GRMN Garmin Ltd

Garmin Ltd. (Nasdaq: GRMN) today announced results for the fiscal-year ended December 31, 2016.

Highlights for the fourth quarter 2016 include:

• Total revenue of $861 million, growing 10% over the prior year, with outdoor, fitness, marine and aviation collectively growing 25% over the prior year quarter and contributing 74% of total revenue
• Gross margin improved to 54.7% compared to 52.9% in the prior year quarter
• Operating margin of 18.6% compared to 18.7% in the prior year quarter
• Operating income growth of 10%
• GAAP EPS was $0.72 and pro forma EPS(1) of $0.73 for fourth quarter 2016
• Introduced the fēnix® 5 with three watch designs that are expected to appeal to a broader range of wrist sizes and style preferences

Highlights for the fiscal year 2016 include:

• Total revenue of $3,019 million growing 7% over the prior year, with outdoor, fitness, marine and aviation collectively growing 21% over the prior year and contributing 71% of total revenue
• Gross and operating margins of 55.6% and 20.7%, respectively, both improving from 2015 levels
• GAAP EPS was $2.70, a 13% improvement over the prior year, and pro forma EPS(1) was $2.83, a 14% improvement over the prior year
• Shipped approximately 16.8 million units, up 4% from the prior year and over 173 million since inception
• Connect IQ app store establishes itself with over 2,500 apps and over 24 million downloads since inception

                        (in thousands, 14-Weeks Ended     13-Weeks Ended       53-Weeks Ended     52-Weeks Ended       except per share data) Dec 31, Dec 26, Yr over Yr Dec 31, Dec 26, Yr over Yr 2016

2015 (2)

    Change 2016

2015 (2)

    Change Net sales $860,767 $781,358 10 % $3,018,665 $2,820,270 7 % Outdoor 175,397 119,884 46 % 546,326 411,184 33 % Fitness 274,052 228,740 20 % 818,486 661,599 24 % Marine 67,458 56,454 19 % 331,947 286,778 16 % Aviation 117,265 104,059 13 % 439,348 398,618 10 % Auto 226,595 272,221 -17 % 882,558 1,062,091 -17 %   Gross profit % 54.7 % 52.9 % 55.6 % 54.6 %   Operating profit % 18.6 % 18.7 % 20.7 % 19.5 %   GAAP diluted EPS $0.72 $0.70 3 % $2.70 $2.39 13 % Pro forma diluted EPS (1) $0.73 $0.74 -1 % $2.83 $2.49 14 %

(1)

 

See attached table for reconciliation of non-GAAP measures including pro forma diluted EPS

(2)

Action camera related net sales for the 13-weeks and 52-weeks ended Dec 26, 2015 have been recast from the Outdoor segment to the Auto segment to conform to the current year presentation.

 

Executive Overview from Cliff Pemble, president and Chief Executive Officer:

“2016 was a remarkable year of growth driven by strong sales in our outdoor, fitness, marine, and aviation segments,” said Cliff Pemble, president and Chief Executive Officer of Garmin Ltd. “Entering 2017, we see additional growth opportunities ahead and we are well positioned to seize these opportunities with a strong lineup of great products.”

Outdoor:

The outdoor segment grew 46% in the quarter with significant contributions from wearable devices combined with growth in all other product categories and the contribution of DeLorme products. Gross margin remained strong at 61% while operating margin was relatively flat at 33%, resulting in 42% operating income growth. We recently announced our fēnix® 5 series with three different designs all featuring Garmin Elevate™ wrist heart rate technology and our QuickFit™ band replacement system: the fēnix 5S is perfect for smaller wrists without sacrificing multisport functionality, the fēnix 5X includes preloaded wrist-based mapping, and the compact fēnix 5 is feature-packed with an all-new industrial design. We expect outdoor to continue to be a growth segment in 2017 as we leverage opportunities in wearables and other product categories in the segment.

