求，涵蓋訂單、出貨與開立發票等工作流程中的資料一致性。

Recently, Siete became an early adopter of MAX, SPS' AI agent, embedding our proprietary network intelligence directly into day-to-day operations. Their team is using MAX to quickly diagnose issues that previously required manual investigation, such as identifying why shipments failed or invoices were rejected before those issues impact their retail partners.

近期，Siete 成為 MAX（SPS 的 AI 代理）早期採用者，將我們專有的網路智慧直接嵌入日常營運。其團隊正使用 MAX 快速診斷過去需要人工調查的問題，例如找出為何出貨失敗或發票遭拒，並在這些問題影響其零售夥伴之前先行處理。

MAX is also helping Siete surface broader operational patterns across thousands of transactions to address the root cause of inefficiencies, enabling them to scale and handle greater order volume with stronger compliance without adding operational overhead. This customer engagement demonstrates how an SPS partnership evolves beyond trading partner connectivity and compliance to become a core intelligence layer within our customers' supply chains.

MAX 也協助 Siete 從數千筆交易中找出更廣泛的營運模式，以針對低效率的根本原因進行改善，使其在不增加營運負擔的情況下，仍能擴張並處理更大的訂單量，同時維持更強的合規性。此一客戶互動展現了 SPS 的合作關係如何從交易夥伴連線與合規，進一步演進為客戶供應鏈中的核心智慧層。

Siete Foods is one of many brands participating in the MAX beta release, providing valuable insight into how agentic capabilities are being applied and where customers are realizing value across their workflows.

Siete Foods 是眾多參與 MAX Beta 版本的品牌之一，提供寶貴洞見，讓我們了解代理式（agentic）能力如何被應用，以及客戶在其工作流程中如何實現價值。

For Siete, by catching undetected inventory failures, MAX is projected to protect up to 8% of revenue that would otherwise be lost to stockouts. Based on feedback from more than 400 MAX beta customers, the biggest impact AI can have on trading partner collaboration is identifying issues early before they cause disruptions.

對 Siete 而言，透過捕捉未被察覺的庫存失效，MAX 預計可保護高達 8% 的營收，否則這些營收將因缺貨而流失。根據超過 400 位 MAX Beta 客戶的回饋，AI 對交易夥伴協作能帶來的最大影響，是在問題造成中斷之前及早識別問題。

MAX is already demonstrating its ability to do exactly that. SPS is also leveraging agents to improve operational efficiency. Early applications within our agentic network are already driving measurable gains in customer treatment strategies, reinforcing our competitive moat through proprietary network data and intelligence and reducing onboarding and setup time from weeks to days.

MAX 已經展現其正是能做到這一點的能力。SPS 也正運用代理來提升營運效率。我們代理式網路中的早期應用已帶來可衡量的客戶處置策略（customer treatment strategies）成效提升，透過專有網路資料與智慧強化我們的競爭護城河，並將導入與設定時間從數週縮短至數天。

In parallel, product engineering has advanced significantly with much of our software development now agent-driven, accelerating innovation cycles and improving productivity. In sales, our data-powered growth strategy is using demand signals from customer activity across our network to identify upsell and cross-sell opportunities. As we continue to advance our network-led go-to-market motion, cross-selling momentum continues to build across our customer base.

同時，產品工程也取得顯著進展，我們目前多數軟體開發已由代理驅動，加速創新週期並提升生產力。在銷售方面，我們以資料驅動的成長策略，運用來自網路中客戶活動的需求訊號，識別加購（upsell）與交叉銷售（cross-sell）機會。隨著我們持續推進以網路為核心的上市推廣動能，交叉銷售動能在客戶群中持續累積。

For example, fulfillment customers are expanding into revenue recovery, while revenue recovery customers are adopting fulfillment, reinforcing the strength of our network and the value of our integrated solutions. Explore Scientific, a precision optics company that designs and manufactures telescopes, binoculars and other scientific instruments, was a supply-side revenue recovery customer.

例如，履約客戶正擴展採用營收追回，而營收追回客戶也在導入履約，進一步強化我們網路的力量以及整合式解決方案的價值。Explore Scientific 是一家精密光學公司，設計並製造望遠鏡、雙筒望遠鏡及其他科學儀器，原本是供應端的營收追回客戶。

After spending over a year with a different EDI provider during their NetSuite ERP implementation, they faced ongoing usability challenges, unreliable workflows and incomplete automation, at times, requiring manual order processing just to keep pace. More importantly, these inefficiencies created downstream financial impact, with inconsistent data and limited visibility leading to shipment failures, invoice rejections, delayed payments, and revenue loss through deductions and write-offs.

在其導入 NetSuite ERP 的過程中，他們曾使用另一家 EDI 供應商超過一年，但持續面臨可用性挑戰、工作流程不可靠以及自動化不完整等問題，有時甚至需要人工處理訂單才能跟上進度。更重要的是，這些低效率造成下游財務影響：資料不一致與能見度有限導致出貨失敗、發票遭拒、收款延遲，以及因扣款與沖銷（write-offs）而造成的營收損失。

By transitioning to SPS, Explore Scientific reestablished a reliable operational foundation. With a fully functioning ERP integration and standardized workflows across orders, shipments and invoices, they gained consistent, accurate data flowing across their business. This shift enabled their team to move from reactive problem solving to proactive management, identifying issues earlier, understanding root causes and preventing disruptions before they impact financial outcomes.

透過轉換至 SPS，Explore Scientific 重新建立了可靠的營運基礎。在 ERP 完整整合並於訂單、出貨與發票間建立標準化工作流程後，他們獲得了在整體業務中流動的一致且準確的資料。此一轉變使其團隊得以從被動式問題處理轉為主動式管理，更早識別問題、理解根本原因，並在影響財務結果之前預防中斷。

As their operations stabilized, Explore Scientific expanded their use of SPS solutions, adding analytics and system automation to operate with greater confidence and control. What began as a need to fix operational gaps has evolved into a broader transformation, positioning Explore Scientific not just to process transactions more efficiently, but to actively protect and recover revenue.

隨著營運趨於穩定，Explore Scientific 擴大使用 SPS 解決方案，新增分析與系統自動化，以更高的信心與掌控力進行營運。原本為修補營運缺口的需求，已演進為更廣泛的轉型，使 Explore Scientific 不僅能更有效率地處理交易，更能主動保護並追回營收。

Explore Scientific's experience highlights how customers are realizing meaningful value on the SPS network by restoring operational stability and visibility. In addition to cross-selling our products, we are unlocking incremental growth opportunities by unifying them. For example, Walmart suppliers using SPS fulfillment can now recover overages directly in the SPS solution.

Explore Scientific 的經驗凸顯，客戶正透過恢復營運穩定性與可視性，在 SPS 網路上實現具意義的價值。除了交叉銷售我們的產品外，我們也透過將它們整合統一，釋放額外的成長機會。例如，使用 SPS 履約的沃爾瑪供應商，現在可以直接在 SPS 解決方案中追回超額款項。

This underscores the value of the platform approach and enables trading partners to collaborate better along the entire value chain. In closing, SPS is well-positioned to capitalize on significant growth opportunities ahead. Our product portfolio continues to advance with AI-driven solutions for both suppliers and retailers powered by proprietary data that improves efficiency and unlocks meaningful value across supply chains.

這凸顯了平台化方法的價值，並使交易夥伴能在整個價值鏈上更好地協作。最後總結，SPS 已具備良好條件，把握未來重大的成長機會。我們的產品組合持續推進，推出由專有資料驅動、同時面向供應商與零售商的 AI 解決方案，以提升效率並在供應鏈中釋放具意義的價值。

As a result, SPS is the leading intelligent supply chain network embedded in the daily flow of commerce, driving automation, insights and increasingly AI-powered optimization. Lastly, over the past 16 months, we have added seasoned SaaS leaders to the SPS team who bring the operational rigor necessary to scale our product and go-to-market strategy.

因此，SPS 成為領先的智慧供應鏈網路，嵌入於日常商務運作流程中，推動自動化、洞察，以及日益由 AI 驅動的最佳化。最後，在過去 16 個月中，我們為 SPS 團隊加入了資深的 SaaS 領導者，帶來擴大我們產品與市場推進策略所需的營運嚴謹度。

And today, I am pleased to formally introduce Joe Del Preto as our new CFO. Joe joined us on March 16, and we're excited to have his expertise on board as we enter this next phase of our journey. Welcome, Joe.

