The Descartes Systems Group Inc. (DSGX) 2027 Q1 法說會逐字稿

Good afternoon, ladies and gentlemen, and welcome to Descartes Systems Group quarterly results conference call. (Operator Instructions) This call is being recorded on June 3, 2026.

各位女士、各位先生，下午好，歡迎參加 Descartes Systems Group 季度業績電話會議。(接線員指示) 本次電話會議將於 2026 年 6 月 3 日錄音。

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

現在我想把會議交給 Scott Pagan。請開始。

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

謝謝，各位下午好。今天與我一同參加電話會議的有執行長 Ed Ryan，以及財務長 Ed Gardner。我相信各位都已收到我們今天稍早發布的財務業績新聞稿。

Portions of today's call, other than historical performance, include statements of forward-looking information within the meaning of applicable securities laws. These statements are made under the safe harbor provisions of those laws. These forward-looking statements include statements related to our assessment of the current and future impact of geopolitical, trade and tariff and economic uncertainty on our business and financial condition.

今天電話會議中，除歷史表現之外的部分內容，包含依適用證券法所界定之「前瞻性資訊」陳述。這些陳述係依據該等法律的安全港條款作出。此等前瞻性陳述包括與我們對地緣政治、貿易與關稅以及經濟不確定性對本公司業務與財務狀況之當前及未來影響的評估相關之陳述。

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, the approval and potential share purchases under a normal course issuer bid and other matters that may constitute forward-looking statements.

包括 Descartes 的營運表現、財務結果與狀況、現金流量與現金使用、業務展望、基準收入、基準營運費用與基準校準、預期及可能的收入損失與收益、預期收入認列與費用發生、潛在收購與收購策略、成本削減與整合措施、依一般常規發行人買回（normal course issuer bid）核准之下的核准與潛在股份買回，以及其他可能構成前瞻性陳述之事項。

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

這些前瞻性陳述涉及已知與未知的風險、不確定性、假設及其他因素，可能導致 Descartes 的實際結果、表現或成就與該等前瞻性陳述所暗示的預期結果、表現或成就出現重大差異。

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.

這些因素已在新聞稿以及提交與提供給 SEC、OSC 與加拿大各地其他證券主管機關的文件中「可能影響未來結果的若干因素」一節加以說明，其中包括我們今天提交的管理階層討論與分析（MD&A）。我們提供前瞻性陳述僅為了就管理階層目前對未來的預期與計畫提供資訊。

You're cautioned that such information may not be appropriate for other purposes. We don't undertake or accept any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements to reflect any change in our expectations or any change in events, conditions, assumptions or circumstances on which any such statement is based, except as required by law.

敬請注意，此等資訊可能不適用於其他目的。除法律要求外，我們不承擔亦不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，或反映該等陳述所依據之事件、狀況、假設或情勢的任何變化。

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

那麼，讓我把電話會議交給 Ed。

Thanks, Scott, and welcome, everyone, to the call. Today, we are again reporting record quarterly financial results coming off a strong financial year last year.

謝謝你，Scott，也歡迎各位參加本次電話會議。今天，我們在去年強勁財務年度的基礎上，再次公布創紀錄的季度財務業績。

In Q1, we were ahead of our plan, which gives us even more room to make AI and other investments in our business. These are great results that I'm looking forward to walking through in more detail. However, first, let me give you a road map for the call.

在第一季，我們的表現超出原先計畫，這也讓我們有更大的空間在業務上投入 AI 及其他投資。這些都是非常出色的成果，我也期待稍後更詳細地說明。不過，首先我先為各位說明本次電話會議的流程。

I'll start by hitting some highlights of last quarter. I'll provide some comments on how the numerous events in the world are impacting our business. I'll then hand it over to Ed Gardner, who will go over the Q1 financial results in more detail.

我會先談談上季的一些重點。我也會就全球多項事件如何影響我們的業務提供一些看法。接著我會把時間交給 Ed Gardner，他將更詳細地說明第一季的財務結果。

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. We'll then open it up to the operator to coordinate the Q&A portion of the call.

之後我會再回來，更新我們對目前業務環境的看法，以及我們如何為第二季校準（calibrate）業務。接著我們會交由接線員協調問答環節。

Let's get into Q1. 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 record performance in each of those areas.

我們進入第一季。我們監控的關鍵指標包括營收、獲利、營運活動現金流、營運利潤率以及投資報酬。在本季，我們在上述各項領域再次創下紀錄。

Total revenues were at record high $193.6 million, up 15% from a year ago. Record high services revenues were also up 15% from a year ago, with our continued focus on generating recurring revenues. Record net income was up 34% from a year ago. Record income from operations was up 35% from a year ago.

總營收創新高，達 1.936 億美元，較去年同期成長 15%。服務營收同樣創新高，較去年同期成長 15%，反映我們持續聚焦於創造經常性收入。淨利創新高，較去年同期成長 34%。營業利益創新高，較去年同期成長 35%。

Record adjusted EBITDA was up 20% from a year ago. Our adjusted EBITDA margin is at a record level of 46%. We generated $75 million of cash from our operations, up 40% from a year ago. So strong record results across all of these key metrics.

調整後 EBITDA 創新高，較去年同期成長 20%。我們的調整後 EBITDA 利潤率創新高，達 46%。我們由營運活動產生 7,500 萬美元現金，較去年同期成長 40%。因此，在所有這些關鍵指標上都繳出強勁的創紀錄成果。

At the end of the year, we had $377 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.

在年度期末，我們持有 3.77 億美元現金，且無負債，並擁有 3.5 億美元未動用的信用額度。我們仍具備充足資本、能持續創造現金、保持成長，並已準備好持續投資於我們的業務。

We have a normal course issuer bid that allows us to purchase up to 8.6 million shares before December 2026. We've made some purchases since last reported, and I'll allow Ed to give you those details in a minute. But especially in light of how the business performed last quarter, we are optimistic about the Descartes' future, and the normal course issuer bid is a tool we could use to make further purchases.

我們有一項一般常規發行人買回（normal course issuer bid），允許我們在 2026 年 12 月前最多買回 860 萬股。自上次報告以來我們已進行部分買回，我稍後會請 Ed 提供相關細節。但特別是考量到上季業務表現，我們對 Descartes 的未來保持樂觀，而一般常規發行人買回是我們可用來進一步買回股份的工具。

I want to touch on four areas that helped this business perform well this quarter. The first is Global Trade Intelligence, which is one of the largest contributors to our services revenue and had strong growth in the quarter compared to where it was a year ago. That's pretty intuitive if you think about what's happened over the past year.

我想談談四個促使本季業務表現良好的領域。第一個是全球貿易情報（Global Trade Intelligence），它是我們服務營收的最大貢獻來源之一，且本季相較一年前呈現強勁成長。若回顧過去一年發生的事情，這點其實相當直觀。

It has become increasingly challenging and unpredictable to determine how to ship goods from point A to point B, especially if they need to cross borders. We've seen strong growth across the four core areas of our business or of the Global Trade Intelligence business.

要判斷如何將貨物從 A 點運送到 B 點變得愈來愈具挑戰且難以預測，尤其是需要跨境時更是如此。我們在業務的四個核心領域，或說在全球貿易情報業務的四個核心領域，都看到強勁成長。

The first is tariff and duty content. We believe we have one of the best real-time sources of global tariff and duty information. This past year, there have been huge and frequent swings in the tariffs and duties, particularly from large shipping or importing nations like China and the United States. As we said before, if tariffs and duties are changing, that's usually a pretty good sign for this part of our business.

第一是關稅與稅費內容（tariff and duty content）。我們相信我們擁有全球關稅與稅費資訊最優質的即時來源之一。在過去一年，關稅與稅費出現幅度巨大且頻繁的波動，尤其是來自中國與美國等大型航運或進口國。如同我們先前所說，若關稅與稅費正在變動，通常對我們這部分業務而言是相當正面的訊號。

The second is the sanctioned party screening business, where we continue to be a leader in sanctioned party screening and we continue to see strong growth here as we help our customers navigate an increasingly complex sanction party environment stemming from the global -- the current global geopolitical landscape.

第二是受制裁對象篩檢（sanctioned party screening）業務；我們持續在此領域保持領先，並持續看到強勁成長，因為我們協助客戶因應日益複雜的受制裁對象環境，而這種複雜性源自全球——當前全球地緣政治格局。

Third, we have the foreign trade zones or FTZs. These are facilities where goods can be imported and stored and processed on a tariff-free basis until they're ultimately released from the facility for consumption in the domestic market where the facility or zone is.

第三，我們有對外貿易區（foreign trade zones，FTZ）。這些是可在免關稅基礎下進口、儲存並加工貨物的設施，直到貨物最終自該設施釋出，供該設施或園區所在國內市場消費為止。

With all the tariff uncertainty for imports in the United States, more and more companies have been pursuing this option for their businesses. It has proven to be a particularly lucrative strategy for those who defer paying any of the recent IEEPA tariffs that were invalidated by the Supreme Court.

在美國進口關稅充滿不確定性的情況下，愈來愈多公司正為其業務採用這個選項。對於那些延後支付近期被最高法院判定無效的 IEEPA 關稅的企業而言，這已被證明是一項特別有利可圖的策略。

By not paying the tariffs, these importers do not now need to go through the delayed process of trying to obtain refunds. So a stronger grower so far and with continued uncertainty about the legality and amounts of tariffs, one that we expect many companies will continue to pursue with our technology leveraged for the operation of the foreign trade zone.

由於不支付關稅，這些進口商目前不需要再走一遍因延宕而必須申請退稅的流程。因此，迄今為止這是一個更強勁的成長動能；在關稅合法性與金額仍持續存在不確定性的情況下，我們預期許多公司將會繼續採用這種作法，並運用我們的技術來支援外國貿易區的營運。

And the last one, number four, is Datamyne. Companies have adopted a myriad of strategies for dealing with tariff uncertainty whether it's different sourcing strategies, consideration of classification of goods or even shipping routes, the best companies are doing as much research as they can to help guide their strategies, and that's where Datamyne comes in.

最後一個、第四項，是 Datamyne。面對關稅不確定性，各家公司採取了各式各樣的策略，無論是不同的採購來源策略、對貨物分類的考量，甚至是航運路線；最優秀的公司都在盡可能做更多研究來指引其策略，而這正是 Datamyne 發揮作用之處。

Comprehensive research tool to see how others are dealing with importing challenges. This continues to see good traction and is a good grower.

這是一個全面性的研究工具，用來了解其他人如何應對進口挑戰。它持續獲得良好動能，也是表現良好的成長項目。

Second area of growth for us was the e-commerce entries. We continue to see overall growth in consumers embracing e-commerce. Even with the elimination of the tariff-exempt Type 86 de minimis program, imports have continued to grow coming into the United States. We have a premier solution for handling e-commerce imports in the United States using our NetCHB system, with particular strength in high volume and high velocity requirements.

我們的第二個成長領域是電商報關申報（e-commerce entries）。我們持續看到消費者整體上更擁抱電子商務所帶來的成長。即使取消了免關稅的 Type 86 小額豁免（de minimis）計畫，進入美國的進口量仍持續成長。我們透過 NetCHB 系統提供在美國處理電商進口的頂尖解決方案，特別擅長滿足高量與高速度的需求。

We're helping key brokers meet the demands of importers and these volumes are contributing well to our revenue growth.

我們正在協助關鍵報關行滿足進口商的需求，而這些量能也對我們的營收成長有良好貢獻。

The third area is fleet performance management and routing. We have market-leading solutions to help customers manage their fleets of vehicles. In particular, we have routing and scheduling solutions that help companies figure out the most efficient way to make deliveries and reduce hours and miles driven to do that. There's always good demand for these solutions.

