Garmin Q3 2023 Earnings Call Transcript

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Provided by Quartr
November 1, 2023

There are 12 speakers on the call.

Operator

Hello, and welcome to the Garmin Limited Third Quarter 2023 Earnings Call. All lines have been placed on mute to prevent any background noise. After the speakers' remarks, there will be a question and answer session. I will now turn the conference over to Teri Seck, Director of Investor Relations. Please go ahead.

Speaker 1

Good morning. We would like to welcome you to Garmin Limited's Q3 2023 earnings call. Please note that the earnings press release and related slides are available at Garmin's Investor Relations site on the Internet at www.garmin.com/stock. An archive of the webcast and related transcript will also be available on our website. This earnings call includes projections and other forward looking statements regarding Garmin Limited and its business.

Speaker 1

Any statements regarding our future financial position, revenues, Segment growth rates, earnings, gross margins, operating margins, future dividends or share repurchases, market shares, product introductions, future demand for our products, 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 as a result of risk factors affecting Garmin. Information concerning these risk factors is contained in our Form 10 ks filed with the Securities and Exchange Commission. Presenting on behalf of Garmin Limited this morning are Cliff Pimbell, President and Chief Executive Officer and Doug Wesson, Chief Financial Officer and Treasurer. At this time, I would like to turn the call over to Cliff Pimble.

Speaker 2

Thanks, Teri, and good morning, everyone. As announced earlier today, Garmin delivered outstanding results in the 3rd quarter with strong growth in consolidated revenue, operating income and earnings. Consolidated revenue came in at $1,280,000,000 up 12% over the prior year, driven by growth In 4 of our 5 business segments. Gross and operating margins were 57% and 21.2%, respectively, Resulting in operating income of $270,000,000 up 13% year over year. We registered GAAP EPS of $1.34 and pro form a EPS came in at 1 $0.41 Up 14% over the prior year.

Speaker 2

We are pleased with our 3rd quarter results and are updating our full year 2023 guidance Accordingly, we now expect revenue of approximately $5,150,000,000 and pro form a EPS of 5 point $0.25 Before turning the call over to Doug, I'll provide highlights by segment and an outlook of what we see ahead. Starting with the Fitness segment, revenue increased 26% to $353,000,000 A new 3rd quarter record for the segment and a continuation of the strong performance we've been experiencing all year. Growth was broad based across all categories, led by strong demand for wearables. Gross and operating margins were 54% 21%, respectively, resulting in improved year over year operating income of $75,000,000 During the quarter, we introduced the new Venue 3 smartwatch family in 2 sizes, As well as the value packed Vivoactive 5 with a bright AMOLED display. These wearables have robust new health and wellness features, Including map detection and enhanced sleep coaching.

Speaker 2

Also, we recently announced that our ECG app Is now approved for use with recently introduced products, including the Venue 3, as well as our popular Epix Pro and Phoenix 7 Pro Series Watches. The FDA cleared and clinically validated app records heart rhythms and checks for signs of atrial fibrillation. Expansion of the ECG app gives our customers another powerful tool for managing their health. Given the strong year to date performance and the current trends, we now expect fitness revenue to increase approximately 20% for the year. Moving to the Outdoor segment.

Speaker 2

Revenue increased 7% to a 3rd quarter record $434,000,000 with growth across multiple categories led by adventure watches. Gross and operating margins were 62% and 31%, respectively, resulting in operating income of 136,000,000 Dollars. During the quarter, we launched the Tactic 7 with a bright AMOLED display, a night vision compatible flashlight And up to 31 days of battery life. We recently announced the Mark Carbon Premium Smartwatch Collection, Crafted from 130 layers of fused carbon fiber, making these watches distinctive, strong, lightweight And ready for adventure. We're pleased with the performance of the outdoor segment, but the path to growth has been more challenging than anticipated When compared to the strong performance of 2022 and the timing of product introductions in 2023.

Speaker 2

Given the year to date performance, we now expect outdoor revenue to decrease approximately 5% for the year. Looking next at the Aviation segment. Revenue increased 5% to a 3rd quarter record of $198,000,000 With growth driven by OEM product categories. Gross and operating margins were strong at 75% And 25%, respectively, resulting in operating income of $49,000,000 During the quarter, we were ranked number 1 in Avionics Product Support by Aviation International News For the 20th consecutive year, being consistently recognized for unrivaled support year after year Highlights our strategic focus on taking care of customers and standing behind our products. Also, we recently announced a long term agreement to provide state of the art G3000 integrated flight decks to beta technologies For it's all electric aircraft.

