Earnings call transcript Q1 2023

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Operator

Good morning. My name is Rob and I will be your conference operator today. At this time, I would like to welcome everyone to the Garmin Limited First Quarter 2023 Earnings Conference Call. [Operator Instructions] Thank you.

Teri Seck, Director of Investor Relations, you may begin your conference.

Teri Seck

morning. Good to Garmin like XXXX first you call. earnings welcome would Limited's to quarter We the release the earnings are that note Please press Garmin's Relations www.garmin.com/stock. available and Investor site at on Internet at slides related archive on website. available the also our and transcript related An will of be webcast

means product circumstances future products market the risk XX-K Commission. of may our and particular, significant in these plans financial affecting and any concerning this COVID-XX margins, today's impact that available introduction, This call repurchases, position, outlook a and or for on of demand growth earnings, gross and as Limited Exchange revenues, margins, Securities any The information and about Information and the Any call company's materially the best and factors at is future is statements share In occur statements risk result and regarding results other segment our is statements. earnings business. forward-looking forward-looking regarding operating business dividends projections Garmin includes contained actual the time forward-looking factors its change COVID-XX on objectives shares, pandemic. differ results or This the estimate of Garmin. duration filed there impact the as about earnings based discussed are of may statement not our future with date. events Form could could results and uncertainty and rates, in

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

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

Clifton Pemble

everyone. morning, Thank you, good Teri and

the by an outdoor. $X.XX X revenue driven quarter product As offset revenue is X% introductions reported posted solid of our at expected consolidated Four down year. which decline new trends in mostly earlier billion growth prior double-digit today, which and demand business segments came first from in

in freight $XXX we We positive which operating February. the from feel in by margin We prior to about income, margin operating quarter costs. expectations year XX.X%. primarily million XX% first improved XX.X%, at driven the and communicated results generated with our lower Gross down in consistent are came

we such, $X EPS of much It's of lies typically that quarter for QX of and February, and full calling important are us. year As maintaining the of lowest guidance billion year to in year $X.XX. revenue our issued remember the the ahead of is financial seasonal

achieve believe diversified Our track to to our offers are we we different business model and do on many paths that. goals just

I'll income Gross demand Starting a operating advanced in watches Doug, highlights respectively, we $XXX and summary improved returned Before by introduced XX% see to operating and with to year-over-year revenue for what turning to call by segment increasing the million, million. margins of provide past XX% ahead. the $XX over and driven with fitness, especially during resulting strong running wearables, X%, year. were of growth

we quarter, display and sacrifice sunlight which the and launched training health the vibrant everyday Forerunner that During stats a readable Forerunner battery life. recovery insights combine XXX AMOLED not with metrics, does advanced XXX

as $XXX were watch income Instinct and X operating the to year-over-year launch. due and respectively, million, adventure Moving of declines and X XX% to outdoor. primarily operating Gross in Phoenix in and Epic $XX we of Revenue anniversary the category successful highly decreased margins resulting XX%, to the X-year passed XX% million.

rich known use are their that life battery and capabilities in rugged watches for biosensing Our dependability, demanding applications. enable adventure long the

Spacelight the into impact we During will provide announced of mission Polaris human body. travel worn the insights the to be Dawn X space upcoming Phoenix quarter, on the that on the

and a high-resolution the to touch life, simplify featuring eTrex We XX recently technology. new longer screen and satellite traffic versatile improved accuracy a fresh display, inReach via global devices capacity the series with the drive. quarter, design options GPS GPSMAP of of during battery and we navigator the positional handhelds communication the handheld Also These launched SE. new announced XX introduction built-in DRIVE offer

We that's adventure, for also brighter a readable XTX, and sunlight display. larger rugged announced built X-inch a with motorcycle zumo navigator the

the challenging of quarter the We trends year remainder We first we year. the performance in expected of the outstanding to products believe throughout comparison be the to of these moderate as will prior year. new the introduce

operating at revenue to in operating margins and both with segment, XX%, from XX% $XX to respectively, contributions Gross of categories. were and product the income XX% OEM next aftermarket aviation million, strong $XXX Looking resulting increased and million.

addressable control the technology of our market, our which aircraft GFC to bringing quarter, additional and autopilots we for enhancing performance models. more certifications the expands safety benefits During announced flight our

