斑馬技術公司 (ZBRA) 2025 Q3 法說會逐字稿

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

2025 年季度 Zebra 技術收益電話會議。（操作員指示）請注意，此事件正在被記錄。現在，我想將會議交給投資者關係副總裁 Mike Steele。請繼續。

Good morning, and welcome to Zebra's third-quarter earnings conference call. This presentation is being simulcast on our website at investors.zebra.com, and will be archived there for at least one year. Our forward-looking statements are based on current expectations and assumptions and are subject to risks and uncertainties. Actual results could differ materially, and we refer you to the factors discussed in our SEC filings. During this call, we will reference non-GAAP financial measures as we describe our business performance.

早上好，歡迎參加 Zebra 第三季財報電話會議。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一年。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。

You can find reconciliations at the end of the slide presentation and in today's earnings press release. Throughout this presentation, unless otherwise indicated, our references to sales performance are year on year on a constant currency basis and exclude results from recently acquired businesses for 12 months.

您可以在幻燈片簡報的末尾和今天的收益新聞稿中找到對帳資訊。在本示範中，除非另有說明，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。

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

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三季業績，然後內森將提供更多細節並討論我們的前景。比爾最後將介紹我們在推動策略重點方面所取得的進展。在準備好的發言之後，比爾和內森將回答大家的問題。

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

現在我們翻到投影片 4，我把它交給比爾。

Thank you, Mike. Good morning, and thank you for joining us. Our team executed well in the third quarter, delivering results above our outlook driven by solid demand, lower-than-expected tariffs and strong operating expense leverage.

謝謝你，麥克。早安，感謝您加入我們。我們的團隊在第三季表現良好，在強勁的需求、低於預期的關稅和強勁的營運費用槓桿的推動下，業績超出了我們的預期。

For the quarter, we realized sales of $1.3 billion, a 5% increase from the prior year, an adjusted EBITDA margin of 21.6%, a 20 basis point improvement, and non-GAAP diluted earnings per share of $3.88, which was 11% higher than the prior year. We realized solid growth in our Asia Pacific, Latin America and North America regions and had relative outperformance in printing, mobile computing and RFID.

本季度，我們實現銷售額 13 億美元，比上年增長 5%，調整後 EBITDA 利潤率為 21.6%，提高了 20 個基點，非 GAAP 稀釋每股收益為 3.88 美元，比上年高 11%。我們在亞太、拉丁美洲和北美地區實現了穩健成長，並在印刷、行動運算和 RFID 領域表現相對較好。

Our retail and e-commerce end market was a bright spot. Healthcare cycled a strong compare and manufacturing remained relatively soft. We achieved double-digit earnings growth by driving operational efficiencies as we continue to invest in our leading portfolio of solutions.

我們的零售和電子商務終端市場是一個亮點。醫療保健產業表現強勁，而製造業則相對疲軟。透過持續投資於我們領先的解決方案組合，我們提高了營運效率，實現了兩位數的獲利成長。

While we see growth across most of our business, our customers continue to navigate in uncertain macro environment, resulting in uneven demand across some geographies and vertical markets. As we look at our broader business prospects, we are excited about our profitable growth opportunities, including our recent acquisition of Elo Touch Solutions which enables us to accelerate our vision for the connected frontline.

雖然我們的大部分業務都在成長，但我們的客戶仍然在不確定的宏觀環境中徘徊，導致某些地區和垂直市場的需求不平衡。當我們展望更廣泛的業務前景時，我們對獲利成長機會感到興奮，包括我們最近收購 Elo Touch Solutions，這使我們能夠加速實現我們對互聯前線的願景。

Our strong balance sheet and free cash flow profile also enables us to commit $500 million to share repurchases over the next 12 months as we drive long-term value for our shareholders. I will now turn the call over to Nathan to review our Q3 financial results and Q4 outlook.

我們強勁的資產負債表和自由現金流狀況也使我們能夠在未來 12 個月內投入 5 億美元用於股票回購，為股東創造長期價值。現在我會把電話轉給 Nathan，讓他回顧我們第三季的財務表現和第四季的展望。

Thank you, Bill. Let's start with the P&L on slide 6. In Q3, total company sales increased approximately 5%, with growth across most product categories and services and software recurring revenue business grew modestly in the quarter.

謝謝你，比爾。讓我們從投影片 6 上的損益表開始。第三季度，公司總銷售額成長約 5%，大多數產品類別和服務均實現成長，軟體經常性收入業務在本季小幅成長。

Our Enterprise Visibility & Mobility segment grew 2%, led by mobile computing, and our Asset Intelligence & Tracking segment grew 11%, led by RFID and printing. As we disclosed in our earnings press release this morning, please note that effective in the fourth quarter, we are reporting under two new segments: Connected Frontline and Asset Visibility & Automation.

我們的企業視覺性和行動性部門成長了 2%，其中以行動運算為主導，我們的資產智慧和追蹤部門成長了 11%，其中以 RFID 和列印為主導。正如我們今天早上在收益新聞稿中所揭露的那樣，請注意，從第四季度開始，我們將報告兩個新的部門：互聯前線和資產可視性和自動化。

Bill will cover how this view aligns to our strategy and how we manage the business. Historical results have been recast in the appendix. We realized strong sales growth across most of our regions. In North America, sales grew 6% with double-digit growth in mobile computing and RFID, offsetting weakness in Canada. Asia Pacific sales increased 23%, led by Australia, New Zealand and India.

Bill 將介紹這種觀點如何與我們的策略一致以及我們如何管理業務。歷史結果已在附錄中重述。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 6%，其中行動運算和 RFID 實現了兩位數成長，抵消了加拿大的疲軟。亞太地區的銷售額成長了 23%，其中澳洲、紐西蘭和印度的銷售額成長最為顯著。

Sales increased 8% in Latin America with broad-based growth across the region. In EMEA, sales declined 3%. Regional performance was mixed, with softness in Germany, balanced with relative strength in Northern Europe. Adjusted gross margin declined 90 basis points to 48.2%, primarily due to higher US import tariffs.

拉丁美洲的銷售額成長了 8%，整個地區都實現了廣泛成長。在歐洲、中東和非洲地區，銷售額下降了 3%。各地區表現不一，德國表現疲軟，北歐表現相對強勁。調整後的毛利率下降 90 個基點至 48.2%，主要原因是美國進口關稅調高。

Adjusted operating expenses as a percent of sales improved by 110 basis points. This resulted in second quarter adjusted EBITDA margin of 21.6%, a 20 basis point year-on-year improvement. Non-GAAP diluted earnings per share were $3.88, an 11% 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 $504 million of free cash flow.

調整後的營業費用佔銷售額的百分比提高了 110 個基點。這使得第二季調整後的 EBITDA 利潤率達到 21.6%，比去年同期提高了 20 個基點。非公認會計準則每股攤薄收益為 3.88 美元，年增 11%，高於我們預期的高端。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 5.04 億美元的自由現金流。

As of the end of Q3, we held more than $1 billion of cash with a modest debt leverage ratio of 1 and $1.5 billion credit capacity. We have been deploying capital consistent with our allocation priorities. Through October year-to-date, we have repurchased more than $300 million of stock and acquired 3D machine vision company, Photoneo and Elo Touch Solutions with cash on hand and our existing credit facility.

截至第三季末，我們持有超過 10 億美元的現金，債務槓桿為 1，信貸能力為 15 億美元。我們一直在按照我們的分配優先順序部署資本。截至今年 10 月，我們已回購了價值超過 3 億美元的股票，並利用現金和現有信貸額度收購了 3D 機器視覺公司 Photoneo 和 Elo Touch Solutions。

We continue to maintain excellent financial flexibility for investment in the business and return of capital to shareholders. And as Bill highlighted, we are planning $500 million of share repurchases through the third quarter of 2026.

我們繼續保持出色的財務靈活性，以用於業務投資和向股東返還資本。正如比爾所強調的，我們計劃在 2026 年第三季回購 5 億美元的股票。

On slide 8, we provide an update on the anticipated impact from tariffs on our products imported to the United States and our progress on mitigation. For the full-year 2025, we're now assuming approximately $24 million for gross profit impact after mitigation with a $6 million net impact expected in Q4, which is an improvement from our prior guidance.

在第 8 張投影片中，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在緩解影響方面取得的進展的最新資訊。對於 2025 年全年，我們現在假設緩解後的毛利影響約為 2,400 萬美元，預計第四季度的淨影響為 600 萬美元，這比我們先前的預期有所改善。

Our forecast assumes the current effective rates and exemptions remain in place. We have a track record of successfully navigating supply chain challenges, including tariffs and expect to substantially mitigate the current US import tariffs entering 2026 as a result of actions taken by our team, including previously announced pricing adjustments, yielding about 1 point of sales growth, reducing US imports from China to less than 20%, rationalizing our product portfolio and strong progress on driving overall supply chain efficiency and resilience.

我們的預測假設當前的有效稅率和豁免保持不變。我們擁有成功應對關稅等供應鏈挑戰的記錄，並預計透過我們團隊採取的行動，到 2026 年，當前的美國進口關稅將大幅降低，包括先前宣布的價格調整，銷售額將增長約 1 個百分點，將美國從中國的進口量減少到 20% 以下，合理化我們的產品組合，並在提高整體供應效率和彈性方面取得重大進展。

Let's now turn to our outlook. We anticipate between 8% and 11% sales growth in the fourth quarter, including approximately 850 basis points of contribution from our Elo and Photoneo acquisitions and favorable FX.

現在讓我們來談談我們的展望。我們預計第四季度銷售額將成長 8% 至 11%，其中包括 Elo 和 Photoneo 收購以及有利的外匯因素帶來的約 850 個基點的貢獻。

Our second half demand assumptions have not changed from our prior business update. Our fourth quarter adjusted EBITDA margin is expected to be approximately 22% which assumes a $6 million net impact from US import tariffs and non-GAAP diluted earnings per share is expected to be in the range of $4.20 to $4.40.

我們對下半年需求的假設與先前的業務更新相比沒有變化。我們在第四季度調整後的 EBITDA 利潤率預計約為 22%，假設美國進口關稅的淨影響為 600 萬美元，非 GAAP 稀釋每股收益預計在 4.20 美元至 4.40 美元之間。

Our fourth-quarter outlook translates to full year sales growth of approximately 8%. Our full-year adjusted EBITDA margin is expected to be approximately 21.5% and non-GAAP diluted earnings per share is expected to be approximately $15.80, based on our Q4 guide, a 17% year-on-year increase. Please reference additional modeling assumptions shown on slide 9.

