台灣國際航電 (GRMN) 2022 Q4 法說會逐字稿

Good morning, and thank you for standing by. Welcome to the Garmin Ltd. Fourth Quarter 2023 Conference Call. (Operator Instructions) Please be advised that today's conference call is being recorded. I would now like to hand the conference call over to your speaker today, Teri Seck. Please go ahead.

早上好，謝謝你的支持。歡迎來到 Garmin Ltd. 2023 年第四季度電話會議。 （操作員說明）請注意，今天的電話會議正在錄製中。現在，我想將電話會議轉交給今天的發言人 Teri Seck。請繼續。

Good morning. We would like to welcome you to Garmin Ltd. Fourth Quarter and Fiscal Year-end 2022 Earnings Call. Please note that the earnings press release and related slides are available at Garmin's Investor Relations site on the Internet at www.garmin.com/stock. An archive of the webcast and related transcript will also be available on our website.

早上好。歡迎您參加 Garmin Ltd. 第四季度和 2022 財年末的收益電話會議。請注意，可在 Garmin 投資者關係網站 www.garmin.com/stock 上獲取收益新聞稿和相關幻燈片。我們的網站上也將提供網絡廣播和相關文字記錄的存檔。

This earnings call includes projections and other forward-looking statements regarding Garmin Ltd. and its business. Any statements regarding our future financial position, revenues, segment growth rates, earnings, gross margins, operating margins, future dividends or share repurchases, market shares, product introductions, future demand for our products and plans and objectives are forward-looking statements.

本次財報電話會議包括有關 Garmin Ltd. 及其業務的預測和其他前瞻性陳述。任何關於我們未來財務狀況、收入、部門增長率、收益、毛利率、營業利潤率、未來股息或股票回購、市場份額、產品介紹、我們產品的未來需求以及計劃和目標的任何陳述都是前瞻性陳述。

The forward-looking events and circumstances discussed in this earnings call may not occur, and actual results could differ materially as a result of risk factors affecting Garmin. Information concerning these risk factors is contained in our Form 10-K filed with the Securities and Exchange Commission. In particular, there is significant uncertainty about the duration and impact of the COVID-19 pandemic. This means that results could change at any time, and any statement about the impact of COVID-19 on the company's business results and outlook is the best estimate based on the information available as of today's date.

本次財報電話會議中討論的前瞻性事件和情況可能不會發生，並且由於影響 Garmin 的風險因素，實際結果可能存在重大差異。有關這些風險因素的信息包含在我們向美國證券交易委員會提交的 10-K 表格中。特別是，COVID-19 大流行的持續時間和影響存在很大的不確定性。這意味著結果可能隨時發生變化，任何關於 COVID-19 對公司業務結果和前景影響的陳述都是根據截至今天可用的信息做出的最佳估計。

Presenting on behalf of Garmin Ltd. this morning are Cliff Pemble, President and Chief Executive Officer; and Doug Boessen, Chief Financial Officer and Treasurer. At this time, I would like to turn the call over to Cliff Pemble.

今天上午代表 Garmin Ltd. 出席的有總裁兼首席執行官 Cliff Pemble；首席財務官兼財務主管 Doug Boessen。在這個時候，我想把電話轉給 Cliff Pemble。

Thank you, Teri, and good morning, everyone. As reported earlier today, consolidated fourth quarter revenue came in at $1.3 billion, which is down 6% from the prior year and consistent with trends we experienced for most of 2022. There are several factors that influenced our results, including the year-over-year strengthening of the U.S. dollar, macroeconomic and geopolitical concerns affecting Europe, and the performance of retailers who focused on inventory control.

謝謝泰瑞，大家早上好。正如今天早些時候報導的那樣，第四季度的綜合收入為 13 億美元，比去年同期下降 6%，與我們在 2022 年大部分時間經歷的趨勢一致。有幾個因素影響了我們的業績，包括同比增長美元走強，影響歐洲的宏觀經濟和地緣政治擔憂，以及專注於庫存控制的零售商的表現。

One bright spot is the performance of our direct sales channel, including garmin.com, which increased by strong double digits and accounted for greater than 10% of total net sales. While our priority is to serve the needs of third-party retail partners, our direct channels are an increasingly important pillar of our go-to-market strategy.

一個亮點是我們直銷渠道的表現，包括 garmin.com，該渠道實現了強勁的兩位數增長，佔總淨銷售額的 10% 以上。雖然我們的首要任務是滿足第三方零售合作夥伴的需求，但我們的直接渠道是我們進入市場戰略的一個越來越重要的支柱。

Another bright spot is our gross margin performance, which improved 150 basis points over the prior year and exceeded expectations as we benefited from lower freight costs. Our performance in 2022 was solid despite facing a mix of persistent and emerging headwinds affecting the general business environment and consumer behaviors. We reported revenue of $4.86 billion, a 2% decline year-over-year.

另一個亮點是我們的毛利率表現，由於我們受益於較低的運費，毛利率比上一年提高了 150 個基點，超出了預期。儘管面臨影響總體商業環境和消費者行為的持續和新出現的不利因素，但我們在 2022 年的表現依然穩健。我們報告的收入為 48.6 億美元，同比下降 2%。

Revenue was negatively impacted by approximately $228 million due to the strengthening of the U.S. dollar relative to other currencies. Excluding this impact, revenue would have increased about 2% over the prior year. Our gross margin performance was strong at 57.7% for the year, and operating margin exceeded 21%.

由於美元相對於其他貨幣走強，收入受到約 2.28 億美元的負面影響。排除這一影響，收入將比上一年增長約 2%。我們全年的毛利率表現強勁，達到 57.7%，營業利潤率超過 21%。

As announced earlier this morning, we've combined the product categories of the Consumer Auto segment with Outdoor. I'll provide more context in a moment, but factors considered include the current size and scope of the consumer auto segment as well as the expected growth of the Auto OEM segment.

正如今天上午早些時候宣布的那樣，我們已將消費類汽車細分市場的產品類別與戶外產品類別合併。我稍後會提供更多背景信息，但考慮的因素包括消費汽車細分市場的當前規模和範圍，以及汽車 OEM 細分市場的預期增長。

We're cautiously optimistic as we turn our attention to 2023. We have a great lineup of new products and additional product launches are planned throughout the year. We anticipate consolidated revenue will increase approximately 3% to $5 billion for the year. In the first quarter, we expect that revenue will decline in line with recent trends as we compare against the strong product launches from the prior year.

當我們將注意力轉向 2023 年時，我們持謹慎樂觀的態度。我們有一系列新產品，併計劃在全年推出更多產品。我們預計今年的綜合收入將增長約 3%，達到 50 億美元。在第一季度，我們預計收入將根據近期趨勢下降，因為我們與去年的強勁產品發布相比。

We expect to return to growth starting in the second quarter as we benefit from planned new product introductions. It's important to remember that we are not focused on quarter-by-quarter or category-by-category performance. Rather, we focus on delivering solid results year after year by creating highly differentiated products and leveraging our diversified business model.

我們預計從第二季度開始恢復增長，因為我們受益於計劃中的新產品推出。重要的是要記住，我們並不關注逐個季度或逐個類別的表現。相反，我們專注於通過創造高度差異化的產品和利用我們多元化的商業模式，年復一年地取得可觀的成果。

We're proposing a dividend of $2.92, consistent with the prior year, which will be considered by shareholders at the upcoming Annual General Meeting. Doug will discuss financial results in greater detail in a few minutes, but first, I'll provide highlights on the performance and outlook for each business segment.

我們提議派發 2.92 美元的股息，與上一年一致，股東將在即將召開的年度股東大會上考慮這一點。道格將在幾分鐘內更詳細地討論財務結果，但首先，我將重點介紹每個業務部門的業績和前景。

Starting with Fitness, revenue decreased 28% for the year with declines across all categories. Full year growth in operating margins were 50% and 9%, respectively, resulting in operating income of $105 million. During the quarter, we launched our first LTE-connected kids smartwatch available exclusively at garmin.com.

