Trimble Inc (TRMB) 2024 Q3 法說會逐字稿

Thank you for standing by. My name is Novi, and I will be your conference operator today. At this time, I would like to welcome everyone to the Trimble third-quarter 2024 financial results conference call. (Operator Instructions)

謝謝你的支持。我叫諾維，今天我將擔任你們的會議操作員。此時此刻，我歡迎大家參加 Trimble 2024 年第三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, President and Chief Executive Officer.

我現在想將電話轉給總裁兼執行長 Rob Painter。

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 the prior 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 third quarter, we continued to advance our connect and scale strategy. The Connect aspect of the strategy guides us to digitally connect users, data and workflows across stakeholders in the engineering and construction and transportation and logistics industries. The scale aspect of the strategy guides us to develop increasingly common back-end systems and shared technology platforms while deploying more consistent processes around focused and accountable teams.

讓我們從幻燈片 4 開始。第三季度，我們持續推進連結和規模策略。此策略的「連接」方面指導我們以數位方式連接工程和建築以及運輸和物流行業的利益相關者之間的用戶、數據和工作流程。此策略的規模面向指導我們開發越來越通用的後端系統和共享技術平台，同時圍繞專注和負責任的團隊部署更一致的流程。

Our strategy is working, and it is delivering unique present and future value to our customers as well as sustainable value creation to our shareholders. In the quarter, we outperformed expectations at the top and bottom line, and we are raising our top and bottom line guidance for the year. Congratulations, and thank you to the entire Trimble team.

我們的策略正在發揮作用，它正在為我們的客戶提供獨特的當前和未來價值，並為我們的股東創造可持續的價值。本季度，我們的收入和利潤超出了預期，我們正在提高今年的收入和利潤指引。恭喜您，並感謝整個 Trimble 團隊。

The numbers reflect hard and intentional work in the quarter as well as over the last 4.5 years. Three messages to convey here. First, we delivered ARR of $2.187 billion in the quarter, up 14% organically. This kind of growth at scale doesn't happen without an enormous commitment to our connect and scale strategy. We also delivered a record gross margin of 68.5%.

這些數字反映了本季以及過去 4.5 年的努力和刻意工作。這裡要傳達三個訊息。首先，本季我們實現了 21.87 億美元的 ARR，有機成長 14%。如果沒有對我們的連結和規模策略的巨大承諾，這種規模的成長就不會發生。我們也實現了創紀錄的 68.5% 毛利率。

That compares to a gross margin of 57.7% in 2019. While the record numbers speak for themselves, it is important to recognize that this is a result of the journey we undertook a number of years ago, and we are proud of our progress.

相較之下，2019 年毛利率為 57.7%。雖然創紀錄的數字不言而喻，但重要的是要認識到這是我們多年前所經歷的旅程的結果，我們為我們的進步感到自豪。

Second, the structural improvement in the quality of the Trimble business model reflects focus and choice, choice manifests as disciplined capital allocation. In the last four years, we have divested 22 businesses. In September, we announced our intention to sell our mobility business to Platform Science and to become a major shareholder in the combined business. We are playing in the zones where we believe we have the strongest rate to win. As soon as we conclude the audit process with EY, we will return to share buyback as we believe this is a high return on investment use of shareholder capital at our current valuation.

其次，Trimble商業模式品質的結構性改善體現了專注和選擇，選擇表現為有紀律的資本配置。在過去四年中，我們剝離了 22 家業務。9 月，我們宣布打算將行動業務出售給 Platform Science，並成為合併後業務的主要股東。我們在我們認為獲勝率最高的區域進行比賽。一旦我們與安永的審計程序結束，我們將返回股票回購，因為我們相信，按照我們目前的估值，這是對股東資本的高投資回報。

As a reminder, we have $625 million remaining under our current authorization.

提醒一下，我們目前的授權還剩 6.25 億美元。

Finally, the sum of our efforts over the last year is manifesting as a more simplified Trimble, managed and led by a highly focused, engaged and hungry team. Moving to slide 5, we cover the financial highlights from the quarter. 4% revenue growth exceeded our expectations, as did EBITDA at a strong 27.1% and EPS at $0.70, which performed above the high end of our guidance range. To give a quick snapshot of a few of these metrics without the mobility business, ARR would have grown 16% instead of 14% and revenue would have grown 5% instead of 4%.

最後，我們去年的努力總和體現為更簡化的 Trimble，由高度專注、敬業且充滿渴望的團隊管理和領導。轉到投影片 5，我們介紹了本季的財務亮點。 4% 的營收成長超出了我們的預期，EBITDA 強勁成長 27.1%，每股收益 0.70 美元，高於我們指導範圍的高端。為了快速了解其中一些指標，如果沒有行動業務，ARR 將成長 16%，而不是 14%，營收將成長 5%，而不是 4%。

Before moving to comment on segment performance, I'll provide an update on the status of our financial audit procedures. During the August earnings call, I thought we were approximately a month or so away from being done. I was obviously wrong. In September, we held our Annual Shareholder Meeting, reflecting the progress made and the ongoing confidence we continue to have that our financial results will be the same as we previously reported. Since then, EY has continued to perform additional audit procedures.

在評論部門績效之前，我將提供有關我們財務審計程序狀態的最新資訊。在八月的財報電話會議上，我認為我們大約還有一個月左右的時間就能完成。我顯然錯了。九月，我們舉行了年度股東大會，反映了所取得的進展以及我們對我們的財務表現將與先前報告的相同的持續信心。此後，安永繼續執行額外的審計程序。

There is only one right answer. We work collaboratively to provide them the information they need.

只有一個正確答案。我們通力合作，提供他們所需的資訊。

While our team and the EY team are making progress on completing the audit procedures, we now believe that EY will not complete their work in time for us to refile our financial statements ahead of Nasdaq's November 11 deadline. Procedurally speaking, what will happen first is the formality of a notice from Nasdaq saying we are subject to delisting. We then communicate this via 8-K in a press release. After that, Nasdaq has a structured stay and appeals process for dealing with this exact topic. We feel confident that we are well positioned to be granted an extension, which will provide EY additional time to complete their work and for us to file our financials, thereby regaining Nasdaq compliance.

雖然我們的團隊和安永團隊在完成審計程序方面取得了進展，但我們現在相信安永將無法及時完成他們的工作，以便我們在納斯達克截止日期 11 月 11 日之前重新提交我們的財務報表。從程序上來說，首先要做的就是納斯達克正式發出通知，說我們將被摘牌。然後我們透過 8-K 在新聞稿中傳達這一點。此後，納斯達克有一個結構化的中止和上訴程序來處理這個確切的話題。我們相信，我們完全有能力獲得延期，這將為安永提供更多時間來完成他們的工作，並為我們提供財務報告，從而重新獲得納斯達克合規性。

Let's now talk about the business, starting on slide 7 with the AECO segment. Congratulations to the team for delivering another record quarter of ARR at $1.21 billion, higher than all, but one of our industry peers. The team grew the business 18% organically, which is at the high end of growth of our scaled industry peers. And they are doing this in a profitable manner, achieving over 29% operating income for the segment in the quarter. We look at Rule of 40 as an instructive measure where we sum ARR growth and operating margins.

現在讓我們來談談業務，從投影片 7 的 AECO 部分開始。恭喜團隊再次創下季度 ARR 的記錄，達到 12.1 億美元，高於除我們行業同行之外的所有其他團隊。團隊的業務有機成長了 18%，處於我們規模化產業同業成長的高端。他們正在以盈利的方式做到這一點，本季該部門的營業收入超過 29%。我們將 40 規則視為一項指導性措施，我們將 ARR 成長和營業利潤率相加。

We are operating at a Rule of 47, delivering strong net retention and an attractive lifetime value to customer acquisition cost ratio. This provides us degrees of freedom on how we think about investing in the business to continue differentiating as we do with the breadth and depth of our offerings, including Trimble Construction One.

我們按照 47 規則運營，提供強大的淨保留率和有吸引力的終身價值與客戶獲取成本比率。這為我們提供了一定程度的自由度，讓我們可以自由地思考如何投資該業務，以繼續實現差異化，就像我們在產品的廣度和深度上所做的那樣，其中包括 Trimble Construction One。

Our portfolio is also quite balanced, with each component of AEC and O, now operating above $200 million in ARR. I often describe this segment as the tip of the spear of our connect and scale strategy, and the strategy is definitively working in AECO. While we still have a lot of work ahead of us, the results of today give me confidence in delivering the results of tomorrow.

我們的投資組合也相當平衡，AEC 和 O 的每個組成部分目前的 ARR 營運均超過 2 億美元。我經常將此部分描述為我們的連接和規模策略的尖端，而該策略在 AECO 中確實發揮了作用。雖然我們還有很多工作要做，但今天的結果讓我對實現明天的成果充滿信心。

Let's turn to slide 8 and talk about the Field Systems business. Revenue was in line with our expectations, down 2%. ARR outperformed, growing 19%, demonstrating the intentional work of the team to move more of our value to the software aspect of our systems to do so in the cloud and to monetize as a subscription offering. ARR growth came from strong sales of our Catalyst solution, which delivers Positioning-as-a-Service, our Machine Control-as-a-Service offering and through ongoing growth in our traditional positioning services business. The team did this while delivering 33% operating income margin, demonstrating the ability to control cost in an unforgiving market environment.

讓我們轉向幻燈片 8，討論現場系統業務。收入下降 2%，符合我們的預期。ARR 表現出色，成長了 19%，這表明團隊有意將我們的價值轉移到系統的軟體方面，在雲端中實現這一點，並透過訂閱服務實現盈利。ARR 的成長來自我們 Catalyst 解決方案的強勁銷售，該解決方案提供定位即服務、機器控制即服務產品，以及我們傳統定位服務業務的持續成長。該團隊實現了這一目標，同時實現了 33% 的營業利潤率，展現了在嚴酷的市場環境中控製成本的能力。

Strategically speaking, Digital Twins is a popular buzzword these days. In a Trimble context, I'd like to think we were the original digital twin company. The job of a surveying and mapping professional is to create a digital model of the physical earth. Our reach into the physical world, connected to our digital footprint and round trip back to the physical world is what is singularly unique about our company.

