Cognex Corp (CGNX) 2025 Q1 法說會逐字稿

Greetings, and welcome to the Cognex first quarter 2025 earnings conference call. (Operator Instructions)

大家好，歡迎參加康耐視 2025 年第一季財報電話會議。（操作員指示）

It is now my pleasure to introduce your host, Greer Aviv of Investor Relations. Thank you. You may begin.

現在我很高興介紹你們的主持人，投資者關係部門的 Greer Aviv。謝謝。你可以開始了。

Thank you, operator. Good morning, everyone, and thank you for joining us. Our earnings release was published yesterday after market closed, and our 10-Q was filed this morning. On today's call, we will refer to materials available on our Investor Relations website. We are joined here today by Rob Willett, our CEO; Matt Moschner, our President and COO; and Dennis Fehr, our CFO.

謝謝您，接線生。大家早安，感謝大家的收看。我們的收益報告於昨天市場收盤後發布，我們的 10-Q 報表於今天早上提交。在今天的電話會議上，我們將參考投資者關係網站上提供的資料。今天與我們一起出席的有我們的執行長 Rob Willett、我們的總裁兼營運長 Matt Moschner 和我們的財務長 Dennis Fehr。

Today, we plan to share several key messages with you, including the CEO transition announced yesterday, our new five-year strategic objectives, our performance in the first quarter, and our expectations for the second quarter. After prepared remarks, we'll open the lines for Q&A. 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. Today's earnings materials will contain forward-looking statements, including statements regarding our expectations.

今天，我們計劃與大家分享幾個關鍵訊息，包括昨天宣布的執行長換屆、我們新的五年策略目標、我們第一季的業績以及我們對第二季的預期。準備好發言後，我們將開始問答環節。我們發布的資料和今天的電話會議都將參考非公認會計準則衡量標準。您可以在我們的新聞稿和收益報告中找到某些項目從 GAAP 到非 GAAP 的對帳。今天的收益資料將包含前瞻性陳述，包括有關我們預期的陳述。

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.

由於我們向美國證券交易委員會提交的文件（包括我們最新的 10-K 表格）中所述的風險和不確定性，我們的實際結果可能與我們的預測不同。

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

說完這些，我將把電話轉給 Rob。

Thanks, Greer. Hello, everyone, and thank you for joining us I am pleased to announce that Matt Moschner, President and COO, will succeed me as CEO effective June 27. While this may seem fast, I can assure you this transition is the culmination of a thoughtful multi-year succession planning process with our Board of Directors. Over the past five years, we have focused on developing and preparing a number of leadership candidates. And it's very clear to me and the Board that Matt is absolutely the right leader to see Cognex through its next phase of growth.

謝謝，格里爾。大家好，感謝大家的到來。我很高興地宣布，總裁兼營運長 Matt Moschner 將於 6 月 27 日起接替我擔任執行長。雖然這看起來很快，但我可以向你們保證，這一過渡是我們董事會經過多年深思熟慮的繼任計劃過程的結果。過去五年來，我們致力於培養和準備一批領導者才。我和董事會都非常清楚，馬特絕對是帶領康耐視進入下一階段成長的最佳人選。

As you can see on page 3 of the earnings presentation, Matt has been a Cognoid since 2017. Throughout that time, Matt has successfully navigated a range of challenges and growth opportunities, which proved his readiness to assume the CEO role, including successfully leading our engineering organization, overseeing our logistics growth strategy, and managing the successful global integration of Moritex, the largest acquisition in company history. Matt also led our supply chain recovery efforts in 2021 and 2022, addressing formidable challenges, including COVID disruptions, chip shortages and a fire at our key contract manufacturer.

正如您在收益報告第 3 頁所看到的，Matt 自 2017 年起就一直是 Cognoid 的成員。在此期間，馬特成功應對了一系列挑戰和發展機遇，證明他已準備好擔任執行長一職，包括成功領導我們的工程組織，監督我們的物流成長策略，以及管理 Moritex 的成功全球整合，這是公司歷史上最大的收購。馬特也領導了我們 2021 年和 2022 年的供應鏈恢復工作，應對了嚴峻的挑戰，包括新冠疫情中斷、晶片短缺以及我們主要合約製造商的火災。

I am honored to have served Cognex and our shareholders as only the second CEO in our company's 44-year history. Since I joined, we have grown revenue from $175 million in 2009 to over $900 million in 2024 while supporting a strong culture of innovation. This is the right time for me to retire from my successful tenure as CEO, and I look forward to continuing my role on our Board and advising Matt in his new position.

我很榮幸能夠作為公司 44 年歷史上的第二任執行長為康耐視和我們的股東提供服務。自從我加入以來，我們的營收從 2009 年的 1.75 億美元成長到 2024 年的 9 億多美元，同時支持強大的創新文化。現在正是我從成功的執行長職位上退休的最佳時機，我期待繼續在董事會任職並為馬特在新職位上提供建議。

Let me now turn the call over to Matt to give you a preview of our new five-year strategic objectives.

現在，讓我將電話轉給馬特，讓他向您簡要介紹我們的新五年戰略目標。

Thank you, Rob. I'm excited for the opportunity to lead Cognex as we embark on our next phase of growth. I extend my gratitude to Rob for his mentorship over the past eight years and for entrusting me with the responsibility to preserve and enhance this exceptional company. At Investor Day, I will introduce new strategic objectives, which are outlined on page 4. Over the next five years, we will concentrate on three key goals that will generate long-term shareholder value.

謝謝你，羅布。我很高興有機會領導康耐視進入下一階段的發展。我向 Rob 表示感謝，感謝他過去八年來對我的指導，並委託我負責維護和發展這家卓越的公司。在投資者日，我將介紹新的策略目標，概述在第 4 頁。未來五年，我們將專注於實現三個能創造長期股東價值的關鍵目標。

These include: the first, being the number one provider of AI technology for industrial machine vision applications; the second, providing the best customer experience in the industry; and the third, substantially expanding our served customer base. Taken together, we expect this strategic focus to yield significant results, including Cognex achieving a number one or number two position in all major markets that we serve. We will discuss these strategic objectives in more detail at our 2025 Investor Day in June, and we hope to see many of you in person at our Natick headquarters for this event.

其中包括：第一，成為工業機器視覺應用人工智慧技術的頭號提供者；第二，提供業界最佳的客戶體驗；第三，大幅擴大我們服務的客戶群。總的來說，我們預計這一策略重點將產生顯著的成果，包括康耐視在我們服務的所有主要市場中取得第一或第二的地位。我們將在 6 月的 2025 年投資者日上更詳細地討論這些策略目標，我們希望在本次活動中親自前往我們位於納蒂克的總部與大家見面。

On page 5, you can see the high-level agenda for Investor Day. Starting on the evening of Monday, June 9, we will host a welcome reception, which will feature an engaging customer panel discussion and ample time to interact with members of the Cognex management team. On June 10, you will hear presentations from Cognex leaders, emphasizing our path to achieving our strategic objectives as well as our updated financial framework and capital allocation strategy. We also have some cutting-edge product demos planned, which you will be able to see firsthand if you attend in person.

在第 5 頁，您可以看到投資者日的高層議程。從 6 月 9 日星期一晚上開始，我們將舉辦歡迎招待會，其中將包括一場引人入勝的客戶小組討論，並有充足的時間與康耐視管理團隊成員進行互動。6 月 10 日，您將聽到康耐視領導的演講，強調我們實現策略目標的途徑以及我們更新的財務框架和資本配置策略。我們還計劃進行一些尖端產品的演示，如果您親自參加，您將能夠親眼看到。

We look forward to discussing these objectives in more detail at our Investor Day. We have allotted ample time for Q&A on June 10, and I look forward to addressing your questions at that time. Rob and Dennis will be taking the questions on today's call.

我們期待在投資者日更詳細地討論這些目標。我們為 6 月 10 日的問答預留了充足的時間，我期待屆時解答大家的問題。羅布和丹尼斯將在今天的電話會議上回答問題。

I'll turn the call back to Rob to highlight the first-quarter performance.

我將把電話轉回給羅布，重點介紹第一季的表現。

Thank you, Matt. Turning now to first-quarter results on page 6. We remain focused on our two strategic initiatives. First, we continue to drive innovation. We launched the In-Sight 8900 in Q1, bringing the power of embedded AI to our OEM customers.

謝謝你，馬特。現在翻到第 6 頁的第一季業績。我們仍然專注於我們的兩項策略舉措。第一，我們不斷推動創新。我們在第一季推出了 In-Sight 8900，為我們的 OEM 客戶帶來了嵌入式 AI 的強大功能。

Second, we continue to support our sales force transformation and expansion, enabling our sales team to reach a broader customer base and acquire new accounts. We will provide a more detailed update on this initiative at Investor Day.

其次，我們繼續支持銷售團隊的轉型和擴張，使我們的銷售團隊能夠接觸更廣泛的客戶群並獲得新客戶。我們將在投資者日提供有關此計劃的更詳細的更新資訊。

Looking at Q1 performance. Revenue grew 5% year-on-year on a constant currency basis, representing a third consecutive quarter of organic growth. Higher revenue from the logistics and semiconductor industries was partially offset by weakness in the automotive industry, while broader factory automation revenue remained stable. Operating expense discipline contributed to a year-on-year expansion of adjusted EBITDA margin of nearly 500 basis points, ahead of our guidance.

