Garmin specializes in GPS-enabled hardware and software for recreational and defense needs. The company became a household name with the launch of its portable automobile navigation device. However, as smartphone applications have disrupted the PND market, Garmin’s primary revenue streams have shifted to its aviation and maritime segments as well as its fitness and outdoor segments, as the smartwatch market took off. We are confident that Garmin will be able to sustain excess capital returns over the long term, given the robust operating margins that we believe the company will be able to maintain in its important segments: aviation, marine and the outdoors.