Alarm.com Holdings Inc (ALRM) 2025 Q3 法說會逐字稿

Good day, and thank you for standing by. Welcome to the Alarm.com third-quarter 2025 earnings conference call. (Operator Instructions) Please be advised today's conference is being recorded.

您好，感謝您的耐心等待。歡迎參加 Alarm.com 2025 年第三季財報電話會議。（操作說明）請注意，今天的會議正在錄音。

I would now like to hand the conference over to your speaker today, Matthew Artman. Please go ahead.

現在我謹將會議交給今天的演講嘉賓馬修·阿特曼。請繼續。

Thank you, operator. Good afternoon, everyone, and welcome to Alarm.com's third-quarter 2025 earnings conference call. This call is being recorded. Joining us today are Steve Trundle, our CEO; Kevin Bradley, our CFO; and Dan Kerzner, President of our platforms business.

謝謝接線生。各位下午好，歡迎參加 Alarm.com 2025 年第三季財報電話會議。本次通話正在錄音。今天與我們一同出席的有：我們的執行長 Steve Trundle；我們的財務長 Kevin Bradley；以及我們的平台業務總裁 Dan Kerzner。

During today's call, we will be making forward-looking statements which are predictions, projections, estimates, and other statements about future events. These statements are based on current expectations and assumptions that are subject to risks and uncertainties that may cause actual results to differ materially from our current expectations. We refer you to the risk factors discussed in our quarterly report on Form 10-Q and our Form 8-K, which will be filed shortly with the SEC along with the associated press release. The call is subject to these risk factors, and we encourage you to review them. Alarm.com assumes no obligation to update forward-looking statements or other information, which speak as of their respective dates.

在今天的電話會議中，我們將發表一些前瞻性聲明，這些聲明是對未來事件的預測、展望、估計和其他聲明。這些聲明是基於目前的預期和假設，但存在風險和不確定性，可能導致實際結果與我們目前的預期有重大差異。有關風險因素，請參閱我們的季度報告（表格 10-Q）和表格 8-K，這些報告將很快連同相關的新聞稿一起提交給美國證券交易委員會。此次通話有以下風險因素，我們建議您仔細閱讀相關說明。Alarm.com 不承擔更新前瞻性聲明或其他資訊的義務，這些聲明或其他資訊僅代表其各自發布之日的情況。

In addition, several non-GAAP financial measures will be discussed on the call. A reconciliation of GAAP to non-GAAP measures can be found in today's press release on our investor relations website.

此外，電話會議中也將討論幾個非GAAP財務指標。有關 GAAP 與非 GAAP 指標的調整表，請參閱我們投資者關係網站上今天發布的新聞稿。

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

現在我將把電話交給史蒂夫·特倫德爾。史蒂夫？

Thank you, Matt. Good afternoon, and welcome to everyone. We are pleased to report financial results for the third quarter that were above our expectations. SaaS and license revenue in the third quarter grew to $175.4 million, and adjusted EBITDA was $59.2 million. We saw better-than-expected performance across the business during the quarter, with particular strength in our energy business. Following my remarks, Dan Kerzner, who is the President of our platforms business, will walk through several new product releases and how we're increasingly applying AI to our platform and business. And then, Kevin Bradley, our CFO, will review our financial results, guidance, and provide our early initial look at next year.

謝謝你，馬特。下午好，歡迎各位。我們很高興地宣布，第三季的財務表現超出了我們的預期。第三季 SaaS 和授權收入成長至 1.754 億美元，調整後 EBITDA 為 5,920 萬美元。本季公司各業務表現均超乎預期，其中能源業務表現尤為強勁。在我發言之後，我們平台業務總裁丹·克茲納將介紹幾款新產品的發布情況，以及我們如何越來越多地將人工智慧應用於我們的平台和業務中。然後，我們的財務長凱文·布拉德利將回顧我們的財務表現和指導意見，並給出我們對明年的初步展望。

I'll begin with our annual Partner Summit, which we held here in Washington, DC in early October. We hosted about 200 key service provider partners from around the globe. Our team presented newly released and upcoming products while simultaneously taking the pulse on what our partners are seeing in the markets they serve. In my conversations, partners expressed nice enthusiasm for our overall roadmap and particularly for our new residential and commercial video products, including our upcoming battery cameras. Our remote video monitoring capability delivered through our subsidiary, CHeKT, also drew strong partner interest.

首先，我想談談我們一年一度的合作夥伴峰會，該峰會於 10 月初在華盛頓特區舉行。我們接待了來自全球約 200 家重要的服務供應商合作夥伴。我們的團隊展示了新發布和即將推出的產品，同時也密切關注合作夥伴在其服務市場中觀察到的情況。在我的交流中，合作夥伴們對我們的整體路線圖，特別是對我們新的住宅和商業視訊產品（包括即將推出的電池攝影機）表現出了極大的熱情。我們透過子公司 CHeKT 提供的遠端視訊監控功能也引起了合作夥伴的濃厚興趣。

CHeKT connects central station workflows with AI-driven video analytics to enable central station operators to cost-effectively monitor live video feeds, deter crime before it occurs, and seamlessly initiate an emergency response when the situation calls for escalation. I also spoke to a few of our end customers who have large commercial installations. It was good to hear that they are pleased with the direction of our product and the enhancements we're making to our multi-site access control, video, and intrusion software solutions. We continue to hear from our partners that our unified commercial solutions are winning in the market due to the ease of managing these complex systems through a single integrated interface.

CHeKT 將中央監控站的工作流程與 AI 驅動的視訊分析連接起來，使中央監控站操作員能夠以經濟高效的方式監控即時視訊串流，在犯罪發生之前阻止犯罪，並在情況需要升級時無縫啟動緊急響應。我還與幾位擁有大型商業安裝專案的終端客戶進行了交談。很高興聽到他們對我們的產品方向以及我們對多站點存取控制、視訊和入侵軟體解決方案所做的改進感到滿意。我們不斷從合作夥伴那裡了解到，我們的統一商業解決方案之所以能在市場上取得成功，是因為透過單一的整合介面可以輕鬆管理這些複雜的系統。

Over the last year, we've seen a healthy uptick in commercial video account creation, and our commercial access control subscriber base increased approximately 30%. Our growth initiatives, commercial, international, and EnergyHub, collectively continued to drive SaaS revenue growth in the 20% to 25% year-over-year range and accounted for 30% of total SaaS revenue this quarter. I want to highlight EnergyHub's progress with its platform strategy, which is enabling higher-value services for its utility clients and reinforcing its competitive advantage and leading market share in the North American residential market.

過去一年，我們看到商業視訊帳戶創建量穩定成長，商業存取控制用戶群成長了約 30%。我們的成長計劃，包括商業、國際和 EnergyHub，共同推動 SaaS 營收年增 20% 至 25%，佔本季 SaaS 總營收的 30%。我想重點介紹 EnergyHub 在平台策略方面的進展，該策略為其公用事業客戶提供更高價值的服務，並鞏固其在北美住宅市場的競爭優勢和領先市場份額。

As a reminder, EnergyHub's software platform helps utilities match electricity demand and supply in real time. It does this by orchestrating distributed energy resources such as smart thermostats, residential batteries, and EVs to provide load flexibility. Demand for EnergyHub is driven by the long-term grid challenges faced by utilities. These include increasing load from electrification of transportation and the growing footprint of data centers, along with growing variability in generation as the grid decarbonizes. EnergyHub's load flexibility solutions are faster and more cost-effective to deploy than building new infrastructure.

