Descartes Systems Group Inc (DSGX) 2026 Q3 法說會逐字稿

Good afternoon, ladies and gentlemen, and welcome to Descartes Systems Group quarterly results 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。（操作說明）

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

現在我將把電話會議交給史考特‧佩根。請繼續。

Thanks, and good evening, everyone. Joining me in person on the call today are Ed Ryan, CEO; Allan Brett, CFO; and Ed Gardner, EVP, Corporate Development. 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，晚上好。今天親自參加電話會議的有：執行長 Ed Ryan；財務長 Allan Brett；以及企業發展執行副總裁 Ed Gardner。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。除歷史績效外，本次電話會議的部分內容包含適用證券法意義上的前瞻性資訊陳述。這些聲明均依據相關法律的安全港條款作出。

These forward-looking statements include statements related to our assessment of the future and current 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 of revenues and incurrence of expenses, potential acquisitions and acquisition strategy, cost reduction and integration initiatives, timing of management changes, the approval and potential share purchase under a normal course issuer bid 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業務和財務狀況的未來和當前影響的評估、Descartes的營運績效、財務結果和狀況、現金流量和現金使用情況、業務展望、基準收入、基準營運支出和基準校準、預期和潛在的收入損失和收益、預期收入確認和支出發生、潛在收購和收購策略、成本削減和整合舉措、管理層變更的時間表、根據正常發行人要約收購獲得批准和潛在的購買購買以及其他可能構成前瞻性陳述的相關的股份。

These forward-looking statements involve known and unknown risks, uncertainties, assumptions and other factors that may cause the actual results, performance or achievements of Descartes to differ materially from the anticipated results, performance or achievements implied by such forward-looking statements.

這些前瞻性陳述涉及已知和未知的風險、不確定性、假設和其他因素，這些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。

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. 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.

這些因素在新聞稿和提交給美國證券交易委員會、安大略省證券委員會以及加拿大其他證券委員會的文件中，以及我們今天提交的管理層討論與分析中，均有概述，其中「可能影響未來業績的某些因素」一節也對此進行了闡述。我們提供前瞻性聲明只是為了提供有關管理層對未來預期和計劃的資訊。請注意，此類資訊可能不適用於其他用途。

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

除法律要求外，我們不承擔任何義務或責任公開更新或修訂任何前瞻性聲明，以反映我們預期的任何變更或任何此類聲明所依據的事件、條件、假設或情況的任何變更。那麼，現在讓我把電話交給艾德瑞安。

Thanks, Scott, and welcome, everyone, to the call. Today, we're reporting record strong quarterly revenues and adjusted EBITDA. We're now ahead of our year-to-date plans and focused on a strong end of the year. We're excited to go over these results with you and describe how we're well positioned to help our customers in an environment where they're making many tariff and artificial intelligence investment decisions. But first, let me give you a road map on this call.

謝謝斯科特，也歡迎各位參加通話。今天，我們公佈了創紀錄的強勁季度營收和調整後 EBITDA。我們目前的進度已經超過了年初至今的計劃，並將專注於在年底取得強勁的成績。我們很高興與您一起探討這些結果，並介紹我們如何能夠更好地幫助我們的客戶應對當前環境下的諸多關稅和人工智慧投資決策。但首先，讓我先跟你介紹一下這次通話的流程。

I'll start by hitting some highlights of last quarter, some aspects of how our business performed and how we're positioned to help customers. 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 for Q3.

首先，我將重點介紹上個季度的一些亮點，包括我們業務的某些方面以及我們如何幫助客戶。然後我會把它交給艾倫，他會更詳細地分析第三季的財務表現。之後，我會回來報告我們對當前商業環境的看法，以及我們為第三季調整的業務狀況。

And we'll then open it up to the operator to coordinate the Q&A portion of the call. So let's start with the third quarter that ended October 31. Key metrics we monitor include revenue, profits, cash flow from operations, operating margins and returns on our investments. For this past quarter, we again had strong record performance in each of those areas.

然後我們將把發言權交給接線員，由其協調通話中的問答環節。那麼，讓我們從截至 10 月 31 日的第三季開始說起。我們監控的關鍵指標包括收入、利潤、營業活動現金流、營業利益率和投資報酬率。上個季度，我們在這些領域再次取得了強勁的業績記錄。

Total revenues were at a record high of $187.7 million, up 11% from a year ago. Record high services revenues were up 16% from a year ago with our continued focus on generating recurring revenues. Record net income was up 20% from a year ago. Record income from operations was up 24% from a year ago. Record adjusted EBITDA was up 19% from a year ago.

總營收創歷史新高，達 1.877 億美元，比上年同期成長 11%。服務收入創歷史新高，比去年同期成長 16%，這得益於我們持續專注於創造經常性收入。淨利創歷史新高，比去年同期成長了20%。營業收入創歷史新高，比去年同期成長24%。調整後的 EBITDA 創歷史新高，比去年同期成長 19%。

Our adjusted EBITDA margin was up 3 points from a year ago to 46%. We generated a record high of $73 million in cash from our operations, up 22% from a year ago. So strong record results across all of these key metrics. At the end of the quarter, we had $279 million in cash, and we were debt-free with an undrawn $350 million line of credit. That included us using $37 million of our cash in Q3 to acquire Finale inventory, an acquisition that we discussed on our September financial results call.

我們調整後的 EBITDA 利潤率比去年同期成長了 3 個百分點，達到 46%。我們的營運活動創造了創紀錄的 7,300 萬美元現金流，比去年同期成長了 22%。所有這些關鍵指標都取得了強勁的破紀錄成績。季度末，我們有 2.79 億美元的現金，沒有債務，還有 3.5 億美元的未提取信貸額度。其中包括我們在第三季動用 3,700 萬美元現金收購 Finale 的庫存，我們在 9 月的財務業績電話會議上討論過這項收購。

We remain well capitalized, cash generating, growing and ready to continue to invest in our business. Our principal growth drivers in Q3 were largely the same as I've described in detail in past quarters. They are as follows. First, global trade data and intelligence. It remains a chaotic tariff and trade environment for our customers. In the last 90 days, our customers have seen these significant changes.

我們資金充足，現金流充裕，業務持續成長，並準備繼續投資我們的業務。第三季我們的主要成長動力與我在過去幾季詳細描述的動力基本相同。具體如下。首先是全球貿易數據和情報。對我們的客戶而言，關稅和貿易環境依然混亂。在過去的90天裡，我們的客戶已經感受到了這些重大變化。

One, a truce on tariffs between China and the US, extending the tariff status quo while negotiations continue; two, tariff expansions on metals, copper, timber and furniture; three, tariff relief for foodstuffs; four, new reciprocal trade agreements between the US and countries like Argentina, Switzerland and Malaysia; and five, the implementation and temporary pause and enforcement of BIS 50, a regulation that expanded the number of denied parties that the US entities needed to screen against.

第一，中美之間暫停徵收關稅，在談判繼續進行的同時維持關稅現狀；第二，擴大對金屬、銅、木材和家具的關稅；第三，降低食品的關稅；第四，美國與阿根廷、瑞士和馬來西亞等國之間達成新的互惠貿易協定；第五，實施並暫時中止執行BIS 50號法規，該法規擴大了美國實體需要篩選的被拒方數量。

We continue to be a provider of choice for our customers for tariff data, sanction party assistance and research on trade flows. We help our customers keep their business flowing and help them plan for tomorrow. When things are changing rapidly, they rely on us for timely and accurate updates. In Q3, the changing trade environment provided strong demand for our solutions.

我們一直是客戶在關稅數據、制裁方協助和貿易流研究方面的首選供應商。我們幫助客戶保持業務正常運轉，並幫助他們規劃未來。當情況瞬息萬變時，他們需要我們及時提供準確的資訊。第三季度，不斷變化的貿易環境對我們的解決方案提出了強勁的需求。

Second is foreign trade zones. The uncertain trade and tariff environment has many of our customers needing more of our help to find the most efficient way to import goods. One mechanism that's being investigated by more of our customers than ever before is foreign trade zones or FTZs. These are designated spaces for US companies to import goods on a tariff and duty deferred basis, only triggering payment when the goods are removed from the FTZ for shipment into free circulation.

其次是對外貿易區。不確定的貿易和關稅環境導致許多客戶需要我們提供更多協助，以找到最有效的貨物進口方式。比以往任何時候都多的客戶正在研究的一種機制是自由貿易區（FTZ）。這些是為美國公司指定的進口區域，允許其以延期繳納關稅的方式進口貨物，只有當貨物從自由貿易區移出並進入自由流通時才需要支付費用。

There's a detailed regulatory regime to manage these FTZs, including keeping track of everything flowing in and out of the FTZ and regular government reporting. However, with heightened and uncertain tariffs, it has become an effective way for our customers to manage their imports and cash flow. We've seen higher demand for our FTZ solutions than in previous years, and that was a good driver again this quarter.

為了管理這些自由貿易區，制定了一套詳細的監管機制，包括追蹤自由貿易區內所有進出貨物的流動情況以及定期向政府報告。然而，由於關稅上漲且前景不明朗，這已成為我們的客戶管理進口和現金流的有效途徑。我們發現，市場對我們自由貿易區解決方案的需求比往年更高，這再次成為本季業績成長的良好驅動力。

The third is e-commerce customs clearance. Earlier in the year, the US eliminated the de minimis exemption, which allows foreign companies to ship goods duty-free to US customers where the value of the goods was less than $800. With that exemption gone, foreign e-commerce sellers needed to adapt to a new regulatory structure with new filings and submissions of tariffs. To do this, these sellers and their brokers need solutions that can handle large volumes and velocities of shipments that interact with US customs and get goods cleared quickly to prevent delivery delays.

第三點是電子商務清關。今年早些時候，美國取消了最低限度豁免，該豁免允許外國公司向美國客戶免稅運送價值低於 800 美元的貨物。隨著該豁免條款的取消，外國電子商務賣家需要適應新的監管結構，並提交新的關稅申報文件。為此，這些賣家及其經紀人需要能夠處理大量、高速貨物運輸的解決方案，這些貨物需要與美國海關進行交互，並快速清關以防止交貨延誤。

We have market-leading solutions to help these high velocity importers, and it was a strong driver of growth in the quarter. The fourth is real-time shipment visibility. Shippers and brokers want real-time visibility into the location of shipments in transit. Shipment tracking is an expected part of the consumer experience. So this is critical information for customers.

我們擁有市場領先的解決方案來幫助這些高週轉率進口商，這也是本季強勁的成長動力。第四點是即時貨運可見度。托運人和貨運代理希望即時了解運輸途中的貨物位置。物流追蹤是消費者體驗中不可或缺的一部分。所以這對客戶來說是至關重要的訊息。

In the business-to-business environment, shipment tracking allows for better planning on preparing delivery resources, whether they be loading dock doors or human resources unloading trucks. Getting accurate location information isn't always simple, particularly in the truck market as many smaller independent truckers may not have the technology to provide automated location information.

在企業對企業環境中，貨物追蹤可以更好地規劃交付資源的準備工作，無論是裝卸貨平台還是卸貨的人力資源。獲取準確的位置資訊並不總是那麼簡單，尤其是在卡車市場，因為許多小型獨立卡車司機可能沒有提供自動位置資訊的技術。

However, our MacroPoint solutions are the best at getting tracking information, leveraging carefully designed mobile applications and artificial intelligence agents. This market-leading tracking rate led to continued strong network performance by MacroPoint in the quarter. So similar revenue drivers to previous quarters have contributed to our record revenue performance this quarter.

然而，我們的 MacroPoint 解決方案在獲取追蹤資訊方面是最好的，它利用了精心設計的行動應用程式和人工智慧代理。這一市場領先的追蹤率使得 MacroPoint 在本季持續保持強勁的網路效能。因此，與前幾季類似的營收驅動因素促成了我們本季創紀錄的營收業績。

When combined with the cost rationalization effort we undertook earlier this year, we also had record operating performance. So next, I want to talk about artificial intelligence because it's becoming a bigger and bigger part of our business. I mentioned artificial intelligence helped our MacroPoint business, but I wanted to take a bit more or talk a bit more about how AI impacts Descartes overall. First, let me give some context for when you're thinking about Descartes and AI. Descartes is the network business with a huge network infrastructure.

