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    Steven Li • Raymond James

    Steven Li's questions to Descartes Systems Group Inc (DSGX) leadership

    Steven Li's questions to Descartes Systems Group Inc (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 Inc (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 Inc (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 Ltd (BB) leadership

    Steven Li's questions to BlackBerry Ltd (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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