10-Q 1 grmn-20210925.htm 10-Q 10-Q
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United States

Securities and Exchange Commission

Washington, D.C. 20549

 

 

FORM 10-Q

 

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the quarterly period ended September 25, 2021

 

or

 

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the transition period from to

 

Commission file number 0-31983

 

 

GARMIN LTD.

(Exact name of Company as specified in its charter)

 

Switzerland

 

98-0229227

(State or other jurisdiction

 

(I.R.S. Employer

of incorporation or organization)

 

identification no.)

 

 

 

Mühlentalstrasse 2

 

 

8200 Schaffhausen

 

 

Switzerland

 

N/A

(Address of principal executive offices)

 

(Zip Code)

 

Company’s telephone number, including area code: +41 52 630 1600

 

Securities registered pursuant to Section 12(b) of the Act:

 

Registered Shares, CHF 0.10 Per Share Par Value

 

GRMN

 

The Nasdaq Stock Market LLC

(Title of each class)

 

(Trading Symbol)

 

(Name of each exchange on which registered)

 

Indicate by check mark whether the Company (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Company was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

YesNO

 

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

YesNO

 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer”, “accelerated filer”, “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large Accelerated Filer

 

Accelerated Filer

Non-accelerated Filer

 

Smaller reporting company

 

 

 

Emerging growth company

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. YES NO

 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

YES NO

 

Number of shares outstanding of the registrant’s common shares as of October 22, 2021

Registered Shares, CHF 0.10 par value: 192,322,049 (excluding treasury shares)

 

 

 

 


 

Garmin Ltd.

Form 10-Q

Quarter Ended September 25, 2021

 

Table of Contents

 

 

 

 

 

Page

 

 

 

 

 

Part I - Financial Information

 

1

 

 

 

 

 

Item 1.

 

Condensed Consolidated Financial Statements

 

1

 

 

 

 

 

 

 

Condensed Consolidated Balance Sheets at September 25, 2021 and December 26, 2020 (Unaudited)

 

1

 

 

 

 

 

 

 

Condensed Consolidated Statements of Income for the 13-Weeks and 39-Weeks ended September 25, 2021 and September 26, 2020 (Unaudited)

 

2

 

 

 

 

 

 

 

Condensed Consolidated Statements of Comprehensive Income for the 13-Weeks and 39-Weeks ended September 25, 2021 and September 26, 2020 (Unaudited)

 

3

 

 

 

 

 

 

 

Condensed Consolidated Statements of Stockholders’ Equity for the 13-Weeks and 39-Weeks ended September 25, 2021 and September 26, 2020 (Unaudited)

 

4

 

 

 

 

 

 

 

Condensed Consolidated Statements of Cash Flows for the 39-Weeks ended September 25, 2021 and September 26, 2020 (Unaudited)

 

6

 

 

 

 

 

 

 

Notes to Condensed Consolidated Financial Statements (Unaudited)

 

7

 

 

 

 

 

Item 2.

 

Management’s Discussion and Analysis of Financial Condition and Results of Operations

 

15

 

 

 

 

 

Item 3.

 

Quantitative and Qualitative Disclosures About Market Risk

 

25

 

 

 

 

 

Item 4.

 

Controls and Procedures

 

25

 

 

 

 

 

Part II - Other Information

 

26

 

 

 

 

 

Item 1.

 

Legal Proceedings

 

26

 

 

 

 

 

Item 1A.

 

Risk Factors

 

26

 

 

 

 

 

Item 2.

 

Unregistered Sales of Equity Securities and Use of Proceeds

 

27

 

 

 

 

 

Item 3.

 

Defaults Upon Senior Securities

 

27

 

 

 

 

 

Item 4.

 

Mine Safety Disclosures

 

27

 

 

 

 

 

Item 5.

 

Other Information

 

27

 

 

 

 

 

Item 6.

