斑馬技術公司 (ZBRA) 2023 Q1 法說會逐字稿

Good day, and welcome to the Zebra Technologies First Quarter 2023 Earnings Conference Call. (Operator Instructions) Please note that today's event is being recorded. And at this time, 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 2023 年第一季度收益電話會議。 （操作員說明）請注意，今天的活動正在錄製中。此時，我想將會議轉交給投資者關係副總裁 Mike Steele。請繼續。

Good morning, and welcome to Zebra's first quarter conference call. This presentation is being simulcast on our website at investors.zebra.com and will be archived there for at least 1 year.

早上好，歡迎來到斑馬第一季度電話會議。此演示文稿在我們的網站 investors.zebra.com 上同步播出，並將在那里至少存檔 1 年。

Our forward-looking 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 SEC filings. During this call, we will reference non-GAAP financial measures as we describe our business performance. You can find reconciliations at the end of the slide presentation and in today's earnings press release. Throughout this presentation, unless otherwise indicated, our references to sales growth, our year-over-year on a constant currency basis and exclude results from recently acquired businesses for the 12 months following each acquisition.

我們的前瞻性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 SEC 文件中討論的因素，實際結果可能存在重大差異。在本次電話會議中，我們將在描述我們的業務績效時參考非 GAAP 財務指標。您可以在幻燈片演示文稿末尾和今天的收益新聞稿中找到對賬。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在固定貨幣基礎上的同比增長，並且不包括每次收購後 12 個月內最近收購的業務的結果。

This presentation will include prepared remarks from Bill Burns, our Chief Executive Officer; and Nathan Winters, our Chief Financial Officer. Bill will begin with our first quarter highlights.

該演示文稿將包括我們的首席執行官 Bill Burns 準備好的評論；和我們的首席財務官 Nathan Winters。比爾將從我們第一季度的亮點開始。

Then Nathan will provide additional detail on the Q1 results and discuss our revised 2023 outlook. Bill will conclude with progress made on advancing our Enterprise Asset Intelligence vision. Following the prepared remarks, Joe Heel, our Chief Revenue Officer, will join us as we take your questions.

然後 Nathan 將提供有關第一季度結果的更多詳細信息，並討論我們修訂後的 2023 年展望。 Bill 將總結在推進我們的企業資產智能願景方面取得的進展。在準備好發言後，我們的首席營收官 Joe Heel 將與我們一起回答您的問題。

Now let's turn to Slide 4 as I hand it over to Bill.

現在讓我們轉到幻燈片 4，我將它交給 Bill。

Thank you, Mike. Good morning, and thank you for joining us. Our team executed well in a challenging macroeconomic environment, delivering first quarter sales and earnings results above the midpoint of our outlook. For the quarter, we realized sales of $1.4 billion approximately in line with the prior year; an adjusted EBITDA margin of 21.4%, a 150 basis point increase; and non-GAAP diluted earnings per share of $3.94, a 2% decrease from the prior year.

謝謝你，邁克。早上好，感謝您加入我們。我們的團隊在充滿挑戰的宏觀經濟環境中表現出色，第一季度的銷售和盈利結果高於我們預期的中點。本季度，我們實現了 14 億美元的銷售額，與去年同期大致持平；調整後的 EBITDA 利潤率為 21.4%，增長 150 個基點；非 GAAP 攤薄後每股收益為 3.94 美元，比上年下降 2%。

Regional sales performance was mixed with growth in Asia Pac and North America mostly offsetting declines in EMEA and Latin America.

區域銷售業績喜憂參半，亞太地區和北美地區的增長主要抵消了歐洲、中東和非洲地區和拉丁美洲的下滑。

From a solutions perspective, printing, data capture and RFID were bright spots, while sales of mobile computers declined. We continue to see cautious spending behavior by enterprise customers with a decline in large orders and growth in small to midsized orders. From a profitability perspective, improved gross margin drove our EBITDA margin increase. Higher interest and tax expense resulted in a slight earnings decline.

從解決方案的角度來看，打印、數據採集和 RFID 是亮點，而移動數據終端的銷售額有所下降。我們繼續看到企業客戶謹慎的消費行為，大訂單減少，中小型訂單增加。從盈利能力的角度來看，毛利率的提高推動了我們的 EBITDA 利潤率的增長。較高的利息和稅費導致收益略有下降。

I would now like to spend a moment on our sales outlook. As the risk of broader softening of industry demand has materialized, we have reduced our full year outlook. Late in Q1 and into Q2, demand trends softened across our end markets, particularly for mobile computers in EMEA and North America as customers' CapEx budgets tightened and IT device spending contracts. We are mitigating the impact of softer sales with targeted go-to-market actions to drive additional demand and incremental cost actions. We will continue to take an agile approach to managing throughout this uncertain near-term environment.

我現在想花點時間談談我們的銷售前景。由於行業需求普遍疲軟的風險已經成為現實，我們下調了全年展望。在第一季度末和第二季度，隨著客戶的資本支出預算收緊和 IT 設備支出收縮，我們終端市場的需求趨勢減弱，尤其是 EMEA 和北美的移動計算機。我們正在通過有針對性的上市行動來減輕銷售疲軟的影響，以推動額外的需求和增量成本行動。我們將繼續採取靈活的方法來管理這個不確定的近期環境。

I will now turn the call over to Nathan to review our Q1 financial results and provide additional details on our revised 2023 outlook.

我現在將電話轉給 Nathan，以審查我們第一季度的財務業績，並提供有關我們修訂後的 2023 年展望的更多詳細信息。

Thank you, Bill. Let's start with the P&L on Slide 6. In Q1, net sales decreased 1.9%, including the impact of currency and acquisitions and were 0.3% lower on an organic basis. Our Asset Intelligence and Tracking segment increased 28.4%, led by strength in printing as we lapped significant supply constraints in the prior year period. Enterprise Visibility & Mobility segment sales declined 11.2% with mixed performance among our offerings. We realized strong growth in data capture solutions and RFID.

謝謝你，比爾。讓我們從幻燈片 6 的損益表開始。在第一季度，淨銷售額下降了 1.9%，包括貨幣和收購的影響，有機地下降了 0.3%。我們的資產智能和跟踪部門增長了 28.4%，這得益於印刷業務的強勁增長，因為我們在去年同期克服了嚴重的供應限制。企業可見性和移動性部門的銷售額下降了 11.2%，我們的產品表現參差不齊。我們實現了數據採集解決方案和 RFID 的強勁增長。

Mobile computing sales declined primarily due to large customer order deferrals, slowing demand through distribution and the impact of ceasing sales to Russia in March of 2022. Additionally, we also drove growth across service and software with strong service attach rates. Performance was mixed across our regions. North America sales increased 1% due to strength in printing and data capture helped by the recovery from supply chain challenges. EMEA sales declined 4%, primarily due to a 350 basis point impact of our suspension of sales into Russia. Asia Pacific sales grew 6%, driven by strong mobile computing growth in Japan. And Latin America sales decreased 1%, with relative outperformance in Brazil and Mexico.

移動計算銷售額下降的主要原因是大量客戶訂單延期、分銷需求放緩以及 2022 年 3 月停止向俄羅斯銷售的影響。此外，我們還以強勁的服務附加率推動了服務和軟件的增長。我們各地區的表現參差不齊。北美銷售額增長了 1%，這是由於從供應鏈挑戰中恢復後印刷和數據採集的強勁表現。 EMEA 銷售額下降 4%，主要是由於我們暫停向俄羅斯銷售造成 350 個基點的影響。受日本移動計算強勁增長的推動，亞太地區銷售額增長 6%。拉丁美洲的銷售額下降了 1%，巴西和墨西哥的表現相對出色。

Adjusted gross margin increased 290 basis points to 47.5%, primarily due to lower premium supply chain costs, partially offset by FX and lower service margin. Adjusted operating expenses increased 130 basis points as a percent of sales, primarily due to a return to normalized sales and marketing activity and strategic investments in the business, partially offset by a reduction in G&A expense. First quarter adjusted EBITDA margin was 21.4%, a 150 basis point increase driven by gross margin expansion.

調整後的毛利率增長 290 個基點至 47.5%，主要是由於優質供應鏈成本降低，部分被外彙和服務利潤率降低所抵消。調整後的運營費用佔銷售額的百分比增加了 130 個基點，這主要是由於恢復正常的銷售和營銷活動以及對業務的戰略投資，部分被 G&A 費用的減少所抵消。第一季度調整後的 EBITDA 利潤率為 21.4%，在毛利率擴張的推動下增長了 150 個基點。

Non-GAAP diluted earnings per share was $3.94, a 1.7% year-over-year decrease due to increased interest expense and a higher tax rate, partially offset by fewer shares outstanding.

非 GAAP 攤薄每股收益為 3.94 美元，同比下降 1.7%，原因是利息支出增加和稅率提高，部分被流通股減少所抵消。

Turning now to the balance sheet and cash flow on Slide 7. In Q1, we had negative free cash flow of $92 million, which was unfavorable to the prior year period primarily due to the timing of inventory payments, higher interest cost and cash taxes and $45 million of previously announced quarterly settlement payments, which are scheduled to conclude in Q1 of 2024, all of which was partially offset by favorability in the timing of customer collections and lower incentive compensation payments.

