斑馬技術公司 (ZBRA) 2026 Q3 法說會逐字稿

Good day, and welcome to the third-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 年第三季財報電話會議。(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, 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'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 1 year. Our forward-looking statements are based on current expectations and assumptions and are subject to risks and uncertainties. Actual results could differ materially, and we refer you to the risk factors discussed in our SEC filings.

各位早安，歡迎參加 Zebra 第三季財報電話會議。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 1 年。我們的前瞻性陳述係基於目前的預期與假設，並受風險與不確定性影響。實際結果可能有重大差異，相關風險因素請參閱我們向 SEC 提交的文件中所討論的內容。

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. 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 dispositions for 12 months.

在本次電話會議中，我們將在說明業務表現時引用非 GAAP 財務衡量指標，相關調節表列示於投影片簡報末尾以及我們的財報新聞稿中。在本簡報中，除非另有說明，我們對銷售表現的引用皆為以固定匯率計算的年對年比較，並排除併購與處分業務在 12 個月內的結果。

This presentation will include prepared remarks from Bill Burns, our CEO; and Nathan Winters, our CFO. Bill will begin with perspective on our third 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. Then Bill and Nathan will take your questions.

本簡報將包含我們執行長 Bill Burns 與財務長 Nathan Winters 的預先準備發言。Bill 將先就第三季業績、我們的價值主張與策略重點提供觀點。接著 Nathan 將進一步說明財務結果並討論展望，之後由 Bill 作結語。然後 Bill 與 Nathan 將回答各位的提問。

Now let's turn to slide 3 as I hand it over to Bill.

現在讓我們翻到投影片第 3 頁，我把時間交給 Bill。

Thank you, Mike. Good morning, everyone, and thank you for joining us. It was another standout quarter for Zebra. We achieved record quarterly sales and increased earnings, driven by strong execution and broad-based growth across our portfolio. These results demonstrate the durability of customer demand for our innovative solutions and the resilience of our business model, which supports our increased full year outlook.

謝謝你，Mike。各位早安，感謝各位加入我們。對 Zebra 而言，這又是一個表現突出的季度。在強勁執行力與我們產品組合的廣泛成長帶動下，我們創下單季銷售新高並提升獲利。這些結果展現客戶對我們創新解決方案需求的持久性，以及我們商業模式的韌性，並支持我們上調全年展望。

Our results also reflect the critical role Zebra plays in frontline operations. From the factory floor to the point of sale, the supply chain is becoming more complex. More than 80% of the Fortune 500 rely on Zebra as they invest in digitizing and automating their workflows, bringing real-time intelligence and visibility to employees on the front line. Customers can now build upon the Zebra solution embedded in their critical workflows as they advance their physical AI journey. This creates a clear competitive advantage for Zebra supporting our ability to deliver sustainable, profitable growth.

我們的結果也反映 Zebra 在第一線營運中扮演的關鍵角色。從工廠現場到銷售端，供應鏈正變得更加複雜。超過 80% 的《財富》500 強企業在投資工作流程數位化與自動化時仰賴 Zebra，為第一線員工帶來即時智慧與可視性。隨著客戶推進其實體 AI（Physical AI）旅程，他們如今可在其關鍵工作流程中已嵌入的 Zebra 解決方案基礎上持續擴展。這為 Zebra 帶來明確的競爭優勢，支撐我們實現可持續且具獲利性的成長。

With that, let's turn to slide 4 to cover our third quarter results. We delivered sales and earnings results above our expectations with broad-based growth across segments, regions and end markets. Our Connected Frontline segment performed particularly well in the quarter, led by mobile computing and strong contribution from Elo Touch. This acquisition has performed very well in its first year, and we are on track to deliver our committed synergies.

接下來讓我們翻到投影片第 4 頁，說明第三季業績。我們在各事業部門、各地區與各終端市場均呈現廣泛成長，銷售與獲利表現皆優於我們的預期。本季我們的「連結式第一線（Connected Frontline）」事業部門表現尤其出色，主要由行動運算帶動，並有 Elo Touch 的強勁貢獻。這項收購在第一年表現非常亮眼，我們也正按計畫實現我們承諾的綜效。

For the quarter, we generated sales exceeding $1.6 billion, growing more than 22% or 11% on an organic basis from the prior year. And adjusted EBITDA margin of 21.6% and non-GAAP diluted earnings per share of $4.95, a 28% increase over the prior year. We saw very strong customer demand, leading to higher-than-anticipated sales volume. Our ongoing efforts to proactively strengthen memory supply, implement pricing actions and capture operating leverage enabled us to support this increased growth while maintaining adjusted EBITDA margin year-over-year.

本季我們創造超過 16 億美元的銷售額，較去年同期成長超過 22%，若以有機基礎計算則成長 11%。調整後 EBITDA 利潤率為 21.6%，非 GAAP 稀釋後每股盈餘為 4.95 美元，較去年同期增加 28%。我們看到非常強勁的客戶需求，帶動銷售量高於原先預期。我們持續主動強化記憶體供應、採取定價措施並取得營運槓桿，使我們在支持更高成長的同時，仍能維持調整後 EBITDA 利潤率的年對年水準。

Our strong performance and financial position also support our disciplined approach to capital allocation. We repurchased $75 million of shares in Q3, bringing the year-to-date total to more than $640 million. This reflects our confidence in the business and our long-term value creation opportunity. The strength of our results and our progress managing the supply environment gives us confidence in our full year outlook and our ability to continue to serve increasing customer demand into next year.

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。我們在第三季回購 7,500 萬美元股票，使今年迄今的回購總額超過 6.4 億美元。這反映我們對業務的信心，以及我們長期創造價值的機會。我們業績的強勁表現，以及我們在供應環境管理上的進展，讓我們對全年展望以及在明年持續滿足不斷增加的客戶需求的能力更具信心。

Moving to slide 5. I would like to share some additional details on our key end markets. In Retail, we realized high single-digit growth with particularly strong sales in e-commerce and specialty stores, driven by customers' expectations for faster delivery and expanded fulfillment options. Elo Touch continues to be a meaningful growth driver as the industry embraces self-service. Our Zebra frontline AI suite also continues to gain traction.

接著看投影片第 5 頁。我想分享我們主要終端市場的一些補充細節。在零售領域，我們實現了高個位數成長，其中電子商務與專賣店的銷售特別強勁，主要受客戶對更快速配送與更多元履約選項的期待所驅動。隨著產業採用自助服務，Elo Touch 持續成為重要的成長動能。我們的 Zebra 第一線 AI 套件也持續獲得市場動能。

We are excited to be partnering with a large North American specialty retailer rolling out Zebra AI companion across all of its locations.

我們很高興能與一家北美大型專賣零售商合作，將 Zebra AI companion 推廣部署至其所有據點。

Transportation & Logistics was our highest growth end market in Q3 as customers invest in AI-enabled mobile computing solutions to improve productivity and service levels, and we have a robust multiyear pipeline of large opportunities.

運輸與物流是我們第三季成長最快的終端市場，因客戶投資具 AI 功能的行動運算解決方案以提升生產力與服務水準，而我們也擁有強勁的多年期大型商機管線。

In Manufacturing, our high single-digit growth was driven by customers' need for increased visibility across their operations. Electronics and Food and Beverage contributed meaningfully to growth. Machine Vision also outperformed as we gained traction with go-to-market initiatives and our enhanced portfolio of solutions. Health care grew double digits during the quarter, led by mobile computing as customers equip more caregivers with enterprise-grade solutions. This reflects the broader opportunity to bring real-time intelligence to the front line and improve the patient care journey.

在製造業方面，我們的高個位數成長主要由客戶對其營運全流程提升可視性的需求所帶動。電子與食品飲料對成長有顯著貢獻。機器視覺表現也優於整體，因我們的市場推進（go-to-market）計畫取得進展，且解決方案組合更為完善。醫療保健在本季實現雙位數成長，主要由行動運算帶動，因客戶為更多照護人員配備企業級解決方案。這反映出將即時智慧帶到第一線並改善病患照護旅程的更廣泛機會。

Now turning to slide 6. We continue to build on Zebra's unique competitive positioning as the foundation for Intelligent Operations. AI solutions require access to frontline data in real time. Zebra plays at that intersection, capturing information from physical operations and providing actionable intelligence to the frontline.

