Le Lézard
Classified in: Transportation, Science and technology, Business, Covid-19 virus
Subjects: EARNINGS, Conference Call, Webcast, Stock Sale/Buyback

Garmin announces first quarter 2022 results


Garmin® Ltd. (NYSE: GRMN) today announced results for the first quarter ended March 26, 2022.

Highlights for first quarter 2022 include:

(In thousands, except per share information)

13-Weeks Ended

 

March 26,

 

March 27,

 

YoY

 

2022

 

2021

 

Change

Net sales

$

1,172,662

 

$

1,072,327

 

9

%

Fitness

 

220,896

 

 

308,125

 

(28

)%

Outdoor

 

384,604

 

 

256,455

 

50

%

Aviation

 

174,766

 

 

173,889

 

1

%

Marine

 

254,069

 

 

209,372

 

21

%

Auto

 

138,327

 

 

124,486

 

11

%

 

 

 

 

 

 

Gross margin %

56.5

%

59.8

%

 

 

 

 

 

 

 

Operating income %

19.5

%

23.3

%

 

 

 

 

 

 

 

GAAP diluted EPS

$

1.09

 

$

1.14

 

(4

)%

Pro forma diluted EPS(1)

$

1.11

 

$

1.18

 

(6

)%

(1)

See attached Non-GAAP Financial Information for discussion and reconciliation of non-GAAP financial measures, including pro forma diluted EPS

 

 

Executive Overview from Cliff Pemble, President and Chief Executive Officer:

"We delivered another quarter of growth and record revenue in an increasingly complex and challenging business environment," said Cliff Pemble, President and CEO of Garmin. "High freight cost and component supply challenges persist while new headwinds emerge such as the strengthening of the U.S. dollar and the uncertainty created by Russia's invasion of Ukraine. In this dynamic environment, we remain focused on creating highly differentiated products that excite our customers and lead to success."

Fitness:

Revenue from the fitness segment decreased 28% in the first quarter. All categories declined but the weakness is primarily attributable to the normalization of demand for cycling products from the pandemic-driven levels in the prior year. Gross and operating margins were 48% and 0% in the quarter, respectively, resulting in $1 million of operating income. Our Garmin Connect platform contains a sizable repository of health insights covering millions of Garmin device users. Utilizing anonymized data from Garmin Connect, we showed that people who sleep more also experience lower levels of stress during the day. In addition, we provided useful insights on the link between modest levels of activity and lower resting heart rate, which is an indicator often associated with improved cardiac health. These insights are made possible by the state-of-the-art bio sensors and algorithms found in Garmin wearables.

Outdoor:

Revenue from the outdoor segment grew a robust 50% in the first quarter primarily due to strong demand for our adventure watches. Gross and operating margins were 64% and 39%, respectively, resulting in $149 million of operating income. During the quarter, we announced a sweeping update to our lineup of adventure watches including our flagship f?nix 7, the exciting new epix premium smartwatch, and the next generation Instinct 2 which includes versions that can operate indefinitely by harvesting the power of the sun.

Aviation:

Revenue from the aviation segment grew 1% in the first quarter primarily driven by growth in the OEM category. Gross and operating margins were 73% and 23%, respectively, resulting in $40 million of operating income. During the quarter we launched the D2 Mach 1, a premium aviator smartwatch with a vibrant AMOLED display, and the D2 Air X10, which combines powerful aviation features with voice functionality, allowing pilots to take calls and use their compatible smartphone's voice assistant. We also announced additional certifications for our GFC 500/600 autopilot, bringing the performance and safety enhancing benefits of our flight control technology to more aircraft models.

Marine:

Revenue from the marine segment grew 21% in the first quarter with growth across multiple categories led by strong demand for our chartplotters. Gross and operating margins were 51% and 23%, respectively, resulting in $59 million of operating income. During the quarter, we launched the new LiveScope Plus with enhanced resolution, clearer images and improved target separation. Also during the quarter, our LiveScope technology helped Garmin sponsored fishing pro Jason Christie win the 2022 Bassmaster Classic, which drew more than 150,000 spectators over a three day period.

