Trimble Inc (TRMB) 2025 Q4 法說會逐字稿

Hello, everyone. Thank you for joining us, and welcome to the Trimble fourth quarter 2025 earnings call. (Operator Instructions)

大家好。感謝您的參與，歡迎參加Trimble 2025年第四季財報電話會議。（操作說明）

I will now hand the call over to Rob Painter, President and CEO. Please go ahead.

現在我將把電話交給總裁兼執行長羅伯佩恩特。請繼續。

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 53rd week of fiscal 2024. For the fourth quarter, we will also adjust for the timing of January 1 term license renewals. As reported numbers, along with the reconciliation are provided in the appendix of our slide presentation.

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。第四季度，我們也將根據 1 月 1 日到期的許可證續約時間進行調整。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。

Okay. Let's get to it. Our fourth quarter results delivered a top and bottom line beat, punctuating a strong close to a strong year and positioning us well to deliver in 2026 and through the 2027 plan we presented at our last Investor Day. The results of the quarter and the year demonstrate the durability of our focused portfolio and the compounding returns of our Connect & Scale strategy.

好的。讓我們開始吧。我們第四季的業績實現了營收和利潤雙雙超出預期，為強勁的一年畫上了圓滿的句號，也為我們在 2026 年以及我們在上次投資者日上提出的 2027 年計劃中取得佳績奠定了良好的基礎。本季和年度的業績證明了我們專注的投資組合的持久性，以及我們「連結與規模化」策略帶來的複合收益。

As shown on Slide 4, we delivered $970 million in revenue in the quarter, up 9%. For the year, revenue was $3.57 billion, up 10%. Our ARR grew 14% to $2.39 billion with a notable 16% increase in our AECO segment and 20% increase in Field Systems. Earnings per share of $1 in the quarter was up 12% and $3.13 for the year, up 10%. Both were even higher on an organic basis.

如投影片 4 所示，本季我們實現了 9.7 億美元的收入，成長了 9%。該年度營收為 35.7 億美元，成長 10%。我們的年度經常性收入成長了 14%，達到 23.9 億美元，其中 AECO 業務成長了 16%，現場系統業務成長了 20%。本季每股收益為 1 美元，成長 12%；全年每股收益為 3.13 美元，成長 10%。兩者的有機含量甚至更高。

Connect & Scale is both an application and a platform strategy. As Slide 5 visualizes, our applications manifest as best-in-class hardware and software solutions, whereas platform manifests through connected workflows and ecosystems. Said another way, an application solves one problem, whereas a platform connects people, data and workflows to address system complexity.

Connect & Scale 既是一種應用策略，也是一種平台策略。如幻燈片 5 所示，我們的應用程式表現為一流的硬體和軟體解決方案，而平台則透過連接的工作流程和生態系統來體現。換句話說，應用程式解決一個問題，而平台連接人、資料和工作流程，以應對系統複雜性。

Furthermore, a platform empowers an ecosystem where customers and partners can build and extend offerings and integrated workflows. Platforms get stronger and more valuable as more people use them, creating a network effect where all participants benefit.

此外，平台還能賦能生態系統，讓客戶和合作夥伴能夠建構和擴展產品和服務以及整合工作流程。隨著使用平台的人越來越多，平台會變得越來越強大、越來越有價值，從而產生網路效應，讓所有參與者都受益。

With this in mind, we allocate capital along this continuum of product development, go-to-market and the underlying systems and processes to unlock our full potential. By connecting the hardware and software of Trimble to connect the office and the field, we are connecting the physical and digital worlds. In turn, we are delivering solutions that increasingly compound customer outcomes by leveraging unique data, connected solution capabilities and our unmatched go-to-market reach. We see AI as a force multiplier that accelerates value delivery along this entire flywheel.

基於此，我們將資金分配到產品開發、市場推廣以及相關係統和流程的各個環節，以充分發揮我們的潛力。透過將 Trimble 的硬體和軟體連接起來，連接辦公室和現場，我們將實體世界和數位世界連接起來。反過來，我們透過利用獨特的數據、互聯的解決方案能力和我們無與倫比的市場覆蓋範圍，提供不斷增強客戶成果的解決方案。我們認為人工智慧是一種倍增器，可以加速整個飛輪式價值的傳遞。

Slide 6 illustrates the financial outcomes of disciplined execution since we began our Connect & Scale journey in 2020. We have expanded recurring revenue as a percentage of total revenue from 40% to 65%. Software and services now represent 79% of total revenue. We have expanded gross margins by 1,300 basis points, which has given us tremendous degrees of freedom to invest for our future growth while expanding EBITDA margins by 400 basis points.

幻燈片 6 展示了自 2020 年我們開始「連結與擴展」之旅以來，嚴格執行所帶來的財務成果。我們將經常性收入佔總收入的比例從 40% 提高到了 65%。軟體和服務目前佔總收入的 79%。我們將毛利率提高了 1300 個基點，這讓我們在投資未來成長方面擁有了極大的自由度，同時將 EBITDA 利潤率提高了 400 個基點。

With this context in mind, let's turn to a review of the segments, starting with AECO. The team delivered another outstanding quarter. ARR at $1.48 billion was up 16% and revenue at $454 million was up 15%. Our ACV bookings remained strong with the team delivering a record quarter with cross-sell and upsell motions continuing to gain momentum as evidenced by net retention in our core commercial base at approximately 110%.

考慮到以上背景，讓我們來回顧各個部分，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 14.8 億美元，成長 16%；營收為 4.54 億美元，成長 15%。我們的年度合約價值 (ACV) 預訂量依然強勁，團隊實現了創紀錄的季度業績，交叉銷售和向上銷售活動繼續保持增長勢頭，核心商業基礎的淨留存率約為 110%，證明了這一點。

I'll highlight three examples of ongoing strategic progression in project management, collaboration and visualization and AI. In project management, our decision to allocate capital here over the last couple of years is yielding results. We delivered over 40% growth in bookings and over 50% growth in ARR. Throughout the year, we added hundreds of new customers and began our international expansion. Ease of use, natively built workflow integrations and bundled selling motions are driving growth and adoption.

我將重點介紹專案管理、協作與視覺化以及人工智慧領域持續策略發展的三個例子。在專案管理方面，我們過去幾年在這裡投入資金的決策正在取得成效。我們的預訂量成長超過 40%，年度經常性收入成長超過 50%。今年，我們新增了數百名客戶，並開始了國際擴張。易用性、原生建構的工作流程整合和捆綁式銷售流程正在推動成長和普及。

We're excited about our growth potential in project management and have our 2026 sales motions aligned to continue to win here. Trimble Connect has transcended its origins as a collaboration and model viewer to become the unifying pillar of our construction platform strategy. Connect turns field data such as point clouds and imagery from a job site into actionable insights in the office. It also takes detailed designs from the office to the field for fabrication, layout and installation.

我們對專案管理領域的成長潛力感到興奮，並已製定 2026 年銷售策略，以繼續在該領域取得成功。Trimble Connect 已超越其最初作為協作和模型檢視器的定位，成為我們建築平台策略的統一支柱。Connect 將現場資料（例如點雲和作業現場的影像）轉化為辦公室中可操作的見解。它還將辦公室的詳細設計圖帶到現場進行製造、佈局和安裝。

By capturing the as-built reality from the field and fusing it with design models, we are creating the definitive digital record of the physical world. This positions Trimble not just as a tool provider but as the data platform of record for the entire built environment. With respect to AI, Hensel Phelps, whom we highlighted during our Dimensions keynote, estimates they are saving millions of dollars in labor hours with our submittals AI agent that automates processing of the data and paperwork-intensive aspect of construction. In MEP estimating, we've deployed AI to identify and count electrical components directly from construction drawings, replacing a manual takeoff process.

透過捕捉現場的實際建造情況並將其與設計模型融合，我們正在創建物理世界的權威數位記錄。這使得 Trimble 不僅成為工具提供者，而且成為整個建築環境的資料記錄平台。關於人工智慧，我們在 Dimensions 主題演講中重點介紹的 Hensel Phelps 估計，他們透過我們的提交人工智慧代理節省了數百萬美元的人工時間，該代理可以自動處理建築中數據和文書工作密集型的方面。在機電工程估算中，我們部署了人工智慧技術，直接從施工圖中辨識和計數電氣元件，取代了人工計算流程。

This feature already has thousands of monthly active users and delivers over a 50% productivity gain and is generating millions of dollars of incremental ARR. In addition, we have created in-app AI assistance into many of our products, some of which are orchestrating multi-agent workflows, and we can already measure tens of thousands of conversations in case deflection rates up to 20%. 2026 will be a year where we accelerate our agentic AI releases.

該功能目前已擁有數千名月活躍用戶，生產力提高了 50% 以上，並創造了數百萬美元的增量 ARR。此外，我們已在許多產品中整合了應用內人工智慧助手，其中一些產品能夠協調多代理工作流程，我們已經可以衡量數萬次對話的案例轉移率，最高可達 20%。 2026 年，我們將加速推出代理式人工智慧產品。

Stepping back to look at a set of metrics of performance and progression, Slide 7 provides a 2025 refresh on the segment composition. The key takeaways here include a well-balanced and diversified set of customers being served with each pillar of the business having greater than $230 million of ARR, a geographic split that is centric to capturing the North American opportunity while demonstrating a compelling global opportunity to expand reach and a revenue mix that is almost entirely recurring.

退後一步，從一系列績效和進展指標來看，第 7 張投影片對 2025 年的細分市場組成進行了更新。關鍵要點包括：服務的客戶群均衡且多元化，每個業務支柱的 ARR 均超過 2.3 億美元；地理分佈以抓住北美市場機會為中心，同時展現出拓展全球業務的巨大潛力；以及幾乎完全由經常性收入構成的收入結構。

Slide 8 goes further to give a set of annual KPI updates that mark proof points against the growth drivers we put forward at Investor Day. I'll start with three KPIs that demonstrate the power of the $1 billion-plus cross-selling opportunity we see in Construction, starting with the data point that only 20% of our customers currently buy more than one product, a clear sign of penetration opportunity.

