Profile: Garmin Ltd (GRMN.OQ)
Garmin Ltd. (Garmin), incorporated on July 24, 2000, is a provider of navigation, communication and information devices and applications, which are enabled by global positioning system (GPS) technology. Garmin designs, develops, manufactures and markets a diverse family of hand-held, portable and fixed-mount GPS-enabled products and other navigation, communications and information products for the automotive/mobile, outdoor, fitness, marine, and general aviation markets. Garmin has four segments: Automotive/Mobile, Aviation, Marine, Outdoor and Fitness. In September 2012, its subsidiary acquired Nexus Marine AB, a designer and manufacturer of instrumentation for the sailing and yachting market.
Garmin offers a range of automotive navigation products, as well as a variety of products and applications designed for the mobile GPS market. Its automotive and mobile products include nuvi, zumo, dezl, StreetPilot Application, Streetpilot Onboard Application for iPhone, Smartphone Link, Garmin Wurzburg GmbH Applications for iPhone, Garmin Wurzburg GmbH Applications for Windows and Garmin Wurzburg GmbH Applications for Android. The nuvi is Garmin’s personal navigation device (PND). All nuvi models combine a GPS navigator (with built-in maps).
Motorcycle-specific navigators with features, including a glove-friendly touch screen with high bright sunlight-readable display, motorcycle mount, vibration-tested design, and Bluetooth wireless technology. A microSD (secure digital) card slot allows riders to share their favorite places and rides with fellow zumo riders. The zumo 660 and 665 feature three dimensiona (3-D) building view and lane assist with junction view and a digital fuel gauge. The 665 includes an antenna for XM Satellite Radio, XM NavWeather and XM NavTraffic. In January 2013, Garmin announced the fleet 590, which is Garmin’s first portable and connected fleet management GPS that combines the fleet management with the Garmin navigation. The fleet 590 delivers an integrated tracking and dispatch fleet system for business owners and their drivers.
Navigators designed for the over-the road trucking industry. The dezl features a large display, a built-in loudspeaker, and offers additional user-friendly features including truck-specific points of interest (POIs), hours, fuel and mileage logging, truck speed limits and navigation and route planning and calculation with Garmin’s nuRoute technology. In August 2012 Garmin announced the dezl 760LMT which is Garmin’s trucking navigator with a seven-inch display and a new Active Lane Guidance feature that helps trucks navigate intersections and exits. The dezl 760LMT also includes lifetime map and traffic updates, and has the ability to receive real-time information, such as fuel prices, traffic camera images and weather through Smartphone Link.
This smartphone application is designed specifically for Windows phones, and provides users turn-by-turn, voice-prompted directions and other Garmin navigation features. This application is designed for Apple iPhone and iPad devices, and it turns such devices into a GPS navigator with turn-by-turn, voice-prompted directions that speaks street names and automatically calculates a new route if the user gets off track.
The NAVIGON MobileNavigator application transforms a user’s iPhone into a mobile navigation device, and provides useful information such as route distance, time of arrival, motorway services, gas stations, speed limits and border crossings.
With NAVIGON MobileNavigator Android, users can turn their Android mobile phones into a mobile navigation device, that incudes text-to-speech spoken turn-by-turn navigation directions, Reality View Pro junction information and depictions, Lane Assist Pro, and live real-time weather and traffic information.
The Company’s outdoor products include Dakota, Oregon, Rino, Montana, eTrex, GPSMAP 62, Approach, Astron and GTU 10 GPS Tracker. The Dakota 10 is a rugged, palm-sized navigator that offers a touchscreen display, high-sensitivity GPS, and a built-in worldwide basemap. The 20 model also allows a user to share waypoints, tracks, routes and geocaches wirelessly with other compatible Dakota, Foretrex, Oregon and Colorado users. In January 2013, Garmin announced the all new Oregon 600/600t and 650/650t, which offered a rugged, sunlight-readable, touchscreen along with a built-in basemap with shaded relief, a high-sensitivity receiver, barometric altimeter, 3-axis electronic compass, microSD card slot, picture viewer and more. The high-end Oregon 650 and 650t models each come with a built-in 8 megapixel autofocus digital camera, and each photo taken by these devices is automatically geotagged with the location of where it was taken, allowing the user to navigate back to that exact spot in the future.
