台灣國際航電 (GRMN) 2025 Q1 法說會逐字稿

Ladies and gentlemen, thank you for standing by and welcome to the Garmin Limited first-quarter 2025 earnings conference call. (Operator Instructions)

女士們，先生們，感謝你們的支持，歡迎參加 Garmin Limited 2025 年第一季財報電話會議。（操作員指示）

I will now hand today's call over to Teri Seck, Director of Investor Relations. Please go ahead.

現在，我將今天的電話會議交給投資者關係總監 Teri Seck。請繼續。

Good morning. We would like to welcome you to Garmin Limited's first-quarter 2025 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/doc. An archive of the webcast and related transcripts will also be available on our website.

早安.歡迎您參加 Garmin Limited 2025 年第一季財報電話會議。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/doc 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. Any statements regarding our future financial position, revenues, segment growth rates, earnings, gross margins, operating margins, future dividends or share repurchases, market share, product introductions, foreign currency, tariff impacts, future demand for our products, and plans and objectives are forward-looking statements.

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。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陳述均為前瞻性陳述。

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

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，實際結果可能會存在重大差異。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-Q 表和 10-K 表中。

Presenting on behalf of Garmin Limited this morning are Clif 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 Clif Pemble.

今天早上代表 Garmin Limited 發言的是總裁兼執行長 Clif Pemble；以及財務長兼財務主管 Doug Boessen。現在，我想將電話轉給 Clif Pemble。

Thank you, Teri, and good morning, everyone. As announced earlier today, Garmin delivered outstanding financial results during the first quarter of 2025 in a continuation of the positive business trends we've been experiencing over the longer term.

謝謝你，Teri，大家早安。正如今天早些時候宣布的那樣，Garmin 在 2025 年第一季取得了出色的財務業績，延續了我們長期以來經歷的積極業務趨勢。

Consolidated revenue increased 11% to $1.54 billion, a new first quarter record with three business segments delivering double-digit growth. Gross and operating margins were 57.6% and 21.7%, respectively, resulting in record first-quarter operating income of $333 million up 12% year over year; and pro forma EPS of $1.61 up 13% year over year.

綜合營收成長 11% 至 15.4 億美元，創下第一季新高，三個業務部門均實現兩位數成長。毛利率和營業利益率分別為57.6%和21.7%，第一季營業收入創歷史新高，達3.33億美元，年增12%；預計每股收益為 1.61 美元，年增 13%。

We're off to a great start, and we are very pleased with these results. While it is not our normal practice, we are updating our full-year 2025 guidance to reflect first-quarter results and our current assessment of markets and the global trade environment. Doug will discuss our financial results and updated guidance in greater detail in a few minutes, but first, I'll provide remarks on tariffs followed by an update for each business segment.

我們已經有了一個好的開端，我們對這些結果非常滿意。雖然這不是我們的慣例，但我們正在更新 2025 年全年指引，以反映第一季的業績以及我們對當前市場和全球貿易環境的評估。道格將在幾分鐘內更詳細地討論我們的財務表現和最新指引，但首先，我將對關稅發表評論，然後介紹每個業務部門的最新情況。

The global trade environment is very dynamic due to recent changes in US trade policy, which is affecting every business, especially those with extensive global supply chains. It appears that higher tariffs and more complex trade structures will be a normal part of business going forward. While the situation remains fluid, we have established assumptions about tariff structures that are most likely to impact Garmin and have reassessed our 2025 guidance using these assumptions.

由於美國貿易政策的近期變化，全球貿易環境非常活躍，這影響到每個企業，特別是那些擁有廣泛全球供應鏈的企業。看來，更高的關稅和更複雜的貿易結構將成為未來商業發展的正常組成部分。儘管情況仍不穩定，但我們已經對最有可能影響 Garmin 的關稅結構做出了假設，並根據這些假設重新評估了我們的 2025 年指引。

It's important to note that approximately 25% of our revenue is generated in the US market from products manufactured outside of the US, primarily in Taiwan. Our assumptions include a 10% baseline tariff on all products manufactured outside of the US, including those manufactured in Taiwan. Many of our products are temporarily exempt from tariffs, but we have not assumed any benefit from these temporary exemptions, reflecting conservatism in our assumptions. We will benefit from these exemptions as long as they remain in place.

值得注意的是，我們約 25% 的營收來自美國市場，產品生產地在美國境外，主要是台灣。我們的假設包括對美國以外生產的所有產品（包括台灣生產的產品）徵收 10% 的基準關稅。我們的許多產品暫時免關稅，但我們並未假設從這些臨時豁免中獲得任何好處，這反映出我們假設的保守性。只要這些豁免仍然有效，我們就會受益。

We are also assuming an incremental 145% tariff on products and materials imported into the US directly from China. While we do not source a significant amount of material directly from China for US production, the reciprocal tariff amplifies the impact.

我們也假設對直接從中國進口到美國的產品和材料徵收145%的增量關稅。雖然我們沒有直接從中國採購大量材料用於美國生產，但互惠關稅放大了其影響。

The current trade environment has weakened the US dollar relative to other currencies, which benefits our revenue and margin. Approximately 40% of our revenue is generated in non-US dollar currencies, and we expect the benefit to partially offset the direct impact of tariffs.

目前的貿易環境使得美元相對於其他貨幣走弱，這有利於我們的收入和利潤。我們約 40% 的收入來自非美元貨幣，我們預期這項收益將部分抵銷關稅的直接影響。

We are pursuing mitigations, some of which have already been established, while others will take more time. We are not ruling anything out, and we intend to be strategic and selective with these actions.

我們正在尋求緩解措施，其中一些已經實施，而其他措施則需要更多時間。我們不會排除任何可能性，我們打算採取有策略、選擇性的行動。

Given the current trade environment and potential impact on consumers, our guidance assumes a modest reduction of demand moving forward. Using these assumptions, we estimate the gross impact from tariffs on our 2025 results prior to any mitigations will be approximately $100 million of increased cost. However, our 2025 pro forma EPS is unchanged at $7.80 as the expected benefit from foreign exchange and planned mitigations offset the impact of tariffs on earnings.

鑑於當前的貿易環境及其對消費者的潛在影響，我們的指導假設未來需求將適度減少。使用這些假設，我們估計，在任何緩解措施之前，關稅對我們 2025 年業績的總影響將增加約 1 億美元的成本。然而，我們的 2025 年預測每股收益保持不變，為 7.80 美元，因為預期的外匯收益和計劃的緩解措施抵消了關稅對收益的影響。

While the current trade environment has created headwinds and increased uncertainty in the market, we remain optimistic because of our strong product lines and the resilience of our vertically integrated, highly diversified business model.

