斑馬技術公司 (ZBRA) 2018 Q3 法說會逐字稿

Good day, and welcome to the Third Quarter 2018 Zebra Technologies Earnings Release Conference Call. (Operator Instructions) Please note, this event is being recorded. I would now like to turn the conference over to Mike Steele, Vice President of Investor Relations. Please go ahead.

美好的一天，歡迎來到 Zebra Technologies 2018 年第三季度收益發布電話會議。（操作員說明）請注意，正在記錄此事件。我現在想將會議轉交給投資者關係副總裁 Mike Steele。請繼續。

Good morning, and thank you for joining us today. Before we begin, I need to inform you that certain statements made on this call are forward-looking, are subject to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements are based on current expectations and assumptions and are subject to risks and uncertainties. Actual results could differ materially due to factors discussed in our filings with the Securities and Exchange Commission.

早上好，感謝您今天加入我們。在我們開始之前，我需要通知您，本次電話會議的某些陳述是前瞻性的，受 1995 年《私人證券訴訟改革法案》安全港條款的約束。這些陳述基於當前的預期和假設，並受到風險和不確定性的影響。由於我們在提交給美國證券交易委員會的文件中討論的因素，實際結果可能存在重大差異。

During this call, we will make reference to non-GAAP financial measures as we describe business performance. You can find reconciliations of our GAAP to non-GAAP results in today's earnings press release and at the end of the slide presentation. This presentation will include prepared remarks from Anders Gustafsson, our Chief Executive Officer; and Olivier Leonetti, our Chief Financial Officer. Anders will begin discussing by discussing our third quarter highlights. Olivier will then provide more detail on the financials and discuss our fourth quarter outlook. Anders will conclude with progress made on Zebra's strategic priorities.

在本次電話會議中，我們將在描述業務績效時參考非 GAAP 財務指標。您可以在今天的收益新聞稿和幻燈片演示的末尾找到我們的 GAAP 與非 GAAP 結果的對賬。該演示文稿將包括我們的首席執行官 Anders Gustafsson 準備好的評論；和我們的首席財務官 Olivier Leonetti。安德斯將通過討論我們第三季度的亮點開始討論。Olivier 隨後將提供更多財務細節並討論我們的第四季度展望。Anders 將以 Zebra 戰略重點方面取得的進展作為總結。

Following the prepared remarks, Joe Heel, our Senior Vice President of Global Sales will join us as we take your questions.

在準備好的發言之後，我們的全球銷售高級副總裁 Joe Heel 將加入我們回答您的問題。

Also, throughout this presentation, unless otherwise indicated, our references to sales growth are year-over-year, on a constant currency basis and exclude results from the recently acquired Xplore Technologies business. This presentation is being simulcast on our webcast at investors.zebra.com and will be archived there for at least 1 year. Now I'll turn the call over to Anders.

此外，在整個演示文稿中，除非另有說明，否則我們提及的銷售增長是按固定匯率計算的同比增長，並且不包括最近收購的 Xplore Technologies 業務的結果。此演示文稿將在我們的網絡廣播 investors.zebra.com 上同步播出，並將在那裡存檔至少 1 年。現在我將把電話轉給安德斯。

Thank you, Mike. Good morning, everyone, and thank you for joining us. Our team delivered exceptional third quarter results with strong performance across the business, resulting in record sales and profits. Sales, EBITDA margin and earnings per share all exceeded our outlook.

謝謝你，邁克。大家早上好，感謝您加入我們。我們的團隊在整個業務中表現出色，在第三季度取得了出色的業績，從而創造了創紀錄的銷售額和利潤。銷售額、EBITDA 利潤率和每股收益都超出了我們的預期。

As you can see on Slide 4, we reported net sales growth of nearly 17% or 15% on an organic basis; an adjusted EBITDA margin of 21.1%, a 190 basis point year-over-year improvement; non-GAAP diluted EPS of $2.88, a 54% increase from the prior year; and $194 million of cash flow from operations.

正如您在幻燈片 4 中看到的那樣，我們報告的淨銷售額有機增長近 17% 或 15%；調整後的 EBITDA 利潤率為 21.1%，同比提高 190 個基點；非 GAAP 稀釋後每股收益為 2.88 美元，比上年增長 54%；以及 1.94 億美元的運營現金流。

We achieved strong, broad-based growth across the business, including double-digit sales growth in North America, EMEA, Asia Pacific as well as all of our key vertical markets. We grew each of our major product and services, categories, including mobile computing, data capture, our specialty printing portfolio, supplies and support services. Demand continues to be strong from our direct customer relationships and through the channel.

我們在整個業務領域實現了強勁、廣泛的增長，包括北美、歐洲、中東和非洲、亞太地區以及我們所有主要垂直市場的兩位數銷售額增長。我們發展了我們的每個主要產品和服務、類別，包括移動計算、數據捕獲、我們的專業打印產品組合、耗材和支持服務。我們的直接客戶關係和通過渠道的需求持續強勁。

Additionally, in the third quarter, we closed on the acquisition of Xplore Technologies, a leading enterprise-grade tablet manufacturer. This acquisition positions us as a leading provider of enterprise tablet solutions, an underpenetrated and relatively fast growing category for Zebra.

此外，在第三季度，我們完成了對領先的企業級平板電腦製造商 Xplore Technologies 的收購。此次收購使我們成為企業平板電腦解決方案的領先供應商，這是 Zebra 滲透率低且增長相對較快的類別。

We have been significantly expanding profit margins while at the same time investing in our employees and initiatives to drive sustainable growth. Our leading portfolio of solutions, strong order backlog and pipeline of opportunities support a strong finish to the year and provide solid momentum into 2019.

我們一直在顯著擴大利潤率，同時投資於我們的員工和舉措以推動可持續增長。我們領先的解決方案組合、強勁的訂單積壓和機會管道支持今年的強勁收尾，並為 2019 年提供強勁勢頭。

With that, I will now turn the call over to Olivier to review our financial results and to discuss our 2018 outlook.

有了這個，我現在將把電話轉給奧利維爾來審查我們的財務業績並討論我們 2018 年的展望。

Thank you, Anders. Let us begin with the walk through the P&L. As you can see on Slide 6, net sales grew 16.7% in the third quarter, which translated to 15.1% on an organic basis before the impacts of currencies and acquisitions.

謝謝你，安德斯。讓我們從了解損益表開始。正如您在幻燈片 6 中看到的那樣，第三季度淨銷售額增長了 16.7%，在貨幣和收購的影響之前轉化為 15.1% 的有機增長。

We saw solid results in each of our reporting segments across all regions and the primary vertical market that we serve. Enterprise Visibility & Mobility segment sales increased 18.8%, led by especially strong demand in mobile computing. Asset Intelligence & Tracking segment sales increased 8.1%, driven by solid growth in printing solutions.

我們在所有地區和我們服務的主要垂直市場的每個報告部門都看到了可觀的結果。企業可視性和移動性部門的銷售額增長了 18.8%，這主要得益於移動計算領域特別強勁的需求。受打印解決方案穩健增長的推動，資產智能與跟踪部門的銷售額增長了 8.1%。

Turning to our regions. Sales growth in North America was 18%, driven by outperformance in our mobile computing, data capture and printing categories. We saw particular strength in retail and e-commerce as well as transportation and logistics.

轉向我們的地區。北美的銷售額增長了 18%，這得益於我們在移動計算、數據採集和打印類別中的出色表現。我們在零售和電子商務以及運輸和物流方面看到了特別的優勢。

EMEA sales increased 10% with strength across most geographies and all major product categories. We continue to see especially strong demand in retail and e-commerce, transportation and logistics as well as health care.

EMEA 銷售額增長 10%，在大多數地區和所有主要產品類別中表現強勁。我們繼續看到零售和電子商務、運輸和物流以及醫療保健領域的需求特別強勁。

Sales in our Asia Pacific region were up 20% with broad-based strength. Most countries grew double digits. We saw exceptionally strength in India and Australia. And our China business has recovered from weaknesses earlier this year.

我們亞太地區的銷售額增長了 20%，實力廣泛。大多數國家增長了兩位數。我們在印度和澳大利亞看到了異常強大的力量。我們的中國業務已從今年早些時候的疲軟中恢復過來。

Latin America sales increased 6%. We saw particular strength in printing solutions. All subregions grew with the exception of Brazil due to election-related uncertainty. Adjusted gross profit increased $76 million or 18%. Adjusted gross margin increased 40 basis points, primarily driven by continued improvement in our go-to-market execution, favorable business mix shift in the AIT segment and favorable foreign currency exchange impacts. These factors were partially offset by higher volume of relatively lower margin large orders.