從策略上講，數位孿生是當今流行的流行語。在 Trimble 背景下，我認為我們是最初的數位孿生公司。測繪專業人員的工作是創建物理地球的數位模型。我們對物理世界的觸角、與數位足跡的連結以及返回物理世界的往返，是我們公司的獨特之處。

In the quarter, we released a new solution to enable this workflow. I'm really excited about this launch. It's called Trimble Reality Capture Service. And what it does is link data captured in the field from terrestrial, mobile and aerial modalities, then links it to Trimble Connect, which enables cloud-based visualization and collaboration at scale. We think this will prove to be one of those only Trimble innovations, and we are excited to see how the market adopts this technology and guides us to develop it further.

在本季度，我們發布了一個新的解決方案來實現此工作流程。我對這次發布感到非常興奮。它稱為 Trimble Reality Capture 服務。它的作用是連結從地面、移動和空中方式在現場捕獲的數據，然後將其連結到 Trimble Connect，從而實現基於雲端的可視化和大規模協作。我們認為這將被證明是 Trimble 僅有的創新之一，我們很高興看到市場如何採用這項技術並指導我們進一步開發它。

Another strategic milestone came in the form of the renewal and extension of our 20-plus year joint venture with Caterpillar. slide 9 provides additional details on the renewal. The most important element to convey is our shared vision to accelerate innovation and customer adoption of mixed fleet machine control solutions and the construction ecosystem technology. For Trimble customers, the goal is simple, broader availability and access to our technology.

另一個策略里程碑是我們與 Caterpillar 長達 20 多年的合資企業的更新和延期。幻燈片 9 提供了有關更新的更多詳細資訊。要傳達的最重要的要素是我們的共同願景，即加速混合車隊機器控制解決方案和建築生態系統技術的創新和客戶採用。對於 Trimble 客戶來說，目標很簡單，即更廣泛的可用性和對我們技術的存取。

Our recent partnership announcement with John Deere is evidence that we intend to achieve this goal. Also, our ability to link machine control solutions to Trimble Construction One offerings is another only Trimble proof point.

我們最近宣布與約翰迪爾建立合作關係證明我們打算實現這一目標。此外，我們將機器控制解決方案與 Trimble Construction One 產品連結的能力是 Trimble 的另一個唯一證明點。

Closing our segment commentary on slide 10, transportation and logistics beat our top and bottom line expectations. Transporeon delivered double-digit ARR growth and MAPS delivered high single-digit ARR growth. Excluding the mobility business, organic ARR growth in the segment was 9%. Operating margins of 21% were the highest we have achieved in many years. While the freight recession persists, the Transporeon team delivered a record level of third quarter bookings, which was also the second largest in the history of the business.

在投影片 10 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，MAPS 實現了高個位數的 ARR 成長。不包括行動業務，該領域的有機 ARR 成長率為 9%。21% 的營業利潤率是我們多年來取得的最高水準。儘管貨運衰退持續存在，但 Transporeon 團隊第三季的預訂量創下了歷史新高，這也是該行業歷史上第二高的預訂量。

In a dynamic macro environment, the team has done a great job with solid execution and an advantaged business translating into profitable growth and consistent share gains.

在充滿活力的宏觀環境中，該團隊憑藉紮實的執行力和優勢業務，出色地完成了工作，並轉化為盈利增長和持續的份額收益。

Strategically speaking, the big news of the quarter was our announcement that we signed a deal to sell our mobility business to Platform Science and that we intend to become a major shareholder in the business. Further details are covered on slide 11.

從策略上講，本季的重大新聞是我們宣布簽署了一項協議，將我們的行動業務出售給 Platform Science，我們打算成為該業務的主要股東。更多詳細資訊請參閱投影片 11。

For the combined business, this will create a scaled and focused software business that has a unique combined breadth of solutions needed to compete in the current environment. For Trimble, we will maintain a commercial relationship with the ongoing business. And at a company level, this enables us to further simplify and focus our attention and efforts in the areas where we have the most compelling right to win.

對於合併後的業務而言，這將創建一個規模化且專注的軟體業務，該業務擁有在當前環境中競爭所需的獨特的綜合解決方案。對於 Trimble，我們將與正在進行的業務保持商業關係。在公司層面，這使我們能夠進一步簡化工作，並將我們的注意力和努力集中在我們最有競爭力的獲勝領域。

Before handing over to Phil, in the last call, I talked about how I see Trimble as an AI winner. In the quarter, we continued to progress our AI efforts, both internally and externally facing. In this call, I'll end with a perspective on the macro environment. Geographically, the bookings we see are North America as the strongest market in Asia Pacific, excluding India, as the weakest market at the moment.

在交給 Phil 之前，在最後一次通話中，我談到了我如何看待 Trimble 作為 AI 贏家。本季度，我們繼續推動人工智慧工作，無論是面向內部還是外部。在這次電話會議中，我將以對宏觀環境的看法作為結束。從地理位置來看，我們看到北美是亞太地區最強勁的預訂市場，但印度除外，它是目前最弱的市場。

By end markets, construction and transportation overall represent our book ends. Construction subsegments such as renewables, mega projects and infrastructure remain relatively strong. Residential remains challenged as do transportation end markets. In all environments, we anchor to our unique value proposition. What we sell enables work to be done better, faster, safer, cheaper and greener.

就終端市場而言，建築和運輸總體上代表了我們的帳面。再生能源、大型專案和基礎設施等建築細分領域仍然相對強勁。住宅和交通終端市場仍面臨挑戰。在所有環境中，我們都堅持我們獨特的價值主張。我們銷售的產品能讓工作做得更好、更快、更安全、更便宜、更環保。

The business is there, we need to be showing up in the right market segments with the right solutions and the right go-to-market motions.

業務就在那裡，我們需要以正確的解決方案和正確的上市行動出現在正確的細分市場中。

Phil, over to you.

菲爾，交給你了。

Thank you, Rob. As noted before, my financial commentary will emphasize comparables on an as-adjusted basis, which excludes our agriculture business, but will still include the mobility 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性，其中不包括我們的農業業務，但仍將包括行動業務。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 12 highlights balance sheet and cash flow dynamics. Our cash flow continues to trend better than expected after considering M&A transaction impacts. 2024 year-to-date reported free cash flow was $389 million. That includes $87 million of tax payments related to our gain on sale of the agriculture business as well as $66 million in M&A-related transaction expenses. Our conversion ratio through the first 3 quarters of 2024 without these items was well above our target of 1x non-GAAP net income.

投影片 12 重點介紹了資產負債表和現金流動態。考慮到併購交易的影響後，我們的現金流繼續好於預期。 2024 年迄今報告的自由現金流為 3.89 億美元。其中包括與我們出售農業業務收益相關的 8,700 萬美元稅款，以及與併購相關的交易費用 6,600 萬美元。不包括這些項目的 2024 年前 3 季度我們的轉換率遠高於我們 1 倍非 GAAP 淨利潤的目標。

We have additional tax payments impacting future operating cash flow related to the agriculture JV gain on sale in our fourth quarter of 2024 and second quarter of 2025 since the tax payments are spread out over time. Our asset-light model continues with capital expenditures about 1% of revenue and negative net working capital.

由於稅款隨著時間的推移而分散，我們需要繳納額外的稅款，從而影響與 2024 年第四季和 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。我們持續採用輕資產模式，資本支出約佔收入的 1%，淨營運資本為負。

Net debt to EBITDA stands at less than 1x, well below our long-term leverage target of 2.5x. We have just over $1 billion in cash after paying down our term debt and the outstanding balances on our credit facilities.

EBITDA 淨債務低於 1 倍，遠低於我們 2.5 倍的長期槓桿目標。在償還定期債務和信貸額度的未償餘額後，我們的現金略多於 10 億美元。

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

我們的資本配置重點仍然是我們投資的地方以及我們看到最高回報機會的地方。我們繼續不成比例地向 AECO 業務分配資本，其中營業費用成長的很大一部分來自我們的銷售和行銷引擎，以繼續推動 ARR 和收入成長，並最終擴大利潤率和產生自由現金流。

On the merger and acquisition 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. Our 2 recent acquisitions in AECO continue to demonstrate that our M&A playbook is working. The human resources application we purchased about a year ago was quickly integrated into our Viewpoint ERP, and we have already over tripled the ARR and almost quadrupled the customer accounts for the product in that first year. The payments application we purchased in the second quarter is ahead of our initial integration plans into the Viewpoint ERPs, and we are seeing bookings well in excess of our deal models.

在併購方面，我們預計將主要在 AECO 領域抓住機會進行收購，我們可以在該領域快速整合並捆綁到 Trimble Construction One 中。我們最近對 AECO 的兩次收購繼續證明我們的併購策略正在發揮作用。我們大約一年前購買的人力資源應用程式很快就整合到了我們的 Viewpoint ERP 中，第一年我們的 ARR 已經增加了兩倍多，該產品的客戶帳戶幾乎增加了四倍。我們在第二季度購買的支付應用程式比我們最初的 Viewpoint ERP 整合計畫要早，而且我們看到的預訂量遠遠超過了我們的交易模式。

These growth opportunities are enabled by our connect and scale strategy via bundled product offerings that we put in the hands of our sellers. This playbook is a critical part of our acquisition strategy going forward.

這些成長機會是透過我們的連接和規模策略實現的，透過我們提供給賣家的捆綁產品提供。這本手冊是我們未來收購策略的重要組成部分。

With that, let's turn to slide 13 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 holding our ARR growth at 11% to 13%, but are biased towards the higher end of the range with the AECO performance offset by the churn in our mobility business that we previously discussed. We are increasing the midpoint of our as-reported full year revenue guidance by $15 million from $3.63 billion to $3.645 billion. AECO revenue is slightly better than our prior guide due to the performance in the first three quarters.

接下來，讓我們轉向投影片 13，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 ARR 成長率維持在 11% 至 13%，但偏向該範圍的高端，因為 AECO 的業績被我們之前討論過的行動業務的流失所抵消。我們將報告中的全年收入指導中位數從 36.3 億美元提高了 1500 萬美元，達到 36.45 億美元。由於前三個季度的表現，AECO 的收入略優於我們先前的指引。

Field systems revenue is also slightly up, and transportation is unchanged. Correspondingly, the full year earnings per share midpoint is increasing by $0.09 to $2.83 from the prior $2.74. Our as-adjusted EBITDA margin for the year is expected to be between 27.5% and 27.8%, which is approximately an 80-basis-point improvement at the midpoint from our prior guide.

