Garmin reports record second quarter revenue and profits; raises guidance

SCHAFFHAUSEN, Switzerland–(BUSINESS WIRE)–Garmin Ltd. (Nasdaq: GRMN – News) today announced results for the second quarter ended June 29, 2019.

Highlights for the second quarter 2019 include:

  • Record second quarter revenue of $955 million, a 7% increase, with aviation, marine, fitness and outdoor collectively increasing 12% over the prior year quarter
  • Gross margin of 60.3% compared to 58.5% in the prior year quarter
  • Operating margin of 26.8% compared to 24.3% in the prior year quarter
  • Operating income of $256 million, increasing 18% over the prior year quarter
  • GAAP diluted EPS was $1.17 and pro forma diluted EPS(1) was $1.16, increasing 17% over the prior year quarter
  • Aviation segment continues to capitalize on the ADS-B opportunity with strong unit market share
  • Recently announced the innovative ForceTM trolling motor and won Best of Show at ICAST, the world’s largest sportfishing trade show
  • Launched the refreshed line of Forerunner® running watches, providing both smartwatch features and enhanced running dynamics for all runners
(in thousands,

13-Weeks Ended

 

 

26-Weeks Ended

 

except per share data)

June 29,

 

June 30,

Yr over Yr

 

June 29,

 

June 30,

Yr over Yr

 

2019

 

 

 

2018

 

Change

 

 

2019

 

 

 

2018

 

Change

Net sales

$

954,840

 

$

894,452

 

7

%

$

1,720,890

 

$

1,605,325

 

7

%

Aviation

 

183,965

 

 

153,006

 

20

%

 

354,741

 

 

298,719

 

19

%

Marine

 

151,407

 

 

134,583

 

13

%

 

285,376

 

 

248,138

 

15

%

Fitness

 

251,653

 

 

225,095

 

12

%

 

431,908

 

 

391,130

 

10

%

Outdoor

 

210,404

 

 

201,640

 

4

%

 

364,455

 

 

345,899

 

5

%

Auto

 

157,411

 

 

180,128

 

-13

%

 

284,410

 

 

321,439

 

-12

%

 
Gross margin %

 

60.3

%

 

58.5

%

 

59.7

%

 

59.2

%

 
Operating income %

 

26.8

%

 

24.3

%

 

23.7

%

 

22.4

%

 
GAAP diluted EPS

$

1.17

 

$

1.00

 

17

%

$

1.91

 

$

1.69

 

13

%

Pro forma diluted EPS (1)

$

1.16

 

$

0.99

 

17

%

$

1.89

 

$

1.67

 

13

%

(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 achieved record second quarter revenue and profits with three of our five segments delivering strong double-digit revenue growth rates,” said Cliff Pemble, president and chief executive officer of Garmin Ltd. “We are very pleased with the results we have delivered thus far, giving us the confidence to raise our full year 2019 revenue and EPS guidance.”

Aviation:

Revenue in the aviation segment grew 20% in the quarter with contributions from both the aftermarket and OEM categories. Gross and operating margins came in at 75% and 36%, respectively, resulting in 27% operating income growth. Aftermarket systems and ADS-B solutions contributed to our positive results and we continue to capitalize on ADS-B opportunities ahead of the December 31, 2019 mandate deadline. During the quarter, we achieved certification of the G5000® integrated flight deck for the Citation Excel and XLS, bringing modernization to this family of aircraft. We recently announced the availability of the G1000® NXi integrated flight deck retrofit for additional aircraft models and continue to see strong customer demand and appreciation for this upgrade program.

Marine:

Revenue from the marine segment grew 13% in the quarter, driven by strong demand for our chartplotters and PanoptixTM LiveScopeTM sonars. Gross and operating margins improved to 61% and 28%, respectively, resulting in strong operating income growth. Fusion®, a Garmin brand and worldwide leader in marine entertainment, was selected by Independent Boat Builders, Inc. to supply audio entertainment to their 19-member network. We recently announced our entry into the freshwater trolling motor market with Force. This quiet, powerful and efficient trolling motor has quickly earned accolades in the industry, winning the coveted Best of Show at the recent ICAST, sportfishing trade show.

