斑馬技術公司 (ZBRA) 2020 Q4 法說會逐字稿

Good day, and welcome to the Zebra Technologies Fourth Quarter and Full Year 2020 Earnings Results Conference Call. (Operator Instructions) Please note, this event is being recorded.

美好的一天，歡迎來到 Zebra Technologies 第四季度和 2020 年全年收益結果電話會議。 （操作員說明）請注意，正在記錄此事件。

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

我現在想將會議轉交給投資者關係副總裁 Mike Steele。請繼續。

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

早上好，歡迎來到 Zebra 的第四季度電話會議。此演示文稿在我們的網站 investors.zebra.com 上同步播出，並將在那里至少存檔 1 年。

Slide 2 conveys that the forward-looking statements we make today are based on current expectations and assumptions and are subject to risks and uncertainties. Actual results could differ materially due to factors discussed in our SEC filings.

幻燈片 2 表示，我們今天所做的前瞻性陳述是基於當前的預期和假設，並受到風險和不確定性的影響。由於我們在 SEC 文件中討論的因素，實際結果可能存在重大差異。

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

在本次電話會議中，我們將在描述我們的業務績效時參考非 GAAP 財務指標。您可以在幻燈片演示文稿末尾和今天的收益新聞稿中找到對賬。在整個演示文稿中，除非另有說明，否則我們提及的銷售額增長是按固定匯率計算的同比增長，並且不包括每次收購後 12 個月內最近收購的業務的結果。

This presentation will include prepared remarks from Anders Gustafsson, our Chief Executive Officer; and Nathan Winters, our Chief Financial Officer. Anders will begin with our fourth quarter results. Then Nathan will provide additional detail on the financials and discuss our 2021 outlook. Anders will conclude with progress made on advancing our Enterprise Asset Intelligence vision. Following the prepared remarks, Joe Heel, our Senior Vice President of Global Sales, will join us as we take your questions.

該演示文稿將包括我們的首席執行官 Anders Gustafsson 準備好的評論；和我們的首席財務官 Nathan Winters。安德斯將從我們的第四季度業績開始。然後 Nathan 將提供有關財務的更多詳細信息並討論我們的 2021 年展望。 Anders 將總結在推進我們的企業資產智能願景方面取得的進展。在準備好的發言之後，我們的全球銷售高級副總裁 Joe Heel 將與我們一起回答您的問題。

Now let's flip to Slide 4 as I turn the call over to Anders.

現在讓我們翻到幻燈片 4，我將電話轉給安德斯。

Thank you, Mike. Good morning, everyone, and thank you for joining us. I am proud of our employees' resiliency and focus on serving our customers critical needs during the pandemic. Through their efforts, we were able to deliver exceptional results to close out a challenging 2020.

謝謝你，邁克。大家早上好，感謝您加入我們。我為我們員工的韌性感到自豪，並在大流行期間專注於滿足客戶的關鍵需求。通過他們的努力，我們能夠取得非凡的成果，結束充滿挑戰的 2020 年。

For the quarter, we realized adjusted net sales growth of more than 10% or more than 8% on an organic basis; an adjusted EBITDA margin of 23.5%, a 210 basis point year-over-year improvement; non-GAAP diluted earnings per share of $4.46, a 25% increase from the prior year; and strong free cash flow. Each of these measures significantly exceeded our outlook.

本季度，我們實現了超過 10% 或超過 8% 的調整後淨銷售額有機增長；調整後的 EBITDA 利潤率為 23.5%，同比提高 210 個基點；非 GAAP 攤薄後每股收益為 4.46 美元，比上年增長 25%；和強勁的自由現金流。這些措施中的每一項都大大超出了我們的預期。

We generated more business in Q4 than any other quarter in our history. Our teams executed well to satisfy a faster-than-expected recovery in demand from smaller customers through our distribution channel, particularly for our printing solutions. Demand from our large customers also continued to be strong due to their need to digitize and automate workflows in an increasingly on-demand economy.

我們在第四季度產生的業務比我們歷史上任何其他季度都多。我們的團隊執行良好，通過我們的分銷渠道滿足了比預期更快的小客戶需求恢復，尤其是對於我們的印刷解決方案。我們的大客戶的需求也持續強勁，因為他們需要在日益增長的按需經濟中對工作流程進行數字化和自動化。

We also drove improved profitability and cash flow, while investing in research and development projects to drive sustainable, profitable growth. Our record Q4 results capped a challenging full year 2020, in which we realized slight declines in sales and earnings per share. However, we did achieve record free cash flow of $895 million for the year.

我們還提高了盈利能力和現金流，同時投資於研發項目以推動可持續的盈利增長。我們創紀錄的第四季度業績結束了充滿挑戰的 2020 年全年，我們實現了銷售額和每股收益的小幅下降。然而，我們今年確實實現了創紀錄的 8.95 億美元自由現金流。

With that, I will now turn the call over to Nathan to review our Q4 financial results in more detail and discuss our 2021 outlook.

有了這個，我現在將把電話轉給內森，更詳細地審查我們第四季度的財務業績，並討論我們 2021 年的展望。

Thank you, Anders. Let's start with the P&L on Slide 6. In Q4, we returned to profitable growth after a particularly challenging first 9 months of the year. Net sales increased 8.3% before the impact of currency and acquisitions. Our sales mix of large and small orders normalized to pre-pandemic levels, driven by a recovery of our run-rate business, which was driven in part by pent-up demand.

謝謝你，安德斯。讓我們從幻燈片 6 的損益表開始。在今年前 9 個月特別具有挑戰性之後，我們在第四季度恢復了盈利增長。在貨幣和收購的影響之前，淨銷售額增長了 8.3%。我們的大訂單和小訂單的銷售組合正常化到大流行前的水平，這是由於我們的運行率業務的複蘇，這在一定程度上是由被壓抑的需求推動的。

Our Asset Intelligence & Tracking segment, including printing and supplies, significantly benefited from the recovery in smaller business demand, with segment sales increasing 14% from the prior year. Our Enterprise Visibility & Mobility segment sales increased 5.6%, driven by solid growth in enterprise mobile computing solutions. We also realized strong growth in services and software, driven by our managed and support services and Zebra retail solutions.

我們的資產智能和跟踪部門，包括印刷和耗材，顯著受益於小型企業需求的複蘇，該部門的銷售額比上一年增長了 14%。在企業移動計算解決方案穩步增長的推動下，我們的企業可視性和移動性部門銷售額增長了 5.6%。在我們的託管和支持服務以及 Zebra 零售解決方案的推動下，我們還實現了服務和軟件的強勁增長。

From a regional perspective, we realized solid year-over-year growth in North America and significant growth in EMEA, while Asia Pac and Latin America were slower to recover. In North America, sales increased 6%. Printing, supplies, data capture and services were bright spots. In EMEA, sales increased 20%. Printing, supplies, mobile computing and services grew double-digits as we saw strong demand through our partner distribution channel.

從區域的角度來看，我們實現了北美的穩健同比增長和 EMEA 的顯著增長，而亞太地區和拉丁美洲的複蘇速度較慢。在北美，銷售額增長了 6%。印刷、耗材、數據採集和服務是亮點。在歐洲、中東和非洲地區，銷售額增長了 20%。由於我們通過合作夥伴分銷渠道看到了強勁的需求，印刷、耗材、移動計算和服務實現了兩位數的增長。

APAC sales were down 4% year-over-year, yet increased sequentially. Printing and mobile computing were bright spots, and we saw modest growth in China. Latin America sales declined 15%, with all major product and service categories declining in a challenging macro environment.

亞太地區銷售額同比下降 4%，但環比增長。印刷和移動計算是亮點，我們在中國看到了溫和的增長。拉丁美洲的銷售額下降了 15%，在充滿挑戰的宏觀環境中，所有主要產品和服務類別均出現下滑。

Adjusted gross margin expanded 200 basis points to 47.8%, driven primarily by a $12 million recovery of China import tariffs paid in prior periods and improved services and software margin. Business mix had a negligible impact on year-on-year margin comparisons. Additionally, this quarter's results were impacted by $10 million of premium freight costs.

調整後的毛利率擴大 200 個基點至 47.8%，這主要是由於前期支付的 1200 萬美元中國進口關稅的回收以及服務和軟件利潤率的提高。業務組合對同比利潤率比較的影響可以忽略不計。此外，本季度的業績受到 1000 萬美元的保費運費的影響。

Adjusted operating expenses increased $28 million from the prior year period and improved 20 basis points as a percentage of sales. We continue to diligently manage costs, while accelerating high-return investments in the business. Fourth quarter adjusted EBITDA margin was 23.5%, a 210 basis point increase from the prior year period, primarily driven by higher gross margin. We drove non-GAAP earnings per diluted share of $4.46, a $0.90 or 25.3% year-over-year increase.

調整後的運營費用比上年同期增加 2800 萬美元，佔銷售額的百分比提高了 20 個基點。我們繼續努力管理成本，同時加快對業務的高回報投資。第四季度調整後的 EBITDA 利潤率為 23.5%，比上年同期增長 210 個基點，這主要是由於較高的毛利率。我們推動非 GAAP 每股攤薄收益達到 4.46 美元，同比增長 0.90 美元或 25.3%。

Turning now to the balance sheet and cash flow highlights on Slide 7. We generated $895 million of free cash flow in full year 2020. This was $271 million higher than the prior year. Free cash flow conversion of 130% was significantly higher than our target of 100%, primarily due to timing of customer collections and vendor payments.

現在轉到幻燈片 7 中的資產負債表和現金流亮點。我們在 2020 年全年產生了 8.95 億美元的自由現金流。這比上一年增加了 2.71 億美元。 130% 的自由現金流轉換率大大高於我們 100% 的目標，這主要是由於客戶收款和供應商付款的時間安排。

Lower 2020 payments of incentive compensation, taxes and interest also contributed to the improvement. Our balance sheet remains strong. From a debt leverage perspective, we ended 2020 at 1.2x net debt-to-adjusted EBITDA leverage ratio, which is comfortably below our target maximum of 2.5x.

