Trimble Inc (TRMB) 2025 Q3 法說會逐字稿

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

感謝您的耐心等待。我叫貝利，今天我將擔任你們的會議接線生。此時此刻，我謹代表 Trimble 公司歡迎各位參加 2025 年第三季財務業績電話會議。（操作說明）

I would now like to turn the call over to Rob Painter, President and CEO. You may begin.

現在我將把電話交給總裁兼執行長羅伯佩恩特。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.

歡迎各位。在開始之前，我們的簡報和安全港聲明已發佈在我們的網站上。我們的財務審查將重點放在以有機成長計算的同比非GAAP績效指標。此外，我們將專注於調整後的數據，我們認為這些數據能更準確地反映我們業務的實際表現。

This means we will exclude the divested agriculture and mobility businesses as well as the 53 week of fiscal 2024. As reported numbers, along with the reconciliation are provided in the appendix of our slide presentation. Okay, let's get to it. Our third-quarter results delivered a top and bottom line beat, and we are once again raising guidance for the year. The story of Trimble this year can be summarized in three words: clarity, durability, and momentum. That message continues today, driven by the purposeful execution of our Connect & Scale strategy.

這意味著我們將排除已剝離的農業和旅遊業務以及 2024 財年的第 53 週。報告的數字以及核對結果均在我們的幻燈片簡報附錄中提供。好了，我們開始吧。我們第三季的業績實現了營收和利潤雙雙超出預期，因此我們再次上調了全年業績預期。今年Trimble的故事可以用三個字來概括：清晰、持久和勢頭。這項訊息至今仍在延續，這得益於我們「連結與擴展」策略的有效執行。

Our strategy continues to guide our own transformation, delivering transformative outcomes to our global customers and positioning us well to deliver on our 2027 financial commitments. We're also carrying this momentum forward with the Trimble brand. Earlier this year, we launched our NASCAR partnership with RFK Racing and last week, we announced our partnership with Liverpool Football Club. This isn't just a sponsorship. LFC will employ Trimble technology and the design and construction of its world-class infrastructure. That's Connect & Scale in action.

我們的策略將繼續引導我們自身的轉型，為全球客戶帶來變革性的成果，並使我們能夠更好地履行 2027 年的財務承諾。我們也正將這種勢頭延續到 Trimble 品牌上。今年早些時候，我們與 RFK Racing 啟動了 NASCAR 合作；上週，我們宣布與利物浦足球俱樂部建立合作關係。這不僅僅是贊助。利物浦足球俱樂部將採用天寶公司的技術，並負責其世界一流基礎設施的設計和建設。這就是 Connect & Scale 的實際應用。

Turning to slide 5. The numbers clearly reflect our execution. We delivered $901 million in revenue in the quarter, up 11% and. Our ARR grew 15% to $2.31 billion with a notable 17% increase in our AECO segment. EPS of $0.81 was up 16% year-over-year and higher still on an organic basis.

翻到第5張投影片。這些數字清楚地反映了我們的執行情況。本季我們實現了 9.01 億美元的收入，成長了 11%。我們的年度經常性收入成長了 15%，達到 23.1 億美元，其中 AECO 業務部門成長了 17%，增幅顯著。每股收益為 0.81 美元，年增 16%，以有機成長計算，增幅更大。

The structural quality of our model is self-evident. Recurring revenue accounted for 63% of third-quarter revenue and software and services for 78% of our total. As you will see from the results in Field Systems, the physical solutions of Trimble are uniquely empowering workflows by connecting the work between the office and the field with rich mission-critical data sets.

我們模型的結構品質是不言而喻的。第三季度，經常性收入佔總收入的 63%，軟體和服務收入佔總收入的 78%。從現場系統的結果中您將看到，Trimble 的實體解決方案透過豐富的關鍵任務資料集將辦公室和現場之間的工作連接起來，從而獨特地增強了工作流程。

Before turning to the segments, I want to briefly address three topics we've heard many of you asking about over the last few weeks. First, the impact of the US federal government shutdown. We correctly anticipated lower government revenue early in the year and have been able to contain the impact on the business, which we previously quantified as single-digit millions in the back half of 2025.

在進入正題之前，我想先簡單談談過去幾週大家常問到的三個話題。首先，美國聯邦政府停擺的影響。今年年初，我們正確地預測到政府收入會下降，並且已經能夠控制其對業務的影響，我們先前估計，2025 年下半年的影響將達到數百萬美元。

The second topic is the impact of AI on vertical software. In short, we see a net opportunity. We believe we are uniquely positioned to capitalize on this transformation for three key reasons.

第二個主題是人工智慧對垂直產業軟體的影響。總之，我們看到的是一個淨機會。我們相信，我們擁有獨特的優勢，能夠充分利用這項變革帶來的機遇，原因有三。

First, AI as a logical extension of Connect & Scale, not a separate initiative. We've been working with AI for years, and we are already connecting physical and digital solutions, workflows, and ecosystems. We believe AI will be adopted inside industry platforms like ours as a natural extension of the data coming out of the mission-critical systems we build today. We're not chasing a new market. We're leveraging our core assets.

首先，人工智慧是連結與規模化的邏輯延伸，而不是一項獨立的計畫。我們從事人工智慧相關工作多年，目前已將實體解決方案和數位解決方案、工作流程和生態系統連接起來。我們相信，人工智慧將作為我們今天建構的關鍵任務系統所產生的數據的自然延伸，並被應用到像我們這樣的產業平台。我們並非在開拓新市場。我們正在充分利用我們的核心資產。

Second, our industries are inherently difficult to disrupt. We operate in physical industries like construction and transportation, and they're fragmented and complex. This requires deep domain expertise, extensive go-to-market capabilities and a trusted partner that can bridge the office in the field. The unique corpus of data that flows through our ecosystems each and every day, combined with our deep industry relationships, creates a powerful competitive moat that a new pure-play AI company cannot easily replicate.

其次，我們的產業本身就很難被顛覆。我們從事建築和運輸等實體行業，這些行業分散且複雜。這需要深厚的領域專業知識、廣泛的市場推廣能力以及能夠連接辦公室和現場的值得信賴的合作夥伴。我們生態系統每天流動的獨特數據量，加上我們深厚的產業關係，形成了強大的競爭護城河，這是新興的純粹人工智慧公司難以輕易複製的。

Third, we are already executing on this opportunity. We remain humble to the potential for disruption and are hard at work integrating AI across our business. We're using it to drive internal efficiencies and accelerate our product innovation. We view AI as a powerful tool to enhance our value proposition and extend our leadership. Expect us to drive productivity over time.

第三，我們已經在把握這個機會了。我們始終對潛在的顛覆性影響保持謙遜，並正在努力將人工智慧融入我們的業務中。我們利用它來提高內部效率並加速產品創新。我們認為人工智慧是增強我們價值主張和擴大我們領先地位的強大工具。預計我們將逐步提高生產力。

The third topic is the strong demand for AI data centers. Many of our customers have significant global backlogs and continue to invest to service them with an emphasis on speed of delivery. This is clearly reflected in our ACV bookings performance. We have the benefit of serving a diversity of end markets, infrastructure, residential, energy, commercial, onshoring and reshoring of manufacturing and more. Our business is resilient because we are not dependent on any single project type contractor profile or end market.

第三個話題是對人工智慧資料中心的強勁需求。我們的許多客戶在全球範圍內都有大量的積壓訂單，並且我們持續投資以服務這些訂單，重點是加快交付速度。這一點在我們的年度合約價值預訂業績中得到了充分體現。我們的優勢在於服務多元化的終端市場，包括基礎設施、住宅、能源、商業、製造業的本土化和再本土化等等。我們的業務具有很強的韌性，因為我們不依賴任何單一的專案類型、承包商類型或終端市場。

Okay. Let's turn to the segments, starting with AECO. The team delivered another outstanding quarter. ARR at $1.42 billion and revenue at $358 million were both up 17%. Our ACV bookings remained strong and in line with our long-term model, and we continue to see strong engagement and expansion with our core commercial customer base with net retention, excluding SketchUp at approximately 110%.

好的。讓我們來看看各個部分，首先從AECO開始。球隊又打出了一個精彩的季度。年度經常性收入 (ARR) 為 14.2 億美元，營收為 3.58 億美元，均成長 17%。我們的年度合約價值 (ACV) 預訂量保持強勁，符合我們的長期模式，我們繼續看到核心商業客戶群的強勁參與和擴張，淨留存率（不包括 SketchUp）約為 110%。

Market feedback continues to validate our value proposition to connect workflows and integrate ecosystems to address higher order problems, create connected data environment, and facilitate multisided marketplace business models. In the quarter, we launched SketchUp 2026, which is now enabling real-time viewing, which in turn enhances collaboration and usage.

市場回饋不斷驗證了我們的價值主張，即連結工作流程和整合生態系統，以解決更高層次的問題，創建互聯的資料環境，並促進多邊市場商業模式。本季度，我們推出了 SketchUp 2026，它現在支援即時查看，從而增強了協作和使用。

We launched ProjectSight, which is our AI-enabled project management solution into Europe and Australia. Our unique Trimble workflows are linking design and reality capture. They're linking scan to BIM and digitizing site layout, delivering step function levels of quality and productivity to our customers.

