斑馬技術公司 (ZBRA) 2024 Q4 法說會逐字稿

Good day and welcome to the fourth quarter and full-year 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.

大家好，歡迎參加 Zebra Technologies 2024 年第四季和全年財報電話會議。（操作員指示）請注意，此事件正在被記錄。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 fourth 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.

早上好，歡迎參加 Zebra 第四季財報電話會議。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一年。

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.

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 on 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和以固定匯率計算的。

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 fourth-quarter results. Nathan will then provide additional detail on the financials and discuss our 2025 outlook. Bill will conclude with progress on advancing our strategic priorities. Following the prepared remarks, Bill and Nathan will take your questions.

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四季業績。然後，Nathan 將提供有關財務狀況的更多細節，並討論我們 2025 年的展望。比爾最後將介紹我們在推動策略重點方面所取得的進展。在發表準備好的發言後，比爾和內森將回答大家的問題。

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

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. Our teams executed well in the fourth quarter, delivering results above our outlook. For the fourth quarter, we realized sales greater than $1.3 billion a 32% increase compared to the prior year. Adjusted EBITDA margin of 22.1%, the nearly 7% increase. Non-GAAP diluted earnings per share of $4 which is more than double the prior year and strong free cash flow.

謝謝你，麥克。早安，感謝您加入我們。我們的團隊在第四季度表現出色，取得了超乎我們預期的業績。第四季度，我們實現銷售額超過 13 億美元，比上年增長 32%。調整後EBITDA利潤率為22.1%，成長近7%。非公認會計準則攤薄每股收益為 4 美元，較上年增長一倍以上，且自由現金流強勁。

As we discussed on our last earnings call, in the third quarter, we saw demand recovery broaden with data capture and printing returning to growth following mobile computing return to growth in Q2.

正如我們在上次財報電話會議上所討論的那樣，在第三季度，我們看到需求復甦擴大，隨著行動運算在第二季度恢復成長，資料擷取和列印也恢復成長。

Demand trends continue to improve in most end markets throughout the fourth quarter with the manufacturing sector lagging. North America retail was a bright spot with stronger customer year-end spending than we had anticipated.

第四季度，大多數終端市場的需求趨勢持續改善，但製造業表現落後。北美零售業是一個亮點，消費者年終支出超出了我們的預期。

These factors, along with a significant distributor destocking in the second half of last year resulted in strong double-digit sales growth in Q4. From a profitability perspective, the operating leverage from our strong sales growth drove significant margin expansion, supporting our earnings and cash flow.

這些因素加上去年下半年經銷商大幅去庫存，導致第四季銷售額實現強勁的兩位數成長。從獲利能力角度來看，強勁的銷售成長帶來的經營槓桿推動了利潤率的大幅擴張，支持了我們的利潤和現金流。

As we enter 2025, our order backlog supports a solid Q1, however, we remain cautious in our outlook as our customers navigate an uncertain environment, including a dynamic global trade, geopolitical and macroeconomic backdrop.

隨著我們進入 2025 年，我們的訂單積壓支撐了穩健的第一季度，然而，由於我們的客戶面臨不確定的環境，包括動態的全球貿易、地緣政治和宏觀經濟背景，我們對前景仍持謹慎態度。

I will now turn the call over to Nathan to review our Q4 financial results and discuss our 2025 outlook.

現在，我將電話轉給 Nathan，讓他回顧我們的第四季財務表現並討論我們的 2025 年展望。

Thank you, Bill. Let's start with the P&L on Slide 6. In Q4, total company sales were approximately 32%, reflecting continued recovery in demand across our major product categories. Mobile computing strength in retail drove growth above our outlook.

謝謝你，比爾。讓我們從投影片 6 上的損益表開始。第四季度，公司總銷售額約為 32%，反映出我們主要產品類別的需求持續復甦。零售業的行動運算實力推動了超乎我們預期的成長。

Our enterprise visibility & mobility segment sales increased 33% in asset intelligence and tracking segment grew 29%. Our services and software recurring revenue businesses had solid growth in the quarter.

我們的企業可視性和行動性部門的資產智慧銷售額成長了 33%，追蹤部門的銷售額成長了 29%。我們的服務和軟體經常性收入業務在本季實現穩健成長。

We realized double-digit sales growth across our regions. In North America, sales grew 36% with a significant improvement in large retail mobile computing orders.

我們在各地區都實現了兩位數的銷售成長。在北美，銷售額成長了36%，大型零售行動計算訂單顯著改善。

EMEA sales grew 24% with strength in Northern Europe. Asia Pacific sales increased 30%, led by Australia, New Zealand and India, along with modest improvement in China. In sales grew 40% in Latin America with particular strength in Brazil.

由於北歐地區的強勁成長，歐洲、中東和非洲地區的銷售額成長了 24%。亞太地區的銷售額成長了 30%，其中澳洲、紐西蘭和印度的銷售額成長最為顯著，中國市場的銷售額也略有改善。拉丁美洲的銷售額成長了 40%，其中巴西的銷售額成長尤為強勁。

Adjusted gross margin increased 410 basis points to 48.7% primarily due to volume leverage, and adjusted operating expenses as a percent of sales improved by 290 basis points. This resulted in fourth quarter adjusted EBITDA margin of 22.1%, 670 basis point increase versus the prior year and a 70 basis point sequential improvement from Q3. Non-GAAP diluted earnings per share was $4 to 134% year-over-year increase and at the high end of our outlook.

調整後的毛利率增加 410 個基點至 48.7%，主要由於銷售槓桿，調整後的營業費用佔銷售額的百分比提高了 290 個基點。這導致第四季度調整後的 EBITDA 利潤率為 22.1%，比上年增加 670 個基點，比第三季度環比增加 70 個基點。非公認會計準則攤薄每股收益為 4 美元，年增 134%，處於我們預期的高位。

Turning now to the balance sheet and cash flow on slide 7. For the full year, we generated $954 million of free cash flow as EBITDA increased, and we drove significant improvements in working capital and inventory levels.

現在轉到投影片 7 上的資產負債表和現金流量。全年而言，隨著 EBITDA 的成長，我們產生了 9.54 億美元的自由現金流，並且我們的營運資金和庫存水準也得到了顯著改善。

We achieved 136% free cash flow conversion and ended the year at a 1.2 times net debt to adjusted EBITDA leverage ratio. As our cash flows recovered and debt levels have moderated, we have increased flexibility to deploy capital consistent with our allocation priorities.

我們實現了 136% 的自由現金流轉換，年底淨負債與調整後 EBITDA 槓桿比率為 1.2 倍。隨著我們的現金流量恢復和債務水準緩和，我們可以更靈活地根據我們的分配優先順序部署資本。

We repurchased $47 million of shares for the full year, with most of the activity in Q4. As part of our continued efforts to scale our expansion in adjacent markets, we recently agreed to purchase Photoneo, a leading 3D machine vision company based in Eastern Europe for approximately EUR60 million, which is expected to close in the first quarter.

我們全年回購了價值 4,700 萬美元的股票，其中大部分回購發生在第四季。作為我們持續努力擴大鄰近市場擴張的一部分，我們最近同意以約 6000 萬歐元的價格收購位於東歐的領先 3D 機器視覺公司 Photoneo，預計該交易將在第一季完成。

Let's now turn to our outlook. We entered 2025 with a solid backlog supported by strong retail year-end predict spending that carried into our first quarter. Our first quarter sales growth guidance range of 8% to 11% reflects favorable comparisons and assumes a 1 point unfavorable impact from FX due to a significantly stronger dollar over the past several months.

現在我們來談談我們的展望。我們進入 2025 年時擁有大量積壓訂單，這得益於強勁的零售年終預測支出，並且這種強勁勢頭一直延續到第一季。我們對第一季銷售成長的預期範圍為 8% 至 11%，這反映了有利的比較結果，並假設由於過去幾個月美元大幅走強，外匯會帶來 1 點的不利影響。

Our first quarter adjusted EBITDA margin is expected to be approximately 21%, and non-GAAP diluted earnings per share are expected to be in the range of $3.50 to $3.70.

我們第一季的調整後 EBITDA 利潤率預計約為 21%，非 GAAP 稀釋每股收益預計在 3.50 美元至 3.70 美元之間。

This sales and profitability expectation is a sequential decline from Q4, reflective of normal seasonality. For the year, we expect sales growth between 3% and 7% inclusive of 130 basis points unfavorable impact from FX.

該銷售額和獲利預期較第四季環比下降，反映了正常的季節性因素。我們預計今年的銷售額將成長 3% 至 7% 之間，其中包括外匯帶來的 130 個基點的不利影響。

Demand trends have been positive across most of our end markets with manufacturing lagging. That said, we remain cautious in our outlook as our customers navigate an uncertain environment and as a result, our visibility to customer spending beyond Q1 is lower than usual.

儘管製造業有所滯後，但我們大多數終端市場的需求趨勢都呈現正態勢。儘管如此，由於我們的客戶處於不確定的環境中，我們對未來前景仍持謹慎態度，因此，我們對第一季後客戶支出的可見度低於平時。

Our full year adjusted EBITDA margin is expected to be between 21% and 22%. And non-GAAP diluted earnings per share are expected to be reaching $14.75 to $15.25. We will continue to remain agile to ensure we deliver solid profitable growth.

我們預計全年調整後的 EBITDA 利潤率將在 21% 至 22% 之間。非公認會計準則每股攤薄收益預計達 14.75 美元至 15.25 美元。我們將持續保持敏捷，確保實現穩健的獲利成長。

Free cash flow for the year is expected to be at least $750 million, which reflects free cash flow conversion of greater than 90%. We will continue to work on further optimizing our working capital levels, balanced with our supply chain resiliency initiatives.

預計全年自由現金流至少 7.5 億美元，反映出自由現金流轉換率超過 90%。我們將繼續致力於進一步優化我們的營運資本水平，並與我們的供應鏈彈性措施保持平衡。

We made substantial progress diversifying our supply chain sourcing beyond China over the past several years. We continue to work closely with our manufacturing and trade partners to optimize our footprint which puts us in an improved position to navigate the impacts of recently announced import tariffs.

