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 Zebra Technologies 財報電話會議。（操作說明）請注意，本次活動正在錄影。現在我將把會議交給投資者關係副總裁麥克‧史蒂爾先生。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.

早安，歡迎參加斑馬公司第三季財報電話會議。本次演示將在我們的網站 investors.zebra.com 上同步直播，並將在該網站上存檔至少一年。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。實際結果可能與預期有重大差異，請參閱我們向美國證券交易委員會提交的文件中討論的相關因素。在本次電話會議中，我們將參考非GAAP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盈利新聞稿中找到對帳資訊。除非另有說明，否則本次示範中提及的銷售業績均以固定匯率計算，且不包括最近收購的企業的 12 個月業績。

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.

本次演講將包括執行長比爾·伯恩斯和財務長內森·溫特斯的準備好的演講。Bill 將首先討論我們第三季的業績，然後 Nathan 將提供更多細節並討論我們的展望。比爾將以推進我們的戰略重點的進展作為結尾。在發言結束後，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.

現在我把第 4 張投影片交給比爾，讓我們一起來看。

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，感謝各位的參與。在強勁的需求、低於預期的關稅和強大的營運費用槓桿作用下，我們的團隊在第三季表現出色，業績超乎預期。

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，我們實現了 13 億美元的銷售額，比上年增長 5%；非 GAAP 稀釋後的每股收益為 3.88 美元，比上年增長 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領域取得了相對優異的業績。

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表現亮眼。醫療保健產業較去年同期表現強勁，而製造業則相對疲軟。我們透過提高營運效率，實現了兩位數的獲利成長，同時我們繼續投資於我們領先的解決方案組合。

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摸索前行，導致某些地區和垂直市場的需求不平衡。展望更廣闊的業務前景，我們對獲利成長機會感到興奮，包括最近收購 Elo Touch Solutions，這使我們能夠加速實現互聯前線的願景。

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。現在我會把電話交給 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。讓我們從第 6 頁的損益表開始。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略有成長。

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.

在行動運算的帶動下，我們的企業視覺性和行動性業務成長了 2%；在 RFID 和列印技術的帶動下，我們的資產智慧和追蹤業務成長了 11%。正如我們今天早上在盈利新聞稿中所披露的那樣，請注意，從第四季度開始，我們將按兩個新的業務板塊進行報告：互聯前線和資產可視性與自動化。

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.

比爾將闡述這一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新整理。我們在大部分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 實現了兩位數的成長，抵消了加拿大市場的疲軟。亞太地區銷售額成長23%，其中澳洲、紐西蘭及印度市場表現最為強勁。

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%，整個地區實現了全面成長。在歐洲、中東和非洲地區，銷售額下降了3%。各地區表現不一，德國較為疲軟，北歐則相對強勁。經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提高。

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.

經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 EBITDA 利潤率為 21.6%，較去年同期成長 20 個基點。非GAAP稀釋後每股收益為3.88美元，年成長11%，高於我們預期的上限。現在來看第 7 頁的資產負債表和現金流量表。今年迄今為止，我們已產生 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，債務槓桿適中，為 1，信貸額度為 15 億美元。我們一直按照既定的資金配置優先順序部署資金。截至今年10月，我們已回購超過3億美元的股票，並利用手頭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.

我們繼續保持良好的財務靈活性，用於業務投資和向股東返還資本。正如比爾所強調的那樣，我們計劃在 2026 年第三季之前回購 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措施方面取得的進展的最新資訊。對於 2025 年全年，我們現在假設在採取緩解措施後毛利將受到約 2,400 萬美元的影響，預計第四季度淨影響為 600 萬美元，這比我們之前的預期有所改善。

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.

我們的預測假設目前的有效稅率和豁免政策保持不變。我們在應對供應鏈挑戰方面有著良好的記錄，包括關稅，並且由於我們團隊採取的行動，包括先前宣布的價格調整（帶來約 1 個百分點的銷售增長）、將美國從中國的進口減少到 20% 以下、合理化我們的產品組合以及在提高整體供應鏈效率和韌性方面取得的顯著進展，預計到 2026 年，美國目前的進口關稅將大幅降低。

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.

現在讓我們來看看前景。我們預計第四季度銷售額將成長 8% 至 11%，其中包括 Elo 和 Photoneo 收購帶來的約 850 個基點的貢獻以及有利的匯率。

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.

我們對下半年的需求預期與先前的業務更新報告相比沒有變化。我們預計第四季度調整後的 EBITDA 利潤率約為 22%，其中假設美國進口關稅將帶來 600 萬美元的淨影響，非 GAAP 稀釋後每股收益預計在 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.

我們預計第四季全年銷售額將成長約 8%。根據我們第四季度的業績指引，預計全年調整後 EBITDA 利潤率約為 21.5%，非 GAAP 稀釋後每股收益約為 15.80 美元，年成長 17%。請參考投影片 9 所示的其他建模假設。

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

這樣，我就把電話轉回給比爾了。

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。翻到第 11 張投影片，Zebra 憑藉其創新解決方案組合（包括專用硬體、軟體和服務），仍然能夠很好地受益於數位化和自動化工作流程的長期趨勢。

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.