第三個領域是車隊績效管理與路線規劃。我們擁有市場領先的解決方案，協助客戶管理其車隊。尤其是，我們的路線規劃與排程解決方案可協助企業找出最有效率的配送方式，並降低為完成配送所需的工時與行駛里程。這些解決方案一直都有良好需求。

However, the demand increases in periods where fuel costs increase, running your fleet becomes more expensive and customers look to our solutions to reduce the amount of fuel they're using to make deliveries. Cost consciousness for fleet owners is even higher given the inflation that exists in driver wages.

不過，在燃料成本上升的期間，需求會更強，因為車隊營運變得更昂貴，客戶會尋求我們的解決方案來降低配送所耗用的燃料。鑑於司機薪資存在通膨，車隊業主的成本意識更為提高。

This wage inflation is driven in part by driver shortages, new US regulations have made it more difficult to qualify to be a driver.

這種薪資通膨部分是由司機短缺所驅動；新的美國法規也使得取得司機資格變得更困難。

And the final one is transportation management, where MacroPoint continues to be strong for us. MacroPoint provides real-time visibility to shipments. Brokers and shippers tell us the loads they want tracked. It's our job to get the tracking information from onboard systems, transportation management systems and using our application or old-fashioned calls to drivers.

最後一個是運輸管理，其中 MacroPoint 對我們而言仍持續強勁。MacroPoint 提供貨運的即時可視性。報關行與貨主會告訴我們他們希望追蹤哪些貨載。我們的工作是從車載系統、運輸管理系統取得追蹤資訊，並透過我們的應用程式，或以傳統方式致電司機來取得資訊。

Over past quarters, we've enhanced our system to have AI agents that interact with drivers to encourage adoption of our tracking app, helping us reach a segment of the market that was previously difficult to reach at scale. These agents have helped contribute to a higher percentage of shipments tracked than our peers, which in turn drives more people to our network.

在過去幾個季度，我們強化了系統，加入可與司機互動的 AI 代理，以鼓勵採用我們的追蹤 App，協助我們觸及先前難以大規模觸及的市場區隔。這些代理也促成我們的貨運追蹤比例高於同業，進而帶動更多人加入我們的網路。

We've also released some new agents to help brokers manage current workflows on shipments, which I'll speak to further in a few minutes. So those were the principal contributors to growth. We were able to help our customers in a challenging freight environment. We generally saw overall shipment volumes down in the quarter with the biggest contributor to that decline being the war in Iran.

我們也發布了一些新的代理，協助經紀商管理貨運在途的既有工作流程，我會在幾分鐘後進一步說明。以上就是成長的主要貢獻來源。我們得以在充滿挑戰的貨運環境中協助客戶。本季我們整體看到出貨量下滑，而造成下滑的最大因素是伊朗戰爭。

Here's a quick summary by mode of transportation. So in ocean, the war in Iran effectively closed the Strait of Hormuz and choked shipping in the region. Shipments of oil, fertilizer and aluminum were among the most impacted imports to the United States. This disruption has had a volatile impact on rates and shipping with many avoiding the region because of the security risk and cost of war risk insurance.

以下按運輸方式做一個快速摘要。在海運方面，伊朗戰爭實質上關閉了荷姆茲海峽，並扼住了該地區的航運。對美國而言，受影響最大的進口品項包括石油、肥料與鋁。由於安全風險與戰爭風險保險成本，許多業者避開該地區，這種中斷對運價與航運造成了劇烈波動。

This has resulted in longer sailing times, reduced schedule reliability, increased fuel usage and costs, increased insurance premiums and additional congestion at transshipment hubs. The fuel cost impact has spread beyond the Middle East with European Far East sailings seeing 25% rate increases. Spot rates for Far East sailings continue to be high, causing many shippers to rethink their strategy for balancing contract rates and spot bookings.

這導致航行時間拉長、船期可靠度下降、燃料使用量與成本上升、保險費率提高，以及在轉運樞紐出現額外壅塞。燃料成本的影響已擴散到中東以外，歐洲—遠東航線的運價上漲了 25%。遠東航線的即期運價仍然偏高，促使許多貨主重新思考如何在合約運價與即期訂艙之間取得平衡。

So overall, very challenging ocean shipping market at the moment.

因此整體而言，目前海運市場非常具挑戰性。

Next is air cargo, which has seen some mixed impact. The war in Iran temporarily closed certain airspaces to flights with some estimating a temporary 20% decrease in available capacity. It also presents an ongoing security risk. Fuel costs and availability have also made it a pricier mode of shipment. However, there have been some positives with ocean shipping struggling and economic conditions volatile. Many have elected to leverage the air mode to move goods quickly and/or on short notice.

接著是空運貨物，影響呈現好壞參半。伊朗戰爭一度關閉部分航路空域，有些估計可用運能短期下降 20%。同時也帶來持續性的安全風險。燃料成本與供應狀況也使其成為更昂貴的運輸方式。不過也有一些正面因素：在海運吃緊且經濟情勢波動之下，許多人選擇利用空運來快速移動貨物，並／或在短時間通知下出貨。

There continues to be strength in the shipment of semiconductors and AI infrastructure, which are more appropriate for the air mode given the high-value weight ratios and time sensitivity. E-commerce continues to thrive and air benefits from that because of short fulfillment cycles. Some inventory restocking strategies have shifted to smaller, more frequent orders, which switches inventory to air from ocean.

半導體與 AI 基礎設施的出貨仍持續強勁；由於其高價值／重量比與時間敏感性，這些貨物更適合空運。電商持續蓬勃發展，而空運也因此受益，因為履約週期較短。部分補庫存策略已轉向更小量、更頻繁的訂單，這使得部分庫存從海運轉向空運。

So overall, despite the volatile impact of geopolitical tensions, air cargo has been relatively strong.

因此整體而言，儘管地緣政治緊張帶來波動性影響，空運貨物仍相對強勁。

Road transportation. So fuel and driver costs and driver shortages are having the biggest impact on US domestic trucking. Smaller carriers are struggling and it's pushing some capacity out of the market, but not enough to counteract the increase to shipping rates caused by fuel costs. So overall, we saw trucking volumes down 4% year over year.

公路運輸。燃料與司機成本，以及司機短缺，對美國國內卡車運輸造成最大影響。較小型的承運商正面臨困境，並使部分運能退出市場，但仍不足以抵消燃料成本推升運價的影響。因此整體而言，我們看到卡車運量年減 4%。

With that overview of transportation modes, the general theme is a tough and costly market to ship in. Our customers are increasingly relying on us and technology to deal with this complexity and uncertainty. A key to our -- one of the keys to our customers managing a more complex world and rising resource costs will be leveraging artificial intelligence technology. Our customers are looking to us to be a leader in AI to help them plan for and operate the future.

在上述各運輸方式的概覽之下，整體主軸是一個艱難且運輸成本高昂的市場。我們的客戶愈來愈依賴我們與科技來應對這種複雜性與不確定性。在更複雜的世界與資源成本上升之下，客戶要能有效管理的關鍵之一將是運用人工智慧技術。客戶期待我們成為 AI 領導者，協助他們規劃並營運未來。

I spoke about this last quarter, but here are some of the reasons they're confident in our success. We are a critical logistics network relied on by the world. We connect hundreds of thousands of companies. We solve complex enterprise problems for them that they can't solve on their own within their own enterprise. We have scale. We process billions of transactions a year. We deliver a reliable and stable solution at scale.

我在上個季度談過這點，但以下是他們對我們成功有信心的一些原因。我們是全球所依賴的關鍵物流網路。我們連結了數十萬家公司。我們為他們解決複雜的企業級問題，而這些問題他們無法僅在自身企業內部獨力解決。我們具備規模優勢。我們每年處理數十億筆交易。我們能以規模提供可靠且穩定的解決方案。

We're trusted by our customers. We help them with compliance, a function that is risky to handle solely internally without leveraging a specialist. We have workflow and domain expertise for complex logistics processes. We have unique proprietary data that can deliver fuel -- that can field better answers.

客戶信任我們。我們協助他們處理法規遵循；若不借助專業機構、僅靠內部自行處理，這是一項風險很高的職能。我們在複雜物流流程方面具備工作流程與領域專業。我們擁有獨特的專有資料，能提供更好的答案——能產出更好的回應。

Better answers mean increased operational efficiencies. We have a long record of investing in new technologies and businesses to enhance our service offering. We're financially stable and operate our business for the long term, and we have a broad portfolio of solutions that are ideal for those who need integrated logistics and workflows and processes.

更好的答案意味著營運效率提升。我們長期投資於新技術與新業務，以強化我們的服務內容。我們財務穩健，並以長期經營為目標，同時擁有廣泛的解決方案組合，非常適合需要整合式物流、工作流程與流程管理的客戶。

Every day, we're advancing on our use of AI technologies for our customers. We've designed our AI agent layer that will accommodate external and Descartes agents accessing the functions and data on the Descartes Global Logistics Network. That layer orchestrates agents and the skills they call.

每天，我們都在為客戶推進 AI 技術的應用。我們設計了 AI 代理層，可讓外部代理與 Descartes 代理存取 Descartes 全球物流網路上的功能與資料。該層負責協調各代理及其所呼叫的技能。

It enforces policy so it says who can do what and whose data and under what approval. It captures audit and observability so that every action is traceable and explainable, and it manages the economics, the usage, cost attribution and billing. We believe there's lots of value to be delivered to our customers using AI agents.

它會強制執行政策，明確規範誰可以做什麼、可使用誰的資料，以及在何種核准條件下進行。它也會記錄稽核與可觀測性，使每個動作都可追溯且可解釋，並管理經濟面，包括使用量、成本歸屬與計費。我們相信，運用 AI 代理能為客戶帶來大量價值。

I mentioned the MacroPoint agent before. However, we have a whole suite of transportation management agents, including calling drivers for location checks, gathering proof of delivery information for billing purposes, arrival and departure confirmation, getting truck rates to help with carrier selection, getting insurance certificates for carriers.

我先前提過 MacroPoint 代理。不過，我們還有一整套運輸管理代理，包括致電司機進行位置查核、蒐集用於開立帳單的交付證明資訊、到達與離開確認、取得卡車運價以協助承運商選擇、以及為承運商取得保險證明。

We have similar agent development and other pillars, including agents gathering service time information and fleet management, research agents and Datamyne, enhanced denied party screening to manage false positives, just to name a few.

我們也有類似的代理開發與其他支柱，包括蒐集服務時間資訊與車隊管理的代理、研究代理與 Datamyne、強化的受制裁/禁運對象篩檢以管理誤判（false positives）等，僅舉幾例。

These agents are automating workflow and work. They're designed to automate repetitive tasks that don't need the creativity of a human and to surface new opportunities for humans to consider new strategies and opportunities. Some of the agents are sold to our customers, while others are designed to increase adoption, velocity or traffic over the global logistics network. We believe that AI agents, whether they're ours or third-party agents with permission to access our network, will play a big role in future efficient supply chain and logistics operations.

這些代理正在自動化工作流程與作業。它們旨在自動化不需要人類創意的重複性任務，並揭示新的機會，讓人們思考新的策略與機會。部分代理會銷售給客戶，另一些則旨在提升全球物流網路上的採用率、速度或流量。我們相信，AI 代理—無論是我們的，或是經授權可存取我們網路的第三方代理—都將在未來高效率的供應鏈與物流營運中扮演重要角色。

Because of that, we anticipate we'll continue to increase our level of investment in AI technologies. Some of that will come from increased usage of existing AI tools within our business to build out our AI agent layer from building and designing new agents from enhancing the functionality that we have in our existing customer applications, from rapidly accelerating the interoperability of our solutions, from making our network more secure and reliable and from delivering a better customer experience.

因此，我們預期將持續提高在 AI 技術上的投資水準。其中一部分將來自於在公司內部更廣泛使用既有 AI 工具，以建置我們的 AI 代理層、打造與設計新代理、強化既有客戶應用程式的功能、快速加速我們解決方案的互通性、提升網路的安全性與可靠性，以及提供更佳的客戶體驗。

However, we also anticipate that our M&A strategy will include detailed consideration of how potential partners will enhance how we're using AI to help our customers. This past quarter, we completed the acquisition of Idelic, which brings new AI-powered technologies to our fleet management customers. Idelic helps our customers with managing the safety of their drivers.

