Garmin Ltd. Files 10-Q for Period Ending March 30, 2024

TL;DR

<b>Garmin Ltd. has submitted its quarterly report (10-Q) for the period ending March 30, 2024, detailing financial positions and share repurchase activities.</b>

AI Summary

GARMIN LTD (GRMN) filed a Quarterly Report (10-Q) with the SEC on May 1, 2024. Garmin Ltd. filed its 10-Q report for the period ending March 30, 2024. The filing includes data related to various financial statement items as of March 30, 2024, and December 30, 2023. Key dates mentioned include June 10, 2022, for dividend declarations and February 16, 2024, for the 2024 Share Repurchase Program. The report details share repurchase programs from 2022 and 2024. Financial data points such as Retained Earnings, Accumulated Other Comprehensive Income, and Common Stock are referenced for different periods.

Why It Matters

For investors and stakeholders tracking GARMIN LTD, this filing contains several important signals. This 10-Q filing provides an updated snapshot of Garmin's financial health and capital allocation strategies, including share repurchases, which can influence investor perception and stock value. The detailed financial data points and specific dates for dividend declarations and repurchase programs offer concrete information for investors and analysts to assess the company's performance and future outlook.

Risk Assessment

Risk Level: — GARMIN LTD shows moderate risk based on this filing. The filing is a standard 10-Q report, which is routine for publicly traded companies and does not indicate any unusual or significant negative events.

Analyst Insight

Monitor future filings for updates on revenue growth, net income, and the impact of share repurchase programs on earnings per share.

Key Numbers

• 2024-03-30 — Report Date (CONFORMED PERIOD OF REPORT)
• 2024-05-01 — Filing Date (FILED AS OF DATE)
• 2022-06-10 — Dividend Declaration Date (grmn:DividendDeclared3Member)
• 2024-03-30 — Share Repurchase Program End Date (grmn:TwoThousandTwentyFourShareRepurchaseProgramMember)

Key Players & Entities

• GARMIN LTD (company) — FILER
• GRMN (company) — tk

FAQ

Industry Context

Garmin Ltd. operates in the technology sector, focusing on navigation, communication, and information devices, particularly in aviation, marine, outdoor, and fitness markets.

Regulatory Implications

As a publicly traded company, Garmin Ltd. is subject to SEC regulations and reporting requirements, including the filing of quarterly (10-Q) and annual (10-K) reports.

What Investors Should Do

1. Review the full 10-Q filing for detailed financial statements and management discussion.
2. Analyze segment performance data to understand growth drivers across Garmin's various business units.
3. Track share repurchase activity and its potential impact on future earnings per share.

Key Dates

• 2024-03-30: End of Reporting Period — Covers the first quarter of fiscal year 2024.
• 2024-05-01: Filing Date — Date the 10-Q was officially submitted to the SEC.
• 2022-06-10: Dividend Declaration — Specific date related to dividend declarations.
• 2024-02-16: 2024 Share Repurchase Program Start — Indicates the commencement or a significant event within the 2024 share repurchase program.

Year-Over-Year Comparison

This filing represents the quarterly update for March 30, 2024, compared to previous periods, providing ongoing financial and operational information.

Key Financial Figures

• $0.10 — 12(b) of the Act: Registered Shares, $0.10 Per Share Par Value GRMN New York S

Filing Documents

• grmn-20240330.htm (10-Q) — 1549KB
• grmn-ex31_1.htm (EX-31.1) — 13KB
• grmn-ex31_2.htm (EX-31.2) — 13KB
• grmn-ex32_1.htm (EX-32.1) — 9KB
• grmn-ex32_2.htm (EX-32.2) — 9KB
• 0000950170-24-050879.txt (&nbsp;) — 6593KB
• grmn-20240330.xsd (EX-101.SCH) — 756KB
• grmn-20240330_htm.xml (XML) — 1317KB

- Financial Information

Part I - Financial Information 1 Item 1. Condensed Consolidated Financial Statements 1 Condensed Consolidated Statements of Income for the 13-Weeks ended March 30, 2024 and April 1, 2023 (Unaudited) 1 Condensed Consolidated Statements of Comprehensive Income for the 13-Weeks ended March 30, 2024 and April 1, 2023 (Unaudited) 2 Condensed Consolidated Balance Sheets at March 30, 2024 and December 30, 2023 (Unaudited) 3 Condensed Consolidated Statements of Cash Flows for the 13-Weeks ended March 30, 2024 and April 1, 2023 (Unaudited) 4 Condensed Consolidated Statements of Stockholders' Equity for the 13-Weeks ended March 30, 2024 and April 1, 2023 (Unaudited) 5 Notes to Condensed Consolidated Financial Statements (Unaudited) 6 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 14 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 19 Item 4.

Controls and Procedures

Controls and Procedures 19

- Other Information

Part II - Other Information 20 Item 1.

Legal Proceedings

Legal Proceedings 20 Item 1A.

Risk Factors

Risk Factors 20 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 20 Item 3. Defaults Upon Senior Securities 20 Item 4. Mine Safety Disclosures 20 Item 5. Other Information 21 Item 6. Exhibits 22 Signature Page 23 i

- Financial Information

Part I - Financial Information Item I - Condensed Consolidated Financial Statements Garmin Ltd. and Subsidiaries Condensed Consolidated State ments of Income (Unaudited) (In thousands, except per share information) 13-Weeks Ended March 30, 2024 April 1, 2023 Net sales $ 1,381,649 $ 1,147,424 Cost of goods sold 579,510 494,630 Gross profit 802,139 652,794 Research and development expense 242,535 221,485 Selling, general and administrative expenses 261,194 234,327 Total operating expense 503,729 455,812 Operating income 298,410 196,982 Other income (expense): Interest income 25,027 15,899 Foreign currency gains 2,282 7,688 Other income 1,321 1,203 Total other income (expense) 28,630 24,790 Income before income taxes 327,040 221,772 Income tax provision 51,079 19,445 Net income $ 275,961 $ 202,327 Net income per share: Basic $ 1.44 $ 1.06 Diluted $ 1.43 $ 1.05 Weighted average common shares outstanding: Basic 191,890 191,498 Diluted 192,698 191,886 See accompanying notes. 1 Garmin Ltd. and Subsidiaries Condensed Consolidated Statements o f Comprehensive Income (Unaudited) (In thousands) 13-Weeks Ended March 30, 2024 April 1, 2023 Net income $ 275,961 $ 202,327 Foreign currency translation adjustment ( 59,055 ) 16,891 Change in fair value of available-for-sale marketable securities, net of deferred taxes 2,613 11,076 Comprehensive income $ 219,519 $ 230,294 See accompanying notes. 2 Garmin Ltd. and Subsidiaries Condensed Consolidated Ba lance Sheets (Unaudited) (In thousands) March 30, 2024 December 30, 2023 Assets Current assets: Cash and cash equivalents $ 1,921,782 $ 1,693,452 Marketable securities 274,579 274,618 Accounts receivable, net 694,690 815,243 Inventories 1,302,230 1,345,955 Deferred costs 18,329 16,316 Prepaid e

View Full Filing

View this 10-Q filing on SEC EDGAR