Le Lézard
Classified in: Tourism and vacations, Transportation, Science and technology, Business
Subjects: ERN, ERP

Garmin announces fourth quarter and fiscal year 2023 results


Company reports record full year revenue, proposes dividend increase, and announces share repurchase program

SCHAFFHAUSEN, Switzerland, Feb. 21, 2024 /PRNewswire/ -- Garmin® Ltd. (NYSE: GRMN), today announced results for the fourth quarter ended December 30, 2023.

Highlights for fourth quarter 2023 include:

Highlights for fiscal year 2023 include:

(In thousands, except per share information)


13-Weeks
Ended



14-Weeks
Ended







52-Weeks
Ended



53-Weeks
Ended








December 30,



December 31,



YoY



December 30,



December 31,



YoY




2023



2022



Change



2023



2022



Change


Net sales


$

1,482,501



$

1,306,356




13

%


$

5,228,252



$

4,860,286




8

%

Fitness



412,076




336,553




22

%



1,344,637




1,109,419




21

%

Outdoor



486,378




451,465




8

%



1,697,151




1,770,275




(4)

%

Aviation



217,134




225,251




(4)

%



846,329




792,799




7

%

Marine



239,886




210,614




14

%



916,911




903,983




1

%

Auto OEM



127,027




82,473




54

%



423,224




283,810




49

%


























Gross margin %



58.3

%



57.0

%







57.5

%



57.7

%






























Operating income %



23.0

%



20.5

%







20.9

%



21.1

%






























GAAP diluted EPS


$

2.82



$

1.53




84

%


$

6.71



$

5.04




33

%

Pro forma diluted EPS (1)


$

1.72



$

1.35




27

%


$

5.59



$

5.13




9

%


























(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 are very pleased with our 2023 financial performance resulting in record full year consolidated revenue and record full year revenue in three of our five segments. We are entering 2024 with strong momentum from our robust product lineup and have many product launches planned during the year. I am very proud of what we accomplished in 2023 and look forward to all that 2024 will bring." - Cliff Pemble, President and Chief Executive Officer of Garmin Ltd.

Fitness:

Revenue from the fitness segment increased 22% in the fourth quarter with growth across all categories led by strong demand for wearables. Gross and operating margins were 56% and 22%, respectively, resulting in $93 million of operating income. At the recent Consumer Electronics Show, our Venu 3 was recognized with three CES Innovation Awards, including the prestigious Best of Innovation honor for outstanding design and engineering. 

Outdoor:

Revenue from the outdoor segment increased 8% in the fourth quarter with growth across multiple categories led by adventure watches. Gross and operating margins were 65% and 34%, respectively, resulting in $164 million of operating income. During the quarter, we expanded our lineup of dive offerings with the introduction of the Descent G1 Solar ? Ocean Edition, our first-ever product made with recycled ocean-bound plastics. We also launched the new Descent Mk3 watch-style dive computer and the Descent T2 transceiver with enhanced SubWave TM sonar technology. This enhanced underwater technology features diver-to-diver messaging and tank pressure monitoring. Also during the quarter, we launched the eTrex® Solar, our first handheld GPS with solar charging capability allowing for infinite battery life for outdoor adventurers.  

Aviation:

Revenue from the aviation segment decreased 4% in the fourth quarter as growth in OEM categories was more than offset by decreases in aftermarket categories. Gross and operating margins were 75% and 26%, respectively, resulting in $57 million of operating income. During the quarter, our G3000 integrated flight deck was selected by Embraer backed Eve Air Mobility for its electric vertical takeoff and landing aircraft. The G3000's lightweight, high-resolution displays and intuitive touchscreen interface are ideally suited for both legacy aircraft and emerging advanced air mobility applications.

Marine:

Revenue from the marine segment increased 14% in the fourth quarter due to contributions from the acquisition of JL Audio. Gross and operating margins were 53% and 16%, respectively, resulting in $37 million of operating income. During the quarter, we launched the ECHOMAP TM Ultra 2 chartplotter series designed with premium sonar, mapping and wireless networking capabilities for inland and nearshore anglers. We also launched the GSD 28 sonar module with RapidReturn technology that offers six times faster updates than its predecessor.