Fitness:

Revenue from the fitness segment grew 12% in the quarter driven by strength in running and contributions from Tacx, our recent acquisition. Gross and operating margins were 54% and 20%, respectively. During the quarter we began shipping the Tacx cycling and accessory products, strengthening our cycling portfolio. Tacx® smart trainers provide a highly realistic ride simulation allowing riders to continue their training regardless of the weather conditions. We also launched our refreshed line of Forerunners, providing both smartwatch features and enhanced running dynamics for all runners.

Outdoor:

Revenue from the outdoor segment grew 4% in the quarter with growth driven by our golf and inReach® product offerings. Gross and operating margins remained strong at 64% and 34%, respectively. During the quarter, we began shipping the MARQTM luxury watch. In addition, we experienced strong demand for golf wearables and the InstinctTM adventure watch. We also refreshed several of our handheld offerings, including the new GPSMAP® 66i, combining Garmin’s GPS capability with inReach satellite communication capabilities.

Auto:

The auto segment declined 13% in the quarter, due to the ongoing PND market contraction. Gross and operating margins improved to 48% and 16%, respectively. During the quarter, we announced the Garmin OverlanderTM, an all terrain GPS navigator specifically designed to fit the needs of the growing overlanding community. We also announced the DriveSmartTM 65 with built-in Alexa personal assistant, bringing easy voice-controlled functionality to drivers, and the RV785, with a built-in dash cam to record and save video.

Additional Financial Information:

Total operating expenses in the quarter were $319 million, a 4% increase from the prior year. Research and development expenses increased 5%, primarily due to engineering personnel costs. Selling, general and administrative expenses increased 7% driven primarily by personnel related expenses and incremental costs associated with acquisitions. Advertising decreased 5%, driven primarily by lower expense in the Auto segment.

The effective tax rate in the second quarter of 2019 was 18.9% compared to 19.4% in the prior year quarter.

In the second quarter of 2019, we generated $80 million of free cash flow (see attached table for reconciliation of this non-GAAP measure). We continued to return cash to shareholders with our quarterly dividend of approximately $108 million. We ended the quarter with cash and marketable securities of approximately $2.4 billion.

2019 Guidance (2):

Based on our strong performance in the first half of 2019, we are updating our full year guidance. We now anticipate revenue of approximately $3.6 billion driven by higher expectations for our aviation, marine and auto segments. Our outlook for the fitness and outdoor segments is unchanged. We anticipate our full year pro forma EPS will be approximately $3.90 based on a gross margin of about 59.5%, operating margin of about 23.2% and an unchanged full year pro forma effective tax rate of about 16.5%.

2019 Guidance

Updated

Prior

Revenue ~$3.6B ~$3.5B
Gross Margin ~59.5% ~59.5%
Operating Margin ~23.2% ~22.7%
Tax Rate ~16.5% ~16.5%
EPS ~$3.90 ~$3.70
(2) See attached discussion on Forward-looking Financial Measures
 

2019 Revenue Growth Estimates

Segment

Updated

Prior

Aviation ~17% ~10%
Fitness ~13% ~13%
Marine ~12% ~10%
Outdoor ~10% ~10%
Auto ~(15%) ~(18%)

Webcast Information/Forward-Looking Statements:

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

When:

Wednesday, July 31, 2019 at 10:30 a.m. Eastern

Where:

http://www.garmin.com/en-US/company/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 August 7, 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 “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/company/investors/sec/form-10-K/.

