Descartes Systems Group Inc (DSGX) 2023 Q3 法說會逐字稿

Welcome to the Descartes Systems Group quarterly results call. My name is Darryl, and I'll be your operator for today's call. (Operator Instructions) As a reminder, this conference is being recorded. I will now turn the call over to Scott Pagan. Scott, you may begin.

歡迎來到笛卡爾系統集團季度業績電話會議。我叫 Darryl，我將擔任今天電話的接線員。 （操作員說明）提醒一下，正在錄製此會議。我現在將把電話轉給 Scott Pagan。斯科特，你可以開始了。

Thank you, and good afternoon, everyone. Joining me remotely on the call today are Ed Ryan, CEO; and Allan Brett, CFO. And I trust that everyone has received a copy of our financial results press release that was issued earlier today.

謝謝，大家下午好。今天遠程加入我的電話會議的是首席執行官 Ed Ryan；和首席財務官 Allan Brett。我相信每個人都收到了我們今天早些時候發布的財務業績新聞稿的副本。

Portions of today's call, other than historical performance, include statements of forward-looking information within the meaning of applicable securities laws, and these statements are made under the safe harbor provisions of those laws. These forward-looking statements include statements related to our assessment of the current and future impact of geopolitical and economic uncertainty on our business and financial condition; Descartes' operating performance, financial results and condition; Descartes' gross margin and any growth in those gross margins; cash flow and use of cash; business outlook; baseline revenues, baseline operating expenses and baseline calibration; anticipated potential revenue losses and gains; anticipated recognition and accounting of specific revenues and expenses; potential acquisitions and acquisition strategy; cost reduction and integration initiatives; and other matters that may constitute forward-looking statements.

今天電話會議的部分內容，除歷史表現外，還包括適用證券法含義內的前瞻性信息聲明，這些聲明是根據這些法律的安全港條款作出的。這些前瞻性陳述包括與我們評估地緣政治和經濟不確定性對我們的業務和財務狀況的當前和未來影響相關的陳述；笛卡爾的經營業績、財務業績和狀況； Descartes 的毛利率和這些毛利率的任何增長；現金流量和現金使用；業務前景；基線收入、基線運營費用和基線校準；預期的潛在收入損失和收益；特定收入和費用的預期確認和會計處理；潛在的收購和收購戰略；降低成本和整合舉措；以及其他可能構成前瞻性陳述的事項。

These forward-looking statements involve known and unknown risks, uncertainties, assumptions and other factors that may cause the actual results, performance or achievements of Descartes to differ materially from the anticipated results, performance or achievements implied by such forward-looking statements. These factors are outlined in the press release and in the section entitled Certain Factors That May Affect Future Results in documents filed and furnished with the SEC, the OSC and other securities commissions across Canada, including our management's discussion and analysis filed today.

這些前瞻性陳述涉及已知和未知的風險、不確定性、假設和其他因素，這些因素可能導致笛卡爾的實際結果、業績或成就與此類前瞻性陳述所暗示的預期結果、業績或成就存在重大差異。這些因素在新聞稿和提交給 SEC、OSC 和加拿大其他證券委員會的文件中標題為“可能影響未來結果的某些因素”的部分中進行了概述，包括我們管理層今天提交的討論和分析。

We provide forward-looking statements solely for the purpose of providing information about management's current expectations and plans relating to the future. You are cautioned that such information may not be appropriate for other purposes. We don't undertake or accept any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements to reflect any change in our expectations or any change in events, conditions, assumptions or circumstances on which any such statement is based, except as is required by law. And with that, let me turn the call over to Ed.

我們提供前瞻性陳述的目的僅僅是為了提供有關管理層當前預期和未來計劃的信息。請注意，此類信息可能不適合用於其他目的。我們不承擔或接受任何義務或承諾公開發布任何前瞻性陳述的任何更新或修訂，以反映我們預期的任何變化或任何此類陳述所依據的事件、條件、假設或情況的任何變化，除非法律要求。就這樣，讓我把電話轉給埃德。

Thanks, Scott, and welcome, everyone to the call. We had an excellent third quarter and first 9 months of the year with record financial results. We're excited to go over those with you and give you some perspective about the business environment we see right now.

謝謝斯科特，歡迎大家來電。我們在今年的第三季度和前 9 個月表現出色，財務業績創歷史新高。我們很高興與您一起回顧這些，並讓您對我們現在看到的商業環境有一些看法。

But first, let me give you a road map for this call. I'll start with highlighting some aspects of our financial results and speak to how our business performed in the last quarter. I'll then hand it over to Allan, who will go over the Q3 financial results and some corporate finance matters in more detail. I'll then come back and provide an update on the current business environment and how our business is calibrated, and we'll then open it up to the operator to coordinate the Q&A portion of the call.

但首先，讓我為您提供本次電話會議的路線圖。我將首先強調我們財務業績的某些方面，並談談我們的業務在上個季度的表現。然後我會把它交給艾倫，他將更詳細地審查第三季度的財務業績和一些公司財務問題。然後我會回來提供有關當前業務環境的更新以及我們的業務是如何校準的，然後我們會將其開放給接線員以協調電話的問答部分。

So with that, let's get started by looking at Q3. As it has been for years, our principal target each quarter is to grow adjusted EBITDA 10% to 15% a year regardless of market conditions, and this quarter was no exception. We achieved this goal once more. We had record adjusted EBITDA of $54.5 million, up 13% from a year ago, driven by double-digit organic growth in our recurring revenue -- recurring services business. We had record high services revenues that were up 13% and total revenues that were up 12% from a year ago. We generated $50.9 million in cash from operations or 93% of our adjusted EBITDA. Our adjusted EBITDA as a percentage of revenues was 45%. All of these metrics were consistent with our plans, so a very strong financial quarter for us.

因此，讓我們從第三季度開始。多年來，無論市場狀況如何，我們每個季度的主要目標都是將調整後的 EBITDA 每年增長 10% 至 15%，本季度也不例外。我們再次實現了這個目標。我們的調整後 EBITDA 達到創紀錄的 5450 萬美元，比一年前增長 13%，這主要得益於我們經常性收入——經常性服務業務的兩位數有機增長。我們的服務收入創歷史新高，同比增長 13%，總收入同比增長 12%。我們從運營中產生了 5090 萬美元的現金，佔調整後 EBITDA 的 93%。我們調整後的 EBITDA 佔收入的百分比為 45%。所有這些指標都符合我們的計劃，因此對我們來說是一個非常強勁的財務季度。

These results happened in a very challenging FX environment. Our revenues would have been $5 million higher if we used last year's FX rates, up 16% from the same quarter last year. Our adjusted EBITDA would have been approximately $1 million higher using last year's FX rates, up 15% from the same quarter last year. Allan will go into this in more detail later. However, strong results that might have been even stronger in a different foreign exchange environment.

這些結果發生在極具挑戰性的外匯環境中。如果我們使用去年的匯率，我們的收入會增加 500 萬美元，比去年同期增加 16%。如果使用去年的匯率，我們調整後的 EBITDA 將增加約 100 萬美元，比去年同期增加 15%。 Allan 稍後將對此進行更詳細的介紹。然而，在不同的外匯環境下，強勁的結果可能會更加強勁。

At the end of the quarter, we had $237 million in cash and we're debt-free, with an undrawn $350 million line of credit that we just extended the term on. We remain well capitalized, cash-generating, debt-free and ready to continue to invest in our business. We believe a company like ours is well positioned to continue to thrive in market conditions like these.

