Descartes Systems Group Inc (DSGX) 2026 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)

女士們、先生們，下午好，歡迎參加笛卡爾系統集團季度業績電話會議。（操作員指示）

This call is being recorded on Wednesday, June 4, 2025. I would now like to turn the conference over to Mr. Scott Pagan. Please go ahead.

本次通話於 2025 年 6 月 4 日星期三錄製。現在我想將會議交給史考特·帕根先生。請繼續。

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

謝謝大家，下午好。今天與我一起參加電話會議的還有執行長 Ed Ryan 和財務長 Allan Brett。我相信大家都已經收到了我們今天早些時候發布的財務業績新聞稿的副本。今天的電話會議內容，除歷史績效外，還包括適用證券法所定義的前瞻性資訊陳述。這些聲明是根據這些法律的安全港條款作出的。

These forward-looking statements include statements related to our assessment of the current future impact of geopolitical trade tariff and economic uncertainty on our business and financial condition; Descartes' operating performance, financial results and condition; 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對地緣政治貿易關稅和經濟不確定性對我們的業務和財務狀況的當前未來影響的評估有關的陳述；笛卡爾的經營業績、財務結果和狀況；現金流和現金使用情況；業務前景；基準收入、基準運營費用和基準校準；預期和潛在的收入損失和收益；

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、績效或成就與此類前瞻性陳述所暗示的預期結果、績效或成就有重大差異。這些因素在新聞稿和提交給美國證券交易委員會、安大略省證券交易委員會和加拿大其他證券委員會的文件中題為“可能影響未來結果的某些因素”的部分中有概述，包括我們管理層今天提交的討論和分析。

We provide forward-looking statements solely for the purpose of providing information about management's current expectations and plans relating to the future. You're cautioned that such information may not be appropriate for other purposes.

我們提供前瞻性陳述僅僅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，此類資訊可能不適合用於其他目的。

We don't undertake or accept any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements to reflect any change in our expectations or any change in events, conditions, assumptions or circumstances on which any such statement is based, except as required by law.

除非法律要求，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更新或修訂，以反映我們預期的任何變化或任何此類陳述所依據的事件、條件、假設或情況的任何變化。

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

說完這些，讓我把電話轉給 Ed。

Okay. Thanks, Scott, and welcome, everyone, to the call. Today, we're reporting strong first quarter revenues and annual adjusted EBITDA growth consistent with our plans in very challenging and uncertain market conditions for our customers. We're excited to share these results with you and give you some of our perspective on the current business environment. But first, let me give you a road map for the call.

好的。謝謝，斯科特，歡迎大家參加電話會議。今天，我們報告第一季收入強勁，年度調整後 EBITDA 成長符合我們的計劃，儘管我們的客戶面臨非常具有挑戰性和不確定性的市場條件。我們很高興與您分享這些結果，並向您提供我們對當前商業環境的一些看法。但首先，讓我先為你提供這次通話的路線圖。

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 for Q2. And we'll then open it up to the operator to coordinate the Q&A portion of the call.

我將首先介紹上個季度的一些亮點以及我們業務表現的一些方面。然後我會把它交給艾倫，他將更詳細地介紹第一季的財務結果。之後，我會回來提供有關我們如何看待當前商業環境以及我們如何針對第二季調整業務的最新資訊。然後，我們會將其開放給接線員，以協調通話的問答部分。

Let's start with the first 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 very good performance in each of these areas.

讓我們從 4 月 30 日結束的第一季開始。我們監控的關鍵指標包括收入、利潤、營運現金流、營業利益率和投資回報。在過去的一個季度中，我們在各個領域再次取得了非常出色的表現。

Total revenues were up 12% from a year ago with services revenues up 14% from a year ago. Income from operations was up 9% from a year ago with adjusted EBITDA up 12%. Our adjusted EBITDA margin was up 1 point from a year ago to 45%.

總營收比去年同期成長 12%，其中服務收入比去年同期成長 14%。營業收入較上年同期成長 9%，調整後 EBITDA 成長 12%。我們的調整後 EBITDA 利潤率較去年同期上升 1 個百分點，達到 45%。

We paid $115 million plus some restructuring costs to acquire 3GTMS, an acquisition I'll speak to later. We also generated almost $54 million in cash from operations in Q1, in a quarter where we also had payments to restructure 3GTMS immediately at closing.

我們支付了 1.15 億美元加上一些重組成本來收購 3GTMS，我稍後會談到這項收購。我們在第一季也從營運中產生了近 5,400 萬美元的現金，該季度我們還在收盤時立即支付了重組 3GTMS 的款項。

At the end of the quarter, we had more than $175 million in cash, and we were debt-free with an undrawn $350 million line of credit. We remain well capitalized, cash generating, growing and ready to continue to invest in our business. We had a few things that were the primary drivers of growth in our business, and I'll talk about each of these now.

截至本季末，我們擁有超過 1.75 億美元的現金，且沒有負債，尚未動用的信用額度為 3.5 億美元。我們仍然資本充足、現金流充足、不斷發展，並準備繼續投資於我們的業務。有幾個因素是我們業務成長的主要驅動力，現在我將逐一討論。

The first was in our transportation management area.

第一個是在我們的交通管理區。

First area of strength was in our transportation management pillar, in particular with our MacroPoint real-time visibility business. With so many challenges with goods that are moving across borders, solutions that help companies with more efficient domestic transportation moves have seen strong demand. We believe that we have the highest quality tracking service in the market with a very high percentage of loads able to be tracked through our network through our consistent focus on interacting with carriers and other transportation management systems to get status updates.

我們的第一個優勢領域是運輸管理支柱，特別是我們的 MacroPoint 即時視覺業務。由於跨境貨物運輸面臨諸多挑戰，幫助企業提高國內運輸效率的解決方案的需求強勁。我們相信，我們擁有市場上最高品質的追蹤服務，透過我們始終專注於與承運商和其他運輸管理系統互動以獲取狀態更新，可以透過我們的網路追蹤非常高比例的負載。

We're even leveraging AI technologies to help our customers track an even greater percentage of their loads. As we ended the quarter, we were seeing some of our strongest months ever in the MacroPoint business against the backdrop of declining domestic truck moves in the United States.

我們甚至利用人工智慧技術來幫助我們的客戶追蹤更大比例的負載。截至本季末，在美國國內卡車運輸量下滑的背景下，MacroPoint 業務迎來了有史以來最強勁的幾個月。

The recent MyCarrierPortal acquisition also has been a great addition to the transportation management solution stack. There's been a lot of media and market attention on cargo, theft, and fraud with criminal networks supporting systems by creating fake carriers, and accepting delivery loads to steal cargo and/or get payment. MyCarrierPortal helps identify this type of fraud by helping customers evaluate the legitimacy of carriers they're doing business with.

最近對 MyCarrierPortal 的收購也為運輸管理解決方案堆疊增添了巨大的助力。媒體和市場對貨物盜竊和詐欺問題給予了極大的關注，犯罪網絡透過創建虛假承運人、接受運送貨物來竊取貨物和/或獲取付款，以此來支持系統。MyCarrierPortal 透過幫助客戶評估與其有業務往來的承運商的合法性來幫助識別此類詐欺行為。

We recently held a webinar with the California Highway Patrol to talk about the cargo fraud, and it was one of our highest attended events ever. MyCarrierPortal has been a great addition to the portfolio, allowing us to further distinguish ourselves in the transportation market.

我們最近與加州公路巡警局舉辦了一次網路研討會，討論貨物詐欺問題，這是我們有史以來參加人數最多的活動之一。MyCarrierPortal 是我們產品組合的一大補充，讓我們在運輸市場上更加脫穎而出。

We also made another addition to our transportation management portfolio, where we combined with 3GTMS in the latter part of this quarter. 3G has a traditional domestic transportation management system on a modern cloud architecture. With so many challenges in the international trade, making an investment in domestic transportation was logical for us. 3G, also has strength in parcel shipping, which is an excellent complement to our existing shipping solutions. Overall, the acquisition provides some great functionality to our existing customers and allows 3G customers with access to our real-time visibility and fraud prevention solutions.

我們也對運輸管理產品組合進行了補充，在本季度後半段與 3GTMS 進行了合併。3G在現代雲端架構上擁有傳統的國內運輸管理系統。由於國際貿易面臨如此多的挑戰，對國內運輸進行投資對我們來說是合乎邏輯的。3G 在包裹運輸方面也具有優勢，這對我們現有的運輸解決方案來說是一個很好的補充。總體而言，此次收購為我們現有的客戶提供了一些強大的功能，並允許 3G 客戶使用我們的即時可視性和詐欺預防解決方案。

3G did require some restructuring to put iting on a path to the margins that Descartes prefers to operate at, which used some of our cash from operations in the quarter to get the business better positioned. In particular, with the acquisition happening near the end of the quarter, it meant that 3G didn't contribute much to our Q1 adjusted EBITDA and will require some operating history before it's fully integrated into our normal calibration.

3G 確實需要進行一些重組，以使其走上 Descartes 希望的利潤率之路，該公司使用了我們本季度營運中的部分現金來使業務處於更好的位置。特別是，由於收購發生在季度末，這意味著 3G 對我們第一季調整後的 EBITDA 貢獻不大，並且需要一些營運歷史記錄才能完全納入我們的正常校準中。

Overall, transportation management grew well in a challenging environment. In the US, in particular, there's still a declining number of freight brokers and domestic truck moves. However, with our ability to become more efficient at tracking shipments and further distinguishing ourselves in the market, we've been able to grow with more tracked loads and more customers.

總體而言，運輸管理在充滿挑戰的環境中發展良好。尤其在美國，貨運經紀人和國內卡車運輸的數量仍在下降。然而，隨著我們能夠更有效率地追蹤貨物並進一步在市場上脫穎而出，我們能夠透過更多的追蹤貨物和更多的客戶實現成長。

Second area of strength was our Global Trade Intelligence business. Tariff changes have been coming fast and furious, increases, decreases, pauses, commodity-specific tariffs. It's been a very busy time for our tariff group. Our customers are adjusting almost daily to a new tariff environment, and they need to know that they've got a timely and accurate information source to make their decisions with.

