Assets December 28, 2019

Current assets:
Cash and cash equivalents 1,027,567.00
Marketable securities 376,463.00
Accounts receivable 706,763.00
Inventories 752,908.00
Deferred costs 25,105.00
Prepaid expenses and other current assets 169,044.00
Total current assets 3,057,850.00

Property and equipment,net

Land and improvements 132,951.00
Building and improvements 576,703.00
Office furniture and equipment 306,694.00
Manufacturing equipment 192,741.00
Engineering equipment 170,021.00
Vehicles 26,887.00
Total Gross FA 1,405,997.00
Accumulated depreciation (677,076.00)

Operating lease right of use assets 63,589.00

Restricted cash 71.00

Marketable securities 1,205,475.00
Deferred income taxes 268,518.00
Noncurrent deferred costs 23,493.00
Intangible assets 659,629.00
Other Assets 159,253.00
Total Assets 6,166,799.00

Liabilities and Stockholders' Equity

Current liabilities:
Accounts payable 240,831.00
Salaries and benefits payable 128,426.00
Accrued warranty costs 39,758.00
Accrued sales program costs 112,578.00
Deferred revenue 94,562.00
Accrued royalty costs 15,401.00
Accrued advertising expense 35,142.00
Other accrued expenses 95,060.00
Income taxes payable 56,913.00
Dividend payable 217,262.00
Total current liabilities 1,035,933.00
Deferred income taxes 114,754.00
Noncurrent income taxes 105,771.00
Noncurrent deferred revenue 67,329.00
non current operating lease liabilities 49,238.00
Other liabilities 278.00
Total Long term liabilities 337,370.00
Stockholders' equity

Shares, 198077 shares authorized and issue. 190686

outstanding at Dec 28 2019 and 189461 shares
outstanding at Dec 29 2018, 188189 shares as of 2017,
188565 as of 2016 17,979.00
Additional paid-in capital 1,835,622.00

Treasury stock (345,040.00)

Retained earnings 3,229,061.00
Accumulated other comprehensive income 55,874.00
Total stockholders' equtiy 4,793,496.00
Total liabilities and stockholders equity 6,166,799.00

December 28,2019
Net sales 3,757,505.00
Cost of goods sold 1,523,529.00
Gross Profit 2,233,976.00

Advertising expense 164,456.00

Selling,general and administrative expenses 518,568.00
Research and development expense 605,366.00
1,288,390.00
Operating income 945,586.00
Other income(expense):
Interest income 52,817.00
Foreign currency losses (16,799.00)
other income(expense) 5,618.00
41,636.00
Income before income taxes 987,222.00

Income tax provision(benefit)

Current 123,073.00
Deferred (88,337.00)
34,736.00
Net income 952,486.00

Basic net income per share 5.00

Diluted net income per share 4.99

Income Tax Expense 34,736.00

Tax Rates 4%

Tax Rate for ITS Calculation 14%

 Consolidated Balance Sheet
(In thousands)
December 29, 2018 December 30, 2017 December 31, 2016

1,201,732.00 891,488.00 846,883.00

182,989.00 161,687.00 266,952.00
569,833.00 590,882.00 527,062.00
561,840.00 517,644.00 484,821.00
28,462.00 48,312.00 47,395.00
120,512.00 153,912.00 89,903.00
2,665,368.00 2,363,925.00 2,263,016.00

131,689.00 114,701.00 104,740.00

539,177.00 482,794.00 376,916.00
264,818.00 246,107.00 222,439.00
162,077.00 156,119.00 129,526.00
154,742.00 141321 124,979.00
20,991.00 21,115.00 21,259.00
1,273,494.00 1,162,157.00 979,859.00
(609,967.00) (566,473.00) (496,981.00)

- -

73.00 271.00 113.00

1,330,123.00 1,260,033.00 1,213,285.00
176,959.00 199,343.00 110,293.00
29,473.00 73,851.00 56,151.00
417,080.00 409,801.00 305,002.00
100,255.00 107,352.00 94,395.00
5,382,858.00 5,010,260.00 4,525,133.00

204,985.00 169,640.00 172,404.00

113,087.00 102,802.00 88,818.00
38,276.00 36,827.00 37,233.00
90,388.00 93,250.00 80,953.00
96,372.00 139,681.00 146,564.00
24,646.00 32,204.00 36,523.00
31,657.00 30,987.00 37,440.00
69,777.00 93,652.00 70,469.00
51,642.00 33,638.00 16,163.00
200,483.00 95,975.00 96,168.00
921,313.00 828,656.00 782,735.00
 92,944.00 75,215.00 61,220.00
127,211.00 138,295.00 121,174.00
76,566.00 163,840.00 140,407.00
- - -
1,850.00 1,788.00 1,594.00
298,571.00 379,138.00 324,395.00

