Garmin Reports Q4 and Fiscal 2015 Results

Non-GAAP Financial Information

Pro Forma net income (earnings) per share

Management believes that net income per share before the impact of foreign currency translation gain or loss and income tax adjustments that materially impact the effective tax rate, as discussed below, is an important measure. The majority of the Company’s consolidated foreign currency gain or loss result from balances involving the Euro, the British Pound Sterling and the Taiwan Dollar and from the exchange rate impact of the significant cash and marketable securities, 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 gain or loss. The Company’s income tax expense is periodically impacted by material net releases of reserves primarily related to completion of audits and/or the expiration of statutes effecting prior periods. Thus, reported income tax expense is not reflective of the income tax expense that is incurred related to the current period earnings. The net release of other uncertain tax position reserves, amounting to approximately $7 million and $11 million for 2015 and 2014, respectively, have not been included as pro forma adjustments in the following presentation of pro forma net income as such amounts have been considered immaterial, tend to be more recurring in nature and are comparable between periods. In the third quarter of 2014, the company incurred tax expense of $308 million associated with our inter-company restructuring. As this is a one-time transaction and not reflective of income tax expense incurred related to the current period earnings, it has been excluded from pro forma net income (earnings) per share. Accordingly, earnings per share before the impact of foreign currency translation gain or loss and income tax adjustments that materially impact the effective tax rate permits a consistent comparison of the Company’s operating performance between periods.

         
Garmin Ltd. And Subsidiaries
Net income per share (Pro Forma)
(in thousands, except per share information)
 
13-Weeks Ended 52-weeks Ended
Dec 26, Dec 27, Dec 26, Dec 27,
2015   2014   2015   2014  
 
Net Income (GAAP) $132,383 $210,245 $456,227 $364,211
Foreign currency (gain) / loss, net of tax effects $8,061 ($12,917 ) $18,875 $3,557
Income tax benefit due to completion of tax audits
and/or expiration of statutes - ($48,542 ) - ($72,942 )
Tax due to inter-company restructuring -   -   -   $307,635  
Net income (Pro Forma) $140,444   $148,786   $475,102   $602,461  
 
Net income per share (GAAP):
Basic $0.70 $1.10 $2.39 $1.89
Diluted $0.70 $1.09 $2.39 $1.88
 
Net income per share (Pro Forma):
Basic $0.74 $0.78 $2.49 $3.12
Diluted $0.74 $0.77 $2.49 $3.10
 
Weighted average common shares outstanding:
Basic 189,317 191,322 190,631 193,106
Diluted (GAAP) 189,847 192,356 191,107 194,165
 

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