Speaker 2

Year to date, revenue from aviation has increased 11% And we are very pleased with this result. As a reminder, we face significant supply chain constraints in 2022 This shifted revenue into the final quarter of the year as we caught up on back orders. We do not expect these conditions to repeat in 2023. With this in mind, we are maintaining our 5% growth estimate for the full year, implying that 4th quarter revenue from Aviation will decrease Approximately 10% year over year. Turning to the Marine segment, revenue decreased 7% To $182,000,000 with decreases across multiple product categories, partially offset by contributions from JL Audio.

Speaker 2

As many have reported, the marine market has slowed in 2023, but we've been performing better than the market and our 3rd quarter performance Exceeded our expectations. Gross and operating margins were 52% 13%, respectively, Resulting in operating income of $24,000,000 During the quarter, we launched the GPSMAP 9,000 series in multiple Including the 27 inches GPSMAP 9,227 that was recognized with an innovation award At the recent International Boat Builders Exhibition, for the 9th consecutive year, the National Marine Electronics Association Named Garmin Manufacturer of the Year and we received 5 Product of Excellence Awards. We were also recognized As the most innovative marine company by Sounding Straight Only, a leading marine trade publication. We recently completed the acquisition of JL Audio, an iconic premium audio brand that expands our ability to offer highly integrated audio features across all of our marine product lines. Given the better than expected Q3 performance and the addition of JL Audio, We're updating our expectations for 2023.

Speaker 2

We now expect full year marine segment revenue To be approximately flat to the prior year. During the Q4, we expect JL Audio to be approximately 15% of total Marine segment sales. Moving finally to the Auto OEM segment, revenue increased 59% to $110,000,000 a 3rd quarter record with growth primarily driven by increased shipments of domain controllers to BMW. Gross margin was 21% and the operating loss narrowed to $14,000,000 During the quarter, domain controller deliveries continued to ramp across the BMW lineup. We also experienced strong growth in infotainment categories with contributions from Yamaha Motorsports and Honda Motorcycles.

Speaker 2

Given the strong year to date performance, we now expect auto OEM revenue to grow approximately 40% for the year. That concludes my remarks. Next, Doug will walk you through additional details on our financial results. Doug?

Speaker 3

Thanks, Cliff. Good morning, everyone. I'll begin by reviewing our Q3 financial results by comments on the balance sheet, cash flow statement, Taxes, updated guidance. We posted revenue of $1,278,000,000 for the 3rd quarter, Represent a 12% increase year over year. Gross margin was 57%, 100 basis point decrease from the prior year quarter.

Speaker 3

Decrease was primarily due to segment mix and partially due to product mix in certain segments. Operating expense Percentage sales was 35.9 percent, 190 basis point decrease. Operating income was $270,000,000 A 13% increase. Operating margin was 21.2%, a 20 basis point increase. Our GAAP EPS was $1.34 Our pro form a EPS was $1.41 14% increase from the prior year.

Speaker 3

Next, we'll look at our 3rd quarter revenue by segment and geography. During the 3rd quarter, we achieved record consolidated revenue And growth in 4 of our 5 segments, led by double digit growth in both the fitness and auto OEM segments. By geography, Americas and EMEA regions achieved double digit growth of 12% 15%, respectively, while the APAC region achieved solid growth of 8%. Looking next at operating expenses. 3rd quarter operating expenses increased by $27,000,000 or 6%.

Speaker 3

Research and Development increased $13,000,000 year over year, primarily due to engineering personnel costs. SG and A increased $12,000,000 compared to prior year quarter, Primarily to increase in personnel related expenses, information technology costs. Avatar expense increased primarily Approximately $2,000,000 primarily due to higher co op advertising spend. Few highlights on the balance sheet, Cash flow statement and taxes. In the quarter with cash and marketable securities approximately $2,800,000,000 Accounts receivable of $721,000,000 includes the addition of JL Audio and was in line with the year over year increase in sales.