現在轉到幻燈片 7 的資產負債表和現金流。在第一季度，我們的自由現金流為負值 9200 萬美元，這對去年同期不利，這主要是由於存貨支付的時間安排、較高的利息成本和現金稅以及先前宣布的 4500 萬美元季度結算付款計劃於 2024 年第一季度結束，所有這些都被客戶收款時間的優惠和較低的激勵補償付款部分抵消了。

In Q1, we also made $15 million of share repurchases and invested $1 million in our venture portfolio. We ended the quarter at a comfortable 1.6x net debt to adjusted EBITDA leverage ratio, which is well below the top of our target range of 2.5x and had approximately $1.3 billion of capacity on our revolving credit facility.

在第一季度，我們還進行了 1500 萬美元的股票回購，並向我們的風險投資組合投資了 100 萬美元。我們以 1.6 倍的淨債務與調整後 EBITDA 槓桿比率結束了本季度，這遠低於我們 2.5 倍目標範圍的上限，我們的循環信貸額度約為 13 億美元。

On Slide 8, we highlight premium supply chain costs, which have continued to improve from peak levels. The actions we have taken to redesign products, along with the improving freight rates and capacity have enabled us to reduce component purchases on the spot market and reduce freight cost impact. In Q1, we incurred premium supply chain costs of $15 million as compared to the pre-pandemic baseline, and $53 million lower than the prior year. We are expecting these premium supply chain costs to continue to decline.

在幻燈片 8 中，我們重點介紹了優質供應鏈成本，這些成本已從峰值水平持續改善。我們採取的重新設計產品的行動，以及運費和運力的提高，使我們能夠減少現貨市場上的組件採購，並降低運費成本的影響。在第一季度，與大流行前的基線相比，我們產生了 1500 萬美元的優質供應鏈成本，比上一年減少了 5300 萬美元。我們預計這些優質供應鏈成本將繼續下降。

Let's now turn to our outlook. We continue to see enterprise customers defer large orders and are also realizing lower sales into the channel as distributors adjust to softer demand trends as well as our improved product lead times and their higher cost of capital. For the second quarter, our sales are expected to decline between 9% and 11% compared to the prior year. Our outlook assumes a 2-point negative impact from foreign currency changes and a 1-point additive impact from recent acquisitions.

現在讓我們談談我們的展望。我們繼續看到企業客戶推遲大訂單，並且隨著分銷商適應疲軟的需求趨勢以及我們改進的產品交貨時間和更高的資本成本，渠道銷售額也有所下降。對於第二季度，我們的銷售額預計將比上年下降 9% 至 11%。我們的展望假設外匯變動會產生 2 點的負面影響，而近期的收購會產生 1 點的附加影響。

We anticipate Q2 adjusted EBITDA margin to be approximately 20%, driven by expense deleveraging from lower sales volume, partially offset by higher expected gross margin from improved supply chain costs. We expect premium supply chain costs to be approximately $15 million in Q2 and more than $40 million year-on-year reduction. Non-GAAP diluted EPS is expected to be in the range of $3.20 to $3.40.

我們預計第二季度調整後的 EBITDA 利潤率約為 20%，這是由於銷量下降導致費用去槓桿化，部分被供應鏈成本改善帶來的更高預期毛利率所抵消。我們預計第二季度優質供應鏈成本約為 1500 萬美元，同比減少超過 4000 萬美元。非 GAAP 稀釋每股收益預計在 3.20 美元至 3.40 美元之間。

We are reducing our full year 2023 sales outlook by 3 points. We now anticipate net sales to decline between 2% and 6%. This outlook assumes an approximately 50 basis point net negative impact from foreign currency changes and acquisitions. Second half sales are expected to benefit from easier year-on-year comparisons, our recently announced price increase and abating FX headwinds. We have a solid pipeline of opportunities that gets us to the high end of the sales range, but are embedding caution in our outlook, given recent demand trends in the uncertain macro environment.

我們將 2023 年全年銷售預期下調了 3 個百分點。我們現在預計淨銷售額將下降 2% 至 6%。該展望假設外匯變動和收購產生大約 50 個基點的淨負面影響。預計下半年銷售額將受益於更輕鬆的同比比較、我們最近宣布的價格上漲以及外匯逆風的減弱。我們擁有大量機會，可以讓我們達到銷售範圍的高端，但鑑於不確定的宏觀環境中近期的需求趨勢，我們對前景持謹慎態度。

We expect full year adjusted EBITDA margin of approximately 22%, which is the low end of our previous outlook. We now expect premium supply chain costs of approximately $40 million for the year, as we are seeing faster-than-expected supply chain recovery. We have been proactively managing operating expenses through targeted restructuring actions and discretionary cost controls, and we expect sequentially lower operating expenses in the second half of the year.

我們預計全年調整後的 EBITDA 利潤率約為 22%，這是我們之前預期的低端。我們現在預計今年的優質供應鏈成本約為 4000 萬美元，因為我們看到供應鏈的複蘇速度快於預期。我們一直通過有針對性的重組行動和可自由支配的成本控制來積極管理運營費用，我們預計今年下半年的運營費用將連續下降。

We now expect our free cash flow to be between $450 million and $550 million for the year, which reflects increased caution in our revised full year outlook. As a reminder, cash flow is impacted by increased cash taxes and $180 million of previously announced settlement payments. We continue to be focused on rightsizing elevated inventory on our balance sheet as component lead times have normalized. Working capital variability over the past year has been significantly impacted by global supply chain dynamics.

我們現在預計我們今年的自由現金流量將在 4.5 億美元至 5.5 億美元之間，這反映出我們在修訂後的全年展望中更加謹慎。提醒一下，現金流量受到增加的現金稅和先前宣布的 1.8 億美元結算付款的影響。隨著組件交貨時間的正常化，我們將繼續專注於合理調整資產負債表上的高庫存。過去一年的營運資本變化受到全球供應鏈動態的顯著影響。

Our fundamental business model is unchanged, and we believe the actions we are taking will enable us to deliver greater than 100% free cash flow conversion as we normalize inventory levels. We are focused on achieving a 100% conversion over a cycle, which is now included in our long-term executive incentive compensation plan. Please reference additional modeling assumptions shown on Slide 9.

我們的基本業務模式沒有改變，我們相信我們正在採取的行動將使我們能夠在庫存水平正常化時實現超過 100% 的自由現金流轉換。我們專注於在一個週期內實現 100% 的轉化率，這現已包含在我們的長期高管激勵薪酬計劃中。請參考幻燈片 9 中顯示的其他建模假設。

With that, I will turn the call to Bill to discuss how we are advancing our Enterprise Asset Intelligence vision.

有了這個，我將把電話轉給比爾，討論我們如何推進我們的企業資產智能願景。

Thank you, Nathan. While customer spend is pressured near term, our solutions are essential to our customers' operations, and we are well positioned to benefit from secular trends to digitize and automate workflows across our served markets. Slide 11 illustrates how we digitize the front line of business by leveraging our industry-leading portfolio of products, software and services. By transforming workflows with our proven solutions, Zebra's customers can effectively address their complex operational challenges, including scarcity of labor and improving productivity in challenging times.

謝謝你，內森。雖然短期內客戶支出面臨壓力，但我們的解決方案對客戶的運營至關重要，我們有能力從長期趨勢中受益，在我們所服務的市場中實現工作流程的數字化和自動化。幻燈片 11 展示了我們如何通過利用我們行業領先的產品、軟件和服務組合實現一線業務數字化。通過使用我們經過驗證的解決方案轉變工作流程，Zebra 的客戶可以有效地解決他們複雜的運營挑戰，包括勞動力短缺和在充滿挑戰的時期提高生產力。

We empower the workforce to execute tasks more efficiently by navigating constant change in near real time, utilizing insights driven by advanced software capabilities such as artificial intelligence, machine learning and prescriptive analytics.

我們利用由人工智能、機器學習和規範分析等高級軟件功能驅動的洞察力，近乎實時地應對不斷變化，從而使員工能夠更有效地執行任務。

Now turning to Slide 12. We are focused on advancing our Enterprise Asset Intelligence vision by continuing to elevate Zebra as a premier solutions provider through our compelling portfolio. In March, at the ProMat manufacturing and supply chain trade show, Zebra, along with our partners, showcased the depth and breadth of our innovative solutions for manufacturing, logistics and the broader supply chain. Our industrial automation solutions, including autonomous mobile robots, machine vision and fixed industrial scanning, are synergistic with technology-equipped frontline workers.

現在轉到幻燈片 12。我們致力於通過我們引人注目的產品組合繼續將 Zebra 提升為一流的解決方案提供商，從而推進我們的企業資產智能願景。 3 月，在 ProMat 製造和供應鏈貿易展上，Zebra 與我們的合作夥伴一起展示了我們為製造、物流和更廣泛的供應鏈提供的創新解決方案的深度和廣度。我們的工業自動化解決方案，包括自主移動機器人、機器視覺和固定工業掃描，與配備技術的一線工人協同工作。

At the show, we featured Zebra solutions at each stage of warehouse operations, including receiving, storage and fulfillment. It demonstrated how we improve key outcomes for our customers, such as enhancing supply chain agility, improving production quality and maximizing utilization and productivity.

在展會上，我們展示了倉庫運營各個階段的 Zebra 解決方案，包括收貨、存儲和履行。它展示了我們如何為客戶改善關鍵成果，例如增強供應鏈敏捷性、提高生產質量以及最大限度地提高利用率和生產力。

As you can see on Slide 13, Zebra powers the front line of business across retail and e-commerce, transportation logistics, manufacturing, health care and other markets. Businesses partnered with Zebra to optimize their end-to-end workflows as they strive to meet the increasing demands of customers across a variety of vertical end markets. The business challenges we are solving have expanded through our investment in complementary offerings that enable us to further penetrate customer accounts.