而今天，我很高興正式介紹 Joe Del Preto 擔任我們的新任財務長（CFO）。Joe 於 3 月 16 日加入我們，當我們進入旅程的下一階段之際，我們很期待他的專業加入。歡迎你，Joe。

Thank you, Chad, for a warm welcome. This is my first earnings call as SPS CFO. I'd like to take the opportunity to express my excitement and share my reasons for joining SPS Commerce at such a pivotal time. First, I believe SPS is uniquely positioned to capitalize on the dynamics that are driving a growing need for supply chain optimization. Second, with a large global market opportunity, disciplined capital allocation and a clear path to scale, SPS is well equipped to deliver durable growth, margin expansion and long-term shareholder value creation.

謝謝你，Chad，熱情的歡迎。這是我以 SPS 財務長身分參與的第一場財報電話會議。我想藉此機會表達我的興奮之情，並分享我在這個關鍵時刻加入 SPS Commerce 的原因。第一，我相信 SPS 具備獨特優勢，能把握推動供應鏈最佳化需求日益增加的市場動態。第二，憑藉龐大的全球市場機會、嚴謹的資本配置，以及清晰的規模化路徑，SPS 已做好準備，能帶來可持續的成長、利潤率擴張與長期股東價值創造。

Lastly, and most importantly, having engaged with the management team and many SPS employees, I'm truly impressed by the strength of the organization's culture. I look forward to being part of such an energetic, driven, and highly collaborative team. I share the organization's strong sense of momentum and enthusiasm for the opportunities that lie ahead. Now let's review our Q1 results. We reported a solid first quarter of 2026.

最後，也是最重要的，在與管理團隊及許多 SPS 員工交流後，我對公司文化的強大深感印象。我期待成為這樣一支充滿活力、目標驅動且高度協作的團隊的一員。我也認同組織強烈的動能與對未來機會的熱情。現在讓我們回顧第一季的業績。我們公布了 2026 年穩健的第一季表現。

The core business was strong and continued to show momentum throughout the quarter. However, as Chad called out, we continue to see headwinds in the Amazon portion of our revenue recovery business. Revenue was $192.1 million, a 6% increase over Q1 of last year. Recurring revenue grew 7% year-over-year. The total number of recurring revenue customers in Q1 was approximately 54,200.

核心業務表現強勁，並在整個季度持續展現動能。然而，正如 Chad 所指出，我們在營收追回業務中的亞馬遜部分仍持續面臨逆風。營收為 1.921 億美元，較去年第一季成長 6%。經常性收入年增 7%。第一季經常性收入客戶總數約為 54,200 家。

Consistent with our expectations, the number of 1P customers was flat sequentially, while the number of 3P customers declined by 400. ARPU was approximately $13,550.

符合我們的預期，1P 客戶數量較前一季持平，而 3P 客戶數量減少 400 家。每戶平均收入（ARPU）約為 13,550 美元。

As Chad mentioned earlier, we're generating cross-selling momentum across our network, and we remain strategically focused on servicing and expanding the 1P customer base, where we see the greatest cross-selling potential for our products.

如 Chad 先前提到，我們正在整個網路中帶動交叉銷售動能，並且在策略上持續聚焦於服務並擴大 1P 客戶基礎，因為我們在該客群看見我們產品最大的交叉銷售潛力。

To improve profitability across our smaller customer cohorts, we are in the process of introducing a subscription platform fee to our 3P take rate customers to better align pricing with the value delivered while helping offset servicing and infrastructure costs associated with these accounts. We expect this change to increase churn within this cohort with a projected decline of up to 4,000 3P suppliers in 2026. We do not anticipate this action to result in a material impact to revenue. Adjusted EBITDA increased to $57.9 million, and we ended the quarter with total cash and cash equivalents of $154 million.

為了提升較小客群的獲利能力，我們正著手對 3P 抽成（take rate）客戶導入訂閱平台費用，以更好地使定價與所提供的價值對齊，同時協助抵銷與這些帳戶相關的服務與基礎設施成本。我們預期此變更將提高該客群的流失率，並預估 2026 年 3P 供應商最多將減少 4,000 家。我們不預期此舉會對營收造成重大影響。調整後 EBITDA 增加至 5,790 萬美元，本季末現金及約當現金總額為 1.54 億美元。

In Q1 2026, we deployed nearly 100% of free cash flow to repurchase $47.1 million of SPS shares. Now turning to guidance. For the second quarter of 2026, we expect revenue to be in the range of $194.5 million to $196.5 million, which represents approximately 4% year-over-year growth at the midpoint of the guided range. We expect adjusted EBITDA to be in the range of $60.9 million to $62.4 million. We expect fully diluted earnings per share to be in the range of $0.53 to $0.56, with fully diluted weighted average shares outstanding of approximately 37.3 million shares.

在 2026 年第一季，我們將近 100% 的自由現金流用於回購 SPS 股票，回購金額為 4,710 萬美元。接著談財測。對於 2026 年第二季，我們預期營收介於 1.945 億至 1.965 億美元之間，以指引區間中點計算，約為年增 4%。我們預期調整後 EBITDA 介於 6,090 萬至 6,240 萬美元之間。我們預期完全稀釋每股盈餘介於 0.53 至 0.56 美元之間，完全稀釋加權平均流通股數約為 3,730 萬股。

We expect non-GAAP diluted income per share to be in the range of $1.06 to $1.09, with stock-based compensation expense of approximately $19.0 million, depreciation expense of approximately $5.2 million and amortization expense of approximately $9.4 million. As we look to the rest of the year, 3 dynamics are shaping our outlook. First, we continue to expect headwinds impacting the Amazon revenue recovery business. Second, excluding Amazon, we expect the revenue recovery business to continue to outpace overall company growth. Third, we expect our business without revenue recovery to continue to perform in line with our expectations.

我們預期非 GAAP 稀釋後每股盈餘介於 1.06 至 1.09 美元之間，其中股權基礎薪酬費用約 1,900 萬美元、折舊費用約 520 萬美元、攤銷費用約 940 萬美元。展望今年剩餘時間，有 3 項動態正在形塑我們的展望。第一，我們仍預期亞馬遜營收追回業務將持續受到逆風影響。第二，排除亞馬遜後，我們預期營收追回業務將持續跑贏公司整體成長。第三，我們預期不含營收追回的業務將持續符合我們的預期表現。

For the full year 2026, we expect revenue to be in the range of $796.0 million to $802.0 million, representing approximately 6% growth over 2025 at the midpoint of the guided range. We expect adjusted EBITDA to be in the range of $262.8 million to $267.3 million, representing growth of approximately 14% to 16% over 2025. We expect fully diluted earnings per share to be in the range of $2.66 to $2.69 with fully diluted weighted average shares outstanding of approximately 37.3 million shares.

對於 2026 全年，我們預期營收介於 7.960 億至 8.020 億美元之間，以指引區間中點計算，較 2025 年成長約 6%。我們預期調整後 EBITDA 介於 2.628 億至 2.673 億美元之間，較 2025 年成長約 14% 至 16%。我們預期完全稀釋每股盈餘介於 2.66 至 2.69 美元之間，完全稀釋加權平均流通股數約為 3,730 萬股。

We expect non-GAAP diluted income per share to be in the range of $4.73 to $4.76, with stock-based compensation expense of approximately $69.8 million, depreciation expense of approximately $23.0 million and amortization expense for the year of approximately $37.4 million. For the remainder of the year, on a quarterly basis, investors should model approximately 30% effective tax rate calculated on a GAAP pretax net earnings.

我們預期非 GAAP 稀釋後每股盈餘介於 4.73 至 4.76 美元之間，其中股權基礎薪酬費用約 6,980 萬美元、折舊費用約 2,300 萬美元、全年攤銷費用約 3,740 萬美元。在今年剩餘時間，按季度來看，投資人應以約 30% 的有效稅率建模，該稅率係以 GAAP 稅前淨利計算。

To wrap up, I'm encouraged by our momentum entering the year. I'm excited to be part of this driven team, and I'm committed to maintaining the rigor and discipline necessary to scale our success and fully capitalize on the market opportunity in front of us. With that, we'd like to open the call to questions.

總結來說，我對我們在年初展現的動能感到鼓舞。我很高興能成為這支目標驅動的團隊一員，並承諾維持擴大成功所需的嚴謹與紀律，充分把握眼前的市場機會。接下來，我們想開放提問。

(Operator Instructions)

（接線員指示）

Scott Berg, Needham and Company.

Scott Berg，Needham and Company。

Hi, this is Ian Black on for Scott Berg. When should we expect to see the 3P revenue recovery business start to trough?

你好，我是 Ian Black，代替 Scott Berg 發言。我們應該何時預期 3P 營收追回業務開始觸底？

I'm sorry, start to what?

抱歉，你說開始什麼？

Start to trough.

開始觸底。

I can take that question, Ian. This is Joe. I think on the 3P, the way we're kind of explaining a little bit more is the Amazon revenue recovery side of the business. Right now, that continues on a negative trajectory. It probably troughs somewhere in the middle of this year, towards the end of this year.

