斑馬技術公司 (ZBRA) 2026 Q2 法說會逐字稿

Good day, and welcome to the second quarter 2026 Zebra Technologies earnings conference call. (Operator Instructions) Please note this event is being recorded.

大家好，歡迎參加 Zebra Technologies 2026 年第二季財報電話會議。(接線員指示) 請注意，本活動將被錄音。

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

現在我想把會議交給投資人關係副總裁 Mike Steele。請開始。

Good morning, and welcome to Zebra second quarter earnings conference call. This presentation is being simulcast on our website at investors.zebra.com and will be archived there for at least 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 risk factors discussed in our SEC filings.

各位早安，歡迎參加 Zebra 第二季財報電話會議。本簡報將在我們的網站 investors.zebra.com 同步直播，並將在該網站存檔至少一年。我們的前瞻性陳述係基於目前的預期與假設，並可能受到風險與不確定性影響。實際結果可能有重大差異，請參閱我們向 SEC 申報文件中所討論的風險因素。

During this call, we will reference non-GAAP financial measures as we describe business performance with reconciliations shown at the end of the slide presentation and in our earnings press release.

在本次電話會議中，當我們說明業務表現時，將引用非 GAAP 財務衡量指標；其調節表列示於投影片簡報末尾以及我們的財報新聞稿中。

Throughout this presentation, unless otherwise indicated, our references to sales performance are year-on-year on a constant currency basis and exclude results from business acquisitions and disposition for 12 months.

在本簡報中，除非另有說明，我們對銷售表現的引用係以固定匯率基礎的年對年比較，並排除企業併購與處分在 12 個月內的結果。

This presentation will include prepared remarks from Bill Burns, our Chief Executive Officer; and Nathan Winters, our Chief Financial Officer. Bill will begin with perspectives on our second quarter results, our value proposition and strategic priorities. Nathan will then provide additional detail on our financial results and discuss our outlook, followed by Bill's closing remarks.

本簡報將包含我們執行長 Bill Burns 與財務長 Nathan Winters 的事先準備發言。Bill 將先就第二季業績、我們的價值主張與策略優先事項分享觀點。接著 Nathan 將提供更多財務結果細節並討論展望，最後由 Bill 作結語。

Then Bill and Nathan will take your questions. Now let's turn to Slide as I hand it over to Bill.

之後 Bill 與 Nathan 將回答各位的提問。現在讓我們切換到投影片，我把時間交給 Bill。

Thank you, Mike. Good morning, everyone, and thank you for joining us. There are key points I'd like to focus on today. First, our team executed well, driving record results with broad-based growth and significantly increased profitability. This strong performance, together with the continued momentum we are seeing across our business, supports our meaningful raise to the full year outlook.

謝謝你，Mike。各位早安，感謝各位加入。今天我想聚焦幾個重點。第一，我們的團隊執行到位，在廣泛成長的帶動下創下紀錄性成果，並顯著提升獲利能力。這項強勁表現，加上我們在整體業務上持續看到的動能，支持我們大幅上調全年展望。

Second, our results reflect Zebra's unique value proposition. Customers are investing to digitize and automate frontline operations and our integrated portfolio is central to their progress. Zebra's AI-powered solutions are helping customers globally to improve outcomes to enhance productivity, visibility and real-time decision-making.

第二，我們的結果反映 Zebra 獨特的價值主張。客戶正投資於前線營運的數位化與自動化，而我們的整合式產品組合是其進展的核心。Zebra 的 AI 驅動解決方案正協助全球客戶改善成果，以提升生產力、可視性與即時決策能力。

Third, we are executing on our clear strategy to create long-term shareholder value by driving sustainable growth, building on our industry leadership and track record of innovation in enhancing our financial strength and flexibility.

第三，我們正執行清晰的策略，透過推動可持續成長、延續我們的產業領導地位與創新紀錄、並強化財務實力與彈性，來創造長期股東價值。

With that, let's turn to our second quarter results. Turning to Slide 4. We delivered results exceeding our outlook driven by our team's execution and positive demand trends across our portfolio.

接著讓我們看看第二季的結果。請看投影片第 4 頁。在團隊執行力與我們產品組合整體正向需求趨勢的帶動下，我們交出超越展望的成績。

We had strong performance across all segments and regions with double-digit growth in our retail, manufacturing and health care end markets. Elo Touch contributed strong profitable growth with robust customer interest in our combined portfolio of solutions as we drive synergies with the acquisition.

我們在所有事業部門與地區均表現強勁，零售、製造與醫療保健終端市場皆達到雙位數成長。Elo Touch 貢獻了強勁且具獲利性的成長；隨著我們透過此次收購推動綜效，客戶對我們整合後的解決方案組合展現出高度興趣。

For the quarter, we generated sales of more than $1.5 billion, growing more than 20% or 9% on an organic basis from the prior year. An adjusted EBITDA margin of 27.7%, including the benefit of $73 million of tariff recovery and non-GAAP diluted earnings per share of $6.35 and a 76% increase over the prior year.

本季我們創造超過 15 億美元的營收，較去年成長逾 20%，若以有機基礎計算則成長 9%。調整後 EBITDA 利潤率為 27.7%，其中包含 7,300 萬美元的關稅回收效益；非 GAAP 稀釋後每股盈餘為 6.35 美元，較去年成長 76%。

Excluding the benefits of tariff recovery, we expanded adjusted EBITDA margin by points, driven by better-than-expected gross margins as well as operating expense leverage, benefiting from our productivity initiatives.

若排除關稅回收的效益，我們的調整後 EBITDA 利潤率仍擴張了若干個百分點，主要受惠於優於預期的毛利率以及營運費用槓桿，並得益於我們的生產力提升措施。

These results demonstrate both the durability of demand for our solutions and our ability to convert this demand into profitable growth. Our strong performance and financial position also supports our disciplined approach to capital allocation.

這些結果展現了市場對我們解決方案需求的韌性，以及我們將此需求轉化為具獲利成長的能力。我們強勁的表現與財務狀況，也支持我們在資本配置上的紀律性作法。

We repurchased more than $560 million of shares in the first half of the year, following more than $300 million in the fourth quarter. This elevated level of capital return reflects our conviction in Zebra and our long-term value creation opportunity.

今年上半年我們回購了超過 5.6 億美元的股票，此前在第四季回購超過 3 億美元。這樣較高水準的資本回饋，反映我們對 Zebra 的信心以及對長期價值創造機會的堅定信念。

Our business momentum and progress navigating the memory supply environment gives us confidence in raising our outlook for the full year.

我們的業務動能，以及在記憶體供應環境中的應對進展，使我們有信心上調全年展望。

Moving to Slide 5. I want to share some additional details on our key end markets. In retail, e-commerce and convenience stores were bright spots, driven by consumers' elevated expectations for faster delivery and expanded fulfillment options.

請看投影片第 5 頁。我想分享一些關於主要終端市場的補充細節。在零售方面，電子商務與便利商店是亮點，主要受消費者對更快速配送與更豐富履約選項的更高期待所帶動。

Our recently acquired Elo Touch business delivered strong growth, benefiting from self-service trend. We are also encouraged by customer interest in our Zebra frontline AI suite and new devices that can best deliver these solutions.

我們近期收購的 Elo Touch 業務實現強勁成長，受惠於自助服務趨勢。我們也對客戶對 Zebra 前線 AI 套件以及能最佳交付這些解決方案的新裝置所展現的興趣感到鼓舞。

In Transportation & Logistics, sales were flat on a strong prior year compare with relative outperformance in third-party logistics and warehousing.

在運輸與物流方面，由於去年同期基期強勁，銷售持平；其中第三方物流與倉儲表現相對更佳。

Our AI software solutions and recently launched portfolio of AI optimized mobile computers has positioned us well with industry-leading companies who recognize Zebra's ability to bring increased productivity and service levels to their operations.

我們的 AI 軟體解決方案，以及近期推出、針對 AI 最佳化的行動電腦產品組合，使我們在與產業領導企業合作上具備良好定位；這些企業認可 Zebra 能為其營運帶來更高的生產力與服務水準。

As we look ahead to 2027 we have a robust multiyear pipeline of large deployments. In manufacturing, our strong double-digit growth was driven by continued macro improvement and our customers need for increased visibility across their operations.

展望 2027 年，我們擁有強健的多年期大型部署案管線。在製造業方面，我們強勁的雙位數成長來自總體環境持續改善，以及客戶對其營運全流程提升可視性的需求。

Electronics and Pharmaceuticals were particularly strong in the quarter. Machine vision has also outperformed as our team has been executing well on growth initiatives as we invest in the business.

本季電子與製藥產業表現尤其強勁。機器視覺的表現也優於預期，因為我們在投資該業務的同時，團隊在成長計畫的執行上表現出色。

Healthcare was our highest growth end market in Q2. We realized particularly strong performance in mobile computing as customers equip more caregivers with enterprise-grade solutions. We're excited about our opportunity to improve the patient care journey.

醫療保健是我們第二季成長最高的終端市場。在行動運算方面，我們實現了特別強勁的表現，因為客戶為更多照護人員配備企業級解決方案。我們對改善病患照護旅程的機會感到振奮。

Now turning to Slide 6. We continue to build on Zebra's unique competitive positioning as the foundation for intelligent operations. Our solutions capture data at the front line, turn that data into insights and enable customers to take action in real time. AI strengthens its ongoing process by enabling faster decision-making, greater automation and continuous workflow improvement.

