斑馬技術公司 (ZBRA) 2024 Q1 法說會逐字稿

Good day, and welcome to the First Quarter 2024 Zebra Technologies Earnings Conference Call. (Operator Instructions) Please note, this event is being recorded.

大家好，歡迎參加 Zebra Technologies 2024 年第一季財報電話會議。 （操作員指示）請注意，此事件正在記錄中。

I would now like to turn the conference over to Mike Steele, Vice President, Investor Relations. Please go ahead.

現在，我想將會議交給投資者關係副總裁 Mike Steele。請繼續。

Good morning, and welcome to Zebra's first quarter earnings conference call. This presentation is being simulcast on our website at investors.zebra.com and will be archived there for at least 1 year. Our forward-looking statements are based on current expectations and assumptions and are subject to risks and uncertainties. Actual results could differ materially, and we refer you to the factors discussed in our SEC filings.

早上好，歡迎參加 Zebra 第一季財報電話會議。該簡報將在我們的網站 investor.zebra.com 上同步播出，並將在那裡存檔至少 1 年。我們的前瞻性陳述是基於目前的預期和假設，並受風險和不確定性的影響。實際結果可能存在重大差異，我們請您參閱我們向美國證券交易委員會提交的文件中討論的因素。

During this call, we will reference non-GAAP financial measures as we describe our business performance. You can find reconciliations at the end of this slide presentation and in today's earnings press release. Throughout this presentation, unless otherwise indicated, our references to sales performance are year-over-year and on a constant currency basis.

在本次電話會議中，我們將參考非公認會計準則財務指標來描述我們的業務表現。您可以在本投影片簡報的結尾以及今天的收益新聞稿中找到對帳表。在本示範中，除非另有說明，我們對銷售業績的引用都是按年計算的，並且以固定匯率計算。

This presentation will include prepared remarks from Bill Burns, our Chief Executive Officer; and Nathan Winters, our Chief Financial Officer. Bill will begin with a discussion of our first quarter results and strategic actions. Nathan will then provide additional detail on the financials and discuss our second quarter and full year outlook. Bill will conclude with progress on advancing our vision. Following the prepared remarks, Bill and Nathan will take your questions. Now let's turn to Slide 4 as I hand it over to Bill.

本次演講將包括我們執行長比爾伯恩斯 (Bill Burns) 的準備好的演講；以及我們的財務長 Nathan Winters。比爾將首先討論我們的第一季業績和策略行動。然後，Nathan 將提供有關財務狀況的更多細節，並討論我們第二季和全年的展望。比爾將最後介紹我們實現願景的進展。在發表準備好的發言後，比爾和內森將回答大家的問題。現在讓我們翻到幻燈片 4，我把它交給比爾。

Thank you, Mike. Good morning, and thank you for joining us. As expected, our first quarter performance was impacted by continued broad-based softness across our end markets and regions, which we began to experience in the second quarter of last year, resulting in a double-digit decline in sales and profitability. However, we are beginning to see a modest recovery in demand as we saw sequential improvement from the fourth quarter. We are particularly encouraged by the better-than-expected large order activity, which drove the upside for the quarter. That said, we are not yet seeing a broad-based recovery. And as a result, we continue to take an agile approach to navigating the current environment.

謝謝你，麥克。早安，感謝您加入我們。正如預期的那樣，我們第一季的業績受到了終端市場和地區持續普遍疲軟的影響，這種影響從去年第二季度開始出現，導致銷售額和盈利能力出現兩位數的下降。然而，我們開始看到需求出現溫和復甦，因為我們看到第四季出現了連續改善。我們尤其受到好於預期的大額訂單活動的鼓舞，這推動了本季的上行。儘管如此，我們尚未看到廣泛的復甦。因此，我們繼續採取敏捷的方法來適應當前環境。

We also delivered another quarter of sequential improvement in profitability as a result of our restructuring actions and improved gross margin. Services and software were a bright spot in the quarter with improved sales and profitability, helping to offset the year-on-year sales declines across all product categories.

由於我們的重組措施和毛利率提高，我們的獲利能力也比上一季有所提高。服務和軟體是本季的亮點，銷售額和獲利能力均有所提高，有助於抵銷所有產品類別的年銷售額下滑。

For the quarter, we realized sales of $1.2 billion, a 16.8% decline from the prior year, and adjusted EBITDA margin of 19.9%, a 150 basis point decrease and non-GAAP diluted earnings per share of $2.84, a 28% decrease from the prior year. We are pleased with the progress we have made on our previously announced actions to improve profitability and drive sales growth as our end markets recover. Our restructuring plans to deliver $120 million of net annualized operating savings is on track to be completed midyear.

本季度，我們實現銷售額為 12 億美元，較上年下降 16.8%，調整後 EBITDA 利潤率為 19.9%，下降 150 個基點，非 GAAP 攤薄每股收益為 2.84 美元，較前一年下降 28%。隨著終端市場的復甦，我們對先前宣布的提高獲利能力和推動銷售成長的行動所取得的進展感到高興。我們的重組計劃將實現 1.2 億美元的年度淨營運節約，預計將於年中完成。

On the supply front, we made substantial improvement in our working capital driven by our renegotiation of long-term supply commitments and ongoing work to drive down component inventories with our contract manufacturers. We have also driven both tactical and strategic sales initiatives, including reallocation of resources to accelerate growth. Given the progress on our actions, we are raising our full year outlook for sales, margin and free cash flow.

在供應方面，透過重新談判長期供應承諾以及與合約製造商持續努力降低零件庫存，我們的營運資本取得了大幅改善。我們也推動了戰術和策略性銷售舉措，包括重新分配資源以加速成長。鑑於我們行動的進展，我們上調了全年銷售額、利潤率和自由現金流的預期。

I will now turn the call over to Nathan to review our Q1 financial results and discuss our revised 2024 outlook.

現在，我將電話轉給 Nathan，讓他回顧我們的第一季財務業績，並討論我們修訂後的 2024 年展望。

Thank you, Bill. Let's start with the P&L on Slide 6. In Q1, sales decreased 16.8% with declines across our regions, major product categories and customers of all sizes. Services as a Software were a bright spot in the quarter, with growth driven by increased units under support contract and retail software wins. Our Asset Intelligence & Tracking segment declined 25.3% primarily driven by printing.

謝謝你，比爾。讓我們從投影片 6 上的損益表開始。服務即軟體是本季的一個亮點，其成長主要得益於支援合約下的單位增加和零售軟體勝利。我們的資產智能與追蹤部門下降了 25.3%，主要原因是印刷業。

Enterprise Visibility & Mobility segment sales declined 11.8% with relative outperformance in mobile computing. Our Asia Pacific region saw the steepest sales declines led by continued weakness in China. From a sequential perspective, total Q1 sales were 16% higher than Q4 as distributors had completed their destocking process by year-end and we realized modest improvement in demand.

企業可視性和行動性部門銷售額下降 11.8%，其中行動運算部門表現相對較好。由於中國市場持續疲軟，亞太地區的銷售額出現最大幅度下滑。從連續角度來看，第一季的總銷售額比第四季度高出 16%，因為分銷商在年底前已經完成了去庫存過程，我們意識到需求略有改善。

Adjusted gross margin increased 60 basis points to 48.1% supported by higher services and software margins and cycling premium supply chain costs in the prior year, all of which were partially offset by expense deleveraging from lower sales volumes. Adjusted operating expenses delevered 230 basis points as a percent of sales. The impact was mitigated by approximately $25 million of incremental net savings in the quarter from our restructuring actions. This resulted in first quarter adjusted EBITDA margin of 19.9%, a 150 basis point decrease versus the prior year and a 450 basis point sequential improvement from Q4.

調整後的毛利率增加了 60 個基點，達到 48.1%，這得益於上年服務和軟體利潤率的提高以及優質供應鏈成本的循環，所有這些都被銷售量下降導致的費用去槓桿化部分抵消。調整後的營業費用佔銷售額的槓桿率為 230 個基點。我們透過重組措施在本季度實現了約 2500 萬美元的增量淨節省，從而緩解了這一影響。這導致第一季調整後的 EBITDA 利潤率為 19.9%，比上年下降 150 個基點，比第四季環比提高 450 個基點。

Non-GAAP diluted earnings per share was $2.84, a 28% year-over-year decrease. Interest expense contributed to the decline, offset by a lower adjusted tax rate. Turning now to the balance sheet and cash flow on Slide 7. We generated $111 million of free cash flow as we begin to realize benefits from reducing inventory levels. We ended the quarter at 2.6x net debt to adjusted EBITDA leverage ratio, which is slightly above the top end of our target range. And we had approximately $1.3 billion of capacity on our revolving credit facility as of quarter end, providing ample flexibility.

非公認會計準則攤薄每股收益為 2.84 美元，年減 28%。利息支出是導致這一下降的原因之一，但調整後稅率的下降抵消了這種影響。現在轉到幻燈片 7 上的資產負債表和現金流。本季末，我們的淨負債與調整後 EBITDA 槓桿率為 2.6 倍，略高於我們目標範圍的上限。截至季末，我們的循環信貸額度約為 13 億美元，提供了充足的靈活性。

Let's now turn to our outlook. For Q2, we expect sales to decrease between 1% and 5% compared to the prior year. We entered the second quarter with a solid backlog and pipeline of opportunities, particularly for mobile computing in retail and e-commerce. This outlook assumes a modest improvement in demand trends across our major product categories, with mobile computing and the EVM segment returning to growth as we cycle easier compares.