Ian，我可以回答這個問題。我是 Joe。我認為在 3P 這部分，我們更具體在說的是業務中的亞馬遜營收追回。目前那部分仍持續呈現負向走勢。它大概會在今年年中到今年年底之間的某個時間點觸底。

As we enter into 2027, we would probably see a little bit more momentum in that business. But right now, we still see a lot of headwinds in 2026 as it relates to that business.

隨著我們進入 2027 年，我們可能會在該業務上看到更多一些動能。但就目前而言，就該業務而言，我們在 2026 年仍看到許多逆風。

Thank you. And then you guys reported some delayed enablement campaigns exiting 2025. What's the progress of those campaigns?

謝謝。另外，你們提到在 2025 年底有一些延後的啟用（enablement）活動。那些活動的進展如何？

Yes. So overall, our pipeline and activity on the retail relationship management campaigns is quite strong. Some of the specific campaigns that we cited in Q4 that we're going to carry into 2026 have now either closed or are near closure.

是的。整體而言，我們在零售關係管理活動方面的管線與活動量相當強勁。我們在第四季提到、將延續到 2026 年的一些特定活動，現在不是已經結案，就是接近結案。

So that momentum has continued. As these programs sort of affect customer count, keep in mind, there is some delay to actually run the program and get the suppliers on and initiate the invoicing with those suppliers. So we do expect that to affect customer count and be more impactful in the second half of the year versus the first half of the year.

因此那股動能持續延伸。由於這些方案會影響客戶數量，請記得，實際執行方案、讓供應商上線並開始與這些供應商啟動開立發票流程，會有一些時間延遲。因此我們確實預期這會影響客戶數量，且在下半年相較於上半年會更具影響力。

Parker Lane, Stifel.

Parker Lane，Stifel。

Hey, guys. Good afternoon. Thanks for taking the question. Chad, I think you said tariff and macro headwinds that you started to see in the middle of last year should start to dissipate as we lap them this year. Obviously, we've seen more conflict in the Middle East and some talk about what that could mean for global supply chain.

嗨，各位。下午好。謝謝讓我提問。Chad，我想你提到你們從去年年中開始看到的關稅與總體環境逆風，應該會在今年因為基期因素而開始消退。顯然，我們看到中東衝突加劇，也有一些討論這可能對全球供應鏈意味著什麼。

Any thoughts on what your customers could be facing or are facing as a result of that? And is there any belief that as you look through the year that, that could have any follow-through effect that maybe knocks that recovery time line off of the 2Q that you outlined?

你對於你們的客戶可能面臨、或正在面臨的影響有什麼看法？以及你是否認為，隨著今年推進，這可能會產生任何後續效應，進而讓你先前提到的第二季復甦時間表出現偏離？

Yes, absolutely. So we are seeing some of the contract scrutiny driven by the cost pressures from the tariffs from our customers begin to dissipate. You'll remember that most of that took effect beginning the latter half of Q2 last year. So we are cautious in watching sort of how we run through the final renewals that may be more susceptible to that on the annual renewal part of our business. As it relates to the broader kind of global situation, not yet seeing any indicators on that.

是的，絕對有。因此，我們確實看到，由於客戶承受關稅帶來的成本壓力而引發的合約審視，開始逐步消退。你會記得，這些影響大多從去年第二季後半段開始生效。因此我們仍保持謹慎，觀察在我們業務中按年續約的部分，最後幾筆續約是否更容易受到這些因素影響。至於更廣泛的全球情勢，目前我們尚未看到任何相關指標。

And as I reflect on this situation versus the tariff situation, we were hearing from our customers more directly that the tariffs were a bit more acute to their business, just immediate impact on their cost of goods sold. And we're not hearing that type of thing from our customers at this point in time, given some of the more global situations that we have out there right now.

回想這個情況與關稅情況的差異，我們當時更直接地從客戶那裡聽到，關稅對他們的業務更為急迫，因為會立即影響其銷貨成本。而就目前而言，鑑於我們現在面臨的一些更全球性的情勢，我們尚未從客戶那裡聽到類似的說法。

Understood. And Joe, maybe one for you. Welcome aboard here, by the way. I think you said about 4,000 third-party customers could churn off the platform as a result of the changes you guys are making. Comparing that to the roughly 7,300 today, what is it about those customers?

了解。Joe，也許有一題想問你。順帶一提，歡迎加入。我想你提到，因為你們正在進行的變更，大約有 4,000 名第三方客戶可能會從平台流失。相較於目前約 7,300 名，這些客戶有什麼特徵？

Is it the smallest of them in nature that would churn off most sensitive to cost? Or is there something else that you would characterize amongst that base that puts them in the category of likely to churn?

他們本質上是規模最小、對成本最敏感、因此最可能流失的那群嗎？還是你會用其他方式來描述這個客群，使其被歸類為較可能流失？

Yes. So these are the very smallest of our 3P take rate only Amazon customers. And so they're, for one thing, just not having a high volume of recovery opportunities for us. So they're very, very low revenue customers.

是的。這些是我們僅採用 3P 抽成（take rate only）的 Amazon 客戶中規模最小的一群。因此，一方面，他們可供我們進行追償（recovery）的機會量並不高。所以他們是非常、非常低營收的客戶。

And so when we introduced this subscription fee to them, which is quite modest at $19.99 a month, we do -- could find ourselves in some situations with those customers where they periodically process a recovery, but don't feel there's enough volume there to pay a $19.99 per month subscription fee.

因此，當我們向他們導入這項訂閱費（每月 19.99 美元，金額其實相當溫和）時，我們確實可能會遇到一些情況：這些客戶偶爾會處理一次追償，但覺得沒有足夠的量來支付每月 19.99 美元的訂閱費。

And that's how we arrived at our churn number. So very -- they're very, very small revenue customers. And in fact, we have a cost to service those customers because they're up on the platform or monitoring their activity, all those things. So we do think that there's some benefit to us from a cost perspective to not service those very low revenue customers if, in fact, they do churn as a result of this platform fee.

Dylan Becker, William Blair.

Dylan Becker，William Blair。

Maybe, Chad, starting with you on kind of early takeaways from the MAX program and how customers are kind of implementing it and seeing the value of the network. I guess, just any kind of incremental color you can provide?

Chad，也許先從你開始談談 MAX 計畫的早期觀察：客戶如何導入、以及如何看到網路的價值。我想問的是，你能否提供任何額外的補充說明？

I know you had a couple of ROI case studies, but maybe also the opportunity outside of the prebuilt agents that you guys are kind of spinning up and offering to clients, maybe the opportunity for those clients to kind of get their hands on it and build their own agents over time, but just kind of how you think about maybe custom-built versus kind of prebuilt deployment over time there as well.

我知道你們有幾個 ROI 個案研究，但也想了解除了預建（prebuilt）代理（agents）之外的機會：你們正在建立並提供給客戶的那些代理之外，客戶是否也有機會逐步親自上手，隨時間自行建立他們自己的代理？

Yes. Great question, Dylan. So let's start with the -- what's happening in the MAX beta. We have 400 customers in the beta now, and the feedback from the customers has been particularly strong. What is interesting is where they're finding a lot of value out of this is when with the tool, they're able to combine their data in our network with the proprietary databases that we have on the major retailers and distributors supply chain expectations for their suppliers.

是的。好問題，Dylan。我們先從 MAX beta 的進展談起。目前 beta 中有 400 位客戶，客戶回饋特別強勁。有趣的是，他們覺得這個工具很有價值的一個地方在於：他們能把自己在我們網路中的資料，與我們針對主要零售商與經銷商所建立的專有資料庫（包含對供應商的供應鏈要求/期望）結合起來。

So if you think about the differences that you have in the various rules in terms of shipping an order to a Target or a Walmart or Costco, when you can combine the nuances of some of those rules with your specific data, it allows you to answer questions around, hey, what's the difference for me to acknowledge an order from Target versus the time I need to acknowledge an order from Walmart and how may that affect my workflow.

因此，如果你想想看，把訂單出貨給 Target、Walmart 或 Costco，在各種規則上會有差異；當你能把這些規則中的細微差異與你自己的特定資料結合，就能回答一些問題，例如：對我而言，回覆（acknowledge）Target 訂單與回覆 Walmart 訂單的時間要求有何不同？這可能如何影響我的工作流程？

So it's actually really interesting the things that customers are doing where they're combining these two data sources together. And a good example here would be like the one we had in our earnings script called Siete Foods, where they were actually able to use MAX to determine that they had actually more inventory than they -- I'm sorry, less inventory than they believed that they had.