儘管當前的貿易環境為市場帶來了阻力和不確定性，但由於我們擁有強大的產品線以及垂直整合、高度多樣化的商業模式的彈性，我們仍然保持樂觀。

Turning now to business updates starting with Fitness, revenue increased 12% to $385 million with growth led by strong demand for advanced wearables. According to the latest data provided by IDC, we were the only global smartwatch provider that grew in 2024, deflecting increased market share. Gross and operating margins were 57% and 20% respectively, resulting in operating income of $78 million.

現在來看看健身業務的最新情況，營收成長 12%，達到 3.85 億美元，成長主要得益於對先進穿戴裝置的強勁需求。根據IDC提供的最新數據，我們是唯一一家在2024年實現成長的全球智慧手錶供應商，市佔率有所增加。毛利率和營業利益率分別為 57% 和 20%，營業收入達 7,800 萬美元。

During the quarter, we announced Garmin Connect+, a premium service offering AI-based health and fitness insights, enhanced live tracking, and exclusive achievement badges. We recently announced the vívoactive 6, our newest health and fitness smartwatch with an even brighter AMOLED display, more than 80 preloaded sports apps, and access to Garmin coach training plans. Given the first-quarter performance of the Fitness segment and the expected benefit from foreign currency shifts, we are raising our revenue growth estimate to 15% for the year.

在本季度，我們宣布推出 Garmin Connect+，這是一項高級服務，提供基於人工智慧的健康和健身見解、增強的即時追蹤和獨家成就徽章。我們最近發布了 vÃvoactive 6，這是我們最新的健康和健身智慧手錶，它配備更亮的 AMOLED 顯示器、預裝 80 多個運動應用程序，並可訪問 Garmin 教練訓練計劃。鑑於健身部門第一季的業績以及外匯變動帶來的預期收益，我們將今年的營收成長預期上調至 15%。

Moving to Outdoor, revenue increased 20% to $438 million with growth driven primarily by adventure watches. Gross and operating margins were 64% and 29%, respectively, resulting in operating income of $129 million. During the quarter, we launched several new products across multiple categories including wearables or adventure sports, dive and golf.

戶外用品業務方面，營收成長 20%，達到 4.38 億美元，成長主要得益於探險手錶。毛利率和營業利益率分別為 64% 和 29%，營業收入達 1.29 億美元。本季度，我們推出了多個類別的新產品，包括穿戴式裝置或冒險運動、潛水和高爾夫。

One noteworthy launch is the new Instinct 3 adventure watch series, which now includes versions with a bright AMOLED display. We also released our annual 2024 inReach SOS Report, highlighting the importance of Garmin response, which coordinates emergency response services in more than 200 countries and territories and supports rescue efforts in more than 210 languages.

值得關注的新品是新款 Instinct 3 探險手錶系列，該系列現已推出配備明亮 AMOLED 顯示器的版本。我們還發布了 2024 年度 inReach SOS 報告，強調了 Garmin 響應的重要性，該響應協調 200 多個國家和地區的緊急響應服務，並以 210 多種語言支援救援工作。

The emergency response coordination center is an important part of what differentiates our inReach SOS service from others. We are pleased with the strong performance of the outdoor segments so far this year. Looking forward, we expect growth to moderate as we reach the anniversary of the highly successful fenix 8 launch and considering the possibility that economic uncertainty could reduce demand for certain products. With these things in mind, we are maintaining our revenue growth estimate of 10% for the year.

緊急應變協調中心是我們的 inReach SOS 服務有別於其他服務的重要部分。我們對今年迄今為止戶外業務的強勁表現感到非常滿意。展望未來，我們預計隨著 fenix 8 發布週年紀念日的到來以及經濟不確定性可能減少某些產品的需求，成長將會放緩。考慮到這些因素，我們維持今年 10% 的營收成長預期。

Looking next at Aviation, revenue increased to 3% in the first quarter to $223 million driven by growth in OEM product categories. Gross and operating margins were 75% and 22% respectively, resulting in operating income of $48 million.

接下來看看航空業務，受 OEM 產品類別成長的推動，第一季營收成長 3%，達到 2.23 億美元。毛利率和營業利益率分別為 75% 和 22%，營業收入達 4,800 萬美元。

During the quarter, Pilatus Aircraft announced the new PC-12 PRO featuring our G3000 PRIME flight deck, which -- with deliveries expected to begin later this year. Pilatus also selected the G3000 PRIME for the PC-7 MKX military training aircraft, demonstrating versatility to serve both civilian and military applications.

本季度，皮拉圖斯飛機公司宣布推出配備我們 G3000 PRIME 駕駛艙的新型 PC-12 PRO，預計今年稍後開始交付。皮拉圖斯也為 PC-7 MKX 軍用訓練飛機選擇了 G3000 PRIME，展示了其在民用和軍用應用方面的多功能性。

The G3000 PRIME flight deck is truly extraordinary and significantly raises the bar for modern cockpit system technology. We were also named Supplier of the Year by Cirrus Aircraft, reflecting our commitment to create the best products and provide outstanding service to our customers. Given the first-quarter performance of the Aviation segment, we are maintaining our 5% revenue growth estimate for 2025.

G3000 PRIME 駕駛艙確實非同凡響，大大提高了現代駕駛艙系統技術的標準。我們也被西銳飛機公司評為年度供應商，這反映了我們致力於創造最好的產品並為客戶提供卓越的服務。鑑於航空部門第一季的表現，我們維持 2025 年 5% 的營收成長預測。

Turning to the Marine segment, revenue decreased 2% to $319 million primarily due to the timing of promotions. Gross and operating margins improved to 58% and 27%, respectively, resulting in operating income of $87 million.

談到海洋部門，收入下降 2% 至 3.19 億美元，主要原因是促銷時機不佳。毛利率和營業利潤率分別提高至 58% 和 27%，營業收入達 8,700 萬美元。

During the quarter, we launched the Force Pro trolling motor with multi-band GPS for improved control, reverse thrust capability, and a built-in sonar transducer. Also, during the quarter, we were named 2025 Supplier of the Year for the second consecutive year by Independent Boat Builders Incorporated for providing outstanding service, support, and dedication to its owner network. Given the first-quarter performance of the marine segment and continued softness in the overall market, we now expect 2025 revenue will be flat versus the prior year.

在本季度，我們推出了配備多波段 GPS 的 Force Pro 拖釣馬達，以改善控制、反向推力能力和內建聲納換能器。此外，在本季度，我們連續第二年被獨立船舶建造商協會評為 2025 年度供應商，以表彰其為船東網路提供的卓越服務、支持和奉獻精神。鑑於海洋領域第一季的表現以及整體市場的持續疲軟，我們現在預計 2025 年的營收將與前一年持平。

And moving finally to the Auto OEM segment, revenue increased 31% to $169 million with growth primarily driven by increased shipments of domain controllers to BMW. Gross margin was 18% and the operating loss narrowed to $9 million.