我們的第二個優勢領域是全球貿易情報業務。關稅變化來得又快又猛，有增加、減少、暫停，還有針對特定商品的關稅。對於我們的關稅組來說，這是一個非常忙碌的時期。我們的客戶幾乎每天都在適應新的關稅環境，他們需要知道他們是否有及時、準確的資訊來源來做出決策。

In addition, our customers are researching how other companies are handling the changes, so our data mine research tools are in high demand so that no customer gets left behind. Our best marketing tool is every mention of tariffs in news headlines, so it's an area of strength in the quarter.

此外，我們的客戶正在研究其他公司如何應對這些變化，因此我們的資料探勘研究工具需求量很大，以確保不會落下任何客戶。我們最好的行銷工具是新聞標題中每次提到關稅，因此這是本季的優勢領域。

The third area was customs and regulatory compliance. These are primarily customs and security filings related to shipments crossing borders. A couple of things contributed to growth here.

第三個領域是海關和法規合規性。這些主要是與跨境貨物有關的海關和安全申報。有幾件事促進了這裡的成長。

First, there were some newer import control system requirements in the EU that have driven demand for solutions to comply. Second, we saw some lumpy timing blips in the market as people rushed imports to get ahead of the pending tariffs or alternatively to take advantage of temporary tariff reprieves. This part of our business is strong as long as shipments are moving. However, one area of the business that has seen a bunch of change is the import of small packages in the United States, otherwise known as de minimis shipments.

首先，歐盟推出了一些較新的進口控制系統要求，這推動了對合規解決方案的需求。其次，我們看到市場上出現了一些不穩定的時機波動，因為人們為了趕在即將生效的關稅之前或為了利用暫時的關稅減免而急於進口。只要貨物運輸暢通，我們這部分業務就會很強勁。然而，業務中發生巨大變化的一個領域是美國小包裹的進口，也就是所謂的微量貨物。

The US had a filing mechanism called Type 86 that allowed low-value shipments under $800 to come into the United States on a tariff-free basis. That exemption and final mechanism was used most often by Chinese e-commerce retailers who were selling into the United States. The US has stopped the availability of that exemption for China, meaning there are tariff duties that now need to be paid on those shipments. So in that business, we saw an influx of activity in Type 86 before the tariff exemption disappeared on May 2 after the quarter.

美國有一個名為「86 型」的備案機制，允許價值低於 800 美元的低價值貨物免關稅進入美國。這種豁免和最終機制最常被向美國銷售產品的中國電子商務零售商使用。美國已停止對中國提供此項豁免，這意味著現在需要對這些貨物繳納關稅。因此，在該業務中，我們看到 86 型活動的湧入，直到本季結束後的 5 月 2 日關稅豁免消失。

Since then, there seemed to be a temporary pause from some larger foreign e-commerce vendors as they determined how to best import goods to the United States under the new procedures and then a resumption of imports under a more traditional import measure, Type 11 or Type 1 filings with tariffs being paid in these cases. We can handle those traditional import processes and high volumes so we saw good demand from e-commerce vendors to move to our alternative filing solutions, including some large competitive wins from other vendors.

自那時起，一些較大的外國電子商務供應商似乎暫時停止了進口，因為他們正在確定如何根據新程序最好地將商品進口到美國，然後根據更傳統的進口措施，即第 11 類或第 1 類申請恢復進口，在這些情況下需要支付關稅。我們可以處理那些傳統的進口流程和大量數據，因此我們看到電子商務供應商對我們的替代備案解決方案有良好的需求，包括來自其他供應商的一些重大競爭勝利。

So those were the areas that had the largest impact on our growth in the quarter. However, the broader macro environment was very challenging for our customers. At its heart, the global trade environment has caused uncertainty for customers, often paralyzing their decision-making.

因此，這些領域對我們本季的成長影響最大。然而，更廣泛的宏觀環境對我們的客戶來說非常具有挑戰性。從本質上來說，全球貿易環境為客戶帶來了不確定性，常常使他們無法做出決策。

We saw shipment volumes down in various modes of transportation, particularly in the US to China trade and West Coast ports. We saw e-commerce vendors who import from China struggling with sourcing and/or whether to pass tariff changes on to their end customers. We saw the broader market struggling with the potential broader inflationary impact of tariffs on the US economy.

我們發現各種運輸方式的貨運量都有所下降，尤其是美國至中國的貿易和西海岸港口。我們看到從中國進口的電子商務供應商在採購上遇到困難，以及是否將關稅變更轉嫁給最終客戶。我們看到大盤正在努力應對關稅對美國經濟可能造成的更廣泛的通膨影響。

We saw several domestic economies looking at recessionary economic statistics. With that uncertainty in the global trade market and the economy in general, we took steps in May to reduce our costs by completing a restructuring that impacted about 7% of our workforce. We did this to put ourselves in the best position to grow during this challenging environment. Those who follow our business over past years will know that we take our commitment to continue adjusted EBITDA growth very seriously. These cost reductions were to prepare our business for any further challenges our customers may face in this uncertain market.

我們看到一些國內經濟體的經濟統計數據正在衰退。鑑於全球貿易市場和整體經濟的不確定性，我們在 5 月採取措施降低成本，完成了一項影響約 7% 員工的重組。我們這樣做是為了讓我們自己在這種充滿挑戰的環境中處於最佳成長位置。那些關注我們過去幾年業務的人會知道，我們非常重視繼續實現調整後 EBITDA 成長的承諾。這些成本削減是為了讓我們的業務做好準備，以應對客戶在這個不確定的市場中可能面臨的任何進一步的挑戰。

We restructured our business from a position of strength, and our company is now in a position to grow consistent with our plans and to be flexible enough to address challenges with our customers that they may face from global trade and/or economic conditions. We did it because a similar approach has helped us weather past challenging business environments. We did it because it's what our stakeholders would expect us to do. We restructured our business to be even stronger in the future. We are doing what you'd expected Descartes to do.

我們從優勢地位出發重組了業務，現在公司能夠按照計劃發展，並且足夠靈活，能夠應對客戶在全球貿易和/或經濟狀況下可能面臨的挑戰。我們這樣做是因為類似的方法幫助我們度過了充滿挑戰的商業環境。我們這樣做是因為這是我們的利害關係人期望我們做的。我們重組了業務，以便未來變得更強大。我們正在做你所期望笛卡兒會做的事情。

In Q1, we posted strong double-digit annual growth in revenues and adjusted EBITDA, consistent with our 10% to 15% annual adjusted EBITDA growth plan and consistent with the ramp-up we previously communicated that we expected to see over the year. We grew by acquisition by expanding our transportation management portfolio. We reduced our cost base to mitigate against potential future economic risks. We did exactly what you'd expect Descartes to do. I'm excited about where our business is.

在第一季度，我們的營收和調整後 EBITDA 實現了強勁的兩位數年度增長，這與我們 10% 至 15% 的年度調整後 EBITDA 增長計劃一致，也與我們之前傳達的預計全年增長速度一致。我們透過收購擴大了運輸管理組合，實現了成長。我們降低了成本基礎，以減輕未來潛在的經濟風險。我們所做的正是你所期望笛卡兒所做的事。我對我們的業務現狀感到很興奮。

Q1 shows that we're on the right track for our plans for the year. My thanks to all the Descartes team members for everything they've done to contribute to a great quarter and a great business.

第一季顯示我們今年的計劃進展順利。我感謝所有笛卡爾團隊成員為本季的出色表現和出色的業務所做的一切貢獻。

And with that, I'll turn the call over to Allan to go through our Q1 financial results in more detail. Allan?

說完這些，我將把電話轉給艾倫，讓他更詳細地介紹我們的第一季財務表現。艾倫？

Okay. Thanks, Ed. As indicated, I'm going to walk you through our financial highlights of our first quarter, which ended on April 30. Revenues came in at $168.7 million in the quarter, an increase of approximately 11.5% from revenues of $151.3 million in Q1 of last year.

好的。謝謝，埃德。如同先前所提到的，我將向大家介紹我們截至4月30日的第一季的財務亮點。本季營收為 1.687 億美元，較去年第一季的 1.513 億美元成長約 11.5%。

Revenue from the acquisitions completed in the back half of last year as well as the acquisition of 3GTMS completed earlier in the first quarter contributed nicely to our revenue this quarter, while growth from new and existing customers also contributed, including revenues, revenue growth in our Global Trade Intelligence solutions and our MacroPoint freight visibility solution.

去年下半年完成的收購以及第一季早些時候完成的對 3GTMS 的收購為我們本季度的收入做出了很大的貢獻，同時來自新舊客戶的增長也做出了貢獻，包括收入、我們的全球貿易情報解決方案和 MacroPoint 貨運可視化解決方案的收入增長。

Consistent with past quarters, our revenue mix in the quarter continued to be very strong, with services revenue increasing 13.6% to $156.6 million and coming in at 93% of revenue in the first quarter. License revenues were again minor at less than 1% of revenue in the quarter, while professional services and other revenue came in at $11.8 million, or 7% of revenue, down 9% from $13.0 million in the same period last year, mainly due to a decline in safety training activity in our GroundCloud business.

與前幾季一致，本季我們的營收結構持續保持強勁，服務收入成長 13.6% 至 1.566 億美元，佔第一季營收的 93%。許可收入再次微不足道，佔本季收入的不到 1%，而專業服務和其他收入為 1,180 萬美元，佔本季度收入的不到 1%，而專業服務和其他收入為 1,180 萬美元，佔收入的 7%，較去年同期的 1,300 萬美元下降 9%，主要原因是我們的 GroundCloud 業務中的安全培訓活動減少。

In Q1 last year, we had a sharp increase in the safety training revenue. This is because most of our GroundCloud FedEx carriers need to recertify their training every 24 months, so this revenue stream tends to be quite lumpy with increases every other year and this being an off year for our safety training services. Outside of GroundCloud, professional services revenues were generally flat with the first quarter of last year.

去年第一季度，我們的安全培訓收入大幅成長。這是因為我們的大多數 GroundCloud FedEx 承運商需要每 24 個月重新認證一次培訓，因此這一收入流往往相當不穩定，每隔一年就會增加，而今年是我們安全培訓服務的淡季。除 GroundCloud 之外，專業服務收入與去年第一季基本持平。

In addition, there was also a slight decrease of just over $0.5 million in revenue this quarter from foreign exchange changes. As despite its more recent weakness, the US dollar was stronger against the euro, the Canadian dollar and the British pound in Q1 compared to the same quarter last year. We estimate that our growth in services revenue without the impact of recent acquisition or foreign exchange changes would have been approximately 4% in the first quarter.

