Cognex Corp (CGNX) 2025 Q3 法說會逐字稿

Greetings, and welcome to the Cognex third-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年第三季財報電話會議。（操作說明）提醒各位，本次會議正在錄音。現在，我很榮幸地向大家介紹主持人，投資者關係主管格里爾·阿維夫。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 close, and our 10-Q was filed this morning. The earnings materials are available on our Investor Relations website. I am joined here today by Matt Moschner, our CEO; and Dennis Fehr, our CFO.

謝謝接線生。各位早安，感謝各位的參與。我們的獲利報告於昨日收盤後發布，10-Q 表格於今天早上提交。業績報告可在我們投資者關係網站上查閱。今天與我一同出席的有我們的執行長 Matt Moschner 和財務長 Dennis Fehr。

Today, we plan to share several key messages with you, including progress on our strategic objective to be the AI leader in the industry, end market trends, our performance in the third quarter and our expectations for the fourth 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 cover forward-looking statements, including statements regarding our expectations.

今天，我們計劃與大家分享幾個重要訊息，包括我們在成為人工智慧行業領導者這一戰略目標方面取得的進展、終端市場趨勢、我們第三季度的業績以及我們對第四季度的預期。在發言結束後，我們將開放問答環節。我們已發布的資料和今天的電話會議都將提及非GAAP指標。您可以在我們的新聞稿和收益簡報中找到某些項目從 GAAP 到非 GAAP 的調整表。今天的財報資料將涵蓋前瞻性陳述，包括關於我們預期的一些陳述。

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

由於我們在提交給美國證券交易委員會的文件（包括我們最新的 10-K 表格）中描述的風險和不確定性，我們的實際結果可能與我們的預測有所不同。接下來，我將把電話交給馬特。

Thanks, Greer. Good morning, everyone, and thank you for joining us today. Q3 was another strong quarter for Cognex. We delivered outstanding financial results, which reflect our commitment to profitable growth and disciplined execution. At the same time, we remain focused on advancing our strategic objective to be the leading provider of AI technology for industrial machine vision.

謝謝你，格里爾。各位早安，感謝大家今天收看我們的節目。第三季對康耐視來說又是一個強勁的季度。我們取得了優異的財務業績，這反映了我們對獲利成長和嚴謹執行的承諾。同時，我們將繼續專注於推進我們的戰略目標，成為工業機器視覺領域領先的人工智慧技術提供者。

Turning to page 3 of our earnings presentation. Let's look at some highlights from the third quarter. I'm pleased to share that our third quarter key financial metrics all came in at the high end of our expectations. We delivered double-digit revenue growth and achieved our highest adjusted EBITDA margin since Q2 of 2023. In addition to the strong financial performance, we are making meaningful progress against our strategic objectives.

翻到我們獲利報告的第3頁。讓我們來看看第三季的一些精彩時刻。我很高興地告訴大家，我們第三季的關鍵財務指標全部達到了預期的高水準。我們實現了兩位數的營收成長，並取得了自 2023 年第二季以來最高的調整後 EBITDA 利潤率。除了強勁的財務表現外，我們在實現策略目標方面也取得了實質進展。

First, we continue to execute our sales force transformation, acquiring new customers in underpenetrated verticals such as packaging, using easy-to-use AI-enabled products. I'm also very pleased with the progress we've made this year driving productivity in our sales organization by using new CRM tools and updated processes. Second, we are advancing our technology leadership in AI. This quarter, we're excited to announce the launch of our new solutions experience product line in logistics, which we are calling SLX. This release introduces our latest AI vision tools to solve novel applications in this fast-growing vertical.

首先，我們持續推動銷售團隊轉型，利用易於使用的人工智慧產品，在包裝等滲透率較低的垂直領域中獲取新客戶。今年，我們透過使用新的客戶關係管理工具和更新的流程，提高了銷售組織的生產力，我對此感到非常滿意。其次，我們正在提升我們在人工智慧領域的技術領先地位。本季度，我們很高興地宣布推出我們在物流領域的新解決方案體驗產品線，我們稱之為 SLX。本次發布引入了我們最新的 AI 視覺工具，旨在解決這一快速成長的垂直領域中的創新應用。

Turning to page 4. You can see that the SLX epitomizes our mission to make advanced machine vision easy. By combining industry-leading AI with intuitive deployment workflows, we can solve critical logistics applications with minimal user training. Our initial rollout of SLX devices target specific applications, including object classification and side-by-side detection, both of which complement barcode reading in mixed application workflows. (inaudible), a leading freight, package and logistics provider, recently deployed SLX as the next step in their automation strategy, enabling advanced package detection within its sortation process.

翻到第4頁。可以看出，SLX 完美體現了我們讓先進的機器視覺變得簡單的使命。透過將業界領先的人工智慧與直覺的部署工作流程相結合，我們可以在使用者接受最少培訓的情況下解決關鍵的物流應用問題。我們首批推出的SLX設備主要針對特定應用，包括物件分類和並排檢測，這兩項功能均可與混合應用工作流程中的條碼讀取功能相輔相成。 （聽不清楚）是一家領先的貨運、包裹和物流供應商，最近部署了SLX設備，作為其自動化策略的下一步，從而在其分類流程中實現了高級包裹檢測。

Since implementation, (inaudible) has significantly reduced costs tied to processors and seamlessly scaled the solution across its terminals and network. These new products extend our reach beyond traditional barcode reading into higher-value vision applications in logistics. They help accelerate automation adoption by offering customers scalable, easy-to-use solutions that improve efficiency. With SLX, we're also laying the foundation for other application-specific solutions. Next, let's review our current trends across key end markets, as shown on page 5 of the earnings presentation.

自實施以來，（聽不清楚）已大幅降低了與處理器相關的成本，並在其終端和網路中無縫擴展了該解決方案。這些新產品將我們的應用範圍從傳統的條碼讀取擴展到物流領域更高價值的視覺應用。他們透過向客戶提供可擴展、易於使用的解決方案來提高效率，從而幫助加速自動化普及。透過 SLX，我們也為其他特定應用解決方案奠定了基礎。接下來，讓我們回顧一下我們在主要終端市場的當前趨勢，如收益報告第 5 頁所示。

Please note that my discussion on end market performance excludes the onetime benefit from the commercial partnership in our Q3 2025 results and an additional month of Moritex revenue in Q3 2024 results. Although the macroeconomic backdrop remains uneven and geopolitical uncertainty persists, we continue to see momentum in consumer electronics, logistics and packaging, while automotive remains soft. Starting with logistics.

請注意，我對終端市場表現的討論不包括我們在 2025 年第三季業績中從商業合作中獲得的一次性收益，也不包括 2024 年第三季業績中 Moritex 額外一個月的收入。儘管宏觀經濟情勢依然不均衡，地緣政治不確定性持續存在，但我們仍然看到消費性電子、物流和包裝產業保持成長勢頭，而汽車產業依然疲軟。先從物流說起。

This market remains a strong growth driver. Q3 marks our seventh consecutive quarter of double-digit year-over-year revenue growth, which was led by large e-commerce customers this quarter. The current cycle is being driven primarily by automation of existing facilities rather than new capacity expansion. We believe automation penetration is still low in this vertical and the ROI on our products is very strong.

該市場仍然是強勁的成長動力。第三季是我們連續第七個季度實現兩位數年成長，這主要得益於本季大型電子商務客戶的推動。當前週期主要由現有設施的自動化驅動，而不是新的產能擴張。我們認為，該垂直領域的自動化滲透率仍然很低，我們產品的投資報酬率非常高。

Next is automotive. As expected, automotive revenue continued to contract, although year-over-year declines moderated through the year. The market remains challenging, but we continue to anticipate less steep decline in 2025 relative to last year's 14% contraction, and we believe we are nearing the bottom. Looking ahead, we continue to see promising long-term opportunities in the automotive market as customers prioritize improving vehicle quality and driving down operating costs.

接下來是汽車產業。正如預期的那樣，汽車行業收入繼續萎縮，儘管同比降幅在年內有所放緩。市場依然充滿挑戰，但我們仍然預計 2025 年的跌幅將小於去年 14% 的收縮幅度，我們相信我們已經接近底部。展望未來，隨著客戶優先考慮提高車輛品質和降低營運成本，我們繼續看到汽車市場存在著充滿希望的長期機會。

Next, let's talk about packaging. The business delivered solid revenue growth across most geographies in Q3. Packaging remains a large underpenetrated market with less cyclicality than other verticals. We're making progress with new products and expanding sales coverage, positioning us to capture incremental opportunities and drive further penetration. We maintain a positive full year outlook for packaging.

接下來，我們來談談包裝。第三季度，該公司在大多數地區實現了穩健的收入成長。包裝行業仍然是一個滲透率較低的大型市場，其週期性波動小於其他垂直行業。我們在新產品開發和擴大銷售覆蓋範圍方面取得了進展，這使我們能夠抓住更多機會並進一步擴大市場滲透率。我們對全年包裝業務前景保持樂觀。

Turning now to Consumer Electronics. Q3 revenue grew significantly year-over-year, driven by broad-based strength. This market is showing clear signs of recovery following a prolonged down cycle, and we are well positioned to benefit from ongoing supply chain diversification and evolving device form factors. We maintain a positive outlook for the full year as we expect consumer electronics to deliver its first year of revenue growth since 2022.

接下來我們來談談消費性電子產品。受全面強勁的市場表現推動，第三季營收年增率顯著。經過長期的下行週期，該市場已顯現出明顯的復甦跡象，我們已做好充分準備，從持續的供應鏈多元化和不斷發展的設備外形中獲益。我們對全年保持樂觀態度，預計消費性電子產品將實現自 2022 年以來的首次營收成長。

Finally, turning to semiconductor. Q3 revenue increased modestly year-over-year against a very strong comparison, although we maintain a cautious full year outlook. Longer term, we expect semi growth to benefit from the AI-driven investment cycle, reinforcing our confidence in this market. Cognex's deep relationships with leading semi equipment manufacturers position us well for future growth. In summary, Q3 underscores the strength of our strategy and execution.

