Trimble Inc (TRMB) 2024 Q2 法說會逐字稿

Thank you for standing by. And welcome to the Trimble second-quarter 2024 financial results conference call. (Operator Instructions)

謝謝你的支持。歡迎參加 Trimble 2024 年第二季財務業績電話會議。（操作員說明）

I would now like to turn the call over to Rob Painter, Trimble President and CEO. Please go ahead.

我現在想將電話轉給 Trimble 總裁兼執行長 Rob Painter。請繼續。

Welcome, everyone. Before I get started, our presentation is available on our website, and we ask that you refer to the Safe Harbor at the back. Our financial commentary will reflect non-GAAP performance metrics, including organic growth comparisons, which refer to the corresponding period of last year, unless otherwise noted. In addition, our P&L commentary will emphasize comparables on an as-adjusted basis, which excludes our agriculture business.

歡迎大家。在我開始之前，我們的簡報可以在我們的網站上找到，我們要求您參考後面的安全港。除非另有說明，我們的財務評論將反映非公認會計準則績效指標，包括有機成長比較，指的是去年同期。此外，我們的損益評論將強調調整後的可比較數據，其中不包括我們的農業業務。

Let's start on slide 4. During the second quarter, we continued to advance our connect and scale strategy, which involves digitally connecting the workflows within targeted industry segments and creating scale across Trimble through shared technology platforms. Our strategy delivers outcomes in the form of unique value to our customers and sustainable value creation to our shareholders. We want to convey three key messages today: the strategy is working; the numbers reflect the execution; and the execution reflects our simplified and focused organization.

讓我們從幻燈片 4 開始。在第二季度，我們繼續推進我們的連接和擴展策略，其中涉及以數位方式連接目標行業細分內的工作流程，並透過共享技術平台在 Trimble 中創建規模。我們的策略為客戶提供獨特價值，為股東創造永續價值。今天我們想傳達三個關鍵訊息：策略正在發揮作用；數字反映執行情況；執行力體現了我們簡化且專注的組織。

Slides 5 and 6 detail some highlight metrics. $2.11 billion of ARR grew 14%. Revenue grew 1%. Gross margins were a record 66.5%. EBITDA margin expanded 40 basis points to 24.6% and free cash flow was strong. Revenue in the quarter was 75% software services recurring and 60% overall recurring revenue both records for Trimble, reflecting our portfolio transformation and continued organic mix shift driven by ARR growth. Based on the solid first half year performance, we are raising our guidance for the year.

投影片 5 和 6 詳細介紹了一些亮點指標。 21.1 億美元的 ARR 成長了 14%。收入增長 1%。毛利率達到創紀錄的 66.5%。EBITDA 利潤率擴大 40 個基點至 24.6%，自由現金流強勁。本季營收中 75% 為軟體服務經常性收入，60% 為整體經常性收入，這兩項收入均創 Trimble 紀錄，反映了我們的產品組合轉型以及 ARR 成長推動的持續有機組合轉變。基於上半年穩健的業績，我們上調了今年的指引。

Before we turn to the performance of the segments, let me provide an update on the status of our financial audit. By way of reminder, the need for EY's reaudit of our 2023 financials stemmed from concerns about the comprehensiveness and documentation of a number of our internal controls, especially around our IT systems. These concerns arose as EY prepared for a PCAOB inspection of their audit of Trimble. In April, EY began additional audit procedures relating to our 2023 financial statements using a more detailed substantive approach. We are working collaboratively with EY and have provided them with a substantial majority of the information they need. EY's work is nearing completion, and we expect it to wrap up within the next month or so. To date, the audit has not identified any issues, which would result in a change of our financial statements. When EY's work is complete, we will reissue our annual report for 2023 and filed Forms 10-Q for the first and second quarter of 2024. Based on the work to date, we anticipate that the financial results will be the same as what we have previously reported.

在我們討論各部門的表現之前，讓我先介紹一下我們財務審計的最新狀況。需要提醒的是，安永需要重新審計我們 2023 年的財務狀況，源於對我們許多內部控制（尤其是圍繞 IT 系統的內部控制）的全面性和記錄的擔憂。當 EY 準備接受 PCAOB 對 Trimble 審計的檢查時，這些擔憂就出現了。4 月，安永開始使用更詳細的實質方法對我們 2023 年財務報表進行額外的審計程序。我們正在與安永合作，並為他們提供了他們所需的大部分資訊。安永的工作已接近完成，我們預計下個月左右完成。迄今為止，審計尚未發現任何會導致我們的財務報表變更的問題。當安永的工作完成後，我們將重新發布 2023 年年度報告，並提交 2024 年第一季和第二季的 10-Q 表格。根據迄今為止的工作，我們預計財務結果將與我們先前報告的相同。

Let's get back to the business with a review of our segment results, starting on slide 7 with our AECO segment. The team delivered another record quarter of ARR with a terrific 18% level of ARR growth. The AECO segment is the tip of the spear of our connect and scale strategy, and the strategy is working. We are succeeding and growing customer count with our innovative products and driving higher revenue per customer through our integrated platform offering.

讓我們回到業務上來，回顧一下我們的細分市場結果，從幻燈片 7 的 AECO 細分市場開始。該團隊的 ARR 季度再創新高，ARR 成長率高達 18%。AECO 部門是我們連接和規模策略的尖端，而該策略正在發揮作用。我們透過我們的創新產品取得成功並不斷增加客戶數量，並透過我們的整合平台產品為每位客戶帶來更高的收入。

The A represents architecture and design. Here, our SketchUp product surpassed 1 million subscribers, an amazing milestone delivered by the team. The E represents engineering. An example of the strategy at work here comes in the form of unique workflows that only Trimble can deliver such as Scan and fabrication workflows. The C represents construction. Here, our recent tuck-in acquisitions of field and payment solutions have shown us that we can run repeatable land-and-expand players that deliver our customers fast time to value when they buy additional capabilities on top of our construction management system. The O represents the owners, both private and public sector. In May, we held a user conference in Cleveland, where we launched Trimble Unity, a suite of asset life cycle management solutions that uniquely connects Trimble capabilities.

A代表建築和設計。在這裡，我們的 SketchUp 產品訂閱者數量突破了 100 萬，這是團隊實現的驚人的里程碑。E代表工程。這裡的策略範例是只有 Trimble 才能提供的獨特工作流程，例如掃描和製造工作流程。C代表建築。在這裡，我們最近對現場和支付解決方案的收購向我們表明，我們可以運行可重複的土地和擴張參與者，當我們的客戶在我們的施工管理系統之上購買額外的功能時，可以幫助他們快速實現價值。O 代表所有者，包括私營部門和公共部門。5 月份，我們在克利夫蘭舉行了一次用戶會議，並在那裡推出了 Trimble Unity，這是一套以獨特方式連接 Trimble 功能的資產生命週期管理解決方案套件。

Across these AECO personas, we operate a common and connected data environment, namely Trimble Connect. Connect has now initiated more than 20 million projects since inception and had over 6 billion API hits into the platform in just the first six months of 2024. On the go-to-market side, we moved the team to a named account selling model earlier this year, and we are now lining up our digital marketing efforts to better enable our sales motions.

在這些 AECO 角色中，我們經營一個通用且互聯的資料環境，即 Trimble Connect。自成立以來，Connect 現已啟動了超過 2,000 萬個項目，僅在 2024 年前六個月，該平台的 API 訪問量就超過 60 億次。在進入市場方面，我們今年稍早將團隊轉移到了指定帳戶銷售模式，現在我們正在調整我們的數位行銷工作，以更好地實現我們的銷售行動。

In conclusion, the connect and scale investments we have made over the last several years have enabled us to grow and gain share. Our strategy resonates with customers looking for strong ROIs, based on our second quarter results, our pipeline and our solid bookings performance, we see our momentum continue. We recently hired a Chief Revenue Officer for this business which we believe will help further enable and ensure our growth and success at scale and this $1.16 billion ARR business that is already operating well above a Rule of 40 benchmark.

