Trimble Inc (TRMB) 2024 Q4 法說會逐字稿

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

女士們，先生們。感謝您的支持。我叫克里斯塔，今天我將擔任您的會議主持人。現在，我歡迎大家參加 Trimble 2024 年第四季財報電話會議。（操作員指令）

Thank you, and I will now like to turn the conference over to Rob Painter, President and CEO. Rob, you may begin.

謝謝，現在我想將會議交給總裁兼執行長 Rob Painter。羅布，你可以開始了。

Welcome everyone. Before I get started, our presentation is available on our website, and please refer to the Safe Harbor statement. 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.

歡迎大家。在我開始之前，我們的簡報可以在我們的網站上查閱，請參閱安全港聲明。我們的財務評論將反映非公認會計準則績效指標，包括與去年同期相關的有機成長比較（除非另有說明）。

In addition, our P&L commentary will emphasize comparables on an as adjusted basis which excludes our agriculture business, our recently divested mobility business, and the extra week that we had in the fourth quarter of 2024.

此外，我們的損益評論將強調調整後的可比性，其中不包括我們的農業業務、我們最近剝離的行動業務以及我們在 2024 年第四季的額外一周。

Starting on slide 4, we ended the year on an emphatically strong note, as reported, fourth quarter revenue at $983 million, ARR at $2.26 billion, and EPS at $0.89 were all above the midpoint of our guidance. On an as adjusted basis, revenue was up 9% for the quarter and 6% for the year, with ARR up 16%. Gross margins at 71.7% represent the first time that we have crossed the 70% level.

從第 4 張投影片開始，我們以強勁的業績結束了這一財年，據報道，第四季度營收為 9.83 億美元，ARR 為 22.6 億美元，每股收益為 0.89 美元，均高於我們預期的中點。經調整後，本季營收成長 9%，全年營收成長 6%，ARR 成長 16%。毛利率為71.7%，這是我們首次突破70%的水準。

Kudos to our global colleagues and partners. Phil will walk us through additional details of as adjusted performance and his commentary, which is necessary to set the correct baseline for fiscal 2025.

向我們全球的同事和合作夥伴致敬。Phil 將向我們介紹更多調整後的績效的細節和他的評論，這對於設定 2025 財年的正確基準是必要的。

Moving to slide 5, our performance in the fourth quarter capped a transformative year for Trimble. For those newer to the Trimble story, we call our strategy Connect and Scale. Our technology is digitizing and transforming work in the construction, geospatial, and transportation industries. These markets are large, global, underserved, and under penetrated with a combined addressable market of over $70 billion.

第 5 頁是我們的第四季業績，這為 Trimble 的轉型之年畫上了句號。對於那些較不了解 Trimble 故事的人來說，我們將我們的策略稱為「連接和擴展」。我們的技術正在使建築、地理空間和運輸業的工作數位化並實現轉型。這些市場規模龐大、全球化、服務不足、滲透率低，總計潛在市場規模超過 700 億美元。

By executing our strategy, we have simplified, focused, and strengthened Trimble. We now report under three segments with leadership perfectly aligned to this structure. We have also transformed our business model in the process, delivering compelling and compounding financial returns. On an as reported basis between 2019 and 2024, ARR increased from $1.2 billion to over $2.26 billion.

透過執行我們的策略，我們簡化、集中並加強了 Trimble。我們現在根據三個部門進行報告，領導階層與這個結構完全一致。在此過程中，我們也轉變了商業模式，獲得了可觀的複合財務回報。據報道，2019 年至 2024 年期間，ARR 從 12 億美元增加到 22.6 億美元以上。

Recurring revenue doubled as a percent of overall revenue to 62%, and overall software and services increased to 76% of revenue.

經常性收入佔總收入的百分比翻了一番，達到 62%，整體軟體和服務收入佔比增長至 76%。

Gross margins in 2024 at 68.2% have increased over 1,000 basis points. All of this is translated into over 400 basis points of EBITDA improvement, with 2024 ending at 27.2%. At our Investor Day in December, we outlined the progression and direction of our strategy, detailing our right to win at the intersection of product, technology, and go to market.

2024 年的毛利率為 68.2%，增加了 1,000 個基點。所有這些都轉化為超過 400 個基點的 EBITDA 成長，到 2024 年將達到 27.2%。在 12 月的投資者日上，我們概述了我們策略的進展和方向，詳細說明了我們在產品、技術和市場進入方面的獲勝權利。

We laid out our 3, 4, 30 ambition through 2027 to deliver $3 billion of ARR, $4 billion of revenue, and 30% EBITDA margins. By delivering transformative outcomes for our customers, we are poised to deliver compelling returns to our shareholders.

我們制定了 2027 年的「3、4、30」目標，即實現 30 億美元的 ARR、40 億美元的營收和 30% 的 EBITDA 利潤率。透過為我們的客戶提供變革性的成果，我們準備為股東帶來豐厚的回報。

Today, I'll highlight the last few months of Connect and Scale strategic progression in three areas. First, product and go-to-market through the lens of our customers. Second, technology innovation, and third, capital allocation.

今天，我將重點介紹過去幾個月在三個領域內「連結與擴展」策略的進展。首先，透過客戶的角度來看產品和進入市場。第二，技術創新；第三，資本配置。

In the fourth quarter, we engaged with thousands of our customers and partners. Our dimensions user conference, which focuses on the engineering and construction industry, had more than 7,000 registered attendees.

第四季度，我們與數千名客戶和合作夥伴進行了接觸。我們的 Dimensions 用戶大會專注於工程和建築行業，註冊與會者超過 7,000 名。

We ran sessions on site at the venue and off-site at a purpose-built proving ground where we could demonstrate our field solutions in the dirt. We had the opportunity to showcase our product innovation progression as we moved from point solutions to work flow to ecosystems. This progression uniquely leverages the vast installed base we have across the life cycle continuum of the engineering and construction industry.

我們在會場現場和專門建造的試驗場外舉行了會議，在那裡我們可以在泥土中展示我們的現場解決方案。我們有機會展示我們的產品創新進程，從點解決方案到工作流程再到生態系統。這項進展以獨特的方式利用了我們在整個工程和建築行業生命週期中擁有的龐大安裝基礎。

At the offsite venue, pictured on the cover slide, more than 25 of our OEM partners demonstrated on board and offboard technology, serving a large array of machine types, and we were able to showcase our unique office to field workflow connectivity.

在封面幻燈片所示的場外場地，我們的 25 多家 OEM 合作夥伴演示了機上和機外技術，為多種機器類型提供服務，而且我們能夠展示我們獨特的辦公室到現場工作流程連接。

The unique value we are offering to the ecosystem is evidenced by the strong growth in ARR in both AECO and Field Systems. Further evidence of this unique value is in the record level of ACV bookings in AECO in the quarter.

AECO 和現場系統的 ARR 的強勁成長證明了我們為生態系統提供的獨特價值。本季 AECO 的 ACV 預訂量創下了歷史新高，進一步證明了這一獨特價值。

In transportation, we see and hear our customers asking us to address similar opportunities as our construction customers. They increasingly seek data-rich solutions delivered in a common and connected data environment.

在交通運輸領域，我們看到和聽到客戶要求我們解決與建築客戶類似的機會。他們越來越多地尋求在通用且互聯的數據環境中提供的數據豐富的解決方案。

While the freight market macros remain challenged, our team is doing a good job controlling what we can control. For example, the Transporeon business achieved an all-time record level of bookings in both the fourth quarter and the year. When the freight markets return to growth, this business is well positioned to showcase its true financial potential.

雖然貨運市場宏觀仍然面臨挑戰，但我們的團隊在控制我們能夠控制的事情方面做得很好。例如，Transporeon業務在第四季和全年的預訂量都創下了歷史新高。當貨運市場恢復成長時，這項業務將能夠充分展現其真正的財務潛力。

Complementing the product direction is the innovation that has taken hold with our go-to-market initiatives across the company which have never been better aligned to unlock the potential of Trimble.

與產品方向相輔相成的是我們整個公司推行的行銷計劃中所採用的創新，這些創新從未如此完美地契合，以釋放 Trimble 的潛力。

On the technology innovation front, we continue to progress state of the art and core positioning technologies along with connectivity, collaboration, and visualization. We believe we are well positioned to be a winner in the data-centric and AI forward world, leveraging trillions, billions, millions, and thousands.

在技​​術創新方面，我們繼續推進最先進的核心定位技術以及連接性、協作性和視覺化技術。我們相信，我們有能力在以數據為中心、以人工智慧為導向的世界中成為贏家，利用數萬億、數十億、數百萬和數千億美元。

Trillions of dollars of construction programs run through Trimble. Tens of billions of freight run through Trimble. We have millions of users of our software. We manage millions of miles of our roadways, and we have hundreds of thousands of instruments and machines out in the field in the real world operated by Trimble technology.

數萬億美元的建設項目都要透過 Trimble 進行。數百億的貨運量都要透過 Trimble 來運輸。我們的軟體有數百萬用戶。我們管理著數百萬英里的道路，在現實世界中，我們有數十萬台由 Trimble 技術操作的儀器和機器。

Over the last few months, we have increased the adoption of AI to fuel our own productivity, creativity, and to drive profit expansion. We've been launching agents to better support customers, product managers, and our sellers. The potential is exciting, and we will continue to lean into the technology to drive both internal efficiencies and amplify customer value.