現場系統收入也略有上升，而運輸則沒有變化。相應地，全年每股收益中點從先前的 2.74 美元增加 0.09 美元至 2.83 美元。我們今年調整後的 EBITDA 利潤率預計在 27.5% 至 27.8% 之間，比我們之前的指導值中位數提高約 80 個基點。

Free cash flow conversion for the year is approximately 0.75 times non-GAAP net income, which includes $116 million of taxes from the gain on sale from the agriculture JV and as well as approximately $85 million in full year M&A costs. Without these items, we'd be above the 1 times non-GAAP net income for the year and an improvement from the prior guide.

本年度自由現金流轉換約為非 GAAP 淨利潤的 0.75 倍，其中包括農業合資企業出售收益所產生的 1.16 億美元稅費，以及全年約 8,500 萬美元的併購成本。如果沒有這些項目，我們的年度非 GAAP 淨利潤將高於 1 倍，並且比先前的指南有所改善。

Let's move to our fourth quarter on slide 14, which is consistent with our prior guide. I will focus again on our as-adjusted view, which excludes agriculture. Our outlook for ARR growth remained strong with continued expectations for 11% to 13% organic growth with a bias to the higher end. Our total company revenue is projected to be $925 million to $965 million, which includes approximately $85 million due to the 53rd week. On an as-adjusted basis, excluding the 53rd week, our revenue is anticipated to grow in the range of 1% to 6% year over year.

讓我們轉到幻燈片 14 上的第四季度，這與我們之前的指南一致。我將再次關注我們調整後的觀點，其中不包括農業。我們對 ARR 成長的前景依然強勁，持續預期有機成長 11% 至 13%，並偏向高端。我們公司的總收入預計為 9.25 億至 9.65 億美元，其中包括第 53 週的約 8,500 萬美元。經調整後，除去第53週，我們的營收預計將年增1%至6%。

Non-GAAP operating margin is expected to be in the range of 28.5% to 30%, and adjusted EBITDA margin in the range of 30% to 31.5% for the fourth quarter. Our EPS forecast is in the range of $0.83 to $0.91.

第四季非 GAAP 營業利潤率預計在 28.5% 至 30% 之間，調整後 EBITDA 利潤率在 30% 至 31.5% 之間。我們的 EPS 預測範圍為 0.83 美元至 0.91 美元。

One more item I'd like to mention before turning it back over to Rob. As we think about the financial model going into 2025, it is critical to make the correct pro forma adjustments for the ag and mobility divestitures, along with the 53rd week. I'll point you to the earnings supplement on our Investor site where we consolidated the adjustments in one place.

在將其轉回給羅布之前，我還想提一下另一件事。當我們考慮進入 2025 年的財務模型時，對農業和流動資產剝離以及第 53 週的資產剝離進行正確的預期調整至關重要。我將向您指出我們投資者網站上的收益補充，我們將調整整合到一處。

For 2025, we expect continued double-digit organic ARR growth. Starting from a baseline of pro forma 2024 revenue, we continue to believe that with the shift to higher-growth software, we are biased above the midpoint of the last Investor Day range of 5% to 8% organic revenue growth. We expect AECO to be above this range. Transportation is expected to be in this range after the divestiture of mobility, which we are now expecting to close in the first quarter of 2025. We're expecting Field Systems to return to growth, but be below this range.

到 2025 年，我們預計 ARR 將持續實現兩位數的有機成長。從預計 2024 年收入的基線開始，我們仍然認為，隨著向高成長軟體的轉變，我們的預期將高於上一個投資者日 5% 至 8% 有機收入增長範圍的中點。我們預計 AECO 將高於該範圍。交通業務剝離後預計交通運輸將處於此範圍內，我們目前預計該業務剝離將在 2025 年第一季完成。我們預計現場系統將恢復成長，但低於該範圍。

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

羅布，我會把它還給你。

Thanks, Phil, and thanks to all our Trimble colleagues and partners for delivering a solid quarter and a 2024 year to date of strategic and financial (technical difficulty) In the third quarter, we held our Signature User Conference in Las Vegas for a North American transportation business, and our Signature User Conference for Transporeon in Vienna. We were able to see over 2,000 customers and partners with these two events. The overall feedback was positive on the mobility divestiture as well as the direction of travel of how connect and scale translates to digitize and connect the transportation supply chain. In less than one week, we will be back in Las Vegas at our Trimble Dimensions Engineering and Construction User Conference, where we will host over 6,000 attendees who are coming to learn how to further digitize and transform their work.

感謝 Phil，感謝我們所有 Trimble 同事和合作夥伴交付了穩定的季度業績以及 2024 年迄今為止的策略和財務（技術難度）。運輸業務，以及我們在維也納舉行的Transporeon 簽名用戶會議。我們在這兩場活動中見到了超過 2,000 名客戶和合作夥伴。對於交通剝離以及如何將連接和規模轉化為數位化和連接運輸供應鏈的發展方向，整體反饋是積極的。不到一周的時間，我們將回到拉斯維加斯參加 Trimble Dimensions 工程和施工用戶大會，屆時我們將接待 6,000 多名與會者，他們將前來學習如何進一步數位化和轉變他們的工作。

In closing, we look forward to seeing many of you on December 10 in New York City at our Investor Day, where we will unpack our business and show you why we are so excited about our ability to win across our business lines with the right combination of products, people, and go-to-market strategies. It's a busy and exciting time to be at Trimble.

最後，我們期待 12 月 10 日在紐約舉行的投資者日見到你們，屆時我們將解開我們的業務並向您展示為什麼我們對通過正確的組合贏得整個業務線的能力感到如此興奮產品、人員和進入市場策略。在 Trimble，這是一個忙碌而激動人心的時刻。

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。

Congratulations on the nice results. I'm wondering, Rob, if we could start with just a little bit more color on the ACV bookings. What you're seeing in terms of cross-sell and upsell opportunities within the TC1 portfolio? And then I'll have a follow-up.

恭喜取得的好成績。羅布，我想知道我們是否可以在 ACV 預訂上多一點色彩。您認為 TC1 產品組合中的交叉銷售與追加銷售機會如何？然後我會跟進。

Thanks for the question. ACV bookings across actually the entirety of the company were strong in the quarter. So we feel really good about that. That supports obviously, the ARR growth that we've already had and as well as the ARR guide that Phil took you through. Inside those ACV bookings, if we're looking inside the AECO business, TC1 was another highly successful quarter for that commercial offering and where we're doing the prepackaged bundles.

謝謝你的提問。事實上，整個公司的 ACV 預訂量在本季都很強勁。所以我們對此感覺非常好。這顯然支持了我們已經實現的 ARR 成長以及 Phil 為您提供的 ARR 指南。在這些 ACV 預訂中，如果我們深入了解 AECO 業務，TC1 是該商業產品的另一個非常成功的季度，我們正在其中進行預包裝捆綁銷售。

We see that the strong majority of our bookings, where we have TC1 available within AECO, which is primarily within the engineering and construction applications, the strong majority are now TC1 bookings, and those bookings are up more than the company average. And so within that, you have cross-sell and upsell happening.

我們看到，我們的絕大多數預訂都在 AECO 內提供 TC1，主要是在工程和建築應用領域，現在絕大多數都是 TC1 預訂，而且這些預訂的增幅超過了公司平均水平。因此，其中會發生交叉銷售和追加銷售。

Similarly, in transportation and logistics segment, if we look at Transporeon on year to date, ACV bookings are up over 30% on a year-over-year basis. So a really nice progression from the teams in the quarter.

同樣，在運輸和物流領域，如果我們看看今年迄今為止的 Transporeon，ACV 預訂量同比增長超過 30%。因此，本季各團隊都取得了非常好的進步。

Jerry Revich, Goldman Sachs.

傑瑞·雷維奇，高盛。

Rob, thank you for sharing the preliminary comments on '25, broadly in line with consensus topline expectations. What's interesting is given the trajectory you're on for ARR growth and what you just said about bookings, it feels like to get to the high end of your organic growth range, you would have to have hardware top line that's down high single digits.

Rob，感謝您分享 '25 的初步評論，與共識的整體預期基本一致。有趣的是，考慮到您的 ARR 成長軌跡以及您剛才所說的預訂量，感覺要達到有機增長範圍的高端，您必須擁有下降高個位數的硬體頂線。

And so I'm wondering, can we just flesh that out? Is that about what you're assuming? And is the idea, hey, look, there's uncertainty out there, let's make sure when we provide the initial '25 outlook comments, we have enough leeway in case end markets are softer? Or are there any discrete points that we should keep in mind relative to the outlook considering how strong momentum you have in ARR and bookings?

所以我想知道，我們可以充實這一點嗎？這就是你所假設的嗎？這個想法是，嘿，看，那裡存在不確定性，讓我們確保當我們提供最初的 25 年展望評論時，我們有足夠的迴旋餘地，以防終端市場走軟？或者考慮到您在 ARR 和預訂方面的強勁勢頭，我們是否應該牢記與前景相關的任何離散點？

Jerry, it's Phil. Let me take that and then Rob can add if he needs to. It's a great question. I appreciate it. As we think about 2025, I mentioned in the prepared remarks, AECO above that range.

傑瑞，我是菲爾。讓我接受，然後羅布可以根據需要添加。這是一個很好的問題。我很感激。當我們思考 2025 年時，我在準備好的發言中提到，AECO 高於該範圍。

Transportation in that range, and remember, that's ex-mobility. And then Field Systems being below that range. Now we still believe Field Systems will return to growth, but it will be sort of low single-digit growth to get there. And a couple of the elements around Field Systems.

