Cognex Corp (CGNX) 2024 Q2 法說會逐字稿

Nathan McCurren, Head of Investor Relations. You may begin.

內森‧麥卡倫 (Nathan McCurren)，投資人關係主管。你可以開始了。

Thank you, operator. Good morning, everyone, and thank you for joining us. Our press release was published yesterday after market close and our quarterly report on Form 10-Q for Q2 2024 was filed this morning. The press release, earnings presentation, and 10-Q are available on the Investor Relations section of our website. Both our published materials and the call today will reference non-GAAP measures. You can find a reconciliation of certain items from GAAP to non-GAAP in our press release and earnings presentation.

謝謝你，接線生。大家早安，感謝您加入我們。我們的新聞稿於昨天收盤後發布，我們的 2024 年第二季 10-Q 表格季度報告已於今天上午提交。新聞稿、收益報告和 10-Q 可在我們網站的投資者關係部分取得。我們發布的資料和今天的電話會議都將參考非公認會計原則措施。您可以在我們的新聞稿和收益演示中找到某些項目從 GAAP 到非 GAAP 的調整表。

Any forward looking statements we made in the press release, the accompanying presentation posted to our website or any that we may make during this call are based upon information that we believe to be true as of today. Our actual results may differ from our projections due to the risks and uncertainties that are described in our SEC filings, including our most recent Form 10-K and Form 10-Q.

我們在新聞稿中、在我們網站上發布的隨附簡報或我們在本次電話會議中可能做出的任何前瞻性陳述均基於我們今天認為真實的資訊。由於我們的 SEC 文件（包括我們最新的 10-K 表格和 10-Q 表格）中描述的風險和不確定性，我們的實際結果可能與我們的預測有所不同。

On today's call, Rob Willett, Cognex's President and CEO, will discuss and market trends and provide an update on our strategic initiatives. Dennis Fehr, Cognex's CFO, will discuss our second quarter financial results and will conclude with our outlook.

在今天的電話會議上，康耐視總裁兼執行長 Rob Willett 將討論和行銷趨勢，並提供我們策略舉措的最新資訊。康耐視財務長 Dennis Fehr 將討論我們第二季的財務業績，並以我們的展望作為總結。

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

這樣，我就把電話轉給羅布。

Thanks, Nathan. Hello everyone, and thank you for joining us. In the second quarter, we delivered revenue and gross margin in line with our guidance. Revenue increased sequentially, driven by typical consumer electronics seasonality. Excluding Moritex revenue was down year-on-year in total and across most of our factory automation and markets. This reflects a business environment remains challenging, but stable. Operating expenses were favourable to expectations and contributed to a sequential adjusted EBITDA margin increase of 8 percentage-points. This increase demonstrates the leverage our business delivers on incremental revenue and our continued focus on cost management.

謝謝，內森。大家好，感謝您加入我們。第二季度，我們的收入和毛利率符合我們的指導。受典型消費性電子產品季節性的推動，營收季增。不包括 Moritex 的收入在我們大部分工廠自動化和市場的總收入同比下降。這反映出商業環境仍充滿挑戰但穩定。營運費用符合預期，導致調整後 EBITDA 利潤率較上季成長 8 個百分點。這一增長表明我們的業務對增量收入的影響力以及我們對成本管理的持續關注。

Earlier in the year, we were encouraged by positive signals in macro leading indicators, notably favourable PMI reading in March. While we also noted that easy demand remained uncertain. However, macro sentiment has now declined. Again, we have seen additional delays and reductions in EV projects. While most of our manufacturing customers remain cautious with their CapEx investment, positive momentum continues to build in logistics and semi. In Q2, we continued to execute against our strategic initiatives. We drove innovation by incorporating AI into more of our products, and we continue to grow our emerging customer initiative.

今年早些時候，我們受到宏觀領先指標的正面訊號的鼓舞，特別是 3 月有利的 PMI 數據。同時我們也注意到寬鬆需求仍存在不確定性。然而，宏觀情緒現在已經下降。我們再次看到電動車項目的進一步延遲和減少。儘管我們的大多數製造業客戶對其資本支出投資仍持謹慎態度，但物流和半成品領域仍持續呈現正面動能。第二季度，我們繼續執行我們的策略性舉措。我們透過將人工智慧融入更多產品中來推動創新，並繼續發展我們的新興客戶計劃。

I now want to provide you with an update on our product innovation. We have focused on infusing new AI high until all of product launches to drive adoption by more customers. Early in the second quarter, we expanded the application of our edge learning technology by launching the Insight L38, the world's first AI-enabled 3D industrial vision system.

現在我想向您介紹我們產品創新的最新情況。在所有產品發布之前，我們一直致力於注入新的人工智慧技術，以推動更多客戶的採用。第二季初，我們推出了全球首個支援人工智慧的 3D 工業視覺系統 Insight L38，擴大了邊緣學習技術的應用。

This product, which we introduced to you on our last calls, has been very well received by customers with a win rate over 2 times higher than our previous 3D offering. We also launched our new modular vision tunnel, which introduces AI into logistics tunnel reading, speed power and AI assisted detailing of this new tunnel contribute significantly to its industry leading performance. Within our ID products we've enhanced the setup and tuning process for our DataMan barcode readers by using AI and ensuring great results.

我們在上次電話會議中向您介紹的這款產品受到了客戶的一致好評，勝率比我們之前的 3D 產品高出 2 倍以上。我們還推出了新型模組化視覺隧道，將人工智慧引入物流隧道讀取、速度動力和人工智慧輔助細節設計，為這條新隧道的行業領先性能做出了重大貢獻。在我們的 ID 產品中，我們透過使用 AI 增強了 DataMan 條碼讀取器的設定和調整流程，並確保取得良好的結果。

Our added tuning functionalities and select the best parameters to optimize lead rates. We are now using AI to help our customers by auto tuning the best settings for light exposure of filters and dynamic range, which come together in combination to read barcodes more effectively. We've also launched new apps to bring additional capabilities to our insights Snap sensor. We recently introduced a new accounting app, counts subjects using AI even in highly chaotic schemes.

我們添加了調整功能並選擇最佳參數來優化領先率。我們現在使用人工智慧來幫助我們的客戶自動調整濾鏡曝光和動態範圍的最佳設置，將它們結合在一起可以更有效地讀取條碼。我們還推出了新的應用程序，為我們的 Insights Snap 感測器帶來更多功能。我們最近推出了一款新的會計應用程序，即使在高度混亂的方案中也可以使用人工智慧來計算科目。

For example, the tool can count how many screens during a pile of screws, nuts and other objects. This task previously required linking many tools together using complex programming, which limited its use to sophisticated engineers. As we continue to execute on AI driven product strategy, we will incorporate AI into more products, making them easier to use and able to solve applications in a more intuitive and human like way. To reach a broader customer base with our latest technology, we continue to invest in our emerging customer initiatives.

例如，該工具可以計算一堆螺絲、螺帽和其他物體中有多少個篩子。這項任務以前需要使用複雜的程式將許多工具連接在一起，這限制了其對經驗豐富的工程師的使用。隨著我們繼續執行人工智慧驅動的產品策略，我們將把人工智慧融入更多產品中，使它們更易於使用，並能夠以更直觀、更人性化的方式解決應用程式。為了利用我們的最新技術覆蓋更廣泛的客戶群，我們繼續投資新興客戶計畫。

Our 2023 cohort of emerging customer sales noise has driven strong customer activity in the first half of the year and is on target to meet or exceed 80,000 customer visits in 2024. This activity has resulted in steadily increasing monthly bookings through the first half of the year. We're pleased to see them getting traction as they're calling on and win large numbers of new customers.

我們 2023 年的新興客戶銷售噪音推動了上半年的強勁客戶活動，並計劃在 2024 年達到或超過 80,000 名客戶訪問量。這項活動導致今年上半年的每月預訂量穩定增加。我們很高興看到他們在吸引並贏得大量新客戶時受到關注。

In addition to selling are easier-to-use products are emerging customer sales of generating strong referrals for our more sophisticated vision products, leading to new opportunities for our account sales engineers. While we are pleased with the activity in the funnel creation we're seeing from our emerging customer team this initiative is focused on factory automation customers who are in end markets where we are seeing prolonged macro softness. This market softness is impacting sales more than we had anticipated so we now expect it will take longer for the first cohort of emerging customer sales noise to deliver incremental revenue of $50 million.

除了銷售更容易使用的產品外，新興客戶銷售也為我們更複雜的視覺產品帶來了強烈的推薦，為我們的客戶銷售工程師帶來了新的機會。雖然我們對新興客戶團隊在漏斗創建方面的活動感到滿意，但該計劃主要針對終端市場的工廠自動化客戶，我們看到這些客戶的宏觀經濟長期疲軟。市場疲軟對銷售的影響超出了我們的預期，因此我們現在預計第一批新興客戶銷售噪音將需要更長的時間才能實現 5,000 萬美元的增量收入。

While the revenue ramp on this initiative is taking longer, our emerging customer team continues to steadily increase monthly bookings, and we remain confident that the high level of activity we're seeing will deliver increasing levels of success. The orders we are seeing reinforce our confidence in this initiatives being gross margin accretive to our mid-70s targets. We are continuing to execute on our emerging customer initiatives by 2024 cohort of trainees is now in training and will enter the field at the start of 2025.

雖然這項措施的收入成長需要更長的時間，但我們的新興客戶團隊繼續穩定增加每月的預訂量，我們仍然相信，我們所看到的高水準活動將帶來越來越大的成功。我們看到的訂單增強了我們對這項舉措的信心，這些舉措將提高我們 70 年代中期的毛利率目標。我們將在 2024 年之前繼續執行我們的新興客戶計劃，一群學員目前正在接受培訓，並將於 2025 年初進入該領域。

Turning now to what we're seeing across our end markets, which you will find on slide 6 of the earnings presentation. I will discuss the end market results excluding the contribution of Moritex.