我們在歐洲和澳洲推出了 ProjectSight，這是一款基於人工智慧的專案管理解決方案。我們獨特的 Trimble 工作流程將設計與實景捕捉連結起來。他們將掃描技術與 BIM 結合，實現了場地佈局的數位化，為我們的客戶帶來了品質和生產力的階躍式提升。

In October, we held a user conference with our owner and public sector customers, showcasing our latest innovations in our suite of asset life cycle management solutions. We sit in a unique spot to help asset owners digitize their capital program management as well as their permitting and operational asset management needs. This digitization enables us to provide AI-driven insights that solve real problems.

10 月，我們與業主和公共部門客戶舉辦了一場用戶大會，展示了我們資產生命週期管理解決方案套件的最新創新。我們擁有獨特的優勢，可以幫助資產所有者實現資本項目管理的數位化，以及滿足其許可和營運資產管理需求。數位化使我們能夠提供人工智慧驅動的洞察，從而解決實際問題。

Moving to Field Systems. The business outperformed in the quarter, with particular strength again in Civil Construction. Kudos to the team. This is the industrial IoT of our business, our data collection node in the physical world. Revenue at $409 million was up 8%. ARR at $386 million was up 18% driven by strength across our geospatial and civil solutions. At a product and workflow level, an example of our continued mix fleet innovation comes from our announcement with Vermeer and their pile drivers.

遷移至現場系統。該業務在本季表現優異，其中土木工程建設領域再次表現尤為強勁。團隊表現出色。這是我們業務的工業物聯網，也是我們物理世界中的資料擷取節點。營收達 4.09 億美元，成長 8%。年度經常性收入 (ARR) 為 3.86 億美元，成長 18%，這主要得益於我們地理空間和土木工程解決方案的強勁表現。在產品和工作流程層面，我們持續進行混合車隊創新的一個例子是我們與 Vermeer 及其打樁機的合作公告。

The solution we enable automatically move the physical machine to the precise location of a pile according to the digital project plan, then optimizes the depth of the pile with minimal operator input. The system allows one operator to complete the task of driving piles, which otherwise would be a two or three person job. Productivity and quality, that's Trimble at work. Our latest AI innovations are now offering automated point-cloud classification and inspection analysis tools to quality control as-built construction. In addition, we continue to expand our points of distribution to help better drive adoption of technology in the market.

我們實現的解決方案能夠根據數位專案計劃自動將實體機器移動到樁的精確位置，然後以最少的操作員幹預優化樁的深度。該系統允許一名操作員完成打樁任務，而這項工作通常需要兩到三個人才能完成。生產效率和產品質量，這就是Trimble的實力。我們最新的 AI 創新成果現在為竣工施工的品質控制提供自動化點雲分類和檢測分析工具。此外，我們將繼續擴大分銷管道，以更好地推動市場對技術的接受度。

In September, we held our first Trimble Dimensions in Australia, enabling us to showcase our innovations to almost 1,000 attendees in Brisbane. Next week, we are excited to be back in Las Vegas to host our flagship Trimble Dimensions user conference for all our AECO and Field Systems customers, where we will showcase new workflow solutions along with our latest AI innovations.

9 月，我們在澳洲舉辦了第一屆 Trimble Dimensions 大會，向布里斯班近 1000 名與會者展示了我們的創新成果。下週，我們將重返拉斯維加斯，為我們所有的 AECO 和現場系統客戶舉辦旗艦級的 Trimble Dimensions 用戶大會，屆時我們將展示新的工作流程解決方案以及我們最新的 AI 創新成果。

The reach of this business into the physical world is near ubiquitous. The sampling of customers and projects won in the quarter spans the globe, rail projects in Japan, airports in Quebec and Colorado, transportation authorities in Norway, Paris and the US State Department of Transportation, survey agencies in Thailand and Saudi Arabia as well as wins with automotive and autonomous mining OEMs.

這種商業模式對現實世界的影響幾乎無所不在。本季贏得的客戶和專案樣本遍佈全球，包括日本的鐵路專案、魁北克和科羅拉多州的機場、挪威、巴黎和美國交通部的交通管理部門、泰國和沙烏地阿拉伯的調查機構，以及與汽車和自動採礦OEM廠商的合作專案。

Moving to Transportation. ARR at $501 million was up 7%, delivering profitable growth in a challenged freight market. In September, we held our European User Conference in Amsterdam, an inspiring forum with representation from some of the largest and most important companies in the world in attendance, many of whom were new customers. At the end of this month, we'll be in New Orleans for our North American User Conference. To give a sense of Connect & Scale in action here, we start with critical customer problems, network optimization, empty miles, driver retention, maintenance, and fuel management.

移至交通運輸部門。ARR 為 5.01 億美元，成長 7%，在充滿挑戰的貨運市場中實現了獲利成長。9 月，我們在阿姆斯特丹舉辦了歐洲用戶大會，這是一個鼓舞人心的論壇，一些世界上最大、最重要的公司派代表出席，其中許多都是我們的新客戶。本月底，我們將前往新奧爾良參加北美用戶大會。為了讓您了解 Connect & Scale 在這裡的實際應用，我們從關鍵的客戶問題入手，包括網路優化、空駛里程、司機留存、維護和燃油管理。

Our ecosystem strategy enables interoperability to help companies achieve a more holistic view of their supply chain, leading to better planning and execution. This breadth of data enables AI to learn and forecast future processes, enabling predictive analytics for demand, capacity, and potential disruptions.

我們的生態系統策略能夠實現互通性，幫助企業更全面地了解其供應鏈，以便更好地進行規劃和執行。如此廣泛的數據使人工智慧能夠學習和預測未來的流程，從而實現對需求、產能和潛在中斷的預測分析。

As an example of the strategy in action, we announced and launched our freight marketplace offering with Procter & Gamble as our anchor shipper customer. We are building the next generation of an intelligent and responsive supply chain. With that, I'll hand it over to Phil to walk us through more of the numbers, including our updated full year guidance.

為了展示這項策略的實際應用，我們宣布並推出了貨運市場服務，寶潔公司是我們的主要托運客戶。我們正在建構下一代智慧化、反應迅速的供應鏈。接下來，我將把麥克風交給菲爾，讓他為我們詳細介紹更多數據，包括我們更新後的全年業績預期。

Thanks, Rob. Let me start with some comments regarding capital allocation. During the third-quarter, we repurchased $50 million worth of shares, a direct reflection of our confidence in the long-term value of our business and our commitment to delivering shareholder returns. This leaves approximately $273 million under our current repurchase authorization. Longer term, we continue to expect at least a third of our free cash flow to be used for repurchasing shares.

謝謝你，羅伯。首先，我想就資本配置問題談幾點看法。第三季度，我們回購了價值 5,000 萬美元的股票，這直接反映了我們對公司長期價值的信心以及我們對為股東帶來回報的承諾。這樣一來，我們目前的回購授權額度下還剩下約 2.73 億美元。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。

Our M&A strategy remains focused on strengthening our core market positions. We look for opportunities in high-growth areas such as construction software with a particular emphasis on tuck-in acquisitions, smaller strategic purchases that integrate quickly and enhance our existing platforms to deliver a rapid return on investment.

我們的併購策略仍然專注於鞏固我們的核心市場地位。我們尋找高成長領域的機會，例如建築軟體，尤其註重小型策略收購，即快速整合並增強我們現有平台的收購，以實現快速的投資回報。

Let's review the third-quarter of 2025, starting on slide 6. Organic revenue growth at 11% exceeded the high end of our outlook, driven by the strength of AECO and Field Systems with Transportation & Logistics continuing to grow in a challenging freight market. ARR was in line with the top end of our outlook at 15% to another record of $2.31 billion. The consistent growth in our recurring revenue base provides a predictable and resilient foundation for our business.

讓我們回顧一下 2025 年第三季度，從第 6 張投影片開始。有機收入成長11%，超過了我們預期的上限，這主要得益於AECO和現場系統的強勁表現，以及運輸和物流業務在充滿挑戰的貨運市場中持續成長。ARR 符合我們預期的上限，成長 15%，再創 23.1 億美元的紀錄。經常性收入的持續成長為我們的業務提供了可預測且穩健的基礎。

Gross margins expanded 90 basis points to 71.2%, showcasing our continued model progression. We achieved EBITDA margins of 29.9%, which is a 160 basis points expansion year-over-year. Reported earnings per share was $0.81 for the quarter, $0.10 better than the midpoint of our guidance and $0.06 above the high end of our guidance.

毛利率成長 90 個基點至 71.2%，展現了我們模式的持續進步。我們實現了 29.9% 的 EBITDA 利潤率，比去年同期成長了 160 個基點。本季公佈的每股收益為 0.81 美元，比我們預期的中位數高出 0.10 美元，比我們預期的上限高出 0.06 美元。

Moving to the balance sheet and cash flow items on slide 7. Our year-to-date reported free cash flow remains strong at $206 million when considering the $277 million cash tax payment paid in the second- quarter, which was related to the agriculture divestiture. Our balance sheet is a source of strength and financial flexibility with $233 million of cash and a leverage ratio of 1.2 times, which is well below our long-term target rate of 2.5 times.

