Verra Mobility Corp (VRRM) 2025 Q3 法說會逐字稿

Good afternoon, ladies and gentlemen, and welcome to Verra Mobility's third-quarter 2025 earnings conference call. My name is Towanda, and I will be your conference operator today. This call is being recorded. (Operator Instructions)

女士們、先生們，下午好，歡迎參加Verra Mobility 2025年第三季財報電話會議。我是Towanda，今天將擔任本次會議的接線生。本次電話會議正在錄音。 （接線生說明）

I would like to turn the presentation over now to your host for today's call, Mark Zindler, Vice President of Investor Relations for Verra Mobility. Please go ahead, Mr. Zindler.

現在我將把發言權交給今天的主持人，Verra Mobility投資者關係副總裁馬克·津德勒先生。請津德勒先生開始吧。

Thank you. Good afternoon, and welcome to Verra Mobility's Third Quarter 2025 Earnings Call. Today, we'll be discussing the results announced in our press release issued after the market closed along with our earnings presentation, which is available on the Investor Relations section of our website at ir.verramobility.com.

謝謝。下午好，歡迎參加Verra Mobility 2025年第三季財報電話會議。今天，我們將討論在收盤後發布的新聞稿中公佈的業績，以及我們的業績演示文稿，該演示文稿可在我們網站ir.verramobility.com的投資者關係欄目中找到。

With me on the call are David Roberts, Verra Mobility's Chief Executive Officer; and Craig Conti, our Chief Financial Officer. David will begin with prepared remarks, followed by Craig, and then we'll open up the call for Q&A.

與我一同參加這次電話會議的還有Verra Mobility的執行長David Roberts和財務長Craig Conti。 David將首先發言，隨後是Craig，之後我們將進入問答環節。

Management may make forward-looking statements during the call regarding future events and expectations, anticipated future trends and the anticipated future performance of the company. We caution you that such statements are not guarantees of future performance and involve risks and uncertainties that are difficult to predict.

管理層可能會在電話會議中就未來事件和預期、預期未來趨勢以及公司預期未來業績發表前瞻性聲明。我們提醒您，此類聲明並非對未來業績的保證，且涉及難以預測的風險和不確定性。

Actual results may differ materially from those projected in the forward-looking statements due to a variety of risk factors. These factors are described in our SEC filings. Please refer to our earnings press release and investor presentation for our cautionary note on forward-looking statements.

由於多種風險因素的影響，實際結果可能與前瞻性聲明中預測的結果有重大差異。這些因素已在我們的美國證券交易委員會（SEC）文件中進行了描述。請參閱我們的獲利新聞稿和投資者簡報，以了解我們對前瞻性聲明的警示性說明。

Any forward-looking statements that we make on this call are based on our beliefs and assumptions today, and we do not undertake any obligation to update forward-looking statements.

我們在本次電話會議中所做的任何前瞻性陳述均基於我們目前的信念和假設，我們不承擔更新前瞻性陳述的任何義務。

Finally, during today's call, we'll refer to certain non-GAAP financial measures. A reconciliation of these non-GAAP measures to the most directly comparable GAAP measure is included in our earnings release, quarterly earnings presentation, and investor presentation, all of which can be found on our website at ir.verramobility.com.

最後，在今天的電話會議中，我們將提及一些非GAAP財務指標。這些非GAAP指標與最直接可比較的GAAP指標的調節表已包含在我們的盈利報告、季度盈利演示文稿和投資者演示文稿中，所有這些文件都可以在我們的網站ir.verramobility.com上找到。

With that, I'll turn the call over to David.

接下來，我將把電話交給大衛。

Thank you, Mark, and thanks, everyone, for joining us. Before I dive into our consolidated financial results, I'll start with an update on our automated photo enforcement contract with the New York City Department of Transportation, which will help contextualize our third quarter financial performance and our revised guidance for the year.

謝謝馬克，也謝謝各位的到來。在深入探討我們的合併財務業績之前，我先介紹一下我們與紐約市交通局簽訂的自動拍照執法合約的最新進展，這將有助於大家更好地理解我們第三季度的財務業績以及我們修訂後的全年業績預期。

We are actively working with the New York City Department of Transportation to finalize the new automated enforcement contract, which was announced at the end of March 2025. As we work to finalize the new contract, we are now in a position to share the key financial expectations.

我們正積極與紐約市交通局合作，敲定新的自動化執法合同，該合約已於2025年3月底宣布。隨著新合約的最終敲定，我們現在可以分享一些關鍵的財務預期。

We expect that the new contract will have a five-year term, with an option for a five-year renewal and an estimated total contract value of $963 million. We expect annual service revenue to grow from about $135 million in 2024, to a range of $165 million to $185 million by 2027.

我們預計新合約期限為五年，並可選擇續約五年，合約總價值預計為9.63億美元。我們預計年度服務收入將從2024年的約1.35億美元成長到2027年的1.65億美元至1.85億美元之間。

Furthermore, the New York City Department of Transportation has elected to purchase its own equipment, which is expected to add $20 million to $30 million in product revenue in both 2026 and 2027. Craig will cover additional financial details in his prepared remarks.

此外，紐約市交通局已決定自行購買設備，預計在2026年和2027年分別增加2,000萬至3,000萬美元的產品收入。克雷格將在準備好的演講稿中介紹更多財務細節。

In parallel with working to finalize the new contract, the New York City Department of Transportation has instructed Verra Mobility through a change order process to install up to 250 red-light cameras by year-end 2025, as a part of the legislatively authorized expansion. The new red-light cameras are expected to generate approximately $30 million of revenue in 2025, of which about $10 million is expected to be product revenue and $20 million is expected to be installation services revenue.

在敲定新合約的同時，紐約市交通局已透過變更訂單流程指示Verra Mobility公司在2025年底前安裝多達250個闖紅燈攝影機，作為立法授權擴建項目的一部分。預計這些新的闖紅燈攝影機將在2025年帶來約3,000萬美元的收入，其中約1,000萬美元為產品收入，2,000萬美元為安裝服務收入。

The red-light camera expansion program started in the third quarter, and consequently, we generated $17 million of revenue in conjunction with the red-light camera installations in the third quarter, of which approximately $6 million was product revenue and about $11 million with installation services revenue.

紅燈攝影機擴容計畫於第三季啟動，因此，我們在第三季透過安裝紅燈攝影機創造了 1,700 萬美元的收入，其中約 600 萬美元為產品收入，約 1,100 萬美元為安裝服務收入。

We look forward to continuing to serve the New York City Department of Transportation and the citizen safety priorities of Vision Zero. This program has been demonstrated to improve safety on New York City's roads as evidenced by the data showing reduction in crashes and fatalities.

我們期待繼續為紐約市交通局以及「零願景」計畫的市民安全優先事項提供服務。該計劃已被證明能夠改善紐約市道路安全，數據顯示，交通事故和死亡人數都有所減少。

Based on 2024 reports published by the New York City Department of Transportation, daily violations at speed camera locations have decreased 94% since the start of the program in 2014. Additionally, the average daily number of red-light running violations issued at camera locations has declined by 73% since the program began in 1994. We look forward to continuing to support New York City's safety mission.

根據紐約市交通局發布的2024年報告，自2014年該計畫啟動以來，測速攝影機路段的每日違規數量下降了94%。此外，自1994年該計畫啟動以來，攝影機路段的每日闖紅燈違規數量平均下降了73%。我們期待繼續支持紐約市的安全使命。

The contract is strategically important, and we believe a source of long-term value creation for Verra Mobility.

該合約具有重要的戰略意義，我們相信它將為 Verra Mobility 創造長期價值。

Shifting now to our third quarter consolidated financials, we delivered a strong quarter with all of our key financial measures ahead of our internal expectations. Total revenue for the quarter increased 16% over the same period last year to $262 million, with all three business segments meeting or exceeding their respective internal plan.

接下來來看我們第三季的合併財務數據。本季業績表現強勁，所有關鍵財務指標均超出內部預期。本季總營收年增16%，達2.62億美元，三大業務部門均達到或超過各自的內部計畫。

The aforementioned New York City red-light expansion change order was a key catalyst contributing $17 million of revenue for the quarter. Moreover, adjusted EPS increased 16% over the prior year period, driven by our operating performance, prior period share repurchases, and the reduction in our interest rate on our term loan debt.

前述紐約市紅綠燈擴建變更令是本季貢獻1,700萬美元營收的關鍵催化劑。此外，調整後每股盈餘較上年同期成長16%，主要得益於公司營運表現、前期股票回購以及定期貸款利率的降低。

Moving on to segment level financials. Commercial Services third quarter revenue and segment profit increased about 7%, respectively, over the prior year period. Rental Car or RAC tolling increased 7% over the prior year period, driven by increased travel volume and product adoption as well as higher tolling activity compared to the third quarter of last year.

