Garmin reports strong growth resulting in record third quarter revenue and operating income; raises guidance

SCHAFFHAUSEN, Switzerland–(BUSINESS WIRE)–Garmin Ltd. (Nasdaq: GRMN – News) today announced results for the third quarter ended September 28, 2019.

Highlights for the third quarter 2019 include:

  • Revenue of $934 million, a 15% increase over the prior year quarter, with aviation, fitness, outdoor and marine collectively increasing 24% over the prior year quarter
  • Gross margin of 60.7% compared to 59.4% in the prior year quarter
  • Operating margin of 28.0% compared to 24.2% in the prior year quarter
  • Operating income of $261 million, increasing 33% over the prior year quarter
  • GAAP diluted EPS was $1.19 and pro forma diluted EPS(1) was $1.27, increasing 27% over the prior year quarter
  • Launched a sweeping update to our consumer wearables including the vÍvoactive® 4 series, the vÍvomove® 3 series, and the all-new VenuTM smartwatch
  • Launched the fēnix®6 series of adventure smartwatches which includes our first wearable featuring solar technology
  • Named Manufacturer of the Year by the National Marine Electronics Association for the fifth consecutive year
  • Since its launch in 2011, Garmin inReach® has provided remote communication and rescue facilitation in over 4,000 SOS incidents, demonstrating the crucial importance of satellite based two-way messaging wherever our customers need assistance
  • Unveiled the Autoland system for general aviation, designed to safely land the aircraft in the event of an emergency
(in thousands, 13-Weeks Ended 39-Weeks Ended
except per share data) September 28, September 29, Yr over Yr September 28, September 29, Yr over Yr

2019

2018

Change

2019

2018

Change

Net sales

$

934,383

 

$

810,011

 

15

%

$

2,655,273

 

$

2,415,336

 

10

%

Aviation

 

187,574

 

 

146,427

 

28

%

 

542,316

 

 

445,146

 

22

%

Fitness

 

243,099

 

 

190,185

 

28

%

 

675,007

 

 

581,315

 

16

%

Outdoor

 

258,294

 

 

209,415

 

23

%

 

622,748

 

 

555,314

 

12

%

Marine

 

107,694

 

 

98,770

 

9

%

 

393,070

 

 

346,908

 

13

%

Auto

 

137,722

 

 

165,214

 

-17

%

 

422,132

 

 

486,653

 

-13

%

 
Gross margin %

 

60.7

%

 

59.4

%

 

60.1

%

 

59.2

%

 
Operating income %

 

28.0

%

 

24.2

%

 

25.2

%

 

23.0

%

 
GAAP diluted EPS

$

1.19

 

$

0.97

 

23

%

$

3.10

 

$

2.66

 

17

%

Pro forma diluted EPS (1)

$

1.27

 

$

1.00

 

27

%

$

3.16

 

$

2.67

 

18

%

(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:

“We delivered another quarter of strong growth thanks to our lineup of great products in every market segment,” said Cliff Pemble, president and chief executive officer of Garmin Ltd. “We are well positioned for the remainder of 2019 and are raising our revenue and EPS guidance to reflect our strong performance.”

Aviation:

Revenue from the aviation segment grew 28% in the quarter driven by growth in both OEM and aftermarket categories. Gross and operating margins were 74% and 35%, respectively, resulting in 30% operating income growth. Our OEM business saw strength due to increased revenue from both new and existing aircraft platforms. Aftermarket systems, including ADS-B, also contributed to our positive results as we began shipping the Citation Excel/XLS G5000® retrofit integrated cockpit system. During the quarter, the Cessna Citation Longitude, featuring our G5000 integrated flight deck, received final certification. Also during the quarter, the G1000H® NXi integrated flight deck was certified in the Bell 407GXi helicopter, representing the first IFR certification for the G1000H NXi system.

Fitness:

Revenue from the fitness segment grew 28% in the quarter driven by strength in wearables and contributions from Tacx. Gross and operating margins were 52% and 20%, respectively. At IFA, Europe’s leading consumer electronics trade show, we announced a sweeping update to our line of consumer wearable products including new versions of the vÍvoactive series in two sizes, the vÍvomove 3 hybrid smartwatch series, and the all new Venu smartwatch featuring a brilliant AMOLED color touchscreen display and long battery life.

