Garmin Ltd. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Garmin Ltd. has submitted its annual 10-K filing for the fiscal year ending December 30, 2023, detailing its financial performance and business operations.</b>

AI Summary

GARMIN LTD (GRMN) filed a Annual Report (10-K) with the SEC on February 21, 2024. Garmin Ltd. filed its 10-K report for the fiscal year ending December 30, 2023. The filing covers the period from January 1, 2023, to December 30, 2023. Key dates mentioned include various equity incentive plans dating back to 2000 and 2005. The company's fiscal year end is December 30. The report references share repurchase programs from 2022 and 2024.

Why It Matters

For investors and stakeholders tracking GARMIN LTD, this filing contains several important signals. This 10-K filing provides a comprehensive overview of Garmin's financial health, operational segments, and strategic initiatives for the fiscal year 2023, which is crucial for investors to assess the company's performance and future outlook. The detailed information on various equity plans, share repurchase programs, and segment performance allows stakeholders to understand Garmin's capital allocation strategies and its diversified business model across aviation, automotive, marine, outdoor, and fitness sectors.

Risk Assessment

Risk Level: medium — GARMIN LTD shows moderate risk based on this filing. The filing is a standard annual report (10-K), which typically contains a broad range of information, including risk factors, but does not indicate any immediate or severe financial distress or regulatory action.

Analyst Insight

Review the detailed segment performance and risk factors within the 10-K to understand Garmin's growth drivers and potential challenges for the upcoming fiscal year.

Key Numbers

• 20231230 — Fiscal Year End (Conformed period of report)
• 20240221 — Filing Date (Filed as of date)
• 001-41118 — SEC File Number (SEC file number for Garmin Ltd.)
• 0000950170-24-017559 — Accession Number (Accession number for the filing)

Key Players & Entities

• GARMIN LTD (company) — Filer name
• GRMN (company) — Ticker symbol
• 20231230 (date) — Conformed period of report
• 20240221 (date) — Filed as of date
• CH-8200 (location) — Business address zip code
• MUHLENTALSTRASSE 2 (location) — Business address street
• SCHAFFHAUSEN (location) — Business address city
• 3812 (industry) — Standard Industrial Classification

FAQ

Key Dates

• 2023-12-30: Fiscal Year End — End of the reporting period for the 10-K filing.
• 2024-02-21: Filing Date — Date the 10-K report was officially filed with the SEC.

Glossary

10-K

An annual report required by the U.S. Securities and Exchange Commission (SEC), that gives a comprehensive summary of a company's financial performance. (This is the primary document for investors to understand a company's financial health and operations over the past year.)

Restricted Stock Units (RSUs)

A form of equity compensation where shares of stock are granted to an employee but are subject to vesting conditions. (Indicates a component of executive and employee compensation, reflecting the company's incentive structures.)

Share Repurchase Program

A program where a company buys back its own shares from the open market. (Suggests the company is returning capital to shareholders or believes its stock is undervalued.)

Key Financial Figures

• $0.10 — 12(b) of the Act: Registered Shares, $0.10 Per Share Par Value GRMN New York S

Filing Documents

• grmn-20231230.htm (10-K) — 3597KB
• grmn-ex4_1.htm (EX-4.1) — 43KB
• grmn-ex10_14.htm (EX-10.14) — 68KB
• grmn-ex10_15.htm (EX-10.15) — 73KB
• grmn-ex10_16.htm (EX-10.16) — 59KB
• grmn-ex21_1.htm (EX-21.1) — 69KB
• grmn-ex23_1.htm (EX-23.1) — 11KB
• grmn-ex31_1.htm (EX-31.1) — 13KB
• grmn-ex31_2.htm (EX-31.2) — 12KB
• grmn-ex32_1.htm (EX-32.1) — 8KB
• grmn-ex32_2.htm (EX-32.2) — 7KB
• grmn-ex97_1.htm (EX-97.1) — 38KB
• img237462174_0.jpg (GRAPHIC) — 12KB
• img237462174_1.jpg (GRAPHIC) — 80KB
• 0000950170-24-017559.txt (&nbsp;) — 14951KB
• grmn-20231230.xsd (EX-101.SCH) — 1489KB
• grmn-20231230_htm.xml (XML) — 3293KB

Business

Business 4 Item 1A.