再次提醒，EnergyHub 的軟體平台可以幫助公用事業公司即時匹配電力需求和供應。它透過協調智慧恆溫器、家用電池和電動車等分散式能源來實現負載靈活性。EnergyHub 的需求是由公用事業公司面臨的長期電網挑戰所驅動的。這些因素包括交通電氣化所帶來的負載增加、資料中心規模不斷擴大，以及隨著電網脫碳而導致的發電波動性增加。與建造新的基礎設施相比，EnergyHub 的負載彈性解決方案部署速度更快、成本效益更高。

The EnergyHub team is focused on platform expansion to support more classes and manufacturers of edge devices. Last month, EnergyHub announced an expanded partnership with Tesla. Owners of Tesla's Wall Connector EV chargers can enroll their product in EnergyHub programs directly in the Tesla app. A large US utility is already using the integration to accelerate EV program enrollments, and it's being introduced to many of the more than 30 EV managed charging programs that EnergyHub supports in North America. The goal of EnergyHub's ecosystem expansion is to drive platform adoption by providing a single orchestration layer across the device classes. EnergyHub also provides AI-driven dynamic load shaping capabilities that increase flexibility and address a broader range of grid management use cases.

EnergyHub 團隊致力於平台擴展，以支援更多類別和邊緣設備製造商。上個月，EnergyHub宣布擴大與特斯拉的合作關係。特斯拉壁掛式電動車充電器的用戶可以直接在特斯拉應用程式中將他們的產品註冊到 EnergyHub 計畫中。美國一家大型公用事業公司已經開始利用這項整合來加速電動車計畫的註冊，並且正在將其引入 EnergyHub 在北美支援的 30 多個電動車管理充電計畫中。EnergyHub 生態系統擴展的目標是透過提供跨裝置類別的單一編排層來推動平台採用。EnergyHub 還提供 AI 驅動的動態負載調節功能，從而提高靈活性並滿足更廣泛的電網管理用例。

In summary, I'm pleased with our third-quarter results and the continued growth we see across the business. Alarm.com has developed strong, durable positions addressing diverse and dynamic opportunities in residential and commercial security and residential energy management. Our IoT-based software solutions are transforming those markets, and we are well positioned to drive further growth over time.

總而言之，我對我們第三季的業績以及公司各部門持續成長的情況感到滿意。Alarm.com 已在住宅和商業安防以及住宅能源管理領域建立了穩固持久的地位，以應對各種動態機會。我們基於物聯網的軟體解決方案正在改變這些市場，我們已做好充分準備，隨著時間的推移，推動進一步成長。

I want to thank our service provider partners and our team for their hard work, and our investors for their continued trust in our business.

我要感謝我們的服務提供者合作夥伴和團隊的辛勤工作，以及我們的投資者對我們業務的持續信任。

I'll now turn things over to Dan Kerzner. Dan?

現在我將把發言權交給丹·克茲納。擔？

Thanks, Steve. I'm pleased to join our call this quarter and speak with our investors and analysts. For context, the platform business that I lead includes product development for our core residential and commercial platforms, shared services for our growth ventures, and sales and marketing for North America, our largest market. Our team drives profitable growth through innovation, delivering new capabilities that expand our addressable market and strengthen the competitive position of our service providers. I'll begin with an update on several products we released recently and share some examples of how our AI is already intersecting with current elements of our service provider and subscriber offerings and platform.

謝謝你，史蒂夫。我很高興能參加本季的電話會議，並與我們的投資者和分析師進行交流。作為背景，我領導的平台業務包括我們核心住宅和商業平台的產品開發、我們成長型企業的共享服務，以及我們最大的市場——北美的銷售和行銷。我們的團隊透過創新推動獲利成長，提供新的能力，從而擴大我們的目標市場，並增強我們服務提供者的競爭地位。首先，我將介紹我們最近發布的幾款產品的最新進展，並分享一些例子，說明我們的人工智慧是如何與我們服務提供者和訂閱用戶的產品及平台的現有要素相結合的。

Video remains a strategic growth driver across our residential, commercial, and international markets. It's central to our platform strategy because each new video capability extends system utility both directly and by thoughtfully integrating video with other aspects of the offering. This approach increases SaaS adoption and customer engagement and retention. To share a sense of the scale, the platform uploads roughly a million hours of video per day. This quarter, we introduced a variety of important updates to the line-up. We added to our outdoor video camera line-up with the new 730 Spotlight Camera. It delivers high-quality video at night through an integrated spotlight and a 4-megapixel sensor.

視訊仍然是我們住宅、商業和國際市場的策略成長驅動力。它對我們的平台策略至關重要，因為每項新的視訊功能都能直接擴展系統的實用性，並且還能巧妙地將影片與其他產品功能結合。這種方法可以提高SaaS的採用率、顧客參與度和留存率。為了讓大家對規模有個概念，平台每天上傳的影片長度約為一百萬小時。本季度，我們對產品陣容進行了許多重要更新。我們為戶外攝影機產品線新增了730聚光攝影機。它透過整合聚光燈和 400 萬像素感測器，在夜間提供高品質的視訊。

It also includes built-in two-way audio, so central station operators can communicate directly through the camera, and Bluetooth enrollment that simplifies installation. The 730 also supports our intelligent, video-based proactive deterrence capabilities. This includes AI deterrence, an upgraded video solution that identifies individuals and delivers AI-generated verbal warnings dynamically adapted to a person's clothing, behavior, and location. The voice is designed to emulate a security professional and uses our service provider's brand name to add authenticity and authority. We recently enhanced this feature with a broader library of human-like dynamically generated voices and built-in randomization that automatically varies tone, phrasing, and delivery to create more unpredictable and thus convincing deterrence messages.

它還包括內建的雙向音頻，因此中央監控站操作員可以透過攝影機直接進行通信，以及簡化安裝的藍牙註冊功能。730 也支援我們基於影片的智慧主動威懾能力。這包括人工智慧威懾，一種升級的視訊解決方案，可以識別個人並提供人工智慧產生的語音警告，這些警告會根據個人的衣著、行為和位置動態調整。該語音旨在模仿安保專業人員的聲音，並使用我們服務提供者的品牌名稱來增加真實性和權威性。我們最近透過更廣泛的類人動態生成語音庫和內建隨機化功能增強了此功能，該功能可自動改變音調、措辭和表達方式，從而創建更難以預測、因而更具說服力的威懾訊息。

Capabilities like AI deterrence and remote video monitoring reflect our strategy to deploy software that evolves video cameras from passive sensors into active, responsive devices that drive higher recurring revenue and subscriber lifetime value. As we continue to embed AI within the core platform, we can derive more insights from the IoT devices in a property and cost-effectively deliver unique value to consumers and businesses.

人工智慧威懾和遠端視訊監控等功能體現了我們的策略，即部署軟體，將攝影機從被動感測器發展成為主動、響應迅速的設備，從而提高經常性收入和用戶終身價值。隨著我們不斷將人工智慧嵌入核心平台，我們可以從房產中的物聯網設備中獲得更多洞察，並以經濟高效的方式為消費者和企業提供獨特的價值。

Turning to our commercial solutions, we continue to expand the reach and flexibility of our video platform. Commercial properties often have diverse surveillance requirements, which are met by a wide variety of camera form factors. By extending our software to operate with select third-party cameras, we've made it easier for service providers to bring Alarm.com's video capabilities into these environments without developing proprietary hardware. This approach broadens market coverage, enables more efficient targeted R&D investment, and opens additional SaaS opportunities with existing commercial accounts.

在商業解決方案方面，我們將繼續擴大視訊平台的覆蓋範圍和靈活性。商業場所通常有各種各樣的監控需求，而這些需求可以透過各種外形尺寸的攝影機來滿足。透過擴展我們的軟體以與選定的第三方攝影機配合使用，我們讓服務供應商更容易將 Alarm.com 的視訊功能引入這些環境，而無需開發專有硬體。這種方法擴大了市場覆蓋範圍，實現了更有效率的有針對性的研發投資，並為現有商業客戶開闢了更多 SaaS 機會。

Since launching this capability, we've seen strong engagement. Accounts that leverage our third-party camera support connect with video accounts without it, generating revenue streams we may not have otherwise captured. We recently expanded support to include panoramic, multi-sensor, and pan-tilt-zoom cameras, form factors widely used in airports, parking facilities, and industrial sites. We also enable two-way audio and advanced analytics for our leading camera manufacturer partners. These integrations enable us to attach our premium remote video monitoring service to a broad range of widely deployed cameras.

