台灣國際航電 (GRMN) 2021 Q4 法說會逐字稿

Thank you for standing by, and welcome to the Garmin Ltd. Fourth Quarter 2021 Earnings Conference Call. (Operator Instructions) As a reminder, today's conference call is being recorded.

感謝您的支持，歡迎參加 Garmin Ltd. 2021 年第四季度收益電話會議。 （操作員說明）作為提醒，今天的電話會議正在錄音中。

I will now turn the conference to your host, Ms. Teri Seck, Director of Investor Relations. Ma'am, you may begin.

我現在將會議轉給您的主持人，投資者關係總監 Teri Seck 女士。女士，您可以開始了。

Good morning. We would like to welcome you to Garmin Ltd.'s Fourth Quarter and Fiscal Year 2021 Earnings Call. Please note that the earnings press release and related slides are available at Garmin's Investor Relations site on the Internet at www.garmin.com/stock. An archive of the webcast and related transcript will also be available on our website.

早上好。歡迎您參加 Garmin Ltd. 的 2021 財年第四季度和財報電話會議。請注意，收益新聞稿和相關幻燈片可在互聯網上的 Garmin 投資者關係網站 www.garmin.com/stock 上找到。我們的網站也將提供網絡廣播和相關成績單的存檔。

This earnings call includes projections and other forward-looking statements regarding Garmin Ltd. and its business. Any statements regarding our future financial position, revenues, earnings, gross margins, operating margins, future dividends or share repurchases, market shares, product introductions, future demand for our products and plans and objectives are forward-looking statements. The forward-looking events and circumstances discussed in this earnings call may not occur, and actual results could differ materially as a result of risk factors affecting Garmin.

本次財報電話會議包括有關 Garmin Ltd. 及其業務的預測和其他前瞻性陳述。關於我們未來財務狀況、收入、收益、毛利率、營業利潤率、未來股息或股票回購、市場份額、產品介紹、對我們產品的未來需求以及計劃和目標的任何陳述都是前瞻性陳述。本財報電話會議中討論的前瞻性事件和情況可能不會發生，實際結果可能因影響 Garmin 的風險因素而存在重大差異。

Information concerning these risk factors is contained in our Form 10-K filed with the Securities and Exchange Commission. In particular, there is significant uncertainty about the duration and impact of the COVID-19 pandemic. This means that results could change at any time, and any statement about the impact of COVID-19 on the company's business results and outlook is the best estimate based on the information available as of today's date.

有關這些風險因素的信息包含在我們向證券交易委員會提交的 10-K 表格中。特別是，COVID-19 大流行的持續時間和影響存在很大的不確定性。這意味著結果可能隨時發生變化，任何關於 COVID-19 對公司業務結果和前景影響的陳述都是基於截至今天可用信息的最佳估計。

Presenting on behalf of Garmin Ltd. this morning are Cliff Pemble, President and Chief Executive Officer; and Doug Boessen, Chief Financial Officer and Treasurer. At this time, I would like to turn the call over to Cliff Pemble.

今天上午代表 Garmin Ltd. 出席的是總裁兼首席執行官 Cliff Pemble； Doug Boessen，首席財務官兼財務主管。此時，我想將電話轉給 Cliff Pemble。

Thank you, Teri, and good morning, everyone. As reported earlier today, we ended 2021 with fourth quarter revenue of $1.39 billion, up 3% over the prior year, representing a new record for Garmin. During 2021, quarter-by-quarter comparisons to the prior year have been difficult to interpret due to pandemic-driven swings of 2020. It's interesting to note that revenue grew 12% on a CAGR basis compared to Q4 of 2019. We believe this comparison better reflects the underlying strength of the business and we are very pleased with our development over these past 2 years.

謝謝你，泰瑞，大家早上好。正如今天早些時候報導的那樣，截至 2021 年，我們第四季度的收入為 13.9 億美元，比去年同期增長 3%，創下了 Garmin 的新紀錄。在 2021 年期間，由於 2020 年大流行驅動的波動，很難解釋與上一年的逐季度比較。有趣的是，與 2019 年第四季度相比，收入在復合年增長率的基礎上增長了 12%。我們相信這種比較更好地反映了業務的潛在實力，我們對過去兩年的發展感到非常滿意。

Operating profit came in at $315 million, down 15% over the prior year. Gross margin declined due to pressure that every business is facing, notably higher freight costs. In addition, operational expenses increased for a variety of reasons, including higher associate head count, increased compensation costs and the increase of certain operational expenses as business activities normalize. Even with these headwinds, operating margin remained very strong at 22.6%.

營業利潤為 3.15 億美元，比上年下降 15%。由於每項業務都面臨壓力，尤其是運費上漲，毛利率下降。此外，運營費用增加的原因有多種，包括員工人數增加、薪酬成本增加以及隨著業務活動正常化而增加的某些運營費用。即使有這些不利因素，營業利潤率仍然非常強勁，為 22.6%。

2021 was our sixth consecutive year of revenue and operating income growth, establishing new records for the company. Revenue increased 19% to nearly $5 billion and operating income grew 16%, exceeding $1.2 billion. Each segment delivered strong double-digit revenue growth. I'm very proud of what we accomplished, especially considering the challenging operating environment everyone is facing.

2021 年是我們連續第六年的收入和營業收入增長，為公司創造了新的記錄。收入增長 19% 至近 50 億美元，營業收入增長 16%，超過 12 億美元。每個部門都實現了強勁的兩位數收入增長。我為我們所取得的成就感到非常自豪，特別是考慮到每個人都面臨著充滿挑戰的運營環境。

The availability of electronic components has been a major topic of conversation over the past year. While we are not always able to get everything we need, we believe we've been very effective in managing this situation as evidenced by our results. Our vertically integrated business model gives us greater levels of agility and flexibility in this dynamic supply chain environment. However, it's the creativity, determination and teamwork of our associates that made these accomplishments possible. I'm very proud of our associates, and I'm grateful for all they have done.

在過去的一年裡，電子元件的可用性一直是一個主要話題。雖然我們並不總是能夠得到我們需要的一切，但我們相信我們在管理這種情況方面非常有效，我們的結果證明了這一點。我們的垂直整合業務模式使我們在這個動態的供應鏈環境中具有更高水平的敏捷性和靈活性。然而，正是我們員工的創造力、決心和團隊合作使這些成就成為可能。我為我們的同事感到非常自豪，我感謝他們所做的一切。

Looking forward, we are encouraged by the opportunities of the new year. We have a great lineup of recently introduced products, with additional introductions planned throughout the remainder of the year. We anticipate consolidated revenue will increase approximately 10% to $5.5 billion, driven by new product introductions and strong market trends in many of our segments. Our results and outlook for the new year give us confidence to propose a 9% dividend increase, which will be considered by shareholders at the upcoming annual meeting.

展望未來，新一年的機遇讓我們倍受鼓舞。我們擁有一系列最近推出的產品，併計劃在今年剩餘時間內推出更多產品。我們預計，在我們許多細分市場推出新產品和強勁市場趨勢的推動下，綜合收入將增長約 10% 至 55 億美元。我們對新一年的業績和展望使我們有信心提出增加 9% 的股息，股東將在即將舉行的年度會議上考慮這一點。

Before moving on to segment highlights, it's important to share context on how we see the business and markets evolve in 2022. The pandemic drove additional demand in certain product categories, which is starting to normalize from peak levels. This will create additional dynamics to consider for the coming year, and I will note these as I covered each segment. The nuances of individual categories are not a major concern for us. Rather, it's our strategic focus on diversification that brings many opportunities for growth, which is the basis for our outlook for 2022.

