Trimble Inc (TRMB) 2026 Q2 法說會逐字稿

Hello, everyone. Thank you for joining us, and welcome to the Trimble second-quarter 2026 financial results call. (Operator Instructions)

各位好。感謝各位加入，歡迎參加 Trimble 2026 年第二季財務業績電話會議。（接線員指示）

I will now hand the conference over to Rob Painter, President and Chief Executive Officer. Please go ahead.

現在我將把會議交給總裁兼執行長 Rob Painter。請開始。

Welcome, everyone, and thanks for joining us today. 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.

歡迎各位，感謝今天與會。在我開始之前，我們的簡報與安全港聲明已公布於我們的網站。我們的財務回顧將聚焦於以有機基礎計算的年對年非 GAAP 績效指標。

Let's start on slide 5 with our three key messages for our second quarter call. First, performance. Driven by organic execution, the Trimble team delivered a top and bottom-line beat. We are raising our full year guidance and reinforcing our capital allocation strategy with a new $1 billion share repurchase authorization.

我們先看投影片 5，這是本次第二季電話會議的三項關鍵訊息。第一，績效。在有機執行的帶動下，Trimble 團隊在營收與獲利兩端皆優於預期。我們上調全年指引，並以新增 10 億美元庫藏股回購授權，強化我們的資本配置策略。

Second, momentum. Our Connect & Scale strategy is accelerating as connected data and workflows compound value across our Trimble-led ecosystem.

第二，動能。隨著連結式資料與工作流程在我們以 Trimble 為主導的生態系中累積並放大價值，我們的 Connect & Scale 策略正在加速推進。

Third, transformation. Our AI transformation is hitting its stride. Building on a connected data foundation, we are deploying agentic workflows that unlock step function productivity for our customers while driving structural efficiencies inside our own walls.

第三，轉型。我們的 AI 轉型正進入最佳狀態。建立在連結式資料基礎之上，我們正在部署代理式（agentic）工作流程，為客戶帶來躍升式的生產力提升，同時在公司內部推動結構性效率。

Turning to slide 6. The second quarter performance was exceptional. Organic revenue growth of 10% and EBITDA margins of 28.6% both beat the midpoint of our guidance range. Total organic ARR grew 12%, with AECO up 14%, Field Systems up 12% and Transportation up 7%. This strong execution, combined with our outlook for the second half of the year gives us the confidence to raise the midpoint of our full year guidance for revenue by $50 million and for earnings per share by $0.10, representing 17% year-over-year earnings growth. My sincere thanks go out to the Trimble team and our global partners for their dedication and customer focus.

接著看投影片 6。第二季表現非常出色。有機營收成長 10% 與 EBITDA 利潤率 28.6% 皆高於我們指引區間的中點。總有機 ARR 成長 12%，其中 AECO 成長 14%、Field Systems 成長 12%、Transportation 成長 7%。這項強勁的執行力，加上我們對下半年展望，使我們有信心將全年指引中點上調：營收增加 5,000 萬美元、每股盈餘增加 0.10 美元，代表年對年獲利成長 17%。我由衷感謝 Trimble 團隊與我們的全球合作夥伴，展現投入與以客戶為中心的精神。

Turning to slide 7. I'm going to take some focused time today to talk about our engineering and construction business and how AI accelerates our Connect & Scale strategy, thereby reinforcing our right to win for decades to come.

接著看投影片 7。今天我會花一些時間聚焦談我們的工程與營建業務，以及 AI 如何加速我們的 Connect & Scale 策略，進而強化我們在未來數十年的致勝優勢。

Trimble sits at the very center of engineering and construction workflows. Our customers deploy our software and hardware solutions in one connected ecosystem where our unique advantage lies in closing the loop between the physical and digital worlds. Our investors see this value through our AECO and Field Systems segments. Let's review both segments before tying the full picture together.

Trimble 位於工程與營建工作流程的核心位置。我們的客戶在同一個連結式生態系中部署我們的軟硬體解決方案，而我們獨特的優勢在於打通實體與數位世界之間的閉環。投資人透過我們的 AECO 與 Field Systems 兩個事業部門看見這項價值。在把整體圖像串起來之前，我們先回顧這兩個部門。

In AECO, revenue was $389 million, up 9%, and ARR reached a record $1.577 billion, up 14%. Cross-sell and upsell motions continue to drive outperformance. Our recent acquisition of Document Crunch, which delivers AI-based contract risk intelligence is outperforming expectations and has significant momentum. We also accelerated practical AI releases for our customers across many of our products. For example, targeting small subcontractors, we launched a new AI-enhanced construction job costing and financial management solution.

在 AECO 方面，營收為 3.89 億美元，成長 9%；ARR 創新高達 15.77 億美元，成長 14%。交叉銷售與加購（upsell）動能持續帶動優於預期的表現。我們近期收購的 Document Crunch 提供以 AI 為基礎的合約風險智慧，表現優於預期且動能強勁。我們也加速在多項產品上推出可落地的 AI 功能，提供客戶使用。例如，針對小型分包商，我們推出全新的 AI 強化建築工程成本核算與財務管理解決方案。

In MEP estimating, we extended AI takeoff capabilities to automate the tedious manual task of measuring a project's blueprints, models or digital plans to generate a complete itemized list of all the materials needed for construction. Early customer data shows time savings of up to 60% on manual takeoffs, allowing contractors to expand bid volume and accuracy without adding headcount. In addition, AI is reshaping our software product development life cycle, and we are leaning in aggressively to embrace this change at scale within AECO and across the entire company.

在 MEP 估算方面，我們延伸 AI 算量（takeoff）能力，自動化原本繁瑣的人工量測工作：從專案藍圖、模型或數位圖面量測，產出施工所需全部材料的完整明細清單。早期客戶數據顯示，人工算量可節省最多達 60% 的時間，使承包商在不增加人力的情況下，提升投標量與精準度。此外，AI 正在重塑我們的軟體產品開發生命週期，我們正積極投入，在 AECO 以及全公司範圍內大規模擁抱這項變革。

In Field Systems, revenue was $442 million, up 12% and ARR reached $399 million, up 12%, marking a terrific and record-setting quarter. Global end markets demonstrate broad strength, notably in data centers, utilities and energy infrastructure. Our civil construction team continues to drive mixed fleet technology adoption and market expansion through our bundled subscription offerings. In Geospatial, our latest software releases incorporate AI feature extraction, turning massive unstructured field data sets into actionable intelligence.

在 Field Systems 方面，營收為 4.42 億美元，成長 12%；ARR 達 3.99 億美元，成長 12%，締造亮眼且創紀錄的一季。全球終端市場展現廣泛強勁，尤其是資料中心、公用事業與能源基礎建設。我們的土木工程團隊持續透過綑綁式訂閱方案，推動混合車隊技術採用與市場擴張。在 Geospatial 方面，我們最新的軟體版本納入 AI 特徵擷取，將大量非結構化的現場資料集轉化為可採取行動的洞察。

Across both AECO and Field Systems, we are building specialized agents on our agentic platform to unlock customer productivity. These agents execute work, validating specifications, detecting exceptions, matching transactions and triggering downstream actions across customer workflows. We are disciplined in our approach, building, learning and putting in place the underlying capabilities to scale and monetize, which we expect to happen through a combination of subscriptions and usage-based consumption. Our near-term focus is driving adoption and deepening engagement across an expanded workflow surface area. We leverage telemetry to measure real-world value creation.

在 AECO 與 Field Systems 兩個部門，我們都在代理式平台上打造專用代理（agents），以釋放客戶生產力。這些代理可執行工作，包括驗證規格、偵測例外、比對交易，並在客戶工作流程中觸發後續動作。我們以嚴謹的方式推進：建置、學習，並建立可擴展與可變現的底層能力；我們預期將透過訂閱與按使用量計費的消耗模式相結合來實現。短期內我們的重點是推動採用，並在更廣的工作流程覆蓋面上深化使用黏著度。我們運用遙測（telemetry）衡量真實世界的價值創造。

And as usage scales, we will adapt our pricing and packaging to match the value we unlock. In addition, several marquee customers are now actively pulling in Trimble domain experts to help them connect disparate data and rearchitect core processes around our AI-enabled solutions.

隨著使用規模擴大，我們將調整定價與方案包裝，以匹配我們所釋放的價值。此外，數家指標性客戶目前正主動邀請 Trimble 的領域專家協助他們連結分散資料，並以我們的 AI 賦能解決方案為核心重新架構關鍵流程。

Trimble Connect sits at the core of this strategy. It serves as the connective tissue between the office and the field in between the physical and digital worlds. Today, more than 3.7 million monthly active users rely on Trimble construction solutions across modeling, project management, machine control and reality capture with Trimble Connect at the center.

Trimble Connect 是此策略的核心。它是辦公室與工地之間、實體與數位世界之間的連結樞紐。目前每月有超過 370 萬名活躍使用者仰賴 Trimble 的建築解決方案，涵蓋建模、專案管理、機械控制與實景擷取，而 Trimble Connect 位於中心位置。

Trimble Connect is far more than a common data environment. It is the collaboration platform that enables the world's leading construction firms to orchestrate complex projects on a model and digital-first paradigm, not 2D drawings. This level of sophistication requires a solution that brings together models and reality, providing a continuous up-to-date digital representation of the construction site.

Trimble Connect 遠不只是共同資料環境。它是一個協作平台，使全球領先的營建公司能以模型與數位優先的典範（而非 2D 圖面）來協調複雜專案。如此高階的成熟度需要一套能整合模型與現場實況的解決方案，提供施工現場持續且即時更新的數位呈現。

In the second quarter alone, Trimble Connect added over 1 million projects, handled nearly 30 billion API calls and connected 60,000 active IoT devices. Our Reality Capture platform service grew ingested data volume by 68% year-over-year. We are now adding over a petabyte of real-world construction data to Trimble Connect every quarter.

