Itron Inc (ITRI) 2025 Q3 法說會逐字稿

Good day and thank you for standing by. Welcome to Itron's third-quarter 2025 earnings conference call. (Operator Instructions) Please note that today's conference is being recorded. I will now hand the conference over to your speaker host, Paul Vincent, Vice President of Investor Relations. Please go ahead.

您好，感謝您的耐心等待。歡迎參加Itron 2025年第三季財報電話會議。（操作員說明）請注意，今天的會議正在錄音。現在我將把會議交給各位演講嘉賓，投資者關係副總裁保羅·文森特。請繼續。

Good morning and welcome to Itron's third-quarter 2025 earnings conference call. Tom Dietrich, Itron's President and Chief Executive Officer; and Joan Hooper, Senior Vice President and Chief Financial Officer, will review Itron's third-quarter results and provide a general business update and outlook.

早安，歡迎參加Itron 2025年第三季財報電話會議。Itron 總裁兼執行長 Tom Dietrich 和高級副總裁兼財務長 Joan Hooper 將回顧 Itron 第三季業績，並提供整體業務更新和展望。

Earlier today, the company issued a press release announcing its results. This release also includes details related to the conference call and webcast replay information. Accompanying today's call is a presentation that is available through the webcast and on our corporate website under the Investor Relations tab. Following prepared remarks, the call will open for questions using the process the operator described.

今天早些時候，該公司發布新聞稿公佈了業績。本次新聞稿還包含與電話會議和網路直播回放資訊相關的詳細資訊。本次電話會議附帶一份演示文稿，可透過網路直播和公司網站「投資者關係」標籤查看。在發言結束後，將按照操作員描述的方式開放提問環節。

Before Tom begins, a reminder that our earnings release and financial presentation include non-GAAP financial information that we believe enhances the overall understanding of our current and future performance. Reconciliation of differences between GAAP and non-GAAP financial measures are available in our earnings release and on our Investor Relations website.

在 Tom 開始之前，提醒大家，我們的收益發布和財務報告包含非 GAAP 財務信息，我們認為這些信息有助於更好地了解我們當前和未來的業績。GAAP 與非 GAAP 財務指標之間的差異調節表可在我們的獲利報告和投資者關係網站上查閱。

We will be making statements during this call that are forward-looking. These statements are based on current expectations and assumptions that are subject to risks and uncertainties. Actual results could differ materially from these expectations because of factors that were presented in today's earnings release and comments made during this conference call, as well as those presented in the Risk Factors section of our Form 10-K and other reports and filings with the Securities and Exchange Commission.

我們將在本次電話會議中發表一些前瞻性聲明。這些陳述是基於當前的預期和假設，但存在風險和不確定性。由於今天發布的收益報告和本次電話會議中提及的因素，以及我們在 10-K 表格和其他提交給美國證券交易委員會的報告和文件中「風險因素」部分提及的因素，實際結果可能與這些預期存在重大差異。

All company comments, estimates, or forward-looking statements are made in a good faith attempt to provide an appropriate insight to our current and future operating financial environment. Materials discussed today, October 30, 2025, may materially change, and we do not undertake any duty to update any of our forward-looking statements.

本公司所有評論、估計或前瞻性聲明均出於善意，旨在為我們當前和未來的經營財務環境提供適當的見解。2025年10月30日討論的資料可能會發生重大變化，我們不承擔更新任何前瞻性聲明的義務。

Now please turn to page 4 of our presentation as our CEO, Tom Deitrich, begins his remarks.

現在請翻到我們簡報的第 4 頁，我們的執行長湯姆·迪特里希將開始他的演講。

Thank you, Paul. Good morning and thank you for joining our call. During the third quarter, Itron set new records for margins, profit, and free cash flow on revenue in line with expectations. Financial highlights on slide 4 include revenue of $582 million, adjusted EBITDA of $97 million, non-GAAP earnings per share of $1.54, and free cash flow of $113 million.

謝謝你，保羅。早安，感謝各位參加我們的電話會議。第三季度，Itron 的利潤率、利潤和自由現金流均創下新紀錄，符合預期。第 4 頁的財務亮點包括：營收 5.82 億美元，調整後 EBITDA 為 9,700 萬美元，非 GAAP 每股收益為 1.54 美元，自由現金流為 1.13 億美元。

On slide 5, our third-quarter bookings were $380 million with the total backlog at the end of the quarter of $4.3 billion. Turning to slide 6, utilities are operating in an increasingly complex environment marked by accelerating low growth, rising costs, heightened regulatory scrutiny, and greater technical demands.

在第 5 張投影片中，我們第三季的預訂金額為 3.8 億美元，季末的總積壓訂單金額為 43 億美元。翻到第 6 張投影片，公用事業公司正處於一個日益複雜的環境中運營，其特點是成長緩慢加速、成本上升、監管審查加強以及技術要求更高。

Customers are adapting to this landscape by sequencing initiatives and, in some cases, extending project deployment schedules. While regulators generally share utility strategic objectives, growing sensitivity to consumer costs is leading to more rigorous evaluation of project investments.

客戶正在透過對各項措施進行排序，並在某些情況下延長專案部署計畫來適應這種局面。雖然監管機構通常與公用事業公司的策略目標一致，但對消費者成本日益敏感，導致對專案投資的評估更加嚴格。

Despite a slower pace on some projects, our customers remain focused on enhancing grid performance and reliability through the adoption of grid edge technology that delivers greater visibility and control at the edge. This is reflected in the ongoing expansion of distributed intelligence enabled endpoints which topped 16 million deployed by the end of the third quarter with more than 10 million additional units in backlog.

