斑馬技術公司 (ZBRA) 2024 Q2 法說會逐字稿

Good day and welcome to the second-quarter 2024 Zebra Technologies earnings conference call. (Operator Instructions) Please note, this event is being recorded. I would now like to turn the conference over to Mike Steele, Vice President, Investor Relations. Please go ahead.

美好的一天，歡迎參加 Zebra Technologies 2024 年第二季財報電話會議。（操作員說明）請注意，正在記錄此事件。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 second-quarter earnings conference call. This presentation is being simulcast on our website at investors.zebra.com and will be archived there for at least one 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 第二季財報電話會議。本簡報將在我們的網站 Investors.zebra.com 上同步播出，並將在那裡存檔至少一年。我們的前瞻性陳述是基於目前的預期和假設，並受到風險和不確定性的影響。實際結果可能有重大差異，我們建議您參考我們在 SEC 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 the slide presentation and in today's earnings press release. Throughout this presentation, unless otherwise indicated, our references to sales performance are year on year and on a constant currency basis.

在本次電話會議中，我們在描述我們的業務績效時將參考非公認會計準則財務指標。您可以在幻燈片簡報的末尾和今天的收益新聞稿中找到對帳。在本簡報中，除非另有說明，否則我們所提到的銷售業績都是按年計算並以固定匯率計算的。

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 second-quarter results. Nathan will then provide additional detail on the financials and discuss our third-quarter and revised full-year outlook. Bill will conclude with progress on advancing our strategic priorities. 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.

本演講將包括我們的執行長 Bill Burns 準備好的講話；以及我們的財務長內森溫特斯 (Nathan Winters)。比爾將首先討論我們第二季的業績。然後，內森將提供有關財務狀況的更多詳細信息，並討論我們的第三季和修訂後的全年前景。比爾最後將在推進我們的戰略重點方面取得進展。在準備好發言後，比爾和內森將回答您的問題。現在讓我們轉到幻燈片 4，我將其交給 Bill。

Thank you, Mike. Good morning and thank you for joining us. Our teams executed well in the second quarter, delivering sales and earnings results above the high end of our outlook. For the quarter, we realized sales of $1.2 billion, approximately flat to the prior year; and adjusted EBITDA margin of 20.5%, a 70 basis point decrease; and non-GAAP diluted earnings per share of $3.18, a 3% decrease from the prior year.

謝謝你，麥克。早安，感謝您加入我們。我們的團隊在第二季表現良好，銷售和獲利結果高於我們預期的上限。本季，我們實現銷售額 12 億美元，與上年基本持平；調整後 EBITDA 利潤率為 20.5%，下降 70 個基點；非 GAAP 稀釋後每股收益為 3.18 美元，較前一年下降 3%。

As we discussed in our last earnings call, during the first quarter, we began to see modest recovery in retail and e-commerce. In the second quarter, we saw signs of momentum across other end-markets, including healthcare, where we realized double-digit growth.

正如我們在上次財報電話會議中討論的那樣，在第一季度，我們開始看到零售和電子商務的溫和復甦。第二季度，我們看到了其他終端市場的勢頭跡象，包括醫療保健，我們在該領域實現了兩位數的成長。

Mobile computing returned to growth across each of our vertical end-markets, led by healthcare and retail. The growth in mobile computing was offset by declines across our other major product categories where year-on-year comparisons are more challenging and we are in earlier stages of recovery. Services and software saw a modest growth in the quarter. While we're encouraged by early momentum in demand, we continue to see cautious spending behavior from our customers on large deployments, which have not yet returned to historical levels.

在醫療保健和零售業的帶動下，我們每個垂直終端市場的行動運算都恢復了成長。行動運算的成長被我們其他主要產品類別的下滑所抵消，這些產品類別的年比比較更具挑戰性，而且我們正處於復甦的早期階段。本季服務和軟體略有成長。儘管我們對早期的需求動能感到鼓舞，但我們仍然看到客戶對大型部署的支出行為謹慎，這些部署尚未恢復到歷史水平。

Another highlight was our sequential improvement in profitability due to improved gross margin and the benefits of our restructuring actions. Our plan to deliver $120 million of net annualized operating savings is on track and substantially complete. Given our second-quarter performance, progress on our cost actions, and early signs of momentum in demand, we are raising our full-year outlook for sales and profitability. I will now turn the call over to Nathan to review our Q2 financial results and discuss our revised 2024 outlook.

另一個亮點是，由於毛利率的提高和重組行動的好處，我們的獲利能力連續改善。我們實現年化營運淨節省 1.2 億美元的計畫已步入正軌並已基本完成。鑑於我們第二季度的業績、成本行動的進展以及需求勢頭的早期跡象，我們正在上調全年銷售和盈利能力的預期。我現在將電話轉給 Nathan，以審查我們第二季的財務表現並討論我們修訂後的 2024 年前景。

Thank you, Bill. Let's start with the P&L on slide 6. In Q2, total company sales were approximately flat, reflecting early signs of momentum in demand beyond retail and e-commerce. Our asset intelligence & tracking segment declined 14.4%, primarily driven by printing and RFID on challenging prior year comparisons. Enterprise visibility & mobility segment sales increased 8.2%, with double-digit growth in mobile computing, partially offset by a decline in data capture solutions. We saw modest growth in services and software.

謝謝你，比爾。讓我們從投影片 6 上的損益表開始。第二季度，公司總銷售額大致持平，反映零售和電子商務以外的需求動能的早期跡象。我們的資產智慧和追蹤部門下降了 14.4%，主要是受到列印和 RFID 的推動，與去年相比具有挑戰性。企業可視性和行動部門銷售額成長 8.2%，其中行動運算領域實現兩位數成長，但部分被資料採集解決方案的下滑所抵消。我們看到服務和軟體的小幅增長。

Performance was mixed across our regions. In North America, sales decreased 7% with fewer large orders in retail and transportation and logistics, partially offset by strong growth in healthcare. In EMEA, sales increased 10%, driven by mobile computing. In Asia-Pacific, sales declined 3% with continued weakness in China and challenging compares in Australia and Japan, partially offset by growth in Southeast Asia.

我們各地區的表現參差不齊。在北美，銷售額下降 7%，原因是零售、運輸和物流領域的大訂單減少，但部分被醫療保健領域的強勁成長所抵消。在 EMEA 地區，在行動運算的推動下，銷售額成長了 10%。在亞太地區，由於中國市場持續疲軟以及澳洲和日本市場的挑戰，銷售額下降了 3%，但部分被東南亞的成長所抵消。

The sales increased 7% in Latin America, led by Brazil. From a sequential perspective, total Q2 sales were slightly higher than Q1, with growth in nearly all product categories as we realized modest improvement in demand throughout the quarter in manufacturing, healthcare, and transportation and logistics.

以巴西為首的拉丁美洲地區銷售額成長了 7%。從環比來看，第二季度總銷售額略高於第一季度，幾乎所有產品類別都有成長，因為我們意識到整個季度製造、醫療保健、運輸和物流的需求略有改善。

Adjusted gross margin increased 60 basis points to 48.6% as we benefited from cycling premium supply chain costs in the prior year and favorable FX. Adjusted operating expenses as a percent of sales increased 110 basis points. This was driven by normalized incentive compensation expense, partially offset by approximately $25 million of incremental net savings from our restructuring actions.

調整後的毛利率增加了 60 個基點，達到 48.6%，因為我們受益於上一年的優質供應鏈成本和有利的外匯。調整後的營運費用佔銷售額的百分比增加了 110 個基點。這是由標準化激勵補償費用推動的，部分被我們重組行動帶來的約 2500 萬美元的增量淨節省所抵消。

This resulted in second-quarter adjusted EBITDA margin of 20.5%, a 70 basis point decrease versus the prior year and a 60 basis point sequential improvement from Q1. Non-GAAP diluted earnings per share was $3.18, a 3.3% year-over-year decrease.

這導致第二季調整後 EBITDA 利潤率為 20.5%，比上年同期下降 70 個基點，比第一季環比提高 60 個基點。非 GAAP 攤薄每股收益為 3.18 美元，較去年同期下降 3.3%。

Turning now to the balance sheet and cash flow on slide 7, in the first half of 2024, we generated $389 million of free cash flow as we drove improvements in working capital. We ended the quarter at a 2.4 times net debt to adjusted EBITDA leverage ratio, which is within our target range. And we had approximately $1.5 billion of capacity on our revolving credit facility as of quarter end.

現在轉向幻燈片 7 上的資產負債表和現金流，2024 年上半年，隨著我們推動營運資本的改善，我們產生了 3.89 億美元的自由現金流。本季末，我們的淨負債與調整後 EBITDA 槓桿比率為 2.4 倍，在我們的目標範圍內。截至季末，我們的循環信貸額度約為 15 億美元。

We diversified our capital structure during the second quarter by issuing $500 million of senior unsecured notes, while retiring the receivable financing facility that matured in May. We also terminated our remaining interest rate swap agreements for $77 million of cash proceeds. We have been prioritizing debt paydown and now have increased flexibility given our lower debt balance and improved cash flow.

我們在第二季度透過發行 5 億美元的優先無擔保票據實現資本結構多元化，同時收回了 5 月到期的應收帳款融資資金。我們也終止了剩餘的 7,700 萬美元現金收益利率互換協議。我們一直優先考慮償還債務，鑑於債務餘額較低和現金流改善，現在靈活性有所提高。

Let's now turn to our outlook. For Q3, we expect sales growth between 25% and 28% compared to the prior year. This outlook assumes continued stability of demand trends across our major product categories, with broad-based growth as we cycle easier compares across the business, including significant destocking activity by our distributors during the second half of last year.

現在讓我們來談談我們的展望。對於第三季度，我們預計銷售額將比去年同期成長 25% 至 28%。這一前景假設我們的主要產品類別的需求趨勢持續穩定，隨著我們整個業務的循環比較容易，包括去年下半年我們的分銷商的重大去庫存活動，基礎廣泛的增長。

We entered the third quarter with a solid backlog of pipeline of opportunities. That said, we are not anticipating an increase in large order activity considering the conversion rates on our pipeline remain lower than historical levels as customers continue to be cautious in what remains an uncertain environment. We would like to see additional momentum in large orders before factoring in a stronger recovery.

我們進入第三季時，有大量積壓的機會。也就是說，考慮到客戶在不確定的環境中繼續保持謹慎態度，我們的管道轉換率仍低於歷史水平，因此我們預計大訂單活動不會增加。在考慮到更強勁的復甦之前，我們希望看到大訂單的額外動力。

Q3 adjusted EBITDA margin is now expected to be between 20% and 21%, driven by expense leveraging from higher sales volume, with benefits from restructuring actions, partially offset by normalized incentive compensation expense. Non-GAAP diluted earnings per share are expected to be in the range of $3 to $3.30.

