Descartes Systems Group Inc (DSGX) 2024 Q4 法說會逐字稿

Good afternoon, ladies and gentlemen, and welcome to the Descartes Systems Group's quarterly results conference call. (Operator Instructions) I would now like to turn the conference over to Scott Pagan. Please go ahead.

下午好，女士們先生們，歡迎參加笛卡爾系統集團的季度業績電話會議。 （操作員指示）我現在想將會議轉交給 Scott Pagan。請繼續。

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. 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.

謝謝大家，大家下午好。今天遠端加入我的電話會議的是執行長 Ed Ryan 和財務長艾倫布雷特 (Allan Brett)。我相信每個人都已經收到了我們早些時候發布的財務業績新聞稿。今天的電話會議中除歷史業績外的部分包括適用證券法含義內的前瞻性資訊聲明，這些聲明是根據這些法律的安全港條款做出的。

These forward-looking statements include statements relating 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 conditions; Descartes' gross margins and any growth in those gross margins; cash flow and use of cash; business outlook; baseline revenues, baseline operating expenses and baseline calibration; anticipated and potential revenue losses and gains; anticipated recognition and expensing of specific revenues and expenses; potential acquisitions and acquisition strategy; cost reduction and integration initiatives; and other matters that may constitute forward-looking statements.

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業務和財務狀況的當前和未來影響有關的陳述；笛卡兒的經營業績、財務業績及狀況；笛卡爾的毛利率以及這些毛利率的任何增長；現金流量及現金使用；業務前景；基線收入、基線營運支出和基線校準；預期和潛在的收入損失和收益；具體收入和費用的預期確認和支出；潛在收購和收購策略；降低成本和整合措施；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.

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，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、業績或成就有重大差異。

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.

這些因素在新聞稿和向SEC、OSC 和加拿大其他證券委員會提交和提供的文件中題為「可能影響未來結果的某些因素」的部分中進行了概述，其中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.

我們提供前瞻性陳述的目的只是為了提供有關管理層當前預期和未來計劃的資訊。

You're cautioned that such information may not be appropriate for other purposes.

請注意，此類資訊可能不適用於其他目的。

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 required by law.

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，以反映我們的期望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法律要求的除外。

And with that, let me turn the call over to Ed.

接下來，讓我把電話轉給艾德。

Okay.

好的。

Thanks, Scott, and welcome, everyone, to the call.

謝謝斯科特，歡迎大家參加電話會議。

Today, we're reporting record fourth-quarter and annual financial results, even stronger organic growth and further improvements to our operating margins.

今天，我們報告了創紀錄的第四季和年度財務業績，有機成長更加強勁，營業利潤率進一步提高。

We're excited to go over these results with you and give you some perspective about the business environment we see right now.

我們很高興與您一起回顧這些結果，並為您提供有關我們當前所看到的商業環境的一些看法。

But first, want to give you a roadmap for the call.

但首先，我想為您提供通話路線圖。

I'll start by hitting some highlights of last quarter and some aspects of how our business performed.

我將首先介紹上季度的一些亮點以及我們業務表現的一些方面。

Then I'll hand it over to Allan, who will go over the Q4 and annual financial results in more detail.

然後我會將其交給艾倫，他將更詳細地討論第四季和年度財務表現。

I'll then come back and provide an update on how we see the current business environment and how our business was calibrated as we entered the new fiscal year.

然後，我將回來提供有關我們如何看待當前業務環境以及在進入新財年時如何調整我們的業務的最新資訊。

And finally, we'll open it up to the operator to coordinate the Q&A portion of the call.

最後，我們將向接線員開放，以協調通話的問答部分。

So let's start with the quarter that ended January 31.

讓我們從 1 月 31 日結束的季度開始。

Key metrics we monitor include revenues, profits, cash flow from operations, operating margins, and returns on our investments.

我們監控的關鍵指標包括收入、利潤、營運現金流、營運利潤率和投資回報。

For this past quarter, we again had outstanding performance in each of those areas.

在過去的這個季度，我們在這些領域再次取得了出色的表現。

Total revenues were up 18% from a year ago, with services revenues up 20%.

總營收較去年同期成長 18%，其中服務收入成長 20%。

Adjusted EBITDA was up 19% from a year ago.

調整後 EBITDA 較去年同期成長 19%。

Adjusted EBITDA margin was at 44%, and excluding the impact of earnout payments we made on past acquisitions, which Allan will explain later.

調整後的 EBITDA 利潤率為 44%，不包括我們對過去收購的獲利支付的影響，艾倫稍後將對此進行解釋。

We generated $63.6 million in cash from operations, representing 96% of adjusted EBITDA.

我們從營運中產生了 6,360 萬美元的現金，佔調整後 EBITDA 的 96%。

At the end of the quarter, we had almost $320 million -- $321 million in cash, and we were debt free with an undrawn $350 million line of credit.

截至本季末，我們擁有近 3.2 億美元的現金，即 3.21 億美元，並且我們沒有債務，還有 3.5 億美元的未提取信貸額度。

We remain well capitalized, cash generating, have strong organic growth, and remain ready to continue to invest in our business.

我們仍然資本充足，產生現金，具有強勁的有機成長，並準備繼續投資我們的業務。

We had a strong quarter of organic growth in our core services revenues from a year ago.

與一年前相比，我們的核心服務收入在本季度實現了強勁的有機成長。

Many of the key drivers are similar to past periods.

許多關鍵驅動因素與過去時期相似。

The biggest growth areas were in real-time visibility, global trade intelligence, and routing and scheduling solutions.

最大的成長領域是即時可見性、全球貿易情報以及路線和調度解決方案。

So let me touch on a few of those.

讓我談談其中的一些。

First, in real-time visibility.

首先，即時可見性。

The core of our real-time visibility solutions is MacroPoint.

我們即時可見性解決方案的核心是 MacroPoint。

In this market, there are three important types of logistics players: carriers.

在這個市場中，存在著三類重要的物流參與者：承運商。

These are companies who have vehicles, ships, planes, and trucks that move goods; two, we have shippers.

這些公司擁有用於運輸貨物的車輛、船舶、飛機和卡車；第二，我們有托運人。

These are companies that have goods to be shipped, manufacturers, retailers, and distributors; and three, intermediaries.

這些是有貨物需要運輸的公司、製造商、零售商和分銷商；三是中介機構。

These are companies who help manage parts of the movements of goods on behalf of shippers and carriers, including booking.

這些公司代表托運人和承運人幫助管理部分貨物運輸，包括預訂。

These are sometimes called freight, brokers, forwarders, or third-party logistics providers.

這些有時被稱為貨運、經紀人、貨運代理或第三方物流提供者。

When a freight is booked, it's not always the shipper booking it with the carrier.

預訂貨運時，並非總是托運人向承運人預訂。

It's often an intermediary booking from multiple shippers with multiple carriers.

通常是多個托運人與多個承運人的中間預訂。

So if a shipper wants to know where a particular delivery is at any specific point in time, it can be challenging because the shipper didn't make the booking and doesn't know what vehicle the goods are on.

因此，如果托運人想知道在任何特定時間點特定的交貨地點，這可能會很有挑戰性，因為托運人沒有進行預訂，也不知道貨物在什麼車輛上。

Enter real-time visibility solutions.

輸入即時可見性解決方案。

We provide a network, sources information from carriers, shippers, and intermediaries, and present it in a way that makes business sense.

我們提供一個網絡，從承運人、托運人和中介機構獲取信息，並以具有商業意義的方式呈現這些信息。

The most common answer we're providing to shippers and intermediaries is to the question, where's my stuff.

我們向托運人和中介機構提供的最常見答案是「我的東西在哪裡」這個問題。

Knowing the location of a shipment and when it's going to arrive is critical to serving your customer and running your business.

了解貨物的位置以及貨物何時到達對於服務客戶和營運業務至關重要。

But even more importantly, knowing where your stuff is versus where it's meant to be when things aren't going to plan and getting updated ETAs is critical if you want to set yourself apart from the competition.

但更重要的是，如果您想在競爭中脫穎而出，那麼了解您的物品在哪裡，以及當事情沒有計劃時應該在哪裡，並獲取更新的預計到達時間至關重要。

And that's exactly what we help our customers do.

這正是我們幫助客戶做的事。

To get our strong growth in Q4, it comes from two things: one, we're winning more deals; and two, our existing customers attract new more loads than they have in the past.

我們第四季的強勁成長來自於兩件事：一是我們贏得了更多的交易；二是我們贏得了更多的訂單。第二，我們現有的客戶吸引了比過去更多的新負載。

I believe there's four key reasons for this.

我認為這有四個關鍵原因。

First, our solutions are better attracting loads than our competitors.

首先，我們的解決方案比競爭對手更能吸引負載。

A key operational metric for this business is the percentage of loads submitted that are able to be successfully tracked.

該業務的一個關鍵營運指標是能夠成功追蹤的已提交負載的百分比。

There can be challenges with traffic and load as you can't get the tracking information from a driver.

由於您無法從司機那裡獲得跟踪信息，因此交通和負載可能會面臨挑戰。

There are challenges with the carriers, data, or systems, or if you have incorrect information about a load.

承運人、資料或系統存在挑戰，或您的負載資訊是否不正確。

We've invested a team of dedicated professionals and systems focused on resolving any challenges with tracking a load to maximize our customers' ability to know where their goods are.

我們投資了一支由專業人士和系統組成的團隊，專注於解決追蹤負載的任何挑戰，以最大限度地提高客戶了解其貨物所在位置的能力。

We believe we have the largest network of connected carriers to get tracking information from.

我們相信我們擁有最大的互聯運營商網絡，可以從中獲取追蹤資訊。

If carriers are already connected, we've got self-connect tools that help our customers with even more location coverage across their network of carriers.

如果營運商已經連接，我們有自連接工具，可以幫助我們的客戶在其運營商網路中獲得更多的位置覆蓋。

Ultimately, we're aligned with our customers' interests because our customers passed by the number of successfully tracked loads.

最終，我們與客戶的利益保持一致，因為我們的客戶通過了成功追蹤的負載​​數量。

Our tracking percentage improved again this quarter, and we believe we have opportunities to improve it further going forward.

本季我們的追蹤百分比再次提高，我們相信未來有機會進一步提高。

Our improvement in tracking percentages has outpaced any recent decrease in the industry shipping volumes.

我們在追蹤百分比方面的進步超過了行業運輸量最近的任何下降。

The second is visibility is embedded in many Descartes' solutions.

第二個是可視性嵌入許多笛卡爾的解決方案中。

Our real-time visibility solutions work with a host of other Descartes solutions.

我們的即時可視性解決方案可與許多其他笛卡爾解決方案搭配使用。

Key integration area is our transportation management solutions, allowing shippers and intermediaries to manage their relationships with carriers from booking through invoicing while getting visibility to shipments in motion.