第 8 頁投影片進一步提供了一系列年度 KPI 更新，這些更新證明了我們在投資者日提出的成長驅動因素。我將首先介紹三個關鍵績效指標，以證明我們在建築業看到的超過 10 億美元的交叉銷售機會的強大之處。首先，只有 20% 的客戶目前購買不只一種產品，這清楚地表明了市場滲透的機會。

Next, customers with more than three products grew 18%, demonstrating our ability to run land and expand plays. Finally, more than 70% of our ACV bookings came from cross-sell and upsell motions, demonstrating that our customers value the breadth and depth of Trimble solutions. In addition, the significance of Trimble Connect was demonstrated by an 18% growth in the number of projects in Connect.

其次，擁有三種以上產品的客戶成長了 18%，這表明我們有能力經營土地並擴大業務。最後，超過 70% 的 ACV 預訂來自交叉銷售和向上銷售活動，這表明我們的客戶重視 Trimble 解決方案的廣度和深度。此外，Trimble Connect 的重要性也反映在 Connect 專案數量增加了 18%。

Moving to Field Systems. The physical business of Trimble outperformed in the quarter with particular strength once again in Civil Construction. Revenue at $379 million was up 4% and ARR at $409 million was up 20%. Kudos to the Field Systems team. They did an exceptional job in 2025, demonstrating the strength of our innovation and execution and continuing to lay the foundation for Connect & Scale to differentiate at the intersection of the physical and digital worlds.

遷移至現場系統。Trimble 的實體業務在本季表現優異，其中土木工程領域再次表現強勁。營收達 3.79 億美元，成長 4%；年度經常性收入達 4.09 億美元，成長 20%。向現場系統團隊致敬。他們在 2025 年表現出色，展現了我們強大的創新和執行力，並繼續為 Connect & Scale 在物理世界和數位世界的交匯處脫穎而出奠定基礎。

I'll highlight a few examples of unique Trimble value delivery that Field Systems enables, starting with our customer, JE Dunn, one of the largest and most sophisticated North American general contractors who self-performs their concrete work.

我將重點介紹 Trimble Field Systems 實現的獨特價值交付的幾個例子，首先是我們的客戶 JE Dunn，它是北美最大、最先進的總承包商之一，他們自己進行混凝土工程。

They work with Trimble software in the office to create precise 3D design models, then utilize Trimble augmented reality to see those models in context in the field. They deploy Trimble total stations to lay out these models in the physical world and Trimble 3D laser scanners to capture as-built data for quality control, all of which is coordinated through Trimble Connect to create a digital twin.

他們在辦公室使用 Trimble 軟體創建精確的 3D 設計模型，然後利用 Trimble 擴增實境技術在現場查看這些模型的實際應用效果。他們部署 Trimble 全站儀在現實世界中佈置這些模型，並使用 Trimble 3D 雷射掃描儀捕獲竣工數據以進行品質控制，所有這些都透過 Trimble Connect 進行協調，以創建數位孿生。

This unique Trimble workflow that links work in the office and the field is driving productivity and quality while eliminating millions of dollars in rework, which in turn is significantly reducing their carbon footprint. Beyond self-perform concrete workflows, we have advanced our piling automation workflows for solar farm construction, and we developed a mass hall workflow to automate the infrastructure building process for mines as well as for large commercial and industrial sites.

Trimble 獨特的工作流程將辦公室和現場的工作聯繫起來，提高了生產力和質量，同時避免了數百萬美元的返工，從而顯著減少了碳足跡。除了自主施工混凝土工作流程外，我們還改進了太陽能發電廠建設的打樁自動化工作流程，並開發了大型大廳工作流程，以實現礦山以及大型商業和工業場所基礎設施建設過程的自動化。

AI acts as a force multiplier on top of these unique workflows from AI classification of large data sets we collect in the field to analytics across transportation infrastructure, building construction, mining and utilities to optimize workflows and enable our customers to make better decisions.

從對我們在現場收集的大型資料集進行人工智慧分類，到對交通基礎設施、建築施工、採礦和公用事業進行分析，人工智慧在這些獨特的工作流程之上發揮著倍增器的作用，從而優化工作流程，使我們的客戶能夠做出更好的決策。

This isn't just a vision, we already have tens of terabytes of reality capture data that have been uploaded to Trimble Connect, and we expect to double that in 2026. Stepping back to look at a set of metrics of performance and progression, Slide 9 provides a 2025 refresh on the segment composition. The key takeaways here include a well-balanced and diversified set of capabilities we take to market from GNSS and optical surveying instruments to inertial navigation and our unique positioning services that support precise positioning and navigation to our on and off-machine Civil Construction automation portfolio. Field Systems is our most global business, and we continue to develop product and distribution to reach the global opportunity.

這不僅僅是一個願景，我們已經有數十TB的現實捕捉資料上傳到了Trimble Connect，我們預計到2026年這個數字將會翻倍。退後一步，從一系列績效和進展指標來看，第 9 張投影片對 2025 年的細分市場組成進行了更新。這裡的主要收穫包括我們推向市場的均衡且多元化的能力，從 GNSS 和光學測量儀器到慣性導航，以及我們獨特的定位服務，這些服務支持精確定位和導航，並應用於我們的機上和機外土木工程自動化產品組合。現場系統是我們全球化程度最高的業務，我們將繼續開發產品和分銷管道，以抓住全球機會。

Finally, the revenue composition demonstrates a significant milestone in 2025. The segment is now over 50% software and services and 26% of our revenue is now recurring. Slide 9 also lays out a set of KPIs against the growth drivers we put forward at Investor Day.

最後，收入組成顯示，2025 年將迎來一個重要的里程碑。該業務板塊目前超過 50% 為軟體和服務，26% 的收入為經常性收入。第 9 頁也列出了一系列針對我們在投資者日提出的成長驅動因素的關鍵績效指標。

During the year, our business model conversions continue to expand our addressable market as evidenced by the fact that approximately half of our sales of machine control as a service are to new logos. It's the same phenomenon we see with our Trimble Catalyst subscriptions, where we are reaching new users and customers with this more affordable offering.

今年，我們的商業模式轉型不斷擴大了我們的目標市場，這體現在我們機器控制即服務銷售額的大約一半來自新客戶。我們在 Trimble Catalyst 訂閱服務中也看到了同樣的現象，我們透過這種更經濟實惠的方式吸引了新的用戶和客戶。

Finally, the addition of new Trimble technology outlets is expanding our reach to serve the mix fleet. Moving to Transportation. ARR at $508 million was up 7% and revenue at $136 million was up 4%. We continue to grow despite the challenged freight market. To highlight a couple of examples of Connect & Scale at work, I'll start with our unique ability to cross-sell within the portfolio. From the perspective of a customer, they don't see divisions within the business. They see a set of capabilities. And those capabilities come in the form of carrier TMS, shipper TMS, dock and yard scheduling, final mile, maintenance, mileage, navigation, fuel tax reporting, freight audit and beyond.

最後，新增的 Trimble 技術銷售點擴大了我們的服務範圍，能夠更好地服務混合車隊。移至交通運輸部門。ARR 為 5.08 億美元，成長 7%；營收為 1.36 億美元，成長 4%。儘管貨運市場面臨挑戰，我們仍保持成長。為了突顯 Connect & Scale 的幾個實際應用案例，我將首先介紹我們在產品組合內進行交叉銷售的獨特能力。從顧客的角度來看，他們看不到企業內部的部門劃分。他們看到了一系列能力。這些功能包括承運商運輸管理系統 (TMS)、托運人運輸管理系統 (TMS)、碼頭和堆場調度、最後一公里配送、維護、里程、導航、燃油稅申報、貨運審計等等。

Cross-selling looks like selling fleet maintenance into our TMS base or selling mapping into our European customer base or selling shipper TMS capabilities from Transporeon into the North American market. In parallel, we continue to natively integrate the data flows across these capabilities, and we apply AI as a force multiplier to deliver outcomes that we are uniquely positioned to deliver given the breadth and depth of the global customer base and data set we touch. Another example of being better together comes in the form of freight marketplace.

交叉銷售就像是向我們的 TMS 客戶群銷售車隊維修服務，或向我們的歐洲客戶群銷售地圖繪製服務，或向北美市場銷售 Transporeon 的托運人 TMS 功能。同時，我們繼續將這些功能的資料流原生整合起來，並應用人工智慧作為倍增器，以實現我們憑藉全球客戶群和資料集的廣度和深度而獨有的優勢所取得的成果。另一個體現合作共贏的例子是貨運市場。

In the third quarter, we announced Procter & Gamble as an anchor tenant. In December, we won the business of one of the world's leading beverage companies to manage their US based spot, mini bid and strategic procurement.

第三季度，我們宣布寶潔公司成為主要租戶。12 月，我們贏得了世界領先的飲料公司之一的業務，負責管理其在美國的現貨、小型競標和戰略採購。

By bringing billions of dollars of additional shipper freight spend into our marketplace, we believe we are well positioned to capture additional business with the leading global shippers by connecting them with vetted carrier freight capacity.

我們相信，透過將數十億美元的額外貨主貨運支出引入我們的市場，我們能夠更好地將領先的全球貨主與經過審核的承運商貨運能力聯繫起來，從而贏得更多業務。

Stepping back to look at a set of metrics of performance and progression, Slide 10 provides a 2025 refresh on the segment composition, which is almost entirely recurring revenue. The segment is well balanced with the carrier and shipper-centric solutions and geographically balanced between Europe and North America.

退後一步，從一系列績效和進展指標來看，第 10 張投影片提供了 2025 年的細分市場組成更新，其中幾乎完全是經常性收入。該細分市場在以承運人和托運人為中心的解決方案方面保持了良好的平衡，並且在歐洲和北美之間實現了地理上的平衡。

During the year, we expanded the power of our multisided marketplace as evidenced by the addition of over 10,000 carriers and over 100 shippers. We also demonstrated the ability to grow our existing customers as evidenced by double-digit growth of Transporeon customers doing more than EUR 1 million of ARR and MAPS and Enterprise customers doing both $100,000 and $1 million in ARR.

年內，我們擴大了多邊市場的實力，新增了 10,000 多家承運商和 100 多家托運人，就證明了這一點。我們也證明了我們有能力發展現有客戶，Transporeon 客戶的 ARR 超過 100 萬歐元，MAPS 和 Enterprise 客戶的 ARR 分別達到 10 萬美元和 100 萬美元，證明了這一點。

With that, Phil, I'll turn it over to you.