接下來請看第 7 頁的資產負債表和現金流量表項目。考慮到第二季支付的與農業資產剝離相關的 2.77 億美元現金稅款，我們今年迄今報告的自由現金流仍然強勁，達到 2.06 億美元。我們的資產負債表是實力和財務靈活性的來源，擁有 2.33 億美元的現金，槓桿率為 1.2 倍，遠低於我們 2.5 倍的長期目標水準。

Moving to a segment review of the numbers before we close with guidance and starting with AECO on slide 8. AECO delivered a record $1.42 billion of ARR posting 17% ARR and revenue growth for the quarter. Operating income at 31.8% increased 270 basis points year-over-year. This business continues to operate well above the Rule of 40, reflecting a balance of high growth and profitability.

接下來，我們將對各部分的財務資料進行回顧，然後給予業績指引，首先從第 8 頁的 AECO 開始。AECO 實現了創紀錄的 14.2 億美元 ARR，本季 ARR 和營收成長了 17%。營業收入年增 31.8%，較上年同期成長 270 個基點。這家企業的營運表現持續遠超 40 法則的預期水平，體現了高成長和高獲利能力之間的平衡。

Next, Field Systems on slide 9. Revenue was up 8% in the third-quarter despite approximately 150 basis points of model conversion headwinds. The segment posted another strong quarter of ARR growth at 18% where we continue to successfully execute our business model conversions and deliver and expand capabilities that are subscription-based. Field Systems operating income at 33.4% increased 40 basis points driven by a greater mix of higher-margin recurring revenue.

接下來，請看第 9 張投影片上的現場系統。儘管受到約 150 個基點的車型轉換不利因素影響，第三季營收仍成長了 8%。該業務板塊的年度經常性收入 (ARR) 再次實現強勁增長，季度增長率達到 18%，我們繼續成功執行業務模式轉型，並提供和擴展基於訂閱的功能。現場系統業務的營業收入成長了 33.4%，比上年增長了 40 個基點，這主要得益於高利潤率經常性收入佔比的提高。

Finally, Transportation & Logistics on slide 10. The segment delivered revenue growth of 4% and ARR growth of 7%. We continue to make excellent progress on our Connect & Scale strategy, which will unlock a cross-sell and upsell opportunity we size at approximately $400 million within this segment. Operating margins expanded 10 basis points year-over-year to 25.8%.

最後，第 10 頁是運輸與物流。該業務板塊實現了 4% 的收入成長和 7% 的 ARR 成長。我們在「連結與規模化」策略方面持續取得優異進展，這將釋放出我們估計在該細分市場價值約 4 億美元的交叉銷售和向上銷售機會。營業利益率年增 10 個基點，達到 25.8%。

Let me turn to guidance on slide 11. With the strong performance in the third-quarter, we are increasing the midpoint of our full year as reported 2025 revenue guidance by $45 million to $3.565 billion. We are also increasing our full year EPS midpoint outlook by $0.10 to $3.08 and are maintaining our organic ARR growth midpoint at 14%.

讓我來看看第 11 頁投影片上的說明。由於第三季業績強勁，我們將 2025 年全年營收預期中位數上調 4,500 萬美元至 35.65 億美元。我們同時將全年每股收益預期中位數上調 0.10 美元至 3.08 美元，並維持有機年度經常性收入成長預期中位數為 14%。

From a cash flow perspective, we are holding to our full year view to be approximately one time net income after adjusting for the $277 million cash tax payment related to the sale of the Agriculture business and the approximately $30 million in M&A costs. We continue to expect that we can deliver free cash flow greater than non-GAAP net income over the long term.

從現金流的角度來看，我們堅持全年預期，在扣除與出售農業業務相關的 2.77 億美元現金稅款和約 3000 萬美元的併購成本後，淨收入約為一次性收入。我們仍然預期，從長遠來看，我們可以實現大於非GAAP淨利潤的自由現金流。

Before turning the call back to Rob, I want to connect these results to our long-term vision. Our execution to date in 2025 reinforces our confidence in achieving our fiscal 2027 targets, which we refer to as our 3, 4, 30 framework. That is $3 billion in ARR, $4 billion in revenue and 30% EBITDA. An early look at 2026 revenue has us in the mid- to high single-digit range. We look forward to providing more details regarding 2026 in February.

在將電話轉回給羅布之前，我想把這些結果與我們的長期願景連結起來。2025 年至今，我們的執行情況增強了我們對實現 2027 財年目標的信心，我們稱之為我們的 3、4、30 框架。這意味著 ARR 為 30 億美元，營收為 40 億美元，EBITDA 為 30%。初步預測 2026 年營收將達到個位數中高段位。我們期待在二月提供有關 2026 年的更多細節。

Back to you, Rob.

羅布，該你了。

We are committed to ending the year on a high note and positioning ourselves for another year of growth and strategic progression in 2026. This confidence is rooted in our strategy and the conviction of our team. To our colleagues and partners, I thank you for your dedication and results. To our customers, thank you for your confidence in Trimble. To the investment community, thank you for your interest and support.

我們致力於以優異的成績結束今年，並為2026年又一個成長和策略發展年做好準備。這種自信源自於我們的策略和團隊的信念。感謝各位同事及合作夥伴的奉獻與成果。感謝各位客戶對Trimble的信任。感謝投資界的關注與支持。

Operator, let's open the line to questions.

接線員，我們來接聽提問電話。

(Operator Instructions)

（操作說明）

Jason Celino, KeyBanc Capital Markets.

Jason Celino，KeyBanc Capital Markets。

Great. Nice to see the quarter here. I think, Rob, you've addressed it a little bit, but can you maybe talk a little bit more about the government shutdown impact? I think you said the word contained and you'd already maybe baked some impact into the second half, but maybe elaborate a little bit?

偉大的。很高興在這裡看到這個季度。羅布，我覺得你已經稍微談到了這個問題，但你能否再多談談政府停擺的影響？我認為你提到了「包含」這個詞，而且你可能已經在後半部融入了一些影響，但或許可以再詳細闡述一下？

Jason, thanks for the question. Yes, the good news is at the beginning of the year, we correctly anticipated that it would be lower to book in the impact we're talking about and quantify it. We're talking single-digit millions in the back half of this year. So the business, I'd say, all around this has outperformed clearly to contain this. And I will advertise that we are hoping that the government opens back up here soon.

傑森，謝謝你的提問。是的，好消息是，年初時我們就正確地預測到，我們所談論的影響將會降低，並對其進行量化。今年下半年，我們說的是數百萬美元的個位數金額。所以我覺得，就目前的情況來看，整個企業在這方面都表現出色，明顯控制了局面。我也會宣傳我們希望政府盡快重新開放。

Yes, absolutely. I think we all are. And then on the AECO side, nice to see the strength again. I would love to get more granularity on some of the strengths. Perhaps maybe you could break it down in the different segments, the A, the E, the C, and the O. And what's driving kind of the confidence to sustain the ARR growth at these levels?

是的，絕對的。我想我們都是。另外，AECO方面也表現出色，令人欣慰。我想更詳細地了解其中的一些優點。或許你可以把它分成不同的部分，像是A、E、C和O。是什麼因素讓你們有信心維持目前的ARR成長水準？

Sure. So if we look at each component of the A, the E, the C and the O, each one is over $230 million of ARR now. So strong balance across that portfolio. The C is the largest of the components that we have. I'd say the performance is broad-based and strong and the whole portfolio is growing.

當然。因此，如果我們看一下 A、E、C 和 O 的每個組成部分，它們各自的 ARR 現在都超過 2.3 億美元。因此，該投資組合的整體平衡性很強。C 是我們擁有的元件中最大的。我認為整體表現強勁且覆蓋面廣，整個投資組合都在成長。

But to go through it in a little more specificity in the quarter, our BIM, and Engineering Solutions, which really fit mostly in the E were the standout performers growth there. Strong product and go-to-market execution came together nicely, TC1 bundles and cross-sell is a big part of that.

但更具體地說，在本季度，我們的 BIM 和工程解決方案（主要屬於 E 類業務）是成長最突出的業務。強大的產品和市場推廣執行力完美結合，TC1 捆綁銷售和交叉銷售是其中的重要因素。

I'd say the second callout is the construction portfolio. We call that construction management solutions internally. The project management solution project site is doing really, really well for us. We took that into Europe actually, specifically in the Benelux in the quarter as well as Australia and New Zealand, and then we'll see that in the fourth-quarter rollout further into Europe.

我認為第二個重點是建築作品集。我們內部稱之為施工管理解決方案。專案管理解決方案專案網站對我們來說真的非常好。實際上，我們已將該模式引入歐洲，特別是本季度的比荷盧經濟聯盟以及澳大利亞和紐西蘭，然後我們將在第四季度看到該模式進一步推廣到歐洲其他地區。

And then the construction aspect is largely the viewpoint ERP, which continues to perform and grow and have competitive wins and be a really good anchor tenant for our TC1 and cross-sell plays.