Auto:

Revenue from the auto segment grew 11% during the first quarter driven by growth in both OEM and consumer products. Gross margin was 38%, and we recorded an operating loss of $20 million in the quarter driven by ongoing investments in auto OEM programs. During the quarter, we launched the Instinct 2 d?zl edition smartwatch. This rugged smartwatch was created for professional truck drivers seeking to lead a healthy over-the-road lifestyle.

Additional Financial Information:

Total operating expenses in the first quarter were $434 million, an 11% increase over the prior year. Research and development increased by 11%, primarily due to engineering personnel costs. Selling, general and administrative expenses increased 11%, driven primarily by personnel related expenses and information technology costs. Advertising increased 10% over the prior year quarter primarily due to higher spend in the outdoor and marine segments.

The effective tax rate in the first quarter was 10.3% compared to 12.2% in the prior year quarter. The year-over-year decrease in the effective tax rate is primarily due to an increase in U.S. tax deductions and credits.

In the first quarter of 2022, we generated approximately $126 million of free cash flow(1), and paid a quarterly dividend of approximately $129 million. We ended the quarter with cash and marketable securities of approximately $3.0 billion.

(1)

See attached Non-GAAP Financial Information for discussion and reconciliation of non-GAAP financial measures, including free cash flow.

 

2022 Fiscal Year Guidance:

We are maintaining our 2022 guidance for revenue of approximately $5.5 billion and pro forma EPS of $5.90 (see discussion on Forward-looking Financial Measures).

Dividend Recommendation and Share Repurchase Program:

As announced in February, the Board will recommend to the shareholders for approval at the annual meeting to be held on June 10, 2022 a cash dividend in the total amount of $2.92 per share (subject to possible adjustment based on the total amount of the dividend in Swiss Francs as approved at the annual meeting) payable in four equal quarterly installments.

On April 22, 2022, the Board of Directors authorized the Company to repurchase up to $300 million of the Company's shares through December 29, 2023. The timing and volume of any share repurchases under this authorization will be determined by management at its discretion. Share repurchases, which are subject to market conditions, other business conditions and applicable legal requirements, may be made from time to time in the open market or in privately negotiated transactions, including under plans complying with the provisions of Rule 10b5-1 and Rule 10b-18 of the Securities Exchange Act of 1934, as amended.

Webcast Information/Forward-Looking Statements:

The information for Garmin Ltd.'s earnings call is as follows:

When:

Wednesday, April 27, 2022 at 10:30 a.m. Eastern

Where:

https://www.garmin.com/en-US/investors/events/

How:

Simply log on to the web at the address above or call to listen in at 855-757-3897

An archive of the live webcast will be available until April 26, 2023 on the Garmin website at www.garmin.com. To access the replay, click on the Investors link and click over to the Events Calendar page.

This release includes projections and other forward-looking statements regarding Garmin Ltd. and its business that are commonly identified by words such as "anticipates," "would," "may," "expects," "estimates," "plans," "intends," "projects," and other words or phrases with similar meanings. Any statements regarding the Company's expected fiscal 2022 GAAP and pro forma estimated earnings, EPS, and effective tax rate, and the Company's expected segment revenue growth rates, consolidated revenue, gross margins, operating margins, potential future acquisitions, share repurchase programs, currency movements, expenses, pricing, new product launches, market reach, statements relating to possible future dividends, statements related to the ongoing impact of the COVID-19 pandemic, and the Company's plans and objectives are forward-looking statements. The forward-looking events and circumstances discussed in this release may not occur and actual results could differ materially as a result of risk factors and uncertainties affecting Garmin, including, but not limited to, the risk factors that are described in the Annual Report on Form 10-K for the year ended December 25, 2021 filed by Garmin with the Securities and Exchange Commission (Commission file number 001-41118). A copy of Garmin's 2021 Form 10-K can be downloaded from https://www.garmin.com/en-US/investors/sec/. All information provided in this release and in the attachments is as of March 26, 2022. Undue reliance should not be placed on the forward-looking statements in this press release, which are based on information available to us on the date hereof. We undertake no duty to update this information unless required by law.

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, d?zl, f?nix, Instinct are trademarks of Garmin Ltd. or its subsidiaries and are registered in one or more countries, including the U.S. D2, epix, Garmin Connect, GFC, LiveScope 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.