現在我們來談談我們的展望。對於第二季度，我們預計銷售額將比去年同期下降 1% 至 5%。進入第二季度，我們擁有大量積壓訂單和機遇，特別是零售和電子商務領域的行動運算領域。這一前景假設我們主要產品類別的需求趨勢將略有改善，隨著我們進行更簡單的周期比較，行動運算和 EVM 部分將恢復成長。

We anticipate Q2 adjusted EBITDA margin to be slightly above 19% driven by expense deleveraging from lower sales volume with the benefit from restructuring actions and lower premium supply chain costs, offset by normalized incentive compensation expense. Non-GAAP diluted earnings per share are expected to be in the range of $2.60 to $2.90. We have raised our guide for the full year, reflecting our progress on actions to drive sales and profitability as our end markets have stabilized.

我們預計第二季調整後的 EBITDA 利潤率將略高於 19%，這主要是由於銷售量下降導致的費用去槓桿化、重組行動和高端供應鏈成本降低的好處，但被正常化的激勵薪酬費用所抵消。非公認會計準則攤薄每股收益預計在 2.60 美元至 2.90 美元之間。我們上調了全年業績預期，反映出隨著終端市場趨於穩定，我們在推動銷售和獲利方面的行動取得了進展。

Although there is optimism from partners and customers regarding recovery in the second half of the year, we would like to see additional momentum in large orders before factoring in a broader recovery. We now expect sales growth between 1% and 5% for the year, with adjusted EBITDA margin now expected to be approximately 20%. Non-GAAP diluted earnings per share are expected to be in the range of $11.25 to $12.25. And we now expect our free cash flow for the year to be at least $600 million, including the impact of our final $45 million settlement payment in the quarter.

儘管合作夥伴和客戶對下半年的復甦持樂觀態度，但我們希望在考慮更廣泛的復甦之前看到大訂單的額外動力。我們現在預計今年的銷售額將成長 1% 至 5%，調整後的 EBITDA 利潤率預計約為 20%。非公認會計準則攤薄每股收益預計在 11.25 美元至 12.25 美元之間。我們現在預計今年的自由現金流至少為 6 億美元，其中包括本季最終 4,500 萬美元和解付款的影響。

We have been making progress rightsizing inventory in our balance sheet and improving cash conversion and have been prioritizing debt paydown in the near term. Please reference additional modeling assumptions shown on Slide 8. With that, I will turn the call back to Bill.

我們在調整資產負債表中的庫存規模和提高現金轉換率方面取得了進展，並優先考慮短期內償還債務。請參考投影片 8 上顯示的其他建模假設。

Thank you, Nathan. As we look longer term, we continue to be well positioned to benefit from secular trends to digitize and automate workflows for our customers. We remain focused on elevating Zebra as a premier solutions provider through a comprehensive portfolio of innovative solutions and our go-to-market ecosystem. Zebra empowers workers to execute test more effectively by navigating constant change in real time through advanced capabilities, including intelligent automation, machine learning, prescriptive analytics and artificial intelligence.

謝謝你，內森。從長遠來看，我們將繼續處於有利地位，受益於長期趨勢，為客戶實現工作流程的數位化和自動化。我們將繼續致力於透過全面的創新解決方案組合和我們的市場生態系統將 Zebra 提升為領先的解決方案提供者。 Zebra 透過智慧自動化、機器學習、規格分析和人工智慧等先進功能，即時應對不斷的變化，幫助員工更有效地執行測試。

As you see on Slide 11, our customers leverage our solutions to optimize workflows across a broad range of end markets. We empower enterprises to increase collaboration and productivity and better serve their customers, shoppers and patients. In March, at the MODEX Manufacturing and Supply Chain trade show, Zebra, along with our partners, showcase our expanded portfolio of solutions that are modernizing workflows across the broader supply chain.

正如您在投影片 11 上看到的，我們的客戶利用我們的解決方案來優化廣泛終端市場的工作流程。我們幫助企業提高協作能力和生產力，更好地服務他們的客戶、購物者和患者。三月份，在 MODEX 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擴展的解決方案組合，這些解決方案正在使整個供應鏈中的工作流程現代化。

Managing operations has become complex with increased consumer expectations for inventory visibility and same-day deliveries. The event provided an opportunity to demonstrate how we improve key outcomes such as production quality, supply chain agility and capacity utilization. Machine vision was one of the many solutions we featured where we have enhanced our capabilities to address emerging use cases. We continue to build our market presence with a few notable wins.

隨著消費者對庫存可見性和當日送達的期望不斷提高，管理營運變得越來越複雜。這項活動提供了一個機會來展示我們如何改善生產品質、供應鏈敏捷性和產能利用率等關鍵成果。機器視覺是我們推出的眾多解決方案之一，我們已增強了它的能力以解決新興的用例。我們透過一些顯著的勝利繼續鞏固我們的市場地位。

A large state-owned European logistics company recently invested in thousands of Zebra machine vision cameras to enhance the speed and efficiency of inspections of government bonds and transaction documents. Additionally, an Asian manufacturer incorporate our machine vision cameras and frame grabbers, into their product sorting and quality control processes. This solution is significantly faster and more accurate than the previous manual approach.

歐洲一家大型國有物流公司近期投資了數千台斑馬機器視覺攝影機，以提高對政府債券和交易文件檢查的速度和效率。此外，一家亞洲製造商將我們的機器視覺相機和影像擷取器納入其產品分類和品質控制流程。該解決方案比以前的手動方法更快、更準確。

At HIMSS, the leading Global Healthcare Conference, Zebra and our partners demonstrated how our solutions improve the patient journey from check-in to bedside point-of-care as well as medical equipment track and trace. Additionally, the University of Maryland Health System shared how they are utilizing our clinical communications platform, which includes our mobile computers and work cloud software.

在領先的全球醫療保健會議 HIMSS 上，Zebra 和我們的合作夥伴展示了我們的解決方案如何改善患者從入院到床邊護理點的整個旅程以及醫療設備的追蹤和追蹤。此外，馬裡蘭大學健康系統分享了他們如何利用我們的臨床通訊平台，其中包括我們的行動電腦和工作雲端軟體。

I'd also like to call out a win with a North America hospital network, who recently implemented thousands of Zebra printers, specifically enhancing its specimen tracking and labeling processes. These printers integrate with the electronic health record system facilitating noticeable organizational improvements across departments. Zebra's reputation for ease of use helps secure this win.

我還想指出北美醫院網路的成功案例，該醫院最近採用了數千台 Zebra 印表機，大大增強了其標本追蹤和標籤流程。這些印表機與電子健康記錄系統集成，促進了各部門的顯著組織改進。 Zebra 易於使用的聲譽有助於確保這場勝利。

Recent wins in retail, demonstrate how customers are driving productivity, improving asset visibility, enhancing the experience for associates and shoppers. The European retailer selected thousands of Zebra mobile computers to replace their legacy devices from a competitor. The customer plans to pair our new mobile computers with their Zebra mobile printers to improve their price markdown, labeling and online order-picking processes.

零售業最近的勝利表明，客戶如何提高生產力、改善資產可見度、增強員工和購物者的體驗。這家歐洲零售商選擇了數千台 Zebra 行動數據終端來取代競爭對手的舊設備。客戶計劃將我們的新行動數據終端與他們的 Zebra 行動印表機配對，以改善他們的降價、標籤和線上訂單揀選流程。

The North America-based retail department store chain enhanced thousands of Zebra mobile computers by incorporating our device tracking software. Prior deployment of this software, the retailer experienced issues with misplaced devices in stores and fulfillment centers, resulting in wasted time and resources. Additionally, a North American grocer has expanded their installed base of Zebra mobile computers with thousands of additional units and implemented our work cloud software. The solution is expected to enhance operational efficiency among associates, improve employee communication and streamline inventory management within their stores.

這家位於北美的零售百貨連鎖店透過採用我們的裝置追蹤軟體增強了數千台 Zebra 行動數據終端的效能。在部署軟體之前，零售商遇到了商店和配送中心設備放錯的問題，導致時間和資源的浪費。此外，一家北美雜貨商已擴大其 Zebra 行動數據終端的安裝基數，新增了數千台設備，並實施了我們的工作雲端軟體。該解決方案有望提高員工的營運效率、改善員工溝通並簡化商店內的庫存管理。

On Slide 12, we highlight secular trends that we expect to support long-term growth for Zebra as we drive value for our customers. These include labor and resource constraints, real-time supply chain visibility, track and trace mandates and increased consumer expectations. We are hosting an innovation day on May 14 at our headquarters near Chicago where Nathan and I will be joined by other members of our leadership team to discuss how we digitize and automate workflows to drive positive business outcomes for customers across our end markets.