而建築方面主要體現在 Viewing ERP 上，它持續發展壯大，不斷贏得競爭優勢，並且是我們 TC1 和交叉銷售策略的非常好的核心租戶。

Guy Hardwick, Barclays.

蓋伊哈德威克，巴克萊銀行。

Thanks for the early look on 2026. I think you said mid- to high single-digit range. And I think consensus is 7%. So that looks solid. But perhaps it's a bit of an unfair question, but how do you feel about 2026 as that's stepping stone to 2027 and the 2027 framework? Do you feel kind of ahead or behind in any sort of metrics?

感謝您提前展望2026年。我想你之前說的是中高個位數範圍。我認為大家的共識是7%。看起來很穩固。但這個問題可能有點不公平，但您對 2026 年有何感想？因為 2026 年是通往 2027 年和 2027 年框架的墊腳石。你覺得自己在哪些指標上領先還是落後？

Thanks for the question. So I mentioned that the 2027, I think, with the performance to date, we obviously -- if nothing else, it improves our confidence around those numbers. And we're still early, obviously, in 2026. So just previewed that mid- to high single-digit growth rate. But we're going to continue to go through our planning process. We'll give another update obviously with more details next earnings call.

謝謝你的提問。所以我提到，就目前的表現來看，2027 年，我認為，至少就目前的表現而言，我們顯然——至少這增強了我們對這些數字的信心。顯然，現在距離2026年還很早。剛才預想的成長率是中高個位數。但我們會繼續推進規劃流程。我們會在下次財報電話會議上提供更多細節，敬請期待。

And just as a follow-up, in terms of the Q4 revenue guide, obviously, it's a little ahead. Is there anything going on in terms of incremental or perhaps incrementals maybe a little bit lower than I would have expected?

最後補充一點，就第四季營收預期而言，顯然略有超前。增量方面是否有任何變化，或者增量可能比我預期的要低一些？

Sorry, Guy, is that on the revenue growth? Or what -- sorry, what are your.

抱歉，蓋伊，這是關於營收成長的嗎？或者什麼——抱歉，你的是什麼？

That's for Q4 guidance in terms of the margins relative to the revenue in terms of the revenue growth.

這是對第四季利潤率與營收成長的預期。

Guy, this is Rob. I think it's pretty well in line. I think you're following probably the guide on the revenue delta versus the EPS guide if you're looking at the midpoint. We continue to invest in the business. So if we're looking forward into '26, we like where we sit right now. So then we can put the pedal on, let's say, the marketing investments in the business, the continued underlying systems and process work that we're doing, which is part of helping us accelerate the bookings work that we want to get going early in '26. So we get the '26 number so that we get the '27 ARR in line with the 3, 4, 30 model.

蓋伊，這是羅伯。我覺得基本上符合預期。如果你關注的是中間值，我認為你可能正在遵循收入差額指南與每股盈餘指南的對比。我們將繼續投資這項業務。所以，展望2026年，我們對目前的處境感到滿意。這樣一來，我們就可以加大力度，比如說，加大對業務的營銷投入，繼續推進我們正在進行的基礎系統和流程工作，這有助於我們加快預訂工作，我們希望在 2026 年初開始這項工作。所以我們得到了 '26 的數字，這樣我們就能得到與 3、4、30 型號一致的 '27 ARR。

Jonathan Ho.

喬納森·何

Trimble has long been an adopter of AI. And based on your commentary, can you talk a little bit about where your customers are at in terms of their interest in using AI in their everyday workflows? And maybe perhaps remind us of your data moats as well in the space.

Trimble 一直都是人工智慧技術的採用者。根據您的評論，您能否談談您的客戶目前對在日常工作流程中使用人工智慧的興趣程度？或許還可以提醒我們一下你們在這個領域的數據護城河。

Jonathan, well, on the data moat side, if I start with that, you've heard me reference before trillions, billions, millions, and thousands. Trillions of dollars of construction run through Trimble, billions -- tens of billions of freight run through Trimble, millions of users of our software, hundreds of thousands of instruments and machines in the physical world run on Trimble. That's a unique corpus data at Trimble, and we think of that in context of connecting users, stakeholders and that data across the industry life cycle continuum. And that enables a progression from optimizing tasks to optimizing systems. It's a different category of problems we can solve.

喬納森，嗯，說到資料護城河這邊，如果我從這裡開始，你以前也聽我提到萬億、數十億、數百萬和數千。數萬億美元的建築工程透過 Trimble 運行，數十億至數百億美元的貨運通過 Trimble 運行，數百萬用戶使用我們的軟體，現實世界中數十萬台儀器和機器都通過 Trimble 運行。這是 Trimble 獨有的語料庫數據，我們認為它能夠連接使用者、利害關係人以及貫穿整個產業生命週期的數據。這樣一來，就可以從優化任務逐步過渡到最佳化系統。這是我們可以解決的另一類問題。

And in that respect, AI is a force multiplier for what one can do with the data. The first question you had was around customer adoption of AI and maybe even say readiness for AI. Is that correct? Is that what you're asking?

從這個意義上講，人工智慧可以倍增人們利用數據所能做的事情。你提出的第一個問題是關於客戶對人工智慧的接受程度，甚至可能是關於他們對人工智慧的準備程度。是這樣嗎？你問的是這個嗎？

Yes.

是的。

Yes. As you'd expect, I mean, there's a pretty good differential in the customer base on that given the number of customers we serve. But there's no question from the time I spend in the field around the world and the time with our operators, that is increasingly part of customer conversation.

是的。正如你所預料的那樣，我的意思是，考慮到我們服務的客戶數量，客戶群體在這方面有相當大的差異。但根據我在世界各地實地考察的時間以及與我們的操作員的交流，毫無疑問，這正日益成為客戶對話的一部分。

I'd say there's a fair amount of it that's curiosity-driven, trying to understand how can they actually get more out of their data, really putting in context of the problems they're trying to solve as they need to do their work better, faster, safer, cheaper and greener. And so how can -- our customers are asking how can they unlock their data, how can AI be a part of accelerating -- being a force multiplier for that.

我認為其中相當一部分是出於好奇心，他們試圖了解如何才能真正從數據中獲得更多價值，真正將數據與他們試圖解決的問題聯繫起來，因為他們需要做得更好、更快、更安全、更便宜、更環保。因此，我們的客戶都在問，他們如何解鎖自己的數據，人工智慧如何加速這一進程，成為加速發展的倍增器。

But I'd say like the most progressive customers are really doing some interesting things and really helping show us the way. We're not enamored with AI for the sake of AI, we're enamored with the problems that we can solve through the adoption and application of technology. And in that respect, we see customers who are working with the abilities that we provide for them to do, let's say, in construction, natural language design to do auto invoicing, if you're a contractor on the ERP, working to automate RFIs and submittals, driving significant time savings around that. In transportation, the autonomous procurement and autonomous quotation products continue to grow.

但我認為，最具前瞻性的客戶正在做一些有趣的事情，並真正幫助我們指引方向。我們迷戀人工智慧並非為了人工智慧本身，而是為了透過採用和應用技術來解決問題。在這方面，我們看到客戶正在利用我們提供的功能，例如在建築行業，利用自然語言設計進行自動開票；如果您是 ERP 系統中的承包商，則可以利用這些功能實現 RFI 和提交的自動化，從而顯著節省時間。在交通運輸領域，自主採購和自主報價產品持續成長。

So I feel like we're very early in the game at the customer level, and I like where we are positioned as a company in terms of the readiness and the work we're doing to help lead our customers and lead the industry.

所以我覺得我們在客戶層面還處於非常早期的階段，但我對我們公司目前的定位感到滿意，我們已做好準備，並正在努力幫助客戶和引領產業。

Perfect. And Phil, just for a quick follow-up. With your 15% ARR growth, can you maybe provide some additional color to unpack the composition of that growth between new customer acquisition, net expansion, pricing? Anything that's changed in terms of the composition of that growth over time?

完美的。菲爾，我再補充一個簡單的問題。鑑於您的 ARR 成長率為 15%，您能否進一步詳細說明此成長的組成，包括新客戶獲取、淨擴張和定價？隨著時間的推移，這種成長的構成面向發生了哪些變化？

Thanks, Jonathan. I think it's been pretty consistent, as we talked about, which is about one-third new logo, two/thirds within AECO. And that's -- so I think that's been pretty consistent. And the 15% has been consistent with the last couple of quarters as well. So I would say if nothing else, [treat the word], but consistency with the model and what we're seeing.

謝謝你，喬納森。我認為情況一直相當穩定，正如我們之前討論的那樣，大約三分之一是新標誌，三分之二是 AECO 內部的標誌。所以我覺得這一點一直都相當一致。而且，過去幾季也一直保持著15%的成長率。所以我想說，即便沒有其他原因，也要[認真對待這個詞]，但要與模型和我們所看到的情況保持一致。

Joshua Tilton, Wolfe Research.

