In addition, the board of directors has established March 30, 2018 as the payment date and March 15, 2018 as the record date for the final dividend installment of $0.51 per share, per the prior approval at the 2017 annual shareholders’ meeting. The first, second and third payments of $0.51 per share were made on June 30, 2017, September 29, 2017, and December 29, 2017, respectively.

Webcast Information/Forward-Looking Statements:

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

		When:			Wednesday, February 21, 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 February 28, 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 30, 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. Any forward-looking statements made in this release speak only as of the date of this release.

Non-GAAP Financial Measures

This release and the attachments also 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 this release or the attachments.

Garmin, the Garmin logo, the Garmin delta, fēnix, Forerunner, G1000, inReach and Navionics are registered trademarks of Garmin Ltd. or its subsidiaries and are registered in one or more countries, including the U.S.; Active Captain, Connect IQ, ECHOMAP, Garmin Pay, Garmin Speak and STRIKER are trademarks of Garmin Ltd. or one of 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				14-Weeks Ended				52-Weeks Ended				53-Weeks Ended
			December 30,				December 31,				December 30,				December 31,
			2017				2016				2017				2016
Net sales			$	888,496			$	860,767			$	3,087,004			$	3,018,665
Cost of goods sold				388,978				389,985				1,303,840				1,339,095
Gross profit				499,518				470,782				1,783,164				1,679,570
Advertising expense				58,710				67,702				164,693				177,143
Selling, general and administrative expense				128,880				114,312				437,977				410,558
Research and development expense				132,552				128,952				511,634				467,960
Total operating expense				320,142				310,966				1,114,304				1,055,661
Operating income				179,376				159,816				668,860				623,909
Other income (expense):
Interest income				9,994				9,296				36,925				33,406
Foreign currency losses				(8,772	)			(1,648	)			(22,579	)			(31,651	)
Other				(107	)			1,093				(912	)			4,006
Total other income (expense)				1,115				8,741				13,434				5,761
Income before income taxes				180,491				168,557				682,294				629,670
Income tax provision (benefit)				41,711				31,952				(12,661	)			118,856
Net income			$	138,780			$	136,605			$	694,955			$	510,814
Net income per share:
Basic			$	0.74			$	0.73			$	3.70			$	2.71
Diluted			$	0.73			$	0.72			$	3.68			$	2.70
Weighted average common shares outstanding:
Basic				187,607				188,233				187,828				188,818
Diluted				188,915				189,171				188,732				189,343

Garmin Ltd. And Subsidiaries
Condensed Consolidated Balance Sheets
(In thousands, except per share information)
			(Unaudited)
			December 30,					December 31,
			2017					2016
Assets
Current assets:
Cash and cash equivalents			$	891,488				$	846,883
Marketable securities				161,687					266,952
Accounts receivable, net				590,882					527,062
Inventories, net				517,644					484,821
Deferred costs				48,312					47,395
Prepaid expenses and other current assets				153,912					89,903
Total current assets				2,363,925					2,263,016
Property and equipment, net				595,684					482,878
Marketable securities				1,260,033					1,213,285
Restricted cash				271					113
Deferred income taxes				199,343					110,293
Noncurrent deferred costs				73,851					56,151
Intangible assets, net				409,801					305,002
Other assets				107,352					94,395
Total assets			$	5,010,260				$	4,525,133
Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable			$	169,640				$	172,404
Salaries and benefits payable				102,802					88,818
Accrued warranty costs				36,827					37,233
Accrued sales program costs				93,250					80,953
Deferred revenue				139,681					146,564
Accrued royalty costs				32,204					36,523
Accrued advertising expense				30,987					37,440
Other accrued expenses				93,652					70,469
Income taxes payable				33,638					16,163
Dividend payable				95,975					96,168
Total current liabilities				828,656					782,735
Deferred income taxes				75,215					61,220
Noncurrent income taxes				138,295					121,174
Noncurrent deferred revenue				163,840					140,407
Other liabilities				1,788					1,594
Stockholders' equity:
Shares, CHF 0.10 par value, 198,077 shares authorized and issued; 188,189 shares outstanding at December 30, 2017 and 188,565 shares outstanding at December 31, 2016				17,979					17,979
Additional paid-in capital				1,828,386					1,836,047
Treasury stock				(468,818	)				(455,964	)
Retained earnings				2,368,874					2,056,702
Accumulated other comprehensive income (loss)				56,045					(36,761	)
Total stockholders' equity				3,802,466					3,418,003
Total liabilities and stockholders' equity			$	5,010,260				$	4,525,133

