GRMN - Earnings call transcript Q4 2024

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Operator

Hello, and thank you for standing by. My name is Bella, and I will be your conference operator today. At this time, I would like to welcome everyone to Garmin Limited Fourth Quarter 2024 Earnings Call. [Operator Instructions].

to Investor conference Relations. like Seck, to now of Director would turn over the Teri I

You begin. may

Teri Seck

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

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

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

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

Clifton Pemble

Thank you, Terry, and good morning, everyone.

segments. increased and results As . delivered business record revenue quarter $X.XX products to each our as of financial we to a announced achieved continue record, Garmin our with new outstanding revenue and growth today, Consolidated XX% earlier of fourth billion, resonate customers. another X in quarter

up over both basis and a over Operating margin of the year. resulted was remarkable XX%. operating improved operating leverage. year pro of points points prior to Gross margin margin for XXX basis Garmin. reflecting $X.XX, income EPS increased forma expanded and XX% in This XX% growth and XXXX gross achievement XX%, year-over-year, XXX expanded to

even outperformed we entire throughout beginning our optimistic the of at consistently we XXXX, year. the were highest While and expectations

revenue. We were also XXth achieved year record more devices, historical in and consolidated we of founded XXXX was segment, navigation more we and $XX record operation. million including million our than XXXX, XXX delivered in in every growth delivered a have Since marking in than resulting communication year in segment XXXX. revenue significance,

Consolidated robust The revenue increased Operating to margin our XX% direct nearly expanded basis at to We believe to XX% the nearly XX%. in $X.X product increased XXX portfolio. and billion Gross income performance billion. $X.X margin is of our points came XX%. result operating over

many strengthen to X% revenue anticipate XXXX launches have ahead, we some With will $X.X this Garmin. mind, XXXX billion. for we planned that with in further will increase representing consolidated product categories Looking our new portfolio for approximately

in remarks meeting. at upcoming the performance I'll of segment. business annual to an on dividend will outlook minutes. will considered our us annual positive each $X.XX few strong the first, increase a our But financial detail and give prior greater share, by in results provide outlook and discuss confidence a propose reflecting Also, of amount, XX% which be shareholders the a over results dividend Doug

Fitness, brand customers advanced XXXX lifestyles led new with are and embracing category, cycling strong healthy Starting product been has demand in for from robust, year active and wellness growth exciting every by our running, We products was wearables. the an experienced as represents. contributions

expanded improved favorable costs reflecting approximately to was leverage. points XX% more million. basis fitness by year operating basis Gross prior to a and gross than $X.XX mix. doubled margin the X,XXX to XX%, product and operating improvement point and year, primarily the lower both year-over-year XX%, income Operating increased revenue $XXX billion. For driven XXX margin over margin

X featuring life days smartwatch During Active, up to in our mode. [indiscernible] smartwatch an design Lily of quarter, we GPS-enabled battery smallest launched and the elegant

we With year. many with delivered for we the growth. in new $X.XX ahead, billion, introductions product expect strong mind, year planned year. strong and anticipate launch XXXX throughout XX% segment year increase segment successful Looking achievements this the adventure XX% Phoenix approximately Fitness the fitness for the following of to increased another revenue revenue The product revenue by watches of highly a driven Outdoor the series. to primarily

million, basis Gross the margin by over primarily and improved income was XX%, product both exceeded improvement margin point mix. XXX lower XX%, costs reflecting basis expanded gross driven and points operating year, $XXX a leverage. prior and Operating operating favorable to XXX margin

new categories creating growth by markets. new on penetrating opportunities product focused strategically and are introducing We

respective definition quarter, are products game the because halo their the product in X are markets. we of that During the launched rising they a changing to

that or The course and mention portable on the could is XX a XX-inch of built-in golf more only first to which It want is simulator. courses than product a database the touchscreen display played includes virtually built-in approach monitor with launch features golf a be XX,XXX I color the using preloaded simulator. a

dive vivid includes We our a glance guidelines. this the display, lens a its design rugged leakproof and I, XXX and information launched purpose-built backup device also integrated readable color sapphire providing large-format with a at is X-inch computer, XX dive rich rating buttons, Descent a first that an ATM is

of outdoor revenue approximately growth Looking expect year. for product our will ahead, lineup the strong result we in XX% that