最後談到汽車 OEM 部門，營收成長 31% 至 1.69 億美元，成長主要得益於對寶馬的網域控制器出貨量的增加。毛利率為18%，營業虧損收窄至900萬美元。

During the quarter, Honda Motor Company announced the 50th anniversary model of the iconic Gold Wing motorcycle featuring a complete infotainment solution from Garmin. Given the first-quarter performance of the Auto OEM segment, we are now maintaining our 7% revenue growth estimate for 2025.

本季度，本田汽車公司宣布推出標誌性金翼摩托車 50 週年紀念款，該車型配備了 Garmin 的完整資訊娛樂解決方案。鑑於汽車 OEM 部門第一季的表現，我們目前維持 2025 年 7% 的營收成長預測。

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 將向您介紹我們的財務業績的更多詳細資訊。道格？

Thanks, Clif. Good morning, everyone. I begin by reviewing our first-quarter financial results by comments on the balance sheet, cash flow statement, taxes, and updated guidance. We posted a revenue of $1,535 million for the first quarter, representing 11% increase year over year. Gross margin was 57.6%, 50-basis-point decrease in the prior quarter. Decrease was primarily due to segment mix.

謝謝，克里夫。大家早安。我首先透過對資產負債表、現金流量表、稅務和更新指南的評論來回顧我們的第一季財務表現。我們第一季的營收為 15.35 億美元，年增 11%。毛利率為57.6%，較上一季下降50個基點。下降主要是由於分部組合所致。

Operating expense percent of sales was 35.9%, 50-basis-point decrease. Operating income of $333 million and 12% increase. Operating margin is 21.7% comparable to prior quarter. Our GAAP EPS is $1.72, pro forma EPS is $1.61.

營業費用佔銷售額的百分比為35.9%，下降了50個基點。營業收入3.33億美元，成長12%。營業利益率為 21.7%，與上一季持平。我們的 GAAP EPS 為 1.72 美元，預測 EPS 為 1.61 美元。

Next, we look at our first-quarter revenue by segment and geography. In the first quarter, we achieved double-digit growth in three of five segments led by the Auto OEM segment 31% growth, followed by the Outdoor segment 20% growth, the Fitness segment with 12% growth. By geography, we achieved growth in all three regions, led by 23% growth in the EMEA, followed by 9% growth in APAC, 4% growth in Americas.

接下來，我們按部門和地區查看第一季的收入。第一季度，我們在五個細分市場中的三個實現了兩位數成長，其中汽車 OEM 細分市場成長 31%，其次是戶外細分市場成長 20%，健身細分市場成長 12%。從地理來看，我們在所有三個地區都實現了成長，其中歐洲、中東和非洲地區成長最快，達到 23%，其次是亞太地區成長 9%，美洲成長 4%。

Looking next on operating expenses. First-quarter operating expense increased by $48 million or 10%. Research and development increased approximately $26 million, SG&A increased approximately $22 million for the prior-year quarter. Both increases are primarily related to personnel-related expenses.

接下來看看營運費用。第一季營運費用增加了 4,800 萬美元，即 10%。與去年同期相比，研發費用增加了約 2,600 萬美元，銷售、一般及行政費用增加了約 2,200 萬美元。兩次增長主要與人員相關費用有關。

A few highlights on the balance sheet, cash flow statement, and taxes. We end the quarter with cash marketable securities approximately $3.9 billion. Accounts receivable increase year over year due to strong sales, a decrease sequentially to $787 million on a seasonally strong fourth quarter.

資產負債表、現金流量表和稅收的一些亮點。本季末，我們持有的現金有價證券約為 39 億美元。由於銷售強勁，應收帳款年增，但由於第四季季節性強勁，應收帳款較上季下降至 7.87 億美元。

Inventory increased year over year sequentially to approximately $1.6 billion. During the first quarter 2025, we generated free cash flow $381 million, $21 million decrease in prior quarter. Capital expenditures for the first quarter 2025 were $40 million, approximately $7 million higher than the prior-year quarter.

庫存較去年同期連續增加至約 16 億美元。2025 年第一季度，我們產生了 3.81 億美元的自由現金流，比上一季減少了 2,100 萬美元。2025 年第一季的資本支出為 4,000 萬美元，比去年同期高出約 700 萬美元。

We still expect full-year 2025 free cash flow to be approximately $1.1 billion, capital expenditures approximately $350 million. In the first quarter of 2025, we paid dividends of approximately $145 million, purchased $27 million company stock.

我們仍預期 2025 年全年自由現金流約為 11 億美元，資本支出約 3.5 億美元。2025年第一季度，我們支付了約1.45億美元的股息，購買了價值2,700萬美元的公司股票。

At quarter end, we had approximately $210 million remaining share purchase program, which authorized through December 2026. Reported effective tax rate of 14.5% compared to 15.6% in prior-year quarter. Decrease in the current quarter is primarily due to increased tax benefits from stock-based compensation.

截至本季末，我們剩餘的股票購買計畫約為 2.1 億美元，授權有效期至 2026 年 12 月。報告有效稅率為 14.5%，去年同期為 15.6%。本季的下降主要是由於股票薪酬稅收優惠的增加。

Turning next to our full-year guidance. We estimate revenue of approximately $6.85 billion compared to our previous guides of $6.8 billion. Increase is primarily due to the expected net favorable foreign currency impacts partially offset by modest weakening of demand.

接下來談談我們的全年指引。我們預計營收約為 68.5 億美元，而我們先前的預測為 68 億美元。成長主要歸因於預期淨有利外匯影響，但被需求的適度減弱部分抵消。

A point of reference, for the foreign currency impact, approximately 40% of our sales denominated in non-US dollar currencies, and the euro, about half of the non-US dollar currencies, resulting in a benefit to revenue when the US dollar weakens relative to other major currencies.

就外匯影響而言，我們的銷售額中約有 40% 是以非美元貨幣計價的，而歐元約佔非美元貨幣的一半，因此當美元相對於其他主要貨幣走弱時，我們的收入就會受益。

We expect gross margin to be approximately 58.5%, which is 20 basis points lower than our previous guidance of 58.7%, to an estimated $100 million of increased costs from tariffs, mostly offset by expected favorable foreign currency impacts and planned mitigations. We expect an operating margin of approximately 24.8% compared to our previous guidance of 25%. Also, we expect a pro forma effective tax rate 16.5% to unchange from our previous expectations. This results in expected pro forma earnings per share of approximately $7.80, which consists of our previous guidance.

