Garmin Ltd.

Last modified by Md. Touhidul Islam on 2023/05/06 02:13

Summary

  • Garmin Ltd. is an American technology company, has its operations worldwide, incorporated in Switzerland and established in 1989 by Gary Burrell and Min H. Kao.
  • Garmin designs, develops, manufactures, markets, and distributes a diverse family of hand-held, wearable, portable, and fixed-mount GPS-enabled products and other navigation, communications, sensor-based and information products for these markets. The company serves five primary markets - fitness, outdoor, aviation, marine, and auto OEM.
  • Garmin Ltd. has 87 locations around the globe and it employs more than 19,000 employees. Since the inception of its business, Garmin has delivered over 266 million products, which included more than 15 million products delivered during fiscal 2022.
  • During the first quarter of 2023, the company has reported net sales revenue of $1,147.42 million, a 2% decrease from $1,172.66 million of the same period a year earlier. Gross profit decreased by 1% from $662.48 million to $652.79 million over the period. Net income for the 13-week period ended April 1, 2023 was $202.3 million compared to $211.6 million for the 13-week period ended March 26, 2022, a decrease of $9.3 million. EPS for the periods are $1.05 and $1.09, respectively.
  • The company has reported net sales of $4,860.28 million during the year 2022, 2% less than that of the previous year of $4,186.57 million. Gross profit reported are $2,806.77 million for 2022, and $2,890.46 million a year earlier. Net income decreased 10% to $973.6 million from $1,082.2 million in the prior year. Diluted earnings per share (EPS) for the year is $5.04 for 2022 and was $5.61 a year earlier.

Brief Company Overview

garmin logoGarmin Ltd. (NYSE:GRMN) is an American technology company established in 1989 in the United States. The company is currently headquartered in Olathe, Kansas, United States. The company was originally incorporated in Taiwan as Garmin Group. It has formed a holding company in Cayman Islands in 2000 to facilitate its initial public offering on Nasdaq on the same year, since it was impractical given the legal frameworks of the US for a Taiwanese company to offer IPO in the Nasdaq.1 The company again changed its incorporation in 2010 in order to strengthening up its strong foothold in the burgeoning European Markets. On June 28, 2010, the company has changed its incorporation of the ultimate parent company of the Garmin group from the Cayman Islands to Switzerland (the “Redomestication”). Under the redomestication scheme, each share of Garmin Cayman was exchanged for one share of the Swiss holding company, also named Garmin Ltd.2

Garmin pioneered new wireless devices, many of which include the Global Positioning System (GPS). The company serves five primary markets - fitness, outdoor, aviation, marine, and auto OEM. Garmin designs, develops, manufactures, markets, and distributes a diverse family of hand-held, wearable, portable, and fixed-mount GPS-enabled products and other navigation, communications, sensor-based and information products for these markets. Since the inception of its business, Garmin has delivered over 266 million products, which included more than 15 million products delivered during fiscal 2022.3

garmin cover photo

Garmin Ltd. has 87 locations around the globe and it employs more than 19,000 employees.4 Clifton Albert Pemble is the current President, CEO & Director of the company. Garmin sells its products in Americas, the Asia Pacific, Australian Continent, Europe, the Middle East, and Africa.

Price range of the company in the past 52-weeks as of May, 2023 is $112.82 to $76.37. Trailing P/E of the company is 19.50 times; price to sales ratio (ttm) is 3.90 times; profit margin is 20.03%; return on assets (ttm) is 8.24%; return on equity (ttm) is 15.81%; and diluted earnings per share (ttm) is $5.04. The company had 198,077 shares authorized and issued; 191,450 share outstanding at April 1, 2023 and 191,623 shares outstanding at December 31, 2022.

Recent Developments

  • On April 26, 2023, Garmin unveiled Varia eRTL615, its first rearview radar and tail light designed for eBike.5
  • In January 2023, the company announced an organization realignment, which combined the consumer auto operating segment with the outdoor operating segment. As a result, the fifth segment of the company will be 'Auto OEM' from now on instead of 'Auto' only.

Recent Financial Activities

  • During the last quarter of 2022, the company has repurchased a total of 1,072 shares from the market at varying average from $81.61 to $92.30.

