Attached files
| file | filename |
|---|---|
| EX-99.1 - EX-99.1 - GARMIN LTD | grmn-ex991_122.htm |
| 8-K - CURRENT REPORT - GARMIN LTD | grmn-8k_20210217.htm |
EXHIBIT 99.2
Management believes that supplemental financial information for the consumer auto and auto OEM operating segments is useful to the readers of the financial statements. As such, this information has been included in the segment tables in the attached earnings release and the Annual Report on Form 10-K for the year ended December 26, 2020. Because comparable quarterly information will be presented in subsequent Quarterly Reports on Form 10-Q, we have provided the following 2020 and 2019 quarterly supplemental consumer auto and auto OEM financial information to further enhance comparability of the financial information that will be presented in subsequent Quarterly Reports on Form 10-Q. The table may not foot due to rounding.
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Garmin Ltd. and Subsidiaries |
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Results of Operations (Unaudited) |
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(In thousands) |
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Q1 2020 |
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Q2 2020 |
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Q3 2020 |
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Q4 2020 |
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FY 2020 |
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Consumer Auto |
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Net sales |
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$ |
59,013 |
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$ |
55,270 |
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$ |
82,659 |
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$ |
78,552 |
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$ |
275,493 |
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Gross profit |
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28,112 |
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|
26,917 |
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|
43,319 |
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|
41,516 |
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139,864 |
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Operating expenses: |
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Advertising |
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2,198 |
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1,612 |
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|
3,178 |
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|
3,399 |
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10,387 |
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Selling, general and administrative |
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11,196 |
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|
9,804 |
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|
9,333 |
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9,760 |
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40,094 |
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Research and development |
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11,505 |
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11,264 |
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12,630 |
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12,521 |
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47,919 |
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Total operating expenses |
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24,899 |
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|
22,680 |
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25,141 |
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25,680 |
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98,400 |
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Operating income |
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3,213 |
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|
4,237 |
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18,178 |
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15,836 |
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41,464 |
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Auto OEM |
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Net sales |
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$ |
46,788 |
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$ |
29,788 |
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$ |
46,696 |
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$ |
61,559 |
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$ |
184,833 |
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Gross profit |
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21,227 |
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|
13,001 |
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14,816 |
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17,653 |
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66,698 |
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Operating expenses: |
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Advertising |
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182 |
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3 |
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5 |
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6 |
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195 |
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Selling, general and administrative |
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6,111 |
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6,039 |
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6,772 |
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|
6,527 |
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|
25,448 |
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Research and development |
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18,322 |
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21,321 |
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|
22,755 |
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|
38,775 |
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|
101,175 |
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Total operating expenses |
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24,615 |
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27,363 |
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29,532 |
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45,308 |
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126,818 |
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Operating income (loss) |
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(3,388 |
) |
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(14,362 |
) |
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(14,716 |
) |
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(27,655 |
) |
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(60,120 |
) |
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Q1 2019 |
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Q2 2019 |
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Q3 2019 |
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Q4 2019 |
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FY 2019 |
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Consumer Auto |
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Net sales |
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$ |
75,474 |
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$ |
106,745 |
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$ |
94,425 |
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$ |
88,868 |
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$ |
365,511 |
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Gross profit |
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32,827 |
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|
50,903 |
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|
46,544 |
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41,945 |
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|
172,218 |
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Operating expenses: |
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Advertising |
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2,757 |
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4,344 |
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2,853 |
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4,221 |
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|
14,174 |
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Selling, general and administrative |
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14,033 |
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14,360 |
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|
12,591 |
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|
12,460 |
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|
53,444 |
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Research and development |
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10,590 |
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10,200 |
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10,035 |
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10,476 |
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|
41,301 |
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Total operating expenses |
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27,380 |
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28,904 |
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25,479 |
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27,157 |
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|
108,919 |
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Operating income |
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5,447 |
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21,999 |
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21,065 |
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14,788 |
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63,299 |
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Auto OEM |
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Net sales |
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$ |
51,525 |
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$ |
50,666 |
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$ |
43,297 |
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$ |
37,104 |
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$ |
182,592 |
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Gross profit |
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24,510 |
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|
23,958 |
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|
19,270 |
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16,639 |
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|
84,377 |
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Operating expenses: |
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Advertising |
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|
145 |
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|
59 |
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21 |
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36 |
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|
261 |
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Selling, general and administrative |
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5,262 |
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5,013 |
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|
5,227 |
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9,162 |
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24,666 |
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Research and development |
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16,337 |
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15,977 |
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|
14,230 |
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|
19,338 |
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|
65,881 |
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Total operating expenses |
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21,744 |
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|
21,049 |
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19,478 |
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28,536 |
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|
90,808 |
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Operating income (loss) |
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2,766 |
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|
2,909 |
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(208 |
) |
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(11,897 |
) |
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(6,431 |
) |