第三季調整後的EBITDA 利潤率目前預計在20% 至21% 之間，這主要是由於銷售增加帶來的費用槓桿以及重組行動的好處，但部分被正常化的激勵補償費用所抵消。非 GAAP 稀釋後每股收益預計在 3 美元至 3.30 美元之間。

We have raised our guidance for the full year, reflecting our second-quarter performance and early signs of momentum in demand. We now expect sales growth between 4% and 7% for the year, and adjusted EBITDA margin to be in the range of 20% to 21%. Non-GAAP diluted earnings per share are now expected to be in the range of $12.30 to $12.90.

我們上調了全年指引，反映了我們第二季度的業績和需求動能的早期跡象。我們目前預計今年的銷售成長在 4% 到 7% 之間，調整後的 EBITDA 利潤率在 20% 到 21% 之間。目前預計非 GAAP 攤薄每股收益為 12.30 美元至 12.90 美元。

Free cash flow for the year is now expected to be at least $700 million. We have been making progress rightsizing inventory on our balance sheet and improving cash conversion. Please reference additional modeling assumptions shown on slide 8. With that, I will turn the call back to Bill.

目前預計今年的自由現金流至少為 7 億美元。我們一直在調整資產負債表上的庫存並改善現金轉換方面取得進展。請參考投影片 8 中顯示的其他建模假設。這樣，我會將電話轉回給比爾。

Thank you, Nathan. Zebra is well positioned to benefit from secular trends that support our long-term growth. These include labor and resource constraints, track and trace mandates, increased consumer expectations, and the need for real-time supply chain visibility.

謝謝你，內森。斑馬技術處於有利地位，可以從支持我們長期成長的長期趨勢中受益。其中包括勞動力和資源限制、追蹤和追溯要求、消費者期望的提高以及對即時供應鏈可見性的需求。

We help our customers digitize their environments and automate their workflows through our comprehensive portfolio of innovative solutions, including purpose-built hardware, software, and services. We empower frontline workers to execute tasks more effectively by navigating constant change in real time through advanced capabilities, including automation, prescriptive analytics, machine learning, and artificial intelligence.

我們透過全面的創新解決方案組合（包括專用硬體、軟體和服務）幫助客戶實現環境數位化並實現工作流程自動化。我們透過自動化、規範分析、機器學習和人工智慧等先進功能即時應對不斷變化，使第一線員工能夠更有效地執行任務。

At our Innovation Day event in May, we demonstrated how we transform workflows across the supply chain to drive positive outcomes for enterprises across our end-markets. Our products and solutions are mission-critical to enable visibility that consumers and enterprises now expect throughout the entire supply chain.

在五月的創新日活動中，我們展示如何轉變整個供應鏈的工作流程，為終端市場的企業帶來正面成果。我們的產品和解決方案對於實現消費者和企業現在期望的整個供應鏈的可見性至關重要。

On slide 11, you will see Zebra solutions can touch a product 30 times from its origination to the point of last-mile delivery. Let's briefly walk through the journey with a few high-level examples.

在投影片 11 中，您將看到 Zebra 解決方案可以對產品從始發到最後一哩交付點進行 30 次接觸。讓我們透過一些進階範例來簡要介紹一下整個過程。

In manufacturing, our machine vision solutions provide quality inspection and track and trace visibility throughout the process. In a warehouse, our wearable mobile computers, autonomous mobile robots, and comprehensive RFID portfolio transform receiving, picking, and shipping.

在製造過程中，我們的機器視覺解決方案提供整個過程的品質檢查以及追蹤和追溯可見性。在倉庫中，我們的穿戴式行動資料終端、自主移動機器人和全面的 RFID 產品組合改變了接收、揀選和運輸。

As the product arrives at a store, associates are equipped with Zebra software running on mobile computers to assist customers, stock inventory, and fulfill online orders. And when an item is delivered to your home, you receive a notification and picture from Zebra's handheld device verifying on on-time quality delivery.

當產品到達商店時，員工會配備在行動電腦上執行的 Zebra 軟體來協助客戶、庫存和履行線上訂單。當物品送到您家中時，您會收到來自 Zebra 手持裝置的通知和圖片，以驗證是否按時品質交付。

As you'll see on slide 12, our customers leverage our solutions to optimize workflows across a broad range of end markets. We empower enterprises to drive productivity and better serve their customers, shoppers, and patients.

正如您將在投影片 12 中看到的，我們的客戶利用我們的解決方案來優化廣泛的終端市場的工作流程。我們幫助企業提高生產力並更好地服務其客戶、購物者和患者。

We are seeing Zebra's competitive differentiation in mobile computing solutions drive wins across our vertical end markets. Customers value the capabilities we embed in the software layer of our devices that they leverage to transform workflows and improve outcome.

我們看到 Zebra 在行動運算解決方案方面的競爭優勢推動我們在垂直終端市場取得勝利。客戶重視我們嵌入設備軟體層的功能，他們利用這些功能來轉變工作流程並改善結果。

For example, we secured a mobile computing win with a commercial airline utilizing our mobile package dimensioning solution enabled through AI. Also, a North American retailer will leverage Zebra's Workcloud collaboration software on their new wearable mobile computers, connecting their associates, to drive better outcomes in their stores.

例如，我們利用人工智慧支援的行動包裹尺寸測量解決方案，贏得了商業航空公司的行動運算勝利。此外，一家北美零售商將在其新型穿戴式行動數據終端上利用 Zebra 的 Workcloud 協作軟體，連接他們的員工，以推動商店取得更好的成果。

Additionally, we are able to displace consumer cellphones at a European retailer with our mobile computers and Zebra's Identity Guardian solution. It provides multifactor authentication for a shared device environment that brings security, productivity, and convenience to the front line.

此外，我們也能夠利用行動數據終端和 Zebra 的 Identity Guardian 解決方案取代歐洲零售商的消費者手機。它為共享設備環境提供多重身份驗證，為第一線帶來安全性、生產力和便利性。

It is also notable that mobile computing contributed to double-digit sales growth in healthcare. Over the past year, our teams have been successfully selling the benefits of our solutions in clinical mobility that empower caregivers while delivering lower total cost of ownership for hospital systems. We have been displacing consumer cell phones with our devices and there continues to be a long runway of opportunity for equipping more clinicians with mobile computers.

還值得注意的是，行動計算為醫療保健領域的銷售額成長做出了兩位數的貢獻。在過去的一年裡，我們的團隊成功地推銷了我們在臨床移動方面的解決方案的優勢，這些解決方案為護理人員提供了支持，同時降低了醫院系統的總擁有成本。我們一直在用我們的設備取代消費者手機，並且為更多臨床醫生配備行動數據終端還有很長的機會。

In closing, we expect to see broad-based growth in the second half as we cycle much easier comparisons and benefit from momentum beyond retail. We maintain strong conviction in our long-term opportunity for Zebra as we elevate our strategic role with our customers through our innovative portfolio of solutions. Our sales and cost initiatives have positioned us well for profitable growth as our end markets continue to recover. I will now hand it back to Mike.

最後，我們預計下半年將出現廣泛的成長，因為我們更容易進行比較，並受益於零售以外的勢頭。我們堅信 Zebra 能夠獲得長期機遇，透過我們的創新解決方案組合提升我們與客戶的策略地位。隨著終端市場的持續復甦，我們的銷售和成本計劃使我們能夠實現獲利成長。我現在將其交還給邁克。

(Event Instructions)

（活動須知）

(Operator Instructions) Damian Karas, UBS.

（操作員說明）Damian Karas，UBS。

Hey, good morning, everyone. Congrats on the quarter.

嘿，大家早安。恭喜本季。

Morning, Damian.

早安，達米安。

So I wanted to get your thoughts on what you suspect that's going to take to bring some of the larger project activity back into the fold. And maybe you could just give us a sense on -- it sounds like you're not expecting much this year. How much upside to your guidance do you think there would be if you do, in fact, start to see a return sooner rather than later?

因此，我想了解您對如何將一些較大的專案活動重新納入考慮範圍的想法。也許你可以給我們一個感覺——聽起來你對今年的期望並不高。事實上，如果您確實儘早開始看到回報，您認為您的指導會有多少上升空間？

Yeah, Damian, I think that, if we look back to Q1, we saw early signs of recovery as we talked about last quarter in retail and e-commerce. We're certainly encouraged by the better-than-expected sales results in Q2, which, really, we saw momentum, as we said, around -- beyond retail, really. And really, it was driven by mid-tier and run rate business. So large deal activity was pretty consistent in Q2 coming off of Q1, but still well below historic levels.

是的，達米安，我認為，如果我們回顧第一季度，我們會看到零售和電子商務上季度復甦的早期跡象。我們當然對第二季好於預期的銷售業績感到鼓舞，正如我們所說，我們真的看到了零售以外的勢頭。事實上，它是由中層和運行率業務推動的。第二季的大型交易活動與第一季相當一致，但仍遠低於歷史水準。

So I think that we see customers overall continue to cite uncertainty to us in the market -- their markets, their end markets, which really is reflecting in their purchasing behavior. I'd say that large deployments, overall, are being spread more to these mid-sized deals or smaller deals and being spread out over a longer period of time because of this. And I think ultimately, when they're placing small orders, they're placing those to add to their installed base or for new applications or expansion opportunities to date.

因此，我認為我們看到客戶總體上繼續向我們指出市場的不確定性——他們的市場、他們的終端市場，這確實反映在他們的購買行為中。我想說，總體而言，大型部署正在更多地分散到這些中型交易或較小的交易中，並且因此分散在更長的時間內。我認為最終，當他們下小訂單時，他們會下這些訂單以添加到他們的安裝基礎或迄今為止的新應用程式或擴展機會。

So I think that pipeline of opportunities remains strong. I think there's optimism on the part of our partners and customers. I think we'd like to see more momentum in large orders. So we saw the first uptick in large orders in first quarter, kind of flat the second quarter.

因此，我認為機會管道仍然強勁。我認為我們的合作夥伴和客戶對此持樂觀態度。我認為我們希望看到大訂單的更多勢頭。因此，我們看到第一季大訂單首次增加，第二季持平。

So we feel okay about that. We saw growth in mid-tier and run rate. I just think we'd like to see more large order activity to call a broader base recovery. So I think now we're seeing strength in mobile computing, strength across kind of large orders, medium and small, but we just want to see more large orders, really, from our customers. And I think it's just driven by their caution of what's happening in macro today.

