斑馬技術公司 (ZBRA) 2025 Q2 法說會逐字稿

Good day, and welcome to the Zebra Second Quarter 2025 earnings conference call. (Operator Instructions). Please note this event is being recorded. I would now like to turn the conference over to Mike Steele, Vice President, Investor Relations. Please go ahead.

大家好，歡迎參加 Zebra 2025 年第二季財報電話會議。（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 Second Quarter Earnings Conference Call. This presentation is being simulcast on our website at investors.zebra.com and will be archived there for at least 1 year. Our forward-looking statements are based on current expectations and assumptions and are subject to risks and uncertainties. Actual results could differ materially, and we refer you to the factors discussed in our SEC filings. 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.

早上好，歡迎參加 Zebra 第二季財報電話會議。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。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。

Throughout this presentation, as 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. This presentation will include prepared remarks from Bill Burns, our Chief Executive Officer; and Nathan Winters, our Chief Financial Officer. Bill will begin with a discussion of our second quarter results. Nathan will then provide additional detail and discuss our revised outlook. Bill will continue with progress on advancing our strategic priorities, including the pending acquisition of Elo Touch Solution we announced this morning. 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.

在本示範過程中，如另有說明，我們對銷售業績的引用均以固定匯率計算，且不包括最近收購的業務 12 個月的業績。本次演講將包括我們的執行長比爾·伯恩斯 (Bill Burns) 和首席財務官內森·溫特斯 (Nathan Winters) 的準備好的演講。比爾將首先討論我們的第二季業績。內森隨後將提供更多細節並討論我們修改後的展望。比爾將繼續推進我們的策略重點，包括我們今天上午宣布的即將收購 Elo Touch Solution 的計劃。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. In addition to our second quarter highlights and financial results, we will discuss this morning's announcement of the (inaudible). Before we get into the details of the quarter, let me spend a moment on the acquisition that drives profitable growth and elevates our market leadership. Elo Solutions engage consumers, enhance self-service and deliver automation across a wide range of end markets. This combination strengthens Zebra's portfolio of solutions, enables us to advance our strategic priorities. Now turning to our Q2 results.

謝謝你，麥克。早安，感謝您加入我們。除了第二季的亮點和財務業績外，我們還將討論今天上午宣布的（聽不清楚）。在我們討論本季的細節之前，請容許我花一點時間討論一下推動獲利成長和提升我們市場領導地位的收購。Elo Solutions 吸引消費者、增強自助服務並在廣泛的終端市場提供自動化。此次合併增強了 Zebra 的解決方案組合，使我們能夠推進我們的策略重點。現在來看看我們的第二季業績。

Our team executed well in the second quarter, delivering results exceeding our outlook, with solid demand across the business and lower-than-expected US import tariffs. For the quarter, we realized sales of $1.3 billion, a greater than 6% increase compared to the prior year, adjusted EBITDA margin of 20.6%, a 10 basis point improvement and non-GAAP diluted earnings per share to $3.61 (inaudible) year. We realized strong growth in our North America, Latin America and Asia Pacific regions and had relative outperformance in mobile computing and transportation logistics, along with retail and e-commerce were our highest growth vertical end markets, with health care cycling a strong compare and manufacturing continuing to lag. As we enter the third quarter, and has been resilient. However, we remain cautious as our customers navigate through uncertain trade policy. Additionally, we expect the recently passed tax legislation to be constructive for some of our US customers, although it is too early to assess the impact on demand. I will now turn the call over to Nathan to review our Q2 financial results, tariff considerations and outlook.

我們的團隊在第二季表現良好，業績超出我們的預期，整個業務的需求強勁，美國進口關稅低於預期。本季度，我們實現銷售額 13 億美元，比上年增長 6% 以上，調整後 EBITDA 利潤率為 20.6%，提高了 10 個基點，非 GAAP 稀釋每股收益為 3.61 美元（聽不清楚）。我們在北美、拉丁美洲和亞太地區實現了強勁成長，在行動運算和運輸物流方面表現相對較好，零售和電子商務是我們成長最快的垂直終端市場，而醫療保健產業表現強勁，製造業則持續落後。進入第三季度，我們一直保持強勁勢頭。然而，由於我們的客戶面臨不確定的貿易政策，我們仍保持謹慎。此外，我們預計最近通過的稅收法案將對我們的一些美國客戶產生積極影響，儘管現在評估其對需求的影響還為時過早。現在我會把電話轉給 Nathan，讓他回顧我們的第二季財務表現、關稅考量和前景。

Thank you, Bill. Let's start with the P&L on Slide 6. In Q2, total company sales grew by more than 6%, reflecting recovery in demand across our major product categories. Our services and software recurring revenue business grew slightly in the quarter. We had similar growth rates in both of our financial segments. We realized strong sales growth across most of our regions. In North America, sales grew 8% with double-digit growth in mobile computing and RFID. Asia Pacific sales increased 20%, led by Australia, New Zealand and India.

謝謝你，比爾。讓我們從投影片 6 上的損益表開始。第二季度，公司總銷售額成長超過 6%，反映出我們主要產品類別的需求復甦。我們的服務和軟體經常性收入業務在本季略有成長。我們兩個金融部門的成長率相似。我們在大多數地區都實現了強勁的銷售成長。在北美，銷售額成長了 8%，其中行動運算和 RFID 實現了兩位數成長。亞太地區的銷售額成長了 20%，其中澳洲、紐西蘭和印度的銷售額成長最為顯著。

Sales grew 11% in Latin America, with growth across the region. In EMEA, we cycled strong comparisons, particularly in mobile computing with a sales decline of 1%. Adjusted gross margin declined 70 basis points to 47.9%, primarily due to higher US import tariffs than last year. Adjusted operating expenses as a percent of sales improved by 80 basis points. This resulted in second quarter adjusted EBITDA margin of 20.6%, a 10 basis point increase versus the prior year. Non-GAAP diluted earnings per share were $3.61, a 14% year-over-year increase and above the high end of our outlook. Turning now to the balance sheet and cash flow on Slide 7. Year-to-date, we generated $288 million of free cash flow. We have been deploying capital consistent with our allocation priorities. We repurchased $250 million of stock year-to-date, and our recent $62 million acquisition of Photoneo as well as this morning's acquisition announcement, support our continued efforts to scale in adjacent markets.

拉丁美洲的銷售額成長了 11%，整個地區的銷售額都實現了成長。在歐洲、中東和非洲地區，我們經歷了強勁的對比，尤其是行動運算領域，銷售額下降了 1%。調整後毛利率下降 70 個基點至 47.9%，主要原因是美國進口關稅高於去年。調整後的營業費用佔銷售額的百分比提高了 80 個基點。這導致第二季調整後的 EBITDA 利潤率為 20.6%，比前一年增加 10 個基點。非公認會計準則每股攤薄收益為 3.61 美元，年增 14%，高於我們預期的最高值。現在轉到投影片 7 上的資產負債表和現金流量表。今年迄今為止，我們產生了 2.88 億美元的自由現金流。我們一直在按照我們的分配優先順序部署資本。今年迄今為止，我們已回購了價值 2.5 億美元的股票，最近又斥資 6200 萬美元收購了 Photoneo，此外，今天上午還宣布了收購消息，這些都支持了我們繼續努力在鄰近市場擴大規模。

Our balance sheet is in excellent shape, with $872 million of cash at the end of Q2, a modest 1.2% net debt to adjusted EBITDA leverage ratio and $1.5 billion of credit capacity, providing ample flexibility to fund the $1.3 billion pending acquisition of Elo later this year. Due to the global nature of our supply chain, like many other electronic manufacturing companies, we are subject to US import tariffs. On Slide 8, we provide an update on the anticipated impact from tariffs on our products imported to the United States and our efforts to mitigate them. For the full year 2025, we are now assuming approximately $30 million of gross profit impact after mitigation, with a $10 million net impact in the third quarter, following a $12 million impact in the first half of the year. Our forecast assumes the current effective rates remain in place, including the electronics and USMCA exemptions. This implies a $40 million annualized gross profit impact which is less than half of our previous expectation, primarily due to a lower rate on China imports. Our mitigating actions to date have included shifting additional production out of China and approximately $40 million of annualized pricing adjustments.

我們的資產負債表狀況良好，第二季末現金為 8.72 億美元，淨債務與調整後 EBITDA 槓桿比率為 1.2%，信貸能力為 15 億美元，為今年稍後即將進行的 13 億美元 Elo 收購提供了充足的靈活性。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，我們也受到美國進口關稅的約束。在第 8 張投影片上，我們提供了有關關稅對我們進口到美國的產品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。對於 2025 年全年，我們目前假設緩解措施後的毛利影響約為 3,000 萬美元，第三季的淨影響為 1,000 萬美元，而上半年的影響為 1,200 萬美元。我們的預測假設當前的有效稅率保持不變，包括電子產品和 USMCA 豁免。這意味著年化毛利影響為 4,000 萬美元，不到我們先前預期的一半，主要原因是中國進口稅率較低。我們迄今為止採取的緩解措施包括將更多生產轉移出中國，以及每年約 4,000 萬美元的價格調整。

North America imports from China are now expected to represent 20% of the mix by year-end. We will continue to evaluate additional opportunities to mitigate US import tariffs as we monitor global trade policy development. These potential actions include additional shifting of global production, product portfolio optimization and price adjustments. Let's now turn to our outlook. We entered the third quarter with a backlog and pipeline to support our sales guide of between 2% and 6% growth, with a 30 basis point favorable impact from the acquisition of Photoneo and a neutral impact from FX. Our third quarter adjusted EBITDA margin is expected to be approximately 21%, which assumes a $10 million net impact from US import tariffs and non-GAAP diluted earnings per share is expected to be in the range of $3.60 to $3.80. We are raising our full year sales growth guidance range by a full point which is now expected to be between 5% and 7%, including approximately 50 basis points of combined favorability from FX and the Photoneo acquisition.

