Cognex Corp (CGNX) 2025 Q4 法說會逐字稿

Greetings, and welcome to the Cognex fourth-quarter 2025 earnings conference call. (Operator Instructions) As a reminder, this conference is being receded. It is now my pleasure to introduce your host, Greer Aviv, Head of Investor Relations. Thank you. You may begin.

各位好，歡迎參加康耐視2025年第四季財報電話會議。（操作員說明）提醒：本次會議即將結束。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。你可以開始了。

Thank you, operator. Good morning, everyone, and thank you for joining us. Our earnings release was published yesterday after market close, and our annual report on Form 10-K for 2025 was filed this morning. The earnings materials are available on our Investor Relations website. I'm 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。我們的獲利報告已於昨日收盤後發布，而我們 2025 年的 10-K 表格年度報告已於今天上午提交。業績報告可在我們投資者關係網站上查閱。今天和我一起坐在這裡的有我們的執行長馬特·莫施納和我們的財務長丹尼斯·費爾。

In addition to our usual operational update, we will provide a strategic update, highlighting the completed strategic portfolio review. Our ongoing operating model transformation and an update to our financial framework. 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.

除了常規的營運更新外，我們還將提供策略更新，重點介紹已完成的策略組合審查。我們正在進行營運模式轉型和財務框架更新。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。

Today's earnings and 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. With that, I'll turn the call over to Matt.

今天的收益報告和相關資料將包含前瞻性陳述，包括關於我們預期的一些陳述。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. 2025 marked a return to profitable growth for Cognex with constant currency revenue growth of 8% year-over-year and adjusted EPS growth of 38%.

謝謝你，格里爾。各位早安，感謝各位今天參加我們的會議。 2025年，康耐視恢復獲利成長，以固定匯率計算，營收年增8%，調整後每股盈餘較去年同期成長38%。

We built momentum throughout the year, advancing our strategic objectives while staying focused on long-term value creation. Logistics continued to deliver steady growth, along with strong year-end spending across many of our factory automation end markets.

我們全年保持發展勢頭，在推進戰略目標的同時，始終專注於創造長期價值。物流業務持續穩定成長，同時，我們許多工廠自動化終端市場的年底支出也十分強勁。

Let's start with an update on our strategy. Turning to page 4 of our earnings presentation. We made great progress in 2025 against each of our three primary strategic objectives. First, we remain committed to leading an AI for industrial machine vision with nearly a decade of experience in this area, we are building cutting-edge tools that unlocks new applications and dramatically simplify the user experience. With our talent and proven track record of delivering breakthrough technology, we are uniquely positioned to win in the AI era.

我們先來更新一下我們的戰略。翻到我們獲利報告的第4頁。2025年，我們在實現三大主要戰略目標方面都取得了巨大進展。首先，我們將繼續致力於引領工業機器視覺人工智慧的發展，憑藉近十年的經驗，我們正在建立尖端工具，以解鎖新的應用並顯著簡化用戶體驗。憑藉我們的人才和交付突破性技術的可靠記錄，我們在人工智慧時代擁有獨特的優勢，必將贏得勝利。

During 2025, we introduced several transformative capabilities that strengthen our AI technology leadership. In January, we introduced the DataMan 290, helping us win share on the competitive ID factory automation market with new AI-enabled auto setup and advanced code filtering. In March, we launched our In-Sight 8900 which brings the power of embedded AI to OEM customers.

2025年，我們推出了多項變革性功能，進一步鞏固了我們在人工智慧技術領域的領先地位。1 月份，我們推出了 DataMan 290，憑藉全新的 AI 自動設定和高級程式碼過濾功能，幫助我們在競爭激烈的 ID 工廠自動化市場中贏得份額。今年 3 月，我們推出了 In-Sight 8900，將嵌入式 AI 的強大功能帶給了 OEM 客戶。

In June, we announced OneVision, bringing deep learning and edge learning together on a single cloud platform and creating new models deployable to embedded systems at the edge. And in October, we introduced SLX, our new solutions experience product line that brings our latest AI vision tools to logistics customers.

今年 6 月，我們發布了 OneVision，將深度學習和邊緣學習結合在一個雲端平台上，創建可部署到邊緣嵌入式系統的新模型。10 月，我們推出了 SLX，這是我們全新的解決方案體驗產品線，將我們最新的 AI 視覺工具帶給物流客戶。

These product launches strengthen our position with an approximately $3.2 billion of our $7 billion served market, using cutting-edge AI capabilities to deliver greater value for customers and in the process, gain market share. Second, we remain focused on delivering the best customer experience in our industry. Our commitment spans the full customer life cycle from initial engagement through post-sale support.

這些產品的推出鞏固了我們在約 32 億美元（占我們服務市場 70 億美元）的地位，利用尖端人工智慧技術為客戶創造更大價值，並在此過程中獲得市場份額。其次，我們將繼續專注於提供業界最佳的客戶體驗。我們致力於為客戶打造從初步接觸到售後支援的整個生命週期。

Examples of investments in this area include new AI-powered chat assistance on our website, which can answer questions faster, centralizing customer support materials to enable self-service standardizing the user interface design across more of our vision products and offering enhanced 24/7 technical support. Third, we aim to double our customer base within five years.

此領域的投資範例包括：網站上新增人工智慧聊天助手，可以更快回答問題；集中客戶支援材料，實現自助服務；標準化更多視覺產品的使用者介面設計；以及提供增強的全天候技術支援。第三，我們的目標是在五年內將客戶群翻倍。

We expect to achieve this by continuing to advance our sales force transformation alongside investments in improved lead generation tools such as a new cognex.com website, which I will discuss in more detail momentarily. This multipronged approach is already yielding strong results as we acquired approximately 9,000 new customer accounts in 2025, 3 times the rate of new accounts added in 2024.

我們希望透過繼續推進銷售團隊轉型，並投資改進潛在客戶開發工具（例如新的 cognex.com 網站，我稍後會更詳細地討論這一點）來實現這一目標。這種多管齊下的方法已經取得了顯著成效，我們在 2025 年獲得了大約 9,000 個新客戶帳戶，是 2024 年新增帳戶數量的 3 倍。

This momentum provides a strong foundation for achieving our five-year target. A key element of our go-to-market and customer service transformation is the launch of our new cognex.com website, which went live in late January. More than a refresh, it fully reimagines how we deliver on our promise of advanced machine vision made easy.

這一勢頭為實現我們的五年目標奠定了堅實的基礎。我們市場推廣和客戶服務轉型的關鍵要素是推出新的 cognex.com 網站，該網站於 1 月下旬上線。這不僅僅是一次更新，而是徹底重新構想了我們如何兌現讓先進機器視覺變得簡單的承諾。

This newly designed site is packed with our latest product information, quick links to technical support, new set of videos and hundreds of knowledge articles, which engage customers more deeply at all stages of their journey with Cognex. It also has more advanced automated tools that allow us to convert customer engagement on the site to high-quality leads for our sales engineers.

這個全新設計的網站包含了我們最新的產品資訊、技術支援的快速連結、一系列新的影片和數百篇知識文章，讓客戶在與康耐視合作的各個階段都能更深入地參與其中。它還擁有更先進的自動化工具，使我們能夠將網站上的客戶互動轉化為高品質的銷售線索，供我們的銷售工程師使用。

Now let's turn to page 5. In the fourth quarter, we completed a comprehensive review of our portfolio and have started the process of exiting product lines, which generate approximately $22 million of no growth or low margin revenue. This includes the divestment of a Japan-focused trading business that was acquired with Moritex and discontinuing our mobile SDK, edge intelligence and other noncore product lines.

現在我們翻到第5頁。第四季度，我們完成了對產品組合的全面審查，並已開始退出那些沒有成長或利潤率低的產品線，這些產品線的收入約為 2,200 萬美元。這包括剝離與 Moritex 一起收購的專注於日本的貿易業務，以及停止我們的行動 SDK、邊緣智慧和其他非核心產品線。

We are also taking further actions to drive improvements in our operating model and in partnership with external consultants have identified an additional $35 million to $40 million in annualized cost reductions by year-end 2026. As part of this process, we completed a holistic review of our entire cost structure.

我們也正在採取進一步措施來改善我們的營運模式，並與外部顧問合作，確定到 2026 年底每年可額外節省 3,500 萬至 4,000 萬美元的成本。作為此過程的一部分，我們對整個成本結構進行了全面審查。

We remain focused on increasing productivity in key areas such as sales and marketing using new digital tools, software development using AI-assisted cogeneration, and automating back-office processes while leveraging global value locations for scale and cost advantage.

我們將繼續專注於利用新的數位工具提高銷售和行銷等關鍵領域的生產力，利用人工智慧輔助的熱電聯產進行軟體開發，並實現後台流程自動化，同時利用全球價值地點實現規模和成本優勢。

These changes help to simplify our organizational structure and empower Cognoids to do their best work with less overhead. These steps will allow us to sharpen our focus on the core business to support growth while further expanding margins.

這些改變有助於簡化我們的組織結構，使 Cognoids 能夠以更少的開銷發揮最佳水準。這些措施將使我們能夠更加專注於核心業務，以支持成長，同時進一步擴大利潤率。

Dennis will provide more detail on what this means for our financial framework. Turning to page 6. Our ongoing sales force transformation is a great example of how we are upgrading the operating model of Cognex.

丹尼斯將詳細解釋這對我們的財務框架意味著什麼。翻到第6頁。我們正在進行的銷售團隊轉型，正是我們升級康耐視營運模式的一個很好的例子。

The previous emerging customer initiative emphasized adding head count and deploying easy-to-use products through a stand-alone sales organization. In contrast, our current sales force transformation prioritize making our existing sellers more productive with better CRM tools, a streamlined product portfolio and a much simpler organizational structure.

先前的新興客戶計畫強調增加人手，並透過獨立的銷售組織部署易於使用的產品。相較之下，我們目前的銷售團隊轉型優先考慮透過更好的客戶關係管理工具、精簡的產品組合和更簡單的組織結構來提高現有銷售人員的生產力。

This transformation began January of last year when we integrated our sales activities into one organization with three distinct selling styles. We have launched new marketing tools to enhance top-of-funnel lead generation and new management practices, which improve lead to opportunity conversion rates.

這一轉變始於去年一月，當時我們將銷售活動整合到一個組織中，該組織有三種不同的銷售風格。我們推出了新的行銷工具，以增強漏斗頂端的潛在客戶開發，並採用了新的管理方法，從而提高了潛在客戶到商機的轉換率。

Our comprehensive product ecosystem makes learning Cognex products easier and shortens the sales cycle overall. And finally, we are collaborating more intentionally with our global network of systems integrators, machine builders and service partners to find and fulfill new business more effectively. When year-end, we are seeing both customer growth and sales productivity accelerate, which is very encouraging.