所以我們對此感覺很好。我們看到了中層和運行率的成長。我只是認為我們希望看到更多的大訂單活動來稱為更廣泛的基礎復甦。因此，我認為現在我們看到了行動運算領域的優勢，以及各種大中小型訂單的優勢，但我們只想看到更多來自客戶的大訂單。我認為這只是因為他們對當今宏觀形勢的謹慎態度。

Right. That makes sense. And I just want to ask you on the cost front. It seems like there's been a pick back up in shipping rates. And I know that was a little bit of a headwind for you, guys, in past years. To what extent have you been maybe experiencing some of that cost inflation? And maybe just talk through what's kind of in your guidance for the rest of the year. Thanks.

正確的。這是有道理的。我只想問你關於成本方面的問題。運費似乎有所回升。我知道，夥計們，過去幾年這對你們來說有點不利。您可能在多大程度上經歷了成本上漲？也許只是談談你對今年剩餘時間的指導。謝謝。

Yeah, Damian. So we have seen a modest increase in rates due to whether that's some of the legacy issues or now with the stronger demand, particularly around ocean rates. So I'd say it's a modest impact in terms of incremental costs that we've included in our full-year guide.

是的，達米安。因此，我們看到費率略有上升，無論是由於一些遺留問題還是現在需求強勁，特別是在海運費方面。因此，我想說，就我們已納入全年指南的增量成本而言，這影響不大。

But the team is again working several actions in terms of the different air modes, how we leverage cost dock to improve transit time as well as, again, working with our partners around the forecast for the remainder of the year to get ahead of that -- the second half demand and mitigate as much of that as possible. So there is -- absolutely seeing some increase, but I'd say it's pretty modest at this point and within our second-half guide.

但該團隊再次針對不同的航空模式採取了多項行動，我們如何利用成本碼頭來改善運輸時間，以及再次與我們的合作夥伴圍繞今年剩餘時間的預測進行合作，以提前實現這一目標 - - 下半年需求並儘可能減少。因此，絕對會看到一些成長，但我想說，目前以及在我們的下半年指南中，成長幅度相當有限。

Jamie Cook, Truist Securities.

傑米庫克 (Jamie Cook)，Truist 證券公司。

Hi, good morning. And congratulations on a nice quarter. I guess, just my first question, what struck me in the quarter, your EVM margins were much better than I thought. And, I think, even better than your expectations. I think you were guiding to down margins sequentially. So can you just speak to the drivers behind that? That's my first question. And then -- I'll start there and then I'll give you my second question after, I guess.

嗨，早安。恭喜您度過了一個美好的季度。我想，這只是我的第一個問題，這個季度讓我印象深刻的是，你們的 EVM 利潤率比我想像的要好得多。而且，我認為，甚至比您的預期還要好。我認為您正在逐步降低利潤率。那麼你能和背後的司機談談嗎？這是我的第一個問題。然後——我想我會從這裡開始，然後我會問你第二個問題。

Yeah, good morning, Jamie. So yeah, if you look at our overall gross margins at 48.6%, this is our highest gross margin quarter in three years, benefiting from the level of large deals, so the strength in run rate in mid-tier is a positive for gross margin, in particular within the EVM segment.

是的，早安，傑米。所以，是的，如果你看看我們 48.6% 的整體毛利率，這是我們三年來毛利率最高的一個季度，受益於大宗交易的水平，因此中層運行率的強勁對毛利率來說是積極的，特別是在EVM 領域。

We're also seeing continued strength in our service and software margins, again, which is heavily more weighted towards EVM, as well as now fully rolling over all the premium supply chain costs. So again, I think it was -- part of that was just the strength in the quarter and really seeing the incremental volume fall through to the bottom line, driving the sequential improvement in gross margin both within EVM particularly.

我們也看到我們的服務和軟體利潤率持續走強，這對 EVM 的影響更大，而且現在完全轉嫁了所有優質供應鏈成本。所以，我再次認為，部分原因是本季度的實力，並且確實看到增量下降到了底線，特別是推動了 EVM 內毛利率的連續改善。

Okay. And then just given the strength and the margin this quarter, and -- I mean, I don't think your EBITDA margin guide is now at 20% to 21%. I think before it was about 20%. I'm just wondering why we wouldn't see better pull-through in the back half of the year, in particular with the top-line growth that you'd see relative to declines or flat revenues in the second quarter?

好的。然後考慮到本季的實力和利潤率，我的意思是，我認為你們的 EBITDA 利潤率指引現在不會達到 20% 到 21%。我認為之前大約是20%。我只是想知道為什麼我們不會在今年下半年看到更好的拉動，特別是相對於第二季營收下降或持平的營收成長？

(multiple speakers) Yeah, no, if you look at our EBITDA guide for the third quarter of 20% to 21%, again, year on year, that's up, primarily due to volume leverage, nearly 9 points. And I think we expect similar deal as well as business mix Q2 to Q3, such that you get a similar margin profile from Q2 to Q3. So if you look at the Q3 guide effectively flat to Q2, based on that assumption of kind of the underlying mix of deals as well as the business unit mix gives us that similar profile.

（多個發言者）是的，不，如果你看一下我們第三季度的EBITDA 指南，該數字為20% 至21%，與去年同期相比，這個數字再次上升，主要是由於成交量槓桿，接近9 個百分點。我認為我們預計第二季到第三季會有類似的交易和業務組合，這樣您就可以從第二季到第三季獲得類似的利潤率。因此，如果你看一下第三季的指南，實際上與第二季持平，基於交易的基本組合以及業務部門組合的假設，我們得到了類似的概況。

I'd say the other, really don't expect the same level of incremental benefit sequentially as we were able to realize some of the incremental benefits in Q2 from the restructuring actions. And then you do see that modest uptick implied in the guide for the fourth quarter on the incremental volume.

我想說的是，實際上並不期望連續獲得相同水準的增量收益，因為我們能夠在第二季從重組行動中實現一些增量收益。然後您確實會看到第四季度指南中暗示的增量數量略有上升。

Tommy Moll, Stephens.

湯米·莫爾，史蒂芬斯。

Good morning and thank you for taking my questions.

早上好，感謝您回答我的問題。

Morning.

早晨。

Morning, Tommy.

早安，湯米。

First question on the large order activity, at this point, we're nearly through July. How fully baked or your customer budgets for this year and at what point does the large deal conversation really start to become one centered around 2025 when a lot of the customer budgets are refreshed?

關於大訂單活動的第一個問題，此時，我們已經接近七月了。今年您的客戶預算有多完善？

I think that, Tommy, I'd say that customers continue to scrutinize their budgets even as we're well into the year, right? And I think that some of those have to do with -- in the past, we've seen some of year-end spending from our customers. But I think that the uncertainty around the economy is still kind of weighing on them in large deployments and what will happen in kind of second half of the year here.

湯米，我認為，即使我們已經進入今年，客戶仍然會繼續審查他們的預算，對嗎？我認為其中一些與過去我們看到客戶的一些年終支出有關。但我認為，經濟的不確定性仍然對他們的大規模部署以及下半年將發生的情況造成壓力。

So I think that we typically not have visibility quite yet into whether there'll be year-end spending by our customers. We're talking about certainly a pipeline of opportunities that they see. And then the question is, do they move ahead with those in late '24 or into '25?

因此，我認為我們通常還不清楚客戶是否會在年底支出。我們談論的當然是他們看到的一系列機會。接下來的問題是，他們是否會像 24 世紀後期或 25 世紀一樣繼續前進？

I think that from a macro perspective, whether it's interest rates, or a presidential election, or manufacturing production, all those shipping parcels, shipments have just started to inch up and turn to more positive volume, for growth in volumes. So I think all those is kind of weighing on their business.

我認為，從宏觀角度來看，無論是利率，還是總統選舉，還是製造業生產，所有那些運送包裹、發貨量才剛開始小幅上升，並轉向更積極的數量，以實現數量的增長。所以我認為所有這些都對他們的業務造成了壓力。

And I think there's, even though they've got budgets, there's kind of the reluctance to move ahead with those, really because of the macro factors overall. I think that we'd expect those to continue to kind of stabilize, they can get more confidence in their business. and then abate as we get into kind of second half of the year and into 2025.

我認為，儘管他們有預算，但他們還是不願意繼續實施這些計劃，這實際上是因為整體宏觀因素。我認為我們預計這些將繼續穩定下來，他們可以對自己的業務更有信心。然後隨著進入下半年和 2025 年而減弱。

But I'd say overall, many discussions with our customers regarding projects, it's really about just safety in the longer to kind of move those forward, still. Now, again, we saw a large order activity about flat Q1 to Q2 overall. And we saw this pickup in mid-tier run rate. So these are all positive signs: growth outside of retail, which we really saw in first quarter into a broader segment; mobile computing was the first to decline and the first to return to growth. We expected that.

但我想說，總的來說，與我們的客戶就專案進行的許多討論，實際上仍然是為了更長期的安全性，以推動這些專案向前發展。現在，我們再次看到第一季到第二季整體持平的大量訂單活動。我們看到中階運轉率回升。因此，這些都是積極的跡象：零售業以外的成長，我們在第一季確實看到了更廣泛的領域；行動運算最先衰退，又最先恢復成長。我們預料到了。

So I think everything is moving in the right direction, but I think that -- I think our customers just don't know for kind of year end '24, into '25. But we're optimistic, I would say, that everything is moving in the right direction. o growth. We expected that. So I think everything's moving into the right direction. But I think that I think our customers just don't know for kind of year end 2014 to 25. But we're we're optimistic. I would say that everything is moving in the right direction.

所以我認為一切都在朝著正確的方向發展，但我認為 - 我認為我們的客戶只是不知道 24 年年底到 25 年的情況。但我想說，我們很樂觀，一切都朝著正確的方向發展。 Ø 成長。我們預料到了。所以我認為一切都在朝著正確的方向發展。但我認為我們的客戶只是不知道 2014 年底到 25 年間的情況。我想說，一切都在朝著正確的方向發展。

And, Bill, just from a competitive standpoint, is there anything that you've sensed having changed particularly in the large deal context where you've seen other market participants perhaps become more aggressive on price or whatever other factor?

而且，比爾，僅從競爭的角度來看，您是否感覺到有什麼變化，特別是在大宗交易背景下，您看到其他市場參與者可能在價格或其他因素上變得更加激進？

Yeah, no, I would say that, really, the competitive environment hasn't changed a lot overall. We're certainly continuing to maintain share in the marketplace. We feel good about our differentiation that we bring to the marketplace with the depth and breadth of our solutions, our competitive advantages, scale, technology leadership, our partner community, our go-to-market, our relationships with our customers.