我們的解決方案能夠智慧地連接人員、資產和數據，從而幫助客戶做出關鍵的業務決策。我想花一分鐘時間介紹我們新的報道板塊。Zebra 的業務涵蓋超過 350 億美元的潛在市場，涵蓋連網前線和資產視覺性與自動化領域。

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.

每個細分市場在一個週期內都有 5% 到 7% 的自然成長率，這得益於人工智慧、行動和雲端運算以及按需經濟等大趨勢的支援。互聯前線旨在為企業前線配備必要的工具和數位化接點，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、加強型平板電腦、前線軟體和人工智慧代理。收購 Elo 為我們增加了自助服務和銷售點的關鍵能力，使我們在該領域的目標市場規模擴大到 200 億美元以上。資產視覺性和自動化主要專注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.

這些是互補且協同的板塊，它們實現了營運的數位化和自動化，並解決了客戶面臨的最大挑戰。翻到第12張投影片。Zebra 的解決方案能夠幫助各終端市場的客戶提高生產力和效率，並改善對客戶、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.

我想重點介紹 RFID 技術，它一直是我們投資組合中的亮點，在過去幾年中實現了兩位數的成長。作為市場領導者，我們對目前持續的成長動能感到鼓舞。

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.

由於 Zebra 的 RFID 解決方案能夠帶來更好的業務成果，我們在零售、電子商務、運輸物流和製造業領域的最大客戶已將其應用擴展到更多工作流程和類別。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組合，並展示了我們不斷發展的產品組合如何使我們能夠解決日益複雜的挑戰。翻到第13張幻燈片。我們在業界的領先地位使我們擁有獨特的優勢，成為一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，為第一線工作人員帶來全新的體驗。想像一下，手持式和穿戴式裝置能夠看到、聽到和理解周圍環境，同時也能以對話的方式與第一線工作人員互動。這就是人工智慧在前線的發展方向，而我們正是從我們的 Zebra 伴侶產品開始這段旅程。

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人工智慧生態系統中的策略夥伴攜手合作，共同改變工作方式。上個月，來自各行各業的 100 多位公司高級領導人參加了我們首屆一線人工智慧高峰會。

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.

在本次活動中，我們展示了我們的人工智慧願景，以及人工智慧可以為客戶帶來的好處，從而加速人工智慧在其第一線營運中的應用和影響。我們正在與客戶開展積極的試點項目，以驗證我們新的人工智慧解決方案的優勢。

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.

一家專業零售商正積極進行人工智慧助理高階試點項目，以提供產品推薦的協助，進而提高銷售轉換率和追加銷售率，加快員工入職速度，並提升購物體驗。

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，對於任何致力於提高第一線員工生產力和效率的客戶而言，我們的人工智慧代理都將具有吸引力。一家大型運輸物流公司正在利用我們設備端人工智慧套件提供的即時回饋和增強的合規性，實現交付證明的數位化和加速。

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.

利用人工智慧的數位化環境對於轉變眾多產業的流程至關重要。這些早期實例表明，我們的人工智慧解決方案能夠為客戶帶來顯著的益處，並提升 Zebra 作為領先的面向業務前沿的人工智慧解決方案提供者的地位。

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1月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.

我們綜合各項能力，能夠為企業客戶提供更多數位化營運方式，涵蓋更多接觸點，進而推動業務成長。Elo 是觸控螢幕技術的先驅，也是銷售點解決方案、自助服務終端、互動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 的模組化解決方案具有跨世代相容性，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。攜手合作，透過前線行動技術和自助服務技術的融合，我們可以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、精選餐廳、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觸點的通用平台，從而提高一線效率。透過與 Elo 的合作，我們能夠更好地提供完整的解決方案，並利用人工智慧賦能員工，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源於推動我們解決方案需求的幾個主題，包括勞動力和資源限制、追蹤溯源要求、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。我們擁有領先的解決方案組合，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.

展望未來，我們將繼續專注於透過創新解決方案鞏固我們在業界的領先地位，這些解決方案能夠實現客戶工作流程的數位化和自動化，並推動獲利成長。現在我把它還給麥克。

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.

謝謝你，比爾。現在進入問答環節。我們將提出一個問題和一個後續問題，以便讓每個人都有機會參與。

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

現在開始問答環節。（操作說明）

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，需求趨勢似乎強勁，並且在第三季表現相對強勁。我注意到你們第四季的業績指引暗示有機成長有所放緩。我知道你面臨嚴峻的競爭，但我很想知道你能否大致分析一下你對需求的看法，如果能對終端市場做一些補充說明就更好了。

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。我認為，如果我們看一下第三季度，團隊表現出色，銷售額接近我們預期的高端水平。而整個業務領域的強勁需求也印證了這一點。我認為下半年的發展基本上符合我們的預期，有些客戶提前購買了產品，以便比我們最初預期的更早迎來銷售旺季。我認為，如果縱觀各個地區，我們在北美、亞太和拉丁美洲都看到了穩健的成長。

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.