回顧第一季的表現。以固定匯率計算，營收年增 5%，連續第三個季度實現有機成長。物流和半導體行業收入的增加被汽車行業的疲軟部分抵消，而更廣泛的工廠自動化收入保持穩定。營運費用控制促使調整後的 EBITDA 利潤率年增近 500 個基點，超越我們的預期。

This strong increase demonstrates the leverage our business delivers on incremental revenue and our continued focus on cost management. While there have been modest improvements in global PMIs, overall, the macroeconomic environment remains mixed, with increasing uncertainty driven by geopolitical and tariff-related risks. As always, we work closely with our customers and suppliers to assess any changes to their business plans, and even more so in an environment that is changing quickly.

這一強勁成長顯示我們的業務對增量收入的槓桿作用以及我們對成本管理的持續關注。雖然全球PMI略有改善，但整體而言，宏觀經濟環境仍好壞參半，地緣政治和關稅相關風險導致的不確定性增加。像往常一樣，我們與客戶和供應商密切合作，評估其業務計劃的任何變化，在快速變化的環境中更是如此。

At this time, we have not seen material changes in purchasing activity or order cancellations. However, this is a fluid situation. We also expect to substantially mitigate any direct cost impact from tariffs in effect as of the time we publish this earnings release. Dennis will provide more details later in the call.

目前，我們尚未看到採購活動或訂單取消有重大變化。然而，這是一個不穩定的情況。我們也希望大幅減輕自我們發布本收益報告時起生效的關稅所帶來的任何直接成本影響。丹尼斯將在稍後的通話中提供更多細節。

Longer term, manufacturing and logistics will increasingly rely on automation, demanding greater throughput, capacity, traceability, and quality, all at lower cost and with less labor. As the global supply chain shifts to a more regional structure, Cognex stands to benefit from these trends. I now want to provide you with an update on our product innovation.

從長遠來看，製造和物流將越來越依賴自動化，要求更高的吞吐量、容量、可追溯性和質量，同時降低成本並減少勞動力。隨著全球供應鏈轉向更區域化的結構，康耐視將從這些趨勢中受益。現在我想向您介紹我們產品創新的最新情況。

We're excited about the launch of the In-Sight 8900 smart camera. As you can see on slide 7, this is the compact fully embedded vision system powered by AI, engineered to tackle some of the most complex manufacturing challenges with ease. The In-Sight 8900 brings the impressive functionality of AI to OEMs, combining AI-powered rules-based tools in a single powerful vision system. Whether the task is simple or complex, the In-Sight 8900 enables our customers to optimize automation, with a compact design that integrates effectively into large-scale equipment, such as that widely used in electronics component manufacturing and food and beverage packaging machinery. As we continue to execute our 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.

我們對 In-Sight 8900 智慧相機的推出感到非常興奮。正如您在幻燈片 7 上看到的，這是一個由 AI 驅動的緊湊型全嵌入式視覺系統，旨在輕鬆應對一些最複雜的製造挑戰。In-Sight 8900 為 OEM 帶來了令人印象深刻的 AI 功能，將基於 AI 規則的工具結合在一個強大的視覺系統中。無論任務是簡單還是複雜，In-Sight 8900 都能使我們的客戶優化自動化，其緊湊的設計可有效整合到大型設備中，例如廣泛用於電子元件製造和食品飲料包裝機械的設備。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的產品中，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問題。

Turning now to what we have seen across our end markets, which you will find on page 8 of the earnings presentation. To increase transparency, we are adding two additional end markets to our quarterly disclosure. The first is semiconductor, and the second is packaging, which includes fast-moving consumer goods and healthcare. Our discussion of 2025 trends is based on current observations while acknowledging the heightened macroeconomic uncertainty. First-quarter growth in logistics and semi markets was somewhat offset by order timing in consumer electronics and ongoing weakness in the automotive sector.

現在來看看我們在終端市場看到的情況，您可以在收益報告的第 8 頁找到。為了提高透明度，我們在季度揭露中增加了兩個終端市場。第一是半導體，第二是包裝，包括快速消費品和醫療保健。我們對 2025 年趨勢的討論是基於當前的觀察，同時承認宏觀經濟不確定性加劇。第一季物流和半導體市場的成長在一定程度上受到消費性電子產品訂單時機和汽車產業持續疲軟的抵消。

Starting with logistics. Revenue continued to grow double digits year-on-year. This is the fifth consecutive quarter of growth and marks the highest level of revenue since Q1 of 2022. As of today, for the full year, we continue to expect strong growth in logistics. Our outlook reflects positive momentum driven by ongoing investments by large e-commerce players and the further penetration of the broader logistics market.

從物流開始。營收年增。這是連續第五個季度實現成長，創下 2022 年第一季以來的最高收入水準。截至今天，我們預計全年物流業仍將強勁成長。我們的展望反映了大型電子商務企業持續投資和更廣泛的物流市場進一步滲透所推動的正面動力。

Moving on to automotive. As expected, revenue in automotive was down year-on-year with weakness across all geographies. This reflects continued declines in EV battery investment and tentativeness in large capital projects across the broader industry. Looking to the full year, we remain cautious about the outlook for auto, as we have previously discussed. However, we anticipate a more modest decline in 2025 versus last year, which declined 14%.

轉向汽車領域。正如預期的那樣，汽車業務收入年減，所有地區均表現疲軟。這反映出電動汽車電池投資的持續下降以及整個產業對大型資本項目的猶豫不決。展望全年，正如我們之前所討論的，我們對汽車前景仍持謹慎態度。不過，我們預計 2025 年的降幅將比去年的 14% 小。

Turning our attention to packaging. Our business remained relatively stable in Q1, and we are beginning to see a modest recovery in healthcare following the post-pandemic slowdown. Packaging is now our third largest market and is poised to become a more significant part of our business over time. This market is particularly promising for us with our new product offerings that are easy to use for our customers. We have been proactively pursuing the packaging market through our sales force transformation and expansion investments, targeted at reaching a broader cross-section of customers. For the full year, we expect our packaging business to remain stable, with increased penetration opportunities enabled by our sales force transformation efforts.

將注意力轉向包裝。我們的第一季業務保持相對穩定，在疫情後經濟放緩之後，我們開始看到醫療保健產業出現溫和復甦。包裝現在是我們的第三大市場，隨著時間的推移將成為我們業務中更重要的一部分。由於我們能為客戶提供易於使用的新產品，因此這個市場對我們來說特別有前景。我們一直透過銷售團隊轉型和擴張投資積極開拓包裝市場，旨在接觸更廣泛的客戶群。就全年而言，我們預計我們的包裝業務將保持穩定，並透過銷售團隊轉型努力增加滲透機會。

Turning to consumer electronics. Q1 revenue was down year-on-year, primarily due to project timing. As promised last quarter, we are providing an update on our full-year outlook, which currently assumes modest growth. This expectation does not include any potential geographic shifts in production due to tariffs.

轉向消費性電子產品。第一季營收年減，主要原因是專案時間安排。正如上個季度所承諾的那樣，我們正在提供全年展望的最新信息，目前預計全年將實現溫和增長。這項預期並不包括關稅而導致的生產地理轉移。

Regarding this year's seasonality, we expect electronics revenue to be relatively similar in Q2 and Q3, unlike 2024 when Q2 was more pronounced. We believe consumer electronics has positive long-term trends, and we are well-positioned in the market.

就今年的季節性而言，我們預計第二季和第三季的電子產品收入將相對相似，而不像 2024 年第二季那樣更為明顯。我們相信消費性電子產品具有積極的長期趨勢，並且我們在市場上佔據有利地位。

Moving then to semi. Semi remains a robust market for us with widespread growth driven by increased investment from major machine builders. We continue to see demand driven by high-bandwidth memory chip investments. However, we have a more cautious outlook for the full year due to increased uncertainty from trade policy and tariffs and the secondary impact on demand for chips.

然後轉入半程。半導體對我們來說仍然是一個強勁的市場，主要機器製造商增加投資推動了其廣泛的成長。我們繼續看到高頻寬記憶體晶片投資推動的需求。然而，由於貿易政策和關稅的不確定性增加以及對晶片需求的二次影響，我們對全年的前景持更加謹慎的態度。

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

現在，讓我將時間交給丹尼斯，讓他向您介紹第二季的財務表現和前景。

Thank you, Rob. Our quarterly financial highlights can be found on page 9 of our earnings presentation. At a high level, we are pleased with our Q1 results. Our focus on profitability is yielding strong results with an almost 500 basis point year-on-year increase in our adjusted EBITDA margin. When I joined about a year ago, one of my priorities was to enhance capital efficiency. I am pleased to report that results are now visible in our numbers with trailing 12-month free cash flow conversion of 120% and more than $100 million returned to shareholders in the form of share buybacks in Q1, the largest quarterly buyback since the first quarter of 2022.

謝謝你，羅布。我們的季度財務亮點可以在我們的收益報告第 9 頁找到。從整體來看，我們對第一季的業績感到滿意。我們對獲利能力的關注正在產生強勁的成果，調整後的 EBITDA 利潤率較去年同期成長近 500 個基點。大約一年前我加入時，我的首要任務之一就是提高資本效率。我很高興地報告，我們的數據已經顯示出成效，過去 12 個月的自由現金流轉換率為 120%，第一季以股票回購的形式向股東返還了超過 1 億美元，這是自 2022 年第一季以來最大的季度回購。

Looking more closely at the first quarter results on page 10. Revenue of $216 million was above the midpoint of our guidance. This represents 2% year-on-year growth or 5% on a constant currency basis. In Q4, we noted accelerated demand late in the quarter, which pulled revenue forward. If we adjust for this, first-quarter revenue growth would be modestly higher. I will now discuss geographic revenue trends on a constant currency basis.