拉丁美洲的銷售額增長了 6%。我們看到了打印解決方案的特別優勢。由於與選舉相關的不確定性，除巴西外，所有次區域均出現增長。調整後的毛利增加了 7600 萬美元或 18%。調整後的毛利率增加了 40 個基點，這主要是由於我們的上市執行持續改善、AIT 部門有利的業務組合轉變以及有利的外匯影響。這些因素部分被利潤率相對較低的大訂單的增加所抵消。

Adjusted operating expenses increased $27 million from the prior year period, primarily reflecting growth in the business, higher incentive compensation expense due to improved business performance and continued investment in growth and productivity initiatives. We improved adjusted operating expense leverage by 160 basis points as compared to Q3 last year.

調整後的運營費用比去年同期增加了 2700 萬美元，主要反映了業務的增長、由於業務績效的改善以及對增長和生產力計劃的持續投資而導致的更高的激勵補償費用。與去年第三季度相比，我們將調整後的運營費用槓桿率提高了 160 個基點。

Third quarter 2018 adjusted EBITDA margin was 21.1%, a 190 basis point increase from the prior year period. This was driven by operating expense leverage and higher gross margin. In addition to EBITDA margin expansion, the decreased tax rate and lower interest cost from our debt restructurings drove non-GAAP earnings per diluted share to $2.88, a 54% year-over-year increase.

2018 年第三季度調整後的 EBITDA 利潤率為 21.1%，比去年同期增長 190 個基點。這是由運營費用槓桿和更高的毛利率推動的。除了 EBITDA 利潤率擴大外，我們債務重組帶來的稅率降低和利息成本降低也推動非 GAAP 每股攤薄收益達到 2.88 美元，同比增長 54%。

Turning now to the balance sheet and cash flow highlights on Slide 7. At quarter-end, we add $1.9 billion of debt on the balance sheet. In the first 9 months of this year, we paid down $346 million of debt principal, supported by strong free cash flow of $412 million. The $238 million increase in free cash flow as compared to the first 9 months of 2017 was primarily driven by increased operating profitability as well as less acquisition and integration costs.

現在轉到幻燈片 7 的資產負債表和現金流亮點。在季度末，我們在資產負債表上增加了 19 億美元的債務。今年前 9 個月，在 4.12 億美元的強勁自由現金流的支持下，我們償還了 3.46 億美元的債務本金。與 2017 年前 9 個月相比，自由現金流增加 2.38 億美元，這主要是由於運營盈利能力的提高以及收購和整合成本的減少。

Slide 8 shows our path to financial deleveraging. Continued debt paydown and strong EBITDA growth enabled us to achieve a 2.2x net debt-to-adjusted EBITDA ratio as of the end of Q3, which is now well within our targeted range of between 2 and 2.5x.

幻燈片 8 展示了我們的金融去槓桿化之路。持續的債務償還和強勁的 EBITDA 增長使我們在第三季度末實現了 2.2 倍的淨債務與調整後 EBITDA 比率，目前完全處於我們 2 至 2.5 倍的目標範圍內。

Let us turn to our outlook on Slide 9. We entered the fourth quarter with a solid order backlog and strong end market demand for our leading portfolio of solutions. We expect Q4 2018 net sales growth to be between 7% and 10%, which assumes an approximately 2 percentage point positive impact from the acquisition of Xplore Technologies and a neutral impact from foreign currency translation.

讓我們轉向我們對幻燈片 9 的展望。進入第四季度時，我們的領先解決方案組合有大量訂單積壓和強勁的終端市場需求。我們預計 2018 年第四季度的淨銷售額增長將在 7% 至 10% 之間，假設收購 Xplore Technologies 產生約 2 個百分點的積極影響，外幣換算產生中性影響。

Fourth quarter 2018 adjusted EBITDA margin is expected to be approximately 20%, which assumes higher gross margin as compared to the prior year and slightly higher operating expense leverage. Non-GAAP diluted EPS is expected to be in the range of $2.80 to $3.

2018 年第四季度調整後的 EBITDA 利潤率預計約為 20%，假設毛利率高於上年同期且運營費用槓桿率略高。非 GAAP 稀釋每股收益預計在 2.80 美元至 3 美元之間。

Note that this Q4 outlook assumes a modest impact from tariffs that have been enacted to date on certain products, accessories and components that we source from China. For the full year 2018, we now expect to exceed $575 million of free cash flow. This increased outlook is primarily due to higher EBITDA. You can see other updated full year 2018 modeling assumptions on Slide 9. With that, I will turn the call back to Anders to discuss progress on our strategic priorities.

請注意，第四季度的展望假設迄今為止對我們從中國採購的某些產品、配件和組件徵收的關稅影響不大。對於 2018 年全年，我們現在預計自由現金流將超過 5.75 億美元。這種增加的前景主要是由於更高的 EBITDA。您可以在幻燈片 9 上看到其他更新的 2018 年全年建模假設。有了這個，我將把電話轉回給安德斯，討論我們戰略重點的進展。

Thank you, Olivier. We are very pleased with the progress we made in the third quarter, and we are on track for a strong finish to the year. As you see on Slide 11, we remain focused on our key priorities to build upon our industry leadership and drive shareholder value.

謝謝你，奧利維爾。我們對第三季度取得的進展感到非常滿意，我們有望在今年取得強勁的成績。正如您在幻燈片 11 中看到的那樣，我們仍然專注於我們的關鍵優先事項，以鞏固我們的行業領導地位並推動股東價值。

First, we continue to outpace the competition through our innovation, unmatched scale and strong relationships with customers and partners. We saw strong broad-based demand for our products and solutions. Several areas that have been driving solid growth include our family of Android mobile computers and software, mobile voice and data communications applications, tabletop printers and our RFID solutions.

首先，我們通過創新、無與倫比的規模以及與客戶和合作夥伴的牢固關係，繼續超越競爭對手。我們看到了對我們的產品和解決方案的廣泛需求。推動穩健增長的幾個領域包括我們的 Android 移動數據終端和軟件系列、移動語音和數據通信應用程序、桌面打印機和我們的 RFID 解決方案。

We have gained meaningful market share across our business this year, and we continue to invest in the core portfolio to further differentiate our offering. We had a record number of launches across our product and solutions categories in the third quarter, including the next generation of several popular Android mobile computer solutions. We continue to see robust demand from retailers as we help them to implement their omnichannel shopping and fulfillment strategies. We have also experienced increasing demand from transportation and logistics as well as manufacturing customers as the Android mobile computer adoption rate accelerates.

今年我們在整個業務中獲得了有意義的市場份額，我們將繼續投資於核心產品組合，以進一步區分我們的產品。第三季度，我們的產品和解決方案類別的發布數量創歷史新高，包括下一代幾款流行的 Android 移動數據終端解決方案。我們繼續看到零售商的強勁需求，因為我們幫助他們實施全渠道購物和履行戰略。隨著 Android 移動計算機採用率的加快，我們還經歷了來自運輸和物流以及製造客戶的不斷增長的需求。

Second, we are focused on driving growth in attractive markets where we can leverage our competitive advantages. We plan to scale existing categories where we are underpenetrated and operationalize entry to new markets that advance us as a solutions provider. We expect to gain traction in these markets through both organic and inorganic investments.

其次，我們專注於在有吸引力的市場推動增長，我們可以利用我們的競爭優勢。我們計劃擴大我們滲透不足的現有類別，並實施進入新市場的業務，以推動我們成為解決方案提供商。我們希望通過有機和無機投資在這些市場中獲得吸引力。

In the third quarter, we acquired Xplore Technologies, which significantly enhances our product lineup and provides a complete enterprise tablet portfolio. Representing our first acquisition in nearly 4 years, Xplore's offerings serve existing vertical markets for Zebra and provide inroads into new markets, including public safety, government utilities and oil and gas.

