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Garmin announces second quarter results

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Company reports record second quarter revenue and operating income

SCHAFFHAUSEN, Switzerland, July 28, 2021--(BUSINESS WIRE)--Garmin® Ltd. (NASDAQ: GRMN), today announced results for the second quarter ended June 26, 2021.

Highlights for second quarter 2021 include:

  • Total revenue of $1.33 billion, a 53% increase over the prior year quarter with double-digit growth in all segments

  • Gross margin of 58.8% compared to 59.3% in the prior year quarter

  • Operating margin improved to 28.0% compared to 21.7% in the prior year quarter

  • Operating income of $371 million, a 97% increase over the prior year quarter

  • GAAP EPS was $1.64 and pro forma EPS(1) was $1.68, representing 85% growth in pro forma EPS over the prior year quarter

  • Garmin Autoland was awarded the 2020 Robert J. Collier Trophy, which recognizes the greatest achievements in aeronautics or astronautics in America

  • Expanded our family of health and fitness smartwatches with the launch of Venu 2 and Venu 2S

  • Launched Descent Mk2S, our smallest watch-style dive computer

(In thousands, except per share information)

13-Weeks Ended

26-Weeks Ended

June 26,

June 27,

YoY

June 26,

June 27,

YoY

2021

2020

Change

2021

2020

Change

Net sales

$

1,326,905

$

869,867

53

%

$

2,399,232

$

1,725,975

39

%

Fitness

413,201

294,642

40

%

721,326

518,242

39

%

Outdoor

323,405

206,200

57

%

579,859

381,302

52

%

Aviation

180,832

126,140

43

%

354,721

314,739

13

%

Marine

261,790

157,827

66

%

471,163

320,832

47

%

Auto

147,677

85,058

74

%

272,163

190,860

43

%

Gross margin %

58.8

%

59.3

%

59.3

%

59.2

%

Operating income %

28.0

%

21.7

%

25.9

%

21.2

%

GAAP diluted EPS

$

1.64

$

0.96

71

%

$

2.78

$

1.80

54

%

Pro forma diluted EPS(1)

$

1.68

$

0.91

85

%

$

2.85

$

1.82

57

%

(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:

"Strong demand for active lifestyle products continued, and we experienced solid recovery within our aviation and auto segments resulting in record revenue and profits in the second quarter," said Cliff Pemble, President and CEO of Garmin. "We are very pleased with the results we have delivered thus far, giving us confidence to raise our full year 2021 revenue and EPS guidance."

Fitness:

Revenue from the fitness segment grew 40% in the second quarter driven by strong demand for our cycling and advanced wearable products. Gross margin and operating margin were 54% and 28%, respectively, resulting in 62% operating income growth. During the quarter, we launched the Forerunner 945 LTE, bringing safety and real-time tracking features to our premium GPS running smartwatch. This watch is designed to allow runners to send for help, if necessary, and stay connected without their phones. In addition, we celebrated Global Running Day with the launch of the Forerunner 55, an easy-to-use smartwatch that encourages runners of all skill levels to get out and run.

Outdoor:

Revenue from the outdoor segment grew 57% in the second quarter with growth across all categories led by strong demand for adventure watches. Gross margin and operating margin were 64% and 38%, respectively, resulting in 81% operating income growth. During the quarter, we launched Descent Mk2S, a stylish smartwatch featuring multiple dive modes, multisport training and smart features. We also debuted our children’s book, "Women of Adventure: Being Brave in a Big World," featuring six stories from our Women of Adventure series. The book captures the traits that make each woman unique while touching on the science behind her sport or passion, to encourage readers to explore the world and find ways to be brave every day.

Aviation:

Revenue from the aviation segment grew 43% in the second quarter with contributions from both OEM and aftermarket product categories. Gross margin and operating margin were 73% and 28%, respectively, resulting in 226% operating income growth. During the quarter, Garmin Autoland won the prestigious Robert J. Collier Trophy, for the world’s first autonomous system designed to activate during an emergency to safely fly and land an aircraft without human interaction. In addition, we announced the acquisition of AeroData, a leading provider of performance data solutions for commercial aircraft.

