Vontier Corporation (VNT): Business Model Canvas [Dec-2025 Updated]

You're looking at Vontier Corporation, and honestly, the strategy is clear: they are using the massive cash flow from their established, mission-critical fueling hardware-think Gilbarco Veeder-Root-to aggressively fund the future in connected e-mobility software, like Driivz. As a former head analyst, I see this as a classic transition play, aiming for total sales guidance between $3,028 million and $3,038 million for fiscal 2025 by balancing the old guard with new recurring software revenue. If you want to see exactly how they structure this complex pivot across their key resources and customer segments, dive into the full Business Model Canvas below.

Vontier Corporation (VNT) - Canvas Business Model: Key Partnerships

You're looking at how Vontier Corporation builds value through its external relationships, which is key for scaling across its diverse segments.

ENAPI for expanding global EV charging roaming networks

Vontier's subsidiary, Driivz, partnered with ENAPI, a Berlin-based roaming connectivity platform, to enhance global electric vehicle (EV) roaming connectivity. This unites the Driivz Smart EV Charging and Energy Management platform with ENAPI's Open Charge Point Interface (OCPI)-based roaming broker.

The immediate scale from this partnership is substantial:

• Access to over 350,000 charge points across Europe.
• ENAPI's network includes eight of the top 10 eMSPs in Europe.
• Plans exist to expand this seamless roaming to North America and Asia-Pacific.

Independent Matco Tools franchisees for direct distribution

Matco Tools, a Vontier Company, relies on its network of independent mobile Distributorships to sell premium automotive equipment and tools directly to professional technicians. This franchise model provides a scalable channel for market penetration.

Here are the latest unit and investment figures for this distribution channel:

The total investment range includes costs for fixtures, supplies, licenses, and additional required funds.

Global oil and gas companies for Gilbarco Veeder-Root equipment

Gilbarco Veeder-Root (GVR), Vontier's worldwide technology leader for retail and commercial fueling operations, continues to secure major contracts with large energy providers. GVR estimates its 2025 revenue at $5 billion USD.

Recent significant contract awards in India demonstrate this partnership scale:

The IOCL dispenser services component of the latest tender continues for eight years.

Strategic technology partners for integrated payment solutions

Vontier focuses on unified payment experiences across fueling, EV charging, and car wash operations. The FlexPay 6 family is highlighted as the only payment platform certified for both indoor and outdoor use across retailers' sites. Vontier's FY 2025 guidance is set between $3.150 and $3.20 EPS.

Sheetz and other convenience retailers for Driivz software deployment

Driivz software is being adopted by convenience retailers to manage their growing EV charging networks. Sheetz, ranked No. 13 on CSP's 2025 Top 202 ranking of U.S. convenience-store chains by store count, selected Driivz for its EV charging and energy management software.

The scale of Driivz's current operations supporting these partners includes:

• Managing over 150,000 public chargers.
• Managing hundreds of thousands of chargers in roaming networks.
• Serving customers in over 30 countries across North America, Europe, and APAC.

Sheetz currently has more than 125 charging stations across seven states, often through third-party operators, and is launching its own solution powered by Driivz.

Vontier Corporation (VNT) - Canvas Business Model: Key Activities

You're looking at the core engine of Vontier Corporation, the day-to-day work that turns strategy into dollars, especially as they push hard into the mobility ecosystem transformation. Here's a breakdown of the hard numbers driving those key activities as of late 2025.

Developing and updating cloud-based EV charging software (Driivz V9)

Vontier Corporation's software arm, Driivz, is definitely a focus area, especially with the launch of its latest iteration.

• Driivz Platform Version 9 was announced in November 2025.
• Driivz currently serves EV charging networks in over 30 countries across North America, Europe, and APAC.
• The Platform V9 focuses on optimized revenue generation and new smart energy management capabilities.
• This activity is supported by Vontier's commitment to invest more than $500 million over the next 5 years to lead in the energy transition, which included the acquisition of Driivz.

Manufacturing and servicing mission-critical fueling infrastructure

The Environmental & Fueling Solutions segment remains a bedrock, even as software grows. This is where the physical assets get built and maintained.

For the third quarter ended September 26, 2025, Vontier Corporation's Environmental & Fueling Solutions segment reported sales increased 2.3% year-over-year. This growth was specifically driven by strong performance in aftermarket parts.