從健身開始，全年收入下降了 28%，所有類別的收入都下降了。全年營業利潤率分別增長 50% 和 9%，營業收入達到 1.05 億美元。本季度，我們推出了首款連接 LTE 的兒童智能手錶，僅在 garmin.com 提供。

Bounce offers two-way text and voice messaging as well as real-time location tracking. Bounce also tracks activities and steps throughout the day, offers games and allows parents to assign chores and give rewards. We continue to explore new verticals in health and wellness and recently received U.S. FDA approval for a clinically validated ECG app for the Venu 2 Plus smartwatch. This app allows users to record their heart rhythms and checks for signs of AFib.

Bounce 提供雙向文本和語音消息以及實時位置跟踪。 Bounce 還跟踪全天的活動和步驟，提供遊戲並允許父母分配家務和給予獎勵。我們繼續探索健康領域的新垂直領域，最近獲得美國 FDA 批准，為 Venu 2 Plus 智能手錶開發經過臨床驗證的 ECG 應用程序。這個應用程序允許用戶記錄他們的心律並檢查 AFib 的跡象。

We believe this is an important step towards providing a full line of devices for managing a variety of health conditions. For 2023, we expect revenue to be down approximately 5% in the segment as it stabilizes and as we anticipate the benefit of new product introductions.

我們相信這是朝著提供用於管理各種健康狀況的全系列設備邁出的重要一步。到 2023 年，我們預計該部門的收入將下降約 5%，因為它趨於穩定，並且我們預計新產品推出的好處。

Moving to Outdoor. Full year revenue increased 17% resulting in record revenue of nearly $1.5 billion for the year. We experienced growth across multiple product categories, led by strong demand for adventure watches. Full year gross and operating margins were 65% and 37%, respectively, resulting in operating income of $556 million.

搬到戶外。全年收入增長 17%，全年收入達到創紀錄的近 15 億美元。在探險手錶的強勁需求帶動下，我們在多個產品類別中實現了增長。全年毛利率和營業利潤率分別為 65% 和 37%，營業收入為 5.56 億美元。

During the quarter, we launched the second-generation MARQ luxury smartwatch featuring a bright AMOLED touchscreen display and premium Grade 5 titanium materials. We also expanded the Instinct product line with the new Crossover, a unique hybrid smartwatch that is fully analog and fully digital.

本季度，我們推出了第二代 MARQ 奢華智能手錶，配備明亮的 AMOLED 觸摸屏顯示屏和優質 5 級鈦材料。我們還通過全新的 Crossover 擴展了 Instinct 產品線，這是一款獨特的全模擬和全數字混合智能手錶。

Looking ahead, we expect the Outdoor segment to grow approximately 2%, which includes contributions from Consumer Auto. We expect the first quarter of 2023 to be challenging as we compare against the strong results from the prior year, which were driven by the launch of the flagship fenix 7 series, the Instinct 2 series and the all new epix. We expect growth to resume starting in the second quarter, driven once again by new product introductions.

展望未來，我們預計戶外部門將增長約 2%，其中包括消費類汽車的貢獻。與去年的強勁業績相比，我們預計 2023 年第一季度將充滿挑戰，去年的業績是由旗艦 fenix 7 系列、Instinct 2 系列和全新 epix 的推出推動的。我們預計增長將從第二季度開始恢復，這將再次受到新產品推出的推動。

Looking next at Aviation, full year revenue increased 11%, with contributions from both aftermarket and OEM categories and as supply chain constraints eased. 2022 was a record year for our Aviation segment with revenue approaching $800 million and exceeding the levels achieved during the ADS-B mandate, which demonstrates our ability to deliver long-term growth in core product categories, such as autopilots, GPS/NAV/COM, display systems and services.

接下來看航空，全年收入增長了 11%，這得益於售後市場和 OEM 類別的貢獻以及供應鏈限制的緩解。 2022 年是我們航空部門創紀錄的一年，收入接近 8 億美元，超過了 ADS-B 授權期間實現的水平，這表明我們有能力在自動駕駛儀、GPS/NAV/COM 等核心產品類別中實現長期增長、顯示系統和服務。

Full year gross and operating margins were 72% and 27%, respectively, resulting in operating income of $213 million. During the quarter, we announced that L3Harris Technologies has chosen the G3000 tandem integrated flight deck as part of the U.S. Special Operations Command Armed Overwatch program.

全年毛利率和營業利潤率分別為 72% 和 27%，營業收入為 2.13 億美元。在本季度，我們宣布 L3Harris Technologies 已選擇 G3000 串聯集成駕駛艙作為美國特種作戰司令部武裝守望計劃的一部分。

The G3000 system will provide the latest communication, navigation, surveillance and air traffic management capabilities for the Sky Warden aircraft. Also, we received EASA approval for the G5000 retrofit integrated flight tech in the Cessna Citation Excel and the XLS. We also received FAA supplemental type certificate for the GI 275 electronic flight instrument in the Dassault Falcon 7X business jet.

G3000系統將為Sky Warden飛機提供最新的通信、導航、監視和空中交通管理能力。此外，我們還獲得了 EASA 對 Cessna Citation Excel 和 XLS 中 G5000 改裝集成飛行技術的批准。我們還獲得了達索獵鷹 7X 公務機中 GI 275 電子飛行儀表的 FAA 補充型號證書。

These approvals expand the addressable market for integrated flight decks and standby instrumentation in business jets. The Aviation segment continues to benefit from strong demand for both aftermarket products and new aircraft equipped with integrated cockpit systems. We expect these trends to drive revenue growth of approximately 5% for the year.

這些批准擴大了公務機集成駕駛艙和備用儀表的潛在市場。航空部門繼續受益於對售後市場產品和配備集成駕駛艙系統的新飛機的強勁需求。我們預計這些趨勢將推動全年收入增長約 5%。

Turning to Marine. This segment delivered its tenth consecutive year of revenue growth, starting from about $200 million in 2012 and exceeding $900 million in 2022, which is a new record and represents a compounded annual growth rate of 15%, driven by both market growth and significant market share gains. For 2022, revenue increased 3%, with growth across multiple categories, led by strong demand for sonar systems.

轉向海軍。該細分市場收入連續第十年實現增長，從 2012 年的約 2 億美元開始，到 2022 年超過 9 億美元，這是一個新的記錄，代表著 15% 的複合年增長率，這得益於市場增長和顯著的市場份額收益。到 2022 年，收入增長 3%，在對聲納系統的強勁需求帶動下，多個類別均出現增長。

Full year gross and operating margins were 54% and 24%, respectively, resulting in operating income of $215 million. During the quarter, we announced that Garmin Navionics+ is now preloaded in certain flagship GPSMAP chartplotters, combining the best-in-class charts from both Navionics and Garmin.

全年毛利率和營業利潤率分別為 54% 和 24%，營業收入為 2.15 億美元。在本季度，我們宣布 Garmin Navionics+ 現已預裝在某些旗艦 GPSMAP 海圖儀中，結合了 Navionics 和 Garmin 的同類最佳海圖。

Throughout the year, we received multiple accolades and awards, most recently the prestigious IBEX Innovation Award, The National Boating Industry Safety Award and recognition as one of the most innovative marine companies by Soundings Trade Only.

全年，我們獲得了多項榮譽和獎項，最近獲得了著名的 IBEX 創新獎、國家划船行業安全獎，並被 Soundings Trade Only 評為最具創新性的海洋公司之一。

Looking forward, we anticipate revenue from the Marine segment will increase approximately 5% for the year, as we leverage our strong market share position with typical marine growth patterns.