仔細查看第 10 頁的第一季業績。2.16 億美元的營收高於我們預期的中位數。這意味著同比增長 2%，或以固定匯率計算增長 5%。在第四季度，我們注意到季度末需求加速，拉動了營收成長。如果我們對此進行調整，第一季的營收成長將會略高。我現在將討論以固定匯率計算的地理收入趨勢。

The Americas led our year-on-year growth in the quarter, expanding 20% on the back of continued strength in logistics. Revenue in other Asia was roughly flat. Europe declined 7% due to a weaker automotive market. And Greater China was down 9% due to lower consumer electronics revenue, which is mostly timing related, while we saw strength in other factory automation.

本季度，美洲地區引領了我們的年成長，在物流持續強勁的推動下，成長了 20%。亞洲其他地區的收入基本上持平。由於汽車市場疲軟，歐洲下降了 7%。大中華區由於消費性電子產品收入下降而下降了 9%，這主要與時間有關，而我們看到其他工廠自動化表現強勁。

Turning to margins. Adjusted gross margin was 67.6% in the quarter, in line with our guidance. This represents a decline of 120 basis points from 68.8% a year ago, which was mainly driven by unfavorable mix and FX headwinds. Higher logistics contribution and lower consumer electronics revenue drove the mix effect.

轉向利潤。本季調整後的毛利率為 67.6%，符合我們的預期。這比一年前的 68.8% 下降了 120 個基點，主要原因是不利的組合和外匯逆風。物流貢獻度的提高和消費性電子產品收入的降低推動了混合效應。

Pricing impacts were offset by productivity measures. Adjusted operating expenses declined 8% year-on-year in the quarter and 6% sequentially. The reduction was driven by lower overall headcount, disciplined cost management, lower stock expense and FX. In recent quarters, we have highlighted our increasing focus on bottom line profitability, which is yielding substantial results. You can see this in our numbers with a 490 basis point year-on-year improvement in adjusted EBITDA margin to 16.8%, which is well above the high end of our guidance and consensus. We achieved a strong performance through improved cost discipline and operating efficiency.

定價影響被生產力措施所抵銷。本季調整後的營業費用年減 8%，季減 6%。裁員是由於整體員工人數減少、成本管理更嚴格、庫存費用和外匯支出減少。最近幾個季度，我們強調了對底線盈利能力的日益關注，這正在產生豐厚的成果。您可以從我們的數據中看到這一點：調整後的 EBITDA 利潤率同比增長 490 個基點至 16.8%，遠高於我們的指導和共識的高端。我們透過加強成本控制和提高營運效率取得了強勁的業績。

At our upcoming Investor Day, we will introduce our updated long-term financial framework, which underscores our commitment to profitable growth and outlines the path towards further increasing adjusted EBITDA margins. Diluted earnings per share on a GAAP basis were $0.14, up from $0.07 a year ago, and adjusted diluted EPS was $0.16, up from $0.11 a year ago. The increases were driven by higher margins resulting from revenue growth and lower operating expenses. Our focus on profitability and disciplined working capital management drove another strong quarter for free cash flow, with first quarter cash generation of $38 million compared to $10 million in the year ago period. Trailing 12 months free cash flow conversion was 120% of adjusted net income.

在即將舉行的投資者日上，我們將推出更新的長期財務框架，強調我們對獲利成長的承諾，並概述進一步提高調整後 EBITDA 利潤率的途徑。以 GAAP 計算的每股攤薄收益為 0.14 美元，高於去年的 0.07 美元，調整後每股攤薄收益為 0.16 美元，高於去年的 0.11 美元。成長的動力來自於收入成長和營運費用降低帶來的利潤率上升。我們對獲利能力和嚴格的營運資本管理的關注推動了自由現金流再創強勁季度，第一季的現金流為 3,800 萬美元，而去年同期為 1,000 萬美元。過去 12 個月的自由現金流轉換率為調整後淨收入的 120%。

We have also made significant progress in driving improvements to our cash conversion cycle, reducing the number of days by more than 70 days year-on-year. Considering strong cash generation and attractive share prices, we deployed capital opportunistically, returning $116 million to shareholders in the quarter, including $102 million of stock buybacks, our highest quarterly total in three years.

我們在推動現金轉換週期改善方面也取得了重大進展，比去年同期減少了 70 多天。考慮到強勁的現金產生能力和誘人的股價，我們適時部署資本，本季向股東返還 1.16 億美元，其中包括 1.02 億美元的股票回購，這是我們三年來最高的季度總額。

Turning to page 11. I will now address recent developments in tariffs and their impact in Cognex. The tariff situation remains fluid and highly uncertain. Cognex utilizes multiple third-party contract manufacturers to assemble our products in Southeast Asia. We've conducted an analysis of tariff impacts based on those in effect as of April 30, including a universal 10% rate on US imports and the elevated tariffs between the US and China. We believe we can substantially mitigate the direct cost impact of the tariffs, resulting in no material impact to earnings per share or adjusted EBITDA margin.

翻到第 11 頁。我現在將討論關稅的最新發展及其對康耐視的影響。關稅情勢依然不穩定且高度不確定。康耐視利用多家第三方合約製造商在東南亞組裝我們的產品。我們根據截至 4 月 30 日生效的關稅政策對關稅影響進行了分析，其中包括對美國進口產品徵收 10% 的普遍關稅以及美國和中國之間提高的關稅。我們相信，我們可以大幅減輕關稅的直接成本影響，從而不會對每股收益或調整後的 EBITDA 利潤率產生重大影響。

While we do not expect an impact on profitability, we do expect a dilution of approximately 50 basis points on adjusted gross margin. Should tariff rates on US imports continue to rise, we would evaluate further actions and cost mitigation efforts to help contain any impact. Longer term, we believe the potential recalibration of global supply chains represents a growth opportunity for us. Cognex has pulled a strong market position globally and a small position to capitalize on any such trends.

雖然我們預計這不會對獲利能力產生影響，但我們預計調整後的毛利率將下降約 50 個基點。如果美國進口關稅持續上升，我們將評估進一步的行動和成本緩解措施，以幫助控制任何影響。從長遠來看，我們相信全球供應鏈的潛在重新調整對我們來說是一個成長機會。康耐視在全球範圍內佔據了強大的市場地位，並利用了小規模的優勢來利用此類趨勢。

Moving on to our second-quarter guidance, which can be found on page 12 of our presentation. In the second quarter, we expect revenue of between $235 million and $255 million. This range is reflective of a mixed macro backdrop. At the midpoint, this represents modest year-on-year growth compared to Q2 of 2024, driven by our expectation for continued growth in logistics, partially offset by weaker trends in automotive. As Rob mentioned, we expect consumer electronics to be more evenly weighted across Q2 and Q3 as compared to last year, but skewed more strongly to Q2.

繼續我們的第二季指導，可以在我們的簡報的第 12 頁找到。我們預計第二季營收將在 2.35 億美元至 2.55 億美元之間。此範圍反映了混合宏觀背景。從中位數來看，與 2024 年第二季相比，這代表著適度的同比增長，這得益於我們對物流持續增長的預期，但汽車行業趨勢減弱部分抵消了這一增長。正如 Rob 所提到的，我們預計與去年相比，消費性電子產品在第二季和第三季的權重將更加均衡，但更傾向於第二季。

We also expect adjusted gross margin to remain in the high 60% range, which reflects continued mix headwinds in the year-on-year comparison. We expect adjusted EBITDA margin between 18.5% and 21.5%. The midpoint of this range is comparable to last year, driven by operating expense discipline, somewhat offset by gross margin mix. As it relates to cash flow, in April, we made a final tax payment of approximately $16 million related to onetime transition tax on unrepatriated foreign earnings related to the Tax Cuts and Job Act of 2017. We expect our adjusted effective tax rate to be approximately 16%, compared to 15% in Q2 of 2024.

我們也預期調整後的毛利率將維持在 60% 的高位，這反映出同比來看，混合因素持續存在不利因素。我們預計調整後的 EBITDA 利潤率在 18.5% 至 21.5% 之間。該範圍的中點與去年相當，受營運費用控制的推動，但在一定程度上被毛利率組合所抵消。就現金流而言，4 月份，我們根據《2017 年減稅與就業法案》支付了約 1,600 萬美元的最終稅款，該稅款與未匯回國外的收入的一次性過渡稅有關。我們預計調整後的有效稅率約為 16%，而 2024 年第二季為 15%。

Lastly, as we mentioned earlier, we will be hosting Investor Day on June 10 in our Natick headquarters. Please reach out to the Investor Relations team to RSVP. We look forward to seeing many of you there.

最後，正如我們之前提到的，我們將於 6 月 10 日在納蒂克總部舉辦投資者日。請聯絡投資人關係團隊進行回覆。我們期待在那裡見到你們。

Now Rob and I are ready for your questions. Operator, please go ahead.

現在 Rob 和我已準備好回答你們的問題。接線員，請繼續。

(Operator Instructions) Joe Giordano, TD Cowen.

