PowerFleet Inc (AIOT) 2026 Q1 法說會逐字稿

Greetings. Welcome to PowerFleet's first-quarter 2026 earnings call. (Operator Instructions) Please note, this conference is being recorded. I will now turn the conference over to your host, David Wilson, PowerFleet's Chief Financial Officer. You may begin.

問候。歡迎參加 PowerFleet 2026 年第一季財報電話會議。（操作員指示）請注意，本次會議正在錄音。現在我將會議交給主持人、PowerFleet 財務長 David Wilson。你可以開始了。

Thank you, operator, and I'm delighted to welcome everyone to PowerFleet's first quarter FY26 earnings call. Let me start by reading out the safe harbor statements. Our remarks today will contain forward-looking statements.

謝謝接線員，我很高興歡迎大家參加 PowerFleet 26 財年第一季財報電話會議。首先，我來宣讀安全港聲明。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 and achievements to be materially different from those expressed 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、績效和成就與此類前瞻性陳述所暗示的結果、績效和成就有重大差異的因素。

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所做的任何前瞻性陳述都僅截至今天為止，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 to GAAP to non-GAAP financial measures is included in today's press release. The press release is available on the Investors Section of our website at ir.powerfleet.com, and we invite you to follow along with the slides that accompany this call also located on our IR website. Now I'll turn the call over to our CEO, Steve Towe. Steve?

在本次電話會議中，我們將介紹 GAAP 和某些非 GAAP 財務指標。今天的新聞稿中包含了 GAAP 與非 GAAP 財務指標的對帳。新聞稿可在我們網站 ir.powerfleet.com 的投資者部分查閱，我們邀請您關注本次電話會議附帶的幻燈片，該幻燈片也位於我們的 IR 網站上。現在我將把電話轉給我們的執行長史蒂夫·托威 (Steve Towe)。史蒂夫？

Thanks, David. Good morning, everyone. It's a pleasure to be here with some of our leadership team as we reflect on a high impact Q1, one marked by SaaS revenue momentum, profitable growth and deeper customer traction through our platform strategy.

謝謝，大衛。大家早安。我很高興與我們的部分領導團隊一起回顧具有重大影響的第一季度，該季度的特點是 SaaS 收入勢頭強勁、盈利增長以及透過我們的平台策略獲得更深層次的客戶吸引力。

As we entered Q1, we did so with the need to navigate real external complexity from customer caution tied to macro uncertainty to the intense need to manage tariff frameworks and exposures. We proactively shifted our go-to-market to emphasize bundle software-led solutions in our highest-value verticals.

進入第一季度，我們需要應對真正的外部複雜性，從與宏觀不確定性相關的客戶謹慎到管理關稅框架和風險敞口的迫切需求。我們主動轉變了市場定位，強調在最高價值的垂直領域提供捆綁軟體主導的解決方案。

We exercised product pricing and commercial discipline that's improved our attach rates and expanded service revenues. At the same time, we accelerated our supply chain evolution playbook, mitigating tariff headwinds by rebalancing supplier exposure, negotiating improved cost rates and managing impacts on the business and our customers.

我們執行產品定價和商業紀律，提高了我們的附加率並擴大了服務收入。同時，我們加快了供應鏈發展策略，透過重新平衡供應商風險、協商提高成本率以及管理對業務和客戶的影響來減輕關稅阻力。

We remain firmly on the front foot. Our Unity solutions are gaining strong market recognition, and our performance this quarter shows we're building momentum in the right places. Whether it's new customer acquisition, SaaS revenue mix or the operating leverage was unlocking, we're delivering against the road map we laid at.

我們始終處於領先地位。我們的 Unity 解決方案正在獲得強大的市場認可，本季的表現表明我們正在正確的地方積聚動力。無論是新客戶獲取、SaaS 收入組合還是營運槓桿的釋放，我們都在按照我們制定的路線圖進行。

Next slide, please. The standard metric this quarter is our achievement of a 6% sequential increase in service revenue, underscoring our recurring SaaS growth momentum. This took our services to a record 83% of total revenue, our highest mix yet.

請看下一張投影片。本季的標準指標是我們的服務收入實現了 6% 的環比成長，這凸顯了我們持續的 SaaS 成長勢頭。這使我們的服務收入佔總收入的比例達到了創紀錄的 83%，這是我們迄今為止的最高收入組合。

The shift towards SaaS is central to our strategy, improving predictability, scaling margins and compounding value over time. Accelerating this move allowed us to mitigate pressure on CapEx laid and product deals where sales cycles have been elongated due to the macro uncertainty.

向 SaaS 的轉變是我們策略的核心，可以提高可預測性、擴大利潤率並隨著時間的推移增加價值。加快這項措施使我們能夠減輕由於宏觀不確定性而導致的銷售週期延長的資本支出和產品交易壓力。

Another key standout metric for the quarter was our service adjusted EBITDA gross margin hitting 76%, validating the improved efficiency of our model. Furthermore, we actioned $11 million of annualized savings in Q1 FY26 of the annualized $18 million committed for the full year of FY26, which has helped us to deliver adjusted EBITDA above expectations for the quarter. Let's turn now to our commercial progress. Next slide, please. Encouragingly, in Q1, we added high-value deals of over $100,000 ARR across 11 diverse sectors, evidence of the wide-ranging appeal for Unity solutions.

本季另一個突出的關鍵指標是我們的服務調整後 EBITDA 毛利率達到 76%，驗證了我們模型效率的提高。此外，我們在 2026 財年第一季實現了 1,100 萬美元的年度化節省，而 2026 財年全年承諾的年度化節省金額為 1,800 萬美元，這幫助我們實現了本季度高於預期的調整後 EBITDA。現在讓我們來談談我們的商業進展。請看下一張投影片。令人鼓舞的是，在第一季度，我們在 11 個不同領域增加了超過 100,000 美元 ARR 的高價值交易，這證明了 Unity 解決方案的廣泛吸引力。

We also grew our new customer logo wins by 14% sequentially, a healthy expansion driven by enterprise and mid-market traction. AI video bookings grew 52% quarter-over-quarter as well as a sequential 28% improvement in overall pipeline with our major channel partners in North America highlights the robustness of our Unity go-to-market strategy.

我們的新客戶識別贏得量也連續成長了 14%，這是由企業和中端市場推動的健康擴張。人工智慧影片預訂量較上季成長 52%，與北美主要通路合作夥伴的整體通路較上季成長 28%，凸顯了 Unity 行銷策略的穩健性。

The metrics on this slide are solid proof points that we're driving a strong growth flywheel across our most premium high-ARPU solutions and both our direct and indirect sales motions are both contributing well to our growth. Let's take a look now at some of the key deals in Q1, and why we win them. Next slide, please.

這張投影片上的指標有力地證明了我們正在透過我們最優質的高 ARPU 解決方案推動強勁的成長飛輪，並且我們的直接和間接銷售動向都對我們的成長做出了良好的貢獻。現在讓我們來看看第一季的一些關鍵交易，以及我們贏得這些交易的原因。請看下一張投影片。

This slide illustrates some of our most strategic enterprise wins this quarter. From Fortune-500 food and beverage leaders, the global rental and logistics tier one providers. Across the board, we're seeing increased penetration of our safety and compliance modules.

這張幻燈片展示了我們本季取得的一些最具戰略意義的企業勝利。來自財富 500 強食品和飲料領導者、全球租賃和物流一級供應商。整體而言，我們看到安全和合規模塊的滲透率不斷提高。

Major national and international enterprises are placing mission-critical reliance on our AI BDO and in warehouse solutions. There's a fundamental shift with customers targeting to consolidate their technology portfolios with Unity across the full operational spectrum.

國內外主要企業都高度依賴我們的 AI BDO 和倉庫解決方案。客戶的目標是透過 Unity 在整個營運範圍內整合他們的技術組合，這是一個根本性的轉變。

This translates into improved wallet share and stickiness with our major clients. Having looked at some key direct wins, now I have some exciting news for our indirect sales motion. Next slide, please. I'm pleased to announce a force multiplier partnership with MTN business, building further momentum on our announcement last quarter of major new channel partnerships signed in North America and Europe. As one of the world's largest network providers, MTN serves nearly 300 million customers across 16 countries.

這意味著我們與主要客戶的錢包份額和黏性都會提高。在了解了一些關鍵的直接勝利之後，現在我對我們的間接銷售動議有一些令人興奮的消息。請看下一張投影片。我很高興地宣布與 MTN 業務建立力量倍增合作夥伴關係，這為我們上個季度宣佈在北美和歐洲簽署的重要新通路合作夥伴關係奠定了進一步的動力。MTN是全球最大的網路供應商之一，為16個國家的近3億客戶提供服務。

They've now selected PowerFleet Unity platform as the foundation for their enterprise data intelligence solutions, embedding Unity into their highly scaled connectivity stack and launching with a full integrated go-to-market strategy.

他們現在選擇 PowerFleet Unity 平台作為其企業資料智慧解決方案的基礎，將 Unity 嵌入到其高度擴展的連接堆疊中，並推出全面​​整合的上市策略。

This partnership opens a vast TAM in high-growth underpenetrated regions built around a fully integrated white label Unity solution. This is a great example of the kind of flying effect we want from the success and referenceability of our indirect model. Now let's look at another standout win. Next slide, please.