展望未來，我們預計海洋部門的收入今年將增長約 5%，因為我們利用我們強大的市場份額地位和典型的海洋增長模式。

Moving to the Auto segment. Full year revenue decreased 4% as growth in auto OEM was more than offset by declines in consumer auto categories. As mentioned earlier, we recently combined the product categories of consumer auto with outdoor. As many know, we were an early innovator in the consumer automotive market and the hyper growth we experienced in the mid-2000s allowed us to invest in new opportunities and become the strong, highly diversified company that we are today.

移動到汽車細分市場。全年收入下降 4%，原因是汽車 OEM 的增長被消費類汽車類別的下滑所抵消。如前所述，我們最近將消費汽車與戶外的產品類別結合在一起。眾所周知，我們是消費汽車市場的早期創新者，我們在 2000 年代中期經歷的高速增長使我們能夠投資於新的機會，並成為今天這家強大、高度多元化的公司。

Looking back in 2008, revenue from the Automobile segment exceeded $2.5 billion and represented more than 70% of our consolidated revenue. Since that time, we've diversified our revenue base and the Consumer Auto segment has evolved into a collection of important specialty categories, many of which target adventure and off-road vehicles that complement the strategic focus of the Outdoor segment.

回顧 2008 年，汽車業務的收入超過 25 億美元，占我們綜合收入的 70% 以上。從那時起，我們實現了收入基礎的多元化，消費類汽車細分市場已發展成為一系列重要的專業類別，其中許多以冒險和越野車為目標，以補充戶外細分市場的戰略重點。

Separately, we believe that the Auto OEM segment has reached a critical inflection point as new programs move into production, driving significant growth over the next few years. We will report Auto OEM as a stand-alone segment starting with fiscal year 2023.

另外，我們認為，隨著新項目投入生產，汽車 OEM 細分市場已達到關鍵拐點，推動未來幾年的顯著增長。從 2023 財年開始，我們將把汽車 OEM 作為一個獨立的部分進行報告。

This change in segment organization provides an opportunity to discuss why we have chosen to participate in the auto OEM market. The automotive market is undergoing significant transformation as electrification gains momentum. While the industry has many capable suppliers, not all are equipped to meet the demand as the electronic and software content in vehicles rapidly evolves.

這種細分組織的變化提供了一個機會來討論我們為什麼選擇參與汽車 OEM 市場。隨著電氣化勢頭的增強，汽車市場正在經歷重大變革。雖然該行業有許多有能力的供應商，但隨著汽車電子和軟件內容的快速發展，並非所有供應商都能滿足需求。

Our vision is to be recognized as a leading global supplier of integrated electronic solutions to the auto industry. To achieve this vision, we intend to leverage our technology portfolio, our vertically integrated business model and our global manufacturing footprint.

我們的願景是成為公認的汽車行業集成電子解決方案的全球領先供應商。為實現這一願景，我們打算利用我們的技術組合、我們的垂直整合業務模型和我們的全球製造足跡。

Auto OEM revenue is generated from 3 product categories: domain controllers, infotainment units and all other. Explaining a little bit about these categories, domain controllers are remote computing modules that control various systems throughout the vehicle. The BMW program consists primarily of domain controllers for infotainment, instrumentation and rear seat entertainment.

汽車 OEM 收入來自 3 個產品類別：域控制器、信息娛樂單元和所有其他產品。稍微解釋一下這些類別，域控制器是控制整個車輛各種系統的遠程計算模塊。 BMW 計劃主要包括用於信息娛樂、儀表和後座娛樂的域控制器。

Infotainment units are self-contained systems that include a display and a user control system for functions such as navigation, audio, multimedia and Internet-based apps. We currently supply infotainment units to automakers in Asia and Europe.

信息娛樂單元是獨立的系統，包括顯示器和用於導航、音頻、多媒體和基於互聯網的應用程序等功能的用戶控制系統。我們目前為亞洲和歐洲的汽車製造商提供信息娛樂單元。

And finally, the other category includes a collection of software, map database, cameras, wearables and other revenue lines. Our current customer base includes some of the most respected global automakers including BMW, Toyota, Yamaha, Honda, Daimler, Ford and Geely. We are working with these and many other OEMs on future opportunities.

最後，另一類包括一系列軟件、地圖數據庫、相機、可穿戴設備和其他收入線。我們目前的客戶群包括一些最受尊敬的全球汽車製造商，包括寶馬、豐田、雅馬哈、本田、戴姆勒、福特和吉利。我們正在與這些和許多其他原始設備製造商合作，尋找未來的機會。

During 2022, Auto OEM revenue increased 11%, $284 million, with growth driven by contributions from new programs. Full year gross margin was 32%, and we recorded an operating loss of $79 million, driven by ongoing investments to complete new programs. This operating loss was $29 million lower than the prior year and was better than expectations due to higher sales and a reduction in development expenses.

2022 年，汽車 OEM 收入增長 11%，達到 2.84 億美元，增長得益於新項目的貢獻。全年毛利率為 32%，我們錄得 7900 萬美元的營業虧損，這是由於為完成新項目而進行的持續投資所致。這一營業虧損比上一年減少了 2900 萬美元，並且由於銷售額增加和開發費用減少而好於預期。

Late last year, the BMW Group recognized Garmin with a Supplier Innovation Award for our work on the Theatre Screen rear seat entertainment system offered on the flagship 7 Series automobile. This is a significant achievement considering the complexity of the program, the high expectations of our customer and the fact that we're a relative newcomer to the industry.

去年年底，寶馬集團授予 Garmin 供應商創新獎，以表彰我們在旗艦 7 系列汽車上提供的 Theater Screen 後座娛樂系統方面的工作。考慮到該計劃的複雜性、我們客戶的高期望以及我們在該行業相對較新的事實，這是一項重大成就。

I'm also pleased to report that during 2022, we secured additional commitments from BMW that increased our total awarded volume by nearly 50% and expanded our supply footprint, which now encompasses the North American region, Europe and China.

我也很高興地報告，在 2022 年期間，我們獲得了寶馬的額外承諾，使我們的總授予量增加了近 50%，並擴大了我們的供應足跡，現在包括北美地區、歐洲和中國。

Looking forward, we expect Auto OEM revenue to increase 30% in 2023. We expect the first quarter to be approximately flat to the prior year with significant growth starting in Q2, driven by the timing of new model launches.

展望未來，我們預計汽車 OEM 收入將在 2023 年增長 30%。我們預計第一季度與上年同期基本持平，第二季度開始顯著增長，這主要受新車型發佈時間的推動。

Many are wondering about our long-term outlook for the Auto OEM segment and importantly, the pathway to profitability. While we do not provide guidance beyond the current year, we can share our vision for where the Auto OEM segment goes from here. Our long-term projections consider programs currently awarded along with many other assumptions that may or may not materialize.

許多人想知道我們對汽車 OEM 部門的長期前景，以及重要的盈利途徑。雖然我們不提供今年以後的指導，但我們可以分享我們對汽車 OEM 細分市場未來發展方向的願景。我們的長期預測考慮了目前授予的項目以及許多其他可能實現或可能不實現的假設。

Based only on the business already secured, our projections indicate that we could experience a compound annual growth rate of approximately 40% over the next few years, which, if achieved, would result in 2025 revenue of approximately $800 million. We anticipate much of this growth will be driven by domain controllers that carry a lower gross margin profile, but also generate significant volume leverage as we aim for profitability in 2024.

僅基於已獲得的業務，我們的預測表明我們在未來幾年內的複合年增長率可能達到約 40%，如果實現，到 2025 年的收入將達到約 8 億美元。我們預計這種增長的大部分將由毛利率較低的域控制器推動，但由於我們的目標是在 2024 年實現盈利，因此也會產生顯著的銷量槓桿。

We plan to build on this success with innovation that leads to new opportunities such as the highly acclaimed Unified Cabin concept we showcased at the recent Consumer Electronics Show.

