台灣國際航電 (GRMN) 2025 Q4 法說會逐字稿

Hello, everyone. Thank you for joining us and welcome to the Garmin Limited fourth-quarter and full-year 2025 earnings conference call. (Operator Instructions)

大家好。感謝您參加 Garmin Limited 2025 年第四季及全年業績電話會議。（操作說明）

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

現在我將把電話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 fourth-quarter full-year 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.

早安.歡迎您參加 Garmin Limited 2025 年第四季及全年業績電話會議。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。

This morning's 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 repurchase, market shares, product introductions, foreign currency, tariff impacts, future demand for our products, and plans and objectives are forward-looking statements.

今天早上的財報電話會議包含了有關 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、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 filed with the Securities and Exchange Commission.

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 表格中。

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

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, driven by strong broad-based demand for our products. Consolidated revenue increased 17% to more than $2.1 billion, which is a new fourth quarter record and our first quarter to exceed $2 billion.

謝謝你，特里，大家早安。正如今天早些時候宣布的那樣，在市場對我們產品的強勁廣泛需求的推動下，Garmin 又取得了一個季度出色的財務業績。合併收入成長 17%，超過 21 億美元，創下第四季新紀錄，也是我們第一個季度營收超過 20 億美元。

We experienced strong double-digit revenue growth in three business segments, reflecting the strength of our highly diversified business model. Gross margin was comparable to the prior year at 59.2% while operating margin expanded 60 basis points to 28.9%.This resulted in record fourth quarter operating income of $614 million, up 19% year over year, and record pro forma EPS of $2.79, up 16%.

我們在三個業務領域實現了強勁的兩位數收入成長，這反映了我們高度多元化業務模式的優勢。毛利率與上年持平，為59.2%，而營業利益率則成長了60個基點，達到28.9%。第四季營業收入創歷史新高，達 6.14 億美元，年增 19%；以備考計算，每股盈餘創歷史新高，達 2.79 美元，年增 16%。

2025 was another year of remarkable growth and achievement for Garmin with record consolidated revenue, record operating income, and record revenue for all business segments. We attribute this strong performance to our strategic focus on market diversification and creating superior products that are essential to our customers' lives. This approach has been a winning strategy for us since we were founded more than 36 years ago.

2025 年對於 Garmin 而言又是成長和成就斐然的一年，公司合併收入、營業收入以及所有業務部門的收入均創歷史新高。我們認為，這一強勁的業績歸功於我們對市場多元化的策略關注，以及創造對客戶生活至關重要的優質產品。自36多年前公司成立以來，這種方法一直是我們的勝利策略。

Consolidated revenue increased 15% to $7.25 billion, which is a new annual record and up nearly $1 billion over 2024. Gross margin of 58.7% was comparable to 2024, which is a significant achievement considering the impact of generationally high tariff structures that took effect early in the year. Operating margin expanded by 60 basis points to 25.9%, resulting in record full year operating income of nearly $1.9 billion, up 18% year over year.

合併收入成長 15% 至 72.5 億美元，創下新的年度紀錄，比 2024 年成長近 10 億美元。毛利率為 58.7%，與 2024 年的水準相當，考慮到年初生效的世代高關稅結構的影響，這是一個重大成就。營業利益率成長 60 個基點至 25.9%，全年營業收入創歷史新高，接近 19 億美元，較去年同期成長 18%。

Before sharing our full year outlook, I want to provide insights on what is important to us when considering forward-looking guidance. Our primary objective is to deliver the best result for Garmin on a consolidated basis.There are many factors that influence individual segment results. And we have said before that the diverse nature of Garmin's business gives us multiple paths to achieving consolidated goals. This makes individual segment growth targets less relevant, especially when viewed in isolation.

在分享我們全年的展望之前，我想先談談在考慮前瞻性指引時，對我們來說哪些因素比較重要。我們的首要目標是為 Garmin 取得最佳的整體成績。影響各賽段成績的因素很多。我們之前也說過，Garmin 業務的多元化性質為我們實現綜合目標提供了多種途徑。這使得各個細分市場的成長目標變得不那麼重要，尤其是在孤立地看待這些目標時。

With this in mind, we will continue to provide consolidated guidance measures and we will provide qualitative forward-looking insights for segments when it is helpful to do so, but we will no longer emphasize individual segment growth targets. This approach aligns with our primary objective to deliver the best results for Garmin on a consolidated basis.

有鑑於此，我們將繼續提供綜合指引措施，並在必要時提供各細分市場的定性前瞻性見解，但我們將不再強調單一細分市場的成長目標。這種方法符合我們為 Garmin 提供最佳綜合績效的主要目標。

With this in mind, we anticipate 2026 to be another year of strong top- and bottom-line growth. We expect revenue to increase approximately 9% to $7.9 billion, and we expect operating income to exceed $2 billion for the first time.

基於此，我們預計 2026 年將是營收和利潤強勁成長的另一年。我們預計營收將成長約 9%，達到 79 億美元，營業收入將首次超過 20 億美元。

Many are wondering how industry-wide memory constraints will affect us. Our guidance considers everything we know about the supply chain environment, including recent cost pressures on memory components. It's our practice to continually seek efficiency throughout our entire supply chain by leveraging our vertically integrated business model and scale to optimize our cost structure.

許多人都在想，整個產業的記憶體限制會對我們產生怎樣的影響。我們的指導意見考慮了我們對供應鏈環境的所有了解，包括最近記憶體組件的成本壓力。我們一直致力於透過利用垂直整合的商業模式和規模優勢，不斷提高整個供應鏈的效率，從而優化成本結構。

We've always used inventory as a business tool, and we have intentionally increased inventory levels of certain components and products to ensure we can meet long-term demand.

我們一直將庫存作為商業工具，並且我們有意增加了某些零件和產品的庫存水平，以確保我們能夠滿足長期需求。

We also have strong relationships with our suppliers and are working closely with them to meet the expected demand for our products. While no one wishes to see supply chain challenges, we believe we are well prepared.

我們與供應商也保持著牢固的關係，並與他們緊密合作，以滿足對我們產品的預期需求。雖然沒有人希望看到供應鏈出現挑戰，但我們相信我們已經做好了充分的準備。

Our strong results and positive outlook give us confidence to propose an annual dividend of $4.20 a share, reflecting a 17% increase over the current dividend amount, which will be considered by shareholders at the upcoming annual meeting.

我們強勁的業績和積極的前景使我們有信心提議派發每股 4.20 美元的年度股息，比目前的股息金額增加 17%，該提議將在即將召開的年度股東大會上由股東審議。

In addition, our Board of Directors recently approved a $500 million share repurchase program, effective through December 2028. 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 of each business segment.

此外，我們的董事會最近批准了一項 5 億美元的股票回購計劃，有效期至 2028 年 12 月。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表現做一些說明。

Starting with Fitness. 2025 was another exciting year of growth as customers embrace the healthy active lifestyles our brand represents. For the year, Fitness revenue increased 33% to $2.36 billion, surpassing $2 billion for the first time and was driven by wearables as we continue to benefit from both market share gains and market growth.

從健身開始。 2025年是另一個令人振奮的成長之年，因為顧客們都認同我們品牌所代表的健康積極的生活方式。今年，健身業務收入成長了 33%，達到 23.6 億美元，首次突破 20 億美元大關，這主要得益於穿戴式裝置業務的成長，我們繼續受益於市場份額的提升和市場的成長。

Gross margin was 60%, a 130 basis point improvement over the prior year. Operating income increased 50% year over year to $726 million, and operating margin expanded 360 basis points to 31%, reflecting both improved gross margin and operating leverage.