關鍵的整合領域是我們的運輸管理解決方案，使托運人和中介機構能夠管理他們與承運人從預訂到開立發票的關係，同時了解動態的貨運情況。

We believe we offer a more comprehensive suite of solutions than our competitors.

我們相信我們提供比競爭對手更全面的解決方案。

Third, we're experiencing multiple transportation modes.

第三，我們正在經歷多種交通方式。

We have a long operating history with solutions and customers in all transportation modes, truck, rail, ocean, and air.

我們擁有悠久的營運歷史，在所有運輸方式（卡車、鐵路、海運和空運）中提供解決方案和客戶。

We believe we have a more comprehensive global logistics network than any other provider in the industry.

我們相信我們擁有比業內任何其他供應商更全面的全球物流網絡。

And finally, we're a reliable, stable, and growing partner.

最後，我們是可靠、穩定且不斷成長的合作夥伴。

Our customers take a lot of comfort from working with Descartes as a larger public company with a long track record of financial stability.

Descartes 是一家擁有長期財務穩定記錄的大型上市公司，與我們的客戶合作讓我們感到非常安心。

We have a long history of operating secure cloud services across the globe.

我們在全球營運安全雲端服務方面擁有悠久的歷史。

This makes us the service provider of choice in the real-time visibility market.

這使我們成為即時可見性市場的首選服務提供者。

The second area is global trade intelligence solutions.

第二個領域是全球貿易情報解決方案。

These solutions fall into three main categories.

這些解決方案分為三個主要類別。

First, competitive intelligence, which is understanding trade flows and goods classifications through research and our extensive database of manifest information.

首先，競爭情報，即透過研究和我們廣泛的艙單資訊資料庫來了解貿易流和商品分類。

Second is tariff and duty intelligence, which is researching and using our database of global tariffs and duties to help you manage your global trade and shipments.

其次是關稅和關稅情報，它正在研究和使用我們的全球關稅和關稅資料庫來幫助您管理全球貿易和貨運。

And a third of sanctioned party screening, which is reviewing customer shipments, employees, guests, and otherwise against our extensive list of domestic and international sanction parties to help ensure you're operating your business in accordance with the law.

還有三分之一的受制裁方篩檢，即根據我們廣泛的國內和國際制裁方名單審查客戶發貨、員工、客人和其他方面，以幫助確保您依法經營業務。

To oversimplify, these solutions become more important to our customers when things are changing.

簡而言之，當情況發生變化時，這些解決方案對我們的客戶變得更加重要。

When trade flows change, our customers' need to adapt their relationships and systems.

當貿易流發生變化時，我們的客戶需要調整他們的關係和系統。

When tariffs and duties change, it may impact sourcing, manufacturing, and logistics decisions.

當關稅和關稅發生變化時，可能會影響採購、製造和物流決策。

And when sanction parties change, businesses need to reevaluate who they're doing business with for legal compliance purposes.

當制裁方發生變化時，企業需要出於法律合規目的重新評估與誰開展業務。

There's been a lot of change in the world over the past years.

過去幾年，世界發生了許多變化。

It's been a big driver for our global trade intelligence business.

這是我們全球貿易情報業務的重要推手。

And there are some areas of change that are happening right now which will help drive demand for our solutions.

目前一些領域正在發生變化，這將有助於推動對我們解決方案的需求。

The first is the Red Sea disruption.

首先是紅海的破壞。

Military conflict, terrorism, piracy have made following traditional logistics route through the Red Sea a very perilous thing for ocean carriers.

軍事衝突、恐怖主義、海盜行為使得沿著紅海的傳統物流路線對海運承運人來說變得非常危險。

Many ocean carriers have rerouted their vessels to instead travel around the Cape of Africa.

許多海運承運商已改變其船隻航線，轉而繞行非洲角。

This added time and cost to sailing and reduce available capacity.

這增加了航行的時間和成本，並減少了可用容量。

Shipper scramble to secure space on ocean vessels for their shipments and readjust their supply chain for delays.

托運人爭先恐後地在遠洋船舶上確保貨物空間，並重新調整供應鏈以應對延誤。

Carriers adjust the prices, added surcharges, and reallocated to vessel capable -- vessels capable of making the Cape journey.

承運人調整價格，增加附加費，並重新分配給有能力的船隻－能夠進行海角航行的船隻。

This has created demand for many Descartes solutions such as erosion rate management, booking and tracking solutions, but it's also impacted demand for competitive intelligence and compliance screening for new trading relationships.

這創造了對許多笛卡爾解決方案的需求，例如侵蝕率管理、預訂和追蹤解決方案，但也影響了對新貿易關係的競爭情報和合規篩選的需求。

Second, additional sanctioned parties.

二是新增製裁對象。

This past quarter has once again seen additional international sanctions imposed primarily as a result of the war in Ukraine, activities in Israel and Gaza, and on the specific companies using forced labor.

上個季度再次出現更多國際制裁，主要是由於烏克蘭戰爭、以色列和加薩的活動以及對使用強迫勞動的特定公司的製裁。

Even after our fiscal year ended in February, the US announced 500 additional sanctions against Russia as a consequence of the ongoing war in Ukraine and the death of Alexei Navalny.

即使在 2 月我們的財政年度結束後，由於烏克蘭持續的戰爭和 Alexei Navalny 的去世，美國仍宣布對俄羅斯實施 500 項額外制裁。

An expanding world of sanctions presents difficult compliance challenges for our customers.

制裁範圍的擴大給我們的客戶帶來了嚴峻的合規挑戰。

So we've had to be on top of updating lists and able to meet the increased demand for sanctioned parties list.

因此，我們必須及時更新名單，並且能夠滿足對受制裁方名單不斷增長的需求。

And finally, the Panama Canal.

最後是巴拿馬運河。

The Panama Canal Authority has had to restrict shift transit due to low water flow levels in the canal.

由於運河水流量低，巴拿馬運河管理局不得不限制輪班運輸。

This has reduced the available capacity of sailings through this route, and correspondingly, increased the price.

這減少了該航線的可用航班運力，相應地也提高了價格。

Many shippers have sought alternative trade routes or mechanisms, including shifting a portion of their journeys to being by rail or truck.

許多托運人已經尋求替代的貿易路線或機制，包括將部分旅程改為通過鐵路或卡車。

These creative approaches have pushed demand for competitive intelligence and screening as many parties established brand new trading and logistics relationships.

隨著許多方建立了全新的貿易和物流關係，這些創意方法推動了對競爭情報和篩選的需求。

And the last area is in our routing and scheduling solutions.

最後一個領域是我們的路線和調度解決方案。

These solutions help you manage your own fleet of vehicles rather than hiring space on other people's vehicles.

這些解決方案可協助您管理自己的車隊，而不是在其他人的車輛上租用空間。

We believe we have the premier routing and scheduling solutions in the market.

我們相信我們擁有市場上一流的路線和調度解決方案。

Our customers have faced pressure to use their vehicles efficiently, whether it's due to cost pressures, limited labor or environmental concerns.

無論是由於成本壓力、勞動力有限還是環境問題，我們的客戶都面臨著高效使用車輛的壓力。

This is particularly so with the current focus on climate reporting and compliance.

目前對氣候報告和合規性的關注尤其如此。

So we've seen continued good demand.

所以我們看到了持續良好的需求。

We've also made recent investments to help our customers with delivery challenges and to deliver an enhanced delivery experience to consumers.

我們最近也進行了投資，幫助客戶應對交付挑戰，並為消費者提供增強的交付體驗。

Our customers recognize that the delivery experience is a key part of the customer's purchase experience.

我們的客戶認識到交付體驗是客戶購買體驗的關鍵部分。

So they're very interested in being able to provide delivery recipients with time-definite delivery windows and an Uber-like delivery visibility experience in the final miles.

因此，他們非常有興趣為送貨收件人提供限時送貨窗口以及最後一英里類似 Uber 的送貨可見性體驗。

Our innovations in this area continue to drive customers with complex delivery challenges to Descartes for solution.

我們在這一領域的創新不斷推動面臨複雜交付挑戰的客戶向笛卡爾尋求解決方案。

So those were some of the key areas of organic growth for us in the quarter.

這些是我們本季有機成長的一些關鍵領域。

We also saw some growth in our customs and regulatory business, principally as a result of new custom standards in Europe gaining traction.

我們的海關和監管業務也出現了一些成長，這主要是由於歐洲新的海關標準受到關注。

However, overall, there have been challenges in the global freight market, challenges that were predicted earlier in the year and that we've been planning for.

然而，總體而言，全球貨運市場存在挑戰，這些挑戰是今年稍早預測的，也是我們一直在計劃的。

While aggregate transportation volumes in the industry have been negatively impacted, we focused on delivering enhanced value to our customers for shipments that they're processing, and that's contributed to the results we've reported today.

儘管該行業的總運輸量受到了負面影響，但我們專注於為客戶正在處理的貨物提供更高的價值，這對我們今天報告的結果做出了貢獻。

Our organic growth was complemented by the contribution of previously completed acquisitions, several previous acquisitions performed better than we had originally planned for, resulting in more earnout being accrued and paid in the quarter.

我們的有機成長得到了先前完成的收購的貢獻，之前的幾項收購的表現比我們最初計劃的要好，導致本季度應計和支付更多的收益。

Allan will get into that in more detail in his section in a few minutes.

幾分鐘後艾倫將在他的部分中更詳細地介紹這一點。

Separate from earn-outs let me to touch briefly on the operational contribution of GroundCloud to our business.

除了獲利之外，我還想簡單談談 GroundCloud 對我們業務的營運貢獻。

We've now got almost a full year of experience with GrandCloud safety and compliance solutions.

現在，我們已經在 GrandCloud 安全與合規解決方案方面獲得了近一整年的經驗。

GroundCloud helps identify safety incidents faced by drivers and provides responsive and targeted video training on the challenges that drivers face.

GroundCloud 可協助識別駕駛者面臨的安全事件，並為駕駛者面臨的挑戰提供快速反應且有針對性的視訊訓練。

They also help companies manage delivery obligations as they have subcontractors to other delivery brands such as Federal Express.

他們還幫助公司管理送貨義務，因為他們有聯邦快遞等其他送貨品牌的分包商。

When we first combined, we indicated -- we anticipated some impact on our overall adjusted EBITDA margin, which we saw in Q1 and Q2.

當我們第一次合併時，我們表示——我們預計會對我們在第一季和第二季看到的整體調整後 EBITDA 利潤率產生一些影響。

We've made good progress on integration and our aggregate adjusted EBITDA margin was back up to 44% for Q3 and slightly improved in Q4.

我們在整合方面取得了良好進展，調整後的 EBITDA 利潤率在第三季回升至 44%，在第四季度略有改善。

The GroundCloud business is now less dependent on professional services revenue and continues to deliver great value to its customers.

