Garmin announces third quarter 2024 results

 

Garmin Ltd. and Subsidiaries


Condensed Consolidated Balance Sheets (Unaudited)


(In thousands)













September 28,

2024



December 30,
2023


Assets









Current assets:









Cash and cash equivalents


$

2,009,361



$

1,693,452


Marketable securities



414,701




274,618


Accounts receivable, net



922,034




815,243


Inventories



1,505,536




1,345,955


Deferred costs



23,385




16,316


Prepaid expenses and other current assets



334,488




318,556


Total current assets



5,209,505




4,464,140











Property and equipment, net



1,220,113




1,224,097


Operating lease right-of-use assets



137,665




143,724


Noncurrent marketable securities



1,106,532




1,125,191


Deferred income tax assets



787,849




754,635


Noncurrent deferred costs



7,994




11,057


Goodwill



611,884




608,474


Other intangible assets, net



168,230




186,601


Other noncurrent assets



97,960




85,650


Total assets


$

9,347,732



$

8,603,569











Liabilities and Stockholders '  Equity









Current liabilities:









Accounts payable


$

374,025



$

253,790


Salaries and benefits payable



218,941




190,014


Accrued warranty costs



57,983




55,738


Accrued sales program costs



75,802




98,610


Other accrued expenses



222,925




245,874


Deferred revenue



113,049




101,189


Income taxes payable



227,735




225,475


Dividend payable



288,204




139,997


Total current liabilities



1,578,664




1,310,687











Deferred income tax liabilities



104,996




114,682


Noncurrent income taxes payable



16,864




16,521


Noncurrent deferred revenue



30,227




36,148


Noncurrent operating lease liabilities



109,832




113,035


Other noncurrent liabilities



602




436











Stockholders' equity:









Common shares (194,901 and 195,880 shares authorized and issued;

    192,136 and 191,777 shares outstanding)



19,490




19,588


Additional paid-in capital



2,218,170




2,125,467


Treasury shares (2,765 and 4,103 shares)



(243,994)




(330,909)


Retained earnings



5,563,576




5,263,528


Accumulated other comprehensive income (loss)



(50,695)




(65,614)


Total stockholders' equity



7,506,547




7,012,060


Total liabilities and stockholders' equity


$

9,347,732



$

8,603,569



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