Cognex Corp (CGNX) 2025 Q2 法說會逐字稿

Greetings, and welcome to the Cognex second quarter 2025 earnings conference call. (Operator Instructions) As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Greer Aviv, Head of Investor Relations. Thank you. Please go ahead.

大家好，歡迎參加康耐視 2025 年第二季財報電話會議。（操作員指示）提醒一下，本次會議正在錄音。現在我很高興介紹您的主持人、投資者關係主管 Greer Aviv。謝謝。請繼續。

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. The earnings materials are available on our Investor Relations website. We are joined here today by Matt Moschner, our CEO; 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。收益資料可在我們的投資者關係網站上找到。今天，我們的執行長 Matt Moschner 和財務長 Dennis Fehr 也來到了這裡。

Today, we plan to share several key messages with you, including how we're positioning Cognex for long-term success an update on our technology leadership and end market trends, our performance in the second quarter and our expectations for the third quarter. After prepared remarks, we'll open the lines for Q&A.

今天，我們計劃與大家分享幾個關鍵信息，包括我們如何定位康耐視以獲得長期成功、我們的技術領導地位和終端市場趨勢的最新情況、我們在第二季度的業績以及我們對第三季度的預期。準備好發言後，我們將開始問答環節。

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. 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.

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。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 Matt.

說完這些，我會把電話轉給馬特。

Thanks, Greer. Good morning, everyone, and thank you for joining us today. I'm excited to speak with you as the new CEO of Cognex. While this is my first earnings call in this role, I've had the privilege of being a Cognoid for over eight years. Since I joined in 2017, I've worked alongside many of the talented individuals who continue to drive our success. And I've developed a deep understanding of our business, technology, culture, and the values that make Cognex so unique.

謝謝，格里爾。大家早安，感謝大家今天加入我們。作為康耐視的新任首席執行官，我很高興與您交談。雖然這是我擔任此職位以來第一次召開財報電話會議，但我有幸成為 Cognoid 員工八年多了。自 2017 年加入以來，我與許多才華橫溢的人一起工作，他們繼續推動我們的成功。我對我們的業務、技術、文化以及康耐視的獨特價值觀有了深刻的理解。

At Investor Day last month, I outlined three strategic objectives that will guide Cognex's future. which can be seen on slide 3 of the earnings presentation. For those who could not join us at Investor Day, I will briefly recap those strategic objectives and how I'm positioning Cognex for long-term success.

在上個月的投資者日上，我概述了指導康耐視未來的三個策略目標。可以在收益報告的第 3 張投影片上看到。對於那些無法參加投資者日的人，我將簡要回顧這些策略目標以及我如何定位康耐視的長期成功。

First, we will target to be the number one provider of AI technology for industrial machine vision applications. Our continuous innovation in this area will help customers solve increasingly complex vision problems like cosmetic defect inspections, faster, more accurately and with less setup time.

首先，我們的目標是成為工業機器視覺應用領域第一大人工智慧技術提供者。我們在該領域的持續創新將幫助客戶更快、更準確、更省時地解決日益複雜的視覺問題，例如外觀缺陷檢查。

Second, we're committed to providing the best customer experience in our industry. Our goal is to deliver a seamless engagement from first interaction to full-scale deployment for our direct sales model, a unified product ecosystem and upgraded global customer support capabilities.

其次，我們致力於提供業界最佳的客戶體驗。我們的目標是實現從首次互動到全面部署的無縫銜接，實現我們的直銷模式、統一的產品生態系統和升級的全球客戶支援能力。

And third, we're focused on doubling the number of customers that we serve by scaling our go-to-market engine to reach new markets and geographies while better serving small and midsize manufacturers. Our sales force transformation is already generating good results and is an important component of this strategy.

第三，我們致力於透過擴展我們的市場進入引擎來進入新的市場和地區，同時更好地服務中小型製造商，從而使我們服務的客戶數量增加一倍。我們的銷售團隊轉型已經取得了良好的效果，並且是該策略的重要組成部分。

To support the execution of our strategic objectives, I announced my newly formed leadership team on July 17 as outlined on slide 4. This team has decades of experience in our industry and with Cognex. And together, we will drive an ambitious profitable growth agenda, delivering even greater value to our customers and further strengthening our leadership in industrial machine vision. Q2 represents an early but meaningful step forward in this journey marked by continued adjusted EBITDA margin expansion and strong free cash flow generation.

為了支持我們策略目標的實施，我於 7 月 17 日宣布了我的新組成的領導團隊，如幻燈片 4 所示。該團隊在我們的行業和康耐視擁有數十年的經驗。我們將共同推動雄心勃勃的獲利成長計劃，為我們的客戶提供更大的價值，並進一步加強我們在工業機器視覺領域的領導地位。第二季代表了這一歷程中邁出的早期但有意義的一步，其特點是調整後的 EBITDA 利潤率持續擴大和強勁的自由現金流產生。

Turning to slide 5. Let's begin with a few financial highlights from the second quarter. The momentum we saw in Q1 continued in Q2 with revenue of $249 million, increasing 4% year on year representing our fourth consecutive quarter of organic growth. Broader factory automation was stronger in Q2 driven by consumer electronics and packaging. Our commitment to bottom line profitability is reflected in our strong Q2 performance, with adjusted EBITDA increasing 9% year over year and our adjusted EBITDA margin expanding by 80 basis points to 20.7%. This is the highest quarterly margin we've achieved in the past two years.

翻到幻燈片 5。讓我們先來看看第二季的一些財務亮點。我們在第一季看到的勢頭在第二季度得以延續，營收達到 2.49 億美元，年成長 4%，這是我們連續第四個季度實現有機成長。在消費性電子和包裝的推動下，第二季更廣泛的工廠自動化更加強勁。我們對底線獲利能力的承諾體現在我們強勁的第二季業績中，調整後的 EBITDA 年成長 9%，調整後的 EBITDA 利潤率擴大 80 個基點至 20.7%。這是我們過去兩年來取得的最高季度利潤率。

In addition to the strong financial performance in Q2, we are executing against our strategic objectives. First, we continue to reach new customers through our sales force transformation and expansion, and we're seeing promising gains, including increased revenue growth in key verticals such as packaging.

除了第二季強勁的財務業績外，我們還在執行我們的策略目標。首先，我們透過銷售團隊的轉型和擴張不斷吸引新客戶，我們看到了可喜的收益，包括包裝等關鍵垂直領域的收入成長。

Second, we continue to drive AI innovation which I will talk more about in detail as we turn to slide 6 of the presentation. At Cognex, we have over four decades of technology leadership, and this remains the core to our identity. As we shared with you at Investor Day, we're proud to continue that legacy with one vision, a cloud-based platform designed to transform the way manufacturers build, train and scale AI-powered vision tools with unmatched ease-of-use.

其次，我們將繼續推動人工智慧創新，在簡報的第 6 張投影片中我將更詳細地討論這一點。在康耐視，我們擁有四十多年的技術領先地位，這仍然是我們身分的核心。正如我們在投資者日與您分享的那樣，我們很自豪能夠以一個願景延續這一傳統，即一個基於雲端的平台，旨在以無與倫比的易用性改變製造商構建、訓練和擴展人工智慧視覺工具的方式。

OneVision reflects our commitment to making advanced machine vision easy, not just powerful, but practical and scalable. Although still in early stages, feedback from initial OneVision adopters has been positive. A standout example is called out, one of Korea's largest needle manufacturers.

OneVision 體現了我們致力於使先進的機器視覺變得簡單、不僅功能強大，而且實用且可擴展的承諾。儘管仍處於早期階段，但最初的 OneVision 採用者的回饋是正面的。一個突出的例子是韓國最大的針頭製造商之一。

Palo's needle production includes a multi-step inspection process with the final step focused on verifying the width of the packaging seal, a critical factor in preventing package rupture. [Aldo] wanted to further enhance their quality control inspection performance by driving down false reject rates to very low levels. which can be difficult to achieve without moving to more complex PC-based systems. But with OneVision, [Aldo] was able to collect images directly from their production line, train a powerful new model in the cloud and seamlessly deploy it back to the edge.

Palo 的針頭生產包含一個多步驟的檢測流程，其中最後一步重點是驗證包裝密封的寬度，這是防止包裝破裂的關鍵因素。 [Aldo] 希望透過將誤判率降至極低水準來進一步提升其品質控制偵測效能。如果不採用更複雜的 PC 為基礎的系統，這一點很難實現。但藉助 OneVision，[Aldo] 能夠直接從生產線收集影像，在雲端訓練強大的新模型，並將其無縫部署回邊緣。

The streamlined approach eliminated the need for a new complex system. It expanded our device footprint with Paldo and positioned us to support their growth across additional lines. With OneVision, we're setting a new benchmark for how game-changing AI vision tools are deployed, one that simplifies complexity without compromising performance. As we expand this capability to additional Cognex's products in the future, we expect it will further strengthen our position as the technology leader in our industry.

簡化的方法消除了對新的複雜系統的需求。它擴大了我們與 Paldo 的設備覆蓋範圍，並使我們能夠支援他們在更多產品線上的成長。透過 OneVision，我們為改變遊戲規則的 AI 視覺工具的部署方式設定了新的基準，即在不影響效能的情況下簡化複雜性。隨著我們將來將此功能擴展到康耐視的其他產品，我們預計它將進一步鞏固我們作為行業技術領導者的地位。

Turning now to an update on our end markets, which you'll find on page 7 of the earnings presentation. Our discussion of 2025 trends is based on current observations while acknowledging ongoing macroeconomic uncertainties. Strong second quarter growth in consumer electronics, logistics and packaging, was somewhat offset by a modest slowdown in semi and ongoing weakness in automotive.

現在來看看我們終端市場的最新消息，您可以在收益報告的第 7 頁找到。我們對 2025 年趨勢的討論是基於當前的觀察，同時也承認宏觀經濟的不確定性仍然存在。消費性電子、物流和包裝產業第二季的強勁成長，在一定程度上被半導體產業的溫和放緩和汽車產業的持續疲軟所抵消。

Starting with Logistics. Revenue continued to grow double digits year over year, marking our sixth consecutive quarter of growth in this market. Importantly, growth was across a broad base of customers. For the full year, we continue to expect strong growth in logistics, driven by ongoing investments by large e-commerce players and further penetration of the broader logistics market.