預計到今年年底，北美從中國的進口量將占到總進口量的 20%。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。這些潛在行動包括進一步轉移全球生產、優化產品組合和調整價格。現在讓我們來談談我們的展望。進入第三季度，我們積壓的訂單和管道支持了我們 2% 至 6% 成長的銷售指導，收購 Photoneo 帶來了 30 個基點的有利影響，而外匯則產生了中性影響。我們第三季調整後的EBITDA利潤率預計約為21%，假設美國進口關稅的淨影響為1000萬美元，非公認會計準則(Non-GAAP)攤薄後每股收益預計在3.60美元至3.80美元之間。我們將全年銷售成長預期範圍上調了整整一個基點，目前預計在5%至7%之間，其中包括FX和Photoneo收購帶來的約50個基點的綜合利好。

We are now expecting a $30 million gross profit impact from tariffs, net of mitigations for the full year, which is $40 million favorable to our prior guidance. We are also raising our full year adjusted EBITDA margin by a full point to between 21% and 22% and increasing our non-GAAP diluted earnings per share to a range of $15.25 to $15.75. Additionally, we are raising our free cash flow guide for the year to at least $800 million, which reflects the anticipated benefit of recently enacted US tax legislation and implies free cash flow conversion of approximately 100%. We continue to work on further optimizing our working capital levels, balanced with our supply chain resiliency initiatives. Please reference additional modeling assumptions shown on Slide 9. With that, I will turn the call back to Bill.

我們現在預計，扣除全年減免措施後，關稅將帶來 3000 萬美元的毛利影響，這比我們之前的預期高出 4000 萬美元。我們也將全年調整後EBITDA利潤率提升至一個百分點，至21%至22%之間，並將非公認會計準則每股攤薄收益提升至15.25美元至15.75美元之間。此外，我們將全年自由現金流預期上調至至少8億美元，這反映了近期美國稅改法案的預期效益，並意味著自由現金流轉換率約為100%。我們將繼續致力於進一步優化我們的營運資本水平，並與我們的供應鏈彈性計畫保持平衡。請參考投影片 9 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. [He] 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. Our solutions intelligently connect people, assets and data to help our customers make business critical, boost productivity and efficiency and optimize the front line, delivering improved service to their customers, shoppers and patients.

謝謝你，Nathan。 [他]仍然處於有利地位，能夠利用我們一系列創新解決方案（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，從而從長期趨勢中獲益。我們的解決方案智慧地連接人員、資產和數據，幫助我們的客戶實現關鍵業務、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。

The challenges of an on-demand e-commerce growth, evolving regulations and labor constraints require increased adoption of automation. Here are some of the recent examples of customers transforming their workflows at various stages of their automation journey. An athletic retailer in the United Kingdom recently launched the initial phase of their RFID journey to improve inventory accuracy by equipping their store associates with Zebra mobile RFID solution. This strategic investment enables better supply chain visibility given that the majority of their vendors [detag] at the point of a (inaudible).

按需電子商務成長、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。以下是客戶在自動化流程的各個階段轉變工作流程的一些最新範例。英國一家運動用品零售商最近啟動了其 RFID 之旅的初始階段，透過為其店員配備 Zebra 行動 RFID 解決方案來提高庫存準確性。這項策略性投資提高了供應鏈的可視性，因為大多數供應商在（聽不清楚）。

We continue to see strong interest from customers in leveraging RFID across the supply chain. A North American logistics company is focused on moving freight more effectively by equipping their drivers and [crossed-out workers] with Zebra mobile computing solutions to collaborate [CMS] across their operations. Additionally, a large North American food distributor recently began a technology upgrade of their Zebra mobile computers, tablets and mobile printers to improve the efficiency and productivity of their distribution centers. Our market-leading portfolio solution enhances their receiving (inaudible) and cold chain operation. These are a few of the many examples that demonstrate how customers rely on us to navigate their technology journey leveraging our commitment to innovation and workflow expertise. Innovation remains central to our industry leadership, and we have consistently reinvested approximately 10% 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 the recent acquisition of Photoneo, which expanded our 3D machine vision solution as well as the pending acquisition of Elo. Turning to Slide 12. The acquisition of Elo will enable us to expand our portfolio of solutions to help customers transform their frontline operations by digitizing and automating workflows. Elo is a leading provider of point-of-sale solution, kiosks, interactive displays and touchscreen solutions with a 50-year track record of innovation in more than 400 patents operating in an $8 billion market.

我們持續看到客戶對在整個供應鏈中利用 RFID 表現出濃厚的興趣。一家北美物流公司致力於更有效地運輸貨物，透過為其司機和 [劃掉的工人] 配備 Zebra 行動運算解決方案來在整個營運過程中進行協作 [CMS]。此外，北美一家大型食品分銷商最近開始對其 Zebra 行動數據終端、平板電腦和行動印表機進行技術升級，以提高其配送中心的效率和生產力。我們市場領先的產品組合解決方案增強了他們的接收（聽不清楚）和冷鏈操作。這些只是眾多例子中的幾個，它們展示了客戶如何依靠我們利用我們對創新和工作流程專業知識的承諾來引導他們的技術之旅。創新仍然是我們產業領導地位的核心，我們一直在研發方面持續投入約 10% 的資金，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，例如最近收購 Photoneo，這擴展了我們的 3D 機器視覺解決方案以及即將收購 Elo。翻到幻燈片 12。收購 Elo 將使我們能夠擴展我們的解決方案組合，以幫助客戶透過數位化和自動化工作流程來改變他們的第一線營運。Elo 是銷售點解決方案、自助服務終端、互動式顯示器和觸控螢幕解決方案的領先供應商，在價值 80 億美元的市場中擁有 400 多項專利的 50 年創新記錄。

The company generates approximately $400 million of annual revenues with a similar sales growth and EBITDA margin profile to Zebra. Elo also has a similar go-to-market approach to Zebra, offering a wide range of industry tailors that modernize point of sale, streamline self-service and payment experiences, automated kitchen industrial workflows and optimize production and process management. Our leadership in hardware, software and services for the frontline worker will be augmented by Elo's consumer-facing offerings to deliver a unified connected frontline experience. Together, we will pursue attractive market and geographic expansion opportunities while delivering a comprehensive software differentiated portfolio that enables customers to better address emerging use cases. The continued growth of retail media networks and the deployment of AI-based agents on the front line are examples of new opportunities that Zebra and Elo can pursue together.

該公司每年創造約 4 億美元的收入，其銷售成長和 EBITDA 利潤率與 Zebra 相似。Elo 也採用了與 Zebra 類似的行銷方法，提供廣泛的行業客製化服務，以實現銷售點的現代化、簡化自助服務和支付體驗、自動化廚房​​工業工作流程並優化生產和流程管理。Elo 面向消費者的產品將增強我們在為第一線員工提供的硬體、軟體和服務方面的領導地位，從而提供統一互聯的第一線體驗。我們將共同尋求有吸引力的市場和地理擴張機會，同時提供全面的軟體差異化產品組合，使客戶能夠更好地應對新興的用例。零售媒體網路的持續成長和基於人工智慧的代理商在前線的部署是 Zebra 和 Elo 可以共同追求的新機會的例子。

The Elo acquisition is expected to be immediately accretive to earnings once the transaction closes and we expect to generate an incremental $25 million of annual EBITDA synergies by year 3. In closing, our confidence in sustainable long-term growth is underpinned by several key themes that drive demand for our solutions, including labor and resource constraints, track and trace requirements, 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 where innovative solutions that digitize and automate our customers' workflows, serving our customers well and driving profitable growth. We are well positioned to expand our addressable market as we add complementary solutions to our portfolio that elevate our capabilities to serve our customers. I will now hand the call back to the (inaudible).

預計交易完成後，Elo 收購將立即增加收益，我們預計到第三年將產生每年 2,500 萬美元的增量 EBITDA 綜效。最後，我們對永續長期成長的信心由推動我們解決方案需求的幾個關鍵主題支撐，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，我們將繼續專注於提升我們的行業領導地位，透過創新解決方案實現客戶工作流程的數位化和自動化，為客戶提供良好的服務並推動獲利成長。隨著我們在產品組合中添加互補解決方案以提升我們服務客戶的能力，我們已準備好擴大我們的潛在市場。我現在將把電話轉回給（聽不清楚）。

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

謝謝，比爾。我們現在開始問答環節。（操作員指令）。

(Operator Instructions) Joe Giordano, TD Cowen.

（操作員指示）Joe Giordano，TD Cowen。

Maybe I'll start on the acquisition. Can you kind of tell me how do these -- how does that technology kind of tie in with yours? Like where are they doing things that you couldn't do on your own? What's the customer overlap kind of look like in terms of leveraging that?

也許我會開始收購。您能否告訴我這些技術與您的技術有何關聯？例如，他們在哪裡做了你自己做不到的事？從利用這一點來看，客戶重疊是什麼樣的？

Yes, sure, Joe. I got it. I would say, overall, first of all, we're really excited about the acquisition. It really represents the next step and we see, as our journey to have a leading portfolio of solutions and automate the front line of business where we've been focused for certainly some time. And I think that what Elo brings us is a market-leading portfolio of self-service and customer-facing solutions that really expands our addressable market to $8 billion.

是的，當然了，喬。我明白了。我想說，總的來說，首先，我們對此次收購感到非常興奮。它確實代表了下一步，我們認為，這是我們擁有領先的解決方案組合和自動化業務前線的旅程，我們已經關注了一段時間了。我認為 Elo 為我們帶來的是市場領先的自助服務和麵向客戶的解決方案組合，真正將我們的潛在市場擴大到 80 億美元。

So think of more customer-facing use cases. Overall, their focus is that on areas like point-of-sale, self-serve kiosks, interactive touchscreen displays, automation in the industrial place. And I think overall, what we bring them is that we bring our complementary solutions to what they do in things like point-of-sale and others. Our global reach allows us to expand their offerings beyond their strength in North America and what they have in EMEA today and smaller in Asia Pacific, but really take them through a global scale and reach across our go-to-market.

因此，請考慮更多面向客戶的用例。總體而言，他們的重點是銷售點、自助服務亭、互動式觸控螢幕顯示器、工業場所自動化等領域。我認為總的來說，我們為他們提供的是我們在銷售點和其他方面為他們所做的工作提供互補的解決方案。我們的全球影響力使我們能夠將其產品範圍擴大到北美、歐洲、中東和非洲地區以及亞太地區的其他地區，真正將其推向全球規模並覆蓋整個市場。

And then overall, our extensive service capabilities -- our deep customer relationships, there are customer overlaps, especially in places like retail, but there's strengths that they have in things like quick-serve restaurants where we're not as strong, but are putting in emerging solutions like RFID and the quick serve today but it gives us more of an offering there. So quick serve restaurants is a good example. We believe our strength in health care would help them. So there's vertical markets and geographical expansion that would bring to their portfolio overall that would allow them to expand. So think of it is more customer-facing, more self-service, more automation and more fixed than mobile, and that adds significantly to our broad-based portfolio today.