在過去的幾個月裡，我們加大了對人工智慧的採用，以提高我們自身的生產力和創造力，並推動利潤成長。我們一直在推出代理商來更好地支援客戶、產品經理和我們的賣家。這種潛力令人興奮，我們將繼續依靠技術來提高內部效率並擴大客戶價值。

Finally, I'll cover three topics on the capital allocation front, starting with the divestiture of our mobility business which we closed on February 8. We are a significant shareholder in platform science and we refreshed an ongoing and important commercial relationship with their team to link telemetry with our broad set of capabilities, including dispatch, scheduling, routing, navigation, maintenance, visibility, freight procurement, and more.

最後，我將討論資本配置方面的三個主題，首先是我們在 2 月 8 日完成的行動業務剝離。我們是平台科學的重要股東，我們與他們的團隊建立了持續且重要的商業關係，將遙測與我們廣泛的功能聯繫起來，包括調度、調度、路線、導航、維護、可視性、貨運採購等。

We are accounting for this investment under the cost method of accounting, where our investment will be represented on our balance sheet rather than the non-GAAP P&L.

我們依照成本會計法計算這項投資，我們的投資將顯示在我們的資產負債表上，而不是非公認會計準則損益表中。

Second, we remain committed to executing our share buyback plan. We continue to believe that repurchasing Trimble stock is an attractive opportunity for capital deployment given our share price today. As further evidence of our commitment today, we are announcing that our board increased our repurchase authorization to $1 billion.

第二，我們仍然致力於執行我們的股票回購計畫。考慮到我們今天的股價，我們仍然相信，回購 Trimble 股票是一個有吸引力的資本配置機會。作為我們今天承諾的進一步證據，我們宣布董事會將回購授權增加至 10 億美元。

Third, given the strength and momentum in the underlying business and particularly the success we have demonstrated executing our TC1 platform strategy and AECO, we intend to play offense on the acquisition front.

第三，鑑於基礎業務的實力和發展勢頭，特別是我們在執行 TC1 平台策略和 AECO 方面所取得的成功，我們打算在收購方面採取攻勢。

Tuck-in opportunities that can quickly integrate and be put in the hands of our sellers are the most obvious category, building on the success we have had with such moves over the past few years. We will also opportunistically consider larger opportunities should they present themselves, particularly in construction software.

最明顯的一類是能夠快速整合並交到賣家手中的附加機會，這得益於我們過去幾年此類舉措所取得的成功。如果出現更大的機會，我們也會積極考慮，特別是在建築軟體領域。

Though the bar will be high, anchored in our disciplined focus on ROI, and compared to the returns we can generate from buying back our own shares. Trimble enters 2025 with a balance sheet well below our leverage targets with continued strong free cash flow generation and with shares trading at levels we find attractive. Collectively, this gives us a range of good options to consider as we drive value for shareholders.

儘管門檻很高，但我們始終嚴格關注投資回報率，並且與我們回購自己的股票所能獲得的回報相比。進入 2025 年，Trimble 的資產負債表將遠低於我們的槓桿率目標，同時繼續產生強勁的自由現金流，並且股票交易價格處於我們認為有吸引力的水平。總的來說，這為我們在為股東創造價值時提供了一系列不錯的選擇。

Phil, over to you.

菲爾，交給你了。

Thanks, Rob. On January 16, we filed our 2023 amended 10-K along with our 10-Qs for the first, second, and third quarters of 2024. As we messaged through that -- throughout the process, there's no change to our filed financial results.

謝謝，羅布。1 月 16 日，我們提交了 2023 年修訂後的 10-K 以及 2024 年第一季、第二季和第三季的 10-Q。正如我們所傳達的——在整個過程中，我們提交的財務結果沒有任何變化。

Our full attention is now focused on working with our audit provider to complete the 2024 audit. The good news is that the 2024 audit work builds on the 2023 work. The challenge is that because of the 2023 filing delays, the timeline is compressed.

我們現在全神貫注於與我們的審計提供者合作完成 2024 年的審計。好消息是，2024 年的審計工作以 2023 年的工作為基礎。挑戰在於，由於 2023 年的提交延遲，時間表被壓縮了。

We are likely to file our 2024 10-K after the March 4 due date and are working to file within the 15 day extension that is allowed under SEC rules. At this time we believe any delays to our filing would be solely due to the tight time frame. We are, of course, working hard and doing everything we can to file our 10-K on time.

我們可能會在 3 月 4 日截止日期之後提交 2024 年 10-K 報告，並努力在 SEC 規則允許的 15 天延期內提交。目前，我們認為，我們的提交的任何延遲都完全是由於時間緊迫造成的。當然，我們正在努力工作並盡一切努力按時提交 10-K。

Let's review the fourth quarter in the year for 2024 starting on slide 6. Unless otherwise noted, I'll be talking about our as adjusted numbers which remove the effects of the recent divestitures in the 53rd week, including the January 1 term license renewals. As reported numbers along with the reconciliation are provided in the appendix.

讓我們從第 6 張投影片開始回顧 2024 年第四季。除非另有說明，我將討論我們的調整後數字，該數字消除了第 53 週最近的資產剝離的影響，包括 1 月 1 日的定期許可證續簽。報告的數字及對帳情況已在附錄中提供。

Organic revenue was up 9% for the quarter and 6% for the year, with ARR up 16%. We achieved EBITDA margins of 27.8% for the quarter and the year, both of which expanded nearly 100 basis points. Reported EPS was at $0.89 for the quarter and $2.85 for the year. The reason we didn't see an even larger EPS outperform was primarily due to additional incentive compensation accruals and additional sales commissions.

本季有機收入成長 9%，全年成長 6%，ARR 成長 16%。我們本季和全年的 EBITDA 利潤率均達到了 27.8%，均擴大了近 100 個基點。本季報告的每股收益為 0.89 美元，全年報告的每股收益為 2.85 美元。我們沒有看到每股收益表現更佳的原因主要是因為額外的激勵薪酬應計和額外的銷售佣金。

Moving to the balance sheet and cash flow items on slide 7. Our reported free cash flow for the year was $498 million which represents a conversion rate of 0.71 to net income. Adjusting for $204 million of M&A related tax payments and transaction costs, cash flow is over $700 million with a conversion rate of approximately 1 times.

前往投影片 7 上的資產負債表和現金流量項目。我們報告的今年自由現金流為 4.98 億美元，相當於淨收入的轉換率為 0.71。調整2.04億美元的併購相關稅費和交易成本後，現金流量超過7億美元，轉換率約1倍。

Our balance sheet is strong, with over $700 million of cash and a leverage ratio of less than 1 times, which is well below our long term targeted rate of 2.5 times. Let's shift to a segment review of the numbers before we close with guidance, starting with AECO on slide 8.

我們的資產負債表強勁，擁有超過 7 億美元的現金，槓桿不到 1 倍，遠低於我們 2.5 倍的長期目標比率。在我們結束指導之前，讓我們先對數字進行分段回顧，從第 8 張投影片上的 AECO 開始。

18% ARR growth for the quarter and the year and operating income at 31.2% for the quarter in the year. This is a scale business nearing $1.3 billion of ARR and revenue and operating well above the rule of 40. In fact, it was greater than a rule of 45 for both the quarter and the full year. ACV bookings increased over 20% in the quarter, providing momentum to our ongoing commitment to grow ARR at our long-term model rate in the mid-teens.

本季和全年的 ARR 成長率為 18%，本季的營業收入成長率為 31.2%。這是一家規模龐大的企業，其 ARR 和收入接近 13 億美元，營運水準遠高於 40 規則。事實上，無論是季度還是全年，它都超過了 45 的規則。本季 ACV 預訂量成長了 20% 以上，為我們持續致力於以長期模式中十幾個百分點的速度成長 ARR 提供了動力。

We are especially pleased with the ongoing performance of our Trimble Construction One offerings, as well as the level of growth in cross-selling and upselling initiatives.

我們對 Trimble Construction One 產品的持續表現以及交叉銷售和追加銷售計劃的成長水準感到特別滿意。

Next, field systems on slide 9. While for the year revenue is slightly down on an organic basis, it inflected positively in the second half of the year and was up 2% in the fourth quarter. Of particular note, ARR growth at 21% for the quarter and the year demonstrates the intentionality of our business model conversions. In almost every business where we have implemented these changes, we have seen the addressable market expand.

接下來是投影片 9 上的現場系統。雖然今年的收入在有機基礎上略有下降，但下半年出現了積極變化，第四季度增長了 2%。特別值得注意的是，本季和全年的 ARR 成長率達到 21%，證明了我們商業模式轉變的意圖。在我們實施這些變革的幾乎每個業務中，我們都看到了潛在市場的擴張。

It should also be noted that the recurring revenue conversions were 150 basis points headwind to 2024 annual revenue growth. Thus, the two must be looked at in combination. It should further be noted that the team executed on these transitions while increasing operating income margins to 30.1% for the year.

