PowerFleet Inc (AIOT) 2025 Q4 法說會逐字稿

Greetings. Welcome to PowerFleet's fourth-quarter and full-year 2025 earnings call.

大家好！歡迎參加 PowerFleet 2025 年第四季及全年財報電話會議。

(Operator Instructions) Please note, this conference is being recorded.

（操作員指示）請注意，本次會議正在錄音。

I will now turn the conference over to your host, David Wilson, Chief Financial Officer. You may begin.

現在，我將會議交給主持人、財務長戴維·威爾遜。您可以開始了。

Thank you, operator. Welcome, everyone, to our extended year-end 2025 earnings call.

謝謝接線生。歡迎大家參加我們延長的2025年年終收益電話會議。

I'll begin with a brief review of our Safe Harbor Statement before handing things over to our CEO, Steve Towe, to kick off today's discussion.

我將首先簡要回顧我們的安全港聲明，然後將事情交給我們的執行長 Steve Towe 來開始今天的討論。

Our remarks today contain forward-looking statements. Our actual results may differ from those contemplated by those 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 release and accompanying slides. Any forward-looking statements that we make on this call are made as of only today. We assume no obligation nor do we intend to publicly update or revise any forward-looking statements to reflect subsequent events or circumstances.

我們今天的評論包含前瞻性陳述。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。可能導致我們的實際結果、業績或成就與此類前瞻性陳述明示或暗示的結果、業績或成就存在重大差異的因素已在今天的收益報告及隨附幻燈片中進行了描述。我們在本次電話會議上所做的任何前瞻性陳述均截至今日為止。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 this call, we will present both GAAP and certain non-GAAP financial measures. A reconciliation of GAAP to non-GAAP measures is included in today's press release and slide deck.

在本次電話會議中，我們將介紹 GAAP 和部分非 GAAP 財務指標。今天的新聞稿和幻燈片中已包含 GAAP 與非 GAAP 指標的對帳表。

The press release and the accompanying slides we will share on today's call are available on the Investors section of our website at ir.powerfleet.com.

我們將在今天的電話會議上分享的新聞稿和隨附的幻燈片可在我們網站 ir.powerfleet.com 的投資者部分找到。

I'll now turn the call over to Steve. Steve?

我現在將電話轉給史蒂夫。史蒂夫？

Thank you, David. Good morning, everyone. I appreciate you joining us for today's full-year and Q4 2025 earnings call.

謝謝，大衛。大家早安。感謝大家參加今天2025年全年及第四季的財報電話會議。

I'm here with key members of the leadership team. We're excited to walk you through what has been, without question, a transformative year for the business.

我和領導團隊的主要成員在這裡。我們非常高興能與大家一起回顧這無疑是公司轉型的一年。

Over the past 12 months, we've taken bold decisive steps, integrating two major acquisitions, streamlining our global operating model, and laying down the foundation for durable, profitable growth. But what's most exciting is the momentum and investor proof points we're now building, not just in the numbers but in independent recognition of our solution capabilities, the highly expanding customer landscape, and the caliber of talent we brought together across the organization.

在過去的12個月裡，我們邁出了果斷的步伐，整合了兩項重大收購，精簡了我們的全球營運模式，為持久的獲利成長奠定了基礎。但最令人興奮的是我們正在建立的勢頭和投資者的認可點，這不僅體現在數據上，還體現在對我們解決方案能力的獨立認可、高度擴展的客戶環境以及我們在整個組織內匯聚的優秀人才。

This is fundamentally a very different company than it was just a year ago. And today, you'll see exactly how far we've come.

從根本上來說，這家公司與一年前相比已經截然不同。今天，你們將親眼見證我們所取得的進步。

It's important for investors to remain cognizant of the speed and the depth of the extensive high-quality business change program the business has successfully executed in context of evaluating PowerFleet as a strong value-accretion opportunity. To help with that, we'll begin today's presentation with a short review of the last 12 months' transformation story.

在評估 PowerFleet 是否是一個強大的增值機會時，投資者務必關注該公司成功實施的廣泛而高品質的業務變革計劃的速度和深度。為了更好地理解這一點，我們將在今天的演講中簡要回顧過去 12 個月的轉型歷程。

I'll hand over to Melissa Ingram, our Chief Corporate Development Officer. Melissa?

我將把麥克風交給我們的首席企業發展官梅麗莎·英格拉姆 (Melissa Ingram)。梅麗莎？

Thank you, Steve. Over the past 12 months, PowerFleet has undergone an extraordinary transformation. The company you see today is nearly unrecognizable compared to the three legacy businesses from which it emerged.

謝謝，史蒂夫。在過去12個月裡，PowerFleet經歷了非凡的轉變。如今的PowerFleet與其最初的三家傳統業務相比，幾乎面目全非。

This next slide captures just how comprehensive this reinvention has been. We now have the revenue scale, subscriber base, customer reach, product portfolio, and a fortified balance sheet to cement a market-leading position in our sector. We're operating across six continents with a go-to-market model that includes both direct and indirect channels.

下一張投影片展現了這次重塑的全面性。我們如今擁有了收入規模、用戶群、客戶覆蓋範圍、產品組合以及穩健的資產負債表，足以鞏固我們在業界的市場領先地位。我們的業務遍及六大洲，採用包含直接和間接通路的市場推廣模式。

Some of the key highlights are a company of more than $400 million of annualized revenue with over 75% of ongoing SaaS revenue, scaling from 700,000 subscribers to 2.8 million, a dramatic move in adjusted EBITDA from $7 million to $71 million, and significant growth in the number of customers and our ability to drive increased wallet share from that extended customer base.

一些關鍵亮點包括：公司年收入超過 4 億美元，其中持續 SaaS 收入佔比超過 75%，用戶數量從 70 萬增加到 280 萬，調整後 EBITDA 從 700 萬美元大幅增加到 7100 萬美元，客戶數量顯著增長，我們有能力從擴大的客戶群中推動錢包份額的增加。

PowerFleet is now a scaled, modern SaaS company. We're unifying our operating systems, sharpening our execution model, and are delivering measurable value across AI video, our unique data highway, and in warehouse solutions.

PowerFleet 現已成為一家規模化、現代化的 SaaS 公司。我們正在統一營運系統，優化執行模式，並在 AI 視訊、我們獨特的資料高速公路和倉庫解決方案領域創造可衡量的價值。

Our transformation has turned complexity and weakness in three individual businesses into the strength of one combined top-tier provider. We're now positioned to scale with speed and profitability.

我們的轉型已將三個獨立業務的複雜性和弱點轉化為整合後的頂級供應商的優勢。我們現已做好準備，以更快的速度和更高的獲利能力實現規模擴張。

Moving on to the next slide. We recognize early skepticism from the investor community, concerns that three moderately performing companies might combine into one larger underperforming entity. But this narrative does not reflect reality. Instead, we have strategically extracted the strengths of each business, eliminated legacy inefficiencies, and added a disruptive, differentiated solution strategy to an expanded customer base. This gives us the ability to perform as a high-growth focused enterprise.

接下來是下一張投影片。我們意識到投資者群體早期的質疑，他們擔心三家業績平平的公司可能會合併成一家業績不佳的大型企業。但這種說法並不反映現實。相反，我們策略性地挖掘了每項業務的優勢，消除了遺留的低效環節，並為擴大的客戶群添加了顛覆性的差異化解決方案策略。這使我們能夠成為一家專注於高成長的企業。

Our M&A strategy wasn't opportunistic. It was deliberate and disciplined, designed to allow rapid forward movement after a targeted clean-up period. Our global scale in premium geographies now enables us to tackle customer pain points more strategically, positioning PowerFleet as a mission-critical partner across markets and channels.

我們的併購策略並非投機取巧，而是經過深思熟慮、嚴謹的，旨在經過一段有針對性的清理期後快速推進。我們在全球高端地區的業務規模使我們能夠更具策略性地解決客戶痛點，將 PowerFleet 定位為跨市場、跨通路的關鍵合作夥伴。

Moving on to the next slide. Thanks to six months of pre-planning, our integration execution was immediate and decisive. In the first half of FY25, our focus was on structure and rapid mobilization. We executed with intensity.

接下來是下一張投影片。由於六個月的預先規劃，我們的整合工作執行迅速且果斷。 2025財年上半年，我們的重點是組織架構和快速動員。我們執行得非常有力度。

The closure of the MiX deal gave us global scale and engineering depth. Integration for us is about building a better company. So we hit the ground running with a clear and deliberate execution plan.

MiX 交易的完成賦予了我們全球規模和工程深度。對我們來說，整合意味著打造更優秀的公司。因此，我們制定了清晰而周密的執行計劃，並立即投入工作。

In half one, we launched a top-down synergy program, identifying and fast tracking the highest ROI savings initiatives. We unified our product roadmap under Unity, sunsetting legacy overlaps, and aligning teams to one platform vision.

在第一季度，我們啟動了一項自上而下的協同計劃，識別並快速追蹤投資回報率最高的節約計劃。我們統一了 Unity 的產品路線圖，消除了遺留的重疊部分，並使團隊朝著統一的平台願景邁進。

The business centralized key functions to drive scalability and consistency. We rationalized underperforming spend across tools, systems, and facilities.

業務集中化關鍵功能，以提高可擴充性和一致性。我們合理化了工具、系統和設施方面表現不佳的支出。

The team began to rebuild our customer success function from the ground up, aligning teams around life cycle value and platform expansion. Another key priority was to enhance a high-caliber leadership team with performance metrics aligned to our post-combination priorities. This was a highly coordinated execution effort, which laid the groundwork for an even more aggressive posture in half two.

團隊開始從頭開始重建我們的客戶成功職能，圍繞生命週期價值和平台擴展來協調團隊。另一個關鍵優先事項是增強一支高素質的領導團隊，其績效指標與合併後的優先事項保持一致。這是一項高度協調的執行工作，為下半年更積極的態勢奠定了基礎。

Next slide, please. Half two was about acceleration. With the close of the Fleet Complete acquisition, we shifted gears, moving from organizational blocking and tackling to creating scale and momentum. Here's what we delivered:

請看下一張投影片。第二部分是關於加速的。隨著Fleet Complete收購的完成，我們改變了策略，從組織層面的阻擋和應對轉向創造規模和動力。以下是我們交付的內容：

We hit our full synergy target ahead of schedule, showing that we could integrate while still growing. We quadrupled our Unity-focused engineering headcount to over 400 FTE, giving us the muscle to scale innovation across AI video in warehouse and data ingestion.

我們提前實現了全面協同目標，表明我們能夠在整合的同時繼續發展。我們專注於 Unity 的工程團隊人數增加了四倍，達到 400 多名全職員工，這讓我們有能力在倉庫和資料擷取領域的 AI 視訊領域擴展創新。

We built and activated a modern sales enablement function, giving reps the tools, training, and the data to close more faster. The business transitioned from siloed regional teams to a unified commercial engine structured around value drivers, not geography. The team also simplified our product architecture, reducing go-to-market friction and enabling multi-solution modularity.

我們建構並啟用了現代化的銷售賦能功能，為銷售代表提供工具、培訓和數據，幫助他們更快達成交易。業務從各自為政的區域團隊轉型為以價值驅動力而非地理為核心的統一商業引擎。團隊也簡化了產品架構，減少了上市阻力，並實現了多解決方案模組化。

Performance rigor was embedded across the organization from daily sales stand-up calls, weekly pipeline reviews to monthly operating cadences. This phase of the year demonstrated our ability to transform, while building to stay aggressive without losing financial discipline.

從每日銷售電話會議、每週銷售漏斗回顧到每月營運節奏，整個組織都貫徹了嚴謹的績效管理。這一階段展現了我們轉型的能力，同時在不違反財務紀律的情況下保持積極進取。

A key fundamental of the transformation is now coming to life, as we enter FY26 aggressively implementing new operating systems. We now have the quantum and quality of people and the group strategy is being implemented across the whole business. That gives us full confidence in what comes next.

隨著我們進入2026財年，積極實施新的營運體系，轉型的關鍵基礎正逐漸顯現。我們目前擁有充足的人才資源和高素質的員工隊伍，集團策略也正在全公司範圍內實施。這讓我們對未來充滿信心。

Next slide, please. One of the most important proof points from FY25 is that we didn't just promise synergy, we delivered it. We committed to $16 million in adjusted EBITDA synergies. And I'm pleased to report we executed every dollar of that on time and in full, while simultaneously driving growth vectors and building out innovation.

請翻到下一張投影片。 2025財年最重要的證明之一是，我們不僅承諾了綜效，而且做到了。我們承諾實現1600萬美元的調整後EBITDA綜效。我很高興地報告，我們按時、足額地完成了每一美元的協同效應，同時推動了成長方向並拓展了創新。

This synergy achievement came from four strategic levers.

這項綜效源自四大策略槓桿。

Firstly, organization efficiency. We streamlined redundant functions across legacy businesses, flattened reporting structures, and built centralized centers of excellence. This was a surgical approach, focusing on role clarity, performance, and scalability.

首先，提升組織效率。我們精簡了傳統業務中冗餘的職能，扁平化了報告結構，並建立了集中式的卓越中心。這是一種精準的管理方法，注重角色清晰、績效和可擴展性。

Secondly, systems and process consolidation. We're rationalizing dozens of overlapping systems from ERP to HRIS to customer support tools and moving towards a harmonized operating backbone. This allows us to scale without adding overhead.

其次，系統和流程整合。我們正在理順數十個重疊的系統，從ERP到HRIS，再到客戶支援工具，並逐步建立統一的營運主幹。這使我們能夠在不增加營運成本的情況下實現擴展。

Thirdly, procurement and vendor spend optimization. With greater volume came greater negotiating power. We consolidated vendor relationships, exited duplicative contracts, and implemented cost governance across engineering and operations.