儘管一些專案的進度有所放緩，但我們的客戶仍然專注於透過採用電網邊緣技術來提高電網性能和可靠性，從而在邊緣提供更大的可視性和控制力。這體現在分散式智慧終端的持續擴張上，截至第三季末，已部署超過 1,600 萬個終端，另有超過 1,000 萬個終端處於待交付狀態。

Licensed DI applications grew 119% year-over-year to $20 million at quarter end. Grid edge intelligence defines the future of agile, data-driven distribution infrastructure and continues to expand opportunities for our Outcomes segment, which grew 11% year-over-year led by higher recurring revenue.

截至季末，獲得許可的DI申請額年增119%，達到2,000萬美元。電網邊緣智慧定義了敏捷、數據驅動的配電基礎設施的未來，並持續擴大我們成果部門的機會，該部門在經常性收入增加的帶動下同比增長了 11%。

With respect to recent federal funding actions, Itron has seen no project cancellations, stoppages, or decline in customer interest. However, these deployments introduce greater near-term market uncertainty and add to the complex challenges our customers face.

就最近的聯邦撥款行動而言，Itron 沒有出現項目取消、停滯或客戶興趣下降的情況。然而，這些部署會帶來更大的近期市場不確定性，並加劇客戶面臨的複雜挑戰。

Lower than expected Q3 bookings and heightened uncertainty have tempered our year-end booking expectations. While achieving a 1:1 book-to-bill ratio for 2025 remains possible, we anticipate current dynamics to persist this quarter, resulting in bookings below that target.

第三季預訂量低於預期，且不確定性加劇，降低了我們對年底預訂量的預期。雖然 2025 年實現 1:1 的訂單出貨比仍有可能，但我們預計目前的情況將在本季度持續，導致訂單量低於該目標。

Although project conversion to backlog is taking longer, lumpy bookings are a familiar pattern and do not alter our long-term business trajectory. Importantly, these changes are not due to competitive dynamics nor fundamental changes in the market. Our opportunity pipeline has expanded by over 25% since the start of the year. Moreover, Outcomes related bookings continue to lead relative backlog growth across our three segments.

儘管專案轉化為待辦事項所需的時間更長，但訂單量不均衡是一種常見的模式，不會改變我們的長期業務發展軌跡。重要的是，這些變化並非由競爭動態或市場根本性變化所引起。自年初以來，我們的潛在客戶數量增加了超過 25%。此外，在我們三個業務部門中，與成果相關的訂單量持續引領積壓訂單的相對成長。

Lastly, we recently announced the acquisition of Urbint with the transaction expected to close during the fourth quarter of 2025. The Urbint business aligns well with our M&A priorities. Its software-oriented, scalable platform complements our current portfolio and addresses the needs of critical infrastructure providers.

最後，我們最近宣布收購 Urbint，預計該交易將於 2025 年第四季完成。Urbint 的業務與我們的併購重點非常契合。其面向軟體、可擴展的平台是我們現有產品組合的補充，並滿足了關鍵基礎設施提供者的需求。

Urbint's SaaS business model delivers solutions for emergency preparedness and response, damage prevention, and worker safety. We are excited to welcome the Urbint team on board soon. We will share more details about Urbint and the expanded Itron portfolio on our next quarterly call.

Urbint 的 SaaS 商業模式為緊急準備和應變、損害預防和工人安全提供解決方案。我們非常高興地歡迎 Urbint 團隊即將加入我們。我們將在下次季度電話會議上分享有關 Urbint 和 Itron 擴展產品組合的更多細節。

Now, Joan will provide details about our third quarter and our outlook for the fourth quarter.

接下來，瓊將詳細介紹我們第三季的業績以及對第四季的展望。

Thank you, Tom. Please turn to slide 7 for a summary of consolidated GAAP results. Third-quarter revenue of $582 million was near the top end of the range we provided and lower than the prior year due to planned portfolio changes and the timing of large project deployments. Gross margin of 37.7%, set a company record of the second consecutive quarter and with 360 basis points higher than last year due to favorable customer and product mix.

謝謝你，湯姆。請翻到第 7 頁查看合併後的 GAAP 結果摘要。第三季營收為 5.82 億美元，接近我們提供的預期範圍的上限，但由於計畫中的投資組合調整和大型專案部署的時間安排，低於去年同期水準。毛利率達到 37.7%，連續第二季創下公司紀錄，比去年同期高出 360 個基點，這得益於有利的客戶和產品組合。

GAAP net income of $66 million or $1.01 per diluted share compared to $78 million or $1.70 per diluted share in the prior year. The decrease was due to higher tax expense with the prior year benefiting from favorable resolution of a foreign tax audit. This was partially offset by higher GAAP operating income.

GAAP淨利為6,600萬美元，即每股攤薄收益1.01美元，而上年同期為7,800萬美元，即每股攤薄收益1.70美元。下降的原因是稅收支出增加，而前一年則受益於外國稅務審計的有利結果。較高的GAAP營業收入部分抵銷了這一影響。

Regarding non-GAAP metrics on slide 8, non-GAAP operating income of $89 million or 15.3% of revenue was an all-time quarterly record and increased 13% year over year. Adjusted EBITDA of $97 million, or 16.7% of revenue, were both all-time records, and EBITDA dollars increased 10% year over year.