總體而言，我們廣泛的服務能力——我們深厚的客戶關係，存在客戶重疊，特別是在零售等領域，但他們在快餐店等領域有優勢，而我們在這方面並不那麼強大，但我們正在引入新興的解決方案，如RFID和今天的快餐，但它為我們提供了更多的服務。速食店就是一個很好的例子。我們相信我們在醫療保健方面的優勢將會幫助他們。因此，垂直市場和地理擴張將為他們的整體投資組合帶來好處，從而使他們能夠擴張。因此，可以認為它比行動裝置更面向客戶、更自助、更自動化、更固定，這大大增強了我們今天廣泛的產品組合。

That's great. Maybe you guys have done a nice job of kind of withholding judgment on the second half in terms of volumes until you see what's going on with your typical seasonal flows, you don't want to commit to them until you have them in firm backlog. Now as we sit here in August, -- we see the guide. But how are you feeling about the ability of your customers to kind of release budgets and kind of move forward with things? Like what do you think is kind of inherent in your guide now in the second half?

那太棒了。也許你們在對下半年的交易量做出判斷方面做得很好，直到看到典型的季節性流量情況，你們不想對它們做出承諾，直到你們有堅定的積壓訂單。現在，當我們坐在八月的這裡時，我們看到了指南。但是，您對客戶發布預算和推進事情的能力有何看法？例如，您認為現在下半部的指南中存在哪些固有內容？

Yes. Joe, I'd say that demand has remained resilient through the first half despite the uncertainty around global trade policy and that customers have generally maintained their capital spending levels and moved ahead with the projects that they had planned for the year.

是的。喬，我想說，儘管全球貿易政策存在不確定性，但上半年需求仍然保持彈性，客戶總體上保持了資本支出水平，並推進了他們今年計劃的項目。

So we're seeing that, and we're happy with where things are out from a customer perspective. Some have spread some of the spending out over multiple quarters, really a combination of managing their CapEx, but probably a bit of uncertainty as well. We've seen that from a increase -- we've increased our outlook for the full year really based on the strong second quarter results and then the backlog and pipeline that we see going into the second half that supports second half growth overall. And I'd say that all that said, our customers still remain a bit cautious.

所以我們看到了這一點，並且從客戶的角度來看，我們對目前的情況感到滿意。一些公司將部分支出分散到多個季度，這實際上是管理資本支出的一種方式，但也可能存在一些不確定性。我們已經看到了成長——我們提高了全年的預期，這實際上基於強勁的第二季度業績，以及我們看到的下半年積壓訂單和管道，這些都支持了下半年的整體成長。我想說的是，儘管如此，我們的客戶仍然有點謹慎。

There's still -- while there's been more clarity, they're still navigating the on (inaudible) certain trade policies, but clarity has been certainly helping. And there's certainly some uncertainty around macro and geopolitical. So I would say that overall, the -- there are some positives, too, things like the US tax legislation could be a benefit to us, but it's too early to tell. So we think, overall, that our guide for the full year, while we're increasing it, makes a lot of sense, and it's pretty balanced to what we're seeing from a positive, certainly from customers continuing to move ahead, but also little a bit of uncertainty still out there overall. So we think our guide is pretty balanced for second half.

儘管情況變得更加清晰，但他們仍在探索（聽不清楚）某些貿易政策，但清晰度肯定有所幫助。宏觀和地緣政治方面肯定存在一些不確定性。所以我想說，總的來說，也有一些積極的因素，例如美國稅收立法可能對我們有利，但現在下結論還為時過早。因此，我們認為，總體而言，儘管我們正在提高全年指引，但它非常有意義，並且與我們看到的積極情況相當平衡，當然，客戶肯定會繼續前進，但總體而言仍然存在一些不確定性。因此我們認為，我們對下半年的指導是相當均衡的。

Damian Karas, UBS.

瑞銀的 Damian Karas。

One. Congrats on the deal.

一、祝賀交易成功。

Thanks, Damian. Appreciate it.

謝謝，達米安。非常感謝。

Just a follow-up question on Elo. Could you talk about how their business cyclicality has compared with Zebra historically? And I think you're moving into a little bit more of a competitive space compared to your core mobility solutions. So could you just maybe talk a little bit about Elo's market share and how that has progressed over time?

這只是一個關於 Elo 的後續問題。您能否談談他們的業務週期與 Zebra 的歷史相比如何？我認為，與你們的核心行動解決方案相比，你們正在進入一個競爭更加激烈的領域。那麼，您能否簡單談談 Elo 的市場份額以及其隨著時間的推移是如何發展的？

Yes. I'd say overall that the Elo portfolio would be a bit different in the demand cycle than us where we typically see a fair amount of year-end spending by our customers, they don't think quite that much. It's more balanced throughout the year. So I think that you'll see us that kind of spread some of our year out ultimately and not put as much in the fourth quarter from a cyclicality perspective, I think that's positive. I would say, yes, there's different competitors in the space as they have a broad portfolio of solutions across point-of-sale and kiosks, interactive displays.

是的。我想說，總體而言，Elo 的產品組合在需求週期上與我們略有不同，我們通常會看到客戶在年底有相當多的支出，但他們並不認為那麼多。全年更加平衡。因此，我認為你會看到我們最終將部分業務分散到全年，而不是在第四季度投入太多，從週期性的角度來看，我認為這是積極的。我想說，是的，這個領域有不同的競爭對手，因為他們在銷售點、資訊亭和互動式顯示器方面擁有廣泛的解決方案。

There are different competitors than we face today in the market. It's a fairly fragmented market, and their strength is really strong in North America overall. I would say is one of the market leaders, both in North America. EMEA and Pac, I would say that there's additional opportunities. So where they've got good share, we think ultimately, there's an opportunity to gain more share there. by leveraging Zebra's relationship and our global reach. As the size company they are, you ultimately make decisions on where you're going to go next geography-wise.

與我們今天在市場上面臨的競爭對手不同。這是一個相當分散的市場，他們的實力在北美整體上非常強大。我想說的是，它是北美市場的領導者之一。我想說，歐洲、中東和非洲地區以及太平洋地區還有更多機會。因此，我們認為，在他們已經獲得良好份額的地方，最終就有機會透過利用 Zebra 的關係和我們的全球影響力來獲得更多的份額。由於公司規模較大，您最終會決定下一步的地理位置。

And us having a presence around the world will help us expand their product lines around the world. So different competitors, yes, some of the same channel partners. So some of the same distributors and value-added resellers that we leverage around the globe are the same. Some of the customers are the same, but many are different as well, and we're excited to enter markets as well that they've got strength and that we don't today.

我們在世界各地的業務將有助於我們擴大其在世界各地的產品線。所以有不同的競爭對手，是的，也有一些相同的通路合作夥伴。因此，我們在全球範圍內利用的一些分銷商和增值經銷商是相同的。有些客戶是相同的，但許多客戶也不同，我們很高興能夠進入他們有實力而我們目前沒有的市場。

So we see revenue synergies as well as cost synergies as we talked about in the release, and we're excited about working together as they really give us more of a consumer-facing offering to add to our portfolio.

因此，正如我們在發布會上所討論的那樣，我們看到了收入協同效應和成本協同效應，我們很高興能夠共同努力，因為它們確實為我們提供更多面向消費者的產品來豐富我們的產品組合。

That's helpful. And Bill, I think you mentioned the one big beautiful bill legislation and that should have a positive impact on North America. Just curious, is that kind of Zebra's internal assessment? Or are you maybe hearing that in your dialogue with customers, they're becoming increasingly positive and maybe even you're seeing that reflected in your funnel activity in North America?

這很有幫助。比爾，我認為你提到了一項偉大的、美麗的法案，它應該會對北美產生積極的影響。只是好奇，這是 Zebra 的內部評估嗎？或者您在與客戶的對話中聽說他們變得越來越積極，甚至您是否在北美的通路活動中看到了這一點？

Damian, I can jump in and address that. I think we're not hearing it directly from our customers. I think like many, including ourselves, you're digesting it and understanding what is the impact from a cash perspective, particularly around the R&D deductibility in year 1 as well as the ability to deduct the first year or 100% of the capital expenditure in year 1.

達米安，我可以介入並解決這個問題。我認為我們並沒有直接從客戶那裡聽到這個消息。我認為，包括我們自己在內的許多人都在消化它，並了解從現金角度來看它的影響，特別是第一年的研發扣除以及扣除第一年或第一年 100％ 資本支出的能力。

So my guess is like us assessing what that means for your business and that ultimately then turns into how do you want to allocate that capital. That could lead to more capital purchases in the back half of the year, but we're not hearing it directly from customers, just more noting that, that is an opportunity as we go through the back half, but I think it's going to take some time for folks to understand it, make sure they then allocate where they want to put the capital, and I understand when you receive the cash back in terms of future payments here in the back half of the year or what it might mean even as you go into '26 in terms of capital that might be available to spend.

所以我的猜測是，我們會評估這對您的業務意味著什麼，然後最終決定如何分配這些資本。這可能會導致下半年有更多的資本購買，但我們並沒有直接從客戶那裡聽到這個消息，只是更多地註意到，這是我們度過下半年的一個機會，但我認為人們需要一些時間來理解它，確保他們隨後將資本分配到他們想要的地方，我理解當你在下半年以未來付款的形式收到現金時，或者當你進入'26年時，這可能意味著什麼。

Tommy Moll, Stephens.

湯米·莫爾，史蒂芬斯。

Bill, I think I heard you use the term balanced for the approach to your second half outlook and I wanted to follow on that and ask what you're assuming on large deal conversion. Maybe just related to what you saw in the second quarter as well would be helpful.