第三，採購和供應商支出最佳化。業務量越大，議價能力越強。我們整合了供應商關係，終止了重複合約，並在工程和營運部門實施了成本治理。

And finally, commercial simplification. We restructured go-to-market motions to align around SaaS, eliminating product overlap and focusing reps on higher-velocity, higher-margin opportunities.

最後，商業簡化。我們重組了上市流程，使其與SaaS保持一致，消除了產品重疊，並讓銷售代表專注於更高速度、更高利潤的機會。

Most importantly, we delivered these results, while maintaining organic growth, investing in customer experience, and laying the foundation for FY26 cost leverage. This wasn't integration at the expense of performance, it was integration fueling performance.

最重要的是，我們在取得這些業績的同時，保持了有機成長，投資於客戶體驗，並為2026財年的成本槓桿奠定了基礎。這不是以犧牲績效為代價的整合，而是以績效為驅動的整合。

I'll now hand back to Steve to take us through some of the business highlights from the year.

現在我將把話題交還給史蒂夫，讓他向我們介紹今年的一些業務亮點。

Thanks, Melissa. Before we dive into the numbers, let's take a moment to step back and look at the big picture because FY25 was not just a year of integration, it was a breakout year for PowerFleet.

謝謝，梅麗莎。在深入研究數據之前，我們先回顧一下整體情況，因為2025財年不僅是PowerFleet整合的一年，更是突破的一年。

Simultaneously, we bought MiX and Fleet Complete under one roof. We hit our organic growth targets. We dramatically expanded EBITDA and executed one of the fastest and effective platform consolidations ever in the space.

同時，我們收購了MiX和Fleet Complete。我們實現了有機成長目標。 EBITDA大幅提升，並完成了業內有史以來最快、最有效的平台整合之一。

On top of that, customer engagement has undeniably surged, a clear sign that our strategy is resonating where it matters most. This was a truly foundational year. What we've built now positions us for durable, efficient, and scalable growth into FY26 and beyond.

除此之外，客戶參與度無疑大幅提升，這清楚地表明我們的策略在最重要的領域產生了共鳴。這是真正奠定基礎的一年。我們目前所建構的基石，將使我們在2026財年及以後實現持久、高效且可擴展的成長。

Let's move to the next slide. One of the core pillars of our strategy is revenue expansion through cross-sell and upsell. FY25 gave us some of the clearest signals yet: it's working at scale. This slide spotlights just a few of our standout enterprise expansion wins, each one strategically significant from contracts with multiple Fortune 500 sectors like energy, mining, and construction to large multinational and global services organizations.

讓我們看下一張投影片。我們策略的核心支柱之一是透過交叉銷售和追加銷售來擴大收入。 2025財年向我們傳遞了一些迄今為止最清晰的信號：這項策略正在規模化地發揮作用。這張投影片重點介紹了我們在企業擴張方面取得的一些突出成就，每一項都具有重要的戰略意義，從與能源、採礦和建築等多個財富500強企業簽訂的合同，到與大型跨國公司和全球服務機構簽訂的合同，不一而足。

Each one, a powerful proof point of the traction our Unity platform is generating across key verticals. These aren't just headline wins, they're part of a repeatable, durable land-and-expand motion. In many cases, we entered through a single solution and quickly earned the right to grow into multiple Unity pillars, spanning AI video in warehouse operations and compliance data layers.

每一個都有力地證明了我們的 Unity 平台在關鍵垂直領域所取得的進展。這些不僅是頭條新聞，更是我們可重複、持久的落地擴張計畫的一部分。在許多情況下，我們最初只是透過單一解決方案進入市場，卻迅速贏得了發展多個 Unity 支柱的資格，涵蓋倉庫營運中的 AI 視訊以及合規資料層。

What we're seeing now is a flywheel in motion. Customers are leaning in because Unity solves real, everyday challenges, improving safety, enhancing visibility, and boosting operational efficiency, all in one integrated platform.

我們現在看到的是一個飛輪在運轉。客戶之所以選擇 Unity，是因為 Unity 能夠解決日常面臨的實際挑戰，提升安全性、增強視覺性，並提升營運效率，所有這些都在一個整合平台上實現。

We're embedding ourselves deeper into customer workflows, driving long-term value, and securing recurring revenue streams at scale over time. Put simply, these larger multi-product expansions signal something bigger: PowerFleet is becoming a mission-critical partner to the enterprises we serve.

我們正在更深入地融入客戶工作流程，推動長期價值，並確保長期持續的持續收入流。簡而言之，這些更大規模的多產品擴充預示著更大的目標：PowerFleet 正在成為我們所服務企業的關鍵任務合作夥伴。

Next slide. While customer expansion was a major story in FY25, what's just as powerful -- and maybe even more telling -- is our newfound ability to consistently land new high-quality logos. We are now beginning to do that at scale.

下一張投影片。雖然客戶拓展是2025財年的一大亮點，但同樣強勁——甚至更引人注目——的是我們新獲得的持續獲得高品質新標誌的能力。我們現在正開始大規模地做到這一點。

As you can see on this slide, we signed contracts with over 600 new midsized and large customers this year, cutting across a wide range of industries, geographies, and deal profiles. We have many of the world's top companies choosing PowerFleet as their long-term partner of choice from Fortune 500 manufacturing and food and beverage leaders to multimillion-dollar TCV deals with national transport and leasing companies.

正如您在這張投影片上看到的，我們今年與600多家新的中型和大型客戶簽訂了合同，涵蓋了各個行業、地區和交易類型。許多世界頂尖公司都選擇PowerFleet作為他們的長期合作夥伴，從​​財富500強製造業和食品飲料行業的領導企業，到與全國運輸和租賃公司簽訂了數百萬美元的TCV合約的企業。

That level of diversification speaks volumes about the breadth of our product market fit and the growing reputation of PowerFleet as a serious player in enterprise and mid-market segments. We're now being invited into more competitive RFPs. Our presence in key verticals is expanding and, most importantly, our win rates are climbing.

這種多元化程度充分體現了我們產品市場契合度的廣度，以及PowerFleet作為企業和中端市場重要參與者日益增長的聲譽。我們現在正收到更多競爭激烈的招標書（RFP）邀請。我們在關鍵垂直領域的影響力正在擴大，最重要的是，我們的中標率正在攀升。

More and more customers view PowerFleet, not as a challenger brand, but as a credible Tier 1 solution provider. Our strategy is earning trust at the enterprise level and opening the door for long-term platform-wide relationships.

越來越多的客戶不再將 PowerFleet 視為挑戰者品牌，而是將其視為值得信賴的一級解決方案提供者。我們的策略是贏得企業級信任，並開啟建立長期平台合作關係的大門。

Next slide. Our top-tier geographies, North America, Europe, and Australasia, continue to deliver strong performance. But what really stands out is the consistency and breadth of that momentum across key segments. This presents systemic traction that reinforces the strength of our growth model.

下一張投影片。我們主要的業務區域——北美、歐洲和澳大拉西亞——持續保持強勁成長。但真正引人注目的是，這種勢頭在各個關鍵細分市場的一致性和廣度。這展現出系統性的牽引力，增強了我們成長模式的實力。

Let's take a look at some of the highlights.

讓我們來看看其中的一些亮點。

Cross-sell revenue was up 96% year over year, which tells us that our customers are leaning into the Unity platform as a result of the business combination. They're consolidating point solutions, expanding their footprint, and seeing fast returns on investments. We're capturing that momentum with precision.

交叉銷售收入年增 96%，這表明我們的客戶在業務合併後越來越傾向於使用 Unity 平台。他們正在整合單點解決方案，擴大業務範圍，並快速獲得投資回報。我們正在精準把握這項發展動能。

Our in-warehouse solutions grew 71% in high-intensity verticals of automotive, food and beverage, and heavy industrials. These are sectors that run on efficiency, risk mitigation, and uptime. Unity delivers all three, with measurable ROI that accelerates buying decisions.

我們的倉儲解決方案在汽車、食品飲料和重工業等高強度垂直行業中成長了 71%。這些行業注重效率、風險規避和正常運作時間。 Unity 可同時滿足這三個需求，並具有可衡量的投資報酬率，從而加速購買決策。

And finally, our AI video deployments increased 52% within our largest indirect channel partner in the US. We're seeing increased demand for intelligent safety and compliance tools, not as standalone modules but as core components of operational strategy.

最後，我們在美國最大的間接通路合作夥伴中，AI影片部署量成長了52%。我們看到對智慧安全與合規工具的需求不斷增長，這些工具不再是獨立的模組，而是營運策略的核心組成部分。

This is what we mean when we say the strategy is working across a variety of industries, customer tiers, and multi-region go-to-market motions. The Unity suite is scaling with real purpose.

這就是我們所說的「該策略正在跨產業、跨客戶層級、跨區域上市」的含義。 Unity 套件的擴展具有實際的意義。

Moving on to the next slide. We've also taken bold deliberate steps to sharpen our revenue mix. pruning non-strategic contracts and sunsetting product lines that no longer align with our long-term vision. That's allowed us to reallocate resources to the highest value opportunities.

接下來是下一張投影片。我們也採取了大膽而審慎的措施來優化我們的收入結構，例如削減非戰略性合同，並淘汰那些不再符合我們長期願景的產品線。這使我們能夠將資源重新分配到最有價值的機會上。

Also, in our legacy MiX and Fleet Complete operations, there have been a clear underinvestment in customer success in recent times. It showed in retention. We entered both acquisitions in the knowledge of churn erosion that would hit in FY25, with a tail into early FY26 in some complex legacy large accounts that have previously been underserved, accounting collectively for circa $10 million of ARR or 3% of their combined revenue estate.

此外，在我們原有的 MiX 和 Fleet Complete 業務中，近期在客戶成功方面明顯投資不足，這體現在客戶留存率上。我們進行這兩項收購時，都考慮到客戶流失率將在 2025 財年達到峰值，而一些先前服務不足的複雜原有大客戶，其 ARR 總計約為 1,000 萬美元，佔其總收入的 3%。

We are now building a proactive, high-impact customer success organization and the turnaround is already visible. We've delivered three consecutive quarters of improved retention, driven by faster onboarding, more predictive engagement, and a clearer connection between platform usage and business outcomes. At the same time, our data hire integrations are driving higher customer stickiness, making it easier for clients to scale with us and harder to walk away.

我們正在打造一個積極主動、影響力強的客戶成功組織，並且已經取得了顯著的成效。由於更快的入職速度、更具預測性的互動以及平台使用率與業務成果之間更清晰的關聯，我們已連續三個季度實現了客戶留存率的提升。同時，我們的資料租賃整合服務正在提升客戶黏著度，使客戶更容易與我們合作擴展業務，更難流失。

The key here is we are creating durable growth through deeper, smarter customer relationships. And we're doing it all with real discipline.

關鍵在於，我們透過更深入、更聰明的客戶關係創造持久成長。而且，我們始終秉持嚴謹的紀律。

Next slide. At the end of the day, product traction and revenue growth only matter if we're delivering real, measurable customer value. This slide shows exactly that. Our customers are transforming how they operate and they're doing it fast. The feedback we're getting is unambiguous.

下一張投影片。歸根究底，只有我們能夠提供真正可衡量的客戶價值，產品吸引力和收入成長才有意義。這張幻燈片正好展現了這一點。我們的客戶正在快速轉變營運方式。我們收到的回饋非常明確。

Unity helps executives to sleep at night. It de-risks daily operations, elevate safety standards, boost efficiency and unifies data into one intuitive integrated view, whether you're in compliance, safety, logistics, or warehouse operations. These are hard-dollar benefit outcomes delivered at scale. And the impact is strong enough that our customers are becoming strong advocates.

Unity 讓高階主管安心無憂。無論您是從事合規、安全、物流還是倉庫運營，它都能降低日常營運風險、提升安全標準、提升效率，並將資料統一到一個直觀的整合視圖中。這些都是規模化交付的實實在在的效益成果。其影響力如此之大，讓我們的客戶成為了 Unity 的堅定擁護者。

Our sponsors are introducing us into other divisions, expanding from a single module to full platform adoption and becoming multi-product, multi-site customers within 12 months of initial deployment. This is the Unity flywheel in motion as time to value, referenceable outcomes, and growing customer lifetime value.

我們的贊助商正在將我們引入其他部門，從單一模組擴展到全平台採用，並在初始部署後的 12 個月內成為多產品、多站點客戶。這就像 Unity 飛輪不斷運轉，價值實現速度、可參考的成果以及不斷增長的客戶生命週期價值。

Next slide. A true defining moment this year was our recognition as the number 1 global leader in platform solutions and innovation by the most respected product research firm in our space. ABI Research ranked PowerFleet as number 1 in innovation, ahead of other market leaders. This isn't a vanity ranking. ABI's evaluation is rigorous, measuring platform breadth, AI maturity, usability, scalability, and ecosystem readiness.

下一張投影片。今年一個真正的決定性時刻是，我們被業內最受尊敬的產品研究公司 ABI Research 評為平台解決方案和創新領域的全球領導者。 ABI Research 將 PowerFleet 評為創新第一名，領先其他市場領導者。這並非虛榮排名。 ABI 的評估非常嚴格，衡量平台廣度、AI 成熟度、可用性、可擴展性和生態系統就緒性。

We weren't even on the radar two years ago. Now, we lead the global marketplace in innovation. That's a testament to the Unity platform strategy, to our execution on hardware-agnostic ingestion, AI-driven insight layers, and our ability to solve multiple use cases across fleet, fixed sites such as warehouses and mobile operations.