現在請看投影片第 6 頁。我們持續以 Zebra 獨特的競爭定位為基礎，打造智慧化營運的根基。我們的解決方案在前線擷取資料，將資料轉化為洞察，並使客戶能即時採取行動。AI 透過更快速的決策、更高程度的自動化與持續的工作流程改善，強化這一持續進行的流程。

Benefits include increased productivity and better experiences for frontline workers as well as consumers. We are deeply embedded in our customers' workflows and understand how work gets done on the frontline.

其效益包括提升生產力，並為前線工作者與消費者帶來更佳體驗。我們深度嵌入客戶的工作流程，並了解前線工作如何完成。

This allows us to serve as trusted partners to our customers and to co-innovate with them to digitize, automate and deploy AI. With our integrated portfolio, we meet customers where they are today in their automation journey while also continuing to expand our value as their operations evolve.

這使我們能成為客戶信賴的合作夥伴，並與他們共同創新，以推動數位化、自動化與 AI 部署。憑藉我們的整合式產品組合，我們能在客戶自動化旅程的當下階段與其相契合，同時也在其營運演進過程中持續擴大我們所提供的價值。

Turning to Slide 7. Our results reflect the progress we are making in executing on our 3 strategic priorities. On our first priority, long-term profitable growth we continue to see meaningful opportunity across both our segments, supported by a large and diverse market and a long runway for adoption in many of the environments we serve.

請看投影片第 7 頁。我們的結果反映了我們在執行三項策略優先事項方面所取得的進展。在第一項優先事項——長期且具獲利性的成長——我們持續在兩大事業部門都看到顯著機會；這得益於龐大且多元的市場，以及我們所服務的許多環境中仍有很長的採用跑道。

We believe both connected frontline and asset visibility and automation have a 5% to 7% organic sales growth profile over a cycle and are confident in our ability to deliver.

我們相信，「連結前線」以及「資產可視性與自動化」在一個景氣循環中皆具備 5% 至 7% 的有機銷售成長輪廓，並對我們的交付能力充滿信心。

Penetration remains low across the markets we serve, highlighting the opportunity in front of us. For example, based on third-party research, nearly 3/4 of warehouses globally, are in our early stages of their automation journey.

我們所服務市場的滲透率仍偏低，凸顯我們面前的機會。例如，根據第三方研究，全球近 3/4 的倉庫仍處於其自動化旅程的早期階段。

Our growth prospects are augmented by investments in RFID, machine vision and AI that enhance our differentiation and expand our relevance with customers. We're also driving efficiency initiatives in our business to enhance profitability, which include operating expense leverage through cost discipline, including our previously announced restructuring actions that were substantially completed in the second quarter, accelerating software development by deploying new AI tools enhancing our go-to-market model to improve market coverage and efficiency.

我們的成長前景因對 RFID、機器視覺與 AI 的投資而進一步提升，這些投資強化了我們的差異化並擴大了我們對客戶的相關性。我們也在業務中推動效率提升計畫以提高獲利能力，其中包括透過成本紀律實現營運費用槓桿（包含我們先前宣布且已於第二季大致完成的重整措施）、藉由部署新的 AI 工具加速軟體開發，以及強化我們的上市策略（go-to-market）模式以改善市場覆蓋與效率。

We also continue to make progress on our second priority, building on our market leadership by advancing innovation. We are seeing early traction in our new line of enterprise mobile computers and wearables that embed RFID and optimized AI processing capabilities.as well as new RFID and 3D machine vision solution.

我們也持續在第二項優先事項上取得進展，即在市場領導地位的基礎上推進創新。我們看到新一代企業級行動電腦與穿戴式裝置已出現早期動能，這些產品內建 RFID 與最佳化的 AI 處理能力，同時也推出新的 RFID 與 3D 機器視覺解決方案。

Finally, our strong earnings and cash flow generation continue to enhance our financial strength and flexibility. We are executing on a balanced capital allocation strategy, prioritizing investments in our business that elevate our portfolio of solutions, while consistently returning capital to shareholders.

最後，我們強勁的獲利與現金流創造能力持續提升我們的財務實力與彈性。我們正執行均衡的資本配置策略，優先投資於能提升我們解決方案組合的業務，同時持續向股東回饋資本。

Let me wrap up before I hand over to Nate. We have significant runway for growth with our clear and differentiated value proposition, supported by trends in automation, digitization and AI across a $35 million served market.

在交棒給 Nate 之前，我先做個總結。憑藉清晰且差異化的價值主張，我們擁有可觀的成長跑道，並受惠於自動化、數位化與 AI 的趨勢，覆蓋約 3,500 萬美元的可服務市場。

Our broad portfolio of integrated hardware and software solutions enables us to deliver value across the entire workflow, not just a single use case creating a meaningful competitive advantage.

我們廣泛的整合式硬體與軟體解決方案組合，使我們能在整個工作流程中交付價值，而不僅僅是單一使用情境，從而形成具意義的競爭優勢。

Our industry leadership puts us in a unique position to be the supplier of choice of AI for the frontline. And we have a resilient financial model with strong margins and cash generation, supported by disciplined capital allocation that drives long-term shareholder value.

我們的產業領導地位使我們處於獨特位置，成為前線 AI 的首選供應商。此外，我們擁有具韌性的財務模型，具備強勁的利潤率與現金創造能力，並由嚴謹的資本配置所支撐，以推動長期股東價值。

I will now turn the call over to Nathan to review our Q2 financial results, progress in navigating memory supply and our improved 2026 outlook.

接下來我把電話會議交給 Nathan，請他回顧我們第二季財務結果、在記憶體供應方面的應對進展，以及我們改善後的 2026 年展望。

Thank you, Bill. Let's start with the P&L on Slide 10. In Q2, total company sales increased 20.4% or 9.2% on an organic basis. We exceeded the high end of our guidance range, primarily due to our ability to secure increased memory supply as well as continued momentum across the business and favorable pricing.

謝謝你，Bill。我們先從第 10 頁投影片的損益表開始。第二季公司整體銷售額成長 20.4%，若以有機基礎計算則成長 9.2%。我們超越了指引區間的上緣，主要因為我們能取得更多記憶體供應，同時業務動能延續且定價有利。

Our Connected Frontline segment grew nearly 26% including the recent Elo acquisition or 7.5% on an organic basis, led by mobile computing.

我們的「連結前線（Connected Frontline）」部門成長近 26%（包含近期收購 Elo 的貢獻），若以有機基礎計算則成長 7.5%，主要由行動運算帶動。

Our asset visibility and Automation segment grew 11.4%, led by printing and machine vision. We realized solid performance across all our regions. North America sales increased 9%, led by our retail, manufacturing and health care end markets. EMEA sales grew 7% with broad-based growth across Europe, partially offset by continued softness in the Middle East.

我們的「資產可視性與自動化（Asset Visibility and Automation）」部門成長 11.4%，由列印與機器視覺帶動。我們在所有地區皆有穩健表現。北美銷售成長 9%，由零售、製造與醫療保健終端市場帶動。EMEA 銷售成長 7%，歐洲呈現廣泛成長，但部分被中東持續疲弱所抵銷。

Asia Pacific sales increased 13%, led by China, Korea and Southeast Asia and Latin America sales grew 15%, led by Mexico and Brazil. Adjusted gross margin improved 540 basis points to 53.3% largely due to the $73 million IPA tariff recovery that was not included in our outlook as well as favorable foreign currency exchange.

亞太地區銷售成長 13%，由中國、韓國與東南亞帶動；拉丁美洲銷售成長 15%，由墨西哥與巴西帶動。調整後毛利率提升 540 個基點至 53.3%，主要因為 7,300 萬美元的 IPA 關稅回收（未納入我們的展望）以及有利的外匯匯率變動。

Additionally, we fully mitigated a $20 million increase in memory costs through strong price realization. Gross margin outperformance, along with a 170 basis point improvement in operating expense leverage enabled us to expand adjusted EBITDA margin by 7.1 points to 27.7%. Non-GAAP diluted earnings per share were $6.35, a 76% year-over-year increase significantly exceeding the high end of our outlook.

此外，我們透過強勁的價格實現，完全抵銷了 2,000 萬美元的記憶體成本增加。毛利率優於預期，加上營運費用槓桿改善 170 個基點，使我們的調整後 EBITDA 利潤率擴張 7.1 個百分點至 27.7%。非 GAAP 稀釋後每股盈餘為 6.35 美元，年增 76%，顯著超越我們展望的上緣。

Turning now to the balance sheet and cash flow on Slide 11. Year-to-date, we generated $361 million of free cash flow, ending the second quarter with a modest debt leverage ratio of 1.9 times and $925 million of credit capacity. We've been deploying capital consistent with our allocation priorities, repurchasing $568 million of stock in the first half of the year.

接著看第 11 頁投影片的資產負債表與現金流。年初至今，我們產生了 3.61 億美元的自由現金流，第二季末的淨負債槓桿比率為溫和的 1.9 倍，並擁有 9.25 億美元的可用信貸額度。我們依照資本配置優先順序部署資本，上半年回購股票 5.68 億美元。

Turning to Slide 12. Our team has a track record of managing through disruptions by being proactive, maintaining close supplier partnerships and using our scale to create flexibility in the supply chain.