結合我們今年稍早實施的成本合理化措施，我們的營運表現也創下了歷史新高。接下來，我想談談人工智慧，因為它在我們業務中扮演的角色越來越重要。我提到人工智慧幫助我們的 MacroPoint 業務，但我想再深入探討人工智慧對 Descartes 整體的影響。首先，讓我為思考笛卡兒和人工智慧之間的關係提供一些背景資訊。Descartes是一家擁有龐大網路基礎設施的網路企業。

We run the global logistics network. We're built by connecting huge numbers of shippers, carriers, governments and logistics intermediaries together. We are not an enterprise software business. Logistics and supply chain problems are not enterprise problems. They are inter-enterprise problems and challenges.

我們經營全球物流網絡。我們透過將大量的托運人、承運人、政府和物流中介機構連接起來而建立起來的。我們並非企業軟體公司。物流和供應鏈問題並非企業本身的問題。這是企業間的問題與挑戰。

To solve them, you need data from multiple external sources, and that's what we do. We transmit and house massive amounts of data to help our customers source trusted, clean, formatted and real-time data because that's what's most valuable to them. So the questions I've been getting from shareholders, analysts and others is what's the impact of artificial intelligence on Descartes' business? The answer is that the impact is overwhelmingly positive. I'll talk about this in detail, but in summary, AI increases demand for our data and decision-making tools.

要解決這些問題，你需要來自多個外部來源的數據，而這正是我們所做的。我們傳輸和儲存大量數據，以幫助我們的客戶獲取可信賴、乾淨、格式化和即時的數據，因為這對他們來說是最有價值的。因此，我從股東、分析師和其他人那裡得到的問題是：人工智慧對笛卡爾公司的業務有何影響？答案是，其影響絕大多數是正面的。我會詳細討論這個問題，但總而言之，人工智慧增加了對我們數據和決策工具的需求。

Our customers want massive amounts of clean, formatted real-time data to help them make decisions on our own network or to power their own AI investments. Data is the fuel for AI solutions. That data needs to be from a trusted source, everyone knows poor data can lead to poor decision-making and execution. AI allows us to offer new solutions and services leveraging our network infrastructure and data and AI allows us to run our network and business more efficiently. Now let me go into a bit more detail.

我們的客戶需要大量乾淨、格式化的即時數據，以幫助他們在我們自己的網路上做出決策，或為自己的 AI 投資提供支援。數據是人工智慧解決方案的燃料。這些數據必須來自可信來源，大家都知道，劣質數據會導致糟糕的決策和執行。人工智慧使我們能夠利用網路基礎設施和數據提供新的解決方案和服務，人工智慧也使我們能夠更有效率地運行網路和業務。現在讓我更詳細地解釋一下。

The first GLN data powers AI. AI tools massively speed up the pace of automation for our customers. With AI agents or agentic AI, we expect that most of our customers will eventually be running some form of AI tools to automate processes within their business. These AI tools are powered by data. Businesses that will be the most successful with AI are the ones that can train their tools with enormous amounts of current and clean data.

首個GLN數據驅動人工智慧。人工智慧工具大大加快了我們客戶的自動化進程。借助 AI 代理或智慧型 AI，我們預計我們的大多數客戶最終都會運行某種形式的 AI 工具來自動化其業務流程。這些人工智慧工具由數據驅動。那些能夠利用大量最新、最準確的數據來訓練其工具的企業，將在人工智慧領域取得最大的成功。

In the supply chain and logistics world, that means that our customers' AI strategies and successes relying on getting more clean data from their trading partners. Our customers need information about things like the location, schedule and amounts of resources not in their control, including inventory, vehicles, vessels and people. This is why AI makes Descartes' Global Logistics Network even more important for the customers.

在供應鏈和物流領域，這意味著我們的客戶的 AI 策略和成功取決於從其貿易夥伴那裡獲得更多乾淨的數據。我們的客戶需要了解他們無法控制的資源的位置、時間安排和數量等信息，包括庫存、車輛、船舶和人員。正因如此，人工智慧讓笛卡兒全球物流網路對客戶而言變得更加重要。

The Global Logistics Network helps our customers get massive amounts of real-time data for an enormous number of global trading partners delivered in a clean manner that can power AI tools. The scale, reach and global nature of Descartes' network has never been more important to our customers.

全球物流網路幫助我們的客戶以清晰的方式獲取大量來自眾多全球貿易夥伴的即時數據，從而為人工智慧工具提供支援。Descartes 網路的規模、覆蓋範圍和全球性對我們的客戶來說從未像現在這樣重要。

Descartes is a network business, we get paid as we help customers get and process more data. We believe that AI is a huge potential tailwind in demand for our Global Logistics Network. The second is that the GLN data includes the collective intelligence of the network. We expect that our customers will use AI to answer questions about how to best run their own businesses, and the power of AI may mean that they'll be able to answer questions that they haven't even thought of asking yet.

Descartes 是一家網路公司，我們透過幫助客戶取得和處理更多資料來獲得報酬。我們相信，人工智慧將極大地促進我們全球物流網絡的需求成長。第二點是，GLN 資料包含了網路的集體智慧。我們預計我們的客戶將使用人工智慧來回答有關如何最好地經營自己業務的問題，而人工智慧的強大功能可能意味著他們能夠回答他們甚至還沒有想到要問的問題。

But some of those questions will be best answered using the collective intelligence of data available on the Global Logistics Network. Think of it as the difference between predicting the traffic patterns on a particular road using only vehicles in your own fleet compared to being able to get a better answer for traffic patterns using the vehicles of every participant on the Global Logistics Network, where the difference between responding to a shipment delay by limiting yourself to one airline you've worked with versus every possible alternative with an air carrier available over the Global Logistics Network.

但有些問題最好利用全球物流網路上可用的數據的集體智慧來解答。可以把它想像成這樣一種區別：一是僅使用自己車隊的車輛來預測特定道路上的交通模式，二是使用全球物流網絡中每個參與者的車輛來更好地預測交通模式；二是應對貨物延誤時，只選擇與自己合作過的一家航空公司，與使用全球物流網絡中所有可用的航空公司來應對所有可能的替代方案，這兩者之間的區別。

Collective intelligence, available over a massively scaled network matters when you're solving inter-enterprise solutions and that collective intelligence is another data source that powers AI for our customers. The third area is the GLN fueled AI with real-time information. Further, the most successful businesses will power their AI with current information so that the answers they get aren't stale.

在解決企業間解決方案時，透過大規模網路獲得的集體智慧至關重要，而這種集體智慧也是我們客戶人工智慧的另一個資料來源。第三個領域是利用即時資訊驅動的 GLN 人工智慧。此外，最成功的企業會利用最新資訊來驅動人工智慧，以確保得到的答案不會過時。

For that, our customers really need real-time and constantly updated information from a trusted source dedicated to data, and that's what the Global Logistics Network provides. We're processing shipment moves and getting location information in real time. We're quickly updating compliance rules, sanctioned parties, tariff rates, trade agreements and regulations, shipping rates and schedules.

為此，我們的客戶確實需要來自值得信賴的數據來源的即時、不斷更新的信息，而這正是全球物流網絡所提供的。我們正在處理貨物調動，並即時獲取位置資訊。我們正在快速更新合規規則、受制裁方、關稅稅率、貿易協定和法規、運輸費率和時間表。

We live, eat and breathe supply chain and logistics at scale. And we believe that's even more powerful business in the AI world. So we believe that just the fact that our customers want to use AI increases demand for the Global Logistics Network, but AI also allows us to make meaningful changes in the services and value we deliver to customers and also in how we make our own operations more efficient and effective.

我們生活、工作和呼吸都離不開大規模的供應鏈和物流。我們相信，這在人工智慧領域更是一種強大的商業模式。因此，我們相信，客戶希望使用人工智慧這一事實本身就增加了對全球物流網路的需求，但人工智慧也使我們能夠對向客戶提供的服務和價值進行有意義的改變，並使我們自身的營運更加高效有效。

Next area is AI enables new GLN services for our customers. We recently ran an internal employee AI Descartes hackathon with exactly that goal in mind. What are our employees' ideas for using AI to deliver more value to customers or making our business more efficient. We had overwhelming employee interest and participation with more than 50 new suggestions for projects, and this is in addition to the projects we've already completed or have underway.

下一個領域是人工智慧如何為我們的客戶提供新的GLN服務。我們最近舉辦了一場內部員工人工智慧笛卡爾黑客馬拉松，目的就是如此。我們的員工有哪些利用人工智慧為客戶創造更多價值或提高業務效率的想法？員工們表現出極大的興趣和參與度，提出了 50 多個新的專案建議，這還不包括我們已經完成或正在進行的專案。

Generally, we leverage AI for customers in two ways: One, by delivering new automated services that were too expensive or challenging when they were manual; and two, by allowing our customers to leverage the large amounts of data on the GLN to get better or faster answers that can help them manage their business.

一般來說，我們透過兩種方式為客戶利用人工智慧：一是提供以前手動操作成本過高或難度過大的全新自動化服務；二是讓客戶利用 GLN 上的大量數據來獲得更好或更快的答案，從而幫助他們管理業務。

An example of new automated services include using agentic AI with our MacroPoint business. MacroPoint helps our broker and shipper customers get location information on in-transit shipments. Oftentimes, we can get this information from direct data feeds to vehicle telematics or trucking company transportation management systems.

新型自動化服務的一個例子是將智能體人工智慧應用於我們的 MacroPoint 業務。MacroPoint 協助我們的經紀人和托運人客戶取得在途貨物的定位資訊。通常情況下，我們可以從車輛遠端資訊處理系統或貨運公司運輸管理系統的直接資料饋送中取得這些資訊。

However, there's still a substantial number of small and/or independent truckers that don't have those technological capabilities. Having a staff of hundreds of people to call these trucks and ask them where they are, just isn't economically feasible for our customers. However, with agentic AI, we can work with them to download and use our mobile app or automate inquiries to truckers and get more tracking information for our customers much more efficiently. In just a few short months, we've had more than 300,000 outreaches using our AI agents, resulting in more than 180,000 drivers joining the MacroPoint network.

然而，仍有相當數量的小型和/或獨立卡車司機不具備這些技術能力。僱用數百名員工打電話給這些卡車詢問它們的位置，這對我們的客戶來說在經濟上是不可行的。但是，借助智慧人工智慧，我們可以與他們合作，下載和使用我們的行動應用程序，或自動向卡車司機發出詢問，並更有效率地為我們的客戶獲取更多追蹤資訊。短短幾個月內，我們的 AI 代理商已經進行了超過 30 萬次推廣活動，最終有超過 18 萬名駕駛加入了 MacroPoint 網路。

The result is happy customers, more billable truck loads for our customers. So it's a great example of an enhanced service that just wasn't feasible before AI automation came to the table. Some other things that were already got underway for our customers, natural language searches of our GLN data mine US import information and faster results to get competitive intelligence. Automated logic and denied party screening to deal with challenging match scenarios on parties with ambiguous names and addresses. This allows customers to process large shipment volumes more quickly.

這樣一來，客戶滿意了，我們的客戶也獲得了更多可計費的貨運量。所以，這是一個很好的例子，說明在人工智慧自動化出現之前，這種增強型服務根本是不可能的。我們已經為客戶進行了一些其他工作，例如利用 GLN 數據進行自然語言搜索，挖掘美國進口信息，並更快地獲取競爭情報。自動化邏輯和拒絕方篩選，以處理姓名和地址不明確的當事人的複雜配對。這樣一來，客戶就能更快地處理大量貨物的運輸。

Free trade eligibility assessments using AI recommendations based on past practices, helping our customers reduce their tariff bill, automated tariff classification suggestions for goods, using AI agents to interpret lengthy carrier rate agreements and present optimal selection recommendations; and finally, leveraging actual historical delivery service times for particular businesses to allow for better planning decisions.

利用人工智慧根據以往實踐提出的建議進行自由貿易資格評估，幫助我們的客戶減少關稅支出；自動提供商品關稅分類建議；利用人工智慧代名詞解讀冗長的承運商費率協議，並提出最佳選擇建議；最後，利用特定企業的實際歷史交付服務時間，以便更好地進行規劃決策。

AI also allows us to run our own network more efficiently. AI allows us to make our own internal operations more efficient by automating tasks, minimizing human error and enabling oversight and analysis that wasn't previously possible. For us, AI can help us with these areas such as enhanced network security as we deploy tools to monitor target and even counterattack malicious activity, more intense network performance monitoring to minimize service disruptions, code development by providing engineers with a running start with suggested code and development or maintenance of services.

