~~Company's~~Company’s telephone number, including area code: +41 52630 1600

Indicate by check mark whether the Company (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Company was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. ~~YES~~þ NO¨

Indicate by check mark whether the registrant has submitted electronically ~~and posted on its corporate web site, if any,~~ every Interactive Data File required to be submitted ~~and posted~~ pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit ~~and post~~ such files). ~~YES~~þ NO¨

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, or a non-accelerated ~~filer.~~filer, a smaller reporting company, or an emerging growth company. See ~~definition~~the definitions of ~~“accelerated filer and large~~“large accelerated filer”, “accelerated filer”, “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

~~Large Accelerated Filer~~þ ~~Accelerated Filer~~¨ ~~Non-accelerated Filer~~¨~~(Do not check if a smaller reporting company) Smaller reporting company~~¨ ~~Emerging growth company~~¨

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.YES¨☐ NO¨ ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). ~~YES~~¨ NOþ

Number of shares outstanding of the registrant’s common shares as of ~~October 30, 2017~~April 26, 2024

~~CHF 0.10~~Registered Shares, $0.10 par value: ~~198,077,418 (including~~192,077,718 (excluding treasury shares)

2. Revenue

In order to further depict how the nature, amount, timing and uncertainty of ~~$7,275 resulting from stock options~~the Company's revenue and ~~stock appreciation rights expiring unexercised. There were no material expirations~~cash flows are affected by economic factors, we disaggregate revenue (“net sales”) by geographic region, major product category, and pattern of recognition.

Disaggregated revenue by geographic region (Americas, APAC, and EMEA) is presented in Note 11 – Segment Information and Geographic Data. Note 11 also contains disaggregated revenue information of the five major product categories identified by the Company – fitness, outdoor, aviation, marine, and auto OEM.

A large majority of the Company’s sales are recognized on a point in time basis, usually once the product is shipped and title and risk of loss have transferred to the customer. Sales recognized over a period of time are primarily within the outdoor, aviation, and auto OEM segments and relate to performance obligations that are satisfied over the estimated life of the product or contractual service period. Revenue disaggregated by the timing of transfer of the goods or services is presented in the table below:


	13-Weeks Ended
	March 30, 2024		April 1, 2023
Point in time	$	1,306,447	$	1,081,068
Over time		75,202		66,356
Net sales	$	1,381,649	$	1,147,424

Transaction price and costs associated with the Company’s unsatisfied performance obligations are reflected as deferred revenue and deferred costs, respectively, on the Company’s condensed consolidated balance sheets. Such amounts are recognized ratably over the applicable service period or estimated useful life. Changes in deferred revenue and costs during the 13-week period ended ~~September~~March 30, ~~2017. The impact~~2024 are presented below:


	13-Weeks Ended March 30, 2024
	Deferred Revenue (1)			Deferred Costs (2)
Balance, beginning of period	$	137,337		$	27,373
Deferrals in period		72,533			13,474
Recognition of deferrals in period		(75,202	)		(12,038	)
Balance, end of period	$	134,668		$	28,809

(1) Deferred revenue is comprised of both deferred revenue and noncurrent deferred revenue per the condensed consolidated balance sheets.

(2) Deferred costs are comprised of both deferred costs and noncurrent deferred costs per the condensed consolidated balance sheets.

Of the $75,202 of deferred revenue recognized in the 13-week period ended March 30, 2024, approximately $39,000 was deferred as of the ~~tax expense associated with~~beginning of the ~~expiration~~period. Of the $134,668 of ~~stock option and stock appreciation rights on diluted earnings per share was $0.04 for the 39-week period ended September~~deferred revenue as of March 30, ~~2017. The Company believes ASU 2016-09 may have a material effect on forthcoming periods. However,~~2024, the Company ~~is unable~~expects to ~~reasonably estimate the impact due to the dependency~~recognize approximately 85% percent ratably over a total period of ~~these items on the underlying share price of the Company.~~

three years or less.

~~Inventories~~

3. Earnings Per Share

~~The components of inventories consist of the following:~~

September 30, December 31,
2017 2016

Raw materials $ 189,367 $ 162,882
Work-in-process 84,249 68,602
Finished goods 334,557 293,789
Inventory reserves (32,838 ) (40,452 )
Inventory, net of reserves $ 575,335 $ 484,821

~~Earnings Per Share~~

The following table sets forth the computation of basic and diluted net income per ~~share:~~

13-Weeks Ended
September 30, September 24,
2017 2016
Numerator:
Numerator for basic and diluted net income per share - net income $ 147,413 $ 125,054

Denominator:
Denominator for basic net income per share – weighted-average common shares 187,616 188,692

Effect of dilutive securities – stock options, stock appreciation rights and restricted stock units 874 546

Denominator for diluted net income per share – adjusted weighted-average common shares 188,490 189,238

Basic net income per share $ 0.79 $ 0.66

Diluted net income per share $ 0.78 $ 0.66

39-Weeks Ended
September 30, September 24,
2017 2016
Numerator:
Numerator for basic and diluted net income per share - net income $ 556,175 $ 374,209

Denominator:
Denominator for basic net income per share – weighted-average common shares 187,902 189,027

Effect of dilutive securities – stock options, stock appreciation rights and restricted stock units 769 349

Denominator for diluted net income per share – adjusted weighted-average common shares 188,671 189,376

Basic net income per share $ 2.96 $ 1.98

Diluted net income per share $ 2.95 $ 1.98

~~There were 1,051 and 3,170 anti-dilutive stock~~share. Stock options, stock appreciation rights, and restricted stock units ~~(collectively~~are collectively referred to as “equity awards”~~) outstanding during the 13-week periods ended September 30, 2017 and September 24, 2016, respectively.~~.


