PowerFleet Inc (AIOT) 2026 Q2 法說會逐字稿

Greetings. Welcome to PowerFleet's second quarter 2026 earnings call. (Operator Instructions) Please note, this conference is being recorded. I will now turn the conference over to your host, Carolyn Capaccio of Alliance Advisors. You may begin.

問候。歡迎參加 PowerFleet 2026 年第二季財報電話會議。（操作員說明）請注意，本次會議正在錄音。現在我將把會議交給主持人，Alliance Advisors 的 Carolyn Capaccio。你可以開始了。

Thanks, Holly. Good morning, everyone. This presentation contains forward-looking statements within the meaning of federal securities laws. Forward-looking statements include statements with respect to PowerFleet's beliefs, plans, goals, objectives, expectations, anticipations, assumptions, estimates, intentions and future performance, and involve known and unknown risks, uncertainties and other factors, which may be beyond PowerFleet's control, and which may cause its actual results, performance or achievements to be materially different from future results performance or achievements expressed or implied by such forward-looking statements.

謝謝你，霍莉。各位早安。本簡報包含聯邦證券法意義上的前瞻性陳述。前瞻性陳述包括有關 PowerFleet 的信念、計劃、目標、目的、預期、期望、假設、估計、意圖和未來業績的陳述，並涉及已知和未知的風險、不確定性和其他因素，這些因素可能超出 PowerFleet 的控制範圍，並可能導致其實際結果、業績或成就與此類前瞻性陳述所表達或暗示的未來結果、業績或成就存在重大差異。

All statements other than the statements of historical fact are statements that could be forward-looking statements. For example, forward-looking statements included statements regarding prospects for additional customers, potential contract values, market forecasts, projections of earnings, revenues, synergies, accretion or other financial information, emerging new products and plans, strategies and objectives of management for future operations, including growing revenue, controlling operating costs, increasing production volumes and expanding business with core customers.

除歷史事實陳述外，所有其他陳述都可能構成前瞻性陳述。例如，前瞻性聲明包括有關新增客戶前景、潛在合約價值、市場預測、收益預測、收入、協同效應、增值或其他財務資訊、新興產品和計劃、管理層未來營運的策略和目標（包括增加收入、控制營運成本、增加產量和擴大與核心客戶的業務）的聲明。

The risks and uncertainties referred to above are not limited to risks detailed from time to time in PowerFleet's filings with the Securities and Exchange Commission, including PowerFleet's annual report on Form 10-K for the year ended December 31, 2025. These risks could cause actual results to differ materially from those expressed in any forward-looking statements made by, or on behalf of, PowerFleet.

上述風險和不確定性不僅限於 PowerFleet 不時向美國證券交易委員會提交的文件（包括 PowerFleet 截至 2025 年 12 月 31 日的 10-K 表格年度報告）中詳細列出的風險。這些風險可能導致實際結果與 PowerFleet 或其代表所作的任何前瞻性聲明中表達的結果有重大差異。

Unless otherwise required by applicable law, PowerFleet assumes no obligation to update the information contained in this presentation and expressly disclaims any obligation to do so, whether a result of new information, future events or otherwise.

除非適用法律另有規定，PowerFleet 不承擔更新本簡報中所含資訊的義務，並明確聲明不承擔任何更新義務，無論是由於新資訊、未來事件或其他原因。

Now I'll turn the call over to PowerFleet's CEO, Steve Towe. Steve?

現在我將把電話交給 PowerFleet 的執行長 Steve Towe。史蒂夫？

Good morning, everyone. It's great to be here this morning with key members of the leadership group to walk you through what's been a statement quarter for Power fleet. This set of results marks a transition point for the company. It signals the end of an integration period following the two major acquisitions we completed and the start of a new chapter, one focused squarely on accelerating sustainable growth. Just six months into aligning into one global enterprise into an operating level we're clicking into gear, starting to deliver expanding revenue growth and healthy business momentum in our key operating metrics.

各位早安。今天早上很高興能和領導團隊的關鍵成員一起，為大家介紹一下電力車隊這具有里程碑意義的一個季度。這組業績標誌著公司發展的轉捩點。這標誌著我們完成兩項重大收購後的整合期結束，以及新篇章的開始，新篇章將全力以赴地加速永續成長。從整合為全球企業到實現營運層面的短短六個月，我們就步入正軌，開始在關鍵營運指標上實現不斷擴大的收入成長和健康的業務發展勢頭。

In Q2, our top growth metric, annual services recurring revenue reached the double-digit growth milestone originally targeted for year-end ahead of schedule. The true strength of growth is how you get there. For us, that means responsibly and efficiently. The extensive synergy programs we aggressively executed are already moving the dial meaningfully. And we're delighted to also post meaningful adjusted EBITDA expansion this quarter, both sequentially and year-over-year. This quarter clearly demonstrates the shape of the future of Power fleet. Integrated, efficient and built for profitable growth.

第二季度，我們最重要的成長指標——年度服務經常性收入——提前達到了原定於年底實現的兩位數成長里程碑。成長的真正力量在於你如何實現成長。對我們而言，這意味著負責任且有效率。我們積極執行的廣泛協同計劃已經取得了顯著成效。我們很高興地宣布，本季調整後的 EBITDA 實現了顯著增長，無論環比還是同比均有所增長。本季清晰地展現了電力船隊的未來發展方向。一體化、高效且旨在實現獲利成長。

Next slide. When you step back and look at the quarter, you can see a clear pattern of balanced execution. Services and ARR are growing strongly. Margins are expanding both the total gross margin level and particularly encouragingly within the services line. This consistent improvement speaks to the strength of our SaaS led model and our operating discipline.

下一張投影片。當你回顧整個季度時，你會發現執行力呈現出明顯的均衡模式。服務業和年度經常性收入均呈現強勁成長。毛利率整體都在提高，服務業的毛利率尤其令人鼓舞。這項持續改善體現了我們以 SaaS 為主導的模式的優勢和我們嚴謹的營運管理。

What's also particularly pleasing for this quarter is the return to growth in product revenue, inclusive of expanding margins. It underscores the durability of our business and the effectiveness of the actions we took to offset tariff pressures and broader macroeconomic challenges. Together, these results demonstrate a company that's accelerating profitable growth, scaling efficiently while maintaining quality and control.

本季另一個特別令人欣喜的方面是產品收入恢復成長，包括利潤率的擴大。這凸顯了我們業務的持久性，以及我們為抵消關稅壓力和更廣泛的宏觀經濟挑戰而採取的措施的有效性。這些結果共同表明，該公司正在加速獲利成長，高效擴大規模，同時保持品質和控制。

Next slide, please. We felt it was the right time in our evolution to add a high-quality executive as Chief Revenue Officer, with a proven track record in driving SaaS growth at scale. Someone who's led multiple A-player teams and brings deep SaaS enterprise go-to-market experience. It's a crucial role with the major accelerated growth opportunity directly in front of us. It brings executive bandwidth and further high revenue expansion experience to the global team.

請看下一張投影片。我們認為，在我們發展過程中，現在是時候增加一位高素質的高管擔任首席營收長了，他/她在推動 SaaS 規模化增長方面擁有良好的業績記錄。曾領導多個頂尖團隊，擁有豐富的 SaaS 企業市場推廣經驗。這是一個至關重要的角色，我們面前就擺著巨大的加速成長機會。它為全球團隊帶來了高階主管能力和進一步提升營收成長的經驗。

I'm delighted to welcome Jeff Lautenbach. Jeff, over to you.

我很高興歡迎傑夫·勞滕巴赫的加入。傑夫，該你了。

Thanks, Steve. Great to be here. Having spent time with the teams and customers, I've been able to see for myself momentum building across the business. One key element of our future success is North America and it's been encouraging to walk into a double-digit year-over-year revenue performance in that region, a clear sign of traction and developing brand strength.

謝謝你，史蒂夫。很高興來到這裡。透過與團隊和客戶相處的時間，我親眼目睹了整個業務發展勢頭的增強。北美是我們未來成功的關鍵要素之一，令人鼓舞的是，該地區實現了兩位數的同比增長收入，這清楚地表明了我們的發展勢頭和品牌實力的增強。

One of the proof points of our scale strategy was that as PowerFleet grew, we see more invitations to large RFPs and greater visibility in the enterprise market. That's now happening with a 26% increase in new logo wins as more customers recognize us as a top-tier provider. Our core value proposition, safety, compliance, sustainability and efficiency continue to resonate strongly. We've seen a sharp rise in demand within our on-site and in-warehouse safety segment, where we're delivering real impact.

