台灣國際航電 (GRMN) 2025 Q3 法說會逐字稿

Hello, and thank you for standing by. My name is Bella, and I will be your conference operator today. At this time, I would like to welcome everyone to Garmin Ltd. third-quarter 2025 earnings call. (Operator Instructions) I would now like to turn the conference over to Teri Seck, Director of Investor Relations.

您好，感謝您的耐心等待。我叫貝拉，今天我將擔任你們的會議接線生。在此，我謹代表 Garmin Ltd. 歡迎各位參加 2025 年第三季財報電話會議。（操作員指示）現在我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. We would like to welcome you to Garmin Limited's third-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/stock. An archive of the webcast and related transcript will also be available on our website. This earnings call includes projections and other forward-looking statements regarding Garmin Ltd.

早安.歡迎您參加 Garmin Limited 2025 年第三季財報電話會議。請注意，財報新聞稿及相關投影片可於 Garmin 投資者關係網站 www.garmin.com/stock 查閱。網路直播的存檔及相關文字稿也將發佈在我們的網站上。本次財報電話會議包含有關 Garmin Ltd. 的預測和其他前瞻性聲明。

and its business. Any statements regarding our future financial position, revenues, segment growth rates, earnings, gross margins, operating margins, future dividends or share repurchases, market shares, product introductions, foreign currency, tariff impacts, future demand for our products and plans and objectives are forward-looking statements.

及其業務。任何關於我們未來財務狀況、收入、業務部門成長率、收益、毛利率、營業利潤率、未來股息或股票回購、市場份額、產品推出、外匯、關稅影響、未來產品需求以及計劃和目標的聲明均為前瞻性聲明。

The forward-looking events and circumstances discussed in this earnings call may not occur, and actual results could differ materially as a result of risk factors affecting Garmin. Information concerning these risk factors is contained in our Form 10-K and Form 10-Q filed with the Securities and Exchange Commission. Presenting on behalf of Garmin Limited this morning are Cliff Pemble, President and Chief Executive Officer; and Doug Boessen, Chief Financial Officer and Treasurer.

本次財報電話會議中討論的前瞻性事件和情況可能不會發生，並且由於影響 Garmin 的風險因素，實際結果可能會與預期有重大差異。有關這些風險因素的資訊已包含在我們向美國證券交易委員會提交的 10-K 表格和 10-Q 表格中。今天早上代表 Garmin Limited 發言的是總裁兼執行長 Cliff Pemble 和財務長兼財務主管 Doug Boessen。

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

此時，我想把電話交給克利夫·彭布爾。

Thank you, Teri, and good morning, everyone. As announced earlier today, Garmin achieved another quarter of outstanding financial results, reflecting the strength of our unique highly diversified business model. Consolidated revenue increased 12% to nearly $1.8 billion, which is a new third-quarter record, and we experienced strong double-digit revenue growth in three of our business segments. These results are even more remarkable, considering the strong comparison from last year when consolidated revenue increased over 24%. Gross and operating margins were 59.1% and 25.8%, respectively, resulting in record third quarter operating income of $457 million, up 4% year-over-year and pro forma EPS of $1.99.

謝謝你，特里，大家早安。正如今天早些時候宣布的那樣，Garmin 又取得了一個季度出色的財務業績，這反映了我們獨特的、高度多元化的商業模式的優勢。合併收入成長 12% 至近 18 億美元，創下第三季新紀錄，我們在三個業務部門實現了強勁的兩位數營收成長。考慮到去年同期合併收入成長超過 24%，這些結果更加令人矚目。毛利率和營業利率分別為 59.1% 和 25.8%，第三季營業收入創歷史新高，達 4.57 億美元，年增 4%，預計每股收益為 1.99 美元。

We are pleased with our results so far in 2025, and we are on track to achieve full year revenue of $7.1 billion as communicated in July. Given our strong year-to-date performance and outlook for the remainder of the year, we are raising our full year EPS guidance. We now anticipate pro forma EPS of $8.15 a share, reflecting an increase of $0.15 over the prior guidance. In a moment, I will cover changes to the segment revenue model that is the foundation for our consolidated guidance. But it's important to remember that the segment model is simply a point-in-time guideline that evolves based on trends throughout the year.

我們對 2025 年迄今的業績感到滿意，並且預計將實現 7 月公佈的全年 71 億美元的收入目標。鑑於我們今年迄今的強勁業績以及對今年剩餘時間的良好展望，我們上調了全年每股收益預期。我們現在預計調整後每股收益為 8.15 美元，比先前的預期增加了 0.15 美元。稍後，我將介紹我們綜合績效指引基礎－分部收入模式的變動。但要記住的是，細分市場模型只是一個特定時間點的指導原則，它會根據全年的趨勢而不斷演變。

With the majority of 2025 behind us, and the momentum we are experiencing entering the important Q4 holiday season, we anticipate delivering another record year of double-digit growth in revenue, operating income and EPS. Doug will discuss our financial results and outlook in greater detail in a few minutes, but first, I'll provide a few remarks on the performance and outlook for each business segment. Starting with Fitness. Revenue increased 30% to $601 million, with growth led by strong demand for advanced wearables. Our performance can be attributed to the breadth and depth of our wearable product lines, which offer highly differentiated features across many different price points.

2025 年的大部分時間已經過去，而且我們正處於進入重要的第四季度假日季的良好勢頭中，我們預計今年的收入、營業收入和每股收益將再次實現兩位數的增長，創歷史新高。Doug 將在幾分鐘後更詳細地討論我們的財務表現和展望，但首先，我將對每個業務部門的業績和展望做一些說明。從健身開始。營收成長 30% 至 6.01 億美元，成長主要得益於對先進穿戴裝置的強勁需求。我們的出色表現歸功於我們穿戴式產品線的廣度和深度，這些產品線在多個不同價位上提供高度差異化的功能。

Gross and operating margins were 60% and 32%, respectively, resulting in operating income of $194 million. During the quarter, we launched several new products, including the Edge 550 and 850 cycling computers that bring new coaching plans and cycling metrics to the edge lineup, the Bounce 2 smartwatch for kids offering voice calling, messaging and geo-fencing alerts and the Venu 4 smartwatch with a premium all metal design, a built-in flashlight and many new health and wellness features.