Vontier Corporation currently provides critical infrastructure, including fuel dispensers, automatic tank gauges, and submersible turbine pumps, for the majority of Sheetz locations.

Executing the Vontier Business System (VBS) for continuous improvement

The Vontier Business System (VBS) is the internal mechanism for driving efficiency, and the Q3 2025 results show tangible operational leverage.

Operating profit for Vontier Corporation in Q3 2025 was $142.4 million, an increase of 8.3% from the prior year. This translated to an operating profit margin of 18.9%, up approximately 140 basis points year-over-year.

Looking ahead, the full-year 2025 guidance projects an adjusted operating profit margin expansion of 20 to 40 basis points year-over-year. That's the goal for self-help initiatives across the board.

Integrating acquired software platforms like Invenco and Sergeant Sudz

While specific integration metrics for all acquired platforms aren't public, the strategic move to acquire Driivz clearly signals the intent to dominate the software side of the mobility ecosystem.

• The Driivz acquisition positions Vontier Corporation in the highest growth, most profitable network management software segment.
• In 2024, the Invenco business grew in the mid-teens percentage range.
• The recurring revenue base associated with these software platforms grew in the low double-digits in 2024.

Managing the global supply chain for hardware and aftermarket parts

Supply chain management is critical for delivering on hardware commitments, as seen in the segment performance variations in Q3 2025.

The Environmental & Fueling Solutions segment saw its core sales increase by 0.9% in Q1 2025, showing resilience in parts and service demand. However, the Repair Solutions segment faced headwinds, with sales declining 6.9% in Q3 2025 due to macroeconomic factors affecting service technicians.

The company's full-year 2025 total sales guidance, as of the Q3 report, is set between $3,028 to $3,038 million, with core sales growth expected at +2.0 to 2.5%.

Finance: draft 13-week cash view by Friday.

Vontier Corporation (VNT) - Canvas Business Model: Key Resources

You're looking at the core assets Vontier Corporation uses to power its mobility ecosystem strategy. These aren't just abstract concepts; they are tangible and financial levers driving their 'Connected Mobility' pivot. Honestly, the strength here is in the installed base combined with the operational playbook.

Global Installed Base and Distribution Reach

The sheer scale of Vontier Corporation's physical footprint is a massive resource. This installed base provides a constant stream of service, aftermarket, and upgrade opportunities, which is crucial for recurring revenue, even when new equipment sales slow down.

• Global installed base of over 260,000 customer fueling sites.
• The Repair Solutions segment, which includes the Matco Tools brand, relies on a mobile distribution network of over 1,700 independent distributors.

Proprietary Software Platforms

Software is where Vontier Corporation is aggressively pivoting value. Platforms like Driivz and FlexPay 6 are central to their multi-energy future and securing high-value convenience retail contracts. For example, the FlexPay 6 platform is recognized as the only payment platform certified for both indoor and outdoor use across retailers' sites.

• Driivz: Industry-proven EV charging and energy management platform supporting fleet electrification.
• Invenco FlexPay 6: Payment platform supporting diverse fueling modalities, including a rollout to 76 Costco fueling sites across Canada.

The Vontier Business System (VBS)

This operational methodology, inherited from Danaher, is the engine for margin expansion and disciplined capital allocation. It's how they manage inflation and integrate acquisitions effectively. The system focuses on continuous improvement to drive operational efficiency.

Matco Tools Brand Equity and Network Performance

The Matco Tools brand equity is tied directly to the Repair Solutions segment. While the brand itself is strong, the segment's performance reflects near-term macroeconomic risks, as service technicians may delay discretionary spending on high-ticket items. In Q3 2025, this segment saw a sales decline.

Balance Sheet Capacity for Energy Transition Investment

Vontier Corporation maintains capacity to fund its transformation, evidenced by its leverage profile and equity base as of the first quarter of 2025. They are also actively managing capital through buybacks, showing confidence in their valuation.

Finance: draft 13-week cash view by Friday.

Vontier Corporation (VNT) - Canvas Business Model: Value Propositions

You're looking at the core offerings Vontier Corporation is delivering to the market as of late 2025. This isn't just about selling tools; it's about selling integrated outcomes across the mobility lifecycle, which you can see reflected in their recent financial performance.