我們規模化策略的一個證明點是，隨著 PowerFleet 的發展，我們收到了更多大型 RFP 的邀請，並在企業市場中獲得了更高的知名度。現在，隨著越來越多的客戶意識到我們是一流的供應商，新客戶數量增加了 26%，這種情況正在發生。我們的核心價值主張——安全、合規、永續性和效率——繼續引起強烈共鳴。我們看到，在現場和倉庫安全領域，需求出現了急劇增長，而我們也正在產生真正的影響。

To give you a sense of the traction, one of our largest new deals this quarter came from a major engagement with a global industrial manufacturer, a multibillion-dollar enterprise recognized as one of the world's leading producers of heavy machinery and power systems serving construction, mining and energy markets worldwide. They're deploying Unity to modernize asset visibility, optimize equipment utilization and reinforce compliance standards across their international operations.

為了讓您了解我們的發展勢頭，本季度我們最大的新交易之一來自與一家全球工業製造商的重大合作，這是一家數十億美元的企業，被公認為世界領先的重型機械和動力系統生產商之一，服務於全球的建築、採礦和能源市場。他們正在部署 Unity，以實現資產可見性的現代化、優化設備利用率，並加強其國際業務的合規標準。

We also notably secured a major North American logistics and fleet management company, one of the world's largest providers of third-party logistics and supply chain services offering thousands of vehicles and hundreds of distribution facilities across the region. They've selected Unity to enhance operator safety, strengthen compliance and deliver deeper operational visibility across their nationwide logistics network. Both our multiyear strategic programs with significant expansion runway, indicators of the scale of opportunity ahead and the value our platform is delivering.

值得一提的是，我們還成功簽署了一家北美大型物流和車隊管理公司，該公司是全球最大的第三方物流和供應鏈服務提供商之一，在該地區擁有數千輛汽車和數百個配送中心。他們選擇 Unity 來提高操作員安全、加強合規性，並為其全國物流網路提供更深入的營運視覺性。我們多年戰略計劃都具有巨大的擴張潛力，這表明未來機會的規模以及我們的平台所創造的價值。

Next slide. Looking forward, we're seeing strong progress in our strategic partner channels, another key pillar of our growth plan. Global channel bookings increased meaningfully in Q2 from Q1, particularly with partners like AT&T and TELUS, where momentum in the North America channel continues to grow with a 32% sequential increase in quarterly pipeline build.

下一張投影片。展望未來，我們在策略合作夥伴管道方面取得了強勁進展，這是我們成長計畫的另一個關鍵支柱。第二季度全球通路預訂量較第一季顯著成長，尤其是與 AT&T 和 TELUS 等合作夥伴的預訂量，北美渠​​道的成長勢頭持續強勁，季度銷售通路建設環比增長 32%。

More generally, our global cross-sell pipeline activity grew substantially. Notably, we are seeing solid traction with AI video upselling into our base and that's showing up with a healthy 23% expansion in the video pipeline this quarter. These are encouraging proof points, evidence that our commercial engine is working as designed and that we're building a flywheel capable of sustaining double-digit growth into FY27.

整體而言，我們的全球交叉銷售通路活動大幅成長。值得注意的是，我們看到 AI 視訊追加銷售在我們現有客戶群中取得了顯著成效，本季視訊業務成長了 23%，證明了這一點。這些都是令人鼓舞的證明，表明我們的商業引擎正在按設計運行，並且我們正在建造一個能夠維持兩位數增長到 2027 財年的飛輪。

With that, I'll hand it over to David to walk through the financials.

接下來，我將把財務部分交給大衛來講解。

Thanks, Jeff. Before running through our regular financial reviews, I'll begin with the [headline]. Service revenue, excluding legacy Fleet Complete book of business grew 12% organically year-over-year. Even as we've continued deliberately exiting noncore revenue streams in the quarters following our combination with mix in April 2024. High-margin recurring SaaS revenue is the cornerstone of our future and that progress is clearly visible in our sales mix, with service revenue now representing 80% of total revenue, up from 74% last year.

謝謝你，傑夫。在進行常規財務回顧之前，我將首先…[標題]。不包括原有的 Fleet Complete 業務，服務收入較去年同期成長 12%。即使在 2024 年 4 月與 Mix 合併後的幾個季度裡，我們仍然有意識地逐步退出非核心收入來源。高利潤的經常性 SaaS 收入是我們未來的基石，這一進展在我們的銷售組合中顯而易見，服務收入目前佔總收入的 80%，高於去年的 74%。

Next slide. Now on to our regular financial review, starting with a quick recap of the key pro forma adjustments, as well as a change in our prime methodology for calculating adjusted EBITDA. Onetime expenses. This quarter expenses includes $2.1 million in onetime charges for restructuring, integration and transaction costs, excluded from adjusted EBITDA and EPS for ongoing run rates.

下一張投影片。現在進入我們的常規財務回顧環節，首先快速回顧關鍵的備考調整，以及我們計算調整後 EBITDA 的主要方法的變化。一次性支出。本季支出包括 210 萬美元的一次性重組、整合和交易成本，這些成本不計入持續經營率的調整後 EBITDA 和 EPS。

Amortization impact. Results include $5.8 million in noncash amortization related to the mix [and complete] acquisitions impacting services gross margins by over 5%. Change the calculation of adjusted EBITDA. Following consultation with the SEC, including a detailed review of question [100.04] of the compliance and disclosure interpretations on non-GAAP financial measures, we concluded our presentation of adjusted EBITDA will no longer include an EBITDA adjustment for recognition of pre-October 1, 2024, contracted assets Fleet Complete.

攤銷影響。結果包括與業務組合[和完成]收購相關的 580 萬美元非現金攤銷，這些收購對服務毛利率的影響超過 5%。更改調整後 EBITDA 的計算方法。在與美國證券交易委員會 (SEC) 進行磋商後，包括對有關非公認會計準則財務指標的合規和披露解釋問題 [100.04] 進行詳細審查，我們得出結論：我們對調整後 EBITDA 的列報將不再包括對 2024 年 10 月 1 日之前簽訂合約的資產 Fleet CompleIT 的確認。

These amounts reflect certain in-vehicle devices delivered by Fleet Complete prior to the acquisition that invoiced and collected thereafter. This treatment was applicable for a finite transition period and reflects cash received for hardware that will never be recognized as revenue by [patent].

這些金額反映了 Fleet Complete 在收購之前交付的某些車載設備，這些設備隨後已開立發票並收取了款項。這種處理方法適用於有限的過渡期，反映了為硬體收到的現金，這些現金永遠不會被確認為收入。[專利]。

The adjustment was intended to align reporting results more closely with operating cash flows, and the change has no impact on underlying economics or cash generation. Now on to Q2, which was a banner period delivering record top and bottom line performance. Total revenue increased 45% year-over-year to $111.7 million, including strong organic growth of 9% overall and 12% in strategically important services.

此調整旨在使報告結果與營運現金流更加緊密地結合起來，這項變更對基本經濟效益或現金產生沒有任何影響。接下來是第二季度，這是一個業績斐然的季度，營收和利潤都創下歷史新高。總營收年增 45% 至 1.117 億美元，其中包括整體 9% 的強勁內生成長和具有戰略意義的服務 12% 的成長。

Turning to adjusted EBITDA, which rose more than 70% to $24.8 million. Alongside this strong performance, we also invoiced $1.3 million in Fleet Complete [IVD] recoveries, which historically were included in adjusted EBITDA and will continue to flow through operating cash as collected. These results validate the strategic rationale for our M&A program and highlight the powerful market opportunities emerging through our Unity product strategy.