過去幾年來，我們在實現供應鏈採購多元化（走出中國）方面取得了實質進展。我們繼續與我們的製造和貿易夥伴密切合作，以優化我們的足跡，使我們能夠更好地應對最近宣布的進口關稅的影響。

Based on the incremental 10% China tariffs that became effective in early February and the 25% Mexico tariffs that become effectively in early March. We anticipate a net impact to gross profit of approximately $20 million in 2025 peaking in Q2.

基於 2 月初生效的對中國徵收的 10% 增量關稅和 3 月初生效的對墨西哥徵收的 25% 增量關稅。我們預計，2025 年第二季對毛利潤的淨影響將達到約 2,000 萬美元，達到高峰。

The impact is roughly split between China and Mexico. We expect to substantially mitigate these tariffs as we exit 2025 through supply chain initiatives and targeted price increases. Left on mitigation, the annualized impact would have been more than $60 million. Please reference additional modeling assumptions shown on slide 8.

影響大致分攤在中國和墨西哥身上。我們預計，到 2025 年末，這些關稅將透過供應鏈措施和有針對性的漲價大幅降低。如果採取緩解措施，年化影響將超過 6,000 萬美元。請參考投影片 8 上顯示的其他建模假設。

With that, I will turn the call back to Bill.

說完這些，我就把電話轉回給比爾。

Thank you, Nathan. Turning to slide 10. As we look at the long-term opportunities for our business, we remains well positioned to benefit from secular trends to digitize and automate workflows with our portfolio of innovative solutions (technical difficulty) hardware, software and services.

謝謝你，內森。翻到第 10 張投影片。當我們著眼於我們業務的長期機會時，我們仍然處於有利地位，可以利用我們的創新解決方案（技術難度）硬體、軟體和服務組合，從長期趨勢中受益，實現工作流程的數位化和自動化。

We empower frontline workers to execute tasks more effectively by helping them navigate constant change in real time. Innovation remains central to our industry leadership and we have consistently reinvested approximately 10% of our sales into research and development to advance our portfolio of solutions.

我們幫助第一線員工即時應對不斷發生的變化，使他們能夠更有效地執行任務。創新仍然是我們產業領導地位的核心，我們一直將約 10% 的銷售額重新投資於研發，以推進我們的解決方案組合。

Recent progress includes AI-based machine vision offerings expansion into self-service kiosks, embedded RFID capabilities within our mobile computing portfolio and eco-friendly printing supply. We augment our organic efforts with strategic acquisitions that advance our vision.

最近的進展包括基於人工智慧的機器視覺產品擴展到自助服務亭、行動運算產品組合中的嵌入式 RFID 功能和環保印刷供應。我們透過策略性收購來增強我們的內部努力，從而推進我們的願景。

This includes our pending acquisition of Photoneo, which will (technical difficulty) into automotive manufacturing, logistics and other key markets. We look forward to welcoming the team once the acquisition closes.

其中包括我們即將收購Photoneo，該公司將（技術難度）進軍汽車製造、物流和其他關鍵市場。我們熱切期待收購完成後團隊的加入。

As you will see on slide 11, our customers leverage our solutions to optimize workflows across a broad bridge of end markets which drives productivity and better service to their customers, shoppers and patients.

正如您在第 11 張投影片上看到的，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，從而提高生產力並為他們的客戶、購物者和患者提供更好的服務。

The performance part continues to rise and increasingly on-demand account. Zebra works closely with our customer on their technology journey to address their biggest challenges. I would like to highlight some of the wins to transform customer workflows. A large North American retailer is beginning to deploy Zebra RFID fixed readers to optimize shelf availability for fresh food and apparel.

業績部分持續上漲，隨選增加。Zebra 與我們的客戶在技術探索過程中密切合作，以解決他們面臨的最大挑戰。我想強調改變客戶工作流程的一些成功經驗。一家大型北美零售商開始部署 Zebra RFID 固定讀取器，以優化新鮮食品和服裝的貨架供應量。

This initial investment lays the groundwork for expansion into additional RFID solutions such as loss prevention. A leading auto manufacturer recently launched a mobile computing refresh an expansion project spanning multiple US sites to provide real-time visibility and streamline final quality inspections.

這項初始投資為擴展到其他 RFID 解決方案（例如防損）奠定了基礎。一家領先的汽車製造商最近啟動了一項覆蓋美國多個站點的行動運算更新擴展項目，以提供即時可視性並簡化最終品質檢查。

An online retailer in South America replaced the competitors' devices and expanded their relationship with us, selecting Zebra mobile computers, scanners, kiosk, printers and RFID readers to optimize their inbound and outbound warehouse operations. Our reliable device performance and ability to improve operational efficiency are particularly important to this customer.

南美一家線上零售商更換了競爭對手的設備並擴大了與我們的關係，選擇了 Zebra 行動數據終端、掃描器、自助服務終端、印表機和 RFID 閱讀器來優化其入站和出站倉庫操作。我們可靠的設備性能和提高營運效率的能力對該客戶尤其重要。

Additionally, a leading retail pharmacy is deploying Zebra tablets, enabling their staff to provide improved patient care and scheduling, whether in-store or offsite. This customer placed a competitor's solution with our tablets due to the breadth of Zebra's capabilities, along with our comprehensive support and maintenance services. These projects demonstrate how customers rely on us to navigate their technology journey through our workflow expertise, commitment to innovation and product life cycle support.

此外，一家領先的零售藥局正在部署 Zebra 平板電腦，使其員工能夠提供更好的病患照護和排程，無論是在店內還是在店外。由於 Zebra 功能廣泛，並提供全面的支援和維護服務，該客戶將競爭對手的解決方案與我們的平板電腦結合使用。這些項目表明，客戶如何依靠我們，透過我們的工作流程專業知識、對創新的承諾和產品生命週期支援來引導他們的技術之旅。

Slide 12 highlights Zebra value proposition that we showcased at the National Retail Federation Trade Show in January. We highlighted Zebra's AI power modern store, demonstrating how our innovative solutions help retailers drive improved performance through optimized inventory, engaged associates and an elevated customer experience.

幻燈片 12 重點介紹了我們在 1 月全國零售聯合會貿易展上展示的 Zebra 價值主張。我們重點介紹了 Zebra 的 AI 驅動現代化商店，展示了我們的創新解決方案如何幫助零售商透過優化庫存、積極參與的員工和提升的客戶體驗來提高績效。

Zebra and our partners helped to deliver these outcomes through improved omnichannel execution, loss prevention, worker collaboration and more. We have partnered with Qualcomm, Google and strategic independent software vendors to help our retail customers begin to leverage the power of AI across their frontline operations.

Zebra 和我們的合作夥伴透過改善全通路執行、損失預防、員工協作等幫助實現這些成果。我們與高通、谷歌和戰略獨立軟體供應商合作，幫助我們的零售客戶開始在其第一線營運中利用人工智慧的力量。

At the show, a prominent retail customer demonstrated our Zebra companion with AI agents that assist store associates with edge intelligence, such as operating procedures, sales product information, merchandising guidance and device operation.

在展會上，一位著名的零售客戶展示了我們的 Zebra 伴侶和 AI 代理，它們可以為店員提供邊緣智能，例如操作流程、銷售產品資訊、商品推銷指導和設備操作。

These agents act as digital assistance tailored to our customers' unique operating environment while leveraging generative AI to respond to queries and perform tasks without the need for extensive training. Additionally, as our customers and partners accelerate their use of AI within business-critical mobile applications, Zebra's AI suite enables quick and cost-effective development of new solutions that take advantage of the continued advancement of our mobile computing platform.

這些代理商充當根據我們客戶獨特的營運環境量身定制的數位助理，同時利用生成式人工智慧來回應查詢和執行任務，而無需大量培訓。此外，隨著我們的客戶和合作夥伴在業務關鍵型行動應用程式中加速使用人工智慧，Zebra 的人工智慧套件能夠快速且經濟高效地開發新的解決方案，充分利用我們行動運算平台的持續進步。

While we don't expect our new AI solutions to have a material impact on near-term results, we believe they play an integral part of driving our connected frontline worker strategy. In closing (inaudible) strong conviction in the opportunities ahead as we address our customers' evolving needs with our innovative portfolio of solution.

雖然我們並不期望我們的新人工智慧解決方案會對近期業績產生重大影響，但我們相信它們在推動我們互聯的第一線工人策略中發揮著不可或缺的作用。最後（聽不清楚），我們堅信未來的機會將會來臨，因為我們將透過創新的解決方案組合來滿足客戶不斷變化的需求。

Our confidence in sustainable long-term growth is underpinned by several themes reflected on slide 13. These include labor and resource constraints, track and trace mandates, increased consumer expectations and the need for real-time supply chain visibility.

投影片 13 中體現的幾個主題鞏固了我們對長期可持續成長的信心。其中包括勞動力和資源限制、追蹤和追蹤要求、消費者期望的提高以及對即時供應鏈可視性的需求。

I will now hand it back to Mike.

我現在將其交還給麥克。

Thanks, Bill. We'll now open the call to Q&A. We ask that you limit yourself to one question and one follow up to give everyone the chance to participate.

謝謝，比爾。我們現在開始問答環節。我們要求您將自己限制在一個問題和一個後續問題上，以便每個人都有機會參與。

We will now begin the question-and-answer session. (Operator Instructions)

我們現在開始問答環節。（操作員指令）

Damian Karas, UBS.

瑞銀的 Damian Karas。

Hi, good morning. This is (inaudible) on for Damian. So Morning. I, hey, good morning. So I had a couple of quick questions on, what you're seeing in terms of larger project activity in 4Q, if you saw any larger projects return and how that's factoring into the 1Q guidance?

嗨，早安。這是（聽不清楚）為達米安準備的。早安.我，嘿，早安。所以我有幾個快速問題，就第四季度的大型專案活動而言，您看到什麼？ 是否有任何大型專案的回歸？

Yeah, I would say that in Q4, the team delivered well at the high end of our outlook. Really driven by stronger-than-expected year-end spending from our retail customers. So yes, we did see some larger projects take place in Q4 that was the broader backdrop, I would say, was a double-digit growth across really all major categories, kind of all regions, all end markets and order sizes of all types. I mean run rate mid-tier end and large deals in the quarter. And that was certainly helped by easier compares from last year, which included distributor destocking.

