Descartes Systems Group Inc (DSGX) 2025 Q1 法說會逐字稿

Good afternoon, ladies and gentlemen, and welcome to the Descartes Systems Group quarterly results conference call. (Operator Instructions) This call is being recorded on Wednesday, May 29, 2024.

下午好，女士們先生們，歡迎參加笛卡爾系統集團季度業績電話會議。 （操作員說明）此通話錄音時間為 2024 年 5 月 29 日星期三。

And I would now like to turn the conference over to Mr. Scott Pagan. Thank you. Please go ahead.

現在我想把會議交給史考特·帕根先生。謝謝。請繼續。

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

謝謝，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。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。

Portions of today's call, other than historical performance, include statements of forward-looking information within the meaning of applicable securities laws. These statements are made under the Safe Harbor provisions of those laws.

除歷史表現外，今天電話會議的部分內容還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 related to our assessment of the current and future impact of geopolitical, trade, and economic uncertainty on our business and financial condition; Descartes' operating performance, financial results and condition; 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、貿易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. 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，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。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. You're cautioned that such information may not be appropriate for other purposes.

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。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 undertake 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，也不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 Ryan.

接下來，讓我把電話轉給艾德·瑞安。

Thanks, John, and welcome, everyone to the call. Today, we're reporting record first-quarter results, continued strong organic growth, improvement to our operating margin from a year ago, and two new businesses that have joined the Descartes team. We're excited to go over these results with you and give you some perspective about the business environment we see right now. But first, let me give you a road map for the call.

謝謝約翰，歡迎大家來電。今天，我們報告了創紀錄的第一季業績、持續強勁的有機成長、營業利潤率較一年前有所改善，以及兩項新業務加入笛卡爾團隊。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。但首先，讓我先給你一個通話路線圖。

I'll start by hitting some highlights of last quarter and some aspects of how our business performed. I'll then hand it over to Allan, who will go over the Q1 financial results in more detail. After that, I'll come back and provide an update on how we see the current business environment and how our business was calibrated as we entered our second fiscal quarter. And we'll then open up to the operator to coordinate the Q&A portion of the call.

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。然後我會將其交給艾倫，他將更詳細地審查第一季的財務表現。之後，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第二財季時如何調整我們的業務的最新資訊。然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 April 30. Key metrics we monitor include revenues, profits, cash flow from operations, operating margins, and returns on our investments. For this past quarter, we again had outstanding performance in each of those areas.

讓我們從截至 4 月 30 日的季度開始。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 and services revenues were both up 11% from a year ago. Adjusted EBITDA was up 16% from a year ago. Adjusted EBITDA margin was steady at 44% and up 2 points from a year ago. And we generated $63.7 million in cash from operations, representing 95% of adjusted EBITDA.

總營收和服務收入均較去年同期成長 11%。調整後 EBITDA 較上年同期成長 16%。調整後 EBITDA 利潤率穩定在 44%，比去年同期上升 2 個百分點。我們從營運中產生了 6,370 萬美元的現金，佔調整後 EBITDA 的 95%。

At the end of the quarter, we had almost $270 million in cash, and we were debt-free with an undrawn $350 million line of credit. This is after we used about $140 million in connection with acquisitions near the end of the quarter. We remain well capitalized, cash generating, have strong organic growth, and remain ready to continue to invest in our business.

截至本季末，我們擁有近 2.7 億美元的現金，並且沒有債務，還有 3.5 億美元的未提取信貸額度。這是在本季末我們使用了約 1.4 億美元進行收購後的結果。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。

Let me talk a bit about the $140 million that we invested in acquisitions. At the end of March, OCR Services joined our business. OCR is a great business and a natural fit with our global trade intelligence team. OCR's strengths are in sanctioned party screening and export compliance, a great complement to our existing trade compliance business.

讓我談談我們投資的 1.4 億美元收購。三月底，OCR Services 加入了我們的業務。 OCR 是一項偉大的業務，與我們的全球貿易情報團隊自然契合。 OCR 的優勢在於受制裁方篩選和出口合規性，這對我們現有的貿易合規業務來說是一個很好的補充。

As I've mentioned on past calls, sanctioned party screening is where you review your transactions, shipments, customers, and/or employees against lists published around the world to identify people and companies who are subject to sanctions. These sanctions often result from conflicts between countries, such as the numerous new sanctions introduced over the past two years related to the Russia-Ukraine conflict.

正如我在過去的電話中提到的，受制裁方篩選是指根據世界各地發布的名單審查您的交易、發貨、客戶和/或員工，以識別受到製裁的個人和公司。這些制裁往往源自於國家之間的衝突，例如過去兩年因俄羅斯和烏克蘭衝突而實施的眾多新制裁。

With the number of geopolitical conflicts going on right now, the importance of insurance -- compliance with the web of international sanctions is critical to many businesses. The consequences include massive fines and prohibitions on trading. In addition, OCR has been leveraging AI solutions in the gathering, compilation, and presentation of trade and sanctioned party information, so there are potential efficiencies to be gained as we integrate the businesses together.

隨著目前地緣政治衝突不斷發生，保險的重要性——遵守國際制裁網絡對許多企業至關重要。後果包括巨額罰款和禁止交易。此外，OCR 一直在利用人工智慧解決方案來收集、編譯和呈現貿易和受制裁方訊息，因此當我們將業務整合在一起時，可以提高潛在的效率。

OCR's expertise and export compliance also enhances our wider global trade management solution portfolio. In particular, they have great strength in export license procurement, tariff classification of goods, and helping companies comply with complex trade regulations, such as the International Traffic and Arms Regulations, ITAR.

OCR 的專業知識和出口合規性也增強了我們更廣泛的全球貿易管理解決方案組合。特別是，他們在出口許可證採購、貨物關稅分類、幫助企業遵守複雜的貿易法規（例如國際交通和武器條例、ITAR）方面具有強大的實力。

OCR has some large multinational companies as customers that we believe are great prospects to further Descartes' solutions. More generally, as we look at this market, we see continued opportunities with our combined solution set as the challenges with global trade and compliance increase even more, for example, with the recent tariffs and sanctions issued by the US with respect to China.

OCR 擁有一些大型跨國公司作為客戶，我們相信這些客戶對於進一步推動 Descartes 的解決方案具有廣闊的前景。更廣泛地說，當我們審視這個市場時，我們看到了我們的組合解決方案帶來的持續機遇，因為全球貿易和合規方面的挑戰進一步增加，例如，美國最近對中國徵收關稅和製裁。

OCR is larger than some of our recent acquisitions. We believe their team of trade professionals in the United States and India are a great complement to our business, and we're motivated to show our customers the additional value we can add as a combined team. Welcome to the entire OCR team. We're looking forward to great things working with you.

OCR 比我們最近收購的一些產品還要大。我們相信他們在美國和印度的貿易專業團隊對我們的業務是一個很好的補充，我們有動力向客戶展示我們作為一個聯合團隊可以增加的額外價值。歡迎加入整個 OCR 團隊。我們期待與您合作，創造美好的事物。

In the later days of the first quarter, we also combined with ASD, which -- who also uses the brand name Thyme. ASD has two principal areas in their business.

在第一季後期，我們也與 ASD 合併，ASD 也使用 Thyme 品牌。 ASD 的業務有兩個主要領域。

First, ASD is involved in customs and regulatory services for trade with a very strong presence in Ireland. This is a great complement to our existing customs business in Europe and allows us to provide our customers with an even more comprehensive solution for customs and security filings.

首先，ASD 涉足貿易海關和監管服務，在愛爾蘭擁有非常強大的影響力。這是我們在歐洲現有海關業務的一個很好的補充，使我們能夠為客戶提供更全面的海關和安全備案解決方案。

The second area of their business is focused on helping the air community get visibility into assets. This is a very natural and exciting complement to our existing low-energy Bluetooth solutions that help air carriers and ground cargo handlers track air cargo containers at airports around the world.

他們業務的第二個領域專注於幫助航空界了解資產。這是我們現有低能耗藍牙解決方案的一個非常自然和令人興奮的補充，可幫助航空公司和地面貨物處理人員追蹤世界各地機場的航空貨運集裝箱。

We're excited that we're joined with a team that has similar mission to help the wider supply chain community of shippers, carriers, logistics service providers, and customs authorities connect and collaborate to manage the life cycle of shipments. Welcome to the whole team, and we're looking forward to getting after with you.