 

Exhibits

 

28

 

 

 

 

 

Signature Page

 

29

 

 

i


 

Part I - Financial Information

Item I - Condensed Consolidated Financial Statements

Garmin Ltd. and Subsidiaries

 

Condensed Consolidated Balance Sheets (Unaudited)

(In thousands, except per share information)

 

 

 

September 25,
2021

 

 

December 26, 2020

 

Assets

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

Cash and cash equivalents

 

$

1,639,056

 

 

$

1,458,442

 

Marketable securities

 

 

345,214

 

 

 

387,642

 

Accounts receivable, net

 

 

639,345

 

 

 

849,469

 

Inventories

 

 

1,113,503

 

 

 

762,084

 

Deferred costs

 

 

16,046

 

 

 

20,145

 

Prepaid expenses and other current assets

 

 

255,802

 

 

 

191,569

 

Total current assets

 

 

4,008,966

 

 

 

3,669,351

 

 

 

 

 

 

 

 

Property and equipment, net

 

 

974,981

 

 

 

855,539

 

Operating lease right-of-use assets

 

 

89,934

 

 

 

94,626

 

Marketable securities

 

 

1,253,589

 

 

 

1,131,175

 

Deferred income taxes

 

 

251,983

 

 

 

245,455

 

Noncurrent deferred costs

 

 

13,035

 

 

 

16,510

 

Intangible assets, net

 

 

809,163

 

 

 

828,566

 

Other assets

 

 

169,838

 

 

 

190,151

 

Total assets

 

$

7,571,489

 

 

$

7,031,373

 

 

 

 

 

 

 

 

Liabilities and Stockholders’ Equity

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

Accounts payable

 

$

318,604

 

 

$

258,885

 

Salaries and benefits payable

 

 

173,566

 

 

 

181,937

 

Accrued warranty costs

 

 

42,849

 

 

 

42,643

 

Accrued sales program costs

 

 

78,251

 

 

 

109,891

 

Deferred revenue

 

 

87,770

 

 

 

86,865

 

Accrued advertising expense

 

 

30,044

 

 

 

31,950

 

Other accrued expenses

 

 

146,426

 

 

 

149,817

 

Income taxes payable

 

 

109,862

 

 

 

68,585

 

Dividend payable

 

 

386,567

 

 

 

233,644

 

Total current liabilities

 

 

1,373,939

 

 

 

1,164,217

 

 

 

 

 

 

 

 

Deferred income taxes

 

 

127,733

 

 

 

116,844

 

Noncurrent income taxes

 

 

78,176

 

 

 

92,810

 

Noncurrent deferred revenue

 

 

42,022

 

 

 

49,934

 

Noncurrent operating lease liabilities

 

 

71,527

 

 

 

75,958

 

Other liabilities

 

 

23,354

 

 

 

15,494

 

 

 

 

 

 

 

 

Stockholders’ equity:

 

 

 

 

 

 

Shares, CHF 0.10 par value, 198,077 shares authorized and issued; 192,322
   shares outstanding at September 25, 2021 and
191,571 shares outstanding
   at December 26, 2020

 

 

17,979

 

 

 

17,979

 

Additional paid-in capital

 

 

1,950,464

 

 

 

1,880,354

 

Treasury stock

 

 

(303,373

)

 

 

(320,016

)

Retained earnings

 

 

4,034,912

 

 

 

3,754,372

 

Accumulated other comprehensive income

 

 

154,756

 

 

 

183,427

 

Total stockholders’ equity

 

 

5,854,738

 

 

 

5,516,116

 

Total liabilities and stockholders’ equity

 

$

7,571,489

 

 

$

7,031,373

 

 

See accompanying notes.

1


 

Garmin Ltd. and Subsidiaries

Condensed Consolidated Statements of Income (Unaudited)

(In thousands, except per share information)

 

 

 

13-Weeks Ended

 

 

39-Weeks Ended

 

 

 

September 25,
2021

 

 

September 26,
2020

 

 

September 25,
2021

 

 

September 26,
2020

 

Net sales

 

$

1,191,973

 

 

$

1,109,194

 

 

$

3,591,206

 

 

$

2,835,168

 

Cost of goods sold

 

 

496,026

 

 

 

441,211

 

 

 

1,472,852

 

 

 

1,144,816

 

Gross profit

 

 

695,947

 

 

 

667,983

 

 

 

2,118,354

 

 

 

1,690,352

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Advertising expense

 

 

36,705

 

 

 

33,866

 

 

 

110,705

 

 

 

90,031

 

Selling, general and administrative expenses

 

 

162,515

 

 

 

142,134

 

 

 

485,896

 

 

 

411,335

 

Research and development expense

 

 

214,057

 

 

 

174,882

 

 

 

618,253

 

 

 

506,013

 

Total operating expense

 

 

413,277

 

 

 