從物流開始。營收持續同比兩位數成長，標誌著我們在該市場連續第六個季度實現成長。重要的是，成長涉及廣泛的客戶群。就全年而言，我們繼續預期物流將強勁成長，這得益於大型電子商務企業的持續投資以及更廣泛的物流市場的進一步滲透。

Next is Automotive. As expected, automotive continued to decline year over year as it remains our most challenged vertical, reflecting broad headwinds to this industry. Looking to the full year, we remain cautious about the outlook for auto, as we have previously discussed and continue to anticipate a more modest decline in 2025 relative to last year's 14% traction.

接下來是汽車。正如預期的那樣，汽車行業繼續同比下滑，因為它仍然是我們面臨的最大挑戰，反映出該行業面臨的廣泛阻力。展望全年，我們對汽車前景仍持謹慎態度，正如我們之前所討論過的，並繼續預計 2025 年汽車銷量將出現較去年 14% 的溫和下降。

Turning to Packaging. Our business showed positive momentum in Q2 with revenue up mid-single digits year over year. Growth was driven by contributions from both health care and FMCG. Our sales force transformation is delivering impactful results, helping us reach a broader cross-section of packaging customers. For the full year, the outlook for packaging is incrementally more positive.

轉向包裝。我們的業務在第二季呈現出正面勢頭，營收年增中個位數。成長主要由醫療保健和快速消費品的貢獻所推動。我們的銷售團隊轉型正在產生顯著成效，幫助我們接觸更廣泛的包裝客戶。就全年而言，包裝產業的前景將逐漸變得更加樂觀。

Turning to Consumer Electronics. Q2 revenue increased year over year, reflecting broad-based strength. We continue to expect electronics revenue to be relatively similar in Q2 and Q3, implying another quarter of strong year over year growth in Q3. As a result, our full year growth outlook for electronics has improved.

轉向消費性電子產品。第二季營收年增，反映出全面強勁的成長動能。我們繼續預計第二季和第三季的電子產品收入將相對相似，這意味著第三季將再次實現強勁的年成長。因此，我們對電子產品全年成長的預期有所改善。

Moving to Semi. We saw a slowdown in Q2 with semi revenue declining modestly year over year against a strong comparison. This result is in line with the cautious full year outlook we adopted last quarter, due to the uncertainty from trade policy and tariffs.

轉向半自動化。我們看到第二季度出現了放緩，與強勁的對比相比，半導體收入同比略有下降。由於貿易政策和關稅的不確定性，這一結果與我們上個季度採取的謹慎的全年展望一致。

In summary, we're focused on executing against our strategic objectives and delivering on our long-term financial framework to drive shareholder value. I'm confident in our direction proud of our team and excited about what's ahead. Let me now hand it over to Dennis to walk through the financial results and the outlook for the third quarter. Dennis?

總之，我們專注於執行我們的策略目標並實現我們的長期財務框架以推動股東價值。我對我們的方向充滿信心，為我們的團隊感到自豪，並對未來感到興奮。現在，讓我將時間交給丹尼斯，讓他介紹第三季的財務表現和前景。丹尼斯？

Thank you, Matt. Today, I want to share three key financial highlights for the quarter that can be found on page 8 of our earnings presentation. First, adjusted EBITDA margin of 20.7% expanded 80 basis points year over year and was above 20% for the first time since Q2 of 2023.

謝謝你，馬特。今天，我想分享本季的三個關鍵財務亮點，可以在我們的財報第 8 頁找到。首先，調整後的 EBITDA 利潤率為 20.7%，年成長 80 個基點，自 2023 年第二季以來首次超過 20%。

Second, adjusted EPS increased 12% year over year, the fourth consecutive quarter of EPS growth. Third, our free cash flow conversion rate on a trailing 12-month basis strengthened to 130% of adjusted net income. These results highlight our focus on profitable growth and cash flow generation.

其次，調整後每股盈餘較去年同期成長12%，這是每股盈餘連續第四個季度成長。第三，我們過去 12 個月的自由現金流轉換率上升至調整後淨收入的 130%。這些結果凸顯了我們對獲利成長和現金流產生的關注。

The pillars of our long-term through-cycle financial framework we shared at our Investor Day in June. We are encouraged by the progress we see here, but we also acknowledge there is still work to do and remain committed to executing against our priorities with discipline and focus.

我們在六月的投資者日上分享了我們的長期全週期財務框架的支柱。我們對所看到的進展感到鼓舞，但我們也承認仍有工作要做，並將繼續致力於有紀律、有重點地執行我們的優先事項。

Taking a closer look at our second quarter results on page 9. Revenue of $249 million expanded by 4% year over year or by 3% on a constant currency basis. Looking at geographic revenue trends on a year over year constant currency basis. Europe expanded 13% primarily due to certain consumer electronics customers ordering through entities based in Europe instead of China. This change of ordering entities does not reflect any underlying change in business mix or customer demand.

請仔細查看第 9 頁的第二季業績。營收為 2.49 億美元，年增 4%，以固定匯率計算成長 3%。以固定匯率計算，觀察年比的地理收入趨勢。歐洲成長了 13%，主要是因為某些消費性電子產品客戶透過位於歐洲而非中國的實體訂購。訂購實體的這項變更並不反映業務組合或客戶需求的任何根本變化。

Excluding this procurement change, Europe grew slightly, led by strength in packaging. The Americas grew 8% and led by continued strength in logistics and growth on packaging. Other Asia increased by 5%, driven by strength in consumer electronics, where we saw evidence of supply chain shifting out of China.

除此採購變化外，歐洲略有成長，主要得益於包裝產業的強勁成長。美洲地區成長了 8%，主要得益於物流業的持續強勁成長和包裝業的成長。受消費性電子產品強勁成長的推動，亞洲其他地區銷售額成長了 5%，我們看到了供應鏈從中國轉移出去的證據。

Lastly, Greater China declined by 18%. Excluding the procurement change and ordering entities, Greater China revenue declined modestly due to shifts in consumer electronics supply chain. Looking now at gross margins. Adjusted gross margin of 68% was in line with our guidance. The 230 basis point year over year decline was primarily due to a less favorable industry mix.

最後，大中華區下降了18%。不計採購變更和訂購實體，大中華區收入因消費性電子供應鏈的轉變而小幅下降。現在來看毛利率。調整後的毛利率為 68%，符合我們的預期。年比下降 230 個基點主要是由於行業結構不太有利。

As expected, tariffs had a modest negative impact on gross margin this quarter. Our continued focus on disciplined cost management resulted in a 2% year over year reduction in adjusted operating expenses or a 3% reduction on a constant currency basis.

正如預期的那樣，關稅對本季的毛利率產生了輕微的負面影響。我們持續專注於嚴格的成本管理，使得調整後的營運費用年減 2%，以固定匯率計算下降 3%。

As we mentioned on prior quarter calls, we will remain laser focused on tight cost management as this is a key lever on our path to profitable growth. We expect operating expenses to continue to grow slower than revenue. Revenue growth, combined with this disciplined cost management drove 80 basis points of adjusted EBITDA margin expansion year over year to 20.7% and our highest quarterly margin since Q2 of 2023. Diluted earnings per share on a GAAP basis were $0.24, up 15% from $0.21 a year ago.

正如我們在前一季的電話會議上提到的那樣，我們將繼續專注於嚴格的成本管理，因為這是我們實現獲利成長的關鍵槓桿。我們預計營運費用的成長速度將持續低於收入的成長速度。營收成長加上嚴格的成本管理，推動調整後 EBITDA 利潤率年增 80 個基點至 20.7%，並創下自 2023 年第二季以來的最高季度利潤率。以 GAAP 計算的每股攤薄收益為 0.24 美元，較去年同期的 0.21 美元增加 15%。

Adjusted diluted EPS was $0.25, representing 12% growth from $0.23 a year ago. This growth was driven by an expanded top line and cost discipline as well as a 2% year over year reduction in our average diluted share count.

調整後稀釋每股收益為 0.25 美元，較去年同期的 0.23 美元成長 12%。這一增長是由擴大的營收和成本控制以及平均稀釋股數同比減少 2% 所推動的。

Free cash flow generation was strong again this quarter, totaling $40 million which included a onetime $16 million payment for a transition tax we noted last quarter. Trailing 12 months free cash flow generation of $180 million is up 138% compared to the 12-month period ended Q2 2024 and represents free cash flow conversion rate of 130%. We remain firmly committed to a disciplined capital allocation strategy, where returning capital to our shareholders is an important component.

本季自由現金流產生再次強勁，總計 4000 萬美元，其中包括我們上個季度注意到的一次性支付的 1600 萬美元過渡稅。過去 12 個月的自由現金流產生量為 1.8 億美元，與截至 2024 年第二季的 12 個月相比成長了 138%，自由現金流轉換率為 130%。我們始終堅定地致力於嚴格的資本配置策略，其中向股東返還資本是重要組成部分。

Over the past 12 months, we have made significant progress on this journey returning over $200 million to shareholders, or over 110% of our free cash flow through share repurchases and dividends. These actions have contributed to a reduction of more than 4 million shares and our average share count year over year.

在過去的 12 個月中，我們在這一過程中取得了重大進展，透過股票回購和股息向股東返還了超過 2 億美元，或超過我們自由現金流的 110%。這些舉措已導致我們的平均股票數量較去年同期減少超過 400 萬股。

Turning to page 10. I will now walk you through our financial guidance for the third quarter. As we shared with you at our Investor Day, we will be guiding to the following three metrics going forward. First, revenue; second, adjusted EBITDA margin; and third, adjusted earnings per share. We believe these metrics best reflect our increased focus on profitable growth.

翻到第 10 頁。現在我將向您介紹我們第三季的財務指導。正如我們在投資者日與您分享的那樣，我們將在未來指導以下三個指標。第一，營收；第二，調整後的EBITDA利潤率；第三，調整後的每股盈餘。我們相信這些指標最能反映我們對獲利成長的日益關注。

Starting with revenue. In Q3, we expect revenue between $245 million and $265 million. This range reflects 9% year over year growth at the midpoint, with both our logistics and broader factor, our automation businesses contributing with expand. As noted last quarter, we expect consumer electronics to be relatively evenly weighted across our seasonally strong second and third quarters this year.

從收入開始。我們預計第三季的營收將在 2.45 億美元至 2.65 億美元之間。這一範圍反映了中點同比增長 9%，我們的物流和更廣泛的因素，我們的自動化業務都做出了貢獻。正如上個季度所指出的，我們預期消費性電子產品在今年季節性強勁的第二季和第三季所佔的比重將相對均衡。

Next, adjusted EBITDA margin is expected to be between 19.5% and 22.5%. The midpoint of this range represents approximately 340 basis points of margin expansion compared to last year, reflecting solid revenue growth and continued cost discipline.

