PowerFleet Inc (AIOT) 2025 Q3 法說會逐字稿

Greetings and welcome to Powerfleet's 3rd quarter 2025 earnings call.

問候並歡迎參加 Powerfleet 2025 年第三季財報電話會議。

At this time, all participants are on a listen-only mode, and a question and answer session will follow the formal presentation.

此時，所有參與者都處於聆聽模式，正式演講結束後將進行問答環節。

(Operator Instructions)

（操作員指令）

I will now turn the conference over to your host, Mr. David Wilson, Power Fleet's Chief Financial Officer.

現在，我將會議交給主持人、Power Fleet 財務長 David Wilson 先生。

Sir, you may begin.

先生，您可以開始啦。

Our remarks today will contain forward-looking statements.

我們今天的評論將包含前瞻性陳述。

Our actual results may differ from those contemplated by these forward-looking statements, factors that may cause our actual results, performance, or achievements to be materially different from those expressed or implied by such forward-looking statements are described in today's earnings press release.

我們的實際結果可能與這些前瞻性陳述所預期的結果不同，今天的收益新聞稿中描述了可能導致我們的實際結果、業績或成就與這些前瞻性陳述所表達或暗示的結果、業績或成就存在重大差異的因素。

Any forward-looking statements that we make on this call are made only as of today, and we assume no obligation, nor do we intend to publicly update or revise any forward-looking statements to reflect subsequent events or circumstances.

我們在本次電話會議上做出的任何前瞻性陳述均僅在今天做出，我們不承擔任何義務，也不打算公開更新或修改任何前瞻性陳述以反映後續事件或情況。

During the call, we will present both GAAP and certain non-GAAP measures.

在電話會議中，我們將介紹 GAAP 和某些非 GAAP 指標。

A reconciliation of GAAP to non-GAAP measures is included in today's press release.

今天的新聞稿中包含了 GAAP 與非 GAAP 指標的對帳表。

The press release is available on the investor section of our website at ir.powerfleet.com.

新聞稿可在我們網站 ir.powerfleet.com 的投資者專區查閱。

With that said, I'll hand the call over to Steve Towe, CEO of Powerfleet.

說完這些，我將把電話交給 Powerfleet 執行長 Steve Towe。

Good morning everyone, and thank you for joining today to discuss our 3rd quarter results, our first since completing the fleet complete transaction.

大家早安，感謝大家今天的參與討論我們的第三季業績，這是我們完成船隊完整交易以來的第一個季度業績。

I'm excited to share the steps we've taken and the progress we've achieved.

我很高興與大家分享我們已經採取的措施和取得的進展。

Securing global scale through a creative M&A was a key pillar of our strategic plan, shaping our major initiatives since I joined pay our fleet 3 years ago.

透過創意的併購確保全球規模是我們策略計畫的重要支柱，自我三年前加入我們的車隊以來，它就塑造了我們的主要舉措。

The rapid follow-up of the fleet Complete acquisition following the mixed combination has fundamentally transformed our business, providing a platform for accelerated growth.

對船隊的快速跟進混合組合後的全面收購從根本上改變了我們的業務，為加速成長提供了平台。

Let's look at the financial headlines.

讓我們看看財經頭條。

Quarterly revenue in Q3 reached $106 million a $33 million increase representing 45% growth.

第三季的季度營收達到 1.06 億美元，增加 3,300 萬美元，增幅為 45%。

Importantly, service revenues accounted for 77% of the total revenue in the quarter.

重要的是，服務收入佔本季總收入的 77%。

Adjusted gross margins in the quarter exceeded 60%, with surface margins close to 70%.

本季調整後的毛利率超過 60%，表面利潤率接近 70%。

Adjusted EBITA came in at $22 million a $10 million dollar increase year over year, reflecting a 77% growth rate and an annual run rate exceeding $85 million doubling 2024 adjusted EBITA of $43 million.

調整後的 EBITA 為 2,200 萬美元，較上年同期增加 1,000 萬美元，成長率為 77%，年運作率超過 8,500 萬美元，是 2024 年調整後 EBITA 4,300 萬美元的兩倍。

Our cost energy program continues at pace with an exceptional $15 million in annualized savings secured exiting the December quarter, and we remain on track to exceed $16 million by year end.

我們的成本能源計畫繼續順利推進，截至 12 月季度，我們已實現 1,500 萬美元的年度化節餘，並且預計在年底前超過 1,600 萬美元。

Looking ahead, we are focused on realizing an additional $21 million in cost synergies over the next 18 months, reflecting our continued commitment to drive efficiency and maximizing near and long-term value.

展望未來，我們致力於在未來 18 個月內實現額外的 2,100 萬美元的成本協同效應，這反映了我們對提高效率和最大化近期和長期價值的持續承諾。

Turning to go to market, the fleet complete transaction has significantly expanded our opportunity set and strategic optionality.

從市場角度來看，船隊完整交易大大擴展了我們的機會集和戰略可選性。

The addition of scale partner channels with the likes of AT&T and Tellers serves as a force multiplier, providing extensive market reach through a success-based investment model rather than a speculative one.

加入像 AT&T 和 Tellers 這樣的規模合作夥伴管道可以起到倍增力量的作用，透過基於成功的投資模式而不是投機模式提供廣泛的市場覆蓋範圍。

In North America, we are actively evolving our approach to fully leverage a hybrid strategy that integrates both direct sales and channel partnerships.

在北美，我們正在積極改進我們的方法，充分利用整合直銷和通路合作的混合策略。

The refined model positioned us to maximize market penetration while optimizing sales efficiency and cost effectiveness.

改進的模型使我們能夠最大限度地提高市場滲透率，同時優化銷售效率和成本效益。

The importance of our direct sales efforts was exemplified this quarter by securing a major deal in North America for our in-warehouse solutions with one of the largest beverage companies in the world.

本季度，我們與世界上最大的飲料公司之一在北美達成了一項重大交易，為我們提供倉儲解決方案，這充分體現了我們直銷工作的重要性。

This agreement includes an initial multi-million dollar order with a long-term potential in the $25million to $30 million total contract value range.

本協議包括一份初始數百萬美元的訂單，長期合約總價值可能在 2,500 萬至 3,000 萬美元之間。

This landmark deal was the largest of many this quarter for our unity safest decentric solution set, which continues to gain global traction.

這項具有里程碑意義的交易是本季我們最安全的去中心化解決方案套件眾多交易中最大的一筆，並繼續在全球範圍內受到關注。

Additional highlights include continued share of wallet expansion with the largest soft drinks bottle in the world, with an additional 5,000 subscribers added to the Unity platform.

其他亮點包括憑藉全球最大的軟性飲料瓶繼續擴大錢包份額，並且 Unity 平台新增了 5,000 名用戶。

An initial $1.2 million order from a leading Australian utility provider for our safety and compliance solutions.

一家領先的澳洲公用事業供應商向我們訂購了價值 120 萬美元的初始訂單，用於購買我們的安全和合規解決方案。

And finally, a more than $1 million ARR initial order with a top mining operator with a clear path for further expansion.

最後，與頂級採礦業者達成了超過 100 萬美元的 ARR 初始訂單，並為進一步擴張做好了明確的規劃。

On the indirect front, Fleet Completes AI camera solution continues to build traction with sales volumes through its largest telco partner up 52% year over year, while a key partnership in Mexico with a global insurance provider continues to drive multiple new logo wins.

在間接方面，Fleet Completes AI 攝影機解決方案透過其最大的電信合作夥伴繼續保持成長勢頭，銷售量同比增長 52%，而與墨西哥一家全球保險提供商建立的重要合作夥伴關係繼續推動多個新標誌的勝利。

Looking at product delivery, we've expanded R&D team from just 85 engineers a year ago to a 400 person strong team with deep domain expertise today.

從產品交付來看，我們的研發團隊從一年前僅有 85 名工程師擴展到如今擁有深厚領域專業知識的 400 人團隊。

This growth enables us to accelerate the execution of the Unity product roadmap, guided by a clear understanding of market needs and demand drivers.

這種成長使我們能夠在對市場需求和需求驅動因素的清晰理解的指導下，加快執行 Unity 產品路線圖。

Leading this initiative is Mike Powell, our recently appointed Chief Innovation Officer.

領導這項計劃的是我們新任命的首席創新長 Mike Powell。

With over 2 decades of experience in digital transformation, II, and automation, Mike is uniquely positioned to advance our unity AOT ecosystem and accelerate product innovation.

Mike 擁有超過 20 年的數位轉型、II 和自動化經驗，在推動我們的統一 AOT 生態系統和加速產品創新方面具有獨特的優勢。

His leadership will ensure we maximize unity's potential while aligning our development efforts with high value opportunities.

他的領導將確保我們最大限度地發揮團結的潛力，同時將我們的發展努力與高價值機會結合。

As we sharpen our strategic focus, we're also taking decisive steps to align resources for the most impactful growth areas.