最後，我們來談談半導體。儘管去年同期基數很高，但第三季營收年增率不大，我們對全年業績仍持謹慎態度。從長遠來看，我們預期半導體產業將受益於人工智慧驅動的投資週期，從而增強我們對該市場的信心。康耐視與領先的半導體設備製造商建立了深厚的合作關係，這為我們未來的發展奠定了良好的基礎。總而言之，第三季凸顯了我們戰略和執行的實力。

We remain focused on being the number one provider of AI technology for machine vision, delivering the best customer experience in our industry and doubling our customer base over the next five years. These strategic objectives supported by operational discipline and continued innovation position us to drive long-term profitable growth and create sustainable value for our shareholders.

我們將繼續專注於成為機器視覺人工智慧技術的第一大供應商，提供業界最佳的客戶體驗，並在未來五年內將客戶群擴大一倍。這些策略目標，加上嚴格的營運紀律和持續的創新，使我們能夠推動長期獲利成長，並為股東創造可持續的價值。

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

現在我把麥克風交給丹尼斯，讓他來介紹財務表現和第四季的展望。丹尼斯？

Thank you, Matt. Before reviewing Q3 results, I'd like to address 2 items impacting comparability this quarter. As we discussed last 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, which contributed $30 million of revenue this quarter. In addition, our Q3 2024 results included an additional month of Moritex financials as we aligned accounting schedules, which added approximately $5 million of revenue to the prior year quarter. A detailed revenue bridge illustrating these factors is available on page 6 of our presentation.

謝謝你，馬特。在回顧第三季業績之前，我想先談談影響本季業績可比性的兩個因素。正如我們上個季度所討論的，我們與一家戰略通路合作夥伴建立了商業合作關係，以便更好地服務於醫療實驗室自動化這一專業領域的 OEM 客戶，該合作關係在本季度貢獻了 3000 萬美元的收入。此外，由於我們調整了會計時間表，我們的 2024 年第三季業績包含了 Moritex 額外一個月的財務數據，這使得去年同期的收入增加了約 500 萬美元。簡報第 6 頁提供了詳細的收益曲線圖，闡述了這些因素。

Revenue growth, excluding the impact of both the commercial partnership and the additional months of Moritex a year ago was 13% on a constant currency basis. We believe this number provides the most transparent and accurate representation of our underlying top line performance for the quarter.

不計商業合作關係和去年 Moritex 額外月份的影響，以固定匯率計算，收入成長率為 13%。我們認為這個數字能夠最透明、最準確地反映我們本季的實際營收表現。

Turning to the quarterly details. I'll begin with a discussion of reported financial results, followed by the financials adjusted to exclude these two items.

接下來是季度詳情。我將首先討論已公佈的財務業績，然後討論剔除這兩個項目後的調整後的財務業績。

Starting with the as-reported financials on page 7. Third quarter revenue of $277 million expanded by 18% year-over-year or by 16% on a constant currency basis.

首先是第 7 頁的財務報表。第三季營收為 2.77 億美元，年增 18%，以固定匯率計算成長 16%。

Looking at geographic revenue trends on a year-over-year constant currency basis, Americas revenue expanded by 27% in the quarter, led by continued strength in logistics and the onetime contribution of the commercial partnership. Europe grew 24%, driven primarily by certain consumer electronics customers shifting their ordering from China-based entities to those in Europe.

從按年固定匯率計算的地域收入趨勢來看，美洲地區的收入在本季度增長了 27%，這主要得益於物流業務的持續強勁增長以及商業合作的一次性貢獻。歐洲成長了 24%，主要原因是某些消費性電子產品客戶將訂單從中國實體轉移到歐洲實體。

As noted last quarter, this change in ordering entities does not indicate any underlying shift in business mix or customer demand. Excluding this procurement change, Europe grew modestly as strength in packaging and the onetime contribution of the commercial partnership were partially offset by continued weakness in automotive.

正如上個季度所指出的，訂購實體的這種變化並不能表明業務組合或客戶需求發生了任何根本性的變化。除採購變化外，歐洲經濟成長溫和，包裝產業的強勁表現和商業夥伴關係的一次性貢獻部分被汽車產業的持續疲軟所抵消。

Greater China revenue increased 9%. After adjusting for the shift in ordering entities and the additional month of Moritex included in last year's Q3, growth in Greater China was very strong with broad-based momentum across all end markets, except automotive. Other Asia revenue declined 5% in the quarter. After adjusting for the additional month of Moritex revenue last year, other Asia grew 4%, driven by consumer electronics supply chain shift. Staying on page 7.

大中華區營收成長9%。考慮到訂購實體的變化以及去年第三季度中包含的 Moritex 額外一個月，大中華區的增長非常強勁，除汽車行業外，所有終端市場都呈現全面增長勢頭。亞洲其他地區營收本季下降5%。扣除去年 Moritex 額外一個月的收入後，亞洲其他地區成長了 4%，這主要得益於消費性電子產品供應鏈的轉變。停留在第7頁。

Adjusted EBITDA margin expanded 730 basis points, driven by operating leverage, disciplined cost management and the onetime benefit from the commercial partnership. GAAP diluted earnings per share were $0.10, down 39% from a year ago, primarily due to a onetime discrete tax expense accrual of $33 million related to the One Big Beautiful Bill Act. Adjusted diluted EPS of $0.33 increased by $0.13 or 69%. I will now cover the underlying business performance, adjusted to exclude the 2 items impacting comparability. Starting with the financial highlights of the third quarter.

經調整的 EBITDA 利潤率成長了 730 個基點，這得益於經營槓桿、嚴格的成本管理以及商業合作帶來的一次性收益。GAAP稀釋後每股收益為0.10美元，比去年同期下降39%，主要原因是與《一個美好的大法案》相關的一次性離散稅項支出3,300萬美元。經調整後的稀釋每股收益為 0.33 美元，成長 0.13 美元，增幅達 69%。接下來我將介紹基本的業務表現，並進行調整，剔除了兩個影響可比性的因素。首先來看第三季的財務亮點。

Page 8 of our earnings presentation details our performance on 3 key financial metrics: One, adjusted EBITDA margin was 22.1%, representing an increase of 450 basis points year-over-year to our highest margin since Q2 of 2023. Two, adjusted EPS increased 47% year-over-year, the fifth consecutive quarter of double-digit EPS growth. And three, our trailing 12-month free cash flow conversion rate reached 133%, meeting our target of greater than 100% for the fourth consecutive quarter.

我們的獲利報告第 8 頁詳細介紹了我們在 3 項關鍵財務指標上的表現：第一，調整後的 EBITDA 利潤率為 22.1%，同比增長 450 個基點，達到自 2023 年第二季度以來的最高利潤率。第二季調整後每股盈餘年增 47%，連續第五個季度實現兩位數的每股盈餘成長。第三，我們過去 12 個月的自由現金流轉換率達到 133%，連續第四個季度達到 100% 以上的目標。

Our focus on disciplined cost management and profitable growth ensured that this quarter's strong revenue performance translated into strong bottom line EPS growth and robust free cash flow. These financial results represent another key milestone towards the through-cycle financial framework we outlined at our Investor Day.

我們專注於嚴格的成本管理和獲利成長，確保了本季強勁的營收表現轉化為強勁的每股盈餘成長和穩健的自由現金流。這些財務表現標誌著我們在投資者日上概述的貫穿週期財務框架又邁出了重要一步。

Turning to the income statement, adjusted to exclude the two items impacting comparability on page 9 of our earnings presentation. Revenue increased 15% year-over-year and 13% on a constant currency basis. Adjusted gross margin was 67.7%, down 170 basis points year-over-year, driven by unfavorable mix and the impact of tariffs.

接下來來看損益表，已進行調整，剔除了我們在收益報告第 9 頁中列出的兩個影響可比性的項目。營收年增 15%，以固定匯率計算成長 13%。經調整後的毛利率為 67.7%，較去年同期下降 170 個基點，主要原因是產品組合不利和關稅的影響。

Adjusted operating expenses grew 1% year-over-year and declined 1% on a constant currency basis, driven by continuous cost management, partially offset by a meaningful headwind from incentive compensation in the quarter. We have now delivered the combination of revenue growth and adjusted OpEx reduction for three consecutive quarters.

調整後的營業費用年增 1%，以固定匯率計算下降 1%，這主要得益於持續的成本管理，但部分被本季度激勵性薪酬帶來的顯著不利影響所抵消。我們已連續三個季度實現了營收成長和調整後營運支出下降的雙重目標。

While we are pleased with these results, we continue to drive efficiency across the organization and incurred $3 million of reorganization charges in the quarter, which are excluded from adjusted operating expense. Looking ahead, on an annual basis, we expect adjusted operating expenses to grow at a slower pace than revenue.

雖然我們對這些結果感到滿意，但我們仍在努力提高整個組織的效率，並在本季度產生了 300 萬美元的重組費用，這些費用不計入調整後的營運費用。展望未來，我們預期年度調整後的營運支出成長速度將低於營收成長速度。

The mentioned combination of revenue growth and continuous focus on cost management drove adjusted EBITDA margin to 22.1%, near the upper end of our guidance range. Adjusted diluted EPS was $0.28, representing 47% year-over-year growth. This strong EPS performance was driven by robust revenue growth, disciplined cost management and the lower diluted share count compared to last year.

上述營收成長和持續關注成本管理相結合，推動調整後 EBITDA 利潤率達到 22.1%，接近我們預期範圍的上限。經調整後的稀釋每股收益為 0.28 美元，年增 47%。強勁的每股盈餘表現得益於穩健的收入成長、嚴格的成本控制以及與去年相比較低的稀釋後股份數量。

We generated $86 million in free cash flow in Q3, exceeding the total amount generated during the first 9 months of 2024 in a single quarter. Trailing 12 months free cash flow reached $214 million, surpassing the $200 million mark for the first time since Q1 of 2023 and increasing 132% compared to the 12-month period ending Q3 of 2024. Trailing 12 months free cash flow conversion was 133%, easily meeting our target of greater than 100%. We continued to drive working capital efficiencies in Q3, and our cash conversion cycle declined sequentially for the sixth straight quarter. Turning to capital allocation.