人工智慧還可以讓我們更有效率地運行自己的網路。人工智慧可以透過自動化任務、最大限度地減少人為錯誤以及實現以前不可能的監督和分析，使我們自身的內部營運更有效率。對我們來說，人工智慧可以幫助我們解決以下問題：增強網路安全，部署工具來監控目標甚至反擊惡意活動；更深入地監控網路效能，以最大限度地減少服務中斷；透過向工程師提供建議程式碼，幫助他們快速入門，從而促進程式碼開發；以及服務的開發或維護。

This is something we're already seeing great benefit in. And finally, automated and self-serve customer service, leveraging the enormous amounts of product documentation that we produce. So AI has a great opportunity for Descartes and for our Global Logistics Network. We believe it will spur further demand for our trusted real-time clean formatted GLN data and the collective intelligence of the network. It's already allowing us to deliver additional value to our customers with enhanced services, and it's helping make our business more efficient.

我們已經從中看到了巨大的好處。最後，我們將利用我們生產的大量產品文檔，實現自動化和自助式客戶​​服務。因此，人工智慧為笛卡爾公司和我們的全球物流網路帶來了巨大的機會。我們相信這將進一步刺激對我們值得信賴的即時、格式清晰的 GLN 數據和網路集體智慧的需求。它已經使我們能夠透過增強服務為客戶帶來更多價值，並有助於提高我們業務的效率。

We believe that the inter-enterprise scaled network infrastructure of our business puts us in a much better position to benefit from AI than legacy or emerging point or enterprise technology solutions. To sum up before I hand it over to Allan, Q3 was a very strong quarter for us. Trade and tariff uncertainty fuel demand for many of our services.

我們相信，我們業務中跨企業規模的網路基礎設施使我們比傳統或新興的點或企業技術解決方案更能從人工智慧中受益。在把發言權交給艾倫之前，我總結一下，第三季對我們來說是一個非常強勁的季度。貿易和關稅的不確定性推高了對我們許多服務的需求。

We saw AI have a meaningful impact on our service delivery to customers and we completed an acquisition of our -- in our e-commerce pillar that's already contributing, an excellent job all around by our Descartes team. I'd like to touch on one other item outlined in our press release today, and that is that we're planning on a CFO transition after the end of this fiscal year. Allan has decided that after more than 30 years as a public company CFO, including 12 at Descartes, he wants to take steps towards retirement.

我們看到人工智慧對我們為客戶提供的服務產生了有意義的影響，並且我們完成了對電子商務支柱的收購，這已經做出了貢獻，Descartes 團隊在各方面都做得非常出色。我想談談今天新聞稿中提到的另一件事，那就是我們計劃在本財年結束後進行財務長的過渡。在擔任上市公司財務長 30 多年（其中包括在笛卡爾公司擔任 12 年）之後，艾倫決定開始為退休做準備。

So Allan will be handing things over to Ed Gardner in March 2026, consistent with our established CFO succession plan. Allan is going to stick around in the business as an adviser to help us with the CFO transition and also more generally to keep helping our business grow. It continues to be a great privilege to work with Allan. He cares for the business a ton, which I think is reflected in his desire to stay involved with the business going forward.

因此，根據我們既定的財務長繼任計劃，Allan 將於 2026 年 3 月將工作交給 Ed Gardner。艾倫將繼續留在公司擔任顧問，幫助我們完成財務長的過渡，並在更廣泛的層面上繼續幫助我們的業務發展。能與艾倫共事，我始終感到非常榮幸。他非常關心公司，我認為這體現在他希望未來繼續參與公司營運的願望。

We're also thrilled to have Ed Gardner ready to assume the CFO role, someone that I've worked with for more than 20 years, and Allan has worked with over his entire 12 years at Descartes. Ed has a ton of financial experience with our business and the many acquisitions that we brought on board and will likely already be a familiar face to many shareholders and analysts.

我們也非常高興 Ed Gardner 能夠擔任財務長一職，我與他共事超過 20 年，而 Allan 在 Descartes 的 12 年裡也一直與他共事。Ed 在我們公司以及我們收購的眾多公司中擁有豐富的財務經驗，對於許多股東和分析師來說，他可能已經是一位熟悉的面孔了。

With Allan and Ed's long working relationship together, we expect a seamless transition in March. So those are our plans for the future, but we still have Allan in the saddle until March. So now I'll turn the call over to him to go through our Q3 financial results in more detail. Allan?

鑑於艾倫和艾德之間的長期合作關係，我們預計三月的交接工作將順利進行。這就是我們未來的計劃，但艾倫仍將擔任總經理一職直至三月。現在我將把電話交給他，讓他更詳細地介紹我們第三季的財務表現。艾倫？

Thanks very much, Ed. I appreciate those words. So as indicated, I'm going to take you through our financial highlights for our third quarter, which ended on October 31. We are pleased to report record quarterly revenue of $187.7 million this quarter, an increase of 11% from revenue of $168.8 million in Q3 last year.

非常感謝，埃德。我很感激你的話。正如之前所說，我將帶大家了解我們截至 10 月 31 日的第三季的財務亮點。我們很高興地宣布，本季營收創歷史新高，達到 1.877 億美元，比去年第三季的 1.688 億美元營收成長了 11%。

While revenue from acquisitions completed in the past 12 months, including the acquisitions of 3GTMS and Finale inventory completed earlier this year contributed nicely to this growth, our growth in services revenue from new and existing customers from our existing solutions was also a very significant driver of growth this quarter when compared to the same period last year.

雖然過去 12 個月完成的收購（包括今年稍早完成的對 3GTMS 和 Finale 庫存的收購）帶來的收入對這一增長做出了很好的貢獻，但與去年同期相比，我們現有解決方案帶來的新老客戶的服務收入增長也是本季度增長的一個非常重要的驅動因素。

Looking at our revenue details further. Our revenue mix in the quarter continued to be very strong, with services revenue increasing 16% to $173.7 million compared to $149.7 million in the same period last year representing approximately 93% of total revenues in the third quarter this year. Based on these results, we estimate that organic services growth on an FX-neutral basis came in right around 7% in Q3 after averaging closer to 4% in each of Q1 and Q2 this year.

進一步查看我們的收入明細。本季我們的營收結構依然非常強勁，服務收入成長 16% 至 1.737 億美元，而去年同期為 1.497 億美元，約佔今年第三季總營收的 93%。根據這些結果，我們估計，以匯率中性計算，第三季有機服務業成長率約為 7%，而今年第一季和第二季的平均成長率接近 4%。

While we saw some reasonable strength in our transaction volumes in Q3, the majority of the growth in services revenue this quarter continue to come from strong results in the global trade intelligence pillar as well as strength in our e-commerce customs filing business and our transportation management solutions, including MacroPoint trade visibility solution again this quarter.

雖然我們在第三季的交易量出現了一些合理的成長，但本季服務收入的大部分成長仍來自全球貿易情報業務的強勁表現，以及我們的電子商務報關業務和運輸管理解決方案（包括本季再次推出的 MacroPoint 貿易視覺化解決方案）的強勁表現。

As expected, partially offsetting the strong growth in services revenue, license revenue came in at $1.7 million or 1% of revenue in the quarter, down from license revenue of $3.5 million recorded last year in Q3, while professional services and other revenue came in at $12.1 million or 6% of revenue, down from $15.6 million in the third quarter last year.

正如預期的那樣，部分抵消了服務收入的強勁增長，許可收入為 170 萬美元，佔本季度收入的 1%，低於去年第三季度記錄的 350 萬美元；而專業服務和其他收入為 1210 萬美元，佔收入的 6%，低於去年第三季度的 1560 萬美元。

That's mainly a result of the inclusion of approximately $3.7 million of low-margin hardware sales from our ground cloud business in our Q3 results in last year's comparable period. As indicated, these lower license and hardware sales were expected, and we continue to focus on driving growth in services revenue across our business.

這主要是由於去年同期第三季業績中包含了來自地面雲業務的約 370 萬美元低利潤硬體銷售額。如同先前所述，這些較低的許可證和硬體銷售額是可以預期的，我們將繼續專注於推動整個業務的服務收入成長。

For the first nine months of this year, revenue came in at $536 million, an increase of 11% from revenue of $484 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 revenue growth. Again, services revenue drove this growth year-to-date growing approximately 15% over the same nine-month period year-to-date last year.

今年前九個月，公司營收為 5.36 億美元，比去年同期的 4.84 億美元成長了 11%。同樣，今年完成的收購帶來的收入以及現有解決方案的自然成長，都推動了這項收入成長。同樣，服務收入推動了今年迄今的成長，與去年同期相比成長了約 15%。

Gross margin came in at 77% of revenue in the third quarter up from gross margin of 74% in the third quarter last year, again driven by the low-margin hardware sales we recorded in last year's results. Excluding these hardware sales, gross margin would have improved slightly over the same quarter last year as a result of the continued leverage we experienced with revenue growth from new and existing customers.

第三季毛利率為營收的 77%，高於去年第三季的 74%，這再次得益於去年業績中低利潤率的硬體銷售。如果排除這些硬體銷售，由於新舊客戶帶來的收入成長，毛利率將比去年同期略有提高。

Operating expenses increased by approximately 11% in the third quarter over the same period last year, and this was heavily related to the cost coming from the acquisitions completed in the past 12 months, offset partially by the cost benefit of the restructuring plan that we put in place during Q2 of this year.

第三季營運費用較去年同期成長約 11%，這主要是由於過去 12 個月完成的收購帶來的成本增加，但部分被我們在今年第二季度實施的重組計劃的成本效益所抵消。

So as a result of continued cost control and the operating leverage we get from both acquisitive and organic revenue growth, we recorded adjusted EBITDA growth of 19% to a record $85.5 million or 45.6% of revenue, up from $72.1 million or 42.7% of revenue in the third quarter last year. For the first three quarters of the year, adjusted EBITDA has increased by 15% to $241 million from $210 million in the same period last year, with adjusted EBITDA ratios increasing to 44.9% from 43.4%.

因此，由於持續的成本控制以及收購和內生收入成長帶來的營運槓桿作用，我們調整後的 EBITDA 成長了 19%，達到創紀錄的 8,550 萬美元，佔營收的 45.6%，高於去年第三季的 7,210 萬美元，佔營收的 42.7%。今年前三個季度，調整後 EBITDA 成長 15%，從去年同期的 2.1 億美元增至 2.41 億美元，調整後 EBITDA 比率從 43.4% 增至 44.9%。

If we look at our GAAP financials, net income came in at $43.9 million or $0.50 per diluted common share in the third quarter, up nicely from net income of $36.6 million or $0.42 per diluted common share in the third quarter last year. We should also note that the income tax expense for the third quarter came in at $14.5 million or 24.8% of pretax income which is slightly lower than our blended statutory tax rate of 26.5%, mainly as a result of recognizing some previously unrecorded R&D tax benefits from previous periods.

如果以 GAAP 財務報表來看，第三季淨收入為 4,390 萬美元，即每股攤薄收益 0.50 美元，較去年同期的 3,660 萬美元淨收入（即每股攤薄收益 0.42 美元）大幅增長。我們還應該注意到，第三季的所得稅費用為 1,450 萬美元，佔稅前收入的 24.8%，略低於我們 26.5% 的綜合法定稅率，這主要是由於確認了以前期間一些未記錄的研發稅收優惠。

Net income for the nine-month year-to-date period was $118 million or $1.35 per diluted common share compared to $106 million or $1.21 per diluted common share in the last year in the nine months, again, as a result of higher operating profits from our growing business. With these operating results and strong AR collection offset partially by higher cash tax payments in the quarter, cash flow generated from operations came in at $73.4 million or 86% of adjusted EBITDA in the third quarter, up from $60.1 million or 83% of adjusted EBITDA in the third quarter last year.

截至目前，前九個月的淨收入為 1.18 億美元，即每股攤薄收益 1.35 美元，而去年同期為 1.06 億美元，即每股攤薄收益 1.21 美元，這同樣是由於我們不斷增長的業務帶來的更高營業利潤。由於本季現金稅支出增加，加上經營業績和強勁的應收帳款回收，第三季經營活動產生的現金流為 7,340 萬美元，佔調整後 EBITDA 的 86%，高於去年同期的 6,010 萬美元，佔調整後 EBITDA 的 83%。

For the nine months year-to-date, our operating cash flow has increased 20% to approximately $190 million or 79% of adjusted EBITDA, up from $159 million of adjusted EBITDA in the same nine-month period last year. In these nine-month periods, cash flow from operating activities was impacted by the following: first, in this year, our cash flows have been negatively impacted by the payment of approximately $6 million in personnel departure costs, and in the comparable period last year, cash flow was negatively impacted by the payment of $25 million in contingent acquisition consideration for previously completed deals, which were -- that piece was not accrued for at the time of the acquisitions.