Auto OEM:

Revenue from the auto OEM segment increased 54% during the fourth quarter primarily due to increased shipments of domain controllers. Gross margin was 21%, and the operating loss narrowed to $10 million. Domain controller deliveries to the BMW Group continued to ramp up across multiple models and regions. During the quarter, we were awarded a multi-year contract with a premium automaker to supply domain controllers on a global basis starting in 2027, which is projected to be the single largest award in the history of our Auto OEM business. In addition, at the recent Consumer Electronics Show, we revealed our updated Unified Cabin and announced our motorcycle infotainment solution was selected by Yamaha Motors for select motorcycles and smart scooters.

Additional Financial Information:

Total operating expenses in the fourth quarter were $524 million, a 10% increase over the prior year. Research and development increased 10% primarily due to engineering personnel costs. Selling, general and administrative expenses increased 10% driven primarily by personnel related expenses and incremental costs associated with the acquisition of JL Audio. Advertising expenses increased 6% primarily due to higher cooperative advertising.

In the fourth quarter of 2023, we reported a $159 million income tax benefit. Excluding $181 million of income tax benefit due to the revaluation of certain Switzerland deferred tax assets, and $12 million of income tax benefit due to auto OEM manufacturing tax incentives in Poland, our pro forma effective tax rate(1) in the fourth quarter of 2023 was 9.0% compared to 8.9% in the prior year quarter.

In the fourth quarter of 2023, we generated operating cash flow of $466 million and free cash flow(1) of $417 million. We paid a quarterly dividend of approximately $140 million and repurchased approximately $19 million of the Company's shares within the quarter, completing the share repurchase program authorized through December 29, 2023. We ended the quarter with cash and marketable securities of approximately $3.1 billion.

(1)

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

2024 Fiscal Year Guidance(2):

We expect full year 2024 revenue of approximately $5.75 billion, an increase of approximately 10% over 2023. We expect our full year pro forma EPS to be approximately $5.40 based upon gross margin of approximately 56.5%, operating margin of approximately 20.0% and pro forma effective tax rate of approximately 15.5%.



2024 Guidance

Revenue


$5.75B

Gross Margin


56.5 %

Operating Margin


20.0 %

Pro forma Effective Tax Rate


15.5 %

Pro forma EPS


$5.40



(2)

All amounts and %'s in the above 2024 Guidance table are approximate. Also, see attached discussion on Forward-looking Financial Measures.

Dividend Recommendation and New Share Repurchase Program:

The Board of Directors intends to recommend to the shareholders for approval at the annual meeting to be held on June 7, 2024, a cash dividend in the amount of $3.00 per share, payable in four equal installments on dates to be determined by the Board. The Board currently anticipates the scheduling of the dividend in four installments as follows:

Dividend Date


Record Date


Dividend Per Share

June 28, 2024


June 17, 2024


$0.75

September 27, 2024


September 13, 2024


$0.75

December 27, 2024


December 13, 2024


$0.75

March 28, 2025


March 14, 2025


$0.75

In addition, the Board has established March 29, 2024 as the payment date and March 15, 2024 as the record date for the final dividend installment of $0.73 per share, per the prior approval at the 2023 annual shareholders' meeting. The first, second and third payments of $0.73 per share were made on June 30, 2023, September 29, 2023, and December 29, 2023, respectively. 

On February 16, 2024, the Board of Directors authorized the Company to repurchase up to $300 million of the Company's shares through December 26, 2026. 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. The share repurchase authorization does not obligate the Company to repurchase any specific number of shares and may be suspended, modified or terminated at any time.

