Garmin announces third quarter results

Rhea-AI Summary

Garmin Ltd. (NASDAQ: GRMN) reported record Q3 revenue of $1.19 billion, a 7% year-over-year increase, alongside a notable decline in operating income by 11% to $283 million. GAAP EPS dropped 18% to $1.34, while pro forma EPS decreased by 11% to $1.41. Despite these figures, strong growth was observed in the aviation (19%) and marine (25%) segments. The company has raised its full-year revenue and EPS guidance, now forecasting approximately $4.95 billion in revenue and $5.60 pro forma EPS. Garmin also announced new product launches and strategic partnerships during the quarter.

Positive

• Record Q3 revenue of $1.19 billion, a 7% increase YoY.
• Aviation segment revenue grew 19%, and marine segment revenue increased by 25%.
• Full-year revenue guidance raised to approximately $4.95 billion.
• New products launched, including the Approach R10 golf monitor and Smart Glide safety tool.

Negative

• Operating income decreased by 11% to $283 million.
• GAAP EPS fell by 18% to $1.34, and pro forma EPS declined by 11% to $1.41.
• Operating expenses rose 18% to $413 million, driven by increases in R&D and SG&A.

Company reports record third quarter revenue

SCHAFFHAUSEN, Switzerland--(BUSINESS WIRE)-- Garmin^® Ltd. (NASDAQ: GRMN), today announced results for the third quarter ended September 25, 2021.

Highlights for third quarter 2021 include:

• Total revenue of $1.19 billion, a 7% increase over the prior year quarter
• Gross and operating margin were 58.4% and 23.7%, respectively
• Operating income of $283 million, an 11% decrease compared to the prior year quarter
• GAAP EPS was $1.34 and pro forma EPS⁽¹⁾ was $1.41
• Named Manufacturer of the Year by the National Marine Electronics Association for the seventh consecutive year
• Ranked #1 in avionics support for the 18th consecutive year by Aviation International News
• Received production qualification from BMW for our Olathe, Kansas manufacturing facility
• Launched the Approach^® R10, our first portable golf launch monitor
• Recently hosted fifth annual Garmin Developer Conference where we announced strategic Connect IQ partnerships

(In thousands, except per share information)		13-Weeks Ended												39-Weeks Ended
		September 25,				September 26,				YoY				September 25,				September 26,				YoY
		2021				2020				Change				2021				2020				Change
Net sales		$	1,191,973			$	1,109,194			7%				$	3,591,206			$	2,835,168			27%
Fitness			342,316				328,446			4%					1,063,642				846,688			26%
Outdoor			323,856				334,844			(3)%					903,715				716,146			26%
Aviation			180,165				151,112			19%					534,886				465,850			15%
Marine			207,534				165,437			25%					678,698				486,269			40%
Auto			138,102				129,355			7%					410,265				320,215			28%
Gross margin %		58.4%				60.2%								59.0%				59.6%
Operating income %		23.7%				28.6%								25.2%				24.1%
GAAP diluted EPS		$	1.34			$	1.63			(18)%				$	4.13			$	3.44			20%
Pro forma diluted EPS(1)		$	1.41			$	1.58			(11)%				$	4.27			$	3.41			25%
(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:

“I am very pleased with our performance in the quarter as we are now comparing against the robust pandemic-driven growth from the prior year,” said Cliff Pemble, President and CEO of Garmin. “Strong demand for active lifestyle products continued, and our marine and aviation segments recorded impressive double-digit growth resulting in record consolidated revenue in the third quarter. We are very pleased with the results we have delivered thus far, giving us confidence to raise our full year 2021 revenue and EPS guidance.”

Fitness:

Revenue from the fitness segment grew 4% in the third quarter driven by solid demand for our cycling and advanced wearable products. Gross margin and operating margins were 53% and 23%, respectively, resulting in $78 million of operating income. We recently hosted our fifth annual Garmin Developer Conference where we announced a collaboration with Dexcom to provide people with Type 1 and Type 2 diabetes with a way to quickly see their glucose levels and trends on their compatible Garmin smartwatch or cycling computer.

Outdoor:

Revenue from the outdoor segment decreased 3% in the third quarter primarily due to the timing of product introductions in the prior year. Gross margin and operating margins were 65% and 38%, respectively, resulting in $124 million of operating income. During the quarter, we launched the Approach R10, our first portable golf launch monitor, designed to help golfers improve their game with more than a dozen key metrics shown in real time.