還應注意的是，經常性收入轉換對 2024 年年度收入成長而言是 150 個基點的阻力。因此，必須結合來看兩者。還需要注意的是，該團隊在執行這些轉變的同時，將全年營業收入利潤率提高到 30.1%。

Finally, transportation and logistics on slide 10. Revenue and ARR were up 8%, both for the quarter and the year, led by growth above the segment average from our Maps business and the Transporting business. Operating margins were 24.1% for the year.

最後，第 10 頁是運輸和物流。本季和全年的營收和 ARR 均成長 8%，這得益於地圖業務和交通業務高於分部平均水準的成長。全年營業利益率為24.1%。

Transporeon continues to deliver in a challenging freight environment with strong double-digit bookings growth for the year, including several cross sales with North American customers as the Connect and Scale playbook is being replicated in the transportation segment.

Transporeon 在充滿挑戰的貨運環境中繼續表現出色，全年訂單量實現兩位數強勁增長，其中包括與北美客戶的多次交叉銷售，因為「連接與擴展」策略正在運輸領域複製。

Before we turn to guidance, let's set context with a few considerations related to tariffs and foreign currency translation. Based on what we know today, we have not modeled any impact of new tariffs into our guidance. Given the software centricity of Trimble today and the geographic diversity of our revenue and supply chains, we are confident we can navigate the environment with minimal financial impact.

在我們找到指導之前，讓我們先了解關稅和外幣兌換相關的一些考慮因素。根據我們目前掌握的情況，我們尚未將任何新關稅的影響納入我們的指導範圍。鑑於 Trimble 目前以軟體為中心以及我們的收入和供應鏈的地理多樣性，我們有信心能夠以最小的財務影響駕馭環境。

With respect to foreign currency, our EPS has historically been naturally hedged against currency moves given our global workforce. However, with the growth in AECO and Transporeon outside the US, we now expect a slight amount of foreign currency translation headwind to flow through to EPS.

至於外幣，由於我們的員工遍布全球，因此從歷史上看，我們的每股盈餘自然可以對沖匯率波動。然而，隨著 AECO 和 Transporeon 在美國以外的成長，我們預期少量外幣折算逆風將影響每股盈餘。

For 2025 guidance on slide 11, the midpoint of our as reported guidance is $3.42 billion and $2.87 EPS. This includes one month of mobility with approximately $20 million in revenue and under $0.01 of EPS.

對於第 11 張投影片中的 2025 年指引，我們報告的指引中位數為 34.2 億美元和每股收益 2.87 美元。這包括一個月的流動費用，收入約為 2000 萬美元，每股收益低於 0.01 美元。

On an as adjusted basis, our EPS guide implies low to mid-teens EPS growth year over year, consistent with our long term model. Our guidance assumes the strong US dollar holds, and we have incorporated into our guidance full year foreign currency impacts on revenue of minus $50 million, ARR of minus $30 million and EPS of approximately minus $0.04.

經過調整後，我們的每股盈餘指引表明，每股盈餘年增速將維持在低至百分之十幾的區間，與我們的長期模型一致。我們的指引假設美元保持強勢，並且我們已將全年外匯對收入的影響（負 5000 萬美元、ARR 負 3000 萬美元和每股收益約佔 0.04 美元）納入我們的指引中。

Relative to our initial fiscal 2025 guidance we provided in December at our Investor Day, on a constant currency basis, we have raised our revenue and EPS guidance.

相對於我們在 12 月投資者日提供的 2025 財年初始指引，以固定匯率計算，我們提高了收入和每股盈餘指引。

For first quarter guidance on slide 13, we expect as reported revenue to be in the $794 million to $824 million range in EPS $0.55 to $0.61. We have provided an updated view of calendarization in the earnings supplement on our investor site, which is in line with what we shared at Investor Day.

對於幻燈片 13 上的第一季指引，我們預計報告的收入將在 7.94 億美元至 8.24 億美元之間，每股收益在 0.55 美元至 0.61 美元之間。我們在投資者網站的收益補充中提供了日曆化的最新視圖，這與我們在投資者日分享的內容一致。

On an as adjusted basis, organic growth for the first quarter is in the minus 1% to plus 3% range. Please note that there is no January 1 in our 2025 fiscal first quarter. It was in the fourth quarter of 2024. Adjusting for this would result in first-quarter 2025 organic growth of approximately 8% at the midpoint. Also note that the January 1 of 2026 will occur in the fourth quarter of fiscal 2025.

經調整後，第一季的有機成長率在-1%至+3%之間。請注意，我們的 2025 財年第一季沒有 1 月 1 日。那是在 2024 年第四季。經過調整後，2025 年第一季的有機成長率中位數約為 8%。另請注意，2026 年 1 月 1 日將是 2025 財年第四季。

Both revenue and operating margins are expected to trend up in both absolute and percentage terms as we move throughout the year, reflecting the fact that our portfolio is now more heavily weighted to the growing recurring revenue business models and less impacted by seasonality in field systems.

預計全年收入和營業利潤率無論以絕對值還是百分比計算都將呈上升趨勢，這反映出我們的投資組合現在更加側重於不斷增長的經常性收入業務模式，而受現場系統季節性的影響較小。

With that, I'll turn it back to Rob.

說完這些，我就把話題轉回給 Rob。

Thanks Phil. I appreciate that divestitures and a 53rd week make comparables a bit difficult. We encourage you to refer to the supplement on our website where we outline the moving parts.

謝謝菲爾。我知道資產剝離和第 53 週使得可比性有點困難。我們鼓勵您參考我們網站上的補充內容，我們在其中概述了活動部件。

To keep things simple, whether we are talking on an as reported or an as adjusted basis, the message is the same. We ended 2024 on a strong note with a significant beat on our numbers, and we are carrying that momentum into 2025 with raised guidance on a constant currency basis.

簡單來說，無論我們是在報告的基礎上還是在調整後的基礎上談論，資訊都是相同的。我們以強勁的業績結束了 2024 年，業績大幅超出預期，我們將延續這一勢頭進入 2025 年，並​​以固定匯率計算提高指引。

I'll close with a reflection on confidence and humility. Confidence at every turn is what we deliver to our customers, improving performance and unlocking insights with technology. As we execute our Connect and Scale strategy in 2025 and beyond, we are confident in our ability to execute the strategy and excited about the opportunities in front of us.

最後，我想對自信和謙遜進行一些思考。我們為客戶提供每時每刻的信心，透過科技提高績效並解鎖新見解。隨著我們在 2025 年及以後實施「連結與擴展」策略，我們對執行該策略的能力充滿信心，並對我們面前的機會感到興奮。

We are also humble as we navigate the uncertainty in the current environment. Our highly experienced and values-driven team is hard at work to achieve the potential of Trimble.

在應對當前環境中的不確定性時，我們同樣保持謙卑的態度。我們經驗豐富且以價值觀為導向的團隊正在努力發揮 Trimble 的潛力。

I'll close by extending my gratitude to our colleagues, partners, and shareholders for their ongoing support. Operator, let's open the line to questions.

最後，我要向我們的同事、合作夥伴和股東的持續支持表示感謝。接線員，讓我們開始回答問題。

Thank you. We will now begin the question-and-answer session. (Operator Instructions)

謝謝。我們現在開始問答環節。（操作員指令）

Jason Celino, KeyBanc Capital Markets.

KeyBanc 資本市場公司的 Jason Celino。

two for me. So first, Rob, I'm curious how you're thinking about the current macro environment. There's pushes and pulls and we're wondering if you've had a chance to gauge sentiment among your owners and construction type customers?

對我來說是兩個。首先，羅布，我很好奇你如何看待當前的宏觀環境。這其中存在著推拉，我們想知道您是否有機會了解業主和建築類型客戶的情緒？

Hey, Jason, good morning. Thanks for the question. You broke up there at the beginning, but I think you're asking about the current macro environment, I think with bias towards what we're hearing in construction. In that respect, I'd say, geographically, North America continues to be the strongest of the geographies where we participate.

嘿，傑森，早安。謝謝你的提問。您一開始就分手了，但我認為您問的是當前的宏觀環境，我認為偏向我們在建築領域聽到的內容。從這個方面來看，我想說，從地理位置來看，北美仍然是我們參與的最強大的地區。

If I look within North America, you probably won't be surprised to hear that segments such as data centers, energy markets are good verticals for us. They're performing well, sentiment remains strong in those respects.

如果我看看北美，你可能不會驚訝地聽到資料中心、能源市場等領域對我們來說是良好的垂直領域。他們的表現良好，在這方面的情緒依然強勁。

We see differences, I would say, within the United States. The Southeast tends to outperform geographically relative to most other states. You follow the money, there's still the infrastructure bill, the Chips Act. There's a lot of backlog that contractors have. Now with respect to contracts in the backlog, there are fewer new projects that the contractors have.

我想說，我們在美國內部看到了差異。從地理位置上看，東南部州的表現優於大多數其他州。跟著錢走，還有基礎建設法案、晶片法案。承包商有很多積壓工作。現在就積壓的合約而言，承包商的新項目較少。

So they're working down their backlogs. What we see from our own data is that our customers are hiring. And as they're hiring, that's a catalyst for the adoption of technology. So you're right, there are some puts and takes both within North America and around the world, but the overall sentiment remains healthy.