Changes in Classification and Allocation

Prior period information presented here has been recast to conform to the current period presentation. See Appendix A for further discussion and recast presentation of additional prior periods.

 

Garmin Ltd. and Subsidiaries

Condensed Consolidated Statements of Income (Unaudited)

(In thousands, except per share information)

 

 

 

 

 

 

 

 

 

 

 

13-Weeks Ended

 

 

March 26,

 

March 27,

 

 

2022

 

2021

Net sales

$

1,172,662

 

$

1,072,327

 

Cost of goods sold

 

510,183

 

 

430,771

 

Gross profit

 

662,479

 

 

641,556

 

 

 

 

 

 

 

 

Advertising expense

 

34,133

 

 

31,061

 

Selling, general and administrative expense

 

190,784

 

 

171,987

 

Research and development expense

 

209,006

 

 

188,849

 

Total operating expense

 

433,923

 

 

391,897

 

 

 

 

 

 

 

 

Operating income

 

228,556

 

 

249,659

 

Other income (expense):

 

 

 

 

 

 

Interest income

 

7,553

 

 

7,652

 

Foreign currency losses

 

(3,506

)

 

(8,281

)

Other income

 

3,261

 

 

1,484

 

Total other income (expense)

 

7,308

 

 

855

 

 

 

 

 

 

 

 

Income before income taxes

 

235,864

 

 

250,514

 

Income tax provision

 

24,272

 

 

30,485

 

Net income

$

211,592

 

$

220,029

 

 

 

 

 

 

 

 

Net income per share:

 

 

 

 

 

 

Basic

$

1.10

 

$

1.15

 

Diluted

$

1.09

 

$

1.14

 

 

 

 

 

 

 

 

Weighted average common shares outstanding:

 

 

 

 

 

 

Basic

 

192,887

 

 

191,896

 

Diluted

 

193,579

 

 

192,810

 

 

Garmin Ltd. and Subsidiaries

Condensed Consolidated Balance Sheets (Unaudited)

(In thousands, except per share information)

 

 

 

 

March 26,
2022

December 25,
2021

Assets

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

Cash and cash equivalents

$

1,417,531

 

$

1,498,058

 

Marketable securities

 

375,237

 

 

347,980

 

Accounts receivable, net

 

599,733

 

 

843,445

 

Inventories

 

1,339,530

 

 

1,227,609

 

Deferred costs

 

15,003

 

 

15,961

 

Prepaid expenses and other current assets

 

335,169

 

 

328,719

 

Total current assets

 

4,082,203

 

 

4,261,772

 

 

 

 

 

 

 

 

Property and equipment, net

 

1,092,520

 

 

1,067,478

 

Operating lease right-of-use assets

 

101,198

 

 

89,457

 

Noncurrent marketable securities

 

1,238,500

 

 

1,268,698

 

Deferred income tax assets

 

301,718

 

 

260,205

 

Noncurrent deferred costs

 

11,396

 

 

12,361

 

Goodwill

 

572,996

 

 

575,080

 

Other intangible assets, net

 

209,325

 

 

215,993

 

Other noncurrent assets

 

93,393

 

 

103,383

 

Total assets

$

7,703,249

 

$

7,854,427

 

 

 

 

 

 

 

 

Liabilities and Stockholders' Equity

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

Accounts payable

$

298,992

 

$

370,048

 

Salaries and benefits payable

 

170,835

 

 

211,371

 

Accrued warranty costs

 

40,698

 

 

45,467

 

Accrued sales program costs

 

68,715

 

 

121,514

 

Other accrued expenses

 

209,155

 

 

225,988

 

Deferred revenue

 

86,444

 

 

87,654

 

Income taxes payable

 

148,268

 

 

128,083

 

Dividend payable

 

129,394

 

 

258,023

 

Total current liabilities

 

1,152,501

 

 

1,448,148

 

 

 

 

 

 

 

 

Deferred income tax liabilities

 

117,649

 

 

117,595

 

Noncurrent income taxes payable

 

62,732

 

 

62,539

 

Noncurrent deferred revenue

 

39,061

 

 

41,618

 

Noncurrent operating lease liabilities

 

82,127

 

 

70,044

 

Other noncurrent liabilities

 

337

 

 

324

 

 