我們對第四季度的預測意味著全年銷售額將成長約 8%。根據我們的第四季度指引，我們全年調整後的 EBITDA 利潤率預計約為 21.5%，非 GAAP 稀釋每股收益預計約為 15.80 美元，年成長 17%。請參考投影片 9 上顯示的其他建模假設。

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

說完這些，我就把電話轉回給比爾。

Thank you, Nathan. As we turn to slide 11, Zebra remains well positioned to benefit from secular trends to digitize and automate workflows and with our portfolio of innovative solutions, including purpose-built hardware, software and services.

謝謝你，內森。當我們翻到第 11 張投影片時，Zebra 仍然處於有利地位，可以從數位化和自動化工作流程的長期趨勢中受益，並憑藉我們的創新解決方案組合（包括專用硬體、軟體和服務）。

Our solutions intelligently connect people, assets and data to assist our customers with business-critical decisions. I would like to spend a minute on our new reporting segments. Zebra operates in a greater than $35 billion served addressable market encompassing the Connected Frontline and Asset Visibility & Automation.

我們的解決方案可智慧地連結人員、資產和數據，以協助我們的客戶做出關鍵業務決策。我想花一點時間談談我們的新報告部分。Zebra 在價值超過 350 億美元的目標市場開展業務，涵蓋互聯前線和資產可視性和自動化。

Each segment has a 5% to 7% organic growth profile over a cycle, supported by megatrends, including artificial intelligence, mobile and cloud computing and the on-demand economy. The Connected Frontline is about equipping the front line of business with tools and digital touch points necessary to drive efficiency, optimize collaboration and improve the consumer experience.

在人工智慧、行動和雲端運算以及按需經濟等大趨勢的推動下，每個細分市場在一個週期內都具有 5% 至 7% 的有機成長率。互聯前線旨在為業務前線配備必要的工具和數位接觸點，以提高效率、優化協作並改善消費者體驗。

Our solutions portfolio includes enterprise mobile computing, rugged tablets, frontline software and AI agents. Our acquisition of Elo adds key capabilities in self-service and point of sale, increasing our addressable market in this segment to greater than $20 billion. Asset Visibility & Automation is primarily focused on digitizing environments and automating operations across the supply chain through advanced data capture, printing, machine vision, RFID and other solutions.

我們的解決方案組合包括企業行動運算、堅固型平板電腦、前線軟體和人工智慧代理。我們對 Elo 的收購增加了自助服務和銷售點的關鍵功能，使我們在該領域的潛在市場規模增加到 200 億美元以上。資產視覺性和自動化主要致力於透過先進的資料收集、列印、機器視覺、RFID 和其他解決方案實現整個供應鏈環境的數位化和營運自動化。

These are complementary and synergistic segments that digitize and automate operations and solve our customers' biggest challenge. Turning to slide 12. Zebra's solutions enable our customers across a broad range of end markets to drive productivity and efficiency and improve service to their customers, shoppers and patients.

這些是互補和協同的部分，可實現營運數位化和自動化並解決我們客戶面臨的最大挑戰。翻到第 12 張投影片。Zebra 的解決方案使我們廣泛的終端市場的客戶能夠提高生產力和效率，並改善為其客戶、購物者和患者的服務。

I would like to highlight RFID, which has been a consistent bright spot in our portfolio, growing double digits over the past several years. As a market leader, we are encouraged by the continued momentum we are realizing.

我想強調一下 RFID，它一直是我們產品組合中的一個亮點，在過去幾年中實現了兩位數的成長。作為市場領導者，我們對持續的發展勢頭感到鼓舞。

Our largest customers in retail and e-commerce as well as transportation logistics and manufacturing have been expanding their adoption of Zebra's RFID solutions to additional workflows and categories due to the improved business outcomes they are achieving. Supply chain visibility, inventory accuracy, increased productivity, improved profitability and reduced waste are key outcomes that are driving increased adoption of the technology deeper into all end markets.

我們在零售和電子商務以及運輸物流和製造業的最大客戶由於其業務成果的改善，一直在將 Zebra 的 RFID 解決方案的應用擴展到更多的工作流程和類別。供應鏈視覺性、庫存準確性、生產力提高、獲利能力增強和浪費減少是推動該技術在所有終端市場中更廣泛應用的關鍵成果。

RFID continues to be an important area of growth for us, enhancing our broader set of solutions offerings and demonstrating how our evolving portfolio enables us to solve increasingly complex challenges. Turning to slide 13. Our industry leadership puts us in a unique position to be the supplier of choice of AI solutions for the frontline.

RFID 仍然是我們重要的成長領域，它增強了我們更廣泛的解決方案產品，並展示了我們不斷發展的產品組合如何幫助我們解決日益複雜的挑戰。翻到第 13 張投影片。我們的行業領導地位使我們處於獨特的地位，成為前線人工智慧解決方案的首選供應商。

We can deliver an entirely new experience for frontline workers through mobile computing, coupled with wearable solutions and the cognitive capabilities of AI. Imagine handheld and wearable solutions that can see, hear and understand the environment while interacting with the frontline worker in a conversational way. This is the direction AI for the front line is headed and we are starting this journey with our Zebra companion offerings.

我們可以透過行動運算、穿戴式解決方案和人工智慧的認知能力為第一線工作人員提供全新的體驗。想像一下手持和穿戴式解決方案，它們可以看到、聽到和理解環境，同時以對話的方式與第一線工作人員互動。這是前線人工智慧的發展方向，我們將透過 Zebra 配套產品開始這趟旅程。

We are excited by the opportunity to transform the way work gets done as we collaborate with our strategic partners across the AI ecosystem. Last month, more than 100 senior leaders of companies representing a variety of industries attended our inaugural frontline AI Summit.

我們很高興有機會與整個人工智慧生態系統中的策略合作夥伴合作，改變工作完成的方式。上個月，來自各行各業的 100 多位公司高層領導參加了我們的首屆前沿人工智慧高峰會。

During the event, we presented our AI vision and the benefits can bring to our customers to accelerate AI adoption and impact across their frontline operations. We have active pilots with our customers, validating the benefits of our new AI solution.

在活動期間，我們展示了我們的人工智慧願景以及它可以為我們的客戶帶來的好處，以加速人工智慧在其第一線營運中的應用和影響。我們與客戶進行了積極的試點，驗證了我們的新 AI 解決方案的優勢。

A specialty retailer is actively utilizing in advanced pilot of our AI companion agents to provide assistance with product recommendations, resulting in better sales conversions and upsells, faster employee onboarding and elevated shopping experience.

一家專業零售商正在積極利用我們的 AI 伴侶代理的先進試點來提供產品推薦方面的幫助，從而實現更好的銷售轉換和追加銷售、更快的員工入職和提升的購物體驗。

We believe that our AI agents will be attractive to any customer who strives to improve the productivity and effectiveness of their frontline associates. A large transportation logistics company is digitizing and accelerating proof of delivery with immediate feedback and enhanced compliance powered by our on-device AI suite.

我們相信，我們的人工智慧代理商將吸引任何致力於提高第一線員工生產力和效率的客戶。一家大型運輸物流公司正在透過我們設備上的 AI 套件提供即時回饋和增強合規性，從而數位化並加速交貨證明。

A digitized environment, leveraging AI is fundamental to transforming workflows across a multitude of industries. These are early examples of the significant benefits our AI solutions can deliver to our customers and elevate Zebra, as a leading AI solutions provider for the front line of business.

數位化環境、利用人工智慧對於轉變眾多產業的工作流程至關重要。這些都是我們的 AI 解決方案能夠為客戶帶來顯著優勢的早期例子，並且能夠提升 Zebra 作為業務前線領先 AI 解決方案提供商的地位。

We are looking forward to demonstrating our solutions with the National Retail Federation trade show in January. Turning to slide 14. We are excited about the opportunity to enhance the connected frontline experience with our recent acquisition of Elo Touch Solutions.

我們期待在一月份的全國零售聯合會貿易展上展示我們的解決方案。翻到第 14 張投影片。我們很高興有機會透過最近收購 Elo Touch Solutions 來增強互聯的一線體驗。

Our combined capabilities enable us to offer more ways to digitize operations across more touch points and drive increased business with our enterprise customers. Elo is a pioneer in touchscreen technology and a leading provider of point-of-sale solutions self-serve kiosks interactive displays and industry tailored offerings.

我們的綜合能力使我們能夠提供更多方式，透過更多接觸點實現數位化運營，並推動與企業客戶的業務成長。Elo 是觸控螢幕技術的先驅，也是銷售點解決方案、自助服務亭、互動式顯示器和業界客製化產品的領先供應商。

Elo's modular solutions deliver cross-generational compatibility and their enterprise-ready platform and software tools seamlessly integrate into customers' existing ecosystem. Together, we can deliver better customer experiences through the intersection of frontline mobility and self-serve technology.

Elo 的模組化解決方案提供跨代相容性，其企業級平台和軟體工具可無縫整合到客戶現有的生態系統中。透過結合前線移動性和自助服務技術，我們可以共同提供更好的客戶體驗。

This acquisition further elevates our strategic positioning across retail, hospitality, picks of restaurants, healthcare and manufacturing through the breadth and depth of our complementary portfolio of solutions. Over time, Zebra will offer a common platform across mobile and fixed digital touch points that improve frontline efficiency. Together with Elo, we are better positioned to deliver a complete solution and leverage AI to empower associates and elevate consumer experience.

此次收購透過我們互補解決方案組合的廣度和深度，進一步提升了我們在零售、飯店、餐廳、醫療保健和製造業的策略地位。隨著時間的推移，Zebra 將提供一個跨移動和固定數位接觸點的通用平台，以提高一線效率。與 Elo 攜手，我們可以更好地提供完整的解決方案，並利用人工智慧來增強員工能力並提升消費者體驗。

In closing, our confidence in sustainable long-term growth is underpinned by several 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 intelligent operations. We are well positioned to address these critical requirements in our customers' operations with our leading portfolio of solutions.

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智慧運營的需求。憑藉我們領先的解決方案組合，我們完全有能力滿足客戶營運中的這些關鍵需求。

As we move forward, we remain focused on advancing our industry leadership with our innovative solutions that digitize and automate our customers' workflows and driving profitable growth. I'll now hand it back to Mike.

隨著我們不斷前進，我們將繼續專注於透過創新解決方案來提升我們的行業領導地位，這些解決方案可以數位化和自動化客戶的工作流程並推動獲利成長。我現在將其交還給麥克。

Thanks, Bill. We'll now open the call to Q&A. We'll have to one question and one follow-up to give everyone the chance to participate.

