斑馬技術公司 (ZBRA) 2025 Q1 法說會逐字稿

Good day, and welcome to the First Quarter 2025 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 2025 年第一季斑馬技術收益電話會議。（操作員指令）。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 first quarter earnings conference call. This presentation is being simulcast on our website at investors.zebra.com and will be archived there for at least 1 year.

早上好，歡迎參加 Zebra 第一季財報電話會議。該簡報將在我們的網站 investors.zebra.com 上同步播出，並將在那裡存檔至少 1 年。

Our forward-looking statements are based on current expectations and assumptions and are subject to risks and uncertainties. Actual results could differ materially, and we refer you to the factors discussed in our SEC filings. During this call, we will reference non-GAAP financial measures as we describe our business performance. You can find reconciliations at the end of 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, on a constant currency basis and exclude results from recently acquired businesses for 12 months.

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，我們請您參閱我們提交給美國證券交易委員會的文件中討論的因素。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和今天的收益新聞稿中找到對帳資訊。在本示範中，除非另有說明，我們對銷售業績的引用都是以固定匯率計算的同比數據，且不包括 12 個月內最近收購的業務的業績。

This presentation will include prepared remarks from Bill Burns, our Chief Executive Officer; and Nathan Winters, our Chief Financial Officer. Bill will begin with a discussion of our first quarter results. Nathan will then provide additional detail and discuss our 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.

本次演講將包括我們執行長比爾伯恩斯 (Bill Burns) 的準備好的演講；以及我們的財務長 Nathan Winters。比爾將首先討論我們的第一季業績。內森隨後將提供更多細節並討論我們的展望。比爾最後將介紹我們在推動策略重點方面所取得的進展。在準備好的發言之後，比爾和內森將回答大家的問題。現在我們翻到投影片 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 first quarter delivering results above our outlook. As we enter customers navigate through an unpredictable environment, I want to begin by highlighting a few points before we cover our results in greater detail.

謝謝你，麥克。早安，感謝您加入我們。我們的團隊在第一季表現出色，取得了超乎我們預期的業績。當我們進入客戶在不可預測的環境中導航時，我想先強調幾點，然後再更詳細地介紹我們的結果。

We have made significant progress over the past 18 months in returning to profitable growth, extending our market leadership and advancing our portfolio of solution. While there is macroeconomic uncertainty, our first quarter results were strong and the demand environment has remained positive into the second quarter. We are well equipped to navigate the current landscape. Our solutions are critical in any economic environment, and we continue to expand our market reach and opportunity.

在過去的 18 個月中，我們在恢復獲利成長、擴大市場領導地位和推進解決方案組合方面取得了重大進展。儘管宏觀經濟存在不確定性，但我們第一季的業績表現強勁，第二季的需求環境依然保持積極。我們已做好充分準備來應對當前的情況。我們的解決方案在任何經濟環境下都至關重要，我們將繼續擴大我們的市場範圍和機會。

We have made substantial progress diversifying our supply chain beyond China over the past several years, and we have a capital-light business model, which enables us to remain agile. We have a track record of preserving key investments in our business to accelerate long-term growth, in challenging times while protecting profitability, and we remain well positioned to benefit from secular trends to digitize and automate workflows with our portfolio of innovative solutions.

過去幾年，我們在實現供應鏈多元化（超越中國）方面取得了實質進展，並且我們擁有輕資本的商業模式，這使我們能夠保持敏捷。我們一貫堅持在充滿挑戰的時期保留對業務的關鍵投資，以加速長期成長，同時保護獲利能力，並且我們仍然能夠從長期趨勢中受益，利用我們的創新解決方案組合實現工作流程的數位化和自動化。

Now turning to Q1 results. As we discussed in our last earnings call, strong retail year-end project spending carried over into January. Demand in the quarter remained strong, driving sales growth above our guidance range. For the quarter, we realized sales exceeding $1.3 billion, a 12% increase compared to the prior year, and adjusted EBITDA margin of 22.3%, a 240 basis point increase, and non-GAAP diluted earnings per share of $4.02, which was 42% higher than the prior year.

現在轉向第一季業績。正如我們在上次收益電話會議上所討論的那樣，強勁的零售年終專案支出延續到了一月份。本季需求依然強勁，推動銷售成長超出我們的預期範圍。本季度，我們實現銷售額超過 13 億美元，比上年增長 12%；調整後 EBITDA 利潤率為 22.3%，增加 240 個基點；非 GAAP 稀釋每股收益為 4.02 美元，比上年增長 42%。

We realized strong broad-based growth across all major product categories and regions. We also saw double-digit growth across most of our vertical end markets with high single-digit growth in manufacturing. From a profitability perspective, we achieved the highest quarterly gross margin in more than a decade and significant operating leverage, resulting in strong improvement in profitability.

我們在所有主要產品類別和地區都實現了強勁的全面成長。我們的大多數垂直終端市場也實現了兩位數成長，其中製造業實現了較高的個位數成長。從獲利能力來看，我們實現了十多年來最高的季度毛利率和顯著的經營槓桿，獲利能力強勁提升。

As we enter the second quarter, we continue to see solid demand and the business has continued to perform well. However, we remain agile to changes in this dynamic environment and continue to take actions to mitigate tariffs. I will now turn the call over to Nathan to review our Q1 financial results, tariff considerations and outlook.

進入第二季度，我們繼續看到強勁的需求，業務繼續表現良好。然而，我們仍然對這種動態環境的變化保持靈活，並繼續採取行動降低關稅。現在我會把電話轉給 Nathan，讓他回顧我們的第一季財務表現、關稅考量和前景。

Thank you, Bill. Let's start with the P&L on slide 6. In Q1, total company sales were approximately 12%, reflecting continued recovery in demand across our major product categories, unfavorable prior year comparisons, particularly for Printing. And our Services and Software recurring revenue business grew slightly in the quarter. Our Asset Intelligence and Tracking segment sales increased 18% and Enterprise Visibility and Mobility segment sales grew 9%. We realized strong sales growth across our regions.

謝謝你，比爾。讓我們從投影片 6 上的損益表開始。第一季度，公司總銷售額成長約 12%，反映出我們主要產品類別的需求持續復甦，與去年同期相比情況不佳，尤其是印刷產品。本季我們的服務和軟體經常性收入業務略有成長。我們的資產智慧和追蹤部門銷售額成長了 18%，企業可視性和行動性部門銷售額成長了 9%。我們在各個地區都實現了強勁的銷售成長。

In North America, sales grew 7% with growth in all product categories, in particular, strength in data capture, print and RFID. EMEA sales grew 18%, with strength in Northern Europe. Asia Pacific sales increased 13%, led by Australia and New Zealand and sales grew 18% in Latin America with particular strength in Mexico. Adjusted gross margin increased 150 basis points to 49.6% primarily due to favorable business mix and volume leverage.

在北美，銷售額成長了 7%，所有產品類別均實現成長，尤其是資料採集、列印和 RFID 領域的成長強勁。歐洲、中東和非洲地區的銷售額成長了 18%，其中北歐地區成長強勁。亞太地區的銷售額成長了 13%，其中澳洲和紐西蘭的銷售額成長最快，拉丁美洲的銷售額成長了 18%，其中墨西哥的銷售額成長尤為強勁。調整後的毛利率增加 150 個基點至 49.6%，主要得益於良好的業務組合和銷售槓桿。

Adjusted operating expenses as a percent of sales improved by 100 basis points. This resulted in first quarter adjusted EBITDA margin of 22.3%, a 240 basis point increase versus the prior year. Non-GAAP diluted earnings per share were $4.02, a 42% year-over-year increase and above the high end of our outlook.

調整後的營業費用佔銷售額的百分比提高了 100 個基點。這導致第一季調整後的 EBITDA 利潤率為 22.3%，比前一年增加 240 個基點。非公認會計準則每股攤薄收益為 4.02 美元，年增 42%，高於我們預期的最高值。

Turning now to the balance sheet and cash flow on slide 7. For the first quarter, we generated $158 million of free cash flow as we drove improvements in EBITDA, working capital and inventory levels. We ended Q1 at a 1.2x net debt to adjusted EBITDA leverage ratio.

現在轉到投影片 7 上的資產負債表和現金流量表。第一季度，我們推動了 EBITDA、營運資本和庫存水準的改善，產生了 1.58 億美元的自由現金流。我們第一季的淨負債與調整後 EBITDA 槓桿比率為 1.2 倍。

As our cash flow has recovered and net debt levels have moderated, we have increased flexibility to deploy capital consistent with our allocation priorities. We repurchased $125 million of stock in Q1 and another $75 million in April. And as a part of our continued efforts to scale our expansion in adjacent markets, on February 28, we acquired Photoneo, a leading 3D machine vision company based in Eastern Europe for $62 million. This profitable business will contribute approximately 30 basis points to Zebra's overall sales growth in 2025.

隨著我們的現金流量恢復和淨債務水準下降，我們能夠更靈活地根據我們的分配優先順序部署資本。我們在第一季回購了價值 1.25 億美元的股票，並在 4 月回購了價值 7,500 萬美元的股票。作為我們繼續努力擴大鄰近市場擴張的一部分，2 月 28 日，我們以 6,200 萬美元收購了位於東歐的領先 3D 機器視覺公司 Photoneo。這項獲利業務將為斑馬技術 2025 年的整體銷售額成長貢獻約 30 個基點。

Now turning to slide 8. As Bill outlined, we are well equipped to navigate the global environment. We deliver solutions that are critical to our customers in diverse end markets. Our capital-light business model has a flexible cost structure given that we outsource most manufacturing and the vast majority of our products are fulfilled through third-party distribution. We have a strong free cash flow profile with more than $1 billion generated over the trailing four quarters.

現在翻到第 8 張投影片。正如比爾所概述的，我們已做好充分準備來應對全球環境。我們提供對不同終端市場的客戶提供至關重要的解決方案。由於我們將大部分製造業務外包，絕大多數產品都是透過第三方分銷完成的，因此我們的輕資本商業模式具有靈活的成本結構。我們擁有強勁的自由現金流狀況，過去四個季度產生了超過 10 億美元的自由現金流。

And as I just mentioned, our balance sheet is in excellent shape with nearly $900 million of cash, modest debt levels and $1.5 billion of credit capacity. We will continue to take appropriate actions to preserve profitability and prioritize business investments that improve our competitive position and create long-term value for shareholders.