較低的 2020 年激勵薪酬、稅收和利息支出也有助於改善。我們的資產負債表依然強勁。從債務槓桿的角度來看，我們到 2020 年底的淨債務與調整後 EBITDA 槓桿比率為 1.2 倍，遠低於我們 2.5 倍的目標最大值。

Let's now turn to our outlook. We entered the new year with a strong order backlog and healthy channel inventory levels. We are encouraged by the pickup in demand, primarily from our smaller customers, which includes pent-up demand from those who had paused spending during the peak of the pandemic. This momentum, along with our sales pipeline, positions us well for double-digit sales growth for the first quarter and full year 2021.

現在讓我們談談我們的展望。我們以強勁的訂單積壓和健康的渠道庫存水平進入了新的一年。我們對主要來自我們的小客戶的需求回升感到鼓舞，其中包括那些在大流行高峰期間暫停支出的人被壓抑的需求。這種勢頭，連同我們的銷售渠道，使我們在 2021 年第一季度和全年實現兩位數的銷售增長。

In Q1, we expect adjusted net sales to increase between 25% and 29%. This outlook assumes a 300 to 350 basis point additive impact from the acquisition of Reflexis and foreign currency changes. We anticipate Q1 adjusted EBITDA margin of slightly higher than 23%, which assumes gross margin expansion and operating expense leverage. Non-GAAP diluted EPS is expected to be in the range of $4.30 to $4.50.

第一季度，我們預計調整後的淨銷售額將增長 25% 至 29%。這一前景假設收購 Reflexis 和外匯變動產生 300 至 350 個基點的附加影響。我們預計第一季度調整後的 EBITDA 利潤率略高於 23%，假設毛利率擴張和運營費用槓桿。非 GAAP 稀釋後每股收益預計在 4.30 美元至 4.50 美元之間。

For the full year 2021, we anticipate adjusted net sales growth between 10% and 14%, with growth moderating through the year as we cycle more challenging comparisons and navigate a continued uncertain global economic recovery. This outlook assumes approximately 3 percentage points additive impact from the acquisition of Reflexis and foreign currency changes. We anticipate full year 2021 adjusted EBITDA margin between 21% and 22%, which assumes gross margin expansion from the prior year.

對於 2021 年全年，我們預計調整後的淨銷售額將增長 10% 至 14%，隨著我們循環進行更具挑戰性的比較並應對持續不確定的全球經濟復甦，全年增長將放緩。這一前景假設收購 Reflexis 和外匯變化帶來大約 3 個百分點的附加影響。我們預計 2021 年全年調整後的 EBITDA 利潤率在 21% 至 22% 之間，假設毛利率比上一年有所增長。

We expect free cash flow to be at least $700 million for the year. We do not expect to repeat the exceptionally high level of free cash flow conversion that we achieved in 2020. Please reference additional modeling assumptions shown on Slide 8.

我們預計今年的自由現金流至少為 7 億美元。我們預計不會重複我們在 2020 年實現的極高水平的自由現金流轉換。請參考幻燈片 8 中顯示的其他建模假設。

With that, I will turn the call back to Anders to discuss how we're advancing our Enterprise Asset Intelligence vision in our end markets.

有了這個，我將把電話轉回給安德斯，討論我們如何在我們的終端市場推進我們的企業資產智能願景。

Thank you, Nathan. Our team has done a fantastic job executing in a challenging environment. We have strong momentum entering 2021, supported by our order backlog and pipeline of business. We continue to build on our industry-leading offerings by investing in our people, operations and innovation to drive sustainable growth. In 2020, we acquired Reflexis and launched a record number of new products and solutions to ensure that we continue to advance our industry leadership position.

謝謝你，內森。我們的團隊在充滿挑戰的環境中表現出色。在我們的訂單積壓和業務管道的支持下，我們進入 2021 年的勢頭強勁。我們通過投資於我們的人員、運營和創新來推動可持續增長，從而繼續構建我們行業領先的產品。 2020 年，我們收購了 Reflexis 並推出了創紀錄數量的新產品和解決方案，以確保我們繼續提升行業領導地位。

Slide 10 highlights how we are building on our foundational capabilities to elevate our value proposition. We are uniquely positioned to solve our customers' complex operational challenges. Our unmatched access to frontline operational data from our vast installed base of products and solutions can be harnessed to gain real-time actionable insights. The result is a more intelligent enterprise, with optimized workflows.

幻燈片 10 強調了我們如何構建我們的基礎能力來提升我們的價值主張。我們在解決客戶複雜的運營挑戰方面具有獨特的優勢。我們可以利用我們龐大的已安裝產品和解決方案基礎對一線運營數據的無與倫比的訪問權限，以獲得實時的可操作見解。結果是一個更智能的企業，具有優化的工作流程。

Through the pandemic, there has been a dramatic increase in the adoption of omnichannel and online shopping. Retailers need proven solutions to overcome the significant fulfillment challenges posed by this profound behavioral shift. If goods are not delivered or made available for pickup, as promised, the retailer risks losing its shopper to a competitor. To address this issue, retailers have been prioritizing their capital spend in our broad portfolio of solutions with a sense of urgency.

通過大流行，全渠道和在線購物的採用急劇增加。零售商需要經過驗證的解決方案來克服這種深刻的行為轉變帶來的重大挑戰。如果貨物沒有按照承諾交付或提貨，零售商就有可能將其購物者拱手讓給競爭對手。為解決這個問題，零售商一直懷著緊迫感優先考慮他們在我們廣泛的解決方案組合中的資本支出。

We are enabling retailers to generate an unprecedented amount of valuable data captured through mobile computers, point-of-sale systems, RFID and other intelligent automation solutions, all of which are critical to digitizing their operations. Key benefits to the retailer include: better operational visibility and insights; increased employee collaboration and labor productivity, improved inventory accuracy, well-equipped associates with real-time actionable information, and more satisfied customers.

我們正在幫助零售商生成通過移動數據終端、銷售點系統、RFID 和其他智能自動化解決方案捕獲的空前數量的有價值數據，所有這些都對他們的運營數字化至關重要。零售商的主要優勢包括： 更好的運營可見性和洞察力；增強了員工協作和勞動生產率，提高了庫存準確性，配備了具有實時可操作信息的設備齊全的員工，以及更滿意的客戶。

Last month, we participated in the National Retail Federation's virtual sessions, where we showcased how Zebra's solutions help retailers deliver a superior omnichannel shopping experience. At one of the sessions, AutoZone explained how our Reflexis workforce and task management solution equipped their associates with highly flexible mobile technology that enables enhanced customer responsiveness and provides insightful data for analytics and reporting. We are proud to enable AutoZone to go the extra mile to delight its shoppers.

上個月，我們參加了美國零售聯合會的虛擬會議，展示了 Zebra 的解決方案如何幫助零售商提供卓越的全渠道購物體驗。在其中一場會議上，AutoZone 解釋了我們的 Reflexis 勞動力和任務管理解決方案如何為其員工配備高度靈活的移動技術，從而增強客戶響應能力並為分析和報告提供有見地的數據。我們很自豪能夠讓 AutoZone 更加努力地取悅其購物者。

Now turning to Slide 12. We continue to be excited about our opportunity to help our customers meet their mission-critical needs in an increasingly on-demand economy. As a trusted strategic partner, we orchestrate end-to-end workflows for customers in a variety of end markets. As I mentioned, retailers continue to prioritize investment in our products and solutions to address their omnichannel fulfillment strategies and related warehouse automation needs.

現在轉到幻燈片 12。我們繼續為有機會幫助我們的客戶在日益增長的按需經濟中滿足他們的關鍵任務需求而感到興奮。作為值得信賴的戰略合作夥伴，我們為各種終端市場的客戶協調端到端的工作流程。正如我所提到的，零售商繼續優先投資我們的產品和解決方案，以滿足他們的全渠道履行戰略和相關的倉庫自動化需求。

In Q4, we secured multi-million dollar orders from a range of e-tailers, mass merchants, grocers, department stores and auto parts retailers. In transportation and logistics, strong e-commerce growth continues to drive parcel volumes, while last-mile on-demand fulfillment has become increasingly important.

在第四季度，我們從一系列電子零售商、大型零售商、雜貨店、百貨商店和汽車零部件零售商那裡獲得了數百萬美元的訂單。在運輸和物流領域，電子商務的強勁增長繼續推動包裹數量，而最後一英里的按需履行變得越來越重要。

The Italian Post recently selected our printing and scanning solutions for their 13,000 post offices. Separately, the deployment of our TC7 Series mobile computers to United States Postal Service carriers is on track to resume as expected in late Q1, with a goal of completion in Q3. In health care, the need for increased real-time visibility into the entire patient journey as well as the demand for innovative solutions to provide safe and efficient care continue to make health care, our highest-growth end market opportunity.

意大利郵政最近為其 13,000 家郵局選擇了我們的打印和掃描解決方案。另外，我們的 TC7 系列移動數據終端向美國郵政服務運營商的部署有望在第一季度末按預期恢復，目標是在第三季度完成。在醫療保健領域，需要提高對整個患者旅程的實時可見性，以及對提供安全高效護理的創新解決方案的需求，這繼續使醫療保健成為我們增長最快的終端市場機會。

In Q4, we grew our relationship with one of America's leading health care providers. New acute care applications have made it increasingly important for this customer to equip more of their clinicians with mobile computers. The most recent use case we addressed was COVID drive-through testing with our health care-purposed TC5 Series mobile computers, which seamlessly interfaces with their electronic medical record system.

在第四季度，我們加強了與美國領先的醫療保健提供商之一的關係。新的急症護理應用使得該客戶為更多的臨床醫生配備移動數據終端變得越來越重要。我們處理的最新用例是使用我們的醫療保健專用 TC5 系列移動數據終端進行 COVID 駕車通過測試，該數據終端與他們的電子病歷系統無縫連接。

Although the manufacturing sector has been hardest hit in 2020, we are optimistic regarding our prospects of returning to growth soon. We see vibrant opportunity to increase automation in workflows, and we are viewed as a visionary in this market.