我們計劃在這一成功的基礎上通過創新創造新的機遇，例如我們在最近的消費電子展上展示的備受讚譽的 Unified Cabin 概念。

In summary, 2023 marks the beginning of a new era for our Auto OEM segment. The opportunity is significant, the path forward is clear and we're focused on delivering growth and profits in the Auto OEM segment.

總之，2023 年標誌著我們汽車 OEM 部門新時代的開始。機會很大，前進的道路很明確，我們專注於在汽車 OEM 領域實現增長和利潤。

That concludes my remarks. Next, Doug will walk you through additional details on our financial results and our 2023 guidance. Doug?

我的發言到此結束。接下來，Doug 將帶您了解有關我們財務業績和 2023 年指南的更多詳細信息。道格？

Thanks, Cliff. Good morning, everyone. I'll begin by reviewing our fourth quarter and full year financial results and provide comments on the balance sheet, cash flow statement, taxes and 2023 guidance.

謝謝，克里夫。大家，早安。我將首先回顧我們的第四季度和全年財務業績，並就資產負債表、現金流量表、稅收和 2023 年指引發表評論。

We posted revenue of over $1.3 billion for the fourth quarter, representing a 6% decrease year-over-year. Gross margin was 57%, a 150 basis point increase from the prior year quarter. Increase was primarily due to lower freight costs. Operating expense as a percentage of sales was 36.5%, a 370-basis point increase.

我們公佈第四季度收入超過 13 億美元，同比下降 6%。毛利率為 57%，比去年同期增長 150 個基點。增加主要是由於運費下降。營業費用佔銷售額的百分比為 36.5%，增加了 370 個基點。

Operating income was $267 million, 15% year-over-year decrease. Operating margin was 20.5%, 210 basis point decrease from the prior year. Our GAAP EPS was $1.53, and our pro forma EPS was $1.35, a 13% decrease from the prior year pro forma EPS.

營業收入為 2.67 億美元，同比下降 15%。營業利潤率為 20.5%，比上年下降 210 個基點。我們的 GAAP 每股收益為 1.53 美元，預計每股收益為 1.35 美元，比上一年的預計每股收益下降 13%。

Looking at the full year results, we posted revenue of $4.860 billion representing a 2% decrease year-over-year. Gross margin was 57.7%, 30 basis point decrease from the prior year. Operating expense as a percentage of sales was 36.6%, 300 basis point increase.

從全年業績來看，我們公佈的收入為 48.6 億美元，同比下降 2%。毛利率為 57.7%，較上年下降 30 個基點。營業費用佔銷售額的百分比為 36.6%，增加了 300 個基點。

Operating income was $1.028 billion, a 16% decrease. Operating margin was 21.1%, 340 basis point decrease from the prior year. Our GAAP EPS was $5.04, pro forma EPS was $5.13, 12% decrease from the prior year pro forma EPS.

營業收入為 10.28 億美元，下降 16%。營業利潤率為 21.1%，比上年下降 340 個基點。我們的 GAAP 每股收益為 5.04 美元，預計每股收益為 5.13 美元，比上一年的預計每股收益下降 12%。

Next, we have fourth quarter revenue by segment and geography. In the fourth quarter, growth in the Aviation, Marine and Outdoor segments was more than offset by declines in the Fitness and Auto segments, resulting in 6% consolidated decline.

接下來，我們有按部門和地區劃分的第四季度收入。第四季度，航空、船舶和戶外領域的增長被健身和汽車領域的下滑所抵消，導致綜合下滑 6%。

By geography, the 4% growth in Americas was more than offset by 17% decline in EMEA, a 9% decline in APAC, which was negatively impacted by foreign exchange rates during the quarter. For the full year 2022, consolidated revenue declined 2% with growth in the Outdoor, Aviation and Marine segments more than offset declines in the Fitness and Auto segments.

按地域劃分，美洲 4% 的增長被歐洲、中東和非洲 17% 的下降以及亞太地區 9% 的下降所抵消，後者受到本季度外匯匯率的負面影響。 2022 年全年，綜合收入下降 2%，戶外、航空和海洋領域的增長抵消了健身和汽車領域的下滑。

By geography, we achieved 3% growth both in Americas and APAC, but these increases were more than offset by a 12% decline in EMEA.

按地域劃分，我們在美洲和亞太地區實現了 3% 的增長，但這些增長被歐洲、中東和非洲地區 12% 的下滑所抵消。

Looking next at operating expenses. Fourth quarter operating expenses increased by $21 million or 5%. Research and development increased approximately $11 million year-over-year, primarily due to engineering personnel costs. SG&A increased approximately $13 million compared to prior year quarter, primarily due to increases in personnel-related expenses, information technology costs. Advertising expense decreased approximately $3 million due to lower co-op advertising.

接下來看運營費用。第四季度運營費用增加了 2100 萬美元或 5%。研發同比增長約 1100 萬美元，主要是由於工程人員成本。 SG&A 與去年同期相比增加了約 1300 萬美元，這主要是由於人員相關費用和信息技術成本的增加。由於合作社廣告減少，廣告費用減少了約 300 萬美元。

A few highlights on the balance sheet, cash flow statement, dividends and share repurchase. We ended the quarter with cash and marketable securities, approximately $2.7 billion. Accounts receivable increased sequentially to $657 million to seasonally strong sales in the fourth quarter and decreased year-over-year. Inventory increased year-over-year to approximately $1.5 billion, year-over-year increase due to executing our strategy to reduce freight costs through higher mix ocean versus air shipments as well as implications of navigating a challenging supply chain environment, which we've been operating.

資產負債表、現金流量表、股息和股票回購的一些亮點。我們在本季度末擁有現金和有價證券，約為 27 億美元。由於第四季度季節性強勁的銷售，應收賬款環比增加至 6.57 億美元，同比下降。庫存同比增加至約 15 億美元，同比增長是由於執行我們的戰略以通過更高的海運與空運混合來降低貨運成本，以及駕馭充滿挑戰的供應鏈環境的影響，我們已經一直在經營。

As the business environment continues to evolve, we're working to optimize our inventory. As such, we anticipate our 2023 ending inventory balance to be relatively flat year-over-year. So expected declines in our consumer inventory offset by expected increases associated with the growth of our Auto OEM business.

隨著商業環境的不斷發展，我們正在努力優化我們的庫存。因此，我們預計 2023 年期末庫存餘額將同比持平。因此，我們的消費者庫存的預期下降被與我們的汽車 OEM 業務增長相關的預期增長所抵消。

During the fourth quarter of 2022, we generated free cash flow of $309 million, $260 million increase from the prior year quarter. For the full year 2022, we generated free cash flow of approximately $544 million, a $161 million decrease from the prior year, which was primarily due to a higher use of cash for inventory, income [taxes.]

2022 年第四季度，我們產生了 3.09 億美元的自由現金流，比去年同期增加 2.6 億美元。在 2022 年全年，我們產生了大約 5.44 億美元的自由現金流，比上一年減少了 1.61 億美元，這主要是由於現金用於存貨、收入 [稅收]。

For 2023, we expect free cash flow to be approximately $700 million, approximately $275 million of capital expenditures. For 2023, we expect to continue to make investments in platforms for growth including continued renovation of our facilities in Taiwan and Olathe, and IT-related projects.

到 2023 年，我們預計自由現金流約為 7 億美元，資本支出約為 2.75 億美元。到 2023 年，我們預計將繼續投資於增長平台，包括繼續翻新我們在台灣和奧拉西的設施，以及 IT 相關項目。

As a result of the additional week in the fourth quarter 2022, we paid 2 quarterly dividends totaling approximately $280 million. Also, we announced our plan to seek shareholder approval for an annual dividend of $2.92 or $0.73 per share per quarter beginning with our June 2023 payment.

