<p>德卡特系统集团公司（TSE:DSG）已召开第三季度财报电话会议。请继续阅读会议的主要亮点。</p>
<h3>在这个假期季节享受 70% 的 TipRanks 折扣</h3>
<ul>
<li>解锁对冲基金级别的数据和强大的投资工具，以做出更聪明、更精准的决策</li>
<li>通过最新的新闻和分析保持市场领先，最大化您的投资组合潜力</li>
</ul>
<p>德卡特系统集团公司在财报电话会议中表现出乐观和自信，财务指标创下历史新高，战略明确，集中于高利润服务、收购和人工智能。尽管管理层承认全球贸易和监管不确定性带来的宏观挑战，但整体语气显著积极，业绩和资产负债表的强劲为抵御外部风险提供了坚实的缓冲。</p>
<h2>创纪录的财务表现</h2>
<p>德卡特报告了有史以来最强的季度，总收入达到 1.877 亿美元，同比增长 11%。盈利能力的增长速度甚至超过了销售额：净收入增长 20%，运营收入较去年同期增长 24%。调整后的 EBITDA 增长 19%，利润率扩大了 3 个百分点，达到 46%，显示出强劲的运营杠杆和严格的成本控制。对于投资者而言，这种稳定的收入增长和加速的盈利指标组合表明了一个能够产生强劲现金回报的可扩展商业模式。</p>
<h2>强劲的现金状况和收购能力</h2>
<p>公司的现金生成能力也是一个亮点。德卡特从运营中产生了创纪录的 7300 万美元现金，比去年增长 22%，突显了其收入基础的质量和可重复性。资产负债表保持完好，现金为 2.79 亿美元，无债务，并且有 3.5 亿美元的未使用信贷额度。这为管理层提供了相当大的财务灵活性，以追求进一步的收购、投资于技术，或在不需要进入资本市场的情况下应对潜在的经济下行，这是在不确定经济条件下的战略优势。</p>
<h2>高价值服务领域的增长</h2>
<p>服务收入是可重复收入和可见性的关键驱动因素，同比增长 16%。这一增长主要得益于全球贸易情报、电子商务报关和运输管理解决方案的强劲需求。这些领域处于监管复杂性、跨境贸易和物流效率的交汇点——客户愿意为可靠性和合规性付费。这里的强劲表现表明德卡特越来越深入客户的关键工作流程，支持长期的客户留存和定价能力。</p>
<h2>人工智能成为增长催化剂</h2>
<p>人工智能正迅速成为德卡特的重要增长驱动力。管理层强调了客户对更丰富的数据、分析和利用人工智能的决策支持工具的需求不断上升。这项技术正在推动新服务的推出，帮助客户优化物流和合规决策，并提高德卡特自身的运营效率。尽管仍在发展中，人工智能的整合表明产品增强、交叉销售的长期潜力，以及随着软件和数据在价值主张中占据更大份额，可能实现更高的利润率。</p>
<h2>成功的收购整合</h2>
<p>德卡特的收购战略继续取得成效，最近收购的 Finale Inventory 在本季度已经产生了积极的贡献。管理层强调继续专注于有纪律的并购，以补充有机增长，目标是扩展物流、库存和贸易解决方案的能力。Finale Inventory 的顺利整合强化了公司有效吸收收购、提取协同效应并扩大平台而不干扰运营的良好记录。</p>
<h2>全球贸易环境的挑战</h2>
<p>尽管财务表现强劲，德卡特承认全球贸易环境中存在持续的挑战。不确定的贸易和关税政策，以及地缘政治紧张局势，给跨境商业创造了一个不太可预测的环境。这些因素可能影响贸易量和客户消费模式。然而，它们也强调了对强大贸易情报、报关和合规解决方案的需求——德卡特在这些领域已经处于良好位置，可能将风险背景转变为其服务的需求驱动。</p>
<h2>运输领域的监管变化</h2>
<p>美国交通部对卡车运输法规的变更带来了另一层不确定性。这些规则可能影响物流运营和客户行为。德卡特正在通过增强其合规和监管解决方案来帮助客户适应新要求。尽管监管变化带来了一些运营风险，但它们也为公司深化作为信任合作伙伴的角色提供了机会，以应对复杂的运输规则。</p>
<h2>前瞻性展望和战略方向</h2>
<p>展望未来，德卡特的指引和评论显示出对其商业轨迹的持续信心。管理层预计，创纪录的收入、扩大的利润率和强劲的现金生成将支持对人工智能驱动解决方案的持续投资，以及进一步的战略收购，如 Finale Inventory。重点仍然是增长高利润服务收入，保持无债务和灵活的资本结构，并利用其技术堆栈捕捉全球物流和贸易价值链的更多部分。尽管宏观和监管风险依然存在，但公司的可重复收入基础、运营纪律和收购能力表明其在中期内有望维持增长和盈利能力。</p>
<p>总之，Descartes Systems Group Inc. 在财报电话会议中表现强劲，财务业绩创下纪录，利润率不断扩大，资产负债表如同堡垒。关键服务领域的增长、人工智能的贡献上升以及有效的收购整合为投资者带来了乐观的理由。尽管全球贸易不确定性和监管变化仍然是可信的风险，但 Descartes 在财务和战略上似乎都具备良好的应对能力，能够管理这些挑战并持续创造价值。</p>

DSGX

<p>Descartes Systems Group Inc. 报告了创纪录的第三季度财务业绩，收入为 1.877 亿美元，同比增长 11%，净收入增长 20%。该公司强调了强劲的现金生成能力、无债务的资产负债表以及高价值服务领域的增长。人工智能正成为一个关键的增长驱动力。尽管面临全球贸易和监管挑战，Descartes 对其战略方向仍然充满信心，专注于高利润服务、收购和人工智能驱动的解决方案</p>

<p>The Descartes Systems Group Inc. ((TSE:DSG)) has held its Q3 earnings call. Read on for the main highlights of the call.</p>
<div class="lb-trans"><p>德卡特系统集团公司（TSE:DSG）已召开第三季度财报电话会议。请继续阅读会议的主要亮点。</p>
</div><h3>Claim 70% Off TipRanks This Holiday Season</h3>
<div class="lb-trans"><h3>在这个假期季节享受 70% 的 TipRanks 折扣</h3>
</div><ul>
<li>Unlock hedge-fund level data and powerful investing tools for smarter, sharper decisions</li>
<li>Stay ahead of the market with the latest news and analysis and maximize your portfolio's potential</li>
</ul>
<div class="lb-trans"><ul>