現在轉向我們在終端市場所看到的情況，您可以在收益簡報的幻燈片 6 中找到這些情況。我將討論不包括 Moritex 貢獻的最終市場結果。

End markets have been mixed as we have seen both continued weakness as well as pockets of accelerating growth. Starting with automotive, revenue was down both year-on-year and sequentially. We continue to see delays and scaling back of the battery projects, which led to a revenue decline year-on-year in the second quarter. Additionally, we saw a further step down in our broader automotive business, particularly in Europe.

終端市場的情況好壞參半，我們看到了持續疲軟和加速成長的情況。從汽車業開始，收入年比和季比均下降。我們繼續看到電池專案的延誤和縮減，這導致第二季營收年減。此外，我們看到更廣泛的汽車業務進一步下滑，特別是在歐洲。

We are seeing more tentativeness from auto customers driven by concerns around near-term end-user demand and political uncertainty. While we've seen a slowdown in greenfield and discretionary productivity projects, we still see a baseline of maintenance and product upgrades on existing lines. We also continue to expect our EV battery business to be a growth driver over the long term. Moving on to logistics.

我們看到，由於對近期最終用戶需求和政治不確定性的擔憂，汽車客戶變得更加猶豫。雖然我們看到新建項目和可自由支配生產力項目的放緩，但我們仍然看到現有生產線的維護和產品升級的基線。我們也繼續預計我們的電動車電池業務將成為長期成長動力。轉向物流。

In the first half of the year, logistics achieved strong double-digit revenue growth year-on-year, and we expect growth to continue in the back half of the year. We saw growth across the business, including launch e-commerce customers, parcel and post customers, and across of a slip the six business globally. We believe logistics is well positioned to grow as automation penetration increases and e-commerce investments to returns. Consumer electronics revenue was down year-on -year.

上半年，物流收入較去年同期實現強勁的兩位數成長，我們預計下半年將持續成長。我們看到整個業務的成長，包括推出電子商務客戶、包裹和郵政客戶，以及全球六項業務的成長。我們相信，隨著自動化滲透率的提高和電子商務投資的回報，物流業有望實現成長。消費性電子產品收入較去年同期下降。

Q2 of 2023 included $15 million of revenue that shifted forward from Q3. This year we again expect consumer electronics revenue to be more heavily weighted to Q2 , but to a lesser extent than in 2023. Consumer electronics has positive long-term trends, but we continue to have tempered expectation for investment in 2024. Semi had strong momentum in the quarter with significant year-on-year growth.

2023 年第二季包括從第三季向前轉移的 1,500 萬美元收入。今年，我們再次預期消費性電子產品收入在第二季的比重將更大，但程度將低於 2023 年。消費性電子產品長期趨勢向好，但我們持續下調 2024 年投資預期。Semi 本季勢頭強勁，較去年同期成長顯著。

Coming off a down year in 2023, we're now seeing strong growth. Customers are making significant investments in high-bandwidth memory to support growth in AI. We're optimistic over the long term that we can see a strong return to growth in semi as projects to localize chip production and to further support big AI investments reach the automation phase.

經歷了 2023 年的下滑之後，我們現在看到了強勁的成長。客戶正在對高頻寬記憶體進行大量投資，以支援人工智慧的成長。從長遠來看，我們樂觀地認為，隨著晶片生產在地化和進一步支持大型人工智慧投資的項目進入自動化階段，我們可以看到半導體產業強勁恢復成長。

Let me now hand it over to Dennis to walk you through more of the financial results and the outlook for the third quarter.

現在讓我將其交給丹尼斯，讓您詳細了解第三季的財務表現和前景。

Thank you, Rob. I will walk for all financial highlights, which you can see on page 7 of our earnings presentation posted to the website. Second quarter revenue of $239 million declined in line with guidance by 1% year-on-year, including a contribution from Moritex of 7% of total revenue. Excluding Moritex and the 1% foreign exchange headwind, revenue declined 7%.

謝謝你，羅布。我將步行觀看所有財務摘要，您可以在我們發佈到網站上的收益簡報的第 7 頁上看到這些摘要。第二季營收為 2.39 億美元，年減 1%，其中 Moritex 貢獻了總營收的 7%。排除 Moritex 和 1% 的外匯逆風，收入下降 7%。

From a geographic viewpoint, excluding Moritex, year-on-year revenue growth was mostly stable across all regions except China, which declined for the seventh consecutive quarter. Americas grew slightly in the quarter, driven by strong performance in logistics. Outside of logistics, the broader factory automation business experienced continued softness leading to slight declines in Europe and other Asia, excluding China. Turning to margins.

從地理角度來看，除Moritex外，除中國連續第七個季度下降外，所有地區的年比收入成長基本穩定。受物流強勁表現的推動，美洲地區本季略有成長。除了物流之外，更廣泛的工廠自動化業務持續疲軟，導致歐洲和其他亞洲（不包括中國）略有下滑。轉向邊緣。

Adjusted gross margin was 70.3% in Q2, in line with guidance and down from 74.3% a year ago. Gross margin included a 2 percentage-point dilution effect from Moritex. There was also negative mix impact due to the strength of logistics and lower consumer electronics revenue. Sequentially, adjusted gross margin increased given the 1.6 percentage-points of unfavourable one-time events in the first quarter from the strategic logistics project was long-term higher margin recurring revenue .

第二季調整後毛利率為 70.3%，符合指引，低於去年同期的 74.3%。毛利率包括 Moritex 2 個百分點的稀釋效應。由於物流的強勁和消費性電子產品收入的下降，也產生了負面的混合影響。隨後，由於策略物流項目導致第一季不利的一次性事件增加了 1.6 個百分點，調整後的毛利率增加，這是長期利潤率較高的經常性收入。

Adjusted operating expenses increased 8% year-on-year and were flat sequentially, which was favourable to our guidance. The year-on-year increase was driven by Moritex. This investment in our emerging customer initiative and the headwinds in the incentive compensation from a lower bonus achievement accrual in 2023. We remain very disciplined on cost management and the current business environment. Excluding Moritex the emerging customer initiative, this cost optimization resulted in a 1% year-on-year reduction in adjusted OpEx despite incentive compensation headwinds.

調整後營業費用年增 8%，環比持平，這有利於我們的指引。同比成長是由 Moritex 推動的。這項對我們新興客戶計畫的投資以及 2023 年獎金成就應計較低所導致的激勵補償所面臨的阻力。我們在成本管理和當前的商業環境方面仍然非常嚴格。排除新興客戶計畫 Moritex 之外，儘管存在激勵補償不利因素，但這種成本優化導致調整後營運支出較去年同期減少 1%。

Adjusted EBITDA margin was 19.9% in Q2, down from 28.1% a year ago. This was driven by a lower gross margin and the high end versus some of the new emerging customers, partially offset by the positive contribution of Moritex acquisition, which remained accretive to adjusted EBITDA margin. Adjusted EBITDA margin increased by over 8 percentage points sequentially, driven by the seasonal 14% increase in revenue and flat OpEx. This over 60% incremental EBITDA margin demonstrates how quickly our margins can ramp this revenue growth while actively managing costs.

第二季調整後 EBITDA 利潤率為 19.9%，低於去年同期的 28.1%。這是由於毛利率較低以及相對於一些新興客戶的高端客戶而言，部分被 Moritex 收購的積極貢獻所抵消，Moritex 收購仍然增加了調整後的 EBITDA 利潤率。在營收季節性成長 14% 和營運支出持平的推動下，調整後 EBITDA 利潤率較上季成長了 8 個百分點以上。EBITDA 利潤率增量超過 60%，這表明我們的利潤率在積極管理成本的同時能夠以多快的速度實現收入成長。

Diluted earnings per share on a GAAP basis was $0.21 down year-on-year due to lower operating margins and higher acquisition and amortization costs. Sequentially, GAAP diluted EPS increased 200%. Adjusted diluted EPS was $0.23, down $0.10 year-on-year and up $0.11 sequentially. The adjusted effective tax rate was 15% in both Q2 2024 and Q2 of '23.

由於營業利潤率下降以及收購和攤銷成本上升，以 GAAP 計算的稀釋每股收益同比下降 0.21 美元。隨後，GAAP 攤薄後每股收益增加了 200%。調整後攤薄每股收益為 0.23 美元，年減 0.10 美元，季增 0.11 美元。2024 年第二季及 2023 年第二季調整後的有效稅率均為 15%。

Turning to the balance sheet. Product mix continues to have a strong cash position was $555 million in cash and investments and no debt. Free cash flow in Q2 was $23 million compared with $25 million a year ago. Reflecting lower GAAP net income, partially offset by lower working capital investment. We returned $23 million to shareholders in the form of stock buybacks and dividends.

轉向資產負債表。產品組合繼續擁有強勁的現金狀況，現金和投資為 5.55 億美元，無債務。第二季自由現金流為 2,300 萬美元，去年同期為 2,500 萬美元。反映了公認會計準則淨利潤的下降，但部分被營運資本投資的下降所抵銷。我們以股票回購和股利的形式向股東返還 2,300 萬美元。

I will now turn to our outlook for the third quarter. In the third quarter, we expect revenue of between $225 million and $240 million. This range reflects a soft but stable market backdrop, strength and select end markets, but continued weakness of our factory automation business. It also includes a slight step down sequentially, driven by seasonal consumer electronics revenue more heavily weighted to Q2 this year.

我現在將談談我們對第三季的展望。我們預計第三季的營收將在 2.25 億美元至 2.4 億美元之間。這個範圍反映了疲軟但穩定的市場背景、實力和精選終端市場，但我們的工廠自動化業務持續疲軟。由於季節性消費性電子產品收入在今年第二季的權重較大，導致其較上季略有下降。

I will remind you that last year, $50 million of consumer electronics revenue that we originally expected in the third quarter of 2023 shifted into Q2. We expect the Moritex business to contribute 10% to 12% of revenue in Q3, which was higher than the typical 6% to 8% of revenue as Q3 will include an extra month of Moritex Financial. This is a catch-up as we have reported Moritex on a one-month lag as we integrate the business.