自從推出這項功能以來，我們看到了強烈的用戶參與度。利用我們第三方攝影機支援的帳戶可以與沒有該功能的視訊帳戶連接，從而產生我們原本可能無法獲得的收入來源。我們最近擴大了支援範圍，包括全景相機、多感測器相機和雲台變焦相機，這些外形尺寸的相機廣泛應用於機場、停車場和工業場所。我們還為領先的相機製造商合作夥伴提供雙向音訊和高級分析功能。這些整合使我們能夠將我們優質的遠端視訊監控服務連接到各種廣泛部署的攝影機上。

Another focus for our teams is partner enablement. Our service provider relationships are a cornerstone of both our durable market position and our growth strategy. We offer enterprise-grade tools that enable our partners to operate their businesses through our platform, from field installation to ongoing support and management of very large fleets of connected devices. Last year, we launched an initial version of our generative AI chatbot in our technician app to help field teams quickly troubleshoot installation issues.

我們團隊的另一個重點是賦能夥伴。我們與服務提供者的關係是我們維持市場地位和發展策略的基石。我們提供企業級工具，使我們的合作夥伴能夠透過我們的平台運營業務，從現場安裝到龐大的連網設備群的持續支援和管理。去年，我們在技術人員應用程式中推出了生成式 AI 聊天機器人的初始版本，以幫助現場團隊快速排除安裝故障。

We recently released an upgraded version that can handle more complex questions and multi-step workflows. In the four months following the upgrade, the average number of inquiries handled by our chatbot increased by 2.5 times, while customer satisfaction ratings rose more than 70% over the same period. Our goal is to provide service providers with streamlined, multi-channel access to world-class support. With more technicians using our AI-augmented support offerings, our teams can prioritize more complex challenges and first-time installations.

我們最近發布了升級版，可以處理更複雜的問題和多步驟工作流程。在升級後的四個月內，我們的聊天機器人處理的平均諮詢量增加了 2.5 倍，而同期客戶滿意度評分提高了 70% 以上。我們的目標是為服務提供者提供簡化的、多通路的世界級支援服務。隨著越來越多的技術人員使用我們的人工智慧增強支援服務，我們的團隊可以優先處理更複雜的挑戰和首次安裝工作。

Over time, this facilitates faster adoption of new features and enables our partners to expand their use of our commercial, residential, and video services. Overall, I'm pleased with the progress our R&D team made this quarter and throughout the year. These product introductions demonstrate how our platform strategy scales innovation efficiently across markets while creating tangible growth opportunities for our partners.

隨著時間的推移，這有助於更快地採用新功能，並使我們的合作夥伴能夠擴展對我們商業、住宅和視訊服務的使用。總的來說，我對我們研發團隊本季以及全年的進展感到滿意。這些產品發布表明，我們的平台策略如何有效地將創新擴展到各個市場，同時為我們的合作夥伴創造實際的成長機會。

With that, I'll hand things over to Kevin to review our financials. Kevin?

接下來，我將把財務報表交給凱文審核。凱文？

Thank you, Dan. I'll begin by reviewing our third-quarter financial results, then provide updated guidance for Q4 and full year 2025, and lastly, provide our initial thoughts on 2026. I'm pleased to report another quarter of financial results that exceeded our expectations and consensus estimates. Our performance reflects continued broad-based contributions across the diverse components of the business. SaaS and license revenue grew 10.1% year over year to $175.4 million, exceeding the midpoint of our guide of $171.5 million.

謝謝你，丹。我將首先回顧我們第三季的財務業績，然後提供 2025 年第四季和全年的最新業績指引，最後，提出我們對 ​​2026 年的初步看法。我很高興地報告，本季財務表現再次超出我們的預期和市場普遍預期。我們的業績反映了公司各個業務部門持續廣泛的貢獻。SaaS 和授權收入年增 10.1%，達到 1.754 億美元，超過了我們先前預測的 1.715 億美元的中位數。

As Steve noted, our growth initiatives, which consist of our commercial, EnergyHub, and international efforts, continued to deliver SaaS revenue growth of roughly 20% to 25% year over year and represented 30% of total SaaS revenue in the quarter. EnergyHub delivered a particularly strong quarter, with the team both executing on new program launches and driving solid same-store growth. Total revenue grew 6.6% year over year to $256.4 million during the quarter, and gross profit increased 8.4% to $168.8 million. Despite some anticipated and temporary headwinds to hardware gross margins, total gross margins increased 100 basis points year over year due to the improving quality of SaaS in both the Alarm.com and Other segments, as well as the higher weighting towards SaaS overall.

正如史蒂夫所指出的，我們的成長計畫（包括我們的商業、EnergyHub 和國際業務）繼續實現 SaaS 收入年增約 20% 至 25%，佔本季 SaaS 總收入的 30%。EnergyHub 在本季表現尤為強勁，團隊不僅成功推出了新項目，還實現了穩健的同店成長。本季總營收年增 6.6% 至 2.564 億美元，毛利成長 8.4% 至 1.688 億美元。儘管硬體毛利率面臨一些預期中的暫時性不利因素，但由於 Alarm.com 和其他業務板塊的 SaaS 品質不斷提高，以及 SaaS 整體佔比增加，總毛利率同比增長了 100 個基點。

Hardware gross margins were impacted as we began selling through certain inventory carrying reciprocal tariff costs towards the latter part of the quarter. We expect this to continue into Q4 before returning to a more normal margin range in January 2026 when we modify our tariff pass-through fees to incorporate the higher reciprocal tariff rates. We also chose to selectively use faster and more expensive shipping methods to support the recent launch of two of our new video cameras, the V516 and the V730 that Dan discussed. This also contributed to some hardware gross margin compression, but as I noted a moment ago, even with these temporary headwinds, our total gross margin rates were up 100 basis points year over year.

由於本季後期開始銷售某些存在互惠關稅成本的庫存，硬體毛利率受到了影響。我們預計這種情況會持續到第四季度，然後在 2026 年 1 月恢復到更正常的利潤率範圍，屆時我們將調整關稅轉嫁費用，以納入更高的互惠關稅稅率。為了支持我們最近推出的兩款新型攝影機 V516 和 V730（丹提到的那兩款），我們也特意選擇使用速度更快、價格更高的運輸方式。這也導致硬體毛利率有所下降，但正如我剛才提到的，即使面臨這些暫時的不利因素，我們的總毛利率也比去年同期增加了 100 個基點。

During the third quarter, total operating expenses, including depreciation and amortization, were $131.8 million. Excluding depreciation and amortization, as well as stock-based compensation and other items we adjust from G&A for non-GAAP purposes, total operating expenses were $113.1 million, a 7% increase year over year. R&D expense in the quarter, inclusive of stock-based compensation, was $66.6 million, up 7.1% year over year. GAAP net income during the third quarter was $35.3 million or $0.65 per diluted share. Non-GAAP adjusted net income grew 20.6% year over year to $42.4 million, and non-GAAP EPS increased by 22.6% year over year to $0.76 per diluted share.

第三季度，包括折舊和攤提在內的總營運費用為 1.318 億美元。除折舊和攤銷，以及股票選擇權費用和其他因非公認會計準則而從一般及行政費用中調整的項目外，總營運費用為 1.131 億美元，年增 7%。本季研發費用（包括股票選擇權費用）為 6,660 萬美元，年增 7.1%。第三季GAAP淨利為3,530萬美元，即每股攤薄收益0.65美元。非GAAP調整後淨利年增20.6%至4,240萬美元，非GAAP每股收益較去年同期成長22.6%至每股稀釋收益0.76美元。

Effective August 15, 2025, the settlement method for our convertible notes that mature in January 2026 became locked into the par amount in cash, and as such, we began removing the 3.4 million of diluted shares midway through the third quarter. Adjusted EBITDA grew 18.4% year over year to $59.2 million. Our adjusted performance includes a $3.6 million benefit derived from a mark-to-market gain on a security in our treasury portfolio. Substantially all of our treasury is held in money market funds, but our policy allows for a small percentage to be held in other marketable securities. We produced $65.9 million of free cash flow and ended the quarter with $1.1 billion in cash.