現在翻到投影片第 6 頁。我們持續以 Zebra 獨特的競爭定位為基礎，打造智慧營運（Intelligent Operations）。AI 解決方案需要即時存取第一線資料。Zebra 正位於該交會點：從實體營運中擷取資訊，並向第一線提供可採取行動的智慧洞察。

Zebra's products are used by millions of frontline workers every day. Our customers need a practical path to scale and augment their labor resources and they are building on Zebra's workflow expertise and installed base of solutions as AI use cases emerge. Retail customer in EMEA recently selected Zebra's premium mobile computers over a competitor's offering because of the ability to optimize AI on the device. This customer has utilized Zebra's frontline AI suite to help build precise product location functionality in their internally developed AI applications to drive productivity.

Zebra 的產品每天被數百萬名第一線工作者使用。我們的客戶需要一條務實的路徑，以擴大規模並強化其勞動資源；隨著 AI 使用情境浮現，他們正以 Zebra 的工作流程專業能力與既有解決方案安裝基礎為依託持續建構。EMEA 地區的一家零售客戶近期選擇 Zebra 的高階行動電腦而非競品，原因在於能在裝置端最佳化 AI。該客戶已運用 Zebra 第一線 AI 套件，協助在其內部開發的 AI 應用中建立精準的商品定位功能，以提升生產力。

Turning to slide 7. Our results reflect the progress we are making in executing on our strategic priorities. Customers are digitizing physical operations to improve performance and are in the early stages of putting AI to work. Across the supply chain, Zebra is able to meet our customers wherever they are in their automation journey, and we are well positioned to solve their biggest problem. We are also driving efficiency initiatives in our business to enhance profitability, which include operating expense leverage through cost discipline, accelerating our software development with new AI tools and enhancing our go-to-market model to improve market coverage and efficiency.

接著看投影片第 7 頁。我們的業績反映出我們在執行策略重點方面所取得的進展。客戶正將實體營運數位化以提升績效，並處於讓 AI 開始發揮作用的早期階段。在整個供應鏈中，Zebra 能在客戶自動化旅程的任何階段滿足其需求，且我們具備優勢來解決他們最大的問題。我們也在業務中推動效率提升計畫以強化獲利能力，包括透過成本紀律取得營運費用槓桿、運用新的 AI 工具加速軟體開發，以及強化我們的市場推進模式以提升市場覆蓋與效率。

Our second priority is advancing innovation. We continue to see promising early customer traction with our frontline AI suite, new mobile computers with RFID and optimized AI processing capabilities as well as next-generation RFID and 3D machine vision solutions. Our progress this year has highlighted the opportunity to deliver long-term profitable growth.

我們的第二項重點是推進創新。我們持續看到客戶對我們第一線 AI 套件、新款具備 RFID 與最佳化 AI 處理能力的行動電腦，以及下一代 RFID 與 3D 機器視覺解決方案展現出令人鼓舞的早期採用動能。我們今年的進展突顯了實現長期、具獲利性成長的機會。

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。我們正執行一項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，同時持續將資本回饋給股東。

Before I hand over to Nathan, let me step back and highlight what this quarter demonstrates about Zebra's long-term investment case. Q3 reinforces our investment thesis. We serve a $35 billion market with substantial runway as customers bring more automation and AI to physical operations. Our differentiation is meaningful. Zebra is embedded in critical workflows, and we're well positioned to be the AI leader for the frontline.

在我把時間交給 Nathan 之前，讓我退一步，強調本季對 Zebra 長期投資論點所展現的意義。第三季強化了我們的投資主張。我們服務的是一個 350 億美元的市場，隨著客戶將更多自動化與 AI 導入實體營運，仍有可觀的成長跑道。我們的差異化具備實質意義。Zebra 深度嵌入關鍵工作流程，我們也具備成為第一線 AI 領導者的有利位置。

Our capital-light model and strong cash generation are giving us the flexibility to invest in growth opportunities and return capital to shareholders. Together, these strengths give Zebra a durable, profitable growth model with the financial flexibility to create long-term shareholder value.

我們的輕資本模式與強勁的現金創造能力，讓我們有彈性投資成長機會並回饋股東。綜合而言，這些優勢使 Zebra 擁有一個具韌性、可獲利的成長模式，並具備財務彈性以創造長期股東價值。

I will now turn the call over to Nathan to review our Q3 financial results, progress in navigating memory supply and our strong fourth quarter outlook.

接下來我將把電話會議交給 Nathan，請他回顧我們第三季的財務結果、在因應記憶體供應方面的進展，以及我們對第四季的強勁展望。

Thank you, Bill. Let's start with the P&L on slide 10. In Q3, total company sales increased 22.3% or 11.3% on an organic basis, driven by continued momentum across the business and pricing actions, and we exceeded the high end of our guidance range, primarily due to our ability to secure increased memory supply.

謝謝你，Bill。我們先從第 10 頁投影片的損益表開始。第三季，公司總銷售額成長 22.3%，若以有機基礎計算則成長 11.3%，主要受惠於全業務持續的動能與定價措施；此外，我們也超越了指引區間的上緣，主要原因在於我們能夠取得更多的記憶體供應。

Our Connected Frontline segment grew nearly 35%, including the Elo Touch acquisition or 15% on an organic basis, led by mobile computing. Our Asset Visibility and Automation segment grew 7%, led by machine vision, printing and RFID.

我們的「連結式第一線（Connected Frontline）」部門成長近 35%，其中包含 Elo Touch 併購的貢獻；若以有機基礎計算則成長 15%，主要由行動運算帶動。我們的「資產可視性與自動化（Asset Visibility and Automation）」部門成長 7%，主要由機器視覺、列印與 RFID 帶動。

Performance was broad-based across all of our regions led by mobile computing. North America sales increased 11% with strength in all end markets and outperformance in Canada. EMEA sales grew 13%, led by large transportation and logistics customers with broad-based growth across the region. Asia Pacific sales increased 8%, led by Southeast Asia, South Korea and China, and Latin America sales grew 9%, led by Mexico and Brazil.

各地區表現普遍強勁，並以行動運算為主要帶動因素。北美銷售成長 11%，各終端市場皆展現強勁表現，且加拿大表現優於整體。EMEA 銷售成長 13%，由大型運輸與物流客戶帶動，且整個區域呈現廣泛成長。亞太銷售成長 8%，主要由東南亞、南韓與中國帶動；拉丁美洲銷售成長 9%，主要由墨西哥與巴西帶動。

Adjusted gross margin declined 220 basis points to 46%, primarily due to increased memory costs and business mix that was partially offset by favorable FX. Pricing actions mitigated nearly one half of the greater than $50 million year-on-year increase in memory costs, which was elevated primarily due to our higher-than-expected sales of mobile computers. Our 230 basis point improvement in operating leverage enabled us to hold EBITDA margins flat at 21.6%. Non-GAAP diluted earnings per share were $4.95, a near 28% year-over-year increase, exceeding the high end of our outlook.

調整後毛利率下滑 220 個基點至 46%，主要因記憶體成本上升與業務組合影響，部分被有利的匯率所抵銷。定價措施抵銷了年增超過 5,000 萬美元記憶體成本增加中的近一半；該成本上升主要是因我們行動電腦銷售高於預期所致。營運槓桿改善 230 個基點，使我們得以將 EBITDA 利潤率維持在 21.6% 不變。非 GAAP 稀釋後每股盈餘為 4.95 美元，年增近 28%，並超越我們展望區間的上緣。

Turning now to the balance sheet and cash flow on slide 11. Year-to-date, we generated $661 million of free cash flow, ending the third quarter with a modest debt leverage ratio of 1.6x and more than $1 billion of credit capacity. We've been deploying capital consistent with our allocation priorities, repurchasing $946 million of stock during the past four quarters. Also note, later this month, we plan to refinance our credit facility which is scheduled to mature in May of 2027.

