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    Garmin Ltd (GRMN)

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    Business Description

    Garmin Ltd. is a leading worldwide provider of wireless devices and applications designed for active lifestyles, many of which feature Global Positioning System (GPS) navigation . The company operates in five primary segments: fitness, outdoor, aviation, marine, and auto OEM, offering GPS-enabled devices and other navigation, communication, sensor-based, and information products . These products are sold through various indirect distribution channels, including independent retailers, dealers, distributors, and OEMs, as well as directly through their online webshop and retail stores .

    1. Fitness - Offers advanced wearables and devices designed to enhance personal fitness and health tracking, experiencing significant growth due to strong demand .
    2. Auto OEM - Provides automotive solutions, including integrated navigation and infotainment systems, reflecting substantial demand in the automotive sector .
    3. Marine - Delivers navigation and communication devices for marine environments, supporting activities such as boating and fishing, with notable growth in demand .
    4. Aviation - Supplies navigation, communication, and information systems for the aviation industry, contributing to modest growth .
    5. Outdoor - Produces devices and applications for outdoor activities, such as hiking and camping, although experiencing a slight decrease in revenue .

    Key Metrics

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    Executive Team

    NamePositionStart DateShort Bio
    Dr. Min KaoExecutive ChairmanJanuary 2013Dr. Min H. Kao is the Executive Chairman of Garmin Ltd. He co-founded Garmin and has been involved since its inception. He previously served as Chairman and CEO .
    Clifton A. PemblePresident and Chief Executive OfficerJanuary 2013Clifton A. Pemble has been President and CEO since January 2013. He joined Garmin in October 1989 as a Software Engineer and has held various positions, including President and COO .
    Douglas G. BoessenChief Financial Officer and TreasurerJuly 2014Douglas G. Boessen has served as CFO and Treasurer since July 2014. He also serves as a director and officer of various Garmin subsidiaries .
    Andrew R. EtkindVice President, General Counsel and SecretaryJune 2009Andrew R. Etkind has served as Vice President, General Counsel, and Secretary since June 2009. He joined Garmin in February 1998 as General Counsel of Garmin International, Inc. .
    Patrick DesboisExecutive Vice President, OperationsFebruary 2017Patrick Desbois has served as Executive Vice President, Operations since February 2017. He joined Garmin in November 2011 as Vice President, Executive Office .
    Philip StraubExecutive Vice President, Managing Director – AviationFebruary 2017Philip Straub has served as Executive Vice President, Managing Director - Aviation since February 2017. He joined Garmin in July 1993 as a Software Engineer .
    Danny BartelVice President, Worldwide SalesOctober 2006Danny Bartel has served as Vice President, Worldwide Sales since October 2006. He joined Garmin in November 1992 as a Sales Manager .
    Sean BiddlecombeManaging Director, EMEAFebruary 2011Sean Biddlecombe has served as Managing Director, EMEA since February 2011. He joined Garmin in February 1994 as General Manager of Garmin (Europe) Ltd. .
    Susan LymanVice President, Global Consumer MarketingJune 2016Susan Lyman has served as Vice President, Global Consumer Marketing since June 2016. She rejoined Garmin in 2010 and has held various marketing positions .
    Laurie MinardVice President, Human ResourcesJuly 2007Laurie Minard has served as Vice President, Human Resources since July 2007. She joined Garmin in March 1996 .
    Matthew MunnVice President, Managing Director – Auto OEMMay 2011Matthew Munn has served as Vice President, Managing Director – Auto OEM since May 2011 .
    Wang Cheng-WeiGeneral Manager of Garmin CorporationApril 2019Wang Cheng-Wei has served as General Manager of Garmin Corporation since April 2019. He joined Garmin in July 1992 .
    Brad TrenkleCo-Chief Operating OfficerJuly 1, 2024Bradley C. Trenkle serves as Co-Chief Operating Officer. He filed an initial statement of beneficial ownership of securities on July 1, 2024, indicating his role as Co-COO at that time .

    Questions to Ask Management

    1. Given the significant increase in inventory levels to $1.5 billion ahead of the holiday season, how confident are you that demand will match your expectations, and what measures are in place to mitigate risks if sell-through does not meet projections?

    2. Your Fitness and Outdoor segments have posted unprecedented gross and operating margins this quarter; excluding the impact of cost reductions, how sustainable are these elevated margins as new product launches taper off?