再來看調整後的 EBITDA，成長超過 70%，達到 2,480 萬美元。除了這一強勁的業績外，我們還開立了 130 萬美元的 Fleet Complete [IVD] 回收發票，這些款項歷來都包含在調整後的 EBITDA 中，並且隨著回收款項的收取，將繼續計入經營現金流。這些結果驗證了我們併購計畫的策略合理性，並突顯了透過我們的 Unity 產品策略湧現的強大市場機會。

Next slide. Turning to margins, we continue to deliver strong year-over-year improvement. A stronger mix and 77% service gross margins drove a 400 basis point increase in adjusted EBITDA gross margins to 68%. Product margins also improved by 640 basis points sequentially to 31.5%, supported by a rebound in higher-margin on-site demand following Q1 tariff headwinds.

下一張投影片。從利潤率來看，我們持續實現了強勁的年成長。更強勁的產品組合和 77% 的服務毛利率推動調整後 EBITDA 毛利率上升 400 個基點，達到 68%。受第一季關稅不利因素影響，高利潤率的現場需求反彈，產品利潤率環比也提高了 640 個基點，達到 31.5%。

On operating expenses, we are driving G&A efficiencies, investing go-to-market and maintaining gross R&D at 8% of revenue. G&A declined to 25% of revenue, 3 points lower than last year, reflecting synergy capture and operating leverage. We expect G&A as a percent of revenue to continue stepping down by roughly 1 point per quarter in the second half.

在營運費用方面，我們正在提高一般及行政費用效率，投資於市場推廣，並將研發總支出維持在收入的 8%。一般及行政費用佔收入的比例下降至 25%，比去年下降 3 個百分點，反映了綜效的實現和營運槓桿作用。我們預計下半年一般及行政費用佔收入的百分比將繼續以每季約 1 個百分點的速度下降。

Sales and marketing represented 18% of revenue, as we continue to invest in enablement and capacity to support momentum. R&D remains [steady] at 8% of revenue, or 4% net of capitalized software, as we advance innovation in AI, safety and compliance. Overall, we're very pleased with our continued P&L progression, expanding margins, disciplined reinvestment and strong execution across the organization.

銷售和行銷佔收入的 18%，我們將繼續投資於賦能和能力建設，以支持發展勢頭。研發投入佔收入的比例保持穩定，為 8%，扣除資本化軟體後為 4%，我們將繼續推動人工智慧、安全和合規的創新。總體而言，我們對損益表的持續成長、利潤率的擴大、嚴格的再投資以及整個組織的強有力執行力感到非常滿意。

Next slide, please. Closing on leverage, where previously reported leverage ratios have been amended to exclude the previously discussed Fleet Complete EBITDA add-back. We exited Q2 with a net debt-to-EBITDA ratio of 2.9 times, an improvement of half a turn from 3.4 times at the end of FY25. Looking ahead, we now expect to close the year at approximately 2.25 times compared to our prior guidance of below [2.5 times].

請看下一張投影片。最後，關於槓桿率，先前報告的槓桿率已進行修改，以排除先前討論過的 Fleet Complete EBITDA 加回項。在第二季末，我們的淨負債與 EBITDA 比率為 2.9 倍，比 2025 財年末的 3.4 倍改善了 0.5 倍。展望未來，我們現在預計今年年底的本益比約為先前預期的2.25倍。[2.5倍]。

Net debt at quarter end was $243 million, compared to adjusted net debt of $229 million at the end of fiscal '25. This represents a $14 million increase, or $6 million better than our initial guidance of a $20 million increase in the first half. For the year, we are maintaining expectations to exit the year with net debt of approximately $220 million, representing a reduction of $20 million in the second month. Finally, and as discussed in last week's 8-K, we extended the maturity date of our initial term loan A with [RMB] by one year to March 31, 2028.

截至季末，淨債務為 2.43 億美元，而 2025 財年末調整後的淨債務為 2.29 億美元。這意味著增長了 1400 萬美元，比我們最初預期的上半年增長 2000 萬美元的目標高出 600 萬美元。今年，我們維持預期，年底淨債務約 2.2 億美元，較上月減少 2,000 萬美元。最後，正如上週的 8-K 文件中所討論的那樣，我們將與 [RMB] 的初始定期貸款 A 的到期日延長了一年，至 2028 年 3 月 31 日。

With that, I'll hand over to Melissa to walk through our adjusted EBITDA optimization progress. Melissa?

接下來，我將把麥克風交給梅麗莎，讓她來介紹我們調整後的 EBITDA 優化進度。梅麗莎？

Thanks, David. I want to pause to recognize what we've achieved as a company. After 18 months of complex work, the integration is complete, with more than $30 million in annualized synergies realized, and that's a real milestone worth noting. To have maintained a level of top line performance we have while executing a multi-business integration is no small task.

謝謝你，大衛。我想停下來回顧一下我們公司所取得的成就。經過 18 個月的複雜工作，整合工作已經完成，實現了超過 3000 萬美元的年度協同效應，這是一個值得注意的真正里程碑。在執行多業務整合的同時，也要維持我們目前一流的業績水平，這絕非易事。

Now with integration behind us, we will move decisively into the next phase, optimization and efficiency. We'll evolve our organizational model to ensure we're structured for long-term efficiency with clear accountability across functions and regions, and we'll continue to optimize our resource mix ensuring the right capabilities are in the right places, balancing internal expertise with flexible external partnerships to stay agile. We're embedding automation and AI more deeply to simplify how we work and enhance our customer experience.

現在整合工作已經完成，我們將果斷進入下一階段：最佳化和效率提升。我們將持續改善組織模式，確保組織結構能夠實現長期高效運作，並在各個職能部門和地區明確責任；我們將繼續優化資源組合，確保合適的能力分佈在合適的地方，平衡內部專業知識與靈活的外部合作關係，以保持敏捷性。我們正在更深入地應用自動化和人工智慧，以簡化我們的工作方式並提升客戶體驗。

Across support, service and operations, we're advancing further the tools that reduce manual effort, improve response time and free our people to focus on higher-value activities. We will refine how we serve subscale segments to improve strategic fit and margin contribution, ensuring every part of the business is aligned to sustainable, profitable growth. In parallel, will centralize core operating functions further, strengthening our organizational centers of gravity and embedding best practices globally.

在支援、服務和營運方面，我們正在進一步推動能夠減少人工操作、縮短回應時間並解放員工，讓他們專注於更高價值活動的工具。我們將改善服務於小規模細分市場的方式，以提高策略契合度和利潤貢獻，確保業務的每個部分都與可持續的獲利成長保持一致。同時，我們將進一步集中核心營運職能，加強組織重心，並在全球推廣最佳實務。

Another area of focus is vendor and partner consolidation. We've made real progress here, capturing economies of scale and ensuring we're working with strategic partners who can grow with us. On the technology front, we'll complete our core systems rollout and streamline our technical architecture and hosting to enhance speed, reliability and cost efficiency. All of these initiatives share one goal, to further expand adjusted EBITDA margins and create capacity for reinvestment in sustainable growth.

另一個重點領域是供應商和合作夥伴整合。我們在這方面取得了真正的進展，實現了規模經濟，並確保與能夠與我們共同成長的策略夥伴攜手合作。在技​​術方面，我們將完成核心系統的部署，並簡化技術架構和託管，以提高速度、可靠性和成本效益。所有這些措施都有一個共同的目標，那就是進一步擴大調整後的 EBITDA 利潤率，並為可持續成長的再投資創造能力。

Next slide, please. Looking ahead, I'm very excited about our upcoming Unity AIoT innovation showcase later this week. It's a great opportunity to highlight why PowerFleet is being recognized as a leader in our space. We'll be exploring three lenses. One, the product and solution innovation behind Unity. Two, the customer outcomes we're enabling, the measurable impact on safety, performance and transformation. And three, the people driving it all, a highly integrated front foot team delivering its scale.

請看下一張投影片。展望未來，我非常期待本週稍後即將舉行的 Unity AIoT 創新展示會。這是一個絕佳的機會，可以重點介紹 PowerFleet 為何被公認為我們領域的領導者。我們將探討三種鏡頭。第一，Unity 背後的產品和解決方案創新。第二，我們正在實現的客戶成果，對安全、績效和轉型所產生的可衡量影響。第三，推動這一切的人，一支高度整合的先發制人團隊，實現了規模化發展。

It's a chance for investors and partners to see the strength and momentum of the PowerFleet platform at close. Back to you, Steve.