菲爾，接下來就交給你了。

Thanks, Rob. Let me start with capital allocation, which remains disciplined and consistent. During the fourth quarter, we repurchased approximately $148 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. We retained a substantial $925 million under our current repurchase authorization, which gives us flexibility for opportunistic buybacks. Longer term, we continue to expect at least one-third of our free cash flow to be used for repurchasing shares as we look to provide returns for our shareholders.

謝謝你，羅伯。首先我想談談資本配置，這方面我們一直保持著嚴謹一致的態度。第四季度，我們回購了價值約 1.48 億美元的股票，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。我們目前的股票回購授權保留了高達 9.25 億美元的資金，這使我們能夠靈活地進行機會性回購。從長遠來看，我們仍然預期至少三分之一的自由現金流將用於回購股票，以期為股東帶來回報。

Our M&A strategy remains focused on strengthening our core market positions. We continue to screen for opportunities in high-growth capabilities that we integrate into our platforms, primarily in construction software with an emphasis on tuck-in acquisitions. Let's review the fourth quarter of 2025, starting on Slide 11. We delivered organic revenue growth of 9%, which exceeded our outlook, driven by the continued strength of AECO and Field Systems and with Transportation & Logistics demonstrating resilience and positive growth within a constrained freight market.

我們的併購策略仍然專注於鞏固我們的核心市場地位。我們持續尋找高成長能力領域的機會，並將其整合到我們的平台中，主要集中在建築軟體領域，尤其專注於整合式收購。讓我們回顧一下 2025 年第四季度，從第 11 張投影片開始。我們實現了 9% 的有機收入成長，超過了我們的預期，這主要得益於 AECO 和現場系統業務的持續強勁增長，以及運輸和物流業務在受限的貨運市場中展現出的韌性和積極增長。

ARR was toward the top end of our outlook at 14% to a record $2.39 billion. The continued growth in our recurring revenue base provides a predictable and resilient foundation for our business. Gross margins expanded to 74.6%, and we achieved EBITDA margins of 33.5%. Both were aided by January 1 term license renewals. Reported earnings per share was $1 for the quarter, $0.05 better than the midpoint and above the high end of our guidance. Our 2025 full year results serve as validation of the progression of our financial model and confidence that we are on a trajectory to deliver our long-term model as presented at Investor Day of $3 billion in ARR, $4 billion of revenue and 30% EBITDA margins in 2027.

ARR 達到我們預期上限的 14%，創下 23.9 億美元的紀錄。經常性收入基礎的持續成長為我們的業務提供了可預測且穩健的基礎。毛利率擴大至 74.6%，EBITDA 利潤率達 33.5%。兩者都得益於1月1日到期的許可證續約。本季公佈的每股收益為 1 美元，比預期中位數高出 0.05 美元，也高於我們預期的上限。我們 2025 年全年業績驗證了我們財務模型的進展，並讓我們有信心實現我們在投資者日上提出的長期模型，即 2027 年實現 30 億美元的年度經常性收入、40 億美元的收入和 30% 的 EBITDA 利潤率。

For the full year, organic revenue growth of 10% surpassed the high end of our outlook. Gross margins expanded 150 basis points to 71.7% and EBITDA margins expanded 150 basis points to 29.3%. EPS for the year was $3.13 and above the high end of our guide and well above our long-term model of low to mid-teens growth when adjusting for the Ag divestiture.

全年來看，有機收入成長10%，超過了我們預期的上限。毛利率成長 150 個基點至 71.7%，EBITDA 利潤率成長 150 個基點至 29.3%。本年度每股收益為 3.13 美元，高於我們預期的上限，並且遠高於我們長期模型預測的 10% 到 25% 的增長（已考慮農業剝離的影響）。

Moving to the balance sheet and cash flow items on Slide 12. Our year-to-date reported free cash flow remains strong at $361 million when considering the $307 million of tax payments and other costs primarily related to divestitures. We exited the year with a strong balance sheet that provides financial flexibility with $253 million of cash and a leverage ratio of 1.1 times, which is well below our long-term target rate of 2.5 times.

接下來請看第 12 頁的資產負債表和現金流量表項目。在扣除 3.07 億美元的稅款和其他主要與資產剝離相關的成本後，我們今年迄今報告的自由現金流仍然強勁，達到 3.61 億美元。年底時，我們擁有強勁的資產負債表，現金餘額為 2.53 億美元，槓桿率為 1.1 倍，遠低於我們 2.5 倍的長期目標水平，從而提供了財務靈活性。

Moving to a segment review of the numbers. Let's start with AECO on Slide 13. AECO continues to perform and exceeded expectations with a record $1.475 billion of ARR, posting 16% ARR growth and 15% revenue growth for the quarter. Operating margin was at 44% and was aided by January 1 term license renewals. For the full year, both AECO revenue and ARR grew at 16% and operating margin was at 34.2%.

接下來對各項數據進行分段回顧。讓我們從第 13 張投影片上的 AECO 開始。AECO 繼續保持良好業績，並超越預期，年度經常性收入 (ARR) 達到創紀錄的 14.75 億美元，本季 ARR 成長 16%，營收成長 15%。營業利潤率為 44%，這得益於 1 月 1 日到期的許可證續約。全年來看，AECO 的營收和 ARR 均成長了 16%，營業利益率為 34.2%。

Next, Field Systems on Slide 14. Revenue was up 4% in the fourth quarter while absorbing model conversions to recurring revenue. The continued execution resulted in another strong quarter of ARR growth at 20% and operating margin was 30%. For the full year, revenue was up 5%, ARR up 20% and operating margin expanded 100 basis points to 31.1%.

接下來，請看第 14 張投影片上的現場系統。第四季營收成長 4%，同時吸收了模式轉換帶來的經常性收入。持續有效的執行使得 ARR 再次強勁成長，季度成長率達到 20%，營業利潤率達到 30%。全年來看，營收成長了 5%，年度經常性收入成長了 20%，營業利益率成長了 100 個基點，達到 31.1%。

Finally, Transportation & Logistics on Slide 15. In a freight environment that remains muted, the segment delivered revenue growth of 4% and ARR growth of 7% for the quarter. Operating margins were at 22.9%. For the full year, revenue grew 5%, ARR grew 7% and operating margin was at 22.9%. Operating margin for both the quarter and the full year were slightly down year-over-year, primarily due to stranded costs related to the Mobility divestiture.

最後，第 15 頁是運輸與物流。在貨運市場依然低迷的情況下，該業務板塊本季實現了 4% 的收入成長和 7% 的 ARR 成長。營業利益率為 22.9%。全年來看，收入成長了 5%，年度經常性收入成長了 7%，營業利益率為 22.9%。本季和全年的營業利潤率較去年同期略有下降，主要原因是與行動業務剝離相關的擱淺成本。

Turning to Slide 16. Let's look ahead to 2026. The midpoints of our 2026 full year guidance are $3.86 billion in revenue, which represents approximately 7.5% growth and $3.52 EPS. We expect ARR growth at 13% and EBITDA margins to expand approximately 50 basis points to 29.8% as our model delivers strong operating leverage while allowing us to reinvest for future growth. From a cash flow perspective, we expect free cash flow to be approximately 1 time net income and that we can deliver free cash flow greater than the non-GAAP net income over the long term.

翻到第16張幻燈片。讓我們展望2026年。我們對 2026 年全年業績的預期中位數為：營收 38.6 億美元，約 7.5% 的成長，每股收益 3.52 美元。我們預計 ARR 成長率將達到 13%，EBITDA 利潤率將擴大約 50 個基點至 29.8%，因為我們的模式能夠提供強大的營運槓桿，同時使我們能夠再投資以實現未來的成長。從現金流的角度來看，我們預計自由現金流約為淨收入的 1 倍，並且我們能夠在長期內實現大於非 GAAP 淨收入的自由現金流。

Slide 17 breaks down these metrics by segment. The trajectory across all three segments remain fully aligned to deliver the Investor Day company targets for 2027. Finally, regarding our first quarter outlook on Slide 18. Our revenue midpoint at $905 million, which is approximately 8% growth, EPS midpoint at $0.71 and ARR growth at 13%. We expect EBITDA margins at 26.6%, which is a 70 basis points expansion year-over-year.

第 17 張投影片按細分市場細分了這些指標。所有三個業務部門的發展軌跡仍然完全一致，以實現投資者日公佈的 2027 年公司目標。最後，關於我們第 18 頁幻燈片中的第一季展望。我們的營收中位數為 9.05 億美元，成長約 8%；每股收益中位數為 0.71 美元；年度經常性收入成長 13%。我們預期 EBITDA 利潤率為 26.6%，比上年同期成長 70 個基點。

Back to you, Rob.

羅布，該你了。

Thanks, Phil. I'll close with a reflection on the compounding benefits of our Connect & Scale strategy. The fruits of what we see today are the result of years of past work by the Trimble team. Unlocking the power of compounding takes patience and conviction to be just a little bit better every day.

謝謝你，菲爾。最後，我想談談我們「連結與擴展」策略帶來的累積效益。我們今天所看到的成果，是 Trimble 團隊多年來辛勤工作的結晶。要發揮複利的威力，需要耐心和決心，每天進步一點點。

The strength and momentum we carry into 2026 gives us confidence that we have yet to see the biggest gains for what's possible when we connect people, data, workflows and ecosystems and construction and transportation. That same principle of compounding applies to our financial returns, and that flywheel is turning.

2026 年，我們擁有了強大的實力和發展勢頭，這讓我們相信，當我們把人、數據、工作流程、生態系統以及建築和交通運輸連接起來時，我們還沒有看到最大的收益。複利的原則同樣適用於我們的財務回報，而這個飛輪正在運作。

My gratitude to the Trimble team and partners as well as our investors who continue to support our strategy. Operator, let's open the line to questions.

我衷心感謝 Trimble 團隊和合作夥伴，以及一直以來支持我們策略的投資者。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。

Hey guys, good morning. I wanted to ask about the Field Systems ARR growth. It's really impressive to see it accelerate to 20%. Maybe can you speak to some of the strength you saw in the quarter? And then when we think about guidance, it's assuming kind of deceleration in 2026 to that low to mid-teens. Is that just a function of tough comp? Or is there some dynamic with kind of the transition we should know about?

