<p>德卡特系統集團公司（TSE:DSG）已召開第三季度財報電話會議。請繼續閲讀會議的主要亮點。</p>
<h3>在這個假期季節享受 70% 的 TipRanks 折扣</h3>
<ul>
<li>解鎖對沖基金級別的數據和強大的投資工具，以做出更聰明、更精準的決策</li>
<li>通過最新的新聞和分析保持市場領先，最大化您的投資組合潛力</li>
</ul>
<p>德卡特系統集團公司在財報電話會議中表現出樂觀和自信，財務指標創下歷史新高，戰略明確，集中於高利潤服務、收購和人工智能。儘管管理層承認全球貿易和監管不確定性帶來的宏觀挑戰，但整體語氣顯著積極，業績和資產負債表的強勁為抵禦外部風險提供了堅實的緩衝。</p>
<h2>創紀錄的財務表現</h2>
<p>德卡特報告了有史以來最強的季度，總收入達到 1.877 億美元，同比增長 11%。盈利能力的增長速度甚至超過了銷售額：淨收入增長 20%，運營收入較去年同期增長 24%。調整後的 EBITDA 增長 19%，利潤率擴大了 3 個百分點，達到 46%，顯示出強勁的運營槓桿和嚴格的成本控制。對於投資者而言，這種穩定的收入增長和加速的盈利指標組合表明了一個能夠產生強勁現金回報的可擴展商業模式。</p>
<h2>強勁的現金狀況和收購能力</h2>
<p>公司的現金生成能力也是一個亮點。德卡特從運營中產生了創紀錄的 7300 萬美元現金，比去年增長 22%，突顯了其收入基礎的質量和可重複性。資產負債表保持完好，現金為 2.79 億美元，無債務，並且有 3.5 億美元的未使用信貸額度。這為管理層提供了相當大的財務靈活性，以追求進一步的收購、投資於技術，或在不需要進入資本市場的情況下應對潛在的經濟下行，這是在不確定經濟條件下的戰略優勢。</p>
<h2>高價值服務領域的增長</h2>
<p>服務收入是可重複收入和可見性的關鍵驅動因素，同比增長 16%。這一增長主要得益於全球貿易情報、電子商務報關和運輸管理解決方案的強勁需求。這些領域處於監管複雜性、跨境貿易和物流效率的交匯點——客户願意為可靠性和合規性付費。這裏的強勁表現表明德卡特越來越深入客户的關鍵工作流程，支持長期的客户留存和定價能力。</p>
<h2>人工智能成為增長催化劑</h2>
<p>人工智能正迅速成為德卡特的重要增長驅動力。管理層強調了客户對更豐富的數據、分析和利用人工智能的決策支持工具的需求不斷上升。這項技術正在推動新服務的推出，幫助客户優化物流和合規決策，並提高德卡特自身的運營效率。儘管仍在發展中，人工智能的整合表明產品增強、交叉銷售的長期潛力，以及隨着軟件和數據在價值主張中佔據更大份額，可能實現更高的利潤率。</p>
<h2>成功的收購整合</h2>
<p>德卡特的收購戰略繼續取得成效，最近收購的 Finale Inventory 在本季度已經產生了積極的貢獻。管理層強調繼續專注於有紀律的併購，以補充有機增長，目標是擴展物流、庫存和貿易解決方案的能力。Finale Inventory 的順利整合強化了公司有效吸收收購、提取協同效應並擴大平台而不干擾運營的良好記錄。</p>
<h2>全球貿易環境的挑戰</h2>
<p>儘管財務表現強勁，德卡特承認全球貿易環境中存在持續的挑戰。不確定的貿易和關税政策，以及地緣政治緊張局勢，給跨境商業創造了一個不太可預測的環境。這些因素可能影響貿易量和客户消費模式。然而，它們也強調了對強大貿易情報、報關和合規解決方案的需求——德卡特在這些領域已經處於良好位置，可能將風險背景轉變為其服務的需求驅動。</p>
<h2>運輸領域的監管變化</h2>
<p>美國交通部對卡車運輸法規的變更帶來了另一層不確定性。這些規則可能影響物流運營和客户行為。德卡特正在通過增強其合規和監管解決方案來幫助客户適應新要求。儘管監管變化帶來了一些運營風險，但它們也為公司深化作為信任合作伙伴的角色提供了機會，以應對複雜的運輸規則。</p>
<h2>前瞻性展望和戰略方向</h2>
<p>展望未來，德卡特的指引和評論顯示出對其商業軌跡的持續信心。管理層預計，創紀錄的收入、擴大的利潤率和強勁的現金生成將支持對人工智能驅動解決方案的持續投資，以及進一步的戰略收購，如 Finale Inventory。重點仍然是增長高利潤服務收入，保持無債務和靈活的資本結構，並利用其技術堆棧捕捉全球物流和貿易價值鏈的更多部分。儘管宏觀和監管風險依然存在，但公司的可重複收入基礎、運營紀律和收購能力表明其在中期內有望維持增長和盈利能力。</p>