我們完善的產品生態系統使學習康耐視產品變得更加容易，並縮短了整體銷售週期。最後，我們正在與全球系統整合商、機器製造商和服務合作夥伴網路進行更有針對性的合作，以更有效地尋找和實現新的業務。年末之際，我們看到客戶成長和銷售效率都在加速提升，這非常令人鼓舞。

More broadly, the announced portfolio optimization and operating model transformation are key drivers of further margin expansion. Taken together, these efforts enable growth and create durable operating leverage across the P&L, which Dennis will now discuss. Dennis?

更廣泛地說，已宣布的投資組合優化和營運模式轉型是進一步擴大利潤率的關鍵驅動因素。綜合來看，這些努力能夠促進成長，並在損益表中創造持久的營運槓桿，丹尼斯接下來將對此進行討論。丹尼斯？

Thanks, Matt. Let me start with walking through the adjusted EBITDA margin progression in 2025 before I discuss where we go from here. Turning to page 7 of the earnings presentation, the margin progression from 2024 to 2025.

謝謝你，馬特。在討論我們未來的發展方向之前，先來回顧一下 2025 年調整後的 EBITDA 利潤率發展。翻到收益報告的第 7 頁，可以看到 2024 年至 2025 年的利潤率變化。

We ended 2025 with an adjusted EBITDA margin of 20.7%, excluding the onetime benefit from the commercial partnership. We achieved our first milestone reaching greater than 20%, a full year ahead of plan, driven by focused execution and strong cost discipline.

截至 2025 年底，我們調整後的 EBITDA 利潤率為 20.7%，不包括商業合作帶來的一次性收益。我們實現了第一個里程碑，業績超過 20%，比計劃提前了一整年，這得益於我們專注的執行和嚴格的成本控制。

As we shared at Investor Day last June, our largest lever for driving bottom line profitability as OpEx efficiency, which is where I want to begin. Over the past year, we have been laser-focused on driving organizational efficiencies throughout Cognex.

正如我們在去年六月的投資者日上分享的那樣，提高營運效率是我們推動利潤成長的最大槓桿，這也是我想從這裡開始談起。過去一年，我們一直專注於提高康耐視的組織效率。

We achieved $33 million of gross cost reduction, which was partially offset by $11 million of incentive comp, $4million of FX headwinds and $10 million of wage adjustments resulting in a net reduction of $8 million. Regarding COGS productivity and pricing, we saw 2024 pricing headwinds especially in China, we are fully reflected in the 2025 P&L and were partially offset by favorable volume change. Organic mix was favorable for the year.

我們實現了 3,300 萬美元的總成本削減，但部分被 1,100 萬美元的激勵性補償、400 萬美元的外匯不利因素和 1,000 萬美元的工資調整所抵消，最終淨削減 800 萬美元。關於銷售成本生產力和定價，我們看到 2024 年價格方面存在不利因素，尤其是在中國，這些不利因素已完全反映在 2025 年的損益表中，但部分被有利的銷售變化所抵消。今年有機混合作物表現良好。

However, we do not anticipate the full extent of this favorability to recur in 2026. Taken together, we are pleased with the progress made this year on adjusted EBITDA margin expansion. And as Matt mentioned, we will execute additional initiatives in 2026 as we work toward our next milestone. Moving to page 8. Building on the actions already completed, we are setting our next milestone at a 25% adjusted EBITDA margin targeted on a run rate basis by the end of 2026.

然而，我們預計這種有利局面不會在 2026 年完全重現。總的來說，我們對今年調整後 EBITDA 利潤率擴張方面取得的進展感到滿意。正如 Matt 所提到的，我們將在 2026 年執行更多舉措，以實現我們的下一個里程碑。翻到第8頁。在已完成的各項工作的基礎上，我們將下一個里程碑設定為 2026 年底達到 25% 的調整後 EBITDA 利潤率（以運行率計算）。

The path to 25% is anchored in three key levers: first, OpEx efficiency. We expect to realize an additional $35 million to $40 million of identified net cost reduction, excluding FX in 2026. Second, organic mix. The announced portfolio optimization will improve mix and partially offset the nonrecurring favorability seen in 2025. And third, COGS productivity and pricing with 2024 pricing headwinds fully reflected in the P&L and ending 2025 with pricing stability, we are well positioned to turn pricing into a tailwind.

實現 25% 的目標取決於三個關鍵槓桿：首先是營運效率。我們預計 2026 年將實現額外 3,500 萬至 4,000 萬美元的已確定淨成本削減（不包括外匯影響）。其次，有機混合物。已宣布的投資組合優化將改善投資組合結構，並部分抵消 2025 年出現的非經常性有利因素。第三，COGS 生產率和定價，2024 年的價格逆風已完全反映在損益表中，並且到 2025 年底價格將保持穩定，我們已做好充分準備，將價格轉化為順風。

Turning to page 9. Considering our strong momentum of margin expansion, we are updating the financial framework we introduced at our Investor Day. We are raising our through-cycle adjusted EBITDA margin range to 25% to 31% and from the prior 20% to 30%.

翻到第9頁。鑑於我們利潤率擴張的強勁勢頭，我們正在更新在投資者日上提出的財務框架。我們將週期調整後的 EBITDA 利潤率範圍從先前的 20% 至 30% 提高到 25% 至 31%。

Our through-cycle revenue CAGR remains 13% to 14%, and we continue to expect greater than 100% free cash flow conversion. This updated financial framework reflects our confidence in our execution and durability of the margin expansion we are driving.

我們的週期性收入複合年增長率維持在 13% 至 14%，我們繼續預期自由現金流轉換率將超過 100%。這項更新後的財務框架反映了我們對自身執行力和正在推動的利潤率擴張的可持續性的信心。

As we further progress on our margin expansion journey, we will continue to evaluate our margin ambitions and will update this framework accordingly. Let's turn to the operational update with our financial results. I'll begin with a review of our fourth quarter results, followed by an update on our performance for the full year. Starting with the financial highlights of the fourth quarter.

隨著我們在利潤率提昇道路上不斷前進，我們將繼續評估我們的利潤率目標，並相應地更新此框架。接下來，我們來看看營運更新以及財務表現。我將首先回顧我們第四季度的業績，然後介紹我們全年的業績情況。首先來看第四季的財務亮點。

Page 11 details our performance on three key financial metrics: one, adjusted EBITDA margin was 22.7%, representing an increase of 420 basis points year-over-year, the sixth consecutive quarter of year-over-year expansion.

第 11 頁詳細介紹了我們在三個關鍵財務指標上的表現：一是調整後的 EBITDA 利潤率為 22.7%，同比增長 420 個基點，這是連續第六個季度同比增長。

Two, adjusted EPS increased 35% year-over-year, the sixth consecutive quarter of year-over-year double-digit EPS growth; and three, our trailing 12-month free cash flow conversion rate reached 138%, meeting our target of greater than 100% for the fifth consecutive quarter. Our disciplined focus on cost management and profitable growth ensure that this quarter's strong revenue performance translated into meaningful EPS growth and robust free cash flow.

第二，調整後每股盈餘較去年同期成長 35%，連續第六個季度達到兩位數年成長；第三，過去 12 個月的自由現金流轉換率達到 138%，連續第五個季度達到 100% 以上的目標。我們嚴格把控成本，實現獲利成長，確保本季強勁的營收表現轉化為有意義的每股盈餘成長和穩健的自由現金流。

Turning to the income statement on page 12. Revenue increased 10% year-over-year and 9% on a constant currency basis. Looking at the geographic revenue trends on a year-over-year constant currency basis, America's revenue expanded 11%, led by strong end-of-year demand in packaging and continued growth in logistics.

翻到第 12 頁查看損益表。營收年增 10%，以固定匯率計算成長 9%。從按年固定匯率計算的地域收入趨勢來看，美洲的收入成長了 11%，這主要得益於年底包裝需求強勁以及物流的持續成長。

Europe grew 13%, driven by strength in packaging. Greater China revenue increased 7%, driven by growth in consumer electronics and semiconductor. Other Asia revenue was flat in the quarter as growth from the consumer electronics supply chain shift was offset by semiconductor against a very strong comparable. Staying on page 12. Adjusted operating expenses increased 5% year-over-year and 2% on a constant currency basis, reflecting ongoing cost discipline offset by incentive compensation headwinds in the quarter.

歐洲經濟成長13%，主要得益於包裝產業的強勁表現。大中華區營收成長7%，主要得益於消費性電子和半導體產業的成長。由於消費電子供應鏈轉型帶來的成長被半導體產業強勁的年成長率所抵消，亞洲其他地區的營收在本季持平。停留在第12頁。調整後的營運費用年增 5%，以固定匯率計算成長 2%，反映出持續的成本控制被本季激勵性薪酬的不利因素所抵銷。

Looking forward, as we continue to drive cost efficiencies across the organization and incentive compensation already reset in 2025, we are confident to achieve the OpEx reductions discussed earlier and continued strong margin expansion in 2026.

展望未來，隨著我們繼續在整個組織內提高成本效益，並且激勵性薪酬已於 2025 年重置，我們有信心實現之前討論過的營運支出削減目標，並在 2026 年繼續實現強勁的利潤增長。

Driven by revenue growth and favorable mix, adjusted EBITDA margin reached 22.7%, well above the upper end of our guidance range. GAAP diluted earnings per share were $0.19, up 18% from a year ago. Adjusted diluted EPS was $0.27, representing 35% year-over-year growth. This strong EPS performance was driven by robust revenue growth, disciplined cost management and a lower diluted share count compared to last.

受營收成長和有利的產品組合推動，調整後 EBITDA 利潤率達到 22.7%，遠高於我們預期範圍的上限。以美國通用會計準則計算，稀釋後每股收益為 0.19 美元，比去年同期成長 18%。經調整後的稀釋每股收益為 0.27 美元，年增 35%。這一強勁的每股盈餘表現得益於強勁的收入成長、嚴格的成本控制以及與去年相比較低的稀釋後股份數量。

In the fourth quarter, we recognized a $5 million gain on the sale of a property on our [Natix] campus that previously served as our training center. We are consolidating ongoing sales training into existing space at that comp, which allows us to further rationalize our real estate footprint.

第四季度，我們確認了出售位於我們[Natix]園區內一處房產的收益 500 萬美元，該房產以前曾是我們的培訓中心。我們正在將持續的銷售培訓整合到該公司的現有空間中，這使我們能夠進一步合理化我們的房地產佈局。

In addition, we recorded a $30 million E&O charge forming a reserve update aligned with our strategy to focus on select products. Both items are excluded from our non-GAAP results. Next, I will cover our full year 2025 results, both as reported and excluding the onetime benefit from the commercial partnership.

此外，我們提列了 3000 萬美元的錯誤與遺漏費用，這筆準備金更新符合我們專注於特定產品的策略。這兩項均不計入我們的非GAAP財務表現。接下來，我將介紹我們 2025 年全年的業績，包括已公佈的業績和不包括商業合作帶來的一次性收益的業績。

Starting with as reported results on page 13. 2025 revenue of $994 million increased 9% year-over-year and 8% on a constant currency basis. Adjusted EBITDA margin of 21.5% expanded 440 basis points and adjusted EPS increased 38% year-over-year to $1.02. Turning to page 14. I will now cover the underlying business performance, excluding the onetime benefit of the commercial partnership.