Connected Mobility: Integrated hardware, software, and data for the ecosystem

Vontier Corporation is positioning its Mobility Technologies segment as the engine for this value proposition. The traction here is clear, with core sales in this area growing approximately 4.8% year-over-year in the third quarter of 2025. This growth is underpinned by strong demand for their retail-focused solutions.

The value here is in the integration of digital equipment solutions, including point-of-sale and payment systems, which are showing significant strength. For instance, in the second quarter of 2025, the Mobility Technologies segment saw reported sales increase by 17.9% to $280.2 million, with core sales growing 18% year-over-year.

Here's a snapshot of the segment performance driving this proposition:

E-Mobility Software: Hardware-agnostic, scalable EV charging network management

While direct revenue figures for pure E-Mobility software are embedded within the larger segments, the overall strategy is showing early success. The return of the car wash business to growth a quarter ahead of management's expectation is a concrete example of software adoption paying off. This recovery is tied to customers adopting the cloud-based Patheon solution.

The value proposition here is enabling future-proofing and scalability for charging infrastructure, even if the financial breakout isn't fully public yet. The overall company guidance for 2025 suggests confidence in this direction, with a raised full-year sales expectation just over $3.03 billion at the midpoint.

Retail Productivity: Unified payment and point-of-sale solutions

This is a clear driver of the Mobility Technologies segment's success. The value proposition centers on providing unified payment and remote asset management solutions that deliver tangible benefits to convenience retail operators. These specific retail solutions are driving low double-digit growth in key products as of the third quarter of 2025.

The strength in this area is helping offset headwinds elsewhere. For example, in Q3 2025, strong demand for convenience retail payment and point-of-sale technologies contributed to the Mobility Technologies segment's core sales growth of 4.8%.

Key indicators of value delivery include:

• Unified payment solutions driving low double-digit growth.
• Return to growth for the car wash business in Q3 2025.
• Year-to-date Adjusted Free Cash Flow generation of over $275 million, representing approximately 12% of sales.

Technician Productivity: Premium vehicle repair tools and diagnostics

This area, primarily housed within the Repair Solutions segment, is currently facing market pressures. The value proposition of premium tools and diagnostics is being tested by macroeconomic conditions affecting service technicians' discretionary spending. In Q3 2025, this segment experienced sales down approximately ~7% year-over-year.

However, the company is still delivering value through operational efficiency and portfolio management. Vontier Corporation completed the divestiture of a European service business within this area, generating proceeds of approximately $60 million combined with other asset sales, streamlining the focus to core productivity tools.

Here's the financial reality for this segment in Q3 2025:

• Repair Solutions sales decline: ~7% year-over-year.
• Segment operating profit margin declined 20 basis points.
• The company is prioritizing productivity tools over large-ticket items for technicians.

Environmental Compliance: Solutions for global fueling infrastructure integrity

The Environmental & Fueling Solutions segment is a consistent performer, delivering core growth of approximately 2% in Q3 2025, which was in line with guidance for low single-digit growth. This value proposition focuses on integrity and compliance for fueling infrastructure, including environmental products and above-ground fuel dispensing equipment.

The segment showed robust growth in Q2 2025, with reported sales increasing 16.2% to $361.6 million and core sales up 15.7%, driven by strong demand for above-ground equipment and environmental solutions.

Financial highlights supporting this value stream:

• Q3 2025 Core Growth: Approximately 2%.
• Q2 2025 Reported Sales: $361.6 million.
• Segment operating profit margin expanded 50 basis points in Q2 2025 due to volume leverage.

Finance: draft 13-week cash view by Friday.

Vontier Corporation (VNT) - Canvas Business Model: Customer Relationships

You're looking at how Vontier Corporation maintains its connections with a diverse set of customers across the mobility ecosystem as of late 2025. The relationship strategy is clearly segmented, reflecting the different needs of a technician versus a large convenience retailer.

For large enterprise clients, Vontier leans heavily on direct sales supported by what they call service sales, which include revenues from extended warranties and maintenance contracts. The overall TTM revenue as of late 2025 stands at $3.04 Billion USD. Looking closer at the third quarter of 2025, total reported sales were $753 million. The Environmental & Fueling Solutions segment, which often involves mission-critical infrastructure, saw its sales increase by 2.3% in Q3 2025, driven by aftermarket parts, suggesting strong post-sale service relationships.

