In addition, the board has established March 31, 2022 as the payment date and March 15, 2022 as the record date for the final dividend installment of $0.67 per share, per the prior approval at the 2021 annual shareholders’ meeting. The first, second and third payments of $0.67 per share were made on June 30, 2021, September 30, 2021, and December 31, 2021, respectively.

Webcast Information/Forward-Looking Statements:

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

When: Wednesday, February 16, 2022 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 February 15, 2023 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 2022 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, 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 the Annual Report on Form 10-K for the year ended December 25, 2021 filed by Garmin with the Securities and Exchange Commission (Commission file number 001-41118). A copy of Garmin’s 2021 Form 10-K 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 December 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 and the Garmin delta, G3000 and GPSMAP are trademarks of Garmin Ltd. or its subsidiaries and are registered in one or more countries, including the U.S. Drive, DriveSmart, Descent, GFC, GMR Fantom and SubWave are trademarks 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								52-Weeks Ended
		December 25,				December 26,				December 25,				December 26,
		2021				2020				2021				2020
Net sales		$	1,391,589			$	1,351,405			$	4,982,795			$	4,186,573
Cost of goods sold			619,484				560,422				2,092,336				1,705,237
Gross profit			772,105				790,983				2,890,459				2,481,336
Advertising expense			61,124				61,135				171,829				151,166
Selling, general and administrative expense			174,090				158,910				659,986				570,245
Research and development expense			221,772				199,672				840,024				705,685
Total operating expenses			456,986				419,717				1,671,839				1,427,096
Operating income			315,119				371,266				1,218,620				1,054,240
Other income (expense):
Interest income			7,005				6,744				28,573				37,002
Foreign currency (losses) gains			(14,642	)			12,627				(45,263	)			2,825
Other income			1,355				828				4,866				9,343
Total other income (expense)			(6,282	)			20,199				(11,824	)			49,170
Income before income taxes			308,837				391,465				1,206,796				1,103,410
Income tax provision			22,702				57,918				124,596				111,086
Net income		$	286,135			$	333,547			$	1,082,200			$	992,324
Net income per share:
Basic		$	1.49			$	1.74			$	5.63			$	5.19
Diluted		$	1.48			$	1.73			$	5.61			$	5.17
Weighted average common shares outstanding:
Basic			192,353				191,278				192,180				191,085
Diluted			193,306				192,303				193,043				191,895

Garmin Ltd. and Subsidiaries
Condensed Consolidated Balance Sheets (Unaudited)
(In thousands, except per share information)
		December 25,				December 26,
		2021				2020
Assets
Current assets:
Cash and cash equivalents		$	1,498,058			$	1,458,442
Marketable securities			347,980				387,642
Accounts receivable, net			843,445				849,469
Inventories			1,227,609				762,084
Deferred costs			15,961				20,145
Prepaid expenses and other current assets			328,719				191,569
Total current assets			4,261,772				3,669,351
Property and equipment, net			1,067,478				855,539
Operating lease right-of-use assets			89,457				94,626
Noncurrent marketable securities			1,268,698				1,131,175
Deferred income tax assets			260,205				245,455
Noncurrent deferred costs			12,361				16,510
Intangible assets, net			791,073				828,566
Other noncurrent assets			103,383				190,151
Total assets		$	7,854,427			$	7,031,373
Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable		$	370,048			$	258,885
Salaries and benefits payable			211,371				181,937
Accrued warranty costs			45,467				42,643
Accrued sales program costs			121,514				109,891
Other accrued expenses			225,988				181,767
Deferred revenue			87,654				86,865
Income taxes payable			128,083				68,585
Dividend payable			258,023				233,644
Total current liabilities			1,448,148				1,164,217
Deferred income tax liabilities			117,595				116,844
Noncurrent income taxes payable			62,539				92,810
Noncurrent deferred revenue			41,618				49,934
Noncurrent operating lease liabilities			70,044				75,958
Other noncurrent liabilities			324				15,494
Stockholders’ equity:
Shares, CHF 0.10 par value, 198,077 shares authorized and issued, 192,608 shares outstanding at December 25, 2021; and 191,571 shares outstanding at December 26, 2020			17,979				17,979
Additional paid-in capital			1,960,722				1,880,354
Treasury stock			(303,114	)			(320,016	)
Retained earnings			4,320,737				3,754,372
Accumulated other comprehensive income			117,835				183,427
Total stockholders’ equity			6,114,159				5,516,116
Total liabilities and stockholders’ equity		$	7,854,427			$	7,031,373

Garmin Ltd. and Subsidiaries
Consolidated Statements of Cash Flows
(In thousands)
		52-Weeks Ended
		December 25,				December 26,
		2021				2020
Operating Activities:
Net income		$	1,082,200			$	992,324
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation			103,498				78,121
Amortization			51,320				48,594
Loss (gain) on sale of property and equipment			298				(1,799	)
Unrealized foreign currency losses (gains)			36,385				(9,873	)
Deferred income taxes			(5,368	)			6,931
Stock compensation expense			92,522				80,885
Realized gains on marketable securities			(622	)			(1,392	)
Changes in operating assets and liabilities, net of acquisitions:
Accounts receivable, net of allowance for doubtful accounts			(19,106	)			(108,859	)
Inventories			(476,454	)			28,726
Other current and noncurrent assets			(38,004	)			(33,690	)
Accounts payable			108,946				1,447
Other current and noncurrent liabilities			70,007				87,761
Deferred revenue			(7,377	)			(25,211	)
Deferred costs			8,288				11,973
Income taxes			5,894				(20,671	)
Net cash provided by operating activities			1,012,427				1,135,267
Investing activities:
Purchases of property and equipment			(307,645	)			(185,401	)
Proceeds from sale of property and equipment			35				1,977
Purchase of intangible assets			(1,942	)			(2,065	)
Purchase of marketable securities			(1,508,712	)			(1,052,640	)
Redemption of marketable securities			1,363,070				1,126,253
Acquisitions, net of cash acquired			(20,175	)			(148,648	)
Net cash used in investing activities			(475,369	)			(260,524	)
Financing activities:
Dividends			(491,457	)			(450,631	)
Proceeds from issuance of treasury stock related to equity awards			35,733				15,201
Purchase of treasury stock related to equity awards			(30,985	)			(26,330	)
Net cash used in financing activities			(486,709	)			(461,760	)
Effect of exchange rate changes on cash and cash equivalents			(10,254	)			18,127
Net increase in cash, cash equivalents, and restricted cash			40,095				431,110
Cash, cash equivalents, and restricted cash at beginning of year			1,458,748				1,027,638
Cash, cash equivalents, and restricted cash at end of year		$	1,498,843			$	1,458,748

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