（操作員指示）Joe Giordano，TD Cowen。

Maybe I'll start on the OpEx. I don't want to overreact to any one quarter, but like that was nice to see on higher revenues, seeing OpEx decline. How much of that -- was there anything kind of like more onetime-ish in nature there? Like how should we think about the ability to leverage the (technical difficulty) of the year and like structurally from here?

也許我會從 OpEx 開始。我不想對任何一個季度反應過度，但看到收入增加、營運支出下降還是很高興的。其中有多少——那裡是否存在一些本質上更具一次性性質的東西？例如，我們應該如何從結構上考慮如何利用今年的（技術難度）？

Joe, yeah, we have been talking in the prior quarters about our focus on profitability and cash -- and cost management. And we're really pleased to see the results both on the OpEx side, but especially the flow-through to the bottom line. Certainly, we'll talk a little bit further on Investor Day on our path to profitable growth and how we will manage and also leverage our expense space. And that will play an important role when we think about achieving our profitable growth targets.

喬，是的，我們在前幾季一直在談論我們對獲利能力和現金以及成本管理的關注。我們非常高興看到營運支出的結果，尤其是流向底線的結果。當然，我們會在投資者日進一步討論我們的獲利成長之路，以及我們將如何管理和利用我們的費用空間。當我們考慮實現獲利成長目標時，這將發揮重要作用。

Now to your question in regard to onetime effects in there, certainly, FX played a role, right? So if you think about strong dollar in the first quarter, overall, that's a headwind on top line and bottom line, but it's a tailwind for OpEx results in that regard that brought the absolute numbers down. And as the dollar has weakened in the second quarter, certainly, you will see some effect of that in the second-quarter numbers.

現在回答你關於一次性效果的問題，當然，FX 發揮了作用，對嗎？因此，如果您考慮第一季的強勢美元，那麼總體而言，這對收入和利潤來說是一個阻力，但對營運支出結果來說卻是一個阻力，從而導致絕對數字下降。由於美元在第二季走弱，你肯定會在第二季的數據中看到一些影響。

But again, softer dollar would be actually better for us, both for top line and bottom line. So in that regard, we'll see that as a positive. But we also expect that FX will remain volatile throughout the year, so we'll watch that closely.

但美元走軟對我們來說其實是更好的，無論是營收還是利潤。因此從這個方面來看，我們認為這是一件正面的事。但我們也預計外匯全年仍將保持波動，因此我們將密切關注。

Fair. And then while I have both Rob and Matt on here, I had more of a philosophical question about embedded versus kind of computer vision. Like I know that, I mean, clearly, you guys lead in what you do and how you do it. I think there's just been a push from the market to at least make a claim that you could do more things than you could in the past without having to have embedded, right, that there's been technology changes that have allowed that other technology to compete more directly. How do you respond to that? And how do you think Cognex in the next decade plays in like the combination of those two types of technologies?

公平的。雖然 Rob 和 Matt 都在這裡，但我對嵌入式與電腦視覺有更多的哲學問題。就像我所知道的那樣，我的意思是，很明顯，你們在做什麼以及如何做方面處於領先地位。我認為市場至少在推動我們去做比過去更多的事情而不需要嵌入，對吧，技術的變化使得其他技術能夠更直接地競爭。您對此有何回應？您認為康耐視在未來十年將如何結合這兩種技術？

Yeah, thanks, Joe. Well, first of all, I think that's a great question to bring with you when you come to Investor Day. I think you're going here about how we and Matt certainly have a vision around that. A quick answer would be most customers really want embedded vision. They want the high performance that provides. It's easier to implement, fewer concerns around security. I could list a long list of reasons.

是的，謝謝，喬。嗯，首先，我覺得這個問題很適合在投資人日當天問。我想你在這裡要說的是，我們和馬特對此有一個明確的願景。簡單的回答是大多數客戶確實想要嵌入式視覺。他們想要提供的高性能。它更容易實現，安全方面的擔憂也更少。我可以列出一長串理由。

That's why we have the best smart camera in the world in terms of sales globally. But the cloud and more processing power creates real opportunity, and we've certainly invested in those. And the connectivity between embedded systems in the cloud provide a lot of opportunity to really supercharge a lot of the capabilities that you find at the embedded level.

這就是為什麼我們擁有全球銷量最好的智慧相機。但雲端運算和更強大的處理能力創造了真正的機會，我們當然也對此進行了投資。雲端中嵌入式系統之間的連接提供了大量機會，可以真正增強嵌入式層級的許多功能。

So that's kind of an exciting future for us. We have very strong vision software capabilities that our most sophisticated customers utilize. And I think our combination of strength in terms of cloud-based AI and embedded systems is really a very powerful thing we expect to do a lot of great things for us in the future.

這對我們來說是一個令人興奮的未來。我們擁有非常強大的視覺軟體功能，可供我們最成熟的客戶使用。我認為我們在基於雲端的人工智慧和嵌入式系統方面的優勢結合確實非常強大，我們期待它在未來為我們帶來很多偉大的事情。

Thanks, guys.

謝謝大家。

Damian Karas, UBS.

瑞銀的 Damian Karas。

Rob, congratulations on all you've been able to accomplish over the years. And I know you're not vanishing from Cognex, but I wish you the best in your retirement. And Matt, obviously, congratulations on your new role.

羅布，恭喜你這些年來所取得的所有成就。我知道您不會離開康耐視，但我祝福您退休後一切順利。馬特，顯然，我祝賀你擔任新職務。

So maybe just starting with consumer electronics, I would like to hear a little bit more on your thoughts there. I know you mentioned it down in the first quarter, but you're expecting modest growth this year. Could you just talk a little bit about what you're hearing from customers, what trends you've been seeing? And just thinking about like a large smartphone maker looking to move production to India from China, like what are the potential implications for Cognex around that?

因此，也許只是從消費性電子產品開始，我想聽聽您對此的想法。我知道您提到第一季的成長有所下降，但您預計今年的成長將溫和。您能否簡單談談您從客戶那裡聽到了什麼以及您看到了什麼趨勢？試想一下，一家大型智慧型手機製造商希望將生產從中國轉移到印度，這對康耐視來說可能會產生什麼影響？

Yes, thanks. Yes, just to reiterate, consumer electronics was down in Q1, but we obviously expect normal, strong sequential growth into Q2. And then modest growth for the year is what we're currently expecting. And then more similar, more balanced revenue between Q2 and Q3 than we saw last year, which was more skewed to Q3. So obviously, we want to keep that in mind -- I'm sorry, more skewed -- equally balanced between Q2 and Q3, last year with more skewed to Q2, right? Okay. I hope I haven't confused you there. I think what -- that might be useful as you think about Q2 revenue year-on-year, obviously. We will have had more revenue in it in Q2 for consumer electronics.

是的，謝謝。是的，重申一下，消費性電子產品在第一季有所下滑，但我們顯然預計第二季將實現正常、強勁的連續成長。我們目前預計今年將實現溫和成長。與去年相比，第二季和第三季的營收更加相似、更加平衡，而去年的營收則更偏向第三季。所以顯然，我們要記住這一點——抱歉，更加偏向——第二季度和第三季度之間保持平衡，去年第二季度的偏向性更強，對嗎？好的。我希望我沒有讓您感到困惑。我認為——當您考慮第二季度收入同比時，這顯然可能會有用。我們第二季的消費性電子產品收入將會更多。

Okay. So to your question about longer term, activity going on. Certainly, there's a lot going on in this industry. There always is and always new features and new form factors, certainly are exciting for Cognex as we think about growth in that industry over multiple years. There are also, I would say, a key factor that we see, and we've talked about a lot that we continue to see a lot of opportunity and is the replacement of human visual inspectors.

好的。所以對於你關於長期活動正在進行的問題。當然，這個行業正在發生很多事情。總是會有新的功能和新的形式因素，這對康耐視來說無疑是令人興奮的，因為我們考慮到該行業在未來多年的成長。我想說，我們看到的一個關鍵因素，我們已經討論過很多，我們繼續看到很多機會，那就是取代人類視覺檢查員。

This is an industry where we have a great many human visual inspectors, and our technology and the AI we're developing is very important for that. And then certainly, cosmetic and appearance as well is something that's critical in that market and will continue to be. You asked about geographic shift. This is not a new phenomenon, right, certainly, that we've been working over multiple years as supply chains have shifted away from China and into markets, including India, as you've said, but also Vietnam and other markets.

在這個行業中，我們擁有大量的人工視覺檢查員，而我們的技術和我們正在開發的人工智慧對此非常重要。當然，化妝品和外觀在該市場也是至關重要的，並將繼續如此。您詢問的是地理轉移問題。這當然不是一個新現象，我們已經努力了好幾年，因為供應鏈已經從中國轉移到包括印度在內的市場，正如你所說的，還有越南和其他市場。

I was in India last quarter. Definitely, we see a lot of activity, well-planned and rolling out, and new lines being built by various suppliers in that market. And I think a lot of ambitions to take, not exactly cut and paste, but to take a new generation of manufacturing as they move into other geographies and India particularly. And that's a comment I think I might apply to the world. As manufacturing shifts, I don't think it's necessarily going to be the same manufacturing that shows up on other shores as it leaves certain markets. I think it's going to be one much richer in automation. And I do think that's one that really plays very well into Cognex's hands.