Aviation:

Revenue from the aviation segment grew 19% in the third quarter with contributions from both OEM and aftermarket product categories. Gross margin and operating margins were 73% and 28%, respectively, resulting in $51 million of operating income. During the quarter, we introduced Smart Glide, a revolutionary safety tool that helps pilots in loss of engine power emergencies by automating tasks to reduce pilot workload. Also during the quarter, we announced the certification of our GFC 600H flight control system for Bell 505 helicopters. The GFC 600H reduces a pilot’s workload and brings a number of helicopter-specific safety features to the market.

Marine:

Revenue from the marine segment grew 25% in the third quarter with growth across multiple categories, led by strong demand for our chartplotters. Gross margin and operating margins were 56% and 26%, respectively, resulting in $54 million of operating income. During the quarter, we launched Surround View, the marine industry’s first intelligent camera system to offer captains a 360-degree bird’s-eye view around the boat. Also, during the quarter, Garmin marine electronics were selected by Malibu Boats to exclusively outfit their full line of Axis wakesurf and wakeboarding boats.

Auto:

Revenue from the auto segment grew 7% during the third quarter primarily driven by growth in auto OEM programs. Gross margin was 40%, and we recorded an operating loss of $24 million in the quarter driven by investments in auto OEM programs. During the quarter, we began production shipments of the BMW computing module from our United States manufacturing facility and began prototype shipments of next-generation BMW computing modules from our Poland manufacturing facility. Also, we recently introduced a new lineup of Drive navigators for the consumer market, bringing larger displays and more connected features to our customers.

Additional Financial Information:

Total operating expenses in the third quarter were $413 million, an 18% increase over the prior year. Research and development increased by 22%, primarily due to engineering personnel costs. Selling, general and administrative expenses increased 14%, driven primarily by personnel related expenses and information technology costs. Advertising increased 8% driven primarily by higher media spend in the quarter.

The effective tax rate in the third quarter of 2021 was 5.9% compared to 6.9% in the prior year quarter.

In the third quarter of 2021, we generated approximately $204 million of free cash flow⁽¹⁾ and paid a quarterly dividend of approximately $129 million. We ended the quarter with cash and marketable securities of approximately $3.2 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.

2021 Guidance⁽²⁾:

Based on our strong performance in the first three quarters of 2021, we are updating our full year guidance. We now anticipate revenue of approximately $4.95 billion with projected growth in all segments. We anticipate our full year pro forma EPS will be approximately $5.60 based on a gross margin of approximately 58.2%, operating margin of approximately 24.0% and a full year pro forma effective tax rate of approximately 11.5%.

		2021 Guidance				Segment		Revenue Growth Estimates
		Updated		Prior				Updated		Prior
Revenue		$4.95B		$4.90B		Fitness		17%		17%
Gross Margin		58.2%		58.5%		Outdoor		17%		17%
Operating Margin		24.0%		23.8%		Aviation		12%		10%
Tax Rate		11.5%		11.5%		Marine		30%		27%
EPS		$5.60		$5.50		Auto		17%		15%
(2) All amounts and %s in the above 2021 Guidance tables are approximate. Also, see attached discussion on Forward-looking Financial Measures

Webcast Information/Forward-Looking Statements:

The information for Garmin Ltd.’s earnings call is as follows:

When: Wednesday, October 27, 2021 at 10:30 a.m. Eastern
Where: https://www.garmin.com/en-US/investors/events/
How: Simply log on to the web at the address above or call to listen in at 855-757-3897

An archive of the live webcast will be available until October 26, 2022 on the Garmin website at www.garmin.com. 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 2021 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, potential future acquisitions, currency movements, expenses, pricing, new products launches, market reach, statements relating to possible future dividends, statements related to the ongoing impact of the COVID-19 pandemic, 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 both the Annual Report on Form 10-K for the year ended December 26, 2020 and the Quarterly Report on Form 10-Q for the quarter ended September 25, 2021 filed by Garmin with the Securities and Exchange Commission (Commission file number 0-31983). A copy of Garmin’s 2020 Form 10-K and the Q3 2021 Form 10-Q can be downloaded from https://www.garmin.com/en-US/investors/sec/. All information provided in this release and in the attachments is as of September 25, 2021. 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, and Approach are trademarks of Garmin Ltd. or its subsidiaries and are registered in one or more countries, including the U.S. Drive is a trademark 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.

