台灣國際航電 (GRMN) 2023 Q1 法說會逐字稿

Good morning. My name is Rob, and I will be your conference operator today. At this time, I would like to welcome everyone to the Garmin Ltd. First Quarter 2023 Earnings Conference Call. (Operator Instructions) Thank you. Teri Seck, Director of Investor Relations, you may begin your conference.

早上好。我叫 Rob，今天我將擔任你們的會議接線員。此時，我想歡迎大家參加 Garmin Ltd. 2023 年第一季度收益電話會議。 （操作員說明）謝謝。投資者關係總監 Teri Seck，你可以開始你的會議了。

Good morning. We would like to welcome you to Garmin Ltd.'s First Quarter 2023 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. 的 2023 年第一季度收益電話會議。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 introduction, 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 or 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 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會發生，也可能不會發生，實際結果可能會因影響 Garmin 的風險因素而出現重大差異。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.

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。

At this time, I would like to turn the call over to Cliff Pemble.

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 first quarter revenue came in at $1.15 billion, which is down 2% from the prior year. Four of our 5 business segments posted double-digit revenue growth driven by new product introductions and solid demand trends, which mostly offset an expected decline in outdoor.

謝謝泰瑞，大家早上好。正如今天早些時候報導的那樣，第一季度綜合收入為 11.5 億美元，比上年下降 2%。我們的 5 個業務部門中有四個在新產品推出和穩健的需求趨勢的推動下實現了兩位數的收入增長，這在很大程度上抵消了戶外業務的預期下滑。

Gross margin improved to 56.9%, driven primarily by lower freight costs. We generated $197 million in operating income, down 14% from the prior year and operating margin came in at 17.2%. We feel positive about our first quarter results, which are consistent with the expectations we communicated in February. As such, we are maintaining the full year guidance issued in February, calling for revenue of $5 billion and EPS of $5.15.

毛利率提高至 56.9%，主要受運費下降的推動。我們的營業收入為 1.97 億美元，比上年下降 14%，營業利潤率為 17.2%。我們對第一季度的業績感到樂觀，這與我們在 2 月份傳達的預期一致。因此，我們維持 2 月份發布的全年指引，要求收入為 50 億美元，每股收益為 5.15 美元。

It's important to remember that Q1 is typically the lowest seasonal quarter of our financial year and much of the year lies ahead of us. Our diversified business model offers many different paths to achieve our goals and we believe we are on track to do just that.

重要的是要記住，第一季度通常是我們財政年度中季節性最低的季度，而這一年的大部分時間都在我們面前。我們多元化的商業模式提供了許多不同的途徑來實現我們的目標，我們相信我們正朝著這個目標邁進。

Before turning the call over to Doug, I'll provide highlights by segment and a summary of what we see ahead. Starting with fitness, returned to growth with revenue increasing 11% to $245 million, driven by strong demand for advanced wearables, especially running watches introduced during the past year. Gross and operating margins were 49% and 4%, respectively, resulting in improved year-over-year operating income of $11 million. During the quarter, we launched the Forerunner 265 and Forerunner 965, which combine advanced training metrics, recovery insights and everyday health stats with a vibrant sunlight readable AMOLED display that does not sacrifice battery life.

在將電話轉給 Doug 之前，我將按細分提供要點以及我們對未來的展望。從健身開始，收入恢復增長，收入增長 11% 至 2.45 億美元，這得益於對高級可穿戴設備的強勁需求，尤其是去年推出的跑步手錶。毛利率和營業利潤率分別為 49% 和 4%，營業收入同比增加 1100 萬美元。本季度，我們推出了 Forerunner 265 和 Forerunner 965，它們將高級訓練指標、恢復洞察力和日常健康統計數據與充滿活力的陽光下可讀 AMOLED 顯示屏相結合，並且不會犧牲電池壽命。

Moving to outdoor. Revenue decreased 27% to $329 million, primarily due to year-over-year declines in the adventure watch category as we passed the 1-year anniversary of the highly successful fenix 7, epix and Instinct 2 launch. Gross and operating margins were 62% and 23%, respectively, resulting in operating income of $77 million.

搬到室外。收入下降 27% 至 3.29 億美元，這主要是由於我們度過了非常成功的 fenix 7、epix 和 Instinct 2 發布一周年之際冒險手錶類別的同比下降。毛利率和營業利潤率分別為 62% 和 23%，營業收入為 7700 萬美元。

Our adventure watches are known for the rugged dependability, long battery life and rich biosensing capabilities that enable their use in demanding applications. During the quarter, we announced that the fenix 7 will be worn on the upcoming Polaris Dawn space light mission to provide insights into the impact of space travel on the human body.

我們的冒險手錶以堅固耐用、電池壽命長和豐富的生物傳感功能而聞名，使其能夠用於要求苛刻的應用。本季度，我們宣布將在即將到來的北極星黎明太空光任務中佩戴 fenix 7，以深入了解太空旅行對人體的影響。

Also during the quarter, we launched new handheld devices with the introduction of the GPSMAP 67 series and eTrex SE. These versatile handhelds offer longer battery life, improved positional accuracy and global communication via inReach satellite technology. We recently announced the DRIVE 53 GPS navigator featuring a high-resolution capacity of touchscreen display, a fresh new design and built-in traffic options to simplify the drive.

同樣在本季度，我們推出了新的手持設備，推出了 GPSMAP 67 系列和 eTrex SE。這些多功能手持設備提供更長的電池壽命、更高的定位精度和通過 inReach 衛星技術進行的全球通信。我們最近發布了 DRIVE 53 GPS 導航器，具有高分辨率觸摸屏顯示、全新設計和內置交通選項以簡化駕駛。

We also announced the zumo XT2, a rugged motorcycle navigator that's built for adventure, with a larger and brighter 6-inch sunlight-readable display.

我們還發布了 zumo XT2，這是一款堅固耐用的摩托車導航儀，專為冒險而打造，配備更大、更亮的 6 英寸陽光下可讀顯示屏。

We expected the first quarter of the year to be challenging in comparison to the outstanding performance of the prior year. We believe these trends will moderate as we introduce new products throughout the remainder of the year.