Joshua Tilton，Wolfe Research。

This is Arsenije on for Josh. I just wanted to kind of unpack the acceleration in AECO organic ARR really strong going into the back half? And then just as a follow-up question, there's been new partnerships with OEMs, and that is kind of expanding on side of kind of the Caterpillar JV that you guys have been involved with. Is that getting more eyes on the TC1 suite? And is that getting better existing lands into new logos that you guys haven't really had that access to before?

這裡是阿森尼耶替喬許解說。我只是想分析一下AECO有機ARR在後半段表現強勁的加速成長情況？還有一個後續問題，你們與 OEM 廠商建立了新的合作關係，這算是對你們參與的卡特彼勒合資企業的一種擴展。這樣是否能讓更多人關注TC1套房？是不是要把你們以前沒機會接觸到的更好的現有土地融入新的標誌設計中？

Arsenije, this is Rob. Thanks for the question. I'll take the AECO organic growth. One thing I can point out is we're getting better marketing insight in the business. So the systems investments we've been making and process investments we've been making for years continue to pay off, and we continue to roll out functionality.

阿森尼耶，我是羅布。謝謝你的提問。我選擇AECO有機成長模式。我可以指出的一點是，我們在業務行銷方面獲得了更好的洞察力。因此，我們多年來在系統和流程方面的投資持續獲得回報，我們也不斷推出新功能。

So the ability for us to get insights into the data we have, let's say, about our customers. When I say about our customers to understand who they are, what are they buying, what are their emotions , can we run to reach them. Cross-sell performance continues to do better, and that is absolutely enabled by the underlying processes and systems.

因此，我們需要能夠深入了解我們擁有的數據，例如關於我們客戶的數據。當我談到我們的客戶時，我想了解他們是誰，他們在買什麼，他們的情緒是什麼，這樣我們才能更好地與他們溝通。交叉銷售業績持續提升，這完全得益於底層流程和系統的完善。

And let me say the team, the people, the execution, they're really raising the bar and achieving that growth and kudos to everyone on that team. Relative to the partnerships, that you referenced, that hits in the Field Systems arena and there, I'd say, shut out to our Civil Construction Team, in particular, just had an absolutely terrific quarter.

我要說的是，團隊、成員和執行力都確實提高了標準，實現了成長，向團隊中的每個人致敬。關於您提到的合作關係，這主要集中在現場系統領域，我想說，特別是我們的土木工程團隊，剛剛度過了一個非常棒的季度。

They've had a terrific year progress at the product level, progress at the go-to-market level where you're hitting as more of the go-to-market level and at the go-to-market level, there's two things to highlight. Let's see it. One is OEM relationships. So in the quarter, we announced a relationship with Vermeer on their pile drivers, with KOBELCO and their 2D earthworks for North America, with Hyundai, Trimble Ready applications for dozers in North America. So that's one aspect of reaching the mixed fleet market.

他們在產品層面取得了巨大的進步，在市場推廣層面也取得了進步，在市場推廣層面，有兩件事值得強調。讓我看看。一是與OEM廠商的關係。因此，在本季度，我們宣布與 Vermeer 就其打樁機建立合作關係，與 KOBELCO 就其在北美的 2D 土方工程建立合作關係，與 Hyundai 就其在北美的推土機 Trimble Ready 應用建立合作關係。這是進軍混合車隊市場的一個面向。

The other, which is specifically which you're referencing as we call them Trimble technology outlets. That work is ahead of the plan that we've had. And really, the core principle we have with our joint venture partner is to reach the market. So we have an absolutely aligned vision to reach the market. For us, that means it's a mixed fleet market.

另一個，也就是您所指的，我們稱之為 Trimble 技術插座。這項工作進展比我們原先的計畫還要快。事實上，我們與合資夥伴的核心原則就是打入市場。因此，我們在開拓市場的願景上完全一致。對我們來說，這意味著這是一個混合車隊市場。

And to reach a mixed fleet market, we need to have relationships with OEMs as well as with those dealers in the world that can help us reach machine types and colors that we weren't previously fully reaching. So really, really good execution from the team. Thanks for the question.

為了開拓混合車隊市場，我們需要與 OEM 廠商以及世界各地的經銷商建立關係，以便幫助我們拓展以前未能完全覆蓋的機器類型和顏色。團隊執行得非常出色。謝謝你的提問。

Nay Naing, Berenberg.

Nay Naing，貝倫貝格。

I have two, please. The first one is on the subscription transition growth headwinds in your Field Systems business units. I think it's a 1.5-percentage-point this quarter, about 2-percentage-points last quarter, so there's a bit of a deceleration there. I was wondering if you could remind us how long should we expect the growth headwinds to continue? And kind of linking to your qualitative 2026 guide, that improvement in top line growth compared to '25.

我要兩份。第一個問題是您的現場系統業務部門在訂閱轉型成長方面面臨的阻力。我認為本季是 1.5 個百分點，上季大約是 2 個百分點，所以成長速度有所放緩。我想請問您能否提醒我們一下，這種成長逆風預計會持續多久？這與你們的 2026 年定性指南相呼應，即與 2025 年相比，營收成長有所改善。

Is it as a result of slower growth headwinds in the subscription transition in the Field Systems? Or is it -- will it come from elsewhere? And I'll wait for the second question later, if that's okay.

這是由於現場系統訂閱轉型過程中成長放緩所致嗎？或者──它會從別處來嗎？如果可以的話，第二個問題我稍後再問。

Nay, thanks for the question. Yes, we expect the transitions within Field Systems to continue through the next couple of years, through '27, which is what we talked about at Investor Day as far as our anchor year. So expect those to continue throughout the next couple of years.

不，謝謝你的提問。是的，我們預計 Field Systems 的轉型將在未來幾年內持續到 2027 年，這正是我們在投資者日上談到的，作為我們基準年的一年。因此，預計這種情況將在未來幾年持續下去。

And then your second question was on the growth. So yes, conversions, we mentioned that. And I think we also start to lap ourselves in 2026 with the solid year that we've so far been putting up this year. On the -- so I think that -- but as I talked about before, if nothing else, we just increased our confidence around the 2027 numbers.

然後你的第二個問題是關於成長的。是的，關於轉換率，我們之前提到過。而且我認為，憑藉我們今年迄今取得的穩健成績，到 2026 年我們也會開始超越自己。所以我覺得——但正如我之前所說，至少我們增強了對 2027 年數據的信心。

So I was very clear with my question on the growth outlook for '26. Clearly, what you're guiding for '26 will be higher than what you guided for '25. That growth profile uplift, is it coming from any of the particular segments? Is it as a result that we will see slower growth headwinds from the subscription transition? Is that where the growth uplift is coming from?

所以我非常明確地提出了關於 2026 年成長前景的問題。顯然，你對 2026 年的指導價將高於你對 2025 年的指導價。這種成長動能提升，是來自哪些特定細分市場？因此，訂閱模式轉型是否會導致成長放緩？這就是成長動力的來源嗎？

So we're not actually guiding higher -- '26 higher than '25. If I look at our as adjusted revenue growth for this year, it's about 9%. And so that guide for next year actually is we said the mid- to high single digits.

所以我們其實並沒有提高預期——2026 年的預期並沒有高於 2025 年。如果我看一下我們今年的調整後營收成長率，大約是 9%。因此，我們對明年的預測實際上是中高個位數。

Tami Zakaria, JPMorgan.

Tami Zakaria，摩根大通。

I wanted to ask you about the leverage ratio. It's 1.2 turns. Is that the right number? Or would you consider levering up to buy back stock? Or are you waiting for any opportunistic acquisitions? So any thoughts on the leverage ratio as it sits here today at almost at all-time lows.

我想問一下槓桿率的問題。是1.2圈。這個數字對嗎？或者你會考慮利用槓桿回購股票嗎？還是你在等待合適的收購機會？鑑於目前的槓桿率幾乎處於歷史低位，大家對此有何看法？

Tami, thanks for the question. Yes. So as we think about the capital and particularly the balance sheet, obviously, we focus on the highest ROI and we, first and foremost, are investing back in the business to be able to continue to drive the ARR growth. And then as we think about where other places, we talked about M&A and the tuck-ins in particular, we like that play and we'll continue to do that with the main focus within the construction software assets. We're committed to over a third of our free cash flow going back to the shareholders via the share buybacks.

塔米，謝謝你的提問。是的。因此，當我們考慮資本，特別是資產負債表時，顯然，我們會關注最高的投資回報率，並且首先要將資金再投資於業務，以便能夠繼續推動年度經常性收入成長。然後，當我們考慮其他領域時，我們談到了併購和補充收購，我們喜歡這種策略，我們將繼續這樣做，主要專注於建築軟體資產。我們承諾將超過三分之一的自由現金流透過股票回購返還給股東。

So as we look going forward, we always sort of look across the spectrum of where the best use and the best ROI of our capital is in any given time, and we'll put that to the best use.

因此，展望未來，我們總是會全面考慮在任何特定時期如何最大程度地利用我們的資本並獲得最佳投資回報率，我們會將資本用於最需要的地方。

Understood. And my next question is on operating margin. So operating margin, you raised the expectation, it seems like, or it's coming in better than what we thought it would be initially when we started the year. So if you're expecting to grow mid- to high single digit next year from a top line perspective, should we expect similar year-over-year improvement in operating margins? Or any color on how we should think about that metric?