Handheld two-way Family Radio Service (FRS) and General Mobile Radio Service (GMRS) radios that integrate two-way voice communications with GPS navigation. Features include patented peer-to-peer position reporting so you can transmit the location to another Rino radio. The Rino 120 offers an FRS/GMRS radio plus GPS navigator with an internal basemap and MapSource compatibility for street-level mapping. The Rino 610 is an entry level 1-watt FRS/GMRS radio handheld GPS radio is powered by four AA batteries and comes pre-loaded with a worldwide basemap. The Rino 650 and 655t 5-watt FRS/GMRS radios have a communication range of up to 20 miles and have evolved to include a 2.6 inch glove-friendly touchscreen and include features such as a barometric altimeter, 3-axis tilt compensated compass and NOAA weather radio.
In July 2012 Garmin announced the fenix, which is Garmin’s first GPS wrist watch for outdoorsmen, such as mountaineers, hikers, cyclists, hunters and backpackers. The fenix provides comprehensive navigation and tracking functionalities, as well as trip information, such as heading, elevation and weather changes.
The Montana includes a ruggedized design with multiple mounting and battery options, dual-orientation and screen layout options and support for a range of Garmin cartography. It has a barometric altimeter for elevation profiling and ability to profile the route ahead using an included worldwide elevation model. The included 3-axis compass gives it a heading while standing still or when not held level. Montana 600 is the base model and features a 4-inch color touchscreen dual orientation display and supports multiple mapping options like BirdsEye Satellite Imagery, BlueChart g2 and TOPO U.S. 24K. Montana has key features for the outdoors such as a 3-axis tilt-compensated compass and barometric altimeter. Montana 650 adds a 5 megapixel camera, and Montana 650t adds preloaded TOPO U.S. 100K maps.
The basic GPSMAP 62 includes a built-in worldwide basemap with shaded relief. The GPSMAP 62s adds a 3-axis tilt-compensated electronic compass and wireless connectivity for sharing routes, tracks, waypoints and geocaches between other compatible Garmin handhelds. The GPSMAP 62s also includes a barometric altimeter that tracks changes in pressure to pinpoint the precise altitude. In addition to these features, the GPSMAP 62st includes preloaded 100K topographic maps for the entire United States (or preloaded 50K topographic mapping of Canada for the Canadian version). The GPSMAP 62stc features a 3-axis tilt-compensated compass, a barometric altimeter, 5 megapixel autofocus camera with photo navigation, preloaded TOPO U.S. 100K maps and supports custom maps and BirdsEye Satellite imagery (subscription required). The GPSMAP 62sc features a 3-axis tilt-compensated compass, a barometric altimeter, a 5 megapixel autofocus camera with photo navigation, and support for Custom Maps and BirdsEye Satellite imagery (subscription required).
The Approach G5 is a waterproof, touchscreen, handheld GPS for golfers that features over 19,500 preloaded golf course maps. Approach G5 uses a high-sensitivity GPS receiver to measure individual shot distances and show the exact yardage to fairways, hazards and greens. A statistic-tracking feature allows users to track and analyze their golf statistics. The Approach G6 is a sleek, slim glove-friendly device weighing just over three ounces that comes preloaded with over 29,500 worldwide courses. The Approach G3 is a smaller, lighter version of the G5, yet still offers over 19,500 preloaded courses. The Approach S1 and S3 are wearable golf watches that display precise yardages to the front, back and middle of greens. The Approach S3 comes preloaded with over 29,500 courses, has a touchscreen and includes manual pin positioning, which allows users to tap and drag the flag on the green for precise yardage to the flag.
The Astro 320 is designed to pinpoint up to ten dogs positions at one time through all-weather collars and a handheld system. The system also provides a Dog Tracker page and a Covey Counter to assist the hunter. It is loaded with many of the features of its outdoor devices including: barometric altimeter, electronic compass, microSD slot, area calculator and a waterproof exterior. The Astro 320 is fully compatible with Garmin’s DC 20, DC 30, and DC 40 dog tracking collars and accessories. In addition to the pre-installed basemap, the Astro 320 can be loaded with 100k or 24k Topo maps or photorealistic BirdsEye Satellite Imagery (annual subscription required). The Astro 320 has 1.7 gigabytes of on-board memory available for loading maps, and a microSD slot for pre-loaded cards.
Alpha combines Garmin GPS dog tracking technology with Tri-Tronics electronic dog training. The integrated handheld system allows users to track and train their dogs in the field from a range of up to 9 miles, delivering their exact position as often as every 2.5 seconds. A single Alpha 100 can track up to 20 dogs or fellow hunters when using either additional Alpha 100 handhelds or TT 10 track and train dog devices.
