Descartes Systems Group Inc (DSGX) 2025 Q3 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 Tuesday, December 3, 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 12 月 3 日星期二。

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

我現在想把會議交給史考特·帕根先生。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 this afternoon.

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。我相信每個人都收到了今天下午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 Securities and Exchange Commission, the Ontario Securities Commission, 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美國證券交易委員會、安大略省證券委員會和加拿大其他證券委員會提交和提供的文件中標題為可能影響未來結果的某些因素的部分中進行了概述，包括我們管理層的討論和分析今天提交。

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. 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。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。

Great, Scott. Thanks, and welcome, everyone, to the call. Today, we're reporting record third-quarter results, continued strong revenue, and adjusted EBITDA growth, 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 word map for the call.

太棒了，斯科特。謝謝並歡迎大家來電。今天，我們報告了創紀錄的第三季業績、持續強勁的收入和調整後的 EBITDA 成長，以及兩家新業務加入 Descartes 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，讓我先給你一張電話的詞彙圖。

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 Q3 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 fourth quarter. And we'll then open it 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三季的財務表現。之後，我將回來提供有關我們如何看待當前業務環境以及進入第四季度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 on October 31. 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 very good performance in each of those areas.

讓我們從 10 月 31 日結束的季度開始。在過去的這個季度，我們在這些領域再次取得了非常好的表現。

Total revenues were up 17% from a year ago, with services up 15% from a year ago. The organic growth in our total revenues in this quarter is about 10%. Net income was up 38% from a year ago, with adjusted EBITDA up 14% from a year ago. Our headline targets are 10% to 15% adjusted EBITDA growth per year, and we're at 15% over the first three quarters of this year.

總收入年增 17%，其中服務收入較去年同期成長 15%。本季我們總營收的有機成長約為 10%。淨利潤年增 38%，調整後 EBITDA 年成長 14%。我們的總體目標是調整後 EBITDA 每年成長 10% 至 15%，今年前三季我們的目標是 15%。

Adjusted EBITDA margin held at the same rate as last quarter at 43%. However, as we talked about last quarter, Q2 and Q3 had unique items that impacted this margin.

調整後 EBITDA 利潤率為 43%，與上季持平。然而，正如我們上季度討論的那樣，第二季和第三季有一些獨特的項目影響了這一利潤率。

Our GroundCloud business entered an accelerated hardware replacement cycle with our customers in Q2 to get AI-enabled cameras in place. This resulted in more low-margin hardware sales to customers in Q2 and Q3, changing the revenue mix and impacting the margin. The hardware replacement cycle is now done, so we anticipate this drag on margin won't be there in Q4.

我們的 GroundCloud 業務在第二季度與客戶一起進入了加速硬體更換週期，以安裝支援人工智慧的攝影機。這導致第二季和第三季向客戶銷售的硬體利潤率較低，從而改變了收入結構並影響了利潤率。硬體更換週期現已完成，因此我們預計第四季度不會出現這種對利潤率的拖累。

The core Descartes business and margin is otherwise performing as we'd expect. Allan will speak to this in more detail later on the call.

笛卡爾核心業務和利潤率的其他表現符合我們的預期。艾倫將在稍後的電話會議上更詳細地談到這一點。

We also generated over $60 million in cash from operations in Q3, or 83% of adjusted EBITDA, in line with how we would expect the business to perform. At the end of the quarter, we had over $180 million in cash, and we were debt-free, with an undrawn $350 million line of credit. This is after we used about $22.5 million to acquire MyCarrierPortal and paid $110 million to acquire Sellercloud. We remain well capitalized, cash generating, growing, and ready to continue to invest in our business.

我們也從第三季的營運中產生了超過 6,000 萬美元的現金，佔調整後 EBITDA 的 83%，這與我們對業務表現的預期一致。截至本季末，我們擁有超過 1.8 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。這是在我們用約 2,250 萬美元收購 MyCarrierPortal 並支付 1.1 億美元收購 Sellercloud 之後。我們資本充足，現金產生，不斷成長，並準備繼續投資我們的業務。

Our growth strategy remains one of total growth. We've designed our business to be a profitable business that generates cash and can otherwise be reinvested to improve the business for our customers and stakeholders. We consider where to invest based in part on the returns we can generate in our invested capital. Our plans for our year are based on growing our business 10% to 15% a year through a combination of organic and acquisition activities.

我們的成長策略仍然是全面成長。我們將我們的業務設計為獲利業務，既能產生現金，又能進行再投資，為我們的客戶和利害關係人改善業務。我們部分根據投資資本所能產生的回報來考慮投資方向。我們今年的計劃是透過有機和收購活動相結合，使我們的業務每年增長 10% 至 15%。

Speaking of acquisitions, we've completed five so far this year. We bought OCR and ASD in Q1 and bought BoxTop in Q2. We then combined with MyCarrierPortal and Sellercloud in Q3. I just wanted to comment on how these acquisitions have fit in and are contributing.

說到收購，今年到目前為止我們已經完成了五筆收購。我們在第一季購買了 OCR 和 ASD，在第二季購買了 BoxTop。然後我們在第三季將 MyCarrierPortal 和 Sellercloud 結合。我只是想評論一下這些收購是如何適應並做出貢獻的。

So first, we combined with OCR in March of this year. OCR are experts in sanctioned party screening and export compliance, a key part of our global trade intelligence offerings. For clarity, sanctions are when a government puts restriction on doing business with a particular party, jurisdiction or country, while broader export compliance includes securing the necessary licenses and other permissions to export a particular control item to a person or country. OCR complements our existing strong screening solutions but makes us even stronger by adding advanced export compliance technology that can serve some of the biggest companies in the world.

首先，我們在今年 3 月與 OCR 結合。 OCR 是受制裁方篩選和出口合規的專家，這是我們全球貿易情報服務的關鍵部分。為明確起見，制裁是指政府對與特定方、司法管轄區或國家開展業務施加限制，而更廣泛的出口合規性包括獲得向個人或國家出口特定管制物品所需的許可證和其他許可。 OCR 補充了我們現有的強大篩選解決方案，但透過添加先進的出口合規技術，可以為世界上一些最大的公司提供服務，使我們變得更加強大。

OCR has hit the ground running for us and is ahead of our integration plans. We've added a broad base of industry knowledge in India that is already contributing to our broader global intelligence solutions. We've had some sizable joint wins in each quarter since the acquisition, and market conditions are such that it's an even more challenging environment for our customers to comply with the current situation and plan for future rumored restrictions on global trade, in part driven by statements made by the new incoming Trump administration in the United States.

OCR 已經為我們鋪平了道路，並且領先於我們的整合計劃。我們在印度增加了廣泛的行業知識基礎，這些知識已經為我們更廣泛的全球情報解決方案做出了貢獻。自收購以來，我們每個季度都取得了一些相當大的聯合勝利，而且市場條件對我們的客戶來說是一個更具挑戰性的環境，要遵守當前形勢併計劃未來傳言的全球貿易限制，部分原因是美國新上任的川普政府發表的聲明。

For the time ASD deal that we completed in Q1, their business is focused on European customs and security filings with particular strength in Ireland. They also do asset tracking for airlines. This business is also performing ahead of our plans with deliberate work done on integration. We think there are some good potential tailwinds for this business with potential increased scrutiny from Europe on cargo security on airlines, something that may be addressed through an additional data and filing requirements and asset tracking.

就我們在第一季完成的 ASD 交易而言，他們的業務重點是歐洲海關和安全備案，尤其是在愛爾蘭。他們也為航空公司進行資產追蹤。這項業務的表現也超前於我們的計劃，並在整合方面進行了深思熟慮的工作。我們認為，這項業務有一些良好的潛在推動力，歐洲可能會加強對航空公司貨物安全的審查，這可以透過額外的數據和備案要求以及資產追蹤來解決。

In Q2, we combined with BoxTop, a business we had a track record of working with as a partner long before the acquisition. BoxTop has shipment management solutions for small and midsized logistics service providers, the same customer base that makes up a large percentage of our customers for our forwarder and broker solutions.

在第二季度，我們與 BoxTop 合併，早在收購之前我們就與 BoxTop 合作過。 BoxTop 為中小型物流服務供應商提供貨運管理解決方案，我們的貨運代理和經紀人解決方案的客戶群中也有很大比例的客戶群。

BoxTop's integration and contribution is ahead of plan. It's also well placed to help this customer base as the cross-border trade environment threatens to become more complex.

BoxTop的整合和貢獻提前於計劃。隨著跨境貿易環境可能變得更加複雜，它也能夠很好地幫助該客戶群。

In Q3, we bought two new businesses. The first was our combination with MyCarrierPortal in September. MyCarrierPortal helps US freight brokers with risk management of the thousands of truck carriers that they deal with. Their platform also allows the brokers to evaluate the risk of working with the carrier based on a number of factors, including licensing, past service record, safety, potential fraud risk, and insurance compliance.

第三季度，我們收購了兩家新企業。第一個是我們在 9 月與 MyCarrierPortal 的合併。 MyCarrierPortal 協助美國貨運經紀人對其與之打交道的數千家卡車承運商進行風險管理。他們的平台還允許經紀人根據多種因素評估與承運人合作的風險，包括許可、過去的服務記錄、安全性、潛在的詐欺風險和保險合規性。

This is a natural fit with our MacroPoint business where we're helping freight brokers track loads and identify potential available capacity. We think this is a natural fit for our business with our vast experience with screening and compliance solutions, combined with our market-leading domestic truck business.

這與我們的 MacroPoint 業務自然契合，我們幫助貨運經紀人追蹤負載並確定潛在的可用容量。我們認為，憑藉我們在篩檢和合規解決方案方面的豐富經驗，再加上我們市場領先的國內卡車業務，這非常適合我們的業務。

We only had a partial quarter with MyCarrierPortal so far but already have profit contribution ahead of our expectations due to the hard work of the teams to rapidly get our businesses working together. We were able to get the combination completed before our innovation forum/user group that we held for this customer base in Chicago, and it was great to hear the endorsement of the broker community for this solution becoming part of the Global Logistics Network portfolio. Welcome to everyone from the MyCarrierPortal team.

到目前為止，我們只使用了 MyCarrierPortal 的部分季度，但由於團隊為快速讓我們的業務合作而付出的辛勤工作，利潤貢獻已經超出了我們的預期。我們能夠在我們為芝加哥客戶群舉辦的創新論壇/用戶群之前完成合併，很高興聽到經紀人社群對解決方案成為全球物流網路產品組合一部分的認可。歡迎來自 MyCarrierPortal 團隊的每個人。

In October, Sellercloud joined the Descartes family. This is a great addition to our e-commerce solutions, essentially filling a hole that we had in our solution set. Sellercloud focuses on inventory and order management for e-commerce sellers who are using multiple channels to sell with particular strength with small and mid-market e-tailers.