The high-touch, personalized service model is best exemplified by Matco Tools, a Vontier company. This channel relies on a vast network of independent operators who bring products directly to the customer. As of the latest data, Matco Tools operates 1,829 total units, with 1,811 of those being franchised units. Franchisees build deep relationships by visiting technicians at their workplaces, often providing in-house financing for immediate tool needs. To maintain this network, franchisees pay an 8% royalty fee on gross sales. The initial investment to start one of these mobile tool franchises ranges from $108,000 to $383,000.

Here's a quick look at the scale of the Matco franchisee relationship structure:

• Total Matco Tools Locations: 1,829
• Franchised Units: 1,811
• Typical Customers per Franchisee: Approximately 325
• Franchisee Royalty Fee: 8% of gross sales

Vontier also employs a Software-as-a-Service (SaaS) subscription model, which falls under their broader product sales revenue recognition, alongside equipment rentals and payment processing fees. This recurring revenue stream helps stabilize the business, as evidenced by the strong cash flow generation; Vontier reported an adjusted free cash flow conversion of 82% in Q3 2025. The Mobility Technologies segment, which includes payment and point-of-sale technologies, reported a 5.1% sales increase in Q3 2025, showing customer adoption of these recurring technology solutions.

Dedicated account management is crucial for the mission-critical infrastructure side of the business, which Vontier supports with its operational discipline. The company's net leverage ratio at the end of Q3 2025 was 2.4X, indicating a managed balance sheet supporting long-term commitments. Furthermore, Vontier is actively managing its capital structure to support these relationships, having repurchased 4.6 million shares for $175 million year-to-date through Q3 2025.

For the emerging EV and charge point operator space, Vontier leverages its Mobility Technologies segment. While specific self-service usage numbers aren't public, the segment's strong performance suggests high engagement. For instance, in Q2 2025, Mobility Technologies sales grew 17.9% year-over-year to $280.2 million. This growth is tied to providing solutions that help operators scale and manage their networks, which often involves software and connectivity tools that function as self-service enablers for drivers and operators alike. The full-year 2025 adjusted diluted net EPS guidance was raised to a range of $3.15 to $3.20, reflecting confidence in the ongoing customer adoption across all solution types.

You can see the relationship impact across the segments in Q3 2025:

Finance: draft 13-week cash view by Friday.

Vontier Corporation (VNT) - Canvas Business Model: Channels

You're looking at how Vontier Corporation moves its products and services to market as of late 2025. The approach is clearly segmented, matching the distinct needs of the fueling, repair, and fleet management customer bases.

Direct sales force for Gilbarco Veeder-Root and DRB systems

For the Environmental & Fueling Solutions (EFS) segment, which saw sales increase by 2.3% in the third quarter of 2025, direct engagement is key for large infrastructure projects. Gilbarco Veeder-Root, the core of EFS, maintains a significant global footprint, employing approximately 4,000 people worldwide, though that specific headcount is from 2015 data. This direct channel secured a combined $59 million tender from Hindustan Petroleum Corporation Ltd. (HPCL) for dispensers and pumps, split into $39 million for above-ground dispensers and $20 million for underground pumps. The Repair Solutions segment, which includes Matco Tools, relies on a direct, mobile approach through its franchisees.

The DRB business, focused on car wash automation, leverages deep relationships, serving the majority of the top 20 car wash platforms in North America directly. This direct sales structure supports Vontier Corporation's overall expectation of achieving total sales between $3,028 to $3,038 million for the full year 2025.

Mobile showrooms and direct-to-technician sales (Matco Tools)

The Repair Solutions segment channels its Matco Tools offerings through a highly specialized, direct-to-technician model. This involves mobile franchisees who bring the tools and diagnostic equipment directly to the auto repair technician. While specific 2025 sales figures for this channel aren't broken out, the segment faced ongoing macroeconomic pressures impacting discretionary spending in the first quarter of 2025. The overall strategy is to maintain high customer proximity, which is essential for tool and diagnostic equipment sales.

Here's a snapshot of the financial context surrounding these channels as of the latest reported quarter:

Cloud-based delivery for Driivz and Teletrac Navman software

For Vontier Corporation's software and digitally enabled solutions, the channel is the cloud. Driivz, which focuses on EV charging and energy management systems, delivers its platform as a software solution. Similarly, Teletrac Navman utilizes cloud-based solutions to simplify fleet management for its customers. This digital delivery model supports a massive installed base, as Teletrac Navman manages more than 700,000 vehicles and assets around the world. The Mobility Technologies segment, which houses these software businesses, reported sales increased by 11.5% in the first quarter of 2025, showing strong traction for these connected solutions.