毛利率為 60%，比前一年提高了 130 個基點。營業收入年增 50% 至 7.26 億美元，營業利潤率成長 360 個基點至 31%，反映出毛利率和經營槓桿的改善。

During the quarter, we announced our collaboration with health care payments provider, Truemed, to assist customers using pre-tax Health Savings Account and Flexible Savings Account funds for qualifying purchases of select Garmin products. We recently published our annual Garmin Connect data report, which shows that on average, our users increased activity levels by 8% during the year, reflecting a high level of engagement with our products and app platforms.

本季度，我們宣布與醫療保健支付提供者 Truemed 合作，以幫助客戶使用稅前健康儲蓄帳戶和靈活儲蓄帳戶資金購買符合資格的指定 Garmin 產品。我們最近發布了年度 Garmin Connect 數據報告，報告顯示，用戶在過去一年中的平均活動水平提高了 8%，這反映出用戶對我們的產品和應用程式平台的高度參與。

At the 2026 consumer electronics shows, the Venu 4 and the Forerunner 970 received innovation awards for novel features in digital health and fitness, and we announced exciting enhancements to our premium Connect+ service with nutrition tracking and insights powered by AI-based active intelligence to help users achieve nutrition goals.

在 2026 年消費電子展上，Venu 4 和 Forerunner 970 因數位健康和​​健身方面的新穎功能而獲得創新獎，我們還宣布對高級 Connect+ 服務進行令人興奮的增強，透過基於人工智慧的主動智慧提供營養追蹤和見解，幫助用戶實現營養目標。

Looking forward, we expect another year of strong performance for Fitness driven by demand for our current product lineup and contributions from new product introductions. We also expect that the Fitness segment will be our strongest contributor to 2026 consolidated growth.

展望未來，我們預期健身業務在現有產品系列的需求以及新產品推出的推動下，將持續保持強勁的業績。我們也預計，健身業務板塊將成為我們 2026 年綜合成長的最大貢獻者。

Moving to Outdoor. Full year 2025 revenue increased 5% to $2.05 billion, also exceeding $2 billion for the first time. Growth in Outdoor was primarily driven by adventure watches with a full year of contributions from the highly successful fenix 8 series that was launched in 2024 followed by the launch of the fenix 8 Pro with inReach technology in September of 2025. Gross and operating margins were 66% and 34%, respectively, resulting in operating income of $690 million.

移至戶外。2025 年全年營收成長 5% 至 20.5 億美元，首次突破 20 億美元大關。戶外用品的成長主要由探險手錶推動，其中 fenix 8 系列在 2024 年推出後取得了巨大成功，隨後 fenix 8 Pro 於 2025 年 9 月推出，並搭載了 inReach 技術，為戶外用品的增長做出了整整一年的貢獻。毛利率和營業利率分別為 66% 和 34%，營業收入為 6.9 億美元。

During the quarter, we launched the inReach Mini 3 Plus satellite communicator with voice, text, and photo sharing. This compact and rugged communicator offers essential SOS safety features and reliable communication that explorers can use to stay connected with loved ones while adventuring beyond cell phone coverage.

本季度，我們推出了具有語音、文字和照片共享功能的 inReach Mini 3 Plus 衛星通訊器。這款小巧堅固的通訊器提供必要的 SOS 安全功能和可靠的通訊功能，探險者可以在手機訊號覆蓋範圍之外探險時，使用它與親人保持聯繫。

And with up to two weeks of battery life in the 10-minute tracking mode, inReach Mini 3 Plus can be used on multi-day trips without added worry of battery charging.

在 10 分鐘追蹤模式下，inReach Mini 3 Plus 的電池續航時間長達兩週，因此可以在多日旅行中使用，而無需擔心電池充電問題。

Several Outdoor products also received CES Innovation Awards, including the fenix 8 Pro MicroLED version, Blaze Equine Wellness System, and the Descent S1 Buoy, which highlights our commitment to exploring new product categories and developing groundbreaking innovation.

多款戶外產品也獲得了 CES 創新獎，包括 fenix 8 Pro MicroLED 版本、Blaze 馬匹健康系統和 Descent S1 浮標，這凸顯了我們致力於探索新產品類別和開發突破性創新的承諾。

Looking forward, we expect full year growth in Outdoor to accelerate in 2026 compared to 2025 driven by a significant number of new product introductions. We also expect stronger performance in the back half of the year due to the timing of product launches.

展望未來，我們預計 2026 年戶外用品的全年成長速度將比 2025 年加快，這主要得益於大量新產品的推出。由於產品發佈時間的安排，我們預計下半年業績將更加強勁。

Looking next at Aviation. Full year 2025 revenue increased 13% to $987 million with growth contributions from both OEM and aftermarket product categories. Gross and operating margins expanded year over year to 75% and 26%, respectively, Operating income increased 22% to $257 million.

接下來我們來看航空業。2025 年全年營收成長 13% 至 9.87 億美元，OEM 和售後市場產品類別均做出了成長貢獻。毛利率和營業利率分別年增至 75% 和 26%，營業收入成長 22% 至 2.57 億美元。

During the quarter, we launched the D2 Air X15 and the D2 Mach 2, our latest aviator smartwatches with cockpit connectivity and advanced aviation, health, fitness, and smartwatch features. We announced that the Garmin G5000H cockpit system was selected for the Brazilian Air Force UH-60 Black Hawk helicopter, part of a growing list of military modernization programs based on our advanced commercially available integrated cockpit systems.

本季度，我們推出了 D2 Air X15 和 D2 Mach 2，這是我們最新的飛行員智慧手錶，具有駕駛艙連接功能以及先進的航空、健康、健身和智慧手錶功能。我們宣布，Garmin G5000H 駕駛艙系統被巴西空軍選中，用於 UH-60 黑鷹直升機。這是基於我們先進的商用整合駕駛艙系統而不斷增加的軍事現代化專案的一部分。

On December 20, 2025, our Autoland system was used by a customer for the first time, returning the aircraft and crew safely to the ground following rapid depressurization while operating in instrument flight conditions over the Rocky Mountains.

2025 年 12 月 20 日，我們的自動降落系統首次被客戶使用，在落基山脈上空進行儀表飛行時，飛機在快速失壓後，該系統安全地將飛機和機組人員送回地面。

This incident illustrates how our cockpit systems can improve the safety margins of flight. We are very proud of our Aviation team for creating our award-winning Autoland technology. Looking forward, we expect Aviation revenue will continue to grow in 2026, in line with historical norms.

這一事件表明，我們的駕駛艙系統可以提高飛行安全裕度。我們為我們的航空團隊感到非常自豪，他們創造了我們屢獲殊榮的自動著陸技術。展望未來，我們預計2026年航空業收入將持續成長，與歷史規律保持一致。

Turning to the Marine segment. Full year 2025 revenue increased 10% to $1.18 billion, driven by growth across multiple categories led by chartplotters. Gross and operating margins were 55% and 21%, respectively, resulting in operating income of $251 million.

接下來是海洋板塊。2025 年全年營收成長 10% 至 11.8 億美元，主要得益於多個類別的成長，其中海圖儀業務表現尤為突出。毛利率和營業利率分別為 55% 和 21%，營業收入為 2.51 億美元。

We recently introduced the flagship GPSMAP 9000xsv lineup to further strengthen our offerings in the chartplotter category. The GPSMAP 9000xsv offers stunning 4K resolution displays, 5 gigahertz WiFi networking, and industry-leading sonar performance.

我們最近推出了旗艦級 GPSMAP 9000xsv 系列產品，以進一步加強我們在海圖儀領域的實力。GPSMAP 9000xsv 提供驚人的 4K 解析度顯示器、5 GHz WiFi 網路和業界領先的聲吶效能。

Also during the quarter, we launched Garmin OnBoard, a versatile man overboard and engine cutoff system that uses wireless technology, offering users freedom to move around the boat while still enjoying the protection of this important safety system. Garmin OnBoard was selected as the winner of the 2025 DAME Design Award in the Safety and Security Award category at the recent METSTRADE Marine exhibition in Amsterdam.