毛利率和營業利率分別為 60% 和 32%，營業收入為 1.94 億美元。本季度，我們推出了幾款新產品，包括 Edge 550 和 850 自行車電腦，它們為 Edge 系列帶來了新的訓練計劃和騎行指標；面向兒童的 Bounce 2 智慧手錶，提供語音通話、簡訊和地理圍欄警報功能；以及 Venu 4 智慧手錶，它採用優質全金屬設計，內置手電筒，並具有許多新的健康和保健功能。

We also announced our collaboration with King's College London to study the health of women and their partners during and after pregnancy with an emphasis on detecting and managing potentially dangerous conditions such as gestational diabetes and hypertension. Garmin is the exclusive partner of King's College

我們也宣布與倫敦國王學院合作，研究女性及其伴侶在懷孕期間和產後的健康狀況，重點是檢測和管理妊娠糖尿病和高血壓等潛在危險疾病。Garmin是國王學院的獨家合作夥伴。

London for this study, which is one of the largest of its kind to incorporate wearables into study protocols and results. Given the strong performance of the Fitness segment and the demand we are expecting during the holiday season, we are raising our revenue growth estimate to 29% for the year. Moving to Outdoor. Revenue decreased 5% to $498 million, driven primarily by consumer auto and adventure watches following the 1 year anniversary of the Diesel series launch as well as the highly successful fenix 8 launch.

這項研究在倫敦進行，是同類研究中規模最大的研究之一，它將穿戴式裝置納入研究計畫和結果。鑑於健身業務板塊的強勁表現以及我們預計在假期季節期間的需求，我們將今年的營收成長預期上調至 29%。移至戶外。營收下降 5% 至 4.98 億美元，主要原因是 Diesel 系列上市一周年以及 fenix 8 上市大獲成功，導致消費性汽車和探險手錶銷量下滑。

Gross and operating margins were 66% and 34%, respectively, resulting in operating income of $170 million. During the quarter, we launched the fenix 8 Pro, which adds satellite and cellular connections and offers a range of communications options, including voice, text, live tracking and SOS using the Garmin Response Center, making this smartwatch the ideal companion for adventures on and off the grid.

毛利率和營業利率分別為 66% 和 34%，營業收入為 1.7 億美元。本季度，我們推出了 fenix 8 Pro，它增加了衛星和蜂窩網絡連接，並提供了一系列通信選項，包括語音、短信、實時跟踪和使用 Garmin 響應中心的 SOS 功能，使這款智能手錶成為在有網絡和無網絡環境下進行冒險的理想伴侶。

In addition, the fenix 8 Pro lineup now includes a version with a microLED display. MicroLED has been highly sought after for its superior brightness and the ability and the fenix 8 Pro is the first device of its kind to offer this exciting new display technology. I'm proud of our global team who worked very hard to bring microLED technology to the wearable market.

此外，fenix 8 Pro 系列現在還包括一個配備 microLED 顯示器的版本。MicroLED 因其卓越的亮度和性能而備受追捧，而 fenix 8 Pro 是首款採用這種令人興奮的新顯示技術的同類設備。我為我們辛勤工作的全球團隊感到自豪，他們為將微型LED技術引入可穿戴設備市場付出了巨大的努力。

Also during the quarter, we entered a new market with the launch of our Blaze Equine wellness system designed to help horse riders, owners and trainers monitor their horses' health and fitness levels. We are pleased with the performance of the Outdoor segment, but delivering back-to-back years of double-digit revenue growth has been more challenging than originally anticipated, following the 1-year anniversary of the highly successful product launches in this segment most notably the fenix 8.

本季度，我們也推出了 Blaze Equine 健康系統，進入了一個新市場。該系統旨在幫助騎手、馬主和教練監測馬匹的健康和體能水平。我們對戶外業務板塊的表現感到滿意，但在該板塊推出非常成功的產品（尤其是 fenix 8）一周年之後，連續兩年實現兩位數的收入增長比最初預期的更具挑戰性。

The recent launch of the fenix 8 Pro partially offset pipeline fills from the previous year, but did not fully close the gap when compared to the fenix 8 launch. As it has in the past, product release cycles can create short-term noise, but in the long-term view, the Outdoor segment has been a remarkable performer and has a remarkable track record of growth. Considering our year-to-date performance and outlook for the fourth quarter, we now expect Outdoor revenue to increase 3% for the year.

最近推出的 fenix 8 Pro 在一定程度上彌補了去年的供應缺口，但與 fenix 8 的發布相比，並沒有完全彌補差距。與以往一樣，產品發布週期可能會造成短期波動，但從長遠來看，戶外用品領域表現卓越，並擁有令人矚目的成長記錄。考慮到我們今年迄今的業績和對第四季度的展望，我們現在預計戶外業務收入將全年成長 3%。

Looking next at Aviation, revenue increased 18% in the third quarter to $240 million, with growth contributions from both OEM and aftermarket product categories. Gross and operating margins were 75% and 25%, respectively, resulting in operating income of $61 million. During the quarter, we certified a retrofit integrated cockpit system for the Cessna Citation CJ1, which brings new capabilities and safety-enhancing technologies to this popular light jet. We also added Autoland and Autothrottle capability to the King Air 350, which is the largest and most complex aircraft to receive Autoland capability to date. And we announced additional certifications for our GFC 600 autopilot bringing the performance and safety enhancing benefits of our flight control technology to more aircraft models.

接下來來看航空業務，第三季營收成長了 18%，達到 2.4 億美元，其中 OEM 和售後市場產品類別均有所成長。毛利率和營業利率分別為 75% 和 25%，營業收入為 6,100 萬美元。本季度，我們為塞斯納獎狀 CJ1 認證了改裝整合式駕駛艙系統，該系統為這款流行的輕型噴射機帶來了新的功能和安全增強技術。我們還為 King Air 350 增加了自動著陸和自動油門功能，這是迄今為止獲得自動著陸功能的最大、最複雜的飛機。我們還宣布了 GFC 600 自動駕駛儀的更多認證，將我們飛行控制技術的性能和安全增強優勢帶給更多飛機型號。

Given the strong third quarter performance of the Aviation segment and recent trends, we are raising our revenue growth estimate to 10% for the year. Turning to the Marine segment. Revenue increased 20% to $267 million, with growth across multiple categories, including chartplotters, audio and cartography. Gross and operating margins expanded to 56% and 19%, respectively, resulting in operating income of $49 million. During the quarter, we expanded our trolling motor product lines with the Force Current, which is the industry's first hands-free Kayak propulsion system, and we expanded the Force Kraken lineup, which now includes a model with a 110-inch drive shaft for large fishing boats.