總之，我們在過去幾年中進行的連結和規模投資使我們能夠成長並獲得份額。我們的策略與尋求高投資報酬率的客戶產生共鳴，根據我們第二季的業績、我們的管道和我們穩健的預訂業績，我們看到我們的勢頭仍在繼續。我們最近為這項業務聘請了一位首席營收官，我們相信這將有助於進一步促進和確保我們的規模增長和成功，這項價值 11.6 億美元的 ARR 業務已經遠高於 40 規則基準。

The physical side of our business is largely conveyed in our field systems reporting segment with key highlights on slide 8. Revenue was down as expected, primarily related to the strength of prior year government-related sales. While end market conditions have been soft in some areas, we continue to perform well with strong product and channel positions. Nowhere is this more evident than in the more than $300 million of field systems ARR. The team has been doing a great job of converting relevant software and hardware models where we have the ability to leverage our strong market position and product offerings to deliver unique value to customers. This motion has expanded our addressable market as evidenced by delivering 17% ARR growth, nearly matching the growth in AECO.

我們業務的物理方面主要在我們的現場系統報告部分中傳達，關鍵亮點在幻燈片 8 中。收入如預期下降，主要與前一年政府相關銷售的強勁有關。儘管某些領域的終端市場狀況疲軟，但我們憑藉強大的產品和通路地位持續表現良好。這一點在價值超過 3 億美元的現場系統 ARR 中體現得最為明顯。該團隊在轉換相關軟體和硬體模型方面做得非常出色，我們有能力利用我們強大的市場地位和產品供應為客戶提供獨特的價值。這項動議擴大了我們的潛在市場，ARR 成長了 17%，幾乎與 AECO 的成長相當。

I will illustrate this through three examples, starting with our Works Plus offering in civil construction, which offers machine control and guidance as a service. The team delivered a record quarter of bookings.

我將透過三個例子來說明這一點，首先是我們在土木建築領域提供的 Works Plus 產品，它提供機器控制和指導作為服務。該團隊的季度預訂量創歷史新高。

Second, our positioning services business has expanded our unique ability to offer globally ubiquitous and high accuracy signals from our classic geospatial and agriculture markets into automotive markets. The team delivered three design wins in the quarter to major automotive OEMs.

其次，我們的定位服務業務擴展了我們獨特的能力，從我們的經典地理空間和農業市場到汽車市場提供全球無所不在的高精度訊號。該團隊在本季向主要汽車原始設備製造商交付了三項設計成果。

And third, we launched the R980 GNSS survey instrument in the quarter with firmware configurations, field software, and positioning services available on a subscription basis, which expands the addressable market by lowering upfront costs, enabling more customers to adopt our premium solutions. Strategically speaking, most of the solutions we sell in this segment act as a data collection node in the physical world to provide us the unique Trimble ability to connect the physical and digital world.

第三，我們在本季推出了 R980 GNSS 測量儀器，提供韌體配置、現場軟體和可訂閱的定位服務，這透過降低前期成本擴大了潛在市場，使更多客戶能夠採用我們的優質解決方案。從策略上講，我們在這一領域銷售的大多數解決方案都充當物理世界中的資料收集節點，為我們提供連接物理世界和數位世界的獨特 Trimble 能力。

Closing our segment commentary on slide 9, transportation and logistics beat our top and bottom line expectations. Transporeon delivered double-digit ARR growth as did our Maps business. Excluding the North America mobility business, organic ARR growth in this segment was 11%. While our mobility business has experienced the churn we anticipated, it is worth noting that the team delivered the largest bookings in the last few years in the quarter, which was one-half a technology upgrade with Trimble and one-half a competitive displacement.

在投影片 9 上結束我們的分部評論時，運輸和物流超出了我們的收入和利潤預期。Transporeon 實現了兩位數的 ARR 成長，我們的地圖業務也是如此。不包括北美行動業務，該細分市場的有機 ARR 成長率為 11%。雖然我們的行動業務經歷了我們預期的流失，但值得注意的是，該團隊在本季度交付了過去幾年來最大的預訂量，其中一半是 Trimble 的技術升級，一半是競爭位移。

Our new platform is generating positive buzz in the market, and we are having good success selling video solutions. While the freight market remains in a recessionary environment, our Transporeon business continued to win new logos in the quarter, and we continue to innovate on all our solutions, some of which will be unveiled at our user conferences in September.

我們的新平台在市場上引起了積極的反響，我們在銷售視訊解決方案方面也取得了巨大成功。雖然貨運市場仍處於衰退環境中，但我們的 Transporeon 業務在本季度繼續贏得新徽標，我們繼續對所有解決方案進行創新，其中一些解決方案將在 9 月的用戶大會上公佈。

In addition, we are moving down the path of product rationalization between the Trimble and Transporeon businesses as evidenced by consolidating our work on freight marketplace and visibility into one team each. We also began selling our mapping solutions into the Transporeon customer base. The sum of these activities delivered 18.7% operating income, a solid 460 basis point increase.

此外，我們正在 Trimble 和 Transporeon 業務之間沿著產品合理化的道路前進，這一點可以透過將我們在貨運市場和可見性方面的工作整合到每個團隊中來證明。我們也開始向 Transporeon 客戶群銷售我們的地圖解決方案。這些活動的總和帶來了 18.7% 的營業收入，穩定成長了 460 個基點。

Before handing over to Phil to walk us through more of the numbers, I want to offer a perspective on why we see Trimble as an AI winner. Starting with our own internal usage, we now have over 2,500 engineers using GitHub CoPilot and more than 5,000 Trimble colleagues using an internal version of Microsoft Azure open AI that we call Trimble Assistant.

在讓 Phil 向我們介紹更多數據之前，我想提供一個觀點來解釋為什麼我們將 Trimble 視為人工智慧的贏家。從我們自己的內部使用開始，我們現在有超過 2,500 名工程師使用 GitHub CoPilot，還有超過 5,000 名 Trimble 同事使用 Microsoft Azure 開放 AI 的內部版本（我們稱之為 Trimble Assistant）。

From a customer-facing perspective, we have beta and production releases of AI capabilities in a number of areas. In AECO, we automate the extraction of PDF data in the submittal logs and into estimating engines. We also transformed 3D BIM models into photorealistic rendering. In field systems, we focus on feature extraction from 3D point cloud.

從面向客戶的角度來看，我們在多個領域都有人工智慧功能的測試版和生產版。在 AECO 中，我們會自動提取提交日誌中的 PDF 資料並將其提取到估算引擎中。我們也將 3D BIM 模型轉換為逼真的渲染。在現場系統中，我們專注於從 3D 點雲中提取特徵。

In transportation, our AI solutions include customer support, autonomous procurement, and autonomous quotation systems that match shippers with carriers. We've included several examples of Trimble AI in the appendix of the slides, complete with hyperlink.

在運輸領域，我們的人工智慧解決方案包括客戶支援、自主採購以及將托運人和承運人匹配的自主報價系統。我們在投影片附錄中包含了幾個 Trimble AI 範例，並附有超連結。

Our thesis on AI is that the density of domain-specific data and insight will separate the AI winners and losers. With our unique scale that includes over $1 trillion of construction capital programs, tens of billions of dollars of freight transactions running through our systems, millions of global customers, and hundreds of thousands of instruments and machines in the physical world, we believe we have a compelling right to win and a defensible moat to continue building around our business. Phil?

我們關於人工智慧的論點是，特定領域數據和洞察力的密度將區分人工智慧的贏家和輸家。憑藉我們獨特的規模（包括超過1 兆美元的建設資本計劃、透過我們的系統運行的數百億美元的貨運交易、數百萬全球客戶以及物理世界中的數十萬台儀器和機器），我們相信我們擁有令人信服的獲勝權利和繼續圍繞我們的業務建設的防禦護城河。菲爾？

Thank you, Rob. As noted before, my financial commentary will emphasize comparables on an as-adjusted basis, which excludes our agriculture business. We believe that maximizing long-term free cash flow drives shareholder value. connect and scale is our strategy, which we believe will continue to deliver recurring revenue growth, margin expansion and ultimately, cumulative cash flow growth.