正如您在幻燈片 13 中看到的那樣，Zebra 為零售和電子商務、運輸物流、製造、醫療保健和其他市場的前線業務提供支持。企業與 Zebra 合作優化其端到端工作流程，努力滿足各種垂直終端市場客戶日益增長的需求。我們正在解決的業務挑戰通過我們對補充產品的投資而擴大，這些產品使我們能夠進一步滲透客戶賬戶。

I would like to highlight several wins across our end markets. We are beginning to deploy the record RFID win we mentioned on our last call. This global transportation logistics provider plans to tag every package that enters their facilities with RFID and coated labels to enhance tracking visibility. Zebra solutions improved productivity, enable faster error detection, driving cost savings and increased customer satisfaction. In addition to our RFID offerings, this customer is also deploying our mobile computers as an integral part of the overall solution.

我想強調我們在終端市場取得的幾項勝利。我們開始部署我們在上次電話會議中提到的創紀錄的 RFID 勝利。這家全球運輸物流供應商計劃用 RFID 和塗層標籤標記進入其設施的每個包裹，以提高跟踪可見性。 Zebra 解決方案提高了工作效率，實現了更快的錯誤檢測，推動了成本節約並提高了客戶滿意度。除了我們的 RFID 產品之外，該客戶還將我們的移動數據終端作為整體解決方案的組成部分進行部署。

A major e-commerce provider in Europe recently expanded their use case of Zebra's fixed industrial scanners at several thousand packing stations. This enables the customer to continue to significantly reduce scan time and increase throughput, particularly for their more complex packing needs. The support and collaboration with Zebra and our partner was a key differentiator among our competition.

歐洲的一家主要電子商務供應商最近在數千個包裝站擴展了 Zebra 固定式工業掃描儀的使用案例。這使客戶能夠繼續顯著減少掃描時間並提高吞吐量，特別是對於他們更複雜的包裝需求。 Zebra 和我們的合作夥伴的支持與協作是我們在競爭中脫穎而出的關鍵因素。

A large Australian supermarket chain has replaced consumer-grade devices with our Zebra [rugged] tablets and scanners to enable faster and more accurate buy online, pick up in store and home delivery fulfillment. Zebra's enterprise-grade solution, along with our commitment to sustainability, including our recycling program and eco-friendly packaging, were competitive differentiators in securing this win.

澳大利亞一家大型連鎖超市用我們的 Zebra [堅固型] 平板電腦和掃描儀取代了消費級設備，以實現更快、更準確的在線購買、店內提貨和送貨上門履行。 Zebra 的企業級解決方案以及我們對可持續發展的承諾，包括我們的回收計劃和環保包裝，是確保獲勝的競爭優勢。

A Latin American manufacturing company recently selected Zebra mobile computers and mobile printers to help streamline delivery and warehouse operations. Delivery personnel will benefit from synergies between these products, while warehouse employees realize similar efficiencies with Zebra scanners and desktop printers. This manufacturer shows our products for reliability and durability and considers us a strategic partner in their technology journey.

一家拉丁美洲製造公司最近選擇了 Zebra 移動數據終端和移動打印機來幫助簡化交付和倉庫運營。交付人員將受益於這些產品之間的協同作用，而倉庫員工則可以通過 Zebra 掃描儀和桌面打印機實現類似的效率。該製造商展示了我們產品的可靠性和耐用性，並將我們視為其技術之旅的戰略合作夥伴。

A regional bank recently selected our workforce management software for all branch locations, displacing a competitor. Our solution is expected to drive cost savings through more efficient scheduling and allocation of people resources. We are pleased about the benefits our solutions are delivering in our customers' mission-critical operations.

一家區域性銀行最近為所有分支機構選擇了我們的勞動力管理軟件，取代了競爭對手。我們的解決方案有望通過更有效地安排和分配人力資源來推動成本節約。我們對我們的解決方案在客戶的關鍵任務運營中帶來的好處感到高興。

Slide 14 reiterates challenges that have materialized since our last guide. We believe the actions we are taking, which include working closely with our customers as they look to deploy solutions to drive efficiency within their businesses, increasing our focus on accelerating growth in underpenetrated markets and driving incremental cost actions within our business will allow us to exit 2023 stronger, positioning us to deliver profitable growth, increased market share and improved free cash flow.

幻燈片 14 重申了自我們上一份指南以來已經出現的挑戰。我們相信我們正在採取的行動，包括與我們的客戶密切合作，因為他們希望部署解決方案以提高他們業務的效率，更加關注加速滲透不足的市場的增長以及推動我們業務中的增量成本行動將使我們能夠退出2023 年更強大，使我們能夠實現盈利增長、增加市場份額並改善自由現金流。

In closing, we are facing near-term headwinds and have taken actions to drive a stronger second half. Our long-term conviction in our business is unchanged. Moving forward, we are focused on driving profitable growth in our core and expansion markets, collaborating closely with our customers and partners to continue to elevate Zebra as a premier solutions provider in attracting, developing and retaining top global talent to drive innovation. I will now hand it back to Mike.

最後，我們面臨近期逆風，並已採取行動推動下半年走強。我們對業務的長期信念沒有改變。展望未來，我們專注於推動核心和擴展市場的盈利增長，與我們的客戶和合作夥伴密切合作，繼續將 Zebra 提升為吸引、培養和留住全球頂尖人才以推動創新的首要解決方案提供商。我現在將它交還給邁克。

Thanks, Bill. We'll now open the call to Q&A. We ask that you limit yourself to one question and one follow-up so that we can get to as many of you as possible.

謝謝，比爾。我們現在將打開問答環節。我們要求您將自己限制在一個問題和一個跟進中，以便我們可以接觸到盡可能多的人。

(Operator Instructions) Today's first question comes from Tommy Moll with Stephens.

（操作員說明）今天的第一個問題來自 Tommy Moll 和 Stephens。

Bill, I wanted to start on the topic of run rate versus large customer demand. It sounds like the run rate business might have been a little bit stronger in Q1, but maybe also got a little weaker towards the end. So any commentary you could give us on one versus the other would be appreciated.

比爾，我想從運行率與大客戶需求的話題開始。聽起來運行率業務在第一季度可能有點強勁，但可能在接近尾聲時也有所減弱。因此，如果您能就其中一個對比另一個給我們提供任何評論，我們將不勝感激。

And specifically, when you're talking about the potential for channel destocking, is that more a run rate driven phenomenon? Or is that not the right way to think about it?

具體來說，當你談論渠道去庫存的可能性時，這更多是一種運行率驅動的現象嗎？或者這不是正確的思考方式嗎？

Tommy, I would say that in the first quarter, our sales growth in -- we saw sales growth in run rate or non-large deals, which moderated towards the end of the quarter. And I would say that if we kind of characterize where we're at today that through the majority of Q1, we saw that our sales opportunities were developing as we had expected, and it allowed us to deliver on our first quarter guide.

湯米，我想說的是，在第一季度，我們的銷售增長是——我們看到運行率或非大型交易的銷售增長在本季度末有所放緩。我想說的是，如果我們描述一下我們今天所處的位置，那麼在第一季度的大部分時間裡，我們看到我們的銷售機會正在按照我們的預期發展，這使我們能夠實現第一季度的指導。

And I think that as we got later into the quarter towards the end of Q1 and into April, while our run rate continued to be strong in the first quarter, we saw that begin to moderate. But the real challenge has been around large customers and really tightening their CapEx budgets further as we got to the second -- the end of Q1 and into Q2. And we saw new projects not receiving the funding that our sales teams had expected in the near term.

而且我認為，隨著我們進入第一季度末和 4 月份的後期，雖然我們的運行率在第一季度繼續保持強勁，但我們看到這種情況開始放緩。但真正的挑戰是圍繞著大客戶，並且隨著我們進入第二季度——第一季度末和第二季度，他們進一步收緊了他們的資本支出預算。我們看到新項目沒有收到我們的銷售團隊在短期內預期的資金。

So we saw a number of projects really in our sales funnel that were planned for Q2 and early Q3 really become deferred. And we especially saw this in retail and again, in specifically in North America and EMEA. So that ultimately, that slowing demand of larger deals and overall, a bit of moderating of our run rate, has really impacted our distributors that are looking to adjust their working capital levels that -- to really these -- the slowing demand of large deals and some of the moderating of run rate, we've also seen our lead times improve.

因此，我們看到我們的銷售渠道中確實有許多計劃在第二季度和第三季度初計劃的項目真的被推遲了。我們尤其在零售業看到了這一點，尤其是在北美和歐洲、中東和非洲。因此，最終，大型交易的需求放緩，總體而言，我們的運行率有所放緩，確實影響了我們的分銷商，他們正在尋求調整其營運資金水平——實際上是這些——大型交易的需求放緩和一些運行率的緩和，我們也看到我們的交貨時間有所改善。

So our distributors are having to hold less inventory as our lead times improve. And of course, they've got an increase in cost of capital and holding costs as they adjust their days on hand to the right level. So overall, these pressures really led us to say, hey, our Q2 guiding that down further and then ultimately look at the full year is despite run rate being strong in first quarter, we saw it moderate. And large deals are really in large customers, specifically around retail in EMEA and North America are really driving our guide for the full year.