是的，不，我想說的是，實際上，競爭環境總體上並沒有太大變化。我們當然會繼續保持市場佔有率。我們對我們透過解決方案的深度和廣度、競爭優勢、規模、技術領先地位、我們的合作夥伴社群、我們的市場推廣以及我們與客戶的關係為市場帶來的差異化感到滿意。

So the large deal phenomenon not coming -- not returned to historic levels is not really about Zebra. It's truly about the market. And we don't really see any marked change from a competitive perspective. We're always going to have competitors out there, large and small. And then that continues to be the case. So nothing there, and we feel good about our market position, and continue to win in the market.

因此，大宗交易現象並沒有出現──沒有恢復到歷史水準並不是斑馬技術的真正問題。這確實與市場有關。從競爭的角度來看，我們並沒有真正看到任何明顯的變化。我們總是會有大大小小的競爭對手。然後情況仍然如此。所以什麼都沒有，我們對我們的市場地位感覺良好，並繼續在市場上獲勝。

Joe Giordano, TD Cowen.

喬·佐丹奴，TD·考恩。

Hey, guys. Good morning.

嘿，夥計們。早安.

Good morning.

早安.

Morning, Joe.

早安，喬。

You had mention, I guess it was last quarter, that distributors were asking for more products than you were willing to sell because -- but you want -- you were hesitant because you wanted to make sure you understood where it was going and trying to prevent future buildup of inventory that then needs to get liquidated again. Like, what's the update on that? Have you kind of started to give them what they're requesting?

您曾提到，我想是在上個季度，分銷商要求的產品數量超出了您願意出售的數量，因為- 但您想要- 您猶豫不決，因為您想確保自己了解產品的發展方向並試圖防止未來庫存積聚，然後需要再次清算。例如，有什麼更新嗎？你有沒有開始滿足他們的要求？

Yeah, Joe, this is Nate. And I can take that. I'd say overall, the global channel inventory, as we looked at it from a days on hand, is still at normalized level. I think you have pockets around the world where there's still a little bit of rebalancing, both driving down inventory in the channel as well as where there's incremental needs.

是的，喬，這是內特。我可以接受。我想說，總體而言，從我們目前的情況來看，全球通路庫存仍處於正常水準。我認為世界各地仍有一些地方仍然需要一些再平衡，這不僅會降低渠道中的庫存，也會增加需求。

And I'd say, similar to where we were last quarter, it's working with each one of those partners across the regions to ensure that they have the appropriate level of inventory for the demand. So they're expecting and that we see in the pipeline. So again, it remains a very collaborative, similar position where we were in Q1, where there's always some that want a little bit more. And again, just trying to make sure we have the right amount in the channel to support our end users, but not getting ahead of ourselves given some of the uncertainty that we've talked about.

我想說，與上個季度類似，它正在與各地區的每個合作夥伴合作，以確保他們擁有滿足需求的適當庫存水準。所以他們正在期待，我們也看到了這一點。所以，這仍然是一個非常協作的、與我們在第一季類似的情況，總是有人想要更多。再說一次，我們只是想確保我們在頻道中有足夠的資金來支持我們的最終用戶，但考慮到我們已經討論過的一些不確定性，我們也不能做得太過分。

Fair enough. And then just, if I could ask on some of your smaller businesses, can you give us an update on trends within like RFID and with Matrox and Fetch and maybe how you see those businesses in terms of like growth in size exiting this year?

很公平。然後，如果我可以詢問你們的一些小型企業，您能否向我們介紹一下 RFID、Matrox 和 Fetch 等趨勢的最新情況，以及您如何看待這些企業今年退出規模的成長？

Yeah, I can take that, Joe. I'd say RFID, challenging kind of second quarter on compares from cycling large opportunities a year ago. I would say that, overall, would expect return to growth in second-half year. We continue to -- we move into the second half, really, with strong backlog and pipeline of opportunities across not just retail, but transportation, logistics, manufacturing.

是的，我可以接受，喬。我想說的是，與一年前的巨大機會相比，第二季的 RFID 充滿挑戰。我想說，總體而言，預計下半年將恢復成長。我們確實進入了下半年，不僅在零售領域，而且在運輸、物流、製造領域都有大量的積壓和機會。

So we're seeing continued use cases across RFID, including moving beyond apparel to general merchandising inside retail, clearly track and trace across the supply chain, parcel tracking within T&L, baggage tracking with an airline. So lots of opportunities across RFID.4

因此，我們看到 RFID 的持續使用案例，包括從服裝轉向零售業內的一般商品銷售、整個供應鏈的清晰追蹤和追蹤、運輸與物流內的包裹追蹤、航空公司的行李追蹤。RFID.4 有很多機會

I would say, machine vision, we continue to be excited about the opportunity within machine vision. A challenging market at the moment. And our Matrox acquisition, when we acquired that asset, we knew it was heavily weighted towards semiconductor equipment manufacturing, which is still a challenged segment as well.

我想說的是，機器視覺，我們仍然對機器視覺領域的機會感到興奮。目前市場充滿挑戰。當我們收購 Matrox 資產時，我們知道它主要集中在半導體設備製造領域，而這仍然是一個充滿挑戰的領域。

So a decline in the quarter in machine vision, but we feel good about it overall. We saw strength in or deposition acquisition, so software, machine vision software, in the quarter. That was a bright spot.

因此，機器視覺本季有所下降，但我們整體感覺良好。我們在本季看到了沉積收購、軟體、機器視覺軟體的實力。這是一個亮點。

I'd say that the diversification of that business, which was our focus all along, of the Matrox business, diversify into areas like automotive and logistics into new areas. We also had our organic investment in machine vision, which really applies more to logistics area. That diversification is going well ultimately. We're calling on more customers, we're seeing more opportunities, we're continuing to invest in go-to market across the globe and just seeing more opportunities across machine vision. So we feel good about that and a great opportunity for Zebra overall.

我想說的是，Matrox 業務的多元化一直是我們關注的焦點，多元化到汽車和物流等新領域。我們還在機器視覺方面進行了有機投資，這實際上更多地應用於物流領域。這種多元化最終進展順利。我們正在召集更多的客戶，我們看到了更多的機會，我們繼續投資於全球的進入市場，並在機器視覺領域看到了更多的機會。因此，我們對此感覺良好，總體而言，這對 Zebra 來說是一個很好的機會。

I'd say software, our software assets, we're seeing the combination of our mobile devices, especially in the wearable space now with some of our assets in software that we're pretty excited about. So the Workcloud solution is really focused on retail and then leveraging our mobile device in the hands of retail associates. And we continue to advance and bring those solutions together and combine that with things like wearable mobile computing. We've seen some early wins there.

我想說的是軟體，我們的軟體資產，我們正在看到我們的行動裝置的組合，特別是在穿戴式領域，現在我們對軟體中的一些資產感到非常興奮。因此，Workcloud 解決方案真正專注於零售，然後利用零售員工手中的行動裝置。我們繼續推進並將這些解決方案整合在一起，並將其與穿戴式行動運算等技術結合。我們在那裡看到了一些早期的勝利。

So we feel good about the portfolio. They're a smaller segment of the market, right -- or, sorry, not market, meaning, smaller segment of our business overall or piece of our business. So really, mobile computing returning to growth, other segments being more challenged, these are areas that we see as driving the future growth of Zebra.

所以我們對這個投資組合感覺很好。他們是市場的一小部分，對吧——或者，抱歉，不是市場，也就是說，他們是我們整體業務或我們業務的一部分。事實上，行動運算恢復成長，其他細分市場面臨更大挑戰，我們認為這些領域將推動 Zebra 的未來成長。

Andrew Buscaglia, BNP.

安德魯·巴斯卡利亞，法國巴黎銀行。

Hey, good morning, guys.

嘿，早上好，夥計們。

Morning.

早晨。

Morning.

早晨。

Yeah, so I want to get your thoughts on potential upgrades of devices, especially in 2025. Do you have any data you can share around the age of your installed base? Because presumably, a lot of these devices were sold during COVID and we should start to see an industrial need to upgrade these in the next year, I would think.

是的，所以我想了解您對設備潛在升級的想法，尤其是在 2025 年。您是否有關於您的安裝基礎年齡的任何數據可以分享？因為據推測，許多這些設備在新冠疫情期間被售出，我認為我們應該開始看到明年對這些設備升級的工業需求。

I would say, overall, we're -- from a mobile computing perspective, I'd say that our customers have really been absorbing the capacity that they've built out during the pandemic more than anything else. So I think there's clearly continued upgrade cycles across all of our customers.

我想說，總的來說，從行動運算的角度來看，我們的客戶確實比其他任何事情都更多地吸收了他們在疫情期間建立的容量。因此，我認為我們所有客戶顯然都有持續的升級週期。

But from the idea that they built out so much capacity during the pandemic, that they're using that capacity today, then as the economy slowed, that created even more capacity. So if we're using that capacity off, I think we're seeing customers move into the idea that they've absorbed some of the capacity and are beginning to buy again. But that's kind of early signs of what we're seeing.

但從他們在疫情期間建立瞭如此多的產能的想法來看，他們今天正在使用這些產能，然後隨著經濟放緩，創造了更多的產能。因此，如果我們關閉這些產能，我認為我們會看到客戶開始認為他們已經吸收了一些產能並開始再次購買。但這是我們所看到的早期跡象。

I'd say that there's a solid pipeline of opportunities for mobile computing overall, both in kind of refresh, new use cases, continuing to add to the number of devices inside our customer base. And we continue to see competitive wins across the portfolio.

我想說的是，行動運算總體上有大量的機會，無論是在刷新、新用例方面，還是在繼續增加我們客戶群內的設備數量。我們繼續看到整個產品組合的競爭優勢。

So I'd say the upgrades are out there. The refreshes are out there, and, ultimately, some customers are sweating assets a bit more. Others are leveraging what they have today. And I think that we're confident that, as the macro environment gets better, our customers will continue to upgrade our devices and we'll see an uptick in large orders within our business, which will marry with what we're seeing as kind of medium in run rate business growing in second quarter.

所以我想說升級已經存在。更新已經存在，最終，有些客戶會更加消耗資產。其他人正在利用他們今天所擁有的東西。我認為，我們有信心，隨著宏觀環境的好轉，我們的客戶將繼續升級我們的設備，我們將看到我們業務中的大訂單增加，這將與我們所看到的情況相結合第第二季中等運行率業務成長。

Okay. And then you're raising your free cash flow expectations again. And just kind of given where we are, things looking to start to improve, and you probably have some confidence here, where do you see capital allocation going into the year-end? Is M&A -- is that -- will we see some M&A come in -- come to fruition before year-end or is there a focus more on share repurchase or how are you thinking about things?