兩年前，我們甚至還沒有引起人們的注意。如今，我們引領全球創新市場。這充分證明了 Unity 平台策略的卓越表現，證明了我們在硬體無關資料擷取、AI 驅動洞察層方面的卓越執行力，以及我們能夠解決跨車隊、倉庫等固定站點和行動營運的多種用例的能力。

This ranking gives us added credibility in enterprise conversations. It builds confidence with channel partners. And it's a tangible differentiator as we compete for larger platform scale deals. In short, the market is recognizing the transformation and is putting PowerFleet firmly at the front of the pack.

這項排名提升了我們在企業對話中的可信度，增強了我們與通路夥伴的信心。在我們爭取更大規模的平台級交易時，這也是一個實際的差異化優勢。簡而言之，市場正在認可我們的轉型，並將 PowerFleet 牢牢地推向領先地位。

Next slide. Now, let's close out FY25 with a view of our Q4 performance.

下一張投影片。現在，讓我們以第四季的業績來結束 2025 財年。

Next slide, please. Q4 was a disciplined [on-point] close to the year to what has been a transformational year for PowerFleet. We delivered $104 million in total revenue, representing 40% year-over-year growth and generated $20 million in adjusted EBITDA, up an impressive 80% from the prior year.

請看下一張投影片。第四季是PowerFleet轉型之年，我們以嚴謹的作風收官，取得了圓滿成功。我們實現了1.04億美元的總收入，年增40%，調整後息稅折舊攤提前利潤（EBITDA）為2000萬美元，年增80%，令人印象深刻。

Our gross margins held steady at over 60% and recurring revenue made up 79% of the total, a clear sign of our shift to a subscription-first business model. This was achieved in a quarter marked by significant integration activity.

我們的毛利率穩定在60%以上，經常性收入佔總收入的79%，這清楚地表明我們已轉向訂閱優先的業務模式。這一成績的取得得益於本季的重大整合活動。

In our opinion, this makes these results more compelling. They reflect the operating leverage we're beginning to unlock, as we scale effectively and efficiently with precision. You'll hear more financial details on the quarter from David shortly.

我們認為，這使得這些業績更具吸引力。這反映了我們正開始釋放的營運槓桿，因為我們正以精準的方式有效且有效率地擴張。 David 很快就會向您介紹本季的更多財務細節。

But the key takeaway is this, our strategy is working. The pipeline growth, our recent large win announcements, and improved customer sentiment all support it. Our continued margin trajectory and improving underlying cash performance will confirm it.

但關鍵在於，我們的策略正在奏效。產品線的成長、近期宣布的重大訂單以及客戶情緒的改善都印證了這一點。我們持續的利潤率成長軌跡和不斷改善的基礎現金流表現也將進一步印證這一點。

Next slide. Now, turning to Q4 business highlights. This is a quarter where we saw diverse, high-quality ARR wins, spanning multiple industries and geographies. We're now building the muscle to consistently land multiple $100,000-plus ARR deals each quarter. It's more than encouraging. It's foundational to scaling our future performance.

下一張投影片。現在，我們來看看第四季的業務亮點。本季度，我們取得了多元化、高品質的年度經常性收入 (ARR) 成果，涵蓋多個產業和地區。我們正在努力提昇實力，爭取每季都能達成多個 10 萬美元以上的年度經常性收入 (ARR) 交易。這不僅令人鼓舞，更是我們未來業績提升的基礎。

What's even more exciting is where the growth is coming from? We're seeing a clear shift in both pipeline and closed deals towards our highest-value solution sets. In fact, over half of our new sales revenue signed in Q4 came from AI video and in-warehouse products, two of the most strategic high-impact components of the Unity platform.

更令人興奮的是，成長來自哪裡？我們看到，無論是銷售管道還是已成交的交易，都明顯轉向了我們價值最高的解決方案組合。事實上，第四季我們新增銷售收入的一半以上來自AI視訊和倉儲產品，這兩個產品是Unity平台最具戰略意義和影響力的組件。

Our AI video pipeline grew 120% quarter over quarter, which is a powerful indicator of increasing market demand and successful deployments. This is exactly what we are driving towards: larger deal sizes, stronger product mix, and a sales motion that aligns directly with our platform value and margin goals.

我們的AI視訊產品線環比增長了120%，這有力地表明市場需求不斷增長，部署也取得了成功。這正是我們努力的方向：擴大交易規模，增強產品組合，並實現與平台價值和利潤目標緊密契合的銷售成長。

Moving on to the next slide. Building on the momentum from last quarter's strategic win with a global beverage leader, we're thrilled to share another high-impact enterprise expansion this quarter in the US market.

繼續下一張投影片。基於上季度與全球飲料領導者達成的策略性勝利，我們很高興在本季分享美國市場另一項具有重大影響力的企業擴張。

EverDriven has agreed a large-scale deployment of Unity safety solutions, a great relationship with a multi-million dollar contract value spanning operations across 34 states. This is a standout example of a customer not only scaling with us, but doing so with conviction and high levels of confidence. It also underscores the power of Unity to support mission-critical operations across large distributed fleets.

EverDriven 已同意大規模部署 Unity 安全解決方案，雙方建立了良好的合作關係，這份價值數百萬美元的合約涵蓋34個州的營運。這是一個傑出的案例，顯示客戶不僅與我們合作擴展業務，而且充滿信心地推進業務擴展。這也凸顯了 Unity 在支援大型分散式車隊關鍵任務營運方面的強大實力。

We're really proud to support Mitch and the entire team at EverDriven, as they enter the next phase of their journey of improving safety and reducing risk for their community.

我們非常自豪能夠支持 Mitch 和 EverDriven 的整個團隊，幫助他們進入改善社群安全和降低社群風險的下一階段。

With that, let's pivot to what lies ahead in FY26. I'll now hand it over to our EVP of Sales, Craig Fisk, to walk you through the commercial outlook for FY26. Craig?

好了，讓我們來展望一下2026財年的未來。現在，我將把時間交給我們的銷售執行副總裁Craig Fisk，他將為您介紹2026財年的商業前景。 Craig？

Thanks, Steve. Hi, everybody.

謝謝，史蒂夫。大家好。

I'm excited to share with you our sales outlook for FY26. This year is about activation. FY25 was about integration and transformation. We execute that at speed. FY26 is now about unlocking the full value of what we've built.

我很高興與大家分享我們對2026財年的銷售展望。今年的主題是激活。 2025財年的主題是整合與轉型。我們正在快速執行這些目標。 2026財年現在的目標是釋放我們已建立業務的全部價值。

Next slide. Let's talk about what is happening in the market. We're seeing three urgent shifts.

下一張投影片。讓我們來談談市場正在發生的事情。我們看到了三個迫切的轉變。

First, the cost of data fragmentation is exploding. Typically, enterprises run in the region of four or more legacy platforms, wasting time and limiting visibilities. Second, resilience can't wait. Macroeconomic disruptions are increasing. The thirst for highly-intuitive, simplified, proactive, and predictive data analytics are becoming mission-critical. LEGACY systems can't keep up.

首先，資料碎片化的成本正在激增。通常，企業在四個或更多的舊平台之間運行，浪費時間並限制了可視性。其次，韌性刻不容緩。宏觀經濟波動日益加劇。對高度直觀、簡化、主動且具有預測性的資料分析的需求正變得至關重要。舊系統已無法跟上時代的步伐。

And third, safety is no longer optional. It is a Board-level concern. Unity hits right at the heart of all three of these market drivers.

第三，安全不再是可有可無的。它已成為董事會層面的關切。 Unity 正中這三大市場驅動力的要害。

Next slide, please. Q1 has shown a clear and compelling signal. Unity's momentum in the market is accelerating. Across all key categories, pipeline growth is strong. Our data highway pipeline has increased 50% quarter over quarter, driven by customers seeking to consolidate fragmented systems into a single data ingestion and orchestration layer.

請看下一張投影片。第一季已經展現出清晰而有力的訊號。 Unity 在市場上的勢頭正在加速。所有關鍵類別的管道成長都十分強勁。我們的數據高速公路管道環比增長了 50%，這得益於客戶希望將分散的系統整合到單一的數據提取和編排層。

In-warehouse, new logo pipeline grew 121% quarter over quarter, fueled by demand in automotive, F&B, and logistics. Verticals are now prioritizing real-time visibility and safety. AI video, one of our fastest-growing modules, saw a 50% jump in pipeline, reflecting increased awareness and strong early results from recent deployments.

受汽車、餐飲和物流行業需求的推動，倉儲新標誌管道環比成長 121%。垂直行業現在優先考慮即時可視性和安全性。 AI 影片是我們成長最快的模組之一，通路成長了 50%，這反映出認知度的提升以及近期部署帶來的強勁早期成果。

Perhaps most notably, our cross-sell pipeline has doubled, signaling real traction in bundling Unity capabilities across existing accounts. We also added 38 new major enterprise opportunities to the Data Highway pipeline this quarter, a leading indicator that awareness is up, the value proposition is resonating and our go-to-market teams are executing.

或許最值得注意的是，我們的交叉銷售管道翻了一番，這表明在現有客戶中捆綁 Unity 功能方面取得了真正的進展。本季度，我們也為數據高速公路通路新增了 38 個重要的企業客戶機會，這是一個領先指標，顯示企業認知度正在提升，價值主張正在引起共鳴，我們的市場推廣團隊正在積極執行。

This is the early flywheel effect, and we've been building toward. Product differentiation is driving demand. Enablement is increasing velocity. And the references from our Single Pane Of Glass data highway deployments are starting to pay dividends across the funnel.

這是早期的飛輪效應，我們一直在為此努力。產品差異化正在推動需求。賦能正在提升速度。我們單一平台資料高速公路部署的參考案例已開始在整個漏斗中產生效益。

We expect this acceleration to continue throughout FY26. Next slide. What's powering this pipeline acceleration is not just Unity's breadth, it's how well differentiated each solution area is within our target markets.

我們預計這種加速將持續到整個2026財年。下一張投影片。推動這項管道加速發展的不僅是Unity的廣度，還有我們目標市場中每個解決方案領域的差異化程度。

Take our Single Pane Of Glass data highway. A Fortune 500 automotive leader selected Unity to consolidate compliance, driver performance, and data over 6 disparate systems into a single system of record. That level of harmonization is something other point solutions can't deliver.

以我們的「單一管理平台」資料高速公路為例。財富 500 強汽車行業的領導者選擇 Unity，將 6 個不同系統中的合規性、駕駛員績效和數據整合到一個記錄系統中。這種程度的協調性是其他單點解決方案無法實現的。

Shifting to In-Warehouse, our work with TELUS as an example, who launched Unity in Q1, is opening up major indirect channel in Canada. AI video continues to be one of our biggest levers. We're seeing multi-thousand subscription opportunities from customers like EverDriven, who are rapidly scaling across 34 states. That deployment alone includes deep integration with compliance and behavioral-based alerts, driving both safety and efficiency improvements.

轉向倉儲業務，例如我們與TELUS的合作，他們在第一季推出了Unity，正在加拿大開闢重要的間接管道。人工智慧視訊仍然是我們最大的槓桿之一。我們看到來自EverDriven等客戶的數千個訂閱機會，他們正在34個州迅速擴張。僅此一項部署就包括與合規性和基於行為的警報的深度集成，從而推動了安全性和效率的提升。

What ties all these together is Unity's flexibility and end-to-end visibility. We're not selling isolated features. We're offering a modular, extensible platform that adapts to each customer's operations and expands easily once value is proven. That's why deal sizes are growing. Sales cycles are tightening and referenceability is rising.

Unity 的靈活性和端到端的可視性將所有這些緊密聯繫在一起。我們出售的並非孤立的功能。我們提供模組化、可擴展的平台，能夠適應每個客戶的運營，並在價值得到驗證後輕鬆擴展。正因如此，交易規模不斷成長。銷售週期不斷縮短，可參考性不斷提升。

Next slide, please. Our indirect channel, especially through our telco partners, is now becoming a meaningful and scalable growth engine. I'll cover TELUS in more depth on the next slide. So let's start with AT&T, where we're in pre-launch phase for the enterprise segment. This is an enormous opportunity. AT&T serves a large base of commercial fleet customers, many of whom are underpenetrated or using fragmented solutions.

請看下一張投影片。我們的間接管道，尤其是透過我們的電信合作夥伴，現在正成為一個意義重大且可擴展的成長引擎。下一張投影片我會更深入地介紹TELUS。我們先從AT&T開始，目前正處於企業業務的預發布階段。這是一個巨大的機會。 AT&T服務於龐大的商業車隊客戶群，其中許多客戶滲透率較低或使用的解決方案比較零散。

We're also working closely with a third major North American telco, where early integration work and go-to-market planning are already underway. Once live, this will extend our reach even further into mid-market and public sector verticals.

我們也與第三家北美大型電信公司密切合作，目前該公司的早期整合工作和上市規劃已在進行中。一旦上線，這將進一步拓展我們的中端市場和公共部門垂直領域。

We're also delighted to have signed with a major European telco with go-to-market plans being ready for launch in Q4. What's exciting is how quickly these partners are ramping. The Unity platform is easy to demo, it's fast to deploy and solves real pain points for their customers. This is one of our highest leverage growth plays going into second half and beyond.

我們也很高興與歐洲大型電信業者簽約，上市計畫將於第四季推出。令人興奮的是這些合作夥伴的快速發展。 Unity平台易於演示，部署快捷，並能解決客戶的實際痛點。這是我們下半年及以後最具槓桿率的成長項目之一。

Moving on to the next slide. This is what real partner activation looks like. TELUS launched on May 15 and their commercial teams are now fully engaged. The feedback has been phenomenal. They're excited about the value we're bringing in warehouse through safety, efficiency, asset optimization; and their pipeline is already in the millions. We have a tremendous partnership and an outstanding growth opportunity with lots of runway that's executing on right now.