10月，Sellercloud加入笛卡兒家族。這是對我們的電子商務解決方案的一個很好的補充，基本上填補了我們解決方案集中的一個漏洞。 Sellercloud 專注於電子商務賣家的庫存和訂單管理，這些賣家使用多種管道向中小型市場電子零售商進行銷售。

Our existing solutions are focused on the warehousing and shipping of e-commerce orders, but by adding inventory and order management, we can offer a more comprehensive suite to our customers that's flexible as they grow and add new sales channels.

我們現有的解決方案專注於電子商務訂單的倉儲和運輸，但透過添加庫存和訂單管理，我們可以為客戶提供更全面的套件，隨著客戶的成長和添加新的銷售管道，該套件可以保持靈活性。

We've already seen great post-deal success in getting customers signed up for a combined Descartes/Sellercloud solution. So we're optimistic of achieving our growth plans for this business.

我們已經看到交易後在讓客戶註冊 Descartes/Sellercloud 組合解決方案方面取得了巨大成功。因此，我們對實現這項業務的成長計劃持樂觀態度。

As with MyCarrierPortal, it's encouraging to hear the industry and customer community confirm the sensibility of our business coming together with Sellercloud, and it's also an endorsement of the strong work that our entire organization puts into our corporate development efforts. Welcome to the whole Sellercloud team. We look forward to achieving great things with you together.

與 MyCarrierPortal 一樣，聽到產業和客戶社群確認我們的業務與 Sellercloud 合作的敏感度是令人鼓舞的，這也是對我們整個組織為企業發展所做的努力的認可。歡迎加入整個 Sellercloud 團隊。我們期待與您共同成就偉大的事。

I mentioned that our customers are facing some big challenges in managing global trade and are facing heightened uncertainty for what the future global trade landscape will be. Let me just hit a few of the items shaping the market environment right now.

我提到，我們的客戶在管理全球貿易方面面臨一些重大挑戰，並且面臨未來全球貿易格局的高度不確定性。讓我談談目前影響市場環境的一些因素。

The biggest source of uncertainty has been the comments from the incoming Trump administration about the potential for the imposition of tariffs by the US on imports from China, Canada, and Mexico, as well as other broad-based sanctions. These tariffs and sanctions may force US businesses to restructure their supply chains and logistics operations with the potential for movement of manufacturing and sourcing facilities, changes in trading partners, heightened scrutiny and sanctions on particular goods in countries, and the potential for retaliatory sanctions and tariffs by other countries. We're already helping our customers with information and planning, and we expect that our global trade intelligence businesses will be very busy over the coming months.

最大的不確定性來源是即將上任的川普政府關於美國可能對中國、加拿大和墨西哥的進口產品徵收關稅以及其他廣泛制裁的評論。這些關稅和製裁可能迫使美國企業重組其供應鏈和物流業務，可能會導致製造和採購設施的轉移、貿易夥伴的變化、各國對特定商品的嚴格審查和製裁，以及報復性制裁和關稅的可能性由其他國家。我們已經在為客戶提供資訊和規劃方面的幫助，我們預計我們的全球貿易情報業務在未來幾個月將非常繁忙。

We've seen good volumes in air and ocean but have seen fairly flat volumes in US trucking. Ocean, in particular, has seen very high levels with larger amounts of imports into the US and Mexico from China. There's a couple of things we're monitoring for volumes as we enter Q4.

我們看到空運和海運的運輸量很大，但美國卡車運輸的運輸量卻相當穩定。尤其是海洋，其進口量非常高，美國和墨西哥從中國的進口量較大。進入第四季度，我們正在監控幾項交易量。

First, the seasonal impact of peak holiday buying periods, which we expect will be more visible in air and truck because of their shorter transit times. Second, with the potential for new tariffs, we've heard commentary from many US businesses that they're bringing inventory in early to get ahead of the potential new US tariffs.

首先，假期購買高峰期的季節性影響，我們預計，由於空運和卡車運輸時間較短，這種影響將更加明顯。其次，由於可能徵收新關稅，我們聽到許多美國企業的評論稱，他們正在提前儲備庫存，以應對美國可能徵收的新關稅。

However, security issues are front and center, particularly with parcel air cargo in Europe. Earlier this year, there were incidents with explosive devices in parcels that made their way on to European carriers. Some carriers responded by refusing to ship certain parcels containing electronics.

然而，安全問題是首要問題，尤其是歐洲的包裹航空貨運。今年早些時候，發生了一些運送歐洲承運商的包裹中含有爆炸裝置的事件。一些承運商的回應是拒絕運送某些含有電子產品的包裹。

Regulators have also intervened, requiring more information about cargo shipments on a plane before the plane takes off, including the new requirement of an identification of the underlying shipper of the package rather than just the intermediary shipping the package.

監管機構也進行了乾預，要求在飛機起飛前提供有關飛機上貨物運輸的更多信息，包括新要求識別包裹的底層托運人，而不僅僅是運輸包裹的中間人。

Our customers are committed to helping ensure that there is cargo security to minimize the chances of catastrophic events, but there's also a burden that our customers are having to bear right now as they reengineer their processes and information-gathering practices to help comply with the new regime.

我們的客戶致力於幫助確保貨物安全，以最大程度地減少災難性事件的可能性，但我們的客戶現在也必須承受負擔，因為他們重新設計了流程和資訊收集實踐，以幫助遵守新的規定。

Labor uncertainty continues to impact our customers' ability to plan. US East Coast and Gulf ports have a labor contract that expires again in January. Canadian ports had just dealt with strikes where the government legislated people back to work. And Canada Post is currently on strike impacting many e-commerce deliveries into Canada.

勞動力的不確定性持續影響我們客戶的規劃能力。美國東岸和海灣港口的勞動合約將於一月再次到期。加拿大港口剛剛應對了罷工，政府立法要求人們重返工作崗位。加拿大郵政目前正在進行罷工，影響了加拿大的許多電子商務交付。

All are just examples of how our customers have to plan for the reality of labor unrest that will impact their fulfillment operations.

所有這些都只是我們的客戶必須如何針對將影響其履行營運的勞工騷亂現實進行規劃的範例。

I've mentioned this in past quarters, but we're a business designed to meet challenging business conditions and thrive in periods of change. We focus on total growth and try to diversify our business. We grow organically and by way of acquisition. We're diversified across all modes of transportation. We provide business value across seven solution pillars.

我在過去幾季中已經提到過這一點，但我們是一家旨在滿足充滿挑戰的業務條件並在變革時期蓬勃發展的企業。我們專注於整體成長並努力實現業務多元化。我們透過收購實現有機成長。我們在所有運輸方式上實現多元化。我們透過七個解決方案支柱提供商業價值。

We have over 26,000 customers with low customer concentration. We serve all parties to supply chain and logistics transactions, carriers, logistics service providers, ports, governments and shippers. We serve customers on a global basis with a global workforce. We believe that all of these levers to our business provide us with many opportunities to help manage our business through prosperous and challenging times.

我們擁有超過26,000家客戶，客戶集中度較低。我們為供應鏈和物流交易各方、承運人、物流服務提供者、港口、政府和托運人提供服務。我們透過全球員工隊伍為全球客戶提供服務。我們相信，所有這些業務槓桿為我們提供了許多機會，幫助我們管理業務度過繁榮和充滿挑戰的時期。

Descartes is a business our customers rely on, that our team can be proud of and that our stakeholders have relied on consistently to deliver. Descartes has done that again in this quarter.

笛卡爾是我們的客戶所依賴的企業，我們的團隊可以為此感到自豪，我們的利害關係人也一直依賴它來交付。笛卡爾在本季再次這樣做了。

I'll just finish up my comments by referencing some of our recent marketing activities. A few months ago, we held some Descartes innovation forums. These are essentially user groups that are focused on particular solution pillars. The recent innovation forum is focused on private and for higher transportation management and serving the logistics provider community. These innovation forums for select pillars have greater participation than our pre-pandemic user groups that we held for our entire business as a whole.

我將引用我們最近的一些行銷活動來結束我的評論。幾個月前，我們舉辦了一些笛卡兒創新論壇。這些本質上是專注於特定解決方案支柱的使用者群組。最近的創新論壇重點關注私人和更高的運輸管理以及為物流提供者社群提供服務。這些針對特定支柱的創新論壇比我們為整個業務舉辦的大流行前用戶群有更多的參與度。

We've also hosted some recent online events relating to global trade intelligence, trade compliance and tariffs and duties. These also had record attendance. While the increased attendance can partially be explained from our growth as a company, I think the interest we've seen in these events reflects the extreme need for help and information that our customers have right now.

我們最近也舉辦了一些與全球貿易情報、貿易合規以及關稅和關稅相關的線上活動。這些也創下了出席人數紀錄。雖然出席人數的增加可以部分歸因於我們作為一家公司的成長，但我認為我們對這些活動的興趣反映了我們的客戶目前對幫助和資訊的極度需求。

Nothing is constant for our customers, and they're having to be very dynamic and radical in meeting the challenges facing their supply chain and logistics operations. Supply chain and logistics roles at our customers' business continue to have heightened importance, and the potential upcoming changes to global trade are unlikely to change that. Our mission is to help our customers manage this complexity, and I believe we have a track record, people and solutions and expertise to help them not just survive but to thrive.

對於我們的客戶來說，沒有什麼是一成不變的，他們必須非常有活力和激進地應對供應鏈和物流營運面臨的挑戰。供應鏈和物流在我們客戶業務中的作用繼續變得越來越重要，全球貿易即將發生的潛在變化不太可能改變這一點。我們的使命是幫助我們的客戶管理這種複雜性，我相信我們擁有良好的記錄、人員、解決方案和專業知識，不僅可以幫助他們生存，而且可以蓬勃發展。

So let me just summarize and hand it over to Allan to give the full financial details on the quarter and year to date. We had record financial results. The business performed well, and we believe that's a good reflection of the value that our customers continue to get from our solutions, the quality and contribution of acquisitions we've added to our business, and the hard work that our team continues to put in for our customers.

因此，讓我總結並將其交給艾倫，以提供本季度和本年度迄今為止的完整財務詳細資訊。我們取得了創紀錄的財務表現。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、我們為業務增加的收購的質量和貢獻，以及我們的團隊繼續為我們的客戶付出的努力。

We ended the quarter with more than $180 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，我們擁有超過 1.8 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方式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，可以幫助他們應對未來的挑戰。

My thanks to all Descartes team members for everything they've done to contribute to a great quarter and a great business.

我感謝所有笛卡爾團隊成員為實現出色的季度和出色的業務所做的一切。

With that, I'll turn the call over to Allan to go through our Q3 financial results in more detail. Allan?

接下來，我會將電話轉給艾倫，以便更詳細地了解我們第三季的財務表現。艾倫？

Thanks, Ed. As indicated, I'm going to walk you through our financial highlights for our third quarter, which ended on October 31.

謝謝，艾德。如前所述，我將向您介紹我們截至 10 月 31 日的第三季的財務亮點。

We are pleased to report record quarterly revenue of $168.8 million this quarter, an increase of 17% from revenue of $144.7 million in Q3 last year. While revenue from acquisitions completed in the past 12 months, including the acquisitions of both MCP and Sellercloud completed during the third quarter contributed nicely to this growth, similar to the past several years, our growth in revenue from new and existing customers from our existing solutions also helped drive growth again this quarter when compared to the same period last year.