接下來來看分業務部門的財務數據。商業服務部門第三季營收和利潤分別較上年同期成長約7%。租車（RAC）收費收入較上年同期成長7%，主要得益於出行量和產品普及率的提高，以及收費活動較去年同期有所增加。

The growth in RAC tolling was partially offset by a decline in fleet management revenue of about 3% compared to the third quarter of 2024, due to the customer churn that we had discussed on our second quarter earnings call.

RAC 收費業務的成長被車隊管理收入下降約 3% 所部分抵消，這是由於我們在第二季度收益電話會議上討論過的客戶流失造成的，與 2024 年第三季度相比，車隊管理收入下降了約 3%。

Next, moving on to the macro environment and the implications for our Commercial Services business. As we discussed on our second quarter earnings call, travel demand stabilized and grew modestly in Q3 over the prior year quarter.

接下來，我們來談談宏觀環境及其對我們商業服務業務的影響。正如我們在第二季財報電話會議上所討論的，第三季旅遊需求趨於穩定，並較上年同期略有成長。

Third-quarter TSA volume increased about 1% over the third quarter of last year, and year-to-date TSA volume is about the same as 2024. Based on the commentary from the major airlines, we anticipate solid fourth quarter travel demand at levels slightly ahead of our guidance provided during our second quarter earnings call.

第三季TSA業務量較去年同期成長約1%，今年迄今的TSA業務量與2024年同期大致持平。根據主要航空公司的評論，我們預計第四季度旅行需求將保持強勁，略高於我們在第二季財報電話會議上給出的預期水準。

Moving on to Government Solutions. Total revenue increased 28% over the third quarter of 2024. Total revenue from New York City, our largest government solutions customer, increased 46% over the third quarter of 2024, driven by the new red-light camera installations.

接下來是政府解決方案業務。總營收較 2024 年第三季成長 28%。紐約市是我們最大的政府解決方案客戶，其總收入較 2024 年第三季成長 46%，這主要得益於新安裝的闖紅燈攝影機。

Additionally, service revenue increased 11% outside of New York City driven by expansion from existing customers and new cities implementing photo enforcement programs. International product sales increased $4 million over the third quarter of 2024, rounding out the year-over-year growth in revenue.

此外，紐約市以外地區的業務收入成長了11%，這主要得益於現有客戶的業務拓展以及新城市實施拍照執法計畫。 2024年第三季度，國際產品銷售額成長了400萬美元，進一步推動了全年營收的成長。

Next, I'd like to highlight two important pieces of legislation that were passed during the quarter. First, California passed a work zone speed pilot that is expected to deploy up to 35 camera-based systems on state highway construction or maintenance areas. California also reformed its red-light camera enforcement program by shifting the violation from criminal to civil, reducing the fine amount and using certain program operating requirements.

接下來，我想重點介紹本季通過的兩項重要立法。首先，加州通過了一項施工區域測速試點項目，預計將在州際公路的施工或維護區域部署多達35套基於攝影機的測速系統。此外，加州還改革了闖紅燈攝影機執法項目，將違規行為從刑事處罰改為民事處罰，降低了罰款金額，並制定了一些項目運行要求。

These reforms bring California's program more in line with other state safety programs, and we believe they will create additional positive momentum for automated enforcement. We estimate that these two legislative authorizations add an incremental $140 million in total addressable market, the majority of which is driven by the red-light camera reforms and the legislation.

這些改革使加州的交通安全計畫與其他州的交通安全計畫更加接軌，我們相信這將為自動化執法帶來更多積極的推動力。我們估計，這兩項立法授權將新增1.4億美元的潛在市場規模，其中大部分成長將得益於闖紅燈攝影機改革和相關立法。

This additional addressable market opportunity increases our incremental TAM to approximately $365 million, with the potential to expand to $500 million if California passes additional enabling legislation.

這項新增的潛在市場機會使我們的增量潛在市場規模達到約 3.65 億美元，如果加州通過更多授權立法，則有可能擴大到 5 億美元。

Contracted bookings in Government Solutions continued to be a source of strength in the third quarter. We entered into bookings of about $14 million of incremental annual recurring revenue based on a full run rate, bringing the trailing 12 months total to about $51 million.

第三季度，政府解決方案業務的合約訂單持續保持強勁成長勢頭。根據正常營運率計算，我們新增了約1,400萬美元的年度經常性收入，使過去12個月的總收入達到約5,100萬美元。

Notable third-quarter bookings include a school bus stop-arm program in Seattle, Washington, a speed program in Phoenix, Arizona, expansion of the school zone speed program in Auburn, Washington, and a new red-light safety program in Modesto, California.

第三季值得關注的預訂項目包括華盛頓州西雅圖的校車停車臂項目、亞利桑那州鳳凰城的速度項目、華盛頓州奧本的學校區域速度項目的擴展，以及加州莫德斯託的新闖紅燈安全項目。

Additionally, subsequent to the end of the quarter, we were notified by San Jose, California, of the intent to award the City's Speed Safety Program to Verra Mobility. We are incredibly honored to partner with the City of San Jose to bring this critical safety technology to the community.

此外，本季末，我們收到加州聖荷西市的通知，他們有意將該市的「速度安全計畫」授予Verra Mobility公司。我們非常榮幸能與聖荷西市合作，將這項至關重要的安全技術帶給社區。

This award marks our third California Speed Enforcement Award, following San Francisco and Oakland. We anticipate the three remaining pilot cities, Los Angeles, Glendale and Long Beach to launch their respective procurements over the next several quarters.

繼舊金山和奧克蘭之後，這是我們獲得的第三個加州速度執法獎。我們預計洛杉磯、格倫代爾和長灘這三個試點城市將在未來幾季內啟動各自的採購計畫。

We're pleased to report that the San Francisco speed pilot program is demonstrating its intended effects. Through the first four months of operations, a San Francisco Municipal Transportation Agency study that tracks vehicle speeds along 15 of the corridors, where the cameras have been installed on an average 72% reduction in speeding, based on data captured before and after the cameras went into effect.

我們很高興地報告，舊金山測速試點計畫已展現出預期效果。在運行的前四個月裡，舊金山交通局對15條已安裝攝影機的道路進行了車輛速度追蹤研究，結果顯示，根據攝影機啟用前後採集的數據，超速現象平均減少了72%。

Moving on to T2 Systems, our Parking Solutions business, total revenue increased about 7% for the quarter, driven by a 3% increase in SaaS and services revenue, and a 30% or $1 million increase in product revenue, and these results were in line with our internal expectations.

接下來是我們的停車解決方案業務 T2 Systems，本季總營收成長約 7%，其中 SaaS 和服務收入成長 3%，產品營收成長 30%（即 100 萬美元），這些結果符合我們的內部預期。

Moving on to our full year outlook. We are increasing our full year 2025 revenue guidance driven by the New York City red-light camera expansion. We expect this expansion will generate an incremental $30 million of total revenue this year.

接下來談談全年展望。受紐約市闖紅燈攝影機擴建計畫的推動，我們上調了2025年全年營收預期。我們預計該計劃今年將帶來3000萬美元的額外營收。

Additionally, note that our expectations for the remainder of the business remain unchanged as we believe the market for automated enforcement is strong, our Parking business turnaround is ahead of our internal plan, and we expect stable travel demand.

此外，請注意，我們對其餘業務的預期保持不變，因為我們相信自動執法市場強勁，我們的停車業務復甦超出了內部計劃，我們預計出行需求將保持穩定。

Today, we're also going to provide a preliminary outlook for 2026. As you may recall, our 2025 guidance to date assume New York City revenue would be flat in 2025 compared to 2024. Our outlook assumes that our new contract with New York City is effective in January 2026. Driven by the change order to our existing contract and the red-light camera installation shifting from 2026 into 2025, we expect total consolidated revenue to moderate to mid-single digit growth in 2026.

今天，我們也將提供2026年的初步展望。您可能還記得，我們​​先前對2025年的業績指引是基於紐約市2025年的營收與2024年持平的假設。我們的展望則是基於我們與紐約市的新合約將於2026年1月生效的假設。由於現有合約的變更以及闖紅燈攝影機安裝計畫從2026年提前至2025年，我們預計2026年合併總收入將實現溫和至中等個位數的成長。

At the segment level, we anticipate Government Solutions growing high single digits on strong service revenue. Additionally, we expect Commercial Services to grow mid-single digits on modest TSA volume growth combined with the impact of the customer churn we discussed in the second quarter of this year, which impacts FMC revenue through the first half of 2026.

從業務板塊來看，我們預期政府解決方案業務將受益於強勁的服務收入實現高個位數成長。此外，我們預計商業服務業務將受益於TSA業務量的溫和增長，以及我們在今年第二季度討論過的客戶流失的影響（這將影響FMC業務的收入直至2026年上半年），實現中等個位數增長。

Finally, T2 is expected to grow low to mid-single digits next year on moderate SaaS and equipment sales growth.