此次合作圍繞著完全整合的白標 Unity 解決方案，在高成長、滲透率較低的地區開闢了廣闊的 TAM。這是我們希望從間接模型的成功和可參考性中獲得的飛躍效應的一個很好的例子。現在讓我們來看看另一個引人注目的勝利。請看下一張投影片。

We're thrilled to welcome Sixt Rental Mexico as a new enterprise customer. Sixt will be running with Unity at the center of their operations using our platform to optimize fuel and energy efficiency, improve driver accountability and unlock AI-driven visibility in real time.

我們非常高興地歡迎 Sixt Rental Mexico 成為我們的新企業客戶。Sixt 將以 Unity 為核心開展運營，利用我們的平台優化燃料和能源效率、提高駕駛員責任感並即時解鎖 AI 驅動的可視性。

Unity power to automate many processes and provide mission-critical impact through predictable control is a great use case of how we are key to the digital transformation agendas of the world's biggest companies. This was also an international referral-led deal, a powerful indicator that Unity's global reputation is gaining fast to customer advocacy. Notably, the size and volume of larger digital transformation opportunities is increasing in the business.

Unity 能夠自動化許多流程，並透過可預測的控制提供關鍵任務影響，這是我們如何成為全球最大公司數位轉型議程的關鍵的一個很好的用例。這也是一項由國際推薦主導的交易，有力地表明 Unity 的全球聲譽正在迅速贏得客戶的支持。值得注意的是，業務中更大規模的數位轉型機會的規模和數量正在增加。

Let's take a look at another win on to the next slide. Our work with Foley, a leading US heavy equipment and machinery provider is another powerful case study of Unity's impact at the enterprise level. Before engaging with PowerFleet, Foley faced a common challenge, fragmented data across the mixed brand fleet with limited visibility and no centralized view of mention schedules, asset utilization or performance optimization. We solved it with Unisys OEM agnostic data ingestion and harmonized analytics.

讓我們看看下一張幻燈片上的另一個勝利。我們與美國領先的重型設備和機械供應商 Foley 的合作是 Unity 在企業層面影響力的另一個有力案例研究。在與 PowerFleet 合作之前，Foley 面臨共同的挑戰，即混合品牌車隊的數據分散，可見性有限，並且無法集中查看提及時間表、資產利用率或性能優化。我們透過 Unisys OEM 無關資料提取和協調分析解決了這個問題。

And the impacts resulted in 30% reduction in maintenance costs, major gains in uptime and efficiency and real-time decision support for operations. This is a prime use case of how Unity's agnostic ingestion uniquely unlocks customer ROI and gives us clear competitive advantage.

其影響是，維護成本降低了 30%，正常運行時間和效率大幅提高，並為營運提供了即時決策支援。這是 Unity 的不可知攝取如何以獨特的方式解鎖客戶投資回報率並為我們帶來明顯競爭優勢的主要用例。

The next couple of slides show how Unity's value proposition is resonating across geographies, verticals and different mobile asset types with outcomes that are measurable, durable and scale. Next slide, please. The story on this slide brings to life one of the most impactful data points we've seen to date.

接下來的幾張投影片展示了 Unity 的價值主張如何在不同地理、垂直產業和不同移動資產類型之間產生共鳴，並產生可衡量、持久和可擴展的成果。請看下一張投影片。這張投影片上的故事生動地展現了我們迄今為止所見過的最具影響力的數據點之一。

And it comes from Holcim, one of the world's largest building materials and sustainability companies. Holcim operations nearly 9,000 vehicles under our management across 18 countries. This extensive operation logs over 1.25 billion miles annually in an environment where safety, uptime and operational resilience are mission-critical to business performance. Our platform is powering Holcim's risk alerts, coaching interventions and performance analytics. Since rolling out Unity across their operation, Holcim achieved an 83% reduction in critical safety.

它來自全球最大的建築材料和永續發展公司之一 Holcim。Holcim 在 18 個國家管理近 9,000 輛汽車。在安全、正常運作時間和營運彈性對業務績效至關重要的環境中，這項廣泛的營運每年要行駛超過 12.5 億英里。我們的平台為 Holcim 的風險警報、指導介入和績效分析提供支援。自從在整個營運過程中推廣 Unity 以來，Holcim 已將關鍵安全問題減少了 83%。

This highly meaningful metric speaks volumes about the transformative power of data when it's harnessed effectively, consistently and at scale. The impact of this story is a proof point of why Unity is becoming the global excellent standard for enterprise grade safety in the world of mobile assets.

這項極具意義的指標充分說明了當數據被有效、一致且大規模地利用時，其變革力量。這個故事的影響證明了為什麼 Unity 正在成為行動資產領域中企業級安全的全球卓越標準。

On to the next slide. I want to highlight for our investors some customer value examples of a core capability that's fast becoming a key growth lever for us as well as a strong differentiator from our competitors. We call it unified operations.

轉到下一張投影片。我想向我們的投資者重點介紹一些核心能力的客戶價值範例，這些核心能力正迅速成為我們的關鍵成長槓桿以及與競爭對手的強大差異化因素。我們稱之為統一營運。

As you can see from these three examples of the large portfolio of third-party system integrations we deliver, we're producing the system of record for customers' operational activities, to power the effectiveness of their overall digital stack, to meaningfully drive performance of their asset, the individual in charge of their assets and the business process.

從我們提供的大量第三方系統整合組合的這三個例子中可以看出，我們正在為客戶的營運活動製作記錄系統，以提高其整體數位堆疊的效率，從而有效地推動其資產、負責其資產的個人和業務流程的性能。

From CIOs, to CFOs, to safety executives, senior stakeholders want our data to pay more effectiveness within their critical applications. They're highly focused on delivering true digital transformation that unified operations can achieve. Each integration you see here is expanding ARPU of between $2 to $8 and creating further intrinsic customer value. This helps us to become mission-critical at the heart of our customers' operations and is a cash iron level for durable retention.

從資訊長到財務長再到安全主管，高階利害關係人希望我們的資料在其關鍵應用程式中發揮更大的作用。他們高度專注於實現統一營運所能實現的真正的數位轉型。您在此處看到的每個整合都會將 ARPU 擴大到 2 至 8 美元之間，並創造進一步的內在客戶價值。這有助於我們成為客戶營運的核心任務，也是持久保留的現金鐵水平。

I'll hand you over now to David to walk us through the financial results from the quarter. David?

現在我將把時間交給大衛，讓他向我們介紹本季的財務表現。戴維？

Thanks, Steve. Before diving into the details, let me start with a brief reminder of key pro forma adjustments, onetime expenses. This quarter's expenses included $4.6 million in onetime charges for restructuring, integration and transaction costs. Excluded from adjusted EBITDA and EPS for ongoing loans. Amortization impact.

謝謝，史蒂夫。在深入探討細節之前，讓我先簡單回顧一下關鍵的備考調整和一次性費用。本季的支出包括 460 萬美元的重組、整合和交易成本的一次性費用。不包括正在進行的貸款的調整後 EBITDA 和 EPS。攤銷影響。

Results included $5.8 million in noncash amortization related to the mix and fleet complete acquisitions impacting services gross margins by 7%. Next slide, please. Let me start with the clearest indicator of the strength and momentum of our business model, services revenue, which grew an impressive 53% year-over-year and 6% sequentially to $86.5 million, a particularly strong result given the scale of our operations. Importantly, the mix of revenue continues to sweeten. This quarter's high-margin services revenue rising to 83% of total revenue up sequentially from 79% in the prior year's 75%.

結果包括與組合和機隊完整收購相關的 580 萬美元非現金攤銷，影響服務毛利率 7%。請看下一張投影片。首先，我要從最能體現我們業務模式實力和發展動能的指標──服務收入開始。該收入年增 53%，環比成長 6%，達到 8,650 萬美元，考慮到我們的營運規模，這是一個特別強勁的業績。重要的是，收入結構繼續趨於優化。本季高利潤服務收入佔總收入的 83%，較上年同期的 75% 上升了 79%。

As our SaaS revenue grows, so does the predictability, the margin leverage and the lifetime value of our customer relationships. It means a larger share of our revenue is now high margin, recurring and anchored in multiyear value delivery through the Unity platform.

隨著我們的 SaaS 收入的成長，我們的客戶關係的可預測性、利潤槓桿和終身價值也在成長。這意味著我們現在的大部分收入都是高利潤、經常性的，並且透過 Unity 平台實現多年價值交付。

Next slide. Strength in SaaS is at the heart of our investment thesis, rapid profitable growth. Looking at our year-over-year performance, we delivered $104 million in revenue for the quarter, a 38% increase and approximately $1 million higher than consensus estimates.

下一張投影片。SaaS 的優勢是我們投資理念的核心，即快速的獲利成長。從年比來看，本季我們的營收為 1.04 億美元，成長 38%，比普遍預期高出約 100 萬美元。

Significantly, adjusted EBITDA hit $21.6 million, a 58% lift over the same period last year and exceeding consensus by over $1 million. This is strong performance at the intersection of innovation and financial discipline.

值得注意的是，調整後的 EBITDA 達到 2,160 萬美元，比去年同期成長 58%，超出預期 100 多萬美元。這是創新與財務紀律結合的出色表現。

We're seeing clear benefits from synergy realization, platform consolidation and a SaaS-centric revenue mix. This growth is coming from aligned sales execution, expanding customer value and a well-calibrated operating model. We're investing smartly where it counts and the results speak for themselves.

