GARMIN LTD GRMN Income Statement

Garmin ltd (GRMN)

Income statement / Quarterly

Mar'20	Dec'19	Sep'19	Jun'19	Mar'19	Dec'18	Sep'18	Jun'18	Mar'18	Dec'17	Sep'17	Jun'17	Mar'17	Dec'16	Sep'16	Jun'16	Mar'16	Dec'15	Sep'15	Jun'15	Mar'15	Dec'14	Sep'14	Jun'14	Mar'14	Dec'13	Sep'13	Jun'13	Mar'13	Dec'12	Sep'12	Jun'12	Mar'12	Dec'11	Sep'11	Jun'11	Mar'11	Dec'10	Sep'10	Jun'10	Mar'10	Dec'09	Sep'09	Jun'09	Mar'09	Sep'08	Jun'08
Net sales
856,108	1,102,232	934,383	954,840	766,050	932,109	810,011	894,452	710,872	897,320	751,244	831,486	641,510	887,898	722,250	811,609	624,040	781,356	679,690	773,830	585,394	803,306	706,283	777,848	583,221	759,694	643,637	696,563	531,957	768,548	672,376	718,154	556,597	909,643	666,993	674,099	507,834	837,715	692,364	728,765	431,067	1,059,383	781,254	669,104	436,699	870,355	911,671
Cost of goods sold
349,168	462,777	366,925	379,475	314,352	382,942	329,264	371,182	284,337	393,838	313,721	347,356	268,704	408,161	316,270	348,651	284,190	368,214	317,500	354,580	241,272	372,459	308,037	333,363	252,387	365,056	290,748	312,923	255,824	394,695	313,321	296,341	272,838	475,856	322,662	351,999	269,460	457,922	348,344	337,113	200,158	572,623	371,512	317,490	240,704	484,716	494,543
Gross profit
506,940	639,455	567,458	575,365	451,698	549,167	480,747	523,270	426,535	503,482	437,523	484,130	372,806	479,737	405,980	462,958	339,850	413,142	362,190	419,250	344,122	430,847	398,246	444,485	330,834	394,638	352,889	383,640	276,133	373,853	359,055	421,813	283,759	433,787	344,331	322,100	238,374	379,793	344,020	391,652	230,909	486,760	409,742	351,614	195,995	385,639	417,128
Advertising expense
26,880	62,650	32,668	41,523	27,615	55,394	31,140	43,549	25,311	58,710	32,449	42,009	31,525	67,702	32,956	44,252	32,233	56,813	36,887	45,794	27,672	54,175	33,112	34,918	24,428	34,922	26,251	29,483	22,249	46,806	30,102	38,258	23,591	55,660	35,310	34,098	19,956	43,771	41,002	42,440	17,400	52,420	45,853	34,023	23,225	50,742	58,327
Selling, general and administrative expenses
137,186	138,280	124,769	128,738	126,781	125,943	114,669	120,500	117,065	128,881	101,794	105,251	102,051	114,312	96,959	103,677	95,610	104,555	94,057	97,552	98,750	99,118	90,632	92,409	89,873	94,670	86,462	88,039	86,269	94,026	86,402	99,246	90,116	93,383	88,751	85,896	73,187	79,445	66,869	73,832	67,678	70,740	71,499	62,186	59,777	67,785	66,701
Research and development expense
165,392	162,003	148,561	148,883	145,919	145,156	138,979	141,713	141,957	132,552	129,632	127,248	122,202	128,952	116,449	114,355	108,204	106,012	105,789	109,240	106,002	101,555	98,998	98,404	96,164	92,575	88,427	96,232	87,689	83,262	82,489	80,303	79,719	84,655	72,936	70,515	70,478	71,929	69,512	73,337	62,483	71,584	55,507	56,253	55,034	52,749	53,597
Total operating expense
329,458	362,933	305,998	319,144	300,315	326,493	284,788	305,762	284,333	320,143	263,875	274,508	255,778	310,966	246,364	262,284	236,047	267,380	236,733	252,586	232,424	254,848	222,742	225,731	210,465	222,167	201,140	213,754	196,207	224,094	198,993	217,807	193,426	233,698	196,997	190,509	163,621	195,145	177,383	189,609	147,561	194,744	172,859	152,462	138,036	171,276	178,625
Operating income
177,482	276,522	261,460	256,221	151,383	222,674	195,959	217,508	142,202	183,339	173,648	209,622	117,028	168,771	159,616	200,674	103,803	145,762	125,457	166,664	111,698	175,999	175,504	218,754	120,369	172,471	151,749	169,886	79,926	149,759	160,062	204,006	90,333	200,089	147,334	131,591	74,753	184,648	166,637	202,043	83,348	292,016	236,883	199,152	57,959	214,363	238,503
Other income (expense):
Interest income