因此，隨著交貨時間的縮短，我們的經銷商不得不減少庫存。當然，隨著他們將手頭的工作日數調整到合適的水平，他們的資本成本和持有成本也有所增加。所以總的來說，這些壓力真的讓我們說，嘿，我們的第二季度進一步下降，然後最終看全年，儘管第一季度的運行率強勁，但我們看到它溫和。大筆交易實際上是在大客戶中進行的，特別是圍繞 EMEA 和北美的零售業，這確實推動了我們全年的指南。

Just to continue with that theme, Bill, as you mentioned, some of the incremental weakness that drove your revision to the full year outlook really didn't manifest until late first quarter into the second quarter, it sounds like. Nonetheless, the outlook does imply a fairly healthy improvement in terms of revenue in the second half versus the first half.

只是為了繼續這個主題，比爾，正如你提到的那樣，一些導致你對全年展望進行修訂的增量弱點實際上直到第一季度末到第二季度才顯現出來，這聽起來像是。儘管如此，前景確實表明下半年的收入比上半年有相當健康的改善。

At this point, though, how much visibility do you have there? It feels like some of these conversations, particularly on a large customer side may still be early with a lot of question marks. But if I'm wrong in that characterization, please let me know.

不過，在這一點上，你在那裡有多少知名度？感覺其中一些對話，尤其是在大客戶方面，可能還為時過早，帶有很多問號。但如果我的描述有誤，請告訴我。

Tom, this is Nathan. And then just a little color on the full year guide. So if you look for the full year down 3.5% on organic sales in the midpoint, as we said in the prepared remarks, we do have a pipeline of opportunities and actions to get to the high end of the range, how we're being cautious in the assumptions and what we expect out of the pipeline due to the uncertain macro environment, and the cautious behavior we're seeing.

湯姆，這是內森。然後在全年指南中添加一點顏色。因此，如果您預計全年有機銷售額在中點下降 3.5%，正如我們在準備好的評論中所說，我們確實有一系列機會和行動來達到該範圍的高端，我們如何由於不確定的宏觀環境以及我們看到的謹慎行為，對假設和我們對管道的預期持謹慎態度。

I think the other thing that's important to note is as we go into the second half, we have easier year-on-year comps, particularly in Q3 as well as we have the recently announced price increases that will benefit in the second half as well as a favorable FX from our last guide, helping offset some of the macro headwinds.

我認為另一件需要注意的重要事情是，隨著我們進入下半年，我們的同比比較更容易，特別是在第三季度，而且我們最近宣布的價格上漲也將在下半年受益作為我們上一份指南中的有利外匯，有助於抵消一些宏觀不利因素。

So all those factors, a lot of factors played into some of the first half or second half dynamic, as well as what we believe we've taken a conservative view at the pipeline and actions we have as we look at the second half guide.

因此，所有這些因素，很多因素都影響了上半年或下半年的一些動態，以及我們認為我們在查看下半年指南時對管道和行動採取了保守的觀點。

The next question comes from Damian Karas with UBS.

下一個問題來自瑞銀的 Damian Karas。

I have a follow up -- just a follow-up question on your comments, Bill, about some of these project deferrals. Just for clarification, right, are we talking about the same kind of select handful of large customers, North America retail and EMEA retail? Or are there additional large customers that are mimicking these behavior or just kind of a combination of both of those factors? And I'm curious if thinking about kind of future execution and delivery, do you have any kind of sense on time line on that? Or are they just kind of on pause for the moment?

我有一個跟進 - 只是關於你的評論的後續問題，比爾，關於其中一些項目延期。只是為了澄清，對吧，我們是在談論同樣的少數大客戶，北美零售和 EMEA 零售嗎？還是有其他大客戶在模仿這些行為，或者只是這兩種因素的結合？我很好奇，如果考慮未來的執行和交付，你對時間表有什麼看法嗎？或者他們只是暫時暫停一下？

Yes. I think maybe it's worth covering the vertical markets as we -- and what we saw in Q1. So predominantly retail, I would say that from a T&L perspective, we continue to see customers invest in visibility and productivity solutions. And Transportation & Logistics was up in Q1.

是的。我認為也許值得像我們一樣覆蓋垂直市場——以及我們在第一季度看到的情況。所以主要是零售，我想說從 T&L 的角度來看，我們繼續看到客戶投資於可見性和生產力解決方案。運輸和物流在第一季度上漲。

In Q1, we also saw strong growth across manufacturing as they continue to invest in industrial automation and productivity within manufacturing. And health care also continued to be strong. So it really was around -- on retail. And those customers, ultimately not all retail customers, but a significant number of those across EMEA and North America had pushed out projects that were in our sales funnel for Q2 and Q3 out.

在第一季度，我們還看到製造業的強勁增長，因為他們繼續投資於製造業的工業自動化和生產力。醫療保健也繼續強勁。所以它真的很流行——零售。這些客戶，最終不是所有零售客戶，而是 EMEA 和北美的大量客戶已經推出了我們第二季度和第三季度銷售漏斗中的項目。

And I think that ultimately, as Nathan said, allowed us to take or drove us to take a more conservative view of the funnel and pipeline for second half year. And maybe Joe wants to comment more on that.

我認為最終，正如 Nathan 所說，允許我們採取或驅使我們對下半年的漏斗和管道採取更保守的觀點。也許喬想對此發表更多評論。

Sure. So Damian, I wanted to underline one thing first, and then maybe I'll give you some examples because I thought you might -- someone might ask these questions. I put together a few examples to illustrate what we're seeing.

當然。所以達米安，我想先強調一件事，然後也許我會給你一些例子，因為我想你可能會——有人可能會問這些問題。我舉了幾個例子來說明我們所看到的。

I want to underscore that by and large, we're not seeing cancellations from these large customers. We're seeing deferrals of the decision and, in some cases, deferrals of the deployment. And the majority of those deferrals are to the second half of this year, to Q3 and Q4. Which goes in part also to Tommy's earlier question about what confidence do we have, right? That's where we're seeing in most of those push.

我想強調的是，總的來說，我們沒有看到這些大客戶取消訂單。我們看到決策被推遲，在某些情況下，部署也被推遲。其中大部分推遲到今年下半年，即第三季度和第四季度。這在一定程度上也與湯米之前關於我們有什麼信心的問題有關，對嗎？這就是我們在大多數推動中看到的地方。

I'll give you 2 examples. One of our large U.S. customers in the retail space, by the time we last spoke here in the first quarter, had ordered about $3 million from us. And they had told us that they were going to be ordering by the end of Q2 an additional $20 million. Since then, in the last 3 months, they've taken $6 million and said we're still going to order that in Q2, but we still don't have the purchase order yet. They're still trying to secure the budget for it.

我會給你2個例子。我們在第一季度最後一次在這裡發言時，我們在零售領域的一個大美國客戶已經向我們訂購了大約 300 萬美元。他們告訴我們，他們將在第二季度末額外訂購 2000 萬美元。從那以後，在過去的 3 個月裡，他們已經拿到了 600 萬美元，並表示我們仍將在第二季度訂購，但我們仍然沒有採購訂單。他們仍在努力確保預算。

They have $10 million that they moved to Q3 and another $4 million that they moved to Q4. At least that's what they've told us so far. Of course, to your point about the visibility, will they actually order it then? We will see. But that's the current state of what we know and what's changed since we last spoke.

他們有 1000 萬美元搬到了第三季度，還有 400 萬美元搬到了第四季度。至少到目前為止他們是這麼告訴我們的。當然，就您關於知名度的觀點而言，他們真的會訂購嗎？我們會看到。但這就是我們所知道的現狀以及自我們上次發言以來發生的變化。

Another even larger customer in the U.S., also a retailer, had ordered $5 million by the time we were speaking last year in February, and had indicated that they were planning to buy $35 million by the end of Q2. Since then, they have said $11 million of that we're going to order in Q3. And $24 million, we will not have budget for this year, but we plan to order it in 2024. So that gives you an idea of how things are moving and how these deferrals are happening, hopefully.

美國的另一個更大的客戶，也是一家零售商，在我們去年 2 月談話時已經訂購了 500 萬美元，並表示他們計劃在第二季度末購買 3500 萬美元。從那以後，他們說我們將在第三季度訂購其中的 1100 萬美元。 2400 萬美元，我們今年沒有預算，但我們計劃在 2024 年訂購。希望這能讓你了解事情的進展情況以及這些延期是如何發生的。

I think just one thing to add, that's both -- those 2 good examples of the decline for the overall year and the full year guide. But at the same token, while we have a pipeline and actions that are above towards the high end of the range, but yet being conservative on assuming all those deals won't get pushed further.

我認為只有一件事要補充，就是這兩個 - 全年和全年指南下降的兩個很好的例子。但出於同樣的原因，雖然我們有一個高於該範圍高端的管道和行動，但仍然保守地假設所有這些交易都不會進一步推進。

So I think that's the -- trying to find the balance there around what we're hearing from our customers and the visibility, with also understanding that it's not certain until we get the PO.

所以我認為這就是 - 試圖在我們從客戶那裡聽到的內容和可見性之間找到平衡，同時也理解在我們獲得 PO 之前不確定。

Understood. Appreciate that color. I also wanted to ask you about your margin guidance. It seems you're actually expecting higher gross margins than previously. So is that the case? And could you maybe walk through the changes underlying your margin guidance for the year?

