台灣國際航電 (GRMN) 2024 Q4 法說會逐字稿

Hello, and thank you for standing by.

您好，感謝您的支持。

My name is Bella, and I will be your conference operator today.

我叫貝拉，今天我將擔任您的會議主持人。

At this time, I would like to welcome everyone to Garmin Limited fourth-quarter 2024 earnings call.

現在，我歡迎大家參加 Garmin Limited 2024 年第四季財報電話會議。

(Operator Instructions)

（操作員指令）

I would now like to turn the conference over to Teri Seck, Director of Investor Relations.

現在，我想將會議交給投資者關係總監 Teri Seck。

You may begin.

你可以開始了。

Good morning.

早安.

We would like to welcome you to Garmin Limited's fourth-quarter 2024 earnings call.

歡迎您參加 Garmin Limited 2024 年第四季財報電話會議。

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 transcripts will be -- also be available on our website.

請注意，收益新聞稿和相關投影片可在 Garmin 的投資者關係網站 www.garmin.com/stock 上找到。網路直播的存檔和相關文字記錄也將在我們的網站上提供。

This earnings call includes projections and other forward-looking statements regarding Garmin Limited and its business.

本次收益電話會議包括有關 Garmin Limited 及其業務的預測和其他前瞻性聲明。

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, foreign currency, tariff impacts, future demand for our products, and plans and objectives are forward-looking statements.

任何關於我們未來財務狀況、收入、部門成長率、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、外幣、關稅影響、我們產品的未來需求以及計劃和目標的聲明均為前瞻性陳述。

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.

本次收益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。

Information concerning these risk factors is contained in our Form 10-K filed with the Securities and Exchange Commission.

有關這些風險因素的資訊包含在我們向美國證券交易委員會提交的 10-K 表中。

Presenting on behalf of Garmin Limited this morning are Cliff Pemble, President and Chief Executive Officer; and Doug Besson, Chief Financial Officer and Treasurer.

今天早上代表 Garmin Limited 發言的有總裁兼執行長 Cliff Pemble；以及財務長兼財務長Doug Besson。

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

現在，我想將電話轉給 Cliff Pemble。

Thank you, Teri, and good morning, everyone.

謝謝你，Teri，大家早安。

As announced earlier today, Garmin delivered another quarter of outstanding financial results as our products continue to resonate with customers.

正如今天早些時候宣布的那樣，由於我們的產品繼續受到客戶的歡迎，Garmin 又取得了出色的季度財務業績。

Consolidated revenue increased 23% to $1.82 billion, a new fourth-quarter record, and we achieved growth and record revenue in each of our five business segments.

綜合收入成長 23% 至 18.2 億美元，創下第四季新高，我們五個業務部門均實現了成長並創下了創紀錄的收入。

Gross margin expanded 100 basis points to 59%.

毛利率擴大100個基點至59%。

Operating income increased 52% year over year, and operating margin expanded over 500 basis points to 28%, reflecting both improved gross margin and operating leverage.

營業收入年增 52%，營業利潤率擴大超過 500 個基點，達到 28%，反映出毛利率和營業槓桿的提高。

This resulted in pro forma EPS of $2.41, up 40% over the prior year.

這導致預計每股收益達到 2.41 美元，較上年增長 40%。

2024 was a remarkable year of growth and achievement for Garmin.

2024 年對 Garmin 來說是非凡的成長和成就的一年。

While we were optimistic at the beginning of 2024, we consistently outperformed even our highest expectations throughout the entire year.

雖然我們在 2024 年初感到樂觀，但我們全年的表現甚至超出了我們的最高預期。

We achieved growth in every segment, resulting in record segment revenue and record consolidated revenue.

我們在每個分部都實現了成長，分部收入和合併收入均創下了歷史新高。

2024 was also a year of historical significance, marking our 35th year in operation.

2024年也是具有歷史意義的一年，也是我們營運的第35年。

Since we were founded in 1989, we have delivered more than 300 million navigation and communication devices, including more than 18 million delivered in 2024.

自 1989 年成立以來，我們已交付了超過 3 億台導航和通訊設備，其中包括 2024 年交付的 1800 多萬台。

Consolidated revenue increased 20% to $6.3 billion.

綜合營收成長 20%，達到 63 億美元。

Gross margin expanded over 100 basis points to nearly 59%.

毛利率擴大超過100個基點，達到近59%。

Operating income increased 46% to nearly $1.6 billion, and operating margin came in at 25%.

營業收入成長 46% 至近 16 億美元，營業利益率達 25%。

We believe our performance is the direct result of our robust product portfolio.

我們相信，我們的業績直接得益於我們強大的產品組合。

Looking ahead, we have many product launches planned for 2025 that will further strengthen our portfolio with some representing new categories for Garmin.

展望未來，我們計劃在 2025 年推出多款產品，這些產品將進一步加強我們的產品組合，其中一些代表了 Garmin 的新類別。

With this in mind, we anticipate 2025 consolidated revenue will increase approximately 8% to $6.8 billion.

考慮到這一點，我們預計 2025 年綜合收入將成長約 8%，達到 68 億美元。

Also, our strong results and positive outlook give us confidence to propose an annual dividend of $3.60 a share, reflecting a 20% increase over the prior dividend amount, which will be considered by shareholders at the upcoming annual meeting.

此外，強勁的業績和積極的前景使我們有信心提議派發每股 3.60 美元的年度股息，比之前的股息金額增加 20%，股東將在即將召開的年度股東大會上考慮這一提議。

Doug will discuss our financial results and outlook in greater detail in a few minutes.

道格將在幾分鐘內更詳細地討論我們的財務表現和前景。

But first, I'll provide remarks on the performance of each business segment.

但首先，我將對每個業務部門的表現發表評論。

Starting with Fitness, 2024 was an exciting year as demand for running, cycling, and wellness products has been robust; and new customers are embracing the healthy active lifestyles our brand represents.

從健身開始，2024 年是令人興奮的一年，因為對跑步、騎乘和健康產品的需求一直強勁；新顧客也正在接受我們品牌所代表的健康積極的生活方式。

We experienced growth in every product category, led by strong contributions from advanced wearables.

我們每個產品類別都實現了成長，其中最突出的是先進的可穿戴設備的貢獻。

For the year, Fitness revenue increased 32% to $1.77 billion.

全年健身收入成長 32%，達到 17.7 億美元。

Gross margin was 58%, a 480-basis-point improvement over the prior year primarily driven by lower product costs and favorable mix.

毛利率為 58%，比上年提高 480 個基點，主要由於產品成本降低和產品組合有利。

Operating income more than doubled year over year to $483 million, and operating margin expanded approximately 1,000 basis points to 27%, reflecting both improved gross margin and operating leverage.

營業收入年增一倍以上，達到 4.83 億美元，營業利潤率擴大約 1,000 個基點，達到 27%，反映出毛利率和營業槓桿的提高。

During the quarter, we launched Lily 2 Active, our smallest GPS-enabled smartwatch featuring an elegant design and up to nine days of battery life in smartwatch mode.

