2018 Guidance:

We are maintaining our 2018 guidance for revenue of approximately $3.2 billion and pro forma EPS of $3.05 (see attachment for reconciliation of this non-GAAP measure).

Revenue Standard Adoption

We adopted the new revenue standard in the first quarter of 2018. The prior periods presented here have been restated to reflect adoption of this new standard. See Appendix A for further discussion of the new revenue standard.

Webcast Information/Forward-Looking Statements:

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

		When:			Wednesday, May 2, 2018 at 10:30 a.m. Eastern
		Where:			http://www.garmin.com/en-US/company/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 May 1, 2019 on the Garmin website at www.garmin.com. To access the replay, click on the Investor Relations 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 “would,” “may,” “expects,” “estimates,” “plans,” “intends,” “projects,” and other words or phrases with similar meanings. Any statements regarding the Company’s 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, currency movements, expenses, pricing, new products to be introduced in 2018, 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 31, 2017 filed by Garmin with the Securities and Exchange Commission (Commission file number 0-31983). A copy of Garmin’s 2017 Form 10-K can be downloaded from http://www.garmin.com/aboutGarmin/invRelations/finReports.html.

Non-GAAP Financial Measures

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, fēnix, Edge, Forerunner, and tactix, are trademarks of Garmin Ltd. or its subsidiaries and are registered in one or more countries, including the U.S.; Connect IQ, Descent, dēzl and Varia are trademarks of Garmin Ltd. or its subsidiaries. Wi-Fi is a registered trademark of the Wi-Fi Alliance. 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
			March 31,				April 1,
			2018				2017
Net sales			$	710,872			$	641,510
Cost of goods sold				284,337				268,704
Gross profit				426,535				372,806
Advertising expense				25,311				31,525
Selling, general and administrative expense				117,065				102,051
Research and development expense				141,957				122,202
Total operating expense				284,333				255,778
Operating income				142,202				117,028
Other income (expense):
Interest income				10,227				8,444
Foreign currency gains (losses)				816				(37,497	)
Other income				735				400
Total other income (expense)				11,778				(28,653	)
Income before income taxes				153,980				88,375
Income tax provision (benefit)				24,606				(150,029	)
Net income			$	129,374			$	238,404
Net income per share:
Basic			$	0.69			$	1.27
Diluted			$	0.68			$	1.26
Weighted average common
shares outstanding:
Basic				188,322				188,333
Diluted				189,292				189,031

Garmin Ltd. And Subsidiaries
Condensed Consolidated Balance Sheets (Unaudited)
(In thousands, except per share information)
			March 31,					December 30,
			2018					2017
Assets
Current assets:
Cash and cash equivalents			$	898,981				$	891,488
Marketable securities				167,745					161,687
Accounts receivable, net				409,704					590,882
Inventories, net				547,412					517,644
Deferred costs				29,327					30,525
Prepaid expenses and other current assets				138,114					153,912
Total current assets				2,191,283					2,346,138
Property and equipment, net				604,813					595,684
Restricted cash				279					271
Marketable securities				1,309,185					1,260,033
Deferred income taxes				199,090					195,981
Noncurrent deferred costs				32,428					33,029
Intangible assets, net				421,006					409,801
Other assets				97,138					107,352
Total assets			$	4,855,222				$	4,948,289
Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable			$	136,132				$	169,640
Salaries and benefits payable				90,137					102,802
Accrued warranty costs				35,422					36,827
Accrued sales program costs				56,266					93,250
Deferred revenue				98,660					103,140
Accrued royalty costs				17,445					32,204
Accrued advertising expense				16,007					30,987
Other accrued expenses				69,949					93,652
Income taxes payable				37,825					33,638
Dividend payable				-					95,975
Total current liabilities				557,843					792,115
Deferred income taxes				74,714					76,612
Noncurrent income taxes				140,368					138,295
Noncurrent deferred revenue				83,222					87,060
Other liabilities				1,882					1,788
Stockholders' equity:
Shares, CHF 0.10 par value, 198,077 shares authorized and issued; 188,521 shares
outstanding at March 31, 2018 and 188,189 shares outstanding at December 30, 2017				17,979					17,979
Additional paid-in capital				1,818,532					1,828,386
Treasury stock				(450,160	)				(468,818	)
Retained earnings				2,546,400					2,418,444
Accumulated other comprehensive income				64,442					56,428
Total stockholders' equity				3,997,193					3,852,419
Total liabilities and stockholders' equity			$	4,855,222				$	4,948,289