在投影片 12 上，我們強調了我們預計在為客戶創造價值的同時支持 Zebra 長期成長的長期趨勢。其中包括勞動力和資源限制、即時供應鏈可視性、追蹤和追蹤要求以及不斷提高的消費者期望。我們將於 5 月 14 日在芝加哥附近的總部舉辦創新日活動，屆時 Nathan 和我將與我們的領導團隊的其他成員一起討論如何實現工作流程數位化和自動化，從而為我們終端市場的客戶帶來積極的業務成果。

In closing, as we look forward to a long-term opportunity for Zebra, our conviction in the business remains strong. We continue to elevate our strategic role with our customers through our innovative portfolio of solutions while our cost and go-to-market actions are positioning us well for profitable growth as our end markets recover.

最後，我們期待 Zebra 獲得長期發展機遇，同時我們對該業務的信心依然堅定。我們繼續透過創新的解決方案組合來提升我們與客戶的策略作用，同時隨著終端市場的復甦，我們的成本和市場進入行動使我們為獲利成長做好了準備。

I will now hand it back to Mike.

我現在將其交還給邁克。

(Operator Instructions)

（操作員指令）

(Operator Instructions) The first question comes from the line of Jamie Cook with Truist Securities.

（操作員指示）第一個問題來自 Truist Securities 的 Jamie Cook。

Nice quarter. I guess first question, can you just call out how much freight helped the first quarter lower freight cost? And then what's implied in the guide relative to how you guided last quarter? And then I guess just my second question. The gross margins in the quarter struck me, in particular, the sorry, the EVM margins, which were up year-over-year. And so I'm just wondering if you could help us understand what drove the gross margin improvement on the sales decline there?

不錯的季度。我想第一個問題是，您能否說一下貨運對第一季降低貨運成本的幫助有多大？那麼，相對於上個季度的指導，該指南中暗示了什麼？ 我想我第二個問題就是這個。本季的毛利率令我印象深刻，尤其是 EVM 利潤率，與去年同期相比有所上升。所以我想知道您是否可以幫助我們了解銷售額下滑但毛利率提高的原因是什麼？

Yes. So, Jamie, I'll take that. So if you look for the -- particularly the freight in Q1, it was about 1 point year-on-year improvement just given the cycling through, now that we fully neutralize the premium supply chain costs between the operational actions and the price increases. So year-on-year, that was about 1 point of benefit in the quarter.

是的。所以，傑米，我接受。因此，如果您看一下——特別是第一季的貨運量，考慮到週期的變化，它的同比改善約為 1 個百分點，現在我們完全抵消了營運行動和價格上漲之間的優質供應鏈成本。因此與去年同期相比，本季的收益約為 1 個百分點。

Yes, I'd say the other drivers for the relative strength in Q1 was both from the slightly higher volume as well as some favorable mix. Along with the service and software profitability and the strength we saw there, which is primarily in EVM, which is, I think, driving the benefit both sequentially as well as relative to our guide in the quarter.

是的，我想說，第一季相對強勁的其他驅動因素既包括略高的銷量，也包括一些有利的組合。加上我們在服務和軟體方面的盈利能力和實力（主要是 EVM），我認為這既推動了季度連續盈利，也推動了相對於本季度指南的盈利。

And then just a follow-up, sorry, the larger order activity that you talked about in the quarter, which obviously isn't in the guide, and I guess would reflect some conservatism in the guide? If that continues, I mean, what's preventing you from putting that in that -- in the guidance if that continues, how would we think about the sales guidance relative to your sales growth of 1% to 5% ex-FX?

然後只是一個後續問題，抱歉，您在本季度談到的更大的訂單活動，顯然不在指南中，我想這會反映出指南中的一些保守主義？如果這種情況持續下去，我的意思是，是什麼阻止您將其納入指導中，如果這種情況持續下去，我們將如何看待相對於您 1% 至 5% 的不含外匯銷售增長的銷售指導？

Yes. I think as we stated, we've seen some improvement in demand, particularly in mobile computing and retail, which drove the beat in Q1 as well as what we're expecting to see come through for the remainder of the year, driving the raise for the full year from 1% to 3%.

是的。我認為，正如我們所說的，我們看到需求有所改善，特別是在行動運算和零售領域，這推動了第一季度的成長以及我們預計今年剩餘時間的成長，推動全年成長從 1% 至 3%。

And so the way we think about the full year was we'd expect Q3 to look very similar to Q2, which looks similar to Q1, just in terms of run rate and trajectory, which as they maintain that relative strength in some of the large orders we've seen come through in the first quarter. But I would separate that from what we have yet to see, I'd say what's still kind of waiting to look at is the larger mega deals, mega deployments, that's still not coming through. The deal sizes are still in the, let's say, $1 million to $5 million range, some of the initial phases of the deployment.

因此，我們對全年的看法是，我們預計第三季與第二季非常相似，第二季與第一季度相似，只是在運行率和軌跡方面，因為它們在第一季度看到的一些大訂單中保持了相對強勢。但我想將其與我們尚未看到的情況區分開來，我想說，仍在等待觀察的是更大規模的大型交易、大型部署，這些仍未實現。交易規模仍然在 100 萬美元到 500 萬美元的範圍內，這是部署的一些初始階段。

So that's what you see carry through for the remainder of the year and inflected in the guide, but not that uptick in terms of the larger deployments.

因此，這就是您在今年剩餘時間內看到的延續性趨勢，並在指南中有所體現，但就更大規模的部署而言，並沒有出現上升趨勢。

The next question comes from Damian Karas with UBS.

下一個問題來自瑞銀的 Damian Karas。

I was wondering if you could maybe elaborate a little bit on the large order activity, which you spoke? Could you give us a sense, right, is this sort of 1 or 2 customers that are placing rather large orders or are you kind of seeing just your larger customer base in general, start to bring back a larger quantity of project activity? If you could just maybe elaborate and provide any detail like which end markets and regions you're seeing some of these larger orders as well?

我想知道您是否可以詳細說明一下您所說的大訂單活動？您能否為我們介紹一下，是的，這類 1 或 2 個客戶下了相當大的訂單，還是您總體上看到更大的客戶群開始恢復大量項目活動？您能否詳細說明並提供細節，例如您在哪些終端市場和地區看到了這些較大的訂單？

Yes. I'd say overall in Q1 and into -- as we entered '24, we've really seen demand stabilize and we've seen modest improvement in large order activity overall. And it's been particularly in mobile computing, and it's been specific to retail as they've kind of wrapped up their year. So we're certainly encouraged by the better-than-expected sales results in Q1 as a result. And we'd expect modest improvement in demand as we continue to progress throughout the year.

是的。我想說，總體而言，在第一季以及進入 24 年以來，我們確實看到需求趨於穩定，總體而言，大訂單活動略有改善。它主要在行動運算領域，並且具體到零售業，因為他們已經結束了這一年。因此，第一季的銷售業績好於預期，這無疑令我們感到鼓舞。隨著我們全年不斷進步，我們預計需求將適度改善。

However, H2 is -- the growth there is primarily driven by lapping through the prior destocking activity that we've seen. So overall, I think as we anticipated, mobile computing is the first place that we're seeing recovery. We're seeing it in retail. Both of those were the first to be impacted coming through the cycle with COVID. And what we'd like to see is more visibility and momentum in order activity beyond what we've seen so far.

然而，H2 的成長主要是受到我們已經看到的之前去庫存活動的推動。所以總的來說，我認為正如我們預期的那樣，行動計算是我們首先看到復甦的領域。我們在零售業中看到了這一點。這兩家公司都是在新冠疫情週期中首批受到影響的公司。我們希望看到，訂單活動的可見性和動力將超越目前所見。

And I think we'd like to see it move from retail to T&L and manufacturing in other verticals before we'd call it kind of a broad-based recovery.

我認為，我們希望看到它從零售業轉向運輸與物流業以及其他垂直行業的製造業，然後我們將稱之為廣泛的復甦。

That's really helpful. And then a follow-up question on your guidance, just maybe ask a little bit differently. I know you guys have spoken of, right, this really large funnel, but just kind of a lack of conversion to orders. Guidance sort of has you sequentially second half sales comparable to the first half. Could you just tell us like what you're assuming for that funnel conversion, kind of a probability of some of those projects hitting in the back half?

這真的很有幫助。然後是關於您的指導的後續問題，也許問得有點不同。我知道你們已經談到了，對吧，這個漏斗真的很大，但就是缺乏轉換成訂單。指導意見認為下半年的銷售額將與上半年保持相當。您能否告訴我們，您對漏斗轉換的假設是什麼，以及其中一些項目在後半部分實現的機率？

Yes, I'd say the -- as I mentioned earlier, really the second half, I would call it, grounded and based on what we see today, both in terms of the orders velocity, what we're seeing in terms of being sold out through the channel as well as the conversion rates that we've experienced now over the last 2 quarters.

是的，我想說——正如我之前提到的，實際上，我認為下半年是基於我們今天所看到的情況，包括訂單速度、透過通路銷售的情況以及我們在過去兩個季度所經歷的轉換率。

I'd say still lower conversion rates on our pipeline than we would have historically assumed based on what we experienced in the second half. But again, aligned with what we've experienced over the past 2 quarters. I think the big difference is, we're not assuming, we're making an assumption around a mega deployment just given that we've yet to see kind of firm commitments from our customers. There's a lot of optimism, discussions around those.