在本季度，我們推出了 Lily 2 Active，這是我們最小的 GPS 智慧手錶，具有優雅的設計和智慧手錶模式下長達九天的電池續航力。

Looking ahead, we anticipate another strong year for the Fitness segment with many new product introductions planned throughout the year.

展望未來，我們預期健身領域將再創輝煌，全年計畫推出許多新產品。

With this in mind, we expect Fitness revenue to increase approximately 10% for the year.

考慮到這一點，我們預計今年健身收入將成長約 10%。

The Outdoor segment delivered a strong year of product achievements and revenue growth. 2024 revenue increased 16% to $1.96 billion, driven primarily by adventure watches following the launch of the highly successful fēnix 8 series.

戶外產品部門在去年取得了出色的產品成績和收入成長。 2024 年營收成長 16% 至 19.6 億美元，主要得益於推出成功的 fÄnix 8 系列後的探​​險手錶。

Gross margin was 67%, a 340-basis-point improvement over the prior year primarily driven by lower product costs and favorable mix.

毛利率為 67%，比上年提高 340 個基點，主要由於產品成本降低和產品組合有利。

Operating income exceeded $700 million, and operating margin expanded 550 basis points to 36%, reflecting both improved gross margin and operating leverage.

營業收入超過 7 億美元，營業利潤率擴大 550 個基點至 36%，反映出毛利率和營業槓桿的增加。

We are strategically focused on creating growth opportunities by introducing new product categories and penetrating new markets.

我們的策略重點是透過推出新的產品類別和開拓新的市場來創造成長機會。

During the quarter, we launched two products that are rising to the definition of a halo product because they are changing the game in their respective markets.

在本季度，我們推出了兩款產品，它們正在改變各自市場的格局，從而達到光環產品的定義。

The first product I want to mention is the Approach R50 which is the only portable golf launch monitor with a built-in simulator.

我要提及的第一款產品是 Approach R50，它是唯一一款內建模擬器的便攜式高爾夫發球監視器。

It features a 10-inch color touchscreen display and includes a pre-loaded database of more than 43,000 golf courses that could be played on the course or virtually using a built-in simulator.

它配備 10 吋彩色觸控螢幕顯示屏，並預先安裝了超過 43,000 個高爾夫球場的資料庫，可在球場上或使用內建模擬器進行虛擬比賽。

We also launched the Descent X50i, our first large-format dive computer.

我們也推出了第一款大型潛水電腦 Descent X50i。

This device includes a vivid 3-inch color display, providing rich information that is readable at a glance.

該設備配備生動的 3 吋彩色顯示屏，提供一目了然的豐富資訊。

And its rugged design is purpose-built with leakproof buttons, a sapphire lens, a 20 ATM dive rating, and an integrated backup guide light.

其堅固的設計專為防漏按鈕、藍寶石鏡片、20 ATM 潛水等級和整合備用導燈而設計。

Looking ahead, we expect that our strong Outdoor product lineup will result in revenue growth of approximately 10% for the year.

展望未來，我們預計強大的戶外產品陣容將帶來今年約 10% 的營收成長。

Looking next at Aviation, revenue increased 4% to $877 million driven by growth in both OEM and aftermarket product categories.

接下來看看航空領域，由於 OEM 和售後產品類別的成長，營收成長了 4%，達到 8.77 億美元。

Gross and operating margins were 75% and 24%, respectively, resulting in operating income of $211 million, a decrease of 7% year over year.

毛利率和營業利益率分別為75%和24%，營業收入為2.11億美元，較去年同期下降7%。

The decrease in operating income is primarily due to increased R&D spending as we develop new products and certify new aircraft platforms.

營業收入的下降主要是因為我們在開發新產品和認證新飛機平台時增加了研發支出。

2024 was a year of milestone accomplishments for Aviation.

2024 年是航空業取得里程碑成就的一年。

We were named number one in aviation product support for the 21st consecutive year by Professional Pilot magazine.

我們連續 21 年被《專業飛行員》雜誌評為航空產品支援領域第一名。

We also celebrated the legacy of our founders, Gary Burrell and Dr. Min Kao, upon their induction into the National Aviation Hall of Fame.

我們也慶祝了我們的創辦人加里·伯雷爾和敏高博士入選國家航空名人堂。

Aviation safety is once again top of mind after recent tragic accidents that have shocked and saddened everyone.

在近期發生的多起令所有人震驚和悲痛的悲慘事故之後，航空安全再次成為人們關注的焦點。

Our strategic focus on aviation safety has resulted in many award-winning innovations designed to save lives, such as envelope protection, safe glide, safe taxi, and emergency auto land.

我們對航空安全的戰略重點已產生許多旨在拯救生命的屢獲殊榮的創新，例如包絡保護、安全滑行、安全滑行和緊急自動著陸。

Our most recent safety innovation, runway occupancy awareness technology, was honored with a prestigious Laureate Award from Aviation Week Network as the first available system that can warn pilots if other aircraft are occupying an active runway.

我們最新的安全創新－跑道佔用感知技術，榮獲航空週刊網絡頒發的著名桂冠獎，成為首個能夠在其他飛機佔用活動跑道時向飛行員發出警告的系統。

During the quarter, Textron Aviation announced the selection of our G3000 Prime integrated flight deck for the Citation CJ4 Gen 3 aircraft.

本季度，德事隆航空宣佈為 Citation CJ4 Gen 3 飛機選用我們的 G3000 Prime 整合式駕駛艙。

The G3000 Prime was also selected by Beta Technologies for the ALIA electric conventional takeoff and landing aircraft, which conducted its inaugural flight during the quarter.

G3000 Prime 也被 Beta Technologies 選用於 ALIA 電動常規起降飛機，該飛機於本季進行了首飛。

These announcements are the first of many we anticipate as OEMs embrace this highly advanced next-generation flight deck.

隨著原始設備製造商 (OEM) 採用這種高度先進的下一代駕駛艙，這些公告是我們期待的眾多公告中的第一個。

Looking forward, we expect growth to accelerate throughout 2025 as new aircraft platforms under production and as conditions improve in the aftermarket.

展望未來，隨著新飛機平台的投入生產以及售後市場條件的改善，我們預計 2025 年全年成長將會加速。

With this in mind, we expect Aviation revenue will increase approximately 5% for the year.

考慮到這一點，我們預計今年航空收入將成長約 5%。

Turning next to the Marine segment.

接下來轉向海洋部分。

Revenue increased 17% to nearly $1.1 billion, exceeding the $1 billion threshold for the first time.

營收成長17%，達到近11億美元，首次突破10億美元的門檻。

Growth was primarily driven by new revenue from the 2023 acquisition of JL Audio.

成長主要得益於 2023 年收購 JL Audio 帶來的新收入。

Excluding JL Audio, Marine revenue increased 6%, outperforming the broader market and strengthening our position as the world's largest consumer marine electronics company.

不包括 JL Audio，海事收入成長了 6%，表現優於大盤，並鞏固了我們作為全球最大消費海事電子公司的地位。

Full-year gross margin was 55%, a 180-basis-point improvement over the prior year, and was favorably impacted by lower product cost.

