Latest news with #CliffPemble
Tom's Guide
08-05-2025
- Business
- Tom's Guide
Bad news for Garmin users — future features could go behind the Connect+ paywall, according to CEO
When Garmin Connect+ launched earlier this year Garmin stressed that all the existing features available in its app would remain free to users. Given that the features you do get with Garmin Connect+ have thus far underwhelmed, it wasn't a great hardship to skip the subscription entirely. However, the fear Garmin users had was that future features would end up locked behind the Garmin Connect+ paywall, and that fear may have just been confirmed by Garmin's CEO. Speaking during Garmin's Q1 2025 earnings call CEO Cliff Pemble spoke about Connect+ and the features it might get in the future, saying, 'certain ones, we will likely reserve for premium offerings.". While Garmin Connect+ certainly does need some new features to make it worth the outlay, if it becomes a requirement to get the most from a watch then that's bad news for Garmin users who have already spent a lot of money on a watch. Pemble's also spoke about how Garmin Connect+ had been received by Garmin users, saying that the response 'had been positive', which is a surprise to me. Notwithstanding the fact that introducing a paid subscription rarely, if ever, goes down well, Garmin users seemed particularly outraged by the arrival of Connect+. Get instant access to breaking news, the hottest reviews, great deals and helpful tips. This is partly down to the fact the best Garmin watches like the Garmin Fenix 8 cost more than $1,000, meaning the idea of paying an extra $6.99 a month to unlock features is galling. Even if you opt for a cheaper model like the Garmin Forerunner 165, part of the appeal of using a Garmin in the past has been that you don't have to pay more once you've bought the watch. Furthermore, Garmin Connect+ hasn't drawn very positive reviews from those who have used it. The AI-based Active Intelligence feature in particular is yet to provide any useful insights, in my experience. Once Garmin Connect+ was introduced it was inevitable that future features would end up behind its paywall, and if the service is to be a success it does need some more useful features than it currently has. Subscription services are only likely to become more common with the best sports watches, unfortunately. However so far Suunto and Coros haven't introduced one to use with their devices. The core experience of tracking and analyzing your training will remain free across the board I would expect, and it's still an excellent experience with Garmin. However, if we read the tea leaves, it's likely that when interesting new Garmin features launch in the future, some are likely to cost you.
Android Authority
07-05-2025
- Business
- Android Authority
Garmin users should start bracing for more subscription-only features
Since the launch of Connect Plus in March, Garmin users have been worried about the future of their devices. These users aren't just upset about the mere introduction of a subscription service; there's a palpable concern about what this paywall could mean for new features going forward. A recent earnings call appears to show that there may be some substance behind these fears. Garmin recently conducted an earnings call for the first quarter of 2025. During this call, the company announced an 11% improvement year on year, netting earnings of $1.54 billion. On top of that, Garmin reached a record $330 million in operating income. Around the 16:30 minute mark, the call was opened up for questions. When asked about the launch of Connect Plus and why the decision was made, CEO Cliff Pemble stated: I think we've been saying for a while that we are evaluating opportunities to have a premium offering on Garmin Connect. I think the developments of AI and particularly around AI-based insights for our users was one of those things that we felt was important to recognize the value for the investment that it takes to do. Pemble went on to mention that the company 'felt like it was the right time' and added that they have not taken away any previously free features. Although the smartwatch maker may not have any plans to take away previously free features, Pemble seemed to confirm what users have been worried about over the last few weeks.