在繼續細分亮點之前，重要的是要分享我們如何看待 2022 年業務和市場發展的背景。大流行推動了某些產品類別的額外需求，這些需求正從峰值水平開始正常化。這將為來年創造額外的動力，我會在介紹每個部分時注意到這些。個別類別的細微差別不是我們的主要關注點。相反，我們對多元化的戰略重點帶來了許多增長機會，這是我們對 2022 年展望的基礎。

Starting with the fitness segment, revenue increased 16% for the year as strong demand for advanced wearables and cycling products fueled our growth. Full year gross and operating margins were 53% and 24%, respectively, resulting in operating income growth of 17% over the prior year. In the fourth quarter, fitness revenue was flat over the prior year as growth in wearables was offset by lower revenue in cycling.

從健身部門開始，由於對先進可穿戴設備和自行車產品的強勁需求推動了我們的增長，全年收入增長了 16%。全年毛利率和營業利潤率分別為 53% 和 24%，營業收入同比增長 17%。第四季度，健身收入與去年持平，因為可穿戴設備的增長被自行車收入的下降所抵消。

Product differentiation is a key factor in our ability to compete in the market for wearables. Lily is a great example, with its small form factor, appealing design and unique display that hides when not in use. Customers buying Lily are overwhelmingly new to the Garmin brand, demonstrating the power of differentiation to attract new customers.

產品差異化是我們在可穿戴設備市場競爭的關鍵因素。 Lily 就是一個很好的例子，它具有小巧的外形、吸引人的設計和獨特的顯示屏，在不使用時可以隱藏起來。購買 Lily 的客戶絕大多數是 Garmin 品牌的新手，展示了差異化吸引新客戶的力量。

The cycling category has more than doubled over the past 2 years, fueled by pandemic-driven demand for both indoor and outdoor cycling products. The market is starting to normalize at levels below recent peaks but well above pre-pandemic levels. With this in mind, we expect Fitness revenue to be flat year-over-year as growth in wearables is offset by lower revenue in cycling products. In addition, we expect revenue to decline in the first half as we compare against stronger periods from the prior year. In the back half of the year, we expect to return to growth as the cycling market stabilizes and with contributions from new products.

在大流行驅動的室內和室外自行車產品需求的推動下，自行車類別在過去 2 年中增長了一倍多。市場開始在低於近期峰值但遠高於大流行前水平的水平恢復正常。考慮到這一點，我們預計健身收入將同比持平，因為可穿戴設備的增長被自行車產品收入的下降所抵消。此外，與去年同期相比，我們預計上半年收入將下降。下半年，隨著自行車市場的穩定和新產品的貢獻，我們預計將恢復增長。

In the outdoor segment, full year revenue increased 14%, with growth across multiple categories, driven by strong demand for adventure watches. Full year growth and operating margins were 65% and 38%, respectively, resulting in operating income growth of 9%. In the fourth quarter, outdoor revenue decreased 8%, primarily due to component constraints in our traditional handheld and dog product categories. We ended the year with unusually high back orders, which were pushed into the new year.

在戶外領域，由於對冒險手錶的強勁需求，全年收入增長了 14%，多個類別都有增長。全年增長率和營業利潤率分別為 65% 和 38%，營業收入增長 9%。第四季度，戶外收入下降 8%，主要是由於我們傳統的手持和狗產品類別的組件限制。我們以異常高的延期交貨訂單結束了這一年，這些訂單被推到了新的一年。

On January 18, we announced sweeping updates to our fenix adventure watch series, featuring a distinctive new design and a touchscreen display. We also announced the all-new epix with a bright AMOLED touchscreen display and class-leading battery life up to 16 days. Last week, we announced the all-new Instinct 2 series in 2 sizes, which will expand the addressable market for this unique adventure watch. Select Instinct 2 models with solar technology can operate indefinitely using only the power of the sun, which is a breakthrough achievement in the smartwatch market. Demand for these new products has been very strong, and we expect them to be a significant catalyst for growth in the coming year. With these things in mind, we anticipate Outdoor revenue will increase approximately 20% for the year.

1 月 18 日，我們宣布對 fenix 冒險手錶系列進行全面更新，採用獨特的新設計和触摸屏顯示。我們還宣布了全新的 Epix，它具有明亮的 AMOLED 觸摸屏顯示屏和長達 16 天的領先電池壽命。上週，我們宣布推出 2 種尺寸的全新 Instinct 2 系列，這將擴大這款獨特冒險手錶的潛在市場。 Select Instinct 2 採用太陽能技術的型號可以僅使用太陽能無限期運行，這是智能手錶市場的突破性成就。對這些新產品的需求非常強勁，我們預計它們將成為來年增長的重要催化劑。考慮到這些因素，我們預計今年戶外收入將增長約 20%。

Looking next at the aviation segment, full year revenue increased 14% due to contributions from both OEM and aftermarket categories. Full year gross and operating margins were 73% and 27%, respectively, resulting in operating income growth of 40%. In the fourth quarter, Aviation revenue was up 13% driven by growth in OEM categories. Aftermarket sales were flat due to component supply constraints. Aviation also ended the year with unusually high levels of back orders, which carried into the new year.

接下來看航空領域，由於原始設備製造商和售後市場類別的貢獻，全年收入增長了 14%。全年毛利率和營業利潤率分別為 73% 和 27%，營業收入增長 40%。第四季度，在原始設備製造商類別增長的推動下，航空收入增長了 13%。由於零部件供應限制，售後市場銷售持平。航空業也以異常高水平的延期交貨訂單結束了這一年，這些訂單一直延續到新的一年。

The pandemic highlighted the unique value proposition of General Aviation. Aircraft OEMs are reporting robust orders from both new and existing customers. Aftermarket demand is also strong as customers invest in new cockpit systems. We expect these trends to drive revenue growth of 10% for the year, with revenue exceeding the peak we experienced during the ADS-B mandate. We expect incrementally stronger growth in the back half as production levels increase over the course of the year.

疫情凸顯了通用航空的獨特價值主張。飛機原始設備製造商報告來自新老客戶的強勁訂單。隨著客戶投資新的駕駛艙系統，售後市場的需求也很強勁。我們預計這些趨勢將推動今年收入增長 10%，收入將超過我們在 ADS-B 任務期間經歷的峰值。隨著全年生產水平的提高，我們預計下半年的增長會越來越強勁。

Moving to marine. The segment delivered another year of impressive results. Revenue increased 33% with broad-based growth across all categories, led by strong demand for chartplotters. We benefited from both market expansion and share gains driven by our strong product portfolio. Full year growth in operating margins were 57% and 28%, respectively, resulting in operating income growth of 39%. In the fourth quarter, marine revenue increased 14% as the strong trends we experienced throughout the year continued.

轉移到海洋。該部門又取得了令人印象深刻的一年。由於對海圖儀的強勁需求，所有類別的收入都增長了 33%。我們受益於我們強大的產品組合推動的市場擴張和份額增長。全年營業利潤率分別增長57%和28%，營業收入增長39%。第四季度，隨著我們全年經歷的強勁趨勢持續，海運收入增長了 14%。

We recently acquired Vesper Marine, a company specializing in the design of modern VHF radio systems for the marine market. Looking forward, we anticipate the strong interest in boating and fishing will remain strong. Boat builders continue to report strong sales and retail partners are preparing for another year of growth. With these things in mind, we anticipate revenue from the Marine segment will increase 15%, surpassing the $1 billion threshold for the year.

我們最近收購了 Vesper Marine，這是一家專門為船舶市場設計現代 VHF 無線電系統的公司。展望未來，我們預計對划船和釣魚的濃厚興趣將保持強勁。造船商繼續報告強勁的銷售業績，零售合作夥伴正在為又一年的增長做準備。考慮到這些因素，我們預計海事部門的收入將增長 15%，超過今年 10 億美元的門檻。

Moving finally to the auto segment. Full year revenue increased 26% with contributions from both auto OEM and consumer auto categories. Full year gross margin was 39%, and we recorded an operating loss of $71 million driven by investments in auto OEM programs. In the fourth quarter, auto revenue was up 21%, with contributions from consumer specialty categories and new OEM programs. In consumer auto, we continue to launch new specialty categories that lead to growth opportunities.