第三季度，我們收購了 Xplore Technologies，這顯著增強了我們的產品陣容並提供了完整的企業平板電腦產品組合。這是我們近 4 年來的首次收購，Xplore 的產品服務於 Zebra 的現有垂直市場，並幫助其進軍新市場，包括公共安全、政府公用事業以及石油和天然氣。

Third, we are advancing our Enterprise Asset Intelligence vision to enable every frontline asset and worker to be visible, connected and optimally utilized. We are doing this by leveraging our deep knowledge of workflows and capitalizing on key technology megatrends such as cloud computing, mobility and the proliferation of smart devices. Our Workforce Connect software application is one example of bringing EAI to life. I will elaborate more on this solution in a minute.

第三，我們正在推進我們的企業資產智能願景，使每一位一線資產和員工都可見、互聯並得到最佳利用。我們通過利用我們對工作流程的深入了解和利用關鍵技術大趨勢（如雲計算、移動性和智能設備的普及）來實現這一目標。我們的 Workforce Connect 軟件應用程序是使 EAI 栩栩如生的一個例子。我將在一分鐘內詳細說明此解決方案。

Lastly, we have enhanced Zebra's financial strength and flexibility by increasing cash flow and optimizing our capital structure. As Olivier mentioned, we are well within our targeted debt leverage range, and we have increased our expectation for free cash flow to record levels.

最後，我們通過增加現金流和優化我們的資本結構增強了 Zebra 的財務實力和靈活性。正如 Olivier 所提到的，我們完全處於目標債務槓桿範圍內，並且我們已將對自由現金流的預期提高到創紀錄水平。

Now turning to Slide 12. Zebra provides a digital view of the entire enterprise. Our products and smart infrastructures sense information about assets, products and processes. The information, including status, location and condition, is then analyzed in real-time to determine the best possible operational action. The result is reduced friction and workflows, improved productivity and greater insight into business operations.

現在轉到幻燈片 12。Zebra 提供整個企業的數字視圖。我們的產品和智能基礎設施可以感知有關資產、產品和流程的信息。然後實時分析包括狀態、位置和條件在內的信息，以確定可能的最佳操作行動。其結果是減少了摩擦和工作流程，提高了生產率並更深入地了解業務運營。

Our approach focuses on actions and outcomes that can be optimized by knowing and analyzing what's happening on a real-time basis, adding a performance edge to the front line.

我們的方法側重於可以通過實時了解和分析正在發生的事情來優化的行動和結果，從而為前線增加績效優勢。

Savannah, our data intelligence platform, is an essential component of our overall offering. This platform powers the intelligence behind our cloud-based data-driven solutions. We are investing in our capabilities in this area and collaborating with an expanded number of partners. We are capturing increasing amounts of data at the edge of our customers' operations, and we intend to help them maximize the value of this critical information. We help businesses across many industries to digitize their operations and transform their workflows to stay relevant and compete effectively in today's marketplace. We create smart data-powered environments for our customers that reflect reality better than traditional systems of record.

我們的數據智能平台 Savannah 是我們整體產品的重要組成部分。該平台為我們基於雲的數據驅動解決方案背後的智能提供支持。我們正在投資於我們在這一領域的能力，並與更多的合作夥伴合作。我們正在客戶運營的邊緣捕獲越來越多的數據，我們打算幫助他們最大限度地發揮這些關鍵信息的價值。我們幫助許多行業的企業將其運營數字化並轉變其工作流程，以保持相關性並在當今市場中有效競爭。我們為客戶創建智能數據驅動的環境，比傳統的記錄系統更能反映現實。

Slide 13 highlights the primary vertical markets that we serve: manufacturing, health care, transportation and logistics as well as retail and e-commerce, which all grew double digits in Q3. Our intimate knowledge of operational workflows in each of these verticals is the key reason enterprise customers seek our help with end-to-end solutions. Across verticals, use cases are evolving to address increasing demands. In manufacturing, our customers need to know where the equipment, materials and people are in real-time across their supply chain. As a proof point in the automotive industry, we have been implementing RFID and other locationing solutions that have streamlined plant floor workflows, reducing manual tasks and increasing productivity.

幻燈片 13 突出顯示了我們服務的主要垂直市場：製造、醫療保健、運輸和物流以及零售和電子商務，這些市場在第三季度都實現了兩位數的增長。我們對每個垂直領域的運營工作流程的深入了解是企業客戶尋求我們的端到端解決方案幫助的關鍵原因。在垂直領域，用例不斷發展以滿足日益增長的需求。在製造業中，我們的客戶需要實時了解其供應鏈中設備、材料和人員的位置。作為汽車行業的一個證明，我們一直在實施 RFID 和其他定位解決方案，這些解決方案簡化了車間工作流程，減少了人工任務並提高了生產力。

In health care, our solutions allow care providers to monitor patient conditions while being mobile. Immediate communication among team members is vital for optimum patient care. A medical center in the New England area chose Zebra as their partner to drive their patient safety initiative. Our workflow solution enable them to comply with regulations and reduce medication dosage scanning errors by 80%.

在醫療保健領域，我們的解決方案允許護理人員在移動時監控患者的狀況。團隊成員之間的即時溝通對於最佳患者護理至關重要。新英格蘭地區的一家醫療中心選擇 Zebra 作為他們的合作夥伴來推動他們的患者安全計劃。我們的工作流程解決方案使他們能夠遵守法規並將藥物劑量掃描錯誤減少 80%。

We are also expanding use cases by driving increased clinical collaboration and optimizing workflows. Labor is the most significant operating cost in hospitals, and health care organizations are working with us to explore more effective ways to manage their limited resources while improving patient care.

我們還通過推動增加臨床協作和優化工作流程來擴展用例。勞動力是醫院最重要的運營成本，醫療保健組織正在與我們合作，探索更有效的方法來管理他們有限的資源，同時改善患者護理。

In the transportation and logistics business, we are well known for track-and-trace and proof-of-delivery use cases. Our offerings have been evolving to provide real-time visibility of assets at every point in the supply chain and implementing solutions that translate the real-time information into immediate actions that maximize effectiveness.

在運輸和物流業務中，我們以追踪和交付證明用例而聞名。我們的產品不斷發展，以提供供應鏈中每個點的資產實時可見性，並實施將實時信息轉化為可最大限度提高效率的即時行動的解決方案。

Transportation and logistics providers are challenged to find enough workers to meet the increasing demands on their business. A key factor includes the $2 trillion of e-commerce business that continues to grow double digits and drive small parts of delivery orders. We have been launching a number of innovative pilots that address this challenge through product and software solutions that optimize cargo loading and routing activities.

運輸和物流供應商面臨著尋找足夠員工來滿足日益增長的業務需求的挑戰。一個關鍵因素包括 2 萬億美元的電子商務業務繼續以兩位數的速度增長並推動小部分交付訂單。我們一直在啟動多項創新試點，通過優化貨物裝載和路線活動的產品和軟件解決方案來應對這一挑戰。

In retail, our solutions have been historically used to enhance productivity, such as inventory management. More recently, we have been driving transformative solutions to address increasingly complex challenges, including omnichannel fulfillment models, sales floor effectiveness and elevating the overall in-store experience.

在零售業，我們的解決方案歷來用於提高生產力，例如庫存管理。最近，我們一直在推動變革性解決方案以應對日益複雜的挑戰，包括全渠道履行模式、銷售現場效率和提升整體店內體驗。

Billions of dollars are lost due to mis-execution at the point of sale due to inaccurate inventory and other related factors. Our solutions can increase real-time inventory accuracy to nearly 100%, providing meaningful sales uplift and significantly reduced shrinkage. We are particularly pleased by a recent win with a large global retailer, which fulfills their objective of consolidating their mobile business applications, voice and various employee communications.

由於庫存不准確和其他相關因素導致銷售點執行不當造成數十億美元的損失。我們的解決方案可以將實時庫存準確性提高到近 100%，從而顯著提高銷售額並顯著減少損耗。我們對最近與一家大型全球零售商的合作感到特別高興，這實現了他們整合移動業務應用程序、語音和各種員工通信的目標。

We are providing a streamlined solution, which includes rolling out our TC51 enterprise mobile computers across their store base over the next several months. Our mobile computers are replacing consumer-grade phones and devices, an encouraging trend that we have seen over the past few years. This solution also includes our Workforce Connect software application to enable this retailer to marry all of their voice and data communications onto 1 device. Store associates will now be empowered to perform multiple tasks seamlessly.