謝謝你，羅布。如前所述，我的財務評論將強調調整後的可比較數據，其中不包括我們的農業業務。我們相信，最大化長期自由現金流可以推動股東價值。連結和規模是我們的策略，我們相信該策略將繼續帶來經常性收入成長、利潤率擴張，並最終實現累積現金流成長。

Slide 10 highlights balance sheet and cash flow dynamics. On cash flow, we are trending better than expected after considering the transaction-related impacts. Reported free cash flow in the first half of 2024 was $300 million, that includes $50 million of tax payments related to our gain on sale from the Ag JV as well as $54 million in M&A-related transaction expenses.

投影片 10 重點介紹了資產負債表和現金流動態。在現金流方面，考慮到與交易相關的影響後，我們的趨勢比預期好。2024 年上半年報告的自由現金流為 3 億美元，其中包括與我們從 Ag JV 出售收益相關的 5,000 萬美元稅款，以及 5,400 萬美元的併購相關交易費用。

Our conversion ratio in the first half of 2024, without these items, was well above our target of 1 times net income. We will have additional tax payments impacting future operating cash flow related to the Ag JV gain on sale in our third and fourth quarters of 2024 and second quarter of 2025 since the tax payments are spread out over time. Our asset-like model continues with capital expenditures less than 2% of revenue and negative net working capital.

如果不考慮這些項目，我們 2024 年上半年的轉換率遠高於我們 1 倍淨利的目標。由於稅款隨著時間的推移而分散，我們將需要支付額外的稅款，從而影響與2024 年第三季和第四季以及2025 年第二季出售的農業合資企業收益相關的未來營運現金流。我們的資產類模型持續維持資本支出低於收入的 2% 和負淨營運資本。

Net debt to EBITDA after the close of the Ag JV stands at less than 1 times, well below our long-term leverage target of 2.5 times. We have just under $1 billion in cash after paying down return debt and the outstanding balances on our credit facilities. We intend to resume our share buyback when practical.

農業合資企業關閉後，EBITDA 淨負債低於 1 倍，遠低於我們 2.5 倍的長期槓桿目標。在償還債務和信貸額度的未償餘額後，我們擁有近 10 億美元的現金。我們打算在可行時恢復股票回購。

Our capital allocation focus remains the same. We invest where we see opportunities for the highest returns. We continue to disproportionately allocate capital to our AECO business where the bulk of our operating expense increases are in our sales and marketing engines to continue to drive ARR revenue growth and ultimately, margin expansion.

我們的資本配置重點維持不變。我們在看到最高回報機會的地方進行投資。我們繼續將資本不成比例地分配給我們的 AECO 業務，其中我們的大部分營運費用成長來自我們的銷售和行銷引擎，以繼續推動 ARR 收入成長並最終推動利潤率擴張。

On the M&A front, we expect to opportunistically pursue tuck-in acquisitions, primarily in the AECO segment where we can quickly integrate and bundle within Trimble Construction One. We acquired a field of human resources application in the third quarter of 2023, and we also recently acquired a payments offering branded as Trimble Pay that has been integrated with Viewpoint, and for both, we are seeing bookings well in excess of our deal models. These growth opportunities are enabled by our Connect & Sales strategy via bundled product offerings that we put in the hands of our sellers. This is a playbook that is delivering results and is a critical part of our acquisition strategy going forward.

在併購方面，我們預計會趁機進行收購，主要是在 AECO 領域，我們可以在 Trimble Construction One 中快速整合和捆綁。我們在2023 年第三季收購了人力資源應用領域，最近還收購了Trimble Pay 品牌的支付產品，該產品已與Viewpoint 集成，對於這兩個領域，我們看到的預訂量遠遠超過了我們的交易模式。這些成長機會是透過我們的連結與銷售策略透過我們提供給賣家的捆綁產品來實現的。這是一本正在取得成果的手冊，也是我們未來收購策略的重要組成部分。

With that, let's turn to slide 11 and talk about guidance for the remainder of the year. We have a 53rd week in fiscal 2024, which adds approximately $85 million of revenue and $50 million of operating income, mainly driven by term license renewals on January 1, which falls in the fourth quarter of this year. We are increasing the midpoint of our as-reported full year revenue guidance by $10 million from $3.62 billion to $3.63 billion, which also overcomes foreign currency headwinds. We are also increasing the full year earnings per share midpoint by $0.04 to $2.74 from the prior $2.70.

接下來，讓我們轉向投影片 11，討論今年剩餘時間的指導。2024 財年已進入第 53 週，增加了約 8,500 萬美元的收入和 5,000 萬美元的營業收入，這主要是由於 1 月 1 日（今年第四季）的定期許可證續約推動的。我們將報告中的全年收入指導中位數從 36.2 億美元提高了 1000 萬美元，達到 36.3 億美元，這也克服了外匯不利因素。我們還將全年每股收益中點從先前的 2.70 美元提高了 0.04 美元，達到 2.74 美元。

AECO revenue is slightly better than our prior guide due to the first half performance and strong bookings in the prior quarters. Field systems revenue is down slightly and transportation is unchanged. We maintain our strong ARR growth range from 11% to 13%, driven primarily by the expectation of mid- to high-teens growth in AECO, offset largely by the previously disclosed churn in our North American transportation mobility business.

由於上半年的業績和前幾季的強勁預訂，AECO 的營收略優於我們先前的指南。現場系統收入略有下降，運輸維持不變。我們維持 11% 至 13% 的強勁 ARR 成長範圍，這主要是由於 AECO 中雙位數成長的預期推動的，但在很大程度上被先前披露的北美運輸行動業務的流失所抵消。

Our EBITDA margin for the year is expected to be between 26.7% and 27.2%. Free cash flow conversion for the year is updated to be approximately 0.75 times net income, which includes $116 million of anticipated tax on gain from the JV I noted earlier as well as approximately $75 million in full year M&A costs. Without these items, we would be above 1 times net income for the year and an improvement from our prior guide.

我們今年的 EBITDA 利潤率預計在 26.7% 至 27.2% 之間。今年的自由現金流轉換更新為淨利潤的約 0.75 倍，其中包括我之前提到的合資企業收益的 1.16 億美元預期稅費以及約 7,500 萬美元的全年併購成本。如果沒有這些項目，我們當年的淨利潤將超過 1 倍，並且比我們之前的指南有所改善。

Let's move to our third quarter guidance on slide 12, which is consistent with our prior guide. I'll focus again on our as-adjusted view, excluding agriculture. Our outlook for ARR growth remains strong with continued expectations for 11% to 13% organic growth despite the North American transportation mobility headwind I mentioned earlier. Our total company revenue is projected to be $840 million to $880 million. On an as-adjusted basis, our revenue is anticipated to grow in the range of flat to up 4% year-over-year and is showing improvement relative to the second quarter, mainly due to strong government sales in the second quarter of 2023.

讓我們轉向幻燈片 12 上的第三季指南，該指南與我們先前的指南一致。我將再次關注我們調整後的觀點，不包括農業。儘管我之前提到了北美交通運輸的逆風，但我們對 ARR 成長的前景依然強勁，並繼續預期有機成長 11% 至 13%。我們公司的總收入預計為 8.4 億至 8.8 億美元。在調整後的基礎上，我們的收入預計將同比增長在持平到增長 4% 的範圍內，並且相對於第二季度有所改善，這主要是由於 2023 年第二季度政府銷售強勁。

Non-GAAP operating margin is expected to be in the range of 22.5% to 23.5%, and adjusted EBITDA margin in the range of 24% to 25% for the third quarter. Our EPS forecast is in the range of $0.58 to $0.64, which is, again, consistent with our prior guide.

第三季非 GAAP 營業利潤率預計在 22.5% 至 23.5% 之間，調整後 EBITDA 利潤率在 24% 至 25% 之間。我們的 EPS 預測範圍為 0.58 美元至 0.64 美元，這再次與我們先前的指導一致。

I'd also like to point out that we included a new supplement in our materials that is available on our Investor Relations website. This is to provide a summary of our results, along with assumptions behind our guidance model in a readily available format.

我還想指出的是，我們在材料中添加了新的補充資料，可以在我們的投資者關係網站上找到。這是為了以現成的格式提供我們的結果摘要以及我們的指導模型背後的假設。

One more item I'd like to mention before turning it back over to Rob. As we think about the financial model in a multiyear context, I refer to our Investor Day numbers from September 2022. Our long-term target model projected that revenue would grow in the 5% to 8% range organically. Normalizing for the benefit of the extra week in fiscal year 2024, we believe with the continued shift to higher-growth software, we are biased above the midpoint of this range.

