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Corporate earnings
Wednesday, 1 August 2018, 12:00 am CDT

Garmin reports second quarter revenue and earnings growth; Raises guidance for 2018

Garmin Ltd. (Nasdaq: GRMN – News) today announced results for the second
quarter ended June 30, 2018.

Highlights for the second quarter 2018 include:

  • Total revenue of $894 million, growing 8% over the prior year, with
    fitness, marine, aviation and outdoor collectively growing 17% over
    the prior year quarter and contributing 80% of total revenue
  • Gross margin of 58.5% compared to 58.2% in the prior year quarter
  • Operating margin of 24.3% compared to 25.2% in the prior year quarter
  • Operating income was $218 million, growing 4% over the prior year
    quarter
  • GAAP EPS was $1.00 and pro forma EPS(1) was $0.99
  • Launched the vívoactive® 3 music expanding our music offerings into
    the advanced wellness category
  • Introduced the new revolutionary Panoptix LiveScopeTM
    delivering the first and only live scanning sonar for recreational
    fishing
  • Launched the fēnix® 5 Plus series of watches with built-in color maps,
    Garmin PayTM mobile payments, music storage and added Pulse
    Ox sensor technology for blood oxygen saturation awareness to the
    fēnix 5X Plus
(in thousands, 13-Weeks Ended 26-Weeks Ended
except per share data) June 30, July 1, Yr over Yr June 30, July 1, Yr over Yr
2018 2017 Change 2018 2017 Change
Net sales $ 894,452 $ 831,486 8 % $ 1,605,325 $ 1,472,996 9 %
Fitness 225,095 181,022 24 % 391,130 318,852 23 %
Marine 134,583 108,545 24 % 248,138 212,990 17 %
Aviation 153,006 124,060 23 % 298,719 246,931 21 %
Outdoor 201,640 194,776 4 % 345,899 310,652 11 %
Auto 180,128 223,083 -19 % 321,439 383,571 -16 %
Gross margin % 58.5 % 58.2 % 59.2 % 58.2 %
Operating income % 24.3 % 25.2 % 22.4 % 22.2 %
GAAP diluted EPS $ 1.00 $ 0.94 6 % $ 1.69 $ 2.20 -23 %
Pro forma diluted EPS (1) $ 0.99 $ 0.91 9 % $ 1.67 $ 1.44 16 %

(1)

See attached table for reconciliation of non-GAAP measures
including pro forma diluted EPS


Executive Overview from Cliff Pemble, President
and Chief Executive Officer:

“We achieved strong second quarter consolidated revenue growth led by
robust double-digit growth in our fitness, marine and aviation
segments,” said Cliff Pemble, president and chief executive officer of
Garmin Ltd. “We introduced revolutionary products and are pleased with
our performance in the first half of 2018. The results we achieved thus
far in 2018 give us confidence to raise our full year guidance, and we
look forward to the remainder of the year.”


Fitness:

During the second quarter of 2018, the fitness segment posted robust
revenue growth of 24% driven by strength in advanced wearables and
cycling. Gross margin was consistent year-over-year at 56% while
operating margin increased to 23%, resulting in operating income growth
of 40%. During the second quarter, we launched the vívoactive 3 music
expanding our music offerings into the advanced wellness category. We
also launched new Edge® and VariaTM cycling products
providing growth to our cycling category with innovative new products
and a continued focus on cyclists’ safety. We continue to see
opportunities for advanced wearables within the fitness segment.


Marine:

The marine segment posted robust revenue growth of 24% driven by organic
growth across multiple product categories and our Navionics®
acquisition. Gross margin increased year-over-year to 59%. Operating
margin declined to 21%, however operating income grew by 14%. During the
second quarter of 2018, we introduced the award winning Panoptix
LiveScope, a live scanning sonar that allows anglers a real-time clear
image in front of, below, and around their boat. Additionally, we were
selected as the exclusive marine electronics supplier to Sportsman Boats
beginning in model year 2019. We remain focused on innovations and
achieving market share gains within the inland fishing category.