我們很高興能加入一個具有類似使命的團隊，幫助更廣泛的托運人、承運人、物流服務提供者和海關當局的供應鏈社群進行聯繫和協作，以管理貨運的生命週期。歡迎加入整個團隊，我們期待與您合作。

As mentioned, these acquisitions represent $140 million of investment on behalf of our customers into the solutions we can offer them. This is consistent with our historical plan and what we intend to do going forward.

如前所述，這些收購代表我們的客戶對我們可以為他們提供的解決方案進行了 1.4 億美元的投資。這符合我們的歷史計劃以及我們今後打算做的事情。

Our business is designed to generate and have access to capital that allows us to complete acquisitions that complement our business. In addition, we make organic investments in our business to keep growing what we already have. Both are important for us as we continue building a company that our customers can rely on to meet their supply chain and logistics technology needs over the long term.

我們的業務旨在產生並獲得資本，使我們能夠完成補充我們業務的收購。此外，我們對業務進行有機投資，以維持現有業務的成長。兩者對我們都很重要，因為我們將繼續打造一家客戶可以信賴的公司，以滿足他們的長期供應鏈和物流技術需求。

Our focus is on total growth, both organic and inorganic, specifically total growth in adjusted EBITDA. This focus has served us well to build the company we have today and the company we continue to build for the future.

我們的重點是有機和無機的總成長，特別是調整後 EBITDA 的總成長。這種專注對我們建立今天的公司以及我們繼續為未來建立的公司很有幫助。

We've talked on past calls about the investments we've made in organic growth, and our financial results have been showing the benefits of those investments. We invested in our customer success function to help our customers understand how they can make further use of our solutions and differentiate ourselves from other competitors that are out there.

我們在過去的電話會議中談到了我們在有機成長方面所做的投資，我們的財務表現也顯示了這些投資的好處。我們投資於客戶成功職能，以幫助客戶了解如何進一步利用我們的解決方案，並使我們與其他競爭對手區分開來。

We invested in geographic and product-specific personnel in our commercial organization to help prospects understand the value that Descartes' solutions can bring to their organization. And we invested in our service group to help customers accelerate their ability to activate and use our solutions.

我們在商業組織中投資了地理和產品特定的人員，以幫助潛在客戶了解笛卡爾的解決方案可以為其組織帶來的價值。我們投資了我們的服務團隊，以幫助客戶加快啟動和使用我們的解決方案的能力。

Those investments have been paying off for our customers and for Descartes. We had another solid quarter of organic growth. The four principal areas driving growth were our global trade intelligence business, our real-time visibility business, our routing and scheduling business, and our e-commerce business. In past calls, I've made detailed comments about those areas of our business and the growth drivers, so I'll just make some brief comments on each here today.

這些投資為我們的客戶和笛卡爾帶來了回報。我們又一個季度實現了有機成長。推動成長的四個主要領域是我們的全球貿易情報業務、即時可見性業務、路線和調度業務以及電子商務業務。在過去的電話會議中，我已經對我們的這些業務領域和成長動力進行了詳細的評論，所以今天我將針對每個領域進行一些簡短的評論。

The first area of growth is global trade intelligence. This encompasses sanctioned party screening, goods classification, and trade content. Growth here has been influenced by the continuing importance of compliance with global sanctions that I spoke about earlier in connection with OCR, continued changing landscape with tariffs and duties, and the changing trade routes and modes influenced by factors such as challenges with navigating through the Red Sea and Panama Canal.

第一個成長領域是全球貿易情報。這包括受制裁方篩選、商品分類和貿易內容。這裡的成長受到以下因素的影響：遵守全球製裁的持續重要性（我之前在OCR 中談到過）、關稅和關稅格局的持續變化，以及受紅色航行挑戰等因素影響的不斷變化的貿易路線和模式。

The second area of growth is in real-time visibility. These solutions help customers get visibility to shipments in motion across multiple modes of transportation. Growth here has been influenced by the strength of our existing network of carriers and our continued investment in ways to get new carriers activated on our network quickly, whether by Descartes or by our customers using our self-activation tools.

第二個成長領域是即時可見性。這些解決方案可協助客戶了解多種運輸方式下的運輸情況。這裡的成長受到我們現有營運商網路的實力以及我們對快速在我們的網路上啟動新營運商的方式的持續投資的影響，無論是透過笛卡爾還是透過我們的客戶使用我們的自我激活工具。

We continue to be among the best, if not the best, providers in the industry at actually getting new visibility to your shipments, some of the highest tracking rates in the industry. We believe that we are the premier provider for real-time visibility.

我們仍然是業內最好的供應商之一，即使不是最好的，我們也能真正為您的貨件提供新的可見性，並且是業內最高的追蹤率。我們相信我們是即時可見性的首要提供者。

Third area of growth is routing and scheduling. This includes solutions that help customers use the vehicles and their fleet efficiently, promote driver safety, and improve the customer delivery experience. Our ground cloud safety solutions are really providing value to customers in the market and distinguish themselves with rapid driver feedback and coaching. Our continued strength in last-mile delivery has also made us a solution of choice for many fleet owners.

第三個成長領域是路由和調度。這包括幫助客戶有效使用車輛及其車隊、提高駕駛員安全並改善客戶交付體驗的解決方案。我們的地面雲端安全解決方案確實為市場上的客戶提供了價值，並透過快速的駕駛員回饋和指導而脫穎而出。我們在最後一哩交付方面的持續優勢也使我們成為許多車隊所有者的首選解決方案。

And the final area of growth is in e-commerce, shipping, and fulfillment. Our solutions help customers navigate e-commerce logistics challenges as they grow and includes shipping and warehouse functionality. We saw good shipment volumes with smaller e-commerce sellers.

最後一個成長領域是電子商務、運輸和履行。我們的解決方案可協助客戶應對電子商務物流挑戰，包括運輸和倉庫功能。我們看到較小的電子商務賣家的出貨量良好。

The wide parcel shipment market is really in flux in the United States with the United States Postal Service changing its pricing and go-to-market model, Amazon Logistics cementing itself as the second biggest player in parcel shipping behind the United States Postal Service, UPS recovering from past labor challenges, and FedEx relying more and more on third-party contracted delivery partners. We work with each of the United States Postal Service, Amazon Logistics, UPS, and FedEx to help our customers get the most affordable and best service for their deliveries. We've done a good job working with these partners to help drive growth for our business.

美國廣闊的包裹運輸市場確實在不斷變化，美國郵政服務改變了其定價和進入市場模式，亞馬遜物流鞏固了自己作為包裹運輸第二大參與者的地位，僅次於美國郵政服務、UPS從過去的勞動力挑戰中恢復過來，聯邦快遞越來越依賴第三方簽約遞送合作夥伴。我們與美國郵政局、亞馬遜物流、UPS 和聯邦快遞合作，幫助我們的客戶獲得最實惠和最好的送貨服務。我們與這些合作夥伴的合作非常出色，幫助推動我們的業務成長。

We're pleased our business grew as it did during the quarter where there was pressure on global shipment volumes. Going into the quarter, we saw caution from various logistics service provider customers about the potential for slow growth or declining volumes. As the quarter progressed, we saw various logistics service providers increasing their forecast for shipping, in particular, in ocean, where the Red Sea challenges have created strong demand and increased pricing for shipping.

我們很高興我們的業務能夠像在全球出貨量面臨壓力的季度那樣成長。進入本季度，我們看到各物流服務提供者客戶對成長緩慢或數量下降的可能性持謹慎態度。隨著本季的進展，我們看到各種物流服務提供者提高了對航運的預測，特別是在海洋領域，紅海的挑戰創造了強勁的需求並提高了航運價格。

In the past, we've seen strength in ocean subsequently translate to increases in truck shipments to move those goods that originated on the ocean. So while this quarter saw slower growth in international and US domestic shipping volumes, logistics service providers have signaled increased optimism for their own businesses in the rest of the year.