好的。然後你會再次提高你的自由現金流預期。考慮到我們所處的位置，情況有望開始改善，您可能對此有一些信心，您認為年底的資本配置將如何進行？併購——我們會看到一些併購——在年底前取得成果嗎？

Yeah, so I think, on the first part, again, pleased to raise the guide for free cash flow to over $700 million, including the final settlement, as well as the swap sale in the second quarter, so -- and the improvement overall in working capital to get us above the 100% free cash flow conversion.

是的，所以我認為，在第一部分，我很高興再次將自由現金流指南提高到 7 億美元以上，包括最終和解以及第二季度的掉期銷售，所以——以及整體的改善營運資金使我們能夠實現100% 以上的自由現金流轉換。

And as you stated, really, the priority is prioritize debt paydown. We're working our capital structure in the first half of the year. So in the second quarter, just under our -- below the target range of 2.5 times debt leverage, and that will sequentially improve as we move through the year.

正如您所說，實際上，首要任務是優先償還債務。今年上半年我們正在研究我們的資本結構。因此，在第二季度，債務槓桿率略低於我們 2.5 倍的債務槓桿目標範圍，隨著全年的推移，這種情況將逐步改善。

I think, in terms of overall priority, they remain unchanged. The first is organic growth, getting the business back to the growth trajectory, we need it to be and want it to be, along with the right profitability levels.

我認為，就整體優先順序而言，它們保持不變。首先是有機成長，讓業務回到我們需要並希望的成長軌道，以及正確的獲利水準。

M&A continues to be a lever. And I think now, with the improved cash flow, as well as our overall capital structure, we have additional flexibility for share repurchases as we move through the year. So, Bill, do you want to maybe touch on the M&A approach here?

併購仍然是一個槓桿。我認為，現在，隨著現金流的改善以及我們的整體資本結構，我們在今年的股票回購方面擁有更大的靈活性。那麼，比爾，您想談談併購方法嗎？

Yeah, I guess I'd say that our M&A philosophy really remains unchanged. I think we continue to leverage M&A where it makes sense to advance our vision and our overall strategy. I'd say, in the short term, the bar is probably higher based on kind of macro uncertainty and higher interest rates.

是的，我想我會說我們的併購理念確實保持不變。我認為我們將繼續利用併購來推進我們的願景和整體策略。我想說，在短期內，基於宏觀不確定性和較高的利率，門檻可能會更高。

But I would say that, we continue to target-select assets that ultimately are closely adjacent and synergistic to our business today. As Nate said, we've got a strong balance sheet and flexibility to continue to look at companies. And we continue to be inquisitive, but the bar is higher at the moment.

但我想說的是，我們繼續目標選擇最終與我們今天的業務密切相關並具有協同作用的資產。正如內特所說，我們擁有強大的資產負債表和靈活性，可以繼續關注公司。我們繼續好奇，但目前的門檻更高。

Meta Marshall, Morgan Stanley.

梅塔‧馬歇爾，摩根士丹利。

Great, thanks. Maybe a couple of questions, just on the healthcare strength that you saw. I know that that had been a relatively -- they had been in a more challenged spend environment, so just wondering how broad-based that is. Is that kind of new project-based or just any detail there?

太好了，謝謝。也許有幾個問題，只是關於您所看到的醫療保健實力。我知道這是一個相對 - 他們一直處於更具挑戰性的支出環境中，所以只是想知道它的基礎有多廣泛。是那種基於新項目的還是只是有任何細節？

And then second question, EMEA looked like a source of strength for you, guys. I think we've seen that across some other companies. And so, is that a matter of they're just coming from a very depressed environment, and so coming out from the lower base and that's where some of the EMEA strength is, or are you -- are there any trends in EMEA that you think are worth calling out? Thanks.

然後是第二個問題，夥計們，歐洲、中東和非洲看起來像是你們的力量來源。我想我們在其他一些公司也看到過這種情況。所以，問題是他們只是來自一個非常蕭條的環境，所以來自較低的基數，這就是歐洲、中東和非洲地區的一些優勢所在，或者你——歐洲、中東和非洲地區有什麼趨勢嗎？呼籲嗎？謝謝。

Yeah, so I'll start, Meta, with healthcare, and then jump to EMEA. Healthcare, I'd say, overall, mobile computing drove the growth in healthcare. It really is our team's focus on clinical mobility and, really, the total cost of ownership we've seen in the past, a significant number of consumer devices used in that space.

是的，所以我將從醫療保健開始，然後跳到歐洲、中東和非洲地區。我想說，醫療保健總體而言，行動運算推動了醫療保健的成長。這確實是我們團隊對臨床移動性的關注，實際上是我們過去看到的總擁有成本，以及該領域使用的大量消費性設備。

And I think that we're seeing healthcare systems realize that the total cost of ownership of Zebra devices is well positioned for them in an environment of tighter budgets and thinner margins overall within healthcare. And we add a lot of value ultimately by improving productivity of healthcare workers, getting data into electronic medical record systems, and then, ultimately, enhancing patient safety overall. So I think the automating of workflows, the digitizing the information around assets, and patients, and staff is of value that our healthcare customers are seeing.

我認為，我們看到醫療保健系統意識到，在醫療保健行業預算緊張、利潤微薄的環境中，Zebra 設備的總擁有成本非常適合他們。透過提高醫護人員的工作效率，將資料輸入電子病歷系統，最終提高病患的整體安全，我們最終增加了許多價值。因此，我認為工作流程自動化、資產、患者和員工資訊的數位化對於我們的醫療保健客戶來說是有價值的。

I think a medium- to longer-term opportunity we're now seeing is things like home healthcare. That remains an opportunity for us. So things like tablets in that area in home healthcare, so we're excited about that. So healthcare has always been a smaller piece of our business, but been one of the faster-growing areas. And certainly, that happened in Q2.

我認為我們現在看到的中長期機會是家庭醫療保健等。這對我們來說仍然是一個機會。家庭醫療保健領域的平板電腦之類的東西，所以我們對此感到興奮。因此，醫療保健一直是我們業務中較小的一部分，但卻是成長較快的領域之一。當然，這發生在第二季。

I would say, if we move to EMEA, I'd say, overall, the strength in EMEA was relatively easy compare -- in Q2 compared to the other regions. Overall, the positive I'd say in EMEA is that we saw some larger projects move ahead outside of retail. So this is one of the places where we've seen some growth in P&L outside of retail and some competitive wins in EMEA. So we feel good about that.

我想說，如果我們轉向歐洲、中東和非洲，我會說，總體而言，歐洲、中東和非洲的實力相對容易比較——在第二季度與其他地區相比。總體而言，我想說的歐洲、中東和非洲地區的積極因素是，我們看到一些大型專案在零售業之外取得進展。因此，這是我們在零售業之外看到損益有所增長以及在歐洲、中東和非洲地區取得一些競爭勝利的地方之一。所以我們對此感覺良好。

Manufacturing remains challenging in EMEA today. So I think that -- kind of mixed overall, feel good about some P&L orders, large P&L orders, easier compare, but manufacturing remains challenging. So I think -- overall, I think we want to see -- North America and EMEA, we'd expect to come out of this first, but we saw some strength in Latin America, too. So I think mixed results across the region.

如今，歐洲、中東和非洲地區的製造業仍面臨挑戰。所以我認為——總體來說有點好壞參半，對一些損益訂單感覺良好，大型損益訂單，更容易比較，但製造仍然具有挑戰性。所以我認為——總的來說，我認為我們希望看到——北美和歐洲、中東和非洲，我們希望首先走出困境，但我們也看到了拉丁美洲的一些實力。所以我認為整個地區的結果好壞參半。

Brad Hewitt, Wells Fargo.

布拉德休伊特，富國銀行。

Hey, good morning, guys. Wolfe Research, not sure what happened there.

嘿，早上好，夥計們。沃爾夫研究中心，不知道那裡發生了什麼事。

Sorry, Brad. We missed the part -- you broke up there during the question.

對不起，布拉德。我們錯過了這一部分——你在提問時就在那裡分手了。

Yeah, sorry. So, just curious if you could elaborate a little more on what you're assuming in the second half from the top-line perspective? So at the midpoint of your full-year guidance, it implies revenue in the second half, essentially flat with the Q2 run rate. So can you help me reconcile that versus kind of the early signs of momentum in mobile computing, and also given the typical positive seasonality in Q4?

是的，抱歉。那麼，只是好奇您是否可以從頂線的角度詳細說明您對下半年的假設？因此，在全年指引的中點，這意味著下半年的營收與第二季的運行率基本持平。那麼，您能否幫助我將這一點與行動運算的早期勢頭跡象進行協調，並考慮到第四季度典型的積極季節性？

Yeah so, if you look at our full-year guide of 4% to 7% with the midpoint of 5.5%, I think, from a year-on-year perspective, really driven by what we see as double-digit growth in the second half demand. About five points for the year, where, again -- if you look at the full year, a lot of moving parts where the destocking from last year accounts for about seven points of growth. But then we had the challenging comps in the first half that offset them.

是的，所以，如果你看一下我們的全年指導，即4% 到7%，中間值為5.5%，我認為，從同比角度來看，這實際上是由我們認為的兩位數增長推動的。今年大約有 5 個百分點，如果你看一下全年，你會發現去年的去庫存導致了許多活動部件的成長大約有 7 個百分點。但上半場我們遇到了具有挑戰性的比賽，抵消了它們。

So again, really, the full-year growth is driven by underlying strength in the business in the second half. And as we said, we see modest demand increases across each of our vertical markets. That's inclusive of the Q2 beat. So I think -- we look at it as, really, the strength we saw in Q2 continuing into the third quarter. I think similar to how we structured the guide over the last several quarters of not anticipating or expecting sequential improvement.

因此，實際上，全年成長是由下半年業務的潛在實力所推動的。正如我們所說，我們看到每個垂直市場的需求都有適度成長。這包括第二季的節拍。所以我認為，我們確實將其視為我們在第二季看到的持續到第三季的強勁勢頭。我認為類似於我們在過去幾個季度建立指南的方式，沒有預期或期待連續改進。

But what have we seen here in the most recent weeks and months? We see it continuing here in July in terms of that stability in the business, albeit at a bit higher level than we saw as we entered the second quarter, with a modest increase as we go into the fourth quarter.

但最近幾週和幾個月我們在這裡看到了什麼？我們認為，就業務穩定性而言，7 月這種情況將持續下去，儘管比我們進入第二季度時看到的水平略高，但在進入第四季度時略有增長。

So, as Bill highlighted before, typically, a lot of the year-end spend that we see from our customers has leaned towards large orders in the past, and again, being thoughtful about how we embed those in the guidance so we have more certainty and commitments from our customers on moving forward with those projects before including it for our full-year guide. So I think it's grounded in what we see today given that visibility into the large deployments, and appropriate.