17,979.00 17,979.00 17,979.00

1,823,638.00 1,828,386.00 1,836,047.00

(397,692.00) (468,818.00) (455,964.00)

2,710,619.00 2,368,874.00 2,056,702.00
8,430.00 56,045.00 (36,761.00)
4,162,974.00 3,802,466.00 3,418,003.00
5,382,858.00 5,010,260.00 4,525,133.00

Consolidated Statements of Income

(In thousands, except per share information)
December 29, 2018 December 30, 2017 December 31, 2016
3,347,444.00 3,121,560.00 3,018,665.00
1,367,725.00 1,323,619.00 1,339,095.00
1,979,719.00 1,797,941.00 1,679,570.00

155,394.00 164,693.00 177,143.00

478,177.00 437,977.00 410,558.00
567,805.00 511,634.00 467,960.00
1,201,376.00 1,114,304.00 1,055,661.00
778,343.00 683,637.00 623,909.00

47,147.00 36,925.00 33,406.00

(7,616.00) (22,579.00) (31,651.00)
5,373.00 (912.00) 4,006.00
44,904.00 13,434.00 5,761.00
823,247.00 697,071.00 629,670.00

93,424.00 79,234.00 117,842.00

35,743.00 (91,170.00) 1,014.00
129,167.00 (11,936.00) 118,856.00
694,080.00 709,007.00 510,814.00

3.66 3.77 2.71

3.66 3.76 2.70

129,167.00 (11,936.00) 118,856.00

19% -2% 23%
December 26,2015

833,070.00
215,161.00
531,481.00
500,554.00
49,176.00
81,645.00
2,211,087.00

85,162.00
351,778.00
206,025.00
131,055.00
113,690.00
20,939.00
908,649.00
(462,560.00)

259.00
1,343,387.00
116,518.00
38,769.00
245,552.00
97,730.00
4,499,391.00

178,905.00
70,601.00
30,449.00
67,613.00
164,982.00
30,310.00
33,547.00
74,926.00
21,674.00
192,991.00
865,998.00
 56,210.00
101,689.00
128,731.00
-
1637
288,267.00

1,797,435.00
62,239.00

(414,637.00)
1,930,517.00
(30,428.00)
3,345,126.00
4,499,391.00

December 26,2015
2,820,270.00
1,281,566.00
1,538,704.00

167,166.00
394,914.00
427,043.00
989,123.00
549,581.00

29,653.00
(23,465.00)
11,418.00
17,606.00
567,187.00

114,222.00
(3,262.00)
110,960.00
456,227.00

2.40
2.39

110,960.00
24%
Cash Flow
Cash Flow
 2019 2018 2017
ROA 16.49% 13.36% 14.87%
Profit Margin for RoA 25.35% 20.73% 22.71%
Asset Turnover 0.65066953936381 0.64416549489768 0.65473127326792
A/R Turnover 5.89 5.77 5.58
Days Sales Outstanding (DSO) 62.00 63.28 65.36
Inventory Turnover 2.31759850556913 2.53403477957987 2.64072860399116
Days Inventory 157.490608974296 144.039064870497 138.219429080423
Fixed Asset Turnover 3.04 3.21 3.48
Reciprocal FA T/O 0.33 0.31 0.29
RoE or ROCE 0.12 0.07 0.08
Profit Margin for ROCE 25.35% 20.73% 22.71%
Capital Structure (Leverage) 1.29 1.30 1.32
Earnings per Share (EPS) 5.00 3.66 3.77
Price to Earnings (P/E) 19.72 17.15 15.81
Current Ratio 2.95178356129209 2.89301030160217 2.85272175667587
Quick Ratio 2.22499138457796 2.28318497622415 2.22804275839432
Operating CF to CL 0.67 1.00 0.80
Accounts Payable Turnover 7.69 7.54 7.93
Days A/P Outstanding 47.45 48.42 46.02
Liabilities to Assets 0.22269300491227 0.22662384926372 0.24106413639212
Long-Term Debt Ratio 0 0 0
Debt-Equity 0.07038078262713 0.07172060166602 0.09970845235697
Operating CF to Total Liabilities 0.54 0.76 0.57
Interest Coverage #N/A #N/A #N/A
Debt to EBITDA 0 0 0
Debt to Oper CF 0 0 0
Debt Service to EBITDA 0 0 0
Debt Service to Operating CF 0 0 0