此外，由於外匯變化，本季收入也略有減少，減少金額略高於 50 萬美元。儘管近期美元走弱，但與去年同期相比，今年第一季美元兌歐元、加幣和英鎊走強。我們估計，如果不受近期收購或外匯變化的影響，第一季我們的服務收入成長率將達到 4% 左右。

Gross margin for the first quarter came in at 76.4% of revenue this year, down very slightly from gross margin of 76.6% realized in the first quarter last year. With continued operating leverage, our operating expenses increased less than the increase of sales, growing by approximately 10.4% in Q1 over the same period last year, primarily related to the impact of acquisitions that were completed in the back half of last year.

今年第一季的毛利率為76.4%，較去年第一季的76.6%的毛利率略有下降。由於經營槓桿的持續作用，我們的經營費用增幅低於銷售額的增幅，第一季比去年同期增長約10.4%，這主要與去年下半年完成的收購的影響有關。

As a result of the higher revenues and our continued operating leverage on expenses, we saw adjusted EBITDA grow by 12.1% to $75.1 million, or 44.5% of revenue in the quarter, which was up from $67.0 million, or 44.3% of revenue in the first quarter last year.

由於營收增加和我們繼續利用費用進行營運槓桿，我們調整後的 EBITDA 成長了 12.1%，達到 7,510 萬美元，佔本季營收的 44.5%，高於去年第一季的 6,700 萬美元，佔營收的 44.3%。

From a GAAP earnings perspective, net income came in at $36.2 million, up 4% from net income of $34.7 million in the first quarter last year, and this is despite higher amortization costs and other financial charges related to our recent acquisitions.

從 GAAP 收益角度來看，淨收入達到 3,620 萬美元，比去年第一季的 3,470 萬美元淨收入增長 4%，儘管我們最近的收購相關的攤銷成本和其他財務費用較高。

Cash flow generated from operations came in at $53.6 million, or approximately 71% of adjusted EBITDA in the first quarter, down from operating cash flow of $63.7 million, or 95% of adjusted EBITDA in Q1 last year. Cash flow from operations was negatively impacted this quarter, as we saw a slight increase in our days sales and receivable from an incredible 29 days of sales at the end of the fourth quarter back to 32 days sales and receivables at the end of Q1.

第一季經營活動產生的現金流為 5,360 萬美元，約佔調整後 EBITDA 的 71%，低於去年第一季的 6,370 萬美元經營活動現金流，即調整後 EBITDA 的 95%。本季經營現金流受到負面影響，因為我們看到銷售和應收帳款週轉天數略有增加，從第四季末令人難以置信的 29 天銷售天數回落至第一季末的 32 天銷售和應收帳款週轉天數。

Cash flow from operations was also impacted by some onetime acquisition-related charges related to the 3G acquisition, as well as the payment of prior year annual bonuses. As we had indicated on our conference call at the end of the fourth quarter and as I mentioned earlier in the call, there is a lot of uncertainty out there in the global trade market, especially for our customers as they try to navigate these challenges. So we remain very pleased with these operating results against this uncertain freight market environment.

經營現金流也受到與 3G 收購有關的一些一次性收購費用以及支付上一年年度獎金的影響。正如我們在第四季末的電話會議上所指出的，以及我在電話會議上早些時候提到的，全球貿易市場存在著許多不確定性，特別是對於試圖應對這些挑戰的客戶而言。因此，在不確定的貨運市場環境下，我們對這些經營業績仍然感到非常滿意。

If we look at the balance sheet, our cash balances totaled $176 million at the end of April, down from cash balances of $236 million at the end of January, as we used approximately $112 million of our cash balances to complete the 3G acquisition, while we continue to generate additional positive cash flow from operations. As a result, we still have the $176 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 business plan.

如果我們看一下資產負債表，我們四月底的現金餘額總計為 1.76 億美元，低於一月底的 2.36 億美元，因為我們使用了大約 1.12 億美元的現金餘額來完成 3G 收購，同時我們繼續從營運中產生額外的正現金流。因此，我們仍然擁有 1.76 億美元的現金，以及 3.5 億美元可供我們根據信貸額度提取用於未來收購。我們繼續擁有充足的資本，這使我們能夠考慮市場上的所有收購機會，並符合我們的業務計劃。

As we look towards the balance of our fiscal 2026, we should note the following: after spending approximately $1.9 million in 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, as our business will continue to be noncapital-intensive.

在展望 2026 財年的餘額時，我們應該注意以下幾點：在第一季花費約 190 萬美元的資本增加後，我們預計今年餘額將產生約 400 萬至 500 萬美元的額外資本支出，因為我們的業務將繼續是非資本密集型的​​。

After incurring amortization costs of $19.1 million in Q1, we expect amortization expense will be approximately $60 million for the balance of the year, with this figure being subject to adjustment for foreign exchange changes and future acquisitions. Our tax rate in Q1 came in at 24.4% of pretax income, slightly lower than our expected range of 25% to 30%, and this was mainly a result of a few smaller tax benefits and recoveries realized in the first quarter.

在第一季發生 1,910 萬美元的攤銷成本後，我們預計今年餘下的攤銷費用將約為 6,000 萬美元，該數字可能會根據外匯變化和未來收購進行調整。我們第一季的稅率為稅前收入的 24.4%，略低於我們預期的 25% 至 30%，這主要是由於第一季實現了一些較小的稅收優惠和追回。

Looking at the balance of the year, we currently expect our tax rate will trend much closer to our expected range in the next few quarters, meaning that our tax rate for the year is likely to end up in a range of between 24% and 28% of pretax income, so somewhere either side of our blended statutory tax rate of 26.5%.

縱觀今年的餘額，我們目前預計我們的稅率將在未來幾個季度內更接近我們的預期範圍，這意味著我們今年的稅率可能最終會在稅前收入的 24% 到 28% 之間，也就是在我們混合法定稅率 26.5% 的某個地方。

However, as always, we should add that our tax rate may fluctuate from quarter-to-quarter from onetime tax items that may arise as we operate internationally across multiple countries. After incurring stock-based compensation expense of $4.4 million in the past quarter, we are currently -- we currently expect stock compensation to be approximately $20 million for the remainder of fiscal '26, subject to any forfeitures of stock options or share units. As we have previously -- as we mentioned in the past few quarters, we have estimated that the payments of contingent consideration for our earn-out arrangements for the balance of this year will be approximately $2.3 million, subject to any necessary adjustments resulting from the final earn-out calculation.

然而，與往常一樣，我們應該補充一點，由於我們在多個國家開展國際業務，我們的稅率可能會因一次性稅項而每季波動。在上個季度發生了 440 萬美元的股票薪酬費用後，我們目前預計 26 財年剩餘時間的股票薪酬約為 2000 萬美元，但須遵守股票期權或股票單位的沒收規定。正如我們之前提到的那樣 - 正如我們在過去幾個季度中提到的那樣，我們估計今年剩餘時間我們的盈利安排的或有對價支付將約為 230 萬美元，但須遵守最終盈利計算所產生的任何必要調整。

Going forward, subject to unusual events and quarterly fluctuations, we expect to continue to see solid cash flow conversion and expect our cash flow from operations to be between 80% and 90% of our adjusted EBITDA in the quarters ahead.

展望未來，受異常事件和季度波動的影響，我們預計將繼續看到穩健的現金流轉換，並預計未來幾季我們的營運現金流將達到調整後 EBITDA 的 80% 至 90% 之間。

And finally, as Ed indicated earlier in the call, given the economic and global trade uncertainty that many of our customers are facing, we have taken the steps to reduce our cost structure by reducing our global workforce by approximately 7% and eliminating various other operating expenses.

最後，正如 Ed 在電話會議早些時候指出的那樣，鑑於我們的許多客戶面臨的經濟和全球貿易不確定性，我們已採取措施降低成本結構，將全球員工人數減少約 7%，並取消了各種其他營運費用。

As a result, we will be recording a restructuring charge of approximately $4 million in Q2 this year and would highlight that once completed, we would anticipate annual cost savings of approximately $15 million from our Q1 operating expense run rate. Quite simply, we remain committed to managing our business to grow our adjusted EBITDA by 10% to 15%. That remains our objective for the current fiscal year despite the unique and tougher global trade environment we operate in.

因此，我們將在今年第二季記錄約 400 萬美元的重組費用，並強調一旦完成，我們預計每年將比第一季的營運費用運行率節省約 1500 萬美元的成本。很簡單，我們將繼續致力於管理我們的業務，使調整後的 EBITDA 成長 10% 至 15%。儘管我們處在獨特且更嚴峻的全球貿易環境中，但這仍然是我們本財年的目標。

So with that, I'll turn it back to Ed to provide our baseline calibration for Q2.

因此，我將把它交還給 Ed，以提供我們第二季度的基線校準。

Yeah. Great. Thanks, Allan. As I said earlier and last quarter, these are challenging business conditions for our customers.

是的。偉大的。謝謝，艾倫。正如我之前和上個季度所說，這些對我們的客戶來說是充滿挑戰的商業環境。

Just some of the most recent changes include: tariffs between the US and China at record high levels, even with a temporary agreement to reduce those tariffs during a negotiation period; allegations of violations of that temporary US-China agreement, putting a temporary reduced tariff structure at risk; increased US tariffs on imports of steel; imposition and suspension of tariffs on the EU; challenges and appeals relating to the legality of US tariffs; warnings to countries that temporarily -- the temporary tariff relief measures will expire if new trade agreements with the US aren't reached by early July; heightened tensions in the war in Ukraine and corresponding sanctions; a new Postmaster General at the US Postal Service with potential changes in policies and services, so that's a lot.

最近的一些變化包括：美國和中國之間的關稅處於歷史高位，即使在談判期間達成了降低關稅的臨時協議；有關違反臨時美中協議的指控，使臨時降低的關稅結構面臨風險；美國對進口鋼鐵徵收關稅；對歐盟徵收和暫停關稅；對美國關稅合法性提出質疑和上訴；向各國發出警告——如果在 777月初之前不能與美國達成新的貿易協定，臨時關稅減免措施將到期；烏克蘭戰爭緊張局勢加劇以及相應的製裁；美國郵政局任命了新郵政局長，政策和服務可能會發生變化，所以有很多變化。

Our customers can deal with change. Businesses and supply chains are adaptable. However, what's more challenging than change is uncertainty. It's very difficult for our customers to make decisions, especially long-term ones, when there's no certainty on how or when the landscape will change, but just a belief that it will.