正如我剛才提到的，我們的資產負債表狀況良好，擁有近 9 億美元的現金、適度的債務水平和 15 億美元的信貸能力。我們將繼續採取適當措施保持獲利能力，並優先考慮能夠提高我們的競爭地位並為股東創造長期價值的業務投資。

Due to the global nature of our supply chain, like many other electronic manufacturing companies, we are subject to recently enacted US import tariffs. On slide 9, we provide an update on the anticipated impacts from tariffs on our products imported to the United States and our efforts to mitigate them. We are now assuming an $80 million to $90 million annualized gross profit impact after mitigating actions.

由於我們的供應鏈具有全球性，與許多其他電子製造公司一樣，我們也受到最近頒布的美國進口關稅的影響。在第 9 張投影片中，我們提供了有關我們進口到美國的產品受到關稅的預期影響以及我們為減輕這些影響所做的努力的最新情況。我們現在假設，採取緩解措施後，年化毛利影響為 8,000 萬至 9,000 萬美元。

This assumes the current effective rates including the electronics and USMCA exemptions. Our mitigating actions have included shifting additional North American production out of China and approximately $80 million of recently announced annualized pricing adjustments.

這假設目前的有效稅率包括電子產品和 USMCA 豁免。我們的緩解措施包括將更多的北美生產轉移出中國，以及最近宣布的約 8,000 萬美元的年度價格調整。

For the full year 2025, we are now assuming approximately $70 million gross profit impact after mitigation. With a $25 million to $30 million impact in the second quarter, following a $3 million impact in Q1. We will continue to evaluate additional opportunities to mitigate US import tariffs as we monitor global trade policy developments. These potential actions will include additional shifting of global production, product portfolio optimization and additional price adjustments.

對於 2025 年全年，我們目前假設緩解措施後的毛利影響約為 7,000 萬美元。繼第一季影響金額為 300 萬美元之後，第二季的影響金額將達到 2,500 萬至 3,000 萬美元。在監測全球貿易政策發展的同時，我們將繼續評估更多減輕美國進口關稅的機會。這些潛在行動將包括進一步轉移全球生產、優化產品組合和進一步調整價格。

Let's now turn to our outlook. We entered the second quarter with a solid backlog and pipeline to support our sales guide and expect Q2 growth between 4% and 7%, with a net neutral impact from our most recent acquisition and FX. The weaker US dollar since our last earnings call has resulted in FX being less of a headwind than previously anticipated.

現在讓我們來談談我們的展望。進入第二季度，我們擁有充足的積壓訂單和銷售管道來支援我們的銷售指南，預計第二季度成長率將在 4% 至 7% 之間，而我們最近的收購和外匯將產生淨中性影響。自從我們上次財報電話會議以來，美元走弱導致外匯市場受到的阻力小於先前預期。

Our second quarter adjusted EBITDA margin is expected to be approximately 19%. We which assumes impacts from US import tariffs exceeding 200 basis points, and non-GAAP diluted earnings per share is expected to be in the range of $3 to $3.50. For the full year, we are leaving our guidance unchanged.

我們第二季調整後的 EBITDA 利潤率預計約為 19%。我們假設美國進口關稅的影響超過 200 個基點，非 GAAP 稀釋每股盈餘預計在 3 美元至 3.50 美元之間。對於全年，我們維持預期不變。

With the exception of the direct cost of tariffs, full year sales guidance remains between 3% and 7%, and assumes a net neutral impact from FX and recent acquisitions. Given our solid Q1 results and Q2 guidance, we would typically raise the outlook. That said, while we have not seen any meaningful shift in customers' purchasing behavior to date, the fluid global trade policies and related impacts on our customers remains uncertain.

除關稅的直接成本外，全年銷售預期仍保持在 3% 至 7% 之間，並假設外匯和近期收購產生淨中性影響。鑑於我們穩健的第一季業績和第二季指引，我們通常會上調預期。儘管如此，雖然迄今為止我們還沒有看到客戶購買行為發生任何有意義的轉變，但不斷變化的全球貿易政策及其對我們客戶的相關影響仍然不確定。

We are now modeling a $70 million gross profit impact from tariffs for the full year, which is $50 million higher than our prior guidance. Consequently, we are reducing our full year adjusted EBITDA margin outlook by 100 basis points to between 20% and 21% to reflect the increased direct cost of tariffs, and non-GAAP diluted earnings per share to the range of $13.75 to $14.75.

我們現在預計關稅將對全年毛利產生 7000 萬美元的影響，比我們之前的預期高出 5000 萬美元。因此，我們將全年調整後的 EBITDA 利潤率預期下調 100 個基點至 20% 至 21% 之間，以反映關稅的直接成本增加，並將非 GAAP 稀釋每股收益下調至 13.75 美元至 14.75 美元之間。

Free cash flow for the year is expected to be at least $700 million which reflects the impact of tariffs and implies free cash flow conversion in excess of 90%. As we continue to monitor and navigate the evolving environment, we will remain agile and continue to work on further optimizing our working capital levels, balance with our supply chain resiliency initiatives. Please reference additional modeling assumptions shown on slide 10. With that, I will turn the call back to Bill.

預計今年的自由現金流至少為 7 億美元，這反映了關稅的影響，這意味著自由現金流轉換率將超過 90%。隨著我們繼續監控和應對不斷變化的環境，我們將保持敏捷，並繼續努力進一步優化我們的營運資本水平，並與我們的供應鏈彈性計劃保持平衡。請參考投影片 10 上顯示的其他建模假設。說完這些，我就把電話轉回給比爾。

Thank you, Nathan. Turning to slide 12. As we navigate the near-term uncertainty, Zebra remains well positioned to benefit from secular trends to digitize and automate workflows with our portfolio of innovative solutions, including purpose-built hardware, software and services. We optimized the front line with solutions that intelligently connect people, assets and data to help our customers make business-critical decisions.

謝謝你，內森。翻到第 12 張投影片。在我們應對近期不確定性的同時，Zebra 仍處於有利地位，可以利用我們的創新解決方案組合（包括專用硬體、軟體和服務）來實現工作流程的數位化和自動化，從而從長期趨勢中受益。我們透過智慧連接人員、資產和數據的解決方案優化了前線，以幫助我們的客戶做出關鍵業務決策。

Innovation remains central to our industry leadership and we have consistently reinvested approximately 10% of our sales in the research and development to advance our portfolio of solutions. We augment our organic efforts with strategic acquisitions that advance our vision as evidenced by our recent closing of Photoneo, which will expand our 3D machine vision solution into manufacturing, logistics and other key markets.

創新仍然是我們產業領導地位的核心，我們一直將約 10% 的銷售額再投資於研發，以推進我們的解決方案組合。我們透過策略性收購來增強我們的內部努力，以推進我們的願景，正如我們最近關閉 Photoneo 所證明的那樣，這將把我們的 3D 機器視覺解決方案擴展到製造、物流和其他關鍵市場。

As you will see on slide 13, Zebra Solutions enable our customers across a broad range of end markets to drive revenue, boost productivity and efficiency and to optimize the front line delivering improved service to their customers, shoppers and patients. The challenges of an on-demand economy, e-commerce growth, evolving regulations and labor constraints require increased adoption of automation. Here are some recent examples of customers transforming their workflows.

正如您在第 13 張投影片上看到的，Zebra 解決方案使我們廣泛的終端市場的客戶能夠增加收入、提高生產力和效率，並優化前線，為他們的客戶、購物者和患者提供更好的服務。按需經濟、電子商務成長、不斷變化的法規和勞動力限制帶來的挑戰要求更多地採用自動化。以下是一些客戶轉變工作流程的最新範例。

A large transportation logistics provider increased throughput and real-time asset visibility for hands-free package handling by upgrading to our new compact all-in-one Wearable Mobile Computing Solution.

一家大型運輸物流供應商透過升級到我們全新的緊湊型一體化可穿戴行動運算解決方案，提高了吞吐量和免持包裹處理的即時資產視覺性。

A North American auto parts retailer is improving inventory accuracy through real-time cycle counts and increasing operational productivity as they deploy our new Mobile Computers to their store associates and drivers.

一家北美汽車零件零售商向其店員和司機部署了我們的新型行動計算機，透過即時循環盤點提高了庫存準確性並提高了營運效率。

A large government agency is improving their supply chain efficiency by modernizing their warehouse and tracking of high-value cargo with Zebra's Fixed and Mobile RFID Solution.

一家大型政府機構正在利用 Zebra 的固定和移動 RFID 解決方案對其倉庫進行現代化改造並追蹤高價值貨物，從而提高其供應鏈效率。

These projects demonstrate how customers rely on us to navigate their technology journey through our workflow expertise and a commitment to innovation. At the ProMat Manufacturing and Supply Chain stage show on March, Zebra, along with our partners, showcased our expanding portfolio of solutions, that enable customers to accelerate warehouse modernization with faster cycle times, improved quality and increased visibility. We also launched the Aurora Velocity Scan Tunnel, which integrates our machine vision smart cameras, RFID readers and our Aurora Software for vertical-specific use cases and workflows.

這些項目顯示客戶如何依靠我們透過工作流程專業知識和對創新的承諾來引導他們的技術之旅。在三月的 ProMat 製造和供應鏈舞台展上，Zebra 與我們的合作夥伴展示了我們不斷擴展的解決方案組合，這些解決方案使客戶能夠透過更快的週期時間、更高的品質和更高的可視性來加速倉庫現代化。我們還推出了 Aurora Velocity Scan Tunnel，它整合了我們的機器視覺智慧相機、RFID 閱讀器和 Aurora 軟體，適用於特定垂直領域的用例和工作流程。

slide 14 highlights how Zebra addresses manufacturers biggest challenges. Operators are faced with increased demand for speed and accuracy while ensuring product quality. To address these challenges, decision makers are investing in Zebra Solutions to provide actionable visibility, optimize quality and a technology augmented workforce.