在我們加強策略重點的同時，我們也正在採取果斷措施，將資源配置到最具影響力的成長領域。

This means prioritizing high velocity opportunities while exiting non-core or lower growth segments.

這意味著優先考慮高速度機會，同時退出非核心或成長較低的領域。

A clear example of this approach is our decision to discontinue support for an end of life ELD business that Mix had previously acquired from Trimble.

這種方法的一個明顯例子是我們決定停止對 Mix 先前從 Trimble 收購的壽命終止 ELD 業務的支援。

While this move has an immaterial impact at less than 1% of our total revenue, it removes a significant source of drag and distraction, allowing us to reallocate resources towards scalable, high-value initiatives that drive long-term growth and efficiency.

雖然這項措施對我們總收入的影響不大，不到 1%，但它消除了一個重要的拖延和乾擾源，使我們能夠將資源重新分配到可擴展、高價值的計劃上，從而推動長期增長和效率。

With our organizational alignment well underway, cost synergies tracking ahead of plan, and our go to market strategy gaining momentum, we're executing on key initiatives to drive long term growth and profitability.

隨著我們組織協調的順利進行、成本協同效應的提前實現以及我們的市場策略不斷發展，我們正在執行關鍵舉措以推動長期成長和獲利能力。

Our investments in product innovation, sales channel optimization, and operational efficiency position us to capitalize on emerging opportunities while maintaining financial discipline.

我們對產品創新、銷售通路優化和營運效率的投資使我們能夠利用新興機會，同時保持財務紀律。

I'll now hand over the call to David to provide additional detail and insights into our financial results, David.

現在我將把電話交給戴維，以便他提供有關我們財務表現的更多細節和見解。

Thank you, Steve, and great to reconnect with so many of you on today's call.

謝謝你，史蒂夫，很高興在今天的電話會議中與大家重新聯繫。

Ahead of reviewing our detailed financial results, a quick reminder of key pro forma adjustments.

在審查我們的詳細財務結果之前，讓我們快速回顧一下關鍵的預測調整。

Pro forma comparisons.

形式上的比較。

All prior period comparisons are based on pro forma financials for the combined mix and Powerfleet businesses, whereas our [Q] will reflect only legacy power fleet numbers.

所有前期比較均基於合併組合和 Powerfleet 業務的預測財務狀況，而我們的 [Q] 僅反映傳統動力車隊的數量。

One time expenses.

一次性費用。

This quarter's expenses include $6.7 million in one-time costs for transactions and restructuring excluded from adjusted EBITA and EPS on ongoing run rates.

本季的支出包括 670 萬美元的一次性交易和重組成本，該成本不包括在持續運行率的調整後 EBITA 和 EPS 中。

Amortization impact.

攤銷影響。

Results also include $5.4 million in non-cash amortization related to the mix and complete acquisitions, impacting service growth margins by 7%.

結果還包括與組合和完整收購相關的 540 萬美元非現金攤銷，影響服務成長利潤率 7%。

In addition to these pro forma adjustments and as disclosed in the 8-KA filed with the SEC on December,17, the conversion from Canadian to US GAAP accounting standards for fleet Complete had an overall positive impact on revenue.

除了這些形式調整以及 12 月 17 日向美國證券交易委員會提交的 8-KA 文件中披露的內容外，車隊完工從加拿大 GAAP 會計準則轉換為美國 GAAP 會計準則對收入產生了總體積極影響。

Under US GAAP, there are various adjustments that affect the composition of fleet completes revenue, resulting in both additions and offsets across different revenue categories.

根據美國公認會計準則，有多種調整會影響車隊完工收入的組成，從而導致不同收入類別的增加和抵消。

Gross up of sales through the channel.

透過此管道實現的銷售總額。

And the US GAAP, Fleet Complete is recognized as the principal in certain transactions and as a result, records revenue based on the amount charged to the end user, with related agency commissions classified as sales and marketing expenses.

並且根據美國公認會計準則，Fleet Complete 在某些交易中被確認為委託人，因此其根據向最終用戶收取的金額記錄收入，而相關代理佣金則歸類為銷售和行銷費用。

This treatment increased both revenue and sales and marketing expenses by approximately $3 million in the quarter.

此項治療使本季的收入以及銷售和行銷費用增加了約 300 萬美元。

Unbundling of product sales under US GAAP, product sales are treated as a separate performance obligation with revenue recognized upon shipment.

根據美國公認會計準則，產品銷售拆分，產品銷售被視為單獨的履約義務，在出貨時確認收入。

As a result, recurring service revenue tied to hardware subscriptions was reduced by $2 million.

結果，與硬體訂閱相關的經常性服務收入減少了 200 萬美元。

Shipments before the October, 1 transaction closed and by an additional $20,000 for shipments thereafter.

10 月之前的出貨，已完成 1 筆交易，此後的出貨額外收取 20,000 美元。

This $2.2 million reduction in service revenue was offset by bundled hardware revenue from Q3 shipments.

服務收入中的 220 萬美元的減少被第三季出貨量的捆綁硬體收入所抵消。

While this creates a pickup in revenue, the benefit is expected to be temporary.

雖然這會帶來收入增加，但預計這種好處是暫時的。

The unbundling of product shipments from subscriptions impacts EBITA, and we are actively revising our service terms to ensure hardware is no longer treated as a separate performance obligation.

產品出貨與訂閱的分離會影響 EBITA，我們正在積極修改服務條款，以確保硬體不再被視為單獨的履約義務。

Once implemented, this change will reduce product revenue, substantially offsetting the benefit of the channel revenue adjustment.

一旦實施，這項變更將減少產品收入，大幅抵銷通路收入調整帶來的效益。

Now let's dive into the financial performance of the quarter, beginning with revenue, which grew by $32.8 million or 45% year over year, reaching $106.4 million.

現在讓我們深入了解本季的財務表現，首先是收入，年增 3,280 萬美元或 45％，達到 1.064 億美元。

This increase was driven by fleet complete and underlying organic growth, particularly in that in warehouse safety solutions, where revenue was up over 40% in the US and 15% in Europe and the Middle East.

這一增長主要得益於車隊完整和基礎的有機增長，尤其是倉庫安全解決方案的收入，其中美國的收入增長了 40% 以上，歐洲和中東的收入增長了 15%。

Notably, our new sales leadership in Europe has been instrumental in accelerating growth across the region.

值得注意的是，我們在歐洲的新銷售領導層對加速整個地區的成長發揮了重要作用。

Looking at the components of revenue, product revenue grew by $7.3 million or 42% to $24.7 million driven by fleet complete and strength in our in-warehouse product line, offsetting ongoing structural headwinds in the US logistics segment.

從收入組成來看，產品收入成長了 730 萬美元（即 42%），達到 2,470 萬美元，這得益於車隊的齊全和倉內產品線的強勁增長，抵消了美國物流領域持續存在的結構性逆風。

Product gross margins of 30.6% were substantially higher than the 25.3% recorded in the prior year.

產品毛利率為30.6%，大幅高於上年的25.3%。

Service revenue grew by $25.5 million or 45% to $81.7 million from $56.7 million fuelled by Fleet Complete and our unity safety centric offerings.

服務收入從 5,670 萬美元增加 2,550 萬美元（45%）至 8,170 萬美元，這得益於 Fleet Complete 和我們以統一安全為中心的產品。

Service margins adjusted for $5.4 million in non-cash amortization of acquisition related intangibles, expanded by 4.6% to 69.3% from 64.9% in the prior year.

服務利潤率經收購相關無形資產非現金攤銷 540 萬美元調整後，從上年的 64.9% 成長 4.6% 至 69.3%。

Combined adjusted gross margin exceeded 60% versus 55.5% in the prior year.

綜合調整後毛利率超過 60%，去年同期為 55.5%。

Turning to operating expenses, which totalled $60 million for the quarter, including $6.7 million in one-time transaction, and restructuring costs, versus $5 million in the prior year.

談到營運費用，本季總計 6,000 萬美元，其中包括 670 萬美元的一次性交易和重組成本，而去年同期為 500 萬美元。

After adjusting for these costs, total OpEx was $53.3 million versus $37.4 million in the prior year, with the increase in spend solely attributable to fleet complete transactions.

在調整這些成本後，總營運支出為 5,330 萬美元，而去年同期為 3,740 萬美元，支出的增加完全歸因於機隊完整交易。

On an adjusted basis, selling general and admin expenses was $48.7 million or 45.8% of revenue, down from 46.2% in the prior year.

經調整後，銷售一般及行政開支為 4,870 萬美元，佔營收的 45.8%，低於上年的 46.2%。

Within SG&A, general American expenses was 27% of revenue, representing a 4% improvement from 31% in the prior year, with the realization of cost synergies a key driver.