Garmin Ltd. and Subsidiaries Condensed Consolidated Statements of Income (Unaudited) (In thousands, except per share information)
	13-Weeks Ended							39-Weeks Ended
	September 25,				September 26,			September 25,				September 26,
	2021				2020			2021				2020
Net sales	$	1,191,973			$	1,109,194		$	3,591,206			$	2,835,168
Cost of goods sold		496,026				441,211			1,472,852				1,144,816
Gross profit		695,947				667,983			2,118,354				1,690,352
Advertising expense		36,705				33,866			110,705				90,031
Selling, general and administrative expense		162,515				142,134			485,896				411,335
Research and development expense		214,057				174,882			618,253				506,013
Total operating expense		413,277				350,882			1,214,854				1,007,379
Operating income		282,670				317,101			903,500				682,973
Other income (expense):
Interest income		6,897				7,777			21,568				30,258
Foreign currency (losses) gains		(15,014	)			10,113			(30,621	)			(9,802	)
Other income		833				1,726			3,511				8,515
Total other income (expense)		(7,284	)			19,616			(5,542	)			28,971
Income before income taxes		275,386				336,717			897,958				711,944
Income tax provision		16,347				23,300			101,894				53,168
Net income	$	259,039			$	313,417		$	796,064			$	658,776
Net income per share:
Basic	$	1.35			$	1.64		$	4.14			$	3.45
Diluted	$	1.34			$	1.63		$	4.13			$	3.44
Weighted average common shares outstanding:
Basic		192,322				191,234			192,123				191,021
Diluted		193,185				191,998			192,955				191,760

Garmin Ltd. and Subsidiaries Condensed Consolidated Balance Sheets (Unaudited) (In thousands, except per share information)
		September 25, 2021				December 26, 2020
Assets
Current assets:
Cash and cash equivalents		$	1,639,056			$	1,458,442
Marketable securities			345,214				387,642
Accounts receivable, net			639,345				849,469
Inventories			1,113,503				762,084
Deferred costs			16,046				20,145
Prepaid expenses and other current assets			255,802				191,569
Total current assets			4,008,966				3,669,351
Property and equipment, net			974,981				855,539
Operating lease right-of-use assets			89,934				94,626
Marketable securities			1,253,589				1,131,175
Deferred income taxes			251,983				245,455
Noncurrent deferred costs			13,035				16,510
Intangible assets, net			809,163				828,566
Other assets			169,838				190,151
Total assets		$	7,571,489			$	7,031,373
Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable		$	318,604			$	258,885
Salaries and benefits payable			173,566				181,937
Accrued warranty costs			42,849				42,643
Accrued sales program costs			78,251				109,891
Deferred revenue			87,770				86,865
Accrued advertising expense			30,044				31,950
Other accrued expenses			146,426				149,817
Income taxes payable			109,862				68,585
Dividend payable			386,567				233,644
Total current liabilities			1,373,939				1,164,217
Deferred income taxes			127,733				116,844
Noncurrent income taxes			78,176				92,810
Noncurrent deferred revenue			42,022				49,934
Noncurrent operating lease liabilities			71,527				75,958
Other liabilities			23,354				15,494
Stockholders’ equity:
Shares, CHF 0.10 par value, 198,077 shares authorized and issued; 192,322 shares outstanding at September 25, 2021 and 191,571 shares outstanding at December 26, 2020			17,979				17,979
Additional paid-in capital			1,950,464				1,880,354
Treasury stock			(303,373	)			(320,016	)
Retained earnings			4,034,912				3,754,372
Accumulated other comprehensive income			154,756				183,427
Total stockholders’ equity			5,854,738				5,516,116
Total liabilities and stockholders’ equity		$	7,571,489			$	7,031,373

