Powerfleet, Inc. (AIOT) 2026 Q4 法說會逐字稿

Good day, everyone. Welcome to PowerFleet's fourth quarter and full year 2026 earnings call. (Operator Instructions)

各位好。歡迎參加 PowerFleet 2026 會計年度第四季及全年財報電話會議。(接線員指示)

It is now my pleasure to turn the floor over to your host, David Wilson, Chief Financial Officer. The floor is yours.

現在我很榮幸把會議交給今天的主持人、財務長 David Wilson。請您開始。

Thanks, operator. Good morning, everyone. This presentation contains forward-looking statements within the meaning of federal securities law. 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. All statements other than statements of historical facts are statements that could be forward-looking statements.

謝謝，接線員。各位早安。本簡報包含符合聯邦證券法意義之「前瞻性陳述」。前瞻性陳述包括關於 PowerFleet 的信念、計畫、目標、宗旨、預期、推測、假設、估計、意圖及未來表現之陳述，並涉及已知與未知之風險、不確定性及其他因素，其中部分可能超出 PowerFleet 的控制，且可能導致其實際結果、表現或成就與該等前瞻性陳述所明示或暗示之未來結果、表現或成就存在重大差異。除歷史事實陳述外，所有陳述均可能構成前瞻性陳述。

For example, forward-looking statements include statements regarding prospects of 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 operation, operating costs, increasing production volumes and expanding business with core customers.

例如，前瞻性陳述包括關於新增客戶前景、潛在合約價值、市場預測、獲利與營收預估、協同效益、增益（accretion）或其他財務資訊、新興產品與計畫，以及管理層對未來營運之策略與目標（包括提升營收、管控營運與營運成本、提高產量、並擴大與核心客戶之業務）等陳述。

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

上述所提及之風險與不確定性不限於 PowerFleet 不時向美國證券交易委員會（SEC）提交之文件中所詳述之風險，包括截至 2025 年 3 月 31 日止年度之 Form 10-K 年報。這些風險可能導致 PowerFleet 或代表 PowerFleet 所作之任何前瞻性陳述所表達之結果出現重大差異；除非適用法律另有要求，PowerFleet 不承擔更新本簡報所載資訊之任何義務，並明確聲明不負任何更新義務，不論係因新資訊、未來事件或其他原因所致。

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

現在我把電話會議交給 PowerFleet 執行長 Steve Towe。Steve？

Good morning, everyone, and thank you for joining us today. I'm here with key members of the leadership team and we're excited to walk you through what has been a defining year for PowerFleet. Before we get into the quarter, I want to take a few minutes to step back and talk about the journey because the context really matters, and it's helpful to orient investors to fully understand what this team has delivered and why we feel confident about where we go from here. Two years ago, we set a very clear strategy for PowerFleet. We said we would use consolidation to build scale.

各位早安，感謝今天加入我們。我與領導團隊的關鍵成員一同出席，我們很期待帶各位回顧對 PowerFleet 而言具有里程碑意義的一年。在進入本季之前，我想先花幾分鐘退一步談談這段歷程，因為脈絡非常重要，也有助於投資人充分理解這個團隊交出的成果，以及我們為何對接下來的方向充滿信心。兩年前，我們為 PowerFleet 訂下非常清晰的策略。我們表示將透過整併來建立規模。

We said we would invest that scale into technology differentiation. And we said we would run this business with the kind of financial discipline that compares value for shareholders over time. That was the thesis, and I'm pleased to stand and tell you we're delivering against that plan in full. Within 18 months, we restructured the global operating model, unified the product road map under Unity, centralized core functions and delivered more than $34 million in annualized cost synergies on time and in full. And importantly, we didn't do that at the expense of growth.

我們表示將把這個規模投入於技術差異化。我們也表示將以能夠隨時間為股東創造價值的財務紀律來經營這項業務。這就是當時的核心論點，我很高興今天能站在這裡告訴各位：我們正全面落實該計畫。在 18 個月內，我們重整全球營運模式、在 Unity 之下統一產品路線圖、集中核心職能，並如期且完整地實現超過 3,400 萬美元的年度化成本協同效益。更重要的是，我們並未以犧牲成長為代價。

We did it while simultaneously accelerating organic revenue performance, expanding margins and winning at the level in the enterprise market that the heritage PowerFleet could simply never have achieved. And that was deliberate. On technology differentiation, and this is where really the future value of the company fits, Unity has become the system of work for some of the world's largest and most demanding enterprises. Independently, we received validation that the differentiation we've built in AI video on-site safety, data highway ingestion and the unified operations layer is what makes us truly mission-critical for our customers. And you can see that differentiation showing up directly in the commercial performance of the business.

我們在同時加速有機營收表現、擴大利潤率，並在企業市場層級取得勝利——這是過去的 PowerFleet 根本不可能達成的。而這是刻意為之。在技術差異化方面——也就是公司未來價值真正所在——Unity 已成為全球一些規模最大、要求最嚴苛的企業之作業系統。我們也獨立獲得驗證：我們在 AI 影像現場安全、資料高速匯入（data highway ingestion）以及統一營運層方面所建立的差異化，正是讓我們對客戶而言真正不可或缺的關鍵。而你也能看到，這種差異化正直接反映在公司的商業表現上。

We've secured landmark enterprise wins, Fortune 500 accounts across energy, mining, food and beverage, logistics manufacturing. And we're now winning Tier 1 public sector contracts at a scale that simply wasn't possible two years ago. Our AI video pipeline compounded through the year, our on-site solutions saw rapid adoption, cross-sell revenue accelerated. Customers are leaning in because Unity solves everyday operational challenges, improving safety, enhancing visibility, boosting efficiency, all through one integrated platform. Next slide.

我們拿下具指標性的企業級勝利，涵蓋能源、礦業、食品飲料、物流與製造等領域的《財富》500 大客戶。而我們現在也正以兩年前根本不可能達到的規模，贏得第一級（Tier 1）公共部門合約。我們的 AI 影像銷售管線在全年持續複利成長，現場解決方案快速被採用，交叉銷售營收加速成長。客戶之所以加大投入，是因為 Unity 透過單一整合平台解決日常營運挑戰：提升安全、強化可視性、提高效率。下一張投影片。

So let me frame the year through these 3 priorities we set ourselves and executed against. The first, durable revenue growth. We've proven that the combined business is delivering consistent, high-quality organic growth anchored in recurring SaaS revenue. The second, compounding EBITDA growth. We've demonstrated that as the top line scales, the operating model we've built is converting that growth into expanded margins and compounding profitability.

我用我們設定並落實的三大優先事項來框架這一年。第一，具韌性的營收成長。我們已證明，合併後的業務能以經常性 SaaS 營收為基礎，帶來一致且高品質的有機成長。第二，EBITDA 的複利成長。我們已展示，隨著營收規模擴大，我們建立的營運模式能把成長轉化為更高的利潤率與持續累積的獲利能力。

And the third, driving towards sustainable free cash flow. We've proved the pivot showing that this business is moving from an investment and integration phase into a cash-generative model that strengthens the balance sheet and compound shareholder value. Let me take you through each one. Next slide, please. Starting with revenue.

第三，推動邁向可持續的自由現金流。我們已證明轉型正在發生：這項業務正從投資與整合階段，走向能產生現金的模式，進而強化資產負債表並為股東創造複利價值。我將逐一說明。請到下一張投影片。先從營收談起。

Services revenue, which is really the engine of the business, grew to $360 million and now represents 81% of our total revenue, up from 76% in FY25. That shift in mix is deliberate and is significant because every percentage point of that shift brings higher margins, greater predictability, and strong customer lifetime value. Total revenue increased to $444 million. And what is most encouraging is the growth acceleration we saw as the year progressed. In Q4, total revenue grew 11% year-over-year and service revenue grew 14%.

服務營收——也就是業務的引擎——成長至 3.60 億美元，現已占總營收的 81%，高於 FY25 的 76%。這種組合的轉變是刻意為之，且意義重大，因為每提高一個百分點，都能帶來更高的利潤率、更強的可預測性，以及更高的客戶終身價值。總營收增加至 4.44 億美元。最令人鼓舞的是，我們在年度進程中看到成長加速。在第四季，總營收年增 11%，服務營收年增 14%。

That's the exit rate we've been signaling to investors, and we've delivered it. The trajectory is clear. The quality of the growth is high and the durability of the recurring revenue base gives us real visibility and confidence heading into FY27. Next slide, please. On the customer side, we signed multimillion contracts with two of the world's largest brands, a top 3 global food and beverage company, and a major global manufacturer, both choosing our differentiated on-site solutions.

這就是我們一直向投資人所傳達的期末退出成長率（exit rate），而我們已經交出成果。趨勢非常清楚。成長品質很高，而經常性營收基礎的韌性，讓我們在邁入 FY27 時具備真正的能見度與信心。請到下一張投影片。在客戶方面，我們與全球兩大品牌簽下數百萬美元等級的合約：一家全球前三大的食品飲料公司，以及一家大型全球製造商，兩者皆選擇我們具差異化的現場解決方案。

These are exactly the kind of large-scale enterprise wins that the heritage PowerFleet of 2 years ago could not have competed for, let alone won. And then, of course, there's the South African Treasury contract, the single largest win in our company's history. We've anticipated 5-year total contract value of between $100 million to $120 million once fully implemented. This has been powered by Unity safety solution and AI video capabilities in partnership with MTN. That is a transformational piece of business for PowerFleet, and I'll talk more about how that's progressing when we get to our FY27 growth multipliers.

這正是兩年前的傳統 PowerFleet 連競爭都無法競爭、更不用說贏下的那種大型企業級勝利。當然，還有南非財政部（Treasury）合約——這是我們公司史上單一最大訂單。在全面導入後，我們預期 5 年期總合約價值約為 1.00 億至 1.20 億美元。這項成果由 Unity 安全解決方案與 AI 影像能力所驅動，並與 MTN 合作。這對 PowerFleet 而言是一筆具轉型意義的業務；在談到 FY27 的成長倍增器時，我會再進一步說明其進展。

On the solutions side, our AI video bookings grew more than 50% in FY26, meaningfully outpacing market growth. Our on-site revenue grew 39% and powered by North America sales acceleration. These are the two highest ARPU, highest differentiation parts of our portfolio and the fact that they're driving such strong growth tells you the strategy is working where it matters most. And on retention, Q4 was our strongest retention quarter in the last two years, driven by Unity's differentiated solutions and the deeper, stickier customer relationships we're building. That's an important proof point as it speaks to the quality of what we're delivering to our customers.

在解決方案方面，我們 FY26 的 AI 影像訂單（bookings）成長超過 50%，顯著超越市場成長。我們的現場（on-site）營收成長 39%，主要由北美銷售加速所帶動。這兩項是我們產品組合中 ARPU 最高、差異化最強的部分，而它們能帶動如此強勁的成長，說明策略在最關鍵之處正在奏效。在留存方面，第四季是過去兩年留存表現最強的一季，受惠於 Unity 的差異化解決方案，以及我們正在建立更深、更具黏著度的客戶關係。這是一個重要的佐證，因為它反映了我們為客戶交付成果的品質。

Next slide. Turning to EBITDA. Adjusted EBITDA for F26 Yand grew 44% to $97 million, with margins expanding 330 basis points to 21.9%. And in Q4, adjusted EBITDA grew 42% year-over-year to $26.4 million, with margins hitting 23.1%, a 5-percentage-point increase year-over-year. The compounding effect was a result of disciplined synergy execution, a deliberate shift towards high-margin recurring services and an operating model that is built to generate expanding leverage as the top line scales.