在銷售、一般及行政開支中，美國一般開支佔收入的 27%，較前一年的 31% 提高了 4%，成本綜效的實現是關鍵驅動因素。

Sales and marketing expense rose to 15.9% of revenue, up from 12.2% in the prior year, driven by a previously communicated investments in go to market, and approximately $3 million in sales agent expenses related to the US GAAP adjustment for fleet completes channel sales.

銷售和行銷費用從去年的 12.2% 上升至收入的 15.9%，這主要是由於先前溝通的市場投入，以及與美國 GAAP 車隊完成通路銷售調整相關的約 300 萬美元的銷售代理費用。

Research and development expense, including $4 million in capitalized software, totalled $8.5 million or 8% of revenue, in line with the 7.9% in the prior year.

研發費用（包括 400 萬美元的資本化軟體）總計 850 萬美元，佔營收的 8%，與去年的 7.9% 持平。

This level of investment remains efficient and reflects the cost effectiveness of high quality engineering talent in South Africa through the mixed merger and in Estonia through the fleet complete acquisition.

這一水準的投資仍然有效，並透過混合合併反映了南非高品質工程人才的成本效益，以及透過船隊完整收購反映了愛沙尼亞高品質工程人才的成本效益。

Turning to adjusted EBITA, which increased by 77%, $22.5 million up from $12.7 million in the prior year.

調整後的 EBITA 成長了 77%，從上年的 1,270 萬美元增加到 2,250 萬美元。

This increase is driven by the Fleet Complete transaction, inclusive of an EBITA and, the service revenue never recognized for products shipped by Fleet Complete prior to October, 1, organic growth and the success of our cost synergy program.

這一增長主要得益於 Fleet Complete 交易（包括 EBITA 和 10 月 1 日之前 Fleet Complete 發貨的產品從未確認的服務收入）、有機增長以及成本協同計劃的成功。

Net loss attributed to common stockholders was $14.3 million or $0.11 for basic and diluted share compared to $0.05 in the prior year.

歸屬於普通股股東的淨虧損為 1,430 萬美元，即基本虧損和稀釋虧損分別為 0.11 美元和 0.05 美元。

After adjusting for one-time expenses and the amortization of acquisition related intangibles, net profit attributable to common stockholders was 1 penny per basic share compared to 3 pennies in the prior year.

調整一次性費用和收購相關無形資產攤銷後，歸屬於普通股股東的淨利為每股基本利潤 1 美分，而上年度為 3 美分。

Higher interest expense and taxes in the current period of $0.07 more than offset the $0.02 difference.

本期利息支出和稅金增加 0.07 美元，超過了 0.02 美元的差額。

Closing with cash and the balance sheet, where we ended the quarter with net debt of $229.7 million consisting of $38.6 million in cash and $268.3 million in total debt.

以現金和資產負債表收尾，本季末我們的淨債務為 2.297 億美元，其中包括 3,860 萬美元的現金和 2.683 億美元的總債務。

Net debt is currently tracking below our $235 million year-end guidance, supported by $5 million in proceeds from the fleet complete capital raise, which were earmarked for transaction fees and remain unsettled.

目前的淨債務低於我們 2.35 億美元的年底預期，由船隊全部資本籌集所得的 500 萬美元支撐，這些資金已指定用於支付交易費用，但仍未結清。

Finally, we are raising our fiscal 2025 guidance to reflect the strength of our year-to-date financial performance, with organic revenue growth now projected at 7%, up from our previous guidance of 5%, and the impact of the transition to US GAAP.

最後，我們上調了 2025 財年指引，以反映我們今年迄今為止的財務業績強勁，有機收入增長預計為 7%，高於之前 5% 的指引，以及向美國 GAAP 過渡的影響。

In summary, annual revenue is expected to exceed $362.5 million a $10 million increase from our prior guidance to approximately $352.5 million.

總之，預計年收入將超過 3.625 億美元，比我們先前預期的增加 1,000 萬美元，達到約 3.525 億美元。

Annual EBITA, including $5 million in annualized run rate synergies, is expected to exceed $75 million compared to our prior guidance of $72.5 million.

年度 EBITA（包括 500 萬美元的年度運行率綜效）預計將超過 7,500 萬美元，而我們先前預期為 7,250 萬美元。

That concludes my remarks, Steve.

我的發言到此結束，史蒂夫。

Thanks, David.

謝謝，大衛。

The first couple of quarters following the fleet complete transaction are naturally transitional as we align the business across multiple dimensions to establish a strong foundation for long-term success.

機隊完整交易後的前幾季自然是過渡期，因為我們將從多個維度協調業務，為長期成功奠定堅實的基礎。

A transformational program is underway to actively align our organizational structure to drive sustainable growth and operational excellence.

我們正在進行一項轉型計劃，以積極調整我們的組織結構，推動永續成長和卓越營運。

We are building an integrated structure of centralized functions including technology, customer experience and operations, marketing, finance, corporate development, and HR.

我們正在建立一個集中職能的一體化架構，包括技術、客戶體驗和營運、行銷、財務、企業發展和人力資源。

Each of these functions is designed to support the entire organization, ensuring consistency, efficiency, and scalability, while enabling us to deliver value across all of our business units.

每個功能都旨在支援整個組織，確保一致性、效率和可擴展性，同時使我們能夠為所有業務部門提供價值。

This unified approach allows us to maintain a cohesive strategy.

這種統一的方法使我們能夠保持有凝聚力的策略。

While empowering regional go to market and customer success teams to execute effectively in their respective markets.

同時授權區域市場和客戶成功團隊在各自的市場中有效執行。

Harnessing our expanded go to market capabilities is of critical focus as we head towards fiscal year 2026, particularly enabling channel sales for unity in warehouse solutions and AI cameras.

在我們邁向 2026 財年之際，利用我們擴展的市場進入能力是關鍵的重點，特別是實現倉庫解決方案和 AI 攝影機的統一通路銷售。

At the same time, we are sharpening our commercial execution, applying a data-driven sales approach to maximize upsell and cross-sale opportunities across our 8,000 enterprise and 40,000 mid-market customers.

同時，我們正在加強商業執行力，採用數據驅動的銷售方式，最大限度地增加我們 8,000 家企業客戶和 40,000 家中型市場客戶的追加銷售和交叉銷售機會。

Our largest telco channel partners are fully engaged in the qualification process required before they can begin reselling our enterprise solution portfolio.

我們最大的電信通路合作夥伴在開始轉售我們的企業解決方案組合之前已充分參與所需的資格認證流程。

As part of this process, we are working through key milestones, including solution validation, sales enablement, and integration into their partner ecosystems.

作為此過程的一部分，我們正在努力實現關鍵的里程碑，包括解決方案驗證、銷售支援以及融入合作夥伴生態系統。

This is a critical initiative, and we anticipate commercial activity to ramp early in quarter 2 of fiscal year 2026.

這是一項重要舉措，我們預計商業活動將在 2026 財年第二季初活躍起來。

In parallel, we are rapidly building additional pipelines centered on our device agnostic and unified operation capabilities enabled through unity.

同時，我們正在以透過 Unity 實現的設備無關和統一操作功能為中心，快速建立額外的管道。

As demonstrated in our recent Investor Day videos, our ability to integrate seamlessly across a wide range of devices positioned us uniquely in the market.

正如我們最近的投資者日影片所展示的，我們與各種設備無縫整合的能力使我們在市場上佔據了獨特的地位。

Additionally, we now offer the broadest AI camera portfolio in the industry, delivering comprehensive visibility both in the warehouse and over the road.

此外，我們現在提供業界最廣泛的人工智慧攝影機產品組合，可在倉庫和道路上提供全面的可視性。

With both direct and indirect sales channels advancing at pace, we are well positioned to accelerate market penetration and capture share in this rapidly evolving space.

隨著直接和間接銷售管道的快速發展，我們有能力加速市場滲透並在這個快速發展的領域中佔據份額。

To conclude, I'm more than delighted with the progress we are making and the strong financial performance we've delivered coming out of the gate.

總而言之，我對我們所取得的進展以及我們一開始就表現出的強勁財務業績感到非常高興。

Standout metrics for the quarter including gross margins exceeding 60%, service gross margins tracking towards 70%, and EBITA margins exceeding 20%, underscore the strength of our model and the disciplined execution of our strategy as we head towards the new financial year.

本季度的突出指標包括毛利率超過 60%、服務毛利率接近 70% 以及 EBITA 利潤率超過 20%，這些都凸顯了我們模式的實力以及我們在邁向新財政年度時對戰略的嚴格執行。

We're mobilizing the organization to achieve our stated financial goals with the primary focus on driving top layering growth, acceleration starting in fiscal year '26.

我們正在動員整個組織來實現我們既定的財務目標，主要重點是推動頂層成長，從 26 財年開始加速。

As we unlock the full potential of our platform and the extended market reach we have created.