Garmin Ltd. and Subsidiaries Condensed Consolidated Statements of Cash Flows (Unaudited) (In thousands)
		39-Weeks Ended
		September 25, 2021				September 26, 2020
Operating Activities:
Net income		$	796,064			$	658,776
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation			75,272				57,141
Amortization			38,485				32,969
Loss (gain) on sale or disposal of property and equipment			246				(1,815	)
Unrealized foreign currency losses			24,390				4,384
Deferred income taxes			8,358				14,353
Stock compensation expense			68,656				53,515
Realized gain on marketable securities			(513	)			(1,316	)
Changes in operating assets and liabilities, net of acquisitions:
Accounts receivable, net of allowance for doubtful accounts			197,024				59,474
Inventories			(357,387	)			(56,063	)
Other current and non-current assets			(31,398	)			(27,019	)
Accounts payable			57,602				(11,939	)
Other current and non-current liabilities			(39,941	)			(18,299	)
Deferred revenue			(6,914	)			(21,148	)
Deferred costs			7,547				9,855
Income taxes payable			5,974				(53,419	)
Net cash provided by operating activities			843,465				699,449
Investing activities:
Purchases of property and equipment			(187,960	)			(137,072	)
Proceeds from sale of property and equipment			26				1,965
Purchase of intangible assets			(1,408	)			(1,643	)
Purchase of marketable securities			(1,081,789	)			(702,487	)
Redemption of marketable securities			975,318				808,554
Acquisitions, net of cash acquired			(15,893	)			(148,648	)
Net cash used in investing activities			(311,706	)			(179,331	)
Financing activities:
Dividends			(362,602	)			(333,975	)
Proceeds from issuance of treasury stock related to equity awards			35,733				15,202
Purchase of treasury stock related to equity awards			(17,636	)			(13,074	)
Net cash used in financing activities			(344,505	)			(331,847	)
Effect of exchange rate changes on cash and cash equivalents			(6,172	)			7,900
Net increase in cash, cash equivalents, and restricted cash			181,082				196,171
Cash, cash equivalents, and restricted cash at beginning of period			1,458,748				1,027,638
Cash, cash equivalents, and restricted cash at end of period		$	1,639,830			$	1,223,809

The following table includes supplemental financial information for the consumer auto and auto OEM operating segments that management believes is useful.

Garmin Ltd. and Subsidiaries Net Sales, Gross Profit and Operating Income by Segment (In thousands)
																		Auto
		Fitness				Outdoor				Aviation				Marine				Total Auto				Consumer Auto				Auto OEM				Total
13-Weeks Ended September 25, 2021
Net sales		$	342,316			$	323,856			$	180,165			$	207,534			$	138,102			$	82,914			$	55,188			$	1,191,973
Gross profit			183,028				210,522				131,260				116,152				54,985				39,342				15,643				695,947
Operating income (loss)			77,788				123,946				51,296				53,726				(24,086	)			11,305				(35,391	)			282,670
13-Weeks Ended September 26, 2020
Net sales		$	328,446			$	334,844			$	151,112			$	165,437			$	129,355			$	82,659			$	46,696			$	1,109,194
Gross profit			177,794				223,704				107,927				100,423				58,135				43,319				14,816				667,983
Operating income (loss)			87,083				147,477				28,597				50,482				3,462				18,178				(14,716	)			317,101
39-Weeks Ended September 25, 2021
Net sales		$	1,063,642			$	903,715			$	534,886			$	678,698			$	410,265			$	231,587			$	178,678			$	3,591,206
Gross profit			581,765				590,355				389,376				390,141				166,717				113,567				53,150				2,118,354
Operating income (loss)			268,489				339,031				146,974				205,042				(56,036	)			35,388				(91,424	)			903,500
39-Weeks Ended September 26, 2020
Net sales		$	846,688			$	716,146			$	465,850			$	486,269			$	320,215			$	196,942			$	123,273			$	2,835,168
Gross profit			446,936				469,150				338,770				288,103				147,393				98,348				49,045				1,690,352
Operating income (loss)			190,075				262,057				103,483				134,195				(6,837	)			25,628				(32,465	)			682,973

Garmin Ltd. and Subsidiaries Net Sales by Geography (In thousands)
		13-Weeks Ended												39-Weeks Ended
		September 25, 2021				September 26, 2020				YoY Change				September 25, 2021				September 26, 2020				YoY Change
Net sales		$	1,191,973			$	1,109,194			7%				$	3,591,206			$	2,835,168			27%
Americas			573,331				521,869			10%					1,723,415				1,372,360			26%
EMEA			442,622				407,859			9%					1,330,855				1,042,928			28%
APAC			176,020				179,466			(2)%					536,936				419,880			28%
EMEA - Europe, Middle East and Africa; APAC - Asia Pacific and 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 disclosure of 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 39-weeks ended September 25, 2021, there were no such discrete tax items identified.

