Trimble Inc (TRMB) 2025 Q2 法說會逐字稿

Thank you for standing by. My name is Greg, and I will be your conference operator today. At this time, I would like to welcome everyone to today's Trimble second quarter 2025 financial results call. (Operator Instructions).

感謝您的支持。我叫格雷格，今天我將擔任您的會議主持人。現在，我歡迎大家參加今天的 Trimble 2025 年第二季財務業績電話會議。（操作員指令）。

I'd now like to turn the call over to Rob Painter, Chief Executive Officer.

現在我想將電話轉給執行長 Rob Painter。

Rob?

搶？

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 the divested agriculture and mobility businesses as well as the 53rd week of fiscal 2024, as reported numbers, along with the reconciliation are provided in the appendix.

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行動業務以及 2024 財年的第 53 週，因為報告的數字以及對帳資訊在附錄中提供。

Our second quarter results outperformed top and bottom line expectations, reflecting continued strong strategic execution and momentum with our Connect & Scale strategy. My congratulations and gratitude to the Trimble team and our global partners. We are raising our guidance for the full year, and Phil will walk you through the details.

我們第二季的業績超越了最高和最低預期，反映了我們「連結與規模」策略持續強勁的策略執行力和發展勢頭。我向 Trimble 團隊和我們的全球合作夥伴表示祝賀和感謝。我們正在提高全年的業績預期，Phil 將向您介紹詳細資訊。

Starting on Slide 4. The foundation of our Connect & Scale strategy begins with our best-in-class solutions, which are generally core to the day-to-day operations of our customers, delivering productivity and sustainability outcomes. Our strategy compels us to do what we can uniquely do.

從投影片 4 開始。我們的「連接與擴展」策略的基礎始於我們一流的解決方案，這些解決方案通常是我們客戶日常營運的核心，可帶來生產力和永續性成果。我們的策略迫使我們去做我們能夠獨特地做的事情。

That is connecting people, connecting data, connecting workflows and connecting ecosystems across the construction and transportation and logistics industry life cycles. Our product leaders are increasingly bundling our solutions together into prepackaged product suites, making it easier for customers to access our technology and making it easier for our sellers to reach our customers.

那就是連接建築、運輸和物流行業生命週期中的人員、連接數據、連接工作流程和連接生態系統。我們的產品負責人越來越多地將我們的解決方案捆綁到預先包裝好的產品套件中，使客戶更容易存取我們的技術，並使我們的賣家更容易接觸到我們的客戶。

They are also progressing our efforts towards subscription offerings, expanding our user base and the size of our addressable markets while simultaneously delivering us increased visibility into our business. Strategically, these business model transformations are connecting workflows as we move data from on-premise and on machine to the cloud. We are enabling our customers to generate better insights into their own data while enabling us to build a unique data set to power our AI ambitions.

他們也推動我們在訂閱服務方面的努力，擴大我們的用戶群和潛在市場的規模，同時提高我們業務的知名度。從戰略上講，當我們將資料從本地和機器移動到雲端時，這些商業模式的轉變正在連接工作流程。我們幫助客戶更好地洞察自己的數據，同時幫助我們建立獨特的數據集來支援我們的人工智慧目標。

For example, in our ProjectSight project management system with AI, we have processed over 1.5 million drawings with AI at a rate of over 200,000 drawings per month since our Dimensions User Conference in November of 2024. This AI capability saves significant time that our customers would otherwise been manually adding attribute data to a model.

例如，在我們的具有 AI 的 ProjectSight 專案管理系統中，自 2024 年 11 月召開 Dimensions 用戶大會以來，我們已經使用 AI 處理了超過 150 萬張圖紙，每月處理速度超過 20 萬張。這種人工智慧功能為我們的客戶節省了大量的時間，否則他們將不得不手動將屬性資料添加到模型中。

Finally, our go-to-market motions are modernizing, enabled by better underlying technology stacks and process excellence. AI-assisted motions are increasing bookings visibility and unlocking cross-sell opportunities as well as new logo expansion. The sum of these activities plays a strong role in our current results.

最後，透過更好的底層技術堆疊和卓越的流程，我們的上市措施正在走向現代化。人工智慧輔助動作正在提高預訂可見度並釋放交叉銷售機會以及新標誌擴展。這些活動的總和對我們目前的成果發揮著重要作用。

Turning to Slide 5. $876 million in revenue in the quarter, up 9% organically. $2.21 billion of ARR, up 14% organically and $0.71 of EPS, up 15% year-over-year and higher still on an organic basis. Software and services accounted for 79% of second quarter revenue. Recurring revenue accounted for 63% of second quarter revenue.

轉到投影片 5。本季營收 8.76 億美元，有機成長 9%。 ARR 為 22.1 億美元，有機成長 14%，每股收益為 0.71 美元，年成長 15%，有機成長仍然更高。軟體和服務佔第二季營收的79%。經常性收入佔第二季營收的63%。

We run negative working capital and CapEx is less than 1% of revenue on a trailing 12-month basis. Our value creation algorithm is working. Looking forward over the next couple of years, the continued rollout and maturation of our strategy gives us conviction to deliver on our 3, 4, 30 commitment by 2027, $3 billion in ARR, $4 billion in revenue and 30% EBITDA margin.

我們的營運資本為負，過去 12 個月的資本支出不到收入的 1%。我們的價值創造演算法正在發揮作用。展望未來幾年，隨著我們策略的持續推行和日趨成熟，我們有信心在 2027 年實現「3、4、30」承諾，即實現 30 億美元的 ARR、40 億美元的收入和 30% 的 EBITDA 利潤率。

Looking beyond the next couple of years, we are optimistic about what an AI forward future will mean to Trimble. I'd like to characterize our right to win in this space in the form of trillions, billions, millions and thousands, trillions of dollars of construction run through Trimble, tens of billions of freight run through Trimble.

展望未來幾年，我們對人工智慧未來對 Trimble 的意義充滿信心。我想用數萬億美元、數十億、數百萬美元、數十億美元的建設工程通過 Trimble 進行、數百億美元的貨運通過 Trimble 進行的形式來描述我們在這個領域的獲勝權利。

We have millions of users of our software, and we have hundreds of thousands of instruments and machines in the field that operate on Trimble technology. The transformation we've been making in our business over the last few years has prepared us for this moment.

我們的軟體擁有數百萬用戶，現場有數十萬台儀器和機器採用 Trimble 技術。過去幾年來，我們在業務上所進行的轉型已經為我們做好了這一刻的準備。

In the last weeks and months, we have taken thousands of Trimble colleagues through AI training sessions and we are deploying AI across most every function of the company. While it's very early in the AI adoption cycle, we believe we are heading in the right direction and making the right decisions to unlock the efficiency and customer value creation opportunity.

在過去的幾週和幾個月裡，我們已經對數千名 Trimble 同事進行了 AI 培訓，並且我們正在公司的幾乎所有職能部門部署 AI。雖然人工智慧採用週期還處於早期階段，但我們相信我們正朝著正確的方向前進，並做出正確的決策，以釋放效率和客戶價值創造機會。

In June, we held our biannual Technology Conference, where 300 of our top engineering and product leaders came together to share and collaborate on our next waves of innovation. Not surprisingly, AI made up about half of the content of the conference.

6 月，我們舉辦了兩年一次的技術大會，300 位頂尖工程和產品領導者齊聚一堂，分享並合作下一波創新。毫不奇怪，人工智慧佔據了本次會議內容的一半左右。

With that context, let's talk about each of our segments, starting with AECO and a quote from a steel fabricator and a rector customer who said the following. We're always three steps ahead of everyone else because of the technology we use. With Trimble Connect, we can visualize the entire project before it starts. We track every piece of steel in real time and stay ahead of any potential delays. This sentiment is indicative of the success we are having with connecting people and connecting data.

在此背景下，讓我們來談談我們的每個部分，首先從 AECO 開始，然後引用一位鋼鐵製造商和一位校長客戶的話。由於我們所使用的技術，我們總是比其他任何人領先三步。借助 Trimble Connect，我們可以在專案開始之前看到整個專案。我們即時追蹤每一塊鋼材，並預防任何潛在的延誤。這種情緒顯示了我們在連結人與連結數據方面所取得的成功。

In the quarter, ARR at $1.36 billion and revenue at $350 million were both up 16%. ACV bookings remained strong and in line with our long-term model, growing in the mid-teens with a healthy gross and net retention. At the point solution level, we continue to innovate. SketchUp won Best in Show in the BIM category at AIA 2025 and with over 4.4 million models created in the quarter, SketchUp remains core to the workflow of architects and designers around the world.

本季度，ARR 為 13.6 億美元，營收為 3.5 億美元，均成長 16%。ACV 預訂量保持強勁，符合我們的長期模式，成長率達到十幾歲，總保留率和淨保留率都保持健康。在點解決方案層面，我們不斷創新。SketchUp 在 AIA 2025 的 BIM 類別中榮獲最佳展示獎，本季創建了超過 440 萬個模型，SketchUp 仍然是全球建築師和設計師工作流程的核心。

ProjectSight added features such as daily reporting and ERP integration, which contributed to strong growth in the quarter. At connected workflow level, we are now delivering an office to field to office workflow and civil construction that enables project managers to send quantity request for earthmoving and our B2W track applications to cruise in the field using our site work solution and then flowing that data back to the office for progress tracking, which informs decision-making and ensures accurate billing. No guesswork, no phone calls, no manual data transfer, only Trimble.

ProjectSight 增加了每日報告和 ERP 整合等功能，促進了本季的強勁成長。在連接的工作流程級別，我們現在提供從辦公室到現場再到辦公室的工作流程和土木工程，使專案經理能夠發送土方工程數量請求，並使用我們的 B2W 跟踪應用程序使用我們的現場工作解決方案在現場巡航，然後將該數據傳輸回辦公室進行進度跟踪，從而為決策提供信息並確保準確計費。無需猜測，無需打電話，無需手動傳輸數據，只有 Trimble。

This workflow example is just one example that validates our strategy of driving growth through Trimble Construction One bundles as well as running cross-selling motions that serve existing customers with more solutions. Once we have a customer using our ecosystem with a core solution, our strategy of adding connected solutions multiplies the value a customer gets and makes us an indispensable partner for our company's entire operation.