最後，預計明年 T2 將實現個位數低至中等的成長，這主要得益於 SaaS 和設備銷售的溫和成長。

Additionally, we expect adjusted EBITDA margins to decline 250 to 300 basis points on portfolio mix and impacts from the New York City renewal contract. Craig is going to walk through this detail along with the path to margin expansion as we capitalize on the growth opportunities and cost reduction initiatives currently underway across our businesses.

此外，我們預計受投資組合結構變化和紐約市續約合約的影響，調整後 EBITDA 利潤率將下降 250 至 300 個基點。 Craig 將詳細說明這一情況，以及我們如何利用當前業務成長機會和成本削減措施來提升利潤率。

In my view, 2026 represents a year of transition between the investments made in the business over the past two years and the benefits we expect to realize. Over a multiyear period, beginning in 2027, we are poised to deliver strong growth and margin expansion, driven in large part by the growth in forward momentum in Government Solutions and our ability to execute at scale that business -- as well as the continued growth opportunity in commercial services and T2.

在我看來，2026年是過去兩年業務投資與我們預期收益之間的過渡之年。從2027年開始的幾年內，我們有望實現強勁成長和利潤率提升，這主要得益於政府解決方案業務的強勁發展勢頭以及我們大規模執行該業務的能力，同時也得益於商業服務和T2業務的持續增長機會。

Moving on to capital allocation. Due to the conviction in our long-term growth outlook and margin expansion initiatives, our Board of Directors authorized a $150 million increase to our existing stock repurchase program that is available through November of 2026. This brings the available repurchase authorization to $250 million and we expect to commence the buyback in the near term, subject to market conditions and other factors.

接下來談談資本配置。鑑於我們對長期成長前景和利潤率提升計畫的信心，董事會批准將現有股票回購計畫的額度增加1.5億美元，該計畫有效期至2026年11月。此次增加後，可用的回購額度將達到2.5億美元，我們預計將在近期啟動回購，具體時間取決於市場狀況和其他因素。

Craig, I'll turn it over to you to guide us through our financial results, the New York City contract update, our revised 2025 financial outlook, and our preliminary perspectives for 2026.

克雷格，接下來就交給你來帶領我們了解財務業績、紐約市合約更新、修訂後的 2025 年財務展望以及 2026 年的初步展望。

Thank you, David, and hello, everyone. We appreciate you joining us on the call today.

謝謝大衛，大家好。感謝各位今天參加我們的電話會議。

We'll turn to slide 4, which outlines the key financial measures from the consolidated business for the third quarter. Our Q3 performance, which included 12% service revenue growth and 16% total revenue growth year over year exceeded our internal expectations.

接下來我們來看第四張投影片，其中概述了第三季合併業務的關鍵財務指標。我們第三季的業績，包括服務收入年增12%和總收入年增16%，均超出了我們內部的預期。

Service revenue growth, which consists primarily of recurring revenue, was driven by the change order for New York City red-light expansion program and service revenue growth outside of New York City in the Government Solutions business as well as increased revenue from RAC tolling and European operations in the Commercial Services business.

服務收入成長主要由經常性收入構成，這得益於紐約市紅燈擴建計劃的變更訂單、紐約市以外政府解決方案業務的服務收入增長，以及商業服務業務中 RAC 收費和歐洲業務收入的增加。

At the segment level, Government Solutions service revenue grew 19% year over year. Commercial Services revenue increased by 7% over the prior year. In T2 Systems SaaS and services revenue increased 3% compared to the third quarter of 2024. Total product revenue was about $19 million for the quarter, Government Solutions contributed roughly $14 million with $6 million coming from the New York City red-light expansion and $8 million from international product sales. T2 delivered about $4 million in product sales overall for the quarter.

從業務板塊來看，政府解決方案服務收入較去年同期成長19%。商業服務收入較去年同期成長7%。 T2 Systems的SaaS和服務收入較2024年第三季成長3%。本季產品總收入約1,900萬美元，其中政府解決方案貢獻約1,400萬美元，包括紐約市紅綠燈擴建工程帶來的600萬美元收入和國際產品銷售帶來的800萬美元收入。 T2 Systems本季整體產品銷售額約400萬美元。

On the profitability side, our consolidated adjusted EBITDA for the quarter was $113 million, an increase of approximately 8% versus the same period last year. We reported net income of $47 million for the quarter, including a tax provision of about $18 million, representing an effective tax rate of approximately 28%.

獲利方面，本季合併調整後 EBITDA 為 1.13 億美元，較去年同期成長約 8%。本季淨利潤為 4,700 萬美元，其中包括約 1,800 萬美元的稅項準備金，實際稅率約為 28%。

GAAP diluted EPS was $0.29 per share for the third quarter of 2025, compared to $0.21 per share for the prior year period. Adjusted EPS, which excludes amortization, stock-based compensation and other nonrecurring items was $0.37 per share for the third quarter of this year compared to $0.32 per share in the third quarter of 2024, representing 16% year-over-year growth. The adjusted EPS growth was driven by the increase in adjusted EBITDA, a sustained reduction in interest expense driven by our prior year debt repricing efforts and our share repurchases in 2024.

2025年第三季度，以美國通用會計準則（GAAP）計算的稀釋後每股收益為0.29美元，而去年同期為0.21美元。剔除攤銷、股權激勵及其他非經常性項目後的調整後每股收益為0.37美元，而2024年第三季為0.32美元，較去年同期成長16%。調整後每股盈餘的成長主要得益於調整後EBITDA的成長、上年債務重定價帶來的利息支出持續下降以及2024年的股票回購。

Cash flows provided by operating activity totaled $78 million, and we delivered $49 million of free cash flow for the quarter, in line with our internal expectations.

經營活動產生的現金流量總計 7,800 萬美元，本季自由現金流為 4,900 萬美元，符合我們的內部預期。

Turning to slide 5, we generated $416 million of adjusted EBITDA on approximately $943 million of revenue for the trailing 12 months, representing a 44% adjusted EBITDA margin. Additionally, we generated $153 million of free cash flow or a 37% conversion of adjusted EBITDA over the trailing 12 months.

請參閱第5張投影片，過去12個月，我們實現了約9.43億美元的收入，調整後EBITDA為4.16億美元，調整後EBITDA利潤率為44%。此外，過去12個月，我們產生了1.53億美元的自由現金流，相當於調整後EBITDA的37%。

Next, I'll walk through the third quarter performance in each of our three business segments, beginning with Commercial Services on slide 6. CS year-over-year revenue growth was 7% in the third quarter. RAC tolling revenue increased 7% or about $5 million over the same period last year, driven by increased product adoption and tolling activity, which benefited from a 1% increase in US travel volume over the prior year quarter. Our FMC business declined 3% or about $500,000 year over year, driven by prior period customer churn.

接下來，我將逐一介紹我們三大業務部門第三季的業績，首先是投影片6中的商業服務部門。商業服務類第三季營收年增7%。 RAC收費業務營收年增7%，約500萬美元，主要得益於產品普及率及收費業務的提升，而這又得益於美國出行量較上年同期增長1%。我們的FMC業務年減3%，約50萬美元，主要原因是上期客戶流失。

Additionally, our European operations contributed $2 million of growth compared to the third quarter of 2024.

此外，與 2024 年第三季相比，我們的歐洲業務貢獻了 200 萬美元的成長。

Commercial Services segment profit increased 7% over the prior year, representing a 67% segment profit margin. The margin improvement was largely driven by operating leverage created by improved travel volume and increased product adoption.

商業服務部門利潤較上年增長7%，部門利潤率達67%。利潤率的提升主要得益於旅行量增加和產品普及帶來的營運槓桿效應。

Turning to slide 7, Government Solutions saw strong service revenue growth in the quarter, driven by $11 million of installation service for the new red-light camera expansion in New York City as well as 11% service growth outside of New York City. The growth was broad-based across all customer use cases with particular strength in speed, bus lane and school bus stop-arm enforcement programs.

請參閱第7張投影片，政府解決方案業務本季服務營收強勁成長，主要得益於紐約市新增闖紅燈攝影機安裝服務營收達1,100萬美元，以及紐約市以外地區服務營收成長11%。所有客戶用例均實現了全面成長，尤其在超速、公車專用道和校車停車臂執法專案方面表現突出。

Total revenue grew 28% over the prior year quarter, benefiting from about $14 million in product sales, of which $6 million were generated from New York City red-light camera sales and $8 million from international product sales. In total, product sales increased by $9 million over the same period last year.