 

 

 

 

 

 

Stockholders' equity:

 

 

 

 

 

 

Shares, CHF 0.10 par value, 198,077 shares authorized and issued; 193,125 shares outstanding at March 26, 2022 and 192,608 shares outstanding at December 25, 2021

 

17,979

 

 

17,979

 

Additional paid-in capital

 

1,982,561

 

 

1,960,722

 

Treasury stock

 

(294,711

)

 

(303,114

)

Retained earnings

 

4,532,102

 

 

4,320,737

 

Accumulated other comprehensive income

 

10,911

 

 

117,835

 

Total stockholders' equity

 

6,248,842

 

 

6,114,159

 

Total liabilities and stockholders' equity

$

7,703,249

 

$

7,854,427

 

 

Garmin Ltd. and Subsidiaries

Condensed Consolidated Statements of Cash Flows (Unaudited)

(In thousands)

 

 

 

 

 

 

 

 

 

 

 

13-Weeks Ended

 

 

March 26, 2022

 

March 27, 2021

Operating Activities:

 

 

 

 

 

 

Net income

$

211,592

 

$

220,029

 

Adjustments to reconcile net income to net cash provided by operating activities:

 

 

 

 

 

 

Depreciation

 

28,984

 

 

23,988

 

Amortization

 

12,228

 

 

12,902

 

(Gain) loss on sale or disposal of property and equipment

 

(1,129

)

 

133

 

Unrealized foreign currency (gains) losses

 

(5,113

)

 

7,277

 

Deferred income taxes

 

(25,996

)

 

497

 

Stock compensation expense

 

24,706

 

 

22,698

 

Realized (gain) loss on marketable securities

 

(2

)

 

22

 

Changes in operating assets and liabilities, net of acquisitions:

 

 

 

 

 

 

Accounts receivable, net of allowance for doubtful accounts

 

238,134

 

 

281,524

 

Inventories

 

(134,807

)

 

(87,450

)

Other current and noncurrent assets

 

(1,628

)

 

(13,710

)

Accounts payable

 

(61,939

)

 

(3,470

)

Other current and noncurrent liabilities

 

(119,159

)

 

(95,977

)

Deferred revenue

 

(3,704

)

 

(7,998

)

Deferred costs

 

1,904

 

 

3,945

 

Income taxes

 

21,563

 

 

3,952

 

Net cash provided by operating activities

 

185,634

 

 

368,362

 

 

 

 

 

 

 

 

Investing activities:

 

 

 

 

 

 

Purchases of property and equipment

 

(59,715

)

 

(36,894

)

Proceeds from sale of property and equipment

 

1,131

 

 

?

 

Purchase of intangible assets

 

(547

)

 

(760

)

Purchase of marketable securities

 

(497,526

)

 

(404,599

)

Redemption of marketable securities

 

431,604

 

 

354,039

 

Acquisitions, net of cash acquired

 

(10,828

)

 

(15,893

)

Net cash used in investing activities

 

(135,881

)

 

(104,107

)

 

 

 

 

 

 

 

Financing activities:

 

 

 

 

 

 

Dividends

 

(128,856

)

 

(116,655

)

Proceeds from issuance of treasury stock related to equity awards

 

20,146

 

 

17,657

 

Purchase of treasury stock related to equity awards

 

(14,610

)

 

(17,281

)

Net cash used in financing activities

 

(123,320

)

 

(116,279

)

 

 

 

 

 

 

 

Effect of exchange rate changes on cash and cash equivalents

 

(6,960

)

 

(6,488

)

 

 

 

 

 

 

 

Net (decrease) increase in cash, cash equivalents, and restricted cash

 

(80,527

)

 

141,488

 

Cash, cash equivalents, and restricted cash at beginning of period

 

1,498,843

 

 

1,458,748

 

Cash, cash equivalents, and restricted cash at end of period

$

1,418,316

 

$

1,600,236

 

 

The following table includes supplemental financial information for the consumer auto and auto OEM operating segments that management believes is useful.