下一張投影片。接著談 EBITDA。F26 全年調整後 EBITDA 成長 44%，達到 9,700 萬美元，利潤率擴張 330 個基點至 21.9%。而在第四季，調整後 EBITDA 年增 42% 至 2,640 萬美元，利潤率達到 23.1%，較去年同期提升 5 個百分點。這種複利效應源於嚴謹的協同效益落地執行、刻意轉向高毛利的經常性服務，以及一個在營收規模擴大時能產生更高營運槓桿的營運模式。

And what's particularly pleasing is that we've achieved this while simultaneously investing in growth in our go-to-market capabilities, in our channel partnerships and currently in the South African deployment. We've made a deliberate choice to be good stewards of investment opportunity. And even with those investments, we still delivered meaningful adjusted EBITDA expansion. This is a solid indication of the inherent leverage in this model. Next slide, please.

特別令人欣慰的是，我們在達成這些成果的同時，也同步投資於成長，包括我們的市場進入（go-to-market）能力、通路夥伴關係，以及目前在南非的部署。我們刻意選擇成為投資機會的良好管理者。即便有這些投資，我們仍交出顯著的調整後 EBITDA 擴張。這清楚顯示此模式內建的槓桿效應。請看下一張投影片。

And the third priority, free cash flow. This is where FY26 represents a genuine inflection point for the business. We generated $4.1 million of free cash flow in the second half, a meaningful swing from the $13.7 million use of cash in the first half. Operating income reached $11 million, an $18 million improvement from FY25 when we were in an operating loss position. And net leverage improved to 2.47 times down from 3.39 times, that's almost a full turn of deleveraging within the fiscal year.

第三個優先事項：自由現金流。FY26 對公司而言是實質的拐點。我們在下半年產生 410 萬美元的自由現金流，較上半年消耗現金 1,370 萬美元出現顯著轉正。營業利益達到 1,100 萬美元，較 FY25（當時處於營業虧損）改善 1,800 萬美元。淨槓桿倍數改善至 2.47 倍，低於 3.39 倍，等於在該會計年度內去槓桿接近整整一個 turn。

We've been very clear with investors throughout this year that as we move through the final stage of integration and stood up investments to support large-scale growth opportunities, there will be periods of elevated cash use. This was a temporary and necessary cost of building the business we have today. What the second half trajectory demonstrates is that the true underlying cash generation of this model is now coming through and will continue to strengthen as we scale into FY27. Next slide, please. So with that context, let me now turn to what lies ahead.

我們今年一路都非常清楚地向投資人說明：隨著我們進入整合的最後階段，並建立投資以支援大規模成長機會，現金使用偏高的期間將會出現。這是為了打造今天這家公司的暫時性且必要的成本。下半年的走勢顯示，這個模式真正的底層現金創造能力如今已開始顯現，並將在我們擴張進入 FY27 時持續增強。請看下一張投影片。在這樣的背景下，接下來我談談未來展望。

We've delivered the FY26 plan. We've proven the thesis. And we now have the scale, the differentiation, the operating model and the financial foundation to step forward confidently from here. FY27 is about building further momentum. Next slide, please.

我們已完成 FY26 計畫。我們已驗證這個論點。而我們現在具備規模、差異化、營運模式與財務基礎，能夠從此刻起自信地向前邁進。FY27 的重點是進一步累積動能。請看下一張投影片。

This slide captures the strategic levers we've assembled to drive future shareholder value creation, and they frame why we are seeing such a compelling multiyear opportunity ahead. First, our warehouse and on-site solution are the category-defining wedge. This is where we have true differentiation where win rates are highest and where we're opening doors into the largest enterprises in the world. We deliver a unique data set to the industry through AI-powered safety and compliance across the full operational environment, on-site and over the road in a single platform. Second, we now have the high-impact channels to market such as AT&T, TELUS and MTN with additional partnerships in development.

這張投影片呈現我們已建立的策略槓桿，用以推動未來股東價值創造，也說明為何我們看到前方極具吸引力的多年期機會。第一，我們的倉儲與現場（on-site）解決方案是定義品類的切入點。這是我們真正具備差異化、勝率最高，並且能打開通往全球最大型企業大門的領域。我們透過 AI 驅動的安全與合規能力，在單一平台上涵蓋完整營運環境（現場與道路運輸），為產業提供獨特的資料集。第二，我們現在擁有高影響力的市場通路，例如 AT&T、TELUS 與 MTN，且仍有更多合作夥伴正在開發中。

These are force multipliers that can create meaningful growth expansion without proportional increases in our cost base. The channel flywheel is beginning to turn. Third, Unity capitalizes on a powerful industry tailwind. Enterprises are consolidating fragmented point solutions and data into unified operating platforms. That is exactly what the data highway was built to deliver.

這些通路是「倍增器」，能在不按比例增加成本基礎的情況下，帶來顯著的成長擴張。通路飛輪已開始轉動。第三，Unity 受惠於強勁的產業順風。企業正將分散的點狀解決方案與資料整併到統一的營運平台。這正是 data highway 所打造要交付的價值。

We're not fighting the market, we're navigating a successful path. Fourth, our proprietary operational data creates a defensible moat. As customers integrate more deeply into Unity, ingesting data from ERP, HR, safety, maintenance and IoT systems, the stickiness compounds. Our data highway helps us to become mission-critical embedded in our customers' workflows and making it increasingly difficult for us to be displaced. And finally, the compounding EBITDA growth opportunity remains substantial.

我們不是在與市場對抗，而是在引導一條成功的路徑。第四，我們專有的營運資料形成可防禦的護城河。隨著客戶更深度整合進 Unity，並從 ERP、HR、安全、維護與 IoT 系統匯入資料，黏著度會持續累積。我們的 data highway 協助我們成為客戶工作流程中不可或缺、具任務關鍵性的嵌入式平台，使我們愈來愈難被取代。最後，EBITDA 的複利成長機會仍然相當可觀。

With services at 81% of revenue and growing, the cost optimization program still delivering, and with scale benefits compounding as the top line accelerates, there is meaningful further margin expansion ahead. Next slide, please. Our priorities for FY27 are consistent and clear: amplify revenue growth, continue to compound adjusted EBITDA growth, and enhance the balance sheet. On revenue, we're doubling down on the two differentiators that are driving the most traction on-site and AI video. These solutions now represent 65% of our pipeline, up from 50% entering FY26.

在服務占營收 81% 且持續成長、成本優化計畫仍在貢獻，以及隨著營收加速帶來的規模效益持續累積之下，未來仍有顯著的利潤率擴張空間。請看下一張投影片。我們 FY27 的優先事項一致且清晰：放大營收成長、持續累積調整後 EBITDA 成長、並強化資產負債表。在營收方面，我們將加倍投入兩項帶來最大牽引力的差異化產品：現場（on-site）與 AI 影像（video）。這些解決方案目前占我們管線的 65%，高於進入 FY26 時的 50%。

We're seeing these differentiators play out in real wins, with some of our largest customers expanding to adopt Unity's full solution stack. And we're going to replicate these top-tier deal successes through extended direct sales capacity, expanded go-to-market channels and the growing bank of referenceable customer outcomes. On adjusted EBITDA, you'll hear more on this from Melissa shortly, but the key point is, we see a clear path to further meaningful efficiency gains that support continued adjusted EBITDA expansion, while freeing capacity for reinvestment in growth. And on the balance sheet, we're doubling down on working capital improvement. We have a finance partner network in place for customer financing aligned with industry best practice.

我們看到這些差異化在實際贏單中發揮作用，一些最大客戶正在擴大採用 Unity 的完整解決方案組合。我們將透過擴充直銷產能、擴大市場進入通路，以及累積更多可作為參考的客戶成果，來複製這些頂級交易的成功。在調整後 EBITDA 方面，稍後 Melissa 會再多談，但重點是：我們看到一條清晰路徑，可進一步取得顯著的效率提升，以支援調整後 EBITDA 持續擴張，同時釋放資源再投資於成長。在資產負債表方面，我們將加倍投入營運資金改善。我們已建立客戶融資的金融夥伴網絡，並與業界最佳實務對齊。

We're making a material shift towards annual and first quarter in advanced customer payment terms. And the operating leverage in this model means higher conversion of EBITDA to cash as the revenue growth compounds. This creates a virtuous cycle, deleveraging, reduced cash interest costs and compounding returns for shareholders. Next slide, please. Over and above core execution, we have significant growth multiplier entering FY27.

我們正進行重大轉變，朝向年度與第一季的預收（advanced）客戶付款條款。而此模式的營運槓桿意味著，隨著營收成長複利累積，EBITDA 轉換為現金的比率將更高。這將形成良性循環：去槓桿、降低現金利息成本，並為股東帶來複利回報。請看下一張投影片。除了核心執行之外，我們在進入 FY27 時還有顯著的成長倍增器。

First, the South African Treasury deal, 60,000 assets are now moving to the deployment planning phase. This meaningful new revenue contribution is expected to contribute growth in late FY27 and wholeheartedly in FY28 and is a powerful validation of Unity's capabilities at Tier 1 scale. Secondly, a new partnership with Accenture. Accenture has selected PowerFleet as a strategic safety solutions innovation partner and is now recommending our end-to-end Unity portfolio. This opens a significant new enterprise go-to-market channel that dramatically extends our reach into large-scale digital transformation programs globally.

第一，南非財政部（Treasury）合約：6 萬項資產目前已進入部署規劃階段。這項具意義的新營收貢獻預期將在 FY27 後期帶動成長，並在 FY28 全面發酵，同時也強力驗證 Unity 具備 Tier 1 規模的能力。第二，與 Accenture 的新合作夥伴關係。Accenture 已選擇 PowerFleet 作為策略性安全解決方案的創新合作夥伴，並正推薦我們端到端的 Unity 產品組合。這開啟了一個重要的新企業級市場進入通路，能大幅延伸我們在全球大型數位轉型計畫中的觸及範圍。

And lastly, a story I'm particularly proud of FEMSA is the largest Coca-Cola franchise bottler in the world. They first came to PowerFleet for connected intelligence that would deliver efficiency and control across their on-road operations, subsequently adding AI video to drive elevated safety performance. The next step in that relationship is on-site, FEMSA is now adding PowerFleet's on-site solutions to their deployment to manage the safety and compliance of their warehouse operations, which is our land and expand motion working exactly as intended. A customer that trusted us with their on-road operations is now trusting us with their end-to-end estate. That pattern replicated across our enterprise base is one of the most important growth opportunities we have.

最後，一個我特別引以為傲的案例：FEMSA 是全球最大的可口可樂特許裝瓶商。他們最初找上 PowerFleet，是為了取得連網智慧，以提升其道路運輸營運的效率與控管，之後再加入 AI 影像以推動更高的安全表現。這段關係的下一步是現場（on-site）：FEMSA 現在正把 PowerFleet 的現場解決方案納入其部署，用以管理其倉儲作業的安全與合規，這正是我們「先落地、再擴張」（land and expand）策略按預期運作的最佳例證。一位在道路運輸營運上信任我們的客戶，如今也把其端到端資產版圖交付給我們。若這種模式能在我們的企業客戶基礎中複製，將是我們最重要的成長機會之一。

Each one of these is a high conviction, high-impact growth driver. Taken together, they give us real confidence in the acceleration opportunity ahead.

上述每一項都是高信心、高影響力的成長驅動因素。綜合而言，這些因素讓我們對未來加速成長的機會充滿信心。

With that, I'll hand over to Melissa to walk through our optimization and efficiency progress.