Risk Factors

Risk Factors 13 Item 1B. Unresolved Staff Comments 25 Item 1C. Cybersecurity 25 Item 2.

Properties

Properties 28 Item 3.

Legal Proceedings

Legal Proceedings 29 Item 4. Mine Safety Disclosures 29 Information about our Executive Officers 29 Part II Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 31 Item 6. [Reserved] 32 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 33 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 41 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 43 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 75 Item 9A.

Controls and Procedures

Controls and Procedures 75 Item 9B. Other Information 77 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 77 Part III Item 10. Directors, Executive Officers and Corporate Governance 78 Item 11.

Executive Compensation

Executive Compensation 78 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 79 Item 13. Certain Relationships and Related Transactions, and Director Independence 79 Item 14. Principal Accountant Fees and Services 79 Part IV Item 15. Exhibits and Financial Statement Schedules 80 Item 16. Form 10-K Summary 81

Signatures

Signatures 82 2 CAUTIONARY STATEMENT WITH RESPE CT TO FORWARD-LOOKING STATEMENTS The discussions set forth in this Annual Report on Form 10-K contain statements concerning potential future events. Such forward-looking statements are based upon assumptions by the Company's management, as of the date of this Annual Report, including assumptions about risks and uncertainties faced by the Company. In addition, management may make forward-looking statements orally or in other writings, including, but not limited to, in press releases, in the annual report to shareholders and in the Company's other filings with the Securities and Exchange Commission. Readers can identify these forward-looking statements by their use of such verbs as "expects," "anticipates," "believes" or similar verbs or conjugations of such verbs. Forward-looking statements include any discussion of the trends and other factors that drive our business and future results in "Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations." Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of their date. If any of management's assumptions prove incorrect or should unanticipated circumstances arise, the Company's actual results could materially differ from those anticipated by such forward-looking statements. The differences could be caused by a number of factors or combination of factors including, but not limited to, those factors identified under Item 1A "Risk Factors." Readers are strongly encouraged to consider those factors when evaluating any forward-looking statements concerning the Company. Except as may be required by law, the Company does not undertake to update any forward-looking statements in this Annual Report to reflect future events or developments. 3 Part I

Business

Item 1. Business Company Overview For more than 30 years, Garmin Ltd. and its subsidiaries (collectively, we, our, us, the Company or Garmin) have pioneered new products, many of which feature location technology such as Global Positioning System (GPS), and applications that are designed for people who live an active lifestyle. Garmin serves five primary markets: fitness, outdoor, aviation, marine, and auto OEM. We design, develop, manufacture, market, and distribute a diverse family of GPS-enabled products and other navigation, communications, sensor-based and information products for these markets, as well as products installed by original equipment manufacturers (OEMs) and for aftermarket applications. Since the inception of its business, Garmin has delivered over 282 million products, which included more than 16 million products delivered during fiscal 2023. Available Information Garmin's annual report on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K, proxy statement and Forms 3, 4 and 5 filed by Garmin's directors and executive officers and all amendments to those reports will be made available free of charge through the Investor Relations section of Garmin's website (www.garmin.com) as soon as reasonably practicable after such material is electronically filed with, or furnished to, the Securities and Exchange Commission (the SEC). The SEC maintains a website ( www.sec.gov ) that contains reports, proxy and information statements, and other information regarding issuers that file electronically with the SEC. The reference to Garmin's website address does not constitute incorporation by reference of the information contained on this website, and such information should not be considered part of this report on Form 10-K or in any other report or document we file with the SEC, and any references to our website are intended to be inactive textual references only. This discussion of Garmin should be read in conjunction with, and is

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View this 10-K filing on SEC EDGAR