最後轉向汽車領域。全年收入增長 26%，主要來自汽車 OEM 和消費類汽車類別。全年毛利率為 39%，由於對汽車 OEM 項目的投資，我們錄得 7100 萬美元的營業虧損。第四季度，汽車收入增長了 21%，主要來自消費者專業類別和新的 OEM 計劃。在消費汽車方面，我們繼續推出新的專業類別，帶來增長機會。

At CES, we announced the Tread series for side-by-side vehicles, bringing off-road specific features and in-reach communications to the side-by-side market. Last week, we announced the Instinct dezl edition, the first smartwatch designed specifically for the trucking market. BMW recently unveiled their vision for in-car entertainment, bringing a truly cinematic experience into the vehicle. This immersive entertainment system is powered by a multimedia computing platform designed and built by Garmin. We continue to invest heavily to bring this and other BMW systems to market. The investment has been more significant than anticipated, and these investments are expected to continue throughout the remainder of the year as we fulfill our obligations to BMW.

在 CES 上，我們宣布了用於並排車輛的 Tread 系列，為並排市場帶來了越野特定功能和触手可及的通信。上週，我們發布了 Instinct dezl 版本，這是第一款專為貨運市場設計的智能手錶。寶馬最近公佈了他們對車內娛樂的願景，為車輛帶來真正的電影體驗。這種身臨其境的娛樂系統由 Garmin 設計和構建的多媒體計算平台提供支持。我們將繼續大力投資，將這款和其他 BMW 系統推向市場。這項投資比預期的要大，隨著我們履行對寶馬的義務，這些投資預計將在今年剩餘時間內繼續進行。

This will result in auto OEM operating loss for the year that is roughly comparable to that of 2021. We expect to start production of the next-generation BMW computing platform later this year at low volumes, with a more meaningful production ramp occurring in 2023. With these things in mind, we expect total auto revenue to grow approximately 5% for the year.

這將導致今年汽車 OEM 的運營虧損與 2021 年大致相當。我們預計將於今年晚些時候開始小批量生產下一代 BMW 計算平台，2023 年將出現更有意義的產量增長。考慮到這些因素，我們預計今年汽車總收入將增長約 5%。

So that concludes my remarks. Next, Doug will walk through additional details on financial results and our updated guidance. Doug?

我的發言到此結束。接下來，Doug 將詳細介紹財務業績和我們更新的指導。道格？

Thanks, Cliff. Good morning, everyone. I'd like to begin by reviewing our fourth quarter and full year financial results, provide comments on the balance sheet, cash flow statement, taxes and 2022 guidance.

謝謝，克里夫。大家，早安。首先，我想回顧一下我們的第四季度和全年財務業績，就資產負債表、現金流量表、稅收和 2022 年指引發表評論。

We posted revenue over $1.3 billion for the fourth quarter, representing a 3% increase year-over-year. Gross margin was 55.5%, 300 basis point decrease from the prior year quarter. Decrease was primarily due to higher freight costs and favorable impact of foreign exchange rates. Operating expense as a percentage of sales was 32.8%, 170 basis point increase. Operating income was $315 million, a 15% decrease. Operating margin was 22.6%, 480 basis point decrease from the prior year. Our GAAP EPS was $1.48. Pro forma EPS was $1.55, a 10% decrease from the prior year pro forma EPS.

我們公佈第四季度收入超過 13 億美元，同比增長 3%。毛利率為 55.5%，比去年同期下降 300 個基點。減少主要是由於較高的運費成本和匯率的有利影響。營業費用佔銷售額的百分比為 32.8%，增加了 170 個基點。營業收入為 3.15 億美元，下降 15%。營業利潤率為 22.6%，比上年下降 480 個基點。我們的 GAAP 每股收益為 1.48 美元。備考每股收益為 1.55 美元，比去年的備考每股收益下降 10%。

Looking at the full year results. We posted revenue over $4.9 billion, representing a 19% increase year-over-year. Gross margin was 58%, 130 basis point decrease from the prior year. The decrease was primarily due to higher freight costs. Operating expense as a percentage of sales was 33.6%, [3 basis point] decrease. Operating income was $1.2 billion, a 16% increase. Operating margin was 24.5%, 70 basis point decrease from the prior year. Our GAAP EPS was $5.61. Pro forma EPS was $5.82, a 13% increase from the prior year pro forma EPS.

看全年業績。我們公佈的收入超過 49 億美元，同比增長 19%。毛利率為 58%，比上年下降 130 個基點。減少的主要原因是運費增加。營業費用佔銷售額的百分比為 33.6%，[3 個基點] 下降。營業收入為 12 億美元，增長 16%。營業利潤率為 24.5%，比上年下降 70 個基點。我們的 GAAP 每股收益為 5.61 美元。備考每股收益為 5.82 美元，比去年的備考每股收益增長 13%。

Next, look at fourth quarter revenue by segment and geography. During the quarter, we achieved consolidated growth of 3% with double-digit growth in the aviation, marine and auto segments, partially offset by a decline in the outdoor segment. Fitness segment was relatively flat year-over-year. By geography, 8% growth in APAC and 5% growth in Americas was partially offset by a decline of 2% in EMEA, which was negatively impacted by foreign exchange rates during the quarter. For the full year 2021, we achieved 19% consolidated growth with solid double-digit growth in all of our 5 segments. By geography, we achieved double-digit growth in all 3 regions, led by 21% growth in APAC, followed by 19% in Americas, 18% EMEA.

接下來，按細分市場和地理位置查看第四季度的收入。在本季度，我們實現了 3% 的綜合增長，航空、船舶和汽車領域實現了兩位數的增長，部分被戶外領域的下降所抵消。健身部分同比相對持平。按地域劃分，亞太地區 8% 的增長和美洲 5% 的增長被 EMEA 下降 2% 部分抵消，該下降受到本季度外匯匯率的負面影響。 2021 年全年，我們實現了 19% 的綜合增長，所有 5 個部門均實現了兩位數的穩健增長。按地域劃分，我們在所有三個地區均實現了兩位數的增長，其中亞太地區增長 21%，其次是美洲 19%，歐洲、中東和非洲地區增長 18%。

Looking at operating expenses, fourth quarter operating expenses increased by $37 million or 9%. Research and development increased $22 million year-over-year, primarily due to engineering personnel costs. SG&A increased $15 million from the prior year quarter, primarily due to increases in personnel-related expenses, information technology costs. Our advertising expense was consistent with the prior year quarter.

從運營費用來看，第四季度的運營費用增加了 3700 萬美元或 9%。研發同比增長 2200 萬美元，主要是由於工程人員成本。 SG&A 比上一季度增加了 1500 萬美元，主要是由於人事相關費用和信息技術成本的增加。我們的廣告費用與去年同期一致。

A few highlights on the balance sheet, cash flow statement and dividends. We ended the quarter with cash and marketable securities of approximately $3.1 billion. Accounts receivable increased sequentially $343 million due to strong sales in the fourth quarter and was relatively flat year-over-year. Inventory increased year-over-year to $1.2 billion. The increase was due to several factors including preparation for first quarter product launches, increased levels of indoor cycling products, expansion of our global manufacturing footprint and executing our strategy to increase supply to support our increasingly diversified product lines.

資產負債表、現金流量表和股息的一些亮點。我們在本季度末擁有約 31 億美元的現金和有價證券。由於第四季度的強勁銷售，應收賬款環比增長 3.43 億美元，與去年同期相比相對持平。庫存同比增加至 12 億美元。這一增長是由於多個因素造成的，包括第一季度產品發布的準備、室內自行車產品水平的提高、我們全球製造足蹟的擴大以及執行我們增加供應以支持我們日益多樣化的產品線的戰略。

During 2022, we expect our inventory balance to continue to grow to work to optimize the mix of ocean versus air freight shipments, produce efficient level of safety stock to mitigate increased lead times and generally manage the supply of raw materials.

