GRMN FY 2023 Earnings Report — Garmin Ltd. Revenue & Financial Results | Market Cap Arena

Garmin Ltd.GRMN

FY 2023 Earnings

Reported November 29, 2024

Quarter Comparison

Revenue

Operating Income

Gross Margin

Net Margin

EPS (Diluted)

Free Cash Flow

Metric	FY 2023	Prior Q	FY 2022	QoQ Change	YoY Change
Revenue	$5.2B	—	$4.9B	—	7.6%
Op. Income	$1.1B	—	$1.0B	—	6.3%
Gross Margin	57.5%	—	57.7%	—	-0.3pp
Net Margin	24.7%	—	20.0%	—	4.6pp
EPS (Diluted)	$6.71	—	$5.04	—	33.1%
Free Cash Flow	$1.2B	—	$542M	—	117.9%

Revenue Flow

Item	Amount
REVENUE	$5.2B
Cost of Revenue	$2.2B
GROSS PROFIT	$3.0B
R&D Expenses	$905M
Selling & Marketing	$173M
General & Administrative	$835M
SG&A Expenses	$1.0B
Other Expenses	$0
Operating Expenses	$1.9B
Cost & Expenses	$4.1B
OPERATING INCOME	$1.1B
Interest Income	$77M
Interest Expense	$0
Other Income/Expenses	$108M
INCOME BEFORE TAX	$1.2B
Income Tax Expense	-$89M
Net Income from Continuing Ops	$1.3B
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$1.3B
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$1.3B
D&A	$178M
EBIT	$1.1B
EBITDA	$1.3B
EPS	$7
EPS Diluted	$7

Income Statement

Item	Amount
REVENUE	$5.2B
Cost of Revenue	$2.2B
GROSS PROFIT	$3.0B
R&D Expenses	$905M
Selling & Marketing	$173M
General & Administrative	$835M
SG&A Expenses	$1.0B
Other Expenses	$0
Operating Expenses	$1.9B
Cost & Expenses	$4.1B
OPERATING INCOME	$1.1B
Interest Income	$77M
Interest Expense	$0
Other Income/Expenses	$108M
INCOME BEFORE TAX	$1.2B
Income Tax Expense	-$89M
Net Income from Continuing Ops	$1.3B
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$1.3B
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$1.3B
D&A	$178M
EBIT	$1.1B
EBITDA	$1.3B
EPS	$7
EPS Diluted	$7

Cash Flow Statement

Item	Amount
Net Income	$1.3B
Depreciation & Amortization	$178M
Stock-Based Compensation	$101M
Deferred Income Tax	-$341M
Other Non-Cash Items	-$25M
Change in Working Capital	$174M
OPERATING CASH FLOW	$1.4B
Capital Expenditure	-$195M
Acquisitions (Net)	-$151M
Purchases of Investments	-$171M
Sales/Maturities of Investments	$183M
Other Investing Activities	-$1M
NET CASH FROM INVESTING	-$333M
Net Debt Issuance	$0
Common Stock Repurchased	-$99M
Common Dividends Paid	-$559M
Other Financing Activities	$21M
NET CASH FROM FINANCING	-$637M
FREE CASH FLOW	$1.2B
Net Change in Cash	$414M

Balance Sheet

Item	Amount
Cash & Equivalents	$1.7B
Short-Term Investments	$275M
Net Receivables	$815M
Inventory	$1.3B
Other Current Assets	$335M
TOTAL CURRENT ASSETS	$4.5B
PP&E (Net)	$1.4B
Goodwill	$608M
Intangible Assets	$187M
Long-Term Investments	$1.1B
Tax Assets	$755M
Other Non-Current Assets	$97M
TOTAL NON-CURRENT ASSETS	$4.1B
TOTAL ASSETS	$8.6B
Account Payables	$254M
Short-Term Debt	$0
Deferred Revenue	$101M
Other Current Liabilities	$330M
TOTAL CURRENT LIABILITIES	$1.3B
Long-Term Debt	$0
Deferred Revenue NC	$36M
Deferred Tax Liabilities	$115M
Other Non-Current Liabilities	$17M
TOTAL NON-CURRENT LIABILITIES	$281M
TOTAL LIABILITIES	$1.6B
Common Stock	$20M
Additional Paid-In Capital	$2.1B
Retained Earnings	$5.3B
Treasury Stock	-$331M
Accum. Other Comp. Income	-$66M
Other Equity	$0
TOTAL STOCKHOLDERS' EQUITY	$7.0B
Minority Interest	$0
TOTAL EQUITY	$7.0B
TOTAL LIABILITIES & EQUITY	$8.6B
Total Debt	$113M
Net Debt	-$1.6B