此外，我們也預期在併購（M&A）策略中，將詳細考量潛在合作夥伴如何強化我們運用 AI 來協助客戶。在上一季，我們完成對 Idelic 的收購，為我們的車隊管理客戶帶來新的 AI 驅動技術。Idelic 協助客戶管理其司機的安全。

They have proprietary database of over 40 billion miles of data and telemetry on hundreds of thousands of historical accidents, which can then be leveraged to identify drivers or practices that may require further training or remediation to prevent future safety issues. That data is something that non-Descartes systems aren't trained on and allows us to provide better safety insights to our customers.

他們擁有專有資料庫，包含超過 400 億英里的資料與遙測資訊，以及數十萬起歷史事故資料，可用來辨識可能需要進一步訓練或矯正的司機或作業方式，以預防未來的安全問題。這些資料是非 Descartes 系統未受訓練的內容，使我們能為客戶提供更佳的安全洞察。

And when combined with Descartes' industry-leading routing planning and execution technology, this enables us to deliver a complete cutting-edge fleet performance management solution that uniquely incorporates driver behavior and safety signals into our robust operational data set. A big welcome to the Idelic team, and we're excited about what they can do for our fleet management customers.

而當它與 Descartes 業界領先的路線規劃與執行技術結合時，便能讓我們提供完整、最先進的車隊績效管理解決方案，並以獨特方式將駕駛行為與安全訊號納入我們強健的營運資料集。熱烈歡迎 Idelic 團隊加入，我們也很期待他們能為我們的車隊管理客戶帶來的成果。

I provided an overview of our approach with AI technologies and some of our investments. However, we're planning a comprehensive description of everything that Descartes is doing with AI in our in-person innovation forum to be held in Chicago, October 6 through the 8 of this year.

我已概述我們在 AI 技術上的方法與部分投資。不過，我們計畫在今年 10 月 6 日至 8 日於芝加哥舉辦的實體創新論壇中，全面說明 Descartes 在 AI 方面所做的一切。

This is a big event we invest in to provide our customers and partners access to our people, our latest developments and plans and give an opportunity to provide direct feedback on where we are and where we're going. It's been a few years since we've done an in-person event of this scale. So we're very excited to host everyone and share how excited we are about our future. Please see our website for registration details.

這是一項我們投入大量資源的大型活動，讓客戶與合作夥伴能接觸我們的團隊、最新進展與規劃，並提供直接回饋的機會，讓我們了解目前的位置以及未來方向。我們已經有幾年未舉辦如此規模的實體活動。因此，我們非常期待主辦並與各位分享我們對未來的期待。報名詳情請參閱我們的網站。

So in summary, a strong Q1 with additional AI investments and a new acquisition. I'm excited about how the business is performing and the opportunity we have in front of us.

總結而言，第一季表現強勁，並增加 AI 投資且完成一項新收購。我對業務表現以及我們面前的機會感到振奮。

So with that, I'll now turn the call over to Ed Gardner to go through the financial results in more detail. Ed?

接下來，我將把電話會議交給 Ed Gardner，請他更詳細說明財務結果。Ed？

Thanks, Ed. As Ed mentioned, I'll be walking you through our key financial highlights for the first quarter of fiscal 2027.

謝謝，Ed。正如 Ed 提到的，我將帶各位回顧 2027 會計年度第一季的主要財務重點。

We're pleased to report record quarterly revenues of $193.6 million, an increase of approximately 15% from revenues of $168.7 million in Q1 of last year. Our revenue mix in the quarter continued to be very strong, with services revenue increasing 15% to $180.5 million from $156.6 million last year in the first quarter. Services revenue represents 93% of total revenue this quarter, which is consistent with Q1 last year.

我們很高興報告季度營收創新高，達 1.936 億美元，較去年第一季的 1.687 億美元增加約 15%。本季營收組合持續非常強勁，服務營收由去年第一季的 1.566 億美元增加 15% 至 1.805 億美元。本季服務營收占總營收的 93%，與去年第一季一致。

Removing the impact of both the recent acquisitions as well as a positive impact from changes in FX rates we would estimate that our growth in services revenue from new and existing customers, that is our organic growth would have been just over 9% this quarter when compared to the same quarter last year, and this is up from approximately 8% organic growth in Q4.

若排除近期收購的影響，以及匯率變動帶來的正面影響，我們估計本季來自新舊客戶的服務營收成長（即有機成長）在與去年同期相比時略高於 9%，且高於第四季約 8% 的有機成長。

Professional services revenue and other revenue, including hardware revenue, came in at $11.5 million or 6% of revenue, slightly down from $11.8 million in Q1 last year, while license revenues came in a bit higher this year at $1.6 million versus $0.3 million last year.

專業服務營收與其他營收（包括硬體營收）為 1,150 萬美元，占營收 6%，較去年第一季的 1,180 萬美元略降；而授權營收今年略高，為 160 萬美元，去年為 30 萬美元。

Collectively, our professional services and other revenue, combined with our license revenues, was up 8% this year and together remain approximately 7% of our total revenues.

合計而言，我們的專業服務與其他營收，加上授權營收，今年成長 8%，合計仍約占總營收的 7%。

Gross margin came in at 78% of revenues, up from 76% in Q1 of last year. The increase in gross margin for the quarter was primarily due to operating leverage from more organic growth and services revenue.

毛利率為營收的 78%，高於去年第一季的 76%。本季毛利率提升主要來自於更高的有機成長與服務營收所帶來的營運槓桿。

Turning our attention to the bottom line. As a result of solid revenue growth, improved gross margin as well as controlled growth in operating expenses, adjusted EBITDA came in at a record $89.8 million in the first quarter or approximately 46% of revenue, up 20% from adjusted EBITDA of $75.1 million in the first quarter last year.

接著看損益底線。受惠於穩健的營收成長、毛利率改善以及營業費用成長受控，第一季調整後 EBITDA 創新高，達 8,980 萬美元，約占營收 46%，較去年第一季的 7,510 萬美元調整後 EBITDA 成長 20%。

From a GAAP earnings perspective, net income for the first quarter came in at $48.5 million, up 34% from net income of $36.2 million last year. With these operating results and strong collections from customers, cash flow generated from operations came in at $75.1 million or 84% of adjusted EBITDA, up 40% from operating cash flow in the first quarter last year.

以 GAAP 盈利角度來看，第一季淨利為 4,850 萬美元，較去年淨利 3,620 萬美元成長 34%。在這些營運成果以及客戶強勁回款的帶動下，營運活動產生的現金流為 7,510 萬美元，相當於調整後 EBITDA 的 84%，較去年第一季的營運現金流成長 40%。

Overall, as Ed Ryan mentioned earlier, we're extremely pleased with our operating results in the quarter. If we look at the balance sheet, our cash balances totaled $377 million at the end of April.

總體而言，正如 Ed Ryan 先前提到的，我們對本季的營運成果感到非常滿意。若看資產負債表，截至 4 月底，我們的現金餘額合計為 3.77 億美元。

As I just mentioned, we generated operating cash flow of just over $75 million in the quarter. Offsetting that was approximately $30 million in capital deployed on two tuck-in acquisitions and approximately $21 million on share buybacks under our normal course issuer bid. As we look ahead, we remain well capitalized and ready to continue to work on potential M&A activities in our space.

如我剛才提到的，我們本季產生了略高於 7,500 萬美元的營運現金流。與此相抵的是，我們在兩項補強型收購上投入約 3,000 萬美元的資本，以及依據我們的常規發行人回購（NCIB）計畫進行約 2,100 萬美元的庫藏股回購。展望未來，我們仍具備充足資本，並已準備好持續推進本領域潛在的併購活動。

And a couple of more points as it relates to the remainder of fiscal 2027. Going forward, we expect to continue to see strong operating cash flow conversion north of 80% of our adjusted EBITDA, of course, subject to unusual events and quarterly fluctuations, including adjustments related to future earn-out payments that exceed our estimates made at the time of an acquisition.

另外再補充幾點，與 2027 財政年度其餘期間相關。往後，我們預期將持續看到強勁的營運現金流轉換率，超過調整後 EBITDA 的 80%，當然仍取決於非經常事件與季度波動，包括與未來超出我們在收購時所做估計的或有對價（earn-out）付款相關的調整。

After incurring approximately $2.6 million in capital additions in the first quarter, we expect to incur approximately $4 million to $6 million in additional capital expenditures this coming year, mainly related to IT equipment purchases after deploying approximately $21 million on share buybacks in Q1 '27.

在第一季發生約 260 萬美元的資本增添後，我們預期本年度將再發生約 400 萬至 600 萬美元的資本支出，主要與 IT 設備採購相關；此前我們已在 2027 年第一季投入約 2,100 萬美元進行庫藏股回購。

We also note in our shareholder report that we purchased an additional 196,800 shares during May 1 and June 2, and we may see additional purchases under the NCIB program moving forward. After incurring an amortization expense of $17.3 million in Q1 this year, we expect the amortization expense will come in at $53.5 million for the remainder of fiscal 2027 with this figure being subject to adjustment for foreign exchange changes and any future acquisitions.

我們也在股東報告中提到，我們於 5 月 1 日至 6 月 2 日期間額外買回 196,800 股，且未來在 NCIB 計畫下可能還會有進一步買回。在今年第一季認列 1,730 萬美元的攤銷費用後，我們預期 2027 財政年度其餘期間的攤銷費用將為 5,350 萬美元；該數字仍可能因匯率變動及任何未來收購而調整。

We estimate that payments of contingent consideration for earn-out arrangements for the balance of this year could be up to approximately $9 million, subject to any necessary adjustments resulting from the final earnout calculations. Our income tax rate in the first quarter came in within our expected range at approximately 26% of pretax income, in line with our blended statutory tax rate of approximately 26.5%.

我們估計，本年度剩餘期間就 earn-out 安排所需支付的或有對價，最高可能約為 900 萬美元，並視最終 earn-out 計算結果而需進行必要調整。我們第一季的所得稅率落在預期區間內，約為稅前所得的 26%，與我們約 26.5% 的加權法定稅率一致。

For the remainder of fiscal 2027, we're expecting the tax rate will be in the range of 25% to 30% of our pretax income, which means it will be something on either side of our blended statutory tax rate. 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.

就 2027 財政年度其餘期間而言，我們預期稅率將介於稅前所得的 25% 至 30%，也就是可能落在我們加權法定稅率的上下區間。不過一如既往，我們也要補充說明：由於我們在多國進行國際營運，可能出現一次性稅務項目，因此稅率可能會在各季度間波動。

And finally, after incurring stock-based compensation expense of $7 million in the past quarter, we currently expect stock compensation to be approximately $24 million for the remainder of fiscal 2027, subject to any forfeitures of stock options or share units.

最後，在上一季認列 700 萬美元的股份基礎給付費用後，我們目前預期 2027 財政年度其餘期間的股份基礎給付約為 2,400 萬美元，並視股票選擇權或股份單位的任何失效情況而定。

I'll now turn it back over to Ryan to wrap up with some closing comments and our baseline calibration for Q2.

接下來我把時間交還給 Ryan，請他做一些結語並說明我們對第二季的基準校準。

Thanks, Ed. As I mentioned earlier, it continues to be a challenging shipping market in large part because of the Iran War's impact on moving goods and tariff uncertainty that is ongoing. We expect that to be challenged throughout our Q2. There are also three new things impacting the market that I thought I should flag.

