Trimble Inc (TRMB) 2025 Q1 法說會逐字稿

Hello, and welcome to Trimble first quarter 2025 financial results conference call. (Operator Instructions) As a reminder, this call is being recorded. I would now like to turn the call over to Rob Painter, President and CEO. Rob, you may begin.

您好，歡迎參加 Trimble 2025 年第一季財務業績電話會議。（操作員指示）提醒一下，此通話正在被錄音。現在我想將電話轉給總裁兼執行長 Rob Painter。羅布，你可以開始了。

Welcome, everyone. Before I get started, our presentation and Safe Harbor statements are available on our website. Our financial review will focus on year-over-year non-GAAP performance metrics on an organic basis. In addition, we will focus on adjusted numbers that we believe more accurately portray the underlying performance of our business. This means we will exclude divested agriculture and mobility businesses.

歡迎大家。在我開始之前，我們的簡報和安全港聲明可以在我們的網站上查閱。我們的財務審查將重點放在同比非公認會計準則績效指標。此外，我們將重點放在調整後的數字，我們認為這些數字更準確地反映了我們業務的基本表現。這意味著我們將排除剝離的農業和移動業務。

We also adjust for the approximately $50 million of January 1 term license revenue that was recognized in the first quarter of 2024 but not in the first quarter of 2025 because January 1, 2025, fell into the fiscal fourth quarter of 2024.

我們也調整了 2024 年第一季確認的約 5,000 萬美元 1 月 1 日期限授權收入，但未在 2025 年第一季確認，因為 2025 年 1 月 1 日屬於 2024 財年第四季。

We exited 2024 on a strong footing, strategically, operationally, and financially. The results of the first quarter of 2025 are further evidence of the strength of our business. To understand how we are positioned to navigate the uncertainty at the moment is to understand the quality of our performance in the first quarter, which can be expressed in three words: clarity, durability, and momentum. Clarity manifests as the simplification and focus we have brought to our business over the last few years. On February 8, we closed the sale of our Transportation Mobility business to Platform Science, further solidifying our strategic focus to compete and invest where we have a natural right to win.

我們在策略、營運和財務方面都取得了強勁的成績，結束了 2024 年的旅程。2025 年第一季的業績進一步證明了我們業務的實力。要了解我們目前如何應對不確定性，就必須了解我們第一季的業績質量，可以用三個字來表達：清晰度、持久性和動力。清晰度體現了我們在過去幾年為業務帶來的簡化和關注。2 月 8 日，我們完成了將運輸行動業務出售給 Platform Science 的交易，進一步鞏固了我們的策略重點，即在我們有天然優勢的領域參與競爭和投資。

Starting with slide 4. Durability manifests through the quality of our business model, which we intentionally transformed over the last few years. Today, we are 3/4 software, two-thirds ARR asset-light, and operating with a strong balance sheet. We are in the business of selling productivity and efficiency outcomes to our customers, and our technologies are mission-critical. While visibility and predictability into the future is far from perfect, it is definitively higher and better than at any point in our 47-year history.

從投影片 4 開始。持久性體現在我們商業模式的品質上，我們在過去幾年裡有意改變了這個模式。如今，我們的 3/4 業務為軟體，2/3 的 ARR 業務為輕資產，並且擁有強勁的資產負債表。我們的業務是向客戶銷售生產力和效率成果，我們的技術至關重要。儘管對未來的可見性和可預測性還遠非完美，但它絕對比我們 47 年曆史上的任何時候都更高、更好。

In the first quarter, as detailed on slide 5, momentum manifested in a beat across the board. Revenue at $841 million was up 3% organically and up 10% after adjusting for the timing of January 1. ARR at $2.11 billion was up 17% organically and was ahead of expectations across our segments. EPS at $0.61 was also ahead of expectations. Congratulations to our team and our partners.

正如幻燈片 5 中詳細說明的那樣，第一季度，各方面都表現出強勁的成長勢頭。營收為 8.41 億美元，有機成長 3%，根據 1 月 1 日的時間調整後成長 10%。ARR 達到 21.1 億美元，有機成長 17%，超出了我們各部門的預期。每股收益 0.61 美元也超出預期。祝賀我們的團隊和合作夥伴。

Despite the strong start to the year and our current momentum, we are maintaining our guidance for the year, as we feel the prudent move is to inject a degree of conservatism into our outlook. Tariffs are modest in our software-centric business and have thus far been offset with pricing. We will all know more in three months, and we will recalibrate at that point.

儘管今年開局強勁且目前勢頭強勁，但我們仍維持今年的預期，因為我們認為謹慎的做法是在我們的前景中註入一定程度的保守主義。我們以軟體為中心的業務的關稅很低，迄今為止已經透過定價抵消。三個月後我們就會了解更多，屆時我們會重新調整。

One area of Trimble where we are not cautious is in our AI journey, where we are moving with a clarity of purpose to better serve our customers while further strengthening our own business operations. We're not just talking; we are acting.

在 Trimble 的 AI 之旅中，我們並不謹慎，我們的目標是明確地為客戶服務，同時進一步加強我們自己的業務運作。我們不只是說說而已；我們正在表演。

In April, we held a virtual internal AI summit with nearly 2,500 internal attendees, where we spent a day reviewing priorities and work in progress. In addition, we have OKRs throughout the company to drive execution and accountability to AI outcomes.

4 月，我們舉辦了一次虛擬內部 AI 高峰會，有近 2,500 名內部與會者，我們花了一天時間審查優先事項和正在進行的工作。此外，我們在整個公司範圍內設立了 OKR，以推動 AI 成果的執行和問責。

Slide 6 provides a framework for how we think about internal and external applications of AI on one axis and delivery of cost efficiencies and revenue growth on the other axis. This framing helps us allocate capital with intention. For example, our product managers are leveraging AI to develop marketing and technical requirements documentation. Our marketers are beginning to generate sales pipeline with agents mining data from our CRM systems. Our sellers are leveraging AI for sales coaching. Our customer success teams are leveraging AI for case deflection, and our software engineers are programming and testing with AI productivity tools.

投影片 6 提供了一個框架，說明我們如何在一個軸上思考 AI 的內部和外部應用，以及在另一個軸上實現成本效率和收入成長。這種框架有助於我們有意地分配資本。例如，我們的產品經理正在利用人工智慧來開發行銷和技術需求文件。我們的行銷人員開始與代理商一起從我們的 CRM 系統中挖掘數據，從而產生銷售管道。我們的賣家正在利用人工智慧進行銷售指導。我們的客戶成功團隊正在利用人工智慧來解決案例問題，我們的軟體工程師正在使用人工智慧生產力工具進行程式設計和測試。

We are also releasing AI capabilities into our customer-facing solutions, from natural language prompted design to feature extraction out of 3D point clouds to automating invoices and even releasing stand-alone automation products to connect to carriers and shippers. We believe we have a natural right to win and an AI forward emphatically so, given the unique scope and scale of Trimble in the physical and digital world.

我們還將人工智慧功能引入面向客戶的解決方案中，從自然語言提示設計到從 3D 點雲中提取特徵，再到自動開立發票，甚至發布獨立的自動化產品以連接承運人和托運人。我們相信，鑑於 Trimble 在實體和數位世界中獨特的範圍和規模，我們擁有天然的獲勝權利，並且無疑會引領 AI 發展。

With that in mind, let's step back and share our view on the macros. And for words, opportunity, coupled with uncertainty. On an absolute basis, the uncertainty of tariffs and trade policy put sand in the gears and stoke fears of an economic downturn. Despite these fears, the business is resilient, and we outperformed in the quarter.

考慮到這一點，讓我們回顧一下並分享我們對宏的看法。而對於文字來說，機會與不確定性並存。從絕對意義上講，關稅和貿易政策的不確定性阻礙了經濟發展，並引發了人們對經濟衰退的擔憂。儘管存在這些擔憂，但業務仍具有韌性，我們在本季度表現出色。

On a relative basis, we look at how our business is competitively positioned. In this respect, if we hit a downturn, we believe we can outperform and win market share. Weak competitors will reduce investment or exit the market, and we have the ability to run cross-sell and upsell plays if new logo generation becomes more difficult.

相對而言，我們會觀察我們的業務的競爭地位。在這方面，如果我們遇到低迷，我們相信我們能夠表現出色並贏得市場份額。實力較弱的競爭對手將減少投資或退出市場，如果新標誌產生變得更加困難，我們有能力進行交叉銷售和追加銷售。

At our Investor Day in December, we talked about $1.4 billion of cross-sell opportunities in the portfolio. We also have the balance sheet to continue to take subscription models to market in our software and hardware offerings, thus delivering more affordable access to our technology.

在 12 月的投資者日上，我們討論了投資組合中 14 億美元的交叉銷售機會。我們也擁有資產負債表，可以繼續將訂閱模式推向軟體和硬體產品市場，以更實惠的價格提供我們的技術。

In summary, this leadership team has successfully managed through challenging environments by applying a simple and consistent principle, position ourselves to exit periods of challenge on a stronger competitive footing. Year-to-date, the opportunities have outweighed the uncertainties. Across end markets and geographies, we see pockets of strength at the same time we see pockets of modest weakness.

總而言之，這個領導團隊透過運用一個簡單而一致的原則，成功地度過了充滿挑戰的環境，使我們自己能夠在更強大的競爭基礎上度過挑戰時期。今年迄今為止，機會大於不確定性。在各個終端市場和地區，我們看到了一些強勢領域，同時也看到了一些稍微疲軟的領域。

In the last few weeks, I have met in person with dozens of global customers and partners in seven countries. Most of them were level-headed and taking a wait-and-see approach. We have seen modest softness in the public sector in the US and slightly longer sales cycles with enterprise customers.