全年毛利率為 55%，較上年提高 180 個基點，這得益於產品成本降低的正面影響。

Operating income increased 32% year over year, and operating margin expanded 240 basis points to 22%, reflecting both improved gross margin and operating leverage.

營業收入年增 32%，營業利潤率擴大 240 個基點至 22%，反映出毛利率和營業槓桿的提高。

2024 was also a year of milestone accomplishments for Marine as we were named NMEA Manufacturer of the Year for the tenth consecutive year and we were named Most Innovative Marine Company by Soundings Trade Only for the second consecutive year.

2024 年也是 Marine 取得里程碑式成就的一年，我們連續第十年被評為 NMEA 年度製造商，並連續第二年被 Soundings Trade Only 評為最具創新力的 Marine 公司。

During the quarter, we were recognized with the National Boating Safety Award from Sea Tow Foundation for the fourth consecutive year.

本季度，我們連續第四年榮獲海上拖船基金會頒發的國家船舶安全獎。

Also during the quarter, JL Audio received an innovation award for the Pavilion line of outdoor home speakers from Home Technology Specialists of America.

此外，在本季度，JL Audio 的 Pavilion 系列戶外家用揚聲器還獲得了美國家庭技術專家協會頒發的創新獎。

This award validates the outstanding audio performance that the Pavilion line delivers.

該獎項證明了 Pavilion 系列出色的音訊表現。

As I previously mentioned, Garmin has been consistently outperforming the broader marine market, and we expect to do so again in 2025.

正如我之前提到的，Garmin 的表現一直優於更廣泛的海洋市場，我們預計 2025 年將再次做到這一點。

The marine market remains soft but has stabilized at a level from which we can anticipate recovery and growth.

船舶市場雖然依然疲軟，但已穩定在我們可以預期復甦和成長的水平。

With this in mind, we expect Marine revenue will increase approximately 4% for the year.

考慮到這一點，我們預計今年的海洋收入將成長約 4%。

Moving finally to the Auto OEM segment.

最後轉向汽車 OEM 領域。

Revenue increased 44% to $611 million, primarily driven by growth in domain controllers.

營收成長 44% 至 6.11 億美元，主要得益於網域控制器的成長。

Gross margin was 18%, and the operating loss narrowed to $39 million for the year.

毛利率為18%，全年營業虧損收窄至3,900萬美元。

During the year, all remaining BMW models were equipped with Garmin domain controllers, paving the way to achieve our maximum potential revenue from the BMW program in 2025.

年內，所有剩餘的寶馬車型均配備了Garmin域控制器，為我們在2025年實現寶馬項目的最大潛在收入鋪平了道路。

We also captured additional program wins and made significant progress preparing for our next major program that is expected to enter production in 2027.

我們還贏得了更多項目，並在為預計於 2027 年投入生產的下一個重大項目做準備方面取得了重大進展。

I'm proud of the progress that we've made in our quest to build a successful Auto OEM segment.

我為我們在打造成功的汽車原始設備製造商領域所取得的進展感到自豪。

As many of you know, the outlook of major automakers is softening, which changes the revenue trajectory we previously shared.

眾所周知，主要汽車製造商的前景正在變得疲軟，這改變了我們之前分享的收入軌跡。

Even so, we expect 2025 to be another pivotal year of growth and progress towards the profitability stage for this growing business segment.

即便如此，我們預計 2025 年仍將成為這個不斷成長的業務部門邁向獲利階段的另一個關鍵成長年。

With this in mind, we expect revenue to increase approximately 7% for 2025.

考慮到這一點，我們預計 2025 年營收將成長約 7%。

That concludes my remarks.

我的發言到此結束。

Next, Doug will walk you through additional details on our financial results.

接下來，Doug 將向您介紹我們的財務業績的更多詳細資訊。

Doug?

道格？

Thanks, Cliff.

謝謝，克里夫。

Good morning, everyone.

大家早安。

I'll begin by reviewing our fourth-quarter and full-year financial results, provide comments on the balance sheet, cash flow statement, taxes, and 2025 guidance.

我將首先回顧我們的第四季和全年財務業績，並對資產負債表、現金流量表、稅務和 2025 年指引提出評論。

Posted revenue $1.823 billion for the fourth quarter, representing a 23% increase year over year.

第四季營收為 18.23 億美元，較去年同期成長 23%。

Gross margin was 59.3%, increased 100 basis points over the prior year quarter primarily due to lower product costs.

毛利率為59.3%，較去年同期增加100個基點，主要因為產品成本降低。

Operating expense as a percentage of sales was 30.9%, a 440-basis-point decrease.

營業費用佔銷售額的百分比為 30.9%，下降了 440 個基點。

Operating income was $516 million, a 52% year-over-year increase.

營業收入為5.16億美元，比去年同期成長52%。

Operating margin was 28.3%, a 540-basis-point increase from the prior year.

營業利益率為28.3%，較上年增加540個基點。

Our GAAP EPS was $2.25, pro forma EPS was $2.41, 40% increase in prior year pro forma EPS.

我們的 GAAP EPS 為 2.25 美元，預測 EPS 為 2.41 美元，比去年預測 EPS 成長 40%。

Looking at the full-year results, posted revenue was $6,297 billion, representing a 20% increase year over year.

從全年業績來看，公佈的收入為62.97億美元，年增20%。

Gross margin was 58.7%, a 120-basis-point increase from the prior year primarily due to lower product cost.

毛利率為58.7%，較上年增加120個基點，主要因為產品成本下降。

Operating expense as a percentage of sales was 33.4%, a 320-basis-point decrease.

營業費用佔銷售額的百分比為 33.4%，下降了 320 個基點。

Operating income was $1.594 billion, a 46% increase.

營業收入為15.94億美元，成長46%。

Operating margin was 25.3%, 240-basis-point increase from the prior year.

營業利益率為25.3%，較前一年增加240個基點。

Our GAAP EPS was $7.30; pro forma EPS, $7.39, a 32% increase on the prior year pro forma EPS.

我們的 GAAP EPS 為 7.30 美元；預計每股收益為 7.39 美元，較去年同期預計每股收益將成長 32%。

Next, we look at fourth-quarter revenue by segment and geography.

接下來，我們來看看按部門和地區劃分的第四季度收入。

For the fourth quarter, we achieved record revenue on a consolidated basis for each of our five segments.

第四季度，我們五個部門的綜合收入均創下歷史新高。

We achieved double-digit growth in three of five segments, led by Fitness segment with 31% growth; followed by the Auto OEM segment, 30% growth; and the Outdoor segment with 29% growth.

我們在五個部門中的三個部門實現了兩位數的成長，其中健身部門成長了 31%；其次是汽車OEM領域，成長30%；戶外市場成長了29%。

By geography, we achieved double-digit growth across all regions, led by the EMEA region with 34% growth.

從地理來看，我們在所有地區都實現了兩位數的成長，其中歐洲、中東和非洲地區的成長最為顯著，達 34%。

APAC region and Americas region at 18% and 17% growth, respectively.

