Garmin® reports strong second quarter 2020 revenue and income during the COVID-19 pandemic

The net release of other uncertain tax position reserves, amounting to approximately $4.1 million and $6.7 million in the 26 weeks ended June 27, 2020 and June 29, 2019, respectively, have not been identified as pro forma adjustments as such items tend to be more recurring in nature.

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.

Garmin Ltd. And Subsidiaries

 

Pro Forma Net Income (Earnings) Per Share

 

(In thousands, except per share information)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

13-Weeks Ended

 

 

26-Weeks Ended

 

 

 

June 27,

 

 

June 29,

 

 

June 27,

 

 

June 29,

 

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

GAAP net income

 

$

184,180

 

 

$

223,656

 

 

$

345,360

 

 

$

363,829

 

Foreign currency gains / losses(1)

 

 

4,493

 

 

 

(3,413

)

 

 

19,916

 

 

 

(3,727

)

Tax effect of foreign currency gains / losses (2)

 

 

(630

)

 

 

645

 

 

 

(2,345

)

 

 

660

 

Uncertain Tax Reserve Release (3)

 

 

(14,308

)

 

 

 

 

 

(14,308

)

 

 

 

Pro forma net income

 

$

173,735

 

 

$

220,888

 

 

$

348,623

 

 

$

360,762

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GAAP net income per share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

0.96

 

 

$

1.18

 

 

$

1.81

 

 

$

1.92

 

Diluted

 

$

0.96

 

 

$

1.17

 

 

$

1.80

 

 

$

1.91

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pro forma net income per share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

0.91

 

 

$

1.16

 

 

$

1.83

 

 

$

1.90

 

Diluted

 

$

0.91

 

 

$

1.16

 

 

$

1.82

 

 

$

1.89

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average common shares outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

191,024

 

 

 

189,855

 

 

 

190,914

 

 

 

189,728

 

Diluted

 

 

191,597

 

 

 

190,714

 

 

 

191,640

 

 

 

190,657

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(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 14.0% and 11.8% for the 13-weeks and 26-weeks ended June 27, 2020, respectively, and an effective tax rate of 18.9% and 17.7% for the 13-weeks and 26-weeks ended June 29, 2019, respectively.

 

(3) The discrete tax item is discussed in the pro forma effective tax rate section above.

 


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