僅在第二季，Trimble Connect 就新增超過 100 萬個專案、處理近 300 億次 API 呼叫，並連結 60,000 台活躍 IoT 裝置。我們的 Reality Capture 平台服務，資料匯入量年對年成長 68%。我們現在每一季都會將超過 1 PB 的真實世界施工資料新增至 Trimble Connect。

However, data volume alone is not the end goal. It's merely an indicator of how critical data from the field has become that when made available in Trimble Connect, enables the entire project team to understand progress. The data volume managed by Trimble Connect becomes the foundation for an agentic experience designed for demanding construction environments that must manage risk, along with speed, quality and outcomes.

然而，資料量本身並非最終目標。它只是反映現場資料的重要性日益提升；當這些資料在 Trimble Connect 中可被存取時，能讓整個專案團隊掌握進度。Trimble Connect 所管理的資料量，將成為為嚴苛施工環境所設計之代理式體驗的基礎；該環境必須在速度、品質與成果之外，同時管理風險。

To see how Connect & Scale compounds value in the real world, let's look at four concrete customer examples, starting with the data center opportunity on slide 8. Mission-critical data center construction demands millimeter accuracy, type coordination and delivery of reliable as-builts. Trimble Connect's concept to construction workflows by linking models from the office to field layout and by incorporating our scanning and augmented reality solutions. In this market, there is no tolerance for rework that can delay the opening of a data center. Construction teams leverage our technology to derisk every poor, rack install and wall penetration long before rework threatens schedules.

為了看看 Connect & Scale 如何在真實世界中累積並放大價值，我們來看四個具體的客戶案例，先從投影片 8 的資料中心機會開始。關鍵任務型資料中心施工要求毫米級精度、各工種協調，以及交付可靠的竣工（as-built）資料。Trimble Connect 透過將辦公室端的模型連結到現場放樣，並整合我們的掃描與擴增實境解決方案，串起從概念到施工的工作流程。在此市場中，任何可能延後資料中心啟用的返工都零容忍。施工團隊運用我們的技術，在返工威脅工期之前很久，就能降低每一處地坪澆置、機櫃安裝與牆面穿孔的風險。

Turning to slide 9. Scaffold Studio in Australia runs an end-to-end digital design to delivery workflow using Trimble 3D laser scanners in the field, Trimble SketchUp for design, Trimble Tekla for steel detailing and Trimble Connect for project coordination and model sharing. 3D laser scanning generates massive unstructured data sets. Our AI now extracts the exact structural data needed in minutes rather than hours, adopting the full Trimble workflow enables them to finish jobs weeks ahead of schedule while driving profit-enhancing labor productivity.

接著看第 9 張投影片。澳洲的 Scaffold Studio 採用端到端的數位化流程，從設計到交付：現場使用 Trimble 3D 雷射掃描儀、以 Trimble SketchUp 進行設計、用 Trimble Tekla 進行鋼構細部設計，並透過 Trimble Connect 進行專案協作與模型分享。3D 雷射掃描會產生龐大的非結構化資料集。我們的 AI 現在能在幾分鐘內擷取所需的精確結構資料，而非以往需要數小時；採用完整的 Trimble 工作流程，使他們能將工期提前數週完成，同時提升勞動生產力以帶動獲利成長。

Turning to slide 10. R.F. Meeh is a mechanical, electrical and plumbing contractor based out of Missouri. On a recent hospital project, where an HVAC inspection failure post severe contamination risks, R.F. Meeh built a constructible 3D model with Trimble.

接著看第 10 張投影片。R.F. Meeh 是一家位於密蘇里州的機電（含給排水）承包商。在近期一個醫院專案中，HVAC 檢查未通過帶來嚴重污染風險，R.F. Meeh 與 Trimble 合作建立了可施工的 3D 模型。

They deployed our AI tools to parse complex specification books and validate the model in minutes instead of hours. The fabrication shop then leverage the model to automate the fabrication while back-office systems synced live data for job costing. In the field, augmented reality verified installed components against the model and real-time, automatically triggering invoice approvals. All of these design to fabrication and field verification workflows were enabled by Trimble Connect.

他們部署了我們的 AI 工具來解析複雜的規範書，並在幾分鐘內完成模型驗證，而不是花上數小時。接著，製造工廠利用該模型自動化製造流程，同時後台系統同步即時資料以進行專案成本核算。在現場，擴增實境將已安裝的元件與模型比對驗證，並以即時、自动化方式觸發發票核准。上述從設計到製造、以及現場驗證的工作流程，皆由 Trimble Connect 所支援。

Turning to slide 11. Chandler Construction Service is an underground utility contractor in South Carolina working on complex water and sewer projects, channel or previously logged field labor, equipment time and material receipts on paper. This was a slow process and prone to error. Today, field crews log data live on mobile tablets synced directly into their financial system. On the back end, AI reads incoming vendor invoices, flags discrepancies and executes a three-way match against purchase orders and field receiving logs in seconds. All of this data runs through Trimble Connect, powering field to financial workflows.

接著看第 11 張投影片。Chandler Construction Service 是南卡羅來納州的地下管線承包商，承接複雜的供水與污水工程；過去他們將現場工時、設備使用時間與材料收據記錄在紙本上。這個流程緩慢且容易出錯。如今，現場團隊透過行動平板即時記錄資料，並直接同步到其財務系統。在後端，AI 讀取進來的供應商發票、標示差異，並在數秒內對採購單與現場收貨紀錄執行三方比對。所有資料都透過 Trimble Connect 流轉，驅動從現場到財務的工作流程。

These outcomes reflect decades of targeted domain investment. We were an early mover in practical AI and commercial momentum confirms we are on the right trajectory. We are investing aggressively to capture the steep slope of the S curve. This is still early, but the pace is accelerating, and that excites all of us at Trimble.

這些成果反映了我們數十年來在特定領域的精準投資。我們是實用型 AI 的早期推動者，而商業動能也證實我們走在正確的軌道上。我們正積極加大投資，以掌握 S 曲線的陡峭成長段。這仍處於早期階段，但速度正在加快，這也讓 Trimble 的我們都感到振奮。

Moving to Transportation & Logistics. Revenue was $141 million, up 5%. And ARR reached $533 million, up 7%, both in line with expectations. After four years of a freight recession, we are seeing initial green shoots in the market. Spot rates and tender rejection rates are trending upward, signaling that supply and demand are rebalancing. Transporting grew in the mid-teens and healthy quarterly bookings reinforces our midterm growth expectations.

接著談運輸與物流（Transportation & Logistics）。營收為 1.41 億美元，成長 5%。ARR 達到 5.33 億美元，成長 7%，兩者皆符合預期。在經歷四年的貨運景氣衰退後，我們看到市場出現初步回溫跡象。現貨運價與投標拒絕率呈上升趨勢，顯示供需正在重新平衡。Transporting 業務成長達十位數中段（mid-teens），而健康的季度訂單表現也強化了我們對中期成長的預期。

On innovation, the T&L team is pioneering some of our most advanced AI capabilities. We launched Arc Agent, which consolidates fragmented tasks into a single high-performance AI agent backed by an expanding skills catalog. But with safety and reliability by design, it incorporates enterprise-grade guardrails and human in the loop controls to ensure automated decisions are fully explainable, auditable and supportable. Deployed across a global network touching over 1 million trucks and 1,500 shippers and retailers, Arc Agent replaces multi-agent friction with enterprise-grade automated execution.

在創新方面，T&L 團隊正引領我們一些最先進的 AI 能力。我們推出了 Arc Agent，將分散的任務整合為單一高效能的 AI 代理，並由持續擴充的技能目錄支援。同時以安全與可靠性為設計核心，納入企業級防護欄與人類在迴路（human-in-the-loop）控制，確保自動化決策具備完整可解釋性、可稽核性與可支援性。Arc Agent 已部署於全球網路，觸及超過 100 萬輛卡車以及 1,500 家託運人與零售商，以企業級自動化執行取代多代理協作的摩擦成本。

Furthermore, our AI native autonomous procurement solution secured key wins in North America, demonstrating the international expansion power of the Transporeon platform. These innovation lens and commercial proof points demonstrate a business operating from a position of strength, highlighting the core strategic value of the platform we have built across transportation.

此外，我們 AI 原生的自主採購解決方案在北美取得關鍵勝利，展現 Transporeon 平台的國際擴張能力。這些以創新為視角的成果與商業驗證點，顯示該業務正處於強勢地位運作，並凸顯我們在運輸領域所打造平台的核心策略價值。

With that backdrop, I want to turn to our portfolio. We recently received credible inbound interest in our Transportation & Logistics business from multiple parties. This is not surprising. T&L is a high-quality strategic asset with a compelling growth trajectory and a bright future. We are always reviewing our strategy and our portfolio to maximize value.

在這樣的背景下，我想談談我們的投資組合。近期我們收到多方對我們運輸與物流業務的可信主動洽詢。這並不令人意外。T&L 是高品質的策略性資產，具備引人注目的成長軌跡與光明的未來。我們一向會檢視策略與投資組合，以最大化價值。

In response to this interest, our Board and management team, together with our long-time financial adviser, Goldman Sachs, will undertake a strategic review to evaluate third-party interest while remaining fully focused on executing our strategy within the Trimble platform.