Financial Performance Highlights

Q1'23 Highlights

Garmin Ltd. reports quarterly results for 13-weeks. The first 13-weeks period of the company ended on April 1, 2023. During this period, the company has reported net sales revenue of $1,147.42 million, a 2% decrease from $1,172.66 million of the same period a year earlier. Outdoor was the largest portion of our revenue mix at 29% in the first quarter of 2023 compared to 39% in the first quarter of 2022. Gross profit decreased by 1% from $662.48 million to $652.79 million over the period. Operating expenses increased 5% over the compared quarters. Total operating income decreased 14% in absolute dollars from $228.56 million in the first quarter of 2022 to $196.98 million during the first quarter of 2023. As a result of the above, net income for the 13-week period ended April 1, 2023 was $202.3 million compared to $211.6 million for the 13-week period ended March 26, 2022, a decrease of $9.3 million.

As of April 1, 2023, Garmin had approximately $2.7 billion of cash, cash equivalents and marketable securities. Cash provided by operating activities totaled $279.2 million for the first quarter of 2023, compared to $185.6 million for the first quarter of 2022. The increase was primarily due to a lower use of cash on purchases of inventory compared to the year-ago quarter, partially offset by a decrease in collections of accounts receivable in the first quarter of 2023 compared to the first quarter of 2022. Cash used in investing activities totaled $7.9 million for the first quarter of 2023, compared to $135.9 million for the first quarter of 2022. The decrease was primarily due to net redemptions of marketable securities in the first quarter of 2023, compared to the net purchases of marketable securities in the first quarter of 2022, as well as a decrease in purchases of property and equipment. Cash used in financing activities totaled $192.3 million for the first quarter of 2023, compared to $123.3 million for the first quarter of 2022. This increase was primarily due to the purchase of treasury stock under the share repurchase plan, and higher cash dividend payments in the first quarter of 2023, as our declared dividend increased from $0.67 per share for the four calendar quarters beginning in June 2021 to $0.73 per share for the four calendar quarters beginning in June 2022.

Annual Performance Highlights

The yearly results of Garmin Ltd. are reported as on 53-weeks ended on December 31, 2022. During the period, the company has reported net sales of $4,860.28 million, 2% less than that of the previous year of $4,186.57 million. The decrease is mainly due to strengthening of the US Dollar relative to other major currencies. Total unit sales decreased approximately 9% to 15.0 million units in 2022 from 16.6 million units in 2021, which differs from the percent change in revenue primarily due to shifts in segment and product mix. Outdoor revenue represented the largest portion of the revenue mix at 31% in 2022, compared to Fitness at 31% in 2021. Gross profit reported are $2,806.77 million for 2022, and $2,890.46 million a year earlier. The parameter decreased 3% due to the drop in sales. Operating expenses increased by 6% during this period of time. Operating income of the company decreased by 16% over the period - from $1,218.62 million in 2021 to $1,027.85 million in 2022. As a result of the various factors noted above net income decreased 10% to $973.6 million from $1,082.2 million in the prior year.

As of December 31, 2022, we had approximately $2.7 billion of cash, cash equivalents and marketable securities. Cash provided by operating activities totaled $788.3 million for fiscal 2022, compared to $1,012.4 million for fiscal 2021. The decrease was primarily due to a higher use of cash on purchases of inventory, principally associated with the Company's strategy to optimize shipping methods and mitigate increased lead times for raw materials. Cash used in investing activities totaled $145.1 million for fiscal 2022, compared to $475.4 million for fiscal 2021. Cash used in financing activities totaled $840.6 million for fiscal 2022, compared to $486.7 million for fiscal 2021. This increase was primarily due to the purchase of treasury stock under the share repurchase plan, and higher cash dividend payments in fiscal 2022. Fiscal 2022 included five dividend payments compared to four dividend payments in fiscal 2021 due to the timing of dividend dates and our fiscal period end dates, and our declared dividend increased from $0.61 per share for the four calendar quarters beginning in June 2020 to $0.67 per share for the four calendar quarters beginning in June 2021, and to $0.73 per share for the four calendar quarters beginning in June 2022.

Total current assets of the company reported on December 31, 2022 is $3,955.15 million as compared to $4,261.77 million a year earlier. Property and equipment has increased to $1,147.00 million in 2022 from $1,067.48 million a year earlier. Total assets of the company as on the dates are $7,731.17 million and $7,854.43 million, respectively. Total current liabilities of the company on December 31, 2022 are $1,211.64 million as compared to $1,448.15 million a year earlier.

Research and development costs, which are typically expensed as incurred, amounted to approximately $834,927, and $778,750 for the years ended December 31, 2022, and December 25, 2021, respectively. The Company expenses advertising costs as incurred. Advertising expense amounted to approximately $168,040, and $171,829 for the years ended December 31, 2022, and December 25, 2021, respectively.