與去年的出色表現相比，我們預計今年第一季度將充滿挑戰。我們相信，隨著我們在今年餘下時間推出新產品，這些趨勢將會緩和。

Looking next to the aviation segment, revenue increased 22% to $214 million, with contributions from both OEM and aftermarket product categories. Gross and operating margins were strong at 72% and 27%, respectively, resulting in operating income of $58 million. During the quarter, we announced additional certifications for our GFC autopilots, which expands our addressable market, bringing the performance and safety enhancing benefits of our flight control technology to more aircraft models.

再看航空部門，收入增長 22% 至 2.14 億美元，這主要歸功於 OEM 和售後市場產品類別。毛利率和營業利潤率分別高達 72% 和 27%，營業收入為 5800 萬美元。在本季度，我們宣布了 GFC 自動駕駛儀的額外認證，這擴大了我們的目標市場，將我們的飛行控制技術的性能和安全性增強優勢帶給更多飛機模型。

We also recently attended the Embraer Suppliers Conference, where we were named best supplier in the categories of systems as well as services and support for our G3000 flight deck in the Phenom 100EV and 300E aircraft. In addition, we were named the best of the best supplier to the entire Embraer organization. We also received an operational excellence award from Airbus Helicopters. These prestigious awards are an affirmation of our reliable performance during the supply chain crisis and reflect our strong commitment to providing the best products and outstanding service to our customers.

我們最近還參加了 Embraer 供應商大會，我們在 Phenom 100EV 和 300E 飛機的 G3000 駕駛艙系統以及服務和支持類別中被評為最佳供應商。此外，我們還被評為整個 Embraer 組織的最佳供應商。我們還獲得了空中客車直升機公司頒發的卓越運營獎。這些享有盛譽的獎項是對我們在供應鏈危機期間可靠表現的肯定，反映了我們為客戶提供最佳產品和卓越服務的堅定承諾。

I'm very proud of what our aviation team has accomplished and believe there is much more we can achieve in this market. We are pleased with how our aviation segment has performed so far this year.

我為我們的航空團隊所取得的成就感到非常自豪，並相信我們可以在這個市場上取得更多成就。我們對今年迄今為止航空部門的表現感到滿意。

The supply chain disruptions of the prior year appear to be mostly behind us, while demand for new aircraft and retrofit systems remains resilient.

前一年的供應鏈中斷似乎已經基本過去，而對新飛機和改裝系統的需求仍然保持彈性。

Marine segment delivered another quarter of impressive results with revenue increasing 10% to $279 million, primarily due to the timing of spring promotions. Gross and operating margins were 54% and 26%, respectively, resulting in operating income of $72 million. During the quarter, we expanded our strong lineup of chartplotters with the introduction of the ECHOMAP UHD2 series, which are preloaded with premium Garmin Navionics+ cartography and offer wireless data sharing of live sonar and navigation information with other chartplotters on the boat. Also during the quarter, we were recognized as the leader in navigation and sonar categories by Best Marine Electronics and Technology and for the fifth consecutive year, received a 2023 Top Product Award from Boating Industry Magazine.

海事部門又取得了令人矚目的季度業績，收入增長 10% 至 2.79 億美元，這主要歸功於春季促銷的時機。毛利率和營業利潤率分別為 54% 和 26%，營業收入為 7200 萬美元。在本季度，我們通過推出 ECHOMAP UHD2 系列擴大了我們強大的海圖儀陣容，該系列預裝了高級 Garmin Navionics+ 製圖，並提供與船上其他海圖儀的實時聲納和導航信息的無線數據共享。同樣在本季度，我們被 Best Marine Electronics and Technology 評為導航和聲納類別的領導者，並連續第五年獲得 Boating Industry Magazine 頒發的 2023 年頂級產品獎。

Moving finally to the auto OEM segment. Revenue increased 11% to $81 million, primarily driven by increased shipments of domain controllers to BMW. Gross margin was 28%, and we recorded an operating loss of $20 million driven by ongoing investments as new programs move into production. During the quarter, we began deliveries of domain controllers for the 2024 BMW X5 and X6 from our Olathe, Kansas facility, which represents an important milestone in expanding our manufacturing capability to serve world-class automakers.

最後轉向汽車 OEM 領域。收入增長 11% 至 8100 萬美元，這主要是由於對寶馬的域控制器出貨量增加。毛利率為 28%，我們記錄了 2000 萬美元的運營虧損，這是由於隨著新項目投入生產而進行的持續投資所致。本季度，我們開始從堪薩斯州奧拉西工廠交付 2024 BMW X5 和 X6 的域控制器，這是我們擴大製造能力以服務世界級汽車製造商的一個重要里程碑。

We also expanded our footprint in the 2-wheel market with the launch of an entertainment system for additional models of Yamaha sport touring motorcycles.

我們還通過推出適用於更多雅馬哈運動旅行摩托車型號的娛樂系統，擴大了我們在兩輪市場的足跡。

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

我的發言到此結束。接下來，Doug 將向您介紹我們財務業績的更多詳細信息。道格？

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

謝謝，克里夫。大家，早安。我將首先回顧我們的第一季度財務業績，提供有關資產負債表、現金流量表和稅收的評論。

We posted revenue of $1.147 billion for the first quarter, representing 2% decrease year-over-year. Gross margin was 56.9%, 40 basis point increase from the prior quarter. Increase was primarily due to lower freight costs.

我們公佈第一季度收入為 11.47 億美元，同比下降 2%。毛利率為 56.9%，環比上升 40 個基點。增加主要是由於運費下降。

Operating expense as a percentage of sales was 39.7%, 270 basis point increase. Operating income was $197 million, a 14% decrease. Operating margin was 17.2%, 230 basis point decrease. Our GAAP EPS was $1.05, and pro forma EPS was $1.02.

營業費用佔銷售額的百分比為 39.7%，增加了 270 個基點。營業收入為 1.97 億美元，下降 14%。營業利潤率為 17.2%，下降 230 個基點。我們的 GAAP 每股收益為 1.05 美元，預估每股收益為 1.02 美元。

Next, look at our first quarter revenue by segment and geography. In the first quarter, we achieved double-digit growth in 4 of 5 segments, led by the aviation segment with strong growth of 22%, followed by the fitness, auto OEM segments with 11% growth and the marine segment with 10% growth. Outdoor segment declined 27%, primarily due to lower revenue from adventure watches as they compare against a strong first quarter of 2022 launches.