今年前九個月，我們的營運現金流成長了 20%，達到約 1.9 億美元，佔調整後 EBITDA 的 79%，而去年同期調整後 EBITDA 為 1.59 億美元。在這九個月期間，經營活動產生的現金流受到以下因素的影響：首先，今年，我們支付了約 600 萬美元的人員​​離職成本，對現金流產生了負面影響；其次，去年同期，我們支付了 2500 萬美元的或有收購對價，用於支付之前已完成的交易，這筆款項在收購時並未計提。

So those had some impact on the cash flow from operations for the nine months. We should also mention that subject to these types of 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.

因此，這些因素對前九個月的經營現金流產生了一定影響。我們還應該提到，儘管存在此類異常事件和季度波動，但我們預計現金流轉換率將繼續保持強勁，並且預計未來幾季經營活動產生的現金流將佔調整後 EBITDA 的 80% 至 90%。

Overall, we are extremely pleased with our quarterly operating results as the addition of our recent acquisitions combined with continued organic growth and services revenue resulted in both strong growth -- in both adjusted EBITDA and cash flow from operations in the quarter. If we turn our attention to the balance sheet, our cash balances totaled $279 million at the end of October, up approximately $38 million from the end of the second quarter this year.

總體而言，我們對本季的經營業績非常滿意，因為近期收購的加入，加上持續的內生成長和服務收入，使得本季調整後的 EBITDA 和經營現金流均實現了強勁成長。如果我們把注意力轉向資產負債表，截至 10 月底，我們的現金餘額總計 2.79 億美元，比今年第二季末增加了約 3,800 萬美元。

As indicated, we had strong cash flow from operations, and this was partially offset by the use of approximately $37 million in cash to complete the finale inventory acquisition at the beginning of this quarter. As a result, we currently have $279 million of cash as well as our unused $350 million credit facility available to deploy towards future acquisitions or opportunities consistent with our business plan.

如前所述，我們的營運活動現金流強勁，但本季初用於完成最後一批庫存收購的約 3,700 萬美元現金部分抵銷了這一影響。因此，我們目前擁有 2.79 億美元的現金，以及未使用的 3.5 億美元信貸額度，可用於符合我們業務計劃的未來收購或機會。

As we look to the final quarter of our physical 2026 for the three months into January 31, we should note the following: After incurring approximately $4.3 million in capital additions in the first nine months of the year, we expect to incur approximately $1 million to $2 million of additional capital expenditures in the fourth quarter of this year.

展望 2026 年最後一個季度（截至 1 月 31 日的三個月），我們應該注意到以下幾點：在今年前九個月投入約 430 萬美元資本後，我們預計今年第四季將額外投入約 100 萬至 200 萬美元資本。

We expect we will use approximately [$500,000] of our cash balances in the fourth quarter to complete the earnout obligation related to a past acquisition, and this amount is fully accrued for at the end of Q3. After incurring amortization costs of $60 million in the first nine months of the year, we expect the amortization expense will be approximately $21 million for the fourth quarter, with this figure being subject to adjustment for foreign exchange rates and future acquisitions.

我們預計在第四季度將使用約 50 萬美元的現金餘額來完成與過去收購相關的或有付款義務，該金額已在第三季末全部計提。今年前九個月已產生 6,000 萬美元的攤銷費用，預計第四季度攤銷費用約為 2,100 萬美元，該數字將根據匯率和未來收購情況進行調整。

Our income tax rate for the first nine months of the year came in at approximately 24.1% of pretax income which is just below our blended statutory tax rate of 26.5%. For the fourth quarter, we currently expect our tax rate will come in fairly close to our abundant statutory tax rate. And as a result, we should experience a tax rate in the range of 24% to 28% of pretax income in Q4.

今年前九個月的所得稅率約為稅前收入的 24.1%，略低於 26.5% 的綜合法定稅率。我們目前預計第四季的稅率將與我們充足的法定稅率相當接近。因此，第四季我們的稅率應該在稅前收入的 24% 到 28% 之間。

However, as always, we should state that our tax rate may fluctuate quarter-by-quarter from onetime tax items that may arise as we operate internationally across multiple countries. And finally, after incurring stock-based compensation expense of $14.8 million in the first nine months of the year, we currently expect stock compensation to be approximately $6 million in the fourth quarter subject to any forfeitures of stock options or share units. So that's it for the financial update.

但是，我們一如既往地要說明，由於我們在多個國家開展國際業務，可能會出現一次性稅務項目，因此我們的稅率可能會逐季度波動。最後，在今年前九個月產生了 1,480 萬美元的股票選擇權補償費用後，我們目前預計第四季度的股票選擇權補償費用約為 600 萬美元，但需視股票選擇權或股份單位的沒收情況而定。以上就是本次財務更新的全部內容。

As Ed mentioned, we have a well-planned CFO transition in the works, and I'm excited to be able to work with Ed Gardner on this seamless transition plan in the months ahead as we complete our fiscal 2026 and set the business up for continued growth. So with that, I'll turn it back over to Ed Ryan to wrap up with some closing comments and our baseline calibration for Q4.

正如 Ed 所提到的，我們正在製定周密的 CFO 過渡計劃，我很高興能在接下來的幾個月裡與 Ed Gardner 一起制定這一無縫過渡計劃，以完成我們的 2026 財年並為業務的持續增長做好準備。那麼，接下來我將把發言權交還給 Ed Ryan，讓他做一些總結性的評論，並介紹我們第四季的基準校準。

Thanks, Allan. These continue to be challenging business conditions for our customers. From a tariff and trade perspective, I outlined earlier, some of the things that have happened over the past 90 days. Looking forward, the US Supreme Court is considering the lengthy -- sorry, the legality of many tariffs with no identified time line for resolution.

謝謝你，艾倫。對我們的客戶而言，這些仍然是充滿挑戰的商業環境。從關稅和貿易的角度來看，我之前概述了過去 90 天發生的一些事情。展望未來，美國最高法院正在審理許多關稅的合法性問題，但尚未確定解決時間表。

Customers are also adjusting to new commodity-specific tariffs and given the speed with which they were implemented, remain uncertain about additional tariff changes they may see in Q4. And there remains ongoing geopolitical tensions impacting trade, whether it's tensions in the Middle East, impacting trade lanes, the ongoing war in Ukraine impacting it and its resulting trade sanctions or the potential new conflict in Venezuela impacting flight paths.

客戶也在適應新的商品特定關稅，鑑於這些關稅的實施速度，他們仍然不確定在第四季度可能會看到的其他關稅變化。持續不斷的地緣政治緊張局勢仍在影響貿易，無論是中東的緊張局勢影響著貿易路線，烏克蘭持續不斷的戰爭及其導致的貿易制裁影響著貿易，還是委內瑞拉潛在的新衝突影響著航線。

Overlaying all that, our customers are trying to get a good handle on the economic environment. I'm sure our customers have been monitoring the Black Friday, Cyber Monday buying period to get an understanding that how consumers will behave in this economic environment, and the early returns seem positive. This buying reaction will have a big impact on general economic activity and shipping related to inventory replenishment in 2026.

除此之外，我們的客戶也試圖更了解當前的經濟環境。我相信我們的客戶一直在關注黑色星期五和網路星期一的購物季，以了解消費者在這種經濟環境下會如何消費，而目前的初步結果似乎是正面的。這種購買反應將在 2026 年對整體經濟活動和與庫存補充相關的運輸產生重大影響。

For Descartes, we've grown during challenging business conditions in the past. Our plan is to continue to do so now. Some of the things that we believe continue to put us in a good position to do that include we're particularly strong in global trade intelligence. We believe we can provide a ton of help to our customers in an environment where people are looking for information or help managing tariffs, continually updating sanctioned party lists, bursting for competitive intelligence, dealing with increased export licensing complexity and implementing new duty deferred foreign trade zones.

對於笛卡爾公司而言，我們過去在充滿挑戰的商業環境中也實現了成長。我們的計劃是繼續這樣做。我們認為，讓我們能夠繼續保持良好優勢的因素之一是，我們在全球貿易情報方面特別強大。我們相信，在人們尋求資訊或協助管理關稅、不斷更新制裁名單、急需競爭情報、應對日益複雜的出口許可證以及實施新的延期關稅外貿區的環境下，我們可以為客戶提供大量的幫助。

We're diversified globally. We've got domestic transportation solutions that can be used around the world and where there's shifting international trade relations, we have an established global logistics network that can be leveraged by our customers. Our network model and processing of large amounts of clean, formatted real-time data put us in a great position to capitalize on AI opportunities.

我們是一家全球多元化企業。我們擁有可在世界各地使用的國內運輸解決方案，並且在國際貿易關係不斷變化的地區，我們擁有成熟的全球物流網絡，可供我們的客戶利用。我們的網路模型和大量乾淨、格式化的即時數據的處理能力，使我們處於能夠充分利用人工智慧機會的絕佳位置。

We have a total growth model. We have an extensive track record of acquisition activities to complement organic growth. Changing market conditions often provide us with even more opportunities to add solutions for our customers and grow by acquisition. Finally, we're a well-capitalized cash-generating business. At Q3 quarter end, we had $279 million in cash and $350 million in undrawn line of credit.

我們擁有完整的成長模式。我們在收購活動方面擁有豐富的經驗，以補充自身成長。不斷變化的市場環境常常為我們提供更多機會，讓我們能夠為客戶增加解決方案，並透過收購實現成長。最後，我們是一家資金雄厚、現金流充裕的企業。第三季末，我們有 2.79 億美元現金和 3.5 億美元未提領信貸額度。

In our quarterly report, we provided a comprehensive description of baseline revenues, baseline calibration and their limitations. As of November 1, 2025, using foreign exchange rates of $0.71 to Canadian dollar, $1.15 to the euro and $1.32 to the great British pound and including the estimated contribution from the acquisition of Finale inventory, we estimate that our baseline revenues for the fourth quarter of fiscal 2026 were approximately $161 million and our baseline operating expenses were approximately $98.5 million.

我們在季度報告中對基準收入、基準校準及其局限性進行了全面描述。截至 2025 年 11 月 1 日，以 0.71 美元兌加元、1.15 美元兌歐元、1.32 美元兌英鎊的匯率計算，併計入收購 Finale 庫存的預計貢獻，我們估計 2026 財年第四季的基準收入約為 1.61 億美元，基準營運支出約為 9,850 萬美元。

We consider this to be our baseline adjusted EBITDA calibration of approximately $62.5 million for the fourth quarter of fiscal 2026 or approximately 39% of our baseline revenues as at November 1, 2025. We're currently operating above our expected adjusted EBITDA operating margin range of 40% to 45%. Our margin can vary in any period given such things as revenue mix, foreign exchange movements and the impact of acquisitions as we integrate them into our business.

我們認為，2026 財年第四季的基準調整 EBITDA 約為 6,250 萬美元，約占我們截至 2025 年 11 月 1 日基準營收的 39%。我們目前的調整後 EBITDA 營業利潤率高於預期的 40% 至 45%。鑑於收入結構、外匯波動以及收購對我們業務整合的影響等因素，我們的利潤率在任何時期都可能有所變動。

For now, we're keeping our target range at 40% to 45%. However, we'll monitor how we're performing over the coming quarters to consider whether any upward adjustment is appropriate. We've noticed that there's been uncertainty in public market conditions that have contributed to lower than historical valuation multiples for many logistics and supply chain technology companies including Descartes.

目前，我們的目標範圍仍維持在 40% 到 45% 之間。不過，我們將密切關注未來幾季的業績表現，以考慮是否需要進行任何上調調整。我們注意到，公開市場狀況的不確定性導致包括 Descartes 在內的許多物流和供應鏈技術公司的估值倍數低於歷史水準。

Considering how Descartes is currently performing, we remain optimistic about our ability to achieve our long-term financial plans. However, it's uncertain how public markets will trade for the foreseeable future given everything going on in the world. With that uncertainty, we believe it's prudent and in Descartes' interest to apply to start a normal course issuer bid to have the option to purchase Descartes shares in the open market over the next 12 months if and when we think it makes sense.

考慮到笛卡爾公司目前的業績表現，我們對實現長期財務計畫的能力仍然保持樂觀。然而，鑑於世界各地正在發生的一切，公共市場在可預見的未來將如何交易尚不明朗。鑑於這種不確定性，我們認為謹慎的做法，也是符合笛卡爾公司利益的做法，即申請啟動正常發行人要約收購，以便在未來 12 個月內，如果我們認為合適，可以選擇在公開市場上購買笛卡爾公司的股票。

Having the normal course issuer bid mechanism available to us will allow us to react quickly and appropriately to differing public market conditions. These remain 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 the one thing they can rely on is Descartes.