謝謝，比爾。我們現在開始問答環節。我們將提出一個問題並進行一次後續跟進，以便每個人都有機會參與。

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

我們現在開始問答環節。（操作員指示）

Andrew Buscaglia, BNP Paribas.

安德魯·巴斯卡利亞，法國巴黎銀行。

Hey, good morning, everyone.

嘿，大家早安。

Morning.

早晨。

So demand trends seem strong and are relatively strong in Q3. And I noticed your Q4 guidance implies organic growth somewhat decelerating. I know you're facing a tough comp, but I'm wondering if you can kind of walk through what you see demand-wise and just additional commentary by end market would be helpful.

因此，需求趨勢看起來很強勁，並且在第三季相對強勁。我注意到您的第四季指引暗示有機成長有所放緩。我知道您面臨嚴峻的競爭形勢，但我想知道您是否可以大致介紹一下您所看到的需求情況，並且終端市場的額外評論會有所幫助。

Yeah. I would say that if we look at Q3, the team executed well, driving sales near the high end of our outlook. And that was backed up by kind of solid demand across the business. I would say the second half is really playing out as we expected with some customers that bought products early to deliver their peak season a bit earlier than we had originally expected. I would say that if you look across the regions, we saw solid growth across North America, Asia Pac and Latin America.

是的。我想說，如果我們看一下第三季度，團隊表現良好，推動銷售額接近我們預期的高端。這得到了整個行業強勁需求的支持。我想說的是，下半年的情況確實如我們預期的那樣，有些客戶提前購買了產品，以便比我們最初預期的更早交付旺季產品。我想說的是，如果你縱觀各個地區，我們會看到北美、亞太地區和拉丁美洲都實現了穩健的成長。

If we think of the vertical markets, really, the quarter was led by retail and e-commerce from an end market perspective. And as we called out in Q2, weakness in EMEA continued through Q3. I would say from a product perspective, relative strength in mobile computing and printing, and RFID a bright spot. But I would say overall, second half is playing out as we expected, just the timing of those orders coming a little early into Q3.

如果我們考慮垂直市場，那麼從終端市場的角度來看，本季實際上是由零售和電子商務主導的。正如我們在第二季所指出的，歐洲、中東和非洲地區的疲軟態勢將持續到第三季。我想說，從產品角度來看，行動運算和列印方面具有相對優勢，而 RFID 則是一個亮點。但我想說，總體而言，下半年的情況正如我們預期的那樣，只是這些訂單的時間在第三季稍早。

I see, helpful. And can you comment on EVM, the growth was rather modest in the quarter. What are you seeing specifically in that segment? And can we still expect that to grow exiting the year?

我明白了，很有幫助。您能否評論一下 EVM，本季的成長相當溫和。您在該片段中具體看到了什麼？我們還能期待今年底這數字還會成長嗎？

I would say EVM from a mobile computing perspective, we saw strong growth in with large deals in North America, Asia Pacific and Latin America continue to be positioned for long-term growth and opportunities across mobile computing, including device in the hands of more associates overall. Next-generation product deliverables around wearables and RFID technology.

我想說，從行動運算的角度來看，EVM 在北美、亞太和拉丁美洲的大型交易中實現了強勁成長，繼續為行動運算領域的長期成長和機會做好準備，包括整體上讓更多員工擁有設備。圍繞穿戴式裝置和 RFID 技術的下一代產品交付。

We continue, as we talked about in the prepared remarks, an opportunity mid to longer term inside AI as we see opportunities there to leverage AI in the front line. I would say that from a data capture perspective, which is also the other element of EVM, the largest -- the second largest element of that is we saw decline based on a difficult compare, I would say, across the scanning portfolio. So I think that really was the story of EVM, a combination of strong mobile computing, but difficult compare from a scanning perspective, which then impacted overall EVM in Q3.

正如我們在準備好的演講中所討論的那樣，我們繼續在人工智慧領域尋找中長期機會，因為我們看到了在前線利用人工智慧的機會。我想說，從資料擷取的角度來看，這也是 EVM 的另一個要素，最大的 - 第二大要素是我們根據掃描組合中的困難比較看到了下降。所以我認為這確實是 EVM 的故事，它是強大的行動運算的結合，但從掃描角度來看很難比較，這影響了第三季的整體 EVM。

Piyush Avasthy, Citi.

花旗銀行的 Piyush Avasthy。

Good morning guys.

大家早安。

Good Morning.

早安.

Good Morning.

早安.

With the understanding that you're not providing 2026 guidance, but it would be helpful if you could provide some puts and takes on the construct itself, like how different or similar to 2026 be from your long-term financial targets?

雖然您沒有提供 2026 年的指導，但如果您能提供一些關於構建本身的看法和看法，那將會很有幫助，例如 2026 年與您的長期財務目標有何不同或相似之處？

I know that visibility is somewhat limited, and there is still some macro uncertainty but based on your conversations with your clients, how would you characterize the demand outlook heading into '26 across your different verticals?

我知道可見性有些有限，並且仍然存在一些宏觀不確定性，但根據您與客戶的對話，您如何描述不同垂直行業對 26 年的需求前景？

Yes, I'd say today, while our customers remain cautious in the near term, and we're experiencing some uneven demand across different environments, think EMEA and then overall places like Canada, so we're seeing uneven demand manufacturing from a vertical market perspective across our different vertical markets.

是的，我想說，今天，雖然我們的客戶在短期內仍保持謹慎，而且我們在不同的環境中經歷了一些不均衡的需求，想想歐洲、中東和非洲地區，然後是加拿大等整體地區，所以我們從垂直市場的角度看到不同垂直市場的需求製造不均衡。

Our solutions basically remain fundamental to our customers, and they remain essential for digitizing and automating environment. So longer term, AI represents an opportunity to continue to advance our solutions and we're well positioned to drive sustainable, profitable growth into next year is what I'd say.

我們的解決方案基本上對我們的客戶來說仍然是基礎性的，並且對於數位化和自動化環境仍然至關重要。因此，從長遠來看，人工智慧代表著繼續推進我們的解決方案的機會，我想說，我們已做好準備，在明年實現可持續的獲利成長。

Got it. And you guys mentioned digital AI features, again, like I understand it's like very early, but how soon can these features become a catalyst for growth for the company? I think you have talked about a refresh cycle at some point.

知道了。你們又提到了數位 AI 功能，我知道現在還為時過早，但這些功能多久才能成為公司成長的催化劑？我認為您曾經在某個時候談論過刷新周期。

Do you think -- do you get the sense that there is demand and appetite from your customers to invest in software, which means when the next refresh cycle comes, it translates to not only hardware upgrade, but also like strong software? Any comments there?

您是否認為—您是否感覺到客戶對軟體有投資需求和興趣，這意味著當下一個更新周期到來時，不僅意味著硬體升級，還意味著強大的軟體？有啥評論嗎？

Yeah. I would say from an AI perspective, we see two opportunities as you've called out. One is certainly the hardware environment with next-generation handheld devices, coupled with we're the leader today in wearable technology inside the enterprise.

是的。我想說，從人工智慧的角度來看，我們看到了您所說的兩個機會。一是下一代手持裝置的硬體環境，二是我們目前在企業穿戴式科技領域處於領先地位。

So we see that playing out as the way AI is delivered to the front line. It starts with mobile devices, and it's likely coupled with wearable technology from a hardware perspective. We're in pilot now, as we talked about in our prepared remarks with our Zebra companion and our AI suite overall in different applications with customers in retail and T&L, as we talked about.

因此，我們認為這將成為人工智慧向前線應用的方式。它始於行動設備，並且從硬體角度來看，它很可能與穿戴式技術相結合。正如我們在準備好的演講中提到的那樣，我們現在正處於試點階段，我們的 Zebra 合作夥伴和我們的 AI 套件正在與零售和 T&L 領域的客戶一起在不同的應用程式中進行測試。

So that creates a software opportunity for us across our AI agents and early customer pilots or they're seeing significant value to those. I would say first revenues likely in '26 and then ramping in '27 and beyond is where we'd see is we're want to get through the pilots, demonstrate the value to our customers ultimately, and then begin to drive revenue and scale those into our customers. But the opportunity, as you said, is in two areas: hardware, upgrade of those hardware, new hardware in the idea of wearable and then ultimately in software as well.

因此，這為我們的 AI 代理和早期客戶試點創造了軟體機會，或者他們看到了這些軟體的巨大價值。我想說，首先收入可能在 26 年實現，然後在 27 年及以後逐漸增加，我們希望透過試點，最終向我們的客戶展示價值，然後開始推動收入並將其擴大到我們的客戶。但正如您所說，機會在於兩個領域：硬體、硬體的升級、可穿戴設備中的新硬件，以及最終的軟體。

Damian Karas, UBS.

瑞銀的 Damian Karas。

Hey, good morning, everyone.

嘿，大家早安。

Morning, Damien. How are you?

早安，達米安。你好嗎？

Doing well, thank you. I was wondering if you could maybe speak a little bit to the large project funnel, what you're seeing out there, what conversations you're having? Has there been any -- obviously, the fourth quarter, it doesn't appear you're expecting much large project activity, but just in terms of the funnel, is there any increase in customer conversations? And any hope that maybe you could see some of that stuff get awarded in the fourth quarter or likely going to be waiting some time longer?

一切都好，謝謝。我想知道您是否可以稍微談談大型專案漏斗，您在那裡看到了什麼，您正在進行哪些對話？有沒有什麼——顯然，第四季度，你似乎並不期待太多大型專案活動，但就管道而言，客戶對話是否有所增加？您是否希望在第四季度看到其中一些獎勵獲得批准，或者可能要等待更長時間？

Yeah, I'd say is as we've talked about, I would say the demand trajectory has remained pretty consistent with our outlook from the prior quarter. And I would say customers have generally maintained their capital spending for the most part and projects continue to move forward.

是的，我想說，正如我們所討論的，需求軌跡與我們上一季的展望保持相當一致。我想說的是，客戶整體大部分都維持了資本支出，專案也持續向前邁進。

I would say some have -- and I think we talked about this last quarter as well, some have spread projects and purchases over multiple quarters, again, driven by caution that still remains out there is our customers are navigating the global macro uncertainty and specifically some of the ultimate ramifications to the certain trade policy that's in place today. I would say this has driven this uneven demand across some verticals and geographies. But we feel good about the business overall and continuing to extend our lead.