如果我們從垂直市場的角度來看，從終端市場的角度來看，本季是由零售和電子商務引領的。正如我們在第二季度指出的那樣，歐洲、中東和非洲地區的疲軟態勢延續到了第三季。從產品角度來看，我認為行動運算和列印領域相對強勢，而 RFID 是一個亮點。但總的來說，下半年的發展正如我們預期的那樣，只是這些訂單的下達時間比預期提前了一些，進入了第三季。

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。您能否就EVM發表一下看法？該季度的成長相當溫和。你具體在這個片段中看到了什麼？我們還能預期到年底這數字會持續成長嗎？

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.

從行動運算的角度來看，EVM 實現了強勁成長，我們在北美、亞太和拉丁美洲達成了多項大額交易，並繼續保持在行動運算領域長期成長和發展的機會，包括讓更多員工使用行動裝置。圍繞穿戴式裝置和RFID技術的下一代產品交付成果。

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稿中所談到的，我們繼續認為，人工智慧領域存在中長期機遇，因為我們看到了在前線利用人工智慧的機會。從資料收集的角度來看，這也是 EVM 的另一個要素，其中最大的要素——第二大要素——是我們看到掃描組合的下降，這是一個難以比較的比較。所以我認為這才是 EVM 的真實寫照，行動運算能力強勁，但從掃描的角度來看難以比較，這進而影響了 EVM 在第三季的整體表現。

Piyush Avasthy, Citi.

Piyush Avasthy，花旗銀行。

Good morning guys.

各位早安。

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?

考慮到您並未提供 2026 年的業績指引，但如果您能就該概念本身提供一些看法和觀點，例如 2026 年與您的長期財務目標有何不同或相似之處，那就太好了？

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?

我知道目前能見度有限，宏觀經濟方面仍存在一些不確定性，但根據您與客戶的交流，您如何描述 2026 年各個垂直領域的需求前景？

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，雖然我們的客戶在短期內仍然保持謹慎，而且我們在不同的環境中也遇到了一些不均衡的需求，例如歐洲、中東和非洲地區，以及像加拿大這樣的整體地區，因此我們看到，從垂直市場的角度來看，我們不同的垂直市場之間存在著不均衡的製造需求。

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.

我們的解決方案對我們的客戶仍然至關重要，對於環境的數位化和自動化仍然必不可少。因此，從長遠來看，人工智慧代表著我們繼續推進解決方案的機會，我認為我們已經做好充分準備，在明年實現可持續的、獲利性的成長。

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。你們又提到了數位人工智慧功能，我知道現在還處於非常早期的階段，但是這些功能多久才能成為公司成長的催化劑呢？我想你之前應該談到刷新周期。

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—您是否感覺到您的客戶有投資軟體的需求和意願，這意味著當下一個更新周期到來時，不僅需要硬體升級，還需要強大的軟體？大家有什麼看法？

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。從人工智慧的角度來看，正如您所指出的，我們看到了兩個機會。一方面是擁有下一代手持裝置的硬體環境，另一方面，我們目前是企業穿戴式科技領域的領導者。

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，我們看到人工智慧正在以這種方式被應用到一線。它始於行動設備，並且從硬體角度來看，很可能與穿戴式技術相結合。正如我們在準備好的演講稿中所提到的，我們現在正處於試點階段，我們的 Zebra 合作夥伴和我們的 AI 套件在零售和運輸物流等不同應用領域與客戶進行了合作。

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，這為我們創造了在人工智慧代理和早期客戶試點專案中應用軟體的機會，或者說，他們已經看到了這些軟體的巨大價值。我認為，首批收入可能要到 2026 年才會出現，然後在 2027 年及以後逐步成長。我們希望先完成試點項目，最終向客戶證明其價值，然後開始推動收入成長，並將這些業務推廣到我們的客戶群中。但正如你所說，機會在於兩個方面：硬體、硬體升級、穿戴式裝置的新硬件，以及最終的軟體。

Damian Karas, UBS.

Damian Karas，瑞銀集團。

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?

我很好，謝謝。我想請您談談大型專案流程，您目前觀察到的情況，以及您正在進行的討論？顯然，第四季度似乎您沒有預期會有很多大型專案活動，但就銷售漏斗而言，客戶溝通是否有所增加？那麼，有沒有希望在第四季看到其中一些獎項頒發呢？還是可能要等更長？

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，正如我們之前討論過的，我認為需求軌跡與我們上一季的預測基本一致。而且我認為，客戶整體上基本上維持了資本支出，專案也繼續向前推進。

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，有些公司——而且我認為我們上個季度也討論過這個問題——已經將項目和採購分散到多個季度進行，這同樣是出於謹慎，因為我們的客戶仍在應對全球宏觀經濟的不確定性，特別是當前貿易政策可能帶來的一些最終影響。我認為這正是造成某些產業和地區需求不平衡的原因。但我們對公司整體業務狀況感到滿意，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訂單比預期要多。我們持續關注客戶，不僅關注年底的商機，還關注整個歐洲、中東和非洲地區的情況、關稅狀況以及政府停擺情況。因此，第四季發生了很多事情，我們對本季和整體的業績預期保持樂觀，相信業績能夠保持平衡。

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，關於你提到的第三季提前下單的需求，你認為有什麼特別的原因導致一些訂單在下半年提前到來嗎？這與關稅或客戶的價格優化有關嗎？只是好奇這是為什麼。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，我還是要說，時間並不總是那麼精確，對吧？我們預計第三季會有所成長，我們稱之為業績指引。我們超額完成了任務，這確實是一份指南——有些客戶只是需要提前收到產品以滿足他們的高峰需求。我覺得這是好事，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旺盛，零售業在第三季繼續保持強勁勢頭，我認為這推動了一些早期訂單。我不會稱之為“拉動”，而只是他們恰好在需要產品的時候下單了，而他們通常會在稍晚一些的時候下單。他們說，嘿，我希望這款產品能提早上市，以滿足第三季的銷售高峰需求，我認為這就是第三季和第四季之間的平衡，只是時間安排上有所不同而已。

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.

