This release and the attachments contain non-GAAP financial measures. A reconciliation to the nearest GAAP measure and a discussion of the Company's use of these measures are included in the attachments.
Garmin, the Garmin logo, the Garmin delta, Alpha, Approach, Edge, Force, and JL Audio are trademarks of Garmin Ltd. or its subsidiaries and are registered in one or more countries, including the U.S. Garmin Golf, and Panoptix are trademarks of Garmin Ltd. or its subsidiaries. All other brands, product names, company names, trademarks and service marks are the properties of their respective owners. All rights reserved.
Investor Relations Contact: | Media Relations Contact: |
Teri Seck | Krista Klaus |
913/397-8200 | 913/397-8200 |
investor.relations@garmin.com | media.relations@garmin.com |
Change in Operating Expense Presentation
Certain prior period information presented here has been recast to conform to the current period presentation. In the first quarter of 2024, the Company changed the presentation of operating expense to include advertising expense within selling, general, and administrative expenses on the Company's condensed consolidated statements of income, which management believes to be a more meaningful presentation. This change in presentation had no effect on the Company's consolidated operating or net income.
Garmin Ltd. and Subsidiaries |
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Condensed Consolidated Statements of Income (Unaudited) |
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(In thousands, except per share information) |
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| 13-Weeks Ended |
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| 26-Weeks Ended |
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| June 29, |
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| July 1, |
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| June 29, |
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| July 1, |
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| 2024 |
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| 2023 |
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| 2024 |
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| 2023 |
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Net sales |
| $ | 1,506,671 |
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| $ | 1,320,795 |
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| $ | 2,888,320 |
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| $ | 2,468,219 |
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Cost of goods sold |
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| 643,780 |
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| 561,353 |
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| 1,223,290 |
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| 1,055,983 |
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Gross profit |
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| 862,891 |
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| 759,442 |
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| 1,665,030 |
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| 1,412,236 |
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Research and development expense |
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| 243,151 |
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| 224,394 |
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| 485,686 |
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| 445,878 |
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| Selling, general and administrative expenses |
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| 277,713 |
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| 250,693 |
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| 538,907 |
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| 485,021 |
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| Total operating expense |
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| 520,864 |
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| 475,087 |
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| 1,024,593 |
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| 930,899 |
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| Operating income |
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| 342,027 |
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| 284,355 |
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| 640,437 |
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| 481,337 |
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| Other income (expense): |
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| Interest income |
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| 29,286 |
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| 18,760 |
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| 54,313 |
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| 34,659 |
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| Foreign currency (losses) gains |
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| (4,828) |
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| 10,797 |
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| (2,547) |
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| 18,484 |
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| Other (expense) income |
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| (513) |
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| 2,064 |
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| 809 |
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| 3,268 |
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| Total other income (expense) |
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| 23,945 |
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| 31,621 |
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| 52,575 |
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| 56,411 |
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| Income before income taxes |
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| 365,972 |
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| 315,976 |
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| 693,012 |
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| 537,748 |
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| Income tax provision |
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| 65,342 |
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| 28,037 |
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| 116,421 |
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| 47,482 |
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| Net income |
| $ | 300,630 |
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| $ | 287,939 |
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| $ | 576,591 |
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| $ | 490,266 |
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| Net income per share: |
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| Basic |
| $ | 1.57 |
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| $ | 1.51 |
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| $ | 3.00 |
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| $ | 2.56 |
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| Diluted |
| $ | 1.56 |
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| $ | 1.50 |
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| $ | 2.99 |
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| $ | 2.56 |
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| Weighted average common shares outstanding: |
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| Basic |
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| 192,074 |
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| 191,293 |
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| 191,982 |
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| 191,395 |
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| Diluted |
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| 192,899 |
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| 191,597 |
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| 192,808 |
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| 191,741 |
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