總收入較上年同期成長28%，主要得益於約1,400萬美元的產品銷售額，其中600萬美元來自紐約市闖紅燈攝影機的銷售，800萬美元來自國際產品銷售。產品總銷售額較去年同期成長900萬美元。

Government Solutions segment profit was $31 million for the quarter, representing margins of approximately 26% compared to 29% in the prior year period. The reduction in margins versus prior year was primarily due to readiness investments made to prepare the company for execution on the pending New York City contract.

政府解決方案業務部門本季獲利為3,100萬美元，利潤率約26%，去年同期為29%。利潤率較去年同期下降的主要原因是公司為執行即將簽訂的紐約市合約而進行的準備工作投資。

Let's turn to slide 8 for a view of the results of T2 Systems. We generated revenue of $22 million and segment profit of approximately $4 million for the quarter. SaaS and Services sales increased 3% compared to the prior year, while product revenue increased 30% or $1 million, compared to the third quarter of 2024. Included within SaaS and services, recurring SaaS revenue increased low single digits compared to the third quarter of 2024.

讓我們翻到第 8 張投影片，看看 T2 Systems 的表現。本季我們實現了 2,200 萬美元的收入和約 400 萬美元的部門利潤。 SaaS 和服務銷售額較上年同期成長 3%，而產品收入較 2024 年第三季成長 30%，即 100 萬美元。在 SaaS 和服務收入中，SaaS 經常性收入較 2024 年第三季實現了個位數低成長。

Let's turn to slide 9 for a view of the balance sheet and take a look at net leverage. We ended the quarter with a net debt balance of $843 million, which reflects the strong free cash flow we generated over the first nine months of the year. Net leverage landed at 2 times, and we've maintained significant liquidity with our newly expanded $150 million undrawn credit revolver. Our gross debt balance at year-end stands at about $1 billion, of which approximately $690 million is floating rate debt.

讓我們翻到第9張投影片，查看資產負債表並了解淨槓桿比率。本季末，我們的淨債務餘額為8.43億美元，這反映了我們在今年前九個月產生的強勁自由現金流。淨槓桿率為2倍，並且我們透過新近擴大的1.5億美元未提取循環信貸額度保持了充足的流動性。截至年底，我們的總債務餘額約為10億美元，其中約6.9億美元為浮動利率債務。

Subsequent to the end of the quarter, we executed a successful refinancing of both our ABL revolver and our term loan. The market for institutional debt is strong relative to recent historical levels, so we took action well in advance of our term loan going current.

季度末之後，我們成功完成了資產抵押貸款循環額度和定期貸款的再融資。機構債務市場相對於近期歷史水準而言較為強勁，因此我們在定期貸款到期前就採取了行動。

We increased the revolver limit from $125 million to $150 million and also added an accordion feature to provide an additional $75 million of liquidity if ever needed in the future, resulting in a potential limit of $225 million.

我們將循環信貸額度從 1.25 億美元提高到 1.5 億美元，並增加了一項可擴展功能，以便在將來需要時提供額外的 7,500 萬美元流動性，從而使潛在限額達到 2.25 億美元。

Additionally, the maturity of the revolver was extended five years to October of 2030. Given the current favorable institutional debt market conditions, we proactively refinanced our term loan on extending the maturity seven years to October of 2032, and lowered the interest spread by 25 basis points to 2% flat.

此外，循環貸款的到期日延長了五年至 2030 年 10 月。鑑於目前機構債務市場狀況良好，我們主動對定期貸款進行了再融資，將到期日延長了七年至 2032 年 10 月，並將利差降低了 25 個基點至 2%。

Now let's turn to slide 10, and have a look at full year 2025 guidance. Based on our year-to-date results and our outlook for the fourth quarter, we are increasing full year 2025 revenue guidance and affirming all other guidance measures.

現在我們來看第10張投影片，了解一下2025年全年業績指引。根據我們年初至今的業績以及對第四季度的展望，我們上調了2025年全年營收指引，並維持所有其他指引不變。

As David discussed, New York City has authorized the installation of up to 250 additional red-light cameras in 2025 under our existing contract, which is expected to deliver about $30 million of revenue, of which about $10 million is expected to be product revenue and $20 million is expected to be installation service.

正如大衛所討論的，根據我們現有的合同，紐約市已授權在 2025 年安裝多達 250 個額外的闖紅燈攝像頭，預計將帶來約 3000 萬美元的收入，其中約 1000 萬美元預計為產品收入，2000 萬美元預計為安裝服務收入。

The adjusted EBITDA generated from these camera sales is expected to be offset by onetime readiness investments to support the new contract requirements in New York City. The readiness investments include the development of a world-class real-time camera health dashboard, cloud migration activities for certain legacy data, and minority and women-owned business enterprise subcontractor ramp-up costs.

預計這些攝影機銷售產生的調整後 EBITDA 將被一次性準備投資所抵消，這些投資旨在支持紐約市的新合約要求。這些準備投資包括開發世界一流的即時攝影機健康儀錶板、將某些遺留資料遷移到雲端，以及支付少數族裔和女性所有企業分包商的啟動成本。

As a result of these investments, we are not increasing adjusted EPS or free cash flow guidance for the balance of 2025.

由於這些投資，我們不會提高 2025 年剩餘時間的調整後每股盈餘或自由現金流預期。

Excluding the New York City camera installations, our perspective on guidance remains unchanged. The updated full year 2025 guidance ranges are as follows: we now expect total revenue in the range of $955 million to $965 million, representing approximately 9% growth at the midpoint of guidance over 2024.

剔除紐約市的攝影機安裝項目後，我們對業績指引的預期保持不變。更新後的2025年全年業績指引範圍如下：我們預計總收入將在9.55億美元至9.65億美元之間，較2024年指引的中位數增長約9%。

The remainder of the financial guidance remains unchanged and is as follows: we expect adjusted EBITDA in the range of $410 million to $420 million, representing approximately 3% growth at the midpoint over 2024. We anticipate an adjusted EPS range of $1.30 to $1.35 per share. Free cash flow is expected to be in the range of $175 million to $185 million, representing a conversion rate in the mid- to low -- low to mid-40th percentile of adjusted EBITDA.

其餘財務指引保持不變，具體如下：我們預計調整後 EBITDA 將在 4.1 億美元至 4.2 億美元之間，較 2024 年增長約 3%（取中間值）。我們預計調整後每股盈餘 (EPS) 將在 1.30 美元至 1.35 美元之間。自由現金流預計在 1.75 億美元至 1.85 億美元之間，轉換率處於調整後 EBITDA 的中低水準（約 40% 至 45% 分位）。

Moving on to the segment level. Government Solutions is expected to generate low to mid-teens total revenue growth for 2025, driven by the new camera installations for New York City, along with the expansion of camera installations with existing customers and new customers awarded in prior quarters.

接下來來看業務板塊層面。政府解決方案業務預計在 2025 年實現 10% 至 25% 的總收入成長，這主要得益於紐約市新攝影機的安裝，以及現有客戶和前幾季新客戶的攝影機安裝業務的拓展。

We continue to anticipate that Parking Solutions revenue will be about flat with 2024 levels. We expect SaaS revenue to grow low single digits, offset by a decline in installation of professional service revenue on roughly flat product sales.

我們仍然預計停車解決方案的收入將與 2024 年的水平基本持平。我們預計 SaaS 收入將實現個位數低成長，但專業服務安裝收入的下降將抵消這一成長，而產品銷售額則基本持平。

Based on assumption that travel volume will be only slightly elevated in 2025 compared with 2024, we anticipate Commercial Services growing at the high end of mid-single digits. We anticipate CS revenue, adjusted EBITDA and margins to decline sequentially in the fourth quarter, consistent with historical norms based on travel trends.

基於2025年旅行量僅比2024年略有成長的假設，我們預期商業服務業務將達到中等個位數的較高成長率。我們預計，根據以往的旅遊趨勢，第四季商業服務業務的收入、調整後EBITDA和利潤率將比去年同期下降，這與歷史規律相符。

Our key assumptions supporting our adjusted EPS and free cash flow outlook can be found on slide 11.

我們調整後的每股盈餘和自由現金流展望的關鍵假設可在第 11 頁找到。

Turning now to slide 12. I wanted to share the key financial assumptions for the New York City contract, we're in the process of finalizing, along with some updated perspective on the overall Government Solutions business. On March 31 of this year, New York City announced that Verra Mobility was selected as the vendor for their automated enforcement program with an initial term of five years with a five-year extension option.

現在來看第12張投影片。我想分享我們正在最終敲定的紐約市合約的關鍵財務假設，以及對政府解決方案業務整體情況的一些最新看法。今年3月31日，紐約市宣布選擇Verra Mobility作為其自動化執法項目的供應商，初始合約期限為五年，並可選擇續約五年。

The estimated total contract value for the first five years is $963 million, and we are currently in final contract negotiations with New York. We anticipate that New York City will again purchase its own equipment from Verra Mobility with all installation and relocation services included in service revenue and additive to the scope of the contract relative to our existing contract.