我認為需求符合預期。我的意思是，我覺得我們對今年的整體情況感到滿意。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，今年的發展也基本上符合我們的預期。所以我覺得我們感覺不錯。只是時機問題，其實沒那麼重要。

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.

第四季度，我想詳細分析一下關於預算充裕的假設。所以或許我們可以分成兩個部分來處理。能否從整體角度量化一下您對 Elo 在第四季的預期？那麼，如果我們把這個因素剔除，那麼季度環比情況又是怎麼樣的呢？我認為通常情況下，年底都會出現一些銷售高峰，但我只是想聽聽你對今年的預期是什麼？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，我們首先要做的就是保持全年有機成長率與我們在 8 月給出的預期一致，我們相信這能夠平衡地反映比爾之前談到的當前環境，並考慮到其中一些訂單在季度開始前就已實現。

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業績指引，9.5% 的成長，正如我們在準備好的發言稿中所說，其中約 8.5 個百分點僅僅是由於 Elo、Photoneo 和 FX 的貢獻。Elo 的預期營收為 1 億美元，這與我們上個季度討論的整體營收情況一致。

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.

價格方面我們大概提高了一個百分點，從年比來看，這確實讓有機需求保持穩定。我認為應該這樣理解：我們預計年底的支出水準將與去年同期持平。正如你所記得的，我們在 2024 年底取得了不錯的成績，而且隨著我們接近年底，我們看到支出和銷售管道的水平也與去年類似。

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.

所以很顯然，我們也在密切關注此事，正如比爾所提到的那樣，我們也在密切關注歐洲正在發生的事情、政府停擺以及世界各地正在發生的一切。但我認為這才是看待第四季度的方式，如果排除匯率、定價和併購因素，你會發現需求實際上比較平穩，這主要是由於年底項目支出與去年同期水平相似所致。

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。我想諮詢一下RFID技術。你把最近在那裡取得的一些成功也概括了出來。最近，一家全通路零售巨頭在生鮮領域發布了一項備受矚目的公告。我很好奇，您能否就貴公司是否會從最近的更新中受益發表評論？或者，如果您沒有受益，您能否就 RFID 的未來發展前景發表一些看法？貴公司目前是否有任何專案正在推進中，預示著更高的成長率？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，湯米，我想說，過去幾年我們確實看到了 RFID 技術兩位數的強勁增長率，而且我們繼續看到整個供應鏈中存在著大量的機會，無論是在零售業，還是現在 T&L 繼續在 RFID 製造、政府等領域部署項目。我認為在零售業，正如你所說，食品雜貨領域出現了新的機會。

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，零售業的機會不僅限於一般商品，還包括快餐店和醫療保健行業。因此，我認為，在多個垂直領域的供應鏈中進行更廣泛的追蹤溯源，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，我們擁有目前市場上最廣泛的 RFID 解決方案，涵蓋固定式和手持式閱讀器，以及我們最新發布的集成 RFID 的移動計算設備、我們的打印產品組合和相關標籤，所有這些都讓我們對 RFID 充滿熱情並不斷前進。

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，我認為像生鮮食品、雜貨等這類產品只會讓我們的解決方案越來越受歡迎。我認為，迄今為止已部署解決方案的客戶仍然看到了價值，並不斷擴展他們在自身環境中部署的用例。因此，我認為RFID將繼續成為我們未來發展的成長動力。

Keith Housum, Northcoast Research.

Keith Housum，北海岸研究公司。

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，各位早安。我只是想更深入地探討你關於人工智慧及其機會的評論，同時也要明白這是一場持久戰。從硬體角度來看，機會似乎在於增加穿戴式設備，但也可能在於加快設備更新換代週期。我想問的是，第一點，這是真的嗎？其次，人工智慧領域的這些設備是否需要比你今天可能正在使用的設備更高階的配置？

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。所以我覺得你說得完全正確。我認為機會肯定在於更高階的高階設備，我們希望藉此提高平均售價，隨著時間的推移，我們會看到新技術成為推動產品更新換代的動力。

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應該配備更快的處理器和更大的記憶體。我們看到，如今我們在企業穿戴式科技領域處於全球領先地位，我們也看到了將類似執法記錄器的裝置與行動裝置結合使用的機會，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，但穿戴式技術也可能像我們最近發布的智慧手錶一樣。因此，我們今天在客戶群中看到了各種不同外形尺寸和穿戴式裝置。

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.