Yahoo
30-04-2025
- Business
- Yahoo
Why Investors Are Running From Garmin Stock Today
Garmin raised full-year revenue guidance after a record first quarter. Investors may be focusing on an expected dip in profit margin. Garmin has built a robust cash position that represents 11% of its market cap. Garmin (NYSE: GRMN) this morning reported record first-quarter revenue that jumped 11% year over year. Bottom-line profits grew even faster at 13%. The maker of GPS-enabled devices even boosted revenue guidance for the year. So investors might be wondering why the stock plunged by as much as 12.6% Wednesday morning. While it recovered some of that drop, Garmin shares were still down by 9% as of 3:15 p.m. ET. Where to invest $1,000 right now? Our analyst team just revealed what they believe are the 10 best stocks to buy right now. Continue » Garmin had a strong quarter by most accounts. Revenue beat consensus estimates and the new guidance exceeds current analyst expectations for full-year revenue. Management noted "a continuation of the positive business trends" it's been experiencing over the longer term. But it didn't raise net income guidance due to an expected slide in profit margin. That's due to a current assumption of $100 million of increased costs due to tariff impacts. While the tariff situation is fluid, Garmin management is taking a conservative approach for investors. Its assumptions are based on "tariff structures that are most likely to impact Garmin," CEO Cliff Pemble said on the earnings call. About 25% of Garmin's sales in the U.S. are generated from products manufactured outside the country, mostly at its Taiwan facilities. While it is currently benefiting from temporary tariff exemptions, guidance is not based on those exemptions remaining. That could lead to potential upside should existing exemptions be made permanent. Today's drop has the stock down almost 15% in the last month. It also means shares are trading at a price-to-earnings (P/E) ratio of about 23.5 based on 2025 earnings estimates. That's below the average of the past year of about 26. As mentioned, Garmin's business remains strong. It achieved double-digit year-over-year sales growth in three of its five segments. That's after a very strong 2024 when revenue soared by 20% overall. The company has no debt and a strong cash position that represents about 11% of its market cap. It easily covered its dividend payment with free cash flow in the first quarter. Today's drop looks like a good opportunity for buy-and-hold investors. Before you buy stock in Garmin, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the for investors to buy now… and Garmin wasn't one of them. The 10 stocks that made the cut could produce monster returns in the coming years. Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you'd have $607,048!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you'd have $668,193!* Now, it's worth noting Stock Advisor's total average return is 880% — a market-crushing outperformance compared to 161% for the S&P 500. Don't miss out on the latest top 10 list, available when you join . See the 10 stocks » *Stock Advisor returns as of April 28, 2025 Howard Smith has positions in Garmin. The Motley Fool has positions in and recommends Garmin. The Motley Fool has a disclosure policy. Why Investors Are Running From Garmin Stock Today was originally published by The Motley Fool Sign in to access your portfolio
Yahoo
30-04-2025
- Business
- Yahoo
Garmin announces first quarter 2025 results
Company reports record first quarter operating results and maintains full year EPS guidance SCHAFFHAUSEN, Switzerland, April 30, 2025 /PRNewswire/ -- Garmin® Ltd. (NYSE: GRMN), today announced results for the first quarter ended March 29, 2025. Highlights for first quarter 2025 include: Record consolidated revenue of $1.54 billion, an 11% increase compared to the prior year quarter Gross margin of 57.6% compared to 58.1%, in the prior year quarter Operating margin expanded to 21.7% from 21.6%, in the prior year quarter Record operating income of $333 million, a 12% increase compared to the prior year quarter GAAP EPS of $1.72 and pro forma EPS(1) of $1.61, representing 13% growth in pro forma EPS over the prior year quarter Named one of the Top 10 Most Trustworthy Companies in America, within our industry, by Newsweek Recognized as an exceptional aviation OEM and marine supplier, winning multiple awards during