<p>EROAD Limited ((ERDLF)) 舉行了第二季度財報電話會議。以下是會議的主要亮點。</p>
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<p>EROAD Limited 最近的財報電話會議展示了混合的業績，公司展現了強勁的自由現金流和在澳大利亞和新西蘭的良好增長。然而，這些積極因素被北美的重大挑戰所抵消，包括資產減值和客户不續約。公司在新西蘭的 eRUC 機會的戰略重點提供了潛在的長期全球擴展路徑，但北美的障礙仍然令人擔憂。</p>
<h2>強勁的自由現金流</h2>
<p>EROAD 展現了強大的運營紀律，自由現金流為 620 萬美元，或在正常化基礎上為 1700 萬美元。這突顯了公司在現金生成方面的能力，支撐了其財務穩定性和運營效率。</p>
<h2>年化經常性收入增加</h2>
<p>公司報告年化經常性收入超過 1.78 億美元，整體增長 6.9%，以固定匯率計算增長 3%。這一增長得益於高價值訂閲和企業擴展，反映了 EROAD 成功的市場滲透策略。</p>
<h2>澳大利亞市場顯著增長</h2>
<p>澳大利亞成為 EROAD 的強勁表現市場，年化經常性收入增長 30%。這一增長得益於企業擴展和安全合規產品的高採用率，凸顯了該地區的戰略重要性。</p>
<h2>新西蘭 eRUC 機會</h2>
<p>EROAD 在新西蘭的普遍電子道路用户收費（eRUC）轉型中處於戰略位置，提供了顯著的長期全球機會。該倡議可能推動公司的未來增長和擴展。</p>
<h2>Cleanaway 企業協議</h2>
<p>與 Cleanaway 簽署的新企業協議，年化經常性收入為 500 萬美元，涵蓋了澳大利亞超過 3000 輛重型車輛的全國車隊。該協議突顯了 EROAD 獲取重大合同的能力，增強了其收入基礎。</p>
<h2>北美業績挑戰</h2>
<p>北美面臨重大挑戰，收入下降 1.5%，年化經常性收入減少近 6%。這些挫折歸因於經濟條件放緩、競爭加劇以及一大美國客户的不續約。</p>
<h2>北美資產減值</h2>
<p>公司在北美記錄了 1.35 億美元的商譽和其他資產減值，原因是經濟條件疲軟和競爭加劇。這一減值反映了 EROAD 在該市場面臨的持續挑戰。</p>
<h2>運營成本和研發資本化</h2>
<p>運營成本佔收入的 71%，研發資本化的減少影響了正常化的 EBIT，從上一個時期的 470 萬美元降至 250 萬美元。這表明需要進行戰略成本管理。</p>
<h2>美國客户不續約的影響</h2>
<p>一大美國客户的不續約，涉及約 1 萬個連接，顯著影響了北美的年化經常性收入和未來增長前景，突顯了在競爭市場中留住關鍵客户的挑戰。</p>
<h2>前瞻性指導</h2>
<p>EROAD 對 2026 財年的指導保持樂觀，預計收入在 1.97 億至 2.03 億美元之間，年化經常性收入在 1.75 億至 1.83 億美元之間。公司預計自由現金流收益率為收入的 5% 至 8%，已調整 4G 升級成本。戰略重點將繼續放在澳大利亞和新西蘭，因北美經濟條件較軟而謹慎投資。新西蘭的 eRUC 機會預計將提供顯著的長期潛力。</p>
<p>總之，EROAD Limited 的財報電話會議突顯了混合的業績，在某些地區強勁增長的同時，其他地區面臨挑戰。公司在澳大利亞和新西蘭的戰略舉措，特別是 eRUC 機會，為未來增長提供了有希望的途徑。然而，北美的障礙，包括減值和客户不續約，仍然是公司必須解決的重大挑戰。</p>

<p>EROAD Limited 第二季度的財報電話會議顯示出混合的結果，澳大利亞和新西蘭的自由現金流強勁且增長良好，但由於減值和客户不續約，北美面臨挑戰。公司報告了年化經常性收入的增加以及在澳大利亞達成的重要企業協議。對新西蘭 eRUC 機會的戰略關注提供了長期增長潛力，而北美則面臨經濟和競爭障礙。前瞻性指引依然樂觀，強調了澳大利亞和新西蘭的增長</p>

<p>EROAD Limited ((ERDLF)) has held its Q2 earnings call. Read on for the main highlights of the call.</p>
<div class="lb-trans"><p>EROAD Limited ((ERDLF)) 舉行了第二季度財報電話會議。以下是會議的主要亮點。</p>
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</div><p>EROAD Limited’s recent earnings call painted a picture of mixed performance, with the company showcasing robust free cash flow and promising growth in Australia and New Zealand. However, these positives were counterbalanced by significant challenges in North America, including impairments and customer nonrenewals. The strategic focus on the eRUC opportunity in New Zealand offers a potential long-term global expansion path, yet the hurdles in North America remain a concern.</p>
<div class="lb-trans"><p>EROAD Limited 最近的財報電話會議展示了混合的業績，公司展現了強勁的自由現金流和在澳大利亞和新西蘭的良好增長。然而，這些積極因素被北美的重大挑戰所抵消，包括資產減值和客户不續約。公司在新西蘭的 eRUC 機會的戰略重點提供了潛在的長期全球擴展路徑，但北美的障礙仍然令人擔憂。</p>
</div><h2>Strong Free Cash Flow</h2>
<div class="lb-trans"><h2>強勁的自由現金流</h2>