第 14 張投影片重點介紹了 Zebra 如何應對製造商面臨的最大挑戰。在確保產品品質的同時，操作員面臨著對速度和準確性不斷提高的要求。為了應對這些挑戰，決策者正在投資 Zebra 解決方案，以提供可操作的可視性、優化品質和技術增強型勞動力。

Zebra is helping customers like Curtiss-Wright, Kine Robotics, Bimbo Bakeries, deploy and integrate our technology into their manufacturing environments, enabling work in progress tracking, communication and collaboration, quality control, and improved forecasting. Additionally, as manufacturing customers look to diversify their supply chains and make global production moves, Zebra can partner with them to equip their operations.

Zebra 正在幫助 Curtiss-Wright、Kine Robotics、Bimbo Bakeries 等客戶將我們的技術部署並整合到他們的製造環境中，從而實現進度追蹤、溝通與協作、品質控制和改進預測。此外，隨著製造業客戶尋求供應鏈多樣化並實現全球生產，Zebra 可以與他們合作，為他們的營運提供裝備。

In closing, as we navigate through the near-term environment, our confidence in sustainable long-term growth is underpinned by several key themes, including labor and resource constraints, track and trace mandates, increased consumer expectations, advancements in artificial intelligence and the need for real-time supply chain visibility. As we move forward, we remain focused on advancing our industry leadership with our innovative solutions that digitize and automate our customers' workflows, serving our customers well and driving profitable growth. I will now hand it back to Mike.

最後，當我們在短期環境中前進時，我們對永續長期成長的信心受到幾個關鍵主題的支撐，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、人工智慧的進步以及對即時供應鏈可視性的需求。隨著我們不斷前進，我們將繼續專注於透過創新解決方案來提升我們的行業領導地位，這些解決方案將使客戶的工作流程數位化和自動化，為客戶提供良好的服務並推動獲利成長。我現在將其交還給邁克。

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

謝謝，比爾。我們現在開始問答環節。我們要求您將問題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。

(Operator Instructions)

（操作員指示）

Jamie Cook with Truist.

Jamie Cook 與 Truist 合作。

I guess my first question just is on the demand picture. It doesn't sound like it, but did you see a change in demand throughout the quarter or going into April? And what your clients are sort of saying -- customers are saying about demand trends?

我想我的第一個問題只是關於需求圖。聽起來不像，但您是否看到整個季度或進入四月份的需求發生了變化？您的客戶對需求趨勢有何看法？

And then, I guess, my second question, just around tariffs. It does sound like you're contemplating making changes to your manufacturing footprint and how to mitigate the risk of tariffs. Can you just go into a little more detail about what actions you're planning on taking?

然後，我想我的第二個問題是關於關稅的。聽起來您正在考慮改變您的製造足跡以及如何降低關稅風險。您能否更詳細地介紹您計劃採取的行動？

Sure, Jamie. This is Bill. We entered 2025 supported really by strong retail year-end spending in fourth quarter that really carried into first quarter. And that demand has remained strong through April. So we've seen, despite the global trade uncertainty overall, customers have remained positive. Capital budgets remained intact, projects continue to move forward.

當然，傑米。這是比爾。我們進入 2025 年，主要得益於第四季度強勁的零售年終支出，而這種支出一直延續到了第一季。整個四月份，這種需求一直保持強勁。因此我們看到，儘管全球貿易總體上存在不確定性，但客戶仍然保持積極態度。資本預算保持不變，項目繼續向前推進。

And -- but at the same time, our customers are navigating what the global trade environment really means to their businesses. But so far to date, we haven't seen any real change in behavior by our customers. Overall, the they -- many of our customers, I would say, overall, are still digesting what this really means. And I think for us, that's the reason why we decided that holding our sales outlook for the full year was the best decision for us.

但同時，我們的客戶正在了解全球貿易環境對他們的業務的真正意義。但到目前為止，我們還沒有看到客戶行為有任何真正的改變。總的來說，我想說，我們的許多客戶總體上仍在消化這件事的真正意義。我認為，對我們來說，這就是為什麼我們決定維持全年銷售預期是最好的決定。

I'd say from a tariff perspective and global supply chain moves. Certainly, it's a dynamic environment. We've engaged certainly our network of resources, industry experts, what's happening across government affairs and to really understand a trade policy and all the uncertainty around that. We've got a dedicated team established that monitors these changes and assesses the potential impact and then ultimately designs mitigation strategies.

我想從關稅角度和全球供應鏈動向來這麼說。當然，這是一個動態的環境。我們當然會利用我們的資源網絡、行業專家、政府事務的動態來真正理解貿易政策及其相關的所有不確定性。我們已經成立了專門的團隊來監控這些變化並評估潛在影響，然後最終設計緩解策略。

I'd say we continually assess our manufacturing footprint and have done that over the last several years to consider factors such as geopolitical stability, operational capabilities, cost overall. And we've made significant changes to diversify our supply chain over the last several years to make sure that ultimately we can serve our customers with the highest quality and lowest cost we can. So we continue to monitor the situation and make changes as necessary.

我想說，我們不斷評估我們的製造足跡，並且在過去幾年中一直這樣做，以考慮地緣政治穩定性、營運能力、總體成本等因素。過去幾年來，我們做出了重大改變，實現了供應鏈多元化，以確保最終能夠以最高的品質和最低的成本為客戶提供服務。因此，我們會繼續監測情況並根據需要做出改變。

Piyush Avasthy with Citi.

花旗銀行的 Piyush Avasthy。

I think you guys highlighted strong broad-based growth across your verticals. Can you elaborate on your manufacturing end markets? That vertical has lagged versus other verticals. So as we think of '25 guidance based on your conversations with your customers, do you have good visibility to signal a more sustained improvement in the underlying demand across this vertical?

我認為你們強調了各個垂直領域的強勁廣泛成長。您能詳細說明一下您的製造終端市場嗎？與其他垂直行業相比，該垂直行業已經落後。因此，當我們根據您與客戶的對話來考慮 25 個指導意見時，您是否具有良好的洞察力來表明這一垂直領域的潛在需求將得到更持續的改善？

Yes. I'd say that if we look at first quarter overall and year-to-date through April, we saw a broad base recovery continue across most of our vertical markets were up double digits. Manufacturing is still somewhat lagging but still up high single digits. And I would say continued improving sales trends. But of course, the global trade environment is weighing on manufacturing. But we continue to see year-on-year growth. As I said, up high single digits in first quarter, but overall, adding the other sectors from a manufacturing perspective.

是的。我想說，如果我們看一下第一季的整體情況以及截至 4 月的年初至今的情況，我們會看到大多數垂直市場繼續出現廣泛的復甦，並且實現了兩位數的成長。製造業仍有些滯後，但仍保持較高的個位數成長。我想說的是銷售趨勢持續改善。但當然，全球貿易環境正給製造業帶來壓力。但我們繼續看到同比增長。正如我所說，第一季成長了個位數，但總體而言，從製造業的角度來看，其他產業也成長了。

I'd say if you look at the other verticals, retail and e-commerce were up double digits. Transportation, logistics saw strong growth, health care continues to be a strength for us. But manufacturing grew just not as fast as the other verticals.

我想說，如果你看看其他垂直產業，零售和電子商務都成長了兩位數。運輸、物流業務強勁成長，醫療保健業務持續成為我們的強項。但製造業的成長速度不如其他垂直行業快。

Got it. And I think following up on Jamie's question, like on your mitigation actions related to tariffs, like you talked about shifting production from China to other global locations. Can you comment on the typical time line and the cost that it would take to implement this? You modestly raised your CapEx expectation for this year. So maybe that explains some of it, but any additional color would be helpful.

知道了。我想繼續回答傑米的問題，例如關於關稅的緩解措施，例如您談到將生產從中國轉移到全球其他地區。您能否評論一下實現這一目標的典型時間表和所需的成本？您適度提高了今年的資本支出預期。所以也許這可以解釋其中的一些問題，但任何額外的顏色都會有幫助。

Yes. So if you look historically, just again, depending on the location, it could take 12 to 18 months depending on what location is there an existing location? Or is it greenfield in terms of opportunities. So it depends on where the move is happening. We actually bear a little of the capital expenditures. So typically, it's in some of the tooling costs, the large portion of that is with our manufacturing partners that we pay for over time in the bill of material. So it's not relatively high in terms of CapEx.

是的。因此，如果從歷史上看，根據地點的不同，可能需要 12 到 18 個月的時間，具體取決於現有地點。或者從機會角度來說，它是一片綠地。所以這取決於搬遷發生在哪裡。我們實際上承擔了少量的資本支出。因此，通常情況下，在一些工具成本中，很大一部分是與我們的製造合作夥伴一起在物料清單中支付的。因此，就資本支出而言，它相對來說並不高。

I think right now, the weighing factor is, we've had a series of actions ongoing as we entered the year. Those are all going to be complete here within this quarter. So those production moves are done and incorporated in the overall guide.

我認為現在最重要的因素是，我們在進入新的一年後已經採取了一系列行動。這些都將在本季內完成。因此，這些生產舉措已完成並納入總體指南。

I think what we're waiting for next is certainly around the overall policy so that we can make the best decision for the business in terms of where is the right place to move production for the long term. But we do need some clarity around where the policies land in terms of tariff impact, so we can make the best decision.

我認為我們接下來要等待的肯定是整體政策，以便我們能夠為企業做出最佳決策，並確定長期將生產轉移到哪裡是正確的。但我們確實需要明確這些政策對關稅的影響，以便做出最佳決策。

Brad Hewitt with Wolfe Research.

沃爾夫研究公司的布拉德休伊特 (Brad Hewitt)。

It sounds like you guys are embedding a gross tariff headwind of about $150 million for the year before any mitigation actions. Is that correct? And then can you clarify the tariff rates you're assuming for the various countries as well as the impact and duration of exemptions on the mobile computers and scanners? And then also curious what you're assuming in terms of potential sectorial tariffs on electronics?

聽起來，在採取任何緩解措施之前，你們今年將面臨約 1.5 億美元的總關稅逆風。對嗎？然後，您能否澄清一下您對各國假設的關稅稅率以及豁免對行動電腦和掃描器的影響和持續時間？我還好奇您對電子產品的潛在產業關稅有何假設？

Yes. So if you look at our guide, it includes -- I'd say probably most simple way to say, what is effective as of today. It doesn't assume any changes in the rates or exclusions through the balance of the year. So what that includes is the incremental 145% tariff on US imports from China, 10% from other Asian countries, but I think it's important to note that most of our mobile computing portfolio, which includes about two-third of our China source imports are currently exempt with the electronic exemption from the reciprocal tariffs but not the original 20% increase in China.