Fitness:

The fitness segment posted strong revenue growth of 20% in the quarter driven by wearables with Garmin Elevate™ wrist heart rate technology. Gross margin increased year-over-year to 52% with operating margin of 17%, resulting in a 15% growth in operating income. The recently launched vívofit jr. was well received by retailers and customers during the holiday quarter and we see additional growth potential for wearables designed specifically for children. We believe fitness will be our largest revenue contributor in 2017, and enter the year confident in our product lineup.

Marine:

The marine segment posted strong fourth quarter revenue growth of 19% driven by our solid lineup of chart plotters and fish finders. Gross margin decreased year-over-year to 52% due to product mix, while operating margin improved to 4%. In the quarter, we introduced new touchscreen and keyed chartplotter combo offerings in our popular GPSMAP® product line, many with built-in sonar, and new radar and entertainment offerings. We expect marine to continue to be a growth segment in 2017 as we focus on market share gains and new product innovations.

Aviation:

The aviation segment posted solid revenue growth of 13% in the quarter with growth contributions from both OEM and aftermarket. Gross and operating margins were 77% and 28%, respectively. During the quarter, we received FAA installation approval for our helicopter ADS-B offerings, supported Cirrus in the certification and initial deliveries of the SF 50 light jet, and Textron Airland announced our selection as the avionics provider for the Scorpion light attack aircraft. We continue to invest in upcoming certifications with our numerous OEM partners, as well as ongoing opportunities for long-term market share gains.

Auto:

The auto segment recorded revenue decline of 17% in the quarter, primarily due to the ongoing PND market contraction. Gross margin remained constant at 42%, while operating margin declined year-over-year to 9%. At the recent CES show we announced our next generation Drive series PNDs, which offer expanded safety and driver awareness features and WIFI capability that enhances the process of updating maps and other content stored on the device. During the quarter, we were chosen as a Tier 1 infotainment hardware supplier for BMW affirming recent investments in our OEM program.

Additional Financial Information:

Total operating expenses in the quarter were $311 million, a 16% increase from the prior year. Advertising increased 19%, driven by year-over-year increases in the fitness and outdoor segments to support wearables. Research and development and selling, general and administrative expenses increased 22% and 9%, respectively, due primarily to recent acquisitions and an additional week in our fourth quarter 2016.

The effective tax rate in the fourth quarter of 2016 was 19.0%, an increase from 13.2% in the prior year quarter. The year-over-year increase in the fourth quarter 2016 tax rate is primarily due to the recording of a full year of the U.S. research and development tax credit in the fourth quarter of 2015 versus being spread over four quarters in 2016.

In the fourth quarter of 2016, we generated $165 million of free cash flow (see attached table for reconciliation of this non-GAAP measure). We continued to return cash to shareholders through dividends and share repurchases. As a result of the additional week in the fourth quarter 2016, two quarterly dividends were recorded totaling approximately $192 million and we repurchased approximately $28 million of Company stock. We have approximately $75 million remaining in the share repurchase program which was extended through December 31, 2017, and expect to repurchase Company stock as business and market conditions warrant. We ended the quarter with cash and marketable securities of approximately $2.3 billion.

2017 Guidance:

               

2017 Guidance

Revenue ~$3.02B Gross Margin ~56% Operating Margin ~20% Tax Rate (Pro Forma) ~22% EPS (Pro Forma) ~$2.65  

We expect 2017 revenue of approximately $3.02 billion as growth in outdoor, fitness, marine and aviation is offset by ongoing declines in the PND market. We expect gross margins to be approximately 56%, relatively flat to the prior year. Operating margin is expected to be approximately 20%. With a pro forma expected tax rate of approximately 22%, we currently forecast 2017 pro forma EPS of approximately $2.65. The expected year-over-year increase in the 2017 pro forma tax rate is primarily due to the Company’s election to adjust certain Switzerland tax positions to address potential tax risk from evolving global tax initiatives.