在將其轉回給羅布之前，我還想提一下另一件事。當我們在多年背景下思考財務模型時，我參考了 2022 年 9 月的投資者日數據。我們的長期目標模型預計營收將有機成長 5% 至 8%。為了 2024 財年額外一周的利益而正常化，我們相信，隨著繼續轉向高成長軟體，我們的偏見高於該範圍的中點。

We also had forecasted operating leverage in the range of 30% to 35%. Given the mix shift to software with higher gross margins, we would expect operating leverage going forward to be at or above the high end of this range. Thus, we see the potential to expand operating margins in the range of 100 basis points or more annually. We look forward to providing more details and an update on our long-range financial plan at our Investor Day in New York City on December 10.

我們也預測營運槓桿在 30% 至 35% 之間。鑑於產品組合轉向毛利率更高的軟體，我們預計未來的營運槓桿將達到或高於該範圍的高端。因此，我們認為營業利潤率每年有可能擴大 100 個基點或更多。我們期待在 12 月 10 日於紐約市舉行的投資者日上提供更多詳細資訊和有關我們長期財務計劃的最新資訊。

Rob, I'll turn it back over to you.

羅布，我會把它還給你。

Thanks, Phil. And thank you to all our Trimble colleagues and partners for delivering a solid first half of the year and for demonstrating resilience and conviction as we continue to transform how we work so that we can transform how the world works.

謝謝，菲爾。感謝所有 Trimble 同事和合作夥伴在今年上半年表現出色，並在我們繼續改變工作方式、從而改變世界運作方式的過程中表現出韌性和信念。

I'll end with a fun fact related to the games in Paris. Our technology is leveraged for the design, engineering, and construction of many of the stadiums, such as the aquatic center, the sailing marina, the football stadium, and also for athletic housing. The Les Gradins building, which houses over 400 athletes will be converted to an office building after the games conclude. On the project, our survey kit, engineering, and prefabrication technologies were used to construct a sustainable structure and to deliver it on time. Trimble Connect was used as a collaboration platform to coordinate across hundreds of users and stakeholders. To quote the BIM engineering manager on the project, I find Trimble Connect to be the best collaboration platform on the market in terms of quality and usability. You can tell they design the tool to be easy to use, even for nonexperts.

我將以一個與巴黎比賽有關的有趣事實作為結束。我們的技術被用於許多體育場館的設計、工程和施工，例如水上運動中心、帆船碼頭、足球場以及運動住宅。容納 400 多名運動員的 Les Gradins 大樓將在奧運會結束後改建為辦公大樓。在該專案中，我們使用了測量套件、工程和預製技術來建造可持續的結構並按時交付。Trimble Connect 被用作協作平台來協調數百名使用者和利害關係人。引用該專案的 BIM 工程經理的話，我發現 Trimble Connect 是市場上品質和可用性方面最好的協作平台。您可以看出他們設計的工具易於使用，即使對於非專家也是如此。

Operator, let's open the line to questions.

接線員，讓我們開始提問吧。

(Operator Instructions) Kristen Owen, Oppenheimer.

（操作員說明）克里斯汀歐文，奧本海默。

Hi. Good morning. Thank you for taking the question. And congratulations on the nice quarter. I wanted to ask about the 18% AECO ARR, clearly ahead of our expectations. You lifted the guidance there. And when I look across the landscape of software categories in which you compete, it seems to me like maybe there's an opportunity for Trimble to pick up some share as you think about some of the pricing and channel shifts that we've seen. So I'm just wondering if you can help us unpack the sources of growth there. Is it cross-sell, upsell, new logos, price, et cetera. Any additional color that you can provide there would be helpful.

你好。早安.感謝您提出問題。恭喜這個美好的季度。我想問一下 18% AECO ARR，這顯然超出了我們的預期。你取消了那裡的指導。當我縱觀您所競爭的軟體類別的格局時，在我看來，當您考慮到我們所看到的一些定價和管道轉變時，Trimble 也許有機會獲得一些份額。所以我只是想知道你是否可以幫助我們挖掘那裡的成長來源。是交叉銷售、追加銷售、新標誌、價格等等。您可以在那裡提供的任何其他顏色都會有所幫助。

Thanks, Kristen, for the question. And good morning. So let's break down a little bit there within the ARR growth. Starting with like a congrats to the team. It really was a terrific post of the number for the quarter. About two-thirds of that growth is coming from existing customers and one-third from new logos. And so we really -- the breadth and depth of the portfolio we have there's a great ability for us to package cross-sell, upsell. And that comes in the form of the Trimble Construction One offering where we now have over 20 prepackaged offerings to serve specific personas across the industry continuum.

謝謝克里斯汀提出這個問題。早安.因此，讓我們對 ARR 成長進行一些分解。首先向團隊表示祝賀。這確實是本季的一個了不起的數字。大約三分之二的成長來自現有客戶，三分之一來自新標誌。因此，我們確實 - 我們擁有的產品組合的廣度和深度使我們有能力進行交叉銷售和追加銷售。這以 Trimble Construction One 產品的形式出現，我們現在擁有 20 多種預先包裝的產品，可以為整個行業的特定角色提供服務。

If we look at the segments that we're serving within construction, where we see strong growth are in data centers. We see the onshoring and reshoring of work, renewable energy work. These end markets have been strong and probably data centers have been the strongest. We actually have also had some growth in residential. So even though there's weakness there, we've seen growth there.

如果我們看看我們在建築領域所服務的細分市場，我們會看到資料中心的強勁成長。我們看到工作的外包和回流，以及再生能源工作。這些終端市場一直很強勁，資料中心可能是最強的。實際上，我們在住宅方面也取得了一些成長。因此，儘管存在弱點，但我們還是看到了成長。

One thing that's unique to, Kristen, about the data set that we have, because we're managing over $1 trillion of committed construction programs through our systems, over $0.5 trillion through the ERP alone is there's a lot of data we can see. And so in North America, we can see that jobs are up. Hiring is up that as jobs are up. We can see that the volumes are up. We can see geographic strengths within states here in the US. We can see that states like South Carolina, Florida, Texas, have been very strong. We can see states like New York and Louisiana have been weaker. So we're able to get a good insight into the market. And then differentially across the world, North America, for sure, is performing better than Europe and Asia Pacific. So I hope that gives you some color.

Kristen，關於我們擁有的資料集，有一點是獨一無二的，因為我們透過我們的系統管理超過 1 兆美元的承諾建設項目，僅透過 ERP 就超過 0.5 兆美元，我們可以看到大量資料。因此，在北美，我們可以看到就業機會增加。隨著工作崗位的增加，招聘人數也增加。我們可以看到成交量上升了。我們可以看到美國各州內部的地理優勢。我們可以看到南卡羅來納州、佛羅裡達州、德克薩斯州等州表現非常強勁。我們可以看到紐約和路易斯安那等州的表現較弱。所以我們能夠對市場有一個很好的洞見。從全球來看，北美的表現絕對好於歐洲和亞太地區。所以我希望這能給你一些色彩。

Thank for that. And my follow-up here, this is the first real conversation we've heard Trimble have about AI. You're giving some of the examples at the back, which we'll have to go back and look into. But one of the questions that we've seen in AI in the market has been, how do you monetize it? So can you help us understand whether it's the copilot or utilization or the autonomous procurement? Just help us understand the value creation or monetization opportunity for Trimble in leveraging that technology. Thank you.

謝謝你。我的後續行動是，這是我們第一次聽到 Trimble 關於人工智慧的真正對話。你在後面給了一些例子，我們必須回去研究一下。但我們在市場上看到的人工智慧問題之一是，如何將其貨幣化？那麼能否幫我們了解一下到底是副駕駛還是利用還是自主採購？只需幫助我們了解 Trimble 利用該技術的價值創造或貨幣化機會。謝謝。

Yes. It's a great question, Kristen. We're still in the very early innings of monetization. We're paying a lot of attention to it. Now, you talked about the GitHub CoPilot work. That's internal productivity. So the lens I have on this is there's a set of work in AI that's for making us more efficient and productive inside our own house, that could be how we're doing customer support using the chat bot. It is the productivity through the code development. It's getting sharper about how we do our marketing efforts, leveraging AI.