The success of these digital channels contributes to Vontier Corporation's full-year 2025 adjusted diluted net EPS guidance range of $3.15 to $3.20.

Global distributor and service partner network for EFS segment

The Environmental & Fueling Solutions segment, beyond its direct sales, relies on an extensive global network for installation, service, and distribution of its fueling hardware and software. While the divestiture of the European Service Operations to TSG was completed, which employs over 6,400 people and had sales reaching €1,250 millions as of April 2025, Vontier Corporation maintains a broad presence through other partners. Gilbarco Veeder-Root has sales, manufacturing, and service locations across North and South America, Europe, Asia, the Pacific Rim, Australia, the Middle East, and Africa.

The channel strategy for EFS involves a mix of direct sales for major tenders and partner networks for broad geographic coverage and aftermarket support. You can see the reach through the following:

• Global presence across North and South America, Europe, Asia, the Pacific Rim, Australia, the Middle East and Africa.
• Local manufacturing, sales, and service capabilities offering tailored solutions.
• The HPCL tender includes eight years of service support alongside the equipment delivery.

This network supports the segment's core sales growth, which was up 0.9% in the first quarter of 2025. Finance: draft 13-week cash view by Friday.

Vontier Corporation (VNT) - Canvas Business Model: Customer Segments

You're looking at the specific groups Vontier Corporation targets with its critical technologies. Honestly, understanding these segments is key to seeing where the growth is coming from, especially with the focus on Connected Mobility.

Vontier Corporation's customer base is primarily served through its three operating segments: Mobility Technologies, Environmental & Fueling Solutions, and Repair Solutions. The reported sales for the third quarter ended September 26, 2025, totaled $752.5 million.

Here is a breakdown of the segments that align with your requested customer groups, using the latest reported segment sales data from Q3 2025:

The demand dynamics across these customer groups showed clear variation in the third quarter of 2025. For instance, the Repair Solutions segment faced headwinds, but others showed strength. Here are some specific data points reflecting customer activity:

• Mobility Technologies segment sales grew 5.1% versus the prior year for Q3 2025.
• Environmental & Fueling Solutions segment sales increased 2.3% in Q3 2025.
• Core sales for the entire Vontier business were flat year-over-year in Q3 2025.
• Lower demand for car wash technologies was noted in Q1 2025.
• Vontier raised its full-year 2025 adjusted diluted net EPS guidance to a range of $3.15 to $3.20.

The Mobility Technologies segment, which serves CPOs, eMSPs, and car wash operators, showed robust growth, with sales reaching $270.6 million in Q3 2025. This segment benefited from strong demand for convenience retail payment and point-of-sale technologies. The Environmental & Fueling Solutions segment, serving gas station operators, posted sales of $357.8 million in the same quarter, driven by aftermarket parts. The Repair Solutions segment, which targets independent repair technicians, saw its sales drop by 6.9%. If onboarding takes 14+ days, churn risk rises.

Vontier Corporation (VNT) - Canvas Business Model: Cost Structure

You're looking at the core expenses that drive Vontier Corporation's operations as of late 2025. Honestly, for a company with physical hardware manufacturing, software platforms, and a large franchise network, the cost structure is naturally complex. Here's the quick math on what's hitting the bottom line based on the latest available figures.

High cost of goods sold (COGS) for manufacturing physical hardware

The production of physical equipment, like that from the Environmental & Fueling Solutions segment, means Cost of Sales (Vontier's term for COGS) is a major component. For the three months ended June 27, 2025, the Cost of Sales, excluding amortization of acquisition-related intangible assets, was $403.1 million. This figure represents the direct costs tied to the sales of their hardware and related products during that quarter. This is a significant outlay, reflecting material, labor, and manufacturing overhead necessary to support their physical product lines. The company is focused on operational efficiency, with Q2 2025 segment operating profit margins expanding due to benefits from pillar one cost optimization actions.

Significant R&D investment in software and e-mobility platforms

Vontier Corporation is pushing innovation, especially in its Mobility Technologies segment, which includes software and e-mobility solutions. Research and development expenses reflect this commitment to future platforms. For the three months ended September 26, 2025 (Q3 2025), Research and development expenses totaled $44.4 million. This investment is key to maintaining competitive advantage in areas like convenience retail payment and enterprise productivity solutions. For context, R&D expenses were $45.7 million in the same period last year (Q3 2024).