Share Prices by end of the years

As of 27 Dec 2019 As of 28 Dec 2018 As of 29 Dec 2017
98.52 62.82 59.57
 2016
11.32%
16.92%
0.6689915168933
5.70
64.00
2.71793987060764
134.292889974199
4.08
0.25
0.02
16.92%
1.33
2.71 Apple
17.90 21.9
2.89116495365609
2.27177141689077
0.90
7.53
48.45
0.24466242207688
0
0.09490775754147
0.62
#N/A No interest bearing liabilities
0 No interest bearing liabilities
0 No interest bearing liabilities
0 No interest bearing liabilities
0 No interest bearing liabilities

As of 30 Dec 2016
48.49
 March 2020

Assets
Current assets:
Cash and cash equivalents 1,048,604.00
Marketable securities 391,646.00
Accounts receivable, net 500,242.00
Inventories 790,180.00
Deferred costs 23,650.00
Prepaid expenses and other current assets 174,564.00
Total current assets 2,928,886.00

Property and equipment, net 754,549.00

Operating lease right-of-use assets 66,497.00

Restricted cash 283.00

Marketable securities 1,199,613.00
Deferred income taxes 263,687.00
Noncurrent deferred costs 21,436.00
Intangible assets, net 658,777.00
Other assets 160,265.00
Total assets 6,053,993.00

Liabilities and Stockholders’ Equity

Current liabilities:
Accounts payable 200,281.00
Salaries and benefits payable 110,611.00
Accrued warranty costs 39,368.00
Accrued sales program costs 58,678.00
Deferred revenue 89,817.00
Accrued royalty costs 5,259.00
Accrued advertising expense 19,752.00
Other accrued expenses 94,760.00
Income taxes payable 54,466.00
Dividend payable 108,880.00
Total current liabilities 781,872.00

Deferred income taxes 117,792.00

Noncurrent income taxes 104,853.00
Noncurrent deferred revenue 61,992.00
Noncurrent operating lease liabilities 52,834.00
Other liabilities 250.00
Stockholders’ equity:
Shares, CHF 0.10 par value, 198,077 shares authorized and issued; 191,017 17,979.00
   shares outstanding at March 28, 2020 and 190,686 shares outstanding
   at December 28, 2019
Additional paid-in capital 1,830,052.00
Treasury stock (335,491.00)
Retained earnings 3,390,053.00
Accumulated other comprehensive income 31,807.00
Total stockholders’ equity 4,934,400.00
Total liabilities and stockholders’ equity 6,053,993.00

March 2020
Net sales 856108
Cost of goods sold 349168
Gross profit 506940

Advertising expense 26880

Selling, general and administrative expenses 137186
Research and development expense 165392
Total operating expense 329458

Operating income 177482

Other income (expense):

Interest income 12026
Foreign currency (losses) gains -15,423
Other income (expense) 3550
Total other income: 153

Income before income taxes 177635

Income tax provision 16455

Net income 161180

Net income per share:

Basic 0.84
Diluted 0.84

Weighted average common shares outstanding:

Basic 190803
Diluted 191684

Profit Margin 19%

 Consolidated Balance Sheet
(In thousands)
December 2019 September 2019 June 2019

1,027,567.00 976,402.00 820,181.00

376,463.00 300,542.00 239,765.00
706,763.00 558,299.00 583,913.00
752,908.00 749,825.00 648,140.00
25,105.00 26,450.00 27,040.00
169,044.00 146,325.00 141,539.00
3,057,850.00 2,757,843.00 2,460,578.00

728,921.00 710,591.00 702,108.00

63,589.00 55,399.00 59,166.00

71.00 1,036.00 73.00

1,205,475.00 300,542.00 239,765.00
268,518.00 158,963.00 162,739.00
23,493.00 25,156.00 27,018.00
659,629.00 637,716.00 653,014.00
159,253.00 156,182.00 141,061.00
6,166,799.00 5,755,105.00 5,524,783.00