我想說，我們的通路轉換率仍然低於我們根據下半年經歷所假設的歷史水準。但這與我們過去兩個季度的經驗一致。我認為最大的區別是，我們不是假設，而是圍繞大規模部署做出假設，因為我們還沒有看到客戶的堅定承諾。人們對這些充滿樂觀情緒，並展開了許多討論。

But in terms of committing to move forward those projects or ensuring that they have the budget available in the year, that really remains the uncertainty and the way you look and see the second half look very similar to the first half because that's what we're experiencing and what we're seeing play out in the market. We think that's appropriate for the guide for the year.

但就承諾推進這些項目或確保它們在今年有足夠的預算而言，仍然存在不確定性，而且你看待下半年的方式與上半年非常相似，因為這就是我們正在經歷的以及我們在市場上看到的。我們認為這對於今年的指南來說是合適的。

The next question comes from Keith Housum with Northcoast Research.

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

In terms of Asia Pacific region, obviously, underperformed compared to the rest of the company. And I understand China is challenged right now, but perhaps can you just expand a little bit on what you're seeing here? And expectations for us and the pressures perhaps be a little bit longer lasting versus short-lasting? And just more color about the performance in that area, please?

就亞太地區而言，其表現顯然落後於公司其他地區。我知道中國現在面臨挑戰，但您能否稍微闡述您所看到的情況？對我們的期望和壓力可能會持續更長時間而不是短暫？能詳細介紹一下該地區的表現嗎？

Yes. I mean, Keith, it's Bill. I think that overall, the Q1 performance was continued to impact by soft demand across all of the regions. So I think we start there. I think that as we've said, the relative outperformance was really in mobile computing, and we saw some bright spots in services and software clearly in the quarter.

是的。我的意思是，基思，他是比爾。我認為整體而言，第一季的業績持續受到各地區需求疲軟的影響。所以我認為我們可以從這裡開始。我認為，正如我們所說的那樣，相對優異的表現確實體現在行動運算領域，而且我們在本季度清楚地看到了服務和軟體方面的一些亮點。

I would say the regions pretty much look the same, except Asia was, as you said, impacted probably more through the declines in China. I would say that we see Asia overall having China continued to a longer recovery for the China market. We've seen some bright spots again, in retail, again, in larger orders in Australia and New Zealand. So that was a positive for the Asia market.

我想說各個地區的情況大致相同，只是亞洲可能受到中國經濟衰退的更大影響，正如你所說。我想說，我們看到亞洲整體上包括中國在內的中國市場將繼續經歷更長的復甦。我們再次看到了零售業方面的一些亮點，澳洲和紐西蘭的訂單也增加了。這對亞洲市場來說是一個利好。

I think we continue to see opportunities outside of China. So Southeast Asia and India with the investments in manufacturing there. We continue to see Japan as the longer-term opportunity for us as we're making investments there, and we have lower share there than other places. But I think we expect that China continue to remain a challenging moving forward.

我認為我們繼續看到中國以外的機會。因此，東南亞和印度在那裡進行了製造業投資。我們繼續將日本視為我們的長期投資機會，因為我們正在那裡進行投資，而且我們在那裡的份額低於其他地方。但我認為，我們預計中國在未來的發展中仍將面臨挑戰。

All right. And just as a follow-up, Nathan, in terms of adjusted EBITDA, a little bit decline in the guidance you've given for 2Q versus 1Q. Sequentially, how should we think about the moving parts and the reason for a little bit lower adjusted EBITDA margins in the second quarter?

好的。作為後續問題，Nathan，就調整後的 EBITDA 而言，您給出的第二季指引與第一季相比略有下降。那麼，我們該如何看待第二季調整後 EBITDA 利潤率略有下降的原因呢？

Keith, as you mentioned, our Q2 guide slightly above 19%, so down from the 19.9% in Q1. That's entirely driven by the seasonality of our retail software business, which you probably recall, but is seasonally higher in Q1 at accretive margins, just given the timing of retailers when they've performed their cycle counts and physical inventories, which is where that platform really focuses.

基思，正如您所說，我們第二季的預期略高於 19%，低於第一季的 19.9%。這完全是由我們的零售軟體業務的季節性驅動的，您可能還記得，但第一季的利潤率隨季節而上升，這僅僅是考慮到零售商進行週期盤點和實物盤點的時間，而這才是該平台真正關注的重點。

So that's the adjustment from Q1 to Q2. And the way I'd characterize it is the Q2 guide is fairly in line with how we've structured the full year going into it. I think Q1 was benefited by some of the cost actions coming in earlier, giving us confidence in the remainder of the year as well as some of the benefits in just a bit of -- a little bit better mix and revenue start of the year.

這就是從第一季到第二季的調整。我對此的定義是，第二季的指南與我們全年的規劃是一致的。我認為第一季受益於一些較早採取的成本行動，這讓我們對今年剩餘時間充滿信心，同時也帶來了一些好處——年初的產品組合和收入略有改善。

So -- but then Q2 in line with where we expected the year to play out and the sequential decline is entirely driven by the seasonality of our retail software business.

所以 — — 但第二季的表現與我們對今年全年的預期一致，而連續的下滑完全是由我們的零售軟體業務的季節性所驅動。

The next question comes from Tommy Moll with Stephens.

下一個問題來自史蒂芬斯的湯米·莫爾。

You've given us some context on the omnichannel retail and e-commerce end markets, but I wanted to ask for any other detail you could provide. In particular, on the e-commerce side, there are some anecdotes regarding finally hitting the end of this absorption phase from some of the overbuilding in years past. Are you seeing any signs of that on your side?

您已經向我們介紹了全通路零售和電子商務終端市場的一些背景信息，但我想詢問您能否提供其他詳細資訊。特別是在電子商務方面，有一些傳聞稱，過去幾年的過度建設最終將結束這一吸收階段。您是否發現有此類跡象？

Yes. I would say that overall, retail relatively outperformed, as we've talked about already. And we're seeing encouraging signs, right? We saw some modest year-end retail spending across Q4 and Q1. Some customers clearly have absorbed the capacity and it begin to buy again, as you've kind of referenced, Tommy.

是的。我想說，整體而言，零售業表現相對較好，正如我們已經討論過的。我們看到了令人鼓舞的跡象，對吧？我們看到第四季和第一季的年底零售支出有所溫和。一些客戶顯然已經吸收了產能並開始再次購買，正如您所提到的，湯米。

We've also seen some of the pushouts that took place in last year and really over the last 18 months or so, begin to come back. So we've seen those projects as we expected and we talked about for a long time, those projects will come back. What we've seen mostly is initiating of really Phase 1 of those projects and the customers not quite ready to commit to the full deployment.

我們也看到，去年以及過去 18 個月左右發生的一些延遲行為又開始捲土重來。因此，我們看到這些項目正如我們所預期的那樣，我們討論了很長時間，這些項目將會回歸。我們看到的主要是這些專案的第一階段才剛啟動，而客戶尚未準備好進行全面部署。

So we've seen deployments that in the past would have been larger, even larger orders and full rollouts immediately, now a more conservative, let's start with that project, but roll it out over time and complete the deployment kind of later in the year. So we have confidence that there'll continue to be a recovery. I think we anticipated retail would recover first, followed by T&L and manufacturing and health care, and we're seeing that play out.

因此，我們看到過去的部署會更大規模，甚至更大的訂單和立即全面推出，現在則更加保守，讓我們從該項目開始，但隨著時間的推移推出它並在今年晚些時候完成部署。因此我們有信心經濟將會繼續復甦。我認為我們預計零售業將首先復甦，其次是運輸和物流業、製造業和醫療保健業，我們正在看到這一進程。

And we also anticipated, it would be mobile computing first as well, and that's what we're seeing. So the bright spots are really mobile computing and retail, retail and e-commerce. That capacity is being used off, retailers are beginning to bring those projects back, but they're doing it in a very measured way. And I think what we want to see is, retail, T&L, manufacturing, more of the vertical markets come back and more of that order activity, even more than we're seeing today and the uptick in orders before we call a broad-based recovery.

我們也預計它也將首先成為行動運算，而這正是我們所看到的。因此真正的亮點是行動運算和零售、零售和電子商務。這些產能正在被利用起來，零售商開始恢復這些項目，但他們正在以非常謹慎的方式進行。我認為我們希望看到零售、運輸和物流業、製造業等更多垂直市場復甦，訂單活動增多，甚至比我們今天看到的還要多，訂單量出現上升，我們才能稱之為廣泛復甦。

That's helpful. As a follow-up, I wanted to ask about the channel inventory levels. It sounds like there really wasn't any noise from a destocking perspective in the first quarter. But I'm curious what's your view on how many days on hand in the channel currently?

這很有幫助。作為後續問題，我想問有關渠道庫存水準的問題。聽起來第一季從去庫存的角度來看確實沒有任何噪音。但我很好奇，您對目前渠道剩餘天數有何看法？

And if you think historically, do we sit today below what that historic level is? And does that imply at some point there may need to be a restock?