是的。這是一個很好的問題，克里斯汀。我們仍處於貨幣化的早期階段。我們對此非常關注。現在，您談到了 GitHub CoPilot 工作。這就是內部生產力。因此，我對此的看法是，人工智慧領域有一系列工作可以讓我們在自己的家中變得更有效率和生產力，這可能是我們使用聊天機器人提供客戶支援的方式。就是透過程式碼開發產生的生產力。我們如何利用人工智慧進行行銷工作，這一點變得越來越清晰。

When we go more customer oriented, and those are the examples I had in the prepared remarks and then we put a slide in the appendix with some hyperlink so you can go look at some examples of what we're doing in the market. I'd give you sort of two breakdowns on that. One is that we see it as -- some of this is part of continuous value delivery to our customers. That is they're paying subscriptions. We typically get price increases every year. I think there's a reasonable expectation that we're providing incremental value. And in that sense, it's part of the offering that we do.

當我們更加以客戶為導向時，這些是我在準備好的評論中提供的示例，然後我們在附錄中放了一張帶有一些超連結的幻燈片，以便您可以查看我們在市場上所做的一些範例。我想給你兩個細分。一是我們將其視為—其中一些是向客戶持續交付價值的一部分。那就是他們正在付費訂閱。我們通常每年都會漲價。我認為我們有合理的期望，即我們正在提供增量價值。從這個意義上說，這是我們提供的服務的一部分。

The distinction I would make is when we have more breakthrough productivity or breakthrough value that we can provide customers, we think about, okay, what's the -- quantifying that value and then what's our fair share of that capture. One example I can point out is in within our Transporeon business as the team developed -- has developed autonomous procurement and autonomous quotation capabilities. And when customers are using that instead of the traditional methods they've used and solutions we've used within Transporeon, we're monetizing that at, I think, of 2 times to 3 times -- back to 2x factor, poor execution because the result is that much better for the customer. So that's one example of where we're monetizing. And I'd say we're still pretty early in it. And you're right that this is certainly evolving of -- in the monetization side of things.

我要說的區別是，當我們能夠為客戶提供更多突破性的生產力或突破性的價值時，我們會思考，好吧，量化該價值，然後我們在該捕獲中的公平份額是多少。我可以指出的一個例子是在我們的 Transporeon 業務中，隨著團隊的發展，已經開發了自主採購和自主報價能力。當客戶使用這種方法而不是他們使用的傳統方法和我們在Transporeon 中使用的解決方案時，我認為我們的貨幣化程度是2 倍到3 倍——回到2 倍係數，執行力很差，因為結果對客戶來說更好。這就是我們貨幣化的一個例子。我想說我們還處於早期階段。你是對的，這肯定是在貨幣化方面的發展。

Thank you for the time.

謝謝你的時間。

Jason Celino, KeyBanc Capital Markets

Jason Celino，KeyBanc 資本市場

Great. This is Zane Meehan on for Jason Celino this morning. Thanks for taking my question. Rob, first one for you. With the election in the US coming up later this year, just curious to hear if you're hearing any customers laying buying decisions as a result of that? And if so, if that's contemplated in the 3Q and full year guidance?

偉大的。我是讚恩·米漢 (Zane Meehan)，今天早上為傑森·塞利諾 (Jason Celino) 發言。感謝您提出我的問題。羅布，第一個給你的。隨著今年稍後美國大選的臨近，我想知道您是否聽到任何客戶因此做出購買決定？如果是這樣，第三季和全年指導中是否考慮到了這一點？

Hey. Thanks for the question. Relative to the election, I mean, you typically hear that in these periods of people will do a bit of a pause to kind of see which way the wind is going to blow. And we'll see which way the wind blows. We believe we've taken that into account in the guide that we've put forward. And if you think about the guide, think about the visibility we have with the ARR business is much higher than we would have on, let's say, the hardware business, which manifests more as a book and burn. So we have visibility into the rest of the year differential visibility. 60% of our revenue is now recurring as a company, 75% of our revenue overall as software services and recurring.

嘿。謝謝你的提問。我的意思是，相對於選舉，你通常會聽到，在這些時期，人們會稍作停頓，看看風向會朝哪個方向吹。我們會看看風向哪個方向吹。我們相信我們已經在提出的指南中考慮到了這一點。如果您考慮一下該指南，請考慮我們在 ARR 業務中的知名度比我們在硬體業務中的知名度要高得多，硬體業務更多地表現為一本書和刻錄。因此，我們可以了解今年剩餘時間的差異可見度。現在，我們 60% 的收入來自公司的經常性收入，整體收入的 75% 來自軟體服務和經常性收入。

It's certainly reasonable for us to -- and all of us, I guess, to think about what the impact of the election might be on our business, whether that's around regulation or whether that's around tariffs, depending on which way and which way this goes. But we believe we've got this taken into account.

我想，我們所有人都應該思考選舉可能對我們的業務產生什麼影響，無論是監管方面還是關稅方面，這取決於事態的發展方向和方式。但我們相信我們已經考慮到了這一點。

Okay. Great. That's super helpful. Thanks. And then second question, Phil, for you. On the margin side, it's nice to see a little uptick in the guide. Just curious, is that coming more from the revenue outperformance? Or are you getting leverage from specific line item. Just curious to hear further infill on the margin uptake.

好的。偉大的。這非常有幫助。謝謝。然後是第二個問題，菲爾，問你。在利潤方面，很高興看到指南略有上升。只是好奇，這更多的是來自收入的優異表現嗎？或您是否從特定訂單項目中獲得槓桿作用。只是想知道利潤率的進一步成長。

Yeah. Thanks, Zane. The main reason for it is really the mix shift is our AECO business continues to grow at a faster rate than the field systems. And we had a little bit better first half and those bookings start to flow through in the second half. And so I think what you're seeing is then that mix shift, which obviously the gross margin on the AECO business is higher than the field systems. And so you're seeing that sort of flow through in the back half of the year.

是的。謝謝，贊恩。其主要原因實際上是混合轉變，因為我們的 AECO 業務繼續以比現場系統更快的速度成長。我們上半場的表現稍好一些，下半年的預訂量開始增加。因此，我認為您所看到的是混合轉變，顯然 AECO 業務的毛利率高於現場系統。所以你會在今年下半年看到這種流動。

Okay. Great. Thank you.

好的。偉大的。謝謝。

Jerry Revich, Goldman Sachs.

傑瑞·雷維奇，高盛。

Yes. Hi. Good morning, everyone. Rob, nice to hear about the logo growth at Transporeon. Can you just expand on that? What was the logo growth in the quarter? What was the transaction counts? Can you just expand more on the performance in the quarter and to the extent you have visibility on how the cadence looked into July and August for that business, please?

是的。你好。大家早安。Rob，很高興聽到 Transporeon 標誌的成長。能擴展一下嗎？本季商標成長了多少？交易數量是多少？您能否詳細介紹本季的業績以及該業務 7 月和 8 月的節奏情況？

Sure. Let me frame this in two ways. One, with the first half of the year and then secondarily with the second quarter, specifically for the first half of the year, the bookings' growth in the Transporeon business was in the mid- to high teens. So super pleased with that performance in context of what still is a freight recession.

當然。讓我用兩種方式來闡述這一點。首先，今年上半年，其次是第二季度，特別是今年上半年，Transporeon 業務的預訂量成長達到了十幾歲左右。在貨運仍衰退的背景下，我對這種表現非常滿意。

And so the way that you can grow that bookings, it's coming through winning deals. And in the second quarter, the team won over 250 deals. Those deals come in the form of landing dozens of new logos and also doing land and expand plays within the existing customer base. There are certainly some pockets of end markets that are stronger and others that are weaker. There's been some strength coming back on the retail side. Some of the building materials that side of the business has been lower for the business. The team also had some success getting traction here in North America as well, which we were pleased by.