嘿，各位，早安。我想問一下現場系統 ARR 的成長情況。看到它加速成長到 20%，真是令人印象深刻。您能否談談您在本季看到的優勢所在？然後，當我們考慮指導意見時，我們假設到 2026 年經濟成長將放緩至十幾到五成的水平。這只是因為競爭激烈嗎？或者說，在這種過渡過程中是否存在著我們應該了解的動態因素？

Hey, good morning, Jason, it's Rob here. With the growth in the quarter, and you're right, it was impressive growth from the team. We continue to see strong performance in the machine control guidance as a service. We continue to see growth actually in providing corrections into the automotive market and Geospatial, we see growth in our Catalyst, which is positioning as a service.

嘿，早上好，傑森，我是羅布。本季實現了成長，你說得對，團隊的成長令人印象深刻。我們看到機器控制引導服務持續表現強勁。我們持續看到汽車市場和地理空間領域的修正業務成長，我們的 Catalyst 業務也實現了成長，該業務定位為一項服務。

The software conversions continue to drive growth really across the board strength. Relative to the guide in 2026, there is a lapping effect as we've started the conversions and have been early in them, there's just a natural mathematical effect on that. So really continue at the fundamental level to expect to see strong growth in that. And when you up level to the segment level, Field Systems crossed a threshold now of being over 50% software and services for the year. So very happy about that.

軟體轉換率持續推動全面成長。與 2026 年的指南相比，由於我們已經開始轉換並且處於早期階段，因此存在重疊效應，這只是一個自然的數學效應。所以，要真正從根本上保持成長，就應該期待看到強勁的成長。而當你把層級提升到細分市場層面時，現場系統今年的軟體和服務佔比已經超過了 50%。對此我非常高興。

Okay. Wonderful. And then the construction and architecture industry seems very suitable for agentic given the many stakeholders and historically siloed processes. But the industry has historically been pretty slow at adopting technology. Can you discuss how you think the industry will ramp adoption of agentic and how that might compare with maybe other industries? And then as Trimble launches these new agentic features, how are you're looking to monetize them? Thank you.

好的。精彩的。鑑於建築業涉及眾多利益相關者和歷史上各自獨立的流程，該行業似乎非常適合代理型組織。但從歷史上看，該行業在採用新技術方面一直相當緩慢。您能否談談您認為該行業將如何加速採用智慧代理技術，以及這與其他行業相比有何不同？隨著 Trimble 推出這些新的智慧體功能，你們打算如何實現其獲利？謝謝。

Hey, good question. We think that Trimble platforms are the exact right place for customers to adopt the agentic workflows that we can enable, let's say, as opposed to doing them outside of a Trimble platform. So we're already that system of record that becomes a system of intelligence. We already have a unique data set resident inside of Trimble that customers want to unlock.

嘿，問得好。我們認為，Trimble 平台是客戶採用我們能夠實現的代理商工作流程的最佳場所，而不是在 Trimble 平台之外進行這些工作流程。所以我們已經成為了一個記錄系統，而這個記錄系統最終會成為一個智慧系統。我們Trimble內部已經擁有客戶想要解鎖的獨特資料集。

And when I spend time with customers, increasingly, they're talking about how do they unlock more out of the data they have and how do they get AI usage on top of that data to help them address, let's say, the challenges and the opportunities that exist in the industry.

當我與客戶溝通時，他們越來越多地談論如何從現有數據中挖掘更多價值，以及如何利用人工智慧技術來幫助他們應對產業中存在的挑戰和機會。

So we think the best way to speed up the adoption in the industry of agentic AI is doing it on top of the existing platforms and solutions that they're already buying from us where we have that trusted relationship and a unique and I think proprietary data set upon which to build.

因此，我們認為加快智能體人工智慧在行業中的應用的最佳方法是，在他們已經從我們這裡購買的現有平台和解決方案之上進行開發，因為我們與他們建立了信任關係，並且擁有獨特且我認為是專有的數據集，可以以此為基礎進行構建。

Hey Jason, this is Phil. Just to add -- sorry, you had asked about the monetization. So one thing I'll point out with SketchUp, we introduced some new AI agents and what we've started to do is actually include credits. So as you use the agents, you apply credits against them, early stages. But as we think about the monetization is moving a little bit more into that consumption as well.

嘿，傑森，我是菲爾。補充一點—抱歉，您問的是關於獲利模式的問題。所以我想指出的是，在 SketchUp 中，我們引入了一些新的 AI 代理，我們現在開始做的是真正地添加署名。所以，在使用代理商時，你可以在早期階段對他們應用信用額度。但當我們思考獲利模式時，會發現它也更融入了消費領域。

Okay, very helpful, thank you.

好的，很有幫助，謝謝。

Josh Tilton, Wolfe Research.

Josh Tilton，Wolfe Research。

Hey guys, thanks for sneaking me in and congrats on a strong end to the year. I'll start with a pretty high-level one, maybe for next year. I think coming into this year, there were some puts and takes on some conservatism in the guidance for '25. How do we think about what those puts and takes are for the guidance that you just set for '26? Maybe a little more specifically, like what are you assuming for the macro? What are you assuming around Fed? Like how do we think about some of those inputs in the outlook for this year?

嘿，夥計們，謝謝你們讓我偷偷溜進來，也祝賀你們以一個完美的收官結束了這一年。我先從一個比較高階的題目開始，也許明年可以試試看。我認為，在今年年初，對於2025年的業績指引，存在著一些保守的看法和觀點。對於您剛設定的 2026 年指導價，我們該如何看待這些買入和賣出操作？或許可以更具體地問一下，例如你對宏的假設是什麼？你對聯準會的政策有何看法？例如，我們該如何看待這些因素對今年前景的影響？

Hey Josh, thanks for the question. I'll start, and Phil, you can add on. 2025 was clearly a very strong year of progression for us strategically, operationally, built on what was also a strong 2024. When we think about 2026, we're also thinking about that in a longer-term context through the 2027 model we put forward at Investor Day. At a macro level, don't really see any fundamental differences in the market.

嗨，喬希，謝謝你的提問。我先來，菲爾，你接著說。 2025年對我們來說顯然是策略和營運方面都取得重大進展的一年，這建立在2024年同樣強勁的發展勢頭之上。當我們展望 2026 年時，我們也在從更長遠的角度考慮，透過我們在投資者日提出的 2027 年模型來展望未來。從宏觀層面來看，市場並沒有出現任何根本性的變化。

So we're expecting and planning really a pretty consistent environment that's out there, and we can talk through the puts and takes on that. That includes, for example, at the US federal government level, really a very muted amount of business there in Transportation at the macro level, expect to continue to see a more challenged freight market.

所以我們預期併計劃營造一個相當穩定的市場環境，我們可以就此展開討論。例如，在美國聯邦政府層面，宏觀層面的運輸業務實際上非常低迷，預計貨運市場將繼續面臨更大的挑戰。

And if we look in Construction, we see pockets of strength in data centers and infrastructure build. We see it in shipbuilding. We see it in onshoring, reshoring of manufacturing. And really, those are trends that we've been seeing here for the last couple of years.

如果我們觀察建築業，會發現資料中心和基礎設施建設領域存在一些優勢領域。我們在造船業中就能看到這種情況。我們從製造業的本土化和回流中就能看到這一點。事實上，這些趨勢我們在過去幾年裡一直都在發生。

So we continue to progress the strategy. We take that forward into the guide. And inside that guide, we want to make sure we leave ourselves room to operate the business comfortably and to be able to reinvest back into the business, and that flows in then to our point of view at both the ARR growth, revenue growth down through the op margins.

因此，我們將繼續推進該戰略。我們將這一點納入指南中。在該指南中，我們希望確保留出足夠的空間，以便能夠舒適地經營業務，並能夠再投資於業務，這最終會影響到我們對 ARR 成長、收入成長以及營運利潤率的看法。

Super helpful. And maybe just like one more bit of a narrow follow-up. In AECO, I know the deck says over 70% of ACV bookings with existing customers. But when we think about, I guess, just under 30% of ACV bookings coming from new, where are those new customers coming from? Like why are they choosing you over the competition? And maybe just remind us what did that look like in the past? Thanks guys.

非常有用。或許可以再補充一點後續內容。在 AECO 領域，我知道資料顯示超過 70% 的 ACV 預訂來自現有客戶。但當我們想到，大約只有不到 30% 的 ACV 預訂來自新客戶時，這些新客戶來自哪裡？他們為什麼會選擇你而不是競爭對手？或許可以提醒我們一下，過去是什麼樣子？謝謝各位。

Let's start with where the customers come from, where new logos are coming from. We see that in two dimensions. One is geographic. So we're a very global business, more than -- in AECO, more than half of it is in North America. The global -- that's a different ratio than the global construction market, which is to say we have lots of opportunities outside of North America win new logos, and we see that through the results.

讓我們先從客戶來源、新標誌的來源說起。我們在二維空間中可以看到這一點。一是地理位置。所以，我們是一家非常全球化的企業，在AECO領域，超過一半的業務都在北美。全球—這與全球建築市場的比例不同，也就是說，我們在北美以外有很多機會贏得新客戶，我們從結果中也看到了這一點。

If you take it at a closer to a product level or even TC1 level, bundled offerings, take project management as an example, added hundreds of new customers in 2025 into the business, and that played through that 50% ARR growth we talked about in that. So you can see that on two different axes. Product penetration in the market meets geographic penetration.

如果從產品層面，甚至是 TC1 層面來看，捆綁式產品，以專案管理為例，在 2025 年為公司增加了數百名新客戶，這實現了我們之前提到的 50% 的 ARR 成長。所以你可以從兩個不同的座標軸上看到這一點。產品市場滲透率與地域滲透率相符。

And why customers are choosing Trimble? Well, we've got 48 years now of building best-in-breed, best-in-class purpose-built solutions for the end markets that we serve and those customers that we serve. In addition, TC1, Trimble Construction One within AECO has been a strong catalyst for that adoption because when you're buying inside Trimble Construction One or you're buying inside the Trimble platform, you're buying a set of solutions that are natively integrated that are helping you solve workflow challenges and opportunities, getting after those higher order problems.

