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Garmin Ltd. And Subsidiaries
Condensed Consolidated Statements of Income (Unaudited)
(In thousands, except per share information)
			13-Weeks Ended
			Mar 26,			Mar 28,
			2016			2015
Net sales			$624,040			$585,394
Cost of goods sold			284,190			241,272
Gross profit			339,850			344,122
Advertising expense			32,233			27,672
Selling, general and administrative expense			95,610			98,750
Research and development expense			108,204			106,002
Total operating expense			236,047			232,424
Operating income			103,803			111,698
Other income (expense):
Interest income			7,428			8,024
Foreign currency (losses)			(4,839	)		(44,264	)
Other income			1,155			738
Total other income (expense)			3,744			(35,502	)
Income before income taxes			107,547			76,196
Income tax provision			19,455			9,403
Net income			$88,092			$66,793
Net income per share:
Basic			$0.46			$0.35
Diluted			$0.46			$0.35
Weighted average common
shares outstanding:
Basic			189,497			191,762
Diluted			189,651			192,341

Garmin Ltd. And Subsidiaries
Condensed Consolidated Balance Sheets
(In thousands, except per share information)
			(Unaudited)
			Mar 26,			Dec 26,
			2016			2015
Assets
Current assets:
Cash and cash equivalents			$857,679			$833,070
Marketable securities			198,147			215,161
Accounts receivable, net			408,283			531,481
Inventories, net			517,767			500,554
Deferred costs			50,861			49,176
Prepaid expenses and other current assets			96,396			81,645
Total current assets			2,129,133			2,211,087
Property and equipment, net			448,967			446,089
Marketable securities			1,279,799			1,343,387
Restricted cash			261			259
Noncurrent deferred income tax			117,467			116,518
Noncurrent deferred costs			39,663			38,769
Intangible assets, net			306,303			245,552
Other assets			88,731			97,730
Total assets			$4,410,324			$4,499,391
Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable			$137,162			$178,905
Salaries and benefits payable			75,862			70,601
Accrued warranty costs			31,407			30,449
Accrued sales program costs			49,236			67,613
Deferred revenue			154,965			164,982
Accrued royalty costs			25,737			30,310
Accrued advertising expense			20,185			33,547
Other accrued expenses			75,217			74,926
Income taxes payable			14,524			21,674
Dividend payable			96,425			192,991
Total current liabilities			680,720			865,998
Deferred income taxes			60,915			56,210
Non-current income taxes			103,035			101,689
Non-current deferred revenue			126,731			128,731
Other liabilities			1,676			1,637
Stockholders' equity:
Shares, CHF 10 par value, 208,077 shares authorized and issued;
189,193 shares outstanding at March 26, 2016
and 189,722 shares outstanding at December 26, 2015			1,797,435			1,797,435
Additional paid-in capital			70,413			62,239
Treasury stock			(434,346	)		(414,637	)
Retained earnings			2,018,609			1,930,517
Accumulated other comprehensive income			(14,864	)		(30,428	)
Total stockholders' equity			3,437,247			3,345,126
Total liabilities and stockholders' equity			4,410,324			$4,499,391

Garmin Ltd. And Subsidiaries
Condensed Consolidated Statements of Cash Flows (Unaudited)
(In thousands)
				13-Weeks Ended
				Mar 26,			Mar 28,
				2016			2015
Operating Activities:
Net income				$88,092			$66,793
Adjustments to reconcile net income to net cash
provided by operating activities:
	Depreciation			13,078			12,280
	Amortization			7,115			6,584
	Loss on sale or disposal of property and equipment			38			24
	Provision for doubtful accounts			285			(1,080	)
	Deferred income taxes			3,906			(3,647	)
	Unrealized foreign currency (gain) loss			(5,412	)		47,877
	Provision for obsolete and slow moving inventories			8,026			4,344
	Stock compensation expense			8,172			7,769
	Realized gain on marketable securities			(452	)		(340	)
Changes in operating assets and liabilities:
	Accounts receivable			130,036			129,448
	Inventories			(18,873	)		(56,897	)
	Other current and non-current assets			(3,937	)		(11,537	)
	Accounts payable			(45,515	)		(25,957	)
	Other current and non-current liabilities			(31,606	)		(73,408	)
	Deferred revenue			(12,337	)		(29,870	)
	Deferred cost			(2,496	)		6,470
	Income taxes payable			(8,733	)		2,802
Net cash provided by operating activities				129,387			81,655
Investing activities:
Purchases of property and equipment				(13,908	)		(18,143	)
Proceeds from sale of property and equipment				-			664
Purchase of intangible assets				(1,716	)		(717	)
Purchase of marketable securities				(151,070	)		(254,741	)
Redemption of marketable securities				237,464			308,751
Change in restricted cash				(2	)		(5	)
Acquisitions, net of cash acquired				(62,137	)		(12,632	)
Net cash provided by investing activities				8,631			23,177
Financing activities:
Dividends paid				(96,566	)		(91,964	)
Purchase of treasury stock under share repurchase plan				(19,796	)		(16,260	)
Purchase of treasury stock related to equity awards				(16	)		(89	)
Proceeds from issuance of treasury stock related to equity awards				103			246
Tax benefit from issuance of equity awards				2			399
Net cash used in financing activities				(116,273	)		(107,668	)
Effect of exchange rate changes on cash and cash equivalents				2,864			(22,044	)
Net increase (decrease) in cash and cash equivalents				24,609			(24,880	)
Cash and cash equivalents at beginning of period				833,070			1,196,268
Cash and cash equivalents at end of period				$857,679			$1,171,388

Net Sales, Gross Profit, and Operating Income by Segment (Unaudited)
(In thousands)
			Reporting Segments
			Outdoor	Fitness	Marine	Auto	Aviation	Total
13-Weeks Ended March 26, 2016
Net sales			$96,827	$142,418	$82,880	$195,599	$106,316	$624,040
Gross profit			$58,932	$72,294	$44,149	$86,144	$78,331	$339,850
Operating income			$27,885	$16,573	$10,293	$18,566	$30,486	$103,803
13-Weeks Ended March 28, 2015 (3)
Net sales			$72,815	$130,994	$64,297	$219,226	$98,062	$585,394
Gross profit			$49,064	$83,075	$35,513	$104,959	$71,511	$344,122
Operating income			$23,770	$34,638	$4,566	$22,544	$26,180	$111,698
(3) Action camera related operating results for the 13-weeks ended March 28, 2015 have been recast from the Outdoor segment to
the Auto segment to conform to the current year presentation.

Garmin Ltd. And Subsidiaries
Net Sales by Geography (Unaudited)
(In thousands)
		13-Weeks Ended
		Mar 26,		Mar 28,	Yr over Yr
		2016		2015	Change
Net sales		$624,040		$585,394	7%
Americas		317,957		305,261	4%
EMEA		225,728		208,351	8%
APAC		80,355		71,782	12%
EMEA - Europe, Middle East and Africa; APAC - Asia Pacific

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