是的，我想說，在第四季度，團隊的表現符合我們的預期。真正的推動力是來自我們零售客戶的年底支出超出預期。所以是的，我們確實看到第四季度開展了一些較大的項目，我想說，更廣泛的背景是所有主要類別、所有地區、所有終端市場和所有類型的訂單規模都實現了兩位數的成長。我指的是本季的中階運作率和大型交易。這當然得益於與去年相比更容易的比較，包括分銷商去庫存。

We see that flow-through of not just the retail activity, but a broader-based growth drove stronger sales growth in Q4, and then earnings above the high end of our outlook.

我們看到，不僅是零售活動的推動，更廣泛的成長也推動了第四季度更強勁的銷售成長，並且獲利超過了我們預期的高點。

Okay, yeah, that makes sense. And as a follow up I just want to quickly touch on tariffs, and just get a sense for you know what you're planning there if you've already executed some pricing actions what the timing around those pricing actions would be and more broadly what would be a trigger decision to move manufacturing to other regions?

好的，是的，這很有道理。作為後續問題，我想快速談談關稅，並了解您在那裡計劃什麼，如果您已經執行了一些定價行動，這些定價行動的時間安排是怎樣的，更廣泛地說，什麼會觸發將製造業轉移到其他地區的決定？

Yes. So I think the question is sort about just our broader tariff response. Obviously, it's a dynamic environment. We have a dedicated team to establish to monitor the changes, what are the potential impact design mitigation strategies. And if you look at our -- and obviously, now we just want to provide transparency around what has been announced to date.

是的。所以我認為問題只是關於我們更廣泛的關稅反應。顯然，這是一個動態的環境。我們有一個專門的團隊來監控這些變化，並設計緩解潛在影響的策略。如果你看一下我們的——顯然，現在我們只是想對迄今為止已宣布的內容提供透明度。

We do expect to announced price increases shortly to respond to the announced tariffs, which is part of the mitigation strategy that's embedded in the current guide.

我們確實希望很快宣布價格上漲以應對已宣布的關稅，這是當前指南中所包含的緩解策略的一部分。

Okay. Perfect. Thanks for taking the questions.

好的。完美的。感謝您回答這些問題。

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, Tommy.

早安，湯米。

You mentioned that the visibility beyond the first quarter is lower than usual for this time of year. My question is, as you rolled up your full year sales outlook. What kinds of assumptions were you making on large deals there? I know in the past, you look at the funnel and the pipeline and make some assumptions about conversion. What kind of assumptions are we making this year? Thank you.

您提到，第一季以後的可見度比每年這個時候的正常水準要低。我的問題是，您如何總結全年銷售前景？您對那裡的大筆交易做了哪些假設？我知道在過去，你會觀察漏斗和管道，並對轉換做出一些假設。今年我們做了什麼樣的假設？謝謝。

Yeah, I'd say probably maybe a broader view of that, and then I'll cover kind of large deals. I'd say that, as we entered 2025, certainly with solid backlog driven by the stronger retail spending, so larger orders as you talked about, they carried into first quarter from fourth quarter, and we're expecting, solid broad-based organic growth in 2025, but while we haven't seen customers really pull back spending to date, we clearly are seeing some impacts from the market uncertainty playing out with our customers.

是的，我可能會說對此有更廣泛的了解，然後我會介紹一些大型交易。我想說，隨著我們進入 2025 年，在零售支出增加的推動下，肯定會有穩健的積壓訂單，因此正如您所說的那樣，更大的訂單從第四季度延續到了第一季度，我們預計 2025 年將實現穩健的全面有機增長，但雖然到目前為止我們還沒有看到客戶真正減少支出，但我們顯然看到市場產生了一些影響。

And in a couple of examples, budgets still being finalized, right. And that impacts our visibility kind of and tempers our expectations, beyond Q1. We're seeing specific to large orders, some customers stage deployments over a longer periods of time. So that's something we are actually seeing some customers do.

舉幾個例子，預算仍未最終確定，對吧。這會影響我們的可見度並降低我們對第一季之後的預期。我們看到，針對大訂單，有些客戶會在較長時間內進行分階段部署。我們確實看到一些顧客這樣做。

Clearly we're seeing a strong US dollar is a headwind to us, right. The FX impact, and that's causing a little bit of concern from some international customers and their plans with the strong US dollar, not as much large deal oriented, but still some impact.

顯然，我們看到強勢美元對我們來說是一個阻力，對吧。外匯影響，這引起了一些國際客戶及其對強勢美元計劃的擔憂，雖然不是那麼以大宗交易為導向，但仍然會產生一定影響。

And I think that, our customers are really focused on hey, what's the potential impact on their business of the overall global trade policy and thinking about how do they mitigate it and it just adds to the uncertainty of their projects and visibility, small and large moving forward and our visibility around it.

我認為，我們的客戶真正關注的是，全球貿易政策的整體情況會對他們的業務產生什麼潛在影響，並思考如何減輕這種影響，這只會增加他們項目的不確定性和可見性，無論項目大小，以及我們對它的可見性。

So while we feel good about our business and that we're confident in our business, our guide really reflects solid organic growth despite all these uncertainties, but visibility is pretty tough both, especially on large orders and deployments.

因此，雖然我們對我們的業務感覺良好並且對我們的業務充滿信心，但我們的指南確實反映了儘管存在所有這些不確定性，但仍實現穩固的有機增長，但可見性相當困難，特別是在大訂單和部署方面。

Thank you, Bill. As you look at the inventory levels with some of your key channel partners, what context can you provide there, and if it feels like the bias is up or down or that you think the sell through and the sell in are roughly balanced at this point, any insight would be helpful. Thank you.

謝謝你，比爾。當您與一些主要通路合作夥伴一起查看庫存水平時，您能提供什麼背景信息，如果感覺偏差是上升還是下降，或者您認為此時銷售量和銷售量大致平衡，任何見解都會有所幫助。謝謝。

Tommy, this is Nathan. I'd say it's very balanced. It stayed fairly balanced throughout the year. So we're you look at days on hand in the channel we're in a good place as we exited the year with our distribution partners around the globe. And obviously, that's a daily activity with our teams, making sure they have the right inventory at the SKU level.

湯米，這是內森。我想說它非常平衡。全年保持相當平衡。因此，您可以看到，我們在通路中擁有良好的狀況，因為我們與全球各地的分銷合作夥伴一起度過了美好的一年。顯然，這是我們團隊的日常活動，確保他們在 SKU 層級擁有正確的庫存。

But again, I think we feel good about the overall inventory position here at the beginning of the year. And again, it was pretty balanced throughout the year in terms of what we saw from a sales and sales out perspective, if you exclude the dynamics from 2023.

但我再次認為，我們對今年年初的整體庫存狀況感到滿意。而且，如果排除 2023 年的動態，從銷售和銷售量的角度來看，全年的情況相當平衡。

Thank you both. I'll turn it back.

謝謝你們兩位。我會把它轉回去。

Joe Giordano, TD Cowan.

喬·吉奧達諾，TD·考恩。

Hey. Good morning guys.

嘿。大家早安。

Good morning.

早安.

Hey, yeah, so, on the full year, like I guess we've touched on this a bit, but to me like given the one SKU it feels a little conservative, but I understand why, like why you're framing it the way you are given the uncertainty. I'm just curious like if you were to compare the full year framework and like what you're baking in compared to like where we were a year ago, how would you categorize that?

嘿，是的，所以，就全年而言，我想我們已經稍微談到了這一點，但對我來說，考慮到一個 SKU，感覺有點保守，但我理解為什麼，為什麼你會以這種方式來構建它，考慮到不確定性。我只是好奇，如果您要比較全年框架以及您正在烘焙的內容與一年前的情況，您會如何分類？

It seemed like last year you were only putting in what's like highly visible to you and if there was like project flows it was all kind of upside, is it a similar idea, right now?

似乎去年你只投入了對你來說非常明顯的東西，如果有專案流程的話，那都是有好處的，現在也是類似的想法嗎？

I would say that the year is playing out a little bit like last year for very different reasons, right? I think last year, we came off a year that was much different in 2023 with really our customers absorbing the capacity that they built out in the pandemic.

我想說，由於不同的原因，今年的情況與去年有些相似，對嗎？我認為，去年，我們度過了與 2023 年截然不同的一年，我們的客戶實際上吸收了他們在疫情期間建立的產能。

And then we saw broader-based recovery throughout 2024. I would say the lack of visibility today and the commitment to the budgets and projects is really driven by visibility. It's the idea that they're still kind of absorbing what is the global trade policy and what's happened geopolitically going to impact their business and ultimately then it reflects back on our guide.

然後我們看到了整個 2024 年更廣泛的復甦。我想說，當今缺乏可見性，而對預算和專案的承諾實際上是由可見性驅動的。我們的想法是，他們仍然在吸收全球貿易政策以及地緣政治變化對他們的業務的影響，並最終反映在我們的指南上。

So, while we clearly see solid organic growth in the year, and put it play out a bit differently where we see more confidence throughout the year, the visibility today is kind of where it's at, and that's reflected in our guide.

因此，雖然我們清楚地看到今年的有機成長穩健，並且表現略有不同，我們看到全年的信心增強，但今天的可見性還是存在的，這反映在我們的指南中。

So I think that we feel like all the uncertainty out there at the moment is causing us ultimately to be conservative and impacts the guide we're providing today. That's the visibility we have today.

因此，我認為，我們感覺到目前所有的不確定性最終導致我們變得保守，並影響我們今天提供的指導。這就是我們今天所看到的景象。

Yeah, fair enough. Just for a follow up, the free cash flow in the quarter was excellent. I see the guy that's, at least $750 million I mean, I guess there's infinite above that definitionally. How -- what are the puts and takes on '25 versus '24 that we should consider and, if why wouldn't it, kind of build from the strength that you had here?