本季我們也推出了 Garmin OnBoard，這是一款多功能的落水人員和引擎切斷系統，採用無線技術，使用戶能夠在船上自由移動，同時還能享受這項重要安全系統的保護。在最近於阿姆斯特丹舉行的 METSTRADE 海洋展覽會上，Garmin OnBoard 榮獲 2025 年 DAME 設計獎安全保障類獎項。

During 2025, we received multiple awards, including being named Most Innovative Marine Company by Soundings Trade Only for the third consecutive year, NMEA Manufacturer of the Year for the 11th consecutive year, and we received the National Boating Safety Award for the fifth consecutive year. This is an unprecedented level of industry recognition, and we attribute our success to the outstanding products we offer and our strong commitment to serving customers.

2025年，我們獲得了多項獎項，包括連續第三年被《Soundings Trade Only》雜誌評為最具創新精神的海洋公司，連續第十一年被評為NMEA年度最佳製造商，以及連續第五年獲得國家船舶安全獎。這是業界前所未有的認可，我們的成功歸功於我們提供的優秀產品以及我們對客戶服務的堅定承諾。

In 2026, we expect Marine segment growth to be consistent with the prior year based on improving market conditions.

2026年，我們預計在市場狀況改善的背景下，海洋業務板塊的成長將與前一年保持一致。

Moving finally to the Auto OEM segment. Full year 2025 revenue increased 9% to $665 million, primarily driven by growth in domain controllers. Gross margin was 17%, and the operating loss was $49 million for the year.

最後進入汽車OEM領域。2025 年全年營收成長 9% 至 6.65 億美元，主要得益於網域控制器業務的成長。毛利率為 17%，全年營業虧損為 4,900 萬美元。

At the recent Consumer Electronics Show, we introduced our next-gen Unified Cabin domain controller that adds digital key capability, seat specific audio and video and an AI system designed to make vehicle interactions more conversational and powerful. We also announced our collaboration with Meta to explore new ways of interacting with the vehicle.

在最近的消費電子展上，我們推出了下一代統一座艙控制器，該控制器增加了數位鑰匙功能、座椅專屬音訊和視訊以及人工智慧系統，旨在使車輛互動更具對話性和強大性。我們也宣布與 Meta 合作，探索與車輛互動的新方式。

We continue to achieve important milestones leading up to the launch of our next domain controller program. I'm pleased to report that this program is with renowned global automaker, Mercedes-Benz and will broadly apply across their portfolio of passenger car models with significant volumes ramping up in 2027.

在推出下一代網域控制器程式之前，我們不斷取得重要里程碑。我很高興地宣布，該項目是與全球知名汽車製造商梅賽德斯-奔馳合作開展的，並將廣泛應用於其乘用車產品組合，預計到 2027 年產量將大幅提升。

In 2026, we expect revenue to decrease year over year as we have reached the peak of BMW domain controller volumes and as certain legacy programs approach end of life. We expect operating losses to narrow in 2026 as we shift certain auto OEM R&D resources to accelerate product roadmap development in other segments.

預計到 2026 年，隨著 BMW 網域控制器銷售達到峰值，以及某些傳統程序接近生命週期結束，收入將逐年下降。我們預計，隨著我們將某些汽車OEM研發資源轉移到其他領域加速產品路線圖開發，2026年營運虧損將收窄。

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 fourth quarter and full year financial results, provide comments on the balance sheet, cash flow statement, taxes, our 2026 guidance.

謝謝你，克里夫。各位早安。我將首先回顧我們第四季度和全年的財務業績，並對資產負債表、現金流量表、稅收以及我們 2026 年的業績指引發表評論。

We posted revenue of $2.125 billion for the fourth quarter, representing a 17% increase year over year. Gross margin was 59.2% comparable to the prior year.

我們第四季營收為 21.25 億美元，年增 17%。毛利率為 59.2%，與前一年持平。

Operating expense as a percentage of sales was 30.3%, a 60 basis point decrease. Operating income was $614 million, 19% year-over-year increase. Operating margin was 28.9%, a 60 basis point increase from the prior year. Our GAAP EPS was $2.73, and pro forma EPS was $2.79, a 16% increase from the prior year pro forma EPS.

營業費用佔銷售額的百分比為 30.3%，下降了 60 個基點。營業收入為 6.14 億美元，年增 19%。營業利益率為 28.9%，較上年成長 60 個基點。我們的 GAAP 每股收益為 2.73 美元，備考每股收益為 2.79 美元，比前一年的備考每股收益增加了 16%。

Looking at our full year results. We posted revenue of $7.246 billion, representing a 15% increase year over year. Gross margin was 58.7% comparable to the prior year. Operating expense as a percentage of sales was 32.9%, a 50 basis point decrease. Operating income was $1.876 billion, 18% increase. Operating margin was 25.9%, a 60 basis point increase from the prior year. Our GAAP EPS was $8.59, pro forma EPS was $8.56, 16% increase from the prior year pro forma EPS.

查看我們全年的業績。我們公佈的營收為72.46億美元，年增15%。毛利率為58.7%，與前一年持平。營業費用佔銷售額的百分比為 32.9%，下降了 50 個基點。營業收入為18.76億美元，成長18%。營業利益率為 25.9%，較上年成長 60 個基點。我們的 GAAP 每股收益為 8.59 美元，備考每股收益為 8.56 美元，比前一年的備考每股收益增加了 16%。

Next, look at our fourth quarter revenue by segment and geography. During the fourth quarter, we achieved record revenue on a consolidated basis. We achieved double-digit growth in three of our five segments led by the Fitness segment with 42% growth; followed by Marine segment with 18% growth; Aviation segment with 16% growth.

接下來，我們來看看我們第四季按業務部門和地區劃分的收入狀況。第四季度，我們實現了合併後的最高營收。我們在五個業務板塊中有三個板塊實現了兩位數的成長，其中健身板塊增長了 42%；其次是海洋板塊，增長了 18%；航空板塊增長了 16%。

By geography, the Americas region achieved strong double-digit growth of 21%, resulting in quarterly revenue exceeding $1 billion for the first time. EMEA region, APAC region had 14% and 8% growth, respectively.

從地理上看，美洲地區實現了強勁的兩位數成長，達到 21%，季度營收首次超過 10 億美元。歐洲、中東和非洲地區以及亞太地區的成長率分別為 14% 和 8%。

For full year 2025, we achieved record revenue on a consolidated basis and record revenue for each of our five segments. Our geography, we achieved 18% growth in EMEA, 40% growth in Americas, and 12% growth in APAC.

2025 年全年，我們的合併收入和五個業務部門的收入均創歷史新高。從我們的地理位置來看，我們在歐洲、中東和非洲地區實現了 18% 的成長，在美洲實現了 40% 的成長，在亞太地區實現了 12% 的成長。

Looking next, operating expenses. Fourth quarter operating expenses increased by approximately $80 million or 14%. Research and development increased by $36 million, primarily due to personnel-related expenses. SG&A increased by $44 million, primarily due to increased advertising and personnel-related expenses.

接下來來看營運費用。第四季營運支出增加了約 8,000 萬美元，增幅達 14%。研發經費增加了 3,600 萬美元，主要原因是人員相關支出。銷售、一般及行政費用增加了 4,400 萬美元，主要原因是廣告和人事相關費用增加。

A few highlights on the balance sheet, cash flow statement, dividends, and share repurchase. We ended the quarter with cash and marketable securities of approximately $4.1 billion. Accounts receivable increased sequentially and year over year to approximately $1.3 billion due to strong sales in the fourth quarter. Inventory balance increased year over year to approximately $1.8 billion. For our fourth quarter of 2025, we generated free cash flow of $430 million, a $30 million increase from the prior year quarter.

