Garmin reports strong revenue and operating income growth for first quarter 2020; withdraws fiscal 2020 guidance due to COVID-19 economic uncertainty

SCHAFFHAUSEN, Switzerland--()--Garmin Ltd. (Nasdaq: GRMN – News) today announced results for the first quarter ended March 28, 2020.

Highlights for first quarter 2020 include:

  • Total revenue of $856 million, a 12% increase, with fitness, marine, outdoor and aviation collectively increasing 17% over the prior year quarter
  • Gross margin of 59.2% compared to 59.0% in the prior year quarter
  • Operating margin improved to 20.7% compared to 19.8% in the prior year quarter
  • Operating income of $177 million, increasing 17% over the prior year quarter
  • GAAP EPS was $0.84 and pro forma EPS(1) was $0.91, representing 25% growth over the prior year quarter
  • Strong balance sheet with no debt and $2.6 billion of cash and marketable securities
  • Garmin ADS-B solution selected for British Airways’ franchise partner SUN-AIR’s Dornier 328 aircraft
  • Recognized as an exceptional marine and aviation OEM supplier, winning several awards in the quarter
  • With the assistance of Panoptix LiveScope, Garmin sponsored anglers swept the top three spots at the 2020 Bassmaster Classic
  • Withdrawing fiscal 2020 guidance due to economic uncertainty caused by the COVID-19 pandemic

(in thousands, except per share data)

 

13-Weeks Ended

 

 

 

March 28,

 

 

March 30,

 

 

Yr over Yr

 

 

 

2020

 

 

2019

 

 

Change

 

Net sales

 

$

 

856,108

 

 

$

 

766,050

 

 

 

12

%

Fitness

 

 

223,601

 

 

 

180,256

 

 

 

24

%

Marine

 

 

163,005

 

 

 

133,968

 

 

 

22

%

Outdoor

 

 

175,102

 

 

 

154,051

 

 

 

14

%

Aviation

 

 

188,599

 

 

 

170,776

 

 

 

10

%

Auto

 

 

105,801

 

 

 

126,999

 

 

 

(17

)%

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross margin %

 

 

59.2

%

 

 

59.0

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating income %

 

 

20.7

%

 

 

19.8

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GAAP diluted EPS

 

$

 

0.84

 

 

$

 

0.74

 

 

 

14

%

Pro forma diluted EPS(1)

 

$

 

0.91

 

 

$

 

0.73

 

 

 

25

%

 

 

 

 

 

 

 

 

 

 

 

 

 

(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:

“The first quarter of 2020 was remarkably strong continuing the momentum from last year,” said Cliff Pemble, president and chief executive officer of Garmin Ltd. “The economic uncertainty and impact on consumer behavior caused by the COVID-19 pandemic affects every business, and we are no exception. Accordingly, we are withdrawing our fiscal 2020 guidance. However, we are optimistic for the long term because the markets we serve and the products we offer are well positioned to thrive in the future.”

Fitness:

Revenue from the fitness segment grew 24% in the first quarter driven by strength in advanced wearables and contributions from Tacx. Gross margin and operating margin were 50% and 14%, respectively, resulting in 71% operating income growth. Now more than ever, people are looking for tools that can help them live a healthy life. Our fitness segment is committed to providing innovative and compelling products that motivate our customers to achieve their fitness, health, and wellness goals.

Marine:

Revenue from the marine segment grew 22% in the first quarter driven by our innovative chartplotters and advanced sonars. Gross margin and operating margin were 58% and 25%, respectively, resulting in 58% operating income growth. Boating is an active lifestyle pursuit that promotes family time, relaxation, and a sense of freedom. Our marine segment is committed to providing leading edge, high quality products and systems with the latest technology that our customers demand as they turn their attention to activities on the water.

Outdoor:

Revenue from the outdoor segment grew 14% in the first quarter with significant contributions from adventure watches. Gross margin and operating margin were 64% and 27%, respectively, resulting in 12% operating income growth. Outdoor recreation is important for those who love adventure and exploring nature. Our outdoor segment is committed to providing compelling products that enable and enrich the experiences of our customers as they turn their attention to activities in the great outdoors.