We also supplier in Conference, as the named XXXE for as where Suppliers our recently flight the best and deck attended services systems of and Phenom in aircraft. we were GXXXX categories support XXXEV the well Embraer

the of named Embraer were we the the best organization. best addition, In supplier to entire

during prestigious performance service We reliable supply crisis from providing Award an reflect of our awards best also our outstanding are received commitment affirmation customers. and and our Operational products strong These to an Airbus chain the Helicopters. to Excellence the

proud I'm more achieve we there has this can our team of much in what aviation market. is very believe accomplished and

of new resilient. We prior to remains so while retrofit be us, are aircraft behind aviation our for performed and segment demand systems pleased chain with far year this how The disruptions mostly year. the supply has appear

increasing segment to respectively, margins results XX%, with Marine operating operating were XX% million, and $XX timing income promotions. XX% of spring to quarter Gross revenue resulting in million. another impressive and primarily the delivered of of $XXX due

recognized boat. quarter, Product UHDX as the received offer and sonar and are Boating the with by premium and cartography a fifth sharing we During with of expanded our categories XXXX the the leader Navionics-plus consecutive the were Marine for Garmin from quarter, Top Also navigation sonar and Technology during data and in other Industry on award of Electronics chartplotters strong ECHOMAP Best year, Magazine. with information live which wireless lineup chartplotters navigation of preloaded we the introduction series the

by primarily segment. Gross $XX million domain of programs BMW. Moving ongoing XX% to loss shipments as new increased driven into Auto driven operating finally OEM to investments recorded we and the was Revenue XX% by production. of million, margin controllers to increased move $XX an

quarter, we domain our BMW manufacturing milestone the began Kansas which to our from world-class [indiscernible] an automakers. for During in of facility expanding serve controllers XX important capability the XX and represents XXXX deliveries

We also expanded our with entertainment market the in footprint of for an the motorcycles. models of sport launch additional X-wheel touring system Yamaha

That remarks. concludes my

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

Doug Boessen

I'll our begin Cliff. Thanks, balance results, comments morning, financial cash taxes. everyone. on sheet, reviewing first quarter and provide by flow statement the Good

basis point XX.X%, increase. billion expense basis due quarter, It was first was $X.XXX from the point percentage of X% Gross XX decrease. decrease prior quarter. point primarily increase margin XXX lower the freight a million, as revenue $XXX basis decrease. posted income costs. XX.X%, representing was Operating year-over-year. to was for sales Operating XX% margin We was XX.X%, of XXX Operating

$X.XX Our forma was EPS GAAP $X.XX. and was EPS pro

X% at with look X In quarter Marine the the segment led followed first aviation Next, segment, and the strong strong negatively a impacted XX% during segment revenue growth from we by in both rates declined adventure segments more compare XX%, offset our was a first in foreign lower growth. and OEM X were of growth quarter, geography, by than the segment of to watches growth launches. the by decline XX% XX% EMEA, in a due Outdoor geography. APAC, By by our first primarily double-digit quarter segments, against Americas revenue they in growth fitness, XX% exchange of XXXX quarter. XX%, Auto achieved as decline by

operating Looking next expenses. at

$XX approximately development million by operating due increases X%. expense quarter personnel increased information compared engineering million year due to to a increased prior increased expenses, or $XX approximately quarter, $XX in SG&A personnel-related Such costs. to year-over-year primarily First million technology primarily costs.

advertising. decreased to lower primarily co-op approximately Our advertising million, expense due $X

but the million are to approximately sequentially flow quarter ending offset sheet, continue the were billion fourth inventory work We seasonally decreased approximately and XXXX Accounts We ended associated we receivable flat our inventory statement Inventory billion. Key consumer year-over-year marketable OEM both balance increased securities from expected anticipate cash by sequentially to $XXX our declines decreased year-over-year, levels. business. highlights increased and balance expected inventory strong $X.X taxes. $X.X with following quarter. relatively cash with Auto of optimize and in the increases year-over-year to to as

quarter inventory. approximately Capital of XXXX, million, generated due [indiscernible] we from cash the primarily free and of for quarter. year $XX cash prior of $XXX prior flow quarter the than purchases quarter, $XX of expenditures lower increase of million, first to were For the first year lower use XXXX million

effective Also, paid of which by purchase million dividends compared end, tax is to through first effective $XXX company million. mix is purchased of XXXX, jurisdiction. tax approximately approximately $XX For stock favorable December $XX year prior rate XXXX. quarter the the an put quarter. program due the share and in income primarily quarter Decrease remaining million XX.X% we of in X.X% at We we rate authorized tax the to of