如果你從歷史的角度思考，我們今天的水準是否低於歷史水準？這是否意味著在某個時候可能需要補貨？

Yes, Tom, I think ending the Q1, somewhat to exit in Q4 that the global channel inventories measure that on a days-on-hand basis is normalized to support the current demand. So I'd say within the range that we'd expect on a global basis, there's puts and takes if you go by region and product families. So I think a nice improvement from where we were just 6 to 9 months ago.

是的，湯姆，我認為在第一季結束時，在第四季度全球通路庫存會有所退出，以庫存天數為基礎的衡量標準已經正常化，可以支持當前的需求。因此我想說，在我們預期的全球範圍內，如果按地區和產品系列劃分，就會有損益。所以我認為這與 6 至 9 個月前的情況相比有了很大的進步。

And as you said, I think, no meaningful impact in the quarter or assumed in the full year guide in terms of changes -- relative changes in the distribution inventory levels.

正如您所說，我認為，就分銷庫存水準的相對變化而言，本季或全年指南中沒有出現任何重大影響。

The next question comes from Brad Hewitt with Wells Fargo.

下一個問題來自富國銀行的布拉德·休伊特。

So you just talked about a return of some of the project deferrals from last year. I guess, how would you describe your pipeline and sort of overall visibility versus 6 months ago? It kind of feels like visibility across the space has been generally trending in a positive direction, but just any color on how your visibility looks relative to history would be helpful.

您剛才談到了恢復去年部分專案的延期。我想，與 6 個月前相比，您如何描述您的管道和整體可見性？感覺整個空間的可見性總體上朝著積極的方向發展，但任何關於可見性相對於歷史的顏色都會有所幫助。

I'd say that overall, we'd expect orders -- customer orders that continued to resume overall. I think that as I just talked about with Tommy's question, we've seen customers absorbing the capacity that's previously been built out. That's been more, again, focused on retail and e-commerce as opposed to the other verticals so far. I would say that the macroeconomy, kind of the uncertainty around that abating will certainly help as well. We're viewed as a trusted partner of our customers, and we're staying close to them across each of the verticals as we would see this order momentum picking up across other verticals as we progress through the year.

我想說，總體而言，我們預計客戶訂單將整體持續恢復。我認為，正如我剛才回答 Tommy 的問題時所說，我們已經看到客戶正在吸收先前建造的產能。到目前為止，這再次更加關注零售和電子商務，而不是其他垂直領域。我想說，宏觀經濟不確定性的減弱肯定也會有所幫助。我們被視為客戶值得信賴的合作夥伴，我們在各個垂直領域都與他們保持密切聯繫，因為我們會看到，隨著時間的推移，其他垂直領域的訂單動能也會逐漸增強。

We've got a large installed base, right? We're growing solutions. So we're continuing to work with our customers as well. Kind of on new solutions and new use cases. So overall, I would say that we anticipated large deployments kind of starting to come back. We anticipated in retail. We want to see more of that across manufacturing and T&L.

我們有一個龐大的安裝基礎，對嗎？我們不斷提供解決方案。因此我們也將繼續與我們的客戶合作。關於新的解決方案和新的用例。所以總的來說，我想說我們預計大規模部署將開始回歸。我們預期零售業將會如此。我們希望在製造業和運輸與物流業看到更多這樣的情況。

As I said, we'd like to see more of it to in kind of different size deals, so mid-tier and run rate deals come back a bit. But I would say, overall, we're -- our engagement with customers have been encouraging. There's certainly uncertainty remains around timing of some of the projects. I think Nate covered that earlier. And I think it's reflected in our year-end outlook overall.

正如我所說的，我們希望看到更多不同規模的交易，因此中型和運行率交易將有所回升。但我想說，總的來說，我們與客戶的互動令人鼓舞。一些項目的時間表確實仍然存在不確定性。我認為 Nate 之前已經提到過這一點。我認為這總體上反映在我們的年終展望中。

You see it in the pipeline in terms of where the deals are at in the deal stage. So you qualify versus where we'd like to see them more in the validate secure. So earlier stages of the funnel, particularly in the second half, than where we'd like to see it at this point in the year or relative to what we've maybe seen in prior years.

您可以從交易所處的交易階段來了解其進度。因此，您符合資格，而我們希望在驗證安全性方面看到更多。因此，漏斗的早期階段，特別是下半年，比我們希望在今年此時看到的或相對於前幾年看到的階段要早。

Okay. That's helpful. I think you guys had some retail orders that you expected to convert to revenue at the end of Q4 that were pushed into Q1. Would you be able to quantify the magnitude of that deferral? And then when you talked about the uptick in the large order activity on the retail side, was that inclusive of some of that year-end spending? Or was that a separate bucket?

好的。這很有幫助。我認為你們有一些零售訂單，預計在第四季末轉化為收入，但這些訂單被推遲到了第一季。您能量化延期的程度嗎？那麼，當您談到零售方面的大額訂單活動增加時，這是否包括了部分年終支出？或者那是一個單獨的桶子？

I would say that year-end spending across retailers that their years and differently, whether it's the truly year-end or into first quarter. So I think we typically see orders that bridge both on an annual basis. So I don't think there was much that move between Q4 and Q1 as much as just customers need product before they have their year-end from a retail perspective.

我想說的是，各零售商的年終支出與往年不同，無論是真正的年終或第一季。因此我認為我們通常會看到每年將兩者結合的訂單。因此，我認為第四季和第一季之間沒有太大的變化，從零售角度來看，客戶只是在年底之前需要產品。

And again, I think those are all encouraging signs, whether it was Q4 or Q1 to us, the retailer start beginning to buy again. And I think we continue to want to see more of that momentum. I would say that even those orders are measured. You know what I mean, so it's -- it was year-end spending, but it was the first phase of a project, and we want to see those continued projects moving forward, and we believe they will.

而且，我認為這些都是令人鼓舞的跡象，無論是第四季還是第一季度，零售商都開始再次購買。我認為我們仍然希望看到更多這樣的勢頭。我想說的是，即使是這些訂單也是經過衡量的。你明白我的意思，這是年底的支出，但這是專案的第一階段，我們希望看到這些持續的專案能夠向前推進，我們相信它們會的。

So I would say nothing really in movement of Q4, Q1 as much as just normal activity around that, where some customers in retail ended the true year-end, December 31 and others in the first quarter.

因此，我認為第四季和第一季的變動並不大，只是正常的活動，有些零售客戶的真實年末是在 12 月 31 日，而其他客戶則在第一季結束。

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

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

Maybe I missed it. Did you comment about the activity you're seeing in the SMB market? Is that -- is the recovery you're seeing in ports to retail, also impacting that part of the business?

也許我錯過了。您對 SMB 市場中看到的活動有何評論？您看到的港口零售業的復甦是否也影響了該部分業務？

I would say that SMB would fall kind of in this mid-tier to run rate business. And I think we've seen, again, more recovery in large opportunities. I think we're seeing optimism clearly on the part of our partners and our distributors. That business will continue to progress and get better through the second half year.

我想說，中小企業的運作率會處於中等水準。我認為，我們再次看到了更多重大機會的復甦。我認為我們清楚地看到了我們的合作夥伴和分銷商的樂觀態度。下半年該業務將繼續發展並變得更好。

But I think at the moment, we have not seen the uptick we've seen in large orders across mid in run rate business, which really falls in this SMB category. So I'd say not yet. I would say there's optimism on the part of our partners, but I think that we want to see more of that. As large orders typically are the first to decline or the first to recover, retail was the first to pull back, and now we're seeing it first to recover.

但我認為，目前我們還沒有看到中等運行率業務的大訂單出現上漲，這類業務實際上屬於中小企業類別。所以我認為還沒有。我想說我們的合作夥伴很樂觀，但我認為我們希望看到更多這樣的情況。由於大訂單通常會最先下降或最先恢復，因此零售業最先回調，而現在我們看到它最先恢復。

And I think that SMB, call it, mid-tier and run rate business will follow.

我認為，中小企業、中端企業和營運率企業也將隨之而來。

Got it. How would you characterize the RFID business in the quarter, level of activity you're seeing and just the trends in that business, we're starting to see more activity, it sounds like on the T&L side with the big customer moving out of the distribution center into the package delivery side of the business? How would you characterize RFID for you?

知道了。您如何描述本季的 RFID 業務？您如何描述 RFID？

Yes. I would say RFID, clearly, we see as an opportunity in across multiple verticals now, not just retail and retail apparel, where it was originally focused and we're clearly seeing opportunities across track and trace and supply chain. You mentioned parcel tracking with the transportation logistics, airports and airlines with baggage tracking inside manufacturing work in progress in tools and over. So a whole series of different applications we're seeing, quick-serve restaurants.

是的。我想說的是，顯然，我們現在將 RFID 視為跨多個垂直領域的機會，而不僅僅是零售和零售服裝（它最初的重點是零售和零售服裝），我們清楚地看到了追蹤和追蹤以及供應鏈領域的機會。您提到了運輸物流中的包裹追蹤、機場和航空公司在工具等製造工作過程中的行李追蹤。因此，我們看到了一系列不同的應用，快餐店。

Clearly, the move ahead of large retailers like Walmart or UPS smart package initiatives are causing others to continue to look at what they're doing in RFID and move things along across multiple industries and verticals. Zebra has the broadest and deepest set of RFID solutions in the market today. So whether it's fixed or handheld readers, industrial and mobile printers, our software that we utilized to -- for reads and locates and then our labels printed through our printers.