the quarter Announced the G3000® PRIME integrated flight deck was selected by Pilatus for its new PC-12 PRO aircraft and PC-7 MKX military training aircraft Published our 2024 Garmin inReach® SOS Report, highlighting the important role served by inReach devices in remote communications and emergency response coordination around the globe (In thousands, except per share information)13-Weeks EndedMarch 29, March 30, YoY2025 2024 ChangeNet sales$ 1,535,099 $ 1,381,649 11 % Fitness 384,722342,892 12 % Outdoor 438,496366,193 20 % Aviation 223,114216,855 3 % Marine 319,438326,736 (2) % Auto OEM 169,329128,973 31 % Gross profit 884,545802,13910 % Gross margin % 57.6 % 58.1 %Operating Income 332,824298,41012 % Operating income % 21.7 % 21.6 %GAAP diluted EPS$ 1.72 $ 1.4320 % Pro forma diluted EPS(1)$ 1.61 $ 1.4213 %(1) See attached Non-GAAP Financial Information for discussion and reconciliation of non-GAAP financial measures, including pro forma diluted EPS Executive Overview from Cliff Pemble, President and Chief Executive Officer: "We delivered another quarter of outstanding financial results which we attribute to our strong lineup of highly differentiated products that customers desire. While recent developments in global trade have created an atmosphere of uncertainty for many companies, we remain optimistic because of the resilience and flexibility our vertically integrated and highly diversified business model offers. We are very pleased with our results so far, and we look forward to the opportunities ahead as the year continues to unfold." - Cliff Pemble, President and Chief Executive Officer of Garmin Ltd. Fitness: Revenue from the fitness segment increased 12% in the first quarter with growth led by strong demand for advanced wearables. Gross and operating margins were 57% and 20%, respectively, resulting in $78 million of operating income. During the quarter, we announced Garmin Connect+, a premium plan offering personalized insights driven by artificial intelligence, enhanced live tracking, and exclusive achievement badges. Garmin Connect+ will elevate users' health and fitness knowledge with personalized Active Intelligence insights powered by AI. Also during the quarter, we were recognized as one of the Most Innovative Fitness and Wellness Companies of 2025 by Athletech News. We also recently announced the vívoactive® 6, our newest health and fitness smartwatch with an even brighter AMOLED display that includes more than 80 preloaded sports apps and provides access to Garmin Coach running and strength training plans. Outdoor: Revenue from the outdoor segment increased 20% in the first quarter primarily due to growth in adventure watches. Gross and operating margins were 64% and 29%, respectively, resulting in $129 million of operating income. During the quarter, we launched several wearables, including Instinct® 3, Descent™ G2, tactix® 8 and Approach® S44 and Approach S50. Each wearable is purpose built to allow our customers to participate in the activities that further their passions. Also during the quarter, we launched the new Montana® handheld GPS series with optional SOS satellite communication capabilities, and the new Approach G20, the first GPS golf handheld with unlimited battery life in sunny conditions. Aviation: Revenue from the aviation segment increased 3% in the first quarter with growth primarily driven by the OEM product categories. Gross and operating margins were 75% and 22%, respectively, resulting in $48 million of operating income. During the quarter, we announced that the G3000 PRIME integrated flight deck was selected by Pilatus for its new PC-12 PRO aircraft, with deliveries anticipated to begin in the second half of 2025, and PC-7 MKX military training aircraft. Also during the quarter, we introduced GCO™ 14, our first carbon monoxide detector for aircraft. This remote-mount sensor allows pilots to monitor CO levels and receive alerts, adding a layer of situational awareness in the cockpit. We were also named Supplier of the Year by Cirrus Aircraft, reflecting our commitment to create the best products and provide outstanding service to our customers. Marine: Revenue from the marine segment decreased 2% in the first quarter primarily due to the timing of promotions, which contributed to lower revenue from multiple product categories in the quarter. Gross and operating margins were 58% and 27%, respectively, resulting in $87 million of