因此，增加預訂量的方法就是透過贏得交易。第二季度，球隊贏得了超過 250 筆交易。這些交易的形式包括登陸數十個新徽標，以及在現有客戶群中登陸和擴大業務。當然，終端市場的某些部分較強，而有些則較弱。零售方面已經恢復了一些力量。部分建材業務方面的業務已經走低。該團隊在北美也取得了一些成功，獲得了關注，我們對此感到高興。

And then last thing I'll comment on is, we've got more plays happening between the Transporeon and Thermal Transportation business. Still early in that, but I like what I'm seeing in terms of the teams working together. So add that up, and that's the color around the numbers.

我要評論的最後一件事是，我們在 Transporeon 和熱力運輸業務之間發生了更多的事情。雖然還處於早期階段，但我喜歡我所看到的團隊合作。所以把它加起來，那就是數字周圍的顏色。

Super. Thank you. And can I ask a similar question for AECO. I mean that business has been growing consistently around 17%, 18% really since you've acquired e-Builder and Viewpoint, can you unpack the growth profile now? How much is the logo growth that we're seeing this year versus cross-selling? And how much runway do you see based on the pipeline and opportunity set to continue to deliver this pretty consistent level of growth that you've put on, I think, for about five years now?

極好的。謝謝。我可以向 AECO 詢問類似的問題嗎？我的意思是，自從您收購了 e-Builder 和 Viewpoint 以來，業務一直在持續成長 17%、18% 左右，您現在能分析一下成長嗎？與交叉銷售相比，今年我們看到的商標成長了多少？基於管道和機會，您認為還有多少跑道可以繼續實現您已經實現的相當一致的增長水平，我認為，大約五年了？

Sure, Jerry. So the growth is about two-thirds from existing customers and one-third from new logo customers. And you're right, the team has consistently been posting excellent growth. And this is excellent growth at scale. I mean AECO alone is a $1.16 billion ARR business today, growing in ARR in the high teens, operating at a Rule of 44 in the quarter. It was over a Rule of 50 in the first quarter, net retention is about 108% in the business. So a lot of good things happening in the business.

當然，傑瑞。因此，成長量約有三分之二來自現有客戶，三分之一來自新商標客戶。你是對的，該團隊一直在取得出色的成長。這是規模上的出色成長。我的意思是，如今，僅 AECO 一家公司的 ARR 業務就達到了 11.6 億美元，其 ARR 成長在十幾歲左右，本季的營運規則為 44。第一季超過了 50 規則，業務淨留存率約為 108%。因此，行業中發生了很多好事。

We believe we're winning because we have a unique value proposition, a value proposition is delivering productivity, quality, safety, environmental sustainability to our customers. It's helping them solve higher order problems for customers and abilities, especially when we have the -- where we have the TC1 offerings available at Trimble Construction One, it reduces friction in the buying process. It makes it easier for customers to do business with us. It's doing things with Trimble that you can uniquely do that is connecting work in the field and work in the office. So when we look at the base of the customers that we have, we're bullish in our ability to continue growing this business, especially when I look at that two-thirds, one-third split, and two-thirds being from existing customers.

我們相信我們會獲勝，因為我們擁有獨特的價值主張，價值主張是為我們的客戶提供生產力、品質、安全和環境永續性。它幫助他們解決客戶和能力的更高階問題，特別是當我們在 Trimble Construction One 上提供 TC1 產品時，它減少了購買過程中的摩擦。它使客戶更容易與我們開展業務。使用 Trimble，您可以獨特地完成將現場工作與辦公室工作連接起來的事情。因此，當我們審視我們擁有的客戶群時，我們對繼續發展這項業務的能力感到樂觀，特別是當我看到三分之二、三分之一的分割和三分之二來自現有客戶時。

Thank you.

謝謝。

You're welcome.

不客氣。

Jonathan Ho, William Blair.

喬納森·何，威廉·布萊爾。

Hi. Good morning. Just wanted to see if you could give us a little bit of additional color on the go-to-market changes that you're making around the named account executives for Trimble Connect. And maybe help us understand how that could potentially drive faster adoption of the Trimble platform?

你好。早安.只是想了解您是否可以向我們提供一些關於您針對 Trimble Connect 指定客戶主管所做的上市更改的更多資訊。也許可以幫助我們了解這如何可能推動 Trimble 平台的更快採用？

Hi. Good morning, Jonathan. So we moved in the AECO business. We moved to a named account selling model at the beginning of the year. That was definitely a huge change for the team and for the organization. And if you think about it, if you're going to -- if you rewind, call it, five, 10 years ago, we might have sent multiple sellers in to talk to a given customer. Today, that moves to having one person who's got accountability for that account and then accountability to bring in the specialists behind her or him in order to best serve that customer and meet the breadth of needs.

你好。早安，喬納森。於是我們開始涉足 AECO 業務。今年年初，我們轉向了指定帳戶銷售模式。對於團隊和組織來說，這絕對是一個巨大的改變。如果你想一想，如果你回顧一下，五年前、十年前，我們可能會派多個賣家去與某個特定客戶交談。如今，情況已轉變為由負責該客戶的人員負責，然後負責聘請其背後的專家，以便最好地服務該客戶並滿足廣泛的需求。

Now, it's one thing to have a named account model that would be incomplete if you didn't have the product to go along with it. And that's where the bundled offerings TC, Trimble Construction One, namely, arms those account executives with the ability to offer customers unique value proposition.

現在，擁有一個指定的帳戶模型是一回事，如果您沒有與之配對的產品，那麼模型將是不完整的。這就是捆綁產品 TC（Trimble Construction One）為這些客戶主管提供向客戶提供獨特價值主張的能力的地方。

And then what's behind that are the underlying processes and systems. So we've had a lot of, I'd say, growth around our sales operations, our sales enablement motions, and then with the systems underneath that, we've -- the work and the investment we've made over these last years has, let's say, upped our game in terms of licensing and entitlement engines as an example, then we're getting more 360-degree views of our customers, which helps -- all of which helps enable the sellers to go do what they do at that named account level.

而其背後是底層的流程和系統。因此，我想說，我們的銷售業務、銷售支援動議以及背後的系統取得了很大的增長，我們在過去的這些年裡所做的工作和投資舉例來說，多年來我們在許可和權利引擎方面提升了我們的遊戲水平，然後我們獲得了更多的360 度客戶視圖，這很有幫助——所有這些都有助於讓賣家能夠做他們想做的事情在該指定帳戶級別執行操作。

Got it. And then just in terms of a follow-up, can you give us a little bit more color on the Trimble Pay or payments opportunity? And how that works from a contractual or financial perspective? Just want to understand if these gross or net type contracts and what that cross-sell opportunity maybe looks like through your base? Thank you.

知道了。那麼就後續而言，您能給我們更多有關 Trimble Pay 或支付機會的資訊嗎？從合約或財務角度來看，這是如何運作的？只是想了解這些總合約還是淨合同，以及透過您的基地進行的交叉銷售機會是什麼樣的？謝謝。

Yes. So we're bullish on land and expand plays within the platform that we're offering. So when we can attach new capabilities to the existing base of solutions and customers that we have, we think that's a winning motion. And we've seen that with the two acquisitions that both Phil and I mentioned in the prepared remarks about work in the field and as well as payments. It stands to reason that payments are going to link to an ERP and, guess what, we have the ERP through the Viewpoint business. So that's the essential, let's call it value proposition or essential linkage. We also have the project management systems, the need to be able to pay subcontractors as a given in the industry with a natural place for us to be, and we think a winning motion.

是的。因此，我們看好土地並在我們提供的平台內擴大業務。因此，當我們能夠將新功能附加到我們現有的解決方案和客戶基礎上時，我們認為這是一個勝利的動議。我們已經看到了菲爾和我在準備好的有關該領域工作和付款的評論中提到的兩次收購。按理說，付款將連結到 ERP，猜猜看，我們透過 Viewpoint 業務擁有 ERP。這就是本質，我們稱之為價值主張或本質連結。我們還有專案管理系統，需要能夠向分包商付款，這在行業中是理所當然的，我們認為這是一個獲勝的動議。

Phil, anything else you want to add to that?

菲爾，你還有什麼要補充的嗎？

No, that was pretty good. Thanks.

不，那已經很不錯了。謝謝。

Rob Mason, Baird.

羅布梅森，貝爾德。

Yes. Morning Rob and Phil. I wanted to see if I could get a little more color just what you're seeing across your various geographic regions. And if anything changed in the regions during the quarter, your overall outlook, revenue outlook, we can see what that is. It didn't have a lot of movement. I'm just curious though, how you're seeing the second half of the year as well in some of the regions?