明白了。欣賞那種顏色。我還想問一下您的保證金指導。看起來你實際上期望比以前更高的毛利率。那麼是這樣嗎？您能否詳細介紹一下您今年的利潤率指導下的變化？

Yes. So look, our full year EBITDA guide of 22%, that was the low end of our prior range. We are seeing favorable gross margin trends, but that's being offset by the lower volume. So again, if you look at an aggregate, nearly 1 point higher than last year, primarily due to the supply chain improvements.

是的。所以看，我們的全年 EBITDA 指南為 22%，這是我們先前範圍的低端。我們看到有利的毛利率趨勢，但這被較低的銷量所抵消。所以，如果你看一個總量，比去年高出近 1 個百分點，這主要是由於供應鏈的改善。

And you can see it from our versus our prior guide of reducing those transitory or premium supply chain costs for the year from 50% to 40% as both the freight rates improved, and we're having to buy less components on the spot market. And that's still being offset. Those 2 points improvement are being offset by about 1 point of FX.

你可以從我們之前的指南中看到這一點，因為運費提高了，我們不得不在現貨市場上購買更少的組件，將今年的臨時或優質供應鏈成本從 50% 降低到 40%。而這仍在被抵消。這 2 點的改進被大約 1 點的 FX 所抵消。

Despite the improvement in FX with our hedging program, there's still a headwind for the year on FX. And again, I think a couple of things. The pricing actions we've taken over the past 1.5 years are offsetting the material and labor cost inflation or recouping some of that degradation over the past year, and we have actions identified to adjust our cost structure with the lower volume.

儘管我們的對沖計劃在外匯方面有所改善，但今年外匯方面仍然存在不利因素。再一次，我想到了幾件事。我們在過去 1.5 年採取的定價行動正在抵消材料和勞動力成本通脹或彌補過去一年的部分退化，並且我們已確定採取行動以調整我們的成本結構以降低產量。

The next question comes from Jim Ricchiuti with Needham & Company.

下一個問題來自 Needham & Company 的 Jim Ricchiuti。

I just wanted to drill down a little bit more, if I can, on the deferrals. And you may have mentioned this, and I apologize if you did. But -- are the deferrals that you're seeing, are they skewed more in North America? Or are you seeing that same kind of level of deferrals in EMEA?

如果可以的話，我只是想更深入地了解延期。您可能已經提到了這一點，如果您提到了，我深表歉意。但是——您看到的延期是否在北美更嚴重？還是您在 EMEA 看到了同樣程度的延期？

Yes. I would say, Jim, it's really both. And again, it's centered predominantly around retail. We believe ultimately have seen some moderation of demand in the other vertical markets, T&L and manufacturing, but it's predominantly retail and it's predominantly North America and EMEA.

是的。我會說，吉姆，兩者兼而有之。同樣，它主要以零售為中心。我們相信最終會看到其他垂直市場、T&L 和製造業的需求有所放緩，但主要是零售，主要是北美和 EMEA。

And I think it's Important, as Joe said, to say that these projects haven't been canceled, and our customers still have conviction about the value we ultimately deliver to them around improved productivity, increased visibility across supply chains, more effective and efficient operations within retail. All those are important because these projects, while they're moving out are still -- have strong return on investments for our customers.

正如喬所說，我認為重要的是要說這些項目沒有被取消，我們的客戶仍然相信我們最終為他們提供的價值，包括提高生產力、提高整個供應鏈的可見性、更有效和高效的運營零售內。所有這些都很重要，因為這些項目雖然正在搬出，但仍然為我們的客戶帶來了豐厚的投資回報。

They're making tough decisions around CapEx in the short term to adjust in a macroeconomic environment. But what they're telling us is that as their CapEx loosens up inside their organizations, they expect to move ahead with these projects.

他們在短期內圍繞資本支出做出艱難的決定，以在宏觀經濟環境中進行調整。但他們告訴我們的是，隨著他們在組織內部放鬆資本支出，他們希望繼續推進這些項目。

And the challenge in retail is because we've seen them continue to move out, we've had to take a conservative view of the outlook. And as Joe said, some of those projects have moved into 2024. But our customers are still committed to do those. So I think that we're seeing that, ultimately, our customers can only hold off from buying for so long, that we have mission-critical solutions. And they truly deliver value to our customers that make them more effective and more efficient in their business each and every day.

零售業面臨的挑戰是因為我們看到他們繼續搬出，我們不得不對前景持保守看法。正如喬所說，其中一些項目已經進入 2024 年。但我們的客戶仍然致力於完成這些項目。所以我認為我們看到，最終，我們的客戶只能推遲購買這麼久，以至於我們擁有關鍵任務解決方案。他們真正為我們的客戶帶來價值，使他們每天在業務中更加有效和高效。

And I think we feel that, ultimately, they are going to buy these projects and they're going to move forward. It's really an issue around timing and it's really North America and EMEA in retail is the primary challenge at the moment.

而且我認為我們認為，最終，他們將購買這些項目並且他們將繼續前進。這確實是一個時間問題，而且實際上是北美和 EMEA 零售業是目前的主要挑戰。

Got it. And I wanted to just follow up with a question, only because you mentioned it several times, the strength in RFID. Is that mainly from this large North American logistics customer? Or is this -- are you seeing the strength in other areas of logistics? Or is it also a function of what we're seeing and hearing in retail? And is that sustainable as you go through the year?

知道了。我只想跟進一個問題，只是因為你多次提到了 RFID 的優勢。主要是這個北美物流大客戶嗎？或者這是——您是否看到了其他物流領域的實力？或者它也是我們在零售業中看到和聽到的功能？在你度過這一年的過程中，這種情況是否可持續？

Yes. I would say that we're seeing broad-based demand for RFID across supply chains in general. So all the way from retail through transportation logistics all the way back into manufacturing, so it is broad-based. We have the broadest and deepest RFID portfolio of solutions of fixed readers, handheld readers, mobile printers, software and solutions as well as our labels.

是的。我想說的是，我們看到整個供應鏈對 RFID 的廣泛需求。所以從零售到運輸物流一直回到製造業，所以它是廣泛的。我們擁有最廣泛、最深入的 RFID 解決方案組合，包括固定閱讀器、手持閱讀器、移動打印機、軟件和解決方案以及我們的標籤。

So we expect that we'll continue to benefit from the strength in RFID. I don't know, Joe, if you want to add anything to that, but I think that we feel good about the RFID portfolio beyond this large win in T&L.

因此，我們預計我們將繼續受益於 RFID 的優勢。我不知道，Joe，如果你想補充什麼，但我認為除了 T&L 的這一巨大勝利之外，我們對 RFID 產品組合感覺良好。

We do. And I would underline, Jim, the broad-based nature of this demand. We're seeing it in health care, for example, we're seeing it in T&L, where entire package operations that were previously barcode-based are being driven by RFID now for greater efficiency and fewer errors. And we're seeing it in multiple regions of the world. We're seeing it strong in Asia Pacific, but also strong in Europe where labor costs are high and RFID can have an outsized impact. This is a broad-based movement.

我們的確是。吉姆，我要強調這一需求的廣泛性。我們在醫療保健領域看到了它，例如，我們在 T&L 看到了它，以前基於條形碼的整個包裹操作現在都由 RFID 驅動，以提高效率和減少錯誤。我們在世界多個地區都看到了它。我們看到它在亞太地區表現強勁，但在勞動力成本高且 RFID 可以產生巨大影響的歐洲也表現強勁。這是一個基礎廣泛的運動。

Our next question comes from Keith Housum with Northcoast Research.

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

In terms of looking at the guidance for the full year, can you kind of help me with some context in terms of how you're thinking about the overall macro economy and how changes in the macro economy may affect your guidance, the good and the bad.

就全年指導而言，你能幫我談談你如何看待整體宏觀經濟以及宏觀經濟的變化如何影響你的指導，好的和壞的。

Yes, I'd say, Pete, that I'll start, and then I'll let Nate or Joe want to jump in. But we're clearly seeing a softer macroeconomic environment that is having our customers take a more conservative view of their CapEx budgets and -- in first half year, and we're seeing less certainty in those budgets for second half year.

是的，我會說，皮特，我會開始，然後我會讓 Nate 或 Joe 加入進來。但我們清楚地看到宏觀經濟環境更加疲軟，這讓我們的客戶對他們的資本支出預算和 - 在上半年，我們看到下半年這些預算的確定性降低。

So a bit of the unknown, mostly in retail and again, mostly in North America and EMEA where we're seeing this, it's most pronounced there. What it results to for us is directly elongated sales cycles and opportunities that we thought we're going to close in Q2 and be deployed in early Q3 as moving out.

所以有點未知，主要是在零售業，而且主要是在我們看到的北美和歐洲、中東和非洲，在那裡最為明顯。它給我們帶來的結果是直接延長了銷售週期和我們認為我們將在第二季度關閉並在第三季度初部署的機會。

And Joe gave the examples of all the business isn't moving out. Some portion of it is doing that, and some is moving into Q3 and Q4 from Q2 and others is moving into 2024. So we think that ultimately, we've taken a more conservative view of our pipeline and the opportunities we expect to close in second half year. There's lots of reasons why we believe that guide is the right one as Nathan covered.

