Garmin Reports First Quarter Revenue and Earnings Growth

Garmin, the Garmin logo, the Garmin delta, DeLorme, fēnix, GPSMAP and vívofit are trademarks of Garmin Ltd. or its subsidiaries and are registered in one or more countries, including the U.S.; Garmin Elevate and QuickFit 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.

                         
Garmin Ltd. And Subsidiaries
Condensed Consolidated Statements of Income (Unaudited)
(In thousands, except per share information)
 
13-Weeks Ended
April 1, March 26,
2017 2016
Net sales $ 638,546 $ 624,040
 
Cost of goods sold   266,423     284,190  
 
Gross profit 372,123 339,850
 
Advertising expense 31,525 32,233
Selling, general and administrative expense 102,051 95,610
Research and development expense   122,202     108,204  
Total operating expense   255,778     236,047  
 
Operating income 116,345 103,803
 
Other income (expense):
Interest income 8,444 7,428
Foreign currency losses (37,497 ) (4,839 )
Other income   400     1,155  
Total other income (expense)   (28,653 )   3,744  
 
Income before income taxes 87,692 107,547
 
Income tax (benefit) provision   (150,120 )   19,455  
 
Net income $ 237,812   $ 88,092  
 
Net income per share:
Basic $ 1.26 $ 0.46
Diluted $ 1.26 $ 0.46
 

Weighted average common shares outstanding:

Basic 188,333 189,497
Diluted 189,031 189,651
 
 
                         
Garmin Ltd. And Subsidiaries
Condensed Consolidated Balance Sheets
(In thousands, except per share information)
 
(Unaudited)
April 1, December 31,
2017 2016
Assets
Current assets:
Cash and cash equivalents $ 833,577 $ 846,883
Marketable securities 258,400 266,952
Accounts receivable, net 391,345 527,062
Inventories, net 533,151 484,821
Deferred costs 46,124 47,395
Prepaid expenses and other current assets   94,313     89,903  
Total current assets 2,156,910 2,263,016
 
Property and equipment, net 503,840 482,878
 
Marketable securities 1,211,141 1,213,285
Restricted cash 117 113
Noncurrent deferred income tax 283,440 110,293
Noncurrent deferred costs 57,579 56,151
Intangible assets, net 303,414 305,002
Other assets   84,240     94,395  
Total assets $ 4,600,681   $ 4,525,133  
 
Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable $ 136,901 $ 172,404
Salaries and benefits payable 69,892 88,818
Accrued warranty costs 34,427 37,233
Accrued sales program costs 46,468 80,953
Deferred revenue 140,452 146,564
Accrued royalty costs 26,006 36,523
Accrued advertising expense 17,039 37,440
Other accrued expenses 79,986 70,469
Income taxes payable 20,288 16,163
Dividend payable   -     96,168  
Total current liabilities 571,459 782,735
 
Deferred income taxes 62,593 61,220
Non-current income taxes 124,265 121,174
Non-current deferred revenue 138,665 140,407
Other liabilities 1,637 1,594
 
Stockholders' equity:

Shares, CHF 0.10 par value, 198,077 shares authorized and issued; 188,156 shares outstanding at April 1, 2017 and 188,565 shares outstanding at December 31, 2016

17,979 17,979
Additional paid-in capital 1,831,824 1,836,047
Treasury stock (474,859 ) (455,964 )
Retained earnings 2,294,654 2,056,702
Accumulated other comprehensive income   32,464     (36,761 )
Total stockholders' equity   3,702,062     3,418,003  
Total liabilities and stockholders' equity $ 4,600,681   $ 4,525,133  
 
 
                         
Garmin Ltd. And Subsidiaries
Condensed Consolidated Statements of Cash Flows (Unaudited)
(In thousands)
 
    13-Weeks Ended
April 1, March 26,
2017 2016
Operating activities:
Net income $ 237,812 $ 88,092
Adjustments to reconcile net income to net cash
provided by operating activities:
Depreciation 14,658 13,078
Amortization 7,070 7,115
Loss on sale or disposal of property and equipment 8 38
Provision for doubtful accounts (294 ) 285
Deferred income taxes (171,523 ) 3,906
Unrealized foreign currency loss (gain) 42,281 (5,412 )
Provision for obsolete and slow moving inventories 7,193 8,026
Stock compensation expense 8,206 8,172
Realized loss (gain) on marketable securities 291 (452 )
Changes in operating assets and liabilities:
Accounts receivable 135,253 130,036
Inventories (41,398 ) (18,873 )
Other current and non-current assets 7,534 (3,937 )
Accounts payable (44,180 ) (45,515 )
Other current and non-current liabilities (81,038 ) (31,606 )
Deferred revenue (8,375 ) (12,337 )
Deferred cost (46 ) (2,496 )
Income taxes payable   6,943     (8,733 )
Net cash provided by operating activities 120,395 129,387
 
Investing activities:
Purchases of property and equipment (25,538 ) (13,908 )
Proceeds from sale of property and equipment 7 -
Purchase of intangible assets (1,222 ) (1,716 )
Purchase of marketable securities (96,049 ) (151,070 )
Redemption of marketable securities 109,526 237,464
Change in restricted cash (4 ) (2 )
Acquisitions, net of cash acquired   -     (62,137 )
Net cash (used in) provided by investing activities (13,280 ) 8,631
 
Financing activities:
Dividends paid (96,028 ) (96,566 )
Purchase of treasury stock under share repurchase plan (27,873 ) (19,796 )
Purchase of treasury stock related to equity awards (3,452 ) (16 )
Proceeds from issuance of treasury stock related to equity awards - 103
Tax benefit from issuance of equity awards   -     2  
Net cash used in financing activities (127,353 ) (116,273 )
 
Effect of exchange rate changes on cash and cash equivalents 6,932 2,864
   
Net increase (decrease) in cash and cash equivalents (13,306 ) 24,609
Cash and cash equivalents at beginning of period   846,883     833,070  
Cash and cash equivalents at end of period $ 833,577   $ 857,679  
 
 
                                   
Garmin Ltd. And Subsidiaries
Net Sales, Gross Profit, and Operating Income by Segment (Unaudited)
(In thousands)
 
Reportable Segments
Marine Outdoor Aviation Fitness Auto Total
13-Weeks Ended April 1, 2017
 
Net sales $ 104,445 $ 115,875 $ 122,871 $ 137,831 $ 157,524 $ 638,546
Gross profit $ 59,747 $ 73,469 $ 91,233 $ 77,741 $ 69,933 $ 372,123
Operating income $ 18,145 $ 34,451 $ 38,608 $ 18,472 $ 6,669 $ 116,345
 
 
13-Weeks Ended March 26, 2016
 
Net sales $ 82,880 $ 96,827 $ 106,316 $ 142,418 $ 195,599 $ 624,040
Gross profit $ 44,149 $ 58,932 $ 78,331 $ 72,294 $ 86,144 $ 339,850
Operating income $ 10,293 $ 27,885 $ 30,486 $ 16,573 $ 18,566 $ 103,803
 
 
                     
Garmin Ltd. And Subsidiaries
Net Sales by Geography (Unaudited)
(In thousands)
 
  13-Weeks Ended
April 1, March 26, Yr over Yr
2017 2016 Change
Net sales $ 638,546 $ 624,040 2 %
Americas 320,189 317,957 1 %
EMEA 226,795 225,728 0 %
APAC 91,562 80,355 14 %
 
EMEA - Europe, Middle East and Africa; APAC - Asia Pacific and Australian Continent
 
 

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