a spending develop of platforms. The year-over-year. aircraft and increased Gross revenue both products income X% operating X% of $XXX new in margins certify in Aviation, XX%, were primarily we in operating to and resulting and is categories. Looking product XX% OEM million, at decrease $XXX new million driven R&D income respectively, next to and decrease growth aftermarket operating as increased by due

year #X by accomplishments for in aviation. were aviation the support XXst a named milestone product for of Professional was We XXXX magazine. year Pilot consecutive

after legacy mind recent the of Fame. induction that also Min tragic Aviation Aviation the once Dr. accidents again of shocked their everyone. Burrell our We saddened National Kao, Hall upon founders, is Gary have and into celebrated top of Safety and

has award-winning to lives, many on emergency as guide, focus save designed safe innovations in protection, and auto strategic such taxi envelope resulted safe aviation land. Our safety

Laureate awareness Network system, was as occupying aircraft can with honored other Award are occupancy recent an we available prestigious Week if a technology most safety runway. active [indiscernible] first the pilots Aviation innovation, Our from runway

its the Beta takeoff of the aircraft. the Aviation Prime flight Citation Prime our flight quarter, GXXXX quarter. aircraft, the was X for Textron deck and GXXXX selection which announced Gen by The integrated During electric, during for EYLEA, also the selected CJX landing conducted inaugural conventional technologies

we the many These flight announcements deck. anticipate advanced are next-generation as embrace first highly of this OEMs

production conditions improve to this and as mind, in XXXX, growth X% will expect throughout platforms aftermarket. we year. With as approximately the we forward, the Looking accelerate under aviation in for revenue new expect aircraft and increase

$X.X the to of XX% Audio. for Turning the Marine next XXXX revenue the billion time. JL was Growth new threshold segment. billion, $X Revenue the acquisition exceeding by to from primarily first increased nearly driven

revenue electronics marine as broader company. Excluding market outperforming our strengthening jail audio, X%, position largest consumer and increased the marine the world's

year basis only Most named and income expanded a sounding consecutive the Full basis lower point also was were was operating over year, leverage. year. and XX%, XX%. margin increased for Marine NMEA product for year-over-year, cost. accomplishments both straight XXX the we and XXX improved Manufacturer the prior margin improvement gross year. Marine The operating Innovative points were reflecting the Year of to Operating XX% favorably consecutive was Company a year and for of gross margin impacted by as second named XXXX tenth milestone we by

During the fourth National Boating CTO Foundation consecutive year. the with quarter, for were we recognized the from Safety Award

technology Audio an JL pavilion line quarter, from award home the received the outdoor validates during Also of award This innovation pavilion delivers. audio the that of outstanding specialists America. line home performance speakers for the

anticipate expect market, do The broader so but consistently marine again As increase a in mind, remains level outperforming approximately has we we from marine this stabilized we I in has previously to for which and and revenue X% the recovery Garmin mentioned, With market expect been growth. will at year. soft the marine can XXXX.

segment. the to finally auto Moving OEM

$XX Gross driven domain million million, the Revenue increased growth operating to $XXX year. to the for was by XX%, in XX% loss and primarily controllers. narrowed margin

all program year, XXXX. BMW the domain remaining achieve paving potential our models maximum Garmin were with in way to revenue BMW the the During equipped controllers from

wins preparing major enter expected our We to in for program is next program and progress XXXX. also made significant additional production that captured

I'm segment. that OEM successful the we've progress to build of made auto proud a in our quest

progress you shared. of know, mind, approximately changes for which major the segment. many outlook so, Even profitability to growing XXXX. and business With the for automakers be As in stage previously XXXX revenue towards is X% softening, year increase to we expect growth this we of revenue of expect trajectory another pivotal this we the

concludes That remarks. my

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

Douglas Boessen

full billion and the morning, Good balance posted and our flow by sheet, XXXX [indiscernible] Cliff. year on results. increase taxes begin for quarter quarter everyone. the comments XX% cash [ revenue I'll financial fourth $X.XXX year-over-year. a ] . represent, statement, reviewing guidance. fourth Thanks,

margin quarter, Gross basis XX.X%, as was decrease. margin point Operating point Operating percentage year. a of year-over-year points from a lower over due XXX the increased increase was year Operating XXX a XX.X%, sales expense primarily prior $XXX basis increase. basis was XXX was product XX% costs. prior to income million, the XX.X%, a

prior of XX% was EPS Our forma in pro GAAP ] EPS $X.XX, EPS.. year $XXX, increase forma pro [

point Gross of XX% $X,XXX the from increase the year-over-year. prior cost. XX.X%, primarily to at a basis [indiscernible] Looking results, margin due revenue full lower year XXX was billion, product a representing year increase

] a Operating prior was billion, [ year. a income was was Operating from basis of XX% basis percentage increase point the XX.X%, increase. point sales XXX margin $X,XXX Operating XX.X%, XXX expense as decrease.

