Company reports record first quarter operating results and maintains full year EPS guidance
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 Ended |
|
|||||||||
|
|
|
|
|
|
|
|
|
YoY |
|
|||
|
|
|
2025 |
|
|
2024 |
|
|
Change |
|
|||
|
Net sales |
|
$ |
1,535,099 |
|
|
$ |
1,381,649 |
|
|
11 % |
|
|
|
Fitness |
|
|
384,722 |
|
|
|
342,892 |
|
|
12 % |
|
|
|
Outdoor |
|
|
438,496 |
|
|
|
366,193 |
|
|
20 % |
|
|
|
Aviation |
|
|
223,114 |
|
|
|
216,855 |
|
|
3 % |
|
|
|
Marine |
|
|
319,438 |
|
|
|
326,736 |
|
|
(2) % |
|
|
|
Auto OEM |
|
|
169,329 |
|
|
|
128,973 |
|
|
31 % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit |
|
|
884,545 |
|
|
|
802,139 |
|
|
|
10 |
% |
|
Gross margin % |
|
|
57.6 |
% |
|
|
58.1 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Income |
|
|
332,824 |
|
|
|
298,410 |
|
|
|
12 |
% |
|
Operating income % |
|
|
21.7 |
% |
|
|
21.6 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP diluted EPS |
|
$ |
1.72 |
|
|
$ |
1.43 |
|
|
|
20 |
% |
|
Pro forma diluted EPS(1) |
|
$ |
1.61 |
|
|
$ |
1.42 |
|
|
|
13 |
% |
|
|
||||||||||||
|
(1) See attached Non-GAAP Financial Information for discussion and reconciliation of non-GAAP financial measures, including pro forma diluted EPS |
Executive Overview from
"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." -
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
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
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
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
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
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
|
(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
Dividend Recommendation:
As announced in February, the Board will recommend to the shareholders for approval at the annual meeting to be held on
Webcast Information/Forward-Looking Statements:
The information for
|
When: |
|
|
Where: |
Join a live stream of the call at the following link |
|
|
An archive of the live webcast will be available until
This release
includes projections and other forward-looking statements regarding
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,
|
Investor Relations Contact: |
Media Relations Contact: |
|
|
Krista Klaus |
|
913/397-8200 |
913/397-8200 |
|
|
|
|||||||
|
Condensed Consolidated Statements of Income (Unaudited) |
|
|||||||
|
(In thousands, except per share information) |
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
13-Weeks Ended |
|
|||||
|
|
|
|
|
|
|
|
||
|
|
|
2025 |
|
|
2024 |
|
||
|
Net sales |
|
$ |
1,535,099 |
|
|
$ |
1,381,649 |
|
|
Cost of goods sold |
|
|
650,554 |
|
|
|
579,510 |
|
|
Gross profit |
|
|
884,545 |
|
|
|
802,139 |
|
|
|
|
|
|
|
|
|
|
|
|
Research and development expense |
|
|
268,120 |
|
|
|
242,535 |
|
|
Selling, general and administrative expenses |
|
|
283,601 |
|
|
|
261,194 |
|
|
Total operating expense |
|
|
551,721 |
|
|
|
503,729 |
|
|
|
|
|
|
|
|
|
|
|
|
Operating income |
|
|
332,824 |
|
|
|
298,410 |
|
|
|
|
|
|
|
|
|
|
|