我們預計毛利率約為 58.5%，比我們先前預測的 58.7% 低 20 個基點，關稅成本增加估計為 1 億美元，大部分被預期的有利外匯影響和計劃中的緩解措施所抵消。我們預期營業利潤率約為 24.8%，而先前預期為 25%。此外，我們預計預測有效稅率 16.5% 將與我們先前的預期保持不變。這導致預期每股收益約為 7.80 美元，這是我們之前的指導。

This concludes our form remarks. Tamika, can you please open a line for Q&A?

我們的形式評論到此結束。Tamika，您能開闢一條問答專線嗎？

(Operator Instructions) Joseph Cardoso, JPMorgan.

（操作員指示）摩根大通的約瑟夫·卡多佐。

Hey, good morning. Thank you for the details and the question here. Maybe for my first one, in the prepared remarks you talked about a modest demand reduction assumed in the outlook. But if we take a step back, just curious as we look across the first-quarter trends across your segments and perhaps even the second-quarter trends today, are you observing any indications of potential demand pulling at your customers as they possibly attempt to build inventory to de-risk kind of this volatile tariff situation? And then I have a follow-up.

嘿，早安。感謝您提供的詳細資訊和提出的問題。也許對於我的第一個問題，在準備好的發言中您談到了展望中假設的需求適度減少。但如果我們退一步來看，只是好奇，當我們回顧一下你們各部門第一季的趨勢，甚至是第二季度的趨勢時，你是否觀察到任何跡象表明潛在的需求正在吸引你的客戶，因為他們可能試圖建立庫存以降低這種不穩定的關稅形勢帶來的風險？然後我有一個後續問題。

Yeah, I think -- good morning, Joseph. I think at this point, we have not seen any indications of weakness. We already mentioned that the Marine market has been somewhat soft and that's been fairly consistent. I think if anything, with the real-time pulse on our registrations, the demand for our products and the registrations, which really means sell-through, has been very strong. There's no indication that retailers are stocking or overstocking of products, and there's a natural limitation there because they have limited capital they can deploy on inventory and also credit limits are in place as well.

是的，我想──早上好，約瑟夫。我認為目前我們還沒有看到任何疲軟跡象。我們已經提到，海洋市場一直有些疲軟，而且這種情況相當一致。我認為，如果有的話，透過即時了解我們的註冊情況，對我們的產品和註冊的需求（實際上意味著銷售量）一直非常強勁。沒有跡象表明零售商正在囤積或過度囤積產品，這自然存在限制，因為他們在庫存上可部署的資金有限，而且也有信用額度。

So in general, I don't see that the channel or the consumers are out of balance because of the trade concerns.

所以總的來說，我不認為通路或消費者會因為貿易問題而失去平衡。

No, got it. That's great to hear. And then maybe switching away from tariffs, it was great to see the release of Connect+. But I guess, Clif, why now? In past discussions, at least anecdotally, there appeared to be some reservations about finding the right value to essentially end up charging your customers. So I guess what capabilities or what developments prompted you to kind of launch this at this time?

不，明白了。聽到這個消息真是太好了。然後也許可以擺脫關稅，很高興看到 Connect+ 的發布。但我想，克里夫，為什麼是現在？在過去的討論中，至少從傳聞來看，人們似乎對找到正確的價值以最終向客戶收費存在一些保留。那麼我猜是什麼能力或什麼發展促使您在此時推出這個產品？

And then obviously early days, but curious if you can provide any initial indications around customer reception interaction with Connect+ that might be indicative of increasing appetite to use the app, et cetera. Just curious if there's anything you can share on that front as well.

顯然還處於早期階段，但我很好奇您是否可以提供關於客戶接待與 Connect+ 互動的任何初步跡象，這可能表明人們對使用該應用程式的興趣日益增加，等等。我只是好奇您是否也可以分享一些這方面的資訊。

I think we've been saying for a while that we are evaluating opportunities to have a premium offering on Garmin Connect. And I think the developments of AI and particularly around AI-based insights for our users was one of those things that we felt was important to recognize the value for the investment that it takes to do. And so we felt like it was the right time and we do have a very strong user base.

我想我們已經說過一段時間了，我們正在評估在 Garmin Connect 上提供優質產品的機會。我認為人工智慧的發展，特別是圍繞基於人工智慧的用戶洞察的發展，是我們認為需要認識到所需投資價值的重要事項之一。因此我們覺得現在是正確的時機，而且我們確實擁有非常強大的用戶群。

Connect+ is certainly doesn't -- isn't required for users, and we're not taking any features away from people that they've had. And we still have a strong commitment to develop Garmin Connect and our devices with broad features that are available to everyone. The certain ones, we will likely reserve for premium offerings. And so far, the response has been positive. We're not measuring success in terms of the short term. This is a long-term thing for us, a very important part of our Fitness segment going forward. So we're going to build on where we started.

Connect+ 對使用者來說當然不是必需的，而且我們也不會剝奪使用者已經擁有的任何功能。我們仍然堅定地致力於開發 Garmin Connect 和我們的設備，使其具有可供所有人使用的廣泛功能。對於某些特定的產品，我們可能會保留作為高級產品。到目前為止，反應都是正面的。我們不會以短期來衡量成功。這對我們來說是一個長期目標，也是我們健身部門未來發展的一個非常重要的部分。因此，我們將在原有的基礎上繼續努力。

Fair and appreciate the color. Thanks, guys.

公平且欣賞色彩。謝謝大家。

Thank you.

謝謝。

Erik Woodring, Morgan Stanley.

摩根士丹利的艾瑞克‧伍德林。

Great. Thanks so much for taking my questions, guys. Good morning. Clif, just maybe two quick clarification points. Is there any way for the full-year calendar '25 guide that you can kind of disaggregate how much demand relative weakness you are baking in versus how much of a tailwind the US dollar is? Obviously, your total revenue guide went up slightly, but just trying to understand how much demand weakness are you kind of embedding versus how much FX tailwinds are you now embedding. And then a quick follow-up. Thank you.

偉大的。非常感謝你們回答我的問題。早安.克里夫，也許我只想簡單澄清兩點。對於 25 年全年日曆指南，有沒有什麼方法可以分解出您所承受的需求相對疲軟程度與美元順風程度？顯然，您的總收入指南略有上升，但只是想了解您嵌入了多少需求疲軟以及您現在嵌入了多少外匯順風。然後進行快速跟進。謝謝。

Hey, good morning, Erik. We provided quite a bit of color in terms of the FX part, so that's one that's fairly easy for everyone to understand. I think when you get below that, in terms of demand shifts as well as mitigations, it's very hard to disaggregate. And so we're not providing additional color on that.