我們的客戶能夠應對變化。企業和供應鏈具有適應性。然而，比變化更具挑戰性的是不確定性。當不確定情況將如何或何時發生變化，但只是相信它會發生時，我們的客戶很難做出決策，尤其是長期決策。

When our customers have difficulty predicting how their businesses will perform or be impacted, it becomes more challenging for us. I think we're starting to see some of that uncertainty impacting volumes in what feels like a pretty volatile shipping market.

當我們的客戶難以預測他們的業務將如何表現或受到何種影響時，我們面臨的挑戰就變得更大。我認為，我們開始看到一些不確定性對航運市場的運輸量產生影響，而航運市場似乎相當動盪。

Domestic US truck volumes remain depressed. Air shipments had been trending with modest growth, but look to be under pressure. Ocean traffic has seen massive shifts in trade lanes and port activity, with the pullback from China negatively impacting some ports and other ports benefiting from alternative sourcing. Each month, we prepare a global ship that monitors ocean imports into the US with data obtained from US Customs and Border Protection.

美國國內卡車銷量依然低迷。空運量一直呈現溫和成長趨勢，但似乎面臨壓力。海上交通的貿易航線和港口活動發生了巨大變化，中國的撤軍對一些港口產生了負面影響，而其他港口則受益於替代採購。每個月，我們都會準備一艘全球船隻，利用從美國海關和邊境保護局獲得的數據來監控美國的海運進口。

Our report from May will be coming out in the next few days and highlights that in the month of May, US container imports declined, following several months of growth, falling 10% from April and 7% year over year. As part of that, import from China dropped sharply, down 21% from April and down 7%, compared to May 2024.

我們的五月報告將在未來幾天發布，報告強調，在連續幾個月增長之後，五月美國貨櫃進口量下降，環比下降 10%，年減 7%。其中，來自中國的進口量急劇下降，較4月下降21%，較2024年5月下降7%。

For Descartes, we've grown during challenging business conditions in the past. Our plan is to continue to do so again now. Some of those things that we believe put us in a good position to do that include we're diversified in domestic logistics and international logistics. Many of the changes right now impact international supply chains. However, we have great strength in domestic transportation moves and our routing and scheduling businesses, transportation management and e-commerce and last mile businesses.

對笛卡兒來說，我們在過去充滿挑戰的商業環境中實現了成長。我們的計劃是現在繼續這樣做。我們認為，其中一些因素使我們處於有利地位，包括我們在國內物流和國際物流方面的多元化經營。目前的許多變化影響著國際供應鏈。然而，我們在國內運輸、路線調度業務、運輸管理、電子商務和最後一哩業務方面擁有強大的實力。

We're particularly strong in the Global Trade Intelligence business. We believe we can provide a ton of help to our customers and in an environment where people are looking for information or help managing tariffs and duties. Continually updating the sanctioned party list, thirsty for competitive intelligence, and dealing with increased export license complexity, we're diversified globally.

我們在全球貿易情報業務方面尤其強大。我們相信，我們可以為客戶提供大量幫助，並在人們尋求資訊或幫助管理關稅和關稅的環境中提供大量幫助。我們不斷更新受制裁方名單，渴望獲得競爭情報，並處理日益複雜的出口許可證問題，我們在全球範圍內實現多元化。

We've got domestic transportation solutions that can be used around the world, and where they're shifting international trade relations, we have an established global logistics network that can be leveraged by our customers. We've proactively taken steps to reduce our cost base to address potential revenue uncertainty.

我們擁有可在世界各地使用的國內運輸解決方案，當國際貿易關係轉變時，我們擁有成熟的全球物流網絡可供客戶利用。我們已積極採取措施降低成本基礎，以應對潛在的收入不確定性。

We have a total growth model. We have an extensive track record of acquisition activity to complement organic growth. Changing market conditions often provide us with even more opportunities to add solutions for our customers and grow by acquisition.

我們有一個總體成長模型。我們擁有豐富的收購活動記錄，可以補充有機成長。不斷變化的市場條件常常為我們提供更多機會來為客戶增加解決方案並透過收購實現成長。

We're well capitalized. We have more than $175 million in cash and a $350 million undrawn line of credit, and we are a cash-generating business. Ultimately, regardless of how well Descartes is positioned, our success is determined by our ability to help our customers. Our customers remain uncertain about how these market conditions will impact their businesses. We're mindful of this and the impact of the changing global trade and foreign exchange environments, and setting our calibration and considering what our final quarterly financial results may be.

我們的資本充足。我們擁有超過 1.75 億美元的現金和 3.5 億美元的未動用信用額度，我們是一家能夠產生現金的企業。最終，無論笛卡兒的定位如何，我們的成功取決於我們幫助客戶的能力。我們的客戶仍然不確定這些市場狀況將如何影響他們的業務。我們注意到這一點以及不斷變化的全球貿易和外匯環境的影響，並設定了我們的校準並考慮我們的最終季度財務結果。

In our quarterly report, we provided a comprehensive description of baseline revenues, baseline calibration, and their limitations. As of May '26, the day we commenced our cost reduction activities using foreign exchange rates of $0.73 to the Canadian dollar, $1.14 to the euro, and $1.36 to the pound, we've estimated that our baseline revenues for the second quarter of fiscal 2026 were approximately $150.5 million. And our baseline operating expenses were approximately $92.5 million.

在我們的季度報告中，我們對基線收入、基線校準及其局限性進行了全面的描述。截至 2026 年 5 月，也就是我們開始實施成本削減活動的那一天，使用 0.73 美元兌加幣、1.14 美元兌歐元、1.36 美元兌英鎊的外匯匯率，我們估計 2026 財年第二季的基準收入約為 1.505 億美元。我們的基本營運費用約為 9,250 萬美元。

We consider this to be our baseline adjusted EBITDA calibration of approximately $58 million for the second quarter of fiscal 2026 or approximately 39% of our baseline revenues as at May 26, 2025. We continue to expect that we'll operate in an adjusted EBITDA operating range of 40% to 45%.

我們認為這是我們 2026 財年第二季調整後的 EBITDA 基準校準值，約 5,800 萬美元，約占我們截至 2025 年 5 月 26 日基準收入的 39%。我們繼續預計調整後的 EBITDA 營運範圍將在 40% 至 45% 之間。

Our margin can vary in that range, given such things as revenue mix, foreign exchange movements, and the impact of acquisitions as we integrate them into our business. These are uncertain times for our customers. It's a challenge for them to know what they can rely on in this global trade environment. Our goal is to continue to show our customers and other stakeholders that one thing they can rely on is Descartes.

我們的利潤率可能會在這個範圍內變化，這取決於收入結構、外匯變動以及收購對我們業務的影響等因素。對我們的客戶來說，這是一個不確定的時期。對他們來說，知道在這個全球貿易環境中他們可以依賴什麼是一個挑戰。我們的目標是繼續向我們的客戶和其他利害關係人表明，他們可以信賴的一件事就是笛卡爾。

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

感謝大家今天參加我們的電話會議。像往常一樣，我們願意以任何對您最方便的方式與您討論我們的業務。

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

接線員，接下來我將把電話中的問答部分交給您。

(Operator Instructions) Dylan Becker, William Blair.

（操作員指示）迪倫貝克爾、威廉布萊爾。

It's Jackson Bogli on for Dylan Becker. So I was just curious about the workforce reduction. And if there's any additional color that you would give on maybe what areas that was cut out of? And how you're thinking about going forward, those levers that you'll see in the business?

傑克遜博格利 (Jackson Bogli) 取代迪倫貝克爾 (Dylan Becker)。所以我只是對裁員的事情感到好奇。並且，如果您願意提供任何額外的顏色，那麼哪些區域被剪掉了？您對未來的發展有何想法？您會在業務中看到哪些槓桿？

Thanks, Jackson. Yes, it was generally across the board and across the board, not only for functional areas but geographically. It was about a little under 200 people in our business unfortunately. And we did it to give ourselves a healthier business going forward and put ourselves in a position, where we can continue to make the kind of margins that the Street has come to expect from us in running our business on a daily basis.

謝謝，傑克遜。是的，它總體上是全面的，不僅針對職能領域，還針對地理位置。不幸的是，我們公司大約有 200 名員工。我們這樣做是為了讓我們未來的業務更加健康，並使我們能夠繼續獲得華爾街對我們在日常業務運營中所期望的利潤。

Things like AI have helped us maybe make some of these cuts a little easier. But at the end of the day, we thought it was the right thing to do and to prepare for the uncertainty that I just talked about.

像人工智慧之類的技術或許可以幫助我們更輕鬆地完成一些削減工作。但最終，我們認為這是正確的做法，並為我剛才談到的不確定性做好準備。

Paul Treiber, RBC Capital Markets.

加拿大皇家銀行資本市場 (RBC Capital Markets) 的 Paul Treiber。

Just a question on organic services growth. You mentioned it was 4% this quarter, and I think last quarter was 6%. You did a good job calling out some of the stronger growing areas of the business. But what did you see that were headwinds or what segments were softer that were a drag on organic services growth this quarter?

這只是一個關於有機服務成長的問題。您提到本季是 4%，我認為上個季度是 6%。您很好地指出了業務中一些成長較強的領域。但是，您認為本季的不利因素是什麼，或哪些細分市場表現疲軟，從而拖累了有機服務的成長？

As you might expect, it was a lot of the uncertainty that's going on led to big movements in transaction volumes. You're right, some of the areas, I mentioned some of the customs, security filing areas that we do. But certainly, ocean was down. Truck continues in a bit of a depressed state. We did on MacroPoint, but maybe some of the other areas within truck messaging, not as well.

正如您所預料的，許多不確定性導致了交易量的大幅波動。你說得對，我提到了一些我們負責的海關、安全備案領域。但可以肯定的是，海水已經退卻。卡車繼續處於有點低迷的狀態。我們在 MacroPoint 上做到了，但也許在卡車訊息傳遞的其他一些領域做得還不夠好。

And I think that's a result of the tariffs that people aren't sure what to do and they freeze. And 31% of our business or so is that transaction revenue. And of course, we have underlying minimums that a backstop against that. But the customers weren't getting down at their minimums. They were just doing a little less than they used to.