為什麼客戶會選擇Trimble？48年來，我們一直致力於為我們服務的終端市場和客戶打造一流的、頂級的客製化解決方案。此外，TC1（Trimble Construction One）在 AECO 中發揮了強大的推動作用，因為當您在 Trimble Construction One 或 Trimble 平台內購買產品時，您購買的是一套原生整合的解決方案，這些解決方案可以幫助您解決工作流程中的挑戰和機遇，並解決更高層次的問題。

And we're doing the things that we can uniquely do to connect work in the office and the field and beyond AECO connect hardware and software across all of Trimble to connect the work in the physical and the digital world. The sum of that is what's driving those bookings, both at the new logo and existing.

我們正在做我們獨特的事情，將辦公室、現場以及更廣闊的領域中的工作連結起來。 AECO 將 Trimble 的所有硬體和軟體連接起來，從而將實體世界和數位世界中的工作連結起來。正是這些因素的總和推動了新舊客戶的預訂量成長。

Super helpful thank you guys.

非常感謝你們，真的很有幫助。

Our next question comes from Chad Dillard with Bernstein.

下一個問題來自伯恩斯坦公司的查德·迪拉德。

Chad has disconnected. Our next question comes from Kristen Owen with Oppenheimer.

查德已斷開連線。我們的下一個問題來自奧本海默公司的克里斯汀歐文。

Hi, good morning. Thank you so much for the question. Rob, I wanted to follow up here on Slide 8. Really appreciate a lot of these KPIs and giving some visibility into this. One of the questions that I have for you, though, is if I take some of these data points around net retention, the new logos versus existing customers, and I want to roll that up into a comprehensive ARR growth algorithm that sort of points us to the mid-teens guidance that you've provided for 2026.

您好，早安。非常感謝您的提問。羅布，我想就第 8 張投影片做個後續說明。非常感謝你們提供的這些關鍵績效指標，以及讓這些資訊更加透明化。不過，我有一個問題想問您，如果我把這些關於淨留存率、新客戶與現有客戶的數據點匯總起來，我想將其整合到一個全面的 ARR 增長算法中，該算法能夠幫助我們實現您為 2026 年提供的 15% 左右的增長預期。

How do I think about those individual moving parts, how much is price, how much is account accretion, et cetera, et cetera? How do we take these KPIs and really contextualize them in the guidance?

我該如何看待這些單獨的組成部分，價格佔多少，帳戶增值佔多少，等等？我們如何將這些關鍵績效指標真正融入指導方針中？

Yeah, so, hey, Kristen, thanks for the question. So let's maybe work backwards from the guide implies a mid-teens growth in the ARR in the business, which is also, by the way, consistent with what we put forward at Investor Day. When you do the stack on net retention, you start with looking at the gross retention. So the churn is in that mid-single-digit range to begin with. When you -- now you go up the stack on that, what you can connect the dots on is that with 70% of the ACV bookings being with existing customers, that's both -- that's the sum of cross-sell and upsell.

是的，嗨，克里斯汀，謝謝你的提問。所以，我們不妨從該指南反推一下，指南暗示該業務的 ARR 將實現 15% 左右的增長，順便說一句，這也與我們在投資者日上提出的觀點一致。在進行淨留存率分析時，首先要查看總留存率。所以，客戶流失率一開始就處於個位數中段的水準。當你——現在你向上追溯這個層級，你會發現，70% 的 ACV 預訂都來自現有客戶，這既是交叉銷售，也是向上銷售的總和。

And we actually see a ratio of higher upsell to the cross-sell. So we're continuing to penetrate the existing base we have of customers. By the way, when we cross-sell into customers, that then creates the next upsell opportunity. There's a flywheel that happens with that. Pricing is relatively modest. I call that in the low single-digit range on the stack up through that net -- yes, through the stack to get to total net retention,

實際上，我們看到追加銷售與交叉銷售的比例更高。因此，我們正在繼續拓展我們現有的客戶群。順便說一句，當我們向客戶交叉銷售產品時，就會產生下一個追加銷售的機會。這樣會產生一個良性循環。價格相對適中。我稱之為從堆疊向上到該網路的低個位數範圍——是的，從堆疊向上到總淨保留率，

I'm sorry, those are the sum of the pieces. And so then you see some of the other statistics on there, whether it's the number of customers using more than one product or the growth in customers with more than three products, those support that cross-sell, upsell part of the net retention stack.

抱歉，這就是全部情況。因此，你會看到一些其他的統計數據，無論是使用多種產品的客戶數量，還是擁有三種以上產品的客戶數量的增長，這些數據都支持交叉銷售、向上銷售在淨留存策略中的作用。

Okay. Great. Maybe just one additional clarification there. On the activity rate, were we to see a pickup in construction activity or infrastructure activity, how would that integrate into the algorithm? And then I have a separate follow-up.

好的。偉大的。或許還需要補充一點說明。關於活動率，如果我們看到建築活動或基礎設施活動回升，這將如何融入演算法中？然後我還有另一個後續工作。

Well, any additional positive inflections on overall new construction, of course, would be a positive for us. We would see it in the bookings before we'll see it in the ARR. So call that a positive that we would probably comment on into 2027 as opposed to 2026. There, we look to places like Europe, and let's talk about infrastructure in Germany, like that would be a place where we look out for additional business.

當然，任何對整體新建專案而言的正面影響，對我們來說都是好事。我們會在預訂量中看到它，然後才會在年度收視率 (ARR) 中看到它。所以，我們可以把這看作是一個積極的信號，我們可能會在 2027 年而不是 2026 年對此發表評論。在那裡，我們會關注歐洲等地，例如德國的基礎設施，我們會在那裡尋找新的商機。

Another submarket would be residential where that to turn for the positive, if we see interest rates go down and then the residential market come back, that could be a positive that we would see -- I think we would see that more in 2027 than we would in 2026, and we would see that both in AECO and Field Systems. So that's the -- I guess, how I think about the activity rate. I think you said you had one other follow-up.

另一個細分市場是住宅市場，如果利率下降，住宅市場回暖，這將是一個好消息——我認為在 2027 年，這種情況會比 2026 年更加明顯，而且在 AECO 和現場系統方面都會如此。所以，我想，這就是我對活動率的看法。我想你說過你還有一次後續跟進。

Yes, Sorry. The other follow-up here is the AI question. Maybe just framing it in terms of the context of how your customers are looking to adapt their business models. I mean we've heard some large integrated E&C customers publicly discussing their ambitions to bring in their own AI-enabled solutions. So I'm just trying to understand where Trimble sits in that discussion. That's my follow-up.

是的，抱歉。另一個後續問題是人工智慧方面的問題。或許可以從客戶希望如何調整商業模式的角度來看這個問題。我的意思是，我們已經聽到一些大型綜合工程建設客戶公開討論他們引入自己的人工智慧解決方案的雄心壯志。所以我想了解Trimble在這場討論中的立場。這是我的後續問題。

Yeah, I start with trillions, billions, millions and thousands, trillions of dollars of construction run through Trimble, tens of billions of freight run through Trimble. We have millions of customers of Trimble software and hundreds of thousands of instruments and machines in the real physical world operate on Trimble. So we're quite -- we have quite a presence in a global sense. If I think about segmenting a customer base, we have everywhere from, let's say, small customers all the way through the largest enterprises in the world.

是的，我先說說數萬億、數十億、數百萬和數十億美元的建築項目，數以萬億美元計的貨物運輸都透過 Trimble 公司進行，數百億美元的貨物運輸也透過 Trimble 公司進行。Trimble 軟體擁有數百萬客戶，現實世界中數十萬台儀器和機器都在使用 Trimble 軟體。所以，我們在全球範圍內擁有相當大的影響力。如果從客戶群細分的角度來看，我們的客戶群涵蓋了從小型客戶到全球最大的企業。

And I think as you move along a stack like that and the customer segmentation, you'll have customers that have naturally different levels of, let's say, AI ambitions that they can put forward and kind of resources they can even dedicate to that.

我認為，隨著你沿著這樣的堆疊和客戶細分進行操作，你會發現客戶自然會有不同程度的，比如說，他們對人工智慧的期望，以及他們可以為此投入的資源。

I mean there's no question that customers, especially as you move into the large enterprise customers, are looking to unlock more efficiency and more insights out of the data and then to see AI as a force multiplier to help unlock that data. So much of what we do at Trimble is that core system of record, system of intelligence. We operate the common and connected data environment with Trimble Connect.

我的意思是，毫無疑問，客戶，尤其是大型企業客戶，都希望從數據中挖掘出更高的效率和更多的洞察力，並將人工智慧視為一種倍增器，以幫助釋放這些數據的價值。我們在Trimble所做的許多工作都圍繞著核心記錄系統和智慧系統。我們使用 Trimble Connect 來運行通用且互聯的資料環境。

So there's naturally an enormous amount of data from the physical and digital world that's resident on Trimble, and we see our customers looking to unlock the potential based on the data they already have with Trimble. And then I should also say in connecting non-Trimble data into that. It's a fragmented industry. It's a fragmented -- relatively fragmented technology landscape as well. So thus, we have a posture and a bias of being open to third-party solutions to enrich the data sets and therefore, to enable the customers.

因此，Trimble 上自然儲存著來自實體世界和數位世界的大量數據，我們看到我們的客戶希望根據他們已經在 Trimble 上擁有的數據來釋放潛力。然後我還應該補充一點，那就是如何將非 Trimble 數據連接到其中。這是一個分散的行業。這是一個碎片化的——相對而言較為分散的技術格局。因此，我們秉持開放的態度和傾向，接受第三方解決方案來豐富資料集，從而為客戶提供服務。

So we see ourselves as really the logical extension of our customers' AI ambitions to build and extend that on top of Trimble. Separately, will customers take their own, let's say, AI initiatives to leverage data they have from Trimble? I absolutely think that they will do that. And that's our opportunity to build more of those agents and those agentic workflows on top of it so that our customers don't have to do it themselves. So we see all of this as a net opportunity for us.

因此，我們認為我們實際上是客戶在Trimble基礎上建立和擴展其人工智慧願景的合乎邏輯的延伸。另外，客戶是否會自行開展人工智慧項目，以利用他們從 Trimble 取得的數據？我絕對相信他們會這麼做。這就是我們的機會，我們可以在此基礎上建立更多這樣的代理和代理工作流程，這樣我們的客戶就不必自己動手了。所以我們認為這一切對我們來說都是一個淨機會。

Thank you.

謝謝。

Jonathan Ho, William Blair.