在 2022 年，我們預計我們的庫存餘額將繼續增長，以優化海運與空運的組合，生產有效水平的安全庫存以減少交貨時間的增加，並總體上管理原材料的供應。

During the fourth quarter of 2021, we generated free cash flow of $49 million. For the full year 2021, we generated free cash flow of approximately $705 million, a $245 million decrease from the prior year, primarily due to increased inventory levels and higher capital expenditures.

在 2021 年第四季度，我們產生了 4900 萬美元的自由現金流。 2021 年全年，我們產生了約 7.05 億美元的自由現金流，比上年減少 2.45 億美元，主要是由於庫存水平增加和資本支出增加。

In 2022, we expect free cash flow to be approximately $725 million with approximately $310 million of capital expenditures. For 2022, we expect to continue to make investments, platforms for growth, including our Taiwan manufacturing facilities, continued renovation of our Olathe facilities to increase work space capacity and IT-related projects. Also, we announced our plans to seek share approval for an increase in our dividend beginning with the June 2022 payment, proposal of a cash dividend of $2.92 per share or $0.73 per share per quarter. This is a 9% increase from our current quarterly dividend of [$0.67] (corrected by company after the call) per share. For full year 2021, we report an effective tax rate of 10.3%.

到 2022 年，我們預計自由現金流約為 7.25 億美元，資本支出約為 3.1 億美元。到 2022 年，我們預計將繼續進行投資和增長平台，包括我們的台灣製造設施、繼續翻新我們的 Olathe 設施以增加工作空間容量和 IT 相關項目。此外，我們宣布了從 2022 年 6 月付款開始尋求股份批准以增加股息的計劃，提議派發每股 2.92 美元或每季度每股 0.73 美元的現金股息。這比我們目前每股 [0.67 美元] 的季度股息（在電話會議後由公司更正）增加了 9%。對於 2021 年全年，我們報告的有效稅率為 10.3%。

Turning next to our full year guidance. We estimate revenue of approximately $5.5 billion, an increase of 10% over the prior year, with double-digit growth in 3 of our 5 segments. We expect gross margin to be approximately 57.5%, which is lower than our full year 2021 gross margin, primarily due to higher supply chain costs and less favorable foreign exchange rates, partially offset by increases in selling prices. We expect an operating margin of approximately 22.8%. The full year pro forma effective tax rate is expected to be approximately 10.5%. This results in expected pro forma earnings per share of approximately $5.90.

接下來是我們的全年指導。我們估計收入約為 55 億美元，比上一年增長 10%，我們 5 個部門中的 3 個部門實現了兩位數的增長。我們預計毛利率約為 57.5%，低於我們 2021 年全年的毛利率，主要是由於供應鏈成本上升和匯率不利，部分被售價上漲所抵消。我們預計營業利潤率約為 22.8%。全年備考有效稅率預計約為 10.5%。這導致預期的每股備考收益約為 5.90 美元。

Finally, I've discussed the changes in our methodology for classification of certain expenses and allocation of certain expenses among the segments. We plan to reflect these changes in our reporting for the first quarter of 2022, and prior periods will be recast to conform to revised presentation. The new expense classification result in less indirect SG&A costs being classified as R&D expense, which we believe will provide a more meaningful representation of the cost incurred to support R&D activities, consistent with the way management will use the information in decision-making. We estimated approximately $61 million expense as classified as R&D in 2021 will be reclassed as SG&A.

最後，我討論了我們對某些費用進行分類和在各個部門之間分配某些費用的方法的變化。我們計劃在 2022 年第一季度的報告中反映這些變化，並且將重新調整之前的期間以符合修訂後的陳述。新的費用分類導致更少的間接 SG&A 成本被歸類為研發費用，我們認為這將更有意義地表示支持研發活動所產生的成本，與管理層在決策中使用信息的方式一致。我們估計 2021 年歸類為研發的大約 6100 萬美元費用將被重新歸類為 SG&A。

Future reports will also reflect a refined methodology to allocate certain SG&A expenses to the segments in a more direct manner, based on analysis of activity supported by the expenses. We believe this refined allocation approach result in a more meaningful representation of segment operating income. We estimate that fitness and outdoor will be allocated more S&A expenses, resulting in lower operating margin while other segments will be allocated less SG&A expenses, resulting in higher operating margin. These changes have no impact on our consolidated operating income or net income.

未來的報告還將反映一種改進的方法，根據對費用支持的活動的分析，以更直接的方式將某些 SG&A 費用分配給各個部門。我們相信這種精細的分配方法可以更有意義地反映分部營業收入。我們估計健身和戶外將分配更多的 S&A 費用，導致營業利潤率較低，而其他部門將分配較少的 SG&A 費用，導致營業利潤率更高。這些變化對我們的綜合營業收入或淨收入沒有影響。

This concludes our formal remarks. Valerie, please open the line for Q&A.

我們的正式發言到此結束。瓦萊麗，請打開問答線。

(Operator Instructions) Our first question comes from Nik Todorov of Longbow Research.

（操作員說明）我們的第一個問題來自 Longbow Research 的 Nik Todorov。

Yes. And congrats on great execution and results. Cliff, I think I heard you mentioned during the prepared remarks that you're raising prices in some segments. Can you talk in which categories or segments are you able to mitigate the rising input cost? And how should we think about the cadence of that mitigation throughout the year? I'm assuming in some segments, it's harder to pass through to increase prices immediately?

是的。並祝賀出色的執行和結果。 Cliff，我想我聽到你在準備好的評論中提到你正在提高某些細分市場的價格。您能否談談您能夠在哪些類別或細分市場中緩解不斷上升的投入成本？我們應該如何考慮全年緩解的節奏？我假設在某些細分市場，很難通過立即提高價格？

Yes. Nik, we have a diversified business. And so each segment and sometimes within each segment's different product categories have different considerations when it comes to pricing. We're looking at a combination of both more broad price increases where we are able as well as resetting product pricing as we introduce new products.

是的。尼克，我們有一個多元化的業務。因此，每個細分市場，有時在每個細分市場的不同產品類別中，在定價方面都有不同的考慮。我們正在考慮在我們能夠進行的更廣泛的價格上漲以及在我們推出新產品時重置產品定價的組合。

I think that's most of what I would probably comment on right now. And I think it will take some time for some of these changes, of course, to come through, but I'm confident that we'll be able to see a difference as time goes on.

我想這就是我現在可能要評論的大部分內容。當然，我認為其中一些變化需要一些時間才能實現，但我相信隨著時間的推移，我們將能夠看到不同之處。

Okay. Got it. And as a follow-up, can you talk about how are you navigating through the component constraints? I think particularly in aviation, something we've heard is that, obviously, component lead times have stretched quite a bit, but some components that are used in avionics have been announced as end of life. So I'm just curious, are you facing any redesigning activity? And how should we think about potentially that impacting aviation margins in the near term?

好的。知道了。作為後續，你能談談你是如何瀏覽組件約束的嗎？我認為特別是在航空領域，我們聽說的是，顯然，組件的交貨時間已經延長了很多，但是一些用於航空電子設備的組件已經宣布報廢。所以我很好奇，您是否面臨任何重新設計活動？我們應該如何考慮在短期內影響航空利潤的可能性？

Yes. I think component constraints have been a challenge for a while now. As I mentioned in my remarks, vertical integration is a huge differentiating factor for us because we're able to use alternative components and we're able to redesign things when we need to. And we have maintained very good relationships with the suppliers. They're under a lot of pressure at this time, too, and they certainly get a lot of people beating them up. We try to focus on relationships.

是的。我認為組件約束一直是一個挑戰。正如我在評論中提到的，垂直整合對我們來說是一個巨大的差異化因素，因為我們能夠使用替代組件，並且能夠在需要時重新設計事物。我們與供應商保持著非常好的關係。他們此時也承受著很大的壓力，而且他們肯定會得到很多人毆打他們。我們試圖專注於人際關係。

But that said, particularly in Aviation, you mentioned end of life as a potential issue. That's really not a new thing in aviation. I think avionics designs tend to have longer life cycles. So consequently, we've dealt with that issue for a long time, and we manage through that mostly through a combination of redesigns and also safety stock. So again, I think we're able to handle this situation better than most because of our strong R&D and our focus on vertical integration.