350,882

 

 

 

1,214,854

 

 

 

1,007,379

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating income

 

 

282,670

 

 

 

317,101

 

 

 

903,500

 

 

 

682,973

 

Other income (expense):

 

 

 

 

 

 

 

 

 

 

 

 

Interest income

 

 

6,897

 

 

 

7,777

 

 

 

21,568

 

 

 

30,258

 

Foreign currency (losses) gains

 

 

(15,014

)

 

 

10,113

 

 

 

(30,621

)

 

 

(9,802

)

Other income

 

 

833

 

 

 

1,726

 

 

 

3,511

 

 

 

8,515

 

Total other income (expense)

 

 

(7,284

)

 

 

19,616

 

 

 

(5,542

)

 

 

28,971

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income before income taxes

 

 

275,386

 

 

 

336,717

 

 

 

897,958

 

 

 

711,944

 

Income tax provision

 

 

16,347

 

 

 

23,300

 

 

 

101,894

 

 

 

53,168

 

Net income

 

$

259,039

 

 

$

313,417

 

 

$

796,064

 

 

$

658,776

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income per share:

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

1.35

 

 

$

1.64

 

 

$

4.14

 

 

$

3.45

 

Diluted

 

$

1.34

 

 

$

1.63

 

 

$

4.13

 

 

$

3.44

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average common shares outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

192,322

 

 

 

191,234

 

 

 

192,123

 

 

 

191,021

 

Diluted

 

 

193,185

 

 

 

191,998

 

 

 

192,955

 

 

 

191,760

 

 

See accompanying notes.

2


 

Garmin Ltd. and Subsidiaries

Condensed Consolidated Statements of Comprehensive Income (Unaudited)

(In thousands)

 

 

 

13-Weeks Ended

 

 

39-Weeks Ended

 

 

 

September 25,
2021

 

 

September 26,
2020

 

 

September 25,
2021

 

 

September 26,
2020

 

Net income

 

$

259,039

 

 

$

313,417

 

 

$

796,064

 

 

$

658,776

 

Foreign currency translation adjustment

 

 

(8,702

)

 

 

26,721

 

 

 

(16,313

)

 

 

45,358

 

Change in fair value of available-for-sale marketable securities, net of deferred taxes

 

 

(3,169

)

 

 

2,528

 

 

 

(12,358

)

 

 

17,746

 

Comprehensive income

 

$

247,168

 

 

$

342,666

 

 

$

767,393

 

 

$

721,880

 

 

 

See accompanying notes.

3


 

Garmin Ltd. and Subsidiaries

Condensed Consolidated Statements of Stockholders’ Equity (Unaudited)

For the 13-Weeks Ended September 25, 2021 and September 26, 2020

(In thousands, except per share information)

 

 

 

 

Common
Stock

 

 

Additional
Paid-In
Capital

 

 

Treasury
Stock

 

 

Retained
Earnings

 

 

Accumulated
Other
Comprehensive
Income (Loss)

 

 

Total

 

Balance at June 27, 2020

 

$

17,979

 

 

$

1,851,695

 

 

$

(326,310

)

 

$

3,107,768

 

 

$

89,729

 

 

$

4,740,861

 

Net income

 

 

 

 

 

 

 

 

 

 

 

313,417

 

 

 

 

 

 

313,417

 

Translation adjustment

 

 

 

 

 

 

 

 

 

 

 

 

 

 

26,721

 

 

 

26,721

 

Adjustment related to unrealized gains (losses) on available-for-sale securities net of income tax effects of $31

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2,528

 

 

 

2,528

 

Comprehensive income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

342,666

 

Dividends declared

 

 

 

 

 

 

 

 

 

 

 

(26

)

 

 

 

 

 

(26

)

Issuance of treasury stock related to equity awards

 

 

 

 

 

(1,207

)

 

 

1,207

 

 

 

 

 

 

 

 

 

 

Stock compensation

 

 

 

 

 

22,031

 

 

 

 

 

 

 

 

 

 

 

 

22,031

 

Purchase of treasury stock related to equity awards

 

 

 

 

 

 

 

 

(1,191

)

 

 

 

 

 

 

 

 

(1,191

)

Balance at September 26, 2020

 

$

17,979

 

 

$

1,872,519

 

 

$

(326,294

)

 

$

3,421,159

 

 

$

118,978

 

 