資產負債表、現金流量表、股利和股票回購的一些重點內容。本季末，我們持有的現金及有價證券約為41億美元。由於第四季銷售強勁，應收帳款環比和年比均成長至約 13 億美元。庫存餘額較去年同期成長至約18億美元。2025 年第四季度，我們產生了 4.3 億美元的自由現金流，比去年同期增加了 3,000 萬美元。

For the full year 2025, we generated free cash flow of approximately $1.4 billion, a $24 million increase from the prior year. Our full year 2025 capital expenditures were $270 million, an increase of $77 million over the prior year.

2025 年全年，我們產生了約 14 億美元的自由現金流，比前一年增加了 2,400 萬美元。我們 2025 年全年資本支出為 2.7 億美元，比前一年增加了 7,700 萬美元。

For 2026, we expect free cash flow to be approximately $1.4 billion, approximately $400 million of capital expenditures. The expected year-over-year increase in capital expenditures primarily due to a new manufacturing facility in Thailand, we expect to be operational in early 2027.

預計 2026 年自由現金流約 14 億美元，資本支出約 4 億美元。預計資本支出將逐年增加，主要原因是我們在泰國新建了一家製造工廠，我們預計該工廠將於 2027 年初投入營運。

During 2025, we paid dividends of approximately $664 million. Also, we announced our plan to seek shareholder approval for a $0.60 increase in our annual dividend beginning with the June 2026 payment. This is a 17% increase from our current annual dividend $3.60.

2025年，我們支付了約6.64億美元的股息。此外，我們宣布計劃尋求股東批准，從 2026 年 6 月的股息支付開始，將年度股息增加 0.60 美元。這比我們目前的年度股息 3.60 美元增長了 17%。

We proposed a cash dividend of $4.20, $1.05 per share per quarter. 2025, we purchased $181 million of company shares. Also, our Board of Directors recently approved a $500 million share purchase program through December 2028 to replace the remainder of the previous $300 million authorization.

我們提議派發每股4.20美元的現金股息，即每季每股1.05美元。 2025年，我們回購了價值1.81億美元的公司股票。此外，我們的董事會最近批准了一項 5 億美元的股票購買計劃，該計劃將持續到 2028 年 12 月，以取代先前 3 億美元授權的剩餘部分。

Our full year 2025 pro forma effective tax rate was 17.4% compared to 16.7% in the prior year. Increase in the current year effective tax rate is primarily due to the 2025 US tax legislation, which changed capitalization requirements of certain R&D costs, resulting in a decrease in certain US tax deductions and credits.

我們 2025 年全年預計實際稅率為 17.4%，而前一年為 16.7%。本年度實際稅率上升主要是由於 2025 年美國稅法改變了某些研發成本的資本化要求，導致某些美國稅收減免和抵免減少。

Turning next to our full year 2026 guidance. We estimate revenue approximately $7.9 billion increased approximately 9% for 2025. We expect gross margin to be approximately 58.5%, a 20 basis point lower than our 2025 gross margin due to higher product costs, partially offset by favorable segment mix. We expect an operating margin of approximately 25.5%. 2026 pro forma effective tax rate is expected to be 16%, a 140 basis point decrease compared to 2025.

接下來是我們的2026年全年業績指引。我們預計 2025 年營收約 79 億美元，成長約 9%。我們預計毛利率約為 58.5%，比 2025 年的毛利率低 20 個基點，原因是產品成本較高，但有利的細分市場組合部分抵消了這一影響。我們預計營業利潤率約為25.5%。 2026年預計實際稅率為16%，較2025年下降140個基點。

Expected year-over-year decrease in 2026 pro forma effective tax rate, primarily due to an increase in certain US tax deductions, result of certain provisions in 2025 US tax legislation, which came effective 2026. This results in expected pro forma earnings per share approximately $9.35, a 9% increase over 2025 pro forma earnings per share. This concludes our formal remarks.

預計 2026 年實際有效稅率將年減，主要原因是某些美國稅收抵扣增加，這是 2025 年美國稅法中的某些條款所致，這些條款於 2026 年生效。這將導致預計每股收益約為 9.35 美元，比 2025 年每股收益增長 9%。我們的正式發言到此結束。

Jade, can you please open the line for Q&A.

Jade，請你開通問答環節。

(Operator Instructions) Joseph Cardoso, JPM.

（操作說明）Joseph Cardoso，JPM。

Maybe if I could, for the first one, just wanted to touch on the memory side of things. Like Cliff, I appreciate the comments that you made, but I was curious if you could help contextualize more, like how material of an impact you're expecting memory to be on your 2026 guide and which areas of the portfolio are more or less impacted there?

如果可以的話，我想先簡單談談記憶方面的問題。和 Cliff 一樣，我很欣賞你的評論，但我很好奇你是否能提供更多背景信息，例如你預計記憶力在你的 2026 年指南中會產生多大的影響，以及投資組合的哪些領域會受到更大或更小的影響？

And then as we think about mitigation factors, you obviously mentioned the inventory. However, how are you thinking about other levers like de-specking or pricing to offset any headwinds here? And then I have a follow-up.

然後，當我們考慮緩解因素時，您顯然提到了庫存。但是，您是如何考慮透過降低規格或調整價格等其他手段來抵消任何不利因素的呢？然後我還有一個後續問題。

Good morning, Joe. I think in terms of quantifying the impact, we don't quantify individual components of our cost structure. So we won't be sharing that. Definitely, there's pressure on memory costs. There are certainly a lot of items in our overall BoM that are pricier items like displays and that thing. So we simply just manage the entire BoM to be as cost efficient as possible.

早安，喬。我認為，要量化影響，我們無法量化成本結構中的各個組成部分。所以我們就不分享了。記憶體成本確實面臨壓力。我們的物料清單中確實有很多價格較高的物品，像是展示架之類的東西。因此，我們只需盡可能降低成本，管理整個物料清單即可。

There's other opportunities to make the BoMs more efficient and also make our overall supply chain more efficient, looking for cost opportunities across the spectrum. So we're working all different angles, and there isn't one area to identify that we would isolate because it's the entire picture.

還有其他機會可以提高物料清單的效率，也可以提高我們整個供應鏈的效率，在各方面尋找降低成本的機會。所以我們從各個角度入手，沒有哪個領域可以單獨拿出來研究，因為這涉及到整體情況。

I would remind everyone that our overall margin structure is higher, and that's because we're a vertically integrated company. And so therefore, when we see some variation at the BoM level, of course, the impact to the overall margin is less impactful.

我想提醒大家，我們的整體利潤率結構較高，這是因為我們是一家垂直整合的公司。因此，當物料清單層面出現一些變化時，對整體利潤率的影響當然較小。

Nope. Got it. Appreciate the color there. I appreciate the color there. And then maybe just as my follow-up, obviously, another strong quarter -- actually a year for wearables and in fitness. You highlighted share gains and obviously, the market growth around product refreshes as key drivers. I'm assuming pricing has also been a tailwind this year for Garmin, correct me if I'm wrong there.

不，明白了。欣賞那裡的色彩。我喜歡那裡的顏色。然後，作為我的後續報道，顯然，又是一個強勁的季度——實際上是可穿戴設備和健身領域的一年。您強調了市場佔有率的成長以及產品更新換代帶來的市場成長是關鍵驅動因素。我猜今年的價格因素也對 Garmin 的發展起到了積極作用，如果我錯了請指正。

But could you maybe just talk about how each of these factors have contributed at least at a high level to the wearables growth this year? And as we think about growth for 2026 that you highlighted as being a larger contributor, at least as it relates to the Fitness segment as a whole, how are you thinking about each of these factors and any shift in terms of contribution there? Thank you for the question.