擁有正常的發行人競標機制，將使我們能夠對不同的公開市場狀況做出快速且適當的反應。對於我們的客戶而言，這仍然是一個充滿不確定性的時期。在當今全球貿易環境下，他們很難知道哪些方面可以依靠。我們的目標是繼續向我們的客戶和其他利害關係人證明，他們唯一可以信賴的就是笛卡爾。

Thank you to everyone for joining us on the call today. As always, we're available to talk to you about our business in whatever manner is most convenient for you. And with that, operator, I'll now turn it over to you for the Q&A portion of the call.

感謝各位今天參加我們的電話會議。一如既往，我們隨時準備以您最方便的方式與您探討我們的業務。好了，接線生，現在我將把電話交給你，進入問答環節。

(Operator Instructions)

（操作說明）

Chris Quintero, Morgan Stanley.

克里斯昆特羅，摩根士丹利。

Hey Ed, hey Allan. Allan, congrats on a fantastic run here and best of luck in your next part here of your life journey. I wanted to double-click on the organic growth rate, specifically around the transaction volumes. Allan, I think you said reasonable strength. So what did you exactly see there? Was there an improvement in the volumes? Or was it kind of largely a stabilization? How would you describe the volume component here?

嘿，艾德，嘿，艾倫。艾倫，恭喜你在這裡取得如此精彩的成績，也祝福你在人生旅程的下一階段一切順利。我想重點關註一下自然成長率，特別是交易量方面。艾倫，我想你說的是合理的強度。所以你在那裡究竟看到了什麼？銷量是否有提升？或者說，這在很大程度上是一種穩定狀態？您如何描述這裡的體積分量？

Well, a lot of volume picked up was from our competitors. If you look at the trade sets, ocean and truck were fairly flat, but we were able to grow in those areas because we had solutions that were more attractive to customers than some of the one-hit wonder competitors that we've had in the past.

嗯，我們獲得的許多銷量都來自競爭對手。如果你看一下貿易板塊，海運和陸運的份額都比較平穩，但我們能夠在這些領域實現成長，因為我們提供的解決方案比我們過去遇到的一些曇花一現的競爭對手對客戶更有吸引力。

And that enables us to pick up in areas like the Type 86 filing that we picked up quite a bit of business in the BIS 50 area where new government regulation came in and we were able to take our position in the market and go in and get a lot of new customers with bigger contracts that committed to us for a long period of time if we hadn't passed customs filing initiatives.

這使得我們能夠在諸如 86 型申報等領域取得進展，在 BIS 50 領域也獲得了相當多的業務，因為新的政府法規出台後，我們得以在市場中佔據一席之地，並獲得了許多新客戶，簽訂了更大的合同，這些合同承諾與我們長期合作，如果我們沒有通過海關申報計劃的話。

Things like that added up to -- even in the face of transportation statistics that we probably would like them to be better. But we were able to grow substantially, I guess our position in the market and a bunch of AI things that I mentioned on the call are already helping.

諸如此類的事情加起來——即使面對我們可能希望更好的交通統計數據。但我們實現了大幅成長，我想這得益於我們在市場上的地位，以及我在電話會議上提到的一些人工智慧技術。

I don't think I said it in the prepared comments, but MacroPoint was at 87%, which is the highest truck rate in the industry by 20 points. And -- but still, the customers want to track all their shipments. And we're not using AI to get that number up, it's now 90%. And just in a couple of months, that shift occurred. And that's not only more money for us.

我可能沒有在準備好的評論中提到，但 MacroPoint 的卡車費率為 87%，比業內最高費率高出 20 個百分點。但是——即便如此，客戶仍然希望追蹤他們所有的貨物運輸情況。我們並沒有使用人工智慧來提高這個數字，現在已經達到 90% 了。僅僅幾個月時間，這種轉變就發生了。這不僅能讓我們賺到更多錢。

It's happier customers, and they're paying us more money, but they want to track all their shipments and that put us in a situation where our customers are happy. We're making more money and we're beating our competitors handily because they haven't moved to market with these kind of solutions as fast as we have.

顧客更滿意了，他們付給我們的錢也更多了，但他們希望能夠追蹤所有的貨物運輸情況，這讓我們處於一種顧客滿意的境地。我們賺的錢更多了，我們輕鬆擊敗了競爭對手，因為他們沒有像我們一樣迅速地將這類解決方案推向市場。

Got it. Okay. So stable-ish kind of industry volume trends, but you all just really took some market share here in the quarter. I would love to follow up on the AI commentary you gave at, totally makes sense from the macro point perspective, improving that tracking percentage rates.

知道了。好的。所以行業銷售趨勢比較穩定，但你們在本季確實獲得了一些市場份額。我非常想跟進您在人工智慧方面發表的評論，從宏觀角度來看，這完全說得通，可以提高追蹤百分比率。

How do you think about the monetization angle of it? Are you charging higher prices? Is there a separate SKU to get some of this agentic capability? How are you thinking about that more broadly?

您如何看待它的獲利模式？你們的定價更高嗎？是否有單獨的 SKU 可以獲得部分代理功能？你對這個問題的更廣泛看法是什麼？

Probably a bunch of different ways, but some of the more pertinent ones, and we said we had that challenge with the employees that identified new things. It's doing more for our customers with the data that we already have. So I'll give you an example, take a shipment is delayed and we know when it's supposed to be there and we see something happen with a plane or a truck or a ship that says, hey, there's going to be a problem with this shipment.

可能有很多不同的方法，但其中一些比較相關，我們說過，我們面臨的挑戰是員工發現了新的事物。它利用我們現有的數據，為我們的客戶創造了更多價值。我舉個例子，假設有一批貨物延誤了，我們知道它應該什麼時候到達，然後我們看到飛機、卡車或輪船出了問題，這表明，嘿，這批貨物要出問題了。

We could identify that that's going to be a problem; we can figure out what to do about it and execute it for them. I can imagine a world in a couple of years where I'm charging a customer to do all of that, but that work used to take them hours and hours internally, and they wouldn't even come up with a very good solution for it.

我們可以意識到這將是一個問題；我們可以找出解決方案並為他們執行。我可以想像，幾年後，我會向客戶收取費用來完成所有這些工作，但這些工作過去需要他們內部花費大量時間，而且他們甚至想不出一個很好的解決方案。

I could see a world in a couple of years where we may be telling the customer, hey, that shipment you have, it's going to be 8 hours late, and they go, oh, why? That's -- why is it going to be late? And we go because it was going to be late 5 days, and we figured out the problem and we booked you going somewhere else. And as a result, you're only going to be delayed a few hours. And to our customers, that's great news.

我預見到幾年後，我們可能會告訴客戶：“嘿，您訂購的那批貨物會晚到 8 小時”，然後他們會問：“哦，為什麼？”那——為什麼會遲到？我們之所以去，是因為原本要晚5天，我們找到了問題所在，並幫你預訂了去其他地方的行程。因此，你只會耽擱幾個小時。對我們的客戶來說，這無疑是個好消息。

It could cost them hundreds of dollars to deal with that and have an angry customer. And in the world I just described, we identified the problem faster than they ever would have done it themselves, came up with the best solution we could possibly come up with under the circumstances and rebooked them which they'll pay for and got them in a situation where they got bad news and it didn't work out that badly because we used AI tools and the data on our network to come up with a better solution for their customer.

處理這件事可能會讓他們損失數百美元，而且還會惹惱顧客。在我剛才描述的世界裡，我們比他們自己更快地發現了問題，在當時的情況下想出了我們能想到的最佳解決方案，並為他們重新預訂了服務（他們會為此付費），讓他們陷入了收到壞消息的境地，但結果並沒有那麼糟糕，因為我們利用人工智能工具和我們網絡中的數據，為他們的客戶找到了更好的解決方案。

Awesome. Thanks, so much guys.

驚人的。非常感謝各位。

Thank you, Chris.

謝謝你，克里斯。

Dylan Becker, William Blair.

迪倫貝克爾，威廉布萊爾。

Hey Ed, hey Allan, thanks for the question here. Allan, congrats on the retirement, all the best. It's been a pleasure working together. Maybe sticking on the theme of AI with you, Ed, to start. I appreciate all the color on kind of the opportunity for value and monetization to come, but maybe if we think about the implications to kind of a moat and platform defensibility of the network here, maybe there's perception or at least the bottom threat in competition entering the space.

嘿，艾德，嘿，艾倫，謝謝你們提出這個問題。艾倫，恭喜你退休，祝你一切順利。和你們一起工作非常愉快。或許我們可以先從你和艾德的人工智慧話題開始聊起。我很欣賞關於未來價值和盈利機會的各種見解，但如果我們考慮一下這對網路護城河和平台防禦能力的影響，也許就會發現，競爭進入這個領域可能會帶來潛在的威脅，或者至少會帶來一些潛在的威脅。

It feels like the scaled network that you guys have is a massive differentiator. But wondering maybe how you think about the network as a leg up not only on compounding value but also maybe the complexity of trying to replicate this or something like this from scratch.

感覺你們擁有的規模化網絡是一個巨大的競爭優勢。但我想知道，您是如何看待網路的？它不僅能帶來複利成長，還能降低從零開始複製這種模式或類似模式的複雜性。

I mean I've been in the network business my entire life. And I'd just give you two examples. You can't really compete with us as a network until you have all the connections. No one's going to switch from my network to yours if you only have half of the connections that I have. They needed people that come in and solve the entire problem.

我這輩子都在從事網路行銷行業。我舉兩個例子。只有擁有所有的人脈關係，你們才能真正與我們這樣的網絡競爭。如果你的網路連線數只有我的一半，沒人會從我的網路切換到你的網路。他們需要能一勞永逸解決所有問題的人。

And that makes it very hard for someone new to come in and compete from scratch. Same with the data content business, you have to have all the data. You can't just get some of it and then start competing with us. It's not attractive to customers. And what that means is you have to spend a whole lot of time and effort upfront to recreate those businesses.

這使得新人很難從零開始參與競爭。數據內容業務也是如此，你必須擁有所有數據。你不能只拿一部分就跟我們競爭。這對顧客沒有吸引力。這意味著你必須在前期投入大量的時間和精力來重建這些業務。

If you even could and you can get any customers to do it, it's like by the time you start being able to monetize it, you could be 5, 10 years in. And I can tell you, just on the network side, the data all changes and the connections all change over that period of time. But we're -- we had the advantage of starting from the beginning when all of this started, and building all of this stuff.

即使你能做到，並且能找到願意這麼做的客戶，等到你開始從中獲利的時候，可能已經過了 5 年、10 年。我可以告訴你，僅就網路方面而言，在此期間，所有資料都會發生變化，所有連線都會發生變化。但我們的優勢在於，這一切是從一開始，我們參與並建立了所有這些東西。

And there hasn't been a new network entrant in 20 years and data content the same thing, right, as people got to collecting the data content. But how do you get all of it because that's what you need to start. And the reason our data content businesses are so profitable is we don't charge any individual customer too much money. We have collected all the data over time, and now we just have to update it.

而且 20 年來都沒有新的網路進入者，數據內容也是如此，對吧，因為人們開始收集數據內容。但你要如何才能獲得所有這些資訊？因為這是你需要開始的。我們的數據內容業務之所以如此盈利，是因為我們沒有向任何單一客戶收取過高的費用。我們已經收集了所有數據，現在只需要更新。

And that has a certain cost to it. But once you get over that cost, it is a very profitable business because all the new customers are pure profit. If you wanted to try and start that from scratch, you're losing money for years and years and years to get to the point where you have your head above water.

而這樣做是要付出一定代價的。但一旦克服了成本，這就會成為一項非常有利可圖的生意，因為所有新客戶都能帶來純利潤。如果你想從零開始，你將連續多年賠錢，才能勉強維持收支平衡。

And it just made it unattractive for people to try and get back into it. So I look and go, hey, with all the stuff that we do for these people and the amounts that we charge them, it's not that attractive to get into it. You're going to lose a lot of money for a long period of time until you get into it and it's probably just not worth it to people. And that's why we haven't seen anyone try to do it.