從第 13 頁報告的結果開始。 2025 年營收為 9.94 億美元，年增 9%，以固定匯率計算成長 8%。經調整後的 EBITDA 利潤率為 21.5%，較上年同期成長 440 個基點；經調整後的每股盈餘較去年同期成長 38% 至 1.02 美元。請翻至第 14 頁。接下來我將介紹公司的基本業務表現，不包括商業合作帶來的一次性收益。

Revenue of $982 million increased 7% year-over-year as reported and on a constant currency basis, marking the first year with substantial organic growth since 2021. Adjusted EBITDA margin of 20.7% expanded 360 basis points, driven by revenue growth and disciplined cost management, marking the first year of margin expansion since 2021.

以報告和固定匯率計算，營收為 9.82 億美元，年成長 7%，這是自 2021 年以來首次實現實質內生成長。經調整的 EBITDA 利潤率為 20.7%，成長了 360 個基點，這得益於收入成長和嚴格的成本管理，標誌著自 2021 年以來利潤率首次實現成長。

Adjusted EPS increased 31% year-over-year to $0.97, reflecting the strong operating leverage in the business. We generated $237 million of free cash flow in 2025, the highest since 2021 and up 77% year-over-year. Trailing 12 months free cash flow conversion was 138% comfortably above our greater than 100% target.

經調整後的每股盈餘年增 31% 至 0.97 美元，反映了該業務強大的營運槓桿作用。我們在 2025 年產生了 2.37 億美元的自由現金流，這是自 2021 年以來的最高水平，年增 77%。過去 12 個月的自由現金流轉換率為 138%，遠超我們 100% 以上的目標。

We continue to drive working capital efficiencies in 2025, with our cash conversion cycle improving 57 days year-over-year and 116 days from the 2023 peak. Turning to capital allocation. We returned $206 million to shareholders in 2025, including $151 million of share repurchases. As of December 31, we had approximately $150 million remaining on our current share repurchase authorization. Yesterday, our Board approved an increase of $500 million to the existing authorization.

2025 年，我們持續提高營運資本效率，現金週轉週期較去年同期縮短 57 天，比 2023 年的高峰縮短 116 天。接下來討論資本配置。2025年，我們向股東返還了2.06億美元，其中包括1.51億美元的股票回購。截至 12 月 31 日，我們目前的股票回購授權額度還剩下約 1.5 億美元。昨天，董事會批准將現有授權額度增加 5 億美元。

We intend to continue to be opportunistic with buybacks. Longer term, we remain committed to capital returns as a core pillar of the disciplined capital allocation framework we outlined last June. The end of the year with $642 million in net cash on investments, providing flexibility to pursue accretive growth opportunities by continuing to return excess capital to shareholders. Now Matt will discuss our vertical market performance for the year. Matt?

我們打算繼續伺機進行股票回購。從長遠來看，我們仍然致力於資本回報，這是我們去年六月提出的嚴謹資本配置架構的核心支柱。截至年底，該公司投資淨現金為 6.42 億美元，這為公司提供了靈活性，使其能夠繼續向股東返還超額資本，從而追求增值成長機會。接下來，Matt 將討論我們今年的垂直市場表現。馬特？

Thanks, Dennis. Let's review current trends across our key end markets, as shown on page 15. Please note that my discussion on 2025 end market performance excludes the onetime benefit from the commercial partnership. Although the macroeconomic backdrop remains uneven and geopolitical uncertainty persists. In 2025, we saw momentum in consumer electronics, logistics and packaging, while automotive remains soft.

謝謝你，丹尼斯。讓我們回顧一下第 15 頁所示的主要終端市場的當前趨勢。請注意，我對 2025 年最終市場表現的討論不包括商業合作帶來的一次性收益。儘管宏觀經濟情勢依然不平衡，地緣政治不確定性依然存在。2025年，我們看到消費性電子、物流和包裝產業發展勢頭強勁，而汽車產業依然疲軟。

Starting with logistics, 2025 was another very strong year, with double-digit revenue growth led by large e-commerce customers. We are driving strong adoption of our standardized machine vision tunnel and layering new vision applications on top of code reading, increasing the ROI for customers.

從物流業務來看，2025 年又是強勁的一年，在大型電子商務客戶的推動下，營收實現了兩位數的成長。我們正在大力推廣標準化的機器視覺隧道，並在程式碼讀取之上疊加新的視覺應用，從而提高客戶的投資報酬率。

Looking ahead to 2026. After two years of outsized growth, we expect more moderate growth in the mid- to high single-digit range. Longer term, we believe logistics going to be our fastest-growing vertical with growth in the mid-teens through cycle.

展望2026年。經過兩年的高速成長後，我們預期成長將更加溫和，達到中高個位數水準。從長遠來看，我們相信物流將成為我們成長最快的垂直產業，在整個週期中保持十幾個百分點的成長。

Next, let's talk about packaging. Packaging delivered solid high single-digit revenue growth in 2025 as a large underpenetrated and less cyclical market, it remains a priority. Our sales force transformation and AI-enabled product ecosystem position us to capture incremental opportunities and deepen penetration. For 2026, we expect mid- to high single-digit growth as we bring more machine vision into packaging. Turning to consumer electronics.

接下來，我們來談談包裝。包裝產業在 2025 年實現了穩健的高個位數收入成長，作為一個市場規模龐大但滲透率較低且週期性較小的產業，它仍然是優先事項。我們的銷售團隊轉型和人工智慧賦能的產品生態系統使我們能夠抓住更多機會，並加深市場滲透。預計到 2026 年，隨著機器視覺技術在包裝領域的應用日益廣泛，我們將實現中高個位數的成長。轉向消費性電子產品。

Revenue grew double digits in 2025 as the market emerged from a prolonged down cycle. We see continued upside from ongoing supply chain shifts new device form factors and a consumer refresh cycle. For 2026, we expect high single to double-digit growth, driven by a continuation of these trends. Next is automotive. The automotive market remained challenging in 2025, with revenue down high single digits, in line with our expectations.

隨著市場走出長期的下行週期，預計2025年營收將達到兩位數成長。我們認為，持續的供應鏈轉型、新的設備外形設計以及消費者的更新換代週期將帶來持續的成長。預計到 2026 年，在這些趨勢的延續推動下，將實現高個位數至兩位數的成長。接下來是汽車產業。2025 年汽車市場依然充滿挑戰，營收將出現接近兩位數的下降，這與我們的預期相符。

Looking at the sequential development, we believe the market has reached the bottom and expect 2026 to be flat to low single-digit growth. Longer term, we see attractive opportunities for additional penetration as customers prioritize improving vehicle quality and reducing operating costs.

從連續發展來看，我們認為市場已經觸底，預計 2026 年將保持穩定或低個位數成長。從長遠來看，隨著客戶優先考慮提高車輛品質和降低營運成本，我們看到了進一步滲透的巨大機會。

Finally, in semiconductor, 2025 revenue grew mid-single digits ahead of our expectations. For 2026, we expect back half weighted growth with full year expansion in the mid-single to double-digit range, supported by the AI-driven investment cycle and reinforcing our confidence in this market. Our deep relationships with leading semiconductor equipment manufacturers position us well for continued growth.

最後，在半導體領域，2025 年的營收成長比我們預期的高出幾個位數。2026 年，我們預計加權成長將恢復一半，全年增速將達到個位數中段至兩位數，這得益於人工智慧驅動的投資週期，也增強了我們對該市場的信心。我們與領先的半導體設備製造商建立了深厚的合作關係，這為我們持續成長奠定了良好的基礎。

Let me pass the call back to Dennis to discuss our outlook. Dennis?

讓我把電話轉回給丹尼斯，讓他討論我們的前景。丹尼斯？

Thanks, Matt. Moving to page 16. I'll now review our financial guidance for the first quarter. In Q1, we expect revenue to be between $235 million and $255 million. We're presenting roles of approximately 13% at the midpoint against a weak comp.

謝謝你，馬特。翻到第16頁。接下來，我將回顧我們第一季的財務預期。我們預計第一季營收將在 2.35 億美元至 2.55 億美元之間。我們提出的職位佔比約為 13%，而同類職位競爭較為疲軟。

Adjusted EBITDA margin is expected to be between 19% and 22%, with the midpoint representing an increase of 370 basis points year-over-year. As discussed previously, please note that Q1 2025 OpEx benefited from FX and stock-based comp tailwinds that will not repeat this year.

調整後 EBITDA 利潤率預計在 19% 至 22% 之間，其中數值較上年同期成長 370 個基點。如前所述，請注意，2025 年第一季的營運支出受益於外匯和股票價格上漲帶來的利多因素，而這些利好因素今年不會重現。

Adjusted earnings per share are expected to be between $0.22 and $0.26 is the midpoint of this range representing approximately 50% year-over-year growth. In summary, 2025 marks the year of substantial turnaround with our top line growing organically and our margins expanding, both for the first time since 2021. We exited 2025 with strong momentum across most of our end markets, and that strength has continued into 2026.

調整後每股盈餘預計在 0.22 美元至 0.26 美元之間，取該區間的中點，年增約 50%。總而言之，2025 年標誌著公司業績的重大轉變，營收將實現有機成長，利潤率也將擴大，這兩項指標自 2021 年以來均首次實現成長。2025 年末，我們在大多數終端市場都保持了強勁的成長勢頭，而這種強勁勢頭也延續到了 2026 年。

As a short cycle business, we have limited visibility, and we therefore remain focused on our priorities, including continued disciplined cost management, a streamlined portfolio and transforming our operating model.

由於業務週期短，我們的可見度有限，因此我們將繼續專注於我們的優先事項，包括繼續嚴格控製成本、精簡產品組合和轉變我們的營運模式。

These actions position us to drive profitable growth, maximize free cash flow and allocate capital with rigor to create long-term shareholder value. By the numbers, we are targeting a 25% adjusted EBITDA margin run rate exiting 2026 and at least 20% adjusted EPS growth, underscoring our ambition to significantly expand bottom line profitability.

這些措施使我們能夠推動獲利成長，最大限度地提高自由現金流，並嚴格配置資本，從而創造長期股東價值。從數字上看，我們的目標是到 2026 年底實現 25% 的調整後 EBITDA 利潤率，以及至少 20% 的調整後每股收益成長，這凸顯了我們大幅提高淨利潤的雄心。

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）

Joe Giordano, TD Cowen

喬喬丹諾，TD·考恩

Good morning. This is Michael on for Joe. Thank you for taking my question. Just had two parter here. So I just wanted to dive a bit deeper on the $22 million revenue divestments. Could you just frame out the timing of when this should be expected? And how is that -- if that's included in the guide as well? And then I just have a quick follow-up to that.