我們正在充分發揮我們平台的潛力以及我們已經創造的擴大的市場範圍。

I'll turn it back over now to the operator for Q&A operator.

現在我將把話題交還給操作員進行問答。

Thank you.

謝謝。

At this time, we'll be conducting our question and answer session.

此時，我們將進行問答環節。

(Operator Instructions)

（操作員指令）

Scott Searle, Roth capital.

史考特·塞爾，羅斯資本。

Hey, good morning, thanks for taking the questions.

嘿，早上好，感謝您回答問題。

Congratulations, great job on the quarter.

恭喜，本季表現出色。

Hey Steve, maybe to start in terms of, organic growth, 7% is a great number out of the gates here.

嘿，史蒂夫，也許從有機成長的角度來看，7% 是一個很棒的數字。

I'm wondering if you could calibrate us in terms of full complete contribution in the December quarter.

我想知道您是否可以根據 12 月季度的全部完整貢獻來校準我們。

And then given that building in the current fiscal year, how are you starting to think about fiscal '26?

那麼考慮到當前財政年度的建築情況，您如何開始考慮 26 財年？

I know it's a little bit early, but you're talking about inflection on the organic growth rate.

我知道有點早，但你談論的是有機成長率的轉折點。

I'm wondering if you could, expand on that a little bit.

我想知道您是否可以稍微擴展一下這一點。

Yeah, Scott, let me start in terms of the fleet complete piece.

是的，史考特，讓我先從艦隊整體部分開始說。

So, in terms of fleet complete revenue for the quarter, it would be close to $30 million in terms of what it contributed.

因此，就本季的車隊總收入而言，其貢獻將接近 3,000 萬美元。

And so that'll give you that view, obviously, if you're back into the Powerfleet piece, with [$76] and change, which was in line with the prior quarter, albeit there was probably about an FX hit of about a million dollars across those numbers.

因此，如果您回到 Powerfleet 部分，顯然您就會看到這種觀點，其值為 [76 美元] 且變化與上一季度持平，儘管這些數字中的外匯損失可能約為一百萬美元。

So, that just gives you a sense in terms of how we did.

所以這只是讓您了解我們的表現如何。

Obviously, 7% is strong given all the activity that's happened, bringing these businesses together.

顯然，考慮到已經發生的所有活動，將這些企業聚集在一起，7% 的成長率是強勁的。

You can appreciate we are spinning many plates and we're keeping them all spinning, so we feel good about that.

您可以意識到我們正在同時做很多事情，並且讓它們一直運轉，因此我們對此感到很高興。

And then in terms of next year, obviously, we're actively working that now.

至於明年，顯然我們現在正在積極努力。

What I would say is, we are beyond excited in terms of what we can do through the telco channel.

我想說的是，我們對能夠透過電信管道做的事情感到非常興奮。

That's not going to be instantaneous.

這不會是瞬間的事。

We're hard at work getting the pump primed for that.

我們正在努力為此做好準備。

And as we noted, as Steve noted on the call, getting things lined up so we can really see that contribute to the top line from sort of the beginning of fiscal 20, beginning of 2nd quarter, fiscal '26 onwards.

正如我們所提到的，正如史蒂夫在電話中提到的那樣，把所有事情安排好，我們就能真正看到，從 20 財年年初、第二季度初、26 財年起，這些都會對營收產生貢獻。

So, again, we feel good about what we have, we're actively working it, but, there's a lot of moving parts and we just have to be very thoughtful about what we prioritize and how we synchronize things.

因此，我們對所擁有的一切感到很滿意，我們也在積極地努力工作，但是，還有很多不確定因素，我們必須非常認真地考慮我們的優先事項以及如何同步事物。

Yeah, and just to layer in Scott, I mean we were $3million to $4 million up I think on our guidance for the quarter.

是的，斯科特，我的意思是，我認為我們本季的預期收入增加了 300 萬至 400 萬美元。

So, whenever you bring a new business in, it's important to realize we're not yet a year into the mixed merger and we're 90 days plus now into fleet complete.

因此，無論何時引入新業務，重要的是要意識到我們距離混合合併不到一年，而且我們距離車隊完成已經 90 多天了。

So the majority of the growth came from the power fleet mix side which obviously we've been able to get our sales motion towards.

因此，大部分成長來自於動力車隊組合方面，顯然我們已經能夠將銷售動力轉向該方面。

But as David says, as we pivot towards FY'26, and we very much double there in our focus on AI video in warehouse and over the road as unique capabilities, the strength of the unity platform, and to be able to put those enterprise solutions into the channel partners of Fleet Complete.

但正如 David 所說，隨著我們轉向 26 財年，我們將重點關注倉庫和公路上的 AI 視頻，將其作為獨特的功能、統一平台的優勢，並能夠將這些企業解決方案放入 Fleet Complete 的渠道合作夥伴中。

We expect that, a good chunk of our growth will come via fleet complete in 2026.

我們預計，我們的很大一部分成長將來自於 2026 年船隊的完工。

So, it's great for us.

所以，這對我們來說很棒。

We now have enterprise and mid-market.

我們現在擁有企業和中端市場。

We have direct and indirect.

我們有直接的和間接的。

We've got a very nice balance in terms of territories on a global scale.

我們在全球範圍內的領土方面取得了非常好的平衡。

So we think we've done a pretty elegant job to give us all the tools to accelerate that growth.

因此，我們認為我們做得非常出色，為我們提供所有工具來加速這一成長。

But you know with all of the change that's been going on and bringing in the new businesses, we're very proud of the performance that we've been able to come out of the gate with.

但您知道，隨著所有正在發生的變化和新業務的引入，我們對自己一開始就取得的業績感到非常自豪。

Hey Steve, maybe to follow up on the global channels and the global reach now, certainly a big win with world's largest global beverage provider.

嘿，史蒂夫，也許現在要跟進全球管道和全球影響力，這對全球最大的飲料供應商來說無疑是一個巨大的勝利。

Are you getting to the table now more for some of these larger opportunities as a global scale starting to play into that and maybe just a quick update in terms of how you're doing in head to heads on the competitive landscape.

您現在是否開始更多地參與這些全球範圍內更大的機會中來，也許只是快速更新一下您在競爭格局中的表現。

Thanks.

謝謝。

Yeah, so I mean we're really excited about this deal, one, obviously because it's a substantial deal in the short term and potentially, pretty seismic in the long term.

是的，我的意思是我們對這筆交易感到非常興奮，首先，顯然是因為這是一筆短期內的重要交易，而且從長遠來看，它可能會產生重大影響。

But it's to your point, the ability for us now to be seen as a global provider.

但正如您所說，我們現在有能力被視為全球供應商。

This is one of the world's largest beverage companies who have a lot of operations across the six continents within which we work.

這是世界上最大的飲料公司之一，業務遍布六大洲。

And we very much see now we're getting, to the table at a larger kind of, I would say transformational TCB value opportunities.

我們現在非常清楚地看到，我們正在獲得更大範圍的、可以說是轉型性的 TCB 價值機會。

So, the bigger opportunities.

因此，機會更大。

And I think now, we're starting to see ourselves addressed in the same conversation, invited to more RFPs, have a damn sight more credibility in terms of us being able to provide solutions at scale against those kind of top two providers that we always talk about.

我認為現在，我們開始看到自己在同一個對話中得到提及，受邀參與更多的 RFP，在能夠與我們一直談論的兩大供應商相比提供大規模解決方案方面，我們擁有更高的可信度。

So, a great win, one of many more to come.

所以，這是一場偉大的勝利，也是未來無數勝利之一。

And what was one of the unique drivers of winning that interestingly is one of our largest competitors has their over the road fleet.

有趣的是，我們獲勝的獨特驅動力之一是我們最大的競爭對手之一擁有自己的公路車隊。

But by taking us across with Unity safety solutions into the warehouse, one of the other key drivers for the decision was to actually get that single pane of glass from Unity.

但是透過將 Unity 安全解決方案帶入倉庫，做出該決定的另一個關鍵驅動因素是從 Unity 真正獲得單一玻璃。

So when we talk about being able to displace.

所以當我們談論能夠取代時。

Our competitors, when we talk about going up the value chain and we'll all remember the IMC video from Investor day where you know the IT director talks about we won the hearts and minds because that's where people view the data and we make the data usable.

我們的競爭對手，當我們談論提升價值鏈時，我們都會記得投資者日的 IMC 視頻，其中 IT 總監談到我們贏得了人心，因為那是人們查看數據的地方，我們使數據可用。

This is a great example of that strategy, so it couldn't be more exciting, by the way.

順便說一句，這是該策略的一個很好的例子，所以它再令人興奮不過了。

Thanks so much.

非常感謝。

I'll get back in the queue, but, congrats, great job out of the gate with fully complete.