	13-Weeks Ended
	March 30, 2024		April 1, 2023
Numerator:
Numerator for basic and diluted net income per share – net income	$	275,961	$	202,327

Denominator:
Denominator for basic net income per share – weighted-average common shares		191,890		191,498

Effect of dilutive equity awards		808		388

Denominator for diluted net income per share – adjusted weighted-average common shares		192,698		191,886

Basic net income per share	$	1.44	$	1.06

Diluted net income per share	$	1.43	$	1.05

Shares excluded from diluted net income per share calculation:
Anti-dilutive equity awards		—		218

4.Marketable Securities

~~There were 1,567 and 3,696 anti-dilutive equity awards outstanding during the 39-week periods ended September 30, 2017 and September 24, 2016, respectively.~~

~~There were 2 and 26 net shares issued as a result of exercises and releases of equity awards for the 13-week periods ended September 30, 2017 and September 24, 2016, respectively.~~

~~There were 161 and 39 shares issued as a result of exercises and releases of equity awards for the 39-week periods ended September 30, 2017 and September 24, 2016, respectively.~~

~~There were 248 employee stock purchase plan (ESPP) shares issued from outstanding Treasury stock during the 39-week period ended September 30, 2017.~~

~~There were 285 ESPP shares issued from outstanding Treasury stock during the 39-week period ended September 24, 2016.~~

~~Segment Information~~

The Company has identified five reportable segments – auto, aviation, marine, outdoor and fitness. The Company’s Chief Operating Decision Maker (CODM) assesses segment performance and allocates resources to each segment individually.

~~Net sales (“revenue”), gross profit, and operating income for each of the Company’s reportable segments are presented below.~~

Reportable Segments
Outdoor Fitness Marine Auto Aviation Total

13-Weeks Ended September 30, 2017

Net sales $ 184,937 $ 167,147 $ 77,312 $ 189,053 $ 124,628 $ 743,077
Gross profit $ 118,175 $ 96,135 $ 44,574 $ 83,961 $ 90,820 $ 433,665
Operating income $ 67,810 $ 33,492 $ 18,420 $ 15,971 $ 34,097 $ 169,790

13-Weeks Ended September 24, 2016

Net sales $ 141,006 $ 189,161 $ 70,010 $ 214,637 $ 107,436 $ 722,250
Gross profit $ 88,497 $ 103,363 $ 39,891 $ 93,638 $ 80,591 $ 405,980
Operating income $ 49,271 $ 44,774 $ 10,332 $ 24,795 $ 30,444 $ 159,616

39-Weeks Ended September 30, 2017

Net sales $ 495,589 $ 485,999 $ 290,302 $ 555,059 $ 371,559 $ 2,198,508
Gross profit $ 319,457 $ 276,014 $ 166,690 $ 246,931 $ 274,554 $ 1,283,646
Operating income $ 176,544 $ 89,452 $ 60,860 $ 50,566 $ 112,063 $ 489,485

39-Weeks Ended September 24, 2016

Net sales $ 370,929 $ 544,434 $ 264,489 $ 655,963 $ 322,083 $ 2,157,898
Gross profit $ 232,652 $ 295,463 $ 148,554 $ 292,770 $ 239,349 $ 1,208,788
Operating income $ 125,721 $ 114,422 $ 49,172 $ 82,984 $ 91,794 $ 464,093

~~Allocation of certain research and development expenses, and selling, general, and administrative expenses are made to each segment on a percent of revenue basis.~~

Net sales and property and equipment, net by geographic area are as follows as of and for the 39-week periods ended September 30, 2017 and September 24, 2016. Note that APAC includes Asia Pacific and Australian Continent and EMEA includes Europe, the Middle East and Africa:

Americas APAC EMEA Total
September 30, 2017
Net sales to external customers $ 1,049,287 $ 315,096 $ 834,125 $ 2,198,508
Property and equipment, net $ 356,351 $ 160,360 $ 37,730 $ 554,441

September 24, 2016
Net sales to external customers $ 1,073,610 $ 274,083 $ 810,205 $ 2,157,898
Property and equipment, net $ 297,747 $ 117,301 $ 39,198 $ 454,246

~~Warranty Reserves~~

The Company’s products sold are generally covered by a standard warranty for periods ranging from one to three years. The Company’s estimate of costs to service its warranty obligations are based on historical experience and expectation of future conditions and are recorded as a liability on the balance sheet. The following reconciliation provides an illustration of changes in the aggregate warranty reserve.

13-Weeks Ended
September 30, September 24,
2017 2016

Balance - beginning of period $ 37,012 $ 34,670
Accrual for products sold during the period 16,903 15,859
Expenditures (18,246 ) (11,657 )
Balance - end of period $ 35,669 $ 38,872

39-Weeks Ended
September 30, September 24,
2017 2016

Balance - beginning of period $ 37,233 $ 30,449
Accrual for products sold during the period 40,850 46,170
Expenditures (42,414 ) (37,747 )
Balance - end of period $ 35,669 $ 38,872

~~Commitments and Contingencies~~

~~Commitments~~

The Company is party to certain commitments, which include purchases of raw materials, advertising expenditures, and other indirect purchases in connection with conducting our business. The aggregate amount of purchase orders and other commitments open as of September 30, 2017 was approximately $363,000. We cannot determine the aggregate amount of such purchase orders that represent contractual obligations because purchase orders may represent authorizations to purchase rather than binding agreements. Our purchase orders are based on our current needs and are typically fulfilled within short periods of time.

~~Contingencies~~

In the normal course of business, the Company and its subsidiaries are parties to various legal claims, investigations and complaints, including matters alleging patent infringement and other intellectual property claims. The Company evaluates, on a quarterly and annual basis, developments in legal proceedings, investigations, claims, and other loss contingencies that could affect any required accrual or disclosure or estimate of reasonably possible loss or range of loss. An estimated loss from a loss contingency is accrued by a charge to income if it is probable that an asset has been impaired or a liability has been incurred and the amount of the loss can be reasonably estimated. If a range of loss is estimated, and some amount within that range appears to be a better estimate than any other amount within that range, then that amount is accrued. If no amount within the range can be identified as a better estimate than any other amount, the Company accrues the minimum amount in the range.

If an outcome unfavorable to the Company is determined to be probable, but the amount of loss cannot be reasonably estimated or is determined to be reasonably possible, but not probable, we disclose the nature of the contingency and an estimate of the possible loss or range of loss or a statement that such an estimate cannot be made. The Company’s aggregate range of reasonably possible losses includes (1) matters where a liability has been accrued and there is a reasonably possible loss in excess of the amount accrued for that liability, and (2) matters where a loss is believed to be reasonably possible, but not probable, and a liability therefore has not been accrued. This aggregate range only represents the Company’s estimate of reasonably possible losses and does not represent the Company’s maximum loss exposure. The assessment regarding whether a loss is probable or reasonably possible, and whether the loss or a range of loss is estimable, often involves a series of complex judgments about future events. In assessing the probability of an outcome in a lawsuit, claim or assessment that could be unfavorable to the Company, we consider the following factors, among others: a) the nature of the litigation, claim, or assessment; b) the progress of the case; c) the opinions or views of legal counsel and other advisers; d) our experience in similar cases; e) the experience of other entities in similar cases; and f) how we intend to respond to the lawsuit, claim, or assessment. Costs incurred in defending lawsuits, claims or assessments are expensed as incurred.