接下來，按部門和地區查看我們第一季度的收入。第一季度，我們在 5 個細分市場中有 4 個實現了兩位數增長，其中航空細分市場以 22% 的強勁增長居首，其次是健身、汽車 OEM 細分市場增長 11% 和船舶細分市場增長 10%。戶外業務下降了 27%，主要是由於與 2022 年第一季度發布的強勁產品相比，探險手錶的收入有所下降。

By geography, 7% growth in Americas was more than offset by a 12% decline in APAC, a 10% decline in EMEA, both were negatively impacted by foreign exchange rates during the quarter.

按地域劃分，美洲 7% 的增長被亞太地區 12% 的下降和歐洲、中東和非洲地區 10% 的下降所抵消，兩者都受到本季度外匯匯率的負面影響。

Looking next at our operating expenses. First quarter operating expense increased by $22 million or 5%. Research and development increased approximately $12 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. Our advertising expense decreased approximately $4 million, primarily due to lower co-op advertising.

接下來看看我們的運營費用。第一季度運營費用增加了 2200 萬美元或 5%。研發同比增長約 1200 萬美元，主要原因是工程人員成本。 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。我們的廣告費用減少了大約 400 萬美元，這主要是由於合作廣告的減少。

Key highlights from the balance sheet, cash flow statement and taxes. We ended the quarter with cash and marketable securities of approximately $2.7 billion. Accounts receivable increased year-over-year, but decreased sequentially to $611 million following the seasonally strong fourth quarter.

資產負債表、現金流量表和稅收的主要亮點。本季度結束時，我們擁有約 27 億美元的現金和有價證券。應收賬款同比增長，但在季節性強勁的第四季度之後環比下降至 6.11 億美元。

Inventory increased year-over-year and decreased sequentially to approximately $1.5 billion as we continue to work to optimize inventory levels. We anticipate 2023 ending inventory balance to be relatively flat year-over-year, expected declines in our consumer inventory were offset by expected increases associated with growth in our auto OEM business.

隨著我們繼續努力優化庫存水平，庫存同比增加，環比下降至約 15 億美元。我們預計 2023 年期末庫存餘額將同比持平，消費者庫存的預期下降被與汽車 OEM 業務增長相關的預期增長所抵消。

For the first quarter of 2023, we generated free cash flow of $232 million, [$160 million] increase from prior year quarter, primarily due to lower use of cash and purchases of inventory.

2023 年第一季度，我們產生了 2.32 億美元的自由現金流，比去年同期增加 [1.6 億美元]，這主要是由於現金使用和庫存購買減少。

Capital expenditures for the first quarter of 2023 were $47 million, approximately $13 million lower than the prior year quarter. For the first quarter of 2023, we paid dividends of approximately $140 million. Also, we purchased $41 million of company stock and approximately $53 million remaining at quarter end, the share purchase program, which is authorized through December 2023.

2023 年第一季度的資本支出為 4700 萬美元，比去年同期減少約 1300 萬美元。 2023 年第一季度，我們支付了約 1.4 億美元的股息。此外，我們購買了 4100 萬美元的公司股票，並在季度末剩餘約 5300 萬美元，該股票購買計劃已獲得授權，有效期至 2023 年 12 月。

We reported an effective tax rate of 8.8% compared to 10.3% in the prior year quarter. Decrease in the effective tax rate is primarily due to favorable income mix by tax jurisdiction.

我們報告的有效稅率為 8.8%，而去年同期為 10.3%。有效稅率的下降主要是由於稅收管轄區的有利收入組合。

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

我們的正式發言到此結束。 Rob，你能打開問答熱線嗎？

(Operator Instructions) And your first question comes from the line of George Wang from Barclays.

（操作員說明）您的第一個問題來自巴克萊銀行的 George Wang。

Just maybe you can unpack if there's any change to the segment guidance for this year. In the last quarter, you guys talked about the kind of guidance revenue by segment. For example, still expecting growth for the outdoor kind of MFD growth for the industrial. Just curious if there's any update on that.

如果今年的細分市場指南有任何變化，也許你可以打開包裝。在上個季度，你們談到了按細分市場劃分的指導收入。例如，仍然期待工業戶外 MFD 增長。只是好奇是否有任何更新。

Yes. As we mentioned, George, we're not changing our guidance. We're reaffirming what we said in February. The first quarter, as we mentioned, is the lowest seasonal quarter of our year, so there's a lot of the year left in front of us. So it's our practice to reevaluate more closer to the Q2 time frame.

是的。正如我們提到的，喬治，我們不會改變我們的指導方針。我們重申我們在 2 月份所說的話。正如我們所提到的，第一季度是我們一年中季節性最低的季度，所以一年中還有很多時間擺在我們面前。因此，我們的做法是在更接近第二季度的時間範圍內重新評估。

Okay. And also just a quick follow-up on outdoor, weaker than expected. Can you impact kind of any sort of cyclical versus structural from the weakness in the 1Q? Or is it just a function of a tougher compare from a year ago? And any commentary on the channel inventory kind of across wearables and outdoor?

好的。而且只是對戶外的快速跟進，比預期的要弱。您能否從第一季度的疲軟中影響任何類型的周期性與結構性？或者它只是與一年前相比更嚴格的結果？對可穿戴設備和戶外設備的渠道庫存有何評論？

Yes, I think it was very difficult to predict what the outdoor performance would be because our Q1 of 2022 was so amazingly strong with the incredible launch of the fenix 7, the epix and the Instinct. So it was a little hard to predict, but we feel like the general trend was in line with what we expected. I think it's important to note that from a cyclical point of view, we're always introducing new products. And so we expect, as the year goes on, our performance will moderate and improve as those new products come out.