我們看到了協同效應實現、平台整合和以 SaaS 為中心的收入組合帶來的明顯好處。這種成長來自於一致的銷售執行、不斷擴大的客戶價值和精心校準的營運模式。我們在重要的地方進行了明智的投資，其結果不言而喻。

Next slide. Let's take a closer look at margins, where we're delivering meaningful year-over-year gains, a stronger revenue mix and service gross margins of 76% were the key drivers of a 300 basis point expansion in adjusted EBITDA gross margins, which reached 67%.

下一張投影片。讓我們仔細看看利潤率，我們實現了有意義的同比增長，更強勁的收入組合和 76% 的服務毛利率是調整後 EBITDA 毛利率擴大 300 個基點（達到 67%）的關鍵驅動因素。

Strength in services more than offset pressure on product margins of 25%, which were adversely impacted by tariffs, which tempered CapEx deals for our high-margin in warehouse solutions. Moving to the right-hand side of the chart and expense to us, where we're making thoughtful trade-offs across the P&L. General and administrative costs were down year-over-year at 26% of revenue, thanks to synergy realization and smart systems consolidation.

服務優勢足以抵銷產品利潤率 25% 的壓力，而關稅又對其造成了不利影響，從而抑制了我們高利潤倉庫解決方案的資本支出交易。移到圖表的右側，這是對我們的費用，我們在損益表中進行了深思熟慮的權衡。由於協同效應的實現和智慧系統的整合，一般和行政成本同比下降，佔收入的 26%。

That significant headroom unlocked without compromising execution. As planned, sales and marketing ticked up to 17% as we lead into go-to-market acceleration across key verticals and partners, a deliberate reinvestments in top line momentum.

在不影響執行力的情況下，釋放了巨大的潛力。按照計劃，隨著我們在主要垂直行業和合作夥伴中加速進入市場，銷售額和行銷額上升了 17%，這是對營收成長勢頭的一次有意識的再投資。

Gross research and development spend increased by 1 percentage points to 8%, ensuring continued focus on platform innovation, particularly in AI, safety and compliance. R&D net of capitalized software was 5% of revenue for the quarter. Changes in the overall mix of spend are exactly what we want to see, expanding margins, disciplined reinvestment and operational rigor across the board.

總研發支出增加了 1 個百分點，達到 8%，確保繼續專注於平台創新，特別是在人工智慧、安全和合規方面。扣除資本化軟體後的研發費用佔本季營收的 5%。我們希望看到整體支出結構的變化，即利潤率的擴大、嚴格的再投資和全面的營運嚴謹性。

As we look to the upcoming quarter, we do expect product margins to remain in the mid-20% range and to support the rapid expansion of capability to sales and marketing expenses are expected to run at approximately 18% of revenue. Next slide, please. Closing on leverage, we are pleased with its trajectory. We exit Q1 with net debt-to-EBITDA ratio of 2.97 times, down from 3.2 times at the end of FY25. That solid progress in just one quarter.

展望下一季度，我們確實預計產品利潤率將保持在 20% 左右，並支持銷售能力的快速擴張，預計行銷費用將佔收入的約 18%。請看下一張投影片。就槓桿率而言，我們對其走勢感到滿意。我們在第一季結束時的淨負債與 EBITDA 比率為 2.97 倍，低於 25 財年末的 3.2 倍。僅一個季度就取得如此顯著的進展。

Our guidance remains firm under [2.75] quarter net leverage by year-end. Net debt at quarter end was $235 million compared to adjusted net debt of $229 million at the end of fiscal 2025. This increase is in line with prior expectations of front-loaded investments to accelerate platform integration synergy capture and system upgrades.

我們的預期是，到年底季度淨槓桿率仍將維持在 2.75 以下。本季末的淨債務為 2.35 億美元，而 2025 財年末的調整後淨債務為 2.29 億美元。這一成長符合先前對前期投資的預期，旨在加速平台整合、協同效應和系統升級。

This was intentional. It clears the path for a much stronger second half of the year where we're projecting an additional $30 million in net debt improvement in the back half driven by top line growth, reduced CapEx intensity and improved working capital performance.

這是故意的。這為下半年更強勁的業績鋪平了道路，我們預計下半年淨債務將再減少 3,000 萬美元，這得益於營收成長、資本支出強度降低和營運資本績效提高。

With that, I'll hand the call over to Melissa to walk through our Q1 transformation progress. Melissa?

說完這些，我將把電話交給梅麗莎，讓她介紹我們第一季的轉型進展。梅麗莎？

Good morning, everyone. Q1 was another quarter of disciplined execution of strategic transformation initiatives, and we continue to deliver meaningful progress against our objectives. From an EBITDA perspective, we realized $11 million in annualized savings this quarter, putting us firmly on the path to achieving the 18 million FY26 target we've committed.

大家早安。第一季是我們嚴格執行策略轉型計畫的另一個季度，我們持續在實現目標方面取得有意義的進展。從 EBITDA 角度來看，本季度我們實現了 1100 萬美元的年度化節省，使我們堅定地朝著實現我們承諾的 1800 萬美元的 FY26 目標邁進。

I'll share more detail on our EBITDA expansion progress on the next slide. On our business transformation initiatives, we're well underway in executing a phased program to harmonize our company-wide systems focusing on driving operational efficiency and strengthening our ability to scale our global operations seamlessly.

我將在下一張幻燈片中分享有關我們的 EBITDA 擴張進展的更多細節。在我們的業務轉型計劃中，我們正在分階段執行一項計劃，以協調我們全公司的系統，重點是提高營運效率並增強我們無縫擴展全球營運的能力。

We successfully achieved the initial milestones in the first quarter completing a broad sales CRM harmonization across key regions. Further alignment across multiple operating platforms in our strategic operating geographies is now well underway with a global rollout to further regions already in detailed planning.

我們在第一季度成功實現了初步里程碑，完成了跨主要地區的廣泛銷售 CRM 協調。我們策略營運地區內多個營運平台的進一步協調目前正在順利進行，向更多地區進行的全球推廣已經在詳細規劃中。

The whole company is leading into this transformation, which remains a key strategic focus for the team. We're also amplifying our business development efforts to capitalize on strong market demand for our differentiated solutions. A key initiative is the launch of a strategic program with a Fortune 500 demand generation partner to double down on the acceleration of our pipeline growth.

整個公司正在引領這項轉型，這仍然是團隊的關鍵策略重點。我們也正在加強業務發展力度，以利用市場對我們差異化解決方案的強勁需求。一項關鍵舉措是與財富 500 強需求生成合作夥伴啟動一項策略計劃，以加倍加速我們的管道成長。

The program is already delivering tangible results with strong engagement and a growing flow of qualified opportunities. On the supply chain front, we're successfully mitigating major tariff-related cost pressures, a direct outcome of our strategic supply chain evolution, which is delivering a more balanced and resilient operating model for manufacturing operations to support our global customer base.

該計劃已經取得了切實的成果，並獲得了廣泛的參與，並帶來了越來越多的合格機會。在供應鏈方面，我們成功緩解了與關稅相關的主要成本壓力，這是我們策略供應鏈發展的直接結果，它為製造業務提供了更平衡和有彈性的營運模式，以支持我們的全球客戶群。

Finally, we're scaling our strategic indirect growth partner management capabilities to meet accelerating demand across our third-party partner ecosystem. This includes major global IoT partners such as MTN, which we discussed earlier as well as other strategic carrier relationships we covered on the last earnings call. We're also seeing strong momentum with key vehicle leasing partners like Sixt as we expand our global footprint and enable growth through these high-impact channels.

最後，我們正在擴大我們的策略間接成長合作夥伴管理能力，以滿足我們第三方合作夥伴生態系統日益增長的需求。這包括我們之前討論過的 MTN 等主要全球物聯網合作夥伴以及我們在上次財報電話會議上討論過的其他策略營運商關係。隨著我們擴大全球業務範圍並透過這些高影響力的管道實現成長，我們也看到與 Sixt 等主要汽車租賃合作夥伴的強勁發展勢頭。

We are mobilizing for high-scale sales motions in these channels. I'm very encouraged by the way the team has embraced transformation and executed at base, setting a strong foundation for continued growth and value creation.

我們正在動員這些管道進行大規模銷售活動。我對團隊接受轉型並在基礎上執行的方式感到非常鼓舞，為持續成長和價值創造奠定了堅實的基礎。

Next slide, please. This slide explains in more detail how we achieved $11 million in annualized savings in Q1. Firstly, as of April 1, we implemented, global operating structure to strengthen our high-performance culture and improve how we operate as a business.

請看下一張投影片。這張投影片更詳細地解釋了我們如何在第一季實現 1100 萬美元的年度節省。首先，自 4 月 1 日起，我們實施了全球營運結構，以加強我們的高績效文化並改善我們的業務運作方式。

These enhancements are already driving measurable impact, streamlining decision-making and sharpening accountability, enabling us to move faster, execute with greater focus and serve customers more effectively. Whilst this change was first and foremost about building a better business, it also drove meaningful EBITDA improvement, delivering $7 million in annualized savings within.