在過去的幾周里，我與七個國家的數十位全球客戶和合作夥伴進行了會面。他們中的大多數人都保持冷靜並採取觀望態度。我們看到美國公共部門略有疲軟，企業客戶的銷售週期略有延長。

On the other hand, Germany's announcement of infrastructure spend has been a positive. We see global strength in customer segments, such as small to midsized construction companies, and in industry segments, such as data centers, renewables, and mining. With that context, let's talk about each of our segments, starting with AECO and a quote from an engineering customer who said the following: with all these technologies connecting together with AI and internet of things, having all your solutions under one platform just makes sense.

另一方面，德國宣布的基礎設施支出計劃是一個積極的信號。我們看到了客戶群（例如中小型建築公司）和行業群體（例如資料中心、再生能源和採礦業）的全球實力。在這樣的背景下，讓我們來談談我們的每個部分，從 AECO 開始，並引用一位工程客戶的話：所有這些技術都與人工智慧和物聯網連接在一起，將所有解決方案放在一個平台下是有意義的。

This sentiment is indicative of the success we are having with Trimble Construction One and our cross-selling efforts. In the quarter, ARR outperformed, up 19% to a record $1.29 billion. ACV bookings remained strong, growing in the mid-teens. Indicators we pay special attention to include ACV bookings, pipeline, net retention, and the lifetime value to customer acquisition cost ratio. All these indicators are healthy at the moment.

這種情緒顯示了我們在 Trimble Construction One 和交叉銷售方面的成功。本季度，ARR 表現出色，上漲 19%，達到創紀錄的 12.9 億美元。蘋果醋預訂量依然強勁，成長率達十幾歲。我們特別關注的指標包括 ACV 預訂量、通路、淨保留率以及終身價值與客戶獲取成本的比率。目前所有這些指標都是健康的。

In the last weeks, we have launched the 2025 versions of our BIM in engineering and architecture and design solutions, both of which are bringing new AI features to market.

在過去的幾周里，我們推出了 2025 版 BIM 工程和建築及設計解決方案，這兩者都為市場帶來了新的 AI 功能。

Moving to Field Systems. I'll start with the quote from a customer talking about the value proposition of our machine control and guidance as a service offering. The Trimble offering allows me to sleep better at night with the subscription, budgeting equipment costs on bids is easier, and it makes us more competitive. I don't have to worry about outdated software or communication between systems or that the technology we just spent thousands of dollars on is now obsolete. That's a subscription advantage that is irreplaceable.

轉向現場系統。我將以一位客戶的話開始，談論我們的機器控制和指導作為服務產品的價值主張。Trimble 的服務讓我晚上睡得更安穩，投標時預算設備成本也更容易，也讓我們更有競爭力。我不必擔心軟體過時或系統之間的通信，或者我們花費數千美元購買的技術現在已經過時。這是無可取代的訂閱優勢。

The business outperformed in the quarter with particular strength in civil construction and advanced positioning. The subscription offering in the quote contributed to 25% ARR growth in the segment to a record $358 million. An interesting and important fact is that 50% of our customers who bought machine control as a service in the quarter were new logos, once again affirming that smart business model transformations expand addressable markets.

該業務在本季表現出色，尤其在土木工程領域實力雄厚且定位先進。報價中的訂閱服務推動該部門的 ARR 成長 25%，達到創紀錄的 3.58 億美元。一個有趣且重要的事實是，本季購買機器控制即服務的客戶中有 50% 是新客戶，這再次證明智慧商業模式轉型可以擴大可尋址市場。

In early April, our Field Systems team was at the Bauma Trade Show in Munich, where our technology was present on more than 20 OEM boots, signifying the importance of Trimble in the ecosystem and demonstrating our commitment to serve the mixed fleet.

4 月初，我們的現場系統團隊參加了在慕尼黑舉行的 Bauma 貿易展，我們的技術在 20 多個 OEM 靴子上展示，這表明了 Trimble 在生態系統中的重要性，並展示了我們為混合車隊提供服務的承諾。

Moving to Transportation. I'll start by quoting a long-time customer who said: we are impressed by the high quality of work and expertise that Trimble brings to a digitalization. This quote is indicative of the fundamental transformation happening in our served industries, which transcends economic cycles, thus providing context for continued growth in an underlying freight recession. ARR and transportation grew 7% to a record $459 million. The split of revenue in this business is 40% Europe, Middle East, and Africa; 57% North America; and 3% rest of world, and our systems are mission-critical, which we believe provide a downside ballast of China, US trade further deteriorates.

轉向交通運輸。首先，我想引用一位長期客戶的話：Trimble 為數位化帶來的高品質工作和專業知識給我們留下了深刻的印象。這句話顯示我們所服務的產業正在發生根本性的轉變，這種轉變超越了經濟週期，從而為貨運業在衰退中的持續成長提供了背景。ARR 和運輸收入成長 7%，達到創紀錄的 4.59 億美元。該業務的收入分成40%在歐洲、中東和非洲； 57% 北美；以及世界其他地區的 3%，我們的系統至關重要，我們認為這為中國和美國貿易進一步惡化提供了下行壓艙。

With respect to KPIs in the segment, they are the same ones we think about in AECO, including ACV bookings, which exceeded our expectations in the quarter, in which we expect to grow double digits this year. For market health, we look at tender rejection rates along with spot pricing for more real-time market conditions and both are relatively steady. In the Transporeon business, we can also see pretty clear industry segment trends. For example, in Europe, we can confirm what appears to be somewhat self-evident. The automotive segment is down while retail and construction materials are up.

就該部門的 KPI 而言，它們與我們在 AECO 中考慮的相同，包括 ACV 預訂量，該季度超出了我們的預期，我們預計今年該季度的 ACV 預訂量將實現兩位數增長。對於市場健康狀況，我們專注於投標拒絕率以及現貨定價，以了解更即時的市場狀況，兩者都相對穩定。在Transporeon業務中，我們也可以看到相當清晰的產業區隔趨勢。例如，在歐洲，我們可以證實一些看似不言而喻的事。汽車業下滑，零售和建築材料業上漲。

In summary, clarity, durability, and momentum in the form of a strong start to the year gives us confidence and conviction to stay the course. Phil, over to you.

總而言之，今年強勁開局所展現的清晰度、持久性和動力給了我們堅持下去的信心和信念。菲爾，交給你了。

Thanks, Rob. A few items to cover before turning to the slides. On April 25, we filed our 2024 10-K with no changes to the financials that we presented earlier this year. In addition, we recently announced a change in our auditors for the 2025 fiscal year. We're excited to welcome KPMG as our new auditor.

謝謝，羅布。在翻到投影片之前，需要介紹一些內容。4 月 25 日，我們提交了 2024 年 10-K 報表，與今年稍早提交的財務報表沒有任何變更。此外，我們最近宣布了 2025 財年的審計師變更。我們很高興歡迎畢馬威成為我們的新審計師。

We thank E&Y for their service, and I want to offer a particularly large thank you to the Trimble team for all the hard work and dedication throughout, and we are looking forward to a successful transition.

我們感謝安永的服務，我要特別感謝 Trimble 團隊自始至終的辛勤工作和奉獻精神，我們期待著成功的過渡。

Turning to our operations. Let's start with tariffs as they stand today. The total impact adds approximately $10 million per quarter to our cost of goods in the Field Systems segment. We've already implemented surcharges to offset this; thus, we expect no impact to profitability. We are managing discretionary spend and directing capital to the most attractive market opportunities, such as data centers and infrastructure, while continuing to invest in the transformation and growth of our core business.

談到我們的營運。讓我們先從目前的關稅開始。總影響使我們現場系統部門的商品成本每季增加約 1,000 萬美元。我們已經實施了附加費來抵消這一影響；因此，我們預計盈利能力不會受到影響。我們正在管理可自由支配的支出，並將資金引導至最具吸引力的市場機會，例如資料中心和基礎設施，同時繼續投資核心業務的轉型和成長。

We bought back $627 million of shares in the first quarter and have the remaining $373 million of authorization available. We continue to believe that repurchasing Trimble stock is an attractive opportunity for capital deployment, given our share price today.

我們在第一季回購了價值 6.27 億美元的股票，並擁有剩餘的 3.73 億美元授權可用。鑑於我們今天的股價，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。

With respect to M&A, we are primarily focused on small tuck-ins with opportunities for fast integration where we can quickly cross-sell and upsell our customer base, yielding a rapid return on investment without deploying significant capital.

在併購方面，我們主要專注於具有快速整合機會的小型收購，我們可以快速地向客戶群進行交叉銷售和追加銷售，從而無需投入大量資金即可獲得快速的投資回報。

Let's review the first quarter of 2025, starting on slide 7. As we noted previously, we have approximately $50 million of term license renewals that are recognized on January 1. These happened in the first and fourth quarters of 2024 but not in the first quarter of 2025. The right way to look at the business progression is to normalize for this dynamic.

讓我們從第 7 張投影片開始回顧 2025 年第一季。正如我們之前提到的，我們有大約 5000 萬美元的定期許可證續約將於 1 月 1 日確認。這些發生在 2024 年第一季和第四季度，但沒有發生在 2025 年第一季。觀察業務進展的正確方法是使這種動態正常化。

Unless otherwise noted, I will be talking about our as-adjusted numbers, which remove the effects of the recent divestitures, which we further adjust for the January 1 term license renewals as-reported numbers, along with the reconciliation are provided in the appendix. Organic revenue was up 10%, and ARR was strong, up 17% to a record $2.11 billion. Gross margins expanded 180 basis points to 69.9%, and which shows our continued model progression despite the greater hardware mix with the Field Systems performance.