比爾，我想我聽到你用「平衡」這個詞來描述你對下半年前景的看法，我想繼續問你對大額交易轉換有何假設。也許與您在第二季度看到的情況相關也會有所幫助。

Yes. I'd say that from a second half of year kind of fourth quarter perspective as it relates to kind of year-end spending, I would say that the year overall is playing out better than we expected and that we saw strong growth in the first half and strong results, as you saw in second quarter, which allows us to increase our outlook. And we had easier comparisons in the first half, a bit tougher comparison in second half. So you're kind of playing out as we expected. I would say that as we look to fourth quarter that overall that we factored in some year-end spending about the same levels as we had last year because while we don't have visibility yet to it, it's too early for that.

是的。我想說，從下半年第四季的角度來看，由於它與年終支出有關，所以我認為今年的整體表現比我們預期的要好，而且我們上半年看到了強勁的增長，並且取得了強勁的業績，正如您在第二季度看到的那樣，這使我們能夠提高我們的前景。上半場我們的比較比較容易，下半場的比較比較困難。所以你的表現正如我們所預期的。我想說的是，當我們展望第四季度時，我們總體上將一些年終支出考慮在內，其水平與去年大致相同，因為雖然我們目前還不清楚這一點，但現在還為時過早。

We know there would be some as we just talked about, things like the US legislation around the big beautiful bill could help with CapEx spending year-end. And certainly, as customers have remained cautious through the year, we could see additional year-end spending. But we factored some in, which is we don't even though we don't have quite the visibility today. And that's why we're saying, you know, in our outlook, I would use the word balance, as you said, really with the opportunities we see a bit of uncertainty out there, but clarity coming through on tariffs. And then we haven't talked about it yet, but we're seeing some softness in Europe.

我們知道，正如我們剛才談到的，美國圍繞大美麗法案的立法可能有助於年底的資本支出。當然，由於消費者全年都保持謹慎，我們可能會看到年底支出增加。但我們也考慮了一些因素，即使今天我們還沒有完全認識到這一點。這就是為什麼我們說，在我們的展望中，我會使用「平衡」這個詞，正如你所說，我們看到的機會確實存在一些不確定性，但關稅問題正在變得清晰。我們還沒有談論這個問題，但我們看到歐洲出現了一些疲軟跡象。

Certainly, a mixed result across Europe, and I would say that's kind of weighing in as well. So we're trying to find the right balance of second half and the guide for Q3, we feel good about and less certainly customers will spend some year-end money, if they're being conservative, maybe there's some upside to that. There are some things out there like the US legislation. We see -- like to see Europe be a bit stronger as we're seeing softness there, but it's been a mixed across the region. That's why I used the word balance.

當然，整個歐洲的結果好壞參半，我想說這也是一個影響因素。因此，我們正在努力找到下半年和第三季指南之間的正確平衡，我們對此感到滿意，但不確定客戶是否會在年底花費一些錢，如果他們比較保守，也許這樣做會有一些好處。有些事情已經存在，例如美國的立法。我們看到——希望看到歐洲變得更強勁一些，因為我們看到那裡經濟疲軟，但整個地區的情況好壞參半。這就是我使用“平衡”這個詞的原因。

And then on Elo, you've mentioned a couple of times that there's a big market. You can go after now that's more consumer-facing. And I'm interested to get a little more of the strategy there. It's -- I don't know if it's an entirely new direction for Zebra, but it's slightly different emphasis than what you've discussed historically. So are there some changing in that market that draw you to it? Or what's some of the thinking behind the scenes here?

關於 Elo，您曾多次提到過，那裡有一個很大的市場。現在你可以追求更面向消費者的東西。我有興趣了解更多有關該戰略的資訊。我不知道這對 Zebra 來說是否是一個全新的方向，但它的重點與您過去討論的略有不同。那麼該市場是否發生了一些吸引您注意的變化？或者這背後的一些想法是什麼？

Yes. So maybe the easiest example is we've talked about kind of the modern store from a Zebra perspective, really powered by AI and the idea that we think of engaged associates in a retail store, and then we think of inventory accuracy. And the last is kind of customer consumer facing for the retailer. This adds to that element of solutions.

是的。因此，也許最簡單的例子是，我們從 Zebra 的角度討論了現代商店，它真正由人工智慧驅動，我們考慮零售店中的敬業員工，然後考慮庫存準確性。最後一種是零售商所面對的顧客消費者。這增加了解決方案的元素。

And today, our mobile devices, for instance, are used for payment. Our mobile devices are used in Europe extensively. We're the market leader in things like self-scan, but ultimately, the buying experience also includes self-serve checkout, kiosks and quick-serve restaurants. There's a move to serve customers not just through mobility tablets and mobile devices with payment on them, but also in fixed touchscreens and in payment and point of sale that includes in the Elo's case, things like compute and touchscreen displays and payment all driven or focused on customer and self-service.

例如，今天我們的行動裝置可用於支付。我們的行動裝置在歐洲廣泛使用。我們是自助掃描等領域的市場領導者，但最終，購買體驗還包括自助結帳、自助服務終端和快餐店。現在的舉措不僅是透過行動平板電腦和具有支付功能的行動裝置為客戶提供服務，還包括透過固定觸控螢幕以及支付和銷售點，在 Elo 的案例中，包括計算和觸控螢幕顯示器以及支付等所有驅動或專注於客戶和自助服務的功能。

So there's also an element within the -- in retail, and I'll stick to retail for a minute, but it applies to multiple other verticals is this idea of media networks within the store. So screens and touch screens and displays, ultimately that are driven by Android today as well. So both the combination of Windows and Android, but Android is becoming more prevalent to drive those technologies and the platform we used around mobile computing, customers have said to us we would like to see that same Android platform used across our fixed screen technology and touchscreens in the store that we use in your mobile devices. And they've actually represented some of this to us saying it'd be interesting if you could pull those 2 together.

因此，在零售業中也存在一個元素，我將暫時談論零售業，但它適用於多個其他垂直行業，即商店內的媒體網絡這一理念。因此，螢幕、觸控螢幕和顯示器最終也是由 Android 驅動的。因此，Windows 和 Android 都是結合的，但 Android 正變得越來越普遍，以推動這些技術和我們在行動運算中使用的平台，客戶告訴我們，我們希望看到在我們的固定螢幕技術和商店中的觸控螢幕上使用與我們在行動裝置中使用的相同的 Android 平台。他們實際上已經向我們表達了其中的一些觀點，並表示如果能將這兩者結合起來將會很有趣。

So think of places where we work together would be point-of-sale. Their offerings would include self-service kiosks, which would marry with things like mobile device checkout or self-scanning and then we think of new areas. So as we go to at the show for health care (inaudible) in health care, there clearly is an element around POS and self-serve within health care. When we're talking about fixed (inaudible) or restaurants, our relationships most recently have been advanced technologies around RFID and tracking food into quick-serve restaurants.

因此，我們一起工作的地方就是銷售點。他們的產品包括自助服務亭，可以與行動裝置結帳或自助掃描等功能結合，然後我們就會想到新的領域。因此，當我們參加醫療保健展會時（聽不清楚），醫療保健領域顯然存在著 POS 和自助服務元素。當我們談論固定（聽不清楚）或餐廳時，我們最近的關係是圍繞 RFID 和追蹤食物進入快餐店的先進技術。

They're controlling both the customer interface, but also the production of food and others inside the kitchen. So think of process management inside quick-serve restaurants. So it's closely adjacent to what we do in manufacturing, we talk about tablets on the production floor, but there's also fixed screen elements to that and touch screens associated with the manufacturing process and process management, so automation. So we see it as another step to not only addressing the consumer but addressing automation in a different way beyond mobility and the 2 are coming together with operating systems such as Android. So that's why we see overlapping customers overlapping markets and places where we can take their solutions globally.

他們不僅控制客戶介面，還控制食品的生產以及廚房內的其他操作。所以想想速食店內部的流程管理。因此，它與我們在製造業所做的工作密切相關，我們談論生產車間的平板電腦，但其中也有固定的屏幕元素和與製造過程和過程管理相關的觸摸屏，即自動化。因此，我們認為這不僅是解決消費者問題的又一步，而且是以超越移動性的方式解決自動化問題的又一步，而這兩者正在透過 Android 等作業系統結合在一起。這就是為什麼我們看到重疊的客戶、重疊的市場和我們可以在全球範圍內提供他們的解決方案的地方。

Andrew Buscaglia, BNP Paribas.

安德魯·巴斯卡利亞，法國巴黎銀行。

I wanted to ask on just to gauge how you're viewing tariffs from here. Obviously, you saw some de-escalation intra-quarter in China. But there are still like -- there is still uncertainty with how this plays out. So I'm wondering, maybe number one, are you concerned or have you consulate -- what are you seeing in terms of the potential exemptions picking and/or going away -- any other, I don't know, further tariff escalation you're aware of that you're monitoring? And what can you do to offset those?

我只是想問一下您如何看待關稅。顯然，你看到本季中國局勢有所緩和。但事情將如何發展仍存在不確定性。所以我想知道，也許第一點，您是否擔心，或者您的領事館——就潛在的豁免選擇和/或取消而言，您看到了什麼——任何其他，我不知道，您是否知道您正在監控的進一步關稅升級？那麼您可以做些什麼來抵消這些呢？

Yes, Andrew, I think -- and Bill mentioned this earlier, obviously, progress has been made since our last update. But as you noted, it remains a dynamic environment. And I think I think we're looking at it as it's probably going to remain a dynamic environment for the -- for a period of time.

是的，安德魯，我認為——比爾之前提到過這一點，顯然，自我們上次更新以來已經取得了進展。但正如您所說，它仍然是一個充滿活力的環境。我認為我們正在觀察它，因為它可能會在一段時間內保持一個動態的環境。

So it's just one of those where we continuously work with our trade and industry partners to understand what they're hearing, what they're seeing, how are others (inaudible) so that we can get as much intelligence as possible. And we have a dedicated team that wakes up every day, keeping a pulse on where things are at.

因此，這只是其中之一，我們不斷與貿易和行業夥伴合作，了解他們聽到了什麼，看到了什麼，其他人的情況如何（聽不清楚），以便我們能夠獲得盡可能多的情報。我們擁有一支敬業的團隊，他們每天醒來，密切關注著事情的進展。

And as news breaks, making sure we have a position to react, but also as we said, to some extent, we want to play our game in terms of continuing to have a diversified supply base that is both can react to tariffs but also just have broader sustainable supply chain, right, so that -- and resilient supply chain. So we're managing -- we have a playbook that the team is executing to that has a bunch of different options available to us that we can execute here particularly as we get more clarity as we go through the balance of the year. So I'd say, as it relates to exemptions or other changes in rates, that you don't see in the news or that's not breaking. So we -- again, we're -- I think we look at that as what are the options available from pricing to other geographical moves, but ultimately making sure we have a resilient and sustainable supply chain for years to come, and that's where we stay focused.