但話雖如此，尤其是在航空領域，您提到生命終結是一個潛在問題。這在航空界真的不是什麼新鮮事。我認為航空電子設備的設計往往具有更長的生命週期。因此，我們已經處理這個問題很長時間了，我們主要通過重新設計和安全庫存的組合來解決這個問題。再說一次，我認為由於我們強大的研發和對垂直整合的關注，我們能夠比大多數人更好地處理這種情況。

Got it. Very helpful. And Doug, if I can sneak one in for you. Just can you talk about OpEx puts and takes in 2022? I know you mentioned you're going to be changing the -- and reallocating expenses. But based on the current reported basis, how should we think about OpEx parts moving as a percent of sales?

知道了。很有幫助。還有道格，如果我可以偷偷給你一個。你能談談 2022 年的 OpEx 看跌期權嗎？我知道你提到你將改變 - 並重新分配費用。但根據目前的報告基礎，我們應該如何看待運營支出佔銷售額的百分比？

Sure. So yes, a percentage of sales for the full year and looking at the different categories, yes, I'll talk about it on the new methodology, from that standpoint, that's what we were reporting in 2022 when we were recasting '21. So we expect on overall operating expenses as a percent of sales year-over-year, probably about 120 basis point increase year-over-year.

當然。所以，是的，全年銷售額的百分比並查看不同的類別，是的，我將討論新方法，從這個角度來看，這就是我們在 2022 年重鑄 '21 時報告的內容。因此，我們預計總體運營費用佔銷售額的百分比將同比增長約 120 個基點。

And looking at the various categories, first, advertising. We expect advertising sales to be up slightly, maybe about 10 basis points. And looking at R&D, we expect that to be up probably about 40 basis points as a percentage of sales. There, we're continuing to make investments in head count as well as compensation-related items impacting R&D. Then in SG&A, we expect that to be up about 70 basis points as a percentage of sales year-over-year. There, the big driver is primarily IT costs, but also we'll see increased costs in other parts of our business such as product support operations, just because of increased volume as well as more consumers and users.

看看各個類別，首先是廣告。我們預計廣告銷售額將小幅上升，可能約為 10 個基點。在研發方面，我們預計銷售額佔銷售額的百分比可能會上升約 40 個基點。在那裡，我們將繼續對員工人數以及影響研發的薪酬相關項目進行投資。然後在 SG&A 中，我們預計銷售額佔銷售額的百分比將同比增長約 70 個基點。在那裡，最大的驅動因素主要是 IT 成本，但我們也會看到我們業務的其他部分的成本增加，例如產品支持運營，這僅僅是因為數量的增加以及更多的消費者和用戶。

Our next question comes from Paul Chung of JPMorgan.

我們的下一個問題來自摩根大通的 Paul Chung。

Very nice print. So just on margins, given the very strong kind of outdoor, aviation revenue guide, I would have thought that kind of overall margins would have seen some benefits there, even with the kind of negative auto contribution this year? So can you quantify maybe the freight components kind of headwind baked in the margin guide?

非常漂亮的印刷品。因此，僅就利潤率而言，考慮到非常強勁的戶外航空收入指南，我會認為這種整體利潤率會在那裡看到一些好處，即使今年汽車行業的貢獻是負的？那麼，您能否量化利潤率指南中出現的貨運成分？

Yes, this is Doug. We don't give a breakout of the different components of gross margin on freight. A little bit of background on what's driving that. The 50 basis point decline, so we do expect to see higher supply chain costs year-over-year. Freight increased during the year in 2021, so we're going up against tougher comps in freight the first part of the year. Also, we will see some headwinds relating to FX, also foreign exchange rate in there, too, that will give us some headwinds in that too.

是的，這是道格。我們沒有對運費毛利率的不同組成部分進行細分。關於推動這一點的一點背景。下降 50 個基點，因此我們確實預計供應鏈成本會同比上升。 2021 年的貨運量有所增加，因此我們將在今年上半年應對更嚴格的貨運成本。此外，我們將看到一些與外匯有關的逆風，還有外匯匯率，這也會給我們帶來一些逆風。

So -- and then as Cliff mentioned, we're looking to increase selling prices where we can. But as you mentioned, there's a lot of puts and takes, a lot of moving parts in that gross margin. You have, like you've mentioned, some different things relating to segment mix. And there, we factored in new product launches. But there are overall still some headwinds on the supply chain side of things and FX that are bringing that, I'll say, from an overall basis, down about 50 basis points.

所以 - 然後正如 Cliff 提到的，我們正在尋求盡可能提高銷售價格。但正如你所提到的，毛利率中有很多看跌期權，很多活動部分。正如您所提到的，您有一些與細分組合相關的不同內容。在那裡，我們考慮了新產品的發布。但總體而言，在事物和外彙的供應鏈方面仍然存在一些不利因素，我會說，從總體上看，這些因素下降了約 50 個基點。

Got you. And then just on outdoor with handhelds and dog products maybe pushing into '22, should we expect a little less seasonality in 1Q as a result? And then if you could expand on the outdoor guide, which is quite impressive. What's driving the confidence in that guide? And how is the fenix refresh been received?

得到你。然後只是在戶外使用手持設備和狗產品可能會進入 22 年，我們是否應該期望第一季度的季節性會減少一些？然後，如果您可以擴展戶外指南，那將是非常令人印象深刻的。是什麼推動了人們對該指南的信心？以及如何收到 fenix 刷新？

Yes. I think the handheld and dog products, as I mentioned, Paul, the back orders for those, of course, push into the new year. And those were driven by supply constraints that we experienced at the end of last year. Those are getting incrementally better, although we still are taking a wait-and-see attitude, but we're building and shipping everything that we can. I think that those categories are meaningful but small in the overall scheme of the outdoor segment. So I don't think you're really going to notice a lot of seasonality effect because of that.

是的。我認為手持和狗產品，正如我所提到的，保羅，那些延期交貨的產品，當然會進入新的一年。這些是由我們去年年底經歷的供應限制所驅動的。儘管我們仍然採取觀望態度，但這些情況正在逐漸好轉，但我們正在構建和交付我們所能做的一切。我認為這些類別是有意義的，但在戶外部分的整體方案中很小。因此，我認為您不會因此而真正注意到很多季節性影響。

In terms of the guide and the potential impact on -- from the new adventure watches that we introduced, the reception of those watches has been very strong, as I mentioned. And of course, the interest in those products and the momentum from them is behind our 20% estimated growth for the year. So we're very pleased with that, and we think we'll have a very good year in Outdoor.

正如我所提到的，就指南和對我們推出的新冒險手錶的潛在影響而言，這些手錶的接受度非常高。當然，對這些產品的興趣和它們的發展勢頭是我們今年預計增長 20% 的背後原因。所以我們對此感到非常高興，我們認為我們將在戶外度過一個非常好的一年。

And then lastly, on aviation, your guide implies revenue is now well above the record '19 levels on ADS-B. But what's driving the guide this year? How has the product portfolio evolved? And then how should we think about operating margins for '22 in aviation? Can we end the year kind of approaching that 30% or exceed that?

最後，在航空方面，您的指南暗示收入現在遠高於 ADS-B 的 19 年創紀錄水平。但是是什麼推動了今年的指南？產品組合是如何演變的？那麼我們應該如何考慮 22 年航空業的營業利潤率？我們能否在年底接近或超過 30%？

Yes. So definitely, we've recovered a lot of revenue that went away after the ADS-B mandate. We expected that revenue to go away because it was a once-in-a-generation mandate from the FAA to equip every general aviation aircraft, which once that's done, that opportunity, of course, is gone. But we've been able to recover those revenues through a strong product line. Particularly our flight control systems are very strong, very well received in the market, and that's driven upgrades in cockpits.