此工作流程範例只是一個例子，它驗證了我們透過 Trimble Construction One 捆綁包推動成長以及運行交叉銷售活動為現有客戶提供更多解決方案的策略。一旦有客戶使用我們的生態系統和核心解決方案，我們添加互聯解決方案的策略就會使客戶獲得的價值倍增，並使我們成為公司整個營運不可或缺的合作夥伴。

The investments we have made into our business over the last few years are unlocking insights that drive sales enablement and targeted marketing campaigns to reach this market opportunity. In combination with our transformation to operate as one sales organization and AECO focused on named accounts, we remain optimistic about our ongoing growth potential.

過去幾年來，我們對業務的投資正在釋放新的洞察力，推動銷售支援和有針對性的行銷活動，以實現這一市場機會。結合我們轉型為銷售組織以及專注於指定帳戶的 AECO，我們對我們的持續成長潛力仍然持樂觀態度。

Moving to Field systems. I'll start with a quote from a customer in Scotland talking about machine control. This is our largest investment in advanced construction technology to date and the effect on productivity has been eye-opening, with one project already being 8 weeks ahead of schedule and on track to be completed in half the estimated time.

轉向現場系統。我先引用一位蘇格蘭客戶關於機器控制的言論。這是迄今為止我們在先進建築技術方面最大的投資，其對生產力的影響令人矚目，其中一個項目已經提前 8 週完成，並有望在預計時間的一半內完成。

The business outperformed in the quarter with particular strength in civil construction. Revenue at $393 million was up 3% despite the 200 basis points headwind based from model conversions. ARR at $358 million was up 17%, driven by strength in our Works Plus machine control offering, our catalyst positioning as a service offering and Trimble Business Center.

本季業務表現優異，尤其在土木工程領域表現強勁。儘管模型轉換帶來 200 個基點的不利因素，但營收仍成長了 3%，達到 3.93 億美元。年度經常性收入 (ARR) 達到 3.58 億美元，成長 17%，這得益於我們的 Works Plus 機器控制產品、我們的催化劑定位即服務產品以及 Trimble 商務中心的強勁表現。

At a product innovation level, we expanded Siteworks machine guidance to be available for tilt bucket attachments. We expanded Trimble Ready options with a number of OEMs, and we introduced the NAV 960 guidance Controller for our PTX joint venture. In the end markets, we saw strength in drilling and piling applications for renewable projects as well as site pad preparation for data centers and warehouses. This business is the most global business at Trimble, and it is inspiring to see our work in action.

在產品創新層面，我們擴展了 Siteworks 機器指導，使其適用於傾斜鏟鬥配件。我們與多家 OEM 合作擴展了 Trimble Ready 選項，並為我們的 PTX 合資企業推出了 NAV 960 導航控制器。在終端市場，我們看到再生能源專案的鑽井和打樁應用以及資料中心和倉庫的場地準備方面的優勢。這項業務是 Trimble 最全球化的業務，看到我們的工作付諸行動令人鼓舞。

In the quarter, we had wins with customers in US state departments of transportation with mobile mapping at the Panama Canal with optical solutions with the Rwanda Statistics Department, the Dubai Municipality and the Bureau of Water Management in the Philippines buying Trimble GNSS. With customers in Ukraine, Tanzania and Turkey buying Trimble reference stations and with customers in China and Australia buying our monitoring solutions. Trimble is everywhere.

本季度，我們憑藉光學解決方案在巴拿馬運河進行移動測繪，贏得了美國各州交通部門客戶的青睞，盧安達統計局、杜拜市政府和菲律賓水務管理局也購買了 Trimble GNSS。烏克蘭、坦尚尼亞和土耳其的客戶購買了 Trimble 參考站，中國和澳洲的客戶購買了我們的監控解決方案。Trimble 無所不在。

Moving to transportation. I'll start by quoting a customer who said, autonomous procurement has transformed our spot bid management by using AI to predict prices, enabling us to set realistic, walk away prices and align with market conditions, especially during peak seasons. While our end market remains in a stubborn freight recession, we continue to grow the business with innovation coming from products such as our AI-based autonomous procurement solution.

轉向交通運輸。首先，我想引用一位客戶的話，他說，自主採購透過使用人工智慧來預測價格，改變了我們的現貨投標管理，使我們能夠設定切合實際的、可接受的價格，並與市場情況保持一致，尤其是在旺季。儘管我們的終端市場仍然處於頑固的貨運衰退之中，但我們繼續透過基於人工智慧的自主採購解決方案等產品帶來的創新來發展業務。

Revenue at $133 million and ARR at $492 million were both up 8% in the quarter. ACV bookings were up double digits. At a product level, we have ongoing integration efforts to connect key transporeon products such as visibility and autonomous procurement with our TMS offerings, which enhances user experience and further enables cross-selling efforts. We are accelerating our rollout of the US -- in the US.

本季營收為 1.33 億美元，ARR 為 4.92 億美元，均成長 8%。ACV 預訂量增加了兩位數。在產品層面，我們正在不斷整合，將可視性和自主採購等關鍵的運輸產品與我們的 TMS 產品連接，從而增強用戶體驗並進一步實現交叉銷售。我們正在加速在美國推出這項服務。

of our freight marketplace, which enables real-time capacity sourcing for shippers, carriers and brokers. We are building confidence at every turn. With respect to the macro environment across our business, there was no discernible shift in sentiment or end market performance in the quarter. Various indices inevitably point one way or the other. Opportunities continue to outweigh the uncertainties. In meeting with customers in the UK and Europe, energy and defense look healthy.

我們的貨運市場可以為托運人、承運人和經紀人提供即時運力採購。我們正在處處建立信心。就我們業務的宏觀環境而言，本季情緒或終端市場表現沒有明顯變化。各種指數必然指向某一方向。機會仍大於不確定性。在與英國和歐洲客戶會面時，能源和國防看起來很健康。

In the United States, the puts and takes of the One Big Beautiful bill look to be net positive, including deductions on capital equipment. Globally, we remain bullish on India and the Middle East. At an end market level, our construction customers generally have healthy backlogs, and they continue to hire for their project work. In the transportation market, we are hopeful that the market has stabilized with more upward catalysts than downward catalysts.

在美國，「一個大美麗」法案的收益和看跌期權看起來都是淨收益，包括資本設備的扣除額。從全球來看，我們仍然看好印度和中東。在終端市場層面，我們的建築客戶通常擁有健康的積壓訂單，並且他們會繼續招募員工來完成他們的專案工作。在運輸市場，我們希望市場已經穩定下來，上行催化劑多於下行催化劑。

Phil, over to you.

菲爾，交給你了。

Thanks, Rob. First, I'd like to give an update regarding impacts from policy. Regarding tariffs, our operations team has done an outstanding job creating a flexible and global supply network. With the latest information to date, there is no change to the tariff impact on our cost of goods at approximately $10 million per quarter in the Field Systems segment. We've implemented surcharges to offset this.

謝謝，羅布。首先，我想介紹一下政策影響的最新情況。關於關稅，我們的營運團隊在創建靈活的全球供應網路方面做得非常出色。根據迄今為止的最新消息，關稅對我們現場系統部門商品成本的影響沒有變化，約為每季 1000 萬美元。我們已實施附加費來抵消此影響。

Thus, we expect no impact to profitability. Related to the repeal of Section 174 from the One Big Beautiful Bill, we anticipate a cash flow benefit of approximately $50 million in 2025 and a total additional benefit of approximately $80 million, which will be realized over subsequent years. With regards to capital allocation, we bought back $50 million of shares in the second quarter and have approximately $323 million of authorization available. Longer term, we continue to expect at least one-third of our free cash flow to be used for repurchasing shares.

因此，我們預計獲利能力不會受到影響。與廢除《一項美麗法案》第 174 條相關，我們預計 2025 年的現金流收益約為 5,000 萬美元，總計額外收益約為 8,000 萬美元，這些收益將在隨後幾年實現。關於資本配置，我們在第二季回購了價值 5,000 萬美元的股票，目前有約 3.23 億美元的授權可用。從長遠來看，我們仍然預計至少三分之一的自由現金流將用於回購股票。

On the M&A front, we continue with the small tuck-ins. And in the second quarter, we acquired capabilities that we have branded Trimble Materials, which serves contractors by connecting the field, office, warehouse teams and suppliers to streamline the entire purchasing and materials management process. The tuck-in playbook is working and we are accelerating our ability to integrate, which yields a rapid return on investment by putting additional functionality in the hands of our sales teams to cross-sell and upsell and continue the flywheel of ARR growth.

在併購方面，我們持續進行小規模收購。在第二季度，我們獲得了品牌 Trimble Materials 的能力，該品牌透過連接現場、辦公室、倉庫團隊和供應商為承包商提供服務，以簡化整個採購和材料管理流程。整合策略正在發揮作用，我們正在加速我們的整合能力，透過為我們的銷售團隊提供額外的功能來進行交叉銷售和追加銷售並繼續推動 ARR 成長，從而快速獲得投資回報。

Let's review the second quarter of 2025, starting on Slide 6. Organic revenue growth exceeded our outlook at 9%, driven by outperformance in all three segments, and ARR was in line with our outlook at 14% to a record $2.21 billion. Gross margins expanded 210 basis points to 70.6%, which shows our continued model progression. We achieved EBITDA margins of 27.4%, which is a 170 basis points expansion year-over-year. Reported earnings per share was $0.71 for the quarter, $0.09 better than our guidance.

讓我們從第 6 張投影片開始回顧 2025 年第二季。受三個部門優異表現的推動，有機收入成長率超過我們的預期，達到 9%；ARR 成長率與我們的預期一致，達到 14%，創歷史新高，達到 22.1 億美元。毛利率擴大 210 個基點至 70.6%，這表明我們的模型持續進步。我們的 EBITDA 利潤率達到 27.4%，比去年同期成長了 170 個基點。本季每股收益為 0.71 美元，比我們的預期高出 0.09 美元。

Moving to the balance sheet and cash flow items on Slide 7. Our year-to-date reported free cash flow was strong at $90 million despite a $277 million tax payment related to the agriculture divestiture. Our balance sheet continues to be strong with $266 million of cash and a leverage ratio of 1.4 times, which is well below our long-term target rate of 2.5 times.

前往投影片 7 上的資產負債表和現金流量項目。儘管因農業資產剝離而支付了 2.77 億美元的稅款，但我們今年迄今報告的自由現金流仍然強勁，達到 9,000 萬美元。我們的資產負債表持續保持強勁，擁有 2.66 億美元現金和 1.4 倍的槓桿率，遠低於我們的長期目標率 2.5 倍。

Shifting to a segment review of the numbers before we close with guidance and starting with AECO on Slide 8. AECO delivered a record $1.36 billion of ARR posting 16% ARR and revenue growth for the quarter. Operating income at 30.4% increased 400 basis points year-over-year. This business continues to operate above the Rule of 45.