operating income. During the quarter, we launched the Force® Pro trolling motor, with multi-band GPS for improved control, reverse thrust capabilities and a built-in sonar transducer. Also during the quarter, we were named 2025 Supplier of the Year for the second consecutive year by Independent Boat Builders, Inc. (IBBI), for providing outstanding service, support and dedication to its owner network. Auto OEM: Revenue from the auto OEM segment increased 31% during the first quarter primarily driven by growth in domain controllers. Gross margin was 18% and we recorded an operating loss of $9 million in the quarter. During the quarter, Honda introduced the 2025 Gold Wing motorcycle which includes a Garmin infotainment system. Additional Financial Information: Total operating expenses in the first quarter were $552 million, a 10% increase over the prior year. Research and development and selling, general and administrative expenses increased 11% and 9%, respectively, driven primarily by personnel related costs. The effective tax rate in the first quarter was 14.5% compared to the effective tax rate of 15.6% in the prior year quarter. The decrease in the current quarter is primarily due to increased tax benefits from stock-based compensation. In the first quarter of 2025, we generated operating cash flows of $421 million and free cash flow(1) of $381 million. We paid a quarterly dividend of approximately $145 million and repurchased $27 million of the Company's shares within the quarter, leaving approximately $210 million remaining as of March 29, 2025 in the share repurchase program authorized through December 2026. We ended the quarter with cash and marketable securities of approximately $3.9 billion. (1) See attached Non-GAAP Financial Information for discussion and reconciliation of non-GAAP financial measures, including pro forma effective tax rate and free cash flow. 2025 Fiscal Year Guidance: Based upon our first quarter results and our assessment of the current global trade environment, we are updating our full year 2025 expectations for revenue to approximately $6.85 billion and maintaining our pro forma EPS of $7.80 based on gross margin of 58.5%, operating margin of 24.8% and a full year tax rate of 16.5% (see attached discussion on Forward-looking Financial Measures). Dividend Recommendation: As announced in February, the Board will recommend to the shareholders for approval at the annual meeting to be held on June 6, 2025, a cash dividend in the total amount of $3.60 per share payable in four equal quarterly installments. Webcast Information/Forward-Looking Statements: The information for Garmin Ltd.'s earnings call is as follows: When: Wednesday, April 30, 2025, 10:30 a.m. Eastern Where: Join a live stream of the call at the following linkhttps:// An archive of the live webcast will be available until April 29, 2026 on the Garmin website at To access the replay, click on the Investors 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 "anticipates," "would," "may," "expects," "estimates," "plans," "intends," "projects," and other words or phrases with similar meanings. Any statements regarding the Company's expected fiscal 2025 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, global trade related impacts, potential future acquisitions, share repurchase programs, currency movements, expenses, pricing, new product launches, market reach, 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 28, 2024 and the Quarterly Report on Form 10-Q for the quarter ended March 29, 2025 filed by Garmin with the Securities and Exchange Commission (Commission file number 001-41118). A copy of Garmin's 2024 Form 10-K and the Q1 2025 Form 10-Q can be downloaded from All information provided in this release and in the attachments is as of March 29, 2025. Undue reliance should not be placed on the forward-looking statements in this press release, which are based on information available to us on the date hereof. We undertake no duty to update this information unless required by law. 