儘管製造業在 2020 年受到的衝擊最大，但我們對很快恢復增長的前景持樂觀態度。我們看到了提高工作流程自動化的充滿活力的機會，我們被視為這個市場的遠見者。

In Q4, we also secured notable wins beyond our traditional end markets. This included a competitive takeaway win with a leading waste hauler in North America. This customer initiated a multiyear rollout of our ET5 Series tablets, accessories and related services for its dispatch application, which is improving training and productivity among its drivers, dispatchers and supervisors.

在第四季度，我們還在傳統終端市場之外取得了顯著的勝利。這包括與北美領先的垃圾運輸商的競爭性外賣勝利。該客戶為其調度應用程序啟動了我們的 ET5 系列平板電腦、配件和相關服務的多年部署，這正在改善其司機、調度員和主管的培訓和工作效率。

Another important win was with one of the largest metropolitan police departments in the United States. Using our TC7 Series mobile computers, along with ZQ5 Series mobile printers, they implemented an automated parking citation application that generated enough revenue to cover their technology investment in a matter of months.

另一個重要的勝利是與美國最大的城市警察局之一。使用我們的 TC7 系列移動數據終端和 ZQ5 系列移動打印機，他們實施了一個自動停車罰單應用程序，該應用程序產生的收入足以在幾個月內支付他們的技術投資。

In closing, we continue to find substantial opportunities in our primary end markets, and we are excited about the emerging prospects we see in newer markets. We are well-positioned for ongoing success as the need to digitize and automate workflows continues to accelerate.

最後，我們繼續在我們的主要終端市場中尋找大量機會，我們對我們在新市場中看到的新興前景感到興奮。隨著對工作流程數字化和自動化的需求不斷加速，我們已做好準備持續取得成功。

Now I'll hand the call back over to Mike.

現在我將把電話轉回給邁克。

Thanks, Anders. We'll now open the call to Q&A. (Operator Instructions)

謝謝，安德斯。我們現在將打開問答環節。 （操作員說明）

(Operator Instructions) The first question comes from Andrew Buscaglia from Berenberg.

（操作員說明）第一個問題來自 Berenberg 的 Andrew Buscaglia。

So your guidance -- such a strong Q1 guidance, yet for the full year, it seems conservative. And can you talk about what you're expecting towards -- more towards the back half of the year? Because your guidance implies, maybe for EVM, more low single-digit growth, AIT probably going negative in Q4. What's built into that back half? Any color would be great.

所以你的指導——如此強大的第一季度指導，但對於全年來說，它似乎是保守的。你能談談你對今年下半年的期望嗎？因為你的指導暗示，也許對於 EVM，更低的個位數增長，AIT 可能在第四季度為負。後半部分內置了什麼？任何顏色都會很棒。

First, our industry leadership and our steadfast investments in the -- in our broad solutions is what's enabling us to rebound stronger and, I think, faster than our competitors. So we do expect double-digit growth for Q1, but also for the full year 2021. And obviously, this is a strong rebound from a more challenging 2020. We do feel as confident as ever about our business.

首先，我們的行業領導地位和我們對廣泛解決方案的堅定投資使我們能夠比競爭對手更強勁地反彈，而且我認為反彈速度更快。因此，我們確實預計第一季度以及 2021 年全年都將實現兩位數的增長。顯然，這是從更具挑戰性的 2020 年強勁反彈。我們對我們的業務一如既往地充滿信心。

We do expect growth across all our regions, verticals and business lines as we look at 2021. But we are a bit more cautious about our -- the assumptions we put into our second half forecast, given the global macro uncertainty that we're facing. And we're also starting to cycle so much tougher comps in Q4. We should also mention that we're not assuming any growth in large deals or large accounts in the second half of 2021.

展望 2021 年，我們確實預計我們所有地區、垂直行業和業務線都將實現增長。但鑑於我們面臨的全球宏觀不確定性，我們對下半年預測中的假設持謹慎態度.而且我們也開始在第四季度循環如此多的強硬組合。我們還應該提到，我們不假設 2021 年下半年大宗交易或大客戶有任何增長。

Okay. And how much of USPS is in the Q1 guide? Because that's such a big guide. And then maybe any other color you can give us on USPS into Q2 and Q3, maybe the percentage that's accounted for per quarter or something?

好的。 Q1 指南中有多少 USPS？因為那是一個很大的指南。然後，也許您可以在 USPS 上為我們提供進入第二季度和第三季度的任何其他顏色，也許是每個季度所佔的百分比或其他什麼？

Yes. So on USPS, the rollout is progressing as we expected. The teams are continuing to be highly engaged. As we noted, the current rollouts around our EMC, the 300,000 TC77s.

是的。因此，在 USPS 上，推出正按我們的預期進行。這些團隊將繼續高度參與。正如我們所指出的，當前圍繞我們的 EMC 推出的 300,000 個 TC77。

And the 300,000 rollout, we've paused that since October going into the election and holiday season, and we do expect that to resume in late Q1. And really, a modest impact in our Q1 guide. And then for the full year, we expect USPS about 1 point of our sales growth -- or the USPS growth to account for about 1 point of our full year growth, primarily in the first half of the year.

自 10 月進入選舉和假期季節以來，我們已經暫停了 300,000 次的推出，我們確實希望在第一季度末恢復。實際上，對我們的第一季度指南影響不大。然後對於全年，我們預計 USPS 約占我們銷售增長的 1 個百分點 - 或者 USPS 增長占我們全年增長的約 1 個百分點，主要是在今年上半年。

Okay. So not much -- so that Q1 guide, not much -- that's all pure organic. Very little related to USPS. That's just pure like end market demand. Is it primarily in EVM? Or is it -- or is there sort of a bulky order in AIT, or one or the other?

好的。所以不多 - 所以 Q1 指南，不多 - 這都是純有機的。與 USPS 關係不大。這就像終端市場需求一樣純粹。它主要在 EVM 中嗎？或者是 - 或者 AIT 中是否存在大量訂單，或者其中之一？

Yes. So that's correct on USPS, and I'd say broad-based across both segments in Q1.

是的。所以這在 USPS 上是正確的，我想說第一季度的兩個細分市場都有廣泛的基礎。

Both? Okay. All right.

兩個都？好的。好的。

Yes, it's been nice to see the business have performed very nicely in Q4 and the outlook for Q1 across all our products and verticals.

是的，很高興看到業務在第四季度的表現非常好，以及我們所有產品和垂直領域的第一季度前景。

The next question is from Tommy Moll of Stephens.

下一個問題來自 Stephens 的 Tommy Moll。

Anders, I wanted to start with a follow-up on your retail and e-commerce end markets. And in the second half of last year, maybe most of last year, once the pandemic took hold, it sounded like within those end markets, it was larger customers who were leaning in quicker into some of the omnichannel capabilities that you offer.

安德斯，我想從跟進您的零售和電子商務終端市場開始。在去年下半年，也許是去年的大部分時間，一旦大流行開始流行，聽起來就像在這些終端市場中，更大的客戶更快地傾向於你提供的一些全渠道功能。

Then in today's commentary, you indicated that some small customer activity has resumed and looking positive. Maybe some of that's on the printer side, but I'm curious what you could give us on the mid- or smaller-sized customers within those retail and e-comms end markets? Anything changing for the better there? Or any context would be helpful.

然後在今天的評論中，您表示一些小客戶活動已經恢復並且看起來很積極。也許其中一些是在打印機方面，但我很好奇您能為零售和電子商務終端市場中的中小型客戶提供什麼？那裡有什麼好轉的地方嗎？或者任何上下文都會有所幫助。

Yes. First, I'd say that across all the verticals that we play in, we are uniquely positioned to empower front-line workers to perform their duties better and more effectively and with higher customer service, particularly where COVID-19 has helped accelerate some of those secular trends around digitization and automation. So each of our 4 primary verticals had a positive growth trajectory as we entered into 2021, and we're making good progress also in some newer expansion verticals that we talked about in our prepared remarks.

是的。首先，我要說的是，在我們所涉足的所有垂直領域，我們都處於獨特的地位，可以讓一線員工更好、更有效地履行職責，並提供更好的客戶服務，尤其是在 COVID-19 幫助加快了一些那些圍繞數字化和自動化的長期趨勢。因此，當我們進入 2021 年時，我們的 4 個主要垂直領域中的每一個都有積極的增長軌跡，而且我們在準備好的評論中談到的一些較新的擴張垂直領域也取得了良好進展。

Now specifically for retail and e-commerce, I said we saw a step change in consumer adoptions of omnichannel and e-commerce as part of the early phase of COVID. If you look at in-the-store, buy-online, pick-up-at-store and other delivery use-cases, we're growing very rapidly. And in the warehouse, a lot of investments in technology to help automate them are also necessary for retailers to transform their business models.

現在專門針對零售和電子商務，我說過，作為 COVID 早期階段的一部分，我們看到消費者對全渠道和電子商務的採用發生了巨大變化。如果你看看店內、在線購買、店內提貨和其他交付用例，我們的增長非常迅速。而在倉庫方面，大量技術投資有助於實現自動化，這也是零售商轉變商業模式所必需的。

And we're starting to see pilots for our Enterprise Asset Intelligence solutions starting to resume. Another trend that we see in retail is around equipping all associates with a device. That's also very synergistic with our Reflexis workforce and task management solutions, where they work very much hand-in-hand.

我們開始看到我們的企業資產智能解決方案的試點開始恢復。我們在零售業看到的另一個趨勢是為所有員工配備設備。這也與我們的 Reflexis 勞動力和任務管理解決方案非常協同，它們可以密切合作。

And the strength we saw around more small and medium-sized businesses was broad-based. It includes retail. Also, e-commerce is probably a little less of smaller companies, there's more large businesses. But the small and medium-sized business strength that we saw especially expand across the 4 verticals that we work in.