我上個季度在印度。毫無疑問，我們看到該市場上有許多活動、精心策劃和推出，以及各種供應商正在建造的新生產線。我認為，他們有很多雄心壯志，並不是簡單地複製貼上，而是在進入其他地區，尤其是印度時，引領新一代製造業的發展。我認為這條評論可以適用於全世界。隨著製造業的轉移，我認為離開某些市場後出現的製造業不一定與出現在其他海岸的製造業相同。我認為它的自動化程度將會更高。我確實認為這對康耐視來說非常有利。

Well, I'm sure we can talk more about that at the Investor Day, but that's really helpful. And then, Dennis, I was hoping you could maybe just unpack a little bit more the tariff details. Like, how much are you importing from China into the US? What are we talking about? What kind of components? What kind of products? And could you just maybe give us a sense like how is Europe footprint in machine vision market compared to your competitors?

好吧，我相信我們可以在投資者日上更多地談論這個問題，但這確實很有幫助。然後，丹尼斯，我希望你能更詳細地解釋關稅細節。例如，美國從中國進口了多少商品？我們在談什麼？什麼樣的組件？什麼樣的產品？您能否向我們介紹一下與您的競爭對手相比，歐洲在機器視覺市場的佔有率如何？

Yeah. No, happy to do that. So in general, our exposure in terms of the supply chain to China is really very minimal, right? So I think we're mostly working with contract manufacturers across Southeast Asia. So certainly, there are some components, think about it like accessories and then also some optical equipment.

是的。不，我很樂意這麼做。所以總的來說，我們在供應鏈方面對中國的依賴確實非常小，對嗎？所以我認為我們主要與東南亞的合約製造商合作。所以當然，有一些組件，可以想像成配件，還有一些光學設備。

With the Moritex acquisition, we got factory in China, but we also have another factory in Vietnam and also contract manufacturers for the Moritex business. So in that regard, we are pretty flexible in terms of managing our supply chain. And that's certainly part of kind of the mitigation actions, which I've been talking about, which enables us to keep basically or substantially keep the impact of the tariffs to kind of a net neutral to earnings per share. And that will drive that flexibility and make use of that supply chains. In that regard, if you like, we're in a pretty good position, and we'll manage that going forward.

透過收購 Moritex，我們在中國擁有了工廠，但我們在越南還有另一家工廠，同時也是 Moritex 業務的合約製造商。因此從這個方面來說，我們在管理供應鏈方面相當靈活。這當然是我一直在談論的緩解措施的一部分，這使我們能夠在基本或實質上將關稅的影響保持在每股收益的淨中性水平。這將提高靈活性並利用供應鏈。在這方面，如果你願意的話，我們處於相當有利的地位，而且我們將繼續努力。

Perfect. Thanks a lot. I'll pass it along.

完美的。多謝。我會傳達的。

Tommy Moll, Stephens Inc.

湯米·莫爾（Tommy Moll），史蒂芬斯公司

Thank you for taking my questions. Rob, I wanted to start on logistics, essentially to ask for whatever additional detail you can provide, whether it's by geography or customer type. You called out e-commerce as one of the drivers for the full year. But any additional detail you could provide on the outlook would be helpful.

感謝您回答我的問題。羅布，我想從物流開始，主要是詢問你能提供的任何額外細節，無論是按地理位置還是按客戶類型。您稱電子商務是全年的驅動力之一。但如果您能提供關於前景的任何額外細節都會很有幫助。

Yeah. Thanks, Tommy. So certainly, we're seeing a lot more momentum in our logistics business than we have. It was a fifth straight quarter of strong double-digit growth in that market. We're certainly seeing the large e-commerce players leaning into investment, and that looks strong, and we have good sales and funnel activity, both there, but also just in the broader market in general.

是的。謝謝，湯米。因此，我們確實看到物流業務的發展勢頭比以往更加強勁。這是該市場連續第五個季度實現強勁的兩位數成長。我們確實看到大型電子商務公司傾向於投資，而且這種趨勢看起來很強勁，我們不僅在那裡，而且在整個更廣泛的市場中都有良好的銷售和通路活動。

Both our large customers are growing, and our smaller customers also are showing growth. The growth we're seeing currently is more skewed towards the big players currently, but the funnel is building nicely in the whole business.

我們的大客戶都在成長，小客戶也在成長。我們目前看到的成長更偏向大公司，但整個產業的成長管道正在良好建構。

So you asked sort of about trends overall. I think the first thing to say is I think we all know there's been quite a period of low spending as we came out of COVID, and the market is now returning to a strong growth. And those of you who attended the two largest trade shows in the industry, LogiMAT in Stuttgart and ProMat in Chicago, we have seen kind of just the level of activity and the number of visitors and the Cognex -- the interesting Cognex technology that exists there. So there's a lot of underlying strength, I would say.

所以你問的是整體趨勢。我想首先要說的是，我們都知道，自從我們擺脫新冠疫情以來，經歷了相當一段時間的低支出，而現在市場正在恢復強勁增長。對於那些參加過業內兩個最大的貿易展會——斯圖加特的 LogiMAT 和芝加哥的 ProMat 的人來說，我們已經看到了展會的活動水平、參觀者的數量以及康耐視——那裡存在的有趣的康耐視技術。所以我想說，它有很大的潛在優勢。

In terms of maybe some of the trends that we're seeing, I would say that the trend is towards driving more productivity and throughput existing distribution centers than sort of the massive build-out of new distribution centers we would have seen five years ago. And there's so much activity that goes on in existing distribution centers that is ripe for automation and vision, not just barcode reading, but vision in general. Here I'm thinking about areas like inbound, dock door processing of pallets that are being depalletized and sent out, kind of a difficult and a bottleneck with a lot of labor and a lot of variation, where vision and Cognex technology is really able to make a difference.

就我們所看到的一些趨勢而言，我想說，這種趨勢是推動現有配送中心的生產力和吞吐量更高，而不是五年前我們所看到的大規模新建配送中心。現有的配送中心中有很多活動都已成熟，需要自動化和視覺技術，不僅僅是條碼讀取，還包括一般的視覺技術。在這裡，我考慮的是入站、碼頭門處理正在卸垛和發出的托盤等領域，這是一個困難且存在瓶頸的問題，需要大量的勞動力和大量的變化，而視覺和康耐視技術確實能夠發揮作用。

Certainly, we're enjoying what we see as the beginning of a pickup in our parcel business. We've been in that market for a long time. We're recognized in terms of the best presentation scanners in the market for reading inbound parcels. But here now with our tunnels and new machine vision technology that we're bringing to that market, there's a lot of opportunity.

當然，我們很高興看到包裹業務開始回升。我們已經在那個市場待很久了。我們被公認為市場上讀取入境包裹的最佳演示掃描器。但現在，隨著我們向該市場推出隧道和新機器視覺技術，這裡將出現許多機會。

You obviously read about what's going on in that market. A lot of change and a lot of drive towards a greater productivity and efficiency. And we're looking forward to capitalizing on that. And we can see the beginning of that. But these are long, big capital projects. So I think of them as long-term things that will pay off very well for us rather than something you're going to see necessarily in the near term, particularly in the current environment. So it's a bit of color for you. I hope that's helpful, Tommy.

您顯然了解該市場正在發生的事情。為了提高生產力和效率，我們需要做出很多改變並做出很大的努力。我們期待著利用這一點。我們可以看到這一切的開始。但這些都是長期、大型的資本項目。因此，我認為它們是長期的事情，會為我們帶來豐厚的回報，而不是短期內必然會看到的事情，尤其是在當前環境下。所以這對你來說有點顏色。我希望這對你有幫助，湯米。

Indeed. Thank you. Dennis, I wanted to take a second bite at the apple here on the OpEx controls. Noting that FX was a good guy in the first quarter you just reported. But can you give us any insight, excluding the FX impact, would you still characterize the OpEx dollars as lower year over year? And is that repeatable in future quarters where you may show top-line growth accompanied by OpEx decline?

的確。謝謝。丹尼斯，我想再試一次 OpEx 控制。您剛才報告稱，FX 在第一季表現良好。但是您能否為我們提供一些見解，除了外匯影響之外，您是否仍認為營運支出金額較去年同期下降？在未來的幾個季度中，這種情況是否會重複出現，即收入成長的同時營運支出下降？

Tommy, I think in general, we have been starting managing the OpEx somewhat in the second half of last year, as we also talked about on the fourth-quarter earnings call about taking onetime charges, which was part of that was some reorganization of the sales team. We have integrated the teams into one unified management structure. And in that regard, certainly, some of these effects are clearly lasting. And I think reiterating what I said before, I think out of our profitable growth, it's very clear that we can get a lot of leverage to growth and managing our existing cost structure, and that's really part of driving the bottom line. In that regard, really consider that we will be also going forward laser-focused on the OpEx side, and that will be a big part of achieving bottom-line numbers.

湯米，我認為總的來說，我們從去年下半年就開始管理營運支出了，正如我們在第四季度財報電話會議上談到的收取一次性費用，這是銷售團隊重組的一部分。我們已將各個團隊整合到一個統一的管理結構中。從這個角度來看，其中一些影響顯然是持久的。我想重申我之前說過的話，我認為從我們的獲利成長來看，很明顯我們可以獲得很大的成長槓桿和管理現有的成本結構，這確實是推動獲利成長的一部分。在這方面，我們確實會考慮，我們也將繼續專注於營運支出方面，這將是實現底線數字的重要組成部分。

Thank you, Dennis. I'll turn it back.