過去，我們看到海洋的力量隨後轉化為卡車運輸量的增加，以運輸那些源自海洋的貨物。因此，儘管本季國際和美國國內運輸量成長放緩，但物流服務供應商已表示對今年剩餘時間的自身業務更加樂觀。

Overall, our business grew well again and has shown its resiliency in the quarter with some global shipping volume challenges. In short, our business performed as designed.

總體而言，我們的業務再次成長良好，並在本季度展現了其彈性，以應對一些全球運輸量挑戰。簡而言之，我們的業務按照設計進行。

So with that, let me just summarize and hand it over to Allan to give the full financial details in the quarter and year. We had record financial results, the business performed well, and we believe that it'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.

因此，讓我總結一下並將其交給艾倫，以提供該季度和年度的完整財務詳細資訊。我們取得了創紀錄的財務業績，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 almost $239 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 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.

本季結束時，我們擁有近 2.39 億美元的現金、3.5 億美元的可用信貸，以及我們可以繼續透過有機方式和收購為客戶發展業務的市場機會。我們仍然專注於獲利成長，以便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 all Descartes' team members for everything they've done to contribute to a great quarter and continue to have our business in an enviable position for future success. With that, I'll turn the call over to Allan to go through our Q1 financial results in more detail. Allan?

我感謝所有笛卡爾團隊成員所做的一切，為這個季度的出色貢獻做出了貢獻，並繼續使我們的業務處於令人羨慕的位置，以取得未來的成功。接下來，我會將電話轉給艾倫，以便更詳細地了解我們第一季的財務表現。艾倫？

Thanks, Ed. As indicated, I'm going to walk you through our financial highlights for our first quarter, which ended on April 30.

謝謝，艾德。如前所述，我將向您介紹我們於 4 月 30 日結束的第一季的財務亮點。

We are pleased to report record quarterly revenues of $153.1 million (sic - see press release, "$151.3 million") this quarter, an increase of approximately 11% from revenues of $136.6 million in Q1 of last year. While there was some revenue in the quarter from our recent acquisitions completed late in Q1, namely the OCR and Thyme ASD acquisitions, growth in revenue from new and existing customers was again the main driver in growth this quarter when compared to last year. We continue to see good growth in several areas of our business, including global trade intelligence solutions as well as our MacroPoint third-party visibility solution, while the full effect of both recent acquisitions will be more fully seen in Q2.

我們很高興地報告本季創紀錄的季度收入 1.531 億美元（原文如此 - 請參閱新聞稿，「1.513 億美元」），比去年第一季 1.366 億美元的收入增長了約 11%。雖然本季有一些收入來自我們在第一季末完成的最近收購，即 OCR 和 Thyme ASD 收購，但與去年相比，新客戶和現有客戶的營收成長再次成為本季成長的主要推動力。我們繼續看到我們業務的多個領域取得了良好的成長，包括全球貿易情報解決方案以及我們的MacroPoint 第三方可視性解決方案，而最近兩項收購的全部效果將在第二季度得到更充分的體現。

Consistent with past quarters, our revenue mix in the quarter continued to be very strong, with services revenue increasing 11% to $137.8 million compared to $124.1 million in Q1 last year, consistent at 91% of revenue in each period. License revenue came in lower at only $500,000 in the first quarter, down from license revenues of $1.4 million in the first quarter last year; while professional services and other revenue came in at $13.0 million or 9% of revenue, up 17% from $11.1 million in the same period last year as the revenue from past acquisitions, in particular with GroundCloud, contributed nicely to our growth in professional services revenue in the quarter.

與過去幾季一樣，我們本季的營收組合仍然非常強勁，服務收入比去年第一季的 1.241 億美元成長了 11%，達到 1.378 億美元，佔每個時期營收的 91%。第一季的授權收入較低，僅 50 萬美元，低於去年第一季的 140 萬美元；專業服務和其他收入為1,300 萬美元，佔收入的9%，比去年同期的1,110 萬美元增長17%，因為過去收購（尤其是GroundCloud）的收入對我們專業服務收入的增長做出了很好的貢獻在本季。

In addition, we should mention that there was also a slight decrease in revenue from FX this quarter. as the US dollar continued to strengthen slightly on the euro, Canadian dollar, and British pound compared to the same period last year. We would estimate that our growth in services revenue without the impact of recent acquisitions or foreign exchange changes would have been nicely north of 8% in the quarter.

此外，值得一提的是，本季外匯收入也略有下降。與去年同期相比，美元對歐元、加幣和英鎊繼續小幅走強。我們估計，如果沒有近期收購或外匯變化的影響，本季我們的服務收入成長將遠遠超過 8%。

Gross margins for the first quarter came in at 77% of revenue this year, up slightly from gross margin of 76% realized in Q1 last year. as operating leverage from growth in the business continued to drive a slight improvement in our gross margin ratio.

今年第一季的毛利率佔營收的 77%，略高於去年第一季 76% 的毛利率。由於業務成長帶來的經營槓桿持續推動我們的毛利率略有改善。

Our operating expenses increased in the first quarter. This was primarily related to the impact of adding one month of the results from the recently acquired OCR business, while labor-related costs were also up, but only slightly, when compared to Q1 last year, as again, we continue to experience really good operating leverage in our growth in services revenue.

第一季我們的營運費用增加。這主要與最近收購的 OCR 業務增加一個月業績的影響有關，而與勞動力相關的成本也有所上升，但與去年第一季度相比，增幅很小，同樣，我們繼續經歷非常好的情況運營槓桿對我們服務收入成長的影響。

As a result, we continue to see adjusted EBIT (sic - see press release, "EBITDA") growth of 16% to a record $67.0 million or 44.3% of revenue in the quarter. up from $57.7 million or 42.2% of revenue in the first quarter of last year. As we indicated last year, the addition of the GroundCloud business in Q1 last year, while profitable, came to us with much lower adjusted EBITDA margins out of the gate than the rest of our business.

因此，我們繼續看到調整後的 EBIT（原文如此 - 請參閱新聞稿，「EBITDA」）成長 16%，達到創紀錄的 6,700 萬美元，佔本季營收的 44.3%。高於去年第一季的 5,770 萬美元，佔營收的 42.2%。正如我們去年所指出的，去年第一季新增的 GroundCloud 業務雖然有利可圖，但調整後的 EBITDA 利潤率遠低於我們其他業務。

Consistent with our plans with that acquisition, we have worked to integrate the GroundCloud business into our current business and, in the process, have improved those GroundCloud operating margins over the past year or so. In addition, as mentioned earlier, we simply continue to benefit from operating leverage that we experienced as we grow our business organically across several different product areas.

根據我們的收購計劃，我們一直致力於將 GroundCloud 業務整合到我們目前的業務中，並在此過程中，在過去一年左右的時間裡提高了 GroundCloud 的營運利潤率。此外，如前所述，我們繼續受益於我們在多個不同產品領域有機發展業務時所經歷的營運槓桿。

From a GAAP earnings perspective, net income came in at $34.7 million, up 18% from net income of $29.4 million in the first quarter of last year. With these strong operating results, cash flow generated from operations came in at $63.7 million or approximately 95% of adjusted EBITDA in the first quarter, up a very strong 30% from operating cash flow of $48.9 million or 85% of adjusted EBITDA in Q1 last year. Note that Q1 is typically a seasonally lower cash flow collection quarter for us, so we are extremely pleased with the strong collections that were realized in the quarter.

從 GAAP 收益角度來看，淨利潤為 3,470 萬美元，比去年第一季的 2,940 萬美元淨利潤增長 18%。憑藉這些強勁的經營業績，第一季營運產生的現金流達6,370 萬美元，約佔調整後EBITDA 的95%，較上一季4,890 萬美元的營運現金流（佔調整後EBITDA 的85%）強勁增長30%年。請注意，第一季對我們來說通常是季節性較低的現金流收款季度，因此我們對該季度實現的強勁收款感到非常滿意。

So as Ed mentioned earlier, we are pleased with the strong operating results in the first quarter as continued organic growth and some contribution from our recent acquisitions resulted in 11% growth in revenue and, more importantly, a 16% growth in adjusted EBITDA for the quarter.

So as Ed mentioned earlier, we are pleased with the strong operating results in the first quarter as continued organic growth and some contribution from our recent acquisitions resulted in 11% growth in revenue and, more importantly, a 16% growth in adjusted EBITDA for the四分之一.