我會回到隊列中，不過，恭喜，一切都完成得很好。

Thanks.

謝謝。

(Operator Instructions)

（操作員指令）

Gary Prestopino, Barrington Research.

巴林頓研究公司的加里‧普雷斯托皮諾 (Gary Prestopino)

Hey, good morning, Steve, and David.

嘿，早上好，史蒂夫和大衛。

You know my question, I think revolves around the last question that was raised in terms of the new deal.

你知道我的問題，我認為圍繞著有關新協議的最後一個問題。

Steve, do you feel that as a standalone entity, Powerfleet, prior to these acquisitions would have been able to play at that table?

史蒂夫，您是否認為 Powerfleet 在進行這些收購之前，作為一個獨立實體，有能力參與其中？

I think you may have answered it, but I just wanted to.

我想你可能已經回答了，但我只是想回答。

Get some clarification there.

得到一些澄清。

Yeah, very doubtful.

是的，非常懷疑。

When we looked about how could we come and take a seat at the top table and how could we get the credibility, you need scale, and part of our thesis all along was to get it to a point where we have those core ingredients and that's, for multiple reasons.

當我們考慮如何佔據高層的位置以及如何獲得信譽時，我們需要規模，而我們始終堅持的論點就是讓我們擁有這些核心要素，這是出於多種原因。

That's depth and breadth of product solution.

這就是產品解決方案的深度和廣度。

That scale of the organization to support large enterprises and its financial stability as well.

該組織的規模能夠支援大型企業，其財務穩定性也很好。

So, I think we've given ourselves very nice foundations to go and build on this win and we're definitely seeing a difference that as a standalone Powerfleet, we would have been in a different position fighting at a different level of the market.

所以，我認為我們為自己打下了非常好的基礎，可以在這次勝利的基礎上再接再厲，而且我們確實看到了不同之處，作為獨立的 Powerfleet，我們將處於不同的位置，在不同的市場層面上競爭。

So in in that regard, I mean, Unity's been out, as a full platform maybe for a year and a half, I mean.

所以從這個方面來說，Unity 作為一個完整的平台推出可能已經有一年半了。

When you're generating new business, what's the key selling points that the direct sales force is going into with Unity that, really capture the attention of a potential account?

當您開展新業務時，直銷人員會利用 Unity 突出哪些關鍵賣點，才能真正吸引潛在客戶的注意？

Yeah, so I think it's divisive agnosticism, so the single pane of glass is definitely a driver, our willingness to allow the customer to consume the data in multiple formats through what we call unified operations, in other third party integrations.

是的，所以我認為這是分裂的不可知論，所以單一玻璃絕對是一個驅動力，我們願意允許客戶透過我們所謂的統一操作在其他第三方整合中以多種格式使用資料。

And then I think finally it's then the usability and being able to toggle between your warehouse and your over the road solutions.

然後我認為最終它是可用性並且能夠在您的倉庫和您的公路解決方案之間切換。

So, whether that's for safety drivers, compliance drivers, maintenance drivers, sustainability drivers, we're able to give you unique views and as we're kind of heading up the value chain, we're becoming more mission critical both from an IT perspective where you know we're solving the data problem, which is a big data problem for organizations today, but also we're creating value propositions across the leadership group.

因此，無論是安全驅動因素、合規驅動因素、維護驅動因素還是永續驅動因素，我們都能夠為您提供獨特的視角，而且隨著我們在價值鏈中的地位不斷上升，我們從 IT 角度來看變得越來越重要，我們正在解決數據問題，這是當今組織面臨的一個大數據問題，而且我們也在為整個領導團隊創建價值主張。

Those two things in tandem and backed up by, I think the data highways where kind of, people are seeing us now as Different level to what they've seen out there in the marketplace.

我認為，這兩件事相輔相成，並由數據高速公路支持，現在人們將我們視為與他們在市場上看到的不同的層次。

And then just lastly, could you make a couple of comments on what some of the headwinds you're seeing in the logistics field is I assume these are worldwide headwinds or is it just the United States centric?

最後，您能否就您在物流領域看到的一些不利因素發表一些評論？

Yeah, so it's a bit of both, but I would call it more in the way that we sell solutions into those marketplaces.

是的，兩者兼而有之，但我更願意稱之為我們向這些市場銷售解決方案的方式。

So, you know we did a lot in the commoditized space, the company strategy was, in that kind of small to mid-end in terms of chassis and trailers and obviously there's been quite a retraction and quite.

所以，你知道我們在商品化領域做了很多工作，公司的策略是，在底盤和拖車方面，走中小型路線，顯然已經有了相當大的回縮。

A move in terms of, the level of inventory that that that our customers had so, that business slowed and we got ahead of that.

就我們客戶的庫存水準而言，業務放緩，我們已領先於此。

It wasn't high value, and it wasn't high.

價值不高，而且也不高。

High margin business, but it was, decent in terms of our revenue profile.

高利潤率的業務，但就我們的收入狀況而言，還不錯。

So, we moved away from that.

因此，我們不再這麼做。

We pivoted for that at the moment seems to be a race to the bottom in terms of price as well, where competitors are doing business there, but it was a conscious strategy in the light of the fact that, people probably oversubscribed inventory through COVID and there's a lot of change going on in that industry, predominantly US first, but we have seen it around the world as well.

目前，我們的轉變似乎也體現在價格方面，競爭對手也在那裡做生意，但這是一個有意識的策略，因為人們可能透過 COVID 超額認購了庫存，而且該行業正在發生很多變化，主要是美國首先是這樣，但我們在世界各地也看到了這種情況。

Okay, thank you.

好的，謝謝。

(Operator Instructions)

（操作員指令）

Thank you.

謝謝。

Anthony Stoss, Craig-Hallam.

安東尼·斯托斯、克雷格·哈勒姆。

Hi guys, my congrats as well on a strong execution.

大家好，我也對你們出色的表現表示祝賀。

Steve, I wanted to focus in on the AI video safety solutions segment, really strong growth, 52%.

史蒂夫，我想專注於人工智慧視訊安全解決方案領域，該領域的成長非常強勁，達到 52%。

I know that was constrained from the prior private equity owner not wanting to spend or hire.

我知道這是因為之前的私募股權所有者不願意花錢或僱用。

What are the things that you're doing differently and what do you think those will have a big impact on the fast growing market?

您正在做哪些不同的事情？

Yes, So, I think, we've publicly stated for a long time in terms of our mix and Powerfleet, for want of a better phrase, investment can go to market and customer success.

是的，所以，我認為，我們就我們的組合和 Powerfleet 而言，我們已經公開聲明了很長時間，找不到更好的說法，那就是投資可以用於市場和客戶成功。

We're now doubling down on that in terms of expanding our investment for fleet complete as you quite rightly said, things were scaled back pretty dramatically, So I think more people talking to more customers, doesn't sound rocket science, but it makes a big difference for us.

正如您所說，我們現在正在加倍努力擴大對機隊完工的投資，我們的規模已經大幅縮減，所以我認為，更多的人與更多的客戶交談，這聽起來並不是什麼難事，但對我們來說意義重大。

And then secondly, what we're able to do now is actually combine the portfolios.

其次，我們現在能夠做的其實是合併投資組合。

So, whether that is, the mix camera, sorry, the fleet complete cameras, which is the fast install cameras, whether it's 360 degree cameras, more high-end stuff that we've got as part of the broader portfolio, whether it's cargo carriers, whether it's pedestrian safety cameras in the warehouse, we have, as we come out and said, the broadest portfolio of camera opportunity.

因此，無論是混合攝影機，對不起，全套攝影機，即快速安裝攝影機，還是 360 度攝影機，還是我們作為更廣泛產品組合的一部分所擁有的更多高端產品，無論是貨運車輛，還是倉庫中的行人安全攝影機，正如我們所說的那樣，我們擁有最廣泛的攝影機機會組合。

We see it as we've done a lot of review onto our customer base in terms of greenfield opportunity there.

我們認為，我們已經對客戶群的綠地機會進行了大量審查。

It is significant.

這很有意義。

But we have that full range, so we can go to the midmarket, we can go to the enterprise, we can go direct, we can go indirect, but it's very much one of our three key strategic pillars is to use that competitive advantages we have as hard and fast as we can in the market on a global stage as well, So, this isn't, just about, the channel partners in the US we're seeing strong demand around the globe for those solutions.

但是我們擁有全方位的產品，因此我們可以進入中端市場，可以進入企業，可以直接進入，可以間接進入，但這是我們的三大關鍵戰略支柱之一，就是盡可能快速地利用我們在全球市場上的競爭優勢，所以，這不僅僅是美國的通路合作夥伴，我們看到全球對這些解決方案的強勁需求。

And then just as a follow up, the large beverage company, when has that started to generate revenue in the December quarter or what quarter do you think it'll start to impact?