這使得人們對重新參與其中失去了興趣。所以我看了看，然後想，嘿，考慮到我們為這些人做的所有事情以及我們向他們收取的費用，進入這個行業並沒有那麼大的吸引力。在你真正入行之前，你會在很長一段時間內損失很多錢，對很多人來說，這可能根本不值得。這就是為什麼我們還沒看到有人嘗試這麼做的原因。

Great. That makes perfect sense. And then maybe switching over to Allan or Ed, if you have thoughts on this as well, too. But on the services, the organic services step up, how should we think about kind of the sustainability of subscription demand given we continue to highlight multiple moving parts and factors driving sustained complexity here.

偉大的。這完全說得通。然後，如果你也有什麼想法，或許可以切換到艾倫或艾德的話題。但就服務而言，有機服務正在崛起，鑑於我們不斷強調推動這裡持續複雜性的多個變動因素，我們應該如何看待訂閱需求的可持續性？

And then if you do think and you segment it out on kind of the volume recovery side, more of a market share story at this point, how we should think about kind of the volume normalization continuing to play out over time as maybe we get a sense of normalcy at some point here in the future.

然後，如果你仔細思考，並將其從銷量恢復的角度，也就是目前市場份額的角度來分析，我們應該如何看待銷量正常化進程，以及未來某個時候銷量恢復正常的可能性。

Well, I mean I'll take it, if Allan has anything else to add, he can jump in. I think our customers, they don't know exactly what's going to happen, and there's a lot of uncertainty out there. I called out a lot of it on the call. I think when that uncertainty goes away, you're going to have -- you're going to see increases in volumes and assuming the economy is in good shape when that happens.

嗯，我的意思是，我會接受的，如果艾倫還有什麼要補充的，他可以隨時加入。我認為我們的客戶並不清楚未來會發生什麼，現在有很多不確定因素。我在電話裡指出了很多問題。我認為，當這種不確定性消失時，你會看到銷量增加，前提是屆時經濟狀況良好。

And frankly, we don't know the answer to that question. What we do know is that we've got to run our business to keep making 10% to 15% and really trying to beat 15% growth in EBITDA no matter what happens. It's why you saw us make the moves we did earlier in the year to cut costs.

坦白說，我們也不知道這個問題的答案。我們知道的是，無論發生什麼，我們都必須努力經營業務，保持 10% 到 15% 的成長率，並力爭實現 EBITDA 15% 以上的成長。這就是為什麼你們看到我們在今年早些時候採取了削減成本的措施。

Not that we wanted to cut costs that we thought, hey, we make one promise to our shareholders, and that's what we're going to make 15% or attempt to be even better than that every year more than we did the last. And we are laser-focused on that. And there's some things we can't control in the business.

並不是我們想削減成本，而是我們想，嘿，我們向股東做出了一個承諾，那就是我們要實現每年 15% 的成長，或是爭取每年都比前一年做得更好。我們正全力以赴地關注此事。在商業活動中，有些事情是我們無法控制的。

Some things we can. The things we can, We want to try and control on the revenue side. And certainly, on the cost side, though, we have a lot of control. And it's not that we like making the moves that we did. No one likes firing people, cutting costs somewhat substantially.

有些事我們可以做到。在收入方面，我們能夠控制的事情，我們想盡力控制。當然，在成本方面，我們有很大的控制權。並不是我們喜歡我們所做的那些舉動。沒有人喜歡解僱員工，這會大幅削減成本。

But we thought that's what we have to do to run our business properly and to keep people wanting to invest in our business so that we have the money to go out and buy more companies when other companies get themselves in a whole lot more trouble than we do because they're not willing to make those tough decisions. And we are. And I think that's what separates us from a lot of the other smaller players in this industry that it's easy to be a high flyer. So like what happens when one of the engines blows, you got to kind of keep running the business until you can get more power.

但我們認為，為了正常經營，為了讓人們願意投資我們的業務，為了讓我們有資金去收購更多公司，我們必須這麼做。因為其他公司不願意做出艱難的決定，所以才會陷入比我們更大的困境。沒錯。我認為這正是我們與業內許多其他規模較小的公司之間的區別，因為在這個行業裡，成為佼佼者很容易。就像其中一個引擎發生故障時，你必須繼續經營業務，直到你獲得更多動力為止。

Very helpful. Thanks, Ed, and congrats again.

很有幫助。謝謝你，艾德，再次恭喜你。

Paul Treiber, RBC Capital Markets.

Paul Treiber，加拿大皇家銀行資本市場。

Thanks for taking the question. Congrats Allan, on the retirement. Just first question, the US Department of Transportation announced a number of changes to US trucking regulations. How do you see those impacting your domestic trucking business positively or negatively?

感謝您回答這個問題。恭喜艾倫光榮退休。第一個問題，美國交通部宣布了一系列針對美國卡車運輸法規的變更。您認為這些因素會對您的國內貨運業務產生正面還是負面的影響？

I don't know that they're going to have a big impact on us. Most governments come in and put rules in place and we help customers comply with those rules. I'm not sure if that's going to happen with these particular rules. But when you have to track your trucks more accurately when you have to make sure your drivers are legal, and you have to make sure your drivers are not driving overtime or things like that, you need software solutions to track if you have a big fleet and guys like us come in and help people deal with that.

我不知道它們是否會對我們產生重大影響。大多數政府都會制定規則，而我們會幫助客戶遵守這些規則。我不確定在這些特定規則下是否會發生這種情況。但是，如果您需要更準確地跟踪您的卡車，確保您的司機合法駕駛，並確保您的司機沒有加班或諸如此類的情況，如果您擁有龐大的車隊，您就需要軟體解決方案來跟踪，而像我們這樣的公司可以幫助人們處理這些問題。

And oftentimes help them act more efficiently in the process. So buy our software, comply with some government regulations, but we will also help you run your fleet more efficiently so we can save you money at the same time so that you have the money to kind of pay for this new rule the government put in. So I see it coming. There's going to be -- they'll always be coming.

而且往往還能幫助他們更有效率地開展工作。所以，購買我們的軟體，遵守一些政府規定，我們還會幫助您更有效率地經營您的車隊，從而為您節省資金，讓您有錢支付政府新規的費用。所以我覺得這事要發生了。一定會有的──他們總會來的。

They're always going to have more rules for truckers and we just want to be there and prepared to help them with the ones that we think we can solve for them and have software that we give them that saves them money in five other places, too, so that they can continue to afford to pay for some of these things and operate more efficiently, even though the government just told them they had to do something.

政府總是會給卡車司機制定更多規則，我們只想隨時準備幫助他們解決我們認為可以解決的問題，並提供軟體幫助他們在其他五個方面節省資金，這樣他們就能繼續負擔得起其中的一些費用，並更有效率地運營，即使政府剛剛告訴他們必須採取一些措施。

And then just a second question, just on capital allocation. You did mention valuations are down. You're putting in place the NCIB. It sounds like you see opportunistic opportunities. How do you look at the balance between repurchasing shares and capital deployment on acquisitions, like is there a priority for one versus the other? Does it depend on relative valuations of each?

還有一個問題，是關於資本配置的。你確實提到估值下降了。你們正在落實國家破產保險計劃（NCIB）。聽起來你似乎看到了投機取巧的機會。您如何看待股票回購和資本投入收購之間的平衡，例如兩者之間是否存在優先順序？這取決於每項資產的相對估值嗎？

Well, we see a lot of stuff for sale right now. And we think the winner in this space is going to continue to bring businesses in and make them part of their own business. We think with our network, we're in a very good position to do that. There's lots of businesses that would be better if they operate on top of our network. And I see AI drive it a whole lot more business in that way as well.

現在我們看到很多東西都在出售。我們認為，在這個領域，最終的贏家將會繼續引進企業，並將它們納入自己的業務體系。我們認為憑藉我們的網絡，我們完全有能力做到這一點。很多企業如果能利用我們的網路運營，將會發展得更好。而且我認為人工智慧也會以這種方式推動更多業務發展。

Almost every AI tool I've seen in the logistics and supply chain space looks like a feature to me. I'm sure there was some guy years ago working at WordPerfect and thinking, well, I've got the best word processor in the market. I've got the legal market all tied up and all of a sudden Microsoft comes in and goes, and I have Excel, and I have PowerPoint, and I have your e-mail and all the stuff, and you go, they can't compete anymore.

我見過的幾乎所有物流和供應鏈領域的 AI 工具，在我看來都像是某種功能。我敢肯定，多年前在 WordPerfect 工作的人肯定心想，嗯，我擁有市場上最好的文字處理軟體。我把整個法律市場都壟斷了，結果微軟突然出現又退出，我有了Excel，我有了PowerPoint，我有了你的電子郵件等等所有東西，然後你就發現，他們再也無法競爭了。

And I think we're in that kind of situation with the network that we have. A lot of these businesses are in desperate search of customers, and they will one day be a feature, just like a Word or WordPerfect is a feature as part of the Microsoft suite of tools. I could see these things getting layered onto our network and being a lot more valuable as a result. And so I think you're always going to see us gravitate in that direction.

我認為就我們目前的網路狀況而言，我們就處於這種境地。這些企業很多都迫切需要客戶，它們終有一天會成為一項功能，就像 Word 或 WordPerfect 成為微軟工具套件中的功能一樣。我可以看到這些功能可以逐步整合到我們的網路中，從而變得更有價值。所以我認為你總會看到我們朝著那個方向發展。

At the same time, we recognized that probably because of AI and maybe a couple of other things that are going on in the market, not much to do with us and other than maybe a misunderstanding a little bit of our business, if there's someone out there saying, hey, Descartes is an enterprise software company, I'm going like not really, we're a network, and we're different than those other guys.

同時，我們也意識到，可能是由於人工智慧以及市場上發生的其他一些事情（與我們關係不大，也可能是對我們的業務有些誤解），如果有人說，嘿，Descartes 是一家企業軟體公司，我會說，其實不然，我們是一家網路公司，我們與其他公司不同。

And if you're thinking you're going to take all the enterprise software guys down a little bit because AI might harm them, you shouldn't be putting us in that same category because we have a lot of things that are probably going to take advantage of AI. And we still have to deliver, we still have to make those things happen as we always do.

如果你認為人工智慧可能會對企業軟體公司造成一些損害，那麼你就不應該把我們歸為同一類，因為我們有很多東西可能會利用人工智慧。我們仍然要履行承諾，仍然要像往常一樣把這些事情做好。

But I like our chances. I like the cards that we have in our hands right now a lot better than I do many other people. And I think that's going to continue to result in more and more acquisitions for us. And as long as we see that, we're going to be trying to buy businesses up. That having been said, when our multiple drops to a level that we think is way lower than it should be, and we have some cash on hand, you might see us picking up some stock.

但我認為我們勝算很大。我比很多人更喜歡我們現在手上的這些牌。我認為這將促使我們進行越來越多的收購。只要我們看到這種情況，我們就會繼續收購企業。話雖如此，當市盈率跌至我們認為遠低於應有水平，而我們手頭上有一些現金時，你可能會看到我們買入一些股票。

Right now, it's out there as a placeholder to make it quicker to do if we wanted to do it. And otherwise, we're going to keep going about our business. And if we believe the market values us properly at some later point, we might not be as focused on it. But right now, we go, hey, it's gotten beat up a lot and maybe in our mind unfairly.

目前，它只是一個佔位符，以便我們在需要時可以更快地完成。除此之外，我們將繼續進行我們的業務。如果我們認為市場在未來的某個時候會給予我們恰當的估值，我們可能就不會那麼關注它了。但現在，我們覺得，嘿，它遭受了很多批評，也許在我們看來，這是不公平的。

All right, thanks for taking the questions and congrats again, Allan.

好的，謝謝你回答問題，再次恭喜你，艾倫。

Thanks Paul.

謝謝保羅。

Kevin Krishnaratne, Scotiabank.

凱文‧克里希納拉特納 (Kevin Krishnaratne)，豐業銀行。

Hey there, good evening. Thanks for taking my questions. I've just got one. Allan, also congrats and thanks. It was a pleasure working with you. Hope to continue to do so going forward in new roles. E-commerce, you talked about that being a beneficiary to your organic growth.

你好，晚上好。謝謝您回答我的問題。我剛買了一個。艾倫，也恭喜你，謝謝你。和您一起工作非常愉快。希望未來能在新的崗位上繼續這樣做。您提到電子商務對貴公司的自然成長起到了促進作用。

I know you touched on sort of the transactional piece with the filings and seeing a benefit there. Can you maybe talk about what you're seeing -- you've been beefing up that business to now inventory Sellercloud. You mentioned the holiday season, things are looking -- get to start off. So any kind of color there, maybe the size of this business, the growth and sort of what you're seeing there with the growing piece of this -- of your e-commerce business?