這是投資者和合作夥伴在交易結束時了解 PowerFleet 平台實力和發展勢頭的機會。史蒂夫，該你​​了。

Finally, I'm also pleased to share that PowerFleet has received another [coveted] industry recognition. We've been awarded the [ Frost & Sullivan's ] 2025 North America Product Leadership Award. For context, Frost & Sullivan is a highly respected global research and consulting firm, and this award is their highest recognition based on rigorous independent evaluation of innovation, market impact and customer satisfaction. It's an objective endorsement of the differentiation we've built through Unity and the consistency of our customer experience. We're honored to receive it and proud of the team whose work made it possible.

最後，我很高興地宣布，PowerFleet 又獲得了一項[令人夢寐以求的]行業認可。我們榮獲了[弗若斯特沙利文] 2025 北美產品領導獎。作為背景介紹，Frost & Sullivan 是一家備受尊敬的全球研究和諮詢公司，該獎項是該公司基於對創新、市場影響和客戶滿意度的嚴格獨立評估而授予的最高榮譽。這是對我們透過 Unity 建立的差異化優勢以及我們客戶體驗一致性的客觀認可。我們很榮幸獲得這份榮譽，並為為此付出努力的團隊感到自豪。

Before we open for questions, I want to close by reflecting a little further on what this set of results signals to investors for the future. It marks a fundamental shift. The moment where the power of the combinations we have undertaken, the dramatic 18-month integration we undertook and the operational discipline we've bravely driven into the organization is clearly visible in our results.

在正式開始提問之前，我想再進一步思考一下，這組結果對未來的投資人意味著什麼。這標誌著根本性的轉變。我們所採取的組合的力量、我們進行的18個月的重大整合以及我們勇敢地將營運紀律帶入組織的成果，都清晰地體現在我們的結果中。

This quarter gives clear evidence that our unique solution strategy and market thesis is resonating strongly, delivering growth that's sustainable, margins that are expanding, and execution that's consistent across the board. My thanks to all our employees, our customers and our investors for their continued partnership and confidence.

本季業績清楚地表明，我們獨特的解決方案策略和市場理念引起了強烈的共鳴，實現了永續成長、利潤率不斷擴大以及全面一致的執行。感謝所有員工、顧客和投資者的持續合作與信任。

(Operator Instructions)

（操作說明）

Scott Searle, ROTH Capital.

Scott Searle，ROTH Capital。

Congrats on the quarter. Great job in seeing the organic SaaS growth breakthrough that 10% barrier to 12%. Maybe to dive in on that front, Steve and Dave, looking at the guidance for this year, I'm wondering if you could provide a little bit of color about how you're thinking about services and organic SaaS growth into the third and fourth quarter of this year? Also as part of that, it sounds like Fleet Complete has got some revenue recognition transition issues going on. So how you're thinking about that, particularly as we start to go into '27? And I think Jeff indicated sustainable double-digit growth as we get into fiscal '27? I'm wondering if you could give us some early thoughts on that front. And then I had a follow-up.

恭喜你本季取得佳績。幹得好，SaaS 有機成長突破了 10% 的障礙，達到了 12%。史蒂夫和戴夫，為了更深入地探討這個問題，我想看看你們今年的業績指引，能否詳細說明一下你們是如何看待今年第三季度和第四季度服務和SaaS業務的自然增長的？此外，聽起來 Fleet Complete 在收入確認過渡方面也遇到了一些問題。那麼，您對此有何看法，尤其是在我們即將進入2027年之際？我認為傑夫已經暗示，隨著我們進入 2027 財年，我們將實現可持續的兩位數成長？我想知道您能否就這方面給我們一些初步想法。然後我還有後續跟進。

So Scott, let me just start with the guidance. So we were pretty clear from the get-go that we expect to be growing sort of 10% organically for Q4. So no change in terms of expectations there. Obviously, we've done a nice job increasing the midpoint of the range over time. So you can see that coming through. But again, things have gone well. Things are going well. We're building up momentum.

史考特，那我就先從指導開始吧。因此，從一開始我們就很明確地表示，我們預計第四季度有機成長率將達到 10% 左右。所以，預期方面沒有改變。顯然，隨著時間的推移，我們已經很好地提高了價格區間的中點。所以你可以看出這一點。但話說回來，事情進展順利。一切進展順利。我們正在積蓄力量。

But this is not a steady-state business. So the trajectory is very clear up and to the right, but it's not as if it's just a smooth road all the way. But we feel good about where we are. Obviously, it's very clear in the numbers in terms of what we're posting. And again, you'll see that 10% organic growth in Q4 as expected.

但這並非一個穩定的行業。所以軌跡非常清晰，向上向右，但這並不意味著一路都是平坦的道路。但我們對現狀感到滿意。顯然，從我們發布的內容數量來看，這一點非常清楚。正如預期，第四季度有機成長率將達到 10%。

And yes, sorry -- apologies. No, I just going to say on the outlook then in terms of how you're thinking about Fleet Complete kind of being blended into that organic number, and early thoughts on '27, particularly given the build of the opportunity pipeline, it sounds like across the board, both from a carrier partner standpoint, AI video standpoint and warehouse, seems like everything is on the upswing?

是的，對不起——非常抱歉。不，我只想說說您對 Fleet Complete 如何融入現有業務的看法，以及對 2027 年的初步想法，特別是考慮到機會渠道的構建，聽起來從承運人合作夥伴、AI 視頻和倉儲的角度來看，一切都在好轉？

I'll [take] that one. So look, Scott. I think we are ahead of schedule, which is great. Momentum is building. If you look at our internal dashboard from our growth perspective, we're ahead of where we wanted to be. And now it's about that consistency, that rhythm and driving opportunity that's ahead of us. We've got absolute stellar momentum. We brought Jeff in a team to help with that execution. And so the flywheel will continue to turn. So we're very optimistic about what we've put out in terms of 2027 previously.

我選那個。聽著，史考特。我認為我們進度超前，這很好。勢頭正在增強。從成長的角度來看，我們的內部儀表板顯示，我們已經超額完成了預期目標。現在，關鍵在於保持這種穩定、節奏感，以及把握擺在我們面前的機會。我們勢頭正勁。我們邀請傑夫加入團隊協助執行這項工作。因此，飛輪會繼續轉動。所以我們對之前發布的 2027 年的預測非常樂觀。

You'll hear at the end of the week, some more granularity around that. But in general, from a market perspective, from a solution set resonating perspective from an ARPU expansion perspective, from a wallet share perspective, then we're in a very, very good spot. I think you can hear the pride that the team has in terms of the numbers.

本週末你會聽到更詳細的消息。但總的來說，從市場角度、解決方案的共鳴角度、ARPU 擴展角度、錢包份額角度來看，我們都處於非常非常好的境地。從這些數據中，你可以感受到球隊的自豪感。

In terms of Fleet Complete, there's no kind of revenue recognition. Again, I'll ask David to kind of walk through his note on Fleet Complete again. But Fleet Complete has brought those channels with us the likes of AT&T and TELUS. So we now don't -- as we get into 2022, we now don't think about free Fleet Complete order parts of the business. It's all one and the message remains the same. So strong, durable, profitable double-digit both SaaS growth and top line growth engine.

就 Fleet Complete 而言，沒有任何形式的收入確認。我再請大衛詳細講解他在 Fleet Complete 上的筆記。但 Fleet Complete 為我們帶來了 AT&T 和 TELUS 等管道。所以，到了 2022 年，我們不再考慮免費的 Fleet Complete 訂單業務部分了。這一切都是一體的，資訊始終如一。如此強勁、持久、獲利能力強，實現了SaaS和營收雙位數成長。

Yes, Scott, in terms of the fleet compete, that's an EBITDA adjustment. So this is basically invoicing that happens, cash that's collected post the close of the Fleet Complete transaction. It's not stuff we recognize historically as revenue. We will never recognize it as revenue. But it does generate significant cash.

是的，斯科特，就船隊競爭而言，那是 EBITDA 調整。所以這基本上就是開立發票，也就是車隊全面交割交易結束後收取的現金。這些東西在歷史上看來並不屬於收入範疇。我們永遠不會將其確認為收入。但它確實能產生可觀的現金流。

So the thought was to include that as part of the EBITDA adjustments, just to mirror operating cash flow. Obviously, it's a huge economic positive. But that was the EBITDA adjustment for Fleet Complete, which based on consultation with the SEC, we will no longer be included.