自 2025 年 8 月 15 日起，我們在 2026 年 1 月到期的可轉換票據的結算方式鎖定為面額現金，因此，我們在第三季中期開始取消 340 萬股稀釋股份。調整後 EBITDA 年成長 18.4%，達到 5,920 萬美元。我們調整後的績效包括來自我們國庫投資組合中某證券以市值計價收益的 360 萬美元收益。我們的國庫資金幾乎全部投資於貨幣市場基金，但我們的政策允許將一小部分資金投資於其他有價證券。我們產生了 6,590 萬美元的自由現金流，季度末現金餘額為 11 億美元。

Our efficient go-to-market model and growing base of durable recurring revenue continues to generate strong cash flow and reinforce a healthy balance sheet. I want to remind investors of the cash flow tailwind that should emerge based on the federal tax bill signed into law in July 2025, which included a provision that allows companies to transition back to immediately and fully deducting all domestic R&D expenses incurred during the year for tax purposes. We continue to estimate that this change eliminates what would have been a little under $200 million in total cash tax payments over the next five years under prior law.

我們高效的市場推廣模式和不斷增長的穩定經常性收入基礎持續產生強勁的現金流，並鞏固了健康的資產負債表。我想提醒投資者，根據 2025 年 7 月簽署生效的聯邦稅收法案，現金流將迎來利好。該法案包含一項條款，允許公司恢復立即全額扣除當年發生的所有國內研發費用以用於納稅。我們仍然估計，根據先前的法律，這項變更將在未來五年內消除近 2 億美元的現金稅總額。

I'll turn now to our financial outlook. For the fourth quarter of 2025, we expect SaaS and license revenue of between $176 million and $176.2 million. As a reminder, EnergyHub's revenue recurs annually and is slightly seasonally weighted toward the second half of the year. The fourth quarter is typically its largest revenue quarter in absolute dollars but also tends to grow at a slower rate than other quarters on a year-over-year basis. Additionally, EnergyHub's strong Q3 performance included some contributions that pulled forward from Q4. Collectively, these factors create a modest seasonal headwind to consolidated SaaS growth.

接下來我將談談我們的財務前景。我們預計 2025 年第四季 SaaS 和授權收入將在 1.76 億美元至 1.762 億美元之間。需要提醒的是，EnergyHub 的收入是每年固定的，並且會略微受季節性因素影響，更集中在下半年。第四季通常是該公司營收絕對值最高的季度，但與去年同期相比，其營收成長速度往往較慢。此外，EnergyHub 第三季強勁的業績還包括一些從第四季提前產生的收益。綜合來看，這些因素會對整合後的 SaaS 成長造成輕微的季節性不利影響。

For full-year 2025, we are raising our SaaS and license revenue outlook to between $685.2 million and $685.4 million, an increase from prior guidance of $4.1 million at the midpoint. We now expect total revenue slightly above $1 billion, including $315 million to $316 million of hardware and other revenue. We are also raising our non-GAAP adjusted EBITDA outlook to $199 million, up from the midpoint of $195.8 million in prior guidance. This implies roughly 100 basis points of margin expansion compared to 2024.

我們將 2025 年全年 SaaS 和授權收入預期上調至 6.852 億美元至 6.854 億美元之間，高於先前預期的中位數 410 萬美元。我們現在預計總收入略高於 10 億美元，其中包括 3.15 億美元至 3.16 億美元的硬體和其他收入。我們同時將非GAAP調整後EBITDA預期上調至1.99億美元，高於先前預期的1.958億美元中位數。這意味著與 2024 年相比，利潤率將擴大約 100 個基點。

We are projecting non-GAAP adjusted net income of $140.5 million or $2.53 per diluted share. This is up from prior guidance of $136 million to $136.5 million or $2.40 per diluted share. EPS is based on 58.9 million weighted average diluted shares outstanding for the year. Q4 diluted shares will be around 56.7 million as we operate through a full quarter without the 3.4 million diluted shares associated with the convertible notes due January 2026. We currently project our non-GAAP tax rate for 2025 to remain at 21% under current tax rules. We expect full-year 2025 stock-based compensation expense of around $35 million.

我們預期非GAAP調整後淨收入為1.405億美元，即每股稀釋收益2.53美元。這一數字高於先前預期的 1.36 億美元至 1.365 億美元，即每股攤薄收益 2.40 美元。每股盈餘是根據本年度 5,890 萬股加權平均稀釋後流通股計算得出的。第四季度稀釋股份約為 5,670 萬股，因為我們將完整營運一個季度，不包括與 2026 年 1 月到期的可轉換債券相關的 340 萬股稀釋股份。根據現行稅法規定，我們目前預計 2025 年的非 GAAP 稅率將維持在 21%。我們預計 2025 年全年股票選擇權費用約為 3,500 萬美元。

Before turning to our preliminary view of 2026, I want to comment on our annual planning process, which is well underway. We continue to believe that our strong returns on invested capital and the positions we've established across multiple markets support organic reinvestment as the primary component of our capital allocation framework. As we go through our planning process each year, we begin with an analysis of all our existing initiatives to determine which ones best support ongoing investments in growth. We also identify initiatives that we've been working on for some time but where progress has not developed as we had expected. That process forms a framework for reallocation within the portfolio.

在展望 2026 年的初步展望之前，我想先談談我們正在順利進行的年度規劃流程。我們仍然相信，我們強勁的投資資本回報率以及我們在多個市場建立的地位，足以支持有機再投資作為我們資本配置框架的主要組成部分。每年在進行規劃時，我們首先會分析所有現有舉措，以確定哪些舉措最能支持持續成長的投資。我們也會指出一些我們已經開展了一段時間的項目，但這些項目的進展並沒有達到我們預期的效果。該過程為投資組合內的重新配置建立了框架。

This year, much like last year, we are seeing that many of the higher growth areas of the business can self-fund a bit more than they did just a few years ago. As we rotated out of a few initiatives and assessed productivity, we found ourselves in a position to let go of some existing jobs during October, which is always a difficult but sometimes necessary decision.

今年，與去年一樣，我們看到企業中許多高成長領域能夠比幾年前更常實現自我融資。隨著我們逐步退出一些專案並評估生產力，我們發現自己在 10 月不得不裁減一些現有職位，這始終是一個艱難但有時必要的決定。

While we are still focused on closing out 2025, we currently project a preliminary early look estimate of SaaS and license revenue of between $722 million and $724 million in 2026. Total revenue could range between $1.037 billion and $1.044 billion. We currently project our non-GAAP adjusted EBITDA for 2026 to be in the range of $210 million to $212 million. We will be working to firm up our estimates and will provide our formal annual guidance for 2026 when we report our fourth-quarter 2025 financial results early next year.

雖然我們目前仍專注於完成 2025 年的工作，但我們初步預測 2026 年 SaaS 和授權收入將在 7.22 億美元至 7.24 億美元之間。總收入可能在 10.37 億美元至 10.44 億美元之間。我們目前預計 2026 年的非 GAAP 調整後 EBITDA 將在 2.1 億美元至 2.12 億美元之間。我們將努力完善我們的預測，並將在明年初公佈 2025 年第四季財務業績時，提供 2026 年的正式年度指引。

As our early look estimates suggest, we're complementing organic reinvestment with some margin expansion. We have a midterm target to exit 2027 with adjusted EBITDA margins in the 21% range, assuming historically typical hardware margins of 22% to 24% and a similar mix of hardware revenue and SaaS revenue that we have today. Our plans beyond this will depend upon the growth profiles and prospects of the various initiatives that we're engaged in at that time. In the meantime, meaningful operating cash flows continue to contribute to our strong cash position, affording us additional flexibility across our broader capital allocation framework.