$

5,104,341

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common
Stock

 

 

Additional
Paid-In
Capital

 

 

Treasury
Stock

 

 

Retained
Earnings

 

 

Accumulated
Other
Comprehensive
Income (Loss)

 

 

Total

 

Balance at June 26, 2021

 

$

17,979

 

 

$

1,927,137

 

 

$

(303,369

)

 

$

3,775,874

 

 

$

166,627

 

 

$

5,584,248

 

Net income

 

 

 

 

 

 

 

 

 

 

 

259,039

 

 

 

 

 

 

259,039

 

Translation adjustment

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(8,702

)

 

 

(8,702

)

Adjustment related to unrealized gains (losses) on available-for-sale securities net of income tax effects of $609

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(3,169

)

 

 

(3,169

)

Comprehensive income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

247,168

 

Dividends declared

 

 

 

 

 

 

 

 

 

 

 

(1

)

 

 

 

 

 

(1

)

Issuance of treasury stock related to equity awards

 

 

 

 

 

(28

)

 

 

28

 

 

 

 

 

 

 

 

 

 

Stock compensation

 

 

 

 

 

23,355

 

 

 

 

 

 

 

 

 

 

 

 

23,355

 

Purchase of treasury stock related to equity awards

 

 

 

 

 

 

 

 

(32

)

 

 

 

 

 

 

 

 

(32

)

Balance at September 25, 2021

 

$

17,979

 

 

$

1,950,464

 

 

$

(303,373

)

 

$

4,034,912

 

 

$

154,756

 

 

$

5,854,738

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

See accompanying notes.

 

4


 

Garmin Ltd. and Subsidiaries

Condensed Consolidated Statements of Stockholders’ Equity (Unaudited)

For the 39-Weeks Ended September 25, 2021 and September 26, 2020

(In thousands, except per share information)

 

 

 

 

Common
Stock

 

 

Additional
Paid-In
Capital

 

 

Treasury
Stock

 

 

Retained
Earnings

 

 

Accumulated
Other
Comprehensive
Income (Loss)

 

 

Total

 

Balance at December 28, 2019

 

$

17,979

 

 

$

1,835,622

 

 

$

(345,040

)

 

$

3,229,061

 

 

$

55,874

 

 

$

4,793,496

 

Net income

 

 

 

 

 

 

 

 

 

 

 

658,776

 

 

 

 

 

 

658,776

 

Translation adjustment

 

 

 

 

 

 

 

 

 

 

 

 

 

 

45,358

 

 

 

45,358

 

Adjustment related to unrealized gains (losses) on available-for-sale securities net of income tax effects of $2,903

 

 

 

 

 

 

 

 

 

 

 

 

 

 

17,746

 

 

 

17,746

 

Comprehensive income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

721,880

 

Dividends declared ($2.44 per share)

 

 

 

 

 

 

 

 

 

 

 

(466,678

)

 

 

 

 

 

(466,678

)

Issuance of treasury stock related to equity awards

 

 

 

 

 

(16,618

)

 

 

31,820

 

 

 

 

 

 

 

 

 

15,202

 

Stock compensation

 

 

 

 

 

53,515

 

 

 

 

 

 

 

 

 

 

 

 

53,515

 

Purchase of treasury stock related to equity awards

 

 

 

 

 

 

 

 

(13,074

)

 

 

 

 

 

 

 

 

(13,074

)

Balance at September 26, 2020

 

$

17,979

 

 

$

1,872,519

 

 

$

(326,294

)

 

$

3,421,159

 

 

$

118,978

 

 

$

5,104,341

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common
Stock

 

 

Additional
Paid-In
Capital

 

 

Treasury
Stock

 

 

Retained
Earnings

 

 

Accumulated
Other
Comprehensive
Income (Loss)

 

 

Total

 

Balance at December 26, 2020

 

$

17,979

 

 

$

1,880,354

 

 

$

(320,016

)

 

$

3,754,372

 

 

$

183,427

 

 

$

5,516,116

 

Net income

 

 

 

 

 

 

 

 

 

 

 

796,064

 

 

 

 

 

 

796,064

 

Translation adjustment

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(16,313

)

 

 

(16,313

)

Adjustment related to unrealized gains (losses) on available-for-sale securities net of income tax effects of $2,918

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(12,358

)

 

 

(12,358

)

Comprehensive income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

767,393