Aviation:

Revenue from the aviation segment grew 10% in the first quarter with contributions from multiple product categories. Gross margin and operating margin were 74% and 31%, respectively, resulting in 3% operating income growth. General aviation will play an important role in the future by offering transportation options that are secure, flexible, and convenient. Our aviation segment is committed to providing products and services that make general aviation safer and more accessible.

Auto:

Revenue from the auto segment declined 17% during the first quarter, primarily due to the ongoing PND market contraction and lower year-over-year OEM sales. Gross margin was 47% with breakeven operating income. Personal transportation will remain an important part of the post-pandemic world. Our auto segment is committed to enhancing the automotive experience through compelling aftermarket products for adventure, professional and daily drivers, and becoming a respected tier 1 supplier of innovative electronic solutions for a broad range of vehicles.

Additional Financial Information:

Total operating expenses in the first quarter were $329 million, a 10% increase over the prior year. Research and development increased 13%, primarily due to engineering personnel costs and incremental costs associated with acquisitions. Selling, general and administrative expenses increased 8%, driven primarily by personnel related expenses and incremental costs associated with acquisitions. Advertising decreased 3%, driven by lower spending in the auto, outdoor and marine segments.

The effective tax rate in the first quarter of 2020 was 9.3% compared to 15.7% in the prior year quarter. The decrease in the current quarter effective tax rate is primarily due to the migration of intellectual property ownership from Switzerland to the United States.

In the first quarter of 2020, we generated approximately $185 million of free cash flow(1). We continued to return cash to shareholders with our quarterly dividend of approximately $109 million. We ended the quarter with cash and marketable securities of approximately $2.6 billion.

As announced in February 2020, the Board has recommended to the shareholders for approval at the annual meeting to be held on June 5, 2020 a cash dividend in the total amount of $2.44 per share (subject to adjustment if the Swiss Franc weakens more than 35% relative to the USD), payable in four equal installments on dates to be approved by the Board. The final $0.57 installment of the dividend approved at the 2019 annual meeting was paid on March 31, 2020 to shareholders of record as of March 16, 2020.

(1) See attached Non-GAAP Financial Information for discussion and reconciliation of non-GAAP financial measures, including free cash flow.

2020 Guidance:

We are withdrawing our fiscal 2020 guidance due to the rapid and unpredictable economic changes caused by the COVID-19 pandemic. Management expects to provide guidance once the trajectory of the economy and consumer behaviors are better understood.

Webcast Information/Forward-Looking Statements:

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

       

When:

       

Wednesday, April 29, 2020 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 April 29, 2021 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 “anticipates”, “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 2020, 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 both the Annual Report on Form 10-K for the year ended December 28, 2019 and the Quarterly Report on Form 10-Q for the quarter ended March 28, 2020 filed by Garmin with the Securities and Exchange Commission (Commission file number 0-31983). A copy of Garmin’s 2019 Form 10-K and the Q1 2020 Form 10-Q can be downloaded from https://www.garmin.com/en-US/investors/sec/

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 and the Garmin delta are trademarks of Garmin Ltd. or its subsidiaries and are registered in one or more countries, including the U.S. Panoptix LiveScope is a trademark 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

 

 

 

March 28,

 

 

March 30,

 

 

 

2020

 

 

2019

 

Net sales

 

$

856,108

 

 

$

766,050

 

 

 

 

 

 

 

 

 

 

Cost of goods sold

 

 

349,168

 

 

 

314,352

 

 

 

 

 

 

 

 

 

 

Gross profit

 

 

506,940

 

 

 

451,698

 

 

 

 

 

 

 

 

 

 

Advertising expense

 

 

26,880

 

 

 

27,615

 

Selling, general and administrative expense

 

 

137,186

 

 

 

126,781

 

Research and development expense

 

 

165,392

 

 

 

145,919

 

Total operating expense

 

 

329,458

 

 

 

300,315

 

 

 

 

 

 

 

 

 

 

Operating income

 

 

177,482

 

 

 

151,383

 

 

 

 

 