(In thousands)	13-Weeks Ended												39-Weeks Ended
	September 25,						September 26,						September 25,						September 26,
	2021						2020						2021						2020
	$			ETR(1)			$			ETR(1)			$			ETR(1)			$			ETR(1)
GAAP income tax provision	$16,347			5.9%			$23,300			6.9%			$101,894			11.3%			$53,168			7.5%
Pro forma discrete tax item:
Uncertain tax reserve release(2)	—						—						—						14,308
Pro forma income tax provision	$16,347			5.9%			$23,300			6.9%			$101,894			11.3%			$67,476			9.5%
(1) Effective tax rate is calculated by taking the income tax provision divided by income before taxes, as presented on the face of the Condensed Consolidated Statements of Income.
(2) In second quarter 2020, the Company recognized a $14.3 million income tax benefit due to the release of uncertain tax position reserves associated with the 2014 intercompany restructuring, which was a pro forma adjustment in 2014. The second quarter 2020 impact of the reserve release is not reflective of income tax expense incurred as a result of current period earnings and therefore affects period-to-period comparability.

Pro forma net income (earnings) per share

Management believes that 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 in order to permit a consistent comparison of the Company’s performance between periods.

(In thousands, except per share information)	13-Weeks Ended						39-Weeks Ended
	September 25,			September 26,			September 25,			September 26,
	2021			2020			2021			2020
GAAP net income	$	259,039		$	313,417		$	796,064		$	658,776
Foreign currency gains / losses(1)		15,014			(10,113	)		30,621			9,802
Tax effect of foreign currency gains / losses(2)		(891	)		700			(3,475	)		(929	)
Pro forma discrete tax item(3)		—			—			—			(14,308	)
Pro forma net income	$	273,162		$	304,004		$	823,210		$	653,341
GAAP net income per share:
Basic	$	1.35		$	1.64		$	4.14		$	3.45
Diluted	$	1.34		$	1.63		$	4.13		$	3.44
Pro forma net income per share:
Basic	$	1.42		$	1.59		$	4.28		$	3.42
Diluted	$	1.41		$	1.58		$	4.27		$	3.41
Weighted average common shares outstanding:
Basic		192,322			191,234			192,123			191,021
Diluted		193,185			191,998			192,955			191,760
(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 and losses was calculated using the effective tax rate of 5.9% and 11.3% for the 13-weeks and 39-weeks ended September 25, 2021, respectively, and a pro forma effective tax rate of 6.9% and 9.5% for the 13-weeks and 39-weeks ended September 26, 2020, respectively.
(3) The discrete tax item is discussed in the pro forma effective tax rate section above.

Free cash flow

Management believes that 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 that 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 Ended								39-Weeks Ended
		September 25,				September 26,				September 25,				September 26,
		2021				2020				2021				2020
Net cash provided by operating activities		$	245,423			$	274,339			$	843,465			$	699,449
Less: purchases of property and equipment			(41,418	)			(38,802	)			(187,960	)			(137,072	)
Free Cash Flow		$	204,005			$	235,537			$	655,505			$	562,377

Forward-looking Financial Measures

The forward-looking financial measures in our 2021 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 $0.14 per share for the 39-weeks ended September 25, 2021.

At this time, management is unable to determine whether or not significant discrete tax items will occur in fiscal 2021 or anticipate the impact of any other events that may be considered in the calculation of non-GAAP financial measures.

View source version on businesswire.com: https://www.businesswire.com/news/home/20211027005402/en/

Investor Relations Contact:

Teri Seck

913/397-8200

investor.relations@garmin.com

Media Relations Contact:

Krista Klaus

913/397-8200

media.relations@garmin.com

Source: Garmin Ltd.

FAQ

What were Garmin's Q3 2021 financial results?

Garmin reported Q3 2021 revenue of $1.19 billion, an increase of 7% compared to Q3 2020.

How did Garmin perform in the aviation segment in Q3 2021?

The aviation segment revenue increased by 19% in Q3 2021.

What is Garmin's updated revenue guidance for 2021?

Garmin has raised its full-year revenue guidance to approximately $4.95 billion.

What new products did Garmin launch recently?

Garmin launched the Approach R10 golf monitor and the Smart Glide safety tool.

What were Garmin's GAAP EPS results for Q3 2021?

GAAP EPS for Q3 2021 was $1.34, an 18% decline from the prior year.