Aviation:

The aviation segment posted robust revenue growth of 23%. Gross and
operating margins were strong at 74% and 34%, respectively, resulting in
operating income growth of 34%. Growth was primarily driven by our ADS-B
offerings and recent new product introductions such as the G5 indicator
system, TXi displays, and the GFCTM 500/600 autopilots. We
introduced the G3000HTM integrated flight deck for the Part
27 turbine helicopter market. In addition, we were recently selected by
Tactical Air Support to provide a tandem integrated flight deck to their
fleet of F-5 supersonic aircraft. We continue to invest in upcoming
certifications with our OEM partners and ongoing aftermarket
opportunities.


Outdoor:

During the second quarter of 2018, the outdoor segment grew 4% with
growth contributions from all product categories. Gross and operating
margins remained strong at 64% and 36%, respectively. We launched the
fēnix 5 Plus series, adding color maps, Garmin Pay mobile payments and
music to all three watch sizes. We also expanded our sensor technology
with the addition of Pulse Ox to the fēnix 5X Plus for blood oxygen
saturation awareness for athletes and outdoor enthusiasts. We launched
the inReach® mini, a compact satellite communicator that allows for
two-way communication from anywhere. Additionally, we have seen positive
customer response to our premium golf offerings. Looking forward, we
remain focused on opportunities in wearables and other product
categories within the outdoor segment.


Auto:

The auto segment recorded a decline in revenue of 19% in the second
quarter of 2018, primarily due to the ongoing PND market contraction.
Gross and operating margins were 42% and 7%, respectively. Looking
forward, we are focused on disciplined execution to bring desired
innovation to the market and to optimize profitability in this segment.


Additional Financial Information:

Total operating expenses in the quarter were $306 million, an 11%
increase from the prior year. Research and development increased 11%
driven by the incremental costs associated with acquisitions,
investments in the outdoor and fitness segments for the development of
advanced wearable products and continued innovation in the aviation
segment. Selling, general and administrative expenses increased 14%
driven primarily by personnel related expenses and incremental costs
associated with acquisitions. Advertising expenses increased 4% year
over-year but were relatively flat as a percentage of sales.

The effective tax rate in the second quarter of 2018 was 19.4% compared
to the effective tax rate of 24.5% and the pro forma effective tax rate
of 21.4% in the prior year quarter (see attached table for
reconciliation of this non-GAAP measure). The decrease in the current
quarter effective tax rate is primarily due to the benefits from U.S.
tax reform.

In the second quarter of 2018, we generated $224 million of net cash
provided by operating activities and $157 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 $100 million. We ended the quarter with cash and
marketable securities of approximately $2.4 billion.


2018 Guidance:

Based on our performance in the first half of 2018, we are updating our
full year guidance. We now anticipate revenue of approximately $3.3
billion driven primarily by higher expectations for our fitness and
aviation segments partially offset by slightly lower expectations for
the marine segment. Our outlook for the outdoor and auto segments are
unchanged. We anticipate our full year pro forma EPS will be
approximately $3.30 based on gross margin of about 58.5%, operating
margin of about 21.5% and a full year pro forma effective tax rate of
about 17.5%.

2018 Guidance
(1)

2018 Revenue Guidance

Updated Prior Segment Updated Prior
Revenue ~$3.3 B ~$3.2 B Aviation ~18% ~13%
Gross Margin ~58.5% ~58.5% Marine ~15% ~18%
Operating Margin ~21.5% ~21.0% Outdoor ~13% ~13%
Tax Rate (Pro Forma)(2) ~17.5% ~19.0% Fitness ~10% ~0%
EPS (Pro Forma)(2) ~$3.30 ~$3.05 Auto (1) ~(17%) -17%
(1) Consolidated and Auto segment guidance assumes the adoption of
the new revenue recognition standard in 2018 and restatement of 2017
amounts.
(2) See attached table for reconciliation of non-GAAP measures
including forward-looking pro forma tax rate and EPS


Revenue Standard Adoption

We adopted the new revenue standard in the first quarter of 2018. The
prior periods presented have been restated to reflect adoption of this
new standard.


Webcast Information/Forward-Looking Statements:

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

When: Wednesday, August 1, 2018 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 July 31, 2019 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, currency movements, expenses, pricing, new
products to be introduced in 2018, 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 30, 2017 filed by Garmin with the Securities and Exchange
Commission (Commission file number 0-31983). A copy of Garmin’s 2017
Form 10-K can be downloaded from
https://www.garmin.com/en-US/company/investors/sec/form-10-K/
.