是的。因此，如果你看一下我們的指南，它包括——我想說可能是最簡單的說法，截至今天什麼是有效的。它不假設全年利率或排除額度發生任何變化。因此，這包括對美國從中國進口的產品徵收 145% 的增量關稅，對其他亞洲國家進口的產品徵收 10% 的增量關稅，但我認為值得注意的是，我們的大部分行動計算產品組合（包括約三分之二的中國進口產品）目前都因電子產品豁免而免於互惠關稅，但不包括中國原有的 20% 的增幅。

And we also continue to receive USMCA retreat exemption out of our Mexico production. So it's kind of depends on which of the portfolios in terms of where it's produced, but that's what's incorporated into the guide.

而且，我們還繼續享受 USMCA 在墨西哥生產的豁免。因此，這在某種程度上取決於投資組合的製作地點，但這正是指南所包含的內容。

So the incremental $70 million, [again], net of all the ongoing actions that we expect to be complete by the middle of the year as well as the increased pricing, which is about $50 million -- and overall that $70 million is a $50 million increase from our prior guide. So again, I think we're -- that's the best estimate we have up today, and we'll adjust accordingly as the rates are finalized here, over the coming months. But again, it seems what's affected today with no changes to the balance of the year.

因此，增量為 7000 萬美元，[再次]扣除我們預計將在年中完成的所有正在進行的行動以及增加的價格，約為 5000 萬美元 - 總體而言，7000 萬美元比我們之前的指南增加了 5000 萬美元。所以，我再說一遍，這是我們今天得到的最佳估計，我們將在未來幾個月內隨著利率的最終確定而進行相應調整。但同樣，今天所受影響似乎並沒有對今年的餘額產生任何影響。

Andrew Buscaglia with BNP Paribas.

法國巴黎銀行的 Andrew Buscaglia。

So for the guidance on the top line, you held that at up 3% to 7%, but you now have changing presumably pricing. Can you elaborate on the magnitude of the price increases you expect to implement? And then any impact of volume you're assuming for the year?

因此，對於營收預期，您維持 3% 至 7% 的漲幅，但現在價格可能會有所變動。能否詳細說明預計實施的價格上漲幅度？那麼，您認為今年的交易量會受到什麼影響呢？

So as you said, we're leaving our full year outlook unchanged with the exception of the direct cost of tariff. And as Bill mentioned, the demand trends continue to be positive here into the second quarter. We haven't seen a pullback on projects to date, despite the tariff uncertainty. I think it's also important to note we're not assuming a material step down in demand due to the -- any economic downturn here over the coming months.

正如您所說，除了關稅的直接成本外，我們對全年的預期保持不變。正如比爾所提到的，第二季度的需求趨勢繼續保持積極。儘管存在關稅不確定性，但迄今為止我們尚未看到項目撤回。我認為還需要注意的是，我們不會假設未來幾個月經濟衰退會導致需求大幅下降。

But let's say, overall, taking a cautious view of second half sales growth given the environment, and maybe the other thing is the year is playing out to date as expected. We've had several new tailwinds, but again, we overall didn't think it was appropriate to raise the full year sales guide given the uncertainty. So if you look at some of those tailwinds, I mean, obviously, the Q1 beat is a bit favorable. FX is about 100 basis points favorable from the prior guide, pricing would have been of incremental 70 bps. So they all stack up in terms of what would have been, I'd say, upside to our original guidance.

但總體而言，考慮到當前的環境，我們對下半年的銷售成長持謹慎態度，也許另一件事是今年迄今的銷售情況符合預期。我們遇到了幾個新的順風，但考慮到不確定性，我們總體認為不適合提高全年銷售指南。因此，如果你看一下其中的一些順風因素，我的意思是，顯然，第一季的業績有點有利。外匯比之前的指導價高出約 100 個基點，定價將增加 70 個基點。因此，我認為，從對我們最初指導的有利方面來看，它們都是一致的。

And effectively, we've taken those to the bank and offset demand pressure or potential demand pressure in the second half. So where our previous guide for the second half assumes mid-single-digit growth, that's now down to low single-digit growth in the second half. And again, we just think that's overall appropriate given the overall uncertainty in the environment.

實際上，我們已經將這些資金存入銀行，並抵消了下半年的需求壓力或潛在需求壓力。因此，我們先前對下半年的預測是中等個位數成長，但現在下半年的成長已降至低個位數成長。而且，我們認為，考慮到整體環境的不確定性，這總體上是合適的。

Okay. And then I know you commented on manufacturing. Can you comment on transportation and logistics. You're saying you see strong growth there, although some of the headlines from the bigger transport names are pretty negative, even UPS this morning, pulling their guidance. So can you talk a little bit more on seeing and why you're not seeing what those headlines are implying?

好的。然後我知道你對製造業發表了評論。您能評論一下運輸和物流嗎？您說您看到那裡成長強勁，儘管一些大型運輸公司的頭條新聞相當負面，甚至今天早上 UPS 也撤回了他們的業績預期。那麼，您能否再多談談您為什麼沒有看到這些標題所暗示的內容？

Yes. I'd say that we saw double-digit growth in transportation and logistics really in first quarter. I think some of it is explained by being a truly global business, right, inside transportation, logistics. We also have postal and other carriers in there beyond just parcel delivery. I would say globally, e-commerce demand continues to be positive and grow.

是的。我想說，我們在第一季確實看到了運輸和物流領域的兩位數成長。我認為部分原因是因為它是一個真正的全球性企業，包括運輸和物流。除了包裹遞送外，我們還有郵政和其他承運商。我想說，從全球來看，電子商務需求持續保持積極成長。

I think there's certain aspects of different business where there's a shift of demand across different carriers and others. And I think in your example, there was clearly some business that they decided not to move forward with, which is impacting their demand for parcel delivery, but then that shifts to other carriers or to e-commerce providers themselves. So then we benefit somewhere else.

我認為，在不同業務的某些方面，不同業者和其他業者之間的需求會發生轉變。我認為在您的例子中，他們顯然決定不再開展某些業務，這影響了他們對包裹遞送的需求，但隨後這種需求轉移到了其他承運商或電子商務提供者本身。這樣我們就可以從其他地方受益。

So I'd say we're seeing up double digits, certainly, depending on what happens with the broader trade environment could impact transportation, logistics moving forward. But to date, we haven't seen any change. There's an opportunity there as well with RFID.

所以我想說，我們看到的是兩位數的成長，當然，這取決於更廣泛的貿易環境的變化，這可能會影響運輸、物流的發展。但到目前為止，我們還沒有看到任何變化。RFID 也為該領域帶來了機會。

So beyond our core products. RFID deployments continue to grow within Transportation Logistics to create more efficiencies within their business and across the supply chain. So that remains another opportunity for us. So I'd say overall, globally, we've seen Transportation Logistics grow at double digits in the first quarter and continue to be strong as we enter the second quarter.

超越了我們的核心產品。RFID 在運輸物流領域的部署持續成長，以提高其業務和整個供應鏈的效率。所以這對我們來說仍然是另一個機會。所以我想說，總體而言，我們看到全球運輸物流在第一季實現了兩位數的成長，並且在進入第二季時繼續保持強勁成長。

Damian Karas with UBS.

瑞銀的 Damian Karas。

Just a follow-up question on the demand strength that you're seeing. Just curious if you think that any of that might be related to some pull forward of demand, maybe customers trying to tie up some loose ends and just get some work done before cost inflation starts ramping or your distributor partners stocking up on inventory? Maybe you can just kind of talk to that and give us a sense for where you think channel inventories are at the moment.

我只是想問一下關於您所看到的需求強度的後續問題。我只是好奇，您是否認為這些可能與需求提前有關，也許是客戶試圖解決一些問題，在成本上漲開始之前完成一些工作，或者您的經銷商合作夥伴囤積庫存？也許您可以就此進行討論，並讓我們了解您認為目前的通路庫存情況。

Maybe I'll start and then Nate can jump in. I would say that we have not seen pull-forward behavior by our customers. Our price increases going to effect at the end of April here. overall. And we haven't seen any change in behavior of end customer or our partners or distributors due to tariffs. I think ultimately it is certainly weighing on sentiment and is in a lot of conversations we're having with them or all conversations, but they really haven't changed their behavior. And I would say inventory levels around the world that we've been working closely with our distributors to make sure they've got the right level of inventory overall, as we've seen market recovery, and we feel good about inventory levels to date.

也許我先開始，然後 Nate 再加入。我想說的是，我們還沒有看到客戶的提前行為。我們的價格上漲將於四月底生效。全面的。我們還沒有看到最終客戶、合作夥伴或分銷商的行為因關稅而發生任何變化。我認為最終這肯定會影響情緒，並且在我們與他們進行的許多對話或所有對話中，但他們確實沒有改變他們的行為。我想說的是，我們一直與分銷商密切合作，以確保他們擁有正確的整體庫存水平，因為我們已經看到市場復甦，我們對迄今為止的庫存水平感到滿意。

I think, Damian, the other thing that's important to note with our distributors, when the price effect goes into place, we also adjust anything they're holding in inventory. So there's no advantage to a distributor stocking ahead of the price increase. It's really the market price to the end users. So again, there's no risk of distributors stocking up ahead of the price increase. And again, as Bill mentioned, I think the as well as Q2 is playing out as, can be expected since the beginning of the year, which, again, just doesn't lead us to see any material movements in pull-ins trying to get ahead of the price increase today.

達米安，我認為對於我們的經銷商來說，另一件需要注意的重要事情是，當價格效應發揮作用時，我們也會調整他們庫存中的任何商品。因此，對於經銷商來說，在價格上漲之前囤貨並沒有什麼好處。對於最終用戶來說這確實是市場價格。因此，分銷商在價格上漲之前囤積貨物的風險並不大。正如比爾所提到的那樣，我認為第二季度的情況與今年年初預期的一樣，但這並沒有讓我們看到試圖領先於今天價格上漲的拉動出現任何實質性的變動。

Tommy Moll with Stephens.