接著看第 12 頁投影片。我們的團隊在面對干擾時具備管理實績，做法包括主動因應、維持與供應商的緊密夥伴關係，並運用規模優勢提升供應鏈彈性。

We are successfully navigating the current memory cost and supply environment and have line of sight to what we need to support our outlook. Suppliers are delivering on their commitments, enabling our strong sales growth. We continue to work proactively across multiple fronts, including direct supplier co-planning, alternative sourcing options and transitions to higher density memory components where capacity is expected to increase into 2027.

我們正成功應對目前的記憶體成本與供應環境，並已清楚掌握支撐我們展望所需的條件。供應商正履行其承諾，支撐我們強勁的銷售成長。我們持續在多個面向主動推進，包括與供應商直接共同規劃、替代採購選項，以及轉換至更高密度的記憶體元件（預期產能將增加並延續至 2027 年）。

Additionally, the component pricing trajectory for the year is tracking in line with our expectations. Our cost position remains favorable relative to spot market rates given our direct supplier relationships.

此外，今年元件價格走勢與我們的預期一致。由於我們與供應商的直接合作關係，相較於現貨市場價格，我們的成本位置仍具優勢。

Looking ahead, we are committed to protecting profitability by taking additional price and other operational actions as necessary. Let's now turn to our outlook. We've entered the quarter with a strong backlog and pipeline that supports our sales growth guidance range of 17% to 20% including approximately 10.5 points of contribution from business acquisitions and favorable FX.

展望未來，我們承諾透過在必要時採取額外的漲價及其他營運措施來保護獲利能力。接下來談我們的展望。我們以強勁的在手訂單與商機管道進入本季，支撐我們 17% 至 20% 的銷售成長指引區間，其中約 10.5 個百分點來自企業併購與有利匯率（FX）的貢獻。

Our third quarter adjusted EBITDA margin is expected to be approximately 22% and non-GAAP diluted earnings per share are expected to be in the range of $4.70 and $4.90.

第三季調整後 EBITDA 利潤率預期約為 22%，非 GAAP 稀釋後每股盈餘預期介於 4.70 至 4.90 美元。

For the full year, we expect sales growth between 14% and 16% reflecting a 3-point increase at the midpoint from our prior outlook. Our guide factors in year-to-date outperformance, momentum across the business, including manufacturing and machine vision previously announced price increases related to memory and an 8-point favorable impact from acquisitions and FX.

就全年而言，我們預期銷售成長介於 14% 至 16%，在中位數較先前展望上調 3 個百分點。我們的指引納入年初至今優於預期的表現、全公司動能（包含製造與機器視覺）、先前宣布與記憶體相關的漲價，以及併購與匯率帶來的 8 個百分點有利影響。

Our full year adjusted EBITDA margin is now expected to be between 23.5% and 24%. And non-GAAP diluted earnings per share is expected to be between $20.75 and $21.25. Our full year guide continues to reflect full mitigation of the approximately $120 million memory cost headwind. We've been driving this through targeted price increases and other direct memory initiatives as well as net savings from our restructuring actions, volume leverage and FX favorability.

我們目前預期全年調整後 EBITDA 利潤率介於 23.5% 至 24%。非 GAAP 稀釋後每股盈餘預期介於 20.75 至 21.25 美元。我們的全年指引仍反映可完全抵銷約 1.2 億美元的記憶體成本逆風。我們透過針對性的漲價與其他直接記憶體相關措施，以及重整行動帶來的淨節省、規模效益與有利匯率來推動達成。

Free cash flow for the year is now expected to be at least $1 billion, which reflects a conversion rate of approximately 100%. We are continuing to optimize our working capital levels, balanced with our supply chain resilience objectives. Please reference additional modeling assumptions on Slide 13.

今年自由現金流目前預期至少為 10 億美元，反映約 100% 的轉換率。我們將持續最佳化營運資金水位，同時兼顧供應鏈韌性目標。請參考第 13 頁投影片的其他建模假設。

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

接下來我把電話會議交回給 Bill。

Thank you, Nathan. Before we turn to your questions, let me leave you with three key takeaways from the quarter. We delivered record quarterly results and are confident in our increased outlook for the full year. . Customers are leveraging Zebra's AI-powered portfolio solutions to improve productivity, visibility and decision-making, and we remain focused on driving long-term profitable growth and shareholder value.

謝謝你，Nathan。在進入提問之前，我想用本季三個重點結語。我們交出創紀錄的單季成果，並對上調後的全年展望充滿信心。.客戶正運用 Zebra 的 AI 驅動解決方案組合來提升生產力、可視性與決策品質，而我們仍專注於推動長期的獲利成長與股東價值。

I will now turn the call back to Mike.

接下來我把電話會議交回給 Mike。

Thanks, Bill. We'll now open the call to Q&A. We ask that you limit yourself to 1 question and 1 follow-up to give everyone the chance to participate.

謝謝，Bill。我們現在開放問答。為了讓每位與會者都有機會參與，請各位將問題限制為 1 個問題加 1 個追問。

(Operator Instructions)

（接線員指示）

Keith Housum, Northcoast Research.

Keith Housum，Northcoast Research。

Thanks, guys. Appreciate it, and good morning. Congratulations on a great quarter. Hey, Bill, is we're kind of thinking about the rest of the year into 2027, over the past 2 quarters, this quarter and last quarter, you referenced some successful deployments expected in 2027 in the T&L segment. Can you give us a little bit more color on that? Again, I'm asking for you to say guidance, but it sounds like your confidence in 2027 is growing based on some of the bookings that you have for that? Just any color you can provide on that would be great.

謝謝各位。感謝，早安。恭喜本季表現亮眼。Bill，若我們把視角放到今年剩餘時間並延伸到 2027 年，過去兩個季度——本季與上季——你提到在 T&L 部門預期於 2027 年會有一些成功的部署。你能否再多提供一些背景說明？我不是要你提供指引，但聽起來基於你們在這方面的部分訂單（bookings），你對 2027 年的信心正在提升？任何你能補充的資訊都會很有幫助。

Yeah, Keith, I would say that the excellent results certainly in the quarter overall with great execution by the team. So I'll start there. When we look at the vertical markets, clearly, saw the C&L cycling difficult comparison last year, just high compares. But still solid performance across that vertical market with growth across third-party logistics and warehousing in this segment.

是的，Keith，我會說本季整體結果非常出色，團隊執行力也很強。我先從這點開始。當我們看各垂直市場時，很明顯，C&L 因去年基期較高而面臨較艱難的比較，也就是高基期效應。但在該垂直市場中仍有穩健表現，且在第三方物流與倉儲方面都呈現成長。

So we feel good about transportation and districts and the investments they're making in technology despite the compare from a year ago. I'd say that, as you referenced, really a robust multiyear pipeline of large deployments coming across P&L really focused on last-mile delivery and our customers and our differentiation coming from our new mobile devices, which add RFID and AI capabilities to those devices are clearly giving us a competitive advantage in the market. The deployment of RFID continues across transportation and logistics as we see that investment continuing.

因此，儘管相較去年同期有比較基期因素，我們對運輸與相關客群（districts）在科技上的投資仍感到樂觀。另外如你所提，我們在 P&L 方面確實有一個非常強勁的多年期大型部署管線，主要聚焦於最後一哩配送；我們的客戶以及我們的差異化優勢，來自於新一代行動裝置——這些裝置加入了 RFID 與 AI 功能——顯然正在為我們帶來市場上的競爭優勢。我們也看到 RFID 的部署持續在運輸與物流領域擴大，相關投資仍在延續。

And I'd say that they're focused really on worker productivity, how do they drive operational efficiency, how do they increase visibility of parcels across their network.

我會說，他們真正關注的是員工生產力：如何提升營運效率、如何提高整個網路中包裹的可視性。

But we see over -- starting in '27, a strong pipeline of opportunities for refreshes within transportation logistics, and we continue those conversations with customers and are ever confident in that happening.

不過我們看到——從 2027 年開始——在運輸物流領域的更新換代（refresh）有一條強勁的機會管線；我們也持續與客戶進行這些對話，並且對其發生的可能性越來越有信心。

Great. I appreciate that. And then you made some positive commentary in terms of machine vision this quarter. Any color you can comment on in terms of the progress that you've made over the past year, 1.5 years of that, how you're thinking about that for the rest of the year?

很好。謝謝你的說明。另外，你們本季對機器視覺給出了一些正面的評論。就過去一年到一年半的進展，以及你們對今年剩餘時間的看法，你能否再補充一些資訊？

Yeah, I think just like T&L, we saw strength in manufacturing. So the -- while P&L has been a strong segment, manufacturing continues strength as well. So we're seeing the drive, again, for increased visibility across the supply chain, Electronics and pharmaceuticals, certainly a strength in the quarter in manufacturing.

是的，我認為就像 T&L 一樣，我們也看到製造業的強勁表現。因此——雖然 P&L 一直是強勢部門，但製造業也持續展現強度。我們再次看到推動力來自於供應鏈可視性提升的需求；在製造業中，電子與製藥在本季尤其強勁。

And then that driving really outperformance in machine vision with the team executing well within machine vision, really, we've aligned our business unit, our go-to-market teams to really focus on specific opportunities within manufacturing. We've talked about our increased focus on manufacturing over the last couple of quarters.

而這也帶動機器視覺的超預期表現；團隊在機器視覺的執行非常到位。實際上，我們已調整我們的事業單位與市場推進（go-to-market）團隊，聚焦於製造業中的特定機會。過去幾個季度我們也談到，我們對製造業的聚焦正在提升。

And that alignment with our regional sales teams is really driving our value proposition into the marketplace, which is resonating with not just our sales teams, but our partners and our customers as well.