明白了。我的下一個問題是關於營業利潤率的。所以，營業利益率似乎提高了預期，或者說，它比我們年初時的預期要好。因此，如果您預計明年營收將實現中高個位數成長，我們是否應該預期營業利潤率也將出現類似的年成長率？或者，關於我們應該如何看待這個指標，您有什麼看法？

Yes. Thanks, Tami. So we just put the top line for 2026, the mid- to high single digit as a revenue guide. We'll get into more detail as we think about the EPS and the margins in the earnings call the next time. But we're not going much deeper than at this point into beyond the revenue.

是的。謝謝你，塔米。因此，我們把 2026 年的最高營收預期定為中高個位數成長。在下次財報電話會議上，我們將更詳細地討論每股盈餘和利潤率。但我們目前不會對收入以外的領域進行更深入的探討。

Kristen Owen, Oppenheimer.

克里斯汀歐文，奧本海默。

Congratulations on the nice quarter. So Rob, since you kind of opened up the box a little bit here on the discussion of AI disintermediation in SaaS, I'm wondering if you can maybe double-click on that a bit particularly where you feel like given the diversity of the portfolio, do you have more of a moat against that disintermediation in certain categories? And as you assess the portfolio, are there areas where you do maybe see some vulnerabilities where you need to adjust?

恭喜你本季業績出色。羅布，既然你在這裡稍微打開了關於人工智慧在 SaaS 領域去中介化的討論，我想知道你是否可以就此再深入探討一下，特別是考慮到產品組合的多樣性，你認為在某些類別中，你是否擁有更強的抵禦去中介化的能力？在評估投資組合時，您是否發現某些領域存在一些弱點，需要進行調整？

Kristen, thanks for the question. Relative to the moat and let's say, particular strengths and weaknesses. Let me characterize it as follows. In totality, there's the trillions, billions, millions, and thousands, which is already referenced, you could call that -- you think of that as the size of the moat. Where I believe we most strongly compete and differentiate is by connecting our solutions in the field and the office. That's connecting the hardware and software of Trimble to truly connect the physical and the digital world.

克里斯汀，謝謝你的提問。相對於護城河而言，比如說，具體的優點和缺點。讓我這樣描述它。總的來說，有萬億、十億、百萬和千，前面已經提到過，你可以把它看作是護城河的大小。我認為我們最具競爭力和差異化優勢的地方在於將現場和辦公室的解決方案連接起來。這就是將 Trimble 的硬體和軟體連接起來，真正連接物理世界和數位世界。

And the flywheel of solutions that Trimble moves from the point solution to the bundle, to the workflow, to ecosystems and the value delivery, as you move along that flywheel, is differential and transformative, right? It's additive as you move through that.

Trimble 從點解決方案到捆綁解決方案，再到工作流程、生態系統和價值交付，隨著你沿著這個飛輪前進，它所帶來的解決方案飛輪效應是差異化的、變革性的，對吧？隨著你不斷深入，這種感覺會逐漸增強。

And so through selling -- this is one of the reasons I like selling the bundles and the TC1 frameworks and the cross-sell whether it's in Transportation or Field Systems or in AECO, as you're changing the nature of how customers are using their technology. And the more value the customers get the technology, the more they're going to stay with you. I mean that's what customer success is.

因此，透過銷售——這也是我喜歡銷售捆綁包、TC1 框架和交叉銷售的原因之一，無論是在交通運輸、現場系統還是 AECO 領域，因為你正在改變客戶使用其技術的性質。客戶從科技中獲得的價值越高，他們就越會繼續使用你的服務。我的意思是，這就是客戶成功。

So the strongest ability we have to compete on the moat is when customers are using multiple solutions. When they're using AI that we're embedding into our technology and also separate from the technology to get more out of what they're buying from us.

因此，我們在競爭中佔優勢的關鍵在於，當客戶使用多種解決方案時，我們就能更好地贏得競爭優勢。當他們使用我們嵌入到我們技術中的人工智慧，以及與技術分離的人工智慧時，他們可以從我們這裡購買的產品中獲得更多收益。

We do that, and I have a high confidence that we retain the moat, and we grow the business. We can get and of course there's the unlocking of the billion dollar cross sell and excuse me, in construction and $400 million in transportation. I'd say we're -- whether I call it weakness or whether I call it the humility, I think we absolutely -- I know we need to stay humble to the market around us. It moves so fast.

我們這樣做，我很有信心我們能保持競爭優勢，並發展壯大業務。我們可以獲得，當然還有價值十億美元的交叉銷售，抱歉，還有建築業的 4 億美元和交通運輸業的 4 億美元。我認為我們——無論我稱之為弱點還是謙遜，我認為我們絕對——我知道我們需要對周圍的市場保持謙遜。它移動得真快。

And there's no question that at the moment, there's start-ups and there's well-funded start-ups. There's the incumbents in the market. I mean all of us have AI ambitions. So we can't sit still. Like to me, that would be the risk as if we sit still. And we don't have the courage to move and to act.

毫無疑問，目前有創業公司，也有資金雄厚的新創公司。市場上已有的幾家企業。我的意思是，我們每個人都對人工智慧抱持雄心壯志。所以我們不能坐視不理。對我來說，如果我們一直按兵不動，就會面臨這樣的風險。我們沒有勇氣行動。

Now good news is I believe we do have the courage to move and to act through this moment. And the last question we had around how are we thinking about op leverage coming into next year is. And one of the reasons we want to be cautious not to get ahead of ourselves on the margin progression is we want to make sure we're investing in this business to unlock this AI opportunity. And I think we can do that and very much be within the framework of the 3, 4, 30 model we put out for 2027. And I think the way to ensure that we then get the next years beyond that, an attractive growth is to ensure that we're doing this upfront investment correctly into the business.

好消息是，我相信我們有勇氣在這個時刻採取行動。我們最後一個問題是，我們如何看待明年的營運槓桿作用。我們之所以要謹慎行事，避免在利潤成長方面操之過急，其中一個原因是，我們要確保對這項業務進行投資，以釋放人工智慧帶來的機會。我認為我們可以做到這一點，並且完全符合我們為 2027 年提出的 3、4、30 模型框架。我認為，確保未來幾年實現可觀成長的途徑，就是確保我們對業務進行正確的前期投資。

Really appreciate that color. My follow-up question is more on the here and now. I want to ask you about the Transportation & Logistics business. Obviously, some continued good growth there, not really seeing much of an inflection in the end market. Is there anything on the horizon that you see either from a macro perspective or maybe from the Trimble's portfolio perspective like this freight marketplace introduction that gives you some optimism for that business going into 2026?

非常喜歡這個顏色。我的後續問題更著重於當下。我想請教您有關運輸和物流行業的問題。顯然，該地區繼續保持良好的成長勢頭，終端市場並沒有太大的變化。從宏觀或從Trimble的產品組合角度來看，例如此次貨運市場推出，您是否看到任何前景讓您對公司在2026年的業務發展感到樂觀？

Yes. Great question. So let's say -- I think about control what we can control. I don't see meaningful green shoots right in front of us, whether it's the rest of the year in 2026 at the macro level. So our planning assumption is the same market we've got.

是的。問得好。比如說——我想控制我們能控制的事情。無論是在宏觀層面上，還是在 2026 年剩餘的時間裡，我都沒有看到任何有意義的復甦跡象。因此，我們的規劃假設是與現有市場相同。

And by the way, I hope I'm wrong about that. But that feels like the safe assumption and feels to calibrate with customers in Europe and North America. So in that respect, the control what we control, that's our own execution. I look at the, let's say, take the op margins this year first half versus second half. Second half, we see 400 basis point improvement in the margins in the business, okay?

順便說一句，我希望我的判斷是錯的。但這似乎是一個比較穩健的假設，也是為了與歐洲和北美的客戶保持一致。所以從這個意義上講，我們能控制的就是我們自己能控制的，那就是我們自己的執行力。我觀察的是，比如說，今年上半年和下半年的營業利益率。下半年，我們預期業務利潤率將提高 400 個基點，好嗎？

We can control that. We're growing, as you could see from the quarter with the 8% -- 7%, excuse me, ARR growth in the quarter, that's clearly outperforming the end market growth. That's within our control. And then the double-click on that gets into the product set that we have. Like you said, freight marketplace.

我們可以控制這一點。正如您從本季度 8% – 抱歉，是 7% 的 ARR 成長率中看到的那樣，我們正在成長，這顯然超過了終端市場的成長。那在我們掌控之中。然後雙擊它，即可進入我們現有的產品集。正如你所說，貨運市場。

So we -- in the quarter, we had -- I think it's the largest booking we've had of taking our mapping technology, which is into the Transporeon customer base in Europe and vice versa, we had the largest Transporeon booking in North America that the companies had to date. So those are elements that are within our control that, let's say, give me optimism that we can do better with what we have in our portfolio. At a $500 million ARR level, this makes us one of the largest transportation supply chain technology companies in the world.

