Garmin reports record third quarter operating results; issues fiscal 2020 guidance

The net release of other uncertain tax position reserves, amounting to approximately $22.9 million and $23.3 million in the 39 weeks ended September 26, 2020 and September 28, 2019, 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 26,

 

September 28,

 

September 26,

 

September 28,

 

 

2020

 

2019

 

2020

 

2019

GAAP net income

$

313,417

 

$

227,866

 

$

658,776

 

$

591,695

 

Foreign currency gains / losses(1)

 

(10,113

)

 

16,296

 

 

9,802

 

 

12,568

 

Tax effect of foreign currency gains / losses(2)

 

700

 

 

(1,890

)

 

(929

)

 

(1,942

)

Pro forma discrete tax item(3)

 

 

 

 

 

(14,308

)

 

 

Pro forma net income

$

304,004

 

$

242,272

 

$

653,341

 

$

602,321

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GAAP net income per share:

 

 

 

 

 

 

 

 

 

 

 

 

Basic

$

1.64

 

$

1.20

 

$

3.45

 

$

3.12

 

Diluted

$

1.63

 

$

1.19

 

$

3.44

 

$

3.10

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pro forma net income per share:

 

 

 

 

 

 

 

 

 

 

 

 

Basic

$

1.59

 

$

1.27

 

$

3.42

 

$

3.17

 

Diluted

$

1.58

 

$

1.27

 

$

3.41

 

$

3.16

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average common shares outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

191,234

 

 

190,102

 

 

191,021

 

 

189,853

 

Diluted

 

191,998

 

 

190,962

 

 

191,760

 

 

190,790

 

(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 pro forma effective tax rate of 6.9% and 9.5% for the 13-weeks and 39-weeks ended September 26, 2020, respectively, and an effective tax rate of 11.6% and 15.4% for the 13-weeks and 39-weeks ended September 28, 2019, respectively.

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


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