這些改進已經產生了可衡量的影響，簡化了決策過程並加強了問責制，使我們能夠行動更快、執行更有針對性並更有效地為客戶服務。雖然這項變更首先是為了建立更好的業務，但它也推動了 EBITDA 的顯著改善，帶來了 700 萬美元的年度節省。

The second area of focus was disciplined execution in vendor spend reduction. Our sister transformation enabled us to eliminate redundant and duplicative applications while continuing to overhaul the tools we use to manage customers and operations globally.

第二個重點領域是嚴格執行減少供應商支出的規定。我們的姊妹轉型使我們能夠消除冗餘和重複的應用程序，同時繼續徹底改革我們用於管理全球客戶和營運的工具。

This included aligning to a global support ticketing system and reducing services costs, particularly in communications and third-party providers embedded in our solutions, through process standardization and deeper partnerships with fewer, more strategic vendors.

這包括與全球支援票務系統保持一致並降低服務成本，特別是透過流程標準化和與更少、更具策略性的供應商建立更深的合作夥伴關係，降低我們解決方案中嵌入的通訊和第三方提供者的成本。

We've advanced facilities consolidation and continue to standardize operating policies across the business, reinforcing spend discipline and creating a foundation to unlock further efficiencies at scale. The combination of these actions gives us tangible confidence we'll deliver the remaining $7 million of our annualized EBITDA savings target for the year, while continuing to invest in customer-facing growth initiatives.

我們推進了設施整合，並繼續在整個業務範圍內標準化營運政策，加強支出紀律，並為進一步提高規模效率奠定基礎。這些行動的結合讓我們有切實的信心，我們將實現今年剩餘的 700 萬美元年度 EBITDA 節省目標，同時繼續投資於面向客戶的成長計畫。

With that, I'd like to turn the call over to Mike Powell, our Chief Innovation Officer, who is leading both our external and internal technology transformation. We are delighted that Mike has chosen to join us for the next phase of PowerFleet's journey. In just seven months, he's brought tremendous energy, vision and momentum to our innovation agenda and we're thrilled with the progress we're already making under his leadership.

接下來，我想將電話轉給我們的首席創新長 Mike Powell，他負責領導我們外部和內部的技術轉型。我們很高興 Mike 選擇加入我們，共同開啟 PowerFleet 的下一階段旅程。在短短七個月的時間裡，他為我們的創新議程帶來了巨大的活力、遠見和動力，我們對在他的領導下取得的進展感到非常高興。

Mike, over to you.

麥克，交給你了。

Thanks, Melissa, and good morning, everyone. I'm thrilled to be here and even more excited about what we're building at PowerFleet. Since joining as Chief Innovation Officer, I've seen firsthand the speed, ambition and precision with which our team operates.

謝謝，梅麗莎，大家早安。我很高興來到這裡，更讓我興奮的是我們在 PowerFleet 正在建造的一切。自從我擔任首席創新長以來，我親眼目睹了我們團隊的運作速度、野心和精確度。

We're not just talking about digital transformation, we're engineering it with Unity as a core enabler. We've taken a bold product vision and translated into real-world execution, unlocking value across safety, visibility, compliance and operational efficiency, whether it's driver risk mitigation, intelligent warehouse optimization or cross-platform data harmonization, Unity is delivering results where it matters most.

我們不僅談論數位轉型，我們也以 Unity 作為核心推動力來設計數位轉型。我們提出了大膽的產品願景，並將其轉化為現實世界的執行，在安全性、可見性、合規性和營運效率方面釋放價值，無論是駕駛員風險緩解、智慧倉庫優化還是跨平台數據協調，Unity 都在最重要的地方提供成果。

My focus today is to share how our innovation agenda is scaling, how we're building an enterprise-grade data intelligence to lead engine that's defining the generation of AI-powered operations. Let's dive into the highlights. Next slide, please.

我今天的重點是分享我們的創新議程如何擴展，我們如何建立企業級數據智慧來引領定義人工智慧驅動營運的引擎。讓我們深入了解其中的亮點。請看下一張投影片。

In Q1, we received a peripheral external validation of our innovation engine. PowerFleet was named one of ABI Research's seven most innovative global technology companies, alongside household names like Schneider Electric, Vertiv and Ericsson.

在第一季度，我們的創新引擎獲得了外圍外部驗證。PowerFleet 與施耐德電氣、Vertiv 和愛立信等家喻戶曉的公司一起被 ABI Research 評為全球七大最具創新力的科技公司之一。

This was a recognition grounded in technical analysis and commercial execution. ABI specifically highlighted the unique platform for its enterprise-grade modularity. AI-led innovation in the field of Agentic and generative AI as well as machine vision, hardware agnostic architecture, rapid deployment capability and a clear ROI delivery at scale. They went as far as to describe Unity as enabling true digital transformation, a coveted endorsement and real differentiator in a market saturated with point solutions. This recognition tells us two things.

這是基於技術分析和商業執行的認可。ABI 特別強調了該平台獨特的企業級模組化特性。人工智慧在代理和生成人工智慧以及機器視覺、硬體無關架構、快速部署能力和大規模清晰的投資回報率交付領域的創新。他們甚至將 Unity 描述為能夠實現真正的數位轉型、在充斥著點解決方案的市場中實現令人垂涎的認可和真正的差異化因素。這種認識告訴我們兩件事。

First, our platform vision is resident with both customers and analysts. Second, we're no longer just participating in the enterprise IoT conversation, we're shaping it. Next slide, please. Let's talk about product innovation and specifically AI. One of the most pressing pain points we're hearing from enterprise organizations is that they are drowning in video data, but starving for insights.

首先，我們的平台願景與客戶和分析師息息相關。其次，我們不再只參與企業物聯網對話，我們還在塑造它。請看下一張投影片。讓我們來談談產品創新，特別是人工智慧。我們從企業組織聽到的最緊迫的痛點之一是，他們被視訊數據淹沒，但卻缺乏洞察力。

Video tools are generating terabytes of footage, but it's too difficult to find the value amidst the forest of data and consequentially, decision latency. So we built something to solve that. We launched our new AI risk intervention module inside Unity, purpose built to automatically analyze critical safety events and drive real-time action.

視訊工具正在產生數 TB 的素材，但要在海量資料中找到價值並因此導致決策延遲卻十分困難。因此我們建構了一些東西來解決這個問題。我們在 Unity 內部推出了新的 AI 風險幹預模組，專門用於自動分析關鍵安全事件並推動即時行動。

Here's what it covers. Real-time detection of a big distraction and unsafe behavior, automated risk alerting and live driver coaching, 80-plus percent reduction in manual video review hours, structured export-ready data for insurers and regulators and most importantly, measurable ROI to reduce incidence and claim.

以下是其涵蓋的內容。即時檢測重大干擾和不安全行為、自動發出風險警報和進行現場駕駛員指導、減少 80% 以上的手動視訊審查時間、為保險公司和監管機構提供可導出的結構化數據，最重要的是，可衡量的投資回報率，以減少發生率和索賠。

This is a breakthrough. It's AI with purpose. AI that protects lives cuts costs and enables safer operations at scale. And it's already live in the field. We've signed multiple deals where this module was the differentiator.

這是一個突破。這是有目的的人工智慧。保護生命的人工智慧可以降低成本並實現更安全的大規模營運。並且它已經在該領域上線了。我們已經簽署了多項協議，其中這個模組是我們的優勢。

This is what excites me the most. This is an innovation for innovation's sake. It's driving top line and bottom line impact today. Next slide, please. To wrap up, I'm delighted to announce that this November, we'll be hosting an investor innovation session, a dedicated Unity AIoT product and technology showcase, tailored for the investor and analyst community.

這是最讓我興奮的事。這是為創新而創新。它正在推動當今的營收和利潤影響。請看下一張投影片。最後，我很高興地宣布，今年 11 月，我們將舉辦一場投資者創新會議，專門展示 Unity AIoT 產品和技術，專為投資者和分析師社群量身定制。

We're bringing you inside the platform, walking you through Unity's agnostic ingestion, harmonization and single pane of glass in action, use cases across safety, in warehouse, on-road and compliance, customer examples of unified operations and AI-powered applications.

我們將帶您進入平台，引導您了解 Unity 的不可知攝取、協調和單一玻璃窗格的實際操作、安全性、倉庫、道路和合規方面的用例、統一營運和 AI 驅動應用程式的客戶範例。

And most importantly, how all of this translates into scale, monetization and defensibility. You'll see why Unity is a highly differentiated, multi-award-winning platform. More than that, it's the platform delivering digital transformation for the world's most operationally intensive industries. We're building something powerful here, and we're excited to show you what's next. It's a privilege to lead the innovation PowerFleet, and I couldn't be more excited for what I have.

最重要的是，所有這些如何轉化為規模、貨幣化和防禦能力。您將會了解為什麼 Unity 是一個高度差異化、屢獲殊榮的平台。不僅如此，它還是為全球營運最密集的產業提供數位轉型的平台。我們正在這裡建立一些強大的東西，我們很高興向您展示接下來的東西。能夠領導創新 PowerFleet 是我的榮幸，我對自己所擁有的一切感到無比興奮。

With that, I'll pass the call back to Steve to close this out.