所以硬體方面，顯然包括行動運算和穿戴式設備，然後是軟體產品。所以我覺得，如果我們回顧一下，斑馬解決方案的數位化和自動化環境對於人工智慧來說至關重要，它收集前線數據，從而能夠分析和行動，了解生產力點上正在發生的事情，這樣你就可以用人工智慧進行分析，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的發展。

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的原因，人工智慧如今已應用於軟體、機器人、3D品質檢測等多種不同應用領域的解決方案。因此，我們在整個產品組合中都採用了傳統人工智慧。您剛才提到的收入來自行動裝置和穿戴式設備，再加上軟體收入。

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.

所以，想想我們的 Zebra 夥伴，以及我們在 AI 套件中所做的工作，該套件疊加在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，或者可以這樣理解：Zebra 提供的 AI 代理概念等應用，都為我們創造了機會。正如我所說，很可能在 2026 年實現首次營收，並以此為基礎逐步擴大規模。

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。另外，零售和電子商務方面，我們可能至少已經連續第五或第六個季度為公司的成長做出了貢獻。能否預見這種情況能持續多久？

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?

從歷史數據來看，通常情況下，這些產品會在兩年內完成更新周期，然後另一個垂直領域就會接手並推動成長。

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。我認為零售和電子商務都表現出了強勁的成長勢頭，但你要記住，電子商務還在持續成長，對吧？所以——我們討論過，其中一些產品被用於高峰期，這實際上是由電子商務參與者推動的，因為他們不斷部署設備以滿足高峰需求。我認為，關於更新周期這個概念，每個人的時間安排和週期都不同，無論是零售業、運輸物流業、郵政業或其他行業。

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的周期都不同，每個電子商務平台更是如此——它們不會進行相同類型的更新。他們分批購買。但我會用同樣的方式評價T&L。所以我認為它不會從一個垂直方向切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上線。

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.

事情並非如此簡單。如今，零售和電子商務領域表現強勁。運輸物流已恢復到更正常的水平，我們看到該領域正在成長。製造業情況相當平穩，醫療保健業的情況很難比較。所以我覺得，雖然我們都希望一切都能一直保持良好狀態，但我並不認為零售和電子商務會轉型到其他領域。

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所有這些領域都實現成長。沒有理由不這樣做。但我認為，像製造業這樣的領域在短期內仍面臨相當大的挑戰。

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.

您好，早安。我的第一個問題是，這兩個板塊之間的利潤率差異，以及資產智能在追蹤方面的情況，今年的利潤率似乎有所改善，而去年這兩個板塊的利潤率則持平。

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.

所以，如果你能把這解釋成關稅對其中一個群體的影響比對另一個群體的影響更大就好了。我知道您曾說過，到 2026 年，大部分關稅問題都能解決。它對各個細分市場的影響有哪些細微差別？我想我們可以在新劃分框架內討論這個問題，但對於 2016 年的任何顏色劃分，目前還沒有定論。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，Jamie，就獨特性而言，我不會說有什麼具體因素導致了這兩個垂直領域之間的毛利率差異。我認為其中一部分是投資組合中的混合投資。你可以看到AIT的強勁成長。因此，您可以利用我們印刷產品組合中的良好批量優勢。

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技術在高利潤率開始展現成長動能的地方。所以我覺得很大程度取決於投資組合組合的時機把握。正如比爾所提到的，EVM 部門第三季的數據收集量有所下降，而該部門的營運狀況（或毛利率）再次表現良好。

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.

所以，我認為，與其說是投資組合內部季度間的調整，不如說是兩者之間發生的根本轉變。是的，而且我認為正如我們之前提到的，我們預計明年將全面消除關稅影響。

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，預計第一季可能會出現少量影響，但隨著團隊採取一些額外措施，進入第二季後，影響將完全消除。我再次認為，主要受益者將是AIT領域的從業人員。

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 中看到的情況，這就是我們今天在行動運算方面看到的豁免情況。因此，隨著我們進入明年，AIT 將帶來大部分好處，同時我們計劃在今年稍後和明年年初採取一些額外的行動。

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。我猜也是。然後是我的第二個問題，關於 Elo 等級分。所以，我想您說過，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 億美元的年銷售額相符。有什麼想法嗎？我的意思是，我認為你曾說過，這個產業在周期內成長了 5% 到 7%，與你們的情況類似。在展望2026年時，你對Elo有什麼看法？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，我們對此次收購仍然感到非常興奮。這無疑進一步鞏固了我們作為客戶在多個垂直市場中的策略夥伴的地位。他們的產品組合的廣度和深度與我們的產品組合相結合，為我們與客戶的整體策略合作提供了更多機會。正如你所說，我認為它的成長軌跡與 Zebra 類似，價值主張也類似。

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.

專用硬件，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。以上就是我們的客戶選擇從我們這裡購買行動運算設備的所有原因。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.

第四季初，我們的業績大致上符合預期，目前來看不會有任何變化。我們看到了明年的機遇，包括繼續在一家大型零售商中推廣 POS 或銷售點推廣解決方案。

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中取得新的機會和新的成功。我們正在繼續——我們與他們密切合作，我們的團隊一起推進營運協同效應，無論是在收入方面還是成本方面，雖然現在還處於早期階段，但進展正如我們預期的那樣。因此，我們對他們的業務、成長前景以及進入第四季度或度過第四季度以及進入 2026 年的整體情況都感到滿意。

Meta Marshall, Morgan Stanley.