Speaker 3

Inventory balance increased year over year to $1,400,000,000 seeking to execute our strategy to optimize inventory. Reductions to our consumer inventory were then offsetting the increase associated with our Auto EM business, the addition of JL Audio inventory. During the Q3 of 2023, we generated free cash flow of $312,000,000 $208,000,000 increase from prior year quarter, Primarily due to a lower use of cash for purchase of inventory. Capital expenditures for the Q3 were $46,000,000 We now expect full year 2023 free cash flow to be approximately $900,000,000 During the Q3, we paid dividends of approximately $140,000,000 Also, we purchased $9,000,000 of company stock and approximately $18,000,000 remaining at quarter end share purchase program to authorize December 2023. Pro form a effective tax rate was 7.2% compared to 4.3% prior year quarter.

Speaker 3

Year over year increase is primarily due to income mix by jurisdiction. Turning next to our full year guidance. We estimate revenue approximately $5,150,000,000 compared to our previous guidance of $5,050,000,000 We expect gross margin to be approximately 56.7% compared to our previous guidance of 57.2%. The change is primarily due to the anticipated full year segment mix and mix of increased sales of newly acquired JL Audio, which has expected gross margin lower than the Marine segment average. We expect an operating margin of approximately 19.8%.

Speaker 3

Also, we expect a pro form a effective tax rate of 8.5%, which is unchanged from our previous guidance. This results in expected pro form a earnings per share of approximately $5.25 Which includes approximately $0.05 diluted impact related to newly acquired JL Audio, which is unfavorably impacted by effects of Hertz accounting. This This concludes our formal remarks. Sarah, could you please open the line for Q and A?

Operator

Thank Your first question comes from the line of Eric Woodring with Morgan Stanley. Your line is open.

Speaker 4

Hey, good morning guys. Thank you for taking my questions. Maybe if we just start at higher level, Cliff. You've raised the auto OEM growth Great guidance twice in the last two quarters. For this year, you're now anticipating 40% growth.

Speaker 4

Does that stronger 2023 Outlook for auto OEM imply that you kind of are already ahead of your $800,000,000 2025 target, like is this If you could just help us kind of unpackage how we should be thinking about the trajectory of this business over multiple years, how that's changed given your outperformance this year? Then I have a follow-up. Thank you.

Speaker 2

Yes. Good morning, Eric. I think The demand from the automakers basically is certainly not a guarantee at the beginning of the year. So we make estimates based on their best estimates, but things Ebb and flow throughout the year. So this really is just the tweaking of their build plans and their demands for our product As the year goes along and I don't really see this as a pull forward or puts or takes from the overall Growth outlook that we've provided.

Speaker 4

Okay. That's helpful. Thank you. And then maybe I'll stay on auto OEM for my second question. And We're seeing some nice improvement in your auto OEM OpEx base.

Speaker 4

Gross margins were down, I think, 2 40 basis points Sequentially, but you saw operating margins improve more than 400 basis points sequentially. So I guess if I do the Simple math and say if you continue this trajectory, you could see the auto OEM business turn to an operating profit by mid year next year. Just curious if that's how we should be thinking about kind of the linearity of the auto OEM margin improvement or How we should be how you would change kind of the math that I just laid out or the trajectory that you guys are thinking about? Thank you.

Speaker 2

Yes. At the beginning of the year, we said that our target was for profitability in 2024 and we're still, progressing towards that. I'm not sure that I would put a lot of weight in the linearity because with model changeovers and new models coming on and the timing of those being somewhat Unpredictable. The linearity from quarter to quarter probably doesn't allow to extrapolate directly to Mid next year, but we'll provide more updates at the beginning of 2024 when we have a chance to evaluate the full year.

Speaker 4

Super. Thanks so much guys.

Speaker 5

Thank you.

Operator

Your next question comes from the line of Joseph Cardoso with JPMorgan.

Speaker 6

So first one for me is just on the marine business. Last Quarter, you talked about softness building in that business on the back of general macro headwinds in the strong couple of years you guys had. I guess, can you just clarify how that has tracked versus your expectations 90 days ago, just given that now you're including JL in the business mix? And just any updated thoughts on that business on a go forward basis as you think about a trough? Thanks.

Speaker 6

And then I have a follow-up.