這樣，我會把電話轉回給史蒂夫來結束這件事。

Thanks, Mike. Before we finish, I want to put and reflect on just how far we come. Over the past months, in particular, PowerFleet has undergone a profound transformation from strategy through to execution. We've reshaped our operating model unified our sales channels around a scaled AI-driven platform and unlocked a powerful flywheel of innovation, commercial impact and profitable growth. Even more importantly, this change being felt where it matters most by our customers and our team around the world.

謝謝，麥克。在我們結束之前，我想回顧一下我們取得了多大的進步。特別是在過去的幾個月裡，PowerFleet 從策略到執行經歷了深刻的轉變。我們重塑了營運模式，圍繞著規模化的人工智慧驅動平台統一了銷售管道，並釋放了創新、商業影響和獲利成長的強大飛輪。更重要的是，我們在世界各地的客戶和團隊都感受到了這種變化。

Let's open up for Q&A. Operator?

讓我們開始問答環節。操作員？

(Operator Instructions)

（操作員指示）

Scott Searle, ROTH Capital.

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

Hey, good morning. Thanks for taking the questions. Great. job on the quarter. Nice to see the services growth starting to accelerate. Steve, maybe to jump in right into the MTN relationship, very exciting. I'm wondering if there's sort of other metrics that you can put around it in terms of the opportunity set of fleet vehicles within MTN basin footprint and the timing of when we could expect to see some implementation there?

嘿，早安。感謝您回答這些問題。太棒了，本季的工作做得很好。很高興看到服務業成長開始加速。史蒂夫，也許直接加入 MTN 關係，非常令人興奮。我想知道，您是否可以圍繞 MTN 盆地覆蓋範圍內的車隊車輛機會集以及我們何時可以預期在那裡看到一些實施的時間提出其他指標？

And maybe some past historic perspective in the quarter as well. How big was telco in the quarter? I think you had some other operators that were percolating around in other geographies, places like Europe. I'm wondering any updates on that front.

或許還可以回顧本季的一些歷史觀點。本季電信公司的規模有多大？我認為還有其他一些業者正在其他地區（例如歐洲）開展業務。我想知道這方面有什麼最新進展。

Yeah thanks, Scott. So a few things. So in terms of MTN business, it is a significant, if not the most major part of their infrastructure. So a very large opportunity for us, as we said, across multiple countries within the territory. We've been working on this one for a little while.

是的，謝謝，斯科特。有幾件事。因此，就 MTN 業務而言，它是其基礎設施中重要的一部分，甚至是最重要的一部分。正如我們所說，這對我們來說是一個非常大的機會，可以跨越領土內的多個國家。我們已經研究這個問題有一段時間了。

So those guys are ready to hit the road in the second half of the year. Again, a little bit caution just in terms of how long it takes to get pipeline building. But we're already there in terms of lot the cement work that's needed. This is going to be a white label of all of the Unity platform and its solutions. So this will be significant for us.

所以這些人已經準備好在下半年上路了。再次強調，對於管道建設需要多長時間，需要稍微謹慎一點。但就所需的大量水泥工程而言，我們已經完成了。這將是所有 Unity 平台及其解決方案的白標。這對我們來說意義重大。

In terms of the telcos in the quarter, I think there's a couple of stats that we provided. So pipeline has gone sequentially 28% up in the North American channel partners. And then secondly, the large increase in bookings that we've had for AI video has come predominantly from that channel as well. So all good in terms of the AT&T and TELUS relationships. In terms of the other two that we're still to announce, then the work is ongoing.

就本季的電信公司而言，我認為我們提供了一些統計數據。因此，北美通路合作夥伴的通路數量連續成長了 28%。其次，我們的 AI 影片預訂量大幅成長也主要來自該管道。因此，就 AT&T 和 TELUS 的關係而言，一切都很好。至於另外兩個我們尚未宣布的消息，相關工作仍在進行中。

As we said, they will take a little bit longer, just we have processes to come to fruition in terms of bringing bid to us. That's kind of Q4, heading into FY27 that those guys will really come on board for us. But all good and more than delighted obviously this win, as now, we're being recognized not just in the territories where we've played before, but in new territories in terms of getting these opportunities that can provide fantastic scale for the business.

正如我們所說，他們需要更長的時間，只是我們需要一些流程來實現投標。這就是第四季度，進入 27 財年時這些人將真正加入我們的行列。但這場勝利顯然讓我們非常高興，因為現在，我們不僅在之前涉足的領域得到認可，而且在新領域也獲得了認可，獲得了可以為業務提供巨大規模的機會。

Great. Thank you very much. And if I could -- one more, just in terms of the guidance, you raised the low end of the guidance. You had a very good quarter in terms of service growth offsetting some of the weakness on the product front.

偉大的。非常感謝。如果可以的話——再說一次，就指導而言，你提高了指導的低端。就服務成長而言，本季你們表現得非常好，抵銷了產品方面的一些疲軟。

I'm wondering as you look into the September quarter and fiscal '26 in general, how you're thinking about the product contribution going forward given some of the economic headwinds I think in the warehouse category.

我想知道，當您回顧 9 月季度和整個 26 財年時，考慮到我認為倉庫類別面臨的一些經濟逆風，您如何看待未來的產品貢獻。

Maybe you can give us some updated thoughts on that and tariff impact. And then that stated with the new guys, are you feeling much more comfortable of adding to that double-digit services growth as we exit the year? It seems like what we posted in the June quarter and kind of extrapolating that going forward that the visibility on that front is improved. So any updated thoughts on that would be welcome.

也許您可以就此事以及關稅影響向我們提供一些最新的看法。那麼，有了新人之後，當我們即將結束這一年時，您是否對實現兩位數的服務成長感到更加放心？這似乎與我們在六月季度發布的內容類似，並且可以推斷，未來這方面的可見度將會提高。因此，歡迎任何關於此的最新想法。

I'll pave it, David, and then you can jump in with anything. But I mean just in general terms, I think we were a little bit pended coming out of the last quarter with obviously, the macroeconomic and seeing where it was going to go. We've pivoted very strongly. This has helped to move to that SaaS mix that we were looking for. That will continue. In terms of caution around CapEx decisions that it still remains.

我會鋪平道路，大衛，然後你就可以做任何事情了。但我的意思是，從總體上看，我認為我們對上個季度的宏觀經濟走勢有些期待，不知道它會走向何方。我們已經做出了非常強大的轉變。這有助於我們轉向我們所尋求的 SaaS 組合。這種情況將會持續下去。在資本支出決策方面，我們仍需保持謹慎。

It's up and down, depending when there's any new news that comes out in terms of the tariffs. But I think we're feeling super confident in terms of our abilities to grow that to that 10% cash rate that you alluded to. And just in general, I think we've been through a huge period of transformation, a lot going on internally, a lot going on externally now seeing those [green dudes]

它時好時壞，取決於何時有關於關稅的新消息傳出。但我認為，我們對於將現金利率提高到您提到的 10% 的能力非常有信心。總的來說，我認為我們經歷了一個巨大的轉型期，內部發生了很多變化，外部也發生了很多變化，現在看到這些[綠色傢伙]

I think the evidence that we're providing whether that's customer wins, whether that is ROI for customers, whether that's ARPU expansion, whether it's channel opportunity, this is real kind of competence building internally in terms of seeing the proof points to back up the thesis that we have a winning play here. And we can't be more delighted with the quarter, and we couldn't be more delighted with the trajectory, albeit that we still remain a little bit cautious in terms of some of the macroeconomic around us.

我認為，我們提供的證據無論是客戶獲勝，還是客戶的投資回報率，還是 ARPU 擴張，還是通路機會，都是內部真正的能力建設，因為我們可以看到支持我們在這裡取得成功的論點的證據點。我們對本季的表現感到非常滿意，對未來的發展軌跡也感到非常高興，儘管我們對周圍的一些宏觀經濟仍然保持謹慎態度。

Great, thanks so much. Great job on the quarter and I'll get back in the queue.

太好了，非常感謝。本季表現很好，我會重新加入。

Anthony Stoss, Craig-Hallum.

安東尼·斯托斯、克雷格·哈勒姆。

Hi guys, my congrats on the strong execution as well. Steve, maybe you can share a bit more color on the AT&T, where they're at on the enterprise side of front role. I know it's early days, curious where that stands? And also anything call give us in terms of the number of products, PowerFleet products that you're seeing each customer purchase is that going up and how rapidly? Then I have a follow-up after that.

大家好，我也對你們的出色執行表示祝賀。史蒂夫，也許你可以分享一些有關 AT&T 的詳細信息，他們在企業方面扮演著什麼樣的角色。我知道現在還為時過早，好奇情況如何？另外，您能告訴我們產品數量嗎？您看到每位顧客購買的 PowerFleet 產品數量是否在增加，增加速度有多快？然後我會進行後續跟進。

Yeah, so AT&T is tracking well. As you said, it's early days. If you remember, executive that said video, video, video in our Investor Day in terms of what their strategy was, I think that's bearing out in some of the metrics that we have put forward, and they're leaning into the different opportunities that that Unity brings. So a lot of interest in the new modularity from an AI perspective.

是的，AT&T 的追蹤情況很好。正如你所說，現在還為時過早。如果您還記得，高管在我們的投資者日上談到他們的策略時說了視頻、視頻、視頻，我認為這證實了我們提出的一些指標，他們正在傾向於 Unity 帶來的不同機會。因此，從人工智慧的角度來看，人們對新的模組化很感興趣。

So I think that is super to the key in terms of win rates of more than one product. I think, again, the increase in SaaS rates, the increase in all give you good calendar in terms of our abilities to do that and those rates are definitely increasing.

