Garmin Ltd. (GRMN) Q4 2022 Earnings Call Transcript

Garmin Ltd. (NYSE:GRMN) Q4 2022 Earnings Conference Call February 22, 2023 10:30 AM ET

Company Participants

Teri Seck - Director IR

Clifton Pemble - President and CEO

Doug Boessen - CFO

Conference Call Participants

Paul Chung - JPMorgan

George Wang - Barclays

David MacGregor - Longbow Research

Benjamin Bollin - Cleveland Research Company

Erik Woodring - Morgan Stanley

Ivan Feinseth - Tigress Financial Partners

Operator

Good morning, and thank you for standing by. Welcome to the Garmin Ltd. Fourth Quarter 2022 Conference Call. [Operator Instructions] Please be advised that today's conference call is being recorded.

I would now like to hand the conference call over to your speaker today, Teri Seck. Please go ahead.

Teri Seck

Good morning. We would like to welcome you to Garmin Ltd. Fourth Quarter and Fiscal Year-end 2022 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 Ltd. and its business. 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 plans and objectives are forward-looking statements. The forward-looking events and circumstances discussed in this earnings call may not occur, and actual results could differ materially as a result of risk factors affecting Garmin. Information concerning these risk factors is contained in our Form 10-K filed with the Securities and Exchange Commission. In particular, there is significant uncertainty about the duration and impact of the COVID-19 pandemic.

This means that results could change at any time, and any statement about the impact of COVID-19 on the company's business results and outlook is the best estimate based on the information available as of today's date.

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

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

Clifton Pemble

Thank you, Teri, and good morning, everyone. As reported earlier today, consolidated fourth quarter revenue came in at $1.3 billion, which is down 6% from the prior year and consistent with trends we experienced for most of 2022. There are several factors that influenced our results, including the year-over-year strengthening of the U.S. dollar, macroeconomic and geopolitical concerns affecting Europe, and the performance of retailers who focused on inventory control.