謝謝你，丹尼斯。我會把它轉回去。

Andrew Buscaglia, BNP Paribas Asset Management.

法國巴黎銀行資產管理公司的安德魯‧布斯卡利亞 (Andrew Buscaglia)。

I wanted to get your take on your comments that you're not really seeing much delayed decision-making or customer hesitancy yet. First off, does that surprise you in the quarter? Do you think a company with -- a little bit more tied to CapEx cycles would see something like that or see that coming in the future? And then you do talk about a little bit of weakness in auto, which seemed to be maybe slightly worse than you expected. So are you seeing it maybe in that segment? And maybe comment on your thoughts on auto for the rest of the year.

我想聽聽您對您所說的話的看法，您還沒有真正看到太多的決策延遲或客戶猶豫​​。首先，本季出現的情況令您感到驚訝嗎？您是否認為，一家與資本支出週期聯繫更緊密的公司會看到類似的事情，或者預見到未來會發生這種情況？然後您確實談到了汽車方面的一些弱點，這似乎可能比您預期的要糟糕一些。那麼您是否在那個片段中看到了它？並可能評論您對今年剩餘時間汽車的看法。

Yeah, thanks. This is a very fluid situation and there's a lot of, obviously, volatility in the market. But I'll give you some color kind of on what we saw. We have not seen material changes in purchasing activity or order cancellations currently. We're keeping an eye on to what degree customers may be buying forward ahead of tariffs. We don't think that's particularly significant at the moment in the numbers that we're seeing.

是的，謝謝。這是一個非常不穩定的情況，顯然市場波動很大。但我會給你一些我們所看到的情況。目前我們尚未看到採購活動或訂單取消有重大變化。我們正在密切關註消費者在關稅實施前購買的程度。我們認為，從目前看到的數字來看，這並不是特別重要。

If I look around kind of the world and industries, maybe we just start with the US. In the US in logistics, the current sentiment seems to be to maintain investment levels, although customers are monitoring potential inflationary trends and other impacts to the CapEx projects. We tend to have longer lead times and we tend to have better visibility, I think, about spending plans. And as we talked about in the previous questions, there are quite good paybacks on automation and logistics facilities. So I think that would suggest good -- providing a certain level of confidence, I think, a positive view.

如果我環顧世界和各個行業，也許我們只是從美國開始。在美國物流領域，儘管客戶正在監測潛在的通膨趨勢和對資本支出項目的其他影響，但目前的情緒似乎是維持投資水準。我認為，我們的準備時間往往較長，而且我們對支出計畫的了解也往往更透徹。正如我們在前面的問題中討論過的，自動化和物流設施的回報相當不錯。所以我認為這表明很好——提供了一定程度的信心，我認為是一種積極的看法。

Auto, obviously, is a much more difficult industry, and we're seeing a mixed reaction. In some instances, we're seeing international manufacturers increasing or accelerating domestic production capacity and build in the US. I'm certainly hearing, I've met with some customers, some in Asia, in the last quarter, to see the situation and maybe looking to lean into that. But others, particularly domestic American suppliers, I think, are perhaps now much more cautious in light of all that tariff volatility we're hearing. And they are focusing more on cost savings.

顯然，汽車產業是一個更困難的產業，我們看到了不同的反應。在某些情況下，我們看到國際製造商正在增加或加速國內生產能力並在美國建立。我當然聽說過，上個季度我會見了一些客戶，其中一些來自亞洲，了解情況，並可能希望了解情況。但我認為，其他人，特別是美國國內供應商，鑑於我們聽到的所有關稅波動，現在可能更加謹慎。他們更加重視節省成本。

Healthcare investments seem to be increasing currently, and I think that's probably more of a trend coming out of post-COVID, where there was a high level of spending, and now it's returning after a very dry period. And so yeah, that's a bit of color there.

目前醫療保健投資似乎正在增加，我認為這更像是新冠疫情后出現的一種趨勢，當時的支出水平很高，現在在經歷了一段非常低迷的時期後正在回升。是的，那裡有一點顏色。

Let's maybe move on to China. So we have a significant business in China, and it's pretty broad across the whole market. Large factory automation and logistics machine builders are taking what I would consider more of a wait-and-see attitude related to any new products in the United States. Obviously, they are concerned to see how this plays out. They are focusing, I think, more of the growth activities into Europe and beyond at the moment. That would be a trend. So I'd describe that as sort of uncertainty and caution there.

讓我們繼續討論中國。因此，我們在中國擁有重要的業務，並且業務範圍遍布整個市場。我認為，大型工廠自動化和物流機械製造商對美國的任何新產品都採取了觀望態度。顯然，他們關心的是事情會如何發展。我認為，他們目前更加重視歐洲及其他地區的成長活動。這將是一種趨勢。所以我將其描述為一種不確定性和謹慎。

Korea, I'm certainly hearing from our Korean customers that they expect to increase investment in the US, but they're thinking cautiously again about the near term.

韓國，我確實聽到韓國客戶說他們希望增加在美國的投資，但他們對短期投資再次持謹慎態度。

And then I think our customers in ASEAN, Southeast Asia, outside of China, in our view, this as an opportunity for sure. And I think they see opportunities, particularly as trade tariff deals come signed, that they see more manufacturing activity moving into that area. So it's a very complicated picture. There's a lot of uncertainty, but that's a bit of color on what we're seeing.

我認為，對於我們在東協、東南亞和中國以外的客戶來說，這肯定是一個機會。我認為他們看到了機遇，特別是隨著貿易關稅協議的簽署，他們看到更多的製造業活動進入該地區。所以這是一個非常複雜的情況。存在著許多不確定性，但這是我們所看到的一些情況。

Yeah, interesting. Yeah, a lot of moving parts, but yeah, that's good color. Thank you. I also want to get your take on gross margins in that, sort of each quarter, you think we've seen the bottom here in your margins and they tick a little bit lower. And now you got this incremental 50 basis point headwind from tariffs, it seems. Do you expect margins to improve sequentially from here despite that headwind? And what were the biggest hits within gross margin in Q1?

是的，很有趣。是的，有很多活動部件，但是，顏色很好。謝謝。我還想了解一下您對毛利率的看法，您認為每個季度的利潤率都已經觸底，並且會略微下降。現在看來，關稅又增加了 50 個基點的阻力。儘管面臨不利因素，您是否預期利潤率將從現在起連續提高？第一季毛利率受到的最大影響是什麼？

Yeah. Happy to take that. So I think the two topics which we have been really seeing in this quarter are mix and FX, right? So in that regard, FX headwinds in the quarter, based on where the dollar is right now, we would not see that again in the second quarter. But again, FX may remain volatile.

是的。很高興接受這個。所以我認為我們在本季真正看到的兩個主題是混合和外匯，對嗎？因此，從這個角度來看，根據美元目前的走勢，本季的外匯逆風不會在第二季再次出現。但外匯可能仍將保持波動。

And then the second item, mix. I think mix, we have been talking about this for a while, and that's really a continuous trend as we are seeing logistics to be our strongest growth market. And that's clearly that -- with growing logistics much faster than in other areas, we will also see continued mix headwinds to the gross margin. However, I think what we feel like what's really important is that we see that this volume growth is flowing through to the bottom line. And I think that the, let's say, strong adjusted EBITDA margin, which we have been seeing in this quarter.

然後是第二項，混合。我認為混合，我們已經討論了一段時間了，這確實是一個持續的趨勢，因為我們看到物流是我們最強勁的成長市場。顯然，由於物流業的成長速度遠快於其他領域，我們也將看到毛利率持續受到各種不利因素的影響。然而，我認為真正重要的是我們看到銷量的成長正在轉化為利潤。我認為，我們在本季看到的調整後 EBITDA 利潤率非常強勁。

I think we are really clear that the profitability is coming up, and we're pretty happy about it. So in that regard, we'll be very focused on bottom line, and we'll certainly talk a little bit more about also cost productivity and OpEx leverage when we get into our Investor Day.

我認為我們非常清楚獲利能力正在上升，我們對此感到非常高興。因此，在這方面，我們將非常關注底線，當我們進入投資者日時，我們肯定會更多地談論成本生產力和營運成本槓桿。

Thank you.

謝謝。

Jamie Cook, Truist Securities.

Jamie Cook，Truist Securities。

This is actually Kevin Wilson on for Jamie. Thanks for your time. Congrats, Rob and Matt. And I just wanted to ask about (technical difficulty).

這實際上是凱文威爾遜 (Kevin Wilson) 代替傑米 (Jamie)。感謝您的時間。恭喜，羅布和馬特。我只是想問一下（技術難度）。

(technical difficulty) also products like razorblades and diapers. And some of the applications would include packaging and label inspection, both CR, optical character recognition and traceability of products, particularly important in markets like tobacco or pharmaceuticals, high-speed barcode reading, and then assembly verification.

（技術難度）還有刮鬍刀片和尿布等產品。一些應用包括包裝和標籤檢查、CR、光學字元辨識和產品可追溯性，這在菸草或藥品等市場中尤其重要，還有高速條碼讀取，以及組裝驗證。

Maybe I think of things like the toys that go into concessions that we see in retail, an interesting market there. So it's pretty, pretty broad-based. Healthcare includes pharmaceutical, medical devices, life sciences, contact lenses, right, overall. Now so just hearing me describe it, it's a very broad market. And there's a lot of machine builders that supply into that market and then a lot of consumer packaged goods end users and many, many, many hundreds of manufacturing plants.