我們正在提供一個簡化的解決方案，其中包括在未來幾個月內在他們的商店基地推出我們的 TC51 企業移動數據終端。我們的移動數據終端正在取代消費級電話和設備，這是我們在過去幾年看到的令人鼓舞的趨勢。該解決方案還包括我們的 Workforce Connect 軟件應用程序，使該零售商能夠將其所有語音和數據通信整合到一台設備上。商店員工現在將能夠無縫地執行多項任務。

In summary, we are helping enterprise customers to solve their increasingly complex business workflow challenges. We partner with our customers to enable their strategy, utilizing the most effective solutions with the highest ROI.

總之，我們正在幫助企業客戶解決他們日益複雜的業務工作流程挑戰。我們與客戶合作以實現他們的戰略，利用最有效的解決方案和最高的投資回報率。

With that, I'll hand the call back to Mike.

有了這個，我會把電話轉回給邁克。

Thank you, Anders. We'll now open the call to Q&A. (Operator Instructions)

謝謝你，安德斯。我們現在將打開問答環節。（操作員說明）

(Operator Instructions) Our first question comes from Jim Ricchiuti with Needham & Company.

（操作員說明）我們的第一個問題來自 Needham & Company 的 Jim Ricchiuti。

Two questions. One, a little bit more long-term in nature. We are seeing increasingly articles about cashier-less stores, increased automation in retail as well as logistics. And I'm just wondering, if you could talk about the conversations you might be having with some of your retailers and potentially logistic customers, as you think about some of the newer products and when we might see more meaningful contributions from these, and how they tie into their plans.

兩個問題。一，本質上更長期一點。我們看到越來越多關於無收銀員商店、零售和物流自動化程度提高的文章。我只是想知道，當您考慮一些較新的產品以及我們何時可以從這些產品中看到更有意義的貢獻時，您是否可以談談您可能與您的一些零售商和潛在物流客戶進行的對話，以及如何他們參與他們的計劃。

Yes. First, I think when people hear automation, their minds tend to go to kind of robotics. But when we think about automation, we kind of define it as intelligent automation. And that's automation that automates the data capture, the analysis of the data, the decision or the action part of it. So it's a little bit more broad and more intelligent focus on it. So for us, it's kind of continuum of making the workers productive but of moving all the way up to using robots or smart infrastructures to deliver kind of those insights or execute on those. But intelligent automation for us is a big net opportunity. It is a natural extension of our EAI strategy. And we have -- it leverages the same critical capabilities as AI, and we see good number of opportunities in each of the, kind of, the segments, so sense, analyze, act, the different stages there. But we help our customers solve business problems, and we do that with making humans more productive, using robots or having smart infrastructures that can automate different tasks for them. So it's a continuum for us. And you look at some of our newer solutions like SmartLens. It is a smart infrastructure we call it, right? Or I'll start with historically how retailers have taken inventory and execute on that workflow. They started out going out just manually count what's on the shelves, then they used mobile computers with reading barcodes and adding up the items kind of automatically. But manually then telling somebody else to go in and replenish it. And then with RFID, you could do it more -- somewhat more automated. But with SmartLens, you can now totally automate that workflow and in real time know at all times what merchandise you have on the shelves. And when it reaches a certain threshold, you automatically generate -- the system automatically generates a purchase order or a work order to replenish that on the shelf. And that can be done by a human or by a robot. So this is a -- very much an automated activity. And that can also be a part of a frictionless checkout store. I don't think there's one technology that can solve all those use cases. Cameras can do a lot of things. But cameras aren't going to be the best way of telling what a pair of jeans from another pair of jeans, different sizes and so forth. So we see that -- we have a lot of different type of solutions that help to drive that automation. And net-net, we see there's a big opportunity for Zebra. And it's kind of the sweet spot for EAI. And we're quite excited about what we do there.

是的。首先，我認為當人們聽到自動化時，他們的想法往往會轉向某種機器人技術。但是當我們考慮自動化時，我們將其定義為智能自動化。這就是自動化數據捕獲、數據分析、決策或其中的行動部分。所以它更廣泛，更智能地關注它。所以對我們來說，這是一種連續統一體，既要提高員工的工作效率，又要一直使用機器人或智能基礎設施來提供這些見解或執行這些見解。但對我們來說，智能自動化是一個巨大的淨機會。它是我們 EAI 戰略的自然延伸。我們有——它利用與人工智能相同的關鍵能力，我們在每個細分市場中看到了大量的機會，所以感知、分析、行動，那裡的不同階段。但我們幫助客戶解決業務問題，我們通過提高人類生產力、使用機器人或擁有可以為他們自動完成不同任務的智能基礎設施來做到這一點。所以這對我們來說是一個連續體。你看看我們的一些較新的解決方案，如 SmartLens。我們稱之為智能基礎設施，對嗎？或者我將從歷史上零售商如何清點庫存並執行該工作流程開始。他們開始只是手動清點貨架上的物品，然後他們使用移動數據終端讀取條形碼並自動添加物品。但是手動然後告訴其他人進去補充它。然後使用 RFID，你可以做得更多 -- 自動化程度更高。但有了 SmartLens，您現在可以完全自動化該工作流程，並隨時實時了解貨架上有哪些商品。當它達到某個閾值時，你會自動生成 - 系統會自動生成採購訂單或工作訂單以補充貨架上的訂單。這可以由人或機器人來完成。所以這是一個 - 非常自動化的活動。這也可以成為無摩擦結賬店的一部分。我認為沒有一種技術可以解決所有這些用例。相機可以做很多事情。但是相機並不是區分一條牛仔褲和另一條牛仔褲、不同尺碼等等的最佳方式。所以我們看到了——我們有很多不同類型的解決方案來幫助推動這種自動化。而 net-net，我們看到 Zebra 有很大的機會。它是 EAI 的最佳選擇。我們對我們在那裡所做的事情感到非常興奮。

Anders, is this an opportunity that you see, really, beginning to contribute incremental revenues, either late fiscal '19 -- late '19? Or is it something looking out to calendar '20.

安德斯，這是一個你看到的機會，真的，開始貢獻增量收入，無論是在 19 財年末 - 19 財年末？或者它是期待 20 年日曆的東西。

So we are getting some revenue from this today. But it's of a smaller base. So good growth but off a smaller base. We expect that to continue to grow nicely. I'm not going to try to predict kind of when the knee in the curve will occur. But we do see that as something that will contribute more and more to our growth as we go along.

所以我們今天從中獲得了一些收入。但它的基數較小。如此良好的增長，但基數較小。我們預計它會繼續良好增長。我不會嘗試預測曲線中的拐點何時會發生。但我們確實認為，隨著我們的發展，這將對我們的發展做出越來越大的貢獻。

And our next question comes from Jason Rodgers with Great Lakes Review.

我們的下一個問題來自《大湖評論》的傑森羅傑斯。

Yes. obviously, some very strong growth, especially in the EVM segment. I wonder if you could talk about the impact of large mobile computing? How you expect us to play out in the fourth quarter and going into next year?

是的。顯然，增長非常強勁，尤其是在 EVM 領域。不知您能否談談大型移動計算的影響？您希望我們在第四季度和明年的表現如何？

Yes. We had -- across all our product segments, we have very broad-based strength. Across products, across regions, across our vertical markets. So we're clearly very pleased with the performance we had in Q3. Mobile computing was particularly strong this quarter. And I think we're also executing well across the entire value chain, which is driving both the revenue growth as well as some of the margin expansions that we're seeing. So specifically for mobile computing, that was -- we had an exceptional quarter, quite frankly, I think in mobile computing. Double-digit growth in all regions, strong performance in both the channel and in our direct sales activities. We're seeing some new trends now that in our Android devices -- not just having new deployments, but we're starting to replace some of our original first implementations of Android devices from back in 2014. We're also seeing a trend that many of our customers are starting to consolidate a number of applications and devices onto our mobile computers. So you can take -- in retail, somebody would have a mobile computer that would've had a, say, WiFi, cordless phone, or other devices like that and they're trying to put most of those into one single device to get less weight on the person but also give greater effectiveness and efficiencies. So there's a lot of new good ways that we see driving growth for us here. I think the depth and breadth of our portfolio is a definite competitive advantage for us. And we've invested materially and also innovating on top of the device. So Mobility DNA is a big differentiator. It's a lot of tools and utilities that makes it easier to deploy and manage devices. OVS gives unprecedented visibility and manageability of the devices also. And then lastly, LifeGuard, our cybersecurity service that -- where we can patch devices through the life of the device. But clearly, the Android transition is the key for our mobile computing growth here. We have well over 50% market share for Android. And we're approaching 50% for our overall mobile computing business, too. But we see continued strong potential for growth in our Android business. There's still about 10 million legacy Windows devices in the market that are waiting to be upgraded. We are starting to see good traction beyond retail. So transportation and logistics, manufacturing are accelerating. Health care is doing a lot of Android devices also. Another benefit with Android is that the life cycle is somewhat shorter than the old Windows devices. There's more innovation going on in and around Android that offers new value for customers that they see sufficiently valuable for them to kind of look at, refreshing and upgrading their devices. And if you look out a little bit further, in 2021, North America will turn down the 3G service. So if there's any field mobility applications leveraging 3G, they will have to upgrade at that point to 4G or 5G as it might be. So -- but overall, we see a lot of reasons to be excited about the Android business.