 

 

 

 

 

Other income (expense):

 

 

 

 

 

 

 

 

Interest income

 

 

12,026

 

 

 

13,704

 

Foreign currency (losses) gains

 

 

(15,423

)

 

 

314

 

Other income

 

 

3,550

 

 

 

864

 

Total other income (expense)

 

 

153

 

 

 

14,882

 

 

 

 

 

 

 

 

 

 

Income before income taxes

 

 

177,635

 

 

 

166,265

 

 

 

 

 

 

 

 

 

 

Income tax provision

 

 

16,455

 

 

 

26,092

 

 

 

 

 

 

 

 

 

 

Net income

 

$

161,180

 

 

$

140,173

 

 

 

 

 

 

 

 

 

 

Net income per share:

 

 

 

 

 

 

 

 

Basic

 

$

0.84

 

 

$

0.74

 

Diluted

 

$

0.84

 

 

$

0.74

 

 

 

 

 

 

 

 

 

 

Weighted average common shares outstanding:

 

 

 

 

 

 

 

 

Basic

 

 

190,803

 

 

 

189,601

 

Diluted

 

 

191,684

 

 

 

190,599

 

Garmin Ltd. And Subsidiaries

 

Condensed Consolidated Balance Sheets (Unaudited)

 

(In thousands, except per share information)

 

 

 

 

 

 

 

 

 

 

 

 

March 28, 2020

 

 

December 28, 2019

 

Assets

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

1,048,604

 

 

$

1,027,567

 

Marketable securities

 

 

391,646

 

 

 

376,463

 

Accounts receivable, net

 

 

500,242

 

 

 

706,763

 

Inventories

 

 

790,180

 

 

 

752,908

 

Deferred costs

 

 

23,650

 

 

 

25,105

 

Prepaid expenses and other current assets

 

 

174,564

 

 

 

169,044

 

Total current assets

 

 

2,928,886

 

 

 

3,057,850

 

 

 

 

 

 

 

 

 

 

Property and equipment, net

 

 

754,549

 

 

 

728,921

 

Operating lease right-of-use assets

 

 

66,497

 

 

 

63,589

 

 

 

 

 

 

 

 

 

 

Restricted cash

 

 

283

 

 

 

71

 

Marketable securities

 

 

1,199,613

 

 

 

1,205,475

 

Deferred income taxes

 

 

263,687

 

 

 

268,518

 

Noncurrent deferred costs

 

 

21,436

 

 

 

23,493

 

Intangible assets, net

 

 

658,777

 

 

 

659,629

 

Other assets

 

 

160,265

 

 

 

159,253

 

Total assets

 

$

6,053,993

 

 

$

6,166,799

 

 

 

 

 

 

 

 

 

 

Liabilities and Stockholders’ Equity

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

Accounts payable

 

$

200,281

 

 

$

240,831

 

Salaries and benefits payable

 

 

110,611

 

 

 

128,426

 

Accrued warranty costs

 

 

39,368

 

 

 

39,758

 

Accrued sales program costs

 

 

58,678

 

 

 

112,578

 

Deferred revenue

 

 

89,817

 

 

 

94,562

 

Accrued royalty costs

 

 

5,259

 

 

 

15,401

 

Accrued advertising expense

 

 

19,752

 

 

 

35,142

 

Other accrued expenses

 

 

94,760

 

 

 

95,060

 

Income taxes payable

 

 

54,466

 

 

 

56,913

 

Dividend payable

 

 

108,880

 

 

 

217,262

 

Total current liabilities

 

 

781,872

 

 

 

1,035,933

 

 

 

 

 

 

 

 

 

 

Deferred income taxes

 

 

117,792

 

 

 

114,754

 

Noncurrent income taxes

 

 

104,853

 

 

 

105,771

 

Noncurrent deferred revenue

 

 

61,992

 

 

 

67,329

 

Noncurrent operating lease liabilities

 

 

52,834

 

 

 

49,238

 

Other liabilities

 

 

250

 

 

 

278

 

 

 

 

 

 

 

 

 

 

Stockholders’ equity:

 

 

 

 