為回應這些興趣，我們的董事會與管理團隊將與長期財務顧問高盛（Goldman Sachs）一同啟動策略性檢討，以評估第三方的興趣，同時仍將全力聚焦於在 Trimble 平台內執行我們的策略。

Phil, over to you.

Phil，交給你。

Thanks, Rob. Let me start with reviewing our second quarter numbers on slide 13. We posted revenue of $972 million and 10% organic growth, which were above the high end of our guidance. This performance was driven by the strength of AECO and Field Systems, while Transportation & Logistics continues to deliver positive growth in a constrained freight market.

謝謝，Rob。我先從第 13 張投影片回顧我們第二季的數字。我們的營收為 9.72 億美元，有機成長 10%，均高於我們財測區間的上緣。這項表現主要由 AECO 與 Field Systems 的強勁動能所帶動；同時，運輸與物流在受限的貨運市場中仍持續交出正成長。

ARR was in line with our outlook at 12% to a record $2.509 billion. The continued growth in our recurring revenue base provides a predictable and resilient foundation for our business. Gross margins expanded 120 basis points to 71.8% and we achieved EBITDA margins of 28.6%, which is a 120 basis point expansion compared to the prior year. Reported earnings per share was $0.86 for the quarter, $0.06 better than the midpoint and above the high end of our guidance.

ARR 符合我們的展望，成長 12%，創新高達 25.09 億美元。經常性收入基礎的持續成長，為我們的業務提供可預測且具韌性的基礎。毛利率擴張 120 個基點至 71.8%，EBITDA 利潤率達 28.6%，較去年同期擴張 120 個基點。本季稀釋後每股盈餘（EPS）為 0.86 美元，較財測中點高 0.06 美元，並高於我們財測區間的上緣。

Moving to the balance sheet and cash flow items on slide 14, our reported free cash flow remains strong at $502 million through the first two quarters. Our balance sheet provides financial flexibility with $214 million of cash and a leverage ratio of 1.1 times, which is well below our long-term target ratio of 2.5 times. We announced a new $1 billion share repurchase authorization and continue to expect to deliver at least one-third of our free cash flow back to shareholders along with being opportunistic with our buybacks as demonstrated by our almost $1.2 billion of repurchases since the beginning of 2025.

接著看第 14 張投影片的資產負債表與現金流項目，截至前兩季我們的報告自由現金流仍維持強勁，達 5.02 億美元。我們的資產負債表提供財務彈性：現金 2.14 億美元，槓桿比率為 1.1 倍，明顯低於我們長期目標的 2.5 倍。我們宣布新的 10 億美元庫藏股回購授權，並持續預期至少將自由現金流的三分之一回饋給股東，同時在回購上把握機會；自 2025 年初以來，我們已回購近 12 億美元，便是明證。

Next is our segment review on slide 15. AECO delivered another strong quarter, performing in line with expectations. It achieved a record $1.577 billion of ARR, posting 14% ARR growth and 9% revenue growth for the quarter. Operating margin was 30.6% and on track to deliver approximately 35% operating margin for the year.

接下來是第 15 張投影片的部門回顧。AECO 再度交出強勁的一季，表現符合預期。ARR 創新高達 15.77 億美元，ARR 成長 14%，本季營收成長 9%。營業利益率為 30.6%，並正朝向全年約 35% 的營業利益率目標邁進。

Field Systems revenue was up 12% in the quarter despite a headwind of approximately 300 basis points due to tariff refunds, which we do not expect to materially impact future quarters. Note that there is a corresponding offset and cost of goods sold for the tariff refunds, which results in no impact to operating income. Transportation & Logistics continues to perform with 7% ARR growth, 5% revenue growth and 240 basis point operating margin expansion to 24%.

Field Systems 本季營收成長 12%，儘管受到約 300 個基點的關稅退稅不利因素影響；我們預期這不會對未來季度造成重大影響。請注意，關稅退稅在銷貨成本端有相對應的抵銷，因此對營業利益沒有影響。運輸與物流持續穩健表現：ARR 成長 7%、營收成長 5%，營業利益率擴張 240 個基點至 24%。

Turning to slide 17, let's review our updated outlook for the year. With the strong first half performance and momentum, we are raising the midpoint of our 2026 full year revenue guidance by $50 million to $3.925 billion, which represents approximately 9% growth. We are also increasing the midpoint of our EPS guidance by $0.10 to $3.65, which represents approximately 17% growth. We expect ARR growth toward the low to mid end of our range due to Field Systems that I will talk about in the segment slide. We now expect EBITDA margins at approximately 30%, which is the high end of our previous guidance.

接著看第 17 頁投影片，讓我們回顧今年更新後的展望。憑藉上半年強勁的表現與動能，我們將 2026 全年營收指引的中點上調 5,000 萬美元至 39.25 億美元，約代表 9% 的成長。我們也將每股盈餘（EPS）指引的中點上調 0.10 美元至 3.65 美元，約代表 17% 的成長。由於我將在分部投影片中談到的 Field Systems，我們預期 ARR 成長將朝向我們區間的低到中段。我們目前預期 EBITDA 利潤率約為 30%，位於先前指引的高端。

We targeted 30% margins for 2027 Investor Day, so we now expect this to be achieved one year early. We expect free cash flow to be approximately 0.9 times non-GAAP net income, down from approximately 1 times we guided last quarter due to incremental restructuring and other onetime costs. We expect free cash flow will be greater than non-GAAP net income over the long term.

我們原本在 2027 投資人日設定 30% 的利潤率目標，因此我們現在預期將提前一年達成。由於額外的重組及其他一次性成本，我們預期自由現金流約為非 GAAP 淨利的 0.9 倍，低於上季指引的約 1 倍。長期而言，我們預期自由現金流將高於非 GAAP 淨利。

Slide 18 breaks down the full year metrics by segment. The trajectory for AECO and T&L are consistent with our prior guidance. We are adjusting the field systems ARR guidance to high single digits to low double-digit growth due to our decision to replace a white label product with an internally developed solution. This creates an approximately 400 to 500 basis point headwind to Field Systems ARR and to a lesser degree, the company for several quarters. This was a low-margin product, so the change will positively impact profitability over the medium to long term. We continue to see strong underlying momentum in Field Systems and remain confident in our Investor Day targets through 2027.

第 18 頁投影片按分部拆解全年指標。AECO 與 T&L 的走勢與我們先前的指引一致。由於我們決定以內部開發的解決方案取代白牌產品，我們將 Field Systems 的 ARR 指引調整為高個位數到低雙位數成長。這在未來數季將對 Field Systems 的 ARR 造成約 400 到 500 個基點的逆風，對公司整體的影響程度較小。這是一項低毛利產品，因此此變更將在中長期正面提升獲利能力。我們持續看到 Field Systems 強勁的基本動能，並對達成至 2027 年的投資人日目標仍具信心。

Finally, regarding our third quarter outlook on slide 19. We're setting the midpoints of our guidance at $965 million for revenue, which is approximately 7% growth, earnings per share at $0.85, and ARR growth at 12%. We expect EBITDA margins at 28.6%.

最後，關於第 19 頁投影片的第三季展望。我們將指引中點設定為：營收 9.65 億美元（約 7% 成長）、每股盈餘 0.85 美元，以及 ARR 成長 12%。我們預期 EBITDA 利潤率為 28.6%。

Back to you, Rob.

交回給你，Rob。

Thanks, Phil. Overall, I am pleased with our second quarter execution and energized by the compounding momentum of our workflow, ecosystem and AI efforts, all of which are built on a foundation of decades of proprietary data.

謝謝，Phil。整體而言，我對我們第二季的執行感到滿意，也對我們在工作流程、生態系與 AI 的努力所帶來的加乘動能感到振奮，而這一切都建立在數十年專有資料的基礎之上。

On September 22 and 23, we'll be hosting our European Transportation User Conference in Brussels. On September 27 through 29, we'll be hosting our North American Transportation User Conference in San Diego. And on November 9 through 11, we'll be hosting our Trimble Dimensions Engineering & Construction User Conference in Las Vegas.

9 月 22 日與 23 日，我們將在布魯塞爾舉辦歐洲運輸用戶大會。9 月 27 日至 29 日，我們將在聖地牙哥舉辦北美運輸用戶大會。11 月 9 日至 11 日，我們將在拉斯維加斯舉辦 Trimble Dimensions 工程與營建用戶大會。

Thank you to our Trimble team, our global partners and our shareholders for your ongoing support. Operator, let's open the line to questions.

感謝我們的 Trimble 團隊、全球合作夥伴以及股東持續的支持。接線員，請開放提問。

(Operator Instructions)

（接線員指示）

Jason Celino, KeyBanc.

Jason Celino，KeyBanc。

Hey. Thanks for taking my questions. I think I heard you kind of explained why the Field Systems ARR was coming down a little bit. Maybe -- can you maybe just retouch on that a little? And then specifically, when we look at your ARR performance as a whole, excluding Field Systems, how do you think that performed in the quarter?

嗨。謝謝讓我提問。我想我聽到你們大致解釋了為什麼 Field Systems 的 ARR 會下修一些。也許——你能否再稍微重申一下？另外，具體來看，若排除 Field Systems，你們整體 ARR 的表現，你認為本季如何？

Hey, Jason, good morning, it's Rob. I'll start with this. We made the move from a position of strength within Field Systems. So it's a one-time decision, discrete decision to move from a white label provider to a proprietary version that comes online soon. That existing revenue is low margin revenue.