Business Overview

Garmin offers a broad range of products across its five segments. The company recognizes revenue as the title and risk of any loss of its sold product has been transferred to the customers. Some of its products offer ongoing services promised over a period of time. If that service includes any revenue separately identifiable, then the company recognizes it over time. Many of the Company’s products utilize Global Positioning System (GPS) and other global navigation satellite systems (GNSS) receivers to support product features such as navigation, global positioning, and tracking. Some of Garmin’s products utilize a combination of global navigation satellite systems to improve
navigational fix, which results in improved accuracy. There are five business segments of the company - fitness, outdoor, aviation, marine, and auto.

garmin forerunner 265

Fitness

Garmin offers a broad range of products designed for use in health, wellness, and fitness activities.

Product ClassBrief Introduction
Running and Multi-sport WatchesOffered under Forerunner® product series. The series offers GPS-enabled watches with features such as heart rate monitoring, wrist-based pulse oximeter, music storage capabilities, mapping capabilities, LTE Connectivity, solar
charging, and Garmin Pay™ contactless payment.
Cycling ProductsGarmin cycling products include cycling computers (with solar charging on the latest models), power meters, bike radars, cameras, and smart lights. Additionally, Garmin offers Tacx® indoor training equipment including smart and basic trainers, and a smart bike.
Activity Tracking and Smartwatch DevicesThe product offerings include activity tracking fitness bands, GPS-enabled smartwatches, and fashion-forward hybrid smartwatches with analog style displays. The activity tracking and smartwatch devices offered by Garmin are the vívomove® series, vívoactive® series, vívosmart® series, vívofit® series, Venu® series, Lily® series, and Bounce™ series. The devices, depending on the series and model, include Garmin Pay, music storage capabilities, LTE connectivity, and 24/7 health monitoring.
Fitness and Cycling AccessoriesGarmin offers a wide range of fitness and cycling accessories including chest strap heart rate monitors, blood pressure monitors, cycling speed and cadence sensors, and smart scales.
Garmin Connect and Garmin Connect MobileThese are web and mobile platforms where users can track and analyze their fitness, activities and workouts, and
wellness data.
Connect IQConnect IQ™ is an application development platform that allows third parties to develop apps that run on Garmin devices. It offers an easy-to-use software development kit (SDK) to facilitate creation of watch faces, applications, widgets, and data fields.

Outdoor

Garmin offers a broad range of products designed for use in outdoor activities.

garmin outdoor product brand fenix

Product class Brief Description
Adventure WatchesInclude the fēnix® series, Epix™ series, Instinct® series, tactix® series, the Enduro™ series, the Descent™ series, and the MARQ® collection. The fēnix and Epix series offer premium multisport smartwatches with features such as wrist-based biometrics, music storage capabilities, preloaded full-color purpose-built adventure mapping of topography, ski resorts, and golf courses, as well as Garmin Pay™. The fēnix series also offers solar charging depending on model, while the Epix series features a vivid, always-on AMOLED display. The Decent series are watch style dive computers. Different watches offer dintinct features of its own.
Outdoor HandheldsGarmin offers outdoor handhelds under the Rino®, Montana®, eTrex®, GPSMAP®, Foretrex®, and inReach® product lines. Handhelds range from basic waypoints navigation capabilities to advanced color touchscreen devices offering barometric altimeter, 3-axis compass, camera, preloaded maps, wi-fi and smartphone connectivity, two-way satellite communication and
other features.
Golf Devices and Mobile AppOffered under Approach® product line. The Approach series includes handhelds, wearables, club sensors, launch monitors, golf simulators, and laser ranging devices.
Dog Tracking and Training DevicesGarmin offers a variety of dog tracking and training devices, including those under the Alpha®, PRO, BarkLimiter™, and Delta® product lines.