因此，我認為就多種產品的勝率而言，這是至關重要的。我認為，SaaS 費率的增加，以及所有費用的增加，都為我們提供了良好的日程安排，而且這些費率肯定在增加。

So even though we did a lot of new logos increase in new logos, we got significant quarterly business through the upsell and cross-sell program. So that is playing out as per the thesis as well. And I think just in, I mean, there was multiple reasons why we did the Fleet Complete acquisition, multiple reasons why we did the mix transaction.

因此，儘管我們增加了許多新標識，但我們透過追加銷售和交叉銷售計劃獲得了可觀的季度業務。所以這也是按照論文進行的。我認為，我們進行 Fleet Complete 收購的原因有很多，我們進行混合交易的原因有很多。

But you've hit on two there. One was the ability for us to expand channel relationships, something that's done really well by fleet complete? And then secondly, is the very high opportunity for cross-sell upsell, and that's now starting to bear fruit across our customer.

但你已經找到了兩個。一是我們有能力擴大通路關係，這點 fleet complete 做得非常好？其次，交叉銷售和追加銷售的機會非常大，現在這已開始在我們的客戶中產生效果。

Got it. If I could throw one question to David. The percent of revenues that's now as occurring up huge sequentially at 83%. I'm curious where you think that go, let's say, a year from now and where the overall gross margins for the company as a result go a year from now?

知道了。如果我可以向大衛提出一個問題。目前的收入百分比連續大幅上升，達到 83%。我很好奇，您認為一年後情況會如何發展，以及一年後公司的整體毛利率會如何發展？

Yeah, so clearly, it was a blowout quarter from a services standpoint. So sometimes everything goes right for you, and that was definitely the case this quarter. As we said in the earlier remarks, we are expecting sort of 10% organic growth in Q4 of this year as we exit the year. So double digit.

是的，顯然，從服務的角度來看，這是一個井噴的季度。所以有時候一切都會順利，本季的情況確實如此。正如我們在先前的評論中所說，我們預計今年第四季的有機成長率將達到 10%。所以是兩位數。

Again, that is going to be driven by primarily services. And actually, we've been hit pretty hard in terms of the CapEx side of things, the product side of things. So I would say that was usually low. And the expectation is the focus is that there'll be some uplift on that in terms of as we work forward as we would have a better understanding exactly what the tariff situation is there'll be more certainity.

再次強調，這將主要由服務推動。實際上，我們在資本支出方面和產品方面受到了相當大的打擊。所以我想說這通常很低。我們期望的重點是，隨著我們工作的推進，這方面會有一些提升，因為我們會更了解關稅情況，從而會有更多的確定性。

So while it was a great quarter for services, it was not a good one for as things level down as people get more confident, we do expect some product revenue to come back, which can only help sort of the growth rate from a top line standpoint.

因此，雖然對於服務業來說這是一個出色的季度，但隨著人們信心的增強，情況逐漸好轉，這並不是一個好季度，我們確實預計一些產品收入會回升，從營收角度來看，這只能有助於提高增長率。

Yeah, I think just to chime in there, kind of longer term, 85% plus is our ambition for SaaS revenue as part of the overall revenue mix. And if you look at gross margins on the services line, I remember services has had a little bit of one-off services in there that brings the margin down. But we'll get to 80% plus in that overall service and true SaaS margins, 90% plus to 95%.

是的，我認為從長遠來看，我們的目標是將 SaaS 收入佔整體收入的 85% 以上。如果你看一下服務線的毛利率，我記得服務中有少量一次性服務，這導致利潤率下降。但我們的整體服務和真正的 SaaS 利潤率將達到 80% 以上，即 90% 以上至 95%。

Very good. Thank you guys.

非常好。謝謝你們。

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 questions here. First of all, David, do you have a number for subscribers and ARPU for the quarter?

這裡有幾個問題。首先，大衛，您有本季的用戶數量和 ARPU 數據嗎？

Gary, in terms of the growth in services, that was primarily ARPU driven for all the reasons that Steve spoke to earlier. So I would say there was a modest change upwards in terms of subscribers, but it was really sort of ARPU driven. From a services standpoint, we've pretty talked about the services ARPU have been up 15%. So obviously, a nice pick up on top of that 15%.

加里，就服務成長而言，這主要是由 ARPU 驅動的，原因史蒂夫之前已經提到過。所以我想說，就用戶數量而言，有一個適度的上升，但這實際上是由 ARPU 驅動的。從服務的角度來看，我們已經討論過服務 ARPU 已經上漲了 15%。因此，顯然，這比 15% 有了不錯的成長。

You mean $15 David, right?

你的意思是 15 美元，大衛，對嗎？

Sorry, $15, excuse me.

抱歉，15 美元，不好意思。

Yeah, so Gary, just to add in a little bit. If you look at the mid of revenue, so I think 51% or something was the amount of revenue that came from in warehouse and from AI video. I think the best statistic is if you look at the range of ARPU there is there, you're anything from $30 up to $125, so the more of that we sell, the suite of the mix, and that's very much what we're focused on in terms of our ARPU expansion.

是的，加里，我補充一點。如果你看一下收入的中間部分，我認為 51% 左右的收入來自倉庫和 AI 影片。我認為最好的統計數據是，如果你看一下那裡的 ARPU 範圍，你會發現它的範圍從 30 美元到 125 美元不等，因此我們銷售的產品越多，組合套件就越多，而這正是我們在 ARPU 擴展方面所關注的重點。

Okay. And just a question for Melissa, given how much expense synergies you captured in this quarter, is there a chance that you could exceed the goals of what you stated, I think it was $18 million for the year.

好的。我想問梅麗莎一個問題，考慮到您在本季度獲得了多少費用協同效應，您是否有可能超出您所述的目標，我認為今年的目標是 1800 萬美元。

Gary, so as you said, we've undertaken a significant amount of transformation, and that's been both in business and externally as well. We do need to settle through the organization and continue to drive the performance that we're driving. So we're focused on the 18 million for the year, very much as our target, and we intend to hit that.

加里，正如你所說，我們進行了大量的轉型，既包括業務轉型，也包括外部轉型。我們確實需要透過組織來解決並繼續推動我們正在推動的績效。因此，我們今年的重點是 1800 萬，這是我們的目標，我們打算實現這一目標。

Okay. I think just to add in to that, Gary, there's a little bit less of our overall plan for FY27. We'll continue to find. What we're pivoting right now is to obviously invest some of that return back into go-to-market as well because of the strong proof points we're seeing. So once we get to the 18, we'll kind of take a breath and take a look, but I think 18 is a good number to have for the annualized annualized number right now.

好的。蓋瑞，我想補充一點，我們對 2027 財年的整體計畫有點少。我們會繼續尋找。由於我們看到的有力證據，我們現在的重點顯然是將部分回報重新投入行銷。因此，一旦我們達到 18，我們就會喘口氣，看看情況，但我認為 18 對於目前的年化數字來說是一個不錯的數字。

Okay. And then just in general, Steve, service -- product revenue was down. You talked about the tariff impact and the uncertainty, and it always will be that product revenue is going to leave service revenue. But are you seeing, because you're selling more SaaS, more Unity and all that, the mix of your new business coming in. Is it more not equipment with the SaaS? Or I guess what I'm trying to get at is, is that mix improving where you're just selling SaaS versus having to connect equipment to a SaaS sale?

好的。總體而言，史蒂夫，服務 - 產品收入下降了。您談到了關稅的影響和不確定性，產品收入總是會離開服務收入。但是，您是否看到，由於您銷售了更多的 SaaS、更多的 Unity 等，您的新業務組合正在湧入。是不是更多的不是用SaaS的設備？或者我想問的是，這種組合是否會有所改善，即您只銷售 SaaS，而不是將設備連接到 SaaS 銷售？

Yeah, so you're absolutely right. So we're selling more applications, more modular applications. The device agnostic single pane of glass means that we don't always have to sell the hardware as well. So this -- as you know, we want to transform to be as much a true software player and be as where you're seeing that shift happen.

是的，你完全正確。因此，我們銷售更多的應用程式、更多的模組化應用程式。與設備無關的單一玻璃窗格意味著我們不必總是銷售硬體。所以 — — 如你所知，我們希望轉型成為一個真正的軟體參與者，並成為你所看到這種轉變發生的地方。

In terms of the product revenue, there was also the financial accounting, the GAAP accounting that part of that decline sequentially as well. David can give you the details there. But this is absolutely the motion that we've been trying to achieve. And the more now, I think that the platform is beginning to have that true modularity. We're starting to sell it.

就產品收入而言，還有財務會計，GAAP會計那部分也持續下降。大衛可以在那裡向您提供詳細資訊。但這絕對是我們一直努力實現的動議。現在，我認為該平台開始具有真正的模組化。我們開始銷售它。

It's more of an application than a kind of piece of team plus software. Then I think that's all playing out as we would want it to. We'll still take the revenue when we get -- one thing I'm particularly pleased with is when we're kind of challenged with that CapEx lag issue, we've pivoted, and we've pivoted well, and we've executed extremely strongly on that satellite from investors' perspective, that's a very good signal for the future.