所以客戶把這兩個資料來源結合在一起所做的事情，確實非常有意思。這裡一個很好的例子是我們在財報講稿中提到的 Siete Foods：他們實際上能用 MAX 判斷，他們的庫存其實比他們原先以為的還要多——抱歉，是比他們以為的還要少。

It turned out to be some transactions they were doing with one of their supply chain partners, where there were some very detailed things on lot codes and expiration dates that MAX helped them identify and then get their inventory position corrected so that they could make more commitments to sales to their customers. So that's just kind of a hard ROI example where MAX was able to help them with their inventory position and in turn, generate sales.

結果發現，是他們與某個供應鏈合作夥伴進行的一些交易，其中涉及批號（lot codes）與到期日等非常細節的事項；MAX 協助他們辨識出來，並修正其庫存部位，讓他們能對客戶做出更多銷售承諾。因此這是一個很硬的 ROI 例子：MAX 協助他們改善庫存部位，進而帶動銷售。

I think the second part of your question was around kind of customers building agents versus using the agents in the tool. Our approach here is really with the MAX Connect product that we've launched, which is really an MCP endpoint that gives customers access to their network data as well as these proprietary databases that we have around retailer supply chain expectations.

我想你問題的第二部分，是關於客戶自行建立代理，與使用工具內建代理之間的差異。我們的作法主要是透過我們推出的 MAX Connect 產品；它本質上是一個 MCP 端點（endpoint），讓客戶能存取其網路資料，以及我們關於零售商供應鏈要求的這些專有資料庫。

We believe that some customers will utilize MAX right within the product itself, but there'll be other situations where the customers will want agent-to-agent interaction. And that's where our MAX Connect product fits in and that is able to handle agent-to-agent communication using MAX Connect.

我們相信，有些客戶會直接在產品內使用 MAX，但也會有其他情境是客戶希望進行代理對代理（agent-to-agent）的互動。這正是我們的 MAX Connect 產品所扮演的角色，它能透過 MAX Connect 來處理代理對代理的通訊。

Fantastic. And maybe for Joe, understand kind of the dynamics on third party, but the core business continuing, it sounds like to kind of track relative to plan. I guess if we think about some of the levers from a margin perspective, we talked historically about gross margin kind of being the biggest one, but it sounds like you have other initiatives underway and kind of maybe improving the unit economics of the third-party piece of the puzzle.

太棒了。也許給 Joe 的問題是，理解第三方業務的一些動態，但核心業務持續推進，聽起來仍大致符合計畫在走。我想如果我們從利潤率的角度來看一些槓桿，我們過去一直談到毛利率可能是最大的一個，但聽起來你們也在推進其他計畫，並且可能在改善這個拼圖中第三方那一塊的單位經濟效益。

I guess, simplistically, how reliant is kind of the 200 basis point target on the growth side of the equation? And how many kind of levers do you have to sustain that trajectory as we kind of navigate through some of these idiosyncratic dynamics?

我想用比較簡化的方式問，200 個基點的目標在多大程度上依賴於成長端的表現？而當我們在應對這些較為特殊的動態時，你們有多少種槓桿可以用來維持這樣的軌跡？

Yes, Dylan, thanks for the question. What I would say is some of the stuff that Chad was talking about, some of the savings on the 3P side, that's a pretty small probably impact on the EBITDA and our ability to drive the 200 basis points. I think a couple of things -- and you saw this even in Q1, the ability to kind of overperform the guidance we gave. I think there's a couple of levers we have, and Chad mentioned some of this on his prepared remarks related to how we're using AI internally, right? We've seen some really initial success on the time to onboard customers and how much more efficient we can be when we onboard customers internally.

是的，Dylan，謝謝你的問題。我會說 Chad 談到的一些事情，像是 3P 端的一些節省，對 EBITDA 以及我們推動 200 個基點的能力而言，影響其實相當小。我認為有幾件事——你在第一季也看到了，我們有能力表現優於我們給出的指引。我覺得我們有幾個槓桿，而 Chad 在事先準備的講稿中也提到一些，與我們如何在內部使用 AI 有關，對吧？我們在客戶上線所需時間，以及內部上線流程能提升多少效率方面，已看到一些非常初步的成功。

He talked about the efficiencies we're seeing on the product engineering side and our ability to iterate much faster. And so I think what you'll see over the rest of this year as we progress, and there's a huge focus internally on how we can use AI to be more efficient. And that's one of the things I'm really focused on. I think it's -- for me, it's really important as a CFO is working very closely with the IT team on where AI can add the most value internal. And so I do think we're going to -- you're going to end up seeing levers across sales and marketing, R&D and G&A throughout the year.

他談到我們在產品工程端看到的效率提升，以及我們能更快迭代的能力。因此我認為你會在今年剩餘時間、隨著我們推進而看到的是，內部非常聚焦於如何使用 AI 來提升效率。而這也是我非常關注的一件事。我認為——對我而言，作為 CFO，非常重要的是與 IT 團隊密切合作，找出 AI 在內部最能增加價值的地方。因此我確實認為——你最終會看到我們在全年於銷售與行銷、研發以及一般與行政（G&A）等面向都有槓桿可以運用。

So I think there'll be more to come on future calls on where we're leveraging AI internally to drive margin.

所以我想在未來的電話會議上，關於我們如何在內部運用 AI 來推動利潤率，還會有更多內容可以分享。

Chris Quintero, Morgan Stanley.

Chris Quintero，摩根士丹利。

Hey, Chad. Joe, welcome to the call here. I want to ask about the medium-term targets, obviously, at least high-single-digits, guiding Q2 to 4% to 5%, and totally understand the Amazon headwinds that you're seeing right now. But just curious, is that still the right framework we should be thinking about? And if so, how should you think about the path to getting back to that high-single-digit growth rate?

嗨，Chad。Joe，歡迎加入這次電話會議。我想問一下中期目標：很明顯至少是高個位數成長，而你們對第二季的指引是 4% 到 5%，也完全理解你們目前看到的 Amazon 逆風。但我想確認的是，這仍然是我們應該採用的正確框架嗎？如果是的話，應該如何看待回到高個位數成長率的路徑？

Yes. Yes, Chris, I mean, we do believe that the high single digits over the mid- to long term is the appropriate growth rate for the business. As we both mentioned in the prepared remarks, the headwind is really coming very specifically from this Amazon revenue recovery piece.

是的。是的，Chris，我們確實相信從中到長期來看，高個位數的成長是這項業務適當的成長率。正如我們在事先準備的講稿中都提到的，逆風主要非常明確地來自 Amazon 的營收回收（revenue recovery）這一塊。

If you look at the other portions of our business, the revenue recovery without Amazon is growing faster than the overall business. And the business kind of excluding all revenue recovery is really executing per our expectation. So if you take out that headwind, you're definitely back in that high single-digit range, which is consistent with our mid- to long-term expectation for the business.

如果你看我們業務的其他部分，不含 Amazon 的營收回收其成長速度其實快於整體業務。而若把所有營收回收都排除掉，業務的執行其實符合我們的預期。所以如果把那個逆風拿掉，你就會明顯回到高個位數區間，這也與我們對這項業務中長期的預期一致。

Yes. And Chris, I'll add a couple more data points there to maybe help you with your question. One, some of the Q2 growth rate, if you think about it sequentially, a lot of that on a year-over-year basis has to do with Q2 this year has the first full year, year-over-year comp for [Carbon6].

是的。Chris，我再補充幾個數據點，或許能幫助回答你的問題。第一，如果你按序列（sequentially）去看第二季的成長率，其中很大一部分在年對年基礎上，是因為今年第二季是[Carbon6] 的第一個完整年度年對年比較。

And so I do think that growth rate is probably not directionally where we're headed. If you look at our full year guide and the growth rate there, you kind of do the implied growth rate in Q3 and Q4 to get to the annual guide, you actually see pretty strong re-acceleration of growth in the business.

因此我確實認為那個成長率在方向上可能不是我們要前往的地方。如果你看我們全年指引以及其中的成長率，推算為了達到全年指引在第三季與第四季所隱含的成長率，你其實會看到業務成長相當強勁的再加速。

I think the last thing I'll call out is, and Chad alluded to this, if you remove the Amazon revenue recovery, for example, for our Q1 numbers, you would actually -- the rest of the business is actually already growing in the high single digits. And so I think there's a huge, huge part of our business that is growing in the high single digits. You just can't see it because we're facing these growth headwinds with this Amazon revenue recovery part of our business.

我想最後要強調的是——Chad 也提到——例如以我們第一季的數字來看，如果你把 Amazon 的營收回收拿掉，你會發現——其餘業務其實已經是在高個位數成長。所以我認為我們業務中有非常、非常大的一部分是在高個位數成長。只是你看不出來，因為我們在 Amazon 營收回收這一塊正面臨成長逆風。

Got it. That's super helpful color and detail there on the core business. Maybe as a follow-up, I wanted to dive a little bit deeper on MAX Connect. we're increasingly hearing that businesses are choosing vendors based on their API strategy and how interoperable they are with broader agents, third-party agents.