接下來是下一張投影片。真正的合作夥伴啟動是這樣的。 TELUS 於 5 月 15 日正式啟動，他們的商業團隊目前已全面投入。反饋非常好。他們對我們透過安全、效率和資產優化為倉庫帶來的價值感到興奮；他們的通路客戶數量已達數百萬。我們擁有強大的合作夥伴關係和卓越的成長機會，目前正處於蓬勃發展階段。

Next slide. This slide captures the power of Unity. It's the only system of record covering agnostic data ingestion, end-to-end warehouse to over-the-road visibility, and AI video insights harmonizing customer operations across the whole supply chain.

下一張投影片。這張幻燈片展現了 Unity 的強大功能。它是唯一一個涵蓋不可知資料收集、端到端倉庫到公路運輸可視性以及 AI 視訊洞察的記錄系統，能夠協調整個供應鏈中的客戶運作。

The result of Unity's consolidation engine?, Customers are seeing a 30% plus reduction in vendor spend and wasted time and a 35% increase in value by integrating into their other operating systems as well as all of the safety, operational, and compliance benefits from being able to use the full power of their data. That's huge. Unity is now a mission-critical strategic platform for our customers.

Unity 整合引擎的成果是什麼？客戶發現，透過整合到其他作業系統，供應商支出和時間浪費減少了 30% 以上，價值提升了 35%，並且能夠充分利用資料的全部功能，從而獲得安全、營運和合規方面的所有優勢。這意義重大。 Unity 現已成為我們客戶的關鍵任務策略平台。

Next slide. In Q1 alone, so far, Unity Single Pane Of Glass gained serious traction. For example, we signed a Fortune 500 energy customer for 1,500 new subs. We also secured a top 3 US freight broker with over 4,500 subs. This has been added to with 4,000 subs signed, with a top multi-service mobility leader. With momentum growing, we have confidence around signing a global automotive leader for over 10,000 subs and a food and beverage distributor for over 14,000 subs, both expected in the first half. These are transformative rollouts using Unity to solve for holistic safety, visibility, and system consolidation.

下一張投影片。僅在第一季度，Unity 單一平台就取得了顯著進展。例如，我們與財富 500 強能源客戶簽訂了 1,500 份新訂單。我們還與一家美國排名前三的貨運代理公司簽訂了超過 4,500 份訂單。此外，我們與一家領先的多服務行動出行公司簽訂了 4,000 份訂單。隨著業務發展勢頭強勁，我們有信心與一家全球汽車行業領導者簽訂超過 10,000 份訂單，以及與一家食品飲料分銷商簽訂超過 14,000 份訂單，預計這兩筆訂單都將在上半年完成。這些都是使用 Unity 解決整體安全性、視覺性和系統整合問題的變革性部署。

The Single Pane Of Glass value prop is winning. The numbers prove it. Our sales teams are pumped up for this year. And we have superbly differentiated value props to take to the market.

單一平台價值主張正在奏效。數據證明了這一點。我們的銷售團隊對今年充滿信心。我們擁有極具差異化的價值主張，可以推向市場。

With that, I'll hand it over to David Wilson, PowerFleet's CFO, to walk you through the financial highlights. David?

接下來，我將把時間交給 PowerFleet 的財務長 David Wilson，讓他向您介紹財務亮點。 David？

Thanks, Craig. I'll begin by providing additional details on our Q4 financial highlights, starting with a quick reminder of key pro forma adjustments, pro forma comparisons. All prior period comparisons are based on pro forma financials for the combined MiX and PowerFleet businesses, whereas our 10-Q reflects only legacy PowerFleet numbers.

謝謝，Craig。首先，我將詳細介紹我們第四季的財務亮點，並簡要回顧一下關鍵的備考調整和備考比較。所有前期比較均基於合併後的 MiX 和 PowerFleet 業務的備考財務數據，而我們的 10-Q 僅反映了 PowerFleet 的舊數據。

One-time expenses. This quarter's expenses included $10.1 million in one-time cost for restructuring, integration, and transaction, which were excluded from adjusted EBITDA and EPS.

一次性費用。本季的費用包括1,010萬美元的重組、整合和交易一次性成本，這些費用未計入調整後的EBITDA和EPS。

Amortization impacts. Results also include $5.2 million in non-cash amortization, related to the MiX and Fleet Complete acquisitions, impacting service gross margins by 8%.

攤銷影響。業績還包括與 MiX 和 Fleet Complete 收購相關的 520 萬美元非現金攤銷，對服務毛利率造成 8% 的影響。

Next slide, please. Now, on to the detail. Beginning with revenue, which grew by 42% year over year, reaching $103.6 million. This increase was driven by Fleet Complete and underlying organic growth, which more than offset continued headwinds in legacy US Track and Trace and niche offerings, as well as the planned wind down of legacy MiX FSM business.

請看下一張投影片。現在，我們來談談細節。首先是收入，年增42%，達到1.036億美元。這一成長主要得益於Fleet Complete和潛在的有機成長，足以抵消美國傳統追蹤追蹤和利基產品持續面臨的阻力，以及傳統MiX FSM業務計畫逐步關閉的不利影響。

Looking at the components of revenue, product grew by $4 million or 23% to $22 million. Product margins for the quarter of 17% reflects an inventory write-off of $2.6 million as part of a planned post-transaction rationalization of product lines and offerings.

從收入組成來看，產品收入成長了400萬美元，增幅達23%，達到2,200萬美元。本季產品利潤率為17%，反映了260萬美元的庫存註銷，這是該公司計劃在交易後對產品線和產品組合進行合理化調整的一部分。

Pro forma for this write-off, adjusted product gross margin, was 29%, up from 27% in the prior year.

此次註銷的調整後產品毛利率為 29%，高於前一年的 27%。

Service revenue grew by 49% to $82 million, fueled by Fleet Complete and the strength of our SaaS operations. Service margins, adjusted for $5.2 million in non-cash amortization, expanded by 8% to 69% and 61% in the prior year. Combined adjusted gross margins exceeded 60% versus 53% in the prior year.

服務營收成長49%，達到8,200萬美元，這得益於Fleet Complete和我們SaaS業務的強勁成長。服務利潤率（經非現金攤提520萬美元調整後）成長8%，達到69%，去年同期為61%。合併調整後毛利率超過60%，去年同期為53%。

Turning to operating expenses, which totaled $61.7 million for the quarter, including $7.5 million in one-time transaction and restructuring costs. After adjusting for these costs, total OpEx was $54.2 million.

談到營運支出，本季營運支出總計6,170萬美元，其中包括750萬美元的一次性交易和重組成本。調整這些成本後，營運支出總額為5,420萬美元。

Research and development investment, including $4 million of capitalized software, totaled $9 million.

研發投資總計 900 萬美元，其中包括 400 萬美元的資本化軟體。

Turning to adjusted EBITDA, which increased by 84% to $20.4 million, up from $11.1 million in the prior year. This increase is driven by the Fleet Complete transaction, organic growth, gross margin expansion, and the success of our cost program.

調整後的EBITDA（息稅折舊攤提前利潤）從上年的1,110萬美元成長84%，達到2,040萬美元。這一增長主要得益於Fleet Complete交易、有機成長、毛利率提升以及成本控制計劃的成功實施。

Net loss attributable to common stockholders was $12.4 million or a loss of $0.09 for basic and diluted share compared to a loss of $0.19 in the prior year. On an adjusted non-GAAP basis, income to common stockholders was $2.9 million or $0.02 per basic share compared to a loss of $0.01 in the prior year.

歸屬於普通股股東的淨虧損為1,240萬美元，即基本每股虧損和稀釋每股虧損均為0.09美元，而去年同期的虧損為0.19美元。以調整後非公認會計準則計算，普通股股東淨利為290萬美元，即每股基本虧損0.02美元，去年同期的虧損為0.01美元。

Closing with cash in the balance sheet, where we ended the quarter with net debt of $225 million, consisting of $49 million in cash and $274 million in total debt. Adjusted net debt, inclusive of $4 million in transaction fees from the Fleet Complete transaction settled in Q1 '26, was $229 million or $6 million better than our $235 million year-end guidance.

資產負債表以現金結算，本季末我們的淨負債為2.25億美元，其中包括4,900萬美元現金和2.74億美元的總負債。調整後的淨債務（包括2026年第一季結算的Fleet Complete交易產生的400萬美元交易費）為2.29億美元，比我們2.35億美元的年終預期高出600萬美元。

Next slide. As we close fiscal '25, it's helpful to take a step back to assess the scale of transformation we've achieved and where we're heading.

下一張投影片。在我們結束 25 財年之際，回顧我們已經實現的轉型規模以及未來的發展方向是有幫助的。

Revenue grew from $135 million in FY24 to $362.5 million in FY25, nearly tripling. We're targeting approximately $430 million in revenue for FY26, which would represent a full 3 times increase versus FY24, underscoring multiple vectors for growth and the strength of our integration execution.

2025財年，營收從2024財年的1.35億美元成長至3.625億美元，成長近兩倍。我們的目標是2026財年的營收達到約4.3億美元，較2024財年增長整整三倍，這凸顯了我們多元化的成長路徑以及整合執行的強勁勢頭。

On the earnings front, adjusted EBITDA rose from $7 million in FY24 to $71 million in FY25. That's a tenfold increase reflecting our focus on profitable scale and synergy realization.

在獲利方面，調整後EBITDA從2024財年的700萬美元增加至2025財年的7,100萬美元。這一增幅達到十倍，體現了我們對獲利規模和綜效實現的重視。

For FY26, we are targeting approximately $105 million EBITDA, a 15x increase from our FY24 baseline.

對於 2026 財年，我們的目標是實現約 1.05 億美元的 EBITDA，比 2024 財年基準成長 15 倍。

Next slide. As we look to fiscal '26, we see a major opportunity to unlock value through accelerating growth particularly in the second half of the year. We are targeting 20% total revenue growth in FY26, bringing us to approximately $430 million in revenue supported by momentum that is building.

下一張投影片。展望2026財年，我們看到一個重大機遇，即透過加速成長來釋放價值，尤其是在下半年。我們的目標是在2026財年實現總收入成長20%，在持續成長的勢頭的支撐下，營收達到約4.3億美元。

To break it down, we have rebased our FY25 revenue to $352 million after adjusting for $10 million in revenue, restructuring that includes US GAAP accounting impacts for Fleet Complete and the shutdown of non-core lines of business.

具體來說，在調整了 1000 萬美元的收入、包括對 Fleet Complete 的美國 GAAP 會計影響以及關閉非核心業務線在內的重組後，我們將 2025 財年的收入重新調整為 3.52 億美元。

From that base, we're expecting $55 million of inorganic growth from Fleet Complete. We're also projecting approximately $25 million organic growth with a Q4 exit growth rate of 10% year over year.

在此基礎上，我們預計 Fleet Complete 將實現 5,500 萬美元的無機成長。我們也預計 Fleet Complete 將實現約 2,500 萬美元的有機成長，第四季的退出成長率將達到 10%。

The fundamentals of our business are very strong. The reason for our previously reported tempering of revenue growth in the first half of the year is a level of prudence from anticipated customer slowdown of execution of contracts for CapEx requirements, due to the ongoing uncertainty driven by tariffs, which are meaningful in terms of quarterly revenue, particularly in our in-warehouse solutions.

我們的業務基本面非常強勁。我們先前報告的上半年收入成長放緩，是因為預計客戶將放緩合約執行速度，以滿足資本支出需求，這在一定程度上是出於謹慎考慮，因為關稅帶來的持續不確定性，而關稅對季度收入，尤其是我們的倉儲解決方案收入而言，影響重大。

Secondly, as good stewards of capital, we made the responsible decision to pause 50% of the originally planned $8 million in go-to-market investment for the year. This investment initially stated for early FY26 was expected to drive productivity gains in the second half. We intend to resume the activation of this investment once there's greater stability and clarity in the macroeconomic environment.

其次，身為資本的良好管理者，我們做出了負責任的決定，暫停原計劃於2026財年年初進行的800萬美元市場推廣投資的50%。這項投資最初計劃於2026財年年初進行，預計將推動下半年的生產力成長。我們計劃在宏觀經濟環境更加穩定和明朗後恢復這項投資。

Importantly, we expect organic momentum to accelerate in the second half of FY26, as we ignite the pipeline from our indirect channel partnerships and we see extended productivity gains for managed investments in incremental sales capacity.

重要的是，我們預計有機成長動能將在 26 財年下半年加速，因為我們啟動了間接通路合作夥伴關係，並且我們看到對增量銷售能力的管理投資帶來了生產力的擴大。

Next slide. Looking at the bottom line for fiscal '26, we're projecting another year of significant progress. EBITDA is expected to increase by approximately 50%, rising from $71 million to approximately $105 million. This projected increase is underpinned by tangible well-identified drivers.

下一張投影片。展望2026財年的業績，我們預計今年將再次取得顯著進展。 EBITDA預計將成長約50%，從7,100萬美元增至約1.05億美元。這一預期增長是由一些切實可行、已明確確認的驅動因素所支撐的。

First, $17 million is highly assured, as this includes the run rate impact of cost synergies realized exiting FY25, along with the full-year run rate EBITDA contribution from the Fleet Complete acquisition. Second, we're highly confident in an additional $11 million in in-year cost synergies in FY26 as part of an annualized $18 million cost reduction. This continues to be a core area of execution strength for our team, as demonstrated by our performance to date.