它更像是一個應用程序，而不是一種團隊加軟體。那麼我認為一切都會按照我們所希望的方式進行。當我們獲得收入時，我們仍然會獲得收入——有一件事讓我特別高興，那就是當我們面臨資本支出滯後問題的挑戰時，我們進行了調整，並且調整得很好，從投資者的角度來看，我們在衛星上的表現非常強勁，這對未來來說是一個非常好的信號。

Just to add on, Gary, yeah, it's a $2 million dollar sequential decline for the change in accounting, so. Okay, thank you a major impact in terms of rate revenue.

加里，是的，補充一下，由於會計變更，收入連續下降了 200 萬美元，所以。好的，謝謝你，這對利率收入產生了重大影響。

Dylan Becker, William Blair.

迪倫貝克爾、威廉布萊爾。

Hey gentlemen, really next job. Steve or for David to you, double on your comments there around kind of the doubling down on capacity investment, right? Great to see the services acceleration and momentum there. And to your point, that's going to be the driver of gross margin accelerating revenue growth.

嘿先生們，真的是下一份工作。史蒂夫或大衛，請您再談談關於加倍產能投資的評論，對嗎？很高興看到那裡的服務加速和發展勢頭。正如您所說，這將成為毛利率加速收入成長的動力。

I guess as you're seeing conviction in enterprise services adoption kind of way of the upside on cost synergies, how you're thinking about redeploying and maybe seeing kind of validation of this motion where maybe capacity is a constraining factor at this point given kind of some of your pipeline build commentary?

我想，正如您所看到的，企業服務採用的信心在某種程度上體現了成本協同效應，那麼您如何考慮重新部署，或許看到對這一動議的某種驗證，考慮到您對一些管道建設的評論，容量可能是目前的一個限制因素？

Yeah, so you'll remember from -- last quarter, we held off a further $4 million investment to go to market until we're kind of through this quarter and maybe next quarter. That remains, albeit we have taken the decision to put some more resources into those channels, the large indirect opportunities because obviously, to do those really well, which we know how to do really well. We have to put the right effort in upfront. So we're releasing a little bit of investment into those.

是的，所以你會記得——上個季度，我們推遲了另外 400 萬美元的投資以進入市場，直到我們度過這個季度或下個季度。儘管我們決定在這些管道上投入更多資源，但問題仍然存在，因為顯然，要做好這些事情，我們知道如何做好。我們必須預先付出正確的努力。因此，我們向這些領域投入了少量資金。

As we continue to see the strength, then at the half year, we may pivot more investment and faster investment into the front line. And coming out of this quarter, our conviction to do that is stronger than it was 90 days ago by the quality of results that we've achieved in this quarter.

隨著我們繼續看到這種實力，那麼在半年內，我們可能會將更多的投資和更快的投資轉向前線。從本季開始，我們所取得的業績品質讓我們比 90 天前更加堅定了實現這一目標的信心。

Okay. Great. That's very helpful. And then maybe, Mike, since we've got you as well, too. On the AI intervention offering, obviously, as we're scaling out kind of the Unity platform that gives you a lot of optionality, maybe this is the first in a series of things to come here.

好的。偉大的。這非常有幫助。那也許，麥克，因為我們也有你。關於人工智慧介入服務，顯然，隨著我們不斷擴展 Unity 平台，為您提供更多的選擇，這也許是我們即將推出的一系列服務中的第一個。

But wonder how you're thinking about kind of the opportunity to deploy AI at scale here and really kind of drive the differentiation across the board at Unity as you see more broad-based adoption and momentum.

但想知道您如何看待在這裡大規模部署人工智慧的機會，並真正推動 Unity 的全面差異化，因為您看到了更廣泛的採用和發展勢頭。

Yeah, absolutely. Yes, we're excited about what we announced today and the momentum to have behind us. We're continuing to innovative ways to drive value for our customers. And like I said earlier in the comments, I think it has to be innovation just for innovation's sake, but really drive value in the real world. So we're continuing to explore a number of avenues where that brings value to our customers, and we're excited about what we're going to showcase later this year in November.

是的，絕對是如此。是的，我們對今天宣布的消息以及我們背後的動力感到非常興奮。我們將繼續以創新的方式為客戶創造價值。正如我之前在評論中所說的那樣，我認為創新必須只是為了創新而創新，但真正能夠在現實世界中推動價值。因此，我們將繼續探索多種途徑，為我們的客戶帶來價值，我們對今年 11 月稍後將要展示的產品感到非常興奮。

Alex Sklar, Raymond James.

亞歷克斯·斯克拉、雷蒙德·詹姆斯。

Steve, maybe first one for you. A couple of questions on the indirect channel, some of them earlier, but AI video bookings mix, is that success across all of your major partners there? And then second, you talked about besides the MTN, you had new American partner, you were looking to stand up a new European partner. Any update on the time line of those other partners to get enabled and an up to productivity?

史蒂夫，也許對你來說這是第一個。關於間接管道，我有幾個問題，其中一些是早些時候提出的，但 AI 視訊預訂組合，這在您所有的主要合作夥伴中都取得了成功嗎？其次，您談到除了 MTN 之外，您還有新的美國合作夥伴，並且正在尋求建立新的歐洲合作夥伴。其他合作夥伴獲得授權和提高生產力的時間表有任何更新嗎？

Yeah, so in terms of -- I think I went on record last time saying that the market is pivoting to our video-first strategy, if you're doing this really well. And that strategy is not just about putting cameras into vehicles. It's to Mike's point about how you manage the data and make it meaningful. And that positivity being felt throughout our channel partners.

是的，所以就這一點而言——我想我上次就說過，如果你做得非常好，市場就會轉向我們的視訊優先策略。這一策略並不只是將攝影機安裝到車輛上。這是 Mike 的觀點，關於如何管理數據並使其有意義。我們的通路夥伴也感受到了這種正面情緒。

If you think about the conicity strategies of these partners, then having video data at the center of that, which is lots of data. That's very much in the sweet spot of those channel partners. So across the board, we're feeling that strength from them. In terms of the North American and the European one, as I said, it's going to be a late Q4 launch and then more kind of inflow over the business in the next financial year, but well. It takes a while and people go at different pace go through their process and get ready for launch, but all good.

如果你考慮這些合作夥伴的錐度策略，那麼影片資料就是其中的核心，也就是大量的資料。這對於通路夥伴來說非常有利。所以，從各方面來看，我們都感受到了他們的力量。就北美和歐洲而言，正如我所說，它將在第四季度末推出，然後在下一個財政年度為業務帶來更多流入，但很好。這需要一段時間，人們以不同的速度完成他們的流程並為發布做好準備，但一切都很好。

So if you think about it now, across Africa, with MTN and the opportunity for growth across that continent and the first for technology is very, very high. So that's great. Europe and having a real power I think across North America is real great credibility and excitement perspective on how we scale, not -- we're not as that's all we're focusing on.

所以如果你現在想想，在整個非洲，有了 MTN，整個大陸的成長機會和技術的先發優勢就非常非常高。這太棒了。我認為，在歐洲和北美擁有真正的實力，對於我們如何擴大規模具有真正的可信度和令人興奮的前景，不是——我們不是，因為那是我們所關注的全部。

So there are other channels of the partnerships that want to bear part of that but we're in a very good spot, and I think we're ahead of schedule, which is why we're investing a little bit more. But I think the confidence in those partners to take PowerFleet and you take an MTN wanting to white label the whole portfolio.

因此，其他合作管道也希望承擔其中的一部分，但我們的處境非常好，而且我認為我們已經提前完成了計劃，這就是我們加大投資的原因。但我認為，這些合作夥伴有信心接受 PowerFleet，而 MTN 則希望為整個投資組合貼上白色標籤。

We put it right at the center of their digital IT operations is a good proof point of the quality of our technology, but also our abilities to help them sell this and service and support it as well.

我們將其置於數位 IT 營運的核心位置，不僅證明了我們技術的質量，也證明了我們有能力幫助他們銷售、提供服務和支援。

Okay. Great color on that. And then, David, maybe a follow-up for you. Just in terms of thinking through the linearity of those run rate savings, synergy savings hitting the P&L over the next couple of quarters. We obviously have the full year outlook, but anything you lag on timing there.

好的。顏色很棒。然後，大衛，也許還有後續問題需要你解答。僅從這些運行率節省的線性角度來思考，協同效應節省將在未來幾季內影響損益。我們顯然有全年展望，但任何事情都會在時間上滯後。

And then with the bundling mix change, that you've seen this quarter? Any change to how we should think about working capital and free cash flow for this year?

那麼，您在本季度看到了捆綁組合的變化嗎？我們對今年營運資本和自由現金流的看法有什麼改變嗎？

Yes, so in terms of the synergy benefits, a lot of it is on the G&A side. You saw a nice sort of sequential improvement from a G&A standpoint. So we did get a partial quarter benefits there. So that will flow through will be even bigger flow through in this coming quarter, given the happened relatively late in the quarter.

是的，就協同效益而言，很大一部分是在一般及行政費用方面。從一般及行政開支 (G&A) 角度來看，您看到了良好的連續改善。所以我們確實獲得了部分季度福利。因此，考慮到該事件發生的時間相對較晚，下個季度的流量將會更大。

So we expect to see the G&A EBITDA continue to decline over time. As we noted, we are going to be investing some of that back into go-to-market. So given we were able to sort of execute at a faster pace, it does give us a little bit of oxygen investment back into the business.