鑑於航空業務部門第三季強勁的表現和近期的發展趨勢，我們將全年營收成長預期上調至 10%。接下來是海洋板塊。營收成長 20% 至 2.67 億美元，多個類別均實現成長，包括海圖儀、音訊和製圖。毛利率和營業利率分別成長至 56% 和 19%，營業收入達 4,900 萬美元。本季度，我們透過推出 Force Current 擴展了我們的電動拖釣馬達產品線，Force Current 是業內首款免手持皮划艇推進系統；我們還擴展了 Force Kraken 產品線，現在其中包括一款配備 110 英寸驅動軸的型號，適用於大型漁船。

We also launched the ECHOMAP Ultra 2 chartplotter offering a large 16-inch display, premium mapping and exceptional sonar capabilities. We were recently recognized by the National Marine Electronics Association as Manufacturer of the Year for the 11th consecutive year, and we received 8 product of excellence awards ranging from chartplotters to marine smartwatches, reflecting the strength and diversity of our product lineup.

我們還推出了 ECHOMAP Ultra 2 海圖儀，它配備 16 吋大顯示器、高級地圖和卓越的聲吶功能。我們最近連續第 11 年被美國國家海洋電子協會評為年度最佳製造商，並獲得了 8 項卓越產品獎，產品範圍涵蓋海圖儀到航海智慧手錶，這反映了我們產品陣容的實力和多樣性。

Given the strong third-quarter performance of the Marine segment and recent trends, we are raising our revenue growth estimate to 10% for the year. And moving finally to the auto OEM segment, revenue decreased 2% to $165 million as certain legacy programs approach end of life and were partially offset by growth in our most recent BMW domain controller program. Gross margin was 15% and was negatively impacted by an increase in accrued warranty costs associated with prior period sales, which contributed to the operating loss of $17 million.

鑑於海洋業務第三季強勁的表現和近期的趨勢，我們將全年營收成長預期上調至 10%。最後來看汽車 OEM 領域，由於某些傳統專案接近生命週期結束，收入下降了 2%，至 1.65 億美元，但最近 BMW 網域控制器專案的成長部分抵消了這一影響。毛利率為 15%，受到前期銷售相關的應計保固成本增加的負面影響，導致營業虧損 1,700 萬美元。

During the quarter, we shipped the 3 millionth BMW domain controller, demonstrating our capability as a respected Tier 1 supplier to the automotive market. We continue to achieve important milestones leading up to the launch of our next large auto OEM program, which is anticipated to add significant production volumes and expand the scale of our business. Given the year-to-date performance and recent trends, we now expect auto OEM revenue to increase approximately 8% for the year. That concludes my remarks.

本季度，我們交付了第 300 萬台 BMW 網域控制器，證明了我們作為汽車市場受人尊敬的一級供應商的能力。在我們即將推出下一個大型汽車OEM專案之際，我們持續取得重要里程碑，預計該專案將大幅增加產量並擴大我們的業務規模。鑑於今年迄今的業績和近期的趨勢，我們現在預計汽車OEM收入今年將成長約8%。我的發言到此結束。

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

接下來，Doug 將帶您詳細了解我們的財務表現。道格。

Thanks, Cliff. Good morning, everyone. I'll begin by reviewing our third quarter financial results and provide comments on the balance sheet, cash flow statement, taxes, updated guidance. Posted revenue of $1.77 billion for the third quarter represent a 12% increase year over year. Gross margin was 59.1%, a 90 basis point decrease from the prior quarter.

謝謝你，克里夫。各位早安。我將首先回顧我們第三季的財務業績，並對資產負債表、現金流量表、稅務和最新指引發表評論。第三季公佈的營收為 17.7 億美元，年增 12%。毛利率為 59.1%，比上一季下降了 90 個基點。

The decrease was primarily due to higher product costs. Operating expense as a percentage of sales was 33.3%, a 90 basis point increase. Operating income was $457 million, 4% increase. Operating margin was 25.8% 180 basis point decrease compared to prior year quarter. Our GAAP EPS was $2.08, and pro forma EPS was $1.99.

下降的主要原因是產品成本上漲。營業費用佔銷售額的百分比為 33.3%，成長了 90 個基點。營業收入為 4.57 億美元，成長 4%。營業利益率為 25.8%，較上年同期下降 180 個基點。我們的 GAAP 每股收益為 2.08 美元，備考每股收益為 1.99 美元。

Next, we look at our third quarter revenue by segment and geography. In the third quarter, we achieved double-digit growth in 3 of our 5 segments, led by the Fitness segment with outstanding growth of 30%, followed by Marine segment growth of 20%, Aviation segment growth of 18%. By geography, we achieved double growth in all 3 of our regions, led by 14% growth in APAC, followed by 13% growth in EMEA and 10% growth in Americas.

接下來，我們將按業務部門和地區查看第三季的收入狀況。第三季度，我們在 5 個業務板塊中的 3 個板塊實現了兩位數的成長，其中健身板塊成長最為顯著，達到 30%，其次是海洋板塊成長 20%，航空板塊成長 18%。從地理來看，我們在所有 3 個地區都實現了雙倍成長，其中亞太地區成長 14%，歐洲、中東和非洲地區成長 13%，美洲地區成長 10%。

Looking at operating expenses, third-quarter operating expense increased by $76 million or 15%. Research and development increased by $37 million, SG&A increased by $38 million. Both increases were primarily due to personnel-related expenses. A few highlights on the balance sheet, cash flow statement, taxes. We ended the quarter with cash and marketable securities of approximately $3.9 billion. Accounts receivable increased year over year to approximately $956 million following the strong sales in the third quarter.