是的。因此，毫無疑問，我們已經收回了大量在 ADS-B 授權後消失的收入。我們預計收入會消失，因為這是美國聯邦航空局 (FAA) 的千載難逢的任務，為每架通用航空飛機配備裝備，一旦完成，這個機會當然就消失了。但我們已經能夠通過強大的產品線收回這些收入。特別是我們的飛行控制系統非常強大，在市場上非常受歡迎，這推動了駕駛艙的升級。

And as I mentioned in my remarks, the general sentiment around OEM aircraft makers is that order books are strong. Customer interest is very strong. And of course, we're in the bell curve of General Aviation, which gives us the ability to grow along with the market there.

正如我在講話中提到的，圍繞 OEM 飛機製造商的普遍情緒是訂單強勁。客戶的興趣非常強烈。當然，我們處於通用航空的鐘形曲線中，這使我們有能力與那裡的市場一起成長。

Our next question comes from Jeffrey Rand of Deutsche Bank.

我們的下一個問題來自德意志銀行的 Jeffrey Rand。

Congrats on a good quarter and year. Your auto OEM business is clearly a good growth opportunity for you going forward but at a lower margin compared to some of your other businesses. How do you think about the revenue growth opportunity versus the headwind to gross margin for the overall company for this business?

祝賀一個良好的季度和年度。您的汽車 OEM 業務顯然是您前進的良好增長機會，但與您的其他一些業務相比，利潤率較低。您如何看待該業務的整體公司的收入增長機會與毛利率的逆風？

Well, I think, Jeffrey, the opportunity in auto OEM, of course, is the large scale that comes with these big programs. So that's what we've been investing to, to bring to market, as I mentioned. They do come with a different margin profile. That hasn't really been our concern relative to the rest of the business because we're focusing on the revenue growth and the scale opportunity. But the challenge for us in -- going forward, of course, is proving that we can get that scale and also be profitable in the business.

嗯，我認為，杰弗裡，汽車 OEM 的機會當然是這些大項目帶來的大規模。正如我所提到的，這就是我們一直在投資的目標，並將其推向市場。它們確實具有不同的保證金配置文件。相對於其他業務，這並不是我們真正關心的問題，因為我們專注於收入增長和規模機會。但是，我們面臨的挑戰——當然，要證明我們能夠獲得這樣的規模，並且在業務中也能盈利。

Great. And as a follow-up, you noted a reduction in your cycling products in your prepared comments, and there have been some demand concerns at one of the largest indoor cycling companies recently. How do you think about this business going forward? And if there was some pull-in during the earlier part of the pandemic, how long do you think this takes to work through before the business kind of returns to typical growth?

偉大的。作為後續行動，您在準備好的評論中註意到您的自行車產品減少了，最近最大的室內自行車公司之一出現了一些需求問題。您如何看待這項業務的未來發展？如果在大流行的早期有一些拉動，您認為在業務恢復到典型增長之前需要多長時間才能完成？

Yes. I think your question is interesting. We're not here, of course, to talk about specific names, but I think I understand your comment. And I would say that our indoor cycling products are very different from some of the headline companies that have been talked about a lot recently. Our products are focused on athleticism and performance, and we're not really in the spin bike business, which has been hit pretty hard by people returning to gyms.

是的。我覺得你的問題很有趣。當然，我們不是在這裡談論具體的名字，但我想我理解你的評論。我想說的是，我們的室內自行車產品與最近經常談論的一些頭條公司有很大不同。我們的產品專注於運動能力和性能，我們並不真正從事動感單車業務，因為人們重返健身房受到了很大的打擊。

But in terms of pull-in, there probably was some. People got interested in those kinds of products, so they did equip their bikes, they did equip their homes with training devices. But as I mentioned, we're seeing the market sell out, normalize around levels above that of 2019, which was the last normal year in that cycle. So there's some high channel inventory right now, not necessarily specific to our product lines, but every trainer maker rushed into the market and filled the channels. And so that will take some time to work through. We expect probably the better part of this year before things really normalize.

但就拉入而言，可能有一些。人們對這類產品產生了興趣，所以他們確實為他們的自行車配備了訓練設備，他們確實為他們的家配備了訓練設備。但正如我所提到的，我們看到市場售罄，正常化水平高於 2019 年，這是該週期中最後一個正常年份。所以現在有一些高渠道庫存，不一定特定於我們的產品線，但是每個培訓師都爭先恐後地進入市場並填補了渠道。所以這需要一些時間來解決。在事情真正正常化之前，我們預計今年的大部分時間可能會更好。

Our next question comes from Ben Bollin of Cleveland Research.

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

Cliff, I guess it's been danced around a little bit, but when you look at the spread in terms of your 2022 guidance for outdoor and fitness, it's the widest gap we've seen since -- I guess, 2017, it ended up being about a 35-point spread between the 2 in terms of year-over-year growth. But I guess I'm interested in your thoughts on the high-end wearables within the segments. Do you see any secular changes out there, which are moving the difference between the 2 outlooks and the growth rates? Or going back to that last question, do you think it's just inventory and cycling? What's driving that spread?

克里夫，我想它已經跳了一點點，但是當你從 2022 年戶外和健身指南的角度來看分佈時，這是我們自 2017 年以來看到的最大差距——我猜，它最終是就同比增長而言，兩者之間的差距約為 35 個百分點。但我想我對您對細分市場中高端可穿戴設備的看法很感興趣。您是否看到任何長期變化，這些變化正在改變兩種前景和增長率之間的差異？或者回到最後一個問題，你認為這只是庫存和循環嗎？是什麼推動了這種傳播？

Well, lots of moving pieces, Ben, and you've kind of hit on the major ones. The one thing I would just highlight in addition is that product life cycle differences between the 2 segments can definitely impact the growth patterns between the segments. We're coming off a super strong launch in outdoor, as I mentioned, with the new fenix, the epix and the Instinct products. And the cadence of introductions in fitness is a little bit different, combine that with the overall normalizing of the cycling market, that's why there's the difference between outdoor and fitness.

嗯，有很多動人的作品，本，而且你已經對主要作品有所了解。另外我要強調的一件事是，兩個細分市場之間的產品生命週期差異肯定會影響細分市場之間的增長模式。正如我所提到的，我們即將在戶外推出超級強勁的產品，包括新的 fenix、epix 和 Instinct 產品。並且健身引入的節奏有點不同，結合自行車市場的整體常態化，這就是為什麼戶外和健身之間存在差異的原因。

Okay. And the last one for you is, if you look through the elevated auto OEM investments that are happening right now, when you're on the back end of this, when you're into 2023, any thoughts on what a normalized margin might look like within that business over time?

好的。最後一個對你來說是，如果你看看現在正在發生的汽車原始設備製造商投資的增加，當你在這件事的後端，當你進入 2023 年時，任何關於正常化利潤率的想法可能看起來喜歡隨著時間的推移在該業務中？

I think we've mentioned before and is very typical in the auto business that the margins can be in the mid to high teens on certain highest volume product line. So that's what we're expecting. I think that's what we've communicated before to the market.

我認為我們之前提到過，並且在汽車行業中非常典型，在某些最高產量的產品線上，利潤率可能處於中高水平。所以這就是我們所期待的。我認為這就是我們之前向市場傳達的信息。

Our next question comes from Will Power of Baird.

我們的下一個問題來自貝爾德的意志力。

Okay. I guess a couple of questions. Maybe circling back on fitness. I know, Cliff, you noted some of the cycling headwinds, which probably aren't a big surprise. But would love to get a bit more color on the confidence and key drivers within the wearables segment that you expect to help offset some of the cycling pressure. And I guess within that, any color on Forerunner and what you're seeing there? Is that something that you think can grow as we kind of come out of the pandemic? Just thoughts there, too.