當新聞爆出時，我們要確保自己有能力做出反應，但正如我們所說，在某種程度上，我們希望繼續擁有一個多元化的供應基礎，既可以對關稅做出反應，也可以擁有更廣泛的可持續供應鏈，對吧，這樣——以及有彈性的供應鏈。所以我們正在管理——我們有一個團隊正在執行的劇本，其中有很多不同的選項可供我們使用，我們可以在這裡執行，特別是當我們在完成今年的平衡後，我們會得到更多的清晰度。所以我想說，因為它與豁免或其他利率變化有關，你在新聞中看不到這些，或者這並不是什麼新鮮事。因此，我們——再說一次，我們——我認為我們會考慮從定價到其他地理遷移有哪些可用選項，但最終要確保我們在未來幾年擁有一個有彈性和可持續的供應鏈，這就是我們關注的重點。

Okay. Okay. Fair enough. And then I wanted to get your take on competition and your potential for market share gains. You're seeing one of your biggest competitor across many different business lines, somewhat get deemphasized by its current company. So I'm wondering, do you see a pathway for more share gains going forward? And what's your take on what's going on competitively?

好的。好的。很公平。然後我想了解您對競爭的看法以及您提高市場份額的潛力。您發現，在許多不同的業務領域中，您的最大競爭對手之一在某種程度上被其現有公司所弱化。所以我想知道，您是否看到了未來進一步增加市場份額的途徑？您對目前的競爭狀況有何看法？

Yes, I would say that not much different overall, quite honestly, except for the announcement that you mentioned with our competitor. I think that our strong customer relationships vertical market expertise we have, the breadth and depth of our portfolio, our commitment to our customers and continuing to invest in innovation along with them, expanding the portfolio.

是的，說實話，總的來說沒有太大區別，除了您提到的與我們的競爭對手的公告之外。我認為，我們擁有強大的客戶關係、垂直市場專業知識、產品組合的廣度和深度、對客戶的承諾以及與他們一起持續投資創新，從而擴大產品組合。

I think from the acquisition perspective, clearly, it elevates our strategic position with our customer to be doing more business with them in areas that they're focused like self-serve and others. So we saw this with the Enterprise acquisition, the more business we do together, the more vision we paint with our customers about what the future of retail looks like, what the future of P&L looks like, what the future of manufacturing looks like and have a breadth and depth of a portfolio that expands our relationships, and that's one of the reasons we like this acquisition, allows us to continue to remain relevant, important and add to the future direction of our customers and a voice that ultimately they rely on as a trusted partner. So we feel pretty good about where we're at competitively.

我認為從收購的角度來看，這顯然提升了我們與客戶之間的策略地位，使我們能夠在他們關注的領域（如自助服務等）與他們開展更多業務。因此，我們在收購 Enterprise 時看到了這一點，我們合作的業務越多，我們與客戶共同描繪的關於零售業的未來、損益表的未來、製造業的未來以及擴大我們關係的投資組合的廣度和深度的願景就越多，這也是我們喜歡這次收購的原因之一，它使我們能夠繼續保持相關性和重要性，並為客戶的未來方向合作夥伴關係。因此，我們對於自己的競爭地位感到非常滿意。

The portfolio is as strong as it's ever been. We continue to add to the portfolio, new areas such as wearables, right? It will play a role not only today, but they'll play a role in AI in the future. If you look what's being set out there around what the future AI device looks like. It's likely a mobile device augmented with something that's wearable. So we've got new wearable offerings for both retail and health care. We continue to expand the portfolio with next-generation devices across P&L as we see the refreshes coming up over the next couple of years. We're really focused on that. We recently won a postal opportunity, large [postal] opportunity in Australia, which again speaks to our strength in postal and having the right device in T&L as these refreshes come up. So we feel good competitively ultimately, and what happens, happens. So that's going to take some time to play out and play our game, and we feel good about where we're at.

投資組合一如既往地強勁。我們將繼續擴大產品組合，增加穿戴式裝置等新領域，對嗎？它不僅在今天發揮作用，而且在未來的人工智慧中也將發揮作用。如果你看一下那裡所列出的未來人工智慧設備是什麼樣子的。它很可能是一種配備了穿戴式裝置的行動裝置。因此，我們為零售和醫療保健領域提供了新的可穿戴產品。隨著我們預見到未來幾年會出現更新，我們將繼續透過 P&L 的下一代設備來擴展產品組合。我們確實非常關注這一點。我們最近贏得了一個郵政業務機會，一個澳洲的大型郵政業務機會，這再次證明了我們在郵政領域的實力，以及在運輸和物流領域擁有合適的設備，以滿足這些更新的需求。因此，我們最終在競爭中感覺良好，該發生的事就發生吧。所以這需要一些時間來發揮作用並進行我們的遊戲，我們對目前的狀況感到滿意。

Jim Ricchiuti, Needham & Company.

吉姆‧里奇烏蒂 (Jim Ricchiuti)，李約瑟公司。

You noted some softness in Europe. I'm wondering what changes have you seen in the various subsectors of the market more broadly, whether any changes in the overall retail, retail automation, e-commerce logistics areas versus, say, 3 months ago?

您注意到歐洲有些疲軟。我想知道您在更廣泛的市場各個子行業中看到了哪些變化，與 3 個月前相比，整體零售、零售自動化、電子商務物流領域是否有任何變化？

[You can see] that when we look at 2 certainly strong growth across North America, Asia Pac and Latin America. So geography-wise, strong growth with EMEA certainly being more challenged or softness. The strength globally, on a global basis, I would say, T&L and retail and e-commerce continue to be a strength for us. health care in North America cycling some strong comparison in mobile computing. And I would say, while growing mid-single digits, manufacturing is slower than the other and certainly transportation sits in retail. When I look at the regions, I would say, as you asked specifically about EMEA, I would say that cycling strong prior year compares in mobile computing.

[你可以看到]當我們觀察北美、亞太地區和拉丁美洲時，就會發現它們都實現了強勁的成長。因此，從地理角度來看，歐洲、中東和非洲地區成長強勁，但肯定面臨更多挑戰或疲軟。我想說，在全球範圍內，運輸與物流、零售和電子商務仍然是我們的優勢。北美的醫療保健在行動運算方面具有很強的競爭力。我想說的是，雖然製造業的成長速度達到中等個位數，但它比其他產業慢，而且運輸業在零售業的地位肯定較低。當我查看這些地區時，我想說，正如您具體詢問的 EMEA 地區一樣，我會說行動運算領域的周期性強勁去年同期相比。

So that's clearly a factor. But I think overall, we're seeing kind of mixed performance across EMEA. So strength in places like Northern Europe and particularly in -- particularly in P&L, but we're seeing softness in auto manufacturing some of the retail sectors in France is a good example where we're seeing a bit challenging. Some of the run rate, we think, really driven by some of the concerns around kind of geopolitical and tariff and others, so some run rate challenge in EMEA. So overall, I would say we'd like to see EMEA the softness in EMEA kind of abate and get a bit stronger. That's happened throughout the year. So we started okay, but we've seen more of that kind of EMEA degrade through second quarter. North America, strong really around mobile computing, data capture RFID, so broad portfolio set. Asia Pacific strengthened.

所以這顯然是一個因素。但我認為整體而言，我們看到歐洲、中東和非洲地區的表現好壞參半。因此，北歐等地的實力尤其強勁，尤其是在損益表中，但我們看到汽車製造業表現疲軟，法國的一些零售業就是一個很好的例子，我們看到了一些挑戰。我們認為，部分運行率實際上是受到地緣政治、關稅等問題的擔憂所驅動，因此歐洲、中東和非洲地區面臨部分運行率挑戰。所以總的來說，我想說我們希望看到 EMEA 地區的疲軟程度減弱並變得更強一些。這一年中，這種情況一直在發生。因此，我們的開局還不錯，但我們看到第二季 EMEA 地區的此類情況進一步惡化。北美在行動運算、資料擷取 RFID 方面實力雄厚，因此產品組合十分廣泛。亞太地區表現增強。

We talked about Australia and New Zealand, India, new applications around RFID in places like India around transportation, such as rail. So we're excited about that as RFID continues to play an important role in the portfolio. So I'd say the one softness point is EMEA, and it's evolved probably in second quarter, we're starting to -- we began to see it. And we're paying close attention to it. We're a lot of -- seeing a lot of close to our customers and making sure that as they begin to spend, we're there with them.

我們討論了澳洲、紐西蘭、印度以及印度等地在鐵路等交通領域圍繞 RFID 的新應用。因此，我們對此感到非常興奮，因為 RFID 繼續在產品組合中發揮重要作用。所以我想說，一個弱點是歐洲、中東和非洲地區，它可能在第二季出現，我們開始看到它。我們正密切關注此事。我們非常重視與客戶的密切聯繫，確保當他們開始消費時，我們會陪伴在他們身邊。

Got it. Just congratulations, by the way, on the Elo announcement. Just curious, the way they go to market are stayed working with similar channel partners that you work with? Or is this a different versus some of your products?

知道了。順便說一句，祝賀 Elo 公告。只是好奇，他們進入市場的方式是繼續與與您合作的類似通路合作夥伴合作嗎？或者這與您的某些產品有何不同？

Yes, very similar from a channel perspective and go-to-market, meaning that they work closely with the end customer as we do and then fulfill through value-added distributors in distribution -- future distribution in the marketplace that they ultimately serve. They sell direct as well. So really very much on top of what we do today. Their largest distributor in North America is our largest distributor in North America. So in that case, right on top of each other. So I think that (inaudible), so very similar go-to-market approaches that they have today. Now in places, they've got different relationships, meaning things like strength inputs or restaurants or different places with the fragmentation of health care, they may be in different customers than we are and have strong strength in those areas, but we're looking forward to leveraging the customer base on both sides.