您能否談談這些因素是如何在一定程度上推動今年穿戴式裝置市場成長的？當我們思考您提到的 2026 年成長時，您認為這將是一個更大的貢獻因素，至少就整個健身領域而言，您是如何看待這些因素的，以及它們在貢獻方面是否有任何變化？謝謝你的提問。

Our 2025 results in Fitness and Outdoor was influenced heavily by wearables. And definitely, volume was the driver. There's some minor impact from ASP, but most of it was really volume driven. And as we look forward to 2026, we feel like the momentum in the market for our brand and for our products is still there.

我們在 2025 年健身和戶外運動方面的成果受到了穿戴式裝置的極大影響。銷量無疑是主要驅動因素。平均售價（ASP）產生了一些輕微的影響，但大部分影響實際上是由銷售所驅動的。展望 2026 年，我們感覺品牌和產品的市場動能依然強勁。

That's why we're basically on the qualitative side of things, saying that we expect the growth to continue, and we also expect that Fitness will be the larger contributor because of the broader product line across running and advanced wellness.

這就是為什麼我們基本上是從定性角度來看的，我們認為成長將會持續，而且由於健身產品線涵蓋跑步和高級健康領域，健身業務也將做出更大的貢獻。

And Cliff, maybe just anything between how much is new customers versus existing customers refreshing from '25 looking at '26?

克里夫，或許可以問一下，從 2025 年到 2026 年，新客戶和現有客戶更新頻率之間的差異是多少？

Yeah. I think we're still seeing -- most of our new customers are new to Garmin. So that's a very encouraging thing, and we see strong pull-through rates on registrations, showing that as products go into the channel, they're selling out and customers are activating those. So we feel very positive about the customer trends and very positive about the retail landscape.

是的。我認為我們仍然看到——我們的大多數新客戶都是 Garmin 的新客戶。這是一件非常令人鼓舞的事情，我們看到註冊轉換率很高，這表示產品進入管道後會迅速售罄，客戶也會啟動這些產品。因此，我們對顧客趨勢和零售業前景都感到非常樂觀。

Thank you.

謝謝。

Erik Woodring, Morgan Stanley.

艾瑞克‧伍德林，摩根士丹利。

Hey, guys. Good morning and thank you for for taking my questions. Cliff, maybe just touching on Auto OEM. Back in early 2023, you first introduced the idea that this business could grow 40% annually. I think the target was scaling to $800 million of annual revenue.

嘿，夥計們。早上好，感謝您回答我的問題。克里夫，或許只是稍微牽涉一下汽車OEM領域。早在 2023 年初，你就首次提出了這個企業每年可以成長 40% 的想法。我認為目標是年收入達到 8 億美元。

You didn't quite get there, but I would just love to, like, better understand from you what you learned about this business over the last three years, that gives you the conviction to double down as we go forward?

你雖然沒能完全達到目標，但我很想更了解你在過去三年裡對這個行業有哪些新的認識，是什麼讓你更有信心在未來加倍投入？

And just to carry on that is just what details can you share with us about the next evolution of this business with Mercedes as we think about three-year growth rates or customer diversification targets or target margins. I would just love to understand what you learned and how that influences the next three years of this business, please? And then a follow-up. Thank you.

那麼，接下來，您能否與我們分享一下關於梅賽德斯-奔馳業務下一步發展的細節，例如三年增長率、客戶多元化目標或目標利潤率？我很想了解您學到了什麼，以及這些經驗將如何影響公司未來三年的發展，可以嗎？然後還有後續報道。謝謝。

Okay. Yeah. So our view in 2023 was based on what we knew at the time, which was based on projections given to us by our Automotive OEM partners and of course, like everything, they go through cycles and some of their assumptions are not always correct.

好的。是的。因此，我們對 2023 年的看法是基於我們當時所了解的情況，而這些情況又是基於我們的汽車 OEM 合作夥伴向我們提供的預測。當然，就像所有事物一樣，它們也會經歷週期性變化，它們的一些假設並不總是正確的。

And in that case, I think the outlook was more positive then than what it turned out to be because of changes in the overall -- their market structure and their geographic results, whether it's between Asia, Americas, or Europe. So that's the situation we found ourselves in.

在這種情況下，我認為當時的展望比最終的結果要樂觀得多，因為整體上發生了變化——他們的市場結構和地理業績，無論是在亞洲、美洲還是歐洲之間。這就是我們當時所處的境地。

In terms of what we learned, I think we have been managing this business really for two goals. One is to achieve scale, and we're working and making good progress towards that. The other is to invest for the future so that we can demonstrate to automakers that we have the innovation capability and the operational capability to meet their needs. And I think we've definitely achieved that as well.

就我們所學到的經驗而言，我認為我們經營這家企業實際上有兩個目標。一是實現規模化，我們正在努力，並且朝著這個目標取得了良好的進展。另一種方法是為未來進行投資，以便向汽車製造商證明我們擁有創新能力和營運能力來滿足他們的需求。而且我認為我們也確實實現了這一點。

And so as we look forward, one of the adjustments we're making is to shift some of those R&D resources that we've been using to develop new business and concepts and develop our other product lines, and we feel like we've reached a point of critical mass where automakers realize that we can do this job for them, and it would then allow us to work on the scale part of the equation.

因此，展望未來，我們正在進行的調整之一是將一些用於開發新業務和概念以及開發其他產品線的研發資源轉移到其他領域。我們感覺我們已經達到了一個臨界點，汽車製造商意識到我們可以為他們完成這項工作，這將使我們能夠著手解決規模問題。

Awesome. Thank you. Thank you for that color, Cliff. And then maybe just following up, I was taken aback by your Outdoor comments on 2026 or it was at least eye-catching, you're alluding to accelerating growth in new product features. I guess I was just going through the IDC data quickly.

驚人的。謝謝。謝謝你帶來的色彩，克里夫。然後，也許只是想補充一點，您對 2026 年戶外運動的評論讓我感到驚訝，或者至少很引人注目，您暗示新產品功能的增長速度將會加快。我當時只是快速瀏覽了一下IDC的數據。

And fenix is the large majority of wearables revenue in the Outdoor segment. And if history is a guide, the next fenix wouldn't launch until January 2027. So I guess, just I'm wondering inherently in your messaging about Outdoor, if you're maybe messaging different timing for fenix launch or if maybe you're expecting to launch all new models in this segment.

而 fenix 則佔據了戶外穿戴式裝置收入的絕大部分。如果歷史可以藉鑑，那麼下一代 Fenix 飛船最快也要到 2027 年 1 月才會發布。所以，我其實是想知道，在你們關於戶外系列的宣傳訊息中，你們是否在暗示fenix系列的發佈時間有所不同，或者你們是否計劃在這個領域推出全新的型號。

Just trying to get a better understanding of exactly how to think about new product launches and the potential for acceleration in Outdoor this year? Thanks so much.

我只是想更了解如何看待新產品發布以及今年戶外產業加速發展的潛力？非常感謝。

Well, we don't comment on specific product launch timing. The only thing that we would like people to know is that we do have a very active year plan for Outdoor. And I would expect that many of our launches would occur in the back half of the year, which is why I commented that we expect the revenue to be stronger in the back half. So that's our plan, and we'll continue to update people as we go along throughout the year.

我們不會對具體的產品發佈時間發表評論。我們唯一想讓大家知道的是，我們為戶外運動制定了非常積極的年度計畫。我預計我們的許多產品發布會在今年下半年進行，這也是我之前提到我們預計下半年收入會更強勁的原因。這就是我們的計劃，我們今年將持續向大家通報最新進展。

Awesome. Thank you, Cliff. I'll get back in the queue.

驚人的。謝謝你，克里夫。我重新排隊。

Thank you.

謝謝。

Tim Long, Barclays.