Dividend Recommendation:

The board of directors intends to recommend to the shareholders for approval at the annual meeting to be held on June 9, 2017, a cash dividend in the amount of $2.04 per share (subject to possible adjustment based on the total amount of the dividend in Swiss Francs as approved at the annual meeting), payable in four equal installments on dates to be determined by the Board. The Board currently anticipates the scheduling of the dividend in four installments as follows:

       

Dividend Date

   

Record Date

   

$s per share

June 30, 2017 June 19, 2017 $0.51 September 29, 2017 September 15, 2017 $0.51 December 29, 2017 December 15, 2017 $0.51 March 30, 2018 March 15, 2018 $0.51  

In addition, the board of directors has established March 31, 2017 as the payment date and March 15, 2017 as the record date for the final dividend installment of $0.51 per share, per the prior approval at the 2016 annual shareholders’ meeting. The first, second and third payments of $0.51 per share were made on June 30, 2016, September 30, 2016, and December 30, 2016, respectively.

Webcast Information/Forward-Looking Statements:

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

        When:     Wednesday, February 22, 2017 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 April 27, 2017 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, tax rate and revenue for fiscal 2017, the Company’s expected segment revenue growth rates, margins, currency movements, expenses, pricing, new products to be introduced in 2017 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, 2016 filed by Garmin with the Securities and Exchange Commission (Commission file number 0-31983). A copy of Garmin’s 2016 Form 10-K can be downloaded from http://www.garmin.com/aboutGarmin/invRelations/finReports.html.

Garmin, the Garmin logo, the Garmin delta, DeLorme, fēnix, GPSMAP and vívofit, are trademarks of Garmin Ltd. or its subsidiaries and are registered in one or more countries, including the U.S.; Garmin Elevate and QuickFit 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)                   14-Weeks Ended     13-Weeks Ended 53-Weeks Ended     52-Weeks Ended December 31, December 26, December 31, December 26, 2016     2015 2016     2015 Net sales $860,767 $781,358 $3,018,665 $2,820,270   Cost of goods sold 389,985   368,215   1,339,095   1,281,566     Gross profit 470,782 413,143 1,679,570 1,538,704   Advertising expense 67,702 56,814 177,143 167,166 Selling, general and administrative expense 114,312 104,556 410,558 394,914 Research and development expense 128,952   106,011   467,960   427,043   Total operating expense 310,966   267,381   1,055,661   989,123     Operating income 159,816 145,762 623,909 549,581   Other income (expense): Interest income 9,296 7,358 33,406 29,653 Foreign currency losses (1,648 ) (9,288 ) (31,651 ) (23,465 ) Other income 1,093   8,711   4,006   11,418   Total other income (expense) 8,741   6,781   5,761   17,606     Income before income taxes 168,557 152,543 629,670 567,187   Income tax provision 31,952   20,160   118,856   110,960     Net income $136,605   $132,383   $510,814   $456,227     Net income per share: Basic $0.73 $0.70 $2.71 $2.39 Diluted $0.72 $0.70 $2.70 $2.39

 

Weighted average common shares outstanding:

Basic 188,233 189,317 188,818 190,631 Diluted 189,171 189,847 189,343 191,107     Garmin Ltd. And Subsidiaries Condensed Consolidated Balance Sheets (In thousands, except per share information)       (Unaudited)     December 31, December 26, 2016     2015 Assets Current assets: Cash and cash equivalents $846,883 $833,070 Marketable securities 266,952 215,161 Accounts receivable, net 527,062 531,481 Inventories, net 484,821 500,554 Deferred costs 47,395 49,176 Prepaid expenses and other current assets 89,903   81,645   Total current assets 2,263,016 2,211,087   Property and equipment, net 482,878 446,089   Marketable securities 1,213,285 1,343,387 Restricted cash 113 259 Noncurrent deferred income tax 110,293 116,518 Noncurrent deferred costs 56,151 38,769 Intangible assets, net 305,002 245,552 Other assets 94,395   97,730   Total assets $4,525,133   $4,499,391     Liabilities and Stockholders' Equity Current liabilities: Accounts payable $172,404 $178,905 Salaries and benefits payable 88,818 70,601 Accrued warranty costs 37,233 30,449 Accrued sales program costs 80,953 67,613 Deferred revenue 146,564 164,982 Accrued royalty costs 36,523 30,310 Accrued advertising expense 37,440 33,547 Other accrued expenses 70,469 74,926 Income taxes payable 16,163 21,674 Dividend payable 96,168   192,991   Total current liabilities 782,735 865,998   Deferred income taxes 61,220 56,210 Non-current income taxes 121,174 101,689 Non-current deferred revenue 140,407 128,731 Other liabilities 1,594 1,637   Stockholders' equity:

Shares, CHF 0.10 par value, 198,077 shares authorized and issued; and 188,565 shares outstanding at December 31, 2016

Shares, CHF 10.00 par value, 208,077 shares authorized and issued; and 189,722 shares outstanding at December 26, 2015

17,979 1,797,435 Additional paid-in capital 1,836,047 62,239 Treasury stock (455,964 ) (414,637 ) Retained earnings 2,056,702 1,930,517 Accumulated other comprehensive income (36,761 ) (30,428 ) Total stockholders' equity 3,418,003   3,345,126   Total liabilities and stockholders' equity $4,525,133   $4,499,391       Garmin Ltd. And Subsidiaries Condensed Consolidated Statements of Cash Flows (Unaudited) (In thousands)         53-Weeks Ended     52-Weeks Ended Dec 31,     Dec 26, 2016 2015 Operating activities: Net income $510,814 $456,227

Adjustments to reconcile net income to net cash provided by operating activities:

Depreciation 55,796 51,311 Amortization 30,544 27,049 Loss (gain) on sale or disposal of property and equipment (503 ) (198 ) Provision for doubtful accounts 4,136 (2,521 ) Deferred income taxes 1,699 5,897 Unrealized foreign currency loss 13,387 37,931 Provision for obsolete and slow moving inventories 26,458 23,257 Stock compensation expense 41,250 26,290 Realized gain on marketable securities (822 ) (55 ) Changes in operating assets and liabilities: Accounts receivable 9,000 22,473 Inventories (2,455 ) (121,718 ) Other current and non-current assets 2,234 (107,360 ) Accounts payable (11,496 ) 36,079 Other current and non-current liabilities 44,766 20,742 Deferred revenue (6,363 ) (43,338 ) Deferred cost (15,780 ) (585 ) Income taxes payable 3,017   (151,014 ) Net cash provided by operating activities 705,682 280,467   Investing activities: Purchases of property and equipment (90,960 ) (80,592 ) Proceeds from sale of property and equipment 676 7,921 Purchase of intangible assets (5,715 ) (3,889 ) Purchase of marketable securities (905,089 ) (915,921 ) Redemption of marketable securities 957,350 919,141 Proceeds from repayment on loan receivable - - Change in restricted cash 146 48 Acquisitions, net of cash acquired (77,945 ) (38,687 ) Net cash (used in) provided by investing activities (121,537 ) (111,979 )   Financing activities: Dividends paid (481,452 ) (378,117 ) Purchase of treasury stock under share repurchase plan (93,233 ) (131,413 ) Purchase of treasury stock related to equity awards (7,331 ) (5,586 ) Proceeds from issuance of treasury stock related to equity awards 18,648 17,073 Tax benefit from issuance of equity awards 1,692   (2,049 ) Net cash used in financing activities (561,676 ) (500,092 )   Effect of exchange rate changes on cash and cash equivalents (8,656 ) (31,594 )     Net increase (decrease) in cash and cash equivalents 13,813 (363,198 ) Cash and cash equivalents at beginning of period 833,070   1,196,268   Cash and cash equivalents at end of period $846,883   $833,070       Garmin Ltd. And Subsidiaries Net Sales, Gross Profit, and Operating Income by Segment (Unaudited) (In thousands)     Reporting Segments

Outdoor

   

Fitness

   

Marine

   

Auto

   

Aviation

   