Speaker 2

So definitely at the beginning of last quarter, July into August, There was a real marked seasonality, I guess, is what we would say in the marine activity. And I would probably attribute that at this point looking back as being back to The norms that we saw pre pandemic for deep seasonality in the early part of Q3. As we moved into September, things definitely got Better in the market and then we acquired JL towards the back half of the month of September. So things progressively got better as we went along. But the headwinds that I've mentioned about the marine market continue To be out there, the market has softened.

Speaker 2

I think everyone's reporting that and the behaviors of customers have definitely changed From what they were a year or 2 ago.

Speaker 6

Thanks for the color. That's super helpful. And then just relative to the JL acquisition itself, How are you thinking about the levers you have to drive margins in that business to track to the marine level average Post or pre the acquisition. Is it more of a volume play for you? Or do you have additional actions you can take to drive margins to improve in that business?

Speaker 6

And any thoughts around the time line of when you can kind of get those margins up to like the historical corporate average?

Speaker 2

I think in general that this category probably will still be on the lower end of the overall segment. But we do have ways that we can improve it over time. As you say, leverage is one of those things, leverage in terms of our overall purchasing power as a company as well as Operational leverage and efficiencies and taking advantage of the broader Garmin infrastructure. So those are the things we're focused on as we Get immediately into this and over time we should be able to bring it up closer to what our audio categories are currently.

Operator

Your next question comes from the line of George Wang with Barclays. Your line is open.

Speaker 7

Hey, guys. Thanks for taking my question. Just to kind of on the buyback and capital allocation, Just given kind of cash balance over $2,800,000,000 I just noticed kind of buyback wasn't that large last quarter. Just curious if The philosophy kind of thinking of change just on the capital allocation front, especially on the buyback and also additional kind of bolt on, if any, on the horizon.

Speaker 3

Yes. Thanks. Our priorities for cash were the same. One of those priorities is obviously reliable dividends, 2nd of which is investments back in our business, primarily CapEx related to build our infrastructures. And third of which relates to our strategic acquisitions such as JL Audio and then also due to a share repurchase.

Speaker 3

So as it relates to share repurchase, we do have an authorization through the end of this year, about $18,000,000 in there. And that's and we have our purchase are really based upon the market, the business conditions as such. So similar type of priorities for allocations and consistency of how we've gone through the share buybacks. See how we've gone through the share buybacks.

Speaker 7

Okay. Got you. I just have a quick follow-up. Just in terms of outdoor, It seems kind of cover compared year over year basis, kind of timing for the product launch. Just curious if you can double click on this segment Versus your prior expectation, maybe a little bit weaker on the margin.

Speaker 7

Just curious any refresh On the horizon for the Phoenix, next Phoenix launch?

Speaker 2

Yes. I think, George, it was Similar to what we mentioned in our remarks that last year was an incredible year with the introduction of the Phoenix 7 and Epix. And this year the timing of our refreshes of that product line came later than we had anticipated. So Definitely comping against what we saw in 2022 was difficult. But we are Positive about our new product lines.

Speaker 2

They've been received well and generated growth in this last quarter. And we're seeing strength across other product lines in the segment as well. In terms of future outlook, we don't really comment on The next generations, but we're constantly refreshing our product roadmaps. And I would anticipate next year to have very strong product releases.

Speaker 7

Great. Thank you. I will go back to the queue.

Operator

Your next question comes from the line of Ron Epstein of Bank of Your line is open.

Speaker 5

Hi, good morning. This is Jordan on for Ron. So I just had a quick question. Could you guys give any commentary on Current backlog and then channel inventory that you guys are seeing going into like the holidays?

Speaker 2

Yes. I think backlog wise, Jordan, we aren't a business that really has a long backlog Retailers tend to put in their orders closer to when they need them. But the indications that we have From retailers are that they see potential for the Q4 selling season. They're preparing for a good Season and the channel inventories up to this point have been adequate or lean even. So they're gearing up for A good shopping season.

Speaker 5

Great. Thank you, guys. Thank you.

Operator

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

Speaker 8

Good morning, everyone. Thanks for taking the question. Cliff or Doug, I'm curious on your bigger picture perspective on outdoor and Fitness gross margins. If you look back pre COVID, we still haven't quite recovered To the gross margin levels seen in 2017 and 2018. Just curious how you think about the opportunity to return to those levels In the higher end wearables category?