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, Approach, Force, G3000, inReach, Instinct, Montana, tactix, and vívoactive are trademarks of Garmin Ltd. or its subsidiaries and are registered in one or more countries, including the U.S. Descent and GCO 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. Investor Relations Contact: Media Relations Contact: Teri Seck Krista Klaus 913/397-8200 913/397-8200 Garmin Ltd. and SubsidiariesCondensed Consolidated Statements of Income (Unaudited)(In thousands, except per share information) 13-Weeks EndedMarch 29, March 30,2025 2024Net sales$ 1,535,099 $ 1,381,649Cost of goods sold 650,554579,510Gross profit 884,545802,139 Research and development expense 268,120242,535Selling, general and administrative expenses 283,601261,194Total operating expense 551,721503,729 Operating income 332,824298,410 Other income (expense): Interest income 30,50725,027Foreign currency gains 24,7602,282Other income 9871,321Total other income (expense) 56,25428,630 Income before income taxes 389,078327,040Income tax provision 56,30951,079Net income$ 332,769 $ 275,961 Net income per share: Basic$ 1.73 $ 1.44Diluted$ 1.72 $ 1.43 Weighted average common shares outstanding: Basic 192,544191,890Diluted 193,717192,698 Garmin Ltd. and SubsidiariesCondensed Consolidated Balance Sheets (Unaudited)(In thousands) March 29, 2025 December 28, 2024Assets Current assets: Cash and cash equivalents$ 2,175,515 $ 2,079,468Marketable securities 498,995421,270Accounts receivable, net 787,133983,404Inventories 1,581,9521,473,978Deferred costs 21,07724,040Prepaid expenses and other current assets 380,512353,993Total current assets 5,445,1845,336,153 Property and equipment, net 1,233,2131,236,884Operating lease right-of-use assets 170,703164,656Noncurrent marketable securities 1,226,4641,198,331Deferred income tax assets 831,817822,521Noncurrent deferred costs 5,7836,898Goodwill 616,955603,947Other intangible assets, net 150,026154,163Other noncurrent assets 107,477106,974Total assets$ 9,787,622 $ 9,630,527 Liabilities and Stockholders' Equity Current liabilities: Accounts payable$ 344,804 $ 359,365Salaries and benefits payable 204,589210,879Accrued warranty costs 61,14262,473Accrued sales program costs 71,765108,492Other accrued expenses 209,473216,721Deferred revenue 105,716110,997Income taxes payable 332,217294,582Dividend payable —144,349Total current liabilities 1,329,7061,507,858 Deferred income tax liabilities 104,923103,274Noncurrent income taxes payable 6,9517,014Noncurrent deferred revenue 25,52628,321Noncurrent operating lease liabilities 140,235134,886Other noncurrent liabilities 803776 Stockholders' equity: Common shares (194,901 and 194,901 shares authorized and issued; 192,711 and 192,468 shares outstanding) 19,49019,490Additional paid-in capital 2,255,9682,247,484Treasury shares (2,190 and 2,433 shares) (301,804)(270,521)Retained earnings 6,331,7355,999,183Accumulated other comprehensive income (loss) (125,911)(147,238)Total stockholders' equity 8,179,4787,848,398Total liabilities and stockholders' equity$ 9,787,622 $ 9,630,527 Garmin Ltd. and SubsidiariesCondensed Consolidated Statements of Cash Flows (Unaudited)(In thousands) 13-Weeks EndedMarch 29, 2025 March 30, 2024Operating Activities: Net income$ 332,769 $ 275,961Adjustments to reconcile net income to net cash provided by operating activities: Depreciation 37,46333,892Amortization 8,83510,933Gain on sale or disposal of property and equipment (15)(12)Unrealized foreign currency (gains) losses (38,983)2,974Deferred income taxes (11,593)(9,611)Stock compensation expense 37,77230,719Realized loss on marketable securities 98—Changes in operating assets and liabilities, net of acquisitions: Accounts receivable, net of allowance for doubtful accounts 213,089108,453Inventories (102,239)16,545Other current and noncurrent assets (17,510)2,117Accounts payable (12,629)(1,281)Other current and noncurrent liabilities (57,318)(64,699)Deferred revenue (8,160)(2,549)Deferred costs 4,102(1,451)Income taxes 35,10733,314Net cash provided by operating activities 420,788435,305 Investing activities: Purchases of property and equipment (40,062)(33,168)Purchase of marketable securities (179,827)(85,626)Redemption of marketable securities 88,78877,131Net (payments for) cash from acquisitions (2,100)5,011Other investing activities, net 599(223)Net cash used in investing activities (132,602)(36,875) Financing activities: Dividends (144,566)(140,212)Purchase of treasury shares related to equity awards (33,144)(15,987)Purchase of treasury shares under share repurchase plan (27,098)—Net cash used in financing activities (204,808)(156,199) Effect of exchange rate changes on cash and cash equivalents 12,672(13,913) Net increase in cash, cash equivalents, and restricted cash 96,050228,318Cash, cash equivalents, and