亞太地區和美洲地區分別成長18%和17%。

For full year 2024, we achieved 20% consolidated growth, record revenue on a consolidated basis, and record revenue for each of our five segments.

2024 年全年，我們實現了 20% 的綜合成長，綜合收入創歷史新高，五個部門的收入均創歷史新高。

By geography, we achieved 31% growth in EMEA, 16% growth in Americas, and 12% growth in APAC.

從地理來看，我們在歐洲、中東和非洲地區實現了 31% 的成長，在美洲地區實現了 16% 的成長，在亞太地區實現了 12% 的成長。

Looking next, operating expenses.

接下來是營運費用。

Fourth-quarter operating expenses increased by approximately $40 million or 8%.

第四季營運費用增加約 4,000 萬美元，成長 8%。

Research and development increased by $22 million. SG&A

研發費用增加了2200萬美元。銷售、一般及行政開支

increased by $19 million.

增加了1900萬美元。

Both increases were primarily due to personnel-related expenses.

兩次成長主要歸因於人員相關費用。

A few highlights on the balance sheet, cash flow statement, dividends, and share repurchase.

資產負債表、現金流量表、股利和股票回購的一些亮點。

Ended the quarter with cash and marketable securities of approximately $3.7 billion.

本季結束時，現金和有價證券總額約為 37 億美元。

Accounts receivable increased sequentially and year over year to $983 million due to strong sales in the fourth quarter.

由於第四季銷售強勁，應收帳款環比和年比均增加至 9.83 億美元。

Inventory balance increased year over year to approximately $1.5 billion.

庫存餘額較去年同期成長至約 15 億美元。

During the fourth quarter 2024, we generated free cash flow of $399 million, an $18 million decrease from the prior year quarter.

2024 年第四季度，我們產生了 3.99 億美元的自由現金流，比去年同期減少了 1,800 萬美元。

For the full year 2024, we generated free cash flow of approximately $1.2 billion, a $56 million increase in the prior year, due to improved earnings, partially offset by increased working capital needs.

2024 年全年，我們產生的自由現金流約為 12 億美元，比前一年增加 5,600 萬美元，原因是獲利增加，但部分被營運資金需求增加所抵銷。

Our full-year 2024 capital expenditures $194 million, consistent with the prior year.

我們 2024 年全年資本支出為 1.94 億美元，與前一年持平。

2025, we expect free cash flow to be approximately $1.1 billion with approximately $350 million in capital expenditures.

到 2025 年，我們預計自由現金流約為 11 億美元，資本支出約為 3.5 億美元。

In 2025, we expect to continue to make investment platforms to grow, including facilities and IT-related projects.

2025年，我們預計將繼續發展投資平台，包括設施和IT相關項目。

Come 2024, we paid dividends approximately $572 million.

到 2024 年，我們支付的股息約為 5.72 億美元。

Also, we announced our plan to seek shareholder approval for a $0.60 increase in our annual dividend beginning with June 2025 payment. proposal is with a cash dividend $360 or $0.90 per share per quarter, a 20% increase from our current quarterly dividend of $0.75 per share.

此外，我們宣布了尋求股東批准從 2025 年 6 月開始將年度股息增加 0.60 美元的計劃。提議是每季度派發現金股息 360 美元或每股 0.90 美元，比我們目前的每股 0.75 美元的季度股息增加 20%。

During 2024, we used $62 million of cash to repurchase company shares.

2024年，我們使用6,200萬美元現金回購公司股票。

At year-end, we had approximately $238 million remaining in the share repurchase program which authorized through December 2026.

截至年底，我們的股票回購計畫剩餘金額約為 2.38 億美元，該計畫授權有效期至 2026 年 12 月。

Our full-year 2024 pro forma effective tax rate was 16.7% compared to 8.5% in the prior year.

我們 2024 年全年預計有效稅率為 16.7%，而上年度為 8.5%。

Increase in effective tax rate is primarily due to the increase in the combined Switzerland tax rate in response to global minimum tax requirements. 2025 pro forma effective tax rate is expected to be 16.5%, which is comparable to the 2024 tax rate.

有效稅率的增加主要是由於為響應全球最低稅率要求而提高瑞士綜合稅率。 2025 年預計有效稅率預計為 16.5%，與 2024 年稅率相當。

Turning next to our full-year 2025 guidance.

接下來談談我們的 2025 年全年指引。

We estimate revenue of approximately $6.8 billion, an increase of approximately 8% for 2024.

我們預計 2024 年營收約 68 億美元，成長約 8%。

We expect gross margin to be approximately 58.7% consistent with our 2024 gross margin.

我們預計毛利率約為 58.7%，與 2024 年的毛利率一致。

We expect an operating margin of approximately 25% is comparable to the 2024 results.

我們預計約 25% 的營業利潤率與 2024 年的業績相當。

The full year pro forma effective tax rate is expected to be approximately 16.5%, which is comparable to the 2024 tax rate.

預計全年有效稅率約為 16.5%，與 2024 年稅率相當。

These results in expected pro forma earnings per share, approximately $7.80, a 6% increase over the 2024 pro forma earnings per share.

預計每股收益約為 7.80 美元，比 2024 年每股收益增加 6%。

This concludes our formal remarks.

我們的正式發言到此結束。

Bella, can you please open the line for Q&A?

貝拉，你能開闢問答專線嗎？

(Operator Instructions) Joseph Cardoso, JPMorgan.

（操作員指示）摩根大通的 Joseph Cardoso。

And congrats on the results here.

我對所取得的成績表示祝賀。

I guess maybe the first question is just related to fitness.

我想也許第一個問題只是與健身有關。

Obviously, you exited 2024 strongly.

顯然，你以強勢姿態結束了 2024 年。

And I was just wondering if you could help dimensionalize the key drivers for the segment between the refresh of the install base, share gains that you're seeing with new customers, as well as even potentially pricing there.

我只是想知道您是否可以幫助確定該領域的關鍵驅動因素，包括安裝基礎的更新、新客戶的份額增長以及潛在的定價。

And then maybe more importantly, as we look towards the 2025 growth forecast for the segment, maybe from a high level, how are you guys thinking about the contribution across those variables that you're embedding into the guide?

然後也許更重要的是，當我們展望 2025 年該領域的成長預測時，也許從高層次來看，你們如何看待嵌入指南中的那些變數的貢獻？

And then I have a quick follow-up.

然後我有一個快速的後續問題。

Good morning, Joe. I think in terms of our fitness performance, it was very broad-based across many product lines.

早安，喬。我認為，就我們的健身表現而言，它涵蓋了許多產品線。

I think if you look at all of our product categories, each one probably has its own dynamic when it comes to the customer base and when we introduce new products, what mix of those are new versus existing.

我認為，如果你看看我們所有的產品類別，每個產品類別在客戶群方面可能都有自己的動態，當我們推出新產品時，新產品和現有產品的組合是什麼。

But in general, especially in the wearables area, we're seeing many more new customers coming to Garmin, and we're benefiting from market share gains, which is driving our results.

但總體而言，特別是在穿戴式裝置領域，我們看到越來越多的新客戶加入 Garmin，並且我們也受益於市場份額的成長，這推動了我們的業績。

Looking forward to 2025, we really see more of the same.