12,026	13,069	12,309	13,735	13,704	14,836	11,089	10,995	10,227	9,993	9,207	9,281	8,444	9,297	8,226	8,455	7,428	7,358	6,851	7,420	8,024	6,802	9,344	9,670	9,768	9,759	8,435	8,179	8,898	8,830	7,987	8,620	9,671	9,495	8,464	7,639	7,214	6,614	5,695	5,791	6,879	6,872	6,360	5,190	5,097	8,435	9,801
Foreign currency losses
-15,423	-3,224	16,296	3,413	314	-2,715	6,868	2,647	816	36,387	8,579	15,110	-37,497	-1,648	-19,421	-5,743	-4,839	-9,287	30,573	-487	-44,264	15,968	-12,703	-20,378	12,814	17,257	-822	27,451	-8,348	-3,898	-6,364	-7,771	-1,989	-24,522	14,893	-14,611	12,140	-33,762	35,527	-43,605	-46,537	-10,518	11,752	-4,836	-2,438	-12,744	21,561
Other income (expense)
3,550	2,051	294	2,409	864	-1,427	1,147	4,918	735	-106	-1,520	314	400	1,092	1,344	415	1,155	8,709	2,010	-39	738	1,127	517	674	-484	5,052	1,438	1,069	1,158	218	942	2,581	1,541	65	4,345	2,453	2,819	3,836	3,057	180	-1,833	6,487	-1,684	-335	694	-1,358	-612
Gain/(loss) on sale of marketable securities
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	45,686
Total other income:
153	10,890	-3,693	19,557	14,882	9,198	5,368	18,560	11,778	1,116	16,266	24,705	-28,653	8,741	-9,851	3,127	3,744	6,780	39,434	6,894	-35,502	23,897	-2,842	-10,034	22,098	32,068	9,051	36,699	1,708	5,150	2,565	3,430	9,223	-14,962	27,702	-4,519	22,173	-28,224	44,279	-37,634	-37,825	191	19,796	689	1,965	-2,951	77,660
Income before income taxes
177,635	287,412	257,767	275,778	166,265	231,872	201,327	236,068	153,980	184,455	189,914	234,327	88,375	177,512	149,765	203,801	107,547	152,542	164,891	173,558	76,196	199,896	172,662	208,720	142,467	204,539	160,800	206,585	81,634	154,909	162,627	207,436	99,556	185,127	175,036	127,072	96,926	156,424	210,916	164,409	45,523	292,207	256,679	199,841	59,924	211,412	316,163
Income tax provision
16,455	-73,379	29,901	52,122	26,092	41,722	17,113	45,726	24,606	41,905	38,840	57,348	-150,029	33,998	24,711	42,737	19,455	20,160	45,592	35,805	9,403	-10,348	319,496	26,737	23,649	40,953	-26,869	34,094	-7,032	25,616	22,279	21,532	12,698	19,571	24,655	17,595	1,444	23,518	-68,636	29,593	8,194	13,799	41,546	37,970	11,386	40,168	60,071
Net income
161,180	360,791	227,866	223,656	140,173	190,150	184,214	190,342	129,374	142,550	151,074	176,979	238,404	143,514	125,054	161,064	88,092	132,382	119,299	137,753	66,793	210,244	-146,834	181,983	118,818	163,586	187,669	172,491	88,666	129,293	140,348	185,904	86,858	165,556	150,381	109,477	95,482	132,906	279,552	134,816	37,329	278,408	215,133	161,871	48,538	171,244	256,092
Net income per share:
Basic
0.84	1.89	1.20	1.18	0.74	1.00	0.98	1.01	0.69	0.75	0.81	0.94	1.27	0.77	0.66	0.85	0.46	0.69	0.63	0.72	0.35	1.10	-0.76	0.94	0.61	0.84	0.96	0.88	0.45	0.66	0.72	0.95	0.45	0.86	0.77	0.56	0.49	0.66	1.44	0.68	0.19	1.39	1.07	0.81	0.24	0.83	1.20
Diluted
0.84	1.89	1.19	1.17	0.74	1.01	0.97	1.00	0.68	0.76	0.80	0.94	1.26	0.76	0.66	0.85	0.46	0.69	0.63	0.72	0.35	1.10	-0.76	0.93	0.61	0.83	0.96	0.88	0.45	0.65	0.72	0.95	0.44	0.85	0.77	0.56	0.49	0.66	1.43	0.67	0.19	1.38	1.07	0.81	0.24	0.82	1.19
Weighted average common shares outstanding:
Basic
190,803	-	190,102	189,855	189,601	-	188,799	188,542	188	-	187,616	187,757	188,333	-	188	188	189	-	190,342	191,101	191,762	-	192	193	195,090	-	195,325	195	195	-	194	194	194	-	194,112	194,051	193,922	-	194,482	198,948	199,926	-	200,546	200,296	200,352	206,634	213,756
Diluted
191,684	-	190,962	190,714	190,599	-	190,005	189,461	189	-	188,490	188,492	189,031	-	189	189	189	-	190,822	191,600	192,341	-	192	194	195,860	-	196,300	196	196	-	196	196	195	-	194,828	194,875	194,720	-	195,305	200,102	201,091	-	201,599	200,853	200,725	208,107	215,572
Dividends declared per share (in dollars per share)
-	-	-	-	-	-	-	-	-	-	0.00	-	-	-	0.00	2.04	-	-	-	2.04	-	-	-	1.92	-	-	-	-	-	-	-	1.80	-	-	-	2.00	-	-	-1.50	1.50	1.50	-	0.75	0.75	0.00	-	-