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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 .
- Fitness - Offers advanced wearables and devices designed to enhance personal fitness and health tracking, experiencing significant growth due to strong demand .
- Auto OEM - Provides automotive solutions, including integrated navigation and infotainment systems, reflecting substantial demand in the automotive sector .
- Marine - Delivers navigation and communication devices for marine environments, supporting activities such as boating and fishing, with notable growth in demand .
- Aviation - Supplies navigation, communication, and information systems for the aviation industry, contributing to modest growth .
- Outdoor - Produces devices and applications for outdoor activities, such as hiking and camping, although experiencing a slight decrease in revenue .
| Name | Position | External Roles | Short Bio | Start Date |
|---|---|---|---|---|
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. | Jan 2013 |
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. | Jan 2013 |
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. | Jul 1998 |
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. | Jul 2024 |
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. | Oct 2006 |
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. | Jul 2014 |
Laurie Minard Executive | Vice President, Human Resources | None | Joined Garmin in 1996. Promoted to VP, Human Resources in 2007. | Jul 2007 |
Matthew Munn Executive | VP, Managing Director - Auto OEM | None | Joined Garmin in 2011. Leads the Auto OEM segment, including the Unified Cabin™ platform. Recognized for CES Innovation Awards. | May 2011 |
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. | Jul 2024 |
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. | Feb 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. | Jun 2016 |
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. | Apr 2019 |
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. | Jun 2019 |
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. | Aug 2004 |
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. | Jun 2018 |
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. | Jun 2013 |
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. | N/A |
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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?
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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?
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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?
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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?
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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?
Competitors mentioned in the company's latest 10K filing.
| Company | Description |
|---|---|
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. |
| Customer | Relationship | Segment | Details |
|---|---|---|---|
Amazon.com, Inc. and Affiliates | Largest single customer in 2021 | Fitness, Outdoor, Marine, Consumer Auto | 10% of consolidated net sales in 2021 |
Notable M&A activity and strategic investments in the past 3 years.
| Company | Year | Details |
|---|---|---|
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 developments and announcements about GRMN.
Earnings
New Earnings (Q4 2024)
·Feb 19, 2025, 6:17 PMView full earnings summary →Garmin overcame a 10% drop in new boat retail and 20% decline in shipments to post 6% organic Marine growth, underscoring share gains. While 2025 margins remain flat, new Auto OEM wins and scale efficiencies point to long-term upside despite near-term headwinds.