我知道您提到了申報過程中的交易環節，以及從中看到的好處。您能否談談您看到的情況——您一直在加強這項業務，現在正在銷售 Sellercloud 產品。你提到了假期，看來──馬上就要開始了。所以，這裡任何一點色彩，例如這家企業的規模、成長情況，以及你從電子商務業務的成長部分所看到的種種變化？

I think it's like 12% now. Allan, correct me if I'm wrong, but it continues to grow, and we continue to pick up good assets there that we think provide solutions to the customers that will benefit them in our network in the long run. Finale is a great add-on to Sellercloud. Finale, if they had a customer that got you big at some point, they used to kind of -- that customer would graduate from there and leave and go to somebody else.

我覺得現在大概是12%左右。艾倫，如果我理解有誤請指正，但它仍在不斷發展壯大，我們也在不斷收購優質資產，我們認為這些資產能夠為客戶提供解決方案，從長遠來看，這將使我們網絡中的客戶受益。Finale 是 Sellercloud 的一個很棒的附加元件。Finale，如果他們曾經有一個客戶讓你成長壯大，那麼這個客戶就會從那裡畢業，離開並去其他地方。

Now all of a sudden, we have the ability to have them graduate and go to our next solution of Sellercloud. So that's attractive for us and maybe shows you how a lot of acquisitions go on the Global Logistics Network. A lot of times -- 20 years ago, we were buying stuff and thinking, I hope it grows, but I'm not going to count on that. I'm going to count on being able to cut costs and manage the business more efficiently than the people we bought it from.

現在突然之間，我們有能力讓他們“畢業”，並過渡到我們的下一個解決方案 Sellercloud。所以這對我們來說很有吸引力，也可能向你展示了全球物流網路上的許多收購是如何進行的。很多時候——20年前，我們買東西的時候會想，我希望它能生長，但我不會期待它能生長。我打算削減成本，並且比我們從原先收購公司的人更有效地管理業務。

Now with 26,000 customers and growing, we start to look at these things and go, we can't help but grow these businesses. There's just too many people on our network that would like them. And the example I always use when I'm out talking to shareholders is I buy some company with 500 freight forwarders and they love it. And I look and go, wow, we have 5,000 freight forwarders.

現在我們擁有 26,000 名客戶，而且還在不斷成長，我們開始審視這些事情，然後意識到，我們必須發展這些業務。我們網路上有太多人想要它們了。我經常在與股東交談時舉的例子是，我收購了一家擁有 500 名貨運代理的公司，他們非常喜歡。我看了一眼，心想，哇，我們竟然有 5000 家貨運代理商。

So if I buy this company, the first thing I'm going to do is walk it around to the other 4,500 and say, hey, what do you think of this? Now they're not all going to buy it initially, but they're all going to take a look if we ask them to. I mean, we've got big relationships with all these people. And when we walk around a new solution to everyone that's -- they have to look at it.

所以如果我收購了這家公司，我做的第一件事就是把它帶給其他 4500 名員工，問問他們覺得怎麼樣？他們一開始可能不會全部購買，但如果我們邀請他們，他們都會去看一看。我的意思是，我們和這些人都有著很深厚的關係。當我們向所有人展示新的解決方案時，他們都必須認真考慮。

And a lot of times, the smaller companies that we're buying, they didn't feel like they have to look at it previously. They looked and went I don't have to meet them, whatever. All of a sudden Descartes buys the company and they kind of have to take a look at it. And sometimes, they take a look at it and buy it. And that's good news for us.

很多時候，我們收購的小公司以前並不覺得有必要考慮這個問題。他們看了看，然後說：“我沒必要見他們，隨便吧。”突然間，笛卡兒收購了這家公司，他們不得不重新檢視。有時，他們會看一眼就買下來。這對我們來說是個好消息。

That e-commerce space has been going great. We keep picking up more assets there and those assets, we've been able to grow them all. So that's exciting for us. And I think it's going to continue to be a good space for us that you'll see us continue to expand in over the years.

電子商務領域發展勢頭良好。我們不斷在那裡收購更多資產，而且我們已經成功地讓這些資產全部增值。這對我們來說很令人興奮。我認為這裡將繼續成為我們發展壯大的好地方，未來幾年你們將會看到我們繼續在這裡擴張。

Good to hear. Thanks a lot. I'll pass the line. Thank you.

很高興聽到這個消息。多謝。我會越過那條線。謝謝。

Stephanie Price, CIBC.

Stephanie Price，加拿大帝國商業銀行。

Hi there, it's Sam Schmidt on for Stephanie Price. I had a question around the year-to-date adjusted EBITDA growth that's tracking towards the higher end of that 10% to 15% target growth range. How should we think about growth there going forward?

大家好，我是 Sam Schmidt，代 Stephanie Price 為您報道。我有一個關於年初至今調整後 EBITDA 成長的問題，目前該成長正朝著 10% 至 15% 的目標成長範圍的高端邁進。我們應該如何看待該地區未來的發展？

I think you're going to continue to hear us say, 10% to 15%. We've beaten 15% many times over the last 20 years unapologetically. I think we were up almost 30% in one quarter, if I remember correctly, seven or eight years ago. As our network gets more and more profitable as our revenue picks up at a higher growth rate. When Scott and I started running the business directly 15 years ago, we were growing like 1%, 2%, 3%.

我認為你們還會繼續聽到我們說，10%到15%。在過去 20 年裡，我們多次輕鬆超越 15% 的業績，對此我們毫不掩飾。如果我沒記錯的話，七、八年前，我們一個季度的成長率接近 30%。隨著我們的收入以更高的成長率成長，我們的網路也變得越來越獲利。15 年前，我和 Scott 開始直接經營這家公司時，我們的成長率只有 1%、2%、3%。

And all of a sudden, now we're growing at 4%, 5%, 6%, 7%, 8%, 9%, 10%, depending on what's going on and I go, it's a heck of a lot easier to get to 15% EBITDA growth with 7% organic services growth, because I can leverage that and get that up, get the EBITDA up to 10% or 11% or 12%.

突然之間，我們的成長率達到了 4%、5%、6%、7%、8%、9%、10%，具體取決於市場狀況。我想，如果有機服務成長率達到 7%，那麼實現 15% 的 EBITDA 成長率就容易得多，因為我可以利用這一點，將 EBITDA 提高到 10%、11% 或 12%。

And then I add on a couple of acquisitions and all of a sudden, I'm well over 15%. I don't think you're going to hear us say a different number. We think that's a number that we'll always be in a good position to hit. And we think that if we can keep growing that EBITDA every year, our stock price has to kind of follow along.

然後我又進行了幾次收購，突然之間，我的持股比例就遠遠超過了 15%。我想你們不會聽到我們說出其他數字。我們認為我們始終都有能力達到這個目標。我們認為，如果我們能夠每年都維持 EBITDA 的成長，我們的股價也必然會隨之成長。

I was explaining that to one of my kids the other day who is an investment banker now, he is a private equity guy and I was going, look, I don't know what's going to happen to the stock price over time. Companies like ours are valued at different multiples, and we don't have a ton of control of that month-to-month, but we do make more money every year, and that has to end up showing up in the stock price. And we're pretty confident we can continue to do that. And if we do, it's tough for the stock to not keep going up.

前幾天我跟我一個孩子解釋這件事，他現在是投資銀行家，從事私募股權投資，我說，你看，我不知道股價隨著時間的推移會發生什麼變化。像我們這樣的公司估值倍數各不相同，我們無法每月都對估值進行太多控制，但我們每年確實賺的錢越來越多，這最終必然會反映在股價上。我們很有信心能夠繼續做到這一點。如果我們這樣做，股價很難不繼續上漲。

That's helpful thank you I'll pass the line.

很有幫助，謝謝，我會把線傳下去。

Thanks man.

謝謝老兄。

John Shao, TD Cowen.

John Shao，TD Cowen。

Yeah, thanks for taking my question. Allan, congratulations on retirement. Good luck with the next chapter. I just want to ask your customer mentality at this point. I understand they're still waiting for some more clarity. But do you think a certain point, they're going to develop some kind of fatigue. And as a result, they're more willing to spend regardless of the environment?

謝謝你回答我的問題。艾倫，恭喜你退休。祝你下一階段一切順利。我只想問問你們此時的客戶心態。我知道他們仍在等待更明確的訊息。但你認為在某個時候，他們會感到疲勞嗎？因此，無論環境如何，他們都更願意消費？

Yes, we'll see. I hope that's the case. I think as they get more certainty, they will be willing to spend. And we're seeing in the 60% of our business that's subscription sales. We really haven't seen any slowdown. It popped up significantly in the pandemic, and it's never really stopped. The transaction volumes are ebb and flow.

是的，我們拭目以待。我希望情況真是如此。我認為隨著他們獲得更多確定性，他們會更願意消費。我們發現，我們業務的 60% 來自訂閱銷售。我們真的沒有看到任何放緩的跡象。疫情期間，這種情況急劇增加，而且從未真正停止過。交易量有起有落。

They zoomed up in the middle of the pandemic and zoomed back down again and got back to kind of a steady pace and then they've been up and down for the last two years. But I'd call it like lackluster transaction performance. But our subscription sales have continued. I think most of the world realize that logistics and supply chain was a lot more important than they thought it was in the middle of that pandemic because the customers were telling them that.

疫情期間，他們的業績迅速飆升，然後又迅速下滑，之後恢復到相對穩定的水平，但在過去兩年裡，他們的業績一直起伏不定。但我認為它的交易性能差強人意。但是我們的訂閱銷售仍在繼續。我認為，在疫情期間，世界上大多數人都意識到物流和供應鏈比他們想像的要重要得多，因為顧客告訴了他們這一點。

And the first place you put your money is into technology because that's where you get the biggest bang for your buck and that's where the customer notices the most. And so I think that's been great for us. It continues to today. And we hope when transaction lines pick up, that we're going to benefit from that.

首先應該把錢投入到科技領域，因為在那裡投入資金能獲得最大的回報，而客戶也最容易注意到這一點。所以我認為這對我們來說是件好事。這種情況一直延續至今。我們希望隨著交易量的增加，我們能夠從中受益。

I'm pretty sure we will. And in the meantime, we're running our business as best as we can to try and keep it in 15% EBITDA growth every year and keeping a great solution for our customers so that they always want to use us, and they want to sign more contracts with us. And we spend a lot of time doing that, and I think it's going to pay off.

我非常肯定我們會的。同時，我們正在盡最大努力經營業務，爭取每年保持 15% 的 EBITDA 成長，並為客戶提供優質的解決方案，以便他們始終願意使用我們的服務，並與我們簽訂更多合約。我們花了很多時間做這件事，我認為這會有回報的。

Got it. I also wanted to go back to the restructuring you did earlier in the year. Can I assume this quarter's OpEx and EBITDA include a full run rate of your cost savings?

知道了。我還想回顧一下您今年早些時候進行的重組工作。我可以假設本季的營運支出和 EBITDA 包含了你們全部的成本節約嗎？

Yes, that's correct, John. Absolutely. The full impact, we had partial impact in Q2 and now the full impact is in Q3.

是的，約翰，你說得對。絕對地。全面影響，我們在第二季度受到了部分影響，現在全面影響在第三季度顯現。

Sounds good. Thank you.

聽起來不錯。謝謝。

Lachlan Brown, Rothschild & Co.

拉克蘭布朗，羅斯柴爾德公司

Hi, Ed. Allan, congrats on an excellent tenure as our CFO. I'll keep it to the singular question. In terms of the strong organic delivery in the quarter, you mentioned you're taking share on market volumes. But how should we think about the contribution from other growth drivers like cross-selling, pricing and new logos? Was there an acceleration of any of those drivers quarter-on-quarter?

嗨，艾德艾倫，恭喜你擔任我們財務長期間表現出色。我只提這一個問題。關於本季強勁的有機成長，您提到您正在按市場份額和銷售量來衡量自身表現。但是，我們應該如何看待交叉銷售、定價和新客戶等其他成長驅動因素的貢獻呢？這些車手中，有沒有哪位車手在比賽的第四節和第五節之間加速？

Yes. I mean, I mentioned earlier, we're being very successful taking stuff away from our competitors. Cross-selling inches up every year. 15 years ago, it was minimal 20% or something. Now you look at it in 60 to 70 -- 65% to 70% and we continue to get better than that.