 

 

 

 

Shares, CHF 0.10 par value, 198,077 shares authorized and issued; 191,017

shares outstanding at March 28, 2020 and 190,686 shares outstanding

at December 28, 2019

 

 

17,979

 

 

 

17,979

 

Additional paid-in capital

 

 

1,830,052

 

 

 

1,835,622

 

Treasury stock

 

 

(335,491

)

 

 

(345,040

)

Retained earnings

 

 

3,390,053

 

 

 

3,229,061

 

Accumulated other comprehensive income

 

 

31,807

 

 

 

55,874

 

Total stockholders’ equity

 

 

4,934,400

 

 

 

4,793,496

 

Total liabilities and stockholders’ equity

 

$

6,053,993

 

 

$

6,166,799

 

Garmin Ltd. And Subsidiaries

 

Condensed Consolidated Statements of Cash Flows (Unaudited)

 

(In thousands)

 

 

 

 

 

 

 

 

 

 

 

 

13-Weeks Ended

 

 

 

March 28, 2020

 

 

March 30, 2019

 

Operating Activities:

 

 

 

 

 

 

 

 

Net income

 

$

161,180

 

 

$

140,173

 

Adjustments to reconcile net income to net cash provided by

operating activities:

 

 

 

 

 

 

 

 

Depreciation

 

 

18,198

 

 

 

16,832

 

Amortization

 

 

10,006

 

 

 

7,179

 

(Gain) loss on sale of property and equipment

 

 

(1,846

)

 

 

227

 

Unrealized foreign currency losses

 

 

16,856

 

 

 

3,124

 

Deferred income taxes

 

 

10,378

 

 

 

9,105

 

Stock compensation expense

 

 

15,559

 

 

 

15,129

 

Realized (gain) loss on marketable securities

 

 

(272

)

 

 

60

 

Changes in operating assets and liabilities, net of acquisitions:

 

 

 

 

 

 

 

 

Accounts receivable, net of allowance for doubtful accounts

 

 

197,157

 

 

 

112,896

 

Inventories

 

 

(47,318

)

 

 

(39,067

)

Other current and non-current assets

 

 

(4,367

)

 

 

2,930

 

Accounts payable

 

 

(39,851

)

 

 

(32,786

)

Other current and non-current liabilities

 

 

(98,219

)

 

 

(76,030

)

Deferred revenue

 

 

(10,078

)

 

 

(6,744

)

Deferred costs

 

 

3,511

 

 

 

1,938

 

Income taxes payable

 

 

(5,020

)

 

 

9,616

 

Net cash provided by operating activities

 

 

225,874

 

 

 

164,582

 

 

 

 

 

 

 

 

 

 

Investing activities:

 

 

 

 

 

 

 

 

Purchases of property and equipment

 

 

(41,361

)

 

 

(30,094

)

Proceeds from sale of property and equipment

 

 

1,907

 

 

 

47

 

Purchase of intangible assets

 

 

(953

)

 

 

(413

)

Purchase of marketable securities

 

 

(344,342

)

 

 

(83,068

)

Redemption of marketable securities

 

 

311,935

 

 

 

80,907

 

Acquisitions, net of cash acquired

 

 

(6,058

)

 

 

 

Net cash used in investing activities

 

 

(78,872

)

 

 

(32,621

)

 

 

 

 

 

 

 

 

 

Financing activities:

 

 

 

 

 

 

 

 

Dividends

 

 

(108,571

)

 

 

(200,687

)

Purchase of treasury stock related to equity awards

 

 

(11,580

)

 

 

(12,694

)

Net cash used in financing activities

 

 

(120,151

)

 

 

(213,381

)

 

 

 

 

 

 

 

 

 

Effect of exchange rate changes on cash and cash equivalents

 

 

(5,602

)

 

 

(4,286

)

 

 

 

 

 

 

 

 

 

Net increase (decrease) in cash, cash equivalents, and restricted cash

 

 

21,249

 

 

 

(85,706

)

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

 

 

1,027,638

 

 

 

1,201,805

 

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

 

$

1,048,887

 

 

$

1,116,099

 

