Garmin reports fourth quarter results

The net release of other uncertain tax position reserves, amounting to approximately $31.1 million and $28.9 million in the 52 weeks ended December 26, 2020 and December 28, 2019, respectively, have not been identified as pro forma adjustments as such items tend to be more recurring in nature.

Pro forma net income (earnings) per share

Management believes that net income (earnings) per share before the impact of foreign currency gains or losses and certain discrete income tax items, as discussed above, is an important measure in order to permit a consistent comparison of the Company’s performance between periods.

Garmin Ltd. And Subsidiaries

 

Pro Forma Net Income (Earnings) Per Share

 

(In thousands, except per share information)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

13-Weeks Ended

 

 

52-Weeks Ended

 

 

 

December 26,

 

 

December 28,

 

 

December 26,

 

 

December 28,

 

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

GAAP net income

 

$

333,547

 

 

$

360,792

 

 

$

992,324

 

 

$

952,486

 

Foreign currency gains / losses (1)

 

 

(12,627

)

 

 

4,230

 

 

 

(2,825

)

 

 

16,799

 

Tax effect of foreign currency gains / losses (2)

 

 

1,513

 

 

 

(657

)

 

 

293

 

 

 

(2,599

)

Pro forma discrete tax items (3)

 

 

11,016

 

 

 

(117,989

)

 

 

(3,292

)

 

 

(117,989

)

Pro forma net income

 

$

333,449

 

 

$

246,376

 

 

$

986,500

 

 

$

848,697

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GAAP net income per share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

1.74

 

 

$

1.90

 

 

$

5.19

 

 

$

5.01

 

Diluted

 

$

1.73

 

 

$

1.89

 

 

$

5.17

 

 

$

4.99

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pro forma net income per share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

1.74

 

 

$

1.30

 

 

$

5.16

 

 

$

4.47

 

Diluted

 

$

1.73

 

 

$

1.29

 

 

$

5.14

 

 

$

4.45

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average common shares outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

191,278

 

 

 

190,165

 

 

 

191,085

 

 

 

189,931

 

Diluted

 

 

192,303

 

 

 

191,225

 

 

 

191,895

 

 

 

190,899

 

(1) Foreign currency gains and losses for the Company are driven by movements of a number of currencies in relation to the U.S. Dollar and the related exchange rate impact on the significant cash, receivables, and payables held in a currency other than the functional currency at a given legal entity. However, there is minimal cash impact from such foreign currency gains and losses.

 

(2) The tax effect of foreign currency gains and losses was calculated using the pro forma effective tax rate of 12.0% and 10.4% for the 13-weeks and fiscal year ended December 26, 2020, respectively, and the pro forma effective tax rate of 15.5% for the 13-weeks and fiscal year ended December 28, 2019.

 

(3) The 2019 and 2020 discrete tax items are discussed in the pro forma effective tax rate section above.


« Previous Page 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8  Next Page »
Featured Video
Jobs
Business Development Manager for Berntsen International, Inc. at Madison, Wisconsin
Senior Principal Mechanical Engineer for General Dynamics Mission Systems at Canonsburg, Pennsylvania
Principal Engineer for Autodesk at San Francisco, California
Mechanical Manufacturing Engineering Manager for Google at Sunnyvale, California
Manufacturing Test Engineer for Google at Prague, Czechia, Czech Republic
Mechanical Test Engineer, Platforms Infrastructure for Google at Mountain View, California



© 2024 Internet Business Systems, Inc.
670 Aberdeen Way, Milpitas, CA 95035
+1 (408) 882-6554 — Contact Us, or visit our other sites:
AECCafe - Architectural Design and Engineering EDACafe - Electronic Design Automation TechJobsCafe - Technical Jobs and Resumes  MCADCafe - Mechanical Design and Engineering ShareCG - Share Computer Graphic (CG) Animation, 3D Art and 3D Models
  Privacy PolicyAdvertise