我們在更多中小型企業中看到的優勢是廣泛的。它包括零售。另外，電子商務可能是小公司少一點，大企業多一些。但是，我們看到的中小企業實力在我們工作的 4 個垂直領域尤其強大。

Perhaps in addition from my side, Joe Heel speaking, the -- in the depth of the pandemic, in the Q2, Q3 time frame, we saw that the large retail and e-commerce customers have the wherewithal to continue investing and, in fact, charged headlong, if you will, into transforming their businesses. Whereas small and medium-sized customers paused their spending and were a bit cautious. In particular, outside of the U.S., we saw this phenomenon.

也許從我這邊來說，Joe Heel 說，在大流行的深度，在第二季度、第三季度的時間框架內，我們看到大型零售和電子商務客戶有能力繼續投資，事實上，如果你願意的話，可以輕率地轉變他們的業務。而中小客戶暫停消費，有點謹慎。特別是在美國以外，我們看到了這種現象。

But we also learned that the solutions that we have, in particular on the printing and scanning side, are essential to these customers. And they ultimately need to come back and refresh those. And that is driving a lot of the pent-up demand that we were seeing in Q4 as they returned to make those essential purchases.

但我們也了解到，我們擁有的解決方案，尤其是在打印和掃描方面，對這些客戶來說至關重要。他們最終需要回來刷新這些。這推動了我們在第四季度看到的大量被壓抑的需求，因為他們回來購買這些必需品。

That's very helpful. And Anders, you referenced something I wanted to ask as a follow-up, relating to the proof-of-concept-type pilots that you have with some retailers, where, potentially, all associates in the store have some kind of device. What additional color could you give us there just in terms of what inning we're in, in terms of those pilots, when there might be an opportunity for some larger scale commercialization of that concept?

這很有幫助。安德斯，你提到了一些我想問的後續問題，與你與一些零售商進行的概念驗證型試點有關，在這些試點中，店內的所有員工都可能擁有某種設備。就這些飛行員而言，就我們所處的局而言，你能給我們什麼額外的顏色，什麼時候可能有機會對該概念進行更大規模的商業化？

And then I noted, let's see, last month, end of January, you introduced a new mobile computer series at EC5x and the description there sounded like it might be tied to this pilot concept. So I wonder if you could comment on that product innovation as well to the extent it's related.

然後我注意到，讓我們看看，上個月，1 月底，您在 EC5x 上推出了一個新的移動計算機系列，那裡的描述聽起來可能與這個試點概念有關。所以我想知道您是否可以就該產品創新及其相關程度發表評論。

Yes. For our customers to introduce a device for every worker, that's a great opportunity for Zebra, great expansion for us. Our estimate is, today, that in retail, about 1/3 of all store associates are equipped with a device. And I'd say, today, the -- it varies greatly between retailers, how deeply they are penetrated into their associate base with devices. Some are much further along than others.

是的。對於我們的客戶來說，為每位員工推出一款設備，這對 Zebra 來說是一個很好的機會，對我們來說也是一個很好的擴展。我們估計，如今在零售業中，大約 1/3 的店員都配備了設備。我要說的是，今天，零售商之間的差異很大，他們通過設備滲透到其關聯基礎的深度。有些比其他的走得更遠。

We are -- we have worked to basically expand our portfolio of mobile computing devices to ensure that we have kind of appropriate form factors and price points to enable our customers to take this more deeper into their associate base, and we expect that this will be a continued trend. I'm not sure I expect it to be kind of big step-function changes in behaviors, but more looking to continually add to -- add devices to the store associate base to be able to ensure that they are all connected and able to take advantage of all the other digital tools and solutions that the retailers offer.

我們 - 我們一直在努力擴展我們的移動計算設備產品組合，以確保我們擁有合適的外形尺寸和價格點，使我們的客戶能夠更深入地了解他們的關聯基礎，我們預計這將是一個持續的趨勢。我不確定我是否希望它在行為上有很大的階梯式變化，但更多的是希望不斷添加——將設備添加到商店關聯庫中，以確保它們都已連接並能夠使用利用零售商提供的所有其他數字工具和解決方案。

I don't know, Joe, if you have any?

我不知道，喬，你有沒有？

Yes, I wanted to just point out 2 other things that I think address this question. One, you're right about the release of the EC5, it's EC50 and EC55, which are devices that combine a consumer-like form factor with all of the advantages that we bring to the enterprise Android ecosystem. And so we expect that, that device, in particular, will play a role in this trend of a device [for all].

是的，我只想指出我認為可以解決這個問題的另外兩件事。第一，你對 EC5 的發布是正確的，它是 EC50 和 EC55，這些設備結合了類似消費者的外形和我們為企業 Android 生態系統帶來的所有優勢。因此，我們預計，特別是該設備將在這種設備趨勢中發揮作用 [for all]。

But I also wanted to point out another synergistic part of our strategy, which is the acquisition of Reflexis. Well, Reflexis, as you know, does task and workforce management and, therefore, needs to reach every worker within the enterprise, in particular, of course, retail, which is their dominant vertical. And so, therefore, having a device in the hand of every worker now all of a sudden becomes essential again, and now we're in a great position to meet that demand.

但我還想指出我們戰略的另一個協同部分，即收購 Reflexis。好吧，如您所知，Reflexis 從事任務和勞動力管理，因此需要覆蓋企業內的每一位員工，當然，尤其是零售業，這是他們的主導垂直領域。因此，現在突然之間，讓每個工人都擁有一台設備變得必不可少，現在我們可以很好地滿足這一需求。

The next question is from Jim Ricchiuti of Needham & Company.

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

Anders, I wanted to just follow-up on the comment about the second half and the assumptions around large deals. How does that -- you say you're not assuming large deals. How does that compare with prior years because, typically, some of that large deal activity does materialize, I would assume, as you're going through the year?

安德斯，我只想跟進關於下半年的評論和關於大宗交易的假設。那是怎麼回事——你說你沒有假設大筆交易。這與往年相比如何，因為通常情況下，一些大型交易活動確實會實現，我會假設，因為你正在經歷這一年？

That's correct. We -- I'd say this is more a matter of limited visibility into the second half than it is, that there's a certainty that there won't be growth in larger deals. I think this is similar to how we generally, I think, forecast our years. So yes.

這是正確的。我們——我想說的是，這更多的是對下半年的可見度有限，而不是現在，可以肯定的是，更大的交易不會有增長。我認為這類似於我們通常預測我們的年齡的方式。所以是的。

Okay. And I wonder if you could -- my follow-up question is just regarding component constraints. We're hearing throughout the supply chain tightness in semiconductor components. And I'm wondering to what extent that's impacting you guys as you think about your supply chain?

好的。我想知道你是否可以——我的後續問題只是關於組件約束。我們聽到整個供應鏈中半導體元件的緊張情況。我想知道這對你們供應鏈的影響有多大？

Yes. We've definitely seen the lead times extending. And -- but our team is working diligently, and I think we are on top of it. We have incorporated whatever visibility we have to extended lead times for our semiconductors and other components into our outlook also, particularly for the second half.

是的。我們肯定已經看到交貨時間延長了。而且 - 但我們的團隊正在努力工作，我認為我們處於領先地位。我們已經將我們必須延長半導體和其他組件的交貨時間的任何可見性納入我們的展望，特別是下半年。

The next question is from Meta Marshall with Morgan Stanley.

下一個問題來自摩根士丹利的 Meta Marshall。

Great. I guess I just wanted to dig into how you guys are thinking about gross margins into Q1 and into 2021. Clearly, you guys saw a pickup in kind of your smaller customers, which would have helped gross margins in Q4. You clearly have some large deals and still some kind of overhang from freight as you head through 2021.

偉大的。我想我只是想深入了解你們如何看待第一季度和 2021 年的毛利率。顯然，你們看到了小客戶的回升，這將有助於第四季度的毛利率。到 2021 年，你顯然有一些大交易，但仍有一些運費過剩。

So just how we should be thinking of the progression of gross margins through 2021? And then maybe just as a second question, just given the kind of very healthy cash flow that you guys saw in 2020 and kind of the continuation of that into 2021, how do you guys kind of think about balance sheet prioritization currently?

那麼我們應該如何考慮到 2021 年毛利率的變化呢？然後可能只是第二個問題，鑑於你們在 2020 年看到的那種非常健康的現金流，並且這種情況會持續到 2021 年，你們如何看待目前的資產負債表優先順序？

Yes. So if you look at our full year guide, EBITDA of 21% to 22%. We expect gross margin to improve year-on-year, primarily due to the order size mix normalizing, which we saw in Q4 and implied in our Q1 guide. We do expect premium freight costs to persist around $30 million to $40 million, yet declining in the second half as air travel returns.

是的。因此，如果您查看我們的全年指南，EBITDA 為 21% 至 22%。我們預計毛利率將同比提高，這主要是由於我們在第四季度看到並在我們的第一季度指南中暗示的訂單規模組合正常化。我們確實預計保費運費將維持在 3000 萬至 4000 萬美元左右，但隨著航空旅行的回歸，下半年將有所下降。

And within the full year guide, we do expect OpEx to increase as a percent of sales once you include a full year of Reflexis as well as the majority of our spend returning post-COVID, including incentive compensation and travel, particularly in the second half. I also think it's worth noting when you look at the full year EBITDA guide, Reflexis, as we stated, is going to be a dollar-neutral year, yet slightly dilutive given the investments in go-to-market and the platform. Then we do expect that to scale over time.