GroundCloud 業務現在不再依賴專業服務收入，並繼續為其客戶提供巨大價值。

We believe driver safety in an area of continued importance and interest for the global logistics community.

我們相信駕駛安全是全球物流界持續重視和關注的領域。

So let me just summarize as I hand it over to Allan to give the full financial details of the quarter and the year.

因此，讓我簡單總結一下，然後將其交給艾倫，以提供本季度和年度的完整財務詳細資訊。

We had record financial results.

我們取得了創紀錄的財務表現。

The business performed well, and we believe that's a good reflection of the value that our customers continue to get from our solutions and the hard work that our team continues to put in for our customers.

業務表現良好，我們相信這很好地反映了我們的客戶繼續從我們的解決方案中獲得的價值以及我們的團隊繼續為客戶付出的辛勤工作。

We ended the quarter with $321 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.

本季結束時，我們擁有 3.21 億美元的現金、3.5 億美元的可用信貸以及市場機會，我們可以透過有機方式和收購繼續為客戶發展業務。

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.

我們仍然專注於獲利成長，以便我們能夠繼續確保我們的客戶擁有一個安全、穩定且不斷發展的技術合作夥伴，幫助他們應對未來的挑戰。

My thanks to the entire Descartes team for everything they've done to contribute to a great quarter and continuing to have our business in an enviable position for future success.

我感謝整個笛卡爾團隊所做的一切，他們為這個季度的出色貢獻做出了貢獻，並繼續讓我們的業務處於令人羨慕的位置，以取得未來的成功。

With that, I'll turn the call over to Allan to go through our Q4 and annual financial results in more detail.

接下來，我會將電話轉給艾倫，以便更詳細地了解我們的第四季和年度財務表現。

Allan?

艾倫？

Okay.

好的。

Thanks, Ed. As indicated, I'm going to walk you through our financial highlights for our fourth quarter and year ended January 31, 2024.

謝謝，艾德。如前所述，我將向您介紹我們截至 2024 年 1 月 31 日的第四季和全年的財務亮點。

We are pleased to report record quarterly revenues of $148.2 million this quarter, an increase of just over 18% from revenues of $125.1 million in Q4 of last year.

我們很高興地報告本季創紀錄的季度收入 1.482 億美元，比去年第四季的 1.251 億美元收入增長了 18% 以上。

Our revenue in the mix -- revenue mix in the quarter continued to be very strong, with services revenue increasing over 20% to $135.7 million from $113.4 million last year in the fourth quarter, with services revenue increasing to 92% of total revenue this quarter, up from 91% of total revenue in Q4 last year.

我們的營收組合－本季的營收組合繼續非常強勁，服務收入從去年第四季的 1.134 億美元成長了 20% 以上，達到 1.357 億美元，本季服務營收佔總營收的比例增至 92% ，高於去年第四季總營收的91%。

Removing the impact of both the recent acquisitions as well as a small impact from foreign exchange rates, we would estimate that our growth in services revenue from new and existing customers would have been approximately 10% this quarter when compared to the same quarter last year, which is up slightly from the increase of approximately 9% in the past few quarters of FY24.

除去最近收購的影響以及匯率的小影響，我們估計本季來自新客戶和現有客戶的服務收入與去年同期相比將增長約 10%，較2024 財年過去幾個季度約9% 的增幅略有上升。

Professional services and other revenue, including hardware revenue, came in at $11.1 million or just over 7% of revenue, up from $10.0 million or 8% of revenue in the same quarter last year, mainly as a result of the GroundCloud acquisition early in FY24.

專業服務和其他收入（包括硬體收入）達到 1,110 萬美元，佔收入的 7% 多一點，高於去年同期的 1,000 萬美元，佔收入的 8%，這主要是由於 2024 財年年初收購 GroundCloud 的結果。

In addition, license revenue came in at $1.4 million compared to $1.7 million last year in the fourth quarter, pretty consistent at roughly 1% of revenue.

此外，授權收入為 140 萬美元，而去年第四季為 170 萬美元，相當穩定，約佔營收的 1%。

For the year, our revenue was a record $572.9 million, up 18% from revenue of $486 million in the previous year.

今年，我們的營收達到創紀錄的 5.729 億美元，比前一年的 4.86 億美元營收成長 18%。

For the year, services revenue came in at $520.9 million, up almost 20% from $435.7 million last year, with just more than half of this growth coming from growth in revenues from new and existing customers, while the remainder of the growth can be attributed to growth from acquisitions.

今年服務收入為 5.209 億美元，比去年的 4.357 億美元增長近 20%，其中一半以上的增長來自新客戶和現有客戶的收入增長，其餘增長可歸因於透過收購實現增長。

Gross margins came in at 76% of revenue for the fourth quarter of the year, down slightly from gross margin of 77% for the fourth quarter last year and for the entire period last year.

今年第四季毛利率佔營收的 76%，略低於去年第四季和去年全年毛利率 77%。

This slight decrease in gross margin was mainly a result of the impact of lower gross margins experienced in the businesses that we acquired during the year, including GroundCloud.

毛利率小幅下降主要是由於我們年內收購的業務（包括GroundCloud）毛利率下降的影響。

Operating expenses in the fourth quarter and for the year increased primarily related to the impact of recent acquisitions, including GroundCloud, but also increased slightly as a result of additional investments that we made in our business over the past year, primarily in the area of sales, marketing, product development, and network security.

第四季和全年營運費用的成長主要與近期收購（包括 GroundCloud）的影響有關，但由於我們過去一年對業務（主要是在銷售領域）的額外投資，營運費用也略有增加、行銷、產品開發及網路安全。

As a result of the above, adjusted EBITDA came in at a record $65.7 million in the fourth quarter or 44.3% of revenue, up a solid 19% from adjusted EBITDA of $55.4 million, also at 44.3% of revenue in the fourth quarter last year.

由於上述原因，第四季調整後 EBITDA 達到創紀錄的 6,570 萬美元，佔營收的 44.3%，比去年第四季調整後 EBITDA 5,540 萬美元（佔營收的 44.3%）穩定成長 19% 。

After having our adjusted EBITDA as a percentage of revenue weakened early in the year with the lower margins from the GroundCloud business, strong operating leverage from organic growth as well as improvements from the GroundCloud margins during the year resulted in this recovery of our adjusted EBITDA margin by the fourth quarter back to last year's Q4 ratio.

今年年初，由於 GroundCloud 業務的利潤率較低，我們的調整後 EBITDA 佔收入的百分比有所下降，但年內有機增長帶來的強勁運營槓桿以及 GroundCloud 利潤率的改善導致我們調整後 EBITDA 利潤率的恢復到第四季就回到了去年第四季的比率。

Looking at the annual results.

看看每年的業績。

Again, as a result of strong revenue growth, we continue to see strong adjusted EBITDA growth to a record of $247.5 million or 43.2% of revenue for FY24, up 15% from $215.2 million or 44.3% of revenue last year.

同樣，由於營收強勁成長，我們繼續看到 2024 財年調整後 EBITDA 強勁成長，達到創紀錄的 2.475 億美元，佔營收的 43.2%，比去年的 2.152 億美元，佔營收的 44.3% 成長 15%。

With these solid operating results, cash flow generated from operations came in at $50.8 million or 77% of adjusted EBITDA in the fourth quarter.

憑藉這些穩健的營運業績，第四季營運產生的現金流達到 5,080 萬美元，佔調整後 EBITDA 的 77%。

However, we should note that this cash flow figure was negatively impacted by the payment of $12.6 million in earn-out payments on past acquisitions that were larger than the original estimates that we made on those acquisitions.

然而，我們應該注意到，這一現金流數字受到了過去收購中支付的 1,260 萬美元盈利付款的負面影響，該付款高於我們對這些收購做出的最初估計。

As we've mentioned in the past, when an earn-out payment is greater than the earn-out amount originally estimated at the time of acquisition, the accounting rules require us to separate that earn-out payment in two parts on the statement of cash flows.

正如我們過去所提到的，當獲利付款大於收購時最初估計的獲利金額時，會計規則要求我們在報表上將該獲利付款分為兩部分現金流量。

First, the portion of the earnout payment that was estimated at the time of the acquisition is charged against cash flow from financing activities.

首先，收購時預期的獲利付款部分會從融資活動產生的現金流量中扣除。

Second, the excess amount of the earn-out payment arising from better-than-expected performance of those acquisitions is charged against cash flow from operations.

其次，由於這些收購的業績好於預期而產生的盈餘支付的超額部分從經營現金流中扣除。

So if we were to exclude this unusual accounting treatment of higher earn-out payments, then our operating cash flow in the fourth quarter would have been $63.4 million or 96% of adjusted EBITDA in Q4, up 25% from operating cash flow of $50.6 million or 91% of adjusted EBITDA in the fourth quarter last year.

因此，如果我們排除這種不尋常的會計處理，即較高的盈利支付，那麼我們第四季度的營運現金流將為6340 萬美元，即第四季度調整後EBITDA 的96%，比5060 萬美元的營運現金流量成長25%或去年第四季調整後 EBITDA 的 91%。

For the year, cash flow from operations, excluding the impact of these higher earn-out payments in both periods, was $220.3 million or 89% of adjusted EBITDA, up 11% from $198 million or 92% of adjusted EBITDA last year.

排除兩個時期較高的獲利支付的影響，今年的營運現金流為 2.203 億美元，佔調整後 EBITDA 的 89%，比去年的 1.98 億美元（佔調整後 EBITDA 的 92%）增長了 11%。

Going forward, we expect to continue to see strong operating cash flow conversion in the range of 80% to 90% of our adjusted EBITDA in the years ahead, of course, subject to unusual events and quarterly fluctuations, including adjustments related to future earnout payments that exceed our estimates made at the time of acquisitions.

展望未來，我們預計未來幾年將繼續看到強勁的營運現金流轉換，達到調整後EBITDA 的80% 至90%，當然，這會受到異常事件和季度波動的影響，包括與未來獲利支付相關的調整這超出了我們在收購時所做的估計。

From a GAAP earnings perspective, net income for the fourth quarter came in at $31.8 million, up 7% from net income of $29.8 million in the fourth quarter last year.

從 GAAP 獲利角度來看，第四季淨利潤為 3,180 萬美元，比去年第四季的淨利潤 2,980 萬美元成長 7%。

For the year, net income was $115.9 million or $1.34 per diluted common share, up 13% from $142 -- from $102.2 million or $1.18 per diluted common share.

今年淨利潤為 1.159 億美元，即稀釋後普通股每股 1.34 美元，比 142 美元增長 13%，而淨利潤為 1.022 億美元，稀釋後普通股每股 1.18 美元。

Overall, as Ed mentioned earlier, we're certainly pleased with the operating results for fiscal 2024.