然後作為後續問題，大型飲料公司何時開始在 12 月季度產生收入，或者您認為它會在哪個季度開始產生影響？

It will continue to impact for a significant period of time.

它的影響還會持續相當長的一段時間。

So, it's a layer into, to get these things deployed at scale, it takes you up to 12 months to do that.

因此，要大規模部署這些東西，需要花費長達 12 個月的時間。

So, there was a little bit into this current quarter, a very initial deployment, but that will continue to scale.

因此，本季有一些非常初步的部署，但將繼續擴大。

But the drive out plan to the low to the higher CCV value is a 3 year strategic plan that we have with the customer.

但從低 CCV 值到高 CCV 值的驅趕計畫是我們與客戶共同製定的 3 年策略計畫。

Obviously, we need to perform, but we're very confident to do that.

顯然，我們需要表現出色，但我們非常有信心做到這一點。

But if this is a long-term relationship.

但如果這是長期關係。

And as I said, this is one which is I think a key statement in terms of the new Powerfleet and the size and scale of our capabilities.

正如我所說，我認為這是有關新 Powerfleet 以及我們的能力的規模和範圍的關鍵聲明。

Great results guys best of luck.

成績很棒，祝大家好運。

Thank you.

謝謝。

(Operator Instructions)

（操作員指令）

Dylan Becker, William Blair.

迪倫貝克爾、威廉布萊爾。

Hey gentlemen, nice job here.

嘿，先生們，你們幹得好。

I'll like, I got the congrats.

我會喜歡的，我收到了祝賀。

Maybe Steve, for you, we talked about all the channels going to start contributing kind of, second quarter or so, give or take next year.

也許史蒂夫，對你來說，我們討論過所有管道都將在第二季左右，也就是明年開始做出貢獻。

There's the education and the ramp of that, but can you give us a sense of kind of their interest right now, kind of the feedback you're here.

有教育和提升，但您能否讓我們了解他們現在的興趣，以及您在這裡的反饋。

That you have all of these assets they have more tools to go sell they see the market demand, but give us a sense of kind of how active and hungry they are now, to be able to go out there and sell more powerfully and how that obviously kind of aids in the confidence of the double digit moments of next year.

你擁有所有這些資產，他們就擁有更多的工具去銷售，他們看到了市場需求，但請讓我們了解一下他們現在有多麼活躍和渴望，能夠更有力地進行銷售，這顯然有助於對明年兩位數時刻的信心。

Yeah, So, I would say their appetite has exceeded their expectations.

是的，所以，我想說他們的胃口已經超出了他們的預期。

We thought it would be strong, but I think, in terms of the fact that they are looking for high RPU solutions, high RPU solutions, they're looking for data consumption.

我們認為它會很強大，但我認為，就他們尋求高 RPU 解決方案、高 RPU 解決方案的事實而言，他們正在尋找數據消費。

You'll remember the SVP from AT&T who described the fact that this year was video for the organization.

您可能還記得 AT&T 的高級副總裁曾說過，今年是該組織的「視訊年」。

We'll have, comments on this call kind of playing into that.

我們將對此次通話做出相關評論。

And I think as well, that there's been limited partner opportunities for those guys in the marketplace, and I think that, some of the relationships they've had, outside of Free have been established, but I think there's, more than enough room for to take our end to end solutions, to market very quickly and very substantially, and the winning play is unity.

我還認為，這些人在市場上的合作機會有限，而且我認為，他們在 Free 之外已經建立了一些關係，但我認為，有足夠的空間將我們的端到端解決方案非常迅速且實質性地推向市場，而製勝之道就是團結。

So, if you think about the telcos in terms of wanting kind of be an end to end solution provider, they want to be the manager and the custodian of data, and they want to be right in the heartbeat of the customer's operation.

因此，如果您認為電信公司希望成為端到端解決方案提供商，他們就希望成為資料的管理者和保管者，並且希望能夠密切關注客戶的操作。

Unity really takes you there and their view is there's a lot more expanded market verticals that we could play with unity over time.

Unity 確實可以帶您實現這一目標，而且他們的觀點是，隨著時間的推移，我們可以透過 Unity 拓展更多的垂直市場。

We're being cautious because we want to obviously, maximize where we are today, but in the broader AOT space this is a solution that they've been crying out for and to be honest, some of them have tried to build themselves.

我們之所以謹慎，顯然是因為我們想最大限度地發揮我們目前的實力，但在更廣泛的 AOT 領域，這是他們一直呼籲的解決方案，說實話，他們中的一些人已經嘗試過自己構建了。

But they haven't had kind of, the ability to focus on it.

但他們還沒有能力集中精力於此。

So, I think if you take Unity, if I think you take the video solutions, there's a huge appetite for in warehouse.

所以，我認為如果您採用 Unity，如果您採用視訊解決方案，那麼倉庫對它的需求就會非常大。

I think that's a new and unique solution in Greenfield for them as well with a lot of the safety and compliance drivers and the other one interestingly is coal chain.

我認為這對他們來說也是 Greenfield 的一個全新而獨特的解決方案，具有許多安全和合規驅動因素，另一個有趣的解決方案是煤炭鏈。

So, they've really jumped on the coal chain solutions that we were voted obviously by ABI research as having the best solution.

所以，他們真正抓住了煤炭鏈解決方案，顯然我們被 ABI 研究評為最佳解決方案。

End to end in smart cold chains.

端對端的智慧冷鏈。

So, that's another one which is they're very excited to get moving.

所以，這是另一個他們非常興奮能夠行動的例子。

So, we couldn't be more delighted with their engagement.

所以，我們對他們的訂婚感到非常高興。

We obviously have to do things really well and from experience, the time spent to get these things off to a great start is really the key to long term success.

我們顯然必須把事情做好，而且從經驗來看，花些時間讓事情有一個好的開始是長期成功的關鍵。

We're in the middle of that, but truly it's exceeded our expectations, just the interest and appetite from those large channels.

我們正處於這一階段，但確實超出了我們的預期，只是那些大型管道的興趣和胃口。

Okay, great, yeah, that's great to hear.

好的，太好了，是的，很高興聽到這個消息。

Maybe Dave switching over to you as well too on the gross margin front, encouraging to see kind of the tracking to nearly 70% on the services piece I guess how should we think about from a long term model perspective how much room is there as we think about kind of the 70% threshold and how maybe that gives you confidence that this mix continues to shift and some of the longer term kind of profitability targets or goals as well.

也許 Dave 也想和您談談毛利率方面的問題，很高興看到服務部分的毛利率接近 70%，我想我們應該如何從長期模型角度來考慮，當我們考慮 70% 的門檻時，還有多少空間，這也許會讓您有信心這種組合會繼續轉變，以及一些長期盈利目標。

Thanks guys.

謝謝大家。

Yeah, the unity is a driver of many things, not the least of which is, it is a transition over time to pure software margins.

是的，統一是許多事物的驅動力，其中最重要的是，隨著時間的推移，統一將逐漸轉向純軟體利潤。

And so, it has the benefit of solving acute pain points for customers.

因此，它的好處是可以解決客戶的嚴重痛點。

It's a great way to land and expand, so it makes you go to market super efficient.

這是一種很好的登陸和擴展方式，可以讓你以極高的效率進入市場。

But most importantly, when you think about ingesting data from third party devices, when you think about aggregating all of the data and solving larger problems through unified operations, this is all pure software.

但最重要的是，當您考慮從第三方設備獲取資料時，當您考慮聚合所有資料並透過統一操作解決更大的問題時，這都是純軟體。

So, over time we do see as the business scales, you get the scale benefit but also the mix continues to sweeten in terms of increasingly its margins are sort of 85% to 90% versus the sort of the high 60s we're seeing today.

因此，隨著時間的推移，我們確實看到，隨著業務規模的擴大，您會獲得規模效益，而且利潤率也會繼續改善，從利潤率目前 60% 左右的水平來看，利潤率將逐漸上升到 85% 到 90% 左右。

Perfect.

完美的。

Thanks, guys.

謝謝大家。

Congrats

恭喜

(Operator Instructions)

（操作員指令）

Thank you.

謝謝。

Alexander Sklar, Raymond James.

亞歷山大·斯克拉、雷蒙德·詹姆斯。

Great, thank you, Steve, on the go to market side, just wanted to see how you're tracking on hiring plans to date relative to that 55% growth outlook that that you laid out at investor day over the next kind of 12 to 18 months.

太好了，謝謝你，史蒂夫。

Yeah, so we're on track.

是的，我們一切順利。

We're exploring opportunities to go further so through self-funding as you're aware.

如您所知，我們正在探索透過自籌資金進一步發展的機會。

So yeah, that's all I can say.

是的，這就是我能說的全部。

We, we're on track.

我們，我們正步入正軌。

We're delighted with some of the talent that we've been able to bring in, and we feel good about 2026 and 2027.