Garmin Ltd. and Subsidiaries

Net Sales, Gross Profit and Operating Income by Segment

(In thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Auto

 

 

 

 

 

Fitness

 

Outdoor

 

Aviation

 

Marine

 

Total
Auto

 

Consumer
Auto

 

Auto
OEM

 

Total

13-Weeks Ended March 26, 2022

 

Net sales

$

220,896

$

384,604

$

174,766

$

254,069

$

138,327

 

$

65,130

$

73,197

 

$

1,172,662

Gross profit

 

106,189

 

247,495

 

127,543

 

128,581

 

52,671

 

 

30,960

 

21,711

 

 

662,479

Operating income (loss)

 

580

 

148,979

 

40,127

 

58,882

 

(20,012

)

 

3,831

 

(23,843

)

 

228,556

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

13-Weeks Ended March 27, 2021

 

Net sales

$

308,125

$

256,455

$

173,889

$

209,372

$

124,486

 

$

62,395

$

62,091

 

$

1,072,327

Gross profit

 

173,545

 

171,676

 

126,182

 

121,379

 

48,774

 

 

31,964

 

16,810

 

 

641,556

Operating income (loss)

 

70,682

 

92,011

 

45,014

 

62,906

 

(20,954

)

 

9,038

 

(29,992

)

 

249,659

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Garmin Ltd. and Subsidiaries

Net Sales by Geography

(In thousands)

 

 

 

 

 

 

 

 

 

 

 

13-Weeks Ended

 

 

March 26,

 

March 27,

 

YoY

 

 

2022

 

2021

 

Change

Net sales

$

1,172,662

$

1,072,327

9

%

Americas

 

570,634

 

503,691

13

%

EMEA

 

397,477

 

399,508

(1

)%

APAC

 

204,551

 

169,128

21

%

 

 

 

 

 

 

EMEA - Europe, Middle East and Africa; APAC - Asia Pacific and Australian Continent

Non-GAAP Financial Information

To supplement our financial results presented in accordance with GAAP, this release includes the following measures defined by the Securities and Exchange Commission as non-GAAP financial measures: pro forma effective tax rate, pro forma net income (earnings) per share and free cash flow. These non-GAAP measures are not based on any comprehensive set of accounting rules or principles and should not be considered a substitute for, or superior to, financial measures calculated in accordance with GAAP, and may be different from non-GAAP measures used by other companies, limiting the usefulness of the measures for comparison with other companies. Management believes providing investors with an operating view consistent with how it manages the Company provides enhanced transparency into the operating results of the Company, as described in more detail by category below.

The tables below provide reconciliations between the GAAP and non-GAAP measures.

Pro forma effective tax rate

The Company's income tax expense is periodically impacted by discrete tax items that are not reflective of income tax expense incurred as a result of current period earnings. Therefore, management believes disclosure of the effective tax rate and income tax provision before the effect of certain discrete tax items are important measures to permit investors' consistent comparison between periods. In the first quarter 2022 and 2021 there were no such discrete tax items identified.

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.

(In thousands, except per share information)

13-Weeks Ended

 

March 26,

 

March 27,

 

2022

 

2021

GAAP net income

$

211,592

 

$

220,029

 

Foreign currency losses(1)

 

3,506

 

 

8,281

 

Tax effect of foreign currency losses(2)

 

(361

)

 

(1,008

)

Pro forma net income

$

214,737

 

$

227,302

 

 

 

 

 

 

 

 

GAAP net income per share:

 

 

 

 

 

 

Basic

$

1.10

 

$

1.15

 

Diluted

$

1.09

 

$

1.14

 

 

 

 

 

 

 

 

Pro forma net income per share:

 

 

 

 

 

 

Basic

$

1.11

 

$

1.18

 

Diluted

$

1.11

 

$

1.18

 

 

 

 

 

 

 

 

Weighted average common shares outstanding:

 

 

 

 

 

 

Basic

 

192,887

 

 

191,896

 

Diluted

 

193,579

 

 

192,810

 

(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 losses was calculated using the effective tax rates of 10.3% and 12.2% for the 13-weeks ended March 26, 2022, and March 27, 2021 respectively.

Free cash flow

Management believes that free cash flow is an important liquidity measure because it represents the amount of cash provided by operations that is available for investing and defines it as operating cash flows less capital expenditures for property and equipment. Management believes that excluding purchases of property and equipment provides a better understanding of the underlying trends in the Company's operations and allows more accurate comparisons of the Company's results between periods. This metric may also be useful to investors, but should not be considered in isolation as it is not a measure of cash flow available for discretionary expenditures. The most comparable GAAP measure is net cash provided by operating activities.