總的來說，正如 Ed 之前提到的，我們對 2024 財年的經營業績當然感到滿意。

And as our continued revenue growth has allowed us to invest in several areas of the business while still allowing us to achieve 15% growth in adjusted EBITDA, maintain a strong adjusted EBITDA margin, and achieved solid growth in our cash flow from operations.

由於我們持續的收入成長使我們能夠在多個業務領域進行投資，同時仍使我們能夠實現調整後 EBITDA 15% 的成長，保持強勁的調整後 EBITDA 利潤率，並實現營運現金流的穩健成長。

If we turn our attention to the balance sheet, our cash balances totaled $321 million at the end of January.

如果我們將注意力轉向資產負債表，1 月底我們的現金餘額總計 3.21 億美元。

However, for the year, our cash balances increased by approximately $45 million as we generated pro forma operating cash flow of just over $220 million, as I just mentioned, while offsetting that, we've deployed $143 million in capital towards new acquisitions and also paid an additional $31.7 million in earnout payments on past acquisitions in FY24.

然而，正如我剛才提到的，今年我們的現金餘額增加了約4500 萬美元，因為我們產生了略高於2.2 億美元的預計營運現金流，在抵消這一影響的同時，我們還部署了1.43億美元的資本用於新的收購，並且2024 財年為過去的收購額外支付了 3,170 萬美元的收益付款。

So after the ending the year with just over $320 million of cash and an undrawn credit facility of $350 million, we are clearly well capitalized and positioned to consider all acquisition opportunities in our market, consistent with our business plan.

因此，在年底，我們擁有略多於 3.2 億美元的現金和 3.5 億美元的未提取信貸額度，我們顯然資本充足，並且有能力根據我們的業務計劃考慮市場上的所有收購機會。

As we look to the current year we are in, our fiscal 2025, we should note the following: after incurring approximately $5.6 million in capital additions this past year, we expect to incur approximately $5.5 million to $6.5 million in additional capital expenditures in this coming year.

當我們展望目前的 2025 財年時，我們應該注意以下事項：在去年增加了約 560 萬美元的資本之後，我們預計今年將增加約 550 萬至 650 萬美元的額外資本支出年。

We expect that amortization expense will be approximately $57.5 million for fiscal 2025 with this figure being subject to adjustment for foreign exchange rates and any future acquisitions.

我們預計 2025 財年的攤銷費用約為 5,750 萬美元，該數字可能會根據匯率和任何未來收購進行調整。

After paying contingent consideration or earn-out payments of $31.7 million on past acquisitions, this past year, we would currently anticipate that we will make an additional earn-out payments of $34 million in FY25.

在為過去的收購支付了 3,170 萬美元的或有對價或盈利付款後，去年，我們目前預計我們將在 2025 財年額外支付 3,400 萬美元的盈利付款。

Of that $34 million estimate to be -- estimated amount to be paid, $7.7 million relates to the portion of the earnout arrangements accrued for at the time of the acquisitions and will be reflected in cash flow from financing activities, with the remaining balance estimated at $26.3 million will be reflected as a reduction in cash flow from operating activities, the majority of which is likely to be paid in Q1.

在預計支付的 3 400 萬美元中，770 萬美元涉及收購時應計的盈利安排部分，並將反映在融資活動的現金流中，其餘餘額估計為2630 萬美元將反映為經營活動現金流的減少，其中大部分可能在第一季支付。

Our income tax rate in the fourth quarter came in at approximately 20.6% of pretax income, resulting in a tax rate for the year of 23.3% in FY24, which is lower than our statutory tax rate, mainly as a result of the reversal of certain uncertain tax positions during fiscal '24.

我們第四季的所得稅稅率約為稅前收入的20.6%，導致2024財年全年稅率為23.3%，低於我們的法定稅率，主要是由於某些項目的轉回所致24 財年的稅收狀況不確定。

Looking forward to FY25, we are expecting the tax rate will be in the range of 23% to 28% of our pre-tax income, which means it will be something on either side of our blended statutory tax rate of approximately 26.5%.

展望 25 財年，我們預計稅率將在我們稅前收入的 23% 至 28% 範圍內，這意味著它將位於我們約 26.5% 的混合法定稅率的兩側。

So as always, we should add that our tax rate may fluctuate from quarter to quarter from one-time items that may arise as we operate internationally across multiple countries.

因此，與往常一樣，我們應該補充一點，我們的稅率可能會因我們在多個國家開展國際業務時可能出現的一次性項目而逐季度波動。

And finally, we currently expect stock compensation expense will be approximately $13.4 million for fiscal '25, subject to any future equity grants as well as any future forfeitures of stock options or share units.

最後，我們目前預計 25 財年的股票補償費用約為 1,340 萬美元，具體取決於未來的任何股權授予以及未來股票選擇權或股票單位的任何沒收。

I will now turn it back over to Ed.

我現在將其轉回給埃德。

Great.

偉大的。

Thanks, Allan.

謝謝，艾倫。

We're a month into Q1 and the end of our fiscal year.

第一季已進入一個月，本財年即將結束。

Q1 is generally one of the more challenging quarters as the market recovers from the holiday rush and the shipping deals with freight disruption caused by the Chinese New Year.

第一季通常是最具挑戰性的季度之一，因為市場從假期高峰中恢復過來，航運業面臨農曆新年造成的貨運中斷。

Recent ocean volumes have been stronger than in other non-pandemic years.

最近的海洋容量比其他非大流行年份更強。

However, we're monitoring to see the impact of the Red Sea and Panama Canal diversions on our volumes.

然而，我們正在監測紅海和巴拿馬運河改道對我們的吞吐量的影響。

We keep these things in mind as we set our calibration for the quarter.

當我們設定季度校準時，我們會牢記這些事情。

Our business is designed to be predictable and consistent.

我們的業務旨在實現可預測且一致。

We believe that stability and reliability are valuable to our customers, employees, and our broader stakeholders.

我們相信穩定性和可靠性對於我們的客戶、員工和更廣泛的利害關係人來說很有價值。

To deliver this consistency, we continue to operate from the following principles.

為了實現這種一致性，我們繼續遵循以下原則進行營運。

Our long-term plan is for our business to grow adjusted EBITDA 10% to 15% per year.

我們的長期計劃是讓我們的業務調整後 EBITDA 每年成長 10% 至 15%。

We grow through a combination of organic and inorganic or acquisitions.

我們透過有機和無機的結合或收購來實現成長。

We take a neutral party approach to building and operating solutions on our Global Logistics Network.

我們採取中立方的方式在我們的全球物流網路上建立和營運解決方案。

We don't favor any particular party.

我們不偏袒任何特定政黨。

We run our business for all supply chain participants connecting shippers, carriers, logistics service providers, and customs authorities.

我們為連接托運人、承運人、物流服務提供者和海關當局的所有供應鏈參與者開展業務。

When we overperform, we try to reinvest that overperformance back into our business.

當我們表現出色時，我們會嘗試將這種表現重新投資到我們的業務中。

We focus on recurring revenues and establishing relationships with customers for life.

我們專注於經常性收入並與客戶建立終身關係。

And we thrive on operating a predictable business that allows us forward visibility to our revenues and investment paybacks.

我們依靠經營可預測的業務而蓬勃發展，這使我們能夠提前了解我們的收入和投資回報。

In our annual report, we've provided a comprehensive description of baseline revenues based on calibration and their limitations.

在我們的年度報告中，我們根據校準及其局限性提供了對基準收入的全面描述。

As of February 1, 2024, using foreign exchange rates of $0.75 to CAD1, $1.08 to EUR1, and $1.27 to GBP1, we estimate that our baseline revenues for the first quarter of fiscal '25 are approximately $130.5 million and our baseline operating expenses are approximately $81 million.

截至2024 年2 月1 日，使用1 加幣兌換0.75 美元、1 歐元兌換1.08 美元、1 英鎊兌換1.27 美元的匯率，我們估計25 財年第一季的基準收入約為1.305 億美元，我們的基準營運費用約8,100萬美元。

We consider this to be our baseline adjusted EBITDA calibration of approximately $49.5 million for the first quarter of fiscal 2025, or approximately 38% of our baseline revenues as at February 1, 2024.

我們認為這是我們 2025 財年第一季約 4,950 萬美元的基準調整後 EBITDA 校準，約占我們截至 2024 年 2 月 1 日基準收入的 38%。

We continue to expect that we'll operate in an adjusted EBITDA operating margin range of 40% to 45%.

我們仍預計調整後的 EBITDA 營業利潤率將在 40% 至 45% 的範圍內營運。

Our margins can vary in that range, given such things as foreign exchange movements and the impact of acquisitions as we integrate them into our business, like we saw with GroundCloud.

考慮到外匯波動以及我們將收購整合到我們的業務中時的影響（就像我們在 GroundCloud 中看到的那樣），我們的利潤率可能會在這個範圍內變化。

We've got lots of exciting things planned for our business.

我們為我們的業務計劃了許多令人興奮的事情。

It remains a challenging economic supply chain and compliance environment for our customers, but we believe our proven track record of execution, solid capital structure, the customer focus will help us serve them well.

對於我們的客戶來說，這仍然是一個充滿挑戰的經濟供應鏈和合規環境，但我們相信，我們良好的執行記錄、堅實的資本結構、以客戶為中心將幫助我們為他們提供良好的服務。

Thanks to everyone for joining us on the call today.

感謝大家今天加入我們的電話會議。

As always, we're available to talk to you about our business in whatever manner is most convenient for you.

一如既往，我們可以以您最方便的方式與您討論我們的業務。

And with that, operator, I'll turn it over to you for the Q&A portion of the call.

接線員，我會將電話的問答部分轉交給您。

(Operator Instructions) Stephen Long, Stephens.

（操作員說明）Stephen Long，Stephens。

Hi.

你好。

Good afternoon.

午安.

This is Justin Long from Stephens.

我是史蒂芬斯的賈斯汀朗。

How are you doing?

你好嗎？

Hi, Justin.

嗨，賈斯汀。

How are you?

你好嗎？

Good.

好的。

So maybe to start, I think you gave the organic growth in services revenue for the quarter, but could you also talk about all-in organic growth.

因此，也許首先，我認為您給出了本季服務收入的有機成長，但您能否也談談全面的有機成長。

And then looking forward, if we do see signs of a better freight cycle this year, is it reasonable to expect that organic growth to accelerate?

然後展望未來，如果我們確實看到今年貨運週期改善的跡象，那麼預期有機成長加速是否合理？

Or is there anything that you see on the horizon that could prevent that from happening?

或者您認為有什麼可以阻止這種情況發生嗎？

Maybe, Allan could comment at the end on the overall number.

也許艾倫可以在最後對總數發表評論。

But no, I think your presumption is correct.