嗨，Jason，早安，我是 Rob。我先說明一下。我們是在 Field Systems 的強勢地位下做出這個調整。因此這是一個一次性的決策、明確的決策：從白牌供應商轉向即將上線的自有版本。現有那部分營收是低毛利營收。

And with the new revenue, that's going to be higher-margin revenue. And importantly, that technology will natively integrate into our larger solution suite. And given that position of strength we have in Field Systems, and you see that in the revenue growth for the quarter. For us, this was actually a relatively straightforward decision to make to accelerate.

而新的營收將會是更高毛利的營收。更重要的是，該技術將可原生整合到我們更大的解決方案套件中。鑑於我們在 Field Systems 的強勢地位——你也可從本季營收成長看出來。對我們而言，這其實是一個相對直接、用以加速推進的決策。

You asked about ARR at the overall company level and in the segments, I feel really good about that. AECO, up 14% ARR, performing at $1.577 billion, so that 14% to get to that is an impressive amount of net new ARR. And within the Transportation & Logistics business, we were on point there with the 7% growth in the ARR. So I'd say all according to plan and from that position of strength made that decision in Field Systems.

你問到公司整體以及各分部層級的 ARR，我對此感覺非常好。AECO 的 ARR 成長 14%，達到 15.77 億美元，因此以 14% 成長到這個規模，代表相當可觀的 ARR 淨新增。在運輸與物流（Transportation & Logistics）業務方面，我們也如預期，ARR 成長 7%。所以我會說一切都按計畫進行，並且是在這樣的強勢地位下做出 Field Systems 的決策。

All right, thanks, Rob. And then when we look at like the AECO segment specifically, I guess what are you hearing from the different segments as it relates to macro and tailwinds and headwinds and maybe just go a little deeper there. Thank you.

好的，謝謝你，Rob。接著看 AECO 分部本身，我想問你們從不同子領域聽到的情況：就總體環境而言有哪些順風與逆風？能否再深入一點說明。謝謝。

Sure, Jason. At the macro level, continue to like what we see, end market strength won't surprise you, data centers, energy, reshoring, onshoring of manufacturing are all particularly strong infrastructure strength overall, which we see play through in Field Systems even more so. So broad-based strength at the macro level. North America, I'd say, leading the way, obviously, in terms of the size and the continued strength. We also had a good quarter out of the Asia Pacific region.

當然，Jason。在總體層面，我們持續看好目前所見；終端市場的強勁不會讓你意外，資料中心、能源、回流生產（reshoring）、製造業在地化（onshoring）都特別強勁，整體基礎建設也很強，而這在 Field Systems 的體現更為明顯。因此在總體層面呈現廣泛的強勢。我會說北美顯然領先，無論是規模或持續強勁程度。我們在亞太地區本季表現也不錯。

Wonderful. Thank you.

太好了。謝謝。

Jerry Revich, Wells Fargo.

Jerry Revich，Wells Fargo。

Yes, hi, good morning, everybody. Nice quarter. Rob, I wanted to ask you. Can you just expand on the prepared remarks you made on Transportation & Logistics and what that might look like? Are you thinking about the whole segment, just a piece of it? And can you just give us a rough sense of expectations for valuation if you're able and willing to share what the initial conversations have been so far?

是的，嗨，各位早安。本季表現不錯。Rob，我想請教你。你能否就你在運輸與物流（Transportation & Logistics）準備稿中提到的內容再多談一些，以及那可能會是什麼樣子？你是在考慮整個分部，還是其中一部分？另外，如果你願意且能分享的話，能否大致談談你們對估值的期待，以及到目前為止初步對話的情況？

Hi, Jerry, thanks for the question and good morning. So let me say the interest started inbound, that interest was recent. We take our fiduciary obligation seriously. And thus, we communicated that we will undertake the review. I also want to emphatically say that we remain fully focused on executing our strategy within the Trimble platform.

嗨，Jerry，謝謝你的問題，早安。我先說，這些興趣是對方主動找上門的，而且是近期才出現。我們非常重視我們的受託責任。因此，我們對外溝通將會進行檢視。我也要強調，我們仍然完全專注於在 Trimble 平台內執行我們的策略。

This is a great business. It's got a bright future. And so I'm not surprised that we got the calls. To close the loop, there is no predetermined outcome. There's no predetermined timeline. And the solve that we'll have in this work is through the lens of shareholder value. And that's the fiduciary obligation.

這是一門很棒的業務。它有光明的未來。因此我們接到這些來電並不令人意外。總結來說，目前沒有預設的結果。也沒有預設的時間表。我們在這項工作中的解決方案將以股東價值的角度來衡量。而這就是受託責任。

Okay. I appreciate that. And then can we shift gears in heavy Civil and Geospatial. You had a nice pickup in demand. Can you talk about the supply side of the equation. So we're seeing an acceleration in machine deliveries and tightness on the used market in particular. I'm wondering to what extent can your supply base ramp up given the demand picture into the back half of the year and beyond?

好的。我很感謝。接著我們能否把話題轉到重型土木與地理空間業務。你們的需求有不錯的回升。能否談談供給端的情況。我們看到機器交付加速，尤其是二手機市場供給偏緊。我想了解在今年下半年及之後的需求展望下，你們的供應基礎在多大程度上能夠擴產提升供給？

Jerry, I'm going to first do a shout out to our team, both in Civil and Geospatial. They've just done a terrific job with this business over the last few years, that outperformance in the quarter is on a pretty long string now about performance in the business, and it's more than the macros. The macros are certainly healthy, particularly in the infrastructure side and data centers energy. So we see that playing through the market, and it's pretty global in nature.

Jerry，我先要向我們的團隊致意，包含土木與地理空間兩個團隊。過去幾年他們在這項業務上做得非常出色，本季的超預期表現其實是延續了相當長一段時間的業務表現，而且不只是宏觀因素帶來的。宏觀面當然也很健康，特別是在基礎建設、資料中心與能源等領域。因此我們看到這些因素在市場中持續發酵，而且具有相當全球性的特徵。

At an execution level within the business, control what we can control. The team continues to innovate. We're expanding the network of the mixed fleet that we're able to support, and we're expanding our points of distribution into the market. We're expanding the ecosystem development. So that translates into third-party extensibility built on top of our Earthworks platform, within the Civil business.

在業務執行層面，我們專注於掌控我們能掌控的部分。團隊持續創新。我們正在擴大可支援的混合車隊（mixed fleet）網路，並擴展我們在市場中的分銷據點。我們也在擴大生態系統的建設。因此在土木業務中，這會轉化為建立在我們 Earthworks 平台之上的第三方可擴展性。

I mean Geospatial, new product launches are driving business, and we're going to see even more as we move into the second half of the year, and particularly as we come into the conference season with [ Energo ] in September and Trimble Dimensions in November.

至於地理空間方面，新產品上市正在帶動業務成長；隨著我們進入今年下半年，尤其是進入會議季——9 月的 [ Energo ] 以及 11 月的 Trimble Dimensions——我們還會看到更多動能。

Thanks, Rob.

謝謝你，Rob。

Rob Wertheimer, Melius Research.

Rob Wertheimer，Melius Research。

Thank you. Hey, Rob, I had a question on just how you're thinking about capital allocation broadly. Obviously, it's incredibly dynamic. You're seeing, I guess, a lot of opportunities from AI and the market sees some threats and so some assets are cheaper. So just in general, do you find it to be a more fruitful kind of search if you're looking at acquisitions? And then do you feel any different strategic need to assemble any other assets in the portfolio than they did one year or two ago? Thanks.

謝謝。嗨，Rob，我想問一下你們如何從更廣泛的角度思考資本配置。顯然這非常動態。你們看到 AI 帶來很多機會，而市場也看到一些威脅，因此某些資產變得更便宜。所以整體而言，如果你們在看併購，是否覺得現在的搜尋更有收穫？另外，相較於一年前或兩年前，你們是否覺得在策略上更需要在投資組合中再拼湊/補齊其他資產？謝謝。

Hey, good morning, Rob, great question. Broadly speaking, in the capital allocation front, we see it the same as ever. We focus first on investing back into the business organically, put forward the model we have on buyback. And then, of course, we have been an acquisitive company over time. If you look at the acquisition front, one of the dynamics that we see at play at the moment in an AI forward world is there is more opportunity for us to create our own features and capabilities.

嗨，早安，Rob，問得很好。整體來看，在資本配置方面，我們的看法一如既往。我們首先專注於對業務進行有機投資，並依照我們既有的庫藏股回購模式推進。當然，長期以來我們也是一家積極進行併購的公司。若看併購面，在 AI 驅動的世界裡，我們目前看到的一個動態是：我們有更多機會自行打造功能與能力。

So in the past where we might have looked for some tuck-in capabilities, we think we can do more of those ourselves today. So that actually would be one different commentary I have on the acquisition front. To the extent that we can build new sets of competencies or new, let's say, markets to enter. We remain open to that. So we'll be active. I'd say we're always active on the M&A front, scanning the landscape. We actually have a venture arm in Trimble.

因此，過去我們可能會尋找一些補強型（tuck-in）的能力，如今我們認為今天可以自己做更多。所以這會是我對併購面的一個不同觀點。至於我們能夠建立新的能力組合，或是進入新的市場，我們仍然保持開放。因此我們會保持活躍。我會說我們在併購（M&A）方面一直都很活躍，持續掃描市場。我們確實一直在關注併購機會。Trimble 其實也有一個創投部門。

So we pay attention, and we're actively engaged. I would not say that the valuation environment has come down in the private market in any sort of fundamental way. And so we certainly weigh that against the buyback opportunity that's still highlighted with the $1 billion reauthorization.

所以我們會留意並且積極參與。我不會說私人市場的估值環境在任何根本層面有明顯下修。因此我們也會把這點與回購機會做權衡——目前仍有 10 億美元的回購再授權（reauthorization）作為支撐。

Perfect. Thank you.