在我們結束指導之前，轉向對數字進行分段審查，並從幻燈片 8 上的 AECO 開始。AECO 實現了創紀錄的 13.6 億美元 ARR，本季 ARR 和營收成長了 16%。營業收入為30.4%，較去年同期成長400個基點。該業務繼續在 45 規則之上運營。

Next, Field Systems on Slide 9. Revenue was up 3% in the second quarter despite approximately 200 basis points of model conversion headwinds and a difficult comp with the large government order in the prior year. Field Systems posted ARR growth in line with our expectations at 17% for the quarter, where we continue to successfully execute our business model conversions.

接下來是投影片 9 上的現場系統。儘管面臨約 200 個基點的車型轉換阻力，且與去年同期的政府大訂單相比存在困難，但第二季營收仍成長了 3%。Field Systems 本季的 ARR 成長率符合我們的預期，為 17%，我們持續成功執行業務模式轉換。

Our civil construction business continues to be particularly strong, and ARR growth was driven by our model conversions and sales of subscription offerings. Field Systems operating income at 30.8% increased 190 basis points, driven by a greater mix of higher-margin recurring revenue.

我們的土木工程業務持續保持強勁勢頭，ARR 成長主要得益於模型轉換和訂閱產品銷售。現場系統營業收入成長 30.8%，增加 190 個基點，這得益於高利潤率經常性收入的增加。

Finally, Transportation & Logistics on Slide 10. Revenue and ARR were up 8% for the quarter. The segment is greater than 90% recurring revenue following the divestiture of the mobility business. We continue to make good progress bringing the global transportation teams, processes and systems together as we execute our Connect & Scale strategy, which allows us to access the approximately $400 million of cross-sell and upsell opportunities within the segment. Operating margins at 21.5% are expected to improve in the next two quarters as we continue to execute the strategy.

最後，第 10 張投影片是運輸和物流。本季營收和 ARR 成長了 8%。剝離行動業務後，該部門的經常性收入超過 90%。在實施「連結與規模」策略的過程中，我們在整合全球運輸團隊、流程和系統方面繼續取得良好進展，這使我們能夠獲得該領域內約 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，預計未來兩季營業利潤率將有所提高，達到 21.5%。

Let me turn to guidance on Slide 11. With the overperformance in the first half of the year, we are increasing the midpoint of our full year as reported 2025 revenue guidance by $100 million to $3.52 billion. We are also increasing our full year EPS midpoint outlook by $0.11 to $2.98 and are maintaining our organic ARR growth as adjusted guidance midpoint of 14%.

讓我轉到投影片 11 上的指示。由於上半年的優異表現，我們將 2025 年全年營收預期中位數上調 1 億美元，達到 35.2 億美元。我們也將全年每股收益中點預期上調 0.11 美元至 2.98 美元，並將有機 ARR 成長率維持在調整後的指引中點 14%。

While the business is performing well and ahead of plan, given the lingering uncertainty of tariffs, foreign exchange rates and other macro factors, we are updating our guidance with a similar approach we took in the first quarter, which we see as prudent, given the unknowns of the macro environment.

雖然業務表現良好且超出計劃，但考慮到關稅、外匯匯率和其他宏觀因素的不確定性仍然存在，我們正在以與第一季類似的方式更新我們的指導，考慮到宏觀環境的未知性，我們認為這是謹慎的。

From a cash flow perspective, we are increasing our full year view to be approximately 1 times net income after adjusting for the $277 million cash tax payment for gain of sale in the agriculture JV and the approximately $35 million in M&A costs and $50 million updated benefit from the repeal of Section 174. We continue to expect that we can deliver free cash flow greater than the non-GAAP net income over the long term.

從現金流角度來看，在調整農業合資企業銷售收益的 2.77 億美元現金稅款、約 3500 萬美元的併購成本以及廢除第 174 條帶來的 5000 萬美元更新收益後，我們將全年預期提高至淨收入的約 1 倍。我們仍然期望，從長遠來看，我們可以實現高於非公認會計準則淨收入的自由現金流。

For the third quarter guidance on Slide 13, we expect revenue to be in the $850 million to $890 million range and EPS of $0.67 to $0.75. We expect organic revenue growth in the third quarter to be in the 4% to 9% range. For further details regarding our guidance, please see our earnings supplement document, which can be found on our investor website.

對於投影片13的第三季業績指引，我們預期營收將在8.5億美元至8.9億美元之間，每股盈餘將在0.67美元至0.75美元之間。我們預計第三季有機營收成長率將在4%至9%之間。有關我們指導的更多詳細信息，請參閱我們的收益補充文件，該文件可在我們投資者網站上找到。

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

說完這些，我就把話題轉回給 Rob。

Thank you, Phil. The strength of the second quarter mirrored the strength of our first quarter, demonstrating confidence and momentum in our business. We remain on a strong footing, strategically, operationally and financially. Thanks to all our global colleagues for their work and their dedication. We have a lot of work to do as a business to fulfill our potential, and we are up to the task.

謝謝你，菲爾。第二季的強勁表現與我們第一季的強勁表現如出一轍，展現了我們對業務的信心和發展勢頭。我們在策略、營運和財務方面依然保持穩固的基礎。感謝我們全球所有同事的工作和奉獻。作為一家企業，我們還有很多工作要做才能發揮我們的潛力，而且我們有能力完成這些任務。

Operator, let's open the line to questions.

接線員，讓我們開始回答問題。

(Operator Instructions)

（操作員指示）

Jonathan Ho, William Blair.

喬納森·何、威廉·布萊爾。

Hi, good morning, and congratulations on the strong quarter. I was really intrigued by your AI commentary and sort of the data opportunity that you see ahead. Can you talk a little bit about how Trimble's platform potentially benefits from adding more and more of these AI capabilities? And can you talk to maybe how customers are receiving or starting to adopt AI within the marketplace?

大家好，早安，恭喜本季業績強勁。我對您的人工智慧評論以及您所預見的未來數據機會非常感興趣。您能否簡單談談 Trimble 平台如何透過添加越來越多的 AI 功能來獲得潛在收益？您能否談談客戶在市場上如何接受或開始採用人工智慧？

Jonathan, good morning. And thanks for the question. We have a belief set that the quality of the AI is going to correlate to the quantity and quality of the underlying data. And in that respect, quite bullish with the trillions, billions, millions, and thousands coverage and commentary that we had it. So it's a unique data set that we have in the industry.

喬納森，早安。感謝您的提問。我們堅信人工智慧的品質與底層資料的數量和品質相關。從這個方面來看，我們對數萬億、數十億、數百萬和數千的報道和評論相當樂觀。所以這是我們在行業中擁有的獨特數據集。

And I can say from the time I spend with customers, increasingly, the conversations are around helping them unlock the data that they have so that they can make better decisions and manage their risk in a better fashion. So if you put all that together, it leaves me quite optimistic about a data forward future that we can have as a company.

我可以說，從我與客戶相處的時間來看，我們之間的對話越來越多地圍繞著幫助他們解鎖他們擁有的數據，以便他們能夠做出更好的決策並以更好的方式管理風險。所以，如果把所有這些放在一起，我對我們公司未來數據的發展非常樂觀。

Now we're quite early in this journey, I think all of us in this AI journey, so remain humble to continue to do the work and make sure we've got the underlying wiring and plumbing, right, underlying data governance, right? And all this, I'd say is, to me, is good news insofar as we think about the work we've been doing over the last 5.5 years to execute against our Connect & Scale strategy.

現在我們正處於這段旅程的早期階段，我想我們所有人都處於這段人工智慧旅程中，因此請保持謙虛，繼續做好這項工作，並確保我們掌握了底層的線路和管道，對吧，底層的數據治理，對吧？我想說，就我們過去 5.5 年為執行「連結與擴展」策略所做的工作而言，這一切對我來說都是好消息。

It has us doing the work to be ready for this moment, unlocking that data from on-prem and on machine to get it to the cloud, connecting the data, having better insights into our customers and what they're using and what they're not using. So I'm very thankful for the journey we started these last few years, it positions us well going forward.

它讓我們做好迎接這一刻的準備，將數據從本地和機器上解鎖並傳輸到雲端，連接數據，更好地了解我們的客戶以及他們正在使用什麼和沒有使用什麼。因此，我非常感謝我們在過去幾年開始的旅程，它為我們未來的發展奠定了良好的基礎。

Got it. And then just as a quick follow-up. In terms of TC One, can you help us understand maybe where some of the traction is coming from in terms of bundling the products together. And particularly, I guess what I'm interested in is trying to understand how much of this is maybe expansionary. So it's existing customers that are adding more capabilities, maybe from a net retention perspective, -- or is it just brand new adoption of the TC one platform?

知道了。然後只是進行快速跟進。就 TC One 而言，您能否幫助我們了解捆綁產品所帶來的一些吸引力來自哪裡？尤其是，我想我感興趣的是試圖了解其中有多少可能是擴張性的。因此，現有客戶正在增加更多功能，可能是從淨保留的角度來看，或者只是對 TC 一個平台的全新採用？

Thank you.

謝謝。

Good question, Jonathan. If I up level to AECO when we look at the bookings, about two-third of the bookings are to existing customers and about one-third are our new logo, so that probably provides -- hopefully, that provides a little insight into who's doing the uptake, let's say, on TC1 as well as the cross-sell motions that we have.

問得好，喬納森。如果我把等級提高到 AECO，當我們查看預訂時，大約三分之二的預訂來自現有客戶，大約三分之一來自我們的新標識，所以這可能提供了 - 希望這能讓我們稍微了解一下誰在進行吸收，比如說，在 TC1 上，以及我們擁有的交叉銷售動議。

When we look at some of the packages that are doing better, we really like what we see around civil estimating and the ERP. That's been a strong play for the team, project management, with the ERP has also been a strong play. When we look at our field instruments and we connect that to the model-based design packages we have, that's also proving to be a nice workflow as well.

當我們看到一些表現更好的軟體包時，我們真的很喜歡土木工程估算和 ERP 方面的軟體包。這對於團隊、專案管理以及 ERP 來說都是一次強有力的發揮。當我們查看我們的現場儀器並將其與我們擁有的基於模型的設計包連接起來時，這也被證明是一個很好的工作流程。

So for sure, look at different customer segments and what makes sense for them. We can pull from the data that we have -- of the first question, you have to see where the customers have gaps and have opportunities to do their work better, faster, safer, cheaper, greener through a broader adoption of the technology. So TC one becomes a commercial offering to help us reach those customers with the breadth and depth of what we do.