我想說的是，有些人已經——我想我們上個季度也討論過這個問題——將項目和採購分散到多個季度，同樣，出於謹慎考慮，我們的客戶仍在應對全球宏觀不確定性，特別是目前某些貿易政策的一些最終影響。我想說，這導致了一些垂直產業和地區之間需求的不均衡。但我們對整體業務感到滿意，並將繼續擴大領先優勢。

But the demand environment hasn't changed much. I think we saw some orders earlier in the year than we anticipated. We continue to monitor our customers in not only opportunities for year-end, but what's happening across EMEA, the tariff situation, government shutdowns. So there's a lot of things happening in Q4 that we feel good about our guide being balanced for the quarter and overall.

但需求環境並沒有太大變化。我認為我們今年早些時候收到的一些訂單比我們預期的要早。我們不僅會持續關注客戶的年底機遇，還會關注歐洲、中東和非洲地區的情況、關稅狀況以及政府關門情況。因此，第四季度發生了很多事情，我們對本季和整體的平衡指南感到滿意。

That makes sense. And Bill, on your point about some of this pull forward demand, in the third quarter, any particular reason why you think some orders might have come in earlier in the second half anything to do with tariffs or sort of price optimization on the part of your customers? Just curious why that might be. Thanks.

這很有道理。比爾，關於您提到的第三季度提前需求，您認為為什麼一些訂單可能在下半年早些時候到來，是否與關稅或客戶的價格優化有關？只是好奇為什麼會這樣。謝謝。

Yeah. No, I would say, again, the timing is always isn't always exact, right? And we anticipated Q3, we call the guide for that. We overachieved that guide really is -- some customers just need a product earlier to meet their peak demand. I think that's a good thing, right?

是的。不，我想說，時間並不總是準確的，對吧？我們預計第三季度，我們稱之為指南。我們超額完成了指南的指導——有些客戶只是需要更早的產品來滿足他們的高峰需求。我認為這是一件好事，對吧？

We're seeing e-commerce demand, retail continue to be strong in Q3, and I think that drove some earlier orders. I wouldn't call it pull in as much as just timing of the need for the product when they would have normally ordered a bit later. They said, hey, I'd like to have this product earlier to meet the Q3 demand for peak, and I think that's the balance between Q3 and Q4, it's just played out in a timing perspective.

我們看到電子商務需求，零售業在第三季繼續保持強勁，我認為這推動了一些早期的訂單。我不會稱之為“拉動”，而只是在他們需要產品的時候才進行訂購，因為他們通常會晚一點訂購。他們說，嘿，我希望早點推出這款產品，以滿足第三季的高峰需求，我認為這是第三季和第四季之間的平衡，只是從時間角度來看。

I think the demand is as we expected. I mean, I think we feel good about the year overall. We're going to deliver almost 6% organic revenue growth, 17% EPS growth. So the year is kind of playing out as we expected as well. So I think we feel good. It's just timing, not really pull in as much.

我認為需求正如我們所預期的。我的意思是，我認為我們對今年的整體感覺很好。我們將實現近 6% 的有機收入成長和 17% 的每股盈餘成長。所以今年的情況也正如我們所預期的。所以我認為我們感覺很好。這只是時間問題，並沒有真正吸引到那麼多人。

Tommy Moll, Stephens.

湯米·莫爾，史蒂芬斯。

Good morning, and thank you for taking my question.

早上好，感謝您回答我的問題。

Morning, Tommy.

早安，湯米。

For the fourth quarter, I want to unpack the assumption around budget flush. So maybe we could take it in two parts. Can you quantify what you're assuming for Elo from a top line perspective in Q4? And then if we back that out, what does the sequential quarter-over-quarter look like there? I think typically, you see some year-end flush, but I just want to hear you talk about what you're assuming for this year? Thank you.

對於第四季度，我想解釋一下有關預算充裕的假設。所以也許我們可以把它分成兩個部分。您能否從第四季的頂線角度量化您對 Elo 的假設？那麼，如果我們將其撤回，那麼季度環比情況會如何？我認為通常情況下，你會看到一些年末的繁榮，但我只是想聽聽你對今年的假設？謝謝。

Yes, Tom, I'll take that. I think, as Bill mentioned, we're -- I would say the first thing is holding the full year organic growth rate consistent to what we had guided back in August, and we believe that provides a balanced view of the current environment that Bill had talked about relative and with some of the -- some of those orders being realized a bit earlier ahead of the quarter.

是的，湯姆，我接受。我認為，正如比爾所提到的，我們——我想說，第一件事就是保持全年有機增長率與我們 8 月份預測的水平一致，我們相信，這為比爾談到的當前環境提供了一個平衡的看法，其中一些訂單在本季度之前會提前實現。

So if you look at our Q4 guide, 9.5% growth, as we said in the prepared remarks, about 8.5 points of that is just due to the Elo as well as Photoneo and FX. Elo, we have in the guide of $100 million, so in line with what we had talked about last quarter in terms of their overall revenue profile.

因此，如果您查看我們的第四季度指南，9.5% 的成長率，正如我們在準備好的評論中所說，其中約 8.5 個百分點僅歸功於 Elo 以及 Photoneo 和 FX。Elo，我們的指導價是 1 億美元，因此與我們上個季度討論的整體收入狀況一致。

And we're getting about a point on price, which really leaves that organic demand flat if you look at it from a year-on-year perspective. And I'd say the way to think about it is we see year-end spend to similar levels as we saw last year. As you recall, we had a nice year-end as we exited 2024, and we're seeing similar levels of spend and pipeline here as we as we go towards the year-end.

我們正在獲得一個價格點，如果從同比角度來看，這實際上會使有機需求持平。我想說的是，我們可以這樣想，年底的支出水準與去年相似。大家還記得，我們​​在 2024 年結束時度過了一個美好的年終，而且隨著年末的臨近，我們看到了類似的支出和管道水平。

So that's obviously one we're playing close attention to as well as, as Bill mentioned, monitoring what's going on within Europe, the government shutdown and everything else is going around the world. But I think that's the way to think about the Q4, which is excluding FX, pricing and M&A, you really have kind of a flat demand really driven by that year-end project spend being at similar levels to last year.

因此，這顯然是我們密切關注的事情，同時，正如比爾所提到的，我們也正在關注歐洲內部的局勢、政府關門以及世界各地發生的其他事情。但我認為這就是對第四季度的看法，不包括外匯、定價和併購，你確實會有一種持平的需求，這實際上是由於年底項目支出與去年水平相似所致。

Thank you, Nathan. I wanted to ask about RFID. You framed some of the recent success there. There's been a pretty high-profile announcement recently in the fresh category from one of the omnichannel leaders. I'm curious, are you able to comment if your business should benefit from that recent update or maybe if you're not, anything you can do to comment on forward visibility on RFID, are there things in your pipeline that are continuing to suggest some of those elevated growth rates? Thank you.

謝謝你，內森。我想問一下有關 RFID 的問題。您概括了那裡最近取得的一些成功。最近，一家全通路領導者在生鮮品類中發布了一項頗受矚目的公告。我很好奇，您能否評論一下您的業務是否應該從最近的更新中受益，或者如果沒有，您可以對 RFID 的前瞻性可見性做些評論，您的管道中是否有一些東西繼續表明其中一些增長率有所提高？謝謝。

Yes, I'd say, Tommy, we clearly have seen strong double-digit growth rates on RFID over the past several years, and we continue to see a pipeline of opportunity across the entire supply chain, whether it's across retail or now T&L continues to deploy projects across RFID manufacturing, government. I would say in retail, we're seeing grocery, as you said, fresh opportunities.

是的，我想說，湯米，我們在過去幾年中清楚地看到了 RFID 強勁的兩位數增長率，並且我們繼續看到整個供應鏈中存在著機遇，無論是零售業還是現在的 T&L 繼續在 RFID 製造業、政府中部署項目。我想說，在零售業，正如你所說，我們看到了食品雜貨的新機會。

So in retail beyond general merchandise opportunities into quick-serve restaurants into health care. So I would say the broader track and trace across supply chains across multiple verticals, all creates growth opportunities for us.

因此，零售業不僅有日用百貨的機會，還有快餐店和醫療保健的機會。因此我想說，跨多個垂直行業的供應鏈的更廣泛的追蹤和追蹤都為我們創造了成長機會。

As you know, we're the -- we have the broadest set of RFID solutions in the market today across fixed and handheld readers across near new releases of our mobile computing devices that have RFID integrated within them, our printing portfolio, the labels associated with that, so all of that allows us to continue to be excited about RFID and moving forward.

如您所知，我們擁有當今市場上最廣泛的 RFID 解決方案，涵蓋固定和手持閱讀器、集成了 RFID 的移動計算設備的最新版本、我們的印刷產品組合以及與之相關的標籤，所有這些都使我們能夠繼續對 RFID 感到興奮並不斷前進。

And yes, I think things like fresh and grocery and others just create more and more demand for our solutions. I think the customers that have deployed solutions to date continue to see value and continue to expand the use cases that they've deployed already inside their environment. So RFID, I think, continues to be growth driver for us moving forward.

是的，我認為生鮮食品、雜貨等對我們的解決方案的需求越來越大。我認為迄今為止已經部署解決方案的客戶繼續看到價值並繼續擴展他們已經在其環境中部署的用例。因此，我認為 RFID 將繼續成為我們未來的成長動力。

Keith Housum, Northcoast Research.

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

Great, good morning, guys. I just want to unpack a little bit more of your commentary regarding AI and the opportunity there, understanding that the long game here. It sounds like the opportunity from a hardware perspective is adding more wearable devices but also perhaps an acceleration of the refresh cycle. I guess, one, is that true? And then second, will these devices in the AI world, will they need a more higher ended compared to what perhaps you're using today?

太好了，大家早安。我只是想進一步解讀你關於人工智慧及其機會的評論，並了解這是一場長期遊戲。從硬體角度來看，機會似乎是增加更多穿戴式設備，但也可能加速更新周期。我想，首先，這是真的嗎？其次，人工智慧世界中的這些設備是否比您今天使用的設備需要更高端的功能？

Yes. So I think you hit it spot on. I think the opportunity is certainly with higher premium devices, higher-end devices, which we'd look to drive higher ASPs and over time, we would see that being a driver for the refresh cycle as new technology would be that.

是的。所以我認為你說得很對。我認為機會肯定在於更高端的設備，我們希望推動更高的平均售價，隨著時間的推移，我們會看到它成為更新周期的驅動力，因為新技術就是這樣的。

So I think faster processor, more memory on mobile devices. We see that we're the global leader today in wearable technology for enterprise, and we see there's an opportunity there as well to pair, think body cam type devices with a mobile device, things that can sense the environment, see the environment.