<li>解锁对冲基金级别的数据和强大的投资工具，以做出更聪明、更精准的决策</li>
<li>通过最新的新闻和分析保持市场领先，最大化您的投资组合潜力</li>
</ul>
</div><p>The Descartes Systems Group Inc. delivered an upbeat and confident earnings call, underscored by record-breaking financial metrics and a clear strategy centered on high-margin services, acquisitions, and AI. While management acknowledged macro headwinds in global trade and regulatory uncertainty, the overall tone was notably positive, with performance and balance sheet strength providing a solid buffer against external risks.</p>
<div class="lb-trans"><p>德卡特系统集团公司在财报电话会议中表现出乐观和自信，财务指标创下历史新高，战略明确，集中于高利润服务、收购和人工智能。尽管管理层承认全球贸易和监管不确定性带来的宏观挑战，但整体语气显著积极，业绩和资产负债表的强劲为抵御外部风险提供了坚实的缓冲。</p>
</div><h2>Record-Breaking Financial Performance</h2>
<div class="lb-trans"><h2>创纪录的财务表现</h2>
</div><p>Descartes reported its strongest quarter ever, with total revenues hitting $187.7 million, up 11% year over year. Profitability grew even faster than sales: net income climbed 20%, and income from operations rose 24% compared with the same period last year. Adjusted EBITDA increased 19%, with the margin expanding by 3 percentage points to 46%, signaling strong operational leverage and disciplined cost control. For investors, this combination of steady topline growth and accelerating profit metrics points to a scalable business model capable of generating robust cash returns.</p>
<div class="lb-trans"><p>德卡特报告了有史以来最强的季度，总收入达到 1.877 亿美元，同比增长 11%。盈利能力的增长速度甚至超过了销售额：净收入增长 20%，运营收入较去年同期增长 24%。调整后的 EBITDA 增长 19%，利润率扩大了 3 个百分点，达到 46%，显示出强劲的运营杠杆和严格的成本控制。对于投资者而言，这种稳定的收入增长和加速的盈利指标组合表明了一个能够产生强劲现金回报的可扩展商业模式。</p>
</div><h2>Strong Cash Position and Acquisition Firepower</h2>
<div class="lb-trans"><h2>强劲的现金状况和收购能力</h2>
</div><p>The company’s cash generation was another standout. Descartes produced a record $73 million in cash from operations, a 22% increase from a year ago, highlighting the quality and recurring nature of its revenue base. The balance sheet remains pristine, with $279 million in cash, no debt, and an undrawn $350 million credit facility. This gives management substantial financial flexibility to pursue further acquisitions, invest in technology, or weather potential downturns without needing to tap capital markets, a strategic advantage in uncertain economic conditions.</p>
<div class="lb-trans"><p>公司的现金生成能力也是一个亮点。德卡特从运营中产生了创纪录的 7300 万美元现金，比去年增长 22%，突显了其收入基础的质量和可重复性。资产负债表保持完好，现金为 2.79 亿美元，无债务，并且有 3.5 亿美元的未使用信贷额度。这为管理层提供了相当大的财务灵活性，以追求进一步的收购、投资于技术，或在不需要进入资本市场的情况下应对潜在的经济下行，这是在不确定经济条件下的战略优势。</p>
</div><h2>Growth in High-Value Service Segments</h2>
<div class="lb-trans"><h2>高价值服务领域的增长</h2>