Meta Marshall，摩根士丹利。

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。第一點是關於與關稅相關的定價措施。鑑於我們為抵銷關稅成本而採取的定價措施，您認為這些定價措施對客戶需求產生了什麼樣的影響？我的第二個問題是關於 OBBBA 的稅務影響。您能否詳細介紹 OBBBA 預計將如何影響您未來的實際稅率和現金稅？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。首先，我想談談價格的影響，我們看到今年稍早宣布的價格措施帶來了一些不錯的收益。因此，我們提高了先前預期的年度收益，現在預計約為 6000 萬美元，比之前的 4000 萬美元預期增長了 1 個百分點。所以，第三季整體價格實現方面又一次展現出了良好的勢頭。我認為我們還沒有真正看到需求受到如此劇烈的影響。

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，正如比爾所提到的那樣，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變化或回落。而且我認為我們從通路夥伴那裡了解到，我們採取的定價措施與業內許多競爭對手的做法一致，因為關稅已經對他們產生了影響。所以，我們對目前的勢頭感到樂觀。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.

如果看看新稅法的影響，正如我們在上一份指南中所說，今年我們預計現金稅款將減少約 5000 萬至 6000 萬美元，因為可以攤銷當前的研發支出——扣除研發支出及其全部金額。我們預計未來兩年內，稅收法案的改變將帶來超過 2 億美元的額外現金收益。

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.

但結果確實如此——如果您注意到我們的指南，您會發現我們將預期稅率提高到了 18%。部分原因在於反映了稅收法案的一些新的永久性稅率影響以及收入變化。因此，對整體稅率的影響不大，但未來兩年預計現金稅收的降低將帶來更大的好處。

Joe Giordano, TD Cowen.

喬喬丹諾，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，各位早安。所以，去年第四季你談到市場時，我覺得你的指導在很大程度上消除了市場風險，對嗎？或者，你引導大家處理積壓的工作，結果工作量比你預期的還要大，你的引導也帶來了好處。

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.

本季度，您提到的資金流動與去年類似，但這是否意味著我們沒有將市場上沒有直接體現的因素納入考量？這樣描述你的指導方式是否仍恰當？我很好奇你們從 Elo 獲得的 EPS 增幅是多少？然後我還有一個後續問題。

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.

也許我會先開始，然後交給內特。喬，我認為總體而言，客戶們都在按計劃推進專案。我認為，由於宏觀經濟的不確定性、貿易政策以及貿易政策對其業務的間接影響，他們對加速未來計畫的推進持謹慎態度。

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，運輸物流的包裹運輸速度減慢，就是一個例子。所以我覺得，雖然他們總體上都在推進，但是——我們還沒有看到專案加速推進或基於這種不確定性的專案啟動。

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感覺和上個季度我們討論時差不多，對我們解決方案的需求肯定沒有改變，正如你所看到的，一些客戶在高峰期早期就開始購買，以滿足他們的需求。所以我們仍然至關重要。很多時候，時機很重要。所以我認為，我們看到第三季業績接近預期上限，我認為第四季業績也將如我們全年預期的那樣發展。

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，全年有機收入成長近 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及其對企業的影響，導致客戶在推動未來專案方面有所保留。

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，或許可以再添一點色彩。我認為，正如您所說，我們去年制定的預算指南的特點是，我們預計年底的支出不會超出我們能夠明確預見的範圍。

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，到年底時，實際結果比預期要好，我們預計今年的年末支出水準將與去年類似。顯然，我們已經掌握了一些信息，但團隊必須在接下來的六週到八週內完成管道轉換，以結束今年的工作。所以我認為，今年的指南與去年的指南之間的差異在於年底的預期，這就是我對今年指南與去年指南之間差異的描述。

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.

至於你問的 Elo EPS 影響，大約是 0.10 美元。所以，如果你看一下全年的情況——我們把預期上調了大約 0.30 美元，其中一些利好因素基本上三分之一來自關稅降低、Elo 以及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，我們之前也稍微討論過，但就您展望明年而言，我不是想逼您下結論，但就像我們剛剛經歷了新冠疫情期間的大規模部署，之後經歷了多年的下滑，現在我們正在小幅反彈，那麼，您有什麼理由（如果有的話）可以讓我們打消認為明年至少從我們目前的情況來看，部署量不應該達到一個週期內的想法？

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，正如你所承認的，我們並沒有把目標設定在 2026 年。我認為，目前我們明顯看到消費者在短期內仍保持謹慎態度，因此，我們看到整體需求環境存在一些不平衡。以歐洲、中東和非洲地區為例，跨不同垂直領域的製造。

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，DCS 的情況很難進行比較。但我認為，我們有信心在明年推動公司業務實現可持續的、獲利性的成長。我認為我們必須先把第四季的情況理順，然後我們會在第一季提供更多指引。

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，各位，早安。嘿，比爾，我只是想和你談談在進入明年或結束第四季時對需求的思考。您已經提過，在歐洲、中東和非洲地區，某些地區的經濟狀況較為溫和。我們在第二季就看到了一些這種情況，而且這種情況一直延續到了這一季度。