早安.這裡是邁克爾，替喬提問。謝謝您回答我的問題。剛才這裡上了兩集。所以我想更深入探討這筆價值 2,200 萬美元的收入剝離。您能否大致說明一下預計何時能夠完成？如果指南中也包含了這部分內容，那又該如何解釋呢？然後我還有一個簡短的後續問題。

Yeah. No, happy to do that. So maybe first, focusing like key takeaway on here, right? It's really all about focusing on -- or getting our non-core product lines, which do not have growth or low growth and -- which have low margins. So in that regard, it's really focusing on about improving the revenue mix and helping in that regard to offset some of the onetime favorability we have seen in 2025.

是的。不，我很樂意這麼做。所以，首先，我們應該關注這裡的關鍵要點，對吧？關鍵在於專注於——或者說，專注於我們的非核心產品線，這些產品線沒有成長或成長緩慢，而且利潤率也很低。因此，從這個角度來看，它確實側重於改善收入結構，並有助於抵消我們在 2025 年看到的一些一次性有利因素。

The majority of that revenue, which we're exiting is related to that Japan-focused trading business, which we acquired along with more attacks. We're currently expecting to close that transaction by the end of the -- or within the second quarter.

我們正在退出的大部分收入都與我們收購的以日本為中心的貿易業務有關，該業務是我們收購其他攻擊手段時順帶收購的。我們目前預計將在本季末或第二季內完成該交易。

So that means you would start to see that in the second half of this year. Keep in mind that exiting that revenue will change a bit the mix of the end market, right? So the majority of that revenue would come out of the packaging vertical and a smaller portion would come out of the logistics vertical.

所以這意味著你會在今年下半年開始看到這種情況。請記住，退出該項收入來源會稍微改變終端市場的結構，對吧？因此，大部分收入將來自包裝產業，而物流業只貢獻了一小部分收入。

So in that regard, keep in mind when you model to reduce these two verticals, whereas the growth expectations, which Matt stated, or the initial view on this growth expectations in these vertical markets basically would remain unchanged on that lower.

因此，在這方面，請記住，在建模時要減少這兩個垂直領域，而馬特所說的成長預期，或者說對這些垂直市場成長預期的最初看法，基本上將保持不變。

Great. That's helpful. And just a quick follow-up to that. Can you just give us a better understanding how the company determines what's considered core versus noncore, like, for instance, like things like Edge Intelligence were a highlight of the Investor Day a couple of years ago. So just would love to better understand the trend behind these priorities. Thank you.

偉大的。那很有幫助。還有一個後續問題。您能否更詳細地解釋一下公司是如何決定哪些是核心業務，哪些是非核心業務的？例如，像邊緣智慧這樣的技術，幾年前在投資者日上曾是一大亮點。所以，我很想更了解這些優先事項背後的趨勢。謝謝。

Yes. Thanks, Michael. Yes, this is Matt. this is a process that we started almost a year ago as we really thought about where do we have advantage, right? We start with where we have core IP, core skill, a deeper understanding of a certain application area is really the foundation of what we would define as core.

是的。謝謝你，麥可。是的，我是馬特。這個過程我們從差不多一年前就開始了，當時我們認真思考了我們的優勢在哪裡，對吧？我們從擁有核心智慧財產權、核心技能的地方入手，對特定應用領域的深入理解才是我們定義核心的真正基礎。

And then we look at other financial metrics that Dennis mentioned, really, what is the size of that market? What's the growth potential with the relative profit pool profitability and our ability to capture those profits. You put those things together and you put them really in the context of each other, as part of a portfolio of activities. And I think what you quickly see are those that a, we have maybe a stronger right to win and then b, perhaps a weaker financial trajectory. So that's how we did it, right?

然後我們再來看看丹尼斯提到的其他財務指標，例如，這個市場的規模到底有多大？相對利潤池獲利能力和我們獲取這些利潤的能力，其成長潛力如何？把這些事情放在一起，並真正將它們放在彼此的背景中，作為一系列活動的一部分。我認為你很快就會發現，一方面，我們或許有更強的獲勝理由；另一方面，我們的財務前景或許會比較黯淡。所以，我們就是這麼做的，對吧？

We have a pretty clear framework as to how we do that. And I think you're seeing the results of that work from last year in these results.

我們有一套非常清晰的框架來指導我們如何做到這一點。我認為從這些結果中，你們可以看到去年那項工作的成果。

Joe Ritchie, Goldman Sachs.

喬·里奇，高盛集團。

Hey, good morning. So my first question is on the cost reduction program for 2026. Dennis, maybe as you kind of think through the bridge for EBITDA margin expansion for the year, what are kind of the offsets we should be thinking about for 2026 to this cost reduction plan? Or -- and then also, how do you see that progressing as the year goes along.

嘿，早安。所以我的第一個問題是關於2026年的成本削減計劃。丹尼斯，或許你在思考如何實現今年的 EBITDA 利潤率成長時，我們應該考慮哪些措施來抵銷 2026 年的成本削減計畫的影響？或者——那麼，您認為隨著時間的推移，這種情況會如何發展？

Yeah. No, absolutely, Joel. So right, I mean, we mentioned at the Investor Day last year that the largest lever is OpEx efficiency. And I think we really followed through on that in 2025, as we outlined in the work for 2025. And that enabled us at the end to hit the greater than 20% adjusted EBITDA milestone a full year ahead of time.

是的。不，當然，喬爾。沒錯，我的意思是，我們在去年的投資者日上提到過，最大的槓桿是營運支出效率。我認為我們在 2025 年真正貫徹了這一目標，正如我們在 2025 年的工作計劃中所概述的那樣。這使得我們最終提前整整一年實現了調整後 EBITDA 超過 20% 的里程碑。

Now looking at '26, clearly, it's again the largest level, which we have and then coming to your question, basically what would be offsetting effect. It's on the mix side, right? So I mentioned in the prepared remarks that we saw favorable call it, like onetime effects and mix in 2025, we're partially reducing that headwind with the portfolio optimization, which we do, but it's not fully offsetting that. So really the headwind which we see is on the on the mix side. And then we would see perhaps as we mentioned as well some favorability from pricing.

現在來看 '26'，很明顯，它再次達到了最高水平，然後回到你的問題，基本上是什麼會抵消這種影響。它屬於混合類，對吧？因此，我在準備好的發言稿中提到，我們看到有利的預測，例如一次性影響和 2025 年的組合，我們正在透過投資組合優化部分減少這種不利因素，我們也確實在這樣做，但這並不能完全抵消它。所以我們看到的真正逆風是在混合氣流方面。然後，正如我們之前提到的，我們或許會看到價格方面的一些優勢。

But I would say that it's probably really a smaller piece of the equation. So really think big picture about '26, it's more OpEx efficiency, partially offset by mix.

但我認為，這可能只是整個問題中很小的一部分。所以要從大局考慮 2026 年的情況，更多的是提高營運效率，但部分被產品組合所抵銷。

Got it. That's helpful, Dennis. And then Matt, just a question for you. Look, it seems like you're getting a lot of traction on the -- on your customer growth initiatives, and it sounds like lead generation is certainly improving. Can you just maybe double-click on what's changed over the last six to 12 months?

知道了。那很有幫助，丹尼斯。馬特，我有個問題想問你。你看，你的客戶成長計畫似乎取得了很大的進展，而且潛在客戶開發似乎也確實有所改善。您能否雙擊查看過去六到十二個月內發生了哪些變化？

And then as we move forward, it seems like you're seeing a lot of that opportunity on the packaging side of the business. Would you expect that to maybe broaden across your other end markets as well?

隨著業務的推進，似乎在包裝方面有許多這樣的機會。您是否預期這種情況也會擴及您的其他終端市場？

Yes, Joe, happy to. Yes, for sure, we're seeing great momentum in our ability to acquire new customers. I'd maybe take a step back. in these earnings, we really wanted to showcase the work we've been doing on our sales force transformation. And I really can't overstate how significant of a transformation that is to our go-to-market.

是的，喬，我很樂意。是的，的確，我們在獲取新客戶方面取得了巨大的發展勢頭。我或許應該退後一步。在這次財報中，我們真正想展示的是我們在銷售團隊轉型方面所做的工作。我真的無法用語言來形容這對我們的市場策略來說是多麼重大的轉變。

There's really four pillars as we highlighted on the slides, which is -- it's a brand-new organization, right? What we had was more of a fragmented structure where we've combined and standardized how we structure our teams around the world.

正如我們在幻燈片中強調的那樣，它實際上有四大支柱——這是一個全新的組織，對吧？我們之前採用的是較為分散的結構，現在我們已經整合並規範了全球團隊的組織結構。

That's been huge in terms of driving productivity, segmentation of activities and cross-selling. The second is process, right? We have made huge investments over the last many years in business systems to really kind of digitize Cognex.

這在提高生產力、細分業務活動和交叉銷售方面發揮了巨大作用。第二點是流程，對吧？過去多年，我們對業務系統進行了大量投資，以真正實現康耐視的數位轉型。

We're seeing those pay off as we were able to arm our sales noises with better data, better leads, better prospecting tools, better lead conversion metrics. So process is key, and we're again standardizing those with things like dashboards and things that you'd expect. Product, right? We've been working hard on our product portfolio, and we use this for ecosystem. And I want to encourage all to think of that as not lip service, right?

我們看到這些努力正在取得成效，因為我們能夠利用更好的數據、更好的銷售線索、更好的客戶開發工具和更好的銷售線索轉換指標來增強我們的銷售策略。所以流程是關鍵，我們正在透過儀表板等你期望的東西來再次實現流程標準化。產品，對吧？我們一直在努力完善產品組合，並將其用於建立生態系統。我希望大家都能明白，這絕非空談，對吧？

That is really a deliberate effort to drive consistency in the user experience of our products, that helps us train our sales noise that helps us sell the full portfolio with fewer people and less complexity. That is paying off. And the fourth is partners, right? We we've really doubled down on how we work with and collaborate with the world's leading systems integrators, OEMs and service partners. And you put those 4 things together, board process product and partners.

這確實是為了確保我們產品使用者體驗的一致性而做出的刻意努力，這有助於我們訓練銷售人員，從而幫助我們以更少的人力和更低的複雜度銷售全線產品。這樣做是有回報的。第四點是合夥人，對吧？我們確實加倍努力，加強與世界領先的系統整合商、OEM廠商和服務合作夥伴的合作。將這四件事放在一起：董事會流程、產品和合作夥伴。

On one hand, dramatically different from where we were, let's say, even two years ago with emerging customers. But you have to get really all of those for right. And I think we are. We have a great leadership team in our sales organization right now, Carl Gerst came out of product and is now leading global sales as of a year ago, and he's really moving fast with an ambitious agenda and has a great team behind him. And I think you're seeing those results one-year later.