展望 2025 年，我們確實會看到更多類似的情況。

Of course, we recognize that these are outstanding results.

當然，我們承認，這些都是優秀的成績。

So we're trying to be realistic about our growth, but 10% is a fabulous outlook.

因此，我們試圖對我們的成長保持現實態度，但 10% 是一個美好的前景。

And we're excited to see what the year will bring.

我們非常期待看到新的一年會發生什麼。

No, I appreciate the color there, Cliff.

不，我很欣賞那裡的色彩，克里夫。

And then maybe as just my follow-up here, it's more on the operating margin guidance.

然後也許只是我的後續問題，更多的是關於營業利益率的指引。

It suggests a slightly lower operating leverage or flow-through than we typically see from Garmin.

這表明，Garmin 的經營槓桿或流通量比我們通常看到的要略低。

Maybe, Doug, can you just walk us through the puts and takes here and what we should be considering or factors that are influencing maybe the softer leverage for 2025 than what we've historically seen from the company?

道格，您能否向我們簡單介紹一下這裡的利弊，以及我們應該考慮什麼，或者哪些因素可能會影響到 2025 年的槓桿率，而不是像我們過去從公司看到的那麼低？

Yeah.

是的。

It relates to -- as it relates to the operating margin, the gross margin, we're expecting that to be relatively consistent year over year, which we also expect -- as it relates to our operating expenses as a percentage of sales, we're expecting to be up about 30 basis points.

就營業利潤率和毛利率而言，我們預計它將與去年同期相比保持相對穩定，就我們的營業費用佔銷售額的百分比而言，我們預計它將上漲約 30 個基點。

That 30 basis points is coming from R&D.

這 30 個基點來自於研發。

For SG&A, we expect as a percentage of sales to be relatively flat.

對於銷售、一般及行政費用，我們預期其佔銷售額的百分比將相對持平。

And that investment in R&D is basically investments for growth.

對研發的投資基本上是為了成長的投資。

Those investments are really for innovation and all the different product launches that we do have coming up for the next year.

這些投資確實用於創新和我們明年即將推出的所有不同產品的推出。

Ben Bollin, Cleveland Research.

克利夫蘭研究公司的本‧博林 (Ben Bollin)

I wanted to piggyback that last question, Doug.

我想順便回答最後一個問題，道格。

With respect to gross margin, the implied guide or the explicit guide on the revenue growth across categories really suggests favorable mix, your higher-margin categories grow as a percentage of revenue into '25.

就毛利率而言，各類別收入成長的隱含指南或明確指南確實顯示了有利的組合，即利潤率較高的類別的收入百分比將增長到 25%。

So curious how you think about flat gross margins with outdoor, fitness, aviation growing as a percentage of mix into the out year?

很好奇，您如何看待戶外、健身、航空等產品組合在未來一年內毛利率持平而毛利率卻成長的情況？

And then I had a follow-up.

然後我進行了後續行動。

Yeah.

是的。

As it relates to gross margin, on a consolidated basis, yeah, we do expect that to be relatively consistent.

就毛利率而言，從合併基礎來看，是的，我們確實預期它會相對一致。

And there's a lot of different variables that go into the gross margin.

許多不同的變數都會影響毛利率。

We have a product mix, as you mentioned; component costs; overhead per unit; et cetera.

正如您所說，我們有產品組合；零件成本；每單位間接費用；等等。

And so there's a lot of mix in there from that standpoint.

從這個角度來看，這其中存在著許多混合。

But when we're thinking about as it relates to gross margin by segment, there's not any real major differences we're expecting.

但當我們考慮其與各分部毛利率的關係時，我們預期不會有任何真正的重大差異。

Gross margin by segments out, there may be some puts and takes as we move through the year, but relatively consistent for our gross margins by segment.

按部門劃分的毛利率，隨著時間的流逝，我們可能會有一些變動，但按部門劃分的毛利率相對穩定。

Okay.

好的。

Cliff, the performance in EMEA has been really remarkable in the last couple of years.

克里夫，過去幾年，歐洲、中東和非洲地區的表現非常出色。

I'm curious what you attribute to the success there.

我很好奇您認為那裡的成功歸功於什麼。

Could you talk about the dynamics of maybe more industrialized versus emerging markets?

能談談工業化程度較高的市場與新興市場的動態嗎？

And any go-to-market efforts that have changed really driving that outperformance?

有哪些行銷措施發生了變化並真正推動了這種優異表現？

Yeah.

是的。

In EMEA, I would say that the strength there is primarily driven by the relative stronger benefit we get from the wearables and consumer market in EMEA.

在歐洲、中東和非洲地區，我想說，那裡的優勢主要得益於我們從歐洲、中東和非洲地區的穿戴式裝置和消費市場所獲得的相對較強的利益。

In some of the countries, the major countries, we're the strong number two player in wearables.

在某些國家，特別是主要國家，我們在穿戴式裝置領域排名第二。

Of course, Americas dynamic is slightly different, so we're the number three here.

當然，美國的情況略有不同，所以我們在這裡排第三。

But in Europe, we've been much stronger as a marketplace over there with our product line.

但在歐洲，憑藉我們的產品線，我們的市場實力更加強大。

Okay.

好的。

My last one is, looking at Auto OEM with respect to 2025, you mentioned capturing BMW opportunity and get into your normalized run rate.

我的最後一個問題是，展望 2025 年的汽車原始設備製造商，您提到要抓住寶馬的機會並實現正常的運行率。

Could you share any thoughts on the way we should think about the margin of this business, both gross and EBIT margin, and how it scales over time and how potential new wins or future platform opportunity in 2027 and beyond will influence those figures further?

您能否分享一下我們應該如何看待這項業務的利潤率（包括毛利率和息稅前利潤），以及它如何隨著時間的推移而擴大，以及 2027 年及以後的潛在新勝利或未來平台機會將如何進一步影響這些數據？

That's it for me.

對我來說就是這樣了。

Yeah, I think we've talked about the margin profile of this business in the past.

是的，我想我們過去已經談論過這項業務的利潤狀況。

And consistent with what we said, we believe this business is a mid-teens gross margin and mid-single digits operating margin.

正如我們所說的，我們相信這項業務的毛利率為十五六成左右，營業利潤率為個位數中等。

And that's clearly what we're still driving for.

這顯然也是我們繼續努力的目標。

We have been successful in securing new business for the future, including the one that I mentioned that is coming in 2027, representing our largest win to date and other smaller wins across the globe that help fill in both in terms of volume as well as margin profile that helps support that outlook that I mentioned.

我們成功地獲得了未來的新業務，包括我提到的將在 2027 年到來的業務，這是我們迄今為止最大的勝利，還有全球範圍內其他較小的勝利，這些勝利有助於填補銷量和利潤率方面的空白，有助於支持我提到的前景。

Erik Woodring, Morgan Stanley.

摩根士丹利的艾瑞克‧伍德林 (Erik Woodring)。

Maybe just to start, I wanted to double-click again on the Auto OEM business.