接下來，調整後的 EBITDA 利潤率預計在 19.5% 至 22.5% 之間。該範圍的中點代表與去年相比利潤率擴大了約 340 個基點，反映了穩健的收入成長和持續的成本控制。

Lastly, adjusted earnings per share are anticipated to be between $0.24 and $0.29 is the midpoint of this range representing 35% year over year EPS growth. This outlook represents another meaningful step forward on our journey of profitable growth. A few other noteworthy items to consider as part of our outlook.

最後，預計調整後的每股收益將在 0.24 美元至 0.29 美元之間，這是該範圍的中點，代表每股收益同比增長 35%。這一前景代表著我們在獲利成長的道路上又邁出了有意義的一步。在我們的展望中，還有其他一些值得考慮的事項。

First, as we look ahead to the remainder of the year, we anticipate Q4 revenue to return to more typical seasonal patterns, which historically have shown a sequential step down in the high single-digit range. The fourth quarters of both 2023 and 2024 were exceptions to this trend.

首先，展望今年剩餘時間，我們預計第四季營收將恢復到更典型的季節性模式，從歷史上看，這種模式通常呈現高個位數的連續下降。2023 年和 2024 年的第四季都是這一趨勢的例外。

In 2023, this was mostly driven by our acquisition of Moritex, which closed in October of that year. While in 2024, we saw accelerated demand late in the fourth quarter. Second, while the tariff landscape remains fluid, the recent trade agreement with China, Indonesia and Vietnam do not change our previous commentary on the expected full year impact of tariffs. Specifically, we continue to expect no material impact on adjusted EBITDA margin and earnings per share and continue to estimate a 50 basis point dilution to gross margin.

2023 年，這主要得益於我們對 Moritex 的收購，該收購於同年 10 月完成。而在 2024 年，我們看到第四季末需求加速成長。其次，雖然關稅情況依然不穩定，但最近與中國、印尼和越南達成的貿易協定並沒有改變我們先前對關稅預期全年影響的評論。具體而言，我們繼續預期調整後的 EBITDA 利潤率和每股盈餘不會受到重大影響，並繼續估計毛利率將下降 50 個基點。

Third, during the third quarter, we entered into a commercial partnership with a strategic channel partner to better serve OEM customers in the specialized field of medical lab automation. This arrangement is expected to result in a onetime benefit to revenue and profit in Q3, which is excluded from our guidance. We currently expect the benefit to revenue to be between $8 million and $14 million in Q3.

第三，在第三季度，我們與策略通路夥伴建立了商業合作夥伴關係，以便更好地服務醫療實驗室自動化專業領域的OEM客戶。預計這項安排將為第三季的營收和利潤帶來一次性收益，但這並未包含在我們的預期內。我們目前預計第三季的營收收益將在 800 萬美元至 1,400 萬美元之間。

Lastly, let me touch on the One Big Beautiful Bill Act recently passed by Congress. We are in the early stages of evaluating the impact of US tax law changes and currently anticipate the following tax implications for our business. First, the bill is expected to be neutral to adjusted EPS in 2025. We expect an insignificant impact to adjusted EPS in 2026 and beyond.

最後，讓我談談國會最近通過的「一項偉大的美麗法案」。我們正處於評估美國稅法變化影響的早期階段，目前預計我們的業務將面臨以下稅收影響。首先，該法案預計對2025年調整後的每股盈餘產生中性影響。我們預計這對 2026 年及以後的調整後每股盈餘的影響微乎其微。

Second, we currently expect a onetime higher reported tax rate in 2025, and we'll update you when we have more clarity into the final impact on the rate. However, we do not anticipate any change to our adjusted effective tax rate.

其次，我們目前預計 2025 年的報告稅率將一次性提高，當我們對稅率的最終影響有更清晰的了解時，我們會向您通報最新情況。但是，我們預計調整後的有效稅率不會有任何變化。

And third, the provision to fully expense US research and development cost is expected to result in a cash tax benefit of $12 million to $50 million this year, which is expected to step down annually and phase out over the next five years.

第三，預計全額支付美國研發成本將帶來今年 1,200 萬至 5,000 萬美元的現金稅收優惠，預計該優惠將逐年減少，並在未來五年內逐步取消。

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

現在馬特和我已準備好回答你們的問題。接線員，請繼續。

(Operator Instructions) Jacob Levinson, Melius Research.

（操作員指示）Jacob Levinson，Melius Research。

This is the first quarter I can recall that you've had revenues going up and costs going down just certainly a good thing. And I know you've obviously laid out some targets -- margin targets at the Analyst Day, but maybe either Matt or Dennis can you help us understand behind the scenes within the organization, what's really changing from a process perspective or maybe change incentives that is helping drive a better outcome in the margins?

我記得這是你們第一個季度收入增加而成本下降，這無疑是一件好事。我知道您顯然已經在分析師日制定了一些目標——利潤目標，但也許馬特或丹尼斯可以幫助我們了解組織內部的幕後情況，從流程角度來看真正發生了哪些變化，或者改變激勵措施有助於推動利潤率的更好結果？

Yes. Jake, this is Matt. I'll start, and I'll hand it up to Dennis. Thanks for noticing. Yes. I mean we -- our primary objective is to grow the business. We know that when we can do that, we get tremendous fall through to the bottom line. And so we've really driven an intense focus on the ways in which we're going to grow and really making sure we're funding those growth initiatives.

是的。傑克，這是馬特。我先開始，然後交給丹尼斯。感謝您的關注。是的。我的意思是——我們的主要目標是發展業務。我們知道，當我們能夠做到這一點時，我們的底線就會遭受巨大的損失。因此，我們真正地將重點放在了我們的成長方式上，並確保我們為這些成長計劃提供資金。

And that's not just in product development, it's in how we think about our channel and we're doing all those things, and you're seeing some of that in the numbers. But at the same time, Dennis and I and the broader leadership team are very focused on our cost position.

這不僅體現在產品開發上，還體現在我們如何看待我們的管道以及我們正在做的所有這些事情上，您可以從數位中看到其中的一些。但同時，丹尼斯和我以及更廣泛的領導團隊都非常關注我們的成本狀況。

And that's not a new thing. We've started that many months ago when I really stepped into the operating -- Chief Operating role earlier this year and we've organized ourselves to really go after that and be thoughtful about it. We've made great investments in the business over the last five years, and we're using many of those investments to make sure that we're driving the efficiency and productivity that we'd like to.

這並不是什麼新鮮事。幾個月前，當我今年稍早真正踏入營運長的職位時，我們就已經開始這樣做了，我們已經組織好自己去真正實現這一目標，並對此進行了深思熟慮。過去五年來，我們對業務進行了大量的投資，我們正在利用這些投資來確保我們能夠達到我們想要的效率和生產力。

And I would say it's really no -- it's not in one area. It's across the board from engineering to sales to back office functions to facilities. So we're trying to take a very thoughtful view of it and make sure that we are driving efficiency and cost reductions in the right areas to make sure we're not defunding the growth story of the company. I don't think we are but at the same time making sure that we get to the margin range that we committed to at Investor Day. Dennis?

我想說的是，事實並非如此——它並不只存在於一個領域。它涉及從工程到銷售、從後台職能到設施的各個方面。因此，我們試圖對此進行非常深思熟慮的考慮，並確保我們在正確的領域提高效率和降低成本，以確保我們不會為公司的成長提供資金。我認為我們不會，但同時要確保達到我們在投資者日承諾的保證金範圍。丹尼斯？

Yes. In that regard, really pleased to see kind of a meaningful step in that regard. And to your question what changed I think one thing Matt highlighted to us and I think really a protomatic approach to it that we're really focused across the entire P&L and across the entire organization. And put that program in place to really think about like very thoughtful where we can optimize costs. And then I think at the same time, Matt also alluded a little bit to it kind of -- it's really a focused effort of the entire leadership team.

是的。在這方面，真的很高興看到在這方面邁出了有意義的一步。對於您的問題，我認為發生了哪些變化，馬特向我們強調了一件事，我認為真正的原型方法是我們真正專注於整個損益表和整個組織。並實施該計劃，認真思考如何優化成本。然後我認為與此同時，馬特也稍微提到了這一點——這實際上是整個領導團隊的集中努力。

And I think has a clear sense organization of the direction where we want to go, and we feel really positive about like how the organization is responding and everyone is pulling into this direction. So we're pleased to start.

我認為組織對於我們想要前進的方向有著清晰的認識，並且我們對組織的回應以及每個人都朝著這個方向努力感到非常積極。我們很高興開始。

That's all really helpful color. Just on a separate topic. I know one of your larger electronics customers has some new products coming out. Next year, I think that are foldable different form factors. Can you help us understand what does that mean when you've got a change, and I assume it means there's a change in manufacturing technique and maybe you've got retooling of lines and why not, but what is when you have some new technology, if you will, what does that really mean for you folks in terms of machine vision?

這些都是非常有用的顏色。只是關於一個單獨的話題。我知道你們的一個較大的電子客戶即將推出一些新產品。明年，我認為將會出現不同形狀的可折疊產品。您能否幫助我們理解，當發生變化時，這意味著什麼？我認為，這意味著製造技術發生了變化，也許您需要重新調整生產線，為什麼不呢？但是當你擁有一些新技術時，如果你願意的話，這對你們來說在機器視覺方面到底意味著什麼？

Yes, sure. Maybe I'll take that. Thanks. Just remind us all that these are really complex products to manufacture and it takes months, in many cases, years to bring those technologies to market. And so what might be a new product that may or may not be coming out next year, we would likely would have been engaged on the manufacturing design strategy years ahead of that. So just remind us that it is more of a long-cycle project-based business with some of those large providers.

是的，當然。也許我會接受。謝謝。需要提醒大家的是，這些產品的製造過程確實非常複雜，需要花費數月甚至數年的時間才能將這些技術推向市場。因此，對於明年可能推出或不會推出的新產品，我們可能會提前幾年就開始製定製造設計策略。所以提醒我們，對於一些大型供應商來說，這更像是基於長週期專案的業務。

We noted growth in consumer electronics. And what's driving that? It's really -- we've been focusing on adding more value and delivering more complete solutions in this market. A lot of that had to do with the acquisition of Moritex in the Fall of '23. We've been working with a lot of the players in this area as they consider some of the geographic shifts in manufacturing cross-border, and that's been helping.