Other than the matter discussed below, management of the Company currently does not believe it is reasonably possible that the Company may have incurred a material loss, or a material loss in excess of recorded accruals, with respect to loss contingencies in the aggregate, for the fiscal quarter ended September 30, 2017. The results of legal proceedings, investigations and claims, however, cannot be predicted with certainty. An adverse resolution of one or more of such matters in excess of management’s expectations could have a material adverse effect in the particular quarter or fiscal year in which a loss is recorded, but based on information currently known, the Company does not believe it is likely that losses from such matters would have a material adverse effect on the Company’s business or its consolidated financial position, results of operations or cash flows.

The Company settled or resolved certain matters during the 13-week and 39-week periods ended September 30, 2017 that did not individually or in the aggregate have a material impact on the Company’s business or its consolidated financial position, results of operations or cash flows.

~~In the Matter of Certain Marine Sonar Imaging Devices, Including Downscan and Sidescan Devices, Products Containing the Same, and Components Thereof~~

On June 9, 2014, Navico Inc. and Navico Holding AS (collectively “Navico”) filed a complaint with the United States International Trade Commission (“ITC”) alleging the Company infringed upon three specific Navico patents relating to downscan sonar. On December 1, 2015, the ITC issued a Final Determination concluding that there was infringement by Garmin. On August 30, 2016, Navico filed a request that the ITC initiate an enforcement proceeding for alleged violations by Garmin of the previous cease and desist orders issued by the ITC. On May 26, 2017, the Administrative Law Judge issued his initial enforcement determination concluding that Garmin’s sale of certain DownVü sonar products violated the ITC’s December 2015 orders and recommended a civil penalty of $37 million. On June 13, 2017, the US Court of Appeals for the Federal Circuit (“Federal Circuit”) reversed the ITC’s December 2015 Final Determination. Specifically, the Federal Circuit ruled that two of the three patents in suit are invalid and that Garmin does not infringe upon the third patent. The ITC stayed the issuance of a Final Determination in this enforcement proceeding pending the issuance by the Federal Circuit of its mandate, which occurred on October 31, 2017. The Company believes the claims in this complaint are without merit, believes it has valid defenses, believes there is a remote likelihood that the Company may have incurred a material loss with respect to this matter, and no loss accrual has therefore been recorded.

~~Navico Inc. And Navico Holding AS v. Garmin International, Inc. and Garmin USA, Inc. (U.S. District Court for the Northern District of Oklahoma)~~

On June 4, 2014, Navico filed suit in the United States District Court for the Northern District of Oklahoma alleging the Company infringed upon the same three specific Navico patents relating to downscan sonar that are the subject of their complaint filed with ITC discussed above. On January 15, 2016, the court issued an order staying this lawsuit pending the final determination of any appeal filed with the Federal Circuit concerning that ITC complaint. The Federal Circuit issued its mandate in this appeal on October 31, 2017, reversing the ITC’s December 2015 infringement ruling. The Company believes the claims in this lawsuit are without merit, believes it has valid defenses, believes there is a remote likelihood that the Company may have incurred a material loss with respect to this matter, and no loss accrual has therefore been recorded.

~~Navico Inc. And Navico Holding AS v. Garmin International, Inc. and Garmin USA, Inc. (U.S. District Court for the Eastern District of Texas)~~

On March 4, 2016, Navico filed suit in the United States District Court for the Eastern District of Texas, Marshall Division alleging the Company infringed upon two specific Navico patents relating to downscan sonar. On September 8, 2017, a jury returned a verdict finding that Garmin had willfully infringed upon those two patents and awarded damages of $38 million. The judge in this matter must now issue a final judgment which could result in damages of up to three times the original jury verdict (or up to $114 million). The final judgment could also include pre-judgment interest, post-judgment interest, and attorneys’ fees.

If the final judgment orders the Company to pay any amount of damages, the Company will appeal that decision to the Federal Circuit, based on grounds which the same court found in favor of the Company that similar Navico patents were not valid or were not infringed. The Company believes the claims in this lawsuit are without merit, is challenging the verdict, believes it has valid defenses, and will vigorously defend this matter. We believe the Federal Circuit will not uphold the validity of the asserted claims of these Navico patents, which are closely related to the claims of the patents that the Federal Circuit has already concluded are obvious and invalid in view of the prior art, and will therefore reverse the jury verdict. As the Company believes a loss in this lawsuit is not probable after any and all challenges and appeals, no loss accrual has been recorded.

In assessing the probability of a loss, we considered, among other factors, our experience and the experience of other entities in similar cases, how we intend to respond to the lawsuit, and the opinions of internal and external legal counsel that a loss is not probable, but is reasonably possible. In view of these factors, the existence of the jury verdict, the possibility of needing to appeal the final judgment and other uncertainties, the Company believes that it is reasonably possible that a loss could occur in a range from zero to up to $114 million, exclusive of pre-judgment interest, post-judgment interest, and attorneys’ fees.

~~Income Taxes~~

The Company recorded income tax expense of $38,643 in the 13-week period ended September 30, 2017, compared to income tax expense of $24,711 in the 13-week period ended September 24, 2016. The effective tax rate was 20.8% in the third quarter of 2017, compared to 16.5% in the third quarter of 2016. The 430 basis points increase to the third quarter of 2017 effective tax rate compared to the prior year quarter is primarily due to the Company’s election in February 2017 to align certain Switzerland corporate tax positions with evolving international tax initiatives, and shifts in projected income mix by jurisdiction, partially offset by the release of reserves related to uncertain tax positions due to the expiration of certain statutes of limitations during the third quarter of 2017.

The Company recorded an income tax benefit of $54,372 for the first three quarters of 2017, compared to income tax expense of $86,904 for the first three quarters of 2016. The effective tax rate was (10.8%) in the first three quarters of 2017, compared to 18.8% in the first three quarters of 2016. Excluding an income tax benefit of $168,755 due to revaluation of deferred tax assets, and the $7,275 expense due to the expiration of share-based awards (see Note 1 regarding the impacts of ASU 2016-09), the effective tax rate for the first three quarters of 2017 increased 250 basis points compared to the effective tax rate for the first three quarters of 2016. This remaining 250 basis point increase in effective tax rate was primarily due to the Company’s election in February 2017 to align certain Switzerland corporate tax positions with evolving international tax initiatives.