顯然，沃爾瑪或UPS等大型零售商在智慧包裹計畫方面的領先舉措，正促使其他公司繼續關注他們在RFID領域的做法，並在多個行業和垂直領域推動這一進程。 Zebra 擁有當今市場上最廣泛、最深入的 RFID 解決方案。因此，無論是固定式還是手持式閱讀器、工業印表機或行動印表機，我們都會使用軟體來讀取和定位，然後透過印表機列印標籤。

So we've seen strong growth across the portfolio over the past few years. We continue to see the drivers being the fact that the technologies continue to improve with greater rerate accuracy across the development of new tag types that make that more efficient in the reading of the tags. I think we're seeing more software applications being available today of serving these different markets.

過去幾年來我們看到整個投資組合都實現了強勁成長。我們繼續看到，驅動因素是技術不斷改進，隨著新標籤類型的開發，重新評級的準確性更高，從而提高了標籤讀取的效率。我認為，如今我們看到越來越多的軟體應用程式可以服務這些不同的市場。

We're -- clearly, overall, the idea that the number of tags, I think what excites all of us is the fact that readers follow tags, right? So from our perspective, that the adoption of tags and source tagging of items at that point of manufacturing, the number of tags being sold is certainly going to allow more applications of those tags in customer environment.

我們——顯然，總的來說，標籤的數量，我認為讓我們所有人興奮的是讀者關注標籤的事實，對嗎？因此從我們的角度來看，在製造點採用標籤和對物品進行來源標記，銷售的標籤數量肯定將允許在客戶環境中更多地應用這些標籤。

So we remain excited about this space overall, and I think we're going to continue to see growth across RFID.

因此，我們總體上仍然對這個領域感到興奮，而且我認為我們將繼續看到 RFID 的成長。

The next question is from Joe Giordano with TD Cowen.

下一個問題來自 TD Cowen 的 Joe Giordano。

Just -- I know people are hesitant to lay out big capital still, like you said a couple of times. But as you get into like next year, just considering the large-scale increase in your installed base that happened in the immediate aftermath of COVID. Like should we be thinking refresh cycle is kind of like in play for 2025?

只是——我知道人們仍然不願意投入大筆資金，就像你幾次說過的那樣。但進入明年，只要考慮到在 COVID 爆發後立即發生的安裝基數的大規模增加。我們是否應該認為更新週期將在 2025 年出現？

I think overall that the EMC clearly, across mobile computing is really what you're talking about in kind of large refresh cycles. And as I've said a couple of times already, we're seeing that as the first signs of recovery. And really in retail to start, I think that the customers in have begun to absorb their capacity, certainly in e-commerce. We'd like to see that happen across T&L as those customers build out a lot of capacity as well during the pandemic.

我認為總體而言，跨行動運算領域的 EMC 顯然就是您所談論的大型刷新周期。正如我已經說過幾次的那樣，我們將此視為復甦的初步跡象。而實際上，從零售業開始，我認為客戶已經開始吸收他們的產能，尤其是在電子商務領域。我們希望看到這種情況在整個運輸和物流行業發生，因為這些客戶在疫情期間也擴大了大量產能。

And we'd like to see manufacturing be a bit more healthy in the idea that moving from a services-based economy to more goods-based economy overall. I'd say that the refresh cycle, our sales teams are focused on that with our customers. And ultimately, mobile computing -- mobile computers are essential that are operation, they have worked with us across multiple generations of products. We've got a healthy pipeline of opportunities, but we'd want to see those move ahead through this year and into next year, as you described.

我們希望看到製造業更加健康，從以服務業為基礎的經濟轉變為以商品為基礎的經濟。我想說的是，在更新周期中，我們的銷售團隊會與客戶一起關注這一點。最後，行動運算－行動計算機對於操作至關重要，它們已經與我們合作了多代產品。我們擁有大量的機會，但我們希望這些機會能夠在今年和明年推進，就像您所描述的那樣。

So clearly, there is a refresh cycle out there. The embedded base is larger than it's ever been that's people that deployed more applications for mobile devices in their environment. So the installed base is larger. So those will continue to refresh and every customer is on a different cycle. So I think that whether you're talking about a postal environment in a specific country or a G&L provider or a larger retailer.

顯然，存在一個更新周期。嵌入式基礎比以往任何時候都要大，人們在其環境中為行動裝置部署了更多的應用程式。因此安裝基數更大。所以這些將會不斷更新，而且每位顧客都有不同的週期。所以我認為無論您談論的是特定國家的郵政環境、G&L 提供者還是大型零售商。

What we have seen is that even in retail, these larger orders have been more measured as I talked about, so haven't been large scale, as Nate described in kind of mega deals, they've been smaller in size and rolling out over time. We'd expect probably that same thing will happen in places like T&L. So I think it will be a measured overall recovery. And I think we feel that we've got a strong base to continue to refresh, but it's going to take time.

我們看到，即使在零售業，這些較大的訂單也像我剛才所說的那樣更加謹慎，因此規模並不大，就像 Nate 所描述的那種大型交易，它們的規模較小，並且會隨著時間的推移而推出。我們預計同樣的事情也可能發生於運輸與物流等場所。所以我認為這將是一個有節制的總體復甦。我認為我們已經擁有了繼續更新的強大基礎，但這需要時間。

Fair enough. And then maybe just shifting to the balance sheet quickly. With your key markets, at least we get the data magnitude of recovery, but it seems like deterioration has kind of stopped. It was good to see you pay back some debt here. Cash flow looks strong. So is there an appetite for buybacks to kind of increase your leverage on a recovery as you come out of this?

很公平。然後可能只是快速轉向資產負債表。對於你們的主要市場，至少我們得到了復甦的數據量，但看起來惡化的情況已經停止了。很高興看到你在這裡償還一些債務。現金流看起來強勁。那麼，當您走出困境時，是否有意願進行回購以增加您在經濟復甦中的槓桿作用？

Yes. As you mentioned, we finished the quarter at a little over 2.5x leverage ratio, so slightly above the target range. That begins to move back within the range, particularly as we roll through Q3 of last year. Today, we feel like we have ample flexibility with the revolver. As you mentioned, we are prioritizing debt paydown just given the debt leverage ratios and the current interest rate environment, but we do plan to reassess buybacks as the year progresses, particularly in the second half.

是的。如您所說，本季度結束時我們的槓桿率略高於 2.5 倍，略高於目標範圍。這個數字開始回到該範圍內，特別是當我們進入去年第三季時。今天，我們感覺左輪手槍有足夠的彈性。正如您所說，考慮到債務槓桿率和當前利率環境，我們優先考慮償還債務，但我們計劃在今年晚些時候，特別是在下半年，重新評估回購。

The next question comes from Andrew Buscaglia with BNP Paribas.

下一個問題來自法國巴黎銀行的安德魯‧布斯卡利亞 (Andrew Buscaglia)。

So I just want to check on -- you commented on the guidance. You're seeing a sequential step down in margin seasonally. It seems like -- the comment on the Q3 looking more like looking similar to Q2, just to clarify, you're talking about run rate on sales? And then what about margins? Because it does seem like you're expecting some lift in Q4. I'm wondering what's behind that.

所以我只是想檢查一下——您對該指導發表了評論。您會看到利潤率隨季節變化而不斷下降。看起來——對第三季的評論看起來更像與第二季的評論，只是為了澄清一下，您談論的是銷售運行率嗎？那麼利潤率怎麼樣呢？因為看起來你確實預期第四季會有所提升。我很好奇這背後是什麼。

Yes. No, you're absolutely right. So the comment on Q3 similar to Q2 was on -- from a revenue perspective, we do expect an uptick in margin as we go through the year. Some of that just similar to what we talked about in the last call, which is phasing of some of the incremental cost actions that will be coming through late this quarter and early part of Q3 as well as our, say just normal project timing between things, like payroll taxes and just the typical funding cycle with -- as you get into Q3, Q4, you get into holidays, so it tends to be a little bit of a downtick in terms of just seasonal spend.

是的。不，你完全正確。因此，對第三季的評論與第二季類似——從收入角度來看，我們確實預期利潤率會在今年內上升。其中一些與我們在上次電話會議中討論的內容類似，即分階段實施一些增量成本行動，這些行動將在本季度末和第三季度初進行，以及我們的正常項目時間安排，例如工資稅和典型的融資週期——隨著進入第三季度、第四季度，進入假期，因此就季節性支出而言，往往會有所下降。

So I think there's no magic bullet there in terms of the actions we need to take in order to deliver that sequential improvement from Q3 -- into Q3 and Q4.

因此，我認為，我們需要採取什麼行動才能從第三季到第四季實現連續改善，這方面沒有什麼靈丹妙藥。

Okay. And then maybe along the lines of Joe's question, heading into your cash flow is improving, you raised it a bit. What about M&A now? I think the software story has been nice. It's helping you lately. So what's the environment like as you see it with deals?