Outdoor:

Revenue from the outdoor segment grew 23% in the quarter with growth in multiple product categories, led by strong performance in the adventure watch category. Gross and operating margins improved to 66% and 41%, respectively, resulting in strong operating income growth. At the recent Ultra-Trail du Mont-Blanc running event, we launched the fēnix 6 adventure watch series with larger displays, innovative performance features and Garmin’s exclusive solar harvesting technology. We also announced the addition of the MARQTM Commander to our collection of luxury tool watches.

Marine:

Revenue from the marine segment grew 9% in the quarter with growth across multiple product categories, led by strong performance in chartplotters. Gross and operating margins improved to 60% and 19%, respectively, resulting in strong operating income growth. During the quarter, we were named the exclusive marine electronics provider by both Regulator Marine and Sea Hunt, solidifying our leadership in the premier center console boat market. Garmin was also named Manufacturer of the Year by the National Marine Electronics Association for the fifth consecutive year, reflecting the strength of our innovative products and market position.

Auto:

The auto segment declined 17% in the quarter driven primarily by declines in our OEM business and the ongoing PND market contraction. Gross and operating margins improved to 48% and 15%, respectively, resulting in 39% operating income growth. During the quarter, we started shipping the Garmin OverlanderTM, an all-terrain GPS navigator specifically designed to fit the needs of the growing overlanding community.

Additional Financial Information:

Total operating expenses in the quarter were $306 million, a 7% increase from the prior year. Research and development expenses increased 7%, primarily due to engineering personnel costs. Selling, general and administrative expenses increased 9% driven primarily by personnel related expenses and incremental costs associated with acquisitions. Advertising increased 5%, driven by higher spend in the outdoor and fitness segments partially offset by lower expense in the auto segment.

The effective tax rate in the third quarter of 2019 was 11.6% compared to 8.5% in the prior year quarter. The increase in the effective tax rate is primarily due to lower income tax reserve releases than the prior year.

In the third quarter of 2019, we generated $158 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 $2.5 billion.

2019 Guidance (2):

We have updated 2019 guidance to reflect our strong performance. We now anticipate revenue of approximately $3.65 billion driven by higher expectations for our aviation, fitness, and outdoor segments. Our outlook for the marine and auto segments is unchanged. We anticipate our full year pro forma EPS will be approximately $4.15 based on a gross margin of approximately 59.5%, operating margin of approximately 24.3% and a full year pro forma effective tax rate of approximately 16.0%.

2019 Guidance
Updated Prior
Revenue ~$3.65B ~$3.6B
Gross Margin ~59.5% ~59.5%
Operating Margin ~24.3% ~23.2%
Tax Rate ~16.0% ~16.5%
EPS ~$4.15 ~$3.90
(2) See attached discussion on Forward-looking Financial Measures
 
2019 Revenue Growth Estimates
Segment Updated Prior
Aviation

20%

 

17%

Fitness

16%

 

13%

Marine

12%

 

12%

Outdoor

11%

 

10%

Auto

-15%

 

-15%

Webcast Information/Forward-Looking Statements:

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

When:

Wednesday, October 30, 2019 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 October 30, 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 “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 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/investors/sec/form10K/

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, fenix, inReach, G5000, G1000, vÍvoactive, vÍvomove, and Tacx, are trademarks of Garmin Ltd. or its subsidiaries and are registered in one or more countries, including the U.S. Garmin Overlander, MARQ and venu 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

39-Weeks Ended

September 28,

 

September 29,

 

September 28,

 

September 29,

2019

 

2018

 

2019

 

2018

Net sales

$

934,383

 

$

810,011

 

$

2,655,273

 

$

2,415,336

 

 
Cost of goods sold

 

366,925

 

 

329,264

 

 

1,060,752

 

 

984,783

 

 
Gross profit

 

567,458

 

 

480,747

 

 

1,594,521

 

 

1,430,553

 

 
Advertising expense

 

32,668

 

 

31,140

 

 

101,808

 

 

100,000

 

Selling, general and administrative expense

 