Total

  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   13-Weeks Ended December 26, 2015 (3)   Net sales $119,884 $228,740 $56,454 $272,221 $104,059 $781,358 Gross profit $73,353 $117,344 $30,289 $113,257 $78,900 $413,143 Operating income $40,935 $40,288 ($5,593 ) $36,182 $33,950 $145,762     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

 

 

 

 

 

 

52-Weeks Ended December 26, 2015 (3)   Net sales $411,184 $661,599 $286,778 $1,062,091 $398,618 $2,820,270 Gross profit $254,878 $366,139 $158,493 $464,480 $294,714 $1,538,704 Operating income $139,070 $134,574 $28,611 $136,069 $111,257 $549,581

(3)

 

Action camera related operating results for the 13-weeks and 52-weeks ended December 26, 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)     14-Weeks Ended     13-Weeks Ended           53-Weeks Ended     52-Weeks Ended       Dec 31,     Dec 26,     Yr over Yr Dec 31,     Dec 26,     Yr over Yr 2016 2015     Change 2016 2015     Change Net sales $860,767 $781,358 10 % $3,018,665 $2,820,270 7 % Americas 447,537 412,581 8 % 1,521,147 1,469,243 4 % EMEA 300,764 268,787 12 % 1,110,969 1,013,139 10 % APAC 112,466 99,990 12 % 386,549 337,888 14 %

EMEA - Europe, Middle East and Africa; APAC - Asia Pacific and Australian Continent

Non-GAAP Financial Information

To supplement our financial results presented in accordance with GAAP, this release includes the following measures defined by the Securities and Exchange Commission as non-GAAP financial measures: pro forma net income (earnings) per share, forward-looking pro forma earnings per share, forward-looking pro forma tax rate and free cash flow. These non-GAAP measures are not based on any comprehensive set of accounting rules or principles and should not be considered a substitute for, or superior to, financial measures calculated in accordance with GAAP, and may be different from non-GAAP measures used by other companies. Management believes providing investors with an operating view consistent with how it manages the Company provides enhanced transparency into the operating results of the Company.

Pro forma net income (earnings) per share

Management believes that net income (earnings) per share before the impact of foreign currency gain or loss and certain discrete income tax items, as discussed below, is an important measure. The majority of the Company’s consolidated foreign currency gain or loss is typically driven by movements in the Taiwan Dollar, Euro, and British Pound Sterling in relation to the U.S. Dollar and the related exchange rate impact on the significant cash, receivables, and payables held in a currency other than the functional currency at one of the Company’s subsidiaries. However, there is minimal cash impact from such foreign currency gain or loss. The Company’s income tax expense is periodically impacted by discrete tax items that are not reflective of the income tax expense that is incurred related to the current period earnings. Accordingly, earnings per share before the impact of foreign currency translation gain or loss and certain discrete income tax items permits a consistent comparison of the Company’s operating performance between periods.

The tax effect of foreign currency gains (losses) was calculated using effective tax rates of 19.0% and 13.2% for the fourth quarters of 2016 and 2015, respectively and 18.9% and 19.6% for the fiscal years of 2016 and 2015. The effective tax rate is calculated by taking the Income tax provision divided by Income before taxes, as presented on the face of the Condensed Consolidated Statements of Income both on a quarterly and fiscal year basis

There were no discrete tax items identified by management in the 53-weeks and 52-weeks ended December 31, 2016 and December 26, 2015, respectively, that were excluded from pro forma earnings per share. The net release of other uncertain tax position reserves, amounting to approximately $11.9 million and $7.3 million for the 53-weeks and 52-weeks ended December 31, 2016 and December 26, 2015, respectively, have not been included as pro forma adjustments in the above presentation of pro forma earnings per share as such amounts tend to be more recurring in nature, and do not affect comparability between periods.