了解。這些對核心業務的補充說明與細節非常有幫助。作為追問，我想更深入談一下 MAX Connect。我們越來越常聽到企業會根據供應商的 API 策略，以及其與更廣泛的代理（agents）、第三方代理的互通性來選擇供應商。

And so just curious how you're thinking about the openness of MAX Connect and maybe the monetization as agents leverage your network and your data.

所以我想請教你們如何看待 MAX Connect 的開放性，以及當代理利用你們的網路與資料時，可能的變現方式。

Yes, absolutely. So I mean, first, I'd say we have been a very open and API-friendly in our product strategy. In fact, many of the ways our network connects to retailers, especially on the e-commerce and marketplace side is through APIs. So I think sometimes we're a pigeonholed as EDI being the only way we do it, but we're very open, very familiar with the API approaches. And of course, customers have always been able to access our network through APIs specific to the kind of agentic API or kind of more MCP type approach, yes, we think this is very important.

是的，當然。首先我會說，我們在產品策略上一直非常開放、也非常 API 友善。事實上，我們的網路與零售商的連結方式，特別是在電商與市集（marketplace）端，很多就是透過 API。所以有時候大家會把我們框定成只用 EDI 的公司，但我們其實非常開放，也非常熟悉 API 的做法。當然，客戶一直都能透過 API 存取我們的網路；至於更偏代理式（agentic）的 API 或更偏 MCP 類型的方法，是的，我們認為這非常重要。

We realize that agent-to-agent workflows are the thing of the future. We're already seeing that inside our business as we deploy internal agents. And we think with that, the data that we have, both the, call it, transactional data, but I will really highlight these databases that we have of retailer and distributor supply chain expectations are very robust. And there are things that we built up over 20 years. Our customers tell us they can't find this information that we have built up over 20 years anywhere else.

我們意識到代理對代理（agent-to-agent）的工作流程是未來的趨勢。我們在公司內部部署內部代理時，已經看到這種趨勢。而在此之下，我們擁有的資料——不論是所謂的交易資料（transactional data），但我更想特別強調的是，我們關於零售商與經銷商供應鏈期望的資料庫非常強大。這些是我們 20 年來累積建立的。客戶告訴我們，他們在其他地方找不到我們這 20 年累積下來的這些資訊。

And that information, we even see it through the MAX beta is becoming very valuable. And so I think exposing the combination of the network data and these proprietary supply chain databases together are also going to be powerful on the agent-to-agent communication coming through MAX Connect. And we will definitely be monetizing those interactions with MAX Connect over time once we get through this beta period.

而這些資訊——我們甚至從 MAX 的 beta 測試中也看到——正變得非常有價值。因此我認為，將網路資料與這些專有的供應鏈資料庫結合並對外開放，也將在透過 MAX Connect 進行的代理對代理溝通中發揮很強的力量。一旦我們度過這段 beta 期間，隨著時間推進，我們肯定會對透過 MAX Connect 的這些互動進行變現。

George Kurosawa, Citi.

George Kurosawa，花旗。

Okay, great. Thanks for taking the questions, and Joe, look forward to working with you here. Maybe just to start on approach to guidance. This is a few quarters in a row where at least the revenue side has come in towards the lower end of the range. Maybe you could just talk through, has there been any learnings or shift in approach in terms of embedding more conservatism? It sounds like spend is improving.

好的，很棒。謝謝讓我提問，Joe，也期待接下來能與你合作。我想先從指引（guidance）的制定方式談起。這已經是連續好幾季，至少在營收端都落在區間的較低端。你能否談談是否有任何學習或方法上的調整，例如在指引中納入更多保守性？聽起來支出狀況正在改善。

I'm curious if maybe that's something that has not been baked in that could be a source of upside. Just any thoughts there.

我想知道這是否可能是尚未反映在指引中的因素，並可能成為上行空間的來源。想聽聽你們的看法。

Yes. What I would say -- and great to meet you as well, George, and looking forward to working with you as well. What I would say is there's no major change in our guidance philosophy. I think one thing, though, that I want to call out, especially on the annual guide is I kind of mentioned this in my prepared remarks, the Amazon revenue recovery business is really posing a pretty strong headwind for us. And so when we thought about the full year guide, we wanted to make sure that we were factoring all the risks we're seeing in that part of the business.

是的。我想說的是——也很高興見到你，George，也期待與你合作。我想說的是，我們在指引理念上沒有重大改變。不過我想特別點出一點，尤其是在全年指引方面，我在事先準備的發言中也提到過，Amazon 營收追回（revenue recovery）業務確實對我們造成相當強的逆風。因此在思考全年指引時，我們希望確保把我們在這塊業務看到的所有風險都納入考量。

If you were to take that part of the business out, actually, the performance of the rest of the business is in line with our expectations. We actually saw some momentum coming out of Q1 into Q2. So we feel really good about that part of the business. So I think as it relates to the guidance, I think the only change now is just making sure we're factoring all the risk related to this Amazon revenue recovery. I do think to your point, though, on the EBITDA side, I do think there is going to be upside.

如果把那部分業務拿掉，其實其餘業務的表現是符合我們的預期的。我們確實看到從第一季到第二季有一些動能延續。所以我們對那部分業務感覺非常好。因此我認為就指引而言，現在唯一的改變就是確保我們把所有與這項 Amazon 營收追回相關的風險都納入。不過我也同意你提到的點，在 EBITDA 方面，我確實認為會有上行空間。

We raised the full year guide. We're exploring internally other use cases of AI. But overall, I would say, George, there's not a major change in like guidance philosophy.

我們上調了全年指引。我們也正在內部探索 AI 的其他使用情境。但整體而言，我會說，George，我們在指引理念上沒有重大改變。

Okay. Got it. That's really helpful. And then I did want to double-click on the Amazon revenue recovery. Can you just give us some details on the timing of the rollout of those pricing changes and just the -- maybe the translation of that into churn, just so we can get a sense of that 4,000 customer number, when we expect to see that start to flow into the metrics?

好的。了解。這很有幫助。另外我也想再深入追問一下 Amazon 營收追回。你能否提供一些細節，關於那些定價變更的推出時程，以及——可能這會如何轉化為流失（churn），讓我們能理解那 4,000 名客戶的數字，以及我們預期何時會開始在指標中反映出來？

Yes. So we will begin rolling that program out into Q2 and the rollout will go into Q3 a little bit. I do think, though, the churn may happen over time. So we've thought about that even though we're rolling it out in Q2 and early Q3, the churn may come kind of throughout the year.

可以。我們會在第二季開始推出該計畫，而推出會延續到第三季一小段時間。不過我確實認為，流失可能會隨時間逐步發生。所以我們的想法是，即使我們在第二季與第三季初推出，流失可能會在全年各個時間點陸續出現。

Okay, great. Thanks for taking the questions.

好的，很棒。謝謝回答問題。

Brown, Rothschild & Redburn.

Brown, Rothschild & Redburn。

Chad, Joe, I appreciate that we're coming up to the cycling of the second quarter '25, where we began to see the lower document volumes within fulfillment. How have these trends been as we exit the first quarter? And just what's the confidence that we'll see strong growth year-on-year in the volume-based component of the business as we head into the coming quarters?

Chad、Joe，我很感謝我們即將進入 2025 年第二季的比較基期（cycling），當時我們開始看到履約（fulfillment）中的文件量下降。在第一季結束時，這些趨勢表現如何？另外，對於未來幾季我們在業務中「以量計價」的那部分能夠實現強勁的年增成長，你們的信心來源是什麼？

Yes. We definitely haven't seen a dissipation of that headwind related to contract scrutiny, which had customers looking at their document plans and any trading partners that they were able to reduce from their contracts. As we've moved here into 2026, we just haven't seen that same level of pressure that we've seen in '25. And as we've engaged with customers who have future renewals through the year, that does give us more confidence about that dynamic in 2026 versus what was definitely a challenge in 2025.

是的。我們確實還沒有看到與合約審視（contract scrutiny）相關的那股逆風消退；那使得客戶去檢視他們的文件方案，以及任何他們能從合約中減少的交易夥伴。隨著我們進入 2026 年，我們沒有再看到像 2025 年那樣的壓力程度。而且當我們與今年內有未來續約的客戶互動時，這也讓我們對 2026 年的這種動態更有信心，相較之下 2025 年確實是一項挑戰。

And with those 400 customers on MAX, how is the consumption usage been through the beta stage? Has that been over or under expectations? And just given you probably have a better understanding of the usage, just has that been helpful in formulating that monetization strategy for MAX?