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, G1000, G5000, GPSMAP, Forerunner, Fusion, inReach, and Tacx, are trademarks of Garmin Ltd. or its subsidiaries. and are registered in one or more countries, including the U.S. DriveSmart, Garmin Overlander, Force, Instinct, LiveScope, MARQ and Panoptix 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 29,

 

June 30,

 

June 29,

 

June 30,

2019

 

2018

 

2019

 

2018

Net sales

$

954,840

$

894,452

$

1,720,890

$

1,605,325

 
Cost of goods sold

 

379,475

 

371,182

 

693,827

 

655,520

 
Gross profit

 

575,365

 

523,270

 

1,027,063

 

949,805

 
Advertising expense

 

41,523

 

43,549

 

69,139

 

68,861

Selling, general and administrative expense

 

128,738

 

120,500

 

255,519

 

237,564

Research and development expense

 

148,883

 

141,713

 

294,801

 

283,670

Total operating expense

 

319,144

 

305,762

 

619,459

 

590,095

 
Operating income

 

256,221

 

217,508

 

407,604

 

359,710

 
Other income:
Interest income

 

13,735

 

10,995

 

27,439

 

21,222

Foreign currency gains

 

3,413

 

2,647

 

3,727

 

3,463

Other income

 

2,409

 

4,918

 

3,273

 

5,653

Total other income

 

19,557

 

18,560

 

34,439

 

30,338

 
Income before income taxes

 

275,778

 

236,068

 

442,043

 

390,048

 
Income tax provision

 

52,122

 

45,726

 

78,214

 

70,333

 
Net income

$

223,656

$

190,342

$

363,829

$

319,715

 
Net income per share:
Basic

$

1.18

$

1.01

$

1.92

$

1.70

Diluted

$

1.17

$

1.00

$

1.91

$

1.69

 
Weighted average common
shares outstanding:
Basic

 

189,855

 

188,542

 

189,728

 

188,432

Diluted

 

190,714

 

189,461

 

190,657

 

189,377

Garmin Ltd. And Subsidiaries

Condensed Consolidated Balance Sheets (Unaudited)

(In thousands, except per share information)

 

 

 

 

 

June 29,

 

December 29,

 

2019

 

2018

Assets
Current assets:
Cash and cash equivalents

$

820,181

 

$

1,201,732

 

Marketable securities

 

239,765

 

 

182,989

 

Accounts receivable, net

 

583,913

 

 

569,833

 

Inventories

 

648,140

 

 

561,840

 

Deferred costs

 

27,040

 

 

28,462

 

Prepaid expenses and other current assets

 

141,539

 

 

120,512

 

Total current assets

 

2,460,578

 

 

2,665,368

 

 
Property and equipment, net

 

702,108

 

 

663,527

 

Operating lease right-of-use assets

 

59,166

 

 

 

 
Restricted cash

 

73

 

 

73

 

Marketable securities

 

1,319,026

 

 

1,330,123

 

Deferred income taxes

 

162,739

 

 

176,959

 

Noncurrent deferred costs

 

27,018

 

 

29,473

 

Intangible assets, net

 

653,014

 

 

417,080

 

Other assets

 

141,061

 

 

100,255

 

Total assets

$

5,524,783

 

$

5,382,858

 

 
Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable

$

214,763

 

$

204,985

 

Salaries and benefits payable

 

106,331

 

 

113,087

 

Accrued warranty costs

 

39,330

 

 

38,276

 

Accrued sales program costs

 

74,302

 

 

90,388

 

Deferred revenue

 

94,980

 

 

96,372

 

Accrued royalty costs

 

14,578

 

 

24,646

 

Accrued advertising expense

 

28,444

 

 

31,657

 

Other accrued expenses

 

90,439

 

 

69,777

 

Income taxes payable

 

39,879

 

 

51,642

 

Dividend payable

 

324,655

 

 

200,483

 

Total current liabilities

 

1,027,701

 

 

921,313

 

 
Deferred income taxes

 

105,865

 

 

92,944

 

Noncurrent income taxes

 

121,997

 

 

127,211

 

Noncurrent deferred revenue

 

71,700

 

 

76,566

 

Noncurrent operating lease liabilities

 

46,281

 

 

 

Other liabilities

 