我要提醒大家的是，去年我們原本預計 2023 年第三季的 5,000 萬美元消費電子收入轉移到了第二季。我們預計 Moritex 業務將在第三季貢獻 10% 至 12% 的收入，高於典型的 6% 至 8% 的收入，因為第三季將包括額外一個月的 Moritex Financial。這是一種追趕，因為我們報告 Moritex 在我們整合業務時滯後了一個月。

Our Q4 2023 financials included only six weeks of Moritex results, despite Cognex owning the business for about 10 weeks. After Q3, 2024, Moritex will be on the same clothes schedule as the rest of Cognex. Adjusting for the timing of consumer electronics revenue in 2023 and excluding Moritex, revenue is expected to be flat to slightly down year-on-year.

儘管康耐視擁有該業務約 10 週，但我們 2023 年第四季的財務數據僅包含六週的 Moritex 業績。2024 年第三季之後，Moritex 將與康耐視其他公司採用相同的服裝時間表。調整2023年消費電子收入的時間安排並排除Moritex，收入預計將同比持平或略有下降。

For the third quarter, we expect adjusted gross margin of slightly below 70%. Gross margin impact of Moritex was expected to be approximately 3 percentage points in the quarter. Due to the additional month of this one venture, adjusted gross margin would be down slightly sequentially, driven by the seasonal step down in consumer electronics. As we discussed previously, expect an incremental $25 million of emerging customer OpEx for the full year. We're just ramping throughout 2024 similar to the investment made in 2023.

我們預計第三季調整後毛利率略低於 70%。Moritex 對本季毛利率的影響預計約為 3 個百分點。由於這項合資企業的月份增加，調整後的毛利率將在消費性電子產品季節性下降的推動下略有下降。正如我們之前討論的，預計全年新興客戶營運支出將增加 2500 萬美元。我們將在 2024 年繼續加強投資力度，與 2023 年的投資類似。

Historically, we have provided guidance on our operating expense in the upcoming quarter to increased clarity and to better reflect our focus on the bottom line instead will begin guiding to adjusted EBITDA margin. We expect adjusted EBITDA margin between 16% and 19%. The midpoint of this range is in line with the prior year, which reflects positive operating leverage on higher revenue and strict cost management, offset by additional investment in the emerging customer initiative and incentive comp headwinds. I would now like to take some time to touch on a few key areas I've identified and will be focusing on to drive long-term value creation at Cognex.

從歷史上看，我們已經為下一季的營運費用提供了指導，以提高清晰度並更好地反映我們對利潤的關注，而是開始指導調整後的 EBITDA 利潤率。我們預計調整後 EBITDA 利潤率在 16% 至 19% 之間。該範圍的中點與前一年一致，這反映了較高收入和嚴格成本管理帶來的積極營運槓桿，但被新興客戶計劃的額外投資和激勵補償不利因素所抵消。現在，我想花一些時間談談我已經確定的幾個關鍵領域，並將重點放在推動康耐視的長期價值創造。

Throughout my first 90 days as CFO of completed, a solid 360 degree view of the company. Gathering a larger amount of feedback from customers, employees and shareholders. I have combined the feedback this Robs Strategic direction for the company in three main priorities have emerged. The first is driving profitability and guiding adjusting operating margins back towards our long-term target of over 30%. As usual, I will be focused on supporting long-term revenue growth by championing initiatives to rationalize cost.

在我擔任 CFO 的頭 90 天裡，我對公司有了一個 360 度全方位的全面了解。收集來自客戶、員工和股東的大量回饋。我結合了羅布斯公司的回饋意見，提出了三個主要優先事項的策略方向。首先是提高獲利能力並引導調整營業利潤率回到我們超過 30% 的長期目標。像往常一樣，我將致力於透過倡導成本合理化措施來支持長期收入成長。

Second, there's an opportunity to increase our capital efficiency through optimizing the working capital needs of the business and to refine our capital allocation strategy.

其次，我們有機會透過優化業務的營運資金需求和完善我們的資本配置策略來提高我們的資本效率。

Lastly, I will continue to prioritize enhancing our investor communication. We will be planning and investor day in the first half of 2025 with a primary objective of clearly messaging or plans to achieve our long-term financial framework. I am excited about the point in time and which I'm joining Cognex.

最後，我將繼續優先加強我們的投資人溝通。我們將在 2025 年上半年舉辦規劃和投資者日，其主要目標是明確傳達訊息或計劃實現我們的長期財務框架。我對加入康耐視這一刻感到非常興奮。

While, we are operating in a challenging but stable business environment. We are encouraged by the positive momentum in logistics, and we believe the progress we are making on our strategic initiatives keeps us well positioned to capitalize on exciting industry trends when the operating environment improves more broadly.

同時，我們在充滿挑戰但穩定的商業環境中運作。我們對物流業的積極勢頭感到鼓舞，我們相信，我們在策略舉措上取得的進展使我們能夠在營運環境更廣泛改善時充分利用令人興奮的行業趨勢。

Now we will open the call for questions. Operator, please go ahead.

現在我們將開始提問。接線員，請繼續。

(Operator Instructions)

（操作員說明）

Andrew Buscaglia, BNP Paribas.

安德魯·巴斯卡利亞，法國巴黎銀行。

Hi. Good morning, guys.

你好。早安，夥計們。

Good morning, Andrew.

早安，安德魯。

Good morning.

早安.

So I just wanted to first ask on the emerging customer initiative. Yes, from my conversations with customers, but customers are having that informs. You guys pushing out of that expectation for revenue this year. And again, just to reiterate, you're expecting $25 million in 2025. And can you maybe talk about how that splits between Q3 and Q4?

所以我想先詢問新興客戶計畫。是的，從我與客戶的對話來看，但客戶已經了解了這一點。你們今年的營收預期超出了預期。再次重申，您預計 2025 年收入將達到 2,500 萬美元。您能否談談第三季和第四季的情況如何？

Okay. So just to level set, I think your second point relates to cost, right? I'll let Dennis speak to that. I think your the first part of your question really relates to current demand. And we're seeing really nice traction in terms of getting the team out into the field and the activity that they're seeing.

好的。因此，就水平設定而言，我認為你的第二點與成本有關，對吧？我會讓丹尼斯來談談這個問題。我認為你問題的第一部分確實與當前的需求有關。我們看到，在讓團隊進入現場以及他們所看到的活動方面，我們看到了非常好的吸引力。

But we are seeing a softness in some of the end markets that they're serving. So this is kind of a period of prolonged macro softness that we've seen in factory automation in general. So we now expect it will take longer for the first cohort of emerging customer sales is to deliver the incremental revenue of $50 million that we spoke about. Specifically, in automotive and packaging end markets such as consumer products, food and beverage, it tends to be pretty highly correlated with the macro leading indicators like PMI and those have kind of remained persistently low.

但我們發現他們所服務的一些終端市場表現疲軟。因此，這是我們在工廠自動化領域普遍看到的長期宏觀疲軟時期。因此，我們現在預計第一批新興客戶銷售需要更長的時間才能實現我們所謂的 5,000 萬美元的增量收入。具體來說，在消費品、食品和飲料等汽車和包裝終端市場，它往往與 PMI 等宏觀領先指標高度相關，而這些指標一直保持在較低水平。

They're stable, but they're softer than we expected. So as our team is going out there, really pleased with the activity that we're seeing. We're just seeing a slowness in spend among those customers that's slower than we had anticipated.

它們很穩定，但比我們預期的要軟。因此，當我們的團隊外出時，我們對所看到的活動感到非常滿意。我們只是看到這些客戶的支出放緩，速度比我們預期的要慢。

On the OpEx side that continue to see $25 million increase year-over-year that have unchanged to what we have said previously. The $25 million of ramping throughout the year are in place. We are bringing on the next cohort. The ramp-up of the OpEx is weighted towards the second half of the year. And so in that regard, you can model that person increased throughout the quarters.

在營運支出方面，繼續同比增長 2500 萬美元，與我們之前所說的沒有變化。全年 2500 萬美元的增資已經到位。我們正在招募下一批人。營運支出的成長主要集中在今年下半年。因此，在這方面，您可以模擬該人數在整個季度中的增加。

Okay. And then maybe just turning to some of their markets. And it sounds like maybe consumer electronics a little bit bigger than you thought versus three months ago. Can you talk about what changed there and that any expectations in 2025 around device upgrades, maybe helping influence some volumes there?

好的。然後也許只是轉向他們的一些市場。與三個月前相比，消費性電子產品聽起來可能比你想像的要大一些。您能否談談那裡發生了什麼變化，以及 2025 年圍繞設備升級的任何期望，可能有助於影響那裡的一些銷售？

Yes. So I think the overall sense would be this more uncertainty in consumer electronics and will act as our observation and some contraction of following what was it, 31% decline in 2023. Consumer electronics remains soft with slow end user demand, in particular, weakness in China. And we've tempered expectations for consumer electronics in 2024.

是的。因此，我認為整體感覺是消費性電子產品的不確定性增加，並將作為我們的觀察結果，並在 2023 年下降 31% 後出現一些收縮。由於最終用戶需求放緩，特別是中國的疲軟，消費性電子產品仍然疲軟。我們降低了對 2024 年消費性電子產品的預期。

And we still have certain uncertainty around project size and timing on our customers remain cautious with investment in productivity initiatives to automate manual inspection, blunt tasks. And then we expect limited investment in 2024 from customers planning to invest capital to diversify their supply chains.

我們對專案規模和時間表仍然存在一定的不確定性，我們的客戶對自動化手動檢查和生硬任務的生產力計劃的投資保持謹慎。然後，我們預計 2024 年計劃投資資金以實現供應鏈多元化的客戶的投資有限。

So all of those factors, I would say kind of are probably underlying what seems like kind of continued softness in that market that hasn't returned to the strong growth we expect to see at some point going forward. On that note, analysts forecast weak CapEx forecast this year for the important players who are our large customers, and they are more optimistic about 2025. I would point that out. I think one dynamic of note is that among the large share smartphone players, one that has gained share is one that we are not allowed to sell to for regulatory reasons.