Non-GAAP Financial Measures

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, vívoactive, Edge, Navionics,
fēnix and inReach are trademarks of Garmin Ltd. or its subsidiaries and
are registered in one or more countries, including the U.S.; Garmin Pay,
GFC, G3000H, Panoptix LiveScope and Varia 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 30, July 1, June 30, July 1,
2018 2017 2018 2017
Net sales $ 894,452 $ 831,486 $ 1,605,325 $ 1,472,996
Cost of goods sold 371,182 347,356 655,520 616,060
Gross profit 523,270 484,130 949,805 856,936
Advertising expense 43,549 42,009 68,861 73,533
Selling, general and administrative expense 120,500 105,251 237,564 207,303
Research and development expense 141,713 127,248 283,670 249,450
Total operating expense 305,762 274,508 590,095 530,286
Operating income 217,508 209,622 359,710 326,650
Other income (expense):
Interest income 10,995 9,281 21,222 17,724
Foreign currency gains (losses) 2,647 15,110 3,463 (22,387 )
Other income 4,918 314 5,653 715
Total other income (expense) 18,560 24,705 30,338 (3,948 )
Income before income taxes 236,068 234,327 390,048 322,702
Income tax provision (benefit) 45,726 57,348 70,333 (92,680 )
Net income $ 190,342 $ 176,979 $ 319,715 $ 415,382
Net income per share:
Basic $ 1.01 $ 0.94 $ 1.70 $ 2.21
Diluted $ 1.00 $ 0.94 $ 1.69 $ 2.20
Weighted average common
shares outstanding:
Basic 188,542 187,757 188,432 187,974
Diluted 189,461 188,492 189,377 188,691
Garmin Ltd. And Subsidiaries
Condensed Consolidated Balance Sheets (Unaudited)
(In thousands, except per share information)
June 30, December 30,
2018 2017
Assets
Current assets:
Cash and cash equivalents $ 946,656 $ 891,488
Marketable securities 173,318 161,687
Accounts receivable, net 533,076 590,882
Inventories 501,490 517,644
Deferred costs 31,924 30,525
Prepaid expenses and other current assets 137,118 153,912
Total current assets 2,323,582 2,346,138
Property and equipment, net 637,245 595,684
Restricted cash 211 271
Marketable securities 1,302,447 1,260,033
Deferred income taxes 188,101 195,981
Noncurrent deferred costs 30,663 33,029
Intangible assets, net 409,459 409,801
Other assets 97,012 107,352
Total assets $ 4,988,720 $ 4,948,289
Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable $ 166,499 $ 169,640
Salaries and benefits payable 95,969 102,802
Accrued warranty costs 38,429 36,827
Accrued sales program costs 65,477 93,250
Deferred revenue 98,526 103,140
Accrued royalty costs 28,209 32,204
Accrued advertising expense 29,059 30,987
Other accrued expenses 66,776 93,652
Income taxes payable 40,016 33,638
Dividend payable 300,187 95,975
Total current liabilities 929,147 792,115
Deferred income taxes 74,092 76,612
Noncurrent income taxes 140,584 138,295
Noncurrent deferred revenue 84,156 87,060
Other liabilities 1,860 1,788
Stockholders’ equity:
Shares, CHF 0.10 par value, 198,077 shares authorized and issued;
188,797 shares
outstanding at June 30, 2018 and 188,189 shares outstanding at
December 30, 2017 		17,979 17,979
Additional paid-in capital 1,828,515 1,828,386
Treasury stock (433,959 ) (468,818 )
Retained earnings 2,336,614 2,418,444
Accumulated other comprehensive income 9,732 56,428
Total stockholders’ equity 3,758,881 3,852,419