關於第 8 頁投影片中的非 GAAP 指標，非 GAAP 營業收入為 8,900 萬美元，佔營收的 15.3%，創歷史季紀錄，較去年同期成長 13%。調整後 EBITDA 為 9,700 萬美元，佔營收的 16.7%，均創歷史新高，EBITDA 金額較去年同期成長 10%。

Non-GAAP net income for the quarter was $72 million or $1.54 per diluted share versus $1.84 a year ago. Higher income tax expense more than offset, higher non-GAAP operating income. Q3 free cash flow of $113 million or 19.5% of revenue is a new company record and compares to $59 million a year ago. This increase reflects improved working capital, lower tax payments, and higher operational earnings growth.

本季非GAAP淨利為7,200萬美元，即每股攤薄收益1.54美元，去年同期為1.84美元。所得稅支出增加，抵銷了非GAAP營業收入的增加。第三季自由現金流為 1.13 億美元，佔營收的 19.5%，創公司新紀錄，去年同期為 5,900 萬美元。這一增長反映了營運資金的改善、稅收的減少以及營運利潤的提高。

Year-over-year revenue growth by business segment is on slide 9. Device Solutions revenue decreased 19% on a constant currency basis due to the expected decline in legacy electricity products in EMEA and lower water volumes in North America.

依業務部門劃分的年收入成長情況請參閱第 9 頁。由於歐洲、中東和非洲地區傳統電力產品預期下降以及北美地區用水量減少，設備解決方案收入以固定匯率計算下降了 19%。

Network Solutions revenue decreased 6% year over year, primarily due to the timing of project deployments. Outcomes revenue increased 10% on a constant currency basis to the continued growth of recurring revenue.

網路解決方案收入較去年同期下降 6%，主要原因是專案部署時間表。以固定匯率計算，由於經常性收入的持續成長，最終收入成長了 10%。

Moving to the non-GAAP year-over-year EPS bridge on slide 10. Our Q3 non-GAAP earnings per share decreased $0.30 year-over-year to $1.54 per diluted share. Higher tax is the driver of the year-over-year EPS decline, contributing negative $0.51 per share. Prior year tax expense was unusually low due to a favorable resolution of a foreign tax audit. Pre-tax operating performance contributed a positive $0.22 per share improvement driven by the fall through of higher gross profit.

接下來，我們將討論第 10 張投影片上的非 GAAP 同比 EPS 過渡數據。我們第三季非GAAP每股盈餘年減0.30美元，至每股攤薄收益1.54美元。稅收增加是導致每股收益年減的主要原因，每股虧損 0.51 美元。由於外國稅務審計得到有利解決，上年度的稅項支出異常低。稅前經營業績貢獻了每股0.22美元的正面成長，主要得益於毛利成長的下降。

Turning to slides 11 through 13, I'll review Q3 segment results compared with the prior year. Device Solutions revenue was $104 million with a record gross margin of 30.9% and operating margin of 24%. This segment continues to deliver strong profitability improvement. Gross margin increased 370 basis points year-over-year and operating margin was up 240 basis points due to the favorable change in customer and product mix.

接下來請看第 11 至 13 頁投影片，我將回顧第三季各業務板塊的業績與去年同期相比的情況。設備解決方案收入為 1.04 億美元，毛利率創歷史新高，達到 30.9%，營業利益率為 24%。此業務板塊持續實現強勁的獲利成長。由於客戶和產品組合的有利變化，毛利率年增 370 個基點，營業利潤率較去年同期成長 240 個基點。

Network Solutions revenue of $394 million with gross margin of 39.3% and operating margin of 31%. Gross margin increased 340 basis points year-on-year, and operating margin was up 330 basis points due to improved customer and product mix.

網路解決方案營收為 3.94 億美元，毛利率為 39.3%，營業利益率為 31%。由於客戶和產品組合的改善，毛利率年增 340 個基點，營業利潤率年增 330 個基點。

Outcomes revenue was $84 million with a gross margin of 38.9% and operating margin of 19.9%. Gross margin increased 390 basis points year-over-year, and operating margin was up 520 basis points due to a higher margin revenue mix and operating leverage.

業績收入為 8,400 萬美元，毛利率為 38.9%，營業利益率為 19.9%。毛利率年增 390 個基點，營業利潤率年增 520 個基點，得益於利潤率更高的收入組合和經營槓桿作用。

Turning to slide 14, I'll review liquidity and debt at the end of the third quarter. Total debt was $1.265 billion and cash and equivalents were $1.332 billion. Please note that our recently announced $325 million all-cash acquisition of Urbint is expected to close during the fourth quarter. During the third quarter, we amended and increased our revolving line of credit to $750 million, which now matures in 2030.

接下來請看第 14 張投影片，我將回顧第三季末的流動性和債務。總債務為 12.65 億美元，現金及現金等價物為 13.32 億美元。請注意，我們近期宣布的以 3.25 億美元全現金收購 Urbint 的交易預計將在第四季度完成。第三季度，我們修改並增加了循環信貸額度至 7.5 億美元，該額度將於 2030 年到期。

Now, please turn to slide 15 for our fourth-quarter outlook. We anticipate fourth-quarter revenue to be between $555 million to $565 million. The midpoint of this range represents a decline of 9% year-over-year. For non-GAAP earnings per share, we expect a range of $2.15 to $2.25 per diluted share, which assumes a negative effective tax rate of approximately 19%. This negative tax rate is driven by the favorable conclusion of an uncertain tax position, which will be recorded in Q4.