是的，我認為很難預測戶外性能會如何，因為隨著 fenix 7、epix 和 Instinct 令人難以置信的推出，我們 2022 年第一季度的表現非常強勁。所以有點難以預測，但我們覺得總體趨勢符合我們的預期。我認為重要的是要注意，從周期的角度來看，我們總是在推出新產品。因此，我們預計，隨著時間的推移，隨著這些新產品的推出，我們的業績將有所緩和和改善。

And then in general, I would say, from the market standpoint and also the channel inventory, we don't see anything out there that's concerning. We have fantastic products that people want and the inventory and the channel appears to be at the correct levels.

然後總的來說，我想說，從市場的角度和渠道庫存來看，我們沒有看到任何令人擔憂的事情。我們擁有人們想要的優質產品，庫存和渠道似乎處於正確的水平。

Your next question comes from the line of Ben Bollin from Cleveland Research.

你的下一個問題來自 Cleveland Research 的 Ben Bollin。

Cliff, I wanted to -- the first question for you. Could you share any thoughts you have about the auto OEM opportunity with BMW? How that -- how you expect that to ramp through the course of the year? And then any thoughts you have on the gross margin and operating margin profile of the business as it gets larger? And then I have a follow-up.

克利夫，我想問你第一個問題。您能否與寶馬分享您對汽車 OEM 機會的任何想法？那如何 - 你如何期望它在今年的過程中逐漸增加？然後，隨著業務規模的擴大，您對業務的毛利率和營業利潤率有何看法？然後我有一個後續行動。

Okay. Yes, I think last quarter, Ben, we kind of outlined that we expect a significant ramp over the next 2 to 3 years through the awarded business that we have from BMW and others. Throughout this year, we, of course, expect that the ramp will accelerate into the back half as the new models are introduced and we begin deliveries from 3 different factory locations around the world to BMW's expanding model line that carries our products.

好的。是的，我認為上個季度，Ben，我們有點概述了我們預計在未來 2 到 3 年內通過我們從 BMW 和其他公司獲得的獎勵業務實現顯著增長。當然，在今年全年，我們預計隨著新車型的推出，斜坡將加速進入後半段，我們開始從全球 3 個不同的工廠地點向 BMW 不斷擴大的搭載我們產品的車型系列交付產品。

In terms of the gross margin, operating margin profile, we've mentioned before, this is more typical auto OEM structured business. So we would expect gross margins from the segment to gravitate towards the high double digits -- high teens, rather, 19%, 20% operating margin and then gross margin and then operating margin would be more in line with the mid- to high single digits.

在毛利率、營業利潤率方面，我們之前提到過，這是更典型的汽車 OEM 結構性業務。因此，我們預計該部門的毛利率將趨向於高兩位數——高十幾歲，而不是 19%，20% 的營業利潤率，然後是毛利率，然後營業利潤率將更符合中高單數字。

Okay. The other question. You touched on inventory in outdoor. Could you share any thoughts you have about channel inventory levels in some of the categories that have been maybe more lean, marine, aviation? Where do you think inventory levels are there? And any thoughts on where that goes?

好的。另一個問題。你談到了戶外的庫存。您能否分享您對某些可能更精益、海運、航空的類別的渠道庫存水平的看法？您認為庫存水平在哪裡？有什麼想法嗎？

And then a second question around this maybe a little bit. Have you seen any observations that you could share around smaller go-to-market partners and how they're managing financing either for working capital or their own operations? And that's it for me.

然後是關於這個的第二個問題。您是否看到過任何可以與較小的上市合作夥伴分享的觀察結果，以及他們如何管理營運資金或自身運營的融資？對我來說就是這樣。

Yes, I think what we're seeing in marine and aviation is as the supply chain issues have abated, definitely inventories in the channel are getting better. We did struggle some in marine last year quite a bit. In aviation, where we were able to kind of manage the situation to make sure that we kept all of our partners going. Things are certainly much better and we see that inventories and the reflection of the past due orders are coming down to more healthy levels.

是的，我認為我們在海運和航空業看到的是，隨著供應鏈問題的緩解，渠道中的庫存肯定會越來越好。去年我們確實在海洋中遇到了一些困難。在航空領域，我們能夠對局勢進行某種程度的管理，以確保我們讓所有合作夥伴繼續前進。情況肯定好多了，我們看到庫存和過期訂單的反映正在下降到更健康的水平。

In terms of those smaller partners, we really don't see any concern on -- in terms of them in their financial situations or their working capital. There's always exceptions, but in general, it seems like the partners that we work with have healthy businesses.

就那些較小的合作夥伴而言，我們真的沒有看到任何擔憂——就他們的財務狀況或營運資金而言。總是有例外，但總的來說，與我們合作的合作夥伴似乎擁有健康的業務。

Your next question comes from the line of David MacGregor from Longbow Research.

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

Maybe just to pick up on that auto OEM for starters. When we spoke last quarter, you expected a flat first quarter and then a significant inflection upwards in the second quarter. First quarter up 11%, a good number there. But are you seeing incremental business? Has there been a revision in the production schedule? Or is there something that would drive that better-than-expected result? Or was there -- was this primarily timing and pull forward?

也許只是為了讓初學者了解那個汽車原始設備製造商。當我們上個季度講話時，您預計第一季度會持平，然後第二季度會出現明顯的上升趨勢。第一季度增長 11%，這是一個不錯的數字。但是你看到增量業務了嗎？生產計劃是否有修改？還是有什麼東西可以帶來比預期更好的結果？還是那裡 - 這主要是時機和推動？

Yes, David, I would probably say right now, it's mostly timing as carmakers ramp up their new model years. And we'll see some variation from quarter-to-quarter as they adjust their plans. They are navigating a very complex supply chain. So sometimes things vary up and down, but we try to be flexible and role with what they need from us.

是的，大衛，我現在可能會說，這主要是汽車製造商推出新車型的時機。隨著他們調整計劃，我們會看到每個季度都有一些變化。他們正在駕馭一個非常複雜的供應鏈。因此，有時事情會上下波動，但我們會盡量保持靈活性，並根據他們對我們的需求發揮作用。

Okay. If I could just ask about the marine business then. We talked about that briefly a moment ago, but I guess I'm just interested in what you're seeing in terms of order patterns early in the season. You mentioned that inventory seemed to be in good balance. I'm just wondering about retail sell-through and anything you're seeing there and then just replenishment of orders that may be coming in and give you some perspective on what to expect in the next couple of quarters.