除非另有說明，我將討論我們的調整後數字，該數字消除了最近資產剝離的影響，我們根據 1 月 1 日定期許可證續訂的報告數字進行了進一步調整，並在附錄中提供了對帳。有機收入成長 10%，ARR 表現強勁，成長 17%，達到創紀錄的 21.1 億美元。毛利率擴大了 180 個基點，達到 69.9%，這表明儘管現場系統性能的硬體組合更加豐富，但我們的模型仍在持續進步。

We achieved EBITDA margins of 25.9%, which is a 100 basis points expansion year over year. Reporting earnings per share was $0.61 for the quarter.

我們的 EBITDA 利潤率達到 25.9%，年增 100 個基點。本季每股收益為 0.61 美元。

Moving to the balance sheet and cash flow items on slide 8. Our reported free cash flow for the quarter was $149 million, which represents a conversion rate of 1 times net income. Our balance sheet is strong with $290 million of cash and a leverage ratio of less than 1.3 times, which is well below our long-term target rate of 2.5 time. From a liquidity standpoint, we are asset and working capital life and have the full $1.25 billion of availability on our revolving credit facility.

前往投影片 8 上的資產負債表和現金流量項目。我們報告的本季自由現金流為 1.49 億美元，相當於淨收入的 1 倍轉換率。我們的資產負債表強勁，擁有 2.9 億美元現金，槓桿率不到 1.3 倍，遠低於我們的長期目標率 2.5 倍。從流動性角度來看，我們的資產和營運資本充足，且我們的循環信貸額度擁有 12.5 億美元的可用資金。

Let's shift to a segment review of the numbers before we close with guidance, starting with AECO on slide 9. AECO delivered a record $1.29 billion of ARR, posting 19% ARR growth for the quarter. Operating income at 27.3% increased 50 basis points year over year. We continue to expect the segment to expand margins by about 100 basis points for the full year. The business continues to operate well above the Rule of 40 and was greater than the Rule of 45 in the first quarter.

在我們結束指導之前，讓我們先對數字進行分段回顧，從第 9 張投影片上的 AECO 開始。AECO 實現了創紀錄的 12.9 億美元 ARR，本季 ARR 成長率為 19%。營業收入較去年同期成長27.3%，達到50個基點。我們仍然預計該部門全年利潤率將擴大約 100 個基點。該業務的營運水準繼續遠高於 40 規則，並且在第一季超過了 45 規則。

Next, Field Systems on slide 10. Revenue was up 6% and ARR growth up 25% for the quarter, where we continue to successfully execute our business model conversions.

接下來是投影片 10 上的現場系統。本季營收成長 6%，ARR 成長率成長 25%，我們持續成功執行業務模式轉換。

Our Civil Construction business was particularly strong, and ARR was driven by positioning services and sales of subscription offerings. Overall, dealer inventories went down for the quarter for our businesses and are sized appropriately for the demand, taking into account the uncertainty in the market. Operating income at 29.7% increased 280 basis points, driven by the increasing higher-margin recurring mix.

我們的土木工程業務尤其強勁，ARR 受到定位服務和訂閱產品銷售的推動。總體而言，考慮到市場的不確定性，本季我們業務的經銷商庫存有所下降，並且規模適合需求。營業收入成長 280 個基點，達到 29.7%，這得益於高利潤率經常性業務組合的不斷增加。

Finally, Transportation and Logistics on slide 11. Revenue and ARR were up 6% and 7%, respectively, for the quarter. The segment is now greater than 90% recurring revenue following the divestiture of the mobility business. We made good progress bringing the global transportation teams together in the first quarter as we execute our connected scale strategy, which allows us to access the $400 million of cross-sell, upsell opportunities within this segment. Operating margins of 21.2% are expected to improve in the next three quarters as we continue to execute the strategy.

最後，第 11 張投影片是運輸和物流。本季營收和 ARR 分別成長 6% 和 7%。剝離行動業務後，該部門的經常性收入目前已超過 90%。我們在第一季實施互聯規模策略的過程中，在整合全球運輸團隊方面取得了良好進展，這使我們能夠獲得該領域 4 億美元的交叉銷售和追加銷售機會。隨著我們繼續執行該策略，預計未來三個季度的營業利潤率將提高至 21.2%。

Let me turn to guidance on slide 12. We are maintaining our full-year as-reported 2025 guidance with the midpoint at $3.42 billion of revenue and $2.87 of earnings per share. We're also maintaining our organic ARR growth as-adjusted guidance midpoint of 14%. With the macro uncertainty Rob mentioned, we are derisking our guidance by modestly reducing our organic revenue growth, driven mostly by non-ARR revenue in Field Systems and to a lesser extent, Transportation. This is offset by the revenue benefits we see with the change in foreign currency exchange rates, along with the first-quarter outperformance.

讓我轉到第 12 張投影片上的指示。我們維持 2025 年全年報告指引，中間值為 34.2 億美元營收和 2.87 美元每股盈餘。我們也將有機 ARR 成長率維持在調整後的指導中點 14%。由於 Rob 提到的宏觀不確定性，我們透過適度降低有機收入成長來降低我們的指導風險，這主要受到現場系統的非 ARR 收入以及運輸收入（較小程度）的推動。這被我們看到的外匯匯率變化帶來的收入收益以及第一季的優異表現所抵消。

We will revisit our guidance with second-quarter results, and we expect to have greater clarity. Looking at the calendarization, the fourth quarter of 2025 benefits from January 1 in the quarter, which is expected to bring approximately $60 million of high-margin term license revenue.

我們將根據第二季的業績重新審視我們的指導方針，並期望獲得更清晰的指導方針。從日曆化來看，2025年第四季受惠於本季1月1日的收益，預計將帶來約6,000萬美元的高利潤定期授權收入。

We provided an updated view of this calendarization in the earnings supplement on our Investors site. On an as-adjusted basis, our EPS guide implies low to mid-teens EPS growth year over year, which is consistent with our long-term model. From a cash flow perspective, our full-year view is updated to be 0.9 times net income after adjusting for the $253 million cash tax payment for gain on sale of the Ag JV and approximately $35 million in M&A costs. Relative to the prior guide, we are expecting higher cash taxes and onetime items. We continue to expect that we can deliver free cash flow greater than non-GAAP net income over the long term.

我們在投資者網站的收益補充中提供了此日曆的更新視圖。在調整後的基礎上，我們的每股盈餘指南意味著每股盈餘年增低至百分之十幾至十幾之間，這與我們的長期模型一致。從現金流角度來看，在調整了農業合資企業出售收益的 2.53 億美元現金稅款和約 3,500 萬美元的併購成本後，我們的全年預測更新為淨收入的 0.9 倍。相對於先前的指南，我們預計現金稅和一次性項目將會更高。我們仍然期望，從長遠來看，我們能夠實現高於非公認會計準則淨收入的自由現金流。

For the second quarter guidance on slide 14, we expect as-reported revenue to be in the $815 million to $845 million range and EPS of $0.59 to $0.65, which is consistent with the numbers we provided earlier in the year. We expect organic growth in the second quarter to be in the 2% to 6% range.

對於幻燈片 14 上的第二季度指引，我們預計報告收入將在 8.15 億美元至 8.45 億美元之間，每股收益將在 0.59 美元至 0.65 美元之間，這與我們今年早些時候提供的數字一致。我們預計第二季的有機成長率將在 2% 至 6% 之間。

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

說完這些，我就把話題轉回給 Rob。

Durability in our business. This happened by design, not by accident. We are positioned to withstand market headwinds. Momentum. We saw ROI on mission-critical applications. Our Connect and Scale strategy works, and we will continue to prosecute our strategy.

我們的業務具有持久性。這是有意為之，而非偶然。我們已做好準備抵禦市場逆風。勢頭。我們看到了關鍵任務應用程式的投資報酬率。我們的「連結與擴展」策略是有效的，我們將繼續推行我們的策略。

Clarity of purpose. We have always managed with a mindset to exit challenging times on a stronger competitive basis than when we entered it, control what we can control, embrace our values, follow the money, control our costs, execute our OKRs, and lead.

目的明確。我們始終秉持這樣的心態：在面臨挑戰時，以比剛進入時更強大的競爭力退出；控制我們能夠控制的一切；擁抱我們的價值觀；追逐金錢；控製成本；執行 OKR；並發揮領導作用。

Operator, let's open the line to questions.

接線員，讓我們開始回答問題。

(Operator Instructions) Kristen Owen, Oppenheimer.

（操作員指示）克里斯汀歐文，奧本海默。

Thank you for taking the question, and congratulations on a nice start to the year. So Rob, I wanted to double-click on the Field Systems business. When I look at the results of some of your large peers, it almost seems like night and day in terms of your relative performance and resilience even against sort of the broader macro uncertainty. So I'm wondering if you can walk us through what's working there and if there are any shifts you're seeing in the competitive environment.

感謝您回答這個問題，並祝賀您今年有一個良好的開端。所以 Rob，我想雙擊現場系統業務。當我看到你們一些大型同行的表現時，我發現，即使在更廣泛的宏觀不確定性面前，你們的相對錶現和韌性也幾乎是天壤之別。所以我想知道您是否可以向我們介紹那裡的運作方式以及您是否看到競爭環境中發生了任何變化。

And then I'm going to ask my follow-up now because they're somewhat related. You've restructured the CAT JV, and since then, you've announced a number of these new OEM and distribution partners on the civil construction side. So I'm just hoping you can contextualize those partnerships for us, help us understand go-to-market strategy and how to think about that growth contribution to the portfolio over time. Thanks. I know it's a lot here.

然後我現在要問我的後續問題，因為它們有點相關。你們重組了 CAT JV，並且從那時起，你們宣布了土木工程方面的許多新的 OEM 和分銷合作夥伴。所以我只是希望您能為我們解釋這些合作關係，幫助我們了解市場進入策略以及如何看待這種成長對投資組合的長期貢獻。謝謝。我知道這裡有很多東西。

Hey, Kristen. Thanks for the questions. I'll start with the addressable market view. At that level, the market is large, global, underserved, and underpenetrated. On a customer lens, they demand solutions to serve mixed fleets. And so we start there.