我們很高興地報告本季創紀錄的季度收入 1.688 億美元，比去年第三季的 1.447 億美元收入增長 17%。雖然過去12 個月完成的收購收入（包括第三季完成的MCP 和Sellercloud 收購）對這一成長做出了很好的貢獻，但與過去幾年類似，我們現有解決方案來自新客戶和現有客戶的營收成長與去年同期相比，也再次推動了本季的成長。

Looking at our revenue details further. Our revenue mix in the quarter continued to be strong, with services revenue increasing 15% to $149.7 million, compared to $130.4 million in the same period last year, representing approximately 89% of total revenues in the third quarter.

進一步查看我們的收入詳細資訊。本季我們的營收組合持續保持強勁，服務收入成長 15%，達到 1.497 億美元，而去年同期為 1.304 億美元，約佔第三季總營收的 89%。

License revenue came in at $3.5 million, or 2% of revenue in the quarter, up nicely from license revenue of $1.5 million recorded last year in Q3. While professional services and other revenue came in at $15.6 million, up 22% or coming in at 9% of total revenue compared to $12.8 million in the third quarter last year.

授權收入為 350 萬美元，佔本季營收的 2%，遠高於去年第三季記錄的 150 萬美元授權收入。專業服務和其他收入為 1,560 萬美元，較去年第三季的 1,280 萬美元增長 22%，佔總收入的 9%。

As Ed mentioned, similar to last quarter, we had some additional hardware revenue this quarter from our GroundCloud business as we continued the rollout of AI-enabled cameras as part of a specific mandate that FedEx gave to their independent contractors. In Q3, this added approximately $3.5 million of very low-margin hardware revenue while also, at the same time, expanding our base of subscription customers in GroundCloud, which should benefit our subscription revenue from this part of the business in the quarters and years ahead.

正如艾德所提到的，與上季類似，本季我們從GroundCloud 業務中獲得了一些額外的硬體收入，因為我們繼續推出支援人工智慧的攝像頭，作為聯邦快遞向其獨立承包商授予的特定任務的一部分。在第三季度，這增加了約350 萬美元的利潤極低的硬體收入，同時也擴大了GroundCloud 的訂閱客戶群，這應該有利於我們在未來幾個季度和幾年從這部分業務中獲得訂閱收入。

We should also highlight that after recording unusually high hardware sales in Q2 and Q3, we would expect that hardware sales in GroundCloud, and our business in total will return to a nominal amount in Q4 and remain at those lower levels going forward.

我們還應該強調的是，在第二季和第三季記錄了異常高的硬體銷售額後，我們預計GroundCloud 的硬體銷售額以及我們的業務總量將在第四季度恢復到名義金額，並在未來維持在較低水準。

Based on the above, we would estimate that our total organic growth for the business came in around 10% for Q3, while organic growth in just services revenue came in at around 7%, pretty consistent with the second quarter of this year.

根據上述情況，我們預計第三季業務總有機成長約為 10%，而服務收入有機成長約為 7%，與今年第二季相當一致。

For the first nine months of this year, revenue came in at $484 million, an increase of 14% from revenue of $425 million in the same period last year, again, with revenue from acquisitions completed this year, as well as organic growth in our existing solutions, both driving this 14% growth.

今年前 9 個月，營收為 4.84 億美元，比去年同期的 4.25 億美元增長了 14%，這同樣得益於今年完成的收購收入以及我們的有機增長。 % 的成長。

Gross margin came in at 74.4% of revenue for the third quarter, down from gross margin of 76.3% in the third quarter last year, and this temporary decrease in margins is due to the impact of the very low-margin hardware revenues that were recorded in the GroundCloud business that I just mentioned earlier. Excluding these hardware revenues, our gross margin percentage would have been very similar to the third quarter last year.

第三季毛利率佔營收的74.4%，低於去年第三季毛利率76.3%，利潤率暫時下降是由於硬體收入利潤率極低的影響在我剛才提到的GroundCloud業務中。排除這些硬體收入，我們的毛利率與去年第三季非常相似。

Operating expenses increased by approximately 14% in the third quarter over the same period last year, and this was heavily related to the cost impact of the five acquisitions completed this year. But operating costs also increased some from some head count additions that we completed as well as some higher marketing costs, including the costs from our successful innovation forums, customer events that were held earlier in Q3, as Ed referenced earlier.

第三季營運費用較去年同期成長約14%，與今年完成的五項收購的成本影響有很大關係。但營運成本也因我們完成的一些人員增加以及一些更高的行銷成本而增加，包括我們成功的創新論壇、第三季早些時候舉行的客戶活動的成本，正如艾德之前提到的。

So as a result of both revenue growth, offset with some unusually higher cost increases this quarter, we recorded adjusted EBITDA growth of 14% to a record $72.1 million or 42.7% of revenue, up from $63.5 million or 43.9% of revenue in Q3 last year. We should also mention as a reminder that similar to Q2, our adjusted EBITDA margins are down slightly from Q3 last year due to the impact of the low-margin hardware revenue recorded in the quarter but also partly due to the impact of lower margins from some of our recent acquisitions. Excluding the impact of the hardware revenue in GroundCloud as well as these acquisitions adjusted EBITDA margins would have been right around 44% of revenue or just slightly ahead of where we were in Q3 last year.

因此，由於營收的成長，抵消了本季異常較高的成本成長，我們的調整後EBITDA 成長了14%，達到創紀錄的7,210 萬美元，佔營收的42.7%，高於上一季的6,350 萬美元，佔收入的43.9%。我們也應該提醒一下，與第二季類似，我們調整後的EBITDA 利潤率比去年第三季略有下降，這是由於本季記錄的低利潤率硬體收入的影響，但部分原因是某些公司利潤率較低的影響。排除 GroundCloud 硬體收入的影響以及這些收購調整後的 EBITDA 利潤率將約為營收的 44%，或略高於去年第三季的水平。

For the first three quarters of the year, adjusted EBITDA has increased by just over 15% to $210 million from $182 million in the same period last year, with adjusted EBITDA ratios increasing to 43.4% from 42.8% last year.

今年前三季度，調整後 EBITDA 成長略高於 15%，從去年同期的 1.82 億美元增至 2.1 億美元，調整後 EBITDA 比率從去年同期的 42.8% 增至 43.4%。

Looking at the other GAAP line items on our income statement this quarter, other charges decreased to $1.8 million from $9.7 million in Q3 last year as last year we included an accrual of $7.8 million in other charges related to higher-than-expected earn-out payments on past acquisitions. As a result of the increased operating profits and growth from the business and this decrease in other charges, net income came in at $36.6 million, or $0.42 per diluted common share in the third quarter, up nicely from net income of $26.6 million, or $0.31 per diluted common share in the third quarter last year.

看看本季損益表中的其他 GAAP 項目，其他費用從去年第三季的 970 萬美元減少到 180 萬美元，因為去年我們計入了與高於預期盈利相關的應計 780 萬美元的其他費用過去收購的付款。由於營業利潤增加、業務成長以及其他費用減少，第三季淨利潤達到 3,660 萬美元，即稀釋後普通股每股 0.42 美元，遠高於淨利潤 2,660 萬美元，即每股稀釋普通股 0.31 美元去年第三季稀釋後的每股普通股。

We should also note that the income tax expense for the third quarter came in at $11.9 million, or 24.5% of pretax income, which is slightly lower than our blended statutory tax rate of 26.5%, mainly as a result of the recognition of certain unrecorded tax benefits from past periods.

我們還應該注意到，第三季的所得稅費用為 1,190 萬美元，佔稅前收入的 24.5%，略低於我們 26.5% 的混合法定稅率，主要是由於確認了某些未記錄的所得稅過去時期的稅收優惠。

Net income for the nine-month year-to-date period was $105.9 million, or $1.21 per diluted common share compared to $84.1 million or $0.97 per diluted common share last year in the first nine months, again, as a result of the higher operating profits from our growing business. With these operating results, strong AR collections, offset partially by higher cash tax payments in the quarter, cash flow generated from operations came in at $60.1 million, or 83% of adjusted EBITDA in the third quarter, up from $56.1 million in the third quarter of last year.

今年迄今 9 個月的淨利潤為 1.059 億美元，即每股稀釋普通股 1.21 美元，而去年前 9 個月的淨利潤為 8410 萬美元，即每股稀釋普通股 0.97 美元。業務中獲利。憑藉這些營運業績，強勁的應收帳款收款，部分被本季較高的現金稅款支付所抵消，營運產生的現金流達到6,010 萬美元，佔第三季調整後EBITDA 的83%，高於第三季的5,610 萬美元去年的。

For the nine months year to date, after adjusting for the higher earn-out payments made in Q2 that went through cash flow from operations, our operating cash flow has increased 17% to approximately $184 million, or 88% of adjusted EBITDA from $157 million, or 86% of adjusted EBITDA in the same period last year.

今年迄今的9 個​​月中，在對第二季度透過營運現金流支付的較高盈利付款進行調整後，我們的營運現金流增加了17%，達到約1.84 億美元，佔調整後EBITDA 的88 %（從1.57 億美元） ，即去年同期調整後 EBITDA 的 86%。

And we should mention that 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.

我們應該提到，受到異常事件和季度波動的影響，我們預計將繼續看到強勁的現金流轉換，並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%。

Overall, we're once again pleased with our quarterly operating results as the addition of our recent acquisitions, combined with continued organic growth in services and license revenue, resulted in strong adjusted EBITDA growth in Q3.

總體而言，我們再次對季度營運業績感到滿意，因為最近收購的增加，加上服務和授權收入的持續有機成長，導致第三季調整後 EBITDA 強勁成長。

If we turn our attention to the balance sheet, our cash balances totaled $181 million at the end of October, down from approximately $253 million at the end of Q2 in July. The decrease in cash is primarily related to the $133 million in cash that we used to complete the MCP and Sellercloud acquisitions this quarter, with that partially being offset by $60 million of cash flow generated from operations that I referenced earlier.

如果我們將注意力轉向資產負債表，我們的現金餘額截至 10 月底總計 1.81 億美元，低於 7 月第二季末的約 2.53 億美元。現金減少主要與本季度我們用於完成 MCP 和 Sellercloud 收購的 1.33 億美元現金有關，其中部分被我之前提到的營運產生的 6,000 萬美元現金流所抵銷。

As a result of the above, we currently have the $181 million in cash, as I mentioned, as well as our unused $350 million credit facility available to deploy towards future acquisitions, consistent with our business plan.

由於上述原因，正如我所提到的，我們目前擁有 1.81 億美元現金，以及未使用的 3.5 億美元信貸額度，可用於未來的收購，這與我們的業務計劃一致。

As we look to the final quarter of 2025, our fiscal 2025, we should note the following. After incurring approximately $4.7 million in capital additions for the first nine months of the year, we expect to incur approximately $1 million to $2 million of additional capital additions for the fourth quarter. We expect that in the fourth quarter, we will use approximately $3.6 million of our cash to complete the purchase of the final 5% of the ASD business, bringing our ownership in that business to 100%.

