Product Range and Innovation - Garmin offers a wide range of products across various segments, including fitness, outdoor, aviation, and marine, known for their value, high performance, and innovation [21]. - The fitness segment includes products such as the Forerunner series of running watches, which feature wrist-based heart rate monitoring and music storage capabilities [27]. - Garmin's outdoor products include adventure watches like the fēnix and Epix series, which offer features such as solar charging and preloaded topographical maps [30]. - In the aviation sector, Garmin provides integrated flight decks and avionics solutions for various aircraft categories, enhancing situational awareness and safety [32]. - Garmin's marine segment includes a broad range of recreational marine electronics, catering to diverse consumer needs [34]. - Garmin's products are designed to promote healthy and active lifestyles, with features that support fitness tracking and wellness monitoring [26]. - Garmin offers a wide range of marine products, including chartplotters, fishfinders, and autopilot systems, with advanced features such as wireless connectivity and real-time sonar imaging [35]. - The company has a strong emphasis on research and development, with over 1,800 patents issued globally, which supports its product innovation and competitive advantage [56]. Technology and Services - The company utilizes multiple global navigation satellite systems (GNSS) to improve product accuracy and performance, including GPS, GLONASS, and Galileo [22]. - Garmin's Connect IQ platform allows third-party developers to create applications for its devices, enhancing user experience and functionality [27]. - The company emphasizes subscription-based services, such as access to private satellite networks like Iridium, for global data communication [25]. Market Presence and Sales - Garmin's net sales through direct distribution channels accounted for greater than 10% of total net sales in 2022, indicating a significant online and direct retail presence [42]. - Garmin's fitness and outdoor products typically see higher sales in Q4 due to holiday demand, while marine and consumer auto products peak in Q2 [54]. - The company has established key relationships with automobile manufacturers for OEM solutions, providing integrated hardware and software for advanced driver-assistance systems [41]. Sustainability and Environmental Commitment - Garmin's environmental management systems are certified to ISO 14001, demonstrating its commitment to sustainability and compliance with environmental laws [60]. - The company has implemented strategies to reduce greenhouse gas emissions and increase the use of renewable electricity in its operations [61]. Workforce and Talent Management - The company focuses on attracting and retaining talent through career development opportunities and competitive compensation packages [62]. - As of December 31, 2022, Garmin had approximately 19,700 full and part-time employees worldwide, with 6,600 in the Americas, 10,500 in APAC, and 2,600 in EMEA [63]. - The engineering and development staff numbered approximately 5,500, while the manufacturing staff totaled around 8,900 as of December 31, 2022 [63]. - The Company offers a range of generous benefits to attract and retain talent, including stock compensation and employee development programs [65]. - Garmin's strategic aim includes engaging in STEM community outreach programs to encourage local students to pursue engineering careers [66]. Financial Performance and Risks - During fiscal year 2022, Garmin incurred a net foreign currency loss of $11.3 million, primarily due to the strengthening of the U.S. Dollar against several currencies [239]. - The U.S. Dollar strengthened 6.4% against the Australian Dollar and 12.7% against the Japanese Yen, resulting in losses of $8.9 million and $3.7 million, respectively [239]. - A hypothetical 10% adverse change in exchange rates for the Taiwan Dollar, Euro, and other currencies could have resulted in an adverse impact on income before income taxes of approximately $81 million [240]. - Garmin has no outstanding long-term debt as of December 31, 2022, thus no meaningful debt-related interest rate risk [241]. - A hypothetical 100 basis point increase in interest rates could have resulted in declines in portfolio fair market value of approximately $31 million as of December 31, 2022 [243]. - The Company has not recognized an allowance for credit losses on any securities in an unrealized loss position as of December 31, 2022 [242]. Competitive Landscape - Garmin's competitive landscape includes major players like Apple, Amazon, and Fitbit in the fitness sector, and Furuno and Raymarine in the marine products market [44].

Garmin Ltd. (NYSE:GRMN) Q3 2022 Earnings Conference Call October 26, 2022 10:30 AM ET Company Participants Teri Seck - Director IR Clifton Pemble - President and CEO Doug Boessen - CFO Conference Call Participants Paul Chung - JPMorgan David Macgregor - Longbow Research Ben Bollin - Cleveland Research Ivan Feinseth - Tigers Financial Research Erik Woodring - Morgan Stanley Operator Thank you for standing by and welcome to the Garmin Limited Third Quarter 2022 Earnings Conference Call. At this time, all part ...