現在，請翻到第 15 頁，查看我們的第四季展望。我們預計第四季營收將在 5.55 億美元至 5.65 億美元之間。該區間的中點代表年減 9%。對於非GAAP每股盈餘，我們預期稀釋後每股盈餘在2.15美元至2.25美元之間，假設實際稅率為負19%。這一負稅率是由一項不確定的稅務狀況的有利結論所致，該結論將在第四季度確認。

At the midpoint, this EPS implies an increase of $0.85 versus Q4 of last year. Normalized for the tax rate, the midpoint EPS estimate is up approximately 7% versus last year. Please note our fourth-quarter outlook does not include any impact from the Urbint acquisition.

以中間值計算，該每股收益比去年第四季成長 0.85 美元。經稅率調整後，每股盈餘預期中位數比去年增長約 7%。請注意，我們第四季度的展望不包括 Urbint 收購帶來的任何影響。

Now, please turn to slide 16 for an update to our annual 2025 outlook. We now anticipate 2025 full-year revenue to be within a range of $2.35 billion to $2.36 billion. At the midpoint, this is down 3% versus 2024, which had approximately $125 million of catch-up revenue. Normalizing for the 2024 catch-up revenue, the midpoint of the updated guidance is approximately 2% year over year growth.

現在，請翻到第 16 頁，查看我們對 2025 年年度展望的最新資訊。我們現在預計 2025 年全年營收將在 23.5 億至 23.6 億美元之間。中點數值比 2024 年下降了 3%，2024 年的追趕性收入約為 1.25 億美元。考慮到 2024 年的追趕性收入，更新後的指導意見中點約為年增 2%。

Our non-GAAP earnings per share full-year outlook range is increasing versus prior estimates due to the favorable tax item I just mentioned. Our current expectation for full-year 2025 non-GAAP earnings per share is a range of $6.84 to $6.94 per diluted share, with an expected annual effective tax rate of approximately 12%.

由於我剛才提到的有利稅收項目，我們全年非GAAP每股收益預期範圍較先前的預期有所擴大。我們目前對 2025 年全年非 GAAP 每股收益的預期為每股攤薄收益 6.84 美元至 6.94 美元，預計年度有效稅率約為 12%。

At the midpoint, the updated non-GAAP EPS estimate is up 23% versus 2024 or 16% when normalized for the tax rate. While our revenue growth has been challenged with lower than expected bookings and the push out of ongoing project deployments, we are proud of our progress to improve the margin profile of the business, which has allowed us to drive higher profitability on lower revenue.

中間值顯示，更新後的非GAAP每股收益預期比2024年增長23%，如果按稅率調整，則增長16%。儘管由於預訂量低於預期以及正在進行的專案部署被推遲，我們的收入成長面臨挑戰，但我們為在改善業務利潤率方面取得的進展感到自豪，這使我們能夠在收入較低的情況下實現更高的盈利能力。

And now I'll turn the call back to Tom.

現在我把電話轉回給湯姆。

Thank you, Joan. The market we serve is unique, and although recent volatility has increased, the industry's long-term growth trajectory remains unchanged. Our record financial results, despite industry headwinds, reflect our multi-year strategic efforts to optimize the product portfolio and global supply chain.

謝謝你，瓊。我們服務的市場是獨一無二的，儘管近期的波動性有所增加，但該行業的長期成長軌跡仍然保持不變。儘管面臨產業逆風，我們仍取得了創紀錄的財務業績，這反映了我們多年來為優化產品組合和全球供應鏈所做的策略努力。

The team is performing well, and our grid edge intelligence solution leadership is undeniable. The opportunity pipeline continues to grow and is at record levels. Together, these factors reinforce our confidence that we remain on track to achieve our 2027 targets.

團隊表現出色，我們在電網邊緣智慧解決方案領域的領先地位毋庸置疑。機會儲備持續成長，並達到歷史最高水準。這些因素共同增強了我們對實現 2027 年目標的信心。

Finally, Urbint adds a new dimension centered on operational resilience solutions with strong growth potential. As we build out this solution set, including cross pollination of data streams to create new offerings, significant opportunity lies ahead.

最後，Urbint 新增了一個以營運彈性解決方案為核心、具有強大成長潛力的維度。隨著我們不斷完善這套解決方案，包括交叉數據流以創造新的產品，未來將迎來巨大的機會。

Leveraging the strength of our balance sheet, we remain actively engaged in pursuing inorganic growth opportunities. We are in the early stages of the digital transformation in energy and water systems. Itron is well positioned to expand its business alongside these global infrastructure shifts and ongoing growth in the years ahead.

憑藉我們雄厚的資產負債表實力，我們將繼續積極尋求非內生性成長機會。我們正處於能源和水系統數位轉型的早期階段。隨著全球基礎設施的轉變和未來幾年的持續成長，Itron 已做好充分準備，拓展其業務。

Thank you for joining our call today. Operator, please open the line for some questions.

感謝您今天參加我們的電話會議。接線員，請接通電話，我們有幾個問題。

(Operator Instructions) Noah Kaye, Oppenheimer.