因此，一定要專注於不同的客戶群以及對他們來說有意義的事情。我們可以從現有的數據中提取——對於第一個問題，你必須了解客戶的差距在哪裡，並有機會透過更廣泛地採用該技術來更好、更快、更安全、更便宜、更環保地完成工作。因此，TC one 成為一種商業產品，幫助我們透過我們業務的廣度和深度接觸到這些客戶。

Kristen Owen, Oppenheimer.

克里斯汀歐文，奧本海默。

Great. Good morning, everyone, and thank you for the question. Rob, so strong results all around in the quarter. And last quarter, you talked about some of the elongated cycle times, just given some of that broader macro uncertainty. As you look out to the remainder of the year, can you just give us an update on customer sentiment.

偉大的。大家早安，謝謝你的提問。羅布，本季的業績整體表現強勁。上個季度，您談到了一些延長的周期時間，這是考慮到一些更廣泛的宏觀不確定性。展望今年剩餘時間，能否向我們介紹一下客戶情緒的最新情況？

Are you seeing those cycle times improve? And maybe building on that last question, are there areas where you're seeing some changes in that selling motion just given some of those acute challenges for your customers around cost management, materials inflation, labor constraints, et cetera?

您是否看到這些週期時間有所改善？也許基於最後一個問題，考慮到您的客戶在成本管理、材料通膨、勞動力限制等方面面臨的一些嚴峻挑戰，您是否看到銷售動向發生了一些變化？

Hi, good morning, Kristen, and thanks for the question. I'd say the overall customer sentiment feels pretty similar from Q2 as it did in Q1. I wouldn't say that there is a market shift plus or minus. And at any point in time, we're always going to have puts and takes as much as -- as many things as we do at Trimble and as many places around the world that we do business, that's probably not totally a surprise. But okay, let's say within that, I was in -- I spent a couple of weeks in Europe in July.

你好，早安，克里斯汀，謝謝你的提問。我想說，第二季的整體客戶情緒與第一季非常相似。我不會說市場發生了好轉或壞轉。而且在任何時間點，我們總是會做出很多決定——就像我們在 Trimble 所做的那樣，而且我們在世界各地開展業務的地方也做了很多事情，這可能並不完全令人驚訝。但是好吧，假設我在七月在歐洲待了幾個星期。

And what I can hear -- and what -- excuse me, what I did hear more of was work around energy, infrastructure and defense. If I look at the US and with customer sentiment and where we see strength, it's not surprisingly in data centers, in our civil infrastructure as well as in the energy that we need to feed to the AI and the data center work that's happening. So seeing some positive pockets there. I feel like there may be more reinforcement of pockets as opposed to as opposed to new pockets.

我能聽到的——以及——抱歉，我聽到的更多是有關能源、基礎設施和國防方面的工作。如果我觀察美國和客戶情緒，以及我們看到的優勢，那麼毫不奇怪，這些優勢體現在資料中心、民用基礎設施以及我們需要為人工智慧和正在進行的資料中心工作提供的能源方面。因此看到那裡有一些積極的情況。我覺得可能需要對口袋進行更多的加固，而不是增加新的口袋。

And then in terms of the -- let's say, to the extent customers are facing inflationary pressures, which is a real topic hey, we sell productivity and efficiency. That's the fundamentals of Trimble, adopt our machine control technology, and you're doing your work 40% more productively.

然後就——比方說，就客戶面臨的通膨壓力而言，這是一個真正的話題，我們銷售的是生產力和效率。這就是 Trimble 的基本原理，採用我們的機器控制技術，您的工作效率將提高 40%。

Use our design and engineering tools. You build it virtually before you build it physically and you can eliminate the rework before it ever happens. You're using our estimating tools and you built -- and you're using those estimating tools off of highly accurate [dummy] models, you're able to have a better handle on your underlying raw material cost to use our project management tools. And you've got a better handle on the labor that's managing the work in those projects. So I think we'd say we feel like we've got the right tools at the right time in the world.

使用我們的設計和工程工具。您可以在實體構建之前進行虛擬構建，並且可以在返工發生之前消除返工。您正在使用我們的估算工具，並且您建立了 - 並且您正在使用這些基於高度精確的[虛擬]模型的估算工具，您可以更好地掌握您的底層原材料成本以使用我們的專案管理工具。而且您可以更好地掌握管理這些專案工作的勞動力。所以我想我們會說我們感覺我們在世界上正確的時間擁有了正確的工具。

Thank you for that. And then I wanted to ask on the Field Systems strength there. That's continued to outperform the last two quarters relative to expectations. And in particular, some of the model transition that's ongoing there, we often hear that in some of these more traditional applications, users aren't interested in paying recurring revenue fees for their hardware or for their systems.

謝謝你。然後我想問一下那裡的現場系統實力。與預期相比，過去兩個季度的表現仍然優於預期。特別是在一些正在進行的模型轉型中，我們經常聽說，在一些更傳統的應用程式中，用戶不願意為他們的硬體或系統支付經常性收入費用。

So maybe help debunk that or help us understand what's working in that model transition. And if you have any early indications on renewal rates or anything like that, that will help us understand what that motion could look like on a go-forward basis for you?

所以也許可以幫助揭穿這個謊言或是幫助我們理解模型轉換過程中運作的是什麼。如果您對續約率或類似情況有任何早期跡象，這將有助於我們了解該動議對您未來的影響？

Hey, Kristen, great question. I'll back up to overall Trimble and then zoom back down into Field Systems. I think there's nothing like math, to answer your question about the customers have a willingness to adopt or inverse resistance the adoption. We stand today at over $2.2 billion in annualized recurring revenue that was up 14% organically in the quarter. That's about the best proof point I can give. We were one-third ARR as a company 5-years ago, two-third today.

嘿，克里斯汀，這個問題問得好。我將先回顧 Trimble 的整體情況，然後再深入討論現場系統。我認為沒有什麼比數學更能回答你關於客戶是否願意採用或抵制採用的問題。目前，我們的年度經常性收入超過 22 億美元，本季有機成長 14%。這是我能給的最好的證明。五年前，我們公司的 ARR 為三分之一，今天為三分之二。

Now of course, the majority of that has been driven by the software business as a Trimble. Within Field Systems, that math plays out as well, though, as the ARR was up 17% year-over-year at $358 million. So I'd say to $358 million points of evidence that customers will adopt. But hey, okay, so why will they adopt? And what we see is the following, and then probably not -- it's not the exhaustive list, but a few things. It makes it more affordable.

當然，現在大部分的業務都是由 Trimble 的軟體業務推動。不過，在 Field Systems 內部，這種計算方法也同樣適用，因為 ARR 年比成長 17%，達到 3.58 億美元。所以我想說，3.58 億美元的證據顯示客戶將會採用。但是，好吧，那他們為什麼要收養呢？我們看到的是以下內容，但可能不是——這不是詳盡的清單，而是一些事情。這使得它更加實惠。

So if when you move from CapEx to OpEx, and we've seen this across all our businesses when we converted models, we've seen that we've increased the size of the addressable market by virtue of that business model. We had a number of competitive wins and competitive swap-outs on machine control, watching more of the machine control and survey systems as well over the last couple of years and then in the quarter as well.

因此，如果從資本支出轉向營運支出，我們在轉換模型時已經在所有業務中看到了這一點，我們已經看到憑藉該業務模型我們已經增加了可尋址市場的規模。我們在機器控制方面取得了許多競爭勝利和競爭性替換，在過去幾年以及本季度也關注了更多的機器控制和調查系統。

And if you're doing a swap of a fleet, that's a substantial purchase. And when you do it through the business model -- the subscription business model, you may get more affordable. It's more than a business model that from a customer standpoint at our best, we're selling technology assurance. And so when you're able to keep the sensors and the software up to date and then when you can -- we have customers who will purposely buy on this model so that they can have every machine up to date with the latest technology and not have version control problems or multiple ages of equipment.

如果你要更換車隊，那麼這將是一筆不小的開銷。當你透過商業模式——訂閱商業模式來實現這一點時，你可能會得到更實惠的價格。這不僅僅是一種商業模式，從客戶的角度來看，我們銷售的是技術保證。因此，當您能夠使感測器和軟體保持最新狀態時，當您可以時 - 我們有客戶會特意購買此型號，以便他們可以讓每台機器都採用最新技術，而不會出現版本控制問題或多個時代的設備。

The more we can link what we're doing in AECO and that software to the work and to the field from a customer perspective, they don't care if you're an AECO business or a Field System segment of Trimble, they're doing business with Trimble. And so it's our opportunity to -- and our imperative to bring everything that, that customer can benefit from together.

從客戶的角度來看，我們越能將我們在 AECO 和該軟體中所做的事情與工作和現場聯繫起來，他們就不會關心您是 AECO 企業還是 Trimble 的現場系統部門，他們都在與 Trimble 做生意。因此，這是我們的機會，也是我們的當務之急，將客戶所能受益的一切整合在一起。

And if we can do that in one -- the extent to which we can do that in one package, we think is good for the customers. If we do right by the customers, then I think we'll do -- we'll be able to take our fair share of that value creation.

如果我們能夠透過一個套件實現這些目標，我們認為這對客戶來說是件好事。如果我們為顧客做好事，那麼我認為我們將能夠從價值創造中獲得應有的份額。

Now there's a lot more room to run, Kristen. So I think this will be a much slower adoption in the hardware business than we've seen in the software. But I'd say we're going to continue this push. We think it's the right thing to do for the market and for our customers. And there are just -- there are a few, not many other companies out there in the world that we pay attention to who we think we've been quite have been quite successful with it. And so we take opportunities to learn from others.

現在有了更多的奔跑空間，克莉絲汀。因此我認為硬體業務的採用速度將比軟體業務慢得多。但我想說我們將繼續努力。我們認為這對市場和我們的客戶來說都是正確的做法。我們關注的世界上只有少數幾家公司，我們認為這些公司在這方面取得了相當大的成功。因此，我們抓住機會向他人學習。

Jason Celino, KeyBanc Capital Markets.

KeyBanc 資本市場 Jason Celino。

Great. Thank you so much for taking our questions. This is Zane Meehan on for Jason this morning. Rob, I wanted to ask about the US public sector. Maybe you could provide an update there? I know you called out a little bit of softness last quarter, and we've seen peers echo that sentiment.