我們在第三季產生了 8,600 萬美元的自由現金流，超過了 2024 年前 9 個月產生的總金額，而這僅僅是一個季度的金額。過去 12 個月的自由現金流達到 2.14 億美元，自 2023 年第一季以來首次突破 2 億美元大關，與截至 2024 年第三季的 12 個月期間相比增長了 132%。過去 12 個月的自由現金流轉換率為 133%，輕鬆達到我們 100% 以上的目標。第三季度，我們持續提高營運資本效率，現金週轉週期連續第六個季度季減。接下來討論資本配置。

We returned $37 million to shareholders this quarter through a combination of share repurchase and dividends. Over the past 12 months, we have returned $224 million to shareholders, more than 100% of our free cash flow. Over the long term, we remain committed to returning capital as an important component of the disciplined capital allocation strategy we outlined in June. We ended Q3 with $600 million in net cash and investments, providing flexibility to pursue M&A opportunities while continuing to return capital to shareholders.

本季我們透過股票回購和分紅的方式向股東返還了 3,700 萬美元。過去 12 個月，我們已向股東返還了 2.24 億美元，超過我們自由現金流的 100%。從長遠來看，我們仍然致力於返還資本，這是我們在 6 月提出的嚴謹資本配置策略的重要組成部分。第三季末，我們擁有 6 億美元的淨現金和投資，這為我們尋求併購機會提供了靈活性，同時繼續向股東返還資本。

Moving to page 10 of our earnings deck. I'll now review our financial guidance for the fourth quarter. In Q4, we expect revenue to be between $230 million and $245 million, representing growth of approximately 3% at the midpoint. The implied sequential decline is primarily driven by the seasonal step down in our consumer electronics business and is in line with our historical Q4 seasonality over the past decade.

接下來請翻到我們獲利報告的第10頁。接下來，我將回顧我們第四季的財務預期。我們預計第四季度營收將在 2.3 億美元至 2.45 億美元之間，中位數約為 3%。隱含的環比下降主要是由於消費性電子業務的季節性下滑所致，這與我們過去十年第四季的歷史季節性規律相符。

Adjusted EBITDA margin is expected to be between 17% and 20%, with the midpoint consistent with the level achieved in the prior year. Adjusted earnings per share are expected to be between $0.19 and $0.24, with the midpoint of this range representing approximately 7.5% year-over-year growth driven by revenue growth and the reduction in share count.

調整後 EBITDA 利潤率預計在 17% 至 20% 之間，其中數值與上一年達到的水平一致。經調整後的每股盈餘預計在 0.19 美元至 0.24 美元之間，該範圍的中點代表著約 7.5% 的同比增長，這主要得益於收入增長和股份數量的減少。

We continue to expect no material impact on full-year adjusted EBITDA margin and earnings per share from tariffs announced as of today. Our Q4 guidance implies mid-single-digit full year 2025 revenue growth, excluding the benefit from the commercial partnership. Looking ahead to 2026, average PMI readings in Q3 for major economies, including the US, Eurozone, China and Japan were between 48 and 51, signaling that industrial activity has yet to show sustained expansion. These conditions suggest we remain in the initial stage of the cycle. As we shared at Investor Day, this stage is characterized by moderate growth with similar growth dynamics in 2026 as we are experiencing in 2025, excluding the onetime benefit from the commercial partnership.

我們仍然預計，截至今天宣布的關稅不會對全年調整後 EBITDA 利潤率和每股盈餘產生重大影響。我們第四季的業績預期意味著 2025 年全年營收將實現中等個位數成長，這還不包括商業合作帶來的收益。展望 2026 年，包括美國、歐元區、中國和日本在內的主要經濟體第三季的平均 PMI 讀數在 48 到 51 之間，這表明工業活動尚未持續擴張。這些情況顯示我們仍處於週期的初始階段。正如我們在投資者日上分享的那樣，這一階段的特點是適度增長，2026 年的成長動態與 2025 年類似，但不包括商業合作帶來的一次性收益。

To clarify, this outlook is not formal revenue guidance, nor does it reflect changes in business conditions or visibility. Rather, it represents our view of the cycle based on macroeconomic indicators and our full cycle financial framework. In this early cycle environment, we remain committed to disciplined cost management while driving margin expansion and EPS growth, combined with strong cash generation.

需要澄清的是，這項展望並非正式的收入預測，也不反映業務狀況或可見度的變化。相反，它代表了我們基於宏觀經濟指標和完整週期金融框架對經濟週期的看法。在當前經濟週期初期，我們將繼續致力於嚴格的成本管理，同時推動利潤率擴張和每股盈餘成長，並實現強勁的現金流。

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

現在我和馬特準備好回答你們的問題了。操作員，請開始。

(Operator Instructions)

（操作說明）

Damian Karas, UBS.

Damian Karas，瑞銀集團。

I wanted to begin by asking you about the consumer electronics part of your business. How much of the current demand strength you're seeing is a result of rising customer output and product rollouts versus your customers migrating their footprint to other regions? And curious what you're hearing from some of your CE customers in terms of their plans to make further shifts of their supply chain and what that could mean for your business in 2026?

我想先問一下您關於貴公司消費性電子產品業務的問題。您目前看到的需求強勁有多少是因為客戶產量增加和產品推出，又有多少是因為客戶將業務轉移到其他地區？我很好奇您的消費性電子客戶中，有哪些人計劃進一步調整其供應鏈，以及這對您公司在 2026 年的業務意味著什麼？

Damian, this is Matt. Thanks for the question. Yes, we're very pleased with the performance of our consumer electronics business this year. And as we said in the comments, it being a growth year for us in consumer after several years of a down cycle. And so where is that coming from?

達米安，這是馬特。謝謝你的提問。是的，我們對今年消費電子業務的業績非常滿意。正如我們在評論中所說，在經歷了幾年的下行週期後，今年是我們消費業務的成長之年。那麼，這種現象究竟從何而來？

I think you hinted at a few of them. I was actually in ASEAN in India a few weeks ago, observing some of the shifts in manufacturing from Mainland China, working with a lot of the machine builders that underpin this industry. And yes, I would say there is quite a bit of activity that we're participating in as supply chains diversify in this market. And whether that's countries like Vietnam, Malaysia, India, I think all are really trying to participate in that migration. But I wouldn't say that's the only growth driver, right?

我想你已經暗示過其中一些了。幾週前，我其實在印度的東協地區，觀察了製造業從中國大陸向東協的一些轉變，並與支撐該產業的許多機械製造商進行了交流。是的，我認為我們正在參與許多供應鏈多元化相關的市場活動。無論是越南、馬來西亞或印度等國家，我認為它們都在努力參與這場移民浪潮。但我不會說這是唯一的成長驅動因素，對吧？

I think we said our business is growing broad-based, right? It's not just a few customers, it's many customers that are seeing increased activity. I think we are seeing things like changes in device form factors and entirely new form factors, particularly as consumers are wanting to take advantage of advanced AI technology in different ways. At the same time, advanced AI vision for some of the more complex cosmetic inspections is also maturing, and we're seeing our ability to solve new applications that maybe historically weren't addressable. So I think you put all those things together, and yes, I think we feel very optimistic about where we are and how we can participate across multiple growth vectors.

我想我們說過，我們的業務正在朝著更廣泛的領域發展，對吧？不只是少數客戶，而是許多客戶都發現業務活動增加。我認為我們正在看到設備外形尺寸的變化，以及全新的外形尺寸的出現，尤其是在消費者希望以不同的方式利用先進的人工智慧技術的情況下。同時，用於一些更複雜的外觀檢測的先進人工智慧視覺技術也在日益成熟，我們看到了解決一些過去可能無法解決的新應用問題的能力。所以我覺得把所有這些因素綜合起來，是的，我認為我們對我們目前所處的位置以及我們如何參與多個成長方向都感到非常樂觀。

And as a global company, I think customers are looking to us to help them produce, whether it's in one geography or around the world. And so we're excited for how that could carry into 2026.

作為一家全球性公司，我認為客戶希望我們幫助他們進行生產，無論是在一個地區還是在全球範圍內。因此，我們對這一趨勢在 2026 年的發展前景感到興奮。

That's really helpful. And then I wanted to ask you about China, which I think if I heard correctly, you saw 9% growth. And so I guess if I just think about what we've heard from a lot of our other industrial companies that have reported third quarter so far, we seem to be bucking the trend there where I think a lot of others are experiencing some softness in China. So can you just elaborate on what you're seeing? What's driving the broader strength there?

這真的很有幫助。然後我想問你關於中國的問題，如果我沒聽錯的話，你們那裡的成長率為 9%。所以，我想，如果我回顧一下我們從其他很多已經公佈第三季業績的工業公司那裡聽到的情況，我們似乎正在逆勢而行，我認為很多其他公司在中國都經歷了一些疲軟的局面。能詳細描述一下你所看到的情況嗎？推動該地區整體實力增強的因素是什麼？

Yes, absolutely. No, thanks for noticing. In Q3, we saw strong year-over-year growth in Greater China, which, as a note, includes Taiwan for us. And I would say it is broad-based across verticals with perhaps the exception of automotive. Why?

是的，絕對的。不，謝謝你的關注。第三季度，我們在大中華區實現了強勁的同比增長，需要說明的是，大中華區包括台灣地區。我認為這種趨勢在各個垂直領域都得到了廣泛應用，或許汽車產業除外。為什麼？

We've made great investments in China and the Greater China region. We have landed more localized distribution. We've invested in our sales channel. We have local engineering in country to try to be a more nimble company in that country and in that region. And I think you're starting to see some of those things pay off.

我們在中國和大中華地區進行了大量投資。我們實現了更本地化的分銷。我們已對銷售管道進行了投資。我們在當地設有工程團隊，力求成為一家在該國和該地區更加靈活的公司。我認為你已經開始看到其中一些努力開始奏效了。

As a reminder, a good portion of our business, I think in the past, we've said 3/4 roughly are multinationals operating in China and roughly 1/4 being domestic Chinese manufacturers. And so they like working with Cognex, not just because of our excellent technology, but also our global footprint. particularly as customers are -- our customers are thinking about potentially producing in China and other Asia regions given some of the trade and tariff news of recent months. So yes, we're encouraged by the momentum. I would also say the competitive dynamic in China has stabilized in many ways, and we're seeing pricing stabilize as a result.