    3. Considering the current softness in the auto industry, do you still anticipate achieving your previously stated $800 million Auto OEM revenue target by 2025, or should we expect revisions to this goal?

    4. With the dashcam market being highly mature, what strategies do you have to drive significant growth in this segment, and how do you plan to differentiate your products in an increasingly commoditized market?

    5. As you gain market share in the marine segment, capturing additional share becomes more challenging; in a stable market environment, how do you plan to continue driving growth and outperforming your competitors?

    Share Repurchase Program

    Program DetailsProgram 1Program 2
    Approval DateApril 22, 2022 February 16, 2024
    End Date/DurationDecember 29, 2023 December 26, 2026
    Total additional amount$300,000 $300,000
    Remaining authorization amount$0 $270,198
    DetailsEntire amount used Program ongoing, flexible repurchase

    Competitors

    Competitors mentioned in the company's latest 10K filing.

    • Apple: Competitor for fitness products
    • Bryton: Competitor for fitness products
    • Coros: Competitor for fitness and outdoor products
    • Elite: Competitor for fitness products
    • Fitbit (Google): Competitor for fitness products
    • Huawei: Competitor for fitness products
    • Polar: Competitor for fitness products
    • Samsung: Competitor for fitness products
    • SRAM: Competitor for fitness products
    • Suunto: Competitor for fitness and outdoor products
    • Wahoo Fitness: Competitor for fitness products
    • Whoop: Competitor for fitness products
    • Xiaomi: Competitor for fitness products
    • Zepp Health: Competitor for fitness products
    • Zwift: Competitor for fitness products
    • Casio: Competitor for outdoor product lines
    • Dogtra: Competitor for outdoor product lines
    • Globalstar: Competitor for outdoor product lines
    • Rand McNally: Competitor for outdoor product lines
    • Shearwater Research: Competitor for outdoor product lines
    • SportDOG: Competitor for outdoor product lines
    • TAG Heuer: Competitor for outdoor product lines
    • Tissot: Competitor for outdoor product lines
    • TomTom: Competitor for outdoor product lines
    • Trackman: Competitor for outdoor product lines
    • Vista Outdoor: Competitor for outdoor product lines
    • Zoleo: Competitor for outdoor product lines
    • Aspen Avionics: Competitor for avionics
    • Avidyne: Competitor for avionics
    • Dynon Avionics: Competitor for avionics
    • ForeFlight: Competitor for avionics
    • Genesys Aerosystems: Competitor for avionics
    • Honeywell Aerospace & Defense: Competitor for avionics
    • Innovative Solutions and Support Inc.: Competitor for avionics
    • Jeppesen (Boeing): Competitor for avionics
    • L-3 Avionics Systems: Competitor for avionics
    • Collins Aerospace (Raytheon): Competitor for avionics
    • Safran: Competitor for avionics
    • Thales: Competitor for avionics
    • Universal Avionics Systems Corporation: Competitor for avionics
    • Furuno: Competitor for marine products
    • Johnson Outdoors: Competitor for marine products
    • Navico (Brunswick): Competitor for marine products
    • Raymarine (Teledyne): Competitor for marine products
    • Alpine Electronics: Competitor for auto OEM infotainment solutions
    • Aptiv: Competitor for auto OEM infotainment solutions
    • Bosch: Competitor for auto OEM infotainment solutions
    • Continental: Competitor for auto OEM infotainment solutions
    • Harman (Samsung): Competitor for auto OEM infotainment solutions
    • Panasonic: Competitor for auto OEM infotainment solutions
    • Visteon: Competitor for auto OEM infotainment solutions

    Customer Concentration

    CustomerRelationshipSegmentDetails
    Amazon.com, Inc. and Affiliates
    Largest single customer in 2021
    Fitness, Outdoor, Marine, Consumer Auto
    10% of consolidated net sales in 2021

    Auditor

    NameStart DateEnd DateReason for Change
    Ernst & Young LLPN/APresentCurrent auditor.
    RubinBrown LLPOctober 27, 2014 N/AN/A
    Mayer Hoffman McCann P.C.N/AJuly 21, 2014 The dismissal was approved by Garmin Ltd.'s audit committee. No disagreements or reportable events were noted during their tenure.