接下來，我把時間交給 Melissa，請她說明我們在最佳化與效率提升方面的進展。

Thanks, Steve. Turning now to our progress on optimization and efficiency, which continues to be a key area of focus and execution for the business. Over the past 2 fiscal years, we've delivered $34 million in annualized synergies across the integration program, and that's a significant achievement on the entire team is proud of. In our November earnings call, I outlined our pivot from integration into optimization in order to efficiently drive profitability and growth. I shared that among our priorities, which you can see on this slide, we would continue to evolve our organizational model, optimize our resource mix, expand AI and automation, and continue to unlock economies of scale in our vendor spend base.

謝謝你，Steve。接著談談我們在最佳化與效率提升方面的進展，這仍然是公司關注與執行的重點領域。在過去 2 個會計年度中，我們透過整合計畫實現了 3,400 萬美元的年化協同效益，這是一項重大成果，整個團隊都引以為傲。在我們 11 月的財報電話會議上，我概述了我們從整合轉向最佳化，以更有效率地推動獲利能力與成長。我也分享了我們的優先事項（你們可在此投影片看到），包括持續演進組織模式、最佳化資源組合、擴大 AI 與自動化，以及持續在供應商支出基礎上釋放規模經濟。

We're now 6 months into executing against that agenda, and I want to share where we're focused. The first area of progress is simplification across the organization. We've continued to evolve our spans and layers within our organizational design, ensuring we have clear accountability and appropriate management breadth across the business. At the same time, we're further centralizing and streamlining core functions within G&A as well as our customer-facing units such as implementation, removing duplication and driving consistency within the operating model. The goal here is to ensure we're structured for scale and efficiency across the global company footprint.

我們現在已執行這項議程 6 個月，我想分享我們目前的聚焦重點。第一個進展領域是全組織的簡化。我們持續在組織設計中調整管理幅度與層級，確保全公司具備清楚的責任歸屬與適當的管理跨度。同時，我們進一步集中化並精簡 G&A 的核心職能，以及如導入（implementation）等面向客戶的單位，以消除重複並提升營運模式的一致性。此處的目標是確保我們在全球公司版圖上具備可擴展且高效率的組織架構。

The second area is continued product line rationalization, where we're further consolidating partners and hardware SKUs across the business. Simplifying the portfolio reduces complexity and improves our margins, and the effects are cumulative, fewer supply chain variables, a more efficient cost base and a more focused go-to-market motion. And the third area is expanding our AI, automation and self-service capabilities to drive efficiency in our cost to serve.

第二個領域是持續進行產品線合理化，我們正進一步整併全公司範圍內的合作夥伴與硬體 SKU。精簡產品組合可降低複雜度並改善毛利，其效果會累積呈現：更少的供應鏈變數、更有效率的成本基礎，以及更聚焦的 go-to-market 推進方式。第三個領域則是擴大我們的 AI、自動化與自助服務能力，以提升服務成本（cost to serve）的效率。

We're working with a third-party partner to augment our support functions with AI and automated capabilities, improving responsiveness and efficiency while freeing our teams to focus on higher-value customer interactions. Alongside these 3 areas, we continue to reduce the number of operating business systems we use across the company and to consolidate our vendor spend, both of which contribute directly to our efficiency target.

我們正與第三方合作夥伴合作，以 AI 與自動化能力強化我們的支援職能，提升回應速度與效率，同時讓團隊能更專注於更高價值的客戶互動。除了這三個領域之外，我們也持續減少公司內使用的營運業務系統數量，並整併供應商支出，兩者都將直接貢獻於我們的效率目標。

Collectively, we expect these initiatives to deliver $12 million in annualized efficiency in FY27. These moves will result in a small increase in operating costs in the first half of the year, to deliver the expected EBITDA efficiencies for full year FY27 in the second half. This is the natural next chapter integration built the foundation and optimization is how we convert that foundation into sustained margin expansion and reinvestment capacity for growth. I'll now turn the call over to David to cover the full financial results and look ahead to FY27. David?

整體而言，我們預期這些計畫將在 FY27 帶來 1,200 萬美元的年化效率效益。這些措施將使上半年營運成本小幅增加，以在下半年實現 FY27 全年預期的 EBITDA 效率提升。這是自然的下一篇章：整合奠定了基礎，而最佳化則是我們將該基礎轉化為持續的毛利率擴張，以及可再投資於成長的能力。接下來我把電話會議交給 David，請他說明完整的財務結果並展望 FY27。David？

Thank you, Mel, and good morning, everyone. As you saw in our press release, we closed fiscal 2026 with a strong fourth quarter, demonstrating that our model is working and scaling. For the full year, revenue grew 22% to $443.8 million and adjusted EBITDA grew 44% to $97 million. Just as importantly, we turned the corner on GAAP operating profitability, generating $19.6 million in operating income for the year, up from an operating loss a year ago. This is a strong indication of the business converting durable recurring revenue growth into compounding profitability.

謝謝你，Mel，各位早安。如同你們在新聞稿中所見，我們以強勁的第四季結束 2026 會計年度，展現我們的商業模式正在發揮作用並具備擴展性。全年營收成長 22% 至 4.438 億美元，調整後 EBITDA 成長 44% 至 9,700 萬美元。同樣重要的是，我們在 GAAP 營運獲利能力上已轉虧為盈，全年營業利益達 1,960 萬美元，較去年同期的營業虧損顯著改善。這強烈顯示公司正將穩健的經常性收入成長轉化為可複利累積的獲利能力。

Of note, the third and fourth quarters of fiscal 2026 were the first periods that fully reflected the combined businesses on a like-for-like basis. Today, I'll start with our results for the quarter, adding full year context where it's useful, then I'll walk through the operating expense and profitability and then our balance sheet and cash flow, and I'll close with our outlook for fiscal 2027. Next slide. Total revenue for the fourth quarter was $114.5 million, up 11% year-over-year and up 1% sequentially. This was high-quality growth led by our recurring services revenue.

值得注意的是，2026 會計年度第三季與第四季是首次在可比基礎上完整反映合併後業務的期間。今天我將先從本季業績談起，並在適當處補充全年背景，接著說明營運費用與獲利能力，再談資產負債表與現金流，最後以 2027 會計年度展望作結。下一張投影片。第四季總營收為 1.145 億美元，年增 11%，季增 1%。這是由我們的經常性服務收入帶動的高品質成長。

Services revenue totaled $92.9 million, up 14% year-over-year and now represents more than 81% of total revenue. This high-margin revenue stream is the true engine of the business. Product revenue for the quarter was $21.5 million, broadly stable on a year-over-year basis. Consistent with our strategy, product is increasingly a deployment vehicle for recurring services rather than an end in itself. The contrast between these two lines is deliberate and is the key to our profitability story as the mix tilts towards recurring services every incremental dollar of revenue carries a higher margin and converts more efficiently to adjusted EBITDA.

服務收入合計 9,290 萬美元，年增 14%，目前占總營收超過 81%。這條高毛利的收入來源是公司真正的引擎。本季產品收入為 2,150 萬美元，整體而言與去年同期大致持平。與我們的策略一致，產品日益成為導入經常性服務的部署載體，而非其本身的最終目的。這兩條收入線的對比是刻意為之，也是我們獲利故事的關鍵：隨著組合持續向經常性服務傾斜，每增加 1 美元營收都帶來更高毛利，並更有效率地轉化為調整後 EBITDA。

This dynamic is reflected in our revenue growth this quarter of 11%, translating into adjusted EBITDA growth of 42% because the growth came from the highest quality, highest margin part of the revenue base. The rest of remarks on profitability follow directly from this dynamic. Next slide. Now on to profitability and margins, where gross profit for the quarter was $64.7 million, a GAAP gross margin of 57%, up roughly 4 points from a year ago. The expansion is being driven by a richer mix of recurring services.

本季營收成長 11% 轉化為調整後 EBITDA 成長 42%，正反映了這種動態，因為成長來自收入基礎中品質最高、毛利最高的部分。接下來關於獲利能力的其餘說明，都將直接源自這項動態。下一張投影片。接著談獲利能力與利潤率：本季毛利為 6,470 萬美元，GAAP 毛利率為 57%，較去年同期約提升 4 個百分點。毛利率擴張主要由經常性服務占比提高所帶動。

Moving down the income statement. GAAP income from operations was $11 million and operating margin of approximately 10%, compared to an operating loss in the prior year quarter. This swing of $18 million year-over-year is the clearest single proof point that operating leverage and cost synergies from M&A integrations are now flowing through to the bottom line. GAAP net loss for the quarter narrowed to $2.7 million, a substantial improvement from a net loss of $12.4 million a year ago. For the full year, GAAP net loss improved by 60% to $20.6 million, and full GAAP operating income was $19.6 million compared to an operating loss of $25.9 million in fiscal 2025.

再往下看損益表。本季 GAAP 營業利益為 1,100 萬美元，營業利益率約 10%，相較去年同期為營業虧損。年對年改善 1,800 萬美元，是最清楚的單一證據，證明營運槓桿與併購整合帶來的成本協同效益已開始反映在最終獲利上。本季 GAAP 淨損收斂至 270 萬美元，較去年同期 1,240 萬美元的淨損大幅改善。全年而言，GAAP 淨損改善 60% 至 2,060 萬美元；全年 GAAP 營業利益為 1,960 萬美元，而 2025 會計年度為營業虧損 2,590 萬美元。

The remaining gap between our positive operating income and our net loss is almost entirely interest expense on our debt. Adjusted EBITDA for the quarter was $26.4 million, up 42% year-over-year. with adjusted EBITDA margins expanding more than 5 points to 23%. For the full year, adjusted EBITDA was $97 million, up 44% at a margin of approximately 22%. The year-over-year improvement reflects organic revenue growth, the realization of cost synergies and disciplined operating expense management.

我們正的營業利益與淨損之間的剩餘差距，幾乎完全來自債務的利息費用。本季調整後 EBITDA 為 2,640 萬美元，年增 42%，調整後 EBITDA 利潤率擴張超過 5 個百分點至 23%。全年調整後 EBITDA 為 9,700 萬美元，年增 44%，利潤率約 22%。年對年改善反映了有機營收成長、成本協同效益的實現，以及對營運費用的紀律性管理。

Next slide. Now let me turn to a few key efficiency measures centered on adjusted EBITDA to revenue ratios that we use to measure the health of the business. We are continuing to perform well on both the gross margin and expense to revenue ratios. On a total revenue basis, gross margin was a steady 67% when compared to last year. While the mix of revenue improved, services gross margin was impacted by immaterial out-of-period adjustments in cost of sales.

下一張投影片。接著我將說明幾項以調整後 EBITDA 對營收比率為核心的關鍵效率指標，我們用這些指標衡量公司的健康狀況。我們在毛利率以及費用對營收比率兩方面都持續表現良好。以總營收為基礎，毛利率為 67%，與去年相比維持穩定。儘管營收組合有所改善，服務毛利率仍受到銷貨成本中非重大之跨期調整（out-of-period adjustments）的影響。

We expect gross margin for services on a total basis to continue to expand in fiscal 2027. Moving to OpEx, where our continued focus on cost management and operating efficiency is evident across each component. In sales and marketing, we're investing intentionally because this spend is closely tied to revenue growth. We are actively managing the ratio appropriately while continuing to support top line momentum. At the same time, we remain focused on reducing overhead, which is reflected in the improving G&A ratio down 6 points year-over-year to 21%.

