Garmin reports third quarter revenue and earnings growth; updates EPS guidance for 2018

SCHAFFHAUSEN, Switzerland--()--Garmin Ltd. (Nasdaq: GRMN – News) today announced results for the third quarter ended September 29, 2018.

Highlights for the third quarter 2018 include:

  • Total revenue of $810 million, growing 8% over the prior year, with marine, aviation, fitness and outdoor collectively growing 16% over the prior year quarter and contributing 80% of total revenue
  • Gross margin of 59.4% compared to 58.2% in the prior year quarter
  • Operating margin of 24.2% compared to 23.1% in the prior year quarter
  • Operating income was $196 million, growing 13% over the prior year quarter
  • GAAP EPS was $0.97 and pro forma EPS(1) was $1.00
  • Shipped the 200 millionth product within the quarter, a testament to our ability to design, manufacture, and sell unique applications of technology for active lifestyles
  • Opened the first phase of our Olathe campus expansion more than doubling our aviation product manufacturing capacity
  • Announced the acquisition of FltPlan.com, a leading electronic flight planning and services provider, expanding our ability to offer premium flight services to our customers
(in thousands,     13-Weeks Ended     39-Weeks Ended
except per share data) September 29,     September 30,     Yr over Yr September 29,     September 30,     Yr over Yr
2018 2017 Change 2018 2017 Change
Net sales $ 810,011 $ 751,244 8 % $ 2,415,336 $ 2,224,241 9 %
Marine 98,770 77,312 28 % 346,908 290,302 19 %
Aviation 146,427 124,628 17 % 445,146 371,559 20 %
Fitness 190,185 167,147 14 % 581,315 485,999 20 %
Outdoor 209,415 184,937 13 % 555,314 495,589 12 %
Auto 165,214 197,220 -16 % 486,653 580,792 -16 %
 
Gross margin % 59.4 % 58.2 % 59.2 % 58.2 %
 
Operating income % 24.2 % 23.1 % 23.0 % 22.5 %
 
GAAP diluted EPS $ 0.97 $ 0.80 21 % $ 2.66 $ 3.00 -11 %
Pro forma diluted EPS (1) $ 1.00 $ 0.77 30 % $ 2.67 $ 2.20 21 %
 
(1) See attached table for reconciliation of non-GAAP measures including pro forma diluted EPS
 

Executive Overview from Cliff Pemble, President and Chief Executive Officer:

“During the third quarter, we continued our strong performance achieving double-digit revenue growth in four of our five segments and double-digit growth of consolidated operating income,” said Cliff Pemble, president and chief executive officer of Garmin Ltd. “We are well positioned for the remainder of 2018 with a solid lineup of products and are raising our EPS guidance to reflect our strong performance.”

Marine:

The marine segment posted robust revenue growth of 28% driven by organic growth across multiple product categories and our recent acquisitions. Gross and operating margins were 59% and 14%, respectively. For the fourth consecutive year Garmin was recognized as the Manufacturer of the Year by the National Marine Electronics Association (NMEA), winning a total of six awards including the prestigious NMEA Technology Award. We recently announced the 2019 line up of marine electronics including the GPSMAP® 8600 series, the first product line compatible with the combined Garmin and Navionics chart content. We remain focused on innovations and achieving market share gains within the inland fishing category.

Aviation:

The aviation segment posted strong revenue growth of 17%. Gross and operating margins increased to 76% and 35%, respectively, resulting in operating income growth of 49%. Growth in the quarter was broad based across multiple product categories. Gulfstream recently selected our ADS-B In solution for their new production and aftermarket G280 business jets. During the quarter, we announced the acquisition of FltPlan.com, a leading electronics flight planning and service provider, and have begun integration into Garmin Connected Aviation Services such as Garmin PilotTM. We recently announced the G1000 NXi upgrade for the Piper M500, expanding the addressable market for NXi retrofits. We continue to invest in upcoming certifications with our OEM partners and ongoing aftermarket opportunities.

Fitness:

The fitness segment posted strong revenue growth of 14% primarily driven by strength in wearables. Gross and operating margins were 54% and 20%, respectively, resulting in operating income growth of 12%. During the third quarter, we launched the vívosmart® 4, a smart activity tracker that introduces a wrist-based pulse ox sensor in a slim design, new advanced sleep monitoring and the innovative Body Battery, which monitors individual energy levels. We also announced new vívofit® jr. 2 interactive adventures and bands featuring Disney Princess and Marvel’s Spider-Man. We continue to pursue opportunities for wearables and cycling within the fitness segment.