提姆朗，巴克萊銀行。

Hi. You have Alyssa on from Tim Long's team. Just a quick question on Aviation. With the Black Hawk win, should we assume higher military exposure in the Aviation segment? Is this an area of expansion for you? Just trying to think about if there's different go-to-market strategy there? And then I have a follow-up.

你好。現在連線的是提姆朗團隊的艾莉莎。關於航空方面，我有個小問題。黑鷹戰機計畫的成功是否意味著航空領域將出現更高的軍事化趨勢？這是你們想要拓展的領域嗎？我只是想了解那裡是否有不同的市場推廣策略？然後我還有一個後續問題。

Yeah. Good morning, Alyssa. In terms of a project like the Black Hawk helicopter, they're using commercial off-the-shelf components from our cockpit system lineup to retrofit those aircraft and fully modernize them. And this is an example of a great program.

是的。早安，艾莉莎。以黑鷹直升機這樣的計畫為例，他們正在使用我們駕駛艙系統產品線中的商用現成組件來改裝這些飛機，並使其全面現代化。這是一個很棒的項目的例子。

There's lots of these kinds of programs around where they don't necessarily have to be the same hardened military requirements for what people might think of for fighter jets and that thing. But we still can provide modern cockpit systems to these workhorse aircraft that the military depends on. So it definitely is a growth opportunity, but they're incremental in our view. So they add to the total, and they're good wins, and we continue to pursue more.

有許多類似的計劃，它們不一定需要像人們通常認為的戰鬥機之類的嚴格軍事要求。但我們仍然可以為軍方賴以生存的這些主力飛機提供現代化的駕駛艙系統。所以這絕對是一個成長機會，但我們認為這是漸進式的。所以這些勝利都計入總數，都是不錯的勝利，我們會繼續爭取更多勝利。

Okay. That's helpful. Thank you. And then just a follow-up, how is -- any update on how Connect+ uptake is tracking?

好的。那很有幫助。謝謝。最後還有一個問題，Connect+ 的普及情況如何？有什麼最新進展嗎？

So Connect+ is definitely an exciting adder to our business. We added the nutrition features I mentioned earlier. The nutrition feature really accelerated the number of free trials that we have. And so that was really good to see. And also, the conversion rate of those trials is very, very high. So we think that's a winner feature and we'll continue to expand and enhance Connect+ in order to add more value to customers there.

所以 Connect+ 無疑是我們業務的一個令人興奮的補充。我們添加了我之前提到的營養成分資訊。營養成分錶功能確實大大增加了我們的免費試用次數。所以看到這一幕真的很令人欣慰。而且，這些試驗的轉換率非常非常高。所以我們認為這是一個非常受歡迎的功能，我們將繼續擴展和增強 Connect+，以便為客戶增加更多價值。

Great. Thank you so much.

偉大的。太感謝了。

Ben Bollin, Cleveland Research Company.

本‧博林，克利夫蘭研究公司。

Good morning, everyone. Thank you for taking the question. Cliff, could you talk a little bit more about Mercedes in this ramp opportunity? Is this for 2027 model years, so it commences in late '26. Is this commencing in later '27 for 2028 model year? Just any thoughts on when we can start to expect some contribution from that effort?

各位早安。感謝您回答這個問題。克里夫，能否藉此機會再多談談賓士？這是針對 2027 年款車型的，所以是從 2026 年末開始的。這項計畫是從 2027 年底開始，作為 2028 年車型推出嗎？請問大家覺得我們什麼時候才能看到這項工作有一些成果？

Yeah. I think there'll be some limited contributions in late 2026. It's really, I would say, inconsequential, but the ramp is really early 2027 and it's a very aggressive program and ramp with significant volumes that will be achieved over the life of the program.

是的。我認為到 2026 年底會有一些有限的貢獻。我認為這其實無關緊要，但產能爬坡計劃要到 2027 年初才能啟動，而且這是一個非常激進的計劃，產能爬坡將在計劃週期內達到相當大的產量。

The other one I wanted to touch on is you commented a little bit about channel inventory overall. Have you seen any change in behavior of your retail partners as they've recognized that hardware costs are going up broadly in other consumer electronics. Do you think that's influencing their commitments or their visibility they're providing you? Any thoughts on pull forward that you might be seeing? Thanks. That's it for me.

我想談的另一點是，您剛才稍微談到了渠道庫存的整體情況。隨著其他消費性電子產品的硬體成本普遍上漲，您是否注意到您的零售合作夥伴的行為發生了任何變化？你認為這會影響他們的承諾或他們向你提供的曝光嗎？關於前拉現象，你有什麼想法嗎？謝謝。就這些了。

Yeah. I think retailers really are enthused about carrying our brand. We saw a much higher level of engagement from certain retailers over the holiday season as they were happy to offer something from Garmin that was different from everything else that they typically offer. And I think their enthusiasm is really triggered by their customers. They see customers coming into the store, the customers are buying. So I feel like, overall, the retail picture, especially some of the brick-and-mortars, has been very positive.

是的。我認為零售商們對銷售我們的品牌充滿熱情。我們看到，在假期期間，某些零售商的參與度顯著提高，因為他們很高興能夠提供 Garmin 的一些與他們通常提供的所有產品都不同的產品。我認為他們的熱情確實被顧客激發了。他們看到顧客進店購物。所以我覺得，整體而言，零售業的情勢，尤其是一些實體店的情勢，非常樂觀。

David MacGregor, Longbow Research.

David MacGregor，Longbow Research。

Yes. Good morning, everyone. Thanks for taking my questions. I wanted to just start on Fitness and ask you about the Truemed collaboration and how meaningful the 2026 revenue growth allowing HSA/FSA funds to be used in the purchase of select Garmin products could turn out to be.

是的。各位早安。謝謝您回答我的問題。我想先從健身方面談起，問問您關於 Truemed 的合作，以及 2026 年的收入增長將如何使 HSA/FSA 資金用於購買精選的 Garmin 產品，這究竟有多大意義。

Truemed is a way by which people can purchase the product on our website using their HSA funds. And it really is a great program, and each product that's in the program has to be evaluated and approved, but it allows people another payment approach basically on our website.

Truemed 是一種人們可以使用 HSA 資金在我們網站上購買產品的方式。這確實是一個很棒的計劃，該計劃中的每個產品都必須經過評估和批准，但它基本上為人們在我們的網站上提供了另一種付款方式。

So the customers come directly to our website. They purchased the product that's available to be purchased with this program. And it has quickly become one of our significant outlets, if you will, if you consider it a stand-alone outlet for our products.

所以顧客直接造訪我們的網站。他們購買了可以透過該計劃購買的產品。而且它已經迅速成為我們重要的銷售管道之一，或者說，如果你把它看作是我們產品的獨立銷售管道的話。

Okay. Let me just follow up by, again, within Fitness. Just thinking about within the wearables category, nontraditional form factors, how are you thinking about the opportunity for Garmin there and from a timing standpoint? How likely we are to see developing something and introducing something there.

好的。讓我再補充一點，這也與健身有關。僅就穿戴式裝置類別而言，考慮到非傳統外形，您認為 Garmin 在該領域的機會以及時機選擇如何？我們有多大可能看到在那裡開發和推出某些東西？

We don't share our future product plans in what direction we might go with those. I would point everyone to our history, which is that we explore new product categories and new form factors and deliver really great products to our customers. So that's what we'll continue to do to drive and grow the segment.

我們不會透露未來的產品計劃以及未來的發展方向。我想向大家介紹我們的發展歷程，那就是我們不斷探索新的產品類別和新的產品形態，並為我們的客戶提供真正優秀的產品。所以，我們將繼續這樣做來推動和發展這個細分市場。

Okay. If I could just squeeze in a third one quickly. Are you able to quantify the benefit to Garmin, if the Supreme Court overturns the IEEPA tariffs?