Marine:

Revenue from the marine segment grew 66% in the second quarter with growth across multiple categories, led by strong demand for our chartplotters. Gross margin and operating margin were 58% and 34%, respectively, resulting in 106% operating income growth. During the quarter, we announced the integration of our displays on Mercury-powered boats which can receive engine performance data via Mercury’s new SmartCraft Connect gateway, which enables monitoring of up to four engines simultaneously. We launched the MSC 10 marine satellite compass, a GPS-based navigation tool with multi-band GNSS and a fully integrated attitude and heading reference system for a smooth and accurate GPS-derived heading and position on the water. Also, with the assistance of our innovative marine electronics, Hank Cherry, a Garmin sponsored angler, won the Bassmaster Classic.

Auto:

Revenue from the auto segment grew 74% during the second quarter driven by both auto OEM programs and consumer auto products. Gross margin was 43%, and we recorded an operating loss of $8 million in the quarter driven by investments in auto OEM programs. During the quarter, we launched the dezl OTR500, truck navigator that adds PrePass weigh station bypass notifications saving drivers time, fuel and money. Also, we launched our first connected dash cam with automatic video storage and Live View monitoring options.

Additional Financial Information:

Total operating expenses in the second quarter were $410 million, a 25% increase over the prior year. Research and development increased by 21%, primarily due to engineering personnel costs across all segments. Selling, general and administrative expenses increased 26%, driven primarily by personnel related expenses and information technology costs. Advertising increased 47% driven primarily by higher spend in the fitness and outdoor segments.

The effective tax rate in the second quarter of 2021 was 14.8%.

In the second quarter of 2021, we generated approximately $120 million of free cash flow(1) and paid a quarterly dividend of approximately $117 million. We ended the quarter with cash and marketable securities of approximately $3.2 billion.

(1)

See attached Non-GAAP Financial Information for discussion and reconciliation of non-GAAP financial measures, including pro forma effective tax rate and free cash flow.

2021 Guidance(2):

Based on our strong performance in the first half of 2021, we are updating our full year guidance. We now anticipate revenue of approximately $4.9 billion with projected growth in all segments. We anticipate our full year pro forma EPS will be approximately $5.50 based on a gross margin of approximately 58.5%, operating margin of approximately 23.8% and a full year pro forma effective tax rate of approximately 11.5%.

2021 Guidance

Segment

Revenue Growth Estimates

Updated

Prior

Updated

Prior

Revenue

$4.9B

$4.6B

Fitness

17%

10%

Gross Margin

58.5%

59.2%

Outdoor

17%

10%

Operating Margin

23.8%

23.5%

Aviation

10%

5%

Tax Rate

11.5%

10.5%

Marine

27%

15%

EPS

$5.50

$5.15

Auto

15%

5%

(2) All amounts and %s in the above 2021 Guidance tables are approximate. Also, see attached discussion on Forward-looking Financial Measures

Webcast Information/Forward-Looking Statements:

The information for Garmin Ltd.’s earnings call is as follows:

When:

Wednesday, July 28, 2021 at 10:30 a.m. Eastern

Where:

https://www.garmin.com/en-US/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 July 27, 2022 on the Garmin website at www.garmin.com. To access the replay, click on the Investors 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 "anticipates," "would," "may," "expects," "estimates," "plans," "intends," "projects," and other words or phrases with similar meanings. Any statements regarding the Company’s expected fiscal 2021 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 launches, market reach, statements relating to possible future dividends, statements related to the ongoing impact of the COVID-19 pandemic, 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 both the Annual Report on Form 10-K for the year ended December 26, 2020 and the Quarterly Report on Form 10-Q for the quarter ended June 26, 2021 filed by Garmin with the Securities and Exchange Commission (Commission file number 0-31983). A copy of Garmin’s 2020 Form 10-K and the Q2 2021 Form 10-Q can be downloaded from https://www.garmin.com/en-US/investors/sec/. All information provided in this release and in the attachments is as of June 26, 2021. Undue reliance should not be placed on the forward-looking statements in this press release, which are based on information available to us on the date hereof. We undertake no duty to update this information unless required by law.