首先，1700萬美元是高度確定的，因為這包含了2025財年結束時實現的成本協同效應的運行率影響，以及收購Fleet Complete帶來的全年EBITDA運行率貢獻。其次，我們非常有信心在2026財年實現1,100萬美元的年度成本綜效，這是年度化1,800萬美元成本削減的一部分。這仍然是我們團隊執行力的核心領域，我們迄今為止的表現證明了這一點。

Offsetting these gains slightly is the $4 million investment in our go-to-market engine covered on the last slide, which is critical to unlocking our long-term growth potential, particularly through new channel activations.

稍微抵消這些收益的是我們在上一張投影片中介紹的 400 萬美元的市場進入引擎投資，這對於釋放我們的長期成長潛力至關重要，特別是透過新管道啟動。

Finally, we're forecasting $10 million in organic EBITDA growth, driven by top -line expansion and continue to operate leverage across the business. The result is a clear and achievable path to $105 million in EBITDA FY26, with the vast majority of the increase tied to identified controllable levers.

最後，我們預測有機EBITDA成長將達到1000萬美元，這得益於營收成長和持續的營運槓桿。這意味著2026財年EBITDA達到1.05億美元的路徑清晰可行，其中絕大部分成長與已確定的可控槓桿相關。

Next slide. A key theme underpinning our near-term value creation is our disciplined execution on cost synergies. We're on track to realize a total of $34 million in annualized cost synergies by the end of FY26, from the successful integration of the MiX Telematics and Fleet Complete transactions.

下一張投影片。支撐我們近期價值創造的關鍵主題是我們對成本協同效應的嚴格執行。透過成功整合 MiX Telematics 和 Fleet Complete 交易，我們預計在 2026 財年末實現總計 3,400 萬美元的年度化成本協同效應。

Of the $34 million, to date, we have achieved a total of $16 million exiting FY25. In FY26, we expect to realize an additional $13 million annualized in the first half, with a further $5 million annualized in the second half, bringing us to the total of $34 million.

截至目前，在3,400萬美元中，我們已在25財年結束時實現了1,600萬美元的收益。 26財年，我們預計上半年將實現1,300萬美元的年化收益，下半年將再實現500萬美元的年化收益，使總收益達到3,400萬美元。

Looking at the right-hand side of the slide, you can see our EBITDA margin expanded from 15% in FY24 to 20% in FY25. We expect the realization of cost synergies to continue to be a key driver of ongoing EBITDA margin expansion to north of 20% in the first half of fiscal '26 to north of 25% for the second half.

從投影片右側可以看到，我們的EBITDA利潤率從2024財年的15%成長至2025財年的20%。我們預計，成本綜效的實現將持續成為EBITDA利潤率持續擴張的關鍵驅動力，預計2026財年上半年EBITDA利潤率將超過20%，下半年將超過25%。

Next slide, please. Let me briefly touch on our pro forma adjusted EBITDA margin and expense to revenue trends, which reflect disciplined execution and the strength of our service-led model. We saw a meaningful improvement in adjusted gross margin, increasing from 64% in the first half of FY25 to 66% in the second half, with an incremental 1% in gross margin expansion to 67% expected in fiscal '26.

請看下一張投影片。請容許我簡要介紹我們預測的調整後EBITDA利潤率和費用與收入之比趨勢，這反映了我們嚴謹的執行力以及服務主導模式的優勢。我們的調整後毛利率顯著提升，從2025財年上半年的64%上升至下半年的66%，預計2026財年的毛利率將進一步提升1%，達到67%。

Favorable shifts towards service revenue, which carries significantly higher margins was the key driver of margin expansion for second-half '25. This trend is expected to continue in FY26 with service revenue growth outpacing product revenue growth.

服務收入的正面轉變帶來了顯著更高的利潤率，這是2025年下半年利潤率擴張的關鍵驅動力。預計這一趨勢將在2026財年延續，服務收入成長將超過產品收入成長。

G&A as a percentage of revenue is expected to decline from 29% in first-half '25 to 24% for the full-year FY26, with the ongoing realization of cost synergies as the key driver. R&D remains consistent at 8%, with about half tied to capitalized investments to support ongoing Unity innovation.

預計一般行政費用佔收入的百分比將從2025年上半年的29%下降至2026財年全年的24%，持續實現成本綜效將成為關鍵驅動因素。研發費用佔收入的百分比將維持在8%，其中約一半將用於資本化投資，以支持Unity的持續創新。

Moving on to the next slide, our net debt-to-EBITDA ratio stood at approximately 3.25 times at year-end '25. In fiscal '26, we are targeting a full turn improvement, with a goal to reduce this ratio to below 2.25 times by year-end.

下一張投影片顯示，2025財年末，我們的淨債務與EBITDA比率約為3.25倍。 2026財年，我們的目標是全面改善這一狀況，力爭在年底將這一比率降至2.25倍以下。

We expect adjusted net debt to increase by approximately $20 million in the first half of '26 due to upfront investments to capture synergies, back office system upgrades, and settlement of FY25 incentive compensation. Importantly, we expect an improvement of approximately $30 million in net debt in the second half, driven by lower investment levels, working capital recovery, and continued EBITDA growth.

我們預計，由於為實現協同效應而進行的預付投資、後台系統升級以及2025財年激勵薪酬的結算，2026年上半年調整後淨債務將增加約2000萬美元。重要的是，我們預計下半年淨債務將改善約3,000萬美元，這得益於投資水準的降低、營運資金的恢復以及EBITDA的持續成長。

Next slide, please. We are forecasting $10 million in deleveraging in the year, with calls against EBITDA from CapEx, which is expected to be 11.5% of revenue in FY26, temporarily elevated by approximately 2 percentage points due to one-time back-office investments and tariff-related impacts.

請翻到下一張投影片。我們預計今年的去槓桿率為1000萬美元，資本支出佔EBITDA的比例（預計2026財年將達到收入的11.5%）由於一次性後台投資和關稅相關影響，暫時上升了約2個百分點。

Interest expense is forecast to be an effective rate of approximately 9%. Cash taxes are expected to run about 10% of EBITDA.

預計利息支出的實際利率約為9%。現金稅項預計佔EBITDA的10%左右。

From a synergy perspective, we estimate a one-time cost of $0.50 for every realized dollar of annuity cost savings.

從綜效的角度來看，我們估計每節省一美元年金成本，就會產生 0.50 美元的一次性成本。

That wraps up our financial outlook for FY26. I'm now going to pass the call back to Melissa. Melissa?

我們對2026財年的財務展望就到此結束。現在我要把電話轉回給梅麗莎。梅麗莎？

FY26 is a pivotal year, not just for growth but for continued execution excellence. We're now in the third and final phase of our transformation, converting integration into scale, speed, and leverage.

2026財年是關鍵的一年，不僅關乎成長，也關乎持續卓越的執行力。我們目前正處於轉型的第三階段，也是最後階段，將整合轉化為規模、速度和槓桿。

In the first half of the year, we're making big strides. We're onboarding high-quality talent across sales and customer success. We're enhancing our lead generation engine with the support of the Fortune 500 demand generation experts.

今年上半年，我們取得了長足的進步。我們正在招募銷售和客戶成功領域的高素質人才。在財富500強企業需求產生專家的支持下，我們正在增強我們的潛在客戶生成引擎。

Sales operations has been further upgraded and enablement has been rolled out to drive global frontline performance. One of the lesser themes but critically important wins so far this year has been our execution around supply chain strategy, especially in the face of rising tariffs and ongoing global cost volatility. This has included restructuring our sourcing footprint, relocating key components to more favorable regions, leveraging allowable exceptions where applicable, we've negotiated new (inaudible) terms. We've made strategic buys of key components ahead of known or anticipated tariff implementations.

銷售營運已進一步升級，並已推出賦能措施，以提升全球第一線績效。今年迄今為止，我們取得的一項雖不顯著但至關重要的成果是圍繞供應鏈策略的執行，尤其是在關稅上漲和全球成本持續波動的情況下。這包括重組我們的採購佈局，將關鍵部件遷移到更有利的地區，在適用的情況下利用允許的例外情況，並就新的（聽不清楚）條款進行了談判。我們在已知或預期的關稅實施之前對關鍵部件進行了策略性採購。

Through our actions, we've already mitigated over $13 million in identified cost of sales risk, helping to protect both gross margin and pricing stability, reducing to a current expected impact to cost of sales to less than $5 million. The outcome is a structurally leaner and a more resilient supply chain; and is a great example of the proactive cross-functional execution that now defines the PowerFleet operating model.

透過我們的行動，我們已經降低了超過1300萬美元的已識別銷售成本風險，幫助維護了毛利率和價格穩定性，並將目前預期的銷售成本影響降至500萬美元以下。結果是，我們的供應鏈結構更加精簡，韌性更強；這也是PowerFleet營運模式中積極主動的跨職能執行力的典範。

We're also taking creative commercial action to support customers through macroeconomic conditions, deploying flexible third-party financing models for our customers.

我們也採取創意的商業行動來支持客戶度過宏觀經濟狀況，為我們的客戶部署靈活的第三方融資模式。

In the second half, our focus shifts to acceleration. We're scaling our sales motion to boost direct productivity and deal close velocity; indirect channels are expanding, especially in enterprise; opening new lanes of growth.

下半年，我們的重點將轉向加速。我們正在擴大銷售規模，以提高直接銷售效率和交易完成速度；間接銷售管道也在不斷拓展，尤其是在企業客戶方面；我們正在開闢新的成長管道。

We're rolling out unified business systems across all regions, which will streamline post-sale execution and reduce cost to serve. In the field, we're scaling deployment capacity, combining internal teams and strategic outsourcing. And finally, we're focused on Unity, continuing legacy platform retirement, while doubling down on differentiated high ROI functionality.

我們正在所有地區推廣統一的業務系統，這將簡化售後執行並降低服務成本。在一線，我們正在擴展部署能力，整合內部團隊和策略外包。最後，我們專注於 Unity，持續淘汰舊平台，同時加倍投入差異化、高投資報酬率的功能。

Next slide. As we grow, we're also continuing to execute with discipline. That means unlocking further cost efficiencies, while protecting growth investments. In FY26, we're targeting $18 million in annualized cost savings. I'm pleased to report that more than 50% are already in execution. These annual savings come from four main areas.

下一張投影片。隨著業務的成長，我們將繼續嚴格執行。這意味著在保護成長投資的同時，進一步提升成本效率。 2026財年，我們的目標是實現1,800萬美元的年度化成本節約。我很高興地告訴大家，目前已有超過50%的目標得以達成。這些年度成本節約主要來自四個面向。

We're removing structural redundancies across regions and departments, simplifying management layers and aligning teams under a unified operating model. By consolidating central functions like enablement, support, finance, and HR, we're eliminating duplication and unlocking scale efficiencies, especially post M&A. We're rationalizing overlapping vendor relationships, rebidding key contracts, and we're reducing spend on legacy software and services we no longer need.

我們正在消除跨地區和部門的結構性冗餘，精簡管理層級，並在統一的營運模式下協調團隊。透過整合支援、支援、財務和人力資源等核心職能，我們正在消除重複，並釋放規模效率，尤其是在併購後。我們正在理順重疊的供應商關係，重新招標關鍵合同，並減少對不再需要的遺留軟體和服務的支出。

We're increasing installation efficiency through better workforce planning, outsourcing where appropriate and leveraging automation across project coordination.

我們透過更好的勞動力規劃、適當的外包以及在專案協調中利用自動化來提高安裝效率。

These are structural changes to support strengthening the organization, increasing our EBITDA margin, improving operating leverage, and creating capacity to reinvest in the business, all while driving towards our long-term financial model.

這些結構性變化旨在支持加強組織、提高我們的 EBITDA 利潤率、提高營運槓桿以及創造對業務進行再投資的能力，同時推動我們實現長期財務模式。

Now, I'd like to hand back to Steve. Steve?

現在我想把麥克風交還給史蒂夫。史蒂夫？

Thanks, Melissa. Let's close by attempting to answer a critical question for investors, why PowerFleet and why now?

謝謝，梅麗莎。最後，讓我們來嘗試回答投資人的一個關鍵問題：為什麼選擇 PowerFleet？為什麼是現在？

Next slide, please. Quite simply, a large chunk of the surgical execution and heavy lifting is behind us, allowing us to focus on the company reaching its full potential. In essence, we've integrated, we're scaled, we're growing, and we're profitable.

請看下一張投影片。簡而言之，我們已經完成了大部分的「外科手術」式執行和繁重工作，這使我們能夠專注於充分發揮公司的潛力。實際上，我們已經整合，規模擴大，正在成長，並且已經獲利。

Now, the full potential of PowerFleet is within our reach. We can credibly state that we are now a scaled business, expecting to achieve $430 million in total revenue this year; of which, approximately 75% is recurring SaaS revenue.

現在，PowerFleet 的全部潛力已觸手可及。我們可以肯定地說，我們現在已經是一家規模化企業，預計今年的總收入將達到 4.3 億美元；其中約 75% 來自經常性 SaaS 收入。

Our gross margins are continuing to expand. We've created a strong global footprint with more than 2.8 million subscribers and 48,000 customers, seeing solid momentum in cross-sell and upsell sales motions, including near-term opportunity with more than half of the Fortune 500 in key segments.

我們的毛利率持續提升。我們在全球擁有超過280萬用戶和4.8萬家客戶，業務覆蓋範圍廣泛，交叉銷售和追加銷售勢頭強勁，近期在關鍵領域與超過一半的《財富》500強企業建立了合作機會。

We are now the number 1 ranked innovation platform in our space according to ABI Research. Our product strategy is differentiated and disruptive to the marketplace and customers are responding superbly to our ability to soothe their pain points.