我們注意到消費性電子產品的成長。是什麼推動了這現象？確實——我們一直專注於在這個市場上增加更多價值並提供更完整的解決方案。這在很大程度上與 1923 年秋季收購 Moritex 有關。我們一直在與該領域的許多參與者合作，因為他們正在考慮跨境製造業的一些地理轉移，這很有幫助。

And as a global company, we're well placed for that. But I would -- to the extent there's new product releases or phone designs, I wouldn't comment on that. I would just remind us all that those things take time, and we typically engage far ahead of those product releases.

作為一家全球性公司，我們已做好充分準備。但如果有新產品發布或手機設計，我不會對此發表評論。我只是想提醒大家，這些事情需要時間，我們通常會在產品發布之前就開始參與。

Maybe just to add on that, like on the revenue side, when we are engaged over a longer cycle revenue, you would really see probably in the year where new products are being released and less than kind of many years ahead.

也許只是補充一點，例如在收入方面，當我們從事較長週期的收入時，你可能會在新產品發布的當年而不是未來幾年內看到它。

Damian Karas, UBS.

瑞銀的 Damian Karas。

Congratulations on the progress. I don't think we've heard about broadening factory automation improvement in a while. So maybe you could just provide a little bit more color around the trends that you are seeing in packaging and consumer electronics. Are you may be able to give us a sense of how much of that is new customer-driven versus how much is just the underlying market improving and existing customers kind of replacing or augmenting systems in their installed base. And just I guess your confidence that some of this improvement isn't just one-off activity, but rather a more sustainable trend?

恭喜你取得進展。我想我們已經很久沒有聽說過擴大工廠自動化改進了。因此，也許您可以更詳細地介紹一下您在包裝和消費性電子產品方面看到的趨勢。您能否讓我們了解其中有多少是由新客戶驅動的，有多少僅僅是潛在市場的改善以及現有客戶在其安裝基礎上更換或增強系統。我猜您是否相信這種改善不僅僅是一次性的活動，而是一種更永續的趨勢？

Yes. Maybe I'll start, Damian, good to hear from you. So I mentioned a few things in consumer electronics in the previous question, right? This is a market we have great presence in. We work with great partners in that area, and we've really focused on how can we increase our share of wallet, if you will, by delivering more complete solutions.

是的。也許我應該開始，達米安，很高興收到你的來信。所以我在上一個問題中提到了消費性電子產品中的一些事情，對嗎？這是我們佔有重要地位的市場。我們與該領域的優秀合作夥伴合作，並且我們真正關注的是如何透過提供更完整的解決方案來增加我們的錢包份額。

So that's a part of it and going deeper into taking share what they do from an advanced automation standpoint. So I think you're seeing that in consumer electronics, we're broadening the customer base. I think we said it's a broad-based growth story in consumer -- sorry, in consumer electronics.

所以這是其中的一部分，並從先進的自動化角度更深入地分享他們所做的事情。所以我認為你會看到，在消費性電子產品領域，我們正在擴大客戶群。我想我們說過，這是消費領域（抱歉，是消費性電子產品）的廣泛成長故事。

And then there's a geographic story there as those technology providers evaluate shifting production in new geographies. So that's how I would describe consumer electronics packaging, right, just to remind the group packaging is now our third largest vertical. It really is made up of two areas: one, health care. So that's MedDevice pharmaceuticals, life sciences and fast-moving consumer goods. This is a lot of -- used to say, razor blades to shampoo bottles.

當這些技術提供者評估在新地區轉移生產時，就會出現一個地理問題。這是我對消費性電子產品包裝的描述，對的，只是提醒一下，集團包裝現在是我們第三大垂直產業。它實際上由兩個領域組成：一是醫療保健。這就是 MedDevice 藥品、生命科學和快速消費品。這是很多——過去常說的從剃刀片到洗髮水瓶。

And both have different dynamics. What we've said in packaging is we do see evidence of the growth story driven by the investments we've made in our sales channel. It tends to be a more regionalized set of manufacturers and brands, both in health care and in fast-moving consumer goods.

並且兩者俱有不同的動態。我們在包裝方面所說的是，我們確實看到了由我們在銷售管道上所做的投資所推動的成長故事的證據。它往往是一組更區域化的製造商和品牌，既涉及醫療保健領域，也涉及快速消費品領域。

So certainly, the strengthening of our channel has helped but I would say the needs of each of those areas has also driven demand for vision, right? If you look at health care, particularly med devices, and pharmaceuticals, we're seeing a lot of CapEx flow into both of those areas. On the [heels] of some very popular pharmaceutical drug releases, particularly around obesity and cancer, and really playing on some of the demographic shifts in various regions. So -- we like the trends we're seeing in health care.

因此，當然，我們管道的加強有所幫助，但我想說每個領域的需求也推動了對視覺的需求，對嗎？如果你關注醫療保健，特別是醫療設備和藥品，我們會看到大量的資本支出流入這兩個領域。緊接著一些非常受歡迎的藥物發布之後，特別是針對肥胖症和癌症的藥物，並真正發揮了各個地區人口結構變化的作用。所以——我們喜歡我們在醫療保健領域看到的趨勢。

And then packaging, I think Cognex Vision has always played a large role when it comes to traceability and regulation that drives the need to drive traceability, particularly on food. And then brands really wanting to up their game from a quality standpoint. And we maintain great relationships with a lot of the machine builders, particularly in the packaging area. And we noted some products we launched in Q1, the In-Sight 8900, which really play well in that area.

然後是包裝，我認為康耐視視覺在可追溯性和監管方面一直發揮著重要作用，推動了可追溯性的需求，特別是在食品方面。然後品牌確實希望從品質的角度來提升自己的競爭力。我們與許多機器製造商保持著良好的關係，特別是在包裝領域。我們注意到我們在第一季推出的一些產品，例如 In-Sight 8900，在該領域表現非常出色。

So yes, I think we're encouraged by the progress we're making in both packaging as well as consumer electronics.

所以是的，我認為我們在包裝和消費電子產品方面的進步令我們感到鼓舞。

That's really helpful. And as a follow-up, you talked about new products. I mean you showcased the AI devices and OneVision at your Investor Day, I'd be curious to hear what kind of early feedback you've been getting on the AI technology and solution set and any sense for when you might open up OneVision to the broader customer base?

這真的很有幫助。作為後續討論，您談到了新產品。我的意思是，您在投資者日展示了 AI 設備和 OneVision，我很好奇，您對 AI 技術和解決方案集獲得了什麼樣的早期反饋，以及您何時會向更廣泛的客戶群開放 OneVision？

Yes, we're really excited about OneVision. Hopefully, the example we gave today is helpful to the group to understand it's very indicative, I think, of how OneVision is helping our customers and letting us drive simplicity in delivering more advanced vision capabilities. So we're trying to be very thoughtful about how we engage the market on it. It's a very new style of designing vision and we want to make sure that our customers understand it are comfortable with it as well as our sales channel being able to adequately sell and promote it.

是的，我們對 OneVision 感到非常興奮。希望我們今天給出的例子能幫助小組理解，我認為它非常具有指示性，說明了 OneVision 如何幫助我們的客戶，並讓我們以更簡單的方式提供更先進的視覺功能。因此，我們正在努力認真考慮如何讓市場參與其中。這是一種非常新的設計理念，我們希望確保我們的客戶能夠理解並接受它，同時我們的銷售管道能夠充分銷售和推廣它。

So yes, you're going to see us take a methodical phased approach throughout the year and into next year. It's an area we're going to continue to invest and what you'll see is that it will have a greater compatibility with a broader set of Cognex Vision Systems, and I'm quite excited about it.

所以是的，你會看到我們全年以及明年都採取有條不紊的分階段方法。這是我們將繼續投資的領域，您將看到它將與更廣泛的康耐視視覺系統具有更高的兼容性，我對此感到非常興奮。

Joe Giordano, Cowen.

喬喬達諾，考恩。

Yes. I'm curious on logistics. Are you seeing that more on like the greenfield side coming back of brownfield like kind of investment in existing facilities? Like what's driving that now? And where are you seeing kind of the most inflection?

是的。我對物流很好奇。您是否看到更多像綠地投資那樣的投資從棕地投資回歸到現有設施？那麼現在是什麼在推動這項進程呢？您在哪裡看到這種變化最為明顯？

Yes. I think what we said at Investor Day is our growth strategy in logistics is multipronged. It's not just about new capacity additions. We are seeing that. And maybe that's what we -- what throw us significantly four, five years ago during COVID.

是的。我認為我們在投資者日所說的是，我們的物流成長策略是多管齊下的。這不僅是增加新產能的問題。我們正在見證這一點。也許這就是四、五年前新冠疫情期間帶給我們巨大衝擊的原因。

But what we're seeing today is much more balanced growth, right? Certainly, participating as new facilities come online. It pulls through a good share of Cognex machine vision. But we're seeing a lot of traction now in vision. You'll recall, as we said at Investor Day, most of our business today is still in traceability, barcoding.

但我們今天看到的是更均衡的成長，對嗎？當然，隨著新設施上線，我們會參與其中。它充分利用了康耐視機器視覺的很大一部分。但我們現在看到視覺領域出現了很大的進步。您會記得，正如我們在投資者日所說的那樣，我們今天的大部分業務仍然在可追溯性和條碼領域。

And with our latest generation of AI vision tools, we're really seeing the ability to scale vision, both 2D and 3D and logistics, and we're seeing customers respond really well to that. And then as our technology advances and our relationships with those operators matures, we're also going back to existing facilities to drive process improvements and greater efficiencies within their existing fulfillment network.

借助我們最新一代的人工智慧視覺工具，我們真正看到了擴展視覺（包括 2D、3D 和物流）的能力，我們看到客戶對此的反應非常好。然後，隨著我們的技術進步和與這些營運商的關係日趨成熟，我們也將回到現有設施，推動現有履行網路內的流程改善和更高效率。

So yes, it's exciting. I mean it's broad-based from a customer standpoint, but also if you think about how we're driving sales to each of those customers. I think it's not just new capacity. It's also existing facilities and new technology areas entirely.

是的，這很令人興奮。我的意思是，從客戶的角度來看，它是廣泛的，但如果你考慮我們如何推動每個客戶的銷售。我認為這不僅僅是新產能。它也完全是現有設施和新技術領域。

And when you think about something like OneVision, I'm just curious like what does that mean for you from like is it sold differently? Is it a different pricing mechanism? It seems like a nice improvement on how the products are used. But I'm just curious like what -- for you in terms of like -- in terms of driving a different type of sale.