<p>總之，Descartes Systems Group Inc. 在財報電話會議中表現強勁，財務業績創下紀錄，利潤率不斷擴大，資產負債表如同堡壘。關鍵服務領域的增長、人工智能的貢獻上升以及有效的收購整合為投資者帶來了樂觀的理由。儘管全球貿易不確定性和監管變化仍然是可信的風險，但 Descartes 在財務和戰略上似乎都具備良好的應對能力，能夠管理這些挑戰並持續創造價值。</p>

DSGX

<p>Descartes Systems Group Inc. 報告了創紀錄的第三季度財務業績，收入為 1.877 億美元，同比增長 11%，淨收入增長 20%。該公司強調了強勁的現金生成能力、無債務的資產負債表以及高價值服務領域的增長。人工智能正成為一個關鍵的增長驅動力。儘管面臨全球貿易和監管挑戰，Descartes 對其戰略方向仍然充滿信心，專注於高利潤服務、收購和人工智能驅動的解決方案</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>德卡特系統集團公司（TSE:DSG）已召開第三季度財報電話會議。請繼續閲讀會議的主要亮點。</p>
</div><h3>Claim 70% Off TipRanks This Holiday Season</h3>
<div class="lb-trans"><h3>在這個假期季節享受 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>解鎖對沖基金級別的數據和強大的投資工具，以做出更聰明、更精準的決策</li>
<li>通過最新的新聞和分析保持市場領先，最大化您的投資組合潛力</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>德卡特系統集團公司在財報電話會議中表現出樂觀和自信，財務指標創下歷史新高，戰略明確，集中於高利潤服務、收購和人工智能。儘管管理層承認全球貿易和監管不確定性帶來的宏觀挑戰，但整體語氣顯著積極，業績和資產負債表的強勁為抵禦外部風險提供了堅實的緩衝。</p>
</div><h2>Record-Breaking Financial Performance</h2>
<div class="lb-trans"><h2>創紀錄的財務表現</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>德卡特報告了有史以來最強的季度，總收入達到 1.877 億美元，同比增長 11%。盈利能力的增長速度甚至超過了銷售額：淨收入增長 20%，運營收入較去年同期增長 24%。調整後的 EBITDA 增長 19%，利潤率擴大了 3 個百分點，達到 46%，顯示出強勁的運營槓桿和嚴格的成本控制。對於投資者而言，這種穩定的收入增長和加速的盈利指標組合表明了一個能夠產生強勁現金回報的可擴展商業模式。</p>
</div><h2>Strong Cash Position and Acquisition Firepower</h2>
<div class="lb-trans"><h2>強勁的現金狀況和收購能力</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>公司的現金生成能力也是一個亮點。德卡特從運營中產生了創紀錄的 7300 萬美元現金，比去年增長 22%，突顯了其收入基礎的質量和可重複性。資產負債表保持完好，現金為 2.79 億美元，無債務，並且有 3.5 億美元的未使用信貸額度。這為管理層提供了相當大的財務靈活性，以追求進一步的收購、投資於技術，或在不需要進入資本市場的情況下應對潛在的經濟下行，這是在不確定經濟條件下的戰略優勢。</p>
</div><h2>Growth in High-Value Service Segments</h2>
<div class="lb-trans"><h2>高價值服務領域的增長</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>服務收入是可重複收入和可見性的關鍵驅動因素，同比增長 16%。這一增長主要得益於全球貿易情報、電子商務報關和運輸管理解決方案的強勁需求。這些領域處於監管複雜性、跨境貿易和物流效率的交匯點——客户願意為可靠性和合規性付費。這裏的強勁表現表明德卡特越來越深入客户的關鍵工作流程，支持長期的客户留存和定價能力。</p>