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, Forerunner are trademarks of Garmin Ltd. or its subsidiaries and are registered in one or more countries, including the U.S. Descent and dezl 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

26-Weeks Ended

June 26,

June 27,

June 26,

June 27,

2021

2020

2021

2020

Net sales

$

1,326,905

$

869,867

$

2,399,232

$

1,725,975

Cost of goods sold

546,054

354,437

976,825

703,605

Gross profit

780,851

515,430

1,422,407

1,022,370

Advertising expense

42,939

29,285

74,000

56,165

Selling, general and administrative expense

165,759

132,016

323,381

269,202

Research and development expense

200,981

165,740

404,195

331,131

Total operating expense

409,679

327,041

801,576

656,498

Operating income

371,172

188,389

620,831

365,872

Other income (expense):

Interest income

7,018

10,455

14,670

22,481

Foreign currency losses

(7,326

)

(4,493

)

(15,607

)

(19,916

)

Other income

1,195

3,241

2,679

6,789

Total other income (expense)

887

9,203

1,742

9,354

Income before income taxes

372,059

197,592

622,573

375,226

Income tax provision

55,062

13,412

85,548

29,866

Net income

$

316,997

$

184,180

$

537,025

$

345,360

Net income per share:

Basic

$

1.65

$

0.96

$

2.80

$

1.81

Diluted

$

1.64

$

0.96

$

2.78

$

1.80

Weighted average common shares outstanding:

Basic

192,150

191,024

192,023

190,914

Diluted

192,871

191,597

192,840

191,640

Garmin Ltd. and Subsidiaries

Condensed Consolidated Balance Sheets (Unaudited)

(In thousands, except per share information)

June 26,
2021

December 26,
2020

Assets

Current assets:

Cash and cash equivalents

$

1,639,447

$

1,458,442

Marketable securities

330,567

387,642

Accounts receivable, net

737,268

849,469

Inventories

938,607

762,084

Deferred costs

16,966

20,145

Prepaid expenses and other current assets

220,910

191,569

Total current assets

3,883,765

3,669,351

Property and equipment, net

957,924

855,539

Operating lease right-of-use assets

93,097

94,626

Marketable securities

1,203,705

1,131,175

Deferred income taxes

250,230

245,455

Noncurrent deferred costs

13,814

16,510

Intangible assets, net

820,116

828,566

Other assets

180,073

190,151

Total assets

$

7,402,724

$

7,031,373

Liabilities and Stockholders’ Equity

Current liabilities:

Accounts payable

$

303,947

$

258,885

Salaries and benefits payable

160,815

181,937

Accrued warranty costs

44,575

42,643

Accrued sales program costs

97,213

109,891

Deferred revenue

85,888

86,865

Accrued advertising expense

31,481

31,950

Other accrued expenses

140,807

149,817

Income taxes payable

78,797

68,585

Dividend payable

515,307

233,644

Total current liabilities

1,458,830

1,164,217

Deferred income taxes

124,149

116,844

Noncurrent income taxes

97,556

92,810

Noncurrent deferred revenue

43,554

49,934

Noncurrent operating lease liabilities

74,336

75,958

Other liabilities

20,051

15,494

Stockholders’ equity:

Shares, CHF 0.10 par value, 198,077 shares authorized and issued; 192,321 shares outstanding at June 26, 2021 and 191,571 shares outstanding at December 26, 2020

17,979

17,979

Additional paid-in capital

1,927,137

1,880,354

Treasury stock

(303,369

)

(320,016

)

Retained earnings

3,775,874

3,754,372

Accumulated other comprehensive income

166,627

183,427

Total stockholders’ equity

5,584,248

5,516,116

Total liabilities and stockholders’ equity

$

7,402,724

$

7,031,373

Garmin Ltd. and Subsidiaries

Condensed Consolidated Statements of Cash Flows (Unaudited)

(In thousands)

26-Weeks Ended

June 26, 2021

June 27, 2020

Operating Activities:

Net income

$

537,025

$

345,360

Adjustments to reconcile net income to net cash provided by operating activities:

Depreciation

48,776

37,030

Amortization

25,903

20,502

Loss (gain) on sale or disposal of property and equipment

207

(1,807

)