124,769

 

 

114,669

 

 

380,289

 

 

352,234

 

Research and development expense

 

148,561

 

 

138,979

 

 

443,361

 

 

422,649

 

Total operating expense

 

305,998

 

 

284,788

 

 

925,458

 

 

874,883

 

 
Operating income

 

261,460

 

 

195,959

 

 

669,063

 

 

555,670

 

 
Other income (expense):
Interest income

 

12,309

 

 

11,089

 

 

39,748

 

 

32,310

 

Foreign currency losses

 

(16,296

)

 

(6,868

)

 

(12,568

)

 

(3,405

)

Other income

 

294

 

 

1,147

 

 

3,567

 

 

6,800

 

Total other income (expense)

 

(3,693

)

 

5,368

 

 

30,747

 

 

35,705

 

 
Income before income taxes

 

257,767

 

 

201,327

 

 

699,810

 

 

591,375

 

 
Income tax provision

 

29,901

 

 

17,113

 

 

108,115

 

 

87,445

 

 
Net income

$

227,866

 

$

184,214

 

$

591,695

 

$

503,930

 

 
Net income per share:
Basic

$

1.20

 

$

0.98

 

$

3.12

 

$

2.67

 

Diluted

$

1.19

 

$

0.97

 

$

3.10

 

$

2.66

 

 
Weighted average common shares outstanding:
Basic

 

190,102

 

 

188,799

 

 

189,853

 

 

188,554

 

Diluted

 

190,962

 

 

190,005

 

 

190,790

 

 

189,586

 

Garmin Ltd. And Subsidiaries
Condensed Consolidated Balance Sheets (Unaudited)
(In thousands, except per share information)
 
September 28, December 29,

2019

2018

Assets
Current assets:
Cash and cash equivalents

$

976,402

 

$

1,201,732

 

Marketable securities

 

300,542

 

 

182,989

 

Accounts receivable, net

 

558,299

 

 

569,833

 

Inventories

 

749,825

 

 

561,840

 

Deferred costs

 

26,450

 

 

28,462

 

Prepaid expenses and other current assets

 

146,325

 

 

120,512

 

Total current assets

 

2,757,843

 

 

2,665,368

 

 
Property and equipment, net

 

710,591

 

 

663,527

 

Operating lease right-of-use assets

 

55,399

 

 

 

 
Restricted cash

 

1,036

 

 

73

 

Marketable securities

 

1,252,219

 

 

1,330,123

 

Deferred income taxes

 

158,963

 

 

176,959

 

Noncurrent deferred costs

 

25,156

 

 

29,473

 

Intangible assets, net

 

637,716

 

 

417,080

 

Other assets

 

156,182

 

 

100,255

 

Total assets

$

5,755,105

 

$

5,382,858

 

 
Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable

$

235,548

 

$

204,985

 

Salaries and benefits payable

 

109,323

 

 

113,087

 

Accrued warranty costs

 

37,998

 

 

38,276

 

Accrued sales program costs

 

58,459

 

 

90,388

 

Deferred revenue

 

95,572

 

 

96,372

 

Accrued royalty costs

 

11,673

 

 

24,646

 

Accrued advertising expense

 

21,246

 

 

31,657

 

Other accrued expenses

 

87,333

 

 

69,777

 

Income taxes payable

 

60,728

 

 

51,642

 

Dividend payable

 

325,075

 

 

200,483

 

Total current liabilities

 

1,042,955

 

 

921,313

 

 
Deferred income taxes

 

113,225

 

 

92,944

 

Noncurrent income taxes

 

105,309

 

 

127,211

 

Noncurrent deferred revenue

 

69,600

 

 

76,566

 

Noncurrent operating lease liabilities

 

42,855

 

 

 

Other liabilities

 

267

 

 

1,850

 

 
Stockholders’ equity:

Shares, CHF 0.10 par value, 198,077 shares authorized and issued; 190,103 shares

outstanding at September 28, 2019 and 189,461 shares outstanding at December 29, 2018

17,979

17,979

Additional paid-in capital

 

1,841,696

 

 

1,823,638

 

Treasury stock

 

(368,187

)

 

(397,692

)

Retained earnings

 