Garmin Ltd. And Subsidiaries

 

Net Sales, Gross Profit and Operating Income by Segment (Unaudited)

 

(In thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Reportable Segments

 

 

 

Fitness

 

 

Marine

 

 

Outdoor

 

 

Aviation

 

 

Auto

 

 

Total

 

13-Weeks Ended March 28, 2020

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net sales

 

$

223,601

 

 

$

163,005

 

 

$

175,102

 

 

$

188,599

 

 

$

105,801

 

 

$

856,108

 

Gross profit

 

 

112,325

 

 

 

94,210

 

 

 

112,258

 

 

 

138,808

 

 

 

49,339

 

 

 

506,940

 

Operating income

 

 

31,011

 

 

 

40,159

 

 

 

47,166

 

 

 

59,321

 

 

 

(175

)

 

 

177,482

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

13-Weeks Ended March 30, 2019

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net sales

 

$

180,256

 

 

$

133,968

 

 

$

154,051

 

 

$

170,776

 

 

$

126,999

 

 

$

766,050

 

Gross profit

 

 

90,835

 

 

 

78,055

 

 

 

97,488

 

 

 

127,983

 

 

 

57,337

 

 

 

451,698

 

Operating income

 

 

18,126

 

 

 

25,473

 

 

 

41,953

 

 

 

57,618

 

 

 

8,213

 

 

 

151,383

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Garmin Ltd. And Subsidiaries

 

Net Sales by Geography (Unaudited)

 

(In thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

13-Weeks Ended

 

 

 

March 28,

 

 

March 30,

 

 

Yr over Yr

 

 

 

2020

 

 

2019

 

 

Change

 

Net sales

 

$

856,108

 

 

$

766,050

 

 

12%

 

Americas

 

 

427,401

 

 

 

379,456

 

 

13%

 

EMEA

 

 

299,867

 

 

 

260,021

 

 

15%

 

APAC

 

 

128,840

 

 

 

126,573

 

 

2%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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 the first quarter 2020 and 2019, there were no such discrete tax items identified. The net release of uncertain tax position reserves, amounting to approximately $4.1 million and $4.4 million in the first quarter 2020 and 2019, respectively, have not been included 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

 

 

 

March 28,

 

 

March 30,

 

 

 

2020

 

 

2019

 

GAAP net income

 

$

161,180

 

 

$

140,173

 

Foreign currency gains / losses(1)

 

 

15,423

 

 

 

(314

)

Tax effect of foreign currency gains / losses(2)

 

 

(1,429

)

 

 

49

 

Pro forma net income

 

$

175,174

 

 

$

139,908

 

 

 

 

 

 

 

 

 

 

GAAP net income per share:

 

 

 

 

 

 

 

 

Basic

 

$

0.84

 

 

$

0.74

 

Diluted

 

$

0.84

 

 

$

0.74

 

 

 

 

 

 

 

 

 

 

Pro forma net income per share:

 

 

 

 

 

 

 

 

Basic

 

$

0.92

 

 

$

0.74

 

Diluted

 

$

0.91

 

 

$

0.73

 

 

 

 

 

 

 

 

 

 

Weighted average common shares outstanding:

 

 

 

 

 

 

 

 

Basic

 

 

190,803

 

 

 

189,601

 

Diluted

 

 

191,684

 

 

 

190,599

 

 

 

 

 

 

 

 

 

 

(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 9.3% and 15.7% for the first quarter ended March 28, 2020 and March 30, 2019, respectively.

 

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

 

 

 

March 28,

 

 

March 30,

 

 

 

2020

 

 

2019

 

Net cash provided by operating activities

 

$

225,874

 

 

$

164,582

 

Less: purchases of property and equipment

 

 

(41,361

)

 

 

(30,094

)

Free Cash Flow

 

$

184,513

 

 

$

134,488

 

Category: Earnings

Category: Corporate

Contacts

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

Media Relations Contact:
Carly Hysell
913/397-8200
media.relations@garmin.com

Contacts

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

Media Relations Contact:
Carly Hysell
913/397-8200
media.relations@garmin.com