That Rob, the concludes our for can formal you please remarks. Q&A? line open

Operator

[Operator George Instructions] of the question line Barclays. your first Wang from comes from And

George Wang

[indiscernible] revenue any about can the In the talked the this to segment Just you for maybe you guidance quarter, if unpack guys of year. there's last change by kind segment.

the any for For curious growth if MSD update industrial, example, outdoor growth just kind expand that. to there's for of on the

Clifton Pemble

Yes.

guidance. February. As in we what not mentioned, We're George, our reaffirming [indiscernible] we're said we

front The year first year, mentioned, our us. the seasonal so of of there's the lowest quarter we is lot quarter, as in a left of

closer to reevaluate practice our time frame. QX to it's So more the

George Wang

weaker And compare outdoor, of Can on a XQ? a on tougher from than weakness outdoor. follow-up kind and quick year [ph] the sort any function the inventory in a commentary kind is just channel you the across expected. cyclical wearables any ago? also And impact of it of versus just structural a Okay. of from have Or

Clifton Pemble

was difficult of be Yes, incredible QX because to Phoenix and would I think X, so the it the the our performance the amazingly very launch Epics what strong the of predict outdoor Instinct. XXXX was with

a was we what to like it with So expected. general feel the predict line but we in was hard little trend

that introducing to of important cyclical point it's think always new from we're a note products. view, I

And out. don't and so And also then see the in market those we and as goes concerning. from that's anything out year there I expect, come as our products on, inventory, will moderate say, standpoint the performance new would we channel general, improve the

products levels. and fantastic at want the the people appears the that to have correct and We inventory be channel

Operator

next from the Bollin Research. of Ben question comes line from Cleveland Your

Benjamin Bollin

have the the gross that Auto the larger? I profile business Cliff, margin the the BMW? have the I thoughts And opportunity year? share And question first wanted how of OEM with have you any operating and to follow-up. gets that How of ramp you as about it through for you on course a -- any then margin to expect Could you then thoughts you. --

Clifton Pemble

Okay. Yes.

year, the this ramp of the X products. to have that of to model that next ramp that the quarter, BMW outlined back last and line and others. into years, we expect I Throughout we the the we that carries expanding think new X over business Ben, our we, kind significant from a expect awarded begin course, as models different factory the introduced locations X are we half world will accelerate deliveries around BMW's from

more margin is the structured of profile, terms mentioned typical gross In this Auto before, OEM we've margin, operating business.

from gross margin margin and the would expect we gravitate XX%, high So in mid- the teens, high double margin more digits. -- rather margins the the high single operating towards be segment then XX% digits would operating line to with to gross and

Benjamin Bollin

Okay.

question. other The

a share inventory marine, levels And of there? that more You on or goes? do outdoor. operations? And think bit. where and you you about second on that's categories levels that either a they're their thoughts touched partners thoughts And could channel any inventory observations around maybe aviation? Have you managing in you any maybe seen that it the me. have lean, Where you capital around been how for Could financing are any have some go-to-market little smaller own for working in inventory this question then, share

Clifton Pemble

is partners a seeing much our we the the things better make coming going, the chain struggle where kind we're sure able Yes, manage and aviation that down abated, the more bit. all the to supply inventories some orders what I issues reflection we are aviation, in have getting that to We last and of in and as are better. year kept due In situation definitely see think we of certainly past in inventories channel healthy quite to of levels. did were are marine marine

but smaller partners, don't really them in working see situations it financial concern seems their -- that There's work businesses. in terms of partners the terms of capital. their those we or exceptions in always general, on any with healthy have In we like

Operator

Your next from the line David question comes of MacGregor Longbow from Research.

