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 ...

Financial Data and Key Metrics Changes - Fourth quarter revenue reached $1.39 billion, a 3% increase year-over-year, marking a record for the company [7] - Operating profit was $315 million, down 15% from the previous year, with a gross margin decline attributed to higher freight costs [8] - For the full year, revenue increased 19% to nearly $5 billion, and operating income grew 16% to exceed $1.2 billion [8][27] Business Line Data and Key Metrics Changes - **Fitness Segment**: Revenue increased 16% for the year, but was flat in Q4 due to lower cycling revenue [12][14] - **Outdoor Segment**: Full year revenue increased 14%, but Q4 revenue decreased 8% due to component constraints [16] - **Aviation Segment**: Full year revenue increased 14%, with Q4 revenue up 13% driven by OEM growth [19] - **Marine Segment**: Revenue increased 33% for the year, with Q4 revenue up 14% [21] - **Auto Segment**: Full year revenue increased 26%, but recorded an operating loss of $71 million due to investments in OEM programs [23][25] Market Data and Key Metrics Changes - By geography, Q4 saw 8% growth in APAC and 5% in the Americas, while EMEA declined by 2% [29] - For the full year, APAC grew by 21%, Americas by 19%, and EMEA by 18% [30] Company Strategy and Development Direction - The company plans to introduce new products throughout the year, anticipating a consolidated revenue increase of approximately 10% to $5.5 billion [10] - A strategic focus on diversification is expected to drive growth opportunities [11] - The company is investing in manufacturing facilities and IT projects to support growth [34] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in navigating component constraints through vertical integration and strong supplier relationships [43] - The pandemic has created a normalization in demand for certain products, but the company remains optimistic about growth in various segments [11][18] Other Important Information - The company proposed a 9% increase in dividends, subject to shareholder approval [10] - Changes in expense classification will provide a more meaningful representation of costs incurred to support R&D activities [36] Q&A Session Summary Question: Price increases in segments - Management indicated that price increases are being implemented across various segments, but the timing and impact will vary [40] Question: Navigating component constraints - Management highlighted their ability to redesign products and maintain good supplier relationships to manage component constraints [42] Question: Operating expenses outlook - Operating expenses are expected to increase as a percentage of sales, driven by IT costs and R&D investments [46] Question: Margin expectations - Management acknowledged that gross margins are expected to decline due to higher supply chain costs and foreign exchange impacts [52] Question: Outdoor segment growth confidence - Strong demand for new adventure watches is driving confidence in the outdoor segment's growth forecast [55] Question: Auto OEM investment impact - The company is focused on revenue growth in the auto OEM segment despite lower margins, with expectations of mid-to-high teen margins in the future [60][69] Question: Retail channel dynamics - Management noted that sell-through is strong, and they do not see significant imbalances in the retail channel [103] Question: Supply chain advantages - The company has benefited from supply chain challenges faced by competitors, allowing for better inventory management [104]

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 ...

Garmin Ltd. (NYSE:GRMN) Q3 2021 Earnings Conference Call October 27, 2021 10:30 AM ET Company Participants Teri Seck - Manager, Investor Relations Cliff Pemble - President and Chief Executive Officer Doug Boessen - Chief Financial Officer and Treasurer Conference Call Participants Paul Chung - JPMorgan Ben Bollin - Cleveland Research Will Power - Baird Ivan Feinseth - Tigress Financial Partners Nik Todorov - Longbow Research Erik Woodring - Morgan Stanley Operator Good day and thank you for standing by. Wel ...

Garmin Ltd. (NYSE:GRMN) Q2 2021 Earnings Conference Call July 28, 2021 10:30 AM ET Company Participants Teri Seck – Manager-Investor Relations Cliff Pemble – President and Chief Executive Officer Doug Boessen – Chief Financial Officer and Treasurer Conference Call Participants Paul Chung – JPMorgan Ben Bollin – Cleveland Research Jeffrey Rand – Deutsche Bank Will Power – Baird Nik Todorov – Longbow Research Ivan Feinseth – Tigress Financial Derek Soderberg – Colliers Securities Erik Woodring – Morgan Stanle ...