2,868,816

 

 

2,710,619

 

Accumulated other comprehensive income

 

20,590

 

 

8,430

 

Total stockholders’ equity

 

4,380,894

 

 

4,162,974

 

Total liabilities and stockholders’ equity

$

5,755,105

 

$

5,382,858

 

Garmin Ltd. And Subsidiaries
Condensed Consolidated Statements of Cash Flows (Unaudited)
(In thousands)

39-Weeks Ended

September 28,

September 29,

2019

2018

Operating activities:
Net income

$

591,695

 

$

503,930

 

Adjustments to reconcile net income to net cash

provided by operating activities:

Depreciation

 

52,503

 

 

47,902

 

Amortization

 

25,112

 

 

23,574

 

Gain on sale or disposal of property and equipment

 

(5

)

 

(491

)

Provision for doubtful accounts

 

933

 

 

1,265

 

Provision for obsolete and slow moving inventories

 

32,501

 

 

17,719

 

Unrealized foreign currency loss

 

14,653

 

 

4,158

 

Deferred income taxes

 

18,012

 

 

20,177

 

Stock compensation expense

 

47,553

 

 

42,094

 

Realized (gains) losses on marketable securities

 

(213

)

 

481

 

Changes in operating assets and liabilities, net of acquisitions:
Accounts receivable

 

14,311

 

 

111,955

 

Inventories

 

(210,622

)

 

(69,139

)

Other current and non-current assets

 

(86,538

)

 

5,102

 

Accounts payable

 

27,523

 

 

32,601

 

Other current and non-current liabilities

 

(54,401

)

 

(57,245

)

Deferred revenue

 

(7,750

)

 

(14,923

)

Deferred costs

 

6,326

 

 

5,581

 

Income taxes payable

 

(7,423

)

 

27,041

 

Net cash provided by operating activities

 

464,170

 

 

701,782

 

 
Investing activities:
Purchases of property and equipment

 

(91,469

)

 

(122,846

)

Proceeds from sale of property and equipment

 

370

 

 

1,296

 

Purchase of intangible assets

 

(1,862

)

 

(2,982

)

Purchase of marketable securities

 

(333,320

)

 

(314,179

)

Redemption of marketable securities

 

333,783

 

 

229,066

 

Acquisitions, net of cash acquired

 

(275,310

)

 

(29,170

)

Net cash used in investing activities

 

(367,808

)

 

(238,815

)

 
Financing activities:
Dividends

 

(308,905

)

 

(296,149

)

Proceeds from issuance of treasury stock related to equity awards

 

12,982

 

 

14,524

 

Purchase of treasury stock related to equity awards

 

(12,972

)

 

(6,909

)

Net cash used in financing activities

 

(308,895

)

 

(288,534

)

 
Effect of exchange rate changes on cash, cash equivalents, and restricted cash

 

(11,834

)

 

(9,650

)

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

 

(224,367

)

 

164,783

 

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

 

1,201,805

 

 

891,759

 

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

$

977,438

 

$

1,056,542

 

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 September 28, 2019
 
Net sales

$

258,294

$

243,099

$

107,694

$

137,722

$

187,574

$

934,383

Gross profit

 

170,846

 

126,835

 

64,275

 

65,814

 

139,688

 

567,458

Operating income

 

105,051

 

49,831

 

20,008

 

20,857

 

65,713

 

261,460

 
13-Weeks Ended September 29, 2018
 
Net sales

$

209,415

$

190,185

$

98,770

$

165,214

$

146,427

$

810,011

Gross profit

 

136,671

 

103,441

 

58,508

 

70,925

 

111,202

 

480,747

Operating income

 

78,972

 

37,378

 

13,908

 

15,032

 

50,669

 

195,959

 
39-Weeks Ended September 28, 2019
 
Net sales

$

622,748

$

675,007

$

393,070

$

422,132

$

542,316

$

2,655,273

Gross profit

 

403,842

 

352,805

 

234,014

 

198,012

 

405,848

 

1,594,521

Operating income

 

218,340

 

118,369

 

88,212

 

53,978

 

190,164

 