David MacGregor

a flat When in starters. up last quarter, you pick significant for quarter and OEM to upwards second that a first Auto just inflection we Maybe on expected spoke quarter. the then

better-than-expected XX%, the schedule? seeing are Or been a forward? primarily there. revision number and something timing Or in that is up that you was good a business? incremental there But this there was -- pull would result? quarter Has First production drive there

Clifton Pemble

Yes, right now, mostly up model some David, They very years. as I would quarter-to-quarter from new variation as probably a their And complex their it's ramp they say adjust timing we'll navigating chain. carmakers are supply see plans.

vary role try with be sometimes but and us. and we up down things need So what to they flexible from

David MacGregor

Okay. that but just terms you're I could in briefly early business. If in of about guess Marine order just We interested patterns ask about I I'm a the ago the seeing moment what talked season. in

there then may coming seeing in just you quarters. on expect be You and next of good seemed balance. of mentioned that couple that orders about wondering in some the sell-through perspective retail in you're replenishment and give what just be I'm anything inventory and to to

Clifton Pemble

Yes.

the far customers are very certainly think we've a that that had obtain XXXX obtain the by the and products the they retail lot to technology the prices. have lower and in promotions there's ability want It to excited latest on successful. I activity shows promotions part the of of and at people so enthusiasm been

So we going very well. feel that's like

they're ranges other the boats think for to those so OEM of of our orders market areas of people are to very the of built to order, mid- a we to tends inventories were in boat the off I healthy, taking market, from torrid be are there lower-end the they at some But typically In terms where the range of be still actually buy lot where market and in some can a lot those are understand more back it now. there's starting and the that orders upper partners a of starting products. slow many that as bit are to a still of pace down terms indicators in

So for still products. feel the demand there there's like higher-end we lot a out of especially --

David MacGregor

good color. new that's calendar strong Okay, Very here. product introduction

on willingness They point. cooperative the pullback with advertising. product the new this little all are would How there. pulled of reticent you a to congratulations So support I introduction Or back characterize seem that progress inventory? in retailers you more on you -- noticed a at seeing

of kind I'm points. couple just So a of to these looking reconcile

Clifton Pemble

Yes.

a in Outdoor was pushed co-op strategy I volume It was advertising of that think was the pullback in matter not by sales the segment. last anyone. a just really change being year our in

launch there's up. launches squarely of associated commitment product it's year. in in change products on last So with have retailers board these dynamics coming the of that getting carrying But and no that with exciting terms the the from of we

David MacGregor

and question Last what for there. just Okay. business your seeing is growth you're on me direct-to-consumer

Clifton Pemble

strong across sales seeing from We're online services seeing still We're results direct-to-consumer. and growth in subscriptions well our the both as business. as

that to area. look in differentiate So very and about ways we we're to continue excited that for

Operator

question Chung JPMorgan. Our Paul comes next of from from the line

Paul Chung

expanding year. have kind to just per year XQ of very the quarter industry revenues think -- run into evolved as for how the and know a to end jet, the kind then aviation, which strong kind that the of some there And pricing of is start about I but through can wallet XQ from last rate on volume year? positive quarterly right trends And on of helped pushouts plan? look business of were So has this you quite both kind of I performance year-on-year share follow-up.

Clifton Pemble

Yes.

quarter terms of uneven as we last was to in year by challenges compared performance supply that in of because year, QX had. chain somewhat I our last think the

year. do more guidance were out quarter to our down and this aviation we smooth issue. because first of up first second quarter. We've also quarter offered was to that in that the the expect and certainly on to chain well would everyone would we year able So I remind supply of compared last

now, evening the people we that and see our after very And QX. with right end of update comfortable we'll out. we So guidance feel

tend from at again, be of even even overall very that, market, orders greater book-to-bill. to book-to-bill, strong, the least we're terms In are is our what hearing partners sometimes

lot there obtain either are there's popular still jets, strong a turboprops aircraft a business looking recent in demand. backlog the people model of So out and or and even to new piston

So in good we area. continue trends to that see

Paul Chung

in what's fitness, the benefits Or typically else something kind the is here Okay, recognize margin the seeing to product driving great. Are users but from there's is And screen? in is XQ? you existing then releases customer any I XXX, the a of that given on it's on product well? What there's And attractive been side, operating Or in year. on? on AMOLED similar wait going did dip for upgrades mid-teens seasonally there? I last the pretty periods know holding the been you And feedback for has some big weaker that? know up in then I demand extended customers to [indiscernible]? shipments. new XX% there been past. assume

will kind hit in XQ So of fitness be of forward? this a margin recurring moving kind

Clifton Pemble

Yes.

