GRMN FY 2020 Earnings Report — Garmin Ltd. Revenue & Financial Results | Market Cap Arena

Garmin Ltd.GRMN

FY 2020 Earnings

Reported February 17, 2021

Quarter Comparison

Revenue

Operating Income

Gross Margin

Net Margin

EPS (Diluted)

Free Cash Flow

Metric	FY 2020	Prior Q	FY 2019	QoQ Change	YoY Change
Revenue	$4.2B	—	$3.8B	—	11.4%
Op. Income	$1.1B	—	$946M	—	11.5%
Gross Margin	59.3%	—	59.5%	—	-0.2pp
Net Margin	23.7%	—	25.3%	—	-1.6pp
EPS (Diluted)	$5.17	—	$4.99	—	3.6%
Free Cash Flow	$948M	—	$578M	—	63.9%

Revenue Flow

Item	Amount
REVENUE	$4.2B
Cost of Revenue	$1.7B
GROSS PROFIT	$2.5B
R&D Expenses	$706M
Selling & Marketing	$151M
General & Administrative	$570M
SG&A Expenses	$721M
Other Expenses	$0
Operating Expenses	$1.4B
Cost & Expenses	$3.1B
OPERATING INCOME	$1.1B
Interest Income	$37M
Interest Expense	$0
Other Income/Expenses	$49M
INCOME BEFORE TAX	$1.1B
Income Tax Expense	$111M
Net Income from Continuing Ops	$992M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$992M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$992M
D&A	$127M
EBIT	$1.1B
EBITDA	$1.2B
EPS	$5
EPS Diluted	$5

Income Statement

Item	Amount
REVENUE	$4.2B
Cost of Revenue	$1.7B
GROSS PROFIT	$2.5B
R&D Expenses	$706M
Selling & Marketing	$151M
General & Administrative	$570M
SG&A Expenses	$721M
Other Expenses	$0
Operating Expenses	$1.4B
Cost & Expenses	$3.1B
OPERATING INCOME	$1.1B
Interest Income	$37M
Interest Expense	$0
Other Income/Expenses	$49M
INCOME BEFORE TAX	$1.1B
Income Tax Expense	$111M
Net Income from Continuing Ops	$992M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$992M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$992M
D&A	$127M
EBIT	$1.1B
EBITDA	$1.2B
EPS	$5
EPS Diluted	$5

Cash Flow Statement

Item	Amount
Net Income	$992M
Depreciation & Amortization	$127M
Stock-Based Compensation	$81M
Deferred Income Tax	$7M
Other Non-Cash Items	-$13M
Change in Working Capital	-$59M
OPERATING CASH FLOW	$1.1B
Capital Expenditure	-$187M
Acquisitions (Net)	-$149M
Purchases of Investments	-$1.1B
Sales/Maturities of Investments	$1.1B
Other Investing Activities	$2M
NET CASH FROM INVESTING	-$261M
Net Debt Issuance	$0
Common Stock Repurchased	-$26M
Common Dividends Paid	-$451M
Other Financing Activities	$15M
NET CASH FROM FINANCING	-$462M
FREE CASH FLOW	$948M
Net Change in Cash	$431M

Balance Sheet

Item	Amount
Cash & Equivalents	$1.5B
Short-Term Investments	$388M
Net Receivables	$849M
Inventory	$762M
Other Current Assets	$20M
TOTAL CURRENT ASSETS	$3.7B
PP&E (Net)	$950M
Goodwill	$584M
Intangible Assets	$244M
Long-Term Investments	$1.1B
Tax Assets	$245M
Other Non-Current Assets	$207M
TOTAL NON-CURRENT ASSETS	$3.4B
TOTAL ASSETS	$7.0B
Account Payables	$259M
Short-Term Debt	$0
Deferred Revenue	$87M
Other Current Liabilities	$637M
TOTAL CURRENT LIABILITIES	$1.2B
Long-Term Debt	$0
Deferred Revenue NC	$50M
Deferred Tax Liabilities	$117M
Other Non-Current Liabilities	$108M
TOTAL NON-CURRENT LIABILITIES	$351M
TOTAL LIABILITIES	$1.5B
Common Stock	$18M
Additional Paid-In Capital	$1.9B
Retained Earnings	$3.8B
Treasury Stock	-$320M
Accum. Other Comp. Income	$183M
Other Equity	$0
TOTAL STOCKHOLDERS' EQUITY	$5.5B
Minority Interest	$0
TOTAL EQUITY	$5.5B
TOTAL LIABILITIES & EQUITY	$7.0B
Total Debt	$76M
Net Debt	-$1.4B