In January 2013, Garmin announced the Bark Limiter, which is an intuitive electronic bark correction device that was designed by Garmin using Tri-Tronics; dog training technology. Bark Limiter uses accelerometer-based bark identification to distinguish between barking and other vocalizations.
In January 2013, Garmin announced the Delta series of training collars for dogs. Using Tri-Tronics technology, the Delta remote training device includes an easy-to-read LCD screen, intuitive, 3-button front controller, separate side buttons for level adjustment and dog selection. Delta can also remember an individual dog’s training settings and is optimized to work on all dog breeds and coat lengths.
A GPS locator that combines a Web-based tracking service with GPS technology so the user can keep track his or her children, pets and property by monitoring the device’s location through either Garmin’s secure Website using any computer or with the free Garmin Tracker app. Allows users to participate in geocaching by hiding, finding, logging and sharing cache information from their smartphone.
The Company’s fitness products include Forerunner, Edge, Garmin Fit Application and Vector. Compact, lightweight training assistants for athletes with integrated GPS sensor (except for the FR60 and FR 70 fitness watches) that provide time, speed, distance, pace and other data. Some models also offer a heart rate monitoring function. The FR 60 and FR70 are entry-level advanced fitness watches that allow runners and walkers to track their workouts and automatically upload their data (via a wireless USB ANT Stick) to a personal computer. The Forerunner 405 is a compact-sized, wrist-worn GPS-enabled device that allows runners and joggers to track their speed, distance, heart rate and location, access their training history or challenge a Virtual Partner and automatically upload their data wirelessly to a personal computer. The Forerunner 610 is Garmin’s touch-screen fitness watch and it also adds the new Virtual Racer. The Forerunner 310XT model, which was designed specifically for triathletes, is water-resistant to 50m and tracks biking and running data (and optional heart rate data). In October 2011, Garmin announced the Forerunner 910XT, which is GPS-enabled device that provides detailed swim metrics and tracks distance, speed/pace, elevation and heart rate for running and cycling. Designed for both open water and pool swimming, Forerunner 910XT is water resistant to 50 meters and is Garmin’s first multisport watch to offer swim metrics, including swim distance, stroke identification, stroke count and pool lengths.
Integrated personal training systems designed for cyclists. The Edge 200 measures speed, distance, time, calories burned, climb and descent, altitude and more. The Edge 500 is geared toward performance-driven cyclists and tracks the cyclist’s distance, speed, location and elevation with high sensitivity GPS, and also tracks the cyclist’s heart rate with an optional heart rate monitor (sold separately). The newest model, the Edge 800, added a touchscreen interface to the Edge family of products. In October 2011, Garmin announced Garmin Fit for iPhone and Android, Garmin’s fitness app that lets users track metrics, such as speed, pace, distance, time, calories, and with optional Garmin accessories displays heart rate and cadence. Garmin Fit also maps and automatically uploads workouts to Garmin’s Garmin Connect, which is Garmin’s Website where users can track their workout data. In August 2011, Garmin announced Vector, which is a pedal based power meter for cyclists.
Garmin’s marine products include handhelds, network products and multifunction displays, fixed-mount GPS/chartplotter products, instruments, fishfinders, radar, autopilots, VHF radios, marine networking products, and sounder products. Its marine products include GPSMAP 7000 series, GPSMAP 6000 series, GPSMAP 5000 series, GPSMAP 4000 series/ 4200 series, GPSMAP 6x0and 7x0 series, GPSMAP 5x6 and 5x1 series, GPSMAP 4x1 series, GSD 22, 24 and 26, GMS 10, GMI 10, GPSMAP 78 sc, VHF Marine Radios, Marine Autopilot Systems, Fishfinders, and Radar.
The GPSMAP 7000 series of large format multi-function displays Garmin’s G Motion technology. G Motion technology delivers map panning and zooming with virtually seamless graphical updating in all dimensions. The 7000 series chartplotters also feature a low-level backlight display and a backlit keypad for use in low-light conditions without compromising vision. The GPSMAP 7x15 series offers a huge 15-inch diagonal XGA (1024 x 768 pixels) sunlight readable touchscreen display, and is offered in two models: the GPSMAP 7015, and the GPSMAP 7215. Mariners can also opt for the XGA resolution in a 12-inch diagonal screen configuration with the GPSMAP 7012 and GPSMAP 7212 models.