是的。我的意思是，正如我之前提到的，我們非常成功地從競爭對手那裡奪走了一些東西。交叉銷售逐年緩慢成長。 15年前，這比例只有區區20%左右。現在，我們把比例提高到 60% 到 70%——65% 到 70%，而且我們還在不斷進步。

Probably about five questions ago, I explained why, as we get a bigger and broader solution set, it's tough for the customers to not consider it and take it seriously. And then the thing I mentioned at the end of the last question is important, right? We spend a lot of time making sure that our customers get what they were promised.

大概在五個問題之前，我解釋了為什麼隨著我們有更大更廣泛的解決方案，客戶很難不去考慮它並認真對待它。然後，我在上一個問題結尾提到的那件事也很重要，對吧？我們花費大量時間確保客戶得到他們所得到的承諾。

I mean I would joke people, but it's true, we will lose money to make sure that you've got what you wanted. And you know how serious we are about making money, but it's really important to us that our customers get what they were promised. There's only one FedEx in the world. And I could say it about any of our big customers.

我雖然會跟人開玩笑，但這是真的，我們會賠錢來確保你得到你想要的東西。您也知道我們賺錢有多認真，但對我們來說，確保客戶得到承諾的服務才是最重要的。世界上只有一家聯邦快遞。我也可以對我們任何一位大客戶這麼說。

But I don't want them hating us. I want them to think Descartes would do anything I needed to do to make sure that I was successful in doing it. And you could look and say, hey, that's because you charge recurring revenue fees right? You want to get your money. And there's some truth to that. But maybe more broadly, we want them to think we're a good company to do business with.

但我不想讓他們恨我們。我希望他們覺得，為了確保我成功完成這件事，笛卡兒會不惜一切代價。然後你可能會想，嘿，那是因為你收取了經常性收入費用，對吧？你想拿回你的錢。這話不無道理。但更廣泛地說，我們希望他們認為我們是值得信賴的合作夥伴。

They were fair and that we try our hardest and that we try to make sure that the customer gets what they want. You've heard us say customers for life a lot of times on these calls. That's what we're talking about because I want them -- when they have their 32nd contract with us, I want them to be quite happy to sign the 33rd, 34th and 35th contract with us. It's really important to us.

他們很公平，我們會盡最大努力，確保顧客得到他們想要的東西。在這些電話會議中，您已經多次聽到我們說「終身客戶」這句話了。這就是我們正在討論的問題，因為我希望——當他們與我們簽訂第 32 份合約時，我希望他們很樂意與我們簽訂第 33、34 和 35 份合約。這對我們來說非常重要。

And from 20 years ago where maybe the company wasn't so focused on that kind of stuff and now it is. And I think we know that's the right way to behave. If I'm buying something from someone, if they stick with me, and make sure that they're trying their hardest to make sure they get what they want, I'll deal with some problems.

20 年前，公司可能不太關注這類事情，而現在則非常關注了。我認為我們都知道，這才是正確的行為。如果我從某人那裡購買東西，如果他們信守承諾，並且盡力確保他們得到想要的東西，我會接受一些問題。

I mean some of these things are complicated. I'll deal with problems as long as I know that they're going to keep trying to make sure that I'm successful. And we've gone to great lengths to do that. And I think that's a big part of the reason you see our cross-selling continue to tick up every year because the customers know we care about them.

我的意思是，有些事情很複雜。只要我知道他們會繼續努力確保我成功，我就能克服困難。我們為此付出了巨大的努力。我認為這是我們交叉銷售額逐年成長的一個重要原因，因為客戶知道我們關心他們。

Yeah, and that's very helpful.

是的，這很有幫助。

Yes, I would just add, Lachlan, that price remains. Similar to other quarters, price is a very small part of that growth in Q3 similar to past quarters as well. So no big change there. We're using price increases responsibly to offset inflationary cost for us, but it's not the main driver of our growth.

是的，我還要補充一點，拉赫蘭，價格不變。與以往季度類似，價格在第三季的成長中所佔比例非常小，與過去幾季的情況也類似。所以這方面沒有太大變化。我們負責任地利用價格上漲來抵銷通貨膨脹帶來的成本，但這並不是我們成長的主要驅動力。

Of course. Congrats on the strong results.

當然。恭喜你們取得優異成績。

Thank you.

謝謝。

Mark Schappel, Loop Capital.

Mark Schappel，Loop Capital。

Hi, this is Tim Greaves on for Mark. I guess my one will be on the TMS replacement cycle. Are you seeing evidence of that accelerating? And where is Descartes win in versus the legacy TMS competitors?

大家好，我是 Tim Greaves，代 Mark 為您報道。看來我的車又要進入TMS更換週期了。你是否看到這種趨勢加速發展的跡象？那麼，Descartes 與傳統 TMS 競爭對手相比，優勢在哪裡呢？

I don't know that I see it accelerating, but it's a decent market for us right now, and we continue to pick up more transportation management solutions. We have six or seven of them right now, depending on what kind of customer you are, Ford or broker 3PL, big retailer manufacturer these types of things. And we have a lot of good solutions to solve those problems.

我不認為它會加速發展，但目前對我們來說這是一個不錯的市場，我們也不斷增加運輸管理解決方案。我們現在有六、七個這樣的客戶，具體數量取決於你是福特還是第三方物流經紀商、大型零售商或製造商之類的客戶。我們有很多很好的方案來解決這些問題。

We continue to look at other TMSs when they come up or AI features that we think would be a good part of TMS and I think we're going to continue to remain in a leadership position there, especially with some of the companies that -- the midsize companies that they used to do it, get bought up in the as their focus and they lose their people, and we just keep sticking in there and buying more companies that can solve more types of problems for customers.

我們會持續關注其他TMS系統，以及我們認為對TMS系統有益的AI功能。我認為我們將繼續保持在該領域的領先地位，尤其是一些曾經從事這方面的中型公司，它們被收購後，員工流失，而我們則繼續堅持，收購更多能夠為客戶解決更多類型問題的公司。

And over time, I think that has helped us to win the day. We have a lot of different solutions and sell a lot of different problems, and people look at us and go, those guys are going to be around. They're not going to get bought up by a private equity firm and everything is going to go to hell in the handbasket. They are a public company that's neutral in the industry. They're a size and scale of (technical difficulty)

隨著時間的推移，我認為這幫助我們取得了勝利。我們有很多不同的解決方案，解決了許多不同的問題，人們看著我們就會想，這些人會一直存在下去。他們不會被私募股權公司收購，一切都會完全完蛋。他們是一家在業界保持中立的上市公司。它們的大小和規模是（技術難題）

I think we just lost Ed's voice there, but he's just emphasizing that we're well diversified and with the size and scale to manage properly. Ed, are you back yet? Sorry, we're just having a little audio problems for Ed, but hopefully, that answers it for you.

我覺得我們剛才失去了艾德的聲音，但他只是在強調我們業務多元化，並且擁有足夠的規模和實力進行妥善管理。艾德，你回來了嗎？抱歉，Ed 的音訊有點問題，但希望這能解答你的疑問。

(Operator Instructions)

（操作說明）

Scott Group, Wolfe Research.

Scott Group，Wolfe Research。

Hey guys, this is Cole on for Scott.

大家好，我是Cole，替Scott報道。

Hey, sorry, guys. This is Ed Ryan. I just got thrown off the call, but I'm back now.

嘿，抱歉各位。這是艾德瑞安。我剛才通話中斷了，不過現在又回來了。

This is Cole on for Scott. We recently saw a competitor announce a change in their pricing philosophy to get away from per user fees. Maybe what percent of your revenue is based on per user pricing versus volume-based or fixed pricing? And how do you think about this evolving in a world where some of the brokers and forwarders are talking about structurally reducing headcount?

這是科爾替補斯科特上場。我們最近看到一家競爭對手宣布改變定價策略，不再按用戶收費。您的收入中，按用戶付費、按流量付費或固定價格付費分別佔多少百分比？在一些經紀人和貨運代理公司正在討論從結構上裁員的情況下，您如何看待這種情況的發展？

Yes, I've heard this argument a bunch of times. There's a bunch of different ways we price. It's not just per user, we have all types of transaction processing charges even in some of our subscription services, per truck, per mobile handheld device. And yes, sometimes per user. I don't think that's going to be a big challenge for us.

是的，這種說法我聽過很多次了。我們有很多不同的定價方式。不只是按用戶收費，我們各種類型的交易處理費都有，甚至在一些訂閱服務中，按卡車、按行動手持設備收費也是如此。是的，有時是按使用者計算的。我認為這對我們來說不會是個大挑戰。

If they start to have less people using the system because they become more efficient, we're going to come up with a different way to extract value. I know the guy you're talking about, and I think they probably shot too high and there's a lot of problems with customers right now because of that. And I think if you see us start to do that, it's going to be a more reasonable approach too.

如果因為系統效率提高而導致使用該系統的人數減少，我們將想出另一種方法來提取價值。我知道你說的那個人，我覺得他們可能定價過高了，現在因此給客戶帶來了很多問題。我認為，如果我們開始這樣做，那也將是更合理的做法。

Okay. Helpful. And we're seeing some of the forwarders seeing pretty big increases in customs revenue as a result of de minimis going away. Are you guys also seeing that benefit? And how does a big increase in customs filings and customs complexity impact you guys going forward?

好的。很有幫助。我們看到，由於最低限額的取消，一些貨運代理商的關稅收入出現了相當大的成長。你們也感受到這種好處了嗎？那麼，海關申報數量和海關手續複雜性的大幅增加，會對你們未來的發展產生哪些影響？

I mean you hear us say all the time on the call the complexity helps us, and I think that's correct. Look at the situation we're talking about here at the Type 86 filing, we've almost doubled our revenue in that space in just a couple of months. And honestly, 1.5 years ago, we were very concerned they were going to cancel de minimus and all of that business could go away.

我的意思是，你經常在電話會議上聽到我們說，複雜性對我們有幫助，我認為這是正確的。看看我們現在討論的 Type 86 檔案的情況，我們在短短幾個月內，該領域的收入幾乎翻了一番。說實話，1.5年前，我們非常擔心他們會取消最低限度補貼，導致所有相關業務都消失。

And what ended up happening was our sales team came up with the approach of we'll just keep charging you for all the shipments that you make per shipment and the same way we were doing it before. And instead of making a Type 86 filing, which is going away, we'll make a Type 1 filing.

最終的結果是，我們的銷售團隊想出了一個辦法，那就是我們將繼續按照以前的方式，對您每次發貨收取費用。與其提交即將取消的 Type 86 文件，我們將提交 Type 1 文件。

And so we were able to switch our customers over to that solution. And we were thinking we were doing pretty well. And then our competitors started really struggling to handle Type 1 filing with the massive amount of volume that some of the bigger players were producing, millions and millions of transactions a day and our network has the ability to deal with that because we've been doing in customs filings for FedEx and DHL and UPS and a lot of other big players for years and had already dealt with millions of transactions a day.

因此，我們得以將客戶切換到該解決方案。我們當時覺得我們做得還不錯。然後，我們的競爭對手開始真正難以處理 1 類申報，因為一些大型企業每天要處理數百萬筆交易，而我們的網絡有能力處理這種情況，因為多年來我們一直在為 FedEx、DHL、UPS 和許多其他大型企業進行海關申報，並且已經處理過每天數百萬筆交易。

So we had -- as a network operator versus a software company, which I think a lot of the other guys were just software companies, we had a network that was robust and able to process the transactions quickly. And we saw almost all of them switch over to us, and it really ends up being a gigantic benefit for us in the last several months. So happy about that.

所以，作為一家網絡運營商，而不是一家軟體公司（我認為其他很多公司都只是軟體公司），我們擁有一個強大的網絡，能夠快速處理交易。我們看到幾乎所有客戶都轉而選擇我們，這在過去的幾個月確實為我們帶來了巨大的好處。真高興。

Okay. Thanks, Ed, I'll turn it back.

好的。謝謝你，艾德，我會把它退回去的。

Thank you. There are no further questions at this time. Please proceed with the closing remarks.

謝謝。目前沒有其他問題了。請繼續進行總結發言。

Hey, thanks, everyone. We look forward to reporting back to you on Q4 in March. And otherwise, if you're looking for one-on-one discussions with us, please reach out to us, and we'll find a way to talk to you. Have a great day, guys.

嘿，謝謝大家。我們期待在三月向您報告第四季業績。此外，如果您想與我們進行一對一的討論，請聯絡我們，我們會想辦法與您交談。祝各位今天過得愉快。

Thank you, ladies and gentlemen, the conference has now ended. Thank you all for joining. You may now disconnect your lines.

謝謝各位，會議到此結束。感謝各位的參與。現在您可以斷開線路了。