好的。如果我能問一下海運業務的話。我們剛才簡短地討論過這個問題，但我想我只是對您在本季初看到的訂單模式感興趣。你提到庫存似乎很平衡。我只是想知道零售銷售率和你在那裡看到的任何東西，然後只是補充可能進來的訂單，讓你對未來幾個季度的預期有一些看法。

Yes. I think the promotions and retail activity that we've had so far in 2023 have been very successful. It shows that there's a lot of enthusiasm on the part of customers to obtain the latest technology, and people are certainly excited by the promotions and the ability to obtain the products they want at lower prices. So we feel like that's going very well.

是的。我認為我們在 2023 年迄今為止的促銷和零售活動非常成功。它表明客戶對獲得最新技術的熱情很高，人們當然對促銷活動和以較低價格獲得他們想要的產品的能力感到興奮。所以我們覺得進展順利。

In terms of other indicators in the market, I think there are some areas of the OEM market that are starting to slow down a bit in terms of where they were at a very torrid pace that typically tends to be in the lower-end boat ranges. And inventories are starting to be more healthy, so people can actually buy some of those off of a lot now. But the mid- to upper range of the market where a lot of the boats are built to order, there's still many back orders as we understand it from our partners, and they're still taking orders for those products. So we feel like there's still a lot of demand out there for -- especially the higher-end products.

就市場上的其他指標而言，我認為 OEM 市場的某些領域開始放緩，因為它們的速度非常快，通常傾向於低端船系列.而且庫存開始變得更加健康，因此人們現在實際上可以大量購買其中的一些。但是在中高端市場，很多船都是按訂單建造的，據我們了解，我們的合作夥伴仍有很多延期交貨訂單，他們仍在接受這些產品的訂單。所以我們覺得那裡仍然有很多需求——尤其是高端產品。

Okay. That's good color. Very strong new product introduction calendar here. So congratulations on the progress there. How would you characterize the willingness of retailers to support all that new product introduction with inventory? Do they seem a little more reticent at this point? Or I noticed you pulled back on -- are you seeing a pullback in cooperative advertising. So I'm just looking to kind of reconcile a couple of these points.

好的。這個顏色好非常強大的新產品介紹日曆在這裡。所以祝賀那裡取得的進展。您如何描述零售商支持所有新產品引入庫存的意願？在這一點上，他們似乎更沉默寡言了嗎？或者我注意到你退縮了——你看到合作廣告出現退縮了嗎？所以我只是想調和其中的幾點。

Yes. I think the pullback in co-op advertising was not a change in strategy by anyone. It was really just a matter of the sales volume that was being pushed last year in our outdoor segment. So it's squarely associated with the dynamics of that product launch from last year. But there's no change in the commitment of retailers in terms of carrying these products and getting on board with the exciting launches that we have coming up.

是的。我認為合作廣告的縮減並不是任何人的策略改變。這實際上只是去年我們戶外部門推動的銷量問題。因此，它與去年該產品發布的動態直接相關。但是，零售商在攜帶這些產品和參與我們即將推出的激動人心的發布方面的承諾沒有改變。

Okay. Last question for me is just on your direct-to-consumer business growth and what you're seeing there.

好的。我的最後一個問題只是關於您直接面向消費者的業務增長以及您在那裡看到的情況。

We're still seeing strong results from our direct-to-consumer. We're seeing growth in both online sales as well as subscriptions and services across the business. So we're very excited about that, and we continue to look for ways to differentiate in that area.

我們仍然看到直接面向消費者的強勁成果。我們看到整個企業的在線銷售以及訂閱和服務都在增長。所以我們對此感到非常興奮，我們將繼續尋找在該領域脫穎而出的方法。

Your next question comes from the line of Paul Chung from JPMorgan.

你的下一個問題來自摩根大通的 Paul Chung。

So just on aviation, very strong performance to kind of start the year. I know there were some pushouts into 2Q from 1Q of last year that helped the quarter year-on-year, but -- is this the right kind of quarterly run rate of revenues to kind of think about through the year? And can you expand on both industry trends, which look quite positive for business jet, how pricing has evolved versus volume and kind of expanding wallet share per plant? And then I have a follow-up.

因此，就航空業而言，年初的表現非常強勁。我知道有一些從去年第一季度到第二季度的推出，這對本季度同比有所幫助，但是 - 這是全年考慮的正確的季度收入運行率嗎？你能否擴展這兩個行業趨勢，這對公務機來說看起來非常積極，定價如何相對於數量和每家工廠不斷擴大的錢包份額進行演變？然後我有一個後續行動。

Yes. I think in terms of our performance in Q1 as compared to the last year, last year was somewhat uneven by quarter because of supply chain challenges that we had. So we would expect that to smooth out more this year. We've offered our guidance on aviation, and we were able to certainly do well in first quarter. I would remind everyone that second quarter of last year was also up and down compared to the first quarter because of the supply chain issue. So we see that evening out. And right now, we feel very comfortable with our guidance, and we'll update people after the end of Q2.

是的。我認為，就我們在第一季度的表現而言，與去年相比，由於我們面臨供應鏈挑戰，去年的季度表現有些不平衡。所以我們預計今年會更加順利。我們已經提供了航空方面的指導，我們在第一季度肯定做得很好。提醒大家，去年二季度也是因為供應鏈的問題，比一季度有起有落。所以我們看到那天晚上出去。現在，我們對我們的指導感到非常滿意，我們將在第二季度結束後更新人員。

In terms of the overall market, what we're hearing from our partners is that, again, orders are very strong, tend to be at least even book-to-bill, sometimes even greater book-to-bill. So there's a strong backlog out there and still a lot of people looking to obtain either new or recent model business jets, turboprops and even piston aircraft are in the popular demand. So we continue to see good trends in that area.