~~Marketable Securities~~

~~The Financial~~ Accounting Standards ~~Board ("FASB") ASC topic entitled~~ Codification Topic 820, Fair Value Measurements and Disclosures, defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (exit price). The accounting guidance classifies the inputs used to measure fair value into the following hierarchy:


	Level 1	Unadjusted quoted prices in active markets for the identical asset or liability



Level 2	Observable inputs for the asset or liability, either directly or indirectly, such as quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, or inputs other than quoted prices that are observable for the asset or liability



Level 3	Unobservable inputs for the asset or liability

The Company endeavors to utilize the best available information in measuring fair value. Financial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. Valuation is based on prices obtained from an independent pricing vendor using both market and income approaches. The primary inputs to the valuation include quoted prices for similar assets in active markets, quoted prices for identical or similar assets in markets that are not active, contractual cash flows, benchmark yields, and credit spreads.

The method described above may produce a fair value calculation that may not be indicative of net realizable value or reflective of future fair values. Furthermore, while the Company believes its valuation methods are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different fair value measurement at the reporting date.

~~Available-for-sale securities measured at fair value on a recurring basis are summarized below:~~

Fair Value Measurements as
of September 30, 2017
Total Level 1 Level 2 Level 3
U.S. Treasury securities $ 19,859 $ - $ 19,859 $ -
Agency securities 50,975 - 50,975 -
Mortgage-backed securities 192,966 - 192,966 -
Corporate securities 866,665 - 866,665 -
Municipal securities 160,398 - 160,398 -
Other 173,159 - 173,159 -
Total $ 1,464,022 $ - $ 1,464,022 $ -

Fair Value Measurements as
of December 31, 2016
Total Level 1 Level 2 Level 3
U.S. Treasury securities $ 29,034 $ - $ 29,034 $ -
Agency securities 59,541 - 59,541 -
Mortgage-backed securities 230,823 - 230,823 -
Corporate securities 893,725 - 893,725 -
Municipal securities 176,168 - 176,168 -
Other 90,946 - 90,946 -
Total $ 1,480,237 $ - $ 1,480,237 $ -

Marketable securities classified as available-for-sale securities are summarized below:

	Available-For-Sale Securities as of September 30, 2017
										Available-For-Sale Securities as of March 30, 2024
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value		Fair Value Level	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
U.S. Treasury securities	$	19,986	$	10	$	(137	)	$	19,859	Level 2	$	3,446	$	—	$	—		$	3,446
Agency securities		51,594		5		(624	)		50,975	Level 2		20,695		21		(598	)		20,118
Mortgage-backed securities		197,525		23		(4,582	)		192,966	Level 2		37,510		—		(4,516	)		32,994
Corporate securities		876,508		721		(10,564	)		866,665
Corporate debt securities										Level 2		1,111,977		732		(43,402	)		1,069,307
Municipal securities		161,165		329		(1,096	)		160,398	Level 2		296,722		49		(17,069	)		279,702
Other		174,754		10		(1,605	)		173,159	Level 2		3,193		—		(223	)		2,970
Total	$	1,481,532	$	1,098	$	(18,608	)	$	1,464,022		$	1,473,543	$	802	$	(65,808	)	$	1,408,537

	Available-For-Sale Securities as of December 31, 2016
										Available-For-Sale Securities as of December 30, 2023
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value		Fair Value Level	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
U.S. Treasury securities	$	29,291	$	31	$	(288	)	$	29,034	Level 2	$	2,971	$	1	$	—		$	2,972
Agency securities		60,513		19		(991	)		59,541	Level 2		23,692		32		(585	)		23,139
Mortgage-backed securities		236,354		41		(5,572	)		230,823	Level 2		38,743		—		(4,731	)		34,012
Corporate securities		914,028		252		(20,555	)		893,725
Corporate debt securities										Level 2		1,104,834		1,680		(46,073	)		1,060,441
Municipal securities		178,804		224		(2,859	)		176,169	Level 2		294,240		98		(18,430	)		275,908
Other		90,934		20		(9	)		90,945	Level 2		3,760		—		(423	)		3,337
Total	$	1,509,924	$	587	$	(30,274	)	$	1,480,237		$	1,468,240	$	1,811	$	(70,242	)	$	1,399,809

The primary objectives of the Company’s investment policy ~~targets~~are to preserve capital, maintain an acceptable degree of liquidity, and maximize yield within the constraint of low ~~risk investments with the objective of minimizing the potential risk of principal loss.~~credit risk. The fair value of ~~our~~ securities varies from period to period due to changes in interest rates, in the performance of the underlying collateral, and in the credit performance of the underlying issuer, among other factors. ~~The Company does not intend to sell~~

Accrued interest receivable, which totaled $11,852 as of March 30, 2024, is excluded from both the ~~securities that have an unrealized loss shown in the table above,~~fair value and ~~it is not more likely than not that the Company will be required to sell a security before recovery of its~~ amortized cost basis ~~which may be maturity.~~of available-for-sale securities and is included within prepaid expenses and other current assets on the Company’s condensed consolidated balance sheets. The Company writes off impaired accrued interest on a timely basis, generally within 30 days of the due date, by reversing interest income. No accrued interest was written off during the 13-week period ended March 30, 2024.

The Company recognizes impairments relating to credit losses of available-for-sale securities through an allowance for credit losses and other income (expense) on the Company’s condensed consolidated statements of income. Impairment not relating to credit ~~component of other-than-temporary impairments of debt securities~~losses is recorded in ~~"Other Income" and the noncredit component in "Other~~accumulated other comprehensive income (loss)~~" for those securities that we do not intend to sell and for which it is not more likely than not that we will be required to sell before recovery. During 2016 and~~ on the ~~39-week period ending September 30, 2017, the Company did not record any material impairment charges on its outstanding securities.~~

The amortized cost and fair value of the securities at an unrealized loss position at September 30, 2017 were $1,140,662 and $1,122,054 respectively. Approximately 59% of securities in our portfolio were at an unrealized loss position at September 30, 2017. We have the ability to hold these securities until maturity or their value is recovered. We do not consider these unrealized losses to be other than temporary credit losses because there has been no material deterioration in credit quality and no change in the cash flows of the underlying securities. We do not intend to sell the securities and it is not more likely than not that we will be required to sell the securities; therefore, no material impairment has been recorded in the accompanyingCompany’s condensed consolidated ~~statement of income.~~

balance sheets. The cost of securities sold is based on the specific identification method. Approximately 95% of securities in the Company’s portfolio were at an unrealized loss position as of March 30, 2024.

