Filing Summary | GARMIN LTD | Filing | 10-K/A | Dec 30, 2023

Garmin Ltd.

GRMN

Sector

Technology

Industry

Scientific & Technical Instruments

Market Cap

$39.60B

Employees

19.9K

Company Overview

Garmin Ltd. is a global provider of GPS-enabled products and applications designed for active lifestyles. The company operates in five primary markets: fitness, outdoor, aviation, marine, and auto OEM, offering a diverse range of navigation, communication, and sensor-based products. Garmin's competitive advantage lies in its vertically integrated manufacturing capabilities and strong brand recognition.

Period Ending: Dec 30, 2023

Filing Highlights

Key insights and themes extracted from this filing

4 Themes

Financial Performance

2 Insights

Related party transactions were erroneously omitted from the original filing.

Click to expand

The company is filing an amendment to the original 10K filing to include related party transactions that were erroneously omitted from the original report. This suggests a potential weakness in internal controls or oversight.

Related party transactions have been ratified by the Audit Committee.

Click to expand

The Audit Committee reviewed and ratified the related party transactions, including the annual compensation paid to family members of executive officers. This suggests that the transactions were deemed to be in the best interest of the company and its shareholders.

Management Execution

1 Insight

Internal controls identified as an area for improvement.

Click to expand

Risk Factors

1 Insight

Potential for reputational risk due to omission of related party transactions.

Click to expand

Governance

1 Insight

Audit committee actively involved in reviewing related party transactions.

Click to expand