$X.XX, forma was EPS $X.XX, year GAAP Our prior on pro XX% a the [indiscernible] increase EPS. EPS

on across growth. at with for achieved segment Auto growth, XX% by growth the Outdoor our XX% a followed with of X growth. X geography, all segment basis The We by XX% achieved double-digit fourth quarter by By record X revenue growth achieved we segment geography. growth the segments fourth by region the regions led fitness segments. quarter, Next, we and in the with segment, we XX% double-digit in EMEA all of OEM consolidated revenue each look

Americas in X% region region XX% respectively. and growth, APAC at

year we XX% and achieved X full geography, growth XX% on impact. By consolidated For a we achieved in growth consolidated for XX% basis revenue record XXXX, in segments. in growth revenue XX% [indiscernible], of and each growth, Americas our record

expenses operating million quarter Looking Fourth Research by by $XX next, increased X%. million. increased million. $XX SG&A expenses. by increased approximately development or and operating $XX

expenses. due statement, $XXX fourth to quarter. to and Both flow receivable strong and Inventory to increases year-over-year were marketable of $X.X A quarter with primarily the cash billion. securities balance approximately $X.X sheet, on sequentially balance repurchase. few the personnel-related to approximately million increased increased in cash dividends share the and highlights due sales billion. Accounts Ended year-over-year

$XXX of an decrease from flow the fourth $XX cash million, quarter we During year XXXX, quarter. generated free the prior million

working year earnings, due approximately the offset flow generated we a increase in cash XXXX, needs. to For $XX year partially full by the improved increased free capital million of $X.X was prior billion,

Our full products. $XXX XXXX, approximately flow million expenditures capital million, year paid we XXXX continue with dividends $X.X to approximately approximately to we platforms $XXX XXXX, capital prior the We with year. XXXX, million. to grow, to expect expect investment In be including free billion facilities cash in IT-related expenditures. consistent make $XXX and

$X.XX increase $XXX we of Also, dividend XX% per share our cash approval for $X.XX increase payment. dividend from seek current a per beginning plan [indiscernible] in a XXXX with $X.XX with per our June shareholder our announced quarter, annual quarterly to dividend share. or a

$XX used had company the cash At million through in which approximately year-end, During December we to repurchase authorized XXXX, million we program remaining share $XXX XXXX. of shares. repurchase

XXXX primarily full is tax rate forma effective pro X.X% effective in compared in in to in the XX.X% due Switzerland Our global prior tax the minimum tax requirements. Increase to rate response increase to the rate tax year. was year combined

which expected XX.X%, is XXXX tax the XXXX comparable to is forma rate tax rate. pro effective to be

Turning increase billion, year of XXXX to full $X.X next We our of XXXX. approximately estimate revenue approximately an guidance. for X%

with XX.X% margin. expect gross be margin approximately XXXX consistent gross our We to

of XXXX approximately margin comparable is operating an expect the to XX% We results.

is forma These to expected expected pro be rate. share. $X.XX, results pro tax comparable The XX.X%, a increase tax X% per share XXXX approximately in which XXXX forma forma full approximately earnings effective is to per earnings year pro over the rate the

Q&A? remarks. you line concludes our for This the please formal [indiscernible] can open

Operator

Joseph the [Operator with JPMorgan. Instructions] Question of from line comes Cardoso

Joseph Cardoso

And congrats the on results

Gap] [Audio

Garmin, share new versus the question is new and maybe comes those seeing when to we the existing. to in first in we're introduce customer many our guess the market mix to results. it But gains,; driving just from of benefiting wearables base new I coming what and we're area, related which more general, when products, customers especially are is

of Looking same. more we forward XXXX, to see the really

outstanding results. these we recognize that course, Of are

So we're the XX% we're outlook, is growth, excited see but will to fabulous about our a be bring. trying what and year realistic to

just just takes factors or of can flow-through see appreciate I through It's from the margin we there, the are the Doug, leverage you here. than that then softer or guidance And the a what slightly Cliff. influencing company? operating us and color walk considering suggests here on be operating leverage of more kind my and seen kind maybe what No, than we've maybe Maybe, as Garmin. we typically historically puts lower from should for XXXX follow-up the

Douglas Boessen

is percentage relates be be our a coming to That And of sales, have operating SG&A, R&D basically relatively the it to to investment relates XX points we consistent coming about the in and for percentage relates be basis for that of also innovation for product we're year. as to different up are we gross next sales flat. do the we it to basis as XX expect investments It -- is Those a . all up which relatively investments expenses expecting really for the launches R&D operating as expecting -- Yes. from margin, that as to year-over-year, that we're growth. margin, expect points.

