GARMIN LTD

Garmin Ltd. is a global technology company that has been in business for over 30 years. The company pioneers new products, many of which feature location technology such as GPS, and applications for people who live an active lifestyle. Garmin serves five primary markets: fitness, outdoor, aviation, marine, and auto OEM. The company designs, develops, manufactures, markets, and distributes a diverse family of GPS-enabled products and other navigation, communications, sensor-based, and information products for these markets. Its products are known for their value, high performance, ease of use, innovation, and appealing design. Garmin offers a broad range of solutions across its reportable segments. Many of its products utilize GPS and other global navigation satellite systems (GNSS) to support product features such as navigation, global positioning, and tracking. The company's website is www.garmin.com, and its ticker symbol is GRMN. In the Fitness segment, Garmin offers running and multi-sport watches, cycling products, smartwatch devices, scales and monitors, and Garmin Connect and Garmin Connect Mobile. In the Outdoor segment, the company offers adventure watches, InReach and Garmin Response, outdoor handhelds and satellite communicators, golf devices, consumer automotive, and dog devices. In the Aviation segment, Garmin offers integrated flight decks, electronic flight displays and instrumentation, navigation and communication products, automatic flight control systems and safety-enhancing technologies, audio control systems, engine indication systems, traffic awareness and avoidance solutions, ADS-B and transponders, weather information and avoidance solutions, datalink and connectivity, and services. In the Marine segment, Garmin offers chartplotters and multi-function displays (MFDs), cartography, fishfinders, SONAR, autopilot systems, RADAR, instruments, VHF communication radios, handhelds and wearable devices, sailing features, audio, digital switching, and trolling motors. In the Auto OEM segment, Garmin offers domain controllers, infotainment units, and other automotive solutions. Garmin's distribution strategy includes a large worldwide network of independent retailers, dealers, distributors, installation and repair shops, and OEMs, as well as online sales through its webshop and own retail stores. The company competes on design, functionality, quality and reliability, customer service, brand, price, time-to-market, and availability. Garmin believes that its principal competitors vary by market and include companies such as Apple, Bryton, Coros, Elite, Fitbit, Huawei, Polar, Samsung, SRAM, Suunto, Wahoo Fitness, Whoop, Xiaomi, Zepp Health, Casio, Coros, Dogtra, Globalstar, Rand McNally, Shearwater Research, SportDOG, TAG Heuer, Tissot, TomTom, Trackman, Vista Outdoor, Zoleo, Aspen Avionics, Avidyne, Dynon Avionics, ForeFlight, Genesys Aerosystems, Honeywell Aerospace & Defense, Innovative Solutions and Support Inc., Jeppesen, L-3 Avionics Systems, Collins Aerospace, Safran, Thales, and Universal Avionics Systems Corporation, Furuno, Johnson Outdoors, Navico, and Raymarine. Garmin's product innovations are driven by its strong emphasis on research and development and the close partnership between its engineering and manufacturing teams. The company operates its own manufacturing facilities in Taiwan, China, Netherlands, Poland, and the United States, providing significant capability and flexibility to address the breadth and depth of resources necessary to serve its diverse products and markets. Garmin believes that the vertical integration of its manufacturing capabilities provides advantages in product cost, quality, and time to market. The company holds over 1,900 patents and over 1,160 trademark registrations, and relies on a combination of patent, copyright, trademark, and trade secret laws, as well as confidentiality agreements, to establish and protect its proprietary rights.