因此，在本季度，我們獲得了迄今為止最大的訂單，將我們的地圖技術引入了 Transporeon 在歐洲的客戶群，反之亦然，我們在北美獲得了 Transporeon 迄今為止最大的訂單。所以這些都是我們可以控制的因素，可以說，這些因素讓我樂觀地認為，我們可以更好地利用我們現有的投資組合。5億美元的年度經常性收入使我們成為全球最大的運輸供應鏈技術公司之一。

(Operator Instructions) Chad Dillard, Bernstein.

（操作說明）查德·迪拉德，伯恩斯坦。

So I just want to spend some time on the Field Systems business and particularly your OEM strategy. Maybe can you talk about the TAM expansion that you're seeing post being freer to do more business with other OEMs. Maybe you can remind us what the OEM versus distribution split is and what the growth differential is? But also from like a product development and a sales perspective, what do you need to do differently versus before to win?

所以我想花點時間談談現場系統業務，特別是你們的 OEM 策略。您能否談談在與其他OEM廠商開展更多業務後，您所看到的TAM（總市場規模）擴張情況？您能否提醒我們OEM廠商與經銷商的比例以及成長差異是多少？但從產品開發和銷售的角度來看，為了贏得市場，你需要做出哪些與以往不同的改變？

Yes. Thanks, Chad. This is Rob. I'll take this one. At the OEM level, we've always been able to work with OEMs. That's actually not -- that's not a new aspect of the joint venture. And so I should just continue to reinforce that that's not new. I'd say what's new within the OEM strategy is our own ability to put a differential level of resources to meet their needs.

是的。謝謝你，查德。這是羅布。我選這個。在OEM層面，我們一直都能與OEM廠商合作。實際上，這並不是合資企業的新面向。所以我應該繼續強調，這並不是什麼新鮮事。我認為OEM策略的新變化在於我們有能力投入差異化的資源來滿足他們的需求。

And then to be more specific because I think this is a big unlock in the OEM world is the nature of how they're adopting and implementing technology, specifically within machine control, which is to say, you could have open interfaces something closer to an open standard that the OEMs adopt in order to put on machine control technology or you have OEM by OEM technology, in other words, proprietary. It's very difficult for Trimble and our peers and competitors and very inefficient when it's OEM by OEM and very separate.

更具體地說，我認為這對 OEM 領域來說是一個很大的突破，那就是他們採用和實施技術的方式，尤其是在機器控制方面。也就是說，你可以採用更接近開放標準的開放接口，供 OEM 採用，以便將機器控制技術應用到 OEM 系統中；或者，你可以採用 OEM 各自獨立的技術，換句話說，就是專有技術。對於 Trimble 和我們的同業及競爭對手來說，如果採用 OEM 廠商獨立開發模式，將會非常困難且效率低。

We're actually very much in favor of a singular approach to that, which means, hey, our competitors and peers would have the same access as us to working with OEMs. I believe we win with the quality of our solution, with the breadth of the portfolio and in the linkage end of the larger ecosystem that we have, both in the Software and Field Systems and AECO.

我們其實非常贊成採用單一方法，這意味著，嘿，我們的競爭對手和同行將和我們一樣有機會與原始設備製造商 (OEM) 合作。我相信，憑藉我們解決方案的品質、產品組合的廣度以及我們在軟體、現場系統和AECO等更大生態系統中的連接端，我們將贏得勝利。

That's where we're really, in my opinion, most unique and different. So we are putting more expense, operating expense, investment in R&D into serving the OEMs, so that they've got access to our technology. Where we -- of course, as you know, where we really focus ultimately is in the aftermarket.

在我看來，這正是我們最獨特、最與眾不同的地方。因此，我們投入更多費用、營運費用和研發投資來服務原始設備製造商，以便他們能夠獲得我們的技術。當然，正如您所知，我們最終真正關注的重點是售後市場。

I mean that's where the predominant volume comes from. And so like I mentioned, the Trimble Ready dozer option a few minutes ago. And that is what that means when it's Trimble Ready is it's prewired and plumbed such that in the aftermarket, we can come and access that technology.

我的意思是，大部分銷售都來自那裡。正如我幾分鐘前提到的，Trimble Ready 推土機選項。而「Trimble Ready」的意思就是，它已經預先佈線和連接，以便在售後市場，我們可以接入這項技術。

You also asked about product development. Here, the team has done really well. If you think about the machine fleet and you think about machine control, we tend to think about dozers and graders, but excavators remain a single-digit penetrated market. And so the technology continues to serve, I'd say, that mid-tier level of machines, so unlocking an addressable market.

您也問到了產品開發方面的問題。在這裡，團隊表現非常出色。如果談到機械設備，再談到機械控制，我們往往會想到推土機和平地機，但挖土機的市場滲透率仍然只有個位數。因此，我認為這項技術將繼續服務中階機器，從而開拓一個可觸達的市場。

When we do that, this was a few months ago, but we announced putting -- machine guidance now supports tilt buckets. That's something that the European customers need. In the quarter, we released some new technology called Roadworks 3D for pavers. Pavers, obviously, is a specialty piece of equipment. So larger reach into the available market and then at the sales level, the team is doing a really nice job.

幾個月前，我們宣布——機器引導現在支援傾斜鏟鬥。這是歐洲客戶所需要的。本季度，我們發布了一項名為 Roadworks 3D 的新技術，用於鋪路機。顯然，鋪路機是一種專用設備。因此，在拓展現有市場方面，團隊在銷售層面做得非常出色。

And by the way, I should say, our partners are doing a terrific job around the world of accessing the market. So strength and performance in all dynamics.

順便說一句，我們的合作夥伴在世界各地開拓市場方面做得非常出色。因此，在所有動態方面都展現出力量和表現。

Great. That's helpful color. And maybe just sticking with Field Systems, more modeling question. So if I look at the implied guidance in the fourth-quarter, it looks like you're taking a step down on growth. I'm just trying to think through like what that means from an exit rate perspective, just given that you're guiding to continued growth in '26, at least at an enterprise level.

偉大的。這是個很有幫助的顏色。或許就繼續關注場系統，更多的是建模問題。所以，如果我看一下第四季的隱含指引，看起來你們的成長速度有所放緩。我只是想從退出率的角度來思考這意味著什麼，因為你們預計 2026 年公司將繼續成長，至少在企業層面上是如此。

Chad, it's Phil. Yes, so good question. So in Field Systems, a couple of things. One is we had a really good fourth-quarter in 2024. And in particular, we had some larger government orders. And so we're not seeing those, as Rob mentioned before, a very small amount in the forecast. And so that's part of the downward pressure on the Field Systems growth year-over-year or a large part, I should say.

查德，我是菲爾。是的，問得好。所以，在現場系統中，有兩件事。一是我們在 2024 年第四季取得了非常好的成績。尤其是一些較大的政府訂單。因此，正如羅布之前提到的那樣，我們在預測中並沒有看到這些，數量非常少。因此，這在一定程度上（或應該說很大一部分）對現場系統業務的同比增長構成了下行壓力。

Jonathan Ho, William Blair.

喬納森·何，威廉·布萊爾。

I just wanted to maybe dig into some of your federal government comments, but from a slightly different angle. I think you're pursuing FedRAMP certification. And so just wanted to understand what you see as kind of the opportunity set, what the timing could look like for that and potentially whether sort of the shutdown slows down anything on the FedRAMP side?

我只是想從稍微不同的角度，深入探討你關於聯邦政府的一些評論。我認為你正在申請 FedRAMP 認證。所以，我只是想了解您認為有哪些機會，時機可能如何，以及政府停擺是否會減緩 FedRAMP 方面的進展？

Jonathan, on the -- specifically on the -- actually, let me talk about a couple of things. On the federal side, the business we do within federal, you could think of DoD work and civilian work. Just looking forward, it won't be a surprise. We would see stronger opportunities on the DoD side than on the civilian side. And let's see how this plays out.

喬納森，關於——確切地說，關於——實際上，讓我談談幾件事。在聯邦層面，我們所進行的業務，可以理解為國防部的工作和民事工作。展望未來，這不會令人感到意外。我們認為國防部方面的機會比民用的機會更多。讓我們看看事情會如何發展。

We'll do better if -- when the government -- I guess I'm knocking wood, when the government reopens, if we open with a budget passed, omnibus bill, that's better than if we continue to govern by the CR, the continuing resolution. So just a little bit more color there on how we think about looking forward into 2026 on the overall federal level.

如果——我猜我是在祈禱——政府重新開放時，如果我們通過了一項預算案，一項綜合法案，那會比我們繼續依靠持續決議來執政要好得多。所以，這裡再補充一些關於我們如何看待2026年聯邦層級整體規劃的細節。

With FedRAMP specifically, and going after the certifications, yes, there's a federal business. But the reality is we wouldn't do this if the opportunity was only in the federal business. We think about it as a security posture, which is increasingly important to all customers. So the FedRAMP to one customer and security as a service to another set of customers. So we think it's an important set of work to do in a world that's got very, let's say, complex data security, data sovereignty requirements around the world.