是的。早上好，羅布和菲爾。我想看看是否可以為您在各個地理區域中看到的內容提供更多的色彩。如果本季各地區發生任何變化，您的整體前景、收入前景，我們可以看到是什麼。它沒有太大的動靜。我只是很好奇，您對某些地區下半年的情況有何看法？

Yes. We've seen the most strength in North America. Actually, Europe grew on an organic basis, that's going to be from the Transporeon business, ex-Transporeon -- it's been a tougher market in Europe, but it's just still holding up on a baseline differentially around the world, Asia Pacific was hardest for us in the quarter. And I'd say think of a couple of places, China continues to be a harder place for us to do business in Japan, the weakness of the yen makes it more expensive to do business with us, and those have been a couple of pockets of weakness. We're paying attention to what's happening in Australia and New Zealand, the state of the economy there. So the Asia Pacific weaker North America, the strongest, those are the bookends. And that plays into our thinking in the second half of the year.

是的。我們看到了北美最強大的力量。事實上，歐洲是在有機基礎上成長的，這將來自於 Transporeon 業務，前 Transporeon——歐洲是一個更加艱難的市場，但它仍然保持在世界各地不同的基線上，亞太地區是最困難的我們在本季度。我想說，想想幾個地方，中國仍然是我們在日本做生意的一個更難的地方，日圓疲軟使得與我們做生意的成本更高，這些都是我們的口袋的弱點。我們正在關注澳大利亞和紐西蘭正在發生的事情以及那裡的經濟狀況。所以亞太地區較弱，北美最強，這些都是書擋。這會影響我們下半年的想法。

Very good. Rob, you made note of some of the automotive OEM wins. We haven't talked about that part of the business in a bit. I know historically, there was some involvement with GM. I'm just -- could you bring us up to date on where your book of business sits overall in that positioning part of the business? And how many OEMs are you working with now?

非常好。Rob，您注意到了一些汽車 OEM 的勝利。我們已經很久沒有討論過這部分業務了。我知道從歷史上看，通用汽車有過一些參與。我只是 - 您能否向我們介紹一下您的業務在業務定位部分中的整體位置的最新信息？您現在與多少家 OEM 合作？

Yes. Good question, Rob. So let's talk about the underlying technology itself. I mean you go back for a 47-plus year history, started in positioning technologies as positioning technologies have continued to evolve and innovate continuously over the years. We moved from -- we got into what's called RTK positioning decades ago, and now we can deliver those same, which deliver corrections to create that highly accurate, ubiquitous fast convergence for that high accuracy needs, which historically had been for us in agriculture survey, construction markets. We can now deliver those through satellite, so you get more global ubiquity of the coverage of that.

是的。好問題，羅布。那我們來談談底層技術本身。我的意思是回顧 47 多年的歷史，從定位技術開始，多年來定位技術不斷發展和創新。我們幾十年前就進入了所謂的RTK 定位，現在我們可以提供同樣的服務，這些服務可以提供修正，以創建高精度、普遍的快速收斂，以滿足高精度需求，這在歷史上一直是我們農業調查的需求、建築市場。我們現在可以透過衛星提供這些信息，這樣您就可以在全球範圍內獲得更廣泛的覆蓋範圍。

And then we ask ourselves the question of where else would these -- with this high converged, high-accuracy signals be a value. Automotive markets were a natural extension for us. So same technology into a new market segment, whether that's for ADAS systems or on the path to autonomy or redundancy in the other positioning technologies or sensors, to say, on the cars. So that's the context for it for that market and extending the technology into the automotive market. And automotive is a market that we had -- we do have some history in through navigation technologies.

然後我們問自己一個問題：這些高度融合、高精度的訊號還能在哪裡發揮價值。汽車市場是我們的自然延伸。因此，同樣的技術進入了一個新的細分市場，無論是用於 ADAS 系統，還是其他定位技術或感測器（例如汽車）的自主或冗餘路徑。這就是該市場的背景，並將該技術擴展到汽車市場。汽車是我們擁有的一個市場——我們在導航技術方面確實有一些歷史。

Now, at the -- you mentioned General Motors' Super Cruise program. Yes, it's exactly the same topic that we're talking about with additional OEMs. I believe it's probably less than a dozen today that we have design wins with. And then there's certainly a pipeline that's bigger than that. When you think about the design win, it can take you a long time to get to that design win once you have the design win you've got a pretty long life cycle, actually very -- actually, I would say a very long life cycle, multiyear, call it, plus or minus seven years over that design win. So -- and if you kind of apply some software metrics to it and you think about a lens of lifetime value of our customer acquisition cost, it's a good business to be in once you can win that OEM.

現在，您提到了通用汽車的超級巡航計劃。是的，這與我們與其他 OEM 討論的主題完全相同。我相信今天我們獲得設計勝利的可能不到十幾個。當然還有比這更大的管道。當你考慮設計勝利時，你可能需要很長時間才能獲得設計勝利，一旦你獲得設計勝利，你就會有一個相當長的生命週期，實際上非常——實際上，我會說一個非常長的生命週期週期，多年，稱之為，比設計勝利加或減七年。因此，如果您對其應用一些軟體指標，並考慮我們的客戶獲取成本的終身價值，那麼一旦您能夠贏得該 OEM，這就是一個很好的業務。

If I could ask, how quickly do they convert to revenue? So if your design wins in the quarter, when would you expect revenue?

如果我可以問的話，它們轉化為收入的速度有多快？那麼，如果您的設計在本季獲勝，您預計什麼時候能獲得收入？

It's actually very slow to get to revenue. I mean it's good news and bad news. Bad news being it's very slow to get to recognize that revenue. The good news is that we can recognize that revenue over a long period of time. So I'd say to date, over these last few years, as we've been getting these design wins, it's had more costs associated with it than revenue and gross margin. So it's been upside down for a few years. We're getting to a point of a cumulative base as we start to recognize that revenue. And just it will look better over the next few years as that cumulative base steps up.

事實上，獲得收入的速度非常慢。我的意思是這是好消息也是壞消息。壞消息是確認該收入的速度非常慢。好消息是我們可以在很長一段時間內確認該收入。所以我想說，到目前為止，在過去的幾年裡，隨著我們不斷獲得這些設計勝利，與之相關的成本比收入和毛利率還要多。所以這幾年一直是顛倒的。當我們開始確認該收入時，我們就達到了累積基數。隨著累積基礎的提高，未來幾年情況會更好。

So it's the nature of the revenue recognition over multiple years. That 17% ARR growth in field systems had a little bit of that automotive segment, but that's not the fundamental thing yet that's growing it. And also good news is I would say that's the kind of visibility we can have years forward in field systems that we would have never had historically.

這就是多年來收入確認的本質。現場系統 17% 的 ARR 成長與汽車領域有一定關係，但這還不是其成長的根本原因。還有一個好消息是，我想說，這是我們在現場系統中可以擁有的可見性，這是我們歷史上從未有過的。

Very good. Thank you.

非常好。謝謝。

Tami Zakaria, JPMorgan.

塔米·扎卡里亞，摩根大通。

Hey. Good morning. Thank you so much for taking the question. So the first question is on the transportation segment. I think the performance was quite impressive given the tougher compare year-over-year. So when I look at the first half performance, it's up pretty nicely, 3% to 4% year-over-year. So your guide implies zero -- flat to low single-digit growth for the full year. So which mean sequentially, you're expecting some slowdown. Should we think about this sequential slowdown in terms of the tougher year-over-year third quarter comp? Or are you expecting any softening in the demand? So just trying to understand how to think about the back half versus first half for the transportation and logistics segment?

嘿。早安.非常感謝您提出這個問題。第一個問題是關於交通領域的。我認為，考慮到與去年同期相比，這一表現相當令人印象深刻。所以當我看上半年的表現時，它的成長相當不錯，比去年同期成長了 3% 到 4%。因此，您的指南意味著全年增長為零——持平至低個位數增長。因此，這意味著您預計會出現一些放緩。我們是否應該從第三季同比更嚴峻的角度來考慮這種連續放緩？或者您預計需求會減弱？那麼，只是想了解如何看待運輸和物流領域的下半年和上半年？

Hey, Tami. It's Phil. Thanks for the question. So I mentioned this in my prepared remarks, but the -- we've had some churn that we've already talked about in the North American mobility business. And that really starts to manifest itself in the second half. So a big portion of the second half drop that you see is really due to that.