我們很高興能夠引進一些人才，我們對 2026 年和 2027 年充滿信心。

Okay great and then maybe a follow up, Steve just to Tony's question earlier on Unity safety, but what have you learned about the appetite from some of the legacy Powerfleet and mixed space for these kind of broaden solutions on the safety side that you have available and then David, just where Unity safety stands is a percentage of revenue or ARR or the growth rate there any color and kind of unity safety as a percentage of total now.

好的，太好了，然後也許是一個後續問題，史蒂夫剛剛回答了托尼之前關於 Unity 安全性的問題，但是你從一些傳統的 Powerfleet 和混合空間中了解到了對這種在安全方面可用的拓寬解決方案的需求，然後是大衛，Unity 安全性所佔收入或 ARR 的百分比或增長率，現在有什麼百分比和類型的 Unity 安全性總數的百分比。

Thanks.

謝謝。

Yeah, so very good traction, very good opportunity to add cameras from a safety perspective.

是的，牽引力非常好，從安全角度來看，這是添加相機的絕佳機會。

Secondly, then the safety-centric ability to have visibility on the road and in the warehouse combined, the mixed customers and the power fleet customers now are really engaging on that solution, and this is where we're pivoting towards, our value propositions around being that true safety partner.

其次，以安全為中心的能力，將道路和倉庫的可視性結合起來，混合客戶和動力車隊客戶現在都真正參與到這個解決方案中，這就是我們的重點，我們的價值主張是成為真正的安全合作夥伴。

So, I think we must have mentioned safety centric solutions 4, 5 times in our prepared remarks, and that's really where the growth is coming from.

所以，我認為我們在準備好的發言中一定提到了 4、5 次以安全為中心的解決方案，而這才是真正的成長來源。

That's a lot of opportunity for us.

這對我們來說是一個很大的機會。

You know it takes a while just to kind of navigate with the customer their priorities because we are taking a lot of different optionality to them in terms of the different capabilities that we bring.

您知道，我們需要花一些時間來了解客戶的優先事項，因為我們根據所提供的不同功能為他們提供了許多不同的選擇。

So, you know it's about taking them on a structured journey, but what's really refreshing is seeing the sales teams now build 2 to 3 year road maps with the customers.

所以，你知道這是要帶領他們踏上一段結構化的旅程，但真正令人耳目一新的是看到銷售團隊現在與客戶一起制定 2 到 3 年的路線圖。

So, you know that true Saf selling.

所以，您知道真正的安全銷售。

That true kind of, lets prove ROI in one place.

確實如此，讓我們在一個地方證明投資報酬率 (ROI)。

Let's move on to your other key priorities.

讓我們繼續討論您的其他主要優先事項。

That's a big shift in solution selling, and that's probably what I'm most excited about, and obviously what's some of the market drivers for that are safety compliance, insurance, and sustainability as well.

這是解決方案銷售的一大轉變，這也許是我最興奮的，顯然其中一些市場驅動因素包括安全合規、保險和永續性。

Yeah, and in terms of the revenue piece of it.

是的，就收入部分而言。

You have to think about unity as an ecosystem.

你必須將統一視為一個生態系統。

So, we're basically driving everything.

所以，我們基本上推動著一切。

So, unity is the portal into all of our solutions.

因此，Unity 是我們所有解決方案的入口網站。

So, we do it in that way, Alex.

所以，我們就這麼做，亞歷克斯。

So, it's not as if we sort of break it out in terms of its own separate component because it's so interrelated, it doesn't make sense to sort of untangle that.

因此，我們無法將其從其獨立的組成部分中分離出來，因為它們是相互關聯的，所以將其解開是沒有意義的。

In terms of where we're seeing the most amount of success.

就我們見到的最大成功而言。

That's Clearly, it's in warehouse.

很明顯，它在倉庫裡。

There's huge safety concerns there just with the transition in terms of the employee base coming out of COVID, the transition to electric forklifts versus ones that are noisier, so all of those things sort of driving incremental demand there.

從員工基礎擺脫 COVID 的角度來看，從噪音更大的堆高機向電動堆高機的過渡存在巨大的安全隱患，因此所有這些都推動了那裡的增量需求。

We certainly talked in terms of just the strength of this quarter, in terms of, a nice 40% pick up in terms of in warehouse safety.

我們當然談論的是本季的強勁表現，即倉庫安全方面成長了 40%。

So, that's the major area of traction.

所以，這是主要的牽引領域。

The other one obviously being AI cameras, which is a big growth area.

另一個顯然是人工智慧相機，這是一個巨大的成長領域。

We talked about the 52% increase in terms of fleet complete.

我們談到了船隊完成度增加52%的問題。

Now while that's not traditional unity, it will be.

儘管這還不是傳統意義上的團結，但它將會是。

Transitioning over to the new platform, and it's something we'll be cost selling into the sort of the legacy enterprise customers at both, fleet complete, sorry, at both, mix and Power fleet.

過渡到新平台，我們將以成本價向傳統企業客戶銷售產品，包括完整車隊，對不起，混合車隊和 Power 車隊。

So, we'll be driving that as well.

因此，我們也會推動這一點。

So, we don't have a separate breakout, but if you look at the underlying drivers of growth, it is unity, and clearly the thing that is, resonating most strongly with the market is our in in warehouse safety solutions.

因此，我們沒有單獨的突破，但如果你看看成長的根本動力，它是統一的，顯然，與市場產生最強烈共鳴的是我們的倉庫安全解決方案。

And just add to that I just refer to a slide in the Investor data act where we identify 10X opportunity in our base.

補充一點，我剛剛參考了《投資者數據法案》中的一張幻燈片，我們在其中確定了我們基礎中的 10 倍機會。

Just in terms of multiple product adoption, the key value drivers like safety, we've kind of put some stats in there in terms of, the penetration today versus the expected and hopeful penetration tomorrow.

就多種產品採用而言，對於安全性等關鍵價值驅動因素，我們在其中加入了一些統計數據，例如當前的滲透率與未來預期和希望的滲透率。

So, we have a wealth of opportunity for us now.

所以，我們現在面臨豐富的機會。

It's about executing.

這與執行有關。

It's about having the right engagement strategies with our customers and obviously harmonizing our solution sets which we're making great strides towards as well.

這關乎與客戶制定正確的參與策略，顯然也關乎協調我們的解決方案集，我們也朝著這個方向大步邁進。

Okay great thank you both.

好的，非常感謝你們二位。

Thank you.

謝謝。

Greg Gibas, Northland Security.

北國安局的格雷格·吉巴斯。

Hey, good morning, Steven & David.

嘿，早上好，史蒂文和大衛。

Thanks for taking the questions.

感謝您回答這些問題。

Congrats on the strong results.

恭喜您取得的優異成績。

Given the large beverage company in North America when you mentioned Australian utility provider and you know an order from a top mining operator, I just wanted to, I know you covered a little bit, get a little bit more color on what maybe their deciding factors in their selection of powerfully.

當您提到澳洲公用事業提供者時，考慮到北美的大型飲料公司，您知道來自頂級採礦業者的訂單，我只是想，我知道您已經講了一點，更詳細地了解他們在選擇強力供應商時可能有哪些決定性因素。

Could you repeat that?

你能再說一次嗎？

You broke up a little bit at the end.

最後你們稍微分手了。

You said about factors are powerfully.

您說的因素很有力。

Sorry, yeah, just wanted to get some more color on maybe their deciding factors in their selection of Powerfleet.

抱歉，是的，只是想進一步了解他們選擇 Powerfleet 的決定因素。

So I think unity #1, I think breadth and depth of solutions in terms of in warehouse and over the road would be #2.

所以我認為團結是第一位的，倉庫和公路方面解決方案的廣度和深度是第二位的。

And I think also the way that we're rocking up in terms of customer success and long term relationships.

我還認為我們在客戶成功和長期關係方面也取得了進步。

And then finally I'll say the improved balance sheet.

最後我要說的是改善的資產負債表。

So, those four factors are very key in terms of, seeing this as a truly international, truly global player at scale that can go on long term mission critical journeys with our customers.

因此，這四個因素對於將其視為一個真正國際化、真正具有規模的全球性參與者、能夠與我們的客戶一起進行長期關鍵任務旅程至關重要。

And we're holding price very nicely in the marketplace as well.

而且我們在市場上的價格也保持得很好。

So, it's not becoming a price sell.

因此，這不會變成一種定價出售。

It's very much a value sell unlocking that value for our customers.

這在很大程度上是一種價值銷售，可以為我們的客戶釋放價值。

And you know we we're really strong in terms of being able to interpret ROI for customers, which they can build from.

您知道，我們在為客戶解讀投資報酬率 (ROI) 方面非常擅長，客戶可以從中獲益。

Got it.

知道了。

That's helpful.