一方面，這與我們兩年前的情況截然不同，當時我們面對的是新興客戶。但你必須真正把所有這些都弄對。我認為我們是。我們銷售部門目前擁有一支優秀的領導團隊，卡爾·格斯特從產品部門調任至全球銷售部門，他一年前開始領導全球銷售，他制定了雄心勃勃的計劃，並且背後有一支優秀的團隊，行動非常迅速。我認為一年後你們已經看到了這些結果。

And quite frankly, we saw those even a bit earlier last fall. And the results are an acceleration of our customer acquisition. But it's also our ability to be much more flexible to your question on packaging, how we direct our sales activities as we see opportunities across the end markets, right?

坦白說，我們甚至在去年秋天更早的時候就看到了這些現象。其結果是客戶獲取速度加快。但這也意味著我們能夠更靈活地回答您關於包裝的問題，以及我們如何根據終端市場的機會來調整我們的銷售活動，對嗎？

If we continue to see weakness in one and we see strength in others, we have tremendous flexibility now, maybe more so than we did in the past to redirect our sales activities towards those high-growth areas and then actually the data to be able to show that it's working. So it's a longer answer to your question, but I really can't overstate the impact of our sales force transformation and the leadership that we have in place at the top of that organization.

如果我們發現某個領域持續疲軟，而其他領域持續強勁，那麼我們現在擁有巨大的靈活性，或許比過去更大，可以將銷售活動轉向那些高成長領域，然後透過數據證明這種做法是有效的。所以，對於你的問題，我的回答比較長，但我真的無法過度強調我們銷售團隊轉型以及我們高階領導的重要性。

No, that's great. Thank you very much.

不，那太好了。非常感謝。

Jamie Cook, Truist Securities.

Jamie Cook，Truist Securities。

Hi, good morning. I guess two questions. One, just on the organic top line assumptions for 2026. Dennis, if you could provide any color, it looks like we should expect sort of mid- to high single-digit growth organically.

您好，早安。我想問兩個問題。第一，僅就 2026 年的有機營收假設而言。丹尼斯，如果你能提供一些具體數據的話，看起來我們應該會預期有機成長達到個位數中高段位。

But I guess the bigger question within that is with some of the success that you're seeing on the sales force transformation, you talked about adding 9,000 customers in 2025 versus 3,000. I don't remember when that was, but just are we starting to factor in more market outgrowth?

但我認為其中更大的問題是，鑑於您在銷售團隊轉型方面取得的一些成功，您提到到 2025 年將增加 9,000 名客戶，而不是 3,000 名。我不記得那是什麼時候了，但我們是不是開始多考慮市場成長過快的問題了？

And should we do that in 2026 given some of the successes. And then I guess my second question. Just back on the portfolio optimization and the announcements you've made this quarter. I mean where are you in this process? Is this like the first inning of the ball game and there's more to come or we feel like we've fully identified sort of the noncore low growth product lines? Thank you.

鑑於已經取得的一些成功，我們是否應該在 2026 年這樣做？那麼，我的第二個問題是什麼呢？再說說投資組合優化以及您本季發布的公告。我的意思是，你目前進行到哪個階段了？這就像棒球比賽的第一局，後面還有更多比賽嗎？還是我們感覺已經完全確定了非核心低成長產品線？謝謝。

Yeah. Thanks, Jamie. Let me start with your first question. So maybe first, let me clarify. We're not providing full year guidance, right?

是的。謝謝你，傑米。讓我們先回答你的第一個問題。所以，或許首先，讓我解釋一下。我們不提供全年業績指引，對吧？

I think what we try in the sense and the spirit of providing transparency to our investor community, we try to provide a view from today's angle based on data which we have available, right? So we talked in the last earnings call about like, hey, what are PMI data suggesting and are certainly continuously looking both a data which we are seeing in our business as well as macro factors.

我認為，我們本著向投資者群體提供透明度的精神，努力從今天的角度，根據我們掌握的數據，提供一個客觀的觀點，對吧？所以在上次財報電話會議上，我們討論了採購經理人指數 (PMI) 數據顯示了什麼，並且我們一直在關注我們業務中看到的數據以及宏觀因素。

So in that regard, I would say, we're certainly encouraged what we have been seeing towards the end of the year 2025, where we saw the strong year-end demand. And some of that turned into revenue in the first quarter in 2026 and helps with basically that growth in the first quarter against the weak comps. And at the same time, we also saw some PMI uptick happening just in January.

因此，就此而言，我認為，我們對 2025 年末的強勁需求感到非常鼓舞。其中一部分在 2026 年第一季轉化為收入，並有助於在疲軟的同業比較基礎上實現第一季的成長。同時，我們也看到1月的採購經理人指數（PMI）出現了一些上升趨勢。

So these are certainly encouraging data points. But at the same time, clearly, I want to say, like, these are not yet a trend, right? So in that regard, we keep mindful about what we see and that we certainly would want to see certain more data points to either update our view to perhaps the high single digits.

所以這些數據點無疑令人鼓舞。但同時，我明確地想說，這些還不是一種趨勢，對吧？因此，在這方面，我們會密切關注我們所看到的情況，我們當然希望看到更多的數據點，以便將我們的觀點更新為或許接近個位數。

And -- so in that regard, I would say kind of that mid-single to high single-digit range is kind of what we would say from today's perspective. But again, we are a short-cycle business, things can change fast. So we want to provide kind of a continuous update on what we see, but it's by no means the full year guide.

所以——就此而言，我認為從今天的角度來看，個位數中段到個位數高段的範圍大概就是我們所說的範圍。但話說回來，我們身處一個週期很短的產業，情況變化很快。所以我們希望持續更新我們所觀察到的情況，但這絕對不是全年的指南。

No, I wouldn't -- Jamie, if you allow me to take the second one, which is where are we, particularly as it relates to the portfolio optimization. I'd say -- these things don't happen overnight. We really have been working on this since almost a year ago. even well before the CEO transition where we've got teams in place to really look hard at the portfolio. And I think we took a very thoughtful and rigorous approach to that.

不，我不會——傑米，如果你允許我回答第二個問題，那就是我們現在的情況，特別是與投資組合優化相關的情況。我想說──這些事情不會一夕之間發生。我們其實早在近一年前就開始著手這項工作了，甚至在執行長換屆之前，我們就組建了一個團隊來認真審視投資組合。我認為我們對此採取了非常周全和嚴謹的態度。

and you're seeing the fruits of that work. And so in that vein, I would say we are very much sort of at the end of that cycle of analysis. And I think you're seeing the announcements of those ideas. So yes, as it relates to the portfolio analysis, that's it. I think as a product-oriented company, there's always work to do and making sure that your portfolio is fit for purpose and that it lets you run the company efficiently.

而你現在正在看到這項工作的成果。因此，從這個角度來看，我認為我們已經基本完成了這一輪分析。我認為你已經看到了這些想法的公佈。所以，就投資組合分析而言，就是這樣。我認為，作為一家以產品為導向的公司，總有工作要做，要確保你的產品組合符合預期用途，並能讓你有效率地經營公司。

There probably is more work we actually do just generally speaking, on cleaning up things like SKUs that really don't need to exist in eliminating complexity in other areas. I consider that more just work to be done and less of sort of a strategic thing that we did. And so you might see the effects of that trickle out through the rest of the year. But as it relates to the portfolio optimization, I think what we're announcing today is towards the end of that process.

從總體上看，我們可能做了更多的工作，例如清理 SKU 等實際上不需要存在的東西，以消除其他領域的複雜性。我認為這更多的是需要完成的工作，而不是我們採取的某種策略性舉措。因此，你可能會看到這些影響在接下來的一年中逐漸顯現出來。但就投資組合優化而言，我認為我們今天宣布的內容標誌著這個過程接近尾聲。

Great. Thank you.

偉大的。謝謝。

Andrew Buscaglia, BNP Paribas.

安德魯·巴斯卡利亞，法國巴黎銀行。

This is Brock on for Andrew. I was wondering if you could go a little bit deeper into the end markets -- you mentioned momentum in logistics and consumer electronics for CE, what's kind of driving the demand there? I know you mentioned a refresh cycle, maybe some form factor on your devices and for logistics momentum, is that currently more greenfield or brownfield. If you could just give a little bit more detail into what you've been seeing in the conversations you've been having?

這是布洛克替安德魯上場。我想請您更深入地談談終端市場—您提到了物流和消費性電子產品領域的成長勢頭，那麼是什麼因素推動了這些領域的需求呢？我知道你提到了更新周期，也許你的設備會有一些外形尺寸，至於物流發展勢頭，目前是更偏向於新建項目還是現有項目？如果你能更詳細地描述一下你在談話中看到的內容就好了？

Yeah. Sure. Brook thanks for joining us. Yes, I'll go deeper on CE and logistics, for sure. Consumer electronics, as we really started to highlight at the tail end of last year, I think we're seeing encouraging growth trends and really more broad-based, and that's certainly exciting.

是的。當然。布魯克，謝謝你加入我們。是的，我肯定會深入研究CE和物流方面的內容。正如我們在去年年底開始重點關注的那樣，消費性電子產品領域正在出現令人鼓舞的成長趨勢，而且成長範圍更加廣泛，這當然令人興奮。

And I think consumer electronics, as an industry plays very much to our strengths in technology. These are very demanding applications that require precision and the highest levels of quality, given that many of these devices are quite expensive and have high price points in the market.

我認為消費性電子產業非常符合我們在科技方面的優勢。這些應用對精度和品質的要求非常高，因為其中許多設備價格昂貴，在市場上售價也很高。

And so we see a lot of those customers at both end users, the product owners as well as the systems integrators really favor Cognex. But there's many underlying trends that are supporting that growth. Certainly, the shifts in the supply chain outside of the traditional manufacturing locations of China to Greater Asia, Asia, India, even other parts of the world.

因此，我們看到許多最終用戶、產品所有者以及系統整合商都非常青睞康耐視。但有許多潛在趨勢在支撐著這種成長。當然，供應鏈已經從中國的傳統製造地點轉移到大亞洲、亞洲、印度，甚至世界其他地區。

And given the global company that we are, I think we remain a strong partner to enable those geographic shifts as they happen. New vision capabilities. We brought to market some transformational AI tools last year, specifically designed for consumer electronics, I think we're seeing those play out nicely. Consumer demand, right? Consumer demand is very strong for these sorts of devices currently.

鑑於我們是一家全球性公司，我認為我們仍然是推動這些地域性轉變的強大合作夥伴。全新的視覺能力。去年我們推出了一些變革性的人工智慧工具，專門針對消費性電子產品設計，我認為我們正在看到這些工具發揮了良好的作用。消費者需求，對吧？目前消費者對這類設備的需求非常強勁。

A lot of that is driven by some of the new AI features that are being brought to consumer devices that are very exciting and driving maybe a refresh cycle that we haven't seen for many years. And then last but certainly not least, we're seeing new form factors.

這很大程度上是由一些被引入消費性設備的全新人工智慧功能所驅動的，這些功能非常令人興奮，並可能推動我們多年來未曾見過的更新換代週期。最後但同樣重要的是，我們看到了新的外形尺寸。

Again, particularly as consumers want to interact with the latest AI software tools, we're seeing technology providers really experiment with different form factors, whether it be foldable phones, glasses, pendants. And so these are devices that get made in the millions, the hundreds of millions with extreme precision and high quality. And that's just such a good place for Cognex Vision to play.