Garmin Ltd. And Subsidiaries
Condensed Consolidated Statements of Cash Flows (Unaudited)
(In thousands)
				13-Weeks Ended
				March 31,					April 1,
				2018					2017
Operating activities:
Net income				$	129,374				$	238,404
Adjustments to reconcile net income to net cash
provided by operating activities:
	Depreciation				16,014					14,658
	Amortization				7,132					7,070
	(Gain) loss on sale or disposal of property and equipment				(15	)				8
	Provision for doubtful accounts				57					(294	)
	Provision for obsolete and slow moving inventories				3,959					7,193
	Unrealized foreign currency (gain) loss				(517	)				42,571
	Deferred income taxes				416					(171,432	)
	Stock compensation expense				13,440					8,206
	Realized losses on marketable securities				196					291
Changes in operating assets and liabilities, net of acquisitions:
	Accounts receivable				187,693					135,253
	Inventories				(26,455	)				(41,398	)
	Other current and non-current assets				9,037					7,534
	Accounts payable				(36,708	)				(44,180	)
	Other current and non-current liabilities				(99,935	)				(81,038	)
	Deferred revenue				(8,368	)				(12,041	)
	Deferred costs				1,807					2,647
	Income taxes payable				17,063					6,943
Net cash provided by operating activities					214,190					120,395
Investing activities:
Purchases of property and equipment					(26,336	)				(25,538	)
Proceeds from sale of property and equipment					121					7
Purchase of intangible assets					(1,622	)				(1,222	)
Purchase of marketable securities					(140,623	)				(96,049	)
Redemption of marketable securities					65,253					109,526
Acquisitions, net of cash acquired					(9,417	)				-
Net cash used in investing activities					(112,624	)				(13,276	)
Financing activities:
Dividends					(96,146	)				(96,028	)
Proceeds from issuance of treasury stock related to equity awards					1,926					-
Purchase of treasury stock related to equity awards					(6,562	)				(3,452	)
Purchase of treasury stock under share repurchase plan					-					(27,873	)
Net cash used in financing activities					(100,782	)				(127,353	)
Effect of exchange rate changes on cash, cash equivalents, and restricted cash					6,717					6,932
Net increase (decrease) in cash, cash equivalents, and restricted cash					7,501					(13,302	)
Cash, cash equivalents, and restricted cash at beginning of period					891,759					846,996
Cash, cash equivalents, and restricted cash at end of period				$	899,260				$	833,694

Garmin Ltd. And Subsidiaries
Net Sales, Gross Profit and Operating Income by Segment (Unaudited)
			Reportable Segments
			Outdoor			Fitness			Marine			Auto			Aviation			Total
13-Weeks Ended March 31, 2018
Net sales			$ 144,258			$ 166,035			$ 113,554			$ 141,312			$ 145,713			$ 710,872
Gross profit			93,285			96,601			66,683			61,012			108,954			426,535
Operating income			43,822			33,374			13,131			3,468			48,407			142,202
13-Weeks Ended April 1, 2017
Net sales			$ 115,875			$ 137,831			$ 104,445			$ 160,488			$ 122,871			$ 641,510
Gross profit			73,469			77,741			59,747			70,616			91,233			372,806
Operating income			34,451			18,472			18,145			7,352			38,608			117,028

Garmin Ltd. And Subsidiaries
Net Sales by Geography (Unaudited)
(In thousands)
			13-Weeks Ended
			March 31,				April 1,				Yr over Yr
			2018				2017				Change
Net sales			$	710,872			$	641,510			11	%
Americas				345,975				324,630			7	%
EMEA				245,912				225,335			9	%
APAC				118,985				91,545			30	%
EMEA - Europe, Middle East and Africa; APAC - Asia Pacific and Australian Continent

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