從營運費用來看，第三季營運費用增加了 7,600 萬美元，增幅達 15%。研發費用增加 3,700 萬美元，銷售、管理及行政費用增加 3,800 萬美元。這兩項成長主要都是因為人事相關費用增加所致。資產負債表、現金流量表和稅收方面的一些要點。本季末，我們持有的現金及有價證券約為39億美元。由於第三季銷售強勁，應收帳款年增至約 9.56 億美元。

Inventory increased year over year sequentially to approximately $1.9 billion. We're executing our strategy to increase inventory of certain product lines to support strong customer demand as well as mitigate the effects of potential increases in tariffs. For the third quarter of 2025, we generated free cash flow of $425 million, a $206 million increase on prior year quarter. Capital expenditures for the third quarter of 2025 were $60 million, which is $22 million higher than the prior quarter. We expect full-year 2025 free cash flow to be approximately $1.3 billion capital expenditures of approximately $275 million.

庫存較去年同期成長至約19億美元。我們正在執行增加某些產品線庫存的策略，以滿足強勁的客戶需求，並減輕關稅可能上漲的影響。2025 年第三季度，我們產生了 4.25 億美元的自由現金流，比去年同期增加了 2.06 億美元。2025 年第三季的資本支出為 6,000 萬美元，比上一季增加了 2,200 萬美元。我們預計 2025 年全年自由現金流約為 13 億美元，資本支出約 2.75 億美元。

During the third quarter of 2025, we paid dividends of $173 million, purchased $36 million of company stock. At quarter end, we had approximately $107 million remaining in the share repurchase program, which is authorized through December 2026. We put an effective tax rate of 21.2% compared to 17.9% in the prior year quarter. Increase in effective tax rate was primarily due to the new US tax legislation enacted during the quarter, which changed capitalization requirements of certain R&D costs resulting in a year-to-date adjustment due to a decrease in certain US tax deductions and credits.

2025 年第三季度，我們支付了 1.73 億美元的股息，並購買了價值 3,600 萬美元的公司股票。截至季末，我們的股票回購計畫中還剩餘約 1.07 億美元，該計畫的授權期限至 2026 年 12 月。本季實際稅率為 21.2%，而去年同期為 17.9%。實際稅率上升主要是由於本季頒布的美國新稅法改變了某些研發成本的資本化要求，導致某些美國稅收抵免和扣除額減少，從而對年初至今的稅額進行了調整。

Turning next to our full-year guidance, we estimate revenue of approximately $7.1 billion and gross margin of approximately 58.5%, both of which are consistent with our previous guidance. We now expect our operating margin to be approximately 25.2%, which is higher than our previous guidance of 24.8% due to lower operating expenses. Also, we expect a pro forma effective tax rate to approximately 17.5%, consistent with our previous guidance.

接下來是全年業績預期，我們預計營收約為 71 億美元，毛利率約為 58.5%，這兩項指標均與我們先前預期的一致。由於營運費用降低，我們現在預計營業利潤率約為 25.2%，高於先前 24.8% 的預期。此外，我們預計實際稅率約為 17.5%，與我們先前的預期一致。

Expected pro forma earnings per share is approximately $8.15 compared to our previous guidance of $8. This concludes our formal remarks. Bella, can you please open the line for Q&A?

預計每股收益（按備考計算）約為 8.15 美元，高於我們先前 8 美元的預期。我們的正式發言到此結束。貝拉，請問可以開放問答環節嗎？

(Operator Instructions) Joseph Cardoso, JPMorgan.

（操作說明）Joseph Cardoso，摩根大通。

Maybe, Cliff, I just wanted to start off with, if we could dig into the downward revision to the Outdoor guidance. It looks like the revenue outlook is coming down roughly 10% here in the back half. I was just curious if you could share any additional color on the main drivers behind the deviation from your outlook 90 days ago. I know you touched on the fenix 8 versus Pro dynamic, but any other areas of the portfolio you're seeing sluggishness relative to your earlier expectations? And then I have a follow-up.

克里夫，或許我想先談談我們能否深入探討一下戶外指導方針的下調。看來下半年營收預期將下降約 10%。我只是好奇，您能否再詳細說說導致您與 90 天前觀點有所不同的主要原因？我知道您提到了 fenix 8 與 fenix Pro 之間的差異，但您認為產品組合中還有哪些部分相對於您先前預期的表現不佳？然後我還有一個後續問題。

Yes. I think our remarks pretty much cover our thinking there. The fenix 8 Pro did launch fairly late in Q3, so it didn't have a lot of time to make an impact. And the results from the fenix 8 release last year were incredibly strong. And so I think that those are all factors as we look at the back half of the year that we're thinking that maybe our expectations were a little bit too high to begin with.

是的。我認為我們的發言基本上涵蓋了我們對此的看法。fenix 8 Pro 在第三季末才發布，所以它沒有太多時間產生影響。去年發布的 fenix 8 的成績非常出色。所以我認為，當我們回顧下半年時，所有這些因素都表明，我們最初的期望可能有點太高了。

But if you look at the long term over several of these major launches like the fenix 7 to fenix 8 and now to fenix 8 Pro, the overall growth of our watch category has been strong double digits and also ahead of the market. And so we feel like in the long-term view that these devices in the Outdoor segment in general has been a remarkable performer.

但從長遠來看，從 fenix 7 到 fenix 8，再到現在的 fenix 8 Pro，我們手錶品類的整體成長一直保持著強勁的兩位數，並且領先於市場。因此，我們認為從長遠來看，戶外領域的這些設備總體上表現非常出色。

Got it. And then maybe just switching gears a little bit here. When I look at the implied gross margin guide for 4Q, it appears you're embedding a seasonal step down. However, when we look at the historicals, it's not at the same magnitude that we've seen Garmin produce over a multiyear period, maybe more in line with recent trends. Can we just touch on the drivers behind that?

知道了。然後，或許我們可以稍微換個話題。從第四季的隱含毛利率預期來看，你們似乎考慮到了季節性下滑。然而，從歷史數據來看，它並沒有達到 Garmin 多年來所取得的成就的規模，也許更符合最近的趨勢。我們能否簡單探討一下背後的驅動因素？

Like what we're seeing in terms of driving a less seasonal decline related to mix? Less aggressive promotions? Is it more on the production side around utilization? Just curious any color you can share there? And then maybe just a quick clarification. Are you -- what are you guys assuming in the guide relative to FX headwinds and then potentially tariffs, if any, that are included in the guide?