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 6.61 億美元的自由現金流，第三季末的淨負債槓桿比率為溫和的 1.6 倍，且可用授信額度超過 10 億美元。我們依照資本配置優先順序部署資本，在過去四個季度回購了 9.46 億美元的股票。另外請注意，本月稍晚我們計畫為將於 2027 年 5 月到期的信用融資安排進行再融資。

Turning to slide 12. Meeting demand in this environment requires both supply and cost management. Our scale and direct supplier co-planning give us flexibility to secure the components we need, while alternate sourcing and transitions to higher density memory have expanded our options into 2027. Component pricing has been increasing generally as expected, and our position remains favorable relative to spot market rates given our direct supplier relationships. Our balance sheet reflects advanced stocking of memory to ensure we can serve the robust mobile computing demand in our pipeline into 2027, which is a top priority.

接著看第 12 頁投影片。在此環境下滿足需求，需要同時管理供應與成本。我們的規模與與供應商直接共同規劃（co-planning）讓我們能靈活取得所需零組件；同時，替代來源以及轉換至更高密度記憶體，已將我們的選項延伸至 2027 年。零組件價格整體如預期上升；由於我們與供應商的直接關係，相較於現貨市場價格，我們的條件仍然有利。我們的資產負債表反映了提前備貨記憶體，以確保我們能滿足管線中至 2027 年仍然強勁的行動運算需求，這是首要優先事項。

Together, these actions position us well to meet strong customer demand while protecting profitability.

綜合這些措施，我們能在保護獲利能力的同時，妥善滿足強勁的客戶需求。

Let's now turn to our outlook. We have entered the quarter with a strong backlog and pipeline that supports our sales growth guidance range of 10% to 14%, including approximately 150 basis points of contribution from favorable FX. Our fourth 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 $5 and $5.40.

接著談我們的展望。我們以強勁的訂單積壓與銷售管線進入本季，支撐我們 10% 至 14% 的銷售成長指引區間，其中約有 150 個基點來自有利匯率的貢獻。我們預期第四季調整後 EBITDA 利潤率約為 22%，非 GAAP 稀釋後每股盈餘預期介於 5.00 至 5.40 美元。

Our fourth quarter outlook translates to full year sales growth of approximately 17%, a 2-point increase from our prior outlook. Our full year adjusted EBITDA margin is expected to be approximately 23.5%, and non-GAAP diluted earnings per share is expected to be $21.20 based on our Q4 guide midpoint, increasing greater than 30% year-on-year.

我們對第四季的展望，對應到全年銷售成長約 17%，較先前展望上調 2 個百分點。我們預期全年調整後 EBITDA 利潤率約為 23.5%；以第四季指引中點計算，全年非 GAAP 稀釋後每股盈餘預期為 21.20 美元，年增超過 30%。

Our full year guide continues to reflect full mitigation of the approximately $145 million of memory cost headwind, an increase of $25 million from our prior estimate due to higher sales volumes. We have been addressing this through targeted price increases, along with net savings from our restructuring actions, volume leverage and FX favorability. Free cash flow is 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 and elevated memory component inventory. Please reference additional modeling assumptions on slide 13.

我們的全年指引仍反映可完全抵銷約 1.45 億美元的記憶體成本逆風；由於銷售量較高，較先前估計增加 2,500 萬美元。我們透過有針對性的漲價、重整措施帶來的淨節省、規模帶來的槓桿效益以及有利匯率來因應。自由現金流預期至少為 10 億美元，反映約 100% 的轉換率。我們持續優化營運資金水位，同時兼顧供應鏈韌性目標與較高的記憶體零組件庫存。更多建模假設請參考第 13 頁投影片。

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 a few takeaways. Q3 demonstrated strong customer demand across our business, supporting our increased full year outlook. Customers are leveraging Zebra's AI-powered portfolio of 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。在我們開始回答各位問題之前，我想留下幾點重點。第三季展現了我們各項業務的強勁客戶需求，支撐我們上調全年展望。客戶正運用 Zebra 的 AI 驅動解決方案組合來提升生產力、可視性與決策能力；我們仍專注於推動長期、可獲利的成長與股東價值。

With that, I will now turn the call back to Mike.

接下來我將把電話會議交回給 Mike。

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

謝謝，Bill。我們現在開放問答。（接線員指示）

(Operator Instructions) Andrew Buscaglia, BNP Paribas.

（接線員指示）Andrew Buscaglia，法國巴黎銀行（BNP Paribas）。

So I just wanted to touch on the memory impact in the quarter. You say you're now expecting $145 million in incremental costs. I think last quarter, you said you had expected about $120 million. But you, you're sort of indicating that things are still in line with what you're expecting. So what's the delta here?

我想先談一下本季記憶體的影響。你們表示目前預期增量成本為 1.45 億美元。我記得上一季你們說預期大約是 1.2 億美元。但你們又似乎表示整體仍符合你們的預期。那這裡的差異是什麼？

Is it more just demand picking up so you need to procure more memory and that's what sort of surprised you? Or can you just give us a little more detail on that thinking?

是因為需求回升、所以你們需要採購更多記憶體，這點讓你們有些意外嗎？或者你們能否就這個思考再多提供一些細節？

Yes, Andrew, this is Nathan. Again, the, if you look at the memory impact from $145 million to $120 million in our last guide, it's entirely driven by increased mobile computing volume both with, to drive the upside in the quarter and the overall mix within it. And I'd say there's also some mix of the memory types and requirements from our customers because that can have an impact on pricing. But as we said on the call, the component prices are in line with our expectation. The price realization coming through the P&L is generally in line.

是的，Andrew，我是 Nathan。再說一次，如果你看記憶體影響從 1.2 億美元到 1.45 億美元（相較我們上次的指引），完全是由行動運算出貨量增加所驅動，這同時帶動了本季的超預期表現以及其中的整體產品組合。我也想補充，客戶對記憶體類型與規格需求的組合也有一些變化，因為這會影響定價。但如同我們在電話會議中所說，零組件價格仍符合我們的預期。損益表中反映的價格實現（price realization）整體也大致符合預期。

So again, the increase is really entirely driven by the incremental volume and mix within the portfolio.

所以再說一次，這項增幅確實完全是由投資組合內新增的出貨量與產品組合（mix）所驅動。

Okay. Got it. And you indicated you're increasing prices in early, or you did in early October. Any way you can frame the magnitude of the increase and give us some confidence that your margins are protected into next year. How are you thinking about that?

好的。明白了。你提到你們在10月初提高了價格，或是已在10月初調價。你能否說明一下這次調價的幅度，並讓我們對你們的毛利在明年仍能受到保護更有信心？你們是如何思考這件事的？

Yes. If you look at the October price increase like any of our price increases, it varies across the different portfolios and regions. But generally, it's about a 15% increase in our mobile computing products with that intent of closing the gap on the memory cost impact, really a modest impact here we'll expect in the fourth quarter, just as those prices go throughout the market. But we expect that to drive about 1.5 point impact on the top line in 2027 in terms of the magnitude.

是的。如果你把10月的漲價看作我們以往任何一次調價，它會因不同產品組合與地區而有所差異。但整體而言，我們的行動運算（mobile computing）產品大約上調15%，目的是縮小記憶體成本上升帶來的影響缺口；我們預期在第四季的影響相對溫和，因為這些價格會逐步在市場上反映。但就幅度而言，我們預期這將在2027年帶來約1.5個點的營收（top line）拉動。

And again, as we go into next year, I think the first is, we're first committed to taking any action necessary to first win in the market, but also preserve profitability, and that includes continuously looking at what prices we have to set in the market, along with driving efficiencies across the business to help mitigate the memory headwind.

另外，展望明年，我認為首先，我們承諾會採取任何必要行動，先在市場上取得勝利，同時也要維持獲利能力；這包括持續檢視我們在市場上必須設定的價格，並在整個業務中推動效率提升，以協助緩解記憶體逆風。

Tommy Moll, Stephens.

