10-Q 1 grmn-20220625.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 June 25, 2022

 

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 001-41118

 

 

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

 

New York Stock Exchange

(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 July 22, 2022

Registered Shares, CHF 0.10 par value: 192,855,133 (excluding treasury shares)

 

 

 

 


 

Garmin Ltd.

Form 10-Q

Quarter Ended June 25, 2022

 

Table of Contents

 

 

 

 

 

Page

 

 

 

 

 

Part I - Financial Information

 

1

 

 

 

 

 

Item 1.

 

Condensed Consolidated Financial Statements

 

1

 

 

 

 

 

 

 

Condensed Consolidated Balance Sheets at June 25, 2022 and December 25, 2021 (Unaudited)

 

1

 

 

 

 

 

 

 

Condensed Consolidated Statements of Income for the 13-Weeks and 26-Weeks ended June 25, 2022 and June 26, 2021 (Unaudited)

 

2

 

 

 

 

 

 

 

Condensed Consolidated Statements of Comprehensive Income for the 13-Weeks and 26-Weeks ended June 25, 2022 and June 26, 2021 (Unaudited)

 

3

 

 

 

 

 

 

 

Condensed Consolidated Statements of Stockholders’ Equity for the 13-Weeks and 26-Weeks ended June 25, 2022 and June 26, 2021 (Unaudited)

 

4

 

 

 

 

 

 

 

Condensed Consolidated Statements of Cash Flows for the 26-Weeks ended June 25, 2022 and June 26, 2021 (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

 

23

 

 

 

 

 

Item 4.

 

Controls and Procedures

 

23

 

 

 

 

 

Part II - Other Information

 

24

 

 

 

 

 

Item 1.

 

Legal Proceedings

 

24

 

 

 

 

 

Item 1A.

 

Risk Factors

 

24

 

 

 

 

 

Item 2.

 

Unregistered Sales of Equity Securities and Use of Proceeds

 

24

 

 

 

 

 

Item 3.

 

Defaults Upon Senior Securities

 

24

 

 

 

 

 

Item 4.

 

Mine Safety Disclosures

 

24

 

 

 

 

 

Item 5.

 

Other Information

 

24

 

 

 

 

 

Item 6.

 

Exhibits

 

25

 

 

 

 

 

Signature Page

 

26

 

 

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)

 

 

 

June 25,
2022

 

 

December 25,
2021

 

Assets

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

Cash and cash equivalents

 

$

1,087,381

 

 

$

1,498,058

 

Marketable securities

 

 

526,639

 

 

 

347,980

 

Accounts receivable, net

 

 

698,859

 

 

 

843,445

 

Inventories

 

 

1,454,868

 

 

 

1,227,609

 

Deferred costs

 

 

14,541

 

 

 

15,961

 

Prepaid expenses and other current assets

 

 

340,329

 

 

 

328,719

 

Total current assets

 

 

4,122,617

 

 

 

4,261,772

 

 

 

 

 

 

 

 

Property and equipment, net

 

 

1,113,562

 

 

 

1,067,478

 

Operating lease right-of-use assets

 

 

128,615

 

 

 

89,457

 

Noncurrent marketable securities

 

 

1,247,490

 

 

 

1,268,698

 

Deferred income tax assets

 

 

347,998

 

 

 

260,205

 

Noncurrent deferred costs

 

 

10,818

 

 

 

12,361

 

Goodwill

 

 

561,395

 

 

 

575,080

 

Other intangible assets, net

 

 

194,070

 

 

 

215,993

 

Other noncurrent assets

 

 

87,131

 

 

 

103,383

 

Total assets

 

$

7,813,696

 

 

$

7,854,427

 

 

 

 

 

 

 

 

Liabilities and Stockholders’ Equity

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

Accounts payable

 

$

319,732

 

 

$

370,048

 

Salaries and benefits payable

 

 

178,670

 

 

 

211,371

 

Accrued warranty costs

 

 

39,949

 

 

 

45,467

 

Accrued sales program costs

 

 

89,981

 

 

 

121,514

 

Other accrued expenses

 

 

216,862

 

 

 

225,988

 

Deferred revenue

 

 

86,553

 

 

 

87,654

 

Income taxes payable

 

 

127,685

 

 

 

128,083

 

Dividend payable

 

 

564,454

 

 

 

258,023

 

Total current liabilities

 

 

1,623,886

 

 

 

1,448,148

 

 

 

 

 

 

 

 

Deferred income tax liabilities

 

 

118,062

 

 

 

117,595

 

Noncurrent income taxes payable

 

 

60,233

 

 

 

62,539

 

Noncurrent deferred revenue

 

 

38,297

 

 

 

41,618

 

Noncurrent operating lease liabilities

 