而與各區域銷售團隊的這種對齊，正把我們的價值主張更有效地帶入市場；這不僅在我們的銷售團隊中引起共鳴，也同樣獲得合作夥伴與客戶的認同。

We continue to enhance the portfolio of solutions and machine vision, and we're seeing an excitement by the team and then strong growth.

我們持續強化機器視覺的解決方案組合，也看到團隊的熱情高漲，並帶來強勁成長。

I mean there's lots of examples using AI for optical character recognition, for instance, in places like outside of manufacturing, logistics and inside and manufacturing, things like food and beverage. So there's lots of examples of places where we're focused and we're winning. We've seen strong performance from Photo Neo.

我的意思是，有很多例子，例如使用 AI 進行光學字元辨識（OCR）；應用場景不只在製造業之外的物流，也在製造業內部，例如食品與飲料等領域。因此，我們有很多聚焦並且正在勝出的場景。我們也看到 Photo Neo 的強勁表現。

So acquisition in the space to continue to enhance our offerings, both organically and inorganically in machine vision. So we like this space. We're seeing growth across the business in manufacturing. We're seeing it diversifying the business and our team's focus is playing out as we'd expected driving growth for us.

因此，我們在這個領域透過併購來持續強化我們的產品供給，並在機器視覺方面同時推動有機與無機成長。我們喜歡這個領域。我們看到製造業相關業務全面成長。我們也看到它正在讓業務更加多元化，而團隊的聚焦正如我們預期般發揮效果，推動我們的成長。

Tommy Moll, Stephens.

Tommy Moll，Stephens。

Good morning and thank you for taking my questions. Bill, it sounds like in second quarter, part of the reason you've exceeded the top line expectation was the memory supply was a little better than expected. So my question is to what extent is your guidance for 3Q and the second half still constrained by that memory supply and to what extent do you have visibility into 2027 on that improving?

早安，謝謝讓我提問。Bill，聽起來第二季你們能超越營收預期，部分原因是記憶體供應狀況比預期稍好一些。所以我的問題是：你們對第三季與下半年給出的指引，在多大程度上仍受記憶體供應限制？另外，你們對 2027 年記憶體供應改善的能見度有多高？

Yes, I'll start and then maybe hand over to Nathan. I would say that memory continues to be dynamic and challenging environment. I'd say that our teams executed really well, both through the first half of the year and especially in the second quarter here to work closely with our suppliers to secure the the memory we needed to get above the top end of our guide.

是的，我先回答，之後也許交給 Nathan 補充。我會說記憶體仍然是一個變動且具挑戰性的環境。我想說，我們團隊在上半年、尤其是第二季，執行得非常好，與供應商密切合作，確保取得我們所需的記憶體，讓我們的表現能高於指引區間上緣。

We had told you that our demand was at that level and that really it was being gated by memory constraints. We're confident in mitigating the memory challenges to achieve our second half outlook.

我們之前就告訴各位，我們的需求就在那個水準，而真正的瓶頸是記憶體供應限制。我們有信心能緩解記憶體方面的挑戰，以達成我們對下半年的展望。

So demand signals and the demand we're seeing from our customers is above what we're guiding to, and there is still constraints out there, but the team has done an amazing job of really secure memory.

因此，從客戶端看到的需求訊號與實際需求都高於我們目前給出的指引；市場上仍有一些供應限制，但團隊在確保記憶體供應方面做得非常出色。

And I'll let Dave take you through the details, but they're doing a lot to make sure that we can deliver for our customers not just in second quarter, but through the second half of the year and into 2027.

我讓 Dave 帶你看細節；但他們正在做很多工作，確保我們不僅能在第二季交付，也能在下半年乃至一路到 2027 年持續為客戶交付。

Yes, Tom, just to add a few things. We talked about this before in terms of the different mitigation strategies and actions that teams are taking and we do expect, as Bill mentioned, a modest increase in memory in the second half but the team is really working hard to meet the unconstrained demand, which, again, is near the high end of our guidance range. the work we're doing with the direct supplier co-planning is really paying out -- working on the supply pipeline, not just for the next three to six, but actually in the next 18 months.

是的，Tom，我再補充幾點。我們之前談過不同的緩解策略與團隊正在採取的行動；如 Bill 所說，我們預期下半年記憶體供應會小幅增加，但團隊正非常努力去滿足不受限制情境下的需求——而這個需求水準再次接近我們指引區間的高端。我們與直接供應商進行共同規劃（co-planning）的工作確實正在產生效果——我們在供應管線上的工作，不只是看未來三到六個月，而是實際上看未來 18 個月。

And then a lot of work with our product teams on qualifying new suppliers, new different chip types. We're looking with 10 different new suppliers and the goal is to have five to seven qualified suppliers for each of our primary memory types.

另外，我們也與產品團隊投入大量工作，去認證新的供應商、不同的新晶片類型。我們正在評估 10 家不同的新供應商，目標是讓我們每一種主要記憶體類型都有 5 到 7 家通過認證的供應商。

So I think all those actions we're taking gives us confidence that we'll be able to continue to secure the volume we need to support our customers into 2027 and the growth that's required.

所以我認為，這些行動讓我們有信心，能持續取得所需的供應量，以支援客戶一路到 2027 年，以及所需的成長。

Nathan, a follow-up for you on the share repurchase activity pretty robust through the first half -- what can you tell us about any plans to continue to deploy capital there in second half of this year?

Nathan，我有一個追問：上半年你們的庫藏股回購相當積極——你能否談談今年下半年是否還有任何計畫要繼續在這方面部署資本？

Just start with the overall capital allocation, we ended the quarter at 1.9 times debt leverage, strong cash flow expected for the year at $1 billion.

先從整體資本配置談起：本季結束時，我們的債務槓桿倍數為 1.9 倍；預期全年將有強勁的現金流，約 10 億美元。

The balance sheet is in great shape. As we mentioned on the call, we repurchased $568 million through the second quarter, but we've continued to be active here in the early part of the third quarter, given what we believe is still an attractive stock valuation. Our full year EPS guide assumes that we'll do an additional $150 million of share repurchase in the back half, so call it, $700 million for the year.

資產負債表狀況非常好。如我們在電話會議中提到的，我們截至第二季已回購 5.68 億美元，但在第三季初我們仍持續積極回購，因為我們認為目前的股價估值仍具吸引力。我們的全年每股盈餘（EPS）指引假設下半年會再進行 1.5 億美元的股票回購，因此全年約 7 億美元。

I think we plan to take a bit more of a balanced approach here in the second half to maintain some flexibility. But again, have the option to continue to purchase more if we think it's -- the stock still remains at an attractive price.

我認為我們計畫在下半年採取更偏向均衡的做法，以保留一些彈性。但同樣地，如果我們認為——股價仍然處於具吸引力的水準，我們也保有繼續加碼回購的選項。

Quinn Fredrickson, Baird.

Quinn Fredrickson，Baird。

Hey, good morning, guys. Just on memory, you talked about supply. I'm wondering when you might get visibility into next year's component costs your key suppliers? I know you're on contract, not spot pricing. So when do you typically get some visibility into memory costs for next year?

各位早安。關於記憶體，你們談到供應。我想請教，你們大概何時能看得到明年關鍵供應商的零組件成本能見度？我知道你們是合約價，不是現貨價。所以你們通常何時能對明年的記憶體成本有一些能見度？

I'll take that. One, from a cost, I think just to start with this year, the market pricing is in line with our prior guide. So as we kind of laid out the year in the guidance, the pricing and the price increases that we have planned at the beginning of the year are largely playing out as expected.

我來回答。第一，從成本面來看，我想先從今年開始說，市場價格與我們先前的指引一致。因此，正如我們在年度指引中所規劃的，今年年初我們預計的定價與漲價幅度，大致上都如預期地在發生。

And as you would expect, there's quite a variability across the different memory types, and the direct purchasing with those memory suppliers is really playing -- is a really big benefit in terms of avoiding the spot market as much as we can.

而如你所預期，不同記憶體類型之間的變動幅度差異很大；我們直接向這些記憶體供應商採購，在盡可能避免現貨市場方面，確實帶來——是一項非常大的優勢。

We typically get pricing at the beginning of three months in advance -- for every three months. But I'd say, up to this point, our key suppliers have been pretty transparent around where they expect the price to go out into the future, while it's not set.

我們通常會在每個季度開始前三個月左右取得價格——也就是每三個月一個價格。但我想說，到目前為止，我們的關鍵供應商對於他們預期未來價格走勢相當透明，雖然價格尚未完全定案。

So I think the team has a pretty good handle on not only what we expect for the next 3 to 6 months but where that trajectory is expected to be as we go out to 2027. And that's where we're going to continue to monitor. And I'd say our commitment just like it was this year is to continue to take the necessary actions to mitigate that exposure in the P&L whether that's through our own increased pricing actions or other productivity initiatives to offset and continue to ensure we expand margins as we go into '27.

所以我認為團隊不僅對未來3到6個月的預期掌握得相當好，也了解當我們往2027年推進時，該趨勢預期會如何演變。而這也是我們會持續監控的部分。我想我們的承諾——就像今年一樣——是持續採取必要行動，降低損益表（P&L）對此的曝險；不論是透過我們自身進一步的調價措施，或其他生產力提升計畫來抵銷，並確保在邁向2027年時我們能持續擴大利潤率。

And then -- you gave guidance for third quarter and the full year here. So it looks like organic growth for fourth quarter is implied in about the 8% range. Can you just discuss how you think about what's embedded around year-end customer budget flush or large deals at this stage based on your conversations with customers?