Outdoor:

During the third quarter of 2018, the outdoor segment grew 13% driven primarily by wearable devices. Gross margin improved year-over-year to 65%, while operating margin improved to 38% resulting in a 16% increase in operating income. We recently announced the integration of Spotify on the fēnix® 5 Plus series, giving customers the ability to listen to offline music playlists from their wrist. We also recently introduced Instinct®, a GPS smartwatch that is rugged and reliable. Looking forward, we remain focused on opportunities in wearables and other product categories within the outdoor segment.

Auto:

Revenue from the auto segment declined 16% in the third quarter of 2018, primarily due to the ongoing PND market contraction. Gross and operating margins were 43% and 9%, respectively. We recently announced the selection of our integrated camera solution by the Chinese auto company, Geely Auto Group. Looking forward, we are focused on disciplined execution to bring desired innovation to the market while managing profitability within the segment.

Additional Financial Information:

Total operating expenses in the quarter were $285 million, an 8% increase from the prior year. Research and development increased 7% driven by the incremental costs associated with acquisitions, investments in the outdoor and fitness segments for the development of advanced wearable products and continued innovation in the aviation segment. Selling, general and administrative expenses increased 13% driven primarily by personnel related expenses and incremental costs associated with acquisitions. Advertising expenses decreased 4% year-over-year.

The effective tax rate in the third quarter of 2018 was 8.5% compared to the effective tax rate of 20.5% in the prior year quarter. The decrease in the current quarter effective tax rate is primarily due to the benefits from U.S. tax reform and increased benefit from U.S. research and development tax credits.

In the third quarter of 2018, we generated $264 million of net cash provided by operating activities and $234 million of free cash flow (see attached table for reconciliation of this non-GAAP measure). We continued to return cash to shareholders with our quarterly dividend of approximately $100 million. We ended the quarter with cash and marketable securities of approximately $2.5 billion.

2018 Guidance:

We have increased our 2018 guidance to reflect the strong third quarter performance. We anticipate our fourth quarter revenue to be relatively flat year-over-year with total full year revenue of approximately $3.3 billion and a gross margin of 58.5%. We are raising our full year operating margin to approximately 22.0% and lowering our full year pro forma effective tax rate to about 16.0% resulting in a pro forma EPS of approximately $3.45.

    2018 Guidance(1)
Updated     Prior
Revenue ~$3.3 B ~$3.3 B
Gross Margin ~58.5% ~58.5%
Operating Margin ~22.0% ~21.5%
Tax Rate (Pro Forma)(1) ~16.0% ~17.5%
EPS (Pro Forma)(1) ~$3.45 ~$3.30
(1) See attached table for reconciliation of non-GAAP measures including forward-looking pro forma tax rate and EPS

Revenue Standard Adoption

We adopted the new revenue standard in the first quarter of 2018. The prior periods presented have been restated to reflect adoption of this new standard.

Webcast Information/Forward-Looking Statements:

The information for Garmin Ltd.’s earnings call is as follows:

When:     Wednesday, October 31, 2018 at 10:30 a.m. Eastern
Where:

http://www.garmin.com/en-US/company/investors/events/

How: Simply log on to the web at the address above or call to listen in at 855-757-3897
 

An archive of the live webcast will be available until October 30, 2019 on the Garmin website at www.garmin.com. To access the replay, click on the Investor Relations link and click over to the Events Calendar page.

This release includes projections and other forward-looking statements regarding Garmin Ltd. and its business that are commonly identified by words such as “would,” “may,” “expects,” “estimates,” “plans,” “intends,” “projects,” and other words or phrases with similar meanings. Any statements regarding the Company’s GAAP and pro forma estimated earnings, EPS, and effective tax rate, and the Company’s expected segment revenue growth rates, consolidated revenue, gross margins, operating margins, currency movements, expenses, pricing, new products to be introduced in 2018, statements relating to possible future dividends and the Company’s plans and objectives are forward-looking statements. The forward-looking events and circumstances discussed in this release may not occur and actual results could differ materially as a result of risk factors and uncertainties affecting Garmin, including, but not limited to, the risk factors that are described in the Annual Report on Form 10-K for the year ended December 30, 2017 filed by Garmin with the Securities and Exchange Commission (Commission file number 0-31983). A copy of Garmin’s 2017 Form 10-K can be downloaded from https://www.garmin.com/en-US/company/investors/sec/form-10-K/.