Total liabilities and stockholders’ equity $ 4,988,720 $ 4,948,289
Garmin Ltd. And Subsidiaries
Condensed Consolidated Statements of Cash Flows (Unaudited)
(In thousands)
26-Weeks Ended
June 30, July 1,
2018 2017
Operating activities:
Net income $ 319,715 $ 415,382
Adjustments to reconcile net income to net cash
provided by operating activities:
Depreciation 31,800 29,558
Amortization 16,420 13,273
Gain on sale or disposal of property and equipment (1,042 ) (56 )
Provision for doubtful accounts 616 351
Provision for obsolete and slow moving inventories 11,725 11,072
Unrealized foreign currency loss 2,401 26,325
Deferred income taxes 11,000 (159,384 )
Stock compensation expense 27,747 20,385
Realized losses on marketable securities 231 584
Changes in operating assets and liabilities, net of acquisitions:
Accounts receivable 48,099 23,785
Inventories (4,666 ) (34,621 )
Other current and non-current assets (4,841 ) (6,328 )
Accounts payable 1,618 (20,942 )
Other current and non-current liabilities (49,237 ) (48,162 )
Deferred revenue (7,483 ) (15,637 )
Deferred costs 962 2,890
Income taxes payable 32,998 5,352
Net cash provided by operating activities 438,063 263,827
Investing activities:
Purchases of property and equipment (93,072 ) (39,812 )
Proceeds from sale of property and equipment 1,282 121
Purchase of intangible assets (2,452 ) (6,336 )
Purchase of marketable securities (209,387 ) (243,880 )
Redemption of marketable securities 127,152 278,719
Acquisitions, net of cash acquired (9,417 ) (7,500 )
Net cash used in investing activities (185,894 ) (18,688 )
Financing activities:
Dividends (196,086 ) (191,691 )
Proceeds from issuance of treasury stock related to equity awards 14,142 10,316
Purchase of treasury stock related to equity awards (6,900 ) (3,582 )
Purchase of treasury stock under share repurchase plan – (63,957 )
Net cash used in financing activities (188,844 ) (248,914 )
Effect of exchange rate changes on cash, cash equivalents, and
restricted cash 		(8,217 ) 16,456
Net increase in cash, cash equivalents, and restricted cash 55,108 12,681
Cash, cash equivalents, and restricted cash at beginning of period 891,759 846,996
Cash, cash equivalents, and restricted cash at end of period $ 946,867 $ 859,677
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 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
13-Weeks Ended July 1, 2017
Net sales $ 194,776 $ 181,022 $ 108,545 $ 223,083 $ 124,060 $ 831,486
Gross profit 127,813 102,139 62,368 99,309 92,501 484,130
Operating income 74,284 37,487 24,295 34,198 39,358 209,622
Garmin Ltd. And Subsidiaries
Net Sales by Geography (Unaudited)
(In thousands)
13-Weeks Ended 26-Weeks Ended
June 30, July 1, Yr over Yr June 30, July 1, Yr over Yr
2018 2017 Change 2018 2017 Change
Net sales $ 894,452 $ 831,486 8 % $ 1,605,325 $ 1,472,996 9 %
Americas 437,116 401,409 9 % 783,091 726,038 8 %
EMEA 309,116 314,649 -2 % 555,029 539,984 3 %
APAC 148,220 115,428 28 % 267,205 206,974 29 %
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, forward-looking pro forma earnings per
share, pro forma effective tax rate, forward-looking 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 2018, there were no such discrete tax items
identified.