喬納森·何，威廉·布萊爾。

Hi, good morning, and let me echo congratulations as well. Given your changes in mix to recurring, how do we think about sort of the broader convergence between your ARR growth and overall revenue growth given that mix shift? And what are some of the puts and takes for that to happen?

您好，早安，也請容許我再次表示祝賀。鑑於您已將收入結構調整為經常性收入，我們該如何看待這種結構轉變後，您的 ARR 成長與整體收入成長之間更廣泛的趨同性？那麼，要實現這一點，需要做出哪些努力和讓步呢？

Hey, good morning, Jonathan, thanks for the question. At the mix level, I think it's easier to take it through the segments because AECO has really converged as has Transportation & Logistics. So I would think of those as having converged the ARR and revenue growth rates. I mean it could be plus or minus 100 bps or so, but I call that in the noise.

嘿，早上好，喬納森，謝謝你的提問。從組合層面來看，我認為按細分市場劃分更容易，因為AECO和運輸物流行業已經真正融合在一起了。所以我認為這些已經使 ARR 和收入成長率趨於一致。我的意思是，誤差可能在正負 100 bps 左右，但我認為這屬於噪音。

So you really isolate then to Field Systems where there's a spread between the two. And in that respect, you can see it in the numbers when with the revenue in the business being $454 million in the quarter -- or sorry, excuse me, $379 million in the quarter, and you see the ARR at $409 million. So over $1.5 billion for the year of revenues.

所以你實際上就把範圍縮小到現場系統，因為兩者之間有差異。在這方面，你可以從數字中看出這一點，該季度業務收入為 4.54 億美元——或者抱歉，更正一下，是 3.79 億美元——而 ARR 為 4.09 億美元。因此，全年營收超過15億美元。

In other words, it's a smaller portion of the segment. It's in the mid-20s ARR as a percent of total revenue. So we continue to drive conversions in Field Systems, both software conversions because that's where you'd see the perpetual software that we have and then Field Systems continue to drive those conversions to recurring, but also importantly, the hardware aspects of the business.

換句話說，它只佔該細分市場的一小部分。年度經常性收入佔總收入的百分比在 20% 左右。因此，我們繼續推動現場系統領域的轉化，包括軟體轉化（因為你會看到我們擁有的永久軟體），然後現場系統繼續推動這些轉化成為經常性軟體，但同樣重要的是，也推動業務的硬體方面。

And we're talking about 150 bps or so of headwind in Field Systems through the conversions, and we continue to expect to see that into 2026. And I think we'll be talking about the same thing in 2027, and we'll, for sure, going to stay stable course.

我們說的是，由於轉換，現場系統將面臨約 150 個基點的不利影響，我們預計這種情況將持續到 2026 年。我認為到 2027 年我們還會討論同樣的事情，而且我們肯定會保持穩定。

Got it. And then just in terms of agentic AI, I just wanted to ask more broadly whether you see sort of stronger adoption in your base in 2026? Does this maybe look like a turning point? And how does your margin structure look like for sort of agentic AI revenue relative to SaaS revenue? Thank you.

知道了。然後，就智能體人工智慧而言，我想更廣泛地問一下，您是否認為到 2026 年，您的用戶群中會有更強的採用率？這或許是個轉捩點？那麼，相對於SaaS收入，你們的智慧AI收入利潤率結構是怎麼樣的呢？謝謝。

I think the strategic adoption in our customer base in 2026 will, for sure, correlate to the rollout we have of agentic AI capabilities. And I think you're going to see a lot more from us in 2026. So much of what we've been doing, call it, the last 18 months, I'd call it more of the infrastructure building and beta applications out. And Phil mentioned an AI capability a few minutes ago.

我認為，到 2026 年，我們客戶群的策略性採用率肯定會與我們推出的智慧體 AI 功能密切相關。我認為在 2026 年，你們將會看到我們更多的新動向。在過去 18 個月裡，我們所做的大部分工作，我更願意稱之為基礎設施建設和測試版應用程式的發布。菲爾幾分鐘前也提到了人工智慧功能。

So we have capabilities in the market, but actually not a lot relative to what's in the pipeline for us. So what you're going to see us releasing this year, we expect to turn into adoption in the customer base. And then building on Phil's earlier comments on the monetization, we're going to expect to see more consumption in that. We also monetize through the tiers, the tiered offerings like good, better, best tiers.

所以我們在市場上具備一定的能力，但其實相對於我們正在籌備的專案而言，能力還不夠強。所以，我們預計今年我們將推出的產品將會被客戶群廣泛接受。基於菲爾先前關於獲利模式的評論，我們預計這方面的消費將會增加。我們也透過分級服務（例如，好、更好、最好）來獲利。

And so we've put AI capabilities in those best of the tiers. So we want to incent and motivate adoption at that level. So there's a hybrid of where it's both recurring and consumption. And we're still learning here how to get that mix right. Relative to the margins and say, the incremental margins, of course, AI, agentic AI, generative AI does have a variable cost associated with it. It's not for free.

因此，我們將人工智慧功能置於最高層級。所以我們希望激勵和鼓勵該層面的採用。所以它既是循環性的，也是消費性的，是一種混合模式。我們仍在學習如何才能把這種混合方式做好。相對於利潤率和增量利潤率而言，人工智慧、智慧人工智慧、生成式人工智慧當然存在與之相關的可變成本。它不是免費的。

So the unit economics are, of course, different in an AI forward world, which, by the way, we think is something that favors the position that we have as a company and having capabilities like within Transporeon. It was already a consumption model. 60% of that revenue through Transporeon is consumption, 40% is subscription. This is a muscle that we already have in the company. So we're not starting from scratch and having to learn how to do consumption. So again, just to summarize, a mix of within the subscriptions as well as consumption. Thank you.

因此，在人工智慧蓬勃發展的時代，單位經濟效益當然會有所不同。順便說一句，我們認為這有利於我們公司所處的地位，以及我們擁有像 Transporeon 這樣的能力。它原本就是一種消費模式。 Transporeon 的營收中，60% 來自消費，40% 來自訂閱。這是我們公司已經具備的一項能力。所以我們不是從零開始，也不是要學習如何進行消費。所以，總結一下，訂閱和消費都是混合模式。謝謝。

Nay Soe Naing, Berenberg.

Nay Soe Naing，貝倫貝格。

Hello, good morning, and thank you for taking my questions. The first one I have is around the agentic AI rollout that's coming through later this year. Really excited about them looking forward to them. I'm just wondering, are there any particular areas within the software portfolio that you would focus on these AI agents between AECO and T&L and then even within AECO, which stage of the life cycle, construction life cycle that you would look to focus on?

您好，早安，感謝您回答我的問題。我的第一個問題是關於今年稍後即將推出的智慧體人工智慧。非常興奮，很期待。我只是想知道，在AECO和T&L之間，您在軟體產品組合中是否有任何特定的領域會專注於這些人工智慧代理？即使在AECO內部，您會專注於生命週期的哪個階段，或是建築生命週期的哪個階段？

Hey, thanks, for the question. Yes, I think you're going to see more coming out from us in 2026. You hit it correctly within AECO and Transportation & Logistics. If we think about the life cycle or the parts of AECO where you might expect to see more or less coming from us. Actually, it's across the board is the punchline. And I really wouldn't say it's concentrated in any one part of the business. And I'd say pretty similar within Transportation & Logistics.

嘿，謝謝你的提問。是的，我認為在 2026 年你們會看到我們推出更多產品。您在AECO和運輸物流領域找對了方向。如果我們考慮生命週期或AECO的各個環節，你可能會期望看到我們投入更多或更少。實際上，這種情況是普遍存在的，這才是笑點所在。我真的不認為它集中在業務的某個特定部分。我認為運輸和物流領域的情況也相當類似。

There are so many opportunities we see where to apply the technology and the capabilities. And so I think you're going to hear pretty broad applications from us. And in many respects, I just think of AI as that force multiplier. It's an extension -- it's a natural extension of what we're already doing to help our customers deliver the work better, faster, safer, cheaper and greener. So it's really just embedding it so much into the work that we already have and to accelerate outcomes for our customers.

我們看到了許多應用這項技術和能力的機會。所以我認為你們將會聽到我們提出的非常廣泛的應用方案。在很多方面，我認為人工智慧就是一種力量倍增器。這是對現有工作的自然延伸，旨在幫助我們的客戶更好、更快、更安全、更便宜、更環保地完成工作。所以，這實際上就是將它深深融入我們現有的工作中，從而加快為客戶帶來成果。

And by the way, that's very customer-facing. I should also say, internally, we have an enormous amount of work on as well to help us optimize our own internal operations, whether that's in R&D, whether that's in customer service and customer support, whether that's in driving marketing workflows to enable the sellers to grow the pipeline that we give to them. So internal, external facing use is pretty broad-based.

順便說一句，這非常注重客戶體驗。我還應該說，在公司內部，我們也有大量工作要做，以幫助我們優化內部運營，無論是在研發方面，還是在客戶服務和客戶支援方面，亦或是推動行銷工作流程以使銷售人員能夠擴大我們提供給他們的銷售管道方面。因此，內部和外部用途都非常廣泛。

Got it. That's really helpful. And my second question is also again related to AI. I was wondering if you could share with us the technology infrastructure readiness for these AI features kind of similar to the investments that you've made in your technology stack to be cloud-ready, the investment you made in the last few years. Would you need to do similar level of investments in the technology to be AI-ready going forward? Or are you already quite there?

知道了。這真的很有幫助。我的第二個問題也與人工智慧有關。我想請您分享一下，您目前在技術基礎設施方面為實現這些人工智慧功能所做的準備工作，類似於您在過去幾年中為實現雲端就緒而對技術堆疊進行的投資。為了在未來迎接人工智慧時代的到來，您是否需要對相關技術進行類似規模的投資？還是你已經完全達到目標了？

I think we're already on a path with the technology readiness. I mean we're going to continue to invest in that. And inside the guide that we put forward in that operating leverage is we've left ourselves room to make sure that we're continuing to innovate in the solutions and then within the platform capabilities of Trimble. I think the very good news is we're not just starting on this.