也許只是為了開始，我想再次雙擊汽車 OEM 業務。

And maybe what I'm really trying to get at was prior expectations for 2025 revenue were $800 million.

我真正想表達的可能是，2025 年的營收預期為 8 億美元。

Obviously, market conditions have softened since you originally gave that guide.

顯然，自從您最初給出指南以來，市場狀況已經有所緩和。

But you have, obviously, this new large win ramping in 2027.

但顯然，這一新的巨大勝利將在 2027 年到來。

So I'm just -- can you maybe just help us better understand, one, the primary factors causing the 2025 outlook outside of market conditions?

所以我只是——您能否幫助我們更好地理解，第一，除了市場條件之外，影響 2025 年前景的主要因素是什麼？

Have anything changed at the micro level?

微觀層面有改變嗎？

And then two, how -- any advice in how we should be thinking about maybe the shape of the growth curve as we bridge 2025 with that 2027 win?

然後第二，在我們為 2025 年和 2027 年的勝利鋪平道路時，您應該如何思考增長曲線的形狀？

And then I have a follow-up.

然後我有一個後續問題。

Okay.

好的。

Yeah.

是的。

So definitely, 2025 was below our expectations that we had shared a couple of years ago, shaving about $140 million off of the outlook that we had back then.

因此，2025 年的業績肯定低於我們幾年前的預期，比當時的預期削減了約 1.4 億美元。

And this is 100% due to the softening outlook of automakers, particularly the higher-end automakers that are operating in the China market which has been struggling probably more than other areas, although globally, it's generally weak.

這完全是由於汽車製造商前景疲軟，尤其是在中國市場運營的高端汽車製造商，中國市場面臨的困境可能比其他地區更為嚴重，儘管在全球範圍內，中國市場總體上比較疲軟。

So there's really no other factor other than that.

因此，除此之外，確實沒有其他因素。

There's no other smaller factors at play really.

實際上，沒有其他較小的因素在起作用。

We definitely -- we're anticipating a much stronger outlook from them, but conditions change.

我們確實期待他們的前景更加強勁，但情況會改變。

So as we look forward to the 2027, we do expect as we are anticipating growth here in 2025, that 2026 could dip a little and then, as we ramp into 2027, grow again.

因此，當我們展望 2027 年時，我們確實預計 2025 年將出現成長，但 2026 年可能會略有下降，然後，隨著 2027 年的到來，將再次出現成長。

And then maybe just my follow-up is getting to what you alluded to at the top of the call.

然後也許我的後續問題就是您在通話開始時提到的內容。

If we go back a year ago, you guided to 2024 revenue of $5.7 billion and EPS of

如果我們回到一年前，你預計 2024 年營收為 57 億美元，每股盈餘為

[$5.40].

[5.40美元]。

You obviously ended up seeing significant performance expectation, especially on the profitability side.

你顯然最終看到了顯著的業績預期，特別是在盈利方面。

And I'm just wondering if you're approaching 2025 in the same degree of relative to new services in conservatism as you did in 2024?

我只是想知道，您對 2025 年新服務的保守程度是否與 2024 年相同？

Is your approach going to change at all, just based on what you've on what you learned about your performance in 2025 with new users coming into the platform, pricing power, et cetera?

您的方法是否會根據您對 2025 年新用戶進入平台、定價權等表現的了解而改變？

I'm just wondering your approach this year versus a year ago.

我只是想知道您今年的方法與去年相比有何不同。

Yeah, I think we had some trouble receiving your audio there, but I think what you were asking is, if you look back to 2024, our initial guide was more conservative than obviously where we ended up and perhaps wondering if our 2025 outlook has the degree of conservatism built in.

是的，我認為我們在接收您的音訊時遇到了一些麻煩，但我認為您問的是，如果回顧 2024 年，我們最初的指導顯然比我們最終的預測更為保守，並且您可能想知道我們的 2025 年展望是否具有一定程度的保守性。

Absolutely, 2024 exceeded all of our expectations, internal and external.

絕對的是，2024 年超出了我們所有內部和外部的預期。

And we did also feel that there was a lot of potential in 2024.

我們確實也認為 2024 年有很大的潛力。

So we worked very hard to achieve everything that we could.

因此我們非常努力地去實現我們所能實現的一切。

As we look to 2025, we, of course, always start our year and try to be pragmatic in our outlook.

展望 2025 年，我們當然總是以務實的態度開啟新的一年。

There's a lot of the year that's ahead of us.

今年我們還有很多事情要做。

A lot of the revenue that comes in the back half of the year with seasonality, especially in the consumer markets.

許多收入是在下半年產生的，受季節性影響，尤其是在消費市場。

So we're trying to be pragmatic and deliver something that we have high confidence in.

因此，我們努力採取務實態度，並提供一些我們高度信任的東西。

And we'll continue to work throughout the year to achieve and overachieve what we said.

我們將在全年繼續努力，實現甚至超額完成我們的目標。

George Wang, Barclays.

巴克萊銀行的喬治王 (George Wang)。

Just two quick ones.

只需簡單兩點。

Firstly, I just want to double-click on the Auto OEM.

首先，我只想雙擊 Auto OEM。

Just curious like in terms of the profitability.

只是對盈利能力方面感到好奇。

Obviously, you laid out target for MSD OEM medium term.

顯然，您為 MSD OEM 制定了中期目標。

Just curious whether you expect to turn profitable in the next couple of quarters?

只是好奇您是否預計在接下來的幾個季度內實現盈利？

Just near term, like any thoughts on the breakeven level going to low single-digit.

只是短期內，就像任何關於損益平衡水準將降至低個位數的想法一樣。

Just curious if you can impact some of the near-term dynamics in terms of the bottom line for the Auto OEM.

我只是好奇您是否可以對汽車原始設備製造商的底線方面的一些近期動態產生影響。

Well, Auto OEM profitability is obviously our goal.

嗯，汽車 OEM 的獲利能力顯然是我們的目標。

This is a very dynamic business.

這是一個非常有活力的行業。

And as we've pointed out, we're affected by the ups and downs of our customers, too.

正如我們所指出的，我們也會受到客戶起伏的影響。

So we're managing through that.

所以我們正在解決這個問題。

I think we're doing very well.

我認為我們做得很好。

I would like to point out that we report all of our segment results on a GAAP basis.

我想指出的是，我們所有分部的業績都是按照 GAAP 來報告的。

So we don't allocate cost to overarching corporate segments that help address that segment.

因此，我們不會將成本分配給幫助解決該部門問題的整體公司部門。

So what you're seeing with our Auto OEM segment is pure GAAP results.

因此，您在我們的汽車 OEM 部門看到的是純粹的 GAAP 結果。

And our profitability metrics may not match point for point for everyone else in the industry.

而且我們的獲利指標可能與業界其他人的獲利指標並不完全一致。

But that said, our segment -- auto OEM segment still provides very meaningful contributions in margin that cover a portion of our corporate costs that wouldn't go away if we didn't have this portfolio.

