Core Insights - Simrad Marine Electronics, a brand under Brunswick Corporation, has launched the Simrad® AutoCaptain™ Autonomous Boating System, which features full auto-docking capabilities, marking a significant advancement in marine technology [1][2] - The AutoCaptain system is designed to provide true autonomous maneuvering, differentiating itself from existing assistance-based systems, and is part of Brunswick's ACES strategy aimed at shaping the future of recreational boating [1][2] Product Features - AutoCaptain offers real-time 360-degree situational awareness, autonomously performing docking and undocking maneuvers, even in tight spaces, while intelligently adjusting for wind, current, and obstacles [3] - The system is capable of operating in unfamiliar waters without prior mapping, adapting dynamically to the environment, and can hold the vessel against the dock while users prepare to secure it [3] - Developed in collaboration with Mercury Marine®, AutoCaptain integrates with advanced propulsion systems and joystick controls, providing a unified control experience that enhances precision and ease of use [4] Future Readiness - AutoCaptain is designed as a scalable platform that can evolve over time, supporting future enhancements and delivering smarter, safer, and more intuitive boating experiences [5] - The system is intended for all levels of boating experience, providing dependable support for both novice and seasoned captains [6] Market Introduction - AutoCaptain will debut on Boston Whaler® 405 Conquest models at the Fort Lauderdale International Boat Show, with plans for broader availability through additional boatbuilder partners [6] - The product will also be showcased at CES 2026 in Las Vegas, marking its first appearance as a commercially available solution [7]

Core Points - Garmin has been recognized as Manufacturer of the Year for the 11th consecutive year by the National Marine Electronics Association (NMEA) at its annual conference held on September 25, 2025 [1][2] - The company received eight Product of Excellence awards across various categories, showcasing its leadership in marine electronics [2][3] Awards and Recognition - Garmin was awarded in multiple categories including multi-function display (MFD), fishfinder, autopilot, multimedia entertainment, automatic identification system (AIS), marine safety device, satellite communication antenna, and marine specialty product [3][4] - The MFD category was won by the GPSMAP 9227, which is noted as the industry's largest integrated 4K resolution touchscreen chartplotter [6] - The GSD 28 fishfinder was recognized for its advanced sonar technology, providing a 10,000-foot range [6] - The Reactor 40 Hydraulic Autopilot received its 13th consecutive honor in the autopilot category [6] - The Fusion Apollo RA770 Marine Stereo was awarded in the multimedia entertainment category for the tenth consecutive year [6] - The Cortex M1 Hub won in the AIS category for the fourth year running [6] - The inReach Mini 2 Marine Bundle was recognized as a marine safety device, while the inReach Messenger Plus won in the satellite communication antenna category for the second consecutive year [6] - The quatix 8 Marine GPS Smartwatch was awarded in the marine specialty product category [6] Company Commitment - Garmin emphasizes its dedication to delivering innovative marine technology, exceptional service, and unwavering support to customers, reflecting its strong momentum in the marine industry [4][5]

Core Viewpoint - Garmin has launched the Force Current, a hands-free kayak trolling motor that enhances the fishing experience by allowing anglers to control their kayak without needing to set down their fishing rod [1][3]. Product Features - The Force Current features a brushless motor designed specifically for kayak fishing, providing full forward and reverse thrust for easy navigation in various environments [1][5]. - It includes two prop options: a high-efficiency prop for extended battery life and a weedless prop for navigating through aquatic vegetation [5]. - The motor delivers 50 pounds of thrust with 24V power and 30 pounds with 12V power, enabling anglers to move efficiently throughout the day [8]. Technology and Innovation - The trolling motor incorporates a wireless throttle and steering control system, allowing for hands-free operation [2][3]. - It offers wireless integration with chartplotters, enabling anglers to create routes and control various functions such as steering and anchor lock [8]. - The product features smart anchor lock technology with multi-band GPS to maintain position in challenging conditions [8]. Market Position and Pricing - Kayak fishing is identified as one of the fastest-growing segments in recreational fishing, prompting Garmin to expand its Force trolling motor lineup [3]. - The Force Current will be available for a suggested retail price of $3,599.99 with foot pedals or $2,999.99 without [5]. Company Background - Garmin is recognized as the world's largest marine electronics manufacturer and has been named Manufacturer of the Year by the National Marine Electronics Association for ten consecutive years [6].