由於 2022 年第四季度多了一周，我們支付了 2 次季度股息，總額約為 2.8 億美元。此外，我們還宣布了尋求股東批准的計劃，即從 2023 年 6 月開始支付每季度每股 2.92 美元或 0.73 美元的年度股息。

In 2022, we purchased $207 million of company stock, had approximately $93 million remaining as of year-end, the share repurchase program, which is authorized through December 2023. For full year 2022, we reported an effective tax rate of 8.6%. Pro forma effective tax rate was 7.9%, a 240-basis point decrease from the prior year, primarily due to favorable income mix by tax jurisdiction, increase in U.S. tax deductions and credits. Fiscal year 2023 pro forma effective tax rate is expected to be 8% virtually flat year-over-year.

2022 年，我們購買了 2.07 億美元的公司股票，截至年底，股票回購計劃還剩約 9300 萬美元，該計劃已獲得批准，有效期至 2023 年 12 月。2022 年全年，我們報告的有效稅率為 8.6%。備考有效稅率為 7.9%，比上年下降 240 個基點，這主要是由於稅收管轄區的有利收入組合、美國稅收減免和信貸的增加。預計 2023 財年備考有效稅率為 8%，與上年同期基本持平。

Turning next to our full year guidance. We estimate revenue of approximately $5 billion, an increase of approximately 3% over the prior year. We expect gross margin to be approximately 57.5%, which is relatively consistent to our full year 2022 gross margin. We expect an operating margin of approximately 20.3% and the full year, pro forma effective tax rate expected to be approximately 8% which results in expected pro forma earnings per share of approximately $5.15.

接下來轉向我們的全年指導。我們估計收入約為 50 億美元，比上年增長約 3%。我們預計毛利率約為 57.5%，這與我們 2022 年全年的毛利率相對一致。我們預計營業利潤率約為 20.3%，全年備考有效稅率預計約為 8%，預計每股備考收益約為 5.15 美元。

This concludes our formal remarks. Corey, can you please open the line for Q&A?

我們的正式發言到此結束。科里，你能打開問答熱線嗎？

(Operator Instructions) First up, we have Paul Chung with JPMorgan.

（操作員說明）首先，我們有來自摩根大通的 Paul Chung。

So just first up on Outdoor. Can you talk about some of the drivers that could provide some upside to your guidance here of 2%? I know you have some kind of tough comps in the first half, so if you could kind of expand on price versus volume, benefits, product mix would be helpful?

所以首先在戶外。你能談談一些可以為你的 2% 指導提供一些上行空間的驅動因素嗎？我知道你在上半年有一些艱難的競爭，所以如果你能在價格與數量、收益、產品組合方面有所擴大，會有幫助嗎？

And then Outdoor finishes the year kind of exceeding 50% of operating profit as mix, where do you see that mix trending this year? And as we layer in consumer auto, I know this is small, but assume we keep margins kind of in the high 30% moving forward? And I have a follow-up.

然後 Outdoor 結束了這一年超過 50% 的營業利潤作為混合，你認為今年的混合趨勢在哪裡？當我們在消費汽車領域分層時，我知道這很小，但假設我們將利潤率保持在 30% 的高水平？我有一個後續行動。

Yes. Paul, in terms of potential drivers for upside, we're really not thinking about forecasting some of those. I would just point people back to the history in terms of the segment and our product introduction cadence around wearables, in particular, we have a very active product road map for the year.

是的。保羅，就潛在的上行驅動因素而言，我們真的沒有考慮預測其中的一些。我只想讓人們回顧一下細分市場的歷史和我們圍繞可穿戴設備推出產品的節奏，特別是，我們今年有一個非常活躍的產品路線圖。

So we're factoring that in, but also recognizing that 2022 was a banner year for growth in those product lines. So that's really what's affecting our thinking, and that's what we use to create the guidance that we've offered. In terms of consumer auto, yes, those product lines are going to continue to have the margin profiles that have historically been disclosed, although we won't be talking about that going forward anymore.

因此，我們將這一點考慮在內，但也認識到 2022 年是這些產品線增長的標誌性年份。所以這才是真正影響我們思維的因素，這就是我們用來創建我們提供的指導的因素。就消費汽車而言，是的，這些產品線將繼續擁有歷史上已披露的利潤率概況，儘管我們不會再談論這一點。

But I would say that as consumer auto products move to more specialty-driven applications, the margins will definitely come up as we have more unique products there.

但我要說的是，隨著消費汽車產品轉向更多專業驅動的應用，利潤肯定會上升，因為我們在那裡有更多獨特的產品。

And then just on overall gross margins, I would have thought to see some benefits here from kind of lower component inflation, FX and freight. Can you quantify the impact in '22 kind of related to those costs? And expectations for '23 related to that? And where could you kind of see some upside to initial guide of kind of flattish margins?

然後就整體毛利率而言，我本以為可以從較低的組件通脹、外彙和運費中看到一些好處。您能否量化與這些成本相關的 22 年影響？對'23 的期望與此相關嗎？你在哪裡可以看到一些關於利潤率持平的初步指導的好處？

And then similar question on operating margins. I assume some recovery in Fitness, maybe some pressure on Marine, Auto is still probably a big drag, but where could you see some upside to flattish margin guide here?

然後是關於營業利潤率的類似問題。我假設 Fitness 有所復甦，可能對 Marine 有一些壓力，Auto 可能仍然是一個很大的拖累，但你在哪裡可以看到一些上行空間來平衡利潤率指南？

Yes. Yes, I'll start maybe with a comment and then hand it over to Doug. But I would say that the 57.5% is a very good initial margin guide and it reflects a lot of benefits that we're seeing in the supply chain, particularly freight, but it's offset also by the growing mix of auto OEM products.

是的。是的，我可能會先發表評論，然後將其交給 Doug。但我想說 57.5% 是一個非常好的初始利潤率指南，它反映了我們在供應鏈中看到的很多好處，尤其是運費，但它也被不斷增長的汽車 OEM 產品組合所抵消。

So that's kind of the highest level view of how we came up with that 57.5%, and then Doug probably has additional comments that he can make on the details.

所以這是關於我們如何得出 57.5% 的最高級別的觀點，然後 Doug 可能會就細節發表其他評論。

Yes. So yes, Cliff is correct on the big picture, that's right. So we are expecting some favorability in '23 due to freight costs. We've made a concerted effort to ship a larger percentage of our products on ocean versus air as well as we're seeing the overall freight rates come down.

是的。所以是的，克里夫在大局上是正確的，沒錯。因此，由於運費，我們預計 23 年會有一些優惠。我們齊心協力，將更大比例的產品通過海運而不是空運，而且我們看到整體運費下降了。

So we did see that come down throughout '22. So there'll probably be a little bit more favorability in the first part than the latter part of the year. And then the other big factor impacting '23 is the segment mix.

所以我們確實看到整個 22 年都在下降。因此，上半年的支持率可能會比今年下半年高一些。然後影響'23 的另一個重要因素是細分市場組合。

As Cliff mentioned, the auto OEM business does have a lower gross margin than average. So as that becomes a larger piece of our total that will cause the gross margin to come down as such.

正如 Cliff 所說，汽車 OEM 業務的毛利率確實低於平均水平。因此，隨著這成為我們總數的更大一部分，這將導致毛利率下降。

As it relates to FX, if you look at FX, euro rate, the average during 2022 was about $1.06, that's about where we are today. It's really difficult to predict that FX in there from that standpoint, but that's just kind of a point of reference as it relates to the FX in there. And so that kind of gives you a flavor.

就外匯而言，如果你看一下外匯、歐元匯率，2022 年的平均水平約為 1.06 美元，這就是我們今天的水平。從那個角度預測那裡的 FX 真的很難，但這只是一種參考點，因為它與那裡的 FX 相關。所以那種給你一種味道。

And maybe I'll give you a little bit also on operating expenses since you have mentioned things about the operating margin. So as it relates -- and these are percentage of sales for the full year. And so when we think about 2023, we expect the total operating expenses probably be up around 60 basis points or so.