喬舉了所有業務都沒有搬走的例子。它的一部分正在這樣做，有些正在從第二季度進入第三季度和第四季度，而其他部分正在進入 2024 年。所以我們認為，最終，我們對我們的管道和我們希望在下半年。正如 Nathan 所說，我們認為該指南是正確的指南的原因有很多。

But we also believe that our T&L manufacturing customers, where we saw strong growth in first quarter, even at the end of Q1, we're seeing them moderate a bit due to the macro environment. And we're taking a cautious view overall of what our pipeline and the projects within it because of it. But I think ultimately, we feel good about our business. We feel good about the value we bring to our customers, and this is really all about the macro environment and specifically in -- more pronounced in retail in North America and EMEA.

但我們也相信，我們的 T&L 製造客戶在第一季度甚至在第一季度末都看到了強勁增長，但由於宏觀環境，我們看到它們有所放緩。因此，我們對我們的管道和其中的項目持謹慎態度。但我認為最終，我們對我們的業務感覺良好。我們對我們為客戶帶來的價值感到滿意，這實際上與宏觀環境有關，特別是在北美和 EMEA 的零售業中更為明顯。

Maybe if I can tweak that question just a little bit. I guess, does your guidance include, I guess, a soft or hard landing in the U.S. and Europe? Or do you go look at that context?

也許我可以稍微調整一下這個問題。我想，您的指導是否包括美國和歐洲的軟著陸或硬著陸？或者你去看看那個上下文？

Well, I'd say that we've had a tough Q1 from a mobile computing perspective, with double-digit declines in Q1. We see Q2 continue to be challenged from a mobile computing perspective. But we saw strong growth in other parts of the portfolio like data capture and print.

好吧，我想說的是，從移動計算的角度來看，我們的第一季度表現不佳，第一季度出現兩位數的下滑。從移動計算的角度來看，我們看到第二季度繼續受到挑戰。但我們看到了產品組合其他部分的強勁增長，例如數據採集和打印。

So I think, overall, what we're seeing is mobile computing remaining challenged in first half. And then in second half, we see some of these projects moving forward and then continuing into 2024. So we don't see the environment being a hard landing or much different than what we're guiding to at the moment, which is we were delivered on our first quarter guide, which ultimately was down.

所以我認為，總的來說，我們看到的是移動計算在上半年仍然面臨挑戰。然後在下半年，我們看到其中一些項目向前推進，然後持續到 2024 年。所以我們認為環境不會硬著陸，也不會與我們目前的指導有太大不同，我們當時交付了我們的第一季度指南，該指南最終失敗了。

But we see Q2, obviously, we knew it was going to be our toughest quarter, and we see recovery in the second half. But modest, and we believe we can deliver on our guide.

但我們看到第二季度，顯然，我們知道這將是我們最艱難的一個季度，我們看到下半年復蘇。但是謙虛，我們相信我們可以兌現我們的指南。

The next question comes from Joe Giordano with TD Cowen.

下一個問題來自 TD Cowen 的 Joe Giordano。

So I'm just curious on -- coming out of COVID, you put in a ton of assets. And I'm just curious on thoughts on the replacement cycle of that. So as we go into a soft patch here, what's the ability of customers to like extend when they need to refresh this stuff?

所以我只是好奇——從 COVID 中出來，你投入了大量資產。我只是好奇關於它的更換週期的想法。因此，當我們在這裡進入一個軟補丁時，客戶在需要刷新這些東西時喜歡擴展的能力是什麼？

I'm just curious the deferrals that Joe mentioned, are these like new, new expansions? Or is this like refresh of old product that is getting pushed out? Just curious there.

我只是好奇 Joe 提到的延期，這些像是新的、新的擴展嗎？還是這就像被推出的舊產品的更新？那裡只是好奇。

Yes, why don't I start right away. This is Joe Heel. The investments we've made over the last few years in customer success have given us a really good insight as to what our installed base is and how our customers are using it. And that has generally revealed to us that the usage cycles have shortened, and that the replacements that are being contemplated now are things that have gone in approximately 3 years ago or even less than that.

是的，我為什麼不馬上開始呢。這是喬·赫爾。過去幾年我們在客戶成功方面所做的投資讓我們非常了解我們的安裝基礎是什麼以及我們的客戶如何使用它。這通常向我們表明，使用周期已經縮短，而現在正在考慮的替代品是大約 3 年前甚至更短時間的東西。

And of course, we have just launched a brand-new set of our midrange and high-end mobile computers and the value tier was released last year. So those are coming right into that refresh cycle that we're seeing from those customers. And that's another reason why we're quite confident that while these customers are deferring decisions and deployments as we speak, they will have to purchase shortly. And we have pretty good confidence in that. It's the timing that we're uncertain about.

當然，我們剛剛推出了一套全新的中端和高端移動數據終端，超值系列是去年發布的。因此，這些正進入我們從這些客戶那裡看到的更新周期。這也是我們非常有信心的另一個原因，儘管這些客戶在我們說話時正在推遲決策和部署，但他們將不得不很快購買。我們對此很有信心。這是我們不確定的時間。

And then just a follow-up, Nathan, if things do get cyclically worse here, how should we think about risk of, like inventory obsolescence on things that you have on the books if the channel stays tough, things like that?

然後只是一個後續行動，內森，如果這裡的情況確實變得周期性惡化，我們應該如何考慮風險，比如如果渠道保持艱難，你在賬簿上擁有的東西的庫存過時，諸如此類的事情？

Yes. I would say there's always a risk in a technology business of excess and obsolescence. That's something the team actively manages in terms of when we put something in -- a lot of that's in our control in terms of the life cycle of a product, when we end of life a component or our finished good.

是的。我會說技術業務總是存在過剩和過時的風險。這是團隊在我們何時投入某些東西方面積極管理的事情 - 就產品的生命週期而言，當我們結束組件或成品的生命週期時，很多事情都在我們的控制之下。

And today, we look and say there's still demand for what we have in inventory on a component level. The team has a series of actions, working with our suppliers to reduce purchase commitments where we can and drive programs where we have available stock with the commercial team. So today, I don't feel -- I think there's -- again, there's always risk given our business model, but I would say nothing more -- not more than we've had in other times.

今天，我們看起來並說對我們在組件級別的庫存仍然有需求。該團隊採取了一系列行動，與我們的供應商合作，盡可能減少採購承諾，並在我們與商業團隊有可用庫存的情況下推動計劃。所以今天，我不覺得 - 我認為 - 再一次，考慮到我們的商業模式總是存在風險，但我不會說更多 - 不會比其他時候更多。

The next question is from Meta Marshall with Morgan Stanley.

下一個問題來自摩根士丹利的 Meta Marshall。

You guys noted the benefit of price increases in the second half. I just wondered, given the macro environment, if there's been any pushback to that or kind of shrinking of the amount of units to kind of keep with the same dollar amount that you've seen in response to that?

你們注意到下半年價格上漲的好處。我只是想知道，考慮到宏觀環境，是否有任何阻力或單位數量的減少以與您看到的相同美元數量保持一致？

And then maybe just as a second question. You noted backlog was a benefit to printing, kind of, in Q1. I just wondered, is there any meaningful kind of backlog or pent-up orders kind of across the space that we should be mindful of for the year?

然後可能只是作為第二個問題。你注意到積壓在第一季度有利於印刷。我只是想知道，今年我們應該注意整個領域是否有任何有意義的積壓或被壓抑的訂單？

Joe, do you want to take the price increases?

喬，你想接受漲價嗎？

Yes. So Meta, we increased prices last year outside of North America towards the end of the year, and we have increased them in North America here in the first quarter. We have a very analytical approach to doing this where we literally analyze by product and by region where we stand competitively and what economics we can afford for our channel partners because we want them to thrive.

是的。所以 Meta，我們去年年底在北美以外地區提高了價格，我們在第一季度在北美也提高了價格。我們有一種非常分析的方法來做到這一點，我們從字面上按產品和地區分析我們在競爭中所處的位置，以及我們可以為我們的渠道合作夥伴提供什麼樣的經濟效益，因為我們希望他們蓬勃發展。

And as a result, we looked at that and we said we have additional headroom in North America, just as we saw that at the end of the year outside of North America. We have implemented those and we have seen generally good traction with those, and they're going to have a meaningful impact in terms of helping us to mitigate the challenges that we outlined earlier.

結果，我們看到了這一點，我們說我們在北美有額外的空間，就像我們在北美以外的年底看到的那樣。我們已經實施了這些，並且我們已經看到這些通常具有良好的牽引力，並且它們將在幫助我們減輕我們之前概述的挑戰方面產生有意義的影響。

And if you look at the overall backlog position, I'd say it's normalized from where we were over the past several years, in line with what we need to deliver for the second quarter. I think the positive news, both for print and DCS as we've largely worked through our delinquent or aged backlog, as supply has improved, still have some backlog to work through for both of those businesses.

如果你看一下整體積壓情況，我會說它已經從我們過去幾年的水平正常化，符合我們第二季度需要交付的東西。我認為對於印刷和 DCS 來說都是好消息，因為我們已經在很大程度上解決了拖欠或陳舊的積壓問題，隨著供應的改善，這兩個業務仍然有一些積壓問題需要解決。

But in aggregate, I think we go back more to normalized levels, if not a little bit higher than we were pre-pandemic, but enough to definitely support our 2Q guide.

但總的來說，我認為我們更多地回到正常水平，如果不是比大流行前高一點，但足以肯定支持我們的 2Q 指南。

Our next question comes from Rob Mason with Baird.