因此，我們的想法是將其納入 EBITDA 調整中，以反映經營現金流。顯然，這對經濟來說是一個巨大的利好。但那是 Fleet Complete 的 EBITDA 調整，根據與美國證券交易委員會的協商，我們將不再將其納入其中。

Great. And as a quick follow-up, just wondering if you could provide some more high-level thoughts in terms of North America. Obviously, it's a pretty dynamic environment from a supply chain perspective. I'm wondering how you're seeing sales cycles, the ability to close deals? It certainly seems like the pipeline is building on that front. And Dave, also, just kind of in this current environment, how you guys are thinking about hedging policy for some of the international markets?

偉大的。另外，我想快速補充一點，您能否就北美地區提供一些更宏觀的看法？顯然，從供應鏈的角度來看，這是一個相當動態的環境。我想知道您如何看待銷售週期以及達成交易的能力？看起來這方面的發展動能確實正在增強。戴夫，還有，在目前的市場環境下，你們是如何考慮對一些國際市場採取對沖策略的？

Yes. So I'll take the first one. So look, I mean, as Jeff alluded to, he's walking to a double-digit growth rate for North America. We believe everything being equal now that customers are buying again. So where we saw kind of some of that product softness with the tariff decisions. The strong rebound, both in the top line growth, but also in the margin as well is testament to the work that we've done.

是的。那我選第一個。所以你看，我的意思是，正如傑夫所暗示的那樣，他正朝著北美兩位數的成長率邁進。我們相信，現在顧客又開始購買了，其他條件都維持不變。所以，我們看到關稅決定在某種程度上導致了某些產品的疲軟。營收成長和利潤率的強勁反彈證明了我們所做的工作是卓有成效的。

And what we are seeing is a strong demand and need for efficiency and for safety and compliance. So where customers are needing more optimization, they're needing to be more efficient to what they do, and they need stronger visibility because of these changing times, our solutions are really resonating.

我們看到的是市場對效率、安全性和合規性的強烈需求。因此，在客戶需要更多優化、需要提高工作效率、需要更強的視覺性以適應時代變化的情況下，我們的解決方案確實引起了他們的共鳴。

So I think there a couple of large wins that Jeff alluded to, too, are strategic wins that because of the power of the combination, we are now winning that business at larger enterprise scale. So we feel really good about the future there.

所以我認為傑夫提到的幾個重大勝利也是策略性的勝利，由於組合的力量，我們現在正在以更大的企業規模贏得業務。所以我們對那裡的未來感到非常樂觀。

From our hedging strategy. So from an FX standpoint, we do have a portion of our debt in both Shekel which has been traditionally a powerful cash generator for us. So we have just south of $30 million of Shekel-denominated debt. And then for South Africa, we have around about $20 million of [ZAR] denominated revolver debt. So we do have the balance sheet sort of hedging from an FX standpoint.

這是我們採取的避險策略。因此，從外匯角度來看，我們確實有一部分債務是以謝克爾計價的，而謝克爾歷來是我們強大的現金來源。因此，我們目前有略低於 3000 萬美元的謝克爾計價債務。此外，南非方面，我們有大約 2000 萬美元的以南非蘭特計價的循環債務。所以從外匯角度來看，我們的資產負債表上確實有一些避險措施。

Anthony Stoss, Craig-Hallum.

安東尼·斯托斯，克雷格-哈勒姆。

My congrats on strong execution. A couple of questions. The up 67% in your warehouse solutions. Steve, do you attribute that to -- or what do you attribute that to? Is it mainly one big customer? Or is it across the board? And then also perhaps an update on all your channel partners, AT&T, TELUS and the European Giant, where do they stand training and launch wise?

恭喜你們出色地完成了任務。幾個問題。您的倉庫解決方案成長了 67%。史蒂夫，你認為這是什麼原因造成的？主要是大客戶嗎？還是普遍現象？此外，或許還可以更新一下你們所有通路合作夥伴，包括 AT&T、TELUS 和這家歐洲巨頭，他們在培訓和產品發布方面進展如何？

Yes. So it's across the board. So I think we are doing a better job in terms of sales execution, number one. I think the combination of solutions now where customers can get through visibility of what's going on, on their site or in their warehouse, but also combine that with what's going on over the road, which is our unique proposition. That's a real game changer for our customers. And I think that's kind of resonating through.

是的。所以情況是普遍存在的。所以我覺得，第一點，我們在銷售執行上做得更好了。我認為，現在的解決方案結合，客戶不僅可以了解他們在現場或倉庫裡發生的事情，還可以了解路上發生的事情，這是我們獨特的優勢。這對我們的客戶來說是一個真正的變革。我覺得這一點引起了大家的共鳴。

And then the evolution really is kind of more advanced video technology to stabilize in the warehouse. Again, I would encourage everyone to tune in on Friday, where you'll hear from our customers talking about what those solutions are doing for them and how it's changing the world. So that's really, I think, positive trend generally. And that's -- we've done a lot of that in the US, but we're now getting real traction in other markets as well and through those channel partners.

然後，真正的發展方向是採用更先進的視訊技術來穩定倉庫中的視訊。再次提醒大家，週五請準時收看，屆時我們的客戶將講述這些解決方案為他們帶來的好處以及它們如何改變世界。所以我認為這總體上是一個積極的趨勢。我們已經在美國做了很多這樣的工作，但現在我們也透過通路合作夥伴在其他市場獲得了真正的進展。

So I think we talked about the pipeline growth in terms of the channel partners we talked about the bookings improvement globally. That's all from those partnerships that we've talked about, whether that's AT&T, TELUS, MTN. And we're still gearing up with a couple of other partners that we talked about earlier in the year for 2027. So that just brings real strength and diversity to our opportunity base.

所以我覺得我們討論了通路夥伴方面的成長，以及全球預訂量的改善。以上就是我們討論過的所有合作關係，無論是 AT&T、TELUS 還是 MTN。我們仍在與今年早些時候討論過的其他幾家合作夥伴一起為 2027 年做準備。這確實為我們的機會基礎帶來了真正的實力和多樣性。

And we've got some exciting future conversations going on with those channel partners about how we get more integrated into their solutions to how they can take the best of Unity and offer broader new solutions and more innovation to their customers as well. And again, you'll hear some of that if you tune in on Friday.

我們正在與這些通路合作夥伴進行一些令人興奮的未來對話，探討如何將我們更深入地融入他們的解決方案，以及他們如何利用 Unity 的優勢，為他們的客戶提供更廣泛的新解決方案和更多創新。如果你在星期五收聽節目，你會聽到一些相關內容。

Gary Prestopino, Barrington Research.

Gary Prestopino，巴林頓研究公司。

Steve, in terms of -- great new business awards and all that, but could you maybe tell us how this is starting to shake out in terms of -- are the majority of the new business awards coming from Unity? Or is it products with services attached?

史蒂夫，就新業務獎等等而言，你能告訴我們目前的情況如何嗎？例如，大部分新業務獎項是否都來自 Unity？或者，它是附帶服務的產品？

So everything that we sell is within the Unity ecosystem and platform. So there isn't something that's kind of separate. I think the differentiators really are adding in the single pane of glass, so the ability for customers to look at multiple different devices, or sensors, or data streams coming into the platform. Being able to integrate our data into their other third-party systems. Again, we've got some good visibility for investors and partners at the event later this week, and you'll see some demos of that.

因此，我們銷售的所有產品都屬於 Unity 生態系統和平台。所以並沒有什麼獨立的東西。我認為真正的差異化優勢在於增加了單一介面，使客戶能夠查看進入平台的多個不同設備、感測器或資料流。能夠將我們的數據整合到他們的其他第三方系統中。同樣，我們在本週稍後的活動中為投資者和合作夥伴提供了很好的展示機會，屆時您將看到一些演示。

But it's really, I think, about expanding from being a [point] supplier to mission-critical partners. So people are looking for connected intelligence. The day of telematics and boxes and hardware, software is really moving now is to you can be a high-grade partnering, providing connected intelligence that allows us to make real-time decision. It can give us visibility, with [your AI] capabilities, you're able to shortcut where we need to go to make the changes that we need to. And that is done in a seamless integrated way.