嘿，早上好，艾瑞克。我們在 FX 部分提供了相當多的色彩，因此每個人都能相當容易理解。我認為，當低於這個水平時，就需求變化和緩解措施而言，很難分解。因此我們不會提供關於此的更多詳細資訊。

But in terms of just our overall feeling on demand, we're -- we don't feel like there's really any shift at all. We're just including the possibility of a modest decrease, so not very much. And for the most part, all of our mitigations plus the FX benefit goes to the bottom line as a net zero impact.

但就我們對需求的整體感覺而言，我們感覺不到任何轉變。我們只是考慮了小幅下降的可能性，所以下降幅度不會太大。在大多數情況下，我們所有的緩解措施加上外匯收益都會以淨零影響的形式進入底線。

That's perfect. Thank you, guys. And that kind of segues into my next question, which is a bit broader and gets at this kind of mitigation point that you're making. Clif, I'd love if you could just share a little bit more color on, if we think short term, what type of mitigation tools are you prioritizing to limit the impact of tariffs? And then bigger picture or longer term, you guys are one of the only consumer electronics companies that has wholly owned facilities that does all of your own manufacturing.

那很完美。謝謝你們。這就引出了我的下一個問題，這個問題更廣泛一些，涉及您提出的這種緩解點。克里夫，如果您能分享更多細節，我將非常高興，如果我們考慮短期，您會優先考慮哪些類型的緩解工具來限制關稅的影響？從更大範圍或更長遠的角度來看，你們是唯一擁有全資工廠並自行進行所有生產的消費性電子公司之一。

Does the current tariff landscape get you to rethink that at all or your geographic footprint? Any changes? I realize it's still early and there's a lot of volatility here, but any influence that this current policy could have on how you are thinking about your supply and assembly exposure? Thanks so much.

目前的關稅狀況​​是否讓您重新考慮這一點或您的地理足跡？有變化嗎？我知道現在還為時過早，而且這裡存在很大的波動，但目前的政策會對您對供應和組裝風險的看法產生什麼影響嗎？非常感謝。

In terms of mitigations, I think everything is on the table, as I mentioned, and we're considering all of them. There's no one size fits all, and we're not taking a broader approach to mitigations across all of our segments and all of our product lines. We're evaluating everything case by case. There are shorter-term things that we can do in terms of sourcing actions and some of these things were actually in progress before any of the current trade situations started to evolve.

就緩解措施而言，我認為所有措施都在考慮範圍內，正如我所提到的，我們正在考慮所有措施。沒有萬能的解決方案，我們也不會對所有部門和所有產品線採取更廣泛的緩解措施。我們正在逐一評估每件事。在採購行動方面，我們可以採取一些短期行動，其中一些行動實際上在當前貿易狀況開始改變之前就已經在進行中了。

And so we'll get the benefit of those actions we were already taken. But in general, we're doing what we can in the short term and then we'll continue to work on the longer-term mitigations to optimize our overall results.

這樣，我們將從已經採取的行動中獲益。但總的來說，我們會在短期內盡力而為，然後繼續致力於長期緩解措施，以優化我們的整體結果。

In terms of our global footprint, actually a global footprint is a benefit right now, not a detriment. As we mentioned, 25% of our revenue is generated in the US from products manufactured outside of the US, so 75% of our products go elsewhere. And so a global footprint is required in order to be able to serve all of the markets. There are some product considerations that we could make in terms of where they're manufactured to optimize our overall supply chains and results. But in general, I would not expect to see a big shift in terms of our overall global footprint and our vertical integration strategy.

就我們的全球足跡而言，實際上全球足跡現在是一種好處，而不是壞處。正如我們所提到的，我們 25% 的收入來自美國境外生產的產品，因此我們 75% 的產品銷往了其他地方。因此，為了能夠服務所有市場，我們需要建立全球影響力。我們可以對產品的生產地點進行一些考慮，以優化我們的整體供應鏈和結果。但總的來說，我預計我們的整體全球佈局和垂直整合策略不會發生重大轉變。

Okay. That’s super clear. Thank you for all that color, Clif. Good luck, guys.

好的。這非常清楚。謝謝你帶來的所有色彩，克里夫。祝你們好運，夥計們。

Thank you.

謝謝。

David MacGregor, Longbow Research.

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

Hi, good morning. This is Joe Nolan on for David. I just had a quick question on the shape of the year a little bit. Just in 2Q, I was wondering if there's going to be any sort of lag for mitigation actions, if those maybe will have some impact on margins as they take time to work their way into the system and just how that progresses through the remainder of the year, the timing of the mitigation action.

嗨，早安。喬諾蘭 (Joe Nolan) 代替大衛上場。我只是想問一下今年關於情況的一些問題。就在第二季度，我想知道緩解行動是否會出現任何滯後，這些行動是否會對利潤率產生一定影響，因為它們需要時間才能進入系統，以及在今年剩餘時間內如何進展，緩解行動的時間安排。

Yeah. So as it relates to the mitigation, we'll actually -- as Clif mentioned, we'll put those in place when we think it's appropriate with those. But a few things that we have to think about as Q2 is -- one of which is timing of when the tariffs are in place. Also have to consider inventory that we do have on hand, so we do have inventory on hand that doesn't have the tariffs will be the timing in there also.

是的。因此，就緩解措施而言，我們實際上 — — 正如克利夫所提到的那樣，我們會在認為合適的時候實施這些措施。但第二季我們必須考慮一些事情——其中之一就是關稅的實施時間。還必須考慮我們手頭上確實有的庫存，所以我們手頭上確實有庫存，但沒有關稅，時間也會在那裡。

So what I'm saying is there's a lot of puts and takes that really take place in that Q2 from that standpoint. We're doing everything we can to put things in place as soon as we can, to mitigate it as soon as we can. But there's a lot of different moving parts in there between inventory, the mitigation efforts that are taking place in there too as well as when the tariffs are in place in there too.

所以我想說的是，從這個角度來看，第二季確實發生了很多事情。我們正在盡一切努力盡快解決問題，盡快減輕影響。但其中涉及許多不同的活動部件，包括庫存、正在進行的緩解措施以及關稅的實施時間。

Got it. Okay. And then just another quick one, in Marine, you mentioned the timing of promotions. If you could just provide any detail on that, and if that's expected to be a headwind into the second quarter as well.