湯米·莫爾 (Tommy Moll) 和史蒂芬斯 (Stephens)。

Follow-up question on the price increases. Bill, I think I just heard you say they're effective end of April. Can you quantify or give us any detail in any other detail on conviction level and being able to stick the full amount of the increase. Does it feel like as a market leader in many cases, you're on the more aggressive side and pushing price here? Or do you feel like what you've outlined is pretty consistent with others?

關於價格上漲的後續問題。比爾，我想我剛剛聽你說它們將於四月底生效。您能否量化或向我們提供有關信念水平以及能否堅持全部增加金額的任何其他細節？在許多情況下，身為市場領導者，您是否感覺自己採取了更激進的行動並推高價格？或者您覺得您所概述的內容與其他人的內容非常一致？

Yes, I think that we feel good about the price increases and the analytics we do around our pricing in the market. It's important that we have competitive pricing in the US market specifically, and we've done a lot of work and a lot of thought around price increases and we obviously prefer not to increase price. But in this case, we have no choice. I believe it's consistent with what our competitors are doing and what we're seeing from them in the marketplace overall. And I think we continue to monitor and will continue to monitor where we stand from a competitive pricing perspective moving forward.

是的，我認為我們對價格上漲以及我們對市場定價所做的分析感到滿意。特別重要的是，我們在美國市場上擁有具有競爭力的價格，我們在價格上漲方面做了很多工作和思考，顯然我們不願意漲價。但在這種情況下，我們別無選擇。我相信這與我們的競爭對手的做法以及我們在整個市場上看到的是一致的。我認為我們將繼續監控並將繼續監控我們在競爭性定價方面的立場。

They have no reason to believe they won't stick. Certainly, our largest customers get the best pricing, right, in the highest volume than others, and I think that we'll continue to work with them and be agile when it comes to pricing as we need to continue to sell value and make sure that we're winning the opportunities out there. But I think we feel okay about the price increases. We'd rather not have increased price. We just don't have a choice in this case to offset the tariffs, but we've been very thoughtful about it. And we feel good about where we're at.

他們沒有理由相信自己不會堅持下去。當然，我們最大的客戶能以比其他客戶更高的價格獲得最好的價格，對吧，而且數量也最多，我認為我們會繼續與他們合作，在定價方面保持靈活，因為我們需要繼續銷售價值，並確保我們贏得那裡的機會。但我認為我們對價格上漲感覺還可以。我們寧願不漲價。在這種情況下，我們別無選擇，只能抵消關稅，但我們對此進行了深思熟慮。我們對目前的狀況感到滿意。

We've -- the reason we picked the end of April was to give this some time to play out, and there's been significant changes along the way is the unpredictable nature of this. So we think we've made the right decision. And we'll see, hopefully, things quantity get better. And in that case, we'd pull back some of the price increases if we can. Ultimately, from an end market perspective, that would be the right thing to go do.

我們之所以選擇在四月底進行，是為了給這件事一些時間來完成，而在過程中發生的重大變化是其不可預測的性質。所以我們認為我們做了正確的決定。我們希望看到事情的數量會變得更好。在這種情況下，如果可以的話，我們會降低部分價格上漲幅度。最終，從終端市場的角度來看，這是正確的做法。

And as a follow-up, I wanted to talk about your visibility in terms of demand. Going back to last quarter, if I recall correctly, the visibility into this year was less than typical, and there were some commentary you offer just around customers delaying finalized budget decisions, et cetera. Today, has that visibility improved at all? Or would you characterize it in a similar fashion?

作為後續問題，我想談談您在需求方面的可見度。回顧上個季度，如果我沒記錯的話，今年的可見度低於典型水平，並且有一些評論是關於客戶推遲最終預算決定等等。如今，這種可見度是否有提升？或者你會用類似的方式來描述它嗎？

Yes. I would say it's not as much about visibility. That visibility actually has gotten better. It's really about uncertainty at this point. So I would say that when I'm having conversations with our executives, our customers, CIOs and others. It's the beginning of the conversation is really around 15 minutes or so on just tariffs impacts on their business, our business, the impacts on the global economy generically. And then ultimately, it moves on to the projects that we're working together on.

是的。我想說的是，這與可見度關係不大。這種可見性實際上已經變得更好了。目前確實存在不確定性。所以當我與我們的高階主管、客戶、資訊長和其他人交談時，我會這麼說。談話的開始大約持續了 15 分鐘左右，主要討論關稅對他們的業務、我們的業務以及對全球經濟的影響。最後，我們再討論一下我們正在共同合作的專案。

But no mention of past cuts or pulling back. It's really about, hey, we've got these projects going, how are they progressing and the appreciation of them as a customer and us as a partner delivering for them. And then ultimately, the conversation switches to the future. How do we continue to talk about future technology deployments and move ahead with them.

但沒有提及過去的削減或撤回。這實際上是關於，嘿，我們已經啟動了這些項目，它們的進展如何，以及他們作為客戶的讚賞和我們作為為他們提供服務的合作夥伴的讚賞。最後，話題轉向了未來。我們如何繼續談論未來的技術部署並推進它們。

So i'd say visibility actually had gotten better and what's ramped up is really uncertainty from a global perspective around tariffs more than anything else. And the conversations are clearly dominated by tariff, but really, it's not about pulling back or changing behavior. It's more about just the concern and the uncertainty that's out there today and it's weighing on certainly their sentiment.

所以我想說，可見性實際上已經變得更好了，從全球角度來看，真正增加的主要是圍繞關稅的不確定性。對話顯然主要集中在關稅問題上，但實際上，這並不是關於撤退或改變行為的問題。這更多的只是當今存在的擔憂和不確定性，這肯定會影響他們的情緒。

Guy Hardwick with Freedom Capital Markets.

自由資本市場的蓋伊哈德威克 (Guy Hardwick)。

I appreciate that Zebra delivered double-digit organic growth, but it looks like seasonality of Q1 was better than normal seasonality on a sequential basis. Perhaps you could maybe expand a little bit on which end markets or businesses did better than perhaps you would have expected given seasonality?

我很欣賞 Zebra 實現了兩位數的有機成長，但看起來第一季的季節性比連續的正常季節性要好。或許您可以稍微詳細說明哪些終端市場或企業的表現比您預期的季節性表現更好？

Yes, I'd say that we saw broad based recovery really in Q1 overall, and we delivered certainly, as you said, high end of our outlook. And I think we saw -- when I say broad-base growth, it really was across all product categories across all of our regions and across all of our verticals. I would say that retail and e-commerce continued to outperform in the quarter and continues to do that through April as we continue to see strong demand.

是的，我想說我們在第一季確實看到了廣泛的復甦，正如您所說，我們確實實現了預期的高端目標。我認為我們看到了——當我說廣泛的成長時，它實際上涵蓋了我們所有地區和所有垂直行業的所有產品類別。我想說的是，零售和電子商務在本季度繼續表現出色，並且由於我們繼續看到強勁的需求，這種表現將持續到四月份。

E-commerce and omnichannel continue to drive need for inventory visibility enhanced productivity within retail stores and things like communication, collaboration, driving our mobile computing and then ultimately, us continue to win in that environment with the breadth and depth of our portfolio and our expertise and customer relationships.

電子商務和全通路繼續推動對庫存可視性的需求，提高零售店的生產力，以及諸如溝通、協作、推動我們的行動運算等方面，最終，我們憑藉產品組合的廣度和深度以及我們的專業知識和客戶關係繼續在這種環境中取勝。

I'd say Transportation Logistics, we talked a little bit about. We saw growth year-on-year. Manufacturing, we've talked a bit about already, creates an opportunity for Zebra. So we had high single digits in manufacturing, some challenging areas still within manufacturing, but represents a longer term certainly opportunity for Zebra as we're less penetrated inside core manufacturing and areas like machine vision and other create an opportunity for us. And then, let's say, health care, up double digit continues to be strength vertical market for us.

我想說的是運輸物流，我們討論了一下。我們看到了同比增長。我們已經討論過，製造業為 Zebra 創造了機會。因此，我們在製造業中取得了較高的個位數成長，製造業中仍然存在一些具有挑戰性的領域，但對於 Zebra 來說，這無疑是一個長期的機遇，因為我們在核心製造業中的滲透率較低，而機器視覺等領域為我們創造了機會。然後，比如說，醫療保健，兩位數的成長繼續成為我們強勁的垂直市場。

Clinical mobility really driving that market improved patient safety, staff communication, collaboration, efficiency across healthcare creates an opportunity for us. So I would say all the verticals strong double-digit growth across each high single digits in manufacturing.

臨床移動性真正推動了市場改善病人安全、員工溝通、協作和整個醫療保健的效率，為我們創造了機會。所以我想說，所有垂直行業都實現了強勁的兩位數成長，而製造業則實現了較高的個位數成長。

The growth was pretty broad-based so far this year, and again, I think is what is weighing on our customers today is all around really tariffs. I think that otherwise, the business is going really, really well. But we know that ultimately, as this plays out and the unpredictability we'll see what happens, but it is certainly weighing on our customer sentiment.

今年到目前為止，成長基礎相當廣泛，而且我認為，今天給我們的客戶帶來壓力的實際上是關稅問題。我認為，除此之外，業務進展非常非常好。但我們知道，最終，隨著事態的發展和不可預測性，我們將看到會發生什麼，但這肯定會影響我們的客戶情緒。

Meta Marshall with Morgan Stanley.

摩根士丹利的 Meta Marshall。

This is [Karjakaran] on for Meta. Just a quick question. I know there's a lot of uncertainties and a lot of changing scenarios in terms of tariffs and macro. So just wondering how you guys are thinking about being maybe a little bit more opportunistic around gaining share? How are you thinking about potential share gains given the uncertainties?

這是 [Karjakaran] 為 Meta 所做的貢獻。這只是一個簡單的問題。我知道關稅和宏觀方面存在著許多不確定性和變化的情況。所以我只是想知道你們是如何考慮採取更多機會主義的手段來獲得市場份額的？考慮到這些不確定性，您如何看待潛在的市佔率成長？

I think we continue to work closely with our customers across each of our vertical markets. As I said, we saw broad-based growth across all regions, across all products. And across all vertical markets in Q1 and through April, which we feel good about.