</div><p>EROAD demonstrated strong operational discipline with a free cash flow of $6.2 million, or $17 million on a normalized basis. This highlights the company’s capability in cash generation, underpinning its financial stability and operational efficiency.</p>
<div class="lb-trans"><p>EROAD 展現了強大的運營紀律，自由現金流為 620 萬美元，或在正常化基礎上為 1700 萬美元。這突顯了公司在現金生成方面的能力，支撐了其財務穩定性和運營效率。</p>
</div><h2>Increased Annualized Recurring Revenue</h2>
<div class="lb-trans"><h2>年化經常性收入增加</h2>
</div><p>The company reported an increase in annualized recurring revenue to over $178 million, marking a 6.9% rise overall and a 3% increase in constant currency. This growth was driven by higher-value subscriptions and enterprise expansion, reflecting EROAD’s successful market penetration strategies.</p>
<div class="lb-trans"><p>公司報告年化經常性收入超過 1.78 億美元，整體增長 6.9%，以固定匯率計算增長 3%。這一增長得益於高價值訂閲和企業擴展，反映了 EROAD 成功的市場滲透策略。</p>
</div><h2>Significant Australian Market Growth</h2>
<div class="lb-trans"><h2>澳大利亞市場顯著增長</h2>
</div><p>Australia emerged as a strong performer for EROAD, with a 30% increase in annualized recurring revenue. This growth was fueled by enterprise expansion and a high adoption rate of safety and compliance products, underscoring the region’s strategic importance.</p>
<div class="lb-trans"><p>澳大利亞成為 EROAD 的強勁表現市場，年化經常性收入增長 30%。這一增長得益於企業擴展和安全合規產品的高採用率，凸顯了該地區的戰略重要性。</p>
</div><h2>New Zealand eRUC Opportunity</h2>
<div class="lb-trans"><h2>新西蘭 eRUC 機會</h2>
</div><p>EROAD is strategically positioned to leverage New Zealand’s transition to universal electronic road user charging (eRUC), presenting significant long-term global opportunities. This initiative could potentially drive future growth and expansion for the company.</p>
<div class="lb-trans"><p>EROAD 在新西蘭的普遍電子道路用户收費（eRUC）轉型中處於戰略位置，提供了顯著的長期全球機會。該倡議可能推動公司的未來增長和擴展。</p>
</div><h2>Cleanaway Enterprise Agreement</h2>
<div class="lb-trans"><h2>Cleanaway 企業協議</h2>
</div><p>The new enterprise agreement with Cleanaway, valued at $5 million ARR, covers a national fleet of over 3,000 heavy vehicles in Australia. This agreement highlights EROAD’s ability to secure substantial contracts, enhancing its revenue base.</p>
<div class="lb-trans"><p>與 Cleanaway 簽署的新企業協議，年化經常性收入為 500 萬美元，涵蓋了澳大利亞超過 3000 輛重型車輛的全國車隊。該協議突顯了 EROAD 獲取重大合同的能力，增強了其收入基礎。</p>
</div><h2>North America Performance Challenges</h2>
<div class="lb-trans"><h2>北美業績挑戰</h2>
</div><p>North America posed significant challenges, with a 1.5% decline in revenue and a nearly 6% reduction in ARR. These setbacks were attributed to slower economic conditions, increased competition, and the nonrenewal of a large U.S. customer.</p>
<div class="lb-trans"><p>北美面臨重大挑戰，收入下降 1.5%，年化經常性收入減少近 6%。這些挫折歸因於經濟條件放緩、競爭加劇以及一大美國客户的不續約。</p>
</div><h2>Impairment of North American Assets</h2>