Speaker 8

And then I have a follow-up.

Speaker 2

Yes. I think there's so much has happened Between then and now that it would be hard to really build a bridge from where we were back then in terms of margin structure to now. I would say that the product mix probably has a big part of that. And so as the segment Ebs and flows in terms of various categories, the gross margin will vary accordingly. Okay.

Speaker 8

And then the other question for you Cliff is bigger picture also, how you think about More opportunities with recurring revenue. You've talked about Delorme and inReach and it seems like that's expanded. I'm curious if you see other opportunities To pursue maybe M and A in the app space or other content space, introduce your own? Just high level thoughts on that. Thanks.

Speaker 2

We're looking across all of the things that we offer as a company including content and Are looking for ways that we can monetize that into value added services for our customers. Some recent examples of that are marine Chart subscriptions that come with our chart plotters and also outdoor maps that we can bundle All of our products really have been focused on the outdoor segment. So we're looking more organically at that and not necessarily at M and A, but we do have A lot of opportunities where we can leverage.

Speaker 5

Thanks, Chris.

Operator

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

Speaker 9

Hi, good morning. This is Joe Nolan on for David. So I'm not expecting any sort of quantitative guidance or anything, but I was Hoping you could talk high level about some of your initial thoughts for 2024 and just maybe how conversations are going with customers regarding 2024?

Speaker 2

Yes. I think unfortunately, I really can't provide much color because as I mentioned earlier, we're most of our business lines are shorter cycle, meaning that Retailers are focused now on Q4 and we really haven't had a lot of discussions around what they're thinking for next year. So, again, I would just look generally at the momentum we have right now and the generally favorable indications we're getting for 4th quarter As indications that hopefully business will continue to be good into 2024.

Speaker 9

Got it. Okay. And then just a quick Follow-up, with the UAW strike, just can you talk about what impact, if any, that's having on your guys' business? Thanks.

Speaker 2

Yes. There's really no impact that we've had from that event. Most of our OEM customers Our outside of the big three that were affected by that. So that's not something that's affected us.

Speaker 9

Got it. All right. Thanks.

Operator

Your next question comes from the line of Noah Zatzkin with KeyBanc, your line is open.

Speaker 10

Hi, thanks for taking my questions. Maybe just one for me on the stronger than expected trends in fitness. Hoping you could provide some color around the drivers and maybe any larger trends at play as you see them that are driving better than expected performance in fitness Maybe relative to expectations a quarter or 2 ago. Then I have a quick follow-up. Thanks.

Speaker 2

Yes. No, the big driver really is, as we mentioned In the remarks, wearables have been very strong and that's across all of the wearable families in fitness from running watches to the advanced Wearables to even basic wearables. So everything there has been strong. Other categories in the segment were also Very strong. We saw strength across the whole segment really.

Speaker 2

So it definitely was much better than what we had anticipated earlier in the year as Our new products came to market and they were well received.

Speaker 10

Thank you. And then maybe just one on Marine EBIT margins, I think 13% down sequentially, quite a bit. So just, hoping you could provide some color on Kind of the puts and takes there, and then how to think about margins relative to historical next quarter given the addition of JL Audio?

Speaker 3

Deleveraging on our expenses. Also relating to the gross margins, we did, as we previously talked about, With JL Audio in there, that's lower gross margin than the marine average. So that did have an impact on it also. So it's really just a combination of that gross margin and some product mix in our marine organic business there as well as the sales output. Then on an ongoing basis, as it relates to JL Audio, we should see, as Cliff talked about, Now as it relates to our gross margins, they are lower.

Speaker 3

So there'll probably be some dilution in that as we go, but hopefully we'll be able to get some synergies and opportunities to get those improved

Operator

Your next question comes from the line of Ivan Fintech with Tigress Financial Partners. Your line is open.

Speaker 11

Thank you for taking my questions and congratulations again on the great results and the increased outlook. From the acquisition of J and L, you talked about expanding the marine audio, but what about do you think so many opportunities For you to integrate this in automotive OEM audio. And then recently, another company launched A headset, a bone induction headset, do you think there's opportunity to expand in some of the consumer product audio areas?