很好。謝謝。

Josh Tilton, Wolfe Research.

Josh Tilton，Wolfe Research。

Hey, guys. Thanks for taking my questions. Two quick ones for me. First one, maybe to follow up on Celino's question. And again, I apologize if I missed this, and I also didn't run the math. So again, I apologize if it was clear that way. But had we not encountered this ARR divestiture in Field Systems. Would we be reiterating the ARR guide for the full year at the midpoint? Or would we be raising the ARR guide for the full year at the midpoint?

嗨，各位。謝謝回答我的問題。我有兩個簡短問題。第一個可能是延續 Celino 的問題。如果我漏聽了先說聲抱歉，我也沒有自己重新算一遍。所以如果其實很清楚但我沒抓到，也先致歉。如果我們沒有遇到 Field Systems 的這次 ARR 剝離（divestiture）。那我們在全年 ARR 指引的中位數會是維持不變？還是會把全年 ARR 指引的中位數上調？

Hey, Josh, it's Phil. Let me take that one. So yeah, the Field Systems impact for this very discrete item is about 400 to 500 basis points over the next few quarters for Field Systems specifically. It's about, call it, a little under 100 basis points at the company level. So aside for those issues, if we would be reiterating the range that we have.

嗨，Josh，我是 Phil。我來回答這題。是的，Field Systems 這個非常特定的項目，在接下來幾個季度對 Field Systems 本身的影響大約是 400 到 500 個基點。在公司整體層面，大約是不到 100 個基點。因此，撇除這些因素，我們會重申目前給出的區間。

Super helpful. And then maybe just a quick follow-up. I appreciate the incremental color on acknowledging the potential sale in transportation. I have to imagine that the inbounds that you're getting is because of these buyers, I don't want to say, see, this is the bottom, right, but they must see a better environment in the future, hence, wanting to buy the asset now and ride that positivity up as opposed to missing out on that opportunity.

非常有幫助。接著再追問一個。我很感謝你們補充說明並承認運輸業務可能出售的情況。我想你們收到的主動洽詢，應該是因為這些買方——我不想說他們認為現在是谷底——但他們一定是看到了未來更好的環境，因此才想現在買下資產，搭上後續上行，而不是錯過那個機會。

Can you maybe just dive one level deeper on like what are they seeing that we should be seeing or paying attention to that maybe give them hope that there is a better environment in your transportation market over the next, call it, 12 to 24 months than we saw over the last 12 months?

你能否再深入一層談談：他們看到了什麼、我們也應該看到或留意什麼，讓他們對未來 12 到 24 個月你們運輸市場的環境會比過去 12 個月更好抱有希望？

Josh, that's a great question. This is Rob. I'll take it. This is a great business. So this business has great potential, we believe in the opportunity. With the inbound, we have a fiduciary obligation, and we take our fiduciary obligation seriously. And we compare that to our own plan to execute on our own strategy within the Trimble platform. And that's why I say, we remain fully focused on executing the strategy because I go back to this being a great business with great potential.

Josh，這是個很好的問題。我是 Rob。我來回答。這是一門很棒的業務。我們相信這項業務具有很大的潛力與機會。面對外部主動洽詢，我們有受託責任（fiduciary obligation），而且我們非常認真看待這項責任。我們會把外部提案與我們在 Trimble 平台內執行自身策略的計畫做比較。所以我才說，我們仍然完全專注於執行策略，因為回到根本，這是一門很棒且潛力很大的業務。

The solve is actually pretty easy in the end is what do we see as the highest shareholder value creation. And so we look at the stakeholders between our customers, our employees and our shareholders, and we make the decision accordingly. And by the way, if there's a decision to make because there is no predetermined outcome and there's no predetermined timeline.

最終的解法其實很簡單：我們認為什麼能創造最高的股東價值。因此我們會在客戶、員工與股東等利害關係人之間做權衡，並據此做出決策。順帶一提，如果真的需要做決定，那也沒有預先設定的結果，也沒有預先設定的時間表。

Makes sense. Thank you, guys.

有道理。謝謝各位。

Quinn Fredrickson, Baird.

Quinn Fredrickson，Baird。

Hi, good morning. First question just on AECO. Could you unpack the difference between organic revenue growth and ARR growth in the segment this quarter? It was just little wider than I would have thought. I'm not sure if that's all the conversion uplift going away or if there's any other factors?

嗨，早安。第一個問題是關於 AECO。你能否說明一下本季該部門的有機營收成長與 ARR 成長之間的差異？這個差距比我原先預期的稍微大一些。我不確定是不是所有的轉換提升都消失了，或是還有其他因素？

Hey, Quinn, it's Phil. Thanks for the question. So in AECO, we have some term licenses in multiyear term and also some pro serve as well. The revenue is recognized upfront with those items generally. And so the timing of those in any given quarter could be up or down and create a delta between the revenue and ARR.

嗨，Quinn，我是 Phil。謝謝你的提問。在 AECO 方面，我們有一些多年期的定期授權（term licenses），也有一些專業服務（pro serve）。這些項目的營收通常會在前期認列。因此，在任何特定季度，這些項目的時點可能上上下下，進而造成營收與 ARR 之間的差異。

If you actually go and look at our past and particularly in Q2, we've seen this dynamic before, so it's nothing new. And this is why we focus on the ARR metric. And the 14% growth has been consistent in that range and in line with what our expectations are this year. And there's no change to our outlook or guide for AECO with that.

如果你回頭看我們過去的表現，尤其是第二季，我們以前也看過這種動態，所以並不新鮮。這也是為什麼我們聚焦在 ARR 指標。14% 的成長一直維持在那個區間，且符合我們今年的預期。因此 AECO 的展望或指引沒有任何改變。

That's helpful. Thanks. Second question, we're a few months into the Claude partnership. Is there any data you could share on new SketchUp user licenses and how that's trending relative to what you had hoped for it at this point in time?

很有幫助。謝謝。第二個問題，我們與 Claude 的合作已經進行了幾個月。你們是否能分享一些關於新增 SketchUp 使用者授權的數據，以及目前的趨勢相較於你們此時點原先的期待如何？

Hey, Quinn, this is Rob. Good question. It is early to have any definitive conclusions. But there are -- I'll call it four things that I can say based on over 25,000 unique users that we've seen in Claude using the Connector. The first is around learning. We're learning how to build skills to make the Connector even better. The second is that we're following the telemetry to generate the marketing motions to drive adoption to turn a user into a customer.

嗨，Quinn，我是 Rob。好問題。現在要下任何定論還太早。不過，基於我們在 Claude 中透過 Connector 看到超過 25,000 名不重複使用者的情況，我可以分享四點。第一是學習面：我們正在學習如何建立技能，讓 Connector 變得更好。第二是我們在追蹤遙測資料（telemetry），以產生行銷動作來推動採用，將使用者轉化為客戶。

The third, what we're confirming is what we expected is that this is not going to replace the current workflows, professional, call it, grade work that's done, deterministic analysis that could be daylight modeling, structural analysis, energy modeling, that's still happening within SketchUp itself. And the fourth, as we said originally.

第三，我們正在確認一件符合預期的事：這不會取代目前的工作流程；專業等級的工作、確定性分析（deterministic analysis），例如日照建模、結構分析、能源建模，仍然是在 SketchUp 本身內完成。第四，如同我們一開始所說的。

And as we still know today is that importantly, our IP is protected. And we're building these same capabilities into the SketchUp user interface itself, and that's been launched in what we call our Trimble Labs program. So it's out there with some early users. So I'd say in line with the expectations we had, Quinn. So thanks for asking.

而且我們今天仍然知道的一點是：重要的是，我們的智慧財產（IP）受到保護。我們也正在把同樣的能力建到 SketchUp 的使用者介面本身，並已在我們所稱的 Trimble Labs 計畫中推出。所以已經有一些早期使用者在使用。因此我會說，整體符合我們原先的期待，Quinn。謝謝你的提問。

Thanks, Rob.

謝謝，Rob。

Tami Zakaria, JPMorgan.

Tami Zakaria，摩根大通（JPMorgan）。

Hi, good morning. Very nice quarter. I wanted to follow up on slide 8 of your presentation, where you show how Trimble delivers value to data centers. Can you help us understand what is the duration of a typical data center project where you can stay involved? And is there a revenue curve that follows that has a phase when Trimble's value contribution peaks? Or is it pretty consistent from breaking the ground to handing over the project?

嗨，早安。本季表現非常好。我想追問你們簡報第 8 頁，你們展示 Trimble 如何為資料中心交付價值。你能否協助我們理解，一個典型的資料中心專案，你們通常能參與多長的期間？以及是否存在一條隨時間推進的營收曲線，其中某個階段 Trimble 的價值貢獻達到高峰？還是從動土到專案移交都相當一致？

Good morning, Tami, it's Rob. I'll take your question, and it's an interesting one. So if you think about a project life cycle, and it often starts with capital program management, the owner of making a decision to invest in the capital into the data center itself. And we can service that need through Trimble technology with an O in AECO, and we do that today. So that happens before there's ever even any surveyors out in the field.

早安，Tami，我是 Rob。我來回答你的問題，這個問題很有意思。如果你從專案生命週期來看，往往是從資本計畫管理開始，也就是業主決定要把資本投資在資料中心本身。我們可以透過 Trimble 的技術來滿足這個需求，在 AECO 裡面有一個「O」（我理解你指的是我們 AECO 的相關解決方案），而我們今天就已經在做。所以這甚至發生在任何測量人員到現場之前。

And guess what, after you've decided to make the capital investment, you send the surveyors out at some point after that to actually create the digital model of the physical earth to have that topographic map of the adverse conditions. Once you have that work, you now need to send that digital model into a set of engineering and construction workflows because you need to do site preparation, which is an opportunity for our civil construction business to move the dirt and move it right the first time.