我認為這是由於關稅導致的，人們不知道該怎麼辦，所以就凍結了關稅。我們的業務的 31% 左右來自交易收入。當然，我們有最低限度的保障措施來應對這種情況。但顧客們並沒有降低最低消費。他們只是比以前做得少了一點。

Overall, we're pretty happy with how we performed, given I don't know if you heard on our last call, we probably had even more uncertainty coming into that call. That stuff's changed since then. And we thought the company performed pretty well during that time and made up for some areas that were getting hit with some areas that we're doing pretty well like the MacroPoint and the content businesses that I talked about at the beginning of the call.

總體而言，我們對自己的表現非常滿意，因為我不知道您是否聽說過我們上次的電話會議，我們可能在那次電話會議中遇到了更多的不確定性。從那時起，這些事情就改變了。我們認為公司在那段時間表現相當不錯，彌補了一些受到衝擊的領域，例如我在電話會議開始時提到的 MacroPoint 和內容業務。

That's helpful to understand. Have you seen a change in either renewal rates or, I guess, conversion of sales pipeline as a result as well?

這有助於理解。您是否看到續約率發生了變化，或者我猜銷售管道的轉換率也發生了變化？

Not much, actually, although we might anticipate that could happen if this keeps up. We've continued to have good sales momentum with the subscription deals that we have always done pretty well. That continued to keep up.

事實上，並不多，儘管我們可能會預期如果這種情況持續下去，可能會發生這種情況。我們的訂閱交易一直保持著良好的銷售勢頭，我們的銷售業績一直都很好。這種情況一直持續下去。

I think we haven't seen customer defections or people spending significantly less money with us or trying to change the terms of their contract. But we got to see what happens in the economy. Those things happen when the economy turns down. Haven't seen yet where the economy is going and probably a lot of it has to do with how quickly does this end?

我認為我們還沒有看到客戶流失，或者人們在我們這裡花費的錢大幅減少，或試圖改變合約條款。但我們必須看看經濟狀況如何。當經濟下滑時就會發生這些事。還沒有看到經濟將走向何方，這可能很大程度上取決於這一切將多快結束？

Does the US negotiate into a lot of these tariff situations with the countries or they just delay them 90 days? Do they delay another 90 days or something like that? What happens with the China negotiation? Things like that are the balls that are up in the air that having us say we're not sure what's going to happen next. And in the meantime, you know us as conservative operators. We got to weather the storm and cut our costs and try to run our business as efficiently as we can under the circumstances.

美國是否與這些國家就許多此類關稅問題進行談判​​，還是只是將其推遲 90 天？他們會再延後 90 天或類似的時間嗎？與中國的談判進展如何？諸如此類的事情都是懸而未決的，讓我們說我們不確定接下來會發生什麼。同時，您知道我們是保守的運營商。我們必須渡過難關，削減成本，並在這種情況下盡可能有效率地經營業務。

And then just lastly, just on 3GTMS, contributed, I think, $2.4 million in the quarter. Is that a normal runway rate to assume going forward? And then can you just confirm that it's not reflected in the baseline?

最後，僅就 3GTMS 而言，我認為本季的貢獻就為 240 萬美元。這是未來正常的跑道率嗎？然後您能否確認它沒有反映在基線中？

No. From a baseline perspective, Paul, we've been -- typical with us with acquisitions, I mean, we're getting to know that business, we're getting to know the renewal rates and renewal times, et cetera. So we've incorporated -- conservatively incorporated that into the baseline right now. So it is reflected in baseline. Again, pretty typical as we get to know businesses more.

不。保羅，從基準角度來看，我們一直——對於收購來說，我的意思是，我們正在了解那個業務，我們正在了解續約率和續約時間等等。因此，我們目前已將其保守地納入基線。所以它反映在基線。再次，隨著我們對企業的了解越來越多，這種情況也越來越典型。

We've owned that business for two months now. So we'll perfect that. I think we said that in the prepared remarks that it is, for the most part, reflected in baseline calibration.

我們經營這項業務已經兩個月了。所以我們會完善它。我想我們在準備好的評論中說過，這在很大程度上反映在基線校準中。

Raimo Lenschow, Barclays.

巴克萊銀行的 Raimo Lenschow。

Ed, you've seen downturns before. How do you compare what you're seeing at the moment with the other ones like 2022, 2023, earlier like--

艾德，你以前也看過經濟衰退。您如何將目前看到的情況與 2022 年、2023 年或更早的年份進行比較？

I mean, at the moment, it doesn't feel as bad, but what's interesting is there's -- I think there's a lot more uncertainty right now. People don't know what's going to happen. I think in the pandemic, they might not have known what's going to happen right away, but they were preparing for the worst in the pandemic for everything to shut down and it turns out it got better pretty quickly.

我的意思是，目前感覺還不算太糟，但有趣的是——我認為現在有更多的不確定性。人們不知道接下來會發生什麼事。我認為在疫情期間，他們可能不知道接下來會發生什麼，但他們正在為疫情中最壞的情況做準備，一切都將關閉，結果情況很快就會好轉了。

In '08, I think people really prepared for the worst and there really was a bad situation for about a year until government stepped in and started pumping more money into the economy. We were not only in a recession but a depression. Right now, I think it's hard to identify what we're in, right? Are we in a recession right now? Are we close to one?

2008 年，我認為人們確實做好了最壞的打算，而且情況確實很糟糕，持續了大約一年，直到政府介入並開始向經濟注入更多資金。我們不僅陷入了經濟衰退，也陷入了蕭條。現在，我認為很難確定我們處於什麼狀態，對嗎？我們現在正處於經濟衰退嗎？我們接近了嗎？

Does all this go away if tariffs get renegotiated or if the final analysis that you're not allowed to change all these tariffs, except to see there's a lot of balls in the air and our customers, I think, don't know what to do. And they're still shipping stuff, but -- and certainly, not everything ships to and from the United States.

如果重新談判關稅，或者最終分析不允許更改所有這些關稅，那麼所有這一切是否會消失，除非看到有很多問題懸而未決，而我們的客戶，我想，不知道該怎麼做。他們仍在運送貨物，但——當然，並不是所有貨物都運往或運出美國。

There's lots of other stuff shipping around the world, other locations that we benefit from as well, but US is obviously a big portion of the world's container volume and shipment volume. And we're kind of behaving as you might expect us to do. We're trying to be conservative and manage our business to keep making money. We mentioned on the call like we're a total growth model.

世界各地還有許多其他貨物在運輸，其他地方也讓我們受益，但美國顯然佔了世界貨櫃量和貨運量的很大一部分。我們的行為正如您所期望的那樣。我們試圖採取保守的措施來管理我們的業務以繼續獲利。我們在電話中提到我們是一個全面成長的模式。

We see this as -- if things get worse, we see this as an opportunity to keep making money and use that money to buy up competitors that might not be in as good a position as us. So we're just watching what's going on like everybody else and trying to run our company the best through it. It doesn't seem like dire circumstances, not yet at least. If I had to guess, I'd say probably won't get as bad as some of the other downturns we've had, but I don't know either for sure.

我們認為——如果情況變得更糟，我們認為這是一個繼續賺錢的機會，並用這些錢收購可能不如我們處境有利的競爭對手。因此，我們只是像其他人一樣觀察正在發生的事情，並試圖透過它來最好地經營我們的公司。至少目前看來，情況還不算太糟。如果我必須猜測的話，我會說可能不會像我們經歷過的其他一些經濟衰退那麼糟糕，但我也不確定。

And then you -- this time, you actually quickly with the changes on the cost base and it's always sad to see go. Like talk a little bit about what drove that to do it now rather than wait.

然後你——這一次，你實際上很快就改變了成本基礎，看到這一點總是令人難過。比如說，是什麼促使你現在就這麼做，而不是等待。

Thanks, Raimo. Yes, that's just our -- the way we operate, right? You saw us do that in the beginning of the pandemic, right? I think it was in May in the pandemic, we had a 5% reduction in force because our revenue went down 5%. This is a reaction similar to that, right?

謝謝，雷莫。是的，這就是我們的運作方式，對嗎？您在疫情開始時就看到我們這樣做了，對嗎？我認為是在 5 月疫情期間，我們的員工人數減少了 5％，因為我們的收入下降了 5％。這是一種類似的反應，對嗎？

We see a lot of uncertainty in the market and say, hey, we need to react to that. And if we can't control the revenue right now, we can at least control the cost. And it's important to us to keep making money and to keep trying to make 10% to 15% growth in EBITDA every year.

我們看到市場上有很多不確定性，並說，嘿，我們需要對此做出反應。如果我們現在無法控制收入，我們至少可以控製成本。對我們來說，繼續賺錢並努力使 EBITDA 每年成長 10% 至 15% 非常重要。

That's really the main promise that we make to our shareholders. And we're going to be able to live up to that promise and put ourselves in a position to live to fight another day and get through this a little better than other companies do. So that when they get themselves in trouble, we have the money to buy up some of the better assets, just like we did in the '08 crisis, and maybe, to a lesser extent, in the COVID crisis.

這確實是我們對股東的主要承諾。我們將履行這項承諾，讓自己有能力繼續戰鬥，並比其他公司更好地度過難關。這樣，當他們陷入困境時，我們就有錢購買一些更好的資產，就像我們在 2008 年危機中所做的那樣，或許在較小程度上，在新冠危機中也做了同樣的事情。

Stephanie Price, CIBC.

加拿大帝國商業銀行 (CIBC) 的 Stephanie Price。

Ed, I was hoping you could talk a little bit about the appointment of the new Chief Commercial Officer. I'm just curious if you're expected to make additional changes within the sales organization.

艾德，我希望你能談談新任首席商務官的任命。我只是好奇您是否希望在銷售組織內做出其他改變。

No. I mean, we've built work here five, six years now. We're very comfortable with him with being groomed for this move anyway. And timing may have been a bit of a surprise to us, but I think there's a lot of faith in our company that he's the right guy for the job. And happy for him that he's getting to step up.

不。我的意思是，我們已經在這裡工作了五、六年。無論如何，我們對他為這一舉動所做的準備感到非常放心。對我們來說，時機可能有點出乎意料，但我認為我們公司非常有信心他是這個職位的合適人選。我很高興他能進步。

And most parties, we're on a large part of the sales force leading into this anyway, and now he's taken over the whole sales force. So I think for the most part, you're not going to see a whole lot of change in our sales effectiveness.