當我們展望 2025 年最後一個季度（即 2025 財年）時，我們應該注意以下事項。在今年前 9 個月增加了約 470 萬美元的資本後，我們預計第四季將增加約 100 萬至 200 萬美元的資本。我們預計，在第四季度，我們將使用約 360 萬美元的現金完成對 ASD 業務最後 5% 的收購，使我們對該業務的所有權達到 100%。

We should also mention that we don't expect to make any payments in the fourth quarter on any earn-out arrangements that we currently have in place.

我們還應該提到，我們預計不會在第四季度就我們目前實施的任何盈利安排支付任何款項。

After incurring amortization costs of $50 million in the first nine months of the year, we expect amortization expense will be approximately $18.1 million for the fourth quarter, with this figure being subject to adjustment for foreign exchange changes and future acquisitions.

在今年前 9 個月產生 5000 萬美元的攤銷費用後，我們預計第四季度的攤銷費用約為 1810 萬美元，這一數字可能會根據外匯變化和未來收購進行調整。

Our income tax rate for the first nine months of the year came in at approximately 25.9% of pretax income, which is just below our blended statutory tax rate of approximately 26.5%. For the fourth quarter, we currently expect that our tax rate will once again come in very close to our blended statutory tax rate. And as a result, we should experience a tax rate in the range of 24% to 27% of pretax income.

今年前 9 個月，我們的所得稅稅率約為稅前收入的 25.9%，略低於我們約 26.5% 的混合法定稅率。對於第四季度，我們目前預計我們的稅率將再次非常接近我們的混合法定稅率。因此，我們的稅率應該在稅前收入的 24% 到 27% 之間。

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

然而，與往常一樣，我們應該聲明，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按季度波動。

And finally, after incurring stock-based compensation expense of $14.6 million in the first nine months of the year, we currently expect stock compensation to be approximately $5.4 million in Q4, subject to any forfeitures of stock options or share units.

最後，在今年前 9 個月產生 1,460 萬美元的股票薪酬費用後，我們目前預計第四季度的股票薪酬約為 540 萬美元，前提是股票選擇權或股票單位被沒收。

And with that, I'll now turn it back over to Ed, who will wrap up with some closing comments and our baseline calibration for Q4.

現在，我將把它轉回給 Ed，他將總結一些結束語和我們對第四季度的基線校準。

Great. Thanks, Allan. We've done five acquisitions so far this year and two since our last call. We believe these acquisitions will contribute more to our calibration over time as we become more experienced in operating them together.

偉大的。謝謝，艾倫。今年到目前為止，我們已經完成了五次收購，自上次電話會議以來我們已經完成了兩次收購。我們相信，隨著時間的推移，隨著我們在共同經營這些收購方面變得更加經驗豐富，這些收購將為我們的校準做出更大貢獻。

As we look at our calibration, we're mindful of some weakness in US domestic truck volumes but also mindful of factors that may contribute to a recovery of volumes, including shipping in advance of the imposition of new tariffs. We're also mindful that the accelerated hardware replacement cycle of GroundCloud is complete, and we don't anticipate any incremental hardware volumes above the ordinary course.

當我們審視我們的校準時，我們注意到美國國內卡車運輸量的一些疲軟，但也注意到可能有助於運輸量恢復的因素，包括在徵收新關稅之前的運輸。我們還注意到，GroundCloud 的加速硬體更換週期已經完成，我們預計硬體數量不會超過正常水平。

Our business is designed to be predictable and consistent. We believe 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非常有價值。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. We take a neutral-party approach to building and operating solutions on our Global Logistics Network.

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

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，我們致力於經營可預測的業務，使我們能夠提前了解我們的收入和投資回報。

In our quarterly report, we've provided a comprehensive description of baseline revenues, baseline calibration, and their limitations. As of November 1, 2024, using foreign exchange rates of $0.72 to the Canadian dollar, $1.09 to the euro, and $1.29 to the GBP, we estimate that our baseline revenues for the fourth quarter of fiscal '25 are approximately $144.5 million and our baseline operating expenses are approximately $89.5 million. We consider this to be our baseline adjusted EBITDA calibration of approximately $55 million for the fourth quarter of fiscal 2025 or approximately 38% of our baseline revenues as at November 1, 2024.

在我們的季度報告中，我們全面描述了基準收入、基準校準及其局限性。截至2024 年11 月1 日，使用加幣兌0.72 美元、歐元兌1.09 美元、英鎊兌1.29 美元的匯率，我們估計25 財年第四季的基準收入約為1.445 億美元，我們的基準收入約為1.445 億美元。我們認為這是我們 2025 財年第四季約 5,500 萬美元的基準調整後 EBITDA 校準，約占我們截至 2024 年 11 月 1 日基準收入的 38%。

We continue to expect that we'll operate an adjusted EBITDA margin range of 40% to 45%. Our margins can vary in that range given such things as revenue mix like we saw with hardware these past two quarters, foreign exchange movements, and the impact of acquisitions as we integrate them into our business. We believe the GroundCloud hardware replacement cycle has completed, so we will see some relief to adjusted EBITDA margins coming out of that.

我們仍預期調整後的 EBITDA 利潤率將在 40% 至 45% 之間。考慮到過去兩個季度我們在硬體方面看到的收入組合、外匯變動以及我們將收購整合到我們的業務中時收購的影響等因素，我們的利潤率可能會在這個範圍內變化。我們相信 GroundCloud 硬體更換週期已經完成，因此我們將看到調整後的 EBITDA 利潤率有所緩解。

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。

I want to thank everyone for joining us on the call today. As always, we're available to talk to you about our business in whatever manner is most convenient for you.

我要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。

And with that, operator, I will now turn it over to you to handle the Q&A portion of the call.

接線員，我現在將把它交給您來處理通話的問答部分。

(Operator Instructions) Faith Brunner, William Blair.

（操作員說明）Faith Brunner、William Blair。

I guess you guys talked on the call and also in your recent white paper, there's a lot of uncertainty going on with this new administration on top of an already complex environment. And you talked about some customers may be trying to get inventory in ahead of time.

我想你們在電話會議和最近的白皮書中都談到了，在本已複雜的環境之上，新政府還存在著許多不確定性。您談到一些客戶可能會嘗試提前獲得庫存。

So I guess, what are you hearing maybe more broadly from customers on how they're trying to navigate the situation? And what tools are they looking for? And maybe how are they looking to you guys to kind of help them navigate this?

所以我想，您從客戶那裡聽到的關於他們如何應對這種情況的更廣泛的信息是什麼？他們正在尋找什麼工具？也許他們希望你們如何幫助他們解決這個問題？

Thanks, Faith. Yes, so a lot of discussion about this. You can see it in the papers. And certainly, we're having a lot of discussions with our customers on these subjects.

謝謝，信仰。是的，關於這個問題有很多討論。你可以在報紙上看到它。當然，我們正在與客戶就這些主題進行大量討論。

I mean, first and foremost, there's a lot of use of our global trade intelligence solution right now to try and figure out what the potential impacts would be for changes in tariffs. And no one really knows what those are going to be. They know what's been threatened, and they've also seen maybe in Trump's last term where there were threats that kind of were used as a negotiating point.

我的意思是，首先也是最重要的是，我們現在大量使用我們的全球貿易情報解決方案來嘗試找出關稅變化的潛在影響。沒有人真正知道這些會是什麼。他們知道受到的威脅是什麼，而且他們也許在川普的上個任期也看到過，有一些威脅被用作談判點。

So no one is really sure what's going to happen there. But it has caused an increased use of our system, which is helpful for us and helpful for our customers as they're trying to figure these things out.

所以沒有人真正確定那裡會發生什麼。但這導致我們系統的使用增加，這對我們有幫助，對我們的客戶也有幫助，因為他們正在嘗試解決這些問題。

Otherwise, the other thing you might see in the papers is people talking about shipping things in advance. We haven't seen that happen yet so clearly, but I'm hearing our customers talk about it and certainly seems like it's something that might be a possibility over the coming months. So we'll just continue to monitor the situation. In that case, they'd be using our network as they always do to ship goods.

否則，您可能會在報紙上看到的另一件事是人們談論提前發貨。我們還沒有那麼清楚地看到這種情況的發生，但我聽到我們的客戶談論它，並且看起來這在未來幾個月內可能會發生。所以我們將繼續關注情況。在這種情況下，他們將像往常一樣使用我們的網路來運輸貨物。

Okay. And then maybe one other quick one for me. I'm just looking at Sellercloud. You talked about you're already seeing some encouraging customer adoption of this and you're optimistic about the growth plan. So can you maybe talk about like what the potential is here now that there's a more comprehensive solution? How can this like slowly fold into the financial profile and help expand your wallet share with customers?

好的。然後也許還有一個對我來說很快的。我只是在看Sellercloud。您談到您已經看到一些令人鼓舞的客戶採用此功能，並且您對成長計劃感到樂觀。那麼，您能否談談既然有了更全面的解決方案，這裡的潛力是什麼？這如何慢慢融入財務狀況並幫助擴大您在客戶中的錢包份額？

Yes. And as we put this e-commerce solution set together, we started to realize that it would be very helpful for the customers if we could add the order entry functionality and some of the other things that Sellercloud does to the solution set. Some of the customers don't have any of those solutions and would like them all to work together.

是的。當我們將這個電子商務解決方案組合在一起時，我們開始意識到，如果我們能夠在解決方案集中添加訂單輸入功能以及 Sellercloud 所做的一些其他功能，這將對客戶非常有幫助。有些客戶沒有任何這些解決方案，但希望它們能夠協同工作。

Just in the couple of months that we've owned them, we've already had a number of sales where we sold the complete solution set, theirs and ours, in one package. And that's exciting to us because we think there's a lot of opportunity to do that going forward. It makes us more attractive to a broader customer base as a result of doing that.

就在我們擁有它們的幾個月內，我們已經進行了多次銷售，我們在一個包裝中出售了他們的和我們的完整解決方案集。這讓我們感到興奮，因為我們認為未來有很多機會可以做到這一點。這樣做的結果使我們對更廣泛的客戶群更具吸引力。

Just another commentary we've heard in the industry when we're out talking to others is that Sellercloud is a great company, and very interesting that Descartes and Sellercloud are coming together, and people were excited about it. So we're excited as well.

當我們與其他人交談時，我們在業內聽到的另一條評論是，Sellercloud 是一家很棒的公司，非常有趣的是 Descartes 和 Sellercloud 走到了一起，人們對此感到興奮。所以我們也很興奮。

Congratulations on the quarter.

恭喜本季。

Thanks, Faith.

謝謝，信仰。

Paul Treiber, RBC Capital Markets.

Paul Treiber，加拿大皇家銀行資本市場部。

Just a question on tariffs and in regards to your global trade intelligence solutions. Just what's the penetration across your customer base of global trade intelligence? And then what do you see as the longer-term opportunity? Like I imagine you're trying to drive it more into your customer base. Is there a structural cap? Or do you think every customer should have those solutions?