在這個範圍內的交通，請記住，那是前流動性。然後現場系統低於該範圍。現在我們仍然相信現場系統將恢復成長，但實現這一目標的速度將是低個位數成長。還有一些圍繞現場系統的元素。

So one is, we talked about the Fed this year. We believe the Fed business still will be down next year, which provides a little bit of a headwind. The other piece of that, as we think about the CAT JV evolution, we are going to be part of the economics of that. We believe there are going to be some shift of the revenue to the factory fit. And so as we think about that long term, with the channel evolution that we talked about and going after the mixed fleets, call it, past 2025, we believe that, that will offset and more than offset any of the impacts on the factory fit. But for 2025, that revenue, there's a couple of points of headwind because of that.

其一是，我們今年討論了聯準會。我們認為明年聯準會的業務仍將下降，這帶來了一些阻力。另一方面，當我們考慮 CAT 合資企業的演變時，我們將成為其經濟學的一部分。我們相信收入將會轉移到工廠。因此，當我們考慮長期發展時，隨著我們談到的渠道演變以及對混合車隊的追求，稱之為 2025 年之後，我們相信，這將抵消甚至超過抵消對工廠組裝的任何影響。但對於 2025 年的收入來說，因此存在一些阻力。

And then if I actually talk about the profit related to that, one of the other elements of the JV is we changed how we're pricing -- Trimble is pricing some of the products into the JV. And so what happens is, even though there's a couple of points of headwind on the revenue, there's additional profit that shifts from the JV to Trimble. And then if you net-net all of those puts and takes down to the EBITDA level, we believe that it's neutral for the rest of '24, and it's neutral for '25 on a profit standpoint. So that's a little bit more color, I guess, on the Field Systems. But we do see Field Systems growing, let's call it, low single digits next year.

然後，如果我實際上談論與此相關的利潤，合資企業的其他要素之一是我們改變了定價方式 - Trimble 正在為合資企業的一些產品定價。因此，即使收入存在一些阻力，也會有額外的利潤從合資企業轉移到 Trimble。然後，如果您將所有這些看跌期權淨額淨值並降低至 EBITDA 水平，我們認為，從利潤的角度來看，它在 24 年剩餘時間內是中性的，並且在 25 年也是中性的。所以我想，現場系統的顏色要多一些。但我們確實看到明年現場系統的成長，我們稱之為低個位數。

Kristen Owen, Oppenheimer.

克里斯汀歐文，奧本海默。

Phil, just it does relate to the Caterpillar relationship and the Deere construction partnership announced in the quarter. Can you just help us understand with respect to the Deere partnership, what's covered under the scope of the agreement? How are you guys planning to go to market together? And I'd like to understand how you think about this partnership in the context of that long-standing relationship with Caterpillar? Any channel risk that you see with the Deere partnership there?

菲爾，這確實與本季宣布的卡特彼勒關係和迪爾建築合作關係有關。您能否幫助我們了解關於迪爾合作夥伴關係的協議範圍涵蓋哪些內容？你們打算怎樣一起去市場？我想了解您在與 Caterpillar 的長期合作關係的背景下如何看待這種合作關係？您認為與迪爾的合作有任何通路風險嗎？

Kristen, it's Rob. I'll take the question, and thanks for the follow-up. I'll start with the lens of the customer on this. And both the Deere agreement and the CAT agreement help us grow the adoption of technology in the industry. And so what that means for a customer is that they're getting their choice of machine and technology and support to best fit their business.

克莉絲汀，這是羅布。我會回答這個問題，感謝您的跟進。我將從客戶的角度開始討論這一點。Deere 協議和 CAT 協議都有助於我們促進行業中技術的採用。因此，這對客戶來說意味著他們可以選擇最適合其業務的機器、技術和支援。

And that's both with John Deere and Caterpillar. And if you take John Deere specifically, what we're doing at the product level is enabling 3D upgrades on top of their platform, machine platform.

約翰迪爾和卡特彼勒都是如此。如果您具體以約翰迪爾為例，我們在產品層級所做的就是在他們的平台（機器平台）之上實現 3D 升級。

At a go-to-market level, those upgrades can be enabled either through the John Deere dealer or through the Trimble network. At a competitive level or at a, let's call it, a channel -- potential channel complex level, I would characterize it as a no. We see it as complementary. And that's because we're not adequately serving that demand or that opportunity today.

在進入市場的層面上，這些升級可以透過 John Deere 經銷商或 Trimble 網路來啟用。在競爭層面或在通路中——潛在通路複雜層面，我將其描述為「否」。我們認為它是互補的。那是因為我們今天沒有充分滿足這項需求或機會。

Rob Wertheimer, Melius Research.

羅布‧韋特海默，Melius 研究中心。

My question, Rob, is maybe you could just give us a big picture take on where transportation and logistics stands with the subtraction of mobility? Does it change the connect and scale? Does it change what you're offering to customers? And then your Transporeon results continue to improve and be very impressive. I wonder if you can talk about anything you're doing aside from seeing a rebound to strategically grow that business?

羅布，我的問題是，您是否可以向我們介紹交通和物流在減少流動性後的情況？它會改變連接和規模嗎？它會改變您向客戶提供的產品嗎？然後您的 Transporeon 結果會繼續改善並且令人印象深刻。我想知道除了看到業務反彈以策略性成長業務之外，您是否可以談談您正在做的任何事情？

Thanks for the question, Rob. At a connect and scale level within transportation and logistics feel as good as ever about the opportunity and the evolution of the business and the business model and the opportunity. I mean, clearly, at a financial level to improve the metrics with a divestiture, I should say, mobility will improve the metrics, the growth and the profitability metrics and allow more, I call it, the goodness of the underlying portfolio to be seen. And I feel very good about the transaction that we're doing with Platform Science. I think together, this will be a scaled business that is well positioned to compete in today's marketplace.

謝謝你的提問，羅布。在運輸和物流領域的連結和規模層面上，我們對業務、業務模式和機會的機會和演變感覺一如既往。我的意思是，顯然，在財務層面上，透過剝離來改善指標，我應該說，流動性將改善指標、成長和獲利指標，並讓更多的，我稱之為，基礎投資組合的優點被看到。我對我們與 Platform Science 進行的交易感到非常滿意。我認為，這將是一家規模化的企業，能夠在當今的市場競爭中佔據有利地位。

And we will have an ongoing commercial relationship. And to me, that's very important is that within that ongoing commercial relationship, call it, two-way relationship, that ability to move data and to plug into our platform and our ecosystem, we think, can provide customers an ongoing differential level of outcomes. So good strategically, good at a capital allocation level, good at a focus level, helping us put more of our chips in the areas where we think we're best positioned to compete and where we have a right to win.

我們將保持持續的商業關係。對我來說，非常重要的是，在這種持續的商業關係中，稱之為雙向關係，我們認為，移動數據並插入我們的平台和生態系統的能力可以為客戶提供持續的不同水平的結果。策略上如此出色，資本配置水準上如此，焦點水準上也如此，幫助我們將更多籌碼投入到我們認為最有競爭力和有權獲勝的領域。

From the Transporeon business specifically, both I'll call it at a product level or maybe call it strategic level across the whole portfolio, the teams have done a nice job bringing together some capabilities across both -- all of the businesses, both in the visibility side of things as well as in the freight marketplace. So like the moves the team are making to bring the businesses together, this is what we envisioned when we did the deal.

具體來說，從Transporeon 業務來看，我將其稱為產品級別，或者可能將其稱為整個產品組合的策略級別，這些團隊做得很好，將所有業務的一些功能整合在一起，無論是在事物以及貨運市場的可見性。因此，就像團隊為整合業務所採取的措施一樣，這就是我們在完成交易時所設想的。

And then in terms of the ongoing improvement in Transporeon I mean, hey, in the control that you can control aspect of things, bookings, to me, is the number one thing on my mind. Can't control the underlying freight market, especially in Europe, which continues to be difficult. But we can control where we show up to compete. We are getting more than our fair share of wins with customers. These are some of the biggest logos in the world that we continue to win. I think the team is doing a really nice job.

然後，就 Transporeon 的持續改進而言，我的意思是，嘿，在你可以控制事物方面的控制方面，預訂對我來說是我心目中的第一件事。無法控制基礎貨運市場，特別是在歐洲，這仍然很困難。但我們可以控制我們參加比賽的地點。我們從客戶那裡獲得的勝利超出了我們應有的份額。這些是我們不斷贏得的一些世界上最大的標誌。我認為團隊做得非常好。

Those bookings wins up today, the nature of how bookings work in Transporeon as they do take a decent amount of time to actually come to full fruition. They ramp up, so they don't just flip the switch immediately because this is a consumption-based model in the form of primarily, I should say, 2/3 of the business models in the form of transactions on the marketplace. To see the real, say, improvement in the near term is in 2025, we need to see an improvement in the freight market to drive more transactions on the platform.

這些預訂今天成功了，這就是 Transporeon 預訂工作的本質，因為它們確實需要相當長的時間才能真正實現。他們不斷增加，所以他們不會立即切換開關，因為這是一種基於消費的模式，我應該說，2/3 的商業模式主要以市場交易的形式。比方說，要在 2025 年看到短期內的真正改善，我們需要看到貨運市場的改善，以推動平台上的更多交易。

A little bit cautious in Europe for 2025. So I would see that more as modest growth -- ongoing modest growth for Transporeon into 2025. And I think everything we've been doing this year, and I think the team will continue to do in the fourth quarter into next year, will position that business to grow even faster coming out of next year.

對於 2025 年歐洲市場持謹慎態度。因此，我認為 Transporeon 到 2025 年將持續溫和成長。我認為我們今年所做的一切，以及我認為團隊將在第四季度到明年繼續做的事情，將使該業務在明年實現更快的成長。

Jerry Revich, Goldman Sachs.

傑瑞·雷維奇，高盛。

Yes, I wanted to ask, Rob, the really interesting stats that you and Phil shared on the improved performance on the business you acquired within TC1 or the two businesses you acquired, can you just talk about your M&A pipeline as it stands today? What's the range of potential outcomes of how much capital we can deploy similar acquisitions that fit over the next 12 to 18 months based on what you see? And if you can touch on the valuation parameters on these last two deals, if you don't mind?