提醒一下，我們業務的很大一部分，我認為過去我們曾說過，大約 3/4 是在中國運營的跨國公司，大約 1/4 是中國本土製造商。因此，他們喜歡與康耐視合作，不僅是因為我們擁有卓越的技術，還因為我們的全球佈局。尤其考慮到近幾個月來一些貿易和關稅方面的消息，我們的客戶正在考慮在中國和其他亞洲地區進行生產。是的，我們對目前的勢頭感到鼓舞。我還想說，中國的競爭格局在許多方面已經趨於穩定，因此我們看到價格也趨於穩定。

And so you put those things together, and yes, we had a great quarter, and I remain pretty optimistic about how the investments we've made in China could pay off for us heading into next year.

所以把這些因素綜合起來，是的，我們這個季度業績很好，我對我們在中國的投資明年能為我們帶來回報仍然相當樂觀。

Andrew Buscaglia, BNP.

安德魯·布斯卡利亞，法國巴黎銀行。

I was hoping you could discuss some of the trends you're seeing in logistics. I mean, obviously, that's been very strong for some time now. But how much more of this existing capacity reinvestment from customers can you benefit from? And at what point do you need there to be another leg up in new warehouse build-outs to grow?

我希望您能談談您在物流領域觀察到的一些趨勢。我的意思是，很顯然，這種情況已經持續了一段時間。但是，您還能從客戶現有的產能再投資中獲益多少呢？那麼，在什麼情況下，你需要藉助新的倉庫建設來促進成長呢？

Yes. No, it's a great question. I mean, as we said in the prepared remarks, most of our growth is driving productivity in existing facilities, and I still see room to grow there. I think we've also said we think this market is still in the early innings of its automation story, and I believe that to be true. You go into a modern warehouse today, you see a lot of vision systems.

是的。不，這是一個很好的問題。我的意思是，正如我們在準備好的演講稿中所說，我們的大部分成長都來自於現有設施生產力的提升，而且我認為這方面仍然有成長空間。我認為我們也說過，我們認為這個市場仍處於自動化發展的早期階段，我相信這是事實。如今你走進一家現代化的倉庫，會看到很多視覺系統。

But today, they're mostly doing things like barcode reading and helping with the sortation process. I think -- the product release we had yesterday is a really exciting one for us, and I think for the industry because it really is the first meaningful step in bringing vision and visual inspection to warehouses. And it's good to remember why that hasn't happened yet because it's a really, really hard problem, right, given the variation that you see going through some of these facilities, millions of SKUs at very high rates that are very cost sensitive. So we're excited about how we can drive vision penetration in logistics. I think that is -- I almost characterize it as a white space.

但如今，它們主要從事條碼讀取和協助分揀過程等工作。我認為——我們昨天發布的產品對我們來說非常令人興奮，對整個行業來說也是如此，因為它確實是將視覺和視覺檢測引入倉庫的真正意義上的第一步。記住為什麼這種情況還沒有發生是件好事，因為這確實是一個非常非常棘手的問題，對吧？考慮到某些工廠的處理方式，數百萬個 SKU 以非常高的速度生產，而且對成本非常敏感。因此，我們對如何推動視覺科技在物流領域的普及應用感到非常興奮。我認為那就是——我幾乎可以把它描述為一片空白。

And I think one that really can only be addressed by advanced AI. And so I think we're well positioned for that. And the SLX is the first step in that journey for us. I think a lot of our customers are still -- have very much a productivity focus, right? So I don't think we're yet over the hump on how we can get more and how they can get more productivity from existing facilities.

我認為這只能透過先進的人工智慧來解決。所以我認為我們在這方面已經做好了充分的準備。SLX 是我們邁向這目標的第一步。我認為我們的許多客戶仍然非常注重生產力，對吧？所以我認為，我們還沒有克服如何獲得更多資源以及如何從現有設施中提高生產力的難題。

And then I would just say, right now, our strength is in retail distribution and e-commerce. I think we're relatively newer to areas like the parcel market and helping other areas like airports as they look to automate where we're seeing quite a bit of investment. So I think those are areas where we could grow as well. So I think we remain optimistic that the growth story of logistics is not yet over. But I would just say maybe a bit nonlinear, particularly as some of the larger customers that we serve, how many more years can they have outsized investments.

然後我想說，目前我們的優勢在於零售分銷和電子商務。我認為我們在包裹市場等領域相對較新，同時也在幫助機場等其他領域實現自動化，我們看到這些領域有大量的投資。所以我認為這些領域也是我們可以成長的領域。所以我認為我們仍然樂觀地認為物流業的成長故事還沒結束。但我認為，這可能有點非線性，特別是對於我們服務的一些大型客戶而言，他們還能進行多少年的巨額投資。

And so over the medium term, I think we feel very good about the growth story. How we get there might be lumpy or nonlinear is how I would characterize it.

因此，從中長期來看，我認為我們對成長前景非常樂觀。我會這樣形容我們到達目的地的過程：它可能是不平坦的，或者說是非線性的。

Yes. Interesting. Okay. And then I was surprised to see semis grew a little bit. I think we were expecting much, if any, growth at all this year, which you maintained your outlook in that space.

是的。有趣的。好的。然後我驚訝地發現半拖車稍微長大了一些。我認為我們原本預期今年不會有太大成長，甚至可能根本沒有成長，而你也一直堅持你對這領域的展望。

I guess what are the -- what's driving that pickup there? And then can you talk about maybe your -- how you would benefit from the memory market? I would imagine you guys would have exposure there that seems to be certainly benefiting from AI. If you talk about that a little bit, that would be great.

我猜是什麼——是什麼在開那輛皮卡？那麼，您能否談談您——您將如何從記憶體市場中獲益？我想你們應該接觸過一些人工智慧領域，這些領域顯然正在受益於人工智慧。如果你能稍微談談這方面，那就太好了。

Yes. And I think the underlying demand for chipsets, for memory, for other active components is growing, and I think will, given the demand for new devices and the underpinnings of advanced AI as we see a really exciting set of new computing capabilities being announced. And yes, we would participate in all of those things. It's useful just to remind ourselves how we participate in this market, which is really through selling vision to large equipment manufacturers that produce the machines that handle the wafers or the finished package products. So that's really how we address the market.

是的。我認為對晶片組、記憶體和其他有源組件的潛在需求正在增長，而且我認為這種增長還會繼續，因為隨著一系列令人興奮的新計算能力的發布，對新設備的需求以及先進人工智能的基礎架構的需求都在增長。是的，我們會參與所有這些活動。我們不妨回顧一下我們是如何參與這個市場的，這實際上是透過向生產處理晶圓或成品封裝產品的機器的大型設備製造商出售視覺技術來實現的。這就是我們開拓市場的方式。

And the sorts of applications that we solve are really traceability. These are very high-value pieces of silicon wafers that you want to make sure have good traceability that have good quality. So we do visual inspection. And so that's -- those are primarily how we serve the market. the growth in this market, I would also characterize as somehow nonlinear, right?

而我們所解決的應用程式類型其實是可追溯性問題。這些是非常高價值的矽晶圓，您需要確保它們具有良好的可追溯性和品質。所以我們進行目視檢查。所以，這就是我們服務市場的主要方式。至於這個市場的成長，我認為並非完全線性，對吧？

The ordering of those machines is very much dependent on the build-out of specific facilities. But right now, we're seeing good healthy activity. And I think there's good underlying demand for chips, but also I think there is a bit of changes in where things get made and where the fabs are located, right? We see a build-out going back to the CHIPS Act and the last administration here in the U.S. We're seeing ambitions in countries like India to have domestic semiconductor production capacity.

這些機器的訂購很大程度上取決於特定設施的建設。但就目前而言，我們看到的是良好的健康活動。我認為晶片的潛在需求很好，但我也認為晶片的生產地點和晶圓廠的所在地正在發生一些變化，對吧？我們看到，自《晶片技術創新法案》（CHIPS Act）和美國上屆政府以來，半導體產業一直在蓬勃發展。我們也看到像印度這樣的國家雄心勃勃地想要建立國內半導體生產能力。

So I think there's also a geographic angle as more regions and countries participate in the manufacturing of advanced chipsets. So -- and I think Cognex will be there, and we'll serve that market as we do today through our large equipment manufacturing partners.

所以我認為這其中也存在地域因素，因為越來越多的地區和國家參與先進晶片組的製造。所以——我認為康耐視會繼續存在，我們將像今天一樣，透過我們的大型設備製造合作夥伴服務於該市場。

Tommy Moll, Stephens Inc.

Tommy Moll，Stephens 公司

I wanted to ask about automotive, Matt, I think I heard you say it feels like you're nearing a bottom there. What details can you give us? What visibility do you have into next year? And to the extent you can distinguish what you're seeing in North America versus Europe, that would be appreciated as well.

馬特，我想問你關於汽車業的事，我好像聽你說過，你感覺那邊的情況快要跌到谷底了。您能提供哪些詳細資訊？你對明年的情勢有何預測？如果您能區分北美和歐洲的情況，那就更好了。

Yes. No, I think it is -- it remains a challenging market for us, although, yes, I think we are nearing a bottom. But I think you're right to point out the geographic differences in growth. And here in the U.S., we are seeing more activity, I would say, relatively more activity than Europe, which seems to be taking a longer time to recover. And it's not hard to imagine why.

是的。不，我認為是的——這仍然是一個充滿挑戰的市場，儘管，是的，我認為我們即將觸底。但我認為你指出的地域成長差異是正確的。在美國，我們看到經濟活動相對比歐洲更活躍，歐洲的經濟復甦似乎需要更長。原因不難想像。

There's different geopolitical considerations around trade and tariffs for this industry. And so we're definitely seeing larger differences in relative growth rates in the Americas and Europe with relatively more strength in the Americas than Europe. We also serve large automotive manufacturers in Asia, in Japan, in Korea, Mainland China. And I think there, I think it's again mixed. I think it depends on specific OEMs, their transitions between powertrain types, the geopolitics of of those things.