我認為我們將繼續與各個垂直市場的客戶密切合作。正如我所說，我們看到所有地區、所有產品都實現了廣泛的成長。我們對於第一季和整個四月份所有垂直市場的表現感到滿意。

I'd say the competitive landscape hasn't really changed and that our strength of ultimately, our customer relationships, the deep vertical market expertise we have across the verticals we serve, the breadth and depth of our portfolio overall differentiates us from the competition. And gives us a competitive advantage. So we believe that ultimately, we're taking share in the marketplace.

我想說競爭格局並沒有真正改變，最終我們的實力在於，我們的客戶關係、我們在所服務的垂直領域的深厚垂直市場專業知識、以及我們產品組合的廣度和深度，這些使我們在整體上與競爭對手區分開來。並帶給我們競爭優勢。因此我們相信，最終我們將在市場上佔有一席之地。

Technologies such as AI creates a longer-term opportunity for us competitively. So at NRS in first quarter, National Retail Show we launched our AI suite for mobile computing, allowing our partners and development partners to Zebra itself to build AI solutions on top of our mobile computing platforms. We announced the Zebra Companion the Gen AI assistant for our mobile devices.

人工智慧等技術為我們創造了更長期的競爭機會。因此，在第一季的 NRS 全國零售展上，我們推出了用於行動運算的 AI 套件，使我們的合作夥伴和開發合作夥伴能夠在我們的行動運算平台上建立 AI 解決方案。我們發布了適用於我們行動裝置的 Gen AI 助手 Zebra Companion。

So we're excited about the near term where we're winning and our competitive advantage we have there, but also in the longer term, the idea of embracing as the market leader new technologies such as AI and leveraging those on our devices gives us a competitive differentiation in the market and allows us to continue to take share as we've been doing. So we feel good about the breadth and depth of the portfolio and current state as well as future investments we're making in areas like AI.

因此，我們對短期內取得的勝利和競爭優勢感到興奮，但從長遠來看，作為市場領導者，擁抱人工智慧等新技術並在我們的設備上利用這些技術，將使我們在市場上具有競爭優勢，並使我們能夠像以前一樣繼續佔據市場份額。因此，我們對投資組合的廣度和深度以及當前狀態以及在人工智慧等領域的未來投資感到滿意。

Appreciate that. And then just a quick follow-up. I know you've mentioned seeing some manufacturing recovery. Just more specifically on the machine vision business. Generally, how has that tracked? How are the diversification efforts tracking? And is that being benefited at all by the manufacturing recovery that you're seeing?

非常感謝。然後只是快速的跟進。我知道您提到看到一些製造業復甦。更具體地說是關於機器視覺業務。整體來說，進展如何？多元化努力進展如何？您所看到的製造業復甦是否對此趨勢有好處？

Yes. So we say we're excited about the Photoneo acquisition, which is focused on 3D vision capabilities that we closed in first quarter. They're really a leading developer and manufacturer in 3D vision systems. They were an OEM partner of ours prior, and we're excited about that acquisition and entering that space. I'd say machine vision declined in the quarter.

是的。因此，我們對 Photoneo 的收購感到非常興奮，該收購專注於我們在第一季完成的 3D 視覺功能。他們確實是 3D 視覺系統領域的領先開發商和製造商。他們之前是我們的 OEM 合作夥伴，我們對此次收購和進入該領域感到非常興奮。我想說機器視覺在本季有所下降。

That's the one area of weakness, I would say we saw driven by manufacturing, again, manufacturing up high single digits versus double digits across the other areas. I would say that our diversification efforts continue to progress. We've seen better traction within North America. We've seen growth in our pipeline in active proof of concepts across multiple verticals, so manufacturing, retail, transportation, logistics. So some of the other vertical markets in areas like Scan Tunnel, which we released a new version of it at ProMat trade show just over the last month or so, it creates an opportunity for us beyond manufacturing as manufacturing has been lagging a bit.

我想說，這是一個薄弱領域，我們看到它受到製造業的推動，製造業的成長速度同樣是高個位數，而其他領域的成長速度則是兩位數。我想說我們的多元化努力正在繼續取得進展。我們看到北美地區出現了更好的發展動能。我們已經看到在多個垂直領域（包括製造、零售、運輸、物流）的積極概念驗證方面的成長。因此，在諸如 Scan Tunnel 等領域的其他一些垂直市場中，我們在上個月左右的 ProMat 貿易展上發布了它的新版本，這為我們在製造業之外創造了機會，因為製造業已經有些滯後了。

But I think we're remaining excited about the long-term opportunities. I think it's a challenging market at the moment. So you marry less strength in manufacturing, but also just the machine vision market overall. But I think as the end market recovers and we expand our market presence and our focus, as you said, on diversification of it. We feel good about this market, medium and long term for us.

但我認為我們仍然對長期機會感到興奮。我認為目前這是一個充滿挑戰的市場。因此，你在製造方面的優勢較少，但在整個機器視覺市場中也佔優勢。但我認為，隨著終端市場的復甦，我們將擴大市場佔有率，並將重點放在多元化上。我們對這個市場感覺良好，從中期和長期來看。

Keith Housum with Northcoast Research.

Northcoast Research 的 Keith Housum。

Two questions for you. I guess, Nathan, first off, with the price increases, obviously, what you're passing through here, effective April 28, is pretty significant, especially in the mobile computing space. Compared to historical times, do you expect your ability to realize those price increases is better than it has been in the past? And then your potential, I guess, tailwind for you here next year in 2026, assuming the price changes are staying in effect and know some of the changes need to happen to that.

問你兩個問題。我想，內森，首先，隨著價格上漲，顯然，你所經歷的從 4 月 28 日起生效的價格上漲幅度相當大，尤其是在行動運算領域。與歷史時期相比，您是否預期您實現這些價格上漲的能力會比過去更好？那麼我想，明年也就是 2026 年，你的潛力就會發揮，假設價格變化保持有效，並且知道需要進行一些改變。

And then second, from a geographical basis, it surprises me, North America was actually your worst performer at 7% growth. Perhaps you can talk a little bit about your strength, especially in EMEA, I mean, 18% growth is pretty impressive in the current environment?

其次，從地理分佈來看，令我驚訝的是，北美實際上是表現最差的地區，成長率僅 7%。也許您可以談談您的優勢，特別是在 EMEA 地區，我的意思是，在當前環境下 18% 的成長率相當令人印象深刻？

Keith, on the first one from price realization, as Bill mentioned earlier, there's a lot of factors that go into play, including the competitive considerations, the cost, tariffs, et cetera. I think -- we never assume 100% realization due to existing contracts, projects or just competitive positioning. So I think we've seen historically, whether that goes back to the price increasing we did in '19 with the original tariffs or what we did during the supply chain.

基思，關於第一個價格實現問題，正如比爾之前提到的，有很多因素在起作用，包括競爭考慮、成本、關稅等等。我認為——我們從未因為現有的合約、專案或僅僅是競爭定位而假設 100% 實現。所以我認為，從歷史上看，我們已經看到，這是否可以追溯到 2019 年我們透過最初的關稅提高價格，還是我們在供應鏈中採取的措施。

I think we've been pretty consistent in terms of being able to get good realization across our run rate business, and then selectively positioning it with some of our larger customers. So I think we've taken that all into account in the assumption. And if we can do better and get a little bit better realization, that's i guess an upside to what we embedded in the guidance and then the full year annualized impact.

我認為，我們在實現整個運行率業務的良好實現方面一直非常一致，然後有選擇地將其定位於一些較大的客戶。所以我認為我們在假設中已經把所有這些都考慮進去了。如果我們能夠做得更好，實現更好的目標，我想這對我們在指導中所嵌入的內容以及全年年化影響來說是一個好處。

I think the tailwind for next year, quite frankly, will play out, as Bill mentioned, depending on what changes or where the tariff landscape finally lands, we'll adjust the pricing accordingly. So I'd say, if we may roll some of that back or we may have to increase just depending on where it goes. So I think it's tough to say it would be a tailwind as much as we'll continue to do what we need to offset as much of the mitigate, tariff impact as possible whether that's through pricing or some of the other operational actions.

坦白說，我認為明年的順風將發揮作用，正如比爾所提到的那樣，根據關稅格局最終的變化或落到何處，我們將相應地調整價格。所以我想說，我們是否可以減少一些，或者我們可能需要增加，這取決於它的去向。因此，我認為很難說這是否會成為一種順風，因為我們將繼續採取必要的措施，盡可能地抵消關稅的影響，無論是透過定價還是其他一些營運行動。

Maybe I'll jump in on the markets. I would say EMEA still have to be a little careful as the percentage is favorable prior year compare, certainly in EMEA drove some of that growth. So I think that while all vertical -- all regions had strong growth in the quarter, it was oversized in EMEA really because of prior year compare, I would say, growth there.

也許我會進入市場。我想說，歐洲、中東和非洲地區仍然需要小心謹慎，因為與去年相比，這一百分比是有利的，當然，歐洲、中東和非洲地區推動了部分成長。因此，我認為，儘管所有垂直地區——所有地區在本季度都實現了強勁增長，但歐洲、中東和非洲地區的增長幅度過大，因為與去年同期相比，我認為那裡的增長幅度較大。

The highest growth in EMEA was really Northern Europe, but large projects continue, especially in retail there. And we saw double-digit growth across most of the end markets, again, manufacturing, high single digits, same theme we saw globally.

EMEA 地區成長最快的實際上是北歐，但大型項目仍在繼續，尤其是那裡的零售業。我們看到大多數終端市場都實現了兩位數成長，製造業也實現了高個位數成長，就像我們在全球範圍內看到的一樣。

North America, I think we felt good about North America. Strong retail, deal activity strength 1 year ago. So I think that year-on-year compare not as easy there. Double-digit growth across all end markets, again, except for manufacturing. I think we feel good about scanning and printing and RFID had a strong quarter in North America. So I think we feel good about the growth across all regions and the percentage difference in EMEA being strong really was about prior year compare.

北美，我認為我們對北美感覺良好。一年前零售業和交易活動強勁。所以我認為進行同比比較並不容易。除製造業外，所有終端市場均達到兩位數成長。我認為我們對掃描和列印業務感覺良好，RFID 在北美市場表現強勁。因此，我認為我們對所有地區的成長感到滿意，而歐洲、中東和非洲地區強勁的百分比差異確實與去年同期相比。

Ken Newman with KeyBanc Capital Markets.