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，進入第四季後，該地區的月度或季度趨勢如何？另外，如果您能反過來談談亞太地區的情況，那裡的成長率已經連續五個季度達到兩位數了。這樣能擴大你們的客戶群嗎？這是某個特定項目的問題嗎？我只是有點好奇是什麼因素推動了亞太地區的強勁發展，以及您如何看待亞太地區未來的發展。

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，或許應該涵蓋所有地區。我認為北美在行動運算和列印方面的優勢很難與DCS相提並論，我們之前討論過。第三季零售和電子商務的需求已經達到峰值，因此會有一些拉動。RFID 持續強勁發展，正如我們討論其應用案例時所指出的，北美地區的大中型客戶和訂單數量均有所增加。我想再次強調，當我們談論貿易政策時，加拿大對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.

EMEA地區的情況，我認為和我們在第二季預測的情況大致相同。如果加上色彩的話，EMEA地區的表現確實參差不齊。我認為北歐在零售和運輸物流方面繼續表現出色，而德國的製造業或法國的零售業則繼續面臨挑戰。我認為整個 EMEA 地區的情況喜憂參半，但最終第三季會下滑。正如你所指出的，亞太地區實現了強勁成長。

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如何利用我們的市場推廣策略。我們也談到了在日本的投資。因此，日本是我們的優勢所在，因為我們專注於日本市場——專注於日本郵政服務的新應用，我們在那裡贏得了郵政承運商的早期設備訂單。現在我們正在郵局部署這些設備。

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.

所以，再次強調我們市場推廣組織的實力，將資源轉移到我們市場佔有率較低且希望推動成長的地區。這是亞洲的一個很好的例子。另一個是印度。正如其他人所指出的那樣，我們繼續看到印度市場的成長。我認為在全球範圍內，印度、澳洲和紐西蘭的GDP成長強勁，這仍然是亞洲的優勢所在。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.

我們很少談論拉丁美洲，但拉丁美洲本季創下歷史新高，拉丁美洲地區的寬頻實力也十分強勁。所以，儘管我們通常不怎麼談論拉丁美洲，但我們對拉丁美洲的感覺很好。這就是不同地區之間的分佈和差異。

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?

那很有幫助。作為後續問題，您——顯然，您談到了您——或者說承諾在未來 12 個月內回購股票。沒錯——你已經看到股票價格上漲了。內森，我只是好奇你能不能談談這方面的發展趨勢？對於2026年的情況，以及推動股票價格上漲的因素，大家有什麼看法？

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。所以我認為有兩點。今年早些時候我們討論過，這在某種程度上只是計劃設計上的一個變化，導致我們在損益表中加快了一些支出。所以整體構成沒有改變。但從會計角度來看，我們必須在年初多提一些費用。

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.

所以，在接下來的幾年裡，隨著事態的發展，你會看到這種抵消效應。而本季尤其需要對策略計畫進行調整，修正業績和部分業績份額，並進行某種累積追趕。

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——本季支出較高，這有點反常，我們預計隨著第四季度的到來，支出會恢復正常，然後明年逐漸恢復到歷史水平。今年由於會計準則的變更以及業績份額的調整，也出現了一些變化。

Guy Hardwick, Barclays.

蓋伊哈德威克，巴克萊銀行。

Hi, good morning.

您好，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?

在供應鏈管理方面做得非常出色，成功應對了供應鏈的挑戰。一旦明確表示你打算將中國在美國的進口佔比降至 20% 以下。你認為從長遠來看，這會造成什麼影響？那麼，你認為一年後，代工製造商的規模會是什麼樣子呢？

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，正如你所提到的，我認為團隊在過去的六年裡做得非常出色，他們推動了北美和中國市場的集中度從超過 80% 下降到 20%，並且預計明年還會更低。

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.

你看，我認為會有一部分會保留下來——很難看到退出的希望，尤其是一些組件，它們真的只有一個來源。我們仍然會使用這些服務，並且需要匯入這些服務或類似的東西。

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.

所以，我們可能已經接近那些在零件製造方面發生重大轉變之外的團隊，在那裡，你開始達到一個基準線。所以，我認為我們關注的重點是更廣泛的韌性，確保我們有多種選擇，無論是與我們的合約製造商的供應基礎合作，這樣，無論是關稅還是任何其他自然災害，我們都可以擁有一個具有韌性的供應鏈，可以在全球範圍內混合和轉移生產，以應對這些挑戰，因為我認為我們在過去五年到的中學最重要的一點是，總是會有一些韌性的挑戰，因為我認為我們在過去五年到的中學最重要的一點是，總會有一些韌性再次強調，我認為團隊在平衡韌性和成本方面做得非常出色，才使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?

作為後續補充。我知道，比爾，你已經回答了幾個相關問題，但是，如果客戶真的想從基因人工智慧中受益，無論是你的產品、超級產品還是其他人的產品，EMC 已安裝產品的技術過時究竟會在什麼情況下迫使他們升級？

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——這又創造了一個機會——人工智慧為行動裝置的技術驅動型更新創造了機會，因為如果你想在設備上運行模型，就需要更快的處理速度和更大的內存，而我們看到很多客戶都希望這樣做。

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，既可以在設備上利用人工智慧，也可以在雲端利用人工智慧，具體支出取決於具體的應用場景。但我們認為，這兩種情況都預示著即將到來的更新週期將會帶來新的特性。

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.