我們預期服務業務在整體口徑下的毛利率將在2027財年持續擴張。接著談營業費用（OpEx），我們在成本管理與營運效率上的持續聚焦，已在各個組成項目中清楚展現。在銷售與行銷方面，我們有意識地投入，因為這項支出與營收成長高度相關。我們正積極適當地管理該比率，同時持續支持營收動能。同時，我們仍專注於降低間接費用，這反映在一般與行政（G&A）費用率年增改善6個百分點至21%。

As an innovative technology company, our R&D spend may fluctuate modestly, but we expect it to remain around the high single-digit range on a gross basis and approximately 4% on a net basis. Next slide. Now to the balance sheet, where our progress on deleveraging is one of the year's most important achievements. Through a combination of adjusted EBITDA growth and disciplined cash management, we reduced our leverage ratio by roughly a full turn to 2.47 times over the course of the year. A step change that materially strengthens our financial position and gives us increased flexibility to invest behind our growth priorities.

作為一家創新科技公司，我們的研發（R&D）支出可能會有小幅波動，但我們預期在毛額口徑下將維持在高個位數百分比區間，淨額口徑下約為4%。下一張投影片。接著看資產負債表，我們在去槓桿方面的進展是本年度最重要的成就之一。透過調整後EBITDA成長與嚴謹的現金管理相結合，我們在一年內將槓桿比率降低約整整一個turn，降至2.47倍。這是一項具階躍式的改善，實質強化了我們的財務狀況，並讓我們在投資成長優先事項上更具彈性。

Next slide. Free cash flow, which we define as operating cash flow less net capital expenditures and capitalized software development was negative $9.5 million for the full year, representing a $27.6 million improvement from a negative $37.1 million in fiscal 2025. Importantly, the full year result understates the momentum we built during the year. Free cash flow was negative $13.7 million in the first half before swinging to positive $4.1 million in the second half, a $17.8 million improvement within the year. Q3 and Q4 were both free cash flow positive, meaning the business is exiting the year with a firmly positive trailing run rate.

下一張投影片。自由現金流（我們定義為營運現金流扣除淨資本支出與資本化軟體開發）全年為負9.5百萬美元，較2025財年的負37.1百萬美元改善27.6百萬美元。重要的是，全年結果低估了我們在年度內建立的動能。自由現金流在上半年為負13.7百萬美元，之後在下半年轉為正4.1百萬美元，年度內改善17.8百萬美元。第三季與第四季的自由現金流皆為正，意味著公司在年度結束時的過去12個月（trailing）運行率已穩健轉正。

As you can see, cash generation is not perfectly linear quarter-to-quarter. We do see seasonal working capital dynamics. And in the near term, we are deliberately funding investment and working capital ahead of the large South African agreement ramp. But the trajectory is clear as adjusted EBITDA compounds and integration-related costs roll off our free cash flow conversion improves and our leverage continues to decline. Next slide.

如各位所見，現金產生並非每季都完全線性。我們確實會看到季節性的營運資金變動。而在短期內，為了因應南非大型協議的放量爬坡，我們刻意提前投入投資與營運資金。但趨勢很明確：隨著調整後EBITDA持續複利成長、整合相關成本逐步消退，我們的自由現金流轉換率將提升，槓桿也將持續下降。下一張投影片。

Now let me turn to our outlook for fiscal 2027. Our priorities for the year center on three objectives: accelerating recurring services growth, continue to expand margins, and reducing leverage. For the full year, we expect revenue to be in the range of $485 million to $490 million, representing growth of approximately 10% at the midpoint and with services revenue exceeding $400 million. We expect adjusted EBITDA to be in the range of $122 million to $125 million, representing approximately 27% growth at the midpoint and continued margin expansion to roughly 25%. We expect positive free cash flow in the range of $30 million to $35 million.

接下來我談談我們對2027財年的展望。本年度的優先事項聚焦三個目標：加速經常性服務成長、持續擴大利潤率，以及降低槓桿。全年我們預期營收介於4.85億至4.90億美元，中位數約成長10%，且服務營收將超過4.00億美元。我們預期調整後EBITDA介於1.22億至1.25億美元，中位數約成長27%，並持續擴大利潤率至約25%。我們預期自由現金流為正，介於3,000萬至3,500萬美元。

Next slide. Now more detail on free cash flow generation, where we start with adjusted EBITDA of $123 million, our core earnings power before capital allocation decisions, such as deleveraging. From there, CapEx is the largest use of cash at $52 million, reflecting continued investment in the business to support growth. Interest expense takes another $24 million, a function of our current debt structure. Taxes account for another $8 million and restructuring and other costs, largely tied to the cost restructuring program that Mel covered earlier, add another $8 million as we work through synergy capture.

下一張投影片。接著更詳細說明自由現金流的產生：我們從調整後EBITDA 1.23億美元開始，這代表在資本配置決策（例如去槓桿）之前的核心獲利能力。接著，資本支出（CapEx）是最大的現金用途，為5,200萬美元，反映我們持續投資業務以支持成長。利息費用再占2,400萬美元，這是我們目前債務結構的結果。稅負約800萬美元；重組及其他成本再約800萬美元，主要與Mel先前提到的成本重整計畫相關，因我們正推進協同效益的落地。

Working capital is a modest $4 million source of cash. Given timing variables associated with the South Africa agreement we are presenting its balance sheet impact as a separate component of free cash flow for transparency. Importantly, favorable payment terms are expected to help mitigate the upfront investment in-vehicle device CapEx. That brings us to operating free cash flow of $33 million, and a solid foundation as integration costs wind down and leverage decreases. Some additional context on our guidance, where financial performance is expected to build progressively throughout the year, driven by two factors.

營運資金是小幅的現金來源，約400萬美元。鑑於與南非協議相關的時點變數，為了提高透明度，我們將其對資產負債表的影響作為自由現金流的獨立組成項目呈現。重要的是，預期有利的付款條款將有助於緩解車載裝置CapEx的前期投入。因此，我們得到營運自由現金流3,300萬美元，並在整合成本逐步消退、槓桿下降之際，奠定穩固基礎。再補充一些指引背景：我們預期財務表現將在全年逐步走強，主要由兩項因素驅動。

As covered earlier by Steve, the commencement of the South Africa National Treasury contract in the second quarter, with revenue and margin contribution accelerating sequentially through year-end and as covered by Mel the next wave of our productivity and cost optimization initiatives, which require upfront investment in the first half and are expected to yield meaningful savings beginning in the second half. Together, these dynamics are expected to drive sequential margin improvement in each quarter of fiscal 2027 as we exit the year generating GAAP net income. Next slide. To conclude, fiscal 2026 was a year of integration and proving out the model. We brought the businesses together, delivered the cost synergies we committed to, grew revenue 22% and adjusted EBITDA of 44%, turned GAAP operating income positive and cut our leverage by roughly a full turn.

如Steve先前所述，南非國庫（National Treasury）合約將於第二季開始，營收與利潤貢獻將一路到年底逐季加速；同時如Mel所述，我們下一波生產力與成本優化措施在上半年需要前期投入，預期自下半年開始帶來顯著節省。綜合上述動態，預期將推動2027財年每一季的利潤率逐季改善，並在年度結束時產生GAAP淨利。下一張投影片。總結而言，2026財年是整合與驗證商業模式的一年。我們完成業務整合、實現承諾的成本協同效益，營收成長22%、調整後EBITDA成長44%，GAAP營業利益轉正，並將槓桿降低約整整一個turn。

We exit the year with clean comparables, accelerating recurring revenue and a landmark public sector win poised to ramp. Looking out over the next three years, our objective is straightforward: sustainable revenue growth and profitable, cash-generative scaling that creates durable long-term shareholder value. The entire PowerFleet team is focused and motivated to execute against these goals. Now back to Steve. Steve?

我們在年度結束時擁有乾淨的可比基期、加速成長的經常性營收，以及一項具里程碑意義、即將放量的公共部門勝利案。展望未來三年，我們的目標很明確：可持續的營收成長，以及具獲利能力、能產生現金的規模化擴張，為股東創造長期且可持續的價值。整個PowerFleet團隊都專注且充滿動力，將全力執行這些目標。現在交回給Steve。Steve？

Thank you, David. We can say with confidence that FY26 was the year we achieved our two-year strategic milestones set out for the initial stages of the combination thesis. In FY27, the opportunity in front of this business across geographies, verticals and the full modularity of the Unity suite is the largest it has ever been. And we have the team, the platform and the financial foundation to go capture it responsibly and at scale. I want to thank our colleagues around the world for their extraordinary effort this year.

謝謝你，David。我們可以有信心地說，26財年是我們達成兩年期策略里程碑的一年，這些里程碑是我們在組合論點初期階段所設定的。在27財年，這項業務在各地區、各垂直領域，以及Unity套件完整模組化能力所帶來的機會，是歷來最大的一次。而我們也具備團隊、平台與財務基礎，能以負責任且可規模化的方式把握這個機會。我要感謝全球同仁今年付出的非凡努力。

The depth and pace of change they've navigated while delivering these results is remarkable. I want to thank our customers for their continued trust and our shareholders for their confidence in what we're building. The best is very much ahead of us. Operator, let's open the line for questions.

他們在交出這些成果的同時，所因應的變革深度與速度令人讚嘆。我要感謝客戶持續的信任，也感謝股東對我們正在打造的一切所給予的信心。最好的時刻仍在前方。接線員，我們開始開放提問。

(Operator Instructions)

（接線員指示）

Scott Searle, ROTH Capital.

Scott Searle，ROTH Capital。

Nice to see that the work over the past couple of years is translating its way into the P&L and the outlook. And maybe, Steve, just to hop in from a top line perspective, I'd love to see the guide this year. It implies about 11% growth in services for the year. But I think I've heard a couple of things such as South Africa ramping up in the back half of this year. But meanwhile, near term, the opportunity pipeline seems like it's being driven by warehouse and AI camera.

很高興看到過去幾年的努力正逐步反映在損益表（P&L）與展望之中。也許Steve，從營收端的角度我想追問一下今年的指引。它暗示今年服務業務約成長11%。但我想我也聽到幾點，例如南非在今年下半年放量爬坡。不過同時，短期內機會管線似乎是由倉儲與AI攝影機所驅動。

I'm wondering if you could provide a little bit more color in terms of the opportunity pipeline. I think you referenced that it's larger and higher quality, but how we should expect to see things ramping over the course of this year and what the key swing factors are in terms of AI camera, warehouse and South Africa kicking in?

我想請你就機會管線提供更多細節。我記得你提到它更大、品質也更高，但我們應該如何預期今年整體放量的節奏，以及AI攝影機、倉儲與南非開始貢獻時的關鍵變動因素（swing factors）是什麼？

Sure. Thanks, Scott. So I think you'll remember that we put forward that we were investing more in sales and marketing in the back half. So we're seeing improved productivity. We're seeing, as identified in the script in terms of increasing AI video and warehouse pipeline.

當然。謝謝你，Scott。所以我想你會記得，我們先前提出在下半年會加大對銷售與行銷的投資。因此我們正看到生產力提升。我們也看到，如同講稿中所提到的，AI 影片與倉儲（warehouse）管線正在增加。

So all of those vectors are super strong, and that's the future value of the business. So that, combined with the productivity increases from the maturity of that sales investment, the continued ramp of our partnerships, which are amplifying through the quarters, you will see a sequential growth in revenue step-by-step quarter-by-quarter. There's opportunity for upside. Obviously, as we continue to improve our win rates, as we get better as an organization, then I think there's a lot more opportunity ahead. And then incremental to that, obviously, is the South African contract.