Paul, think, XXX the end top what been XXX seen we've the that the and the XXX is range. surprisingly with I to popular of at regard launches, has

and demand scrambling customers has which that see what and we means stronger predicted little on we So to been we're had things. up bit catch than But a some there orders we're gravitating the see great there. delighted has coming that with market that into reinvigorated to offer that to we we're running products and it been have very and me some QX and seems that excited the to

or our like across consumer series n product wearables, more just products, specifically I depending of balance of kinds users. those it's our versus as more new Phoenix. whether we venue specialty products of a of Forerunner on the such user the tend kind see on of to But mean, varies of a In terms existing mix, and users situation

So did But those in stronger we QX new benefit, these since there have terms of see available. QX, into should it of certainly, some as benefit products we be products. quarter move we full on a

But the And Year-over-year, took that which the for we some associated is our we mid-teens that some are of of as the with profit, fitness, work profit. pressure we in the terms targets the under carrying which we some operating tax in our the it side of our for specifically raw results segment normalization impacting things excess in obsolescence area reasons. is market. the the more a did have results. through of tax few on still And profitability, in operating materials segment are impacted capacity

Operator

Your next Ivan Feinseth line Partners. Financial of question comes Tigress from the from

Ivan Feinseth

Congratulations on of launch the Phoenix great and cadence of product the new launches space. into the

Clifton Pemble

Ivan. Thanks,

Ivan Feinseth

Automotive OEM, to that some contributed on where Garmin we so various see And vehicles? could the start by into functionality of is

Clifton Pemble

So as shipments XX models we the of the and mentioned, for XXXX we XX. started

guess We're additional in China. to to So you might to maybe see in in the there vehicles. some Europe delivering also of I and have you state, those wait have to models

Ivan Feinseth

launching, -- the also on do with level level? as some that? far lot of do as like paid like at functionality you more you with And a where component X-tiers outdoor Then like going watch above and the of to has Okay. like subscription the Plain your a see a subscription robust free component, more a a products, Connect products point coming app creating Sync that there and lot has you're your envision

Clifton Pemble

Yes.

services for our content or along revenue focused strategically to can product with go our we our Ivan, additional offer that customers are across recurring where creating on some I think, products. lines we value

example So and is Sync that. GDLXX one Plain the of

we millions of that's that app every a terms knows, long-standing day. use with of Connect, that as and customers everyone relationship have In

additional very we're want away Garmin. additional that as from ways we we how forward, provide well that users we're take make and customers can we revenue delighted with. do because for about those that examining we they value careful go to sure But to we opportunities provide we As only certainly would be don't our that as anything value

it arrive we but think, take some will that answer. I before at looking time, at we're final the So

Ivan Feinseth

good are there Connect on paying a have a great thoughts the and, a are of the your lot free one but is of lot the a let's IQ of just direct pay provider fee process because but apps let's are are platform. to for on payment say, standardized And Garmin a last the provider. process you app there fee rather that question standardized say, then What then, that apps creating usually than,

Clifton Pemble

our lot think Yes. a devices monetization certainly Yes, opportunity certainly what we build there do I to is IQ and capability. We with mobile have has Connect are on to can that looking on there. payment and broader more our we some we have but at do payment in together all wearables do extend order into the that put a platform. to work ways On pieces payments

Ivan Feinseth

great And start the to congratulations year. a on

Clifton Pemble

Ivan. Thanks,

Operator

of Your comes the from line Stanley. from next question Erik Morgan Woodring

Erik Woodring

on guidance Maybe you down you're but X%. if to the start we guided updating just year fitness, realizing not

XX%. You started the comps easy year up the the throughout pretty are year. And

there through the for bit we I are that top -- guess like of of Cliff, you we is really would of that approach? I make the the anything to that to the just like So a going deteriorate should is Or think at year suggest want said sure, wait-and-see is call, any bumps the speed just this rest of kind year? a kind of of performance there

Clifton Pemble

of very to biggest ongoing last be the market difficult say indoor that into impacts one what we it fitness the was I trainer which XXXX, effect, would had Erik, was predict going Yes, year. in that would of the especially

the from So will definitely expectations. are. trends to that things so what's really XXXX go take we what it's certainly with far, anticipate going ahead see our down into some here. demand move And as pleased to obviously, don't we We're time, happened of

we the outcome what be. the in So we will can more think XXXX -- but come need to we see of before year decide

Erik Woodring

margin were comparison And of to but one fitness operating outdoor Obviously, quarter saw outdoor. but the down all-time questions significant to some Super low. this the pretty operating similar Okay. margins in on believe earlier on then we an first helpful. tough there. deleverage time I

those significant is XX% And What margin margins? what operating that permanent? kind can return a of of of that's like some temporary we and so normalized kind headwinds range us you changed why? how And think if if to should is help versus about are? understand Or

Clifton Pemble

Yes.