根據 ABI Research 的數據，我們目前是業界排名第一的創新平台。我們的產品策略差異化且顛覆市場，客戶對我們解決痛點的能力反應極佳。

We've created a go-to-market engine that is multi-channel, multi-national and multi-product. We're developing a durable free cash flow profile with 25%-plus EBITDA margins within our sites.

我們打造了一套多通路、跨國和多產品的市場引擎。我們正在打造持久的自由現金流結構，確保我們各工廠的息稅折舊攤提前利潤率 (EBITDA) 超過 25%。

Unity is a winning data delivery engine for medium to large global customers.

Unity 是面向中大型全球客戶的成功資料傳輸引擎。

Our proven execution capabilities set us apart. We're not a point solution. We're an IoT platform that's already delivering results at scale, with strong financial discipline and a clear roadmap to shareholder value.

我們久經考驗的執行力使我們脫穎而出。我們並非單點解決方案。我們是一個物聯網平台，已實現規模化成果，擁有強大的財務紀律和清晰的股東價值路線圖。

PowerFleet now has all the core ingredients to be a margin-expanding, cash-generating category leader.

PowerFleet 現已具備成為利潤擴大、現金產生類別領導者的所有核心要素。

Last slide, please. To finish off, we want to say a big thank you for your support. We're proud of the progress we've made and excited about the path ahead.

請翻到最後一張投影片。最後，我們要衷心感謝您的支持。我們為取得的進展感到自豪，並對未來充滿期待。

Let's open the line for questions. Operator?

讓我們開始提問吧。接線生？

(Operator Instructions)

（操作員指示）

Scott Searle, ROTH Capital.

斯科特·塞爾（Scott Searle），羅仕資本（ROTH Capital）。

Thanks for all the detailed look at the combined entity going forward.

感謝您對合併後實體未來發展的詳細觀察。

Maybe, Steve and David, just to start, all the commentary, all the data that you're providing today, it looks like there's a nice pipeline that continues to build with Unity, AI, video, warehouse, et cetera. And it seems like you're increasingly upbeat in terms of the opportunity set there.

史蒂夫和大衛，首先，從你們今天提供的所有評論和數據來看，Unity、AI、影片、資料倉儲等等正在持續建立一個良好的發展管道。而你們似乎對其中蘊藏的機會越來越樂觀。

Could you reconcile that a little bit with the macro environment? What you guys are seeing with extended sales cycles? And your -- the outlook here feels incredibly positive, particularly as we get to the second half of this year. Just help us understand what you're seeing in the near-term customer behaviors. Are we seeing sales cycles push out?

您能否將其與宏觀環境稍微連結起來？你們看到的銷售週期延長了嗎？而且，您認為前景非常樂觀，尤其是在進入今年下半年之際。請您幫助我們了解您觀察到的近期客戶行為。我們是否看到銷售週期延長了？

Yeah. Thanks, Scott. Good to talk to you, as always.

是的。謝謝，斯科特。很高興和你聊天，一如既往。

We are extremely positive. That positivity is backed up by, from our perspective, credibility of the wins. Not just from a pipeline perspective but, actually, the sales execution.

我們非常樂觀。從我們的角度來看，這種積極性源自於我們所取得的成果的可信度。這不僅體現在銷售通路方面，實際上也體現在銷售執行方面。

As David stated, the reason for our little bit of conservatism and caution is a proportion of our business is based on CapEx in the warehouse space. The units that we provide are not $100 hardware, they're $1,500 to $5,000. So that is a significant investment for customers.

正如David所說，我們之所以採取保守和謹慎的態度，是因為我們業務的一部分是基於倉庫空間的資本支出。我們提供的設備並非100美元的硬件，而是1500到5000美元。所以這對客戶來說是一筆不小的投資。

We've seen a proportion of that in terms of customers saying, hey, let's just see where we land in terms of what the total cost of our asset is going to be from, say, a forklift perspective; and we'll get back to you once we know and our CapEx budgets are finalized.

我們看到一部分客戶會說，嘿，讓我們看看我們的資產總成本是多少，例如從堆高機的角度來看；一旦我們知道並且我們的資本支出預算最終確定，我們就會回复您。

That's what we're seeing in a number of the larger opportunities. So the pipeline is not going away.

這正是我們在許多大型機會中看到的。所以，管道不會消失。

But if you look at that in context of the overall growth vectors that we had in the year, that in-warehouse space, irrespective of that slowdown, continues to get good momentum; AI video is 20%-plus growth.

但如果結合我們今年的整體成長趨勢來看，儘管經濟有所放緩，但倉儲空間仍保持著良好的發展勢頭；人工智慧影片的成長率超過 20%。

We're seeing large traction for those solutions; and then, it being underpinned by the stickiness of the Unity platform where people are pivoting to that device-agnostic piece. So all the health vectors of the business are super strong.

我們看到這些解決方案的巨大吸引力；此外，Unity平台的黏性也為這些解決方案提供了支撐，人們正在轉向這個與設備無關的平台。因此，業務的各個方面都非常健康。

The second thing we did, as David said, we were planning $8 million because of the pipeline, because of the momentum in terms of more head count and more go-to-market spend. We just toggle back on that, we've done the first half. And once things play out over the next quarter to two quarters, we fully envisage pressing the button on that extra investment.

我們所做的第二件事，正如David所說，我們計劃投入800萬美元，這既是為了產品線的完善，也是為了員工人數的增加和市場推廣支出的增加。我們只是重新回到了這一點，我們已經完成了上半年的工作。一旦情況在下一季或下兩個季度有所好轉，我們完全可以預見到這筆額外投資的啟動。

But just as a good stewards of capital and making sure that we look after our fiscal requirements, we've just said, hey, let's just pause that.

但作為資本的良好管理者，為了確保我們能夠滿足財務需求，我們剛剛說，嘿，讓我們暫停一下。

So in general terms, we couldn't be more excited. If you remember the last earnings call we did, we announced the big win with the beverage provider. Our narrative hasn't changed. In fact, it's only been enhanced. I think you've seen from today's presentation, we're able to give more credible proof points.

所以總的來說，我們無比興奮。如果你還記得我們上次的財報電話會議，我們宣布了與飲料供應商的重大勝利。我們的敘事沒有改變，事實上，它只是被增強了。我想你從今天的演示中已經看到，我們能夠提供更可信的證據。

So in general, the macro is having a little bit of weathering on us but not substantial in terms of once we feel there's clarity that we'll be able to accelerate again. And then, secondly, as Melissa alluded to, to help with some of that CapEx investment, we're putting in place in Q2 some third-party finance options for customers to manage that outlay. So we think that will help as well in terms of allowing people to make buying decisions. Because the need for our solutions, the use cases for our solutions, the value proposition we're providing, as you've seen from the customer examples, the results that we're achieving, people want to deploy these solutions, even more important in difficult times.

所以總的來說，宏觀經濟對我們有一些影響，但影響並不大，因為一旦我們感覺能夠再次加速，這種影響就會消失。其次，正如梅莉莎所提到的，為了幫助客戶管理部分資本支出，我們將在第二季推出一些第三方融資方案，以便客戶管理這部分支出。我們認為，這在幫助人們做出購買決策方面也會有所幫助。因為人們對我們解決方案的需求、解決方案的用例、我們提供的價值主張（正如您從客戶案例中看到的）以及我們所取得的成果，都促使人們想要部署這些解決方案，這在困難時期尤其重要。

Right now, it's just about having the mechanism to and the affordability to do that, while they're still waiting to see what happens at the start of July, as we all know.

目前，他們只需要有機制和可承受能力來實現這一目標，而他們仍在等待觀察七月初會發生什麼，正如我們所知。

Great. Very helpful. If I could just, for a follow-up, then I'll get back in the queue.

太好了，非常有幫助。如果可以的話，我會繼續跟進，然後繼續排隊。

We've talked about metrics going forward in terms of how you're going to help us understand that. You provided a lot of data today. Have you settled on what those metrics are?

我們已經討論過未來的指標，以及您將如何幫助我們理解這一點。您今天提供了大量數據。您確定這些指標是什麼了嗎？

And maybe around that -- it sounds like the pipeline continues to grow. I'm wondering if you could gauge that a little bit for us.

大概大概是這樣——聽起來管道還在持續成長。您能否為我們稍微估算一下呢？

And lastly, telco relationships are clearly important. It sounds like you've got a couple of them up and running now trained on the Unity platform. But I think you also referenced in the presentation another North American relationship and a European one. I just wanted to clarify that if the North American one is new or if that is still AT&T or on top of AT&T; and then the European relationship and when we could expect to see those ramping up?

最後，與電信業者的關係顯然很重要。聽起來您已經與幾家公司建立了合作關係，並在 Unity 平台上進行了培訓。但我記得您在演講中也提到了與北美和歐洲的合作關係。我想澄清一下，北美的合作關係是新的嗎？還是仍然是 AT&T，或是在 AT&T 的基礎上發展？然後是與歐洲的合作關係，我們什麼時候可以期待這些合作關係的加強？

I think from the quality of our presentation, in terms of the metrics that we're starting to be able to deliver, you're seeing that come forward. We'll continue to evolve that from a pipeline perspective and NRR perspective and different vectors that give you that sense.

我認為，從我們演示的品質來看，就我們開始能夠交付的指標而言，您會看到這一點正在取得進展。我們將繼續從渠道、NRR 以及不同的方向進行改進，以提供這種感知。

That will be a lot easier for us once we're through the business systems integration, which you've heard for our core main regions, we're two quarters away from having that done. But we'll continue to evolve them.

一旦我們完成業務系統集成，這對我們來說就會容易得多。您也聽說了，我們的核心主要區域業務系統整合還有兩個季度就能完成。但我們會繼續改進。

It was a commitment we made. I think you've been around, Scott, for a long time. You're seeing more credible data come from us now. And that will only continue to move going forward.

這是我們所做的承諾。史考特，我想你已經在這裡工作很久了。你現在看到我們提供的數據越來越可靠了。而且這種情況只會繼續下去。

And then, on the telco front, this is two new relationships in terms of PowerFleet and telcos, one being North American and the other one being in Europe. And I think this is AT&T and TELUS, it was a core part of what we wanted to do to understand the opportunity with Fleet Complete. The excitement is growing.

在電信業者方面，PowerFleet 與兩家電信業者建立了新的合作關係，一家是北美的，另一家是歐洲的。我認為這兩家是 AT&T 和 TELUS，這是我們希望了解 Fleet Complete 帶來的機會的核心部分。我們對此的興奮之情與日俱增。

You've seen what Jodi has said in terms of -- from a TELUS perspective. If you look closely at the slide, you'll see a couple of references to AT&T who are in pilot with some very large names. pre-launch. So that is particularly exciting for us.

你已經看到了Jodi從TELUS的角度談到的內容。如果你仔細看幻燈片，你會看到一些關於AT&T的提及，他們正在與一些非常知名的公司進行試點。這對我們來說尤其令人興奮。

But this is now alternative telcos who are looking for a data highway IoT play. So they both have agreed to move forward with us. As we've previously articulated, this takes a while to get the motion going.

但現在，另類電信業者正在尋求數據高速公路物聯網的合作。所以他們都同意與我們合作。正如我們之前所說，這需要一段時間才能真正開始。

But when we think about that credibility from first half to second half as AT&T and TELUS are mobilized and, on top of that, we'll get the mobilization of these two partners as well. It makes logical sense that this business is going to expand.

但考慮到上半年到下半年的信譽，隨著AT&T和TELUS的動員，以及這兩家合作夥伴的積極動員，這項業務的成長在邏輯上是合理的。

It's on us to invest to make sure those relationships are successful. But the fact that we've got two new ones signed up, I think, is another good testament -- solid testament -- to us being able to leverage that channel for accelerated growth.

我們需要投入資金，確保這些合作關係成功。但我認為，我們已簽約兩家新客戶，這再次充分證明了我們能夠利用該管道加速成長。

Anthony Stoss, Craig-Hallum.

安東尼·斯托斯、克雷格·哈勒姆。

Thanks, Steve and team, for the presentation. A couple of questions.

感謝Steve和團隊的演講。有幾個問題。

You're talking about accelerating growth, exiting fiscal year 2026 at 10% revenue growth. Steve, I'm curious, if you could just shed some light on it. Is it across the board, all the product lines? Or which product lines you think are going to be the biggest mover for the needle?

您提到加速成長，到2026財年末營收成長率將達到10%。史蒂夫，您能否解釋一下？是所有產品線都加速成長嗎？或者您認為哪些產品線會成為最大的動力？

And then, I have a couple of follow-ups.

然後，我還有一些後續問題。

Yeah. I think there's a couple of things to reference there.

是的。我認為有幾件事可以參考。

We talked about it in terms of the shift in revenue mix. When we've taken on these acquisitions, as businesses end cycles, some of the revenue streams that were previously good for the businesses aren't strategic anymore or they're highly-bespoke and difficult to maintain.

我們從收入結構的變化角度討論了這個問題。當我們進行這些收購時，隨著業務週期的結束，一些先前對業務有利的收入來源不再具有戰略意義，或變得高度客製化，難以維持。

So we've actually shared this part of this growth story in FY25 and early '26, $10 million-plus in terms of those revenue streams that are dilutive, in terms of efforts, in terms of profitability. And we've shifted the business to this real data highway play with the backbone of AI video, in-warehouse, and then the integration capabilities.

所以，我們其實在25財年和26年初分享了這部分成長故事，從稀釋性收入來源來看，我們投入的努力和獲利能力都超過了1000萬美元。我們已經將業務轉向了真正的數據高速公路，以AI視訊、倉庫數據以及整合能力為骨幹。

So in terms of in-warehouse, it links to over the road. So it's the dual visibility. And I think FY25 annualized is 17% growth across that vector. Then, we're 20%-plus growth in terms of the camera space.