偉大的。非常感謝您回答我們的問題。今天早上，我是 Zane Meehan，為 Jason 主持節目。羅布，我想問美國公共部門的狀況。也許您可以在那裡提供更新資訊？我知道您上個季度提到了一點疲軟，而且我們看到同行也有同樣的感受。

But maybe any changes that you've seen in the second quarter? And what your expectations are going into the second half of the year? I know you called out a couple of good wins, but just hope you can update there?

但您可能在第二季看到了什麼變化？您對今年下半年有何期望？我知道您宣布了幾次不錯的勝利，但我還是希望您能更新一下？

Thanks.

謝謝。

Zane, thanks for the question. Yeah, on the public sector, let's break it down at the -- from the federal level and the state level. At the federal level, we sell to defense agencies as well as really more to the civilian side of the federal government. And when we're selling defense, it's typically -- it could be a survey and machine control kit branches of the military. That's typically what we're selling at a federal level.

贊恩，謝謝你的提問。是的，關於公共部門，讓我們從聯邦和州兩個層級來細分一下。在聯邦層面，我們不僅向國防機構銷售產品，實際上也向聯邦政府的民事部門銷售產品。當我們銷售國防產品時，通常是軍事部門的勘測和機器控制套件。這通常是我們在聯邦層級銷售的產品。

And at the civilian level, think about, say, national parks as an example. That federal business is down significantly year-over-year, year-to-date, and we would expect that for the overall year. In fact, that makes us feel that much better about the results that we're posting in the business as well as in field systems because it has to overcome that headwind.

在民間層面，我們可以以國家公園為例。今年迄今為止，聯邦業務年比大幅下降，我們預計全年也將出現這種下降。事實上，這讓我們對我們在業務和現場系統中發布的結果感覺更好，因為它必須克服這種逆風。

How that's going to shape now that the reconciliation bill is done and what that looks like going forward, I'd say let's see, I would expect, probably see more come back in the defense side than the civilian side, but stay tuned. These are multi-year programs, by the way, they can take a long time for appropriations to happen before the programs. So in that respect to echoing sentiment you've heard from others.

現在和解法案已經出台，情況將會如何發展，以及未來的發展前景如何，我想讓我們拭目以待，我預計，國防方面的回報可能會比民事方面的回報更多，但請繼續關注。順便說一句，這些都是多年期計劃，在計劃實施之前可能需要很長時間才能獲得撥款。因此，在這方面，您可以聽到其他人表達的同樣的看法。

But let's talk about the state level. At the state level, departments of transportation are actually quite strong at the moment. There's a lot of construction happening. Of course, this does intersect the federal government because I'm talking about the infrastructure bill. So -- and this is probably one of the best pockets we have in the company at the moment as state budgets are strong and transportation work.

但我們來談談州級的情況。在州一級，交通部門目前實際上相當強大。有很多施工正在進行中。當然，這確實與聯邦政府有交叉，因為我談論的是基礎設施法案。所以——這可能是我們公司目前最好的資金來源之一，因為國家預算充足，交通運輸工作順利。

I don't know -- I live here in Colorado. I can't go too many places on the highway without some orange barrels. I love seeing those orange barrels and love seeing that Trimble machine control and survey kit that's out on the roads. Here, we actually had a nice win with the State Department of Transportation to help them do in Colorado, to help them manage their overall assets and the states beyond the work that actually happens out in out in the field. So that's a real bright spot is at the state level with the DOTs.

我不知道——我住在科羅拉多州。如果沒有一些橘色桶，我就沒辦法在高速公路上去很多地方。我喜歡看到那些橙色的桶，也喜歡看到道路上的 Trimble 機器控制和測量套件。在這裡，我們實際上與州交通部取得了良好的合作，幫助他們在科羅拉多州開展工作，幫助他們管理他們的整體資產以及各州實際在實地開展的工作。所以，這是一個真正的亮點，即州一級的交通部。

And then where we sell, say, other software to state governments and state and local governments, I'd say that's about the same. That's a little bit softer and elongated sales cycles we've seen there. Add it all together, and it's been a net positive with those state budgets here in the US at the DOT level.

然後，當我們向州政府、州和地方政府銷售其他軟體時，我想說這大致相同。這是我們所見過的銷售週期稍微疲軟和延長的情況。把所有這些加在一起，它對美國交通部級別的州預算來說就是淨正數。

Got it. Very clear, thank you. And then a follow-up on TC one's rollout in Europe. I know that's still early, but maybe you can just give an update on how that rollout is be going, what adoption has looked like and kind of puts and takes between Europe and North America?

知道了。非常清楚，謝謝。然後跟進 TC one 在歐洲的推出。我知道現在還為時過早，但也許您可以介紹一下推出的進展、採用情況以及歐洲和北美之間的利弊？

Yeah, good question. You're right. It's still early. I mean TC1 to be, let's say, too definitive about it. other than to say when we look at the overall TC1 bookings on a year-over-year basis for the business, they've almost doubled on a year-to-date -- or excuse me, in the quarter, they've almost doubled -- actually the year-to-date as well, doubled.

是的，好問題。你說得對。時間還早。我的意思是，TC1 對此過於確定。除了說，當我們查看整個業務的同比 TC1 整體預訂量時，它們幾乎在年初至今翻了一番 - 或者對不起，在本季度，它們幾乎翻了一番 - 實際上年初至今也翻了一番。

So (inaudible) as a part of that for that math to play out. I'd say the early reception feels good. To me, one of the things I appreciate is the team we have in Europe has done a nice job of working together and collaborating from the field and AECO, especially where I've seen it with large projects and some of our larger customers. So in absence of having TC1 fully -- fully and elegantly available, have done a nice job of doing the right thing to bring the portfolio to customers.

因此（聽不清楚）作為數學運算的一部分。我想說早期的接待感覺很好。對我來說，我欣賞的一件事是，我們在歐洲的團隊在現場和 AECO 的合作和協作方面做得很好，特別是在大型專案和一些大客戶中。因此，在 TC1 尚未完全——完全且優雅地可用的情況下，我們已經很好地完成了正確的事情，將產品組合帶給客戶。

So I'd say I remain optimistic about what TC1 and how it will do and how it will perform, especially as we continue to roll out the project management into Europe. We think that will be important for the TC1 bundle to have that, and we overlay that on context of energy infrastructure, defense spending, I don't know if it really does play through in places like UK and Germany and elsewhere in Europe, that would be a positive setup for TC1.

因此，我想說，我對 TC1 的前景和表現仍然持樂觀態度，特別是當我們繼續將專案管理推廣到歐洲時。我們認為這對 TC1 捆綁計劃來說非常重要，我們將其與能源基礎設施、國防開支相結合，我不知道它是否真的在英國、德國和歐洲其他地區發揮作用，這對 TC1 來說將是一個積極的設置。

Robert Mason, Baird.

羅伯特·梅森，貝爾德。

Yes, good morning. Last quarter, Rob, you talked about kind of the SMB market was an area of relative strength in AECO. I was just curious how that held up during the second quarter and how you're seeing that market for the rest of the year? And also curious just if -- just given maybe uptake there, if you're tweaking your go-to-market to more broadly address it?

是的，早安。上個季度，Rob，您談到了 SMB 市場是 AECO 相對優勢的領域。我只是好奇第二季度的情況如何，以及您如何看待今年剩餘時間的市場表現？而且也很好奇 - 考慮到那裡的接受度，您是否會調整您的行銷策略以更廣泛地解決這個問題？

Hey, Rob, good morning and good memory. You're right. Last quarter, SMB, we pointed out as a positive an AECO. And I would say that played through again in the second quarter. There's a lot of work on -- I'm talking about overall, let's say, by the way, I'm talking the US.

嘿，羅布，早安，記憶力很好。你說得對。上個季度，我們指出 SMB 對 AECO 來說是一個積極的方面。我想說的是，這種情況在第二季再次出現。有很多工作要做——我指的是總體，順便說一下，我指的是美國。

when I answer this question. There's a lot of work in the US overall. Of course, there's puts and takes depending on where you are in the country and what type of work you do. But overall, the customers have backlog. And in many cases, those larger contractors are working with more of the SMB side to execute and get all that work done. So not a total surprise to us of that relative strength that's in that part of the market.

當我回答這個問題的時候。整體來說，美國有很多工作要做。當然，這取決於您在該國的哪個地方以及您從事什麼類型的工作。但整體來說，客戶還是有積壓的。在許多情況下，這些較大的承包商正在與更多的中小企業合作來執行並完成所有工作。因此，對我們來說，該市場相對強勁並不是一件令人意外的事。

It's also a market that's under -- quite underserved and quite underpenetrated, which makes sense given the size of that addressable market and the low penetration overall, but that's going to even be -- don't take doubly so in the SMB side.

這也是一個服務不足且滲透率很低的市場，考慮到該目標市場的規模和整體滲透率較低，這是有道理的，但對於中小企業來說，情況更是如此。

One of the beauties of the work that we've done, both on the systems process, organization side, our own internal transformation, as we can shift resources, and as we move to that named account model and go to market, that's what enables it, we can shift more resources to find the more attractive pockets in the market quicker than we've ever been able to do.

我們所做工作的優點之一是，無論是在系統流程、組織方面，還是我們自己的內部轉型方面，我們都可以轉移資源，而且當我們轉向指定帳戶模型並進入市場時，我們可以轉移更多的資源，以比以往更快的速度找到市場上更具吸引力的市場。

I would say 5-years ago, we have been probably quite slow to be able to adapt to these kind of changes in the market. But when you're organized around accounts, it is so much easier to change those motions and in essence, follow the money.

我想說，五年前，我們可能還不能很順利地適應市場上的這種變化。但是當你圍繞著帳戶進行組織時，改變這些動作就容易得多，本質上就是跟著錢走。

Now what you have to do in SMB as opposed to let's say enterprises, you have to be smart about how you approach those customers, where you have a bit more of a mix of some inside selling work. You can't people on an airplane for every account as you move more and more down market. So the digital marketing motions matter more, inside selling motions matter more that presales the qualification all of that matters more. And we're at a point now in this.

現在，與大型企業相比，在 SMB 中你需要做的是，你必須聰明地對待這些客戶，在 SMB 中你需要進行更多的內部銷售工作。隨著市場逐漸低迷，你不可能為每位客戶安排一架飛機。因此，數位行銷動作更重要，內部銷售動作更重要，售前資格更重要。我們現在正處於這個階段。

Business in AECO is now $1.36 billion ARR business, and AECO was up 16% in the quarter on a year-over-year basis. Like we've got scale to operate like this to be able to address multiple pockets in the market.

