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GARMIN (GRMN)

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 .

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NamePositionExternal RolesShort Bio

Clifton A. Pemble

ExecutiveBoard

President and CEO

None

Joined Garmin in 1989 as a Software Engineer; became President and CEO in 2013. Holds BA degrees in Mathematics and Computer Science from MidAmerica Nazarene University.

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Min H. Kao

ExecutiveBoard

Executive Chairman

None

Co-founder of Garmin; served as CEO until 2012. Provides unique insights into Garmin's history and vision. Has been with Garmin since its inception in 1990.

Andrew R. Etkind

Executive

Vice President and Secretary

None

Joined Garmin in 1998 as its first General Counsel. Stepped down as General Counsel in July 2024 but continues as Vice President and Secretary.

Brad Trenkle

Executive

co-Chief Operating Officer

None

Joined Garmin in 2002 as a software engineer. Promoted to VP of Outdoor Segment in 2017. Became co-COO in July 2024, focusing on outdoor, fitness, and marine segments.

Danny Bartel

Executive

Vice President, Worldwide Sales

None

Joined Garmin in 1992 as a Sales Manager. Promoted to VP of Worldwide Sales in 2006. Also serves as a director/officer of various Garmin subsidiaries.

Douglas G. Boessen

Executive

CFO and Treasurer

None

Joined Garmin in 2014 as CFO and Treasurer. No other roles within Garmin or external organizations are listed.

Laurie Minard

Executive

Vice President, Human Resources

None

Joined Garmin in 1996. Promoted to VP, Human Resources in 2007.

Matthew Munn

Executive

VP, Managing Director - Auto OEM

None

Joined Garmin in 2011. Leads the Auto OEM segment, including the Unified Cabin\u2122 platform. Recognized for CES Innovation Awards.

Patrick Desbois

Executive

co-Chief Operating Officer

None

Joined Garmin in 2011; promoted to EVP, Operations in 2017. Became co-COO in July 2024, overseeing aviation, auto OEM, supply chain, IT, and HR.

Sean Biddlecombe

Executive

Managing Director, EMEA

None

Joined Garmin in 1994 as General Manager of Garmin (Europe) Ltd. Promoted to Managing Director, EMEA in 2011.

Susan Lyman

Executive

Vice President, Global Marketing

None

Rejoined Garmin in 2010. Promoted to VP, Global Consumer Marketing in 2016. Previously worked for Garmin from 1996 to 1999.

Wang Cheng-Wei

Executive

General Manager, Garmin Corp.

None

Joined Garmin in 1992. Promoted to General Manager of Garmin Corporation in 2019. Also serves as a director/officer of various Garmin subsidiaries.

Catherine Lewis

Board

Board Member

Director at CorEnergy Infrastructure Trust, Inc.

Director since 2019. Former Global Head of Tax at KPMG. Serves as a director at CorEnergy Infrastructure Trust, Inc., and chairs its Audit Committee.

Charles Peffer

Board

Board Member

Trustee of Commerce Funds

Director since 2004. Former KPMG partner. Serves as a trustee of Commerce Funds and previously served on boards of HDSupply Holdings and Sensata Technologies.

Jonathan Burrell

Board

Board Member

CEO of Burrell Family Office; President of Burrell Family Charitable Foundation

Former Garmin engineering leader. Holds 35 U.S. patents. CEO of Burrell Family Office and President of its Charitable Foundation.

Joseph Hartnett

Board

Board Member

None

Director since 2013. Former CPA with 20 years of experience. Recognized as an "audit committee financial expert" under SEC regulations.

Susan M. Ball

Director Nominee

CFO and Treasurer at SAM, LLC

Nominated for election as a director in 2024. Former CFO at Team, Inc. and CVR Energy. Recognized as an "audit committee financial expert" under SEC regulations.

  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?

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 mentioned in the company's latest 10K filing.

CompanyDescription

Garmin believes that its principal competitors for fitness products include this company.

Bryton

Garmin believes that its principal competitors for fitness products include this company.

Coros

Garmin believes that its principal competitors for fitness products include this company.

Elite

Garmin believes that its principal competitors for fitness products include this company.

Garmin believes that its principal competitors for fitness products include this company.

Huawei

Garmin believes that its principal competitors for fitness products include this company.

Polar

Garmin believes that its principal competitors for fitness products include this company.

Samsung

Garmin believes that its principal competitors for fitness products include this company.

SRAM

Garmin believes that its principal competitors for fitness products include this company.

Suunto

Garmin believes that its principal competitors for fitness products include this company.

Wahoo Fitness

Garmin believes that its principal competitors for fitness products include this company.

Whoop

Garmin believes that its principal competitors for fitness products include this company.

Xiaomi

Garmin believes that its principal competitors for fitness products include this company.

Garmin believes that its principal competitors for fitness products include this company.