Unrealized foreign currency losses

12,205

16,678

Deferred income taxes

5,560

272

Stock compensation expense

45,301

31,484

Realized gain on marketable securities

(374

)

(331

)

Changes in operating assets and liabilities, net of acquisitions:

Accounts receivable, net of allowance for doubtful accounts

103,928

178,120

Inventories

(177,193

)

(57,126

)

Other current and non-current assets

(27,279

)

(10,427

)

Accounts payable

44,144

(51,463

)

Other current and non-current liabilities

(39,377

)

(58,662

)

Deferred revenue

(7,317

)

(19,301

)

Deferred costs

5,863

7,817

Income taxes payable

20,670

(13,035

)

Net cash provided by operating activities

598,042

425,111

Investing activities:

Purchases of property and equipment

(146,542

)

(98,270

)

Proceeds from sale of property and equipment

8

1,916

Purchase of intangible assets

(1,170

)

(1,374

)

Purchase of marketable securities

(755,360

)

(346,129

)

Redemption of marketable securities

720,937

566,688

Acquisitions, net of cash acquired

(15,893

)

(7,893

)

Net cash (used in) provided by investing activities

)

114,938

Financing activities:

Dividends

(233,860

)

(217,450

)

Proceeds from issuance of treas...ury stock related to equity awards

35,733

15,202

Purchase of treasury stock related to equity awards

(17,604

)

(11,883

)

Net cash used in financing activities

(215,731

)

(214,131

)

Effect of exchange rate changes on cash and cash equivalents

(2,819

)

1,651

Net increase in cash, cash equivalents, and restricted cash

181,472

327,569

Cash, cash equivalents, and restricted cash at beginning of period

1,458,748

1,027,638

Cash, cash equivalents, and restricted cash at end of period

$

1,640,220

$

1,355,207

The following table includes supplemental financial information for the consumer auto and auto OEM operating segments that management believes is useful.

Garmin Ltd. and Subsidiaries

Net Sales, Gross Profit and Operating Income by Segment

(In thousands)

Auto

Fitness

Outdoor

Aviation

Marine

Total
Auto

Consumer
Auto

Auto
OEM

Total

13-Weeks Ended June 26, 2021

Net sales

$

413,201

$

323,405

$

180,832

$

261,790

$

147,677

$

86,278

$

61,399

$

1,326,905

Gross profit

225,192

208,158

131,934

152,609

62,958

42,261

20,697

780,851

Operating income (loss)

116,966

122,056

50,810

89,752

(8,412

)

15,684

(24,096

)

371,172

13-Weeks Ended June 27, 2020

Net sales

$

294,642

$

206,200

$

126,140

$

157,827

$

85,058

$

55,270

$

29,788

$

869,867

Gross profit

156,817

133,189

92,036

93,470

39,918

26,917

13,001

515,430

Operating income (loss)

71,981

67,414

15,566

43,553

(10,125

)

4,237

(14,362

)

188,389

26-Weeks Ended June 26, 2021

Net sales

$

721,326

$

579,859

$

354,721

$

471,163

$

272,163

$

148,673

$

123,490

$

2,399,232

Gross profit

398,737

379,833

258,116

273,989

111,732

74,225

37,507

1,422,407

Operating income (loss)

190,702

215,085

95,679

151,315

(31,950

)

24,084

(56,034

)

620,831

26-Weeks Ended June 27, 2020

Net sales

$

518,242

$

381,302

$

314,739

$

320,832

$

190,860

$

114,283

$

76,577

$

1,725,975

Gross profit

269,142

245,447

230,844

187,680

89,257

55,029

34,228

1,022,370

Operating income (loss)

102,992

114,581

74,887

83,712

(10,300

)

7,450

(17,750

)

365,872

Garmin Ltd. and Subsidiaries

Net Sales by Geography

(In thousands)

13-Weeks Ended

26-Weeks Ended

June 26,

June 27,

YoY

June 26,

June 27,

YoY

2021

2020

Change

2021

2020

Change

Net sales

$

1,326,905

$

869,867

53%

$

2,399,232

$

1,725,975

39%

Americas

646,393

423,091

53%

1,150,085

850,491

35%

EMEA

488,724

335,201

46%

888,232

635,069

40%

APAC

191,788

111,575

72%

360,915

240,415

50%

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 effective tax rate, pro forma net income (earnings) per share 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 the first and second quarter 2021, there were no such discrete tax items identified.