(In thousands)

 

13-Weeks Ended

 

 

March 26,

 

March 27,

 

 

2022

 

2021

Net cash provided by operating activities

 

$

185,634

 

 

$

368,362

 

Less: purchases of property and equipment

 

 

(59,715

)

 

 

(36,894

)

Free Cash Flow

 

$

125,919

 

 

$

331,468

 

Forward-looking Financial Measures

The forward-looking financial measures in our 2022 guidance provided above do not consider the potential future net effect of foreign currency exchange gains and losses, certain discrete tax items and any other impacts that may be identified as pro forma adjustments in calculating the non-GAAP measures described above.

The estimated impact of foreign currency gains and losses cannot be reasonably estimated on a forward-looking basis due to the high variability and low visibility with respect to non-operating foreign currency exchange gains and losses and the related tax effects of such gains and losses. The impact on diluted net income per share of foreign currency gains and losses, net of tax effects, was $0.02 per share for the first quarter ended March 26, 2022.

At this time, management is unable to determine whether or not significant discrete tax items will occur in fiscal 2022 or anticipate the impact of any other events that may be considered in the calculation of non-GAAP financial measures.

Appendix A ? Expense classification and segment allocation methodology changes

Beginning in the first quarter of 2022, the Company refined its methodology used in classifying certain indirect costs and allocating certain operating expenses to the segments. These changes had no effect on the Company's consolidated operating income, net income, or composition of operating segments and reportable segments. Each prior period that will be presented in the forthcoming Form 10-Q and Form 10-K filings will be recast to conform to current period presentation. The following tables provide the relevant financial results as previously reported, as recast for the current period and forthcoming filings, and the associated impacts of the changes. Within these tables, the references to periods such as "FY 2020" and "Q1 2021" refer to the corresponding periods as reported in the applicable Form 10-K, Form 10-Q, or Form 8-K filings. The tables may not foot due to rounding.

Garmin Ltd. and Subsidiaries

Operating Expense

(In thousands)

 

 

 

 

 

Previously Reported

 

 

FY 2020

 

Q1 2021

 

Q2 2021

 

Q3 2021

 

Q4 2021

 

FY 2021

Advertising expense

$

151,166

$

31,061

$

42,939

$

36,705

$

61,124

$

171,829

Selling, general and administrative expense

 

570,245

 

157,622

 

165,759

 

162,515

 

174,090

 

659,986

Research and development expense

 

705,685

 

203,214

 

200,981

 

214,057

 

221,772

 

840,024

Total operating expense

$

1,427,096

$

391,897

$

409,679

$

413,277

$

456,986

$

1,671,839

 

Recast

 

FY 2020

 

Q1 2021

 

Q2 2021

 

Q3 2021

 

Q4 2021

 

FY 2021

Advertising expense

$

151,166

$

31,061

$

42,939

$

36,705

$

61,124

$

171,829

Selling, general and administrative expense

 

623,588

 

171,987

 

180,717

 

177,647

 

190,909

 

721,260

Research and development expense

 

652,342

 

188,849

 

186,023

 

198,925

 

204,953

 

778,750

Total operating expense

$

1,427,096

$

391,897

$

409,679

$

413,277

$

456,986

$

1,671,839

 

Impact

 

FY 2020

Q1 2021

Q2 2021

Q3 2021

Q4 2021

FY 2021

Advertising expense

$

?

 

$

?

 

$

?

 

$

?

 

$

?

 

$

?

 

Selling, general and administrative expense

 

53,343

 

 

14,365

 

 

14,958

 

 

15,132

 

 

16,819

 

 

61,274

 

Research and development expense

 

(53,343

)

 

(14,365

)

 

(14,958

)

 

(15,132

)

 

(16,819

)

 

(61,274

)

Total operating expense

$

?

 

$

?

 

$

?

 

$

?

 

$

?

 

$

?