謝謝你，Ed。正如我先前提到的，航運市場仍然充滿挑戰，主要原因在於伊朗戰爭對貨物流動的影響，以及持續存在的關稅不確定性。我們預期在第二季期間仍將面臨挑戰。另外還有三項新因素正在影響市場，我認為需要特別提醒。

First is tariff refunds. Earlier in the year, the Supreme Court invalidated the IEEPA tariffs that had previously been imposed by the US administration and required the tariffs that have been paid be refunded. That refund process is now in progress with some customers reporting that they're in partial receipt of funds. Where the businesses received these funds directly depending on whether they were paid directly or via broker, they may very much provide money for investments that weren't contemplated when the tariffs were in place.

第一是關稅退稅。今年稍早，最高法院宣告先前由美國政府依 IEEPA 所課徵的關稅無效，並要求退還已繳納的關稅。目前退稅流程正在進行中，有些客戶回報已部分收到款項。企業是否能直接收到這些款項，取決於當初是直接繳納或透過報關行繳納；若能直接取得，這些資金很可能可用於在關稅存在時未曾規劃的投資。

So there may be the potential for new technology investment opportunities for us with US importers.

因此，對我們而言，可能會與美國進口商出現新的科技投資機會。

The second is broker liability. The US Supreme Court has been unusually active in things that impact shipping. Recently, they determined that a freight broker may have liability for the negligent selection of unsafe carriers. This makes it very important for freight brokers and others selecting carriers to ensure that they're doing due diligence while hiring trucks to drive loads for them.

第二是報關行／貨運經紀人的責任。美國最高法院在影響航運的議題上異常活躍。近期他們裁定，貨運經紀人可能因疏忽選擇不安全承運人而負有責任。這使得貨運經紀人及其他負責選擇承運人的單位，在聘用卡車承運其貨載時，必須確保已進行盡職調查。

We're able to help our customers with that using our transportation management systems and more specifically, our MyCarrierPortal solution that performs checks on the suitability of potential carriers. Separately, we expect that there will be pressure on smaller brokers in the market as they consider the cost of performing auditable diligence and increased insurance requirements to something that may ultimately impact the number of brokers that are in the market going forward.

我們能透過運輸管理系統協助客戶做到這點，更具體而言，是透過我們的 MyCarrierPortal 解決方案，對潛在承運人的適格性進行查核。另外，我們預期當小型經紀人評估可稽核的盡職調查成本與提高的保險要求時，市場上小型經紀人將承受壓力，這最終可能影響未來市場中的經紀人數量。

And the third is new China regulations. The new regulations from China are designed to counteract what they consider to be proper exterritorial jurisdiction of the regulations of other countries. For international shippers with supply chain operations with ties to China, this could mean needing to navigate a web of conflicting regulations between China and other countries.

第三是中國的新法規。中國的新法規旨在反制其所認為其他國家法規不當的域外管轄。對於供應鏈營運與中國有連結的國際託運人而言，這可能意味著需要在中國與其他國家之間相互衝突的法規網絡中周旋。

For example, a US regulation against forced labor may prohibit US entities from doing business with certain entities, while a Chinese regulation may prohibit a Chinese organization from complying with the US regulation that China considers to be extra territorial. So just flagging an area of increased complexity for our customers going forward and one that will require even more attention to the importance of global trade compliance solutions.

例如，美國針對強迫勞動的法規可能禁止美國實體與特定實體往來；但中國法規可能禁止中國組織遵循中國認為具有域外效力的美國法規。因此，我只是提醒：未來客戶將面臨更高的複雜度，而這也將需要更加重視全球貿易合規解決方案的重要性。

So it's a challenging macro environment for shipping with new things that come in to make it an even ever-changing landscape for our customers. We keep this in mind as we think about how our business is financially positioned and calibrated.

因此，在新的因素不斷加入之下，航運的總體環境充滿挑戰，對客戶而言更是一個持續變動的局勢。我們在思考公司財務定位與校準方式時，也會把這些因素納入考量。

In our quarterly report, we've provided a comprehensive description of baseline revenues, baseline calibration and their limitations. As of May 1, 2026, using foreign exchange rates of $0.74 to the Canadian dollar, $1.17 to the euro and a $1.36 to the pound. We estimate that our baseline revenues for the second quarter of fiscal 2027 were approximately $169 million.

在我們的季度報告中，我們已就基準營收、基準校準及其限制提供了完整說明。截至 2026 年 5 月 1 日，採用匯率為 1 加幣兌 0.74 美元、1 歐元兌 1.17 美元，以及 1 英鎊兌 1.36 美元。我們估計 2027 財政年度第二季的基準營收約為 1.69 億美元。

Our baseline operating expenses were approximately $102 million. We consider this to be our adjusted -- our baseline adjusted EBITDA calibration of approximately $66.5 million for the second quarter of fiscal 2027 or approximately 39% of our baseline revenues as at May 1, 2026.

我們的基準營運費用約為 1.02 億美元。我們將其視為 2027 財政年度第二季的調整後——基準調整後 EBITDA 校準約為 6,650 萬美元，或以 2026 年 5 月 1 日為基準約占基準營收的 39%。

We're currently operating above our expected adjusted EBITDA operating margin range of 40% to 45%. Our margins 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. For now, we're keeping our target range as 40% to 45%.

我們目前的營運表現高於我們預期的調整後 EBITDA 營運利潤率區間（40% 至 45%）。在任何期間，我們的利潤率都可能因營收組合、匯率變動，以及收購案在整合進公司時的影響等因素而有所變動。目前我們仍維持目標區間為 40% 至 45%。

However, we'll monitor how we're performing over the coming quarters to consider whether any upward adjustment is appropriate. 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 one thing they can rely on is Descartes.

不過，我們將在接下來幾季持續觀察表現，以評估是否適合向上調整。對客戶而言，這仍是充滿不確定性的時期。在這樣的全球貿易環境中，他們很難判斷哪些事項是可以依賴的。我們的目標是持續向客戶及其他利害關係人展現：有一件事他們可以依賴，那就是 Descartes。

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

感謝各位今天加入我們的電話會議。一如既往，我們也隨時可以就我們的業務與您交流，並以對您最方便的方式進行。

With that, operator, I'll now turn the call over to you for the Q&A portion of the call.

那麼，接下來，接線員，我現在把電話交給你，進入本次電話會議的問答環節。

(Operator Instructions) Dylan Becker, William Blair.

(接線員指示) Dylan Becker，William Blair。

This is Jackson Bogli on for Dylan Becker. Ed Ryan, I think what's interesting is we've got so many different things going on with geopolitics, excuse me, and just changing supply chains overall. I mean, could you maybe try to contextualize at what point would that actually turn into a headwind for Descartes instead of it really driving interest on the platform?

我是代替 Dylan Becker 的 Jackson Bogli。Ed Ryan，我覺得有意思的是，我們在地緣政治等方面有這麼多不同的事情在發生，抱歉，還有整體供應鏈也在改變。我的意思是，你能否試著幫我們釐清：在什麼情況下，這些因素會真正變成 Descartes 的逆風，而不是反而推動大家對平台的興趣？

Just anything you could say about -- is there a point where the complexity gets too much and it starts to become a headwind for your business?

你能否談談——是否存在某個點，複雜度會高到難以承受，並開始成為你們業務的逆風？

Well, I think it's not so much that the complexity gets to be too much. Most of the complexity helps us regardless of how much there is. The more there is, it tends to be the more they use our software. What we've seen in the past and probably see as well, if you look back, if the complexity gets so much that it starts to harm the economy, we go right along with the economy pretty well.

嗯，我認為與其說是複雜度變得太高，不如說——大多數的複雜性不論多寡都會對我們有幫助。不管複雜度有多少，通常都能幫到我們。複雜度越高，他們往往就越會使用我們的軟體。我們過去看到、未來可能也會看到的是：如果複雜度高到開始傷害經濟，那我們的表現通常會跟著整體經濟一起走。

I mean, when the economy is down, people are shipping less stuff, and we don't do as well. And you saw that with the tariffs last year. I mean, the US put a whole bunch of tariffs in place. They were surprising to everyone, no one knew what was going to happen next. There's a lot of uncertainty day-to-day and what was going to happen and it caused people to freeze.

我的意思是，當經濟下行時，人們運送的貨物變少，我們的表現也不會那麼好。你們去年在關稅上就看到了這點。也就是說，美國實施了一大堆關稅。這對所有人都很突然，沒有人知道接下來會發生什麼。每天都有很多不確定性，不知道會怎麼發展，這讓人們選擇按兵不動。

And I think with everything that was going with AI at the time and today, we didn't end up in a recession because there were lots of good things going on in the economy as well. But make no mistake, people weren't shipping stuff as fast as they could have because they weren't sure what to do about these tariffs.

我認為，當時以及今天 AI 的發展，加上經濟中也有許多正面因素，所以我們最終沒有陷入衰退。但毫無疑問，人們的出貨速度沒有本來可以那麼快，因為他們不確定該如何應對這些關稅。

Tariffs that were now subsequently invalidated and are not in effect, one ended up having to pay these rates or in theory, no one will end up having to pay them. And at the same time, that complexity caused them to slow down their shipping decisions. And while we were benefiting on the one side from tariffs and duty rate provision, we were suffering along with everybody else when there weren't as many shipments moving around the world.

這些關稅後來被判定無效、目前也未生效；最終有人不得不支付這些稅率，或理論上最終沒有人需要支付。同時，這種複雜性也讓他們放慢了出貨決策。因此，雖然我們在一方面因關稅與稅則（duty rate）提供而受益，但當全球流動的貨運量變少時，我們也和其他人一樣受到影響。

So that's where it hits us. I don't think increased complexity doesn't necessarily hurt us. It generally keeps helping us no matter how much there is. But if it leads to a depressed economy, it hurts us and everyone else.

所以影響我們的點在這裡。我不認為複雜度增加本身一定會傷害我們。一般而言，不管複雜度有多少，它通常都會持續幫助我們。但如果它導致經濟低迷，就會傷害我們，也會傷害其他所有人。

Got it. I think that makes total sense. Maybe for Ed Gardner, you guys have a really good capital position. You have good line of credit, really good cash position. it seems like there's multiple areas you could focus on for investment in the business and capital deployment. I'm just curious how you're thinking about the M&A landscape with the depressed valuations we're seeing as well as continuing to invest in the platform.

了解。我覺得這完全說得通。或許問 Ed Gardner：你們的資本狀況非常好。你們有良好的信用額度，也有非常充裕的現金部位。看起來你們在投資業務與資本部署上有多個可聚焦的方向。我想請教你們如何看待併購（M&A）環境——在我們看到估值偏低的情況下——以及同時持續投資平台？

Just curious to get any thoughts on how you're thinking about capital deployment going forward this year.

也想聽聽你們對今年接下來資本部署的想法。

Yes. I think it's -- I don't think it changes that much from other years. Obviously, with the ability to build more stuff faster with AI that changes the calculus somewhat, absolutely when we're looking at our buy versus build decisions. But the framework remains similar, right? We're still looking for great businesses that have some sort of proprietary unique data and deep domain expertise and very sticky customer base.

是的。我認為——我不覺得這和其他年度相比有太大改變。當然，AI 讓我們能更快打造更多東西，這確實會在我們做「買進或自建」（buy versus build）決策時，稍微改變計算方式。但整體框架仍然相似，對吧？我們仍在尋找優質企業：擁有某種專有且獨特的資料、深厚的產業領域專業，以及非常黏著的客戶基礎。

So we're looking at capital allocation. Now I think we see the opportunity to build more, build faster, produce more for our customers. And that changes how we look at some of the acquisitions, but there's still a lot of great targets out there. And I'd say we're very busy and active engaged looking at them.

所以我們在看資本配置。我想我們現在看到的機會是：能建得更多、建得更快，為客戶產出更多。這會改變我們看待某些收購案的方式，但市場上仍有很多很棒的標的。我會說我們非常忙碌，也很積極投入在評估它們。

From a value -- maybe just a comment on the valuation side from a valuation perspective, it's quite not unusual for the private markets to not necessarily go completely in sync and not necessarily as quickly as the public markets.