嘿，克里斯汀。感謝您的提問。我將從可尋址市場觀點開始。在這個層面上，市場規模龐大、全球化、服務不足且滲透率低。從客戶的角度來看，他們需要能夠服務混合車隊的解決方案。所以我們就從這裡開始。

Then within the portfolio, what's working, I look at the intersection of product and channel. And I think we have the best performing product in the market and the best global dealer channel in the world. At a product level, it's double-click there.

然後在產品組合中，我會觀察哪些產品有效，哪些產品與通路有交集。我認為我們擁有市場上性能最好的產品和世界上最好的全球經銷商通路。在產品層面，雙擊即可。

For example, look at Siteworks, and our Siteworks line guidance supports the mid-tier machines. At Bauma, we announced support for tilt buckets on excavators, which is a need for Europe. So we continue to progress on the product side to perform and to meet the opportunities out there in the market. For example, excavators are the largest machine count in the world, so the better we can serve and penetrate that market, the more we can grow our business.

例如，看看 Siteworks，我們的 Siteworks 線路指導支援中階機器。在寶馬展上，我們宣布支援挖土機傾斜鏟鬥，這是歐洲的需求。因此，我們不斷在產品方面取得進步，以滿足市場上的機會。例如，挖掘機是世界上數量最多的機械，因此我們越能更好地服務和滲透該市場，我們的業務就越能成長。

I talked about the business model a little bit in the prepared remarks, that subscription offering. We see that expanding the addressable market. That's something uniquely we can do. We look at workflow there, think about linking what we're doing to link our B2W track product to what we're doing out in the field and machine control so that we can connect production and compare it to plan and then create action out of that. That's moving from the product or the solution up to the workflow.

我在準備好的發言中稍微談到了商業模式，即訂閱服務。我們看到目標市場正在擴大。這是我們能做到的獨一無二的事。我們查看那裡的工作流程，考慮將我們正在做的事情與我們的 B2W 軌道產品聯繫起來，與我們在現場和機器控制中所做的事情聯繫起來，以便我們可以連接生產並將其與計劃進行比較，然後據此採取行動。這就是從產品或解決方案轉向工作流程。

And then I'd be remiss not to congratulate the team. Ron and Scott and the team have just a really consistent leadership and strategy and deserve a lot of credit for driving the business forward. Really proud of the results that this team and our partners delivered and have been delivering.

那麼如果我不向這個團隊表示祝賀那就太失禮了。羅恩、史考特和團隊擁有真正一致的領導力和策略，在推動業務發展方面功不可沒。我為這個團隊和我們的合作夥伴所取得的和一直以來所取得的成果感到非常自豪。

You asked about go-to-market and where we are on that. Well, the basis of our go-to market, of course, is the SITECH channel, and it will continue to be so into the future. At an OEM level, we renewed our CAT relationship last year, as you know, and a big congrats to Jim and Joe in that transition. They've just gone at the CEO level.

您詢問了有關進入市場的情況以及我們目前在這方面的進展。當然，我們進入市場的基礎是 SITECH 通路，未來也將繼續如此。在 OEM 層面，如您所知，我們去年更新了與 CAT 的合作關係，並向 Jim 和 Joe 表示熱烈祝賀。他們剛剛達到首席執行官級別。

And in the fall, we announced a relationship with John Deere and working with their smart grid line of guidance and technology. At Bauma, we announced a Liebherr relationship partnership for their factory ready dozers. And in fact, at Bauma, we had technology on over 20 different boots.

今年秋天，我們宣布與約翰迪爾建立合作關係，並合作提供智慧電網指導和技術。在寶馬展上，我們宣布與利勃海爾建立合作關係，為利勃海爾提供工廠預製推土機。事實上，在 Bauma 展會上，我們的技術已應用於 20 多種不同的靴子上。

And then finally, we have established and are establishing a set of technology outlets, four of which have already been signed up. And these technology outlets are meant to expand the reach for OEMs that we're working with, with a vision in mind to increase the adoption and penetration of the technology in the market. So the pieces are really working well together now, and very happy with the results of the business and proud of the team for delivering these results.

最後，我們已經建立並正在建立一系列技術網點，其中四個已經簽約。這些技術管道旨在擴大我們合作的 OEM 的覆蓋範圍，同時希望提高該技術在市場上的採用率和滲透率。所以現在各部門合作得很好，我對業務成果非常滿意，也為團隊的成果感到自豪。

Thank you for that color. I'll leave it there.

謝謝你的那個顏色。我就把它留在那裡。

Thank you.

謝謝。

Jason Celino, KeyBanc Capital Markets.

KeyBanc 資本市場 Jason Celino。

This is actually Devin on for Jason Celino this morning. Thanks for taking our questions. I wanted to ask about kind of what you're hearing from customers within AECO among construction owners and engineers. How are you thinking about their business and near-term project outlook? Have you seen any noticeable increase in both the scrutiny or cell cycle elongating in the month of April? And have those trends kind of continued into May? Just any color there would be helpful.

這其實是今天早上 Devin 代替 Jason Celino 上場。感謝您回答我們的問題。我想問一下您從 AECO 內部的建築物業主和工程師客戶那裡聽到了什麼。您如何看待他們的業務和近期專案前景？您是否發現四月的審查或細​​胞週期延長有明顯增加？這些趨勢會持續到五月嗎？任何顏色都有幫助。

This is Rob. I'll take the question. Overall, in AECO, it's steady as she goes. The performance in the first quarter speaks for itself, the 19% growth in ARR and ACV bookings in the high-teens. What we've seen into the quarter in the last few weeks is consistent in support to the guide we have and whether you want to call that for the second quarter or for the rest of the year.

這是羅布。我來回答這個問題。總體而言，在 AECO 中，她進展順利。第一季的表現不言而喻，ARR 和 ACV 預訂量均成長了 19%。我們在過去幾週看到本季的情況與我們的指導方針一致，無論您是想稱之為第二季還是今年剩餘時間的情況。

At any time, there are, for sure, pockets of strength and pockets of weakness. And I would say that's true and really in any market. So for sure, the market is dynamic, and there's a bit of heightened uncertainty. We've seen a little longer sales cycles from the largest customers we have. I kind of call it that enterprise level of customer. They're not -- we haven't seen companies changing decisions. We've seen them take longer to make decisions. But nothing that fundamentally moves the needle on our business when I say that.

任何時候，一定都會有優勢和劣勢。我想說這在任何市場都是真的。因此可以肯定的是，市場是動態的，並且存在一些高度的不確定性。我們發現最大客戶的銷售週期有所延長。我稱之為企業級客戶。他們沒有——我們還沒有看到公司改變決定。我們發現他們花了更長的時間來做決定。但當我這麼說的時候，並沒有什麼能從根本上改變我們的業務。

On the flip side of that, we continue to see pockets of strength, whether it's data centers, renewables. You go over to Europe, and you've got a different dynamic than what you have in the US and with Germany announcing a potential trillion infrastructure build that's put some wind in the sales of confidence out there in the market. So a little bit of -- I've seen some signals on both sides of it, but that's positive, and we see opportunity through that uncertainty. And what we've seen quarter-to-date supports the outlook we have for the quarter and for the year.

另一方面，我們繼續看到一些強勢領域，無論是資料中心還是再生能源。如果你去歐洲看看，你會發現那裡的情況與美國不同，德國宣布將建造數萬億美元的基礎設施，這給市場信心注入了一些活力。所以有一點——我看到了雙方的一些信號，但這是積極的，我們在這種不確定性中看到了機會。本季迄今的表現支持了我們對本季和全年的展望。

That's really helpful context. And then just a quick follow-up. I know you've called out a really healthy metrics that you're seeing across the business. Organic ARR growth accelerated by 1 point in the quarter. Have you seen any maybe deals that might have gone -- pulled forward just because of the geopolitical challenges and concerns? But any deals may have shifted one way or the other that might have drove the strength in the quarter? Thanks.

這確實是很有幫助的背景資訊。然後只是快速的跟進。我知道您已經提到了在整個企業中看到的非常健康的指標。本季有機 ARR 成長率加快了 1 個百分點。您是否看到任何可能的交易僅僅因為地緣政治挑戰和擔憂而被推遲？但任何交易都可能以某種方式發生變化，從而推動本季的強勁表現嗎？謝謝。

Yeah, it's a great question. I would separate software business from a hardware business on that. If there's such a thing as a pull forward on a software sale, I'll take it all day long, but I don't actually think that that happened because we haven't changed pricing in software that would make that (technical difficulty). So it's really more of a relevant question on the hardware business, which is less than 25% of the revenue we have in the company now. We think that there may have been a few million, like maybe less than $5 million of pull forward in the quarter.

是的，這是一個很好的問題。我會將軟體業務與硬體業務分開。如果軟體銷售有提前銷售的情況，我會整天都在關注它，但我實際上並不認為這種情況會發生，因為我們沒有改變軟體的定價，從而導致這種情況（技術難度）。所以這其實是一個與硬體業務更相關的問題，目前硬體業務占我們公司營收的不到 25%。我們認為本季的預付款可能有幾百萬，例如可能少於 500 萬美元。

At the same time, though, it's a really important metric we look at as our dealer inventories, and they went down in the quarter. So the retail sales, therefore, outpaced even the wholesale sales that we had to our channel. And just clarifying that, we sell our hardware predominantly through the dealer channels today. And the software, we sell direct.