好的。如果我能盡快擠出時間再加一個就好了。如果最高法院推翻IEEPA關稅，您能否量化Garmin從中獲得的利益？

Yeah. We probably won't share specific dollar amounts, but as you can appreciate, the 20% tariff and now moving to 15% is a significant cost adder to our products. So as we mentioned in our remarks, we've done an excellent job. Our teams across the world have done phenomenal in mitigating that.

是的。我們可能不會透露具體的金額，但正如您所理解的，20% 的關稅現在降至 15%，這對我們的產品來說是一個很大的成本增加。正如我們在發言中提到的，我們做得非常好。我們世界各地的團隊在緩解這一問題上做得非常出色。

And I think we've come out on the other side of that in a very, very good position and if it goes away, then certainly that changes the game in terms of our cost structure and things, but there's offsetting factors, too, with the supply chain constraints and memory issues that are going on right now.

我認為我們已經從中受益匪淺，處於非常有利的地位。如果這種情況消失，那肯定會改變我們的成本結構等等，但也有一些抵消因素，例如目前正在發生的供應鏈限制和記憶體問題。

So there will be puts and takes, but we're not really counting on one approach or the other. We're assuming that everything stays pretty much as it is with regard to tariffs.

所以會有出價和成交，但我們並不真正指望採用哪一種方法。我們假設關稅方面的一切基本上保持不變。

Thanks very much and good luck.

非常感謝，祝你好運。

Thank you.

謝謝。

Ivan Feinseth, Tigress Financial Partners.

伊凡·費恩塞斯，Tigress Financial Partners。

Thank you. Thanks for taking my questions and congratulations on another great quarter and phenomenal year.

謝謝。感謝您回答我的問題，並祝賀您又一個季度業績出色，全年表現卓越。

Thank you.

謝謝。

Well, some of my questions have been answered as far as tariffs and memory concerns, it's incredible that your supply chain and your integrated manufacturing capabilities have helped to mitigate that. With the launch of your new products that have connectivity like the fenix 8 Pro and the expanded capabilities in the new inReach Mini 3, what kind of uptake are you seeing on the subscription services? And what percentage, for example, of people buying the fenix 8 Pro are opt-in for the LTE and satellite connectivity.

關於關稅和記憶體方面的一些問題，我的部分疑問已經得到解答。令人難以置信的是，你們的供應鏈和一體化製造能力幫助緩解了這些問題。隨著你們推出具有連結功能的新產品，例如 fenix 8 Pro 和更強大的 inReach Mini 3，你們的訂閱服務市場反應如何？例如，購買 fenix 8 Pro 的用戶中，有多少百分比選擇使用 LTE 和衛星連線功能？

Yeah. I think fenix 8 Pro is a product that's built around connectivity. So when somebody buys that product, they're definitely interested and motivated to activate the inReach service. We've already seen SOS events with the fenix 8 Pro, where people bought the product, are wearing them on adventures and they needed help or needed some other kind of service while they were out there, and they were able to achieve that right on the wrist.

是的。我認為 fenix 8 Pro 是一款以連結性為核心的產品。所以當有人購買該產品時，他們肯定會有興趣並有動力啟動 inReach 服務。我們已經看到 fenix 8 Pro 的 SOS 功能，用戶購買了該產品，穿著它進行冒險，當他們在戶外需要幫助或其他服務時，他們能夠直接在手腕上獲得幫助。

So we think it's a breakthrough platform. It's certainly not for everyone. But on the other hand, it's an important adder to our product line, and we'll continue to expand on that to add that capability to more products.

所以我們認為這是一個突破性的平台。這當然不是適合所有人的。但另一方面，它是我們產品線的重要補充，我們將繼續擴展這項功能，將其添加到更多產品中。

And my follow-up question is, what kind of halo effect are you seeing on products from your acquisition last year of MYLAPS, including there was some optimism that would help with, for example, the Garmin Catalyst, and I see just launched an upgrade to the Catalyst was that -- did that have an effect and then you just launched some competitive track capabilities on the new Zumo XT3?

我的後續問題是，您認為去年收購 MYLAPS 後，產品出現了什麼樣的光環效應？例如，有人樂觀地認為這會對 Garmin Catalyst 有所幫助，而我看到你們剛剛推出了 Catalyst 的升級版——這是否產生了影響？此外，你們還在新款 Zumo XT3 上推出了一些具有競爭力的賽道功能？

Yeah. So MYLAPS allows us the opportunity to improve the overall race experience for customers from the sign-up process on through to race day, in race results and the devices that they wear during the race. So we feel like this is going to give us a high level of fidelity with customers as they embrace and pursue these race activities.

是的。因此，MYLAPS 讓我們有機會改善客戶的整體比賽體驗，從註冊流程到比賽日，包括比賽結果以及他們在比賽期間佩戴的設備。因此，我們認為這將使我們與客戶建立高度的忠誠度，因為他們會積極參與並追求這些賽車活動。

And in terms of the other markets, one of the benefits of MYLAPS is that it's across many different markets, so running is one, but they also do, as you say, the racing and also moving into equine as well. So we just feel like that opens up new avenues for us to apply our innovation and our unique products into new areas.

至於其他市場，MYLAPS 的優勢之一在於它涵蓋了許多不同的市場，跑步是其中之一，但正如你所說，他們也涉足賽馬，也開始進入馬術領域。因此，我們覺得這為我們開闢了新的途徑，可以將我們的創新和獨特的產品應用到新的領域。

All right. Thank you and looking forward to a big 2026.

好的。謝謝，期待2026年有更大的成就。

Thanks, Ivan.

謝謝你，伊凡。

Noah Zatzkin, KeyBanc Capital Markets.

Noah Zatzkin，KeyBanc Capital Markets。

Hi. Thanks for taking my questions. I guess maybe zooming out, if you could just share any thoughts maybe around the global wearables market, how that's been trending? Has it been stagnant or a tailwind to your trends? And any changes that you've seen over the last year or so, either competitively or just in overall growth rates? Thanks.

你好。謝謝您回答我的問題。我想，或許從更宏觀的角度來看，您能否分享一下您對全球穿戴式裝置市場的看法，以及它的發展趨勢？它對你的發展趨勢來說是停滯不前還是順風順水？在過去一年左右的時間裡，無論是競爭格局還是整體成長率方面，您觀察到了哪些變化？謝謝。

So from our perspective, what we believe is happening is that the overall market has been on a growth path. I would call it in the steady growth in the mid-single to up to 10% range. Everyone will get confirmation on that as data comes out for the full year.

因此，從我們的角度來看，我們認為目前的情況是，整體市場一直處於成長軌道上。我會稱之為穩定成長，增幅在 10% 到 10% 之間。隨著全年數據的公佈，所有人都會得到確認。

But that's our belief of what's happening in the market. So that's one driver of our overall growth, but market share has been a really important one for us as well as we've been able to take share both above and below us, from different players.

但這就是我們對當前市場狀況的看法。所以這是我們整體成長的驅動力之一，但市場份額對我們來說也非常重要，因為我們能夠從不同的競爭對手那裡奪取我們之上和之下的市場份額。

And so I think people recognize the value of our products and the uniqueness of the features that they offer, and we're seeing the results of that with our market share.

因此，我認為人們認識到我們產品的價值及其獨特功能，而我們的市場份額也證明了這一點。

Great. Really helpful. And then maybe just one more on Marine, impressive growth there in '25, given the choppiness in the end market. So I think you mentioned maybe consistent growth expected in '26. What's underlying that from a industry perspective? And in general, like any thoughts around the marine industry looking out this year would be great. Thanks.