另外，MAX 上的那 400 位客戶，在 beta 階段的使用量/消耗（consumption usage）如何？是高於或低於預期？以及既然你們可能對使用情況有更好的理解，這是否有助於你們制定 MAX 的變現策略？

Yes, absolutely. So first off, I would say the 400 number was above our internal targets. And I think that just speaks to the -- one, the communication of this to our customers, but also them being able to see the benefits to their business of using this even in a beta format.

是的，完全是。首先我會說，400 這個數字高於我們內部目標。我想這反映了——第一，我們對客戶的溝通；第二，即使是在 beta 形式下，客戶也能看見使用它對其業務帶來的效益。

And, like with everything, we've seen some customers where there was really heavy use cases and some of that may -- typically the smaller customers, they're using it, but there's not a ton of volume, just there's not a lot of volume in their business. But all that's going into all of our thinking about how we plan to monetize that.

而且就像所有事情一樣，我們看到有些客戶有非常重度的使用情境；也有一些——通常是較小的客戶——他們有在用，但量不大，因為他們的業務本來就沒有很大的量。但這些都會納入我們對於如何變現的整體思考。

In fact, our current thinking right now, although we haven't formally come to a conclusion is that we will try to include MAX in a lot of our base subscriptions just to get customers using the feature and then -- but their usage would be throttled somehow. And then based on incremental usage, we have an uptick in their subscriptions based on that incremental usage.

事實上，我們目前的想法是，雖然我們尚未正式定案，我們會嘗試把 MAX 納入我們許多基礎訂閱方案中，先讓客戶開始使用這個功能，然後——但他們的使用量會以某種方式被限流（throttled）。接著依據額外的使用量，我們會根據那部分增量使用，調升他們的訂閱等級/費用。

Joe Vruwink, Baird.

Joe Vruwink，Baird。

Just on the topic of AI increasing development velocity, you obviously spoke to that and how it's moving forward inside the company. But curious what you're seeing maybe outside the company in terms of suppliers or newer competitors maybe yielding that capability as well.

關於 AI 提升開發速度這個主題，你們顯然談到了它以及它在公司內部如何推進。但我也好奇，你們在公司外部看到什麼情況——例如供應商或較新的競爭對手是否也具備那樣的能力？

And I'm wondering to what extent maybe AI making automation easier to build could start to remove a supplier or the type of supplier that maybe in the past would look to SPS Commerce to simplify their supply chain complexity and is now maybe thinking of doing that internally?

我想問的是，在某種程度上，若 AI 讓自動化更容易建置，是否可能開始消除某些供應商——或某類供應商——過去會尋求 SPS Commerce 來簡化其供應鏈複雜度，但現在可能考慮自行在內部完成？

Yes, Joe, I think it's a good question. I mean what we're seeing is there is still this sort of fundamental difference between a do-it-yourself approach with these connections and being in a proactively managed network like SPS. So the majority of our competitors facilitate a do-it-yourself approach where you do need to go in and manage the connections. Now they do give you good tooling to do that. And more recently, they've given AI tooling to help manage those maps yourself.

是的，Joe，我覺得這是個好問題。我們看到的是，在這些連線上採取「自己動手做」（do-it-yourself）的方式，與加入像 SPS 這樣主動管理（proactively managed）的網路之間，仍然存在一個根本性的差異。因此我們的大多數競爭對手提供的是 DIY 的方式，你確實需要自己進去管理這些連線。當然他們也提供不錯的工具來做這件事。而最近，他們也提供 AI 工具，協助你自行管理那些對應/映射（maps）。

But you still do need to manage it yourself, even if you have some level of agents or AI automating that. And we don't believe that for most customers, especially in the small to medium size, which is really the bulk of our customers, that they would ever get the efficiencies from the do-it-yourself approach that they would have in a managed approach. It's a managed network approach where we can make one change that a retailer has and immediately cascades to all our customers just generally leads to a more efficient approach.

但即便有某種程度的代理（agents）或 AI 自動化，你仍然需要自己管理。而我們不認為對大多數客戶而言——尤其是中小型客戶，這也是我們客戶的主體——他們能從 DIY 方式獲得的效率，會超過採用託管（managed）方式所能得到的效率。在託管網路模式下，我們可以針對零售商的一個變更做一次調整，並立即級聯（cascades）到所有客戶，整體而言會帶來更有效率的方法。

The second thing I would say is we're right around the $13,000 average revenue per year for our customers. If a customer is really dedicated to writing out a lot of their enterprise IT stack, I think they're going to go to work on some bigger spend applications before they come down to their $13,000 a year connection to the SPS network. And I think that gives us some protection as well.

第二點我想說的是，我們客戶的年平均營收大約在 13,000 美元左右。如果某個客戶真的很投入要自己撰寫/打造他們大量的企業 IT 技術堆疊，我認為他們會先去處理一些支出更大的應用，才會回頭處理他們每年 13,000 美元、連到 SPS 網路的這項連線支出。我認為這也給了我們一些保護。

Okay. Great. That's helpful. Joe, maybe one for you, just to clear this up. You say the subscription platform change in the Amazon 3P business that's going to yield logo churn, but I think I also heard not a material revenue impact.

好的。很棒。這很有幫助。Joe，我也想請你澄清一下。你說 Amazon 3P 業務中的訂閱平台變更會導致客戶標誌（logo）流失，但我也聽到你說對營收影響不重大。

That's the clarification because the revenue guide is also coming down and it relates to revenue recovery. So are you really saying that there are headwinds, but they're being absorbed in the 1Q, 2Q time frame, and that's really the source of change?

我想澄清的是，因為營收指引也在下修，而且與營收追回（revenue recovery）有關。所以你真正的意思是，確實有逆風，但它們已在第一季、第二季的時間範圍內被吸收，而那才是變動的主要來源嗎？

Yes. So Joe, I'll take that one. So kind of two different topics here. I'd say specific to the subscription fee and the churn of those customers, the reason why that's not that material to revenue, although the count in 4,000, the revenue from those 4,000 is quite modest. And for the ones that remain and absorb this platform fee, again, it would be modest, but there's some potential here for even a small revenue uplift there.

是的。所以 Joe，這題我來回答。這裡其實是兩個不同的主題。就訂閱費以及這些客戶的流失而言，我會說之所以對營收影響不大，是因為雖然數量有 4,000 家，但這 4,000 家帶來的營收相當有限。而對於仍然留下並吸收這筆平台費的客戶，同樣影響也不大，但確實有機會，即使只是小幅度，也可能帶來一些營收提升。

So if you kind of net those effects out, that's why we're saying that even with this new policy and the customer churn, there's not a revenue impact there. As it comes to the guide, the guide is really in the reduction in the guide, that's really related to overall headwinds from this Amazon space, which relate to the policy changes that Amazon has made. That's not really -- it relates to the amount of what we can recover for our customers. It's not specific to this introduction of the platform fee.

所以如果把這些影響加總抵銷後，這就是為什麼我們說，即使有這項新政策以及客戶流失，對營收也不會有影響。至於財測指引，指引下修主要是因為來自 Amazon 這個領域的整體逆風，與 Amazon 所做的政策變更有關。那其實是關於我們能為客戶追回多少金額。並不是特別針對這次平台費的導入。

Matt VanVliet, Cantor Fitzgerald.

Matt VanVliet，Cantor Fitzgerald。

Welcome aboard, Joe. Look forward to working with you again here. I guess when you look at the overall product road map that you had out over the last several months, maybe, how is the ability to get product to market faster using AI tooling in the development area, maybe pulled forward some of those ideas that were on kind of the nice-to-have list, but weren't high enough priority. Where in the business do you think you'll eventually sort of roll out functionality and be able to expand on that $13,000 per year average customer?

歡迎加入，Joe。期待再次與你合作。我想問的是，回頭看你們過去幾個月提出的整體產品路線圖，使用 AI 工具在開發端加速產品上市的能力，是否把一些原本屬於「有了更好」但優先順序不夠高的想法提前了？你認為最終會在業務的哪些地方推出功能，並能在每年平均每位客戶 13,000 美元的基礎上進一步擴張？

Yes, absolutely. So I'd highlight a few different areas that are pretty key to us driving higher ARPU on our customers. So one area would be in the broader revenue recovery business. We continue to execute on our strategy to build out to more retailers. So the more retailers we can support with revenue recovery, the more market that opens up for us there.

是的，完全同意。我會強調幾個對我們推動客戶更高 ARPU（每戶平均收入）非常關鍵的領域。其中一個領域是在更廣泛的營收追回（revenue recovery）業務。我們持續執行策略，擴展支援更多零售商。因此，我們能用營收追回支援的零售商越多，對我們而言可開拓的市場就越大。

And so that's been a key part of what we're doing. We're also making a number of enhancements to our analytics product and the underlying technology there and our analytics product to provide some more data access and even AI capabilities within the analytics product, which we're optimistic about. And then continue to advance our strategies around ERP connections.