 

106,952

 

 

 

70,044

 

Other noncurrent liabilities

 

 

333

 

 

 

324

 

 

 

 

 

 

 

 

Stockholders’ equity:

 

 

 

 

 

 

Shares, CHF 0.10 par value, 198,077 shares authorized and issued; 193,058
   shares outstanding at June 25, 2022 and
192,608 shares outstanding
   at December 25, 2021

 

 

17,979

 

 

 

17,979

 

Additional paid-in capital

 

 

2,008,931

 

 

 

1,960,722

 

Treasury stock (5,019 and 5,469 shares, respectively)

 

 

(315,886

)

 

 

(303,114

)

Retained earnings

 

 

4,225,521

 

 

 

4,320,737

 

Accumulated other comprehensive (loss) income

 

 

(70,612

)

 

 

117,835

 

Total stockholders’ equity

 

 

5,865,933

 

 

 

6,114,159

 

Total liabilities and stockholders’ equity

 

$

7,813,696

 

 

$

7,854,427

 

 

See accompanying notes.

1


 

Garmin Ltd. and Subsidiaries

Condensed Consolidated Statements of Income (Unaudited)

(In thousands, except per share information)

 

 

 

13-Weeks Ended

 

 

26-Weeks Ended

 

 

 

June 25,
2022

 

 

June 26,
2021

 

 

June 25,
2022

 

 

June 26,
2021

 

Net sales

 

$

1,240,833

 

 

$

1,326,905

 

 

$

2,413,496

 

 

$

2,399,232

 

Cost of goods sold

 

 

512,007

 

 

 

546,054

 

 

 

1,022,190

 

 

 

976,825

 

Gross profit

 

 

728,826

 

 

 

780,851

 

 

 

1,391,306

 

 

 

1,422,407

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Advertising expense

 

 

43,357

 

 

 

42,939

 

 

 

77,490

 

 

 

74,000

 

Selling, general and administrative expenses

 

 

191,211

 

 

 

180,717

 

 

 

381,995

 

 

 

352,705

 

Research and development expense

 

 

201,518

 

 

 

186,023

 

 

 

410,524

 

 

 

374,871

 

Total operating expense

 

 

436,086

 

 

 

409,679

 

 

 

870,009

 

 

 

801,576

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating income

 

 

292,740

 

 

 

371,172

 

 

 

521,297

 

 

 

620,831

 

Other income (expense):

 

 

 

 

 

 

 

 

 

 

 

 

Interest income

 

 

8,495

 

 

 

7,018

 

 

 

16,048

 

 

 

14,670

 

Foreign currency losses

 

 

(22,439

)

 

 

(7,326

)

 

 

(25,946

)

 

 

(15,607

)

Other income

 

 

170

 

 

 

1,195

 

 

 

3,431

 

 

 

2,679

 

Total other income (expense)

 

 

(13,774

)

 

 

887

 

 

 

(6,467

)

 

 

1,742

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income before income taxes

 

 

278,966

 

 

 

372,059

 

 

 

514,830

 

 

 

622,573

 

Income tax provision

 

 

21,093

 

 

 

55,062

 

 

 

45,366

 

 

 

85,548

 

Net income

 

$

257,873

 

 

$

316,997

 

 

$

469,464

 

 

$

537,025

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income per share:

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

1.34

 

 

$

1.65

 

 

$

2.43

 

 

$

2.80

 

Diluted

 

$

1.33

 

 

$

1.64

 

 

$

2.43

 

 

$

2.78

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average common shares outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

193,074

 

 

 

192,150

 

 

 

192,980

 

 

 

192,023

 

Diluted

 

 

193,450

 

 

 

192,871

 

 

 

193,515

 

 

 

192,840

 

 

See accompanying notes.

2


 

Garmin Ltd. and Subsidiaries

Condensed Consolidated Statements of Comprehensive Income (Unaudited)

(In thousands)

 

 

 

13-Weeks Ended

 

 

26-Weeks Ended

 

 

 

June 25,
2022

 

 

June 26,
2021

 

 

June 25,
2022

 

 

June 26,
2021

 

Net income

 

$

257,873

 

 

$

316,997

 

 

$

469,464

 

 

$

537,025

 

Foreign currency translation adjustment

 

 

(64,895

)

 

 

27,680

 

 

 

(121,807

)

 

 

(7,611

)

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

 

 

(16,628

)

 

 

(1,305

)

 

 

(66,640

)

 

 

(9,189

)

Comprehensive income

 

$

176,350

 

 

$

343,372

 

 

$

281,017

 

 

$

520,225

 

 

See accompanying notes.

