and Teri, good you, morning, Thank everyone.
factors retailers with and at and U.S. influenced fourth which inventory our including the who Europe, quarter reported from down year-over-year we affecting of are for billion, the results, As $X.X performance most consistent geopolitical experienced the on several the concerns of There is control. prior XXXX. macroeconomic of today, revenue strengthening came dollar, that X% and consolidated in year focused trends earlier
increased bright double of One and direct for our which accounted by strong performance including garmin.com, sales. XX% the is digits than spot of total net sales channel, greater
the strategy. While retail pillar go-to-market direct needs of our important channels to of is an are our our increasingly priority partners, serve third-party
Another bright XXX improved and prior basis performance, expectations our over benefited freight gross margin as is spot which costs. year points we from lower exceeded the
mix a Our decline performance billion, and emerging a in year-over-year. business affecting revenue $X.XX facing and was the reported headwinds of XXXX consumer X% behaviors. despite solid environment We general persistent of
relative strengthening impacted Revenue U.S. was dollar the other million the to negatively to currencies. by due of approximately $XXX
revenue X% year. impact, this would about have Excluding increased over prior the
Our XX%. gross margin margin year, XX.X% exceeded performance operating at strong and the for was
include earlier As product outdoor. categories with expected the current considered scope morning, a this Auto of announced moment, provide in the combined but segment the growth factors context and as consumer of more size Auto Consumer I'll the segment the as OEM of segment. we've auto well the
XXXX. We're as attention cautiously our we to optimistic turn
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year introductions. as focused are We It's by benefit we on we're quarter-by-quarter planned we or solid delivering growth Rather, highly leveraging and products performance. not in creating important second model. expect year return to that quarter focused our after to results differentiated to on the diversified remember starting category-by-category from product business new
on minutes, General the detail but in be and considered business financial a highlights prior Doug in the outlook results the by shareholders of greater proposing upcoming Annual dividend a provide discuss year, segment. for We're performance $X.XX, Meeting. few will at with will first, consistent each I'll which
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our garmin.com. LTE-connected quarter, kids available first we exclusively at smartwatch During launched the
two-way as real-time and tracks the allows voice well location and and rewards. offers give parents assign activities messaging offers tracking. Bounce as also to and text chores games day, throughout Bounce steps
We believe of signs line X for health checks full is providing recently validated and the continue rhythms FDA wellness managing step Plus a in heart allows devices their We conditions. a health variety and smartwatch. important for an this U.S. for of clinically record a to to This explore Venu app and new verticals AFib. ECG of towards for received app approval users
we we anticipate expect it as be product new approximately in and X% XXXX, revenue as the down stabilizes to segment For of introductions. benefit the
operating resulting Moving respectively, to of year and product year in income XX% experienced of categories, resulting Full revenue led year. $X.X million. XX% $XXX for Outdoor. by record increased XX%, margins demand billion in revenue were and growth nearly We multiple across adventure Full for watches. gross operating the strong
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new We smartwatch is hybrid product analoged that a also the expanded fully Instinct and fully line Crossover, with the digital. unique
Auto. to Looking approximately from the expect segment ahead, X%, which we includes Outdoor grow Consumer contributions
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growth quarter, starting driven introductions. in once the We product second by again resume new expect to
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growth X% to trends these approximately revenue of expect We drive the for year.
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growth by systems. revenue strong sonar demand across increased with multiple for XXXX, X%, categories, led For
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that During now the chartplotters, both quarter, GPSMAP charts Garmin announced flagship in combining from best-in-class Navionics+ certain is Navionics the preloaded Garmin. we and
awards, Soundings National the year, Innovation recognition Throughout Safety the and most received Award one Trade we Award, most the companies innovative The prestigious of recently Industry by and Boating marine as IBEX Only. multiple accolades
typical X% the will the increase Looking marine as strong patterns. segment approximately we forward, year, anticipate we Marine growth for revenue position our market leverage from with share
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mentioned product Consumer with of combined Auto we recently As earlier, the Outdoor. categories
that to we us hyper experienced growth in invest know, in allowed and the are innovator we many automotive opportunities we As market were an the the strong, become mid-XXXXs diversified in today. consumer company early and highly the new
XXXX, diversified and and exceeded and target of has Consumer Looking collection our complement important the strategic our revenue specialty that base which that Outdoor from $X.X the categories, in Auto back than Automobile segment of we've the of revenue into many segment. segment vehicles XX% represented time, Since revenue. off-road focus the evolved adventure consolidated a billion of more
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fiscal standalone year report XXXX. starting auto We a OEM will as with segment
organization transformation segment electrification momentum. have to automotive opportunity change The This why an discuss in participate to OEM as in market. market gains provides significant undergoing the auto chosen we is
are vehicles not industry electronic to the and many evolves. in suppliers, While as meet rapidly the software demand content equipped the all capable has
solutions is to vision Our the auto we portfolio, global electronic our To model supplier to recognized industry. intend achieve be this vision, integrated vertically business of manufacturing and as our footprint. a leading technology our global integrated leverage to
rear-seat primarily Units entertainment. three domain systems control categories: product BMW computing program from Infotainment little throughout Controllers, for a all of are Domain these is controllers categories, instrumentation bit Other. various OEM The infotainment, and that consists modules about remote Explaining and domain Auto vehicle. controllers the revenue generated
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finally, other Other And wearables lines. of category revenue cameras, and database, a the software, includes map collection
current base Geely. Daimler, BMW, Ford Honda, and Our Yamaha, of Toyota, includes global automakers most customer the some respected including
We on many are working with future opportunities. OEMs and these other
$XXX reduction gross we Auto due This investments and programs. XX%, year ongoing XXXX, to in XX% by $XX prior million, was to was the expectations Full and During operating $XX was than new margin expenses. increased than contributions sales OEM with by revenue lower million, new development to recorded driven operating and year an programs. from of loss loss a growth million driven complete better higher
flagship a last industry. Supplier of with our on entertainment the Award a the achievement Theatre is work relative and of Innovation we're Screen expectations for significant X the newcomer customer system recognized considering that BMW high our a the to fact Late automobile. the program, Series This rear-seat complexity year, the the the Garmin Group offered on
footprint, encompasses I'm from increased also BMW North and expanded by now additional that secured commitments total report during nearly that Europe our volume region, to and which awarded China. XXXX, supply our pleased American XX% the we
Auto forward, to increase expect Looking XX% OEM revenue in XXXX. we
driven first quarter the timing year in to model new with expect the the approximately starting growth prior launches. flat by of QX, We be significant to
are profitability. and our Auto pathway Many for OEM about the to the wondering segment long-term outlook importantly,
While beyond goes we year, provide guidance our OEM segment we from can vision current share the the where Auto do for here. not
that projections Our long-term many materialize. may or other may programs awarded with assumptions not consider currently along
over profile, be if by compound on of the XX% XXXX. domain We revenue that volume XXXX business rate secured, Based a growth in our approximately $XXX of of indicate anticipate in a the result aim much next only driven years, margin significant we as profitability that approximately this achieved, few already carry we lower million. which, will for generate gross growth but could also would experience controllers annual projections leverage
new to showcased to Show. that acclaimed at such plan as concept on recent cabin leads opportunities the we build We with highly Consumer this the innovation success unified Electronics
our for clear delivering opportunity era OEM new a segment. the and path focused Auto of we're segment. significant, beginning in forward The the the profits Auto and is marks XXXX summary, In is OEM on growth
remarks. my concludes That
additional XXXX Next, on Doug results details financial Doug? will guidance. our and you our through walk