在本季度末，我們擁有 2.37 億美元的現金，而且我們沒有債務，還有 3.5 億美元的未動用信貸額度，我們剛剛延長了期限。我們仍然資本充足、產生現金、無債務，並準備繼續投資我們的業務。我們相信像我們這樣的公司有能力在這樣的市場條件下繼續蓬勃發展。

I'd like to address 2 areas about last quarter before handing it over to Allan: the first is where our business has performed well and the second is acquisition contributions. On the first point, our focus at Descartes remains on building a consistent, predictable and sustainable business that is resilient to changes in market conditions. We're operating our business for the long term and strive to keep customers for life.

在將上個季度交給 Allan 之前，我想先解決兩個方面：第一個是我們的業務表現良好的地方，第二個是收購貢獻。關於第一點，我們在 Descartes 的重點仍然是建立一個一致、可預測和可持續的業務，以適應市場條件的變化。我們長期經營我們的業務，並努力留住客戶。

When we look at our business last quarter, there were a few notable areas of performance to call out. The first is global trade intelligence. Our global trade intelligence solutions touch on 3 principal areas: the first is tariff and duty content that helps power global trade intelligence systems; the second is sanctioned party screening that helps customers ensure their shipments and business relationships are compliant with the numerous international and domestic financial and trade sanctions imposed on countries, commodities, companies and individuals; and third, historical research tools that enable our customers to monitor trade, sourcing and logistics trends for their competitors and the industry in general.

當我們審視上個季度的業務時，有幾個值得注意的領域值得一提。首先是全球貿易情報。我們的全球貿易情報解決方案涉及三個主要領域：首先是有助於推動全球貿易情報系統的關稅內容；第二個是被制裁方篩選，幫助客戶確保他們的貨運和業務關係符合對國家、商品、公司和個人實施的眾多國際和國內金融和貿易制裁；第三，歷史研究工具，使我們的客戶能夠監控其競爭對手和整個行業的貿易、採購和物流趨勢。

Descartes' business as a whole is designed to help make things a little less complex for our customers in a very complex world. As things get more challenging or complex, we generally found our customers relying on us more and more. And that's certainly the case right now. Just some comments on each of the areas that I just described.

Descartes 的整個業務旨在幫助我們的客戶在一個非常複雜的世界中減少事情的複雜性。隨著事情變得更具挑戰性或複雜性，我們通常會發現我們的客戶越來越依賴我們。現在肯定是這種情況。只是對我剛才描述的每個領域的一些評論。

In the tariff and duty area, there have been changes in governments and administrations in various countries around the world. This continues to fuel changes in trade tariffs and duties as countries seek to spur growth or alter relationships with their trading partners. The second is sanctioned party screen. We continue to see sanctions being rolled out in connection with the war in Ukraine and related parties involved in the conflict. We've also seen attention on sanctions with increased challenges in Western relationships with China, for example, with solar panels and component parts and with heightened tensions in Iran.

在關稅和關稅領域，世界各國的政府和行政部門都發生了變化。隨著各國尋求刺激增長或改變與貿易夥伴的關係，這繼續推動貿易關稅和關稅的變化。二是被制裁方屏幕。我們繼續看到針對烏克蘭戰爭和捲入衝突的相關各方實施制裁。我們還看到隨著西方與中國關係的挑戰增加，例如太陽能電池板和零部件以及伊朗緊張局勢加劇，制裁受到關注。

And the third is trade research. Lead times for replenishing inventory or otherwise securing goods remain long in part due to continued sourcing challenges from Asia Pacific and China, in particular, and the limitations of port infrastructure. Our customers remain keenly interested in how competitors are sourcing and the timeliness of getting goods in factories or stores.

第三是貿易研究。補充庫存或以其他方式確保貨物的交貨時間仍然很長，部分原因是來自亞太地區和中國的持續採購挑戰，尤其是港口基礎設施的限制。我們的客戶仍然對競爭對手如何採購以及在工廠或商店獲取貨物的及時性非常感興趣。

The second is market-leading real-time visibility solutions. Last quarter, we talked about the success our business was having in the real-time visibility space. Unlike other vendors, our strength is in helping our customers with visibility across multiple transportation modes and geographies, global, multimodal visibility. A big component of our services is our MacroPoint business, which now forms part of the Global Logistics Network. We've continued to see strength in our real-time visibility business with record volumes, tracking events and end-to-end visibility success.

二是市場領先的實時可見性解決方案。上個季度，我們談到了我們的業務在實時可見性領域取得的成功。與其他供應商不同，我們的優勢在於幫助我們的客戶獲得跨多種運輸方式和地域的可見性，以及全球、多式聯運的可見性。我們服務的一個重要組成部分是我們的 MacroPoint 業務，它現在構成了全球物流網絡的一部分。我們繼續看到我們的實時可見性業務的優勢，包括創紀錄的數量、跟踪事件和端到端的可見性成功。

As I mentioned earlier, lead times in the supply chain remain challenging to predict, which makes our value proposition for visibility that much more important. This heightens as our customers go into the peak portions of the year for retail sales. The real-time visibility market can be competitive, but our solution reach, security and stability have made us a solution of choice.

正如我之前提到的，供應鏈中的交貨時間仍然難以預測，這使得我們對可見性的價值主張變得更加重要。隨著我們的客戶進入一年中的零售銷售高峰期，這種情況會加劇。實時可見性市場競爭激烈，但我們的解決方案範圍、安全性和穩定性使我們成為首選解決方案。

And the third is customers looking for cost-efficient supply chain and logistics. As customers become concerned about potential economic weakness, we saw focus increase on removing or controlling supply chain and logistics costs. Our customers saw some broader help in this regard as logistics costs for international shipments came down from record pandemic highs, particularly in the ocean space. However, customers also looked within their own operations for opportunities driving increased demand for optimization solutions.

第三是尋求具有成本效益的供應鍊和物流的客戶。隨著客戶開始擔心潛在的經濟疲軟，我們看到人們越來越關註消除或控制供應鍊和物流成本。我們的客戶在這方面看到了一些更廣泛的幫助，因為國際貨運的物流成本從創紀錄的大流行高位下降，特別是在海洋空間。然而，客戶也在他們自己的運營中尋找機會來推動對優化解決方案的需求增加。

In short, our optimization solutions help customers deliver premium service to their clients with less delivery resources. As you can imagine, this is a very attractive proposition, especially in an environment where fuel costs have increased and there are inflationary pressures on wages. So those are some of the areas that we were strong in our organic business last quarter.

簡而言之，我們的優化解決方案可幫助客戶以更少的交付資源為其客戶提供優質服務。可以想像，這是一個非常有吸引力的提議，尤其是在燃料成本增加且工資存在通脹壓力的環境中。因此，這些是我們上個季度在有機業務中表現出色的一些領域。

The second area I wanted to address was the contribution of recent acquisitions. Specifically, I'd like to touch on XPS, Foxtrot and NetCHB. As I described last quarter, XPS joined us as part of our ongoing investments into the e-commerce space. We continue to believe that e-commerce will be a big driver for supply chain and logistics growth in the future, even with growth rates coming down from their pandemic highs. E-commerce also drives our customers to become better and better at last mile delivery, both in terms of how things are delivered and their timeliness.