所以所有這些動能都非常強勁，而那就是這項業務的未來價值。因此，結合該銷售投資成熟所帶來的生產力提升、我們合作夥伴關係的持續爬坡（並在各季度間放大效應），你將會看到營收逐季、一步一步地連續成長。也有上行空間。顯然，隨著我們持續提升贏單率、組織能力愈來愈好，我認為前方還有更多機會。另外，增量因素當然還包括南非合約。

So we're being conservative in terms of rollout time scales. We articulated that there was 60,000 vehicles plus. And you'll remember originally, we talked about 100,000 being kind of the barometer in terms of vehicle deployment. So we've already got 60,000 in deployment planning. So that will start to kick in and phase in.

所以在推廣時程上我們採取較保守的作法。我們說過有 60,000 輛以上的車輛。你也會記得，一開始我們談到以 100,000 輛作為車輛部署的某種指標。所以我們已經有 60,000 輛納入部署規劃。因此這將開始啟動並分階段導入。

But naturally, we are a little bit cautious. These are very complex in terms of their implementations. So that will hit the back half of 2027 and then wholeheartedly into 2028. So if we think about the core vectors of the business, the on-site business is growing substantially. It's our strongest ever year, strongest ever pipeline, strongest ever win rates.

但自然地，我們會稍微謹慎一些。這些在導入實施上非常複雜。所以這會落在 2027 年下半年，並在 2028 年全面展開。因此如果我們看業務的核心動能，現場（on-site）業務正大幅成長。這是我們史上最強的一年、史上最強的管線、史上最高的贏單率。

We're outpacing the pipeline growth in terms of AI video. And then we have not only the South Africa contract but also the ability for some of these other partnerships to deliver more. So we also mentioned about Accenture, which is a great business development opportunity in itself. So very strong indications. We're always conservative by nature.

在 AI 影片方面，我們的管線成長速度更是超前。此外，我們不僅有南非合約，也有一些其他合作夥伴關係能帶來更多交付的能力。我們也提到 Accenture，本身就是一個很好的業務開發機會。所以訊號非常強勁。我們一向天性保守。

But all the proof points that I would want in terms of are those investments paying off, we're starting to see the green shoots.

但就我想看到的所有驗證點而言——這些投資是否正在奏效——我們開始看到初步成果（green shoots）。

Steve, maybe just to quickly follow up on that. I want to make sure that we're seeing sequential growth over the course of this year. And then it sounds like we've got some other opportunities that start to kick in. The MNOs have been early, I think, in their training process. So it sounds like that kicks in over the course of this year, South Africa towards the end of the year.

Steve，我想就這點快速追問一下。我想確認我們在今年整體過程中會看到逐季成長。然後聽起來我們還有一些其他機會會開始發酵。我認為 MNO（行動網路營運商）在訓練流程上算是較早開始。所以聽起來這會在今年逐步發酵，而南非則在年底左右。

And then it sounds like Accenture as well as new. Does that start to contribute this year?

然後聽起來 Accenture 以及新的（機會）也是如此。那會在今年開始貢獻嗎？

Scott, so before sort of Steve answers the specifics there, maybe let me just give you a quick high-level overview in terms of fiscal 2027, both from a top line and a second -- sorry, so from a bottom line standpoint as well. So in essence, it's built around 3 things: firstly, the revenue expectations grounded in the playbook we've already proven. Adjusted EBITDA expectations reflect real operating leverage and a rinse and repeat execution story. In terms of what we delivered this year, obviously, we're incredibly proud of what we delivered this year in terms of the momentum, both from a top and a bottom line standpoint. So when we talk about fiscal '27, we're not asking investors to believe in a theoretical plan.

Scott，在 Steve 回答具體細節之前，我先從高層次快速概述一下 2027 財年，包含營收端以及——抱歉——也包含獲利端（bottom line）的觀點。本質上，它建立在三件事上：第一，營收預期是以我們已經驗證過的作戰手冊（playbook）為基礎。調整後 EBITDA 的預期反映了真實的營運槓桿，以及可複製、可重複執行的落地故事。就我們今年的交付而言，顯然我們對今年在動能上的成果非常自豪，無論是營收端或獲利端。所以當我們談 2027 財年時，我們不是要投資人相信一個理論上的計畫。

We've already shown that we can execute this type of transformation. That said, this is still a business in transformation, not a steady state one. The year will not move in a perfectly straight line quarter-to-quarter, and that is one of the reasons we provide annual guidance, not quarterly guidance. We believe annual guidance gives a more accurate view of how we run the business and how value is created. Revenue adjusted EBITDA did not accrue evenly across quarters, and managing to a quarterly number could distort the decisions we make.

我們已經證明我們能執行這類轉型。話雖如此，這仍是一個正在轉型中的業務，而不是穩態（steady state）的業務。這一年不會在每一季之間以完全筆直的方式前進，這也是我們提供年度指引而非季度指引的原因之一。我們相信年度指引能更準確反映我們如何經營公司以及如何創造價值。營收與調整後 EBITDA 不會平均分布在各季度，若以季度數字來管理，可能會扭曲我們所做的決策。

Our focus is on making the right decisions to create long-term shareholder value. We do, however, want to give investors helpful context on expected timing and progression of our key financial measures across the first half and the second half of fiscal 2027. Our revenue expectations are built on a proven foundation. We expect the fiscal 2027 first half and second half revenue split to be broadly similar to the 48%, 52% split we delivered in fiscal 2026 with revenue building as the year progresses. More specifically, we expect first quarter fiscal '27 revenue to grow sequentially at a rate broadly in line with the average sequential growth rate we delivered during the second half of fiscal '26, with growth then accelerating from the second quarter onwards.

我們的重點是做出正確的決策，以創造長期股東價值。不過，我們也希望為投資人提供有用的背景，說明 2027 財年上半年與下半年之間，我們關鍵財務指標的預期時點與推進節奏。我們的營收預期建立在已被證實的基礎之上。我們預期 2027 財年上半年與下半年營收占比，將大致類似於 2026 財年我們交付的 48%、52% 分配，並且營收會隨著年度推進而逐步墊高。更具體而言，我們預期 2027 財年第一季營收將呈現連續成長，其成長率大致與 2026 財年下半年我們交付的平均逐季成長率一致，並且從第二季起成長將加速。

That progression is supported by increased go-to-market investments, expected pipeline conversion, the Accenture partnership and the South African ramp. We've demonstrated that these investments can drive strong growth, and we expect the same playbook to support fiscal '27. On adjusted EBITDA, the progression will be less linear than revenue. Revenue growth should drive EBITDA expansion through operating leverage, but the quarterly cadence will also be shaped by the timing of our investments and cost actions. First, as Steve mentioned earlier, we are making incremental go-to-market investments early in the year to support stronger revenue growth as it progresses.

這樣的推進節奏，將由增加的市場推進（go-to-market）投資、預期的管線轉換、Accenture 的合作夥伴關係以及南非的爬坡所支撐。我們已證明這些投資能帶動強勁成長，我們預期同一套作戰手冊也將支撐 2027 財年。在調整後 EBITDA 方面，其推進將不如營收線性。營收成長應透過營運槓桿帶動 EBITDA 擴張，但季度節奏也會受到投資時點與成本措施時點的影響。首先，如 Steve 先前提到的，我們在年初會進行額外的市場推進投資，以支撐隨著年度推進而更強的營收成長。

There is a natural timing lag between these investments, the cost comes first, while the productivity and revenue contribution build over time as sales productivity ramps. Second, as Melissa discussed, we are investing early in fiscal '27 to unlock meaningful efficiencies. Together, these investments create some near-term margin pressure with first quarter adjusted EBITDA margin expected to be about 1 percentage point lower than fourth quarter '26. We expect the returns to build later in the year as sales productivity improves, revenue ramps and cost savings begin to flow through. The timing of these cost savings is the key difference versus fiscal '26.

這些投資存在自然的時間落差：成本先發生，而生產力與營收貢獻會隨著銷售生產力爬坡而逐步建立。第二，如 Melissa 所討論的，我們在 2027 財年初期投資以解鎖顯著的效率提升。合併來看，這些投資會在短期造成一些毛利率/利潤率壓力，預期第一季調整後 EBITDA 利潤率將比 2026 財年第四季低約 1 個百分點。我們預期回報會在年內後段逐步建立，因為銷售生產力改善、營收爬坡，以及成本節省開始反映在財報中。這些成本節省的時點，是相較於 2026 財年的關鍵差異。

In fiscal '26, the majority of annualized cost savings were realized in the first 4 months of the year, which drove a meaningful adjusted EBITDA step-up in the second quarter. In fiscal '27, the majority of the savings are expected to begin flowing through from the start of the third quarter. That shifts more of the adjusted EBITDA benefit to the second half of the year. That timing is the primary reason we expect fiscal '27 first half to second half adjusted EBITDA build to be a couple of points more second half weighted than the 46%, 54% split we delivered in fiscal '26. So the key message is simple.

在 2026 財年，大部分年化成本節省在年度前 4 個月就已實現，這推動了第二季調整後 EBITDA 的明顯跳升。在 2027 財年，預期大部分節省將從第三季初開始逐步反映。這會把更多調整後 EBITDA 的效益移到下半年。這個時點安排，是我們預期 2027 財年上半年對下半年調整後 EBITDA 的累積（build）將比 2026 財年我們交付的 46%、54% 分配更偏向下半年、約多出幾個百分點的主要原因。所以關鍵訊息很簡單。

First, our revenue expectations are built on a proven foundation. Second, our adjusted EBITDA expectations reflect clear operating leverage even though the quarterly progression will not be linear. And third, the strength of the execution story is evident in the financial results. Fiscal '27 is designed to build on that playbook and further compound growth, margin expansion and cash generation. A couple of other final points that will be helpful in terms of key EBITDA to revenue measures, we expect gross margin to be close to 70% for the year from an EBITDA standpoint.

第一，我們的營收預期建立在已被證實的基礎之上。第二，我們的調整後 EBITDA 預期反映了清楚的營運槓桿，即使季度推進不會是線性的。第三，執行故事的強度已在財務結果中清楚呈現。2027 財年的設計是要在這套作戰手冊上再接再厲，進一步複利式地推動成長、利潤率擴張與現金創造。最後再補充幾點，關於 EBITDA 對營收的關鍵衡量指標，我們預期全年毛利率（gross margin）將接近 70%（以 EBITDA 觀點）。

SG&A spend for the year to be close to 40% of revenue and expense to R&D to be consistent at about 4% of revenue. And then from a GAAP income standpoint, we expect to be GAAP income positive in the second half. And then for cash flow, we expect cash flow to be approximately 90% of the guide coming in the second half of the year. So I just wanted to share that, Scott. It's just helpful in terms of people thinking about the ramps that we discussed on the call and in the release.

本年度的 SG&A 支出預計將接近營收的 40%，而研發（R&D）費用預計將維持在約營收的 4% 水準。此外，從 GAAP 損益的角度來看，我們預期下半年將轉為 GAAP 獲利。至於現金流，我們預期下半年進帳的現金流約為指引的 90%。所以我只是想跟你分享一下，Scott。這有助於大家思考我們在電話會議與新聞稿中討論的爬坡節奏。

And now I'll hand it back to Steve for your specific questions.