Aviation

Garmin designs, manufactures, and markets a wide range of aircraft avionics solutions to the broad and diverse aviation sector. Avionics are sold directly into aircraft original equipment manufacturer (OEM) applications as well as through Garmin’s worldwide dealer network for retrofit installations on existing aircraft. The solutions Garmin are available for all aircraft categories and classes; from small piston and electric-powered general aviation aircraft, to large business jet aircraft, as well as a wide-ranging variety of helicopters serving critical public service as well as oil and gas missions.

garmin aviation solution

Product/System/Service categoryBrief Description
Integrated Flight DecksGarmin offers OEM and retrofit IFD systems scaled for any size aircraft and rotorcraft, featuring communication and navigation, weather information, terrain and traffic awareness and avoidance, aircraft performance, and automated safety solutions.
Electronic Flight Displays and InstrumentationGarmin flight display and instrument solutions can serve as primary or back-up systems, can also provide a wealth of valuable information in the cockpit, increasing situational awareness and capability.
Navigation and Communication ProductsA range of integrated and stand-alone GPS navigation and very high frequency (VHF) radio communication products.
Automatic Flight Control Systems and Safety-Enhancing TechnologiesThe company offers Autopilots, and Autonomí™ safety-enhancing solutions. Garmin's award-winning Autoland system will autonomously land the aircraft in the event the pilot is not able to do so, and Smart Glide™ will assist a pilot to get to the nearest airport in the event of the loss of engine power. An smart rudder bias system offered by the company can help the pilot maintain control of a twin-engine aircraft in the event of an engine failure.
Audio Control SystemsA broad array of cutting-edge audio systems, including panel-mount and remote-mounted units, incorporating features such as Bluetooth connectivity, voice command technology, and integrated intercoms.
Engine Indication SystemsA variety of advanced engine indication systems for piston and turbine-powered aircraft with comprehensive data-logging capabilities as well as wireless data offloading, cloud storage and analysis capability through flyGarmin.com - the online services portal of the company.
Traffic Awareness and Avoidance SolutionsAn array of traffic advisory and collision avoidance systems, including TAS and TCAS / ACAS solutions, with applications in all types of aircraft.
ADS-B and TranspondersA full lineup of ADS-B and transponder solutions, including ADS-B “Out” compliant solutions as well as ADS-B “In” and Bluetooth capable units that allow pilots to connect to their mobile device to display ADS-B traffic and weather.
Weather Information and Avoidance SolutionsWeather solutions including Doppler digital radar products, along with satellite-based SiriusXM, ground-based ADS-B, as
well as Garmin Connext® global satellite weather options.
Datalink and ConnectivityAllows pilots to download global weather data, to communicate via text/voice, as well as to select mobile apps to transfer flight plans, manage database subscriptions, and stream weather and traffic data from installed avionics solutions.
Portable GPS Navigators and Wearables:Portable GPS navigators, smartwatches for pilots, satellite communicators, and portable traffic and weather solutions, providing pilots tools they can take with them from aircraft to aircraft.

Garmin also offers a variety of services products to the aviation market. FltPlan.com, Garmin Pilot™, safety management system, runway analysis and performance data, weight and balance, obstacle clearance, load planning, and navigation database solutions.

Marine

Garmin is a leading manufacturer of recreational marine electronics and offers a broad range of products.

garmin marine products

Product ClassBrief Description
Chartplotters and Multi-Function Displays (MFDs)The GPSMAP® and ECHOMAP™ product lines. The offerings range from 4-inch portable and fix-mounted products to 24-inch fully integrated Glass Helm offerings and include wireless connectivity to the ActiveCaptain® mobile app.
CartographyThe Garmin-owned Navionics® branded charting products. Garmin’s cartography features the patented Auto Guidance+™ routing technology.
Fishfindersthe Striker™ series, which incorporates GPS technology enabling Garmin Quickdraw™ Contours, and wireless features through the ActiveCaptain and StrikerCast mobile apps.
SONARThe Panoptix™ all seeing sonar smart transducer line. Panoptix LiveScope™ provides real-time, high-resolution images that can be seen in downward, perspective, and forward-looking views for locating the fish and seeing what is coming before you get there.
Autopilot SystemsFull-featured marine autopilot systems designed for sailboats and powerboats. The systems incorporate such features as Garmin’s patented Shadow Drive™ technology, which automatically disengages the autopilot if the helm is turned, remote steering and speed control.
RADARHigh-tech solid state Fantom™ radar with MotionScope™ Doppler technology. Garmin also offers a full line of magnetron radars up to 25kW of transmit power.
InstrumentsOffers NMEA 2000 and NMEA 0183 compliant instrument displays and sensors that show data from multiple remote sources on one screen.
VHF Communication RadiosOffers a full line-up of marine VHF radios and Automatic Identification System (AIS) transceivers. Garmin radios are NMEA 2000 compatible and offer multi-station support, and monitor all AIS channels.
Handheld and Wearable DevicesThe quatix® series wearable, GPS-enabled smartwatches designed for mariners, which include marine features for navigation, sailing, stereo control, autopilot functions, and solar charging, depending on model. Some handhelds contain built-in InReach® satellite communication and support Connect IQ™ applications.
SailingGarmin SailAssist™ features include enhanced wind rose with true and apparent wind data, POLAR tables, pre-race guidance, synchronized race timer, virtual starting line, time to burn and lay line data fields.
EntertainmentFusion®, consists of marine audio head units, speakers and amplifiers. These products are designed specifically for the marine or RV environments, offering premium sound quality and supporting many connectivity options for integrating with MFDs, smartphones, and Garmin wearables.
Digital SwitchingThe EmpirBus™ product line.
Trolling MotorsThe Force® Trolling Motor, a powerful, efficient scissor-lift style trolling motor with built-in CHIRP and Ultra High-Definition ClearVü™ and SideVü™ sonar.