Financial Data and Key Metrics Changes - Consolidated revenue for Q2 2022 was $1.24 billion, a decrease of 6% from the previous year [9] - Operating profit was $293 million, down 21% year-over-year, with an operating margin of 23.6% [9][28] - The company anticipates full-year revenue of approximately $5 billion, flat compared to the prior year, and EPS of $4.90, representing a decline of about 16% [13][36] Business Segment Performance - **Fitness**: Revenue decreased 34% to $272 million, with gross and operating margins at 49% and 9%, respectively [14] - **Outdoor**: Revenue increased 18% to $382 million, with strong margins of 66% and 40%, resulting in operating income of $154 million [17] - **Aviation**: Revenue rose 13% to $205 million, with gross and operating margins at 72% and 30%, respectively [19] - **Marine**: Revenue decreased 7% to $243 million, with gross and operating margins at 57% and 28%, respectively [21] - **Auto**: Revenue decreased 6% to $139 million, with a gross margin of 40% and an operating loss of $15 million [24] Market Data and Key Metrics Changes - The Americas region contributed about half of the revenue for the quarter, remaining flat, while EMEA and APAC regions experienced declines due to foreign exchange rates [29] - The company faced significant headwinds from a stronger US dollar, impacting revenue by approximately $57 million [10] Company Strategy and Industry Competition - The company is focused on managing currency fluctuations by increasing prices where possible and introducing innovative products [11] - The diversified business model is seen as a strength, providing opportunities for growth across segments despite current challenges [26] Management's Comments on Operating Environment and Future Outlook - Management acknowledged supply chain constraints and the impact of the COVID-19 pandemic on performance, adjusting expectations for the remainder of the year [12][13] - The company remains optimistic about new product introductions and their potential to drive future growth [15][18] Other Important Information - The effective tax rate for Q2 was 7.6%, down from 14.8% in the prior year, primarily due to income mix by tax jurisdiction [35] - Free cash flow for Q2 was $5 million, a decrease of $115 million from the prior quarter [33] Q&A Session Summary Question: Fitness channel levels and demand feedback - Management noted that inventory levels for cycling computers are fine, but there is a backlog in indoor cycling products due to high retail inventory [40][42] Question: Aviation segment strength and margin outlook - The aviation segment saw growth in both OEM and aftermarket categories, with expectations for continued strength in the second half [44][46] Question: Outdoor business performance and user profile - The outdoor segment is expected to grow 20% for the year, with a healthy channel and a mix of new and upgrade users [48] Question: Inventory levels and holiday season outlook - Management is confident in their inventory strategy, ensuring they can meet demand while managing costs effectively [55][56] Question: Marine segment constraints and backlog - Constraints are primarily due to key components for chart-plotters, but progress is being made in addressing backorders [61] Question: Fitness gross margin expectations - Management indicated that gross margins in fitness may remain in the high 40s due to foreign exchange and freight impacts [65] Question: Expansion into aviation cockpit headsets - Management expressed excitement about the diesel headset and potential opportunities in aviation cockpits [69] Question: Long-term growth opportunities - Management is focused on managing for the long term while navigating current economic challenges [71] Question: Upcoming new product introductions - New products are planned across most segments, with management expressing excitement about future launches [72]

Q2 2022 Earnings July 27, 2022 Safe Harbor Statement These materials include projections and other forward-looking statements regarding Garmin Ltd. and its business that are commonly identified by words such as "anticipates," "would," "may," "expects," "estimates," "plans," "intends," "projects," and other words or phrases with similar meanings. Any statements regarding the Company's expected fiscal 2022 GAAP and pro forma estimated earnings, EPS, and effective tax rate, and the Company's expected segment r ...

Garmin Ltd (NYSE:GRMN) Q1 2022 Earnings Conference Call April 27, 2022 10:30 AM ET Company Participants Teri Seck - Manager, IR Clifton Pemble - President, CEO & Director Douglas Boessen - CFO & Treasurer Conference Call Participants Paul Chung - JPMorgan Chase & Co. William Power - Robert W. Baird & Co. Nikolay Todorov - Longbow Research Jeffrey Rand - Deutsche Bank Benjamin Bollin - Cleveland Research Company Elizabeth Grenfell - Bank of America Merrill Lynch Erik Woodring - Morgan Stanley Operator Good d ...

Q1 2022 Earnings April 27, 2022 Safe Harbor Statement These materials include projections and other forward-looking statements regarding Garmin Ltd. and its business that are commonly identified by words such as "anticipates," "would," "may," "expects," "estimates," "plans," "intends," "projects," and other words or phrases with similar meanings. Any statements regarding the Company's expected fiscal 2022 GAAP and pro forma estimated earnings, EPS, and effective tax rate, and the Company's expected segment ...

Garmin Ltd. (NYSE:GRMN) Q4 2021 Earnings Conference Call February 16, 2022 10:30 AM ET Company Participants Teri Seck – Director-Investor Relations Cliff Pemble – President and Chief Executive Officer Doug Boessen – Chief Financial Officer and Treasurer Conference Call Participants Nik Todorov – Longbow Research Paul Chung – JPMorgan Jeff Harwin – Deutsche Bank Ben Bollin – Cleveland Research Will Power – Baird Erik Woodring – Morgan Stanley Ron Epstein – Bank of America Derek Soderberg – Colliers Securitie ...

GARMIN. Q4 2021 and Fiscal Year Earnings February 16, 2022 Safe Harbor Statement These materials include projections and other forward-looking statements regarding Garmin Ltd. and its business that are commonly identified by words such as "anticipates," "would," "may," "expects," "estimates," "plans," "intends," "projects," and other words or phrases with similar meanings. Any statements regarding the Company's expected fiscal 2022 GAAP and pro forma estimated earnings, EPS, and effective tax rate, and the ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K [☒] ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 25, 2021 or [☐] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 001-41118 GARMIN LTD. (Exact name of registrant as specified in its charter) Switzerland (State or other jurisdiction of incorporation or organi ...

Q3 2021 Earnings October 27, 2021 Safe Harbor Statement These materials include projections and other forward-looking statements regarding Garmin Ltd. and its business that are commonly identified by words such as "anticipates," "would," "may," "expects," "estimates," "plans," "intends," "projects," and other words or phrases with similar meanings. Any statements regarding the Company's expected fiscal 2021 GAAP and pro forma estimated earnings, EPS, and effective tax rate, and the Company's expected segmen ...