Garmin Ltd. And Subsidiaries
Condensed Consolidated Statements of Cash Flows (Unaudited)
(In thousands)
			52-Weeks Ended					53-Weeks Ended
			December 30,					December 31,
			2017					2016
Operating activities:
Net income			$	694,955				$	510,814
Adjustments to reconcile net income to net cash
provided by operating activities:
Depreciation				59,895					55,796
Amortization				26,357					30,544
Gain on sale or disposal of property and equipment				(230	)				(503	)
Provision for doubtful accounts				1,021					4,136
Deferred income taxes				(90,725	)				1,699
Unrealized foreign currency loss				21,036					13,387
Provision for obsolete and slow moving inventories				31,071					26,458
Stock compensation				44,735					41,250
Realized losses (gains) on marketable securities				991					(822	)
Changes in operating assets and liabilities:
Accounts receivable				(40,088	)				9,000
Inventories				(38,575	)				(2,455	)
Other current and non-current assets				(21,608	)				2,234
Accounts payable				(17,240	)				(11,496	)
Other current and non-current liabilities				5,627					44,766
Deferred revenue				15,329					(6,363	)
Deferred costs				(18,266	)				(15,780	)
Income taxes payable				(13,443	)				3,017
Net cash provided by operating activities				660,842					705,682
Investing activities:
Purchases of property and equipment				(139,696	)				(90,960	)
Proceeds from sale of property and equipment				361					676
Purchase of intangible assets				(12,232	)				(5,715	)
Purchase of marketable securities				(587,656	)				(905,089	)
Redemption of marketable securities				635,311					957,350
Change in restricted cash				(153	)				146
Acquisitions, net of cash acquired				(90,471	)				(77,945	)
Net cash used in investing activities				(194,536	)				(121,537	)
Financing activities:
Dividends				(382,976	)				(481,452	)
Purchase of treasury stock under share repurchase plan				(74,523	)				(93,233	)
Purchase of treasury stock related to equity awards				(12,773	)				(7,331	)
Proceeds from issuance of treasury stock related to equity awards				21,860					18,648
Tax benefit from issuance of equity awards				-					1,692
Net cash used in financing activities				(448,412	)				(561,676	)
Effect of exchange rate changes on cash and cash equivalents				26,711					(8,656	)
Net increase in cash and cash equivalents				44,605					13,813
Cash and cash equivalents at beginning of period				846,883					833,070
Cash and cash equivalents at end of period			$	891,488				$	846,883

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 December 30, 2017
Net sales			$	203,278		$	276,195		$	83,699			$	195,524		$	129,800		$	888,496
Gross profit				128,952			146,622			45,902				80,990			97,052			499,518
Operating income				73,322			57,315			(10,533	)			17,401			41,871			179,376
14-Weeks Ended December 31, 2016
Net sales			$	175,397		$	274,052		$	67,458			$	226,595		$	117,265		$	860,767
Gross profit				107,852			141,742			35,155				95,977			90,056			470,782
Operating income				58,314			46,175			2,995				19,363			32,969			159,816
52-Weeks Ended December 30, 2017
Net sales			$	698,867		$	762,194		$	374,001			$	750,583		$	501,359		$	3,087,004
Gross profit				448,410			422,636			212,592				327,921			371,605			1,783,164
Operating income				249,867			146,765			50,328				67,967			153,933			668,860
53-Weeks Ended December 31, 2016
Net sales			$	546,326		$	818,486		$	331,947			$	882,558		$	439,348		$	3,018,665
Gross profit				340,504			437,205			183,709				388,747			329,405			1,679,570
Operating income				184,035			160,596			52,167				102,347			124,764			623,909

Garmin Ltd. And Subsidiaries
Net Sales by Geography (Unaudited)
(In thousands)
			13-Weeks Ended			14-Weeks Ended						52-weeks Ended			53-weeks Ended
			December 30,			December 31,			Yr over Yr			December 30,			December 31,			Yr over Yr
			2017			2016			Change			2017			2016			Change
Net sales			$	888,496		$	860,767		3	%		$	3,087,004		$	3,018,665		2	%
Americas				426,374			445,324		-4	%			1,475,661			1,518,934		-3	%
EMEA				341,029			302,977		13	%			1,175,155			1,113,182		6	%
APAC				121,093			112,466		8	%			436,188			386,549		13	%
EMEA - Europe, Middle East and Africa; APAC - Asia Pacific and Australian Continent

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