只是關於關稅和全球貿易情報解決方案的問題。全球貿易情報在您的客戶群中的滲透率到底是多少？那您認為長期機會是什麼？就像我想像的那樣，您正試圖將其更多地推向您的客戶群。有結構上限嗎？或者您認為每個客戶都應該擁有這些解決方案？

Every customer that moves multiple products to multiple countries is a potential target for this. If you have one product, one SKU that you only move to one country, you're probably going to be able to monitor the tariff rates yourself. As that comes into thousands of SKUs, as most companies do, and tens or even upwards of 100 or more countries that you might ship these things to, you have to know this information.

每個將多種產品轉移到多個國家的客戶都是潛在的目標。如果您有一種產品、一種 SKU 且僅轉移到一個國家/地區，那麼您可能能夠自行監控關稅率。正如大多數公司所做的那樣，這涉及數千個 SKU，以及您可能將這些商品運送到的數十個甚至超過 100 個或更多的國家/地區，因此您必須了解這些資訊。

And there's lots of ways to do it. And there's lots of places in your organization that you need access to it in the beginning, starting before you build a factory all the way to, I'm doing this live every day and shipping stuff, I want to make sure I'm paying the right rates. That's what's created a massive opportunity for us here.

並且有很多方法可以做到這一點。在你的組織中有很多地方你一開始就需要訪問它，從你建造工廠之前開始，我每天都在現場做這件事並運送東西，我想確保我支付費用合適的價格。這就是為我們創造了巨大機會的原因。

And the fact that we've put all these solutions together in one accessible data set that we can give you access to applications that we provide or download it into your Oracle or SAP or NetSuite applications, so that you can use it there and embedded in it, and we provide it in those formats for people to try to make it very easy for them to make all the countries look the same and all be delivered to your SAP or Oracle system in a format that's usable or digestible by those systems. And that's what's distinguished us from our competitors and why we're taking a leading position in the market.

事實上，我們已將所有這些解決方案放在一個可訪問的資料集中，您可以訪問我們提供的應用程序，或將其下載到您的Oracle 或SAP 或NetSuite 應用程式中，以便您可以在那裡使用它並嵌入到我們以這些格式提供它，以便人們可以輕鬆地使所有國家/地區看起來相同，並以這些系統可用或可消化的格式將所有國家/地區交付到您的 SAP 或 Oracle 系統。這就是我們與競爭對手的不同之處，也是我們在市場中佔據領先地位的原因。

And there's a lot more companies that need to do it that don't do it right now. There's a lot more companies coming up. As you can see what's going on with e-commerce right now, there's a lot of midsized and smaller guys that didn't used to think they needed stuff like this and all of a sudden, they do.

還有很多公司需要這樣做，但現在還沒有這樣做。還有很多公司正在湧現。正如您所看到的，電子商務現在正在發生什麼，有很多中型和小型企業過去並不認為他們需要這樣的東西，但突然之間，他們需要了。

Sanctioned parties, it's not the same thing, but it's the next-door neighbor for tariffs and duties. You're shipping at the same time, and you want to make sure you're able to ship that to those people.

受制裁方，這不是同一件事，但它是關稅和關稅的鄰居。您同時發貨，並且您希望確保能夠將其發貨給這些人。

Companies, midsized and smaller companies, large companies have already gotten into this, but the midsized and smaller companies tend to get into it when they get in trouble. They ship to someone they weren't supposed to or ship to a country they weren't supposed to, and they find out that they need to start doing this. And it's a way that they mitigate their fines by telling the government, hey, I just bought a solution from Descartes. It's going to make sure I don't make this mistake anymore. And that's what creates the opportunity for us there.

公司、中小企業、大公司已經陷入這個困境，但中小企業往往在遇到麻煩時才陷入困境。他們將貨物運送給不應該運送的人或運送到不應該運送的國家/地區，然後他們發現他們需要開始這樣做。這是他們透過告訴政府來減輕罰款的一種方式，嘿，我剛剛從笛卡爾那裡購買了解決方案。這將確保我不再犯下這個錯誤。這就是為我們創造機會的原因。

So it's a great business. I think we've bought a bunch of good companies in the space and ended up in a strong leadership position, and we're excited about it.

所以這是一項偉大的事業。我認為我們已經收購了該領域的許多優秀公司，並最終獲得了強有力的領導地位，我們對此感到興奮。

And then shifting gears, you mentioned e-commerce. With Sellercloud, your e-commerce business is getting quite large. Could you speak to the go-to-market strategy for e-commerce in particular and how that may differ versus your more sort of traditional market of logistics service providers?

然後轉移話題，你提到了電子商務。有了 Sellercloud，您的電子商務業務就會變得相當龐大。您能否特別談談電子商務的進入市場策略，以及它與傳統的物流服務供應商市場有何不同？

Well, in the case of our e-commerce solutions, we're going after small and medium-sized e-tailers primarily. And there's lots of them and they keep coming and there's new ones forming all the time. And as they get bigger, they need shipping solutions, they need warehouse management solutions, they need order entry solutions. And we're trying to provide an all-in-one package that helps them solve that problem and make sure they look like the big guys when they're shipping stuff to their customers.

就我們的電子商務解決方案而言，我們主要針對中小型電子零售商。它們有很多，而且不斷出現，並且一直有新的形成。隨著他們變得更大，他們需要運輸解決方案，他們需要倉庫管理解決方案，他們需要訂單輸入解決方案。我們正在努力提供一個一體化的包裝，幫助他們解決這個問題，並確保他們在向客戶運送東西時看起來像個大人物。

And our sales force is finding ways to contact those people and then making calls on them. In most cases, not in-person calls, they're talking to them over the phone and showing them our solutions and showing them how they would solve their problems and try and bring them to a point where they're operating more efficiently and they're saving money on transportation costs because they're using our systems.

我們的銷售人員正在尋找聯繫這些人的方法，然後打電話給他們。在大多數情況下，他們不是親自打電話，而是透過電話與他們交談，向他們展示我們的解決方案，並向他們展示如何解決他們的問題，並嘗試使他們能夠更有效地運作，並且他們由於使用我們的系統，他們節省了運輸成本。

Stephanie Price, CIBC.

史蒂芬妮·普萊斯，CIBC。

Maybe, Allan, this one, I think, is for you. Just in terms of all the M&A that Descartes has done so far this year, how should we kind of think about the time line to integration for these acquisitions and margins kind of trending back towards the typical level here?

也許，艾倫，我想這個適合你。就笛卡爾今年迄今為止所做的所有併購而言，我們應該如何考慮這些收購的整合時間表以及利潤率回歸到典型水平的趨勢？

Yes, every acquisition is different. Obviously, we're pretty experienced at doing this. Part of our approach is going to be to look for both cost synergies, and revenue synergies take a little bit longer typically, although as Ed said, we're starting to see some good success early on some of the deals.

是的，每次收購都是不同的。顯然，我們在這方面非常有經驗。我們方法的一部分是尋求成本協同效應，而收入協同效應通常需要更長的時間，儘管正如艾德所說，我們開始在一些交易的早期看到一些良好的成功。

So each deal takes its time, but every deal has a model where we think we can get it back, and usually improve the margins either through growth and most likely through a combination of growth and cost control, to improve the margins back towards our company average.

因此，每筆交易都需要時間，但每筆交易都有一個我們認為可以收回成本的模式，通常可以透過成長來提高利潤率，並且很可能透過成長和成本控制相結合來提高利潤率，以回饋我們公司平均的。

So it's pretty common that we'll buy businesses. They may not be at the margins that we think we can get to, that we are at right now, and we will work to get them there. Some will take a couple of quarters; some may take a couple of years. It's just a journey based on the individual deal.

所以我們收購企業是很常見的。它們可能並不處於我們認為可以達到的邊緣，我們現在所處的邊緣，我們將努力讓它們到達那裡。有些需要幾個季度；有些則需要幾個小時。有些可能需要幾年的時間。這只是一個基於個人交易的旅程。

Okay. And then just on MCP, it sounds like the opportunity with MyCarrierPortal is to cross-sell into MacroPoint's customer base. Ed, can you kind of expand on that a little bit? I'm just curious if it's going to be offered as a global trade intelligence solution as well.

好的。然後就 MCP 而言，聽起來 MyCarrierPortal 的機會是向 MacroPoint 的客戶群進行交叉銷售。艾德，你能稍微擴充一下嗎？我只是好奇它是否也將作為全球貿易情報解決方案。

Probably more something that's in our transportation management vertical focused on helping brokers and 3PLs identify which carriers are of financial status and maybe just what carriers are doing a good job of maybe delivery so they can evaluate that before they select a new carrier. It's combined with the MacroPoint solution because MacroPoint sells to almost all of those brokers. And so it's a convenient thing to sell right next door to it.

我們的運輸管理垂直領域可能更多的是專注於幫助經紀人和 3PL 確定哪些承運商具有財務狀況，以及哪些承運商在交付方面做得很好，以便他們可以在選擇新承運商之前進行評估。它與 MacroPoint 解決方案相結合，因為 MacroPoint 向幾乎所有這些經紀商出售產品。因此，在它旁邊出售是一件很方便的事情。

Also, if you're using our capacity management solutions where you're actually making shipping decisions, it's nice to know, hey, I'm selecting a new carrier here, and that carrier has kind of got a good rating in the MyCarrierPortal solution. So that's the mindset of it. I don't know that it would go into the global trade intelligence solutions, although I guess I can see why you asked that, but it's probably more likely to be used alongside of our MacroPoint solutions.

另外，如果您使用我們的容量管理解決方案來實際做出運輸決策，那麼很高興知道，嘿，我在這裡選擇一家新的承運商，並且該承運商在 MyCarrierPortal 解決方案中獲得了良好的評級。這就是它的心態。我不知道它是否會進入全球貿易情報解決方案，儘管我想我能明白您為什麼這麼問，但它可能更有可能與我們的 MacroPoint 解決方案一起使用。

Lachlan Brown, Redburn Atlantic.

拉克蘭布朗，《雷德本大西洋》。

If you look at your North American trucking volume, are you able to provide any color on your exposure to shipment volumes between Canada and the US and Mexico and the US? And given the prospect of 25% tariff that's been raised, what have your conversations been like with the customers that provide cross-border movement of goods between the US and these countries?

如果您查看北美的貨運量，您是否能夠提供有關加拿大和美國以及墨西哥和美國之間的貨運量的任何顏色資訊？考慮到提高 25% 關稅的前景，您與在美國和這些國家之間提供跨境貨物運輸的客戶之間的對話情況如何？

Thanks, Lachlan. Off the top of my head, I don't know the exact volumes, but it's substantial. We have a number of carriers that we do a lot of business with in either Canada, United States or Mexico, or in a lot of cases, all three. And they have to go do cross-border shipments, which result in custom fines and things of that nature.