因此，我想說，所有這些因素可能都是該市場持續疲軟的原因，而該市場尚未恢復到我們預期在未來某個時刻看到的強勁成長。在這一點上，分析師預計，我們的大客戶等重要參與者今年的資本支出預測將疲弱，他們對 2025 年更加樂觀。我想指出這一點。我認為值得注意的一個動態是，在佔有較大份額的智慧型手機廠商中，佔據份額的廠商卻因監管原因而不允許我們向其出售產品。

And then I'd also just point out that the weakness that we see in our electronics businesses, broad base is not focused on one customer or region.

然後我還要指出，我們在電子業務中看到的弱點，即廣泛的基礎並不集中在某個客戶或地區。

All right. Thanks, Rob.

好的。謝謝，羅布。

Thanks.

謝謝。

Tommy Moll, Stephens, Inc.

湯米·莫爾，史蒂芬斯公司

Good morning and thank you for taking my questions.

早上好，感謝您回答我的問題。

Good morning, Tommy.

早安，湯米。

Rob, I wanted to start on logistics, it sounds like the positive trends are fairly broad-based. I was particularly interested in the e-commerce cycle where it seems like maybe we've turned the quarter, but to the extent you can give more insight that would be helpful, particularly just any momentum that may be gathering there as the year has progressed? Thanks.

羅布，我想從物流開始，聽起來積極的趨勢是相當廣泛的。我對電子商務週期特別感興趣，似乎我們已經度過了這個季度，但在某種程度上，您可以提供更多有用的見解，特別是隨著這一年的進展，那裡可能聚集的任何動力？謝謝。

Yes, thanks. I can certainly logistics is a bright spot for us. I think we signalled this on the last conference call, and that has continued to strengthen. Now if we as we look out on and the or the positive signs, we're seeing a pretty broad based not just in e-commerce and not necessarily specific to a big customers or the base we're just seeing. All of it is up materially now and it was in the second quarter and and here it grew.

是的，謝謝。我可以肯定，物流對我們來說是一個亮點。我認為我們在上次電話會議上已經表明了這一點，並且這種信號還在繼續加強。現在，如果我們觀察到積極的跡象，我們會看到一個相當廣泛的基礎，不僅在電子商務領域，而且不一定特定於大客戶或我們剛剛看到的基礎。現在所有這些都在實質增長，而且是在第二季度，而且在這裡增長了。

And logistics grew strong double digits in the first half of 2024. And we expect the business to continue to grow in the second half from new customer activity is strong with many of these customers having the potential to become large contributors over time. And our customers are beginning to embrace vision technology and Edge Intelligence, the technology that allows them to manage the data coming out of our vision systems to provide them with much more knowledge about the operating environment. And we're doing a nice job further penetrating the parcel and postal sector.

2024 年上半年，物流業實現了兩位數的強勁成長。我們預計下半年業務將繼續成長，因為新客戶活動強勁，其中許多客戶有潛力隨著時間的推移成為巨大的貢獻者。我們的客戶開始接受視覺技術和邊緣智能，該技術使他們能夠管理來自我們視覺系統的數據，為他們提供更多有關操作環境的知識。我們在進一步滲透包裹和郵政領域方面做得很好。

That's a market we're targeting for growth and it's going to be a long road because those specifications go out and you win them. And sometimes that can be two years later that the revenue starts to come in. But we're pleased with our progress, winning a specification at some of the larger players and in parcel and post. I also talked in the opening announcement about our module of vision tunnels, which really are allowing that business to deploy for large customers on for customers to larger tunnels and have more quickly more scalable, more efficiently and bring in new technology and features into that part of the market very quickly.

這是我們的成長目標市場，這將是一條漫長的道路，因為這些規範一推出，你就贏得了它們。有時可能是兩年後收入才開始出現。但我們對我們的進展感到滿意，贏得了一些較大的參與者以及包裹和郵政的規格。我還在開幕公告中談到了我們的視覺隧道模組，該模組確實允許該業務為大客戶部署到更大的隧道，並且更快、更可擴展、更高效，並將新技術和功能引入該部分市場的發展速度非常快。

So yes, we it's broad-based, it's not just e-commerce, and it's not just larger small customers. It's pretty global overall. And we're making progress penetrating passed on post. So we're feeling better.

所以，是的，我們基礎廣泛，不僅僅是電子商務，也不僅僅是規模更大的小客戶。總體而言，它非常全球化。我們在滲透傳遞方面正在取得進展。所以我們感覺好多了。

Let me add to that just from a revenue recognition timing. Keep in mind that logistics is a project-based business and much less a book-to-ship business. So therefore, I expect from the P&L perspective is to be more lumpy in the P&L and also that there is some timing difference between bookings and revenue.

讓我從收入確認時間方面補充一下。請記住，物流是一項基於專案的業務，更不用說預訂到發貨業務了。因此，從損益表的角度來看，我預期損益表會更加不穩定，而且預訂量和收入之間存在一些時間差異。

Thank you for the clarification, the and so as a follow-up, I wanted to circle back on, Rob, your commentary regarding the base auto business felt like the bulk of the weakness maybe in Europe. But if you could just give us any context on the European versus US trends there and and again, what some of the drivers are of the base side? Thank you.

謝謝你的澄清，所以作為後續行動，我想回過頭來，羅布，你對基礎汽車業務的評論感覺像是歐洲的大部分弱點。但是，如果您能為我們提供有關歐洲與美國趨勢的任何背景信息，那麼基本面的一些驅動因素是什麼？謝謝。

Yes. So automotive in 2023 was our best performing market and it did decline but only mid single digits. And and it's declined more here in your year-on-year in the first half of '24 than it did last year.

是的。因此，2023 年汽車市場是我們表現最好的市場，它確實有所下降，但僅為中個位數。24 年上半年的年減幅度比去年更大。

And the weakness is across traditional and ICE business and EV battery with EV battery really being, I would say, the most kind of disappointing for us or slowest in terms of that of the biggest decline. And we still we had a lot of value to EV battery production. But the at the end demand from customers is not there around a lot of uncertainty. And in the near term. Auto is a cyclical end market. It grew nicely in '21 and '22.

弱點在於傳統業務、內燃機業務和電動車電池，我想說，電動車電池確實是最讓我們失望的，或者說就最大跌幅而言是最慢的。我們的電動車電池生產仍然具有很大的價值。但最終客戶的需求並不存在許多不確定性。並且在短期內。汽車是一個週期性的終端市場。它在21年和22年發展得很好。

And an additional some of the big players can drive some of the plans on investment. And in terms of your question on sort of regional, I would say, and we definitely see softness in China in oh, that's that's asset, certainly one of the big areas of softness we see and we and Europe also and is it looking weaker on the automotive side. So there's the two pockets of weakness. I would certainly point out too, in addition to EV battery.

另外一些大型企業可以推動一些投資計畫。就你關於某種區域的問題而言，我想說，我們肯定看到中國的疲軟，哦，這就是資產，當然是我們看到的疲軟的大領域之一，我們和歐洲也是如此，它看起來是否在以下方面表現疲軟？所以有兩個弱點。除了電動車電池之外，我當然也會指出。

Thank you, Rob, and I'll turn it back.

謝謝你，羅布，我會把它轉回來。

Joe Giordano, Cowen and Company

喬佐丹奴、考恩公司

Good morning. This is Michael on for Joe.

早安.這是邁克爾替喬代言。

Good morning, Michael.

早上好，麥可。

Good morning. Thanks for providing some colour on the end markets, but could you just on a forward basis, particularly on the auto side and consumer electronics, what's baked into guidance for the ER, from a growth perspective?

早安.感謝您提供有關終端市場的一些信息，但您能否在前瞻性的基礎上，特別是在汽車方面和消費電子產品方面，從增長的角度來看，ER 的指導中包含哪些內容？

Generally, we don't give full year guidance and certainly not by end market. I think if I was to point you in trying to understand some of those markets, certainly on automotive, I think we looked PMI, we looked at CapEx spending, kind of reducing in that area. We look to some of the project cancellations that we're seeing, particularly around EV. So I think some of those are the leading indicators that we definitely see manifest in our customers, in our sales funnel.

一般來說，我們不會提供全年指導，當然也不會以終端市場提供指導。我認為，如果我要讓您嘗試了解其中一些市場，尤其是汽車市場，我想我們會研究 PMI，我們會研究資本支出，該領域的支出減少。我們關註一些我們看到的項目取消，特別是與電動車相關的項目。因此，我認為其中一些是我們在客戶和銷售漏斗中肯定可以看到的領先指標。

Concerning consumer electronics. I think I spoke a little bit about that in the first answer, but I would, I think if we look at the CapEx plans that our larger customers have, analysts who forecast weak CapEx forecast this year, but I'm more optimistic about next year. So I would look to that Right. And in general, maybe think really of that automotive is overall the, the softest market which we're in, and seeing the most headwinds overall there.

關於消費性電子產品。我想我在第一個答案中談到了這一點，但我想，如果我們看看我們的大客戶的資本支出計劃，分析師預測今年的資本支出將疲弱，但我對接下來的情況更加樂觀年。所以我會朝那個方向看。總的來說，也許真的認為汽車市場總體上是我們所處的最疲軟的市場，並且總體上看到了最大的阻力。

I think on the consumer electronics. Want to re point to the topic. At the moment, we see that uncertainty in terms of project size and timing. Therefore, we have rather tempered expectation on that side for this year. There's a more positive outlook into 2025 based on analyst reports.

我想到的是消費性電子產品。想重新切入主題。目前，我們看到專案規模和時間方面存在不確定性。因此，我們對今年的預期有所下調。根據分析師報告，2025 年的前景更加樂觀。

And in general, maybe so you really have that automotive is overall the soft market, which we are have a train them and seeing the most headwinds overall there. I think on the consumer electronics them to reply to the topic at the moment, we see that uncertainty in terms of project size and timing. Therefore, we have rather temper the expectation on that side for for this year. There's a more positive outlook into 2020 based on analyst reports.