我們的下一個問題來自 Rob Mason 和 Baird。

I had a question just around your thought process on the channel distribution level, I guess, destocking. Is that a process that you think can be complete here in the current quarter? Or does that extend into the second half as well?

我有一個關於你在渠道分銷層面的思考過程的問題，我想，去庫存。您認為這個過程可以在本季度完成嗎？或者這是否也延伸到下半場？

There's a few -- I can take a couple of things, I'll start. One, if you look at our overall inventory, I think in aggregate, remains healthy. However, as we highlighted before, there is -- the (inaudible) are realigning, or aligning their days on hand to say, with the moderating demand as well as the improved lead times in the cost of capital.

有一些 - 我可以做一些事情，我會開始。第一，如果你看一下我們的整體庫存，我認為總的來說仍然是健康的。然而，正如我們之前強調的那樣，有 - （聽不清）正在重新調整，或者調整他們手頭的日子，以適應緩和的需求以及資本成本的改進交貨時間。

So we work closely with all the distributors so they have the appropriate days on hand levels and that is recalibrating to the slower demand. You'll definitely see variations across distributors or regions due to the various dynamics. And that's why we look at it as a range in aggregate.

因此，我們與所有分銷商密切合作，以便他們擁有適當的庫存天數，並且正在根據需求放緩進行重新調整。由於各種動態，您肯定會看到分銷商或地區之間的差異。這就是為什麼我們將其視為一個總體範圍。

But I'd say, overall, we think those levels are in line with where we were pre-pandemic. But obviously, we think that is definitely an outsized impact in Q2 relative to the rest of the year, as the demand has softened here over the past month or 2.

但我想說，總的來說，我們認為這些水平與大流行前的水平一致。但顯然，我們認為相對於今年餘下時間，這對第二季度的影響肯定是巨大的，因為過去一兩個月這裡的需求已經減弱。

Does your guide at the midpoint take it down 4%? Does that assume that the run rate business would be down this year also?

您的中點指南是否將其降低了 4%？這是否假設今年的運行率業務也會下降？

I think that we've seen moderating, Rob, in the run rate business. We saw it in Q1, small to medium deals continue to grow. But as we got later into first quarter, we saw some moderating of that run rate business. So I'd say that we see it moderating.

Rob，我認為我們已經在運行率業務中看到了緩和。我們在第一季度看到了，中小型交易繼續增長。但是隨著我們進入第一季度的後期，我們看到該運行率業務有所緩和。所以我想說我們看到它緩和了。

The real challenge seems to be around large customer orders and larger deals and run rate, because we're continuing to see growth in DCS growth across our printing business. We hadn't talked about it, but services and software were positive and delivered growth in first quarter as well. So we continue to see that throughout the year. So there's certainly bright spots. But the challenge isn't as much around run rate, I would say, is really around larger deals and larger customers.

真正的挑戰似乎是圍繞大客戶訂單和更大的交易以及運行率，因為我們繼續看到 DCS 在我們印刷業務中的增長。我們沒有談論它，但服務和軟件是積極的，並且在第一季度也實現了增長。所以我們全年都會看到這種情況。所以肯定有亮點。但我想說，挑戰不在於運行率，而在於更大的交易和更大的客戶。

Understood. Maybe just last question to follow up on that. The -- how do you think about -- again, in a situation like this where deals are being pushed and conservative outlooks on IT budgets, how do you feel about how the adjacent expansion areas perform relative to your core business? Are those at the same level of risk? Or how do you view those differently just given different growth dynamics there?

明白了。也許只是最後一個問題來跟進。您如何看待 - 同樣，在這種情況下，交易被推動，IT 預算前景保守，您如何看待相鄰擴展領域相對於您的核心業務的表現？那些人處於相同的風險水平嗎？或者，鑑於那裡的增長動力不同，您如何看待這些不同的東西？

Yes, I'll start. And then I'll let Joe jump in. I think as I said, we saw growth in services and software in first quarter. So we continue to see that our software value proposition to our retail customers across Reflexis offering, prescriptive analytics, our Intuit offerings, our Workforce Connect, has value to our retailers. And that falls into really an OpEx spending versus CapEx inside retail.

是的，我會開始。然後我會讓喬加入。我認為正如我所說，我們在第一季度看到了服務和軟件的增長。因此，我們繼續看到我們的軟件價值主張通過 Reflexis 產品、規範分析、我們的 Intuit 產品、我們的 Workforce Connect 對我們的零售商具有價值。這實際上屬於零售內部的運營支出與資本支出。

We're seeing that strong interest in our fixed industrial scanning and machine vision solutions. As we said, manufacturing continues to be more spending and focused on continuing to drive productivity inside their environment. So we're seeing opportunities there inside fixed industrial scanning, inside T&Ls, another opportunity.

我們看到了人們對我們的固定工業掃描和機器視覺解決方案的濃厚興趣。正如我們所說，製造業繼續增加支出，並專注於繼續推動其環境內的生產力。因此，我們在固定工業掃描、T&Ls 內部看到了另一個機會。

Again, we have lots of places where we can grow our market share across both those 2 segments. And we're seeing that fetch from autonomous mobile robot and warehouse automation perspective, both fulfillment and material movement, and that applies again to T&L with 3PLs and then manufacturing with good movement, again strong interest there.

同樣，我們有很多地方可以增加這兩個細分市場的市場份額。我們看到，從自主移動機器人和倉庫自動化的角度來看，履行和物料移動都取得了成功，這再次適用於具有 3PL 的 T&L，然後是具有良好移動的製造，再次引起了人們的濃厚興趣。

So those businesses are much smaller, but I think we're continuing to see interest across our customers, and then we have lots of room to grow market share in things like machine vision and fixed industrial schemes.

所以這些業務要小得多，但我認為我們會繼續看到客戶的興趣，然後我們有很大的空間來增加機器視覺和固定工業計劃等領域的市場份額。

Yes, Rob, I would also point out some of the near adjacencies have been very strong contributors for us, not just in the last quarter, but recently. Tablets, for example, has become our fastest-growing mobile computing category, and we now have a #1 market share position in tablets. That's been a terrific contributor.

是的，Rob，我還要指出一些近鄰對我們來說是非常強大的貢獻者，不僅在上個季度，而且在最近。例如，平板電腦已成為我們增長最快的移動計算類別，我們現在在平板電腦市場佔有率第一。這是一個了不起的貢獻者。

We're seeing those use cases only expand in areas like health care in areas like manufacturing that we hadn't even considered initially. And I mentioned earlier, RFID, right? How that's been a broad-based growth driver for us. And by the way, the same is true for what we did in bioptic scanning, where we now have a very strong market position. So those adjacencies that are close to our core have contributed very nicely.

我們看到這些用例僅擴展到我們最初甚至沒有考慮過的製造等領域的醫療保健等領域。我之前提到過，RFID，對嗎？這對我們來說是一個基礎廣泛的增長動力。順便說一句，我們在活檢掃描方面所做的也是如此，我們現在在這方面擁有非常強大的市場地位。所以那些靠近我們核心的鄰接點做出了很好的貢獻。

The next question comes from Brian Drab with William Blair.

下一個問題來自 Brian Drab 和 William Blair。

This is Blake Keating on for Brian. Just wanting to dive a little bit into the second half implied guidance. I know it's already been asked a little bit, but I was curious just to hear outside of retail, what's driving your confidence in that second half revenue guide, if there's any end markets that are really -- that are growing or -- any color you can give there? And then how we should think about that in volume versus price?

這是布賴恩的布萊克基廷。只是想深入了解下半場暗示的指導。我知道已經有人問過這個問題了，但我很好奇只是想听聽零售業以外的人，是什麼讓你對下半年的收入指南充滿信心，是否有任何終端市場真的 - 正在增長或 - 任何顏色你可以給那裡嗎？然後我們應該如何考慮數量與價格的關係？

Yes, I would say that across T&L, that our customers continue to struggle with labor constraints and are looking to add to visibility across the supply chain, across their -- your networks. We've seen some positives where T&L customers continue to make investments despite some of the challenges around the macro environment.

是的，我會說在 T&L 中，我們的客戶繼續與勞動力限製作鬥爭，並希望增加整個供應鏈、整個網絡的可見性。儘管宏觀環境面臨一些挑戰，但我們已經看到了一些積極因素，即 T&L 客戶繼續進行投資。

So 2 examples of that is our postal win in Japan and the RFID win in North America. T&L show that some large projects and outside of retail are clearly continuing and our customers see the value in our solutions. So I think that T&L manufacturing is another area where we're seeing really investment in that business around industrial automation and opportunities, as I mentioned before, around fixed industrial scanning and machine vision.

所以這兩個例子是我們在日本的郵政勝利和在北美的 RFID 勝利。 T&L 表明，一些大型項目和零售業以外的項目顯然仍在繼續，我們的客戶看到了我們解決方案的價值。因此，我認為 T&L 製造是我們看到圍繞工業自動化和機會真正投資於該業務的另一個領域，正如我之前提到的，圍繞固定工業掃描和機器視覺。

So they delivered solid growth in Q1. And they continue to invest in infrastructure to be more effective and efficient and productive within both their environments, T&L and manufacturing, and we expect that to continue to grow. But to moderate from the strong growth we saw in Q1 due to macro environments.

因此，他們在第一季度實現了穩健增長。他們繼續投資於基礎設施，以在他們的環境、運輸與物流和製造業中提高效率和生產力，我們預計這種情況會繼續增長。但由於宏觀環境，我們在第一季度看到的強勁增長有所緩和。

Health care is -- we saw strong results in Q1, and it's less sensitive and less correlated to the macro environment. So we feel good about health care as well. So I think those are areas that outside of retail that we've taken into account for our second half guide.