也許我也會給你一些關於運營費用的信息，因為你已經提到了關於運營利潤率的事情。因此，與此相關 - 這些是全年銷售額的百分比。因此，當我們考慮 2023 年時，我們預計總運營費用可能會增加 60 個基點左右。

And looking at the different categories in OpEx there, first one, advertising. We'd expect that to probably be a little bit lower maybe about 10 basis points or so. That's primarily due to that segment mix, Auto OEM is a bigger piece of the total, which doesn't spend that much on advertising.

看看 OpEx 的不同類別，第一個，廣告。我們預計可能會低一點，大約 10 個基點左右。這主要是由於該細分市場的組合，汽車 OEM 佔總數的較大部分，不會在廣告上花費那麼多。

Then as you move into R&D, that will probably be up, we estimate it, around 30 basis points or so. We'll continue to make investments in innovation, on new products as such. And then SG&A, we anticipate up about 40 basis points there, we're continuing to build the infrastructure, IT expenses to support that growth.

然後當你進入研發時，我們估計它可能會上升大約 30 個基點左右。我們將繼續投資創新，投資新產品。然後是 SG&A，我們預計那裡會上漲約 40 個基點，我們將繼續建設基礎設施和 IT 支出以支持這種增長。

(Operator Instructions) Our next question comes from George Wang at Barclays.

（操作員說明）我們的下一個問題來自巴克萊銀行的 George Wang。

I have 2. Firstly, can you talk about kind of channel inventory [whether that will] influence your view on the growth for kind of Fitness segment for this year?

我有 2. 首先，您能否談談渠道庫存類型 [是否會] 影響您對今年健身細分市場增長的看法？

Yes. George, I think in terms of channel inventory, we view that as in a much healthier place as we enter 2023 compared to what it was a year ago. At this time, our sell-in was definitely far below levels of registrations that we saw for our products. So we view that as a signal that the inventory in the channel came down quite a bit.

是的。喬治，我認為就渠道庫存而言，我們認為與一年前相比，我們進入 2023 年時處於更健康的狀態。此時，我們的銷售量肯定遠低於我們看到的產品註冊量。所以我們認為這是一個信號，表明渠道中的庫存下降了很多。

In terms of our outlook, we're not thinking. Our guide really reflects any more stocking or destocking. We're looking at things as being pretty stable in that regard. And we're simply trying to kind of moderate our outlook based on, obviously, the results that we had in 2022, combined with the new product introductions that we see going forward that should stabilize things.

就我們的前景而言，我們沒有思考。我們的指南確實反映了任何更多的庫存或去庫存。在這方面，我們認為事情非常穩定。很明顯，我們只是試圖根據我們在 2022 年取得的結果，結合我們認為未來應該會穩定局勢的新產品推出，來調整我們的前景。

Okay, great. And then my second question is just maybe you can unpack a little more in terms of the areas or kind of product categories where you are taking shares? In the prepared remarks, you talked about you guys are taking share in the Marine segment. Maybe you can give more color just -- what about in Aviation, where you guys have a higher share as well. Just kind of any particular areas you want to call out in terms of share gains?

好的，太好了。然後我的第二個問題是，也許你可以根據你所分享的領域或產品類別來展開更多討論？在準備好的發言中，你談到你們正在分享海洋領域的份額。也許你可以提供更多的顏色——在航空領域，你們也有更高的份額。就份額收益而言，您想指出任何特定領域嗎？

Yes. I think we -- as we look across our product lines, we have various categories that are super strong in their markets because of the unique differentiators that we offer compared to others. And you've already mentioned that marine and aviation, our 2 major market areas where we're leaders in the respective areas, for example, in marine, we're the top marine electronics provider -- consumer electronics provider to the industry by sales.

是的。我認為我們 - 當我們審視我們的產品線時，由於我們提供的與其他產品相比具有獨特的差異化因素，我們有各種類別在他們的市場中非常強大。你已經提到了海洋和航空，這是我們在各自領域處於領先地位的兩個主要市場領域，例如，在海洋領域，我們是頂級海洋電子產品供應商——按銷售額計算，我們是該行業的消費電子產品供應商.

And in aviation, we're the market share leader in both aftermarket and integrated cockpit systems for new aircraft in the midsized business jet on down through piston aircraft. So very strong positions. It's due to, again, highly differentiated unique products, and that's our focus for our investment and our activities going forward is continuing to create those kinds of products.

在航空領域，我們在中型公務機和活塞式飛機的新飛機售後市場和集成駕駛艙系統方面均處於市場份額領先地位。如此強勢的立場。這再次歸因於高度差異化的獨特產品，這是我們投資的重點，我們未來的活動將繼續創造這些類型的產品。

If you look at one of the bigger categories, obviously, broadly is wearables. There's all kinds of categories that comprise that anywhere from kids' activity trackers on through to luxury smartwatches. And so it's hard to quantify on any one level where market share is because there's not a lot of data, but what we do is try to focus on being unique and innovative and offer things that customers can't get anywhere else.

如果你看一個更大的類別，顯然，廣泛的是可穿戴設備。有各種各樣的類別，從兒童活動追踪器到豪華智能手錶，應有盡有。因此，很難在任何一個層面上量化市場份額，因為沒有太多數據，但我們所做的是努力專注於獨特性和創新性，並提供客戶無法在其他任何地方獲得的東西。

And our next question comes from David MacGregor of Longbow Research.

我們的下一個問題來自 Longbow Research 的 David MacGregor。

Just a couple of questions. First of all, on inventory. I know you had expected to be down about 10% in the fourth quarter, you ended up relatively flat. Was that just maybe a little stronger investment in the automotive ramp than you had anticipated? Or maybe you could just talk about what happened there?

只是幾個問題。首先，關於庫存。我知道你曾預計第四季度會下降約 10%，結果相對持平。這是否只是比您預期的對汽車坡道的投資多一點？或者也許你可以談談那裡發生的事情？

Yes, really primarily, I'd probably say mix type of thing. In estimate, coming into the quarter about what type of a mix we have during that period of time, it may have been a little bit different. We had a little maybe stronger sales of some of our newer products where we had to build some inventory wasn't necessarily relating to OEM, but some other consumer products that we had.

是的，實際上主要是，我可能會說混合類型的東西。據估計，進入本季度，關於我們在那段時間的混合類型，可能會有所不同。我們的一些新產品的銷售量可能會有所增加，我們必須建立一些庫存，但不一定與 OEM 相關，而是我們擁有的其他一些消費產品。

As we think about inventory for next year, I mentioned we want to optimize that. We've had significant increases in inventory the last couple of years. So our goal for 2023 is to keep that relatively flat with our 2022 levels, that will help our free cash flow also.

當我們考慮明年的庫存時，我提到我們要優化它。過去幾年，我們的庫存顯著增加。因此，我們 2023 年的目標是保持與 2022 年水平相對持平，這也將有助於我們的自由現金流。

Right, right. Okay. And then just you mentioned consumer. I guess as you think across the broader consumer exposure you have, I guess, what were your takeaways from the holiday season? And did you see any mix down within the various product lines?

是的是的。好的。然後剛才你提到了消費者。我想，正如您在更廣泛的消費者接觸中所想的那樣，我想，您從假期中得到了什麼？您是否看到各種產品線之間有任何混合？

Yes. I would say, David, that we have such a broad range of products that we're probably exposed across all levels of the strata of consumers, I would say that in some of our more bell-curve consumer-facing product categories in certain price points that we did see more pressure in those than we did in the upper price point ranges where customers are probably more resilient to the economic factors that are impacting everyone right now.

