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    Steven Li

    Senior Equity Analyst at Raymond James

    Steven Li is a Senior Equity Analyst at Raymond James specializing in technology sector research, with coverage spanning companies such as Lightspeed (LSPD), Constellation Software (TSE:CSU), and other major tech names across North America. He has issued over 400 stock ratings, primarily on technology equities, with a success rate of approximately 44% and an average return per rating of 2.5% over the past year, according to TipRanks. Li began his analyst career in 2014 and has since become recognized for major calls such as a 416% return on Lightspeed between 2020 and 2021, frequently updating price targets and recommendations for top-performing tech firms. He holds professional credentials as a registered securities analyst and maintains FINRA registration, reflecting his compliance with industry standards and regulatory requirements.

    Steven Li's questions to DESCARTES SYSTEMS GROUP (DSGX) leadership

    Steven Li's questions to DESCARTES SYSTEMS GROUP (DSGX) leadership • Q4 2025

    Question

    Steven Li asked for thoughts on Amazon's entry into the LTL market and sought clarification on the Q1 outlook based on the baseline calibration provided.

    Answer

    CEO Ed Ryan viewed Amazon's entry into LTL as a positive development that adds competition to a space where Descartes serves all providers. CFO Allan Brett clarified the Q1 calibration reflects an FX headwind and conservatism due to market uncertainty. He also confirmed overall organic revenue growth was around 5%, slightly below the 6% services growth, due to lower license and hardware sales.

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    Steven Li's questions to DESCARTES SYSTEMS GROUP (DSGX) leadership • Q4 2025

    Question

    Steven Li of Raymond James asked for thoughts on Amazon's entry into the LTL freight market, whether the Q1 outlook would be similar to Q4 results, and for the overall organic revenue growth figure.

    Answer

    CEO Ed Ryan viewed Amazon's LTL entry as simply more competition, with shipment volumes likely to shift among providers. CFO Allan Brett clarified that the Q1 baseline calibration reflects an FX headwind and general uncertainty. He also confirmed that overall constant currency organic revenue growth was in the 5% range, slightly below the 6% services growth, due to lower license and hardware revenue.

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    Steven Li's questions to DESCARTES SYSTEMS GROUP (DSGX) leadership • Q1 2025

    Question

    Inquired about the historical growth rates of the new acquisitions (OCR and ASD) and how their revenue is reflected in the updated baseline calibration.

    Answer

    The executives stated that both acquisitions had been growing in the high single-digit to low double-digit range. They confirmed that a significant, but not complete, portion of the acquisitions' revenue is included in the new baseline figure, with potential for future upward adjustments as they become more familiar with operating the businesses.

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    Steven Li's questions to DESCARTES SYSTEMS GROUP (DSGX) leadership • Q1 2025

    Question

    Steven Li asked about the historical growth rates of the newly acquired OCR and ASD businesses. He also sought to confirm if the sequential increase in the baseline revenue calibration was primarily due to the contribution from these two acquisitions.

    Answer

    CEO Ed Ryan stated that both acquisitions had been growing in the high single-digit to low double-digit range, which is in the same ballpark as Descartes' own businesses in those areas, albeit slightly lower. CFO Allan Brett confirmed that a 'good part' of the acquisitions' revenue is reflected in the increased baseline calibration. However, he reiterated that they have not yet included the full potential, as they prefer to operate the businesses for a longer period before fully calibrating them, suggesting potential for future upward revisions.

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    Steven Li's questions to BLACKBERRY (BB) leadership

    Steven Li's questions to BLACKBERRY (BB) leadership • Q2 2025

    Question

    Steven Li sought clarification on a comment suggesting that increased adoption of managed services was linked to a year-over-year decline in Cylance revenue.

    Answer

    CEO John Giamatteo clarified that the Cylance business has two parts. The traditional, product-only segment has experienced sluggishness and churn, which drove the overall decline. In contrast, the managed services (MDR) offering is seeing good traction and pipeline growth as customers migrate to it, but this upside was offset by the weakness in the product-only segment.

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