我想解決的第二個領域是最近收購的貢獻。具體來說，我想談談 XPS、Foxtrot 和 NetCHB。正如我在上個季度所描述的那樣，XPS 作為我們對電子商務領域持續投資的一部分加入了我們。我們仍然相信電子商務將成為未來供應鍊和物流增長的重要驅動力，即使增長率已從大流行的高點回落。電子商務還促使我們的客戶在最後一英里交付方面變得越來越好，無論是在交付方式還是及時性方面。

XPS specifically helps our customers with partial shipments, allowing us to offer a broad range of last mile delivery help to our customers regardless of delivery [site]. XPS contributed well with our ship rush and other e-commerce investments. And as I said, we remain bullish about its future contribution.

XPS 專門幫助我們的客戶分批發貨，使我們能夠為我們的客戶提供範圍廣泛的最後一英里交付幫助，無論交付如何[站點]。 XPS 對我們的出貨潮和其他電子商務投資做出了很好的貢獻。正如我所說，我們仍然看好它未來的貢獻。

The next is Foxtrot. With the increased focus on last mile deliveries, we made incremental investments into our optimization solutions. The better the information we can put into our solutions, the better the quality of results that will be produced, allowing our customers to have more efficient, timely and cost-effective deliveries. Our investments in Foxtrot were consistent with this. As Foxtrot helps our customers leverage more data points from vehicles in the field and use advanced machine learning to produce better route quality. Foxtrot has paired well with our routing solutions to be an immediate contributor to the quarter.

接下來是狐步舞。隨著對最後一英里交付的日益關注，我們對優化解決方案進行了增量投資。我們可以將更好的信息放入我們的解決方案中，將產生更好的結果質量，從而使我們的客戶能夠更高效、更及時和更具成本效益地交付。我們對 Foxtrot 的投資與此一致。 Foxtrot 幫助我們的客戶利用現場車輛的更多數據點，並使用先進的機器學習來產生更好的路線質量。 Foxtrot 與我們的路由解決方案完美搭配，成為本季度的直接貢獻者。

And finally, NetCHB. There's a definitive trend towards digitization in the logistics services provider industry. Gone are the days of large paper-based price books or delays in waiting for logistics service providers to get back with a quote. To be competitive, logistics service providers have to be able to respond quickly and transparently. We've made various investments to help our customers with this digitization, including containers and [portrix]. NetCHB was another investment in this area by helping logistics service providers automate and digitize the import process into the United States. As mentioned earlier, our third quarter saw strong imports, and this drove NetCHB to be a good contributor to our success.

最後，NetCHB。物流服務提供商行業的數字化趨勢是明確的。大型紙質價格手冊或延遲等待物流服務提供商返回報價的日子已經一去不復返了。為了具有競爭力，物流服務提供商必須能夠快速、透明地做出響應。我們進行了各種投資來幫助我們的客戶進行這種數字化，包括容器和 [portrix]。 NetCHB 是該領域的另一項投資，它幫助物流服務提供商實現美國進口流程的自動化和數字化。如前所述，我們的第三季度進口強勁，這促使 NetCHB 成為我們成功的重要貢獻者。

So let me just summarize as I hand it over to Allan to give the full financial details on the quarter. We had another record financial quarter. We had excellent organic contributions from our global trade intelligence, transportation management and optimization solutions. Our recent acquisitions complemented our existing business and were immediate profitable contributors to the quarter and year.

因此，讓我在將其交給 Allan 以提供本季度的完整財務細節時進行總結。我們有另一個創紀錄的財政季度。我們的全球貿易情報、運輸管理和優化解決方案為我們做出了出色的有機貢獻。我們最近的收購補充了我們現有的業務，並且是本季度和本年度的直接盈利貢獻者。

We ended the quarter with $237 million in cash, $350 million in available credit and a market opportunity where we can continue to grow the business for our customers, both organically and through acquisition. We remain focused on profitable growth so that we can continue to ensure that our customers have a secure, stable and growing technology partner that can help them with their challenges well into the future.

本季度結束時，我們擁有 2.37 億美元的現金、3.5 億美元的可用信貸和市場機會，我們可以通過有機和收購的方式繼續為客戶發展業務。我們仍然專注於盈利增長，這樣我們就可以繼續確保我們的客戶擁有一個安全、穩定和不斷發展的技術合作夥伴，可以幫助他們應對未來的挑戰。

My thanks to all Descartes' team members for everything they've done to contribute to a great financial quarter and continuing to have the business in an enviable position for future success. With that, I'll turn the call over to Allan, who can go through our Q3 financial results in more detail. Allan?

我感謝所有 Descartes 團隊成員所做的一切，他們為一個偉大的財務季度做出了貢獻，並繼續使業務處於令人羨慕的位置，以取得未來的成功。有了這個，我會把電話轉給艾倫，他可以更詳細地了解我們第三季度的財務業績。艾倫？

Sure. Thanks, Ed. As indicated, I'm going to take you through the financial highlights of our third quarter, which ended on October 31. We are pleased to report quarterly revenue of $121.5 million this quarter, an increase of 12% from revenue of $108.9 million in Q3 last year. The impact of a stronger U.S. dollar compared to the other currencies that we operate in, mainly the euro, the British pound and the Canadian dollar has had a significant negative impact on our revenue again this quarter.

當然。謝謝，埃德。如前所述，我將向您介紹我們截至 10 月 31 日的第三季度的財務亮點。我們很高興地報告本季度的季度收入為 1.215 億美元，比第三季度的 1.089 億美元增長 12%去年。與我們經營的其他貨幣（主要是歐元、英鎊和加元）相比，美元走強的影響再次對我們本季度的收入產生了重大負面影響。

As Ed mentioned earlier, excluding the impact of FX changes, our revenue would have been approximately $5 million higher, and our growth rate on an FX-neutral basis would have been closer to 16% over the same period last year. Sequentially, the impact was also quite large from FX with almost a $2 million negative impact from foreign exchange from the second quarter to the third quarter this year, which is the largest sequential impact that we've seen in our business.

正如 Ed 之前提到的，排除外匯變動的影響，我們的收入將比去年同期高出約 500 萬美元，並且在外匯中性基礎上我們的增長率將接近 16%。隨後，外彙的影響也相當大，從今年第二季度到第三季度，外匯產生了近 200 萬美元的負面影響，這是我們在業務中看到的最大的連續影響。

While revenue from new acquisitions, including a full quarter from the XPS acquisition completed earlier in Q2, contributed nicely to this growth, similar to the past few quarters, our growth in revenue from new and existing customers were the main drivers of growth again this quarter when compared to last year.

雖然來自新收購的收入（包括第二季度早些時候完成的 XPS 收購的整個季度）對這一增長做出了很好的貢獻，但與過去幾個季度類似，我們來自新客戶和現有客戶的收入增長再次成為本季度增長的主要驅動力與去年相比。

Looking at our revenue details further. Our revenue mix in the quarter continued to be very strong, with services revenue increasing 13% to $110.1 million compared to $97.2 million in the same quarter last year, increasing to 91% of total revenue in the quarter compared to 89% of revenue in Q3 last year. Again, looking at FX, on a constant currency basis, we would estimate that our growth in services revenue from new and existing customers would have been just over 11% this quarter when compared to the same quarter last year.