</div><h2>AI Emerging as a Growth Catalyst</h2>
<div class="lb-trans"><h2>人工智能成為增長催化劑</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>人工智能正迅速成為德卡特的重要增長驅動力。管理層強調了客户對更豐富的數據、分析和利用人工智能的決策支持工具的需求不斷上升。這項技術正在推動新服務的推出，幫助客户優化物流和合規決策，並提高德卡特自身的運營效率。儘管仍在發展中，人工智能的整合表明產品增強、交叉銷售的長期潛力，以及隨着軟件和數據在價值主張中佔據更大份額，可能實現更高的利潤率。</p>
</div><h2>Successful Acquisition Integration</h2>
<div class="lb-trans"><h2>成功的收購整合</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>德卡特的收購戰略繼續取得成效，最近收購的 Finale Inventory 在本季度已經產生了積極的貢獻。管理層強調繼續專注於有紀律的併購，以補充有機增長，目標是擴展物流、庫存和貿易解決方案的能力。Finale Inventory 的順利整合強化了公司有效吸收收購、提取協同效應並擴大平台而不干擾運營的良好記錄。</p>
</div><h2>Headwinds in the Global Trade Environment</h2>
<div class="lb-trans"><h2>全球貿易環境的挑戰</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>儘管財務表現強勁，德卡特承認全球貿易環境中存在持續的挑戰。不確定的貿易和關税政策，以及地緣政治緊張局勢，給跨境商業創造了一個不太可預測的環境。這些因素可能影響貿易量和客户消費模式。然而，它們也強調了對強大貿易情報、報關和合規解決方案的需求——德卡特在這些領域已經處於良好位置，可能將風險背景轉變為其服務的需求驅動。</p>
</div><h2>Regulatory Changes in Transportation</h2>
<div class="lb-trans"><h2>運輸領域的監管變化</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>美國交通部對卡車運輸法規的變更帶來了另一層不確定性。這些規則可能影響物流運營和客户行為。德卡特正在通過增強其合規和監管解決方案來幫助客户適應新要求。儘管監管變化帶來了一些運營風險，但它們也為公司深化作為信任合作伙伴的角色提供了機會，以應對複雜的運輸規則。</p>
</div><h2>Forward-Looking Outlook and Strategic Direction</h2>
<div class="lb-trans"><h2>前瞻性展望和戰略方向</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>展望未來，德卡特的指引和評論顯示出對其商業軌跡的持續信心。管理層預計，創紀錄的收入、擴大的利潤率和強勁的現金生成將支持對人工智能驅動解決方案的持續投資，以及進一步的戰略收購，如 Finale Inventory。重點仍然是增長高利潤服務收入，保持無債務和靈活的資本結構，並利用其技術堆棧捕捉全球物流和貿易價值鏈的更多部分。儘管宏觀和監管風險依然存在，但公司的可重複收入基礎、運營紀律和收購能力表明其在中期內有望維持增長和盈利能力。</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>總之，Descartes Systems Group Inc. 在財報電話會議中表現強勁，財務業績創下紀錄，利潤率不斷擴大，資產負債表如同堡壘。關鍵服務領域的增長、人工智能的貢獻上升以及有效的收購整合為投資者帶來了樂觀的理由。儘管全球貿易不確定性和監管變化仍然是可信的風險，但 Descartes 在財務和戰略上似乎都具備良好的應對能力，能夠管理這些挑戰並持續創造價值。</p>
</div>

笛卡爾系統集團公佈創紀錄的業績，着眼於人工智能驅動的增長