預計前五年合約總價值為9.63億美元，我們目前正與紐約市進行最終合約談判。我們預計紐約市將再次從Verra Mobility採購設備，所有安裝和搬遷服務均包含在服務收入中，並作為現有合約範圍的補充。

We expect to sell and install about 1,000 incremental new red-light and fixed bus lane cameras over the next 2-plus years. New York City service revenue is expected to grow high single to low double digits through 2027, then to level off in 2028 and beyond. New York City product sales post-2027 are expected to be less than $5 million per year.

我們預計在未來兩年多的時間裡，將新增約1,000台闖紅燈攝影機和固定式公車專用道攝影機。紐約市的服務收入預計到2027年將保持高個位數至低兩位數的成長，然後在2028年及以後趨於穩定。 2027年以後，紐約市的產品銷售額預計將低於每年500萬美元。

Total Government Solutions service revenue is expected to grow high single to low double digits over the next several years, leveling at the low end of high single digits, following the completion of the New York City installations.

預計未來幾年，Total Government Solutions 服務收入將實現高個位數到低兩位數的成長，在紐約市安裝專案完成後，將穩定在高個位數的低端。

And lastly, Government Solutions segment profit margins are expected to dip in 2026, to the low to mid-20% range on repricing and primarily due to the contract requirement that at least 30% of the total contract value was invested in minority and women-owned subcontractors. We anticipate that beginning in 2027, productivity improvements and platform consolidation will drive margin expansion and approach 30% in 2028 and beyond.

最後，由於重新定價以及合約要求至少將合約總額的30%投資於少數族裔和女性擁有的分包商，預計政府解決方案業務的利潤率將在2026年下降至20%左右。我們預計，從2027年開始，生產效率的提高和平台整合將推動利潤率擴張，並在2028年及以後接近30%。

Now let's move on to a brief review of how we expect 2026 will play out, incorporating preliminary estimates for commercial services in T2 on slide 13. I'll remind you that our annual operating plan is not yet complete, so these estimates may change.

現在讓我們簡單回顧一下我們對 2026 年的預期，其中第 13 頁投影片包含了 T2 商業服務的初步估算。我要提醒各位，我們的年度營運計劃尚未最終確定，因此這些估算可能會有所變更。

At the consolidated level, due to the New York City red-light camera installations shifting forward into 2025, we're anticipating mid-single-digit revenue growth overall in 2026. Additionally, we're anticipating a 250 to 300 basis point reduction in adjusted EBITDA margins due to a combination of portfolio mix in the New York City renewal contract, partially offset by a year-over-year reduction in ERP implementation costs.

從合併層面來看，由於紐約市闖紅燈攝影機安裝工作提前至 2025 年，我們預計 2026 年整體營收將實現中等個位數成長。此外，由於紐約市續約合約中的投資組合組合變化，我們預計調整後 EBITDA 利潤率將下降 250 至 300 個基點，但 ERP 實施成本同比下降將部分抵消這一影響。

Let me drill down a layer on both of these items. First, on the portfolio mix. This is simply the impact of Government Solutions outpacing Commercial Services growth, which has an approximate 25 basis point impact on consolidated adjusted EBITDA margins.

讓我深入分析這兩個面向。首先，我們來看投資組合構成。這主要是由於政府解決方案業務的成長速度超過了商業服務業務，從而對合併調整後 EBITDA 利潤率產生了約 25 個基點的影響。

More importantly, the New York City renewal contract is expected to result in an approximate 250 to 300 basis point decline in margins, driven by service pricing changes established through the competitive procurement process in the minority and women-owned subcontractor requirements.

更重要的是，紐約市續約合約預計將導致利潤率下降約 250 至 300 個基點，這是由於少數族裔和女性擁有的分包商要求中透過競爭性採購流程確定的服務定價變化所致。

Adjusted EPS is expected to increase low to mid-single digits year over year despite the investment in ramp-up costs in Government Solutions, largely due to the expanded stock repurchase plan announced today.

儘管政府解決方案業務投入了啟動成本，但由於今天宣布擴大股票回購計劃，預計調整後每股收益將同比增長低至中等個位數。

Rounding out the business segments. We expect Commercial Services to grow mid-single digits due to our expectation that TSA volume will grow approximately 1% to 2% over 2025, just as it has year-to-date, so far this year. Additionally, we expect the fleet business growth to moderate to low single digits due to the prior period churn in our FMC business, which will anniversary in the second quarter of 2026.

最後，我們來看看各個業務板塊。由於我們預計美國運輸安全管理局 (TSA) 的業務量在 2025 年將增長約 1% 至 2%，與今年迄今為止的增長情況基本一致，因此我們預計商業服務業務將實現中等個位數增長。此外，由於 FMC 業務在上一季出現人員變動，我們預計機隊業務的成長將為中等至低個位數，該業務將於 2026 年第二季迎來週年紀念日。

Segment profit margins for Commercial Services are expected to be up about 25 to 50 basis points due to volume leverage and the reduction of the ERP spend in 2026. Finally, we anticipate that T2 Systems will grow low to mid-single digits with segment profit margins up 50 to 100 basis points over 2025.

由於銷售成長和 ERP 支出減少，預計 2026 年商業服務部門的利潤率將提高約 25 至 50 個基點。最後，我們預計 T2 Systems 部門的成長率將達到個位數中低水平，到 2025 年，其利潤率將提高 50 至 100 個基點。

Looking out beyond 2026, we expect that the Government Solutions platform consolidation that we've discussed over the past several quarters will be a catalyst for margin expansion and general productivity enhancements in 2027 and beyond.

展望 2026 年以後，我們預計過去幾季以來我們一直在討論的政府解決方案平台整合將成為 2027 年及以後利潤率擴張和整體生產力提升的催化劑。

This platform, which is highlighted on slide 14, is an IT initiative to deploy our latest smart mobility platform, termed MOSAIC, internally. MOSAIC is a cloud-based, fully secured application intended to streamline the end-to-end processing of traffic incident events.

該平台（如第14頁幻燈片所示）是一項IT計劃，旨在內部部署我們最新的智慧出行平台MOSAIC。 MOSAIC是一款基於雲端的、完全安全的應用程序，旨在簡化交通事件的端到端處理流程。

The platform is expected to provide numerous benefits such as flexible architecture that improves project deployment pipelines, enhanced automation processing, and other productivity improvements and operating efficiencies, and as such, is expected to be a key driver of Government Solutions margin expansion in 2027 and beyond.

該平台有望帶來許多好處，例如靈活的架構可改善專案部署流程、增強自動化處理以及其他生產力提升和營運效率，因此，預計將成為 2027 年及以後政府解決方案利潤率擴張的關鍵驅動因素。

As David discussed, our Board authorized the expansion of our existing stock buyback plan by an incremental $150 million, bringing the total authorization up to $250 million. We expect to commence the stock repurchases in the near term, subject to market conditions and other factors.

正如大衛所言，董事會已批准將現有股票回購計畫的規模擴大1.5億美元，使總授權額達2.5億美元。我們預計近期啟動股票回購，具體時間將視市場狀況及其他因素而定。

We are incredibly excited about the future trajectory of the business. As David noted, finalizing the updated New York City contract provides financial predictability and a source of value creation. Additionally, we are poised for growth and profitability across our businesses as the benefits of investing in our platform yields the intended scale and margin benefits.

我們對公司未來的發展前景感到無比振奮。正如大衛所指出的，最終敲定更新後的紐約市合同，不僅能帶來財務上的穩定性，還能創造新的價值。此外，隨著我們平台投資帶來的規模效益和利潤率提升，我們各項業務都將實現成長和獲利。

This concludes our prepared remarks. Thank you for your time and attention. At this time, I'd like to invite Towanda to open the line for any questions. Towanda, over to you.

我們的發言到此結束。感謝各位的時間與關注。現在，我請托萬達回答大家的問題。托萬達，請你提問。

(Operator Instructions) Faiza Alwy, Deutsche Bank.

（操作員指示）Faiza Alwy，德意志銀行。

Yeah. Hi. Thank you. Thank you so much for giving us all that detail around the New York City contract, really helpful, and just giving us a longer-term view there. I guess I wanted to double click on the margins, as you can imagine. So Craig, you pointed to a few different things.

是的。你好。謝謝。非常感謝您詳細講解紐約市的合同，真的很有幫助，也讓我們對這個問題有了更長遠的了解。我想，正如您所想，我當時是想雙擊頁邊距。所以，克雷格，您指出了幾個不同的方面。

It sounded like there were some start-up costs that you're incurring this year. And then it sounds like there are some continuing costs next year and beyond and you mentioned the subcontracting with the minority and women-owned businesses.