因此，我們預計 G&A EBITDA 將隨著時間的推移持續下降。正如我們所指出的，我們將把其中一部分資金重新投入行銷中。因此，鑑於我們能夠以更快的速度執行，它確實讓我們對業務有了一點氧氣投資的回報。

But again, performing exceptionally well, a little bit ahead of schedule in terms of some timing that does allow us to invest back into go-to-market. And then in terms of the change from a liquidity standpoint, no real change in terms of what we've shared previously.

但同樣，表現非常出色，在時間上比計劃提前了一點，這確實使我們能夠重新投資於行銷。從流動性角度來看，與我們之前分享的內容相比，並沒有真正的改變。

So we do expect to see a $20 million increase in terms of net debt in the first half of the year and then the $30 million so back. So no real change on that front.

因此，我們確實預計今年上半年淨債務將增加 2,000 萬美元，然後回落至 3,000 萬美元。因此在這方面沒有真正的變化。

Alright great thank you both.

好的，非常感謝你們。

(Operator Instructions)

（操作員指示）

Greg Gibas, Northland Securities.

格雷格·吉巴斯，Northland Securities。

Hey, good morning, Steve, David, congrats on the strong execution in the MTN deal as well. I just wanted to follow up on a few things. I guess, as it relates to your previous comments, David, I think you kind of -- obviously, the net improvement drivers, $30 million, I think, affected in the back half. Obviously, you have the EBITDA growth component, you just kind of spoke to the working capital. I'm wondering kind of on the the sharp decline in upfront investments and how do you expect that to contribute?

嘿，早安，史蒂夫，大衛，也祝賀你們在 MTN 交易中的出色執行。我只是想跟進一些事情。我想，就您之前的評論而言，大衛，我認為您有點——顯然，淨改善驅動因素，我認為是 3000 萬美元，在下半年受到影響。顯然，您有 EBITDA 成長部分，您只是談到了營運資本。我想知道前期投資的急劇下降以及您認為這會帶來什麼影響？

And then I guess, following up to on kind of the biggest piece of the EBITDA savings coming from the organization rationalization, centralize and the strategic outsourcing. If you could provide any incremental color on that, very helpful as well.

然後我想，EBITDA 節省的最大部分來自於組織合理化、集中化和策略性外包。如果您能提供任何增量顏色，那也將非常有幫助。

David, if you take the first, and I'll take the second part.

大衛，如果你選擇第一部分，那麼我將選擇第二部分。

Yes. So in terms of the decline. So no -- sorry, sorry. Greg, sorry. Can you just repeat the question again?Apologies. I was distracted when the question came in.

是的。因此就下降而言。所以不行——抱歉，抱歉。格雷格，對不起。你能再重複一次這個問題嗎？抱歉。當問題出現時，我心煩意亂。

No worries. Yeah. So like the $30 million improvement, I guess, of net debt in the back half you mentioned the sharp decline of upfront investments for capital recovery. If you could just kind of break up a little upon it.

不用擔心。是的。因此，我猜，就像您提到的下半年淨債務 3000 萬美元的改善一樣，資本回收的前期投資急劇下降。如果你能稍微打破一下它的話。

Yeah, so there's about a $4 million investment we talked about in terms of the system side of things. so about 1% of revenue. The expectation is a majority of that spend happens in the first sort of seven months of the year. We'll see that decline in the second half or the second sort of five months of the year. So it is fund-end loaded, and it's about [$10 ticket] out.

是的，就係統方面而言，我們談到了約 400 萬美元的投資，約佔收入的 1%。預計大部分支出將發生在今年前七個月。我們將在今年下半年或後五個月看到這種下降。因此，它是基金端加載的，並且大約是[10 美元的票]。

And Mel, if you take the question on where we're at with kind of organizational redesign and efficiencies across the org.

梅爾，如果你問我們整個組織的組織重組和效率處於什麼階段。

Yeah, sure. So as a vehicle fast, we essentially aligned into a revised organizational structure and operating model for the business. And the drivers there we have been streamlining how we make decisions in the business, driving towards peak performance in terms of the overall company and the business.

是的，當然。因此，作為一家快速發展的公司，我們基本上調整了業務的組織結構和營運模式。我們一直在簡化商業決策方式，推動整個公司和業務達到最佳績效。

One outcome of that has also been the of this EBITDA expansion within the quarter. So we're well now into that. The organization is fully aligned to that structure, very focused on how we do drive high performance to the business.

其結果之一就是本季 EBITDA 的擴大。我們現在已深入討論這個問題。該組織完全符合該結構，非常注重如何推動業務的高績效。

Yeah, so in summary, the heavy lifting has been done. So in terms of integrating the business, to operate as one business, centralizing the functions. We'll continue to harmonize over the coming period. The remaining stuff is really coming from vendor spend plus business systems and efficiency.

是的，總而言之，繁重的工作已經完成。因此，就業務整合而言，要作為一個企業來運營，集中各項職能。我們將在未來一段時間內繼續保持協調。其餘部分實際上來自供應商支出以及業務系統和效率。

But I think the metal difficult times where you're making those real sizable change in the organizational structure are now complete. So I think -- and just from our performance, I think you see very much a performance, now we're through that period of time, and we're able to focus fully on the outside market just as much as we are into.

但我認為，你們在組織結構上所做的真正重大改變的困難時期已經結束。所以我認為——僅從我們的表現來看，我認為你就能看出，現在我們已經度過了那段時期，我們能夠完全專注於外部市場。

Great. That's helpful. And if I could kind of change gears here. In terms of the fixed rental deal, very nice to see that several weeks ago. Could you maybe kind of speak to the key differentiators that were maybe contributing factors to that win? And maybe ARPU, maybe how we should think about that relatively speaking?

偉大的。這很有幫助。如果我可以在這裡換個話題。就固定租賃協議而言，幾週前看到這一點非常高興。您能否談談促成這場勝利的關鍵因素？也許是 ARPU，也許相對而言我們應該如何考慮這一點？

Yeah. So a couple of things. So in terms of the rationale to why we were chosen. One was quality of data. So ultimately, when you are providing tangible results in terms of sick passing on to their customers, charges and all that kind of stuff, you have to be bullet from term to the quality of what you do.

是的。有幾件事。所以就我們被選中的原因而言。一是數據品質。因此，最終，當您在向客戶轉嫁病假、收費和所有類似的東西方面提供實際成果時，您必須從條款到工作品質都做到極致。

Secondly then, with our ability to take the data highway and integrate and transform their digital operations. So if you think about leasing companies wanting to have a seamless serve for their customers and doing that as automated as possible, that was kind of number.

其次，我們有能力利用數據高速公路，整合和轉變他們的數位化營運。因此，如果您考慮租賃公司希望為其客戶提供無縫服務並盡可能實現自動化，那就是數字。

So those are the two main leaders. And I think as well, just our overall strength of where we're now starting to be a quite alternative to some of the kind of tried and tested competitors in the market where I think our innovation and future thinking and road map capabilities was also kind of the third part.

這就是兩位主要領導人。而且我認為，我們現在的整體實力已經開始成為市場上一些久經考驗的競爭對手的替代品，我認為我們的創新、未來思維和路線圖能力也是第三部分。

And the awesome thing about this deal is, if you know, a lot of times, these are very low ARPU deals, whereas I won't give the actual numbers, but this is -- this was certainly more than our average, our ARPU as in across our base today. So this is a very sweet. It's a very feature-rich deal, but we're getting paid accordingly.

這筆交易最棒的地方在於，如果你知道的話，很多時候這些都是非常低的 ARPU 交易，雖然我不會給出實際數字，但這個數字肯定高於我們今天在整個基礎上的平均 ARPU。所以很甜蜜。這是一項功能非常豐富的交易，但我們也會獲得相應的報酬。

Great, good to hear. Thanks very much.

太好了，很高興聽到這個消息。非常感謝。

We have reached the end of the question-and-answer session. And I'll now turn the call over to Steve Towe for closing remarks.

問答環節已經結束。現在我將把電話交給史蒂夫·托威 (Steve Towe) 做結束語。

Thank you. I just want to sincere thank you for your ongoing support. We'll continue to provide proof points at the heart of our strategy, strong operational execution, best momentum, customer impact. innovation leadership and a team delivering tangible results in business [proven] Importantly, we're doing this with financial rigor, strong fundamentals and a clear focus on substantial valuation for our shareholders.

謝謝。我只想真誠地感謝您一直以來的支持。我們將繼續提供我們策略核心的證明點、強大的營運執行力、最佳發展勢頭、客戶影響力、創新領導力和在業務上取得切實成果的團隊[已證明]重要的是，我們以嚴謹的財務態度、強勁的基本面和對股東的實質估值的明確關注來做到這一點。

We're grateful for your time and attention today. Have a wonderful day. Thanks. Buh-bye.

我們非常感謝您今天的時間和關注。祝您有美好的一天。謝謝。再見。

This concludes today's conference, and you may disconnect your lines at this time. Thank you for your participation.

今天的會議到此結束，大家可以斷開連線了。感謝您的參與。