根據我們初步的估算，我們正在透過擴大利潤率來補充有機再投資。中期目標是到 2027 年底，調整後的 EBITDA 利潤率達到 21%，假設硬體利潤率以歷史典型水準為 22% 至 24%，且硬體收入和 SaaS 收入的組合與我們今天的情況類似。接下來的計劃將取決於我們屆時正在進行的各項計劃的成長情況和前景。同時，可觀的經營現金流繼續為我們強勁的現金狀況做出貢獻，使我們在更廣泛的資本配置框架內擁有更大的靈活性。

In closing, we're pleased with the broad-based momentum in the business that we've seen throughout the year. We believe that we're well positioned to deliver continued revenue growth and profitability while investing to expand our long-term opportunities.

最後，我們對今年以來業務的全面發展勢頭感到滿意。我們相信，我們已做好充分準備，在投資拓展長期發展機會的同時，實現持續的收入成長和獲利能力。

With that, operator, please open the call for Q&A.

操作員，請開啟問答環節。

(Operator Instructions) Adam Tyndall, Raymond James.

（操作說明）亞當·廷德爾，雷蒙德·詹姆斯。

Kevin, I just wanted to start on the early framework for 2026. If I was just doing the math here quickly, correctly, it implies that the SaaS revenue growth is about 6%. And I was going back through my notes, and I think that's about where you initially thought 2025 might be. And we're now pushing maybe closer to 9% as we look to close out the year.

凱文，我只是想開始著手製定 2026 年的早期框架。如果我只是簡單地計算一下，結果正確的話，這意味著 SaaS 收入成長率約為 6%。我翻閱了我的筆記，我想這大概就是你最初認為 2025 年可能會出現的位置。隨著年底臨近，我們有望將這一數字推向 9%。

So I guess the question would be, as you formulated the initial SaaS guidance in particular, what are maybe some of the similarities and differences in moving parts in 2026 versus 2025, and what could be some potential upside drivers?

所以我想問的是，在您制定最初的 SaaS 指導方針時，特別是與 2025 年相比，2026 年的運作環節有哪些相似之處和不同之處，以及可能有哪些潛在的成長動力？

Sure. Hey, Adam. Thanks for the question. As you noted, when we first looked at 2025, we were first looking at about 6.1%, so very similar to what we're first looking at for 2026 right now. And our updated guide for 2025 is about 8.5%, 8.6%, so about 250 basis points higher. Throughout the course of this year, we've had the growth initiatives contributing a little bit under 30% of SaaS revenue and growing 20% to 25%. I think as we look forward to 2026, the expectation would be roughly similar in terms of growth rate profile, meaning we think it'll maintain 20% to 25% growth. So that'll be consistent.

當然。嘿，亞當。謝謝你的提問。正如您所指出的，當我們最初展望 2025 年時，我們最初展望的是 6.1% 左右，這與我們現在最初展望 2026 年的情況非常相似。我們更新後的 2025 年指引值約為 8.5% 至 8.6%，比先前預測高出約 250 個基點。今年以來，我們的成長計畫貢獻了略低於 SaaS 收入 30% 的份額，並實現了 20% 至 25% 的成長。我認為展望 2026 年，成長率的預期大致相同，也就是說，我們認為它將保持 20% 到 25% 的成長。這樣就能保持一致了。

When we started 2025, we noted a 200-basis-point headwind on the residential side. That has not really come to fruition this year as a combination of a little bit better account creation than we had anticipated at the beginning of the year, as well as a very little bit of currency tailwind, which probably added about 20 basis points of growth this year. So as we look forward, we're basically pushing some of that growth rate headwind that we had signaled at the beginning of this year on the core residential business to next year and then basically assuming no additional currency.

2025 年伊始，我們注意到住宅市場面臨 200 個基點的不利因素。今年，由於帳戶創建情況比年初預期的略好一些，以及匯率略微走強，這種情況並沒有真正實現，這可能導致今年的增長增加了約 20 個基點。展望未來，我們基本上將今年年初對核心住宅業務成長速度的不利影響推遲到明年，基本上假設不會再有其他匯率波動。

Got it, thanks. That's helpful. Just a follow-up for Steve, if I could. I'm noticing obviously very strong profitability here, and if I'm looking at the implied EBITDA margin for this year, it's looking like it's going to be pushing towards 20%, and the initial guidance for next year suggests another 20%, maybe even a little bit greater with some upside throughout the year. So very healthy profitability levels.

明白了，謝謝。那很有幫助。如果可以的話，我想對史蒂夫的提問做後續補充。我明顯注意到這裡的盈利能力非常強勁，如果我看一下今年的隱含 EBITDA 利潤率，它看起來將接近 20%，而明年的初步指導表明，它還將達到 20%，甚至可能更高，並且全年還有一些增長空間。獲利水平非常健康。

I guess the question, Steve, would be your thoughts on the balance of growth and profitability going forward. I understand you've managed that well in the past, but you're now reaching new levels of scale, a billion-dollar business at this point. So those incremental points in EBITDA are very high dollars. So just wonder if you could maybe just opine a little bit on how you're thinking about the balance of growth and profitability.

史蒂夫，我想問的是，你如何看待未來成長與獲利能力之間的平衡？我知道你們過去在這方面做得很好，但你們現在正在達到新的規模，目前已經是一家價值十億美元的企業了。因此，EBITDA 的這些增量點意味著非常高的金額。所以我想問您能否稍微談談您對成長和獲利能力之間平衡的看法。

Sure. Thanks, Adam. Yeah, I'd say we're still primarily focused on where we can find growth and what type of investment we need to get that growth. So we're still pretty excited about the growth initiatives Kevin mentioned. We always have a few other skunkworks projects that we hope may come to fruition over the coming years. I'd say that's where we start. It's like, let's look at where we can get growth sort of in the five -- I'd say 5- to 10-year period.

當然。謝謝你，亞當。是的，我認為我們目前的主要關注點仍然是尋找成長點以及我們需要進行哪些類型的投資才能成長。所以我們仍然對凱文提到的成長計畫感到非常興奮。我們還有一些其他的秘密研發項目，希望它們能在未來幾年內取得成功。我認為我們就從這裡開始。這就好比，讓我們看看在未來五到十年內，我們可以在哪些方面獲得成長。

That said, we've been improving the efficiency of the company. We're going to continue to do that. Kevin just telegraphed sort of an exit rate anyway for 2027 that suggests we're going to continue to move the adjusted EBITDA margins up some in the business. But we're getting to a place that I think is a bit more healthy and a nice place where we're generating strong cash flows, refilling the bucket for both the cash flows and still able to fund some growth.

也就是說，我們一直在提高公司的效率。我們將繼續這樣做。Kevin 已經暗示了 2027 年的退出率，這表明我們將繼續提高業務的調整後 EBITDA 利潤率。但我們正在朝著一個我認為更健康、更加美好的方向發展，我們能夠產生強勁的現金流，既能補充現金流，又能繼續為成長提供資金。

Samad Samandar, Jefferies. Your line is open.

薩馬德·薩曼達爾，傑富瑞集團。您的線路已開通。

Hey guys, this is actually Billy Fitzsimmons on for Samad. I want to double-click on the EnergyHub business. There's obviously a ton going on in the utility market right now. Data center demand is driving kind of record levels of investments, and consumers are also contending with higher bills in many cases as a result. So maybe against this backdrop, can you just walk me through how your conversations have progressed with key customers over the course of the year?