總的來說，也許你真的認為汽車市場總體上是軟市場，我們正在對他們進行培訓，並看到整體上最大的阻力。我認為關於消費性電子產品，他們目前要回答這個主題，我們看到專案規模和時間上的不確定性。因此，我們對今年的預期有所緩和。根據分析師報告，2020 年的前景更加樂觀。

Thanks. That's helpful. And just one more, if I may. You're guiding gross margin slightly below 70% or so for next quarter. How much of that is attributed to the more tax dilution? And just curious, you had mentioned mix and sort of the press release as a headwind. Any color there would be great. Thank you.

謝謝。這很有幫助。如果可以的話，再多說一句。您預計下一季的毛利率略低於 70% 左右。其中有多少歸因於更多的稅收稀釋？只是好奇，你提到了新聞稿的混合和排序是一種逆風。任何顏色都會很棒。謝謝。

Yes, happy to take that. So overall rise of the additional month of Moritex included in the next two or three financials, you're seeing a 3% dilution effect for more attacks versus our typical 2% dilution impact from that regard. The a large share of that step down as driven by Moritex, but certainly also, there is also the revenue step down in consumer electronics from the second quarter into the third quarter. And therefore, there's also a negative mix effect happening on that side.

是的，很高興接受。因此，Moritex 額外一個月的整體上漲包含在接下來的兩到三份財務報告中，您會看到更多攻擊帶來 3% 的稀釋效應，而我們在這方面的典型稀釋效應為 2%。其中很大一部分是由 Moritex 推動的，但消費性電子產品的收入從第二季到第三季也有所下降。因此，這方面也會產生負面的混合效應。

Thank you.

謝謝。

Piyush Avasthy, Citi.

Piyush Avasthy，花旗銀行。

Good morning, guys. Thanks for taking my questions.

早安，夥計們。感謝您回答我的問題。

Good morning.

早安.

Rob, I want to go back to the emerging customer initiatives. You guys talked about a floor software around in bookings revenue. Many maybe drill up, drill down a bit more. I think we understand the end market dynamics, but is it all that or has it been a challenge to push pricing as well? I'm assuming as you reduce the complexity of your products, there could be products from less sophisticated competitors at a lower price points. Do you see that as a challenge? Obviously, it's just basically end market dynamics?

羅布，我想回到新興客戶計畫。你們談論了有關預訂收入的樓層軟體。許多人可能會向上鑽取，再向下鑽取一點。我認為我們了解終端市場動態，但這就是全部還是推動定價也是一個挑戰？我假設當您降低產品的複雜性時，可能會有來自不太複雜的競爭對手以較低的價格提供的產品。您認為這是一個挑戰嗎？顯然，這基本上只是終端市場動態？

I don't see that as a challenge at all. No? No. I think it's probably a truism that smaller customers generally pay higher prices, they have less negotiating ability. We talked that this initiative, we expect it to be gross margin accretive.

我根本不認為這是一個挑戰。不？不。我認為這可能是一個不言而喻的事實：較小的客戶通常支付較高的價格，他們的談判能力較低。我們談到這項舉措，我們預計它將增加毛利率。

And so that's not. No, that's not our challenge. The challenge is really just about spending habits at the many, many customers they're going to. And I think it might tell us something about spending at smaller customers, which is primarily where these sales points are calling and just not seeing the funnel convert as quickly as we would expect.

所以事實並非如此。不，這不是我們的挑戰。真正的挑戰在於他們所面對的眾多顧客的消費習慣。我認為這可能會告訴我們一些關於小客戶支出的信息，這主要是這些銷售點所需要的，只是沒有看到管道像我們預期的那樣快速轉換。

And it's a phenomenon we see broadly, not just among our emerging customer players at the smaller accounts or the larger accounts. In general, I think what we see is that these smaller OpEx, smaller capex projects are moving forward, but mid size to larger capex projects is basically where customers are very tentative at this moment.

這是我們廣泛看到的現象，而不僅僅是在我們的小型帳戶或大型帳戶的新興客戶參與者中。總的來說，我認為我們看到的是這些較小的營運支出、較小的資本支出項目正在向前發展，但中型到較大的資本支出項目基本上是客戶目前非常猶豫的項目。

Got it. Helpful. And from a geographic perspective, how for comments on 2Q in context of your 3Q guidance are you expecting similar trends as 2Q like? I think there is some seasonality, but other than that in the region where you are more or less concern.

知道了。有幫助。從地理角度來看，在第三季指導的背景下對第二季的評論您是否預計與第二季類似的趨勢？我認為存在一些季節性，但除了您或多或少擔心的地區之外。

I mean, in general, we have been talking about that, right? We have a consecutive quarter in China being down. And I think in general, I think we see that trend to be continuing in that regard. In terms of the regional allocation, I would say China, Europe. Rob pointed to that, especially on the automotive side, other two areas which are to the weaker side, but then America is basically on a better path.

我的意思是，總的來說，我們一直在談論這個，對吧？我們在中國連續一個季度出現下滑。我認為總的來說，我認為我們看到這種趨勢在這方面將繼續下去。就區域分配而言，我會說中國、歐洲。羅布指出，特別是在汽車方面，其他兩個領域都處於弱勢，但美國基本上走上了更好的道路。

Got it. Appreciate all the color, guys. Thank you.

知道了。欣賞所有的顏色，夥計們。謝謝。

Jacob Levinson, Melius Research.

雅各布·萊文森，Melius 研究公司。

Good morning, everyone. Welcome, Dennis.

大家早安。歡迎，丹尼斯。

Good morning, James.

早安，詹姆斯。

I know medical is a market that doesn't get a lot of airtime usually, but I'm just curious if you can help us understand the drivers there. I know certain parts of that world have had some post-COVID headwinds, but it's what you're seeing now, really more a function of higher rates. And also, if you can just remind us of the size of that business as well, that'd be helpful.

我知道醫療市場通常不會有太多的播放時間，但我很好奇您是否可以幫助我們了解那裡的驅動因素。我知道世界上的某些地區在新冠疫情之後遇到了一些逆風，但這就是你現在所看到的，實際上更多的是利率上升的結果。而且，如果您能提醒我們該業務的規模，那也會很有幫助。

Yeah, I'll start out there. What we're seeing in that market, we're seeing slower spending in that market, too. And I think what we, and I note other players in that market are seeing is very large inventories that were built up at customers during COVID that are being depleted over time. So I think that's what's causing that market to be down.

是的，我將從這裡開始。我們在該市場看到的情況是，我們也看到該市場的支出放緩。我認為我們以及該市場的其他參與者所看到的是新冠疫情期間客戶累積的大量庫存，但隨著時間的推移，這些庫存正在耗盡。所以我認為這就是導致市場下跌的原因。

We have good positions with some of the larger medical players, and we're happy with our win rates in those areas. And then we're having design wins still in our life science business, but the underlying rate of demand in that market continues to be low. And then maybe in terms of the overall market strength or market ratio, we include that in. This is what we call the others.

我們與一些較大的醫療參與者保持著良好的關係，並且我們對這些領域的勝率感到滿意。然後，我們的生命科學業務中仍然有設計勝利，但該市場的基本需求率仍然很低。然後也許就整體市場實力或市場比率而言，我們將其納入其中。這就是我們所說的其他人。

So it's part of that share. And I would say there's several markets included in that others. And the medical pharmaceutical doesn't dig out in specific size compared to other markets in this other bucket.

所以它是該份額的一部分。我想說的是，其他市場還包括幾個市場。與其他市場相比，醫療製藥並沒有挖掘出具體的規模。

Okay. That's helpful. And then just on a different topic, with more attacks, you've had that deal under your belt for a few quarters now, if I recall correctly, it's partly at least a play on the Japanese market and trying to expand your position there. But maybe you can just walk us through the puts and takes of the deal so far, and if it's tracking your expectation?

好的。這很有幫助。然後只是在一個不同的主題上，隨著更多的攻擊，你已經掌握了這筆交易幾個季度了，如果我沒記錯的話，這至少在一定程度上是對日本市場的一次嘗試，並試圖擴大你在那裡的地位。但也許您可以向我們介紹迄今為止該交易的執行情況，以及它是否符合您的預期？

Yes, we're pleased with how that acquisition is going with the asset that we bought and the progress we're making. We generally don't speak to the performance of a business product line, but I can confirm that the investment thesis we had when acquiring the company is well supported. The business has a significant portion of its revenue within semi and consumer electronics. So certainly the semi side is helping and it's really building the percentage of our businesses exposed to semi, which we're feeling positive about that market and what we're seeing in it going forward.

是的，我們對此次收購與我們購買的資產的進展以及我們正在取得的進展感到滿意。我們通常不會談論業務產品線的表現，但我可以確認我們收購該公司時的投資論點得到了很好的支持。該業務的很大一部分收入來自半導體和消費性電子產品。因此，半成品方面肯定有所幫助，它確實提高了我們接觸半成品的業務比例，我們對這個市場以及我們在未來看到的情況感到樂觀。

The integration is going well. And to your point, we're excited about the experience management we've acquired, who are now leading the integrated business of Moritex and Cognex in Japan. So we have that we see significant revenue synergy opportunities. And right now we're executing very well on that with the Cognex sales force selling the Moritex products and more, more of them in the pipeline to come.

整合進展順利。就您的觀點而言，我們對我們所收購的經驗豐富的管理層感到興奮，他們現在領導著日本 Moritex 和康耐視的綜合業務。因此，我們看到了巨大的收入協同機會。目前，我們在這方面執行得非常好，康耐視銷售人員正在銷售 Moritex 產品，以及即將推出的更多產品。

And cost synergies are right where we expected them to be, or a little bit better. So overall, we're positive there. I would also add that we're very pleased with the quality of engineering that we've acquired with Moritex. Really just world-class optics people who are able to accelerate some of our product lines, our product introductions around optics. So overall, yeah, we're very positive.