因此，正如比爾之前所強調的那樣，通常情況下，我們從客戶那裡看到的許多年終支出過去都傾向於大訂單，並且再次考慮如何將這些支出嵌入到指南中，以便我們有更多的確定性以及我們的客戶在將其納入我們的全年指南之前推進這些項目的承諾。因此，我認為它是基於我們今天所看到的大規模部署的可見性，並且是適當的。

Okay. That's helpful. And then -- you guys have talked in recent quarters about your expectation for seasonally lower OpEx spend in the second half of the year. Just curious if you could kind of shine some more light on that. And then, if we look at the implied Q4 EBITDA margin, it's about 21%. Can you talk about some of the puts and takes there on a sequential basis?

好的。這很有幫助。然後，你們在最近幾個季度談到了對下半年營運支出季節性下降的預期。只是好奇你是否可以對此進行更多的闡述。然後，如果我們看一下第四季度隱含的 EBITDA 利潤率，大約是 21%。您能按順序談談其中的一些看跌期權和看跌期權嗎？

Yeah, so if you look -- just, historically, sometimes it is hard to see, but typically, as we go throughout the year just based on when a lot of our trade shows, sales kickoff meetings, timing of benefits, et cetera, tend to be more weighted towards the first half of the year. Then as you get into the back half of the year, you get into holiday seasons around the world, as well as some of the lower benefit costs as you go sequentially through the year.

是的，所以如果你看——只是，從歷史上看，有時很難看出，但通常情況下，當我們全年進行很多貿易展覽、銷售啟動會議、福利時間等等時，上半年的比重往往更大。然後，當您進入下半年時，您將進入世界各地的假期季節，隨著一年中的順序，您的福利成本也會降低。

So I'd say a lot of the sequential improvement is timing related now that we've kind of fleshed through all of the restructuring benefits -- the vast majority of the restructuring benefits through the P&L.

所以我想說，很多連續的改進都與時間有關，因為我們已經充實了所有的重組收益——絕大多數重組收益是透過損益表實現的。

And then I look at the sequential improvement in profitability from Q3 to Q4 as really based on that slight improvement in OpEx as well as the higher volume leverage flowing to the bottom line.

然後我看到從第三季到第四季獲利能力的連續改善實際上是基於營運支出的輕微改善以及流向底線的更高的交易量槓桿。

Keith Housum, Northcoast Research.

Keith Housum，北海岸研究中心。

Good morning, guys. A question for you on a software and services with mobile computing being up double digits. I guess I would have expected a little bit of that flow through more in software services via people signed up for their warranty contracts and things of that nature, et cetera, there late on the connection between the two and the modest growth that you had in that side and that line item this quarter.

早安，夥計們。一個關於行動運算成長兩位數的軟體和服務的問題。我想我會期望透過簽署保固合約的人們和類似性質的人，更多地透過軟體服務來實現這一點，等等，後來兩者之間的聯繫以及你在軟體服務中的適度增長本季的那一側和該行項目。

Yeah, Keith, it's Bill. I would say that overall, we've seen consistent growth in software and services over the last several quarters. So we feel good about that. Let's say we continue to see strong attach rates with mobile devices. So the revenue lags that of course, right?

是的，基思，是比爾。我想說，總的來說，過去幾季我們看到軟體和服務的持續成長。所以我們對此感覺良好。假設我們繼續看到行動裝置的強勁附加率。所以收入當然滯後，對吧？

So ultimately, the strong attach rates continue on with uptick in mobile computer. So no, no real change there. It's just not tied directly to revenue in the exact quarter depending on when the mobile devices are sold. So I wouldn't I wouldn't take anything away from that. It would then we'll continue to see strong attach rates really driven by things like upgrades around less than security, patches and so forth.

因此，最終，隨著行動數據終端的成長，強勁的附加率將持續下去。所以不，沒有真正的改變。它只是與具體季度的收入沒有直接關係，具體取決於行動裝置的銷售時間。所以我不會，我不會從中拿走任何東西。然後，我們將繼續看到強勁的附加率實際上是由安全性、修補程式等方面的升級等因素驅動的。

Continue to be important aspect of our customers buying service from us. I'd like to say that we've seen in the past some customers extend their support agreements. And I think we're seeing us a little bit less than that now, which is, again, a good sign for real, ultimately, our customers looking to upgrade the mobile devices in the future.

繼續成為客戶向我們購買服務的重要方面。我想說的是，我們過去看到一些客戶延長了他們的支援協議。我認為我們看到的情況比現在要少一些，這對我們的客戶最終希望在未來升級行動裝置來說，這又是一個好兆頭。

So maybe a little bit less of that. And if anything else on overall, I'd say software and services in important piece of our business, recurring revenue that that we and others like side, I think all good there. Nothing nothing really to read into acute. read into it, Keith.

所以可能會少一點。如果總體而言，我想說軟體和服務是我們業務的重要組成部分，我們和其他人喜歡的經常性收入，我認為一切都很好。沒什麼值得認真解讀的。讀讀它，基斯。

Okay. I appreciate that. And just a follow-up in terms of like, as most people are sort of a character of the refresh cycle, a lot of devices by four or five years ago. How should we think about pricing today versus where it was, say, four years ago? Are people trading down to a lowered the remote computer or as you think about most customers at a relatively similar, but how about pricing and where people are buying today versus four years ago?

好的。我很欣賞這一點。這只是一個後續行動，因為大多數人都是更新周期的一個角色，很多設備都是四、五年前的。與四年前相比，我們應該如何考慮今天的定價？人們是否會選擇降低價格的遠端計算機，或者您認為大多數客戶的價格相對相似，但與四年前相比，今天的定價以及人們在哪裡購買呢？

Yes, I think we're obviously there's customers are making choices in the type of device they need in their environment. So I think that we continue to see that, um, so if somebody needs a more rugged device into their experience was data of the lower tier device and they beat those devices, the move to have a higher tier devices, you'll see the reverse that they had a good experience with a more rugged device. Could they go to a more mid-tier type device?

是的，我認為我們顯然有客戶正在選擇他們環境中所需的設備類型。所以我認為我們繼續看到這一點，嗯，所以如果有人需要更堅固的設備來體驗較低層設備的數據，並且他們擊敗了這些設備，那麼轉向更高層的設備，你會看到相反，他們對更堅固的設備有很好的體驗。他們可以選擇更中階的設備嗎？

I think that happens all the time. But I think we continue to focus on, you know, value that the devices bring to our customers to keep a SPs as high as we can. And then if we I can't make sure that we're getting the same gross margin out of each tier of the portfolio.

我認為這種情況經常發生。但我認為我們將繼續專注於這些設備為我們的客戶帶來的價值，以盡可能保持較高的 SP。然後，如果我們無法確保我們從投資組合的每一層中獲得相同的毛利率。

In the past, we've shared the portfolio kind of good, better, best or all the way down to kind of value tier. And I think that's allowed us to keep our our pricing and margins higher. So if you want to higher spec device, you pay us a higher price for it. In the early days, followed by a nine years ago of eight years ago, nine years ago and Android, we didn't have as many flavors of devices.

過去，我們分享的投資組合包括好、更好、最好或一直到價值等級。我認為這使我們能夠保持更高的定價和利潤。因此，如果您想要更高規格的設備，您需要向我們支付更高的價格。在早期，接著是九年前、八年前、九年前和 Android，我們沒有那麼多風格的裝置。

So you are discounting higher-end devices to meet value tier players. We do that today, we really tiering the portfolio has allowed us to kind of have conviction around our prices at the higher end and and we feel good about our customers and working closely with them to select the right device for the right use case.

因此，您正在打折高端設備以滿足價值層玩家的需求。今天，我們確實做到了這一點，我們對產品組合進行了分層，這讓我們對高端價格有了一定的信心，我們對客戶感到滿意，並與他們密切合作，為正確的用例選擇正確的設備。

Brian Drab, William Blair.

布萊恩德拉布、威廉布萊爾。

I think some you mentioned that you're seeing sequential improvement all the end markets, including P&L and manufacturing. There have been some signs of further softness across the manufacturing industry in recent weeks. And I'm just wondering if you're if you are seeing any of that shopping our customers' buying patterns or if it really does feel like a pretty stable sequential improvement environment now.

我想您提到，您看到所有終端市場都在持續改善，包括損益和製造。最近幾週，整個製造業出現了進一步疲軟的一些跡象。我只是想知道您是否看到了我們客戶的購買模式，或者現在是否真的感覺像一個相當穩定的連續改進環境。

Yes. I would say that we talked about before. I think in Q1, we saw in our retail and e-commerce first, and now we've seen logo, mobile, computer, mobile computing kind of growth across each of the vertical end markets are retail, Tino manufacturing, health care. I'd say that we're still seeing challenges in manufacturing and an overall your demand, especially in the large deal, isn't back to those historical levels that it's been in the past.

是的。我想說的是我們之前討論過。我認為在第一季度，我們首先看到了零售和電子商務，現在我們看到了零售、蒂諾製造、醫療保健等每個垂直終端市場的標誌、行動、電腦、行動運算的成長。我想說的是，我們仍然看到製造業面臨的挑戰，而且您的整體需求，尤其是大宗交易中的需求，並沒有回到過去的歷史水平。

But in manufacturing specifically, we saw sequential improvement from from Q1 and Q2 on. But I still think EMEA, for instance, we're clearly seeing a challenge in manufacturing where, you know, I would say overall, I wouldn't call manufacturing back to normalized levels in any way.

但具體到製造業，我們看到從第一季和第二季開始連續改善。但我仍然認為，例如，在歐洲、中東和非洲地區，我們清楚地看到製造業面臨的挑戰，我想說，總的來說，我不會以任何方式將製造業恢復到正常水平。

But I think we just saw some sequential improvement, which I think it was good. Manufacturing is an important segment for us. We see we've got lesser and lesser penetrated in through manufacturing from our relationship manufacturing many times or more in the warehouse, the finished production and moving that through the supply chain and some of our new solutions around machine vision, rugged tablets, our demand planning solutions for CPGE.

但我認為我們只是看到了一些連續的改進，我認為這是很好的。製造對我們來說是一個重要的部分。我們發現，我們在倉庫中多次或多次進行關係製造、成品生產並將其轉移到供應鏈以及我們圍繞機器視覺、堅固型平板電腦、我們的需求的一些新解決方案，對製造的滲透越來越少。

Manufacturers all play into having a broader portfolio for manufacturing. So we ultimately see that that segment for grow it from say we're seeing probably about the same as you're seeing.