另外——你們已經給了第三季與全年指引。看起來第四季隱含的有機成長大約在8%附近。能否談談，基於你們與客戶的對話，目前你們如何看待年底客戶預算消化（budget flush）或大型交易在指引中所隱含的假設？

Yes. So if you look -- again, we have a robust pipeline here as we go into the second half. So I think the conversations have continued to be productive similar to what they are in prior years, we don't typically get that full indication until we get to later part of the third quarter and early part of the fourth quarter.

好的。所以如果你看——再說一次，我們在進入下半年時有相當強健的案源（pipeline）。因此我認為對話持續保持成效，與往年類似；我們通常要到第三季後段與第四季前段，才會得到更完整的訊號。

So we feel good about the position we have for the fourth quarter in terms of the overall pipeline. And today, somewhat Q4 is capped by just on the memory supply we expect or have confidence in achieving here in the fourth quarter.

所以就整體案源而言，我們對第四季目前所處的位置感到樂觀。而就今天來看，第四季在某種程度上是受限於我們預期、或有信心在第四季能取得的記憶體供應量。

So again, but the team is actively working to secure that pipeline, get the visibility we need back to the supply chain team, so we can work with our suppliers to meet that demand, which, again, we were able to do here in the second quarter.

所以同樣地，團隊正積極推進以確保這些案源，並把我們需要的能見度回饋給供應鏈團隊，讓我們能與供應商合作以滿足需求；而這點我們在第二季也確實做到了。

Andrew Buscaglia, BNP Paribas.

Andrew Buscaglia，法國巴黎銀行（BNP Paribas）。

Good morning, everyone. Thanks for taking my question. Good morning. I wanted to wanted to check on your sales have just picked up nicely in Q2. But your Q3 guidance implies some slight deceleration. I mean, still very strong, but wondering what's informing that guidance.

各位早安。謝謝讓我提問。早安。我想確認一下，你們第二季的銷售確實回升得很不錯。但你們第三季指引看起來隱含成長略有放緩。我的意思是，仍然非常強勁，但想了解是哪些因素支撐這樣的指引。

And then similarly for Q3 margins, you had a nice did expectations by quite a bit, even ex tariff refunds, but then your Q3 margins imply a slight step down. So I'm just wondering if there's something going on with mix or timing of demand or timing of orders coming through? Or how would you characterize that?

同樣地，第三季的利潤率方面，你們第二季表現明顯優於預期，即使排除關稅退稅也是如此，但第三季利潤率指引卻隱含小幅下滑。所以我想了解，是否有產品組合（mix）或需求時點、訂單進來的時點等因素在影響？你們會如何描述這個情況？

I'd maybe just start with the kind of the overall outlook. I think we have obviously confidence in the guide given the first half performance. A lot of the back half is still somewhat predicated around the memory capacity that we expect.

我可能先從整體展望談起。我想我們顯然對這份指引有信心，因為上半年表現如此。下半年很大一部分仍在某種程度上取決於我們預期的記憶體產能供給。

So to a certain degree, the growth rates are somewhat just somewhat based on just prior year compares and where we expect the supply to play out and gives us confidence in that guide. So if you look at the Q3 sales guide of 17% to 20%, 8% organic at the midpoint, which includes about 2 points of pricing.

因此在某種程度上，成長率部分是基於去年同期比較，以及我們預期供應的落點，這也讓我們對該指引有信心。所以如果你看第三季營收指引17%到20%，中位數的有機成長為8%，其中約包含2個百分點的價格因素。

Again, we feel great about that ramp and the trajectory and the underlying demand supporting the business. And I think on the -- from an EBITDA rate perspective, if you look at the step down from Q2 to Q3, obviously, a primary driver that is removing the IPA refunds here in the Q2 results.

同樣地，我們對這個爬坡（ramp）、趨勢，以及支撐業務的底層需求感到非常有信心。而在——就EBITDA率的角度來看，如果你看從第二季到第三季的下滑，顯然主要驅動因素是第二季結果中不再有IPA退稅的貢獻。

And there's about 1 point degradation coming from higher memory costs. So we do expect memory costs to increase as we go from Q2 to Q3. We were able to fully mitigate the memory step-up in the second quarter with our own pricing actions but we do anticipate a slight degradation as we go into the third quarter, which was always planned out as part of our implied guide at the beginning of the year.

另外大約還有1個百分點的惡化來自更高的記憶體成本。所以我們確實預期記憶體成本會從第二季到第三季上升。我們在第二季透過自身的調價措施，已能完全抵銷記憶體成本的上升；但我們確實預期進入第三季會有些微惡化，而這一直都是我們在年初所給的隱含指引中已規劃的情境。

So operationally, excluding memory, it's somewhat in line sequentially in a similar level of mix as we go from the second to third quarter.

所以在營運面上，排除記憶體因素後，從第二季到第三季在序列上大致持平，產品組合也在相近水準。

Okay. Got it. And you raised prices this year, obviously, to help mitigate things. I think you indicated you can raise prices again if you want to, I guess, what gives you that confidence? And how how quickly can you implement it?

好的。了解。而你們今年已經調漲價格，顯然是為了協助抵銷一些因素。我想你們也提到，如果需要你們還可以再漲價；我想問，是什麼讓你們有這樣的信心？以及你們能多快落實？

And what would you need to see if you had to move forward with further price increases?

另外，如果你們必須推進進一步的漲價，你們需要看到哪些條件或訊號？

Yes, I'd say, Andrew, we'd prefer not to raise price. That's our -- certainly our strong preference. But we've had to do that based on the significant increase in memory. We believe that and have confidence that we need to, we can see that pricing flow through, and we've been able to demonstrate that both in our business and in the Elo acquisition as well on both sides.

是的，我想說，Andrew，我們其實希望不要漲價。這是我們——當然是我們強烈的偏好。但基於記憶體大幅上漲，我們不得不這麼做。我們相信、也有信心，如果需要，我們能看到這些定價順利傳導（flow through）；而我們也已在自身業務以及Elo併購案上、兩邊都證明了這一點。

So our preference is not to raise price, but as we need to do that as memory pricing continues to increase, we'll do that just like other suppliers have had to do. So I think that our preference is not, but that's kind of where things are at across the industry. There's just no way not to raise price given the significant increase in memory pricing today.

所以我們的偏好是不漲價，但當記憶體價格持續上升、我們需要這麼做時，我們就會像其他供應商不得不做的一樣去做。因此我想，我們的偏好是不漲，但整個產業目前就是這樣的狀況。在當前記憶體價格大幅上漲的情況下，實在沒有不漲價的空間。

Joe Giordano, TD Cowen.

Joe Giordano，TD Cowen。

Look, I know we -- I know we've talked about this a lot. I just want to be very clear, like -- and correct me if I'm wrong and how I was thinking about it. But last quarter, I think you characterized the revenue guidance at the high end as kind of unachievable in light of current memory availability at that time.

聽著，我知道我們——我知道我們已經談過很多次了。我只是想非常清楚地確認——如果我理解有誤請糾正我，這是我當時的想法。但在上一季，我記得你們把營收指引的高端描述為在當時的記憶體可得性情況下幾乎無法達成。

Now here you raised the high end. Like is the end of your revenue guidance achievable in the current memory availability framework?

你們這裡把高端上調了。在目前記憶體供應可得性的框架下，你們的營收指引上緣是可達成的嗎？

Yes. I'd say, Joe, that I think that the position we took in Q2 is the same that we've taken for Q3 and the full year guide, which is the demand signals today from our customers and the investments they're making across each of our vertical markets and across each of our regions really leads us to the high end of our outlook for Q3 and for the full year.

是的。Joe，我會說，我們在第二季採取的立場，與我們對第三季以及全年指引所採取的立場一致；也就是說，從目前客戶端的需求訊號，以及他們在我們各個垂直市場與各個地區所進行的投資來看，確實讓我們對第三季與全年展望的上緣更有信心。

And the midpoint of that outlook factors in the potential supply constraints associated with memory that we're seeing. So I think it's the same approach we had in Q2. We've now taken for Q3 and full year.

而該展望的中位數已納入我們所看到、與記憶體相關的潛在供應限制。所以我認為這與我們在第二季的做法相同。我們現在也把同樣的方法用在第三季與全年。

The team executed very well, delivering for our customers and to, which has got us to the above the high end of our range. But in second half, we're continuing to see a challenging and dynamic environment around memory.

團隊執行得非常好，為客戶交付成果，這也讓我們的表現超出區間上緣。但在下半年，我們仍持續看到記憶體方面具挑戰且動態的環境。

So the prudent thing for us to do is to the demand signals take us at the high end, but our guide is really at the midpoint of our guide that really factors in the potential supply constraints that we'd expect to see in second half.

因此，對我們而言較審慎的作法是：需求訊號把我們推向上緣，但我們的指引實際上落在區間中位數，並確實把我們預期下半年可能出現的供應限制納入考量。

But obviously, both were significant steps up from where we were last quarter, both in what I think is a response to what we see as the underlying demand and the great work the team is doing to secure additional supply.