從價值——也許就估值面補充一句：從估值角度來看，私募市場不一定會與公開市場完全同步，也不一定會像公開市場那樣快速反應。

So as the prices come down, it's not necessarily at the same pace, but we are certainly seeing them come down a bit, and we remain engaged in a lot of opportunities right now and lots of discussions.

因此，當價格下來時，步調不一定相同，但我們確實看到估值有些下修；而且我們目前仍積極參與許多機會，也有很多討論在進行中。

Chris Quintero, Morgan Stanley.

Chris Quintero，Morgan Stanley。

I wanted to ask about the quarter here, third consecutive quarter of organic growth acceleration, really great to see. But you all called out some challenges here, specifically called out Q2. So could you help clarify like do you expect some of these challenges that you've highlighted to impact the growth rate? Or are these really more opportunities for you to leverage your network to address some of these additional complexity that your customers are seeing?

我想問一下本季的表現，這是連續第三季的有機成長加速，看到這點非常好。但你們也提到了一些挑戰，特別點名了第二季（Q2）。所以你們能否協助釐清：你們是否預期這些你們強調的挑戰會影響成長率？或者，這些其實更像是你們可以運用網路效應來解決客戶所面臨額外複雜性的機會？

I mean, if you know us, we're pretty cautious. We probably spend more time telling investors about the risks than most companies do in the software space. But you're right, things are going well right now, and I see a lot of potential for them to continue to go well in the future. But still, I mean, even in this past quarter, I mean, this is not -- this is a great quarter for us. We were 9.5%, something like that organic growth on services.

我的意思是，如果你了解我們，我們一向相當謹慎。相較於多數軟體公司，我們可能花更多時間向投資人說明風險。但你說得對，目前進展確實不錯，我也看到未來持續表現良好的很大潛力。不過即便如此，我是說，就算在剛過去這一季——這不是——這對我們來說是很棒的一季。我們在服務（services）的有機成長大約是 9.5%，類似這樣。

That's great. And we were doing that in a down freight market. And so we're pointing out for the future quarters, I'm pointing out that, hey, we're still in down freight market. And I don't know what's going to happen exactly either. But we're doing okay considering, and we're happy about that, but it'd be nice if everything is coming up roses.

這很棒。而且我們是在貨運市場低迷的情況下做到的。所以我們在談未來幾季時，我是在提醒：嘿，我們仍處於貨運市場下行。而且我也不確定接下來究竟會發生什麼。但考量到這些，我們做得還不錯，我們也為此感到高興；只是如果一切都能順風順水就更好了。

So just know enough to -- we're always quick to point out the risks and stuff and make sure that we're always doing what we said we would do. You see that in a number of the way -- many of the ways that we produce our numbers, we are pretty conservative. So I think that's what you're seeing.

所以你要知道——我們總是很快就會指出風險之類的事情，並確保我們一直在做我們說過會做的事。你也可以從我們產出數字的多種方式中看到，我們相當保守。所以我想你看到的就是這個。

Got it. Okay. So mostly just conservatism here highlighting some of the risks, but obviously, the business is doing pretty well here. As a follow-up, really great to kind of hear more of the momentum around your AI and agents. How are you thinking about the go-to-market motion as we start to grow some of these solutions out?

了解。好的。所以主要是出於保守性而強調一些風險，但顯然目前業務表現相當不錯。追問一下，很高興聽到你們在 AI 與代理（agents）方面的動能。隨著我們開始擴大這些解決方案，你們如何思考其上市推廣（go-to-market）的推進方式？

It seems like a lot more software vendors are starting to pursue more of a forward deployed engineer type of model to help sell some of these solutions into customers. So curious kind of how you're thinking about that on the go-to-market side.

看起來有更多的軟體供應商開始採用一種更偏「前線部署工程師（forward deployed engineer）」的模式，來協助把這些解決方案賣給客戶。所以我很好奇，在市場推廣（go-to-market）這一端，你們是怎麼看待這件事的？

Well, I mean, we think we have a lot of solutions that we can go out and sell to customers and we are. We're starting to get traction doing that. We have a lot of solutions that improve things for our customers internally without them really having to sign up for anything new. If they're paying me to process a shipment, and I have some tool that figures they need to process a new shipment here because they had a problem with an existing shipment.

嗯，我的意思是，我們認為我們有很多解決方案可以走出去賣給客戶，而我們也確實正在這麼做。我們開始在這方面取得進展。我們有很多解決方案能在客戶內部改善事情，而且客戶其實不需要另外去註冊或採用任何新東西。如果他們付錢給我處理一票貨運，而我有某個工具判斷他們需要在這裡處理一票新的貨運，因為他們在既有貨運上遇到問題。

I already have a contract in place to do it. I don't have to sell them anything new. The agent that we -- that I mentioned in this -- earlier in the prepared comments, I just get more -- that agent's job is to get more truckers online. And each trucker I get online is going to pay -- is going to be able to help me track a shipment that's going to get me a couple of bucks a shipment.

我本來就已經有合約可以做這件事。我不需要再賣他們任何新東西。我在先前準備好的發言裡提到的那個代理人——他的工作就是讓更多卡車司機上線。而我每讓一位卡車司機上線，他就會付費——也就是他能幫我追蹤一票貨運，而每票貨運能讓我賺到幾塊錢。

And now that he signed up, every time he gets a shipment I'm going to be able to track it. So it's the gift that keeps on giving. We have agents calling these truck drivers and you have to call them at the beginning of the call, beginning of the move. You can't call them with 20 minutes to go on the move and to start asking them to download the mobile app, you have to get to them quickly.

而且他一旦註冊了，之後每次他接到一票貨，我都能追蹤到。所以這就像是會持續帶來效益的禮物。我們有代理人在打電話給這些卡車司機，而你必須在通話一開始、在運輸一開始就聯絡到他們。你不能等到運輸只剩 20 分鐘才打給他們，然後才開始叫他們下載行動 App；你必須很快就接觸到他們。

And frankly, three years ago, we just weren't able to keep up, at least not cost effectively. And now all of a sudden, we can call the guy within minutes of them taking off, picks up a load and we're calling them right away, going, hey, kind of track that load for you. Why don't you download the app and I don't have to call you anymore.

坦白說，三年前我們就是跟不上，至少在成本效益上做不到。但現在突然之間，我們可以在他們出發後幾分鐘內就打給那位司機——他一接到貨、載貨出發，我們就立刻打給他，說，嘿，我們可以幫你追蹤那票貨。你何不下載這個 App，這樣我就不用再打電話給你了。

I was supposed to call you every hour and if you download this mobile app, I never call you again. And that's a pretty compelling argument for the truck driver, especially when he knows he's been tracked by MacroPoint in the past.

我本來應該每小時打給你一次，但如果你下載這個行動 App，我就再也不會打給你了。對卡車司機來說，這是個相當有說服力的理由，尤其是當他知道過去曾被 MacroPoint 追蹤過。

So it's a known name to him, and we're the largest in the industry. And that alone has moved our track rates from 87% at six months ago to 93% and moving higher percent. Well, that's -- each one of those percentage points is a lot of $2 shipments that end up producing revenue for us.

所以這對他來說是個熟悉的品牌，而我們是業界最大。光是這一點，就把我們的追蹤率從六個月前的 87% 提升到 93%，而且還在往更高的比例走。嗯——這其中每提升 1 個百分點，都代表很多每票 2 美元的貨運，最後都會為我們帶來營收。

And so that's great. I don't have to do anything, and I'm just helping our customers and they're paying more and they're happy about it because they're going to track more shipments.

所以這很棒。我什麼都不用做，只是在幫助我們的客戶，而他們付得更多、也很開心，因為他們能追蹤更多票貨運。

And then finally, this stuff internally, right, where we're able to build stuff faster, the ideas come out. You heard us talk about this whole AI layer where we can more closely pull people into the network and in an organized way, do that. And that saves us money. It saves our customers money. It makes it easier for them to use our network.

最後，還有我們內部的這些事情，對吧——我們能更快地開發東西、想法能更快產出。你們也聽到我們談到整個 AI 層，讓我們能以更有組織的方式，把更多人拉進網路中。這能為我們省錢。也能為客戶省錢。讓他們更容易使用我們的網路。

It makes it easier for us to provision services to them that they pay for. And I know the market thinks, oh, AI is going to harm software companies. I don't know if I'm a software company. I mean, we have software, but I don't know if I'm quite the software company the way everyone else is. We think of ourselves as more of a network data content provision type of business.

也讓我們更容易為他們開通（provision）他們願意付費的服務。我知道市場認為，喔，AI 會傷害軟體公司。我不確定我是不是一家軟體公司。我的意思是，我們有軟體，但我不確定我們是否像其他人那樣、算是典型的軟體公司。我們更把自己視為一種提供網路、資料、內容的業務型態。

And that means we have a lot of proprietary data that can help customers make good decisions in the future. And frankly, if you look at our network, I know where all the shipments are supposed to be over the next month. So that's pretty valuable information when things start getting messed up or screwed up in the supply chain and decisions need to be made quickly that can save a customer a lot of money, and I can use AI to do that because I have all the data and no one else does.

這表示我們擁有大量專有資料，能幫助客戶在未來做出好的決策。坦白說，如果你看我們的網路，我知道接下來一個月所有貨運應該在哪裡。所以當供應鏈開始出現混亂或失序、而且需要快速做決策以替客戶省下很多錢時，這就是非常有價值的資訊；而我可以用 AI 來做到，因為我擁有所有資料，而其他人沒有。

And I go -- I don't know what people think it's going to happen everyone else, but I'm pretty sure we're going to benefit from that, and we're excited about it. So I'll leave it at that.

至於其他人認為會發生什麼，我不太清楚，但我相當確定我們會從中受益，而且我們也很期待。所以我就先說到這裡。

Lachlan Brown, Rothschild & Company Redburn.

Lachlan Brown，Rothschild & Company Redburn。

You mentioned that the Q1 came in ahead of plan, noting the robust organic services revenue growth of greater than 9%. Could you just dive into the drivers in the quarter that led to the delivery above your prior expectations?

你提到第一季（Q1）表現優於計畫，並指出強勁的有機服務營收成長超過 9%。你能否更深入說明一下，本季有哪些驅動因素，讓結果高於你們先前的預期？

Well, and I covered it pretty well in the calls. Global Trade Intelligence business did very well, as you might have expected. Our e-commerce shipment business, what was formerly Type 86 filing has been booming lately, I mentioned on previous calls. We had a lot of -- we had 40%, 50% of that market.

嗯，而且我在電話會議中已經講得很清楚了。全球貿易情報（Global Trade Intelligence）業務表現非常好，這可能也符合你的預期。我們的電商貨運業務——也就是先前的 Type 86 申報——最近一直很火熱，我在之前的電話會議也提過。我們在那個市場有很高的——大概 40%、50% 的市占。

And when it switched from Type 86 to Type 1, a lot of our competitors couldn't handle the speed with which those transactions had to be filed, they just -- they weren't really networks. They were software companies that were making these filings and when they had to do it in a different way, their networks fell apart and had a lot of those customers switch over to us so that we get a lot more market share out of it, and it's been a great business for us in the last year, and I suspect for a long time to come.

而當它從 Type 86 轉為 Type 1 時，我們很多競爭對手無法應付那些交易必須申報的速度；他們其實——他們並不是真正的網路。他們是做這些申報的軟體公司，而當必須用不同方式處理時，他們的網路就瓦解了，於是很多客戶轉而改用我們，讓我們因此拿到更多市占；這在過去一年對我們來說是一門很棒的生意，而且我預期未來很長一段時間都會如此。

Our fleet management business has been doing well as it has for many quarters now and transportation management business led by MacroPoint has been doing great. In a down market, they were still picking up a lot of momentum and a lot of new shipments.