Auto

Garmin designs and develops products for use in the auto market that are offered to customers around the world. The company has products both for the consumers as well as for the original equipment manufacturers (OEMs). Consumer auto section offers Personal Navigation Devices (PNDs) - the Drive series, zūmo® series for motorcycle-specific features, dēzl™ for truck-specific features, the RV series, Tread® - a line of rugged, all-terrain navigators with mapping specific for off-road guidance for overlanding, off-roading, and Baja racing, Catalyst™ for motosports, and Dash Cam™ for GPS-enabled dash cams.

garmin auto products

Garmin has key relationships with leading automobile manufacturers as the provider of a variety of hardware and software solutions for their vehicles. These range from embedded domain controllers and infotainment units that provide a broad range of functionality, to integrated cameras, in cabin monitoring and gaming solutions. These
support not only the infotainment system in the vehicle, but also key advanced driver-assistance systems (ADAS) functionality as well.

Other Business Information

The company has seasonality in its revenue generation. During the fourth quarter generally the sales of fitness products increase due to holiday buying season and also during the spring and summer season sales of the same increase slightly. Sales of the marine and consumer auto products are generally higher in the second quarter. The avionics and auto OEM products are generally season-insensitive, however, they may respond to the timing of aircraft certifications, regulatory mandates, or release of new products when the initial demands are the strongest. Products of the company are sold through a ariety of indirect distribution channels, including a large worldwide network of independent retailers, dealers, distributors, installation and repair shops, as well as original equipment manufacturers (OEMs). The company also sells their products through their online webshop - garmin.com, subscriptions for connected services, and their own retail stores. During 2022, the Company’s net sales through its direct distribution channels accounted for greater than 10% of total net sales.

Garmin competes with bunch of competitors in each of its operating segments. In the fitness products segment, the company competes with Amazon, Apple, Bryton, Coros, Elite, Huawei, Xiaomi and so on. In the outdoor product segment, the company competes with Casio, Coros, Dogtra, Globalstar, SportDOG, Suunto, Trackman, Vistan Outdoor and others. In avionics, Aspen Avionics, CMC Electronics, Dynon Avionics, ForeFlight, Genesys Aerosystems, Honeywell Aerospace & Defense, and others. In marine products, its principal competitors are Furuno, Johnson Outdoors, Navico (Brunswick), and Raymarine (Teledyne). In the Auto OEM segment, the principal competitors are Alpine Electronics, Aptiv, Bosch, Continental, Harman (Samsung), Mitsubishi, and Pansonic.6

The company considers its vertically integrated manufacturing capabilities at its Taiwan facilities in Xizhi, Jhongli, LinKou, and Xinshi, its China facility in Yangzhou, its Netherlands facility in Oegstgeest, its Poland facility in Wroclaw, and at its U.S. facilities in Olathe, Kansas and Salem, Oregon as one of its core competencies and strengths. The integration provides the company advantages regarding product cost, quality, and time to market.

Company History

Garmin was founded by Gary Burrell and Min H. Kao in 1989. The two met in 1983 when Burrell, as the vice president of engineering in King Radio's, recruited Kao, a native of Taiwan, away from defense contractor Magnavox.7 That time Kao was developing a new military navigation system called NAVSTAR, that in time would be called the Global Positioning System, or GPS. Over a dinner meeting the founders decided to set out on their own, forming a company called ProNav. The first product of ProNav was a navigation unit for boaters called GPS 100 in 1990. The gadget was a hit and after demonstrating it at a trade show, 5,000 backorders quickly stacked up. The huge success attracted the attention of another company Magellan Systems, which already had been selling a product using a combination of the words "Nav" and "Pro". Upon receiving a treat of lawsuit, ProNav decided to change its name to Garmin - a portmanteau of the founders first names, in 1991.8

garmin history forerunner

The first-mover advantage has brought Garmin huge success. In 1993, the company introduced GPS 95, world's first portable GPS unit for aviation. GPS 95 was capable of tracking up to 8 satellites while constantly updating the flight course. The device could store up to 500 courses and return paths. In 1998, the company released NavTalk, world's first GPS-integrated cellular phone. The GPS receiver technology in the cellphone was the same patented high-performance twelve parallel channel receiver found in the world-renowned GPS III® Plus. Also was built into NavTalk an extensive database including millions of miles of roads and highways across the entire United States, Canada, and South America.