該行業的貿易和關稅涉及不同的地緣政治因素。因此，我們確實看到美洲和歐洲的相對成長率有較大差異，美洲的成長勢頭比歐洲更為強勁。我們也為亞洲的大型汽車製造商提供服務，包括日本、韓國和中國大陸的汽車製造商。我覺得那裡的情況又很複雜。我認為這取決於特定的汽車製造商、他們在動力系統類型之間的轉換以及這些因素的地緣政治影響。

And so yes, I think it's hard to call. I think we are nearing a bottom. I think this year is going to be better than last. And our teams are working with each of those OEMs on their automation plans, which we still see over the medium and long term as being healthy, right? This is an industry that is still struggling with quality escapes, right, and recalls.

所以，是的，我覺得很難說。我認為我們已經接近谷底了。我認為今年會比去年好。我們的團隊正在與每家原始設備製造商 (OEM) 合作制定他們的自動化計劃，我們仍然認為從中長期來看，這些計劃是健康的，對吧？這個行業仍在努力解決產品品質問題，對吧？以及產品召回問題。

Vision helps with that. It's an industry that struggles with labor and qualified skilled labor. Automation helps with that. And generally speaking, mitigating the increasing costs associated with production and tariffs and things like this and automation helps with that. So in the near term, I'd say it's improving and stabilizing.

視覺對此有所幫助。這是一個勞動力短缺，尤其是缺乏合格技術工人的行業。自動化有助於解決這個問題。總的來說，降低生產成本、關稅等相關成本以及自動化有助於解決這個問題。所以短期來看，我認為情況正在好轉並趨於穩定。

And over the long term, I think we remain optimistic.

從長遠來看，我認為我們依然保持樂觀。

Dennis, a question for you on margins. If we look at what you just reported in the third quarter, and this will be ex Moritex, ex the commercial partnership, you delivered teens top line growth with only 1 point of adjusted OpEx growth. Clearly, that's not repeatable over a long time horizon. And so if we take that as one bookend, the other bookend you gave us is basically a reminder of your long-term framework just that OpEx grows at a slower rate than sales. That's a pretty wide range for us to think about.

丹尼斯，關於利潤率，我有個問題想問你。如果我們看一下您剛公佈的第三季業績（不包括 Moritex 和商業合作），您就實現了兩位數的營收成長，而調整後的營運支出僅成長了 1 個百分點。顯然，這種情況無法在較長的時間範圍內重複出現。因此，如果我們把這一點看作一個起點，那麼你給我們的另一個起點基本上是對你的長期框架的提醒，即營運支出成長速度比銷售額成長速度慢。這確實是一個需要考慮的相當廣泛的範圍。

If we're thinking next 12 months, is there anything you could do to situate us somewhere within that wide range in terms of what's reasonable?

如果我們考慮未來 12 個月，您能否做些什麼，讓我們在這個合理的範圍內找到一個合適的位置？

Yes. No, fair question, Tommy. I would say maybe first clarifying on the quarter, right, if you take in constant currency, we would be down by 1 point. And that's considering that we had some incentive comp headwinds, right? So last year was an underperforming year, and this year looks a bit better in that regard.

是的。沒錯，湯米，你問得好。我想說，或許首先應該澄清一下本季的情況，對吧？如果以固定匯率計算，我們會下降 1 個百分點。而且這還是考慮到我們當時在激勵薪酬上遇到了一些不利因素，對吧？所以去年業績不佳，今年在這方面看起來好一點。

And in prior quarters, we have been talking about that we have been 2 or even 3 points down compared on the year-over-year comparison. That's kind of if you think about like constant currency, excluding incentive comp, that's kind of the run rate which we are for this year. And we keep on driving that, right? So we talked about taking on additional reorganization charges in this quarter. And clearly, that's for us to set ourselves up for the future and to drive success, right?

在前幾季度，我們一直在討論，與去年同期相比，我們的業績下降了 2 到 3 個百分點。如果以固定匯率計算，不包括激勵性薪酬，這大致就是我們今年的運行速度。我們會繼續朝著這個方向努力，對吧？因此，我們討論了本季承擔額外重組費用的問題。很顯然，這是為了讓我們為未來做好準備，並推動成功，對吧？

And that kind of put that a little bit also in context my prepared remarks of how we think where we are in the cycle, right? So we talked about like in general, we are a short-cycle business. So we don't have a lot of visibility into 2026. So we use these macroeconomic indicators like PMI and they tell us we're in the early stage of the cycle, that means moderate growth and then moderate growth environment for us means to be -- keep on working on OpEx and drive efficiencies throughout the organization. And that basically then sets us up still for hopefully attractive EPS, adjusted EPS growth, right?

這樣也能稍微解釋一下我之前準備好的關於我們認為我們目前處於週期哪個階段的發言，對吧？所以我們討論了，總的來說，我們是一個週期較短的企業。因此，我們對 2026 年的情況了解不多。因此，我們使用像 PMI 這樣的宏觀經濟指標，它們告訴我們，我們正處於週期的早期階段，這意味著溫和成長，而溫和成長的環境對我們來說意味著——繼續致力於營運支出，並在整個組織內提高效率。這樣一來，我們基本上就能繼續期待可觀的每股盈餘（EPS）和調整後每股盈餘（EPS）成長，對吧？

So if you look at this year, mid-single-digit growth on the top line, excluding the commercial partnership, but adjusted EPS, if you take the implied guidance, excluding the commercial partnership that's a bit more than 20% of EPS growth, and that's kind of how we think the playbook could look like for 2026. That means at the moment, macro indicates moderate growth. So let's keep on working on the OpEx side and do what we have to do so that we show that adjusted EPS shows attractive growth rates. I hope that helps a bit with narrowing it down to your question, Tommy.

所以，如果你看看今年，不包括商業合作在內的營收成長為個位數中段，但調整後的每股收益，如果你採用隱含的指導意見，不包括商業合作，每股收益增長略高於 20%，我們認為 2026 年的發展藍圖可能就是這樣。這意味著目前宏觀經濟顯示溫和成長。所以，讓我們繼續在營運支出方面努力，盡我們所能，使調整後的每股盈餘呈現有吸引力的成長率。湯米，希望這能對你縮小問題範圍有所幫助。

Jake Levinson, Melius Research.

Jake Levinson，Melius Research。

Just wanted to go back to logistics for one second. I know you folks have seen some pretty nice growth there in the last couple of quarters, but it's been -- it's put some pressure on your gross margins, if I recall, just given the engineering resources that you need to use with implementing machine vision for some of those customers. So the question, I guess, is as you roll out some of these AI-enabled products, does that actually lower your cost to serve those customers going forward?

我只想再回到物流方面說一下。我知道你們在過去幾個季度取得了相當不錯的成長，但據我所知，這給你們的毛利率帶來了一些壓力，因為你們需要投入工程資源來為一些客戶實施機器視覺。所以我想問的是，隨著你們推出一些人工智慧產品，這是否真的能降低你們未來服務這些客戶的成本？

Yes. Thanks, Jake. Absolutely. I mean SLX really strikes at the heart of really 2 pieces of the P&L. One is on the gross margin side.

是的。謝謝你，傑克。絕對地。我的意思是，SLX 實際上直接影響了損益表中的兩個核心部分。一個是毛利率方面的問題。

We see that the ROI on visual inspection is very strong. And so we're able to command better pricing for a given product cost. So we're excited about that. And you might even expect similar margins as we see in vision in our factory automation business for logistics. And then really, I think one of the special parts of that product is it was completely rebuilt with simplicity in mind, right, really a low-touch, no-touch deployment that maybe takes Cognex out of the loop entirely in terms of doing feasibilities, but also scale deployment.

我們發現視覺檢查的投資報酬率非常高。因此，在產品成本不變的情況下，我們能夠獲得更優惠的價格。我們對此感到很興奮。你甚至可以預期，我們在物流工廠自動化業務中看到的利潤率與視覺效果類似。而且，我認為該產品的一個特別之處在於，它是完全按照簡單性重新建構的，對吧？它真正實現了低接觸、零接觸部署，這可能使 Cognex 完全脫離可行性研究的範疇，同時也實現了規模化部署。

So yes, I fully expect we'll see benefits on the gross margin line as well as on the OpEx line as we can grow without having to grow our field service resources to deploy those systems in a similar way.

所以，是的，我完全預期我們會在毛利率和營運支出方面都看到好處，因為我們可以在不增加現場服務資源的情況下以類似的方式部署這些系統，從而實現成長。

Okay. That's helpful. And just wanted to touch quickly on the commercial partnership that you announced. I think if memory serves, you've had more of a presence in sort of the medical device space as opposed to lab automation. But are there more opportunities like this to partner with some of these OEMs, whether it's the medical space or others?

好的。那很有幫助。我只想簡單談談您宣布的商業合作關係。如果我沒記錯的話，你們在醫療器材領域比在實驗室自動化領域更有影響力。但是，是否有更多像這樣的機會與這些原始設備製造商 (OEM) 合作，無論是在醫療領域還是其他領域？

And kind of how does this fit into the larger strategy around expanding into some of these newer markets?

那麼，這與公司拓展新市場的更大策略有何關聯呢？

I wouldn't say that. I think this is a more specialized case where we found an opportunity with a partner in a more niche area for us. So no, I wouldn't say -- I'd want you to extrapolate that as any sort of new playbook for growth for Cognex. No, I wouldn't say that.

我不會這麼說。我認為這是一個比較特殊的案例，我們在一個更細分的領域中找到了合作夥伴。所以，不，我不會這麼說——我希望你們將其推斷為康耐視發展的任何新策略。不，我不會這麼說。

Piyush Avasthy, Citi.

Piyush Avasthy，花旗銀行。

Matt, maybe like on your Investor Day, you laid out a 6% to 7% growth contribution from increased machine vision penetration. It's just been like a couple of quarters, but maybe some early feedback on how that is progressing. I see you have been -- it has been associated more with packaging. Maybe comment on how you can see this supporting your other end markets. And then there is this reorganization, maybe just comment on like how you balance these cost actions while still being aggressive towards penetrating new markets.