3


 

Garmin Ltd. and Subsidiaries

Condensed Consolidated Statements of Stockholders’ Equity (Unaudited)

For the 13-Weeks Ended June 25, 2022 and June 26, 2021

(In thousands, except per share information)

 

 

 

Common
Stock

 

 

Additional
Paid-In
Capital

 

 

Treasury
Stock

 

 

Retained
Earnings

 

 

Accumulated
Other
Comprehensive
Income (Loss)

 

 

Total

 

Balance at March 27, 2021

 

$

17,979

 

 

$

1,892,934

 

 

$

(309,522

)

 

$

3,974,184

 

 

$

140,252

 

 

$

5,715,827

 

Net income

 

 

 

 

 

 

 

 

 

 

 

316,997

 

 

 

 

 

 

316,997

 

Translation adjustment

 

 

 

 

 

 

 

 

 

 

 

 

 

 

27,680

 

 

 

27,680

 

Adjustment related to unrealized gains (losses) on available-for-sale securities net of income tax effects of $78

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1,305

)

 

 

(1,305

)

Comprehensive income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

343,372

 

Dividends declared ($2.68 per share)

 

 

 

 

 

 

 

 

 

 

 

(515,307

)

 

 

 

 

 

(515,307

)

Issuance of treasury stock related to equity awards

 

 

 

 

 

11,600

 

 

 

6,476

 

 

 

 

 

 

 

 

 

18,076

 

Stock compensation

 

 

 

 

 

22,603

 

 

 

 

 

 

 

 

 

 

 

 

22,603

 

Purchase of treasury stock related to equity awards

 

 

 

 

 

 

 

 

(323

)

 

 

 

 

 

 

 

 

(323

)

Balance at June 26, 2021

 

$

17,979

 

 

$

1,927,137

 

 

$

(303,369

)

 

$

3,775,874

 

 

$

166,627

 

 

$

5,584,248

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common
Stock

 

 

Additional
Paid-In
Capital

 

 

Treasury
Stock

 

 

Retained
Earnings

 

 

Accumulated
Other
Comprehensive
Income (Loss)

 

 

Total

 

Balance at March 26, 2022

 

$

17,979

 

 

$

1,982,561

 

 

$

(294,711

)

 

$

4,532,102

 

 

$

10,911

 

 

$

6,248,842

 

Net income

 

 

 

 

 

 

 

 

 

 

 

257,873

 

 

 

 

 

 

257,873

 

Translation adjustment

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(64,895

)

 

 

(64,895

)

Adjustment related to unrealized gains (losses) on available-for-sale securities net of income tax effects of $4,757

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(16,628

)

 

 

(16,628

)

Comprehensive income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

176,350

 

Dividends declared ($2.92 per share)

 

 

 

 

 

 

 

 

 

 

 

(564,454

)

 

 

 

 

 

(564,454

)

Issuance of treasury stock related to equity awards

 

 

 

 

 

11,322

 

 

 

9,582

 

 

 

 

 

 

 

 

 

20,904

 

Stock compensation

 

 

 

 

 

15,048

 

 

 

 

 

 

 

 

 

 

 

 

15,048

 

Purchase of treasury stock related to equity awards

 

 

 

 

 

 

 

 

(111

)

 

 

 

 

 

 

 

 

(111

)

Purchase of treasury stock under share repurchase plan

 

 

 

 

 

 

 

 

(30,646

)

 

 

 

 

 

 

 

 

(30,646

)

Balance at June 25, 2022

 

$

17,979

 

 

$

2,008,931

 

 

$

(315,886

)

 

$

4,225,521

 

 

$

(70,612

)

 

$

5,865,933

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

See accompanying notes.

 

4


 

Garmin Ltd. and Subsidiaries

Condensed Consolidated Statements of Stockholders’ Equity (Unaudited)

For the 26-Weeks Ended June 25, 2022 and June 26, 2021

(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 26, 2020

 

$

17,979

 

 

$

1,880,354

 

 

$

(320,016

)

 

$

3,754,372

 

 

$

183,427

 

 

$

5,516,116

 

Net income

 

 

 

 

 

 

 

 

 

 

 

537,025

 

 

 

 

 

 

537,025

 

Translation adjustment

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(7,611

)

 

 

(7,611

)

Adjustment related to unrealized gains (losses) on available-for-sale securities net of income tax effects of $2,308

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(9,189

)

 

 

(9,189

)

Comprehensive income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

520,225

 

Dividends declared ($2.68 per share)

 

 

 

 

 

 

 

 

 

 

 

(515,523

)

 

 

 

 

 

(515,523

)

Issuance of treasury stock related to equity awards

 

 

 

 

 

1,482

 

 

 

34,251

 

 

 

 

 

 

 

 

 

35,733

 

Stock compensation

 

 

 

 

 

45,301