If we look at the balance sheet, our cash balances totaled $239 million at the end of April, down from cash balances of $321 million at the end of January. As despite continued positive cash flow from operations, we used just under $140 million of our cash balances to complete both the OCR and ASD Thyme acquisitions.

如果我們查看資產負債表，4 月底我們的現金餘額總計 2.39 億美元，低於 1 月底的 3.21 億美元現金餘額。儘管營運現金流持續為正，我們還是使用了近 1.4 億美元的現金餘額來完成 OCR 和 ASD Thyme 的收購。

As a result, we still have almost $240 million of cash as well as $350 million available for us to draw under our credit facility for future acquisitions. We continue to be very well capitalized to allow us to consider all acquisition opportunities in our market, consistent with our plans.

因此，我們仍有近 2.4 億美元的現金以及 3.5 億美元的信貸額度可供我們用於未來的收購。我們仍然擁有充足的資本，使我們能夠根據我們的計劃考慮市場上的所有收購機會。

As we look forward to the balance of our fiscal 2025, we should note the following. After spending $1.8 million on capital additions in the first quarter, we expect to incur approximately $4 million to $5 million in additional capital expenditures for the balance of this year. Simply put, our business will continue to be noncapital-intensive.

當我們展望 2025 財年的平衡時，我們應該注意以下幾點。在第一季花費 180 萬美元用於資本增加後，我們預計今年剩餘時間將產生約 400 萬至 500 萬美元的額外資本支出。簡而言之，我們的業務將繼續是非資本密集的。

After incurring amortization costs of $15.0 million in Q1, we expect amortization expense will be approximately $51 million for the balance of this year, with this figure being subject to adjustments for foreign exchange and future acquisitions. Our tax rate in Q1 came in at 24.9% of pre-tax income, slightly lower than our expected range of 25% to 30%, and this was mainly as a result of a few smaller tax benefits realized in the first quarter.

在第一季產生 1500 萬美元的攤銷費用後，我們預計今年剩餘時間的攤銷費用約為 5,100 萬美元，這一數字將根據外匯和未來收購進行調整。我們第一季的稅率為稅前收入的24.9%，略低於我們25%至30%的預期範圍，這主要是由於第一季實現了一些較小的稅收優惠。

Looking at the balance of the year, we currently expect our tax rate will trend much closer to our expected range of 25% to 30% in the next few quarters, meaning that our tax rate for the year is likely to end up in a range between 23% and 28% of pretax income, so somewhere on either side of our blended statutory tax rate of 26.5%. However, as always, we should note -- we should add that our tax rate may fluctuate from quarter to quarter from one-time tax items that may arise as we operate internationally across multiple countries.

看看今年的餘額，我們目前預計未來幾季我們的稅率將更加接近我們25%至30%的預期範圍，這意味著我們今年的稅率可能最終會在一個範圍內稅前收入的23% 到28% 之間，因此在我們26.5% 的混合法定稅率的兩側。然而，與往常一樣，我們應該注意到 - 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稅項而逐季度波動。

Additionally, after incurring stock-based compensation expense of $4.3 million in the past quarter, we currently expect stock-based compensation will be approximately $16.6 million for the balance of fiscal 2025. As well as we have mentioned in the past few quarters, we estimate the payments of contingent consideration for earn-out arrangements accrued for at the end of the quarter will be approximately $35.5 million in the balance of the year, subject to any necessary adjustments resulting from the final earn-out calculations.

此外，在上一季產生 430 萬美元的股票薪酬費用後，我們目前預計 2025 財年的股票薪酬將約為 1,660 萬美元。應計的盈利安排的或有對價付款將在當年餘額中約為3 550 萬美元，但須根據最終盈利計算進行任何必要的調整。

Of the estimated $35.5 million balance to be paid, $9.2 million relates to the portion of the earn-out arrangements accrued for at the time of acquisition and will be reflected in the cash flow from financing activities, while the remaining balance of just over $26 million will be reflected in cash flow from operating activities, most likely in Q2 when these balances are paid.

在預計支付的 3550 萬美元餘額中，920 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，而剩餘餘額略高於 2600 萬美元將反映在經營活動的現金流中，最有可能在第二季支付這些餘額。

And finally, going forward, 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 80% and 90% of our adjusted EBITDA in the quarters ahead. I will now turn it back over to Ed, who will wrap up with some closing comments and our baseline calibration.

最後，展望未來，受異常事件和季度波動影響，我們預計將繼續看到強勁的現金流轉換，並普遍預計未來幾季來自營運的現金流將佔調整後 EBITDA 的 80% 至 90%。我現在將把它轉回給艾德，他將以一些結束語和我們的基線校準作為總結。

Great. Thanks, Allan. So we're a month into Q2 and things are progressing as planned. We've got two new acquisitions that we're integrating and who we think will contribute more to our calibration as we become more experienced in operating them together.

偉大的。謝謝，艾倫。第二季已經過去一個月了，事情正在按計劃進行。我們正在整合兩家新收購的公司，我們認為隨著我們在共同運營它們方面變得更有經驗，他們將為我們的校準做出更多貢獻。

We're mindful of some weakness in US domestic truck and parcel volumes, but also mindful of some logistics service providers expressing some optimism about international ocean and air shipments. We keep these things in mind as we set our calibration for the quarter.

我們注意到美國國內卡車和包裹數量的疲軟，但也注意到一些物流服務提供者對國際海運和空運表示樂觀。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. We believe the stability and reliability are valuable to our customers, employees, and our broader stakeholders. To deliver this consistency, we continue to operate from the following principles.

我們的業務旨在實現可預測且一致。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。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% annually. We grow through a combination of organic growth and acquisitions.

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%。我們透過有機成長和收購相結合來實現成長。

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.

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。我們不偏袒任何特定政黨。我們為所有供應鏈參與者開展業務，連接托運人、承運人、物流服務提供者和海關當局。

When we overperform, we try to reinvest that overperformance back into our business. 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，我們會嘗試將這種表現重新投資到我們的業務中。我們專注於經常性收入並與客戶建立終身關係。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 provided a comprehensive description of baseline revenues, baseline calibration, and their limitations. As of May 1, 2024, using foreign exchange rates of $0.73 to the Canadian dollar, $1.07 to the euro, and $1.24 to the pound, we estimate that our baseline revenues for the second quarter of fiscal 2025 are approximately $136 million, and our baseline operating expenses are approximately $84 million. We consider this to be our baseline adjusted EBITDA calibration of approximately $52 million for the second quarter of fiscal 2025 or approximately 38% of our baseline revenues as at May 1, 2024.

在我們的年度報告中，我們全面描述了基準收入、基準校準及其局限性。截至2024 年5 月1 日，使用加幣兌換0.73 美元、歐元兌換1.07 美元、英鎊兌換1.24 美元的匯率，我們估計2025 財年第二季的基準收入約為1.36 億美元，我們的基準收入約為1.36 億美元。我們認為這是我們 2025 財年第二季約 5,200 萬美元的基線調整後 EBITDA 校準，約占我們截至 2024 年 5 月 1 日基線收入的 38%。

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

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。考慮到外匯波動和收購影響等因素，我們的利潤率可能會在這個範圍內變化，因為我們將它們整合到我們的業務中，就像我們去年在 GroundCloud 看到的那樣。

We've got lots of exciting things planned for our business. 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, and customer focus will help us serve them well.

我們為我們的業務計劃了許多令人興奮的事情。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、堅實的資本結構和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. 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.

感謝大家今天加入我們的電話會議。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。接線員，我會將電話的問答部分轉交給您。

Thank you. Ladies and gentlemen, we will now begin the question-and-answer session. (Operator Instructions) Justin Long, Stephens.

謝謝。女士們、先生們，我們現在開始問答環節。 （操作員說明）Justin Long，Stephens。

Thanks and good afternoon. So Allan, you talked about the services growth being nicely north of 8% organically. That's a slight moderation from what we saw in the prior quarter.

謝謝，下午好。艾倫，您談到服務業有機成長遠高於 8%。與我們上一季看到的情況相比略有放緩。

So I'm curious if you could give a little bit more color on what drove that moderation. And then as you think about the logistics customers expressing more optimism about the trends ahead, would you expect organic growth to reaccelerate as we move into the second quarter?