是的，從通路角度和市場進入角度來看非常相似，這意味著他們像我們一樣與最終客戶密切合作，然後透過增值分銷商在分銷中實現目標——即他們最終服務的市場中的未來分銷。他們也直接銷售。所以，這確實對我們今天所做的事情至關重要。他們在北美最大的經銷商也是我們在北美最大的經銷商。因此在這種情況下，它們就彼此重疊了。所以我認為（聽不清楚），他們今天的市場進入方法非常相似。現在，在不同的地方，他們有不同的關係，例如實力投入、餐廳或醫療保健分散的不同地方，他們可能擁有與我們不同的客戶，並且在這些領域擁有強大的實力，但我們期待利用雙方的客戶群。

Brad Hewitt, Wolfe Research.

布拉德休伊特（Brad Hewitt），沃爾夫研究公司。

So it looks like your net leverage will be around 2 turns pro forma for the Elo deal. So as we think about capital allocation going forward, should we assume the focus is more on bolt-on deals and perhaps modest buybacks in the near term until pro forma leverage comes down a little bit?

因此看起來您的淨槓桿率對於 Elo 交易來說將大約為 2 個回合。因此，當我們考慮未來的資本配置時，我們是否應該假設重點更多地放在附加交易上，或許在短期內進行適度回購，直到形式槓桿率略有下降？

I'd say that, look, I think that our capital allocation in general hasn't changed and the idea that we focus first on organic growth in the areas in which that we invest in our portfolio, and we believe there is continued opportunity (inaudible) we closed and now something a bit larger, certainly in Elo.

我想說的是，看，我認為我們的資本配置總體上沒有改變，我們首先關注的是我們投資組合中所投資領域的有機增長，我們相信我們仍然有機會（聽不清），現在有一個更大的機會，當然是在 Elo 中。

We're excited about both and much different sizes, but both in areas in which we see as strategic and closely adjacent to what we do. We'll continue to be inquisitive out there and continue to look for strategic M&A, but we want to get through this one. I think we're trying to find the right balance between M&A, the things that are strategic for us, what's available in the market? How do we add to things like machine vision and also in this case, what we see is important extension of what we do today in the front line of business with Elo and we'll continue to look out there, but I think that the focus in the short term is going to be really integrating the Elo team.

我們對這兩家公司都感到很興奮，儘管它們的規模有很大不同，但都處於我們認為具有戰略意義的領域，並且與我們的工作密切相關。我們將繼續保持好奇心，繼續尋找策略性併購，但我們希望完成這一目標。我認為我們正在努力在併購、對我們來說具有戰略意義的事情以及市場上有哪些可用資源之間找到適當的平衡？我們如何添加機器視覺之類的功能，在這種情況下，我們看到的是我們今天在 Elo 業務前線所做工作的重要延伸，我們將繼續關注，但我認為短期內的重點將是真正整合 Elo 團隊。

Okay. That's helpful. And then you mentioned in the release, the 5% to 7% revenue growth algorithm going forward for Elo. I'm just curious what has been the historical organic growth profile of the business, particularly from 2019 through 2024. And then how would you describe the potential scope of revenue synergies? And is that incremental to the 5% to 7%? Or is that already embedded there?

好的。這很有幫助。然後您在發布中提到，Elo 未來的收入成長演算法為 5% 到 7%。我只是好奇該業務的歷史有機成長狀況如何，特別是從 2019 年到 2024 年。那麼您如何描述收入綜效的潛在範圍？這是否會增加至 5% 至 7%？或者它已經嵌入其中了？

Brad, I think very similar. If you look back over the last several years, very similar to our performance in terms of if you overlap the revenue growth of consistent growth going pre-pandemic, kind of a lot of ups and downs as you went through COVID, coming out of COVID, as you saw a lot of investment around their technology, the supply chain challenges that the industry went through and then the recovery. So you -- if you bump it up to our long-term growth, it kind of overlaps pretty nicely, like us. It looks a lot like us. Maybe a few of the years are a little bit different.

布拉德，我認為非常相似。如果回顧過去幾年，就會發現我們的業績非常相似，如果將疫情前持續的收入增長與疫情期間的業績進行比較，就會發現在經歷疫情和走出疫情之後，我們的業績會有很多起伏，我們會看到圍繞技術進行大量投資，看到行業經歷了供應鏈挑戰，然後又開始復蘇。所以你 — — 如果你把它提升到我們的長期成長水平，它就會像我們一樣很好地重疊。它看起來很像我們。可能有些年份會有些不同。

So yes, so I think that's what we've seen long term particularly around COVID and the supply chain challenges coming out of that. Yes. And if you look -- as part of the revenue synergies, I'd say maybe just take a step back on the total $25 million, we're highly confident there's multiple levers we expect a steady ramp of those over the next few years. So maybe on the cost side of things you would expect around real estate portfolio, where we have overlapping sites, consulting services and things like that as well as leveraging our supply base to drive efficiencies across our supply base will be areas of focus.

是的，我認為這是我們長期看到的情況，特別是在新冠疫情以及由此產生的供應鏈挑戰方面。是的。如果你看一下——作為收入協同效應的一部分，我想說也許只需回顧一下總計 2500 萬美元，我們非常有信心有多個槓桿，我們預計未來幾年這些槓桿會穩步上升。因此，也許在成本方面，您會期望圍繞房地產投資組合，我們有重疊的站點、諮詢服務等，以及利用我們的供應基礎來提高整個供應基礎的效率，這些將是重點關注的領域。

And then on go-to-market, as Bill mentioned, it's really around, I'd say, international developed markets where we have a strong presence, the infrastructure, the channel setup and Elo has a limited presence in some of those markets, but we think a great opportunity to, again, leverage our presence and infrastructure to grow. And then as Bill mentioned, cross-selling opportunities are significant for both sides. So again, I think the $25 million, while we have kind of a bottoms up more holistically on the cost side, we do think there is synergies that could get us to that -- to your point on that top end of that 5% to 7% as we move forward.

然後，關於市場進入，正如比爾所提到的，我想說，這實際上圍繞著國際已開發市場，我們在這些市場上擁有強大的影響力、基礎設施和渠道設置，而 Elo 在其中一些市場的影響力有限，但我們認為這是一個絕佳的機會，可以再次利用我們的影響力和基礎設施來實現增長。正如比爾所提到的，交叉銷售機會對雙方都很重要。所以，我再說一次，我認為 2500 萬美元，雖然我們在成本方面已經採取了更全面的措施，但我們確實認為，隨著我們向前發展，協同效應可以讓我們達到你所提到的 5% 到 7% 的最高水平。

Piyush Avasthy, Citi.

花旗銀行的 Piyush Avasthy。

Good evening, just thinking from the perspective, sales growth guidance of 5% to 7% for 25%. Is there any incremental color you can provide us on trends that you're seeing across the expansionary? If you could break out how machine waging mobile robots, RFID are performing, that would be helpful.

晚上好，只是從銷售成長預期的角度思考，銷售額成長預期為5%到7%，達到25%。您能否為我們提供一些您所看到的擴張趨勢方面的資訊？如果您能闡明機器驅動的移動機器人和 RFID 的性能如何，那將會很有幫助。

I would say that overall, I would say from a vertical perspective across the different vertical markets overall, I would say, retail and e-commerce, clearly a strength, as I mentioned earlier with certainly continued strong demand, both in mobility. So mobile devices and RFID technology inside retail, I would say that G&L recovery certainly is overall kind of more normalized business across T&L.

我想說的是，總體而言，從不同垂直市場的垂直角度來看，零售和電子商務顯然是一個優勢，正如我之前提到的，無論是在行動領域還是在行動領域，需求肯定持續強勁。因此，我認為零售業中的行動裝置和 RFID 技術，G&L 復甦肯定是整個 T&L 領域更規範化的業務。

I mentioned postal win earlier that really fits into transportation and logistics for us and some new opportunities in things like railway. Manufacturing, I would say, some new areas where adjacencies that we're focused on things like machine vision inside manufacturing with the idea of inspection.

我之前提到過郵政勝利，這對我們來說確實適合運輸和物流，並且在鐵路等領域也有一些新的機會。我想說，製造業是一些新領域，我們專注於製造業內部的機器視覺和檢查等概念。

And the other area in machine vision would fall back to P&L. So we're seeing a continued focus on our team while we're seeing still challenges in manufacturing and things like EV and others, I would say that the machine vision plays an important role there. So strength across the core portfolio and the areas in which we do business today. And then RFID, machine vision and other opportunities across the different vertical markets.

而機器視覺的其他領域將會回歸到損益。因此，我們看到我們繼續關注我們的團隊，同時我們仍然看到製造業和電動車等領域的挑戰，我想說機器視覺在其中發揮著重要作用。因此，我們的核心產品組合和目前開展業務的領域都具有實力。然後是 RFID、機器視覺和不同垂直市場中的其他機會。

Helpful. And I think you touched on replacement cycle. Like have you at least to have discussions with your customers regarding their refreshed plans. And if you have that visibility in 2026, like help us understand what that could mean for your 5% to 7% organic sales growth framework?

很有幫助。我認為您提到了更換週期。例如，你至少要與你的客戶討論他們更新後的計畫。如果您對 2026 年有這樣的預見，能否幫助我們理解這對您的 5% 到 7% 的有機銷售成長框架意味著什麼？

Yes. I think everybody is on a different journey of a refresh cycle within their environment. We've seen the -- postal win is an example of a refresh of that postal carrier in Australia that, again, speaks to the fact that we continue to win in the marketplace. And over time, there'll be additional refreshes. Everybody is on a different schedule, both retail P&L and others.

是的。我認為每個人在自己的環境中都處於不同的更新周期旅程中。我們已經看到——郵政勝利是澳大利亞郵政運營商革新的一個例子，這再次證明了我們在市場上繼續獲勝。隨著時間的推移，還會有更多更新。每個人都有不同的時間表，無論是零售損益還是其他。

And over the next several years, we clearly have seen through COVID and (inaudible), the number of mobile devices in the marketplace has increased. And that eventually will continue to be upgraded and increased along with this concept of device for all, right, putting more devices in the hands of more associates inside the frontline workers, whatever that's P&L or manufacturing or retail or health care, we're seeing that move. So even the refreshes include even more devices over time. We're not guiding to 26% at the moment. But over the next several years, we see that there'll be an accelerated refresh cycle whether that begins in '26 and move into '27, '28. We just don't know yet, but we are tracking with our customers and making sure that we're staying close to them so that when they already as in this postal example, that we're there for them.