Garmin Ltd. went public on November 8, 2000 through an public offering on Nasdaq. The company has launched StreetPilot® in 2001, world's first portable navigation product with voice prompts. The company has unveiled ForerunnerTM 201 in 2003, world's first wrist-based GPS trainer. The company has acquired UPS Aviation Technologies, Inc. based in Salem, Oregon in August 2003 to expand its product line of panel-mounted GPS/NAV/COMM units and integrated cockpit systems for private and commercial aircraft. The acquired company was renamed Garmin AT, Inc. Clifton A. Pemble was appointed president and chief operating officer of the company in 2007.

Garmin became the provider of in-dash navigation system for Mercedes-Benz in 2013. In 2015, the company has released Forerunner 225®, Garmin's first running watch with wrist-based heart rate monitor. Garmin acquired South Africa's iKubu Ltd. for its Backtracker on-bicycle low power radar system in 2015. The company has released vίvomove®, the smartwatch with analog hands, opening the door to the hybrid smartwatch market. In 2018, the company has introduced the first professional dive watch Descent® Mk1 to officially step into the dive watch market. In 2019, the company acquired Tacx, a privately held Dutch company that designs and manufacturers indoor bike trainers, tools and accessories, as well as indoor training software and applications.9 In 2020, the company has introduced proprietary solar charging technology in smart wearable devices' battery life. With its breakthrough Power GlassTM solar charging lens technology and a world first UPS design achieved an industry-leading five times extension of battery life. Three series of solar-powered GPS smar watches were launched: fēnix 6 Solar, Instinct Solar, and tactix Delta Solar.

garmin history solar panel watch

The company has expanded its operations in Southeast Asia by setting up offices in Thailand and Vietnam in 2021. Also in the same year, the company has set up advanced manufacturing plant in Poland and Taiwan. In 2021 Garmin acquired AeroData, a Scottsdale AZ based company that provides aircraft performance software for over 135 airlines worldwide.  The company will continue to operate under the AeroData brand.10

On July 23, 2020, Garmin shut down its call centers, website and some online services due to some reported ransomware attack. The company did not say it was a ransomware attack but it was later confirmed as WastedLocker ransomware.11 The hackers demanded a $10 million ransom from Garmin. The company instituted a "multi-day maintenance window" to deal with the attack's impacts. Some of its applications started functioning again on July 27, 2020 but with delayed synchronizing. Experts speculate that the company may have paid the hackers the ransom of $10m or reached some other deals to obtain a decryption key to recover its data.12

References

  1. ^ https://www.bizjournals.com/kansascity/stories/2010/03/15/daily25.html
  2. ^ https://www.garmin.com/en-US/newsroom/press-release/corporate/2010-garmin-completes-redomestication-to-switzerland/
  3. ^ 10-K,2022 p.4
  4. ^ https://www.garmin.com.sg/company/about/
  5. ^ https://www.garmin.com/en-US/newsroom/press-release/sports-fitness/garmin-unveils-varia-ertl615-its-first-rearview-radar-designed-for-your-ebike/
  6. ^ 10-K, 2022 p.10
  7. ^ https://www.forbes.com/2004/08/16/cx_ah_0816grmn.html?sh=36b9fcf52603
  8. ^ https://jbys.com/behind-the-scenes-with-garmin/
  9. ^ https://www.garmin.com/en-US/c/sports-fitness/indoor-trainers/
  10. ^ https://www.avweb.com/aviation-news/business-aviation-news/garmin-acquires-aerodata/
  11. ^ https://www.bleepingcomputer.com/news/security/garmin-outage-caused-by-confirmed-wastedlocker-ransomware-attack/
  12. ^ https://www.computerweekly.com/news/252486775/Garmin-may-have-paid-hackers-ransom-reports-suggest
Tags: US:GRMN USA
Created by Md. Touhidul Islam on 2023/05/04 05:07
     
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