是的，我想問 Rob，您和 Phil 分享的關於您在 TC1 內收購的業務或您收購的兩項業務的業績改善的非常有趣的統計數據，您能談談您目前的併購管道嗎？根據您的觀察，我們可以在未來 12 到 18 個月內部署多少資本來進行類似的收購，其潛在結果範圍是多少？如果您不介意的話，可以談談最後兩筆交易的估價參數嗎？

Jerry, it's Rob. I'll start, and Phil can fill in. Hey, at the M&A level, we do have a pipeline. Our priority is with the software acquisitions. Within software, we're primarily looking -- where we're looking first within the AECO segment, which I think would not be a surprise.

傑瑞，是羅布。我先開始，菲爾可以代替。嘿，在併購層面，我們確實有通路。我們的首要任務是軟體採購。在軟體方面，我們主要關注的是 AECO 領域，我認為這並不奇怪。

We think where we have opportunities to do tuck-in is that we can create high return on investment outcomes, and that's clearly important from a capital allocation perspective at what we call dry powder perspective, we're sitting at Phil walk through about 0.8 times net debt to EBITDA, we've got a target to be below 2.5. So there's, call it, call it $1.5 billion firepower should we -- say, should we need it, but I don't anticipate putting that kind of capital to work.

我們認為我們有機會進行投資的地方是我們可以創造高投資回報率，從我們所謂的乾粉角度的資本配置角度來看，這顯然很重要，我們坐在菲爾走過大約0.8次淨債務與EBITDA之比，我們的目標是低於2.5。所以，如果我們需要的話，就稱之為 15 億美元的火力，但我預計不會投入這些資金。

We are thinking a lot as well about the buyback as a big commitment we made, and we stand behind that commitment on the buyback, especially with where we see the stock price today. So that's a balance we have, Jerry, is on the buyback and the M&A. Expect more of the tuck-in type moves, I would say, at a divestiture level, and we do not expect any additional major moves to happen on that front. Hopefully, that helps answer your question.

我們也對回購進行了很多思考，將其視為我們所做的重大承諾，我們支持回購承諾，特別是考慮到我們今天看到的股價。傑瑞，這就是我們在回購和併購方面的平衡。我想說的是，預計在剝離層面上會出現更多的縮排式舉措，而且我們預計在這方面不會發生任何其他重大舉措。希望這有助於回答您的問題。

Jason Celino, KeyBanc Capital Markets.

Jason Celino，KeyBanc 資本市場。

Just two for me. Field Systems, really nice beat. Maybe can you just unpack the strength there? Was it more on the public sector side? Or did you see any deals closed earlier than you had initially planned?

對我來說只有兩個。現場系統，真的很棒。也許你可以釋放那裡的力量？是更多在公共部門方面嗎？或者您發現有任何交易比您最初計劃的時間更早完成？

Jason, it's Rob. Did you mean Field Systems or the AECO?

傑森，我是羅布。您指的是 Field Systems 還是 AECO？

Field Systems.

現場系統。

Okay. So within Field Systems, actually, at the revenue level, we ended where we anticipated to be in the quarter in Field Systems. What we see that's driving the business, there's the new product we've got a set of new products that are coming out actually at dimensions. Next week, we'll be making a number of new announcements, both on the software and the hardware side of the business.

好的。因此，在現場系統中，實際上，在收入水準上，我們最終達到了現場系統本季的預期水準。我們看到推動業務發展的是新產品，我們已經推出了一系列新產品，這些產品實際上已經按尺寸推出。下週，我們將在業務的軟體和硬體方面發布一些新公告。

So we continue to bring new products in geospatial or the survey market forward like the R980 that's improving the communications and the range on that. In the machine control market, it hits the civil construction. Our BX992 offering helps us reach a mid-tier market. And our correction services or with compositioning services business, a technology called IonoGuard is correcting for errors in the ionosphere. This is through the solar cycle that's been ongoing, and that's helping to ensure the accuracy of those signals and those corrections that we provide our customers around the world.

因此，我們繼續在地理空間或調查市場中推出新產品，例如 R980，它改善了通訊和範圍。在機械控制市場，它衝擊了民用建築。我們的 BX992 產品幫助我們進入中端市場。在我們的校正服務或合成服務業務中，一種名為 IonoGuard 的技術正在校正電離層中的錯誤。這是透過持續不斷的太陽週期來實現的，這有助於確保我們為世界各地的客戶提供的這些訊號和校正的準確性。

So new product introduction is helping to drive the revenue. I'm especially pleased with the growth of the ARR in the segment in the quarter, and that's coming from the machine control service as -- excuse me, offering-as-a-service. It's in our positioning services business where we continue to win new OEMs in the automotive market.

因此，新產品的推出有助於增加收入。我對本季該領域 ARR 的成長感到特別滿意，這來自於機器控制服務——對不起，是提供即服務。正是在我們的定位服務業務中，我們不斷贏得汽車市場上新的原始設備製造商。

And we literally sell positioning as a service with a product called Trimble Catalyst and are looking to do more bundling with the term licenses and the correction services that we have. So it's a good number of activities happening. The team is executing well in addition, at the go-to-market with our channel partners around the world. So really a nice intersection with the product and the go-to-market and the business and then the team doing a nice job working the business models.

我們確實將定位作為一種服務與一種名為 Trimble Catalyst 的產品一起銷售，並希望與我們擁有的術語許可證和校正服務進行更多捆綁。因此，正在進行大量活動。此外，該團隊在與世界各地的通路合作夥伴一起進入市場時表現良好。因此，產品、上市和業務確實是一個很好的交叉點，然後團隊在商業模式方面做得很好。

Okay. Great. Yes, I know the Field Systems there been accelerating nicely on organic level, so that explains it. Maybe just keeping on kind of the organic ARR theme. This is the second quarter in a row, we've seen 14% growth at a corporate level.

好的。偉大的。是的，我知道那裡的現場系統在有機層面上加速得很好，所以這解釋了這一點。也許只是保持有機 ARR 主題。這是我們連續第二季實現企業層級 14% 的成長。

I think you're still guiding to 11% to 13% organic for the full year. Maybe kind of maybe just walk us through the implied deceleration there, any conservatism you have?

我認為您仍然指導全年有機比例為 11% 至 13%。也許只是引導我們經歷隱含的減速，你有什麼保守主義嗎？

Thanks, Jason. This is Phil. Yes, so if you remember, I mentioned this, we have the mobility headwind with a lot of the known churn that's going to happen at the end of this year. So my two comments were, one, I said 11% to 13%, but biased toward the high end. We still see the continued strength in the AECO business.

謝謝，傑森。這是菲爾.是的，如果你還記得的話，我提到過這一點，我們面臨著移動性逆風，許多已知的客戶流失將在今年年底發生。所以我的兩個評論是，一，我說11%到13%，但偏向高端。我們仍然看到 AECO 業務持續強勁。

But where we're seeing some of the offset is that known churn around mobility in Q4.

但我們看到的一些抵銷因素是第四季度流動性方面已知的波動。

Tami Zakaria, JPMorgan.

塔米·扎卡里亞，摩根大通。

My first question is what's the conversation like among your customers post the Fed rate cuts? Do you feel a sense of optimism, could customer activity improve as we look to next year, meaning, could there be an acceleration in trends at some point next year? Any anecdotes you can share from last week cut cycles, whether you saw any acceleration maybe at a lag or anything to call out there? Or is rate cuts historically a factor for you at all. So just curious how you think about this transition.

我的第一個問題是，聯準會降息後，你們的客戶之間的對話是怎麼樣的？您是否感到樂觀，當我們展望明年時，客戶活動是否會有所改善，也就是說，明年的某個時候趨勢是否會加速？您可以分享上週降息週期中的任何軼事嗎？或者歷史上降息對你來說是因素嗎？所以只是好奇你如何看待這種轉變。

It's Rob, and thanks for the question. Well, I have to say, we've depends on your timeline of Fed rate cuts because we've been coming out of, I guess, a ZIRP environment, we've seen more Fed rate increases over the last few years and you've got to get the long baseline to go to go back to see an environment to anything like what we've been in that is to say, an inflationary environment that comes down. So it's hard to look back really in time and have anything that would, I think, be especially helpful.

我是羅布，謝謝你的提問。好吧，我不得不說，我們取決於美聯儲降息的時間表，因為我猜，我們已經擺脫了 ZIRP 環境，過去幾年我們看到美聯儲加息更多，而您」我們必須有一個很長的基線，才能回到我們所處的環境，也就是說，通膨環境會下降。因此，很難真正及時回顧並獲得任何我認為特別有幫助的東西。

I would point out that what is so different about our business today compared to Trimble of the past is more than 75% software and more than 60% recurring. So we have a fundamentally different portfolio at such a higher degree of visibility into our business than we've ever had in the past.

我想指出的是，與過去的 Trimble 相比，我們今天的業務有何不同之處在於超過 75% 的軟體和超過 60% 的重複性業務。因此，我們擁有一個根本不同的產品組合，對我們業務的了解程度比以往任何時候都高。

At the -- from what we hear, and I would call it anecdotally is increased level of confidence and the confidence that turns into certainty, certainty can turn into ability to make the capital commitments. So I'd call that anecdotal. Of course, more than half of our business is outside the US, more than half of our hardware business is outside the US. And so we not only pay attention to the interest rate environment in the US, but globally as well.

從我們所聽到的情況來看，我會稱之為信心水準的提高，信心會轉化為確定性，確定性可以轉化為做出資本承諾的能力。所以我稱之為軼事。當然，我們一半以上的業務是在美國境外，我們一半以上的硬體業務都在美國境外。因此，我們不僅關注美國的利率環境，也關注全球的利率環境。

So I think it's a little bit early to tell to say anything definitive other than to say anecdotally, we hear more confidence. And what if I think -- so one thing I am looking out for is -- and this is a North American example is, if you look at the bipartisan infrastructure law, and you look at the amount of the money that's been deployed, only about 25%, plus or minus, of the funds have been deployed to date. So I call it good news in terms of the ongoing funding availability for the bipartisan infrastructure.