在接下來的幾年裡，我們清楚地看到，透過 COVID 和（聽不清楚），市場上的行動裝置數量有所增加。而最終會隨著「人人有設備」的概念而不斷升級和提升，將更多的設備交到更多第一線員工的手中，無論是損益表、製造業、零售業或醫療保健業，我們都看到了這一趨勢。因此，隨著時間的推移，更新將涵蓋更多的設備。目前我們還沒有將其控制在 26% 左右。但在接下來的幾年裡，我們看到將有一個加速的更新週期，無論是從 26 年開始，還是進入 27 年、28 年。我們只是還不知道，但我們正在追蹤我們的客戶並確保我們與他們保持密切聯繫，以便當他們已經像在這個郵政範例中那樣時，我們就會為他們提供服務。

Keith Housum, Northcoast Research.

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

Great. And congratulations on the quarter and the acquisition. Bill, let's take a thing about the Elo acquisition. Is the makeup of their revenue? Is it primarily hardware? Or is there other sources of revenue that you guys will be acquiring?

偉大的。恭喜本季和此次收購。比爾，我們來談談 Elo 收購的事情。這是他們的收入組成嗎？主要是硬體嗎？或者你們還會獲得其他收入來源嗎？

Yes. I mean I would say that the strength in the software certainly around the OS and what they're doing in 2 areas. One would be the move, as I said before, to Android that ties into touchscreens and displays and others for control and be able to use the Android OS. So there's hardware and software associated with their control of those devices. Point of sale, they also have the compute associated with point-of-sale. So the point-of-sale terminals are also a combination of hardware and OS and software associated with that. So like Zebra, the predominant sales mechanism is through hardware, but tremendous value in the software side of what they do today within their environment.

是的。我的意思是，我想說軟體的優勢肯定在於作業系統以及他們在兩個領域所做的事情。一是，正如我之前所說，轉向 Android，它與觸控螢幕、顯示器和其他裝置結合，以便進行控制，並能夠使用 Android 作業系統。因此，有與控制這些設備相關的硬體和軟體。銷售點，他們也擁有與銷售點相關的計算。因此，銷售點終端也是硬體、作業系統和相關軟體的組合。因此，與 Zebra 一樣，主要的銷售機制是透過硬件，但他們目前在其環境中所做的軟體方面具有巨大的價值。

Great. Is there a particular like competitive moat that Elo has versus other competitors in the space that you may have looked at?

偉大的。與您關注過的該領域其他競爭對手相比，Elo 是否有特別的競爭優勢？

Yes. I would say the breadth and depth of the portfolio like us, the relationship with their customers to really understand the places in which they serve their customers today. I think that is (inaudible) for about 50 years, significant patent protection around it, and that's a strength they have as well. So customers clearly recognize them as one of the leaders within this market, and they remain focused on it. Well, others are moving away from this market. They remain focused and I think.

是的。我想說的是，像我們這樣的產品組合的廣度和深度，與客戶的關係，才能真正了解他們今天為客戶提供服務的地方。我認為（聽不清楚）大約 50 年來，它一直受到嚴格的專利保護，這也是他們的優勢。因此，客戶清楚地認識到他們是這個市場的領導者之一，並且他們仍然專注於此。嗯，其他人正在遠離這個市場。我認為他們仍然保持專注。

Rob Mason, Baird.

羅布梅森，貝爾德。

Yes, maybe just have some mobile computing products, I guess, as well. But as you think about this, is part of the strategy to keep the Elo brand? Or does this give you additional ability to tier your product -- any of your products?

是的，我想也許也有一些行動運算產品。但是，當您思考這個問題時，這是否是保留 Elo 品牌的策略的一部分？或者這是否為您提供了額外的能力來對您的產品（任何產品）進行分層？

Yes, I would say that the overlap that we expect to continue to leverage on the mobile device side of things. So their mobile device has been used more in the payment applications. And again, small levels of revenue compared to the portfolio that we have. So the overlap is very minimal overall, and we see that being kind of a strength of the acquisition, the fact that a little overlap, ultimately strengthen customers go-to-market and others is what we saw with the Enterprise acquisition.

是的，我想說，我們期望在行動裝置方面繼續利用這種重疊。因此他們的行動裝置在支付應用方面得到了更多的應用。而且，與我們現有的投資組合相比，我們的收入水平較低。因此，整體而言，重疊非常小，我們認為這是收購的優勢，事實上，一點點重疊最終會加強客戶的市場進入能力，而這正是我們在企業收購中所看到的。

And the idea that we believe we can accelerate in the market from a revenue perspective by not having a lot of debate about which product, which area to go focus on or overlapping products or different go-to-market motions all that helps you be successful from an acquisition perspective. We've also worked with them for some time. So we've -- they've been an OEM customer of ours. We know the team there well for many years. We have like cultures, right? The product portfolios that ultimately are high quality respected in the market as being a high-quality hardware and software I think that helps as well, certainly with us having conviction. And certainly, when customers are saying to us, hey, it would be great, the 2 of yous could get together, that also helps.

我們相信，從收入角度來看，我們可以加速市場發展，因為不需要對哪種產品、哪個領域、重疊產品或不同的上市動議進行大量爭論，所有這些都有助於我們從收購角度取得成功。我們也與他們合作了一段時間。所以我們——他們一直是我們的 OEM 客戶。我們對那裡的團隊很了解很多年了。我們有相似的文化，對嗎？我認為，最終在市場上享有高品質聲譽的產品組合是高品質的硬體和軟體，這也有助於我們建立信心。當然，當顧客對我們說，嘿，那太好了，你們兩個可以聚在一起，這也會有所幫助。

Yes, makes a lot of sense. Nathan, real quick, just your third quarter EBITDA margin guidance is a little bit down year-over-year. But if I adjust for the tariff impact that you've outlined, it kind of equates to about a 30% incremental margin year-over-year. As you think about tariffs, hopefully, we get to some normalized place with pricing in mitigation, et cetera. Are there any other -- besides tariffs, are there any other major kind of puts and takes on the margins right now? -- or anything else that would call out?

是的，很有道理。內森，簡單來說，您第三季的 EBITDA 利潤率預期比去年同期略有下降。但如果我根據您所概述的關稅影響進行調整，它相當於同比增加約 30% 的利潤率。當你考慮關稅時，希望我們能夠達到緩解定價等正常化程度。除了關稅之外，還有其他因素嗎？目前還有其他重大的利潤損失或利差損失嗎？或是其他需要注意的因素嗎？

No. As you said, the 30% incrementals, excluding tariffs is about what you'd expect and we've historically delivered. So I think we've, I think, largely worked through over the last year's supply chain challenges and everything else so that I think we're back to where we -- as we grow, we can drive great leverage on top of our supply base as well as our fixed infrastructure, standpoint, it's a pretty big impact on OpEx. And just with the hedges we have in place, you're not seeing the full kind of revenue upside that you would expect where the rates are especially the euro is at today, but those will come through as we roll through the hedges we have in place. So it's FX in the short term is a bit of a headwind in EBITDA but that will -- if rates stay where they're at, that will turn into a tailwind as we get into Q4 and the early part of next year, just again as our forward rates mature. So no, I think those are the key dynamics.

不。正如您所說，30%的增量（不包括關稅）是您所期望的，而且我們過去也一直如此。所以我認為，我們在去年基本上已經解決了供應鏈挑戰和其他所有問題，所以我認為我們又回到了原來的狀態——隨著我們的發展，我們可以在我們的供應基礎和固定基礎設施之上發揮巨大的槓桿作用，從這個角度來看，這對營運支出有相當大的影響。僅憑我們現有的對沖，在目前的利率水準（尤其是歐元的水準）下，您無法看到預期的全部收入成長，但隨著我們實施現有對沖，這些收入將實現成長。因此，短期內外匯會對 EBITDA 造成一些不利影響，但如果利率維持在當前水平，那麼當我們進入第四季度和明年年初時，隨著遠期利率再次成熟，外匯將變成順風。所以不，我認為這些是關鍵動力。

Meta, Morgan Stanley.

Meta，摩根士丹利。

A couple of questions for me. One, in the past couple of quarters, you had mentioned that you didn't expect customers to necessarily that they would absorb the price but maybe adjust the volumes. I just wanted to see -- as you guys have been putting in price increases for tariffs or contemplating that, does that expectation still stand where you would expect kind of volume to offset kind of price increases? And then the second question, just on Elo, any 10% customers or kind of customer concentration on their part to be mindful of?

我有幾個問題。首先，在過去的幾個季度中，您曾提到，您並不期望客戶一定會接受價格，但可能會調整銷售量。我只是想看看——當你們一直在考慮提高關稅或增加價格時，這種預期是否仍然存在，即你們是否預期某種數量會抵消某種價格上漲？然後第二個問題，僅就 Elo 而言，他們是否需要注意 10% 的客戶或某種類型的客戶集中度？

Meta, I'll take the first on the price increase, I'd say we're seeing 2 dynamics on the -- where we've raised it on some of the transactional business, we've seen pretty good flow through, maybe a little bit of impact on volume, but I'd say volumes have held up pretty well on the run rate business where we've increased price. You will notice that we took down the amount of price we expected from the raise in April between our last guidance today, and that's primarily in mobile computing where we're realizing a bit less than what we had anticipated, and that's primarily because of the electronic exemption. So for the heavy electronic exemption, you're not paying the higher tariff. Our customers that through concessions, the teams are still driving it because obviously, we still have more to go to fully mitigate the impact of tariffs. But -- I think we're again, outside of mobile computing, we're seeing pretty much how we expected, which is a bit of volume trade-off, but the pricing is coming through in large part.

Meta，我首先要談的是價格上漲，我想說我們看到了兩個動態——我們提高了一些交易業務的價格，我們看到了相當不錯的流通，可能對交易量有一點影響，但我想說，在我們提高價格的運行率業務中，交易量保持得相當好。您會注意到，我們今天在上次指導中下調了 4 月份預計的價格上漲幅度，這主要是在行動運算領域，我們實現的金額略低於我們的預期，這主要是因為電子豁免。因此，對於重型電子產品豁免，您無需支付更高的關稅。我們的客戶透過讓步、團隊仍在推動它，因為顯然，我們還有更多工作要做才能完全減輕關稅的影響。但是——我認為，在行動運算之外，我們看到的情況與我們的預期基本一致，這在一定程度上是數量上的權衡，但定價在很大程度上已經體現出來了。

I think from an Elo perspective, diverse customer base. So I think that similar to Zebra overall, their largest customer would be distribution, right, as you see with us. But from an end customer perspective, certainly larger customers that you expect in retail and quick-serve and others are larger customers for them, but no 10% concentration and overall pretty the customer mix across retail, quick-serve restaurants, hospitality, health care, industrial applications as the markets they serve overall. But some higher concentrated customers just as we see with Zebra larger customers buying more from us.