就整體市場而言，我們從我們的合作夥伴那裡聽到的是，訂單再次非常強勁，往往至少是訂單到賬單，有時甚至更大。因此，市場積壓嚴重，仍有很多人希望獲得新型或最新型號的公務機、渦輪螺旋槳飛機，甚至活塞式飛機，這些都是熱門需求。因此，我們繼續看到該領域的良好趨勢。

Okay. Great. And then on fitness, on the 965, what's been the customer feedback there? I know there's been some extended wait periods for shipments. I assume demand is holding up pretty well? Or is there something else going on? Are you seeing new customers set there? Or upgrades from existing users given the kind of attractive AMOLED screen? And did you recognize any benefits for the product in product releases in 1Q?

好的。偉大的。然後在健身方面，在 965 上，那裡的客戶反饋是什麼？我知道有一些延長的發貨等待期。我假設需求保持得很好？還是有其他事情發生？您看到那裡有新客戶嗎？還是現有用戶升級有吸引力的 AMOLED 屏幕？您是否在第一季度的產品發布中認識到該產品的任何好處？

And then on the operating margin side, there's a big dip here similar to last year. What is driving that? I know it's seasonally weaker, but typically has been in that mid-teens to 20% in the past. So will this kind of be a recurring 1Q margin hit in fitness kind of moving forward?

然後在營業利潤率方面，這裡出現了與去年類似的大幅下滑。是什麼推動了它？我知道它的季節性較弱，但過去通常在十幾歲到 20% 之間。那麼，這種在健身方面的發展是否會反復出現第一季度的利潤率下降？

Yes. I think, Paul, with regard to the 965 and 265 launches, what we've seen is that the 965 has been surprisingly popular at the top end of the range. So we see customers gravitating there and the demand has been a little bit stronger than what we had predicted, which means that we're scrambling to catch up on some orders and things. But we're very delighted with that and it seems to me that coming into Q1 that the running market has been reinvigorated and we're excited to see that, and we have some great products to offer there.

是的。我認為，保羅，關於 965 和 265 的發布，我們所看到的是 965 在該系列的高端非常受歡迎。所以我們看到客戶被吸引到那裡，需求比我們預期的要強一些，這意味著我們正在爭先恐後地趕上一些訂單和東西。但我們對此感到非常高興，在我看來，進入第一季度跑步市場已經重新煥發活力，我們很高興看到這一點，我們在那裡提供了一些很棒的產品。

In terms of user mix, I mean, specifically on those kinds of products, we tend to see kind of a balance of new users versus existing users. But across our wearables, the situation just varies depending on whether it's more of a consumer product such as our venue series or more of the specialty products like Forerunner and fenix. So in terms of Q1 benefit, we did see some benefit there on these new products. But certainly, as we move into Q2, it should be stronger since we have a full quarter of those products available.

在用戶組合方面，我的意思是，特別是在這些產品上，我們傾向於看到新用戶與現有用戶之間的某種平衡。但在我們的可穿戴設備中，情況會有所不同，具體取決於它是更多的消費產品（例如我們的場地系列）還是更多的專業產品（例如 Forerunner 和 fenix）。因此，就第一季度的收益而言，我們確實看到了這些新產品的一些收益。但可以肯定的是，隨著我們進入第二季度，它應該會更強大，因為我們有整整四分之一的產品可用。

And in terms of the profitability, the operating profit, specifically in fitness, it is under pressure for a few reasons. Year-over-year, we are carrying still some excess capacity on the tax side of things, which is impacting our results as we work through the normalization of that market. And we did have some obsolescence that we took in the segment associated with some raw materials in the tax area, which impacted our results. But our targets for the segment are more of the mid-teens operating profit.

就盈利能力、營業利潤而言，特別是在健身方面，由於幾個原因，它面臨著壓力。與去年同期相比，我們在稅收方面仍然存在一些過剩產能，這在我們努力使該市場正常化的過程中影響了我們的業績。我們確實在與稅收領域的一些原材料相關的部分中出現了一些過時，這影響了我們的結果。但我們對該細分市場的目標更多是十幾歲中期的營業利潤。

Your next question comes from the line of Ivan Feinseth from Tigress Financial Partners.

你的下一個問題來自 Tigress Financial Partners 的 Ivan Feinseth。

Congratulations on the great cadence of new product launches and the launch of the fenix into space.

祝賀新產品發布的節奏很好，並將 fenix 送入太空。

Thanks, Ivan.

謝謝，伊万。

And so on automotive OEM, where could we start to see some of the functionality that is contributed by Garmin into various vehicles?

在汽車 OEM 方面，我們可以從哪裡開始看到 Garmin 為各種車輛貢獻的一些功能？

So as we mentioned, we started shipments for 2024 models of the X5 and the X6. So I guess maybe you have to -- in the states, you might have to wait to see some of those vehicles. We're delivering in Europe to additional models there and also in China.

因此，正如我們提到的，我們開始出貨 2024 款 X5 和 X6。所以我想也許你必須——在美國，你可能需要等待才能看到其中的一些車輛。我們正在歐洲和中國交付其他型號的產品。

Okay. Then on -- a lot of the products you're launching there, more and more coming with like a subscription component like the PlaneSync has a subscription component. Where do you see going with that? And also as far as like your robust Connect app that has a lot of functionality to your outdoor and watch products, do you envision at some point creating 2 tiers like a paid level above the free level?

好的。然後——你在那裡推出的很多產品，越來越多的產品都帶有訂閱組件，比如 PlaneSync 有一個訂閱組件。你怎麼看呢？就您的戶外和手錶產品具有很多功能的強大 Connect 應用程序而言，您是否設想在某個時候創建 2 個層級，例如在免費級別之上的付費級別？

Yes. I think, Ivan, we are strategically focused on creating some recurring revenue across our product lines where we can offer additional value to our customers for content or services that go along with our products. So PlaneSync in the GDL 60 is one example of that.

是的。我認為，伊万，我們的戰略重點是在我們的產品線中創造一些經常性收入，我們可以為我們的客戶提供與我們產品配套的內容或服務的附加價值。 GDL 60 中的 PlaneSync 就是其中一個例子。

In terms of Connect, as everyone knows, that's a long-standing app and relationship we have with millions of customers that use that every day. As we go forward, we're certainly examining ways that we can provide additional value to those customers as well as revenue opportunities for Garmin. But we're very careful about how we do that because we want to make sure that we don't take anything away from our users and we only provide additional value that they would be delighted with. So we're looking at that, but it will take some time, I think, before we arrive at the final answer.