</div><p>Services revenue, a key driver of recurring income and visibility, grew 16% year over year. This growth was led by strong demand in global trade intelligence, e-commerce customs filing, and transportation management solutions. These segments sit at the intersection of regulatory complexity, cross-border trade, and logistics efficiency—areas where customers are willing to pay for reliability and compliance. The strength here indicates that Descartes is increasingly embedded in customers’ mission-critical workflows, supporting long-term retention and pricing power.</p>
<div class="lb-trans"><p>服务收入是可重复收入和可见性的关键驱动因素，同比增长 16%。这一增长主要得益于全球贸易情报、电子商务报关和运输管理解决方案的强劲需求。这些领域处于监管复杂性、跨境贸易和物流效率的交汇点——客户愿意为可靠性和合规性付费。这里的强劲表现表明德卡特越来越深入客户的关键工作流程，支持长期的客户留存和定价能力。</p>
</div><h2>AI Emerging as a Growth Catalyst</h2>
<div class="lb-trans"><h2>人工智能成为增长催化剂</h2>
</div><p>Artificial intelligence is quickly becoming an important growth driver for Descartes. Management highlighted rising customer demand for richer data, analytics, and decision-support tools that leverage AI. This technology is enabling new services, helping customers optimize logistics and compliance decisions, and improving Descartes’ own operational efficiency. While still an evolving area, AI integration suggests a long runway for product enhancement, cross-selling, and potentially higher margins as software and data become an even larger part of the value proposition.</p>
<div class="lb-trans"><p>人工智能正迅速成为德卡特的重要增长驱动力。管理层强调了客户对更丰富的数据、分析和利用人工智能的决策支持工具的需求不断上升。这项技术正在推动新服务的推出，帮助客户优化物流和合规决策，并提高德卡特自身的运营效率。尽管仍在发展中，人工智能的整合表明产品增强、交叉销售的长期潜力，以及随着软件和数据在价值主张中占据更大份额，可能实现更高的利润率。</p>
</div><h2>Successful Acquisition Integration</h2>
<div class="lb-trans"><h2>成功的收购整合</h2>
</div><p>Descartes’ acquisition strategy continues to bear fruit, with the recent purchase of Finale Inventory already contributing positively in the quarter. Management emphasized its continued focus on disciplined M&amp;A to complement organic growth, targeting businesses that expand capabilities in logistics, inventory, and trade solutions. The smooth integration of Finale Inventory reinforces the company’s track record of absorbing acquisitions effectively, extracting synergies, and broadening its platform without disrupting operations.</p>
<div class="lb-trans"><p>德卡特的收购战略继续取得成效，最近收购的 Finale Inventory 在本季度已经产生了积极的贡献。管理层强调继续专注于有纪律的并购，以补充有机增长，目标是扩展物流、库存和贸易解决方案的能力。Finale Inventory 的顺利整合强化了公司有效吸收收购、提取协同效应并扩大平台而不干扰运营的良好记录。</p>
</div><h2>Headwinds in the Global Trade Environment</h2>
<div class="lb-trans"><h2>全球贸易环境的挑战</h2>
</div><p>Despite the strong financial performance, Descartes acknowledged persistent challenges in the global trade landscape. Uncertain trade and tariff policies, along with geopolitical tensions, create a less predictable environment for cross-border commerce. These factors can affect trade volumes and customer spending patterns. However, they also underscore the need for robust trade intelligence, customs, and compliance solutions—areas where Descartes is already well positioned, potentially turning a risk backdrop into a demand driver for its services.</p>