Non-GAAP Financial Measures

This release and the attachments contain non-GAAP financial measures. A reconciliation to the nearest GAAP measure and a discussion of the Company's use of these measures are included in the attachments.

Garmin, the Garmin logo, the Garmin delta, Navionics, GPSMAP, G1000, vívofit, vívosmart, fēnix, and Instinct are trademarks of Garmin Ltd. or its subsidiaries and are registered in one or more countries, including the U.S.; Garmin Pilot is a trademark of Garmin Ltd. or its subsidiaries. All other brands, product names, company names, trademarks and service marks are the properties of their respective owners. All rights reserved

Garmin Ltd. And Subsidiaries
Condensed Consolidated Statements of Income (Unaudited)
(In thousands, except per share information)
               

13-Weeks Ended

 

39-Weeks Ended

September 29, September 30, September 29, September 30,
2018 2017 2018   2017
Net sales $ 810,011 $ 751,244 $ 2,415,336 $ 2,224,241
 
Cost of goods sold   329,264     313,721     984,783     929,782  
 
Gross profit 480,747 437,523 1,430,553 1,294,459
 
Advertising expense 31,140 32,449 100,000 105,983
Selling, general and administrative expense 114,669 101,794 352,234 309,095
Research and development expense   138,979     129,632     422,649     379,083  
Total operating expense   284,788     263,875     874,883     794,161  
 
Operating income 195,959 173,648 555,670 500,298
 
Other income (expense):
Interest income 11,089 9,207 32,310 26,931
Foreign currency (losses) gains (6,868 ) 8,579 (3,405 ) (13,808 )
Other income (expense)   1,147     (1,520 )   6,800     (805 )
Total other income (expense)   5,368     16,266     35,705     12,318  
 
Income before income taxes 201,327 189,914 591,375 512,616
 
Income tax provision (benefit)   17,113     38,840     87,445     (53,840 )
 
Net income $ 184,214   $ 151,074   $ 503,930   $ 566,456  
 
Net income per share:
Basic $ 0.98 $ 0.81 $ 2.67 $ 3.01
Diluted $ 0.97 $ 0.80 $ 2.66 $ 3.00
 
Weighted average common
shares outstanding:
Basic 188,799 187,616 188,554 187,902
Diluted 190,005 188,490 189,586 188,671
 
       
Garmin Ltd. And Subsidiaries
Condensed Consolidated Balance Sheets (Unaudited)
(In thousands, except per share information)
       
September 29, December 30,
2018 2017
Assets
Current assets:
Cash and cash equivalents $ 1,056,397 $ 891,488
Marketable securities 173,697 161,687
Accounts receivable, net 467,784 590,882
Inventories 556,640 517,644
Deferred costs 28,235 30,525
Prepaid expenses and other current assets   117,866     153,912  
Total current assets 2,400,619 2,346,138
 
Property and equipment, net 650,805 595,684
 
Restricted cash 145 271
Marketable securities 1,301,111 1,260,033
Deferred income taxes 186,445 195,981
Noncurrent deferred costs 29,732 33,029
Intangible assets, net 424,776 409,801
Other assets   102,334     107,352  
Total assets $ 5,095,967   $ 4,948,289  
 
Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable $ 197,069 $ 169,640
Salaries and benefits payable 101,190 102,802
Accrued warranty costs 35,960 36,827
Accrued sales program costs 59,708 93,250
Deferred revenue 97,604 103,140
Accrued royalty costs 27,213 32,204
Accrued advertising expense 24,213 30,987
Other accrued expenses 67,426 93,652
Income taxes payable 43,519 33,638
Dividend payable   200,124     95,975  
Total current liabilities 854,026 792,115
 
Deferred income taxes 82,846 76,612
Noncurrent income taxes 126,893 138,295
Noncurrent deferred revenue 77,634 87,060
Other liabilities 1,860 1,788
 