但很明顯，這兩者相較於上季都是顯著上調；我認為這一方面反映我們看到的基本面需求，另一方面也反映團隊為取得更多供應所做的出色工作。

So I think both, as Bill mentioned, that's playing out in the guidance. But I think the positive note is that both were substantially higher than we were 3 months ago by the great work from the team.

所以我認為兩者——如Bill所提——都已反映在指引中。但正面的重點是：在團隊出色的努力下，這兩者都比三個月前大幅提高。

Is an LTA available to you guys if you wanted to pursue that?

如果你們想要推進的話，有沒有可用的LTA（長期協議）？

We've had discussions regarding supply agreements with various of our memory suppliers. But our priority up to this point has really been on qualifying new suppliers and memory types, along with working on that visibility, both here in the short and long term, and that's been playing out.

我們已就供應協議與多家記憶體供應商進行討論。但截至目前，我們的優先事項其實是認證新的供應商與記憶體類型，同時提升可視性——無論是短期或長期——而這些工作也正在發揮效果。

So while those discussions are ongoing, we don't think it's limiting us are preventing us from achieving it. And if those were necessary to obtain increased supply, we absolutely would, but hasn't been necessary to this.

因此，雖然這些討論仍在進行中，我們不認為這會限制或阻礙我們達成目標。如果為了取得更多供應而有必要簽訂這類協議，我們當然會做，但目前還沒有必要。

Piyush Avasthy, Citi.

Piyush Avasthy，花旗。

Good morning, guys, and thanks for taking my questions. Just following up on like some of the other questions asked on the guidance raise -- mean you are raising the organic growth expectations for the full year for 2026.

各位早安，謝謝讓我提問。我想延續其他人對上調指引的問題——也就是你們正在上調2026年全年有機成長的預期。

Like can you provide some clarity on how we should be thinking about the 2 segments, like connected front line has some memory constraints, so I understand that. But AVA had a really strong quarter, not sure if there's like any onetime item to call out there, but do you expect like AVA should lead that growth? Or do you think like CF could more meaningfully contribute as you progress through the year?

你們能否更清楚說明我們應該如何看待兩個事業部？例如Connected Frontline有一些記憶體限制，我理解。但AVA這季表現非常強勁，我不確定是否有任何一次性因素需要特別說明；你們是否預期AVA會帶動成長？或者你們認為隨著年度推進，CF會更有意義地貢獻成長？

Yeah, I think we see strong growth across both the segments. So asset vision and automation really focused on insights into assets we've been our customers. So think of inventory as an example in retail.

是的，我認為我們看到兩個事業部都呈現強勁成長。資產可視性與自動化（Asset Vision and Automation）主要聚焦於為客戶的資產提供洞察。以零售為例，就是庫存。

So print data capture, machine vision, RFID, are all part of that portfolio of solutions. We, in Q2, saw strong growth in print, again, driven by strength in manufacturing, for example. But we also had strong growth rates in volume and run rate for data capture solutions, our supplies business continues to be strong, strong quarter, a very strong quarter in machine vision and RFID deployments continue.

因此，列印與資料擷取、機器視覺、RFID都屬於該解決方案組合的一部分。我們在第二季看到列印業務強勁成長，再次主要由製造業的強勢所帶動。同時，我們的資料擷取解決方案在出貨量與run rate方面也有強勁成長；耗材業務持續強勁；機器視覺也有非常強勁的一季，RFID部署也在持續推進。

So I think strength in asset visibility certainly in Automation segment, but also connected frontline. So I think that we're clearly seeing that our customers are deploying more devices in the hands of more frontline workers to really improve productivity, drive collaboration, how do they enhance their interaction associates have with the customers on the front line.

所以我認為資產可視性在自動化事業部確實很強，但Connected Frontline也同樣強勁。我們很清楚看到客戶正在把更多裝置部署到更多第一線員工手上，以提升生產力、促進協作，並強化第一線同仁與客戶互動的方式。

And that segment, of course, is mobile computing, but also our ELO segment fits into that software and our AI solutions, and we're seeing mobile computing, next generation of those devices, adding AI capabilities and RFID, next-generation wearables, devices optimized with the processing power necessary to deploy AI, both RAI suite and deployments our customers are looking to make ELO.

而該事業部當然包含行動運算，同時我們的ELO事業也屬於其中，涵蓋軟體與AI解決方案；我們看到行動運算的新一代裝置正在加入AI能力與RFID；新一代穿戴式裝置也在推出；這些裝置在處理效能上已針對部署AI進行最佳化——包括RAI套件，以及客戶希望透過ELO進行的部署。

We had a strong performance in the second quarter and expect that to continue in the second half year with momentum with the Elo acquisition with the 2 sales teams working closely together and positioning those solutions across our customer base.

我們在第二季表現強勁，並預期下半年將延續這股動能；隨著Elo併購案帶來的推進，兩個銷售團隊緊密合作，並在我們的客戶基礎上推廣這些解決方案。

So I'd say you expect growth in both segments in the second half of the year and feel good about the demand across -- we're seeing across the portfolio, across the regions, across the different vertical markets, truly broad-based growth.

所以我會說，你可以預期下半年兩個事業部都會成長；而且我們對需求很有信心——我們在整個產品組合、各地區、不同垂直市場都看到需求，確實是廣泛性的成長。

Very helpful. And I think like I get the point that it's very broad-based with -- it seems like EMEA has been a bit of a laggard. I mean there was decent growth this quarter. But like -- and you mentioned like Middle East impact there. But can you elaborate on the underlying demand environment across like different business verticals in the the EMEA region specifically.

非常有幫助。我也理解你說的需求很廣泛——但看起來EMEA一直稍微落後。這一季成長還不錯。但你也提到中東的影響。你能否更詳細說明EMEA地區、特別是不同垂直產業的基本需求環境？

And as you think of like 2026, like based on the conversations with your customers there, like how do you think like Europe would contribute to the organic sales growth construct?

另外，當你們展望2026年時，根據與當地客戶的對話，你們認為歐洲在有機銷售成長的架構中會如何貢獻？

Yes. I mean Emis slightly behind the other regions. And I think if you go back a couple of quarters ago, EMEA growth was a bit challenged, but I think some of that was tougher compares from the prior year. We're seeing resilient demand across Europe.

是的。我的意思是，EMEA確實比其他地區稍微落後一些。如果回到幾季前，EMEA的成長確實有些吃力，但我認為部分原因是去年同期基期較高。我們看到歐洲的需求仍具韌性。

Obviously, as you said, softness in the Middle East, right, is the geopolitical challenges there. relative strength, I'd say, in retail, manufacturing, health care across EMEA, double-digit growth in machine vision our supplies business, RFID print mobile computing.

當然，如你所說，中東偏弱，主要是當地的地緣政治挑戰。

So I think we're seeing strong growth, it was 7% for the quarter. And I think that slightly below the other regions of North America.

所以我認為我們看到的是強勁成長，本季是7%。我認為這略低於北美等其他地區。

And then certainly, we saw a lot of strength in Asia Pac and Latin America. But I don't think we have any concerns about EMEA. We feel good about what they're seeing. And it's been pretty resilient given all the things happening across the European market.

而且我們在亞太與拉丁美洲確實看到很大的強勢。但我不認為我們對EMEA有任何疑慮。我們對他們所看到的情況感到樂觀。在歐洲市場發生這麼多事情的情況下，需求仍相當有韌性。

Meta Marshall, Morgan Stanley.

Meta Marshall，摩根士丹利。

Great. Thanks. A couple of questions for me. Just in terms of -- on LO, just where do you feel like you've got -- clearly, the business is continuing to do quite well.

好的，謝謝。我有幾個問題。先就LO而言，你們覺得目前進展如何——很明顯這項業務持續表現相當不錯。

But just in terms of kind of revenue synergies or selling into the base, where are you in terms of kind of exploiting some of those natural overlap and then maybe on the health care side, you noted very strong kind of traction there over the last quarter.

但就營收協同效益或向既有客戶基礎銷售而言，你們在發揮那些自然重疊的機會上進展到哪個階段？另外在醫療保健端，你們提到上季有非常強的動能。

Just trying to get a sense of are those new customers? Are those new project types? Just -- where is that kind of traction coming from?

我想了解的是：那些是新客戶嗎？是新的專案類型嗎？這種動能主要是從哪裡來的？

I'll start with Elo. I would say that excited about certainly the performance and the workaround integration as you mentioned, it really reaffirms our conviction that when the acquisition of Elo and the combined capabilities between our two portfolios that really gives us another dimension on the front line, which is really the focus areas there are modernizing point of sale, certainly continuing to streamline self-service and then the payment portfolio at Elo.

我先從 Elo 談起。我會說，正如你提到的，我們對其表現以及整合上的變通方案（workaround integration）感到非常振奮；這再次印證了我們的信念：收購 Elo 以及我們兩個產品組合之間的能力整合，確實讓我們在第一線多了一個維度。這些重點領域主要是：現代化銷售點（POS）、持續精簡自助服務，以及 Elo 的支付產品組合。

So I think we saw growth above our expectations in Q2, strong pipeline of opportunities driven by our sales teams working closely together and to growing that commercial pipeline, but also progress we're making on synergies, about $10 million identified so far.