I and, as think year, well. last there. of the Certainly, the product sales segment the mix a course, major that with our impacted the in compared within down to thoughts change few coming leverage

factor. a I margin. very of this So problem mean very is the kind that's happy because the XX% strong is one operating in segment upper

So we we improve that would products see year. as get in new introduced more the have later that

Erik Woodring

guess Okay, falling margins but margins from square where call increasing on are the to of perfect. And are I Auto thing last business. the they like question; the today [indiscernible] a where from you've just the all was the I operating in to, then, wanted leverage to gross that OEM to they business. teens there. I first One today ton color away appreciate it, provided try high operating

leverage months? so on time? Why And in such of in gain than there's XX why help such of half period see significant And us a comfort that's a maybe for over you OpEx cut me. more span short can business almost it

Clifton Pemble

think I to relates it the increase. Well, as volumes the scale really

to the the looking that profits to revenues we're for contribute So there. are the expenses gross and offset

So we have. the that's based that business plan committed on our

Operator

the of Noah next KeyBanc. line Seskin Your Instructions] question from [Operator comes from

Unidentified Analyst

new ability the first products component declining seasonality of been of launches is I year that. the are just in about of is quarter, on the the touched I new and a terms XX% the of But think maybe of to But those cadence the X? this about through moving the new understand lap thinking as how we and like the Phoenix outdoor bit. products of kind anniversarying during quarter, you think a in kind launched kind of

Clifton Pemble

year very introductions. strong the we'll to to with in seasons we'll think position have half I back good holiday in And work these with then first be and promotions product be a No, with products. of Yes. new the a able half

Unidentified Analyst

just of segments the the in to then terms there the as start color any out? model different in general, And in second just quarter, we of cadence

Clifton Pemble

of in in the the in year we'll weighted half terms I be introductions heavily of think front outdoor.

Unidentified Analyst

fitness it. well? And as Got

Clifton Pemble

There more, the is year. for across of would product probably calendar balanced introduction say, I kind fitness

So think. we some in have I the some, of obviously, the remainder some and exciting QX year, we'll had products, throughout really

Operator

follow-up line from a the have question We Research. Longbow David from of MacGregor

David MacGregor

I've if I or the lower math, basis correct. about until just anniversaries the XX come out? to That's freight. you XQ $X that freight about and Is And become to does number improvement XQ comments costs. benefit we of million significant to savings the going wanted in attributed that by points a million gross forward? an and roughly how in back think should margin Or more got $X my that going forward actually

Doug Boessen

Yes.

the is a We're lower shipping As lower, of are freight some it then being of optimizing relates there X to products, our costs of just really is percentage there's freight a rates. our which ocean method. year-over-year, that, versus things first that driving larger shipping actually And air. is secondly

that a as year. the we kind expense the freight percentage the of to continue expect of relates to sales, for of it as rest Now,

freight quarter, the of year-over-year on did to freight over a different comparability that of are did have see about a of during the rates we benefit on. the think quarters those rates it we a first the But think thing basis. as year Now you we about some a kind when it is see improved

David MacGregor

I talk you're can terms you And in what Okay. provide Europe just helpful. Pac consumer follow-up. a Asia color behavior, there and of Any seeing would there order patterns. consumer guess, be about and just

Clifton Pemble

at But said, said if that you think than year some constant little other on. dynamics the year-over-year of the impacted going issues bad. macroeconomic by last Europe, even that and by tended it not to currency a more areas. impacted of Phoenix been has the is before, be have geopolitical more it's Epic's And on basis, we've launch I think Europe certainly, from look a I

is I expect. think generally as we Asia

are the factor course, I of year-over-year and, think cycles. currency impacts there product introduction a also

Operator

questions call final time. back over the Seck, at you to closing further Ms. no for turn some I this are There Teri remarks.

Teri Seck

joining for everyone, Thanks, us today.

As typical, Doug Bye. day. callbacks throughout a and great one. available for Have the I are

Operator

This your for Thank you concludes call. today's participation. conference

disconnect. now may You

Garmin (GRMN) 3 May 232023 Q1 Earnings call transcript