馬特，或許就像你在投資者日上所說的那樣，你曾表示機器視覺滲透率的提高將帶來 6% 到 7% 的成長貢獻。雖然才過了幾個季度，但或許可以先給一些關於進展的初步回饋。我看得出來你一直——它更多地與包裝有關。或許可以談談您認為這將如何支持您的其他終端市場。然後還有重組的問題，或許可以談談你們如何在保持積極開拓新市場的同時，平衡這些成本控制措施。

Yes. Thanks. Let me take the penetration question first. And you're right, we said there was 6% to 7% penetration growth on top of core growth of each of our industries that led us to a 10% to 11% through-cycle organic growth rate. So I think you had that right.

是的。謝謝。我先來回答滲透率的問題。你說得對，我們說過，在我們各行業的核心成長基礎上，滲透率成長了 6% 到 7%，這使得我們實現了 10% 到 11% 的周期性有機成長率。所以我覺得你是對的。

Where are we seeing it? And a big part of that penetration, as we said, I think, was a lot -- that's very technology-driven, right? As we innovate, we are solving often for the first time, applications that haven't been solved before. I think I mentioned logistics as very much one of those. And I suspect and we're seeing that the SLX is solving new vision applications that haven't been solved before.

我們在哪裡看到的？正如我們所說，我認為，這種滲透很大程度上是由技術驅動的，對吧？在創新過程中，我們經常首次解決以前從未解決過的應用問題。我想我之前提到過物流是其中非常重要的一點。我懷疑，而且我們也看到了，SLX 正在解決以前從未解決過的全新視覺應用問題。

So we're driving penetration in logistics with vision. Similarly, in consumer electronics, we're innovating with new tools today that are doing things around cosmetic defect inspection that were not possible in the past. We're driving penetration in consumer electronics. And then packaging, you're right. I think that is more about how do we educate the market and educate customers who are more regional, smaller manufacturers on the benefits of vision, and we're doing that through investments in our sales channel.

所以我們正在用遠見卓識推動物流領域的滲透。同樣，在消費性電子產品領域，我們如今也不斷創新，利用新的工具進行外觀缺陷檢測，這在過去是無法實現的。我們正在推動消費性電子產品的市場滲透。還有包裝，你說得對。我認為這更多的是關於我們如何教育市場，以及如何教育那些更偏向區域性、規模較小的製造商客戶，讓他們了解視覺技術的優勢，而我們正在透過投資我們的銷售管道來實現這一點。

So yes, those are just three areas I would point to where we're driving penetration through technology, through channel, through sales coverage, and I'm excited about each of those. Your second question is on cost and how we're thinking about cost management and cost reductions in the context of our growth story, right? We take, as we've said in the past, a very long-term view on growth and investments, and that's -- it's a technology company we have to. But at the same time, we're many months into making sure that given the stage of the growth cycle that we're in, that we are managing our cost bases smartly. And so yes, over the last 6 months, we have moved quickly to rightsize our cost basis in a number of areas.

是的，以上只是我想指出的三個我們正在透過技術、通路和銷售覆蓋來推動市場滲透的領域，我對這三個領域都感到非常興奮。你的第二個問題是關於成本的，以及在我們的成長故事中，我們如何考慮成本管理和成本降低，對嗎？正如我們過去所說，我們對成長和投資採取非常長遠的眼光，而且——作為一家科技公司，我們必須這樣做。但同時，我們已經投入了數月的時間來確保，鑑於我們所處的成長週期階段，我們正在明智地管理我們的成本基礎。所以，是的，在過去的6個月裡，我們迅速採取行動，在多個領域調整了成本結構。

I would say we really took a hard look at all areas of the company, we continue to, whether it be our sales capacity, our engineering capacity, our operations footprint, back-office functions and G&A. And it's been a -- I'd say it's been a very collaborative approach as a leadership team. And I think we've done it smartly. I think (inaudible) are bought into the journey, and we're excited for how we can take that into next year and drive profitable growth over the medium and long term.

我想說，我們確實認真審視了公司的各個方面，我們將繼續這樣做，無論是我們的銷售能力、工程能力、營運規模、後台職能和一般及行政費用。而且，我認為領導團隊一直採取的是非常協作的方式。我認為我們做得非常明智。我認為（聽不清楚）已經接受了這個願景，我們很興奮能夠將這個願景延續到明年，並在中長期推動獲利成長。

And maybe perhaps let me add to that, just kind of how we manage that. So we're taking a very programmatic approach. So that means we're having clearly identified areas and work streams defined on which we work on. And then you can see that we're not coming out with like just the one big, whatever reduction in force type of approach, but we're really kind of looking at area by area, looking for efficiencies, getting these efficiencies and moving on and revisiting after some time again to see like how has that worked and where can we improve further. So it's really -- think about it that we are driving a program, which is not looking like let's just kind of cut cost in the short term and maybe break a lot of things along the way, but it's really a well-balanced programmatic approach, which kind of brings the right balance between supporting the top line growth and at the same time, supporting also the bottom line.

或許我可以補充一點，我們是如何做到這一點的。所以我們採取的是一種非常系統化的方法。這意味著我們已經明確界定了工作領域和工作流程。然後你可以看出，我們並沒有採取那種大規模的、削減兵力的做法，而是真正地逐個領域地進行研究，尋找提高效率的方法，提高這些效率，然後繼續前進，過一段時間再重新審視，看看效果如何，以及我們可以在哪些方面進一步改進。所以，想想看，我們正在推進一個項目，這個項目看起來不像是在短期內削減成本，也不可能在此過程中破壞很多東西，而是一個真正平衡的程序化方法，它在支持營收成長的同時，也支持利潤成長之間取得了適當的平衡。

Very helpful. And I know you just gave guidance 1 quarter ahead, but you did spoil us last time with some incremental color on 4Q. So as we think of like 1Q '26, anything you want to remind us in terms of seasonality, any material deviation from the end market commentary that you just highlighted today, that would be helpful.

很有幫助。我知道你剛剛發布了未來一個季度的業績指引，但上次你透露了一些關於第四季度的更多細節，讓我們有點失望了。所以，當我們展望 2026 年第一季時，您在季節性方面有什麼需要提醒我們的嗎？或者您今天重點提到的最終市場評論有什麼實質偏差嗎？如果有，那就太好了。

Yes, Piyush, great question. Certainly, as you mentioned, we typically don't give longer-term guidance. Keep in mind, we are a short-cycle business, but there's certainly some modeling comments I can provide. So first, keep in mind on the top line side from a seasonality point of view that Q1 often is like the lowest quarter in the year. So that means in that regard, you may want to look at really a year-over-year comparison, right?

是的，Piyush，問得好。當然，正如您所提到的，我們通常不提供長期指導。請記住，我們是一個短週期產業，但我當然可以提供一些建模方面的建議。首先，從季節性角度來看，請記住，第一季通常是一年中業績最低的季度。所以，從這個角度來看，你可能需要進行同比比較，對吧？

Don't look at a sequential comparison, look on top line and year-over-year. And then when we think about bottom line and here maybe particularly OpEx, maybe I can remind you that in Q1 this year, we had some favorability in OpEx from exchange rate as well as from stock comp. So these ones may not repeat in Q1 2026. So I think on the OpEx side, it's probably better for you to model sequentially and not on a year-over-year basis. So maybe there are 2 comments, top line look year-over-year on the seasonality and on the OpEx side and look at the bottom line rather look sequentially and not year-over-year. I hope that's helpful.

不要看環比比較，要看營收和同比數據。然後，當我們考慮最終結果，特別是營運支出時，我可以提醒大家，今年第一季度，由於匯率和股票補償，我們的營運支出獲得了一些有利因素。因此，這些情況可能不會在 2026 年第一季重現。所以我認為，在營運支出方面，你最好按季度建模，而不是按年建模。所以可能有兩點需要說明：首先，要從季節性和營運支出方面看同比情況；其次，要看淨利潤，而不是從同比情況看同比情況。希望這能幫到你。

Guy Hardwick, Barclays.

蓋伊哈德威克，巴克萊銀行。

I would like to ask about automotive, which is obviously your softest market. There has been some maybe more slightly positive commentary with some major CapEx announcements by OEMs. And I guess, typically, if you're looking at 2026 and where the model launch cycle looks perhaps a little better in the second half of the year, you sure you have to put the CapEx in like 12 months ahead. So I was wondering whether there's any lead indicators from your customers in terms of models or product refreshes or CapEx plans, which may give you some cause for optimism for 2026 in auto.

我想諮詢一下汽車產業的情況，這顯然是你們最弱的市場。一些原始設備製造商 (OEM) 宣布了重大資本支出計劃，這或許帶來了一些略微積極的評論。我想，通常情況下，如果你著眼於 2026 年，並且車型發布週期在下半年看起來可能會好一些，那麼你肯定需要提前 12 個月進行資本支出。所以我想知道，您的客戶在車型、產品更新或資本支出計劃方面是否有任何領先指標，這些指標可能會讓您對 2026 年的汽車行業前景感到樂觀。

Yes. Thanks, Guy. Yes, I would say we engage with all the major OEMs and on their automation plans and on their platform plans, if you want to call them that. And you're right, there have been some big announcements from large OEMs, I would say, in all regions in terms of how they plan to replatform for the future, whether that be hybrid powertrains or fully electric or really just, I would say, bringing a more software-defined customer experience to the car. And as they do that, you would expect a healthy dose of automation and significant retooling, I would say, in terms of how those vehicle platforms are made.

是的。謝謝你，蓋伊。是的，我會說我們與所有主要的原始設備製造商 (OEM) 都進行了接觸，並參與了他們的自動化計劃和平台計劃（如果你願意這樣稱呼它們的話）。你說得對，大型汽車製造商在各個地區都發布了一些重大公告，闡述了他們計劃如何為未來重新構建平台，無論是混合動力系統、純電動，還是真正意義上的，為汽車帶來更多軟體定義的客戶體驗。我認為，隨著他們這樣做，車輛平台的製造方式將會發生相當程度的自動化和重大調整。

But I wouldn't comment on specific expectations for auto next year. I think that would be premature. I would just echo the comments I made, which is we are seeing differences in business momentum across geographies, relatively stronger in the U.S., relatively weaker still in Europe and somewhere in the middle in Asia. So we work with them all. We're staying close to it, but I think a bit too early to call at this point.