但不，我認為你的假設是正確的。

I mean we're expecting maybe what we've seen so far in the market and if it improved from there, it would certainly help our business and probably our growth rates as well.

我的意思是，我們預計可能會出現迄今為止我們在市場上看到的情況，如果情況有所改善，那肯定會對我們的業務有所幫助，也可能對我們的成長率有所幫助。

I don't know the overall number off the top of my head, so.

我根本不知道總數，所以。

Yeah.

是的。

Justin, we're just around 10% on services.

賈斯汀，我們的服務費只有 10% 左右。

And as you know, that's the bulk of our revenue.

如您所知，這是我們收入的大部分。

The professional services outside of acquisitions were relatively flat.

收購以外的專業服務相對持平。

Licenses were down ever so slightly.

許可證略有下降。

So somewhere -- water is down to 10% a little bit, maybe by 0.5 point to 1 point.

所以在某個地方——水含量下降到了 10%，可能下降了 0.5 點到 1 點。

But that's the number we focus on as that 10% growth on services.

但這是我們關注的數字，即服務業 10% 的成長。

Got it.

知道了。

Understood.

明白了。

And I guess, secondly, I wanted to ask about acquisitions.

我想，其次，我想問有關收購的問題。

Ed, could you just comment on the pipeline that you're seeing today versus a quarter ago?

Ed，您能否評論一下今天與一個季度前相比所看到的管道？

And it's been a few quarters since we saw an acquisition materialize, I guess, since GroundCloud.

我想，自從 GroundCloud 以來，我們已經有幾季沒有看到收購實現了。

So what's your confidence that we can see that change in the quarters ahead?

那麼您對我們在未來幾季看到這種變化的信心有多大？

Yeah, there's a lot going on right now.

是的，現在有很多事情發生。

And first and foremost, it's a little bit of a struggle over price with the number of people that are out in the market.

首先，也是最重要的一點是，價格與市場上的人數存在一些鬥爭。

We expect just based on what we're seeing ahead of us in a number of companies that are saying they're going to go out that we would see it start to pick up in the near future.

我們預計，根據我們在許多公司中看到的情況，這些公司表示他們將退出，我們預計它將在不久的將來開始回升。

Okay, great.

好的，太好了。

Congrats on the quarter.

恭喜本季。

Okay.

好的。

Thank you very much, Justin.

非常感謝你，賈斯汀。

Appreciate it.

欣賞它。

Willow Miller, William Blair.

威洛·米勒，威廉·布萊爾。

Hi.

你好。

I'm Willow Miller on for Matt Pfau.

我是威洛·米勒（Willow Miller），代表馬特·普福（Matt Pfau）。

Thanks for taking our question.

感謝您提出我們的問題。

In your prepared remarks, I believe you commented aggregate freight volume is down, but you're seeing strong demand in your subscription products.

在您準備好的演講中，我相信您評論說總貨運量下降了，但您看到訂閱產品的需求強勁。

Are the changes in the operating environment, such as the ongoing conflict in the Middle East increasing more and enough adoption of subscription products to offset any decline in transaction volume and revenue?

營運環境的變化（例如中東持續的衝突）是否增加了訂閱產品的採用，以抵消交易量和收入的下降？

Yeah, that's certainly part of it.

是的，這當然是其中的一部分。

And I mentioned a couple of other things in the beginning of the call that are maybe even more prominent.

我在電話會議開始時提到了其他一些可能更突出的事情。

We're picking up a bunch of business from our competitors as during tough times.

在困難時期，我們從競爭對手那裡獲得了大量業務。

I think people tend to flock to a safe and reliable source.

我認為人們傾向於湧向安全可靠的來源。

That's been a big help for us.

這對我們來說是一個很大的幫助。

Certainly, our MacroPoint business and our Global Trade Intelligence business that's been the case, which is great.

當然，我們的 MacroPoint 業務和全球貿易情報業務就是這樣，這很棒。

And yeah, as you mentioned, the conflicts around the world put more people on the sanctioned parties list, tariffs and duties changes and with all the things like that.

是的，正如您所提到的，世界各地的衝突使更多的人被列入受制裁方名單，關稅和關稅發生變化以及諸如此類的事情。

And as we said all along, complexity and change is a big growth driver for us in our business.

正如我們一直以來所說，複雜性和變化是我們業務的巨大成長動力。

And I think that's why you've seen us outperform the logistics transportation market over the last year.

我認為這就是為什麼我們在去年表現優於物流運輸市場。

That's great.

那太棒了。

Thank you.

謝謝。

Thank you.

謝謝。

Paul Treiber, RBC Capital Markets.

Paul Treiber，加拿大皇家銀行資本市場部。

Thanks very much and good afternoon.

非常感謝，下午好。

Just the commentary in the prepared remarks on the drivers of organic growth are really helpful.

就有機成長驅動因素而言，準備好的評論中的評論確實很有幫助。

When you look back over the years, do you see the changes that you're benefiting from?

當您回顧這些年時，您是否看到了您從中受益的變化？

Do you feel like these drivers are structural and likely to persist for a while?

您是否認為這些驅動因素是結構性的並且可能會持續一段時間？

Or does it seem like it's more short term in nature and may subside at some point in the future?

或者它看起來像是更短期的性質並且可能在未來的某個時候消退？

No.

不。

That's certainly the latter.

那肯定是後者。

I mean we see a bunch of things going on.

我的意思是我們看到了很多事情正在發生。

You probably heard me mention before, the biggest one, which is just that the whole world has realized supply chain and logistics is more important and that the first place they tend to put -- cause them to tend to make extra investments in the first place to put those investments is into technology because it gives them the fastest return on investment and it's the most visible for their customers.

你可能之前聽我提到過，最大的一個，就是全世界都意識到供應鏈和物流更重要，並且他們傾向於把它放在第一位——導致他們傾向於首先進行額外的投資將這些投資投入技術是因為科技能為他們帶來最快的投資回報，對客戶來說也是最明顯的。

I think that's been helping us since the pandemic started.

我認為自大流行開始以來這一直在幫助我們。

And I see no end in sight to that.

我認為這種情況沒有結束的跡象。

There's other areas where there's drivers in our business, people are putting more money in the technology.

我們的業務還有其他領域的驅動因素，人們在技術上投入了更多資金。

And as a result, they're going with the IBM of the industry, and someone is seen as a trusted and reliable provider, so we tend to move from small guys to larger guys during times like this.

因此，他們選擇與業界的 IBM 合作，而某人被視為值得信賴且可靠的供應商，因此在這樣的時期，我們傾向於從小公司轉向大公司。

And then just some of the products that we have are fast-growing and like e-commerce and global trade intelligence that are fast-growing things that we see that going on for a long time to come.

然後，我們擁有的一些產品正在快速成長，例如電子商務和全球貿易情報，我們認為這些產品將在未來很長一段時間內持續快速成長。

I don't know when it ends, but I don't see any insight.

我不知道它什麼時候結束，但我看不到任何洞察力。

So certainly the latter.

所以肯定是後者。

And then how do you see that stronger -- fundamentally stronger organic growth, changing your business model?

那麼您如何看待更強勁的—從根本上更強勁的有機成長，改變您的商業模式？

Or would you consider changing your business model around it?

或者您會考慮圍繞它改變您的商業模式嗎？

And what I mean by that is would you consider a higher level of sales and marketing investments?

我的意思是，您會考慮進行更高水準的銷售和行銷投資嗎？

Are there different types of acquisition targets that you consider in light of seeing stronger organic growth than historically?

鑑於有機成長比歷史更強勁，您是否會考慮不同類型的收購目標？

Yeah.

是的。

I mean, I think you've seen us, and we probably described in the past couple of years, putting more money into sales and marketing.

我的意思是，我想您已經看到我們了，我們可能在過去幾年中描述過，在銷售和行銷方面投入了更多資金。

We're still pretty prudent investors, and we're cautious guys that we're running this business for the long term.

我們仍然是相當謹慎的投資者，我們對長期經營這項業務持謹慎態度。

We try to treat the money like own, and that's certainly one of the things that we do is continue to make investments as we've done better in our business.

我們努力像對待自己的錢一樣對待這些錢，我們所做的事情之一就是繼續進行投資，因為我們在業務上做得更好。

And I think you're going to see us continue to do that, but it's probably not going to be fundamentally changing the business, maybe just incremental changes to try to make improvements as things get better.

我認為你會看到我們繼續這樣做，但這可能不會從根本上改變業務，也許只是隨著情況變得更好而進行漸進式改變以嘗試進行改進。

You mentioned acquisitions, probably over the last 10 years, we've gravitated towards faster growth businesses that are profitable and mostly recurring revenue.

您提到了收購，可能在過去 10 年裡，我們傾向於發展更快、盈利且主要是經常性收入的業務。

I think we've gotten quite comfortable doing that and certainly look for those types of businesses in the acquisition environment.

我認為我們已經很習慣這樣做，並且肯定會在收購環境中尋找這些類型的企業。

We'll consider anything, but certainly, we gravitate towards some of those faster-growing things that we think are going to be the stuff that our customers want next, and I think we'll continue to see us do that moving into the future.

我們會考慮任何事情，但當然，我們會傾向於一些成長更快的東西，我們認為這些東西將是我們的客戶下一步想要的東西，我認為我們將繼續看到我們在未來這樣做。

And then just lastly for me, on the acquisition side, do you have a -- you mentioned faster-growing businesses.

最後對我來說，在收購方面，您是否有—您提到了成長更快的業務。

I mean there's been a lot of money that VCs have put into the space over the last couple of years, maybe some of them are struggling now.

我的意思是，過去幾年創投公司在這個領域投入了大量資金，也許其中一些現在正在苦苦掙扎。

Do you lean more towards buying healthier businesses, the cash flow positive?

您是否更傾向於購買更健康、現金流為正的企業？

Or would you consider some that are fixer-uppers that may have seen stronger growth but are unprofitable or burning cash?

或者您會考慮一些正在裝修的企業，它們可能會成長強勁，但無利可圖或燒錢？

We -- the three things we look for are companies that are growing, companies that are profitable, and companies that all are mostly recurring revenue, and we stick to our guns on that.

我們——我們尋找的三件事是正在成長的公司、盈利的公司以及大部分都是經常性收入的公司，我們堅持這一點。

We'll consider something else, but it's rare that you find us looking at something that doesn't have all three of those things.

我們會考慮其他東西，但你很少會發現我們正在尋找不具備所有這三個東西的東西。

So we would like to see a business be profitable before we buy it.

因此，我們希望在購買之前看到一家企業能夠獲利。

As we would say, we don't want to shoot a hole on our own boat, right?

正如我們所說，我們不想在自己的船上射出一個洞，對吧？

So when we're looking at a business, we'd like to see them demonstrate the ability to make it a profitable business before we get involved.

因此，當我們考慮一家企業時，我們希望在我們介入之前看到他們展示出使其成為盈利企業的能力。

And just so it fits in culturally with us, right?