Garmin Ltd. And Subsidiaries Net income per share (Pro Forma) (in thousands, except per share information)                 14-Weeks Ended     13-Weeks Ended 53-Weeks Ended     52-Weeks Ended Dec 31, Dec 26, Dec 31, Dec 26, 2016     2015 2016     2015   Net Income (GAAP) $136,605 $132,383 $510,814 $456,227 Foreign currency losses 1,648 9,288 31,651 23,465 Tax effect of foreign currency losses (312 )     (1,227 ) (5,974 )     (4,590 ) Net income (Pro Forma) $137,941       $140,444   $536,491       $475,102     Net income per share (GAAP): Basic $0.73 $0.70 $2.71 $2.39 Diluted $0.72 $0.70 $2.70 $2.39   Net income per share (Pro Forma): Basic $0.73 $0.74 $2.84 $2.49 Diluted $0.73 $0.74 $2.83 $2.49   Weighted average common shares outstanding: Basic 188,233 189,317 188,818 190,631 Diluted (GAAP) 189,171 189,847 189,343 191,107    

Free cash flow

Management believes that free cash flow is an important financial measure because it represents the amount of cash provided by operations that is available for investing and defines it as operating cash flow plus one-time cash payments associated with our inter-company restructuring less capital expenditures for property and equipment.

Garmin Ltd. And Subsidiaries Free Cash Flow (in thousands)       14-Weeks Ended     13-Weeks Ended     53-Weeks Ended     52-Weeks Ended Dec 31,     Dec 26, Dec 31,     Dec 26, 2016     2015 2016     2015   Net cash provided by operating activities $ 213,315 $ 158,336 $ 705,682 $ 280,467 Less: purchases of property and equipment (48,803 ) (27,295 ) (90,960 ) (80,592 ) Plus: taxes paid related to inter-company restructuring   -         -     -         182,800   Free Cash Flow $ 164,512       $ 131,041   $ 614,722       $ 382,675    

Forward-looking pro forma tax rate

Forward-looking pro forma tax rate and pro forma earnings per share are calculated before the effect of certain discrete tax items. Management believes certain discrete tax items may not be reflective of income tax expense incurred as a result of current period earnings. Therefore, in order to permit consistent comparison between periods, the tax rate and earnings per share before the effect of such discrete tax items are important measures. In the 53-weeks ended December 31, 2016, there were no such discrete tax items identified. However, in fiscal 2017, management believes certain discrete tax items will be recognized on a U.S. GAAP-basis, that will have an effect on comparability between periods:

• The Company expects its fiscal 2017 pro forma tax rate to increase to 22% due to the Company’s election in February 2017 to adjust certain Switzerland corporate tax positions to address potential tax risk from evolving global tax initiatives. The 2017 pro forma tax rate of 22% excludes the effect of the expected revaluation of certain Switzerland deferred tax assets, for which the Company anticipates recording approximately $150 million of income tax benefit in the first quarter of 2017.
• The fiscal 2017 pro forma tax rate of 22% also excludes the tax effects from share-based compensation as a result of the adoption of Accounting Standards Update No. 2016-09, Compensation – Stock Compensation (Topic 718): Improvements to Employee Share-Based Accounting (“ASU 2016-09”), which may have a material effect on the U.S. GAAP-basis tax rate. However, the Company is unable to project these amounts due to the dependency of this item on the underlying share price of the Company.

While management expects the above to have a significant impact on comparability, management is unable to determine whether or not additional significant discrete tax items will be identified in fiscal 2017.

Forward-looking pro forma earnings per share (EPS)

In addition to the discrete tax items discussed in the forward-looking pro forma tax rate section above, our 2017 pro forma EPS excludes foreign currency exchange gains and losses. The estimated impact of such foreign currency gains and losses cannot be reasonably estimated on a forward-looking basis due to the high variability and low visibility with respect to non-operating foreign currency exchange gains and losses and the related tax effects of such gains and losses. The impact of such foreign currency gains and losses, net of tax effects, was $0.01 and $0.13 per share for the 14-weeks and 53-weeks ended December 31, 2016, respectively.

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Garmin Ltd.Investor Relations Contact:Teri Seck, 913-397-8200investor.relations@garmin.comorMedia Relations Contact:Ted Gartner, 913-397-8200media.relations@garmin.com