因此，我認為我們在第二季看到的成長高於預期；在我們的銷售團隊緊密合作、推動商業機會管線成長的帶動下，機會管線相當強勁。同時，我們在綜效方面也有進展，目前已辨識約 1,000 萬美元。

But the real synergies come, as you pointed out, around the commercial side of things where expanding into new geographies that Elo didn't have a presence in before. We've got named accounts across the globe in which we're focused on joint selling efforts, and those are beginning to pay off with strong pipeline of opportunities, early wins and continuing to position the entire broad portfolio. I'd say in health care, highest growth vertical in the quarter, and you see this repeatedly from time to time here in health care, strong performance in mobile computing.

但真正的綜效如你所指出，主要來自商業面，也就是擴展到 Elo 先前尚未布局的新地理市場。我們在全球有一些指定客戶（named accounts），正聚焦於聯合銷售的努力，而這些開始帶來成果：機會管線強勁、初期贏單，以及持續推進整體廣泛的產品組合定位。我會說在醫療保健方面，本季是成長最高的垂直領域；而且你會不時在醫療保健領域反覆看到這點——行動運算表現強勁。

So we're clearly seeing the clipping of more caregivers with enterprise-grade solutions. It's really around staff communication and collaboration, enhancing patient safety around operational efficiency, in the health care base. We've seen clinical mobility. We've seen urgent care locations, driving the business, track and trace opportunities across health care and getting better visibility into what inventory they have.

所以我們很明顯看到，越來越多照護人員配備企業級解決方案。這主要圍繞在員工溝通與協作、提升病患安全與營運效率，在醫療保健客群中。我們看到臨床行動化。我們看到急診照護據點帶動業務，以及醫療保健領域的追蹤溯源（track and trace）機會，並讓他們更清楚掌握自身的庫存可視性。

We also see opportunities in health care. So we've taken the ELO products and solutions, an area they really weren't a primary focus for them into the HIMSS trade show earlier this year and really looking at self-service applications, both for things like patient check-in or visitor check-in.

我們也在醫療保健看到機會。因此，我們把 ELO 的產品與解決方案帶到今年稍早的 HIMSS 展會——這對他們而言其實不是主要聚焦領域——並且真正著眼於自助服務應用，例如病患報到或訪客報到。

But more opportunities in health care for ELO as well. So I think that health care continues to be a strong vertical for us. New customers and existing customers and new use cases and certainly more devices in the hands of more clinical workers overall?

但對 ELO 而言，在醫療保健也有更多機會。所以我認為醫療保健仍然是我們強勁的垂直領域。新客戶、既有客戶、新使用情境，當然也包括整體而言更多臨床工作者手上有更多裝置？

Guy Hardwick, Barclays.

Guy Hardwick，巴克萊。

Hi, good morning. Great results, guys. So Nathan, so I think you go back three months ago, you said that the EUR120 million of memory headwinds would be half offset by price, so maybe GBP50 million, GBP60 million realized over the three quarters.

嗨，早安。各位表現很棒。Nathan，我想回到三個月前，你提到 1.2 億歐元的記憶體逆風會有一半由價格抵銷，大概是 5,000 萬到 6,000 萬英鎊，分三個季度實現。

It looks like you've already realized '20. I think you said in the Q3 guidance, there's going to be 2 points of price. So that suggests perhaps another 30 million. So can you tell us what's happening in pricing? Is pricing being realized more quickly than you realized?

看起來你們已經實現了 2,000 萬。我想你在第三季指引中說，價格會有 2 個點的貢獻。所以這暗示可能再有 3,000 萬。那你能談談定價方面發生了什麼嗎？定價的實現是否比你原先預期更快？

Was there some mix effect as there have been some other price increases that perhaps have not been announced, which are benefiting results.

是否有一些組合（mix）效應，或是還有其他未公告的漲價，也在幫助業績？

Yes. No, that's exactly right. So out of the $120 million of gross headwinds, we had previously communicated $60 million expected benefit from pricing. We've increased that now to $90 million primarily due to the strength we saw in the second quarter.

是的。不，完全正確。在 1.2 億美元的總逆風中，我們先前溝通預期有 6,000 萬美元可由定價帶來的效益抵銷。我們現在把這個數字提高到 9,000 萬美元，主要是因為第二季看到的強勁表現。

And I think that's a real credit to the team. One thing we did differently this time versus other price increases -- while the price increase went into effect in the later part of March, we were proactively looking at deals and quoting opportunities at the higher price going back to the beginning of the year as we saw the price increase.

我認為這要歸功於團隊。這次相較於以往其他漲價，我們做得不同的一點是——雖然漲價在 3 月下旬才生效，但當我們看到將要漲價時，從年初開始就主動在交易與報價機會上以較高價格進行報價。

So I think that proactively getting those projects that were in the pipeline for the second quarter and embedding the incremental pricing ahead of the actual price increase in the announcement -- was a big driver.

因此，我認為主動把第二季管線中的那些專案，在正式公告漲價之前就把增量定價嵌入其中——是很大的驅動因素。

And I think the team has been super focused on it, a big credit to the sales team and our product teams for driving it. But that obviously gives us confidence here as we go to the back half of the year to deliver on what we need for the back half and substantially and continue to increase that as we go into the fourth quarter and into '27 to fully mitigate the exposure.

而且我認為團隊非常專注在這件事上，這要大大歸功於銷售團隊與產品團隊的推動。但這也顯然讓我們對下半年更有信心，能交付下半年所需的成果，並在進入第四季以及 2027 年時大幅、持續提高，以完全抵消相關曝險。

Okay. And in EMC, what do you think kind of just in EMC, what sort of price increases are you realizing?

好的。那在 EMC 方面，你認為——就 EMC 而言——你們實現了哪些類型的漲價？

Yeah, it's pretty well split. I mean, EMC takes a little bit longer just given the types of deals and the project base. But the vast majority of the price increase we announced in the second quarter was for our mobile computing portfolio.

是的，分布相當平均。我的意思是，EMC 因為交易型態與專案性質的關係，通常需要更長時間。但我們在第二季公告的漲價中，絕大部分是針對我們的行動運算產品組合。

But we've seen nice strong realization in print and other parts of the portfolio. So we're seeing it pretty broad-based. But I'd say the the mobile computing made up probably about half of the price increase here in the second quarter, and we'd expect that to increase as we go to the back half of the year.

不過我們也看到列印以及產品組合其他部分有不錯且強勁的實現。所以我們看到相當廣泛的落地。但我會說，第二季的漲價中，行動運算大概占了一半左右，而我們預期隨著進入下半年，這個占比會提高。

Trevor Saar, William Blair.

Trevor Saar，William Blair。

This is Trevor on for Brian. Just 1 for me. I was wondering if you could give a little bit more detail on the memory tech and the signals from customers or sorry, suppliers and how they're investing for that new memory tech in 2027.

我是 Trevor，代 Brian 提問。我只有一個問題。我想請你們更詳細談談記憶體技術，以及來自客戶——抱歉，是供應商——的訊號：他們如何為 2027 年的新記憶體技術進行投資。

And are customers asking for your products to be upgraded to this new memory tech for '27.

另外，客戶是否要求你們的產品在 2027 年升級到這種新記憶體技術？

Yeah, So if you look, we've done a lot of work within the portfolio. I mean the vast majority of our products are on the low-power DDR5, which is where the primary memory type that a lot of the capacity is moving to.

是的，所以如果你看，我們在產品組合內做了很多工作。我的意思是，我們絕大多數產品都採用低功耗 DDR5，這也是許多產能正在轉移到的主要記憶體類型。

So I think that puts us in a nice position of our portfolio being where capacity is moving towards and we're obviously working with each one of our suppliers as they move to the next-generation memory type within that band as well as qualifying new suppliers.

所以我認為這讓我們處於很好的位置：我們的產品組合正好在產能移轉的方向上；而且我們也正與每一家供應商合作，隨著他們在該區間內轉向下一代記憶體類型，同時也在認證新的供應商。

The work with our commercial teams and our customers is really around again, do they need 6, 8, 12, 16 gig memory? And what's the right memory for the use cases that they have, the applications? Obviously, what their future use of the device is going to be over the next 2 to 3 years as they're making those decisions.

我們與商務團隊及客戶的工作，主要還是圍繞：他們需要 6、8、12、16GB 的記憶體嗎？以及針對他們的使用情境與應用，哪一種記憶體才是合適的？當然也包括他們在未來 2 到 3 年對裝置的使用規劃，因為他們正在做這些決策。

But also there's a big price difference between those different types that we will to make sure our customers are aware of as well as capacity is different across each 1 of those. So I'd say it's a very active dialogue with the customers around their needs, the timing of when they need the product and then what's available. So it's quite an extensive amount of coordination across the groups.

但同時，這些不同規格之間的價差很大，我們也要確保客戶了解；而且每一種的容量供給也不同。所以我會說，這是一個非常積極的客戶對話：圍繞他們的需求、他們何時需要產品，以及當時有哪些供應可用。因此，跨團隊之間需要相當大量的協調。

But I think -- the team is doing a great job of working that between the sales team, the business units and our supply chain team to get the right product to our customers that meet their long-term needs with the best possible outcome, both from a timing and pricing perspective.

但我認為——團隊做得非常好，在銷售團隊、事業單位與供應鏈團隊之間協作，為客戶提供合適的產品，滿足其長期需求，並在時程與價格兩方面取得最佳可能的結果。

Patrick Muth, Needham.

Patrick Muth，Needham。

Thank you for taking my question. This is Patrick Mouth on for Jim Rachuri at Needham. I was curious about the RFID growth in the quarter and if you guys are still expecting that double-digit growth for the full year as opposed to OpEx investments in RFID? And then secondly, is there any more color that you guys can share on gross margins and OpEx in the second half of the year?