是的。我們擁有 - 在我們所有的產品領域，我們擁有非常廣泛的實力。跨產品、跨地區、跨我們的垂直市場。所以我們顯然對第三季度的表現非常滿意。本季度移動計算表現尤為強勁。而且我認為我們在整個價值鏈中也表現良好，這既推動了收入增長，也推動了我們所看到的一些利潤率擴張。所以特別是對於移動計算，那是 - 坦率地說，我認為在移動計算方面，我們有一個特殊的季度。所有地區均實現兩位數增長，渠道和直銷活動均表現強勁。我們現在在我們的 Android 設備中看到了一些新趨勢——不僅僅是新的部署，而且我們從 2014 年開始替換我們最初的 Android 設備的一些最初實現。我們還看到一種趨勢，即我們的許多客戶開始將大量應用程序和設備整合到我們的移動數據終端上。所以你可以拿——在零售中，有人會擁有一台移動計算機，它本來有 WiFi、無繩電話或其他類似設備，他們正試圖將其中的大部分放入一個設備中，以獲取對人的重量更輕，但也提供更大的有效性和效率。因此，我們看到了很多新的好方法來推動我們的增長。我認為我們產品組合的深度和廣度對我們來說是一個明確的競爭優勢。我們在設備上進行了物質投資和創新。因此，Mobility DNA 是一個很大的差異化因素。它有很多工具和實用程序，可以更輕鬆地部署和管理設備。OVS 還提供了前所未有的設備可見性和可管理性。最後，LifeGuard，我們的網絡安全服務——我們可以在設備的整個生命週期內為設備打補丁。但顯然，Android 過渡是我們移動計算增長的關鍵。我們擁有超過 50% 的 Android 市場份額。我們的整體移動計算業務也接近 50%。但我們看到 Android 業務的持續強勁增長潛力。市場上仍有約 1000 萬台舊版 Windows 設備等待升級。我們開始看到零售以外的良好吸引力。因此，運輸和物流、製造業正在加速發展。醫療保健也在做很多安卓設備。Android 的另一個好處是生命週期比舊的 Windows 設備要短一些。Android 內部和周圍正在進行更多創新，為客戶提供新價值，他們認為這些價值足以讓他們查看、刷新和升級他們的設備。如果你看得更遠一點，到 2021 年，北美將關閉 3G 服務。因此，如果有任何利用 3G 的現場移動應用程序，他們將不得不在那時升級到 4G 或 5G。所以——但總的來說，我們看到了很多對 Android 業務感到興奮的理由。

And just as a follow-up. Looking at the long-term sales growth targets that you've laid out, would you expect to achieve those next year despite the difficult comps you'll have in EVM?

並作為後續行動。看看您制定的長期銷售增長目標，儘管您在 EVM 中遇到困難，但您是否希望明年實現這些目標？

So yes, we are always challenging ourselves to maximize our profitable growth. We're making a lot of investments, organic investments in driving profitable growth for -- not just for 2018 but for 2019 and beyond. We won't be providing any outlook for 2019 today, but we have a strong conviction in our growth opportunities and that's not changing. We feel we have a very strong competitive position, a very diversified business. And we have many levers to pull in order to drive growth, including EAI and automation that we talked about earlier.

所以是的，我們一直在挑戰自己，以最大限度地提高我們的盈利增長。我們正在進行大量投資，有機投資以推動盈利增長——不僅是為了 2018 年，也是為了 2019 年及以後。我們今天不會提供 2019 年的任何展望，但我們對我們的增長機會堅信不疑，而且這一點不會改變。我們覺得我們擁有非常強大的競爭地位，一個非常多元化的業務。我們有很多槓桿可以推動增長，包括我們之前談到的 EAI 和自動化。

Your next question comes from Brian Drab with William Blair.

你的下一個問題來自 Brian Drab 和 William Blair。

Just following on that Android question. I'm not sure if you answered if you mentioned where you think you are in terms of you've talk about the 15 million devices, and maybe there are about 10 million left in a recent comment you made. Can you quantify where we are in that transition from Windows to Android?

只是關注那個Android問題。我不確定你是否回答過你是否提到你認為你在談論 1500 萬台設備方面的位置，並且在你最近發表的評論中可能還剩下大約 1000 萬台。您能否量化我們在從 Windows 到 Android 的過渡中所處的位置？

Yes. I'll start and I'll let Joe comment on it here also. I think when we first started talking about this, we've mentioned we've estimated that there was about 15 million Windows devices in the market. And I think as earlier, we estimated to be about 10 million left today to be upgraded. And as we upgrade old Windows devices, there's still new Windows devices being deployed. So the pool of legacy Windows devices is still pretty substantial. So we believe we still have a lot of runway to pursue and also some of the other things to talk about some were shorter life cycle and the consolidation of new applications onto the devices are driving new use cases for Android.

是的。我將開始，我也會讓 Joe 在這裡發表評論。我想當我們第一次開始談論這個時，我們已經提到我們估計市場上大約有 1500 萬台 Windows 設備。我想和之前一樣，我們估計今天還有大約 1000 萬需要升級。當我們升級舊的 Windows 設備時，仍然有新的 Windows 設備正在部署。因此，舊版 Windows 設備池仍然相當可觀。所以我們相信我們還有很多跑道要追求，還有一些其他的事情要討論一些更短的生命週期和新應用程序到設備上的整合正在推動 Android 的新用例。

Yes. This is Joe Heel. I might add that we're thinking about the Android transition. Now there's multiple ways where we are in the retail, which is clearly the leading edge of the adoption, as most of the large retailers have now adopted Android. But we're seeing T&L and manufacturing, warehousing spaces in particular just ramping up, which also coincides with some of the product launches that we're putting into the market. The second thing is that the adoption in T&L and manufacturing would likely have a longer tail than we're seeing in retail as there are bigger transitions that need to occur in order for those verticals to adopt. For example, applications that need to be rewritten. And then third, what's adding, I think to our excitement is that we are seeing refreshes already of the original retail adoption. So if you overlay all of those 3 adoption curves, you can -- you get a more differentiated picture of where we are, and in particular, of the potential still ahead.

是的。這是喬·赫爾。我可能會補充說，我們正在考慮向 Android 過渡。現在我們在零售方面有多種方式，這顯然是採用的前沿，因為大多數大型零售商現在都採用了 Android。但我們看到 T&L 和製造，尤其是倉儲空間剛剛增加，這也與我們投放市場的一些產品發布相吻合。第二件事是，T&L 和製造業的採用可能比我們在零售業看到的尾巴更長，因為需要發生更大的轉變才能讓這些垂直行業採用。例如，需要重寫的應用程序。然後第三，我認為令我們興奮的是，我們已經看到原始零售採用的更新。因此，如果您疊加所有這 3 條採用曲線，您可以——您可以更清楚地了解我們所處的位置，尤其是未來的潛力。

Okay. That's really helpful. And then second question just on tariffs. Can you just go through where your manufacturing base is, Jabil and otherwise? And what percentage may be of the incoming components that are made in China actually fall on the list, on one of this tariff lists? And maybe just give us a little more granularity about why you're not seeing that much impact from tariffs.

好的。這真的很有幫助。然後是關於關稅的第二個問題。你能看看你的製造基地在哪裡嗎，Jabil 和其他地方？在其中一份關稅清單上，中國製造的進口零部件中有多少實際上落在清單上？也許只是讓我們更詳細地說明為什麼你沒有看到關稅帶來那麼大的影響。

The tariff situation is clearly very dynamic and fluid situation today. Zebra, like many other companies, we import a substantial number of products from China. But only a fraction of our products are impacted today. So that limits it to certain data capture products and some other accessories. So for 2018, the impact is quite modest. For January 1 of next year, when the tariffs go up to 25% on some parts, we have a test -- of course a working group that is cross-functional working group within Zebra that is working with a lot of our supply chain partners to basically assess all the possible actions that we can take to mitigate the impact of tariffs. So that would include things like changing.

