Garmin Ltd. (Nasdaq: GRMN – News) today announced results for
the fourth quarter and fiscal year ended December 29, 2018.
Highlights for the fourth quarter 2018 include:
- Total revenue of $932 million, a 4%
increase, with aviation, marine, outdoor and fitness collectively
increasing 13% over the prior year quarter
- Gross margin improved to 58.9% compared
to 56.1% in the prior year quarter
- Operating margin improved to 23.9%
compared to 20.4% in the prior year quarter
- Operating income of $223 million,
representing 21% growth over the prior year
- GAAP EPS was $1.00 and pro forma EPS(1)
was $1.02 for fourth quarter 2018, representing growth of 26% over
the prior year
- Recently signed an agreement to acquire
Tacx, a leading provider of indoor bike trainers
- Launched our first marine chartplotters
with a combined Garmin and Navionics® chart database, offering
industry leading breadth and depth of coverage
Highlights for the fiscal year 2018 include:
- Total revenue of $3,347 million, a 7%
increase, with aviation, marine, outdoor and fitness collectively
increasing 16% over the prior year
- Gross margin improved to 59.1% compared
to 57.6% in the prior year
- Operating margin improved to 23.3%
compared to 21.9% in the prior year
- Operating income of $778 million,
representing 14% growth over the prior year
- GAAP EPS was $3.66 and pro forma EPS(1)
was $3.69, representing 22% growth over the prior year
- Launched new categories of innovative
wearables including Instinct™, a GPS smartwatch that expands the
market for adventure watches, and Descent™, a dive computer in a
watch style design for recreational, technical and free divers
- Expanded our portfolio of music
compatible devices and integrated seven music providers into our
Connect IQ™ app store including Spotify, Deezer and KKBOX
- Shipped nearly 15 million units and
over 205 million since inception, including over one million
certified aviation products.
- Completed the strategic acquisitions of
FltPlan, a leading electronic flight planning and service provider,
and Trigentic, a privately-held worldwide provider of marine
electronic digital switching
- Opened our new aviation manufacturing
facility in Olathe, Kansas, more than doubling our North American
manufacturing capacity
(in thousands,
13-Weeks
Ended 52-Weeks Ended except
per share data)
December 29, December 30,
Yr over Yr December 29, December 30,
Yr over Yr 2018 2017
Change 2018
2017 Change Net sales $ 932,108 $
897,319 4 % $ 3,347,444 $ 3,121,560 7 % Aviation 158,314 129,800 22
% 603,459 501,359 20 % Marine 94,652 83,699 13 % 441,560 374,001 18
% Outdoor 254,568 203,278 25 % 809,883 698,867 16 % Fitness 277,014
276,195 0 % 858,329 762,194 13 % Auto 147,560 204,347 -28 % 634,213
785,139 -19 % Gross margin % 58.9 % 56.1 % 59.1 % 57.6 %
Operating income % 23.9 % 20.4 % 23.3 % 21.9 % GAAP
diluted EPS $ 1.00 $ 0.75 33 % $ 3.66 $ 3.76 -3 % Pro forma diluted
EPS (1) $ 1.02 $ 0.81 26 % $ 3.69 $ 3.02 22 % (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:
“2018 was another remarkable year of revenue and operating
income growth driven by strong performance in our aviation, marine,
outdoor and fitness segments,” said Cliff Pemble, president and
chief executive officer of Garmin Ltd. “Entering 2019, we see many
opportunities ahead and believe that we are well positioned to
seize these opportunities with a strong lineup of products across
all of our segments.”
Aviation:
Revenue from the aviation segment grew 22% in the quarter with
contributions from both the aftermarket and OEM categories. Gross
and operating margins were 73% and 33%, respectively, resulting in
27% operating income growth. Aftermarket systems and ADS-B
solutions contributed to our positive results as we move toward the
ADS-B mandate deadline. We were honored to receive the supplier of
the year award from Airbus Helicopters, and recently ranked #1 in
avionics support for the 15th consecutive year by both Professional
Pilot Magazine and Aviation International News.
Marine:
Revenue from the marine segment grew 13% in the quarter driven
by our new lineup of chartplotters, advanced sonars, and
cartography offerings that combine the best of both Garmin and
Navionics content. Gross and operating margins improved to 58% and
9%, respectively. We recently began shipping the 2019 lineup of
marine electronics including the GPSMAP® 8600 series, our flagship
product line with combined Garmin and Navionics chart content.