所以我認為行動裝置上的處理器速度越快，記憶體就越大。我們看到，我們如今是企業穿戴式科技的全球領導者，我們也看到了將隨身攝影機類型的裝置與行動裝置配對的機會，這些裝置可以感知環境、觀察環境。

So we'll be leveraging the mobile device in certain applications, but also wearable technology could be almost watch like technology that we've released recently as well. So different form factors and wearables as we're seeing across the customer base today.

因此，我們將在某些應用中利用行動設備，但穿戴式技術幾乎可以成為我們最近發布的類似手錶的技術。正如我們今天在整個客戶群中看到的，各種外形和穿戴式裝置都不同。

So hardware clearly, mobile computing and wearable and then software offering. So I think if we kind of wind all the way back Zebra solutions of digitizing and automate the environment become kind of fundamental for AI, collecting data on the front line that allows this sense analyze act, right, since what's happening at the point of productivity so you can analyze it with AI and take the next best action within your business. So our solutions fundamentally drive models in AI.

顯然，硬體是行動運算和可穿戴設備，然後是軟體產品。所以我認為，如果我們回顧一下 Zebra 的數位化和自動化環境解決方案，它將成為人工智慧的基礎，在前線收集數據，從而可以進行這種感知分析行為，對吧，因為在生產力點上發生了什麼，所以你可以用人工智慧來分析它，並在你的業務中採取下一步最佳行動。因此，我們的解決方案從根本上推動了人工智慧模型。

That's what we do provide data to get to start there, AI is used throughout multiple solutions today across different applications of software, robotics, 3D quality inspection today. So traditional AI used across our portfolio. The revenue you talked about from mobile devices and wearables and then software on top of that.

這就是我們提供數據來開始的，如今人工智慧已應用於軟體、機器人、3D 品質檢測等不同應用的多種解決方案。因此，我們的投資組合中都使用了傳統的人工智慧。您談到的收入來自行動裝置和穿戴式設備，以及軟體。

So think of our Zebra companions and what we're doing in our AI suite that layers on top of software offerings on the mobile device to either manage those models for our customers. So I think models on the device need to be managed or think of it actually applications that Zebra provides in the idea of AI agent, all create opportunities for us. And as I said, likely first revenues in '26 and scaling from there.

因此，想想我們的 Zebra 夥伴，以及我們在 AI 套件中所做的事情，該套件位於行動裝置上的軟體產品之上，以便為我們的客戶管理這些模型。所以我認為設備上的模型需要進行管理，或者實際上認為 Zebra 在 AI 代理理念中提供的應用程式都為我們創造了機會。正如我所說，很可能在 26 年實現第一筆收入，然後從那時開始擴大規模。

Great, thank you. I appreciate that detail. And just as a follow-up, is retail and e-commerce, probably we're on a fifth or sixth quarter at least of contributing to the growth of the company. Is there a visibility to how long that's sustainable?

太好了，謝謝。我很欣賞這個細節。接下來，零售和電子商務可能至少會在第五季或第六季為公司的成長做出貢獻。是否可以預見這種狀況能持續多久？

And you look at historical information, is it usually over the two-year period of these things could go through your refresh cycle, then kind of another vertical is going to be expected to kind of take over and drive growth from there?

你看看歷史信息，通常這些東西在兩年內會經歷更新周期嗎，然後另一種垂直行業會接管並推動增長？

Yeah. Not necessarily. I would say that we've seen strength in retail and e-commerce, but you got to remember that e-commerce continues to grow, right? So the -- we talked about some of this product being used for peak, it really driven some of that by the e-commerce players as they continue to deploy devices to meet peak demand. I would say this whole idea of refresh cycle, everyone is on a different timeframe and cycle, whether that's retail or T&L or postal or others.

是的。未必。我想說我們已經看到了零售和電子商務的強勁表現，但你必須記住電子商務還在持續成長，對吧？因此，我們談到了部分產品用於高峰期，這確實推動了電子商務參與者繼續部署設備以滿足高峰需求。我想說的是，整個更新周期的概念，每個人都有不同的時間範圍和週期，無論是零售、運輸和物流、郵政或其他。

And they're all on their own cycle, meaning that every retailer is on a different cycle and every e-commerce is more -- they don't do that same type of refresh. They buy over time. But I would say T&L the same way. So I don't think it switches from one vertical to the other. I think, look, we'd like all geographies in all vertical markets to be up all at the same time.

而且它們都有自己的週期，這意味著每個零售商都有不同的週期，每個電子商務都更——他們不會進行相同類型的更新。他們隨著時間的推移而購買。但我會以同樣的方式談論 T&L。所以我不認為它從一個垂直方向轉換到另一個垂直方向。我認為，我們希望所有垂直市場的所有地區都能同時發展。

It just doesn't quite work that way. Today, we're seeing strength in retail and e-commerce. Transportation logistics has gone to more normalized levels, and we're seeing growth there. Manufacturing is pretty flat, tough compare in healthcare. So I think that while we'd like to see everything up in the right all the time, I don't think there's a transition away from retail and e-commerce to something else.

但事實並非如此。今天，我們看到零售業和電子商務的強勁成長。運輸物流已經達到更加標準化的水平，我們正在看到成長。製造業表現平平，醫療保健業則表現不佳。因此我認為，雖然我們希望看到一切始終處於正確狀態，但我不認為零售和電子商務會轉向其他領域。

I think we'd like to see growth across all of them. And there's no reason why not. But I think things like manufacturing remains pretty challenging in the short term.

我認為我們希望看到它們全部實現成長。沒有理由不這麼做。但我認為製造業等行業在短期內仍然相當具有挑戰性。

Jamie Cook, Truist Securities.

Jamie Cook，Truist Securities。

Hi, good morning. I guess my first question, just the margin divergence between the two segments, asset intelligence in tracking, the margins seem to be doing better this year, whereas last year, the 2 segments were flat.

嗨，早安。我的第一個問題是，兩個部門之間的利潤率差異，資產智能跟踪，今年的利潤率似乎有所提高，而去年這兩個部門的利潤率持平。

So just if you could sort of unpack that as tariffs hitting one of those segments more than the other. And then I know you talked about being able to cover tariffs for the most part in 2026. Any nuances on how would it impact the segments? And I guess we can talk about it within the new segmentation, but any color on that for 2016 as well. Thanks.

因此，如果你能將其解讀為關稅對其中一個部分的打擊比另一個部分更大的話。然後我知道您談到了在 2026 年能夠覆蓋大部分關稅。它對各個部分有何影響？我想我們可以在新的細分領域內討論這個問題，但 2016 年的任何顏色都可以。謝謝。

Yes, Jamie, I wouldn't say there's anything specific driving the gross margin difference between the two verticals in terms of unique. I think just some of that is a bit of a mix within the portfolio. You see the strong growth in AIT. So you're getting nice volume leverage their across our printing portfolio.

是的，傑米，我不會說有什麼具體因素導致了這兩個垂直行業在獨特性方面的毛利率差異。我認為其中一部分只是投資組合中的混合。您會看到 AIT 的強勁成長。因此，您可以從我們的印刷產品組合中獲得良好的銷售槓桿。

That's also where you have the RFID growth kind of coming through in terms of the higher margin profile. So I think so much just timing of mix between the portfolios. As Bill mentioned, data capture was down in Q3 in the EVM segment, which has, again, nice operating -- or nice gross margin profile.

這也是 RFID 成長在更高利潤率方面得以體現的地方。所以我認為這只是投資組合之間的組合時機。正如比爾所提到的，EVM 部門的數據捕獲在第三季度有所下降，但該部門的營運狀況或毛利率狀況良好。

So again, I think that more just mix within the portfolio quarter-to-quarter versus, let's say, a fundamental shift between the two. Yeah, and I think as we mentioned, we expect to fully mitigate tariffs as we go into next year.

因此，我再次認為，這更多的只是投資組合內逐季度的混合，而不是兩者之間的根本轉變。是的，我認為正如我們所提到的，我們預計明年關稅將全面降低。

So you'd expect maybe a modest amount in Q1 but fully mitigated as we go into the second quarter with some additional actions the team has been working. Again, I think the -- primarily that will be benefiting within the AIT segment.

因此，您可能會預期第一季的降幅可能不大，但隨著我們進入第二季度，隨著團隊採取一些額外行動，降幅將完全緩解。再次，我認為這主要會使 AIT 部門受益。

So that's, again, where we have across EVM, that's where we have the mobile computing exemption today. So most of that benefit you'll see in AIT as we cycle into next year with some of the additional actions we have planned later this year and early part of next.

所以，這就是我們在 EVM 中所擁有的，也是我們今天所擁有的行動運算豁免。因此，隨著我們進入明年，您將在 AIT 中看到大部分好處，我們計劃在今年稍後和明年年初採取一些額外行動。

Okay. I guess. And then just my second question, just on Elo. So I think you said for the fourth quarter, that contributes $100 million in revenues, which is in line with the $400 million of annual sales that you talked when you announced the acquisition last quarter. Any thoughts -- I mean, I think that's a business that you've said has grown 5% to 7% through the cycle similar to you guys. Any thoughts on Elo as you're thinking about 2026? Thanks.

好的。我猜是的。然後是我的第二個問題，關於 Elo。所以我認為您說的第四季度貢獻了 1 億美元的收入，這與您上個季度宣布收購時所說的 4 億美元的年銷售額一致。有什麼想法嗎——我的意思是，我認為你們所說的業務在整個週期內增長了 5% 到 7%，與你們類似。當您考慮 2026 年時，您對 Elo 有什麼想法嗎？謝謝。

Yeah. I would say that we continue to be excited about the acquisition. It certainly further positions us as a strategic partner to our customers across multiple vertical markets. And the breadth and depth of their portfolio married with ours gives us more strategic partnering opportunities with our customers overall. I would say that as you said, similar growth profile to Zebra, similar value proposition as well.

是的。我想說的是，我們仍然對這項收購感到興奮。這無疑進一步使我們成為多個垂直市場客戶的策略夥伴。他們的產品組合的廣度和深度與我們的產品組合的結合為我們提供了與客戶建立更多策略合作的機會。我想說的是，正如您所說，其成長概況與 Zebra 相似，價值主張也相似。

Purpose-built hardware, enterprise-ready platform just like our Mobility DNA software tools that seamlessly integrate into an enterprise environment. All those are the reasons why our customers buy mobile computing from us. And it's the same reason why customers buy Elo Solutions.