當您想到像 OneVision 這樣的東西時，我很好奇這對您來說意味著什麼，以及它的銷售方式是否不同？這是不同的定價機制嗎？這似乎是產品使用方式的一個很好的改進。但我只是好奇，就推動不同類型的銷售而言，您有何看法？

Yes, it's a very different type of technology. I mean I think what we said at Investor Day was we weren't prepared yet to really talk in detail about the pricing model of OneVision, and I don't think we're ready yet. But the way you can think about how we go to market is very much as part of the bundle of technology that we would today. And so when we engage a customer on a new application, we really start at the edge. And we have designed our technology to work very well under this, so that there's no need for any sort of separate PCs or clouds.

是的，這是一種非常不同的技術。我的意思是，我認為我們在投資者日所說的是我們還沒有準備好詳細討論 OneVision 的定價模式，而且我認為我們還沒有準備好。但是，您可以想像我們進入市場的方式很大程度上是我們今天所採用的捆綁技術的一部分。因此，當我們讓客戶接觸新應用程式時，我們實際上是從邊緣開始的。我們設計的技術能夠在這種情況下很好地運行，因此不需要任何類型的獨立 PC 或雲端。

But OneVision is very much complements that sales activity when the customer needs more advanced vision. And we like to say OneVision is helping us bridge edge to deep learning, and it does that quite well. So yes, our go-to-market right now, I would say, is more familiar to how we've gone to market in the past. To the extent that evolves in the future, I think we are thinking about that, but nothing to go into detail today.

但是當客戶需要更先進的視力時，OneVision 可以很好地補充銷售活動。我們想說 OneVision 正在幫助我們將邊緣運算與深度學習聯繫起來，而且它在這方面做得相當好。所以是的，我想說，我們現在的行銷方式與我們過去的行銷方式更加相似。至於未來會如何發展，我想我們正在考慮，但今天沒有什麼可以詳細討論的。

Tommy Moll, Stephens.

湯米·莫爾，史蒂芬斯。

Dennis, I wasn't sure if I heard you correctly, when you started giving some insight into fourth quarter, that's more than one quarter forward. But pretty sure I did hear you offer a comment there. And so I just want to clarify. For the base quarter and third quarter, should we use the revenue that includes or excludes the onetime payment? So I think I heard you say typical seasonality would be a high single-digit quarter over quarter decline. I just want to get the third quarter base right?

丹尼斯，我不確定我是否聽錯了，當你開始對第四季度進行一些見解時，這已經超過了四分之一。但我很確定我確實聽到了你在那裡發表評論。所以我只是想澄清一下。對於基準季度和第三季度，我們應該使用包含還是不包含一次性付款的收入？所以我想我聽到您說典型的季節性將是季度環比高個位數的下降。我只是想得到第三季的基礎對嗎？

Yes. No, great question, Tom. Yes, it's based on the guidance, which is excluding the onetime effect.

是的。不，這個問題問得好，湯姆。是的，這是基於指導，不包括一次性影響。

Okay. As a follow-up on logistics, I wanted to ask about the planning cycle there. As I understand a lot of this business, you have decent visibility on in the planning cycles are pretty methodical. Are you having any conversations regarding projects into next year at this point? Or how would you characterize the level of visibility that you have for what's ahead versus what the typical would be.

好的。作為對物流的後續關注，我想詢問那裡的規劃週期。據我對這項業務的了解，您對規劃週期有相當清晰的認識，而且規劃週期非常有條理。您現在正在討論明年的專案嗎？或您如何描述自己對未來的預見程度與典型情況的預見程度。

Yes. Sure, Tommy. Yes. No, you're right to say it is a longer cycle business, right? These are big investments and build-outs of new CapEx. We have great relationships with customers in this area. And so you would imagine that we would have multiyear discussions on there, their plans and to the extent that they can align what we're delivering to them.

是的。當然，湯米。是的。不，你說得對，這是一個週期較長的業務，對嗎？這些都是大投資和新資本支出的建設。我們與該地區的客戶保持著良好的關係。因此，你可以想像，我們會就他們的計劃進行多年的討論，並討論他們能否協調我們向他們提供的內容。

So yes, I think it's fair to say we engage on customers' plans across many years. But typically, you wouldn't see ordering activity until those facilities are committed, the CapEx is approved, and that still is more within the three to six month period of visibility for us.

所以是的，我認為可以公平地說，我們多年來一直致力於客戶的計劃。但通常情況下，在這些設施投入使用、資本支出獲得批准之前，您不會看到訂購活動，而這對我們來說仍然需要三到六個月的可見期。

So yes, but I wouldn't say necessarily that we're seeing that trend change one way or another. I don't think we see it getting longer. I wouldn't say we see it getting shorter but we are engaged on the multiyear plans of our customers and we continue to stay very tightly linked with them in that way.

是的，但我不會說我們一定會看到這種趨勢有某種變化。我認為它不會再變長了。我不會說我們看到它變得更短，但我們正在參與客戶的多年計劃，我們將繼續以這種方式與他們保持緊密聯繫。

Andrew Buscaglia, BNP Paribas.

安德魯·巴斯卡利亞，法國巴黎銀行。

Maybe on logistics and some of the other markets like consumer electronics and packaging sort of picking up -- would you not say some of that might be due to some pull forward on tariffs and maybe in logistics around tariffs. Do you see any clarity from tariffs helping customers move forward with some decision-making or any change there, if you can comment?

也許在物流和一些其他市場（如消費性電子產品和包裝）方面有所回升——你不認為其中一些可能是由於關稅的提前，也許是由於關稅相關的物流方面。如果您可以發表評論，您是否認為關稅有助於客戶做出某些決策或帶來任何改變？

Yes, sure. We're keeping a close eye on it. Obviously, it's a dynamic situation. We have a team that's been in place, gosh, since last fall, really monitoring the situation and the news, but also our response, right? And so we're working hard, and I think we've done a great job to mitigate both the costs -- primarily the cost effective tariffs on us.

是的，當然。我們正在密切關注此事。顯然，這是一個動態的情況。天哪，我們有一個團隊自去年秋天以來就一直在現場監視局勢和新聞，同時也監視我們的反應，對嗎？因此，我們正在努力工作，我認為我們在降低成本方面做得很好——主要是對我們具有成本效益的關稅。

But I think your question is more on demand, right? And what are we seeing from customers from a demand perspective? I think Dennis will maybe offer some commentary in terms of where we may have seen some pull forward of demand in light of tariffs.

但我認為你的問題更多的是需求性的，對嗎？從需求角度來看，我們看到了客戶是什麼樣子？我認為丹尼斯可能會就關稅導致的需求提前發表一些評論。

I wouldn't say it's been really outsized. We're monitoring our forward funnel which continues to be healthy, and I would even say, normal in light of some of the recent tariff announcements, and we continue to engage with our customers, right, in some sense, the impact is to increase their costs and potentially increase the cost of our products to them, and we're being very transparent with them on that.

我不會說它真的很龐大。我們正在監控我們的前向漏斗，它繼續保持健康，我什至可以說，根據最近的一些關稅公告，它是正常的，我們繼續與客戶接觸，對，在某種意義上，影響是增加他們的成本，並可能增加我們產品的成本，我們在這一點上對他們非常透明。

But I would also just remind the group, right, as costs go up, these organizations are really looking to how they can mitigate those costs in automation and machine vision has been and will continue to be a great way to do that.

但我還要提醒大家，隨著成本的上升，這些組織正在真正尋找如何在自動化方面降低成本的方法，而機器視覺一直是並將繼續成為實現這一目標的好方法。

So on one hand, I think they are looking at us as a potentially higher cost bill of material for them as we have to kind of mitigate cost on our end, but also seeing us as maybe one of the best ways to mitigate costs within their manufacturing and supply chain overall. And so from a demand perspective, it's hard to say. But over the medium and long term, I'm still quite optimistic that the situation now with tariffs and trade is going to be a nice tailwind for the business as we're engaged to, not just self-drive efficiency but also diversity in supply chains overall.

因此，一方面，我認為他們將我們視為潛在的更高成本的材料清單，因為我們必須在某種程度上降低成本，但另一方面，他們將我們視為可能是降低其整個製造和供應鏈成本的最佳方法之一。因此從需求角度來看，很難說。但從中期和長期來看，我仍然非常樂觀地認為，目前的關稅和貿易狀況將為業務帶來良好的順風，因為我們不僅致力於提高自我驅動效率，還致力於整個供應鏈的多樣性。

Yes. And maybe to add on that. So I think in the second quarter, in particular in the US and packaging and maybe in logistics, there have been a couple of projects where we thought they could have been accelerated due to tariffs -- don't always exactly know. So I would say really maybe a low single-digit million dollar number.

是的。也許還可以補充這一點。因此我認為在第二季度，特別是在美國和包裝領域，也許在物流領域，有幾個項目我們認為它們可能會因為關稅而加速——並不總是確切知道。所以我想說這也許真的是一個低個位數的百萬美元數字。

At the same time, we haven't really seen the funnel for Q3 even changed in that regard. And now right being here already at the end of July, we also haven't seen like any demand trends in booking trends changing throughout July, that kind of offsets that a little bit.

同時，我們實際上還沒有看到第三季的漏斗在這方面發生改變。現在已經是七月底了，我們還沒有看到整個七月預訂趨勢有任何需求趨勢的變化，這在一定程度上抵消了這一點。

And then at the same time, right, we had some commentary about consumer electronics the shift happening in Asia, right, from China to other Asia. So we are seeing, I would say, probably some of these early signs of some of this relocation of manufacturing happening. And I think, as Matt also said, I mean, long term, that's really a great trend and a great opportunity for Cognex.

同時，我們對消費性電子產品在亞洲的轉變（從中國到其他亞洲國家）發表了一些評論。所以我想說，我們看到的可能是製造業轉移的一些早期跡象。我認為，正如馬特所說，從長遠來看，這對康耐視來說確實是一個很好的趨勢和一個很好的機會。

Yes. Okay. And then other question is why -- why not include the -- that onetime potential benefit from the channel agreement. Is this just you don't know the timing, it might slip and you don't want to count on it or yes, I guess, why not include it?

是的。好的。然後另一個問題是為什麼——為什麼不包括——通路協議帶來的一次性潛在利益。這只是你不知道時機，它可能會發生失誤，而你不想依賴它，或者是的，我想，為什麼不把它包括在內？

Yes. Maybe let's first unpack what it really is, right? It's a partnership. It includes a multiyear kind of software license agreement. That means we will recognize the one side, some minimums -- minimum license over a couple of years in a single quarter, and we have also some component inventory which we are transferring.