就像我們看到的，透過改變產品組合來減少季節性下降的情況一樣？減少促銷力道？是不是更多與生產方面的利用率有關？只是好奇，可以分享一下那裡的顏色嗎？然後或許還需要簡單澄清一下。你們——你們在指南中對外匯逆風以及可能包含的關稅（如果有的話）做了哪些假設？

Yes. This is Doug. Let me kind of give -- start out with the gross margin maybe first of all, the year-over-year on Q3. That is lower due to higher product costs. Part of that is relating to tariffs.

是的。這是道格。讓我先簡單介紹一下——或許可以先從毛利率說起，例如第三季的年比數據。由於產品成本較高，所以這個數字較低。部分原因與關稅有關。

Another thing relates to a strengthening of the Taiwan dollar, which does impact our cost of goods sold, as well as Cliff mentioned, there's warranty accruals like the prior year period sales. And that's partially offset by some favorable FX on sales due to the weakening US dollar. And as it relates to Q4, if I look at the change basically from last year, this year in Q3, it's about the same change in Q4 there because we do have some of those higher product costs in there that we had to take into consideration. Now we also do have to remember that Q4 versus Q3, Q4 is a more promotional period of time for us, so we did factor that in.

還有一點與新台幣走強有關，這確實會影響我們的銷售成本，正如克里夫所提到的，還有保固期計提，例如去年的銷售額。美元走弱帶來的銷售外匯優惠部分抵銷了上述不利影響。至於第四季度，如果我看一下與去年同期相比的變化，今年第三季度的變化與第四季度的變化基本相同，因為我們確實有一些較高的產品成本需要考慮。現在我們也要記住，第四季與第三季相比，第四季是我們更注重促銷的時期，所以我們已經把這一點考慮進去了。

As it relates to some of our assumptions that are in there, as it relates to tariffs, we're factoring what the current tariff rates are out there. We are mitigating that due to certain things such as our higher levels of inventory to offset any potential increases in that. And also as it relates to FX, we did have -- as it relates to the top line, there are some tailwinds there from that standpoint.

至於我們其中一些假設，例如關稅，我們會考慮目前的關稅稅率。我們正在透過一些措施來緩解這種情況，例如我們較高的庫存水平，以抵消任何潛在的成長。另外，就外匯市場而言，我們確實有一些利多因素——就營收而言，從這個角度來看，確實存在一些利多因素。

So we're factoring in similar type of trends in Q4 as we saw in Q3 from that standpoint. So in Q4, we think it's pretty well consistent with some of the trends that we're currently seeing there with tariffs, with FX, and then Taiwan dollar after consideration as well as the euro and those type of things in there. But as you mentioned, there are a lot of moving parts in gross margin, but we've factored most of those -- all those in that we did know about.

因此，從這個角度來看，我們在第四季也考慮了與第三季類似的趨勢。所以，我們認為第四季的情況與我們目前看到的關稅、外匯、新台幣以及歐元等因素的趨勢相當一致。但正如您所提到的，毛利率涉及許多變動因素，但我們已經考慮了其中大部分因素——所有我們知道的因素。

Erik Woodring, Morgan Stanley.

艾瑞克‧伍德林，摩根士丹利。

Cliff, maybe just to start, I'd love if we could maybe take a step back and for you to help us understand where exactly you think we are in the kind of cycle for Fitness and Outdoor? Obviously, a little bit different dynamics for each business, but obviously, really strong performance for multiple years on the back of new product launches and pricing increases. So where do we stand kind of in the cycle for each business? And then I have a follow-up, please.

克里夫，或許我們可以先退一步，請你幫我們了解一下你認為我們目前在健身和戶外運動的發展週期中處於什麼階段？顯然，每個企業的動態略有不同，但很明顯，憑藉新產品發布和價格上漲，多年來業績都非常強勁。那麼，對於每個企業而言，我們目前處於週期中的哪個階段呢？我還有一個後續問題。

I think we look at it as an ongoing opportunity, not necessarily as a cycle as in ups and downs, but we are a small but growing market share player in the overall wearables market. We have a very broad and strong product line about -- across both fitness as well as adventure watches. We see the opportunity to continue to grow with market share gains and innovation in our product lines.

我認為我們應該將其視為一個持續的機遇，而不是一個有起有落的周期，但我們在整個可穿戴設備市場中是一個規模雖小但市場份額不斷增長的參與者。我們擁有非常廣泛且強大的產品線——涵蓋健身手錶和探險手錶。我們看到了透過提高市場份額和產品線創新而繼續發展的機會。

Okay. I appreciate that color. And then, Doug, if I could just turn over to you, maybe not necessarily core to any debates, but over the last 3 years, you've kind of guided CapEx up in the $300 million-plus range. And each year, it's kind of ended up lower than that. Just curious, again, kind of where you -- are you not able to find the dollar to spend? Or are there limitations to what you're just able to manufacture and that continues to get pushed out? Would just love a little color about kind of why spending plans are just a little bit lower than you had expected, just a bit of a continuation of '23 and '24. And that's it for me.

好的。我喜歡這個顏色。然後，道格，如果我可以把麥克風交給你，這可能不屬於任何辯論的核心，但在過去 3 年裡，你引導資本支出達到了 3 億美元以上。而每年，實際結果都比這個數字低一些。我只是好奇，你是不是找不到錢花？或者說，你們的生產能力有限，所以才會不斷推出新產品？我很想知道為什麼支出計畫比您預期的要低一些，這算是 2023 年和 2024 年情況的延續。我的故事就到此為止了。

Yes. Regarding cap expenditure, it's not an item where we don't have the money to spend. We do have $3.9 billion of cash from a standpoint. So it relates to CapEx, those estimates are done at the early part of the year, and we progress those throughout the year. And we have plans for those and sometimes some of those is pushed out.