再次強調，尤其是在消費者希望與最新的 AI 軟體工具互動的情況下，我們看到科技供應商正在真正嘗試不同的外形尺寸，無論是可折疊手機、眼鏡還是吊墜。因此，這些設備以極高的精度和質量，批量生產數百萬台、數億台。這對 Cognex Vision 來說簡直是個絕佳的舞台。

So that's consumer. I think on logistics, again, a very exciting market for us. We're capping our eighth quarter of double-digit growth, which is I think a testament to our commercial efforts and our sales team that sells into this market, but obviously, our technology. As you'd expect, we're starting to get into territory of tougher comps. And in all of our markets, we kind of expect growth to moderate after such a long stretch of outsized growth, and we're seeing that.

這就是消費者。我認為物流領域對我們來說又是一個令人興奮的市場。我們連續第八個季度實現了兩位數的成長，我認為這證明了我們的商業努力和銷售團隊在這個市場上的出色表現，當然，也離不開我們的技術。不出所料，我們開始進入競爭更加激烈的領域。在我們所有的市場中，我們都預期在經歷瞭如此長時間的超高速成長之後，成長速度會放緩，而我們也看到了這種情況。

But I'll tell you, I remain optimistic about logistics. We have great customer relationships. We have a great team in place, we have great technology. And there are just huge white spaces that I think we're starting to tap into, particularly with products like the as we start to dive deeper into the vision for logistics, which is really enabled by AI. And so you put those things together.

但我可以告訴你，我對物流仍然保持樂觀。我們與客戶建立了良好的關係。我們擁有優秀的團隊和先進的技術。我認為我們正在開始挖掘巨大的空白領域，尤其是在像[此處應填寫產品名稱]這樣的產品上，因為我們開始深入研究物流願景，而這實際上是由人工智慧實現的。所以你就把這些東西放在一起。

And I think this year, we're suggesting it might be a bit of a lower growth year on logistics. I think it's still early to see how that plays out. But long term, I still think we feel very, very strongly and excited about the logistics market overall. Hopefully, that answers your question, Brook.

我認為今年物流業的成長速度可能會略有放緩。我認為現在判斷事態發展還為時過早。但從長遠來看，我仍然認為我們對整個物流市場充滿信心和期待。希望這能解答你的疑問，布魯克。

Yeah. It's super helpful. And then just a follow-up, just an update going into 2026 on your capital allocation priorities. Your free cash flow has been very strong. Is there any update on M&A or acquisition targets?

是的。非常有用。然後，我想跟進一下，更新您2026年的資本配置優先事項。您的自由現金流非常強勁。併購或收購目標有任何最新進展嗎？

Yeah, in general, the capital allocation priorities remain unchanged versus what we presented at Investor Day. Certainly, we are very pleased with the strong cash flow generation, which we had, especially in 2025, 77% up it was really driven on the one side by driving bottom line profitability at the same time also by optimizing the working capital.

是的，總體而言，資本配置優先事項與我們在投資者日上提出的方案保持一致。當然，我們對強勁的現金流產生情況非常滿意，尤其是在 2025 年，成長了 77%，這一方面是透過提高淨利潤率實現的，另一方面也是透過優化營運資本實現的。

Now looking forward, I would say, we probably right where we are, where we want to be on working capital, right? So cash conversion cycle, somewhere in that 150 to 155 days is really where we feel like it's a really good point for us is Cognex. So in that regard, probably we'll see a bit less of contribution to the free cash flow from working capital optimization.

展望未來，我認為我們目前的營運資金狀況可能正處於我們期望的位置，對吧？所以，現金轉換週期在 150 到 155 天之間，我們認為 Cognex 的這個時間點對我們來說非常合適。因此，在這方面，我們可能會看到營運資本優化對自由現金流的貢獻略有減少。

And at the same time, we think can definitely still achieve the greater than 100% cash, free cash flow conversion rate within 2026. So in that regard, still looking forward to a strong year of cash conversion, but more rooted in margin expansion and working capital reduction. And yes, clearly, a similar capital allocation power, it is than previously communicated.

同時，我們認為絕對可以在 2026 年達到超過 100% 的現金自由現金流轉換率。因此，在這方面，我們仍然期待今年現金轉換率強勁成長，但更著重於利潤率擴張和營運資本減少。是的，顯然，它擁有與先前所傳達的類似的資本配置權力。

Okay, thanks for the update.

好的，謝謝你的更新。

Ken Newman, KeyBanc Capital Markets.

Ken Newman，KeyBanc Capital Markets。

Hey, good morning, guys. Congrats on the solid execution this quarter. First -- maybe first question for you guys. Dennis, it doesn't seem like you guys are seeing any impact from higher memory costs, but I just wanted to clarify if there is any cost increases that are embedded within the guide and maybe just if you could remind us the percent of COGS memory intensity.

嘿，大家早安。恭喜本季業績出色。首先——或許我想問你們第一個問題。丹尼斯，你們似乎沒有感受到記憶體成本上漲的影響，但我只是想確認一下指南中是否包含了任何成本增加，以及您能否提醒我們一下記憶體成本佔總成本的百分比。

Yeah. Thanks, Ken. We don't disclose specifics around memory pricing, but I would say we don't expect any material impact from increased pricing tied to those supply chain issues. I would say we're pretty good at managing this. We really put teams in place many years ago when we saw a tightening of the supply chains on the tail end of COVID.

是的。謝謝你，肯。我們不透露記憶體定價的具體細節，但我認為，與這些供應鏈問題相關的價格上漲不會產生任何實質影響。我認為我們在這方面做得相當不錯。多年前，當我們看到新冠疫情末期供應鏈趨緊時，我們就組建了一個相應的團隊。

We had some supply chain issues ourselves that have really forced us to double down and take many steps into our supply chain. And I think our ability to manage disruptions like this is really very strong, I would say, world class. We have great relationships with our suppliers, and we keep very close to what they're seeing in the market. And so -- now I wouldn't say that we're seeing increased memory prices affecting our business. We are seeing them.

我們本身也遇到了一些供應鏈問題，這迫使我們加倍努力，並在供應鏈方面採取了許多措施。我認為我們應對此類突發事件的能力非常強，可以說是世界一流的。我們與供應商保持良好的關係，並且密切關注他們在市場上的動態。所以——現在我不會說內存價格上漲影響了我們的業務。我們看到了。

And I would say, we're not going to really give what percentage of memory is the bill of material, but I would say it's not an overly significant portion and I wouldn't say that we've experienced really any material procurement issues today. So we'll keep an eye on it. But at this point, I think we feel comfortable that we have the tools to manage it and that it is already reflected adequately in our forward guidance.

而且，我們不會透露物料清單中記憶體佔比的具體百分比，但可以說比例並不高，而且我們目前也沒有遇到任何物料採購方面的問題。所以我們會密切關注此事。但就目前而言，我認為我們有信心擁有應對這種情況的工具，而這一點已經充分體現在我們的前瞻性指引中。

Got it. That's very helpful. And then for my follow-up here. I just wanted to clarify, is there any way to help us think about the cadence of how we should expect to realize that $35 million to $40 million of cost benefits. Is that just an equal weighted type of benefit through the year? Or does some of that hit a little heavier in the first half?

知道了。那很有幫助。接下來我要補充一點。我只是想澄清一下，有沒有什麼方法可以幫助我們思考，我們應該以怎樣的節奏才能實現這 3500 萬到 4000 萬美元的成本效益。那是不是全年都以等權重方式發放的福利？或者說，其中一些影響在上半場顯得更強烈？

Yeah. No, I fully understand the question. So clearly, we're focusing on executing a good majority of that in the first half of 2026. So that means you will start to see some of these effects to show up more towards Q3 of this year and then perhaps a smaller portion towards the end of this year. in that regard, start to look for effects in the third quarter.

是的。不，我完全理解這個問題。顯然，我們的重點是在 2026 年上半年完成其中的大部分工作。這意味著，這些影響中的一些會在今年第三季開始顯現，然後在年底可能會有較小程度的影響。因此，請開始關注第三季的相關影響。

And in general, I think, as mentioned before, it really would set us then up for this adjusted EBITDA run rate of 25%. And maybe let me elaborate a little bit more on that one. So first, it's very clearly it's run rate as every exit 2026. It's not a full year number, right? So in that regard, it's probably are pretty much what we have been saying before about how we think about margin expansion in 2026.

總的來說，我認為，正如之前提到的，這將真正使我們實現 25% 的調整後 EBITDA 運行率。或許我可以再詳細解釋一下這一點。首先，很明顯，它的運行率是 2026 年的每次出口。這並非全年的數字，對吧？所以從這個角度來看，這可能和我們之前所說的關於我們如何看待 2026 年利潤率擴張的觀點基本上一致。

And I think really the message we want to give is that there is durability and that we have confidence in the margin expansion and that -- this will continue and can continue also into 2027. So in that regard, take that comment mostly of our lag 2027 can have another increase or another year of margin expansion and that we are not done in 2026.

我認為我們真正想傳達的訊息是，這種成長具有持久性，我們對利潤率的擴張充滿信心，而且這種成長將會持續，甚至可以持續到 2027 年。因此，就此而言，主要針對我們2027年的滯後情況的評論是，可能會有另一次增長或利潤率再擴張一年，而且我們在2026年還沒有完成。

Tommy Moll, Stephens.

湯米·莫爾，史蒂芬斯。

Good morning and thank you for taking my questions. Automotive looks like is going to move from red to green in 2026, which is nice to see -- what context can you give us there, in particular, by geography, maybe starting with North America, just the latest and greatest on the demand side and the conversations you're having? Thank you.

早上好，感謝您回答我的問題。汽車產業似乎將在 2026 年由紅色轉為綠色，這令人欣喜——您能否為我們介紹一下這方面的背景，特別是按地域劃分，也許可以從北美開始，談談需求方面的最新進展以及您正在進行的討論？謝謝。

Yes, sure. As you mentioned, Tommy, as we've said before, it's very much a geographic story, and it does that story tell us differently in each area. So you asked about the US and the Americas. What I would say is I would characterize an area where we're seeing relatively more activity in strength through, we're having good discussions with all the major OEMs, you would have seen them really try to cleanse their P&Ls of previous investments in the EV boom.

當然可以。正如你所提到的，湯米，正如我們之前所說，這很大程度上是一個地理故事，而且這個故事在每個地區講述的方式都不同。所以你問到了美國和美洲的情況。我想說的是，我們看到一個領域相對更加活躍，我們正在與所有主要的汽車製造商進行良好的討論，你會看到他們真的在努力清理他們在電動車熱潮中之前的投資所帶來的損益。

And I think that's giving them flexibility to really think about the next iteration of powertrains and those next generations are both perhaps a different powertrain but also certainly a more connected. And so we're having those discussions with them, and there's quite a bit of activity that we're seeing start to come back in the US.