是的。也許我們首先要弄清楚它的真正意義，對嗎？這是一種合作關係。它包括一種多年的軟體授權協議。這意味著我們將承認一方面，一些最低限度——一個季度內幾年的最低許可，而且我們也有一些正在轉移的組件庫存。

So it's really, to some extent, you can say , right? It's not a one-quarter thing, right? It's really kind of a number which belongs to future quarters, but from accounting standards, you just recognize that in one time. So in that regard, we really wanted to show that separately to keep everyone's eye also on the underlying kind of run rate business performance.

所以從某種程度上來說，你確實可以這麼說，對吧？這不是一個季度的事情，對吧？這實際上是一種屬於未來季度的數字，但根據會計準則，你只需一次性確認它。因此，在這方面，我們確實希望單獨展示這一點，以便讓每個人都專注於潛在的運行率業務表現。

And at the same time, we also provided you with kind of what the number would be including. That's kind of what's the rationale to it just to create the clarity there.

同時，我們也向您提供了該數字所包含的內容。這就是它的基本原理，只是為了創造清晰度。

Jamie Cook, Truist Securities.

Jamie Cook，Truist Securities。

It's actually Kevin Wilson on for Jamie. On M&A, you spoke at the Investor Day with your new capital allocation framework. You mentioned potentially looking at nonvision adjacencies as acquisition opportunities perhaps in sensing components or other automation technologies.

實際上是凱文威爾森 (Kevin Wilson) 代替傑米 (Jamie)。關於併購，您在投資者日上談到了新的資本配置框架。您提到可能將非視覺鄰接視為感測組件或其他自動化技術的收購機會。

In the context of your new framework, I'm wondering if you can expand on what adjacencies you're considering outside your core Vision business and then more broadly, just how the pipeline for M&A or conversations with potential targets changed since you have changed maybe since you came out with your new framework.

在您的新框架背景下，我想知道您是否可以擴展您在核心 Vision 業務之外考慮的鄰接關係，然後更廣泛地講，自從您推出新框架以來，併購管道或與潛在目標的對話是如何變化的。

Yes, Kevin, this is Matt. We certainly did at Investor Day, provide some guidance in terms of how we're thinking about M&A, what's contribution to our growth outlook is. But I think what we also said was we were going to be very thoughtful and continue to hold a very high bar in terms of how and where we would pursue M&A.

是的，凱文，這是馬特。我們確實在投資者日提供了一些指導，說明我們如何看待併購，以及這對我們的成長前景有何貢獻。但我認為我們也說過，我們將非常謹慎，並在如何以及在何處進行併購方面繼續保持非常高的標準。

Cognex over the last 10 years or more has always viewed M&A as a way to add capability to the business. And Dennis and I and the broader leadership team continue that belief. I think with the acquisition of Moritex, that was a bit of a different move for us. It was a larger deal that brought with it products, technology revenue around the world.

過去十多年來，康耐視一直將併購視為增強業務能力的一種方式。丹尼斯、我以及更廣泛的領導團隊都堅持這個信念。我認為收購 Moritex 對我們來說是一個有點不同的舉措。這是一筆更大的交易，為世界各地帶來了產品和技術收入。

And I think we all view that as going very well and adding the value that we wanted it to. And I think should give us all some confidence that those are plays we can run as well beyond just maybe the smaller bolt-on technology acquisitions that we've done more so in the past.

我認為我們都認為這進展非常順利，並且增加了我們想要的價值。我認為應該讓我們所有人都有信心，我們可以進行這些操作，而不僅僅是像我們過去那樣進行規模較小的附加技術收購。

So -- what are we looking for, right? We're looking for a really good strategic fit and alignment with the objectives that I shared. That's number one. We're obviously looking for clear evidence that we can drive value that we are the preferred owner that we can leverage the assets of Cognex and drive advantaged value for our shareholders and affect the bottom line quickly.

那麼——我們在尋找什麼，對嗎？我們正在尋求與我所分享的目標真正契合和一致的策略。這是第一點。我們顯然正在尋找明確的證據，證明我們能夠創造價值，我們是優先所有者，我們可以利用康耐視的資產，為股東創造優勢價值，並迅速影響底線。

And to that end, we're holding a very high bar. So yes, we have and we'll continue to have a very rigorous M&A process. We're as a leader in our industry, we know a lot of the key players, and we plan to stay in touch with those players. And as we have updates, we'll share them.

為了達到這個目的，我們設定了非常高的標準。是的，我們已經並將繼續實行非常嚴格的併購流程。作為行業領導者，我們了解許多關鍵參與者，我們計劃與這些參與者保持聯繫。一旦有更新，我們就會分享。

And I think we also said around Investor Day that what we said it's like 3% plus kind of on an annualized basis through the cycle, additional growth has been also very clear, like this could be a single deal, which maybe happens in three years and four years, right?

我想我們在投資者日也說過，我們說的就像是整個週期內年化增長率達到 3% 以上，額外的增長也非常明顯，比如這可能是一筆交易，可能在三年或四年內發生，對吧？

So in that regard, I'm not feeling like kind of any deal mode where we think like we need to execute a deal right now just coming out of this Investor Day. As Matt said, we'll take the time to find the right target. We'll be disciplined about it to find something which makes sense. And at the same time, we also have work to in the operating business.

因此，從這個方面來看，我並不覺得我們需要在投資者日結束後立即執行任何交易模式。正如馬特所說，我們會花時間尋找正確的目標。我們會嚴格遵守規則，找到有意義的東西。同時，我們在經營業務方面也有很多工作要做。

We like the meaningful step forward, which we took, but we also clearly said we still have work to do on we'll keep on working on that.

我們很高興看到我們邁出了有意義的一步，但我們也明確表示我們仍有工作要做，我們會繼續努力。

That's helpful. And then just a follow-up on the medical lab automation item in the third quarter. Is that type of licensing arrangement? Are there other opportunities that have a similar profile that you're looking at moving forward or is that sort of just a onetime opportunity with that specific strategic part and then I'll pass it on ?

這很有幫助。然後只是對第三季的醫療實驗室自動化項目的後續跟進。這是許可證安排類型嗎？您是否還有其他類似的機會，並且正在考慮推進，或者這只是一次性的特定策略部分機會，然後我會將其傳遞給其他人？

Yes. Maybe I'll give you a bit of context on why we did it, right? So as a management team, we're always looking at ways to better allocate our resources, right? And in this case, we're in a market of lab automation that is a great application for our vision. We've had a lot of success there.

是的。也許我可以給你解釋一下我們為什麼這麼做，對嗎？因此，作為管理團隊，我們一直在尋找更好分配資源的方法，對嗎？在這種情況下，我們處於實驗室自動化市場，這對我們的願景來說是一個很好的應用。我們在那裡取得了很多成功。

But for us, in many ways, it was a bit subscale, particularly from a channel perspective. And so we found annual partner that had a better presence in that area, had better scale, had good relationships that maybe could manage that channel and those customers more effectively than we could.

但對我們來說，在很多方面，它的規模都有點小，特別是從通路角度來看。因此，我們找到了在該地區有更好影響力、規模更大、關係更好的年度合作夥伴，他們或許可以比我們更有效地管理該管道和客戶。

And so that's maybe the playbook behind the deal. And so we have a partner that plans to continue to use Cognex vision and sell it through to the customers that we have but has a broader portfolio of offerings for those customers and so it felt like a very, very good fit.

這也許就是這筆交易背後的策略。因此，我們有一個合作夥伴計劃繼續使用康耐視視覺並將其銷售給我們現有的客戶，但為這些客戶提供更廣泛的產品組合，因此感覺非常非常合適。

So to the extent there are other opportunities, we're being very thoughtful, right? As you'd imagine, one of the things I'm doing is taking a very broad look across the portfolio to say, are we as focused as I'd like are we deploying our resources in the ways that have the best impact for the business that we want to run.

因此，就其他機會而言，我們會非常慎重，對嗎？正如您所想像的，我正在做的事情之一就是對整個投資組合進行非常廣泛的審視，看看我們是否像我希望的那樣專注，我們是否以對我們想要運營的業務產生最佳影響的方式部署我們的資源。

And in many cases, the answer is yes. There's some areas that the answer is weaker. And when you see that we really go after it. And this is one of those areas.

在很多情況下，答案是肯定的。有些領域的答案比較薄弱。當你看到這一點時，我們就會真正去追求它。這就是其中一個領域。

And more considering it like perhaps even doubling down on the existing strategies that we want to have a strong direct sales channel in the markets, which we really think are very important for us. So we are redeploying resources there. So it's not a shift in strategy. I wouldn't more think about like doubling down on what we already said in the past.

而我們可能還會加倍現有策略，希望在市場上擁有強大的直銷管道，我們認為這對我們來說非常重要。因此我們正在那裡重新部署資源。所以這並不是戰略的轉變。我不會再考慮重複我們過去說過的話。

Ken Newman, KeyBanc Capital Markets.

肯‧紐曼 (Ken Newman)，KeyBanc 資本市場。

Congrats on the solid quarter. Yes. Maybe first, sorry if I missed it, Dennis, but I'm curious if you just had any color on what price contributed to the organic revenue this quarter and kind of what's implied in the new 3Q guide. Really, I'm just trying to get a sense of what you think is potentially sustainable from price pass-through into next year if all the current policies on tariffs stay in place as they are today?

恭喜本季業績穩健。是的。也許首先，如果我錯過了，我很抱歉，丹尼斯，但我很好奇你是否了解哪些價格對本季度的有機收入做出了貢獻，以及新的第三季指南中暗示了什麼。真的，我只是想了解一下，如果所有現行的關稅政策都保持現狀不變，您認為價格傳導到明年是否具有永續性？

Right. So I think that probably two pieces to it, right? That's maybe the US and the tariff specifically, and then there's the broader global picture here, right? So I think maybe on the tariff specific or your specific side, right?

正確的。所以我認為它可能包含兩個部分，對嗎？這可能是美國和關稅的具體情況，然後還有更廣泛的全球情況，對嗎？所以我認為也許是關於關稅的具體方面或你們的具體方面，對嗎？

We've been talking about it on the one side, we've been working on the supply chain, and we had the team in place since last year. And the team has been really moving fast. And I think that's part of why we have been able to basically keep the outlook with no material impact to adjusted EBITDA margin or adjusted EPS at the same level even so that the tariffs are slightly went up, right, as the recent trade deals because the team really did a great job on working on the supply chain, and we are not having a meaningful exposure to China.