Financial Data and Key Metrics Changes - Consolidated revenue increased by 11% to $1.54 billion, setting a new first-quarter record, with gross and operating margins at 57.6% and 21.7% respectively, leading to record operating income of $333 million, up 12% year over year [4][17] - Pro forma EPS rose by 13% year over year to $1.61, while GAAP EPS was reported at $1.72 [17][4] Business Segment Data and Key Metrics Changes - **Fitness Segment**: Revenue increased by 12% to $385 million, driven by strong demand for advanced wearables, with operating income of $78 million and gross margin of 57.2% [10][11] - **Outdoor Segment**: Revenue surged by 20% to $438 million, with operating income of $129 million and gross margin of 64.2% [12] - **Aviation Segment**: Revenue grew by 3% to $223 million, with operating income of $48 million and gross margin of 75% [13][14] - **Marine Segment**: Revenue decreased by 2% to $319 million, with operating income of $87 million and gross margin of 58.2% [15] - **Auto OEM Segment**: Revenue increased by 31% to $169 million, with a gross margin of 18% and a narrowed operating loss of $9 million [16] Market Data and Key Metrics Changes - Revenue growth by geography showed 23% growth in EMEA, 9% in APAC, and 4% in the Americas [18] - Approximately 40% of revenue is generated in non-U.S. Dollar currencies, benefiting from a weaker U.S. Dollar [9][21] Company Strategy and Development Direction - The company is adapting to a dynamic global trade environment, with a focus on mitigating tariff impacts and maintaining a diversified business model [5][10] - New product launches, such as Garmin Connect Plus and the Vivoactive six smartwatch, are part of the strategy to enhance customer engagement and drive revenue growth [11][12] Management's Comments on Operating Environment and Future Outlook - Management noted a modest reduction in demand due to the current trade environment, but emphasized strong product lines and a resilient business model [10][9] - The company is maintaining its revenue growth estimates for various segments, with a cautious outlook on potential demand shifts [10][14] Other Important Information - The company updated its full-year 2025 guidance, estimating revenue of approximately $6.85 billion, reflecting favorable foreign currency impacts and modest demand weakening [21][22] - The effective tax rate for the quarter was reported at 14.5%, down from 15.6% in the prior year [20] Q&A Session Summary Question: Demand trends across segments and inventory building - Management indicated no signs of weakness in demand, with strong sell-through rates and no overstocking observed [25][26] Question: Launch timing of Garmin Connect Plus - The decision to launch was driven by advancements in AI-based insights, with positive initial customer reception [28][30] Question: Disaggregation of demand weakness versus FX tailwinds - Management refrained from providing specific figures but acknowledged a modest decrease in demand while highlighting FX benefits [35][38] Question: Mitigation strategies for tariffs - Management is evaluating various mitigation strategies on a case-by-case basis, including sourcing actions and pricing adjustments [40][42] Question: Marine segment promotional timing - The decrease in marine revenue was attributed to the timing of promotions, with expectations of a ripple effect into the second quarter [49][50] Question: Consumer demand outlook for the second half - Management remains cautiously optimistic, factoring in potential softness but noting strong current demand [55][56] Question: Subscription and software revenue reporting - Subscription revenue will be reported separately once it reaches 10% of consolidated revenue [71][72] Question: Impact of tariffs on aviation products - The impact is limited as most aviation manufacturing occurs in the U.S., though some materials are sourced internationally [84]