知道了。好的。然後還有一個簡短的問題，在《Marine》中，您提到了促銷的時間。如果您能提供任何有關這方面的詳細信息，並且預計這是否也會對第二季度產生不利影響。

I think in 2024, we had a major promotion with a national retailer where inventory was bought in, in the first quarter for those promotions. And that promotion will occur this year. It did occur in the second quarter and inventory was purchased slightly later. So it's really a shift in terms of a single promotional event, and we would expect some of those dynamics to ripple into the second quarter when it comes to our overall performance.

我認為在 2024 年，我們與一家全國性零售商進行了一次大型促銷活動，並在第一季購買了庫存用於這些促銷活動。此次晉升將於今年進行。它確實發生在第二季度，庫存購買時間稍晚。因此，就單一促銷活動而言，這實際上是一種轉變，我們預計其中一些動態將對我們的整體業績產生影響，並延續到第二季​​。

Got it. Okay, that's helpful. Thanks, I'll pass it on.

知道了。好的，這很有幫助。謝謝，我會傳達的。

George Wang, Barclays.

巴克萊銀行的喬治王 (George Wang)。

Well, hey guys. Thanks for taking my question. Just kind of take a step back, kind of a high level philosophically, how to think about consumer demand backdrop in the second half, kind of put and takes with the fluidity of the situation given ever-changing tariff policy.

好吧，嘿夥計們。感謝您回答我的問題。退一步來說，從哲學的高層次上，如何看待下半年的消費需求背景，如何因應不斷變化的關稅政策所帶來的情勢變化。

I'm just curious, like, given diverse portfolio and so a more primary approach for the [Garmin], especially on the wearables and finish side, whether it's a bit more shielded and the kind of -- you noted -- I mean, you took down the demand as a precaution measure. Just curious how to frame the kind of upside versus downside the risk for the consumer demand as we are heading into the second half. I mean, people talk about -- Clif, for the second half, that's probably more of a consensus, but we really haven't seen any real data points. Just curious if you have any other color to add.

我只是很好奇，鑑於多樣化的產品組合以及 [Garmin] 更主要的方法，特別是在可穿戴設備和成品方面，它是否更有保護性，以及那種 - 你提到的 - 我的意思是，你作為預防措施降低了需求。我只是好奇，在進入下半年之際，如何界定消費者需求的上行風險與下行風險。我的意思是，人們談論——克里夫，對於下半場，這可能更像是一種共識，但我們真的沒有看到任何真正的數據點。只是好奇您是否還有其他顏色可以添加。

Yeah, thank you for the question. I think no one has a crystal ball into what the consumer will do. As I mentioned earlier, so far, the indications are no change in terms of behaviors. Our demand for our products is still very strong, but we're including the possibility that it could weaken some. I think people would probably say we're ignoring the risk if we didn't do that. So consequently, we've included some conservatism around that.

是的，謝謝你的提問。我認為沒有人能夠預知消費者會做什麼。正如我之前提到的，到目前為止，跡象表明行為方面沒有改變。我們對產品的需求仍然非常強勁，但我們也考慮到可能會減弱。我想，如果我們不這麼做，人們可能會說我們忽略了風險。因此，我們對此採取了一些保守態度。

But I think in terms of your point about the diversity of our company and our product lines, I think we offer unique products. And when people want to have a product like what we offer, we believe that they probably will step up and buy it. And so consequently, we're not factoring in significant changes in terms of overall demand, just a little bit of incremental softness.

但我認為，就您提到的我們公司和產品線的多樣性而言，我認為我們提供的是獨特的產品。當人們想要我們提供的產品時，我們相信他們可能會購買它。因此，我們沒有考慮到整體需求方面的重大變化，只考慮了一點點的增量疲軟。

Okay, great. And just to kind of segue quickly just in terms of [mitigation] measures, I understand that you guys are not specifically telegraphing the specific measures, but I think the small price to raise could be on the [market] just as a consensus.

好的，太好了。就[緩解]措施而言，為了快速過渡，我理解你們並沒有具體透露具體措施，但我認為小幅提高價格可以作為[市場]的共識。

Just curious, like how you think about the pricing power for Garmin products, given pretty strong following. I feel like that could be one of the easiest ways just by kind of low single digit to 5% price rate. So do you think that's something kind of in the ballpark? And if you have higher pricing, do you think kind of $100 million gross impact from tariff could be understated, just all else being equal? Just curious, like whether you can potentially walk up the guidance for the balance of '25, if you kind of have [to do] pricing, so they follow through and some other cost cuts, et cetera.

只是好奇，鑑於追隨者眾多，您如何看待 Garmin 產品的定價權。我覺得這可能是最簡單的方法之一，只需將利率定在低個位數到 5% 之間。那麼您認為這是大致的情況嗎？如果定價更高，您是否認為在其他條件相同的情況下，關稅造成的 1 億美元總影響可能會被低估？只是好奇，例如，如果您有定價方面的工作，您是否有可能提高 25 年餘額的指導價，以便他們能夠跟進並削減其他成本等等。

Yeah, I think that's a very good question. Just one point of clarification that there will always be a gross impact from tariffs because there's always a cost. So the real question is how can you mitigate it, and your specific question is about how we can mitigate through pricing actions.

是的，我認為這是一個非常好的問題。需要澄清的一點是，關稅總是會產生整體影響，因為總是有成本的。所以真正的問題是如何緩解它，而你的具體問題是我們如何透過定價行動來緩解它。

As I mentioned, everything's on the table, so we're evaluating pricing not broadly, but specifically in context of each market and product line. I can't say what we're going to do in specific circumstances, but there are cases where definitely there's room to have different pricing, and there's other cases because there -- it's more competitive and difficult to increase prices.

正如我所提到的，一切都擺在桌面上，所以我們不是廣泛地評估定價，而是具體地根據每個市場和產品線來評估定價。我無法說出在特定情況下我們會做什麼，但在某些情況下肯定存在不同的定價空間，而在其他情況下則是因為競爭更激烈，漲價更加困難。

So we're managing it case by case, and of course, we'll use the opportunities where we can. But otherwise, we're going to make sure that we maintain our market share and optimize our overall profit dollars in this environment.

因此，我們會根據具體情況進行處理，當然，我們也會盡可能利用機會。但除此之外，我們將確保在這種環境下保持我們的市場份額並優化我們的整體利潤。

Great. Just quickly if I can squeeze in, just in some shifting to Auto OEM margin profile, are you guys are sticking to the medium-term model for Auto OEM in terms of the gross margin, the [OEM] margins, or do you think the tariffs and the macro is slightly pushing out the breakeven for the business?