製造商都致力於擁有更廣泛的製造產品組合。因此，我們最終看到該細分市場的成長，我們所看到的可能與您所看到的大致相同。

Okay. Thank you. And then for follow-up, are you seeing opportunities potentially to gain share when we come out of this tougher environment? And you obviously have a great balance sheet and not letting up in terms of investment in technology and customer service.

好的。謝謝。接下來，當我們走出這個更艱難的環境時，您是否看到了潛在的獲得份額的機會？顯然，您擁有良好的資產負債表，並且在技術和客戶服務方面的投資不會放鬆。

Can you comment on how you might be potentially better positioned in both AIT. and EVM. ultimately?

您能否評論一下您如何在 AIT 和 AIT 中獲得更好的定位？和 EVM。最終？

Yes. I'd say that overall, we feel good about where we're at in our customer relationships. We continue to stay very close to our customers. As you know, we're a trusted partner to them. And I think that as the macro environment gets better, I think we would say that they will begin to buy again, especially in and we'll see larger orders improve as we continue solid growth in medium and run rate in the second quarter.

是的。我想說的是，總體而言，我們對客戶關係的現狀感到滿意。我們繼續與客戶保持密切聯繫。如您所知，我們是他們值得信賴的合作夥伴。我認為，隨著宏觀環境變得更好，我認為我們會說他們將再次開始購買，特別是隨著我們在第二季度繼續實現中期和運行率的穩健增長，我們將看到更大的訂單有所改善。

The installed base continues to grow. And I think that from that perspective, I think that we're seeing increased use cases across our customer environments. Our summer still sweating their assets. It's not a battleship. They can't do that forever. So I think overall, we see the momentum in demand continuing and continue to broaden both by vertical market.

安裝基數持續成長。我認為從這個角度來看，我們在客戶環境中看到了越來越多的用例。我們的夏天還在為他們的資產出汗。這不是一艘戰艦。他們不能永遠這樣做。因此，我認為總體而言，我們看到需求勢頭持續存在，並繼續擴大垂直市場。

To your first question and then by size of order and order activity across small, medium and large type of

對於你的第一個問題，然後按訂單規模和小型、中型和大型類型的訂單活動

Rob Mason, Baird.

羅布梅森，貝爾德。

Yes. Good morning, Bill and Nathan. On the strength in the gross margin, I think has already become an adult. But if you think about when large orders do come back up, how should we be thinking? Or how are you thinking about sensitivity on the gross margin profile today versus, say, maybe 2018, 2019?

是的。早上好，比爾和內森。論毛利率的實力，我認為已經成熟了。但如果你想想當大訂單確實回來時，我們該如何思考？或者，與 2018 年、2019 年相比，您如何看待今天毛利率狀況的敏感度？

Team. Have you done anything different structurally around your either your supply agreements are just as you mentioned, Bill tiering the portfolio that would suggest the gross margin holds up better? Or does it still about has that kind of a return to maybe 2018, 2019 levels with large orders come back?

團隊。您是否在結構上做了任何不同的事情，或者您的供應協議正如您提到的那樣，比爾對投資組合進行了分層，這表明毛利率保持得更好？或者說它是否仍然會回到 2018 年、2019 年的水平，並且大訂單會回來？

Rob, I'd say just if you look out structural difference in terms of maybe the the differential between the margin we'd expect in a large deal versus kind of run rate business. So that's a has structurally changed. The the one thing if you go back, I think the one aspect of particularly if you go from 2019 since 2019, whether that's a tariff, the supply chain challenges, the rapid growth. So it's pretty challenging to find what's the right baseline many if you go back to 2018 rights on just the lower revenue lower base.

羅布，我想說的是，如果你從我們在大宗交易中預期的利潤率與運行率業務的利潤率之間的差異來觀察結構性差異。所以這已經發生了結構性變化。如果你回顧過去，我認為特別是如果你從 2019 年開始，有一個方面，無論是關稅、供應鏈挑戰還是快速成長。因此，如果你回到 2018 年的收入較低的基礎上，找到正確的基線是相當具有挑戰性的。

I think I think if you look at the business today, I think the decision strength across the portfolio as we have strength across the portfolio, in terms of the underlying gross margin and being able to leverage the scale and leverage our distribution network as we've grown to inherently build a higher gross margin profile company.

我認為，如果你看看今天的業務，我認為整個投資組合的決策力量，因為我們在整個投資組合中都具有優勢，就基本毛利率而言，以及能夠利用規模和利用我們的分銷網絡，因為我們'已經發展成為一家擁有更高毛利率的公司。

But again, I think there will be somewhat decremental as we in gross margin once large deals recover, but still incremental as you think about it from a EBITDA rate. So I think there's the balance of that still incremental margin to the total to the bottom line number, slightly dilutive in gross margin.

但我再次認為，一旦大宗交易恢復，我們的毛利率將會下降，但從 EBITDA 比率來看，毛利率仍然是增量。因此，我認為增量利潤與總利潤之間存在平衡，毛利率略有稀釋。

I see. Just to back on the regional discussion, you don't my math and maybe that is not to like, but it did look like North America stepped down a little bit sequentially. If that is the case or just any color that you could provide on what you saw there?

我懂了。回到區域討論，你不知道我的數學，也許這不是喜歡的，但看起來北美確實按順序下降了一點。如果是這種情況，或者您可以提供您在那裡看到的任何顏色嗎？

Yes, it runs. North America was down so year on year, I'm not sure sequentially was down sequentially as well. and Nate's pointing to me. I would say overall on mobile computing returned to growth in North America, again, just like we saw across the other regions so that that clearly was positive.

是的，它運行了。北美地區逐年下降，我不確定是否也連續下降。內特指著我。我想說的是，總體而言，北美的行動運算再次恢復成長，就像我們在其他地區看到的那樣，這顯然是積極的。

The other product categories were down as a year ago in first and second quarter, we saw supply chain challenges Abate from a print and a scanning perspective. So that compares were pretty challenging for both those businesses. They had really good Q1 and Q2 of last year.

其他產品類別的第一季和第二季與一年前相比有所下降，我們從列印和掃描的角度看到供應鏈挑戰有所減弱。因此，這種比較對於這兩家企業來說都是相當具有挑戰性的。他們去年第一季和第二季的表現非常好。

So I think that impacted North America in North America. It typically has an overweight on large deals as well. So growth in North America, we really like to see kind of run rate mid-tier and large deals because and a large deals or are overweight typically in North America. So we saw kind of flat sequentially. As we said before, large deal activity, Q1 to Q2 and really, the North American, we'd like to see more large deal activity come back here and kind of second half and then hopefully some year-end spend and then no growth into 25. So that's really the story of North America.

所以我認為這對北美產生了影響。它通常也會增持大型交易。因此，北美的成長，我們真的很希望看到中型和大型交易的運行率，因為大型交易或超重通常發生在北美。所以我們連續看到了一些持平。正如我們之前所說，大型交易活動，第一季到第二季度，實際上，北美，我們希望看到更多的大型交易活動回到這裡，下半年，然後希望有一些年終支出，然後沒有成長25.這就是北美的故事。

Jim Ricchiuti, Needham.

吉姆·里基烏蒂，李約瑟。

Hi, good morning. This is Chris Greng on for Jim less. And that's my questions have been addressed. But maybe just one for me. The chart with the touch points is very helpful on just wondering and as you look ahead to to seeing larger projects return, are you preparing for for large project activity to be in any one of these particular nodes, whether it's factored the warehouse store, last mile, et cetera, or two large projects generally entail abroad, a broad coverage of one or many of those nodes? Or just how you're thinking about that? Thank you.

嗨，早安。這是克里斯·格倫 (Chris Gren) 替吉姆·萊斯特 (Jim less) 發言。這就是我的問題已經解決。但也許對我來說只是一個。帶有接觸點的圖表非常有助於您想知道，當您期待看到更大的項目返回時，您是否正在為這些特定節點之一的大型項目活動做好準備，無論它是否考慮到倉庫存儲，最後英里等，或者兩個大型項目通常需要在國外廣泛覆蓋其中一個或多個節點？還是你怎麼想的？謝謝。

Yeah, I think we see large deals typically to deal across the portfolio so that, you know, it's all about kind of size and scale of customer. So, you know, on in retail to be larger, the larger retailers that would refresh and then have refresh cycles or upgrade your larger orders across the portfolio that we do a multiple store upgrade, refreshing to a new device, for instance, in transportation logistics, you see things like the fleet of last-mile delivery drivers as an example, upgrade across transportation logistics. Our postal work first around the globe would be examples of large, some opportunities.

是的，我認為我們看到的大型交易通常涉及整個投資組合，因此，你知道，這完全取決於客戶的規模和規模。所以，你知道，在零售業要變得更大，更大的零售商會更新，然後有更新周期或升級整個產品組合中的較大訂單，我們會進行多商店升級，更新到新設備，例如在運輸領域物流方面，你可以看到像最後一哩送貨司機車隊這樣的例子，整個運輸物流的升級。我們首先在全球開展的郵政工作將是一些巨大機會的例子。

So I think we see them across each one. There are a bit different in manufacturing. It's more location by location or plant by plant as opposed to large deal activity would see in retail where they do multiple stores at once or T&L they do not hire. Fleet of drivers are postal.

所以我認為我們在每一個人身上都能看到它們。製造上有一點不同。它更多的是一個地點一個地點或一個工廠一個工廠，而不是在零售業中看到的大型交易活動，他們同時經營多家商店或他們不僱用運輸和物流。車隊的司機都是郵政的。

So it's a bit different by node. So manufacturing more broken down by site retail, more multiple stores, it wants T&L. more larger deployments, I would say health care more more like manufacturing. You know, I'm not as large a hospital system comes more kind of hospital length of time or multiple hospitals the time, but not those large refresh besides a large refreshes and upgrades, more tied the retail and T&L.

所以節點有點不同。因此，製造業更細分為現場零售、更多商店，它需要 T&L。更多更大規模的部署，我想說醫療保健更像製造業。你知道，我並沒有像大型醫院系統那樣帶來更多種類的醫院時間長度或多個醫院的時間，但不是那些除了大更新和升級之外的大更新，更多地捆綁了零售和T＆L。

Guy Hardwick, Freedom Capital Markets.

蓋伊‧哈德威克，《自由資本市場》。

Hi, good morning. Zebra saw some ready inch -- morning. millennial superstitious, some very interesting press releases regarding and working with call come to run at a lens on the same from about computers and but without the requirements of kind of break it up less than a cloud sales. Just wondering, Bill, just how close to CMP Tech kind of a borrower oil based introduction of these kind of a digital system.