大家好，我是比利·菲茨西蒙斯，今天替薩馬德為您報道。我想雙擊 EnergyHub 這家公司。目前公用事業市場顯然發生了很多事情。資料中心的需求推動了創紀錄的投資水平，因此，消費者在許多情況下也面臨更高的帳單。那麼，在這種背景下，您能否簡要介紹一下您在過去一年中與主要客戶的溝通進度？

Curious if you have any anecdotes on specific customer conversations. And then can we just double-click on the commentary around how there was maybe a slight pull-forward in that business from Q4 into Q3?

想請教您有沒有什麼與客戶具體溝通的軼事？然後，我們能否雙擊查看一下關於該業務可能從第四季度略微提前到第三季度的評論？

Hey, Billy, sure. I'll start with the higher-level question about the market, and Kevin may have a comment on the pull-forward. Yeah, the macro trends there are advantageous to us at the moment. As you noted, the data center explosion, the electrification of transportation, all of these things are driving demand for electricity. And it just so happens that what we do in the form of virtual power plants is one of the least, probably the least expensive way to add capacity and also something that's actionable and can contribute almost immediately.

嘿，比利，當然可以。我先從關於市場的高層次問題開始，凱文可能會對提前贖回發表一些評論。是的，就目前而言，那裡的宏觀趨勢對我們有利。正如你所指出的，資料中心的爆炸性成長、交通運輸的電氣化，所有這些都在推動電力需求。而我們以虛擬電廠形式所做的，恰好就是增加發電能力成本最低（可能是最低）的方式之一，而且這種方式切實可行，幾乎可以立即產生影響。

The macro framework is great for that business. As a result, our key customers, I think, are moving much faster and getting more serious about the contribution that VPP can make to their capacity challenges. So we're seeing less piloting, trials, test-and-see type of approaches, and much more folks moving towards this type of solution as a committed part of their capacity strategy. That's what we're seeing in the market.

宏觀框架非常適合該業務。因此，我認為，我們的主要客戶正在加快步伐，並更加認真地考慮虛擬電廠 (VPP) 可以如何幫助他們應對容量挑戰。因此，我們看到試點、試驗、測試和觀察等方法越來越少，越來越多的人將這種解決方案作為其產能策略的堅定組成部分。這就是我們在市場上看到的現象。

And I'd say in terms of the pull forward, Kevin, do you have any comment for that?

凱文，就球隊向前推進這一點而言，你有什麼要補充的嗎？

Yeah, sure. Hey, Billy. So that is -- I would characterize it as being in the hundreds of thousands of dollars, not millions of dollars. But one of the longest-running programs at EnergyHub is a market-based program that's run out of Texas. Historically, what happens there is we're performing against that program throughout the year, predominantly in the summer, and then that is settled up in Q4. The revenue associated with it is booked in Q4, and that's one of the reasons that EnergyHub has always been somewhat seasonally weighted in terms of revenue towards Q4. Some of that settlement happened to occur in Q3 this year instead of Q4, so there's just a little bit of pull-forward there.

當然可以。嘿，比利。所以，我認為金額應該在幾十萬美元左右，而不是幾百萬美元。但 EnergyHub 運行時間最長的項目之一是一個以市場為基礎的項目，該項目由德克薩斯州運營。從歷史經驗來看，我們全年都在與該項目進行對抗，主要是在夏季，然後在第四季度進行最終的比賽結果。與此相關的營收計入第四季度，這也是 EnergyHub 的營收一直以來都略微偏向第四季的原因之一。部分結算恰好在今年第三季度而不是第四季度完成，所以有一點提前結算的可能。

Got it. Makes sense. Appreciate it.

知道了。有道理。謝謝。

Stephen Sheldon, William Blair.

史蒂芬謝爾頓，威廉布萊爾。

Hey team, you have Matt Filik on for Stephen Sheldon. On EnergyHub, can you help give us a sense on the current growth rate and how you're thinking about the durability of that growth over the next, call it, two to three years, especially in light of the strong demand you're seeing and some of the secular themes you're benefiting from?

嘿，各位，馬特·菲利克將代替史蒂芬·謝爾頓上場。EnergyHub，您能否幫我們了解目前的成長率，以及您如何看待未來兩到三年內這種成長的可持續性，尤其是在您看到的強勁需求和您從中受益的一些長期趨勢的背景下？

Sure. Just starting with the growth rate, so we don't break out each growth initiative, but we commented the growth rate for our growth initiatives is sort of in the 20% to 25% range overall. EnergyHub is probably the most meaningful contributor to that growth initiative growth rate, meaning you can probably guess that they're a tad above that.

當然。我們先從成長率說起，所以我們不逐一列出每項成長計劃，但我們表示，我們各項成長計劃的整體成長率大約在 20% 到 25% 之間。EnergyHub 可能是該成長計畫成長率的最重要貢獻者，這意味著你大概可以猜到他們的成長率略高於這個水準。

And then the second part of the question, I guess, would be the macro environment, what's driving it? Matt?

那麼問題的第二部分，我想，應該是宏觀環境，是什麼在驅動它？馬特？

Well, really more so how durable do you think that growth is in light of the secular themes you're benefiting from?

更確切地說，你認為在你所受益的這些長期趨勢下，這種成長能持續多久？

Yeah, at the moment we believe that growth is quite durable. There are a lot of different things going on. First, at the moment we have about 45 million installed connected thermostats in the US. The penetration in terms of participation of those stats in a VPP program with us is around 3% to 5%. So we've got a lot of headroom in terms of adding more consumers onto the platform in our core sort of thermostat-driven business. At the same time, we're out there building a business around EVs and building a business around batteries. We've had a couple of announcements recently on both of those fronts.

是的，目前我們認為這種成長動能相當持久。有很多不同的事情正在發生。首先，目前美國約有 4,500 萬個已安裝的連網恆溫器。這些統計數據表明，參與我們 VPP 計劃的滲透率約為 3% 至 5%。因此，在我們以恆溫器為核心的業務領域，我們在平台上增加更多消費者方面還有很大的發展空間。同時，我們正在圍繞電動車和電池打造業務。最近我們在這兩方面都發布了一些公告。

So you've got kind of another vector of growth there. Batteries in particular are very interesting for us to work with because we're even more able to control utilization of stored kilowatt-hours there than we are with thermostats, where it may impact actually someone's temperature in their home. So we're seeing growth there.

所以這裡又多了一個成長點。電池尤其讓我們感興趣，因為與恆溫器相比，我們能夠更好地控制電池中儲存的千瓦時的利用率，而恆溫器可能會影響人們家中的溫度。所以我們看到這方面正在成長。

And then of course we have -- the next thing we can do is sign up additional utilities. We're probably 30% share of the largest 150 utilities in North America, meaning those that are out there with over 100,000 meters. So we've got share opportunity as well.

接下來，我們當然還可以——我們可以做的下一步就是開設其他公用事業服務。我們可能佔北美最大的 150 家公用事業公司（即擁有超過 10 萬個電錶的公司）市場份額的 30%。所以我們也有股票投資的機會。

And then, because we're sort of the largest in this space, we're the preferred partner for anyone that makes a device. If someone wants to be contributing power to the grid and they want to participate in the economics associated with that, EnergyHub is the place to go. So I feel like the growth -- putting all that together, the growth story there is durable and compelling, and we feel good about it going into certainly next year and '27.

而且，因為我們是這個領域規模最大的公司，所以我們是所有設備製造商的首選合作夥伴。如果有人想向電網輸送電力，並想參與相關的經濟活動，那麼 EnergyHub 就是最佳選擇。所以我覺得，綜合所有因素來看，那裡的成長是持久且引人注目的，我們對明年和 2027 年的成長充滿信心。

Thank you. That's very helpful color and sounds like there's plenty of runway there. Maybe shifting gears to the core residential business, I was wondering if you can maybe talk about how much of a focus subscription pricing increases have been there, and how much of a focus do you expect pricing increases maybe to be over the near term?