現在我把時間交還給 Steve，來回答你的具體問題。

Sure, David. So yes, in terms of Accenture, Scott, so it's a business development relationship just kicking off. It's a relationship where Accenture are looking to really cement themselves as an AI and digital transformation partner with some of the largest clients that you can imagine around the world. And as part of that, stuff -- stabling that portfolio, they're wanting PowerFleet solutions to be part of that. So it will take a while to ramp as these things do.

好的，David。所以是的，關於 Accenture，Scott，這是一個剛啟動的業務開發合作關係。Accenture 希望真正鞏固其作為 AI 與數位轉型合作夥伴的定位，服務你能想像得到的全球一些最大型客戶。而作為其產品組合的一部分——把那個組合做得更完整——他們希望將 PowerFleet 的解決方案納入其中。因此，這類合作一樣需要一些時間來逐步放量。

We've just literally launched in the last kind of 4 to 6 weeks. So it's more kind of, again, a back-end loaded stroke, FY27 stroke '28 opportunity, but significant opportunity. I think another significant proof point where the quality of our data, the accuracy of our data, the uniqueness of the data sets we have, particularly where we have both warehouse and over-the-road mobile resource data is important to some of the largest clients and integration partners in the world.

我們其實就在過去大約 4 到 6 週才剛正式啟動。所以這更像是一個後段放量的機會，偏向 FY27 到 FY28 的機會，但規模可觀。我認為這也是另一個重要的佐證：我們資料的品質、準確性，以及我們所擁有資料集的獨特性——特別是我們同時擁有倉儲與道路移動資源的資料——對全球一些最大型客戶與整合夥伴而言非常重要。

Great. Very helpful. And if I could, and then I'll get back in the queue, Dave, just to follow up on the free cash flow for the year. I think you just indicated that's very back-end loaded. I'm wondering if you could address just the CapEx timing of that as well, big CapEx number.

很好。非常有幫助。如果可以的話，Dave，我再追問一下年度自由現金流，然後我就回到排隊序列。我想你剛才提到那會非常偏向下半年。我想請你也談談其中的資本支出（CapEx）時點，因為 CapEx 數字很大。

I think that was related to South Africa, but you also mentioned some other financing alternatives on that front. I wonder if you could provide a little bit of color on that front. And then in terms of the potential use of cash, just think about debt reduction and further delevering? Or are there some other things that you're thinking about?

我想那與南非有關，但你也提到在那方面還有一些其他融資替代方案。我想請你就這點提供一些補充說明。另外，關於潛在的現金用途，你們是否主要考慮償還債務、進一步去槓桿？還是你們也在思考其他用途？

Yeah. Thanks, Scott. So in terms of the CapEx, we are presenting the balance sheet impact as a separate component of CapEx. For the year, it is very modest. But in terms of timing, there is a timing impact that is pretty significant.

是的。謝謝你，Scott。就 CapEx 而言，我們將資產負債表的影響作為 CapEx 的一個獨立組成部分來呈現。以全年來看，金額其實非常溫和。但就時點而言，確實存在相當顯著的時點影響。

So in the first half of the year, we will be investing, as Steve referred to earlier, we've got a backlog of close to 60,000 vehicles to go implement, which is obviously fantastic. The IVD, the in-vehicle investment will happen first. But in terms of payment terms, we're negotiating with these large public entities, we have line of sight to get paid annually in advance. So there will be a significant cash outflow for the in-vehicle devices. But as and when they are implemented and installed, we do expect to see sort of significant cash coming in, in terms of annual advance payments that will largely offset that.

因此在上半年，我們會進行投資；如 Steve 先前提到，我們有接近 60,000 輛車的待執行（backlog）要去導入，這顯然非常棒。車載設備（IVD，in-vehicle device）的車載端投資會先發生。但在付款條件方面，我們正與這些大型公共實體協商，我們有把握能做到按年預收款（annual in advance）。因此，車載設備會先出現顯著的現金流出。但隨著逐步導入與安裝完成，我們確實預期會看到可觀的現金流入，以年度預收款的形式，將在很大程度上抵銷上述支出。

So that's a key reason why cash is lower in the first half than the second half. The other key driver is what Melissa covered earlier in terms of rationalizing the cost base, there's obviously a cost attached to doing that. That is going to be something we'll be executing in the first half and we'll get the returns in the second half. So that's sort of a key driver that's happening there. And then to your final point in terms of driving improved cash flow.

所以這是現金在上半年低於下半年的一個關鍵原因。另一個關鍵驅動因素是 Melissa 先前提到的成本基礎合理化，顯然執行這件事會有成本。這將是我們在上半年執行的事項，而回報會在下半年體現。所以這是其中一個正在發生的關鍵驅動因素。然後回到你最後一點，關於推動現金流改善。

It's as much about improved cash flow as it is about actually landing more deals. So particularly when you think about on-site in terms of that piece of our business, an ability for key customers to actually get access to vendor financing. I think, is going to improve our win rate and the size of the pipe we can generate. In terms of how that's structured, that will bring cash in more quickly. We'll also be doing that in terms of what other large players in the industry do in terms of on-road, in terms of allowing customers to, in essence, find a way to pay us more quickly from an advance -- payment in advance standpoint.

這不僅是改善現金流，同時也關乎實際落地更多交易。特別是當你想到我們業務中的 on-site（現場）部分，讓關鍵客戶能夠取得供應商融資（vendor financing）的能力，我認為將提升我們的贏單率以及我們能夠產生的管線規模。就其結構而言，這會讓現金更快進來。我們也會在 on-road（道路）方面採取類似作法，參考產業中其他大型業者的做法，讓客戶本質上能找到方式更快付款給我們，從預付款（payment in advance）的角度來看。

So important changes, important shifts will have a positive impact in terms of absolute cash generation in fiscal 2027.

因此，這些重要的變革與轉變，將對 2027 財年的絕對現金創造帶來正面影響。

And David, just cover the other part of Scott's question about uses of capital. Yes.

David，也請你回答 Scott 問到的資金用途的另一部分。好的。

Yes. So in terms of uses, obviously, an obvious one is paying down the debt. So that's clearly line of sight there. We have a meaningful portion of the debt that is revolver-based. So that is an action we can take.

好的。就用途而言，顯而易見的一項是償還債務。所以這點我們很清楚有可見度。我們有相當一部分債務是以循環信貸（revolver）為基礎。因此這是我們可以採取的行動。

There's also a lot of inbound questions from investors in terms of as you start to generate meaningful cash, just given where the stock is trading, are there more shareholder-friendly avenues available to you? So we're clearly sympathetic to that ultimately, a board decision, but this is a board that is focused on how do we maximize shareholder value, shareholder returns. So it's certainly something that the Board would want to think through in terms of potential stock repurchase programs, those types of things as things progress over time.

此外，投資人也有很多主動詢問：當你們開始產生可觀現金時，考量到目前股價的交易水準，是否有更多對股東友善的途徑可供採用？我們顯然理解這樣的想法；最終仍是董事會的決策，但這個董事會關注的是如何最大化股東價值與股東報酬。因此，隨著時間推進，董事會當然會希望審慎評估例如潛在的庫藏股／股票回購計畫等這類事項。

Anthony Stoss with Craig-Hallum.

Craig-Hallum 的 Anthony Stoss。

Congrats on the 14% recurring revenue growth especially. So Steve, on the South African contract, I'm curious, it sounds like you're starting at AI safety video, is there room for expansion within that contract? And if there is, how quickly do you think that would happen? And then the second part of my question is, why did Accenture choose you? Was it for the in-warehouse solutions?

恭喜經常性收入成長 14%，尤其令人印象深刻。Steve，關於南非的合約，我很好奇，聽起來你們是從 AI 安全影像（video）開始，這份合約內是否還有擴張空間？如果有，你認為大概會多快發生？另外，我第二個問題是，Accenture 為什麼選擇你們？是因為倉內（in-warehouse）解決方案嗎？

Or is it for Unity? I'd love to hear more on both of those fronts.

還是因為 Unity？我很想多聽聽這兩方面的細節。

Sure. Great questions, Tony. So in terms of the South Africa contract, we have the ability to sell more services. I think there was guardrails around the initial tender, there's a lot of opportunity both in one-off services and other future revenues. And we're already seeing requests for broader plays in terms of the data requirements that we've been able to have.

好的。很好的問題，Tony。就南非合約而言，我們有能力銷售更多服務。我認為初始招標（tender）有一些框架限制，但在一次性服務以及其他未來收入方面都有很大機會。而且我們已經看到對於更廣泛方案的需求，特別是在我們能夠滿足的資料需求方面。

That will take a while to kick in. Obviously, you're deploying major enterprises with large-scale deployments. So we have to get our feet wet in terms of doing that. But we're very, very encouraged about potential amplification of those accounts once they are installed. So it really is a stellar opportunity for us to sell broader concepts, more integrated data plays and more visibility to the end clients.

這需要一些時間才會開始顯現。畢竟你是在為大型企業進行大規模部署。所以我們必須先在執行上累積經驗、先把事情做起來。但一旦完成安裝導入，我們對這些客戶後續的放大效應非常、非常有信心。因此，這確實是我們銷售更廣泛概念、更整合的資料方案，以及為終端客戶提供更高可視性的絕佳機會。

So we couldn't be happier with that. And then in terms of Accenture, I think a couple of things. So in terms of the uniqueness of the data sets that we have, particularly based around the warehouse. So the connected warehouse space is very, I think, key and ripe for digital transformation. I mean, you'll remember our Pepsi video that we put out in November where they were saying they were doing a lot with spreadsheets and pen and papers.

所以我們對此再高興不過了。接著談到 Accenture，我認為有幾點。就我們所擁有的資料集獨特性而言，特別是以倉儲為核心的部分。我認為「連網倉儲」領域非常關鍵，也正適合進行數位轉型。我的意思是，你會記得我們在 11 月發布的百事影片，他們提到他們大量使用試算表以及紙筆作業。

So there's a big drive there. And I think in terms of AI transformation, people ask me about the defensibility of the company. And I think the likes of Accenture choosing us rather than trying to use AI to create those data sets themselves is a key testament to the proprietary data that we keep. So I think the quality of that data. And then thirdly, they're very excited by the integration possibilities and the automation possibilities of the data highway from a Unity perspective.

所以那裡有很大的推動力。而且我認為就 AI 轉型而言，人們會問我公司的可防禦性。我認為像 Accenture 這樣的公司選擇我們，而不是嘗試用 AI 自己建立那些資料集，是對我們所保有的專有資料的一個重要佐證。所以我認為那是資料品質的體現。第三，他們對於從 Unity 角度出發、資料高速公路的整合可能性與自動化可能性非常興奮。

So all those things are key and apparent. And then the strategies that we've always had around you're able to -- once you get the data highway in, you're able to connect multiple devices, whether that's on the road, it's in the yard, it's wherever it is, to provide much deeper levels, much stronger levels of mission-critical data, and that was another key piece of that. So again, very proud of having the opportunity. We've now got to maximize that opportunity. but I think it's another key tenet in that, just the different level of capability that we now seem to have and the fact that we can stand side-by-side with some of these major organizations.

所以這些都是關鍵且顯而易見的。再來，我們一貫的策略是：一旦導入資料高速公路，你就能連接多種裝置，不論是在道路上、在場站（yard）內，或在任何地方，以提供更深層、更強韌的關鍵任務（mission-critical）資料，而那也是其中另一個關鍵要素。所以再次強調，我們很自豪能有這個機會。現在我們必須把握並最大化這個機會。但我認為這也再次印證了我們如今似乎具備不同層級的能力，以及我們能與一些大型組織並肩而立的事實。

Dylan Becker with William Blair.