今天的關稅情況顯然是非常動態和多變的。Zebra 與許多其他公司一樣，我們從中國進口大量產品。但今天只有一小部分產品受到影響。因此，它僅限於某些數據採集產品和其他一些配件。因此，對於 2018 年，影響相當有限。明年 1 月 1 日，當某些零件的關稅上升到 25% 時，我們有一個測試——當然是一個工作組，它是 Zebra 內部的一個跨職能工作組，它正在與我們的許多供應鏈合作夥伴合作基本上評估我們可以採取的所有可能行動來減輕關稅的影響。因此，這將包括諸如更改之類的事情。

(technical difficulty)

（技術難度）

change to outside of China, resetting them somewhere outside of China, bringing in new sources of supply, changing product specs to be able to avoid certain things. Also, we're considering doing some price adjustments to mitigate some of that impact. Some of those actions will be immediate -- or have immediate benefit and some of them will take a little bit longer like moving a supply chain. But we feel we're all over this and have a good plan for how to attack it.

改變到中國以外的地方，在中國以外的某個地方重置它們，引入新的供應來源，改變產品規格以避免某些事情。此外，我們正在考慮進行一些價格調整以減輕部分影響。其中一些行動將是立竿見影的——或者會立即帶來好處，而其中一些將需要更長的時間，比如移動供應鏈。但我們覺得我們已經解決了這個問題，並且對如何攻擊它有一個很好的計劃。

And our next question comes from Jeff Kessler with Imperial Capital.

我們的下一個問題來自 Imperial Capital 的 Jeff Kessler。

So I know you're not going to go into 2019 numbers. But what I'm interested in is with the momentum that you have right now in certain -- not just in certain product categories but in certain verticals that have come to the fore in the last couple of quarters. I'm wondering what you see for 2019 as perhaps, number one, the driving horizontal markets that you will be -- that you see and the driving vertical markets that you see that might be a little bit different than in 2018.

所以我知道你不會進入 2019 年的數字。但我感興趣的是你現在在某些方面的勢頭——不僅在某些產品類別中，而且在過去幾個季度脫穎而出的某些垂直領域。我想知道你對 2019 年的看法，第一，你將看到的推動橫向市場——你看到的推動垂直市場可能與 2018 年有所不同。

Jeff, what will be different in '19 versus '18?

傑夫，19 年和 18 年會有什麼不同？

Yes. Both in terms of vertical markets but also in terms of some of the horizontal capabilities that you have out there too.

是的。無論是在垂直市場方面，還是在您擁有的一些橫向能力方面。

Yes. So starting on the horizontal, just kind of thinking of that more as the product side. We obviously now have Xplore Technologies as part of our lineup. And I think that's a great addition to our portfolio. It fills out the, say, more limited tablet portfolio we had before. And it opens up new opportunities and new verticals that we didn't really serve very well before like government and public safety, oil and gas and so forth. Generally, we have a very strong portfolio across our main product portfolio -- product categories, right? So we feel that our portfolio is probably as strong as it has been for a long time. And we continue to release a lot of new products so we feel we have a good position from that. And -- our, say, EAI type new solutions, our new intelligent edge solutions are also starting to ramp. And we're bringing more of those to market. So from a horizontal perspective, I think we're well-placed. There's always more things we could have. But I think this does gives us a good toolbox to go out and talk to our customers about ways we could help them improve their businesses. From a vertical perspective, I think maybe if there's a change from '18 to '19, it will be how we see manufacturing maybe particularly stepping up and becoming a faster-growing vertical. And with the last couple of quarter, manufacturing has been growing faster than it had for the prior -- in the prior year or so. It's -- the -- it had been a laggard in the Android transition. But it's one of the larger opportunities for converting old Windows devices now to Android. We have launched several new products that are particularly aimed at manufacturing like some of our new tabletop printers. And they've been very well-received. So manufacturing is doing very well. T&L, I think, will continue to perform the way it has over the last couple of years. It's a very large industry and some of the leading players have adopted Android already. But we see others coming onboard in 2019 to rollout Android. And we see expansion from our traditional handheld devices to more wearables. Printing is also accelerating growth there. And we have a lot of our new intelligent edge type solutions in T&L. So it positions us nicely as a thought leader to be in there in going there and to helping some of those other newer automated workflows. And maybe last, I talked about health care, which I expect to be the fastest growing vertical for us over the longer term. It's still a relatively underpenetrated vertical for us. Technology has not been as well adopted generally speaking. But it is a very attractive market for us. The electronic health records is the catalyst for this. But mobility and connectivity are becoming more bigger catalysts for investing in technology there. Our value proposition across all our verticals tends to focus on driving efficiencies. But in health care, our ability to help improve the quality of care is a big deal for us. And from a geographic perspective, health care started off very much in the U.S. But we're seeing it grow in other parts of the world. So the U.K., China, Australia, Middle East and so forth. And we've also invested in a number of purpose-built devices for health care like our TC51 for health care. We have a DS8100 health care scanner. We have printers for health care. So we have a strong portfolio there also.

是的。因此，從橫向開始，將其更多地視為產品方面。顯然，我們現在將 Xplore Technologies 作為我們陣容的一部分。我認為這是對我們產品組合的一個很好的補充。它填補了我們之前擁有的更有限的平板電腦產品組合。它開闢了新的機會和新的垂直領域，我們以前並沒有很好地服務於政府和公共安全、石油和天然氣等。一般來說，我們在主要產品組合——產品類別中擁有非常強大的產品組合，對吧？因此，我們認為我們的投資組合可能與長期以來一樣強大。我們繼續發布很多新產品，所以我們覺得我們在這方面處於有利地位。而且——我們的，比如說，EAI 類型的新解決方案，我們新的智能邊緣解決方案也開始出現。我們正在將更多的產品推向市場。所以從橫向的角度來看，我認為我們的位置很好。我們總能擁有更多的東西。但我認為這確實為我們提供了一個很好的工具箱，可以走出去與我們的客戶討論我們可以幫助他們改善業務的方法。從垂直的角度來看，我認為如果從 18 年到 19 年發生變化，這將是我們如何看待製造業可能特別加快並成為一個增長更快的垂直行業。在過去的幾個季度中，製造業的增長速度超過了前一年左右的時間。它是——它——它在 Android 過渡中是一個落後者。但這是現在將舊 Windows 設備轉換為 Android 的更大機會之一。我們推出了幾款特別針對製造業的新產品，例如我們的一些新型桌面打印機。他們一直很受歡迎。所以製造業做得很好。我認為，T&L 將繼續保持過去幾年的表現。這是一個非常大的行業，一些領先的參與者已經採用了 Android。但我們看到其他人將在 2019 年開始推出 Android。我們看到從傳統的手持設備擴展到更多的可穿戴設備。印刷業也在加速增長。我們在 T&L 中有很多新的智能邊緣類型解決方案。因此，它很好地將我們定位為思想領袖，可以參與其中並幫助其他一些較新的自動化工作流程。也許最後，我談到了醫療保健，我預計從長遠來看，這將是我們增長最快的垂直領域。對我們來說，它仍然是一個相對滲透不足的垂直領域。一般來說，技術並沒有得到很好的採用。但對我們來說，這是一個非常有吸引力的市場。電子健康記錄是這方面的催化劑。但移動性和連通性正在成為投資技術的更大催化劑。我們在所有垂直領域的價值主張往往側重於提高效率。但在醫療保健領域，我們幫助提高醫療質量的能力對我們來說意義重大。從地域的角度來看，醫療保健在美國起步很大，但我們看到它在世界其他地方不斷發展。所以英國、中國、澳大利亞、中東等等。我們還投資了一些醫療保健專用設備，例如我們的 TC51 醫療保健設備。我們有一台 DS8100 醫療保健掃描儀。我們有用於醫療保健的打印機。所以我們在那裡也有強大的投資組合。

Okay. My second question is a little more subtle, but it's how essentially -- it's focused on how you bring in more product in a vertical market from your lead product. I'm assuming that in different vertical markets, you have a lead product that has gotten you in there. Which vertical markets have benefited the most from the fact that you have either a 4G opportunity for them? Or you have an Android opportunity for them? Or you have, for that matter, just something that cuts down on inventory mismanagement that brings in much more business from the rest of the vertical?