Operator

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

Benjamin Bollin

as really gross I guide percentage With revenue higher-margin or respect across your wanted guide, last to the into suggests piggyback question, the categories favorable of explicit grow Doug. a implied revenue growth that mix, 'XX. to categories on the margin,

fitness, into how curious of you margins growing mix about as And aviation a think year? flat outdoor, So then I when out percentage a gross the follow-up. had

Douglas Boessen

Yes.

into gross a a expect And to be yes, go of margin margin. we relates the variables there's basis, that different lot gross do on to relatively it consolidated As that consistent.

product overhead mix, as et you unit have per costs, component We a mentioned, cetera.

But relates consistent there's by a And but takes segments margin thinking any margin by year, margins ever we're be we're in there, our move as there's the segment, there mix for about so met relatively of lot it puts through that gross gross not from we differences major by as standpoint. segment. some out real to may and there expecting gross

Benjamin Bollin

Cliffs, attribute couple markets? of maybe Could efforts At in what versus the Okay. to the performance last been that success have there. driving years. . has really remarkable emerging talk in go-to-market And curious you really the industrialized you changed of EMEA dynamics that about the any outperformance? I'm more

Clifton Pemble

is we wearables. wearables Yes. In benefit EMEA, driven I would say stronger some that major the the relative in by from the strong the player the countries, we're and market countries, strength primarily In #X in of get there consumer the EMEA.

dynamic Of is course, Americas slightly different.

line. there in we're Europe, a But been product stronger we've So #X over much marketplace here. as with our the

Benjamin Bollin

way business, of Okay. you on My the think last how into new one and over thoughts XXXX will EBIT or Could and XXXX, and should in future we opportunity auto potential margin you scales about get at further. time beyond the share platform BMW those figures gross is, both opportunity normalized and with kind respect looking margin how of it OEM your run influence rate. wins and to capturing any mentioned this

Clifton Pemble

margin that's and believe Yes, And I mid-single we've we kind kind clearly consistent talked margin. of we're margin with in said, about of a digits we business still driving think is what mid-teens operating business the gross past. this the this of for. And profile what

XXXX, of win new both that support volume the as successful that including as outlook coming representing that have profile wins to our that one help I smaller business the other We margin is date for well the been in that in helps in mentioned. future, fill globe both largest I across that terms mentioned and securing in

Operator

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

Erik Woodring

[indiscernible] have originally $XXX just market since guide. XXXX. gave you win XXXX obviously, in revenue conditions Maybe large this have, But were million. Obviously, you ramping softened that new

be us at help how a bridge of causing primary maybe win? . XXXX of anything about then maybe that should can you then in And growth follow-up. outside level. -- as So the with -- Have I'm micro shape outlook changed the market conditions? of And understand, thinking just XXXX we the have one, the we how any just the XXXX curve two, better factors advice I kind

Clifton Pemble

Yes. Okay.

in it's had globally, our a automakers are definitely of has market, outlook that So expectations then. other XXXX couple higher-end we softening the which operating although we areas, was the China XXX% about shared below of years to ago, been is than the generally that shaving probably And of outlook million this due back off that $XXX automakers, had struggling more weak. the than particularly

So factors conditions we're we definitely than other change. that. at factor them, -- from but a play anticipating much other smaller no other outlook there's There's really no stronger really

as So forward, look XXXX. to we the

do expect we We as

Gap] [Audio

you go guided of you back a EPS $XXX billion million. $X.X ago, of year to revenue XXXX and

You services expectation of ended especially wondering I'm in degree just the And relative the performance new [indiscernible] same kind to [indiscernible] profitability. on