（操作說明）諾亞凱，奧本海默。

Good morning. Thanks for taking the questions. First, I just want to get the modeling right. Joan, thanks for giving us the color on the tax rate for 4Q. Can you just give us an understanding on the delta for revenues versus the prior implied guide? Is the lower rev primarily in networks or is it elsewhere?

早安.謝謝您回答問題。首先，我只想把建模做好。瓊，謝謝你為我們提供了第四季度稅率的詳細資訊。能否請您解釋一下營收與先前預期之間的差額？較低的收入主要來自網路還是其他方面？

And then how to think about gross margins? If we back up the tax impact, it would seem like gross margins might go down sequentially but just want to make sure we're thinking about it directionally right.

那麼，我們該如何看待毛利率呢？如果我們考慮稅收影響，毛利率似乎可能會逐週下降，但我們只是想確保我們的思路方向正確。

Yeah. I would say the biggest weakness is in networks and it's the commentary we made about deployments that are just pushing to the right. They're going a little bit slower than we would have expected.

是的。我認為最大的弱點在於網絡，以及我們對部署的評論，這些評論只是向右推進。他們的速度比我們預期的要慢一些。

From a standpoint of gross margin, I would expect Q4 to look pretty close to what Q3 is. The impact of the tax is it's a $39 million discrete benefit, so it had a statute of limitations that expired on October 15. That is worth about $0.84 a share.

從毛利率的角度來看，我預計第四季的情況將與第三季非常接近。這項稅收的影響在於，這是一筆 3,900 萬美元的獨立收益，因此其訴訟時效已於 10 月 15 日到期。這相當於每股約 0.84 美元。

Okay. Perfect. Thank you. And then just to dovetail off of that, Tom, I want to aggregate a little bit between the impact of project delays on revenues and the overall demand environment and bookings. So to take the second part of that first, I mean, the metric you provided on the 25% pipeline growth from the start of the year is helpful. Can you give us some color on what's impacting some of the conversion delays from pipeline into bookings and how you see this props trending over the next couple of quarters?

好的。完美的。謝謝。然後，湯姆，為了更好地銜接這一點，我想總結一下專案延誤對收入和整體需求環境及預訂量的影響。先來看第二部分，我的意思是，你提供的年初至今 25% 的銷售管道成長的指標很有幫助。能否詳細介紹哪些因素影響了潛在客戶轉換為實際訂單的轉換延遲，以及您認為這些因素在未來幾季的發展趨勢如何？

Sure. So I think it's undeniable that demand is coming. That record pipeline and being up 25% since the start of the year is pretty clearly a strong signal of where the market is going. If I look at it through the lens of win rates, our win rates are at or above historical rates, so the competitiveness of the portfolio remains very strong and good.

當然。所以我認為需求即將到來是毋庸置疑的。創紀錄的產能以及年初以來 25% 的成長，非常清楚地表明了市場的走向。如果從勝率的角度來看，我們的勝率達到或超過歷史平均水平，因此投資組合的競爭力仍然非常強勁良好。

If you dig one level deeper, the rate at which recurring revenue bookings are happening, meaning software and service types of things, we passed our goal for the year in Q3. That's very strong. So outcomes backlog is up 36% year-over-year. It's well over 20% of the total backlog. We're very pleased with our progress there.

如果再深入一層，看看經常性收入預訂的發生率（即軟體和服務類型的收入），我們在第三季就超額完成了年度目標。那非常強。因此，積壓的案件數量比去年同期增加了 36%。這遠超過積壓總量的20%。我們對那裡的進展非常滿意。

Where we have seen some delays in decisions, so they're just getting pushed out, is on the more hardware-oriented projects. So that's really due to some of the complex operating environment that I talked about earlier. I definitely see increased interest in the part of the customer on trying to find good ways to move forward and live within the regulatory constraints or perhaps some of the operational constraints that they have.

我們發現，在硬體相關的項目上，決策出現了一些延誤，導致決策被推遲。這其實是由於我之前提到的一些複雜的運作環境所造成的。我確實看到客戶越來越有興趣尋找好的方法，以便在監管限製或某些營運限制內向前發展。

So I would think about it as moving much more towards buying a Jeep a piece at a time rather than buying the whole Jeep. And that really plays to the platform that we have with forward/backward compatibility. And it really is good for the customer as they get to manage that cost, but it also is good for the incumbent as the way that business tends to roll through.

所以我認為，這更像是逐步購買吉普車的各個部件，而不是一次性購買整輛吉普車。而這恰恰體現了我們平台向前/向後相容的優勢。這對客戶來說確實有好處，因為他們可以控製成本，但對現有企業來說也有好處，因為這種業務模式往往會持續下去。

So again, I still see the environment is very robust. Our '27 targets are clearly on track. A couple of places we're already achieving it are ahead. Lumpiness in the bookings. Okay, we've seen this before and it doesn't really give us pause on the strength and the outlook of the business.

所以，我仍然認為這個環境非常穩健。我們的2027年目標顯然正在按計劃進行。我們已經在一些地方實現了這一目標，領先於其他地區。預訂情況不穩定。好吧，我們以前也遇到過這種情況，但這並不會動搖我們對公司實力和前景的信心。

All right. I appreciate you reiterating that '27 targets confidence. I'll turn it over.

好的。感謝您重申「27 目標是增強信心」。我把它翻過來。

Ben Kallo, Baird.

本卡洛，貝爾德。

Ben, please check your mute button. Your line is open. Okay, I'll go to the next person in queue.