聽起來你今年有一些啟動成本。然後，聽起來明年及以後還有一些持續性成本，你提到了與少數族裔和女性擁有的企業進行分包。

So I guess, just parse that out to the extent you can further quantify how much of this might be one-time versus continuing, that would be really helpful.

所以我想，如果能進一步量化其中有多少是一次性的，有多少是持續性的，那就真的很有幫助了。

Yeah, you bet. So let me start first with 2025. So when we talk about those onetime readiness costs, that truly is one time. And the scope of that is approximately $5 million to $10 million depending on where it shakes out. And that's all baked into the guidance.

當然。那我們先從2025年說起。說到一次性準備成本，那確實是一次性的。具體金額大約在500萬到1000萬美元之間，取決於最終結果。這些都已包含在指導方針中了。

But I think the crux of your question is let's move into 2026. So at the total Verra Mobility level, I expect margins to come down about 250 to 300 basis points, okay? And there's three buckets I want you to think about there.

但我認為你問題的關鍵在於展望2026年。就Verra Mobility的整體情況而言，我預期利潤率將下降約250至300個基點，好嗎？這裡有三個方面需要你考慮。

The first bucket is the portfolio mix, which simply means that the GS business, which is a lower-margin business than CS, as you well know, is growing faster than CS in 2026 as compared to '25. That's about 25 basis points at the consolidated level. That's negative.

第一方面是投資組合組成，這意味著高盛的業務（眾所周知，其利潤率低於瑞士信貸）在2026年的成長速度將超過瑞士信貸，與2025年相比。合併層面來看，這大約是25個基點的差距。這是負面的。

Then we pick up about 25 to 50 basis points on the positive between two things. Number one is our CS business. We'll still have volume leverage and accrete margins as we've talked about. I don't see any change there. And also, the ERP spending, as we've discussed in the past, the thrust of that spend will be behind us.

然後，兩件事將帶來大約25到50個基點的利好。第一點是我們的客戶服務業務。正如我們之前討論過的，我們仍將擁有銷售優勢並提升利潤率。我認為這方面不會有任何變化。此外，正如我們之前討論過的，ERP支出的高峰期已經過去。

So we'll get some benefit there. So I get 25 to 50 basis points back. And then the New York City renewal in totality, I expect to be a 250 to 300 basis point reduction in 2026, and that's really two pieces. The first is the price normalization. This was a competitive contract, as everyone well knows.

所以我們會從中受益。我可以拿回25到50個基點。然後，紐約市的整體續約，我預計到2026年將降低250到300個基點，這實際上包含兩個部分。第一部分是價格正常化。眾所周知，這是一份競爭激烈的合約。

And then the second piece is the cut in of the minority and women-owned business requirements. Now those minority and women-owned business requirements is a recurring cost and that will be to the tune of $20 million to $25 million per year that we did not have previously as we look out for the life of contract.

第二點是削減少數族裔和女性所有企業的要求。這些少數族裔和女性所有企業的要求是一項經常性成本，在合約有效期內，每年將增加2000萬至2500萬美元，這是我們之前沒有的。

Okay. Understood. And just a clarification, are you going to see -- is there an incremental CapEx spend that's maybe coming from purchase of these cameras? Or does that go through the income statement?

好的，明白了。還有一個問題需要確認一下，購買這些攝影機是否會產生額外的資本支出？還是說這筆支出會計入損益表？

Let me be really clear on this one, Faiza, it's a great question. Absolutely not. Absolutely not. So the expectation here is that New York is once again going to purchase their own capital as they have in the past.

法伊扎，讓我把話說清楚，你問得很好。絕對不會。絕對不會。所以，大家的預期是，紐約會像過去一樣再次購入自己的資本。

Okay. Got it. And then just a follow-up on this point right around the competitive process and the margin dilution that you're seeing from this contract. I know you have previously talked about, as the TAM has increased, you've made some investments in the business. Like are you seeing a similar outcome with some of these other contracts that you're signing with other municipalities or district -- or jurisdictions?

好的，明白了。接下來我想追問關於競爭過程以及您從這份合約中看到的利潤率下降的問題。我知道您之前提到過，隨著市場規模（TAM）的擴大，您也對業務進行了一些投資。那麼，您在與其他市政當局、地區或管轄區簽訂的其他合約中，是否也看到了類似的結果？

And like how should we think about margins overall beyond just the New York City impact in the Government Solutions business?

那麼，除了紐約市對政府解決方案業務的影響之外，我們該如何看待整體利潤率？

Yeah. I would say -- this is David. I would say that New York City, obviously, given its size and scale makes it -- the impact there is significantly higher. Two, I would say that in general, we are competing at very similar levels across the board that we had in the past.

是的。我想說——我是大衛。我想說，紐約市的規模和影響力顯然更大。其次，我認為整體而言，我們目前在各方面的競爭水平與過去非常相似。

And then what I would say is outside of New York, only a few other major metropolitan areas at this time have the same level of requirements around the use of, for example, for minority and women-owned businesses.

然後我想說的是，除了紐約以外，目前只有少數主要大都會區對少數族裔和女性擁有的企業的使用有同樣的要求。

So we're not seeing that pop up all across the country and things like that. So I would look at New York City as a bit of a -- as it always has been a bit of a unique one.

所以，我們並沒有看到這種情況在全國各地蔓延開來。因此，我認為紐約市有點特殊——它一直以來都是一個比較獨特的城市。

And I would add on to the end of that, as you asked about go-forward margins, I think we said on this call a couple of times that the GS business is a high 20s, 30% margin business. Clearly, it's not going to be that in 2026, and we know that.

最後，關於您提到的未來利潤率，我想補充一點，我們在這次電話會議上已經多次提到，高盛的業務利潤率通常在20%到30%之間。顯然，到2026年肯定不會是這樣，這一點我們很清楚。

But that has not changed. That has not changed. So the investments that we've made in previous years and a little bit this year to consolidate our platform and I wanted to give some updated perspective on what that is today called MOSAIC will get us back to that level of profitability. So we feel very good about that.

但這一點並沒有改變。這一點並沒有改變。因此，我們在前幾年以及今年為鞏固平台所做的投資——我想就如今被稱為 MOSAIC 的平台提供一些最新的視角——將使我們重回盈利水平。所以我們對此感到非常樂觀。

Understood. Thank you.

明白了，謝謝。

Keith Housum, Northcoast Research.

Keith Housum，北海岸研究公司。

Thanks, guys. Appreciate the color on New York City here. Any color you can provide on '26 for the cadence of the cameras? Will they be pretty even throughout the quarter -- through the year or you guys need to build off throughout the year?

謝謝各位。很喜歡這裡紐約市的色彩。關於26號的拍攝節奏，你們能提供一些色彩資訊嗎？拍攝節奏在整個季度——甚至全年——會保持比較均勻嗎？還是需要根據全年狀況逐步調整？

It's -- we don't know yet. I mean, we'll get to the end of the year and do the planning with it, but it will probably be relatively smooth throughout the year, but there's always fits and starts depending on weather and other things that may go along within the city.

我們現在還不知道。我的意思是，我們會等到年底再做計劃，但全年可能會比較順利，不過也總會有一些波折，這取決於天氣和城市裡可能發生的其他事情。

And I think the only thing I would say is that is if we look across all of the years, the thrust of the installs will be done by 2027, is our current -- is where we are currently with a few trickling into 2028. But yes, as David said, we're not at that level of detail where I could give you a view by quarter.

我唯一想說的是，如果我們縱觀所有年份，主要的安裝工作將在2027年完成，這是我們目前的進度，少數工作會持續到2028年。但是，正如大衛所說，我們還沒有掌握到可以按季度給出具體數字的程度。

Got you. And then Craig, you might have just mentioned it, what do you anticipate the benefit being from MOSAIC in 2027 and beyond?

明白了。還有克雷格，你剛才可能也提到了，你預期 MOSAIC 計畫在 2027 年及以後會帶來哪些好處？

I think that we will -- for the --

我認為我們會——為了——

Say, 2025, not 2026, and you were asking --

比如說，2025年，而不是2026年，而你問的是──

Yeah, he said '27 and beyond, right? I mean the '27 and beyond you are asking.

對，他說的是2027年及以後，對吧？我是指你問的2027年及以後。

2025, sorry.

抱歉，是2025年。

Yeah.

是的。

Yeah. Here's how I think about that is, I'm actually going to back it up to 2026. I think this is about 1.5 points to 2 points of margin in the GS business alone until we get to, I'll call it, the level altitude here, which is probably out in the end of 2028.

是的。我的想法是這樣的，我實際上會把時間推算到2026年。我認為僅在高盛業務方面，利潤率就會有大約1.5到2個百分點的差距，直到我們達到，我稱之為，平穩高度，這可能要到2028年底才會實現。

So when you look at the New York City slide that I put and you look in the upper right, the major driver of bringing the GS margins from the low to mid-20s back up to those high 20s, approaching 30% by 2028 is MOSAIC. So I would level load it across that time period.