Stephens 的 Tommy Moll。

One more on memory here, Nathan, I think you said in the quarter you just reported that pricing offset nearly half of 50 or maybe a little bit north of $50 million. So there's a gap there. But for the year of $145 million, do you still expect to fully offset dollar for dollar? So is the catch-up all here in Q4? Or how do you bridge us there?

再追問一個關於記憶體的問題，Nathan，我想你在剛公布的這一季提到，定價抵消了將近一半的5,000萬美元，或略高於5,000萬美元。所以中間還有缺口。但就全年1.45億美元而言，你們仍預期能以美元對美元（dollar for dollar）完全抵消嗎？所以追趕（catch-up）都會在第四季發生嗎？或者你要如何把這之間的差距說清楚？

That's correct. So if you look in the third quarter, it was around $50 million of cost headwind. We realized about $25 million of price. And as we said back at the beginning of the year, the mitigation for the full impact not only includes the pricing actions we've taken through the year, which is driving around 1.5 points of top line benefit but also included the restructuring actions in the beginning of the year, some tariff tailwind along with the productivity we're driving across OpEx.

沒錯。所以如果看第三季，大約有5,000萬美元的成本逆風。我們實現了約2,500萬美元的價格貢獻。而且如同我們在年初所說，針對全部影響的緩解措施，不僅包含我們全年採取的定價行動（帶來約1.5個點的營收效益），也包含年初的重整措施、部分關稅順風，以及我們在營業費用（OpEx）上推動的生產力提升。

So we knew going into the year that would take some time for our pricing actions to flow through the P&L relative to the cost impact. We relied on those other levers to mitigate for the full year. And now, as I mentioned earlier, the October price increase is really helping us set up to fully mitigate the impact on a dollar-for-dollar basis as we go into '27.

因此我們在年初就知道，相較於成本影響，我們的定價行動需要一些時間才會在損益表（P&L）中反映出來。我們依靠其他槓桿來緩解全年影響。而現在，如我先前提到的，10月的漲價確實有助於我們在邁入'27時，以美元對美元的方式完全抵消這項影響。

And as a follow-up on 2027, you're exiting this year with organic volumes well into the high single digits, I think, is the right ZIP code if we do the math on your organic guide. Last quarter, you mentioned some good visibility for 2027 on big T&L refresh opportunities. Any other big project commentary you could give us for next year? And just given the exit rate here, is there any reason why you shouldn't end up toward the high end of that typical 5% to 7% kind of range for 2027.

另外追問2027年：你們今年結束時的有機出貨量增長已經明顯落在高個位數區間；如果我們用你們的有機指引來推算，我想這個判斷大致沒錯。上季你提到對2027年一些大型T&L更新換代機會有不錯的能見度。對於明年還有其他大型專案，你能否再提供一些評論？以及考量目前的退出（exit）速度，是否有任何理由讓你們不會落在2027年典型5%到7%區間的高端？

Yes, Tommy. I would say that we're not providing a detailed guide to '27 at the moment. But I would say that maybe a bit of color, as you talked about, based on the pipeline of opportunities, the underlying demand we are seeing, the strength of the portfolio across all of our solutions. And as Nate just talked about with the first 2 questions here, securing additional memory supply, we would expect growth, as you suggested, for '27 to be at the high end of our long-term guidance range, and we think of profitability to be in line with kind of fourth quarter being a baseline of profitability for next year. So that's how we see it in line with what you were kind of outlining.

是的，Tommy。我會說我們目前不提供'27的詳細指引。但可以補充一些背景：如你所提到，基於機會管線（pipeline）、我們看到的基礎需求、以及我們在所有解決方案上的產品組合強度。再加上Nate剛剛在前兩個問題提到的、確保額外記憶體供應，我們預期'27的成長會如你所建議，落在我們長期指引區間的高端；而獲利能力方面，我們認為可與第四季的獲利水準大致一致，作為明年的獲利基準。所以我們的看法與你剛才的推論大致相符。

Jamie Cook, Truist Securities.

Truist Securities 的 Jamie Cook。

This is actually Kevin Wilson on for Jamie. On memory, I'm wondering how much memory on hand increased in the third quarter? And how much supply for the first half of next year is already on hand or committed? And then you're talking about qualifying new suppliers, I think, with a goal of 5 to 7 qualified sources per memory type. Wondering if you could provide us an update on that effort in terms of adding useful capacity.

我是代替Jamie的 Kevin Wilson。關於記憶體，我想了解第三季手上持有的記憶體增加了多少？以及明年上半年有多少供應已在手上或已承諾？另外你們談到正在認證新的供應商，我想目標是每種記憶體類型有5到7個合格來源。想請你更新一下這項工作在增加可用產能方面的進展。

Yes. I mean, overall, I mean, first, I should have said the team is doing a great job. Obviously, it's a dynamic environment. It changes every day in terms of what the teams are managing through, both from a customer interaction as well as working with our suppliers. I think if you look at the supply perspective, again, actively working the supply pipeline and visibility over the next 18 months with our memory suppliers.

是的。整體來說，首先我應該說團隊做得非常好。顯然這是一個動態的環境。團隊每天要管理的狀況都在變化，包含與客戶互動以及與供應商合作兩方面。從供應角度來看，我們再次強調，正積極管理供應管線，並與記憶體供應商一起掌握未來18個月的能見度。

And as Bill said, we have confidence in the outlook for supply as well as the ability to meet demand not only here for the fourth quarter, but as we go into '27.

而且如Bill所說，我們對供應前景以及滿足需求的能力有信心，不僅是第四季，也包括邁入'27之後。

And I think as evidence of that, if you look at our balance sheet at the end of the third quarter, inventory did increase from Q2 to Q3 by about 90 million, and that's entirely driven by memory supply and a bit of pricing. So not only that sets us up well here to deliver in the fourth quarter, but that is starting to give us some capacity as we go into 2027.

我認為這方面的證據是：如果你看我們第三季末的資產負債表，存貨從Q2到Q3增加了約9,000萬美元，而這完全是由記憶體供應以及一部分價格因素所驅動。因此，這不僅讓我們能在第四季順利交付，也開始為我們在2027年的供應能力提供一些餘裕。

And I think the other positive note is the team has qualified five new suppliers. We have two more expected in 2027. So again, with that goal of getting multiple different suppliers qualified for each of our memory requirements that gives us that flexibility. As demand changes and increases to go and fulfill that and meet the underlying demand from our customers.

另外一個正面訊息是，團隊已經認證了五家新的供應商。我們預期在2027年還會再增加兩家。所以，依照我們的目標，針對每一項記憶體需求都能有多家不同供應商通過認證，這能帶來更大的彈性。當需求變動並增加時，我們就能去滿足並承接客戶的基礎需求。

And then for my follow-up, you mentioned outperformance in Machine Vision. Just maybe any color you can provide on where that outperformance came from in the quarter where you're winning market share, maybe how Photoneo is tracking relative to your expectations when you did that acquisition?

那我追問一下，你提到機器視覺（Machine Vision）表現優於預期。能否補充一些背景，說明本季這個優於預期主要來自哪裡、你們在哪些地方取得市占？另外，當初收購Photoneo時，你們的預期是什麼？目前Photoneo的進展相較於你們的預期如何？

Machine Vision is an integral part of our asset visibility and automation segment, really driving automation in 2 primary areas: manufacturing and logistics. And I'd say that in Q3, we saw a particularly strong strength in manufacturing across automotive and chip manufacturing were both strong, but we also saw strength in logistics as well. We've worked really hard to align our go-to-market teams and improve our focus and coordination across both manufacturing and logistics. And the value proposition we're bringing to the market along with the advancements in the portfolio, continue to drive growth.