但我不會對明年汽車產業的具體預期發表評論。我認為現在就這麼做還為時過早。我只想重申我之前的觀點，那就是我們看到不同地區的商業發展勢頭存在差異，美國相對強勁，歐洲相對疲軟，而亞洲則介於兩者之間。所以我們和他們都合作。我們會密切關注事態發展，但我覺得現在下結論還太早。

Joe Giordano, Cowen.

喬喬丹諾，考恩。

Can you -- when you talk about like AI making things easier to deploy, like it's also, I guess, helping nontraditional players start to try to deliver solutions here. We're seeing that from like automation players, things like that. So can you maybe talk about the competitive environment, how it's like evolving with who's trying to participate on the fringes and what that means for you?

你能說——當你談到人工智慧讓部署變得更容易時，我想它也在幫助非傳統參與者開始嘗試提供解決方案。我們從自動化播放器之類的設備中看到了這一點。那麼，您能否談談競爭環境，以及那些試圖在邊緣地帶參與競爭的人是如何演變的，這對您意味著什麼？

Yes, sure. Maybe I'll just talk about us for a minute. We're on our fourth generation of AI vision. We've been at this for almost 10 years, starting with the acquisition of E-Systems and in early 2017. And we have great teams focused on taking some of the latest best open source models and adding our customizations, if you want to call it that, to make them more relevant and run effectively in industrial vision applications.

當然可以。或許我可以簡單說說我們兩個的事。我們目前使用的是第四代人工智慧視覺技術。我們從 2017 年初收購 E-Systems 開始，至今已經有近 10 年的時間了。我們擁有優秀的團隊，致力於採用一些最新的最佳開源模型，並添加我們的客製化（如果你願意這麼稱呼的話），使它們更具相關性，並在工業視覺應用中有效運作。

So think of that as very much our secret sauce and (inaudible), who leads our vision tools development, I think, talked at length at Investor Day about how we do that and why we think we do it in a differentiated way. So I'd call that out. And it's really about model performance, on accuracy, on speed, on scalability, and I still see Cognex as leading in those areas. But you're not wrong to say, AI is leading to somehow a democratization of folks that are trying visual inspection more and more within industrial environment. So in that context, I see it as actually a great growth engine for getting more users of vision within factories.

所以，你可以把這看作是我們的秘訣，而且（聽不清楚），負責我們視覺工具開發的負責人，我想，在投資者日上詳細地談到了我們是如何做到這一點的，以及為什麼我們認為我們以不同的方式做到這一點。所以我要指出這一點。關鍵在於模型效能，包括準確性、速度和可擴展性，我仍然認為 Cognex 在這些領域處於領先地位。但你的說法沒錯，人工智慧正在以某種方式推動工業環境中越來越多的人嘗試進行視覺檢測，從而使這項技術更加普及。所以從這個角度來看，我認為它實際上是工廠中視覺技術用戶成長的強大引擎。

And then it's on us to make sure that those vision tools are Cognex vision tools. So are we seeing significant changes in the competitive dynamic or not, but we keep a close eye on it. And I'm very happy with the progress we're making in AI.

然後，我們就有責任確保這些視覺工具是康耐視的視覺工具。所以，我們是否看到了競爭格局的重大變化？我們會密切注意。我對我們在人工智慧領域的進展非常滿意。

And then since you guys have kind of evolved the strategy a little bit, the only part that we haven't really seen a ton of evidence of yet is on the M&A side. So can you maybe talk us through what you're seeing out there? I know valuations are challenging, but a lot of buzz out there on robotics now, humanoids, all these different things. Like where does it make sense for Cognex to participate going forward?

而且，由於你們的策略已經有所發展，目前我們還沒有看到太多證據的唯一方面是併購方面。那麼，您能否跟我們說說您在那裡看到的情況？我知道估值很有挑戰性，但現在機器人、人形機器人以及所有這些不同的東西都引起了廣泛關注。未來，Cognex 應該在哪些領域參與其中？

Joe, happy to take that question. Yes. I think as we outlined at Investor Day, certainly, M&A is part of our capital allocation strategy. And certainly, with the strong cash flow generation, which we have seen this year, we definitely have the potential to do M&A. But at the same time, it's also very clearly that we are setting ourselves a very high bar in terms of a strategic fit and then of the financial profile of the potential target company.

喬，我很樂意回答這個問題。是的。我認為正如我們在投資者日上所概述的那樣，併購當然是我們資本配置策略的一部分。當然，憑藉今年強勁的現金流，我們絕對有潛力進行併購。但同時，我們也非常清楚地表明，我們對潛在目標公司的策略契合度和財務狀況都設定了非常高的標準。

So that regard, I think definitely, there are areas where we could bring in, especially like adding a broader product basket to our direct sales force that where we can really create a lot of synergies from our perspective. But yes, at the same time, I really want to be mindful about that we don't feel like a pressure to have to do an M&A and that we will be very mindful about the financial metrics and financial framework around it, and that could mean that an M&A wouldn't be on the card for the next 2 or 3 years. It will really depend on actionability and if we can find the right target.

因此，在這方面，我認為肯定有一些領域我們可以引入新的元素，特別是像為我們的直銷團隊增加更廣泛的產品組合，從我們的角度來看，這確實可以創造很多協同效應。但是，同時，我真的希望我們不要感到有壓力去進行併購，我們會非常注意相關的財務指標和財務框架，這可能意味著在未來 2 到 3 年內不會有併購計劃。這真的取決於可行性以及我們能否找到合適的目標。

Ken Newman, KeyBanc Capital Markets.

Ken Newman，KeyBanc Capital Markets。

Dennis, I just wanted to kind of come back to those 2026 comments that you made at the end of your prepared remarks. I understand it's not a formal guide, but when you say similar growth trends ex the commercial partnership, is that comment relative to how you see the full year of 2025 playing out? Or is that more so relative to what you've seen in the last couple of quarters? I just asked because you do seem a bit more constructive on most of the end markets that you're operating in. You're even kind of calling out being close to a bottom in auto. I'm just trying to understand the thought process there.

丹尼斯，我只是想再談談你在準備好的演講稿最後提到的2026年的問題。我知道這不是一份正式的指南，但是當您提到商業合作中類似的成長趨勢時，您的評論是否與您對 2025 年全年發展的預測有關？或者，這更多是相對於你最近幾季所看到的情況而言的？我這麼問是因為您在您所經營的大多數終端市場中似乎都更具建設性。你甚至可以說是在暗示汽車產業已經接近谷底了。我只是想了解他們的思路。

It's really about coming back to -- I think I talked about it before, short-cycle business and the largest part of our business, in factory automation, we have limited visibility. It's a 3 months visibility. And certainly, we think about the end markets and Matt provided some of the voice over there, there's some areas which we really like to see like consumer electronics looks good. And Matt talked about in logistics, like how -- is the linear growth trend on large-scale customers or not and automotive may be finding its bottom. So there are definitely different aspects there.

歸根結底，還是要回到——我想我以前也談到過——短週期業務，以及我們業務中最大的部分，即工廠自動化，我們能見度有限。能見度為3個月。當然，我們也會考慮終端市場，Matt 也為此提供了一些見解，我們非常樂意看到消費性電子產品等一些領域的發展前景良好。Matt 也談到了物流領域，例如大型客戶的線性成長趨勢如何，以及汽車產業是否可能已經觸底反彈。所以這其中肯定包含不同的面向。

But sometimes we're trying just not to get too much into the details in each of the markets and take a broader view on like what is macro telling us. And just on that macro side, if you look at that, it just doesn't point to that at the moment from the PMI as of today, the 2026 will look very different than 2025. And that's just another data point which we're taking in consideration. I think mostly important, why are we doing that, right? We want to think about like how do we manage the company also in terms of on the OpEx side and where do we invest and where not.

但有時我們盡量避免過度關注每個市場的細節，而是從更宏觀的角度來看宏觀經濟告訴我們什麼。僅從宏觀層面來看，如果你看一下今天的採購經理人指數（PMI），目前還沒有任何跡象顯示2026年的情況會與2025年截然不同。這只是我們正在考慮的另一個數據點。我認為最重要的是，我們為什麼要這樣做，對吧？我們也想思考一下，在營運支出方面，我們該如何管理公司，應該在哪些方面投資，在哪些方面不投資。

And so we provided that more as a framework in the sense of like how do we think and how do we do management decisions right now and wanting to give you a guidance, right? And I was trying to be very clear and say this is not a guidance.

因此，我們提供的更多是作為一種框架，例如我們現在是如何思考和進行管理決策的，以及我們想要給你們指導，對吧？我當時想非常清楚地表明，這並非指導意見。

Yes. No, that makes sense. I appreciate that. And then maybe for the follow-up here, sorry if I missed it, but did you provide an update on the One Vision platform? And just any color on when that becomes more commercially available?

是的。沒錯，這很有道理。我很感激。那麼，或許可以跟進一下，如果我錯過了，請見諒，您有沒有提供關於 One Vision 平台的最新進展？什麼時候這種顏色能更方便買到？

Yes. Thanks, Ken. Yes. No, we didn't not in the prepared remarks, but I'm happy to now. It's one of the more exciting things we're working on. And yes, just to remind the group, so we launched OneVision or we announced OneVision, I would say, in June, just before the Investor Day, and we said that it was in a limited release. What does that mean that the technology is still under active development. We're working with select customers, and it can be deployed against specific Cognex embedded systems today. And I would say 4, 6 months on from that announcement, we continue to make very good progress, progress with customers. I think they like it quite a bit.

是的。謝謝你，肯。是的。不，我們事先準備的發言稿裡沒有提到，但我現在很高興能提到。這是我們正在進行的最令人興奮的項目之一。是的，提醒大家，我們在六月，也就是投資者日之前，推出了 OneVision，或者說我們宣布了 OneVision，當時我們說它是限量發行的。這是否意味著該技術仍在積極研發中？我們正在與部分客戶合作，目前已將其部署到特定的康耐視嵌入式系統。我想說，自那次宣布以來的 4 到 6 個月裡，我們繼續取得了非常好的進展，與客戶的合作也取得了進展。我覺得他們蠻喜歡的。

We're seeing it drive great penetration in new applications that previously weren't solved or keeping customers within our Insight Vision suite ecosystem longer. I think both of those are great things. I think that the usability of the technology is excellent. It offers customers great ways to collaborate on model training and great ways to track the efficacy of those models after they're deployed. So we're getting great feedback on that.