<div class="lb-trans"><p>尽管财务表现强劲，德卡特承认全球贸易环境中存在持续的挑战。不确定的贸易和关税政策，以及地缘政治紧张局势，给跨境商业创造了一个不太可预测的环境。这些因素可能影响贸易量和客户消费模式。然而，它们也强调了对强大贸易情报、报关和合规解决方案的需求——德卡特在这些领域已经处于良好位置，可能将风险背景转变为其服务的需求驱动。</p>
</div><h2>Regulatory Changes in Transportation</h2>
<div class="lb-trans"><h2>运输领域的监管变化</h2>
</div><p>Changes being introduced by the U.S. Department of Transportation to trucking regulations present another layer of uncertainty. These rules could impact logistics operations and customer behavior. Descartes is responding by enhancing its compliance and regulatory solutions to help customers adapt to the new requirements. While the regulatory shifts pose some operational risk, they also create an opportunity for the company to deepen its role as a trusted partner in navigating complex transportation rules.</p>
<div class="lb-trans"><p>美国交通部对卡车运输法规的变更带来了另一层不确定性。这些规则可能影响物流运营和客户行为。德卡特正在通过增强其合规和监管解决方案来帮助客户适应新要求。尽管监管变化带来了一些运营风险，但它们也为公司深化作为信任合作伙伴的角色提供了机会，以应对复杂的运输规则。</p>
</div><h2>Forward-Looking Outlook and Strategic Direction</h2>
<div class="lb-trans"><h2>前瞻性展望和战略方向</h2>
</div><p>Looking ahead, Descartes’ guidance and commentary point to continued confidence in its business trajectory. Management expects the combination of record revenues, expanding margins, and strong cash generation to support ongoing investment in AI-enabled solutions and further strategic acquisitions like Finale Inventory. The focus remains on growing high-margin services revenues, maintaining a debt-free and flexible capital structure, and leveraging its technology stack to capture more of the value chain in global logistics and trade. While macro and regulatory risks persist, the company’s recurring revenue base, operational discipline, and acquisition capacity suggest it is positioned to sustain growth and profitability over the medium term.</p>
<div class="lb-trans"><p>展望未来，德卡特的指引和评论显示出对其商业轨迹的持续信心。管理层预计，创纪录的收入、扩大的利润率和强劲的现金生成将支持对人工智能驱动解决方案的持续投资，以及进一步的战略收购，如 Finale Inventory。重点仍然是增长高利润服务收入，保持无债务和灵活的资本结构，并利用其技术堆栈捕捉全球物流和贸易价值链的更多部分。尽管宏观和监管风险依然存在，但公司的可重复收入基础、运营纪律和收购能力表明其在中期内有望维持增长和盈利能力。</p>
</div><p>In summary, The Descartes Systems Group Inc. delivered a strong earnings call marked by record financial performance, expanding margins, and a fortress-like balance sheet. Growth in key service segments, rising contributions from AI, and effective acquisition integration give investors reasons for optimism. Although global trade uncertainties and regulatory changes remain credible risks, Descartes appears well equipped—both financially and strategically—to manage these challenges and continue compounding value over time.</p>
<div class="lb-trans"><p>总之，Descartes Systems Group Inc. 在财报电话会议中表现强劲，财务业绩创下纪录，利润率不断扩大，资产负债表如同堡垒。关键服务领域的增长、人工智能的贡献上升以及有效的收购整合为投资者带来了乐观的理由。尽管全球贸易不确定性和监管变化仍然是可信的风险，但 Descartes 在财务和战略上似乎都具备良好的应对能力，能够管理这些挑战并持续创造价值。</p>
</div>

笛卡尔系统集团公布创纪录的业绩，着眼于人工智能驱动的增长