進一步查看我們的收入詳細信息。我們本季度的收入組合仍然非常強勁，服務收入從去年同期的 9720 萬美元增長 13% 至 1.101 億美元，佔本季度總收入的 91%，而第三季度佔收入的 89%去年。同樣，在固定匯率的基礎上看外匯，我們估計本季度我們來自新客戶和現有客戶的服務收入增長將比去年同期略高於 11%。

License revenue came in at $1.1 million or less than 1% of revenue in the quarter, down from license revenues of $1.4 million in the third quarter last year and also down from license revenue of $3.3 million in Q2 as we had a couple of large -- unusually large license deals close last quarter.

許可收入為 110 萬美元，佔本季度收入的不到 1%，低於去年第三季度 140 萬美元的許可收入，也低於第二季度 330 萬美元的許可收入，因為我們有幾個大型 - - 上個季度異常大的許可交易結束。

Finally, professional service and other revenue came in at $10.3 million in both the third quarter this year as well as the third quarter last year as higher professional services revenue was offset by slightly lower hardware revenue this quarter. For the 9 months of this year, revenue was $361 million, an increase of 16% from revenue of $312 million in the first 9 months last year. Again, excluding FX, revenue growth for the first 3 quarters would have been closer to 19% over the same period last year.

最後，專業服務和其他收入在今年第三季度和去年第三季度均為 1030 萬美元，這是因為較高的專業服務收入被本季度略低的硬件收入所抵消。今年前 9 個月，收入為 3.61 億美元，比去年前 9 個月的收入 3.12 億美元增長 16%。同樣，不包括外匯，前 3 季度的收入增長將比去年同期接近 19%。

Gross margin came in at 77% of revenue for the third quarter, up slightly from gross margin of 76% in the third quarter last year. Gross margin has continued to increase slightly with the strong growth in revenue from new and existing customers that we've experienced again this quarter despite some negative FX impacts. Operating expenses increased by approximately 12% in the third quarter over the same period last year, and this was primarily related to the impact of recent acquisitions but also from additional labor-related costs as we continue to invest in various areas of business.

第三季度毛利率佔收入的 77%，略高於去年第三季度 76% 的毛利率。儘管有一些負面的外匯影響，但本季度我們再次經歷了來自新客戶和現有客戶的收入強勁增長，毛利率繼續小幅增長。第三季度的運營費用比去年同期增加了約 12%，這主要與近期收購的影響有關，但也與我們繼續投資於各個業務領域的額外勞動力相關成本有關。

In particular, similar to the past few quarters, sales and marketing expenses were higher in Q3, increasing from 11% of revenue in Q3 last year to 12% of revenue in the current quarter as a result of the additional headcount that we have added in both of these areas. R&D as well as general and administrative expenses also saw some increases, but the increase in these expenses was lower than the growth in revenue that we experienced in the quarter. So as a result of both revenue growth, strong cost control, offset partially by our planned investments in the sales and marketing areas of the business, we continue to see strong EBIT -- adjusted EBITDA growth of 13% to a record $54.5 million or 44.9% of revenue, up from $48.2 million or 44.3% of revenue in the third quarter last year.

特別是，與過去幾個季度類似，第三季度的銷售和營銷費用較高，從去年第三季度收入的 11% 增加到本季度收入的 12%，這是由於我們在這兩個領域。研發以及一般和管理費用也有所增加，但這些費用的增加低於我們在本季度經歷的收入增長。因此，由於收入增長、強有力的成本控制以及我們計劃在業務的銷售和營銷領域的投資部分抵消，我們繼續看到強勁的息稅前利潤——調整後的息稅折舊攤銷前利潤增長 13%，達到創紀錄的 5450 萬美元或 44.9 美元佔收入的百分比，高於去年第三季度的 4820 萬美元或占收入的 44.3%。

And while we continue to be fairly naturally hedged to foreign currencies, with a sharp decrease in both the British pound and the euro to the U.S. dollar in the third quarter, we did experience a negative impact on our adjusted EBITDA of approximately $1 million in the quarter compared to the same period last year. Without that negative impact from foreign exchange, our growth in adjusted EBITDA would have been approximately 15% or right at the upper end of our target range, as Ed mentioned earlier.

儘管我們繼續相當自然地對外幣進行對沖，第三季度英鎊和歐元兌美元匯率均大幅下跌，但我們確實在調整後的 EBITDA 中受到了約 100 萬美元的負面影響季度與去年同期相比。如果沒有外彙的負面影響，我們調整後的 EBITDA 增長率將約為 15% 或恰好在我們目標範圍的上限，正如 Ed 先前提到的那樣。

For the first 3 quarters of the year, adjusted EBITDA has increased by 18% to $160 million from $136 million in the same 9-month period last year. With these strong operating results and strong AR collections, cash flow generated from operations came in at $50.9 million or 93% of adjusted EBITDA in the third quarter, an increase of 18% compared to operating cash flow of $43.3 million in the third quarter last year.

今年前 3 季度，調整後的 EBITDA 從去年同期的 1.36 億美元增長 18% 至 1.6 億美元。憑藉這些強勁的經營業績和強勁的應收賬款，第三季度經營產生的現金流量為 5090 萬美元，佔調整後 EBITDA 的 93%，比去年第三季度 4330 萬美元的經營現金流量增長 18% .

For the 9 months year-to-date, operating cash flow has been $142 million or 89% of adjusted EBITDA, up from $131 million in the same 9-month period last year. And we should mention, as always, subject to unusual events and quarterly fluctuations, we expect to continue to see strong cash flow conversion and generally expect cash flow from operations to be between 85% and 95% of our adjusted EBITDA in the quarters ahead.

年初至今的 9 個月，經營現金流為 1.42 億美元，佔調整後 EBITDA 的 89%，高於去年同期的 1.31 億美元。我們應該一如既往地提到，受不尋常事件和季度波動的影響，我們預計將繼續看到強勁的現金流轉換，並且通常預計未來幾個季度來自運營的現金流將占我們調整後 EBITDA 的 85% 至 95%。

We should also note that the income tax expense for the third quarter came in at $9.0 million or approximately 25% of pretax income, which is fairly close to our statutory or expected tax rate. But it is much higher than the tax expense of $2.1 million or only 8% of pretax income that we experienced in the first -- sorry, in the third quarter of last year when we benefited from the reversal of certain valuation allowances.

我們還應該注意到，第三季度的所得稅費用為 900 萬美元，約佔稅前收入的 25%，這與我們的法定或預期稅率相當接近。但這遠高於我們在第一季度經歷的 210 萬美元的稅收支出或僅佔稅前收入的 8%——抱歉，去年第三季度我們受益於某些估值津貼的逆轉。

With our higher operating profits offset by the higher income tax expense, from a GAAP earnings perspective, net income came in at $26.5 million or $0.31 per diluted common share in the third quarter compared to $25.5 million or $0.30 per diluted common share in the third quarter last year. Net income for the 9-month year-to-date period was $72.5 million or $0.84 per diluted common share compared to $67.1 million or $0.78 per diluted common share last year in the first 9 months, again with higher operating profits being partially offset with higher income tax expense.