Stockholders' equity:
Shares, CHF 0.10 par value, 198,077 shares authorized and issued; 188,809 shares
outstanding at September 29, 2018 and 188,189 shares outstanding at December 30, 2017 17,979 17,979
Additional paid-in capital 1,842,551 1,828,386
Treasury stock (433,274 ) (468,818 )
Retained earnings 2,520,828 2,418,444
Accumulated other comprehensive income   4,624     56,428  
Total stockholders' equity   3,952,708     3,852,419  
Total liabilities and stockholders' equity $ 5,095,967   $ 4,948,289  
 
       
Garmin Ltd. And Subsidiaries
Condensed Consolidated Statements of Cash Flows (Unaudited)
(In thousands)
 
  39-Weeks Ended
September 29, September 30,
2018 2017
Operating activities:
Net income $ 503,930 $ 566,456
Adjustments to reconcile net income to net cash
provided by operating activities:
Depreciation 47,902 44,011
Amortization 23,574 19,688
Gain on sale or disposal of property and equipment (491 ) (184 )
Provision for doubtful accounts 1,265 551
Provision for obsolete and slow moving inventories 17,719 16,504
Unrealized foreign currency loss 4,158 17,786
Deferred income taxes 20,177 (143,314 )
Stock compensation expense 42,094 32,441
Realized losses on marketable securities 481 594
Changes in operating assets and liabilities, net of acquisitions:
Accounts receivable 111,955 84,982
Inventories (69,139 ) (86,631 )
Other current and non-current assets 5,102 (9,635 )
Accounts payable 32,601 (24,526 )
Other current and non-current liabilities (57,245 ) (37,403 )
Deferred revenue (14,923 ) (21,478 )
Deferred costs 5,581 3,459
Income taxes payable   27,041     (724 )
Net cash provided by operating activities 701,782 462,577
 
Investing activities:
Purchases of property and equipment (122,846 ) (85,211 )
Proceeds from sale of property and equipment 1,296 264
Purchase of intangible assets (2,982 ) (9,069 )
Purchase of marketable securities (314,179 ) (438,046 )
Redemption of marketable securities 229,066 455,376
Acquisitions, net of cash acquired   (29,170 )   (12,400 )
Net cash used in investing activities (238,815 ) (89,086 )
 
Financing activities:
Dividends (296,149 ) (287,318 )
Proceeds from issuance of treasury stock related to equity awards 14,524 10,316
Purchase of treasury stock related to equity awards (6,909 ) (3,587 )
Purchase of treasury stock under share repurchase plan   -     (74,523 )
Net cash used in financing activities (288,534 ) (355,112 )
 
Effect of exchange rate changes on cash, cash equivalents, and restricted cash (9,650 ) 26,021
   
Net increase in cash, cash equivalents, and restricted cash 164,783 44,400
Cash, cash equivalents, and restricted cash at beginning of period   891,759     846,996  
Cash, cash equivalents, and restricted cash at end of period $ 1,056,542   $ 891,396  
 
Garmin Ltd. And Subsidiaries
Net Sales, Gross Profit and Operating Income by Segment (Unaudited)
(in thousands)
                               
Reportable Segments
 
Outdoor Fitness Marine Auto Aviation Total
 
13-Weeks Ended September 29, 2018
 
Net sales $ 209,415 $ 190,185 $ 98,770 $ 165,214 $ 146,427 $ 810,011
Gross profit 136,671 103,441 58,508 70,925 111,202 480,747
Operating income 78,972 37,378 13,908 15,032 50,669 195,959
 
13-Weeks Ended September 30, 2017
 
Net sales $ 184,937 $ 167,147 $ 77,312 $ 197,220 $ 124,628 $ 751,244
Gross profit 118,175 96,135 44,574 87,819 90,820 437,523
Operating income 67,810 33,492 18,420 19,829 34,097 173,648
 
39-Weeks Ended September 29, 2018
 
Net sales $ 555,314 $ 581,315 $ 346,908 $ 486,653 $ 445,146 $ 2,415,336
Gross profit 358,829 326,473 203,976 207,389 333,886 1,430,553
Operating income 194,711 123,299 54,806 31,113 151,741 555,670
 
39-Weeks Ended September 30, 2017
 
Net sales $ 495,589 $ 485,999 $ 290,302 $ 580,792 $ 371,559 $ 2,224,241
Gross profit 319,457 276,014 166,690 257,744 274,554 1,294,459
Operating income 176,544 89,452 60,860 61,379 112,063 500,298
 