這樣它就符合我們的文化，對嗎？

The companies that are losing a lot of money tend to operate in a different way and a different mindset.

虧損大量資金的公司往往會以不同的方式和不同的思維方式運作。

And when they get to be profitable, they tend to operate a lot more like we do, and we don't want to be the ones trying to change the culture of some of these companies.

當他們開始獲利時，他們的運作方式往往會更像我們，而我們不想成為試圖改變其中一些公司文化的人。

Thanks for taking the question.

感謝您提出問題。

Yeah.

是的。

Thank you, Paul.

謝謝你，保羅。

Daniel Chan, TD Cowen.

陳丹尼爾 (Daniel Chan)，TD 考恩 (TD Cowen)。

Hi, good evening.

嗨，晚上好。

I know I asked this question last quarter, but your cash balance is now over $320 million.

我知道我在上個季度問過這個問題，但您的現金餘額現在超過 3.2 億美元。

So any update on your thoughts on the use of cash?

那麼您對使用現金的想法有什麼更新嗎？

You've got more cash on the balance sheet than you've ever spent in any year for acquisitions.

你的資產負債表上的現金比任何一年用於收購的現金都多。

And looks like you're likely to generate more than $200 million of free cash flow next year.

看起來您明年可能會產生超過 2 億美元的自由現金流。

So will you be able to use all of that for M&A?

那麼您能將所有這些用於併購嗎？

Or are you considering returning some of it to shareholders?

或者您正在考慮將其中一部分返還給股東？

No.

不。

We see a strong environment for M&A in the next couple of years.

我們看到未來幾年併購的良好環境。

It's been a couple of years now where not much is sold and there's been a little bit of a fight about what the price should be.

幾年過去了，銷量並不多，而且對於價格應該是多少也存在一些爭論。

Companies that are not going out because I don't think it's a good environment to sell a company in.

公司不會走出去，因為我認為這不是一個出售公司的好環境。

And I think that's starting to change.

我認為這種情況正在開始改變。

We're seeing that change going on in the market right now.

我們現在看到市場正在發生這種變化。

And we're holding on to that cash.

我們將保留這筆現金。

So if there's a need to deploy a larger amount, we're ready to do that.

因此，如果需要部署更多數量，我們已準備好這樣做。

And we think our company has the wherewithal to do a lot of acquisitions in a year.

我們認為我們公司有足夠的資金在一年內進行大量收購。

We're still very prudent about how we do it and very careful about the investments we make.

我們對於如何做仍然非常謹慎，對於我們所做的投資也非常謹慎。

But if more of them came at us in a given year, and we suspect that could happen one of these days, we want to be prepared with cash on hand to pull it off.

但如果在某一年有更多的人來找我們，而且我們懷疑這種情況可能會在未來某一天發生，我們希望手頭上有現金來實現這一目標。

Okay.

好的。

That makes sense.

這就說得通了。

And then earlier, you commented that it's a pretty competitive market out there.

早些時候，您評論說這是一個競爭相當激烈的市場。

Any changes to acquisition thresholds or KPIs that you use when you're considering these targets especially with like higher rates and like you said, more competition space?

當您考慮這些目標時，您使用的收購門檻或關鍵績效指標（KPI）是否有任何變化，尤其是更高的費率以及像您所說的更多競爭空間？

We try to stick to our guns.

我們努力堅持我們的立場。

We look at each acquisition individually, right?

我們會單獨審視每項收購，對嗎？

I mean some have -- they're all different, and they all have reasons that we might pay more or less for them.

我的意思是有些——它們都是不同的，而且它們都有理由讓我們為它們支付更多或更少的錢。

But back at home, we're sitting there thinking about this is the way we buy companies, and this is how we evaluate what's a good price for them.

但回到家裡，我們坐在那裡思考這就是我們購買公司的方式，這就是我們評估對他們來說什麼是合適價格的方式。

And we do our [damage] to stick to those priorities.

我們所做的[損害]是為了堅持這些優先事項。

And then maybe on the EBITDA margin, I mean it continues to take higher.

然後，也許在 EBITDA 利潤率方面，我的意思是它繼續走高。

Nice to see that the acquisition is being layered in nicely.

很高興看到這次收購正在很好地分層。

Can you -- if we were to just ignore acquisitions for a second, organically, do you think -- what do you think the upper level is?

你能否──如果我們暫時忽略收購，有機地，你認為──你認為上層是什麼？

Do you think it can get above that 45% range?

您認為它可以超過 45% 的範圍嗎？

We think that there is a natural push in our business, the natural tailwind for it to keep going higher.

我們認為，我們的業務有自然的推動力，是其持續走高的自然順風。

We have a bunch of businesses, as you probably heard me describe in the past, Global Trade Intelligence, our network, our customer selling businesses that have a very high incremental margin.

正如您過去可能聽到我描述的那樣，我們有很多業務，全球貿易情報，我們的網絡，我們的客戶銷售業務，這些業務具有非常高的增量利潤。

So when we sign a new customer, most of that money flows right to the bottom line.

因此，當我們簽下新客戶時，大部分資金都會直接流入利潤。

In total and across some of our fastest-growing businesses, that creates a natural tailwind where that number keeps getting pushed up over time.

總的來說，在我們一些成長最快的業務中，這創造了一個自然的推動力，隨著時間的推移，這個數字不斷上升。

Those businesses all operate above the line that we're at right now, 44%.

這些企業的營運都高於我們目前的水平，即 44%。

And all things being equal, I think it would get pushed over time as those businesses grow.

在所有條件相同的情況下，我認為隨著這些業務的發展，它會隨著時間的推移而受到推動。

Now that having been said, we go out and buy five companies, they all make less than us, that's going to drag it down at the same time.

話雖如此，我們出去收購了五家公司，他們的利潤都比我們低，這會同時拖累它。

I don't view that as a bad news.

我不認為這是一個壞消息。

I think that's an opportunity for us to get those businesses to perform like the rest of our business and make our whole company more profitable and stronger over time.

我認為這對我們來說是一個機會，可以讓這些業務像我們其他業務一樣運作，並隨著時間的推移使我們整個公司變得更有利可圖、更強大。

But all things being equal and if there were no acquisitions, you have to see some of the strongest areas in our business with some of the strongest growth and some of the highest incremental margins, we continue to push that number up.

但在所有條件相同的情況下，如果沒有收購，你必須看到我們業務中一些最強勁的領域，其中一些增長最強勁，一些增量利潤率最高，我們將繼續推高這個數字。

Thanks, Ed.

謝謝，艾德。

Thank you, Dan.

謝謝你，丹。

Andy Nguyen, Raymond James.

安迪阮，雷蒙詹姆斯。

Thank you for taking my questions.

感謝您回答我的問題。

Maybe a question for Allan.

也許有個問題要問艾倫。

Could you give us some more color on the FX impact on the (inaudible) revenue as well as EBITDA?

您能給我們更多關於外匯對（聽不清楚）收入和 EBITDA 影響的資訊嗎？

Yeah.

是的。

So we're fairly naturally hedged from a profitability perspective from FX.

因此，從外匯的獲利角度來看，我們相當自然地進行避險。

We -- a little bit more expensive in Canada, a little bit more revenue than -- and profitability -- profits coming out of the UK or Continental Europe.

我們在加拿大的成本要高一點，收入和獲利能力比來自英國或歐洲大陸的利潤高一點。

So we're very naturally hedged there.

所以我們很自然地在那裡進行對沖。

So very, very minor impact, this quarter, as well as most quarters on the EBITDA side.

本季以及大多數季度 EBITDA 方面的影響非常非常小。

From a revenue perspective, we do have some level of exposure with 30% or so of our revenue coming from those currencies.

從收入角度來看，我們確實有一定程度的風險敞口，大約 30% 的收入來自這些貨幣。

And so in a strong US dollar environment, we see a bit of weakness in our revenues.

因此，在美元走強的環境下，我們的收入有些疲軟。

It was actually a very, very minor quarter.

這實際上是一個非常非常小的季度。

It was very small, less than $0.5 million impact on revenues in Q4 and really a small impact for most of FY24 on revenues.

這對第四季的收入影響非常小，不到 50 萬美元，而且對 24 財年大部分時間的收入影響確實很小。

That hasn't always been the case, but it was also a low impact on EBITDA, and that is pretty much always the case.

情況並非總是如此，但它對 EBITDA 的影響也很小，而且幾乎總是如此。

Does that help?

這樣有幫助嗎？

Yeah.

是的。

No, got you.

不，明白了。

That's very helpful.

這非常有幫助。

And maybe a question on the macro pictures.

也許還有關於宏觀圖片的問題。

There has been a report of softening retail spending in the US maybe across Europe as well.

有報導稱，美國的零售支出可能也出現疲軟，整個歐洲也是如此。

Could you give us some more color on what you're seeing on the ground in terms of the volume with the retailer?

您能給我們更多關於您在現場看到的零售商數量方面的資訊嗎？

Yeah.

是的。

I mean I think the retailers from what we see are all focused on improving their supply chain operations, so they can operate more efficiently and we're benefiting from that right now.

我的意思是，我認為我們所看到的零售商都專注於改善他們的供應鏈運營，這樣他們就可以更有效地運營，我們現在正在從中受益。

The minor ups and downs in that industry show up at some of our transportation statistics that we've been seeing for a while.

我們一段時間以來看到的一些交通統計數據顯示了該行業的微小起伏。

But the bigger growth driver from retailers and manufacturers that we're doing business with directly is them implementing more transportation management solutions, supply chain visibility solutions and these -- some of these short-term things that you just mentioned, while they may provide minor ups and downs in our Global Logistics Network, moreover, from these types of companies, we're getting increased investment because they see a need to improve their supply chains.

但是，來自與我們直接開展業務的零售商和製造商的更大增長動力是他們實施更多的運輸管理解決方案、供應鏈可視性解決方案等——您剛才提到的一些短期的事情，雖然它們可能提供較小的幫助我們的全球物流網絡的起起落落，此外，我們從這些類型的公司中獲得了更多的投資，因為他們認為需要改善他們的供應鏈。

It's something that customers are focused on right now and making sure they know where everything is. it is not only important -- it's important to our customers, and that's been a big benefit for us, and I suspect it will for a long time to come.

這是客戶現在關注的重點，並確保他們知道所有東西都在哪裡。它不僅重要，而且對我們的客戶也很重要，這對我們來說是一個巨大的好處，我懷疑在未來很長一段時間內都會如此。

Okay.

好的。

I'll pass it line.

我會通過它的線。

Thank you.

謝謝。

Robert Young, Canaccord.

羅伯特·楊，Canaccord。

Hi, good evening.

嗨，晚上好。

I think this is a little bit of a continuation of Paul's earlier question.