然後你看，一旦你決定進行資本投資，接著在某個時間點你會派測量人員到現場，實際建立「實體地表」的數位模型，以取得地形圖並掌握不利條件。完成這項工作後，你就需要把該數位模型送入一系列工程與施工工作流程，因為你需要做場地整備；這對我們的土木施工業務而言是一個機會，能把土方移動到位，並且第一次就做對。

As you laid that foundation, the concrete pad, Trimble is involved in that, not only in the design, but in the layout and the verification of that. As you move from the pad into the, let's call it, the building itself and into the interiors through the structural shell, through the mechanical, electrical rough end through the full fit out, we're involved in that from design solutions to estimating solutions to project coordination to field layout as well. And then at the end, with the commissioning and the handover and then the whole quality control loop, we end up there as well.

當你打好基礎、做出混凝土基座時，Trimble 也會參與其中，不僅在設計端，也在放樣與驗證上參與。當你從基座進入到我們所說的建築本體與室內工程，從結構外殼、到機電粗裝（rough-in）、再到完整裝修（fit out），我們都會參與：從設計解決方案、估算解決方案、專案協調到現場放樣。最後在試運轉（commissioning）、移交，以及整個品質控管閉環上，我們也會在其中。

So from that concept to completion, Trimble is relevant, involved and engaged in a data center. To answer the other part of your question about the, let's say, the duration and how that flows in over time. I would say that it can cover that full life cycle of a project. So it doesn't all hit immediately at once. There does tend to be some months of, you say, lag between when that -- it could be months or quarters, by the way, from when the project is commissioned and approved all the way through when the various trades are taking on our technology.

所以從概念到完工，Trimble 在資料中心專案中都具相關性、會參與並投入。至於你問題的另一部分，也就是期間以及隨時間推進的節奏。我會說它可以涵蓋專案的完整生命週期。因此不會在同一時間點一次全部反映。通常會有一些月份的——你可以說是落後期（lag）；順帶一提，可能是幾個月或幾個季度——從專案立項與核准，一直到各個工種開始採用我們的技術之間。

It's hard to see it in the numbers today because our customers have a very healthy amount, most of our customers have a very healthy amount of backlog. Obviously, those who are serving data centers have healthy backlog. And so we see it in the business that we're already doing with them today. So great question. Thank you.

在今天的數字上其實不容易看得很清楚，因為我們的客戶——大多數客戶——都有非常健康的在手訂單（backlog）。很明顯地，服務資料中心的那些客戶也有健康的在手訂單。因此我們在目前已經與他們進行的業務中就能看到這點。很棒的問題。謝謝。

Understood. And my second question, I think I heard you say you are going to reach the EBITDA target of 30% a year early. So what's next? Is it time to maybe renew the 2027 target and extend to maybe 2029, '30? How are you thinking about it?

了解。第二個問題，我想我聽到你說你們將會提前一年達成 30% 的 EBITDA 目標。那接下來呢？是否該考慮更新 2027 年目標，並延伸到 2029、2030？你們是怎麼思考的？

Tami, I expect that we'll do an Investor Day next year. I mean that would be the right amount of timing and it's not -- we're not going to -- not ready to talk about 2027 guides. But what I would say to address the comment you made is that I would emphatically say I am proud of this team for delivering the EBITDA target, which could potentially be a year ahead of what we put forward.

Tami，我預期我們明年會辦一場投資人日（Investor Day）。我的意思是，那會是合適的時間點，而且我們——我們不會——目前還沒準備好談 2027 年的指引。但針對你剛才的評論，我要非常明確地說：我為這個團隊能交付 EBITDA 目標感到自豪，而這個目標很可能會比我們原先提出的時間提前一年達成。

That's a big deal. That's a big deal for us, and I hope our shareholders see that as a big deal as well that this business is performing and performing as expectations. And it is extremely reasonable to assume that we will continue to drive operating leverage going forward and expand upon that as we move the business into 2027 and beyond. So it's a great place to be and just as optimistic about the ongoing upside potential.

這是一件大事。這對我們而言是一件大事，我也希望我們的股東同樣認為這是一件大事，因為這項業務的表現正在達成、並且符合預期地在執行。而且，非常合理地可以假設，我們將在未來持續推動營運槓桿，並在我們把業務推進到 2027 年及之後時進一步擴大。所以這是一個很好的位置，我對持續的上行潛力也同樣樂觀。

Understood. Thank you.

了解。謝謝。

Nay Soe Naing, Berenberg.

Nay Soe Naing，Berenberg。

Hi, good morning. Thank you for taking my question. My first one is on -- I appreciate the fact that your AI strategy today is primarily focusing on customer adoption today. But would love to get an update on how you're thinking about your monetization strategy going forward. I ask that because in the last week, one of your peers mentioned that they are looking to monetize AI features starting from next year. And another peer recently came out with AI-specific approved in packages as well. So any directional update that we could have on the monetization strategy would be very helpful.

嗨，早安。謝謝讓我提問。我的第一個問題是關於——我理解你們目前的 AI 策略主要聚焦在推動客戶採用。但我很想了解你們對未來變現策略的最新想法。我之所以這麼問，是因為在過去一週，你們的一位同業提到他們正考慮從明年開始將 AI 功能變現。另外一位同業最近也推出了 AI 專屬、核准納入套裝的方案。因此，如果能提供任何關於變現策略方向性的更新，將會非常有幫助。

Nay, thanks for the question. This is Rob. I'll take it. And it was a little hard to hear, but I think you're asking about the AI monetization. And I'll start by saying, it's definitely a learning journey. And I can tell you that we're monetizing today, we're monetizing on a stand-alone basis, and we're monetizing through hybrid license and consumption models. It just takes time to show up when you're a scaled company like Trimble.

Nay，謝謝你的問題。我是 Rob。我來回答。剛剛有點不太好聽清楚，但我想你是在問 AI 的變現。我先說，這絕對是一段學習旅程。我可以告訴你，我們今天就已經在變現了：我們以獨立產品方式變現，也透過混合式授權與用量（consumption）模式變現。只是像 Trimble 這樣具規模的公司，需要一些時間才會在數字上顯現出來。

The near-term priority we have is to drive adoption, to drive workflow engagement across our expanded surface area and then the leverage telemetry to measure the real-world value that we're creating for our customers. And as that usage continues to scale, we're going to learn like we're going to adapt our pricing, we'll adapt our packaging, and we expect to see that through a combination of tiered subscription bundles. That looks like the good, better, best offerings that we've talked about before.

我們的短期優先事項是推動採用、推動在我們擴大後的觸及面上之工作流程參與度，並運用遙測資料（telemetry）來衡量我們為客戶創造的真實世界價值。隨著使用量持續擴大，我們會學習、也會調整定價與包裝，我們預期會透過分級的訂閱組合來呈現。這看起來就像我們之前談過的「好、更好、最好」方案。

We definitely expect to see hybrid models with license and consumption-based -- those consumption-based usage models on a go-forward basis like we have in the Transporeon business today, it's already a transaction-based model that we have. So we're building capabilities, and those capabilities give us optionality. I like where we are on this journey right now.

我們也確實預期未來會看到授權加上用量計費的混合模式——也就是以用量為基礎的使用模式；就像我們目前在 Transporeon 業務中一樣，我們已經有以交易為基礎的模式。因此我們正在建構相關能力，而這些能力讓我們擁有更多選擇性。我很喜歡我們目前在這段旅程中的位置。

Thank you very much.

非常感謝。

Chad Dillard, Bernstein.

Chad Dillard，Bernstein。

Hey, good morning, guys. Just wanted to revisit that product change in Field Systems. So first of all, what was the product? And then if I look at the run rate, it seems like it's a $75 million headwind. So I was just trying to figure out like the denominator is, like what's the total size? And then if you could unpack that 400 to 500 basis points impact over the next couple of quarters, like what's churn, what else is it? Thank you.

嘿，早安，各位。我想再回到 Field Systems 的那項產品變更。首先，那是什麼產品？另外，如果我看目前的 run rate，似乎是 7,500 萬美元的逆風。所以我想弄清楚分母是什麼，也就是總規模有多大？以及你能否拆解一下未來幾季 400 到 500 個基點的影響——其中有多少是流失（churn），還有其他是什麼？謝謝。

Good morning, Chad, thanks for the question. This is Rob. I'll start, and then Phil will give you the quantitative, which is different than what you put forward. I mean at the qualitative level, within the Civil business, we have a lot of different technologies. Here, we're talking about essentially Field Data processing.

早安，Chad，謝謝你的問題。我是 Rob。我先說明，接著 Phil 會給你量化數字，那會和你提出的不同。就質性層面而言，在 Civil 業務內我們有很多不同的技術。這裡我們談的基本上是現場資料處理（Field Data processing）。

And that is a service -- that's the specific service that we're bringing in-house with proprietary technology. And again, doing this from a position of strength and with the momentum we have in the business, we always had a plan, and we've been developing this ourselves as we decided to bring it forward.

而那是一項服務——也就是我們要用自有專有技術把這項特定服務內製（bring in-house）。同樣地，我們是在業務強勢、且動能良好的情況下做這件事；我們一直都有計畫，而且在決定把它推向市場之前，我們就已經自行在開發。

Phil, why don't you take the quant?

