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GARMIN LTD 8-K/A Report, Financial Results (Apr 27, 2022)

Reports
Earnings & Results·Other Events·Exhibits & Filings
Filing Date
Filed April 27, 2022
Period End
April 27, 2022
Security
GRMN
In the record · 2016–202610-K1210-Q338-K65

GRMN filed 12 annual reports (10-K), 33 quarterly reports (10-Q) and 65 current reports (8-K) between 2016 and 2026.

  1. Material agreement8-K · Feb ’20Feb ’20
  2. Deal closed8-K · Apr ’25Apr ’25

01—Abstract

Summary

Summary of the 8-K/A filed April 27, 2022. Cited figures are marked; the original filing is the authoritative source.

Garmin Ltd. (GRMN) announced its first-quarter 2022 financial results on April 27, 2022.

The company's performance in the quarter is detailed in a press release furnished as an exhibit to this 8-K filing. While the filing itself primarily references the press release for operational and financial details, it also contains a significant announcement regarding capital allocation. Investors should note that the information is furnished and not deemed "filed" for liability purposes under Section 18 of the Exchange Act.

A key takeaway for investors beyond the quarterly performance, which would be found in the referenced press release, is the authorization of a new share repurchase program. The Board of Directors has approved the repurchase of up to $300 milliona of Garmin's shares, with the program set to run through December 29, 2023. This indicates management's confidence in the company's valuation and a commitment to returning capital to shareholders.

02—Key points

Key Highlights

  1. Garmin Ltd. (GRMN) reported its Q1 2022 financial results via a press release filed on April 27, 2022.
  2. The press release containing the Q1 financial results is attached as Exhibit 99.1.
  3. The information provided is furnished and not "filed" for purposes of Section 18 of the Exchange Act, limiting certain liabilities.
  4. Garmin's Board of Directors has authorized a new share repurchase program.
  5. The company is authorized to repurchase up to $300 million of its common stock.
  6. The share repurchase program is effective through December 29, 2023.
  7. The repurchase authorization signals potential confidence in the company's stock value and a commitment to shareholder returns.

03—Questions

Frequently Asked Questions

  1. What are Garmin's Q1 2022 financial results?

    The specific financial results for Garmin's first quarter ended March 26, 2022, are detailed in the press release furnished as Exhibit 99.1 to this 8-K filing. Investors are encouraged to review that document for detailed revenue, profit, and segment performance.

  2. What is the significance of the share repurchase program?

    The authorization of up to $300 million in share repurchases indicates that Garmin's management believes its stock is undervalued and is committed to returning capital to shareholders. This can be viewed positively by investors as it may support the stock price and increase earnings per share.

  3. Are the financial results being "filed" or "furnished"?

    The information regarding the Q1 2022 financial results and the share repurchase program is being "furnished" under Item 2.02 and Item 8.01, respectively. This means it is being provided to the SEC but is not subject to the same liability provisions as "filed" information under Section 18 of the Securities Exchange Act of 1934.

  4. When does the share repurchase program expire?

    The share repurchase program authorized by Garmin's Board of Directors is set to run through December 29, 2023.

04—Continue

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