我認為這是保羅之前問題的延續。

It seems trade intelligence has been very successful, it's high margin.

貿易情報似乎非常成功，利潤率很高。

And maybe the world is always going to be this volatile, but it feels as though you're benefiting from a lot of volatility and changes.

也許世界總是如此波動，但感覺好像你從很多波動和變化中受益。

And if we're looking at a couple of years and things calm down, does the interest in your customers to maintain subscription there or to maintain activity, like how does the business -- has the revenue changed if things get calmer?

如果我們考慮幾年後情況平靜下來，您的客戶是否有興趣維持訂閱或維持活動，例如業務如何——如果情況變得平靜，收入是否會改變？

Yeah, that's a good question, Rob.

是的，這是個好問題，羅布。

So what we've seen is that once you start using these things, you don't stop, right?

所以我們看到的是，一旦你開始使用這些東西，你就不會停止，對吧？

And there's always changes.

而且總是有變化。

I mean, even in times of slower change, and we're in the middle of a time of high change right now, but even when that slows down and you see -- even within a year, we see pickup and slow down.

我的意思是，即使在變化較慢的時期，我們現在正處於一個高度變化的時期，但即使變化放緩，你會看到- 即使在一年之內，我們也會看到回升和放緩。

The customers that are already doing it almost always stay on the service, right?

已經這樣做的客戶幾乎總是會繼續使用該服務，對吧？

They need to know what's happening.

他們需要知道發生了什麼事。

They need to know what the sanction parties are.

他們需要知道製裁方是什麼。

If you're if you're shipping stuff and you've been fined once or twice already and then you sign up for our solutions and there's constantly people getting added to the sanction party list, even in a slow time, there's lots of people getting added every day in a lot of countries and products, et cetera.

如果你正在運送東西，並且已經被罰款一兩次，然後你註冊我們的解決方案，就會不斷有人被添加到製裁方名單中，即使在很慢的時間內，也有很多人每天都會在許多國家和產品中添加，等等。

You need to keep having that solution.

你需要繼續擁有這個解決方案。

So let's just switch to it, it's hard to get off.

所以就直接切換吧，很難下車。

It's almost impossible stop actually.

實際上幾乎不可能停下來。

You need to have it.

你需要擁有它。

The only thing that would make you stop is a country -- if your company got smaller, or you stop shipping as many products to as many different countries, you will not buy as much stuff from us.

唯一會讓你停下來的是一個國家——如果你的公司變小，或者你停止向許多不同的國家運送盡可能多的產品，你就不會從我們這裡購買那麼多的東西。

But as long as your company continues to do well, you're probably going to be buying those solutions from us.

但只要您的公司繼續表現良好，您就可能會向我們購買這些解決方案。

Okay.

好的。

I got you.

我接到你了。

And then my second question would be around, in the past, you've highlighted some of the labor negotiations in US ports as maybe a headwind.

然後我的第二個問題是，在過去，你強調了美國港口的一些勞工談判可能是一種逆風。

And I think that this year, there's some expected negotiation in Atlantic and gulf course ports.

我認為今年預計將在大西洋和海灣港口進行一些談判。

And just curious, does that impact you?

只是好奇，這對你有影響嗎？

Or does the ship just move?

或船隻是移動？

Does it have any impact on you if that -- if there's an extended

如果──如果時間延長的話，這對你有什麼影響嗎？

--

--

Yeah, when I talked about the headwind, it's really a headwind for our customers.

是的，當我談到逆風時，這對我們的客戶來說確實是一個逆風。

Great challenges for them.

對他們來說是巨大的挑戰。

It actually tends to help us because they have to move stuff around and change things very rapidly to do that, and that tends to drive more transaction volume for us.

它實際上往往對我們有幫助，因為他們必須非常迅速地移動和改變事物才能做到這一點，而這往往會為我們帶來更多的交易量。

I don't know whether there's going to actually be a strike there.

我不知道那裡是否真的會發生罷工。

Most of the time if things are threatened, they don't actually go through.

大多數時候，如果事情受到威脅，它們實際上並不會發生。

Gulf Atlantic ports is not as big as like a West Coast ports, which just got resolved a year ago -- six to eight months ago.

墨西哥灣大西洋港口不像西海岸港口那麼大，這個問題一年前（六到八個月前）剛剛解決。

But nonetheless, if you're doing business out of those areas, it would impact you.

但儘管如此，如果您在這些地區之外開展業務，這會對您產生影響。

And if it did, our customers have to make arrangements to get around it, and that usually benefits us.

如果確實如此，我們的客戶就必須做出安排來繞過它，這通常對我們有利。

Thanks, Ed. Thanks.

謝謝，艾德。謝謝。

I'll pass the line.

我會過線。

Thanks, Rob.

謝謝，羅布。

Scott Group, Wolfe Research.

斯科特集團，沃爾夫研究。

Hey, thanks.

嘿，謝謝。

Afternoon.

下午。

So I just want to go back to the organic growth for a second.

所以我想再回到有機成長上來。

The bit of a pickup from last quarter wasn't clear.

上季的回升情況尚不清楚。

Is that more -- are you seeing the transactional start getting a little bit better?

是不是更多了——您是否看到交易開始變得更好了？

Or is it the other parts of the business that got better?

還是業務的其他部分變得更好了？

And then maybe just, Ed, you talked about Panama Canal and Red Sea.

艾德，也許你談到了巴拿馬運河和紅海。

Your data clearly showing a big shift to the West Coast ports.

你們的數據清楚地顯示了向西海岸港口的重大轉變。

Just wondering, do you think that continues or maybe starts to fade?

只是想知道，您認為這種情況會持續下去還是可能開始消失？

So on the latter, I mean it's going to continue for a while.

所以對於後者，我的意思是它會持續一段時間。

I mean, you can watch this -- the more -- what's going on in Israel, it's probably causing that.

我的意思是，你可以多看看以色列正在發生的事情，這可能是造成這種情況的原因。

I don't know what's going to happen there, but it will go on until that it stops, and our customers would be thrilled at a good stuff, but not much we can do about it.

我不知道那裡會發生什麼，但它會持續下去，直到停止，我們的客戶會對好東西感到興奮，但我們對此無能為力。

Panama Canal is more a function of water levels in the Panama Canal.

巴拿馬運河更多的是巴拿馬運河水位的函數。

I heard -- I'm not meteorologist but I've heard that this is in part due to El Nino, which I guess ends at some point later this year.

我聽說——我不是氣象學家，但我聽說這部分是由於厄爾尼諾現象造成的，我猜厄爾尼諾現象將於今年晚些時候結束。

So we'll see if that actually helps things.

所以我們會看看這是否真的有幫助。

But my understanding is that it should, maybe the Panama would be a little better next year without knowing what the weather is going to be next year, obviously.

但我的理解是，顯然，在不知道明年天氣如何的情況下，也許巴拿馬明年會好一點。

And sorry, what was the first part of that question?

抱歉，這個問題的第一部分是什麼？

Just like what the organic growth picked up a little bit.

就像有機成長有所回升一樣。

Is that more transactional getting better?

交易越多越好嗎？

Or is it the other parts getting better?

還是其他部分變得更好了？

It's our services overall getting better and a little of it was from transaction volume and probably a little more of it was from subscription volume.

這是我們的服務整體變得更好，其中一點來自交易量，可能更多一點來自訂閱量。

I mean the subscriptions -- the transactions are going up and down through the pandemic, they went way up and then way down and back up to normal, and they're probably muddling around over the past year, maybe ticking up a little bit towards the end that you see in our move from 9% to 10%.

我的意思是訂閱量——交易量在大流行期間上下波動，一路上升，然後一路下降，然後又恢復到正常水平，在過去的一年裡，它們可能表現得有些混亂，也許會稍微上升一點。您在我們從 9% 升至 10% 的過程中看到的結果。

The subscriptions have been steady -- steadily moving up over the past four or five years.

訂閱量一直穩定——在過去四到五年穩步上升。

It's been a great source of strength for our business and something that's helped us keep the growth rates up even with the network a year or two ago that was having lackluster performance and more than making up for the subscription part of our business.

它是我們業務的重要力量源泉，即使在一兩年前網路表現不佳，也幫助我們保持了較高的成長率，並且遠遠彌補了我們業務的訂閱部分。

We'll see what happens in the future.

我們將看看未來會發生什麼。

I mean I don't know what's going to happen in the economy that will probably have some impact on the transactional business.

我的意思是，我不知道經濟中會發生什麼，這可能會對交易業務產生一些影響。

The subscription business over the last several years has seen to be somewhat not really impacted by that.

過去幾年的訂閱業務似乎並未真正受到影響。

There's -- the overriding issue there is that more companies are saying, hey, we got to do something about this supply chain to manage it better.

最重要的問題是，越來越多的公司說，嘿，我們必須對這個供應鏈採取一些措施，以便更好地管理它。

Our customers are expecting us to do that, and we're going to pump more money into that investment, and that money is predominantly going to go into the purchase technology because that's where we get the biggest bang for the buck and the highest visibility by the customers.

我們的客戶希望我們這樣做，我們將投入更多的資金進行投資，這些資金主要用於購買技術，因為這是我們獲得最大經濟效益和最高知名度的地方。顧客們。

And I see no end in sight to that.

我認為這種情況沒有結束的跡象。

We'll see what happens, but I continue to see manufacturers and retailers make investments in those areas.

我們將看看會發生什麼，但我繼續看到製造商和零售商在這些領域進行投資。

And when they do, they oftentimes are choosing Descartes, which is great.

當他們這樣做時，他們通常會選擇笛卡爾，這很棒。

So maybe just a follow-up there, like I feel like you talked more today about share gains for your services.

所以也許只是一個後續行動，就像我覺得你今天更多地談論了你的服務的份額收益一樣。

Am I right that you're talking more about that?

我說得對嗎？你談論的更多了？

Is this a new trend?

這是一個新趨勢嗎？

Or has this been going on for a while.

或者這種情況已經持續了一段時間了。

It's been going on for a while.

這已經持續了一段時間了。

I probably explained it better or more thoroughly today than I have in the past.

我今天可能比過去解釋得更好或更徹底。

People would ask over the last year, hey, lackluster transportation environment, how do you continue to put up good numbers.

去年人們會問，嘿，交通環境低迷，你如何繼續保持良好的表現。

And I think that's your answer.

我想這就是你的答案。

Even in a flat environment, we've been taking gains from our competitors and taking gains from ourselves in a sense in that we get a customer hands us a whole bunch of shipments and says, please track them.

即使在平坦的環境中，我們也一直在從競爭對手那裡獲取利益，並從我們自己那裡獲取利益，從某種意義上說，我們讓客戶向我們提供了一大堆貨物，並說，請跟踪它們。

Well, two years ago, we were able to track 70, what's just 70% of them.