機器視覺是我們資產可視化與自動化事業部的重要組成，主要在兩個領域推動自動化：製造與物流。我會說在第三季，我們在製造端看到特別強勁的動能，汽車與晶片製造都很強，同時我們在物流端也看到強勁表現。我們非常努力地讓我們的市場進入（go-to-market）團隊對齊，並提升在製造與物流兩端的聚焦與協同。我們帶給市場的價值主張，加上產品組合的持續進展，持續推動成長。

We saw strong performance, as you asked about Photoneo. Photoneo in the quarter, and we continue to build a strong pipeline of opportunities for that advanced technology as well.

至於你問到Photoneo，我們看到本季Photoneo表現強勁。同時，我們也持續為這項先進技術建立強勁的機會管線。

Joseph Giordano, TD Cowen.

Joseph Giordano，TD Cowen。

This is Chris Grenga on for Joe. Where did R&D land as a percentage of sales in the quarter? And what level is embedded in the 4Q guide? And are you still targeting that roughly 9% for next year?

我是 Chris Grenga，代替 Joe 提問。本季研發（R&D）占銷售額的比例落在多少？而第四季（4Q）指引中隱含的是什麼水準？另外，你們明年仍以約 9% 為目標嗎？

Yes. If you look in the third quarter, we were just in line with about 9% with R&D as a percent of revenue. I think more broadly, the team is doing a great job of driving efficiency across the business while continuing to invest in the future, whether that's new AI capabilities. The sales coverage that's really helped play a part in driving some of the growth we're seeing in manufacturing and run rate and making sure we have a solid pipeline of new products into the market.

是的。如果你看第三季，研發占營收比重大致與約 9% 持平。更廣泛來看，團隊在持續投資未來（例如新的 AI 能力）的同時，也在推動全公司效率提升，做得非常好。銷售覆蓋面的強化也確實發揮作用，帶動我們在製造業與 run rate（運行率）方面看到的部分成長，並確保我們有穩健的新產品管線推向市場。

And if you look at it overall for the year, OpEx will be about 1.5 points improvement year-on-year. So driving meaningful productivity across the P&L. And we expect that to continue to progress into '27 as we leverage AI and other technologies to drive that efficiency. And that's including across what we're doing from an R&D perspective. So again, I think we're seeing nice momentum across every line of OpEx, including R&D, while continuing to invest in the future.

如果從全年整體來看，營業費用（OpEx）年對年將改善約 1.5 個百分點。也就是在損益表（P&L）上推動有意義的生產力提升。我們預期隨著運用 AI 與其他技術來提升效率，這個趨勢會一路延續到 2027 年。這也包含我們在研發面向所做的事情。所以再說一次，我認為我們在 OpEx 的每一條線（包含研發）都看到不錯的動能，同時也持續投資未來。

Great. And our stronger mobile computing sales being driven more by improving memory supply or underlying demand getting better? How should we separate those two?

很好。那我們較強的行動運算（mobile computing）銷售，是更多由記憶體供應改善所帶動，還是基本面需求變得更好？我們該如何區分這兩者？

Mobile computing is part of our Connected Frontline segment. So that segment includes mobile computing, the Elo acquisition, software and AI solutions. And I would say strength in mobile computing really is what's driving it. There's, we continue to drive innovation as you asked about R&D spending, which is allowing our mobile computing devices to continue to advance, adding functionalities such as embedded RFID and AI capabilities, which is really resonating with customers. We're seeing the refreshes of our customer devices across retail and T&L driven by this new functionality and continued innovation.

行動運算屬於我們的 Connected Frontline（連結前線）事業部門。該部門包含行動運算、Elo 併購、軟體與 AI 解決方案。我會說，主要驅動因素確實是行動運算本身的強勁表現。如你先前問到研發支出，我們持續推動創新，讓行動運算裝置持續演進，加入例如內建 RFID 與 AI 能力等功能，這些都非常打動客戶。我們看到零售與 T&L（運輸與物流）客戶因這些新功能與持續創新而進行裝置汰換更新。

So we're seeing a strong pipeline of wins and opportunities moving forward. But mobile computing is really essential to frontline workers as our customers continue to digitize and automate their environment, and that they're just at the beginnings of deployment of AI. So I'd say strength in mobile computing, really driven by investment by our customers in putting mobile devices in the hands of more associates across each of our vertical markets.

因此，我們看到未來有強勁的得標（wins）與機會管線。但行動運算對前線工作者而言確實至關重要，因為客戶持續推動其環境的數位化與自動化，而且他們才剛開始部署 AI。因此我會說，行動運算的強勁表現，主要是由客戶投資、把行動裝置交到更多一線員工手上所驅動，涵蓋我們各個垂直市場。

The only thing I'd add is we've seen that demand there. If you go back to the last call, we talked about the high end of our guidance range really reflecting where we saw demand and the constraint was around the confidence in the memory supply. So I think the good news is now able to fulfill that demand for our customers by increasing the supply of memory and giving us that confidence here as we go into the fourth quarter as well.

我唯一要補充的是，我們確實看到那邊的需求。如果回到上一次電話會議，我們談到指引區間上緣其實反映了我們看到的需求，而限制因素在於對記憶體供應的信心。所以好消息是，現在透過增加記憶體供應，我們能夠滿足客戶的需求，也讓我們在進入第四季時更有信心。

Piyush Avasthy, Citi.

Piyush Avasthy，花旗（Citi）。

Nathan, like one on Elo, like you highlighted strong growth contribution from the business, which is good to see. It would be helpful if you could provide more context around it. Is it just the change in the underlying customer preference that is helping growth? Or have you started to see some benefits on selling Elo under the Zebra umbrella as a more comprehensive solution? And based on the demand activity you're seeing, would you say Elo can grow above your long-term growth framework in '27?

Nathan，關於 Elo，你提到該業務對成長有強勁貢獻，這點很高興看到。如果你能提供更多背景會很有幫助。這只是客戶偏好改變而帶動成長嗎？還是你們已開始看到把 Elo 放在 Zebra 旗下、以更完整解決方案來銷售所帶來的一些效益？另外，基於你們看到的需求活動，你會說 Elo 在 2027 年能否高於你們的長期成長框架？

Yes, we're just coming, just actually crossed our 1-year anniversary, and we continue to be excited about the combined capabilities across both our portfolios. And as you suggest, it's really around the strength of Elo's portfolio overall, but the combination of both our portfolios together and our customer engagements. Elo realized high single-digit growth in Q3. So up towards the top end of our long-term guidance range, and we continue to see momentum into the fourth quarter. I'd say, the first year in line with our expectations overall.

是的，我們剛剛度過、其實剛跨過 1 週年，我們對兩個產品組合整合後的能力仍然感到非常振奮。如你所說，這確實來自 Elo 產品組合整體的強勁表現，但也來自兩邊產品組合的結合以及我們與客戶的互動。Elo 在第三季實現了高個位數成長。因此接近我們長期指引區間的上緣，而且我們持續看到動能延伸到第四季。我會說，第一年的表現整體符合我們的預期。

So the commercial pipeline that we're continuing to build.

因此，我們持續在建立商務管線。

So we believe that the biggest opportunities in revenue synergies, where we're really driving across our sales teams and around the world, the opportunity to leverage Zebra's strength and customer relationships in places where Elo may not have as stronger relationships and also bring the portfolios together as things like point-of-sale and customer engagement is moving more and more to Android, and our engineering teams are working closely together.

我們認為最大的機會在營收綜效（revenue synergies）：我們正透過全球各地的銷售團隊推動，利用 Zebra 的優勢與客戶關係，在 Elo 可能關係相對不那麼強的地方擴大觸及；同時也把產品組合整合起來，因為像 POS（銷售點）與客戶互動等應用正越來越轉向 Android，而我們的工程團隊也在密切合作。

So I'd say that overall, we're seeing that the combination of the 2 companies together is creating growth opportunities for us, and we would see Elo positioned to deliver results at the high end of our guidance range.

所以我會說，整體而言，我們看到兩家公司結合正在為我們創造成長機會，而我們也認為 Elo 有望交出位於我們指引區間上緣的成果。

That's great to hear. And then one on margins. I understand the higher memory cost headwind, but for your asset visibility and automation segment, margins did surprise me a bit as I was associating most of the memory challenges with connected frontline segment. Not sure if it's relatively high investments that's kind of going into the segment that's kind of moving the margins a bit. But if you could elaborate on that, that would be helpful.