好的。我猜有幾個問題。也許會回到健身上。我知道，克里夫，你注意到了一些騎行逆風，這可能並不令人意外。但希望在可穿戴設備領域的信心和關鍵驅動因素上獲得更多色彩，您希望這有助於抵消一些騎行壓力。我猜在這裡面，先行者有什麼顏色嗎？你在那裡看到了什麼？您認為隨著我們從大流行中走出來，這種東西會增長嗎？也只是那裡的想法。

Yes. I think we put out our view of the year based on a high level of confidence that we can achieve what we say. I think that we've seen a continual strength in the advanced wearables. That's really all products with GPS smartwatch capability in our fitness product line. So we -- that includes Runner, that includes Venu and vívoactive and all those kinds of products. We're coming off of strong releases from last year in some of the advanced consumer wearables, and then our running products have refreshes coming as well.

是的。我認為我們基於對我們能夠實現我們所說的話的高度信心提出了我們對這一年的看法。我認為我們已經看到了先進可穿戴設備的持續優勢。這就是我們健身產品線中所有具有 GPS 智能手錶功能的產品。所以我們——包括 Runner，包括 Venu 和 vívoactive 以及所有這些類型的產品。我們的一些高級消費可穿戴設備從去年開始強勁發布，然後我們的跑步產品也有更新。

So all of those things coming together, we feel like will be positive things. And when you consider that events, particularly, races like 10Ks, half marathons, marathons have been mostly canceled during the last 2 years, as some of those start to come online, we think it will drive additional interest in running products.

所以所有這些事情結合在一起，我們覺得這將是積極的事情。當你考慮到賽事，特別是 10Ks、半程馬拉松、馬拉松等賽事在過去 2 年中大部分被取消時，隨著其中一些開始上線，我們認為這將激發人們對跑步產品的額外興趣。

Okay. And then just second question. On marine, how do we think about the potential pull-forward impact you saw there? Obviously, you're confident in a continuing strong growth outlook. So it feels like you're not expecting as much of a comp issue there, but would love any kind of color there. And then any thoughts on Vesper Marine and the impact that would have on the '22 guidance?

好的。然後只是第二個問題。在海上，我們如何看待您在那裡看到的潛在拉動影響？顯然，您對持續強勁的增長前景充滿信心。所以感覺你並不期待那裡有那麼多的補償問題，但會喜歡那裡的任何顏色。然後對 Vesper Marine 以及對 '22 指南的影響有什麼想法嗎？

In terms of potential pull forward in Marine, it's always a possibility, I suppose. But in general, the marine market has been very constrained with the supply of boats, whether it's new boats from manufacturers or used boats. People are not letting go of their boats. And so consequently, they're equipping their boats. There are a lot of boats out there in use that have very old equipment. These are long-lived assets on the boat. So there's plenty of opportunity for retrofit in the market. And as the new boats are built, many of them are equipped with Garmin products. And so we believe that the growth opportunity in Marine is still very good.

我想，就海軍陸戰隊的潛在推動力而言，這總是有可能的。但總的來說，無論是製造商的新船還是二手船，船舶市場的供應都非常有限。人們不會放開他們的船。因此，他們正在裝備他們的船。有很多在使用中的船都有非常舊的設備。這些是船上的長期資產。所以市場上有很多改造的機會。隨著新船的建造，其中許多都配備了 Garmin 產品。因此，我們認為 Marine 的增長機會仍然非常好。

In terms of Vesper, just to quickly comment on that, I would say that it's a technology and engineering acquisition for us. So it's not material in terms of revenue or cost structure, but the group had very significant design capabilities in the area of VHF radios, and so that's an area we want to build our capability in.

就 Vesper 而言，為了快速評論一下，我想說這對我們來說是一項技術和工程收購。因此，就收入或成本結構而言，這並不重要，但該集團在 VHF 無線電領域擁有非常重要的設計能力，因此我們希望在該領域建立我們的能力。

Our next question comes from Erik Woodring of Morgan Stanley.

我們的下一個問題來自摩根士丹利的 Erik Woodring。

Maybe if we just stay on marine for one second. Can you help us just better understand how the drivers of the marine business are changing at all? Meaning we know there are still backlog that's in the OEM business that's typically a smaller part of your marine business. But what are you just seeing in 2022 versus 2021 that give you the confidence in the 15% growth?

也許如果我們只是在海上停留一秒鐘。您能否幫助我們更好地了解海洋業務的驅動力正在發生怎樣的變化？這意味著我們知道 OEM 業務中仍有積壓，這通常是您海運業務的一小部分。但是，您在 2022 年與 2021 年之間看到了什麼讓您對 15% 的增長充滿信心？

Yes. I would say, Erik, it's really the same factors that drove 2021 that carried forward into 2022. We see strong demand from the boat builders as they ramp up production to fill the demand. They've got historic back orders on their books as well. So they're increasing their production. That benefits us. And then generally, the enthusiasm around new technologies in marine, particularly the fishing area and the advanced sonars that we offer, continues to be strong, bringing new people into the market, causing them to replace their old equipment, including both sonars and chartplotters. So these trends have been the same for a while now, and we expect those to continue in 2022.

是的。我想說，埃里克，推動 2021 年延續到 2022 年的因素確實是相同的。我們看到造船商的強勁需求，因為他們提高了產量以滿足需求。他們的賬簿上也有歷史性的延期交貨。所以他們正在增加產量。這對我們有利。然後一般來說，圍繞海洋新技術的熱情，特別是捕魚區和我們提供的先進聲納，繼續保持強勁，將新人帶入市場，導致他們更換舊設備，包括聲納和海圖儀。因此，這些趨勢現在已經有一段時間了，我們預計這些趨勢將在 2022 年繼續存在。

Okay. And then maybe if we just touch on the cost side. I guess based on the kind of the revenue -- and segment revenue and then total gross margin disclosure, we do have to assume that gross margins are down across most segments. Is that fair to think? Or should it be more acute in certain segments?

好的。然後也許我們只是觸及成本方面。我猜根據收入的類型——以及細分收入，然後是總毛利率披露，我們必須假設大多數細分市場的毛利率都在下降。這樣想公平嗎？還是應該在某些細分市場更加尖銳？

And then on the operating side, just -- is the pressure mostly blamed on investments in autos? Or again, is there investment outside of autos that is going to be more elevated in 2022 relative to, say, 2021?

然後在運營方面，壓力主要歸咎於汽車投資嗎？或者，相對於 2021 年，2022 年汽車以外的投資是否會更高？

Yes. Regarding the gross margin, it's -- a lot of factors in place there, product launches, new products, take that into consideration, some are more impacted on FX than other ones. And as Cliff mentioned, some are related to selling prices. So we do expect probably some kind of depressed overall consolidated, but I think it's going to be a mix among the various segments to get that overall one.

是的。關於毛利率，有很多因素，產品發布，新產品，考慮到這一點，有些因素對外彙的影響比其他因素更大。正如克里夫所說，有些與售價有關。因此，我們確實預計可能會出現某種低迷的整體整合，但我認為這將是各個細分市場的混合體，以實現整體整合。

And I probably would say auto OEM, one we probably would see that gross margins, we'd say that would be down year-over-year just because the BMW will be a bigger piece of that overall business; and then fitness also as some of the pressures that they have will probably be down there, too. I mean other ones are probably depending upon what the product launches and all those different things.

我可能會說汽車原始設備製造商，我們可能會看到毛利率，我們會說這將同比下降，因為寶馬將在整個業務中佔據更大的份額；然後是健身，因為他們所面臨的一些壓力也可能會在那裡。我的意思是其他的可能取決於產品發布的內容和所有這些不同的東西。

Relating to the cost side, yes, auto side, the R&D expenses will probably be up over the previous year in 2021. But also, we're seeing increased investments across all of our businesses, R&D. We'll make those investments to really drive innovation. As well, we'll see some, from the SG&A side of things, IT type of costs increasing, those type of things, just a higher level of our business, larger footprints. We have manufacturing operations, those type of things are driving some expense in there also.