一方面我們一直在談論這個問題，另一方面我們一直在致力於供應鏈，而且我們從去年就開始組建團隊了。而且團隊的進展確實很快。我認為這就是為什麼我們能夠基本上保持前景，對調整後的 EBITDA 利潤率或調整後的 EPS 沒有實質影響，即使關稅略有上升，就像最近的貿易協議一樣，因為團隊在供應鏈方面確實做得很好，而且我們對中國沒有太大的影響。

Still there is some, and the team really did a nice job there. And then at the same time, we are certainly also working on the customer side and finding agreements there. But I wouldn't say like, overall, that drives now this meaningful impact for us, what we included here in the Q3 guidance.

但還是有一些的，而且團隊確實做得很好。同時，我們當然也在客戶端開展工作並在那裡達成協議。但總體而言，我不會說這會為我們帶來有意義的影響，我們在第三季指引中也提到了這一點。

I think then, however, when we look at the broader picture outside the US on the tariff dynamic, I think if you think back over the last 12 months, we have often talked about kind of pricing headwinds in China and that this has impacted gross margin on bottom line to some extent.

然而，我認為，當我們從美國以外的更廣泛的角度看待關稅動態時，如果回顧過去 12 個月，我們經常談論中國的定價阻力，這在一定程度上影響了毛利率。

And I think here on the one side, we think that pricing pressure eased somewhat. At the same time, we're also doing a good job here working on the supply chain side to offset these pricing pressures. In that regard, I think, overall, I would say pricing perhaps is a neutral from -- coming from a negative over the last 12 months more moving towards the neutral now. And uncertainly, we keep on exploring our opportunities there and we'll keep you updated in the next couple of quarters on how that goes.

我認為，一方面，我們認為定價壓力有所緩解。同時，我們在供應鏈方面也做得很好，以抵銷這些定價壓力。在這方面，我認為，總體而言，我認為定價可能處於中性狀態 - 從過去 12 個月的負面狀態逐漸轉向中性。儘管存在不確定性，我們仍將繼續探索那裡的機會，並將在接下來的幾季內向您通報進度。

For my follow-up here, maybe just to approach the margin guide or maybe the longer-term view on margin guide a little differently. Given all the work you've done on leveraging costs, I think the midpoint of your 3Q guide is implying an incremental EBITDA margin of above 50%, closer to 60%.

對於我的後續行動，可能只是以稍微不同的方式看待保證金指南，或對保證金指南的長期看法。考慮到您在利用成本方面所做的所有工作，我認為您的第三季指南的中點意味著增量 EBITDA 利潤率將超過 50%，接近 60%。

Do you feel like this is a decent baseline going forward given how the markets are recovering? Or are there any onetime things that we should kind of be aware of as we think about more normalized operating leverage into '26.

考慮到市場正在復甦，您是否認為這是一個不錯的未來基準？或者，當我們考慮在 26 年實現更規範的經營槓桿時，是否應該注意一些一次性的事情。

I mean, see, first of all, I think we said that we are pleased with to progress. It's a meaningful step forward. It comes really two things together, revenue top line is growing and OpEx side is decreasing on a year over year basis. And I think that's clearly there is some really underlying work which we're doing. We talked a bit about the programmatic approach, which we are doing there. So it's really kind of in that sense. It's sustainable on the cost side.

我的意思是，首先，我認為我們說我們對進展感到高興。這是向前邁出的重要一步。這其實是兩件事結合在一起的，收入頂線正在成長，而營運支出卻在逐年下降。我認為，很明顯我們正在做一些真正基礎的工作。我們談論了一些我們正在實施的程序化方法。從這個意義上來說確實如此。從成本方面來看，這是可持續的。

At the same time, it made us comment about the fourth quarter, right? So keep in mind, there's seasonality in the business. So I really want you to think on the top line side, that we have the strong Q2, Q3 driven by consumer electronics and certainly, that drives leverage and deleverage, right?

同時，它也讓我們對第四季做出了評論，對嗎？所以請記住，業務具有季節性。所以我真的希望你從營收角度考慮，我們在第二季和第三季表現強勁，這主要得益於消費性電子產品的推動，當然這也推動了槓桿率和去槓桿率，對嗎？

So in that regard, if you think back about Q1, Q1 was a strong quarter, if you think about it from a year over year comparison, but it was somewhere at a 16.8% adjusted EBITDA margin, right? So that means not yet in the 20%. So think about it when you think about Q4 that you will see some deleverage.

因此，從這方面來看，如果您回顧第一季度，您會發現第一季是一個強勁的季度，如果從同比角度來看，其調整後 EBITDA 利潤率約為 16.8%，對嗎？所以這意味著還沒有達到 20%。因此，當您考慮第四季度時，請考慮一下，您會看到一些去槓桿現象。

And then, of course, at the same time, when we think about what we said at Investor Day, our target of achieving greater than 20% adjusted EBITDA in 2026. We feel that we are on the path to that on this work which we are doing and the cost structure is really bringing us there. So I would say, short term, keep in mind, Q4 seasonality. But then if you think about 2026 and generally, we're making really meaningful progress.

當然，同時，當我們思考我們在投資者日所說的話時，我們的目標是在 2026 年實現超過 20% 的調整後 EBITDA。我們覺得，我們正在朝著這個目標努力，而成本結構也確實在引領我們實現這個目標。所以我想說，短期內，請記住第四季的季節性。但如果你想想 2026 年，總的來說，我們正在取得真正有意義的進展。

Piyush Avasthy, Citi.

花旗銀行的 Piyush Avasthy。

Well, can you guys like drill down on auto's EV end market? I understand you mentioned lower project activity. But from your vantage point, can you maybe update on what your customers are telling you with regards to their CapEx plans beyond 2025. Just trying to understand where we are in the CapEx cycle. And also if there is anything different that you're seeing in EV versus like the traditional ICE, that would be helpful.

那麼，你們可以深入了解一下汽車的電動車終端市場嗎？我知道您提到了項目活動減少。但是從您的角度來看，您能否更新一下您的客戶關於 2025 年以後的資本支出計劃的資訊。只是想了解我們處於資本支出週期的哪個階段。此外，如果您發現電動車與傳統內燃機汽車有任何不同，那將會很有幫助。

Yes. Maybe I'll start. I was actually just got back to Detroit. I spent the week with many of our customers in auto on this very topic. And I would say the macro, there's a lot of uncertainty, and the macros continue to be weak, largely driven by some of the uncertainty and increased costs from trade and other tariffs. And I think that's well published.

是的。也許我會開始。我實際上只是回到底特律。我花了一周的時間與許多汽車客戶討論這個主題。我想說，宏觀經濟存在著許多不確定性，宏觀經濟持續疲軟，主要是受到貿易和其他關稅帶來的一些不確定性和成本增加的影響。我認為這篇文章發表得很好。

But by the same time, I am very encouraged by the potential that machine vision has and they are as well in a number of areas. One, as a key means of offsetting some of those cost increases, their cost to operate and drive efficiency throughout their operations. They need us more now than they ever have, I think, is one message.

但同時，機器視覺的潛力令我感到非常鼓舞，而且它們在許多領域也發揮著同樣的作用。第一，作為抵銷部分成本增加的關鍵手段，降低營運成本並提高整個營運的效率。我認為，他們現在比以往任何時候都更需要我們，這是一條訊息。

The second is quality, right? I think all of them, even in light of substantial cost increases because of tariff activity, quality still remains their top priority, and we saw from some of them, particularly this year, maybe not where they want to be an increased recall activity and the cost support quality is very much top of mind for a lot of our auto customers. And again, Cognex machine vision is recognized for its ability to ensure quality throughout their supply chain. That's second.

第二個就是質量，對吧？我認為，即使由於關稅活動導致成本大幅增加，所有這些公司的品質仍然是他們的首要任務，我們從其中一些公司的情況看到，特別是今年，也許他們並不希望增加召回活動，而成本支持質量對於我們的許多汽車客戶來說是最重要的。康耐視機器視覺因其確保整個供應鏈品質的能力而受到認可。這是第二點。

And then the third theme for them is labor scarcity. They -- I heard from all of them that as they think about their plans, they continue to have high turnover in their facilities and struggle to find competent labor to run their manufacturing facility.

對他們來說，第三個主題是勞動力短缺。他們——我從他們所有人那裡聽說，當他們考慮他們的計劃時，他們的工廠的人員流動率仍然很高，很難找到有能力的勞動力來運作他們的製造工廠。

So even in light of, I think, some weak macros overall for auto, I think the fundamentals for what drive vision into automotive are very much alive and well, and we're engaging our customers in that area. I won't comment on what future CapEx is, I think, to some extent, that's still highly uncertain.

因此，即使我認為汽車產業整體宏觀經濟表現疲軟，但我認為推動汽車產業願景的基本面仍然非常活躍且良好，我們正在與該領域的客戶互動。我不會評論未來的資本支出是多少，我認為，在某種程度上，這仍然具有很大的不確定性。

Now your question on EV is a good one. We continue to stay engaged in a number of interesting applications in EV battery. Obviously, last year was a challenging year for us in that market and for the industry overall as it had to really absorb what was quite a bit of overcapacity and particularly the battery production. To the extent that's normalized, there still are plans that these OEMs have to release EV or EV hybrid vehicles, and we're engaged in a number of those applications with them.

現在你關於 EV 的問題很好。我們繼續致力於電動車電池領域的許多有趣的應用。顯然，去年對我們這個市場以及整個產業來說都是充滿挑戰的一年，因為我們必須真正吸收大量的過剩產能，特別是電池生產。在正常化的範圍內，這些 OEM 仍然有計劃發布電動車或電動車混合動力車，我們正在與他們合作進行許多此類應用。

Helpful, Matt. Dennis, I'll ask Ken's question in a slightly different way, like you -- on March is, like, as you said, you guys are already doing like 20%, and your 26% target is greater than 20% EBITDA margin. Given most of your end markets are on a positive trajectory, like -- and I understand it's still early, but why can't margins be in that 25% to 30% range, which is the next leg that you guys highlighted during your Investor Day?

很有幫助，馬特。丹尼斯，我會以稍微不同的方式問肯的問題，就像你一樣 - 就像你說的，三月份你們已經達到了 20%，而你們的 26% 的目標高於 20% 的 EBITDA 利潤率。鑑於你們的大多數終端市場都處於積極的軌道上——我知道現在還為時過早，但為什麼利潤率不能在 25% 到 30% 的範圍內？這是你們在投資者日期間強調的下一個目標？

Yes. It's a great question and see that's what we're working towards, right? We laid out a clear path on how we want to get there. And we're working to achieve all milestones one by one. So the first one is still greater than 20%.