我們的車隊管理業務表現一直不錯，就像過去很多季一樣；而由 MacroPoint 帶動的運輸管理業務也表現非常好。即使在景氣下行的市場中，他們仍然累積了很大的動能，並帶來許多新的貨運量。

Both signing customers and that agent that I talked about is that move from 87% to 93% is significant. That's a lot of money. And even in a down market, we were able to pick up more revenue than ever. So all that's added up to pretty good news for us.

不論是簽下客戶，或是我提到的那位代理人，將追蹤率從 87% 拉升到 93% 都非常顯著。那是一大筆錢。而且即使在下行市場，我們仍能取得比以往更多的營收。所以這些加總起來，對我們而言都是相當不錯的消息。

That's helpful. I wanted to ask, in recent months, we've seen a few of the larger global logistics players double down on their technology investments and their longer-term AI strategies. I was wondering if you could provide some color on what you're seeing in the mid-markets in terms of their pace of AI adoption.

這很有幫助。我想問的是，近幾個月我們看到一些較大型的全球物流業者加碼他們的科技投資，以及更長期的 AI 策略。我想請你分享一下，你們在中型市場（mid-market）看到的 AI 採用速度大概是什麼情況。

How are they responding to these larger players? And just any color on conversations you're having on how Descartes can support them?

他們如何回應這些大型業者？以及你們在對話中有沒有任何觀察：Descartes 可以如何支援他們？

As you might expect, it's very helpful to us, right? We help the bigger players in a lot of ways, they are oftentimes our biggest customers, but then the midsized and smaller players have to keep up.

如你所預期的，這對我們非常有幫助，對吧？我們在很多方面協助大型業者，他們往往是我們最大的客戶，但中型與小型業者就必須跟上。

And while the big players can't build some of the stuff themselves like the back office systems, the medium and small-time guys really can't do that, and they need tools from people like us that help them keep up and I would always say to people, customers would say, I want a strategic advantage in my -- we're using software in my company, and I go, okay, great, here's a bunch of stuff you can use to do that.

而且即使大型業者也無法自行打造某些東西，例如後台系統；中型與小型業者更不可能做到，他們需要像我們這樣的人提供工具，幫助他們跟上。我也總是跟大家說，客戶會說：我希望在我的——我們公司使用的軟體上取得策略優勢；我就說，好，很棒，這裡有一堆你可以用來做到這件事的東西。

But bear in mind, this isn't going to last forever, right? Every -- it used to be seven years ago, if you had MacroPoint, you had a big selling advantage against the broker that didn't. Well, you don't have that advantage anymore. You have to have it now, right? Everybody has this ability to track a truck. A

但請記住，這不會永遠持續下去，對吧？以前——大概七年前，如果你有 MacroPoint，你相對於沒有的承運代理商會有很大的銷售優勢。嗯，你現在已經沒有那個優勢了。你現在必須要有它，對吧？每個人都有追蹤卡車的能力。A

nd they're on to the next thing, right? And that's good for us, right? And we can kind of keep building tools that help people service their customers properly. And when everyone has those tools, it becomes table stakes to a certain extent, and then we have to go give them new tools to help them make the next advancement. I don't know that we're driven that way by big forwarders all the time.

nd 他們就會轉向下一件事，對吧？而這對我們是好事，對吧？我們可以持續打造工具，幫助大家妥善服務他們的客戶。當每個人都有那些工具時，在某種程度上就變成基本門檻（table stakes），然後我們就必須再提供新工具，幫助他們達成下一次進步。我不確定大型貨代一直都是以這種方式驅動的。

And we probably drive the advancements as much as anyone. But sometimes people can build it themselves. It depends on what we're talking about. If you're talking about network service, they don't and they can't really build it themselves. If you're talking about a back-office system, sure, they can.

而我們推動進展的程度，可能不亞於任何人。但有時候人們也能自己做。這取決於我們談的是什麼。如果你談的是網路服務，他們不會、也真的無法自己建。如果你談的是後台系統，當然，他們可以。

They buy some stuff from us. They buy some stuff from other people, and they put it together and they have their whole back office infrastructure. As soon as they get out to need to communicate with other people, all bets are off, right? They have to use a network like ours, they'll never be able to replicate our network.

他們會向我們買一些東西。也會向其他人買一些，然後把它們整合起來，形成完整的後台基礎架構。但一旦他們需要對外與其他人溝通，那就完全不同了，對吧？他們必須使用像我們這樣的網路，他們永遠不可能複製我們的網路。

And I think of the big guys, the FedEx, the UPS, the DHL, even the Amazons that like to build a lot of stuff themselves. Well, they always end up in a situation where like, yes, sure, but you can't do it with the network, right? The number of connections you need to maintain it is not feasible. It's much more cost effective for someone who's neutral like us to do it for everybody and charge everyone a low rate to do it as a result.

我想到那些大咖：FedEx、UPS、DHL，甚至是喜歡自己打造很多東西的 Amazon。嗯，他們最後總會遇到一種情況：是的，當然，但你沒辦法用自己的方式做出那個網路，對吧？你需要維護的連線數量根本不可行。由像我們這樣中立的公司替所有人做，並因此向每個人收取低費率，成本效益要高得多。

And that's -- that advantage has been the case for 25, 30 years. And I think with AI, it's even going to be more so, right. Most of the small AI players that we talk to that seem to be more or like features than companies. They're coming to us going, hey, can I join your network? And I'm like, well, I mean, not really, you don't have a customer.

而這——這個優勢在過去 25、30 年一直如此。我認為有了 AI，這種情況會更加明顯，對吧。我們接觸到的大多數小型 AI 業者，看起來更像是功能而不是公司。他們來找我們說：嘿，我可以加入你們的網路嗎？我就說，嗯，我的意思是，不太行，你沒有客戶。

A customer needs to join the network. If they're using your software and they want to do it, no problem. But I'm not going to just help you guys get business by giving access to our network, it doesn't work that way.

需要加入網路的是客戶。如果他們在用你的軟體，並且想要這麼做，沒問題。但我不會只是透過讓你們存取我們的網路來幫你們做生意，事情不是這樣運作的。

So the whole thing is interesting, and I think AI is going to even further separate things to our advantage. But that's how we see the playing field leveling out with regard to your question.

所以整件事很有意思，我認為 AI 會進一步以對我們有利的方式拉開差距。但就你的問題而言，這就是我們如何看待競爭環境逐漸拉平。

Stephanie Price, CIBC.

Stephanie Price，CIBC。

It's Sam Schmidt on for Stephanie Price. EBITDA margins have been tracking towards top end of Descartes target range for several quarters. How do you think about this going forward? And can you talk a bit about how you're leveraging AI internally and how you're tracking progress on those initiatives?

我是代替 Stephanie Price 的 Sam Schmidt。EBITDA 利潤率已經連續好幾季朝向 Descartes 目標區間的上緣走。你們如何看待未來的走勢？另外也能否談談你們如何在內部運用 AI，以及你們如何追蹤這些計畫的進展？

Sure. Yes, I mean, we're up at 46% right now, we kind of -- we said the range is 40% to 45%. And you watched us do this in the past, where we usually blow through a number a couple of quarters before we start to move it up. I think you'll see the same here. The things that can affect it, the big things are FX and acquisitions.

當然。是的，我是說，我們目前在 46% 左右，我們之前——我們說的區間是 40% 到 45%。你也看過我們過去的做法：通常我們會先連續幾季超過某個數字，然後才開始把目標往上調。我想你會在這裡看到同樣的情況。會影響它的因素，主要是匯率（FX）和併購。

We're up at a pretty lofty EBITDA margin now. We're not going to find many acquisitions that will be accretive to our EBITDA margin, not that that's a problem. It's just that if I buy some company that makes 25% EBITDA margin and with plans to increase it? That's great for our shareholders as long as they pay the 25% price for it.

我們現在的 EBITDA 利潤率相當高。我們不太可能找到很多能對我們 EBITDA 利潤率具增益（accretive）的併購案，但那也不是問題。只是如果我買一家 EBITDA 利潤率 25% 的公司，而且計畫把它提高？只要我們用 25% 的價格去買，對股東來說就很棒。

But it also drags my 46% a decent size company down to 44%. And I don't want to up it to a number that we're going to miss. And we want to provide consistent answers to our shareholders. And if we tell a number, we were either in that range or we beat that range. And I'm not going to apologize too much for beating it.

但它也會把我 46% 的利潤率——如果那是一家規模不小的公司——拉低到 44%。而我不想把目標上調到一個我們可能會落空的數字。我們希望給股東一致、可預期的答案。如果我們講了一個數字，我們要嘛就在那個區間內，要嘛就超過那個區間。而我也不會太為超過它而道歉。

We're only beating it by a point right now anyway. But I don't want to mislead the people. With regard to AI in relation to this, yes, we're seeing -- we're way more efficient or let's just say, we can produce a lot more stuff with the people we have. And we'll see how this plays out. But I think right now, we're going while I see other people laying employees off, hey, I mean, you use an AI and now, I don't need as many players.

反正我們現在也只超過 1 個百分點而已。但我不想誤導大家。至於 AI 與此的關聯，是的，我們看到——我們效率高很多，或者說，用現有人力就能產出更多東西。我們會看看這會如何發展。但我認為現在，當我看到其他人在裁員時——嘿，我是說，你用 AI 之後，我就不需要那麼多人了。

I think we're trying to go the other way right now and saying I'm using AI and it's producing a lot of productivity enhancements and I'm using that to produce more software. And we have that luxury because we're in the 45% range or 46% range right now.

我想我們目前反而是往另一個方向走：我在用 AI，它帶來大量的生產力提升，而我把這些提升用來產出更多軟體。我們有這樣的餘裕，因為我們現在在 45% 或 46% 的區間。

If someone is in the 25% range and competing with us, they are at significant disadvantage, especially if they're trying to do the same thing we are, which is use our profits to buy more companies. Well, if you're making half of my profit, you're not going to able to do that as effectively as we are.

如果有人在 25% 的區間、又要跟我們競爭，他們會處於顯著劣勢，尤其是如果他們想做跟我們一樣的事，也就是用我們的獲利去買更多公司。嗯，如果你的獲利只有我的一半，你就不可能像我們一樣有效地做到這件事。

And we're inclined to take the extra right now and produce more software for our customers to make sure that we continue to be a leader in this space as a result. And I don't know if that changes in the future, maybe I have to take a look at it over time. But right now, I think we have a lot of good ideas and more good ideas than we have time to produce them.

而且我們傾向於現在就把這些額外的資源拿來，為客戶開發更多軟體，以確保我們能因此持續在這個領域保持領先地位。我不確定未來這會不會改變，也許我得隨著時間推移再觀察。但就目前而言，我認為我們有很多好點子，而且好點子多到我們沒有足夠時間把它們都做出來。

So why do I use it to cut any cost, I think I'm using it to produce more stuff because I think that stuff is going to produce more revenue for us in the future, and we're excited about that.

所以我為什麼要用它來削減任何成本？我想我是在用它來產出更多東西，因為我認為那些東西未來會為我們帶來更多營收，而我們也對此感到興奮。

That's good color. And then maybe one more for me on market share gains in the quarter. Can you comment on how those contributed to organic growth and how you're thinking about opportunities to take share at this point?

這個說明很有幫助。那我再問一個，關於本季市占率提升。你能談談這些如何貢獻到有機成長，以及你們目前如何看待進一步搶占市占的機會嗎？

Yes. I mean, you've heard us mention this in previous calls. I don't want to get into naming competitors and stuff like that. But we -- certainly in the TMS space, in the routing space, some of the things where we're the market leader, and times have been tough over the last year for a lot of companies, but I have 300, 400 different products that spread it out over, and we're not materially harmed even when things got tough. I mean, maybe things were tough a year ago, and I went -- yes, they were tough, but we're still making something in that $90 million a quarter.