是的，相當公平。順便說一下，本季的自由現金流非常出色。我看到那個人至少有 7.5 億美元，我的意思是，我猜從定義上講，這個數字是無限的。我們該如何考慮 25 年與 24 年之間的優缺點？

Yeah, no, as you mentioned, great year last year from a free cash flow perspective coming off of '23 and 136% cash conversion, just repeating that, you're committing to repeat that on an annual basis is a challenge.

是的，不，正如你所提到的，從自由現金流的角度來看，去年是偉大的一年，超過了 23 年和 136% 的現金轉換率，只是重複這一點，你承諾每年重複這一點是一個挑戰。

So if you look at the full year guide of $750 million, I mean the real difference between the two is we do expect continued working capital improvements, but just not to the degree we saw in 2024. It also does imply that as we look at our inventory position, you saw a little bit of this in Q4 as inventory ticked up a bit to support January demand, but also our teams are doing everything they can to pull volume in from a purchasing perspective and get that inventory into the US as early as possible ahead of potential tariff impact.

因此，如果您看一下 7.5 億美元的全年指南，我的意思是兩者之間的真正區別在於，我們確實預計營運資本將繼續改善，但不會達到我們在 2024 年看到的程度。這也確實意味著，當我們查看我們的庫存狀況時，您會在第四季度看到一點這種情況，因為庫存略有增加以支持 1 月份的需求，但我們的團隊也在盡一切努力從採購角度增加產量，並在潛在的關稅影響之前儘早將這些庫存運往美國。

So, I think giving us some flexibility to help manage that as we go through the year and try to mitigate tariffs, use our balance sheet as much as we can to help mitigate the short-term impact from tariffs. So say, the big difference, again, working capital improvements, but this still implies over 90% free cash flow conversion for '25. And we think that's just a good baseline to work from.

因此，我認為給我們一些靈活性來幫助管理這個問題，因為我們要度過這一年並嘗試降低關稅，盡可能多地使用我們的資產負債表來幫助減輕關稅帶來的短期影響。所以說，巨大的差異再次體現在營運資本的改善上，但這仍然意味著 25 年自由現金流轉換率將超過 90%。我們認為這是一個很好的工作基礎。

Sounds good. Thanks guys.

聽起來不錯。謝謝大家。

Andrew Buscaglia, BNP Paribas.

法國巴黎銀行的安德魯‧布斯卡利亞 (Andrew Buscaglia)。

Hey guys, good morning. This is Ed on for Andrew. Thanks for taking my question. Following the developments with [DeepSeek] a few weeks ago, I wanted to ask about AI. You guys have long discussed the power of AI and the platform.

大家早安。這是 Ed 為 Andrew 主持的。感謝您回答我的問題。幾週前，隨著 [DeepSeek] 的發展，我想問一下有關 AI 的問題。你們長期以來一直在討論人工智慧和平台的力量。

Following recent events, do you find that more efficient AI presents an opportunity from a product development standpoint or a net risk due to the probability or possibility of enhanced competition? Thanks.

從最近發生的事件來看，您是否發現更有效率的人工智慧從產品開發的角度來說是一種機遇，還是因為競爭加劇的可能性而帶來淨風險？謝謝。

Yeah. We would see clearly AI as an opportunity for Zebra really empowering the frontline workers. So I think if we look at what Zebra's role is today in AI. First and foremost, we collect data at the front line of business, which really gives assets and visibility in real time and gives assets and workers a digital voice, right, that really feed AI models, first and foremost. So it's kind of the heart of what we do around data collection at the front line of business.

是的。我們清楚地看到，人工智慧為 Zebra 提供了一個真正賦能前線工人的機會。所以我認為如果我們看看 Zebra 目前在人工智慧領域扮演的角色。首先，我們在業務第一線收集數據，這確實為資產提供了即時可見性，並為資產和工人提供了數位聲音，對吧，這首先真正為人工智慧模型提供了資訊。所以這是我們在業務前線資料收集工作的核心。

The second opportunity for AI is that traditional AI is used today across many of our solutions across the portfolio. So whether it's machine vision inspection or optical character recognition, product recognition, package dimensioning, we use traditional AI throughout the portfolio.

人工智慧的第二個機會是，傳統人工智慧如今已應用於我們整個產品組合中的許多解決方案中。因此，無論是機器視覺檢查還是光學字元辨識、產品辨識、包裝尺寸，我們在整個產品組合中都使用傳統人工智慧。

And as a national retail show in January, what we demonstrated was really generative AI capabilities. So an AI suite of -- for our mobile community portfolio that really allows ourselves and other software developers -- independent software developers to build AI applications on our devices.

作為一月份的全國零售展會，我們展示的是真正的生成式人工智慧能力。因此，對於我們的行動社群產品組合來說，人工智慧套件確實允許我們自己和其他軟體開發人員——獨立軟體開發人員在我們的裝置上建立人工智慧應用程式。

We've also launched Zebra companion. So think of it as being a generative AI digital assistant that has multiple agents to it, one around knowledge within the specific customer base from their own standard operating procedures, let's say. Sales information and merchandising information, device management. So, and there'll be multiple agents as we continue to develop these agents for our partners, software partners do.

我們也推出了 Zebra Companion。因此，可以將其視為一個具有多個代理的生成式 AI 數位助理，其中一個代理圍繞著特定客戶群中他們自己的標準操作程序的知識。銷售資訊和商品資訊、設備管理。因此，隨著我們繼續為我們的合作夥伴（軟體合作夥伴）開發這些代理，將會有多個代理。

So think of these agents as a way to the frontline worker to really be empowered with additional information and capabilities, leveraging GenAI as the way to gather information from standard operating procedures from the way customers operate from making your newest employees as good as your best employee.

因此，可以將這些代理視為向一線員工真正提供額外信息和能力的一種方式，利用 GenAI 從標準操作程序中收集信息，從客戶的操作方式中收集信息，使您的新員工變得和最好的員工一樣優秀。

And we see this as really an opportunity for us to drive premium hardware sales, gain market share because we see ourselves as the innovator in this area on enterprise mobile devices. Additional software as a service revenue and recurring revenues associated with AI capabilities from our work cloud software and our software offerings. So we see this as an opportunity for Zebra in leveraging AI in true real-world applications at the front line that help our customers improve their efficiency each and every day of their frontline workers.

我們認為這對我們推動高端硬體銷售、獲得市場份額是一個真正的機會，因為我們將自己視為企業行動裝置領域的創新者。來自我們的工作雲軟體和軟體產品的額外軟體即服務收入和與人工智慧功能相關的經常性收入。因此，我們認為這是 Zebra 在前線真實應用中利用 AI 的一個機會，可以幫助我們的客戶提高第一線員工的日常效率。

Thanks for that and It was great to see that all in action (inaudible) Over to M&A, you guys are entering 2025 with 1.2 times leverage, a fair amount of capacity to tap into. I guess, if you can expand on the recent acquisition, maybe offer any other plans into capital allocation, we could think about it in 2025, that would be helpful. Thanks.

謝謝您，很高興看到這一切付諸行動（聽不清楚）談到併購，你們將以 1.2 倍的槓桿率進入 2025 年，這是一個相當大的可以利用的產能。我想，如果您可以擴大最近的收購範圍，或許提供任何其他資本配置計劃，我們可以在 2025 年考慮，這將會有所幫助。謝謝。

Yeah, we're excited about the Photoneo acquisition and getting that closed ultimately, we feel good about that from a 3D vision perspective. So certainly, the 3D market is the fastest-growing segment within [machine vision].

是的，我們對 Photoneo 的收購感到非常興奮，並最終完成交易，從 3D 視覺的角度來看，我們對此感到滿意。因此，3D 市場無疑是成長最快的領域[機器視覺]。

And we again leveraged M&A to really continue to enter adjacent or synergistic opportunities beyond our organic investments in the business and this is just another example of that. We were partnered with Photoneo already with an OEM partnership.

我們再次利用併購來真正繼續進入除了業務有機投資之外的相鄰或協同機會，這只是另一個例子。我們已經與 Photoneo 建立了 OEM 合作關係。

So we know the business well and the leadership team. So we feel good about that. We've certainly, as you said, have a strong balance sheet and that enable us to have flexibility I think we'll use M&A to advance our vision and strategy, that's what we've done in closely adjacent markets.

因此我們非常了解業務和領導團隊。因此我們對此感到很高興。正如您所說，我們確實擁有強大的資產負債表，這使我們能夠靈活地應對，我認為我們將利用併購來推進我們的願景和策略，這就是我們在緊密相鄰的市場所做的事情。

And I'd say today that in the near term, the given the macro uncertainty and the visibility we're kind of experience in the market, there's a bit of a higher bar and certainly with higher interest rates, but we continue to be inquisitive about M&A, and we continue to use it as a tool to advance our vision.

今天我想說，鑑於宏觀不確定性和我們在市場上所經歷的可見性，短期內門檻會更高一些，而且利率肯定會更高，但我們仍對併購保持好奇，並將繼續將其作為推進我們願景的工具。

Thanks for taking the questions.

感謝您回答這些問題。

Piyush Avasthy, Citi.

花旗的 Piyush Avasthy。

Hey, good morning, guys. Thanks for taking my questions.

嘿，大家早安。感謝您回答我的問題。

Morning.

早晨。

From a regional perspective, can you elaborate on the trends you are seeing in Europe and China based on your conversations with your customers? Like what's your outlook -- overall outlook for these regions as we think of your one, two guidance and '25 in general? Like we have heard some mixed signals from other companies so would appreciate what you're seeing at your end?

從區域角度來看，您能否根據與客戶的對話詳細說明您在歐洲和中國看到的趨勢？例如，當我們考慮您的一、二指導和‘25’總體時，您對這些地區的整體前景如何？就像我們從其他公司聽到了一些混合信號一樣，所以我們很想知道您看到了什麼？

The two geographies of Europe and China, is that what you said?

歐洲和中國這兩個地理區域，是這麼說的嗎？

Yeah.

是的。

Yeah, I'd say that, okay, great. I maybe start in North America, strong, growth across all product categories and then markets in North America, return to year-end spend within retail, strong growth in healthcare, manufacturing lagging, I guess in North America.