是的。我想說，大衛，我們擁有如此廣泛的產品，我們可能會接觸到各個層次的消費者，我想說的是，在我們某些價格更高的面向鍾形曲線消費者的產品類別中與我們在較高價格點範圍內看到的相比，我們確實看到了更大的壓力，在這些價格點範圍內，客戶可能對目前影響每個人的經濟因素更有彈性。

So there is some sign of that. But again, we have been focused more on products that have unique differentiators and have, as such, higher price points that we can command in the market.

所以有一些跡象。但同樣，我們更多地關注具有獨特差異化的產品，因此我們可以在市場上獲得更高的價格點。

Right. Great. That makes sense. And then a question on marine. I guess this was a pull-forward category during the pandemic. How do orders look now heading into the season?

正確的。偉大的。這就說得通了。然後是關於海洋的問題。我想這是大流行期間的一個前拉類別。現在進入這個季節的訂單情況如何？

I think one of the things we've been saying for a while now is that we're -- we've definitely noticed the marine market has returned to its more typical seasonality behaviors and growth patterns that were prevalent before the pandemic. So I think I've been personally pleased to see the market really do kind of a soft landing at a very high level.

我認為我們一段時間以來一直在說的一件事是——我們確實注意到海洋市場已經恢復到大流行之前普遍存在的更典型的季節性行為和增長模式。所以我認為我個人很高興看到市場真的在一個非常高的水平上實現了某種軟著陸。

We still see strong demand for products both at the OEM level as well as at the retail level and especially in the really unique categories that we offer, the sonar systems that are very popular and command much higher price points.

我們仍然看到在 OEM 層面和零售層面對產品的強勁需求，尤其是在我們提供的真正獨特的類別中，聲納系統非常受歡迎並且價格更高。

Okay. Last question for me. Just on outdoor, there was some negative operating leverage in the fourth quarter. Can you just talk about what happened there?

好的。我的最後一個問題。就戶外而言，第四季度出現了一些負面的經營槓桿。你能談談那裡發生的事情嗎？

I think it's primarily due to our expenses there. So we continue to make new investments in our R&D to really improve or [towards] our innovation for our new products that are coming out.

我認為這主要是由於我們在那裡的開支。因此，我們繼續對我們的研發進行新的投資，以真正改進或 [朝著] 我們對即將推出的新產品的創新。

And next question comes from Ben Bollin at Cleveland Research Company.

下一個問題來自克利夫蘭研究公司的本博林。

Cliff or Doug, I'm interested in your thoughts when you think about the forecast into '23 across the wearables segment, most notably. When you -- could you share with us how you think about refresh and the average duration that your existing users are holding on to devices? And maybe any thoughts on how that's changed as you approach '23? And then I had a follow-up.

Cliff 或 Doug，當你考慮對可穿戴設備領域進入 23 年的預測時，我對你的想法很感興趣，尤其是。當你 - 你能與我們分享你如何看待刷新以及現有用戶持有設備的平均持續時間嗎？當你接近 23 歲時，也許有什麼想法是如何改變的？然後我進行了跟進。

Yes, I think, Ben, refresh really depends on the product line. I think as you can appreciate people that spend more for some of these devices tend to hold on to them longer. So we probably see a longer refresh cycle on the more premium families such as fenix than we do, for example, in the lower-end wearables such as vivoactive and Venu.

是的，我認為，本，刷新真的取決於產品線。我認為，正如您所理解的那樣，為這些設備中的某些設備花費更多的人往往會持有更長時間。因此，我們可能會看到 fenix 等高端系列的更新周期比 vivoactive 和 Venu 等低端可穿戴設備的更新周期要長。

But I think the good news for our customer base and what we noticed consistently in behaviors of our customers is that they tend to be active customers and more dedicated to the purpose of the device than what we've heard from others. And so we have a very strong active user base. They remain active, and it continues to grow year after year.

但我認為對我們的客戶群來說是個好消息，我們在客戶行為中一貫注意到的是，他們往往是活躍的客戶，比我們從其他人那裡聽到的更專注於設備的用途。因此，我們擁有非常強大的活躍用戶群。他們仍然活躍，並且年復一年地繼續增長。

Okay. And then the last one for me. You made a comment about potentially longer-term Auto OEM CAGR, 40% CAGR through '25 based on existing wins. Could you talk through some of the factors that would get you to this? Is this based on unit performance from the existing OEM partners? Is it a content angle? Is it dependent on what consumers select? What's the right way to think about how you get to that type of level?

好的。然後是我的最後一個。你對潛在的長期汽車原始設備製造商複合年增長率發表了評論，根據現有的勝利，到 25 年的複合年增長率為 40%。你能談談讓你做到這一點的一些因素嗎？這是基於現有 OEM 合作夥伴的單位性能嗎？是內容角度嗎？是否取決於消費者的選擇？考慮如何達到那種水平的正確方法是什麼？

Well, we created those projections based on the outlook provided to us by the OEMs. And so as we win these programs, the programs are scoped based on a certain estimate of volumes, which may or may not materialize. Those volumes assume certain kinds of consumer uptake on various features. So again, lots of assumptions built into that, but it's a significant amount of volume that comprises these programs and consequently, that's what drives the compounded growth rate that we talked about.

好吧，我們根據原始設備製造商提供給我們的前景創建了這些預測。因此，當我們贏得這些項目時，這些項目的範圍是根據一定的數量估計來確定的，這可能會也可能不會實現。這些卷假設了某些類型的消費者對各種功能的接受。因此，再一次，其中內置了許多假設，但這些程序包含了大量的數量，因此，這就是推動我們談到的複合增長率的原因。

(Operator Instructions) Our next question comes from Erik Woodring of Morgan Stanley.

（操作員說明）我們的下一個問題來自摩根士丹利的埃里克伍德林。

Cliff, it's very rare to see the gap between Fitness and Outdoors. It's rare to see those results deviate from each other so widely over the 12-month span. I realize some of that was impacted by the fenix, the flagship fenix launch.

懸崖，很難看出Fitness和Outdoors之間的差距。在 12 個月的時間跨度內，這些結果之間的差異如此之大，實屬罕見。我意識到其中一些受到了旗艦 fenix 發布的 fenix 的影響。

But looking back outside of that, what were some of the biggest factors that drove this deviation? And then kind of what are you doing as you look into 2023 and beyond to make sure that the fitness business can actually inflect back to growth at some point? And underscoring that question, can you just maybe talk about competition and whether that's playing into that or is this more of a market dynamic? And then I have a follow-up.

但除此之外，回過頭來看，導致這種偏差的最大因素是什麼？然後，當您展望 2023 年及以後時，您正在做什麼，以確保健身業務能夠在某個時候真正恢復增長？並強調這個問題，你能不能談談競爭，以及競爭是否正在發揮作用，或者這更像是一種市場動態？然後我有一個後續行動。

Yes. I think a really good question. I would explain the gap of the differences between Fitness and Outdoor driven by a couple of factors. One, you already mentioned fenix, that was an outsized result in terms of product category. So that widened on one side.

是的。我認為這是一個很好的問題。我將解釋由幾個因素驅動的健身和戶外之間差異的差距。第一，你已經提到了 fenix，就產品類別而言，這是一個超大的結果。所以這在一方面擴大了。

In Fitness, however, what we saw are really 2 things. One is the indoor cycling area, the bike trainers, and generally, the cycling category has normalized after the pandemic. So we had a significant headwind in the segment due to cycling products coming back to their normal sales levels, which we feel are still very healthy compared to 2019 levels, but reflect the change in priorities for customers as they do other things with activities.