|
Other income (expense): |
|
|
|
|
|
|
|
|
|
Interest income |
|
|
30,507 |
|
|
|
25,027 |
|
|
Foreign currency gains |
|
|
24,760 |
|
|
|
2,282 |
|
|
Other income |
|
|
987 |
|
|
|
1,321 |
|
|
Total other income (expense) |
|
|
56,254 |
|
|
|
28,630 |
|
|
|
|
|
|
|
|
|
|
|
|
Income before income taxes |
|
|
389,078 |
|
|
|
327,040 |
|
|
Income tax provision |
|
|
56,309 |
|
|
|
51,079 |
|
|
Net income |
|
$ |
332,769 |
|
|
$ |
275,961 |
|
|
|
|
|
|
|
|
|
|
|
|
Net income per share: |
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
1.73 |
|
|
$ |
1.44 |
|
|
Diluted |
|
$ |
1.72 |
|
|
$ |
1.43 |
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average common shares outstanding: |
|
|
|
|
|
|
|
|
|
Basic |
|
|
192,544 |
|
|
|
191,890 |
|
|
Diluted |
|
|
193,717 |
|
|
|
192,698 |
|
|
|
|
|||||||
|
Condensed Consolidated Balance Sheets (Unaudited) |
|
|||||||
|
(In thousands) |
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
2025 |
|
|
December 28, |
|
||
|
Assets |
|
|
|
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
2,175,515 |
|
|
$ |
2,079,468 |
|
|
Marketable securities |
|
|
498,995 |
|
|
|
421,270 |
|
|
Accounts receivable, net |
|
|
787,133 |
|
|
|
983,404 |
|
|
Inventories |
|
|
1,581,952 |
|
|
|
1,473,978 |
|
|
Deferred costs |
|
|
21,077 |
|
|
|
24,040 |
|
|
Prepaid expenses and other current assets |
|
|
380,512 |
|
|
|
353,993 |
|
|
Total current assets |
|
|
5,445,184 |
|
|
|
5,336,153 |
|
|
|
|
|
|
|
|
|
|
|
|
Property and equipment, net |
|
|
1,233,213 |
|
|
|
1,236,884 |
|
|
Operating lease right-of-use assets |
|
|
170,703 |
|
|
|
164,656 |
|
|
Noncurrent marketable securities |
|
|
1,226,464 |
|
|
|
1,198,331 |
|
|
Deferred income tax assets |
|
|
831,817 |
|
|
|
822,521 |
|
|
Noncurrent deferred costs |
|
|
5,783 |
|
|
|
6,898 |
|
|
|
|
|
616,955 |
|
|
|
603,947 |
|
|
Other intangible assets, net |
|
|
150,026 |
|
|
|
154,163 |
|
|
Other noncurrent assets |
|
|
107,477 |
|
|
|
106,974 |
|
|
Total assets |
|
$ |
9,787,622 |
|
|
$ |
9,630,527 |
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and Stockholders ' Equity |
|
|
|
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
|
|
|
Accounts payable |
|
$ |
344,804 |
|
|
$ |
359,365 |
|
|
Salaries and benefits payable |
|
|
204,589 |
|
|
|
210,879 |
|
|
Accrued warranty costs |
|
|
61,142 |
|
|
|
62,473 |
|
|
Accrued sales program costs |
|
|
71,765 |
|
|
|
108,492 |
|
|
Other accrued expenses |
|
|
209,473 |
|
|
|
216,721 |
|
|
Deferred revenue |
|
|
105,716 |
|
|
|
110,997 |
|
|
Income taxes payable |
|
|
332,217 |
|
|
|
294,582 |
|
|
Dividend payable |
|
|
— |
|
|
|
144,349 |
|
|
Total current liabilities |
|
|
1,329,706 |
|
|
|
1,507,858 |
|
|
|
|
|
|
|
|
|
|
|
|
Deferred income tax liabilities |
|
|
104,923 |
|
|
|
103,274 |
|
|
Noncurrent income taxes payable |
|
|
6,951 |
|
|
|
7,014 |
|
|
Noncurrent deferred revenue |
|
|
25,526 |
|
|
|
28,321 |
|
|
Noncurrent operating lease liabilities |
|
|
140,235 |
|
|
|
134,886 |
|
|
Other noncurrent liabilities |
|
|
803 |
|
|
|
776 |
