An archive of the live webcast will be available until August 7, 2020 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, potential future acquisitions, currency movements, expenses, pricing, new products to be introduced in 2019, 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 29, 2018 filed by Garmin with the Securities and Exchange Commission (Commission file number 0-31983). A copy of Garmin’s 2018 Form 10-K can be downloaded from https://www.garmin.com/en-US/company/investors/sec/form-10-K/.

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, G1000, G5000, GPSMAP, Forerunner, Fusion, inReach, and Tacx, are trademarks of Garmin Ltd. or its subsidiaries. and are registered in one or more countries, including the U.S. DriveSmart, Garmin Overlander, Force, Instinct, LiveScope, MARQ and Panoptix 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						26-Weeks Ended
		June 29,			June 30,			June 29,			June 30,
		2019			2018			2019			2018
Net sales		$	954,840		$	894,452		$	1,720,890		$	1,605,325
Cost of goods sold			379,475			371,182			693,827			655,520
Gross profit			575,365			523,270			1,027,063			949,805
Advertising expense			41,523			43,549			69,139			68,861
Selling, general and administrative expense			128,738			120,500			255,519			237,564
Research and development expense			148,883			141,713			294,801			283,670
Total operating expense			319,144			305,762			619,459			590,095
Operating income			256,221			217,508			407,604			359,710
Other income:
Interest income			13,735			10,995			27,439			21,222
Foreign currency gains			3,413			2,647			3,727			3,463
Other income			2,409			4,918			3,273			5,653
Total other income			19,557			18,560			34,439			30,338
Income before income taxes			275,778			236,068			442,043			390,048
Income tax provision			52,122			45,726			78,214			70,333
Net income		$	223,656		$	190,342		$	363,829		$	319,715
Net income per share:
Basic		$	1.18		$	1.01		$	1.92		$	1.70
Diluted		$	1.17		$	1.00		$	1.91		$	1.69
Weighted average common
shares outstanding:
Basic			189,855			188,542			189,728			188,432
Diluted			190,714			189,461			190,657			189,377

Garmin Ltd. And Subsidiaries
Condensed Consolidated Balance Sheets (Unaudited)
(In thousands, except per share information)
	June 29,				December 29,
	2019				2018
Assets
Current assets:
Cash and cash equivalents	$	820,181			$	1,201,732
Marketable securities		239,765				182,989
Accounts receivable, net		583,913				569,833
Inventories		648,140				561,840
Deferred costs		27,040				28,462
Prepaid expenses and other current assets		141,539				120,512
Total current assets		2,460,578				2,665,368
Property and equipment, net		702,108				663,527
Operating lease right-of-use assets		59,166				-
Restricted cash		73				73
Marketable securities		1,319,026				1,330,123
Deferred income taxes		162,739				176,959
Noncurrent deferred costs		27,018				29,473
Intangible assets, net		653,014				417,080
Other assets		141,061				100,255
Total assets	$	5,524,783			$	5,382,858
Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable	$	214,763			$	204,985
Salaries and benefits payable		106,331				113,087
Accrued warranty costs		39,330				38,276
Accrued sales program costs		74,302				90,388
Deferred revenue		94,980				96,372
Accrued royalty costs		14,578				24,646
Accrued advertising expense		28,444				31,657
Other accrued expenses		90,439				69,777
Income taxes payable		39,879				51,642
Dividend payable		324,655				200,483
Total current liabilities		1,027,701				921,313
Deferred income taxes		105,865				92,944
Noncurrent income taxes		121,997				127,211
Noncurrent deferred revenue		71,700				76,566
Noncurrent operating lease liabilities		46,281				-
Other liabilities		273				1,850
Stockholders' equity:
Shares, CHF 0.10 par value, 198,077 shares authorized and issued; 190,102 shares
outstanding at June 29, 2019 and 189,461 shares outstanding at December 29, 2018		17,979				17,979
Additional paid-in capital		1,825,135				1,823,638
Treasury stock		(368,200	)			(397,692	)
Retained earnings		2,641,371				2,710,619
Accumulated other comprehensive income		34,681				8,430
Total stockholders' equity		4,150,966				4,162,974
Total liabilities and stockholders' equity	$	5,524,783			$	5,382,858