Zwift

Garmin believes that its principal competitors for fitness products include this company.

Casio

Garmin believes that its principal competitors for outdoor product lines include this company.

Dogtra

Garmin believes that its principal competitors for outdoor product lines include this company.

Garmin believes that its principal competitors for outdoor product lines include this company.

Rand McNally

Garmin believes that its principal competitors for outdoor product lines include this company.

Shearwater Research

Garmin believes that its principal competitors for outdoor product lines include this company.

SportDOG

Garmin believes that its principal competitors for outdoor product lines include this company.

TAG Heuer

Garmin believes that its principal competitors for outdoor product lines include this company.

Tissot

Garmin believes that its principal competitors for outdoor product lines include this company.

TomTom

Garmin believes that its principal competitors for outdoor product lines include this company.

Trackman

Garmin believes that its principal competitors for outdoor product lines include this company.

Vista Outdoor

Garmin believes that its principal competitors for outdoor product lines include this company.

Zoleo

Garmin believes that its principal competitors for outdoor product lines include this company.

Aspen Avionics

Garmin considers its principal avionics competitors to be this company.

Avidyne

Garmin considers its principal avionics competitors to be this company.

Dynon Avionics

Garmin considers its principal avionics competitors to be this company.

ForeFlight

Garmin considers its principal avionics competitors to be this company.

Genesys Aerosystems

Garmin considers its principal avionics competitors to be this company.

Garmin considers its principal avionics competitors to be this company.

Garmin considers its principal avionics competitors to be this company.

Jeppesen (Boeing)

Garmin considers its principal avionics competitors to be this company.

L-3 Avionics Systems

Garmin considers its principal avionics competitors to be this company.

Garmin considers its principal avionics competitors to be this company.

Safran

Garmin considers its principal avionics competitors to be this company.

Thales

Garmin considers its principal avionics competitors to be this company.

Universal Avionics Systems Corporation

Garmin considers its principal avionics competitors to be this company.

Furuno

Garmin believes that its principal competitors for marine products are this company.

Garmin believes that its principal competitors for marine products are this company.

Navico (Brunswick)

Garmin believes that its principal competitors for marine products are this company.

Garmin believes that its principal competitors for marine products are this company.

Alpine Electronics

Garmin believes that its principal competitors for auto OEM infotainment solutions are this company.

Garmin believes that its principal competitors for auto OEM infotainment solutions are this company.

Bosch

Garmin believes that its principal competitors for auto OEM infotainment solutions are this company.

Continental

Garmin believes that its principal competitors for auto OEM infotainment solutions are this company.

Harman (Samsung)

Garmin believes that its principal competitors for auto OEM infotainment solutions are this company.

Panasonic

Garmin believes that its principal competitors for auto OEM infotainment solutions are this company.

Garmin believes that its principal competitors for auto OEM infotainment solutions are this company.

CustomerRelationshipSegmentDetails

Amazon.com, Inc. and Affiliates

Largest single customer in 2021

Fitness, Outdoor, Marine, Consumer Auto

10% of consolidated net sales in 2021

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.

Notable M&A activity and strategic investments in the past 3 years.

CompanyYearDetails

Lumishore

2024

Garmin’s acquisition of Lumishore expanded its marine portfolio by adding high-performance above and underwater LED lighting systems for boats, though the deal was not material to the financials.

JL Audio

2023

Acquiring the premium audio brand JL Audio enhanced Garmin’s marine entertainment and diversified into aftermarket, power sports, and home audio solutions, contributing roughly 15% to the marine segment in Q4 despite lower gross margins.

Vesper Marine

2022

Garmin’s acquisition of Vesper Marine, a privately-held New Zealand company specializing in AIS, VHF radio, and vessel monitoring, was aimed at bolstering its design and engineering capabilities while remaining not material in revenue impact.

Recent press releases and 8-K filings for GRMN.

Garmin Announces Record Q1 2025 Results & Strong Full-Year Guidance
·$GRMN
Earnings
Guidance Update
Revenue Acceleration/Inflection
Dividends
  • Record Q1 Financial Performance: Garmin posted consolidated revenue of $1.54B with record operating income of $333M and an operating margin of 21.7% ( ).
  • Earnings Results: GAAP EPS reached $1.72 (20% y/y growth) while pro forma EPS was $1.61 ( ).
  • Updated Full-Year Guidance: Revenue guidance raised to approximately $6.85B with a maintained pro forma EPS target of $7.80, accounting for an estimated $100M tariff cost increase and favorable FX effects ( ).
  • Segment Highlights: Q1 growth included 12% in Fitness, 20% in Outdoor, 3% in Aviation, 31% in auto OEM, and a 2% decline in Marine ( ).
  • Dividend Recommendation: Garmin proposes a quarterly dividend of $3.60 per share ().
Apr 30, 2025, 2:31 PM