和大多數政黨一樣，我們也是銷售隊伍中的重要組成部分，而現在他已經接手了整個銷售隊伍。因此我認為在大多數情況下，你不會看到我們的銷售效率有很大的變化。

Great. And then just on the consolidation that we're seeing within the space. Obviously, WiseTech announced the acquisition of E2open. Just curious what your thoughts are around the competitive environment here and how you see it evolving over time.

偉大的。然後我們再看看我們在這個領域看到的整合。顯然，WiseTech宣布收購E2open。我只是好奇您對這裡的競爭環境有何看法，以及您認為它如何隨著時間的推移而發展。

Yes. I mean, it's probably a sign of the times, right? We have been saying for a while, prices are coming down. People are more willing to come into a price range that we think is an appropriate amount to pay for a company. The WiseTech-E2open deal is probably a sign of that.

是的。我的意思是，這可能是時代的標誌，對吧？我們一直在說，價格正在下降。人們更願意接受我們認為適合為公司支付的價格範圍。WiseTech-E2open 交易可能就是一個標誌。

We looked at that deal a long time ago and decided probably wasn't a great fit for us with WiseTech and we're not really competitive with either of those two companies in the market per se. But we do think we're in a very good position just with a lot of cash that we're sitting on and a lot of debt capacity that we have to make additional acquisitions in the future as prices come more into line, and we're in a healthier position than most to take advantage of that. And we see stuff that's a closer fit to that we like, we like to be able to jump on it and make sure that we make it part of our global logistics network.

我們很久以前就研究過這筆交易，並認為 WiseTech 可能不太適合我們，而且我們在市場上與這兩家公司都沒有真正的競爭力。但我們確實認為，我們處於非常有利的地位，因為我們擁有大量現金和大量債務能力，隨著價格越來越趨於合理，我們將來可以進行額外的收購，而且我們比大多數人更有能力利用這一點。當我們看到更符合我們喜好的東西時，我們希望能夠抓住它並確保它成為我們全球物流網絡的一部分。

John Shao, National Bank.

約翰‧邵，國家銀行。

I understand there's a bit of noise around international freight volume at this point because that one could be potentially volatile. But how should we think about the domestic freight volume, especially the correlation between domestic, international? Any trends or any considerations you may share with us, given that it sounds like you're doubling down investment in domestic?

我知道目前國際貨運量存在一些波動，因為這個可能會有波動。但我們該如何看待國內貨運量，特別是國內、國際之間的關聯性？鑑於您似乎正在加倍投資國內市場，您能與我們分享哪些趨勢或考慮嗎？

Yes. I mean, we're exposed to both and the tariff changes that our international space are between the US and the rest of the world, but not other parts of the world or other parts of the world. So they're still two-thirds of our international business, it's in normal shape at the moment. We've been in a fortunate position to do very well in domestic despite maybe that market being a weaker market for the last 1.5 years to 2 years and hope to continue that.

是的。我的意思是，我們都面臨著關稅變化的影響，我們的國際空間處於美國和世界其他地區之間，而不是世界其他地區或世界其他地區之間。因此，它們仍然占我們國際業務的三分之二，目前狀況正常。儘管國內市場在過去 1.5 年到 2 年表現較弱，但我們仍然很幸運，能夠取得良好的業績，並希望能夠繼續保持這種勢頭。

And also as we expand overseas and domestic markets overseas, we have a real opportunity to take the dominance that we've enjoyed here in North America over the last couple of years. Kind of growing in the face of decreasing transaction volumes in domestic transportation. We continue to grow that business because we've been able to pick up business from our competitors because we think we have a stronger offering. And we're looking forward to bringing some of that overseas in the coming years.

而且，隨著我們不斷拓展海外和國內市場，我們有真正的機會奪回過去幾年我們在北美所享有的主導地位。在國內運輸交易量不斷下降的情況下，這種成長有所反映。我們繼續發展這項業務，因為我們能夠從競爭對手那裡獲得業務，因為我們認為我們提供的產品更強大。我們期待在未來幾年將其中一些產品帶到海外。

Got it. And in terms of the organic growth, considering some of the tariff pauses after Q1, so how should we think about organic growth profile for Q2 and maybe going forward? Do you think it's going to be similar to the current level?

知道了。就有機成長而言，考慮到第一季後的一些關稅暫停，我們應該如何看待第二季以及未來的有機成長狀況？您認為它會與現在的水平相似嗎？

The short answer is I don't know. We'll have to see what happens. And I'm probably saying I don't know more than I normally have to say it right now in the last couple of months, and we'll just have to see. I mean, we plan on running our business to perform well either way. We're very focused on making money, and we plan to make the kind of money that we've always promised people that we would make despite whatever happens to the revenue.

簡短的回答是我不知道。我們得看看會發生什麼。我可能會說，我現在所知道的並不比過去幾個月通常所說的更多，我們只需要看看就行了。我的意思是，無論如何，我們都計劃經營好我們的業務。我們非常專注於賺錢，我們計劃賺到我們一直向人們承諾的錢，無論收入發生什麼變化。

If you remember back 10, 12 years ago, we were growing 10% to 15% every year with 1%, 2% and 3% organic growth. So even at 4% versus not as well as we were doing 1.5 years ago, and I think everyone might be able to see why. We're hoping that, that turns up. We're hoping that these tariff situations get settled and people can eliminate some of the uncertainty in their business and start to move forward and make decisions and that will help our revenue growth there. In the meantime, we're planning to run our business that we can still keep making money at the clip that we've always promised people that we would.

如果你還記得 10 到 12 年前，我們每年的成長率為 10% 到 15%，其中有機成長率分別為 1%、2% 和 3%。因此，即使現在只有 4%，但我們的表現並不像 1.5 年前那麼好，我想每個人都能明白原因。我們希望這種情況能夠發生。我們希望這些關稅問題能夠得到解決，人們可以消除業務中的一些不確定性，開始向前邁進並做出決策，這將有助於我們在那裡的收入成長。同時，我們計劃繼續經營我們的業務，以便我們能夠以我們一直向人們承諾的速度繼續賺錢。

Maybe one last question. Just trying to reconcile your cost reduction with your goal to grow EBITDA by 10% to 15% on an annual basis. So my question is, is that -- so is the expected cost savings already included in that target or just purely incremental to the target?

也許還有最後一個問題。只是試圖將您的成本削減與每年將 EBITDA 增長 10% 至 15% 的目標相協調。所以我的問題是，預期的成本節約是否已經包含在該目標中，還是只是目標的增量？

No, it was an effort to make sure that we are in a position to hit those targets. It may become incremental if the growth rates go up, as some of these tariffs get settled and people get back to shipping stuff like they normally did. We may end up doing better because of it, but we made these decisions to make sure we're in a safe position to continue to do 10% to 15% growth in EBITDA like we've always said we would.

不，這是為了確保我們能夠實現這些目標。如果成長率上升，它可能會變成增量，因為其中一些關稅得到解決，人們會像往常一樣恢復運輸貨物。我們最終可能會因此做得更好，但我們做出這些決定是為了確保我們處於安全的位置，繼續實現 EBITDA 10% 至 15% 的成長，就像我們一直說的那樣。

Scott Group, Wolfe Research.

斯科特集團、沃爾夫研究公司。

This is Cole Couzens on for Scott Group. Just a quick question on de minimis. Is there any way that you guys can frame up how much of your transactional business is air freight? And do you have a sense for how much of that is tied to de minimis? And I know you hit on it a little in the prepared comments, but can you expand more on the activity you're seeing now that de minimis has gone away?

我是 Scott Group 的 Cole Couzens。這只是關於最低限度的一個簡單問題。你們有沒有辦法估算出你們的交易業務中有多少是空運？您是否知道其中有多少與最低限度相關？我知道您在準備好的評論中對此進行了一些闡述，但是您能否進一步闡述一下在最低限度已經消失之後您所看到的活動？

I mean, I don't think we've separately broken that out. What I can tell you is we've done quite well under the circumstances. If you think about what's happened here, everyone was basically told that there's no more de minimis filing with China, where most of it was coming from. You can imagine that if there's no more Type 86 filings and it's a relatively small part of a quarter's revenue, but it's not nothing either. We were doing very well in it.

我的意思是，我認為我們還沒有單獨討論過這一點。我可以告訴你的是，在這種情況下我們做得相當好。如果你想想這裡發生了什麼，基本上每個人都被告知，不再有向中國提交最低限度的申報，而大部分的稅收都來自中國。你可以想像，如果沒有更多的 86 型申報，它就只佔一個季度收入的一小部分，但也不是沒有。我們在這方面做得很好。

And they all went away one day, May 2. And I think what we're doing about it and we've benefited quite a bit from it. We also are the global leader in Type 1 filings, Type 2 filings and Type 11 filings, which is what everyone switched to. And I think a lot of these companies, they pause for a week or two and just -- I don't know what I'm going to do here is just like the SHEINs and the Temus and a lot of other people like them. And then they started shipping again.

5月2日那天，他們都走了。我認為我們正在採取的措施已經讓我們獲益良多。我們也是第 1 類申報、第 2 類申報和第 11 類申報的全球領導者，每個人都轉向了這些申報。我認為很多這樣的公司都會暫停一兩週，然後——我不知道我在這裡要做什麼，就像 SHEIN、Temus 和許多其他類似的公司一樣。然後他們又開始出貨了。

And I think we were ready for that. Some of our competitors were not. We were able to pick up business from them as a result of that because they could not handle the volume in these new types of transactions that we had a lot of experience with already but were kind of new to some of our competitors, and we picked up a bunch of business as a result of that. So oddly enough, it's working out pretty well for us.

我認為我們已經準備好了。我們的一些競爭對手卻不是這樣。我們因此能夠從他們那裡獲得業務，因為他們無法處理這些新類型交易的量，我們已經有很多經驗，但對我們的一些競爭對手來說還是很新的，因此我們獲得了大量業務。奇怪的是，它對我們來說效果很好。

Okay, great. Maybe just more broadly with the rest of the transactional air and ocean business, kind of can you describe what you saw following the 90-day pause? And maybe is there any indication from shippers at this point as to what's to be expected after the pause or is it just way too uncertain at this point?