Like the 7000 series, the 6000 series models also offer Garmin’s G Motion technology. The GPSMAP 6x12 series features a traditional soft-key interface with an alphanumeric keypad and a 12-inch diagonal XGA (1024 x 768 pixel) sunlight readable display. Within this family, Garmin offers the GPSMAP 6012 with an enhanced worldwide satellite imagery basemap; and the GPSMAP 6212 with detailed United States coastal charts and Explorer Charts for the Bahamas preloaded. For a smaller display, the GPSMAP 6x08 series offers an 8-inch VGA (640 x 480) sunlight readable display with a soft-key interface.
GPSMAP 5000 series touch-screen multifunction displays for the Garmin Marine Network (a system that combines GPS, radar, XM WX Satellite Weather, sonar, and other data) offer of use and video-quality resolution and color. The 5212 and 5208 come pre-loaded with detailed Unite States coastal charts, including Explorer Charts, and are compatible with Garmin’s BlueChart g2 Vision charts, which offer high-resolution satellite imagery, 3-D map perspective, aerial reference photos, and auto guidance. The 5215 and 5015 offer 15-inch diagonal sunlight-readable touchscreen displays. GPSMAP 4000 series/ 4200 series multifunction displays for the Garmin Marine Network offer ease of use and video-quality resolution and color. The 4212 and 4208 come pre-loaded with detailed Unite States coastal charts, including Explorer Charts, and are compatible with Garmin’s BlueChart g2 Vision charts, which offer high-resolution satellite imagery, 3-D map perspective, aerial reference photos, and auto guidance. The 4210 and 4010 feature 10.4-inch diagonal sunlight- readable displays and Garmin’s newer marine user interface. GPSMAP 6x0and 7x0 series chartplotters offer a WVGA touchscreen display and provide navigational support for both marine mode and automotive mode. The 7x0 models are touchscreen controlled stand-alone marine chartplotters offering radar capability and built-in sonar.
Garmin’s aviation product line includes GPS-enabled navigation, VHF communications transmitters/receivers, multi-function displays, electronic flight instrumentation systems (EFIS), automatic flight control systems, traffic advisory systems and traffic collision avoidance systems, terrain awareness and warning systems, instrument landing system (ILS) receivers, surveillance products, audio panels and cockpit datalink systems. The aviation products include aera series, GPSMAP 695/696, Pilot My-Cast, SafeNav Powered by Garmin, G5000, G3000, G2000, G1000, G1000H, G600, G500, G500H, G900X, GDU 370/375, GNS 400W Series, GTN 650 and 750, GTS TAS and TCAS I Systems, GI-102A & 106A, GMA, GTX 330 & 330D, GTX 327 & 328, GDL 90, GSR 56, GDL 69 and 69A, GMX 200, SL 30 and SL 40, and GWX 68.
The GDL 69 offers the ability to provide real-time weather information to the aircraft which can be displayed on one of several panel-mounted devices, such as the GNS 430W, GNS 530W, GTN 650, GTN 750, GMX200, G500, G500H, G600, as well as fully integrated G1000/G2000/G3000/G5000 systems. The GDL 69 and GDL 69A receive real-time weather information broadcast by the XM WX Satellite radio system. In addition, the GDL 69A expands the utility of the system by providing CD quality audio provided by XM Satellite Radio. The SL30 is a compact VHF navigation and communications unit that combines a 760-channel VHF communications radio with 200-channel glideslope and localizer receivers. The SL40 is a 760-channel VHF communications radio only. Both the SL30 and SL40 feature 10 watt communications transmitters. The GTS 800 series of traffic avoidance products combines active and passive surveillance data to pinpoint specific traffic threats.
The Company competes with TomTom N.V., MiTAC Digital Corporation, Magellan, Lowrance Electronics, Inc., Delorme, Nike, Inc., Polar Electro Oy, Suunto Oy, Timex Corp., Bryton Corp., Raymarine Inc., Furuno Electronic Company, Simrad, Lowrance, Johnson Outdoors, Inc., Honeywell, Inc., Avidyne Corporation, L-3 Avionics Systems, Rockwell Collins, Inc., Sagem Avionics, Inc., Universal Avionics Systems Corporation, Chelton Flight Systems, Aspen Avionics, d Free Flight Systems, Motorola Solutions, Inc., Cobra Electronics Corporation and Midland Radio Corporation.