AECO 的業務目前為 13.6 億美元的 ARR 業務，本季 AECO 年增 16%。就像我們有這樣的規模來運營，以便能夠滿足市場上的多個需求。

I see. A lot of discussion today and performance also out of field systems, but a lot of discussion on Civil, you mentioned surveying a number of times. Historically, you've framed surveying, I guess, broadly is maybe more mature from a technology adoption standpoint. We keep hearing about a lot of, I'd just call them demographic labor availability challenges in that field. I'm just curious, is there an opportunity to maybe bend the growth profile upward in that part of the market?

我懂了。今天的許多討論和表現也超出了現場系統的範圍，但很多討論是關於土木工程的，你多次提到了測量。從歷史上看，我認為你所建立的調查從技術採用的角度來看可能更為成熟。我們不斷聽到很多關於該領域的人口勞動力可用性挑戰。我只是好奇，是否有機會讓該部分市場的成長曲線向上彎曲？

Yeah, good question, Rob. And shout out to the Field Systems team. They had a great quarter. They've done really well year-to-date. They've got a lot of transformation on -- in that business.

是的，問得好，羅布。並向現場系統團隊致敬。他們度過了一個美好的季度。今年到目前為止，他們的表現非常出色。他們在該業務上進行了許多轉型。

I'm really proud of also what I see out of our global dealer partner network. We had them all together in Paris for a global dealer meeting a few months ago, and I'd say that level of energy, enthusiasm, belief and momentum in our dealer channel is also gratifying to see.

我對我們的全球經銷商合作夥伴網路感到非常自豪。幾個月前，我們在巴黎召集了他們參加全球經銷商會議，我想說，看到我們的經銷商通路所展現出的活力、熱情、信念和勢頭，我們也感到欣慰。

To keep them, let's say, doing their job and doing their work, we have to continue to innovate and supply them the products and the solutions for them to take to market. And in that respect, surveying, you're right, we have a huge lack of surveyors around the world. It is a constraint to work getting done.

為了讓他們繼續做好自己的本職工作，我們必須不斷創新，為他們提供產品和解決方案，讓他們推向市場。從測量這方面來說，您說得對，全世界都嚴重缺乏測量員。這對工作的完成是一個制約。

Now one of the areas of innovation we've had, if we take construction as an example, as we continue to make the technology easier to use for the non-licensed surveyors to be able to go out and do the work, let's say, in a building construction context for example.

現在，以建築業為例，我們的創新領域之一是，我們不斷使技術更容易使用，以便無執照的測量員能夠出去工作，例如在建築施工環境中。

And so by innovating the software and the ease of use of the technology, in other words, you don't have to understand all the underlying technical aspects of serving to do the work, we've been able to expand the usage of the tools into market segments. For Index is another market segment.

因此，透過創新軟體和技術的易用性，換句話說，您不必了解服務工作的所有底層技術方面，我們已經能夠將工具的使用擴展到細分市場。對於 Index 來說，這是另一個細分市場。

If you're doing an accident reconstruction folks are typically -- if you work in public safety and you're coming out and you're doing a 3D laser scan to reconstruct that scene, you're not a professional surveyor. You're doing the instrumentation set up, you capture the survey, you bring it back to the software for the post-processing work. And so it's a form of innovation to expand the usage to other, let's say, players in the ecosystem.

如果您正在進行事故重建，人們通常——如果您在公共安全部門工作並且您正在進行 3D 雷射掃描來重建該場景，那麼您就不是專業的測量員。您正在進行儀器設置，捕獲調查結果，然後將其帶回軟體進行後期處理工作。因此，這是一種創新形式，可以將用途擴展到其他參與者，例如生態系統中的參與者。

Now within the survey itself, think about -- what does this -- think about what a surveyor does. The surveyor creates a digital model of the physical earth. And in so doing, they may do it in one of three ways. You can have aerial, you could have mobile and you can have terrestrial. At an area level, that's, I think, drones and that data capture.

現在在調查本身中，思考一下——這是什麼——思考一下調查員做什麼。測量員創建了物理地球的數位模型。為了實現這一目標，他們可以透過以下三種方式之一來實現。你可以使用天線，你可以使用移動天線，你可以使用地面天線。從區域層面來說，我認為那就是無人機和資料擷取。

Mobile mapping systems have been one of the stronger growing segments we've had within survey for quite a few -- actually, quite a few years now. The team has done a really nice job of creating mobile mapping systems.

行動地圖系統是我們調查中成長較快的領域之一，事實上，已經持續了好幾年了。該團隊在創建行動地圖系統方面做得非常出色。

And that's a nice workflow that we can create because if you're doing a mobile -- excuse me, you're doing an asphalt profiling on a road construction and you use in Trimble mobile mapping technology, then we can capture that data set. You can see where the cracks are, do an asset inventory, bring that back to the office, run it through the office applications we have and then you create, let's say, a set of work orders back out to the field.

這是一個很好的工作流程，我們可以創建，因為如果你正在進行移動 - 對不起，你正在對道路施工進行瀝青剖面測量，並且你使用 Trimble 移動測繪技術，那麼我們就可以捕獲該數據集。您可以看到裂縫在哪裡，進行資產清點，將其帶回辦公室，透過我們現有的辦公室應用程式運行它，然後您可以創建一組工作訂單返回現場。

And then for the surveyors in the field during the terrestrial surveying. We think about new instruments beyond, let's say, GNSS. Like, you know us for GNSS. You know us for a robotic total stations as optical, I think about reality capture devices. These 3D laser scanners and an area of technology called SLAM, simultaneous location and mapping.

然後供陸地測量期間現場測量人員使用。我們考慮超越 GNSS 的新儀器。就像，您了解我們是 GNSS 一樣。您知道我們將機器人全站儀作為光學設備，我認為它是現實捕捉設備。這些 3D 雷射掃描器和一項稱為 SLAM（同時定位和映射）的技術領域。

This area of reality capture, we think, will be a growth area that can bend that curve over time. And so that's an area to look out for us in the quarters and years to come.

我們認為，現實捕捉領域將成為一個可以隨著時間的推移改變這一曲線的成長領域。因此，這是我們在未來幾季和幾年需要關注的領域。

Rob Wertheimer, Melius Research.

Rob Wertheimer，Melius Research。

Good morning. I know it's early days, but the AI stuff is interesting. And I wanted to ask releases versus what you've got in the pipeline, a little bit about your philosophy around it where I don't know if it's investment or the cash flows out of the kind of or self-funding.

早安.我知道現在還為時過早，但人工智慧的東西很有趣。我想問發布情況與您正在籌備的情況，以及您對此的理念，我不知道這是投資還是現金流出還是自籌資金。

And then maybe, Rob, you touched on all the work you've done over the last -- the team has done over the last several years from Connect & Scale. How is development launching, et cetera, different now that you've done that for AI?

然後，羅布，也許你談到了你在過去所做的所有工作——團隊在過去幾年裡從 Connect & Scale 開始所做的工作。既然您已經為 AI 做過這些，那麼開發啟動等等有什麼不同嗎？

Hey, Rob, good question. Good question, I'll see how I can do this. If I can do this in a [pity] format, I think I could talk for an hour about your question. In the last quarter's call, we had a slide in the deck, a two by two and one axis is where we're using AI internally. And then the other axis is where it shows up more externally -- or excuse me, the other side of that axis is more shows up externally and then the other axis is more driven by cost efficiency or revenue generating activities.

嘿，羅布，問得好。好問題，我會看看如何做到這一點。如果我可以以[遺憾]的形式來做這件事，我想我可以花一個小時來討論你的問題。在上個季度的電話會議上，我們在簡報中放了一張投影片，二乘二和一個軸代表我們在內部使用人工智慧的地方。然後另一個軸是它更多地向外顯示的地方 - 或者對不起，該軸的另一側更多地向外顯示，然後另一個軸更多地受到成本效率或創收活動的影響。

So there's a -- you're asking more about, I think, what we're doing with customers and those releases. And in that respect, I can give you a number of examples of what we're doing there. This looks like natural language design and rendering of designs and our architecture and design systems. It's in the construction ERP, it's auto invoicing, and Field Systems for that data collection, it's point cloud semantic segmentation. In transportation, it's autonomous procurement and autonomous quotation as a few examples of capabilities or products that we have. And you're correct. There's much more in the pipeline than what has been released.

所以，我認為，您更多地詢問的是我們對客戶和這些版本所做的事情。在這方面，我可以舉一些我們在那裡所做的事情的例子。這看起來像是自然語言設計和設計渲染以及我們的建築和設計系統。它存在於建築 ERP 中，用於自動開票，而現場系統用於資料收集，用於點雲語義分割。在運輸領域，自主採購和自主報價是我們擁有的能力或產品的幾個例子。你是對的。正在籌備的內容遠比已經發布的多很多。

At an internal level. I would say, gosh, it feels like in every function in the company has worked on to drive our own levels of efficiency and productivity and quality of output. So from -- our engineers and software development to our product managers, creating rapid prototypes, to our cloud teams using it to bring infrastructure costs down to cyber teamslooking at it for threat detection, marketing teams for marketing copy and digital pipeline analysis, sales ops using it for cross-sell and upsell. Analytics, I could just keep going through our own adoption of the technology.

在內部層面。我想說，天哪，感覺公司的每個職能部門都在努力提高我們自己的效率、生產力和產出品質。因此，從我們的工程師和軟體開發人員到我們的產品經理，創建快速原型，到我們的雲端團隊使用它來降低基礎設施成本，到網路團隊使用它來檢測威脅，到行銷團隊使用它來進行行銷文案和數位管道分析，到銷售營運使用它來交叉銷售和追加銷售。分析，我可以繼續了解我們自己對該技術的採用。

And to your point about the work we've done over the last few years. It's really made us have to rethink around or say, orientation to data and how we move data across our systems and now we have the interoperability within Trimble as well as interoperability outside of Trimble as well. So I want to pause there.

關於您提到的我們過去幾年所做的工作。這確實讓我們不得不重新思考，或者說，數據的方向以及如何在我們的系統之間移動數據，現在我們擁有 Trimble 內部的互通性以及 Trimble 外部的互通性。所以我想在這裡暫停一下。

Rob, do you have a follow-up on that?

羅布，你對此有什麼後續消息嗎？

No. I mean it's exciting and it's moving fast. So that's very helpful. And then just a related follow-up. You touched earlier on the quality of data that flows into AI models or features, whatever you want to call it. How does your data -- and I can guess I'd like to hear from you differentiate from other peers and especially AECO.

