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Garmin Ltd. And Subsidiaries
Condensed Consolidated Statements of Income (Unaudited)
(In thousands, except per share information)
									13-Weeks Ended
									April 1,								March 26,
									2017								2016
Net sales									$	638,546							$	624,040
Cost of goods sold										266,423								284,190
Gross profit										372,123								339,850
Advertising expense										31,525								32,233
Selling, general and administrative expense										102,051								95,610
Research and development expense										122,202								108,204
Total operating expense										255,778								236,047
Operating income										116,345								103,803
Other income (expense):
Interest income										8,444								7,428
Foreign currency losses										(37,497	)							(4,839	)
Other income										400								1,155
Total other income (expense)										(28,653	)							3,744
Income before income taxes										87,692								107,547
Income tax (benefit) provision										(150,120	)							19,455
Net income									$	237,812							$	88,092
Net income per share:
Basic									$	1.26							$	0.46
Diluted									$	1.26							$	0.46
Weighted average common shares outstanding:
Basic										188,333								189,497
Diluted										189,031								189,651

Garmin Ltd. And Subsidiaries
Condensed Consolidated Balance Sheets
(In thousands, except per share information)
									(Unaudited)
									April 1,								December 31,
									2017								2016
Assets
Current assets:
Cash and cash equivalents									$	833,577							$	846,883
Marketable securities										258,400								266,952
Accounts receivable, net										391,345								527,062
Inventories, net										533,151								484,821
Deferred costs										46,124								47,395
Prepaid expenses and other current assets										94,313								89,903
Total current assets										2,156,910								2,263,016
Property and equipment, net										503,840								482,878
Marketable securities										1,211,141								1,213,285
Restricted cash										117								113
Noncurrent deferred income tax										283,440								110,293
Noncurrent deferred costs										57,579								56,151
Intangible assets, net										303,414								305,002
Other assets										84,240								94,395
Total assets									$	4,600,681							$	4,525,133
Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable									$	136,901							$	172,404
Salaries and benefits payable										69,892								88,818
Accrued warranty costs										34,427								37,233
Accrued sales program costs										46,468								80,953
Deferred revenue										140,452								146,564
Accrued royalty costs										26,006								36,523
Accrued advertising expense										17,039								37,440
Other accrued expenses										79,986								70,469
Income taxes payable										20,288								16,163
Dividend payable										-								96,168
Total current liabilities										571,459								782,735
Deferred income taxes										62,593								61,220
Non-current income taxes										124,265								121,174
Non-current deferred revenue										138,665								140,407
Other liabilities										1,637								1,594
Stockholders' equity:
Shares, CHF 0.10 par value, 198,077 shares authorized and issued; 188,156 shares outstanding at April 1, 2017 and 188,565 shares outstanding at December 31, 2016										17,979								17,979
Additional paid-in capital										1,831,824								1,836,047
Treasury stock										(474,859	)							(455,964	)
Retained earnings										2,294,654								2,056,702
Accumulated other comprehensive income										32,464								(36,761	)
Total stockholders' equity										3,702,062								3,418,003
Total liabilities and stockholders' equity									$	4,600,681							$	4,525,133

Garmin Ltd. And Subsidiaries
Condensed Consolidated Statements of Cash Flows (Unaudited)
(In thousands)
											13-Weeks Ended
											April 1,								March 26,
											2017								2016
Operating activities:
Net income											$	237,812							$	88,092
Adjustments to reconcile net income to net cash
provided by operating activities:
		Depreciation										14,658								13,078
		Amortization										7,070								7,115
		Loss on sale or disposal of property and equipment										8								38
		Provision for doubtful accounts										(294	)							285
		Deferred income taxes										(171,523	)							3,906
		Unrealized foreign currency loss (gain)										42,281								(5,412	)
		Provision for obsolete and slow moving inventories										7,193								8,026
		Stock compensation expense										8,206								8,172
		Realized loss (gain) on marketable securities										291								(452	)
Changes in operating assets and liabilities:
		Accounts receivable										135,253								130,036
		Inventories										(41,398	)							(18,873	)
		Other current and non-current assets										7,534								(3,937	)
		Accounts payable										(44,180	)							(45,515	)
		Other current and non-current liabilities										(81,038	)							(31,606	)
		Deferred revenue										(8,375	)							(12,337	)
		Deferred cost										(46	)							(2,496	)
		Income taxes payable										6,943								(8,733	)
Net cash provided by operating activities												120,395								129,387
Investing activities:
Purchases of property and equipment												(25,538	)							(13,908	)
Proceeds from sale of property and equipment												7								-
Purchase of intangible assets												(1,222	)							(1,716	)
Purchase of marketable securities												(96,049	)							(151,070	)
Redemption of marketable securities												109,526								237,464
Change in restricted cash												(4	)							(2	)
Acquisitions, net of cash acquired												-								(62,137	)
Net cash (used in) provided by investing activities												(13,280	)							8,631
Financing activities:
Dividends paid												(96,028	)							(96,566	)
Purchase of treasury stock under share repurchase plan												(27,873	)							(19,796	)
Purchase of treasury stock related to equity awards												(3,452	)							(16	)
Proceeds from issuance of treasury stock related to equity awards												-								103
Tax benefit from issuance of equity awards												-								2
Net cash used in financing activities												(127,353	)							(116,273	)
Effect of exchange rate changes on cash and cash equivalents												6,932								2,864
Net increase (decrease) in cash and cash equivalents												(13,306	)							24,609
Cash and cash equivalents at beginning of period												846,883								833,070
Cash and cash equivalents at end of period											$	833,577							$	857,679

Garmin Ltd. And Subsidiaries
Net Sales, Gross Profit, and Operating Income by Segment (Unaudited)
(In thousands)
				Reportable Segments
				Marine					Outdoor					Aviation					Fitness					Auto					Total
13-Weeks Ended April 1, 2017
Net sales				$	104,445				$	115,875				$	122,871				$	137,831				$	157,524				$	638,546
Gross profit				$	59,747				$	73,469				$	91,233				$	77,741				$	69,933				$	372,123
Operating income				$	18,145				$	34,451				$	38,608				$	18,472				$	6,669				$	116,345
13-Weeks Ended March 26, 2016
Net sales				$	82,880				$	96,827				$	106,316				$	142,418				$	195,599				$	624,040
Gross profit				$	44,149				$	58,932				$	78,331				$	72,294				$	86,144				$	339,850
Operating income				$	10,293				$	27,885				$	30,486				$	16,573				$	18,566				$	103,803

Garmin Ltd. And Subsidiaries
Net Sales by Geography (Unaudited)
(In thousands)
				13-Weeks Ended
				April 1,							March 26,						Yr over Yr
				2017							2016						Change
Net sales				$	638,546						$	624,040					2	%
Americas					320,189							317,957					1	%
EMEA					226,795							225,728					0	%
APAC					91,562							80,355					14	%
EMEA - Europe, Middle East and Africa; APAC - Asia Pacific and Australian Continent

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