The following tables display additional information regarding gross unrealized losses and fair value by major security type for available-for-sale securities in an unrealized loss position as of ~~September~~March 30, ~~2017~~2024 and December ~~31, 2016.~~30, 2023.

	As of September 30, 2017
	Less than 12 Consecutive Months					12 Consecutive Months or Longer					As of March 30, 2024
	Gross Unrealized Losses			Fair Value		Gross Unrealized Losses			Fair Value		Less than 12 Consecutive Months					12 Consecutive Months or Longer					Total
U.S. Treasury securities	$	(49	)	$	10,535	$	(88	)	$	4,835
											Gross Unrealized Losses			Fair Value		Gross Unrealized Losses			Fair Value		Gross Unrealized Losses			Fair Value
Agency securities		(416	)		29,139		(208	)		16,441		(38	)		7,919		(560	)		6,440		(598	)		14,359
Mortgage-backed securities		(1,486	)		73,508		(3,096	)		117,656		—			—		(4,516	)		32,994		(4,516	)		32,994
Corporate securities		(4,034	)		432,176		(6,530	)		238,952
Corporate debt securities												(1,634	)		153,897		(41,768	)		835,475		(43,402	)		989,372
Municipal securities		(298	)		54,675		(798	)		31,085		(47	)		10,640		(17,022	)		260,669		(17,069	)		271,309
Other		(1,602	)		111,332		(3	)		1,720		—			—		(223	)		2,970		(223	)		2,970
Total	$	(7,885	)	$	711,365	$	(10,723	)	$	410,689	$	(1,719	)	$	172,456	$	(64,089	)	$	1,138,548	$	(65,808	)	$	1,311,004

As of December 31, 2016
Less than 12 Consecutive Months 12 Consecutive Months or Longer
Gross Unrealized
Losses Fair Value Gross Unrealized
Losses Fair Value
U.S. Treasury securities $ (288 ) $ 24,260 $ - $ -
Agency securities (991 ) 49,255 - -
Mortgage-backed securities (3,702 ) 159,665 (1,870 ) 64,645
Corporate securities (18,856 ) 765,712 (1,699 ) 40,910
Municipal securities (2,762 ) 130,994 (97 ) 6,326
Other (3 ) 4,058 (6 ) 6,919
Total $ (26,602 ) $ 1,133,944 $ (3,672 ) $ 118,800


	As of December 30, 2023
	Less than 12 Consecutive Months					12 Consecutive Months or Longer					Total
	Gross Unrealized Losses			Fair Value		Gross Unrealized Losses			Fair Value		Gross Unrealized Losses			Fair Value
Agency securities		(31	)		10,923		(554	)		6,446		(585	)		17,369
Mortgage-backed securities		—			—		(4,731	)		34,012		(4,731	)		34,012
Corporate debt securities		(702	)		64,637		(45,371	)		889,785		(46,073	)		954,422
Municipal securities		(32	)		2,654		(18,398	)		261,651		(18,430	)		264,305
Other		—			—		(423	)		3,337		(423	)		3,337
Total	$	(765	)	$	78,214	$	(69,477	)	$	1,195,231	$	(70,242	)	$	1,273,445

As of March 30, 2024 and December 30, 2023, the Company had not recognized an allowance for credit losses on any securities in an unrealized loss position.

The Company has not recorded an allowance for credit losses and charge to other income (expense) for the unrealized losses on agency, mortgage-backed, corporate debt, municipal, and other securities presented above because the Company does not consider the declines in fair value to have resulted from credit losses. The Company has not observed a significant deterioration in credit quality of these securities, which are highly rated with moderate to low credit risk. Declines in value are largely attributable to current global economic conditions. The securities continue to make timely principal and interest payments, and the fair values are expected to recover as they approach maturity. Management does not intend to sell the securities, and it is not more likely than not that the Company will be required to sell the securities, before the respective recoveries of their amortized cost bases, which may be maturity.

9. Stockholders' Equity

Dividends

Under Swiss corporate law, dividends must be approved by shareholders at the annual general meeting of the Company’s shareholders. Approved dividends are payable in four equal installments on dates to ~~prepay obligations without prepayment penalties.~~be determined by the Board of Directors. A reduction of retained earnings and a corresponding liability are recorded at the time of shareholders' approval and are periodically adjusted based on the number of applicable shares outstanding.

The Company's shareholders approved the following dividends:

Amortized Cost Fair Value

Due in one year or less $ 253,879 $ 253,699
Due after one year through five years 1,012,722 1,002,997
Due after five years through ten years 186,767 179,714
Due after ten years 28,164 27,612
$ 1,481,532 $ 1,464,022

~~Share Repurchase Plan~~


Approval Date	Dividend Payment Date	Record Date	Dividend Per Share
Fiscal 2023
June 9, 2023	June 30, 2023	June 20, 2023	$	0.73
June 9, 2023	September 29, 2023	September 15, 2023	$	0.73
June 9, 2023	December 29, 2023	December 15, 2023	$	0.73
June 9, 2023	March 29, 2024	March 15, 2024	$	0.73
Total			$	2.92

Fiscal 2022
June 10, 2022	June 30, 2022	June 20, 2022	$	0.73
June 10, 2022	September 30, 2022	September 15, 2022	$	0.73
June 10, 2022	December 30, 2022	December 15, 2022	$	0.73
June 10, 2022	March 31, 2023	March 15, 2023	$	0.73
Total			$	2.92

Share Repurchase Programs

On ~~February 13, 2015,~~April 22, 2022, the Board of Directors approved a share repurchase program (the “2022 Program”) authorizing the Company to repurchase up to ~~$300,000~~$300,000 of the common shares of Garmin Ltd., exclusive of the cost of any associated excise tax. As of December 30, 2023, the Company had repurchased 3,176 shares for $300,000, leaving $0 available to repurchase additional shares under the 2022 Program when the share repurchase authorization expired on December 29, 2023.