自疫情爆發前以來，行動裝置在市場上的數量持續成長。我們發現，我們的客戶升級的周期各不相同，這將是我們升級的另一個原因。例如設備的健康狀況、使用壽命、上市時間、設備會損壞、老化等等。科技日新月異。網路安全是另一個驅動因素。但從技術角度來看，人工智慧將是其中之一。

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，我們認為產品更新換代的機會是一個真正的多年周期，其驅動力在於推動公司可持續增長，而不是像疫情期間那樣出現壓縮式的集中加速增長週期。我們認為，這更能推動我們業務的永續成長，而這其中會有很多因素，人工智慧就是其中之一。

Brad Hewitt, Wolfe Research.

Brad Hewitt，Wolfe Research。

Hey, good morning guys.

嘿，各位早安。

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，關於您預計在未來四個季度執行的 5 億美元股票回購計劃，這個數字的動態變化是什麼？我們是否應該將其視為最低門檻？那麼，您如何考慮部署節奏？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，目前我們只承諾投入 5 億美元，我們拭目以待。我認為最好的思考方式是將其分散到接下來的四個季度，我們將採取靈活應變的方式。嗯，我們要利用股票波動帶來的機會。

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.

但是，我們再次強調，確保在接下來的幾個季度保持持續穩定的回報，並且我們真的想為此做出承諾，因為我們在邁向未來時期時一直對此保持沉默。

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.

但鑑於我們目前的整體狀況以及年底的債務槓桿率，我們認為現在是做出這項承諾的合適時機。我認為，目前透過公開市場進行交易更有優勢，可以讓我們更好地控制收益和時間，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。那很有幫助。展望第四季度，隱含的增量利潤率似乎約為 25%，無論是同比還是環比，而通常的增量利潤率都在 30% 以上。所以我很好奇，這種利潤率預期是否包含一些保守因素？或者說，您認為第四季會有哪些因素可以限制跌幅？

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，我認為通常情況下，第四季度唯一不同的是，我們會看到大宗交易的比例略高一些。所以你會看到從第三季到第四季出現了一些變化。但就這兩個季度的時機或利潤率而言，我認為沒有什麼特別之處值得一提。

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?

您好，謝謝。能再詳細談談機器視覺產業嗎？我知道你談到了製造過程中的柔軟性問題。那家公司經營狀況如何？那麼從更宏觀的角度來看，還有哪些像 RFID 和其他成長引擎類型的企業，它們的成長率達到兩位數或接近兩位數，並且正在成為我們希望它們成為的成長驅動力？

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，從機器視覺的角度來看，我們看到機器視覺軟體領域取得了成長，因為我們利用了我們在機器視覺軟體方面的差異化優勢。總的來說，本季我們的機器視覺業務有所下滑，在我們所競爭的領域確實面臨巨大壓力。

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.

所以我們現在看到半導體製造業趨於穩定，而我們也參與這些解決方案。所以從長遠來看，這是個好消息，但對本季來說肯定是個壞消息。然後，我們也開拓了一些新領域——市場推廣團隊的重點是將業務從半導體製造領域多元化拓展到新市場。

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.

其中一個市場曾經投入大量資金新建電動車製造廠，但現在這種趨勢已經放緩。所以這也是導致本季業績疲軟的另一個原因。我認為，我們的重點實際上是市場推廣計劃，旨在拓展正在成長的特定市場，並將我們的先進技術應用於各種用例中，充分發揮我們軟體組合的優勢，以及 3D 視覺等技術，從而贏得新的機會和客戶，並在這些客戶中站穩腳跟，並以此為基礎進行擴展。

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.

這正是我們市場推廣團隊的工作重點。我們對這個市場的長期發展感到興奮，顯然，從我們的角度來看，在製造業方面投入更多精力對我們來說很重要，我們認為這仍然是一個機會。

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.

我們之前已經討論過 RFID 技術，我認為 RFID 技術仍然是我們在各個垂直市場以及其他細分領域的優勢所在。我認為平板電腦在我們行動運算領域的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。所以，我們在任務管理軟體領域處於領先地位。我們看到了下一代機遇，隨著我們將任務管理發展成為與客戶進行更多溝通協作，從而推動軟體隨著時間的推移而成長，並利用我們的行動裝置。

Katie Fleischer, KeyBanc.

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，謝謝你擠出時間幫我。我只有一個問題，想再了解一下第四季的利潤率。對於各個細分市場，我們需要考慮哪些與本季不同的因素？或者，假設這些利潤率相當穩定是否合理？

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各個階段都相當穩定。因此，我並沒有看到各業務板塊的毛利率在季度之間發生任何重大變化。

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。我謹將會議交還給比爾·伯恩斯，請他作總結發言。

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，他們共同取得了第三季的優異業績。最後，我謹代表 Elo 團隊，熱烈歡迎大家加入我們，共同開啟令人興奮的未來之旅。謝謝。

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

會議已經結束。感謝各位參加今天的報告會。您現在可以斷開連線了。