在全年指南中，我們確實預計運營支出佔銷售額的百分比會增加，一旦您包括全年的 Reflexis 以及我們在 COVID 後返回的大部分支出，包括獎勵補償和旅行，特別是在下半年.我還認為，當您查看全年 EBITDA 指南時，值得注意的是，正如我們所說，Reflexis 將是美元中性的一年，但考慮到對進入市場和平台的投資，會略微稀釋。然後我們確實希望它隨著時間的推移而擴展。

On your second question, if you look at free cash flow, $895 million, a strong finish to the year, really around improved core working capital performance, particularly in AR. We saw very strong collection activity and some early timing at the end of the year as well as our Q4 sales were front-loaded, driving some of the benefit. As well as small incremental AR factoring, lower taxes, interest expense and incentive comp kind of driving the year-on-year beat. So when we look at -- for 2021, we do expect it to decline, but primarily due to just the exceptional 2020 performance and really more normalizing the free cash flow conversion rate over the 2-year period.

關於你的第二個問題，如果你看一下自由現金流，8.95 億美元，這是今年的強勁收官，實際上是圍繞改善核心營運資本績效，特別是在 AR 方面。我們看到非常強勁的收款活動和年底的一些提前時間以及我們的第四季度銷售提前完成，帶來了一些好處。除了小幅增量 AR 保理、較低的稅收、利息支出和激勵補償之外，還推動了同比增長。因此，當我們看 - 對於 2021 年，我們確實預計它會下降，但主要是由於 2020 年的出色表現以及 2 年期間的自由現金流轉換率實際上更加正常化。

The next question is from Paul Coster of JPMorgan.

下一個問題來自摩根大通的保羅科斯特。

I'm just wondering if we are at the sort of inflection point for the company in terms of the sort of mix shift and margin outlook. As the AIT business sort of comes back a bit, will be a bit driven by the smaller accounts here, obviously, has higher margins. But you've also got the software and services business growing faster.

我只是想知道，就混合轉變和利潤率前景而言，我們是否處於公司的拐點。隨著 AIT 業務的恢復，這裡的小客戶會有點推動，顯然，利潤率更高。但你也讓軟件和服務業務增長得更快。

As far as I can figure it out here, you're probably seeing in excess of 50% growth for the Reflexis business, which has, what, 20 percentage points higher gross margins than the rest of the business. So it sort of feels to me like we're heading towards a new margin structure over the next 3 or 4 years. Can you comment on that?

據我所知，您可能會看到 Reflexis 業務的增長超過 50%，該業務的毛利率比其他業務高出 20 個百分點。所以我覺得我們在未來 3 或 4 年內將朝著新的保證金結構邁進。你能對此發表評論嗎？

The margin structure or more on the business inflection, generally?

一般來說，利潤率結構或更多的業務變化？

Well, not -- yes, the margin, I guess it's related, obviously, Anders. But are gross margins going to be expanding from here on out? And is the business mix, I suppose, going to be permanently changing here?

好吧，不是——是的，利潤率，我想這顯然是相關的，安德斯。但毛利率會從現在開始擴大嗎？我想這裡的業務組合會永久改變嗎？

Yes. Okay. I think Nate is best positioned to answer that.

是的。好的。我認為 Nate 最適合回答這個問題。

Yes, Paul. So if we look at margin and margin expansion over time, we do believe we can go higher, and we have many levers to achieve that. I think, as you mentioned, scaling some of the newer markets with richer gross margin, Reflexis being one of those proof points.

是的，保羅。因此，如果我們隨著時間的推移觀察利潤率和利潤率擴張，我們確實相信我們可以走得更高，而且我們有很多手段可以實現這一目標。我認為，正如你提到的那樣，以更高的毛利率擴大一些較新的市場，Reflexis 就是這些證明點之一。

We always continue to focus on driving higher gross margin and productivity through all of our operational efficiencies across the business. And we've had a track record of doing that and driving profitable growth. And we do expect EBITDA margins to get back to the pre-pandemic levels in '21, and we really don't see any reason that, that should be constrained as we move forward in terms of continued expansion.

我們始終專注於通過提高整個企業的運營效率來提高毛利率和生產力。我們在這方面有著良好的記錄，並推動了盈利增長。我們確實預計 EBITDA 利潤率將在 21 年回到大流行前的水平，而且我們真的沒有看到任何理由，因為我們在繼續擴張方面向前邁進時應該限制它。

I guess I'm not asking my question very well. But with the -- is there going to be a mix shift towards AIT and service and software? And will that drive up the margins structurally over the long-term, not just to pre-pandemic levels, but to sort of almost pre-MSI acquisition levels?

我想我問的問題不是很好。但是隨著 - 是否會向 AIT 以及服務和軟件混合轉變？從長遠來看，這是否會在結構上提高利潤率，不僅達到大流行前的水平，而且幾乎達到 MSI 收購前的水平？

Yes. I'd say, first, maybe think about the business around our core near adjacencies and around the Enterprise Asset Intelligence or Intelligent Edge Solutions, so more the newer stuff. I do believe that our core business, AIT printing and scanning side, including services, are very healthy, good shape, and I expect them to continue to grow at a nice rate over the longer term.

是的。我想說，首先，也許考慮圍繞我們的核心附近的業務以及圍繞企業資產智能或智能邊緣解決方案的業務，所以更多的是更新的東西。我確實相信我們的核心業務，AIT 打印和掃描方面，包括服務，非常健康，狀況良好，我希望它們在長期內繼續以良好的速度增長。

I don't expect printing to kind of break out from the pack here. Printing has been a bit more up and down over the last year. So we have probably a little bit more of a pent-up demand in printing solutions than we had in some of the other solutions.

我不希望印刷業在這裡脫穎而出。印刷業在過去一年中起伏不定。因此，與其他一些解決方案相比，我們對打印解決方案的壓抑需求可能更多。

But if you look into our -- the Enterprise Asset Intelligence vision that we have in the Intelligent Edge Solutions, I do expect our software assets and some of our more intelligent automation solutions to grow faster than the company average from a gross margin perspective and, obviously, scale will help us here. But also as we invest in some of the newer solutions, we will -- there will be a kind of investment phase first, and then we will see margins expanding, we believe, quite nicely once revenue is starting to grow. Does that answer your question?

但如果你看看我們在智能邊緣解決方案中的企業資產智能願景，我確實希望我們的軟件資產和一些更智能的自動化解決方案從毛利率的角度來看增長速度超過公司平均水平，並且，顯然，規模將在這裡幫助我們。但是，當我們投資於一些較新的解決方案時，我們將 - 首先會有一個投資階段，然後我們將看到利潤率擴大，我們相信，一旦收入開始增長，就會非常好。這是否回答你的問題？

Yes. Yes, it does. So just one in passing, on the -- with respect to Reflexis, am I right that it's posting more than 50% compound growth at the moment? And can you just comment on the growth rate for Temptime as well?

是的。是的，它確實。因此，順便說一句，關於 Reflexis，我認為它目前的複合增長率超過 50% 是對的嗎？您能否也評論一下 Temptime 的增長率？

So we aren't commenting on the specific growth rates that they have. But Reflexis has been growing at a nice double-digit growth rates for the last several years, and we have high expectations that will continue to do that and that it will also help accelerate some of our other -- growth of some of our other software assets that will be benefiting from being associated with and incorporated into the Reflexis platform. And Temptime has had a nice growth over the last few years. And we do see this year the opportunity to accelerate growth as we support COVID-19 vaccine rollouts, also distribution. So we do expect a double-digit growth for our Temptime business as well.

因此，我們不會評論他們的具體增長率。但 Reflexis 在過去幾年中一直以兩位數的速度增長，我們寄予厚望，它將繼續這樣做，並且它也將有助於加速我們其他一些 - 我們其他一些軟件的增長將受益於與 Reflexis 平台關聯並納入 Reflexis 平台的資產。 Temptime 在過去幾年中取得了不錯的增長。我們確實看到今年有機會加速增長，因為我們支持 COVID-19 疫苗的推出和分發。因此，我們確實希望我們的 Temptime 業務也能實現兩位數的增長。

The next question is from Joe Aiken of William Blair.

下一個問題來自威廉·布萊爾的喬·艾肯。

This is Joe on for Brian today. I want to start -- you mentioned in the prepared remarks some wins beyond your traditional end markets. I think you mentioned a waste hauler in particular. I was wondering if you can maybe just provide a little more color. Any context around what brought you into that win? And maybe what the opportunity is in some different nontraditional end markets that you're seeing and how meaningful that could be going forward?

這是喬今天為布賴恩做的。我想開始——你在準備好的評論中提到了一些超越傳統終端市場的勝利。我想你特別提到了垃圾搬運工。我想知道您是否可以提供更多顏色。是什麼讓您贏得了勝利？也許在您看到的一些不同的非傳統終端市場中有什麼機會，以及未來的意義有多大？

Yes. I can start with this, and then Joe can also provide some extra color here. But as we have made -- maybe -- so first of all, on the product side, we've invested in addressing some of the use cases that we see in some of these new emerging verticals, government, utilities and so forth. But also, we made meaningful go-to-market investments.

是的。我可以從這個開始，然後 Joe 也可以在這裡提供一些額外的顏色。但正如我們所做的那樣——也許——首先，在產品方面，我們已經投資於解決我們在一些新興垂直領域、政府、公用事業等中看到的一些用例。而且，我們進行了有意義的上市投資。

And we can say they probably started with our acquisition of Xplore. But then we've tweaked our other products to also address these use cases more. So it's been a big focus of ours and investment of ours over the last several years to make sure we position ourselves for this. And we now have a portfolio of solutions and partners that can help us get into these opportunities and win them. Joe?

我們可以說他們可能是從我們收購 Xplore 開始的。但隨後我們調整了其他產品，以更多地解決這些用例。因此，在過去幾年中，確保我們為此做好定位一直是我們的重點和投資。我們現在擁有一系列解決方案和合作夥伴，可以幫助我們把握並贏得這些機會。喬？

Yes. I would only add that the end markets that have shown some particular promise are government, both federal and state and local as well as the broader -- so service industry, where the waste hauling example fits in. The Xplore acquisition, where Xplore has a strong market, the rugged tablets are a strong product offering into those markets, has been instrumental in leading us there.