所以我很好奇你是否可以對推動這種節制的因素給予更多的解釋。然後，當您想到物流客戶對未來趨勢表示更加樂觀時，您是否預期隨著我們進入第二季度，有機成長會重新加速？

Yeah. I'll just start, Justin, and then turn it over to Ed. But as far as the past quarter -- so organic growth was very, very solid in that mid-8% range, 8.5%, slightly better. There's a few little adjustments in Q1 of last year, few little extra pieces of revenue that came in, which would have impacted the growth rate slightly this quarter, pulling it down a little bit.

是的。我先開始，賈斯汀，然後把它交給艾德。但就上個季度而言，有機成長非常非常穩定，在 8% 的中間範圍，即 8.5%，略好一些。去年第一季有一些小的調整，一些額外的收入進來，這會對本季度的成長率產生輕微的影響，將其拉低一點。

So that's what we experienced. As far as going forward, Ed, any comments?

這就是我們所經歷的。至於未來，艾德，有什麼意見嗎？

Yeah, sure. Thanks, Justin. So we're hearing and we're seeing in ocean stats that the ocean carriers are picking up and certainly processing more transactions and also charging more as they're trying to have to get their customers around some of the problems in the Red Sea and the Panama Canal. We've typically seen that translate into domestic volume increases in the US and Europe, which we think will benefit us.

好，當然。謝謝，賈斯汀。因此，我們在海洋統計數據中聽到並看到，海運承運人正在處理更多交易，並且收取更多費用，因為他們試圖讓客戶解決紅海和其他地區的一些問題。我們通常會看到這轉化為美國和歐洲國內銷量的增加，我們認為這將使我們受益。

You described it as moderation. We see it all as in the same range right now. We're in the high eights to low nines over the past several quarters, and we think that's good for our business and don't really see much difference between this quarter and last quarter.

你將其描述為適度。我們現在認為一切都在同一範圍內。在過去的幾個季度中，我們的業績處於高位，我們認為這對我們的業務有利，並且本季和上個季度之間沒有太大差異。

Going forward, we think we like the environment. Certainly, our subscription businesses continue to sell well. And I think that's going to be a tailwind for us for a long time to come, with more people putting money into solving logistics and supply chain problems.

展望未來，我們認為我們喜歡這個環境。當然，我們的訂閱業務繼續暢銷。我認為，隨著越來越多的人投入資金來解決物流和供應鏈問題，這將在未來很長一段時間內成為我們的順風車。

We'll see what happens with the transaction volumes. It's looking all right, right now, but we have to see if some of these domestic truck volumes come through. That would obviously be a tailwind for us if it does happen.

我們將看看交易量會發生什麼。目前看起來還不錯，但我們必須看看其中一些國內卡車銷售是否能夠實現。如果它真的發生，這顯然對我們來說是一個順風車。

And if we look back over the last 10 years, let's say, we're pretty happy to be in the high single digits in terms of organic services growth. So we'll see what happens, but we like what we see right now.

如果我們回顧過去 10 年，我們很高興能夠在有機服務成長方面保持較高的個位數成長。所以我們會看看會發生什麼，但我們喜歡現在所看到的。

Okay, that's good to hear. That's helpful. And I guess secondly, I wanted to ask about the two acquisitions, OCR and ASD. It was good to see the capital deployment in the quarter.

好的，很高興聽到這個消息。這很有幫助。其次，我想問一下關於 OCR 和 ASD 這兩項收購的情況。很高興看到本季的資本部署。

Anything we should be mindful of in terms of the impact these acquisitions could have to margins, similar to what we saw with GroundCloud? And any high-level commentary on the impact to overall organic growth as well based on how these businesses have been trending?

就這些收購可能對利潤率的影響而言，我們應該注意什麼，類似於我們在 GroundCloud 上看到的情況？以及根據這些業務的趨勢對整體有機成長的影響有何高層評論？

Yeah. So we love these acquisitions. I mean, it's -- if you look at them, they're both in an area that we've done very well in in the past with acquisitions.

是的。所以我們喜歡這些收購。我的意思是，如果你觀察它們，你會發現它們都屬於我們過去在收購方面做得非常好的領域。

They are both coming in slightly below our margin levels at the moment. We think we have a great opportunity to raise that over time up to our margin levels on average or even better as we have performed in some of those areas in sanctioned party screens, party screen, and some of the other businesses we've acquired over the years.

目前它們的利潤率都略低於我們的利潤水準。我們認為，隨著時間的推移，我們有很好的機會將其提高到我們的平均利潤水平，甚至更好，因為我們在受制裁的派對螢幕、派對螢幕以及我們收購的其他一些業務中的一些領域表現優異。

So we're very optimistic about that, and we think they bring a lot to the table in terms of providing new solutions in those areas to our customers. So we think there's a great opportunity there with those two acquisitions.

因此，我們對此非常樂觀，我們認為他們在為我們的客戶提供這些領域的新解決方案方面做出了很多貢獻。因此，我們認為這兩筆收購蘊藏著巨大的機會。

We put some of them into -- some of what we see from them into calibration so far. We probably didn't put it all into the calibration yet. Because it's a new business for us, and we want to get comfortable with where the revenue numbers actually fall out as we're running them. But we put a bunch of it in, maybe not all of it. And hopefully, the next quarter or two, as we get more comfortable with the revenue production from those businesses, we'll put it all into the calibration number moving forward.

到目前為止，我們將其中的一些內容投入到校準中。我們可能還沒有將其全部納入校準中。因為這對我們來說是一項新業務，我們希望了解營運過程中收入數據的實際下降。但我們放了一堆，也許不是全部。希望在接下來的一兩個季度，當我們對這些業務的收入產生更加滿意時，我們會將其全部納入未來的校準數字中。

But net net, we're happy to have them here for our customers because we think it's the stuff that they want. We've also had a lot of success running these businesses that we've bought, businesses like theirs in the past. So we're excited about the opportunity to make these businesses make more money over time like we have with some of the past acquisitions in the sanctioned party space.

但是淨淨，我們很高興為我們的客戶提供它們，因為我們認為這是他們想要的東西。我們在經營這些我們收購的企業方面也取得了巨大的成功，就像他們過去的企業一樣。因此，我們很高興有機會讓這些企業隨著時間的推移賺更多的錢，就像我們過去在受制裁方領域的一些收購一樣。

Okay. Great. I appreciate the time.

好的。偉大的。我很感激時間。

Thank you, Justin.

謝謝你，賈斯汀。

Thank you. Paul Treiber, RBC Capital Markets.

謝謝。 Paul Treiber，加拿大皇家銀行資本市場部。

Thanks very much and good afternoon. A question just on the comments regarding strong ocean volumes didn't translate into domestic and, I guess, international trucking volumes. Is that primarily timing-related? Are you referring to something else that impacted that?

非常感謝，下午好。關於強勁海運量的評論的問題並沒有轉化為國內和我猜的國際貨運量。這主要與時間有關嗎？您指的是影響這一點的其他因素嗎？

No, no. What we're saying is we're -- just in the last short while here, last few months, we're seeing ocean volumes pick up. And over the next couple of months, we expect that to translate as it has in the past in the domestic volumes increases.

不，不。我們想說的是，就在過去的幾個月裡，我們看到海洋容量增加。在接下來的幾個月裡，我們預計這將像過去一樣轉化為國內銷售的增加。

Okay. That's helpful to understand the dynamic there. Is that reflected into baseline or no because baseline reflects, I think, the --

好的。這有助於了解那裡的動態。這是否反映在基線中，因為我認為基線反映了——

No, it wouldn't be reflected in baseline because baseline reflects visible and recurring revenue at the start of the quarter.

不，它不會反映在基線中，因為基線反映了季度初的可見和經常性收入。

Okay, that's helpful. Just given the acquisitions, you deployed a lot of capital in two fairly large acquisitions. Has that consumed your internal teams for the time being? Are you still in the hunt for acquisitions of the capacity, internal capacity to make acquisitions here?

好的，這很有幫助。就收購而言，您在兩次相當大的收購中部署了大量資金。這是否暫時消耗了您的內部團隊？您還在尋找收購能力、內部能力來進行收購嗎？

No. We really like the -- what we see ahead of us in terms of the acquisition environment. I think I've mentioned maybe on the last call same thing. We see a lot of stuff for sale and a settling of the prices for things that we're taking a look at that we think we can have an opportunity to get a bunch of deals done.