是的。關於資本支出，我們並不缺乏資金。從某種意義上說，我們確實擁有39億美元的現金。所以這與資本支出有關，這些估算是在年初完成的，我們會在一年中不斷改進這些估算。我們對這些問題都有計劃，但有時其中一些計劃會被推遲。

So it's simply a situation that we have expectations for those, just for one reason or the other, things just to get pushed out. A lot of -- I should say a lot of those CapEx we have are really infrastructure to grow our business for manufacturing, those type of things. And so it's just a situation where we come with that estimate and things just change during the year along the way and just kind of push those out. But but we're not taking anything off the table from a standpoint of CapEx. We still think we need to have that infrastructure for growth in the future.

所以，我們之所以會對這些事情抱持期望，只是因為這樣或那樣的原因，這些事情就被擱置了。應該說，我們很多資本支出其實都是為了發展我們的製造業等業務而進行的基礎建設。所以情況就是這樣，我們先做出預估，但一年中情況會不斷變化，然後我們就只能把預估時間往後延後。但是，從資本支出角度來看，我們並沒有排除任何可能性。我們仍然認為，為了未來的發展，我們需要這樣的基礎建設。

Tim Long, Barclays.

提姆朗，巴克萊銀行。

Two, if I could, as well. First one, could you just touch on kind of channel inventory, what you're seeing there? I think you alluded to inventory related to tariffs a little bit earlier, but particularly in the Fitness and Outdoor segments, how you think the health of the channel inventory looks? And then second, just looking at the number, it looks like there was a little bit of a downtick in the Americas business in the quarter. Could you just touch on what drove that? And do you think there's -- that's a short-term blip or what could get that moving back growing sequentially?

如果可以的話，我也想選兩個。首先，您能否簡單談談渠道庫存狀況，以及目前看到的情況？我想你之前稍微提到過與關稅相關的庫存問題，但尤其是在健身和戶外領域，你認為渠道庫存狀況如何？其次，僅從數字來看，美洲業務在本季似乎略有下滑。您能否簡要說明一下是什麼原因促成了這件事？你認為這只是短期波動，還是有什麼因素能讓經濟恢復持續成長？

Yes, Tim, I think that we view channel inventory as being healthy at this stage. The registrations and sell-out of our products has been stronger than the sell-in in recent, near-term weeks and months, and I think that's retailers positioning, getting ready to take things in for Q4. But the channel inventory looks very healthy and lean and ready for a good Q4 fill. There's really not a relationship between what we said about inventory and tariffs and channel inventory. When we talk about our inventory and bringing that in ahead of tariff impacts, that's inventory that we hold on our books, whereas the channel is a different consideration.

是的，蒂姆，我認為我們目前來看渠道庫存狀況良好。最近幾週和幾個月，我們產品的註冊量和銷售量都超過了銷售量，我認為這是零售商在為第四季度做準備。但通路庫存看起來非常健康且充足，為第四季的良好補貨做好了準備。我們之前討論的庫存、關稅和通路庫存之間其實並沒有什麼關係。當我們談到庫存以及如何在關稅影響之前進行調整時，指的是我們帳面上的庫存，而通路則是另一個需要考慮的因素。

We view the channel as being very lean. As far as Americas, I think the difference there is that some of the other regions did benefit from FX. So if you adjust for that, they tend to be very comparable.

我們認為該頻道非常精簡。至於美洲，我認為那裡的不同之處在於，其他一些地區確實從外匯市場中受益。所以如果考慮到這一點，它們往往非常相似。

Okay. So I was just asking about the sequential downtick in Americas. Is that mostly FX or was there something else going on there?

好的。所以我只是想問美洲地區經濟持續下滑的情況。那主要是特效嗎？還是還有其他原因？

Yes. Again, I wouldn't read a lot into that. I think some of that, again, is associated with our product cycles as well as currency movements and all kinds of things. So it's -- there's a lot that goes into that. But I think in general, we're pleased with the performance of all of our geographies.

是的。再說一遍，我不會對此過度解讀。我認為其中一些原因，同樣與我們的產品週期、貨幣波動以及各種因素有關。所以，這裡面涉及很多因素。但我認為總體而言，我們對所有地區的業績都感到滿意。

Jordan Lyonnais, Bank of America.

喬丹·里昂，美國銀行。

I wanted to ask on autos. How should we think about the growth going into next year and until the BMW -- or sorry, the two 2027 contracts start up with new lines that are retiring?

我想問一些關於汽車的問題。我們該如何看待明年以及寶馬（抱歉，是兩份 2027 年合約）開始實施、新生產線退役之前的成長情況？

Yes. So going into next year, as we've communicated, we've been in the peak adoption of the BMW program for a while now, actually have anniversaried that. And as some of these end-of-life programs wind down, 2026 could experience some revenue pressure because of those natural dynamics. We expect the new program to come online towards the back half of 2026. And so we're on track for that, and we continue to make progress in delivering that.

是的。所以，正如我們之前溝通的那樣，進入明年，寶馬計劃已經達到鼎盛時期一段時間了，實際上我們已經慶祝了這一里程碑。隨著一些生命週期末期專案的結束，由於這些自然因素的影響，2026 年可能會面臨一些收入壓力。我們預計新項目將於 2026 年下半年上線。因此，我們正朝著這個目標穩步前進，並且我們將繼續取得進展。

Got it. And on Aviation too, was there any greater driver of the growth that you saw between OEM and aftermarket that you could give more detail on?

知道了。在航空領域，您認為OEM和售後市場之間成長的驅動因素有哪些？能否詳細說明一下？

Yes. I think they're both very comparable, both very strong for different reasons. The backlog in OEM, as you know, is very long. And so aircraft makers are building to that backlog, and we're benefiting from that. And in the aftermarket, the consumer behavior was resilient and people buying and equipping their aircraft.

是的。我認為它們非常相似，都很強，只是原因不同。如您所知，OEM行業的積壓訂單非常多。因此，飛機製造商正在加緊生產以滿足積壓訂單，而我們也從中受益。在售後市場，消費者的行為表現出強烈的韌性，人們繼續購買和裝備他們的飛機。

And so the trends are very positive there.

因此，那裡的發展趨勢非常積極。

David McGregor, Longbow Research.

David McGregor，Longbow Research。

This is John on for David. The fitness business saw another great quarter. Just if you could talk about what's driving the growth there? I know advanced wearables have been strong in recent quarters. And if you could just give any update on new user growth?