因此，我認為現在說任何明確的話還為時過早，除了傳聞之外，我們聽到了更多的信心。如果我認為——我正在尋找的一件事是——這是一個北美的例子，如果你看看兩黨基礎設施法，看看已經部署的資金數額，迄今為止，大約25%（上下）的資金已經部署。因此，就兩黨基礎設施的持續可用資金而言，我稱其為好消息。

And then if you look at the cost of, and let's take a US example, every mile of road is about $1 million. And if you look then within each of the -- within that mile of road build, over $900,000 of that approximately is the raw materials, including the subsurface materials as well as the asphalt. The minority ends up being the machinery and the labor.

然後，如果你看一下成本，以美國為例，每英里道路的成本約為 100 萬美元。如果你仔細觀察每一英里的道路建設，其中大約超過 90 萬美元是原料，包括地下材料和瀝青。少數人最終成為機器和勞動力。

And to the extent that inflation comes down on the materials, that's a good thing that if we can build more road with that. So that's half inflation coming down, but I think that correlates to the interest rates coming down. So that's the kind of thing that we're paying attention to or the derivative -- second, third order derivative impacts.

就材料的通貨膨脹率下降而言，如果我們能用它建造更多的道路，那是一件好事。因此，通貨膨脹率下降了一半，但我認為這與利率下降有關。這就是我們正在關注的事情或導數——二階、三階導數影響。

Got it. That is very helpful. And second question, I'm actually looking forward to your Analyst Day, but any early thoughts on how you're thinking about your long-term incremental margin target now that you have divested some of the hardware-centric low-margin businesses?

知道了。這非常有幫助。第二個問題，我實際上很期待您的分析師日，但是既然您已經剝離了一些以硬體為中心的低利潤業務，那麼您對長期增量利潤目標有何早期想法？

Tami, it's Phil. I can take that one. Yes. So obviously, we'll get into more detail at Investor Day, but last earnings call -- I'll sort of reiterate what I said last earnings call, which was we're biased -- as we think about the long-term model, we're biased above the midpoint of our prior Investor Day model, which was 5% to 8%. So that sort of gives you the revenue number.

塔米，我是菲爾。我可以接受那個。是的。顯然，我們將在投資者日討論更多細節，但在上次財報電話會議上——我會重申我上次財報電話會議上所說的話，即我們有偏見——因為我們考慮的是長期模式，我們的偏差高於先前投資者日模型的中點，即5% 至8%。這樣就可以得到收入數字。

As we continue to grow the software business disproportionate to the hardware business, you would expect the gross margin expansion.

隨著我們繼續成長與硬體業務不成比例的軟體業務，您可以預期毛利率會擴大。

And then we talked about the operating leverage last time it being 30%, 35%. So we're biased towards the high end of that. And then if you put that all together with some expansion at the EBITDA level, we said over the time, we could expect probably 100 basis points of margin expansion. Again, that's over a multiyear view. But we can get into more details on the Investor Day as well.

然後我們上次談到營業槓桿是30%、35%。所以我們偏向高端。然後，如果將所有這些與 EBITDA 水準的一些擴張結合起來，我們一段時間以來表示，我們預計利潤率可能會擴張 100 個基點。再說一遍，這只是多年的觀點。但我們也可以在投資者日了解更多細節。

Clarke Jeffries, Piper Sandler.

克拉克·傑弗里斯，派珀·桑德勒。

It has been pretty encouraging to see as adjusted margin expansion during this year expand from a range of 100 to 200 basis points now to 200 to 250. I wanted to specifically ask about the margin expansion we've seen this year in transportation. I was wondering how durable do you see that multi-hundred basis point margin expansion in transportation and logistics. I understand that with mobility, there will be a tailwind to margins next year, but even kind of as adjusted, what -- how are you thinking about the underlying efficiency gains you can get in the transportation segment? And what kind of op income expansion could we expect on a go-forward basis?

令人鼓舞的是，今年調整後的利潤率擴張範圍從現在的 100 至 200 個基點擴大到 200 至 250 個基點。我想特別詢問今年我們在運輸領域看到的利潤擴張。我想知道您認為運輸和物流領域數百個基點的利潤率擴張有多持久。我知道，有了流動性，明年的利潤率將會有一個順風車，但即使經過調整，您如何看待在運輸領域可以獲得的潛在效率提升？未來我們可以預期什麼樣的營運收入擴張？

Yes. So Clarke, this is Phil. Let me start and Rob can add any color. So as we think about -- as you said, as we got rid of or as we divested the mobility business going into 2025, that's been obviously a drag on our growth and our ARR growth this year. So we mentioned that before.

是的。克拉克，這是菲爾。讓我開始吧，羅布可以添加任何顏色。因此，正如我們所想，正如您所說，隨著我們在 2025 年擺脫或剝離行動業務，這顯然拖累了我們今年的成長和 ARR 成長。所以我們之前有提到過。

So then when you have what's left is you've got the MAPS business, which is performing well, continues to grow. I think we grew sort of high single digits ARR growth in Q3. Rob had already talked about the Transporeon business.

因此，當您剩下的就是 MAPS 業務，該業務表現良好，並且持續成長。我認為我們在第三季度實現了較高個位數的 ARR 成長。Rob 已經談到了 Transporeon 業務。

And we're not forecasting right now for 2025 any meaningful change in the overall market. But he mentioned the bookings growth. And it's been a healthy business on our growth. It's been double digit, call it, revenue growth and accretive on the OI. So when you think about those businesses continuing to perform at that level, I would expect additional growth and margin expansion from those businesses as we go forward.

我們目前預計 2025 年整個市場不會有任何有意義的變化。但他提到了預訂量的成長。這對我們的成長來說是一項健康的事業。可以說，營收成長和 OI 增值達到了兩位數。因此，當你考慮到這些業務繼續保持在這一水平時，我預計隨著我們的發展，這些業務將出現額外的成長和利潤率擴張。

Perfect. And just one follow-up. Rob, you kind of given this interesting disclosure about how much ARR is split between the A, the E, the C and the O. When we think about the ability to sustain it seems like multiple years of 18% to 20% organic ARR growth, has the composition of that organic ARR growth has been fairly balanced over the years and you give these comments around 30% ACV growth in the E&C segment kind of driven by TC1, but are those segments kind of equally contributing over the years, and that's kind of part of the confidence in AECO growth above the midpoint of the kind of organic growth range next year?

完美的。只有一個後續行動。Rob，您揭露了有關 A、E、C 和 O 之間分配多少 ARR 的有趣資訊。的組成相當平衡，您給出的這些評論是由TC1 推動的E&C 細分市場中大約30% 的ACV 增長，但這些細分市場多年來的貢獻是否相等，那就是對明年AECO 增長高於有機增長範圍中點的信心有多大？

It's a good question. I would say more -- there is a -- how do I say this, there's a variety of growth outcomes that we have within the A, the E, the C and the O. I wanted to point out that they're each above $200 million to point out the balance we have in it. So we don't have a dependent -- an overdependency on one aspect of the portfolio. And I think that's important message to get across and that was the intent of that.

這是一個好問題。我想說更多 - 有一個 - 我怎麼說呢，我們在 A、E、C 和 O 中擁有多種增長成果。所以我們沒有依賴──對投資組合的某一方面的過度依賴。我認為這是需要傳達的重要訊息，這就是其目的。

With the growth rates specifically, actually, our architecture and design business, kudos and shout out to the team for the last three to four years, let's say, well outgrown at an ARR growth level the rest of the of the portfolio. And we think it's probably the largest addressable market opportunity we have with the SketchUp product. We crossed the threshold last quarter of over 1 million paid subscribers using the technology. It's the one that's got the largest customer reach in the world for Trimble. So that aspect of -- or that part of the business is growing the fastest.

具體來說，就成長率而言，實際上，我們的架構和設計業務，在過去三到四年裡對團隊表示讚揚和讚揚，可以說，在ARR 成長水準上遠遠超出了投資組合的其餘部分。我們認為這可能是 SketchUp 產品最大的潛在市場機會。上季我們使用該技術的付費訂閱用戶數量突破了 100 萬。它是 Trimble 在全球擁有最大客戶群的產品。所以這方面——或者說那部分業務成長最快。

I think it will probably still continue to grow the fastest for the next couple of years. I'd say the growth within the E and the C parts of AECO are pretty similar, and I don't see that changing over time over the next couple of years, excuse me. And then the O, that -- sort of we call that the owner in the public sector. The public sector does grow at a lower rate than the private sector. We think one of the things that I think though tends to be quite attractive within the public sector is net retention tends to be high, which is to say churn very low.

我認為未來幾年它可能仍將繼續以最快的速度成長。我想說，AECO 的 E 部分和 C 部分的增長非常相似，而且我認為在接下來的幾年裡不會發生變化，請原諒。然後是 O，我們稱之為公共部門的所有者。公共部門的成長速度確實低於私營部門。我們認為，我認為在公共部門內往往相當有吸引力的事情之一是淨保留率往往很高，也就是說流失率非常低。

So gross retention tends to be the highest in that side of the business. So well balanced. Growth rates are differential but not enough, I think, to change our view here in the next couple of years of the growth opportunity for the business where we would see ARR continuing to grow in the teens.

因此，該業務領域的總留存率往往是最高的。如此平衡。成長率存在差異，但我認為還不足以改變我們對未來幾年業務成長機會的看法，我們將看到 ARR 繼續以十幾歲的速度成長。

Chad Dillard, Bernstein.

查德·迪拉德，伯恩斯坦。

So I wanted to go back to your early thoughts for '25. Just trying to understand like what sort of macro environment is embedded in that outlook? I guess more specifically, just thoughts on how you're thinking about construction and how it layers into your Field Systems guidance? And then secondly, I mean, it sounds like the AECO business is growing faster, the mobility side or the transportation side. And so like what does that mean for incremental margins or the gross margins in the '25 as well?

所以我想回到你對 25 年的早期想法。只是想了解這種前景中蘊藏著什麼樣的宏觀環境？我想更具體地說，只是想一下您如何考慮建造以及它如何融入您的現場系統指南？其次，我的意思是，聽起來 AECO 業務成長得更快，無論是移動方面還是運輸方面。這對於 25 世紀的增量利潤或毛利率意味著什麼？

Let me start with the macro and Phil can fill in some of the margin dynamics. And at a macro level, I wouldn't expect really any meaningful change from what we know now. I mean, after all, January 1 will just be the day after December 31. So it's hard for me to say that I see big, meaningful changes in the market. We've seen the North American economy stronger than the European economy.