不，我們真的很喜歡我們在收購環境方面所看到的前景。我想我可能在上次通話中提到過同樣的事情。我們看到很多東西在出售，我們正在考慮的東西的價格已經確定，我們認為我們有機會完成大量交易。

Certainly, it's not taking up all the time of our team. We're busy, but we're happy to get those two acquisitions done and look forward to having more in the future.

當然，這並不會佔用我們團隊的所有時間。我們很忙，但我們很高興完成這兩項收購，並期待未來有更多收購。

Thanks for taking the questions. I'll pass the line.

感謝您提出問題。我會過線。

Thanks, Paul.

謝謝，保羅。

Thank you. Dylan Becker, William Blair.

謝謝。迪倫貝克爾、威廉布萊爾。

Hey, guys. Thanks for taking the question. Maybe to continue kind of the idea of ocean recovery to a certain extent, Ed, given that you guys have been in a better position here over the last several quarters of monetizing the customers in kind of more of a challenged volume environment, how do you think about your positioning here with maybe greater wallet share for that potential impending kind of recovery from a volume perspective?

大家好。感謝您提出問題。也許為了在某種程度上繼續海洋恢復的想法，埃德，考慮到你們在過去幾個季度在更具挑戰性的數量環境中為客戶貨幣化方面處於更好的位置，你們如何考慮一下你們在這裡的定位，也許從成交量的角度來看，為即將到來的潛在復甦提供更大的錢包份額？

Yeah. I mean, we're excited about it. The big news and what's been driving our growth rates over the past year in a lackluster transportation environment is our subscription services are selling quite well, and we see that strength continuing. We're happy to hear the ocean carriers start to say things are picking up.

是的。我的意思是，我們對此感到興奮。在交通環境低迷的情況下，去年推動我們成長率的重大消息是，我們的訂閱服務銷售情況相當不錯，而且我們看到這種勢頭仍在持續。我們很高興聽到海運承運人開始表示情況正在改善。

We think that will not only benefit us in the ocean space, but potentially in the air space, which tends to follow along with it and the -- because they're both international, and the domestic space that eventually, when the goods land, has to move that cargo. So domestically, we see some opportunity for ourselves in that.

我們認為，這不僅會使我們在海洋空間中受益，而且可能在空中空間中受益，而空中空間往往會隨之而來，因為它們既是國際空間，也是國內空間，最終，當貨物著陸時，必須移動該貨物。因此，在國內，我們在這方面看到了一些機會。

Okay, great. And then obviously, the two acquisitions here, following a common them on content and compliance and maybe there's certainly a locahlization component of that. But also, how do you think about kind of the leverageability of those resources over time, the compounding value that you can deliver, and maybe deeper levels of automation throughout that intelligence network?

好的，太好了。顯然，這裡的兩次收購在內容和合規性方面遵循共同點，也許其中肯定存在在地化成分。而且，您如何看待這些資源隨著時間的推移的槓桿作用，您可以提供的複合價值，以及整個情報網絡的更深層次的自動化？

Yeah. So I'm glad you asked that. Thanks. So specifically with OCR, they have some things that we didn't have before acquiring them. And we look forward to taking that around to the rest of our customers. They certainly have a hazardous goods capability that we picked up in the process that we didn't have before.

是的。所以我很高興你這麼問。謝謝。特別是對於 OCR，它們擁有一些我們在獲取它們之前所沒有的東西。我們期待著將這一點帶給我們的其他客戶。他們當然擁有我們在之前沒有的過程中所獲得的危險品能力。

And maybe most significantly, they have a bunch of AI processes, artificial intelligence processes, that help them collect more data and also harmonize commodities within -- or for their customers. And we think that's a set of capabilities that we can expand with our customer base to take advantage of over the coming years as we roll all that functionality out to our customers. So we're excited about it.

也許最重要的是，他們擁有大量人工智慧流程，可以幫助他們收集更多數據，並協調內部或客戶的商品。我們認為，我們可以透過我們的客戶群擴展這些功能，以便在未來幾年向客戶推出所有這些功能時充分利用這些功能。所以我們對此感到興奮。

Great. Thanks, Ed

偉大的。謝謝，艾德

Thank you.

謝謝。

Thank you. Daniel Chan, TD Cowen.

謝謝。陳丹尼爾 (Daniel Chan)，TD 考恩 (TD Cowen)。

Hey. In the past, when you made some of these acquisitions, you've been able to drive significant operating leverage, and I know you talked about the margin opportunity you're expanding. But are there more cost synergies from these data acquisitions than from other business segments that you can extract out of these acquisitions to drive even more operating EBITDA margin expansion than you typically would?

嘿。過去，當您進行其中一些收購時，您已經能夠提高顯著的營運槓桿，我知道您談到了正在擴大的利潤機會。但是，這些資料收購是否會比其他業務部門產生更多的成本協同效應，您可以從這些收購中提取這些協同效應，以推動比通常情況下更多的營運 EBITDA 利潤率擴張？

I don't know about more. There's certainly a bunch. I mean, these -- we have operated a lot of these businesses well north of our average EBITDA margins. They operated -- both of these businesses operated, let's say, just south of those margin levels, so we see an opportunity over time to bring them up to our levels. There's also the concept that they're collecting, in a lot of cases, some of the same data that we're collecting and can we consolidate some of that and create some of the opportunity that I think you're referring to. And that's a possibility in some areas. It's one of our primary focus in buying the company, but it's certainly something we think we might be able to take advantage of over the next several years as we look to improve operating margins in those businesses and bring them up to levels that we're accustomed to running our business in the same segments. So we'll see, but we like what we see so far. We bought companies that are in some of the best business areas that we operate. They're both growing at a decent clip. And we see the opportunity to make them more profitable, all things we like to see in an acquisition and all of those things exist in this 1 or in these 2.

我不知道更多。肯定有一堆。我的意思是，我們經營的許多此類業務遠遠超出了我們的平均 EBITDA 利潤率。他們的經營——比方說，這兩項業務的經營都在這些利潤水平的南邊，所以我們看到隨著時間的推移有機會將它們提高到我們的水平。還有一個概念是，在許多情況下，他們正在收集一些與我們正在收集的數據相同的數據，我們是否可以整合其中一些數據並創造一些我認為您提到的機會。在某些領域這是有可能的。這是我們收購該公司的主要重點之一，但我們認為我們可以在未來幾年內利用這一點，因為我們希望提高這些業務的營業利潤率並將其提高到我們預期的水平習慣於在同一細分市場中經營我們的業務。所以我們拭目以待，但我們喜歡目前所看到的。我們收購了我們經營的一些最好業務領域的公司。他們都在以不錯的速度成長。我們看到了讓他們獲得更多利潤的機會，所有我們希望在收購中看到的東西，所有這些東西都存在於這 1 或這 2 中。

That's helpful. And then maybe just a more general question on the sales cycles, and we're still hearing about long sales cycles from a lot of peers in the logistics space. But it seems like you guys are still not (inaudible) seeing that. The growth rate is suggesting those sales cycles are still holding in fine. Why do you think you're not seeing some of those sales cycles making whereas a lot of your peers are?

這很有幫助。然後也許只是關於銷售週期的更普遍的問題，我們仍然從物流領域的許多同行那裡聽說過長的銷售週期。但你們似乎仍然沒有（聽不清楚）看到這一點。成長率顯示這些銷售週期仍然良好。您認為為什麼您沒有看到其中一些銷售週期的實現，而您的許多同行卻看到了？

Well, I think I mentioned this a bunch of time for the last several years that we're in a circumstance where after the pandemic and some of the supply chain challenges that went on in the pandemic, a lot of our customers got much more focused on improving their supply chain operations. And I'm not sure what other types of companies you're talking about, but to the extent that we're very focused on areas that they think they need to improve in, a lot of their investment dollars tend to go there, probably regardless of what they're seeing on a day-to-day basis in their business. They're saying, hey, we need to improve our supply chain over time, and we're willing to make investments there even if we're maybe not making them in some of the other areas in our business as fast as we might when we see -- when a customer sees day-to-day challenges in their business. And they might say, "Hey, I'm not going to do this and I'm not going to do that. But that supply chain project, we're going to keep going with, and I think that may be the answer to your question.