可以。我的意思是，你們在之前的電話會議也聽我們提過。我不想點名競爭對手之類的。但我們——當然在 TMS 領域、在路由規劃領域，以及一些我們是市場領導者的項目上，過去一年對很多公司來說都很艱難；但我們有 300、400 個不同的產品分散在各處，因此即使情況變得艱難，我們也沒有受到實質性的傷害。我的意思是，也許一年前確實很艱難，我也承認——是的，確實艱難，但我們每季仍然能做出大約 9,000 萬美元的成績。

So let's not hit ourselves. We're doing okay. We have competitors out there that when we take business from them, they only have one product. I mean, that's their stuff. And a lot of these guys are high flyers that have never seen a situation where they were shrinking. And all of a sudden, they are, and it causes real problem inside the company.

所以別太苛責自己。我們做得還不錯。外面有些競爭對手，我們從他們那裡搶到生意時，他們其實只有一個產品。我的意思是，那就是他們的全部。而且這些人很多都是一路高飛、從未遇過業務萎縮的情況。結果突然之間他們開始萎縮，這會在公司內部造成真正的問題。

The stock is not worth what it was. Their shareholders are furious and their shareholders overpay to be in the business. And their employee stock is not worth anything anymore and they can't believe that they were worth $2 billion at one point. And all that happened was the growth rate went from 30% down to almost zero, but everything else was still fine.

股價不再像以前那樣值錢。他們的股東非常憤怒，而且他們的股東為了進入這門生意付了過高的代價。員工持股也不再值錢，他們無法相信自己曾經一度值 20 億美元。而其實發生的只是成長率從 30% 掉到幾乎為零，但其他一切仍然都還好。

But when it went down, they had to stop growing -- they stopped growing, they stopped having the money to buy more -- buy any more stuff, so they had to start cutting costs. And usually, the guys that are high flyers are not good at cutting costs, and they really struggle to do it, and they just can't imagine.

但當成長下滑時，他們就不得不停止擴張——他們停止成長，也就不再有資金去買更多——去買任何更多的東西，所以他們必須開始削減成本。而通常這些一路高飛的人並不擅長削減成本，他們在這方面真的很吃力，也完全無法想像。

And all those things add up to help us quite a bit. That whole company gets demoralized when that happens. And fortunately for us, we're not in a situation where we're facing anything like that. Even when times were tough last year, they weren't that tough for us. Most of the business was still looking up.

而所有這些因素加總起來，對我們幫助很大。當那種情況發生時，整家公司都會士氣低落。而對我們來說很幸運的是，我們並沒有面臨任何類似的處境。即使去年景氣艱難，對我們而言也沒有那麼艱難。大多數業務仍然是在往上走。

And I think it's a testament to the things that our guys have built. They -- they built something big that solves a lot of problems and had the chance to succeed in many areas. And even when times are tough, some of our businesses are doing great. So not everyone has that luxury.

我認為這也證明了我們團隊所打造的成果。他們——他們打造了一個龐大的東西，能解決很多問題，並且有機會在許多領域取得成功。即使在艱難時期，我們的一些業務仍然表現得非常好。所以不是每個人都有這樣的條件。

Mark Schappel, Loop Capital Markets.

Mark Schappel，Loop Capital Markets。

I was wondering if you could just walk us through the key puts and takes you observed in the air cargo business this quarter that you referenced in your prepared remarks. And then also with respect to that, you also noted that your trucking business is down about 4% year over year. And what would that decline translate to in your ocean shipping business?

我想請你帶我們梳理一下，你在事先準備的發言中提到的，本季空運貨運業務所觀察到的主要利多與利空因素。另外也想就此請教，你也提到你們的卡車運輸業務年減約 4%。那這樣的下滑換算到你們的海運業務，大概會是什麼幅度？

Okay. I got you. All right. So let's talk about the air one first. The Iran War, especially in the beginning, had a lot of flights not being allowed to fly over Iran and -- or let's say, anywhere over that area. Well, you've got Emirates there, you've got Etihad, you've got several of the biggest air cargo carriers in that region.

好的。我明白你的意思。好。那我們先談空運。伊朗戰爭，特別是在一開始，導致很多航班不被允許飛越伊朗——或者說，不被允許飛越那一帶的任何空域。那裡有阿聯酋航空（Emirates）、阿提哈德航空（Etihad），以及該地區幾家最大的空運承運商。

And there's like one-third of the map that can't fly in that direction, and they're right there. I mean, they're in Abu Dhabi and Dubai or whatever. So it's tough for them. And they had a lot of flight cancellations as a result. And they started moving planes around trying to get -- that's tough, right?

而且地圖上大概有三分之一的區域不能往那個方向飛，而他們就位在那裡。我的意思是，他們在阿布達比、杜拜之類的地方。所以對他們來說很困難。因此他們出現了大量航班取消。他們也開始調度飛機，試圖——這很難，對吧？

It doesn't happen right away and you have passengers that are expecting to be on one type of flight and all of a sudden, that flight is not available anymore. And the cargo goes along with it, okay. So that was a headwind for air business.

這不會立刻就能解決，而且乘客原本預期要搭某一種航班，結果突然那個航班不再提供了。貨物也會跟著受到影響，好嗎。所以這對空運業務是一個逆風。

At the same time, some of the stuff that we mentioned in ocean, people get into these situations or companies get into these situations and they go, there's a lot of cargo that sits in the middle, right? Like I could fly at air or I can move at ocean depending on what's going on.

同時，我們在海運部分提到的一些情況也一樣：人們或公司會遇到這種狀況，然後會說，中間其實有很多貨物是可以選擇的，對吧？像是我可以走空運，也可以走海運，取決於當時發生什麼事。

And I think for a while, people started gravitating towards air in that situation because if I was just describing the air carriers in a bit of a pickle, the ocean carriers were in a much worse pickle. They are like, we have to avoid that entire region. Okay, great. Well, the option then is to go around to Cape -- South Africa to Cape Horn. Well, that's 10 more days.

我認為有一段時間，在那種情況下大家開始偏向空運，因為如果我剛才說空運承運商有點陷入困境，那海運承運商的困境要嚴重得多。他們會說，我們必須避開整個區域。好，沒問題。那替代方案就是繞到好望角——南非那邊到合恩角。那就要多 10 天。

And then they started charging more for the stuff. And then if you're a shipper, you're thinking, well, geez, the air shipment is usually way more expensive and now it's not that much more expensive because the ocean carriers are charging a lot of money.

然後他們開始對貨物收取更高的費用。如果你是託運人，你會想，哎呀，空運通常貴很多，但現在因為海運承運商收了很多錢，空運也就沒那麼貴得離譜了。

And so that ended up being a little bit of harm to ocean carriage and -- but also took some capacity out of the ocean space and helped them raise prices, so maybe they didn't suffer as much. And the air carriers were able to pick up some business, which is great for them.

因此這最後對海運承攬造成了一些傷害——但同時也讓海運市場的運力被抽走了一部分，幫助他們提高價格，所以也許他們並沒有受創那麼大。而空運承運商則能接到一些生意，這對他們來說是好事。

On the truck side, probably to answer your question, that 4% down, probably doesn't translate that much in the ocean space. It's mostly probably related to domestic shipping. I'd be guessing if I told you, but if I had to guess, I'd say something like 0.5%, nothing big.

至於卡車那邊，可能回答你的問題，那個年減 4% 大概不會在海運端反映太多。那主要可能與國內運輸有關。如果我告訴你確切數字那就是在猜，但如果一定要我猜，我會說大概像 0.5% 之類，不是什麼大幅度。

Yes. And just to clarify on that, we were talking about the truck market in the US, not the Descartes truck market or transportation management business.

是的。再澄清一下，我們剛才談的是美國的卡車市場，不是 Descartes 的卡車市場或運輸管理業務。

Kevin Krishnaratne, Scotiabank.

Kevin Krishnaratne，豐業銀行（Scotiabank）。

This is Richard on for Kevin. So Amazon, they launched Amazon Supply Chain Services earlier in May. I was wondering, does this more fragmentation and multi-carrier complexity drive more demand for your solutions? Or do you see any risk of it potentially displacing parts of your value chain?

我是代 Kevin 發言的 Richard。所以亞馬遜在 5 月初推出了 Amazon Supply Chain Services。我想請問，這種更碎片化以及多承運人帶來的複雜性，是否會推動對你們解決方案的需求增加？或者你們是否看到它可能取代你們價值鏈部分環節的風險？

No. I mean, they're a big customer of ours, and we don't compete with any forwarder or fledgling management capability. We don't -- we purposely don't do anything to compete with them. We're trying to help them. And we've seen over the years, we've got competitors many times say that they're going to do something that their customers do, the freight forwarder does and the 3PL does and they get killed for it.

不會。我的意思是，他們是我們的大客戶，我們不會與任何貨運代理或尚在起步的管理能力競爭。我們不會——我們刻意不做任何會與他們競爭的事。我們是想幫助他們。而且多年來我們看到，競爭對手很多次說要去做他們客戶在做的事、貨運代理在做的事、以及 3PL 在做的事，結果都被市場修理得很慘。

And we have very aggressively stayed out of that, trying to remain neutral. And we're trying to help them all. And Amazon is a big customer of ours, and we do business with just about every freight forwarder in the world. So that to me is -- Amazon getting into this business, we already do a lot of stuff with them.

而我們一直非常堅決地避開那一塊，努力保持中立。我們想要幫助所有人。亞馬遜是我們的大客戶，而我們幾乎與全球每一家貨運代理都有業務往來。所以對我來說——亞馬遜進入這個業務，我們本來就已經和他們做很多事情了。

I suspect we'll end up doing more because we do a lot, especially with the bigger freight forwarders, we tend to get big relationships with them. And we'll see how they get into it. Do they buy someone along the way that oftentimes helps them get going. Saw that with Uber.

我猜我們最後會做得更多，因為我們做很多，尤其是和大型貨運代理，我們往往會建立很深的合作關係。我們會看看他們怎麼切入。他們會不會在過程中收購某家公司——那通常能幫他們快速上手。Uber 就是這樣。

Uber, when they started, it was like, how we're going to do all this stuff ourselves? And then year-end, they buy one of the bigger players in the industry. And here we are today four, five years later, and they're one of our biggest customers. And if you had listened to them seven, eight years ago, you would have thought they would never do business with someone like us ever.

Uber 剛開始時，感覺像是：我們要怎麼自己把這些事情都做完？結果到年底，他們就買下了業內較大的其中一個玩家。而今天，四、五年後，他們成了我們最大的客戶之一。如果你七、八年前聽他們講，你會以為他們永遠不會跟我們這樣的公司做生意。

And of course, they would. The reason they do is because there are certain things we do better, faster and cheaper than they'll ever do. So they would be smart to do it with us. And I think you'll see the same with Amazon.

但當然，他們會。他們之所以會，是因為有些事情我們做得更好、更快、成本更低，是他們永遠也做不到的。所以跟我們合作才是明智之舉。我想你也會在亞馬遜身上看到同樣的情況。

Okay. And can you also unpack a little more about what's driving some of this strong GTI growth? So how much of the growth is from new customer wins versus existing customers accessing more databases versus pricing?

好的。另外，你能否再多拆解一下，這波強勁的 GTI 成長是由什麼驅動的？也就是說，成長有多少來自新客戶贏單、多少來自既有客戶存取更多資料庫、以及多少來自定價？

It's not pricing stuff. Pricing is largely the same. I don't know if I know the exact breakdown, but it's customers saying I need more information. I need more countries, I need more commodities and I want to search more stuff. And that's largely -- they're doing that because the tariffs are coming in. Tariff changes are coming in, as I would always say, when we actually joked about it today before the call, if they never changed, we'd be selling a book.

不是定價因素。定價大致相同。我不確定我是否知道精確的拆分，但主要是客戶說：我需要更多資訊。我需要更多國家、更多商品類別，而且我想查更多東西。而這主要——他們這麼做是因為關稅要上路了。關稅變動要來了；我常說——我們今天在電話會議前還拿這件事開玩笑——如果關稅從來不變，我們賣的就會是一本書。

And because they change every day, we're selling access to a database. And when Trump comes in with his IEEPA move and changes everything, I mean, people tend to go into that database a lot more and start looking around and going, what do I do about this? And how do I plan to save myself money?