這一直是我們工作的重點之一。我們也在分析產品及其底層技術上做了多項強化，讓分析產品能提供更多資料存取，甚至在分析產品中加入 AI 能力，我們對此感到樂觀。另外也持續推進我們在 ERP 連接方面的策略。

As an example, we've had a long-standing partnership with NetSuite, making some investments in our NetSuite technology. So customers using NetSuite together with the SPS network can get more full features there.

例如，我們與 NetSuite 長期合作，並在 NetSuite 相關技術上持續投資。因此，使用 NetSuite 並結合 SPS 網路的客戶，可以獲得更完整的功能。

So those would be a few examples of things that are underway in our product road map and have benefited from some of the velocity changes we're experiencing using agentic engineering.

以上是我們產品路線圖中正在進行的幾個例子，也都受益於我們在採用代理式工程（agentic engineering）後所體驗到的開發速度提升。

All right. Helpful. And then maybe on the other side of that, how does it sort of raise the bar in terms of an appetite for M&A and maybe what the type of targets you're looking for and ultimately sort of what the outcomes and potential synergies of any future M&A might look like? And Joe, I would love to hear kind of your initial viewpoint on what the M&A strategy might evolve into.

了解。很有幫助。那從另一個角度來看，這是否也提高了你們對併購（M&A）的意願門檻，例如你們在尋找的標的類型，以及未來任何併購可能帶來的成果與協同效益會是什麼樣子？另外，Joe，我也很想聽聽你對 M&A 策略未來可能如何演進的初步看法。

Maybe I'll start first and then Chad can talk about what areas might be interesting. What I would say right now, though, Matt, overall, we're really focused on running the business. And then I think after that, from a capital allocation standpoint, we're focused on buying stock back. And you noticed we bought almost $50 million back, about $47 million in Q1. The Board has authorized up to $300 million in total.

我先回答，之後 Chad 可以談談哪些領域可能有趣。Matt，我現在想說的是，整體而言，我們目前非常專注在把本業經營好。接著在資本配置方面，我們的重點是回購股票。你也注意到我們在第一季回購了接近 5,000 萬美元，大約 4,700 萬美元。董事會已核准總額最高 3 億美元的回購額度。

And so I think from that standpoint, that's going to be our major focus right now to run the business buy back shares. And then I'll let Chad talk about if we were to get back into M&A, what that might look like or the areas that might be interesting.

所以我認為就目前而言，我們的主要重點會是把業務經營好並回購股份。接著我讓 Chad 來談談，如果我們要重新啟動併購，可能會是什麼樣子，或哪些領域可能有吸引力。

Yes. I mean I think Joe is absolutely right. I mean the most efficient use of our capital today is buying back shares. But certainly, over the long term, we view M&A as part of our strategy, really coming from 3 different areas. I mean there's still room to further consolidate in the EDI market.

是的。我想 Joe 說得完全正確。以今天來看，我們資本最有效率的用途就是回購股份。但當然，從長期來看，我們把併購視為策略的一部分，主要來自三個不同方向。第一，EDI 市場仍有進一步整併的空間。

There remain players there. And every time we've added an EDI company, the customers have got more benefit in moving to the SPS network. And those have been very efficient transactions for us, and there's still opportunities out there.

那裡仍然有一些業者。而每次我們併入一家 EDI 公司，客戶在轉移到 SPS 網路時都能獲得更多好處。這些交易對我們而言一直都非常有效率，而且外面仍有機會。

The other area would be broadening our product solutions for our supplier customers as we are driving more and more cross-selling now and that discipline on cross-selling and expanding the ARPU is really getting built into our go-to-market teams. I think we'll have more confidence over time of adding to the product portfolio for those cross-sell opportunities.

第二個方向是，隨著我們現在越來越推動交叉銷售，去擴大我們對供應商客戶的產品解決方案；而在交叉銷售與提升 ARPU 的紀律，也正逐步內建到我們的 go-to-market 團隊中。我認為隨著時間推進，我們會更有信心透過擴充產品組合來創造這些交叉銷售機會。

And activity outside the US has been strong and was strong in 2025 as well. And I think as those businesses outside the US scale, there could be longer-term opportunities to add more scale with acquisitions outside the US.

第三，非美國市場的活動一直很強，2025 年也同樣強勁。我認為當美國以外的業務規模擴大後，長期來看，可能會有機會透過在美國以外的併購來進一步擴大規模。

Jeff Van Rhee, Craig-Hallum Capital Group.

Jeff Van Rhee，Craig-Hallum Capital Group。

This is Daniel on for Jeff Van Rhee. In regards to the pricing increase for 3P customers, Chad, just the timetable of that, how -- when you came to that conclusion and particularly the degree to which that had already been anticipated in the guidance?

我是 Daniel，代替 Jeff Van Rhee 提問。關於對 3P 客戶的漲價，Chad，想請問時間表是怎麼安排的——你們是在什麼時候做出這個結論？以及這在多大程度上已經被納入財測指引的考量？

So I'd say overall, I'll answer kind of strategically, and Joe can comment on what was not contemplated in the guidance. So if you look at revenue recovery, if you go all the way back to -- we first entered this with Supply Pike and Supply Pike was 100% subscription business and gave us a broad retailer coverage and a lot in Walmart, but not much in Amazon.

我會先從策略面回答，至於哪些沒有被納入指引，Joe 可以補充。如果你看營收追回這塊，回到最早——我們是透過 Supply Pike 進入這個領域，而 Supply Pike 是 100% 訂閱制業務，讓我們覆蓋了廣泛的零售商，且在 Walmart 的覆蓋很深，但在 Amazon 的覆蓋不多。

We thought there was an opportunity to quickly gain the world's two largest retailers in Amazon and Walmart by acquiring Carbon6. The Carbon6 revenue model was more of a take rate model where we just took a portion of what we recovered from customers. So we've always had these two revenue models, and we did have a belief that there are probably portions of the 100% take rate business that we might be able to convert over to a more predictable subscription model or kind of a hybrid model over time.

我們認為，透過收購 Carbon6，可以快速切入全球兩大零售商 Amazon 與 Walmart。Carbon6 的營收模式更偏向抽成（take rate）模式，也就是我們從替客戶追回的金額中抽取一部分。因此我們一直同時存在這兩種營收模式，而且我們也一直相信，100% 抽成業務中可能有一些部分，隨著時間推進可以轉換成更可預測的訂閱模式，或某種混合模式。

So that's always been a part of our thesis. And so where we decided to start on that was with the very small 3P customers and in particular, those that because they're small in revenue, had some cost to serve question relative to the revenue that we were getting from them. So that's really how that all came about, and I'll defer to Joe on how that was impacted in the guide.

所以這一直是我們投資論點的一部分。而我們決定從哪裡開始做這件事，就是從非常小的 3P 客戶著手，特別是那些因為營收規模小，在我們從他們身上取得的收入相對之下，服務成本存在疑慮的客戶。這就是整件事的由來；至於對指引的影響，我交給 Joe 說明。

Yes. On the guidance side, I think Chad briefly mentioned this earlier, it's kind of revenue neutral. We believe that there will be some churn and these customers are pretty low value, but I think that will be offset by the customers that do accept the fee. And so I think from a guidance standpoint, you could pretty much assume like a net zero impact to revenue for the rest of the year.

是的。就指引而言，我想 Chad 先前也簡單提過，整體大致是營收中性。我們認為會有一些流失，而且這些客戶的價值相對較低，但這會被接受費用並留下來的客戶所抵銷。因此從指引角度來看，你大致可以假設今年剩餘期間對營收的淨影響接近於零。

Okay. That's helpful. And then just for you, Joe, as you're coming on board here, just you could share some of your thoughts on the opportunity you see at SPS to you here? And then any of your top priorities, I know you're early in the seat, but any of your top priorities as you see them stepping into the role?

好的。這很有幫助。接著就請你，Joe，既然你剛加入團隊，也許你可以分享一下你在SPS看到的機會？以及你的一些首要優先事項，我知道你才剛上任，但就你目前的觀察，接手這個角色時你的首要優先事項有哪些？

Yes. I think for me, the things I'm focused on are a couple of things. One, I'm ramping on the business as fast as I can and the industry, right? I want to make sure I have enough understanding to help drive the real strategic business decisions that we need to be making here at SPS. I think the second area is to keep driving the EBITDA that we've seen in this business.

