Garmin 2014 Annual Report Download - page 10

Garmin, the Garmin logo, Forerunner, G1000, GPSMAP, Approach, fēnix, Astro and vívot are trademarks of Garmin Ltd. or
its subsidiaries and are registered in one or more countries, including the U.S. Connect IQ, Garmin DownVü, Garmin SideVü ,
Garmin Connect, Garmin Connect Mobile, GNX, echoMAP and DC and are trademarks of Garmin Ltd. or its subsidiaries.
The Biggest Loser® is a registered trademark of Universal City Studios Productions, LLLP.
MyFitnessPal is a registered trademark of MyFitnessPal, Inc.
The Bluetooth® word mark is owned by the Bluetooth SIG, Inc.
IRONMAN® is a registered trademark of World Triathlon Corporation (WTC).
Board of Directors
Dr. Donald H. Eller
2 | 3
INDEPENDENT TECHNICAL EXPERT
Joseph J. Hartnett
1 | 2 | 3
FORMER PRESIDENT AND
CHIEF EXECUTIVE OFFICER
INGENIENT TECHNOLOGIES
Dr. Min H. Kao
EXECUTIVE CHAIRMAN
GARMIN LTD.
Charles W. Peer
1 | 2 | 3
RETIRED PARTNER
KPMG LLP
Clifton A. Pemble
PRESIDENT AND CHIEF
EXECUTIVE OFFICER
GARMIN LTD.
Thomas P. Poberenzy
1 | 2 | 3
CHAIRMAN EMERITUS EXPERIMENTAL
AIRCRAFT ASSOCIATION (EAA)
1 | Audit Committee
2 | Nominating and Corporate
Governance Committee
3 | Compensation Committee
Executive Ocers
Dr. Min H. Kao
EXECUTIVE CHAIRMAN
Clifton A. Pemble
PRESIDENT AND CHIEF
EXECUTIVE OFFICER
Douglas G. Boessen
CHIEF FINANCIAL OFFICER AND TREASURER
Andrew R. Etkind
VICE PRESIDENT,
GENERAL COUNSEL AND SECRETARY
Danny J. Bartel
VICE PRESIDENT, WORLDWIDE SALES
GARMIN INTERNATIONAL, INC.
Patrick G. Desbois
VICE PRESIDENT, OPERATIONS
GARMIN INTERNATIONAL, INC.
Philip I. Straub
VICE PRESIDENT AND
MANAGING DIRECTOR, AVIATION
GARMIN INTERNATIONAL, INC.
Sean M. Biddlecombe
MANAGING DIRECTOR, EMEA
GARMIN (EUROPE) LTD.
P.C. Huang
GENERAL MANAGER
GARMIN CORPORATION
Investor Relations
[email protected]
Security analysts, investment professionals
and shareholders can nd investor relations
information on the company’s website at
Garmin.com/10K
Transfer Agent
Computershare Trust Company, N.A.
250 Royall Street
Canton, Massachusetts, 02021
United States of America
Independent Accountants
Ernst & Young LLP
Market Information
The shares of Garmin Ltd.
are traded on
the NASDAQ Global Select Market under
the symbol GRMN. Garmin Ltd. is a
component of the S&P 500 Index.
Oces
Garmin Ltd.
Mühlentalstrasse 2
8200 Schahausen
Switzerland
Garmin International, Inc.
1200 East 151st Street
Olathe, Kansas, 66062
United States of America
Garmin (Europe) Ltd.
Liberty House
Hounsdown Business Park
Southampton
SO40 9LR
United Kingdom
Garmin Corporation
No. 68, Zhangshu 2nd Road
Xizhi Dist., New Taipei City 221
Taiwan, R.O.C.
Financial Review
The selected nancial data below and elsewhere in this annual report should be read in conjunction with the consolidated nancial
statements and notes thereto included in our Annual Report on Form 10-K, a copy of which is included with this annual report or
is available at Garmin.com/10K.
++++4+z
2014
4
15
28
22
31
*$100 invested on 12/31/08
in stock or index, including
reinvestment of dividends.
Fiscal year ending December 31.
The stock price performance
included in this graph is not
necessarily indicative of future
stock price performance.
The graph below matches
Garmin Ltd.’s cumulative
5-year total shareholder
return on common stock
with the cumulative total
returns of the NASDAQ
Composite index and
the NASDAQ 100 index.
The graph tracks the
performance of a $100
investment in our common
stock and in each index
(with the reinvestment
of all dividends) from
12/31/2009 to 12/31/2014.
Comparison of 5-Year Cumulative Total Return
AMONG GARMIN LTD., THE NASDAQ COMPOSITE INDEX, AND THE NASDAQ 100 INDEX
AUTOMOTIVE/MOBILE OUTDOOR FITNESS AVIATION MARINE
++++7+z
2012
7
11
12
15 55 ++++8+z
2013
8
13
14
16
49 ++++9+z
2014
9
13
20
15
43 ++++6+z
2012
6
12
19
27
36 ++++3+z
2013
3
15
21
28
33
Diluted
EPS
$ PER SHARE
++++
2.95
2.67
2.76
3.12
1.88
10
11
12
13
14
R&D
Expenditures
$ IN MILLIONS
++++
277
299
326
365
395
10
11
12
13
14
Revenue and
Net Income
$ IN MILLIONS
++++
2,690
2,759
2,716
2,632
2,871
10
11
12
13
14
++++
585
521
542
612
364
Book Value
Per Share
$ PER SHARE
++++
15.40
16.71
18.00
18.64
17.53
10
11
12
13
14
09 10 11 12 13 14
Revenue by Segment
% OF TOTAL
Operating Income by Segment
% OF TOTAL
󱃇++++󰊟+󰝰󱃄++++󰈸+󰙀󱃆+++++󰒦
100.00
100.00
100.00
141.48
118.70
121.87
151.01
139.00
143.60
179.27
196.83
199.67
212.25
223.74
234.29
GARMIN LTD.
NASDAQ COMPOSITE
NASDAQ 100
105.11
117.61
114.80