由於我們較高的營業利潤被較高的所得稅費用所抵消，從 GAAP 收益的角度來看，第三季度淨收入為 2650 萬美元或每股稀釋普通股 0.31 美元，而第三季度為 2550 萬美元或每股稀釋普通股 0.30 美元去年。年初至今 9 個月的淨收入為 7250 萬美元或每股稀釋普通股 0.84 美元，而去年前 9 個月的淨收入為 6710 萬美元或每股稀釋普通股 0.78 美元，同樣較高的營業利潤被較高的營業利潤部分抵消所得稅費用。

Overall, we are once again pleased with our quarterly operating results in the quarter as strong organic growth and solid performance from our recent acquisitions resulted in strong growth in both revenue and adjusted EBITDA for the third quarter despite some FX headwinds, and all the while, we continue to invest in several areas of our business.

總體而言，我們再次對本季度的季度經營業績感到滿意，因為儘管存在一些外匯逆風，但我們最近收購的強勁有機增長和穩健業績導致第三季度收入和調整後 EBITDA 強勁增長，同時，我們繼續投資於我們業務的多個領域。

If we turn our attention to the balance sheet, as Ed mentioned, our cash balances totaled $237 million at the end of October, up from approximately $189 million at the end of the second quarter in July. The increase in cash was primarily related to the $51 million in cash flow generated from operations. And we should note that while we put in place a normal course issuer bid or NCIB program at the beginning of the second quarter, we were not active with the NCIB throughout the third quarter this year.

如果我們將注意力轉向資產負債表，正如 Ed 提到的那樣，我們的現金餘額在 10 月底總計 2.37 億美元，高於 7 月份第二季度末的約 1.89 億美元。現金的增加主要與運營產生的 5100 萬美元現金流有關。我們應該注意到，雖然我們在第二季度初實施了正常的課程發行人投標或 NCIB 計劃，但今年整個第三季度我們都沒有積極參與 NCIB。

Also, earlier today, we completed the extension of our credit facility, ensuring that we will have access to $350 million of capital, with the ability to upsize this credit facility to $500 million, and this capital will now be available to us through to December 2027. As a result of the above, we still have $237 million of cash as well as $350 million in debt capacity available to us to deploy towards future acquisitions or the NCIB as conditions dictate.

此外，今天早些時候，我們完成了信貸額度的延期，確保我們能夠獲得 3.5 億美元的資金，並有能力將該信貸額度增加到 5 億美元，現在我們可以使用這筆資金到 12 月2027. 由於上述原因，我們仍有 2.37 億美元的現金和 3.5 億美元的債務能力可供我們根據條件部署用於未來的收購或 NCIB。

So we continue to be well capitalized to allow us to consider all options in the market, consistent with our business plan. As we look at the fourth quarter, we should note the following: after incurring approximately $4.4 million in capital additions for the first 9 months of the year, we expect to incur between $1 million and $2 million in additional capital expenditures for the remainder of this year.

因此，我們繼續擁有充足的資本，使我們能夠根據我們的商業計劃考慮市場上的所有選擇。回顧第四季度，我們應該注意以下幾點：在今年前 9 個月增加約 440 萬美元的資本後，我們預計本季度剩餘時間將增加 100 萬至 200 萬美元的資本支出年。

After incurring amortization costs of $45.8 million so far this year, we expect amortization expense will be approximately $14.4 million in the fourth quarter, with this figure being subject to adjustment for foreign exchange changes and future acquisitions. Our income tax rate for the first 3 quarters of the year came in at approximately 26% of pretax income, which is very close to our statutory -- blended statutory rate.

在今年迄今產生 4580 萬美元的攤銷費用後，我們預計第四季度的攤銷費用約為 1440 萬美元，該數字可能會根據外匯變化和未來收購進行調整。我們今年前三個季度的所得稅稅率約為稅前收入的 26%，這非常接近我們的法定混合法定稅率。

Looking at the first -- fourth quarter, we currently expect that our tax rate will continue to be in the range of 25% to 30% of our pretax income. However, as always, we should state that our tax rate may fluctuate quarter-to-quarter from onetime tax items that may arise as we operate internationally across multiple countries.

展望第一季度和第四季度，我們目前預計我們的稅率將繼續保持在稅前收入的 25% 至 30% 之間。然而，一如既往，我們應該聲明，我們的稅率可能會隨著我們在多個國家/地區開展國際業務而產生的一次性稅項而逐季波動。

And finally, after incurring stock-based compensation expense of $10.3 million for the first 9 months of this year, we currently expect stock comp will be approximately $3.5 million for the fourth quarter, subject to any forfeitures of stock options or share units. And with that, I'll turn it back to Ed to wrap up with some closing comments and our baseline calibration for Q4.

最後，在今年前 9 個月發生 1030 萬美元的股票補償費用後，我們目前預計第四季度的股票補償約為 350 萬美元，這取決於股票期權或股票單位的任何沒收。有了這個，我會把它轉回給 Ed，以總結一些結束評論和我們對第四季度的基線校準。

Great. Thanks, Allan. We're about a month into our next quarter and in the throes of the busy holiday shopping periods, but it seems like it's far from a business-as-usual environment right now. I wanted to share some things that we're hearing from our customers and seeing ourselves.

偉大的。謝謝，艾倫。我們進入下一個季度大約一個月，正處於繁忙的假日購物期的陣痛中，但現在看來它遠非一切如常的環境。我想分享一些我們從客戶那裡聽到並看到我們自己的事情。

The first is high inventory levels. For the first time in a few years, retailers have full shelves as they entered the holiday season. Because of the challenges with supply chains during the pandemic, retailers were nervous and ordered goods well in advance of the holiday peak period. The challenge for retailers this season is not whether they have inventory but whether they have the right inventory. The early ordering cycles caused lots of predictions and assumptions to be made about what consumers will want. We'll be watching with interest to see what the next replenishment cycles look like in terms of timing, content and size.

首先是高庫存水平。幾年來第一次，零售商在進入假日季節時貨架爆滿。由於大流行期間供應鏈面臨挑戰，零售商很緊張，並在假期高峰期之前提前訂購了商品。本季零售商面臨的挑戰不是他們是否有庫存，而是他們是否擁有合適的庫存。早期的訂購週期導致了對消費者需求的大量預測和假設。我們將饒有興趣地關注下一個補貨週期在時間、內容和規模方面的情況。

The second is there's still strong consumer demand. For North America, our customers have not seen a pullback in consumers' willingness to spend money. Rather, they've indicated consumers are still flush with cash and willing to spend if the right good is available. The early returns reported by others from a strong Black Friday sales period in North America are consistent with that. We think this will continue to drive strong last mile delivery volumes as at-home delivery is even a preferable option for those making purchases in store. For Europe, we're hearing some pullback in consumer spending through the late fall. We understand there's lots of incremental pressures on consumers from the increased energy costs, in part resulting from the war in Ukraine.