我認為我們在技術準備方面已經走上了正軌。我的意思是，我們會繼續在這方面投資。在我們提出的營運槓桿指導原則中，我們給自己留出了空間，以確保我們能夠繼續在解決方案和 Trimble 的平台能力方面進行創新。我認為非常好的消息是，我們並非才剛開始這項工作。

So we've been investing the last couple of years. So there's a run rate aspect to this. And a lot of what we've been doing in the last couple of years, I would really categorize it more as having built the infrastructure, the wiring, the plumbing an agentic platform upon which we can, at a more scalable level, build the actual agentic workflows. So there is a good amount of laying of pipe and wire that we've been doing really a lot in 2025, much more so than 2024, which is why we believe we're positioned to be able to accelerate releases in 2026.

所以過去幾年我們一直在進行投資。所以這裡面牽扯到運行率的問題。過去幾年我們所做的許多工作，我更願意將其歸類為建立基礎設施、線路和管道，從而建立一個代理平台，在這個平台上，我們可以以更具可擴展性的方式建立實際的代理工作流程。因此，我們在 2025 年進行了大量的管道和電線鋪設工作，比 2024 年的工作量要大得多，這就是為什麼我們相信我們有能力在 2026 年加快產品發布。

That makes a lot of sense thank you very much and congrats on the call, sir.

這很有道理，非常感謝，也祝賀您通話成功，先生。

Thank you.

謝謝。

Tami Zakaria, JPMorgan.

Tami Zakaria，摩根大通。

Hey, good morning thank you so much for taking my questions. I wanted to -- I'm sorry if I missed it, but I wanted to get an update on TC1. Could you remind us if it's available globally everywhere now? And are all software solutions in AECO are on it? If not, what's the time line?

嗨，早上好，非常感謝您回答我的問題。我想了解TC1的最新進展——如果我錯過了什麼，我很抱歉。請問現在全球各地都能用了嗎？AECO的所有軟體解決方案都支援嗎？如果不是，時間表是什麼？

Hey Tammy, good morning you were breaking up a little bit, but I think I got the gist of the question. So TC1 continues to -- Trimble Construction One continues to be a strong driver of the growth in the business, both the bookings. We see the majority of the ARR that we have today in AECO is under a TC1 agreement, which means it's a commercial framework agreement.

嗨，塔米，早安。你剛才說話有點斷斷續續的，但我認為我大概明白了你的問題。因此，TC1 繼續——Trimble Construction One 繼續成為業務成長的強勁驅動力，無論是預訂量還是其他方面。我們看到，目前 AECO 的大部分 ARR 都是根據 TC1 協議簽訂的，這意味著它是商業框架協議。

We have rolled TC1 out into Europe. I'd say we're still in motion in Asia Pacific with the rollout of TC1. So there is some more geographic expansion that we'll continue to do, which also gives us confidence in the path forward for the growth in the business.

我們已在歐洲推出TC1。我認為，隨著TC1在亞太地區的推出，我們仍在推進中。因此，我們將繼續進行一些地域擴張，這也讓我們對公司未來的發展道路充滿信心。

And so much of what TC1 does is that commercial framework is it eliminates friction from the next level of cross-sell that happens. So under a TC1 frame, you may just be buying one product. You may be buying 1 or two initially within a prepackaged bundle that we have. Once you've got that frame agreement in place, you've got one (inaudible) that term and conditions.

TC1 的大部分作用在於，它建立了一個商業框架，消除了下一階段交叉銷售中的摩擦。所以，在 TC1 框架下，您可能只需要購買一個產品。您可能最初會購買我們預包裝套裝中的 1 件或 2 件產品。一旦有了框架協議，你就有了（聽不清楚）條款和條件。

So the ability to then come by the next application that we have on the Trimble becomes a lot easier, both for the sellers as well as for the customers because of that groundwork that's been laid. So it's a very positive aspect of the business and still has a lot of room to run for us to grow.

因此，由於已經奠定了基礎，銷售人員和客戶都更容易獲得我們在 Trimble 上提供的下一個應用程式。所以這是業務中一個非常積極的方面，我們還有很大的發展空間。

Rob Mason, Baird.

羅布梅森，貝爾德。

Yes, good morning, thanks for taking the question Rob, you had already discussed the burden -- model conversion burden you're carrying in the Field Systems business. But I recall coming into the year as well, we talked about a headwind from just changes in the Cat JV. But machine control was very strong throughout the year. I'm just curious, was that -- it was a couple of points headwind expected. Was that the actual experience? Did that play out? And how does that carry or not into this year '26?

是的，早上好，謝謝你回答這個問題，羅布，你之前已經討論過你在現場系統業務中承擔的負擔——模型轉換的負擔。但我記得年初的時候，我們也討論過卡特彼勒合資公司內部變動帶來的不利影響。但全年機器控制性能都非常出色。我只是好奇，那幾個百分點的逆風是可以預期的嗎？那是真實的經驗嗎？事情後來發展如何？那麼，這種情況會延續到2026年嗎？

Hey, Rob, thanks for the question. The short answer is yes, it played out as we expected. I mean it was entirely around software conversions and entirely in addition to like the machine control guidance as a service. By the way, we call it Works Plus.

嘿，羅布，謝謝你的提問。簡而言之，是的，事情的發展正如我們所預期的。我的意思是，它完全圍繞著軟體轉換展開，並且完全是對機器控制指導即服務之類的東西的補充。順便一提，我們稱它為 Works Plus。

It's what we call it on to customers. And it's been just as successful, actually more successful than we expected. And that drives some of the headwinds through those conversions into the revenue. But there's also something that I'd say on top to me, which is positive, which is that it really is not a headwind, it's incremental with the conversions.

這就是我們向客戶解釋的方式。而且它非常成功，實際上比我們預期的還要成功。而這在一定程度上阻礙了轉換率轉化為收入。但對我來說，最重要的是，這對我來說是積極的，那就是它實際上並不是逆風，而是隨著轉換率的提高而逐步增長。

And that is when we look at the machine control guidance offering, we see that -- we've seen that 50% of the wins that we get are to new logos. That's an addressable market expansion. And that's not a headwind to the growth because that's incremental business that we're getting. And so that really was also part of the upside that we saw within the ARR growth versus what we had in the year.

當我們審視機器控制指導產品時，我們發現——我們發現，我們獲得的訂單中有 50% 是來自新客戶的。這是一個可觸及的市場擴張機會。但這並不會阻礙成長，因為這是我們獲得的增量業務。因此，這確實是我們在年度經常性收入成長方面看到的利多因素之一，與我們今年的情況相比，成長幅度有所提升。

So really enthusiastic about where we see these business model conversions helping us expand both customers and then usage within customers and penetration within those customers. So there's really kind of a double positive embedded in with that.

我們對這些商業模式的轉變感到非常興奮，因為這有助於我們擴大客戶群，提高客戶群的使用率，並提升客戶群的滲透率。所以這裡面其實蘊含著雙重肯定。

And then last thing I'll say when we do these model conversions, it makes it easier to bundle additional hardware and software capabilities together. So let's say, you're a customer doing civil estimating and you want to link that to your ERP, which we also do, and you want to link that to the machines you have it on the field, which we also equip with technology.

最後我想說的是，當我們進行這些模型轉換時，將額外的硬體和軟體功能捆綁在一起會更容易。假設您是一位從事土木工程估算的客戶，您想將估算結果與您的 ERP 系統連接起來（我們也能提供這項服務），並且您想將估算結果與您在現場使用的機器連接起來（我們也能為這些機器配備技術）。

You make it a lot easier to come in with a bundled offering that can cross between that office and the field. And then it shows up for us in two reporting segments of AECO and Field Systems. But of course, from a customer's perspective, it's just Trimble.

你讓推出可以在辦公室和現場之間通用的捆綁式產品變得更加容易。然後，我們在 AECO 和現場系統這兩個報道板塊中看到了它。當然，從客戶的角度來看，它只是Trimble公司而已。

That's good insight, Rob. And then, Phil, just your overall margin guidance for '26, I would say, as I expected, when I look across the segments and the expectations there, it looks like more basis points expansion expected in the T&L segment than the other two.

羅布，你的見解精闢。然後，菲爾，關於你對 2026 年的整體利潤率預期，我想說，正如我所預期的那樣，當我縱觀各個業務板塊及其預期時，T&L 業務板塊的預期擴張幅度似乎比其他兩個板塊更大。

You talked about stranded costs earlier. Are those -- is that reflective of getting some of those stranded costs out? And then to the extent maybe a little color, just not as much margin expansion in Field Systems if there's any investment going on there?

你之前提到過擱淺成本。這些——這是否反映出已經消除了一些擱淺成本？然後，或許會有一些色彩變化，但如果現場系統方面有任何投資的話，利潤率擴張幅度可能不會那麼大？

Yeah, thanks Rob. So yes, we anticipate with the growth in the T&L business that we can continue to put high leverage off of that business to be able to expand. There is an element of the stranded costs, as you're correct, as we enter the year.

謝謝你，羅伯。所以，是的，我們預計隨著運輸和物流業務的成長，我們可以繼續利用該業務的高槓桿來實現擴張。正如您所說，隨著新年的到來，確實存在一些擱淺成本。

We expect to get some of that out throughout the year, which will also help with margins in T&L. And then overall, at the company level, I mentioned this for the '26 guide, we do expect about 50 basis points of expansion at the EBITDA. So as Rob mentioned earlier, what's nice about our financial model is we're able to reinvest in the business for the growth, but also show the margin expansion with the op leverage.

我們預計今年內會逐步實現其中一部分目標，這也有助於提高差旅及物流部門的利潤率。然後，總體而言，就公司層級而言，正如我在 2026 年的業績指南中提到的，我們預計 EBITDA 將成長約 50 個基點。正如羅布先前提到的，我們財務模型的優點在於，我們能夠將資金再投資於業務成長，同時也能透過營運槓桿來展示利潤率的擴張。

Guy Hardwick, Barclays.

蓋伊哈德威克，巴克萊銀行。

Hi, good morning, Rob, Phil, and Michael.

嗨，羅布、菲爾和邁克爾，早安。

Good morning. Good morning, guys.

早安.各位早安。

Just wondering if you could point to any contribution to ARR or ACV from AI products, whether it's agentic AI or AI products so far, whether it's in reality capture autonomous procurement or anything else? And I have a follow-up.