不。我的意思是這很令人興奮並且進展很快。這非常有幫助。然後只是相關的後續行動。您之前提到了流入 AI 模型或功能的資料的質量，無論您想怎麼稱呼它。您的數據如何——我想聽聽您與其他同行，尤其是 AECO 的區別。

Yeah. There's the -- well, I look at the breadth and depth -- and the breadth and depth of what we do at Trimble, right? We want to connect construction. We want to connect supply chain. We want to connect (inaudible), connected utilities, like we think about connecting the stakeholders across the industry life cycles we serve.

是的。嗯，我看一下我們在 Trimble 所做工作的廣度和深度，對吧？我們希望連接建築。我們希望連接供應鏈。我們希望連結（聽不清楚），連接公用事業，就像我們考慮連接我們所服務的產業生命週期中的利害關係人一樣。

Arguably, we've been on this path for a couple of decades and then we accelerated that with Connect & Scale over the last 5-years. So that breadth and depth is to me the most unique thing. And then the second most unique thing is that we've got data in the physical and the digital world. Like I'd say everyone -- I feel like everyone talks about connecting physical and digital, I feel like the difference is that we can actually do it.

可以說，我們已經在這條道路上走了幾十年，然後在過去的五年裡，我們透過 Connect & Scale 加速了這一進程。所以，對我來說，廣度和深度是最獨特的。第二個最獨特的事情是我們在實體世界和數位世界中都擁有數據。就像我想對大家說的——我覺得每個人都在談論連接物理和數字，我覺得不同之處在於我們實際上可以做到這一點。

And that's through the hardware and software and the work in the office, and the work in the field. So to me, there's a density and a unique density of data we have, it's a unique quality defined quality [that gets defined] as breadth that we have. The more that you're going to think about creating an industry LLM, you're going to need -- if you have an industry LLM and the big opportunities to really address system productivity as opposed to task productivity or system optimization as opposed to task optimization.

這是透過硬體和軟體以及辦公室的工作和現場的工作來實現的。所以對我來說，我們擁有的數據有一個密度和一個獨特的密度，它是一種獨特的品質定義品質[被定義為]我們擁有的廣度。您越是考慮創建行業法學碩士學位，您就越需要——如果您擁有行業法學碩士學位，那麼就有很大的機會真正解決系統生產力而不是任務生產力或系統優化而不是任務優化。

You want that breadth and depth to be able to see the systemic connections within that industry. And so in that respect, then we think we've got a unique access to a unique data set. Now there's a double click on the quality of that, Rob, is that there's a lot of structured and unstructured data. There's more unstructured data than there is structured data.

您希望具有廣度和深度，以便能夠了解該行業內的系統性連結。因此從這個方面來說，我們認為我們已經獲得了對獨特資料集的獨特存取權。羅布，現在對其品質進行了雙重評估，因為有大量的結構化和非結構化資料。非結構化資料比結構化資料多。

We've got to make sure we've got good data governance. Customers are for sure concerned about data sovereignty and the protection of that. So I'd say there's still a lot of work to be done and the underlying layers of making sure that we've got really good quality data, again -- the quality of the data is going to correlate to the quality of the --

我們必須確保擁有良好的資料治理。客戶肯定關心資料主權及其保護。所以我想說，還有很多工作要做，底層要確保我們得到真正高品質的數據，再次強調，數據的品質與--

Joshua Tilton, Wolfe Research.

約書亞·蒂爾頓（Joshua Tilton），沃爾夫研究公司。

Hey guys, thanks for sneaking me in here and congrats on a very strong quarter. Two questions for me, if I may. The first one, you guys had a lot of positive commentary on Sketchup in the prepared remarks. We did pick up, I believe, a price increase that went into effect in July. Could you just maybe elaborate on that and talk to how that price increase has been received by customers?

嘿，大家好，感謝你們讓我來到這裡，祝賀你們取得了非常強勁的季度業績。如果可以的話，我有兩個問題。第一個，你們在準備好的評論中對 Sketchup 有很多正面的評價。我相信，我們確實收到了 7 月生效的價格上漲通知。您能否詳細說明一下這一點並談談客戶對此次價格上漲的感受？

hey, Josh, thanks for the question. I'd say it's early to give you like a definitive view on how that's going. What I can offer that might be more helpful is we offer a number of different subscriptions in SketchUp, where we have monthly subscriptions. We have annual subscriptions. We've Sketchup on the App Store.

嘿，喬希，謝謝你的提問。我想說現在就對事情的進展給出明確的看法還為時過早。我可以提供的可能更有幫助的是，我們在 SketchUp 中提供了許多不同的訂閱服務，其中包括每月訂閱。我們有年度訂閱。我們在 App Store 上有 Sketchup。

So there's different flavors that we have of the model. And as you might be able to appreciate there's an optimization factor between monthly pricing and annual such that you want to get that balance right so that we're incenting what we think is the right outcome for the customers and then for our own business model as well. And so some of that pricing change has been trying to get that what we think is that balance rate between the monthly pricing and the annual pricing.

因此我們的模型具有不同的風格。您可能已經意識到，每月定價和年度定價之間存在一個優化因素，因此您需要取得正確的平衡，以便我們能夠激勵我們認為對客戶以及我們自己的商業模式來說都是正確的結果。因此，我們試圖透過一些價格變化來達到我們認為的月度定價和年度定價之間的平衡率。

We -- for sure, we'd love to see customers on more of those annual contracts with us. But we appreciate that there's a role for the monthly to fill in for certain types of users. And so we want to get that balance right, and that pricing move we made was reflected, we think, to get that optimized correctly.

我們——當然，我們很高興看到客戶與我們簽訂更多年度合約。但我們體認到，對於某些類型的使用者來說，月刊可以發揮一定的作用。因此，我們希望取得正確的平衡，並且我們認為我們所做的定價舉措也反映了這一點，從而實現了正確的優化。

Very helpful. And then maybe just a quick follow-up for me. AECO has obviously been a monster for you guys. It continues to be a monster this quarter. There was a bit of a slowdown in the ARR growth compared to 1Q. Can you just maybe high level give us -- elaborate a little bit more on the conviction that you have in sustaining that mid-teens ARR growth for the full year?

非常有幫助。然後也許只是對我進行快速跟進。AECO 對你們來說顯然是個怪物。本季度，它的表現依然強勁。與第一季相比，ARR 成長略有放緩。您能否向我們詳細說明一下，您對全年維持十幾歲的 ARR 成長的信心？

Yeah. Hey, Josh, it's Phil. Let me take this one. So first of all, I'd say that the numbers we put out there are in line with the guide and the previous guide. So I don't think there are any real surprises on that.

是的。嘿，喬希，我是菲爾。讓我來拿這個。因此，首先我想說的是，我們公佈的數字與指南和先前的指南一致。所以我認為這並沒有什麼真正令人驚訝的地方。

I'll point -- maybe a couple of things just to point out specifically is when we do our ARR calculation, that's based on a recognized revenue in the quarter. That can vary a little bit, and I'll call it with timing on how we recognize that revenue. So any given quarter, it could move a little bit because of that. And so Q1 was a bit higher because of the term license as we recognize Q2 was a bit lower. I tend to look over, let's say, a trailing 12-months. And I think we've been pretty consistent, if you look over a multi-quarter horizon on that one.

我要指出的是——也許有幾件事需要特別指出，當我們進行 ARR 計算時，它是基於本季度確認的收入。這可能會有一點不同，我會根據我們如何確認收入來決定。因此，任何一個季度，它都可能因此而發生一點波動。因此，由於期限許可，第一季的數據略高，但我們認識到第二季的數據略低。我傾向於回顧過去的 12 個月。如果你從多個季度的角度來看，我認為我們一直都非常穩定。

Another piece of this is on pricing, price increases for this year. The last couple of years with inflation, we had some higher price increases, particularly in the Sketchup overall. And we knew coming into this year, we anticipated that our price increases were going to moderate, coming on the backside of the inflation. And so that was always modeled in. And so again, we anticipated that, and that's where you see a little bit of that moderating over the course of the year from -- well, from Q1 to Q2 and then as we go forward, as we think about the guide.

另一部分是關於定價，今年的價格上漲。過去幾年由於通貨膨脹，我們的價格上漲了一些，尤其是 Sketchup 整體價格。我們知道，進入今年，我們預計價格上漲將會放緩，並受到通貨膨脹的影響。這就是我們一直在模仿的。因此，我們再次預料到了這一點，而你會看到，從今年第一季到第二季度，隨著我們繼續前進，當我們考慮指南時，這種趨勢會有所緩和。

I will say as we think about the guide going forward, just I mentioned this in the prepared remarks that we are being prudent about this with the given macros and others. And Rob mentioned the Sketchup price change that being a little cautious on if there's some additional churn or not with that change.

我想說，當我們考慮未來的指南時，正如我在準備好的評論中提到的那樣，我們對給定的宏和其他宏持謹慎態度。Rob 提到了 Sketchup 價格變化，他對這種變化是否會帶來額外的客戶流失持謹慎態度。

And so being a little bit conservative on the back half of the year as I think about the carryforward on the ARR growth. But if the markets continue the way they are, and we have a low churn or consistent churn, I should say, on the Sketchup pricing changes, then I'd say that we'd be biased towards the upside of our guide on the ARR growth for the back half of the year.

因此，當我考慮 ARR 成長的結轉時，我對下半年持稍微保守的態度。但如果市場繼續維持現狀，我們的客戶流失率較低或持續下降，那麼我應該說，對於 Sketchup 的價格變化，我們會偏向下半年 ARR 成長指南的上行方向。

Chad Dillard, Bernstein.

查德·迪拉德，伯恩斯坦。

Hi, good morning, everyone. So, I was hoping you could unpack some of the trends in the quarter for AECO across some of your key customer base is enterprise, midsized small. Where are you seeing the greatest traction in TC1. And I guess maybe longer term, which of these customer groups has the greatest penetration of growth potential over the next couple of years?

大家好，早安。因此，我希望您能解讀出 AECO 本季的一些趨勢，您的一些主要客戶群是企業、中型企業和小型企業。您認為 TC1 的最大吸引力在哪裡？我想，從長遠來看，在未來幾年中，哪個客戶群具有最大的成長潛力？

Chad, hey, good morning. With respect to the trends in AECO, let's take it as AECO bookings to answer the question with TC1. From a dollar perspective, the biggest motions tend to have a nucleus of the ERP and have a nucleus of project management, and maybe see a nucleus of the modeling technologies we have.