但我認為，真正的意義在於從單一供應商發展成為關鍵任務夥伴。所以人們正在尋求互聯智能。如今，遠端資訊處理、盒子和硬體、軟體的時代正在真正地向前發展，您可以成為高級合作夥伴，提供互聯智能，使我們能夠做出即時決策。借助[你們的AI]功能，我們可以更清晰地了解情況，你們能夠幫助我們快速找到需要改進的地方，從而做出必要的改變。而且這一切都是以無縫整合的方式實現的。

And I think all of that together is what is ultimately we're now being seen at a different level in terms of the opportunity we can provide to medium, large customers. And I think that's where we've seen this real shift, I think, in both who we talk to in the organization. What people are willing to pay for our solutions because of the level of benefit that we provide.

我認為所有這些因素加在一起，最終使得我們現在在為中大型客戶提供的機會方面，處於不同的水平。我認為，正是這一點讓我們看到了真正的轉變，無論是在組織內部，還是在與哪些人交談方面。人們願意為我們的解決方案支付的價格，是因為我們提供的收益水準很高。

And ultimately, we're now seen as an integrated partner and because of the increased scale that we've got, the credibility of our offerings have connect potentially in terms of where we're now seen with medium to large enterprises. So it's not one single thing, Gary.

最終，我們現在被視為一個綜合合作夥伴，而且由於我們規模的擴大，我們產品的信譽度也與我們現在在中大型企業中的地位聯繫起來。所以這不是單一因素造成的，加里。

I think it's a play out of the thesis and the strategy, which is resonating well. And what's really exciting is we're only scratching the surface at the moment. So if you think about the solutions coming together from the 3 companies, we're only kind of six months into that, and you're already seeing the traction and the strength of the results and the durability is of those results coming through. So again, we've got a lot to do. There's a lot we can do better. We are still a work in progress. But ultimately, we're very, very confident about the future.

我認為這是對該論點和策略的實踐，而且反應很好。真正令人興奮的是，我們目前僅僅觸及了冰山一角。所以，如果你想想這三家公司共同提出的解決方案，我們才進行了大約六個月，就已經看到了成效和結果的力度，而且這些結果還具有持久性。所以，我們還有很多工作要做。我們還有很多可以改進的地方。我們仍在不斷改進中。但歸根究底，我們對未來非常、非常有信心。

Yes. I guess what I was just trying to get at, Steve, is your Unity is device agnostic. So I guess, is the traction pretty good with entities that are not using your products?

是的。史蒂夫，我剛才想表達的意思是，你的 Unity 是設備無關的。所以我想說，對於那些尚未使用你們產品的實體來說，你們的產品是否發展勢頭良好？

It absolutely is. So -- and as we said before, a lot of customers have multi-source for this stuff -- and it's also -- it's not just kind of the sensors that you would traditionally think about with PowerFleet. These are other [IoT] sensors that they have in their state. There are other data streams that they have in their state. So people now say, look -- and when we go and talk to CIOs and CTOs and they say, look, we've just got this data miss. Can you simplify this for me? Can you allow us to see the wood for the trees?

確實如此。所以——正如我們之前所說，許多客戶都有多種來源來採購這類產品——而且——它不僅僅是你傳統上會想到的 PowerFleet 的傳感器。這些是他們所在州的其他[物聯網]感測器。他們所在州還有其他資料流。所以現在人們會說，你看——當我們去和資訊長和技術長交談時，他們會說，你看，我們剛剛遇到了這個數據錯誤。你能幫我簡化一下嗎？您能讓我們看清問題的本質嗎？

And then once you're able to do that, can you make sure that it's usable, it's simple, and we can action it? And that's where I think the power of Unity's unique capabilities really make swift business change. And sometimes when we've deployed these solutions and our competitors deploy these solutions, it can take you a decent amount of time to actually start to get the value back, whereas I think we are now ahead of breakeven within the first 12 months of deployment.

然後，一旦你能夠做到這一點，你能否確保它易於使用、簡單明了，並且我們可以付諸行動？我認為，Unity 的獨特功能正是其能快速推動業務變革的關鍵。有時，當我們和競爭對手部署這些解決方案後，可能需要相當長的時間才能真正開始獲得價值，而我認為我們現在在部署後的前 12 個月內就已經實現了盈虧平衡。

We're making meaningful change. We're seeing it customers who we expected to kind of do second phase rollout over maybe a 12-, 18-month period, kind of shortcutting that to a 6- to 12-month period net, because they've got the rhythm and because we've been able to simplify the spaghetti mess that they had in their organization.

我們正在做出有意義的改變。我們看到，原本預計需要 12 到 18 個月才能完成第二階段推廣的客戶，現在只需 6 到 12 個月就能完成，因為他們已經找到了節奏，而且我們也能夠簡化他們組織中混亂不堪的局面。

And then just one last quick question. I mean, in feedback from your customers, I think you had 6 modules for Unity as you initially rolled out. Are you developing any further? And what -- with any feedback from your clients, what do you feel like you're missing in that Unity platform with the modules, if anything?

最後一個問題。我的意思是，根據客戶的回饋，我認為你們最初推出 Unity 時有 6 個模組。你還有什麼進展嗎？那麼，根據客戶的回饋，您覺得 Unity 平台及其模組有哪些不足之處（如果有的話）？

Yes. So it's more about enhancing the modules to the next level. So it sounds like I'm plugging Friday, I don't mean to. But ultimately, you will see how the strength of our AI capabilities, the data that we can pull, our real-time interventions that we make with our customers. A topic of safety is a very broad topic.

是的。所以，重點在於將模組提升到更高層次。聽起來好像我在為Friday做廣告，我並非有意如此。但最終，您將看到我們強大的 AI 能力、我們可以獲得的數據以及我們與客戶的即時幹預。安全是一個非常廣泛的話題。

And you'll see just how we're really kind of doubling down on the granularity of what we're able to achieve with that customer. So I wouldn't say we're expanding kind of horizontally into more different set of modularity, but the strength of those modules -- and I'll come back to this from the question we had earlier.

你會看到，我們正在加倍努力，提高我們能夠為客戶實現的目標的精細​​程度。所以，我不會說我們正在橫向擴展成更多不同的模組化組合，但是這些模組的強度——我稍後會回到我們之前提出的問題。

To have true visibility of your safety environment across all your employees, whether that's on a site, or whether it's over the road, is transformational for customers in a number of ways. So really doubling down on the advancement of the data analytics we can provide the speed and accuracy of those is where we're spending the majority of our time at the moment.

無論是在工地或路上，真正了解所有員工的安全環境對客戶而言都具有變革性意義，這體現在許多方面。因此，我們目前投入最多時間精力的，是加倍推進數據分析的發展，並提高數據分析的速度和準確性。

Dylan Becker, William Blair.

迪倫貝克爾，威廉布萊爾。

Maybe, Steve, starting with you, the 12% organic services, obviously, ahead of plan is quite impressive. I wonder if given kind of the pipeline strength that you guys are seeing that's affording you the ability to kind of unlock some of that held back spend around go-to-market?

史蒂夫，或許從你開始，12% 的有機服務顯然提前完成了計劃，這相當令人印象深刻。我想知道，鑑於你們目前擁有的強勁產品線，這是否使你們能夠釋放一些先前在市場推廣方面被擱置的支出？

And maybe if that kind of shifts how you think about the model going forward, given the vast opportunity here, kind of reinvesting maybe some of that incremental EBITDA growth, or EBITDA upside that you would see traditionally back into go-to-market and product development initiatives? Because it feels like the market is really kind of resonating relative to the solutions you're able to provide at this point?

鑑於這裡蘊藏著巨大的機遇，如果這種轉變能讓你對未來的商業模式產生新的看法，那麼或許可以將一些原本用於推動市場進入和產品開發計劃的增量 EBITDA 增長或 EBITDA 提升空間重新投入到市場進入和產品開發計劃中？因為感覺目前市場對你所能提供的解決方案確實很有共鳴？

Yes. So we talked about -- we held back on a $4 million investment as the tariff challenges here. We have pressed the button on that, that's in the sales channels in kind of customer and account engagement, plus some more resources into the channel opportunity. And over time, we will be good stewards in terms of ensuring that we feel confident about the growth, and we can stand behind any more investment. But we have the ability to flex the model dependent on that growth rate and on our confidence levels.

