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    Lachlan Brown • Redburn Atlantic

    Lachlan Brown's questions to SPS Commerce Inc (SPSC) leadership

    Lachlan Brown's questions to SPS Commerce Inc (SPSC) leadership • Q2 2025

    Question

    Lachlan Brown of Rothschild & Co Redburn asked for clarification on the expected organic revenue growth for the second half of the year, given the implied deceleration in guidance, and questioned if there has been a notable increase in integration interest from third-party vendors.

    Answer

    CFO Kim Nelson stated that the high end of the annual guidance remains consistent with initial expectations, implying a full-year organic growth rate around 10%. CEO Chad Collins noted that while supply chain unification is a key theme, there has not been a substantial increase in partnership requests, as SPS is already the well-established market leader.

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    Lachlan Brown's questions to SPS Commerce Inc (SPSC) leadership • Q1 2025

    Question

    Lachlan Brown of Redburn Atlantic sought clarification on the organic versus inorganic new customer split for the quarter, noting the 8,500 customers from Carbon6 implied a net organic add of 300. He also asked about the potential impact of the expiring de minimis exemption on the customer base, particularly for Carbon6.

    Answer

    Executive Chad Collins confirmed the net 300 organic customer addition and attributed the result to a different mix in community campaigns that included more new subscribing customers. He also stated that SPS does not expect a major impact from the de minimis exemption change, as most Amazon sellers they work with import products in bulk rather than as individual shipments.

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    Lachlan Brown's questions to SPS Commerce Inc (SPSC) leadership • Q4 2024

    Question

    Lachlan Brown asked about the impact of tariff uncertainty on customer behavior and whether UPS cutting back on Amazon deliveries would affect SPS or its Carbon6 strategy.

    Answer

    Executive Chad Collins stated that supply chain uncertainty generally increases the need for collaboration, benefiting SPS. He noted that due to the mission-critical nature and relatively low cost of SPS's solutions, the company is somewhat isolated from macro headwinds that affect larger supply chain investments. He also clarified that they expect no impact from the UPS-Amazon changes, as most third-party sellers use Amazon's own fulfillment network, which has sufficient capacity.

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    Lachlan Brown's questions to SPS Commerce Inc (SPSC) leadership • Q3 2024

    Question

    Lachlan Brown asked about the channel sales funnel, the sales environment for new logos, and whether any slowdown was related to system integrator availability issues tied to SAP migrations.

    Answer

    Executive Chad Collins reported healthy lead activity from the channel program, especially in the SMB space driven by cloud ERP upgrades. He noted a slight slowdown in the higher-end mid-market, which he attributed to general macro uncertainty rather than specific system integrator capacity issues related to SAP. He stated they have not seen a direct impact from that trend.

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    Lachlan Brown's questions to Manhattan Associates Inc (MANH) leadership

    Lachlan Brown's questions to Manhattan Associates Inc (MANH) leadership • Q1 2025

    Question

    Lachlan Brown asked about the relative strength in EMEA and whether European customers were showing more willingness to invest. He also inquired if the current tariff environment could trigger on-premise customers to migrate to the cloud for its superior capabilities.

    Answer

    Executive Vice Chairman Eddie Capel stated that spending enthusiasm is 'about equal' across all geographies and that Q1's lower EMEA result was normal quarterly variance. He does not believe the current macro environment will trigger a near-term rush to the cloud, but he highlighted the agility and zero-downtime updates of cloud solutions as critical advantages for customers needing to react quickly to supply chain changes.

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    Lachlan Brown's questions to Descartes Systems Group Inc (DSGX) leadership

    Lachlan Brown's questions to Descartes Systems Group Inc (DSGX) leadership • Q4 2025

    Question

    Lachlan Brown asked which areas of the business were affected by the recent reduction of 45 personnel.

    Answer

    CFO Allan Brett explained that the workforce reduction was spread across the entire business. He characterized the move as part of the company's ongoing process to streamline operations and eliminate redundancies, noting it is a fairly regular activity for Descartes.

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    Lachlan Brown's questions to Descartes Systems Group Inc (DSGX) leadership • Q4 2025

    Question

    Lachlan Brown of Redburn Atlantic asked which areas of the business were affected by the recent reduction of 45 personnel.

    Answer

    CFO Allan Brett explained that the personnel reduction was not concentrated in any single area. He stated that the changes were the result of role eliminations spread across the entire business as part of the company's ongoing and regular process of streamlining operations.

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