William Blair 的 Dylan Becker。

This is Jackson Bogli on for Dylan Becker. I wanted to go back to the South African deal. I know we've talked about that a lot, but obviously, it's a very big deal for you guys. Could you maybe walk us through how the deployment derisks over the ramp period? And then on top of that, do you see this as a repeatable template for other public sector or large enterprise opportunities globally?

我是代替 Dylan Becker 的 Jackson Bogli。我想回到南非那筆交易。我知道我們談了很多，但顯然這對你們來說是一筆非常重大的交易。你能否帶我們了解一下，在爬坡期（ramp period）部署是如何降低風險的？另外，你們是否將此視為可在全球其他公部門或大型企業機會中複製的範本？

Or do you see this more as like a unique implementation given the size and scale of the deal?

還是你們認為，鑑於交易的規模與量體，這更像是一個獨特的導入案例？

Great question. So first, in terms of the rollout. So the process that we went through was we had to be awarded which we got the award letter, which was what we discussed last time out. We've then signed the overall contract, which is all of the kind of key consistent agreements with the National Treasury. And we're now in the process of getting to deployment phases with, as we've said, 60,000-plus vehicles, and we originally said 100,000 would be a good barometer.

好問題。首先，關於推展（rollout）。我們走過的流程是：我們必須先獲得授標——我們已收到授標函，這就是我們上次討論的內容。接著我們已簽署總體合約，涵蓋與國庫（National Treasury）之間所有關鍵且一致性的協議。目前我們正進入部署階段，如我們所說，涉及 60,000 輛以上車輛，而我們最初表示 100,000 輛會是一個很好的衡量指標。

There's up to 200,000 in terms of the overall estate that we have the opportunity to work with. So as this kind of matures and progresses, you start having conversations, you get into agreements with each different entity, that is now the process that we're in. So once we get those confirmed, which we feel very confident about the original 100,000 and I think and some that we'll be able to do over time. You're then into that true deployment phase, which takes a number of weeks or a number of months that's dependent on the size and complexity of the organization that you're in. This is recurring revenue.

就整體資產規模（estate）而言，最高可達 200,000 輛，這是我們有機會合作的範圍。因此，隨著這件事逐步成熟與推進，你會開始展開對話，並與各個不同的實體逐一達成協議——這正是我們目前所處的流程。一旦這些確認完成——我們對最初的 100,000 輛非常有信心，也相信隨時間推進還能再做更多。接著就會進入真正的部署階段，可能需要數週或數月，取決於你所進入的組織規模與複雜度。這是經常性收入。

So I mean you're talking $20 million to $30 million of ARR that comes through. And then to the question that came earlier, we're then able to sell multiple one-off and incremental services to that contract. So it's a minimum of 5 years, and there is normally a long tail off the back of that. Previously, some of the contracts that we're now replacing were in process for more than 15 years. So it's a very strong and solid base for us to build on as we go through this phase.

也就是說，你談的是每年經常性收入（ARR）約 2,000 萬到 3,000 萬美元的貢獻。然後回到先前的問題，我們也能在該合約之上銷售多項一次性與增量服務。所以合約至少 5 年，而且通常在此之後還會有很長的尾端效益。過去我們現在正在替換的一些合約，執行時間超過 15 年。因此，當我們走過這個階段時，這會是我們持續建構的非常強健且穩固的基礎。

And then in terms of being able to replicate it, we absolutely see the opportunity in different territories. One of the great things about PowerFleet is its global nature, operating across 6 continents. I think from a credibility factor I mentioned in the prepared remarks that we would have struggled to be able to achieve such a contract previously. We've now got interest in -- with other opportunities and this kind of feeds on itself in terms of your track record and reputation and also the value that you drive. So we only see more of these to come.

至於能否複製，我們絕對看到在不同地區的機會。PowerFleet 的一大優勢在於其全球性，橫跨六大洲營運。我在事先準備的發言中提到，若在過去，我們可能很難拿下這樣的合約，從可信度角度來看尤其如此。現在我們也獲得其他機會的關注，而這會在你的實績與聲譽，以及你所帶來的價值上形成正向循環。所以我們只會看到更多這類案子出現。

it is a phenomenally big contract. So we're not expecting lots of wins like that in short order. But I think it's a great proof point, and it gives us a lot of motivation for the future.

這是一份規模極其龐大的合約。所以我們不預期短期內會有很多類似的勝利。但我認為這是一個很好的驗證點（proof point），也為我們的未來帶來很大的動力。

Great. That's super helpful. And then maybe on the Unity platform, the on-site safety, you've positioned that on-site safety segment as a key entry point into like the broader enterprise operations. How are you thinking about like the durability of that land and expand motion? And what gives you guys conviction that early on-site wins can convert into those larger multiproduct deals over time?

很好。這非常有幫助。接著談 Unity 平台的現場安全（on-site safety），你們將現場安全這個區隔定位為切入更廣泛企業營運的一個關鍵入口。你們如何看待這種「先落地、再擴張」（land and expand）動能的持久性？又是什麼讓你們有信心，早期的現場勝利能隨時間轉化為更大型的多產品交易？

Yes. So think about what we're doing. So we're delivering safety, compliance, efficiency, maintenance and sustainability services for major enterprises. We talked about the two, which were previously our largest contract wins ever in the company that also happened in fiscal year '26 with Fortune 500 companies. And when you get into those organizations and you're providing those services and you are making real difference to safety and compliance requirements.

是的。先想想我們在做什麼。我們為大型企業提供安全、合規、效率、維護與永續等服務。我們談到那兩筆合約——它們先前是公司史上最大的合約得標，而且也都發生在 2026 財年，客戶是《財富》500 強企業。當你進入這些組織並提供這些服務，且你確實對安全與合規要求帶來實質改善時。

The people that are responsible for that are ultimately the C-suite of the organization. And a lot of times, the people who are responsible on a day-to-day basis for that for safety and compliance. In particular, also have the same remit for their mobile resources. So we're already seeing customers who are wanting to bring in third-party data from some of our competitors and OEMs to provide that full holistic view. We call that On-Site+.

最終對此負責的人是該組織的 C-level 高層。而很多時候，日常負責安全與合規的人。尤其也同時負責他們的移動資源（mobile resources）。因此我們已經看到客戶希望導入來自我們部分競爭對手與 OEM 的第三方資料，以提供完整的整體視圖。我們稱之為 On-Site+。

And then we're also displacing some of those competitors because ultimately, we have the full suite to do it. So we've already proven that model. We're now getting more mature in how we handle that from a sales perspective. So that gives us good confidence that, that is durable because ultimately, we're selling to the safety guys, the C-suite and also to the CIOs in the business. So they have the full data sharding problem and the integration automation challenge.

同時，我們也在取代其中一些競爭對手，因為歸根結底，我們具備完成這件事的完整產品套件。所以我們已經證明了這個模式。現在我們在銷售層面也更成熟地處理這件事。因此我們很有信心這是可持續的，因為最終我們的銷售對象包括安全部門的人、C-suite，也包括企業內的 CIO。所以他們面臨完整的資料分散（sharding）問題，以及整合自動化的挑戰。

So we're getting to different audiences versus the majority of our competitors. And ultimately, that single pane of glass is seemingly something that is mission-critical to a lot of organizations that are struggling to make use of the data sets that they've got. So that's kind of that. And then even if you take the FEMSA opportunity, which is actually the other way, so we started with safety and compliance over the road. And you've heard there that FEMSA are now rolling out the warehouse solution for that exact same reason.

因此，相較於多數競爭對手，我們能觸及不同的受眾。而且最終，那種「單一視窗」（single pane of glass）似乎對許多正苦於無法善用既有資料集的組織而言，是關鍵任務等級的需求。大致就是這樣。另外，即便以 FEMSA 的機會來看，其實是反過來的路徑：我們先從道路上的安全與合規開始。你也聽到 FEMSA 現在正因為同樣的原因，開始推展倉儲解決方案。

So to get that single view across their whole enterprise both nationally and potentially internationally as well.

因此，為了在其整個企業範圍內（無論是全國性，甚至可能是國際性）取得那個單一視圖。

Gary Prestopino with Barrington.

Barrington 的 Gary Prestopino。

Most of my questions have been answered, but a couple of things here. First of all, with this new contract, this is going to probably in South Africa, it's going to move your South African generated revenues up versus where they have been. Could you maybe talk about the composition of your business in South Africa? Is that with South African-centric based companies? And what's the economic situation over there?

我的大多數問題都已經得到解答，但這裡還有幾點。首先，隨著這份新合約，這很可能會在南非，使你們在南非所產生的營收相較於過去有所提升。你能否談談你們在南非業務的組成？這些是以南非為中心的本地公司嗎？那邊的經濟情況如何？

And I'm only asking this because there was an article in the Wall Street Journal a couple of months back, where it was said that international companies are pulling out of South Africa because of the instability over there with the government and what's going on. So maybe could you address that for us, please?

我之所以問，是因為《華爾街日報》幾個月前有一篇文章提到，國際公司因為當地政府的不穩定以及正在發生的事情而撤出南非。所以能否請你們就此為我們說明一下？

Yes, Gary, I can pick that one up. So that Wall Street Journal article, I recall when it came out. We have a pretty good relationship, to say the least, with RMB. I actually met with some of the leaders that week in terms of the substance behind that there's no real significant sort of shift out. So I think that was overblown to say the least.

是的，Gary，我可以回應這個問題。我記得那篇《華爾街日報》的文章發表時的情況。我們與 RMB 的關係相當不錯，至少可以這麼說。我其實在那一週與一些領導層見面，針對文章背後的實質內容來看，並沒有真正顯著的撤出或轉移。所以我認為那個說法至少是被誇大了。

So just to kill that point. In terms of the business itself, it is primarily centered in South Africa. There's a portion of it, which is a phenomenal franchise business. So from a stolen vehicle recovery standpoint, we have the highest recovery rates that is a high-margin, strong cash generation business. People buy based on the brand.

所以先把那點澄清掉。就業務本身而言，它主要集中在南非。其中有一部分是非常出色的特許經營（franchise）業務。以失竊車輛尋回的角度來看，我們有最高的尋回率，這是一項高毛利、現金產生能力強的業務。客戶是基於品牌來購買。

So it's a great repeat business. So that is a meaningful portion of our South Africa business. In terms of the remaining business, it's really a mix between sort of large successful enterprises within South Africa as well as global multinationals, both within South Africa and across Africa as a whole. So it's a healthy book of business. It's a strong cash-generating book of business.

因此，這是一個很好的重複性業務。這在我們南非業務中占有相當重要的比重。至於其餘業務，基本上是南非境內大型且成功的企業，以及全球跨國公司之間的組合，這些客戶既在南非，也遍及整個非洲。所以這是一個健康的業務組合。也是一個現金產生能力強的業務組合。

And in terms of are we seeing any sort of significant headwinds, we're not seeing any significant headwinds.

至於我們是否看到任何顯著的逆風，我們並沒有看到任何顯著的逆風。

And David, maybe just cover up our composition of revenue because although South Africa is a key part of it, and there's a lot more to it. Yes.

David，也許你可以補充一下我們的營收組成，因為雖然南非是其中的關鍵部分，但還有更多其他地區。好的。

Yes. Yes. So on a rough and ready basis, about 35% of it comes from North America and 25% of it is sort of the South Africa-centric piece. 25% of it would be Europe and EMEA -- sorry, Europe and Middle East. And then in terms of the rest, about 10% of it comes from Australia, and then the 5% is the rest of the world.