Outdoor:
Revenue from the outdoor segment grew 25% in the quarter with
significant contributions from adventure watches. Gross and
operating margins improved to 67% and 38%, respectively, resulting
in 31% operating income growth. During the quarter, we launched
Instinct, our newest line of adventure watch, and the GPSMAP 66
series of outdoor handhelds.
Fitness:
Revenue from the fitness segment was flat in the quarter
compared to a strong prior year quarter. Gross and operating
margins increased to 52% and 21%, resulting in 2% operating income
growth. We recently introduced the vívoactive® 3 Music with 4G LTE,
bringing connected safety features to the wrist. The pending
acquisition of Tacx is an exciting opportunity to expand into the
year-round indoor cycling and training market.
Auto:
The auto segment recorded revenue decline of 28% in the quarter,
primarily due to the ongoing PND market contraction and lower
year-over-year OEM sales. Gross margin improved to 43% and
operating margin declined to 5%. At the recent Consumer Electronics
Show, we announced our new line of Drive™ navigators with
simplified, road trip-ready features and our updated OEM scalable
infotainment platform.
Additional Financial
Information:
Total operating expenses in the quarter were $326 million, a 2%
increase from the prior year. Research and development increased
10%, primarily due to engineering personnel costs. Selling, general
and administrative expenses decreased 2%, due primarily to reduced
litigation related costs. Advertising decreased 6%, primarily due
to lower media spend as we strategically focused our
promotions.
The effective tax rate in the fourth quarter of 2018 was 18.0%
compared to the pro forma effective tax rate of 20.5% in the prior
year quarter. The decrease in the current quarter effective tax
rate is primarily due to the benefits from U.S. tax reform.
In the fourth quarter of 2018, we generated approximately $185
million of free cash flow (see attached table for reconciliation of
this non-GAAP measure). We ended the quarter with cash and
marketable securities of approximately $2.7 billion.
2019 Guidance (2):
We currently expect 2019 revenue of approximately $3.5 billion
as growth in fitness, aviation, outdoor and marine is partially
offset by declines in the auto segment. We currently expect our
full year EPS will be approximately $3.70 based upon improved gross
margin of approximately 59.5%, operating margin of approximately
22.7% and a full year effective tax rate of approximately
16.5%.
Revenue Growth 2019
Guidance Segment Estimates Revenue ~$3.5B
Fitness(3) ~13% Gross Margin ~59.5% Aviation ~10% Operating Margin
~22.7% Outdoor ~10% Tax Rate ~16.5% Marine ~10% EPS ~$3.70 Auto
~(18%) (2) See attached discussion on
Forward-looking Financial Measures (3) Fitness revenue growth
estimate assumes the acquisition of Tacx will close within the
second quarter of 2019
Dividend Recommendation:
The board of directors intends to recommend to the shareholders
for approval at the annual meeting to be held on June 7, 2019, a
cash dividend in the amount of $2.28 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
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 $s per share June
28, 2019 June 17, 2019 $0.57 September 30, 2019 September 16, 2019
$0.57 December 31, 2019 December 16, 2019 $0.57 March 31, 2020
March 16, 2020 $0.57
In addition, the board of directors has established March 29,
2019 as the payment date and March 15, 2019 as the record date for
the final dividend installment of $0.53 per share, per the prior
approval at the 2018 annual shareholders’ meeting. The first,
second and third payments of $0.53 per share were made on June 29,
2018, September 28, 2018, and December 31, 2018, respectively.
Revenue Standard
Adoption
We adopted the new revenue standard in the first quarter of
2018. The prior periods presented have been restated to reflect
adoption of this new standard.
Webcast Information/Forward-Looking
Statements:
The information for Garmin Ltd.’s earnings call is as
follows:
When: Wednesday, February 20,
2019 at 10:30 a.m. Eastern Where:
http://www.garmin.com/en-US/company/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 February
27, 2020 on the Garmin website at www.garmin.com. To access the
replay, click on the Investor Relations 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 “would,” “may,” “expects,” “estimates,”
“plans,” “intends,” “projects,” and other words or phrases with
similar meanings. Any statements regarding the Company’s 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, currency movements, expenses, pricing, new products
to be introduced in 2019, 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 29, 2018 filed by Garmin with the
Securities and Exchange Commission (Commission file number
0-31983). A copy of Garmin’s 2018 Form 10-K can be downloaded from
https://www.garmin.com/en-US/company/investors/sec/form-10-K/.