是的，我會說，好的，太棒了。我可能從北美開始，所有產品類別都呈現強勁成長，然後是北美市場，回到年底的零售支出，醫療保健強勁成長，製造業滯後，我猜是在北美。

EMEA, I'd say, the highest growth rates really came from Northern Europe. Overall, we saw, momentum in larger projects continue to build throughout 2024. We'll continue to see competitive wins, and, strength in retail, in our mobile computing business in Europe and, manufacturing still remains challenging, particularly, in Germany and Europe.

我想說，歐洲、中東和非洲地區的最高成長率其實來自北歐。總體而言，我們看到，大型專案的勢頭將在整個 2024 年持續增強。我們將繼續看到競爭優勢和零售實力，以及我們在歐洲的行動運算業務，但製造業仍充滿挑戰，特別是在德國和歐洲。

I'd say, China represents about 3% of our business overall, and we've seen modest sales growth in China as the business has stabilized, but I think in Asia the real strength has come from more like Australia, New Zealand, India, some markets outside of China, but clearly the opportunity exists, continue to see, modest growth in China, I think, that's the story around manufacturing as well in China, right.

我想說，中國約占我們整體業務的 3%，隨著業務的穩定，我們看到中國銷售額溫和增長，但我認為亞洲真正的實力更多地來自澳大利亞、新西蘭、印度和中國以外的一些市場，但顯然機會是存在的，我們將繼續看到中國溫和增長，我認為這也是中國製造業的情況，對吧。

We're seeing clearly a move to outside of China from a manufacturing perspective and the opportunity for us is not just in China, but also to capture the manufacturing opportunities outside of China as people move supply chains to other geographies.

從製造業的角度來看，我們清楚地看到了向中國以外轉移的趨勢，我們的機會不僅在中國，而且隨著人們將供應鏈轉移到其他地區，我們也可以抓住中國以外的製造業機會。

Yeah, helpful. Quick following up on what you just said, like manufacturer -- manufacturing lagging versus your other verticals like the current US administration appears to be more pro US. So based on your conversations with your customers, I know it's still early, but have you at least begun to see a step up in conversations your customer -- where your customers are talking about reshaping their supply chain, and maybe adopting more automation robotics and machine?

是的，很有幫助。快速跟進您剛才所說的內容，例如製造商 - 與其他垂直行業相比，製造業落後，例如當前的美國政府似乎更加親美。因此，根據您與客戶的對話，我知道現在還為時過早，但您是否至少開始看到您與客戶的對話有所進展——您的客戶是否在談論重塑他們的供應鏈，也許採用更多的自動化機器人和機器？

Yes. I mean we're seeing clearly that around the world, manufacturing represents an opportunity for us. It's we see a short-term lagging the other markets, right? But we see longer term, it's an opportunity as we're less penetrated in manufacturing than our other vertical markets.

是的。我的意思是，我們清楚地看到，在世界各地，製造業對我們來說都代表著一個機會。我們看到短期內落後於其他市場，對嗎？但從長遠來看，這是一個機會，因為我們在製造業的滲透率低於其他垂直市場。

And we see the investment in automation around machine vision, the move from fixed screens to tablets with production workers and monitoring production, RFID opportunities throughout the entire supply chain, all are opportunities for us.

我們看到了圍繞機器視覺的自​​動化投資，從固定螢幕到生產工人的平板電腦的轉變以及生產監控，以及整個供應鏈中的 RFID 機會，這些都是我們的機會。

Got it. I appreciate all the color. Good luck, guys.

知道了。我欣賞這一切的色彩。祝你們好運。

Thank you.

謝謝。

Brian Drab, William Blair.

布萊恩·德拉布，威廉·布萊爾。

Morning, just a couple. Quick questions. So, on, the difference between AIT and EVM in, the 2025 Outlook. In 2024 AIT was essentially, I mean, if I'm rounding a little bit, but flat, first quarter, second quarter, third quarter, kind of around $400 million and then you have the seasonal strength in the fourth quarter. EVM, of course, kind of improving sequentially building. Is that similar dynamic to what you expect in 2025?

早安，只有一對。快速提問。那麼，2025 年展望中 AIT 和 EVM 有什麼不同？2024 年，AIT 基本上是，如果我稍微四捨五入的話，但持平，第一季度、第二季度、第三季度，大約為 4 億美元，然後第四季度會出現季節性強勁增長。當然，EVM 是一種逐步改進的構建。這和您預期的 2025 年的動態類似嗎？

Yeah, I'd say similar growth rates, if we look out for the balance of the year. Obviously, there's timing wise in terms of growth rates could look a little distorted just based on obviously this year, we were down 16%. So from an easier comp, obviously, that's playing into the higher growth rate in the first quarter across the portfolio.

是的，如果我們關註今年的餘額，我會說成長率相似。顯然，從時間角度來看，成長率可能看起來有點扭曲，僅基於今年的情況，我們下降了 16%。因此，從更容易比較的角度來看，這顯然與第一季整個投資組合的較高成長率有關。

But I think on the balance of the year, again, as we talk about the visibility, we'd expect fairly consistent growth across the two segments. And we see that really across -- even back to the previous question, I'm not seeing a huge bifurcation whether it's geography or vertical market or if you look at run rate large deals, we're seeing kind of, again, consistent growth across each one of those dimensions here as we enter the year.

但我認為，就今年的總體情況而言，當我們談論可見性時，我們預計兩個部門將實現相當一致的成長。我們看到，即使回到上一個問題，我並沒有看到巨大的分歧，無論是地域還是垂直市場，或者如果你看看大型交易的運行率，我們都會在今年看到每個維度都呈現持續增長。

Now again, on a quarterly basis, you might see some variation just based on comps or timing of some deals. But I think on the year, you'll see fairly balanced growth.

現在，再次按季度計算，您可能會看到一些僅基於某些交易的比較或時間的變化。但我認為，今年你會看到相當均衡的成長。

Okay, thanks, Bill. And then just one other question. Could you elaborate on how you're thinking about moving production potentially, I think last time with the China tariffs and trade war, the playbook was a little bit more simple where you just move some move production out of China, but are you at this point, considering even potentially moving some production back to the United States, I guess, which is one of the intentions of the administration?

好的，謝謝，比爾。還有一個問題。您能否詳細說明您是如何考慮轉移生產的可能性的，我認為上次針對中國的關稅和貿易戰，策略比較簡單，就是將部分生產轉移出中國，但您現在是否考慮甚至可能將部分生產轉移回美國，我想，這也是政府的意圖之一？

Look, we continuously assess the manufacturing footprint and taking multiple factors from geopolitical stability, capability within the regions, which I think is a really important dynamic as well as cost -- overall cost from a full production capability.

你看，我們不斷評估製造業的足跡，並考慮地緣政治穩定性、地區內的能力等多種因素，我認為這是一個非常重要的動態因素，也是全面生產能力的整體成本。

We have made significant progress to diversify our supply base, which gives us a lot more flexibility today to respond than we did several years ago. I mean, if you look back historically, 85% of our imports into North America were from China. And with the actions we have in place right now, and that are executing, we will end the year with about third of our exposure from China.

我們在實現供應基礎多元化方面已取得重大進展，與幾年前相比，這給我們帶來了更大的應對彈性。我的意思是，如果回顧歷史，北美 85% 的進口產品都來自中國。透過我們目前採取並正在執行的行動，到今年年底，我們的風險敞口中約三分之一將來自中國。

So again, a lot of great work over the past several years to diversify and then if you look today outside of China, it's primarily through Southeast Asia and kind of mid -- high single-digit exposure to Mexico. So like I think we'll continue to evolve based on where things land from a trade perspective to have a diverse supply chain that gives us the most competitive position we can.

所以，過去幾年我們做了很多出色的工作來實現多元化，如果你今天看看中國以外的地區，主要是透過東南亞以及對墨西哥的中高個位數的曝險。因此，我認為我們將根據貿易角度的情況繼續發展，以擁有多元化的供應鏈，從而為我們帶來最具競爭力的地位。

So again, a lot of great activity, I think, to put us in a place, I think one advantage we have is our partnership with global manufacturing partners that have footprints around the world, really gives us that flexibility to leverage their footprint and where they're expanding as they react with their other customers gives us a lot of scale and capability that we wouldn't have on our own, and we're taking full advantage of that.

所以，我認為，許多出色的活動讓我們處於這樣的位置，我認為我們的優勢之一是我們與在世界各地都有足蹟的全球製造合作夥伴的合作，這確實讓我們能夠靈活地利用他們的足跡以及他們在與其他客戶做出反應時不斷擴張的地方，這給了我們很大的規模和能力，這是我們自己無法擁有的，我們正在充分利用這一點。

Perfect, thank you.

非常好，謝謝。

Meta Marshall, Morgan Stanley.

摩根士丹利的 Meta Marshall。

Great, thanks, just given that we're kind of hitting four or five years, since COVID and kind of some of the demand surges that you saw, I know in the past you've talked about kind of consider a large deal activity more indicative of refresh activity.

太好了，謝謝，考慮到我們已經到了四五年了，自從 COVID 和您看到的一些需求激增以來，我知道您過去曾談到將大筆交易活動視為更能說明更新活動的因素。

But, just is that still the same way to think about it and just kind of what you're seeing on that refresh pipeline may be billed and then I don't think that I caught anything in terms of kind of RFID performance during the quarter, and just you know kind of where that was versus kind of overall growth trends? Thanks.

但是，這仍然是同樣的想法嗎？謝謝。

Yes. Great. I'll take both of those. I would say that from a refresh perspective, we continually have refresh activity. And I think that you look at, for instance, the fourth quarter retail spend was refresh plus additional opportunities in those retailers.

是的。偉大的。我都要這兩個。我想說，從更新的角度來看，我們不斷進行更新活動。例如，我認為您可以看到第四季度的零售支出有所刷新，並且這些零售商還獲得了額外的機會。

Because remember, a refresh comes with multiple years of continuing to add additional devices, add applications. And then when a refresh time comes, they typically even more broad applications. I would say, given the installed base of mobile computers and the expansion of that since pre-COVID, they certainly believe that creates an opportunity for us. We're not seeing any acceleration of refreshes like into 2025 or anything like that.