是的。我只想補充一點，顯示出一些特別希望的終端市場是政府，包括聯邦和州和地方政府，以及更廣泛的服務行業，廢物運輸的例子適合。Xplore 的收購，Xplore 有一個強大的市場，堅固耐用的平板電腦是進入這些市場的強大產品，一直在引領我們到達那裡。

But it also has been something we've been pursuing for some time, but it does take some time to build up the channel infrastructure as well as fine-tune the product offering and hire the appropriate type of dedicated and expert sales reps who can operate in those verticals. And we feel we now have that in place, and it's beginning to pay off.

但這也是我們一段時間以來一直在追求的東西，但確實需要一些時間來建立渠道基礎設施以及微調產品供應並聘請適當類型的專業和專業的銷售代表來運營在那些垂直領域。我們覺得我們現在已經準備就緒，並且開始收到回報。

Great. That's really helpful. And I know, on some past calls, you've talked about the transition to Android on the mobile devices in the past and the benefit you're seeing from that. Is that transition largely over at this point? And maybe just to put a finer point on that, what percentage of devices do you estimate that you're shipping today are running Microsoft operating system?

偉大的。這真的很有幫助。我知道，在過去的一些電話中，您談到了過去移動設備向 Android 的過渡以及您從中看到的好處。這種轉變在這一點上已經基本結束了嗎？也許只是為了更好地說明這一點，您估計今天出貨的設備中有多少百分比運行 Microsoft 操作系統？

Yes. First, around our mobile computing platform, overall, we saw solid growth in Q4. We did benefit from a recovery in the small and medium-sized business segment there also. There's 3 trends that I think are worth highlighting. The Android transition is one of those, but I'll start with new use cases.

是的。首先，圍繞我們的移動計算平台，總體而言，我們在第四季度看到了穩健的增長。我們確實也從那裡的中小企業部門的複蘇中受益。我認為有 3 個趨勢值得強調。 Android 過渡就是其中之一，但我將從新用例開始。

We talked earlier about the second trend, which was around -- worth putting a device in the hand of every worker. But the use cases that's probably been the biggest driver, think about the omnichannel and retail. Health care is a newer vertical, which largely is new use cases. And then the third trend around the Android transition. We still have lots of momentum around the Android transition and a lot of opportunity left in that.

我們之前談到了第二個趨勢，即值得將設備交到每個員工手中。但可能是最大驅動力的用例，想想全渠道和零售。醫療保健是一個較新的垂直領域，主要是新的用例。然後是圍繞 Android 過渡的第三個趨勢。我們在 Android 過渡方面仍然有很多動力，其中還有很多機會。

We have -- our market share in Android is still around 60%, but Android now makes up about 80% of our mobile computing sales. We've often talked about the transition from -- transitioning older legacy Windows devices to Android. But today, I think the opportunity to refresh existing installed older Android devices is actually bigger.

我們有——我們在 Android 的市場份額仍然在 60% 左右，但 Android 現在約占我們移動計算銷售額的 80%。我們經常談論從舊版 Windows 設備到 Android 的過渡。但今天，我認為更新現有已安裝的舊 Android 設備的機會實際上更大。

Our estimate is that they're now low double-digit millions of Android devices in the market with a somewhat shorter refresh cycle than the old Windows devices used to have, and which we expect that there's about a high single-digit million Windows devices out there. So it's more of a balanced perspective, and we certainly like to get both of those. And -- but Android has been a great catalyst for growth for us.

我們的估計是，現在市場上的 Android 設備只有幾百萬台，刷新周期比以前的舊 Windows 設備要短一些，我們預計大約有幾百萬台 Windows 設備出貨那裡。所以這更像是一個平衡的觀點，我們當然希望同時獲得這兩個觀點。而且 - 但 Android 一直是我們增長的重要催化劑。

Next question is from Richard Eastman of Robert W. Baird.

下一個問題來自 Robert W. Baird 的 Richard Eastman。

Just a quick question. Could you tell us -- the China tariff rebate impacted gross profit margin, did that impact the EVM margin? Was that solely confined to EVM?

只是一個簡單的問題。你能告訴我們——中國關稅退稅影響了毛利率，這是否影響了 EVM 利潤率？那是否僅限於 EVM？

It was -- thanks for the question. So out of the $12 million, $8 million was associated with EVM, and then $4 million was for AIT in the fourth quarter.

這是——謝謝你的提問。因此，在第四季度的 1200 萬美元中，800 萬美元與 EVM 相關，然後 400 萬美元與 AIT 相關。

Okay, okay. Yes, in Q4? Okay. And then just a question around maybe the balance that you saw in your go-to-market. So for all of '20, can you just kind of tell us how the direct business did relative to the channel? I'm just thinking sales growth or decline?

好吧好吧。是的，在第四季度？好的。然後只是一個問題，也許是您在進入市場時看到的平衡。那麼對於整個 20 年，您能否告訴我們直接業務相對於渠道的表現如何？我只是在想銷售額增長還是下降？

Yes. I can start, and then Joe can provide some additional color also. Our direct business obviously did very well because we had a strong large deal activity, but also a lot of the larger customers that we worked with, we have been supporting through channel partners.

是的。我可以開始，然後 Joe 也可以提供一些額外的顏色。我們的直接業務顯然做得很好，因為我們有強大的大型交易活動，而且我們合作的許多大客戶，我們一直通過渠道合作夥伴提供支持。

So our channel centricity, so that's how much of our revenues go through channel partners, was actually, I think, at an all-time high in Q3 or Q4. So we have maintained a high degree of channel centricity in the business. Joe?

因此，我認為，我們的渠道中心性，即我們的收入中有多少是通過渠道合作夥伴獲得的，實際上在第三季度或第四季度處於歷史最高水平。因此，我們在業務中保持了高度的渠道中心性。喬？

Yes, exactly. I mean our strategy has been and will be to be a channel-first go-to-market approach. And I think that's paid off very well for us here in the pandemic because the strong relationships with our partners have been instrumental in helping us recover faster, and we're seeing that in particular in the run rate.

對，就是這樣。我的意思是，我們的戰略已經並將成為渠道優先的上市方法。我認為這在大流行病中為我們帶來了很好的回報，因為與我們合作夥伴的牢固關係有助於我們更快地恢復，我們尤其在運行率上看到了這一點。

But as Anders said, a large -- if you recall, the contribution of large deals made to our second half, in particular, it's remarkable that the channel centricity, percentage of business going through the channel, has expanded in light of that, right? And that is part of our strategy.

但正如安德斯所說，如果你還記得，大型交易對我們下半年的貢獻，特別是，渠道中心性，通過渠道的業務百分比，已經擴大，對吧？這是我們戰略的一部分。

When you speak to some of the smaller and medium customers, is that visibility coming through from the VARs? I mean, again, we speak about the channel, but we obviously put distribution in there versus the VARs.

當您與一些中小型客戶交談時，這種可見性是否來自 VAR？我的意思是，我們再次談論渠道，但我們顯然將分銷放在其中而不是 VAR。

And I guess my question is, what's the visibility on the VARs in the smaller and medium-sized customers rebounding in '21? Do you have that visibility either in orders? Or is it kind of frontlog and conversation with VARs or...

我想我的問題是，在 21 世紀反彈的中小型客戶中，VAR 的可見性如何？你在訂單中有這種可見性嗎？或者它是一種前端日誌和與 VAR 的對話還是......

Well, so we rarely have visibility to the specific individualized orders on small and medium businesses, right? We have the distribution and channel in between. But what we know is that our distributors have a very strong outlook for the upcoming quarters, at least, and are ordering strongly with us.

嗯，所以我們很少能看到中小企業的具體個性化訂單，對吧？我們之間有分銷和渠道。但我們所知道的是，我們的分銷商至少對即將到來的幾個季度有著非常樂觀的前景，並且正在向我們強烈訂購。

As we indicated, our order volumes have been strong. And that's, I think, a reflection of that optimism that our distributors are feeling, in particular, also from SMB customers.

正如我們所指出的，我們的訂單量一直很強勁。我認為，這反映了我們的分銷商尤其是 SMB 客戶所感受到的樂觀情緒。

I see. So when you look into '21 -- I'm really, really trying to get at is, obviously, the gross profit margin assumption, as Nate pointed out, is higher in '21. And is the mix of end-customers there from small to medium? Obviously, you mentioned large orders in the back half of the year, you're a little cautious there. But is that mix supporting that upward migration in the gross margin when you think about '21?

我懂了。因此，當您研究 21 年時——我真的非常想了解，顯然，正如 Nate 指出的那樣，21 年的毛利率假設更高。最終客戶的組合是從小型到中型的嗎？很明顯，你提到下半年的大訂單，你有點謹慎。但是，當您考慮 21 世紀時，這種組合是否支持毛利率的向上遷移？

Yes. We expect to have a more traditional mix of business in 2021 than we had in 2020, where, for Q2 and Q3, particularly, large deals were kind of overrepresented. And we do -- as Joe said, we -- our visibility around individual smaller deals are not great, but we are -- our channel account managers do meet with our channel partners and work on forecasts and looking at specific deals and what support they need from us and so forth. So we do have some level of visibility. But obviously, the further out in time you go, the less clear that visibility is.

是的。我們預計 2021 年的業務組合將比 2020 年更為傳統，尤其是在第二季度和第三季度，大宗交易的比例過高。我們確實 - 正如喬所說，我們 - 我們對個別較小交易的知名度並不高，但我們 - 我們的渠道客戶經理會與我們的渠道合作夥伴會面並進行預測並查看具體交易以及他們提供的支持需要我們等等。所以我們確實有一定程度的知名度。但顯然，時間越遠，能見度就越不清晰。

Yes, I understand. And just staying on this gross margin for 1 more second. From a pricing perspective, what's the assumption going into '21? Do we -- are we able to capture enough price to recover some of the COGS inflation that we're seeing in the business? I mean it would appear so, but is there any price increase, a net price increase that you might expect? Or is it mainly kind of net pricing?