On February 16, 2024, the Board of Directors approved a new share repurchase program (the “2024 Program”) authorizing the Company to repurchase up to $300,000 of the common shares of Garmin Ltd., exclusive of the cost of any associated excise tax. The timing and volume of share repurchases are subject to market conditions, business conditions and applicable laws, and are at management’s discretion. Share repurchases may be made from time to time ~~as market and business conditions warrant on~~in the open market or in privately negotiated transactions, ~~in compliance~~including under plans complying with the ~~SEC’s~~provisions of Rule ~~10b-18.~~10b5-1 and Rule 10b-18 of the Securities Exchange Act of 1934, as amended. The timing and amounts of any repurchases will be determined by the Company’s management depending on market conditions and other factors including price, regulatory requirements and capital availability. The program2024 Program does not require the purchase of any minimum number of shares and may be suspended or discontinued at any time. The share repurchase authorization expires on December 26, 2026. As of March 30, 2024, the Company had repurchased no shares, leaving $300,000 available to repurchase shares under the 2024 Program.

Treasury Shares

In ~~December 2016,~~March 2024, the Board of Directors authorized ~~an extension through December 31, 2017 to purchase remaining common shares. As~~the cancellation of ~~September 30, 2017,~~979 shares previously purchased under our share repurchase program. The capital reduction by cancellation of these shares became effective in March 2024. Total stockholders’ equity reported for the Company ~~had repurchased 6,776 shares using cash of $299,169. There remains approximately $831 available to repurchase additional shares under this authorization.~~

was not affected.

~~10.~~

~~Accumulated Other Comprehensive Income~~

10. Accumulated Other Comprehensive Income (Loss)

The following provides required disclosure of changes in accumulated other comprehensive income ~~(AOCI)~~(loss) balances by component for the 13-week ~~and 39-week periods~~period ended ~~September~~March 30, ~~2017:~~2024:

13-Weeks Ended September 30, 2017
Foreign Currency
Translation
Adjustment Net unrealized gains
(losses) on available-
for-sale securities Total
Balance - beginning of period $ 56,095 $ (15,948 ) $ 40,147
Other comprehensive income before reclassification 5,804 519 6,323
Amounts reclassified from accumulated other comprehensive income - 17 17
Net current-period other comprehensive income 5,804 536 6,340
Balance - end of period $ 61,899 $ (15,412 ) $ 46,487


	13-Weeks Ended March 30, 2024
	Foreign currency translation adjustment			Net gains (losses) on available-for-sale securities			Total
Balance - beginning of period	$	(11,508	)	$	(54,106	)	$	(65,614	)
Other comprehensive income (loss) before reclassification, net of income tax expense of $812		(59,055	)		2,613			(56,442	)
Amounts reclassified from accumulated other comprehensive income (loss) to other income		—			—			—
Net current-period other comprehensive income (loss)		(59,055	)		2,613			(56,442	)
Balance - end of period	$	(70,563	)	$	(51,493	)	$	(122,056	)

39-Weeks Ended September 30, 2017
Foreign Currency
Translation
Adjustment Net unrealized gains
(losses) on available-
for-sale securities Total
Balance - beginning of period $ (9,411 ) $ (27,350 ) $ (36,761 )
Other comprehensive income before reclassification 71,310 11,378 82,688
Amounts reclassified from accumulated other comprehensive income - 560 560
Net current-period other comprehensive income 71,310 11,938 83,248
Balance - end of period $ 61,899 $ (15,412 ) $ 46,487

11.Segment Information and Geographic Data

Garmin is organized in the five operating segments of fitness, outdoor, aviation, marine, and auto OEM. These operating segments represent the Company's reportable segments.

The Company’s Chief Executive Officer, who has been identified as the Company’s Chief Operating Decision Maker (CODM), primarily uses operating income as the measure of profit or loss to assess segment performance and allocate resources. Operating income represents net sales less costs of goods sold and operating expenses. Net sales are directly attributed to each segment. Most costs of goods sold and the majority of operating expenses are also directly attributed to each segment, while certain other costs of goods sold and operating expenses are allocated to the segments in a reasonable manner considering the specific facts and circumstances of the expenses being allocated.

Net sales (“revenue”), gross profit, and operating income for each of the Company’s five reportable segments are presented below.


	Fitness		Outdoor		Aviation		Marine		Auto OEM			Total
13-Weeks Ended March 30, 2024
Net sales	$	342,892	$	366,193	$	216,855	$	326,736	$	128,973		$	1,381,649
Gross profit		194,802		242,739		162,626		179,252		22,720			802,139
Operating income (loss)		68,133		106,950		52,134		87,692		(16,499	)		298,410

13-Weeks Ended April 1, 2023
Net sales	$	244,721	$	328,662	$	213,582	$	278,975	$	81,484		$	1,147,424
Gross profit		120,910		204,948		154,454		149,631		22,851			652,794
Operating income (loss)		10,578		76,743		57,695		71,908		(19,942	)		196,982

~~The following provides required disclosure of reporting reclassifications out of AOCI~~Net sales to external customers by geographic region were as follows for the 13-week period ended March 30, 2024 and ~~39-week periods ended September 30, 2017:~~April 1, 2023. Note that APAC includes Asia Pacific and Australian Continent and EMEA includes Europe, the Middle East and Africa:

13-Weeks Ended September 30, 2017
Details about Accumulated Other
Comprehensive Income
Components Amount Reclassified
from Accumulated
Other Comprehensive
Income Affected Line Item
in the Statement
Where Net Income
is Presented

Unrealized gains (losses) on available-for-sale securities $ (10 ) Other income (expense)
(7 ) Income tax benefit (provision)
$ (17 ) Net of tax


	13-Weeks Ended
	March 30, 2024		April 1, 2023
Americas	$	716,116	$	611,704
EMEA		463,384		355,853
APAC		202,149		179,867
Net sales to external customers	$	1,381,649	$	1,147,424

39-Weeks Ended September 30, 2017
Details about Accumulated Other
Comprehensive Income
Components Amount Reclassified
from Accumulated
Other Comprehensive
Income Affected Line Item
in the Statement
Where Net Income
is Presented

Unrealized gains (losses) on available-for-sale securities $ (594 ) Other income (expense)
34 Income tax benefit (provision)
$ (560 ) Net of tax

~~11.~~

~~Recently Issued Accounting Pronouncements~~

~~Revenue from Contracts with Customers~~

In May 2014, the FASB issued Accounting Standards Update (“ASU”) No. 2014-09, Revenue from Contracts with Customers (Topic 606) (“ASU 2014-09”), which supersedes previous revenue recognition guidance. The FASB has issued several standards amending or relating to ASU 2014-09 (collectively, the “new revenue standards”). The effective date of ASU 2014-09 is for fiscal years, and interim periods within those years, beginning on or after December 15, 2017. The Company does not intend to early adopt, and therefore will adopt in the Company’s fiscal year ending December 29, 2018. The Company plans to adopt the new revenue standards using the full retrospective method to restate each prior reporting period presented.