好的。我的第二個問題有點微妙，但本質上是——它關注的是你如何從你的主導產品中引入更多的產品到垂直市場。我假設在不同的垂直市場中，你有一個領先的產品讓你進入那裡。哪些垂直市場從您為他們提供 4G 機會這一事實中獲益最多？或者您為他們提供了 Android 機會？或者，就此而言，您有一些東西可以減少庫存管理不善，從而從其他垂直行業帶來更多業務？

Yes. We put a lot of emphasis around the better together story after we combine with the enterprise business. So how can we make sure that our printers, mobile computers and scanners kind of work better together. We're not trying to make them work worst with anybody else's, but we want to work them better with our solutions. And we've worked also very hard with our resellers to make sure that they focus on selling the full portfolio. And the resellers that do that, they're growing substantially faster than resellers that are focusing more on a single type of product. So I'll let Joe fill in maybe a little bit more specific examples within the verticals. But this is an area that we put a lot of emphasis around to figure it out how do we maximize this.

是的。在我們與企業業務結合之後，我們非常重視 better together 的故事。那麼我們如何才能確保我們的打印機、移動數據終端和掃描儀更好地協同工作。我們並不是要讓它們與其他任何人一起工作時效果最差，但我們希望通過我們的解決方案更好地工作。我們也非常努力地與我們的經銷商合作，以確保他們專注於銷售完整的產品組合。這樣做的經銷商，他們的增長速度遠遠快於更專注於單一類型產品的經銷商。因此，我將讓 Joe 在垂直領域中填寫一些更具體的示例。但這是一個我們非常重視的領域，以弄清楚我們如何最大限度地發揮這一作用。

Yes. Let me give you some other -- from the beginning after we complete the acquisition of the enterprise solutions business, cross-selling has been a big focus for us, right? So when you talk about a lead product, it's sometimes different. In some cases, it may have been a mobile computer that we were strong in, and we brought in printing. And in some cases, it was printing. But let me give you some more specific examples. Health care is a very good one. Anders mentioned it already. Our strongest position in health care originally was in the printing space, right? We had printers in particular for wristbands and we really leveraged that substantially into mobile computing. As electronic medical records emerge, we went to those same hospitals, and we showed them how they could then use that information that was on their wristbands but also combined with other use cases in order to improve their productivity and deliver better patient care. Another one that's very current, Anders alluded to it earlier, is we have, in many retailers, positioned our mobile computers as lead products and they've use them for productivity applications such as inventory management. They're discovering that those same devices with a software upgrade can be used to communicate within the store. An application for which they currently spend money on other products in many cases. And they could actually reduce their operating budgets by having our products take on more of those use cases. So that gives us an opportunity to augment our presence with software. And a third one that I think we're particularly excited about is if you look at the solutions areas that we've been looking at. So take for example RFID in retailers that are deploying RFID. We have a strong presence today with our handheld RFID readers, which are typically a mobile computer combined with a sled. And many of those same retailers are now in the pilots with us, looking at the infrastructures like SmartLens where they could then go beyond what a handheld reader allows them to do and have continuous real-time visibility to their inventory that SmartLens provide. So there's maybe 3 examples.

是的。讓我給你一些其他的 - 從我們完成對企業解決方案業務的收購後開始，交叉銷售一直是我們的重點，對吧？所以當你談論主導產品時，它有時會有所不同。在某些情況下，它可能是我們擅長的移動計算機，我們帶來了打印。在某些情況下，它正在打印。但是讓我給你一些更具體的例子。醫療保健是一個很好的。安德斯已經提到了。我們在醫療保健方面的最強地位本來是在印刷領域，對嗎？我們有專門用於腕帶的打印機，我們確實將其充分利用到移動計算中。隨著電子病歷的出現，我們去了同樣的醫院，我們向他們展示了他們如何使用腕帶上的信息以及如何結合其他用例來提高他們的工作效率並提供更好的患者護理。安德斯早些時候提到的另一個非常流行的是，我們在許多零售商中將我們的移動數據終端定位為主導產品，他們將它們用於生產力應用程序，例如庫存管理。他們發現，這些經過軟件升級的相同設備可用於在店內進行通信。在許多情況下，他們目前在其他產品上花錢的應用程序。他們實際上可以通過讓我們的產品承擔更多此類用例來減少運營預算。因此，這讓我們有機會通過軟件來增強我們的影響力。我認為我們特別興奮的第三個問題是，如果您查看我們一直在關注的解決方案領域。因此，以部署 RFID 的零售商中的 RFID 為例。今天，我們的手持式 RFID 閱讀器在市場上佔有一席之地，這些閱讀器通常是移動數據終端與 sled 相結合。許多相同的零售商現在正在與我們一起進行試點，研究像 SmartLens 這樣的基礎設施，在那裡他們可以超越手持閱讀器允許他們做的事情，並擁有 SmartLens 提供的對他們庫存的持續實時可見性。所以可能有 3 個例子。

Your next question comes from Keith Housum with Northcoast Research.

您的下一個問題來自 Northcoast Research 的 Keith Housum。

Just following up on the tariffs real quick if I can. I guess, was there any pull forward of revenue in this quarter? And do you anticipate any in the fourth quarter? And then second to that is what's -- your end customers, what are they saying in terms of demand, in terms of what their impact from how they're being impacted by tariffs? And how it's going to impact their underlying business and how much that translates to business with you guys?

如果可以的話，我會盡快跟進關稅。我想，本季度是否有任何收入提前？你預計第四季度會有嗎？其次是什麼 - 你的最終客戶，他們在需求方面說了什麼，他們對關稅的影響有何影響？這將如何影響他們的基礎業務，以及這將在多大程度上轉化為與你們的業務？

First on the pull forward one. That's certainly an easier question for us to answer. So there was no pull forward into Q3, and we're not forecasting any pull forward into Q4. We manage our -- the inventory position with our distributors very carefully. We tend to have them in a relatively narrow band or days of hand of inventory. We don't want them to be sitting on too much inventory; certainly [don't] want them to have too little inventory. They're all in -- within that relatively narrow band of inventory. So we feel that we've -- there's no particularly prebuying to take advantage of this. And we don't expect that to be the case in Q4 either. With respect to what our end customers are saying and how that might impact us. I think it's fair to say that so far, they have not really asked too much of this. And it's a very -- it's very much depending on I think what happens after this, and we don't want to speculate about any possible list for [orders] or anything like that. I think the current tariffs that are in place, we would see as having modest impact on the business, and we can largely mitigate that effect. So we are talking to our customers about what we are doing to help mitigate it. And so far, I think they've been comfortable that we have a good plan for what we're doing to minimize the impact on their business.

首先是前拉式。這對我們來說當然是一個更容易回答的問題。因此，第三季度沒有任何進展，我們也沒有預測第四季度會有任何進展。我們非常小心地管理我們與分銷商的庫存狀況。我們傾向於讓它們處於相對狹窄的範圍內或庫存天數。我們不希望他們有太多庫存；當然[不]希望他們的庫存太少。他們都在——在相對狹窄的庫存範圍內。所以我們覺得我們已經 - 沒有特別的預購來利用這一點。我們也不希望第四季度出現這種情況。關於我們的最終客戶所說的以及這可能對我們產生的影響。我認為可以公平地說，到目前為止，他們並沒有真正要求太多。這是一個非常 - 這在很大程度上取決於我認為在此之後會發生什麼，我們不想推測任何可能的 [訂單] 列表或類似的東西。我認為目前實施的關稅，我們認為對業務的影響不大，我們可以在很大程度上減輕這種影響。因此，我們正在與客戶討論我們正在做些什麼來幫助緩解它。到目前為止，我認為他們對我們為將對他們業務的影響降到最低而製定的良好計劃感到滿意。

Okay. And just for a follow-up in changing gears in Service as a Software (sic) [Software as a Service], which I thank you guys have said one of your underpenetrated markets. Obviously, hardware had some exceptional growth over the past year. But is there a place in your head that you believe that software and services will start growing above the hardware growth? And do you expect it to ramp up? Is this a year out, 2 years out? I guess the progress that you're seeing on software and services, where do you stand in terms of where you thoughts you would be perhaps 1 year ago?