這很有幫助。

And if I wanted to follow up a little more maybe color of the drivers of the increased revenue and even the guidance ranges, and kind of what gives you confidence in the outlook, could you remind us, I guess of the drivers of the seasonality expectations, in Q4 with the implied sequential decline, and do we anticipate maybe any accounting related impacts, that are anticipated in that Q4 guide?

如果我想進一步了解收入成長的驅動因素，甚至是指導範圍，以及是什麼讓您對前景充滿信心，您能否提醒我們一下季節性預期的驅動因素，第四季度隱含的連續下降，我們是否預計可能出現任何與會計相關的影響，這些影響是在第四季度指南中預期的？

Yeah, So, in terms of the guidance, obviously revenue is up at $10 million in terms of the components of that. $4 million really speaks to the fact that the performance that we just did in Q3 was probably about $4 million higher than the prior guidance.

是的，從指導意義來看，從各個組成部分來看，收入顯然增加了 1,000 萬美元。 400 萬美元實際上表明我們在第三季的業績可能比之前的預期高出約 400 萬美元。

So, that's the driver.

這就是司機。

The other driver is the change in the accounting treatment that you alluded to in terms of, there's about $3 million a quarter or so coming through in terms of the net benefit from the change from Canadian GAAP to US GAAP.

另一個驅動因素是您提到的會計處理的變化，從加拿大 GAAP 到美國 GAAP 的轉變帶來的淨收益每季約為 300 萬美元。

So in terms of the revenue piece, $4 million is just good strong growth, good strong execution $6 million is from the accounting change at Fleet Complete, so that would cover the revenue piece, Greg, anything that I'm missing on that side.

因此就收入部分而言，400 萬美元代表強勁增長和執行力，600 萬美元則來自 Fleet Complete 的會計變更，因此這可以彌補收入部分，格雷格，這是我所遺漏的部分。

No, that, that's kind of what I was indicating.

不，那，那正是我要表達的意思。

Thanks for breaking that down.

謝謝你的解釋。

Yeah.

是的。

And then if you think about the EBITA guide, it's 2.5 on a sort of a $4 million dollar pickup in terms of the organic revenue growth.

如果你考慮 EBITA 指南，你會發現就有機收入成長而言，EBITA 成長了 2.5%，相當於 400 萬美元。

The $6 million from Fleet Complete, that's in essence, it's not EBITA generating, because there's an offset in terms of.

Fleet Complete 提供的 600 萬美元本質上並不會產生 EBITA，因為有一個抵消。

I see.

我懂了。

All right, thanks.

好的，謝謝。

(Operator Instructions)

（操作員指令）

Thank you.

謝謝。

Scott Searle, Roth Capital.

羅斯資本的斯科特·塞爾 (Scott Searle)。

Hey, thanks for taking the follow up.

嘿，感謝您的跟進。

Hey David, maybe just to quickly follow up on the accounting issue, could you just clarify again how long that impact is expected to go, what we should be thinking about in fiscal '27.

嘿，大衛，也許只是為了快速跟進會計問題，你能否再次澄清一下這種影響預計會持續多久，我們應該在 27 財年考慮什麼。

And then Steve, in terms of new logos, I think at the analyst day you guys talked about growth, about 30% coming from new logos and 70% coming from mining the existing base.

然後史蒂夫，就新標誌而言，我想在分析師日你們談到的增長，大約 30％ 來自新標誌，70％ 來自挖掘現有基礎。

Given what's happened in the 90 days since the analyst Day, have you seen any change in your thought process on that front new logos versus upsell, cross sell of the existing base.

考慮到分析師日以來 90 天發生的情況，您在考慮新標誌與現有基礎的追加銷售、交叉銷售方面是否有任何變化？

And lastly, maybe if you guys have given any thought in terms of operating metrics going forward that you're going to be sharing with the street.

最後，也許你們已經考慮過未來的營運指標，並將這些指標與華爾街分享。

Thanks.

謝謝。

So, let me start with the first and the last, Scott, So, in terms of the pickup, in terms of the accounting treatment, one thing we are solving for is rebundling the hardware piece of it, So, it's not treated as a separate deliverable.

所以，讓我從第一個也是最後一個問題開始，斯科特，就提貨而言，就會計處理而言，我們正在解決的一個問題是重新捆綁硬體部分，因此，它不被視為單獨的可交付成果。

So, that is active work that's underway.

因此，這是一項正在進行的積極工作。

We expect that will hit, within the next sort of 5 months or so, targeting maybe closer sort of beginning of fiscal 2026.

我們預計這將在未來 5 個月左右實現，目標可能是在 2026 財年年初。

That will reduce the revenue pick up from something that's sort of 3 today to something closer to $1 million per quarter, So, it becomes pretty de minimis pretty quickly in terms of what's driving that piece of it.

這將使收入成長從現在的每季 300 萬美元左右減少到接近 100 萬美元，因此，就推動這部分收入的因素而言，它很快就會變得微不足道。

And in terms of operating metrics, so much of what we want to do and want to share is predicated upon getting a modern and Back office system in place in terms of ERP in terms of billing just so we can actually drive metrics globally consistently so we don't have to hang tank the metrics.

就營運指標而言，我們想做的和想分享的很多事情都是基於在 ERP 和計費方面建立現代化的後台辦公系統，這樣我們才能在全球範圍內持續推動指標，而不必讓指標懸而未決。

The overriding one that we're solving for is net dollar retention, so that is something that we're very keen to drive the business against.

我們要解決的首要問題是淨美元保留率，因此這是我們非常熱衷於推動業務發展的問題。

We think we're very well positioned as we bring everything together to have a business that can be a really strong engine to get the best in class performance there.

我們認為，我們處於非常有利的位置，因為我們將一切整合在一起，使業務成為一股真正強大的引擎，以實現一流的業績。

But that is the one that we're focused on, but it is predicated upon getting the new systems up and running so we can do it consistently and we can do it, accurately on a global business in many different countries with obviously lots of different starting points.

但這是我們關注的重點，但它的前提是新系統的建立和運行，以便我們能夠始終如一地做到這一點，並且能夠準確地在許多不同國家/地區開展全球業務，顯然這些國家的起點有很多不同。

So, that's what we're driving towards.

這正是我們努力的方向。

In terms of your second question, I don't think we're changing course, 70%, we have a lot of op opportunity for cross sell upsell in our base, and that obviously is a lower cost of acquisition and also speed to revenue is going to be important there.

關於你的第二個問題，我認為我們不會改變方向，70%，我們在我們的基礎上有很多交叉銷售的追加銷售的機會，這顯然會降低收購成本，而且收入速度也很重要。

But what I would say is, to a lot of the theme that we've talked about, we, we're being seen now as a as a top tier player, which allows us to fight the battles in the new logo market extensively.

但我想說的是，對於我們討論的許多主題，我們現在被視為頂級參與者，這使我們能夠在新標誌市場上廣泛參與戰鬥。

And we think with our channel partners they will drive new logo business for us hard.

我們相信，我們和通路合作夥伴將會努力為我們推動新標誌業務。

So, no change, but we think there is, what I would say is both areas are solidifying nicely for us to give us confidence for future growth.

所以，沒有變化，但我們認為有，我想說的是這兩個領域都在很好地鞏固，讓我們對未來的成長充滿信心。

Great thanks so much and congrats again.

非常感謝，再次恭喜。

Thank you.

謝謝。

As we have no further questions on the line, I'd like to hand the call back over to Mr. Steve Towe for any closing remarks.

由於我們沒有其他問題，我想將電話交還給史蒂夫·托威先生，請他做最後發言。

So thank you everybody for your continued support.

感謝大家一直以來的支持。

Very exciting times for us.

對我們來說這是非常令人興奮的時刻。

And It's been, a lot of transformation, a lot of transition to get to this point, but I would refer back to our comments from Invest today.

為了達到這一點，我們經歷了很多轉變、很多轉變，但我要回顧一下我們今天投資的評論。

This was the start line, and we're very encouraged by where we're at today in terms of being able to deliver the performance that we've set forward for FY26 and FY27.

這是起跑線，我們對目前的狀況感到非常鼓舞，我們能夠實現我們為 26 財年和 27 財年設定的業績。

Just to let everyone know we will be at the ruff conference in a 3 to 4 weeks' time in a Day Point.

只是想讓大家知道，我們將在 3 到 4 週後的 Day Point 參加 ruff 會議。

So, look forward to hopefully seeing many of you then.

因此，希望能夠見到你們。

Take care and we'll be back in touch soon.

請保重，我們很快就會再聯絡您。

Goodbye.

再見。

Thank you.

謝謝。

Ladies and gentlemen, this does conclude today's conference, and you may disconnect your lines at this time, and we thank you for your participation.

女士們、先生們，今天的會議到此結束，各位嘉賓可以掛斷電話了，感謝各位嘉賓的參與。