因此他們正在減少積壓的工作。我們從自己的數據中看到，我們的客戶正在招募。當他們招募時，這就成為了採用技術的催化劑。所以你說得對，北美和世界各地都存在一些利弊，但整體情緒仍然健康。

Okay. And then, related to tariffs, it sounds like you're not modeling any financial impact. Is it because you don't know and it's still kind of a wait and see? It's just I think that especially with some of your AECO segments, they would be sensitive to different price changes or perceived price changes. Thanks.

好的。然後，關於關稅，聽起來你沒有模擬任何財務影響。是不是因為你不知道所以還在觀望呢？我只是認為，特別是對於您的某些 AECO 部門，它們會對不同的價格變化或感知的價格變化很敏感。謝謝。

Hey Jason, excuse me, it's Phil. So on the tariffs, if you remember, we're about three quarters now, software, services, recurring. And so our exposure is really a lot smaller than it would have been in the past to those. On the more discrete items around Canada and Mexico that have been out there and now have been delayed, we believe it's a relatively small impact. And our supply chain and our operations team is well prepared for some contingency plans that we see just offsetting that.

嘿傑森，打擾一下，我是菲爾。關於關稅，如果你還記得的話，我們現在大約有四分之三是軟體、服務、經常性關稅。因此，我們在這方面的曝光度確實比過去小了許多。對於加拿大和墨西哥週邊已經出現但現在已經推遲的較為個別的議題，我們認為影響相對較小。我們的供應鏈和營運團隊已經做好了一些應急計劃，我們認為這些計劃可以抵消這項影響。

What we haven't really modeled in is there has been a lot of explicit answers, let's say, on the tariffs as we go forward when we think about any sort of reciprocal impacts and things like that as we think more globally. So right now, we do have confidence in our operations team.

我們還沒有真正考慮到的是，隨著我們進一步考慮任何形式的相互影響以及諸如此類的事情，隨著我們更加全球化地思考，我們已經有很多明確的答案，例如關於關稅的問題。所以現在，我們對我們的營運團隊確實有信心。

We have a global supply chain. We have opportunities and contingency plans that we can enact depending on manifest. But just to be clear, we have looked at it, and we don't believe there's a material impact on the financials based on the information we've seen so far.

我們擁有全球供應鏈。我們擁有可根據清單制定的機會和應急計劃。但需要明確的是，我們已經研究過這個問題，根據目前所看到的訊息，我們認為這不會對財務產生重大影響。

Kristen Owen, Oppenheimer.

奧本海默的克里斯汀歐文。

Hi, good morning. Thank you for taking the question. I wanted to start with the 2025 guidance, the AECO ARR growth expectations in the mid-teens, just given some of the changes that you made in 2024 around the commercial organization, bundling, how you're thinking about the contribution of new logos versus cross-sell, upsell in that 2025 framework?

嗨，早安。感謝您回答這個問題。我想從 2025 年的指引開始，AECO ARR 成長預期在十幾歲左右，考慮到您在 2024 年對商業組織、捆綁銷售所做的部分改變，您如何看待新標誌與交叉銷售、追加銷售在 2025 年框架內的貢獻？

Hey, good morning, Kristen, it's Rob. I'll take the question. We see about two-thirds from existing customers and probably a little bit less than a third from new logos. So at Investor Day, you'll remember we talked about what we see as a $1 billion opportunity and cross-sell, upsell within the portfolio. And that's consistent with that view, we have coming into 2025 with the business.

嘿，早安，克莉絲汀，我是羅布。我來回答這個問題。我們發現大約三分之二來自現有客戶，而大約不到三分之一來自新客戶。因此，在投資者日，您會記得我們談到了我們所看到的 10 億美元的機會以及投資組合內的交叉銷售和追加銷售。與該觀點一致，我們的業務已進入 2025 年。

And you're right that the investments that we've made and the underlying systems, the transformation we've taken into the product as well as to the go-to-market side of the house, position us well to start to go -- or to continue to tackle this opportunity.

您說得對，我們所做的投資和基礎系統、我們對產品以及行銷方面的轉型，都為我們開始或繼續抓住這一機會做好了準備。

It's actually a good segue into my second question, which is a little bit more of a big picture question. You mentioned in the prepared remarks, Rob, some of the AI agents that you've been deploying internally. Can you expand on how you're thinking about operating efficiency opportunities? We've been hearing examples of 100 to 200 basis points of sound margin by applying AI to internal functions. How would you benchmark that opportunity internally for Trimble?

這其實很好地引出了我的第二個問題，這個問題更涉及宏觀層面。羅布，您在準備好的發言中提到了一些您已經在內部部署的人工智慧代理。能否詳細說明一下您對營運效率機會的看法？我們聽過透過將人工智慧應用於內部功能而將聲音裕度提高 100 到 200 個基點的例子。您如何為 Trimble 內部評估此機會？

I think the 100 to 200 basis points that you hear in operational efficiencies strikes me as operational as opposed to currently delivered. So I think if you really break down the operations, you've got -- just take it by the P&L, you've got COGS, let's say you've got R&D, you've got G&A and you have sales and marketing.

我認為，您聽到的營運效率提高 100 到 200 個基點給我的印像是，與目前實現的相比，這是可操作的。因此，我認為，如果你真的分解運營，你就會有——只要按照損益表來看，你就會有銷貨成本，假設你有研發，有一般行政費用，有銷售和行銷。

And I think they're differential within each of those. I think we're -- it's probably easiest to see some of the ROI already would be in the R&D function. And if you think about internal usage in R&D, tend to think software and the majority of our engineers are software engineers these days.

我認為它們之間都有所差異。我認為我們—最容易看到的是部分投資回報已經體現在研發功能中。如果你考慮研發內部的使用情況，就會傾向於認為是軟體，而且我們如今大多數工程師都是軟體工程師。

And then within that double-click again and break down the software development life cycle, the efficiencies you can see on QA and testing is, I think, different than what you see in development, is different than what you see in hosting, is different than what we see in provisioning.

然後再次雙擊並分解軟體開發生命週期，我認為您在 QA 和測試中看到的效率與您在開發中看到的效率不同，與您在託管中看到的不同，與我們在配置中看到的效率不同。

So I think it's important to double click. So QA testing, I'd say probably the highest ROI we can see from using GitHub, CoPilot. On the development side, we probably see we talk about, call it, 5% to 10% productivity and you're measuring that by more lines of code checked in, but that's not a perfect measure, of course, it's just having more lines of code checked in. We see it in the marketing functions internally driving more automation.

所以我認為雙擊很重要。因此，我認為 QA 測試可能是我們使用 GitHub、CoPilot 所能獲得的最高投資報酬率。在開發方面，我們可能會談論所謂的 5% 到 10% 的生產力，並且透過簽入更多的程式碼行來衡量這一點，但這當然不是一個完美的衡量標準，它只是簽入了更多的程式碼行。我們看到行銷功能正在內部推動更多自動化。

We see product managers using it to help create the marketing requirements documents as well as the product -- more technical product specifications. On the cost of goods sold, we can see efficiencies with how we're supporting our customers, providing more self-help tools along the way.

我們看到產品經理使用它來幫助創建行銷需求文件以及產品——更多技術產品規格。在銷售成本方面，我們可以看到我們為客戶提供支援以及提供更多自助工具的效率。

So a good number of activities that we have in motion. I think that level of operating efficiency that you mentioned that range is a good aspirational target. But I would say we don't -- I can't say that I can quantify that today, Kristen.

我們已經進行了大量活動。我認為您提到的營運效率等級範圍是一個很好的理想目標。但我想說我們不能——我不能說我今天可以量化這一點，克里斯汀。

Alright. Thank you so much for the time.

好吧。非常感謝您抽出時間。

Jonathan Ho, William Blair.

喬納森·何、威廉·布萊爾。

Hello, good morning. Rob, I wanted to just build on your comments around the data centricity of Trimble's platform, particularly around the AI opportunity, and can you speak why your data is unique and what you can do with that data for your customers. It was just going to be new products or enhancements of existing products. Just trying to understand how Trimble is positioned for this revolution. Thank you.

你好早安。Rob，我想基於你對 Trimble 平台資料中心性的評論，特別是圍繞 AI 機會的評論，你能否說說為什麼你的數據是獨一無二的，以及你可以用這些數據為你的客戶做些什麼。它只是新產品或現有產品的增強版。只是想了解 Trimble 在這場革命中的定位。謝謝。

Thank you, Jonathan. Good morning. What I see that's unique about the data reflects what's unique about Trimble, and that is our products and services to connect the physical and the digital world. That means connecting work in the field and work in the office.

謝謝你，喬納森。早安.我認為數據的獨特之處反映了 Trimble 的獨特之處，那就是我們的產品和服務連結了實體世界和數位世界。這意味著將現場工作與辦公室工作聯繫起來。

That means connecting the hardware and the software of Trimble. So if we take engineering and construction industry, think about that for a moment, the field systems business that we have combined with AECO is incredibly unique.

