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Garmin Ltd. And Subsidiaries
Condensed Consolidated Statements of Income (Unaudited)
(In thousands, except per share information)
			13-Weeks Ended
			March 28,					March 29,
			2015					2014
Net sales			$	585,394				$	583,221
Cost of goods sold				241,272					252,387
Gross profit				344,122					330,834
Advertising expense				27,672					24,428
Selling, general and administrative expense				98,750					89,873
Research and development expense				106,002					96,164
Total operating expense				232,424					210,465
Operating income				111,698					120,369
Other income (expense):
Interest income				8,024					9,768
Foreign currency gains (losses)				(44,264	)				12,814
Other				738					(484	)
Total other income (expense)				(35,502	)				22,098
Income before income taxes				76,196					142,467
Income tax provision				9,403					23,649
Net income			$	66,793				$	118,818
Net income per share:
Basic			$	0.35				$	0.61
Diluted			$	0.35				$	0.61
Weighted average common
shares outstanding:
Basic				191,762					195,090
Diluted				192,341					195,860

Garmin Ltd. And Subsidiaries
Condensed Consolidated Balance Sheets
(In thousands, except per share information)
			(Unaudited)
			March 28,					December 27,
				2015					2014
Assets
Current assets:
Cash and cash equivalents			$	1,171,388				$	1,196,268
Marketable securities				270,212					167,989
Accounts receivable, net				425,650					570,191
Inventories, net				470,444					420,475
Deferred income taxes				56,165					56,102
Deferred costs				48,824					51,336
Prepaid expenses and other current assets				57,624					48,615
Total current assets				2,500,307					2,510,976
Property and equipment, net				436,104					430,887
Marketable securities				1,259,102					1,407,344
Restricted cash				313					308
Noncurrent deferred income tax				66,664					67,712
Noncurrent deferred costs				32,142					36,140
Intangible assets, net				224,381					218,083
Other assets				24,266					21,853
Total assets			$	4,543,279				$	4,693,303
Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable			$	125,745				$	149,094
Salaries and benefits payable				63,775					62,764
Accrued warranty costs				23,866					27,609
Accrued sales program costs				37,049					58,934
Deferred revenue				185,899					203,598
Accrued royalty costs				5,811					51,889
Accrued advertising expense				17,190					26,334
Other accrued expenses				68,998					67,780
Deferred income taxes				13,370					17,673
Income taxes payable				190,594					182,260
Dividend payable				91,964					185,326
Total current liabilities				824,261					1,033,261
Deferred income taxes				39,448					39,497
Non-current income taxes				78,663					80,611
Non-current deferred revenue				121,906					135,130
Other liabilities				1,371					1,437
Stockholders' equity:
Shares, CHF 10 par value, 208,077 shares authorized and issued;
191,520 shares outstanding at March 28, 2015
and 191,815 shares outstanding at December 27, 2014				1,797,435					1,797,435
Additional paid-in capital				80,598					73,521
Treasury stock				(345,143	)				(330,132	)
Retained earnings				1,928,165					1,859,972
Accumulated other comprehensive income				16,575					2,571
Total stockholders' equity				3,477,630					3,403,367
Total liabilities and stockholders' equity			$	4,543,279				$	4,693,303

Garmin Ltd. And Subsidiaries
Condensed Consolidated Statements of Cash Flows (Unaudited)
(In thousands)
			13-Weeks Ended
			March 28,					March 29,
			2015					2014
Operating Activities:
Net income			$	66,793				$	118,818
Adjustments to reconcile net income to net cash
provided by operating activities:
	Depreciation			12,280					11,672
	Amortization			6,584					6,740
	Gain (loss) on sale of property and equipment			24					(617	)
	Provision for doubtful accounts			(1,080	)				(189	)
	Deferred income taxes			(3,647	)				5,942
	Unrealized foreign currency loss (gain)			47,877					(15,334	)
	Provision for obsolete and slow moving inventories			4,344					3,384
	Stock compensation expense			7,769					6,325
	Realized (gain) loss on marketable securities			(340	)				1,544
Changes in operating assets and liabilities:
	Accounts receivable			129,448					137,198
	Inventories			(56,897	)				(64,083	)
	Other current and non-current assets			(11,537	)				(1,591	)
	Accounts payable			(25,957	)				(20,411	)
	Other current and non-current liabilities			(73,408	)				(80,011	)
	Deferred revenue			(29,870	)				(45,290	)
	Deferred cost			6,470					8,129
	Income taxes payable			2,802					(1,053	)
Net cash provided by operating activities				81,655					71,173
Investing activities:
Purchases of property and equipment				(18,143	)				(15,537	)
Proceeds from sale of property and equipment				664					609
Purchase of intangible assets				(717	)				(1,111	)
Purchase of marketable securities				(254,741	)				(298,695	)
Redemption of marketable securities				308,751					223,786
Proceeds from repayment on loan receivable				0					94,507
Change in restricted cash				(5	)				3
Acquisitions, net of cash acquired				(12,632	)				0
Net cash provided by investing activities				23,177					3,562
Financing activities:
Dividends paid				(91,964	)				(87,853	)
Purchase of treasury stock under share repurchase plan				(16,260	)				(32,986	)
Purchase of treasury stock related to equity awards				(89	)				(58	)
Proceeds from issuance of treasury stock related to equity awards				246					1,107
Tax benefit from issuance of equity awards				399					2,199
Net cash used in financing activities				(107,668	)				(117,591	)
Effect of exchange rate changes on cash and cash equivalents				(22,044	)				398
Net decrease in cash and cash equivalents				(24,880	)				(42,458	)
Cash and cash equivalents at beginning of period				1,196,268					1,179,149
Cash and cash equivalents at end of period			$	1,171,388				$	1,136,691

Garmin Ltd. And Subsidiaries
Net Sales, Gross Profit, and Operating Income by Segment (Unaudited)
			Reporting Segments
			Outdoor			Fitness			Marine			Auto			Aviation			Total
13-Weeks Ended March 28, 2015
Net sales			$75,915			$130,994			$64,297			$216,126			$98,062			$585,394
Gross profit			$50,220			$83,075			$35,513			$103,803			$71,511			$344,122
Operating income			$23,834			$34,638			$4,566			$22,480			$26,180			$111,698
13-Weeks Ended March 29, 2014
Net sales			$83,985			$100,288			$60,002			$242,952			$95,994			$583,221
Gross profit			$50,910			$64,085			$31,053			$113,791			$70,995			$330,834
Operating income			$23,683			$33,512			$3,810			$30,564			$28,800			$120,369

Garmin Ltd. And Subsidiaries
Net Sales by Geography (Unaudited)
		13-Weeks Ended
		March 28,			March 29,			Yr over Yr
		2015			2014			Change
Net sales		$585,394			$583,221			0%
Americas		305,261			304,808			0%
EMEA		208,351			220,603			-6%
APAC		71,782			57,810			24%
EMEA - Europe, Middle East and Africa; APAC - Asia Pacific

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