Garmin Reports Strong First Quarter 2016 Sales

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 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 $3.8 million and $5.3 million in first quarter 2016 and 2015, 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. 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
Mar 26, Mar 28,
2016   2015
 
Net Income (GAAP) $88,092 $66,793
Foreign currency loss, net of tax effects $3,963   $38,801
Net income (Pro Forma) $92,055   $105,594
 
Net income per share (GAAP):
Basic $0.46 $0.35
Diluted $0.46 $0.35
 
Net income per share (Pro Forma):
Basic $0.49 $0.55
Diluted $0.49 $0.55
 
Weighted average common shares outstanding:
Basic 189,497 191,762
Diluted (GAAP) 189,651 192,341
 

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