Non-GAAP Financial
Measures
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, Navionics, GPSMAP and
vívoactive, are trademarks of Garmin Ltd. or its subsidiaries and
are registered in one or more countries, including the U.S.;
Descent, Drive and Instinct 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 52-Weeks Ended
December 29, December 30, December 29,
December 30, 2018 2017
2018 2017
Net sales $ 932,108 $ 897,319 $ 3,347,444 $ 3,121,560 Cost
of goods sold 382,942 393,837
1,367,725 1,323,619 Gross profit
549,166 503,482 1,979,719 1,797,941 Advertising expense
55,394 58,711 155,394 164,693 Selling, general and administrative
expense 125,942 128,879 478,177 437,977 Research and development
expense 145,157 132,552 567,805
511,634 Total operating expense 326,493
320,142 1,201,376
1,114,304 Operating income 222,673 183,340 778,343
683,637 Other income (expense): Interest income 14,837 9,994
47,147 36,925 Foreign currency losses (4,211 ) (8,772 ) (7,616 )
(22,579 ) Other (expense) income (1,426 ) (107 )
5,373 (912 ) Total other income (expense)
9,200 1,115 44,904
13,434 Income before income taxes 231,873 184,455
823,247 697,071 Income tax provision (benefit) 41,723
41,905 129,167 (11,936 )
Net income $ 190,150 $ 142,550 $ 694,080
$ 709,007 Net income per share: Basic $ 1.01 $
0.76 $ 3.68 $ 3.77 Diluted $ 1.00 $ 0.75 $ 3.66 $ 3.76
Weighted average common shares
outstanding:
Basic 188,878 187,607 188,635 187,828 Diluted 190,177 188,915
189,734 188,732
Garmin Ltd.
And Subsidiaries Condensed Consolidated Balance Sheets
(Unaudited) (In thousands, except per share information)
December 29, December 30,
2018 2017 Assets
Current assets: Cash and cash equivalents $ 1,201,732 $ 891,488
Marketable securities 182,989 161,687 Accounts receivable, net
569,833 590,882 Inventories 561,840 517,644 Deferred costs 28,462
30,525 Prepaid expenses and other current assets 120,512
153,912 Total current assets 2,665,368
2,346,138 Property and equipment, net 663,527 595,684
Restricted cash 73 271 Marketable securities 1,330,123 1,260,033
Deferred income taxes 176,959 195,981 Noncurrent deferred costs
29,473 33,029 Intangible assets, net 417,080 409,801 Other assets
100,255 107,352 Total assets $
5,382,858 $ 4,948,289
Liabilities and
Stockholders' Equity Current liabilities: Accounts payable $
204,985 $ 169,640 Salaries and benefits payable 113,087 102,802
Accrued warranty costs 38,276 36,827 Accrued sales program costs
90,388 93,250 Deferred revenue 96,372 103,140 Accrued royalty costs
24,646 32,204 Accrued advertising expense 31,657 30,987 Other
accrued expenses 69,777 93,652 Income taxes payable 51,642 33,638
Dividend payable 200,483 95,975 Total
current liabilities 921,313 792,115 Deferred income taxes
92,944 76,612 Noncurrent income taxes 127,211 138,295 Noncurrent
deferred revenue 76,566 87,060 Other liabilities 1,850 1,788
Stockholders' equity:
Shares, CHF 0.10 par value, 198,077 shares
authorized and issued; 189,461 shares outstanding at December 29,
2018 and 188,189 shares outstanding at December 30, 2017
17,979 17,979 Additional paid-in capital 1,823,638 1,828,386
Treasury stock (397,692 ) (468,818 ) Retained earnings 2,710,619
2,418,444 Accumulated other comprehensive income 8,430
56,428 Total stockholders' equity
4,162,974 3,852,419 Total liabilities and
stockholders' equity $ 5,382,858 $ 4,948,289
Garmin Ltd. And Subsidiaries
Condensed Consolidated Statements of Cash Flows (Unaudited)
(In thousands) 52-Weeks Ended December
29, December 30, 2018
2017 Operating activities: Net income $
694,080 $ 709,007
Adjustments to reconcile net income to net
cash provided by operating activities:
Depreciation
64,798 59,895 Amortization 31,396 26,357 Gain on sale or disposal
of property and equipment (479 ) (230 ) Provision for doubtful
accounts 2,123 1,021 Provision for obsolete and slow moving
inventories 24,579 31,071 Unrealized foreign currency loss 13,790
21,681 Deferred income taxes 38,978 (90,000 ) Stock compensation
expense 56,391 44,735 Realized losses on marketable securities 827