偉大的。如果我可以快速插入的話，只是在轉向汽車 OEM 利潤率概況時，你們是否在毛利率、[OEM] 利潤率方面堅持汽車 OEM 的中期模型，或者您是否認為關稅和宏觀因素會略微推高業務的盈虧平衡點？

I think we're still modeling the high teens, 20% gross margin level for this segment. Tariffs are still a factor for Auto OEM, and there's a lot of noise around how tariffs will be applied. In this market, we're also working very closely with our partners to seek cost recoveries for any additional costs that we have on the tariff side of things. And so in general, we're staying with our model because we believe there's a few more levers there that we can manage.

我認為我們仍在為這個細分市場塑造高十幾到 20% 的毛利率水準。關稅仍然是汽車原始設備製造商需要考慮的因素，而且關於如何實施關稅存在許多爭議。在這個市場中，我們也與我們的合作夥伴密切合作，尋求收回我們在關稅方面產生的任何額外成本。因此，總的來說，我們會堅持我們的模型，因為我們相信我們也可以管理更多槓桿。

Great. Thanks again and congrats again on the strong execution. I'll go back to the queue.

偉大的。再次感謝並再次恭喜您的出色執行。我將回到隊列。

Thank you, George.

謝謝你，喬治。

Ben Bollin, Cleveland Research.

克利夫蘭研究公司的 Ben Bollin。

Good morning, everyone. Thanks for taking the question. Could you talk a little bit about the relative performance across the geographies? The Americas obviously grew, but the detail versus the last quarter, EMEA continues to really outperform. Any thoughts on the dynamics you're seeing across geos that are contributing to the relative performance levels? And then I have a follow-up.

大家早安。感謝您回答這個問題。您能否談談各個地區的相對錶現？美洲地區顯然有所成長，但與上一季相比，歐洲、中東和非洲地區的表現仍然非常出色。您對不同地區影響相對績效水準的動態有何看法？然後我有一個後續問題。

Yeah. The geographies reflect a little bit of where the biggest markets are for some of our segments in the Americas. Marine and Aviation are -- the majority of those markets are in the Americas market area, so the lower performance of growth in those two segments, of course, influence the Americas region.

是的。這些地理位置稍微反映了我們在美洲某些部門的最大市場在哪裡。海運和航空市場大多位於美洲市場，因此這兩個領域的成長表現較低當然會影響美洲地區。

In the EMEA, we're very strong, especially on the wearables side of things and a lot of growth there in terms of our advanced wearable products. So that influenced EMEA as well. And finally, Auto OEM with our European deliveries out of our Poland factory to BMW grew significantly year over year as we put new models into production. And so therefore, that influenced the growth there as well.

在歐洲、中東和非洲地區，我們的實力非常強大，尤其是在穿戴式裝置方面，我們的先進穿戴式產品在那裡取得了巨大的成長。這也影響了 EMEA 地區。最後，隨著我們新車型的投入生產，我們從波蘭工廠向歐洲寶馬交付的汽車原始設備製造商數量比去年同期大幅增長。因此，這也影響了那裡的成長。

Thanks. The other question I had is when you look at the guidance within Fitness, 1Q run rate bit below how you're guiding the year. Can you talk a little bit how you're thinking about new products or just the pace rate that you see that segment developing over the course of the year? That's it for me. Thank you.

謝謝。我的另一個問題是，當您查看健身方面的指導時，第一季的運作率略低於您對全年的指導。您能否稍微談談您對新產品的看法，或者您認為該領域在今年的發展速度如何？對我來說就是這樣。謝謝。

We expect Fitness will have a bigger benefit from foreign exchange because of the weighting of the revenues outside of the US dollar, so that's one factor. And then the other thing I would say is that we're still working towards new product releases this year that will influence our revenue going forward. And so we're anticipating a benefit from new product releases that are coming.

我們預計健身將從外匯中獲得更大的收益，因為美元以外的收入佔比很大，所以這是一個因素。我想說的另一件事是，我們仍在努力在今年發布新產品，這將影響我們未來的收入。因此，我們期待即將發布的新產品能帶來好處。

Thank you.

謝謝。

Thank you.

謝謝。

Ivan Feinseth, Tigress Financial Partners.

伊凡·費因塞斯（Ivan Feinseth），Tigress Financial Partners 成員。

All right. Thank you for taking my question and congratulations on the great results in this difficult economic and global trade environment. Since you keep introducing more and more subscription-based products and you have a lot of them now, not only like the Aviation and Marine maps, but the inReach and now Connect+, at what point do you think you would start to report subscription and software revenue as a separate line item?

好的。感謝您回答我的問題，並祝賀我們在當前困難的經濟和全球貿易環境下取得的優異成績。由於您不斷推出越來越多的基於訂閱的產品，而且現在您擁有很多這樣的產品，不僅有航空和航海地圖，還有 inReach 和現在的 Connect+，您認為什麼時候會開始將訂閱和軟體收入作為單獨的項目進行報告？

Well, as you know, we would have to report those as soon as they reach 10% of our consolidated revenues. So when that happens, we'll definitely let you know.

嗯，如你所知，一旦這些支出達到我們合併收入的 10%，我們就必須報告。所以當這種情況發生時，我們一定會通知您。

Okay. Also, congratulations on the Gold Wing infotainment adoption. Does that -- or is there the opportunity to include like the zumo radar on -- as an OEM addition to motorcycles, and do you see any opportunity to start to go into more like advanced rider safety systems?

好的。此外，恭喜 Gold Wing 資訊娛樂系統的採用。這是否 - 或者是否有機會將像 zumo 雷達這樣的功能作為摩托車的 OEM 附加裝置，您是否看到任何機會開始進入更像先進的騎手安全系統？

Well, the zumo radar is fairly new, so it's just getting out there to the market. And what's really interesting about the zumo radar is it's another example of a product category that we invented and brought to the market. And so it's early days, but I would expect that motorcycle OEMs as well as aftermarket users are going to embrace that product line and it will be part of the market going forward.

嗯，zumo 雷達相當新，所以它剛剛進入市場。zumo 雷達真正有趣的地方在於它是我們發明並推向市場的產品類別的另一個例子。雖然現在還為時過早，但我預計摩托車原始設備製造商以及售後市場用戶將會接受該產品線，並且它將成為未來市場的一部分。

Now on your forward guidance, which I think was pretty impressive in light of what's going on, is a major portion of that going to be driven by new product introductions or can you give us some color on that?

現在談談您的前瞻性指引，我認為從目前的情況來看，這相當令人印象深刻，其中很大一部分是否會受到新產品推出的推動，或者您能否給我們一些說明？

Yeah. I can't provide a detail on what that is, but it's all factored into our overall outlook. We have a cadence of roughly 100 new product releases every year, and 2025 certainly has a lot of new products that are coming as well as new product categories. And so we're factoring all of that into our outlook.