本，請檢查一下你的靜音鍵。您的線路已開通。好的，我去招呼下一個人。

Jeff Osborne, TD Cowen.

Jeff Osborne，TD Cowen。

Great. Thank you. Just a couple of quick ones on my side. Tom, on the 6% decline in networks and the rationale you gave, could you just be more descriptive? Is that new customers that were commencing new rollouts for DI or these people that were underway maybe on a three- or four-year cadence and have just elongated that to look more disciplined in front of the regulator on their existing CapEx budgets that it might be a bit overextended because the tariffs or whatever reasons?

偉大的。謝謝。我這邊只簡單提幾句。湯姆，關於網路流量下降 6% 以及你給出的理由，你能再詳細解釋一下嗎？這些是開始推出 DI 服務的新客戶，還是那些原本以三到四年為週期進行 DI 服務，現在為了在監管機構面前顯得更有紀律性，而延長了現有資本支出預算（可能因為關稅或其他原因導致預算超支）的客戶？

Right. On the revenue side for booked projects specifically is what I think you're asking about. Again, I think it's software and services growing nicely, double-digit growth year over year. What we saw from, let's say, first half, second half is the catch-up of the constrained revenue from prior years.

正確的。我想你問的應該是已預訂項目的收入狀況。我認為軟體和服務業發展勢頭良好，年增長率達到兩位數。比如說，從上半年到下半年，我們看到的是前幾年受限的收入正在逐漸恢復。

When you lap it year over year, we also had an end of a completion of a major deployment in the networks business that rolled off. And we have seen customers in some occasions spreading projects, what used to be a three-year project over four-years or something like that.

年復一年，我們也迎來了網路業務中一項重大部署的完成。我們看到有些客戶會將原本需要三年才能完成的專案延長到四年甚至更長。

So I don't think it causes any loss of backlog or loss of revenue. It certainly does spread things out on some of those projects and that's what you see rolling through the P&L.

所以我認為這不會造成訂單積壓或收入損失。它確實會分散某些項目的資金，而這正是你在損益表中看到的。

And are they giving you more clarity as to when they -- if you thought things were going to be at X run rate, when things will resume? Or like what visibility are they giving you as it relates to their plans as we head into the spring of next year?

他們是否更清楚地說明了——如果你認為事情會以 X 的速度進行，那麼事情何時才能恢復？或者，他們會向我們透露哪些與明年春季計畫相關的資訊？

I guess I'm trying to read through the lines of what you're asking. I mean, we know what their deployment rates are and those get re-profiled on a regular basis. So it's not every project, it's a few that tend to spread over a longer period of time, and we know what that looks like.

我想我是在努力理解你問題背後的意義。我的意思是，我們知道他們的部署率是多少，而且這些部署率會定期重新調整。所以並不是每個專案都會這樣，只是有些專案往往會持續較長時間，而我們知道那是什麼樣子。

No projects have stopped, so it's not like there's a complete stop on anything that was intended to be ongoing on the revenue side at all. I do think that higher costs and capital budgets within the year clearly have something to do with it.

所有專案都沒有停止，所以收入方面並沒有完全停止任何原本計劃進行的事項。我認為，年內成本上升和資本預算增加顯然與此有關。

In cases where some of the government funding may have disappeared, the customers have to make decisions on how they handle that, whether they go back and make appeals to the government. I would suggest even the projects that are listed as canceled may or may not be canceled.

如果部分政府資金消失，客戶必須決定如何處理這種情況，是否要向政府提出上訴。我認為，即使是那些被列為已取消的項目，也未必真的取消了。

But in all cases, customers absolutely intend and are continuing to work through that process. It just creates a little bit of churn in the near term. I suspect that this levels out in the quarters ahead. So again, it's not something that gives us any pause on what '27 targets will really look like and remain tremendous confidence in where the business is going.

但無論如何，客戶都絕對有意願並且正在繼續完成流程。短期內只會造成一些小小的波動。我預計這種情況會在接下來的幾季趨於穩定。所以，這並沒有讓我們對 2027 年的目標有任何疑慮，我們仍然對公司的發展方向充滿信心。

Got it. Now, just two rapid fire ones. I know you're not giving guidance for '26, but could just comment on what tax rate we should be assuming, given all the moving parts you've had this year?

知道了。現在，只剩下兩個快速連發問題了。我知道您沒有給出 2026 年的指導意見，但鑑於今年各種變數，您能否就我們應該假設的稅率發表一下看法？

And then I also just want to confirm, if I heard you right, I think you said that Outcomes is 20% of the $4.3 billion backlog and up 36% year-on-year. That would be a number greater than $800 million. Is that over 7 to 10 years or what's the duration of that $800 million if I heard you right?

然後我還想確認一下，如果我沒聽錯的話，您說 Outcomes 佔 43 億美元積壓訂單的 20%，年增 36%。那將是一個超過8億美元的數字。是指7到10年，還是說如果我沒理解錯的話，這8億美元的期限是多久？

Yeah. So again, it's well over 20% and it is up 36% year-over-year, so you're in the right zip code there. The backlog is generally three, four years in length overall. So even though we might have longer-term deals, we generally stick to our traditional way of thinking about what is counted in backlog as those outcomes long-term recurring revenue contracts tend to be, in many cases, nearly evergreen as there are provisions to allow extensions in the contracts themselves. So think of it as a three-, four-year visibility.