Speaker 2

JL Audio already has a fairly broad market reach across several markets including of course marine It's one of the biggest, but they also have products for aftermarket audio, as well as power sports and Home audio. And so consequently, they're pretty diverse, which is exciting, gives us some opportunities to explore Some new areas and I think each one of those has their own nuances. I think aftermarket audio is A very specific kind of play, but the expansion in powersports and also home audio are new areas of business for Garmin.

Speaker 11

So and if you went into home audio with them, would you be rebranding it would be a Garmin brand or Garmin JL brand?

Speaker 2

Well, they're already in home audio. So they're currently selling systems right now, subwoofers and things for home theater systems. And so we intend to continue those business lines and invest in an appropriate level of innovation across their various product lines.

Speaker 11

Very good. And then on the introduction of the Newmark Carbon, so what kind of like uptake are you seeing from, let's say, people new to the brand or Upgrading existing watches and also because of the much higher price points, are you looking to go into like a different type of marketing platform or different Retail distribution for those watches.

Speaker 2

I think Mark Carbon fits in nicely with our overall high end product line. If you look Especially in adventure watches starting with the Phoenix and Epix line, these are premium watches anyway. But customers do Appreciate unique materials and unique designs and that's why we've been successful in carving out our own Niche in this huge market. I think as we look at customers and the registrations, they Tend to vary by product line depending on what it is, but we see anywhere from mostly new customers coming into The category to repeat customers, but either way, we're pleased with the ability to offer A broad product line at low end to high end to cover as many customers as we can.

Speaker 11

And then on the new ECG functionality on the Fenix on the Pro line, is that because you're able to integrate because of the More advanced sensors that are now in the ProLine or how broad can you go, let's say, with that functionality?

Speaker 2

I think That's an indication of the platform capability that we have. We have sensor technology that we design In platforms and we're able to move that platform across all different kinds of product lines. And so that the Fenix and The EPIX Pro series are the ones that received that latest platform and we were able to then launch the ECG app for those products as well.

Speaker 11

Then one last question. Do you think that there's some opportunity at some point to incorporate the SOS functionality of inReach within a watch, Just even for that one feature.

Speaker 2

Well, I can't comment on specific features, but we're constantly working on innovations across our product lines. I always feel like there's many more great ideas that we need to be working on and lots of opportunity ahead.

Speaker 5

Thank you. Thank you.

Operator

Your next question is a follow-up from Eric Woodring of Morgan Stanley. Your line is open.

Speaker 4

Awesome. Thanks. And thanks for taking the follow-up guys. I just wanted to ask you, Cliff, because you brought it up earlier, just about your visibility into kind of consumer holiday demand this What trends you're seeing that are emerging that will influence your outlook? And I ask because the guide implies about 10 And sequential growth in 4Q for revenue versus normal historical seasonality close to 15% to 20%.

Speaker 4

So just what the puts and takes are, why potentially you might be seeing Sub seasonal growth and if that's a reflection of the holidays and consumer demand or if that is the kind of non consumer pieces of the business? Thank you.

Speaker 2

Yes, I think every year is probably different. As I mentioned earlier, retailers are Positive about what they are anticipating for the Q4. So we're definitely gearing up for that. And When we provide these estimates, we definitely want to provide estimates that we have high confidence in. And so that is how we approach The guidance.

Operator

Your next question comes from the line of Ron Epstein with Bank of America. Your line is open.

Speaker 5

Hey, thank you for the follow-up. A quick question too on aviation. Are you guys seeing any changes in demand for bizjet products? I know you guys in the Press release you said that it was driven by the OEM sales.

Speaker 2

Yes. I think all of the People who report business jet activity are definitely saying that activity remains strong. They're sitting on Big backlogs that they're trying to fill and they haven't dramatically increased production rates meaning that there's Still a large amount of backlog that has to be worked through over the next few years. So as a result that market continues To show promise as we work through that. And I would probably leave the forward Speculation about aircraft and demand to them, but in general there seems to be Encouraging demand across all Business Jet platforms and customers still want these products.

Speaker 5

Thank you. Thank you.

Operator

There are no further questions at this time. I will turn the call back to Teri Tech for closing remarks.

Speaker 1

Thanks everyone for your time today. Doug and I will be available for callbacks throughout the day and talking to many of you. Have a wonderful day.

Operator

Bye. This concludes today's conference call. Thank you for joining. You may now disconnect.

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Garmin Q3 2023
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