這意味著連接 Trimble 的硬體和軟體。因此，如果我們以工程和建築業為例，想一想，我們與 AECO 結合的現場系統業務是非常獨特的。

We've been pursuing industries where we can connect users data workflow across the stakeholders of that industry. So today, when we have our AECO business, that's architects, engineers, contractors and owners. Each of those is over a $200 million business on its own within each of those pillars today. So there's a unique ability to connect field office. There's a unique ability to link the stakeholders across the industry life cycle continuum.

我們一直在追求能夠連接該行業各利益相關者的用戶資料工作流程的行業。所以今天，當我們有 AECO 業務時，涉及的對象包括建築師、工程師、承包商和業主。如今，每個支柱產業本身的業務規模都超過 2 億美元。因此，它具有連接現場辦公室的獨特能力。有一種獨特的能力可以將整個行業生命週期內的利害關係人聯繫起來。

That life cycle being from plan to design, to build, to operate. That creates a unique corpus of data. And as our customers increasingly are asking us to help them solve their higher order problems to unlock the data that they have at -- Trimble and non-Trimble data, by the way.

此生命週期包括從規劃到設計、到建造、到營運。這創建了一個獨特的數據語料庫。我們的客戶越來越多地要求我們幫助他們解決更高階的問題，以解鎖他們擁有的數據——順便說一下，包括 Trimble 數據和非 Trimble 數據。

That, we believe, positions us in a unique fashion and certainly represents a lot of the conversations I'm in with our customers, and I'd say particularly probably our bigger customers. So what we can do with that data that we have is we can develop unique sets of workflows.

我們相信，這使我們處於一種獨特的地位，並且肯定代表了我與客戶進行的許多對話，我想說這尤其可能是與我們的大客戶進行的對話。因此，我們可以利用現有的數據來開發獨特的工作流程。

It reflects in the unique partnerships that we have. So say, a unique workflow move from scan to BIM, it could be -- we're doing workflow with digital supply chains, that's linking to modeling and estimating, that's linking payments and ERP systems, that's linking about progress to plan in a civil construction context. There's just an enormous amount of possibilities in a bright future I see for us. And I would say in that baseball analogy, it's probably bad in practice. We're that early in the game.

這體現在我們獨特的合作關係上。所以說，從掃描到 BIM 的獨特工作流程轉變，可能是——我們正在使用數位供應鏈進行工作流程，這與建模和估算相聯繫，這與支付和 ERP 系統相聯繫，這與土木工程環境中的進度和計劃相聯繫。我看到我們的未來十分光明，有著無限的可能性。我想說，用棒球來類比，在練習中這可能很糟糕。遊戲才剛開始。

Excellent. That's really helpful. Just as a follow up, any thoughts around the US federal government? Can you give us a sense of how big or small that is in terms of contribution and any potential impacts there? Thank you.

出色的。這真的很有幫助。作為後續問題，您對美國聯邦政府有什麼看法？您能否告訴我們其貢獻有多大或多小，以及可能產生哪些影響？謝謝。

Yeah, hey, on the federal government side, so those -- the orders we predominantly have are in field systems today for us. So it's the survey equipment, GIS mapping equipment, machine control, tends to be the biggest consumer of what we sell to the federal government.

是的，嘿，在聯邦政府方面，我們今天主要收到的訂單是在現場系統中。因此，測量設備、GIS 測繪設備、機器控制往往是我們向聯邦政府銷售的產品的最大消費者。

The federal government work is naturally lumpy with -- we've had for a few years, it feels like government by continuing resolution. That's made it even more lumpy than we had seen in the past.

聯邦政府的工作自然是不連貫的——我們已經有幾年了，感覺政府不斷做出決議。這使得它比我們過去所見的更加凹凸不平。

When we look into 2025 and the guide that we have there, what you'll see is that field systems is effectively a flat guide. If we were to take the federal business and do an apple-to-apple on it -- we also have subscription conversions by the way, happening in field systems, we'd be up over 300 basis points -- sorry, 3% organic growth if we adjusted for that. So what I'm saying is we see the federal government, we're projecting that to be down for us in 2025 relative to 2024, and still a very important customer for Trimble.

當我們展望2025年並參考當時的指南時，您會發現現場系統實際上是一個平坦的指南。如果我們把聯邦業務進行同等對待——順便說一下，我們也有訂閱轉換，發生在現場系統中，我們將會上升超過 300 個基點——抱歉，如果我們對此進行調整，有機增長率為 3%。所以我想說的是，我們看到聯邦政府，我們預計 2025 年我們的支出將比 2024 年有所下降，但對於 Trimble 來說，它仍然是一個非常重要的客戶。

Great. Thank you.

偉大的。謝謝。

Chad Dillard, Bernstein.

查德·迪拉德、伯恩斯坦。

So my question on the TC1 regional roll out I think you guys had some momentum early next year pause to focus on some of the accounting questions and just wanted to get a better sense for like where you are and re accelerating that and how to think about that contribution to growth in 2025, and if you can just update the roadmap for how you're thinking about it now?

所以我的問題是關於 TC1 區域推廣的，我認為你們在明年年初會有一些動力，會暫停並專注於一些會計問題，只是想更好地了解你們目前的情況，並重新加速這一進程，以及如何考慮對 2025 年增長的貢獻，如果你可以更新一下你現在的想法的路線圖嗎？

Hey, good morning, Chad. Thanks for the question. So we continue to feel really good about Trimble Construction One and the success that we're having with that part of that success, as you note, is regional rollouts of that. So North America, Europe, Asia Pacific, so think about it in that order. I think we're in a good spot in Europe as we roll that out, especially coming into this year after our sales kick-offs.

嘿，早上好，查德。謝謝你的提問。因此，我們繼續對 Trimble Construction One 感到非常滿意，而正如您所說，我們所取得的成功的一部分在於它在區域範圍內的推廣。所以是北美、歐洲、亞太地區，照這個順序思考。我認為，隨著我們推出這項產品，我們在歐洲處於一個很好的地位，特別是今年我們的銷售啟動之後。

I'd say Asia Pacific still has -- it's coming next in a more meaningful way. So Europe is the focus on the rollout of that and that's incorporated into our thoughts for the segment. We continue to get very good feedback from our customers around the world on that.

我想說亞太地區仍然會以更有意義的方式崛起。因此，歐洲是這項舉措的重點，這也已納入我們對該領域的思考之中。我們不斷收到來自世界各地客戶的良好回饋。

One of the things you do as you go region to region is we have different types of capabilities by region, so it's not one global answer for TC1 and so we continue to dial in the bundles that make sense for the regions and take the feedback from our customers on what they need and what they're looking for from us and we saw that reflected in the bookings performance at the end of the fourth quarter. The team did a terrific job posting very strong growth and ACV bookings on a year-over-year basis.

當您造訪不同地區時，您要做的事情之一就是我們根據地區提供不同類型的功能，因此對於 TC1 來說，它不是一個全球性的答案，因此我們繼續撥打適合各個地區的捆綁服務，並聽取客戶的反饋，了解他們需要什麼以及他們希望從我們這裡得到什麼，我們看到這反映在第四季度末的預訂表現中。該團隊表現出色，年比實現了非常強勁的成長和 ACV 預訂量。

So feeling good about it, Chad.

查德，感覺非常好。

Great, that's helpful. And then just shifting gears over to field systems. So you're guiding organic revenue growth to flat, but I wanted to get a little bit more color on [civil] infrastructure in 2025, what's embedded for that business?

很好，很有幫助。然後只需轉換到現場系統即可。所以您預計有機收入成長將持平，但我想更多地了解 2025 年[民用]基礎設施的情況，這項業務將包含哪些內容？

Can you talk about what contribution some of the recent changes in terms of channel dynamics that you may see? And then just any bookings color you can share at least for the fourth quarter for that business?

您能否談談您所看到的管道動態方面的一些最新變化有何貢獻？那麼您可以分享至少第四季該業務的預訂情況嗎？

Yeah, sure, Chad. So this is Rob. I'll take that one. On Field Systems overall, if we think about the close of the year in the fourth quarter on an as-adjusted basis, we were up 2% organic. If we exclude that federal business, we are up 3.5% (inaudible) look to that as a marker for where we are with what we'll call the field sales.

是的，當然，查德。這就是羅布。我要那個。就現場系統整體而言，如果我們以調整後的基礎來考慮第四季的年末，我們的有機成長率為 2%。如果我們排除聯邦業務，我們的銷售額將成長 3.5%（聽不清楚），這是我們所謂的現場銷售的標誌。

And so in the field, the team is growing organically, and we project that going into next year. In the fourth quarter, ARR was up 21%. And so the bookings also reflected that level of strength of performance in fact (technical difficulty) fastest, highest ARR grower on a year-over-year business. The team has done a tremendous job of working the business models.

因此，在這個領域，團隊正在有機地發展，我們預計這一趨勢將持續到明年。第四季度，ARR 上漲了 21%。因此，訂單量也反映了業績表現的強度（技術難度），較去年同期成長速度最快、ARR 最高。該團隊在商業模式的製定方面做出了巨大的貢獻。

Tremendous enough that, that creates a headwind to the revenue growth as we complete those conversions. So if we look into 2025, the revenue guide is flat. But if we were to adjust for that Fed and the subscription conversions, which are a headwind to the revenue growth, we'd be up over 300 basis points of growth in our guide for 2025.