就 Connect 而言，眾所周知，這是一個長期存在的應用程序，我們與每天使用它的數百萬客戶建立了關係。在我們前進的過程中，我們當然會研究可以為這些客戶提供額外價值以及為 Garmin 創造收入機會的方法。但我們對如何做到這一點非常謹慎，因為我們想確保我們不會從用戶那裡拿走任何東西，我們只會提供他們會喜歡的額外價值。所以我們正在考慮這個問題，但我認為在我們得出最終答案之前還需要一些時間。

And then one last question on the Connect IQ app platform. What are your thoughts on creating a standardized payment process because there are a lot of great apps that are for free, but there are a lot of good apps that have a fee, but the fee is usually direct to the provider rather than, let's say, a standardized process of just paying Garmin and, let's say, then you pay the provider?

然後是關於 Connect IQ 應用程序平台的最後一個問題。您對創建標準化支付流程有何看法，因為有很多很棒的應用程序是免費的，但也有很多很好的應用程序需要付費，但費用通常直接支付給提供商，而不是，比方說，一個只向 Garmin 付款的標準化流程，比方說，然後您向供應商付款？

Yes. Yes, I think Connect IQ certainly has a lot more opportunity to build on what is there with monetization and payment capability. We do have mobile payments on our devices, and we certainly are looking at ways that we can extend that into a broader payment platform on our wearables, but we do have some work to do in order to put all the pieces together there.

是的。是的，我認為 Connect IQ 肯定有更多機會在貨幣化和支付能力的基礎上再接再厲。我們的設備上確實有移動支付，我們當然正在尋找方法將其擴展到可穿戴設備上更廣泛的支付平台，但我們確實還有一些工作要做，以便將所有部分整合在一起。

And congratulations on a great start to the year.

並祝賀今年開局良好。

Thanks, Ivan.

謝謝，伊万。

Your next question comes from the line of Erik Woodring from Morgan Stanley.

你的下一個問題來自摩根士丹利的 Erik Woodring。

Maybe if we just start on fitness, realizing you're not updating guidance, but you guided to the year down 5%. You started the year up 10%. And the comps are pretty easy throughout the year. So I guess I just want to make sure, is there anything that we -- are there any kind of like speed bumps that we should think of for the rest of the year that would suggest performance is really going to deteriorate through the year? Or is this just kind of like you said at the top of the call, Cliff, a bit of a wait-and-see approach?

也許如果我們只是從健身開始，意識到你沒有更新指導，但你指導到今年下降了 5%。你年初上漲了 10%。全年的比賽都很容易。所以我想我只是想確定一下，我們有什麼——我們應該在今年剩餘時間裡考慮任何類似減速帶的事情，這表明今年的表現真的會惡化嗎？或者這就像你在電話會議的頂部所說的那樣，克里夫，有點觀望態度？

Yes, Erik, I would say that going into 2023, it was very difficult to predict what would be the ongoing effect, especially of the indoor trainer market, which was one of the biggest impacts that we had in fitness last year. So it's going to take some time, obviously, as we move into 2023 to see what the demand trends are. We're really pleased with what's happened so far, definitely ahead of our expectations. And we certainly don't anticipate that things will go down from here. So -- but we need to see more of the year come in before we can decide what we think the 2023 outcome will be.

是的，埃里克，我會說進入 2023 年，很難預測會產生什麼持續影響，尤其是室內教練市場，這是我們去年在健身領域產生的最大影響之一。因此，隨著我們進入 2023 年，顯然需要一些時間才能了解需求趨勢。我們對到目前為止發生的事情感到非常滿意，絕對超出了我們的預期。我們當然不認為事情會從這裡開始惡化。所以——但我們需要看到今年更多的時間，然後才能決定我們認為 2023 年的結果是什麼。

Okay. Super helpful. And then similar to one of the earlier questions on fitness, but this time on outdoor. Obviously, tough comparison in the first quarter, but we saw some pretty significant operating margin deleverage there. I believe operating margins are down to an all-time outdoor low. And so can you help us understand what some of those significant margin headwinds are? What is kind of temporary versus permanent? And if a return to kind of like that 30% range is how we should think about normalized operating margins? Or if that's changed and why?

好的。超級有幫助。然後類似於早期關於健身的問題之一，但這次是在戶外。顯然，第一季度比較艱難，但我們看到那裡的營業利潤率出現了相當顯著的去槓桿化。我認為營業利潤率已降至歷史最低點。那麼，您能否幫助我們了解其中一些重大的利潤逆風是什麼？什麼是臨時的和永久的？如果回到 30% 左右的範圍是我們應該如何考慮正常化的營業利潤率？或者如果改變了，為什麼？

Yes. I think a few thoughts there. Certainly, with the major change in the product mix within the segment compared to last year, that impacted our leverage and, of course, the sales coming down as well. So that's one factor. I mean this is a very happy problem because the segment is very strong in the upper 20% kind of operating margin. So we would see that improve as we have more new products that get introduced later in the year.

是的。我想有一些想法。當然，與去年相比，該細分市場的產品組合發生了重大變化，這影響了我們的槓桿作用，當然，銷售額也有所下降。所以這是一個因素。我的意思是這是一個非常令人高興的問題，因為該細分市場在 20% 以上的營業利潤率方面非常強勁。因此，隨著我們在今年晚些時候推出更多新產品，我們會看到這種情況有所改善。

Okay. Perfect. And then I guess the last question, just on the auto OEM business. I appreciate all the color that you've provided for us there. One thing I wanted to try to square away was gross margins falling from where they are today to, call it, the high teens, but operating margins increasing from where they are today to (technical difficulty) like a ton of operating leverage in the business. And so maybe help us gain comfort on why you can see OpEx almost cut more than in half over a span of 12 months? Why there's such significant leverage business in such a short period of time? And that's it for me.