669,063

 
39-Weeks Ended September 29, 2018
 
Net sales

$

555,314

$

581,315

$

346,908

$

486,653

$

445,146

$

2,415,336

Gross profit

 

358,829

 

326,473

 

203,976

 

207,389

 

333,886

 

1,430,553

Operating income

 

194,711

 

123,299

 

54,806

 

31,113

 

151,741

 

555,670

In the first quarter of fiscal 2019, the methodology used to allocate certain selling, general, and administrative expenses to the segments was refined. The Company’s composition of segments did not change. Prior year amounts are presented above as they were originally reported. For comparative purposes, we estimate segment operating income for the 13 weeks ended September 29, 2018 would have been approximately $4 million less for the aviation segment, approximately $2 million more for the marine segment, $2 million more for the outdoor segment, and not significantly different for the fitness and auto segments. We estimate segment operating income for the 39 weeks ended September 29, 2018 would have been approximately $13 million less for the aviation segment, approximately $10 million more for the marine segment, $3 million more for the outdoor segment, and not significantly different for the fitness and auto segments. Also, we estimate segment operating income for the 52 weeks ended December 29, 2018 would have been approximately $18 million less for the aviation segment, approximately $11 million more for the marine segment, approximately $7 million more for the outdoor segment, and not significantly different for the fitness and auto segments.

Garmin Ltd. And Subsidiaries
Net Sales by Geography (Unaudited)
(In thousands)
13-Weeks Ended 39-Weeks Ended
September 28, September 29, Yr over Yr September 28, September 29, Yr over Yr

2019

 

2018

 

Change

 

2019

 

2018

 

Change

Net sales

$

934,383

$

810,011

15

%

$

2,655,273

$

2,415,336

10

%

Americas

 

439,113

 

370,239

19

%

 

1,289,409

 

1,153,330

12

%

EMEA

 

344,010

 

307,087

12

%

 

942,625

 

862,116

9

%

APAC

 

151,260

 

132,685

14

%

 

423,239

 

399,890

6

%

 
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 39 weeks ended September 28, 2019 and September 29, 2018, there were no such discrete tax items identified. The net release of uncertain tax position reserves, amounting to approximately $23.3 million and $27.7 million in the 39 weeks ended September 28, 2019 and September 29, 2018, respectively, have not been identified 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 39-Weeks Ended

September 28,

 

September 29,

 

September 28,

 

September 29,

2019

 

2018

 

2019

 

2018

 
Net income (GAAP)

$

227,866

 

$

184,214

 

$

591,695

 

$

503,930

 

Foreign currency gains / losses(1)

 

16,296

 

 

6,868

 

 

12,568

 

 

3,405

 

Tax effect of foreign currency gains / losses(2)

 

(1,890

)

 

(584

)

 

(1,942

)

 

(503

)

Net income (Pro Forma)

$

242,272

 

$

190,498

 

$

602,321

 

$

506,832

 

 
Net income per share (GAAP):
Basic

$

1.20

 

$

0.98

 

$

3.12

 

$

2.67

 

Diluted

$

1.19

 

$

0.97

 

$

3.10

 

$

2.66

 

 
Net income per share (Pro Forma):
Basic

$

1.27

 

$

1.01

 

$

3.17

 

$

2.69

 

Diluted

$

1.27

 

$

1.00

 

$

3.16

 

$

2.67

 

 
Weighted average common shares outstanding:
Basic

 

190,102

 

 

188,799

 

 

189,853

 

 

188,554

 

Diluted

 

190,962

 

 

190,005

 

 

190,790

 

 

189,586

 

(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 11.6% and 15.4% for the third quarter and year-to-date ended September 28, 2019, respectively, and an effective tax rate of 8.5% and 14.8% for the quarter and year-to-date ended September 29, 2018, 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

39-Weeks Ended

September 28,

September 29,

September 28,

September 29,

2019

2018

2019

2018

 
Net cash provided by operating activities

$

188,952

 

$

263,719

 

$

464,170

 

$

701,782

 

Less: purchases of property and equipment

 

(30,974

)

 

(29,773

)

 

(91,469

)

 

(122,846

)

Free Cash Flow

$

157,978

 

$

233,946

 

$

372,702

 

$

578,936

 

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

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