Garmin announces third quarter 2023 results

 

Garmin Ltd. and Subsidiaries


Condensed Consolidated Balance Sheets (Unaudited)


(In thousands)













September 30,

2023



December 31,
2022


Assets









Current assets:









Cash and cash equivalents


$

1,422,855



$

1,279,194


Marketable securities



273,050




173,288


Accounts receivable, net



721,137




656,847


Inventories



1,439,894




1,515,045


Deferred costs



15,296




14,862


Prepaid expenses and other current assets



284,682




315,915


Total current assets



4,156,914




3,955,151











Property and equipment, net



1,187,375




1,147,005


Operating lease right-of-use assets



140,635




138,040


Noncurrent marketable securities



1,081,674




1,208,360


Deferred income tax assets



514,876




441,071


Noncurrent deferred costs



10,538




9,831


Goodwill



594,449




567,994


Other intangible assets, net



185,835




178,461


Other noncurrent assets



92,726




85,257


Total assets


$

7,965,022



$

7,731,170











Liabilities and Stockholders '  Equity









Current liabilities:









Accounts payable


$

268,030



$

212,417


Salaries and benefits payable



196,665




176,114


Accrued warranty costs



53,533




50,952


Accrued sales program costs



71,558




97,772


Other accrued expenses



208,717




197,376


Deferred revenue



98,289




91,092


Income taxes payable



151,559




246,180


Dividend payable



279,447




139,732


Total current liabilities



1,327,798




1,211,635











Deferred income tax liabilities



116,419




129,965


Noncurrent income taxes payable



24,577




34,627


Noncurrent deferred revenue



35,525




35,702


Noncurrent operating lease liabilities



111,035




114,541


Other noncurrent liabilities



388




360











Stockholders ' equity:









Shares (195,880 and 198,077 shares authorized and issued;

    191,387 and 191,623 shares outstanding)



19,588




17,979


Additional paid-in capital



2,100,357




2,042,472


Treasury stock (4,493 and 6,454 shares)



(331,393)




(475,095)


Retained earnings



4,721,555




4,733,517


Accumulated other comprehensive income (loss)



(160,827)




(114,533)


Total stockholders ' equity



6,349,280




6,204,340


Total liabilities and stockholders ' equity


$

7,965,022



$

7,731,170



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