所以，當你查看我提供的紐約市幻燈片，並注意右上角時，你會發現推動高盛利潤率從20%左右回升至20%以上，並在2028年接近30%的主要因素是MOSAIC專案。因此，我會將MOSAIC專案在整個時間段內均衡配置。

Okay. That's helpful. Appreciate it. In terms of the share repurchases, you guys have had a share repurchase outstanding $100 million out there previously for a while. But it sounds like you guys are ready to act on the combined 250 years shortly, correct? As opposed to previously you guys were more opportunistic and you hold for dry powder.

好的，這很有幫助，謝謝。關於股票回購，你們之前有一筆1億美元的股票回購計畫已經實施了一段時間。但聽起來你們準備很快動用這筆總額達250億美元的資金，對嗎？與之前你們更傾向於機會主義、持有大量資金的情況不同，現在你們似乎更傾向於提前回購。

The short answer is yes. The slightly longer answer is we always have to say, obviously, subject to market conditions. But we feel pretty good about taking an active role on that, Keith.

簡而言之，答案是肯定的。更詳細地說，我們必須始終強調，這當然取決於市場狀況。但我們對積極參與其中充滿信心，基斯。

Okay. Great. Appreciate it, guys.

好的，太好了，謝謝各位。

Louie DiPalma, William Blair.

路易·迪帕爾馬，威廉·布萊爾。

David, Craig, and Mark, good afternoon. Congrats on inching closer to the finalization of the contract. I was wondering what remains in terms of establishing the definitive contract? And do you have a sense of the timing?

David、Craig 和 Mark，下午好。祝賀你們離最終敲定合約又近了一步。我想問一下，在最終合約的製定方面，還有哪些工作要做？你們大概知道時間安排嗎？

At this point, what I would call it is primarily administrative working inside of the process that the city has laid out for contract approval. There's not really any significant terms and conditions that we're working through at this point. I would expect it relatively short order.

目前，我主要指的是按照市政府制定的合約審批流程進行一些行政工作。現階段我們還沒有討論任何實質的條款和條件。我預計很快就能完成。

Thanks, David. And for Craig, you provided great detail on the three-year Government Systems revenue and EBITDA outlook. I think, it implies a three-year government systems EBITDA growth CAGR of approximately 7%. I was wondering what does the three-year outlook assume for CapEx? I don't think you provided any CapEx assumptions, but anything regarding CapEx or the total company free cash flow conversion in 2028 would be helpful.

謝謝David。 Craig，你對政府系統業務未來三年的收入和EBITDA展望做了非常詳細的說明。我認為，這意味著未來三年政府系統業務的EBITDA複合年增長率約為7%。我想知道這三年展望對資本支出（CapEx）做了哪些假設？我記得你沒有提供任何關於資本支出的假設，但任何關於資本支出或公司2028年自由現金流轉換率的資訊都會很有幫助。

Yeah. I won't go into 2028 free cash flow conversion just yet, Louie. We're still kicking around a potential date for an Investor Day, which will probably be a great time to do that. But as I think of 2026, I think the CapEx spend looks a lot like it did in 2025.

是的。路易，我現在還不想討論2028年的自由現金流轉換率。我們還在討論投資者日的日期，到時候或許是討論這個問題的最佳時機。但就2026年而言，我認為資本支出與2025年的情況非常相似。

And I got to say, I'm really proud of that because we're going to have another year of -- in 2026 for non-New York City high single-digit growth, and I think we'll have a CapEx total that looks a lot like the one that we put in front of investors this year.

我必須說，我為此感到非常自豪，因為到 2026 年，非紐約市地區的成長率將再次達到個位數高位，而且我認為我們的資本支出總額將與我們今年向投資者公佈的總額非常相似。

So as we continue to go out, all I would say is directionally, I expect that our CapEx as a percentage of service revenue, both for the company and for GS, everything I see today, we should have hit the high watermark here in 2025. That's the view I have today. Obviously, when I learn more, I can tell you a little bit more.

所以，隨著我們繼續向前發展，我只能說，就方向而言，我預計公司和高盛的資本支出將佔服務收入的比例，根據我目前所看到的，應該會在2025年達到高峰。這就是我目前的看法。當然，當我了解更多資訊後，我會再補充更多細節。

Great. And another New York City related question for David or Craig, you both discussed installing 1,000 incremental cameras over the next two years. Does that total include all of the upgrades for the existing cameras. And do you still plan on upgrading the entire fleet of existing cameras? Or does that 1,000 include everything?

好的。還有一個關於紐約市的問題想問David或Craig，你們之前討論過在未來兩年內增設1000個攝影機。這個總數是否包括現有攝影機的全部升級？你們是否仍計劃升級所有現有攝影機？還是說這1000個攝影機已經包含了所有升級項目？

Well, Louie, I can give you most of that. It does not include the upgrades. That 1,000 does not include the upgrades. However, when I went into the financial, we did the CAGR discussion just a minute ago, that does include the upgrade. So those upgrades will be more.

路易，大部分我可以告訴你。但那1000美元不包括升級費用。不過，剛才我們討論複合年增長率的時候，也就是我剛才提到的財務數據，那部分包含了升級費用。所以升級費用會更高。

In terms of a number, I really want to see a final contract from New York because that's really at the customer's option. But the 1,000 does not include upgrades. It also doesn't include relocations of cameras from one spot to another.

就具體金額而言，我真的很想看到紐約方面提供的最終合同，因為這完全取決於客戶的選擇。但1000美元的報價並不包含升級費用，也不包含攝影機從一個位置搬遷到另一個位置的費用。

Okay. And one final one. From a high level, how does the functionality of the new cameras compared to the cameras that you've been -- you were installing five years ago. Are there like many new features with the cameras? And is there the potential to add on like new revenue lines.

好的，最後一個問題。從整體來看，新攝影機的功能與您五年前安裝的攝影機相比如何？新攝影機有很多新功能嗎？是否有可能增加新的收入來源？

And I'm not talking specifically about the New York market, but even for other markets, like what's the additional functionality with the latest generation of cameras?

我說的不只是紐約市場，即使是其他市場，例如最新一代的相機還有哪些附加功能？

I would say primarily two things. One is obviously the resolution and the quality of the image detection gets much higher. So think of your iPhone 17 versus the iPhone 12 or whatever, just the quality of the images and video is significantly better. That's number one. The ability to shoot across other lanes.

我主要想說兩點。第一點顯而易見，就是解析度和影像偵測品質大幅提升。想想你的 iPhone 17 和 iPhone 12 之類的機型，照片和影片的品質明顯更好。這是第一點。第二點是能夠拍攝其他車道上的畫面。

I would say a lot of the investment we made is into the platform that Craig had mentioned MOSAIC, which is functionality that will deliver a much more seamless, much more efficient capability for our customers, look at data, data dashboards, making decisions.

我想說，我們投入的大量資金都用於 Craig 提到的 MOSAIC 平台，該平台的功能將為我們的客戶提供更無縫、更有效率的數據檢視、數據儀表板和決策能力。

But the third point is, yes, in the world of cameras, that is the direction, which is a single camera that can do five, six, or seven things, not just one thing. And that's what we would anticipate moving with that type of technology going forward.

但第三點是，沒錯，在相機領域，這就是發展方向，即一台相機可以完成五、六、七項任務，而不僅僅是一項任務。這也是我們預期未來這類技術的發展方向。

Excellent. Thanks, everyone.

太好了。謝謝大家。

David Koning, Baird.

David Koning，貝爾德。

Yeah. Hey, guys. Thank you. I guess I was wondering, I was looking at the government revenue, if you take total less the New York, so total service less New York service, and when you do that, next year's growth is good, 7%, 8% when you just take your numbers. The year out is really good. It's like 16% in that acceleration -- okay. I guess what's behind that? I mean, that's an amazing acceleration.

是的。嘿，夥計們。謝謝。我想問的是，我看了政府收入，如果用總收入減去紐約市的收入，也就是總服務收入減去紐約市的服務收入，這樣算下來，明年的增長很不錯，7%到8%（以你提供的數字來看）。但實際上，明年的成長非常驚人，加速成長了16%——好吧。我想知道背後的原因是什麼？我的意思是，這成長速度太驚人了。

And is that part of the EBITDA margin expansion because your higher margin work, assuming -- I assume, is going to be accelerating into '27.

這是否是 EBITDA 利潤率擴張的一部分，因為假設——我假設——你的高利潤率業務將在 2027 年加速發展。

Yeah. I mean, so the growth -- that's exactly right. So if you think -- that's why we -- in my remarks, Dave, we talked about there's a little bit of a reset because yes, because of the size and what's happening in New York, which is awesome, awesome stuff, it's just going to have a bit of a drag next year.