Webcast Information/Forward-Looking Statements:

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

When:


Wednesday, February 21, 2024 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

An archive of the live webcast will be available until February 19, 2025 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 2024 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, 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 30, 2023 filed by Garmin with the Securities and Exchange Commission (Commission file number 001-41118). A copy of Garmin's 2023 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 December 30, 2023. 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, ECHOMAP, eTrex, Force, G3000, MARQ, quatix, and venu are trademarks of Garmin Ltd. or its subsidiaries and are registered in one or more countries, including the U.S. Epix and Descent 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 


[email protected]





Garmin Ltd. and Subsidiaries


Condensed Consolidated Statements of Income (Unaudited)


(In thousands, except per share information)





















13-Weeks
Ended



14-Weeks
Ended



52-Weeks
Ended



53-Weeks
Ended




December 30,



December 31,



December 30,



December 31,




2023



2022



2023



2022


Net sales


$

1,482,501



$

1,306,356



$

5,228,252



$

4,860,286


Cost of goods sold



618,352




561,386




2,223,297




2,053,511


Gross profit



864,149




744,970




3,004,955




2,806,775



















Advertising expense



61,260




57,662




173,109




168,040


Selling, general and administrative expenses



225,190




204,421




834,990




775,963


Research and development expense



237,245




215,712




904,696




834,927


Total operating expenses



523,695




477,795




1,912,795




1,778,930



















Operating income



340,454




267,175




1,092,160




1,027,845


Other income (expense):

















Interest income



22,840




14,306




77,302




40,826


Foreign currency gains (losses)



19,488




44,535




26,434




(11,274)


Other income



254




3,860




4,460




7,577


Total other income (expense)



42,582




62,701




108,196




37,129



















Income before income taxes



383,036




329,876




1,200,356




1,064,974


Income tax (benefit) provision



(159,089)




36,604




(89,280)




91,389


Net income


$

542,125



$

293,272



$

1,289,636



$

973,585



















Net income per share:

















Basic


$

2.83



$

1.53



$

6.74



$

5.06


Diluted


$

2.82



$

1.53



$

6.71



$

5.04



















Weighted average common shares outstanding:

















Basic



191,363




191,613




191,397




192,544


Diluted



192,557




192,104




192,058




193,042


 

Garmin Ltd. and Subsidiaries


Condensed Consolidated Balance Sheets (Unaudited)


(In thousands)













December 30,

2023



December 31,
2022


Assets









Current assets:









Cash and cash equivalents


$

1,693,452



$

1,279,194


Marketable securities



274,618




173,288


Accounts receivable, net



815,243




656,847


Inventories



1,345,955




1,515,045


Deferred costs



16,316




14,862


Prepaid expenses and other current assets



318,556




315,915


Total current assets



4,464,140




3,955,151











Property and equipment, net



1,224,097




1,147,005


Operating lease right-of-use assets



143,724




138,040


Noncurrent marketable securities



1,125,191




1,208,360


Deferred income tax assets



754,635




441,071


Noncurrent deferred costs



11,057




9,831


Goodwill



608,474




567,994


Other intangible assets, net



186,601




178,461


Other noncurrent assets



85,650




85,257


Total assets


$

8,603,569



$

7,731,170











Liabilities and Stockholders' Equity









Current liabilities:









Accounts payable


$

253,790



$

212,417


Salaries and benefits payable



190,014




176,114


Accrued warranty costs



55,738




50,952


Accrued sales program costs



98,610




97,772


Other accrued expenses



245,874




197,376


Deferred revenue



101,189




91,092


Income taxes payable



225,475




246,180


Dividend payable



139,997




139,732


Total current liabilities



1,310,687




1,211,635











Deferred income tax liabilities



114,682




129,965


Noncurrent income taxes payable



16,521




34,627


Noncurrent deferred revenue



36,148




35,702


Noncurrent operating lease liabilities



113,035




114,541


Other noncurrent liabilities



436




360











Stockholders' equity:









Common shares (195,880 and 198,077 shares authorized and issued;

   191,777 and 191,623 shares outstanding)



19,588




17,979


Additional paid-in capital



2,125,467




2,042,472


Treasury shares (4,103 and 6,454 shares)



(330,909)




(475,095)


Retained earnings



5,263,528




4,733,517


Accumulated other comprehensive income (loss)



(65,614)




(114,533)


Total stockholders' equity



7,012,060




6,204,340


Total liabilities and stockholders' equity


$

8,603,569



$

7,731,170


 

Garmin Ltd. and Subsidiaries


Consolidated Statements of Cash Flows (Unaudited)


(In thousands)













52-Weeks
Ended



53-Weeks
Ended




December 30,
2023



December 31,
2022


Operating Activities:









Net income


$

1,289,636



$

973,585


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









Depreciation



132,347




118,743


Amortization



45,225




45,110


Loss (gain) on sale of property and equipment



215




(2,083)


Unrealized foreign currency (gains) losses



(25,541)




(5,867)


Deferred income taxes



(340,774)




(143,286)


Stock compensation expense



101,422




76,801


Realized losses (gains) on marketable securities



62




986


Changes in operating assets and liabilities, net of acquisitions:









Accounts receivable, net of allowance for doubtful accounts



(129,120)




167,336


Inventories



244,506




(363,327)


Other current and noncurrent assets



7,887




72,185


Accounts payable



28,503




(131,268)


Other current and noncurrent liabilities



52,188




(71,756)


Deferred revenue



10,411




(2,379)


Deferred costs



(2,661)




3,591


Income taxes



(38,041)




49,888


Net cash provided by operating activities



1,376,265




788,259











Investing activities:









Purchases of property and equipment



(193,524)




(244,286)


Proceeds from sale of property and equipment



218




2,402


Purchase of intangible assets



(1,504)




(1,907)


Purchase of marketable securities



(170,681)




(1,051,994)


Redemption of marketable securities



183,372




1,164,116


Acquisitions, net of cash acquired



(150,853)




(13,455)


Net cash used in investing activities



(332,972)




(145,124)











Financing activities:









Dividends



(558,769)




(679,096)


Proceeds from issuance of treasury shares related to equity awards



44,063




62,221


Purchase of treasury shares related to equity awards



(22,815)




(22,730)


Purchase of treasury shares under share repurchase plan



(98,988)




(201,012)


Net cash used in financing activities



(636,509)




(840,617)











Effect of exchange rate changes on cash and cash equivalents



7,460




(21,449)











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



414,244




(218,931)


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



1,279,912




1,498,843


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


$

1,694,156



$

1,279,912


 

Garmin Ltd. and Subsidiaries

Net Sales, Gross Profit and Operating Income by Segment (Unaudited)

(In thousands)


The Company announced an organization realignment in January 2023, which combined the consumer auto operating segment with the outdoor operating segment. As a result, the Company's operating segments, which also represent our reportable segments, are fitness, outdoor, aviation, marine, and auto OEM. Results for the 13-week and 53-week periods ended December 31, 2022 have been recast below to conform with the current period presentation. This change had no effect on the Company's consolidated results of operations.




Fitness



Outdoor



Aviation



Marine



Auto OEM



Total


13-Weeks Ended December 30, 2023


Net sales


$

412,076



$

486,378



$

217,134



$

239,886



$

127,027



$

1,482,501


Gross profit



232,147




317,061




162,214




126,099




26,628




864,149


Operating income (loss)



92,550




163,855




56,671




37,294




(9,916)




340,454



























14-Weeks Ended December 31, 2022


Net sales


$

336,553



$

451,465



$

225,251



$

210,614



$

82,473



$

1,306,356


Gross profit



164,496




280,031




159,858




114,723




25,862




744,970


Operating income (loss)



39,844




134,152




62,829




42,853




(12,503)




267,175



























52-Weeks Ended December 30, 2023


Net sales


$

1,344,637



$

1,697,151



$

846,329



$

916,911



$

423,224



$

5,228,252


Gross profit



716,906




1,072,861




625,988




491,261




97,939




3,004,955


Operating income (loss)



232,201




515,254




226,400




179,429




(61,124)




1,092,160



























53-Weeks Ended December 31, 2022


Net sales


$

1,109,419



$

1,770,275



$

792,799



$

903,983



$

283,810



$

4,860,286


Gross profit



552,417




1,099,408




573,063




491,457




90,430




2,806,775


Operating income (loss)



104,738




573,281




213,186




215,304




(78,664)




1,027,845


 

Garmin Ltd. and Subsidiaries


Net Sales by Geography (Unaudited)


(In thousands)





