謝謝，拉克蘭。從我的腦海中，我不知道確切的數量，但它是巨大的。我們與許多業者在加拿大、美國或墨西哥有許多業務往來，或者在許多情況下，在這三個國家都有業務往來。他們必須進行跨境運輸，這會導致海關罰款和類似的事情。

I don't know what's going to happen. I've heard lots of different theories about what's going to happen if 25% tariffs go into place. My gut is that it's not going to be quite that simple. It's probably going to be negotiated to certain commodities and things of that nature. I don't know what it will do to the truck volume.

我不知道會發生什麼事。我聽過很多關於 25% 關稅實施後會發生什麼的不同理論。我的直覺是事情不會那麼簡單。它可能會針對某些商品和此類性質的事物進行談判。不知道這會對卡車運量產生什麼影響。

It could increase it. I could see a world where people ship stuff into one place and then try and get it into the United States in some other way to avoid. China, I could also see these tariffs slowing it down because people would not ship as much stuff that way.

它可以增加它。我可以看到這樣一個世界：人們將物品運送到一個地方，然後嘗試以其他方式避免將其運送到美國。在中國，我也可以看到這些關稅會減慢它的速度，因為人們不會以這種方式運送那麼多的東西。

So let's put it this way. When I think of it at a higher level, there's a whole bunch of consumers out there that want stuff and there's manufacturing facilities that need stuff to produce their goods. Those goods are going to have to still get there. And I don't know how they're going to get there, but I do know that we're going to probably help our customers do it whenever these rules change or come down.

那麼就讓我們這樣說吧。當我從更高的層次思考時，有一大群消費者想要東西，並且有製造工廠需要東西來生產他們的產品。這些貨物仍然必須到達那裡。我不知道他們將如何實現這一目標，但我確實知道，每當這些規則發生變化或下降時，我們可能會幫助我們的客戶做到這一點。

And you've heard us say in the past that we help our customers deal with complexity, and this is exactly what we're talking about. There's a lot of changes being discussed right now. People have to think quickly about what they're going to do when these new changes come into place. And we provide a lot of the tools that help them figure that out and a lot of the tools that would help them actually execute on it when they do.

您過去曾聽我們說過，我們幫助客戶應對複雜性，而這正是我們正在談論的內容。目前正在討論很多變化。人們必須快速思考當這些新變化發生時他們要做什麼。我們提供了很多工具來幫助他們解決這個問題，並提供了許多工具來幫助他們在解決問題時實際執行。

So our customers are not thrilled about this by any stretch. But they have to deal with it. And when they do, we hope to be there to help them figure out how to do it as efficiently as possible.

因此，我們的客戶對此一點也不感到興奮。但他們必須應對它。當他們這樣做時，我們希望能夠幫助他們弄清楚如何盡可能有效地做到這一點。

That's very clear. And WiseTech had its Investor Day overnight, and it recently released solution compliance flow as their focus. I know you don't necessarily overlap with them too much given their focus on freight forwarding. But I'm just wondering, within your customs and regulatory compliance solutions, do you come up against them too often?

這非常清楚。而慧諮科技連夜舉辦了投資者日，最近發布了解決方案合規流程作為重點。我知道鑑於他們專注於貨運代理，您不一定與他們有太多重疊。但我只是想知道，在您的海關和監管合規解決方案中，您是否經常遇到這些問題？

Sorry, I didn't catch the name of who you're talking about.

抱歉，我沒聽清楚你說的是誰的名字。

WiseTech. Do you come up against them in customs and compliance?

慧智科技。您在海關和合規方面遇到過他們嗎？

No, not usually. I mean we come up against them in our forwarder, custom broker, back-office systems, but our strength there is in selling data to other global trade software providers, more like SAP and Oracle, broad customer bases.

不，通常不會。我的意思是，我們在貨運代理、報關行、後台系統中遇到了他們，但我們的優勢在於向其他全球貿易軟體供應商（更像是 SAP 和 Oracle）銷售數據，擁有廣泛的客戶群。

If you look at what WiseTech does, they compete against us, but in the brokerage space, it's to sell back-office systems to brokers. So they don't buy our data, they get their own data, but they sell a limited use case to potential, typically combined freight forwarders and customs house brokers. And we do the same. It's about 5% of our business. So it's not a gigantic business for us.

如果你看看慧諮科技的業務，他們會與我們競爭，但在經紀領域，他們是向經紀商出售後台系統。因此，他們不購買我們的數據，而是獲得自己的數據，但他們向潛在的（通常是貨運代理和海關經紀人）出售有限的用例。我們也這樣做。這大約占我們業務的 5%。所以這對我們來說並不是一項龐大的業務。

I think it's a much larger business for them. But that's where we compete against them. Otherwise, we know them well from that area, but we don't run into them at all in our global trade intelligence business because they don't sell their data that way.

我認為這對他們來說是一項更大的業務。但這就是我們與他們競爭的地方。除此之外，我們在該領域很了解他們，但我們在全球貿易情報業務中根本不會遇到他們，因為他們不會以這種方式出售數據。

Raimo Lenschow, Barclays.

雷莫‧倫肖 (Raimo Lenshow)，巴克萊銀行。

Perfect. Ed, if you think about -- you mentioned trucking is kind of the one that is still not quite there yet. Can you just remind us like how the value chain works? Is that just a waiting game? Or what are the things that are driving that versus the other areas?

完美的。艾德，如果你想想看——你提到卡車運輸是一種尚未完全實現的運輸方式。您能提醒我們價值鏈是如何運作的嗎？這只是一場等待遊戲嗎？或者說，與其他領域相比，推動這一趨勢的因素是什麼？

I mean there's a whole bunch of things that drive truck. And one of the things you've heard us mention in past calls is when ocean and air start to move up, they end up resulting in truck moves at the origin and at the destination. That's one of the issues. And there's other just some local demand in whatever country we're talking about.

我的意思是有很多東西可以驅動卡車。您在過去的電話中聽到我們提到的一件事是，當海洋和空氣開始上升時，最終會導致卡車在出發地和目的地移動。這是問題之一。無論我們談論的是哪個國家，都有其他一些本地需求。

And if I just look back at '21 -- sorry, '22 and '23 were really tough years for truck. It's starting to come back now but still not back to anywhere near where it was prior to that. And I'm hearing things from the trucking companies that it's starting to tick up a little bit, but it's by no means back. If more international shipments start coming in, like I kind of mentioned could happen at the beginning of the call, we could see increased truck volumes as a result of that.

如果我回顧一下 21 年——抱歉，22 年和 23 年對於卡車來說確實是艱難的幾年。現在它開始恢復，但仍然沒有恢復到之前的水平。我從貨運公司聽說，情況開始有所好轉，但絕不是回升。如果更多的國際貨運開始進入，就像我在電話會議開始時提到的那樣，我們可能會看到卡車數量因此增加。

Just other things in the economy that tend to help it. High interest rates were not helping truck volumes, I believe. And as they start to trickle back down, maybe people buy more products, and those products end up being in truck places and the trucking volumes come back. Net-net, right now, they're doing a little better than they were, but I mean I'm talking to trucking companies and freight brokers, they're not thrilled right now. They're surviving.

只是經濟中的其他事情往往會有所幫助。我認為，高利率並沒有幫助卡車銷售。當它們開始回落時，也許人們會購買更多的產品，而這些產品最終會被放在卡車上，卡車運輸量就會恢復。淨淨，現在，他們的表現比以前好一點，但我的意思是我正在與貨運公司和貨運經紀人交談，他們現在並不興奮。他們還活著。

Yes. Okay. Perfect. Okay, makes sense. And then on the increased regulation or is it regulation like the tariffs coming in, like how are customers reacting in terms of getting ready for that? Do you see that as a big bunch of pre-investing? Or is it more like a reactive approach? How do you think this will translate into kind of opportunities for you?

是的。好的。完美的。好吧，有道理。然後是關於加強監管，還是像關稅這樣的監管，例如客戶在為此做好準備方面有何反應？您認為這是一大堆預投資嗎？或者它更像是一種被動的方法？您認為這將如何轉化為您的機會？

Yes. Thanks, Raimo. I appreciate it. Our customers are right now looking to see what their tariffs are. They don't necessarily talk directly to us about this, but I think you'd see in some circumstances, they're starting to get lobbyists to try and get their tariffs excluded from whatever changes are going to occur as a result of any of these trade negotiations.

是的。謝謝，雷莫。我很感激。我們的客戶現在正在查看他們的關稅是多少。他們不一定直接與我們談論此事，但我認為你會在某些情況下看到，他們開始讓遊說者嘗試將他們的關稅排除在由於以下原因而發生的任何變化之外：這些貿易談判。

And as we get closer to it, they start to hear what people are going to do and then start to think about whether that is going to impact them or how much it's going to impact them and is there any other way to ship the goods around the world so that they don't have to have these tariffs.

當我們越來越接近它時，他們開始聽到人們要做什麼，然後開始思考這是否會對他們產生影響，或者會對他們產生多大影響，以及是否有其他方式運送貨物世界，這樣他們就不必承擔這些關稅。

I think some of them are going to think about shipping stuff in advance to make sure that they have more product in the country so that they have an advantage over the competitor for some period of time because they get products in before the tariffs change. So I think all kinds of things like that, and our systems help with some of that, not all of it, but some of it. And obviously, if the rates change, the real thing they're going to do with us is use our systems and our databases to rate these shipments as the new rates change quickly, and they want to make sure they get the rates right.

我認為他們中的一些人會考慮提前運輸貨物，以確保他們在該國擁有更多的產品，以便他們在一段時間內比競爭對手擁有優勢，因為他們可以在關稅變化之前獲得產品。所以我認為類似這樣的事情都有，我們的系統可以幫助解決其中的一些問題，不是全部，但只是其中一些。顯然，如果費率發生變化，他們真正要做的就是使用我們的系統和資料庫對這些貨物進行評級，因為新費率變化很快，他們希望確保費率正確。

John Shao, National Bank.

約翰‧邵，國家銀行。

So it looks like 2025 fiscal has been a big year in terms of your M&A with a record amount of capital deployment. So do you think that's going to be a new normal going forward? And maybe could you also comment on the pace of acquisition in the future?

因此，就併購而言，2025 財年似乎是重要的一年，資本部署量創歷史新高。那麼您認為這會成為未來的新常態嗎？或許您也可以評論一下未來的收購步伐嗎？

Yes. I mean I don't want to say too much because we never know what's going to happen. A year ago, we didn't do any deals because we didn't like the prices on any deals. We've kind of stayed put.

是的。我的意思是我不想說太多，因為我們永遠不知道會發生什麼事。一年前，我們沒有做任何交易，因為我們不喜歡任何交易的價格。我們有點原地踏步。

And then as things started to loosen up and we start to be able to reach agreement with more potential acquisitions, you see us get more acquisitions done right now. It feels like a pretty good environment right now for these types of things. I don't know what's going to happen in the future.