273

 

 

1,850

 

 
Stockholders’ equity:
Shares, CHF 0.10 par value, 198,077 shares authorized and issued; 190,102 shares
outstanding at June 29, 2019 and 189,461 shares outstanding at December 29, 2018

 

17,979

 

 

17,979

 

Additional paid-in capital

 

1,825,135

 

 

1,823,638

 

Treasury stock

 

(368,200

)

 

(397,692

)

Retained earnings

 

2,641,371

 

 

2,710,619

 

Accumulated other comprehensive income

 

34,681

 

 

8,430

 

Total stockholders’ equity

 

4,150,966

 

 

4,162,974

 

Total liabilities and stockholders’ equity

$

5,524,783

 

$

5,382,858

 

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

26-Weeks Ended

June 29,

 

June 30,

2019

 

2018

Operating activities:
Net income

$

363,829

 

$

319,715

 

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

 

34,526

 

 

31,800

 

Amortization

 

16,208

 

 

16,420

 

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

 

94

 

 

(1,042

)

Provision for doubtful accounts

 

660

 

 

616

 

Provision for obsolete and slow moving inventories

 

17,842

 

 

11,725

 

Unrealized foreign currency (gain) loss

 

(6,811

)

 

2,401

 

Deferred income taxes

 

7,077

 

 

11,000

 

Stock compensation expense

 

30,961

 

 

27,747

 

Realized (gains) losses on marketable securities

 

(60

)

 

231

 

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

 

5,529

 

 

48,099

 

Inventories

 

(86,059

)

 

(4,666

)

Other current and non-current assets

 

(68,370

)

 

(4,841

)

Accounts payable

 

5,960

 

 

1,618

 

Other current and non-current liabilities

 

(33,001

)

 

(49,237

)

Deferred revenue

 

(6,252

)

 

(7,483

)

Deferred costs

 

3,876

 

 

962

 

Income taxes payable

 

(10,791

)

 

32,998

 

Net cash provided by operating activities

 

275,218

 

 

438,063

 

 
Investing activities:
Purchases of property and equipment

 

(60,495

)

 

(93,072

)

Proceeds from sale of property and equipment

 

271

 

 

1,282

 

Purchase of intangible assets

 

(853

)

 

(2,452

)

Purchase of marketable securities

 

(192,168

)

 

(209,387

)

Redemption of marketable securities

 

182,860

 

 

127,152

 

Acquisitions, net of cash acquired

 

(276,014

)

 

(9,417

)

Net cash used in investing activities

 

(346,399

)

 

(185,894

)

 
Financing activities:
Dividends

 

(308,905

)

 

(196,086

)

Proceeds from issuance of treasury stock related to equity awards

 

12,982

 

 

14,142

 

Purchase of treasury stock related to equity awards

 

(12,954

)

 

(6,900

)

Net cash used in financing activities

 

(308,877

)

 

(188,844

)

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

 

(1,493

)

 

(8,217

)

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

 

(381,551

)

 

55,108

 

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

$

820,254

 

$

946,867

 

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 June 29, 2019
 
Net sales

$

210,404

$

251,653

$

151,407

$

157,411

$

183,965

$

954,840

Gross profit

 

135,508

 

135,136

 

91,683

 

74,861

 

138,177

 

575,365

Operating income

 

71,336

 

50,413

 

42,730

 

24,908

 

66,834

 

256,221

 
13-Weeks Ended June 30, 2018
 
Net sales

$

201,640

$

225,095

$

134,583

$

180,128

$

153,006

$

894,452

Gross profit

 

128,872

 

126,431

 

78,785

 

75,452

 

113,730

 

523,270

Operating income

 

71,916

 

52,548

 

27,768

 

12,612

 

52,664

 

217,508

 
26-Weeks Ended June 29, 2019
 
Net sales

$

364,455

$

431,908

$

285,376

$

284,410

$

354,741

$

1,720,890

Gross profit

 

232,996

 

225,970

 