很高興聽到。接著問一個關於毛利率的問題。我理解記憶體成本上升的逆風，但就你們的資產可視性與自動化（asset visibility and automation）事業部門而言，毛利率表現讓我有點意外，因為我原本把大部分記憶體挑戰都與 Connected Frontline（連結前線）事業部門連結在一起。不確定是否是該部門相對較高的投資導致毛利率有些變動。如果你能就此多做說明，會很有幫助。

And I appreciate all the color.

也感謝你提供這麼多細節。

Yes, absolutely. So if you look at the asset visibility and automation segment, in gross margin just under 50% for the year, or for the quarter, excuse me. Memory does have an impact in the business unit, to a lesser degree than mobile computing, but you still have flash memory and other types of memory in our Machine Vision business. So that did have about a 2.5 point drag in the quarter, but that was offset by actually favorable mix and productivity across kind of the rest of the operations. So you do see a bit of memory headwinds in the asset visibility segment, which is having an impact on margins within the quarter.

是的，當然。如果你看資產可視性與自動化事業部門，本季（抱歉，是本季）毛利率略低於 50%。記憶體確實會影響該事業單位，程度低於行動運算，但在我們的機器視覺（Machine Vision）業務中仍包含快閃記憶體與其他類型的記憶體。因此，本季大約造成 2.5 個百分點的拖累，但被較有利的產品組合（mix）以及其餘營運面的生產力提升所抵銷。所以你確實會在資產可視性事業部門看到一些記憶體逆風，進而在本季對毛利率造成影響。

I'd say similar dynamics as we talked about overall, but it does flow into our asset visibility segment.

我會說，這與我們整體討論的動態類似，但它確實也會反映到我們的資產可視性事業部門。

Guy Hardwick, Barclays.

Guy Hardwick，巴克萊（Barclays）。

Nathan, by my math, it seems that the $145 million memory headwind is offset by, I think you said, 1.5 points of price, which implies about $90 million. And therefore, $55 million from all the other actions that you mentioned. Is that correct?

Nathan，按我的計算，1.45 億美元的記憶體逆風，被你說的 1.5 個百分點的價格因素所抵銷，我推算大約是 9,000 萬美元。因此，剩下約 5,500 萬美元來自你提到的其他所有行動。這樣理解正確嗎？

That's correct.

正確。

Okay. And just as a follow-up for Bill. On slide 5, talk about multiyear pipeline and transportation logistics. Can you maybe a little bit expand on that a bit about what kind of customers, how international that pipeline is? And how material could that be to top line growth going forward?

好的。再追問 Bill 一題。第 5 張投影片提到多年期管線以及運輸物流。你能否再多展開說明一下：是什麼類型的客戶、這個管線的國際化程度如何？以及它對未來營收成長（top line growth）可能有多大影響？

Given our installed base as the market leader, refreshes represent attractive opportunity across each of our vertical markets, and I think it's important to point out that every customer truly refreshes on kind of their own cycle. The drivers for refresh are things like processing power and memory required for things like AI on the front line, new features and functionality that our customers want to deploy like RFID or just the age of the device with things like operating system and security life cycle.

以我們作為市場領導者的裝機基礎（installed base）而言，汰換更新在我們各個垂直市場都代表具吸引力的機會；我也認為重要的是要指出，每位客戶的更新週期其實都不盡相同。驅動更新的因素包括：前線 AI 等應用所需的處理效能與記憶體、客戶想部署的新功能與新特性（例如 RFID），或是裝置本身的使用年限，以及作業系統與資安生命週期等因素。

Our customers are deploying our new devices in both retail and T&L with RFID functionality and capabilities for AI that's driving their upgrades of handhelds and wearable devices.

我們的客戶正在零售與運輸與物流（T&L）兩大領域部署我們的新裝置，這些裝置具備 RFID 功能，以及可支援 AI 的能力，正推動他們升級手持式與穿戴式裝置。

If you talk about specific segments, I would say retail and e-commerce refreshes are ongoing, and we're continuing to see additional demand driven by these new capabilities like RFID and AI, wanting to put more devices in the hands of more associates to have more connectivity, collaboration and others across retail.

若談到特定細分領域，我會說零售與電商的汰換更新仍在進行中，而我們也持續看到由 RFID 與 AI 等新能力所帶動的額外需求；客戶希望讓更多門市同仁配備更多裝置，以提升連線性、協作等零售端的各項能力。

We continue to progress T&L is the big refresh cycle that we've been talking about upcoming here, and we're winning those opportunities. We're in active planning deployments with T&L customers, I would say, around the globe, you asked about internationally. Internationally, I would say, around the globe really, which gives us confidence in what we would see across T&L as multiyear rollouts with those customers beginning in '27. So again, that gives us confidence at the high end of our guidance range for '27, as I talked about earlier, as this refresh cycle begins, and we're winning those opportunities.

我們持續推進，T&L 是我們一直在談、即將到來的大型汰換更新週期，而我們正在贏得這些機會。我們正與 T&L 客戶進行積極的規劃與部署，我會說，遍及全球；你也問到國際市場。就國際而言，我會說其實是全球各地，這讓我們對於 T&L 領域將出現的多年期導入更有信心，這些客戶的 rollout 將自 2027 年開始。因此，隨著這個汰換週期啟動、且我們持續贏得這些機會，正如我先前提到的，這也讓我們對 2027 年指引區間上緣更具信心。

Rob Jamieson, Needham & Co.

Rob Jamieson，Needham & Co.

So you guys highlighted momentum in like the Zebra AI suite and some of the software things. Can you help quantify the revenue contribution from software today? And is that kind of what we're seeing in like clinical mobility, like you're seeing strong double-digit growth there in health care. Is like the device in every hand type trend that we're seeing in retail now effectively translating to that end market?

所以你們強調了像 Zebra AI 套件以及一些軟體項目的動能。能否協助量化目前軟體對營收的貢獻？另外，這是否也反映在臨床行動化（clinical mobility）上，例如你們在醫療保健領域看到強勁的雙位數成長。我們現在在零售看到的「人手一機」趨勢，是否也有效地轉化到那個終端市場？

Yes, I'd say on the software side, low single-digit contribution overall. From an AI perspective, I would say that Zebra overall, our entire portfolio plays an important part in AI, not just the software suite, but we are seeing that the frontline AI suite is a clear differentiator as our customers are making buying decisions. But we think AI across the portfolio, both in hardware and software is critical, asset visibility really providing data into AI models, the connectivity that our mobile devices and our software offerings give to be able to take the output from AI models and to be able to ultimately provide guidance or direction to frontline workers driven by software offerings like our task management offerings, our communication and collaboration offerings as well as our AI suite creates the opportunities for software growth well into the future.

是的，我會說在軟體方面，整體貢獻約為低個位數百分比。從 AI 的角度來看，我會說 Zebra 整體而言，我們的整個產品組合在 AI 上都扮演重要角色，不僅僅是軟體套件；但我們確實看到 frontline AI 套件在客戶做採購決策時是一個明顯的差異化因素。不過我們認為，AI 橫跨整個產品組合、包含硬體與軟體都至關重要；資產可視性（asset visibility）能真正提供資料給 AI 模型，而我們的行動裝置與軟體產品所提供的連線能力，能夠取得 AI 模型的輸出，並最終透過我們的任務管理、溝通與協作等軟體產品，以及 AI 套件，為第一線工作者提供由軟體驅動的指引或方向，這些都為未來很長一段時間的軟體成長創造機會。

So we feel good about where we're at from a software perspective, the communication, collaboration, task management and this AI suite of offerings, which it really allows our customers to us to meet our customers wherever they're at in the automation journey. If our customers want to develop the entire application themselves, there's hooks onto our mobile devices that allow them to easily deploy AI in those devices. If they want us to do parts of that application or that AI agent for them and wrap it into their own application, we'll do that. Or if they want us to build the entire application ourselves, we'll also provide that.