專用硬體、企業級平台，就像我們的 Mobility DNA 軟體工具一樣，可以無縫整合到企業環境中。這些都是我們的客戶從我們這裡購買行動計算的原因。這也是客戶購買 Elo Solutions 的原因。

We closed in early Q4, I would say, performing as expected in overall at the moment, and we don't see any change to that. We see opportunities into next year, including continued POS rollout or point-of-sale rollout solutions at a very large retailer.

我想說，我們在第四季初就結束了，目前整體表現符合預期，我們認為不會有任何改變。我們看到了明年的機遇，包括一家大型零售商繼續推出 POS 或銷售點推出解決方案。

We continue to see new opportunities and new wins from their business in the self-serve kiosks and some of the largest quick-serve restaurants around the world. We're continuing -- we're working closely with them, our teams together and progressing our operational synergies, both on the revenue and the cost side, and those are early days, but progressing as we expected. So we feel good overall about their business, their growth profile as we enter Q4 or go through Q4 and then into '26.

我們不斷看到他們在自助服務亭和全球一些最大的快餐店的業務中帶來的新機會和新勝利。我們正在繼續——我們正在與他們、我們的團隊密切合作，並在收入和成本方面推進我們的營運協同效應，這些都還處於早期階段，但進展正如我們預期的那樣。因此，當我們進入第四季度或經歷第四季度並進入 26 年時，我們對他們的業務和成長狀況總體上感到滿意。

Meta Marshall, Morgan Stanley.

摩根士丹利的 Meta Marshall。

Hi, this is Mary on for Meta. I have two questions for you. The first is on the pricing actions related to tariffs. So given the pricing actions that we're taking to offset the tariff costs, what kind of impact are you seeing from these pricing actions on customer demand? And then my second question is on the OBBBA tax impact. Can you walk us through how the OBBBA is expected to impact your effective tax rate and cash taxes going forward? Thanks.

大家好，我是 Meta 的 Mary。我有兩個問題想問你。首先是與關稅相關的定價行動。那麼，考慮到我們為抵銷關稅成本所採取的定價措施，您認為這些定價措施對顧客需求有何影響？我的第二個問題是關於 OBBBA 稅收的影響。您能否向我們介紹 OBBBA 預計會如何影響您未來的有效稅率和現金稅？謝謝。

Yeah. So on the first one, I may speak the pricing impact, so we're seeing some nice benefit from the pricing actions we announced back earlier this year. So we increased from our prior guide, the expected annual benefit, which we now expect to be around $60 million or 1 point of growth on an annual basis from our prior guide of $40 million. So again, nice momentum here as we worked through the third quarter in terms of overall price realization. I'd say we haven't really seen that dramatic of an impact on demand.

是的。因此，首先，我可能會談談定價的影響，因此我們從今年稍早宣布的定價行動中看到了一些好處。因此，我們提高了預期年度收益，目前我們預計該收益約為 6000 萬美元，或者說，與之前的 4000 萬美元預期相比，每年增長 1 個點。因此，就整體價格實現而言，我們在第三季再次呈現出良好的勢頭。我想說我們還沒有真正看到對需求產生如此巨大影響。

I mean, as Bill mentioned, the year has pretty much played out as we expected, both from first half, second half. So we haven't seen a major shift or pullback in demand. And I think what we hear from our channel partners is that the pricing actions we've taken are in line with a lot of our competitors across the industry where tariffs have had an impact. So again, we feel good about the momentum there. And again, as we said, trying to fully mitigating the impact of the current tariffs as we go into next year.

我的意思是，正如比爾所提到的，今年的情況基本上符合我們的預期，無論是上半年還是下半年。因此，我們尚未看到需求出現重大轉變或回落。我認為，我們從通路夥伴那裡聽到的是，我們採取的定價行動與整個產業中許多受到關稅影響的競爭對手的定價行動一致。因此，我們再次對那裡的發展勢頭感到滿意。正如我們所說，我們將努力在明年全面減輕當前關稅的影響。

If you look at the impact on the new tax bill, as we said in the last guide, this year, we expect about a $50 million, $60 million reduction in our cash taxes due to the ability to amortize the current R&D -- deduct R&D and the full amount of that. We expect about over $200 million over the next two years, a little over $200 million in the next two years of incremental cash benefit from the change in the tax bill.

如果你看一下新稅法的影響，正如我們在上一份指南中所說的那樣，今年，我們預計現金稅將減少約 5000 萬至 6000 萬美元，因為我們能夠攤銷當前的研發費用——扣除研發費用和全部金額。我們預計，未來兩年稅收法案的變化將帶來約 2 億多美元的增量現金收益。

But it did result -- if you noticed in our guide, we increased our expected tax rate to 18%. Part of that is just reflecting the impact of the tax bill with some of the new permanent rate effects as well as the shift in income. So a modest impact on the overall tax rate, but again, a bigger benefit on the lower cash taxes expected over the next two years.

但它確實產生了效果——如果你注意到我們的指南，我們將預期稅率提高到了 18%。其中一部分只是反映了稅收法案的影響，包括一些新的永久稅率效應以及收入的變化。因此，這對整體稅率的影響不大，但預計未來兩年現金稅的降低將帶來更大的好處。

Joe Giordano, TD Cowen.

喬·喬達諾 (Joe Giordano)，TD Cowen。

Hey, good morning guys. So when you talked last year into the fourth quarter, I felt like you had guided in a way that took the market risk largely out, right? Or you were guiding to things that were in hand in backlog and kind of volumes came in better than you expected and there was upside to your guide.

嘿，大家早安。所以，當您去年談到第四季度時，我覺得您已經採取了一種很大程度上消除市場風險的方式進行指導，對嗎？或者你正在指導積壓的事情，而實際完成的數量比你預期的要好，你的指導就有上升空間。

Now this quarter, you're talking about flows similar to last year, but is that element of like we're not baking in much in terms of what we're not seeing directly in the market? Is that still a fair way to characterize like the nature of how you're guiding? And just curious what the EPS accretion you have from Elo in there is? And then I have a follow-up.

現在，本季度，您談論的流量與去年相似，但是，就我們在市場上沒有直接看到的情況而言，這是否意味著我們沒有考慮到太多因素？這是否仍然是一種公平的方式來描述您指導的本質？我只是好奇您從 Elo 獲得的 EPS 增量是多少？然後我有一個後續問題。

And maybe I'll start and hand to Nate. I would say that, Joe, overall, customers are generally moving ahead with planned projects. I would say they're hesitant to accelerate future projects based on kind of macro uncertainty and the trade policy and the secondary impact of the trade policy clearly on their business.

也許我會開始並交給 Nate。喬，我想說的是，總體而言，客戶普遍都在推進計劃中的專案。我想說的是，由於宏觀不確定性和貿易政策以及貿易政策對其業務的間接影響，他們不願意加速未來的計畫。

Parcel slowing, for instance, in transportation logistics because of the trade policy, right, is an example of that. So I think while they're generally moving ahead, there's -- we haven't seen an acceleration of projects or moving in projects based on this uncertainty.

例如，由於貿易政策導致運輸物流的包裹速度減慢，就是一個例子。因此我認為，雖然他們總體上正在向前推進，但我們還沒有看到專案加速或基於這種不確定性而推進專案。

But I think the discussions with our partners and customers hasn't fundamentally changed. That's why we're saying the demand trajectory feels about the same as it did when we talked last quarter and the need for our solutions certainly hasn't changed as you saw some buying early in peak to be able to meet their demands at our customers. So we're still essential. A lot of it's about timing. So I think we saw above the -- close to the high end of our guide for Q3, I think we see Q4 playing out as we expected for the year.

但我認為我們與合作夥伴和客戶的討論並沒有根本性的改變。這就是為什麼我們說需求軌跡與我們上個季度談論時的感覺大致相同，並且對我們的解決方案的需求肯定沒有改變，因為您看到一些人在高峰期早期購買以滿足客戶的需求。所以我們仍然很重要。很多都與時機有關。因此，我認為我們看到了高於 - 接近我們對第三季度指導的高端，我認為我們會看到第四季度的表現符合我們對今年的預期。

I mean, again, as I said earlier, nearly 6% organic revenue growth, 17% EPS growth for the year. But I think that overall, I think the macro environment and the trade policy uncertainty and the ramifications of their business is having customers hold back a little bit on, do I advance future projects.

我的意思是，正如我之前所說，今年有機收入成長近 6%，每股盈餘成長 17%。但我認為，總體而言，宏觀環境和貿易政策的不確定性以及其業務的影響讓客戶對我是否推進未來的專案有些猶豫。

And Joe, maybe a little additional color. I think I'd characterize the guide we had last year, which was, to your point, we assumed very little year-end spend in terms of above and beyond what we kind of had a clear line of sight to.

喬，也許可以添加一點顏色。我想我會描述我們去年的指導方針，正如你所說，我們假設年底的支出很少超出我們明確的預期。

And obviously, that came in better than expected as we exited the year, where this year, we're assuming a similar level of year-end spend as we did last year. So obviously, some of that we have in hand, but the team has to go convert pipeline here over the next six weeks -- six to eight weeks to close out the year. So I think rate -- that's how I characterize the difference between this year's guide and last year is in terms of those expectations around year-end.

顯然，當我們結束這一年時，這個結果比我們預期的要好，我們假設今年的年終支出水準與去年相似。顯然，我們已經掌握了一些，但團隊必須在接下來的六週內（六到八週內）轉換管道，以結束這一年。所以我認為利率——這就是我對今年指南和去年指南之間的差異的描述，就年底的預期而言。

And then just your question on Elo EPS impact, it's about $0.10. So if you look at the -- for the full year, we raised the guide about $0.30, some of that better tariffs basically split a third between lower tariff, Elo and a little bit of favorability on overall interest rates and share count.

然後，關於您關於Elo EPS影響的問題，大約是0.10美元。所以，如果您看一下——全年來看，我們將指導價提高了約0.30美元，其中一些更優惠的關稅基本上將三分之一分配給了更低的關稅、Elo以及對整體利率和股票數量的一些有利因素。

And then the follow-up, and we kind of talked about this a little bit, but as you think into next year, I'm not trying to pin you down, but like as we're coming off, you had a big COVID deployments that you had kind of a multiyear decline as we're kind of bouncing modestly off that, like what reasons, if any, would you kind of like talk us off of thinking that next year at least from where we're sitting now, like shouldn't be at least in the range that you would see in a cycle?