也許我會想到像我們在零售業中看到的進入特許經營店的玩具之類的東西，那裡有一個有趣的市場。所以它的基礎相當廣泛。醫療保健包括製藥、醫療器材、生命科學、隱形眼鏡等等。現在聽我描述一下，這是一個非常廣泛的市場。有許多機器製造商為該市場供貨，還有很多消費包裝商品最終用戶和數以百計的製造工廠。

And this plays very well, I think, to Cognex's strategy about how we want to develop our technology and our sales channel because our technology is now easier to use and easier to fly and easy to demonstrate a quick payback into a lot of those plants, as a result really of our edge learning technology that we look at a new product also like our DataMan 290 barcode reader. Very, very, very powerful, a lot of AI, very easy and intuitive to set up and see results on.

我認為這與康耐視關於如何開發我們的技術和銷售管道的策略非常契合，因為我們的技術現在更易於使用、更容易飛行，並且很容易在許多工廠中展示快速的回報，這實際上是我們邊緣學習技術的結果，我們在新產品中也關注到我們的 DataMan 290 條碼閱讀器。非常非常強大，有很多人工智慧，設定和查看結果都非常容易和直觀。

Now there are so many of those plants and so many opportunities, it's the major reason we wanted to expand our sales force through our emerging customer program, where we have territory sales engineers who can make many, many sales calls a week and reach and demonstrate our products to those customers more easily. The other thing, I think, we like about the packaging market is it offers less volatility and cyclicality. It's broad, and there's spending that goes on broadly through the cycle in those markets.

現在有這麼多工廠和這麼多機會，這就是我們希望透過新興客戶計畫擴大銷售隊伍的主要原因，我們擁有區域銷售工程師，他們每周可以進行很多次銷售電話，更容易接觸和向這些客戶展示我們的產品。我認為，我們喜歡包裝市場的另一個原因是它的波動性和週期性較小。它的範圍很廣，而且這些市場在整個週期中都有廣泛的支出。

You asked about the other area, certainly interesting markets there. You mentioned aerospace. Certainly with increased defense spending, it's an opportunity for us to call more on those customers. And again, territory sales engineers are helping us to do that. Generally, volumes tend to be smaller in this kind of markets, right, but it does lend itself very well to some of our products, particularly think of handheld barcode readers reading turbine blades for engines and other applications like that, which can be easily demonstrated and sold. So that's a bit of color on that.

您詢問了其他地區，那裡肯定有有趣的市場。您提到了航空航天。當然，隨著國防開支的增加，這對我們來說是一個向更多客戶開放的機會。再次，區域銷售工程師正在幫助我們做到這一點。一般來說，這種市場的銷量往往較小，但是它確實非常適合我們的一些產品，特別是手持式條碼閱讀器，用於讀取發動機的渦輪葉片和其他類似的應用，這些產品可以輕鬆演示和銷售。這就是一些顏色。

Thanks. That's very helpful. And then following up on that emerging customer sales force, which you just mentioned there, understanding the sales transformation efforts makes sort of quantifying incremental revenue from that cohort more difficult. But just wondered if you could provide color qualitatively on how bookings and sales for that less sophisticated customer base have gone in the quarter.

謝謝。這非常有幫助。然後跟進您剛才提到的新興客戶銷售隊伍，了解銷售轉型工作使得量化該群體的增量收入變得更加困難。但我只是想知道您是否可以從品質上描述本季針對不太成熟的客戶群的預訂和銷售情況。

And then any thoughts on the OpEx spend associated with emerging customers? Are you considering pulling back costs? Or just anything around OpEx spending given just how that initiative has performed relative to your targets when you started the program.

那麼，您對新興客戶相關的營運支出有何看法？您是否考慮削減成本？或只是圍繞營運支出的任何內容，考慮到該計劃相對於您啟動該計劃時的目標的執行情況。

Yeah, I'll start with sort of the top line and the channel, and I think Dennis may comment a little on expenses. So when you come to Investor Day, you're going to hear about our long-term strategy. And a big part of that is substantially expanding our served customer base. So if we go back to what I just mentioned about markets like consumer packaged goods, healthcare, aerospace, getting more into those markets is one of the reasons that we invested in this channel. So we're not going to break out quarterly results on that. And really, the team itself is quite now integrated into an overall team that refers business and is selling much more efficiently and well, whether it's on more demonstrate and sell business or more technically detailed and involved business that are long-serving account sales engineers will handle

是的，我將從營收和管道開始，我想丹尼斯可能會對費用發表一些評論。因此，當您參加投資者日時，您將聽到我們的長期策略。其中很大一部分就是大幅擴大我們服務的客戶群。因此，如果我們回顧我剛才提到的消費包裝商品、醫療保健、航空航太等市場，那麼更多地進入這些市場是我們投資該通路的原因之一。因此我們不會公佈季度業績。實際上，團隊本身現在已經完全融入整個團隊中，負責業務的開展和銷售，無論是展示和銷售業務，還是技術細節和涉及長期服務客戶的銷售工程師都會處理的業務

But to recap some of the things that we've talked about in the past, we added 3,000 new customers through this program last year. And that was through the first cohort of sales and territory sales engineers that went into the field. And they also generated billions of dollars of referrals for our more experienced sales team. And then the second class went in. So our metrics, we would track towards doubling that number of new customers served and the number of activities that they generate overall.

但回顧我們過去談論過的一些事情，去年我們透過該計劃增加了 3,000 名新客戶。這是透過第一批進入該領域的銷售和區域銷售工程師來實現的。他們也為我們更有經驗的銷售團隊帶來了數十億美元的推薦。然後第二節課就進去了。因此，我們的指標是，我們將追蹤所服務的新客戶數量和他們總體產生的活動數量的翻倍。

And then this year, I think you'll hear more about that at Investor Day, but we're able to kind of manage our level of sales engineers that we have as we move through, now that we have a good base established and a strong pattern of referrals, so we can ramp that up or down as we move forward based on the operating environment that we see. Dennis?

然後，我想你會在今年的投資者日聽到更多關於這方面的信息，但是隨著我們不斷前進，我們能夠管理我們現有的銷售工程師水平，現在我們已經建立了良好的基礎和強大的推薦模式，因此我們可以根據所看到的運營環境，逐步提高或降低這一水平。丹尼斯？

Yeah. No, just to add, I mean first of all, as Rob already mentioned, I think we're not having this really as a separate organization anymore. It's really merged into the broader sales organization. And then when we think about like investing into [sales] capacity, and we'll certainly be thinking about the overall market environment, and in times of heightened uncertainty, we'll be double mindful here.

是的。不，只是補充一下，我的意思是首先，正如 Rob 已經提到的，我認為我們不再將其作為一個獨立的組織了。它實際上已融入更廣泛的銷售組織。然後，當我們考慮投資[銷售]能力時，我們肯定會考慮整體市場環境，在不確定性加劇的時期，我們會加倍注意。

In general, I think it comes back to my more general OpEx comments I made earlier on the call that we're laser-focused here and that it's certainly been part of our profitable growth story to be efficient on OpEx and to leverage existing expense lines. In that regard, I do not expect us to grow the OpEx side or expect it actually to grow slower than our revenue line. And then again, it will be a great discussion on Investor Day.

總的來說，我認為這回到了我之前在電話會議上所做的更一般的營運支出評論，即我們在這裡集中精力，提高營運支出效率和利用現有費用線無疑是我們獲利成長故事的一部分。在這方面，我並不期望我們的營運支出會成長，也不期望它的成長速度實際上會低於我們的收入線。再次強調，這將是投資人日的精彩討論。

Thank you.

謝謝。

Piyush Avasthy, Citi.

花旗銀行的 Piyush Avasthy。

Thanks for taking my questions. I think you highlighted reshoring and recalibration of global supply chain as an opportunity. I understand it's still early and macro environment remains fluid, but have you seen a step-up in conversations with your customers? And would be curious to know if it's any particular end market, or if you could remind us how long does it generally take for these conversations to convert to orders for Cognex.

感謝您回答我的問題。我認為您強調了全球供應鏈回流和重新調整是一個機會。我知道現在還為時過早，宏觀環境仍然不穩定，但您是否看到與客戶的對話增加？我很好奇地想知道它是否是任何特定的終端市場，或者您是否可以提醒我們這些對話通常需要多長時間才能轉化為康耐視的訂單。

Yeah. Thanks. So this is not a new topic. Obviously, we've seen FX by previous administrations, the investment act to build new fabs and other things in the United States. And so those projects are still -- some of them moving along and will result in Cognex sales as they are brought up and start to produce.

是的。謝謝。所以這不是一個新話題。顯然，我們已經看到了前幾屆政府的政策舉措，即在美國建設新工廠和其他設施的投資法案。因此，這些項目仍在進行中，其中一些項目將在啟動和開始生產後為康耐視帶來銷售。

So that's it. But I think what we're contemplating now is a much larger potential impact on our US business and our US long-term growth prospects if the current plan continues to play out and perhaps settle down in terms of companies' abilities to invest. The conversations I had when I was out in Asia this year so far are sort of, I would say, enthusiasm around that and the opportunities to invest in the US market. I think they're waiting to see kind of exactly how that will play out. But certainly, bringing manufacturing investments in the United States is something I've heard a number of very, very large customers talk very seriously about.