但同時，這是我們關注的一個非常重要的指標，因為我們的經銷商庫存在本季有所下降。因此，零售額甚至超過了我們通路的批發額。需要澄清的是，我們目前主要透過經銷商通路銷售硬體。我們直接銷售軟體。

Thank you so much for the color and for taking my questions.

非常感謝您提供的顏色並回答我的問題。

Thank you.

謝謝。

Tami Zakaria, JPMorgan.

摩根大通的塔米·扎卡里亞。

Congrats on the strong start to the year. My first question is on the $10 million tariff impact. I'm assuming you're taking pricing to offset that. Is that $10 million coming from mainly China? I'm basically trying to understand what the $10 million impact per quarter could look like if China tariffs come down from the current 145% rate. Or are there other countries in that $10 million?

恭喜您今年取得了良好的開端。我的第一個問題是關於 1000 萬美元關稅的影響。我假設您正在採取定價來抵消這一點。這 1000 萬美元主要來自中國嗎？我主要想了解，如果中國關稅從目前的 145% 降至每季 1,000 萬美元的影響會是什麼樣的。或者這 1000 萬美元還有其他國家的資金嗎？

Tami, it's Phil. Thanks for the question. So the $10 million is really the product that comes into the US, and it's mainly more of the Canada and Mexico products that aren't USMCA compliant. Most of the China products we get are very cables and batteries and lower dollar items that we pass through some of that pricing there, but it's not a big portion of our COGS. The main items that are driving that $10 million are coming from Canada and Mexico into the US that are in USMCA compliant.

塔米，我是菲爾。謝謝你的提問。因此，這 1000 萬美元實際上是流入美國的產品，而且主要是不符合 USMCA 規定的加拿大和墨西哥產品。我們獲得的大多數中國產品都是電纜和電池以及價格較低的產品，我們會將部分價格轉嫁到中國，但這並不是我們銷貨成本的很大一部分。推動這 1000 萬美元出口的主要商品是從加拿大和墨西哥進入美國的符合 USMCA 規定的商品。

Understood. That's clear. Thank you so much. And then my other question is, can you remind us what revenue exposure you have to Federal sources and whether we should expect any impact from any dose-related cost cuts in the coming quarters?

明白了。這很清楚。太感謝了。然後我的另一個問題是，您能否提醒我們您對聯邦來源的收入敞口是多少，以及我們是否應該預期未來幾個季度任何與劑量相關的成本削減會產生影響？

Yes. We weren't very bullish on the government business coming into the year. And so it was actually a very small amount in our original guide. We've actually removed a little bit more in the current guide as well. So our exposure is very small for the rest of the year in the, call it, single-digit millions. So if there's any further cost, it will be a material impact.

是的。我們對今年的政府業務並不太看好。因此，在我們的原始指南中，這實際上是一個非常小的數量。實際上，我們也在當前指南中刪除了更多內容。因此，在今年剩餘時間裡，我們的曝光度非常小，大概只有幾百萬。因此，如果有任何進一步的成本，就會產生重大影響。

Perfect. Thank you.

完美的。謝謝。

Jonathan Ho, William Blair.

喬納森·何、威廉·布萊爾。

I just wanted to understand a little bit better your comments around AI. Could you talk a little bit about what you're seeing in terms of the potential here for customers to maybe reevaluate the solutions and how maybe this benefit Trimble from the competitive stance?

我只是想更好地理解你關於人工智慧的評論。您能否談談您所看到的客戶可能重新評估解決方案的潛力，以及這可能如何使 Trimble 從競爭中受益？

Jonathan, it's Rob. I'll take the question. From a competitive stance and a strategy view, the thing that is so unique about Trimble is the scope and scale of the data that we see across the industry life cycle continuum, whether that's in transportation, connecting the carriers and shippers over that plan, procure, execute life cycle or it's in construction, connecting the architects, engineers, contractors, and owners across the life cycle plan design to build, to operate. So that scope and scale is unique, and we talk about it in forms of trillions, billions, millions, and thousands.

喬納森，我是羅布。我來回答這個問題。從競爭立場和策略角度來看，Trimble 的獨特之處在於我們在整個行業生命週期中看到的數據的範圍和規模，無論是在運輸領域，在計劃、採購、執行生命週期中連接承運人和托運人，還是在建築領域，在生命週期規劃設計、建造和運營中連接建築師、工程師、承包商和業主。因此，其範圍和規模是獨一無二的，我們以萬億、十億、百萬和千的形式來談論它。

We manage over $1 trillion of construction through Trimble. We manage tens of billings of trade through Trimble. We have millions of users of our software around the world and hundreds of thousands of instruments in the machines, and the real world use and operate on Trimble technology. So there's something that's really unique with respect to the corpus of data that we have. And we see customers increasingly talking about -- they may not use the exact words, but talking about moving from task optimization to systems optimization, solving higher order problems, thinking about workflow and ecosystems, not just tasks or products.

我們透過 Trimble 管理超過 1 兆美元的建築工程。我們透過 Trimble 管理數十筆貿易帳單。我們的軟體在世界各地擁有數百萬用戶，機器中有數十萬台儀器，現實世界都在使用和操作 Trimble 技術。因此，就我們擁有的數據而言，有些確實是獨一無二的。我們看到客戶越來越多地談論——他們可能不會使用確切的詞語，但談論從任務優化轉向系統優化，解決更高階的問題，思考工作流程和生態系統，而不僅僅是任務或產品。

So in an AI sense, I think this is a great setup for our company and the value that we can provide to our customers. And increasingly, in the customer conversations I have, they start and end by talking about data and how can they unlock more of their data and get more insights out of it, how do they operate in common and connected data environment to link Trimble and non-Trimble data together so that they can achieve the productivity, quality, safety, transparency, and sustainability they need out of their the work.

因此從人工智慧的角度來看，我認為這對我們的公司以及我們可以為客戶提供的價值來說是一個很好的設定。在我與客戶的對話中，他們越來越多地以談論數據開始和結束，以及如何解鎖更多數據並從中獲得更多見解，如何在通用和互聯的數據環境中運作以將 Trimble 和非 Trimble 數據鏈接在一起，以便他們能夠實現工作所需的生產力、質量、安全性、透明度和可持續性。

So with that all as a backdrop, I'm really bullish about the work that our teams are doing in the AI realm. And there's a whole aspect of what we're doing internally. You're asking more of an external customer-facing question. And so we already are delivering capabilities that are AI-driven capabilities to our customers, whether it's natural language-based design to AI-based rendering and then design packages, whether it's feature extraction out of 3D point cloud in a geospatial context or automating the connection between procurement and quotation between shippers and carriers.

因此，在這一切的背景下，我對我們的團隊在人工智慧領域所做的工作非常樂觀。這是我們內部正在做的全部工作。您問的比較是面向外部客戶的問題。因此，我們已經在向客戶提供人工智慧驅動的功能，無論是基於自然語言的設計到基於人工智慧的渲染再到設計包，無論是從地理空間環境中的 3D 點雲中提取特徵，還是自動化托運人和承運人之間的採購和報價之間的聯繫。

So to me, I just am really pleased with the work that the team is doing, and we are still so early in our journey. So I think it's a great setup here for the path ahead of us.

所以對我來說，我對團隊所做的工作感到非常滿意，而且我們的旅程才剛開始。所以我認為這對於我們未來的道路來說是一個很好的設置。

That makes a ton of sense. Can you also give us a bit more detail on the machine control as a service and how much of new businesses may be coming in through this? Are there any potentials to flip existing hardware customers? Any color would be appreciated. Thank you.

這很有道理。您能否向我們詳細介紹機器控制即服務，以及有多少新業務可能透過這項服務進入？是否有可能改變現有的硬體客戶？任何顏色都會受到歡迎。謝謝。

Yeah. On that one, what we saw in the quarter is really interesting. And actually, it's not just the quarter. We've seen this over the last few years we've been doing this. The business does continue to grow. So the team had a record level of bookings that we call Works Plus is the offering.

是的。就這一點而言，我們在本季看到的情況確實很有趣。事實上，這不僅僅是一個季度的問題。我們在過去幾年中一直這樣做，並且已經看到了這一點。業務確實在持續成長。因此，團隊的預訂量達到了創紀錄的水平，我們稱之為 Works Plus。

And the new logos that we won -- or excuse me, the customers that we won in the quarter, 50% of them, more, in fact, more than 50% were new logos. That's super interesting and compelling to me. To me, that's demonstrable evidence that the business model can expand the size of the addressable market. And we've seen that in every single software product where we've made these transitions, as we've seen the unit counts go up as it becomes more accessible.

我們贏得的新標誌——或者不好意思，是我們在本季贏得的客戶中，有 50% 以上，實際上超過 50% 都是新標誌。這對我來說非常有趣且引人注目。對我來說，這是商業模式可以擴大目標市場規模的有力證據。我們已經看到，在每一個進行這些轉變的軟體產品中，隨著產品變得更加易於訪問，單元數量也在增加。

What's also interesting, and it links to the back half of your question, is that we've seen it be used to in competitive swap-outs. I mean there's really -- I see an increasing level of competitors that we are able to swap out, and this business model contributes to -- I mean, the overall strategy does as well. The business model makes it more affordable for the customers to make these fleet swaps to move to Trimble.

同樣有趣的是，它與你問題的後半部分相關，我們已經看到它被用於競爭性替換。我的意思是，我看到我們能夠替換的競爭對手越來越多，這種商業模式有助於——我的意思是，整體策略也有助於。這種商業模式使得客戶能夠以更低的成本更換車隊並轉而使用 Trimble。

And then what you should expect to see and hear from us over time is, with that basis of the subscription offering, think about the land and expand plays to be able to deliver more value in the form of additional software and workflow that we can put on top of that base.