二是消費需求依然強勁。對於北美，我們的客戶並未發現消費者的消費意願有所下降。相反，他們表示消費者仍然手頭充裕，如果有合適的商品，他們願意花錢。其他人報告的北美黑色星期五銷售旺季的早期回報與此一致。我們認為這將繼續推動強勁的最後一英里交付量，因為對於那些在商店購物的人來說，上門交付甚至是更可取的選擇。對於歐洲，我們聽到消費者支出在深秋期間有所回落。我們了解到，能源成本增加給消費者帶來了越來越大的壓力，部分原因是烏克蘭戰爭。

The third is replenishment lead times remain unpredictable. As we come through the holiday period, we're hearing there's still nervousness about the long lead times required to replenish inventory. Right now, that nervousness isn't coming from the logistics side of things as previous backlogs seem to have worked their way through the logistics infrastructure. There are no longer boats backed up at U.S. seaports. However, the ability to source from China, in particular, is a question mark, especially in light of the various rolling lockdowns in China we've been seeing.

第三是補貨提前期仍然不可預測。當我們度過假期時，我們聽說人們仍然對補充庫存所需的較長交貨時間感到緊張。現在，這種緊張情緒並非來自物流方面，因為之前的積壓似乎已經通過物流基礎設施解決了。美國海港不再有船隻停泊。然而，從中國採購的能力尤其是一個問號，尤其是考慮到我們一直在中國看到的各種滾動封鎖。

Recent news suggests that China is scrapping its Zero COVID policy, but given all of the uncertainty, we anticipate that businesses will continue to order early and that the logistics infrastructure has caught up enough to not be debottlenecked in any delays.

最近的消息表明中國正在取消其零 COVID 政策，但考慮到所有的不確定性，我們預計企業將繼續提前訂購，並且物流基礎設施已經趕上，不會因任何延誤而成為瓶頸。

The fourth is uncertainty causing lots of contingency planning. If you work in the logistics and supply chain space, you've gotten used to having to be on top of news cycles to see what the latest developments will impact your business. Our customers have gotten used to contingency planning, whether it's alternative sourcing, alternative transportation or alternative routing. Global geopolitical issues and economic issues have kept people on their toes, but so have recent U.S. issues such as potential rail strikes and port labor issues. Our customers expect that they'll continue to operate with a lack of certainty for supply chain and logistics matters. And as a result, we expect they'll benefit from relationships with technology partners with a multimodal and global geographic reach.

第四個是導致大量應急計劃的不確定性。如果您在物流和供應鏈領域工作，您已經習慣於緊跟新聞周期，了解最新的發展會影響您的業務。我們的客戶已經習慣了應急計劃，無論是替代採購、替代運輸還是替代路線。全球地緣政治問題和經濟問題讓人們保持警惕，但最近的美國問題，如潛在的鐵路罷工和港口勞工問題，也是如此。我們的客戶期望他們將在供應鍊和物流問題缺乏確定性的情況下繼續運營。因此，我們預計他們將受益於與具有多模式和全球地理影響力的技術合作夥伴的關係。

Fifth is cautiousness. The pervasive tone in what we hear from our customers is caution. To be clear, it's certainly not pessimism. It's caution in running their businesses, in part driven by the lack of certainty in supply chain and logistics that I just described. More broadly, economic factors like interest rates and inflation have put pressure on the cost side of many businesses, especially those who have leveraged their balance sheets. We have continued to see our customers invest in their businesses but often with a view towards cost reduction and/or automation.

五是謹慎。我們從客戶那裡聽到的普遍語氣是謹慎。需要明確的是，這當然不是悲觀主義。他們在經營業務時非常謹慎，部分原因是我剛才描述的供應鍊和物流缺乏確定性。更廣泛地說，利率和通貨膨脹等經濟因素給許多企業的成本方面帶來了壓力，尤其是那些利用資產負債表的企業。我們繼續看到我們的客戶投資於他們的業務，但通常是為了降低成本和/或自動化。

The next is ESG as a factor in our customers running their businesses. For more and more of our customers, environmental, social and governance issues are becoming relevant to how they operate their businesses. We've seen heightened attention to customers wanting to reduce the environmental impact of the deliveries they make and receive, resulting in investments in optimization solutions and environmental consciousness being a factor in third-party transportation selection.

其次是 ESG 作為我們客戶經營業務的一個因素。對於我們越來越多的客戶而言，環境、社會和治理問題正變得與他們的業務運營方式相關。我們已經看到越來越多的客戶希望減少他們交付和接收的交付對環境的影響，導致對優化解決方案和環保意識的投資成為第三方運輸選擇的一個因素。

We've also seen heightened attention on compliance matters, workplace and driver safety and diversity. Descartes has published our own ESG report, which identifies how we help our customers with these types of matters, and we anticipate that it will be a continued area of investment for us into the future.

我們還看到對合規問題、工作場所和駕駛員安全以及多樣性的高度關注。 Descartes 發布了我們自己的 ESG 報告，其中確定了我們如何幫助客戶解決此類問題，我們預計這將是我們未來的持續投資領域。

So those are some of the things we're hearing from our customers and seeing in our business, things that also inform our calibration for the quarter. Our business is designed to be predictable and consistent. We believe that stability and reliability are valuable to our customers, employees and our broader stakeholders.

因此，這些是我們從客戶那裡聽到並在我們的業務中看到的一些事情，這些事情也為我們對本季度的校準提供了信息。我們的業務旨在實現可預測性和一致性。我們相信穩定性和可靠性對我們的客戶、員工和更廣泛的利益相關者都很有價值。

To deliver this consistency, we continue to operate from the following principles. Our long-term plan is for our business to grow adjusted EBITDA 10% to 15% annually. We grow through a combination of organic growth and acquisitions. We take a neutral-party approach to building and operating solutions on our Global Logistics Network. We don't favor any particular party. We run our business for all supply chain participants, connecting shippers, carriers, logistics service providers and customs authorities.

為了實現這種一致性，我們繼續按照以下原則運作。我們的長期計劃是讓我們的業務每年以 10% 至 15% 的速度增長調整後的 EBITDA。我們通過有機增長和收購相結合實現增長。我們採用中立方的方式在我們的全球物流網絡上構建和運營解決方案。我們不偏袒任何一方。我們為所有供應鏈參與者開展業務，連接托運人、承運人、物流服務提供商和海關當局。

When we overperform, we try to reinvest that overperformance back into our business, and we focus on recurring revenues and establishing relationships with customers for life, and we thrive on operating a predictable business that allows us forward visibility to our revenues and investment paybacks.

當我們表現出色時，我們會嘗試將超額表現重新投資到我們的業務中，我們專注於經常性收入和與客戶建立終生關係，並且我們在經營可預測的業務方面茁壯成長，這使我們能夠提前了解我們的收入和投資回報。

In our quarterly report, we provided a comprehensive description of baseline revenues, baseline calibration and their limitations. As of November 1, 2022, using foreign exchange rates of $0.74 to the Canadian dollar, $0.99 to the euro and $1.15 to the pound, we estimate that our baseline revenues for the fourth quarter of 2023 are approximately $108 million, and our baseline operating expenses are approximately $67 million. We consider this to be our baseline calibration of approximately $41 million for the fourth quarter of 2023 or approximately 38% of our baseline revenues as at November 1, 2022.