我認為從 Elo 的角度來看，客戶群是多樣化的。所以我認為與 Zebra 整體類似，他們最大的客戶是分銷商，對的，正如您所看到的。但從最終客戶的角度來看，零售和快餐等行業的大客戶肯定是他們的大客戶，但沒有達到 10% 的集中度，而且總體而言，零售、快餐店、酒店、醫療保健、工業應用等他們所服務的市場的客戶組合相當不錯。但是一些集中度較高的客戶就像我們看到的 Zebra 一樣，大客戶從我們這裡購買的更多。

Ken Newman, KeyBanc Capital Markets.

肯‧紐曼 (Ken Newman)，KeyBanc 資本市場。

Maybe Nathan, just going back on the $40 million of annualized price that you expect to realize this year. Is there a way to just talk about how much pricing you were able to drive in 2Q, just given that I think the headwinds you're expecting last quarter were a lot higher? I didn't know if maybe we saw a potential opportunity for better price cost than you were expecting and if we should expect that to kind of normalize out in the back half?

也許是內森，只是回到你預計今年實現的 4000 萬美元年化價格。鑑於我認為您預計上個季度的阻力要大得多，能否談談您在第二季度能夠推動多少定價？我不知道我們是否看到了比您預期更好的價格成本的潛在機會，以及我們是否應該預期這種情況在下半年會正常化？

I think we still have that optionality, particularly on things like mobile computing, where we still have a higher list price and we can manage -- and again, that price differentiation through concessions and approvals. So that's where we just have extra eyes and making sure we're making those right decisions on a deal-by-deal basis. So look, I think similar to what we said last time, I'd like to see a bit more stability and see if the rates kind of hold here through the next month or 2 and then obviously come back with the plan with the goal is to fully mitigate as we -- at some point in 2026. I think we're a lot closer to getting that certainty, but we'd like to see maybe how the next couple of weeks play out and if anything changes from the rates by country or the electronics exemption or what happens from a semiconductor. So still a lot of play that we're monitoring. But once we have that clarity, again, like I mentioned last time, the goal is to fully mitigate through all the levers that we have available.

我認為我們仍然擁有這種選擇權，特別是在行動運算等領域，我們仍然有較高的定價，我們可以管理——再次，透過優惠和批准來實現價格差異化。因此，我們只需多加留意，確保我們根據每筆交易做出正確的決定。所以，我認為與我們上次所說的類似，我希望看到更多的穩定性，看看利率是否會在接下來的一個月或兩個月內保持穩定，然後顯然回到計劃中，目標是在 2026 年的某個時候完全緩解。我認為我們已經更接近獲得這種確定性，但我們想看看接下來幾週的情況如何，以及各國稅率或電子產品豁免或半導體的情況是否會改變。所以我們仍在監控大量比賽。但是，一旦我們有了明確的認識，就像我上次提到的那樣，目標就是透過我們現有的所有手段來全面緩解。

Got it. Okay. And for the follow-up, Bill, anything of note as we think about Elo's supply chain? Just any idea or color on how much of their manufacturing is international? And then how to think about potential tariff exposure there?

知道了。好的。比爾，接下來的問題，當我們考慮 Elo 的供應鏈時，有什麼值得注意的嗎？您知道或了解他們的製造業務有多少是國際化的嗎？那麼如何看待那裡的潛在關稅風險呢？

Nathan, you want to take it?

內森，你想拿走它嗎？

Yes, I can take that. It's very similar to our supply chain. The one difference they do own a manufacturing facility in China that does a lot of their primary production for touchscreens, touch panel modules as well as their monitors. And we -- actually as a great opportunity for leveraging their expertise in that market, the local knowledge they have around the supply base for areas like our tablets. So we're excited to see what opportunities are there by leveraging that facility that's really world class. And then similar to us, they use contract manufacturers for final assembly across Southeast Asia.

是的，我可以接受。這與我們的供應鏈非常相似。不同的是，他們在中國擁有一家製造工廠，主要生產觸控螢幕、觸控螢幕模組以及顯示器。實際上，這對我們來說是一個絕佳的機會，可以利用他們在該市場的專業知識以及他們在平板電腦等供應基地方面的本地知識。因此，我們很高興看到利用這個真正世界一流的設施可以帶來哪些機會。與我們類似，他們也利用東南亞的合約製造商進行最終組裝。

So -- they have a plan in place very similar to ours, which is to mitigate tariffs by year-end through price increase as they did in the early part of the second quarter as well as production moves that they are currently executing on. So -- we spent a lot of time (inaudible) one difference being a an owned facility in China, which is -- that hold some key technology and something we're excited to learn of how we can further leverage across our portfolio.

所以——他們有一個與我們的非常相似的計劃，即通過提高價格（就像他們在第二季度初所做的那樣）以及目前正在執行的生產舉措來在年底前降低關稅。所以 - 我們花了很多時間（聽不清楚）一個不同之處是在中國擁有一家自有工廠，也就是說 - 它擁有一些關鍵技術，我們很高興了解如何在我們的投資組合中進一步利用它。

Brian Drab, William Blair.

布萊恩德拉布、威廉布萊爾。

[I have] the buzzer. Sorry, I had to join late. Did you say if gross margin up or down sequentially in the third quarter, second half? And any specifics around trajectory for gross margin?

[我有]蜂鳴器。抱歉，我不得不遲到。您說第三季和下半年的毛利率是季比上升還是下降了？關於毛利率的走勢有什麼具體細節嗎？

Yes. So gross margin for the third quarter operationally is I'd say, relatively flat both in terms of implied as well as -- so again, the tariff impact is fairly similar between Q2 and mix is -- volume is pretty similar. Mix is pretty similar. So I'd say a similar expectation of 2% to 3% on a gross margin basis.

是的。因此，我認為第三季的營運毛利率無論是從隱含還是從實際來看都相對持平 - 因此，關稅對第二季的影響相當相似，而且組合量也相當相似。混合非常相似。因此，我認為毛利率預計在 2% 至 3% 之間。

Okay. And then just on government and health care, can you comment on those end marks? I know you said health care tough comps in the second quarter, but second half, what are you seeing in those end markets?

好的。那麼就政府和醫療保健而言，您能對這些終點進行評論嗎？我知道您說過第二季醫療保健市場表現不佳，但下半年，您在這些終端市場看到了什麼？

Yes. Thanks, Brian. I think we feel good about health care overall. I think the cycling year-on-year compares in mobile computing, still clearly an opportunity for us. I mean, the some would say that the bar code literally is the unsung hero of that makes health care work, right? Think of all the track and trace, the idea of identifying patients, specimens the information input into electronic medical records that we take for granted here in the US, but it still has extensive growth around the world is no one -- not many countries around the world have quite the extensive use of electronic micro records that we have in the US I think things like clinical mobility play in a role, the Elo acquisition plays a role in self-service and health care. So we feel good about the health care market.

是的。謝謝，布萊恩。我認為我們對整體醫療保健感到滿意。我認為，與行動運算領域的同比循環相比，這對我們來說顯然仍是一個機會。我的意思是，有些人會說條碼實際上是醫療保健發揮作用的無名英雄，對嗎？想想所有的跟踪和追踪，識別病人的想法，樣本輸入電子醫療記錄的信息，我們在美國認為這是理所當然的，但它在世界範圍內仍然有廣泛的增長，沒有人——世界上沒有多少國家像我們在美國一樣廣泛使用電子微記錄，我認為臨床移動性等發揮著作用，Elo 收購在自助服務和醫療保健中發揮著作用。因此我們對醫療保健市場充滿信心。

We have some new devices out, wearable device in the idea of voice devices for health care that we're excited about that we leased at the [HIMSS] show earlier this year. Government continues to be a focus for us around things like inventory, large RFID win earlier this year around tracking inventory within government opportunities around inventory tracking. So we feel good about that. Public safety in Europe, we see as an opportunity.

我們推出了一些新設備，可穿戴設備，即用於醫療保健的語音設備，我們對此感到非常興奮，我們在今年早些時候的 [HIMSS] 展會上租賃了這些設備。政府繼續成為我們關注的重點，例如庫存方面，今年早些時候，RFID 在政府庫存追蹤方面獲得了巨大成功。因此我們對此感到很高興。我們認為歐洲的公共安全是一個機會。

We have some new devices we're leasing as public safety is moving in Europe to more 5G type networks, right, in specialized networks and moving office specialized networks to more 5G type networks, and we've got some new devices to meet the needs of European customers inside public safety. So government smallest vertical overall, but an opportunity for us, especially as public safety evolves in Europe and as inventory becomes more important. Health care has been our fastest growing vertical. It just so happens that tough compares this quarter, but we feel good about that market.

由於歐洲的公共安全正在向更多 5G 類型的網路發展，我們在專用網路和辦公室專用網路向更多 5G 類型的網路發展，因此我們正在租賃一些新設備，並且我們有一些新設備來滿足歐洲公共安全客戶的需求。因此，政府總體上是最小的垂直行業，但對我們來說是一個機會，特別是隨著歐洲公共安全的發展和庫存變得越來越重要。醫療保健一直是我們成長最快的垂直領域。碰巧的是，本季的情況比較艱難，但我們對這個市場感覺良好。

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

我們的問答環節到此結束。我想將會議交還給比爾·伯恩斯 (Bill Burns) 來做結束語。

I'd like to thank our employees and partners for their support as we delivered strong Q2 results. Certainly, look forward to welcoming the Elo team as the acquisition closes. Have a great day, everyone.

我要感謝我們的員工和合作夥伴對我們第二季度取得強勁業績的支持。當然，我們期待在收購完成時歡迎 Elo 團隊。祝大家有個愉快的一天。

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

會議現已結束。感謝您參加今天的演講。您現在可以斷開連線。