991 Changes in operating assets and liabilities, net of
acquisitions: Accounts receivable 5,167 (40,088 ) Inventories
(82,316 ) (38,575 ) Other current and non-current assets 7,358
(21,608 ) Accounts payable 40,628 (17,240 ) Other current and
non-current liabilities (1,323 ) 5,627 Deferred revenue (17,208 )
(20,754 ) Deferred costs 5,611 2,395 Income taxes payable
35,120 (13,443 ) Net cash provided by operating
activities 919,520 660,842
Investing activities:
Purchases of property and equipment (155,755 ) (139,696 ) Proceeds
from sale of property and equipment 1,600 361 Purchase of
intangible assets (4,600 ) (12,232 ) Purchase of marketable
securities (403,181 ) (587,656 ) Redemption of marketable
securities 283,603 635,311 Acquisitions, net of cash acquired
(29,170 ) (90,471 ) Net cash used in investing
activities (307,503 ) (194,383 )
Financing
activities: Dividends (296,148 ) (382,976 ) Proceeds from
issuance of treasury stock related to equity awards 26,642 21,860
Purchase of treasury stock related to equity awards (16,655 )
(12,773 ) Purchase of treasury stock under share repurchase plan
- (74,523 ) Net cash used in financing
activities (286,161 ) (448,412 ) Effect of exchange rate
changes on cash, cash equivalents, and restricted cash (15,810 )
26,716 Net increase in cash, cash equivalents, and
restricted cash 310,046 44,763 Cash, cash equivalents, and
restricted cash at beginning of period 891,759
846,996 Cash, cash equivalents, and restricted cash at end
of period $ 1,201,805 $ 891,759
Garmin Ltd. And Subsidiaries
Net Sales, Gross Profit and Operating Income by Segment
(Unaudited) (in thousands) Reportable
Segments
Outdoor
Fitness
Marine
Auto
Aviation
Total
13-Weeks Ended December 29, 2018 Net sales $
254,568 $ 277,014 $ 94,652 $ 147,560 $ 158,314 $ 932,108 Gross
profit 169,425 145,291 54,779 63,405 116,266 549,166 Operating
income 95,798 58,446 8,536 6,888 53,005 222,673
13-Weeks
Ended December 30, 2017 Net sales $ 203,278 $ 276,195 $
83,699 $ 204,347 $ 129,800 $ 897,319 Gross profit 128,952 146,622
45,902 84,954 97,052 503,482 Operating income 73,322 57,315 (10,533
) 21,365 41,871 183,340
52-Weeks Ended December 29,
2018 Net sales $ 809,883 $ 858,329 $ 441,560 $ 634,213 $
603,459 $ 3,347,444 Gross profit 528,254 471,764 258,756 270,793
450,152 1,979,719 Operating income 290,510 181,745 63,344 37,998
204,746 778,343
52-Weeks Ended December 30, 2017
Net sales $ 698,867 $ 762,194 $ 374,001 $ 785,139 $ 501,359
$ 3,121,560 Gross profit 448,410 422,636 212,592 342,698 371,605
1,797,941 Operating income 249,867 146,765 50,328 82,744 153,933
683,637
Garmin Ltd. And Subsidiaries Net Sales by Geography
(Unaudited) (In thousands) 13-Weeks Ended
52-Weeks Ended December 29, December 30, Yr
over Yr December 29, December 30, Yr over
Yr 2018 2017 Change
2018 2017 Change Net
sales $ 932,108 $ 897,319 4 % $ 3,347,444 $ 3,121,560 7 % Americas
443,386 431,948 3 % 1,596,716 1,504,194 6 % EMEA 342,853 340,850 1
% 1,204,969 1,172,538 3 % APAC 145,869 124,521 17 % 545,759 444,828
23 % 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 net income (earnings) per share, pro forma effective tax
rate 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 2018, there were no such discrete tax items
identified.
Garmin Ltd. And
Subsidiaries Pro Forma Effective Tax Rate (in
thousands, except effective tax rate (ETR) information)
13-Weeks Ended 52-Weeks Ended December 30,
December 30, 2017 2017 $
ETR(1) $
ETR(1) U.S. GAAP income tax provision (benefit) $
41,905 22.7 % $ (11,936 ) (1.7 %) Pro forma discrete tax items:
Switzerland corporate tax election(2) 11,279 180,034 Tax expense
from share-based award expirations(3) (15,345 )
(22,620 ) Total pro forma discrete tax items (4,066 )
157,414 Income tax provision
(Pro Forma) $ 37,839 20.5 % $ 145,478
20.9 %
(1) Effective tax rate is calculated by
taking the income tax provision divided by income before taxes, as
presented on the face of the Condensed Consolidated Statements of
Income.