但話雖如此，我們的汽車原始設備製造商部門仍然為利潤提供了非常有意義的貢獻，這部分貢獻可以彌補我們部分公司成本，如果我們沒有這個投資組合，這些成本就不會消失。

And we also achieved significant leverage in our manufacturing as well as our supply chain by combining the volumes that we have across our business.

而且，透過整合我們整個業務領域的產量，我們在製造和供應鏈方面也取得了顯著的槓桿作用。

18 million units a year is very substantial and very attractive for our suppliers.

每年1800萬台的產量對我們的供應商來說非常可觀，而且非常有吸引力。

So we're able to achieve cost savings, the benefit of which you are seeing in all of the other segment results.

因此，我們能夠節省成本，您可以在所有其他分部的結果中看到這項好處。

Okay.

好的。

Just a quick one.

只需快速操作即可。

Just as we step back, zoom out in terms of the high level on the consumer, is there anything you would like to call out maybe different versus last quarter, three months ago in terms of the consumer backdrop?

當我們回顧過去，從消費者的高層次角度看問題時，您是否想指出與上一季或三個月前的消費者背景相比，有什麼不同？

And especially if you can address some of the selling sell-through, especially as it relates to some of the flagship products in terms of restocking cycle in the space of our board.

特別是如果您可以解決一些銷售問題，特別是因為它與我們董事會空間中的補貨週期中的一些旗艦產品有關。

Just curious over the next couple of quarters, whether you should see sustained the momentum just on the flagship trip product, if you will, and just any sell-through you want to call out versus last quarter.

只是好奇在接下來的幾個季度裡，你是否應該看到旗艦旅行產品的持續發展勢頭，以及與上一季相比你想要的任何銷售量。

Yeah.

是的。

I think we've probably made most of our remarks.

我想我們可能已經表達了大部分意見。

I would say in terms of the consumer and as we looked at the results of Q4 as well as our registration behavior that we can see in near real time, the sell-in and the sell-through was very well matched.

我想說，從消費者的角度來看，當我們查看第四季度的結果以及我們可以近乎即時看到的註冊行為時，銷售量和銷售率非常匹配。

And we believe that the retail channel is not overstocked.

我們相信零售通路不會出現庫存過剩的情況。

It's at a healthy level, and we continue to see strong registrations in our products.

它處於健康水平，我們繼續看到我們產品的註冊量強勁。

From our perspective and the kinds of products that we offer and the customer bases for those products, I would say that those customers seem to be fine.

從我們的角度來看，我們提供的產品種類以及這些產品的客戶群，我想說這些客戶似乎很好。

We don't want to say that there's no consumer pressure because we know that there is, but in general, the embracement of our products has been very strong and we feel good about where our customers are at.

我們不想說沒有消費者壓力，因為我們知道有，但總的來說，我們的產品受到了廣泛的歡迎，我們對客戶的現狀感到滿意。

David MacGregor, Longbow Research.

麥格雷戈（David MacGregor），長弓研究公司（Longbow Research）。

Congratulations on the strong quarter.

恭喜您本季取得強勁業績。

Great performance.

出色的表現。

I guess I want to start by just asking about lower product costs because you called that out in each segment.

我想先問一下關於降低產品成本的問題，因為您在每個部分都提到了這一點。

And I'm just trying to get a sense as -- obviously, there's some operating leverage benefit here from the strength in unit volumes.

我只是想要了解——顯然，單位產量的強勁會帶來一些營運槓桿效益。

But is there something else going on here from the standpoint of variable costs or anything from a structural standpoint that would be helpful for the modeling?

但是，從變動成本的角度或從結構的角度來看，這裡是否還有其他事情有助於建模？

Well, increased production definitely allows us to leverage our investments and higher volumes, of course, more efficiencies on the production line.

嗯，增加產量肯定使我們能夠利用我們的投資和更高的產量，當然，還可以提高生產線的效率。

And as I just mentioned to George, the added volumes that we have with our combined business, over 18 million units last year, allows us to have more efficiency in our overall supply chain and component purchasing.

正如我剛才向喬治提到的，我們合併後的業務增加了銷量，去年增加了 1800 萬台，這使我們整個供應鏈和零件採購的效率更高。

So we're seeing benefits from that and expect to continue to see that.

因此，我們看到了其中的好處，並且希望繼續看到這種好處。

Okay.

好的。

So it's scale benefits.

所以這是規模效益。

There isn't anything from a structural standpoint that's changing?

從結構角度來看，沒有任何改變嗎？

No, no.

不，不。

Yeah, we are very clear.

是的，我們非常清楚。

It's definitely the scale.

這絕對是規模的問題。

Right.

正確的。

Got it.

知道了。

And then secondly, I'm wondering, I guess, if you could talk about tariffs.

其次，我想知道您是否可以談談關稅問題。

I guess somebody has to ask the obligatory question.

我想有人一定會問這個必問的問題。

You've got Taiwanese manufacturing.

你們有台灣製造業。

You've got the BMW, which just gives you some indirect exposure to the extent that there's tariffs on foreign automotive production.

你擁有寶馬，這會給你帶來一些間接風險，因為對外國汽車生產徵收關稅。

Can you just talk about your exposure there?

你能談談你在那裡的經歷嗎？

Well, I think there's exposure everywhere as it seems, and it can change, of course, rapidly.

嗯，我認為似乎到處都有曝光，當然，它可以迅速改變。

So I think everyone is still waiting to see what really transpires.

因此我認為每個人都還在等待觀察真正發生的事。

I believe that we are probably optimally positioned in terms of all of the discussions that have been going on while we have exposure here and there.

我相信，就我們在各處進行的所有討論而言，我們可能處於最佳位置。

I think for the most part, our supply chain is out of the way of where most of the attention is being focused right now.

我認為，在大多數情況下，我們的供應鏈已經遠離了目前人們大部分關注的焦點。

So we could have some impacts.

所以我們可能會產生一些影響。

We don't really know how to quantify that, but we're -- we believe that we're in a good position to minimize the impact.

我們確實不知道如何量化這一點，但我們相信我們能夠最大限度地減少影響。

Do you have anything in the guidance for that now?

您現在對此有什麼指導嗎？

No, there's really nothing that you could plan for right now.

不，現在你真的沒有什麼可以計劃的。

Again, that's -- there's a lot of changes almost on a daily basis.

再說一遍，幾乎每天都會發生很多變化。

So we'll just have to wait and see.

所以我們只能拭目以待。

But at this moment, we don't anticipate that there's going to be major impacts.

但目前，我們預計不會產生重大影響。

Ivan Feinseth, Tigress Financial Partners, LLC.

Ivan Feinseth，Tigress Financial Partners，LLC。

Congratulations on another great quarter and a great 2024.

恭喜您又度過了一個出色的季度並度過了一個偉大的 2024 年。

My first questions are on the two really great new products you launched, the Approach golf simulator and the Descent diving computer.

我的第一個問題是關於你們推出的兩款非常棒的新產品，Approach 高爾夫模擬器和 Descent 潛水電腦。

These are more higher-priced products. Are these targeted more? Are you at the professional markets?