這已經足夠嚴重了，當我們完成這些轉換時，這會對收入成長造成阻力。因此，如果我們展望2025年，營收預期將持平。但如果我們根據聯準會和訂閱轉換進行調整（這對營收成長來說是一個阻力），那麼我們對 2025 年的預期成長率將超過 300 個基點。

Now within the portfolio in Field Systems, think about three pillars that we have in that business. So the civil infrastructure business that we have, I'll come back to that; second, is our geospatial survey business; and third is what we call advanced positioning.

現在，在現場系統的產品組合中，想想我們在該業務中擁有的三大支柱。因此，我將會回顧我們的民用基礎設施業務；第二是我們的地理空間勘查業務；第三就是我們所說的高階定位。

Advanced positioning, think of the positioning services that we offer right that centimeter level accuracy ubiquitous around the world that actually has the most recurring revenue in that pillar and that we expect to continue to grow next year, and that's in our -- certainly in our thoughts in the ARR guide that we have. From the Civil business, that pillar, we expect growth. That's the punchline. So we expect the civil infrastructure business to be a grower for us, had a strong fourth quarter.

先進定位，想想我們提供的定位服務，其精度達到厘米級，遍布全球，實際上是該支柱中經常性收入最多的，我們預計明年還將繼續增長，這當然在我們的 ARR 指南中。我們預計民用業務這一支柱將實現成長。這就是笑點。因此，我們預期民用基礎設施業務將成為我們的成長點，第四季業績表現強勁。

We like what we've seen coming in here to the beginning of the year in the business. So the -- and we've seen it actually globally. So the business is growing. It is performing. There's a number of catalysts for that.

我們對今年年初的業務發展感到滿意。所以—我們其實已經在全球範圍內看到了這一點。因此業務正在成長。它正在表演。有許多催化劑可以促進這一現象。

Of course, what we sell is productivity when you put the guidance equipment -- our guidance technology on the iron out in the field, it's like fundamental productivity -- 30%, 40% productivity move the dirt right the first time as a profound value proposition. It continues -- customers continue to have problems finding labor. We can make an inexperienced operator good and a good operator great by using the technology.

當然，我們賣的是當你把導引設備——我們的導引技術應用到戰場上時產生的生產力，這就像基本的生產力——30%、40%的生產力可以讓泥土第一次就被正確地移動，這是一個深刻的價值主張。情況仍在繼續——客戶仍然在尋找勞動力方面遇到困難。利用技術，我們可以讓沒有經驗的操作員變得優秀，也可以讓優秀的操作員變得卓越。

The team has done a nice job as well of product innovation, which we were able to showcase at our user conference. So we have a new -- relatively, I should say, new product BX992, and that helps us reach the tier machine control market.

團隊在產品創新方面也做得很好，我們能夠在用戶會議上展示這一點。因此，我們有一個新的——相對而言，我應該說是新產品BX992，它可以幫助我們進入分層機器控制市場。

So, a number of activities on a number of fronts, and it's leading into a nice performance from that business. By implication, then we expect of the pillars, we expect the survey business to be flat to down into next year, but that's also where we have a lot of that federal business.

因此，在多個方面開展的一系列活動正在為該業務帶來良好的表現。言下之意，我們預計，從各支柱來看，調查業務明年將持平或下降，但這也是我們大量聯邦業務的領域。

Great. Thank you.

偉大的。謝謝。

Jerry Revich, Goldman Sachs.

高盛的傑瑞·雷維奇（Jerry Revich）。

Hi, yes, this is Clay on for Jerry. First one for me, can you flesh out the performance of Transporeon? What was organic growth in the quarter of logo growth retention rates?

嗨，是的，我是 Clay，取代 Jerry。第一個問題，您能具體介紹一下 Transporeon 的表現嗎？標誌成長保留率本季的有機成長是多少？

Hey, good morning, Clay. This is Rob. I'll take that question. The Transporeon team did a terrific job, obviously, with controlling what they can control. The macros continue to be difficult and actually really globally in the freight market with Transporeon as a European-centric business where that market is challenged. However, in a very good way, the team had record fourth quarter bookings.

嘿，早上好，克萊。這是羅布。我來回答這個問題。顯然，Transporeon 團隊在控制他們能控制的事物方面做得非常好。宏觀層面的貨運市場實際上仍然很困難，而且實際上在全球範圍內，Transporeon 作為以歐洲為中心的企業，面臨著挑戰​​。然而，球隊以非常好的方式取得了第四節的預訂記錄。

They had record bookings for the year. Phil mentioned over 20% bookings growth for the year. So that is reflects both existing customers and new logos. We won many new logos throughout the year. Some of the biggest company names you'll find in any -- end vertical.

他們創下了今年的預訂記錄。Phil 提到今年的預訂量增加了 20% 以上。這既反映了現有客戶，也反映了新標誌。我們全年贏得了許多新標誌。您會發現任何垂直領域的一些最大的公司名稱。

And the team has done a nice job of cross-selling within that. So we looked at the sum -- and by the way, on the product side teams, that's probably -- that team has done some of the most innovative things relative to AI, both for our own internal usage as well as external capabilities.

團隊在交叉銷售方面做得很好。因此，我們查看了總數——順便說一下，在產品方面團隊，可能是——該團隊已經做了一些與人工智慧相關的最具創新性的事情，既為我們自己的內部使用，也為外部能力。

We have an autonomous procurement, autonomous quotation offering that's getting nice uptake and the team is doing a nice job and also working to bring capabilities from Europe into North America. And then we've done some product consolidation globally as well to drive efficiencies and some synergies within that.

我們擁有自主採購、自主報價服務，並且得到了廣泛的認可，團隊的工作做得很好，同時也致力於將歐洲的能力引入北美。然後，我們還在全球範圍內進行了一些產品整合，以提高效率和協同效應。

So as Phil said in his comments when the freight markets turn this business is positioned to perform well and to be able to demonstrate the potential of the financial potential of this business.

因此，正如菲爾在評論中所說的那樣，當貨運市場轉變時，這項業務將表現良好，並能夠展示該業務的財務潛力。

Thanks. And switching gears here. How do you view the product vitality of the (inaudible) portfolio? I believe you touched on a little bit on the last question, but just some color there?

謝謝。在這裡轉換話題。您如何看待（聽不清楚）產品組合的產品活力？我相信您稍微談到了最後一個問題，但是只是一些細節嗎？

Yeah, so the team, I think, does a really nice job of innovation. And just to put a broader context on that, over the last five years, Trimble has put about $2.5 billion in the research and development. So we don't just talk -- like empty talk about innovation. We're putting our money where our mouth is, both AECO Transportation and Field Systems. So if I think about product vitality within the portfolio, I'll take those three pillars.

是的，我認為該團隊在創新方面做得非常出色。從更廣泛的角度來看，在過去五年中，Trimble 已在研發上投入了約 25 億美元。因此，我們不只是談論──例如關於創新的空談。我們說到做到，AECO Transportation 和 Field Systems 都是這麼做的。因此，如果我考慮產品組合中的產品活力，我會選擇這三個支柱。

If we take our Civil business, it's -- I talked about BX992 or the site works as a technology, that's getting us to new machine types and new price points. If I look at our survey business, the team launched last year, the R980 and that has improved communications over the prior version of the R12, which was an innovation in and of itself.

如果我們開展民用業務，那就是 - 我談到了BX992或現場工作作為一種技術，這將為我們帶來新的機器類型和新的價格點。如果我看一下我們的調查業務，團隊去年推出了 R980，它比之前的 R12 版本改進了通訊功能，這本身就是一項創新。

If I looked in advanced positioning pillar, the team last year had launched IonoGuard, and that's correcting for errors in the atmosphere. So you can do the solar cycles that we've had to get accurate -- highly accurate performance, which you need, particularly like in the mines and in the field, in agriculture, to have that ubiquitous accuracy is very difficult to do, and the team really just had some really novel innovation. So innovation is really driving -- drives a refresh for our customers of their own technology.

如果我查看高級定位支柱，該團隊去年已經發射了 IonoGuard，這是為了糾正大氣中的錯誤。因此，你可以精確地計算太陽週期，以獲得高度精確的性能，這是你所需要的，特別是在礦井和田野中，在農業中，要達到這種無處不在的精確度是非常困難的，而團隊確實有了一些非常新穎的創新。因此，創新確實在推動我們的客戶更新他們自己的技術。

So like what I'm seeing from the team and like what they're working on it. I talked about hardware innovation, but I should also mention the software innovation across that portfolio, and that's reflected in that 21% ARR growth that we had in the fourth quarter. I think I'm really excited about what the team is doing and reality capture.

所以就像我從團隊中看到的東西以及他們正在做的事情一樣。我談到了硬體創新，但我還應該提到該產品組合的軟體創新，這反映在我們第四季 21% 的 ARR 成長中。我認為我對團隊所做的事情和現實捕捉感到非常興奮。

These days, data is not the topic. We got -- we're flooded with data. It's information that we need. And so Trimble is in the business of collecting enormous data sets and the software activities are converting that data and information and actionable information. So in reality capture you can apply AI on that to do feature extraction and then from that feature extraction to create actionable workflows back out in field. So a lot of good things happening in the business.