謝謝讓我提問。我是 Patrick Mouth，代 Needham 的 Jim Rachuri 提問。我想了解本季 RFID 的成長情況，以及你們是否仍預期全年會有雙位數成長——相較於在 RFID 上的營業費用（OpEx）投資？另外第二個問題，你們能否就下半年毛利率與營業費用（OpEx）提供更多說明？

Color that you guys can share on gross margins and OpEx in the second-half of the year?

你們能否分享一下今年下半年毛利率與營運費用（OpEx）方面的趨勢或看法？

Patrick, I'll start and then hand over to Nathan. Strong pipeline of opportunities with RFID as we continue to see investments across the supply chain.

Patrick，我先開始，然後交給Nathan。隨著我們持續看到供應鏈各環節的投資，RFID 相關機會的管線相當強勁。

So retail, transportation, logistics, manufacturing government as well. So we're expecting growth for the full year despite second quarter being flat, that's really primarily just timing on projects.

因此涵蓋零售、運輸、物流、製造，政府部門也是。所以我們預期全年仍會成長，儘管第二季持平，主要只是專案時程的影響。

Again, no concerns on our part about the growth of RFID. I think we're seeing the continued opportunities beyond retail apparel into broader merchandise parcel within transportation, logistics, fresh food in grocery, quick-serve restaurants, health care, government applications.

再次強調，我們對 RFID 的成長沒有任何疑慮。我認為我們看到的持續機會已從零售服飾延伸到更廣泛的商品領域，包括運輸與物流中的包裹、雜貨零售中的生鮮食品、速食餐飲、醫療保健、政府應用。

So broad use cases of RFID really going to drive that growth for full year, just again, not concerned about second quarter really at all. It's all project timing. Track and trace across the supply chain continues to be a focus for our customers Zebra as the broadest set of solutions inside RFID today.

因此，RFID 的廣泛使用情境將真正推動全年成長；再說一次，我們對第二季完全不擔心。這完全是專案時程問題。供應鏈的追蹤與溯源仍是我們客戶的重點，而 Zebra 目前在 RFID 領域擁有最完整的一套解決方案。

So whether it's fixed or handheld reading our printers today printing RFID labels we're really excited about our new line of mobile devices and wearables that have integrated near-field RFID reading capabilities associated with them, embedded in those devices that we're seeing a lot of interest from our customers that are pulling RFID for those devices.

因此，不論是固定式或手持式讀取，我們的印表機目前也能列印 RFID 標籤；我們對新一代行動裝置與穿戴式設備產品線感到非常振奮，這些產品整合了近場 RFID 讀取能力，並嵌入於裝置之中。我們看到客戶對此高度關注，並且正為這些裝置導入 RFID。

So we're excited about RFID and the expanded opportunity it represents. And again, full year growth definitely expected from the RFID portfolio.

所以我們對 RFID 以及其所代表的擴大機會感到興奮。同樣地，RFID 產品組合全年成長是明確可期的。

If you look at the back half margin as well as OpEx assumptions, the Q3 guide around approximately 2 -- as I mentioned, there was a slight step down from the Q2 results, excluding IPA refund of about 1 point, reflecting the higher memory costs, and we'd expect a similar margin profile as we go into the fourth quarter that's embedded in the guidance. I'd say, a lot of work on the OpEx line.

若看下半年毛利率以及 OpEx 的假設，第三季指引約為 2 -- 如我先前提到，較第二季結果略為下滑；若排除約 1 個百分點的 IPA 退稅，主要反映記憶體成本上升。我們預期進入第四季也會有類似的毛利率輪廓，這已包含在指引之中。我會說，我們在 OpEx 端做了很多工作。

We'll get about 1 point of scaling for the year, driven on the higher volume, but also we took significant restructuring throughout the first half of the year, which we completed here exiting the second quarter. which is allowing us to not only rightsize the portfolio, but absorb some of the higher health care costs and those types of things, while we continue to invest in our new AI solutions as well as expanded market coverage in our go-to-market team.

今年我們將獲得約 1 個百分點的規模效益，來自更高的出貨量；同時，我們在上半年進行了大規模重整，並在第二季結束時完成。這讓我們不僅能調整產品組合至適當規模，也能吸收較高的醫療保健成本等項目，同時持續投資於新的 AI 解決方案，以及擴大我們市場推進（go-to-market）團隊的市場覆蓋。

So we'd expect that scaling to continue here as we go through the back half of the year and into 2027 in OpEx.

因此，我們預期這種規模效益將在今年下半年持續，並延伸到 2027 年的 OpEx。

Amit Malhotra, UBS.

UBS 的 Amit Malhotra。

Good morning. This is Sato on for Amit Mehrotra. So my first question is on the Polar guide. If we take out pricing, volume, volume growth seems to be around mid-single digit range.

早安。我是代替 Amit Mehrotra 的 Sato。我第一個問題是關於 Polar 的指引。如果把價格因素拿掉，從量的角度看，量的成長似乎約在中個位數（mid-single digit）區間。

Now as we think beyond this year, do you think that right is sustainable and can even improve into the next year? Like I know this is a bit too early to provide any outlook for 2027, but can you help me with any framework around this like which parts of the portfolio can accelerate versus which can slow down?

那麼展望今年之後，你認為這樣的水準可持續嗎？甚至能在明年改善嗎？我知道現在談 2027 年的展望可能還太早，但你能否提供一個思考框架：例如投資組合中哪些部分可能加速、哪些可能放緩？

Yes. So if you look at our full year sales guide of 14% to 16%, 15% at the midpoint. That's organic growth of 7 points, which includes 2 points of price, and some of that pricing will roll over into 2027 just given the timing of the announcements, where acquisitions and FX make up 8 points -- the remaining 8 points of the delta. Look, I think as Bill mentioned earlier, we're excited about the long-term opportunities for the company. And while we're not guiding for '27, I think if you look at the underlying demand of the business, the pipeline -- we have a project in the innovation.

是的。如果你看我們全年銷售指引 14% 到 16%，中位數為 15%。其中有機成長為 7 個百分點，包含 2 個百分點的價格；由於公告時點的關係，其中部分漲價會延續到 2027 年；而併購與匯率合計貢獻 8 個百分點——也就是其餘 8 個百分點的差額。我想，如 Bill 先前提到的，我們對公司長期機會感到振奮。雖然我們不提供 2027 年指引，但若看業務的底層需求、管線——我們在創新方面有專案。

We feel confident that we'll be able to continue to meet the growing demand for our customers. And I'd say there's no reason to -- as we look at the long-term growth of 5 to 7 million that would be not somewhere within that range as we move forward out of '27 but into 2027.

我們有信心能持續滿足客戶不斷成長的需求。我會說，當我們往後看，長期 5% 到 7% 的成長並沒有理由不會落在那個區間內，隨著我們走出 '27 但進入 2027。

But a lot of that depends on, again, the timing of the pipeline along with looking at the memory capacity as we enter '27.

但其中很大一部分仍取決於——再次強調——管線時程，以及我們在進入 '27 時對記憶體產能的評估。

And just on a follow-up on the slide. If I look at the quarter, organic sales growth was like 9%, which is very strong. but was memory still a constraint for you in the quarter? Like in other words, like do you think sales growth would have been even higher in the second quarter and full year guide if memory is under constrained?

另外追問一下投影片的部分。如果我看這一季，有機銷售成長大約是 9%，非常強勁。但本季記憶體仍是你們的限制因素嗎？換句話說，如果記憶體不受限，你認為第二季的銷售成長以及全年指引會更高嗎？

Yes, I think we -- what we were saying before is that the demand certainly is strong from our customers and the momentum continues across each of our vertical markets.

是的，我想我們——先前所說的是，客戶端需求確實強勁，而且在我們各個垂直市場的動能都在延續。

And across both asset visibility in the Connected frontline segments. Our outlook is -- demand would represent kind of the high end of our outlook for Q3 and the full year.

並且在資產可視性（asset visibility）與 Connected frontline 兩個領域皆是如此。我們的展望是——需求本身大致對應到我們第三季與全年展望的高端。

And we're acturing in supply constraints into that, that takes us down to about the midpoint of our guide, which is the same that we did in our guide for Q2.

而我們在其中納入供應限制的假設，這會把結果拉回到指引的中位數，這與我們在第二季指引中採用的方式相同。

We were able to secure additional memory supply, which pushed us above the top end of our range for Q2. But we clearly are seeing strong demand for our solutions, and we're factoring in the potential constraints of memory into our guide for Q3 and for full year.

我們成功取得額外的記憶體供應，使我們第二季表現超過區間上緣。但我們確實看到對我們解決方案的強勁需求，並且在第三季與全年指引中納入記憶體可能受限的因素。

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

問答環節到此結束。我想把電話會議交回給 Bill Burns，請他做結語。

I'd like to wrap up by thanking our employees, our partners and our suppliers for their support in delivering record results in Q2. We are making excellent progress on our 2026 priorities, and we're excited about the opportunities ahead of us. Have a great day, everyone. Thank you.

最後我想感謝我們的員工、合作夥伴與供應商的支持，協助我們在第二季交出創紀錄的成果。我們在 2026 年的優先事項上進展非常順利，也對未來的機會感到振奮。祝大家有美好的一天。謝謝。

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

本次電話會議已結束。感謝您參加今天的簡報。您現在可以中斷連線。t