是的。這是一個很好的問題，看看這就是我們正在努力的目標，對吧？我們制定了明確的路線圖，明確瞭如何實現這一目標。我們正在努力逐一實現所有里程碑。所以第一個還是大於20%。

I think it's great that we see it first on the quarter, right? So we had now first time for two years in the second quarter, it's still in the third and I talked a bit about seasonality for the fourth, but the next step is to bring it there on a 12-month basis and then work from there towards the 25%. In that regard, I think, we are in the same spirit, and that's what we're driving towards.

我認為我們在本季度首先看到它真是太好了，對吧？因此，我們在第二季度實現了兩年來的首次成長，現在仍處於第三季度，我談到了第四季度的季節性，但下一步是將其以 12 個月為基礎，然後從那裡開始努力實現 25%。從這方面來說，我認為我們有著相同的精神，這也是我們所努力的方向。

Keith Housum, Northcoast Research.

基思·豪瑟姆（Keith Housum），Northcoast Research。

Coming back to the onetime revenue here in the third quarter from this new partner. Just trying to unpack that a little bit more and understand. Is this customer going to be selling your hardware going forward? Or are you going to use your software on their own hardware? So we shouldn't expect to see significant revenue coming from this partnership going forward?

回到第三季來自這個新合作夥伴的一次性收入。只是想進一步解釋並理解這一點。這個客戶以後會銷售你的硬體嗎？或者您打算在他們自己的硬體上使用您的軟體？所以我們不應該期望未來能從這段合作關係中獲得可觀的收入？

Yes. Let me clarify that. Yes. So it's a mixture, right? So on one hand, we've given them the exclusive right to -- and license to manufacture Cognex Vision Systems, but that would be Cognex designed hardware and software.

是的。讓我澄清一下。是的。所以它是混合物，對嗎？因此，一方面，我們授予他們製造康耐視視覺系統的獨家權利和許可，但那將是康耐視設計的硬體和軟體。

And so that's one piece of it. And then the ability to purchase Cognex products for the sole use in this end market. So that's -- it's primarily those two legs. We are not pursuing a strategy with them where they would be -- we would be hosting Cognex software on their hardware. That's not included, but the first two certainly would be.

這就是其中的一部分。然後可以購買康耐視產品，僅供該終端市場使用。所以——主要是那兩條腿。我們不會與他們一起推行一項策略——我們會在他們的硬體上託管康耐視軟體。這不包括在內，但前兩個肯定包括在內。

All right. And then on the magnitude, right, you said $8 million to $14 million. It's over includes minimum over five years include some inventory. So if you break that down, right, it's a meaningful number in the quarter. But if you think over five-year numbers, it's not actually that big, right?

好的。然後就規模而言，對，您說的是 800 萬美元到 1400 萬美元。它已經結束了，包括至少五年多的時間，包括一些庫存。因此，如果你將其分解開來，那麼這是本季一個有意義的數字。但如果從五年的數字來看，其實沒有那麼大，對嗎？

So I really want to kind of highlight, we really took an approach to a very specialized area where we thought like in the specialized area, a channel strategy is more beneficial than the broader strategy, which we have in the other markets.

所以我真的想強調的是，我們確實採取了一種非常專業的領域方法，我們認為在專業領域，通路策略比我們在其他市場採取的更廣泛的策略更有益。

And therefore, we went down this path. So we certainly expect something positive from that, let's say, a specialized area and from this partnership. But I wouldn't think like it would make any meaningful change to our numbers going on the road, considering that also recognizing some of that revenue over the five years period in one single quarter. In that regard, Yes, I wouldn't call it a meaningful impact to 2026 and beyond.

因此，我們走上了這條道路。因此，我們當然期待從中得到一些正面的東西，比如說，一個專業領域和這種合作關係。但我認為這不會對我們的銷售數字產生任何有意義的改變，因為還要在一個季度內確認五年期間的部分收入。在這方面，是的，我不會說它對 2026 年及以後有重大影響。

Got it. Appreciate that. And then just changing gears for a follow-up. As the inventory is down about 8% year over year. You're going to sell some components to this partner here. How should we think about inventory as a contributor to free cash though for the rest of the year?

知道了。非常感謝。然後換個話題進行後續行動。由於庫存較去年同期下降了約8%。您將向這位合作夥伴出售一些零件。那麼，我們該如何看待庫存作為今年剩餘時間內自由現金的貢獻者呢？

Yes. I think we're quite pleased with what we have done on the working capital side, right? I think over the last 12 months or so or cash conversion cycle kind of stepped down by about 60 days. And a good portion of that is coming from the inventory side. And that's kind of part of our drive towards being efficient and being a lean company, right?

是的。我認為我們對營運資金所做的工作非常滿意，對嗎？我認為在過去 12 個月左右，現金轉換週期減少了約 60 天。其中很大一部分來自庫存方面。這也是我們追求高效率和精實公司精神的一部分，對嗎？

It's both on the organizational side as well as on how we manage working capital. In that regard, we think we have done meaningful progress there. There's still a little bit to go. But yes, overall, I'll just happy where we are and still have a little bit of potential there as well.

這既涉及組織面，也涉及我們如何管理營運資金。在這方面，我們認為我們已經取得了有意義的進展。還有一點點路要走。但是，是的，總的來說，我對我們現在的狀況很滿意，而且我們仍然有一點潛力。

James Ricchiuti, Needham.

詹姆斯‧里奇烏蒂 (James Ricchiuti)，尼德漢姆。

A question on the growth in the packaging market. I wonder if you could talk a little bit about that and whether that -- how much of that might be coming from the sales initiatives that you have going on, particularly the sales noise, including the second class that you hired, I guess, mid last year.

關於包裝市場成長的問題。我想知道您是否可以稍微談談這一點，以及其中有多少可能來自您正在進行的銷售計劃，特別是銷售噪音，包括您去年年中僱用的第二批學員。

Jim, yes. No, I think as we said in our prepared remarks, we see evidence that our investments in our channel are helping in this area, right? As we've said before, this tends to be a more regionalized business with local brands and local manufacturing, servicing the unique taste of the regions that they're in and having a sales channel that can reach those customers, which tend to be smaller, more midsized brands and manufacturers is really, really important.

吉姆，是的。不，我認為正如我們在準備好的發言中所說的那樣，我們看到證據表明我們對通路的投資正在對這一領域有所幫助，對嗎？正如我們之前所說，這往往是一個更區域化的業務，擁有本地品牌和本地製造，服務於其所在地區的獨特品味，並擁有可以接觸這些客戶的銷售管道，這些客戶往往是規模較小、中型品牌和製造商，這一點非常非常重要。

And then obviously, having the right technology for those folks to be selling. And as we've said in the past and really still believe in particularly our edge learning-based vision systems are very easy to demo to set up and test and to deploy at scale.

然後顯然，我們需要為這些人提供合適的技術來銷售。正如我們過去所說的那樣，我們仍然相信，特別是我們的基於邊緣學習的視覺系統非常容易演示、設置、測試和大規模部署。

So -- you put those two things together, we can reach more customers with products that are easier to use and deploy. I think we're seeing that very much in the packaging numbers. And then in this industry, there is a good presence of some sophisticated machine builders and other OEMs that we have always kind of served well with our technology. And so yes, we see three legs to that stool. And I think at this point, all three are working in our favor.

所以——將這兩件事結合起來，我們就可以透過更容易使用和部署的產品接觸到更多的客戶。我認為我們在包裝數據中明顯看到了這一點。在這個行業中，有一些先進的機器製造商和其他原始設備製造商，我們一直在使用我們的技術為他們提供良好的服務。是的，我們看到凳子有三條腿。我認為目前這三者都對我們有利。

And just a quick follow-up, just on the semi market. Has your view of that market changed versus earlier in the year just given the mixed signals we're hearing from the WFE market and there's that cautiousness? You don't look too far out, but does that bleed into 2026? Or is it just too early to comment on that?

只是對半導體市場進行快速跟進。鑑於我們從 WFE 市場聽到的混合訊號和謹慎態度，您對該市場的看法與今年稍早相比是否有所改變？您沒有考慮太遠，但這會延續到 2026 年嗎？或者現在評論這個還為時過早？

I think it's too early to call. It's a very complex, sophisticated supply chain, as you know. And we typically engage with the large equipment OEMs. And often what we see is our -- the demand for Cognex Vision with them is in some cases, synchronous for the demand and consumption of final product, which are chips and memory and things like this. And so I think we see room to continue to grow or maintain strength from the demand side, right?

我認為現在下結論還為時過早。如你所知，這是一個非常複雜、精密的供應鏈。我們通常與大型設備原始設備製造商合作。我們經常看到的是——在某些情況下，對康耐視視覺的需求與最終產品的需求和消費是同步的，這些最終產品包括晶片、記憶體等等。因此我認為從需求方面來看，我們看到了繼續成長或保持強勁的空間，對嗎？

The demand for advanced AI and high bandwidth memory will continue. How that flows through to orders for Cognex through the machine builders and OEMs that we serve may or may not be asynchronous to that demand, but it's still a market where we're very excited about and see a lot of potential for. But I think you said it well.

對先進人工智慧和高頻寬記憶體的需求將持續下去。透過我們所服務的機器製造商和原始設備製造商 (OEM) 將訂單傳遞給康耐視的方式可能與需求不同步，也可能不同步，但我們仍然對這個市場感到非常興奮，並且看到它的巨大潛力。但我認為你說得很好。

We're trying to be cautious full year this year, and we updated that for you, but continue to engage with Cognex technology. And this is an area, as we've said before, the acquisition of Moritex has really helped us. It brought with us great relationships in this area with some of the large semi OEMs in the Asia region.

我們今年全年都試圖保持謹慎，並且我們為您更新了這一點，但會繼續與康耐視技術合作。正如我們之前所說，在這個領域，收購 Moritex 確實對我們有很大幫助。它使我們與亞洲地區的一些大型半導體原始設備製造商建立了良好的關係。

Thank you. At this time, I'd like to turn the floor back over to Mr. Moschner for closing comments.

謝謝。現在，我想把發言權交還給莫施納先生，請他發表最後評論。

Great. Well, thanks, everybody, for joining us this morning. We value your continued interest and engagement with Cognex, and we look forward to updating you on our progress during next quarter's call.

偉大的。好吧，感謝大家今天早上加入我們。我們重視您對康耐視的持續關注和參與，並期待在下個季度的電話會議上向您通報我們的進展。

Ladies and gentlemen, this concludes today's event. You may disconnect your lines or log off the webcast at this time and enjoy the rest of your day.

女士們、先生們，今天的活動到此結束。現在您可以斷開線路或退出網路廣播，享受剩餘的一天。