因此，從軟體面來看，我們對目前的進展感到樂觀：溝通、協作、任務管理，以及這套 AI 產品組合，確實讓我們能在自動化旅程的任何階段與客戶對接、滿足他們的需求。如果客戶想自行開發完整應用程式，我們的行動裝置上有相應的介面（hooks），讓他們能輕鬆在裝置上部署 AI。如果他們希望我們替他們完成應用程式的一部分或 AI 代理（AI agent），並封裝到他們自己的應用程式中，我們也能做到。或者如果他們希望我們自行建置完整應用程式，我們同樣可以提供。

So marrying of our software offerings and our AI offerings together and leveraging what Zebra represents, which is really a collection of data to feed AI models into to drive the connected frontline workers to be able to get that work done is really what we see the opportunity for us. It's hardware and software and the fact that we have an opportunity in a physical AI world to really be the leaders in AI for the front line.

因此，把我們的軟體產品與 AI 產品結合起來，並運用 Zebra 所代表的價值——也就是蒐集資料以餵給 AI 模型，進而驅動連網的第一線工作者把工作完成——這正是我們所看到的機會。這是硬體與軟體的結合；而在一個實體 AI（physical AI）的世界裡，我們確實有機會成為第一線 AI 的領導者。

That's great. And then just on capital allocation, I mean, strong free cash flow in the quarter, you guys are still buying back stock. Should we expect to pivot back towards M&A? And if so, are there any specific areas that you're looking at, whether that's software or hardware?

很好。接著談資本配置：本季自由現金流很強，你們也仍在回購股票。我們是否應該預期你們會轉向以併購（M&A）為主？若是的話，有沒有特別關注的領域，例如軟體或硬體？

We really use M&A to advance our vision and strategy overall is to deliver on our vision. And we continue to look for closely adjacent and synergistic assets to the portfolio we have today across connected frontline and asset visibility and automation. We look for things that are going to enhance our strategic capabilities, either in go-to-market or in technology advancements. And it really truly is focused on accelerating our growth or, and at the same time, being accretive to earnings and an attractive ROI for both us and our investors.

我們運用併購主要是為了推進我們的願景與整體策略，也就是實現我們的願景。我們持續尋找與我們現有產品組合在「連網第一線（connected frontline）」與資產可視性、以及自動化等方面高度相鄰且具協同效益的資產。我們尋找能強化我們策略能力的標的，無論是在市場進入策略（go-to-market）或技術進展方面。而核心重點確實是加速我們的成長，同時也要對盈餘具增益（accretive），並為我們與投資人帶來具吸引力的投資報酬率（ROI）。

I would say, overall, we're excited about the business we have today. And, but we view disciplined M&A is really an opportunity to drive further long-term growth. As you said, in the short term, we've been buying back stock. And, but we have the strong enough balance sheet and the free cash flow to really do both is that to continue to return capital to shareholders and at the same time, continue to explore M&A opportunities.

我會說，整體而言，我們對目前的業務感到振奮。但我們也認為，有紀律的併購確實是推動更長期成長的機會。如你所說，短期內我們一直在回購股票。不過我們的資產負債表與自由現金流都足夠強健，能夠同時進行兩件事：一方面持續回饋資本給股東，另一方面也持續探索併購機會。

Meta Marshall, Morgan Stanley.

Meta Marshall，Morgan Stanley。

Maybe just to come at the question in a different way. Is any of the strength that you saw in mobile computers? Like do you assess that as pull forward to get ahead of price increases? Or are there any particularly large contracts that were within the windows of kind of granting old pricing? Just trying to get a sense of kind of the impact of demand you think there is from those price increases and any kind of commentary around price realization.

我想用不同角度來問。你們在行動電腦（mobile computers）看到的部分強勁表現，你們是否評估那是為了趕在漲價前而提前拉貨（pull forward）？或者是否有任何特別大的合約仍落在舊價格適用的期間窗口內？我想了解你們認為漲價對需求的影響，以及關於價格落實（price realization）的任何評論。

We really haven't seen any impact on our revenue associated with pull forward. What we see is strong broad-based demand across all regions, all verticals, both segments, right? So I think it's really broad-based. Our customers continue to invest in their businesses and technology across each of the vertical markets we serve across retail, e-commerce, transportation logistics, manufacturing, health care, all have been investing, and we really haven't seen a pull forward. Demand has been strong, and we're seeing that really broad-based both globally and across the verticals.

我們確實沒有看到任何與提前拉貨相關、對營收造成的影響。我們看到的是所有區域、所有垂直市場、兩個事業部門都呈現強勁且廣泛的需求，對吧？所以我認為這真的是全面性的。我們的客戶持續在其業務與技術上投資；我們所服務的各垂直市場——零售、電商、運輸物流、製造、醫療保健——都在投資，而我們確實沒有看到提前拉貨。需求一直很強，我們看到這種強勁是全球性且跨垂直市場的廣泛現象。

Keith Housum, Northcoast Research.

Keith Housum，Northcoast Research。

Guys, in terms of like the memory costs here, thinking about what you're buying today is really the impact more of 2027 numbers. But how is the pricing of memory trended over the past several months? Are we hitting a point where we're plateauing or is it still climbing?

各位，關於記憶體成本，考量你們今天採購的東西，影響其實更多會反映在 2027 年的數字上。但過去幾個月記憶體的價格走勢如何？我們是否到了趨於持平的平台期，還是仍在上漲？

Yes, Keith, it's still increasing, not to the same degree we saw maybe through the middle part of the year. And the expectation is that it will increase as we go into the first half, but start to moderate in the back half of 2027. So I think it's still quarter-to-quarter. We have seen increases as we expected in those component costs, but to a lesser degree here, as we've kind of exited the year and the expectations as we go through the first half of the year.

是的，Keith，仍在上漲，只是幅度沒有像年中那段時間那麼大。我們的預期是，進入上半年仍會上升，但在 2027 年下半年開始趨緩。所以我認為仍是逐季變動。我們如預期看到那些零組件成本上升，但在我們接近年底、以及對上半年展望的情況下，上升幅度已較小。

Great. And then if I just turn to demand, the question over to the AI devices. You guys have been showing AI at the NRF for several years now. And it sounds like you have your first retail national retail customer adopting AI. But perhaps talk about the conversations you're having with retailers and customers now in terms of adopting AI, your AI mobile devices and where we are in that in terms of your prospects going forward?

很好。接著我想把問題轉到需求、也就是 AI 裝置。你們已經在 NRF 展示 AI 好幾年了。而聽起來你們已有第一家全國性零售客戶採用 AI。不過能否談談你們現在與零售商及客戶就採用 AI、你們的 AI 行動裝置所進行的對話，以及就未來展望而言，我們目前處於什麼階段？

I would say, overall, we continue to win in the marketplace because of our innovation and the idea that our devices truly are enabled for AI and the use of AI models both in the cloud and on the device. And our AI suite is part of that offering, right? The idea that as I said earlier, we can meet our customers where they're at in their journey, meaning that some of our customers, we just, the one we talked about was really around using a complete companion offering from Zebra, where we've developed the entire agent for them to use in retail.

我會說，整體而言，我們之所以能持續在市場上勝出，是因為我們的創新，以及我們的裝置確實具備 AI 能力，能在雲端與裝置端同時使用 AI 模型。而我們的 AI 套件也是這項方案的一部分，對吧？重點在於，如我先前所說，我們能在客戶旅程的不同階段與他們對接；也就是說，我們有些客戶——我們剛才談到的那個案例——主要是採用 Zebra 的完整夥伴式方案，我們為他們開發了整套代理（agent），讓他們用於零售。

Other customers around the world are using our blueprint, which is where we combine multiple functionality on the device and provide it to them in an AI agent, but they put it into my retail store, my company application on their own, but they wrap it in their own application. Other places they're using our individual functionality or individual elements and putting it all together themselves. But we clearly are winning the device upgrades and the new opportunities with our customers and seeing our customers begin to upgrade devices because they want to leverage AI on those devices.