是的。我無法提供詳細信息，但這一切都已計入我們的整體前景。我們每年大約會發布 100 款新產品，2025 年肯定會推出許多新產品以及新的產品類別。因此，我們將所有這些都考慮在我們的展望中。

All right, thanks. Congratulations on the great execution again.

好的，謝謝。再次恭喜您取得如此出色的成績。

Thanks, Ivan.

謝謝，伊凡。

Ron Epstein, Bank of America.

美國銀行的羅恩愛潑斯坦。

Hey. Yeah, good morning, guys. How are you thinking about just getting shipments of product? I mean, my understanding there's freight that's waiting outside of ports. I mean, how are you factoring that in?

嘿。是的，大家早安。您如何看待僅接收產品出貨的情況？我的意思是，據我了解，有些貨物正在港口外等候。我的意思是，您如何考慮這一點？

Well, I'm not sure exactly what the nature of your question is. We have been following a normal cadence of manufacturing and shipping. And so our shipping consists of a combination of both air and sea freight, and things have been business as usual along those lines.

嗯，我不太確定你的問題的具體性質。我們一直遵循正常的製造和運輸節奏。因此，我們的運輸方式包括空運和海運，一切業務都照常進行。

Good. That's good to know. And then can you give any more color on the various tools that you're trying to use to mitigate tariffs?

好的。知道這一點很好。那麼，您能否詳細介紹一下您試圖使用的各種降低關稅的工具？

Yeah. As I mentioned, everything is on the table. So we're looking at a broad range of things from the detailed sourcing level of supply chains to where specific products might be manufactured, to pricing, to overall cost structures within the company. So everything is on the table. We're not ruling anything out. We're just simply not providing details on that right now because some of the items, depending on the market, is more competitively sensitive.

是的。正如我所提到的，一切都擺在桌面上。因此，我們正在研究廣泛的領域，從供應鏈的詳細採購層面到特定產品的生產地點、定價以及公司內部的整體成本結構。所以一切都擺在桌面上。我們不排除任何可能性。我們現在只是不提供這方面的詳細信息，因為有些項目根據市場情況，對競爭更為敏感。

Yeah, that makes sense. And then on the Aviation side, do you expect any impact there on tariffs -- I mean, in terms of maybe some of the electronics that you use?

是的，這很有道理。那麼在航空方面，您預計關稅會受到什麼影響嗎？我的意思是，可能對您使用的某些電子產品產生影響？

Well, there's some impact because there's always materials that are coming from outside of the US and so we factor that into our overall outlook for Aviation, but the impact is more limited in aviation. And as you know, we do most of our manufacturing of aviation products here in the United States in two different factories in Oregon and Kansas.

嗯，會有一些影響，因為總是有來自美國以外的材料，所以我們將其納入航空業的整體展望中，但對航空業的影響比較有限。如您所知，我們的大部分航空產品製造都在美國俄勒岡州和堪薩斯州的兩家不同的工廠進行。

Yeah, that's great. All right, cool. Thank you very much.

是的，太棒了。好的，很酷。非常感謝。

Thank you, Ron.

謝謝你，羅恩。

(Operator Instructions) Noah Zatzkin, KeyBanc Capital Markets.

（操作員指示）Noah Zatzkin，KeyBanc 資本市場。

Hi, thanks for taking my questions. Maybe first, just on the adjustment to the Marine revenue growth outlook, is that a reflection of kind of a differing view on kind of the end market versus prior or what's kind of embedded there? Thanks.

你好，謝謝你回答我的問題。或許首先，僅就海洋收入成長前景的調整而言，這是否反映了對終端市場與先前不同的看法，或其中蘊含著什麼？謝謝。

Yeah, again, this is more of just an empirical view of what could happen to the market and just kind of listening to what customers are saying without any real data points yet, obviously because it's very early days. Early boat show indications were very strong.

是的，再說一次，這更多的只是對市場可能發生的情況的一種經驗性看法，只是在聽取客戶的意見，而目前還沒有任何真正的數據點，顯然是因為現在還處於早期階段。早期的船展跡象非常強勁。

I do think that the shock factor around the tariffs and the changes that happen so quickly could put some of those customers who were looking at high-end boats and also equipment on pause as they, quote, unquote, see what happens. We hear that a lot. But in general, we expect that the bell curve of our market where these products are sold will continue to function, although we're factoring in just a slight amount of softness for this transition time.

我確實認為，關稅帶來的衝擊因素以及如此迅速發生的變化可能會讓一些正在考慮高端船舶和設備的客戶停下來看看會發生什麼。我們常聽到這樣的話。但總體而言，我們預計這些產品銷售市場的鐘形曲線將繼續發揮作用，儘管我們考慮到這段過渡時期會出現輕微的疲軟。

Makes sense. And maybe just one more and apologies if you've already touched on this, but on the Auto OEM side, how should we think about kind of the like the 31% growth in the quarter versus kind of the 7% unchanged thoughts for the year? Is it like just kind of contract cadence items or just any thoughts there? Thanks.

有道理。也許還有一點，如果您已經談到這一點，請原諒，但在汽車原始設備製造商方面，我們應該如何看待本季 31% 的成長率與全年 7% 的不變率？它就像是一種合約節奏專案還是只是任何想法？謝謝。

Yeah, the high growth rate in Q1 is really a result of still getting the benefit of the additional models that were brought online last year, so we'll soon anniversary all of that and the growth will moderate going forward as it's really a static situation with the number of models and the production rates coming out of BMW.

是的，第一季的高成長率實際上是仍然受益於去年上線的新增車型的結果，因此我們很快就會迎來所有這些車型的周年紀念，並且未來的增長將會放緩，因為就車型數量和寶馬的生產率而言，這實際上是一種靜態的情況。

The other factor is, of course, as you know, carmakers are softening their views as they deal with the impact of tariffs on their customers. And so our outlook reflects their input as well in terms of the number of cars they will make.

當然，另一個因素是，如你所知，汽車製造商在應對關稅對客戶的影響時正在軟化他們的觀點。因此，我們的展望也反映了他們在汽車產量上的投入。

Very helpful. Thank you.

非常有幫助。謝謝。

Thank you.

謝謝。

At this time, there are no further questions. I will now hand today's call back over to Teri Seck for any closing remarks.

目前，沒有其他問題。現在，我將今天的電話會議交還給 Teri Seck，請她做最後發言。

Thank you all for joining us today. As typical, Doug and I are available for callbacks, and we hope you have a great day. Bye.

感謝大家今天的參與。像往常一樣，Doug 和我都可以接聽回電，我們希望您度過愉快的一天。再見。

This concludes today's call.

今天的電話會議到此結束。