                       
Garmin Ltd. And Subsidiaries
Net Sales by Geography (Unaudited)
(In thousands)
 
13-Weeks Ended 39-Weeks Ended
September 29, September 30, Yr over Yr September 29, September 30, Yr over Yr
2018 2017 Change 2018 2017 Change
Net sales $ 810,011 $ 751,244 8% $ 2,415,336 $ 2,224,241 9%
Americas 370,239 346,208 7% 1,153,330 1,072,247 8%
EMEA 307,087 291,703 5% 862,116 831,687 4%
APAC 132,685 113,333 17% 399,890 320,307 25%

EMEA - Europe, Middle East and Africa; APAC - Asia Pacific and Australian Continent

Non-GAAP Financial Information

To supplement our financial results presented in accordance with GAAP, this release includes the following measures defined by the Securities and Exchange Commission as non-GAAP financial measures: pro forma net income (earnings) per share, forward-looking pro forma earnings per share, pro forma effective tax rate, forward-looking pro forma effective tax rate and free cash flow. These non-GAAP measures are not based on any comprehensive set of accounting rules or principles and should not be considered a substitute for, or superior to, financial measures calculated in accordance with GAAP, and may be different from non-GAAP measures used by other companies, limiting the usefulness of the measures for comparison with other companies. Management believes providing investors with an operating view consistent with how it manages the Company provides enhanced transparency into the operating results of the Company, as described in more detail by category below.

The tables below provide reconciliations between the GAAP and non-GAAP measures.

Pro forma effective tax rate

The Company’s income tax expense is periodically impacted by discrete tax items that are not reflective of income tax expense incurred as a result of current period earnings. Therefore, management believes disclosure of the effective tax rate and income tax provision before the effect of certain discrete tax items are important measures to permit investors' consistent comparison between periods. In the first three quarters of 2018, there were no such discrete tax items identified.

 
Garmin Ltd. And Subsidiaries
Pro Forma Effective Tax Rate
(in thousands, except effective tax rate (ETR) information)
               
13-Weeks Ended 39-Weeks Ended
September 30, September 30,
2017   2017  
 
$ ETR(1) $ ETR(1)
U.S. GAAP income tax provision (benefit) $ 38,840 20.5 % $ (53,840 ) (10.5 %)
Pro forma discrete tax items:
Switzerland corporate tax election(2) - 168,755
Tax expense from share-based award expirations(3)   -   (7,275 )
Total pro forma discrete tax items   -     161,480    
Income tax provision (Pro Forma) $ 38,840 20.5 % $ 107,640   21.0 %
(1) Effective tax rate is calculated by taking the income tax provision divided by income before taxes, as presented on the face of the Condensed Consolidated Statements of Income.
 
(2) In first quarter 2017, a $169 million tax benefit was recognized resulting primarily from the revaluation of certain Switzerland deferred tax assets. The revaluation is due to the Company's election in the first quarter of 2017 to align certain Switzerland corporate tax positions with international tax initiatives. As this revaluation is not reflective of income tax expense incurred related to the current period earnings, it has been identified as a pro forma discrete tax item.
 
(3) Following adoption in fiscal 2017 of Accounting Standards Update No. 2016-09, Compensation – Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting (“ASU 2016-09”), the Company may periodically incur tax expense resulting from stock options and stock appreciation rights (SARs) expiring unexercised. New grants of stock options and SARs no longer comprise a significant component of the Company’s compensation arrangements. As the tax expense from expired awards is not related to current period earnings or compensation activities, it has been identified as a pro forma adjustment.
 

The net release of uncertain tax position reserves, amounting to approximately $27.7 million and $17.2 million in the 39-weeks ended September 29, 2018 and September 30, 2017, respectively, have not been included as pro forma adjustments in the above presentation of pro forma income tax provision as related items tend to be more recurring in nature or such amounts are individually not significant.

Pro forma net income (earnings) per share

Management believes that net income (earnings) per share before the impact of foreign currency gains or losses and certain discrete income tax items, as discussed above, is an important measure in order to permit a consistent comparison of the Company’s performance between periods.