好的，太好了。也許更廣泛地講，對於其餘的航空和海運交易業務，您能否描述一下在 90 天的暫停之後您看到的情況？也許現在托運人有沒有跡象表明暫停之後會發生什麼，或者現在的情況太不確定？

No one -- I mean, anyone will speculate about what's going to happen after the pause because no one seems to know for sure, including us. Prior to all this, as you might have expected, there was some pull-through where people trying to get stuff in before tariffs hit. Then we saw a shift from the West Coast ports to the East Coast ports, where West Coast volume was down significantly but East Coast volume was up. And that's tended -- that seems to have subsided now as well. And I told you the stats for May, they were lower across the board in ocean.

沒有人——我的意思是，任何人都會猜測暫停之後會發生什麼，因為似乎沒有人確切知道，包括我們。在此之前，正如你可能預料到的那樣，人們試圖在關稅生效前進口一些商品。然後，我們看到貨物從西海岸港口轉移到東海岸港口，西海岸的吞吐量大幅下降，但東海岸的吞吐量上升。現在這種情況似乎也已經消退了。我告訴你們五月的數據，海洋水位全面下降。

Air has held up pretty well. Domestic continues, I think, to be in a freight recession. But we've kind of done pretty well on that, and then we've picked up a lot of business from our competitors during that time. And we think we offer a great service in that area with MacroPoint. And we, by far, have the most connections out there, and we've been able to get people to switch to us and the process from some of our competitors.

空氣保持得相當好。我認為，國內貨運業將繼續陷入衰退。但我們在這方面做得相當不錯，並且在此期間我們從競爭對手那裡獲得了很多業務。我們認為我們透過 MacroPoint 在該地區提供了優質的服務。到目前為止，我們擁有最多的聯繫，我們已經能夠讓人們從我們的一些競爭對手那裡轉向我們和我們的流程。

So that's been pretty good news for us.

這對我們來說是個好消息。

Lachlan Brown, Redburn Atlantic.

拉克蘭布朗 (Lachlan Brown)，雷德伯恩大西洋公司 (Redburn Atlantic)。

GTI solution's been a growth driver for this business at the moment. Are you able to provide any details on the growth that you're seeing with? Sorry if I'm not clear. Are you able to provide any detail that you're seeing within the tariff and duty start base? And then just to offer any commentary on the performance of the other side of the Global Trade Intelligence solutions like sanctioned parties and bills of lading.

GTI 解決方案目前已成為該業務的成長動力。您能否提供您所看到的成長的任何細節？如果我不清楚的話請見諒。您能否提供您在關稅和關稅起始基準內看到的任何詳細資訊？然後只是對全球貿易情報解決方案的另一方的表現（如受制裁方和提單）提供任何評論。

The sanctioned parties is largely business as usual. We've been doing very well there. But really, the strength in that business has been on the tariffs and duties portions where the rates are changing all the time. We're seeing very good growth rates there year-over-year. I think we're somewhere almost approaching 20% right now.

受制裁方基本上一切正常。我們在那裡做得很好。但實際上，該業務的優勢在於稅率一直在變化的關稅和稅費部分。我們看到那裡的年增長率非常好。我認為我們現在幾乎已經接近 20% 了。

And I expect that's going to continue as long as tariffs are in the news every day. People are going to be looking for more access to that database. A little bit to our surprise and pleasant surprise is the data mine business that's also in that content area has done very well as people have started to look in that database a lot more aggressively to try and figure out what to do next. And that's been a pleasant surprise for us. So when these transaction volumes have gone down and you say, gee, it's all bad news for Descartes.

我預計，只要關稅每天都出現在新聞中，這種情況就會持續下去。人們將會尋求更多存取該資料庫的途徑。讓我們感到有些驚訝和驚喜的是，該內容領域的資料探勘業務也表現得非常好，因為人們已經開始更加積極地查看該資料庫，試圖找出下一步該做什麼。這對我們來說是一個驚喜。因此，當這些交易量下降時，你會說，這對笛卡爾來說都是壞消息。

I'd go, well, some of the areas are actually doing all right based on what's going on because we've got a broad solution set that help people in a lot of areas, even when some of the shipment volume's down. So that's why you see us put up what I'd say is decent results in the face of very uncertain environment where people are frozen and not shipping as much as they did just a few months ago.

我想說，根據目前的情況來看，有些地區實際上做得很好，因為我們有一套廣泛的解決方案，可以幫助許多地區的人們，即使有些地區的貨運量下降了。所以這就是為什麼你會看到我們在非常不確定的環境中取得了我認為不錯的成績，在這種環境下，人們處於停滯狀態，發貨量不像幾個月前那麼多。

That's very clear. And on the 3GTMS acquisition, I appreciate it's early days, but could you talk to the integration process and how you're thinking about the cross-sell, upsell opportunity? And also if you could provide any detail on the pricing structure if it's volume-based or recurring subscription and if there are plans to unify with the pricing model of the TMS systems?

這非常清楚。關於 3GTMS 收購，我知道現在還處於早期階段，但您能否談談整合過程以及您如何看待交叉銷售和追加銷售機會？另外，您是否可以提供有關定價結構的任何詳細信息，例如是基於數量還是定期訂閱，以及是否有計劃與 TMS 系統的定價模型統一？

It's largely a subscription business. And it's early days on the integration there. We thought -- we -- and I mentioned this in the prepared comments, we needed to get their cost structures in line with ours, so we had a bit of a restructuring right away day one when we bought the company. You've seen us do this a few times now. MacroPoint, we did this.

這主要是一種訂閱業務。目前，雙方的整合仍處於早期階段。我們認為——我們——我在準備好的評論中提到了這一點，我們需要使他們的成本結構與我們的成本結構保持一致，所以我們在收購該公司的第一天就進行了一些重組。您已經看到我們這樣做過幾次了。MacroPoint，我們做到了。

Visual Compliance, we did this, just in an effort to get them to run the way that we run. And we had to take a cash charge for that, which is just an accounting issue, but in the long run, I think that's going to allow us to operate that business more profitably and get it integrated into Descartes more quickly.

視覺合規，我們這樣做只是為了讓他們以我們的方式運作。我們必須為此收取現金費用，這只是一個會計問題，但從長遠來看，我認為這將使我們能夠更有利可圖地經營該業務，並將其更快地整合到笛卡爾公司。

If you've heard us talk about how we do integrations, we go fast. We move everyone into their component parts of our business, and that's already happened and try and make a part of the same team. And I know already that they're selling 3G with MacroPoint and MyCarrierPortal all bundled together a number of times already. So that's a little bit of a sign to me that the acquisition is going to work well. So we're excited about that.

如果您聽過我們談論如何進行集成，我們會進展很快。我們將每個人都調入我們業務的各個組成部分，這已經發生了，並嘗試讓他們成為同一支團隊的一部分。我已經知道他們已經多次將 MacroPoint 和 MyCarrierPortal 捆綁在一起銷售 3G 了。所以這對我來說是一個跡象，表明這項收購將會順利進行。所以我們對此感到很興奮。

Richard Chu, Scotiabank.

加拿大豐業銀行的 Richard Chu。

This is Richard in for Kevin today. I was wondering if you could talk a bit more about the acquisition pipeline. If you look across roughly your half dozen or so areas of logistics/supply chain industry that you cover, are there any areas that are standing out as a particular area of focus or interest? Can you talk about valuations and competition with peers or private equity, which might also be looking to make some acquisitions?

今天我是理查德，代替凱文。我想知道您是否可以再多談談收購管道。如果您回顧一下您所涉及物流/供應鏈行業的大約六個領域，是否有任何領域是特別受關注或感興趣的？您能否談談估值以及與同業或私募股權的競爭？他們可能也在尋求一些收購？

The acquisition market for us is looking very good at the moment. You've seen us do a lot in the last 1.5 years. I think you're probably likely to see that continue. Prices are coming down. Contrary to what you said a second ago, we are not seeing private equity firms show up nearly as much as they used to.

目前我們的收購市場看起來非常好。你已經看到我們在過去的一年半做了很多事情。我想你可能會看到這種情況繼續下去。價格正在下降。與您剛才所說的相反，我們看到私募股權公司出現的頻率遠不如以前了。

We're seeing them back out of deals all over the place, so all over the place or be selling companies instead of buying companies. A good friend of mine in private equity once told me, we're either buying or we're selling. We're not doing both. And I think in large part, they are selling right now and trying to -- they have investors that are saying, where is my money? I'd like to get some money back out of this thing, and they're feeling that pressure.

我們看到他們到處退出交易，或到處出售公司而不是購買公司。我的一個私募股權投資界的好朋友曾經告訴我，我們要嘛買，要嘛賣。我們不會同時做這兩件事。我認為，在很大程度上，他們現在正在出售並試圖——他們的投資者會問，我的錢在哪裡？我希望從這件事中賺回一些錢，而他們感受到了這種壓力。

When they do show up in deals, they're not showing up nearly as aggressively as they have in the past, and that's created an opportunity for us. High interest rates harm them a lot more than they harm us. We're making money and using our cash flow to buy companies. They were levering up to buy companies and doing so 4, 5, 6, 7x, which in our world would be very dangerous. We probably wouldn't go past 3x.

當他們確實出現在交易中時，他們並不像過去那樣積極地出現，這為我們創造了機會。高利率對他們的損害比對我們的損害大得多。我們正在賺錢並利用我們的現金流來收購公司。他們舉借巨額槓桿收購公司，並以 4 倍、5 倍、6 倍、7 倍的倍數收購，這在我們的世界中是非常危險的。我們可能不會超過 3 倍。

And they were normally -- 3x would be too low for them. They would think that was not using their cash well. All of a sudden when interest rates are up in the high single digits, that changes the game. And it doesn't change it for us really because we're making profits. We're putting that cash in the bank and using it to fund future acquisitions.

通常情況下 3 倍對他們來說太低了。他們會認為這不是正確使用現金的方式。當利率突然上升到個位數時，遊戲規則就改變了。但實際上這並沒有改變我們的情況，因為我們正在獲利。我們將這些現金存入銀行，用於資助未來的收購。

And so we're kind of playing a different game than they are. And we want to be around when -- if prices keep coming down, if the economy does take a turn for the worst here. We want to be able to keep making the same kind of margins we were making and growing the same amount every year even with lower revenue growth. And that's why you see us take a lot of the actions that we've described here on the call. I could argue this is when we're at our best historically, as times get tough and the decisions get very difficult.