好的。然後也許按照喬的問題，你的現金流正在改善，你稍微提高了一點。目前併購狀況如何？我認為軟體的故事很精彩。它最近對你有幫助。那麼，您認為交易環境如何？

Yes, I'll take that, Nate. I would say that organic growth continues to be our first priority overall. I think our M&A philosophy really hasn't changed much. We're clearly targeting assets that are clearly adjacent and synergistic to our portfolio today, as you've seen us acquiring kind of these adjacent and expansion areas. We have a strong balance sheet, obviously, that could support that over time here.

是的，我接受，內特。我想說，總體而言，有機成長仍然是我們的首要任務。我認為我們的併購理念其實並沒有太大改變。我們的目標資產顯然是與我們目前的投資組合明顯相鄰且具有協同作用的資產，正如您所看到的那樣，我們正在收購這些相鄰和擴展的區域。顯然，我們擁有強勁的資產負債表，這可以長期支持這一點。

I think in the short term, there's clearly a higher bar as -- given the macro environment and the debt leverage that we're at today. So I think we'll continue to be inquisitive and look what's out there. I think we see it as an opportunity to be strategic and add to our portfolio, products and solutions that we have in the marketplace. And I think that in the short term, I think it's just a higher hurdle.

我認為，從短期來看，考慮到宏觀環境和我們目前的債務槓桿率，顯然有更高的門檻。所以我認為我們會繼續保持好奇心並觀察外面的情況。我認為我們將其視為一個策略機遇，可以擴大我們在市場上的產品組合、產品和解決方案。我認為，從短期來看，這只是一個更高的門檻。

The next question comes from Brian Drab with William Blair.

下一個問題來自 William Blair 的 Brian Drab。

So clearly, I just want to clarify one thing. So clearly, you're seeing the recovery in retail, and you said you expected that to play out this way where retail comes back before manufacturing and T&L. Are you -- does that mean that you're not seeing recovery in manufacturing and T&L yet or that the recovery in retail is just stronger at this point than those 2 categories?

顯然，我只想澄清一件事。顯然，您看到了零售業的復甦，而且您說過，您預計零售業將先於製造業和運輸與物流業復甦。這是否意味著您尚未看到製造業和運輸與物流業的復甦，或者零售業的復甦目前比這兩個類別更強勁？

Yes, I would say that we're not seeing it there yet. I would say that the T&L customers are clearly still absorbing capacity built out during the pandemic and that they're continuing to take actions to optimize their operations overall. I would say that manufacturing is impacted by the broader market trends of uncertainty.

是的，我想說我們還沒有看到它。我想說的是，運輸和物流客戶顯然仍在吸收疫情期間累積的產能，他們正在繼續採取行動來優化整體營運。我想說製造業受到更廣泛的市場趨勢不確定性的影響。

And clearly, still a services-based economy versus a goods-based economy. But I think overall, our value proposition remains strong in both markets. We've got strong relationship across T&L. And I think that we'll see them continue to buy again once the capacity is built out. I would say manufacturing is an opportunity for us. Overall, as customers continue to buy again, they are -- will invest in automation and things like traceability and resilient supply chains.

顯然，這仍然是一個以服務為基礎的經濟，而不是以商品為基礎的經濟。但我認為整體而言，我們的價值主張在兩個市場依然強勁。我們與運輸和物流行業之間有著密切的關係。我認為，一旦產能達到一定水平，我們就會看到他們繼續再次購買。我想說製造業對我們來說是一個機會。總體而言，隨著客戶繼續再次購買，他們將投資於自動化、可追溯性和彈性供應鏈等方面。

Those themes haven't gone away, but we've seen just a conservative nature of spending based on the uncertainty. So that represents an opportunity for us. I would say that manufacturing unlike T&L is kind of underpenetrated for us, that there's an opportunity for us. And we've got new solutions within manufacturing, so like a machine vision, robotics automation, our demand planning strengthens our offering there as those markets recover.

這些主題並沒有消失，但我們看到的是基於不確定性的保守支出本質。所以這對我們來說是一個機會。我想說，製造業與運輸和物流業不同，我們的滲透率還不夠高，這對我們而言是一個機會。我們在製造業方面獲得了新的解決方案，例如機器視覺、機器人自動化，隨著這些市場的復甦，我們的需求計劃將加強我們的產品供應。

So -- and we've also shifted additional sales resources through this to manufacturing. So I think that we expected retail was the first to decline. It's the first to recover. T&L and manufacturing will follow. I would say we've got strong relationships across T&L, but lots of opportunities there when it does recover. And manufacturing will continue to be a focus area for us because we see it as an opportunity longer term.

因此 — — 我們也透過此將額外的銷售資源轉移到製造業。因此我認為我們預計零售業將首先下滑。這是第一個恢復的。運輸與物流及製造業將緊隨其後。我想說的是，我們與運輸和物流行業之間有著牢固的關係，而且當行業復甦時，這裡還有很多機會。製造業將繼續成為我們關注的領域，因為我們認為這是一個長期機會。

Okay. And then I wonder if I could ask a question this way. You have that good slide that you used where you talk about the core and the adjacencies and expansion markets and growing expected longer-term mid-single, high single and low double digit, respectively. I'm just wondering, in your outlook for the next year, can you frame it in terms of those 3 categories, what you're expecting for growth in those 3 categories?

好的。然後我想知道我是否可以以這種方式提問。您使用的幻燈片很好，其中討論了核心市場、鄰接市場和擴展市場，以及預期的長期中個位數、高個位數和低兩位數的成長。我只是想知道，在您對明年的展望中，您能否從這三個類別的角度來闡述，您對這三個類別的成長有何預期？

I'd say overall that it's hard to predict where each is going to end up. I would say, overall, the core and mobile computing has become -- is recovering first. I think each has a different dynamic. So I think that things like tablets and others in the expansion categories will be closely connected to things like mobile computing. RFIDs in that category, and that will continue to be an opportunity.

我想說整體來說很難預測每個人的最終結果會是如何。我想說，總體而言，核心計算和行動計算已經首先復甦。我認為每個都有不同的動態。因此我認為平板電腦等擴展類別的產品將與行動運算等產品緊密相關。 RFID 就屬於這個類別，這將繼續是一個機會。

I would say, if you think of the kind of last circle to that, software and our services business had a positive quarter in Q1 overall. So I think that's more recurring revenue-based. Machine vision has been challenged in the short term with areas like semiconductor and manufacturing being down. So I think it varies by each segment. I think there's gives and takes in each.

我想說，如果您考慮最後一個循環，那麼軟體和我們的服務業務在第一季總體上表現良好。所以我認為這比較是基於經常性收入。機器視覺在短期內面臨挑戰，半導體和製造業等領域陷入低迷。所以我認為每個部分都有所不同。我認為雙方各有所得。

I think the core mobile computing first, the others still down, but will recover. I think in the adjacencies, RFID and others will be bright spots. And I think software was a bright spot, but machine vision challenge in the short term, robotics still rate at its infancy. So I think kind of mixed across those, but I think that it's going to be -- all will recover over time. It's just different time frames for each.

我認為核心的行動計算是第一大市場，其他市場雖然還處於低迷狀態，但將會復甦。我認為在鄰近領域，RFID 和其他技術將成為亮點。我認為軟體是一個亮點，但短期內機器視覺仍面臨挑戰，機器人技術仍處於起步階段。所以我認為這些情況有點複雜，但我認為隨著時間的推移一切都會恢復。只是每個人的時間框架不同。

The next question comes from Meta Marshall with Morgan Stanley.

下一個問題來自摩根士丹利的 Meta Marshall。

I think you alluded to this in kind of the replacement cycle question earlier in the call. But just any trends between kind of mobile computing and printing as we think about kind of some of these renewal cycles coming up?

我想您在早些時候的通話中提到了更換週期問題。但是，當我們考慮即將出現的某些更新周期時，行動運算和列印之間是否存在任何趨勢？

And then maybe a second, you haven't touched on the health care market. That's clearly been an area of expansion for you guys. Just any investment or kind of progress that's been made on that opportunity?

也許還有一秒鐘，您還沒有談到醫療保健市場。這顯然是你們要擴展的領域。在這個機會上有任何投資或取得什麼進展嗎？

Yes. I'd say that as we talked about mobile computing clearly showing the first signs of recovery as expected, and we talked through that a fair amount. I would say that in printing, we saw kind of broad-based declines, but has stabilized now in Q1. There was a difficult compare in Q1 for both printing and DCS as a year ago, first quarter '23, we saw supply chain challenges abate in both those areas. So we shipped a lot of printers and scanners in the quarter a year ago. So the compares were pretty tough.

是的。我想說，正如我們所討論的，移動計算正如預期的那樣，明顯地顯示出復甦的初步跡象，並且我們對此進行了相當多的討論。我想說的是，在印刷業，我們看到了廣泛的下滑，但在第一季已經穩定下來。與去年同期（即 23 年第一季）相比，第一季的印刷和 DCS 都面臨困難，我們發現這兩個領域的供應鏈挑戰都有所減弱。因此，我們在去年同期售出了大量印表機和掃描器。因此比較起來非常困難。

I would say that in printing specifically, clearly still challenged by the softer macroeconomic conditions and then particularly by manufacturing, but I would say stabilized overall. We'd expect that recovery in printing and scanning would follow mobile computing as we kind of talked about. Specific to health care, I would say that impacted by the same trends, the broader market overall, clearly tighter budgets in margins within health care, we would see that we continue to drive productivity solutions within health care which allows health care providers to be more efficient, which is certainly appealing to them on tight margins and clearly to enhance patient safety.