如今，數據已不再是主題。我們得到了--我們被數據淹沒了。這是我們需要的資訊。Trimble 的業務是收集大量資料集，而軟體活動則是將這些資料、資訊和可操作資訊轉換。因此在現實捕獲中，您可以應用 AI 進行特徵提取，然後從該特徵提取中建立可操作的現場工作流程。因此，商業領域中發生了很多好事。

Thanks. I appreciate it.

謝謝。我很感激。

You're welcome.

不客氣。

Joshua Tilton, Wolfe Research.

喬舒亞·蒂爾頓（Joshua Tilton），沃爾夫研究公司。

Hey guys, thanks for squeezing me in here. I actually have a multi-parter on the construction business and then just a quick follow-up on transportation side. I guess I'm trying to understand, maybe diving a little bit deeper.

嘿夥計們，感謝你們讓我來這裡。事實上，我在建築業務上有多位合作夥伴，然後在運輸方面進行快速跟進。我想我正在努力去理解，也許可以深入一點。

Are you seeing any change in demand from the construction end market post-election here in the states? And the second part of that question is you did make it a point to highlight the potential for some larger acquisitions, specifically focused on construction. Is there anything that you feel that is missing from the TC1 bundle or the construction portfolio today that you guys are most interested in? And then I got a follow-up.

您是否看到美國大選後建築終端市場的需求發生了任何變化？而這個問題的第二部分是，你確實強調了一些更大規模收購的潛力，特別是集中在建築領域。您是否覺得 TC1 捆綁包或當今的建築產品組合中缺少什麼而您最感興趣的東西？然後我得到了後續資訊。

Hey Josh, on the change in demand since the election or -- since the election or since President came into office, nothing discernible is the punch line. I mean you hear sentiment, you hear expectations of are we going to have onshoring, reshoring, or supply chain is going to move around.

嘿，喬希，自從選舉以來，或者自從總統上任以來，需求的變化沒有什麼明顯的變化。我的意思是，你會聽到情緒，你會聽到關於我們是否會有在岸外包，回岸外包，或者供應鏈是否會轉移的期望。

But I think overall, we're in a wait -- more in a wait-and-see mode. I haven't seen any kind of fundamental movement, let's say, on new projects coming out. So let's wait and see and [Jay] ask the same question next quarter, and maybe we'll have some more data to be able to provide at that on that because we -- about a third of construction in the US is running through our system.

但我認為總的來說，我們還在等待狀態——更多的是觀望模式。我還沒有看到任何根本性的動向，比如說新項目的推出。所以讓我們拭目以待，[Jay] 下個季度再問同樣的問題，也許我們會有更多的數據可以提供，因為我們 - 美國大約三分之一的建築工程是透過我們的系統進行的。

So I think we would have a pretty good view on what's coming, both at the contractor level as well as the -- as well we owner level. In terms of the M&A side within construction, to answer your question, I think about it in a couple of respects. One access is geography. And the other is, I call it, is really more product-oriented.

因此我認為，我們對未來將會發生的事情有很好的了解，無論是在承包商層面還是在業主層面。關於建築業的併購方面，為了回答你的問題，我從幾個方面來考慮。其中一個途徑是地理。另一個，我稱之為，實際上更加以產品為導向。

At a geographic level, when we talk about our Trimble Construction One offering, it's really a commercial framework, we have different capabilities around the world. We don't have the exact same capabilities around the world.

在地理層面上，當我們談論 Trimble Construction One 產品時，它實際上是一個商業框架，我們在世界各地擁有不同的能力。我們在世界各地並不具備完全相同的能力。

And so we look geographically -- let's say, take a construction ERP system and construction ERP has done extraordinarily well for us in a number of markets, most notably North America. We don't have a construction ERP. I'll take Central Europe -- or you could say Southeast Asia, you could say, India.

因此，我們從地理位置來看，比如說，以建築 ERP 系統為例，建築 ERP 在許多市場，尤其是北美，都為我們帶來了出色的表現。我們沒有建築 ERP。我選擇中歐——或者你也可以說東南亞，或者印度。

We'll look at those markets and where we think we can stitch together a good offering, it begs the question built by a partner, right? So we'll go through that analysis, and we do go through that ourselves for how to geographically expand and even strengthen the offering.

我們會關注這些市場，並考慮在哪些地方可以整合出好的產品，這引出了一個由合作夥伴建構的問題，對嗎？因此，我們會進行分析，而且我們自己也會進行分析，以了解如何在地理上擴大甚至加強產品供應。

From a product capability side and gaps, I think a little bit less -- I don't think about gap so much to the extent that there's gaps that's where tuck-ins can come into play. Often, the tuck-ins are really more features than they are independent businesses that fit really well within our platform offering.

從產品能力和差距方面來看，我認為——我不會過多考慮差距，因為當存在差距時，插入式行銷就可以發揮作用。通常，這些插件實際上具有更多的功能，而不是獨立的業務，它們非常適合我們的平台產品。

Also think about it on the access of segmentation. So let's say, if we play in one tier of the market, let's say, in one business that we play mid -- more mid and large contractor, within that segmentation, we may -- we'll ask the question okay, if we want to play more in the, say, the small-mid, how would we do that? Or if we want to play in the largest of the large, how would we do that?

在分段的訪問上也思考一下。因此，假設我們在市場的一個層級中發揮作用，假設我們在某個行業中扮演中型角色——更多的是中型和大型承包商，在那個細分市場中，我們可能會問這個問題，好吧，如果我們想在中小型市場中發揮更大的作用，我們該怎麼做？或者如果我們想在最大的領域中發揮作用，我們該怎麼做？

Do we extend the product offering? Or could we go acquire an installed base and then bring in the rest of the capabilities that we have to link bundle, cross-sell and upsell. So that's the way we think about it, Josh. It's not -- I'm not being overly specific on purpose, but hopefully, that helps frame how we go about it.

我們是否擴大產品供應？或者我們可以先獲得一個安裝基礎，然後引入我們必須連結捆綁、交叉銷售和追加銷售的其他功能。這就是我們的想法，喬希。不是——我並不是故意說得太具體，但希望這有助於明確我們如何做。

It definitely helps. Maybe just a quick follow-up on the transportation side. I think it's clear like Transporeon bookings still pretty solid, even though freight market remains challenged. How do we think about what bookings for this business or for Transporeon will look like when the freight market recovers?

這確實有幫助。也許只是對交通方面的一個快速跟進。我認為很明顯，儘管貨運市場仍然面臨挑戰，但 Transporeon 的預訂量仍然相當穩定。當貨運市場復甦時，我們如何看待這項業務或 Transporeon 的預訂情況？

Good question. Actually, I -- that's a good question. I think that on the bookings growth itself, it would be probably pretty similar. It's not obvious to me that it would be that much higher. I mean, okay, other than -- okay, the right sentiment is better, and there's more spend available, you would think that'd be a positive catalyst, but we actually have quite a reasonably low barrier to entry with our model, because we, it's a transactional model.

好問題。實際上，我——這是個好問題。我認為就預訂量成長本身而言，情況可能非常相似。對我來說，它是否會高出這麼多並不明顯。我的意思是，好吧，除此之外——好吧，正確的情緒更好，並且有更多的可用支出，你會認為這是一個積極的催化劑，但實際上我們的模型的進入門檻相當低，因為我們是一個交易模型。

And so in a transactional model, really the more fundamental thing in a freight recovery is more, and by the way, an economic recovery that translates into a freight market recovery is more transactions happening for each of the customers that we already have, and that's where, and we've seen this in the business historically as when you come out of a of a down cycle, you can have a very fast recovery or a very fast improvement.

因此，在交易模型中，貨運復甦中更根本的事情是更多的，順便說一句，經濟復甦轉化為貨運市場的復甦，這意味著我們現有的每個客戶都會發生更多的交易，這就是我們在歷史上看到過的情況，當你走出低迷週期時，你可以實現非常快速的復甦或非常快速的改善。

I mean it's already a very good business, a very fast improvement. I think operating leverage when I say that and the nature of the gross margins are in the (inaudible) in that business, so you drive, a really nice inflection in the number of transport executions or loads moving on our system, and you can drop, a significant amount of operating leverage quickly. So I would look more at that, Josh, than I would the bookings.

我的意思是這已經是一項非常好的業務，而且進步非常快。我認為，當我說營業槓桿和毛利率的性質時，（聽不清楚）在這個業務中，你可以推動運輸執行數量或我們系統上移動的負載發生非常好的變化，並且你可以迅速降低大量的營業槓桿。因此，喬希，我會更加關注這一點，而不是預訂。

Makes sense. Thank you guys and congrats on the quarter.

有道理。謝謝你們，恭喜本季取得佳績。

Thank you.

謝謝。

Thanks.

謝謝。

Tami Zakaria, JPMorgan.

摩根大通的塔米·扎卡里亞。

Hi, good morning. This is Ishaan on behalf of Tami. I had two questions. The first is around the share repurchase authorization. Do you have a plan in terms of quarterly cadence? Or do you expect to complete the entire authorization this year?