在成本方面，是的，汽車方面，研發費用可能會在 2021 年比上一年增加。而且，我們看到我們所有業務的投資都在增加，研發。我們將進行這些投資以真正推動創新。同樣，我們會看到一些，從 SG&A 方面，IT 類型的成本增加，這些類型的事情，只是我們業務的更高水平，更大的足跡。我們有製造業務，這些類型的東西也在那裡增加了一些費用。

Our next question comes from Ron Epstein of Bank of America.

我們的下一個問題來自美國銀行的 Ron Epstein。

In your supply chain relative to aviation, right, I mean the private aviation market is pretty much on fire, right? So I would imagine the demand signals you're seeing from some of your OEM customers, if they're not really strong right now, they will be, soon. I mean how are you set up for that potential ramp?

在您與航空相關的供應鏈中，對，我的意思是私人航空市場非常火，對吧？所以我可以想像你從你的一些 OEM 客戶那裡看到的需求信號，如果他們現在不是很強大，他們很快就會。我的意思是你是如何為這個潛在的斜坡做好準備的？

Well, we're prepared with plenty of factory capacity. We have always focused on a strong supply chain in aviation so that we can meet the needs of our customers. And as I mentioned in my remarks, absolutely, we see the demand from the OEM side and they're reporting robust orders. And so we feel like we're very prepared for the increases that they're looking at.

好吧，我們準備好了充足的工廠產能。我們一直專注於強大的航空供應鏈，以滿足客戶的需求。正如我在講話中提到的那樣，我們絕對看到了 OEM 方面的需求，他們報告了強勁的訂單。所以我們覺得我們已經為他們正在關注的增長做好了充分的準備。

Great. And then what -- in terms of -- if you can even shed any light on it, because I know it's a sensitive thing to talk about, but what's going on in the new platform side? I mean are you guys actively working with OEMs on potential new platforms?

偉大的。然後 - 就 - 而言 - 如果您甚至可以對此有所了解，因為我知道這是一個敏感的話題，但是在新平台方面發生了什麼？我的意思是你們是否積極與 OEM 合作開發潛在的新平台？

Sure.

當然。

That's it? Sure?

就是這樣？當然？

Well, we're always working on things. And of course, we can't share anything in advance, but we're always working with new customers and new platforms.

好吧，我們一直在努力。當然，我們不能提前分享任何東西，但我們一直在與新客戶和新平台合作。

All right. Fair enough. I know that's a tough question. But -- and then with the fenix and the epix, the fenix 7 and the new epix, which are you seeing a better response to? Because they seem to be pretty similar products.

好的。很公平。我知道這是一個棘手的問題。但是——然後是 fenix 和 epix、fenix 7 和新的 epix，你認為哪一個反應更好？因為它們似乎是非常相似的產品。

They're -- I suppose they're similar in some respects, but they're really very different and they probably appeal to different users, but they've both been very strong. We're especially pleased, of course, with epix. I think people have embraced that very quickly. And in both of those product lines, we're seeing very strong demand, which exceeded our expectations.

它們——我想它們在某些方面是相似的，但它們確實非常不同，它們可能會吸引不同的用戶，但它們都非常強大。當然，我們對 Epix 感到特別高興。我認為人們很快就接受了這一點。在這兩個產品線中，我們看到了非常強勁的需求，超出了我們的預期。

Got it. And I mean the natural question is, it exceeded your expectations, so do you have the supply chain to meet that demand?

知道了。我的意思是很自然的問題是，它超出了你的預期，那麼你有供應鏈來滿足這種需求嗎？

We feel like we have plenty of contingencies, and we're working on increasing our supply.

我們覺得我們有很多突發事件，我們正在努力增加我們的供應。

Got it. Got it. Got it. And then maybe just one last question around just logistics, given that you've got a relatively complex supply chain, meaning you've got stuff coming from Asia and then you've got stuff built here in the U.S., how are you seeing the kind of the transpacific logistics of product?

知道了。知道了。知道了。然後可能只是關於物流的最後一個問題，考慮到你有一個相對複雜的供應鏈，這意味著你有來自亞洲的東西，然後你有在美國建造的東西，你如何看待產品的跨太平洋物流是什麼樣的？

I think the situation is challenging, like everyone is reporting. So we are no different than that. We see the same things, and we're working on managing that situation the best we can. It's a pragmatic balance between product availability, which speaks to shorter, faster shipment methods, which, of course, are more expensive versus inventory levels, which allow us to get inventory on slower modes of transportation, which are more affordable. So we're doing our best to balance, and I think we have a lot of levers that we can use in doing that.

我認為情況具有挑戰性，就像每個人都在報告一樣。所以我們與此沒有什麼不同。我們看到了同樣的事情，我們正在努力盡可能地管理這種情況。這是產品可用性之間的務實平衡，這意味著更短、更快的運輸方式，當然，與庫存水平相比，後者更昂貴，這使我們能夠以更實惠的速度較慢的運輸方式獲得庫存。所以我們正在盡最大努力保持平衡，我認為我們有很多槓桿可以用來做到這一點。

Our next question comes from Derek Soderberg of Colliers Securities.

我們的下一個問題來自高力證券的 Derek Soderberg。

Cliff, just curious if you could talk more about the retail channel broadly. There's been some reporting that a lot of Q4 growth came from inventory building. So if you could just share what you're seeing as it relates to sell-in, sell-through broadly, that would be great.

克里夫，只是好奇你能否更廣泛地談論零售渠道。有報導稱，第四季度的大部分增長來自庫存建設。因此，如果您可以分享您所看到的與推銷、推銷相關的內容，那就太好了。

I think retail channels were very dry for all the reasons that we know. And so certainly, retailers wanted to have inventory available so that they could sell to customers. But at this moment, we feel like sell-through is very good. We can definitely track sell-through, through our product registrations and our app platforms, and we feel good about what we see there. And we don't believe there's any imbalances that are material out in the channel except for the ones we've noted, which is really the trainer market.

我認為由於我們所知道的所有原因，零售渠道非常乾燥。當然，零售商希望有可用的庫存，以便他們可以賣給客戶。但此時此刻，我們覺得銷售量非常好。我們絕對可以通過我們的產品註冊和我們的應用平台跟踪銷售情況，我們對在那裡看到的東西感覺很好。我們不認為渠道中存在任何實質性的不平衡，除了我們已經註意到的那些，這實際上是教練市場。

Got it. And I also wanted to ask about supply. You guys have done a really good job on inventory. It seems like you've done better than most. Now you have more capacity online with our new facility. Have you been, to any degree, benefiting at all from supply chain issues, relatively speaking, versus competitors and I guess in terms of Garmin just getting more product on the shelves?

知道了。我也想問一下供應。你們在庫存方面做得非常好。看起來你做得比大多數人都好。現在，您可以通過我們的新設施在線擁有更多容量。相對而言，與競爭對手相比，您是否在某種程度上從供應鏈問題中受益，我猜 Garmin 只是在貨架上獲得更多產品？

Yes. I think we have been the beneficiary of some of the challenges that others have faced. So our investments in inventory, our investments in capacity and our ability to be agile with our product designs has helped us a lot in several segments.

是的。我認為我們一直是其他人面臨的一些挑戰的受益者。因此，我們對庫存的投資、我們對產能的投資以及我們對產品設計的敏捷性在多個領域為我們提供了很大幫助。

Thank you. I'm showing no further questions at this time. I'd like to turn the call back over to Teri Seck for any closing remarks.

謝謝你。我現在沒有進一步的問題。我想將電話轉回給 Teri Seck 以獲取任何結束語。

Thanks, everyone. As always, Doug and I are available for callbacks throughout the day. Have a good one. Bye.

謝謝大家。與往常一樣，Doug 和我全天都可以接聽電話。祝你有個好的一天。再見。

Thank you. Ladies and gentlemen, this does conclude today's conference. Thank you all for participating. You may now disconnect. Have a great day.

謝謝你。女士們，先生們，今天的會議到此結束。謝謝大家的參與。您現在可以斷開連接。祝你有美好的一天。