Financial Data and Key Metrics Changes - Consolidated revenue increased by 11% to $1,540,000,000, setting a new first-quarter record, with gross and operating margins at 57.6% and 21.7% respectively, leading to record operating income of $333,000,000, up 12% year over year [4][17] - Pro forma EPS rose by 13% year over year to $1.61, while GAAP EPS was reported at $1.72 [17] Business Segment Data and Key Metrics Changes - **Fitness Segment**: Revenue increased by 12% to $385,000,000, with operating income of $78,000,000 and margins at 57.2%. The segment is expected to grow by 15% for the year due to strong demand for advanced wearables [10][11] - **Outdoor Segment**: Revenue grew by 20% to $438,000,000, with operating income of $129,000,000 and margins at 64.2%. The segment is expected to maintain a 10% growth estimate for the year [12][13] - **Aviation Segment**: Revenue increased by 3% to $223,000,000, with operating income of $48,000,000 and margins at 21.5%. The growth estimate for 2025 remains at 5% [13][14] - **Marine Segment**: Revenue decreased by 2% to $319,000,000, with operating income of $87,000,000 and margins at 58.2%. The segment is expected to be flat for 2025 [15] - **Auto OEM Segment**: Revenue surged by 31% to $169,000,000, with a narrowed operating loss of $9,000,000. The growth estimate for 2025 is maintained at 7% [16] Market Data and Key Metrics Changes - Revenue growth by geography showed 23% growth in EMEA, 9% in APAC, and 4% in the Americas [18] - Approximately 40% of revenue is generated in non-U.S. Dollar currencies, benefiting from a weaker U.S. Dollar [8][21] Company Strategy and Development Direction - The company is adapting to a dynamic global trade environment, with a focus on mitigating tariff impacts and maintaining a diversified business model [5][10] - New product launches, including Garmin Connect Plus and the Vivoactive six smartwatch, are part of the strategy to enhance customer engagement and drive revenue growth [11][12] Management's Comments on Operating Environment and Future Outlook - Management remains optimistic despite headwinds from tariffs and economic uncertainty, citing strong product lines and a resilient business model [10][21] - The company has updated its full-year guidance to reflect first-quarter results and current market assessments, estimating revenue of approximately $6,850,000,000 [21][22] Other Important Information - The company is pursuing various mitigation strategies for tariffs, including sourcing adjustments and potential pricing actions [39][60] - Free cash flow for the first quarter was $381,000,000, with expectations of approximately $1,100,000,000 for the full year [19][20] Q&A Session Summary Question: Demand trends across segments and inventory building - Management has not observed any significant weakness in demand, with strong sell-through rates and no indication of retailers overstocking [25][26] Question: Launch timing of Garmin Connect Plus - The decision to launch Connect Plus was driven by advancements in AI and a strong user base, with positive initial reception [28][29] Question: Disaggregation of demand weakness and FX tailwinds - Management indicated that while there is a possibility of modest demand reduction, the overall sentiment remains strong [36][37] Question: Mitigation tools for tariffs - The company is evaluating various mitigation strategies on a case-by-case basis, with no significant changes expected in the global footprint [39][41] Question: Marine segment revenue outlook - The decrease in marine revenue is attributed to timing shifts in promotions, with expectations of some impact into the second quarter [48][49] Question: Consumer demand outlook for the second half - Management included a conservative estimate for potential demand softness but noted strong current demand [55][56] Question: Pricing power and potential impacts from tariffs - Pricing actions are being evaluated on a case-by-case basis, with management committed to maintaining market share [59][60] Question: Performance across geographies - EMEA outperformed due to strong growth in wearables, while the Americas were impacted by lower growth in marine and aviation segments [66][67] Question: New product introductions and revenue guidance - The company anticipates significant contributions from new product releases throughout the year [76][77]

Core Viewpoint - Garmin has launched the Force® Pro, a powerful brushless trolling motor that enhances fishing experiences with advanced GPS positioning, reverse thrust control, and integrated sonar technology [1][2][3]. Product Features - The Force Pro features a brushless motor that delivers 100 pounds of thrust, allowing for quick movement in various water conditions while maintaining a quiet operation to avoid disturbing fish [4][10]. - It includes multi-band GPS for superior anchor lock performance, enabling precise positioning near fishing hotspots [5][6]. - The reverse thrust capability allows anglers to control their boat effectively without needing to reposition the motor, enhancing maneuverability in tight spaces [4][6]. Technological Integration - The Force Pro is equipped with the GT56UHD transducer, providing Ultra High-Definition sonar imaging for better visibility of underwater structures and fish [7]. - It offers wireless integration with Garmin chartplotters, allowing anglers to create and follow routes while fishing [7]. - The motor can be controlled via a compatible Garmin smartwatch, providing convenience and ease of use [7]. Market Positioning - The Force Pro will be showcased at the 2025 Bassmaster Classic, indicating Garmin's commitment to engaging with professional and recreational anglers [3][8]. - The product is priced at $3999.99 for a 50-inch shaft and $4099.99 for a 57-inch shaft, reflecting its premium positioning in the market [8]. Company Background - Garmin is recognized as a leading manufacturer in marine electronics, having been named Manufacturer of the Year by the National Marine Electronics Association for ten consecutive years [9].