是的。我想對我來說，我目前聚焦在幾件事上。第一，我會盡可能快速熟悉業務與產業，對吧？我想確保自己有足夠的理解，來協助推動我們在SPS需要做出的真正策略性商業決策。第二個面向是持續推動我們在這項業務中看到的EBITDA。

They've done a really good job historically driving EBITDA, and I want to make sure we stay on that course. I mentioned this earlier, I think there's real opportunity on the AI front internally to drive leverage, and that will be something I'll be laser-focused on. So those are probably the two top priorities for me. I think at the highest level, to your point, like what are the opportunities? I think Chad has touched on this.

過去他們在推動EBITDA方面做得非常好，我希望確保我們能持續走在這條路線上。我先前提過，我認為在內部AI方面確實有很大的機會可以提升槓桿效益，而這會是我高度聚焦的重點。所以這大概是我最優先的兩件事。從更高層次來看，呼應你的問題：機會是什麼？我想Chad已經談到一些。

The network that we've built between the retailers and suppliers and our ability to use that data and that proprietary data that we have and apply AI against it is a huge opportunity. I know we're very early on the MAX side, but I think there's a lot of upside on where this business can go when you start introducing AI into the product set.

我們在零售商與供應商之間建立的網路，以及我們運用這些資料、我們所擁有的專有資料並將AI應用其上的能力，是一個巨大的機會。我知道我們在MAX這一塊還非常早期，但我認為當你開始把AI導入產品組合時，這項業務未來的上行空間很大。

Mark Schappel, Loop Capital Markets.

Mark Schappel，Loop Capital Markets。

Chad, a question for you. There's a new Chief Commercial Officer on board. He is now on board for a little over a quarter now. With the recent expansion of your product portfolio into revenue recovery and AI, maybe you could just talk a little bit about how the commercial team is kind of streamlining the cross-sell motion just to ensure that these products are effectively adopted by your current client base?

Chad，我有個問題想請教你。你們新任的首席商務長已到任。他上任大約已超過一季。隨著你們近期將產品組合擴展到營收追回與AI，也許你可以談談商務團隊如何精簡交叉銷售的推進方式，以確保這些產品能有效被現有客戶群採用？

Yes, great question. So I would go back and say a lot of the go-to-market motion at SPS historically was focused on acquiring new customers. And as we've established the market-leading position that we have and moved a little bit further in the TAM, there certainly is an opportunity for new customers. But we've been quite open that the larger driver of growth is for us to expand the ARPU with our customers. First and foremost, expanding their total usage of the network.

是的，這是個好問題。我會回到一點：SPS過去的上市推廣（go-to-market）動作，歷來更聚焦在取得新客戶。而隨著我們建立了市場領先地位，並在可服務市場（TAM）中再往前推進，確實仍有取得新客戶的機會。但我們也相當公開地表示，更大的成長驅動力在於提升客戶的ARPU。首要之務是擴大他們對網路的整體使用量。

So the majority of these are fulfillment customers where there's still an opportunity to add more connections and features on fulfillment for them to use. And then secondarily, the cross-sell of revenue recovery and analytics and as we move into the monetization of MAX, obviously, the cross-selling of MAX.

因此，多數客戶是履約（fulfillment）客戶，我們仍有機會為他們增加更多連結與履約相關功能供其使用。其次是交叉銷售營收追回與分析；而隨著我們推進MAX的變現，當然也包括MAX的交叉銷售。

So in response to that strategy, I would say both from a sales and marketing standpoint, we focus quite a bit on the engagement with customers and the relationships that we have there, looking after the full customer life cycle and making investments there on customer treatment strategies so that we can retain and grow our customers.

因此，針對這項策略，我會說無論在銷售或行銷面，我們都相當重視與客戶的互動以及既有關係，著眼於完整的客戶生命週期，並在客戶經營策略上投入資源，以便我們能留住並擴大客戶規模。

And it's not to say there wasn't a track record of doing that, but I think there's just a new operational rigor that Eduardo, together with our new Chief Marketing Officer, Maria, have brought to the organization around those muscles for expansion within existing customers while simultaneously having a very strong motion, especially on the retail side to continue to add new customers.

這並不是說過去沒有這方面的成果，但我認為Eduardo與我們新任首席行銷長Maria一起，為組織在既有客戶擴張這些能力上帶來了新的營運紀律；同時也維持非常強的推進動能，特別是在零售端，持續新增客戶。

(Operator Instructions)

(接線員指示)

Nehal Chokshi, Northland Capital Markets.

Nehal Chokshi，Northland Capital Markets。

Yes. Good to see that the guidance implies that on the back half of '26 that there will be an inflection in the overall revenue growth rate. Now given that the core business or, I guess, excluding the Amazon 3P is already growing high single digits. What is the driver for the inflection in the growth rate that is implicitly being projected here?

是的。很高興看到指引顯示在26年下半年整體營收成長率會出現拐點。鑑於核心業務——或者我想說，排除Amazon 3P之後——已經是高個位數成長。那麼，這裡隱含預期的成長率拐點，其驅動因素是什麼？

Yes. So Nehal, I think the right way to think about the dynamics of the business right now is we have an Amazon revenue recovery portion of the business where there is strong headwinds -- that's frankly, reflective of coming in at the lower end of our range this quarter and the reduction in guidance driven by that effect.

是的。Nehal，我認為理解目前業務動態的正確方式是：我們有一塊Amazon營收追回（revenue recovery）業務，正面臨強勁逆風——坦白說，這也反映在本季我們落在區間下緣，以及因該影響而下修指引。

That effect is based on policy changes that Amazon has made, which have reduced the amount of revenue that we're able to recover on behalf of our customers there. Then think about the next portion of our business is all of our revenue recovery business, excluding the Amazon. So this is for all the other retailers, Walmart, Target, Lowe's, Home Depot, all of them.

這個影響源自Amazon所做的政策變更，降低了我們能代表客戶追回的營收金額。接著看我們業務的下一部分：所有營收追回業務中，排除Amazon的部分。也就是其他所有零售商：Walmart、Target、Lowe's、Home Depot等等。

This is growing very nicely. We're seeing great cross-selling momentum in this part of the business. And this part of the revenue recovery is growing faster than the overall business, and that was consistent with our strategy when we entered the revenue recovery area.

這一塊成長非常不錯。我們在這部分業務看到很強的交叉銷售動能。而且這部分的營收追回成長速度高於整體公司，這也符合我們進入營收追回領域時的策略。

Then think of kind of our core business or kind of all of our business without revenue recovery, that is growing consistent with our expectations, and we're seeing some positivity in that some of the challenges we saw in 2025 with downsell and contract scrutiny, they are not at the same level in 2026, and our forward visibility on that is quite positive for the balance of 2026.

再來看我們的核心業務，或是把營收追回排除後的其餘業務，其成長符合我們的預期；而且我們也看到一些正向訊號：2025年我們遇到的降級銷售（downsell）與合約審查等挑戰，在2026年的程度已不如當時，我們對2026年剩餘期間的前瞻能見度也相當正面。

So as you think about those sort of three segments, are you basically saying the core business is inflecting up in growth because you're basically anniversarying the scrutiny in 3Q?

所以就你提到的這三個區塊來看，你的意思基本上是：核心業務的成長之所以向上拐點，是因為你們在第三季把去年的審查因素「過基期」了？

Yes, that's a large effect of why that's there. We're sort of lapping some of the negative effects we had in 2025. It appears that those are more onetime in nature for 2025, and that will lead to a reacceleration in the back half of '26.

是的，這是其中一個很大的原因。我們正在消化掉2025年一些負面影響的基期。看起來那些在2025年更偏一次性因素，這將帶動26年下半年重新加速。

And so if the business, excluding the Amazon 3P is already at high single digits, does that then imply that there's -- it's going to inflect further up beyond high single digits in 3Q '26?

那麼如果排除Amazon 3P之後的業務已經是高個位數成長，是否意味著在26年第三季會進一步向上拐點、超過高個位數？

Yes. Right now, we're probably not getting into that outside of our guidance, I think that's what we're committed to. And to the extent that we, throughout the year, getting ahead of that guidance, we'll update you.

是的。不過目前我們大概不會在指引之外進一步評論，我想我們承諾的是我們所給出的指引。如果在一年當中我們的表現超前於該指引，我們會再向各位更新。

But right now, I would say is that we would stick with the annual guide that we gave you and where the business will come in and then understanding where the current business is outside of the Amazon revenue recovery. But if that changes throughout the year, we'll let you know.

但就目前而言，我會說我們會維持所提供的年度指引，以及公司最終落點；同時也會考量目前排除Amazon營收追回後的現有業務狀況。若全年過程中有變化，我們會告知各位。

At this time, there are no more questions, and this concludes our question-and-answer session. Thank you for attending today's presentation. The conference has now concluded. You may now disconnect.

目前沒有更多問題，本次問答環節到此結束。感謝各位參加今天的簡報。本次電話會議現在結束。各位可以掛線。