(In thousands)

13-Weeks Ended

26-Weeks Ended

June 26,

June 27,

June 26,

June 27,

2021

2020

2021

2020

$

ETR(1)

$

ETR(1)

$

ETR(1)

$

ETR(1)

GAAP income tax provision

$

55,062

14.8

%

$

13,412

6.8

%

$

85,548

13.7

%

$

29,866

8.0

%

Pro forma discrete tax item:

Uncertain tax reserve release(2)

14,308

14,308

Pro forma income tax provision

$

55,062

14.8

%

$

27,720

14.0

%

$

85,548

13.7

%

$

44,174

11.8

%

(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 second quarter 2020, the Company recognized a $14.3 million income tax benefit due to the release of uncertain tax position reserves associated with the 2014 intercompany restructuring, which was a pro forma adjustment in 2014. The second quarter 2020 impact of the reserve release is not reflective of income tax expense incurred as a result of current period earnings and therefore affects period-to-period comparability.

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.

(In thousands, except per share information)

13-Weeks Ended

26-Weeks Ended

June 26,

June 27,

June 26,

June 27,

2021

2020

2021

2020

GAAP net income

$

316,997

$

184,180

$

537,025

$

345,360

Foreign currency losses(1)

7,326

4,493

15,607

19,916

Tax effect of foreign currency losses(2)

(1,084

)

(630

)

(2,145

)

(2,345

)

Pro forma discrete tax item(3)

(14,308

)

(14,308

)

Pro forma net income

$

323,239

$

173,735

$

550,487

$

348,623

GAAP net income per share:

Basic

$

1.65

$

0.96

$

2.80

$

1.81

Diluted

$

1.64

$

0.96

$

2.78

$

1.80

Pro forma net income per share:

Basic

$

1.68

$

0.91

$

2.87

$

1.83

Diluted

$

1.68

$

0.91

$

2.85

$

1.82

Weighted average common shares outstanding:

Basic

192,150

191,024

192,023

190,914

Diluted

192,871

191,597

192,840

191,640

(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 effective tax rate of 14.8% and 13.7% for the 13-weeks and 26-weeks ended June 26, 2021, respectively, and a pro forma effective tax rate of 14.0% and 11.8% for the 13-weeks and 26-weeks ended June 27, 2020, respectively.

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

Free cash flow

Management believes that free cash flow is an important liquidity 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 operations and allows more accurate comparisons of the Company’s results between periods. 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.

(In thousands)

13-Weeks Ended

26-Weeks Ended

June 26,

June 27,

June 26,

June 27,

2021

2020

2021

2020

Net cash provided by operating activities

$

229,680

$

199,237

$

598,042

$

425,111

Less: purchases of property and equipment

(109,648

)

(56,909

)

(146,542

)

(98,270

)

Free Cash Flow

$

120,032

$

142,328

$

451,500

$

326,841

Forward-looking Financial Measures

The forward-looking financial measures in our 2021 guidance provided above do not consider the potential future net effect of foreign currency exchange gains and losses, certain discrete tax items and any other impacts that may be identified as pro forma adjustments in calculating the non-GAAP measures described above.

The estimated impact of foreign currency gains and losses cannot be reasonably estimated on a forward-looking basis due to the high variability and low visibility with respect to non-operating foreign currency exchange gains and losses and the related tax effects of such gains and losses. The impact on diluted net income per share of foreign currency gains and losses, net of tax effects, was $0.07 per share for the 26-weeks ended June 26, 2021.

At this time, management is unable to determine whether or not significant discrete tax items will occur in fiscal 2021 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/20210728005350/en/

Contacts

Investor Relations Contact:
Teri Seck
913/397-8200
investor.relations@garmin.com

Media Relations Contact:
Krista Klaus
913/397-8200
media.relations@garmin.com