13-Weeks
Ended



14-Weeks
Ended







52-Weeks
Ended



53-Weeks
Ended








December 30,



December 31,



YoY



December 30,



December 31,



YoY




2023



2022



Change



2023



2022



Change


Net sales


$

1,482,501



$

1,306,356



13 %



$

5,228,252



$

4,860,286



8 %


Americas



732,648




648,912



13 %




2,614,358




2,429,029



8 %


EMEA



523,439




440,747



19 %




1,775,965




1,633,640



9 %


APAC



226,414




216,697



4 %




837,929




797,617



5 %



























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 thousands)


13-Weeks Ended



14-Weeks Ended



52-Weeks Ended



53-Weeks Ended




December 30,



December 31,



December 30,



December 31,




2023



2022



2023



2022




$



ETR(1)



$



ETR(1)



$



ETR(1)



$



ETR(1)


GAAP income tax (benefit) provision


$

(159,089)



(41.5) %



$

36,604



11.1 %



$

(89,280)



(7.4) %



$

91,389



8.6 %


Pro forma discrete tax items:

































Tax effect of state rate change (2)



?








?








(2,269)








?






Switzerland deferred tax assets (3)



181,410








(7,168)








181,410








(7,168)






Poland incentive tax credits (4)



12,116








?








12,116














Pro forma income tax provision


$

34,437



9.0 %



$

29,436



8.9 %



$

101,977



8.5 %



$

84,221



7.9 %



































(1) Effective tax rate is calculated by taking the income tax (benefit) provision divided by income before taxes, as presented on the face of the Condensed Consolidated Statements of Income.



































(2) In third quarter 2023, the Company recognized $2.3 million of tax expense due to the revaluation of deferred tax assets associated with the change in corporate income tax rate for the state of Kansas.



































(3) Certain Switzerland deferred tax assets related to the enactment of Switzerland Federal and Schaffhausen cantonal tax reform were revalued in the fourth quarters of 2023 and 2022, resulting in income tax benefit of $181.4 million and income tax expense of $7.2 million, respectively.



































(4) In fourth quarter 2023, the Company recognized $12.1 million of income tax benefit due to auto OEM manufacturing tax incentives in Poland.


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



14-Weeks
Ended



52-Weeks
Ended



53-Weeks
Ended




December 30,



December 31,



December 30,



December 31,




2023



2022



2023



2022


GAAP net income


$

542,125



$

293,272



$

1,289,636



$

973,585


Foreign currency gains / losses (1)



(19,488)




(44,535)




(26,434)




11,274


Tax effect of foreign currency gains / losses (2)



1,752




3,974




2,246




(892)


Pro forma discrete tax items (3)



(193,526)




7,168




(191,257)




7,168


Pro forma net income


$

330,863



$

259,879



$

1,074,191



$

991,136



















GAAP net income per share:

















Basic


$

2.83



$

1.53



$

6.74



$

5.06


Diluted


$

2.82



$

1.53



$

6.71



$

5.04



















Pro forma net income per share:

















Basic


$

1.73



$

1.36



$

5.61



$

5.15


Diluted


$

1.72



$

1.35



$

5.59



$

5.13



















Weighted average common shares outstanding:

















Basic



191,363




191,613




191,397




192,544


Diluted



192,557




192,104




192,058




193,042



















(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 9.0% and 8.5% for the 13-weeks and fiscal year ended December 30, 2023, respectively, and the pro forma effective tax rate of 8.9% and 7.9% for the 14-weeks and fiscal year ended December 31, 2022, respectively.



















(3) The 2023 and 2022 discrete tax items are discussed in the pro forma effective tax rate section above.


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



14-Weeks
Ended



52-Weeks
Ended



53-Weeks
Ended




December 30,



December 31,



December 30,



December 31,




2023



2022



2023



2022


Net cash provided by operating activities


$

465,941



$

368,665



$

1,376,265



$

788,259


Less: purchases of property and equipment



(48,648)




(59,358)




(193,524)




(244,286)


Free Cash Flow


$

417,293



$

309,307



$

1,182,741



$

543,973


Forward-looking Financial Measures

The forward-looking financial measures in our 2024 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 $0.13 per share for the 52 weeks ended December 30, 2023.

At this time, management is unable to determine whether or not significant discrete tax items will occur in fiscal 2024 or anticipate the impact of any other events that may be considered in the calculation of non-GAAP financial measures.

 

SOURCE Garmin Ltd.


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