然而，在 Fitness 中，我們看到的實際上是兩件事。一是室內單車區，單車訓練台，總體來說，疫情過後單車品類已經正常化。因此，由於自行車產品恢復到正常銷售水平，我們在該細分市場遇到了很大的阻力，我們認為與 2019 年的水平相比仍然非常健康，但反映了客戶在通過活動做其他事情時優先級的變化。

And the other factor is the advanced wearables within the segment are the products that compete in the most active area of the market against the biggest players. So the competitive factors there are certainly higher. The promotional considerations are more nuanced. And so consequently, there's definitely some market and market share considerations in that product line because they're the hardest market really to compete in, in terms of the overall space there.

另一個因素是該細分市場中的高級可穿戴設備是在市場最活躍的領域與最大的參與者競爭的產品。所以那裡的競爭因素肯定更高。促銷方面的考慮更加微妙。因此，該產品線肯定有一些市場和市場份額考慮因素，因為就那裡的整體空間而言，它們是真正最難競爭的市場。

So that's how I would frame those things. In terms of what we're doing going forward? Again, there's probably 2 factors for Fitness, I would say, are important. One is that we see the cycling market stabilizing. So that shouldn't be a factor going forward as we comp against those declines from last year.

這就是我如何構建這些東西。就我們正在做的事情而言？同樣，我想說健身可能有 2 個因素很重要。一是我們看到自行車市場趨於穩定。因此，當我們與去年的下滑相比時，這不應該成為未來的一個因素。

And then secondarily, we have a very active product road map for the year with some really exciting product releases. And so we always know we benefit from those new product introductions.

其次，我們今年有一個非常活躍的產品路線圖，發布了一些非常令人興奮的產品。因此，我們始終知道我們受益於這些新產品的推出。

Great. That's really helpful. And I guess maybe a second one is in your prepared remarks, you just highlighted a number of what I think of as very interesting either approvals or wins in the aviation business during the quarter. Kind of similar to -- I don't -- I'm not asking you to do the same for these types of wins as you did with the auto OEM business.

偉大的。這真的很有幫助。我想也許第二個是在你準備好的發言中，你剛剛強調了一些我認為非常有趣的事情，無論是在本季度航空業務的批准還是勝利。有點類似於——我不——我不是要你為這些類型的勝利做同樣的事情，就像你對汽車 OEM 業務所做的那樣。

But can you just help us maybe understand like when and by how much some of these approvals or wins can actually translate into P&L contribution? Meaning, like are they material to the model in 2023. Is this -- you get approval today and this becomes a driver in a few years? Any way to just help us understand the importance of these wins in the context of the P&L would be helpful?

但是你能不能幫助我們理解這些批准或勝利中的一些何時以及在多大程度上可以真正轉化為損益貢獻？意思是，它們對 2023 年的模型是否重要。這是——你今天獲得批准，幾年後成為驅動因素嗎？有什麼方法可以幫助我們理解這些勝利在損益表中的重要性嗎？

Yes. I think generally, our philosophy about when we make announcements about progress in -- with various approvals or new product launches, we, first and foremost, make sure that those announcements are material to the revenue that will start to realize right away. So we hardly ever announced something that's years and years in advance.

是的。我認為，總的來說，我們關於何時發布進展公告的理念——通過各種批准或新產品發布，我們首先要確保這些公告對立即開始實現的收入具有重要意義。所以我們幾乎從來沒有提前很多年宣布過什麼。

There is some minor exceptions to that. But for the most part, every announcement we make is meaningful to the ongoing revenue stream. So the aviation programs with the approval of the G5000 and the XLS and also the GI 275 is revenue we're starting to generate now.

有一些小例外。但在大多數情況下，我們發布的每項公告都對持續的收入流有意義。因此，獲得 G5000 和 XLS 以及 GI 275 批准的航空項目是我們現在開始產生的收入。

Our next question comes from Ivan Feinseth of Tigress Financial.

我們的下一個問題來自 Tigress Financial 的 Ivan Feinseth。

Congratulations on the great aviation OEM wins. Can you go into some product -- new product introduction detail as far as kind of the categories and the types of products where we could see going forward this year?

祝賀偉大的航空 OEM 獲勝。您能否介紹一些產品——新產品介紹的詳細信息，以及今年我們可以看到的產品類別和類型？

Well, Ivan, I can't share details on the specific products. But as we mentioned, we have an active road map across all of our segments. This is our strategic focus is to drive revenue through new product introductions, and so we have a very active year planned.

好吧，伊万，我不能分享具體產品的細節。但正如我們所提到的，我們在所有細分市場都有一個積極的路線圖。這是我們的戰略重點，即通過推出新產品來增加收入，因此我們計劃了非常活躍的一年。

Last year was a great year, too, which rebounded a lot from kind of the pandemic dip that we saw in some introductions, but 2023 should also be a very great year for introductions.

去年也是偉大的一年，從我們在一些介紹中看到的大流行病下降中反彈了很多，但 2023 年也應該是介紹的非常偉大的一年。

And also congratulations on the announcement of working with Qualcomm on the SOS and the satellite messaging program. Is that -- could we see some more expansion in the OEM automotive market that incorporates some of that and further work with Qualcomm and their Snapdragon ride stack?

並祝賀宣布與高通公司就 SOS 和衛星消息傳遞計劃進行合作。那是——我們能否看到 OEM 汽車市場的更多擴張，其中包括其中的一些，並進一步與高通及其 Snapdragon 騎行堆棧合作？

Well, Qualcomm is a significant partner of ours in the Auto OEM segment for our platforms. But the SOS activity with them is really focused more on mobile phones and so they're somewhat different, but we do see that as an interesting new avenue to utilize our in-reach response center and leverage the capability we have in coordinating rescues and responses to remote concerns that customers have for a long time now.

好吧，高通是我們在我們平台的汽車 OEM 領域的重要合作夥伴。但是他們的 SOS 活動實際上更多地集中在手機上，所以他們有些不同，但我們確實認為這是一個有趣的新途徑，可以利用我們的近距離響應中心並利用我們在協調救援和響應方面的能力消除客戶長期以來的擔憂。

One more question. On the growth in online sales, what do you see as the driver of that? Are you just giving a lot of people who have joined the Garmin ecosystem buying more products and just going direct? Or is it from some of the effectiveness of digital advertising that's driving traffic to your website?

還有一個問題。關於在線銷售的增長，您認為其驅動力是什麼？你是不是只是讓很多加入了Garmin生態系統的人購買更多的產品，然後直接去？或者是因為數字廣告的某些有效性推動了您網站的訪問量？

Yes, I would say there's really 2 factors that have influenced the growth in our direct sales channel. One is the underlying subscription business that goes along with things like inReach and golf and many other categories that we have driving subscription revenue for the company.

是的，我會說確實有兩個因素影響了我們直銷渠道的增長。一個是基礎訂閱業務，它與 inReach 和高爾夫以及我們為公司帶來訂閱收入的許多其他類別一起出現。

The other is really, frankly, the retail situation with our products out at third-party retailers. As I mentioned, many of them were focused on inventory control. And consequently, I think in some cases, probably undershot the amount of inventory they needed to satisfy demand. And so we saw a big uptick in our garmin.com sales because people were looking for products and able to find it on our website.

坦率地說，另一個是我們的產品在第三方零售商處的零售情況。正如我提到的，他們中的許多人都專注於庫存控制。因此，我認為在某些情況下，可能低於滿足需求所需的庫存量。因此，我們看到 garmin.com 的銷售額大幅上升，因為人們正在尋找產品並且能夠在我們的網站上找到它。

At this time, I would now like to turn the call back to Teri Seck for closing remarks.

此時，我想將電話轉回給 Teri Seck 以作結束語。

Thank you, everyone. As always, Doug and I are available for callbacks throughout the day, and we hope you have a wonderful day. Bye.

謝謝大家。與往常一樣，Doug 和我全天都可以回電，希望您度過愉快的一天。再見。

Thank you for your participation in today's conference. This does conclude the program. You may now disconnect.

感謝您參加今天的會議。這確實結束了程序。您現在可以斷開連接。