好的。完美的。然後我猜最後一個問題，只是關於汽車 OEM 業務。我很感激你在那里為我們提供的所有顏色。我想解決的一件事是毛利率從現在的水平下降到十幾歲的水平，但營業利潤率從現在的水平上升到（技術難度），就像業務中的大量經營槓桿一樣.因此，也許可以幫助我們了解為什麼您可以看到 OpEx 在 12 個月的時間裡幾乎減少了一半以上？為什麼在這麼短的時間內會有這麼大的槓桿業務？對我來說就是這樣。

Well, I think it really relates to the scale as the volumes increase. So we're looking for the revenues and the gross profits to contribute to offset the expenses that are there. So that's our plan based on the committed business that we have.

好吧，我認為這確實與數量增加的規模有關。所以我們正在尋找收入和毛利潤來抵消那裡的費用。所以這是我們基於我們所擁有的承諾業務的計劃。

(Operator Instructions) Your next question comes from the line of [Noah Seskin] from KeyBanc.

（操作員說明）您的下一個問題來自 KeyBanc 的 [Noah Seskin]。

I think this is kind of maybe have been touched on a bit. But in terms of outdoor declining 27% in the first quarter, I understand seasonality is a component of that. But as we think about the new products launched during the quarter, like how are you thinking about those new products and kind of the cadence of just new launches moving through the year and the kind of ability to lap the anniversarying of the fenix 7?

我認為這有點可能已經被觸及了。但就第一季度戶外下降 27% 而言，我知道季節性是其中的一個組成部分。但是，當我們考慮本季度推出的新產品時，您如何看待這些新產品以及新產品發布的節奏以及 fenix 7 週年紀念的能力？

Yes. No, I think we'll have a very strong first half of the year with new product introductions. And then we'll be in a good position in the back half to be able to work with promotions and holiday seasons with these products.

是的。不，我認為我們將在今年上半年推出非常強勁的新產品。然後我們將在後半段處於有利位置，以便能夠使用這些產品進行促銷和假期。

And then just in general, in terms of the cadence of the different segments in the second quarter, just any color there as we start to model out?

然後一般來說，就第二季度不同細分市場的節奏而言，我們開始建模時有什麼顏色？

I think we'll be heavily weighted in the front half of the year in terms of introductions in outdoor.

我認為我們將在今年前半年在戶外推出方面佔據重要地位。

Got it. And fitness as well?

知道了。還有健身？

There is probably more, I would say, balanced kind of product introduction calendar for fitness across the year. So we had some, obviously, in Q1, and we'll have some throughout the remainder of the year, some really exciting products, I think.

我想說的是，全年可能會有更多平衡的健身產品介紹日曆。因此，很明顯，我們在第一季度有一些產品，並且在今年餘下的時間裡我們會有一些產品，我認為是一些非常令人興奮的產品。

We have a follow-up question from the line of David MacGregor from Longbow Research.

Longbow Research 的 David MacGregor 提出了一個後續問題。

I just wanted to come back to the comments about lower freight costs. And you attributed the 40 basis points of gross margin improvement to freight. That's roughly $4 million or $5 million by my math, if I've got that correct. Is that how we should think about the benefit in 2Q and going forward until it anniversaries out? Or does that savings actually become a more significant number in 2Q and going forward?

我只想回到關於降低運費的評論。您將 40 個基點的毛利率提高歸功於運費。如果我沒記錯的話，根據我的計算，這大約是 400 萬或 500 萬美元。這是我們應該如何考慮第二季度的收益並一直持續到週年紀念日？或者在第二季度和未來，這種節省實際上會變得更重要嗎？

Yes. As it relates to the freight costs being lower, there's really 2 things that are driving that. First of which is optimizing some of our shipping method. We're actually shipping a larger percentage of our products, ocean versus air. And then secondly is year-over-year, there is just a lower freight rates.

是的。因為它與運費成本降低有關，所以實際上有兩件事在推動它。首先是優化我們的一些運輸方式。實際上，我們運輸的產品比例更大，海運與空運。其次是同比，運費較低。

Now as it relates to the freight expense as a percentage of sales, we expect that to kind of continue for the rest of the year. Now we have to think about as the comparability of the different quarters as we did see some of those freight rates improved during the year when you think about it on a year-over-year basis. But freight rates are a thing that over the first quarter, we did see a kind of a benefit on.

現在，由於它與運費佔銷售額的百分比有關，我們預計今年餘下時間這種情況會持續下去。現在我們必須考慮不同季度的可比性，因為當您逐年考慮時，我們確實看到其中一些運費在一年中有所提高。但在第一季度，我們確實看到了運費帶來的好處。

Okay. And just a follow-up. I guess, can you talk about Europe and Asia Pac and just what you're seeing there in terms of consumer behavior, consumer order patterns? Any color you can provide there would be helpful.

好的。只是一個跟進。我想，你能談談歐洲和亞太地區，以及你在消費者行為、消費者訂單模式方面看到的情況嗎？您可以提供的任何顏色都會有所幫助。

I think Europe, we've said before, has tended to be a little more impacted by some of the geopolitical and macroeconomic issues that have been going on. But that said, if you even look at it on a constant currency basis, it's not bad. And I think certainly, Europe is more impacted by the year-over-year dynamics of the fenix, epix launch from last year than other areas. I think Asia is generally as we expect. I think currency impacts are a factor there and, of course, also the year-over-year product introduction cycles.

我認為，我們之前說過，歐洲往往更容易受到一些一直在發生的地緣政治和宏觀經濟問題的影響。但話雖如此，如果你甚至以固定貨幣為基礎來看待它，那也不錯。而且我認為，與其他地區相比，歐洲更容易受到去年推出的 fenix 和 epix 同比動態的影響。我認為亞洲總體上如我們所料。我認為貨幣影響是其中的一個因素，當然，同比產品推出週期也是一個因素。

There are no further questions at this time. Ms. Teri Seck, I turn the call back over to you for some final closing remarks.

目前沒有其他問題。 Teri Seck 女士，我將電話轉回給您，請您作最後的結束語。

Thanks, everyone, for joining us today. And as typical, Doug and I are available for callbacks throughout the day. Have a great one. Bye.

謝謝大家今天加入我們。和往常一樣，Doug 和我全天都可以回電。有一個偉大的。再見。

This concludes today's conference call. Thank you for your participation. You may now disconnect.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連接。

Have a great one. Bye.

有一個偉大的。再見。