嗯，我想我在過去幾年裡多次提到過這一點，我們所處的情況是，在大流行和大流行中出現的一些供應鏈挑戰之後，我們的許多客戶變得更加專注改善供應鏈運營。我不確定你在談論什麼其他類型的公司，但就我們非常關注他們認為需要改進的領域而言，他們的許多投資資金可能會流向那裡無論他們在日常業務中看到什麼。他們說，嘿，隨著時間的推移，我們需要改善我們的供應鏈，我們願意在那裡進行投資，即使我們可能沒有像我們當時那樣快地在我們業務的其他一些領域進行投資。當其業務中的日常挑戰時，我們會看到。他們可能會說，「嘿，我不會做這個，我也不會做那個。但是我們將繼續推進供應鏈項目，我認為這可能是解決問題的答案。」你的問題。

Stephanie Price, CIBC.

史蒂芬妮·普萊斯，CIBC。

I was hoping you could talk a little bit more about what you're seeing in e-commerce. I think you added to the growth vectors commentary this quarter for the first time in a few quarters. Maybe touch on what's changed there and maybe a bit about what you're seeing with Amazon Logistics itself.

我希望您能多談談您在電子商務中看到的情況。我認為您在本季度添加了成長向量評論，這是幾個季度以來的首次。也許可以談談那裡發生的變化，也許可以談談您在亞馬遜物流本身看到的情況。

I mean, Amazon and some of the larger providers there continue to kind of switch around. You've seen Amazon rise up to the #2 provider for local delivery in that e-commerce business, which is fine with us. I mean, the big growth that we have and the bulk of our customer base in that e-commerce business is in the small- and medium-sized e-tailers, and we continue to do very well there. You heard me mention it as a growth area for us, and I think it will be for some time to come as we believe that e-commerce is going to be -- continue to grow. And when it does, we're going to continue to help those service providers with the picking, the packing, the labeling, and then the parcel manifesting so that they can actually ship the goods. They all need help with that. The small and medium-sized e-tailers are growing not only in number but also in size once they get into the markets and we're one of their main software providers in helping them solve some of the biggest challenges they have. And we think that's created a great opportunity for us. And you can see in the numbers in that business, and I suspect it's going to continue to be like that for some time to come.

我的意思是，亞馬遜和一些較大的提供者仍在繼續進行轉變。您已經看到亞馬遜在該電子商務業務中成為本地送貨第二大提供者，這對我們來說很好。我的意思是，我們在電子商務業務中的巨大成長和大部分客戶群都來自中小型電子零售商，而且我們在這方面繼續做得很好。你聽到我提到它是我們的一個成長領域，我認為這將持續一段時間，因為我們相信電子商務將繼續成長。當這種情況發生時，我們將繼續幫助這些服務提供者進行揀貨、包裝、貼標籤和包裹清單，以便他們可以實際運送貨物。他們都需要幫助。中小型電子零售商進入市場後，不僅數量不斷增長，規模也在擴大，我們是他們的主要軟體供應商之一，幫助他們解決所面臨的一些最大挑戰。我們認為這為我們創造了一個很好的機會。你可以從該行業的數字中看到，我懷疑在未來一段時間內這種情況還會繼續下去。

And then, Allan, maybe 1 for you. LTM adjusted EBITDA growth is above your 10% to 15% growth target. Just curious about the opportunity to raise growth targets, given the solid organic growth and your continued margin improvement.

然後，艾倫，也許 1 適合你。 LTM 調整後 EBITDA 成長高於您 10% 至 15% 的成長目標。鑑於穩健的有機成長和持續的利潤率改善，我只是好奇提高成長目標的機會。

Yes. This has been our target for years. We're targeting 10% to 15% growth in adjusted EBITDA and I think we've overperformed that. I think our 10-year average is 18%. I think you could expect more of the same. We're going to set a target. We're going to strive to overachieve and to do better than that target. And I see a lot of opportunity to continue to do that. Nothing is guaranteed, but with the acquisition opportunities, with solid organic growth, that's going to continue to be the target. And we do operate at the high end of our EBITDA margin range at 44.3%, our range being 40% to 45% that Ed mentioned earlier. And same sort of theme there. We're going to continue to run our business to try to improve our EBITDA margins. Probably have to see us operate above that 45% for a number of quarters before we would entertain any increases. But more of the same as I think what we would like to see and expect to continue to see from our business.

是的。這一直是我們多年來的目標。我們的目標是調整後 EBITDA 成長 10% 至 15%，我認為我們已經超越了這個目標。我認為我們 10 年的平均值是 18%。我想你可以期待更多同樣的事情。我們要設定一個目標。我們將努力超越目標並做得更好。我看到了很多繼續這樣做的機會。沒有什麼是可以保證的，但憑藉收購機會和穩健的有機成長，這將繼續成為目標。我們的 EBITDA 利潤率確實處於 44.3% 的高端，埃德之前提到的範圍是 40% 到 45%。那裡也有同樣的主題。我們將繼續經營我們的業務，努力提高我們的 EBITDA 利潤率。可能需要看到我們在幾個季度的營運率都高於 45%，然後我們才會考慮任何成長。但更多的是我認為我們希望看到並期望繼續從我們的業務中看到什麼。

Steven Li, Raymond James.

史蒂文李，雷蒙詹姆斯。

I wanted to also ask about your acquisitions, OCR and ASD. Like what were their growth rates, let's say, last year? I mean, can I say teens or was it double -- low double digit or maybe single digits?

我還想問問你們的收購、OCR 和 ASD 的狀況。例如去年他們的成長率是多少？我的意思是，我可以說青少年還是雙位數——低兩位數或可能是個位數？

Yes, they're both coming in high single digits, low double digits over the last couple of years, which is consistent, maybe a little lower than what we're seeing in the same areas in our business, but in the same ballpark, let's say.

是的，在過去幾年裡，它們的成長率都是高個位數，低兩位數，這是一致的，也許比我們在業務相同領域看到的要低一些，但在相同的範圍內，這麼說吧。

Okay. I was going to ask you, so you said like OCR is tracking a little bit slower than, let's say, your own MK visual compliance?

好的。我本來想問你，所以你說 OCR 的追蹤速度比你自己的 MK 視覺合規性慢一點？

Yes, but close enough. It's in the range. It's maybe a little smaller, but growth, but close.

是的，但足夠接近。是在範圍之內的。它可能會小一點，但增長，但很接近。

Yes. Okay, got it. Got it. And Ed, the calibration you gave, $136 million. Last quarter was about $130.5 million. Can I think that, that delta is the contribution from ASD and OCR?

是的。好，知道了。知道了。 Ed，你給的校準是 1.36 億美元。上季約為 1.305 億美元。我是否可以認為，這個增量是 ASD 和 OCR 的貢獻？

Yes, Steven, we've -- as Ed mentioned earlier in the call, we haven't run those businesses for a long time. And so consistent with the way we've always done calibration on new acquisitions, part of those acquisitions and a good part of them have been reflected in our calibration, that's why the numbers jumped up more than maybe you would expect.

是的，史蒂文，正如艾德之前在電話中提到的那樣，我們已經很久沒有經營這些業務了。與我們一直對新收購進行校準的方式一致，這些收購的一部分和其中很大一部分已經反映在我們的校準中，這就是為什麼數字的成長超出了您的預期。

But we do expect to fine-tune that and we do see upside as we continue -- as we operate those businesses for a longer period of time, so partially reflected in calibration. The 2 acquisitions are certainly partially reflected there.

但我們確實希望對此進行微調，並且隨著我們的繼續，我們確實看到了好處——因為我們經營這些業務的時間較長，因此部分反映在校準中。這兩次收購肯定部分反映在那裡。

Kevin Krishnaratnel, Scotiabank.

凱文·克里希納拉特內爾，豐業銀行。

Just a follow-up on e-commerce. So a couple of years ago, you bought NetCHB, which I think had technology on expedited shipping for small packages, the Type 86 filings. It sounds like there has been some recent changes in the U.S. that might require more scrutiny on how quickly customs are cleared under that type of filing, and I think some brokers are seeing their ability to ship beyond pause.