成本綜效符合我們的預期，或更好。總的來說，我們對此持樂觀態度。我還要補充一點，我們對與 Moritex 合作獲得的工程品質非常滿意。實際上，世界一流的光學人員能夠加速我們的一些產品線以及圍繞光學的產品推出。總的來說，是的，我們非常積極。

Same here. Greek control from my side, stepping into the rule and taking a fresh look at the deal, I think very positive deal economics, very positive in terms of performance against the original metrics and deal assumptions, which we have good progress on the integration side. So overall, it's really a nice success story.

同樣在這裡。從我的角度來看，希臘的控制權，進入規則並重新審視該交易，我認為非常積極的交易經濟學，在相對於原始指標和交易假設的表現方面非常積極，我們在一體化方面取得了良好的進展。總的來說，這確實是一個很好的成功故事。

That's great. Thank you. I'll pass it on.

那太棒了。謝謝。我會把它傳遞下去。

James Ricchiuti, Needham & Co.

詹姆斯‧里基烏蒂 (James Ricchiuti)，李約瑟公司

Thanks. Good morning. Does the relative contribution of the Moritex business increase for the year just as it relates to the, you know, the overall weakness you're seeing in the broader factory automation business you've given earlier in the year, you gave some sense as to what it could represent of revenues. It sounds like it potentially could be a little higher than that?

謝謝。早安.今年早些時候，Moritex 業務的相對貢獻是否有所增加，這與您在更廣泛的工廠自動化業務中看到的整體疲軟有關，您給出了一些感覺：它可以代表什麼收入。聽起來可能會比這個高一點？

I mean, in general, I think what we see right is particularly for Q2 and Q3, as due to this integration, reason they catch up on the closed schedule is that the Moritex revenue is higher than what we would typically expect. Overall, the, as we just mentioned, the Moritex's performance is really in times of what we expected. And we feel very positive about that. I wouldn't say so that in general, I think it's kind of increasing the overall perspective on the revenue contribution or the share of the overall business.

我的意思是，總的來說，我認為我們所看到的尤其是第二季度和第三季度，因為由於這種整合，他們趕上封閉時間表的原因是Moritex 的收入高於我們通常的預期。總的來說，正如我們剛才提到的，Moritex 的表現確實符合我們的預期。我們對此感到非常積極。我不會這麼說，總的來說，我認為這有點增加了對收入貢獻或整體業務份額的整體看法。

And just pivoting to the emerging customer initiative. So originally you had thought, Rob, I guess, that it could add as much as $50 million of incremental revenue. When you were thinking about that kind of target, how back half weighted was that? And are you making any changes in the way you're thinking about this initiative, as well as the timing of when the next group of salespeople come online?

並且只是轉向新興客戶計畫。所以，Rob，我猜你最初認為它可以增加多達 5000 萬美元的增量收入。當你考慮這種目標時，那是多少後半加權？您對這項舉措的思考方式以及下一組銷售人員上線的時間是否會做出任何改變？

Well, we're still in the early stages of this program. This is a multi-year initiative to really take our edge learning technology, particularly, which is kind of world class to customers who can benefit from us. I think it's start with that context. We've said we serve about 30,000 customers, and there are more than 200,000 customers who are now addressable with the edge learning technology products like our Insight 2800 series.

嗯，我們仍處於該計劃的早期階段。這是一項多年計劃，旨在真正利用我們的邊緣學習技術，特別是對於可以從我們中受益的客戶來說，這是世界一流的。我認為這是從那個背景開始的。我們說過，我們為大約 30,000 名客戶提供服務，現在有超過 20 萬名客戶可以使用 Insight 2800 系列等邊緣學習技術產品。

So this team is coming in to sell those products, and we're pretty excited about the pipeline we have and then more products we can have them sell over time. Now, they joined us about a year ago, and they trained, and then they entered the field at the start of last year in Q1, and they're ramping nicely. Every month they're selling more, and they're achieving what we expect in terms of customer visits. So we've said to need or exceed 80,000 customer visits this year.

因此，這個團隊正在銷售這些產品，我們對我們擁有的管道感到非常興奮，隨著時間的推移，我們可以讓他們銷售更多產品。現在，他們大約一年前加入我們，並進行了培訓，然後他們在去年第一季初進入了該領域，並且進展順利。每個月他們的銷售量都在增加，並且在客戶訪問方面也達到了我們的預期。所以我們說今年需要或超過 80,000 次客戶訪問。

So all that is looking good. We expect them to ramp quarter-on-quarter as we keep going here. And that's certainly borne out with what we see now. The challenge we're seeing is that the end markets are a little less responsive to them than we expected, but we're not dissuaded by that at all.

所以一切看起來都不錯。我們預計，隨著我們繼續這樣做，它們將逐季度增加。我們現在所看到的情況無疑地證實了這一點。我們看到的挑戰是，終端市場對它們的反應比我們預期的要差一些，但我們根本沒有被這一點嚇倒。

We're very positive about when those accounts spend. We're going to see the benefit from it. We have recruited the second class, and they're pretty much all here. I think maybe a few have yet to start, but so it's basically the second large cohort is in training.

我們對這些帳戶的支出時間非常樂觀。我們將會看到它的好處。我們已經招募了第二班的人，他們幾乎都在這裡了。我想也許有些人還沒開始，但基本上是第二批人正在接受訓練。

We're excited about the products and that they're getting trained on, and we're learning. We're learning through this process, we're learning about how to manage them, how to deploy them, how to train them. And so we expect learning curves effects from that as we keep going. And that's really everything going to plan.

我們對這些產品感到興奮，他們正在接受培訓，我們正在學習。我們正在透過這個過程學習，我們正在學習如何管理它們，如何部署它們，如何培訓它們。因此，我們預計隨著我們的繼續前進，學習曲線會產生影響。這確實是一切都在計劃之中。

I would say in that regard, it really is just a matter of the end user demand we're seeing at some of these customers. I would also say they are signing up lots of new customers every month, which is. That's a great metric. That's where we headed out to start for us. So happy to see that kind of level of penetration going on. And it's increasing every month also.

我想說，在這方面，這實際上只是我們在其中一些客戶中看到的最終用戶需求的問題。我還想說，他們每個月都會簽很多新客戶，確實如此。這是一個很好的指標。這就是我們出發的地方。很高興看到這種程度的滲透正在發生。而且每個月還在增加。

And then just from the revenue ramp. Originally, we thought definitely that this initiative will run throughout the year. And that's what we are still seeing in terms of the bookings. Basically, month over month, we are seeing an increase in the bookings.

然後只是從收入成長來看。最初，我們確信該舉措將貫穿全年。這就是我們在預訂方面仍然看到的情況。基本上，我們看到預訂量逐月增加。

But as kind of the, the micro softness is out there, certainly kind of shifting that ramp rate more to the right. And that will basically impact how we think about the second half of the year in terms of booking and revenue generated from this initiative.

但另一方面，微觀的疲軟是存在的，肯定會導致斜坡率更加向右移動。這將從根本上影響我們對下半年預訂和該計劃產生的收入的看法。

Maybe one other area we look at closely is this team obviously is calling on new customers and they're finding opportunities for our more sophisticated products. So certainly part of the benefit that they bring to Cognex is all the extra opportunities they bring to our accounts, sales engineers, and that's also going well in terms of what we're seeing there sort of an additional marketing arm for us in many respects.

也許我們密切關注的另一個領域是這個團隊顯然正在召集新客戶，他們正在為我們更複雜的產品尋找機會。因此，他們為康耐視帶來的部分好處當然是為我們的客戶、銷售工程師帶來了額外的機會，而且我們在很多方面都看到了額外的營銷部門，這也進展順利。

Is this effort mainly in the Americas, or how does it compare to the rest of the business geographically? Or is it as broad an effort?

這項工作主要集中在美洲嗎？或者說這是一項廣泛的努力？

Well, it's a global initiative. Right. So we have an emerging customer sales noise in all of our major regions, Asia, Europe and America. Yes. So I think it's broadly in line with that is how to think about it. We don't want to disclose specific markets just for competitive reasons.

嗯，這是一項全球倡議。正確的。因此，我們在所有主要地區（亞洲、歐洲和美洲）都出現了新興的客戶銷售噪音。是的。所以我認為這與如何思考它是大致一致的。我們不想僅僅出於競爭原因而披露特定市場。

Understood. Thank you.

明白了。謝謝。

Guy Hardwick, Freedom Capital Markets.

蓋伊‧哈德威克，《自由資本市場》。

Hi. Good morning. Robert. Just wondering, you referenced analyst forecasts for electronics company CapEx to explain why consumer electronics is down year-on-year. But what about semis? Because analysts forecast still forecast semi-CapEx down, say, low single digits last year after, say, double digits down last year. But Cognex seems to be bucking that trend. And you said a strong growth in semi. So can you explain which region or any particular type of customers which are growing strongly?

你好。早安.羅伯特.只是想知道，您引用了分析師對電子公司資本支出的預測來解釋消費性電子產品同比下降的原因。但是半決賽呢？因為分析師的預測仍然預測去年半資本支出將下降，例如低個位數，而去年則下降兩位數。但康耐視似乎正在扭轉這一趨勢。你說半成品的強勁成長。那麼您能否解釋一下哪些地區或任何特定類型的客戶成長強勁？

Yes. Thanks. So our semi business is doing well, grew meaningfully year-on-year. It's grown over two times over our long-term growth target for this business. So we're for our business, so we're happy about how that's going. I think I would point to a number of areas to answer your question. One is kind of high bandwidth memory, which is really essential to all of chip production plans for these big data centers that are getting built out for large language models and AI. So I think we're certainly benefiting from exposure to those customers.

是的。謝謝。所以我們的半成品業務表現良好，比去年成長有意義。它比我們對該業務的長期成長目標增長了兩倍多。所以我們是為了我們的生意，所以我們對事情的進展感到高興。我想我會指出幾個方面來回答你的問題。一種是高頻寬內存，這對於這些為大型語言模型和人工智慧而構建的大數據中心的所有晶片生產計劃至關重要。所以我認為我們肯定會從與這些客戶的接觸中受益。

Remember, we are the most sophisticated industrial vision company in the world. So the most sophisticated customers deployed likely to be more weighted to that type of exposure. And yeah, I think otherwise it's pretty global in nature. We're seeing improvement in all our regions as we look at that.