Phil，你來談一下量化部分好嗎？

Yeah. Hey, thanks, Chad. Yeah. So when I talked about the 400 to 500, that's specific to the Field Systems ARR. So the ARR Field Systems last year was about $400 million. So the 400 to 500 basis points affects the growth rate. So that implies, call it, $16 million to $20 million on the ARR this year, and then you can extrapolate that obviously to the impact on the company.

好。嘿，謝謝，Chad。是的。我提到的 400 到 500，是專指 Field Systems 的 ARR。去年 Field Systems 的 ARR 大約是 4 億美元。所以這 400 到 500 個基點影響的是成長率。因此意味著今年 ARR 約影響 1,600 萬到 2,000 萬美元，然後你當然可以把它外推到對公司整體的影響。

Got it. And then I was hoping you can give some color in terms of your revenue that comes from usage-based consumption. And then just maybe more broadly, like how are your KPIs managing the business changing as you lean more into AI and more usage-based consumption?

了解。另外我希望你能就你們來自用量型消費（usage-based consumption）的營收提供一些說明。再更廣泛一點，當你們更深入導入 AI、以及更多用量型消費時，你們用來管理業務的 KPI 會如何改變？

Great question, Chad. So when you ask about revenue from usage-based models, let me give you an example within the Transporeon business. We're talking over $150 million of transaction-based revenue that we have in that business today. That is a usage-based model. And that's -- so when I talk about having the DNA and building on the DNA that we have, it's not just a future thing because we have it. We already have that today.

很好的問題，Chad。你問到用量型模式的營收，我用 Transporeon 業務舉例。我們目前在那個業務裡有超過 1.5 億美元的交易型營收。那就是一種用量型模式。所以當我談到我們具備 DNA、並在既有 DNA 上持續建構時，這不只是未來式，因為我們已經有了。我們今天就已經在做。

When we have the SketchUp in the fourth quarter of last year, launched a hybrid model with the license and then AI-based usage on top of that, that is, again, it's in the market. It's not a futures thing that comes. So it's important for me, hopefully, to be able to communicate well here that the usage-based revenue is something that we already know how to do. As we take this more broadly, let's say, with AI, let's call it AI pure consumption based. We also are building the underlying engines to be able to do the -- all the billing mechanisms and be able to do that on a global level. That is a lot of work to put that forward.

我們在去年第四季針對 SketchUp 推出了混合模式：先是授權，然後在其上再加上 AI 的用量計費；同樣地，這已經在市場上了。這不是什麼未來才會發生的事。所以對我來說很重要的是——希望我能在這裡清楚傳達——用量型營收是我們已經知道怎麼做的事情。當我們把這件事更廣泛地推進，例如在 AI 上，假設是純用量（pure consumption）模式。我們也正在建構底層引擎，以便能完成所有計費機制，並能在全球層級運作。要把這些推出來需要做大量工作。

When we think about the KPIs and how they're changing in the business, some of the KPIs, actually, a lot of the KPIs are the same as they as they ever were. The KPIs such as net retention, we pay a lot of attention to the net retention. We see our gross retention holding where it was. We're not losing customers. And so the net retention, the bridge from gross to net gets into the cross-sell, the upsell, the pricing and beyond. That's exactly where it has been.

至於我們如何看 KPI、以及它們在業務中如何改變，有些 KPI——其實很多 KPI——和以往一樣。像是淨留存（net retention）這類 KPI，我們非常關注淨留存。我們看到總留存（gross retention）維持在原本的水準。我們沒有流失客戶。因此，從總留存到淨留存之間的橋樑，涉及交叉銷售、加購（upsell）、定價等。這正是一直以來所在的位置。

When we get into the, I'll say, specifically on the AI capabilities and features that we're adding, we're paying a lot of attention to the adoption, which is to say, how are they being used, but telemetry helps us with that. So getting that indication that the discovery is happening, that the usage is happening and not just that it's used once, you track the daily or the weekly active usage, that's a measure of engagement. And those would be the, let's call those the predictive indicators for where we go forward as it starts to get, let's say, revenue of a size and ARR of a size that we can report on.

當我們深入來談，我會說，特別是我們正在新增的 AI 能力與功能時，我們非常關注採用情況，也就是說，它們是如何被使用的，而遙測資料能在這方面幫助我們。因此，能夠得到那種「正在被發現、正在被使用」的訊號，而且不只是用一次；你會追蹤每日或每週活躍使用，這就是一種參與度的衡量。而這些就是——我們姑且稱之為——我們往前走的預測性指標，因為它開始達到我們可以對外揭露的營收規模與 ARR 規模。

Great. Thanks, guys.

很好。謝謝，各位。

Kristen Owen, Oppenheimer.

Kristen Owen，Oppenheimer。

Hi, good morning. Thank you for taking the question. Just wanted to follow up on the back half guidance. You've got a couple of moving pieces here between the tariff refunds here in Q2 and then the ARR transition in Field Systems. So I just wanted to understand, did anything change in the back half assumptions for the year? Just help bridge that gap for us, please?

嗨，早安。謝謝讓我提問。我想追問一下關於下半年指引。你們這裡有幾個變動因素，包括第二季的關稅退稅，以及 Field Systems 的 ARR 轉換。所以我想了解的是，今年下半年的假設有任何改變嗎？請幫我們把這個落差銜接起來，謝謝？

Hey, Kristen, it's Phil. So the tariff refund, that's more of a Q2 issue. Not an issue, it was a bit of a -- it was a headwind on the revenue for Field Systems. That's really more discrete to Q2 and the bulk of our refunds coming in, in Q2. So we really don't expect a material impact on that going forward. So effectively think about that as behind us.

嗨，Kristen，我是 Phil。關於關稅退稅，那比較是第二季的議題。也不是問題，它對 Field Systems 的營收有些——算是逆風。這主要是第二季的單一事件，我們大部分的退稅會在第二季入帳。所以我們不預期未來會有重大的影響。因此基本上可以把它視為已經過去了。

As I think about the back half of the year, so no change to how we were thinking about the back half of the year, we started the year. And actually, in fact, the raise in the guide, the $50 million on the revenue and the $0.10 on the EPS would actually imply that we are raising the back half of the guide relative to the flow-through from Q2. So we see a lot of strong momentum in the business and as we enter the second half of the year.

至於我對下半年的看法，我們對下半年的思考沒有改變，年初就是這樣規劃的。而且事實上，指引上調——營收增加 5,000 萬美元、EPS 增加 0.10 美元——其實意味著，相較於第二季的自然流入（flow-through），我們是在上調下半年的指引。所以我們看到業務動能非常強，並且在進入下半年時也是如此。

That's super helpful. Thank you. And then if I could ask you, you showed some really interesting data points on AECO growth. And the one that stood out to me is the 1 million incremental projects that you're seeing in Trimble Connect. Can you maybe help us understand like what's filling the top of the funnel there? What's the sales motion? You talked about some of the MCP early indicators, but just help us understand what's driving that incremental growth in Trimble Connect. Thank you.

這非常有幫助。謝謝。另外如果我可以再問，你們展示了一些非常有意思的 AECO 成長數據點。其中最讓我注意的是，你們在 Trimble Connect 看到新增 100 萬個專案。你能否幫我們理解一下，漏斗頂端是由什麼在填充？銷售推進方式是什麼？你提到一些 MCP 的早期指標，但請幫我們理解，究竟是什麼在驅動 Trimble Connect 的這個增量成長。謝謝。

Hey, Kristen, thanks for the question. It's Rob. And I'm glad you asked because it is a great statistic for us. The users that we have that come in to Connect and the projects that come in, come through our modeling solutions, they come in through project management solutions, they come in the field from our machine control users or surveyors or folks doing reality capture out in the field.

嗨，Kristen，謝謝你的問題。我是 Rob。我很高興你問到，因為這對我們來說確實是一個很棒的統計數字。進入 Connect 的使用者以及進來的專案，來源包括我們的建模解決方案、專案管理解決方案，也包括現場端：來自我們的機械控制使用者、測量人員，或是在現場做實景捕捉（reality capture）的人。

So the users create projects. Those projects are initiated and managed in Trimble Connect. That is indicative of the network effects that we see in the business. It's really compelling to see the adoption of this common and connected data environment and to see it globally. I mean, this is not even -- it's not a regional topic.

所以使用者會建立專案。這些專案是在 Trimble Connect 中啟動並管理的。這反映了我們在業務中看到的網路效應。看到這個共同且互聯的資料環境被採用，而且是全球性的採用，真的很有說服力。我的意思是，這甚至——這不是區域性的議題。

It's a global topic. And then the projects get added, that drives those API calls, the $30 billion API calls. There's an intensity of that usage and the collaboration and the coordination that happens amongst stakeholders, leveraging the Connect, Trimble Connect environment.

這是全球性的議題。接著專案數增加，就會帶動那些 API 呼叫，也就是 300 億次 API 呼叫。使用強度，以及利害關係人之間透過 Connect、Trimble Connect 環境所進行的協作與協調，都非常明顯。

And by the way, that is both serving AECO and Field Systems that was why I wanted to set up as an overall engineering and construction commentary early in the prepared remarks. So really great things happening for us. It's something that is we believe very uniquely Trimble, that ability to link the work in the office and the field, the hardware and the software of Trimble, thereby connecting the physical and the digital world.

順帶一提，這同時服務 AECO 與 Field Systems，這也是為什麼我想在事先準備的發言中，較早就以整體工程與建築的角度來鋪陳評論。所以對我們來說，真的有很多很棒的事情正在發生。我們相信這是非常具有 Trimble 獨特性的能力：把辦公室與現場的工作、Trimble 的硬體與軟體連結起來，從而連接實體世界與數位世界。

Appreciate the color, Rob. Thank you.