我想說的是，具體到印刷業，顯然仍然受到較弱的宏觀經濟條件和製造業的挑戰，但我認為總體上已經穩定下來。我們預計，列印和掃描業務的復甦將跟隨我們談到的行動運算業務的復甦。具體到醫療保健，我想說，受到同樣趨勢的影響，整個市場範圍更廣，醫療保健領域的利潤率顯然更緊縮，我們會看到，我們繼續推動醫療保健領域的生產力解決方案，使醫療保健提供者更加高效，這對利潤微薄的他們來說無疑很有吸引力，而且顯然可以提高患者的安全性。

We see home health care is an opportunity for us. So we're clearly seeing some of our partners address that market. So think of tablets as an example around home health care opportunities. So I think we see optimism. We were at the HIMSS trade show, which was well attended in Q1. The largest retail show as we mentioned in the script earlier. But I think that we've seen optimism on the point of our partners and our customers just like the other verticals in manufacturing and T&L, we'd like to see more of that optimism turn into real orders like we're seeing in retail.

我們認為家庭保健對我們來說是一個機會。因此，我們清楚地看到我們的一些合作夥伴正在瞄準該市場。因此，我們可以將平板電腦視為家庭保健機會的一個例子。所以我認為我們看到了樂觀的情緒。我們參加了醫療衛生資訊與管理系統協會 (HIMSS) 貿易展會，第一季展會參與人數眾多。正如我們之前在腳本中提到的，這是最大的零售展。但我認為，我們已經看到合作夥伴和客戶對未來持樂觀態度，就像製造業和運輸與物流業的其他垂直行業一樣，我們希望看到更多的樂觀情緒轉化為真正的訂單，就像我們在零售業看到的那樣。

The next question comes from Rob Mason with Baird.

下一個問題來自貝爾德的羅布梅森 (Rob Mason)。

Bill, you've touched on it a couple of times, just the run rate business, you haven't necessarily seen signs of recovery there yet. I would just want to see if you could put a finer point on the expectations there for the year, just in the context of your overall guide -- sales guide up 1% to 5% relative to the -- maybe the large deal side of the business?

比爾，你已經多次提到這一點，只是就運行率業務而言，你不一定會看到那裡的復甦跡象。我只是想看看您是否可以更詳細地說明今年的預期，就您的整體指導而言——相對於業務的大型交易方面，銷售指導價格上漲 1% 至 5%？

Yes, I would say that our thought is probably relatively flat. I think we expected large deals to recover first. We expect mid-tier in run rate to recover after as we've talked about already. I think there's been a lot of optimism on the part of our partners and our distributors in this area, and we just want to see more progression, I think, more than anything else. That's kind of where we're at.

是的，我想說我們的思想可能比較平淡。我認為我們預計大額交易將首先恢復。正如我們已經討論過的，我們預計中端運行率將會恢復。我認為我們的合作夥伴和經銷商對這一領域抱持著很大的樂觀態度，而且我認為，我們最希望看到的是取得更多的進步。這就是我們現在的狀況。

We typically -- large deals are the first to decline and then followed by mid-tier and run rate because run rate is kind of the longer tail. And I think we're going to see that same thing in recovery. We haven't seen it yet. So I think that, that's the challenge we're seeing. I wish the visibility was better through the year.

我們通常認為大型交易首先會下降，然後是中型交易和運行率，因為運行率是一種長尾現象。我認為我們將在復甦中看到同樣的事情。我們還沒看到它。所以我認為，這就是我們所面臨的挑戰。我希望全年的能見度會更好。

And I think consequent with our guide, is that we're kind of guiding to what we see from a visibility perspective, and we just haven't seen the recovery in mid-tier or run rate yet. And the optimism is out there, the opportunities seem to be there, everybody wants to go after it. We just need to see more of it really happen and turn the worse.

我認為，根據我們的指導，我們只是從可見性的角度來指導我們所看到的情況，但我們還沒有看到中端或運行率的復甦。人們充滿樂觀，機會似乎就在那裡，每個人都想抓住它。我們只是希望看到更多這樣的情況真的發生，變得更糟。

Yes. I think, Rob, you said that play when you say the flat, right kind of Q1 to 2 to 3 in terms of overall revenue. Flat, just because that's what we see in terms of the trajectory across all the different categories of business without seeing an inflection point of a dramatic uptick. Again, that's how we feel it. That was the appropriate guide based on what we're seeing today across all those different categories.

是的。羅布，我認為，就整體收入而言，您說的是第一季、第二季和第三季持平。持平，只是因為從所有不同業務類別的發展軌跡來看，我們並沒有看到急劇上升的轉折點。我們再次感受到了這一點。根據我們今天在所有不同類別中看到的情況，這是適當的指南。

Yes. Understood. And then just as a follow-up, Nathan, could you tell us what the placeholder you have slotted into the guidance for debt reduction is for the year?

是的。明白了。然後作為後續問題，內森，您能告訴我們您在年度債務減免指南中插入的佔位符是什麼嗎？

I would assume that the vast majority of the cash -- the $600 million of free cash flow will either go to debt pay down, maybe a little bit in terms of held in cash at some modest interest rate, but the vast majority would go to debt pay.

我認為，絕大部分現金——6 億美元的自由現金流要么用於償還債務，要么以現金形式持有少量資金並享受適當的利率，但絕大部分將用於償還債務。

The next question comes from Ken Newman with KeyBanc Capital Markets.

下一個問題來自 KeyBanc Capital Markets 的 Ken Newman。

Most of my questions have been asked, but I just wanted to ask a longer-term higher-level question. Obviously, you've got some very significant operating leverage implied for the back half, and I think that's mostly just on easier comparisons on the volume side.

我的大部分問題都已經被問過了，但我只是想問一個更長期、更高層次的問題。顯然，後半部隱含著非常重要的經營槓桿，我認為這主要是基於數量方面的更容易的比較。

As we think about maybe returning more towards a normalized operating environment, how do you think about the run rate operating leverage or the run rate incremental EBITDA margins, just given all the cost-out initiatives that you've executed on? Would you think that structurally higher than what we've seen in past cycles? Or is that still too early to tell?

當我們考慮可能更多地回歸正常化的營運環境時，考慮到您已執行的所有成本削減計劃，您如何看待運行率營運槓桿或運行率增量 EBITDA 利潤率？您認為從結構上來說，這是否比我們在過去週期中看到的要高？或者說現在說這個還太早？

Yes. As we mentioned, obviously, the volume leverage or the margin expansion in the second half is highly correlated with the increased volume along with -- coupled with the restructuring actions we took throughout last year. And really, for us, the target was to get back to above 20% as the baseline so that we can grow and scale from there. And I think still too early to tell in terms of what exactly that framework looks like.

是的。正如我們所提到的，顯然，下半年的銷售槓桿或利潤率擴張與銷售的成長以及我們去年全年採取的重組行動高度相關。實際上，對我們來說，目標是回到 20% 以上的基線，以便我們能夠從那裡發展和擴大規模。我認為現在判斷框架到底是什麼樣的還為時過早。

I'd say historically, we've going to look at 30% incremental decrementals in a normal quarter, quarter in, quarter out. Fundamentally, the business hasn't changed in terms of what you would expect. Over time, we'd expect that to be a little bit greater as we scale some of these new emerging markets like machine vision or software that have inherently higher gross margin.

我想說，從歷史上看，在一個正常季度裡，我們將看到 30% 的增量減量。從根本上來說，業務並沒有像您所期望的那樣改變。隨著時間的推移，隨著我們擴大一些新興市場，如機器視覺或軟體等本身俱有更高毛利率的市場，我們預計這一數字會更高一些。

But I think that's probably the best way to think about it now until the dust settles and we get to some normalcy both from a year-on-year as well as a sequential perspective.

但我認為，這可能是現在思考這個問題的最好方式，直到塵埃落定，我們從同比和環比的角度都恢復正常。

Thank you. This concludes our question-and-answer session. I would like to turn the conference back over to Mr. Burns for any closing remarks.

謝謝。我們的問答環節到此結束。我想將會議交還給伯恩斯先生，請他作最後發言。

Yes. I'd like to thank our employees and partners for the stronger-than-expected start to the year and positioning Zebra to return to growth in the second half of the year. We look forward to seeing analysts and investors at our Innovation Day in 2 weeks. Have a great day, everyone. Thank you.

是的。我要感謝我們的員工和合作夥伴，他們為今年取得了超出預期的良好開局，並為斑馬技術在下半年恢復成長做好了準備。我們期待兩週後的創新日能見到分析師和投資者。祝大家有個愉快的一天。謝謝。

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

謝謝。會議現已結束。感謝您參加今天的演講。您現在可以斷開連線。