是的。所以，漲幅遠超 20%，年增 36%，所以你找對了地方。積壓案件通常需要三到四年才能處理完畢。因此，即使我們可能達成長期協議，我們通常仍然堅持傳統的積壓訂單計算方式，因為長期經常性收入合約的結果往往幾乎是永久有效的，因為合約本身有允許延期的條款。所以可以把它看作是三到四年的可視性。

Yeah. And on '26, as you say, it's really too early to tell. I mean, we end up building up the tax rate based on jurisdictional exit revenue, everything we know at the time. I think the top end would be like the 25% which we typically use as a placeholder.

是的。至於 2026 年，正如你所說，現在下結論還為時過早。我的意思是，我們最終會根據管轄區的退出收入以及我們當時所知道的一切來確定稅率。我認為上限值應該在 25% 左右，我們通常用 25% 作為佔位符。

(Operator Instructions) Chip Moore, Roth Capital Partners.

（操作員說明）Chip Moore，Roth Capital Partners。

Morning. Thanks for taking the question. Tom, I want to follow-up on your commentary and bookings. It sounds like it's possible, right, you could put up $1 billion, but less likely you get to 1:1 for the year. Just with your comments on '27 being intact, any -- it's too early for guidance, obviously, but any way to help us think about growth trajectory next year with some of these moving pieces? Would we expect growth or how should we think about that?

早晨。感謝您回答這個問題。湯姆，我想跟進一下你的評論和預訂情況。聽起來好像有可能，對吧，你可以投入 10 億美元，但不太可能在一年內達到 1:1 的回報率。僅就您關於「2027 年計劃保持不變」的評論而言——顯然現在給出指導還為時過早，但您能否幫助我們思考一下，在存在這些不確定因素的情況下，明年的增長軌跡會如何？我們預期會有成長嗎？或者我們應該如何看待這個問題？

Yeah. Again, I think it's way too early to think about where we will land on 2026. We'll get to that when we officially set guidance early next year. I think there will be growth. It's just a question of what level it would be and that's what we're working through with our customers and the team right now.

是的。再次強調，我認為現在考慮2026年我們會走到哪一步還為時過早。我們將在明年初正式發布指導方針時討論這個問題。我認為會有成長。問題在於它會達到什麼水平，而這正是我們目前正在與客戶和團隊一起努力解決的問題。

Great. If I could ask one more just on Urbint. I know it hasn't closed, so you're limited on what you can say. But just maybe speak to how the deal came about? And any customer overlap and potential synergies there? And anything else you can provide. Thanks.

偉大的。如果我能再問一個關於 Urbint 的問題的話。我知道它還沒有關閉，所以你能說的話有限。但或許可以談談這筆交易是如何達成的？是否存在客戶重疊和潛在的綜效？以及您還能提供的任何其他東西。謝謝。

Sure. So Urbint, just a quick background on what it is. It's a fast-based business. Their customers are essentially utilities, tremendous overlap between the customers that they have and that we have.

當然。那麼，Urbint，先簡單介紹一下它是什麼。這是一個快節奏的行業。他們的客戶基本上都是公用事業公司，他們的客戶和我們的客戶有很大的重疊。

What do they do? They really help the customer with things like emergency preparedness and response. So if a storm is going to roll through a particular territory, how can you use the power of AI to predict the storm paths so you can preposition crews? How do you recruit those crews? How do you make sure that you manage work flows and right down to things like making sure you're getting the crew paid and they've got a place to sleep to make sure that you've got a closed loop process there.

他們是做什麼的？他們確實能幫助客戶做好緊急準備和應變等工作。如果一場風暴即將席捲某個特定地區，如何利用人工智慧的力量來預測風暴路徑，以便提前部署人員？你如何招募這些船員？如何確保工作流程的管理，甚至細緻到確保船員獲得報酬和住宿等細節，從而確保形成一個閉環流程？

When you're in the heat of battle, how do you keep good records as to what you're actually doing? How do you keep the workers safe is another module? Whether it's in a normal field deployment activity or whether it's in the heat of battle in a restoration environment and there's a damage prevention module as part of it as well.

在激烈的戰鬥中，如何準確地記錄自己正在做的事情？如何保障工人安全是另一個模組的內容。無論是在正常的野外部署活動中，或是在激烈的戰鬥復原環境中，都包含一個損傷預防模組。

So tremendous potential there as we combine operational data that generally comes out of our systems to make those algorithms and services. It is much more robust and you can think about the cross pollination in the other direction, which is our restoration services and vegetation management services, you can apply some of the same analytics and thought process around how that works.

因此，當我們把通常從我們的系統中產生的營運數據結合起來，以創建這些演算法和服務時，其中蘊藏著巨大的潛力。它更穩健，你可以反過來思考交叉授粉，也就是我們的修復服務和植被管理服務，你可以應用一些相同的分析和思考過程來了解它是如何運作的。

So we're excited about where this business will go and be able to expand, share a wallet with existing customers and certainly be able to take those capabilities from Urbint to our 8,000 customers around the globe as well. So again, I think there's great potential here. We'll talk about more as to what it means and how it looks after we get through the close during this quarter.

因此，我們對這項業務的未來發展方向感到興奮，並且能夠擴大規模，與現有客戶共享資金，當然也能將 Urbint 的這些能力帶給我們在全球的 8,000 位客戶。所以，我再次認為這裡蘊藏著巨大的潛力。本季末結束後，我們會詳細討論它的意義和具體情況。

Scott Graham, Seaport Research Partners.