Operating expenses for the Matco Tools franchisee support system

The Matco Tools Repair Solutions segment operates via a mobile distributor/franchisee model, which shifts some operating costs but requires significant ongoing support investment from Vontier Corporation. The direct cost to the franchisee, which Vontier ultimately supports through its structure, includes an ongoing 8% royalty fee on gross sales. While Vontier's internal operating expenses for this support aren't broken out separately from SG&A, the initial investment required for a new distributor is substantial, ranging from $108,079 to $382,766. This implies a cost to Vontier in setting up and ensuring the success of that distribution network.

Costs associated with the 80/20 simplification and restructuring programs

Vontier Corporation actively manages its portfolio and operations through simplification programs, often categorized as restructuring. For the year ended December 31, 2024, the company reported a $11.7 million decrease in costs associated with restructuring activities compared to the prior year. The company continues to advance its strategic priorities leveraging 80/20 principles to manage inflation. Unallocated corporate costs, which exclude restructuring charges, were a focus, decreasing 30 basis points as a percentage of total sales for the year ended December 31, 2024.

General and administrative expenses for global corporate functions

These expenses cover the overhead for Vontier Corporation's global corporate structure. Selling, general and administrative (SG&A) expenses for the three months ended June 27, 2025, were $167.3 million. These unallocated corporate costs, which include G&A for corporate functions, are tracked separately from segment operating profit by the chief operating decision maker. For the six months ended June 27, 2025, total SG&A was $327.6 million.

Here is a snapshot of key operating cost components based on recent reported periods:

The full-year 2025 guidance, as of late October 2025, projected total sales between $3,028 million and $3,038 million, with adjusted operating profit margin expansion targeted at 20 to 40 basis points year-over-year.

Vontier Corporation (VNT) - Canvas Business Model: Revenue Streams

You're looking at how Vontier Corporation actually brings in the money as of late 2025. It's a mix of big equipment sales and the stickier, recurring software and service revenue they're pushing hard for.

The top-line expectation for the full year 2025 is quite specific. Vontier Corporation is guiding for total sales in the range of $3,028 million to $3,038 million. This guidance was raised following strong Q3 2025 performance, with core sales trending above the prior expectation.

A key focus area for Vontier Corporation is growing its predictable income. This comes from recurring revenue streams, primarily through Software as a Service (SaaS) subscriptions. While the company completed the divestiture of Driivz during the year, the remaining Mobility Technologies segment still houses significant software components, including offerings from Teletrac Navman for IoT-based fleet telematics and workflow automation solutions. This focus on connected solutions and software is expanding Vontier Corporation's high-margin, predictable revenue streams.

The Environmental & Fueling Solutions (EFS) segment is a major contributor, centered around the Gilbarco Veeder-Root brand. This stream involves the sales of fueling equipment and systems, such as forecourt controllers and fuel dispenser systems for petroleum operators. In the third quarter of 2025, this segment saw its sales increase by 2.3% year-over-year, showing solid demand for their core offerings.

Also within EFS, Vontier Corporation generates substantial revenue from the installed base of its equipment. This is the aftermarket parts and service revenue. Strong performance in this area helped drive the segment's overall sales growth in Q3 2025, as aftermarket parts showed robust demand.

Finally, the Repair Solutions segment is anchored by Matco Tools. This revenue stream involves the sales of tools and diagnostic equipment, which are primarily sold to the segment's network of franchisees. It is important to note that this segment faced headwinds; in the third quarter of 2025, Repair Solutions sales declined by 6.9% year-over-year, reflecting macroeconomic pressures on service technicians' discretionary spending.

Here's a quick look at the segment sales performance that feeds these revenue streams as of the latest reported quarter:

The Mobility Technologies segment, which includes software solutions, posted the strongest growth in Q3 2025 at 5.1%, indicating where Vontier Corporation is seeing the most immediate top-line traction.

You can see the revenue mix is shifting, even if the dollar amounts aren't broken out by subscription versus hardware in the guidance. The company is clearly leaning on the growth from its connected and software-enabled businesses to stabilize the overall revenue profile.

Finance: draft 13-week cash view by Friday.