Our evaluation of the new revenue standards, as it relates to possible differences in the timing of revenue recognition for our contracts, is substantially complete. Based on our evaluation of the new revenue standards, our recognition will be consistent with our current accounting policies except for certain arrangements within the Company’s auto segment.

A portion of the Company’s auto segment contracts are currently accounted for under Accounting Standards Codification Topic 985-605 Software-Revenue Recognition (Topic 985-605). Under Topic 985-605, the Company defers all elements of multiple-element software arrangements if vendor-specific objective evidence of fair value (VSOE) cannot be established for an undelivered element (e.g. map updates). In applying the new revenue standards to certain contracts that include both software licenses and map updates, we will recognize the portion of revenue related to the software license at the time of delivery rather than ratably over the map update period.

Additionally, for certain multiple-element arrangements within the Company’s auto segment, the Company’s current policy is to allocate consideration to traffic services and recognize it ratably over the estimated life of the underlying product. Under the new revenue standards, we will recognize revenue related to certain traffic services at the time of hardware and/or software delivery. Specifically, the new revenue standards emphasize the timing of the Company’s performance, and upon delivery of the navigation device and/or software, the Company has performed its obligation with respect to the design and production of the product to receive and interpret the broadcast traffic signal for the benefit of the end user.

The changes in accounting policy described above will collectively result in reductions to deferred costs (asset) and deferred revenue (liability) balances and will accelerate the recognition of revenues and deferred costs in the auto segment going forward. The Company is currently finalizing its assessment of these impacts of the new revenue standards to the Consolidated Financial Statements. The new revenue standards require enhanced disclosures regarding contract assets and liabilities, and increased disaggregation of revenues, among other enhanced disclosure requirements. We are in the process of implementing changes to processes and internal controls for the new revenue standards.

~~Financial Instruments – Recognition, Measurement, Presentation, and Disclosure~~

In January 2016, the FASB issued Accounting Standards Update No. 2016-01, Financial Instruments—Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities (“ASU 2016-01”). The standard addresses certain aspects of recognition, measurement, presentation, and disclosure of financial instruments. ASU 2016-01 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2017. The Company is currently evaluating the impact of adopting the new standard on its consolidated financial statements.

~~Leases~~

In February 2016, the FASB issued Accounting Standards Update No. 2016-02, Leases (Topic 842) (“ASU 2016-02”), which sets out the principles for the recognition, measurement, presentation and disclosure of leases for both lessees and lessors. ASU 2016-02 requires lessees to present a right-of-use asset and a corresponding lease liability on the balance sheet. Lessor accounting is substantially unchanged compared to the current accounting guidance. ASU 2016-02 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2018. Early adoption is permitted. The Company is currently evaluating the impact of adopting the new standard on its consolidated financial statements.

~~Statement of Cash Flows~~

In August 2016, the FASB issued Accounting Standards Update No. 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments (“ASU 2016-15”), which adds or clarifies guidance on the classification of certain cash receipts and payments in the statement of cash flows. The standard addresses eight specific cash flow issues with the objective of reducing diversity in practice. ASU 2016-15 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2017. Early adoption is permitted. The Company is currently evaluating the impact of adopting the new standard on its consolidated financial statements.

~~Income Taxes~~

In October 2016, the FASB issued Accounting Standards Update No. 2016-16, Income Taxes (Topic 740): Intra-Entity Transfers of Assets Other than Inventory (“ASU 2016-16”), which requires recognition of the income tax consequences of an intra-entity transfer of an asset other than inventory when the transfer occurs. ASU 2016-16 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2017. Early adoption is permitted. The Company is currently evaluating the impact of adopting the new standard on its consolidated financial statements.

~~Receivables – Nonrefundable Fees and Other Costs~~

In March 2017, the FASB issued Accounting Standards Update No. 2017-08, Receivables – Nonrefundable Fees and Other Costs (Topic 310-20): Premium Amortization on Purchased Callable Debt Securities (“ASU 2017-08”), which shortens the amortization period for certain callable debt securities held at a premium, requiring the premium to be amortized to the earliest call date. Callable debt securities held at a discount continue to be amortized to maturity. ASU 2017-08 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2019. Early adoption is permitted. The Company is currently evaluating the impact of adopting the new standard on its consolidated financial statements.

~~12.~~

~~Subsequent Events~~

On October 26, 2017, the Company acquired the shares of Navionics S.p.A., a privately held worldwide provider of electronic navigational charts and mobile applications for the marine industry. This acquisition was not material.

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

The discussion set forth below, as well as other portions of this Quarterly Report, ~~contains~~contain statements concerning potential future events. Such forward-looking statements are based upon assumptions by management, as of the date of this Quarterly Report, including assumptions about risks and uncertainties faced by the Company. Readers can identify these forward-looking statements by their use of such ~~verbs~~words as ~~expects, anticipates, believes~~"future", "expects", "anticipates", "believes", “estimates”, “would”, “could”, “can”, “may,” or other similar ~~verbs~~words or ~~conjugations of such verbs.~~other comparable terms. If any of the Company’s assumptions prove incorrect or should unanticipated circumstances arise, actual results could materially differ from those anticipated by such forward-looking statements. The differences could be caused by a number of factors or combination of factors including, but not limited to, those factors identified in Part II, Item 1A of this Quarterly Report on Form 10-Q and in the Company’s Annual Report on Form 10-K for the year ended December 31, 2016. This report has been filed with the Securities and Exchange Commission (the "SEC" or the "Commission") in Washington, D.C. and can be obtained by contacting the SEC's public reference operations or obtaining it through the SEC's website at http://www.sec.gov.30, 2023. Readers are strongly encouraged to consider those factors when evaluating any forward-looking statement concerning the Company. ~~The~~These forward-looking statements are made as of the date hereof, and the Company ~~will not~~disclaims any obligation to update any forward-looking statements in this Quarterly Report to reflect future events or ~~developments.~~developments, except as required by law.