然後是後續問題，我們稍微討論了這一點，但是當您考慮明年時，我並不是想限制您，但是就像我們即將結束的那樣，您有一個大規模的 COVID 部署，並且隨著我們逐漸恢復，您經歷了多年的下滑，如果有的話，您會出於什麼原因阻止我們思考明年，至少從我們現在所處的位置來看，不應該至少在您在一個週期內看到的範圍內？

Yeah. I mean again, we're not guiding to '26 as you acknowledged. I think that today, we're clearly seeing customers remain a bit cautious in the near term and because of that, we're seeing some uneven demand environments overall. EMEA example, manufacturing across different vertical segments.

是的。我的意思是，正如您所承認的，我們並沒有引導到 26 年。我認為，今天我們清楚地看到客戶在短期內仍然有些謹慎，因此，我們看到整體需求環境有些不均衡。以歐洲、中東和非洲地區為例，跨不同垂直領域進行製造。

In some cases, it's just tough compares in case of DCS. But I'd say we feel good about driving sustainable, profitable growth into next year across the business. And I think we've got to play out Q4 here, and we'll provide more guidance come first quarter, so.

在某些情況下，對於 DCS 來說，比較起來很困難。但我想說，我們對明年整個業務的可持續獲利成長感到滿意。我認為我們必須在這裡完成第四季度，並且我們將在第一季提供更多指導。

Rob Mason, Baird.

羅布梅森，貝爾德。

Hey, guys, good morning. Hey, Bill, I just wanted to touch on thinking about demand as you go into next year or finish up fourth quarter. A couple of your geographies, you've already talked about EMEA being softer. We saw some of that in the second quarter and it continued on here.

嘿，大家早安。嘿，比爾，我只是想談談你進入明年或第四季末時的需求問題。您已經談過幾個地區，歐洲、中東和非洲地區的情況比較疲軟。我們在第二季度看到了一些這樣的情況，並且這種情況一直持續到現在。

I'm just curious maybe what the month-to-month or quarterly trend look like in that region as you enter the fourth quarter? And then also if you could address maybe conversely, just Asia Pac, that's been double digit now for, I guess, five quarters. Is that broadening out your customer base there? Is it kind of project specific? I'm just kind of curious what's driving the strength and how you see Asia Pac as you look forward as well.

我只是好奇，進入第四季度時該地區的月度或季度趨勢是什麼樣的？然後，如果您能反過來談談亞太地區，我想，它已經連續五個季度保持兩位數成長了。這是否會擴大您的客戶群？它是針對特定項目的嗎？我只是有點好奇是什麼推動了這種力量，以及您如何看待亞太地區的未來。

Yes, maybe cover all the geographies. I would say North America strength in mobile computing and printing tough compare in DCS, we talked about. Peak demand as we're already covered in retail and e-commerce in Q3, a bit of pull in there. Continued strength in RFID as we talked about the use cases there, large and mid-tier customers and orders were up in North America. I would say, again, as we talk about trade policy Canada demand softer in Q3 in North America.

是的，也許覆蓋所有地區。我想說，北美在行動運算和列印方面的優勢與我們在 DCS 方面的優勢相比要差很多。由於我們已經在第三季涵蓋了零售和電子商務領域，因此需求達到峰值，有一點拉動。正如我們討論的用例一樣，RFID 繼續保持強勁勢頭，北美的大型和中型客戶和訂單均有所增加。我想再次說，當我們談論貿易政策時，加拿大在北美第三季的需求疲軟。

EMEA, I would say, about the same as we saw in Q2, when we called out. It's really mixed performance in EMEA, if I added color. I would say Northern Europe continues to do well in retail and transportation logistics, where places like Germany in manufacturing or France retail continues to be challenged. I'd say mixed throughout EMEA, but ultimately down in Q3. Asia-Pacific, you called it out, strong growth in Asia-Pacific.

我想說，歐洲、中東和非洲地區的情況與我們在第二季看到的情況大致相同。如果我添加顏色的話，歐洲、中東和非洲地區的表現確實參差不齊。我想說北歐在零售和運輸物流方面繼續表現良好，而德國的製造業或法國的零售業則繼續面臨挑戰。我想說整個歐洲、中東和非洲地區的情況好壞參半，但最終在第三季下降。亞太地區，您說得對，亞太地區成長強勁。

We talked about opportunities around the world and leveraging our go-to-market. And we talked about the investment in Japan. So Japan was a strength as we focused in that -- focused there, new applications in the postal service in Japan, where we won early device wins for postal carriers. Now we're deploying devices in post offices.

我們討論了世界各地的機會以及我們進入市場的優勢。我們也談到了在日本的投資。因此，日本是我們的優勢，因為我們專注於日本郵政服務的新應用，我們在那裡為郵政運營商贏得了早期的設備勝利。現在我們正在郵局部署設備。

So again, speak to the strength of our go-to-market organization, shifting resources into places where we have lower market share and want to drive growth. So that's a good example in Asia. Another is India. So we continue to see growth in the India market as others have called out as well, I think around the globe stronger GDP in India Australia and New Zealand continues to be a strength in Asia. So we feel good there.

因此，再次說明我們的行銷組織的實力，將資源轉移到我們市場份額較低且希望推動成長的地方。這是亞洲的一個很好的例子。另一個是印度。因此，正如其他人所呼籲的那樣，我們繼續看到印度市場的成長，我認為在全球範圍內，印度的 GDP 更強勁，澳洲和紐西蘭繼續成為亞洲的強項。所以我們在那裡感覺很好。

We don't talk a lot about it, but Latin America, record quarter in Latin America and broadband strength in the Latin America region. So we feel good about Latin America, even though we don't talk a lot about it typically. So that's kind of the spread and the difference across the different geographies.

我們對此談論不多，但拉丁美洲，創下了本季的紀錄，拉丁美洲地區的寬頻實力也十分強勁。因此，儘管我們通常不怎麼談論拉丁美洲，但我們對它感覺良好。這就是不同地區的分佈和差異。

That's helpful. Just as a follow-up, you -- obviously, you talked about taking your -- or committed to share repurchases over the next 12 months. You did -- you have seen the stock comp tick up. Nathan, I was just curious if you could kind of address that, how that will trend? Any thoughts into '26 and kind of what's driving the increase in the stock comp?

這很有幫助。作為後續問題，您——顯然，您談到了在未來 12 個月內採取——或承諾回購股票。你確實看到了——你已經看到股票補償上漲。內森，我只是好奇你能否談談這個問題，這個趨勢會如何？對 26 年有什麼想法，以及推動股票補償增加的因素是什麼？

Yeah. So I think two things. We talked earlier in the year was somewhat of just a change in the design of the plan that had us accelerate some of the expense within the P&L. So no change in the overall comp. But just from an accounting perspective, we had to accrue a bit more of it early in the year.

是的。所以我想到了兩件事。我們在今年早些時候談到的只是計劃設計上的一些改變，這讓我們加速了損益表中的一些費用。因此整體情況沒有改變。但僅從會計角度來看，我們必須在年初累積更多。

So as you see that play out over the next couple of years, you'll see the offset. And then this quarter in particular was just a true-up with coming out of our strat plan, truing up the performance and some of the performance shares and doing kind of accumulative catch-up.

因此，當你看到未來幾年的情況時，你會看到抵消。然後，本季尤其符合我們的策略計劃，調整了業績和一些業績份額，並進行了某種累積追趕。

So I think this year -- this quarter was a bit of an anomaly in terms of the higher expense, and we expect that to normalize back out as we go into Q4, and then next year start to more normalize back to historical levels. Again, this year had some changes based on the accounting change as well as now just the true-up on the performance shares.

所以我認為今年——本季在費用較高方面有點異常，我們預計進入第四季後這種情況會恢復正常，然後明年開始恢復到歷史水平。同樣，今年根據會計變更也發生了一些變化，現在只是對業績股進行了調整。

Guy Hardwick, Barclays.

巴克萊銀行的蓋伊·哈德威克。

Hi, good morning.

嗨，早安。

Morning.

早晨。

Morning.

早晨。

A great job on the supply chain, navigating supply chain challenges. Once it stands out that you intend to take China to below 20% of US imports. Where do you think that goes to long term? And what do you think the kind of the footprint of contract manufacturers will look like, say, a year from now?

在供應鏈方面做得很好，解決了供應鏈挑戰。一旦顯示你打算將中國進口量降至美國進口量的20%以下。您認為長遠來看這將會帶來什麼結果？您認為一年後合約製造商的足跡會是什麼樣子？

Yeah. I can take that. I think, look, as you mentioned, I think the team has done a phenomenal job over the last, really, you'd probably say six years driving that from -- as you talked about over 80% concentration for North America and China now down to 20% and below that as we go into next year.

是的。我可以接受。我認為，正如您所說，團隊在過去確實做得非常出色，您可能會說，經過六年的努力，從 — — 正如您所說，北美和中國的集中度從 80% 以上下降到 20%，而到明年，這一比例甚至會低於這個數字。

Look, I think there'll be a certain portion that will remain for -- it's hard to see an exit, just particularly around some of the components that are really there's only one source for those. And we still use those and need to import those for service or -- and those types of things.

看，我認為會有一定比例的庫存留下來——很難看到出口，特別是對於一些實際上只有一個來源的組件。我們仍然使用它們，並且需要進口它們來提供服務或諸如此類的東西。

So we're probably getting close into the teams where you start to get an outside of some major shifts in component manufacturing, you kind of hit a baseline there. So again, I think what we focused on is broader resilience, making sure we have multiple options, whether that's with our supply base with our contract manufacturers so that, again, whether it's tariffs or any other natural disaster what you might have as a resilient supply chain that we can mix and move production around the world to navigate those challenges because that's the one thing I think we've learned over the last five years is that there will be something, and we need to have a resilient supply chain to manage through those. And again, I think the team has done a great job of balancing resilience with cost to get us to the footprint we have today.

因此，我們可能已經接近團隊，您開始了解零件製造的一些重大轉變，您就達到了基準。所以，我認為我們關注的是更廣泛的彈性，確保我們有多種選擇，無論是我們的供應基地還是合約製造商，這樣，無論是關稅還是其他自然災害，我們都可以擁有一個有彈性的供應鏈，我們可以混合和轉移生產到世界各地來應對這些挑戰，因為這是我認為我們在過去五年中學到的一件事，那就是總有一些事情會發生，那就是我們有一個彈性的挑戰。而且，我認為團隊在平衡彈性和成本方面做得非常出色，才讓我們達到了今天的規模。

And just as a follow-up. I know, Bill, you answered a couple of questions on this, but what point does technological obsolescence on the installed base in EMC actually force customers to drive to upgrade if they really want to benefit from a genetic AI, whether it's your products or whether it's super products or other people's products?