但因為它每天都在變，我們賣的是資料庫的存取權。當川普用他的 IEEPA 動作進來、把一切都改了之後，我的意思是，人們就會更頻繁地進資料庫查詢，開始到處看，想著：我該怎麼應對？我該怎麼規劃才能幫自己省錢？

And that's how it goes for us. And sometimes they're new customers, a lot of times, they're existing customers that are buying access to more of the database. We sell it in chunks to them by country, by commodity. And so they buy more and we give them access to more so that they can make better decisions.

對我們來說就是這樣運作的。有時候是新客戶，但很多時候是既有客戶購買更多資料庫的存取權。我們按「區塊」賣給他們：按國家、按商品類別。所以他們買更多，我們就讓他們存取更多，讓他們能做出更好的決策。

John Shao, TD Cowen.

John Shao，TD Cowen。

I understand GTI has been a strong growth driver this quarter. But earlier this year, key investors concern is your customer might use AI to replicate the same GTI database. So do you think this quarter's growth effectively derisk that concern?

我理解 GTI 在本季一直是強勁的成長驅動因素。但今年稍早，主要投資人的擔憂是，你們的客戶可能會用 AI 複製同樣的 GTI 資料庫。那你認為本季的成長是否有效降低了這個疑慮的風險？

Yes. I didn't have a concern about it in the first place. We heard that and said, I don't think the people that are saying and understand how this works. And I went over it in the last call in some detail. But we have a massive amount of data that we have to collect and it's from all different countries, and it's not that easy even to train an AI agent to do it.

是的。我一開始就沒有擔心過。我們聽到那個說法時就覺得：我不認為提出這種說法的人理解這套機制是怎麼運作的。我在上一通電話會議也相當詳細地說明過。但我們必須蒐集海量資料，來源是各個不同國家，而且即使要訓練一個 AI 代理去做這件事，也沒那麼容易。

If you look at the way that we've done it, it is using AI strategies that we built ourselves over the last 15 years. Maybe off-the-shelf tools would help us do it today, but it doesn't matter. We've built them already. And that's how we grab the data. Then we have to put the data into a database in a similar format for everyone.

如果你看我們的做法，我們使用的是過去 15 年自己建立的 AI 策略。也許今天用現成工具能幫我們做，但那不重要。我們已經把它們建好了。我們就是這樣抓取資料的。接著我們還得把資料放進資料庫，並以對所有人一致的格式呈現。

We have to make Belgium look the same as the Netherlands, look the same as Japan, et cetera, and that's hard. Then we have to build ways to disperse it to the customers. And you could just say, here's the data, but it's much more convenient for them if we say, oh, here it is in the Oracle format. So I'll just throw it right into your database over there 7 times a day.

我們必須讓比利時看起來跟荷蘭一樣、跟日本一樣，等等，而這很難。然後我們還得建立把資料分發給客戶的方法。你可以只說「資料在這裡」，但如果我們說「喔，這是 Oracle 格式」，對他們來說就方便得多。所以我可以一天 7 次把它直接丟進你那邊的資料庫。

And that's a whole set of things. And then you have maybe one of the more compelling arguments, which is we don't charge that much because we do it for everyone, the price per customer is pretty cheap. So there's no one customer that's like, oh, for the $50,000 I pay you a year, I'm going to do this myself.

這又是一整套事情。然後還有一個可能更有說服力的論點：我們收費不高，因為我們是替所有人做，所以分攤到每位客戶的價格其實很便宜。因此不會有任何一個客戶會想：喔，我一年付你 5 萬美元，我要自己做。

Well, that math doesn't work. I mean, you're not going to be able to do it better, faster, cheaper than us and even close. And if you -- if I could just give you a little -- like Amazon uses this. Trust me, if they could replicate it themselves, they would. Anything they've ever been able to replicate themselves with us, they do.

嗯，那樣的算盤打不通。我的意思是，你不可能做得比我們更好、更快、更便宜，甚至連接近都做不到。而且如果——我再給你一個小例子——像亞馬遜就在用這個。相信我，如果他們能自己複製，他們早就做了。他們凡是能自己複製、取代我們的東西，他們都會自己做。

This is not one of them. It's just not feasible.

但這不是其中之一。就是不可行。

And then finally, if you get it wrong, it's a real pain in the neck to get your money back. And if you got it wrong because you built your own AI system. The government is not going to like that answer. They want to hear that you were trying to do it properly. And I built my own AI tool and it was wrong is not a compelling argument.

然後最後，如果你弄錯了，要把錢拿回來真的會非常麻煩。而且如果你弄錯是因為你自己打造了 AI 系統。政府不會喜歡這個答案。他們想聽到的是你有在努力把事情做對。「我自己做了一個 AI 工具結果它錯了」並不是一個有說服力的論點。

And it's not a compelling argument with the tariff stuff, and it's really a bad argument with the sanctioned party stuff. So people tend to do those things together with us to make their global trade management system work. And if you add all that stuff up, no one -- people said that to us, and I kind of laughed, I intrinsically knew that wasn't what's going to happen because of what I just described to you. It's just too much to overcome.

在關稅這塊這也不是有說服力的論點，而在受制裁對象這塊更是非常糟糕的論點。所以大家往往會把這些事情跟我們一起做，讓他們的全球貿易管理系統能運作。如果把這些都加總起來，沒有人——有人跟我們這麼說時我有點笑出來，我直覺就知道那不會發生，因為我剛剛跟你描述的那些原因。要克服的東西實在太多了。

And if someone -- if my best friend told me that he was going to do that, I would say, don't do that. You're wasting your time. You go with someone, with Descartes, it's going to be better, faster, cheaper. And you should go focus on your core business, not on building your own tariff database. It's not going to be worth it.

如果有人——如果我最好的朋友跟我說他要那樣做，我會說，別做。你是在浪費時間。你找像 Descartes 這樣的合作夥伴會更好、更快、更便宜。你應該把心力放在你的核心業務上，而不是自己去建關稅資料庫。不值得。

Robert Young, Canaccord Genuity.

Robert Young，Canaccord Genuity。

Just a couple of questions on the AI agent layer you're highlighting. I'm trying to understand, one, how an external party would access that. Is that like a model context protocol to use through like one of the like, Claude or something like that? Or is it something that you're setting up specifically for your larger customers to access your data?

關於你們強調的 AI 代理層，我有幾個問題。我想了解第一，外部方要如何存取它。那會像是某種模型情境協定（model context protocol），透過像 Claude 之類的工具來使用嗎？還是你們是專門為大型客戶建立某種方式，讓他們存取你們的資料？

And any ways for our customer -- yes, sorry, it is that. It is ways for our tools and our customers to say, I want some information out of here. It's a set of protocols that you would use to make calls to our AI tools to disperse data to you quickly and efficiently.

以及有哪些方式讓我們的客戶——是的，抱歉，就是那個。這是讓我們的工具與我們的客戶可以說：「我想從這裡取得一些資訊。」這是一套協定，你可以用它來呼叫我們的 AI 工具，把資料快速且有效率地提供給你。

For use in an application, for use -- to answer customers who might be on an automated phone call or coming into your website, you might go to quickly call us, and I give you an answer that spits right out to your customer in a split second, and you pay for that.

用在某個應用程式中、用在——用來回答可能正在自動語音電話上或進到你網站的客戶；你可以快速呼叫我們，我在一瞬間就給你一個答案，直接回吐給你的客戶，而你為此付費。

Great. And you said that you've put a policy in place that determines what these parties can access, how they access it and your auditing it. So there's a monetization strategy. That sounds like a foundation for monetization. So is there any additional detail you can provide around that?

很好。你提到你們已制定政策，來決定這些單位可以存取什麼、如何存取，以及你們會進行稽核。所以這裡有一個變現策略。聽起來像是變現的基礎。那你能否就此提供更多細節？

Well, think of it like it's -- our network has these tools. They're just getting -- they're going to get a hell of a lot better with a hell of a lot more stuff you can request from it. Our network already does this conceptually.

嗯，把它想成——我們的網路有這些工具。它們會變得好非常多，而且你可以向它要求的內容也會多非常多。我們的網路在概念上其實已經在做這件事了。

And it lets you get access to a bunch of things, the ability to get tracking messages, the ability to make a booking, to get a booking confirmation back, to get -- to make a filing to a government, to get a filing confirmation so that your plane can take off. Imagine if I add 1,000 more things to that, that I can serve up to people and they each cost $0.25 or whatever. That's how we imagine it working.

它讓你能存取一堆東西：取得追蹤訊息的能力、進行訂艙的能力、拿到訂艙確認回覆、進行——向政府提交申報、取得申報確認，讓你的飛機可以起飛。想像一下，如果我再加 1,000 個這樣的項目，我可以提供給大家，而每個項目收 $0.25 或其他金額。我們就是這樣想像它如何運作的。

Okay. And then last question. Just you said that there were some strategies to increase adoption and velocity on the GLN with this layer maybe bring new customers into that world. It feels though you've got most of the large customers. And so I'm just curious what types of strategies -- how --

好的。最後一個問題。你提到有一些策略，透過這一層來提高 GLN 的採用率與使用速度，或許也能把新客戶帶進那個生態。但感覺你們已經擁有大多數的大型客戶了。所以我只是好奇有哪些策略——如何--

It's getting them to do more with us, right? I mean, AI is going to bring -- and we see this -- it's easy for us to see because we do business with all of them. It's going to bring huge opportunity for them to better service their customers and charge them more.

就是讓他們跟我們做更多事情，對吧？我的意思是，AI 會帶來——而我們也看得到——因為我們跟他們所有人都有業務往來，所以很容易看出來。這會為他們帶來巨大的機會，讓他們能更好地服務客戶，並向客戶收取更高費用。

And hand-in-hand with that, same for us. I go -- our customers could be providing much more information to their customers about what's going on in their shipments and get more money for doing it. And because they're saving them money and finding them more efficient ways to operate.

而且與此相輔相成，對我們也是一樣。我們的客戶可以向他們的客戶提供更多關於貨運狀況的資訊，並因此賺到更多錢。因為他們在幫客戶省錢，並找到更有效率的營運方式。

And as a guy that serves that app, I may be charging $0.25 for giving this out. They may be charging $10, right? And their customer goes, wow, that was really worth it. And I go, wow, I made a lot of money at $0.25 and our customer goes, I just made $9.25 on this idea that kind of Descartes gave me, right?

而作為提供那個應用的人，我可能收 $0.25 來提供這些資訊。他們可能收 $10，對吧？然後他們的客戶會說，哇，這真的很值得。我會說，哇，我用 $0.25 賺了很多錢，而我們的客戶會說，我在這個點子上賺了 $9.25——這個點子某種程度上是 Descartes 給我的，對吧？

And now my customer is happy and they're paying more money. I think we're going to see more and more of this all over the place. And because of our network, I think we're in a very, very good position to do it and we're excited about that.

然後我的客戶很開心，他們也願意付更多錢。我想我們會在各個地方看到越來越多這種情況。而且因為我們的網路，我認為我們處在非常、非常有利的位置來做這件事，我們也對此感到興奮。

I'm showing no further questions at this time. I would like to turn it back to Ed Ryan for closing remarks.

我目前沒有看到其他問題。我想把時間交回給 Ed Ryan 做結語。

Thanks, everyone, for your time today, and we look forward to reporting back to you, I guess, in September. I appreciate your time today, and we'll talk to you soon.

謝謝各位今天撥冗參與，我想我們會在 9 月再向各位回報。感謝各位今天的時間，我們很快再談。

Thank you. Ladies and gentlemen, this concludes today's conference call. Thank you all for joining. You may now disconnect.

謝謝。各位女士先生，今天的電話會議到此結束。感謝各位參與。您現在可以掛線。