因為請記住，更新需要花費數年的時間不斷添加其他設備和應用程式。然後，當更新時間到來時，它們通常會提供更廣泛的應用。我想說，考慮到行動電腦的安裝基數以及自疫情之前以來的擴展，他們肯定相信這為我們創造了機會。我們並沒有看到像 2025 年那樣的更新加速。

But we think the time frame -- every customer is on a different time frame, meaning how long they use their devices, depending on how hard they are into the devices, how many applications they use, do they need more processing power? Or are they just damaging the devices because it's a hard environment.

但我們認為時間框架——每個客戶的時間框架都不同，這意味著他們使用設備的時間長短取決於他們對設備的熟悉程度、他們使用的應用程式數量，他們是否需要更多的處理能力？或者他們只是因為環境惡劣而損壞設備。

I'd say there's clearly an opportunity over the coming years here to refresh the devices we sold as you came out of COVID into '21 and '22, and that opportunity is still ahead of us and absolutely there. I'd say from an RFID perspective, we're pretty happy with RFID. We had a strong Q4 sales growth in RFID. We've got a pipeline of opportunities across supply chain, not just in retail but P&L manufacturing, even government. We've seen some opportunities most recently.

我想說，在未來幾年裡，顯然有機會更新我們在擺脫 COVID 進入 21 年和 22 年期間銷售的設備，而且這個機會仍然擺在我們面前，而且絕對存在。我想說從 RFID 的角度來看，我們對 RFID 非常滿意。我們第四季的 RFID 銷售成長強勁。我們在整個供應鏈中擁有大量機會，不僅在零售業，還包括製造業，甚至政府。最近我們看到了一些機會。

Our adoptions beyond retail really have retail general merchandise, right, which has always been the primary use case into things like fresh food, right? We saw the first North America grocer really move ahead with a rollout associated with bakery and fresh foods. We've seen another large retailer in North America, look at apparel as well as fresh foods. So we've seen the US military move ahead with one of their branches with visibility across the supply chain.

除了零售業之外，我們的應用實際上還包括零售百貨商品，這一直是新鮮食品等商品的主要用例，對吧？我們看到北美第一家雜貨店真正邁出了推出與烘焙和新鮮食品相關的產品的步伐。我們看到北美另一家大型零售商，主要經營服裝和新鮮食品。我們看到，美國軍方的一個部門正在推進整個供應鏈的可視性建設。

So we're continuing to see broader adoption of RFID. We've got probably the broadest portfolio of RFID of anybody from fixed, to handle readers, to printers to services to specialty labels. So, I think we feel good about the opportunity and the broadening of that across supply chain into grocery into government applications, and we feel pretty good.

因此我們繼續看到RFID的更廣泛的應用。我們可能擁有最廣泛的 RFID 產品組合，包括固定讀取器、處理讀取器、印表機、服務以及專業標籤。因此，我認為我們對這個機會以及將其從供應鏈擴展到雜貨到政府應用的擴展感到滿意，我們感覺非常好。

Great, thanks.

太好了，謝謝。

Keith Housum, Northcoast Research.

基思‧豪瑟姆 (Keith Housum)，Northcoast Research。

Good morning guys. We appreciate it. In terms of -- and I hate to keep on being the drum here with the full year guide, but just trying to understand that a little bit better about perhaps how that changed just over the past several weeks in terms of, has a lack of visibility increased because it seems like visibility was increasing over the past several quarters. And in a second, can you perhaps touch about the visibility based on the end market here just trying to understand the dynamics there?

大家早安。我們對此表示感謝。就——我不想繼續在這裡敲打全年指南，只是想更好地了解過去幾週的情況是如何變化的，是否缺乏可見性，因為似乎在過去幾個季度中可見性有所提高。其次，您能否談談基於終端市場的可見性，以了解那裡的動態？

Keith, I think part of its visibility, but I think that is somewhat of an outcome of the uncertainty that we've -- I think everyone has experienced here over the last couple of months. So if you look at our full year guide of 3% to 7% and over 6% on an organic basis.

基思，我認為部分原因是它的可見性，但我認為這在某種程度上是我們——我認為每個人在過去幾個月都經歷過的——不確定性的結果。因此，如果你看看我們全年的指導方針，即有機成長率為 3% 至 7%，甚至超過 6%。

Obviously, that FX has become a significant headwind to sales growth since our last business update in terms of the strength of the US dollar and it's been fairly volatile even over the last coming weeks. So that FX headwind increases through the year as we roll over the hedges we've had in place, particularly in the first half of the year.

顯然，自從我們上次更新業務以來，美元走強的外匯已經成為銷售成長的重大阻力，甚至在接下來的幾周里，美元的波動也相當大。因此，隨著我們延續已實施的對沖，外匯逆風全年不斷增大，尤其是今年上半年。

And as Bill mentioned, while demand has stabilized, again, there's the -- we have the wider range reflects that higher uncertainty. So again, it's not -- we're not predicting a falloff from a trade war nor an acceleration, as Bill mentioned, from the refresh cycle. But we think outside of Q1, steady mid-single-digit organic growth for the balance of the year is appropriate, again, given the visibility and the uncertainty around the macro economy today.

正如比爾所提到的，雖然需求已經穩定下來，但更大的範圍也反映了更高的不確定性。所以，我們再次強調，我們並沒有預測貿易戰會導致經濟下滑，也沒有預測比爾提到的更新周期會加速。但我們認為，除了第一季之外，考慮到當今宏觀經濟的可見性和不確定性，今年剩餘時間保持穩定的中等個位數有機成長是合適的。

Got it. Appreciate it. And then just trying to understand like the trends in the overall industry and we're seeing more and more of your devices, I guess we reach more toward the consumer end of the market. Can you talk about how like your average sales prices, evolved over the past several years and where should we think about where it's going in the future?

知道了。非常感謝。然後只是試著了解整個行業的趨勢，我們看到越來越多的設備，我想我們會更多地接觸到市場的消費者端。您能談談過去幾年你們的平均銷售價格是如何變化的嗎？

Yeah. I would say that, Keith, I'd say that there hasn't been a lot of change in ASP over the time frame. There's -- I would say that we've tiered the portfolio across mobile computing, scanning, printing to really protect the ASPs at the high end.

是的。基思，我想說的是，在這段時間內，ASP 並沒有太大的改變。我想說的是，我們已經對行動運算、掃描、列印等產品組合進行了分層，以真正保護高階的 ASP。

So if you want to buy a value to your device at the lower end of the market, I have that for you. Because in the past, I would -- if I didn't have that device, I'd have to bring my mid-tier pricing to go compete at the low end of the market. So gearing in the portfolio of kind of premium, mid-end value tier has really helped us kind of protect ASPs.

因此，如果您想在低端市場購買具有價值的設備，我可以為您提供。因為過去，如果我沒有那個設備，我就必須以中階價格去競爭低階市場。因此，高端、中階價值層級的投資組合確實幫助我們保護了 ASP。

I think that we continue to look at opportunities for mobile computing that drive the device in the hands of more associates. That clearly is a theme we've talked about for the last several years and but we are seeing it more. We're seeing it in mobile computing and we're seeing it in tablet. I mentioned it kind of before, and let's use manufacturing example. The move from fixed screens to control production to tablets is a real opportunity, right.

我認為，我們將繼續尋找行動運算的機會，以推動更多員工使用該設備。這顯然是我們過去幾年來一直在談論的一個主題，而且我們看到它的情況越來越多。我們在行動計算和平板電腦中都看到了它。我之前提到過，讓我們用製造業的例子。從固定螢幕到控制生產再到平板電腦的轉變是一個真正的機會，對吧。

The idea that AI and ultimately, the idea of having an assistant -- a digital assistant, the idea of communication and collaboration, the idea of task management. More and more enterprises are realizing, but not having connectivity to the frontline worker, it's very difficult to communicate to them.

人工智慧的理念，以及最終擁有助手的理念——數位助理的理念、溝通和協作的理念、任務管理的理念。越來越多的企業意識到，如果無法與第一線員工建立聯繫，那麼與他們溝通將非常困難。

Think of even a big box retailer. The only way for a manager to meet with everybody is to get them all in the break room and have a conversation. If you have no communication collaboration vehicle throughout the store. So I think that we'll see in mobile computing, ASPs are what they are hearing the portfolio helps. But I think there's an opportunity here to put the device in the hands of more associates.

甚至想像一下大型零售商店。經理與每個人會面的唯一方法是讓他們都聚集在休息室進行交談。如果您的商店沒有整個通訊協作車輛。因此我認為我們會看到在行動運算領域，ASP 是他們所聽到的投資組合有幫助的。但我認為這裡有機會讓更多員工使用該設備。

We've got new devices out to go do that. So some of our new devices are (inaudible) based camera base, but they have RFID technology on them. That's another opportunity for us. So I think we feel good about the price points we're selling mobile computing, but we're more excited about generating more demand with devices in the hands of more workers.

我們已經推出了新設備來實現這一點。因此，我們的一些新設備（聽不清楚）基於攝像頭，但它們採用了 RFID 技術。這對我們來說是另一個機會。因此，我認為我們對銷售行動運算產品的價格感到滿意，但我們更高興的是，隨著更多工人使用這種設備，將產生更多的需求。

Great. Thank you.

偉大的。謝謝。

Guy Hardwick, Freedom Capital Markets.

哈德威克（Guy Hardwick），自由資本市場（Freedom Capital Markets）。

Hi, good morning. (multiple speakers) Bill, I just want to follow up on that last point. Those of us who are at the NRF show in January saw the Zebra companion demonstration. I know you mentioned earlier that you saw the opportunities as premium hardware sales and SaaS revenues. But maybe could you talk maybe what you think the business model could look like for Zebra Companion three to four years out mixture of say hardware sales versus, what percentages of that could be in terms of recurring revenues in either the Zebra companion itself or as you mentioned, some of the other software products?

