Garmin announces fourth quarter and fiscal year 2021 results

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

 

 

52-Weeks Ended

 

 

 

December 25,

 

 

December 26,

 

 

December 25,

 

 

December 26,

 

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

GAAP net income

 

$

286,135

 

 

$

333,547

 

 

$

1,082,200

 

 

$

992,324

 

Foreign currency gains / losses (1)

 

 

14,642

 

 

 

(12,627

)

 

 

45,263

 

 

 

(2,825

)

Tax effect of foreign currency gains / losses (2)

 

 

(1,076

)

 

 

1,513

 

 

 

(4,673

)

 

 

293

 

Pro forma discrete tax items (3)

 

 

 

 

 

 

11,016

 

 

 

 

 

 

 

(3,292

)

Pro forma net income

 

$

299,701

 

 

$

333,449

 

 

$

1,122,790

 

 

$

986,500

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GAAP net income per share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

1.49

 

 

$

1.74

 

 

$

5.63

 

 

$

5.19

 

Diluted

 

$

1.48

 

 

$

1.73

 

 

$

5.61

 

 

$

5.17

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pro forma net income per share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

1.56

 

 

$

1.74

 

 

$

5.84

 

 

$

5.16

 

Diluted

 

$

1.55

 

 

$

1.73

 

 

$

5.82

 

 

$

5.14

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average common shares outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

192,353

 

 

 

191,278

 

 

 

192,180

 

 

 

191,085

 

Diluted

 

 

193,306

 

 

 

192,303

 

 

 

193,043

 

 

 

191,895

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(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 7.4% and 10.3% for the 13-weeks and fiscal year ended December 25, 2021, respectively, and the pro forma effective tax rate of 12.0% and 10.4% for the 13-weeks and fiscal year ended December 26, 2020, respectively.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(3) The 2020 discrete tax items are discussed in the pro forma effective tax rate section above.

 


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