所以就倉庫而言，它與公路相連。所以這是雙重可見性。我認為2025財年的年化成長率是17%。然後，我們在相機領域的成長率是20%以上。

The industry has really evolved to a camera-first strategy. Our businesses haven't done that. You're seeing the shift in terms of pipeline momentum and sales growth in terms of doing that.

整個產業確實已經發展到「相機優先」的策略。而我們的企業還沒有這樣做。你可以看到，在這種策略下，產品線發展動能和銷售成長都發生了轉變。

So those are really the two that stand out. And what I would say is we're adopting those across the business. So the 13% growth in the year in international operations is coming from more adoption of those high-value segments.

所以，這兩項措施確實非常突出。我想說的是，我們正在整個業務範圍內採用這些措施。因此，今年國際業務13%的成長，正是源自於這些高價值細分市場的更多採用。

So in a lot of our narrative, we talk about those things. That's where the high value is. That's where we're differentiated. That's where safety, compliance, sustainability all plays a role.

所以在我們的許多敘述中，我們都會談論這些事情。這就是我們的高價值所在。這就是我們的差異化。這就是安全、合規和永續性都發揮作用的地方。

\We want to be very much at the forefront of that. And I think if you look at the new logo wins, if you look at the expansion, it's all based around those solutions, which is what we would want it to be.

\我們希望在這方面走在前面。我認為，如果你看看新標誌的成功，看看擴張，你會發現這一切都是圍繞著這些解決方案展開的，而這正是我們想要的。

And then, if I could just follow up on Scott's question a little bit further. Again, the European giant and the new North American telco. Was there a particular product line that drove them to you? Do you expect them to start with one and end up with all three?

然後，我可以稍微回答一下斯科特的問題嗎？再一次，關於歐洲巨頭和新的北美電信公司。是哪條特定的產品線吸引他們選擇你們？你預期他們一開始會選擇其中一條，最後會選三條嗎？

I'm just curious on that and on what you expect for timing.

我只是對此感到好奇，並想知道您對時間的期望。

Yes. Rinse and repeat, in terms of in-warehouse, AI video, and Unity data highway.

是的。就倉庫、AI 視訊和 Unity 資料高速公路而言，一切都會重複。

In terms of timing, we think the North American one, it will probably be -- will get active Q3 into Q4.

就時間而言，我們認為北美市場可能會在第三季到第四季開始活躍。

The European one is slightly further behind. That, we've just signed that agreement in the last three to four weeks. So its major impact will be in FY27. But delighted to have them.

歐洲協議的進展稍微落後一些。我們剛剛在過去三到四週簽署了這項協議。因此，它的主要影響將在2027財年。但我很高興能與歐盟達成協議。

What I would say is, as individual businesses, we probably wouldn't have won these expanded partnership. So it's another proof point of why scale was important from our perspective.

我想說的是，作為一個獨立的企業，我們可能無法贏得這些擴大的合作關係。所以，這再次證明了規模在我們看來的重要性。

Gary Prestopino, Barrington Research.

巴林頓研究公司的加里‧普雷斯托皮諾 (Gary Prestopino)

A couple of things here. First of all, with this EverDriven, this new contract, was that a competitive takeaway? Or is this a totally new implementation of the safety solutions that you have out there?

這裡有幾件事。首先，EverDriven 的這份新合約是否帶來了競爭優勢？還是說，這是對你們現有安全解決方案的全新實施？

They were an original customer that went into a competitive bid in order to overhaul their technological solutions for AI video.

他們是最初的客戶，透過競爭性投標來徹底改革其 AI 視訊技術解決方案。

Okay. When this is up and running and mature, with this -- considering the amount of vehicles you'll have on this, is this one of your bigger contracts, Steve?

好的。當這個項目啟動、運行並成熟後，考慮到你們將擁有的車輛數量，這是你們較大的合約之一嗎，史蒂夫？

Absolutely. It's significant. I think this shows our versatility in terms of vertical we serve. It's a very nice win. It's something that we care about a lot, in terms of our community in the US market.

當然。這意義重大。我認為這體現了我們在垂直領域的多元化發展。這是一個非常棒的勝利。就我們在美國市場的社群而言，這是我們非常關心的事情。

And I think it's a strong signal when this was a highly attractive account for some of our competitors, and we've been able to achieve that relationship with EverDriven.

我認為這是一個強烈的信號，因為這對我們的一些競爭對手來說是一個極具吸引力的帳戶，而且我們已經能夠與 EverDriven 建立這種關係。

So we're very proud of it. It's significant for our business.

所以我們對此感到非常自豪。這對我們的業務意義重大。

Okay. That's a nice win. And then, just another couple of questions.

好的。這真是一場漂亮的勝利。然後，還有幾個問題。

You said organic growth on slide 20 was greater than 9% in the quarter. I seem to recall that organic growth was 7% in Q3 so an acceleration there. Am I correct?

您在投影片20上說本季的有機成長率超過了9%。我記得第三季的有機成長率是7%，所以說是加速成長。對嗎？

I'm not sure which vector on the -- it wasn't organic growth was 90%. Was it the 9% in international operations? Yes. So 7% was what we previously reported across the business. The 9% is international operations.

我不確定是哪個方面——90% 不是有機成長，是國際業務的 9% 嗎？是的。 7% 是我們先前報告的整個業務的成長率。 9% 是國際業務的成長率。

Okay. So it was 7% organic growth in the quarter (inaudible) total?

好的。那麼本季（聽不清楚）的有機成長率是7%嗎？

Yeah. That's what we reported. Yeah.

是的。我們就是這麼報道的。是的。

Alex Sklar, Raymond James.

亞歷克斯·斯克拉、雷蒙德·詹姆斯。

Great. Steve or David, really strong diversity of bookings with that $100,000-plus cohort. Any color how meaningful those customers are today in aggregate or the make-up of the pipeline from those larger opportunities in, maybe, relative to a year ago?

太好了。史蒂夫或大衛，10萬美元以上的訂單群體確實呈現了巨大的多樣性。請問這些客戶目前在整體上有多重要？或者，與一年前相比，這些更大機會的管道組成如何？

It's a big shift. So to have -- I think it's nine different verticals with $100,000 ARR wins is something that we didn't see 12 months ago.

這是一個巨大的轉變。所以，我認為現在有九個不同的垂直領域，平均年收益（ARR）達到10萬美元，這是我們12個月前從未見過的。

We've referenced a lot, I think, within this presentation around the movement in mix of product, the movement in terms of size of opportunity. That was a very pleasing testament to the latest quarter, in terms of us being able to do that.

我認為，我們在本次演示中多次提到了產品組合的變化，以及機會規模的變化。就我們能夠做到這一點而言，這非常令人欣慰。

So major shift. And these will become even more meaningful. This is entry level. And if you think about the modularity of Fleet Complete and our ability to add wallet share within an individual customer, then that is something that, ultimately, we feel really good about winning those types of opportunities.

所以這是重大轉變。這些將變得更有意義。這是入門級的。如果你考慮到Fleet Complete的模組化以及我們增加單一客戶錢包份額的能力，那麼最終，我們對贏得這類機會感到非常高興。

This is absolutely the sweet spot where we want to be.

這絕對是我們想要的最佳狀態。

Okay. Great color. And then, maybe one more follow-up on that indirect channel. So great to get TELUS set up in the quarter. What's next from TELUS in terms of -- when you think of channel enablement, is that as of May 15, all of their reps now have PowerFleet quota in their in their bag? Do they sell the full suite now? Is it a portion of the sellers are selling PowerFleet today? And over the next year or two, you're going to see mortgage stood up?

好的。顏色很棒。然後，也許還有關於間接管道的後續問題。很高興TELUS在本季就完成了部署。 TELUS接下來的通路支援計畫是什麼？從5月15日起，他們所有的銷售代表是否都擁有PowerFleet的配額？他們現在銷售的是全套產品嗎？現在是不是有一部分賣家在銷售PowerFleet？在接下來的一兩年裡，你會看到房貸業務恢復正常嗎？

I'm just curious how to think about enablement from the indirect channel.

我只是好奇如何從間接管道考慮支援。

Craig, why don't you take that one?

克雷格，你為什麼不接受這個？

Yeah. Sure. Thanks, Steve. The way I'd answer that is all of the reps have a AIOT quota. It's inside their commissions. All earn commissions on it. They can all sell the full IoT platform today.

是的，當然。謝謝，史蒂夫。我的回答是，所有銷售代表都有AIOT配額。這包含在他們的佣金裡。所有人都能從中賺取佣金。他們今天就可以銷售完整的物聯網平台。

Okay. Great. And then, maybe one last one for David. On the slide, you talked about the $10 million of organic EBITDA improvements embedded in the '26 guide, on top of that $25-ish million of organic revenue improvement. That's a nice really strong 40% incremental margins.

好的。太好了。然後，也許還有最後一個問題要問David。在投影片上，您提到了2026年財報中嵌入的1000萬美元有機EBITDA成長，以及2500萬美元左右的有機收入成長。這是一個非常強勁的40%的增量利潤率。

Is that the right anchor to think about the potential of the business longer term, absent any additional growth investments or anything unique about this next year, when we think about that incrementality?

當我們考慮增量時，如果沒有任何額外的成長投資或明年的任何獨特之處，這是否是考慮業務長期潛力的正確基準？

No, Alex. That's the right way to think about it. If you think about the calls on top line, we have gross margin expanding. Increasing this is services revenue, which is growing at a faster rate. So that's higher contribution than the blended.

不，亞歷克斯。你這樣想才對。如果你考慮營收，你會發現我們的毛利率不斷上升。服務收入的成長速度更快，因此服務收入的貢獻比綜合收入更高。

And if you look at the OpEx side of things, G&A should continue to come down in both percentages. And we're working on absolute dollar reductions there as well.

從營運支出的角度來看，一般及行政開支（G&A）和營運成本的百分比應該會繼續下降。我們也在努力減少這方面的絕對金額。

And in terms of R&D, there's an expectation that there will be some additional leverage on the R&D side as well.

在研發方面，人們預期研發方面也會有一些額外的槓桿作用。

So I think it's a good way to think about it as the business matures and evolves over time.

因此，我認為隨著業務的成熟和發展，這是一個很好的思考方式。

Dylan Becker, William Blair.

迪倫貝克爾、威廉布萊爾。

Steve, maybe starting with you. A lot of commentary right around in-warehouse and the AI camera, not only adoption in the quarter but pipeline momentum. How much of that in your mind is a function of where the market is going and the need for visibility and solutions like this in the current context, alongside your growing base as a referenceable and strategic partner and maybe how that ties into the confidence as you think about conversion even in a period of some short-term elongation within some of your particular customers?

史蒂夫，也許先從你開始吧。關於倉庫和人工智慧攝影機的評論很多，不僅包括本季的採用情況，還包括通路發展勢頭。你認為這在多大程度上取決於市場走向、當前環境下對可視性和類似解決方案的需求，以及你作為可參考的策略夥伴不斷增長的客戶群？或許，即使在你的某些特定客戶短期內出現延長，這些因素又如何與你對轉換的信心連結？

Yeah. Look, there's an undoubted shift in the marketplace from these solutions being a nice to have to being a necessity. I think also, from a privacy perspective, in the camera space, it's becoming far more common now to adopt these solutions.

是的。你看，市場無疑正在轉變，這些解決方案從錦上添花變成了必需品。我認為，從隱私的角度來看，在攝影機領域，採用這些解決方案現在正變得越來越普遍。

But there's a big market with a lot of people playing in that market. I think what we're encouraged about and pleased about is our improvement in execution.

但市場很大，參與的玩家也很多。我認為，讓我們感到鼓舞和高興的是，我們的執行力有所提升。

So whether that is from a customer satisfaction perspective in existing accounts, whether that's bringing the right salespeople who can take customers more on a long-term value proposition, solution sell, ROI journey. And whether it's confidence really that actually now, we're a player that has the investment and the future proofing with the platform that means we can be a higher-quality partner.

因此，無論是從現有客戶的滿意度角度，還是從引進合適的銷售人員，讓客戶更了解長期價值主張、解決方案銷售和投資回報率的角度來看，這都是至關重要的。此外，我們確信，現在我們擁有投資能力，並且具備平台的未來發展能力，這意味著我們可以成為更高品質的合作夥伴。

In my prepared remarks in the presentation, we talked a lot about the shift to being a mission-critical partner. And I think the, really, jam on top of that is, therefore, being that central system of record -- Single Pane of Glass, device-agnostic piece -- because all of this information can be overwhelming to customers.

在我準備的演講演講中，我們多次談到如何轉型成為關鍵任務夥伴。因此，我認為，最重要的一點是建立中央記錄系統——單一管理平台，一個與設備無關的系統——因為所有這些資訊對客戶來說可能難以承受。

I was having dialogue with a very strategic customer of ours who is just -- they've got 40,000 different drivers who are all driving different vehicles. From a safety perspective, they want to know what real risk is within that portfolio. This was just last week.

我之前和我們一位非常注重策略的客戶進行過溝通，他們有4萬名不同的司機，駕駛著不同的車輛。從安全角度來看，他們想知道這些車輛組合中存在哪些真正的風險。這件事發生在上週。

And what they're saying is with the other platforms that they have had within their estate, with the challenges that they have in their business, they just don't have the time to be able to do that effectively.

他們所說的是，由於他們旗下已有的其他平台以及業務面臨的挑戰，他們沒有時間有效地做到這一點。

It needs a platform to be able to do that and the right business support to do it but it's absolutely a necessity. And as they start to roll out this solution, they can't roll out safety and compliance to part of the fleet, they have to do it to the whole fleet, which is obviously highly encouraging from where we can sit and how we can expand and multiply within those types of customers.