嗨，早安。（多位發言者）比爾，我只想跟進最後一點。我們這些參加一月份 NRF 展會的人親眼見證了 Zebra 配套產品的示範。我知道您之前提到過，您看到了高端硬體銷售和 SaaS 收入的機會。但是，您能否談談，在未來三到四年內，您認為 Zebra Companion 的商業模式會是什麼樣的？ 硬體銷售佔比是多少？

Yeah. I mean I think it's still early in the launch to kind of predict where all the revenues come from. We've got a lot about multiple areas to generate additional either volume of business or us to win more or others. So I'll give you a couple of examples, maybe there and then we can go further.

是的。我的意思是，我認為現在預測所有收入來自哪裡還為時過早。我們在多個領域都做了很多工作來增加業務量或贏得更多或其他利益。所以我會給你舉幾個例子，也許我們可以進一步討論。

But I think clearly, monetizing the premium device hardware, right, working closely with Qualcomm and Google and to make sure that we've got devices that will support AI for our customers, not only in the cloud but on the device itself, which could drive ultimately premium hardware revenue and margin.

但我認為，透過高階設備硬體的貨幣化，與高通和Google密切合作，確保我們能夠為客戶提供支援人工智慧的設備，不僅在雲端，而且在設備本身，這最終可以推動高端硬體的收入和利潤。

Market share gains. We continue to lead in the innovation front, and we believe we'll do that here with AI as well with our AI suite as well as our own companions, but also working with our partners.

市場佔有率增加。我們將繼續在創新方面保持領先，我們相信，我們將透過我們的人工智慧套件和我們自己的同伴以及與我們的合作夥伴一起做到這一點。

So anytime I can drive additional value to my end customer, either with our own software or third-party software and make it easy to -- for our customers to either write the software or third-party vendors or Zebra that's an opportunity for me to gain share.

因此，無論何時，我都可以為我的最終客戶帶來額外的價值，無論是使用我們自己的軟體還是第三方軟體，並且讓客戶能夠輕鬆地編寫軟體、第三方供應商或 Zebra，這對我來說都是獲得市場份額的機會。

Higher recurring revenues come really from things like our agents, right? The idea that Zebra is going to create AI agents on top of this AI suite allows our customers to leverage our portfolio of software, including adding AI capabilities to our work cloud suite that we talked about at NRF around the modern store. So there's opportunities for recurring revenue there as well.

更高的經常性收入確實來自於我們的代理商之類的，對嗎？Zebra 將在此 AI 套件之上創建 AI 代理，這一想法使我們的客戶能夠利用我們的軟體組合，包括在我們在 NRF 上討論的有關現代商店的工作雲套件中添加 AI 功能。因此那裡也存在著經常性收入的機會。

So I think both in our software business as well as these agents. So I think overall, we're still working through what those projections look like. They're not near-term revenue, but they certainly are critical to our future, and we believe we're on the forefront of this. We feel really good about where we're at. And the business model represent lots of different opportunities to drive increased revenue and increased profit.

所以我認為無論是我們的軟體業務還是這些代理商都是如此。所以我認為總的來說我們仍在研究這些預測。它們不是短期收入，但對我們的未來肯定至關重要，而且我們相信我們在這方面處於領先地位。我們對目前的狀況感到非常滿意。商業模式代表著許多不同的機會來增加收入和增加利潤。

Great. Thanks. Just as a quick follow up. I just wondering whether you saw any pre-buy activity in Q4 or early Q1 and getting ahead of tariffs by customers?

偉大的。謝謝。只是作為快速的跟進。我只是想知道您是否看到第四季度或第一季初有任何預購活動並且領先於客戶的關稅？

No, not really. I mean we've seen some customers, we've seen larger retail orders with year-end spending, but not really driven by tariffs. So I would say really no.

不，不是真的。我的意思是，我們看到一些客戶在年底支出方面有更大的零售訂單，但這並不是真正受到關稅的推動。所以我會說真的不。

Thank you.

謝謝。

Brad Hewitt, Wolf Research.

布拉德休伊特（Brad Hewitt），沃爾夫研究公司。

Hey, good morning, thanks for taking my questions. So it appears that you're embedding about 30% organic incremental margins in 2025. I know the long-term framework is 30% incremental are better. But I would have thought the incremental could have been a bit stronger in the early stages of volume recovery. So can you just walk through the puts and takes for 2025 on the margin side of things?

嘿，早上好，感謝您回答我的問題。因此看起來你將在 2025 年實現約 30% 的有機增量利潤。我知道長期框架是30％的增量比較好。但我原本以為在交易量恢復的早期階段，增量可能會更強。那麼，您能否簡單介紹一下 2025 年利潤的優缺點呢？

Yeah, Brad, I think probably the first one I would point to is with the guide, including $20 million of profit headwind from the incremental tariffs. And again, that's predominantly in the first half of the year. So peaking in Q2, then we'd see a pretty substantial sequential improvement from Q2 to Q3 and then fully mitigated into Q4. So obviously, that's -- if you remove that, you'd have, I think, probably a different -- you come to a different conclusion around the sequential improvement in margin.

是的，布拉德，我想我可能要指出的第一點是指南，其中包括增量關稅帶來的 2000 萬美元的利潤逆風。而且，這主要發生在上半年。因此，在第二季度達到頂峰，然後我們會看到從第二季度到第三季度有相當顯著的連續改善，然後在第四季度完全緩解。所以很明顯，如果你去掉這一點，我想，你可能會得出一個不同的結論——關於利潤率的連續改善。

So I think that's one to consider and again, where we've been focused, at least on what's been announced to date, ensuring we mitigate those as soon as possible so that we can again exit the year, end the year and exit the year kind of fully recouped and get those back as we head into 2026.

因此，我認為這是一個需要考慮的問題，而且我們一直關注的重點，至少是迄今為止已經宣布的內容，確保我們盡快緩解這些影響，以便我們能夠再次結束這一年，結束這一年，並在這一年結束時完全收回成本，並在進入 2026 年時收回這些成本。

So I think that's probably the first and most important dynamic from -- on the margin standpoint. And if you look from the full year EBITDA guide of [21 to 22] obviously, the higher end of the range would reflect removing those tariffs and get back to kind of where we would expect full profitability to be on a stand-alone basis or a pre-tariff or at least pre incremental tariff basis. And that's where you really see the volume leverage, along with about 0.5 point of FX headwind as we mentioned earlier. So I think those are some of the puts and takes.

所以我認為從利潤率的角度來看，這可能是第一個也是最重要的動態。如果你從 [21 至 22] 年的全年 EBITDA 指南來看，顯然，該範圍的高端將反映出取消這些關稅，並回到我們預期的完全盈利水平，即在獨立基礎上或關稅前或至少在增量關稅前的基礎上。這就是您真正看到成交量槓桿的地方，以及我們之前提到的約 0.5 點的外匯逆風。所以我認為這些就是一些得失。

Okay. That's helpful. And then it looks like your gross margin on the service and software side of the business stepped down sequentially and has been in a bit of a down trend since the start of 2024. So can you just talk about what's going on there, and how you think about the services and software gross margin going into 2025?

好的。這很有幫助。然後看起來你們在服務和軟體業務方面的毛利率連續下降，並且自 2024 年初以來一直呈下降趨勢。那麼您能談談那裡發生的情況嗎？

Yeah. So Q4 was down a bit -- some of that was just timing. We had a pretty high demand from a repair volume. Part of that was internally driven just as we recoup some of the supply chain on some of those component parts and being able to get the repairs complete into Q4. And I still expect both that service and software line to be accretive and drive margin expansion.

是的。因此第四季有所下降——部分原因只是時間問題。我們的維修需求量相當高。部分原因是內部驅動，因為我們收回了部分零件的供應鏈，並能夠在第四季度完成維修。我仍然預計該服務和軟體產品線將實現增值並推動利潤率擴大。

And as we've said before, just not to the same degree we've seen over the last five years. I mean the team has done an incredible job on both of the portfolio service and software, expanding margins over the last three to four years to get us to where we are today and I'd still expect margin expansion, but just not to the same degree we've seen over the last four years.

正如我們之前所說，只是程度不如過去五年。我的意思是，團隊在投資組合服務和軟體方面都做出了令人難以置信的工作，在過去的三到四年裡擴大了利潤率，使我們達到了今天的水平，我仍然預計利潤率會擴大，但不會達到過去四年那樣的程度。

Great. Thanks, Nathan.

偉大的。謝謝，內森。

Alyssa Shreves, Barclays.

巴克萊銀行的 Alyssa Shreves。

Yeah, hi, good morning. Just a quick question. On the, you guys noticed that there was strength in healthcare in Q4, just thinking about moving into 2025. I know healthcare is the smallest vertical, but it was pretty strong all last year. How should we kind of think about that moving into 2025? Is this a vertical where we should see continued kind of outside strength? Thank you.

是的，你好，早安。這只是一個簡單的問題。你們注意到，第四季度醫療保健產業表現強勁，預計到 2025 年將會有強勁成長。我知道醫療保健是最小的垂直行業，但去年它表現相當強勁。我們該如何思考 2025 年的未來？這是一個我們應該看到持續的外部實力的垂直領域嗎？謝謝。

Yeah. I would say that in Q4, we saw a broad-based demand across all the vertical markets. But as we commented, we feel good about where we're at in health care. We've got a portfolio of product specific to healthcare. Prior to the pandemic, healthcare was our fastest-growing vertical for some time, and it's reemerged to that in Q2, 3 and 4 in 2024, and we would see that continuing into 2025.

是的。我想說，在第四季度，我們看到所有垂直市場都有廣泛的需求。但正如我們評論的那樣，我們對目前醫療保健領域的狀況感到滿意。我們擁有專門針對醫療保健的產品組合。在疫情爆發之前，醫療保健曾一度是我們成長最快的垂直產業，並在 2024 年第二、三、四季重新回到這一水平，我們認為這種趨勢將持續到 2025 年。

I would say the improved productivity that healthcare workers get and providers get from the use of devices. I would say the opportunities exist in clinical mobility, it's in home healthcare, patient engagement, virtual care. So I think all of that bodes well for our portfolio of solutions.