這些是價格較高的產品。這些是否更有針對性？你們在專業市場嗎？

Are you seeing, let's say, interest or purchase for the dive computer from dive professionals, which would be like a new channel for you, maybe the ones that work on oil rigs or in shipyards.?

您是否看到潛水專業人士對潛水電腦感興趣或購買潛水電腦，這對您來說是一個新的管道，也許是那些在石油鑽井平台或造船廠工作的人？

And the same thing for the Approach golf simulator.

Approach 高爾夫模擬器也是如此。

Are you seeing a lot of interest, let's say, from golf pros who use it for teaching or for -- from golf schools?

您是否看到許多高爾夫專業人士對此感興趣並將其用於教學或高爾夫學校？

Yeah, I would say, Ivan, on both of those products, really, the customer base is a broad range.

是的，伊万，我想說，這兩種產品的客戶群確實很廣泛。

Specific to dive, of course, these are very serious dive electronics.

當然，具體到潛水，這些都是非常嚴肅的潛水電子設備。

And so consequently, it definitely appeals to a person that is more serious about the sport, but we see interest in that product across a range of enthusiasts from on -- down to others, including professional divers, work divers, that kind of thing.

因此，它肯定會吸引那些對這項運動更為認真的人，但我們看到從業餘愛好者到其他人，包括專業潛水員、工作潛水員之類的人都對該產品感興趣。

So it's a broad range.

所以範圍很廣。

And the same is really true for the R50.

對於 R50 也是如此。

There's a lot of people that like to have those in the garage or in their rec room, especially when winter weather is so bad.

很多人喜歡把它們放在車庫或娛樂室裡，尤其是在冬季天氣惡劣的時候。

They can play courses wherever they want to.

他們可以在任何地方打球。

And this product is unique because it can be taken out to the actual golf course and use on course as well.

該產品的獨特之處在於它可以被帶到真正的高爾夫球場並在球場上使用。

So it's really a broad range.

所以它的範圍真的很廣泛。

We don't really see a specific customer base that is gravitating to that product.

我們確實沒有看到對該產品感興趣的特定客戶群。

And we love that because appealing to a broad range is always better.

我們喜歡這樣，因為吸引廣泛的受眾總是更好。

Yes.

是的。

So my friends who know that the approach or the price has a lot of features that are in similar items that are two, three, four times the price.

因此，我的朋友們知道這種方法或價格具有許多特點，類似的產品的價格是其兩倍、三倍、四倍。

So I'm hearing a lot of enthusiasm.

我聽到了很多熱情的聲音。

(inaudible) pricing.

（聽不清楚）定價。

And then my second question is on the -- on your connected cabin display, which was really, I thought, incredible at the CES.

我的第二個問題是關於你們的連網客艙顯示屏，我認為這在 CES 上真的令人難以置信。

What feedback did you get or are you getting on that?

您收到過什麼回饋或正在得到什麼回饋？

.

。

I think we've got really good feedback on the unified cabin.

我認為我們對統一艙的回饋非常好。

It is, of course, a futuristic investment on our part so that we can demonstrate to automakers our capability, both in terms of innovative product design as well as shaping the future of the automotive industry.

當然，這是我們的一項未來投資，以便我們能夠向汽車製造商展示我們的能力，無論是在創新產品設計方面，還是在塑造汽車行業的未來方面。

So we see a lot of follow-up interest in that, and it may not necessarily result in a car that you see with something called the Unified cabin.

因此，我們看到很多人對此有後續興趣，但它不一定會產生一款像你所看到的帶有統一駕駛室的汽車。

But the technologies we're demonstrating and the underlying core electronics and systems that we're designing for it will definitely become part of future cars.

但我們展示的技術以及為其設計的底層核心電子設備和系統肯定會成為未來汽車的一部分。

I thought it was pretty cool.

我認為這太酷了。

I would like a car with all that.

我想要一輛具備這些功能的汽車。

Well, wishing you a big 2025.

好吧，祝你 2025 年一切順利。

Yeah.

是的。

I think we all love to see that demonstrator and we all wish we had a car like that.

我想我們都喜歡看到那個示威者，我們都希望擁有一輛這樣的車。

Noah Zatzkin, KeyBanc Capital Markets.

KeyBanc 資本市場公司的 Noah Zatzkin。

Maybe just a couple for me on the marine industry.

對我來說，可能只有一些關於海洋產業的知識。

Obviously, 2024 was tougher from an industry perspective.

顯然，從產業角度來看，2024 年更加艱難。

I think new boat retail in the US was down close to 10%.

我認為美國新船零售量下降了近 10%。

New boat shipments were down over 20%.

新船出貨量下降了20%以上。

Obviously, you guys grew 6% organically, which implies pretty substantial share gain there.

顯然，你們的有機成長了 6%，這意味著相當可觀的份額成長。

So I guess, first, if you could just remind us how to think about the mix of the business from an OEM versus aftermarket perspective.

所以我想，首先，如果你可以提醒我們如何從 OEM 與售後市場的角度來思考業務組合。

And then if we were to see some stabilization in the industry in '25, I think your guidance is for 4% growth.

如果我們看到 25 年行業有所穩定，我認為您的預期成長率是 4%。

So just any reason to think that might be a bit conservative if the industry were to stabilize.

因此，如果該行業要穩定下來，那麼任何理由都可能有點保守。

Yeah, I think we definitely continue to see share gains across our product line.

是的，我認為我們的產品線的份額肯定會繼續增長。

For us, the mix of products is -- more than half is retail aftermarket, although growing sizable amount is OEM as well.

對我們來說，產品組合是——超過一半是零售售後市場，儘管也有相當大一部分是 OEM。

In terms of the overall market condition right now, I would say that, again, we don't see big downswings.

就目前的整體市場狀況而言，我想說，我們並沒有看到大幅的下滑。

We also don't see big upswings.

我們也沒有看到大的上漲。

I don't think the market is going to snap back to double-digit growth without some other catalysts.

我認為，如果沒有其他催化劑，市場不會恢復兩位數的成長。

But it's still a very solid market and many have been calling for growth for quite a while, and they've mostly been wrong because the market has just taken some time to correct itself after COVID.

但它仍然是一個非常穩固的市場，許多人一直在呼籲成長，但他們大多是錯的，因為市場在 COVID 之後花了一些時間來自我糾正。

But in general, we see stabilization.

但總體而言，我們看到了穩定。

We believe that from here, it's something we can build on.

我們相信，從現在開始，我們可以繼續發展。

And if the market performs better, we would expect, of course, that we would also outperform.

如果市場表現較好，我們當然也期望我們的表現也會更佳。

That concludes our Q&A session.

我們的問答環節到此結束。

I will now turn the conference back over to Teri Seck, Director of Investor Relations, for closing remarks.

現在，我將會議交還給投資人關係總監 Teri Seck，請她致閉幕詞。

Thank you all for joining us today.

感謝大家今天的參與。

Doug and I are available for callbacks.

道格和我可以接回電。

We will be talking to many of you soon.

我們很快將會和你們中的許多人進行交談。

Have a wonderful day.

祝您有美好的一天。

Bye.

再見。