然後，隨著時間的推移，您應該會看到和聽到我們的消息，在訂閱服務的基礎上，考慮土地並擴大遊戲範圍，以便能夠以我們可以在此基礎上提供的附加軟體和工作流程的形式提供更多價值。

Thank you.

謝謝。

Rob Wertheimer, Melius Research.

Rob Wertheimer，Melius Research。

Thanks. I had a couple of questions just on digging in a little bit to the stickiness of the software business. And I guess the first would be, just that we're now a few quarters into slowdown, inflection decline in interest rate sensitive construction, I'm wondering if you've seen any material change in churn among your kind of your smaller end contractor costs or smaller end customers, whatever stored in software construction.

謝謝。我有幾個問題想稍微深入探討一下軟體業務的黏性。我想第一個問題是，我們現在已經進入了經濟放緩的幾個季度，利率敏感型建築業出現拐點下降，我想知道您是否看到小型終端承包商成本或小型終端客戶的客戶流失率發生了任何實質性變化，無論軟體建設中存儲了什麼。

And then secondly, Rob, I think you touched on your scale and your ability to sort of gain share in downturns. I'm wondering if you had any expanded comments on what you were thinking might struggle in the software ecosystem, if it's the downturn comes at the moment for things to flock to the bigger platforms? Maybe just talk about what you're thinking about there, and I'll stop. Thank you.

其次，羅布，我認為你談到了你的規模以及在經濟低迷時期獲得份額的能力。我想知道，如果目前經濟低迷，企業紛紛湧向更大的平台，那麼您是否對您認為軟體生態系統中可能遇到的困難有什麼進一步的評論？也許只是談論一下你在想什麼，然後我就停下來。謝謝。

Rob, thanks for the questions. On the stickiness of the software, I think the best place I can start would be an AECO comment where the net retention over a trailing 12-month basis is held steady at about 110%. That's already a great number in and of itself, and it's holding steady. So that's the best evidence I can give in terms of gross retention and continuing to upsell and cross-sell in the portfolio.

羅布，謝謝你的提問。關於軟體的黏性，我認為最好的起點是 AECO 評論，其中過去 12 個月的淨保留率穩定保持在 110% 左右。這本身已經是一個很大的數字，並且保持穩定。因此，就總保留率和繼續在投資組合中追加銷售和交叉銷售而言，這是我可以提供的最佳證據。

You asked about smaller customers and churn. Actually, we've seen more growth in the smaller customer base, in the small and midsized customer base in the construction realm anyway because that we see as a very untapped market. So actually quite bullish about the ability to increase the level of penetration in that market. At the same time, I understand it's logical that to think about the balance sheet of smaller players in the world compared to the larger ones.

您詢問了小客戶和客戶流失的情況。實際上，我們看到較小的客戶群、建築領域的中小型客戶群的成長更為顯著，因為我們認為這是一個尚未開發的市場。因此，我們實際上對提高該市場滲透率的能力相當樂觀。同時，我明白，將世界上較小參與者的資產負債表與較大參與者的資產負債表進行比較是合乎邏輯的。

One thing that's a ballast, I think, for the whole industry is there's significant backlog overall. Now as you know, that's differential depending on which state or which part of the world you're in, what end markets you focus on. I'm taking a broad paint brush to say that there's a healthy amount of backlog. So it's not the first thing we think about is liquidity -- balance sheet liquidity of our smaller customers. So they're doing well, and we see actually quite a lot of growth there.

我認為，對於整個行業來說，一個壓艙石是總體上存在大量積壓訂單。現在，如您所知，這取決於您所在的州或世界的哪個地方，以及您關注的終端市場。我概括地說，積壓的工作量相當大。因此，我們首先考慮的不是流動性──小客戶的資產負債表流動性。所以他們做得很好，我們實際上看到他們取得了相當大的成長。

You asked about gaining share in a downturn. And to put a little more color on that, so hey, the construction ecosystem, technology ecosystem is a vibrant ecosystem. There's a lot of really interesting companies out there. We have a venture capital arm where we've invested in a few companies.

您詢問瞭如何在經濟低迷時期獲得市場份額。更詳細地說，建築生態系統、技術生態系統是一個充滿活力的生態系統。那裡有很多非常有趣的公司。我們有一個創投部門，我們已經投資了一些公司。

I think if you step back and look at that ecosystem, like most start-ups, most won't make it. That's the nature of the game. Those that do, I think many of them have turned out to be features as opposed to businesses that to get to that, there's one thing to get to the first one, let's say, $5 million of revenue. What tends to gate to a lot of those companies is go-to-market from getting to $10 million or getting to the $100 million of ARR.

我認為，如果你退一步看看這個生態系統，你會發現大多數新創公司都無法成功。這就是遊戲的本質。我認為，那些確實實現的，其中很多都變成了功能，而不是業務，為了實現這一點，有一件事要做，首先要實現，比如說，500 萬美元的收入。對許多這樣的公司來說，進入市場的門檻往往是達到 1,000 萬美元或 1 億美元的 ARR。

And that's when you find, in many cases, they really act more as features on a bigger platform as opposed to stand-alone products. We've done a few tuck-ins ourselves in the last couple of years in AECO. And in each case, what we've seen is when we put capability into our go-to-market arm, whether that's in field HR capabilities or in payments as two examples, we've significantly accelerated the size of those businesses by plugging it into our go-to-market engine.

那時你會發現，在很多情況下，它們實際上更像是更大平台上的功能，而不是獨立產品。在過去幾年裡，我們在 AECO 自己做了一些改進。在每種情況下，我們看到的是，當我們將能力投入到我們的市場進入部門時，無論是在現場人力資源能力還是在支付方面，我們都透過將其插入我們的市場進入引擎，顯著加速了這些業務的規模。

So I would posit that in a tougher economic environment. It's going to be harder for the smaller companies to raise money and to have the balance sheet to withstand storms if they come. And maybe they won't come. But if they come, I think we're in a position to do quite well and to gain share in a downturn.

因此我認為，在更嚴峻的經濟環境下，情況會是如此。對於小公司來說，籌集資金和擁有抵禦風暴的資產負債表將會更加困難。也許他們不會來。但如果他們來了，我認為我們就能做得很好，並在經濟低迷時期獲得市場份額。

Perfect. Thank you.

完美的。謝謝。

Chad Dillard, Bernstein.

查德·迪拉德，伯恩斯坦。

So what are you messaging to distributors about the tariff-driven pricing actions? How much are you raising price? When does this hit? Is this a surcharge or it's a formal price raise? And then for the $10 million that you called out, do you expect to pass that entirely on? Or is there some sharing between yourself, the distributor, the customer? I'm just trying to think through that.

那麼，您想向經銷商傳達有關關稅驅動定價行動的什麼訊息呢？你們要漲價多少？什麼時候發生？這是附加費還是正式漲價？那麼，對於您所要求的 1000 萬美元，您是否希望將其全部轉交給別人？或者您自己、分銷商和客戶之間是否存在一些共享？我只是在努力思考這個問題。

Thanks for the question. It's Rob. That's a pretty easy answer. It's North America only. It's a surcharge. The surcharge level is 4%. So put 4% in context of what we might normally see as pricing in a given year. That is, let's say, doable, and we've seen the market move to that price. So it's actually quite straightforward.

謝謝你的提問。我是羅布。這是一個非常簡單的答案。僅限北美。這是附加費。附加費標準為4%。因此，將 4% 放在我們通常所見的特定年份的定價背景下。也就是說，這是可行的，而且我們已經看到市場轉向該價格。所以這實際上非常簡單。

(inaudible) and then just on transporting, can you just give a little bit of color on what you saw in the market and how you're thinking about that business for the balance of the year?

（聽不清楚）然後就運輸而言，您能否稍微介紹一下您在市場上看到的情況以及您對今年剩餘時間的運輸業務有何看法？

Yeah, good question. So in that business, I'd say, at financial performance level, the business grew high single-digit on a year-over-year basis. When we look forward to the rest -- forward into 2025, we still believe we've got the pipeline to drive double-digit growth in the bookings of the business on a year-over-year basis, the profitability of the business increased. Increasingly, we're not looking at it as just transporting. We look at it in the context for the overall segment.

是的，好問題。因此，我認為，就該業務的財務表現水準而言，其年成長率高達個位數。當我們展望 2025 年時，我們仍然相信我們有能力推動業務預訂量同比增長兩位數，業務盈利能力也會提高。我們越來越不把它僅僅視為運輸。我們從整個片段的角度來看這個問題。

So probably, over time, we'll talk less and less about transporting on its own, and that is because we're connecting more of the Transporeon products, whether that's visibility or marketplace capabilities and with our TMS or transportation management system capabilities that we have been doing more things together. The organization is moving -- has mostly moved, actually, already to a functional organization. So as we go to market, we can take the full set of capabilities in a more coherent way to market.

因此，隨著時間的推移，我們可能會越來越少地談論運輸本身，這是因為我們正在連接更多的 Transporeon 產品，無論是可視性還是市場功能，以及我們的 TMS 或運輸管理系統功能，我們已經一起做更多的事情。該組織正在轉型——實際上，已經基本轉型為職能組織。因此，當我們進入市場時，我們可以以更連貫的方式將全套功能推向市場。

And then I guess, the other thing I can add, Chad, is within Transporeon, we get an interesting view in the world from the shippers and what volume of goods that they're moving. And so in the prepared remarks, when I mentioned that we can see automotive units down, that's because there's less automotive transports happening on the Transporeon platform.