restricted cash at beginning of period 2,080,1541,694,156Cash, cash equivalents, and restricted cash at end of period$ 2,176,204 $ 1,922,474 Garmin Ltd. and Subsidiaries Net Sales, Gross Profit and Operating Income by Segment (Unaudited) (In thousands)Fitness Outdoor Aviation Marine Auto OEM Total13-Weeks Ended March 29, 2025 Net sales$ 384,722 $ 438,496 $ 223,114 $ 319,438 $ 169,329 $ 1,535,099Gross profit 220,142282,536167,902183,93330,032884,545Operating income (loss) 77,712128,78848,35686,865(8,897)332,824 13-Weeks Ended March 30, 2024 Net sales$ 342,892 $ 366,193 $ 216,855 $ 326,736 $ 128,973 $ 1,381,649Gross profit 194,802242,739162,626179,25222,720802,139Operating income (loss) 68,133106,95052,13487,692(16,499)298,410 Garmin Ltd. and SubsidiariesNet Sales by Geography (Unaudited)(In thousands) 13-Weeks EndedMarch 29, March 30, YoY2025 2024 ChangeNet sales$ 1,535,099 $ 1,381,649 11 %Americas 745,733716,116 4 %EMEA 568,953463,384 23 %APAC 220,413202,149 9 % Americas - North America & South America; EMEA - Europe, Middle East & Africa; APAC - Asia Pacific & 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 effective tax rate, pro forma net income (earnings) per share 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 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 quarter of 2025 and 2024 there were no such discrete tax items identified. Pro forma net income (earnings) per share Management believes 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 to permit a consistent comparison of the Company's performance between periods. (In thousands, except per share information)13-Weeks EndedMarch 29, March 30,2025 2024GAAP net income$ 332,769 $ 275,961Foreign currency gains / losses(1) (24,760)(2,282)Tax effect of foreign currency gains / losses(2) 3,583356Pro forma net income$ 311,592 $ 274,035 GAAP net income per share: Basic$ 1.73 $ 1.44Diluted$ 1.72 $ 1.43 Pro forma net income per share: Basic$ 1.62 $ 1.43Diluted$ 1.61 $ 1.42 Weighted average common shares outstanding: Basic 192,544191,890Diluted 193,717192,698 (1) Foreign currency gains and losses for the Company are driven by movements of a number of currencies 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 a given legal entity. However, there is minimal cash impact from such foreign currency gains and losses.(2) The tax effect of foreign currency gains was calculated using the effective tax rate of 14.5% for the 13-weeks ended March 29, 2025 and 15.6% for the 13-weeks ended March 30, 2024. Free cash flow Management believes free cash flow is an important liquidity measure because it represents the amount of cash provided by operations that is available for investing and defines it as operating cash flows less capital expenditures for property and equipment. Management believes excluding purchases of property and equipment provides a better understanding of the underlying trends in the Company's operations and allows more accurate comparisons of the Company's results between periods. 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 net cash provided by operating activities. (In thousands)13-Weeks EndedMarch 29, March 30,2025 2024Net cash provided by operating activities$ 420,788 $ 435,305Less: purchases of property and equipment (40,062)(33,168)Free Cash Flow$ 380,726 $ 402,137Forward-looking Financial Measures The forward-looking financial measures in our 2025 guidance include certain economic assumptions such as foreign currency exchange rates and tariffs which are fluid and can rapidly change favorably or unfavorably. The forward-looking financial measures in our 2025 guidance provided above do not consider the potential future net effect of foreign currency exchange gains and losses, certain discrete tax items and any other impacts that may be identified as pro forma adjustments in calculating the non-GAAP measures described above. The estimated impact of 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 on diluted net income per share of foreign currency gains and losses, net of tax effects, was $0.11 per share for the 13-weeks ended March 29, 2025. At this time, management is unable to determine whether or not significant discrete tax items will occur in fiscal 2025, estimate the impact of any such items, or anticipate the impact of any other events that may be considered in the calculation of non-GAAP financial measures. View original content to download multimedia: SOURCE Garmin Ltd.