(2) In first quarter 2017, a $169 million tax benefit was
recognized resulting from the revaluation of certain Switzerland
deferred tax assets. The revaluation is due to the Company’s
election in February 2017 to align certain Switzerland corporate
tax positions with international tax initiatives. In the fourth
quarter 2017, an additional $11 million benefit was recognized as a
result of this Switzerland election. These impacts during the
transitional period following the election are not reflective of
current income tax expense incurred and therefore affect
period-to-period comparability.
(3) Following adoption in fiscal 2017 of
Accounting Standards Update No. 2016-09, Compensation – Stock
Compensation (Topic 718): Improvements to Employee Share-Based
Payment Accounting (“ASU 2016-09”), the Company may periodically
incur tax expense resulting from stock options and stock
appreciation rights (SARs) expiring unexercised. New grants of
stock options and SARs no longer comprise a significant component
of the Company’s compensation arrangements. As the tax expense from
expired awards is not related to current period earnings or
compensation activities, it has been identified as a pro forma
adjustment.
The net release of uncertain tax position reserves, amounting to
approximately $31.0 million and $17.9 million for the 52-weeks
ended December 29, 2018 and December 30, 2017, respectively, have
not been included as pro forma adjustments in the above
presentation of pro forma income tax provision 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 52-Weeks Ended December 29,
December 30, December 29, December 30,
2018 2017
2018 2017 Net
income (GAAP) $ 190,150 $ 142,550 $ 694,080 $ 709,007 Foreign
currency gains / losses(1) 4,211 8,772 7,616 22,579 Tax effect of
foreign currency gains / losses(2) (758 ) (1,799 ) (1,195 ) (4,712
) Pro forma discrete tax items(3) -
4,066 - (157,414 ) Net income
(Pro Forma) $ 193,603 $ 153,589 $ 700,501
$ 569,460 Net income per share (GAAP):
Basic $ 1.01 $ 0.76 $ 3.68 $ 3.77 Diluted $ 1.00 $ 0.75 $ 3.66 $
3.76 Net income per share (Pro Forma): Basic $ 1.03 $ 0.82 $
3.71 $ 3.03 Diluted $ 1.02 $ 0.81 $ 3.69 $ 3.02 Weighted
average common shares outstanding: Basic 188,878 187,607 188,635
187,828 Diluted 190,177 188,915 189,734 188,732 (1) The
majority of the Company’s consolidated foreign currency gains and
losses are driven by movements in the Taiwan Dollar, Euro, and
British Pound Sterling 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 one of the Company’s subsidiaries. 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 effective tax rate of 18.0% and 15.7% for the quarter and
year-to-date ended December 29, 2018, respectively, and a pro forma
effective tax rate of 20.5% and 20.9% for the quarter and
year-to-date ended December 30, 2017, respectively. (3) The
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
financial 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 operating performance and allows more
accurate comparisons of the Company’s operating results to
historical performance. 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.
Garmin Ltd. And
Subsidiaries Free Cash Flow (in thousands)
13-Weeks Ended 52-Weeks Ended December 29,
December 30, December 29, December 30,
2018 2017 2018 2017
Net cash provided by operating activities $ 217,737 $
198,265 $ 919,520 $ 660,842 Less: purchases of property and
equipment (32,909) (54,484) (155,755) (139,696) Free
Cash Flow $ 184,828 $ 143,781 $ 763,765 $ 521,146
Forward-looking Financial Measures
The forward-looking financial measures in our 2019 guidance
provided above do not consider the potential effect of certain
discrete tax items, foreign currency exchange gains and losses, and
any other impacts that may be identified as pro forma adjustments
in calculating the non-GAAP measures described above. At this time
management is unable to determine whether or not significant
discrete tax items will occur in fiscal 2019, reasonably estimate
such foreign currency gains and losses, or anticipate the impact of
any other events that may be considered in the calculation of
non-GAAP financial measures.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20190220005338/en/
Investor Relations Contact:Teri
Seck913/397-8200investor.relations@garmin.com
Media Relations Contact:Carly
Hysell913/397-8200media.relations@garmin.com
Garmin (NASDAQ:GRMN)
Historical Stock Chart
From Mar 2024 to Apr 2024
Garmin (NASDAQ:GRMN)
Historical Stock Chart
From Apr 2023 to Apr 2024