我們看到它在以前無法解決的新應用領域取得了巨大的成功，或者讓客戶在我們的 Insight Vision 套件生態系統中停留更長時間。我認為這兩件事都很棒。我認為這項技術的易用性非常出色。它為客戶提供了在模型訓練方面進行協作的絕佳方式，以及在模型部署後追蹤其有效性的絕佳方式。我們收到了很多正面的回饋。

What comes next? Well, we will continue to engage with customers, you can think of us engaging with hundreds of our tens of thousands of customers. They're still quite targeted, and we are targeting a full-scale launch in the first half of next year. And that would open up the product line to more customers in more geographies that would have broader support of more of our embedded systems. So we're really focused on that, and we're excited with the momentum today.

接下來會發生什麼事？我們將繼續與客戶互動，您可以想像我們與成千上萬的客戶中的數百名互動。它們仍然具有很強的針對性，我們的目標是在明年上半年全面推出。這將使更多地區的更多客戶能夠更廣泛地使用我們的嵌入式系統，從而拓展產品線。所以我們非常關注這一點，並且對目前的勢頭感到興奮。

I don't have any updates for you in terms of the commercial model for the product, but just to say, it is performing well against the metrics that we set for it.

關於該產品的商業模式，我沒有什麼新的進展要告訴您，但需要說明的是，它的表現符合我們設定的指標。

Tomo Sano, J.P. Morgan.

Tomo Sano，摩根大通。

This is Brendan Shea, on for Tomo. Just with the launch of the SLX portfolio, can you talk to the pipeline for the new AI-enabled use cases that you see and sort of how you see that impacting both your TAM and competitive positioning over the next year or 2?

這是布倫丹·謝伊，替托莫上場。隨著 SLX 產品組合的推出，您能否談談您所看到的新的 AI 賦能用例的開發計劃，以及您認為這些用例將在未來一兩年內如何影響您的目標市場和競爭地位？

Yes. So we see ourselves as a first mover in this style of AI vision for logistics, and I highlighted 2 applications really object classification, right? So telling the system what it's observing as well as side-by-side detection, which is a very common application particularly in high-speed sortation and warehouses where you really want to make sure that when you're identifying an object, it could be a box or a singulated item that's one of them, not multiples of them. And so that really is helpful so that as those things get sorted and diverted and shipped, you're not shipping multiples of something. And so those are the 2 applications that we're really focused on.

是的。因此，我們認為我們是物流領域人工智慧視覺技術的先行者，我重點介紹了兩個應用實例：物體分類，對吧？因此，它不僅能告訴系統它正在觀察什麼，還能進行並排檢測，這是一種非常常見的應用，尤其是在高速分揀和倉庫中，因為你真的希望確保在識別對象時，它是一個盒子或單個物品，而不是多個物品。這樣確實很有幫助，因為當這些東西被分類、分類和發貨時，就不會出現重複發貨的情況。所以，這就是我們目前重點關注的兩個應用。

And I would say every week and month that goes by, we find new applications for the underlying AI detection algorithms. And so how that affects our total market, we have an estimate for that. And we think it is large and growing substantially faster than, let's say, the traditional barcode reading portion of that. of that market. So yes, let's see how it goes.

而且我認為，隨著時間的推移，我們每週每月都會發現底層人工智慧偵測演算法的新應用。那麼，這會對我們的整體市場產生什麼樣的影響呢？我們已經對此進行了估算。我們認為它規模龐大，而且成長速度遠超過傳統條碼讀取市場。所以，是的，讓我們看看結果如何。

We've engaged with customers well ahead of yesterday's release and the feedback has been very positive. I'm excited to get to a full release status and update you on the future on how that product line is going.

在昨天發布之前，我們已經與客戶進行了充分的溝通，並且得到的回饋非常正面。我很期待產品全面發布，並向大家報告該產品線未來的發展。

Jamie Cook, Truist Securities.

Jamie Cook，Truist Securities。

This is actually Kevin Wilson, on for Jamie. I want to ask on Europe. I think you said grew modestly, excluding the procurement shifts in consumer electronics. Sorry if I missed it, was that modest growth also excluding the onetime partnership in the quarter? And then just more broadly, excluding the onetime and excluding the procurement shifts, how are you thinking about demand trends, organic growth and your visibility in Europe? And maybe if it's possible to strip out auto, think about how that market is performing.

這位其實是凱文威爾遜，替補傑米上場。我想問一下關於歐洲的問題。我認為你說過成長幅度不大，但消費性電子產品採購的變化除外。如果我錯過了什麼，請見諒。這個季度的溫和成長是否也不包括一次性合作項目？那麼更廣泛地說，撇開一次性因素和採購變化不談，您如何看待歐洲的需求趨勢、自然成長和知名度？如果可以剔除汽車產業，不妨想想這個市場的表現如何。

Yes. Maybe let me start here and then perhaps Matt will add. So I think if you look at Europe, right, so first of all, where did we saw strength. So we saw strength in the packaging market, thanks to our sales force transformation and kind of increased outreach there and penetration with our AI easy-to-use product. But then at the same time, we see stronger weakness still in the automotive side.

是的。或許我先從這裡開始，然後馬特可能會補充。所以我覺得，如果你看看歐洲，對吧，首先，我們看到了哪些方面的優勢。因此，由於我們的銷售團隊轉型以及我們人工智慧易用型產品在該領域的拓展和滲透，我們在包裝市場看到了強勁的成長勢頭。但同時，我們看到汽車產業仍然存在更明顯的疲軟態勢。

So Matt talked about that before. That's the one market in the automotive, which is really still down. So that's kind of balanced itself out a little bit. And in general, I would say, Europe, clearly, if you look back to the PMI numbers, PMIs have been improving over the last couple of months. but really from, I would say, almost depressed level more to like maybe close to a neutral level.

馬特之前也談過這件事。這是汽車業中唯一一個仍處於低迷狀態的市場。所以這種情況算是稍微平衡了一下。總的來說，我認為，就歐洲而言，如果你回顧一下採購經理人指數（PMI）數據，你會發現PMI在過去幾個月一直在改善。但實際上，PMI已經從幾乎低迷的水平改善到了接近中性水平。

In that regard, I would say we remain still a bit cautious about Europe and wouldn't call that there is some large growth coming somewhere in the near term, at least. That's not what is suggested by the macro data, which we're looking at.

就此而言，我認為我們仍然對歐洲持謹慎態度，至少在短期內，不會認為歐洲會大幅成長。但我們所看到的宏觀數據卻並非如此。

That's helpful. And then for my follow-up, now that I think we're about 1 year into your sales reorganization, I'm wondering if you can update on your assessment of that change in strategy. I know it was long stops talking about emerging customer in those terms. But with one vision and your broader expanding the customer base into less sophisticated customers, I guess, what inning are we in for Cognex market penetration there? And any specific goals you have for 2026 on your path to doubling the number of customers served.

那很有幫助。那麼，我的後續問題是，現在我認為你們的銷售重組已經進行了大約一年，我想知道你們能否更新一下對這項策略變化的評估。我知道用那種方式談論新興客戶需要很長時間。但是，憑藉一個願景，以及將客戶群擴展到不太成熟的客戶群，我想，Cognex 在那裡的市場滲透率會達到什麼水平？您在 2026 年達成顧客數量翻倍的目標有哪些具體目標？

Yes, sure. No, I think you have it roughly right. And just to remind the group, we started on this journey of really substantially broadening our sales channel several years ago, really in 2023. And as we expanded our sales force and brought on many new sales noise, as we call them, sales engineers, we made the decision to combine what was really 2 sales organizations into one earlier this year in January. And I would say that was the right decision, and it's going very well, where we've really formed new territories and new teams focused on different missions and those missions are between finding new customers, driving penetration in existing customers, working with more sophisticated customers like machine builders and other OEMs.

當然可以。不，我覺得你的說法大致正確。提醒一下大家，我們幾年前，確切地說是 2023 年，就開始了大幅拓展銷售管道的旅程。隨著我們擴大銷售隊伍，並引入了許多新的銷售人員（我們稱之為銷售工程師），我們決定在今年一月將原本的兩個銷售組織合併為一個。我認為這是一個正確的決定，而且進展非常順利。我們已經真正開闢了新的領域，組建了新的團隊，專注於不同的任務，這些任務包括尋找新客戶、提高現有客戶的滲透率，以及與更成熟的客戶（如機械製造商和其他原始設備製造商）合作。

So I would say I'm very pleased with where we are in terms of our sales strategy and sales organizational structure. I'd say, as we look forward into the new year, it's less about significant substantial change, and it's more about continuous improvement. And we made big investments over the years in modern business systems and tools, primarily in the area of CRM. And I would say we're starting to use those tools quite effectively in terms of how we identify new sales opportunities. We get those leads to our salesnoids to qualify and consult.

所以，我對我們目前的銷售策略和銷售組織架構非常滿意。我認為，展望新的一年，與其說是要進行重大實質的變革，不如說是要不斷改進。多年來，我們對現代商業系統和工具進行了大量投資，主要集中在客戶關係管理 (CRM) 領域。我認為，我們在識別新的銷售機會方面，已經開始相當有效地使用這些工具。我們會將這些銷售線索交給我們的銷售人員進行資格審查和諮詢。

And so what inning we're in, I wouldn't say, but I'm very encouraged by the progress we've made since the first of this year. And really, the focus right now is on continuous improvement, driving efficiency and less about any substantial changes heading into next year.

至於我們現在處於第幾局，我不會說，但我對我們自今年年初以來的進展感到非常鼓舞。實際上，目前的重點是持續改進、提高效率，而不是明年要進行的任何實質變革。

That is all the time we have for questions today. I will now turn the call back over to Mr. Moschner for closing comments.

今天提問時間就到此為止了。現在我將把電話轉回給莫施納先生，請他作總結發言。

Thank you for joining us this morning and for your continued support. We look forward to updating you on our progress heading into the fourth quarter.

感謝您今天早上的參與，也感謝您一直以來的支持。我們期待在第四季到來之際向您報告我們的進展。