這只是後續行動。我知道，比爾，你回答了這方面的幾個問題，但是，如果客戶真的想從基因人工智慧中受益，那麼 EMC 安裝基礎上的技術過時實際上會迫使客戶升級到什麼程度呢？無論是你的產品，還是超級產品或其他人的產品？

Yes. I think that if you're -- again, it creates an opportunity -- AI creates an opportunity for technology-driven refresh on the mobile devices as you want to move to faster processing speeds and more memory if you want to run the models on the device, which we're seeing many of our customers want to do.

是的。我認為如果你——再說一次，它創造了一個機會——人工智慧為行動裝置上的技術驅動更新創造了一個機會，因為如果你想在設備上運行模型，你想要轉向更快的處理速度和更多的內存，我們看到我們的許多客戶都想這樣做。

We see a combination of leveraging AI on the device and leveraging AI in the cloud, just spending depending on the specific application. But in both cases, we think this leads in attributes to the refresh cycle upcoming.

我們看到了在設備上利用人工智慧和在雲端利用人工智慧的結合，只是支出取決於具體的應用。但在這兩種情況下，我們認為這都會導致即將到來的更新週期。

The number of mobile devices continues to grow in the marketplace since pre-pandemic. And we see that our customers all upgrade on different refresh cycles and this will be another reason to go do that. Things like health of their device, longevity, how long it's been in the marketplace, devices just get broken, they get older and others. Technology moves on. Cybersecurity is another driver. But from a technology perspective, AI is going to be one of those.

自疫情爆發以來，市場上的行動裝置數量持續成長。我們發現我們的客戶都在不同的更新周期內進行升級，這也是我們這樣做的另一個原因。諸如設備的健康狀況、使用壽命、在市場上銷售的時間長短、設備損壞、老化等。技術不斷進步。網路安全是另一個驅動因素。但從技術角度來看，人工智慧將成為其中之一。

I think we see the refresh cycle opportunity as being really multiyear and driven by driving sustainable growth for our growth profile as a company, and we don't see it the kind of pandemic-based compressed concentrated acceleration cycle, we see it more driving sustainable growth for us as a business, and there will be lots of factors into that and AI will be one of them.

我認為，我們認為更新周期機會是真正多年的，並且是由推動公司成長概況的可持續成長所驅動的，我們並不認為這是那種基於大流行的壓縮集中加速週期，我們認為它更多地推動我們作為一家企業的可持續增長，其中會有很多因素，人工智能就是其中之一。

Brad Hewitt, Wolfe Research.

布拉德休伊特，沃爾夫研究公司。

Hey, good morning guys.

嘿，大家早安。

Morning.

早晨。

Morning.

早晨。

So as it relates to the $500 million buyback do you expect to execute over the next four quarters, what dynamic is that number? Should we think of that as more of a minimum threshold and then how do you think about cadence of deployment and why not execute this as an ASR? Thank you.

那麼，就您預計在未來四個季度內執行的 5 億美元回購而言，這個數字是怎樣的呢？我們是否應該將其視為最低門檻，那麼您如何看待部署節奏以及為什麼不將其作為 ASR 來執行？謝謝。

Yes. So again, right now, we're just committed to the $500 million, we'll see that. I think the best way to think about that is spread out over the next four quarters, and we'll be dynamic. Well, taking advantage of opportunities that we see in the volatility in the stock.

是的。所以，現在我們只承諾提供 5 億美元，我們會看到這一點。我認為最好的思考方式是將其分散在接下來的四個季度中，我們將保持活力。好吧，利用我們在股票波動中看到的機會。

But again, making sure we show more of that consistent return over the next several quarters and really wanted to commit to that, given we've been kind of silent on the commitment as we move into future periods.

但再次強調，我們要確保在接下來的幾個季度中展現出更加持續的回報，並且我們真的想致力於這一點，因為我們在進入未來時期時對這一承諾一直保持沉默。

But we felt like it was the right time to make that commitment given the overall profile we have and our debt leverage ratio here as we exit the year. And I think we just think that doing it through the open market right now provides more of a benefit, lets us more manage the return and the timing of that versus uploading upfronting through an ASR.

但考慮到我們的整體狀況以及今年即將結束的債務槓桿率，我們認為現在是做出這項承諾的正確時機。我認為我們現在透過公開市場來做這件事會帶來更多的好處，讓我們能夠更好地管理回報和時間，而不是透過 ASR 預先上傳。

Okay. That's helpful. And then as we think about the Q4 outlook, it looks like the implied incremental margins are about 25%, both on a year-over-year basis and sequential basis. compared to typical 30% plus incrementals. So I guess curious, just is that margin outlook embedding a little bit of conservatism? Or is there anything that you would expect to limit the drop through in Q4?

好的。這很有幫助。然後，當我們考慮第四季度的前景時，看起來隱含的增量利潤率約為 25%，無論是同比還是環比，而典型的增量為 30% 以上。所以我很好奇，這種利潤前景是否包含一點保守主義？或者您認為有什麼措施可以限制第四季的跌幅？

No, I think the only thing typically, in Q4, we see a little bit higher mix of large deals. So you see a little bit of a mix dynamic as we go from Q3 to Q4. But nothing unusual, I'd say, from a timing or margin profile within either one of the quarters to call out.

不，我認為唯一典型的情況是，在第四季度，我們會看到大額交易的比例略高一些。因此，從第三季度到第四季度，您會看到一些混合動態。但我想說，從任何一個季度的時間或利潤情況來看，並沒有什麼不尋常之處。

Brian Drab, William Blair.

布萊恩德拉布、威廉布萊爾。

Hi, thanks. Can you talk a little bit more about the machine vision business? And I know you talked about softness in manufacturing. How has that business been doing? And then kind of the bigger picture is, are there any of these other like RFID and other growth engine type businesses that you'd call out that are in that double-digit growth range or high single-digit range that are being the growth drivers that we want them to be?

你好，謝謝。您能否再多談談機器視覺事業？我知道您談到了製造業的軟弱性。那個生意做得怎麼樣？那麼從更大的角度來看，是否還有其他像 RFID 和其他成長引擎類型的業務，您會說這些業務處於兩位數成長範圍或高個位數成長範圍，並且是我們希望的成長動力？

Yeah, I would say that from a machine vision perspective, we saw growth in machine vision software as we've got leveraging our differentiation in our software across machine vision. I would say, overall, machine vision declined in the quarter for us, really pressured in the areas in which we compete.

是的，我想說，從機器視覺的角度來看，我們看到了機器視覺軟體的成長，因為我們已經利用了我們在機器視覺軟體方面的差異化。我想說，總體而言，本季我們的機器視覺業務出現下滑，這對我們的競爭領域造成了很大壓力。

So we've seen now stabilization in kind of semiconductor manufacturing, where we're embedded in those solutions. So that's a positive news moving forward, but certainly negative in the quarter. And then some new areas that we had -- the focus of the go-to-market team has been diversification away from semiconductor manufacturing into new markets.

因此，我們現在看到半導體製造業趨於穩定，我們已將其融入這些解決方案中。所以這對未來來說是一個積極的消息，但對本季來說肯定是一個消極的消息。然後，我們擁有一些新領域——市場進入團隊的重點是從半導體製造轉向新市場。

One of those markets was a lot of spend was happening in new builds of EV auto manufacturing, but that has now slowed. So another driver of the weak quarter. I would say that our focus is really on go-to-market initiatives to expand specific markets that are growing and leverage our advanced technology into use cases where we're leveraging this strength of our software portfolio, along with things like 3D vision to be able to win new opportunities and customers and to be able to then get a footprint in those customers and expand it from there.

其中一個市場是大量支出用於新建電動車製造，但現在已經放緩。因此這是本季表現疲軟的另一個原因。我想說的是，我們的重點實際上是進入市場計劃，以擴大正在成長的特定市場，並將我們的先進技術應用於用例，利用我們的軟體產品組合的優勢以及 3D 視覺等技術來贏得新的機會和客戶，然後在這些客戶中佔據一席之地並從那裡擴大規模。

That's really the focus of our go-to-market teams. We're excited about this market longer-term, clearly doing more in manufacturing from our perspective is important to us, and we think that continues to be an opportunity for us.

這確實是我們行銷團隊關注的重點。我們對這個市場的長期前景感到興奮，顯然從我們的角度來看，在製造業做更多的事情對我們來說很重要，我們認為這對我們來說仍然是一個機會。

We talked about RFID already, RFID continues to be a strength for us across the vertical markets, I would say, inside other segments. I think the tablet opportunity within our mobile computing is another opportunity for us.

我們已經討論過 RFID，我想說，RFID 仍然是我們在垂直市場以及其他領域的優勢。我認為行動運算中的平板電腦機會對我們來說是另一個機會。

I think the next generation of task management in software is an area we've been focused. So we're a leader in task management software. We see next-generation opportunities to that as we evolve task management into more communication collaboration with our customers to drive software growth over time, leverage with our mobile devices.

我認為下一代軟體任務管理是我們一直在關注的領域。因此，我們是任務管理軟體領域的領導者。隨著我們將任務管理發展為與客戶的更多溝通協作，以推動軟體隨著時間的推移而成長，並利用我們的行動設備，我們看到了下一代機會。

Katie Fleischer, KeyBanc.

凱蒂‧弗萊舍 (Katie Fleischer)，KeyBanc。

Hey, thanks for squeezing me in. I just had one question just to kind of go back to the margins for 4Q. Is there anything that we should think about for the segments that's different from this quarter? Or is it fair to assume that those margins are pretty steady?

嘿，謝謝你讓我加入。我只有一個問題，就是回到第四季的利潤率。對於與本季不同的細分市場，我們是否應該考慮什麼？或者可以合理地假設這些利潤率相當穩定嗎？

Yeah, they're pretty steady between the segments between Q3 and Q4. So I wasn't really don't see any major changes around the gross margin profile between the segments quarter-to-quarter.

是的，第三季和第四季之間的細分市場相當穩定。因此，我並沒有真正看到各部門之間的毛利率狀況在季度間有任何重大變化。

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) 做閉幕發言。

Yeah, I'd like to thank our employees and our partners as they delivered a strong Q3 results. And ultimately, I would like to extend a warm welcome to the Elo team as we kick off our exciting journey together moving forward. Thank you.

是的，我要感謝我們的員工和合作夥伴，他們在第三季取得了強勁的業績。最後，我要向 Elo 團隊表示熱烈的歡迎，我們將一起開啟令人興奮的旅程。謝謝。

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

會議現已結束。感謝您參加今天的演講。您現在可以斷開連線。