這是約翰替大衛報道。健身產業又迎來了一個業績斐然的季度。您能否談談推動當地成長的因素？我知道近幾季高階穿戴裝置表現強勁。您能否提供一下關於新用戶成長的最新情況？

Yes. I think we saw growth across both kinds of products that we have in Fitness in terms of wearables that would be the running products as well as the advanced wellness products. And I would say that the registration behavior, the consumer behavior that we see on the registrations is very strong across the whole business, including all of our wearables in Outdoor and Fitness. The convincing majority of people coming to our platform are new users, and we're seeing strong double-digit growth in those registrations and new products year over year.

是的。我認為我們在健身領域兩類產品（包括跑步產品和高級健康產品）都實現了成長，無論是穿戴式裝置還是其他類型的產品。而且我認為，我們看到的註冊行為，也就是消費者註冊行為，在整個業務範圍內都非常強勁，包括我們在戶外和健身領域的所有可穿戴設備。來到我們平台的絕大多數用戶都是新用戶，我們看到這些註冊用戶和新產品數量每年都實現了強勁的兩位數成長。

Okay. Great. And then fourth quarter promotions typically step up a little bit for the holiday season. Is it fair to expect a pretty comparable promotional environment compared to last year? Is there any puts and takes to think about within that?

好的。偉大的。然後，第四季的促銷活動通常會在假期季節加大力度。可以合理預期今年的促銷環境與去年基本相同嗎？這其中有哪些需要考慮的優缺點？

I would say that -- I would call it comparable. We have a lot of products to offer, which is great for retailers because there's something for everyone. And so we have strong promotions planned. I'd say they're in line with what we've seen in previous years, and I think we're really excited about what we have to offer.

我會說——我會稱之為可比擬的。我們有很多產品可供選擇，這對零售商來說非常有利，因為每個人都能找到自己喜歡的東西。因此，我們制定了強而有力的促銷計劃。我認為它們與我們往年看到的情況一致，我們對能夠提供的產品感到非常興奮。

Ivan Feinseth, Tigress Financial Partners.

伊凡·費恩塞斯，Tigress Financial Partners。

Congratulations on another record quarter. and the great new cadence of -- a new product introduction cadence. On the launch of the Blaze, what kind of uptake have you been seeing so far? And what is your production run projection?

恭喜你們又創下季度業績新紀錄，並開啟了全新的產品上市節奏。Blaze上市以來，目前的市場反應如何？你們的生產計畫是什麼？

Yes. I think Ivan, Blaze has been great. It's gotten a lot of attention. I think this is a market that is underserved in terms of technology. And at the same time, I think it's a market that's very traditional.

是的。我覺得伊凡和布雷茲都很棒。它引起了廣泛關注。我認為這個市場在技術方面還沒有充分滿足。同時，我認為這是一個非常傳統的市場。

So while it's gotten a lot of attention, it will take some time, I think, to build the channel and the momentum there. But we're excited about the early start. And I think we also have plans to enhance the roadmap and offer more products as well.

所以，雖然它已經獲得了許多關注，但我認為，要建立這個管道和發展勢頭，還需要一些時間。但我們對提前開工感到興奮。而且我認為我們也有計劃完善產品路線圖，並提供更多產品。

And what is kind of your target marketing strategy? And I mean, right now, one of the fastest-growing spectator sports is actually rodeos. So there's a lot of interest in horses and of course, traditional horse racing and horse trading. So what's kind of your ideas for targeting -- penetrating the market?

你們的目標行銷策略是怎麼樣的？我的意思是，目前成長最快的觀賞性運動之一實際上是牛仔競技。所以人們對馬匹，當然還有傳統的賽馬和馬匹交易，都非常感興趣。那麼，你們在目標市場開拓和滲透方面有什麼想法呢？

Well, I think there's certainly different disciplines around horses. I think if you look at the common threads of each discipline, it's that the horse owners and the caregivers really love the animal, and they want to do the right thing by the animal. And so again, there's been hardly any tools available for people to assess horses, whether it's on the purchasing side, on the selling side of that as well as the training and the ongoing performance improvement of the animal. So I think that lends itself to a lot of opportunities of tools that have been available to people that can be applied to horses going forward.

嗯，我認為圍繞馬匹肯定存在不同的學科。我認為，如果你觀察各個學科的共同點，你會發現馬的主人和照顧者都非常愛護動物，他們想對動物做正確的事。因此，無論是在購買方面、出售方面，還是在訓練和持續提高馬匹表現方面，人們幾乎沒有任何工具可以用來評估馬匹。所以我認為這為人們未來可以將許多現有的工具應用於馬匹提供了機會。

Then with the launch of the 8 Pro with the satellite in-reach connectivity and also on the Bounce, are -- what is the percentage of people buying those that are signing up for the connectivity plans?

然後，隨著具備衛星連接功能的 8 Pro 的推出，以及 Bounce 的推出，購買這些手機並註冊連接套餐的人數佔總人數的百分比是多少？

Well, I think those two products are specifically designed with connectivity features, so anyone that buys those products is probably going to sign up for the additional services that go along with that, and that's exactly what we're seeing. It does target a unique user case. So if you look at Bounce for example, it's not just a watch for kids, it's a way for parents to monitor their kids and to communicate with them, especially for those that don't want to yet provide a smartphone to their kids. And so it just means that when you buy that product, you will absolutely sign up for the service that goes along with it.

我認為這兩款產品都是專門為連接功能而設計的，所以購買這些產品的人很可能會註冊相關的附加服務，而這正是我們所看到的。它的確針對的是一個獨特的使用者群體。例如，Bounce 就是一款兒童手錶，它不僅是兒童手錶，也是父母監控孩子並與他們溝通的一種方式，尤其適合那些還不想給孩子配備智慧型手機的父母。所以，這意味著當你購買該產品時，你必然會註冊與之配對的服務。

And then with more and more products that you're launching, including in-reach connectivity and also more people are signing up for the messenger. What is kind of your vision for how inReach and the Messenger kind of grows the Garmin ecosystem?