然後我想，我還可以補充一點，查德，在 Transporeon 中，我們可以從托運人那裡了解一些有趣的世界觀以及他們運輸的貨物量。因此，在準備好的發言中，我提到我們可以看到汽車數量下降，那是因為 Transporeon 平台上的汽車運輸減少了。

Conversely, we can see in retail and consumer products, we can see the transport units continuing to grow on a year-over-year basis. So that insight can shape how we allocate capital internally for which end markets to go after in which geographies to go after. And the Transporeon, as you know, is also a majority European-based today. And that gives us, I'd say, actually, probably a little bit incremental level of confidence for that business as compared to North America. I mean, both markets are in a freight recession. But at the moment, I like some of the setup of Europe, especially if Germany (inaudible) the infrastructure bill.

相反，我們可以看到，在零售和消費品領域，運輸單位的數量正在逐年增加。因此，這種洞察力可以決定我們如何在內部分配資本，以確定在哪些地區進入哪些終端市場。如你所知，Transporeon 目前也主要以歐洲人為主。我想說，實際上，與北美相比，這可能會讓我們對該業務的信心有所提升。我的意思是，兩個市場都處於貨運衰退之中。但目前，我喜歡歐洲的一些設置，特別是德國（聽不清楚）的基礎設施法案。

Great. That's all for me. Thank you.

偉大的。對我來說就這些了。謝謝。

Robert Mason, Baird.

羅伯特·梅森，貝爾德。

The Field Systems' 25% ARR growth kind of steps off the page. It's pretty impressive. Just going to see if you could drill down a little further into that. You called out both on the positioning service, as well as the civil construction side. How did the growth shake out there? And I'm just -- are we working off a smaller base and some of the newer offerings driving the organic growth to that 25% level? And part of the reason I ask is it seems like we should expect some moderation through the year just based on the guidance and how we should think about cadencing there as well.

Field Systems 的 25% ARR 成長率有點出乎意料。這真是令人印象深刻。我只是想看看您是否可以對此進行更深入的探討。你既呼叫了定位服務，也呼叫了土建施工方面。那裡的成長情況如何？我只是想知道——我們是否在較小的基礎上透過一些較新的產品推動有機成長達到 25% 的水平？我問這個問題的部分原因是，根據指導意見以及我們應該如何考慮節奏，我們似乎應該預計全年會出現一些放緩。

Rob, thanks for the question. The shift to ARR in the business has been very intentional. So it's for sure not by accident. The teams have done a lot of work to transition business models. We stand at $358 million of ARR. That's a lot of ARR. And hey, that's less than the $1.29 billion of ARR in AECO or the $459 million of ARR in the Transportation and Logistics businesses.

羅布，謝謝你的提問。業務向 ARR 的轉變是經過深思熟慮的。所以這肯定不是偶然的。這些團隊為轉變商業模式做了大量工作。我們的 ARR 為 3.58 億美元。這是很多的 ARR。嘿，這比 AECO 的 12.9 億美元 ARR 或運輸和物流業務的 4.59 億美元 ARR 還要少。

That 25% has an aspect of strong execution, and I'll come back to that. And it also has an aspect of there being -- us being newer in the transition. So there is a lapping effect by the second half of the year that will bring us down to the guide that Phil put forward in that business and still to a very healthy level of growth.

這 25% 體現了強而有力的執行力，我稍後會再談這一點。而且它也體現出我們在轉型中處於更新階段的一面。因此，到今年下半年，就會出現一種重疊效應，使我們回到菲爾在該業務中提出的指導方針，並且仍然保持非常健康的成長水平。

Another reason the like that ARR within Field Systems is, I think, over time, we've had -- there's been a view on us as cyclicality within hardware business. And to an extent, that's true. At the same time, we see a secular adoption of technology. But to the extent that undertone of cyclicality, this ARR provides -- let's say, mutes that level of underlying tone of cyclicality that would be in the business, which is another reason to like what we're doing there with ARR and Field Systems.

我認為，Field Systems 內部的 ARR 之所以如此，另一個原因是，隨著時間的推移，我們一直認為硬體業務具有週期性。某種程度上來說，這是事實。同時，我們看到了技術應用的長期化。但就週期性的底色而言，這種 ARR 提供了 - 可以說，減弱了業務中周期性底色的水平，這也是我們喜歡使用 ARR 和現場系統的另一個原因。

So with respect to calling out some of the specific areas of growth, I talked about Works Plus. That's machine control and guidance offering. We continue to grow there. In our survey business, we have a product or a solution called DA2 or also called Catalyst. So think of that as positioning as a service and a GIS application on a global basis that continues to have very strong growth.

因此，關於指出一些具體的成長領域，我談到了 Works Plus。這就是機器控制和引導服務。我們在那裡繼續成長。在我們的調查業務中，我們有一個名為 DA2 或也稱為 Catalyst 的產品或解決方案。因此，可以將其定位為一種服務和一種全球範圍內的 GIS 應用程序，並將繼續保持強勁的成長勢頭。

And our positioning services business, as you know, as we deliver centimeter-level accuracy on a ubiquitous basis around the world, whether that's on farms or the surveyors or construction sites. That's been a great business for us for a long time. We've expanded those capabilities in the automotive market. And so we see growth there in that automotive end market. Think about lane detection and safety systems there on paths towards automation.

如您所知，我們的定位服務業務可以在世界各地提供厘米級精度的定位服務，無論是在農場、測量員或建築工地。長期以來，這對我們來說都是一項偉大的事業。我們已經在汽車市場擴展了這些能力。因此，我們看到汽車終端市場正在成長。思考一下自動化道路上的車道偵測和安全系統。

And then even we've got examples in our survey business of taking product and moving it fully to a ratable basis. So a good amount of things happening, whether it's a full offering of the entirety of the system or it's a split hybrid offering where you're paying a nominal amount upfront for the hardware and then the rest through the software. And at a certain level, that makes sense because increasingly, in the world, we think about software-defined systems, software-defined hardware. And I think we're pretty well ahead of the curve in the competitive environment with the way we're approaching this market. And the other results speak for themselves at the moment.

我們甚至在調查業務中也有一些例子，將產品完全轉移到可評估的基礎上。因此，發生了很多事情，無論是提供整個系統的完整版本，還是提供分割混合版本，您先為硬體支付象徵性的費用，然後透過軟體支付剩餘的費用。從某種程度上來說，這是有道理的，因為在世界上，我們越來越多地考慮軟體定義的系統、軟體定義的硬體。我認為，我們以自己的方式進入這個市場，在競爭環境中處於領先地位。目前其他結果已經不言而喻。

Yes. That's great. And just, Rob, you referenced Germany, in particular. Just we'll see how their plan plays out. But could you just speak to how you think you're positioned there? I know some of your bundles vary by region, but just in that region, in particular. And when would expect to potentially see some uplift around what you're talking about?

是的。那太棒了。羅布，你特別提到了德國。我們只需看看他們的計劃如何進行即可。但是您能否談談您認為自己在那裡處於什麼位置？我知道你們的一些套餐因地區而異，但僅限於該地區。您什麼時候才能看到您所談論的事情有所改善？

Yes. So I was just in Germany at Bauma and then actually was there again about a week ago at Bauma. I'd really give a shout out not only to our team but our partners at SITECH Deutschland. They're just doing a terrific job executing. The team, the SITECH team, operates at scale. It's the largest competitor in the market, and that relative market share, I think, matters.

是的。我剛參加了德國寶馬展，大約一週前我又去了德國寶馬展。我不僅要向我們的團隊致謝，還要向 SITECH Deutschland 的合作夥伴致謝。他們只是執行得非常出色。該團隊，即 SITECH 團隊，大規模運作。它是市場上最大的競爭對手，我認為相對市場佔有率很重要。

They were able to pull off an off-site even at Bauma to do an off-site to see the technology in action on a small job site. And that's -- like that goes so far in terms of driving business. In fact, they did drive millions of euros of new business.

他們甚至可以在 Bauma 展會現場進行場外活動，以觀察該技術在小型場地上的實際應用。這對於推動業務發展起了很大的作用。事實上，他們確實推動了價值數百萬歐元的新業務。

And you could see that just, I would call it, the quality of the execution that I mentioned in one of the answers, the Siteworks product and bringing ability to support to buckets, which is very much a European need, including in Germany. So giving them additional products and capabilities drives optimism in the market. Now some of that optimism (inaudible) could be coming off of low lows. So I'll take that, though, to the extent that any optimism there is a good thing. And obviously, it speaks for itself probably in the Civil business that's going to correlate to infrastructure. Any sign of support for that regardless of the package.

您可以看到，我稱之為我在其中一個答案中提到的執行質量，Siteworks 產品及其為儲存桶提供支援的能力，這是歐洲（包括德國）非常需要的。因此，為他們提供額外的產品和功能可以激發市場的樂觀情緒。現在，部分樂觀情緒（聽不清楚）可能正從低谷中走出來。因此，我會認為，任何樂觀情緒都是一件好事。顯然，這可能在與基礎設施相關的民用業務中得到了體現。無論方案如何，任何支持該方案的跡像都存在。

You're right. It hasn't happened yet. Let say just to talk of it is a new kind of conversation in the country and that has provided a level of optimism.

你說得對。此事尚未發生。可以說，這只是國內的新話題，並且帶來了一定程度的樂觀。

On the software side of the business, I'd say the market continues to be healthy and think about vertical construction in that respect, and we have a number of capabilities. There are a different set of capabilities that we have North America. It's a little more engineering-centric than construction-centric. And there, the team, really, I just think they do a nice job of controlling the things they can control, and that includes how we go to market, how we transform that, and how we package our offerings through the TC1 bundle. And they all seem to be working at the moment.

在業務的軟體方面，我認為市場繼續保持健康，並考慮這方面的垂直建設，我們擁有多種能力。我們在北美擁有一系列不同的能力。它更以工程為中心，而不是以建築為中心。而對於這個團隊來說，我認為他們確實很好地控制了他們能夠控制的事情，包括我們如何進入市場，如何轉變市場，以及如何透過 TC1 捆綁包打包我們的產品。目前它們似乎都在發揮作用。

Very good. Thank you.