240,831.00 235,548.00 214,763.00

128,426.00 109,323.00 106,331.00
39,758.00 37,998.00 39,330.00
112,578.00 58,459.00 74,302.00
94,562.00 95,572.00 94,980.00
15,401.00 11,673.00 14,578.00
35,142.00 21,246.00 28,444.00
95,060.00 87,333.00 90,439.00
56,913.00 60,728.00 39,879.00
217,262.00 325,075.00 324,655.00
1,035,933.00 1,042,955.00 1,027,701.00

114,754.00 158,963.00 162,739.00

105,771.00 105,309.00 121,997.00
67,329.00 69,600.00 71,700.00
49,238.00 42,855.00 46,281.00
278.00 267.00 273.00
 17,979.00 17,979.00 17,979.00

1,835,622.00 1,841,696.00 1,825,135.00

(345,040.00) (368,187.00) (368,200.00)
3,229,061.00 2,868,816.00 2,641,371.00
55,874.00 20,590.00 34,681.00
4,793,496.00 4,380,894.00 4,150,966.00
6,166,799.00 5,755,105.00 5,524,783.00

Consolidated Statements of Income

(In thousands, except per share information)
December 2019 September 2019 June 2019
766050 934383 954840
314352 366925 379475
451698 567458 575365

27615 32668 41523

126781 124769 128738
145919 148561 148883
300315 305998 319144

151383 261460 256221

0
13704 12309 13735
314 16,296 3413
864 294 2409
14882 3,693 19557

166265 257767 275778

26092 29901 52122

140173 227866 223656

 0.74 1.2 1.18
0.74 1.19 1.17

189601 1.2 1.18

190599 1.19 1.17

18% 24% 23%

March 2019

1,115,951.00
197,385.00
453,069.00
598,387.00
27,567.00
119,778.00
2,512,137.00

672,299.00
54,978.00

148.00
197,385.00
170,935.00
28,428.00
411,162.00
92,287.00
5,280,145.00

170,474.00
95,881.00
35,042.00
54,597.00
93,653.00
16,768.00
18,263.00
81,919.00
55,929.00
-
622,526.00

170,935.00
127,339.00
72,531.00
43,277.00
227.00
 17,979.00

1,810,196.00
(381,815.00)
2,850,588.00
18,338.00
4,315,286.00
5,280,145.00

March 2019
766050
314352
451698

27615
126781
145919
300315

151383

13704
314
864
14882

166265

26092

140173
 0.74
0.74

189601
190599

18%
Garmin LTD
Ratio Analysis
March 2020 December 2019 September 2019 June 2019
ROA 0.03 0.02 0.04 0.04
Profit Margin for RoA 0.18827063875 0.182981528621 0.2438678785894 0.234234
Asset Turnover 0.14 0.13 0.17 0.18
A/R Turnover 1.42 1.21 1.64 1.84
Days Sales Outstanding (DSO) 257.30 301.38 223.09 198.20
Inventory Turnover 0.45 0.42 0.52 0.61
Days Inventory 806.53 872.43 695.32 599.49
Fixed Asset Turnover 0.14 0.13 0.17 0.18
Reciprocal FA T/O 7.14 7.78 6.04 5.66
RoE or ROCE 0.03 0.03 0.05 0.05
Profit Margin for ROCE 0.19 0.18 0.24 0.23
Capital Structure (Leverage) 1.26 1.30 1.32 1.28
Earnings per Share (EPS) 0.84 0.74 1.19 1.17
Price to Earnings (P/E)
Current Ratio 3.74599167127 2.951783561292 2.6442588606412 2.3942547
Quick Ratio 2.73536589109 2.224991384578 1.9253160491105 1.7635849
Operating CF to CL
Accounts Payable Turnover 1.75 1.33 2.08 2.23
Days A/P Outstanding 208.32 273.88 175.37 163.80
Liabilities to Assets 0.22269300491 0.226623849264 0.2410641363921 0.2446624
Long-Term Debt Ratio 0 0 0 0
Debt-Equity 0.07038078263 0.071720601666 0.099708452357 0.0949078
Operating CF to Total Liabilities 0.54 0.76 0.57 0.62
Interest Coverage #N/A #N/A #N/A #N/A
Debt to EBITDA 0 0 0 0
Debt to Oper CF 0 0 0 0
Debt Service to EBITDA 0 0 0 0
Debt Service to Operating CF 0 0 0 0
March 2019
0.05
0.18298153
0.29
3.38
107.94
1.05
347.40
0.29
3.45
0.06
0.18
1.22
0.74

4.0353929
3.07416879

10.71
34.09

0
0.09890776
0.62411211
#N/A
0
0
0
0