嗨，早安。斑馬看到了一些準備好的英寸——早上。千禧世代迷信，一些非常有趣的關於電話和與電話合作的新聞稿來自於電腦上的相同鏡頭，但沒有像雲端銷售那樣將其分解的要求。比爾，我只是想知道 CMP Tech 引入此類數位系統與基於石油的借款人有多接近。

Yeah, so we think of AI across the portfolio in several different ways. First is that just our core business really is about electing real-time data. And that's used is kind of intelligence to feed AI models overall. So whether it's a barcode reading a printed label with the inflow nation on it back into the cloud, whether that's an RFID tag, the Reg.

是的，所以我們以幾種不同的方式思考整個產品組合中的人工智慧。首先，我們的核心業務其實就是選擇即時數據。這就是用來為人工智慧模型提供整體情報的。因此，無論是讀取印有流入國家/地區的列印標籤的條碼返回雲端，或是 RFID 標籤、Reg.

So the idea of digitizing our customer's environment, getting real-time data to AI models and ultimately to generate insights. And AI. is a fundamental thing we do in our the value of our data that we collect fees. These models. I think that's kind have a baseline of we think about AI.

因此，我們的想法是對客戶的環境進行數位化，將即時數據輸入人工智慧模型，並最終產生見解。還有人工智慧。我們在數據價值方面所做的一項基本工作是收取費用。這些模型。我認為這是我們思考人工智慧的基線。

Second is traditional more traditionally, I used about probably in 50 different solutions across the portfolio today, whether that's optical character recognition or product recognition, navigation for autonomous mobile robots, package dimensioning inside our software, um, around workforce planning and demand forecasting. So traditionally eyes are going to the second piece that we think of across the portfolio.

其次是更傳統的，我今天在整個產品組合中使用了大約50 種不同的解決方案，無論是光學字元辨識還是產品識別、自主移動機器人的導航、我們軟體內的包裝尺寸，嗯，圍繞著勞動力規劃和需求預測。因此，傳統上，我們的目光會集中在我們在整個產品組合中想到的第二件作品上。

The third is what you're kind of referring to is the idea that this AI assistant, right is that empowering the frontline workers through a little more information, leveraging a large language model on the device without connectivity to cloud, working closely with Polycom and Google, as you mentioned, to go do that. We've demonstrated that it's a national retail federation Trade Show in January.

第三個是你提到的這個人工智慧助理的想法，正確的是，透過更多的資訊為一線工作人員提供支持，在不連接雲端的情況下利用設備上的大型語言模型，與Polycom 密切合作，正如你所提到的，谷歌要做這件事。我們已經證明這是一月份的全國零售聯合會貿易展。

We demonstrated again at our Innovation Day. We also demonstrated a Google's on Trade Show earlier this year as well. So I think we're we're excited about that opportunity today is not commercialized yet on. We're continuing to work closely with our customers to really understand all the use cases, what's required around that, how do we best leverage, which model in that case? How do we keep model up-to-date?

我們在創新日再次進行了展示。今年早些時候，我們也在貿易展上展示了 Google 的產品。所以我認為我們對今天的機會還沒有商業化感到興奮。我們將繼續與客戶密切合作，以真正了解所有用例、需要什麼、我們如何最好地利用、在這種情況下使用哪種模型？我們如何保持模型最新？

So a lot of a lot of different discussions with our customers about what that offering will look like. But we're excited to work with Google and call combine it with our customers, excited about having a digital assistant within retail or manufacturing. You think of all the use cases are making your newest worker as good as your most experienced worker having all of your standard operating procedures at the hands of the associate or the frontline worker, being able to tie that back to the sources of data being restricted to the individual customer.

因此，我們與客戶就該產品的外觀進行了許多不同的討論。但我們很高興與Google合作，並將其與我們的客戶結合起來，對在零售或製造業領域擁有數位助理感到興奮。您認為所有用例都使您的最新員工與最有經驗的員工一樣好，將所有標準作業程序交由同事或第一線員工掌握，並能夠將其與受限制的資料來源連結起來給個人客戶。

So we think it's a driver of long-term for our mobile devices and a differentiator for us. But today, it's still early days more pilots and demonstrating a working with customers and commercialization.

因此，我們認為這是我們行動裝置的長期驅動力，也是我們的差異化因素。但今天，更多試點以及展示與客戶合作和商業化仍處於早期階段。

I think my just may push a little bit on that. I mean, in terms of commercialization is a 2025 timeframe of oh beyond that>

我想我可能會稍微推動一下這一點。我的意思是，就商業化而言，2025 年的時間範圍還不止於此>

No, likely like we're going to we're going to have more demonstrations around it that we're planning today with some of our customers at the national retail show as we go the next step along with it next year in '25. And then I probably commercialization in likely in '25 as I would see it today.

不，很可能我們會圍繞它進行更多的演示，我們今天計劃在全國零售展上與一些客戶一起進行演示，明年我們將在 25 年邁出下一步。然後我可能會在 25 年商業化，就像我今天看到的那樣。

Thank you.

謝謝。

Rob Jamieson, Vertical Research.

羅布·賈米森，垂直研究。

Hey, good morning, Bill, and Nathan. Congrats on the quarter.

嘿，早上好，比爾和內森。恭喜本季。

Thanks, Rob.

謝謝，羅布。

I just wanted to kind of ask more of a high-level question around and go back and revisit M&A and add in adjacencies. And then you'll have a great installed base and a lot of market share across your various verticals. As we think about you adding adjacencies and what you've done recently, adding things like fashion may trucks and another market is given the comfort that your customers have, what you think that as weak returns like a more normal environment that will kind of you can leverage that and your customers to be more comfortable, maybe deploying a new solution, something more kind of like advanced. It's like Fintur or may attract and they're still in their operation?

我只是想問更多高層問題，然後回去重新審視併購並添加相關內容。然後，您將在各個垂直領域擁有良好的安裝基礎和大量市場份額。當我們考慮您添加鄰接項以及您最近所做的事情時，添加諸如時尚可能卡車和另一個市場之類的東西會給您的客戶帶來舒適感，您認為微弱的回報就像一個更正常的環境一樣會為您帶來好處可以利用這一點和您的客戶變得更加舒適，也許可以部署新的解決方案，更先進的解決方案。就像 Fintur 一樣，或者可能會吸引他們，但他們仍在運作中？

I think that clearly our strategic relationships with our customer freights and opportunity for us to deploy a broader set of solutions within those customers that trusted partnership allows us to go do that. I think that the backdrop of the environment hasn't been all that.Great. So, you know, machine vision, it's a good example of that has been kind of a challenging market. And then our diversification just takes time where we were center really around more semiconductor manufacturing and moving outside of that.

我認為，顯然我們與客戶貨運的策略關係以及我們在這些客戶中部署更廣泛的解決方案的機會，值得信賴的合作夥伴關係使我們能夠做到這一點。我認為環境背景還沒那麼好。所以，你知道，機器視覺就是一個很好的例子，說明市場是一個充滿挑戰的市場。然後，我們的多元化只需要時間，我們真正以更多的半導體製造為中心，然後轉向其他領域。

So but that is our customers are giving us an opportunity to sell solutions in that space because we have a relationship with them already. I think we're seeing the same thing across retail, software and robotics, as you mentioned. So clearly, a matters, our breadth and depth of our current portfolio, the relationship we have with them, the fact that we're a trusted partner to them. It's not always the same persona.

所以，我們的客戶給了我們在該領域銷售解決方案的機會，因為我們已經與他們建立了關係。正如您所提到的，我認為我們在零售、軟體和機器人領域也看到了同樣的情況。很明顯，我們目前投資組合的廣度和深度、我們與他們的關係以及我們是他們值得信賴的合作夥伴這一事實都很重要。它並不總是相同的角色。

So it's not I won't say it's easy, meaning we've got to get from our current buyer of our solutions and a person who are on deploys our solutions today to someone else within the organization. So we're working with somebody inside of manufacture more on the distribution of products.

因此，我不會說這很容易，這意味著我們必須從解決方案的當前買家以及今天將我們的解決方案部署到組織內其他人的人員那裡獲得幫助。因此，我們正在與製造商內部的人員更多地合作進行產品分銷。

At the end of the manufacturing line. We now need to form a relationship with somebody on the manufacturing line for things like machine vision solutions. That example does not easy, but it's certainly doable in our because of our trusted relationship, they're willing to make that introduction. And then we've got our on our way and improve our solutions into that manufacturing space. But we're given that opportunity because of those relationships.

在生產線的末端。我們現在需要與生產線上的人員建立機器視覺解決方案等方面的關係。這個例子並不容易，但在我們這裡肯定是可行的，因為我們值得信賴的關係，他們願意介紹。然後我們就開始改進我們的解決方案進入該製造領域。但由於這些關係，我們獲得了這個機會。

That's helpful. And I appreciate it. And then that's the extent they are willing to share just as effective at adjacencies and things, you're looking at the portfolio as anything, either high level or specific that you're looking at at the moment? I would just especially as your leverage is getting to an attractive point here. Thank you.

這很有幫助。我很感激。然後，這就是他們願意在鄰接和事物上同樣有效地分享的程度，您將投資組合視為您目前正在考慮的任何事物，無論是高水平的還是具體的？我特別想，因為你的影響力已經達到了一個有吸引力的點。謝謝。

No. We'd like to do things in the similar vertical markets for the reasons we just talked about. So all that comes into play. And then ultimately, as I said before, little bit higher hurdles at the moment, given the macro uncertainty to make sure that if we were going to acquire something or the certainty of revenue and then ultimately the higher risk interest rates have come way down on that a little bit. So I think overall, we continue to be inquisitive. It's got to be the right asset in the right fit for Zebra.

不。出於我們剛才談到的原因，我們希望在類似的垂直市場中做一些事情。所以所有這些都發揮了作用。最終，正如我之前所說，考慮到宏觀不確定性，目前的障礙要高一些，以確保我們是否要收購某些東西或收入的確定性，然後最終較高的風險利率會大幅下降那一點點。所以我認為總的來說，我們仍然保持好奇。它必須是適合 Zebra 的正確資產。

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

我們的問答環節到此結束。我想將會議轉回伯恩斯先生發表閉幕詞。

I'd like just to wrap up by saying thank you to our employees and partners for continued support of Zebra and execution in the second quarter. We're now positioned for growth in the second half year. So have a great day, everyone, and thank you.

最後，我想對我們的員工和合作夥伴表示感謝，感謝他們在第二季對 Zebra 的持續支持和執行力。我們現在已做好下半年的成長準備。祝大家有美好的一天，謝謝。

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

會議現已結束。感謝您參加今天的演講。您現在可以斷開連線。