全球其他客戶則在使用我們的 blueprint，也就是我們把裝置上的多項功能整合起來，以 AI 代理的形式提供給他們；但他們會把它放進自己的零售門市、自己的公司應用程式中，並以自家應用程式進行封裝。還有一些地方則是使用我們的單一功能或單一元件，然後自行把所有東西整合起來。但我們很明顯在裝置升級與新機會上持續勝出，也看到客戶開始升級裝置，因為他們想在這些裝置上運用 AI。

All of this is still in the early stages. So physical AI, AI for the front line super early days, but we're winning from a hardware perspective to position our customers to deploy AI, and we're seeing the early wins in software and others and deployments within our customers, either them deploying themselves, Keith, or us helping them deploy it. All these are great conversations we're having with our customers.

這一切仍處於早期階段。所以實體 AI、前線 AI 都還在非常早期的階段，但我們在硬體面持續勝出，讓客戶能就位以部署 AI；同時我們也看到軟體等方面的早期勝利，以及在客戶端的部署——不論是他們自行部署，Keith，或是由我們協助他們部署。這些都是我們與客戶正在進行的很棒的對話。

Rob Mason, RW Baird.

Rob Mason，RW Baird。

A lot of my questions have been answered. But Nathan, I may have missed it, but did you actually state what you expect the memory impact to be in '27 just based on where you'll be exiting the year?

我很多問題都已經被回答了。但 Nathan，我可能漏聽了：你是否有實際說明你們預期在 27 年的記憶體影響會是多少——就以你們年底退出時的狀況來看？

No, we haven't. I'd say, I think as we think about '27, I think what's important is, one, we're confident in our ability to secure the volume needed to support growth in the business. I think that's really important. And the current I talked about earlier is, includes some of that capacity, which helps give that confidence. And again, I'd say, ultimately, we're committed to taking the actions necessary to not only win in the market, preserve profitability whether it's additional price increases or driving efficiency.

沒有，我們還沒有。我會說，當我們思考 27 年時，我認為重要的是：第一，我們對於確保取得支撐業務成長所需的供應量很有信心。我認為這點非常重要。而我先前提到的目前狀況，包含了一部分的產能，這也有助於建立這份信心。另外我也會說，最終我們承諾採取必要行動，不僅要在市場上勝出、也要維持獲利能力——不論是進一步調漲價格或推動效率提升。

But I think too early to give exact guidance on where things will land.

但我認為現在要給出精確指引，還太早。

So many factors at play in terms of mix and obviously the volume consideration. But I think, again, we have the opportunity to build upon as Bill mentioned, where we're at in Q4 from a profitability perspective and leverage all the levers we have across the business to continue to drive growth.

影響因素很多，包括產品組合，當然還有出貨量的考量。但我想再次強調，我們有機會在 Bill 提到的基礎上延伸——也就是我們在第四季的獲利表現——並運用我們在整個業務中所有可用的槓桿，持續推動成長。

Rob, maybe I'll jump in and just add to what hasn't been set of memory yet. Is that, what we're doing is working very closely with our customers to really strike the right balance. And that balance really is balancing increased component costs with our own pricing actions, right, to protect our profitability, but also ensuring that we continue to win these largest opportunities, and we maintain the long-term strategic relationships with our customers. That's the critical part that really hasn't been talked about that we're seeing continued demand and momentum in the business. We're working closely with our customers that, difficult conversations with them to strike this right balance.

Rob，我也許補充一下，談談目前尚未就記憶體部分說到的內容。我們正在做的是與客戶非常緊密合作，真正取得適當的平衡。而這個平衡，實際上是在增加的零組件成本與我們自身的定價行動之間取得平衡，對吧，以保護我們的獲利能力；同時也要確保我們能持續贏得這些最大的機會，並維持與客戶的長期策略關係。這是關鍵部分；我們看到業務需求與動能仍在延續，這點其實還沒有被充分談到。我們正與客戶密切合作，並與他們進行一些艱難的對話，以取得這個正確的平衡。

And I think what we've been able to do is really maintain margins across the business. So we feel really good about where we're at, the conversations we've had with those customers and striking the right balance and continue to win in the marketplace, which is strategic for the long term.

我認為我們能做到的是，確實在整體業務中維持毛利率。因此我們對目前的狀況感到非常良好，對與客戶的對話、取得適當平衡，以及持續在市場上勝出都很有信心，而這對長期策略而言非常重要。

Yes. Well, that kind of feeds into my follow-up question, Bill. You talked about broad-based demand across verticals, across geographies. I'm just, it sounds like the larger project business would be healthy. I was just curious if you can shed light on just color on the run rate business and how smaller customers are dealing with the higher pricing?

是的。嗯，這也帶到我接下來的追問，Bill。你提到各產業別、各地區都有廣泛的需求。聽起來大型專案型業務應該很健康。我想請你補充一下：就 run rate（常態性）業務而言，目前狀況如何？以及較小型客戶如何因應較高的定價？

Is this, does it reflect the change in the mix or the models that they're purchasing?

這是否反映在產品組合或他們採購的機型有所改變？

Yes. I mean I think as you know, our largest customers get our best pricing, right? So I think the run rate has actually been strong as well. And I think maybe add a little color to the verticals, both run rate and large deals. Retail e-commerce continues to be driven by e-commerce demand, omnichannel, driving inventory visibility customers continue to equip more associates with more devices for productivity, communication collaboration, the things I talked about before.

是的。我的意思是，我想如你所知，我們最大的客戶能拿到我們最好的價格，對吧？所以我認為 run rate 其實也一直很強。我也許再補充一些產業別的細節，包含 run rate 與大型交易。零售電商持續受到電商需求與全通路（omnichannel）推動，帶動庫存可視性；客戶持續為更多員工配備更多裝置，以提升生產力、溝通協作，以及我之前提到的那些事項。

T&L, we're beginning to continue to talk about the refresh cycle with customers around the globe, as I talked about, really around the upgrade to the refresh of last mile deployments and RFID and the AI functionality that was asked about before is really playing a role in us winning those opportunities to enhance worker productivity. I'd say manufacturing, again, driven by broad-based manufacturing, but electronics, food and beverage, broad-based manufacturing demand, health care has been up, again, another double-digit quarter for health care, driven by clinical mobility.

至於 T&L（運輸與物流），我們開始並持續與全球客戶討論汰換週期；如我所說，主要是圍繞最後一哩部署的升級/更新、RFID，以及先前被問到的 AI 功能，這些確實在我們贏得機會、提升員工生產力方面發揮作用。我會說製造業方面，同樣是由廣泛的製造需求所帶動；電子、食品飲料等領域都有廣泛需求；醫療保健也在成長——同樣又是一個雙位數成長的季度——主要由臨床行動化（clinical mobility）帶動。

So I'd say both large, medium and small customers are continuing to buy. And I think that, look, I think our customers don't like the price increases, but they've continued to know they have to invest in technology, and they're having these same conversations with lots of vendors across all electronic equipment that leverage memory and they understand.

所以我會說，大型、中型與小型客戶都在持續採購。而我認為，坦白說，我們的客戶不喜歡漲價，但他們也持續知道自己必須投資科技；而且他們也正與許多供應商就所有使用記憶體的電子設備進行同樣的對話，他們理解這點。

This concludes our question-and-answer session. I would 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 thank our employees, partners and suppliers as we delivered record sales volume in the quarter, and we continue to position ourselves for sustainable growth. We're making excellent progress in our 2026 priorities, and we're excited about the opportunities ahead to continue our market leadership. Have a great day, everyone.

我要感謝我們的員工、合作夥伴與供應商，因為我們在本季交出了創紀錄的銷售量，並持續讓自己站在可持續成長的有利位置。我們在 2026 年的優先事項上取得了非常出色的進展，也對未來持續維持市場領導地位的機會感到振奮。祝大家有美好的一天。

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

本次電話會議到此結束。感謝各位參加今天的簡報。您現在可以斷線。