Garmin Ltd. And Subsidiaries
Pro Forma Effective Tax Rate
(in thousands, except effective tax rate (ETR) information)
13-Weeks Ended 26-Weeks Ended
July 1, July 1,
2017 2017

$

ETR
(1)

$

ETR
(1)
U.S. GAAP income tax provision (benefit) $ 57,348 24.5 % $ (92,680 ) (28.7 %)
Pro forma discrete tax items:
Switzerland corporate tax election(2) – 168,755
Tax expense from share-based award expirations(3) (7,275 ) (7,275 )
Total pro forma discrete tax items (7,275 ) 161,480
Income tax provision (Pro Forma) $ 50,073 21.4 % $ 68,800 21.3 %

(1)

Effective tax rate is calculated by taking the income tax
provision divided by income before taxes, as presented on the face
of the Condensed Consolidated Statements of Income.

(2)

In first quarter 2017, a $169 million tax benefit was recognized
resulting primarily from the revaluation of certain Switzerland
deferred tax assets. The revaluation is due to the Company’s
election in the first quarter of 2017 to align certain Switzerland
corporate tax positions with international tax initiatives. As
this revaluation is not reflective of income tax expense incurred
related to the current period earnings, it has been identified as
a pro forma discrete tax item.

(3)

Following adoption in fiscal 2017 of Accounting Standards Update
No. 2016-09, Compensation – Stock Compensation (Topic 718):
Improvements to Employee Share-Based Payment Accounting (“ASU
2016-09”), the Company may periodically incur tax expense
resulting from stock options and stock appreciation rights (SARs)
expiring unexercised. New grants of stock options and SARs no
longer comprise a significant component of the Company’s
compensation arrangements. As the tax expense from expired awards
is not related to current period earnings or compensation
activities, it has been identified as a pro forma adjustment.

The net release of uncertain tax position reserves, amounting to
approximately $10.3 million and $2.9 million in the 26-weeks ended June
30, 2018 and July 1, 2017, respectively, have not been included as pro
forma adjustments in the above presentation of pro forma income tax
provision as related items tend to be more recurring in nature or such
amounts are individually not significant.


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 30, July 1, June 30, July 1,
2018 2017 2018 2017
Net income (GAAP) $ 190,342 $ 176,979 $ 319,715 $ 415,382
Foreign currency gains / losses(1) (2,647 ) (15,110 ) (3,463 ) 22,387
Tax effect of foreign currency gains / losses(2) 513 3,229 624 (4,773 )
Pro forma discrete tax items(3) – 7,275 – (161,480 )
Net income (Pro Forma) $ 188,208 $ 172,373 $ 316,876 $ 271,516
Net income per share (GAAP):
Basic $ 1.01 $ 0.94 $ 1.70 $ 2.21
Diluted $ 1.00 $ 0.94 $ 1.69 $ 2.20
Net income per share (Pro Forma):
Basic $ 1.00 $ 0.92 $ 1.68 $ 1.44
Diluted $ 0.99 $ 0.91 $ 1.67 $ 1.44
Weighted average common shares outstanding:
Basic 188,542 187,757 188,432 187,974
Diluted 189,461 188,492 189,377 188,691

(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 losses.

(2)

The tax effect of foreign currency gains and losses was calculated
using the effective tax rate of 19.4% and 18.0% for the quarter
and year-to-date ended June 30, 2018, respectively, and a pro
forma effective tax rate of 21.4% and 21.3% for the quarter and
year-to-date ended July 1, 2017, respectively.

(3)

The discrete tax items are discussed in the pro forma effective
tax rate section above.


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 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 cash provided by operating activities.

Garmin Ltd. And Subsidiaries
Free Cash Flow
(in thousands)
13-Weeks Ended 26-Weeks Ended
June 30, July 1, June 30, July 1,
2018 2017 2018 2017
Net cash provided by operating activities $ 223,873 $ 143,432 $ 438,063 $ 263,827
Less: purchases of property and equipment (66,736 ) (14,275 ) (93,072 ) (39,812 )
Free Cash Flow $ 157,137 $ 129,157 $ 344,991 $ 224,015


Forward-looking pro forma tax rate

Forward-looking pro forma tax rate and pro forma earnings per share are
calculated before the effect of certain discrete tax items. Management
believes certain discrete tax items may not be reflective of income tax
expense incurred as a result of current period earnings. Therefore, in
order to permit consistent comparison between periods, the tax rate and
earnings per share before the effect of such discrete tax items are
important measures. At this time management is unable to determine
whether or not significant discrete tax items will be identified in
fiscal 2018.


Forward-looking pro forma earnings per share (EPS)

In addition to the discrete tax items discussed in the forward-looking
pro forma effective tax rate section above, our forward looking 2018 pro
forma EPS excludes foreign currency exchange gains and losses. The
estimated impact of such foreign currency gains and losses cannot be
reasonably estimated on a forward-looking basis due to the high
variability and low visibility with respect to non-operating foreign
currency exchange gains and losses and the related tax effects of such
gains and losses. The impact of such foreign currency gains and losses,
net of tax effects, was $0.01 for the 26-weeks ended June 30, 2018.

 

Contacts

Garmin Investor Relations Contact: Teri Seck, 913-397-8200 [email protected] or Media Relations Contact: Carly Hysell, 913-397-8200 [email protected]