Scott Graham，Seaport Research Partners。

Hi. Good morning. A question about -- your backlog was up year over year and I think that the hope here was that a strong third-quarter bookings number would mean that you have a better organic in '26 and then if you didn't get that, the organic could be fairly muted once again in 2026.

你好。早安.關於你們的積壓訂單，我認為你們當時的希望是，強勁的第三季度預訂量意味著你們在 2026 年會有更好的自然增長，但如果未能實現這一目標，那麼 2026 年的自然增長可能會再次相當疲軟。

I'm going to assume that that still holds, unless of course you have some extraordinary fourth quarter of bookings. But even then I think that that's more of a '27 event. So my question is it possible in six months' time that we could be revisiting the '27 targets and perhaps leaning more into margin than sales?

我假設這個結論仍然成立，除非你們第四季的預訂量出現異常成長。但即便如此，我認為那更像是 2027 年的事。所以我的問題是，六個月後我們是否有可能重新審視2027年的目標，並可能更加重視利潤率而不是銷售？

Yeah. No. I don't anticipate that we're going to be revisiting the 2027 targets. Okay. What, you potentially could see is maybe you're on the lower end of those '27 numbers on the revenue line? Maybe on the high end on some of the other numbers that were in that overall model, whether you're talking about free cash flow or a gross margin kinds of numbers, but well within the range is really what we are thinking and seeing overall.

是的。不。我預計我們不會重新檢視2027年的目標。好的。你可能會發現，你的收入可能處於 2027 年那些數字的較低水準？或許在整體模型中的某些其他數字上處於較高水平，無論是自由現金流還是毛利率之類的數字，但總體而言，我們認為和看到的都是在合理的範圍內。

Recall we had this conversation probably two years ago where there was a fair amount of skepticism whether the gross margin numbers were realistic or not. I think we've probably more than erased those doubts given where we're operating today and what the future looks like.

回想一下，我們大概兩年前就討論過這個問題，當時大家對毛利率數字是否現實抱持著很大的懷疑。我認為，鑑於我們目前的營運狀況和未來發展前景，我們可能已經徹底消除了這些疑慮。

I would say that lumpy bookings are normal in our business. It's just the way things work. We're obviously doing a much better job of growing that nice stable recurring revenue on the software side, so some of that lumpiness does even out in the years ahead. But again, I wouldn't get too worried about lumpiness in the bookings in the short run.

我認為，在我們這個行業，預訂量出現波動是正常的。事情就是這樣運作的。顯然，我們在軟體方面取得了更好的成績，實現了穩定可觀的經常性收入成長，因此未來幾年收入波動會逐漸趨於平穩。但是，短期內預訂量的波動不必太擔心。

All right. I appreciate that. If I could just maybe follow-up a corollary question to that. And as you look at your backlog and the delivery times that are in those orders, let's call, it in the first half of the year, are you now seeing those delivery times changed by, let's say, pushed out by two quarters, four quarters? How much of the backlog have had delivery times pushed out? Just give us a little bit of a better feel for that.

好的。我很感激。我能否再問一個相關的問題？當你查看你的積壓訂單和這些訂單的交付時間時，比如說，在今年上半年，你是否發現這些交付時間發生了變化，比如說，被推遲了兩個季度、四個季度？有多少積壓訂單的交貨時間被延後了？請您再詳細解釋一下。

Yeah. I would say that think about it in a more holistic sense than that. If you had a project that you were planning on doing the deployment over three years, maybe you're now profiling it over four years in some particular cases. That's kind of what it would look like. So you're really taking the same area under the curve and perhaps spreading it a little bit for some of those projects. So it's less discreet than perhaps the way I'm interpreting your question.

是的。我認為應該從更全面的角度來看待這個問題。如果你有一個項目，原本計劃用三年時間完成部署，那麼在某些特殊情況下，你現在可能需要用四年時間來評估其可行性。大概就是這個樣子吧。所以你實際上是在曲線下保持相同的面積，或許會在某些專案中稍微擴大一下面積。所以，這可能沒有我理解的你問題的那種謹慎程度。

And again, this is not every project. This is a few larger projects which slowed down the revenue on the hardware side of things. Meanwhile, the software portion and services portion of the business continues to grow nicely and continue to do exactly what we want it to do inside of the business. So I think you've got to look at it through both lenses and think about how that expresses itself through the P&L as well as how we can help our customers with the types of things they need to get done.

再次強調，這並非所有項目都是如此。這是幾個較大的項目，導致硬體方面的收入成長放緩。同時，該公司的軟體部分和服務部分繼續保持良好的成長勢頭，並繼續按照我們希望它在公司內部發揮的作用發展。所以我認為，你需要從這兩個角度來看待這個問題，思考它如何透過損益表體現出來，以及我們如何幫助客戶完成他們需要完成的各種事情。

Thank you. And I'm showing there are no further questions in the queue at this time. I will now turn the call back over to Mr. Tom Dietrich for any closing remarks.

謝謝。目前隊列中沒有其他問題了。現在我將把電話轉回給湯姆·迪特里希先生，請他作總結發言。

Very good. Thank you all for joining the call today. We look forward to updating you again at the end of the year. Thanks.

非常好。感謝各位今天參加電話會議。我們期待在年底再次向您報告最新情況。謝謝。

This concludes today's conference call. Thank you for your participation and you may now disconnect.

今天的電話會議到此結束。感謝您的參與，您現在可以斷開連接了。