醫療保健——我們在第一季度看到了強勁的結果，它不太敏感，與宏觀環境的相關性也較低。所以我們對醫療保健也感覺良好。所以我認為這些是我們在下半年指南中考慮的零售以外的領域。

And so -- and what I would add, Joe Heel here. By and large, we have not seen the deferrals of either project decisions or deployments nearly to the same degree in any of the 3 verticals Bill mentioned, T&L manufacturing or health care. They've had steady demand.

所以——我要補充的是，Joe Heel。總的來說，在比爾提到的 3 個垂直領域（運輸與物流製造或醫療保健）中，我們沒有看到項目決策或部署的延遲程度幾乎相同。他們有穩定的需求。

Now we're expecting that some of that may moderate a bit. But because it was -- they were all up very strongly in Q1. But nevertheless, we expect those will continue to contribute. One other area that we're investing in that we think has some good growth potential is government. We're seeing some -- for reasons that are probably obvious, we're seeing some strong demand in the government sector.

現在我們預計其中一些可能會有所緩和。但因為它是 - 他們在第一季度都非常強勁。但儘管如此，我們預計這些將繼續做出貢獻。我們正在投資的另一個我們認為具有良好增長潛力的領域是政府。我們看到了一些——出於可能顯而易見的原因，我們看到政府部門有一些強勁的需求。

And one thing I'd add, just on the second half, I mean for the full year, we're expecting about 1.5 of benefit in price, including the most recent announcement. And I think I'll just get back. If you look at the second half, the implied guide around minus 2% again. But on much easier comps, if you look at just the trajectory of the business last year and the first half growth versus second half as well as the favorable FX impact. So those are, again, some different dynamics when you look at the first half versus second half for the year.

我要補充的一件事是，就在下半年，我的意思是全年，我們預計價格將上漲約 1.5，包括最近的公告。我想我會回來的。如果你看一下下半年，隱含的指導再次在負 2% 左右。但如果你只看去年的業務軌跡和上半年與下半年的增長以及有利的外匯影響，那麼在更容易的情況下。因此，當您查看今年上半年和下半年時，這些又是一些不同的動態。

Got it. And then just lastly, on the Matrox acquisition, I was just curious how the business is trending and how we should think about it moving forward?

知道了。最後，關於 Matrox 的收購，我很好奇業務趨勢如何以及我們應該如何考慮它的發展？

Yes. I think I would say, overall, with the Matrox acquisition and Adaptive Vision, that it really creates a comprehensive portfolio of solutions across fixed industrial scanning and machine business. So we marry our organic investment plus the acquisition of Matrox and Adaptive Vision to the portfolio.

是的。我想我會說，總的來說，通過收購 Matrox 和 Adaptive Vision，它真正創建了一個跨固定工業掃描和機器業務的綜合解決方案組合。因此，我們將我們的有機投資以及對 Matrox 和 Adaptive Vision 的收購結合到投資組合中。

It really is what our customers and partners were looking for is to -- some of our customers are just beginning their automation journey. Others are -- have increased complex, use cases that they're trying to deploy solutions and they're looking for a provider, both our channel partners and our end customers that can provide the breadth and depth of that solution from hardware to software.

這確實是我們的客戶和合作夥伴所尋求的——我們的一些客戶才剛剛開始他們的自動化之旅。其他人 - 已經增加了複雜的用例，他們正在嘗試部署解決方案並且他們正在尋找供應商，我們的渠道合作夥伴和我們的最終客戶都可以提供從硬件到軟件的解決方案的廣度和深度。

From Matrox perspective, specifically, we've seen continued progress. It's performed as expected, and the integration is proceeding as planned. We're looking to diversify our customer base there and really continue to grow the top line of that business. And that means that how do we extend our channel network and our partner community, we're working on expanding that.

具體而言，從 Matrox 的角度來看，我們看到了持續的進步。它按預期執行，並且集成按計劃進行。我們希望在那裡使我們的客戶群多樣化，並真正繼續發展該業務的頂線。這意味著我們如何擴展我們的渠道網絡和我們的合作夥伴社區，我們正在努力擴展它。

We're focusing on manufacturing opportunities. Examples could be automotive or battery manufacturing are two areas in which we see opportunities for us. And then ultimately, leveraging the synergies, I said, across the 2 acquisitions in our organic portfolio. We're seeing strong interest from our customer base.

我們專注於製造機會。例如，汽車或電池製造是我們看到機會的兩個領域。然後最終，我說，在我們有機投資組合中的兩次收購中，利用協同效應。我們看到了客戶群的強烈興趣。

We were just at ProMat manufacturing and supply chain trade show, and we saw strong interest from our customers. So we feel good about where we're at with Matrox and the opportunities we have ahead of us for machine vision and fixed industrial standing.

我們剛剛參加了 ProMat 製造和供應鏈貿易展，我們看到了客戶的濃厚興趣。因此，我們對 Matrox 所處的位置以及我們在機器視覺和固定行業地位方面面臨的機遇感到滿意。

Today's last question comes from Guy Hardwick with Credit Suisse.

今天的最後一個問題來自瑞士信貸的 Guy Hardwick。

I think 3 months ago, you guys said on the Q4 call that channel inventories were only a few days higher than pre-pandemic levels. But I think Nathan said in answer to Rob's question that channel inventories are now back to pre-pandemic levels. Did I hear that correctly? First of all.

我想 3 個月前，你們在第四季度電話會議上說渠道庫存僅比大流行前水平高幾天。但我認為 Nathan 在回答 Rob 的問題時表示，渠道庫存現在已恢復到大流行前的水平。我沒聽錯嗎？首先。

And it sounds like in your prepared remarks that Q2 guidance in particular assumes further destocking. So based on your Q2 guidance, can you quantify what the difference could be between sell-in and sell-out in Q2?

在您準備好的評論中聽起來似乎特別是第二季度的指導假設進一步去庫存。因此，根據您的第二季度指導，您能否量化第二季度賣出和賣出之間的差異？

Yes. So I think, again, just sort of maybe clarify the comment in terms of -- we look at it in terms of an absolute range. So I think we're still in that same range we were in from a pre-pandemic, no different than we were in Q4. Maybe just a little bit on the higher end.

是的。所以我認為，再次，可能只是澄清評論——我們從絕對范圍的角度來看待它。因此，我認為我們仍處於大流行前的相同範圍內，與第四季度沒有什麼不同。也許只是高端一點點。

And so we don't have a sales out to sales in reconciliation. I would say that historically, when the velocity of the channel slows, we see an outsized impact as the [distis] moderate and manage their days on hand. So if they're selling over sales out of the channel that requires less inventory to support that, which means they're not going to make the same type of stocking orders. So it has an outsized impact on what we see from a sales in.

因此，我們沒有對賬銷售額。我想說的是，從歷史上看，當渠道速度放緩時，我們會看到一個巨大的影響，因為 [distis] 適度並管理他們手頭的日子。因此，如果他們在需要較少庫存來支持的渠道外銷售超額銷售，這意味著他們不會製作相同類型的庫存訂單。因此，它對我們從銷售中看到的內容產生了巨大的影響。

So there's always a disconnect there based on, as you see the markets improve or decline. I think in Q2, that's amplified a bit by the improving lead times and their higher carrying costs. And I would just say the opposite is true when the macro improves, we tend to see an accelerated recovery. But again, that's not assumed in our full year guide.

因此，當您看到市場改善或下降時，總會存在脫節。我認為在第二季度，由於交貨時間的縮短和更高的持有成本，這一點有所放大。我只想說，當宏觀經濟改善時，情況恰恰相反，我們往往會看到加速復蘇。但同樣，我們的全年指南中並未假設這一點。

So there is an assumption of destocking in Q2. So it suggests that underlying demand is better than unit sales guidance.

所以有一個二季度去庫存的假設。因此，這表明潛在需求優於單位銷售指導。

That's right. As you would expect, if you have lower sales out of the channel that requires less inventory in the channel to support that business.

這是正確的。如您所料，如果您的渠道外銷售額較低，則需要渠道中的庫存較少來支持該業務。

So Nathan, last question for me. Just what is your FX assumption, FX rate assumption for the rest of the year?

所以內森，我的最後一個問題。您今年剩餘時間的外匯假設、匯率假設是什麼？

Yes, we take the spot market as we put the guide together. So sitting around whatever, just around $1.09 to $1.10 to the euro.

是的，我們將指南放在一起時採用現貨市場。所以隨便坐什麼，大約 1.09 美元到 1.10 美元兌歐元。

This concludes today's question-and-answer session. I would now like to turn the conference back over to Mr. Burns for any closing remarks.

今天的問答環節到此結束。我現在想把會議轉回給伯恩斯先生，聽取任何閉幕詞。

Yes, I'd like to thank our partners, customers and employees for their support and dedication in this challenging in a certain environment. It's an honor to serve as CEO, and I'm excited about the opportunities ahead of us. Thank you. Have a great day.

是的，我要感謝我們的合作夥伴、客戶和員工在這個充滿挑戰的特定環境中的支持和奉獻。很榮幸擔任首席執行官，我對擺在我們面前的機會感到興奮。謝謝。祝你有美好的一天。

The conference has now concluded. Thank you for attending today's presentation, and 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了。