是的。所以我們討論過——由於關稅方面的挑戰，我們暫緩了 400 萬美元的投資。我們已經啟動了這項計劃，即在銷售管道中進行客戶和帳戶互動，並投入更多資源到通路機會。隨著時間的推移，我們將盡職盡責地確保我們對成長充滿信心，並能夠支持任何進一步的投資。但是，我們可以根據成長率和我們的信心水準靈活調整模型。

And we will flex in the model through '27 and '28 appropriately. Because as you say, as this flywheel starts to turn as we kind of open up more opportunities and we just get more, I think, exposure into the global markets that we're now attacking, then we will maintain flexibility and optionality to double down on go-to-market investment.

我們將在 2027 年和 2028 年適當調整該模式。正如你所說，隨著這個飛輪開始轉動，我們開拓了更多機會，並且更多地接觸到我們正在進軍的全球市場，那麼我們將保持靈活性和選擇權，加大市場投資力度。

Okay. Very helpful. And maybe following up again with you here, Steve, or maybe this is for Jeff as well, too. Encouraging to see some of the new logo momentum in the business. But if I look at it to low single-digit millions for a Fortune 500 entity, it feels like you're kind of just scratching the surface relative to that opportunity.

好的。很有幫助。史蒂夫，或許我還要再跟你確認一下，或者，這也是給傑夫的。令人鼓舞的是，我們看到新標誌為公司帶來了一些發展勢頭。但如果我以財富 500 強企業的幾千萬美元來衡量，感覺相對於這個機會而言，你只是觸及了冰山一角。

So maybe if you could kind of help reconcile obviously getting more shots on goal, getting a foot in the door, but maybe also how that kind of breeds conviction in the opportunity to significantly expand within several of those accounts? Maybe better line of sight, now that you have built and established that relationship kind of the opportunity from a cross-selling perspective as well, too?

所以，或許你可以幫忙解釋一下，一方面，增加射門次數，獲得機會；另一方面，如何才能讓客戶相信，這能幫助他們大幅拓展業務？既然你已經建立並鞏固了這種關係，那麼從交叉銷售的角度來看，這或許也是一個更好的機會？

Jeff, why don't take that (technical difficulty) follow up.

傑夫，為什麼不處理那個（技術難題）後續問題呢？

Yes. So there is great opportunity with new logo moving forward. We -- as we talked about, we made a pivot, right, from a selling perspective to on-site and vision. And the sales organization that's resonating really well with the opportunity. You heard about the pipeline increases.

是的。所以，新標誌帶來了巨大的發展機會。正如我們剛才討論的那樣，我們做出了轉變，從銷售的角度轉向了現場考察和願景規劃。銷售團隊對這個機會反應非常正面。你聽過輸油管擴容的事嗎？

We can do so much better moving forward and there's so much opportunity out there in these markets that are untapped for us. And I feel like we're just getting our sea legs underneath us, relative to the opportunity statement, and enabling the field on the new value propositions as we move into these different market segments, but leveraging the installed base that we already have. So the customers are there for us to expand. And then from a new logo perspective, it's attacking the verticals, too.

我們未來可以做得更好，這些市場還有很多我們尚未開發的機會。我覺得我們才剛剛站穩腳跟，就機會聲明而言，我們正在為進入這些不同的細分市場提供新的價值主張，同時利用我們已經擁有的安裝基礎。所以客戶群夠大，我們可以拓展業務。從新標誌的角度來看，它也在垂直領域發動攻勢。

And that opportunity is there as well. So I'm really optimistic about the opportunity around new logo, especially as we continue to gain skills and progress skills in those areas.

而且，這樣的機會也確實存在。所以我對新標誌帶來的機會非常樂觀，尤其是在我們不斷獲得和提升這些領域技能的情況下。

Yes. Thanks, Jeff. And just to respond around we're scratching the surface on those accounts. You're absolutely right, there's a [5, 10x] opportunity in those accounts, both nationally and internationally as well. So we're strengthening our global accounts model.

是的。謝謝你，傑夫。而我們目前對這些帳號​​的了解還只是冰山一角。您說得完全正確，這些客戶無論在國內或國際上，都有 5 倍、10 倍的商機。因此，我們正在加強我們的全球客戶模式。

You will, again, hear from some of the customers that we alluded to earlier in the year about some large-scale deployments and how they're feeling about expansion opportunities with us as well. So what's exciting is it's multidimensional. And it's -- if you look around the modularity of the solution, to Gary's point, people can grow in the solution.

您將再次聽到我們今年早些時候提到的一些客戶的反饋，了解他們的大規模部署情況以及他們對與我們合作拓展業務機會的看法。令人興奮的是，它是多維度的。而且——如果你仔細觀察解決方案的模組化設計，正如 Gary 所說，人們可以在解決方案中不斷成長。

Whether that's in terms of do more of the same with us on a global basis, expanding sites, expanding the volume of vehicles that they have with us, or growing different divisions or territories. So we're really, I think, infused by the space we're creating for ourselves, particularly in that kind of large enterprise market.

無論是在全球範圍內與我們開展更多相同的業務，擴大站點，增加他們在我們這裡擁有的車輛數量，還是發展不同的部門或地區。所以我覺得，我們真的被我們為自己創造的空間所感染，尤其是在那種大型企業市場。

Alex Sklar, Raymond James.

Alex Sklar，Raymond James。

Great. Steve or David, maybe I just want to follow up on Dylan's question there on the enterprise momentum and just asked it a little bit differently. But if you go back one to two years in time, can you just help put some context behind how incremental these enterprise opportunities have become for PowerFleet in terms of pipeline mix today?

偉大的。史蒂夫或大衛，我只是想就迪倫關於企業發展勢頭的問題做個補充說明，只是換了一種方式問了一下。但如果回顧一兩年前，您能否幫助我們了解一下，就目前 PowerFleet 的業務組合而言，這些企業機會是如何逐步增加的？

And then with that and kind of overall brand awareness, how much more room do you have to go on the brand awareness and marketing side?

那麼，在具備了這些條件以及整體品牌知名度之後，在品牌知名度和行銷方面還有多少提升空間呢？

Yes. So I think it's night and day. Our exposure, our win rates, our ability to be successful in those large enterprise arenas. Heritage PowerFleet of 18, 24 months ago is unrecognizable from the opportunity and the credibility and the trust, frankly, in terms of being a mission-critical provider and partner to those enterprise markets. I think we're building brand momentum.

是的。所以我覺得簡直是天壤之別。我們在大型企業領域的曝光度、勝率和成功能力。坦白說，18、24 個月前的 Heritage PowerFleet 與如今的機會、信譽和信任相比，已經面目全非，它已成為企業市場的關鍵任務供應商和合作夥伴。我認為我們正在建立品牌勢頭。

So the innovation awards that we get we're getting, I think, recognized now as very much a top-tier provider, one of the top 3 in the world that's really leading in terms of its innovation and profitable growth. So ensuring that we are being good stewards of the company's capital and making sure that we are doing things responsibly. I think is a very good sign in these times is having a partner that does that. And I think that's always been our mantra, and we continue to excel there. So there's always more work to do.

因此，我認為，我們獲得的創新獎項表明，我們現在被公認為頂級供應商之一，是世界前三名的供應商之一，在創新和盈利增長方面真正處於領先地位。因此，我們要確保妥善管理公司資本，並確保我們以負責任的方式行事。我認為在當今時代，擁有一個能做到這一點的伴侶是一個非常好的跡象。我認為這始終是我們的座右銘，而且我們在這方面也一直表現出色。所以總是有更多的工作要做。

And there are markets that we are attacking where we have less brand presence than others in the marketplace, but that offers great opportunity for us. So -- but overall, I think we're in a different paradigm and in a different sphere to where we were two years ago. And I think the upside opportunity there remains fairly immense.