嗨，早安。這是代表 Tami 的 Ishaan。我有兩個問題。第一個是關於股票回購授權。您是否有每季制定的計劃？還是您預計今年完成全部授權？

And on a related note, if -- as you mentioned your plans on M&A, how would that impact the share repurchase for the year, if at all?

並且，與此相關的是，如果——正如您所提到的併購計劃，這會對今年的股票回購產生什麼影響？

Yes. Thanks for the question. This is Phil. So as we noted earlier, we just replaced our existing authorization with a new $1 billion authorization. And the way we're thinking about that is we've talked earlier about the $625 million that was remaining on the prior, and that's an amount related to the proceeds from the Ag JV.

是的。謝謝你的提問。這是菲爾。正如我們之前提到的，我們剛剛用新的 10 億美元授權取代了現有的授權。我們對此的想法是，我們之前已經談到過之前剩餘的 6.25 億美元，這是與 Ag JV 收益相關的金額。

And so we're still anticipating, let's call it, over Q1 and Q2 to initiate the repurchases focused on that first $625 million that we've already talked about executing. And so the way I think about that is between Q1 and Q2, probably two-thirds of it hit in Q1 and about a third of it hit in Q2.

因此，我們仍然預計在第一季和第二季啟動回購，重點是我們已經討論過的首筆 6.25 億美元的回購。因此，我的想法是，在第一季和第二季之間，大概有三分之二發生在第一季度，大約三分之一發生在第二季度。

And then beyond that, with the remaining $375 million, what I talked about at Investor Day was at or above a third of the free cash flow, is going back to share repurchases. So I think the way to think about that is roughly $700 million, let's call it, of free cash flow and a third of that $200 million a year and so that's roughly $50 million a quarter that I would expect once we get past that initial $625 million. That's the way I think about modeling it.

除此之外，剩下的 3.75 億美元，我在投資者日談到的，相當於或超過三分之一的自由現金流，將用於股票回購。因此，我認為可以這樣考慮：自由現金流大約為 7 億美元，每年 2 億美元的三分之一，因此，一旦我們超過最初的 6.25 億美元，我預計每季約為 5,000 萬美元。這就是我對建模的看法。

And I think your question on the M&A is, again, it depends on the M&A. But right now, with what we're focused primarily on the tuck-ins, we believe we have plenty of firepower to continue to do the tuck-in work on the M&A.

我認為你關於併購的問題還是取決於併購。但現在，我們主要關注的是收購整合，我們相信我們有足夠的火力來繼續進行併購方面的收購整合工作。

If we do something bigger, we do believe we still have more than enough capacity to do that. And just a reminder, we -- our targeted leverage rate over the long term is about 2.5 times, and we're well underneath that. We're well below 1x right now. So we have plenty of room on our balance sheet.

如果我們做更大的事情，我們確實相信我們仍然有足夠的能力去做。提醒一下，我們的長期目標槓桿率約為 2.5 倍，而我們遠低於這一水平。我們目前遠低於 1x。因此我們的資產負債表上有足夠的空間。

Great. That's super helpful. And my second question is around the FY25 guide compared to your initial outlook, laid out in the Investor Day, where -- which areas, have actually led to the positive change in the organic revenue guide in constant currency basis.

偉大的。這非常有幫助。我的第二個問題是關於 25 財年指南，與投資者日中列出的初步展望相比，哪些領域實際上導致了以固定匯率計算的有機收入指南的積極變化。

Yeah, question. So at Investor Day, just to walk through the delta, we had about -- relative to Investor Day, we had about a $40 million FX headwind on revenue. And so the puts and takes were roughly $3.4 billion is what we guided at Investor Day our guide as reported is [$3.42 million]

是的，有疑問。因此，在投資者日，只是為了了解差異，相對於投資者日，我們的收入面臨約 4000 萬美元的外匯逆風。因此，我們在投資者日給出的指導價約為 34 億美元，正如報告所述[342萬美元]

And so add $20 million for the mobility -- for one month of the mobility business that we had in January before we closed on that. And then that $40 million that we had a headwind of FX, think about that as the effective increase to offset the FX on the organic growth.

因此，在我們結束這項交易之前，我們在一月份開展了一個月的行動業務，為此又增加了 2000 萬美元。然後，我們面臨的 4,000 萬美元外匯逆風，可以將其視為抵消外匯對有機成長影響的有效增加。

And I'd say that it's really across primarily the AECO and the Field Systems businesses with the performance that Rob talked about in Civil and the performance in AECO, especially coming out the end of the year with really strong performance continuing into 2025.

我想說的是，這主要涉及 AECO 和現場系統業務，Rob 談到的 Civil 業務表現和 AECO 業務表現都非常好，尤其是在今年年底，強勁的表現將持續到 2025 年。

Great. Thank you so much.

偉大的。太感謝了。

Sure.

當然。

Robert Mason, Baird.

羅伯特·梅森，貝爾德。

Yes, good morning, Rob, Phil. So I appreciate all the level of detail to get us level set given all the moving pieces, adjusted numbers, pretty helpful. So just taking that you provided, it looks like within your segments, and I'll speak Field Systems, your margins are up about 100 basis points on kind of flat organic growth.

是的，早安，羅布、菲爾。因此，我很欣賞所有細節水平，它為我們提供了有關所有移動部件、調整數字的水平設置，非常有幫助。因此，僅從您提供的數據來看，在您的細分市場中，以及我所說的現場系統領域，您的利潤率在平穩的有機增長基礎上上升了約 100 個基點。

And then in the Transportation business, margins kind of flat on high single-digit core growth. So can you bridge those two dynamics, if I'm interpreting that correctly? I would have thought Field Systems needed to absorb some channel investments, so that's probably a good outcome, but just the P&L margins being flat, is that the right interpretation?

在運輸業務方面，利潤率在高個位數核心成長下持平。那麼，如果我的理解正確的話，你能將這兩種動態連結起來嗎？我原本以為 Field Systems 需要吸收一些通路投資，所以這可能是個好的結果，但只是損益表利潤率持平，這是正確的解釋嗎？

Yes. So Rob, it's Phil. One at a time. So on the Field Systems, we talked about this before with some of the changes to the JV -- with the CAT -- the CAT JV, we've shifted some of the margins that were in our equity investment income line into the OpEx. So we sell product into the JV, and we changed some of the margins and pricing on that.

是的。那麼 Rob，我是 Phil。一次一個。因此，在現場系統方面，我們之前討論過合資企業的一些變化 - 透過 CAT - CAT 合資企業，我們將股權投資收益線中的部分利潤轉移到了營運支出中。因此，我們將產品賣給合資企業，並改變了部分利潤和定價。

And so that actually helps improve the margins in the Field Systems business. But some of that is actually offset by what you said, which was the investment in the channel build-out. And so we do get some upside there because of the economic shift. And then on the transportation business, I think the big item that's a headwind there is really the FX.

這實際上有助於提高現場系統業務的利潤率。但其中一部分實際上已經被您所說的渠道建設投資所抵消了。因此，我們確實因為經濟轉型而獲得了一些好處。對於運輸業務而言，我認為最大的阻力實際上是外匯。

So the Transporeon is all euro-denominated and is profitable. And so when we translate that back given the strong US dollar, that actually creates a decent headwind for the transportation segment.

所以Transporeon全部以歐元計價且是獲利的。因此，當我們考慮到強勢美元時，這實際上給了運輸業相當大的阻力。

So the -- I think for that head when you called out that's disproportionately in TNL then.

所以 — — 我認為當你喊出這個觀點時，TNL 中的情況是不成比例的。

It's primarily T&L and AECO. AECO, given the growth and particularly in Europe, doesn't have a big footprint like we do in Field Systems. And so it's both Transportation and AECO. But yeah, Transporeon because of the size of that and all euro-denominated, it's a big portion of it.

主要是 T&L 和 AECO。鑑於其成長速度（尤其是在歐洲），AECO 的市佔率並不像我們在 Field Systems 那麼大。所以它既是運輸又是 AECO。但是，是的，由於 Transporeon 規模龐大，並且全部以歐元計價，所以它佔了很大一部分。

Sure. It just as a quick follow-up, I think, you touched on some of the geographic strength calling out North America, but could you add a little color of context of what you are seeing in in Asia back and in Europe?

當然。我認為這只是一個快速的跟進，您談到了北美的一些地理優勢，但您能否補充一些您在亞洲和歐洲看到的背景情況？

Hey, Rob, this is Rob. Good morning. In what India -- good morning India is doing especially well. I'd say that's the highlight in the region. I'd say the toughest market on the other book end, probably China and Japan, are challenged. Japan to -- the FX is particularly difficult in that market. And then in between, you're going to have Australia, New Zealand. But India does standout positive.

嘿，羅布，我是羅布。早安.早安，印度表現得特別好。我想說這是該地區的亮點。我想說，另一方面最艱難的市場可能是中國和日本，面臨挑戰。日本－該市場的外匯交易尤其困難。中間是澳大利亞和紐西蘭。但印度確實表現出色。

Very good. Thank you.

非常好。謝謝。

And ladies and gentlemen that does conclude our question-and-answer session. And that does conclude today's conference call. Thank you for your participation, and you may now disconnect.

女士們、先生們，我們的問答環節到此結束。今天的電話會議到此結束。感謝您的參與，您現在可以斷開連接。