我認為這讓他們有更大的彈性去真正思考下一代動力系統，而下一代動力系統或許會是不同的動力系統，但肯定也會更互聯。所以我們正在與他們進行這些討論，而且我們看到美國的一些活動開始恢復。

Maybe if you don't mind, I'll move on to Europe and Asia. In Europe, for sure, it's where we see the greatest level of weakness and where the recovery seems to be slower. In Europe, as I -- just to build on some of my prior comments, we are shifting our sales activity into other verticals in Europe so that we can compensate for that weakness.

如果你不介意的話，我或許會轉戰歐洲和亞洲。在歐洲，經濟疲軟的程度肯定最大，復甦速度似乎最慢。在歐洲，正如我之前所說，我們正在將銷售活動轉移到歐洲的其他垂直領域，以彌補這一弱點。

But nonetheless, that's where it is. And in Asia, it's a bit mixed. I would say it's very much OEM dependent, whether you're talking about the Japanese OEMs, the Korean OEMs, the Chinese OEMs. And so we're staying close to all of them. And I would say both their investment levels, their powertrain choices are different.

但不管怎樣，它就在那裡。而在亞洲，情況則比較複雜。我認為這很大程度上取決於原始設備製造商（OEM），無論是日本的OEM、韓國的OEM還是中國的OEM。所以，我們與他們所有人都保持著密切聯繫。而且我認為他們的投資水平和動力系統選擇都不同。

And so we're trying to keep -- Asia is a bit more mixed. And hopefully, we can provide some more clarity as the year goes on. Hopefully, that's helpful Tommy.

所以我們努力維持——亞洲的情況則更加複雜。希望隨著時間的推移，我們能夠提供更清晰的資訊。希望這對你有幫助，湯米。

Yes. Dennis, I wanted to ask about the raised through-cycle EBITDA margin expectation several percentage points if I just look at the midpoint from your Investor Day versus the update you provided us today. If we think about the bridging items there, is it as simple as you gave us three bullets under transforming the operating model that net to the $35 million to $40 million annualized. Is that the bridge? Or are there other operational changes that you've made to give confidence in that raised through-cycle expectations.

是的。丹尼斯，我想問一下，如果我只看你投資者日的中點數據和你今天提供的最新數據，週期內 EBITDA 利潤率預期上調了幾個百分點，這是怎麼回事？如果我們考慮其中的銜接項目，是否就像您在營運模式轉型下給出的三點建議那樣簡單，從而每年淨賺 3500 萬至 4000 萬美元？那是橋嗎？或者，您是否還做出了其他營運方面的改變，以增強人們對提高整個週期預期的信心？

I mean, yes, I think the price is really what we showed at Investor Day. So we're not really changing compared to what we've said at Investor Day, strongest level on the OpEx efficiency and right you provided target value for each of these buckets, and we're so striving to achieve those. I think really what has had a change to Investor Day is that we reached our first milestone, right?

我的意思是，是的，我認為價格確實就是我們在投資者日上展示的價格。所以，與我們在投資者日上所說的相比，我們並沒有真正改變，營運效率方面我們仍然保持著最高水平，正如您所說，我們為每個類別都設定了目標值，我們正在努力實現這些目標。我認為投資者日真正改變的原因是，我們達到了第一個里程碑，對吧？

And I think as the company as a leadership team, we are quite encouraged and we achieved our first milestone a full year ahead of time. and that basically kind of drove us now to say, like, let's take a look at the next milestone.

我認為，作為公司領導團隊，我們深受鼓舞，因為我們提前整整一年就實現了第一個里程碑。這基本上激勵著我們現在去展望下一個里程碑。

So in that regard, it's nothing changed in the bridge in the way how we want to get there. But it's really all about like having enters milestone, and let's look at the second milestone. And the key levers to achieve the second milestone is really the cost optimization, which we have announced, combined with the portfolio optimization as well.

所以從這個角度來看，橋樑本身並沒有改變我們到達那裡的方式。但實際上，這一切都像是進入了某個里程碑，讓我們來看看第二個里程碑。實現第二個里程碑的關鍵槓桿實際上是成本優化（我們已經宣布了這一點），以及投資組合優化。

Yes. And Tommy, I would just say any time you think about being more efficient, reducing cost, it's easy to say, oh, you're just taking capacity out. And there were elements of that, right, where maybe we would have overinvested in capacity a little too far ahead of growth. But the other two areas that you have to look as a portfolio, we're doing that. You're seeing those RXs in today's earnings.

是的。湯米，我想說的是，每當你想要提高效率、降低成本時，很容易就會說，哦，你只是在減少產能而已。確實存在一些問題，例如我們可能在產能方面投入過多，遠遠超過了成長所需的水平。但作為投資組合的一部分，我們還需要考慮另外兩個方面，我們正在這樣做。你會在今天的財報中看到這些處方藥。

But the biggest and the hardest is changing the operating model. And I think if you just read the newspaper, there's just so many opportunities to be more efficient and be more productive. And that's really, I would say, where we go next and where you start to see more outsized benefits on efficiency over the longer term, right, where you can be more productive and automate more and do things more efficiently.

但最大也是最難的是改變營運模式。我覺得，只要你讀讀報紙，就會發現有很多提高效率和生產力的機會。我認為，這才是我們下一步的發展方向，也是從長遠來看，效率方面能夠帶來更大收益的地方，對吧？在這裡，你可以提高生產力，實現更多自動化，並以更高的效率完成工作。

And I think as an AI-first organization, I think we are embracing, I would say, a lot of the state of the art that's happening not just in how you engineer products and software and do software development, but how do you interact with customers and how do you generate leads and how do you provide excellent tech support in more efficient ways. And so I think on that end, when it comes to operating model efficiency, we are probably earlier in our journey.

我認為，作為一個以人工智慧為先導的組織，我們正在積極擁抱許多最先進的技術，不僅體現在產品和軟體的工程設計以及軟體開發方面，還體現在與客戶互動、獲取潛在客戶以及以更高效的方式提供卓越的技術支援方面。因此，我認為在營運模式效率方面，我們可能還處於起步階段。

And so you put those three things together, and I think we have a lot of conviction in at least the '26 numbers that were just rest assured that we're not settling. We are continuing to think about the longer term and how we'd be more productive, efficient organization.

所以，把這三件事放在一起，我認為我們至少對 2026 年的數據很有信心，這足以證明我們不會停下來。我們一直在思考長遠發展，以及如何成為一個更有效率、更有生產力的組織。

Thank you both. I'll turn it back.

謝謝你們兩位。我會把它轉回去。

Piyush Avasthy, Citi.

Piyush Avasthy，花旗銀行。

Good morning guys.

各位早安。

Congrats on the quarter. Just on just following up on the last question, like the AI cystic coding for software development, like I know like at your Investor Day, you kind of had talked about R&D being like a lower going to like low teens as a percentage of sales from like close to mid-teens that you reported in '25. So it seems you're like this integration can really help you reduce the time line to lower the R&D. Is that true? Or we shouldn't get too excited yet?

恭喜你本季取得佳績。關於上一個問題，例如人工智慧在軟體開發的應用，我知道在你們的投資人日上，你們曾談到研發支出佔銷售額的比例將從2025年報告的接近15%降至10%左右。看來您認為這種整合確實可以幫助您縮短研發時間，並降低研發成本。是真的嗎？或者我們現在還不該太興奮？

Let me give you -- bear with me, I'm going to give you a longer winded answer. Cognex, we take pride in our customers expect from us market-leading technology and capability. And and we will continue to deliver that. And our ability to move the market and invent is very much driven by our investment in our world-class engineering organization.

讓我給你——請耐心聽我說，我會給你一個比較詳細的答案。康耐視以客戶期望我們提供的市場領先的技術和能力而自豪。我們將繼續做到這一點。我們引領市場和進行創新的能力，很大程度得益於我們對世界一流工程組織的投入。

And so I don't want anyone to misconstrue the comments that I'm about to make as us retreating from that objective because I think we really want to be the gold standard and push the market for to be the best in the emerging technologies that we know can help industrial machine vision.

因此，我不希望任何人誤解我接下來要說的話，認為我們正在放棄這個目標，因為我認為我們真的想成為黃金標準，並推動市場在新興技術領域做到最好，我們知道這些技術可以幫助工業機器視覺。

But for sure, there are just so many ways to be more efficient and more productive when it comes to technical design. And that's not just software, I would say, it's also hardware, and we're pushing on both -- but we are years into using these tools, particularly as you mentioned on the software AI-assisted coding angle.

但可以肯定的是，在技術設計方面，有許多方法可以提高效率和生產力。而且我認為這不僅僅是軟體，也包括硬件，我們在這兩方面都在努力——但我們已經使用這些工具多年了，特別是像你提到的軟體人工智慧輔助編碼方面。

And as we all see from the headlines and recent news announcements, those tools just keep getting better. And we have an organization and a culture that embraces change and particularly as it relates to advanced AI, I would say. And so yes, we are.

正如我們從新聞標題和最近的新聞公告中看到的那樣，這些工具一直在不斷改進。我們擁有一個擁抱變革的組織和文化，尤其是在先進人工智慧領域。是的，我們是。

And we're doing it, I think, in the right way because we need to make sure that when we ship products, they have the utmost quality and in security. And so there's a fine line, you have to balance and all these things. But I think we are fully utilizing, I think it is early days in terms of what the full potential is. And it's not just about software. I think it's really full stack.

我認為我們這樣做是正確的，因為我們需要確保我們發貨的產品具有最高的品質和安全性。所以這其中存在著微妙的平衡，你必須權衡所有這些因素。但我認為我們正在充分利用它，我認為現在還處於早期階段，它的全部潛力還有待挖掘。而且這不只是軟體的問題。我覺得它真的是全端式的。

How we design and how we do more with the same or maybe slightly less heading into the future.

展望未來，我們將如何設計，以及如何用相同甚至更少的資源做更多的事情。

Got it. Very helpful. And this is like following upon like Jamie's question, like your 2026 view, again, you guys said like mid-single digit to high single-digit range. But if I look at your 1Q '26 top line guidance, you're kind of suggesting 13% top line growth. So are there any larger projects or onetimers in 1Q that is helping growth in the quarter?

知道了。很有幫助。這就像是接著 Jamie 的問題，就像你們對 2026 年的看法一樣，你們之前說過，數字會在個位數中段到個位數高段之間。但如果我看一下你對 2026 年第一季營收的預期，你似乎暗示營收成長 13%。那麼，第一季是否有任何大型專案或一次性專案對本季的成長起到推動作用？

And do you expect the growth to decelerate as we move through the year? Or is it just a limited visibility and you guys have been a little bit more prudent.