<div class="lb-trans"><h2>北美資產減值</h2>
</div><p>The company recorded a $135 million impairment of goodwill and other assets in North America, driven by softer economic conditions and heightened competition. This impairment reflects the ongoing challenges EROAD faces in this market.</p>
<div class="lb-trans"><p>公司在北美記錄了 1.35 億美元的商譽和其他資產減值，原因是經濟條件疲軟和競爭加劇。這一減值反映了 EROAD 在該市場面臨的持續挑戰。</p>
</div><h2>Operating Costs and R&amp;D Capitalization</h2>
<div class="lb-trans"><h2>運營成本和研發資本化</h2>
</div><p>Operating costs accounted for 71% of revenue, with a decrease in R&amp;D capitalization impacting normalized EBIT, which fell to $2.5 million from $4.7 million in the previous period. This indicates a need for strategic cost management.</p>
<div class="lb-trans"><p>運營成本佔收入的 71%，研發資本化的減少影響了正常化的 EBIT，從上一個時期的 470 萬美元降至 250 萬美元。這表明需要進行戰略成本管理。</p>
</div><h2>U.S. Customer Nonrenewal Impact</h2>
<div class="lb-trans"><h2>美國客户不續約的影響</h2>
</div><p>The nonrenewal by a large U.S. customer, involving around 10,000 connections, significantly impacted North America’s ARR and future growth prospects, highlighting the challenges in retaining key clients in a competitive market.</p>
<div class="lb-trans"><p>一大美國客户的不續約，涉及約 1 萬個連接，顯著影響了北美的年化經常性收入和未來增長前景，突顯了在競爭市場中留住關鍵客户的挑戰。</p>
</div><h2>Forward-Looking Guidance</h2>
<div class="lb-trans"><h2>前瞻性指導</h2>
</div><p>EROAD’s guidance for the fiscal year 2026 remains optimistic, with projected revenue between $197 million and $203 million and ARR between $175 million and $183 million. The company expects a free cash flow yield of 5% to 8% of revenue, adjusted for 4G upgrade costs. The strategic focus will continue on Australia and New Zealand, with cautious investment in North America due to softer conditions. The eRUC opportunity in New Zealand is anticipated to offer significant long-term potential.</p>
<div class="lb-trans"><p>EROAD 對 2026 財年的指導保持樂觀，預計收入在 1.97 億至 2.03 億美元之間，年化經常性收入在 1.75 億至 1.83 億美元之間。公司預計自由現金流收益率為收入的 5% 至 8%，已調整 4G 升級成本。戰略重點將繼續放在澳大利亞和新西蘭，因北美經濟條件較軟而謹慎投資。新西蘭的 eRUC 機會預計將提供顯著的長期潛力。</p>
</div><p>In conclusion, EROAD Limited’s earnings call highlighted a mixed performance with strong growth in certain regions offset by challenges in others. The company’s strategic initiatives in Australia and New Zealand, particularly the eRUC opportunity, present promising avenues for future growth. However, the hurdles in North America, including impairments and customer nonrenewals, remain significant challenges that the company must address.</p>
<div class="lb-trans"><p>總之，EROAD Limited 的財報電話會議突顯了混合的業績，在某些地區強勁增長的同時，其他地區面臨挑戰。公司在澳大利亞和新西蘭的戰略舉措，特別是 eRUC 機會，為未來增長提供了有希望的途徑。然而，北美的障礙，包括減值和客户不續約，仍然是公司必須解決的重大挑戰。</p>
</div>

EROAD Limited 的收益電話會議表現不一：在挑戰中實現增長