是的我明白。並且只在這個毛利率上多停留 1 秒。從定價的角度來看，進入 21 世紀的假設是什麼？我們 - 我們是否能夠獲得足夠的價格來恢復我們在業務中看到的一些 COGS 通貨膨脹？我的意思是它看起來是這樣，但是是否有任何價格上漲，您可能期望的淨價格上漲？還是主要是淨定價？

So maybe, first, I think, when you talk about COGS increase, is that the freight charges you're referring to? Or...

所以也許，首先，我想，當你談到 COGS 增加時，你指的是運費嗎？或者...

Yes, so there's freight charges and just any other cost inflation in the supply chain, in your supply chain.

是的，所以在您的供應鏈中存在運費和供應鏈中的任何其他成本膨脹。

Yes. I think we -- we don't modify our pricing based on what we believe to be a temporary cost inflation for freight. But we do have a lot of analytics and thoughts around our overall price points and where the market is. And we do always strive to get a premium for our brand.

是的。我認為我們 - 我們不會根據我們認為是暫時的運費成本通脹來修改我們的定價。但我們確實有很多關於我們的整體價格點和市場的分析和想法。我們始終努力為我們的品牌爭取溢價。

So pricing and margin is obviously a very strong focus that we have across the company. But we haven't necessarily gone and changed our price list because of this. Joe, if you want to add anything to that?

因此，定價和利潤率顯然是我們整個公司非常關注的焦點。但我們不一定因此而改變我們的價目表。喬，如果你想補充什麼？

Well, yes, maybe another way to think about this is, if you looked back at 2020, the mix of our business, in terms of small versus large, was skewed towards the large, right? Because as I said, the small -- yes, so there was a pause in purchasing from the small that resumed towards the end.

嗯，是的，也許另一種思考這個問題的方式是，如果你回顧 2020 年，我們的業務組合，無論是小型還是大型，都傾向於大型，對吧？因為正如我所說，小的 - 是的，所以從小的採購暫停到最後恢復。

But in the long-term analysis, small was down relative to the long-term average. In 2021, we expect that, that mix will return closer to normal and, therefore, simply because of the mix effects, we think that the average price points would normalize as well as a result of that, right? That is an effect.

但在長期分析中，small 相對於長期平均水平有所下降。到 2021 年，我們預計這種組合將回歸正常，因此，僅僅因為混合效應，我們認為平均價格點將因此正常化，對吧？那是一種效果。

The next question is from Keith Housum of Northcoast Research.

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

Congratulations on a good quarter and good guidance. Just trying to unpack the printer growth a little bit more. Can you help me understand that, in terms of that growth, is a substantial part of that growth being driven by not only the SMBs, but also growth in the supplies business as well?

祝賀一個好的季度和良好的指導。只是想進一步了解打印機的增長情況。您能否幫助我理解，就增長而言，增長的很大一部分是否不僅由中小型企業推動，而且還由供應業務的增長推動？

Yes. We had, obviously, great growth in both printing and supplies. Both printing and supplies were up double-digits in the quarter. Our printing business is up across the portfolio. We did, I think, benefit from some pent-up demand, particularly in EMEA. Remember, EMEA also was hit harder early on in the pandemic. So there was probably a little bit more of a rebound to be had there.

是的。顯然，我們在印刷和供應方面都有了很大的增長。印刷和供應品在本季度均增長了兩位數。我們的印刷業務遍及整個投資組合。我認為，我們確實受益於一些被壓抑的需求，尤其是在歐洲、中東和非洲地區。請記住，歐洲、中東和非洲地區在大流行初期也受到了更大的打擊。所以那裡可能會有更多的反彈。

I'd also say, though, that we have, early in 2020, we took a number of actions to strengthen our go-to-market and strengthen our channel ecosystem, particularly around printing. And I think that is now bearing fruit for us also. So we are more competitive, and that's helping to accelerate our share gains in printing, specifically.

不過，我還要說的是，我們在 2020 年初採取了一系列行動來加強我們的上市和渠道生態系統，特別是在印刷方面。我認為這也正在為我們帶來成果。因此我們更具競爭力，這有助於加快我們在印刷領域的份額增長。

But we did see our business through -- or our smaller business -- small and mid-sized business recover quite nicely. We recovered faster than we had expected. I think it's fair to say, in Q4, manufacturing has been a relatively light vertical. We have a much -- strong vertical for printing, generally, but lighter over the last year, but that was also coming back and strengthening. And RFID was actually a very strong quarter for printing. I think it was a record quarter for print RFID.

但我們確實看到我們的業務——或者我們的小型企業——中小型企業恢復得很好。我們恢復得比我們預期的要快。我認為可以公平地說，在第四季度，製造業一直是一個相對較輕的垂直行業。我們有一個非常強大的垂直打印，一般來說，但在去年較輕，但它也在回歸併加強。 RFID 實際上是印刷業非常強勁的一個季度。我認為這是印刷 RFID 創紀錄的季度。

And then on supplies, we did see a strong performance in supplies, particularly in North America. And Temptime also had a strong fourth quarter. But overall, though, I'd say that we have a very strong portfolio of smart and connected printers that have an unrivaled manageability through our Link-OS operating system, and that is a true differentiator in the market.

然後在供應方面，我們確實看到了供應方面的強勁表現，尤其是在北美。 Temptime 第四季度也表現強勁。但總的來說，我要說的是，我們擁有非常強大的智能互聯打印機產品組合，這些打印機通過我們的 Link-OS 操作系統具有無與倫比的可管理性，這是市場上真正的差異化因素。

Okay, appreciate it. And then just a follow-up, I think a comment made earlier during the Q&A, and I think the commentary was that the U.S. Postal Service will contribute about 1% growth for the year, with most of that coming in the first half, but I also heard you guys say that it's going to be only very modest for the first quarter.

好的，欣賞。然後只是後續行動，我認為在問答期間早些時候發表的評論，我認為評論是美國郵政服務今年將貢獻約 1% 的增長，其中大部分出現在上半年，但我還聽到你們說第一季度只會非常溫和。

So that could imply, if my -- if my math is right, that you guys could have a $400 million contribution in the second quarter from the U.S. Postal Service? Is that right, and does that include, I guess, ancillary projects as well as the main 300,000 devices being fulfilled?

所以這可能意味著，如果我 - 如果我的數學是正確的，那麼你們可以在第二季度從美國郵政服務處獲得 4 億美元的捐款？是這樣嗎？我猜這是否包括輔助項目以及正在實現的主要 300,000 台設備？

Yes. So if you look at the USPS for the year, regarding the size of the rollout, I think if you look at the 300,000 printers and what we expect to deliver in the -- throughout 2021, I think you can -- you really do the implication of we're selling about 2 million mobile computers annually. And that can help you infer in terms of an average price range. I think the number you have for Q2 is a little bit higher than what we'd anticipate in terms of the full year implied guide.

是的。因此，如果你看看今年的 USPS，關於推出的規模，我認為如果你看看 300,000 台打印機以及我們預計在整個 2021 年交付的產品，我認為你可以 - 你真的做到了這意味著我們每年銷售大約 200 萬台移動數據終端。這可以幫助您推斷平均價格範圍。我認為你對第二季度的數字略高於我們對全年隱含指南的預期。

Yes. Remember, we've talked about earlier, the total volume of mobile computers for USPS, this contract is about 300,000 over 2 years.

是的。請記住，我們之前已經談過，USPS 的移動計算機總量，這份合同大約是 300,000 台，為期 2 年。

Understood. Understood. Yes. Just doing the math there, I guess, that $400 million, roughly, I understand it might be a little bit high. It seems a little bit more than a lot of us were assuming for the entire value of the contract. And we realize you guys fulfilled some last year as well as what you'll fulfill this year. So it seems, again, perhaps higher than what a lot of us were assuming.

明白了。明白了。是的。只是在那裡做數學，我猜，大概是 4 億美元，我知道它可能有點高。對於合同的全部價值，這似乎比我們很多人假設的要多一點。我們意識到你們去年完成了一些事情，今年也完成了一些事情。因此，它似乎再次高於我們許多人的假設。

Yes. As I said, I think the best way for you to think about USPS this year is the 1% of our growth in 2021 is coming from growth of our USPS business. And I wouldn't say Q2 is the only quarter, but Q1 will start ramping up towards the end of Q1, but Q2, Q3 will certainly be part of it.

是的。正如我所說，我認為您今年考慮 USPS 的最佳方式是我們 2021 年 1% 的增長來自我們 USPS 業務的增長。我不會說第二季度是唯一的季度，但第一季度將在第一季度末開始上升，但第二季度、第三季度肯定會成為其中的一部分。

Oh, it's 1% of your growth, not 1% of your business? Okay. Got it.

哦，這是你增長的 1%，而不是你業務的 1%？好的。知道了。

Correct. Yes.

正確的。是的。

Yes, yes. 1% of our growth, yes.

是的是的。我們增長的 1%，是的。

The next question is from Blake Gendron of Wolfe Research.

下一個問題來自 Wolfe Research 的 Blake Gendron。

I want to follow-up there with some of the growth commentary. So

我想在那裡跟進一些增長評論。所以

(technical difficulty)

（技術難度）

Dollar impact from what you would consider pent-up demand to be greater or less than 4Q? And do you expect some pent-up demand follow-through into the second quarter? And I guess, longer term, I mean, are we going to see this pent-up demand idiosyncrasy show up in subsequent years just based on the replacement cycle? Or is it going to normalize fairly quickly as we recover here on the pandemic?

您認為被壓抑的需求對美元的影響大於還是小於第 4 季度？您是否預計第二季度會有一些被壓抑的需求跟進？而且我想，從長遠來看，我的意思是，我們是否會看到這種被壓抑的需求特質在隨後的幾年中僅根據更換週期出現？或者隨著我們在大流行病中恢復過來，它會很快恢復正常嗎？

Well, yes, the pent-up demand concept is a little hard to get -- be overly specific about the impact of it. But I'd say that, starting with our products and solutions, are now mission-critical for our enterprise customers, and they need that to compete effectively in their on-demand economy. The sales to our larger companies, larger customers that we talked about in an earlier question, remained strong.