謝謝。這個顏色很有幫助，聽起來那裡有很多T台空間。或許我們可以把話題轉向核心的住宅業務，我想請您談談訂閱價格上漲在你們業務中受到的關注程度，以及您預計在短期內價格上漲在你們業務中會受到的關注程度？

Yeah, I'd say in the history of the company, we've driven growth without much pricing. That changed a couple of years ago. We began to incorporate pricing into the growth picture. That was driven by the hard reality of a core inflation rate that had moved up dramatically. We've continued that practice, and we'll have to continue it. So pricing is part of it, and we're routinely surveying what inflation rates are and then moving on price sort of in that ballpark range typically.

是的，我認為在公司的發展歷程中，我們很少透過提高價格來推動成長。這種情況幾年前發生了改變。我們開始將定價因素納入成長考量。這是由於核心通膨率大幅上升這一嚴峻現實所致。我們一直沿用這種做法，而且以後也必須繼續這樣做。所以定價是其中的一部分，我們會定期調查通貨膨脹率，然後通常會在這個大致範圍內調整價格。

Got it, that's helpful. Thank you for the questions.

明白了，這很有幫助。謝謝大家的提問。

(Operator Instructions) Ella Smith, JPMorgan.

（操作說明）Ella Smith，摩根大通。

So I'm curious, SaaS continues to grow as a percentage of your overall revenue. To what extent do you expect this positive mix dynamic to support your gross profit margins over a multi-year period?

所以我很好奇，SaaS 在你們總收入中所佔的比例是否持續成長。您預計這種積極的產品組合動態將在多大程度上支撐您未來幾年的毛利率？

Sure. At the moment, SaaS has been increasingly becoming a bigger chunk of the mix, and that, of course, contributes to gross margin expansion on a percentage basis. Looking into next year, I think we expect that trend to probably continue somewhat. That said, we have a number of things that we're excited about that are coming to market either right now or into next year. Dan spoke at length about some of the new form factors and new capabilities on our video product line.

當然。目前，SaaS 在業務組合中所佔比例越來越大，這當然有助於毛利率的百分比成長。展望明年，我認為這種趨勢可能會持續下去。也就是說，我們有許多令人興奮的產品即將上市，有的現在上市，有的明年上市。Dan詳細介紹了我們視訊產品線的一些新外形尺寸和新功能。

If we're successful in promoting that line and driving demand, obviously we'll see higher hardware revenues as a result of that, and that mix could shift a little bit. But I don't think you're going to see it shift dramatically from where it is today. I'd say the trend line or where we are today is roughly where we'll be. You might see things move 100 or 200 basis points in the next 12 months or so.

如果我們成功推廣了該產品線並推動了需求，顯然我們將因此獲得更高的硬體收入，產品組合可能會發生一些變化。但我認為它不會與現在的狀態有顯著變化。我認為目前的趨勢線或我們今天所處的位置，大致上就是我們未來的發展方向。未來 12 個月左右，你可能會看到匯率波動 100 到 200 個基點。

That's very clear, thank you. And for a quick follow-up, how would you characterize your current M&A strategy, and do you expect to be acquisitive in 2026?

明白了，謝謝。最後，請問您如何描述您目前的併購策略？您預計到 2026 年還會進行收購嗎？

I would characterize our current strategy as active but deliberate. We are constantly assessing opportunities of different size classifications, and we're well positioned going into 2026. So I would imagine you'll see a pace in 2026 that's not dissimilar from what you've seen the last couple of years. We can't guarantee anything—we're always optimistic, and we're not in a race to go to acquisitions. But when we see the right fit, that means a great management team, synergistic with our channel, synergistic with our technology, and honestly, synergistic at some level of the P&L. When we see those things come together, then we do strike. So I would expect that you'll continue to see some activity next year.

我會將我們目前的戰略描述為積極主動但深思熟慮。我們一直在評估不同規模類別的機會，並且我們已經為進入 2026 年做好了充分準備。因此，我估計 2026 年的發展速度將與過去幾年的發展速度相差無幾。我們不能保證任何事情——我們始終保持樂觀，而且我們並不急於進行收購。但當我們找到合適的合作夥伴時，這意味著要有一個優秀的管理團隊，能夠與我們的管道產生協同效應，與我們的技術產生協同效應，坦白說，還要在損益表的某個層面上產生協同效應。當這些因素匯聚在一起時，我們就會採取行動。所以我預計明年還會看到一些類似的活動。

Great, thank you so much.

太好了，非常感謝。

(Operator Instructions) Saket Kalia, Barclays.

（操作說明）Saket Kalia，巴克萊銀行。

You've got Alyssa Lee on for Saket Kalia. I think you touched on Commercial and EnergyHub a little bit out of your growth initiatives, but how are you thinking about the international opportunity into next year? How is EBS progressing, and how do you see that into next year?

你們派出了艾莉莎李（Alyssa Lee）代替薩凱特卡利亞（Saket Kalia）上場。我認為您在談到增長計劃時稍微提到了商業和能源中心，但您如何看待明年的國際機會？EBS目前的進展如何？您如何看待它明年的發展前景？

Hey, Alyssa Lee. Sure. So International continues to be one of the three legs of the stool in terms of growth initiatives. I would say of the three we've talked about: Commercial, EnergyHub, and International, International's probably a bit more of the laggard of those three. We're not making quite as much progress there as I would like to see, so we're continuing to work to build that out.

嗨，艾莉莎李。當然。因此，國際業務仍然是成長計畫的三大支柱之一。在我們討論過的三個專案（商業、EnergyHub 和國際）中，我認為 International 可能是這三個專案中發展相對滯後的。我們在這方面取得的進展不如我預期，所以我們正在繼續努力推動這方面的建設。

On the positive, if you roll the clock back 24 months, International was 4% of revenue. I think when we put the Q out, you'll see it be 6% of revenue at the moment. So we are growing International, and we've got a nice strong foundation there to continue to build off. And I guess the optimist in me says we have a lot of room to drive a little more growth and some acceleration on the International piece so that it contributes a bit more to that overall range that we articulated, which is 20% to 25% on the growth initiatives.

從正面的方面來看，如果將時間倒回 24 個月，國際業務佔收入的 4%。我認為當我們公佈季度業績時，你會發現目前營收佔比為 6%。所以我們正在拓展國際業務，並且已經打下了堅實的基礎，可以繼續以此為基礎發展壯大。我想我樂觀的一面告訴我，我們在國際業務方面還有很大的成長空間，可以加快發展速度，從而為我們提出的整體成長目標（即成長計畫的 20% 到 25%）做出更大的貢獻。

Super helpful, thank you. And maybe as a follow-up, how did renewal rates and gross adds shape up this quarter, and how did the macro backdrop sort of influence those?

非常有用，謝謝。或許可以進一步探討一下，本季續約率和新增用戶數情況如何，宏觀經濟環境又對這些指標產生了怎樣的影響？

Yeah. So the renewal rate came in right where it was last quarter. They both rounded down to about 94%. They were, I'd say, 10 to 20 basis points above that, but rounded to 94%. So that was substantially similar. Gross adds were sort of exactly where we expected them to be. They were neither higher nor lower. I think we attribute most of that to the fact that, from a housing market perspective, things basically stayed where they were in Q2. There was incrementally some excitement about potentially a lower rate environment that we thought might unblock that a little bit, but then I think we found, based on commentary from builders in the last couple of weeks, that fears about the job market have basically all but offset that, and here we are at about the same place sequentially.

是的。所以續約率與上一季持平。他們都向下取整到大約 94%。我認為，他們比這個數字高出 10 到 20 個基點，但四捨五入後為 94%。所以，這方面基本上相似。毛利成長情況基本上符合我們的預期。它們既不高也不低。我認為這主要歸因於這樣一個事實：從房地產市場的角度來看，第二季的情況基本上保持不變。起初，人們對利率可能降低的環境感到有些興奮，認為這可能會稍微緩解這種局面，但後來，根據過去幾週建築商的評論，我們發現對就業市場的擔憂基本上抵消了這種興奮，目前我們的情況與之前大致相同。

Jack Van Der Velde, Maxim Group.

