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- **Cloud Growth Accelerates**: 21% cloud revenue growth and 23% RPO expansion highlight execution strength despite macro challenges.
- **AI-Driven Innovation**: Agentic AI agents delivered immediate value, with 80% YoY transaction growth in POS.
- **Conversion Playbook Succeeds**: 30+ pipeline deals from fixed-fee conversions, targeting 20% cloud growth in 2026.
- **Financial Discipline**: 37.5% operating margin and $93M free cash flow reflect strong cost control.
- **Leadership Expansion**: COO Greg Betz focused on scaling conversions and partner ecosystem.

**【CEO Summary Section】**
- **Revenue Growth**: Q3 cloud revenue grew 21%, driven by 23% year-over-year RPO increase to $2.1 billion. Services revenue declined 3% due to macro headwinds but showed sequential improvement.
- **AI Strategy**: Launched Agentic AI agents in Q3, with early access customers seeing real-time value in warehouse and transportation use cases. EPF (Enterprise Promise & Fulfill) and supply chain planning solutions are gaining traction with large 3PLs and retailers.
- **Customer Engagement**: 17% of new cloud bookings were net new logos, while 50% of year-to-date bookings came from conversions. Renewal win rates remain above 70%.
- **Leadership Update**: Appointed Greg Betz as COO to focus on conversions, renewals, and partner ecosystem expansion.

**【CFO Financial Commentary】**
- **Top Line**: Total revenue $276M (3% ex-FX), cloud revenue $105M (21% growth). Adjusted operating margin 37.5%, up 40bps YoY.
- **Bottom Line**: GAAP EPS $0.96, Non-GAAP EPS $1.36 (up 1% YoY). Free cash flow $93M (9% growth), ending cash balance $264M.
- **Guidance Update**: Full-year RPO $2.11-2.15B (ex-FX), total revenue $1.03-1.07B, adjusted EPS $4.82-4.96.
- **2026 Outlook**: Target 20% cloud growth, services revenue growth, and 50-75bps margin expansion.

**【Q&A Highlights】**
- **Conversion Strategy**: Fixed-fee, fixed-timeline conversions for 100+ warehouse customers drove 30+ pipeline deals in Q3. Expanding to TMS and DC rollout cohorts.
- **Services Momentum**: Q3 services revenue up 18% YoY (ex-FX), with backlog and pipeline strength supporting 2026 growth.
- **AI Impact**: Agentic AI agents deployed in minutes, no data lakes, with early access customers seeing 80% YoY transaction growth in POS.
- **FX Impact**: Q3 FX tailwind $1M, year-to-date tailwind $40M.

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