[Audio Gap]

in your on learned coming what you performance into about and New XXXX Year

[Audio Gap]

guide XXXX. our was where conservative feel we built the that Absolutely, XXXX initial degree all internal than and more outlook of exceeded in. has up expectations, obviously did and a our perhaps ended there wondering of we lot also was And external. XXXX our of if in potential conservatism

we hard could. everything worked So very achieve that to we

year -- that us. the As lot of of in we course, half look markets. that's especially the year back seasonality, pragmatic and of to the to of try ahead with a our There's the always in revenue of start lot comes in be A XXXX, our we outlook. year the consumer

and something achieve confidence and we work deliver we continue and pragmatic what to in. throughout have overachieve the So to we're said. trying that to we'll year be high

Operator

Barclays. [indiscernible] with

Unknown Analyst

ones. two Just quick

double-click auto OEM. to the want just I on Firstly,

profitability target of you in the kind OEM term. medium terms curious of laid obviously, for Just like MSD out

kind Just on near any of to of curious of whether thoughts couple in of of going next term, the you low expect level Just sort breakeven single-digit. kind quarters? like kind profitable turn to of kind the

the line Just near-term can some for if in of of bottom impact auto you terms the curious dynamics the OEM.

Clifton Pemble

goal. OEM too. affected out, downs business. our auto dynamic And by pointed Well, ups our the as profitability we're a is customers, of This and is obviously we've very

So through that. we're managing

basis. that doing a we're think point segment would I like to out all well. of GAAP results report very our I on we

segments we So corporate to allocate segment. overarching don't cost that help that address

seeing results. metrics -- go may pure OEM segment meaningful OEM else still auto point segment our match everyone our a that cover profitability very contributions So not GAAP point industry. and wouldn't what away the didn't with segment of you're have that corporate provides our in auto is said, portion if our for for we margin portfolio. in this that costs But

also business. our manufacturing significant that in as our by substantial well year we chain our combining XX have and attractive very units volumes achieved And as we leverage million across our for very is a the supply suppliers.

you able results. savings, to So of all in the of to achieve the seeing other are which segment we're cost benefit

Unknown Analyst

Okay.

one. Just a quick

if flagship of the space of products terms Just of kind in out the the the cycle zoom address call terms backdrop? kind on of months And can kind ago selling quarter, restocking sell-through, level in of especially the you different of terms to like as there our to of you of of maybe X out high some board. the last as anything in back would we of of kind step versus in relates it kind consumer is some consumer, especially

trip any to the [indiscernible] the see will, just if sell-through versus the quarters, just on of sustained quarter. product, of you flagship last and cloud next you momentum Just sort of curious whether should over couple kind

Clifton Pemble

Yes.

at real healthy and overstocked. of of we channel time probably well would in feel customer embracement continue and terms the been is results consumer made say the as behavior we a those registrations would most pressure I at there's the near want sell-in not bases to our remarks. we that be and perspective we've retail see our matched, and and can customers that the that no of for we our those level, we say was as in of is kinds in I believe our strong, looked say and see in strong It's fine. there offer sell-through registration because the about to think we of from very as good QX the I well the but know that products our products, that products very -- and don't general, that seem customers our We the where are products has consumer at. to we

Operator

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

David S. MacGregor

guess want unit operating to on standpoint on is, a about be I'm called start for leverage And volumes. Great trying lower helpful obviously, the a is by variable get or something because benefit I standpoint quarter. But there segment. in here here the anything some strong you would just to Congratulations asking just costs else each out product I from in performance. there's going the that of costs structural from strength from . that sense modeling?

Clifton Pemble

investments and added over allows I us overall component the George, production increased Well, production on have in year mentioned leverage as more to purchasing. chain combined million our the our and allows to our volumes, business, with efficiency And us line. we last of have to more units course, volumes supply XX efficiencies higher that just definitely

So that. to see we're seeing benefits to from that continue and expect

David S. MacGregor

Okay.

from anything benefits. kind standpoint it's So structural scale There of . is isn't changing? a

Clifton Pemble

No, we scale. clear. the It's no. definitely are Yes, very

David S. MacGregor

guess, Right. to has And the talk secondly, I'm I Got question. tariffs, then could you somebody it. obligatory guess, about I if ask wondering,

Taiwanese manufacturing. got You've

just You've some exposure got on you indirect about automotive that Can exposure tariffs . there? there's your foreign gives just extent talk the BMW, which the you production. to