是的。是的。粗略來看，大約 35% 來自北美，25% 是以南非為中心的部分。25% 會是歐洲與 EMEA——抱歉，是歐洲與中東。至於其餘部分，大約 10% 來自澳洲，另外 5% 來自世界其他地區。

So we have a good geographical spread. And clearly, we have the best footprint in terms of reach globally, with 350 reseller partners, those types of things. So we have the best access to the global market than anyone else in our space.

所以我們的地理分布相當分散。而且很明顯地，就全球觸及範圍而言，我們擁有最佳的佈局，例如有 350 家經銷合作夥伴等等。因此，相較於同業，我們在全球市場的觸達能力是最強的。

Alex Sklar with Raymond James.

Raymond James 的 Alex Sklar。

Steve or David, a couple of questions on the positive fourth quarter bookings commentary. Can you just provide a little bit more quantitative context on the magnitude of bookings increase exiting the year, either on an ARR or new ACV perspective versus last year? And then just in terms of the indirect channel, how much did that channel contribute as a percent of the new business in Q4?

Steve 或 David，關於第四季預訂（bookings）表現正向的評論，我有幾個問題。你們能否提供更多量化背景，說明年底時預訂增幅的規模，例如以 ARR 或新增 ACV 的角度，與去年相比如何？另外，就間接通路而言，第四季該通路對新增業務的貢獻占比是多少？

Yes. So in terms of 30% is indirect, 70% is direct. So we're seeing an increasing amount of indirect channel business. So that's good in terms of that. Just repeat your first question, if you would.

是的。就比例而言，30% 來自間接通路，70% 來自直銷。所以我們看到間接通路業務占比正在提高。這方面是好事。如果可以的話，請你再重複一下第一個問題。

Yes. There was just some really impressive TCV wins you spoke to, and I'm just -- on a kind of comparable basis adjusted for duration, anything on kind of ARR or ACV versus Q4 of last year FY '26 versus FY25?

好的。你提到一些非常亮眼的 TCV 大單，我想問——在可比基礎上、並針對合約期間做調整後，ARR 或 ACV 相較於去年第四季（FY '26 對 FY25）有什麼數據可以分享嗎？

Yes. So I think the one stat that I will give you is that ARR grew 13% year-over-year.

是的。我可以提供的一個數據是：ARR 年增 13%。

Okay. Great. And David, maybe a follow-up for you. The nice step-up in services gross margin, I heard kind of you continue to expect that to continue into FY27. Can you just talk about some of the puts and takes just driving that in terms of services mix, the recurring piece within services, device costs?

好的。很好。David，我再追問一個。服務毛利率有不錯的躍升，我聽到你提到預期這個趨勢會延續到 FY27。你能否談談推動因素與拉扯因素（puts and takes），例如服務組合、服務中經常性（recurring）部分、設備成本等？

How should those all play into FY27?

這些因素在 FY27 應該如何反映？

Yes. So from a composite basis, services grows at a faster rate than total revenue. And obviously, we saw a nice increase year-over-year in terms of moving sort of 75% to 81% in terms of that breakout. So we do expect that to continue. In terms of -- as you double-click into services in terms of the growth there, around about 95% of that line is recurring revenue.

是的。從整體組合來看，服務的成長速度快於總營收。而且很明顯地，我們看到年對年有不錯的提升，該拆分比例大約從 75% 提升到 81%。所以我們確實預期這個趨勢會持續。至於——如果更深入看服務的成長，該項目大約 95% 是經常性收入。

in terms of how that changes over time. There may be an increase in terms of nonrecurring in the short term just as we work through the South Africa ramp, but nothing material there. So again, the mix will continue to improve. And then there is underlying operating leverage in the model. So around about 20%, 25% of the cost base you should assume is fixed.

至於這個比例隨時間如何變化，短期內，隨著我們推進南非的擴張（ramp），非經常性收入可能會有所增加，但不會是重大影響。因此，組合仍將持續改善。此外，模型本身也存在營運槓桿。所以你可以假設成本基礎中約 20% 到 25% 是固定成本。

So as we scale up, it naturally drives operating leverage there. And then the final point is what Mel discussed in her prepared remarks, there's still work we will be doing and can be done in terms of consolidating the underlying platforms. If you think about the ability to code at scale and speed with AI, we've never had a richer set of opportunities to make a massive impact in terms of just that underlying cost base. So we do expect to see that sort of start to flow through as we work through fiscal 2027. So a long way of saying there's both current trajectory, current momentum, the works in effect from a mix standpoint as well as there's incremental levers we can pull and will pull that will naturally amplify and expand margins over time, too.

因此，隨著我們規模擴大，自然會帶來營運槓桿。最後一點是 Mel 在事先準備的發言中提到的：我們仍會、也能在整合底層平台方面持續推進。如果你想到利用 AI 以規模與速度進行程式開發（code），我們從未有過如此豐富的機會，能在底層成本基礎上產生巨大影響。因此，我們確實預期，隨著我們推進 2027 財年，這些效益會開始逐步反映出來。總之，這表示除了目前的走勢與動能、以及組合面的既有效果之外，我們還有額外的槓桿可以、也將會去拉動，這些都會隨時間自然放大並擴張利潤率。

Greg Gibas with Northland Securities.

Northland Securities 的 Greg Gibas。

Congrats on the quarter, guys. Wondering if you could quantify the net impact on profitability for the South African contract will have maybe as implied by your annual guidance? And maybe going back to your commentary around the timing of free cash flow or, I guess, the cadence first half, second half. I mean, I understand kind of rationalizing the cost base and associated costs there, CapEx timing and the South African deal. But as it relates to maybe the go-to-market investments, more of that being recognized probably in the back half as you discussed the pipeline conversion increases.

恭喜各位本季表現。想請問你們是否能量化南非合約對獲利能力的淨影響，或許可從你們的年度指引中推估？另外回到你們對自由現金流時點的評論，或者說上半年、下半年的節奏。我理解你們提到成本基礎的合理化及相關成本、資本支出（CapEx）時點，以及南非交易本身。但就市場推進（go-to-market）投資而言，是否會如你們所說，更多在下半年認列，因為你們提到管線轉換率會提高。

But can you be a little bit more specific on kind of those investments there and timing as it relates to this?

不過，您能否就那邊這些投資的具體內容，以及與此相關的時程安排，再更具體一點說明？

Yes, sorry, Greg. So can you repeat that first question again?

好的，不好意思，Greg。所以你可以再把第一個問題重複一次嗎？

Yeah. Quantification of the South African contract on profitability.

可以。南非合約對獲利能力的量化影響。

Got it. Thank you. So yes, the South Africa contract in terms of margin profile, we've said in the past, it's similar gross margin profile to the typical business that we do. So no significant change there. If you think about it from an operating leverage standpoint, obviously, there's clear operating leverage there, so we get to sort of leverage our existing installed base.

了解。謝謝。所以，是的，南非合約就毛利率結構而言，我們過去也說過，它與我們一般業務的典型毛利率結構相近。因此那方面沒有重大變化。若從營運槓桿的角度來看，顯然有很明確的營運槓桿，因此我們可以某種程度上運用我們既有的已安裝基礎。

So it is accretive from a margin standpoint. And obviously, Steve has walked you through just the timing of the ramp, the quantum of the ramp from an ARR standpoint over time. So that will give you a sense on a go-forward basis. In terms of the cash generation sort of first half to second half, again, there's investments upfront in terms of both the cost out as well as the South Africa business. There is gains happening in the second half.

所以從毛利率角度來看是具增益的。而且顯然 Steve 已經向你說明了擴張爬坡的時程，以及從 ARR 角度隨時間推進的爬坡幅度。因此這會讓你對未來的走勢有個概念。至於現金產生在上半年到下半年的分布，同樣地，前期會有投資，包括成本削減以及南非業務兩方面。下半年會開始出現收益。

So pretty much consistent with what I shared earlier, Greg, in terms of just the timing of that stuff going through.

所以基本上與我先前分享給你的內容一致，Greg，就只是這些事項反映進來的時程。

I think, David, it's fair to say, that the, and I think it's fair to say it's pattern recognition, right? So if you look at the way that '26 scale, top line and bottom line and cash, and you look at the way that David's remarks, I think this is just a very similar trajectory and way of working, which in what is still a transformational business, still a business with lots more opportunity to grow, and we're flexing our muscles and some of that takes some investment upfront to do so. But I think if you see the track record that we've now done over the last 2 years, expect the same kind of performance in FY27.

我想，David，可以說這是合理的，而且我也認為這是一種模式辨識，對吧？所以如果你看 2026 年的規模、營收端與獲利端以及現金的表現，再看 David 的發言，我認為這只是非常相似的軌跡與運作方式；而在一個仍在轉型中的業務、仍有更多成長機會的業務裡，我們正在展現實力，而其中一部分需要前期投入一些投資才能做到。但我認為，如果你看到我們過去 2 年已經做到的成績紀錄，FY27 也可以期待同樣類型的表現。

That's fair. I appreciate it, guys. And I guess just lastly, could you remind us of your net leverage targets? And any rough expectations on when you reasonably can reach the target range?

合理。謝謝各位。那我想最後一個問題，可以提醒我們你們的淨槓桿目標嗎？以及大概預期在什麼時點能合理地達到目標區間？

Yes. So you can see obviously good trend line, great progression, great progress that we did in fiscal 2026. As you look to fiscal 2027, we'll be comfortably under 2x levered as we exit the year. And in essence, that's the sort of target range is somewhere between 1.5, less than 2. So 1.5 to 1.75x, I think, is a pretty good sweet spot to be shooting for.

好的。所以你可以看到，顯然趨勢線很好，2026 財年我們取得了很好的進展與成果。展望 2027 財年，我們在年底退出時，淨槓桿會舒適地低於 2 倍。本質上，目標區間大約是在 1.5 到低於 2 之間。所以我認為 1.5 到 1.75 倍，是一個相當不錯、值得努力的甜蜜點。

There appear to be no further questions in queue at this time. I would now like to turn the floor back over to the CEO, Steve Towe, for closing remarks.

目前看起來隊列中沒有其他問題。現在我想把時間交回給執行長 Steve Towe 作結語。

Thanks, everybody, for attending today. I appreciate it was a longer call, but I think there was a lot to actually get through, which was great. And look forward to speaking to you all again in about 8 weeks' time from now. I think David, do you just want to say something before we finish?

感謝各位今天的參與。我知道這通電話比較長，但我想我們確實有很多內容需要討論，這很棒。也期待大約 8 週後再與各位通話。我想 David，你在結束前要不要再說幾句？

Yes. Just a quick update before we close. So in terms of filing the 10-K, the 10-K, everything is lined up for it to be filed today. In terms of material weaknesses, all the material weaknesses are cleared based on where we are today. So some good news as the 10-K comes out during the day today.

好的。在結束前快速更新一下。關於提交 10-K，10-K 的所有事項都已就緒，預計今天提交。至於重大缺失（material weaknesses），以我們目前的狀況來看，所有重大缺失都已排除。所以今天白天 10-K 出來時，會有一些好消息。

So thanks, everyone. Enjoy your day. We'll speak soon. Bye-bye.

所以謝謝大家。祝各位今天愉快。我們很快再聊。再見。

Thank you. This does conclude today's conference call. You may disconnect your phone lines at this time, and have a wonderful day. Thank you for your participation.

謝謝。今天的電話會議到此結束。您現在可以掛斷電話線，祝您有美好的一天。感謝您的參與。