是的。我的意思是，成長——沒錯。所以如果你認為——這就是為什麼我們——戴夫，我剛才也談到了，會有一些調整，因為是的，由於規模以及紐約正在發生的事情（非常棒，非常棒的事情），明年可能會有些拖累。

But past that, when you get past the implementation of our technology upgrades as well as all of the winning that we have been doing in the marketplace, our win rate has been significantly higher over the last 12 months that was previously we basically won all of the opportunities so far in California. We're winning great opportunities in school bus.

但除此之外，考慮到我們技術升級的實施以及我們在市場上取得的所有勝利，過去12個月我們的中標率顯著提高，此前我們在加州基本上贏得了所有機會。我們在校車領域也贏得了許多絕佳的機會。

So what I would say is -- but remember, there is a time to book and then a time to realize revenue, which does take a little bit. So what you're seeing is all of the winning in the backlog turning into revenue as we get into early or mid-part of next year, that translated into real growth in '27.

所以我想說的是——但請記住，預訂需要時間，實現收入也需要時間，這確實需要一些時間。因此，您現在看到的是，所有積壓訂單都在轉化為收入，這些收入將在明年年初或年中轉化為實際收入，並在2027年轉化為真正的成長。

Got you. Okay. No, that's great to see. And then I guess my follow-up, in commercial, you had the second toughest comp of the year, yet you accelerated growth despite the fleet management headwind, and so I'm wondering how you had the best growth for the year so far in Q3 despite both the tough comp and the fleet management. It seems like something is going really well there.

明白了。好的。是的，這太好了。接下來我想問的是，在商業領域，你們今年的同比數據排名第二低，但即便麵臨機隊管理方面的挑戰，你們仍然實現了加速成長。所以我很好奇，在如此艱難的同比數據和機隊管理雙重壓力下，你們是如何在第三季取得今年迄今為止最佳成長的？看來你們在這方面做得非常出色。

Yeah. David, you get annoyed with me here on fleet. I'm going to tell you again, it wasn't as bad as I thought. And basically, what that means is tolling activity outside of the churn that we talked about last quarter was as high as we've seen probably in the last five or six quarters. So the churn didn't have as large of an impact. Let's put it that way. And I do not expect that will be the case as we go into the fourth quarter.

是的，大衛，我知道你在艦隊論壇上有點不耐煩。我再說一遍，情況並沒有我想像的那麼糟。基本上，這意味著除了我們上個季度討論的客戶流失之外，其他業務活動達到了近五、六個季度以來的最高水平。所以客戶流失的影響並沒有那麼大。這麼說吧。而且我預計第四季情況也不會如此。

So if you remember, when we were -- all of us, if we remember, 90 days ago, we talked about, I expect that fleet business to have a mid-teens year-over-year negative fleet. I do expect that to come in the fourth quarter. And quite frankly, I expected in the third quarter. However, that tolling activity picked up. But the RACs have been strong.

所以，如果你還記得，我們​​——如果我們都記得的話，90天前——我們討論過，我預計車隊業務將年比將出現15%左右的負成長。我預計這種情況會在第四季出現。坦白說，我原本預計會在第三季出現。然而，收費業務卻有所回升。但RAC業務一直表現強勁。

Sitting here today, we are at -- we had a good solid Q3 in TSA throughput at [$101 million]. On a year-to-date basis, we're just north of [$100 million]. And then the month of October has been really strong. Last I looked on a month-to-date basis, it was plus 4%. So I feel pretty good about how the business is performing. But that fleet -- that fleet thing is going to show up in the fourth quarter, a little bit more than the last quarter.

今天，我們第三季的TSA吞吐量表現穩健，達到1.01億美元。年初至今，我們的吞吐量也略高於1億美元。 10月份的業績尤其強勁。據我上次查看，當月至今的成長率為4%。因此，我對公司目前的業務表現相當滿意。但是，機隊方面的問題將在第四季顯現出來，而且會比上一季更明顯。

Got you. Great job, guys.

明白了。幹得漂亮，夥計們。

Chris Zhang, UBS.

瑞銀集團的張克里斯。

Hey, good afternoon and thanks for taking my question. So I wanted to double-click on California a little bit, and I appreciate the legislative update, and the updates across different cities and especially congrats on the San Jose Award.

您好，下午好，感謝您回答我的問題。我想稍微了解一下加州的情況，感謝您提供的立法更新信息，以及各個城市的最新動態，尤其祝賀聖何塞榮獲獎項。

I'm just wondering from the 2026 guidance perspective, is it fair to think that anything from what you've been awarded, including San Jose in the guide, whereas the upcoming pilots or especially -- specifically Los Angeles, Glendale, and Long Beach, those are not in the guidance yet. And can you give us a sense of what's your overall scale in California and what are the potential opportunities you have visibilities to especially those pilot cities?

我想從2026年的指導方針角度來看，是否可以這樣理解：您已獲得的項目，包括指南中提到的聖何塞，都已納入其中？而即將啟動的試點項目，特別是洛杉磯、格倫代爾和長灘，目前尚未納入指南。您能否簡要介紹一下您在加州的整體規模，以及您在這些試點城市中看到的潛在機會？

Yeah, Chris, first of all, welcome. Second of all -- yeah. This is Craig. I'll give you the financial piece of that, and then I'll let David talk about the commercial motion that we've seen in California. So the ones that you just spoke of are pilots, right?

好的，克里斯，首先歡迎你。其次——好的。這位是克雷格。我先跟你談談財務方面的情況，然後讓大衛談談我們在加州看到的商業發展。所以你剛才提到的那些是試點項目，對吧？

So those pilots, I think, in totality for the state of California, all the pilots amount to about $10 million of ARR, and roughly half of those have only gone out for RFP. So to the degree that we won 100% of the pilots that have come out to RFP, as David just talked about, yes, that's in our guide, but it's not a significant amount of money.

所以，我認為，就加州而言，所有這些試點項目加起來的年度經常性收入（ARR）大約是1000萬美元，其中大約一半只是發布了招標書（RFP）。因此，正如大衛剛才提到的，我們贏得了所有發布招標書的試點項目，是的，這在我們的指南中有所提及，但金額並不算大。

The other thing is, when you're talking about a new modality even in a state that's an existing customer, typically the time from winning of the contract or the award of the contract to revenue is 12 to 18 months. So even if those had been bigger numbers, the answer would be implicitly, it's in the guide, but it's not a really big number. But outside of that, with the red-light, I think, maybe, Dave, do you want to talk about that?

還有一點，即使是在現有客戶所在州，如果採用新的治療模式，通常從贏得合約或合約授予到產生收入也需要 12 到 18 個月。所以即使這個數字更大，答案也隱含在指南中，但實際上並不算大。不過，關於紅燈的問題，我想，戴夫，你想談談這個嗎？

Yeah. I mean I think as I mentioned in my remarks, we still have a couple of pending from the school zone speed program, which we will anticipate first part of next year. The red-light is significant. So we're the largest provider of red light in the state of California currently.

是的。我的意思是，正如我剛才提到的，我們還有一些學校區域限速計畫的待辦事項，預計將在明年年初完成。闖紅燈項目非常重要。目前，我們是加州最大的闖紅燈監控服務提供者。

But historically, it had always had some unique administrative challenges to a way that it would fully -- with multiple different challenges that I mentioned some in my remarks that I won't go back into.

但從歷史上看，它一直面臨著一些獨特的管理挑戰，以至於無法完全實現——我在我的演講中提到了一些不同的挑戰，但我不會再贅述。

But -- so we just look at that as an opportunity to reshape the way that we're serving customers already. And because they've removed some of the administrative barriers, we would anticipate some of those programs to expand.

但是——所以我們將其視為一個契機，重新調整我們現有的客戶服務方式。而且由於他們已經取消了一些行政障礙，我們預計其中一些項目將會擴大規模。

We feel like we're in -- California is really something that we've worked really, really hard on as an organization, an enormous amount of focus, partnering with our government relations as well as our local teams as well to produce what we consider is going to be a great outcome for many, many years to come.

我們感覺我們身處——加州是我們整個組織投入了大量心血和精力的地方，我們與政府關係部門以及當地團隊緊密合作，力求取得我們認為在未來很多年都將取得巨大成果的地區。

Okay. Awesome. Thanks a lot for the color, Dave and Craig, and really look forward to working with you going forward.

好的，太棒了！非常感謝Dave和Craig提供的顏色，期待未來與你們的合作。

Yeah. Thank you.

是的，謝謝。

Thank you.

謝謝。

Thank you. Ladies and gentlemen, that brings our Q&A session to the end. And that concludes today's conference call. Thank you for your participation. You may now disconnect.

謝謝。女士們、先生們，問答環節到此結束。今天的電話會議到此結束。感謝各位的參與。現在可以掛斷電話了。