 
Garmin Ltd. And Subsidiaries
Pro Forma Net Income (Earnings) Per Share
(in thousands, except per share information)
               
13-Weeks Ended 39-Weeks Ended
September 29, September 30, September 29, September 30,
2018 2017 2018 2017
 
Net income (GAAP) $ 184,214 $ 151,074 $ 503,930 $ 566,456
Foreign currency gains / losses(1) 6,868 (8,579 ) 3,405 13,808
Tax effect of foreign currency gains / losses(2) (584 ) 1,755 (503 ) (2,899 )
Pro forma discrete tax items(3)   -     -     -     (161,480 )
Net income (Pro Forma) $ 190,498   $ 144,250   $ 506,832   $ 415,885  
 
Net income per share (GAAP):
Basic $ 0.98 $ 0.81 $ 2.67 $ 3.01
Diluted $ 0.97 $ 0.80 $ 2.66 $ 3.00
 
Net income per share (Pro Forma):
Basic $ 1.01 $ 0.77 $ 2.69 $ 2.21
Diluted $ 1.00 $ 0.77 $ 2.67 $ 2.20
 
Weighted average common shares outstanding:
Basic 188,799 187,616 188,554 187,902
Diluted 190,005 188,490 189,586 188,671
(1) The majority of the Company’s consolidated foreign currency gains and losses are driven by movements in the Taiwan Dollar, Euro, and British Pound Sterling in relation to the U.S. Dollar and the related exchange rate impact on the significant cash, receivables, and payables held in a currency other than the functional currency at one of the Company’s subsidiaries. However, there is minimal cash impact from such foreign currency losses.
 
(2) The tax effect of foreign currency gains and losses was calculated using the effective tax rate of 8.5% and 14.8% for the quarter and year-to-date ended September 29, 2018, respectively, and a pro forma effective tax rate of 20.5% and 21.0% for the quarter and year-to-date ended September 30, 2017, respectively.
 
(3) The discrete tax items are discussed in the pro forma effective tax rate section above.
 

Free cash flow

Management believes that free cash flow is an important financial measure because it represents the amount of cash provided by operations that is available for investing and defines it as operating cash less capital expenditures for property and equipment. Management believes that excluding purchases of property and equipment provides a better understanding of the underlying trends in the Company’s operating performance and allows more accurate comparisons of the Company’s operating results to historical performance. This metric may also be useful to investors, but should not be considered in isolation as it is not a measure of cash flow available for discretionary expenditures. The most comparable GAAP measure is cash provided by operating activities.

               
Garmin Ltd. And Subsidiaries
Free Cash Flow
(in thousands)
 
13-Weeks Ended 39-Weeks Ended
September 29, September 30, September 29, September 30,
2018 2017 2018 2017
 
Net cash provided by operating activities $ 263,719 $ 198,750 $ 701,782 $ 462,577
Less: purchases of property and equipment   (29,773 )   (45,399 )   (122,846 )   (85,211 )
Free Cash Flow $ 233,946   $ 153,351   $ 578,936   $ 377,366  
 

Forward-looking pro forma tax rate

Forward-looking pro forma tax rate and pro forma earnings per share are calculated before the effect of certain discrete tax items. Management believes certain discrete tax items may not be reflective of income tax expense incurred as a result of current period earnings. Therefore, in order to permit consistent comparison between periods, the tax rate and earnings per share before the effect of such discrete tax items are important measures. At this time management is unable to determine whether or not significant discrete tax items will be identified in fiscal 2018.

Forward-looking pro forma earnings per share (EPS)

In addition to the discrete tax items discussed in the forward-looking pro forma effective tax rate section above, our forward looking 2018 pro forma EPS excludes foreign currency exchange gains and losses. The estimated impact of such foreign currency gains and losses cannot be reasonably estimated on a forward-looking basis due to the high variability and low visibility with respect to non-operating foreign currency exchange gains and losses and the related tax effects of such gains and losses. The impact of such foreign currency gains and losses, net of tax effects, was $0.01 for the 39-weeks ended September 29, 2018.

Contacts

Garmin Ltd.
Investor Relations Contact:
Teri Seck, 913-397-8200
investor.relations@garmin.com
or
Media Relations Contact:
Carly Hysell, 913-397-8200
media.relations@garmin.com

Contacts

Garmin Ltd.
Investor Relations Contact:
Teri Seck, 913-397-8200
investor.relations@garmin.com
or
Media Relations Contact:
Carly Hysell, 913-397-8200
media.relations@garmin.com