你預計隨著年內時間的推移，成長速度會放緩嗎？或只是能見度有限，所以你們才比較謹慎？

Yes. No, I understand the question, Piyush. I think two things. On the one side, Q1 is still driven by some of the year-end spending, which we saw in 2025. That means just like revenue comes into the first quarter instead of being recognized in the fourth quarter.

是的。不，我明白你的問題，Piyush。我認為有兩件事。一方面，第一季仍然受到一些年末支出的影響，我們在 2025 年就看到了這種情況。這意味著收入計入第一季度，而不是在第四季度確認。

And then I really want to say keep in mind that Q1 2025 was a weak quarter where we saw at that time, a lot of logistics demand being pulled forward into Q4 of '24. So in that regard, there's a bit like this mix that this time we see kind of a reverse of shifting from quarter-to-quarter, right? So last year, it was moved from Q1 into Q4. And this time, we see move from Q4 into Q1. And that makes this 13% probably look a little bit larger than what it is.

然後我真的想說，請記住 2025 年第一季是一個疲軟的季度，當時我們看到很多物流需求被提前到了 2024 年第四季度。所以從這個角度來看，這次的情況有點像是季度與季度之間的某種逆轉，對吧？所以去年，它從第一季推遲到了第四季。這一次，我們看到從第四季過渡到了第一季。這樣一來，13%這個數字看起來可能比實際值還要大一些。

So in that regard, we not expect to think like, hey, there's a deceleration of things. But clearly, there's kind of this underlying timing effects, which kind of may be make it look like that. But in general, I will have our typical seasonality with Q2 and Q3 driven by consumer electronics, so stronger quarters there.

所以在這方面，我們不應該認為，嘿，事情正在減速。但顯然，存在某種潛在的時間效應，這可能會使它看起來像那樣。但總的來說，第二季和第三季會受到消費性電子產品的推動，呈現典型的季節性波動，因此這兩季的業績會比較強勁。

And then Certainly, we can't say how -- how to think about Q4 this year, whether we would see a similar effect on the end spending like this on 2025, that's just much too early to talk about that. So then regard it comes back to what I said before, we certainly are encouraged by seeing such an spending by seeing the PMI coming up.

當然，我們現在還無法預測今年第四季的情況，也無法預測 2025 年的最終支出是否會受到類似的影響，現在談論這個問題還為時過早。所以，這又回到了我之前所說的，看到採購經理人指數(PMI)上升，我們當然會感到鼓舞，因為這表明支出有所增加。

But let's see more data. Let's see more data points, let's see more trend and at the same time, we'll control what we can control, and that's our cost basis and our portfolio we're going hard after these topics and that gives us the confidence in our margin expansion.

但我們需要更多數據。讓我們看看更多的數據點，看看更多的趨勢，同時，我們會控制我們所能控制的，那就是我們的成本基礎和投資組合。我們正在全力以赴地研究這些方面，這讓我們對利潤率的擴張充滿信心。

Appreciate all the colored guys. Good luck. Thanks.

感謝所有有色人種。祝你好運。謝謝。

Guy Harwich, Barclays.

巴克萊銀行的蓋伊·哈里奇。

Hi, good morning, and Congratulations on the great results. Looking at the -- your outlook, your initial outlook slide for 2026, it looks like on a weighted average basis, your end market growth is sort of mid- to high single digits.

您好，早安，恭喜您取得如此優異的成績。從你們的展望，你們對 2026 年的初步展望幻燈片來看，按加權平均而言，你們的終端市場成長率似乎在個位數中高段位。

First of all, is that fair? And I apologize because I joined the call late, but the $22 million divestments. Is any of that reflected in the Q1 guidance? And how should we be treating that is excluding net of organic growth for this year or like a business divestment?

首先，這公平嗎？很抱歉我加入電話會議晚了，但 2200 萬美元的資產剝離。第一季業績指引中是否反映了這些內容？那我們該如何處理這筆交易呢？是扣除今年的有機成長，還是將其視為一項業務剝離？

Yeah, a few thoughts here, Guy. So first, yes, probably like that mid-single to high single digit is a fair statement. And in the short view, I said earlier in the call, and we are a short-cycle business, all driven about what we see today. That view could change. PMIs could change, data could change business trajectory could change.

是的，蓋伊，我有一些想法。所以首先，是的，大概是中個位數到高個位數這個說法比較合理。短期來看，正如我之前在電話會議中所說，我們是一個短週期產業，一切都由我們今天所見的所驅動。這種觀點可能會改變。PMI指數可能會變化，數據可能會變化，業務發展軌跡也可能會變化。

So it's not a guide. It's just a view of what we see from today's perspective. And then towards the question of the revenue exit. So there's some divestment included in there in regards to the Japan focused training business, which we think can close in the second quarter of this year and then think about like how to apply some of these growth rates and a very simplistic statement is take the '25 revenue numbers, subtract the $22 million of exiting business and apply the growth factors on top of it. That's maybe the very simple statement you may do a little bit timing adjustments there.

所以它不是一份指南。這只是我們從今天的角度來看事物的觀點。然後轉向收入退出問題。因此，其中包含一些關於專注於日本的培訓業務的剝離，我們認為可以在今年第二季度完成，然後考慮如何應用這些增長率，一個非常簡單的說法是，用 2025 年的收入數字減去 2200 萬美元的退出業務，然後在此基礎上應用增長因素。這或許是你可以稍微調整一下時間的簡單說明。

But just that's kind of how we thought about when we put out that slide.

但我們當時製作那張投影片的時候，大概就是這麼想的。

Okay, thank you.

好的，謝謝。

Jairam Nathan, Daiwa

賈伊拉姆·納坦，大和

Hi, thanks for squeezing me in here. So Matt, Cognex has always, I think, done a good job in entering markets ahead of everyone else like logistics, and it looks like -- so I'm just trying to understand what opportunities could you have with physical AI. There seems to be a lot of focus on sensing and vision is a key part of that, things like AMRs, humanoid robot. So just wondering if there is -- do you see any opportunities in terms of fiscal AI.

你好，謝謝你抽空讓我進來。所以，Matt，我認為 Cognex 一直以來都做得很好，它總是能搶先一步進入物流等市場，而且看起來——所以我只是想了解一下，在物理人工智能領域，你們能有哪些機會。目前似乎非常注重感知，而視覺是其中的關鍵部分，例如自主移動機器人（AMR）和人形機器人。所以我想知道是否存在——您是否看到財政人工智慧有任何機會。

Sure. Yes. We're probably the oldest physical AI company in the world. We've been given robust size, the ability to perceive the world around them for about 44 years. And that gives us a lot of strength.

當然。是的。我們可能是世界上歷史最悠久的物理人工智慧公司。我們擁有強壯的體型，以及感知周圍世界的能力，這種能力已經持續了大約 44 年。這給了我們很大的力量。

We know those applications really well. But your question is really more about adjacencies in new markets. And yes, as an organization, we have a very good way of looking at those things, evaluating them and understanding if we have a strong right to win in them.

我們非常了解這些應用程式。但你的問題其實更多的是關於新市場中的鄰近性問題。是的，作為一個組織，我們有非常好的方法來看待這些事情，評估它們，並了解我們是否有充分的理由在這些事情上獲勝。

We like the five verticals that we -- the market verticals we participate in, and we see tremendous growth to continue to expand in those verticals. I think we're not the share leader in every geography, market vertical or product segment, and we aim to be.

我們喜歡我們參與的五個垂直市場領域，我們看到了巨大的成長潛力，因此決定繼續在這些領域擴張。我認為我們並非在每個地區、每個垂直市場或每個產品領域都佔據市場份額領先地位，而我們的目標是成為領先者。

And so that's our top priority is winning the core. But as it relates to new markets, we're looking at what's the future of automation in these massive data centers that are going to be built out over the next several years. There's a resurgence in investment in defense, in particular, in aerospace, particularly in parts of the world like Europe as those industrial bases come back to life.

因此，我們的首要任務是贏得核心使用者。但就新市場而言，我們正在研究未來幾年將要建造的這些大型資料中心的自動化發展方向。國防領域的投資正在復甦，尤其是在航空航太領域，特別是歐洲等工業基礎正在復甦的地區。

And these are highly engineered parts that require the highest levels of quality and precision. And so we're certainly looking at potentially aerospace and defense as a market that could come back to life in a way it hasn't been in many years.

這些都是經過精密設計的零件，需要達到最高的品質和精度標準。因此，我們當然將航空航太和國防市場視為一個可能以多年未見的方式復甦的市場。

And then certainly, robotics, like you mentioned it. And we've been serving the robotics market for decades, I would say, maybe not in the way that we're seeing today with humanoids, but much more as it relates to high-speed in-line manufacturing, right? And we've done that in consumer electronics. We've done it in logistics. We've done it in automotive.

當然，還有你提到的機器人技術。可以說，我們服務於機器人市場已有數十年之久，或許不像今天我們看到的這種人形機器人，但更多的是與高速線上製造相關的領域，對吧？我們在消費電子領域已經做到了這一點。我們在物流領域做到了。我們在汽車產業已經做到了。

And you can expect us to continue to invest in how we can be a better provider of vision for the world's robots. And so yes, an area we're thinking about and investing in, I would say, less so with the angle of humanoid in full disclosure, we don't see that as such a strong place for us and such a little too far from home in terms of in-line manufacturing, but many, many other areas for industrial robotics that could use visual perception and where we see ourselves as really having a great rate to win.

您可以期待我們繼續投資，並努力成為全球機器人視覺技術更好的供應商。所以，是的，我們正在考慮並投資人形機器人領域。坦白說，我們並不認為人形機器人是我們的優勢領域，而且就流水線生產而言，它離我們的本土業務也太遠了。但是，工業機器人領域還有很多其他領域可以利用視覺感知，我們認為在這些領域我們有很大的成功機會。

Thanks. And as a follow-up, and then it's just on the trading business within Moritex. Typically, these businesses are low gross margin businesses. So should we -- could we see a bump from gross margins in the second half with that (inaudible)

謝謝。接下來，我們將討論 Moritex 內部的交易業務。通常情況下，這些企業的毛利率較低。所以我們應該會看到──我們能否看到下半年毛利率有所提升？（聽不清楚）

Yes, you're right that typically business are less attractive on gross margin side when we saw that in general, that Moritex had lower gross margins. So in that regard, that certainly will help a bit on the gross margin side into the second half

是的，你說得對，通常來說，毛利率較低的企業吸引力會更小，我們看到 Moritex 的毛利率普遍較低。因此，從這個角度來看，這肯定會對下半年的毛利率有所幫助。

Okay, great. Thank you.

好的，太好了。謝謝。

Thank you. I would like to turn the floor back over to Mr. Moschner for closing comments.

謝謝。我謹將發言權交還給莫施納先生，請他作總結發言。

Excellent. Well, thank you for joining us this morning and for your continued support of Cognex. We look forward to updating you on our progress in the first quarter.

出色的。感謝您今天早上蒞臨我們的節目，也感謝您一直以來對康耐視的支持。我們期待在第一季向您報告我們的進展。

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直播，享受一天剩下的時光。