偉大的。真的很有幫助。然後也許可以再加一條關於 Marine 的，考慮到終端市場的波動，該股在 2025 年實現了令人印象深刻的成長。所以我想你有提到過，預計2026年將保持持續成長。從產業角度來看，其根本原因為何？總的來說，任何關於今年海洋產業發展的想法都非常歡迎。謝謝。

Well, what we see in Marine is that the market has been -- I'd say, finding its footing and is incrementally positive as we move into 2026. So the underlying market seems, I would say, healthy. The boat shows seem very active.

嗯，我們看到海洋市場的情況是——我認為——市場正在站穩腳跟，隨著我們邁入 2026 年，市場前景逐漸向好。所以，我認為，基礎市場看起來是健康的。船展似乎非常熱鬧。

And it's a similar story where especially those larger boats with more equipment, they tend to be very popular and a lot of our equipment goes on those boats. And of course, in the fishing story with our products and the industry-leading sonar capability and chartplotters and mapping all of those things are driving market share for us as well.

情況也類似，尤其是那些設備較多的大型船隻，它們往往非常受歡迎，我們的許多設備都放在這些船上。當然，在漁業領域，我們的產品、業界領先的聲吶功能、海圖儀和測繪技術，所有這些都在推動我們獲得市場份額。

Thank you.

謝謝。

Thanks, Noah.

謝謝你，諾亞。

Ron Epstein, Bank of America.

羅恩愛潑斯坦，美國銀行。

Yeah. Hey. Good morning, guys. How are you?

是的。嘿。各位早安。你好嗎？

We're good. Thank you.

我們很好。謝謝。

Good, good, good. So yeah, maybe just changing gears a little bit in the Aviation direction. Cliff, can you talk a little bit to the recent acquisition facility you guys bought in Meta and what your goal is for that and what that can bring to the table for Garmin?

好，好，好。所以，是的，或許可以稍微調整一下方向，轉向航空領域。克里夫，你能談談你們最近收購的 Meta 公司嗎？你們收購 Meta 的目標是什麼？它能為 Garmin 帶來什麼？

Yes. So we were really excited to find that facility. We have lots of projects and lots of equipment that have to go into all kinds of aircraft. As you know, the process of taking our products to market is not as simple as just creating the product. They all have to be certified on each type of aircraft.

是的。所以我們很高興找到了那個設施。我們有很多項目和很多設備需要安裝到各種類型的飛機上。如您所知，將我們的產品推向市場的過程並不像製造產品那麼簡單。他們都必須獲得每種機型的認證。

And this facility allows us not only very, very significant hanger space to bring in very large aircraft, but it also allows us to build a completely new staff of people that can do certification work in aircraft modifications. So we believe over the long term that will help us reach new opportunities and more aircraft with more equipment.

這個設施不僅為我們提供了非常非常大的機庫空間來容納非常大的飛機，而且還使我們能夠組建一支全新的團隊，從事飛機改裝的認證工作。因此我們相信，從長遠來看，這將有助於我們獲得新的機遇，並擁有更多配備更多設備的飛機。

And if I can read between the lines a little bit, does the facility like this give you the capability to maybe offer things on larger airplanes?

如果我理解沒錯的話，像這樣的設施是否能讓你們有能力在更大的飛機上提供類似的服務？

Well, it's a very large hangar. Yeah, I'm excited about that.

嗯，那是一個非常大的機庫。是的，我很興奮。

All right. And if I may, just a quick follow-on here. Following up on -- I think it was Alyssa's question earlier about some of the defense stuff you guys are doing? With the changes in the defense acquisition system, the Department of War, Department of Defense, whatever you want to call it, has been trying to do more stuff on commercial terms with commercial contractors broadly. And you guys are almost exclusively commercial.

好的。如果可以的話，我再補充一點。接上文——我記得之前艾莉莎問過你們在防守方面做的一些事情？隨著國防採購體系的變革，戰爭部、國防部，或你想怎麼稱呼它都行，一直在嘗試與廣大商業承包商以商業條款開展更多業務。而你們幾乎完全是商業性的。

Is that opening any doors for you to do other things that maybe weren't -- I don't know, in the plan just a year ago before they really started to push more commercial just because one would think potentially, given everything that's going on, maybe that is more opportunity for you all.

這是否為你們打開了其他一些可能不在計劃之內的事情的大門——我不知道，就在一年前，在他們真正開始大力推進商業化之前，人們可能會認為，考慮到目前發生的一切，這或許會給你們帶來更多機會。

We believe that will bring more opportunities even though some of these discussions and the shift has started to gain some momentum. The actual selection and identification of programs and all of that still takes time. So we view it as a long-term opportunity, but a nice shift as people look at the equipment that's available and realize that military, especially, could benefit from the commercial products that we offer.

我們相信這將帶來更多機遇，儘管其中一些討論和轉變已經開始取得一些進展。實際選擇和確定專案等工作仍然需要時間。因此，我們將其視為一個長期的機會，同時也是一個令人欣喜的轉變，因為人們開始審視現有的設備，並意識到軍方尤其可以從我們提供的商業產品中受益。

Got it. Great. Thank you very much.

知道了。偉大的。非常感謝。

Thanks, Ron.

謝謝你，羅恩。

Erik Woodring, Morgan Stanley.

艾瑞克‧伍德林，摩根士丹利。

Hey, guys. Thank you. Just one quick follow-up. Cliff, I would just love to know how you're thinking about the ratable side of your business. Over the last three years, that revenue capture over time has marginally decreased to around 5%, that's really seems to be mostly part of your success in the transactional business.

嘿，夥計們。謝謝。還有一個後續問題。克里夫，我很想知道你是如何考慮公司可徵稅部分的。過去三年，這種收入獲取率略微下降到 5% 左右，這似乎主要是你們在交易業務方面取得成功的原因。

So I'm just wondering how much of a priority is growing this ratable part of your business? And is there any way -- I know it constitute subscriptions and services, but is there a way to help us think about margins on the ratable business versus the point-in-time business? Thanks so much.

所以我想知道，貴公司將發展這部分可獲利的業務列為優先事項嗎？我知道這涉及訂閱和服務，但有沒有辦法幫助我們思考可計費業務與特定時間點業務的利潤率？非常感謝。

Yeah. I think like every subscription-based business, the margins tend to be higher. Service-based businesses are definitely higher that way. Our objective is to grow those within Garmin, but we also are not focusing on that as the only growth path. And so we're growing everything around it.

是的。我認為，像所有訂閱制企業一樣，它們的利潤率往往更高。服務型企業的收益肯定更高。我們的目標是培養 Garmin 內部的人才，但我們也不會將此作為唯一的成長途徑。因此，我們正在圍繞它發展一切。

The nice part is that our subscription base business has been growing as strongly or even stronger than the overall business, but everything else is growing around it so much that it still hasn't triggered that 10% threshold yet. So we feel like we're in a good position. We have lots of ideas of things that we can offer people going forward. And we're going to continue to build that business across every one of our segments.

令人欣慰的是，我們的訂閱業務成長勢頭強勁，甚至超過了整體業務的成長速度，但其他業務的成長速度如此之快，以至於它還沒有達到 10% 的門檻。所以我們覺得自己處境不錯。我們有很多想法，希望未來能為人們提供更多服務。我們將繼續在各個業務板塊發展壯大。

Awesome. Thanks so much, Cliff. That's it for me.

驚人的。非常感謝你，克里夫。就這些了。

Thank you.

謝謝。

At this time, there are no further questions. I will now turn the call back to Teri Seck for closing remarks.

目前沒有其他問題了。現在我將把電話轉回給 Teri Seck，請她作總結發言。

Thanks, everyone, for joining us today. As usual, Doug and I are available for callbacks. And we hope you have a great day. Bye.

感謝各位今天蒞臨。像往常一樣，我和道格隨時可以接聽回電。祝您今天過得愉快。再見。

This concludes today's call. Thank you for attending. You may now disconnect.

今天的電話會議到此結束。謝謝各位的出席。您現在可以斷開連線了。