這需要一個平台來實現，也需要合適的業務支持，但這絕對是必要的。當他們開始推廣這個解決方案時，他們不能只將安全性和合規性推廣到部分車隊，而必須推廣到整個車隊。從我們目前的處境以及我們如何在這些類型的客戶中擴張和成長來看，這顯然非常令人鼓舞。

Got it. Very helpful, Steve. And then, maybe for David as well here.

明白了。非常有幫助，史蒂夫。那麼，也許對大衛來說也是一樣。

Are the implied second half acceleration -- maybe Steve, your perspective here as well, too -- but how much of that is -- we walked through the strong pipeline and demand drivers but how much of that is actually unlocking capabilities, from a supply-constraint perspective versus maybe incremental demand flowing into the system?

隱含的下半年加速——也許史蒂夫，這也是你的觀點——但其中有多少是——我們經歷了強大的通路和需求驅動因素，但從供應限制的角度來看，其中有多少是真正釋放了能力，而不是流入系統的增量需求？

And if it is supply, can you walk through whether that's again engineering, partnerships, data integration? What's easing the accessibility of onboarding there?

如果是供應方面，您能否再次解釋一下，這是否又涉及工程、合作夥伴關係和資料整合？哪些方面可以簡化入職流程？

I'll take that first. And then, David, you can back it up.

我先接這個。然後，大衛，你可以備份一下。

If you look at the acceleration coming out in the second half, first of all, it's the indirect channels maturing pipeline into sales, right, which we have a high confidence of. These aren't new channels with new partners. We've been doing this for a long time. It's about broader opportunities with a broader base of customers. So we feel really good about that.

如果你看一下下半年的加速發展，首先，間接通路正在逐漸成熟，轉化為銷售，我們對此充滿信心。這些管道並非新通路，也不是新合作夥伴。我們已經這樣做了很長時間。這關乎更廣泛的客戶群，帶來更廣闊的機會。所以我們對此感到非常高興。

And then secondly, in terms of that shift in terms of mindset of our salespeople to be a camera-led proposition and a safety-led proposition, that will continue to expand as we go as well.

其次，就我們的銷售人員的思維方式向以攝影機為主導的主張和安全為主導的主張的轉變而言，隨著我們的發展，這種轉變也將繼續擴大。

In terms of the constraints that we've talked about previously, that's been very much around -- there's a slide in our deck which talks about the subs that are being added from a Unity perspective, from a device-agnostic Single Pane of Glass perspective.

就我們之前談到的限製而言，這些限制已經存在——我們的簡報中有一張幻燈片，從 Unity 的角度、從與設備無關的單一玻璃窗格的角度討論了正在添加的子項。

If you actually see in the slide, this, I think, 1,500 subs, 4,000 subs, 4,500 subs; two opportunities coming in the second half, which is 12,000-plus subs. So as we do more of those, that's where we are ramping up and we really pivoted in the last six months.

如果你真的在投影片裡看到的話，我想大概有1500個訂閱用戶、4000個訂閱用戶、4500個訂閱用戶；下半年還有兩個機會，也就是12000多個訂閱用戶。所以，隨著我們做更多這樣的事情，我們就能加速發展，而且我們在過去六個月裡確實發生了轉變。

The capabilities in terms -- from an R&D perspective, to do that at scale, that continues to need work because we are supply-constrained. Sorry, we are not demand-constrained, but we need to get better and more efficient and effective at doing that. And that's just a matter of scaling for something that is not really solving a customer pain point.

從研發角度來看，要實現規模化，我們還需要繼續努力，因為我們受到供應限制。抱歉，我們並沒有受到需求限制，但我們需要做得更好、更有效率、更有效。而這只是一個規模化的問題，它並不能真正解決客戶的痛點。

What I would say in terms of the final vector is, we've added more sales feet to the street. So their pipeline is building that we expect a number of reps to come online with productivity. We've been able to capture different quality of rep as well with the new company with a differentiated proposition.

就最終目標而言，我想說的是，我們增加了更多銷售人員到街上。因此，他們的銷售管道正在建設中，我們預計會有更多銷售代表上線並提高效率。透過差異化的產品定位，我們能夠抓住新公司不同品質的銷售代表。

So we're hopeful and Craig gives me a lot of confidence to believe that those guys are going to come good.

所以我們充滿希望，克雷格給了我很大的信心，相信那些傢伙會成功。

Greg Gibas, Northland Securities.

吉巴斯（Greg Gibas），北國證券公司。

Steve and David, I appreciate the presentation.

史蒂夫和大衛，我很欣賞你們的演講。

If I could drill down on the near term a little bit more, progression of revenue and EBITDA in Q1 and Q2, you've spoken to the anticipated acceleration in the back half. But to what extent? And what are your expectations on the bridge to get to that point?

如果我可以更深入地談談近期的情況，例如第一季和第二季的收入和息稅折舊攤提前利潤（EBITDA）的成長情況，您之前提到了預計下半年會加速成長。但具體會加速到什麼程度呢？您對實現這一目標的預期是什麼？

Yeah, Greg. We've talked about growth in the first half of the year and this is on absolute growth of 40% or so for Q1 and Q2. In order to hit that 40%, you do need to adjust down for some of the proactive steps that we've taken, particularly for example, the FSM business, which is rounding up to about $1.5 million per quarter.

是的，格雷格。我們之前討論過上半年的成長，第一季和第二季的絕對成長率都在40%左右。為了達到40%的目標，我們需要根據我們採取的一些積極措施進行下調，特別是FSM業務，該業務每季的營收約為150萬美元。

In terms of the second half to Steve's comments earlier, we do expect to see that 10 percentage points of growth as we exit the year. Again -- and turning back to the slides -- that's adjusted both for FSM as well as the US GAAP changes for the Fleet Complete business.

正如史蒂夫之前所說，我們預計下半年業績將實現10個百分點的成長。再次強調－回到投影片部分－這既根據FSM進行了調整，也根據美國通用會計準則（GAAP）對Fleet Complete業務進行了調整。

But in terms of what's driving that, it's everything that Steve has been talking about. So we have been investing more in terms of sales capabilities that will have a compounding impact in terms of turning up the channel, in terms of high-quality leads coming through.

但就推動這一成長的因素而言，史蒂夫一直在談論的都是這些。因此，我們一直在加大對銷售能力的投資，這將對提升通路效率、獲得高品質銷售線索產生複合效應。

We continue to get stronger in terms of AI video. Obviously, that's the fastest-growing piece of the market. And then, you layer on top of that, the comment that Steve just made in terms of our ability to increasingly handle Single Pane of Glass, data ingestions in the thousands and then, north of 10,000.

我們在AI視頻方面持續增強。顯然，這是市場成長最快的部分。此外，正如史蒂夫剛才所說，我們能夠不斷提升處理單一平台（Single Pane of Glass）的能力，處理數千甚至上萬的資料。

So all of these things, as planned, are being worked, coordinated. They'll have an increasingly large impact to see accelerated growth in the second half.

所有這些措施都按計劃在進行和協調。它們將對下半年經濟加速成長產生越來越大的影響。

Okay. Got it. And to follow up on the commentary on customer decision cycles, I wanted to just ask to how much of an extent maybe that was a headwind or had an impact on your outlook for the year? Any context you can provide regarding what you're hearing from customers would be very helpful as well.

好的，明白了。為了跟進關於客戶決策週期的評論，我想問一下，這在多大程度上會成為不利因素，或者對你們今年的展望產生影響？如果您能提供一些關於您從客戶那裡聽到的信息，那將非常有幫助。

It has no doubt had a weathering effect. I think we're not alone in that.

毫無疑問，它產生了一種風化效應。我想我們並不是唯一一個有這種現象的人。

Most businesses are reporting in terms of people just saying, look, we just need to see where the tariffs -- and if you think about buying a forklift truck and buying new forklift trucks on new cycles, potentially the cost of those things are significantly higher and, therefore, people are juggling CapEx abilities. They're looking at stuff in their own business.

大多數企業的報告都只是說，你看，我們只需要看看關稅是多少——如果你考慮買一輛叉車，然後再買一輛新周期的叉車，這些東西的成本可能會高得多，因此，人們在權衡資本支出的能力。他們只是在關注自己業務中的事情。

But in terms of the overall quantum of revenue that that is going to affect, we don't think that is substantial. And that is being bought out in terms of the pipeline that we're building; the OpEx deals that we do, particularly in the camera space; the international operations that we are really growing nicely across the state.

但就其將影響到的總收入而言，我們認為影響並不大。這些收入將用於我們正在建造的管道、我們正在進行的營運支出交易（尤其是在攝影機領域），以及我們正在全州範圍內穩步發展的國際業務。

We think we've been sensible, just in terms of that level of caution. We do believe that -- I believe and hope that there is clarity that comes to organizations to allow them to make buying decisions. The needs are there.

就謹慎程度而言，我們認為我們一直都很明智。我們確實相信——我相信並希望各組織能夠更清晰地做出購買決策。需求就在那裡。

But just naturally, there is -- when the CapEx deployments can be quite large, people are saying, well, I just need to see how this shakes out. And that's the cycle we're in.

但很自然地，當資本支出部署規模相當大時，人們會說，好吧，我只需要看看結果如何。這就是我們所處的周期。

I don't think we need to overplay that in any way, shape, or form. But because there is a level of that that comes into our business each quarter, then it does temper down, in the short term, some of the growth expectation.

我認為我們無需以任何方式、形式或形式誇大這一點。但由於每季都會有一定程度的此類事件影響我們的業務，因此在短期內，它確實會降低部分成長預期。

But as we keep saying -- and I think the proof points provide -- the health vectors of growth for this business are super strong. The proof points are there. The credibility is growing.

但正如我們一直強調的——我認為證據也表明——這項業務的健康成長動力非常強勁。證據就在那裡。可信度正在不斷提升。

If you look at the referenceability, there's a slide in there with customer quotes that we've been able to produce.

如果您看一下參考性，您會發現裡面有一張投影片，其中包含我們能夠提供的客戶報價。

And when we think about the notable wins and people said to me, why did you need scale? Last quarter, we gave you the large beverage provider. This quarter, we've given you EverDriven.

當我們回顧那些顯著的勝利時，有人問我，為什麼需要規模？上個季度，我們收購了大型飲料供應商。本季度，我們又收購了EverDriven。

This company is not being able to communicate deals like that until this point. So we feel very confident. We're just managing our way through the best we feel and the most appropriately we feel, understanding that there is a little bit of caution and sentiment. But people are still buying our solutions at scale.

該公司目前還無法就此類交易進行溝通。所以我們非常有信心。我們只是盡我們所能，以我們認為最合適、最合適的方式進行管理，同時也理解市場存在一些謹慎和情緒波動。但人們仍在大規模購買我們的解決方案。

What I would just add to that, just for a view: if you think about that $10 million of ARR that we have shed over probably the last six to nine months, it gives you a fairly good view of the health of our gross adds. And once we've lapped that stuff that we've proactively taken off -- and we have been very supportive to customers to help them to a new place -- then, you can do the math in terms of how the growth rate should expand as part of all the other stuff that we've been discussing.

我再補充一點，只是為了說明一下：想想我們過去六到九個月大概損失了1000萬美元的ARR，就能大致了解我們總新增流量的健康狀況。一旦我們完成了那些主動推出的計劃——而且我們一直非常支持客戶，幫助他們進入新的領域——那麼，你就可以計算出增長率應該如何增長，這也是我們一直在討論的所有其他事情的一部分。

We have reached the end of the question-and-answer session.

問答環節已結束。

I will now turn the call over to Steve Towe for closing remarks.

現在我將把電話交給史蒂夫·托威 (Steve Towe) 做結束語。

I think David -- so David?

我認為大衛──那麼大衛呢？

Yeah. Firstly, I appreciate everyone's time today.

是的。首先，感謝大家今天抽空。

Just a quick update in terms of the audit. Before concluding the call, a quick update in terms of the audit of our 10-K.

簡單更新一下稽核狀況。在結束通話之前，我想先簡單更新一下我們10-K報表的審計狀況。

While the audit is essentially complete with no areas of disagreements and no anticipated changes to the figures shared today, it's worth noting this is Deloitte's first year auditing PowerFleet. The scope includes a global engagement and follows a year in which we executed two transformative M&A transactions.

雖然審計工作基本上完成，沒有出現任何分歧，今天公佈的數據也預計不會有任何變化，但值得注意的是，這是德勤首次對PowerFleet進行審計。審計範圍涵蓋了全球業務，前一年我們完成了兩筆具有變革意義的併購交易。

Prior to filing, Deloitte does require a little further time to complete their internal quality procedures. We are working with them on a daily basis. Both parties firmly believe we are on track to file the 10-K well ahead of the 15-day grace period.

在提交10-K報告之前，德勤確實需要一些時間來完成其內部品質流程。我們每天都在與他們溝通。雙方都堅信，我們能夠順利完成10-K報告，並提前於15天的寬限期提交。

Thank you, again, for attending today. We appreciate your ongoing interest and support. And we look forward to providing further updates, as momentum continues to build in fiscal 2026.

再次感謝各位今天的出席。感謝您一直以來的關注與支持。隨著2026財年的發展動能持續增強，我們期待提供更多更新資訊。

Thank you, all. That concludes today's call.

謝謝大家。今天的電話會議到此結束。

This concludes today's conference.

今天的會議到此結束。

You may disconnect your lines at this time.

現在您可以斷開線路。

Thank you for your participation.

感謝您的參與。