查德，嘿，早安。關於 AECO 的趨勢，我們以 AECO 預訂量來回答 TC1 的問題。從美元角度來看，最大的動議往往以 ERP 為核心，以專案管理為核心，或許還可以看到我們擁有的建模技術的核心。

And then there's -- so then think about it, those are the -- and we have defined over 20-plus different prepackaged offerings that we have. But that's where the centricity of those first three that really move the needle, probably the biggest needle movers where there's ERP in the mix, not surprisingly. Really, if you think about that. And that's going to correlate more to the mid and large size of the market. So where TC1 is really moving the needles where you hit one of those three motions or plays that we can run.

然後還有——那麼想想看，這些是——我們已經定義了 20 多種不同的預包裝產品。但這正是前三個因素真正起到推動作用的地方，毫不奇怪，它們可能是 ERP 混合體中最大的推動因素。真的，如果你仔細想想的話。這與中型和大型市場的規模更相關。因此，當您擊中我們可以運行的三個動作或遊戲之一時，TC1 確實會移動指針。

From a customer count perspective, from a percentage growth perspective, that SMB is much less penetrated, and so it's not surprising to us that we see growth percentages higher and those motions that are down market. Where we would expect to see going forward continued traction with TC1 as we continue to globally roll it out further in Europe and the Asia Pacific.

從客戶數量和百分比成長的角度來看，中小企業的滲透率要低得多，因此，看到成長率較高和市場下滑的動向，我們並不感到驚訝。隨著我們繼續在歐洲和亞太地區進一步推廣 TC1，我們預計 TC1 將繼續受到歡迎。

That will give us more motions. Phil mentioned a tuck-in acquisition, we did with Trimble Materials. That's a great motion for TC1 and then deeper linkages that we can make with the Field Systems and will make with the Field Systems side of the business as an additional addressable market opportunity for us to grow TC1 bookings or cross-sell bookings for that matter.

這將為我們帶來更多動議。Phil 提到了一項小型收購，我們與 Trimble Materials 進行了合作。這對 TC1 來說是一個很好的動議，然後我們可以與現場系統建立更深層次的聯繫，並將與現場系統業務方面建立聯繫，作為我們增加 TC1 預訂量或交叉銷售預訂量的額外可尋址市場機會。

We can have a cross-sell booking that's not technically TC1 and we'll take that as well. We just work backwards from how we best can serve and reach the customers with the breadth and depth of what we've got.

我們可以有一個技術上不是 TC1 的交叉銷售預訂，我們也會接受它。我們只是從如何利用我們現有的廣度和深度為客戶提供最好的服務和接觸客戶的角度來反向思考。

That's helpful, Rob. And then just to continue pulling on red on the AI opportunity. I recognize it's a little bit early, but any thoughts on any changes you may need to make on your revenue model? How you're approaching your buy versus build decisions when we're thinking about this technology?

這很有幫助，羅布。然後繼續利用 AI 機會拉紅。我知道現在有點早，但您對自己的收入模式是否需要做出任何改變有什麼想法嗎？當我們考慮這項技術時，您如何做出購買還是建造的決定？

And then lastly, I guess what's like the low-hanging fruit, right, from like a development standpoint on your end? And from an adoption standpoint or in your standpoint on the customer side? Like how does that intersect?

最後，我想從你們的發展角度來看，最容易達成的目標是什麼？從採用的角度或從客戶的角度來看呢？那它們是如何相交的？

Yeah. So I mean, there's our own usages of AI, I call it the internal and then there's the external facing. If we talk about a little more external-facing and revenue models, we -- right now, we're predominantly pricing. We have these good, better, best tiers. And then the best tier, you can have AI capabilities.

是的。所以我的意思是，我們有自己的人工智慧用途，我稱之為內部用途，然後還有外部用途。如果我們談論更多的外部和收入模式，我們現在主要討論定價。我們有好、更好、最好這些層級。最好的層次是，你可以擁有人工智慧能力。

That's -- we found that to be the best way to monetize now. In transportation, we're monetizing discreetly with autonomous procurement and quotation as a stand-alone AI products. I'd say we're doing a lot less of very little of consumption only.

我們發現這是目前最好的獲利方式。在交通運輸領域，我們利用自主採購和報價作為獨立的人工智慧產品，謹慎地實現獲利。我想說，我們所做的只是減少或極少進行消費。

I do think about consumption becoming more of a monetization path in the future more so than it is today. It's one of the reasons we like having transporeon on the portfolio as it brings that kind of DNA in house and capabilities to sell on a consumption basis. So I feel like we've got optionality for how we can monetize going forward.

我確實認為，未來消費將比現在更成為一種貨幣化途徑。這也是我們喜歡將 transporeon 納入投資組合的原因之一，因為它帶來了內部的這種 DNA 和基於消費進行銷售的能力。所以我覺得我們在如何實現未來貨幣化方面擁有選擇權。

With respect to buy versus build tendencies, I tend to think about that in our own adoption of AI tools and where we can use capabilities that come from the vendors we work with. We buy a lot of software ourselves. If it's already built in, I prefer that from a capital allocation perspective that we use what's already in what we're buying as opposed to building our own.

關於購買還是建構傾向，我傾向於考慮我們自己採用人工智慧工具的情況，以及我們可以在哪裡使用與我們合作的供應商的功能。我們自己購買了很多軟體。如果它已經內置，從資本配置的角度來看，我更傾向於使用我們購買的產品中已有的功能，而不是自己構建。

But hey, we'll be mindful of what it costs because then we can [sure] at times look and say, well, actually do think we could do that ourselves. And the lowest-hanging fruit, I could have -- you asked about there. Certainly, the lowest hanging fruit opportunities internally, but externally as well.

但是，嘿，我們會注意它的成本，因為這樣我們有時就可以[當然]看看並說，好吧，實際上我們確實認為我們可以自己做到這一點。而最容易實現的目標，我本來可以──你問過這一點。當然，最容易實現的機會不僅在內部，而且在外部。

So internally, everyone talks about the R&D usages. I'm very optimistic about the intersection with product development because product development intersect product management and those developers and it may not be the lowest hanging fruit, but I'll tell you one of the things that I'm really mindful of this to unlock the most out of the AI opportunity.

因此在內部，每個人都談論研發用途。我對與產品開發的交叉非常樂觀，因為產品開發與產品管理和開發人員交叉，這可能不是最容易實現的目標，但我會告訴你我真正關注的一件事，以便最大限度地利用人工智慧的機會。

I think it's also going to require companies, including ours, to think about how we even structure ourselves and how do we structure teams, how do we actually rethink how work is done given the tools that we have. So that's on my mind.

我認為這也將要求包括我們在內的公司思考如何建立我們自己、如何建立團隊，如何利用我們現有的工具重新思考如何完成工作。這就是我的想法。

That's not the lowest-hanging fruit, I acknowledge, but I think it's important that we're mindful of that to unlock the opportunity. And ththe thing in and of itself. It's a tool. We think of it as a tool to unlock that efficiency and with respect to the lowest-hanging fruit with our customers, we think about solving the customers problems.

我承認，這不是最容易實現的目標，但我認為我們必須牢記這一點，才能抓住機會。以及事物本身。它是一個工具。我們將其視為一種提高效率的工具，就客戶最容易實現的目標而言，我們考慮解決客戶的問題。

AI isn't the thing and if we do that and we're thinking about working backwards from customer problems, I think we'll head down the right path. So thanks for the question, Chad.

人工智慧不是關鍵，如果我們這樣做，並思考如何從客戶問題開始解決問題，我認為我們就會走上正確的道路。謝謝你的提問，查德。

Tami Zakaria, JPMorgan.

摩根大通的塔米·扎卡里亞。

Hi, good morning. Thank you for fitting me in. I'll ask just one question. Excellent quarter, by the way. So on Fuel Systems, organic growth guide is now back to flat. That's great to see. But your first half performance is a lot stronger than flat.

嗨，早安。謝謝你幫我安排。我只問一個問題。順便說一句，這是一個非常棒的季度。因此，就燃料系統而言，有機成長指南現在恢復穩定。很高興看到這一點。但你的上半年表現比平淡好得多。

So was there any front-loading by customers ahead of tariffs that will drive a weaker back half? Just curious how you're thinking about the back half after a very nice first half?

那麼，在關稅上調之前，客戶是否會提前購入，導致下半年經濟表現疲軟？我只是好奇，在上半場表現非常出色之後，您對下半場有什麼看法？

Hey, Tami, it's Phil. Thanks for the question. Yeah, I see there's a couple of things as we think about the back half of the year. So one is -- we keep an eye on the inventories. The inventories are in great shape at the dealers.

嘿，塔米，我是菲爾。謝謝你的提問。是的，當我們考慮今年下半年時，我發現有幾件事。一是——我們密切注意庫存。經銷商處的庫存狀況良好。

So we haven't seen any pre-buying ahead of tariffs, things like that. As a matter of fact, we've seen some destocking in our -- particularly in our survey channel. So the dealer inventories look really good from a retail pull-through standpoint and what's necessary. So no concerns there.

因此，我們還沒有看到任何在關稅前進行預購之類的事情。事實上，我們已經看到了一些去庫存現象——特別是在我們的調查管道中。因此，從零售拉動角度和必要性來看，經銷商庫存看起來確實不錯。所以不用擔心。

Two things on the back half of the year. One, I mentioned this, again, with the macro uncertainty and there's still some lingering tariff discussions out there, we're still being prudent on the back half, particularly Field Systems since that's a book and burn business.

下半年有兩件事。首先，我再次提到這一點，由於宏觀不確定性以及仍然存在一些揮之不去的關稅討論，我們對下半年仍然持謹慎態度，特別是現場系統，因為這是一個需要大量資金的業務。

So we're being a little bit cautious there on the guide. The other thing is we started to see an inflection last year on the growth in Field Systems. And so the comps on a year-over-year basis are a little bit tougher versus the first half of the year.

因此我們在指南上要稍微謹慎一點。另一件事是，去年我們開始看到現場系統成長出現轉折點。因此，與上半年相比，同比情況要艱難一些。

We haven't really seen any change in the buying behavior so far. So this is more of us being prudent than anything else as we think about it. But again, the comps are a little bit tougher as we think about the back half of the year as well.

到目前為止，我們還沒有看到購買行為有任何變化。因此，當我們思考這個問題時，這更多的是我們保持謹慎。但是，當我們考慮今年下半年的情況時，情況會變得更加艱難。

Thank you Tami. And ladies and gentlemen, that does conclude today's call. Thank you so much for joining, and you may now disconnect. Have a great day, everyone.

謝謝你，塔米。女士們、先生們，今天的電話會議到此結束。非常感謝您加入，您現在可以斷開連接了。祝大家有個愉快的一天。