就是這樣。但我認為，我們現在正在考慮的是，如果當前的計劃繼續實施，並且可能在公司投資能力方面穩定下來，那麼這將對我們的美國業務和美國長期成長前景產生更大的潛在影響。我想說，今年到目前為止，我在亞洲的對話都充滿了對這個問題以及投資美國市場機會的熱情。我認為他們正在等待看事情究竟會如何發展。但我確實聽到許多非常大的客戶非常認真地談論將製造業投資引入美國的事情。

And I've also heard them talk about the need for increased automation and fewer humans in that process because, obviously, labor wages in the United States are much higher than what they might see in other markets. So they are very serious about wanting to talk about automation as the answer to that, and those are discussions that are beginning. But the noted caution would be these are long-term plans. The new automotive plants or new semiconductor plants, as they're brought in onshore, it will take a long time to be commissioned and brought up. And it's normally at the end of that process the Cognex vision is sold.

我還聽到他們談論在這個過程中需要提高自動化程度並減少人力，因為顯然美國的勞動力工資比其他市場高得多。因此，他們非常認真地討論將自動化作為這個問題的答案，而這些討論才剛開始。但要注意的是，這些都是長期計畫。新的汽車工廠或新的半導體工廠，由於引入國內，需要很長時間才能投入使用。通常在過程結束時，康耐視視覺就會被出售。

And I want to go back to China. It was down in the quarter, but I think you expect improvement in consumer electronics in 2Q, 3Q. So I think that should help. But can you elaborate on the trends? I think there's a bit of anti-American sentiment that's going on. I don't know if you sense that.

我想回中國。本季銷量下降，但我認為預計第二季和第三季消費性電子產品銷售量會有所改善。所以我認為這應該會有幫助。但您能詳細說明一下這些趨勢嗎？我認為現在存在一些反美情緒。我不知道你是否感覺到了這一點。

And I think you have talked about pricing challenges in the region as well. Do you expect pricing to improve as demand picks up? Or do you think pricing could stay challenged in that region?

我認為您也談到了該地區的定價挑戰。您是否預期隨著需求回升，價格會有所改善？或者您認為該地區的定價仍將面臨挑戰？

Yes. So overall, our revenue in China was down about 9% on a constant currency basis in the quarter and really year-on-year. And the whole story there is consumer electronics timing, really. So aside from that, I'd say that our business in China was relatively stable.

是的。因此，總體而言，本季我們在中國的營收以固定匯率計算下降了約 9%，與去年同期相比也下降了。事實上，整個故事都與消費性電子產品的時機有關。除此之外，我想說我們在中國的業務相對穩定。

Automotive has been stronger in China than in other markets. And I think those who study the automotive market can see the power of Chinese automotives and how that's performing. And I think we see that reflected in our business also. And I mentioned some trends around machine builders, which are important customers to ours, and some caution that they're seeing currently in that market. You asked about kind of anti-American sentiment.

中國汽車市場表現比其他市場更為強勁。我認為研究汽車市場的人能夠看到中國汽車的實力及其表現。我認為這也反映在我們的業務中。我提到了機器製造商的一些趨勢，他們是我們的重要客戶，以及他們目前在市場上看到的一些警告。您問到的是某種反美情緒。

So I'd say most -- the majority of our customers are large, sophisticated global players, right? So I think they are very mature and measure how they think about these topics, and they're really interested in performance and value and productivity. But certainly, about a quarter of our Greater China revenue is from smaller, local manufacturers where it may be more challenging to have some of those conversations.

所以我想說，我們的客戶大多是大型、成熟的全球企業，對嗎？所以我認為他們非常成熟，並且衡量他們如何看待這些主題，並且他們真正對性能、價值和生產力感興趣。但可以肯定的是，我們在大中華區約四分之一的收入來自規模較小的本地製造商，在這些地方進行一些對話可能會更具挑戰性。

I would also say that conversations that we've seen in the quarter, even from large players, tend to be more really understanding our supply chain and the components that go into our products and where they come from. I think we have a good story to tell on that story, as Dennis outlined, that our supply chain is not particularly dependent on Chinese sourcing, which I think gives them confidence that we can go on supporting them globally as this current situation plays out.

我還想說，我們在本季看到的對話，即使是來自大型企業的對話，也往往更真正了解我們的供應鏈以及我們產品的組件及其來源。我認為我們有一個很好的故事可以講述，正如丹尼斯所概述的那樣，我們的供應鏈並不特別依賴中國的採購，我認為這讓他們有信心，我們可以在當前形勢下繼續在全球範圍內支持他們。

Maybe taking your question on the gross margin side and on the pricing. I think, in general, certainly, China is a competitive market. And I think our strategy which we put in place suggests that we are basically price-aggressive on what we call it and minus one and minus two products. I mean, older generations and kind of that's where we are competing, let's say, call it with other players in the market.

也許可以回答您關於毛利率和定價的問題。我認為，整體而言，中國無疑是一個競爭激烈的市場。我認為，我們實施的策略表明，我們對所謂的「減一」和「減二」產品基本上採取價格激進的策略。我的意思是，老一輩人，也就是我們所說的與市場上其他參與者競爭的人。

But I think other than in prior quarters, right, where we've been really also flagging that as a headwind for our gross margins and bottom line, I think in this quarter we have been able to offset these pressures with COGS productivity. And that's really also kind of the way forward for us, that we think first of what to start offsetting it. But certainly -- and part of our focus on improving the bottom line, the focus will be that to more than offset pricing pressures and to get actually a positive effect to the bottom line on COGS as well. So I think we'll need to manage the entire P&L to drive profitability, and that's what we are doing.

但我認為，除了前幾季之外，我們也確實將其標記為我們的毛利率和底線的阻力，我認為在本季度我們已經能夠透過 COGS 生產力來抵消這些壓力。這實際上也是我們前進的方向，我們首先考慮如何開始抵消它。但可以肯定的是——我們的重點之一是提高底線，重點將放在抵消定價壓力，並對 COGS 的底線產生積極影響。因此我認為我們需要管理整個損益表來提高獲利能力，而這正是我們正在做的事情。

Appreciate all the color. Good luck, Rob, on whatever is next. And congrats, Matt.

欣賞所有的色彩。祝你好運，羅布，無論接下來發生什麼。恭喜你，馬特。

Jacob Levinson, Melius Research.

Jacob Levinson，Melius Research。

Well, I just wanted to say, welcome, Matt, and congrats, Rob, on the great run. And certainly after 17 years, I think you deserved a vacation at least. So hopefully, (inaudible).

好吧，我只是想說，歡迎馬特，恭喜羅布取得如此出色的成績。當然，17 年過去了，我認為你至少應該休個假。所以希望，（聽不清楚）。

I just had -- I know we're coming up on the hour here, so I just had a quick question for Dennis. But certainly, your stock is down quite a bit this year, even after the rebound here. I know you bought back some shares in the quarter. But can you just give us a sense of how you're balancing maybe the buyback opportunity versus keeping some cash on a rainy-day fund given the uncertain outlook out there?

我剛才——我知道我們快到這個時間了，所以我只想問丹尼斯一個簡單的問題。但可以肯定的是，即使在出現反彈之後，今年你的股票仍然下跌了不少。我知道您在本季回購了一些股票。但是，考慮到未來的不確定性，您能否告訴我們，您是如何平衡回購機會和保留一些現金作為應急基金的？

Yeah. No, it's a great question. I think -- first of all, I think the basis is really a strong cash generation. And I think over the last three quarters, and if you look at trailing 12 months cash generation, I think we have been really performing very well. In that regard, we're certainly mindful about our capital allocation priorities. And on the one side, right, when we think about share buybacks, the long-term objective here to offset dilution.

是的。不，這是一個很好的問題。我認為——首先，我認為基礎確實是強勁的現金創造能力。我認為，在過去三個季度中，如果看一下過去 12 個月的現金產生情況，我們會發現我們的表現確實非常好。在這方面，我們當然非常注意我們的資本配置優先事項。一方面，當我們考慮股票回購時，其長期目標是抵消稀釋。

And with having purchased about $150 million over the last two quarters, certainly, not feeling so strongly that we have to buy back more now in the second quarter. And therefore, we'll be probably a little bit more reduced on that side then. But I wouldn't say, yes, that we feel the need to have a rainy-day fund either, right? It's much more of like also preserving M&A firepower, which is also an important part to our capital allocation strategy.

由於過去兩個季度我們已經購買了約 1.5 億美元，因此我們當然不會覺得現在必須在第二季回購更多。因此，我們在這方面的投入可能會減少一些。但是，是的，我不會說我們覺得有必要設立應急基金，對嗎？這更像是保留併購火力，這也是我們資本配置策略的重要組成部分。

That's everything for me. I appreciate the time, and I'll see you, folks, in June.

對我來說這就是一切。我很感謝你們的時間，六月再見，朋友們。

Excellent. Looking forward to it.

出色的。非常期待。

Thank you. And we have reached the end of the question-and-answer session. I would like to turn the floor back to Matt Moschner for closing remarks.

謝謝。問答環節現已結束。我想請馬特莫施納 (Matt Moschner) 作最後發言。

Thank you for joining us this morning. We look forward to seeing you all at Investor Day in June and speaking with you again on the next quarter's call.

感謝您今天上午加入我們。我們期待在六月的投資者日見到大家，並在下個季度的電話會議上再次與大家交談。

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

謝謝。今天的會議到此結束，大家可以斷開連線了。我們感謝您的參與。