然後，隨著事情開始放鬆，我們開始能夠與更多潛在收購達成協議，你會看到我們現在完成了更多收購。對於這些類型的事情來說，現在感覺是一個非常好的環境。我不知道未來會發生什麼事。

We don't try to -- when people ask us, what's your normal pace of acquisitions. Our answer would be we don't have a normal pace of acquisitions. We buy companies when we think they're good deals and we don't when we don't. And I don't think we're going to change that philosophy.

當人們問我們你們的正常收購速度是多少時，我們不會嘗試這樣做。我們的答案是我們沒有正常的收購速度。當我們認為公司是划算的交易時，我們就買它們；當我們認為交易不划算時，我們就不會買進。我認為我們不會改變這種理念。

If we see good acquisitions out there to do, we want to be prepared to do them both financially and also from an integration perspective. We spend a lot of time making sure we're streamlined and good at those things. And if we don't see anything we like, then we think the best decision is to not buy anything. So we'll see how it goes in the future.

如果我們看到有好的收購要做，我們希望在財務上和整合的角度做好準備。我們花了很多時間來確保我們精簡並擅長這些事情。如果我們沒有看到任何我們喜歡的東西，那麼我們認為最好的決定就是不要買任何東西。所以我們會看看未來會如何發展。

We're optimistic about what we've seen so far this year. That's why we've gotten five acquisitions done. We'll see if that continues. If it does, great. And if it doesn't, we'll keep running our business the way we have.

我們對今年迄今所看到的情況感到樂觀。這就是我們完成五次收購的原因。我們將看看這種情況是否會持續下去。如果是這樣，那就太好了。如果沒有，我們將繼續以現有方式經營業務。

Okay. And just a modeling question. It looks like the Sellercloud is a high-growing business. Is there any way you can help us quantify that organic growth and maybe the contribution to your overall target?

好的。只是一個建模問題。看起來 Sellercloud 是一項快速成長的業務。您有什麼方法可以幫助我們量化有機成長以及對整體目標的貢獻嗎？

I don't think we've broken it out yet, and it's probably a little too soon even if we did break it out to say for sure. I can tell you this, we're really happy with the solutions we've got. We've gotten a lot of compliments from customers about putting these things together, and we're starting to sell these things together.

我認為我們還沒有解決這個問題，即使我們確實解決了這個問題，現在也可能有點太快了。我可以告訴你，我們對我們所得到的解決方案非常滿意。我們收到了很多客戶對將這些東西組合在一起的稱讚，並且我們開始將這些東西組合在一起銷售。

So as I think I mentioned in the prepared comments, we're excited about it and specifically excited that we see customers that are looking to buy all these things together. And we think we can, as a result, drive revenue growth at Sellercloud in the future. And if we're able to do that, that's going to be a great acquisition for us. So we're happy about it.

因此，正如我在準備好的評論中提到的那樣，我們對此感到興奮，特別是我們看到客戶希望一起購買所有這些東西，這讓我們感到特別興奮。我們認為，未來我們可以推動 Sellercloud 的營收成長。如果我們能夠做到這一點，這對我們來說將是一次偉大的收購。所以我們對此感到高興。

Dan Chan, TD Cowen.

丹·陳，TD·考恩。

This is Justin on for Dan. Just one on organic growth. It came in really strong this quarter at 10%. Anything specific to call out that's driving the acceleration over the past few quarters? And is this a good kind of run rate that you feel comfortable with going forward?

這是賈斯汀替丹代言。只是關於有機成長的一個。本季的成長非常強勁，達到 10%。有什麼具體的事情可以指出來推動過去幾季的加速發展嗎？這是一種讓您感到滿意的良好運行速度嗎？

We never know exactly what's going to happen in the future. We try to run our business as best we can to prepare for when times are good. And also, if times are not as good, we think we benefit even in a down market from running our company financially better than our competitors so that we are in a better position to make acquisitions when things turn tough.

我們永遠不知道未來會發生什麼事。我們盡力經營我們的業務，為形勢好的時候做好準備。而且，如果情況不那麼好，我們認為即使在市場低迷的情況下，我們也能從比競爭對手更好的財務管理中受益，這樣我們就能在形勢變得艱難時處於更有利的地位進行收購。

I don't know what's going to happen in the future with the economy. I hope it goes great. If it does, you're probably going to see our numbers accelerate from here. And if it's flat, it will probably be around here. And if it's a down market, my hope is that we still perform pretty well, but obviously, our revenue growth numbers would be lower than they are today.

我不知道未來經濟會發生什麼事。我希望一切順利。如果確實如此，您可能會看到我們的數字從這裡開始加速。如果它是平坦的，它可能就在這裡。如果市場低迷，我希望我們仍然表現良好，但顯然，我們的收入成長數字將低於今天。

And I don't know what's going to happen going forward. If anyone does, give me a call. But I think we're going to try and run our company to be a consistent performer and still make money every quarter, a little more than we did the last, no matter what the general economic circumstances are in the world.

我不知道接下來會發生什麼事。如果有人這樣做，請打電話給我。但我認為，我們將努力經營我們的公司，使其表現始終如一，並且每個季度仍然賺錢，比上一個季度多一點，無論世界總體經濟環境如何。

Right now, it feels to us like things are doing okay, but there's a lot of talk in the world about a lot of things changing right now. So we just have to see what the impact of that is. And in the meantime, we're going to try and run our business to keep making more money every day.

現在，我們感覺一切都進展順利，但世界上有很多關於現在很多事情正在改變的討論。所以我們只需要看看它的影響是什麼。同時，我們將努力經營我們的業務，以便每天都能賺更多的錢。

That's great. And the recent acquisitions in OCR and ASD, you mentioned that they are ahead of integration plans. Can you provide any color on the margins of these businesses and where do you think you can take it in the future? Are they near like OCR and ASD?

那太棒了。最近對 OCR 和 ASD 的收購，您提到他們領先於整合計劃。您能否對這些業務的利潤提供一些說明？它們像 OCR 和 ASD 一樣接近嗎？

Yes. I mean OCR is the big one. That's a business that we've done very well, and we've had been able to get out of the other businesses that we bought in that global trade intelligence business, very high margins over time. We bought OCR at a lower margin than normal and maybe even a little lower than our normal Descartes margins, and we're optimistic that we can move them higher.

是的。我的意思是 OCR 是最重要的。這是我們做得非常好的業務，而且我們已經能夠從我們在全球貿易情報業務中購買的其他業務中擺脫出來，隨著時間的推移，利潤率非常高。我們以低於正常水平的利潤購買 OCR，甚至可能比我們正常的笛卡爾利潤低一點，我們樂觀地認為我們可以將其提高。

ASD is a smaller company and will fold into our customs filings and security filings businesses. And I expect over time, it will get the margins that we get out of that business as well. But it's a smaller business than OCR.

ASD 是一家規模較小的公司，將併入我們的海關備案和安全備案業務。我預計隨著時間的推移，我們也將從該業務中獲得利潤。但它的業務規模比 OCR 還要小。

Scott Group, Wolfe Research.

斯科特集團，沃爾夫研究。

So I know you talked, Ed, about like tariff potential, but what are you hearing from customers about East and Gulf Coast port strike in January? And since you set the calibration in November, like is any sort of tariff pull forward, strike pull forward, would that be in the calibration or not?

Ed，我知道您談到了類似的關稅潛力，但是您從客戶那裡聽到了關於一月份東部和墨西哥灣沿岸港口罷工的消息？既然你在 11 月設定了校準，就像任何形式的關稅提前、罷工提前，這是否會在校準中？

No, probably not. I mean we don't know what's going to happen there. Yes, I'm not hearing too much about that strike other than I know they got a 60% raise over five years. So I suspect the money is fine.

不，可能不會。我的意思是我們不知道那裡會發生什麼。是的，除了我知道他們在五年內加薪了 60% 之外，我沒有聽到太多關於這次罷工的消息。所以我懷疑錢沒問題。

I think the comment I've heard, and you probably could read this in the paper too, but I've heard them saying that the last little issue here is around technology and whether they allow to implement technology. So that gave me a little chuckle when I read that.

我想我聽過這樣的評論，你可能也可以在報紙上讀到這一點，但我聽到他們說這裡的最後一個小問題是關於技術以及他們是否允許實施技術。所以當我讀到這篇文章時，我有點笑了。

From what I've heard and a few comments I've heard from our customers that are somewhat involved in this is that the money is probably fine with some other issues around the fringes. I'm somewhat optimistic that they won't go on strike again. And no, I would say we did not factor those things into the calibration.

根據我所聽到的以及我從參與此事的客戶那裡聽到的一些評論，這筆錢可能可以解決一些其他邊緣問題。我對他們不會再次罷工持樂觀態度。不，我想說我們沒有將這些因素納入校準中。

Okay. And then can you just say how much did Sellercloud help the calibration for Q4?

好的。那麼您能說一下Sellercloud對第四季的校準有多大幫助嗎？

I couldn't say something specific. I don't know, Allan, if you have any comments on that, but I don't.

我不能說具體的事情。艾倫，我不知道你對此有何評論，但我沒有。

Yes. We typically don't break that out. What I can say is that when we run these businesses when we first acquired them, we get comfortable with their revenue streams over time and the contracts they have. And so we start off sort of softly integrating these acquisitions into the calibration, just the absolutely known revenues. We'll fine-tune that number over time.

是的。我們通常不會打破這一點。我能說的是，當我們第一次收購這些業務時，我們對它們隨著時間的推移而產生的收入流以及它們所擁有的合約感到滿意。因此，我們開始將這些收購輕輕地整合到校準中，只是絕對已知的收入。我們將隨著時間的推移微調這個數字。

But part of the Sellercloud acquisition revenues are in that calibration, and we'll just improve that and perfect that over time.

但 Sellercloud 收購收入的一部分來自於這種校準，我們將隨著時間的推移對其進行改進和改進。

Okay. So bigger picture, Ed, right, we've done, I think, what, five deals this year, most in a while. Like do you think this sets you up to see an accelerated pace of EBITDA growth next year as we start to sort of reap the benefits of some of these acquisitions?

好的。所以，從更大的角度來看，艾德，對，我們今年已經完成了五筆交易，這是一段時間內的大部分交易。您是否認為，隨著我們開始從其中一些收購中獲益，明年 EBITDA 成長速度會加快？

I'm sure it will help our EBITDA margins. Yes, we're buying companies that we think are growing pretty fast, and we think we can do things to help them grow faster, both from a revenue perspective and an EBITDA margin perspective. So that's why we do them.

我確信這將有助於提高我們的 EBITDA 利潤率。是的，我們正在購買我們認為成長速度相當快的公司，我們認為我們可以採取措施幫助他們更快地成長，無論是從收入角度還是從 EBITDA 利潤率角度來看。這就是我們這樣做的原因。

And yes, I'm hopeful that that will help us in the future. But bear in mind, that's standard operating procedure for us.

是的，我希望這對我們未來有所幫助。但請記住，這是我們的標準作業程序。

We're always doing this. So I could probably say the same for every year. Yes, the things I bought this year are definitely going to help us next year, at least that's why we bought them. So I don't know that I have a much better way of saying that.