好的。只是為了跟進改變服務即軟件（原文如此）[軟件即服務]，我感謝你們已經說過你們未滲透的市場之一。顯然，硬件在過去一年中取得了一些非凡的增長。但是在您的腦海中有沒有一個地方相信軟件和服務的增長將開始超過硬件的增長？你希望它增加嗎？這是一年，兩年嗎？我猜你在軟件和服務方面看到的進步，你認為你在一年前可能會在哪裡？

Yes. So we do a lot more software than -- except that people probably recognize and if you look at our engineers, the vast, vast majority of our engineers are software engineers. And if you look at the kind of the value that we deliver in a mobile computer or printer or even scanner, it's doing very largely driven by the software. Look at Link-OS in printing, it makes -- goes from being less sophisticated printer to a much more connected, a good network citizen in our customers' networks. We have a number of other solutions that are also leveraging much more software. So if you look at SmartLens, SmartPack, a lot of those types of things. Our OVS solution is a pure software solution. We monetize those in a variety of different ways. But it still has often a hardware component to them because we often deliver that specialized software with a specialized piece of hardware as a solution. And our customers have been, I think, been particularly keen for us to do it that way. But we are always looking at opportunities for us to have more of a pure software revenue stream and move into more of an as-a-service type of delivery mechanisms also.

是的。所以我們做的軟件比——除了人們可能認識到的，如果你看看我們的工程師，我們絕大多數的工程師都是軟件工程師。如果你看看我們在移動數據終端、打印機甚至掃描儀中提供的價值類型，就會發現它在很大程度上是由軟件驅動的。看看打印中的 Link-OS，它使 - 從不那麼複雜的打印機變成了我們客戶網絡中連接性更強的優秀網絡公民。我們還有許多其他解決方案也利用了更多的軟件。所以如果你看看 SmartLens、SmartPack，很多這類東西。我們的 OVS 解決方案是純軟件解決方案。我們以各種不同的方式將它們貨幣化。但它通常仍然有一個硬件組件給他們，因為我們經常交付帶有專用硬件的專用軟件作為解決方案。我認為，我們的客戶一直特別希望我們這樣做。但我們一直在尋找機會，讓我們擁有更多的純軟件收入流，並轉向更多的即服務類型的交付機制。

Yes. Maybe the other thing, Keith, to note is we think of our software very much as part of our solution. And so all the solutions that we have been talking about for some time, where we are in pilot with many of our customers, those have substantial elements of software in them that we will intend to sell as a solution. So if you look for the growth of those solutions, I think that will be the best indicator of when the software starts to take hold.

是的。也許另一件事，Keith，要注意的是我們非常重視我們的軟件作為我們解決方案的一部分。因此，我們已經討論了一段時間的所有解決方案，我們正在與許多客戶進行試點，其中包含大量軟件元素，我們打算將其作為解決方案出售。因此，如果您尋找這些解決方案的增長，我認為這將是軟件何時開始流行的最佳指標。

Yes. I guess that's question is if I look at the numbers now, it doesn't look like they're really taken hold yet. Is this 1 quarter or 2 out? Or is this still perhaps 1 year or 2 out where we'll start seeing that Software as a Service provider start to ramp up?

是的。我想這是個問題，如果我現在看這些數字，看起來它們還沒有真正站穩腳跟。這是 1 個季度還是 2 個季度？或者這是否仍然可能是 1 年或 2 年後我們將開始看到軟件即服務提供商開始增加？

Yes, Keith. You mentioned it. Services and software are bundled together. So you cannot truly conclude but what I would say and this it from a lower base. Our software business, when we are able to split it from hardware is [growing] at a multiple of the hardware growth. But from a lower base.

是的，基思。你提到了它。服務和軟件捆綁在一起。所以你不能真正得出結論，但我要說的是從較低的基礎上得出的結論。當我們能夠將軟件業務從硬件中分離出來時，我們的軟件業務正在以硬件增長的倍數 [增長]。但從較低的基礎。

And our last question today will come from Paul Coster with JPMorgan.

我們今天的最後一個問題將來自摩根大通的保羅科斯特。

This is Paul Chung on for Paul Coster. So first off, you exceeded EBITDA margin expectations this quarter and most was likely for the year. So what's your kind of initial view on the pace of expansion in '19? And what are some puts and takes there? Your integration cuts are finally, mostly behind you. But do you see a kind of more opportunities to cut costs are you kind of comfortable with your OpEx levels here?

這是保羅·科斯特的保羅·鐘。因此，首先，您本季度超過了 EBITDA 利潤率預期，而且很可能是今年。那麼，您對 19 年的擴張速度有何初步看法？那裡有哪些 puts 和 takes？您的集成削減終於結束了，大部分都在您身後。但是你是否看到了更多削減成本的機會，你對這裡的運營支出水平感到滿意嗎？

So as we have indicated before, we believe we have the ability to improve our EBITDA rate. We want to manage rate but also dollars. So at some stage in the year, we will increase EBITDA dollar at the expense of rate. But we believe we have the ability to leverage the P&L, either on the gross margin line or on the OpEx line while keep investing in our business as we have done now for a period of time.

因此，正如我們之前所指出的，我們相信我們有能力提高我們的 EBITDA 率。我們既要管理匯率，也要管理美元。因此，在一年中的某個階段，我們將以犧牲利率為代價增加 EBITDA 美元。但我們相信，我們有能力在毛利率或運營支出線上利用損益，同時像我們現在所做的那樣繼續投資我們的業務一段時間。

Okay. And is there any update regarding your long-term target?

好的。關於您的長期目標有任何更新嗎？

Not at this stage. As Anders indicated, we feel we have a strong conviction about our business and would come back to you with more detailed numbers for 2019 when we close the quarter in Q4. But we clearly have opportunities to scale and improve.

不是在這個階段。正如 Anders 所指出的那樣，我們認為我們對我們的業務充滿信心，並且會在第四季度結束時向您提供 2019 年更詳細的數字。但我們顯然有機會擴大規模和改進。

All right. And then my other question. Now that you've kind of beat your leverage target, should we expect the Zebra hold where most of your free cash went to share buybacks. Looks like you've made hit north of $600 million free cash in '19 by my calcs?

好的。然後是我的另一個問題。現在您已經超過了您的槓桿目標，我們是否應該期望 Zebra 持有您的大部分自由現金用於股票回購。根據我的計算，您在 19 年的自由現金似乎超過了 6 億美元？

Your calculation is correct. The team has done -- the Zebra team has done a great job at managing the company free cash and profitable growth. We will reach the bottom of our leverage target by the end of this year. As you sense from the call and as you sense from the results we have been posting for now, a number of quarters, we feel very excited by the end markets we serve and by the competitive position of our company in those markets. And we see as a result, exciting opportunities, either organic or inorganic to invest in our business. We believe we have many opportunities to deliver by investing in our business. We have many opportunities to deliver an attractive return. Share buyback and dividend would be contemplated, and they are not off the table. But you sense where our focus is.

你的計算是正確的。該團隊已經完成——Zebra 團隊在管理公司自由現金和盈利增長方面做得非常出色。我們將在今年年底達到槓桿目標的底部。正如您從電話中感受到的那樣，正如您從我們現在發布的結果中感受到的那樣，幾個季度以來，我們對我們服務的終端市場以及我們公司在這些市場中的競爭地位感到非常興奮。結果，我們看到了令人興奮的機會，無論是有機的還是無機的，都可以投資於我們的業務。我們相信我們有很多機會通過投資我們的業務來實現。我們有很多機會提供有吸引力的回報。股票回購和派息將被考慮，而且它們並沒有被排除在外。但是您會感覺到我們的重點在哪裡。

And this will conclude our question-and-answer session. I would like to turn the conference back over to Mr. Gustafsson for any closing remarks.

這將結束我們的問答環節。我想將會議轉回給 Gustafsson 先生作閉幕詞。

Yes. As we wrap up, I want to thank the Zebra team and our partners for an exceptional quarter. We expect to close the year strong and are well positioned into 2019. So have a great day, everyone.

是的。在我們結束時，我要感謝 Zebra 團隊和我們的合作夥伴帶來了一個非凡的季度。我們預計將以強勁的勢頭結束這一年，並為 2019 年做好準備。祝大家有美好的一天。

The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

會議現已結束。感謝您參加今天的演講。您現在可以斷開連接。