Clifton Pemble

I it it change, of exposure think Well, rapidly. as there's seems, and can everywhere course,

been see here that that discussions optimally on of to have terms going exposure all have of are what waiting probably in we still there. really is transpires. positioned what we believe I while everyone think and I So the

of where part, right our for think most chain of is now. being the focused the of attention most is I supply is way the out

believe We quantify impact. impacts. to -- could the really position a in to we don't minimize some that, have we're that but know So good we're we how we

David S. MacGregor

Do you now? the for anything have in that . guidance

Clifton Pemble

that No, Again, there's lot right of almost for nothing a basis. plan changes there's daily on now. really a could you that's --

we'll to be we going to there's impacts. and But just anticipate this So don't major see. at have wait moment, that

Operator

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

Ivan Feinseth

quarter XXXX. a questions the simulator great the more X the are great diving approach products Are on cent of let's you products. the purchase and or dive My great computer. another the say, Are higher-priced for first computer you approach new targeted are like for really shipyards. . you at on seeing, And these would new from die maybe golf and launched thing more? pros teaching on be or lot Congratulations let's seeing These simulator. the you, professionals, the from golf say, the professional that markets? in Are use which for a a from -- or you same channel ones rigs Are for who of the golf it oil for interest, work schools? interest

Clifton Pemble

is broad on say those would these -- both very Specific I've of dive are to a products, been course, base electronics. the of I range Yes, really, customer serious dive,

serious a from professional a thing. on definitely And including of but in down that divers divers, of range to that is appeals consequently, kind it more so see we product across -- the sport, person that interest enthusiasts work to others, about

product or their in when really there's is can room, people unique same play they the like especially the rec because And the this range. broad use it garage to a so can a of that for And the out as to bad, lot is be courses golf want -- to. wherever those actual have is well. weather course it's true course and winter taken on in they So

base don't to broad a And is that to see really appealing So a really broad because love that product. a always gravitating we that We specific it's is customer range. better. range

Ivan Feinseth

Yes.

lot friends that are who the price. Xx or my in has that items are the that approach a price similar X, X, know features of the So

So . [indiscernible]

Clifton Pemble

[indiscernible] pricing.

Ivan Feinseth

CES, incredible second kind And connected getting of I display, then my did on the are you you really, at -- Or which that? what thought on on feedback the cabin get? was is . your question

Clifton Pemble

that automakers on got our of a unified of to design both the our so is, capability, industry. as innovative the It part terms future demonstrate the of as course, futuristic we've I think really automotive feedback good well investment can on cabin. product shaping we in

So we with you called technologies underlying in results interest will see core electronics it systems definitely but a the for future become and Unified that the something we're a in cabin, follow-up part demonstrating that, the may cars. lot of that car designing and not and necessarily it see we're of

Ivan Feinseth

pretty big XXXX. was Well, car that. it a with . you would like I a thought I wishing all cool.

Clifton Pemble

Yes.

love I demonstrator had to think that we all all see we and car wish [indiscernible]. we a

Operator

next question with Zatzkin of KeyBanc comes Noah the Your line from Markets. Capital

Noah Zatzkin

tougher on a an couple marina was industry. Maybe just XXXX industry the Obviously, for me from perspective.

guys pretty grew boat new shipments XX%. I you gain which implies was substantial X% think boat new were And organically, down over retail in U.S. Obviously, the down close there. XX%. share to

to first, in guess, And business versus to remind just could us see if mix think I then of aftermarket So perspective? from if industry in were an the stabilization how the you some 'XX. OEM the about we

is growth. X% guidance your think for I

might be were the a that think to stabilize. industry if to reason any conservative just bit So

Clifton Pemble

definitely think share continue I to we our product see Yes, line. across gains

although mix is products the us, OEM retail more half than For amount growing is aftermarket, as sizable is well.

of right see would now, again, overall downswings. say don't terms big the I market we that, In condition

some and upswings. while, I for wrong calling market market have quite still itself taken see time correct think double-digit back a a is growth But after many growth has because to very for just don't to to big they solid been don't We snap the mostly other without been and it's some catalysts. market also going the COVID.

from here, stabilization. also the we we can And see if we expect, believe that would build would of We we something general, performs in on. But course, that kind it's better, market outperform. of

Operator

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

Teri Seck

you Doug today. all callbacks. Thank for joining us are for available and I

We will be a . Have you many soon. Bye. wonderful to day. of talking

Operator

all today's call. gentlemen, Thank that and you Ladies joining. for concludes

now may disconnect. You

Garmin (GRMN) 19 Feb 252024 Q4 Earnings call transcript