感謝補充說明，Rob。謝謝。

Nicholas Igneri, Barclays.

Nicholas Igneri，Barclays。

Hey, guys, good morning. Thanks for taking my question. So product revenue grew faster than subscription and services for the second straight quarter, which is sort of a reversal from the software-led narrative investors have become accustomed to. Can you just help us understand what specifically drove the stronger product performance? And should we view this as a temporary trend or something more structural?

嗨，各位，早安。謝謝讓我提問。產品營收連續第二季成長速度快於訂閱與服務，這某種程度上與投資人已經習慣的「軟體帶動」敘事相反。你們能否幫我們理解，究竟是哪些因素具體推動了較強的產品表現？以及我們應該把這視為短期趨勢，還是更結構性的變化？

Hey, Nicholas, it's Phil. Let me take this one. Yes, so this is really driven by the performance in our Field Systems. Our AECO business is, aside from the ProServe, virtually all software. The Field Systems is the one that has more of the product revenue of it. And just with the strong performance of that business, the mix of that has changed where the product revenue is a little bit more and continue to see the momentum in that business, and the team has done a really good job.

嗨，Nicholas，我是 Phil。我來回答這題。是的，這主要是由我們 Field Systems 的表現所帶動。我們的 AECO 業務，除了 ProServe 之外，幾乎全部都是軟體。Field Systems 則是產品營收占比較高的那一塊。而隨著該業務表現強勁，組合也有所改變，使得產品營收占比略高；我們也持續看到那個業務的動能，團隊做得非常好。

Okay. Great. Thanks for the color there. And then just Document Crunch has now been part of the portfolio for a few months. And I think slide 15 noted strong performance in the quarter. I was just hoping you can further unpack that performance there? And maybe just tell us what you guys have learned so far about customer demand.

好的。很好。謝謝你提供的補充說明。另外，Document Crunch 併入你們的產品組合已經幾個月了。我想投影片 15 提到本季表現強勁。我希望你們能進一步拆解一下那邊的表現？也請談談到目前為止，你們對客戶需求學到了什麼。

Thanks for the question. This is Rob. I appreciate you asking about Document Crunch. This is a great team, great energy, great engagement. I see between the teams so just come in and just in a really perfect way. Our sellers have a lot of interest. I mean it's such a natural fit within the Trimble Construction on bundled set of solutions, the commercial framework that we have. So we've got a lot of seller interest. We've got a lot of customer interest.

謝謝你的問題。我是 Rob。謝謝你問到 Document Crunch。這是一個很棒的團隊，充滿活力，互動參與度也很高。我看到兩邊團隊之間的合作——他們加入得非常順利、非常契合。我們的銷售人員興趣很高。我的意思是，它非常自然地融入 Trimble Construction 的解決方案套組與我們既有的商業框架。所以我們有很高的銷售端興趣。客戶端的興趣也很高。

On the product front, the Document Crunch team came out with their next-generation solution that is being very well received in the market and by customers. It's just really -- and when you think about this area of contract management and the risk intelligence around those contracts, and really get your head around the data of just how litigious the industry can be and what the cost of those claims can be when they arise, the value proposition for having this AI-based risk management approach is a really incredible value proposition and then tie that into the proprietary set of data we have at Trimble from project management into the financials and to that awareness of what's happening in the field, and it just really brings things together very nicely.

在產品方面，Document Crunch 團隊推出了他們的下一代解決方案，市場與客戶的反應都非常好。這真的——當你想到合約管理這個領域，以及圍繞這些合約的風險智慧（risk intelligence），再真正理解這個產業可能有多訴訟化，以及一旦發生索賠其成本可能有多高時，採用這種以 AI 為基礎的風險管理方法，其價值主張非常驚人；再把它與我們在 Trimble 擁有的專有資料集連結起來——從專案管理延伸到財務，再到對現場正在發生什麼的掌握——就能把各個環節非常漂亮地整合在一起。

The other thing we love about this team coming into the Trimble family is that we're putting more capital into this business in the form of people. This is an AI-native team. We're leveraging this team and the DNA they have to develop new features and capabilities that we may have in the past gone out and looked to acquire into some new categories where we think we can do it ourselves, leveraging this team, and that is one of the things we always look out for in acquisitions like this. So thanks for the opportunity to put color around that.

我們對這個團隊加入 Trimble 大家庭的另一個欣喜之處在於，我們正以人力的形式向這項業務投入更多資本。這是一支以 AI 為原生的團隊。我們正在運用這個團隊及其所具備的 DNA 來開發新的功能與能力；過去我們可能會走出去透過收購來取得、進入一些我們認為可以自行完成的新類別——藉由這個團隊來做到——而這也是我們在這類收購中一向會特別留意的重點之一。所以謝謝你給我們機會補充說明。

Great, thanks. I'll pass it on.

很好，謝謝。我會轉達。

Clarke Jeffries, Piper Sandler.

Clarke Jeffries，Piper Sandler。

Hello. Thank you for taking the question. I just wanted to clarify around the Timing or how the behavior of the replacing of the white label products, the internal solution will develop? Will that be on renewal? Or is there just kind of a cutover point at some point in time during the second half? Just wondering if there are -- if the impacts are completely contained to second half or if it's even some into '27 on renewal?

你好。謝謝讓我提問。我想釐清一下時程，或是白牌產品被替換、內部解決方案將如何推進的節奏？會是在續約時進行嗎？還是說在下半年某個時間點會有一個切換點？想了解影響是否完全侷限在下半年，或是是否會有一部分延伸到 2027 年、在續約時才反映？

Hey, Clarke, this is Phil. Yeah. So think about it in terms of effectively exiting our products. So it's winding down this year through this year, which is why it has a bigger impact on the second half of this year. We're building the new product.

嗨，Clarke，我是 Phil。是的。你可以把它理解為我們實際上是在退出我們的產品。所以今年會一路逐步收尾、在今年內完成收斂，這也是為什麼對今年下半年的影響更大。我們正在打造新產品。

We should have that released soon. And then there's going to be a ramp up as we start to sell that product. So that's why there's a bit of a lagging effect between the time right now where there's the wind down and we build up into 2027 with the replacement product.

我們應該很快就會發布。接著在我們開始銷售該產品時，會有一段爬坡期。因此，從目前的收尾期到 2027 年以替代產品逐步建立起來之間，會出現一些滯後效應。

Perfect. And then just a question on the comment around being higher-margin revenue. Does that -- is that going to be manifested in the gross margin line? Is that where most of the margin benefit comes from? And then just -- and maybe getting ahead of ourselves, if there's an Analyst Day plan in the future, but certainly, one of the biggest parts of the margin story over the past few years has been the gross margin accretion, the growing recurring revenue in the base.

完美。另外關於你提到「較高毛利的營收」那段評論。這是否會反映在毛利率那一行？大部分的毛利改善是否主要來自那裡？再者——也許我們有點超前——未來是否有規劃舉辦分析師日，但可以確定的是，過去幾年毛利故事中很大的一部分來自毛利率的提升，以及基礎盤中經常性收入的成長。

P&L had been one of the biggest sources of gross margin improvement. When you think about what the portfolio is and Fuel Systems and AECO gross margin trajectories, do you feel -- still feel strongly about the gross margin story looking beyond 2026? And anything we should consider when thinking about the margin drivers just in the '27 with the early achievement on the EBITDA line? Thank you.

P&L 一直是毛利改善的最大來源之一。當你思考目前的產品組合，以及 Fuel Systems 與 AECO 的毛利率走勢時，你是否——仍然——對 2026 年之後的毛利故事有信心？以及在思考 2027 年的毛利驅動因素、以及 EBITDA 線上較早達成目標時，有沒有什麼我們應該納入考量的？謝謝。

Yeah. Hey, Clarke, so I don't think we're ready to guide on specifically on 2027, but let me talk a little more generally in the questions. So for the specific product, the answer is, yes, I would expect that when we launch that product as it builds up, that would be accretive to gross margin. Now again, sizing that on the -- a very large-scale business is it will have a positive impact, but it may not be materially picked up in the gross margin as we think about the size of the Field Systems business.

是的。嗨，Clarke，我想我們還沒準備好針對 2027 年提供具體指引，但我先用較一般性的方式回應你的問題。就這個特定產品而言，答案是肯定的：我預期當我們推出該產品、並隨著規模建立起來時，會對毛利率有增益。不過再說一次，放在一個非常大規模的業務中來看，它會帶來正面影響，但考量到 Field Systems 業務的體量，未必會在毛利率上呈現出顯著的變化。

And then as I think about more broadly speaking on the gross margin, our software is certainly growing faster generally. Obviously, the Field Systems products, as we talked about earlier, has been doing really well and has a lot of momentum to it. But as I think about the Investor Day targets and over the longer term, software is growing faster, that naturally has higher gross margin. So if nothing else was just the mix change with the software growing faster than hardware over the long term, I would expect the continued expansion in the gross margin at the company level.

再更廣泛地談毛利率，我們的軟體整體而言確實成長更快。當然，如同我們先前提到的，Field Systems 產品表現非常好，也有很強的動能。但就投資人日的目標以及更長期來看，軟體成長更快，而軟體的毛利率自然更高。因此，即便其他因素不變，僅就長期而言軟體成長快於硬體所帶來的組合變化，我也預期公司層級的毛利率會持續擴張。

Thank you.

謝謝。

We have reached the end of the Q&A session, and that does conclude today's call. Thank you all for attending. You may now disconnect.

我們的問答環節到此結束，今天的電話會議也就此告一段落。感謝各位出席。您現在可以掛線。