非常好。謝謝。

You've welcome.

不客氣。

Jerry Revich, Goldman Sachs.

高盛的傑瑞·雷維奇。

Yes. Rob, I'm wondering if we could just go back to AECO, really outstanding ARR organic growth in the quarter. Can you just talk about how much TC1 contributed? What was that cross-selling contribution versus other drivers of the acceleration in an environment where a lot of businesses are not accelerating?

是的。羅布，我想知道我們是否可以回到 AECO，本季 ARR 有機成長確實非常出色。能談談 TC1 的貢獻有多大嗎？在許多企業沒有加速發展的環境下，與其他加速驅動因素相比，交叉銷售的貢獻是什麼？

And then just to put some context around your comments around longer sales cycle that you're seeing. Is that to imply that ARR growth for AECO could slow somewhere to the mid-teens in the second quarter based on what you're seeing? Can we just put a finer point on just quantifying what that longer sales cycle means in your prepared remarks? Thanks.

然後，只是想對您看到的更長的銷售週期的評論做一些背景介紹。根據您所看到的情況，這是否意味著 AECO 的 ARR 成長可能會在第二季放緩至十五六個百分點？我們能否在您準備好的發言中更詳細地量化更長的銷售週期意味著什麼？謝謝。

Jerry, thanks for the question. Okay. So ARR in the first quarter, up 19% ACV bookings in the high teens. If we look at this ACV bookings and double-click, about two-thirds of those bookings are TC1 bookings. So TC1 now is the majority of the bookings that we have.

傑瑞，謝謝你的提問。好的。因此，第一季的 ARR 成長了 19%，ACV 預訂量達到了十幾歲的高點。如果我們查看這個 ACV 預訂並雙擊，大約三分之二的預訂是 TC1 預訂。因此，TC1 目前佔據了我們大部分的預訂量。

TC1 itself is a commercial framework for how we do business. And in some cases, you could be on a TC1 framework and still buying an individual solution. Let's say, the good news within that would be the -- gives us an easier way to cross-sell and upsell to that customer because they already have the foundational basis of the contract.

TC1 本身就是我們開展業務的商業架構。在某些情況下，您可能仍在使用 TC1 框架並購買單獨的解決方案。可以說，其中的好消息是——這為我們提供了一種更簡單的方式向該客戶進行交叉銷售和追加銷售，因為他們已經擁有了合約的基礎。

Of course, what we think about most are the bundles within TC1 in there, we've got over 20 purpose-built bundles. So we continue to roll those out globally. More and more of the bundles are making their way to Europe, and all of that helps drive those TC1 bookings. The TC1 bookings themselves, on a year-over-year basis, were well in excess of the of the overall bookings in the queue being in the high teens. So I just can't stress enough how important this is to us and how good this has been for our efforts to go after that cross-sell and upsell, which, at Investor Day, we quantified as about a $1 billion opportunity. So there's a lot to like with the TC1 and what the team is doing.

當然，我們考慮最多的是 TC1 中的捆綁包，我們有超過 20 個專用捆綁包。因此，我們將繼續在全球推廣這些產品。越來越多的套餐正在進入歐洲市場，所有這些都有助於推動 TC1 的預訂。與去年同期相比，TC1 的預訂量就遠遠超過了排隊中整體預訂量的十幾倍。因此，我再怎麼強調這一點對我們有多重要，以及這對我們進行交叉銷售和追加銷售的努力有多好都不為過，在投資者日，我們將其量化為約 10 億美元的機會。因此，TC1 和團隊所做的事情有很多值得稱道的地方。

And then I also want to mention, it's not just linkages within AECO, but think about TC1 linkages to Field Systems, linking that estimating or tracking capability that may be technically in an AECO software to what we're doing with the field instruments that show up in Field Systems. The customer is not going to care about which segment of Trimble they're doing business with. They're doing business with Trimble, and these are workflows that we can uniquely deliver. So expect to see more connections of TC1 bundles into the civil market here this year and beyond.

然後我還想提一下，這不僅僅是 AECO 內部的聯繫，還要考慮 TC1 與現場系統的聯繫，將 AECO 軟體中技術上可能的估算或追蹤功能與我們使用現場系統中顯示的現場儀器所做的事情聯繫起來。客戶不會關心他們與 Trimble 的哪個部門有業務往來。他們正在與 Trimble 做生意，而這些是我們能夠獨特地提供的工作流程。因此，預計今年及以後將看到更多 TC1 捆綁產品進入民用市場。

Then you asked about sales cycles. I've seen it more on the very largest customers within AECO. Think about -- to be even more specific, think about buying ERPs, construction ERPs. Construction ERP, if you delay your decision by some weeks, you haven't fundamentally altered your ability to deliver value. And so it kind of doesn't surprise me that we've seen a little bit of hesitation. In terms of -- and that's at the largest end of the market.

然後你詢問了銷售週期。我在 AECO 最大的客戶身上看到更多這樣的情況。想想看——更具體地說，想想購買 ERP、建造 ERP。建築 ERP，如果您將決定推遲幾週，那麼您並沒有從根本上改變您提供價值的能力。因此，當我們發現有一點點猶豫時，我並不感到驚訝。就 —— 這是市場的最大端。

And so when we see things like that happen, and we are pretty good about moving the motions to other parts that are moving faster. So we've seen more growth in small to midsize contractors. And we'll move the people and the capital to where the business is and to where it's ready to go. That business, at the enterprise level, it hasn't gone away. It doesn't shape or translate in any kind of meaningful difference of view that we have. And the nature of an ARR business is you can't really go down all that fast, especially in the second quarter. So feel good about the business that we have in front of us and the trajectory of that.

所以當我們看到這樣的事情發生時，我們很擅長將動作轉移到移動更快的其他部分。因此，我們看到中小型承包商的成長勢頭更加強勁。我們將把人員和資本轉移到業務所在的地方以及業務準備開展的地方。從企業層面來看，這項業務還沒有消失。它不會塑造或轉化我們之間任何有意義的觀點差異。ARR 業務的本質是不可能下降得那麼快，尤其是在第二季。因此，對我們面臨的業務及其發展軌跡感到滿意。

I'd say, in the public sector as well, like that one -- by the way, Phil commented on the business we do with the Federal government. We also sell the state and local governments. And some of those have been a little bit slower, but they've been offset by where we've seen the pockets of strength, whether that's sub industry segments or it's a customer size segments. So I hope that helps, Jerry, give you some color.

我想說，在公共部門也是如此，就像那樣——順便說一句，菲爾評論了我們與聯邦政府的業務往來。我們也向州和地方政府銷售產品。其中一些成長速度稍微慢了一些，但這些成長已經被我們所看到的強勢領域所抵消，無論是子行業領域還是客戶規模領域。所以我希望這會有所幫助，傑瑞，給你一些顏色。

Super helpful, Rob. Thank you. And then in terms of P&L margins, Phil, obviously, you've got a transition going on with the divestiture. Can you just talk about where the quarter came in relative to your plan? It looks like maybe there's some work to do to get to the full-year guide that's better than normal seasonality. Can you just expand on the timing of when those trended costs go away and how it's playing out versus your plan?

非常有幫助，羅布。謝謝。然後就損益利潤率而言，菲爾，顯然，隨著資產剝離，你正在經歷一個轉變。您能否談談本季相對於您的計劃的進展？看起來，可能需要做一些工作才能獲得比正常季節更好的全年指南。您能否詳細說明這些趨勢成本消失的時間以及與您的計劃相比情況如何？

Yeah. Thanks, Jerry. So as we think about it, as you said, with the mobility divestiture, we do have some stranded costs this year. And so that we're going to start out the year around that 21%. And then our guide is still at that 24% for the year.

是的。謝謝，傑瑞。因此，正如您所說，當我們考慮這一點時，由於行動業務的剝離，我們今年確實有一些擱淺成本。因此，我們今年的開局將達到 21% 左右。那麼我們的指導價今年仍為 24%。

And so we continue to see the margin improvement. So think about Transporeon and the bookings and strength that we had over the last year. As we talked about, that bookings takes a while to manifest because of the ramp time. So we start to see the inflection sort of as we progress throughout the year, and so that helps with the margin expansion as we continue to move throughout the year with that.

因此我們繼續看到利潤率的提高。所以想想 Transporeon 以及我們去年的預訂量和實力。正如我們所討論的，由於時間原因，預訂需要一段時間才能實現。因此，隨著全年的進展，我們開始看到某種轉折點，這有助於利潤率的擴大，因為我們全年都會繼續這樣做。

As far as the stranded costs, as you know, some of that is around software contracts and other things that are hard to get out of immediately. So that will take a little bit of time. So we do expect that to still be a headwind in 2025. But as we start to move into 2026, along with some of the actions and things like that, we're taking -- we think it will be neutral as we go forward after 2025.

至於擱淺成本，如您所知，其中一些是圍繞軟體合約和其他難以立即擺脫的事情。所以這需要一點時間。因此，我們確實預計到 2025 年這仍將是一個阻力。但隨著我們開始進入 2026 年，以及我們正在採取的一些行動和類似的事情——我們認為在 2025 年後繼續前進將會保持中立。

The downside of those software contracts. Thank you.

這些軟體合約的缺點。謝謝。

All right. Well, we appear to have lost our moderator here for the call. This is Rob Painter. I just want to thank everybody for attending today's call. And with that, we will hang up.

好的。好吧，我們似乎失去了這通通話的主持人。這是 Rob Painter。我只想感謝大家參加今天的電話會議。說完這些，我們就掛斷電話。

That concludes today's call. You may now disconnect.

今天的電話會議到此結束。您現在可以斷開連線。