就 FedRAMP 而言，尤其是在獲得認證方面，是的，這其中涉及聯邦政府的業務。但現實情況是，如果機會只限於聯邦政府，我們就不會這麼做。我們將其視為一種安全態勢，這對所有客戶來說都越來越重要。因此，FedRAMP 服務面向一部分客戶，而安全即服務則面向另一部分客戶。因此，我們認為這是一項重要的工作，因為當今世界的資料安全和資料主權要求非常複雜。

It's a good hygiene and a good posture to have. And yes, by the way, we think that it could be business at the federal government. We weren't planning any revenue in that for FedRAMP in the government in 2026. So it's -- there's really nothing to see there as I think about the state of the government at the moment, and we'll keep plugging away at it, but we also see our customer -- by the way, a customer may often do both federal work and private work, maybe actually all of them do that -- do both. And more and more they're asking themselves, do they want to operate with FedRAMP certified technology in one part of the business and not in another.

保持良好的衛生習慣和姿勢非常重要。順便說一句，我們認為這可能是聯邦政府的生意。我們原本計劃在 2026 年從 FedRAMP 政府專案中獲得任何收入。所以——就目前政府的狀況而言，真的沒什麼可看的，我們會繼續努力，但我們也看到我們的客戶——順便說一句，一個客戶可能經常同時做聯邦工作和私人工作，也許實際上他們所有人都這樣做——兩者都做。他們越來越問自己，是否要在業務的某個部分使用 FedRAMP 認證的技術，而在另一個部分卻不使用。

All things equal, they'd rather just operate with one set of security postures and protocols throughout their business. But it's a significant investment to do this.

在其他條件相同的情況下，他們更願意在整個業務範圍內採用一套安全措施和協議。但這樣做需要一大筆投資。

That makes a ton of sense. And just a quick follow-up in terms of your SketchUp business. We've picked up some price increases that took place a little bit earlier in the third-quarter. I just wanted to understand sort of the impact there and how you think about SketchUp in terms of lead generation as well?

這很有道理。關於您的 SketchUp 業務，我還有一個後續問題想問。我們發現第三季早些時候出現了一些價格上漲。我只是想了解它在這方面的影響，以及您如何看待 SketchUp 在潛在客戶開發中的作用？

So on the pricing dynamic or actually it's even bigger than a pricing dynamic. We have multiple paths to market. We sell e-commerce. We sell through direct sales to enterprise customers. We sell on the App Store, and you can get SketchUp and we invite you to go buy some licenses.

所以，就定價動態而言，或者實際上它甚至比定價動態更大。我們擁有多種市場進入途徑。我們銷售電子商務產品。我們透過直接銷售方式向企業客戶銷售產品。我們在 App Store 上銷售 SketchUp，您可以下載使用，我們也邀請您購買一些授權。

Each one of those could offer monthly services or annual contracts. There's an optimization routine because what's our goal is to penetrate the market, to reach the market, to reach the customers where they are. And so you got to get the balance right and optimize the monthly and the annualized pricing such that you get the incentives right, right? We would like to have more people using the -- and doing the annual license with us and we think we got that balance right now.

它們都可以提供按月付費服務或按年付費合約。之所以要進行最佳化，是因為我們的目標是打入市場，觸達市場，並在客戶所在的地方觸達他們。所以，你必須找到合適的平衡點，優化月度定價和年度定價，從而確保激勵措施到位，對吧？我們希望更多的人使用我們的服務，並與我們簽訂年度許可協議，我們認為我們現在已經找到了合適的平衡。

So those are some of the pricing dynamics of optimizing that balance that we talked about on the last call. We think we got them right. Relative to lead generation for the rest of the business, actually, there's some good cross-sell plays that happened in some of the bundling plays. One of the ones that I think is the most compelling at the moment is Reality Capture and SketchUp.

以上就是我們在上次電話會議中討論的一些優化這種平衡的定價動態。我們認為我們猜對了。實際上，相對於公司其他業務的潛在客戶開發而言，在一些捆綁銷售策略中出現了一些不錯的交叉銷售策略。我認為目前最引人注目的技術之一是 Reality Capture 和 SketchUp。

So think about collecting 3D point cloud out in the field, and you need to do something with that data that's collected well. What you can do is bring that data and the SketchUp. And whether you're collecting an built that you didn't need to, let's say, design or do a remodel of boom, it's right there and SketchUp natively integrating with the field data collection that we're doing. So that's just one example, but there's many examples where SketchUp is linked very nicely to the rest of the portfolio.

所以，想想在野外採集 3D 點雲，你需要好好利用收集到的資料做些事。你可以把這些資料和 SketchUp 導入進來。無論你是收集不需要自己設計的建築物，還是需要對建築物進行改造，它都在那裡，SketchUp 可以與我們正在進行的現場數據收集原生整合。這只是一個例子，但還有很多例子表明 SketchUp 可以很好地與作品集的其他部分聯繫起來。

Nay Naing, Berenberg.

Nay Naing，貝倫貝格。

I just got a follow-up question on the operation leverage point. If we look at the year-to-date, your gross margin expansion, the year-on-year expansion dropped through to your EBIT margin expansion. I think it's tracking around 45%. So almost half of the gross margin expansion, we've seen that benefit coming through in EBIT, that rate is an improvement from about 30% that you achieved in the last two years.

我剛剛收到一個關於營運槓桿點的後續問題。如果我們看一下年初至今的情況，您的毛利率擴張，同比擴張則轉化為您的息稅前利潤率擴張。我認為它的預測值在 45% 左右。因此，毛利率擴張的近一半，我們已經看到這一收益體現在息稅前利潤中，這一比率比過去兩年實現的約 30% 有所提高。

Just wanted to understand from you, how should we think about this margin expansion drop through from gross margins to EBIT going forward as more of your top line growth will be driven by a higher gross margin software businesses?

我想請教您，隨著貴公司營收成長更依賴毛利率較高的軟體業務，我們該如何看待毛利率向息稅前利潤（EBIT）的轉換率下降問題？

Yes. Thanks for the follow-up. At Investor Day, we put -- the frame we put on operating leverage was 30% to 40%. Yes, we've been tracking ahead of that. But we think about it on a multiyear baseline. So we still hold the 30% to 40%. It's not lost on us that with the higher gross margins and those continue to go up in the business. By the way, in the last five years, 1,200 basis point increase in gross margins, 1,200 basis points. That is a structural improvement of transformation in the business model of Trimble. So yes, we have -- you could say the natural ability of the business model to be at the upper end of that 30% to 40%.

是的。謝謝你的後續跟進。在投資人日上，我們設定的經營槓桿框架是 30% 到 40%。是的，我們一直都在提前追蹤此事。但我們是從多年的角度來考慮這個問題。所以我們還是堅持30%到40%的比例。我們很清楚，隨著毛利率的提高，業務中的毛利率還會繼續上升。順便一提，過去五年毛利率增加了 1200 個基點，1200 個基點。這是Trimble商業模式轉型中的結構性改進。所以，是的，我們——可以說，這種商業模式本身就具備達到 30% 到 40% 上限的能力。

The balance that we've got -- that we'll get right and we will work towards is making sure we're continuing to invest in this moment, in this -- I'll say, in this AI moment. Simultaneously, we can get unlocks of productivity in our business, and we have areas where we want to differentially invest in order to get ourselves either ready or to accelerate the work that we're doing. We're playing the long game.

我們現在所追求的平衡——我們將努力實現並保持這種平衡——是確保我們繼續投資於當下，投資於當下，投資於——我可以說是投資於人工智慧時代。同時，我們可以提高業務生產力，並且我們希望在某些領域進行差異化投資，以便做好準備或加快我們正在進行的工作。我們著眼於長遠。

So I don't want to reset the expectation of that 30% to 40% range. We'll guide 2026. Phil will put that framework out next quarter. So we're not ready to say where we want to be within that. But you can see the growth in the business, and we feel confident enough where we are now to have given you a preview of '26 and that is a stepping stone to 2027.

所以我不想改變人們對30%到40%這個範圍的預期。我們將引領2026年。菲爾將在下個季度推出該框架。所以我們現在還不方便透露我們希望在其中扮演什麼角色。但你可以看到業務的成長，我們對目前的狀況足夠有信心，可以向你展示 2026 年的展望，而這只是邁向 2027 年的墊腳石。

I'll just say one other comment given whether it was the operating leverage comment on Q4. Remember, the moving parts as you're doing the modeling, a 53 week that we had last year. We have chunks of term licenses that hit on January 1, and our January 1 hits in the fourth-quarter of this year. And so the supplementary material that the team puts out, I highly encourage you to spend time with that and walk through that, and we can do that in the callbacks as well.

關於第四季經營槓桿的評論，我只想再補充一點。記住，在建模時要考慮各個活動部件，就像我們去年經歷的 53 週一樣。我們有一些期限許可將於 1 月 1 日到期，而我們的 1 月 1 日是在今年第四季。因此，我強烈建議你們花時間仔細閱讀團隊發布的補充資料，我們也可以在後續的面試中進行討論。

Thank you so much to everyone for joining us today. This does conclude today's conference call. You may now disconnect.

非常感謝各位今天蒞臨。今天的電話會議到此結束。您現在可以斷開連線了。