嘿，塔米。是菲爾.謝謝你的提問。所以我在準備好的發言中提到了這一點，但是我們已經在北美行動業務中討論過一些流失情況。這在下半場才真正開始顯現出來。所以你看到的下半年下降的很大一部分確實是由於這個原因。

But as Rob said earlier, we're still seeing the performance around the Transporeon business, the Maps business, that's offsetting some of that. But that's really the headwind that you see in the second half is that churn that we previously disclosed.

但正如 Rob 之前所說，我們仍然看到 Transporeon 業務、地圖業務的表現，這抵消了部分影響。但這確實是你在下半年看到的逆風，就是我們先前揭露的流失情況。

Got it. Thanks for the clarification. And then the other question is, I think you spoke of some incremental investments you're making in sale of the marketing to support the software-centric businesses. Any update on where you are in that process? Is it mostly done? Or do you expect it to continue through the rest of the year? And more importantly, should we expect this to continue through next year as well? So any color on that investment journey would be helpful.

知道了。感謝您的澄清。另一個問題是，我認為您談到了在行銷銷售方面進行的一些增量投資，以支持以軟體為中心的業務。關於您在過程中的進展有什麼更新嗎？大部分都完成了嗎？或者您預計這種情況會持續到今年剩餘時間嗎？更重要的是，我們是否應該期望這種情況也能持續到明年？因此，投資之旅中的任何顏色都會有所幫助。

Yes. Hey, Tami. It's Phil again. So yes, so as we talked about this from a capital allocation standpoint, we continue to pivot our resources toward the AECO business and in particular, that sales and marketing, which ultimately drives the ARR growth and the revenue growth in the future. And so we see that continuing as long as we have the pipeline and the bookings.

是的。嘿，塔米。又是菲爾。所以，是的，當我們從資本配置的角度討論這個問題時，我們將繼續將資源轉向 AECO 業務，特別是銷售和行銷，這最終將推動未來的 ARR 成長和收入成長。因此，只要我們有管道和預訂，我們就會看到這種情況會持續下去。

And the nice thing about a Rule of 40 plus business there is if we do see slowdowns, we kind of easily pivot our OpEx and still maintain a Rule of 40. But as long as we continue to see the growth and the opportunities there in that business, I think you'll see us continue to allocate our resources toward that.

40+ 規則的好處是，如果我們確實看到業務放緩，我們可以輕鬆調整營運支出，同時仍維持 40 規則。但只要我們繼續看到該業務的成長和機會，我想您就會看到我們繼續為此分配資源。

Got it. Thank you.

知道了。謝謝。

Joshua Tilton, Wolfe Research.

約書亞‧蒂爾頓，沃爾夫研究中心。

Hi. This is Arsenije on for Josh. Thanks for taking the question. Can you just talk directionally maybe a layer deeper into what you're seeing from a demand perspective across the AECO portfolio? Certain competitors in the space are facing challenges and it appears with one-third new lower contribution of growth. This isn't really impacting your business. I know you sell a wide suite of products, different stakeholders. But are you seeing more demand than you saw starting this year? And is that driven by changing behavior in your existing customers? Or are you seeing improving win rates versus competitors?

你好。這是阿塞尼傑替補約什。感謝您提出問題。您能否從需求角度更深入地談談您在 AECO 產品組合中所看到的情況？該領域的某些競爭對手正面臨挑戰，成長貢獻似乎下降了三分之一。這並不會真正影響您的業務。我知道你們銷售各種各樣的產品，不同的利害關係人。但您看到的需求是否比今年開始更多？這是由現有客戶的行為變化所驅動的嗎？或者您看到相對於競爭對手的勝率有所提高？

And then just on Transporeon with, I think, spot rates improving quarter-over-quarter in Europe and the Transporeon of business getting more revenue per load in spot versus contract, is this providing a tailwind into the full year? And if so, is that embedded in your guidance release? Thank you.

然後，我認為，就 Transporeon 而言，歐洲的即期運價逐季提高，而且 Transporeon 的業務在現貨中比合約中每負載獲得更多收入，這是否為全年提供了推動力？如果是這樣，這是否已包含在您的指導版本中？謝謝。

Hey. Good morning. Thanks for the questions. I'll start with -- this is Robert. I'll start with the AECO topic. So yes, we have talked about the ARR growth, the two-third, one-third split coming from cross-sell versus the new logo. I think the additional color I can add to your question is as follows. We spend a lot of time segmenting the market, whether that's on the, I'll call it, the end markets, it could be residential, non-residential infrastructure. It's also on the customer types. We think about where we serve the architects and designers, the engineers, the construction companies, and the owners, their segmentation there. There's also a level of segmentation in terms of the size of the customer.

嘿。早安.感謝您的提問。我首先要說的是──這是羅伯特。我將從 AECO 主題開始。所以，是的，我們已經討論了 ARR 成長，三分之二、三分之一來自交叉銷售與新商標。我認為我可以為您的問題添加的額外顏色如下。我們花了很多時間來細分市場，無論是我稱之為終端市場，還是住宅、非住宅基礎設施。這也與客戶類型有關。我們考慮在哪裡為建築師和設計師、工程師、建築公司和業主提供服務，以及他們在那裡的細分。根據客戶規模也有一定程度的細分。

So think about mid-market customers, think about large enterprise customers and then lower down, think about the small, medium-sized businesses. One of the areas where we've been able to pivot is where we've seen a little bit more weakness on the midsized customers. We pivoted our motions and our teams into the small and medium size business market here in North America. So we've got the data and the ability and the products and the go-to-market model aligned to go find the business where it is. And I think that's what -- one of the things that's differential about us. So we have a broader product offering, serving the broader ecosystem, serving more participants in that, serving it more globally than our peers in the industry and then being able to move our motions up or down market, depending on where more of the activity is taking place.

因此，要考慮中端市場客戶，考慮大型企業客戶，然後再考慮中小型企業。我們能夠轉向的領域之一是我們發現中型客戶的弱點更多。我們將我們的行動和我們的團隊轉向北美的中小型企業市場。因此，我們擁有數據、能力、產品和進入市場模式，可以找到合適的業務。我認為這就是我們的與眾不同之處之一。因此，我們提供更廣泛的產品，為更廣泛的生態系統服務，為更多的參與者提供服務，比業內同行在全球範圍內提供更多服務，然後能夠根據更多活動的位置來提高或降低我們的市場動向正在發生。

We also have a channel. We've had a channel at Trimble. I mean, Trimble's history. We've got decades of managing Trimble's if we look in the AECO business, probably 10% to 15% of our bookings in the quarter came through our channel. So that's also a motion that we've had for a long time.

我們也有通路。我們在 Trimble 有一個頻道。我的意思是，Trimble 的歷史。如果我們看看 AECO 業務，我們已經管理 Trimble 數十年了，本季我們的預訂量可能有 10% 到 15% 來自我們的通路。這也是我們長期以來一直提出的動議。

And then on the Transporeon side, you asked about spot rates in Europe. They are, I would say, just marginally better. They're not better enough to be really moving the needle yet. But you're right to look at that. We do as well, and we'll continue to pay attention to that. So we believe that the current rates are built into our guide if the market were to move quicker and spot rates go up, then that would be upside for us.

然後在 Transporeon 方面，您詢問了歐洲的即期匯率。我想說，它們只是稍微好一點。他們還不夠好，還不足以真正發揮作用。但你這麼看是對的。我們也是如此，我們將繼續關注這一點。因此，我們認為，當前利率已納入我們的指南，如果市場走勢更快且即期利率上升，那麼這對我們來說將是有利的。

Thank you.

謝謝。

You're welcome.

不客氣。

Thank you. Ladies and gentlemen, that concludes today's call. Thank you all for joining. You may now disconnect.

謝謝。女士們、先生們，今天的電話會議到此結束。感謝大家的加入。您現在可以斷開連線。