我們一直在做這件事。所以我可能每年都會說同樣的話。是的，我今年買的東西肯定會對我們明年有幫助，至少這就是我們買它們的原因。所以我不知道我有更好的表達方式。

Okay. I get that. It's been a more active year than we've seen at least in recent.

好的。我明白了。今年是比我們最近看到的更活躍的一年。

Yes, for sure. But just from our perspective, we're buying these companies when we think they're good deals and we're not when they're not. We're very proud to say we've never had a gun successfully held to our head, like, you got to buy this thing. That's not us. I don't think we have to buy anything. We'll buy it if we think it's a good deal. We're going to be able to make money for our shareholders and get a good ROIC, and we won't if we don't.

是的，當然。但僅從我們的角度來看，當我們認為這些公司是划算的交易時，我們就會買它們，而當它們不划算時，我們就不會買。我們非常自豪地說，我們從來沒有成功地用槍指著我們的頭，就像，你必須買這個東西。那不是我們。我認為我們不必買任何東西。如果我們認為划算，我們就會買。我們將能夠為我們的股東賺錢並獲得良好的投資回報率，如果我們不這樣做，我們就不會這樣做。

Kevin Krishnaratne, Scotia Bank.

凱文‧克里希納拉特納 (Kevin Krishnaratne)，豐業銀行。

I had a question as well on Sellercloud. It looks like it is a really good asset, fast growing. I'm wondering what was the motivation behind them selling. And was it a competitive process?

我在 Sellercloud 上也有一個問題。看起來這是一項非常好的資產，成長迅速。我想知道他們出售的動機是什麼。這是一個競爭過程嗎？

It was a competitive process. There's bankers involved, as you would almost always have when it gets to that level. We knew them for a while. We wanted a solution like this. We've heard in the industry they were one of the best and thought they would be a good fit with us.

這是一個競爭的過程。銀行家也參與其中，當事情達到這種水平時，幾乎總會有銀行家參與其中。我們認識他們有一段時間了。我們想要一個這樣的解決方案。我們聽說他們是業內最好的之一，並認為他們非常適合我們。

We got to know them over time and eventually became pretty friendly with them and we're able to get a deal done. They were pretty cooperative guys in doing that, and they've been very cooperative since the acquisition, which is all great for us. Nothing terribly contentious in it. And we're excited about having it because the customers are excited about us having it. So that's the kind of stuff that gets us excited.

隨著時間的推移，我們逐漸了解了他們，最終與他們變得非常友好，我們能夠達成交易。他們在這方面非常合作，而且自收購以來他們一直非常合作，這對我們來說非常好。其中沒有什麼特別有爭議的。我們對擁有它感到興奮，因為客戶對我們擁有它感到興奮。這就是讓我們興奮的事情。

Got it. Maybe one for Allan. You guys do run very lean operations, but I'm wondering about your thoughts on use of AI and automation in your cost base, whether it's R&D, G&A. Any thoughts you can talk about there, maybe squeezing out an extra point or two, timelines, anything? Everyone is talking about the use of AI in the cost base, just wondering what your thoughts are there.

知道了。也許是給艾倫的。你們的營運確實非常精益，但我想知道你們對在成本基礎上使用人工智慧和自動化的想法，無論是研發還是一般管理費用。你有什麼想法可以在那裡談談，也許可以擠出一兩點，時間表，什麼？每個人都在談論人工智慧在成本基礎上的使用，只是想知道你的想法是什麼。

Yes, for sure. Ed commented, and obviously, there's a revenue or product side of that, we'll be looking at how we can improve things within development, within support. Even within the finance function, there will be opportunities over time. Those will just be things that we do.

是的，當然。 Ed 評論道，顯然，這有收入或產品方面的因素，我們將研究如何在開發和支援方面進行改進。即使在財務部門，隨著時間的推移也會出現機會。這些就是我們所做的事情。

We constantly look at how we use technology internally ourselves to try to improve our business, and this will be another area that we look at and probably finding some level of cost improvements as we think about how to reduce manual processes in some of the product areas. So more to come on that.

我們不斷關注如何在內部使用技術來嘗試改善我們的業務，這將是我們關注的另一個領域，當我們考慮如何減少某些產品領域的手動流程時，可能會發現一定程度的成本改進。所以還有更多的事情要做。

Robert Young, Canaccord Genuity.

羅伯特楊，Canaccord Genuity。

I'll ask two at the same time for time here. The license, that was up quite a bit. Is that a onetime item? Should we model that at that sort of pace based on recent M&A?

我會同時向兩個人詢問這裡的時間。許可證，上升了不少。那是一次性物品嗎？我們是否應該根據最近的併購以這種速度進行建模？

And then second question would be, I mean, with the Trump administration, the other big thing is the lower level of regulation, maybe lower environmental regulation. In fact, the last time they weakened emission standards. Is there any kind of second derivative impact that you think will impact your business? And then I'll pass it on.

第二個問題是，我的意思是，對川普政府來說，另一件大事是監管程度較低，也許是環境監管較低。事實上，上次他們削弱了排放標準。您認為是否存在任何類型的二階導數影響會影響您的業務？然後我會把它傳遞下去。

Yes. So Ed, maybe I'll just take the first one on licenses. You should always factor in that licenses are not recurring, that they'll happen when they happen. $3.5 million in the quarter was high.

是的。所以艾德，也許我會選擇第一張許可證。您應該始終考慮到許可證不會重複出現，它們會在發生時發生。本季 350 萬美元處於高位。

We don't want to sell licenses. We'd rather sell a subscription. And most likely, you'll see the numbers come back down to more trending to where they've been in the last number of quarters.

我們不想出售許可證。我們寧願出售訂閱。最有可能的是，您會看到這些數字回到了過去幾季的趨勢。

And then, Ed, over to you on the second question.

然後，艾德，請回答第二個問題。

I think it was do I see any changes coming from the Trump administration that are put into the calibration. And the answer is no. I mean we don't know what's going to happen yet. I think our customers are going to need help dealing with some of these things, and we want to be there to help them. There's all kinds of possibilities of what customers may do from here, and I don't know what those are yet.

我認為我是否看到川普政府做出了任何改變來進行校準。答案是否定的。我的意思是我們還不知道會發生什麼事。我認為我們的客戶需要幫助來處理其中一些事情，我們希望在那裡幫助他們。客戶可以在這裡做各種各樣的事情，但我還不知道這些是什麼。

So we haven't really modeled it in. When I listen to some of these things, I think we're probably going to need to help our customers do more stuff than they were dealing with three months ago. So that's probably going to help us. But we're probably more focused on making sure we do a good job for them and the money comes from that.

所以我們還沒有真正對其進行建模。所以這可能對我們有幫助。但我們可能更專注於確保為他們做好工作，並從中獲得資金。

Steven Li, Raymond James.

史蒂文李，雷蒙詹姆斯。

Ed, as you continue to fill out your portfolio, is there a metric that you track like what is the average number of software modules your customers are buying from you?

Ed，當您繼續填寫您的產品組合時，是否有一個指標可以跟踪，例如您的客戶從您那裡購買的軟體模組的平均數量是多少？

I mean we track the cross-sell percentages. We're like 65% to 70% right now, which we think is a great number. Each acquisition is different, has a different hypothesis about what's going to happen. But usually, it does involve us selling more stuff to existing customers. But some of the stuff sells a lot, grow fast.

我的意思是我們追蹤交叉銷售百分比。目前我們的比例約為 65% 至 70%，我們認為這是一個很大的數字。每次收購都是不同的，對將要發生的事情有不同的假設。但通常情況下，它確實涉及我們向現有客戶銷售更多的東西。但有些東西賣很多，成長得很快。

Some of the stuff, it's a different kind, a larger sale. We don't sell as many deals, but they're for more money. And some of the companies are very big, and therefore, driving a lot more revenue. And some of the companies are smaller in size. And even though they're showing us great growth, they're starting from a small place.

有些東西是不同種類的，銷售量更大。我們賣的東西不多，但都是為了賺更多錢。其中一些公司規模很大，因此帶來了更多的收入。而且有些公司規模較小。儘管他們向我們展示了巨大的成長，但他們還是從小地方開始的。

So we just basically look at each company that we buy, the hypothesis that we have going in, the ROIC that we're expecting to get, and we go do and get there. And if something else happen out of it, if it does, we try to adapt and take advantage of some of the opportunities that we see over time.

所以我們基本上只是看看我們購買的每家公司，我們已經進入的假設，我們期望獲得的投資回報率，然後我們就去做並實現目標。如果其中發生了其他事情，如果確實發生了，我們會嘗試適應並利用我們隨著時間的推移看到的一些機會。

We've had a lot of those happen in the last 10 years where we bought something and we thought it was pretty good and then we thought we were hitting a single or double and all of a sudden, it turns into a triple or home run. So we try to be nimble when we see those things so we can take advantage of them and otherwise stick to the hypothesis we had when we went in and make sure we get the ROIC that we expected to get out of the company regardless of what happened. And that gives you some sense of how we think about these things.

在過去的十年裡，我們遇到過很多這樣的情況，我們買了一些東西，我們認為它相當不錯，然後我們以為我們打出了一壘安打或二壘安打，突然間，它變成了三壘安打或全壘打。因此，當我們看到這些事情時，我們會盡量保持靈活，這樣我們就可以利用它們，否則就堅持我們進入時的假設，並確保我們獲得我們期望從公司中獲得的投資回報率，無論發生什麼情況。這讓你了解我們如何看待這些事情。

Yes. Got it. Very helpful. And then maybe a question for Allan. On that 10% organic growth, was there an FX headwind or tailwind year over year?

是的。知道了。非常有幫助。然後也許有個問題要問艾倫。就 10% 的有機成長而言，與去年同期相比，外匯市場是否有逆風或逆風？

Yes, a small tailwind on revenue, just very slight, virtually nothing, very, very neutral when it comes to adjusted EBITDA. As you would expect from our business, we're fairly naturally hedged at that cash flow or profit level, but a slight positive from FX, but it doesn't really change the percentages, still 7% on services and 10% overall.

是的，這對收入有一個小小的推動作用，只是非常輕微，幾乎沒有什麼，就調整後的 EBITDA 而言，非常非常中性。正如您對我們業務的期望，我們相當自然地在現金流或利潤水平上進行對沖，但外匯略有積極，但它並沒有真正改變百分比，仍然是 7% 的服務和 10% 的整體。

There are no further questions. I'd like to turn the call over to Ed Ryan for closing remarks. Sir, please go ahead.

沒有其他問題了。我想將電話轉給 Ed Ryan 致閉幕詞。先生，請繼續。

Thanks, everyone. I appreciate your time this afternoon, and we look forward to reporting back to you on Q4 in March. Talk to you all soon.

謝謝大家。感謝您今天下午的寶貴時間，我們期待在 3 月的第四季向您報告。很快就跟大家聊聊。

Ladies and gentlemen, this concludes today's conference. Thank you very much for your participation. You may now disconnect.

女士們、先生們，今天的會議到此結束。非常感謝您的參與。您現在可以斷開連線。