 

 

Garmin Ltd. and Subsidiaries

Operating Income by Segment

(In thousands)

 

 

 

 

 

Previously Reported

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Auto

 

 

 

 

 

Fitness

 

Outdoor

 

Aviation

 

Marine

 

Total
Auto

 

Consumer
Auto

 

Auto
OEM

 

Total

FY 2020

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating income (loss)

$

318,884

 

$

441,085

 

$

137,203

 

$

175,724

 

$

(18,656

)

$

41,464

 

$

(60,120

)

$

1,054,240

 

Q1 2021

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating income (loss)

 

73,736

 

 

93,030

 

 

44,868

 

 

61,564

 

 

(23,539

)

 

8,398

 

 

(31,937

)

 

249,659

 

Q2 2021

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating income (loss)

 

116,966

 

 

122,056

 

 

50,810

 

 

89,752

 

 

(8,412

)

 

15,684

 

 

(24,096

)

 

371,172

 

Q3 2021

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating income (loss)

 

77,788

 

 

123,946

 

 

51,296

 

 

53,726

 

 

(24,086

)

 

11,305

 

 

(35,391

)

 

282,670

 

Q4 2021

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating income (loss)

 

104,085

 

 

141,747

 

 

44,800

 

 

39,158

 

 

(14,671

)

 

10,213

 

 

(24,884

)

 

315,119

 

FY 2021

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating income (loss)

 

372,575

 

480,777

 

191,775

 

244,199

 

(70,706

)

 

45,603

 

(116,309

)

 

1,218,620

 

Recast

 

 

 

 

 

 

 

 

 

 

 

 

 

Auto

 

 

 

 

Fitness

 

Outdoor

 

Aviation

 

Marine

 

Total
Auto

 

Consumer
Auto

 

Auto
OEM

 

Total

FY 2020

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating income (loss)

$

305,283

 

$

438,197

 

$

146,608

 

$

177,184

 

$

(13,032

)

$

45,033

 

$

(58,065

)

$

1,054,240

 

Q1 2021

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating income (loss)

 

70,682

 

 

92,011

 

 

45,014

 

 

62,906

 

 

(20,954

)

 

9,038

 

 

(29,992

)

 

249,659

 

Q2 2021

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating income (loss)

 

113,733

 

 

120,843

 

 

51,126

 

 

91,091

 

 

(5,621

)

 

16,355

 

 

(21,976

)

 

371,172

 

Q3 2021

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating income (loss)

 

74,469

 

 

122,875

 

 

51,747

 

 

55,142

 

 

(21,563

)

 

11,979

 

 

(33,542

)

 

282,670

 

Q4 2021

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating income (loss)

 

100,317

 

 

140,393

 

 

45,301

 

 

40,642

 

 

(11,534

)

 

10,975

 

 

(22,509

)

 

315,119

 

FY 2021

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating income (loss)

 

359,201

 

476,122

 

193,188

 

249,781

 

(59,672

)

 

48,347

 

(108,019

)

 

1,218,620

 

Impact

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Auto

 

 

 

 

Fitness

 

Outdoor

 

Aviation

 

Marine

 

Total
Auto

 

Consumer
Auto

 

Auto
OEM

 

Total

FY 2020

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating income (loss)

$

(13,601

)

$

(2,888

)

$

9,405

 

$

1,460

 

$

5,624

 

$

3,569

 

$

2,055

 

$

?

 

Q1 2021

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating income (loss)

 

(3,054

)

 

(1,019

)

 

146

 

 

1,342

 

 

2,585

 

 

640

 

 

1,945

 

 

?

 

Q2 2021

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating income (loss)

 

(3,233

)

 

(1,213

)

 

316

 

 

1,339

 

 

2,791

 

 

671

 

 

2,120

 

 

?

 

Q3 2021

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating income (loss)

 

(3,319

)

 

(1,071

)

 

451

 

 

1,416

 

 

2,523

 

 

674

 

 

1,849

 

 

?

 

Q4 2021

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating income (loss)

 

(3,768

)

 

(1,354

)

 

501

 

 

1,484

 

 

3,137

 

 

762

 

 

2,375

 

 

?

 

FY 2021

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating income (loss)

 

(13,374

)

 

(4,655

)

 

1,413

 

5,582

 

11,034

 

2,744

 

8,290

 

?

 


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