在我們的季度報告中，我們全面描述了基準收入、基準校準及其局限性。截至 2022 年 11 月 1 日，使用 0.74 美元兌加元、0.99 美元兌歐元和 1.15 美元兌英鎊的匯率，我們估計我們 2023 年第四季度的基準收入約為 1.08 億美元，我們的基準運營費用約為 6700 萬美元。我們認為這是我們 2023 年第四季度約 4100 萬美元的基準校準，或約占我們截至 2022 年 11 月 1 日基準收入的 38%。

We've seen continued operating performance above our adjusted EBITDA operating margin range of 38% to 43%. In Q1 and Q2, we were at 44%, and in Q3, we were at 45%. Given the continued strong performance we've seen in the business and the current FX rate environment, we're increasing our adjusted EBITDA operating margin for Q4 to 40% to 45% and currently anticipate that we will have the same range for fiscal 2024 starting in February.

我們看到持續的經營業績高於我們調整後的 EBITDA 營業利潤率範圍 38% 至 43%。在第一季度和第二季度，我們是 44%，而在第三季度，我們是 45%。鑑於我們在業務和當前匯率環境中看到的持續強勁表現，我們將第四季度調整後的 EBITDA 營業利潤率提高到 40% 至 45%，目前預計從 2024 財年開始我們將有相同的範圍二月裡。

We're already very hard at work on helping our customers deal with these very complex times. We believe that if we focus on making our customers successful, it's our own best chance at achieving our own goal of being a strong and trusted business delivering superior results for customers and shareholders. I want to thank everyone for joining us on the call today. As always, we're available to talk to you about our business in whatever manner is most convenient for you. And with that, operator, I'll turn it over to you for the Q&A portion of the call.

我們已經非常努力地幫助我們的客戶應對這些非常複雜的時期。我們相信，如果我們專注於讓客戶成功，這就是我們實現自己目標的最佳機會，即成為一家強大且值得信賴的企業，為客戶和股東帶來卓越的成果。我要感謝大家今天加入我們的電話會議。一如既往，我們隨時可以以您最方便的方式與您討論我們的業務。有了這個，接線員，我會把它交給你進行電話的問答部分。

(Operator Instructions)

（操作員說明）

And our first question comes from Matt Pfau from William Blair.

我們的第一個問題來自 William Blair 的 Matt Pfau。

Ed, wanted to ask on your comments around customers being cautious with their own business. Is that driving any impact in terms of sales cycles or demand for your products or perhaps what products they're purchasing?

Ed，想詢問您對客戶對自己的業務持謹慎態度的看法。這是否會對銷售週期或對您的產品的需求或他們購買的產品產生任何影響？

No, it's more stuff that we're hearing them talk about. In fact, you probably heard me say this over the past year that supply chain and logistics has become a whole lot more important to everyone, really. And that trickles down to our customers and oftentimes ends up in technology investments as technology tends to have the best ROI.

不，這是我們聽到他們談論的更多內容。事實上，在過去的一年裡，你可能聽我說過，供應鍊和物流對每個人來說都變得更加重要，真的。這一點會滲透到我們的客戶身上，並且通常會以技術投資告終，因為技術往往具有最佳的投資回報率。

What we're seeing is while our customers are being cautious and they may be covering the break on some other projects, that they continue in the logistics and supply chain space to make investments and continue the investments that they're already making. Our projects are rolling out. We continue to see a strong pipeline. And we think we may be unique in that regard in the business that we're in, right? That may be one of the few areas that they're continuing to have their foot on the gas, in other words. And that's what we're seeing right now.

我們看到的是，雖然我們的客戶保持謹慎，他們可能正在掩蓋其他一些項目的中斷，但他們繼續在物流和供應鏈領域進行投資，並繼續他們已經進行的投資。我們的項目正在展開。我們繼續看到強大的管道。我們認為在我們所從事的業務中，我們在這方面可能是獨一無二的，對吧？換句話說，這可能是他們繼續踩油門的少數幾個領域之一。這就是我們現在所看到的。

Got it. And then just last one for me on acquisitions. Maybe just some comments on what you're seeing in the market in terms of, are there more deals coming into play, valuation expectations and then competition for those deals?

知道了。然後是最後一個關於收購的問題。也許只是對您在市場上看到的情況發表一些評論，是否有更多交易在起作用，估值預期以及對這些交易的競爭？

I think on the medium, smaller ones are kind of our bread and butter, the tuck-ins that we normally do. We're seeing similar to what we have over the last couple of years, we're doing well in that area. We're able to find acquisitions and bring them in, in a timely fashion and without a ton of competition.

我認為在中號，較小的是我們的麵包和黃油，我們通常做的塞進去。我們看到的情況與過去幾年類似，我們在該領域做得很好。我們能夠在沒有大量競爭的情況下及時找到收購併將其引入。

On the larger stuff, we're starting to see a little bit of softening. I think there's private equity firms that are out there that are a little concerned about overpaying for stuff, and we're starting to see maybe more of those deals coming out, and we'll see what happens whether we jump into them or not. But we're starting to see that market kind of loosen up a little bit if it was tight for the last 6 months.

在更大的東西上，我們開始看到一點點軟化。我認為有些私募股權公司有點擔心為東西支付過高的費用，我們開始看到可能會有更多這樣的交易出現，無論我們是否參與其中，我們都會看到會發生什麼。但我們開始看到，如果過去 6 個月市場緊俏，市場會有所放鬆。

And our next question comes from Justin Long from Stephens.

我們的下一個問題來自 Stephens 的 Justin Long。

Allan, I think you said organic growth was around 11% in the quarter when excluding FX, but I wanted to make sure that I heard that correctly. And is there anything you can share on the trend that you saw in transactional volumes in the quarter?

艾倫，我想你說不包括外彙在內的本季度有機增長率約為 11%，但我想確保我聽到的是正確的。關於您在本季度的交易量中看到的趨勢，您有什麼可以分享的嗎？

So yes, I did say that on a currency-neutral basis, services revenue growth was around 11%, and that's the most important thing that we look at. That's the recurring part of our business. From a transactional perspective, I think Ed hit it in his comments. I mean, we're seeing continued activity in the marketplace and a continued need for our services. So goods are flowing and no appreciable change there in the trends that we've seen coming into the quarter.

所以是的，我確實說過，在貨幣中性的基礎上，服務收入增長約為 11%，這是我們關注的最重要的事情。這是我們業務的經常性部分。從交易的角度來看，我認為埃德在他的評論中說到了這一點。我的意思是，我們看到市場上的持續活動以及對我們服務的持續需求。因此，商品在流動，我們在本季度看到的趨勢沒有明顯變化。

Okay, got it. And to follow up on the EBITDA margin outlook that you mentioned at the 40% to 45% range for the fourth quarter and the next fiscal year. As you think about fiscal 2024, what level of organic growth is needed to support that margin outlook? And are you assuming any pullback in transactional volumes versus where we are today?

好，知道了。並跟進您提到的第四季度和下一財年 40% 至 45% 的 EBITDA 利潤率前景。當您考慮 2024 財年時，需要什麼水平的有機增長來支持該利潤率前景？您是否假設交易量與我們今天的水平相比有任何回落？

Yes. I mean, the main thing we focus on is 10% to 15% EBITDA growth. We think we're going to be able to hit those numbers in the future as well. That's certainly what we try to -- the way we try to run our business. And we believe we'll have the organic growth in our business to support that.

是的。我的意思是，我們主要關注的是 10% 到 15% 的 EBITDA 增長。我們認為我們將來也能達到這些數字。這當然是我們嘗試做的——我們嘗試經營業務的方式。我們相信我們的業務將有有機增長來支持這一點。

And our next question comes from Scott Group from Wolfe Research.