傑克范德維爾德，Maxim 集團。

Great. Okay. Hey, Stephen, appreciate the time. I joined a little bit late, so I’ll try not to be too redundant. Two questions. Growth businesses continue to ramp well. I caught some of the Q&A on EnergyHub and the focus on utility power grids, batteries, EVs. Maybe just outside of that, can you tie that into your perspective on autonomous robotics and delivery and drones? How does this fit into your EnergyHub and overall vision, or does it -- I know you have patents on some stuff, and you guys are a patent machine over there too. So I’d love to get your thoughts, maybe taking the ball a step further on the autonomous delivery.

偉大的。好的。嘿，史蒂芬，感謝你抽出時間。我加入得有點晚，所以我會盡量避免說太多廢話。兩個問題。增長型企業持續保持良好發展動能。我在 EnergyHub 上看到了一些問答環節，重點討論了公用事業電網、電池和電動車。或許可以稍微拋開這些，談談您對自主機器人、配送和無人機的看法？這如何融入你們的 EnergyHub 和整體願景？或者說，它是否——我知道你們在某些方面擁有專利，而且你們那邊也是個專利申請機。所以我很想聽聽你們的想法，或許可以更進一步就自動配送。

Hey, Jack. Yeah, wide-ranging question there. So let's start with the relationship to EnergyHub. The device that -- these autonomous devices that we expect to see around the home all actually act as little mini batteries on the grid. So I would expect, much as we attempt to connect to everything today, anything where there's a store of power, as these devices become more real, those batteries become attractive to us. And certainly their charging cycles are things we can manage. You don’t want to be charging if you're in a market where there are peak rates. You don't want to be charging your army of robots during the hour when you'll be paying peak rate. You want to charge them at some other point in time.

嘿，傑克。是的，這個問題範圍很廣。那麼，讓我們先從與 EnergyHub 的關係說起。這些我們預計在家庭周圍看到的自主設備，實際上都像電網上的小型迷你電池一樣運作。因此，我預計，儘管我們今天試圖將任何東西連接到任何有能量儲存的地方，但隨著這些設備變得越來越現實，電池對我們來說也變得越來越有吸引力。當然，它們的充電週期是我們能夠控制的。如果你所在的市場有尖峰時段電價，你就不應該收費。你肯定不想在高峰時段為你的機器人大軍充電，因為那時你需要支付高峰電價。你想在其他時間給他們收費。

So I think that's all good. Whether there will be that much capacity there in these types of batteries or not, I don't think we fully know yet. It depends on the capability of these autonomous devices. And then the next piece is really, are these vehicles for security? And we continue to believe that they are. We currently go to market with an autonomous drone unit for high-security outdoor applications.

所以我覺得一切都很好。這些類型的電池是否真的具有那麼大的容量，我認為我們目前還不能完全確定。這取決於這些自主設備的性能。接下來真正的問題是，這些車輛是用於保全的嗎？我們仍然相信他們是。我們目前在市場上推出的是一款用於高安全性戶外應用的自主無人機單元。

We're seeing that product deployed in places like shipyards or big tech parking lots, any place where you have a wide amount of acreage to cover and you have a need for high security and it's unreasonable to ask a guard to very quickly monitor a large property. So we're seeing uptake there.

我們看到該產品被部署在造船廠或大型科技公司停車場等場所，任何需要覆蓋大片區域且需要高度安全保障的地方，如果要求保安人員快速監控大型物業是不合理的，那麼該產品就派上了用場。所以我們看到這方面的市場需求正在成長。

It's a relatively small part of our business still, but it's a place where we continue to have some energy. And then we're watching for the right partnering opportunities and/or right organic opportunities to build out more in that category. I wouldn't say it's as important to us at the moment as some of the things we're doing with AI and core video, but it's something that we continue to watch.

雖然這在我們業務中所佔比例仍然相對較小，但我們仍然在這個領域投入一些精力。然後，我們會尋找合適的合作機會和/或合適的自然成長機會，以在該類別中拓展更多業務。我不會說它目前對我們來說像我們在人工智慧和核心影片方面所做的一些事情那麼重要，但我們會繼續關注它的發展。

I appreciate all the color there. I know it was a wide question, but that was a great answer. One more for me. Outside of the M&A, I heard a question on that earlier, I know that's part of the general strategy, but just maybe look at the balance sheet and the cash that you guys do have. It's very noticeable, obviously. Any other uses for that cash? Another hot topic area is clearly, you can’t get around it, the digital asset space, treasuries, just integration of blockchain. Is any of this on your radar or how do you view the space in general?

我喜歡那裡的色彩。我知道這個問題範圍很廣，但這個回答很棒。我再來一個。除了併購之外，我之前也聽過一個相關的問題，我知道這是整體策略的一部分，但或許可以看看你們的資產負債表和現有的現金。這很明顯。這筆錢還有其他用途嗎？另一個熱門話題領域顯然是數位資產領域、國庫以及區塊鏈的整合，這是無法迴避的。您是否關注過這些領域？或者您對這個領域有何整體看法？

Well, I may toss some of this one to Kevin, but in terms of the balance sheet, the balance sheet is big as you note right now. We're closing out one of the convertibles in January, but we've got pretty strong cash flow production, so we expect to have a nice amount of capacity on the balance sheet for all of next year.

嗯，我可能會把其中一部分交給凱文處理，但就資產負債表而言，正如你現在所看到的，資產負債表規模很大。我們將在 1 月完成其中一筆可轉換債券的交割，但我們的現金流量生產非常強勁，因此我們預計明年全年資產負債表上將有相當可觀的產能。

In terms of deployment, certainly it's primarily about CorpDev and having dry powder there. Do we consider other types of assets? We give them some consideration. At the moment, though, we're pretty focused on deploying capital in a way that helps us, for the most part, grow our core business. So we're not looking to deviate too much from that strategy.

就部署而言，主要還是企業發展方面，需要有足夠的資金儲備。我們是否考慮其他類型的資產？我們會認真考慮他們的意見。不過，目前我們主要專注於以有助於我們發展核心業務的方式部署資本。所以我們並不打算大幅偏離這項策略。

Anything else, Kevin, you want to add?

凱文，你還有什麼要補充的嗎？

Yeah, sure. Our primary motive, I think, with the balance sheet is for it to be a source of resilience and flexibility for the reasons that Steve mentioned. So the primary reason to have that there is to be able to be opportunistic in the CorpDev space. You obviously see us do a little bit of buyback activity as well. It's useful in that domain. We were more active than we had been in several quarters during Q3 as we saw the opportunity to buy at 7.5%-plus cash flow yield on it. Those are the two things really that we focus on right now in terms of use of the balance sheet, less so crypto or other assets like that.

當然可以。我認為，我們制定資產負債表的主要目的是為了增強公司的韌性和靈活性，原因正如史蒂夫所提到的。因此，設立該機構的主要原因是為了能夠在企業發展領域中抓住機會。顯然，我們也進行了一些回購活動。它在該領域很有用。第三季度，我們比過去幾個季度都更加積極，因為我們看到了以 7.5% 以上的現金流收益率買入的機會。就資產負債表的使用而言，我們目前真正關注的是這兩件事，而不是加密貨幣或其他類似資產。

Understood. I appreciate the color, guys. Thanks for the time.

明白了。我喜歡這個顏色，夥計們。感謝您抽出時間。

(Operator Instructions) I'm not showing any further questions at this time, and as such, this does conclude today's presentation. We thank you for your participation. You may now disconnect and have a wonderful day.

（操作說明）目前我不會再提出任何問題，因此，今天的演示到此結束。感謝您的參與。現在您可以斷開連接，祝您度過美好的一天。