Garmin Ltd. And Subsidiaries
Condensed Consolidated Statements of Cash Flows (Unaudited)
(In thousands)
		26-Weeks Ended
		June 29,				June 30,
		2019				2018
Operating activities:
Net income		$	363,829			$	319,715
Adjustments to reconcile net income to net cash
provided by operating activities:
Depreciation			34,526				31,800
Amortization			16,208				16,420
Loss (gain) on sale or disposal of property and equipment			94				(1,042	)
Provision for doubtful accounts			660				616
Provision for obsolete and slow moving inventories			17,842				11,725
Unrealized foreign currency (gain) loss			(6,811	)			2,401
Deferred income taxes			7,077				11,000
Stock compensation expense			30,961				27,747
Realized (gains) losses on marketable securities			(60	)			231
Changes in operating assets and liabilities, net of acquisitions:
Accounts receivable			5,529				48,099
Inventories			(86,059	)			(4,666	)
Other current and non-current assets			(68,370	)			(4,841	)
Accounts payable			5,960				1,618
Other current and non-current liabilities			(33,001	)			(49,237	)
Deferred revenue			(6,252	)			(7,483	)
Deferred costs			3,876				962
Income taxes payable			(10,791	)			32,998
Net cash provided by operating activities			275,218				438,063
Investing activities:
Purchases of property and equipment			(60,495	)			(93,072	)
Proceeds from sale of property and equipment			271				1,282
Purchase of intangible assets			(853	)			(2,452	)
Purchase of marketable securities			(192,168	)			(209,387	)
Redemption of marketable securities			182,860				127,152
Acquisitions, net of cash acquired			(276,014	)			(9,417	)
Net cash used in investing activities			(346,399	)			(185,894	)
Financing activities:
Dividends			(308,905	)			(196,086	)
Proceeds from issuance of treasury stock related to equity awards			12,982				14,142
Purchase of treasury stock related to equity awards			(12,954	)			(6,900	)
Net cash used in financing activities			(308,877	)			(188,844	)
Effect of exchange rate changes on cash, cash equivalents, and restricted cash			(1,493	)			(8,217	)
Net (decrease) increase in cash, cash equivalents, and restricted cash			(381,551	)			55,108
Cash, cash equivalents, and restricted cash at beginning of period			1,201,805				891,759
Cash, cash equivalents, and restricted cash at end of period		$	820,254			$	946,867

Garmin Ltd. And Subsidiaries
Net Sales, Gross Profit and Operating Income by Segment (Unaudited)
(in thousands)
			Reportable Segments
			Outdoor		Fitness		Marine		Auto		Aviation		Total
13-Weeks Ended June 29, 2019
Net sales			$	210,404	$	251,653	$	151,407	$	157,411	$	183,965	$	954,840
Gross profit				135,508		135,136		91,683		74,861		138,177		575,365
Operating income				71,336		50,413		42,730		24,908		66,834		256,221
13-Weeks Ended June 30, 2018
Net sales			$	201,640	$	225,095	$	134,583	$	180,128	$	153,006	$	894,452
Gross profit				128,872		126,431		78,785		75,452		113,730		523,270
Operating income				71,916		52,548		27,768		12,612		52,664		217,508
26-Weeks Ended June 29, 2019
Net sales			$	364,455	$	431,908	$	285,376	$	284,410	$	354,741	$	1,720,890
Gross profit				232,996		225,970		169,739		132,198		266,160		1,027,063
Operating income				113,290		68,537		68,205		33,121		124,451		407,604
26 -Weeks Ended June 30, 2018
Net sales			$	345,899	$	391,130	$	248,138	$	321,439	$	298,719	$	1,605,325
Gross profit				222,158		223,032		145,468		136,463		222,684		949,805
Operating income				115,739		85,922		40,899		16,079		101,071		359,710

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