我們的下一個問題來自 Wolfe Research 的 Scott Group。

Just to follow up, that 11% ex currency in services, is that inclusive of acquisitions or not? I'm just trying to get a sense of the real underlying organic.

只是跟進一下，服務中 11% 的貨幣匯率，是否包括收購？我只是想了解真正的潛在有機物。

No, that's our -- again, just to keep in mind and just to repeat what Ed said, I mean, we run this business to grow EBITDA and that's our primary focus. So that incorporates everything we do. We fully integrate the acquisitions. What I'm giving you there is our best guess, and it's just a best guess, given the way we run the business on the organic growth. So the growth with new -- from new and existing customers with our traditional services, our existing services, and that's around 11%.

不，那是我們——再一次，記住並重複 Ed 所說的話，我的意思是，我們經營這項業務是為了增加 EBITDA，這是我們的主要重點。所以這包含了我們所做的一切。我們完全整合收購。鑑於我們在有機增長上經營業務的方式，我給你的是我們最好的猜測，這只是一個最好的猜測。因此，新客戶的增長——來自使用我們傳統服務的新客戶和現有客戶，我們現有的服務，大約是 11%。

And specifically, Scott, not including acquisitions.

具體來說，斯科特，不包括收購。

Perfect, okay. I thought so, I just wanted to confirm, okay. And then, Ed, when you guys have given us the EBITDA guidance over -- margin guidance over time, you typically have sort of raised it in bigger chunks. I guess you didn't this time. Any thoughts on why not?

完美，好吧。我是這麼想的，我只是想確認一下，好吧。然後，Ed，當你們向我們提供 EBITDA 指導時 - 隨著時間的推移保證金指導，你通常會以更大的比例提高它。我想你這次沒有。有什麼想法為什麼不呢？

I think the way we raised it this time was pretty consistent with how we've done it in the past. We might have been a little slow to raise it over the last 6 to 8 months because there was a lot of uncertainty. I think I was trying to call that out as we were doing that. We were saying 38% to 43% and we beat it the last 2 quarters with 44%. So we may have been a little slow to do that probably just because we're conservative operators, and there's a lot of balls in the air. With FX moving around the way it is, we were wondering what was going to happen next, that certainly impact those margins.

我認為我們這次提出它的方式與我們過去的做法非常一致。在過去的 6 到 8 個月裡，我們提高它的速度可能有點慢，因為存在很多不確定性。我想當我們這樣做的時候我是想把它說出來。我們說的是 38% 到 43%，但我們在過去兩個季度以 44% 擊敗了它。所以我們這樣做可能有點慢，可能只是因為我們是保守的運營商，而且空中有很多球。隨著 FX 的發展，我們想知道接下來會發生什麼，這肯定會影響這些利潤率。

But no, we think we're trying to be accurate when we give you that range of 40% to 45%. We know that we could have FX changing environments that could lower it quickly. We could have -- we're a very profitable company. We could have an acquisition or 2 come in that would lower it and I want to be accurate with how we're projecting it to you. So that's why you're getting the 40% to 45% and I think that's a pretty good number.

但不，當我們給你 40% 到 45% 的範圍時，我們認為我們正在努力做到準確。我們知道我們可以擁有可以快速降低匯率的外匯變化環境。我們本可以——我們是一家非常賺錢的公司。我們可能會有一個收購或 2 個收購會降低它，我想準確地說明我們如何向你預測它。所以這就是為什麼你得到 40% 到 45%，我認為這是一個非常好的數字。

Okay. And then ultimately, freight environment slowing but you still feel -- it sounds like you still feel quite good about the double-digit EBITDA growth again for next year.

好的。然後最終，貨運環境放緩，但你仍然感覺 - 聽起來你仍然對明年兩位數的 EBITDA 增長感覺很好。

Yes. I mean, we run our business with a very strong focus on 10% to 15% EBITDA growth and doing our best to get it to 15%. Lots of things that can impact that. We can see what FX is doing to it right now. But we feel like we're making that promise to our shareholders and we want to make sure that we get there.

是的。我的意思是，我們經營業務時非常注重 10% 至 15% 的 EBITDA 增長，並儘最大努力使其達到 15%。很多事情都會影響到這一點。我們可以看到 FX 現在對它做了什麼。但我們覺得我們正在向我們的股東做出這樣的承諾，我們希望確保我們能夠做到這一點。

Our next question comes from Raimo Lenschow.

我們的下一個問題來自 Raimo Lenschow。

This is Jeremy on for Raimo. I just wanted to ask on the sanctions business line, if you can speak a bit to what led to outperformance in the quarter there and maybe just like some of the different factors in the macro that you're seeing impact that segment of the business.

這是 Raimo 的 Jeremy。我只是想問一下制裁業務線，您是否可以談談導致該季度表現出色的原因，也許就像您看到的影響該業務部門的宏觀因素中的一些不同因素一樣。

Thanks, Jeremy. Yes, you can just pick up the paper, you can kind of see what's causing it, right? Wars, threats of wars. You see trouble brewing in Iran. You see trouble brewing in China. You see an all-out war with Russia and Ukraine. And those things tend to drag more people getting put on the sanctions list. And the more people that are on the sanction list, the more companies have to pay attention to that and end up needing to buy a service to make sure that they can do it. It gets very complicated to -- these lists change every day, and there's 140 countries that are making changes every day.

謝謝，傑里米。是的，你可以拿起那張紙，看看是什麼原因造成的，對吧？戰爭，戰爭的威脅。你看到伊朗正在醞釀麻煩。你看到中國正在醞釀麻煩。你會看到與俄羅斯和烏克蘭的全面戰爭。這些事情往往會拖累更多人被列入製裁名單。制裁名單上的人越多，就越有公司需要注意這一點，最終需要購買一項服務以確保他們能夠做到。這變得非常複雜——這些名單每天都在變化，而且有 140 個國家每天都在進行變化。

And if you ship to someone you're not allowed to ship to, you can get an awful big fine. And I didn't know it was not a good answer for the government. And as companies become more and more aware of that and are worried about running afoul of those things, they have to do something about it. We're the leading solution provider in the world to provide that database. Because we have more countries than anybody else, that we have more accurate data than anyone else.

而且，如果您運送給不允許運送給的人，您可能會被處以巨額罰款。而且我不知道這對政府來說不是一個好的答案。隨著公司越來越意識到這一點，並擔心與這些事情發生衝突，他們必須為此做點什麼。我們是提供該數據庫的全球領先解決方案提供商。因為我們擁有的國家比任何人都多，所以我們擁有比任何人都更準確的數據。

We have no more questions at this time. I'll turn it back to Ed Ryan for closing comments.

我們現在沒有問題了。我會將其轉回給 Ed Ryan 以徵求結束意見。

Great, everyone. Thanks very much for your time, and we look forward to reporting back to you on Q4 in a few months. Have a great day.

太好了，大家。非常感謝您抽出時間，我們期待在幾個月後的第四季度向您報告。祝你有美好的一天。

Ladies and gentlemen, this concludes today's conference. Thank you for participating. You may now disconnect.

女士們，先生們，今天的會議到此結束。感謝您的參與。您現在可以斷開連接。