然後，隨著你們推出越來越多的產品，包括即時通訊功能，以及越來越多的人註冊使用即時通訊工具。您對 inReach 和 Messenger 如何發展壯大 Garmin 生態系統有何願景？

Well, inReach and Messenger and our connected products have all been part of our strategy to offer off the grid communication and especially rescue services for people who are enjoying the outdoors. Things happen out there and consequently having the right equipment and having equipment that works, that connects to real people that can help you has been a unique differentiator for us. So we'll continue to work products that fulfill that vision and continue to expand our product line.

嗯，inReach、Messenger 和我們的互聯產品都是我們策略的一部分，旨在為享受戶外活動的人們提供離網通信，特別是救援服務。外面總是會發生各種各樣的事情，因此，擁有合適的設備，並且擁有能夠與真人溝通、幫助你的設備，對我們來說是一個獨特的優勢。因此，我們將繼續研發符合此願景的產品，並持續擴展我們的產品線。

Good luck for a strong year-end finish.

祝您年底取得佳績。

Ben Bollin, Cleveland Research.

本‧博林，克利夫蘭研究公司。

Cliff, could you talk a little bit about what you're seeing with respect to auto on the accrued incremental warranty costs that you're seeing? And then any thoughts on where that auto OEM margin structure looks over time? And then I have a follow-up.

克里夫，你能否談談你觀察到的汽車保固成本累積增量方面的情況？那麼，您對汽車OEM廠商的利潤結構未來發展趨勢有何看法？然後我還有一個後續問題。

Yes. I think the accrued warranty was an isolated situation where an issue arose in our product that we had to manage, and it did affect prior period sales. So there was a catch-up that went on with that, but that's been addressed and corrected. And I think the longer-term view on the margin structure is the same as what we've communicated before, where we're targeting mid- to upper teens gross margin and mid-single-digit operating margin in the segment when we're at scale.

是的。我認為累積保固期是一個孤立事件，是我們的產品出現了一個我們必須處理的問題，而且確實影響了先前的銷售情況。所以這方面出現了一些問題，但現在已經解決和糾正。我認為，從長遠來看，利潤率結構與我們之前所溝通的相同，即當我們達到規模時，我們的目標是該業務板塊的毛利率達到十幾到十幾的水平，營業利潤率達到個位數的水平。

Okay. And then the other question, with respect to the broader component supply environment, I'm interested if you're seeing any scenarios or situations arise. Notably, advanced process nodes where any availability issues, you feel good on your ability to source memory, components into the out year given kind of the radical demand you're seeing from hyperscale and what they're buying? Any thoughts there.

好的。另一個問題是，就更廣泛的零件供應環境而言，我想知道您是否觀察到任何可能出現的情況或情況。值得注意的是，在先進製程節點方面，如果出現任何可用性問題，考慮到超大規模企業及其採購量的巨大需求，您對未來一年記憶體和組件的採購能力感到滿意嗎？大家有什麼想法嗎？

I think there's definitely some impact you're seeing in the overall semiconductor market associated with these large-scale new initiatives that are going on with AI and data centers and that kind of thing. I think it overall will benefit customers and us in the longer term because semiconductor providers are focusing on more higher performance processors on more dense memory configurations which overall are a benefit to the products going forward with better features, more storage, more capability.

我認為，人工智慧、資料中心等領域的大規模新舉措，肯定會對整個半導體市場產生一定影響。我認為從長遠來看，這總體上將有利於客戶和我們，因為半導體供應商正在專注於性能更高的處理器和更密集的記憶體配置，這總體上有利於未來的產品，帶來更好的功能、更大的儲存容量和更強的效能。

Noah Zatzkin, KeyBanc Capital Markets.

Noah Zatzkin，KeyBanc Capital Markets。

I guess maybe just on the Marine segment and the raised guidance there, is that purely idiosyncratic? Or is there something in the end market that you see kind of improving underneath that?

我猜想，或許只是針對海軍陸戰隊部分以及那裡提出的指導意見而言，這純粹是特例嗎？或者說，您認為終端市場中是否存在某種正在改善的因素？

Yes, I think the end market is definitely stabilized, if not really even back on an uptick, especially when you look at aftermarket. And so the market dynamic is good at this moment. Consumers seem resilient and interested in the products that we're offering. And there's also an element of market share gains in that, particularly in chartplotters, trolling motors, audio and cartography.

是的，我認為終端市場肯定已經穩定下來，甚至可能已經回升，尤其是在售後市場方面。因此，目前市場形勢良好。消費者似乎很有韌性，並且對我們提供的產品很感興趣。其中也包含市佔率成長的因素，尤其是在海圖儀、拖釣馬達、音訊和製圖領域。

Great. And apologies if you touched on this, but just any thoughts around -- updated thoughts around tariffs would be great.

偉大的。如果您已經談到過這個問題，我深表歉意，但任何關於關稅的想法——尤其是關於關稅的最新想法——都將不勝感激。

I think as we mentioned in our remarks, the tariff situation has been mostly stable for today's definition of stable. There can always be changes. But I think in general, we're managing through that. I think we've made all of the short-term adjustments that we had intended to make to our business model. And then going forward, we're focused on longer-term optimizations in our business, which is what we do is the normal course with tariffs or any other matter, we simply are always working to achieve the most efficient supply chain structure.

我認為正如我們在發言中提到的，就目前對「穩定」的定義而言，關稅狀況總體上是穩定的。總是會有變化的。但我認為總體而言，我們正在應對這種情況。我認為我們已經完成了所有計劃對商業模式的短期調整。展望未來，我們將專注於業務的長期優化，這與我們處理關稅或其他任何事項的正常做法一樣，我們始終致力於實現最高效的供應鏈結構。

That concludes our Q&A session. I will now turn the call back over to Teri Seck, Director of Investor Relations for closing remarks.

我們的問答環節到此結束。現在我將把電話轉回給投資人關係總監 Teri Seck，請她作總結發言。

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

感謝各位今天蒞臨。我們隨時可以回電，祝您今天過得愉快。再見。

Ladies and gentlemen, that concludes today's call. Thank you all for joining, and you may now disconnect. Everyone, have a great day.

女士們、先生們，今天的電話會議到此結束。感謝各位的參與，現在可以斷開連結了。祝大家今天過得愉快。