請記住，我們是世界上最先進的工業視覺公司。因此，部署的最成熟的客戶可能更重視此類風險。是的，我認為否則它本質上是相當全球化的。當我們審視這一點時，我們發現所有地區都取得了進步。

And I would also point out is in the second point would be, and we've been hearing for a long time, right that time in investments to globalize and diversified to semi supply chain are under way, right? And it so you may be hearing implants are being built in various geographies. And generally, vision and automation are part of anyways getting specked pretty near the end of that time right. So you're likely to see our business is going to be benefiting as new plants that are starting to come online. And the last parts of the capital is being deployed.

我還要指出的是，在第二點中，我們已經聽到很久了，全球化和半供應鏈多元化的投資正在進行，對吧？因此您可能會聽到不同地區正在建造植入物。一般來說，視覺和自動化是無論如何都會在那個時間結束時出現的一部分。因此，您可能會看到，隨著新工廠開始上線，我們的業務將從中受益。首都的最後一部分正在部署中。

So that might account for some of the difference in timing and what the CapEx forecast that the industry might say and what you might see from us. Our customers tend to be some of the most famous OEMS and machine builders in that industry. So certainly as we tend to benefit as they see their demand grow, and that's kind of what we would tend to look at in terms of what's going on in that market.

因此，這可能解釋了時間上的一些差異，以及行業可能會說的資本支出預測以及您可能從我們身上看到的內容。我們的客戶往往是該行業一些最著名的原始設備製造商和機器製造商。因此，當然，當他們看到需求成長時，我們往往會受益，這就是我們傾向於根據該市場正在發生的情況來看待的情況。

And just a quick follow-up, if I may. Just Robert, just wondering how you're feeling about that greater than 75% gross margin from ECI revenues. Obviously, it's accretive, but what are some of the guardrails around that? Why can't it be higher? Why not 80%? Given it's all direct and it's largely to small and medium-sized customers, can you give us kind of sense of can that change either way going forward?

如果可以的話，請快速跟進。羅伯特，只是想知道您對 ECI 收入超過 75% 的毛利率有何感受。顯然，它是增值的，但圍繞它的一些護欄是什麼？為什麼不能更高一點呢？為什麼不是80%？鑑於這一切都是直接的，而且主要面向中小型客戶，您能否告訴我們這種情況是否會改變未來的發展方向？

We feel good about it. We said we expect it to be accretive to the 75% gross margin. There are certainly products that they sell that are higher gross margin than that. And then there are some competitive areas, more like simple barcode reading, which tend to drag gross margins down.

我們對此感覺很好。我們表示，我們預計它將增加 75% 的毛利率。他們銷售的產品肯定有比這更高的毛利率。還有一些競爭領域，更像是簡單的條碼讀取，這往往會拖累毛利率。

But overall we're very positive about the gross margin impact of the emerging customer initiative on Cognex with those direct sales of, particularly AI products, which are amazing technology and command high gross margins.

但總體而言，我們對康耐視新興客戶計畫的毛利率影響非常樂觀，尤其是人工智慧產品的直接銷售，這些產品是令人驚嘆的技術，毛利率很高。

Ok. Thank you.

好的。謝謝。

Keith Housum, Northcoast Research.

Keith Housum，北海岸研究中心。

Good morning, guys. I appreciate it. Dennis, and welcome aboard. In terms of your priorities here going forward, you mentioned returning to the 30% operating margins. Is there any, I guess, low hanging fruit that you're seeing on the cost side that perhaps can accelerate your move there over the next three to six months?

早安，夥計們。我很感激。丹尼斯，歡迎加入。就您未來的優先事項而言，您提到恢復 30% 的營業利潤率。我想，您在成本方面看到的任何容易實現的目標，也許可以在未來三到六個月內加速您向那裡的轉變？

Yes, thanks. In general, I think we started already in this quarter, but also kind of over the last 12 months or so to really put a tight look to all OpEx outside of the emerging customer initiative. In that regard, we'll continue down these paths and maybe to give you a bit more sense, that means we're looking both on the discretionary side, but also kind of look looking at areas where we can reduce headcount, and we'll continue to doing so. That means we reduced OpEx here near 1%, despite incentive comp headwinds.

是的，謝謝。總的來說，我認為我們已經在本季開始，而且在過去 12 個月左右的時間裡也開始真正密切關注新興客戶計畫之外的所有營運支出。在這方面，我們將繼續沿著這些道路走下去，也許是為了給你更多的感覺，這意味著我們既要考慮可自由裁量的方面，也要考慮我們可以減少員工人數的領域，而且我們'會繼續這樣做。這意味著，儘管有激勵補償的不利因素，我們仍將營運支出減少了近 1%。

I just want to remind that we have [15 million to 20 million] of incentive comp headwind in this year resulting from the lower bonus accrual last year. And obviously, we will continue to drive on the OpEx side. I would, however, really say like cost management is an important level, but no doubt the strongest level, which we have to return to the greater than 30%, is on the volume side. Right.

我只是想提醒一下，由於去年應計獎金較低，今年我們面臨[1500萬到2000萬]的激勵補償逆風。顯然，我們將繼續推動營運支出方面的發展。然而，我想說的是，成本管理是一個重要的層面，但毫無疑問，我們必須恢復到 30% 以上的最強水平是在數量方面。正確的。

I think it's very clearly we have business living from leverage, as we have seen, kind of in the sequential increase from the first quarter into the second quarter, and the cost management is really supporting of that. And therefore we look really at profitable growth. And it's not just through cost management, but it's an important aspect.

我認為很明顯，我們的業務靠槓桿生存，正如我們所看到的，從第一季到第二季的連續成長，成本管理確實支持了這一點。因此，我們真正關注的是獲利成長。這不僅僅是透過成本管理，而是一個重要面向。

Great. I appreciate that. A follow-up or second question here are any change in that competitive environment over the past several months that contribute to contribute to some of the headwinds that we're seeing here over the next the rest of the year?

偉大的。我很欣賞這一點。這裡的後續或第二個問題是，過去幾個月競爭環境是否發生了任何變化，這些變化導致了我們在今年剩餘時間內看到的一些不利因素？

I would say in general the answer to that question is no. But in terms of competition, as you look at our competitors, some of them are very different than us in terms of we compete with a small part of their business and they would sell other things like microscopes and PLC's if there's any kind of change that isn't quarter specific. But I think it's kind of a long-term trend. I think we're seeing stronger competition for machine vision players in China and weaker competition from European competitors overall. That's a trend that I think is we watched very closely and are pretty aware of.

我想說，一般來說，這個問題的答案是否定的。但就競爭而言，當你看看我們的競爭對手時，他們中的一些人與我們非常不同，我們與他們的一小部分業務競爭，如果有任何變化，他們會出售其他產品，例如顯微鏡和PLC。但我認為這是一種長期趨勢。我認為我們看到中國機器視覺製造商的競爭更加激烈，而來自歐洲競爭對手的競爭則整體減弱。我認為我們非常密切地關注並且非常清楚這一趨勢。

Great. Thank you.

偉大的。謝謝。

Damian Karas, UBS.

達米安卡拉斯，瑞銀。

Hi. Good morning, everyone. I was wondering if there's any way you might be able to just give us a little bit better sense for the level of growth you've seen in the first half. And logistics and semiconductors like his logistics, up double digits mean 10%, 100%. Any way you could just hone in on that a little bit?

你好。大家早安。我想知道您是否可以透過任何方式讓我們更了解上半年的成長水平。而物流和半導體就像他的物流一樣，成長兩位數意味著10%、100%。有什麼辦法可以讓你稍微磨練一下嗎？

Yeah. What we've been saying is strong double digits. So that means it's more than 10%. Certainly would not go into all the specifics, but basically, I think we have been, we've been saying in the past that.

是的。我們一直在說的是強勁的兩位數。所以這意味著它超過了10%。當然不會詳細討論所有細節，但基本上，我認為我們過去一直在這樣說。

Right, it's a market where we expect to grow long term on 30%. And I think we're definitely looking and so hard to get back to that 30% number. And I think we feel in general optimistic that the growth which we have seen in the first half of the year in logistics will continue in the second half of the year on a year-over-year basis. And then you also asked about semi, and I think I added that semi has grown more than two times our long-term growth target for this business. It's growing nicely.

是的，我們預計這是一個長期成長 30% 的市場。我認為我們確實在努力恢復到 30% 的數字，但很難做到這一點。我認為我們總體上樂觀地認為，今年上半年物流領域的成長將在下半年繼續同比成長。然後你還問了半成品，我想我補充說，半成品的成長是我們對該業務長期成長目標的兩倍以上。它長得很好。

That's helpful. Thank you. And thinking about some of the dilutive margin impacts you guys have talked previously about more attacks, I was wondering, just thinking about the spread between the higher margin parts and your business and the lower, is there any way you can give us a sense kind of, for that spread? Just trying to think about, you know, logistics being stronger right now, consumer electronics being weaker, appreciate any color you might be able to provide. Thanks.

這很有幫助。謝謝。考慮到你們之前談到的更多攻擊對利潤的稀釋影響，我想知道，只要考慮利潤率較高的部分與您的業務和利潤較低的部分之間的差距，有什麼方法可以給我們一種感覺嗎？只是想一下，你知道，物流現在更強，消費性電子產品更弱，欣賞你可能能夠提供的任何顏色。謝謝。

Maybe in general. Right. So that means, I think, important maybe to reflect on the comment I did before that the strongest leverage we have to get back to adjusting that operating margin of above 30% is on the volume side. And in that regard, right.

也許一般來說。正確的。因此，我認為，重要的是要反思我之前所做的評論，即我們必須重新調整營業利潤率 30% 以上的最強槓桿是在交易量方面。在這方面，是的。

There's certainly a mixed consideration as well on the gross profit, where certainly growing, growing in consumer electronics would help on the mix side, versus growing in logistics or growing in Moritex would not help us in gross profit mix, but it definitely helps us on driving the bottom line. So in that regard, I think we really very positive about what we are seeing on the logistics side. We are very positive about the development we see on the Moritex and in semi. So all of that growth is really helping us to drive bottom line, even though it may be more headwind in terms of gross margin mix.