讓我從宏觀開始，菲爾可以補充一些利潤動態。從宏觀層面來看，我不認為我們現在所知道的會發生任何有意義的變化。我的意思是，畢竟 1 月 1 日只是 12 月 31 日的第二天。因此，我很難說我看到了市場發生重大、有意義的變化。我們看到北美經濟比歐洲經濟強勁。

I would expect that to continue. We've seen subsegments such as data centers, renewable energy, onshoring of manufacturing to be strong and stronger than residential. If interest rates continue to come down, I think that could be a positive inflection to the residential end market. So we're paying attention to that because we know that that's underbuilt and that will come back over time. In the Field Systems side, we certainly look at what the OEMs are saying, and they're projecting units down in construction and agriculture, and that's incorporated into our thoughts on Field Systems.

我希望這種情況能夠持續下去。我們已經看到資料中心、再生能源、製造業外包等細分市場的實力強勁，而且比住宅市場更強大。如果利率繼續下降，我認為這可能對住宅終端市場產生積極影響。所以我們正在關注這一點，因為我們知道這一點還不夠完善，隨著時間的推移，這種情況會恢復過來。在現場系統方面，我們當然會關注原始設備製造商的說法，他們正在向建築和農業領域投射單位，這已納入我們對現場系統的想法中。

Now we still expect it to grow next year, but to be below the company average on growth. And so that's taken into -- we're trying to take that into account. And transportation and the macros, I think that 2025 could start to look better for the macros in North America. There do appear to be some green shoots coming to get supply and demand and to better balance. In Europe, I would expect more of the same as a default thinking.

現在我們仍然預計明年它會成長，但增幅低於公司平均值。因此，我們正在努力考慮這一點。至於交通和宏觀方面，我認為 2025 年北美的宏觀情況可能會開始變得更好。似乎確實出現了一些新芽，以實現供需並更好地平衡。在歐洲，我預計會有更多與預設思維相同的情況。

So we're not expecting to see an inflection in -- meaningful inflection in the number of transactions per customer that would impact -- that would positively impact the Transporeon business were to be wrong in that and the economy were to be better. So some of those macro thoughts make it into the revenue, I don't know if we call it guidance yet, but I'll call it revenue early revenue thoughts that Phil put forward. Phil, do you want to fill in the rest.

因此，我們預計不會出現對 Transporeon 業務產生積極影響的每個客戶交易數量的有意義的變化，但如果這一點是錯誤的，那麼經濟就會變得更好。因此，其中一些宏觀想法已納入收入中，我不知道我們是否稱其為指導，但我將其稱為菲爾提出的收入早期收入想法。菲爾，你想補充其餘的嗎？

Yes. Thanks, Chad. So I'd say, again, we weren't -- this wasn't intended to be a guide -- a full guide for next year is just to give you a preview of how we're thinking about the year on a revenue basis. But I think you could roughly apply the construct that I talked about earlier around the growth and the gross margin expansion, the op leverage. And you can use the revenue growth rates that I alluded to, which is AECO being the top transportation being in the range and Field Systems being lower and I think you can get to a rough model there.

是的。謝謝，查德。所以我想說，我們不是——這不是一個指南——明年的完整指南只是為了讓你預覽我們如何看待這一年的收入基礎。但我認為你可以粗略地應用我之前談到的關於成長和毛利率擴張、營運槓桿的結構。您可以使用我提到的收入成長率，即 AECO 是該範圍內排名最高的運輸系統，而現場系統則較低，我認為您可以在那裡獲得一個粗略的模型。

But certainly at Investor Day and as we go forward, we can give you more detailed view on that for 2025.

但當然，在投資者日以及我們前進的過程中，我們可以為您提供有關 2025 年的更詳細的看法。

And I also would -- this is Rob again. I point out that we have the earnings supplement. I'd encourage everyone to make sure you're looking through that because there are moving parts that we need to make sure that you're taking into account moving parts. One will be the mobility divestiture, assuming it happens, which we assume in Q1. We've got the -- we'll have the agriculture that will lap in Q1, so thus, the as adjusted.

我也願意──這又是羅布。我指出我們有收入補貼。我鼓勵大家確保您正在仔細查看這一點，因為我們需要確保您考慮到一些變化的部分。假設發生的話，其中之一就是流動性剝離，我們假設在第一季。我們的農業將在第一季完成，因此，調整後的農業。

And then the third big one is the 53rd week that we've got here in 2024. And so it's just -- it's really important to understand these pieces and work from the right baseline. Otherwise, it can look -- it will look off, especially with the 53rd week and the divestitures. And so we're thinking about it very much on an organic basis, excluding that 53rd week when we make this commentary.

第三個重要的一週是 2024 年的第 53 週。因此，理解這些內容並從正確的基線開始工作非常重要。否則，它可能會看起來——它會看起來不太好，特別是在第 53 週和資產剝離的情況下。因此，我們在有機的基礎上思考這個問題，不包括我們發表評論的第 53 週。

Okay. That's super helpful. And then second question, I just want to get a better sense on the road map for rolling out the rest of TC1 from like, I guess, onto the owner side of the house and then also from a geographic standpoint. Where are you on that? When do you expect to see those -- that strategy kind of fully played out?

好的。這非常有幫助。然後是第二個問題，我只是想更好地了解將 TC1 的其餘部分推出的路線圖，我猜是從房子的業主一側，然後從地理的角度來看。你在哪裡？您預計什麼時候會看到這些策略得到充分發揮？

And then how do you think about the incremental addressable market that you're able to reach from that?

那麼您如何看待您能夠從中獲得的增量目標市場？

Chad, great question. Okay. So within AECO, the primary place where we're selling it today is with the E and the C part of the portfolio, where we sell to the engineering and construction customers, by the way, that could be mechanical, electrical, plumbing, steel, concrete contractors, the general contractors who do both vertical and horizontal work. Those are the primary customer set where we're selling it today. Anywhere where those customers can use architecture and design product, SketchUp we are selling it into those bundles.

乍得，好問題。好的。因此，在 AECO 內部，我們今天銷售的主要地方是產品組合的 E 和 C 部分，順便說一句，我們向工程和建築客戶銷售，可能是機械、電氣、管道、鋼鐵、混凝土承包商、同時進行垂直和水平工作的總承包商。這些是我們今天銷售的主要客戶群。在任何地方，只要這些客戶可以使用建築和設計產品，我們就會將 SketchUp 捆綁銷售。

For our pure architects and only architects and only designers, they're not really buying TC1. They're buying -- they're just buying the product that they need Okay. So within the engineering and construction part of the AECO primarily, as you know, it's been already out in North America. TC1 is a framework commercial offering. We've got over 20 prepackaged subofferings within that to target the personas.

對於我們純粹的建築師、只有建築師和設計師來說，他們並沒有真正購買 TC1。他們正在購買——他們只是購買他們需要的產品。如您所知，主要是在 AECO 的工程和施工部分內，它已經在北美推出。TC1 是一個框架商業產品。我們有超過 20 個預先包裝好的子產品來針對角色。

Then we're, I'd say, early in the European rollout and really not in Asia Pacific in a meaningful way, especially Southeast Asia, not in any meaningful way. I would anticipate next year that we really see Europe rolled out, and I would say, probably partially so in Asia Pacific. We've got to have some of the underlying systems work done to help enable that, which rolls out geographically. The you asked about the O and bringing that owner in public sector into that, and we'll start to see more of that next year. Now the owner and public sector actually already has its own form of TC1.

然後，我想說的是，我們在歐洲推出的早期，實際上並沒有以有意義的方式在亞太地區，特別是東南亞，沒有以任何有意義的方式。我預計明年我們真的會看到歐洲推出，而且我想說，亞太地區可能部分如此。我們必須完成一些底層系統工作來幫助實現這一點，並在地理上進行推廣。您詢問了 O 並將公共部門的所有者納入其中，明年我們將開始看到更多這樣的情況。現在業主和公共部門實際上已經有了自己的TC1形式。

We call it Trimble Unity where we brought together multiple capabilities we have around enterprise asset management and digital project delivery. And so that has come together in the form of a suite of technology to serve asset life cycle management, which we think is actually super unique. So what we'll do is continue to pursue asset life cycle management within the owner and public sector, have the linkages to TC1. The extent of whether it is or isn't called TC1, I'm a bit indifferent, I'm more focused on we're delivering the outcomes to the customers. The other thing I'd want to take a chance to point out is, next year, you'll see, we'll see more linkages to the machine control and guidance market where we have an as-a-service offering, linking that into the TC1 bundles for civil contractors.

我們稱之為 Trimble Unity，匯集了我們在企業資產管理和數位專案交付方面擁有的多種功能。因此，它們以一套技術的形式結合在一起，為資產生命週期管理服務，我們認為這實際上是非常獨特的。因此，我們要做的就是繼續在業主和公共部門內追求資產生命週期管理，並與 TC1 建立連結。至於它是否被稱為 TC1，我有點漠不關心，我更關注我們向客戶提供結果。我想藉此機會指出的另一件事是，明年，你會看到，我們將看到與機器控制和指導市場的更多聯繫，我們在其中提供即服務產品，將納入土木承包商的TC1捆綁包中。

And if you take a capability like we have with B2W, I think, estimating and tracking field progress for civil contractors, that makes a lot of sense to link to the construction ERP that civil contractors buy from us, to link that to the machine control and guidance that they can buy from us, to link that to the project management the in-product controls that they buy from us, not only to link the technology, to link the workflow. And these are the things that we can uniquely do at that intersection of the physical and the digital. So I look forward to seeing more rollouts next year. When you ask about the addressable market, what we have seen consistently through the rollouts of the bundles that we are expanding the size of the addressable markets. We're expanding the reach we have in the customers as we move into more of an as-a-service offering.