只是電子商務的後續。幾年前，您購買了 NetCHB，我認為該公司擁有小包裹加急運輸技術，即 86 型備案。聽起來美國最近發生了一些變化，可能需要對此類申報的清關速度進行更多審查，我認為一些經紀人正在看到他們超越暫停的運輸能力。

So I guess my question to you is, how do you think about that business? It seems like it could be a short-term headwind. But on the other hand, maybe it's a bit of a tailwind if the change is sort of increased demand for some of your other customs services. I'm just wondering if you could comment on this, it seems relatively new.

所以我想我問你的問題是，你如何看待這項業務？這似乎可能是短期的逆風。但另一方面，如果這種變化是對其他一些海關服務的需求增加，那麼這可能會有點順風順水。我只是想知道你是否可以對此發表評論，它似乎相對較新。

Yes. Thanks, Kevin. First of all, we've enjoyed some great gains in those businesses over the last couple of years. And in general, we like our long-term prospects in that business. I agree with you, the government is starting to ask for more information from those types of providers. And we think that's going to be a good thing for our business long term as we're the guys that collect the information and give it to the government as opportunities for us to provide a more significant service to our customers.

是的。謝謝，凱文。首先，過去幾年我們在這些業務中取得了一些巨大的成果。總的來說，我們看好該業務的長期前景。我同意你的觀點，政府開始要求這些類型的提供者提供更多資訊。我們認為，從長遠來看，這對我們的業務來說是一件好事，因為我們是收集資訊並將其提供給政府的人，讓我們有機會為客戶提供更重要的服務。

There are also ones that have gotten in some -- had some challenges, let's say, with the government and either been asked to stop filing or do a better job of filing. We also kind of see that as an opportunity for us. One, to the extent someone has been asked to stop filing because we have the bulk of the filers in that business, we believe we're going to pick that volume up with other providers. And to the extent the government is asking for more information, we think that's an opportunity to provide a more enhanced service to our customers in the long run.

也有一些企業遇到了一些挑戰，比如說，政府提出的一些挑戰，要嘛被要求停止備案，要嘛做得更好。我們也認為這對我們來說是一個機會。第一，如果有人因為我們在該業務中擁有大量申報者而被要求停止申報，我們相信我們將與其他提供者一起增加這一數量。就政府要求提供更多資訊而言，我們認為從長遠來看，這是為我們的客戶提供更優質服務的機會。

Net-net, we see this because of the Instagrams, TikToks of the world where a lot of these products are being sold, the growth that's coming from that hasn't slowed at all. It's growing and continues to grow. And as the largest filer out there for Type 86, we think we're going to continue to benefit from that in the long run.

Net-net，我們之所以看到這一點，是因為世界各地有許多這樣的產品在 Instagram、TikTok 上銷售，而由此帶來的成長絲毫沒有放緩。它正在增長並且繼續增長。作為 86 型最大的過濾器，我們認為從長遠來看我們將繼續從中受益。

Scott Group, Wolfe Research.

斯科特集團，沃爾夫研究。

Guys, I'm on the road. Hopefully, you can hear me okay. So Ed, when you guys do a couple of relatively large acquisitions in the quarter, is the thought that from here, you pause for a little bit and see how they perform? Or you think that there's more to go in terms of M&A activity over the course of the year?

夥計們，我正在路上。希望你能聽到我的聲音。那麼，艾德，當你們在本季度進行幾項相對較大的收購時，是否認為從這裡開始，你們暫停一下，看看它們的表現如何？還是您認為今年的併購活動還有更多進展？

Thanks, Scott. We can hear you fine. We have a pretty significant corporate development function at this point and think we have certainly the bandwidth to do more acquisitions. We're also in a position where we see a lot coming at us right now, a lot of things for sale, a lot of things that we think are in a price range that we think is reasonable and we'd like to take advantage of that. So I don't think you're going to see us slow at all based on the last 2 acquisitions we did.

謝謝，斯科特。我們可以很好地聽到你的聲音。目前，我們擁有相當重要的企業發展職能，並且認為我們絕對有能力進行更多收購。我們現在也看到很多東西正在向我們湧來，很多東西正在出售，很多我們認為價格範圍合理的東西，我們想利用的。因此，根據我們最近的兩次收購，我認為您不會看到我們放慢腳步。

Certainly, they were significant, at least one of them was significant, and that's great, good addition for our business. But we also have the ability to get more done and the ability to get more people working on getting more acquisitions done while we integrate the ones that we just did. So we're taking advantage of the breadth and size of our business to do that.

當然，它們很重要，至少其中一個很重要，這對我們的業務來說是很棒的補充。但我們也有能力完成更多工作，並有能力讓更多人致力於完成更多收購，同時整合我們剛完成的收購。因此，我們正在利用我們業務的廣度和規模來做到這一點。

Okay, good. And then just a couple of follow-ups on some of the market color. Do you have -- saw some like this pretty dramatic increase in ocean spot rates and how sustainable it is? And then definitely, you made a comment about changes at the post office and I'm just wondering how that impacts you, good or bad.

好的。然後是一些市場色彩的後續行動。您是否看到過類似的海洋現貨價格大幅上漲以及其可持續性如何？當然，您對郵局的變化發表了評論，我只是想知道這對您有何影響，無論好壞。

I mean, there's the stuff. A lot of the price increases don't really impact us other than it's a sign of what's going on, right? They're increasing. Yes, it's a very capacity-focused business, right, when they're -- when they have excess capacity, their rates tend to go down. When they have increased capacity -- sorry, when they have increased capacity, the rates tend to go down. When they have less capacity, the rates tend to go up, and we're seeing that.

我的意思是，有東西。很多價格上漲並沒有真正影響我們，只是顯示了正在發生的事情，對嗎？他們正在增加。是的，這是一個非常注重產能的業務，對吧，當他們產能過剩時，他們的費率往往會下降。當他們增加容量時——抱歉，當他們增加容量時，費率往往會下降。當他們的容量減少時，費率往往會上升，我們已經看到了這一點。

And I think some of the challenges I mentioned with the Red Sea and the Panama Canal are contributing to that. You probably also just have -- they're doing all right, right now so they're taking that opportunity to raise rates. It doesn't really impact us much. We see it happening. We charge by the transaction so we're not really impacted by their rates so much. We take it as a good general sign not only for the ocean space, but air tends to follow along with it closely. And as I mentioned earlier, domestic trucking tends to also follow along with it pretty quickly thereafter.

我認為我提到的紅海和巴拿馬運河的一些挑戰是造成這種情況的原因之一。你可能也只是——他們現在做得很好，所以他們正在利用這個機會提高利率。它對我們的影響其實不大。我們看到它正在發生。我們按交易收費，因此我們並沒有真正受到其費率的影響。我們認為它不僅是海洋空間的一個良好的整體跡象，而且空氣也往往會緊密跟隨它。正如我之前提到的，國內卡車運輸往往也會很快跟進。

On U.S. Postal Service, we think we have a lot of opportunity in that e-commerce business, and some of it relates to U.S. Postal Service and several of the other providers in that business, Amazon, UPS, FedEx and a bunch of other guys that are smaller than them that we do a bunch of business with. And as their business picks up, we expect to benefit from that as we always have.

在美國郵政服務方面，我們認為我們在電子商務業務中有很多機會，其中一些與美國郵政服務和該業務中的其他幾家提供者有關，包括亞馬遜、UPS、聯邦快遞和其他一些公司比我們有很多業務往來的公司還要小。隨著他們的業務回升，我們希望一如既往地從中受益。

That concludes our question-and-answer session. I will now hand the call back to Mr. Ed Ryan for any closing remarks.

我們的問答環節到此結束。現在，我將把電話轉回給艾德·瑞安先生，讓他發表結束語。

Great. Thanks, everyone. We appreciate your time today on the call and look forward to reporting back to you on our Q2 results in September. Thanks, and have a great day.

偉大的。感謝大家。感謝您今天接受電話會議，並期待在 9 月向您報告我們第二季的業績。謝謝，祝你有美好的一天。

This concludes today's call. Thank you for participating. You may all disconnect.

今天的電話會議到此結束。感謝您的參與。你們都可以斷開連線。