因此，我們玩的遊戲與他們不同。如果價格繼續下跌，如果經濟情勢真的惡化，我們希望能撐得過來。我們希望能夠維持與以前相同的利潤率，並且即使在收入成長較低的情況下每年也能保持相同的成長量。這就是為什麼你會看到我們採取了我們在電話中描述的許多行動。我可以說，從歷史上看，這是我們處於最佳狀態的時候，因為時代變得艱難，決策變得非常困難。

And we've been through a lot of that before. It's a long-tenured management team that's been working together for a long time, and we've done well in a lot of difficult situations together. If I could describe it, when trouble like this starts, a lot of teams start fighting with each other about having to cut costs and why are you cutting costs and I'm not and blah, blah, blah, all these things.

我們以前也經歷過很多這樣的情況。這是一支長期任職的管理團隊，我們已經合作了很長時間，並且在許多困難的情況下共同取得了良好的成績。如果我可以描述的話，當這樣的麻煩開始時，很多團隊開始互相爭鬥，爭論是否要削減成本，為什麼你要削減成本而我沒有，等等等等，所有這些事情。

That's not what's going on here. You have a bunch of people that have been through this before, and they're almost going, hey, no one likes doing this but we are good at it. And we're going to do a good job here so that we come out in a better position than we went into it and come out in a better position than our competitors, which puts us in a very good position to grow handsomely as things start to improve.

但事實並非如此。有一群人以前經歷過這種情況，他們幾乎會說，嘿，沒有人喜歡這樣做，但我們擅長這樣做。我們將在這裡做好工作，以便我們能夠比開始時處於更好的地位，並且比我們的競爭對手處於更好的地位，這將使我們在情況開始好轉時處於非常有利的地位，從而實現大幅增長。

You saw that happen in '08. You saw that happen in 2020, and we're certainly gearing up to make sure that happens here.

你在 2008 年就看過這種情況。你們在 2020 年就看到了這種情況的發生，我們當然正在做好準備，確保這種情況在這裡發生。

Got it. Also, I was wondering is there any way to give us a view of the breakdown of your customers or revenue base by SMB versus enterprise? And are you seeing any changes, positive or negative, in this current macro on the SMB portion of the business?

知道了。另外，我想知道是否有辦法讓我們了解您的客戶或收入基礎按中小企業和大型企業劃分的細目？您是否看到當前宏觀經濟中中小企業業務部分出現任何積極或消極的變化？

No. I don't know if -- I don't know if I could break it down, but I could tell you, we're seeing -- things haven't gotten that bad. We're seeing customers still sign contracts, pay their bills. Certainly, our larger customers have been paying and even our small and medium-sized ones. Remember, most of our smaller ones are on credit card payments.

不。我不知道——我不知道我是否可以將其分解，但我可以告訴你，我們看到——事情還沒有變得那麼糟糕。我們看到顧客仍簽訂合約、支付帳單。當然，我們的大客戶一直在付款，甚至中小客戶也在付款。請記住，我們的大多數小額付款都是採用信用卡支付的。

They kind of have to pay their bills. Medium ones, maybe it's the area where you'd see that kind of change if things got bad, but we haven't seen it yet.

他們必須支付帳單。中等，如果情況變糟，也許你會看到這種變化，但我們還沒有看到。

Robert Young, Canaccord.

羅伯特楊（Robert Young），Canaccord。

The comment you made about MacroPoint, the real-time visibility driving some share gains, just given your coverage and the demand you're seeing there. I think last quarter, you suggested that, that was particularly a function of the shipper market, and you're moving into their big retailers and manufacturers. I was curious if you could expand on that, maybe dig into that a little bit if that's what's going on.

您對 MacroPoint 的評論是，即時可見性推動了一些份額的成長，這僅僅考慮到您的報告和您在那裡看到的需求。我認為上個季度您就曾提出，這主要是托運人市場的一個功能，而您正在進入他們的大型零售商和製造商。我很好奇您是否可以詳細說明這一點，如果情況確實如此，也許可以深入研究一下。

There's a little of that going on. I think the biggest thing is picking up more 3PLs and freight brokers and picking up more business from them as they consolidate. We tend to do business with almost all the big 3PLs and freight brokers in the country. And as some of the small or medium-sized guys close their doors, they're getting picked up by the -- some of our bigger customers, the Robinsons and Conways, et cetera, of the world. Convoys, excuse me, and that's been good for us.

確實有一點這樣的事發生。我認為最重要的是吸引更多的第三方物流和貨運代理，並在他們整合的過程中從他們那裡獲得更多業務。我們傾向於與國內幾乎所有大型第三方物流公司和貨運代理商開展業務。隨著一些中小型企業關門，他們被我們的一些大客戶——羅賓遜和康威等——所收購。車隊，對不起，這對我們有好處。

They go back to us because we have better data. We have track rates almost at 90%. Our competitors have track rates in the 50s. And if you want to track all your shipments and you send them in and you only get to track half of them as your visibility solution provider, all that good.

他們之所以會回來找我們，是因為我們有更好的數據。我們的追蹤率幾乎達到 90%。我們的競爭對手的軌道費率在 50 左右。如果您想追蹤所有發送的貨物，而作為可視性解決方案提供商，您只能追蹤其中的一半，那就太好了。

And if you send it in us and you're tracking 90% of them, I think you're pretty happy and you say, hey, that's a good guy to be with. And so when you buy up another small company, you tend to switch them over to us, or when you have a contract with multiple players in the visibility space and you go to renegotiate those contracts, you tend to send most of the business to the guy that does the best and that's us.

如果你把它發送給我們並且你追蹤了其中的 90%，我想你會很高興並且會說，嘿，這是一個值得合作的好人。因此，當你收購另一家小公司時，你傾向於將其轉讓給我們，或者當你與知名度領域的多家公司簽訂合約並重新談判這些合約時，你傾向於將大部分業務轉讓給做得最好的人，那就是我們。

All right. And then in the call earlier, you said that you're not seeing any of the customers tripping their minimums on the transaction revenue. Was that a Q1 comment or is that as of today? And like is there any pricing pressure at all that you're seeing -- I would assume, given that comment, that there's not a lot of pricing pressure or pressure to renegotiate minimums, but maybe just expand on that, and then I'll pass the line.

好的。然後在之前的電話會議中，您說您沒有看到任何客戶的交易收入達到最低限額。這是 Q1 的評論嗎，還是截至今天的評論？您是否看到了任何定價壓力？鑑於該評論，我認為定價壓力或重新協商最低限度的壓力並不大，但也許只是擴大這一點，然後我就會通過這條線。

No, we're not seeing any of that. I don't think -- I haven't heard anyone say we're in a recession yet, although we 3 months from now that we are in one now. But I'm not seeing our customers in any kind of dire straits and we're not -- I don't think I've seen anyone hit the bottom at their minimum. Their minimums are usually set at 85% or 90% of their normal volume, and I haven't seen any one of note hit that.

不，我們沒有看到任何這樣的情況。我不認為——我還沒有聽到有人說我們正處於經濟衰退之中，儘管從現在起 3 個月後我們就已經處於經濟衰退之中。但我沒有看到我們的客戶陷入任何困境，我們也沒有——我認為我也沒有看到任何人跌到最低谷。他們的最低限度通常設定為正常交易量的 85% 或 90%，但我還沒有看到任何一家公司達到這個水平。

Mark Schappel, Loop Capital Markets.

馬克‧沙佩爾 (Mark Schappel)，Loop 資本市場。

Ed, I was wondering if you could just comment on the sentiment you're seeing from CIOs with respect to moving forward with large TMS upgrades or expansions. And are you seeing TMS upgrades actually being crowded out by other IT initiatives?

艾德，我想知道您是否可以評論一下您所看到的 CIO 對於推進大型 TMS 升級或擴展的看法。您是否發現 TMS 升級實際上被其他 IT 計劃所擠佔？

No, we continue to see, and we've seen this for the last several years, let's say, the logistics and supply chain initiatives are rising to the top of the organizations because their importance has increased in the last 10 years, really maybe even more specifically the last five since the pandemic.

不，我們繼續看到，而且我們在過去幾年中已經看到了這種情況，可以說，物流和供應鏈計劃正在上升到組織的首位，因為它們的重要性在過去 10 年中有所增加，實際上甚至更具體地說是自疫情爆發以來的過去 5 年。

And I haven't seen any real change in that yet. I think if the economy turned and it got worse, you might start to see that even in our space, but we haven't seen it yet in our space. Our subscription sales continue to go well. I don't think we had a record quarter this quarter to subscription sales, but we were close to the high end of subscription sales over the last three years.

但我還沒有看到任何真正的改變。我認為，如果經濟狀況惡化，你可能會開始在我們的領域看到這種情況，但我們還沒有在我們的領域看到這種情況。我們的訂閱銷售持續良好。我認為本季我們的訂閱銷售額並沒有創下紀錄，但我們的訂閱銷售額已經接近過去三年的最高水準。

So happy that's the case. And look, if we go into recession, that could change. And we -- in the last year, we've had a lot of customers say stuff to us like, we've canceled a number of IT projects here. We're not canceling yours because it's important, but that always catches my attention because I think if things got a little worse, it might catch us, too. But that has not happened yet.

我很高興事情是這樣。看看吧，如果我們陷入經濟衰退，情況可能會改變。去年，很多客戶對我們說，我們取消了這裡的許多 IT 專案。我們取消您的活動並不是因為它很重要，但這總是引起我的注意，因為我認為如果情況變得更糟，我們也可能會受到影響。但這種情況尚未發生。

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

目前沒有其他問題。我想將電話轉給 Ed Ryan 先生，請他發表最後評論。先生，請繼續。

Great. Guys, thanks for your time. Look, I'll be out in the street in the coming weeks. We look forward to seeing a lot of you. And otherwise, look forward to reporting back to you on our Q2 here in September this year. Thanks, guys.

偉大的。夥計們，謝謝你們的時間。瞧，接下來的幾週我就會走上街頭。我們期待見到你們。除此之外，我們期待在今年 9 月向您報告我們第二季的情況。謝謝大家。

This concludes today's conference call. Thank you very much for your participation. You may now disconnect.

今天的電話會議到此結束。非常感謝您的參與。您現在可以斷開連線。