我想知道您能否指出人工智慧產品（無論是智慧體人工智慧還是其他人工智慧產品）對年度經常性收入 (ARR) 或年度合約價值 (ACV) 的任何貢獻，無論是現實捕捉式自主採購還是其他任何方面？我還有一個後續問題。

So we see -- if we take autonomous procurement within Transportation, that's probably the one we've talked about the most throughout 2025. It's a discrete stand-alone product that's generating double-digit millions of revenue. Phil mentioned a release from SketchUp within the Architecture business, which is obviously within AECO. The early days, but I mean, we did see when we launched in the fourth quarter, we could see the new customers we were getting is a monthly subscription for that service.

所以我們看到——如果我們以交通運輸領域的自主採購為例，這可能是我們在 2025 年談論最多的話題。這是一個獨立的產品，年收入達數千萬美元。Phil 提到了 SketchUp 在建築業的發布，這顯然屬於 AECO 領域。在早期階段，我的意思是，我們在第四季度推出這項服務時，確實看到我們獲得的新客戶都是該服務的月度訂閱用戶。

Where I see it more is if we think about -- if we sort of flip the definition and we look at the percent of revenue that's got AI associated with it, now we're talking well over $100 million of business at Trimble that is enabled or somehow powered, let's say, by AI features.

我認為更準確的說法是，如果我們換個角度思考——如果我們看看與人工智慧相關的收入百分比，那麼在 Trimble，超過 1 億美元的業務是由人工智慧功能實現或驅動的。

And I go back to that good, better, best tier that we have of offerings where we're putting more of those AI capabilities. You mentioned reality capture, which is largely within the Field Systems business. We're very bullish about that capability because you know what a surveyor is fundamentally doing is creating a digital model of the physical earth.

然後我又回到了我們提供的「好」、「更好」、「最好」這三個產品層級，我們在這個層級中融入了更多的人工智慧功能。您提到了實景捕捉，這主要屬於現場系統業務的範疇。我們非常看好這項能力，因為你知道，測量員從根本上所做的就是創建地球物理體的數位模型。

There's an extraordinary amount of data that's collected by surveyors. And they're not collecting data for the sake of collecting data. They need to turn it into actionable information. To turn it into actionable information, that pulls that data increasingly to the cloud.

調查員收集的資料量非常龐大。他們收集數據並非為了收集數據而收集數據。他們需要將這些資訊轉化為可操作的資訊。為了將其轉化為可操作的信息，越來越多的資料被遷移到雲端。

And then when you get to the cloud, you want to be able to do automated feature extraction as an example off of that data set. That automated feature extraction is a form of AI, and we're able to sell that capability because of just the raw efficiencies you get through the automation of that processing of these enormous data sets. And then once you process those enormous data sets, and yes, they're AI-enabled, you're now taking that and turning that into the next downstream workflow. And this, to me, is one of the many things that is so unique about the capability set we have at Trimble is to extend that workflow from that field back to the office and then back again to the field.

然後，當您將資料遷移到雲端時，您希望能夠從該資料集中進行自動特徵提取。這種自動化特徵提取是一種人工智慧，我們能夠銷售這種能力，只是因為透過自動化處理這些龐大的資料集所帶來的效率提升。然後，一旦你處理了這些龐大的資料集（是的，它們都由人工智慧驅動），你就可以將其轉換為下一個下游工作流程。對我來說，Trimble 擁有的能力集的獨特之處在於，它可以將現場工作流程擴展到辦公室，然後再擴展到現場。

Thank you that's great. Just as a follow-up, Robbie, you mentioned a little earlier about the efficiencies of using AI internally. Trimble has shown great leverage over R&D and G&A this quarter and the full year. How much do you think AI has contributed to that? And maybe a sense of how much -- give us a sense of how much you can contribute in 2026?

謝謝，太好了。羅比，我再補充一下，你之前提到在內部使用人工智慧的效率。Trimble在本季和全年都展現了對研發和一般及行政費用的強大控制力。你認為人工智慧對此有多大貢獻？或許還可以談談您預計在 2026 年能做出多少貢獻？

I mean if we look down the stack, I would say we do see it up and down. I mean if we're -- I'll go -- I'll extend actually the question a bit. And if I look in COGS, we can see in pockets of the business in the AECO, a case deflection up to 20%. So for our folks who are working on customer support, they're able to spend time working on the higher order problems. I think we get better work out of folks as well as more efficiency out of them.

我的意思是，如果我們向下看堆疊，我會說我們確實可以看到它上下移動。我的意思是，如果我們——我會——我其實會稍微擴展一下這個問題。如果我查看 COGS，我們可以看到 AECO 業務的某些部分，案例偏差高達 20%。這樣一來，我們那些負責客戶支援的員工就能把時間花在處理更重要的問題上了。我認為這樣一來，員工的工作品質和工作效率都會提升。

Just a simple one here. You did guide to significant growth in your free cash flow generation in 2026. Even when we take out that cash tax payment, can you just contextualize the free cash flow growth for us? And then given what's happened in the vertical SaaS space year-to-date, how you're thinking about deploying that cash?

就一個簡單的例子。您確實預測到 2026 年自由現金流將大幅成長。即使扣除現金稅款，您能否為我們解釋一下自由現金流成長的具體情況？那麼，鑑於今年以來垂直 SaaS 領域發生的情況，您打算如何部署這筆資金？

If we look through R&D, 95% plus of our engineers are using the technology today, and we see double-digit increases in the productivity, which is to say we're getting more development done and that development takes the form both of, let's call it, features that are customer-facing features as well as the underlying plumbing because it's a lot of work to make sure we're able to connect the data and have the right data taxonomies and investing back into cyber and all the wiring we need to do to be able to deliver the connected workflows.

如果我們檢視研發工作，就會發現我們95%以上的工程師現在都在使用這項技術，生產力也實現了兩位數的成長，也就是說，我們完成了更多的開發工作。這些開發工作既包括面向客戶的功能，也包括底層架構，因為確保我們能夠連接資料、擁有正確的資料分類，以及對網路安全和所有必要的基礎設施進行投資，以交付互聯的工作流程，這需要大量的工作。

And we look through sales and marketing, we record all our sellers' calls, and we're able to apply AI on top of that to be able to provide feedback and coaching to level up -- help level up the sellers and marketing AI run across the data sets we have to find and create pipeline for those sellers with an upgraded marketing technology stack that we released in 2025. That's an AECO comment when I say that. And then at a G&A level, I would say we expect a lot more to come in the next couple of years out of where we can unlock more efficiencies. We continue to invest.

我們會查看銷售和行銷數據，記錄所有銷售人員的通話，並在此基礎上應用人工智慧，以便提供回饋和指導，幫助銷售人員提升水準。人工智慧會處理我們擁有的資料集，利用我們在 2025 年發布的升級版行銷技術堆棧，為銷售人員尋找和創建銷售管道。我說這話的時候，這是AECO的評論。在一般及行政管理層面，我認為我們預計未來幾年內會有更多收益，因為我們可以進一步提高效率。我們將繼續投資。

So while we're getting efficiencies, we're also continuing to invest. When we look at the bookings growth we have, which obviously translates into the ARR growth we have, and we think about it from a lifetime value of customer acquisition cost, that tells us to keep investing in the business, and we've got the degrees of freedom to make sure that we're building the AI platform where our customers want to come and do their work.

因此，在提高效率的同時，我們也持續投資。當我們審視預訂量的成長情況時（這顯然會轉化為 ARR 的成長），並從客戶獲取成本的終身價值角度來考慮，這告訴我們應該繼續投資這項業務，並且我們有足夠的自由度來確保我們構建的 AI 平台能夠成為客戶願意來這裡工作的地方。

We have both -- yes, we think about playing offense as well as defense, super aware of a competitive landscape. And we see a lot of strength and confidence in what we do, but we're also humble to make sure that we continue to invest and grow and improve ourselves.

我們兩者兼備——是的，我們既考慮進攻也考慮防守，非常清楚競爭格局。我們看到了自身實力和自信，但我們也保持謙遜，確保我們繼續投資、發展和提升自我。

Thank you.

謝謝。

Kristen Owen, Oppenheimer.

克里斯汀歐文，奧本海默。

Hey guys, thank you again for the follow-up. Just a simple one here. You did guide to significant growth in your free cash flow generation in 2026. And even when we take out that cash tax payment, can you just contextualize the free cash flow growth for us. And then given what's happened in the vertical as space year-to-date, how you're thinking about deploying that cash? Thank you.

嘿，各位，再次感謝你們的後續跟進。就一個簡單的例子。您確實預測到 2026 年自由現金流將大幅成長。即使扣除現金稅款，您能否為我們分析一下自由現金流成長的具體情況？那麼，鑑於今年迄今為止太空領域的發展情況，您打算如何部署這筆資金？謝謝。

Hey Kristen, this is Phil. Yes. So there's a couple of elements. It obviously starts with the profit growth for the year from the free cash flow. And then we -- you mentioned the benefit we -- not a benefit, but we don't have the headwind or the usage for the taxes this year. On the other side, we do get additional benefits from the repeal of the 174 million. And so there's a little bit of less cash taxes that we have to pay that also helps with that number in 2026.

嗨，克莉絲汀，我是菲爾。是的。所以這裡有兩個要素。顯然，這首先要從自由現金流帶來的年度獲利成長說起。然後我們——你提到了好處——不，不是好處，而是我們今年沒有稅收方面的阻力或用途。另一方面，廢除1.74億英鎊的法案也為我們帶來了額外的好處。因此，我們需要繳納的現金稅會略微減少，這也有助於實現 2026 年的這個數字。

And then your second question as far as the use of cash, yes, I think I'll start with a higher level of our capital allocation, how we think about that. And that's really looking at the highest returns for our shareholders. And the different elements are certainly, we look at repurchases, we look at M&A after we reinvest in the company. So we've talked about that via the P&L. So as we think about '26 going forward, I would be looking at for uses of cash, either repurchases or M&A largely.

至於你的第二個問題，關於現金的使用，是的，我想我會從我們更高層次的資本配置開始，談談我們是如何考慮這個問題的。這真正是為了我們的股東爭取最高的回報。當然，不同的因素包括：我們會考慮股票回購，在對公司進行再投資後，我們會考慮併購。所以我們透過損益表討論過這個問題。所以，展望 2026 年，我認為現金的用途主要會是回購股票或併購。

This concludes today's call. Thank you for attending. You may now disconnect.

今天的電話會議到此結束。謝謝各位的出席。您現在可以斷開連線了。