我們正在開拓的一些市場中，我們的品牌影響力不如其他市場參與者，但這為我們提供了巨大的機會。所以——但總的來說，我認為我們現在所處的範式和領域與兩年前截然不同。我認為那裡的發展潛力仍然相當巨大。

Okay. Great. And then, David, maybe one for you on the back-to-base motion. I know we're working through some final system integration to get precise NRR, but can you help frame directionally what you're seeing from the installed base through maybe end of second quarter, October? Where across kind of retention upsell, cross-sell? Have you seen the biggest level of improvement? Where are you still kind of pushing hardest to get to kind of some of the aspirational goals?

好的。偉大的。然後，大衛，也許你可以練習一下回壘動作。我知道我們正在進行一些最後的系統整合工作，以獲得精確的淨收入率 (NRR)，但您能否根據已安裝的基數，大致說明一下您在第二季末（10 月）所看到的趨勢？哪些類型的客戶維繫追加銷售、交叉銷售？你認為進步幅度最大了嗎？你目前仍在哪些方面努力奮鬥，以實現一些遠大的目標？

So clearly, if you look at just the acceleration in growth, a huge part of that is NRR in terms of selling more to our existing customers. And to everyone's point, that we're early there in terms of the potential, both in terms of the customer demand, as well as positions being in the market. So it is moving positively.

所以很明顯，如果只看成長加速，很大一部分原因是向現有客戶銷售更多產品，從而提高了淨經常性收入 (NRR)。正如大家所說，就潛力而言，我們目前還處於早期階段，無論是客戶需求還是市場地位。所以它正朝著正面的方向發展。

If you look back in the last couple of quarters, obviously, we were clear in terms of our prepared remarks for mix, for example. This time last year, we were still actively shedding revenue in terms of getting the right base and getting rid of distractions from a product delivery standpoint and a market focused standpoint. So that's working well.

回顧過去幾個季度，很顯然，例如，我們在準備的關於混合口味的發言方面是明確的。去年這個時候，我們還在積極削減收入，以獲得正確的客戶基礎，並從產品交付和市場角度消除乾擾因素。效果不錯。

As you look at the sort of second half of this year, from a Fleet Complete standpoint, there was a similar exercise in terms of shedding some revenue as well. So what I would say is when you look at just the traditional PowerFleet business, excluding Fleet Complete, which is the 12% organic growth from an ARR standpoint, a major part of that is positive net revenue retention. So everything you'd expect to see happening in terms of firstly, cleaning the book of business. Secondly, the complementary nature of our products. Thirdly, that sort of the pent demand within customers is clearly coming through in terms of the growth that we're posting.

從 Fleet Complete 的角度來看，今年下半年也出現了類似的削減收入的情況。所以我想說的是，如果你只看傳統的 PowerFleet 業務（不包括 Fleet Complete），從 ARR 的角度來看，其 12% 的有機增長主要歸功於正的淨收入留存率。所以，正如你所預料的那樣，首先是清理業務帳簿。其次，我們產品的互補性。第三，客戶內心深處的這種潛在需求，顯然體現在我們所取得的成長。

What I would say is for the second half of this fiscal year, you're going to have a bit of a headwind in terms of the Fleet Complete because we did the same thing with Fleet Complete that happened with mix in terms of getting the right revenue base in place that's aligned with our future, as opposed to holding things -- falling on to things that are a sort of a distraction and create friction in terms of where we need to go. So very, very positive and things are playing out as expected.

我想說的是，在本財年的下半年，Fleet Complete 專案將會面臨一些阻力，因為我們在 Fleet Complete 專案上採取了與 Mix 專案相同的策略，即建立與我們未來發展方向相符的正確收入基礎，而不是固守現狀——陷入一些分散注意力、阻礙我們前進方向的專案。一切都非常順利，事情也如預期發展。

Greg Gibas, Northland Securities.

Greg Gibas，北地證券。

Congrats on the results. Really nice to see that 23% increase in the cross-sell pipeline. Wondering if you could maybe provide some color on where you're seeing success or solid traction with your cross-sell efforts?

恭喜取得好成績。很高興看到交叉銷售管道成長了 23%。我想知道您能否詳細說明一下，您在交叉銷售方面哪些方面取得了成功或取得了顯著成效？

Yes. So it's in warehouse to over the road and vice versa. So this -- there is a lot of traction in video, and that is multiple different video solutions that are based around safety and compliance. But really kind of expanding our reach in terms of the breadth of the organizations, whether that's from an insurance perspective, or that's, as I said, compliance. Whether it's getting true safety visibility, or just operational efficiency for the end-to-end supply chain?

是的。所以，貨物可以從倉庫運到馬路對面，反之亦然。所以，視訊領域發展勢頭強勁，出現了多種不同的視訊解決方案，這些解決方案都圍繞著安全性和合規性。但實際上，我們正​​在擴大我們業務範圍的廣度，無論是從保險的角度來看，還是像我剛才說的，從合規的角度來看。無論是實現真正的安全視覺性，還是提高端到端供應鏈的營運效率？

So it's really that kind of where we've had strength in one either the over-the-road or the in-warehouse section, it's really kind of transferring those either way. And because we have that uniqueness, because we're talking to the right people in the organization who care about the objectives of both of those different parts of the business, that's resonating super strongly.

所以，我們其實是在公路運輸或倉儲運輸這兩個領域中，我們各自的優勢領域進行著某種程度的轉移。正因為我們擁有這種獨特性，正因為我們與組織中關心公司這兩個不同業務部門目標的合適人選進行溝通，所以才產生了非常強烈的共鳴。

Great to hear. And if I could -- can you maybe characterize the greater demand environment? And I guess demand trends as it relates to what you're hearing on pauses on purchasing? Like would you say that, that headwind has fully subsided at this point?

聽到這個消息真是太好了。如果可以的話—您能否描述一下當前更大的需求環境？我猜想，這和您聽到的關於購買暫停的消息有關的需求趨勢有什麼關係？比如說，您認為現在逆風已經完全消失了嗎？

I think people are still cautious, right? I mean there's still dynamics in the macroeconomic conditions that cause people to be very, I think, thinking through just how much capital they're going to spend, and when they're going to spend it. But obviously, if you look at the rebound we've had from the product perspective, then we are seeing people making those decisions. And so that's really positive.

我覺得大家還是比較謹慎，對吧？我的意思是，宏觀經濟狀況仍然存在一些動態因素，導致人們非常仔細地思考他們要花多少錢，以及何時花掉這些錢。但很顯然，從產品角度來看，我們已經看到了反彈，而人們正在做出這些決定。所以這確實是好事。

And on top of that, we've been able to improved price and improve margin as we go. So I think there's always a watch tower on these things, and we continue to be cautious in our approach towards things. But we've seen -- I think there's a real shift and a need for change in organizations, transformation, efficiency optimization and visibility.

除此之外，我們也逐步提高了價格和利潤率。所以我認為，在這些事情上始終存在著一個觀察哨，我們會繼續謹慎行事。但我們已經看到——我認為組織內部確實存在著轉變和變革的必要性，需要轉型、效率優化和提高透明度。

And it's kind of where do we sit in the food chain of decisions. And in terms of being kind of mission-critical to businesses, I think that's only improving.

這其實關乎我們在決策食物鏈中處於什麼位置。就其對企業的重要性而言，我認為情況只會越來越好。

Great. And I guess one last one, if I could. As it relates to the accounting adjustment, you mentioned the $4 million impact on '25. How much are you guys taking out of '26 that was baked in?

偉大的。如果可以的話，我想再補充最後一個問題。關於會計調整，您提到了對 2025 年 400 萬美元的影響。你們從 26 年的版本中剔除了多少原有的元素？

Yes. The number for this quarter was about $1.3 million. So it's probably a percentage point just over of EBITDA margin. That would be the way to think about it, Greg.

是的。本季該數字約為130萬美元。所以，這可能比 EBITDA 利潤率高出一個百分點。格雷格，你可以這樣想。

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

問答環節到此結束。現在我將把電話交給史蒂夫‧托維，請他作總結發言。

Thanks, everyone, for joining us today and your continued support. We look forward to updating you on our progress next quarter. Have a great day, and we look forward to our innovation event on Friday. Thank you. Bye-bye.

感謝各位今天蒞臨現場，也感謝你們一直以來的支持。我們期待在下個季度向您報告我們的進展。祝您今天過得愉快，我們期待週五的創新活動。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，您可以斷開線路了。感謝您的參與。