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders' equity: |
|
|
|
|
|
|
|
|
|
Common shares (194,901 and 194,901 shares authorized and issued; 192,711 and 192,468 shares outstanding) |
|
|
19,490 |
|
|
|
19,490 |
|
|
Additional paid-in capital |
|
|
2,255,968 |
|
|
|
2,247,484 |
|
|
|
|
|
(301,804) |
|
|
|
(270,521) |
|
|
Retained earnings |
|
|
6,331,735 |
|
|
|
5,999,183 |
|
|
Accumulated other comprehensive income (loss) |
|
|
(125,911) |
|
|
|
(147,238) |
|
|
Total stockholders' equity |
|
|
8,179,478 |
|
|
|
7,848,398 |
|
|
Total liabilities and stockholders' equity |
|
$ |
9,787,622 |
|
|
$ |
9,630,527 |
|
|
|
|
|||||||
|
Condensed Consolidated Statements of Cash Flows (Unaudited) |
|
|||||||
|
(In thousands) |
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
13-Weeks Ended |
|
|||||
|
|
|
|
|
|
|
|
||
|
Operating Activities: |
|
|
|
|
|
|
|
|
|
Net income |
|
$ |
332,769 |
|
|
$ |
275,961 |
|
|
Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
|
|
|
|
|
|
|
Depreciation |
|
|
37,463 |
|
|
|
33,892 |
|
|
Amortization |
|
|
8,835 |
|
|
|
10,933 |
|
|
Gain on sale or disposal of property and equipment |
|
|
(15) |
|
|
|
(12) |
|
|
Unrealized foreign currency (gains) losses |
|
|
(38,983) |
|
|
|
2,974 |
|
|
Deferred income taxes |
|
|
(11,593) |
|
|
|
(9,611) |
|
|
Stock compensation expense |
|
|
37,772 |
|
|
|
30,719 |
|
|
Realized loss on marketable securities |
|
|
98 |
|
|
|
— |
|
|
Changes in operating assets and liabilities, net of acquisitions: |
|
|
|
|
|
|
|
|
|
Accounts receivable, net of allowance for doubtful accounts |
|
|
213,089 |
|
|
|
108,453 |
|
|
Inventories |
|
|
(102,239) |
|
|
|
16,545 |
|
|
Other current and noncurrent assets |
|
|
(17,510) |
|
|
|
2,117 |
|
|
Accounts 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 |
|
|
35,107 |
|
|
|
33,314 |
|
|
Net cash provided by operating activities |
|
|
420,788 |
|
|
|
435,305 |
|
|
|
|
|
|
|
|
|
|
|
|
Investing activities: |
|
|
|
|
|
|
|
|
|
Purchases of property and equipment |
|
|
(40,062) |
|
|
|
(33,168) |
|
|
Purchase of marketable securities |
|
|
(179,827) |
|
|
|
(85,626) |
|
|
Redemption of marketable securities |
|
|
88,788 |
|
|
|
77,131 |
|
|
Net (payments for) cash from acquisitions |
|
|
(2,100) |
|
|
|
5,011 |
|
|
Other 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 |
|
|
96,050 |
|
|
|
228,318 |
|
|
Cash, cash equivalents, and restricted cash at beginning of period |
|
|
2,080,154 |
|
|
|
1,694,156 |
|
|
Cash, cash equivalents, and restricted cash at end of period |
|
$ |
2,176,204 |
|
|
$ |
1,922,474 |
|
|
|
||||||||||||||||||||||||
|
|
||||||||||||||||||||||||
|
(In thousands) |
||||||||||||||||||||||||
|
|
||||||||||||||||||||||||
|
|
|
Fitness |
|
|
Outdoor |
|
|
Aviation |
|
|
Marine |
|
|
Auto |
|
|
Total |
|
||||||
|
13-Weeks Ended |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net sales |
|
$ |
384,722 |
|
|
$ |
438,496 |
|
|
$ |
223,114 |
|
|
$ |
319,438 |
|
|
$ |
169,329 |
|
|
$ |
1,535,099 |
|
|
Gross profit |
|
|
220,142 |
|
|
|
282,536 |
|
|
|
167,902 |
