Brett Larson
speaker
455 appearances
2 recordings
1 series
first heard Dec 2024
last heard Feb 2025
Brett Larson’s voice in public audio — every appearance, attributed to the second.
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And there could be many of them on a single implementation.
So those orders would be running in the hundreds of thousands of dollars.
The smaller purchase orders, I think it's more book and ship type of business, very short cycle.
And then their largest, most strategic customers with complex CapEx plans and the like, there's more of a lead time.
And you can think of it as they're gonna build the shell of the factory first and then the lines, and then after that's when the machine vision cameras go on, or they're selling to the machine builders that obviously have their own lead times.
For those larger customers,
customers, I think they generally have not crazy visibility, but a little bit of visibility.
Longer term they target fifteen percent top line and constant currency and forty percent incrementals and then they
layer on capital allocation from there.
Starting with revenue.
So in the 10 year period ending either twenty twenty, twenty twenty one, twenty twenty two, so just before this down cycle and adjusted for divest of it that they did, they've grown about thirteen percent, excluding MA and then mid teens and constant currency.
So they've been right there.
I think actually the right long-term bogey and what most people have in mind, understanding we're at a cyclical place, so a few years above this, but is more like a low double-digit top line longer term is how most people think about it.
But again, we're at the end of a very long down cycle and there's this new customer base that's being added to Cognex that hopefully should drive some revenue, at least in the nearer term, that's above that.
On margins,
Similarly, they're depressed cyclically right now.
And also they have the headwind from the emerging customer initiative investment, the Salesforce investment.
And they actually expect the emerging customer initiative to be operating margin accretive.
It already is gross margin accretive.
But operating margins last year were thirteen percent and that's down from a peak above thirty percent.
Showing 321–340 of 455 · page 17 of 23
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