KeyBanc Capital Markets 的 Ken Newman。

So I did want to ask about the net impact on tariffs this quarter. It looks like it did come in a little bit lower than you were expecting. If I remember correctly, I think you were looking for a $7 million headwind and it came in around $3 million. Can you just talk a little bit about the moving pieces of what drove that better performance? Was that just better price realization in the quarter? Was it some timing of action? And then just how to think about the conservatism may be baked into the guide relative to that $25 million, $30 million you expect in 2Q?

所以我確實想問一下本季關稅的淨影響。看起來它確實比你預期的要低一點。如果我沒記錯的話，我認為你正在尋找 700 萬美元的逆風，而結果卻是 300 萬美元左右。能否簡單談談推動業績更佳的因素？這是否只是本季更好的價格實現？這是某種行動時機嗎？那麼，相對於您預計的第二季的 2500 萬美元、3000 萬美元，您如何看待指南中可能體現的保守主義？

Ken, I think it's a couple of things in play. One, was the team did a phenomenal job of buying as much product as possible before the effective date so really trying to front-end load our demand to get product in. So that definitely played a part in terms of the actions the team has taken to front-load purchasing ahead of the increase. I think that played a portion of it, as well as just what we ultimately capitalize a bit of that on our balance sheet just from a timing and inventory valuation perspective.

肯，我認為有幾件事在起作用。一是團隊在生效日期之前做了出色的工作，盡可能多地購買產品，從而真正嘗試前端加載我們的需求以獲得產品。因此，就團隊在價格上漲之前採取的預先採購行動而言，這無疑地發揮了一定作用。我認為這起到了一定作用，而且我們最終只是從時間和庫存估值的角度在資產負債表上利用了其中的一部分。

So like I say, I wouldn't call it any conservatism or potential conservatism built into what we've had for Q2 or the full year. They're just -- it's pretty complex in terms of if you look at timing of shipments, the timing of the effective dates and winning land on port that creates the variability. So I think it's our best estimate based on all those factors.

所以就像我說的，我不會稱之為我們第二季或全年所採取的任何保守主義或潛在的保守主義。它們只是——如果你看一下裝運時間、生效日期的時間以及在港口贏得土地所造成的變化，情況就相當複雜。所以我認為這是我們基於所有這些因素所做的最佳估計。

Obviously, what the team is trying to do every day is mitigate as much as possible with the operational actions we had at our disposal, very little price impact in Q1. I mean, negligible in Q1, and have a little bit in Q2, but really ramp up into Q3. So really the variability in Q2 is again, just what can we realize with pulling in inventory early adjusting some of those shipment schedules to mitigate as much as possible here in the short term.

顯然，團隊每天都在努力做的就是利用我們掌握的營運措施盡可能地減輕第一季的價格影響。我的意思是，在第一季可以忽略不計，在第二季有一點，但到了第三季就會真正增加。因此，第二季的變化其實是這樣的，我們可以透過提前拉進庫存、調整一些裝運計畫來實現短期內盡可能地緩解這種變化。

That's helpful, Nathan. And then just for my follow-up, maybe just a quick modeling question. Is there a way to think about how to quantify that $70 million full year impact between the 2 segments? I'm guessing one segment might be a little bit heavier than the others in terms of the margin impact?

這很有幫助，內森。然後只是為了我的後續問題，也許只是一個快速的建模問題。有沒有辦法思考如何量化這兩個部門之間 7000 萬美元的全年影響？我猜想，從利潤率的影響來看，某個部分可能比其他部分大一些？

Yes, it's -- I think from a not only assumption here out of the gate, it's pretty balanced, maybe a little bit heavier weighted towards AIT just given the tariff rates are fully in effect for print where mobile computing has some of the exemptions. So a little bit more weighted towards AIT here for the year.

是的，我認為從一開始的假設來看，它是相當平衡的，也許對 AIT 的權重更大一些，因為關稅稅率對印刷品完全有效，而移動計算有一些豁免。因此，今年我們更加重視 AIT。

Joe Giordano with TD Cowen.

TD Cowen 的 Joe Giordano。

So first question, just on the semiconductor and electronics exclusions. I mean I guess it's all fluid for sure. But at least the administration frame this as a temporary exclusion as they figure out like specific tariffs on that. So I guess it seems like that's a number that at least given current commentary goes up at some point in the future. So like what are you kind of teeing up to offset that? If that's the outcome.

第一個問題是關於半導體和電子產品排除。我的意思是我猜這一定都是流動的。但至少政府將此視為暫時排除，因為他們正在製定具體的關稅。所以我猜至少從目前的評論來看，這個數字在未來的某個時候會上升。那麼，您準備採取什麼措施來抵銷這項影響呢？如果真是這樣的結果。

Yes, you're absolutely right. So we -- the scope of the semiconductor tariff, and I would say that first, it's pretty unclear of how that will be administered. How that will play out from the administration. So it's really tough to model what the potential impact would be. But no different from all the other electronic companies, we do have semiconductor content.

是的，你完全正確。因此，對於半導體關稅的範圍，我想首先說的是，目前還不清楚如何實施。政府將如何實施這項政策。因此，模擬其潛在影響確實非常困難。但與所有其他電子公司一樣，我們確實擁有半導體內容。

So there is a potential exposure. But we work with the largest semiconductor companies in the world and continue to assess their country of origin options, across their supply chain to see where we have options to mitigate how we quantify and make sure we can quantify the content within our products, semiconductor content.

因此存在潛在的暴露。但我們與世界上最大的半導體公司合作，並繼續評估他們的原產國選擇，透過他們的供應鏈，看看我們在哪些方面有選擇來減輕我們的量化方式，並確保我們能夠量化我們產品中的內容，即半導體內容。

So that whenever ruling is applied, we can react as quickly as possible, not only on mitigating the impact out of the gate, but also then what options do we have to mitigate over time. based on those rulings. So again, yes, it's absolutely one that's out there, but the team is all over it in terms of planning as best we can and executing whatever we can ahead of any final decision.

這樣，無論何時應用裁決，我們都可以盡快做出反應，不僅可以減輕最初的影響，而且還可以採取哪些措施來減輕影響。根據這些裁決。所以，是的，這絕對是存在的，但團隊在做出最終決定之前會盡最大努力進行規劃並執行一切可能的事情。

And then just a follow-up on the kind of like the pre-buy stuff. And we're getting this commentary from a lot of companies, and I'm not sure how to think about it. Because a lot of the companies we go in the earnings calls they say that they're buying inventory of their own stuff ahead of tariffs, but that none of their customers are doing that.

然後只是對預購商品進行跟進。我們從許多公司聽到了這樣的評論，我不知道該如何看待它。因為我們在收益電話會議上接觸到的許多公司都表示，他們在關稅上調之前購買了自己的庫存，但他們的客戶都沒有這樣做。

Now like -- and the behavior hasn't changed. So it just doesn't make a ton of sense to me that all the companies are buying their own stuff to have an inventory, but none of the customers are doing the same behavior. Is there a risk that just what we think is the lack of a behavior change, just like weaker-than-expected demand is being like we're planning to buy some prebuy, but it doesn't really look like prebuy. I'm struggling with this dynamic across multiple companies right now.

現在就像是──行為並沒有改變。因此，對我來說，所有公司都購買自己的產品作為庫存，但沒有一個客戶採取相同的行為，這實在是太不合理了。是否存在一種風險，即我們認為的行為沒有改變，就像需求弱於預期一樣，就像我們計劃購買一些預購產品，但它看起來並不像預購產品。我目前正在努力應對多家公司面臨的這種動態。

Yes, Joe, I would say that you're talking about very short amounts of time, right? In the past, when tariffs implemented at 90 or 120 days to change inventory in the places that if you took actions, you had to get stuff on ocean very quickly. So the tariffs have been impulated very quickly. So despite us doing that, it's minimal in the scheme of things.

是的，喬，我想說你談論的是非常短的時間，對嗎？過去，當關稅實施時，需要 90 或 120 天才能在當地更換庫存，如果你採取行動，你必須非常迅速地將貨物運往海運。因此關稅很快就被徵收了。因此，儘管我們這樣做了，但從總體上看，這還是微不足道的。

So I think you're reading more into it just because the timing has been such that ultimately, there hasn't been time to really react. Things that were on the ocean already ultimately are being exempt, but that's very a little bit. You heard other companies fly jets in and there's from -- into the country with shipments of devices and others. But it's ultimately minimal.

所以我認為你之所以會過度解讀，只是因為時機已到，最終還沒有時間真正做出反應。已經在海洋上的事物最終會被豁免，但那隻是一點點。您聽說其他公司也開飛機來往於此，運送設備和其他物品。但最終它的影響是微乎其微的。

I think the other one we look at is the underlying demand we've seen is pretty much in line, obviously, with what we expected. We knew our Q1 guide was a bit cautious given the uncertainty. But the quarter kind of played out where we didn't see the surge of demand that was unexpected or out of the blue or orders -- large orders coming in. So could there be some of that in the run rate. But again, the year is playing out year-to-date kind of as we had planned which, again, just supports that we're not seeing some volatile shift in demand here just to get ahead of the tariff rates.

我認為我們要關注的另一個問題是，我們看到的潛在需求顯然與我們的預期基本一致。我們知道，鑑於不確定性，我們的第一季指南有些謹慎。但本季我們並沒有看到意外的需求激增或訂單激增——大額訂單湧入。那麼運行率中是否存在一些這樣的因素呢？但今年迄今為止的進展與我們計劃的一樣，這再次證明，我們沒有看到需求為了趕上關稅稅率而出現劇烈波動。

Rob Mason with Baird.

羅伯梅森 (Rob Mason) 和貝爾德 (Baird) 在一起。

Yes, good morning. Jack on several calls. So I may have missed you addressing this, but when you quantified the $80 million to $90 million kind of residual impact after your pricing actions. Just assuming final decision around tariffs is the current status quo, what levers do you have to pull? Would you plan to pull to address that? Does that -- would you take incremental pricing or just speak to that residual amount if that's maybe what the go-forward looks like?