當然，對於毛利也有一個複雜的考慮，消費電子產品的成長肯定會對混合方面有所幫助，而物流的成長或Moritex 的成長不會對我們的毛利組合有幫助，但它絕對對我們有幫助推動底線。因此，在這方面，我認為我們對物流方面的情況非常樂觀。我們對 Moritex 和半成品的發展非常樂觀。因此，所有這些成長確實有助於我們提高利潤，儘管就毛利率組合而言可能會遇到更大的阻力。

But it's absolutely accretive to the bottom line. And I'm just going to look back to the emerging customer initiative. We certainly see that as being a gross margin accretive for us overall. I may have confused people earlier on the call.

但這絕對會增加利潤。我只想回顧一下新興客戶計畫。我們當然認為這對我們整體來說是毛利率的成長。早些時候我在電話會議上可能會讓人們感到困惑。

Just circling back to the emerging customer initiatives sooner, we certainly see that as being a gross margin accretive for us overall. And I may have confused people early on the call, if I reflect on my comments in the market is very receptive to our emerging customer program, right? We're getting out there. We're making a lot of sales as close as we talked about and where reaching new customers and selling to them and high gross margin. So all of that is positive.

早點回到新興客戶計劃，我們當然認為這對我們整體而言是毛利率的成長。而且我可能在電話會議初期就讓人們感到困惑，如果我反思一下我的評論，市場對我們的新興客戶計劃非常接受，對嗎？我們要出去了。我們正在進行大量銷售，就像我們所說的那樣，接觸新客戶並向他們銷售產品，毛利率很高。所以所有這些都是積極的。

The challenge that we're flagging is just broadly across Cognex, not specific to emerging customers, but in general, that factory automation, we're just seeing slower spending. And that really applies to a lot of customers. As I reflect on my comments, the market is very receptive to our emerging customer program. We're getting out there. We're making a lot of sales calls as we talked about, and we're reaching new customers and selling to them at high gross margins. So all of that is positive.

我們所標記的挑戰廣泛存在於整個康耐視，並非特定於新興客戶，但總的來說，在工廠自動化方面，我們只看到支出放緩。這確實適用於許多客戶。當我反思我的評論時，市場非常接受我們的新興客戶計畫。我們要出去了。正如我們所說，我們正在進行大量銷售電話，我們正在接觸新客戶並以高毛利率向他們銷售產品。所以所有這些都是積極的。

The challenge that we're flagging is just broadly across Cognex, not specific to emerging customers, but in general at factory automation, we're just seeing slower spending, and that really applies to a lot of customers, including those that our emerging customers are calling on.

我們所標記的挑戰廣泛存在於整個康耐視，並非特定於新興客戶，但總的來說，在工廠自動化方面，我們只是看到支出放緩，這確實適用於許多客戶，包括我們的新興客戶正在呼籲。

Understood. Thank you very much.

明白了。非常感謝。

Ken Newman, KeyBanc Capital Markets.

肯紐曼，KeyBanc 資本市場。

Hey. Good morning, guys. Thanks for fitting me in. Sorry to beat a dead horse, but I do want to circle back to the electronics upgrades for some of your larger customers. It does sound like you expect that to be a 25 impact on just timing. Could you just remind us, when are you typically tapped by those customers before production goes live? And I guess as a follow on, do you have a sense of how much of that production is going to require new hardware versus maybe retrofitting some existing capacity? I'm just trying to get a sense of how large an opportunity a refresh could be for you.

嘿。早安，夥計們。謝謝你讓我融入。抱歉，我已經死了，但我確實想回過頭來說一下為你們的一些大客戶提供的電子升級。聽起來您確實預計這會對時間產生 25 的影響。您能否提醒我們，在生產上線之前，這些客戶通常會在什麼時候與您聯繫？我想接下來，您是否知道有多少生產需要新硬件，而不是改造一些現有產能？我只是想了解更新對您來說有多大的機會。

Yes, we normally have a clearer picture on what kind of year it's going to be, and we share that with you in normally our April or early may conference call when we report out from the first quarter, we work closely with the lead players, and they have plans that they're right now in the stage of kind of experimenting, experimenting with piloting and considering what their plans are for the year that we're in that period. And then that normally solidifies into a production plan and a build out as we go into, as we enter. And that's when we can give you a good read in the spring. And then the other thing, obviously, that can drive that are new devices, right? Obviously.

是的，我們通常對今年會是什麼樣子有一個更清晰的了解，我們通常會在四月或五月初的電話會議上與您分享，當我們報告第一季時，我們與主要參與者密切合作，他們有計劃，他們現在正處於試驗階段，試驗試點並考慮他們在我們所處時期的這一年的計劃。然後，當我們進入時，這通常會固化為生產計劃和擴展。到那時我們就可以在春天為您提供一本好書。顯然，另一件事可以推動新設備的發展，對吧？明顯地。

So that's, it's both new features that we see and whether the new features make it into the production round for the year. And then new products themselves and those may be in the area of different form factors and in the area of such things as virtual reality, augmented reality, AI type devices. I think another area, obviously, that we do expect to drive machine vision sales going forward in the, in that market is the replacement of human visual inspectors. And there, I would say the technology is going to get there.

也就是說，這既是我們看到的新功能，也是新功能是否進入今年的生產週期。然後是新產品本身，這些產品可能屬於不同外形尺寸的領域，以及虛擬實境、擴增實境、人工智慧類型設備等領域。我認為顯然，我們確實希望推動機器視覺銷售在該市場的另一個領域是取代人類視覺檢查員。在那裡，我想說技術將會到達那裡。

But the uptake, I think, is a little slower than we would have expected in terms of using that technology. But I think we do expect in years to come that will be an area where the payback is very good for these players and our machine vision will make a big difference. So that'll be sort of another variable as we look at the spending plans and our opportunity next year. Then just maybe on the timing piece, how that reflects in the P&L.

但我認為，就使用該技術而言，採用速度比我們預期的要慢。但我認為，我們確實預計，在未來的幾年裡，這將是一個對這些參與者來說回報非常好的領域，而我們的機器視覺將產生巨大的影響。因此，當我們考慮明年的支出計劃和機會時，這將是另一個變數。然後也許只是在時間方面，這如何反映在損益表中。

So we see definitely a shift in terms of the seasonality rights. In the past, we have seen consumer electronics starting to ramp in the first quarter and then second in the third quarter to be a high quarter, almost on an equal level. And fourth quarter has been always like the weakest, the weakest quarter in the consumer electronics seasonality. We have seen our last year and also this year is that Q3 is shifting, or volume from Q3 is shifting forwards into Q2.

因此，我們肯定會看到季節性權利方面的轉變。過去，我們看到消費性電子產品在第一季開始成長，然後在第三季度成為高季度，幾乎處於同等水平。而第四季一直像是消費性電子季節性最弱、最弱的季度。我們去年和今年都看到第三季正在發生變化，或者說第三季的銷售正在轉移到第二季。

hat means, like, Q2 is not really the strongest, strongest quarter. And it's part of what we're seeing on the step down from Q2 to Q3 in our revenue numbers. And then there's another step down happening from Q3 into Q4. So that means when you think about general seasonality, you think about the second half of this year and also kind of about timing next year and really think about that the seasonality is shifting and staying. What is staying is that fourth quarter is the weakest, low quarter in the consumer electronics seasonality.

這意味著，第二季並不是真正最強、最強的季度。這是我們的收入數字從第二季下降到第三季所看到的一部分。然後從第三季到第四季又出現了一次下降。因此，這意味著當您考慮總體季節性時，您會考慮今年下半年以及明年的時間表，並真正考慮季節性的變化和持續。不變的是，第四季是消費性電子產品季節性最弱、最低的季度。

Got it. That's very helpful. Maybe for just one last one. I know it's a smaller part of your consolidated revenue, but I am curious if you have any comments on what you're seeing through your distribution channel partners. Are they asking for less inventories versus last quarter, just any color on how they're thinking about the changes in pull through rates going forward?

知道了。這非常有幫助。也許只是為了最後一件事。我知道這只佔您綜合收入的一小部分，但我很好奇您對透過分銷管道合作夥伴看到的情況有何評論。他們是否要求比上個季度減少庫存，是否有任何關於他們如何考慮未來拉動率變化的顏色？

Yes, the partners really we work with are providing integration services really for customers. I think they're certainly seeing tentativeness on committing to new deployments right now, although some they work on for some time. It's important to understand at Cognex, we very much don't want our distributors to hold inventory. We want to supply them and we do very quickly so they can fulfill and they can use their cash to invest on growing the business, not buying our inventory. So compared to most of the other companies, you might, there really isn't a lot of latency in inventory at our distribution channels.

是的，我們真正合作的合作夥伴正在真正為客戶提供整合服務。我認為他們現在肯定會嘗試進行新的部署，儘管有些已經工作了一段時間。在康耐視，了解這一點很重要，我們非常不希望我們的經銷商持有庫存。我們希望向他們供貨，而且我們的供貨速度非常快，這樣他們就可以滿足需求，他們可以用現金來投資發展業務，而不是購買我們的庫存。因此，與大多數其他公司相比，我們的分銷管道的庫存確實沒有太多延遲。

Very helpful. Thank you.

非常有幫助。謝謝。

Thank you. We have reached the end of the question and answer session. Now turn the call back over to Rob for closing remarks.

謝謝。我們的問答環節已經結束。現在將電話轉回給 Rob 進行結束語。

Well, I want to thank you for joining us this morning on the call, and we look forward to speaking with you on next quarter's call. Bye-bye.

好的，我要感謝您今天早上參加我們的電話會議，我們期待在下個季度的電話會議上與您交談。再見。

This concludes today's conference and you may disconnect your lines at this time. Thank you for your participation.

今天的會議到此結束，您現在可以掛斷電話了。感謝您的參與。