|
|
|
183,933 |
|
|
|
30,032 |
|
|
|
884,545 |
|
|
Operating income (loss) |
|
|
77,712 |
|
|
|
128,788 |
|
|
|
48,356 |
|
|
|
86,865 |
|
|
|
(8,897) |
|
|
|
332,824 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
13-Weeks Ended |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net sales |
|
$ |
342,892 |
|
|
$ |
366,193 |
|
|
$ |
216,855 |
|
|
$ |
326,736 |
|
|
$ |
128,973 |
|
|
$ |
1,381,649 |
|
|
Gross profit |
|
|
194,802 |
|
|
|
242,739 |
|
|
|
162,626 |
|
|
|
179,252 |
|
|
|
22,720 |
|
|
|
802,139 |
|
|
Operating income (loss) |
|
|
68,133 |
|
|
|
106,950 |
|
|
|
52,134 |
|
|
|
87,692 |
|
|
|
(16,499) |
|
|
|
298,410 |
|
|
|
|
|||||||||||
|
|
|
|||||||||||
|
(In thousands) |
|
|||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
13-Weeks Ended |
|
|||||||||
|
|
|
|
|
|
|
|
|
YoY |
|
|||
|
|
|
2025 |
|
|
2024 |
|
|
Change |
|
|||
|
Net sales |
|
$ |
1,535,099 |
|
|
$ |
1,381,649 |
|
|
11 % |
|
|
|
|
|
|
745,733 |
|
|
|
716,116 |
|
|
4 % |
|
|
|
EMEA |
|
|
568,953 |
|
|
|
463,384 |
|
|
23 % |
|
|
|
APAC |
|
|
220,413 |
|
|
|
202,149 |
|
|
9 % |
|
|
|
|
||||||||||||
|
|
Non-GAAP Financial Information
To supplement our financial results presented in accordance with GAAP, this release includes the following measures defined by the
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 Ended |
|
|||||
|
|
|
|
|
|
|
|
||
|
|
|
2025 |
|
|
2024 |
|
||
|
GAAP net income |
|
$ |
332,769 |
|
|
$ |
275,961 |
|
|
Foreign currency gains / losses(1) |
|
|
(24,760) |
|
|
|
(2,282) |
|
|
Tax effect of foreign currency gains / losses(2) |
|
|
3,583 |
|
|
|
356 |
|
|
Pro forma net income |
|
$ |
311,592 |
|
|
$ |
274,035 |
|
|
|
|
|
|
|
|
|
|
|
|
GAAP net income per share: |
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
1.73 |
|
|
$ |
1.44 |
|
|
Diluted |
|
$ |
1.72 |
|
|
$ |
1.43 |
|
|
|
|
|
|
|
|
|
|
|
|
Pro forma net income per share: |
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
1.62 |
|
|
$ |
1.43 |
|
|
Diluted |
|
$ |
1.61 |
|
|
$ |
1.42 |
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average common shares outstanding: |
|
|
|
|
|
|
|
|
|
Basic |
|
|
192,544 |
|
|
|
191,890 |
|
|
Diluted |
|
|
193,717 |
|
|
|
192,698 |
|
|
|
||||||||
|
(1) Foreign currency gains and losses for the Company are driven by movements of a number of currencies in relation to the |
||||||||
|
|
||||||||
|
(2) The tax effect of foreign currency gains was calculated using the effective tax rate of 14.5% for the 13-weeks ended |
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 Ended |
|
|||||
|
|
|
|
|
|
|
|
||
|
|
|
2025 |
|
|
2024 |
|
||
|
Net cash provided by operating activities |
|
$ |
420,788 |
|
|
$ |
435,305 |
|
|
Less: purchases of property and equipment |
|
|
(40,062) |
|
|
|
(33,168) |
|
|
Free Cash Flow |
|
$ |
380,726 |
|
|
$ |
402,137 |
|
Forward-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
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:https://www.prnewswire.com/news-releases/garmin-announces-first-quarter-2025-results-302441946.html
SOURCE