嗯，兩年前，我們能夠追蹤 70 個，只是其中的 70%。

Today, I'm able to track 87% of them.

今天，我能夠追蹤其中 87%。

I get paid by the shipment to track them.

我透過追蹤他們的貨物獲得報酬。

And as we got better at tracking, not only did that help us beat out our competitors because if you're a customer, you want to go with a company that contracted those shipments.

隨著我們在追蹤方面的進步，這不僅幫助我們擊敗了競爭對手，因為如果您是客戶，您會希望與承包這些貨運的公司合作。

But it also helped us increase our transaction on it because I was -- to stay with the math that was used before, we were leaving relieved 30% of them on the ground a couple of years ago, and now we're leaving 13% of them on the ground and continue to try and bump that number up.

但這也幫助我們增加了交易量，因為我——按照之前使用的數學計算，幾年前我們讓其中 30% 的人鬆了一口氣，現在我們要留下 13%並繼續嘗試增加這個數字。

So that's been a big help for us, and we continue to focus aggressively on that area.

所以這對我們來說是一個很大的幫助，我們將繼續積極關注該領域。

I think we spend a lot more time than our competitors doing stuff like that, and it's paying off.

我認為我們比競爭對手花了更多的時間做這樣的事情，並且得到了回報。

And then just last one if I can.

如果可以的話，就只寫最後一張。

So you guys continue to come in at the high end of that 10% to 15% annual EBITDA target.

因此，你們繼續實現 10% 至 15% 的年度 EBITDA 目標的高端。

I know it's early -- how are you feeling about fiscal '25?

我知道現在還為時過早——您對 25 財年有何感想？

I mean we're always trying to beat that 15% number, Scott.

我的意思是，我們一直在努力打破 15% 的數字，斯科特。

We say 10% to 15%.

我們說10%到15%。

We all get our bonuses based on beating the 15%.

我們都是透過擊敗 15% 來獲得獎金的。

So yes, we're confident we will as we always are, and we're going to do our (inaudible) just to make sure, yes, we get there.

所以，是的，我們有信心我們會像往常一樣，並且我們將盡我們的（聽不清楚）只是為了確保，是的，我們到達那裡。

Makes sense.

說得通。

Thank you, guys.

感謝你們。

Appreciate it.

欣賞它。

Thank you, Scott.

謝謝你，斯科特。

Have a great day.

祝你有美好的一天。

Kevin Krishnaratne, Scotiabank.

凱文‧克里希納拉特納 (Kevin Krishnaratne)，豐業銀行。

Hey, there.

嘿。

Good evening.

晚安.

I've just got one.

我剛剛有一個。

How do we think about the opportunity for cross-selling upside?

我們如何看待交叉銷售的上昇機會？

I know it might be tough to say, but you've got so many products and services.

我知道這可能很難說，但你們有很多產品和服務。

Like how early are you?

例如你現在幾點了？

And how do you measure where you are versus where you can go?

你如何衡量你現在的位置和你可以去的地方？

Many SaaS firms do give metrics like net retention ratio to measure how much more revenue they're generating from a given client over time.

許多 SaaS 公司確實提供了淨保留率等指標來衡量隨著時間的推移，他們從特定客戶那裡獲得了多少收入。

I know you're not going to give that, but just how do we think about that?

我知道你不會這麼做，但我們如何看待這個問題？

Any thoughts there on how you're looking at the revenue generation on a given client over time from the cross-sell --

關於如何看待特定客戶隨著時間的交叉銷售所產生的收入的任何想法——

When we do -- yeah, sure, sure.

當我們這樣做時——是的，當然，當然。

We do business with just about every transportation company of any size in the world and just about every intermediary in the world of any size.

我們與世界上幾乎所有規模的運輸公司以及世界上任何規模的中介機構都有業務往來。

So we have a lot of cross-sell opportunities.

所以我們有很多交叉銷售的機會。

If you look at any -- I get these reports every Thursday night what we sold that weekends, it's usually in the 2/3 of the sales are new sales to existing customers, which is a cross-sell.

如果你看一下——我每週四晚上都會收到這些報告，我們週末的銷售量通常是 2/3 的銷售額是對現有客戶的新銷售額，這是交叉銷售。

And I would expect it to continue that way for a while as you know, I see no end in sight to cross-sell being a very large part of what we do.

我預計這種情況會持續一段時間，正如你所知，我認為交叉銷售是我們工作的很大一部分，而且看不到盡頭。

Remember, we continue to buy new companies, too.

請記住，我們也繼續收購新公司。

So as soon as we buy a company and so -- to give you an example, we buy a company with, say, 500 freight forwarders and the customers love that product.

因此，一旦我們購買一家公司，舉個例子，我們購買一家擁有 500 名貨運代理的公司，客戶喜歡該產品。

And we buy the company and I say, hey, we've got

我們買下了這家公司，我說，嘿，我們有

[5,000].

[5,000]。

So the first thing we're going to do is, we're going to be other 4,500 and say, hey, (inaudible) product.

因此，我們要做的第一件事是，我們將成為其他 4,500 名產品，說，嘿，（聽不清楚）產品。

And because we're already in there, the company we bought might have had to fight their way into each account, and we're walking right in because we've been -- I might sell 20, 30 products.

因為我們已經進入了那裡，所以我們購買的公司可能必須努力進入每個帳戶，而我們正走進去，因為我們已經——我可能會銷售 20、30 種產品。

And so my ability to walk in the door and show the product is immediate.

因此，我一進門就能立即展示產品。

And I'm not saying they're all going to buy it right away, but if we can bring it out to a much wider customer base, I like our chances of selling a lot more but then the company we just bought that.

我並不是說他們都會立即購買它，但如果我們能夠將其提供給更廣泛的客戶群，我希望我們有機會銷售更多產品，但我們剛剛購買的公司。

And I think that's why you see our cross-sell continue to be a big part of our business and will be for a long time to come.

我認為這就是為什麼我們的交叉銷售繼續成為我們業務的重要組成部分，並且在未來很長一段時間內都會如此。

Great.

偉大的。

Appreciate it.

欣賞它。

Thank you.

謝謝。

Thank you, Kevin.

謝謝你，凱文。

Raimo Lenschow, Barclays.

雷莫‧倫肖 (Raimo Lenshow)，巴克萊銀行。

Thank you.

謝謝。

Quick question on -- if you think about ESG, carbon footprint, et cetera, like how is that starting to come through for your clients?

快速提問－如果您考慮 ESG、碳足跡等，您的客戶是如何開始實現這些目標的？

Because that's -- in our checks, we're hearing quite a good bit of extra interest to optimize things there?

因為在我們的檢查中，我們聽到了很多對優化那裡的東西的額外興趣？

And what are you doing on the product side there?

你們在產品方面正在做什麼？

Thank you.

謝謝。

Thanks, Raimo.

謝謝，雷莫。

So for a long time, for 20 years, even before there was a household name, we had a lot of retail customers starting in the grocery industry that had customers -- their consumer customers that were environmentally conscious and started positioning our product as a way to help the environment.

因此，在很長一段時間裡，20年來，甚至在出現一個家喻戶曉的名字之前，我們就有很多零售客戶，他們是從食品雜貨行業開始的，他們的消費者客戶具有環保意識，並開始將我們的產品定位為環保方式。幫助環境。

They would have green deliveries, they would say they were offering these deliveries up to the consumer.

他們會進行綠色送貨，他們會說他們將這些送貨服務提供給消費者。

Here we are 20 years later, and this is a household name.

20 年後，我們來到這裡，這是一個家喻戶曉的名字。

And while it's getting beat up a little bit in the last six months to a year, I think the environmental part of it is less beat up in terms of that.

雖然在過去六個月到一年裡它受到了一點打擊，但我認為其中的環境部分並沒有那麼受到打擊。

I think there was a lot more companies going, hey, we need to do our part to help the environment.

我認為有更多的公司在參與，嘿，我們需要盡自己的一份力量來幫助環境。

We need to answer these questions for regulators who are asking a lot of questions and specifically about the environment, and our products, and there are several products that help them solve that problem.

我們需要為監管機構回答這些問題，他們提出了很多問題，特別是有關環境和我們產品的問題，有幾種產品可以幫助他們解決這個問題。

Make no mistake, our customers are buying our products because just they save money, but it's really nice for them when not only doesn't save you money, but it also helps reduce your carbon footprint.

毫無疑問，我們的客戶購買我們的產品只是因為他們省錢，但這對他們來說真的很好，因為它不僅不會為您省錢，而且還有助於減少您的碳足跡。

And we have several products out there that do provide a significant impact on reducing your carbon footprint.

我們有多種產品確實可以對減少碳足跡產生重大影響。

So not only with the amount of money we save for a big retailer or manufacturer that say, routing trucks with us, we get into the C-suite because of that.

因此，我們不僅為大型零售商或製造商節省了大量資金，讓他們與我們一起運送卡車，我們也因此進入了最高管理層。

But once we do get into the C-suite, they're also going, hey, I'm being asked about all these other things.

但一旦我們進入最高管理層，他們也會說，嘿，我被問到所有這些其他事情。

How does this going to impact the environment.

這將如何影響環境。

And our answers in that are very good.

我們對此的回答非常好。

We have a number of products that reduce the miles driven versus the amount of trucks driven and the amount of gasoline used to deliver goods and it's significant reductions, tens of millions of miles a year that we're taking off the road across our customer base.

我們有許多產品可以減少行駛里程，相對於卡車行駛量和運送貨物所使用的汽油量，我們的客戶群每年減少數千萬英里的行駛里程。

And as regulatory bodies start to put more and more pressure, shareholders start to put more and more pressure on our customers to answer things about that, that drives demand for our products, which is great.

隨著監管機構開始施加越來越大的壓力，股東也開始向我們的客戶施加越來越大的壓力，要求他們回答相關問題，這推動了對我們產品的需求，這很好。

Yeah.

是的。

Okay.

好的。

Perfect.

完美的。

Thank you.

謝謝。

Okay.

好的。

Thank you, Raimo.

謝謝你，雷莫。

Thank you.

謝謝。

There are no further questions at this time.

目前沒有其他問題。

I will now hand the call back to Ed Ryan for the closing remarks.

現在，我將把電話轉回 Ed Ryan 作結束語。

Great.

偉大的。

Thanks, everyone.

感謝大家。

I appreciate your time this afternoon and we look forward to reporting back to you on next quarter in early June.

感謝您今天下午的寶貴時間，我們期待在六月初向您報告下一季的情況。

Thanks for your time tonight and have a great day.

感謝您今晚抽出寶貴時間，祝您有美好的一天。

Thank you.

謝謝。

Ladies and gentlemen, the conference has now ended.

女士們、先生們，會議現已結束。

Thank you all for joining.

感謝大家的加入。

You may all disconnect.

你們都可以斷開連線。