嗯，是的，被壓抑的需求概念有點難以理解——對它的影響過於具體。但我要說的是，從我們的產品和解決方案開始，現在對我們的企業客戶來說是關鍵任務，他們需要這些才能在按需經濟中有效競爭。我們在之前的問題中談到的對我們大公司、大客戶的銷售仍然強勁。

And they have prioritized spend with us to better position themselves to address the newer automation and digitization trends like omnichannel, as an example. And I'd say our larger customers who are better positioned to pivot their businesses early in the pandemic, to align with how consumers wanted to behave how the economy was working at that point, while smaller customers had to kind of pause spending or certainly cut back on it.

他們優先考慮與我們合作，以更好地定位自己，以應對新的自動化和數字化趨勢，例如全渠道。我想說的是，我們的大客戶更有能力在大流行初期調整業務，以適應消費者當時想要的行為方式，而小客戶則不得不暫停支出或削減開支回到它。

But I think, now, we see the smaller companies coming back and other customers are also realizing that they need to invest in order to compete. Competing in the same way they did prior to COVID is not necessarily going to be a successful formula. And I think that part of this is also that we have been able to execute very well during the pandemic, and we've been able to gain share. Our supply chain has shown great agility to be able to respond to customers that quickly want to ramp up their order volumes, and I think we were able to do that well and seize some opportunities that way.

但我認為，現在，我們看到小公司回來了，其他客戶也意識到他們需要投資才能競爭。以與 COVID 之前相同的方式競爭不一定是一個成功的公式。而且我認為這部分也是因為我們在大流行期間能夠很好地執行，並且我們已經能夠獲得份額。我們的供應鍊錶現出極大的敏捷性，能夠響應快速增加訂單量的客戶，我認為我們能夠做到這一點並以這種方式抓住一些機會。

So we have been realizing some good demand from this pent-up demand, you can say, which helped us in Q4, and I expect it to help us in Q1 here also. But more broadly, though, as we look forward, we are very excited about the business overall and the growth prospects that we have not just in Q4, Q1, but the longer term, based on our ability to help our customers digitize and automate their businesses.

所以我們已經從這種被壓抑的需求中意識到了一些良好的需求，你可以說，這在第四季度幫助了我們，我希望它也能在第一季度幫助我們。但更廣泛地說，正如我們所期待的那樣，我們對整體業務和增長前景感到非常興奮，不僅在第四季度，第一季度，而且長期來看，基於我們幫助客戶數字化和自動化他們的能力企業。

Yes. And Blake, just to add, this is Nathan. It's obviously, as Anders mentioned, a tough one to quantify. If you look at our Q1 guide, we kind of think of the pent-up demand is likely contributing low double-digit growth on top of mid-teen growth from what you can say is our normal growth rates the impact of acquisitions, FX, as well as cycling from a comp perspective versus last year, where we had -- we started to feel the impacts of COVID late in Q1 last year.

是的。 Blake，補充一下，這是 Nathan。正如安德斯所提到的，這顯然是一個難以量化的問題。如果你看一下我們的第一季度指南，我們會認為被壓抑的需求可能會在你可以說是我們的正常增長率、收購、外匯、以及從 comp 的角度與去年相比騎自行車，我們在去年第一季度末開始感受到 COVID 的影響。

Yes, that's helpful. I understand it's tough to quantify and disaggregate everything. But the longer-term growth outlook is kind of what I was getting at, and that's constructive.

是的，這很有幫助。我知道很難量化和分解所有內容。但長期增長前景正是我的意思，這是建設性的。

My follow-up is on EVM. I'm just wondering, over the last, call it, 12 months or through the pandemic, what the growth of existing customers is with EVM versus new customer wins? How you see that evolving, I guess, here over 2021 and beyond? And is there any major margin difference between one or the other? Or should we think about EVM kind of along the same lines and delineate large versus small customers in terms of margin difference?

我的後續行動是關於 EVM。我只是想知道，在過去 12 個月或整個大流行期間，EVM 與新客戶贏得的現有客戶增長情況如何？我猜，你如何看待 2021 年及以後的發展？兩者之間是否存在重大利潤差異？或者我們是否應該按照相同的思路考慮 EVM，並根據利潤差異來劃分大客戶和小客戶？

Yes. I'd start by saying, new customers -- if you're looking for kind of brand-new customers that haven't done any business with us, it's rare that we have those because most companies are doing some level of business with us. So it's probably more that we have new awards or new use cases with those customers. Again, it's -- we can only -- we really only have visibility into that for our larger customers. And I think we've had a good healthy clip of new customers, and I expect that we will continue to add new use cases, new applications.

是的。我首先要說的是，新客戶——如果您正在尋找尚未與我們開展任何業務的全新客戶，我們很少有這樣的客戶，因為大多數公司都在與我們開展某種程度的業務.因此，我們與這些客戶一起獲得新獎項或新用例可能更多。再一次，它是——我們只能——我們真的只能為我們的大客戶看到這一點。而且我認為我們已經有了很好的新客戶健康剪輯，我希望我們將繼續添加新的用例，新的應用程序。

If you look at our portfolio of solutions, we've invested meaningfully to ensure we can expand the number of use cases that help address our customers' most pressing problems. So we feel good about our competitive positioning and our ability to win some of these new use cases. They may not necessarily be brand-new customers, but they're brand-new use-cases.

如果您查看我們的解決方案組合，就會發現我們進行了有意義的投資，以確保我們能夠擴展有助於解決客戶最緊迫問題的用例數量。因此，我們對我們的競爭定位以及我們贏得其中一些新用例的能力感到滿意。他們不一定是全新的客戶，但他們是全新的用例。

Joe, I don't know if you have any comments?

喬，我不知道你有什麼意見嗎？

Yes. I mean I would add, I mean, to your point about is there a big margin difference between the 2, I would say, not noticeably. The new customers that we are able to acquire, so ones that were previously competitor customers, there have been meaningful ones, of course, right?

是的。我的意思是我要補充一點，我的意思是，關於你的觀點，兩者之間是否存在很大的差異，我會說，不是很明顯。我們能夠獲得的新客戶，那些以前是競爭對手的客戶，當然也有有意義的客戶，對吧？

I mean, USPS is one example of those that was in the last 12 months. But they do range from the small to the large and, therefore, I would expect, without having done the analysis, that there isn't a meaningful margin difference between the 2.

我的意思是，USPS 是過去 12 個月的例子之一。但它們的範圍確實從小到大，因此，我預計，在沒有進行分析的情況下，兩者之間沒有有意義的利潤差異。

That's very helpful. One more, if I can sneak it in here. Your balance sheet is in great shape. I wonder if you could just level set the capital allocation thoughts here, and maybe update us on the M&A pipeline?

這很有幫助。再來一個，如果我能偷偷溜進來的話。您的資產負債表狀況良好。我想知道你是否可以在這裡簡單地設定資本配置的想法，也許可以向我們介紹併購管道的最新情況？

Yes. I'll start. We ended the year at 1.2x net debt-to-adjusted EBITDA, which is below our 2.5x target maximum. Our priority remains organic and inorganic investment in the business, and we're excited about the opportunities we see both of those -- in both of those areas. We do have our share repurchase, and we believe that's a flexible way to return capital. And we'll remain opportunistic in that approach, which is evidenced by our $200 million repurchased in 2020, and we'll continue that into this year.

是的。我會開始。我們以 1.2 倍的調整後 EBITDA 淨債務比率結束了這一年，低於我們 2.5 倍的目標最大值。我們的首要任務仍然是對業務進行有機和無機投資，我們對在這兩個領域看到的機會感到興奮。我們確實進行了股票回購，我們相信這是一種靈活的資本返還方式。我們將在這種方法中保持機會主義，我們在 2020 年回購的 2 億美元就證明了這一點，我們將在今年繼續這樣做。

You know, on M&A, we're certainly very excited about the outlook for our business. And M&A is a -- we think of it as a growth vector for the business. We think of M&A as a way for us to accelerate the execution on our Enterprise Asset Intelligence vision. So it's not a stand-alone growth driver. It is something that we think about how -- and a way for us to accelerate the execution on our vision.

你知道，在併購方面，我們當然對我們的業務前景感到非常興奮。併購是——我們認為它是業務增長的載體。我們認為併購是我們加速執行企業資產智能願景的一種方式。所以它不是一個獨立的增長動力。這是我們思考如何做的事情——也是我們加速執行願景的一種方式。

We're targeting, I'd say, select bolt-on acquisitions as well as higher-growth acquisitions that can truly help move our Enterprise Asset Intelligence vision forward. We see good opportunities in digitizing and automating supply chains and different workflows. And we -- as Nate talked about, we have a strong balance sheet that can support that.

我想說，我們的目標是選擇補強收購以及能夠真正幫助推動我們的企業資產智能願景向前發展的高增長收購。我們看到了供應鍊和不同工作流程數字化和自動化的良好機會。而且我們 - 正如內特所說，我們擁有強大的資產負債表可以支持這一點。

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

我們的問答環節到此結束。我想將會議轉回給 Gustafsson 先生作閉幕詞。

Yes. To wrap up, I would like to thank our employees and partners for our exceptional Q4 results and a strong start to 2021. And as we continue to navigate the pandemic, our top priority continues to be protecting the health and well-being of our employees, partners and customers. So stay safe, everyone.

是的。最後，我要感謝我們的員工和合作夥伴，感謝我們出色的第四季度業績和 2021 年的強勁開局。隨著我們繼續應對這一流行病，我們的首要任務仍然是保護員工的健康和福祉、合作夥伴和客戶。所以大家注意安全。

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。您現在可以斷開連接。