我想說的是，醫療工作者和服務提供者透過使用設備可以提高工作效率。我想說機會存在於臨床移動性、家庭醫療保健、病患參與和虛擬照護領域。所以我認為這一切都預示著我們的解決方案組合前景看好。

We have the HIMSS show coming up, which is the largest trade show in healthcare that we're excited about. We talked about the retail show, but we're at that show in the next coming weeks, and we'll spend more time with our customers there. But I think the healthcare team, our sales team has done a great job, and I think that we've got a great portfolio of products and solutions in healthcare. So I see continued strength there, yes.

我們即將舉辦醫療衛生資訊與管理系統協會 (HIMSS) 展會，這是我們非常期待的醫療領域最大的貿易展會。我們談論了零售展，但我們將在接下來的幾週內參加該展會，並在那裡花更多時間與我們的客戶在一起。但我認為醫療保健團隊、我們的銷售團隊做得非常出色，而且我認為我們在醫療保健領域擁有出色的產品和解決方案組合。是的，我認為那裡將繼續保持強勁勢頭。

Great. Thank you.

偉大的。謝謝。

Jam Ricchiuti, Needham and Company.

Jam Ricchiuti，Needham and Company。

Hi, good morning. This is Chris Grenga on for Jam. Just a couple of quick ones. Do you anticipate, the feature set for companion being exclusive to the customer that would showcase in our effort for any period of time?

嗨，早安。這是 Jam 的 Chris Grenga。僅舉幾個例子。您是否預計，同伴的功能集將是客戶獨有的，並將在我們的努力下在一段時間內展示？

And could you talk about potentially the opportunity for these types of features to be expanded beyond like a retail setting into the manufacturing and perhaps transportation logistics verticals? Thank you.

您能否談談將這些類型的功能擴展到零售領域之外、進入製造業甚至運輸物流垂直領域的潛在機會？謝謝。

Yeah. So I think no, it's not exclusive to any one customer. It's a solution, and it's in two ways. One is that our AI suite for mobile computing allows our independent software vendors and our partners to be able to leverage AI on our devices for their own applications.

是的。所以我認為不是，它不是針對任何一個客戶。這是一個解決方案，有兩種方式。一是我們的行動運算人工智慧套件使我們的獨立軟體供應商和合作夥伴能夠利用我們設備上的人工智慧來開發他們自己的應用程式。

So that way they can broaden it, whether it's our customers specifically and in the case of the customer that presented with us at NRF or it's independent software vendors building on top of the devices, and then we're going to build agents on our own as well from that perspective. So both, nothing there. What was the second part of the question?

這樣他們就可以拓寬它，無論是我們具體的客戶，還是在 NRF 上與我們一起展示的客戶，或者是在設備上構建的獨立軟體供應商，然後我們也將從這個角度構建自己的代理。因此，兩者都沒有。問題的第二部分是什麼？

(multiple speakers) I can jump in on -- sorry. On the AI campaign being used in other verticals, one good example is we're using it within our own distribution center from a knowledge management, think of, again, language transfer being able to translate documents and standard operating procedures into different languages to support the workforce to, again, same thing that they're trying to do in retail, which is how do you quickly train new frontline workers to get up to speed as quickly as possible, and we're using that functionality in our own distribution center. So yes, I'd say different parts of the functionality are absolutely applicable to other vertical markets.

（多位發言者）我可以插話──抱歉。關於人工智慧活動在其他垂直領域的應用，一個很好的例子是我們在自己的配送中心內使用它，從知識管理的角度來說，語言轉換能夠將文件和標準操作程序翻譯成不同的語言，以支持勞動力，這也是他們在零售業嘗試做的事情，即如何快速培訓新的一線員工，讓他們盡快上手，我們正在自己的配送中心使用該功能。所以是的，我認為功能的不同部分絕對適用於其他垂直市場。

Yeah, the idea is what you train the train the model on, right? So ultimately it would be, standard operating procedures within, as Nathan said, a warehouse or picking environment. It could be standard operating procedures inside manufacturing, so those are all opportunities to leverage the base software, and it's all about training the model for your specific application. So yes.

是的，這個想法就是你訓練模型的基礎，對嗎？所以最終，正如 Nathan 所說，它將成為倉庫或揀選環境中的標準作業程序。它可能是製造業內部的標準作業程序，因此這些都是利用基礎軟體的機會，而這一切都是為了針對您的特定應用程式訓練模型。所以是的。

Great. Thank you very much.

偉大的。非常感謝。

Rob Jamieson, Cowen and Company (sic - see analyst coverage, "Vertical Research Partners")

羅布·傑米森（Rob Jamieson），Cowen and Company（原文如此 - 請參閱分析師報道，「Vertical Research Partners」）

Hey guys, thanks for taking my questions. Just the first one, I know you've given a lot of color and appreciate it around the full-year guidance. But just -- I just want to make sure I have this right. So basically, have you seen really any indication delays or pushouts just more of a kind of hesitance from your customers?

嘿夥計們，謝謝你們回答我的問題。僅是第一個，我知道您已經給出了很多細節，並對此表示讚賞。但只是——我只是想確保我擁有這個權利。那麼基本上，您是否真的看到任何跡象表明延遲或推遲只是客戶的一種猶豫？

And maybe just taking it a little bit longer to understand the ramifications of the tariffs and everything. I guess, in a normal year, when would you expect to get a bit more visibility then if some of this policy does come through and we get some clarity from the Trump administration, would you expect to see a little bit more of an understanding of how the rest of the year might play out?

也許我們還需要一點時間來了解關稅和其它一切因素的後果。我想，在正常年份，您什麼時候會期望獲得更多的關注度，如果這項政策中的一些內容確實出台了，而且我們從特朗普政府那裡得到了一些澄清，您是否期望對今年剩餘時間的走勢有更多的了解？

And when might that happen like would that be later this quarter and the second quarter?

那什麼時候會發生這種情況，是本季晚些時候還是第二季？

Yeah. I would say that there's always customers budgets and visibility. I would say typically, by this time, we'd have more conviction by our customers that are projects that are going to move ahead with. And I think it's just this visibility and uncertainty out there across the environment. There's no specific date.

是的。我想說的是，客戶的預算和可見度總是存在的。我想說，通常到這個時候，我們的客戶就會更確信我們的專案將會繼續前進。我認為這只是整個環境的可見性和不確定性。沒有具體日期。

Customers are all different. The retail customers now are still wrapping up their year, right, as we're continuing to ship in Q1 here to finalize last year's budgets from their perspective. Other T&L customers have budgets year-end. So it's -- or sorry, mid-year, so it differs by customer. I think that the lack of visibility is really driven by this uncertainty, right?

顧客都是不同的。零售客戶現在仍在結束他們的年度，因為我們將繼續在第一季出貨，以便從他們的角度確定去年的預算。其他 T&L 客戶都有年末預算。所以—或者抱歉，是年中，所以它因客戶而異。我認為缺乏可見性確實是由這種不確定性造成的，對嗎？

And as you said, if there becomes more clarity, around trade and what's going to happen from a policy perspective. But even yesterday and today, there were discussions of reciprocal tariffs in other countries. So this uncertainty is not helping because our customers are focused as we are on things like, hey, what happens if and how do I go mitigate tariffs and others as opposed to finalizing projects specifically with us. So you're right. We haven't seen anything can be moved out or customers delaying things yet.

正如您所說，如果貿易和政策方面的情況變得更加明朗，那將會發生什麼。但就在昨天和今天，其他國家也在討論互惠關稅。因此，這種不確定性沒有幫助，因為我們的客戶和我們一樣關注諸如「嘿，如果我去減輕關稅和其他問題會發生什麼？」而不是與我們具體敲定項目。所以你是對的。目前我們還沒看到有任何東西被搬走或是顧客拖延事情。

We just don't have the visibility we'd normally have at this point in time. FX certainly is a headwind on the growth that's real today. The China tariffs are real today.

我們只是沒有像現在這樣擁有通常的可見性。外匯對於當今實際的成長無疑是一種阻力。如今，對中國的關稅是真實存在的。

But for the Mexico tariffs go away, that's why we try to characterize it, about 50% of what Nate talked about is Mexico 50% China, if it does go away. So more clarity certainly would help and give our customers more confidence in their year and then give us more clarity. So the problem is, even as of yesterday and today, there's less clarity than more on tariffs.

但是對於墨西哥的關稅取消，這就是我們試圖描述它的原因，如果關稅真的取消的話，Nate 所談論的大約 50% 是墨西哥，50% 是中國。因此，更清晰的認識肯定會有所幫助，讓我們的客戶對他們的一年更有信心，然後給我們更多的清晰度。所以問題是，即使截至昨天和今天，關稅問題仍然不太明確。

No, and thank you for that. And then just one last one just on the Photoneo acquisition. I know you said it's not included in your full-year guidance. Is there anything you can give us in the way of potential expectations from revenue profitability for full year as that acquisition gets completed?

不，謝謝你。最後一個問題是關於 Photoneo 收購的問題。我知道您說過這不包括在您的全年指導中。當收購完成後，您能告訴我們全年收入獲利的潛在預期嗎？

Yeah. And obviously, based on the purchase price, it's relatively small relative to the total portfolio, but assuming closing later this quarter, it would be around 30 bps of incremental revenue for the year. So again, we include that in our guide as we move into second quarter once the deal is closed.

是的。顯然，根據購買價格，該金額相對於整個投資組合而言相對較小，但假設本季稍後完成交易，則今年的增量收入將達到約 30 個基點。因此，一旦交易完成，我們將進入第二季度，並再次將其納入我們的指南中。

Great. Thank you.

偉大的。謝謝。

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。我想將會議交還給伯恩斯先生，請他作最後發言。

Yeah. I'd like to thank our employees and partners for their support as we continue to work together to solve our customers' biggest challenges. Our relentless focus on innovation will continue to transform our customer workflows. We feel good about our business. Have a great day everyone.

是的。我要感謝我們的員工和合作夥伴的支持，我們將繼續共同努力解決客戶的最大挑戰。我們對創新的不懈關注將持續改變客戶的工作流程。我們對我們的業務感到很滿意。祝大家有個愉快的一天。

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

會議現已結束。感謝您參加今天的演講。您現在可以斷開連線。