我認為，如果您採用像我們 B2W 那樣的能力，估算和跟踪土木承包商的現場進度，那麼將土木承包商從我們這裡購買的建築 ERP 鏈接起來，將其鏈接到機器控制就很有意義他們可以從我們這裡購買指導，將其與他們從我們那裡購買的專案管理和產品內控制聯繫起來，不僅連結技術，還連結工作流程。這些是我們在實體和數位的交叉點上可以獨特地做的事情。因此，我期待明年看到更多的推出。當您詢問潛在市場時，我們透過推出捆綁包一致看到，我們正在擴大潛在市場的規模。隨著我們轉向更多的即服務產品，我們正在擴大我們在客戶中的影響力。

Josh Tilton, Wolfe Research.

喬許‧蒂爾頓，沃爾夫研究中心。

This is Arsenije Matovic on for Josh Tilton from Wolfe Research. Just first question, really great results in transportation and AECO, I guess, within transportation, record bookings and from Transporeon on despite the European freight rates. Can you maybe go into what's driving that? Is it better consumption than expected, better new logo wins with larger customers being added?

我是沃爾夫研究公司 (Wolfe Research) 的阿森尼耶·馬托維奇 (Arsenije Matovic) 為喬什·蒂爾頓 (Josh Tilton) 發言。第一個問題，我想，在運輸和 AECO 方面確實取得了巨大的成果，在運輸方面，記錄預訂以及從 Transporeon 出發，儘管有歐洲運費。你能談談是什麼推動了這一點嗎？消費是否比預期更好，是否有更好的新標誌贏得更多客戶？

And then moving on to AECO, within AECO TC1 specifically, what's going on there as well from a high level? Are there better expansions from existing customers? Are there new logo wins with improving win rates? Anything you can share there? And then I just had a brief follow-up.

然後轉向 AECO，特別是在 AECO TC1 內，從高層來看，那裡發生了什麼事？現有客戶是否有更好的擴展？是否有新的標誌能夠提高獲勝率？有什麼可以分享的嗎？然後我做了一個簡短的跟進。

This is Rob. I'll start within Transporeon. The bookings were the record bookings both for the both for the quarter. It was a record third quarter level of bookings. It was the second highest quarter ever bookings, put it more longitudinally to the year and about 30% increase year-to-date on a year-over-year basis.

這是羅布。我將從 Transporeon 開始。這些預訂量均創本季預訂量紀錄。第三季的預訂量創歷史新高。這是有史以​​來第二高的季度預訂量，從全年來看，今年迄今的預訂量年增了約 30%。

Those bookings are primarily coming from new logos and then increasing -- there's a land and expand play we have within the portfolio because there's a broad set of capabilities that the platform can deliver. And so that cross-sell of the rest of the capabilities is also driving a level of bookings. I'd say, in that business, I'm most pleased with the level of the new bookings, and we were able to meet good number of existing as well as new logo customers at our User Conference just a few weeks ago in Vienna. And the customers are looking for -- both by the way the carriers and the shippers are looking for efficiencies that the platform can unlock. They're looking -- and we're seeing nice growth within the autonomous procurement and autonomous quotation product lines within the business.

這些預訂主要來自新徽標，然後不斷增加——我們在產品組合中擁有土地和擴展空間，因為平台可以提供廣泛的功能。因此，其餘功能的交叉銷售也推動了預訂水準的提升。我想說，在這個行業，我對新預訂的水平感到非常滿意，就在幾週前在維也納舉行的用戶會議上，我們能夠滿足大量現有和新徽標客戶。客戶正在尋求－承運人和托運人都在尋求平台可以釋放的效率。他們正在尋找——我們看到業務內的自主採購和自主報價產品線取得了良好的成長。

This is AI at work generating revenue and actually being monetized, which I am really pleased to see. So we've got a differential set of products and capabilities and outcomes that we can deliver to the customers. We're primarily selling to the shippers. We bring them into the network, and then they fulfill and execute through the carriers that are in the network. At the TC1 level, let me make sure I understood your question.

這是人工智慧在創造收入並實際貨幣化，我真的很高興看到這一點。因此，我們可以提供客戶一套不同的產品、能力和成果。我們主要銷售給托運人。我們把它們帶入網絡，然後它們透過網絡中的載體來履行和執行。在 TC1 級別，讓我確保我理解你的問題。

Are you looking for color on what's driving that growth or what else we're doing within...

您是否正在尋找有關推動成長的因素或我們正在做的其他事情的資訊…

Exactly. Is the expansion? Is it new logo driven? Is there anything with better competitive wins with a more cautious budget environment for some competitors that are offering more expensive solutions, anything to get into there?

確切地。是擴張嗎？是新標誌驅動的嗎？對於一些提供更昂貴解決方案的競爭對手來說，有什麼可以在更謹慎的預算環境下獲得更好的競爭勝利，有什麼可以進入的嗎？

Yes. So yes, let's start with the bookings. The bookings were right at or probably actually slightly above the level of the ARR growth in the quarter. That informs the view forward that Phil talked about in his prepared remarks. We have an enormous ability to cross-sell and upsell within the existing customer base that we have.

是的。所以，是的，讓我們從預訂開始。預訂量恰好等於或實際上可能略高於本季度的 ARR 增長水平。這體現了菲爾在他準備好的演講中談到的未來觀點。我們擁有在現有客戶群內進行交叉銷售和追加銷售的巨大能力。

And so that's where we do see the majority of the growth that we have in the business. And we are winning new logos. We have a differential offering. And the more we can link the bundles and the workflows together, we're seeing that generate new logo wins for us. The team has done just a really, I think, a terrific job throughout the year, actually throughout the last few years, but let's just say, throughout the year to date, both at a product level, at go-to-market level and the underlying systems level.

因此，我們確實看到了業務成長的大部分。我們正在贏得新標誌。我們有差異化的產品。我們越多地將捆綁包和工作流程連結在一起，我們就會看到為我們產生新的徽標。我認為，該團隊在這一年裡，實際上是在過去幾年裡，確實做得非常出色，但我們只能說，到目前為止，無論是在產品層面、在進入市場層面還是在市場層面，底層系統級別。

So at a product level, I think delivering -- defining and delivering the TC1 bundles, linking the workflow, establishing a marketplace where we can do integrations and have a sets of APIs to be able to integrate the technology that we have, defining the bundles. We're seeing good success when we have like ERP and project management, when we link ERP and estimating when, we link design and estimating. So we're following what the customers and the market are telling us to define the product set to take to market. At a go-to-market level, earlier in the year, we moved to a named account selling model, and it's working. And then at a systems and process level, sales enablement, sales operations, getting 360-degree views of our customers, underlying marketing transformation to drive the pipeline.

因此，在產品層面，我認為交付——定義和交付 TC1 捆綁包、連結工作流程、建立一個我們可以進行整合的市場，並擁有一組 API 來整合我們擁有的技術、定義捆綁包。當我們將 ERP 和專案管理連結起來時，當我們將 ERP 與估算連結起來時，當我們將設計與估算連結起來時，我們就會看到良好的成功。因此，我們遵循客戶和市場的要求來定義要推向市場的產品。在進入市場的層面上，今年早些時候，我們轉向了指定帳戶銷售模式，並且它正在發揮作用。然後在系統和流程層面，銷售支援、銷售營運、獲得客戶的 360 度視圖、基礎行銷轉型以推動通路。

The pieces are coming together nicely in the business. And then linking that to one of the earlier questions, this is -- gives us the ability to take this across the rest of the world from what we've already been doing in North America and part of Europe fully into Europe and then into Asia Pacific.

這些碎片在業務中完美地結合在一起。然後將其與之前的問題之一聯繫起來，這使我們有能力將這一點從我們在北美和歐洲部分地區所做的事情擴展到世界其他地區，然後完全進入歐洲，然後進入亞洲太平洋。

Got it. That's very helpful. And just a follow-up. Is there any way you can provide more color on what changed from the last earnings call when you provided the expectation of completing the audit review in September? And is there anything, I guess, that you could share that would help investors better understand that timing change?

知道了。這非常有幫助。只是後續行動。當您預計在 9 月完成審計審查時，您是否可以透過任何方式提供更多關於上次財報電話會議以來發生的變更的資訊？我想您有什麼可以分享的，可以幫助投資人更好地理解這種時機的變化嗎？

Is there any new target, like could we expect maybe this to be completed before the Investor Day? Or just anything that you could provide additional color on there.

是否有任何新目標，例如我們是否可以期望在投資者日之前完成？或任何你可以在那裡提供額外顏色的東西。

This is Phil. Let me start. So look, this is the number one priority for us. We're trying to work through this. E&Y has been performing incremental audit procedures.

這是菲爾.讓我開始吧。所以看，這是我們的第一要務。我們正在努力解決這個問題。安永一直在執行增量審計程序。

They're really focused on completing this but in a very thorough and detailed manner. And so I think back when we thought it was a few weeks away, we underestimated sort of just the breadth and depth of the audit as it went forward. So I think that was on us. But they're doing their work.

他們確實專注於完成這項工作，但以非常徹底和詳細的方式。所以我回想起來，當我們認為還有幾週的時間時，我們低估了審計進展的廣度和深度。所以我認為這是我們的責任。但他們正在做他們的工作。

The team is -- the Trimble team is very focused on this. We've put in outside resources throughout this process. But what I will reiterate is Rob's comment that throughout these many months, we pulled many, many data samples, and we still have not seen anything that would indicate a restatement of any of our financial statements that to date, the financial statements that we filed, we believe are correct. So we're continuing to work hard with them. Again, we're trying to get this completed as soon as possible.

Trimble 團隊非常關注這一點。我們在整個過程中投入了外部資源。但我要重申的是羅布的評論，在這幾個月裡，我們提取了很多很多數據樣本，但我們仍然沒有看到任何表明我們迄今為止的任何財務報表、我們提交的財務報表的重述的內容。因此，我們將繼續與他們一起努力。同樣，我們正在努力盡快完成這項工作。

But unfortunately, it's just one of those we, as Trimble can't control the timeline. And so all we can do is put our heads down and work really hard and be very responsive to the UI requests and try to get this behind us as soon as we can.

但不幸的是，這只是我們其中之一，因為 Trimble 無法控制時間軸。因此，我們所能做的就是埋頭苦幹，對 UI 請求做出積極回應，並儘快解決這個問題。

And I would think the answer is yes, we would anticipate having it done before Investor Day.

我認為答案是肯定的，我們預計在投資者日之前完成。

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

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。