是的，早安。傑克打了好幾次電話。所以我可能沒有註意到你提到了這一點，但是你量化了定價行動後 8000 萬到 9000 萬美元的殘餘影響。假設有關關稅的最終決定是現狀，您需要採取什麼措施？您是否打算採取措施來解決這個問題？您會採取增量定價嗎？或者如果這可能是未來的發展方向，您會只談論剩餘金額嗎？

Yes. I think, Rob, I think that -- we put that number out just so we can have a baseline of what the -- I guess, the run rate would be under the current tariff scenario. But ultimately, our objective is to mitigate, right? So I wouldn't say that's the perpetual number or the -- we don't have other options to mitigate. It's really waiting for policy certainty, so we know which actions are the best actions to execute. So that's again, we have a plethora of options with our manufacturing partners around where they have capabilities around the world to shift production and the teams are working those.

是的。我認為，羅布，我認為——我們公佈這個數字只是為了讓我們能夠有一個基準——我猜，在當前的關稅情景下，運行率會是多少。但最終，我們的目標是緩解，對嗎？所以我不會說這是一個永久的數字，或者——我們沒有其他選擇來緩解。它確實在等待政策確定性，這樣我們才知道哪些行動是最好的行動。因此，我們與製造合作夥伴擁有大量選擇，他們有能力在世界各地轉移生產，團隊正在努力實現這些目標。

We'll obviously look at additional pricing actions as well as the other cost levers we have across the portfolio to fully mitigate. So I think, again, once we have that certainty around where the rates shake out, then we can start to execute those plans and see what the timing is in terms of fully mitigating the exposure.

我們顯然會考慮額外的定價行動以及我們整個投資組合中的其他成本槓桿，以全面緩解成本。因此，我認為，一旦我們確定利率的走向，我們就可以開始執行這些計劃，看看完全緩解風險的時機。

So think that timing of when and how it plays out is the uncertainty, that annualized number we provide was, I think, just to give context for what a kind of run rate would be, but knowing that the ultimate goal is to fully mitigate. But we just want to make sure we make the right decisions and have clarity around that before pulling the trigger.

因此，認為何時以及如何發揮作用是不確定的，我們提供的年化數字只是為了說明某種運行率的背景，但要知道最終目標是完全緩解。但我們只是想確保我們做出正確的決定，並在扣動扳機之前對此有清晰的認識。

Makes sense. Just as a quick follow-up. You talked about good demand in the quarter, but your service and software revenue was kind of flattish. It was that -- anything going on there? Whether that's a comp issue how that compared versus your product tangible products?

有道理。只是作為快速的後續行動。您談到本季需求良好，但您的服務和軟體收入卻有些持平。就是那樣──那裡發生了什麼事嗎？這是否是一個競爭問題，與您的產品有形產品相比如何？

Yes. So our service and software just had slight organic growth, really some part impacted by the lower mobile computing volume in '23. So we're starting to see that play out in our service business, as you would expect. But the other thing in the quarter, there was just a lower number of days versus prior year. So it's more of a quarter year-on-year dynamic.

是的。因此，我們的服務和軟體僅實現了輕微的有機成長，這在一定程度上受到了 23 年行動運算量下降的影響。正如您所期望的，我們開始在我們的服務業務中看到這種情況。但本季的另一個問題是，與去年同期相比，天數有所減少。因此，這更像是一個季度的同比動態。

So we'd expect the growth rate to improve as we get into Q2 and the balance of the year. So some of it is just, I think, timing and the nuance of the quarter, but I think a bit lower than what we've seen in the last couple of years is just you've seen now the overall installed base, the impact on the installed base from the sales decline back in '23 in mobile.

因此，我們預計進入第二季以及今年年底時成長率將會提高。因此，我認為其中一些只是時間和季度的細微差別，但我認為比過去幾年看到的要低一點，只是你現在看到的整體安裝基數，以及 23 年行動銷售下滑對安裝基數的影響。

Jim Ricchiuti with Needham.

Jim Ricchiuti 和 Needham。

This is Chris Grenga on for Jim. Is the deployment of Zebra Companion with AI features at the anchor customers that showcased at NRF progressing in line with your expectations? And are you seeing traction with additional retailers for this offering?

我是克里斯‧格雷加 (Chris Grenga)，代替吉姆。在 NRF 上展示的主要客戶中，具有 AI 功能的 Zebra Companion 的部署進展是否符合您的預期？您是否看到更多零售商對該產品的興趣？

Yes. I mean I would say that we announcement in NRS and showed demos of it. We're continuing to work closely with our lighthouse customers to deploy along with them in early proof of concepts. And the development continues to be on track. What we have released is our Gen AI digital assistant from the -- from that perspective was more a launch and then our proof of concepts the AI suite for mobile computing, we did launch and is available to our own software developers and that of our partners. So that allows AI applications to be built on top of the device. And on the device software to be able to manage on the device. So that is released. And then again, the Companion with the assistant is in proof of concepts now working with customers to get to full deployment. So on track.

是的。我的意思是，我們會在 NRS 上發佈公告並展示其演示。我們將繼續與我們的燈塔客戶密切合作，與他們一起部署早期概念驗證。並且發展仍在繼續。我們發布的是我們的 Gen AI 數位助理——從這個角度來看，這更像是一次發布，然後是概念驗證，即用於行動運算的 AI 套件，我們確實發布了它，並且可供我們自己的軟體開發人員和合作夥伴使用。這樣就可以在裝置上建立 AI 應用程式。並且在設備上有軟體能夠對設備進行管理。這樣就發布了。再次，Companion 與助理正在進行概念驗證，目前正在與客戶合作進行全面部署。所以一切進展順利。

Great. And in your view, are the shifts that are impacting your customers' global production footprint and the disruption that's being caused by the near-term uncertainty could those translate into tailwinds for Zebra as customers adopt more of Zebra's technologies to enhance their tariff compliance, reduce friction, certified country of origin and things of that nature?

偉大的。在您看來，這些影響客戶全球生產足跡的變化以及近期不確定性造成的混亂是否會轉化為 Zebra 的順風，因為客戶會採用更多 Zebra 的技術來增強其關稅合規性、減少摩擦、認證原產國和諸如此類的事情？

Yes. So the production moves by our customers create, so it's certainly an opportunity for us. We've seen this in Southeast Asia through the China tariffs were first implemented a number of years ago and the benefits to Zebra associated with that. I do see that, again, this idea of visibility throughout the supply chain and digitizing and automating the supply chain overall creates an opportunity for us. And as you said, track and trace and other mandates around that.

是的。因此，我們的客戶創造的生產活動對我們來說無疑是一個機會。我們已經在東南亞看到了這一點，中國幾年前首次實施了關稅，Zebra 也因此受益。我確實再次看到，整個供應鏈的可視性以及整個供應鏈的數位化和自動化的想法為我們創造了機會。正如您所說，還有追蹤和追蹤以及其他相關任務。

So yes, it's an opportunity when production moves take place no matter where they are in the world, we benefit and then ultimately, the long-term trend of digitizing and automating environment, supply chain visibility across those environments.

所以是的，當生產活動發生在世界任何地方時，這都是一個機會，我們最終會受益，數位化和自動化環境的長期趨勢以及這些環境中的供應鏈可視性。

And that also plays into to AI, the idea that, ultimately, what we fundamentally do is give assets and inventory at digital voice. And circling back to your first question, collecting ultimately real-time data that feeds AI models and that ultimately allows you to kind of sense, analyze and then take action within your environment. So collecting data that feeds AI models that ultimately drives action, which then would take place with things like mobile devices, driving task management with employees and frontline workers creates an opportunity for us.

這也與人工智慧有關，最終，我們所做的根本就是以數位語音的方式提供資產和庫存。回到你的第一個問題，最終收集即時數據，為人工智慧模型提供數據，並最終讓你能夠在你的環境中感知、分析並採取行動。因此，收集數據來為人工智慧模型提供信息，最終推動行動，然後通過移動設備等方式進行，推動員工和一線工作人員的任務管理，這為我們創造了機會。

Brad Hewitt with Wolfe Research.

沃爾夫研究公司的布拉德休伊特 (Brad Hewitt)。

Just in terms of capital allocation. So you stepped up the buyback in Q1 to $125 million. You mentioned another $75 million in April. Should we expect that you may look to maintain or maybe even accelerate the pace of buybacks throughout the rest of the year if the valuation remains where it is today?

僅就資本配置而言。因此，你們將第一季的回購額度增加到了 1.25 億美元。您提到 4 月又撥款 7,500 萬美元。如果估值維持在目前的水平，我們是否應該預期您可能會在今年剩餘時間內維持甚至加快回購步伐？

As you know, we've been tracking higher than normal year-to-date at the $200 million to take advantage of the volatility. I'd say right now, we expect -- we definitely expect to remain active with some level of activity for the remainder of the year, and we'll see how to your point, the market plays out over the next couple of months to say whether we adjust the rate of return, but we wanted to, again, take advantage of the volatility here early in the year. And as we said, we wanted to commit to some level of buyback this year. And so we're on pace to that. But I think a little bit higher than we would expect out of the gate with the volatility, but we would expect, again, some -- to continue to remain active in the market for the balance of the year.

如您所知，今年迄今為止，我們一直追蹤高於正常水平的 2 億美元，以利用波動性。我想說的是，現在，我們預計——我們肯定希望在今年剩餘時間內保持一定程度的活躍，我們將看看未來幾個月市場如何表現，以決定我們是否調整回報率，但我們希望再次利用今年年初的波動性。正如我們所說，我們希望今年能實現一定程度的回購。我們正在朝著這個目標邁進。但我認為，考慮到波動性，這一數字會比我們預期的要高一些，但我們預計，在今年餘下的時間裡，市場將繼續保持活躍。

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。

I'd like to thank our employees and partners as they work to solve our customers' biggest challenges. We have strong conviction in the opportunities ahead for our business.

我要感謝我們的員工和合作夥伴，他們努力解決我們客戶面臨的最大挑戰。我們堅信我們的業務未來將面臨機會。

Thank you, and have a great day everyone.

謝謝大家，祝大家有個愉快的一天。

The conference has not concluded. Thank you for attending today's presentation. You may now disconnect.

會議尚未結束。感謝您參加今天的演講。您現在可以斷開連線。