169,739

 

132,198

 

266,160

 

1,027,063

Operating income

 

113,290

 

68,537

 

68,205

 

33,121

 

124,451

 

407,604

 
26 -Weeks Ended June 30, 2018
 
Net sales

$

345,899

$

391,130

$

248,138

$

321,439

$

298,719

$

1,605,325

Gross profit

 

222,158

 

223,032

 

145,468

 

136,463

 

222,684

 

949,805

Operating income

 

115,739

 

85,922

 

40,899

 

16,079

 

101,071

 

359,710

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 June 30, 2018 would have been approximately $5 million less for the aviation segment, approximately $4 million more for the marine segment, $1 million more for the outdoor segment, and not significantly different for the fitness and auto segments. We estimate segment operating income for the 26 weeks ended June 30, 2018 would have been approximately $9 million less for the aviation segment, approximately $8 million more for the marine segment, $1 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

 

 

26-Weeks Ended

 

June 29,

 

June 30,

Yr over Yr

 

June 29,

 

June 30,

Yr over Yr

2019

 

2018

Change

 

2019

 

2018

Change

Net sales

$

954,840

$

894,452

7

%

$

1,720,890

$

1,605,325

7

%

Americas

 

470,840

 

437,116

8

%

 

850,296

 

783,091

9

%

EMEA

 

338,595

 

309,116

10

%

 

598,615

 

555,029

8

%

APAC

 

145,405

 

148,220

-2

%

 

271,979

 

267,205

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 and second quarters of 2019 and 2018, there were no such discrete tax items identified. The net release of uncertain tax position reserves, amounting to approximately $6.7 million and $10.3 million in the 26 weeks ended June 29, 2019 and June 30, 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

 

26-Weeks Ended

 

June 29,

June 30,

 

June 29,

June 30,

 

2019

2018

 

2019

2018

 
Net income (GAAP)

$

223,656

 

$

190,342

 

$

363,829

 

$

319,715

 

Foreign currency gains / losses(1)

 

(3,413

)

 

(2,647

)

 

(3,727

)

 

(3,463

)

Tax effect of foreign currency gains / losses(2)

 

645

 

 

513

 

 

660

 

 

624

 

Net income (Pro Forma)

$

220,888

 

$

188,208

 

$

360,762

 

$

316,876

 

 
Net income per share (GAAP):
Basic

$

1.18

 

$

1.01

 

$

1.92

 

$

1.70

 

Diluted

$

1.17

 

$

1.00

 

$

1.91

 

$

1.69

 

 
Net income per share (Pro Forma):
Basic

$

1.16

 

$

1.00

 

$

1.90

 

$

1.68

 

Diluted

$

1.16

 

$

0.99

 

$

1.89

 

$

1.67

 

 
Weighted average common shares outstanding:
Basic

 

189,855

 

 

188,542

 

 

189,728

 

 

188,432

 

Diluted

 

190,714

 

 

189,461

 

 

190,657

 

 

189,377

 

(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 18.9% and 17.7% for the 13-weeks and 26-weeks ended June 29, 2019, respectively, and an effective tax rate of 19.4% and 18.0% for the 13-weeks and 26-weeks ended June 30, 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

 

26-Weeks Ended

 

June 29,

June 30,

 

June 29,

June 30,

 

2019

2018

 

2019

2018

 
Net cash provided by operating activities

$

110,636

 

$

223,873

 

$

275,218

 

$

438,063

 

Less: purchases of property and equipment

 

(30,401

)

 

(66,736

)

 

(60,495

)

 

(93,072

)

Free Cash Flow

$

80,235

 

$

157,137

 

$

214,723

 

$

344,991

 

Forward-looking Financial Measures

The forward-looking financial measures in our 2019 guidance provided above do not consider the potential future net effect of certain discrete tax items, foreign currency exchange gains and losses, and any other impacts that may be identified as pro forma adjustments in calculating the non-GAAP measures described above.

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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Author: dmnnewswire