The information contained in this Management’s Discussion and Analysis of Financial Condition and Results of Operations should be read in conjunction with the Condensed Consolidated Financial Statements and Notes thereto included in this Form 10-Q and the audited financial statements and notes thereto in the Company’s Annual Report on Form 10-K for the year ended December ~~31, 2016.~~30, 2023. Unless the context otherwise requires, references in this document to "we", "us", "our", the "Company" and similar terms refer to Garmin Ltd. and its subsidiaries.

Unless otherwise indicated, amounts set forth in the discussion below are in thousands.

Company Overview

The Company is a leading worldwide provider of ~~navigation, communications and information~~wireless devices, ~~most~~many of which ~~are enabled by~~feature Global Positioning System ~~or GPS, technology.~~(GPS) navigation, and applications that are designed for people who live an active lifestyle. We ~~operate~~are organized in the five ~~business~~operating segments ~~the~~of fitness, outdoor, ~~fitness,~~aviation, marine, and auto ~~and aviation markets. The Company’s segments offer~~OEM. Our products are sold through ~~its~~a variety of indirect distribution channels, including a large worldwide network of independent retailers, dealers, distributors, installation and ~~distributors. However, the nature of~~repair shops, and original equipment manufacturers (OEMs). We also sell our products and ~~types of customers~~services directly through our online webshop (garmin.com), subscriptions for ~~the five segments may vary significantly. As such, the segments are managed separately.~~connected services, and our own retail stores.

Results of Operations

~~The following table sets forth the Company’s results of operations as a percent of net sales during the periods shown (the table may not foot due to rounding):~~

13-Weeks Ended
September 30, 2017 September 24, 2016

Net sales 100 % 100 %
Cost of goods sold 42 % 44 %
Gross profit 58 % 56 %
Advertising expense 4 % 5 %
Selling, general and administrative expense 14 % 13 %
Research and development expense 17 % 16 %
Total operating expense 36 % 34 %
Operating income 23 % 22 %
Other income (expense) 2 % (1 )%
Income before income taxes 25 % 21 %
Income tax (benefit) provision 5 % 3 %
Net income 20 % 17 %

39-Weeks Ended
September 30, 2017 September 24, 2016

Net sales 100 % 100 %
Cost of goods sold 42 % 44 %
Gross profit 58 % 56 %
Advertising expense 5 % 5 %
Selling, general and administrative expense 14 % 14 %
Research and development expense 17 % 16 %
Total operating expense 36 % 35 %
Operating income 22 % 22 %
Other income (expense) 1 % 0 %
Income before income taxes 23 % 21 %
Income tax (benefit) provision (2 )% 4 %
Net income 25 % 17 %

~~Allocation of certain research and development expenses, and selling, general, and administrative expenses are made to each segment on a percent of revenue basis. The segment table located~~As indicated in Note 41 to the Condensed Consolidated Financial Statements, sets forth the Company’s results of operations (in thousands) including net sales, gross profit, and operating income for each of the Company’s five segments during the periods shown. For each line item in the ~~table,~~first quarter of fiscal 2024, the ~~total~~Company changed the presentation of operating expense to include advertising expense within selling, general and administrative expenses on the ~~outdoor, fitness, marine, auto, and aviation segments' amounts equals the amount in the~~Company's condensed consolidated statements of income, ~~included~~which management believes to be a more meaningful presentation.

This change in ~~Item 1.~~

~~Comparison of 13-weeks ended September 30, 2017~~presentation had no effect on the Company's consolidated operating or net income. The amounts presented below for selling, general and ~~September 24, 2016~~

~~(Amounts included in the following discussion are stated in thousands unless otherwise indicated)~~

~~Net Sales~~

13-weeks ended September 30, 2017 13-weeks ended September 24, 2016 Year over Year
Net Sales % of Revenues Net Sales % of Revenues $ Change % Change
Outdoor $ 184,937 25 % $ 141,006 19 % $ 43,931 31 %
Fitness 167,147 23 % 189,161 26 % (22,014 ) -12 %
Marine 77,312 10 % 70,010 10 % 7,302 10 %
Auto 189,053 25 % 214,637 30 % (25,584 ) -12 %
Aviation 124,628 17 % 107,436 15 % 17,192 16 %
Total $ 743,077 100 % $ 722,250 100 % $ 20,827 3 %

~~Net sales increased 3%~~administrative expenses for the 13-week period ended ~~September~~April 1, 2023 have been recast to conform with the current period presentation.

Comparison of 13-Weeks Ended March 30, ~~2017~~2024 and April 1, 2023

Net Sales


Net Sales	13-Weeks Ended March 30, 2024			Year-over-Year Change			13-Weeks Ended April 1, 2023
Fitness	$	342,892			40	%	$	244,721
Percentage of Total Net Sales		25	%					21	%
Outdoor		366,193			11	%		328,662
Percentage of Total Net Sales		26	%					29	%
Aviation		216,855			2	%		213,582
Percentage of Total Net Sales		16	%					19	%
Marine		326,736			17	%		278,975
Percentage of Total Net Sales		24	%					24	%
Auto OEM		128,973			58	%		81,484
Percentage of Total Net Sales		9	%					7	%
Total	$	1,381,649			20	%	$	1,147,424

Net sales increased 20% for the 13-week period ended March 30, 2024 when compared to the year-ago quarter. ~~The outdoor, aviation, marine,~~Total unit sales in the first quarter of 2024 increased to 3,890 when compared to total unit sales of 3,210 in the first quarter of 2023, which differs from the percent increase in revenue primarily due to shifts in segment and ~~fitness segments collectively increased by 9%, contributing 75% of total revenue. Auto~~product mix. Outdoor was the largest portion of our revenue mix at ~~25%~~26% in the ~~third~~first quarter of ~~2017~~2024 compared to ~~30%~~29% in the ~~third~~first quarter of ~~2016.~~2023.

~~Total unit~~The increase in fitness revenue was driven by sales ~~decreased~~growth across all categories, led by strong demand for advanced wearables. Outdoor revenue increased primarily due to ~~3,492~~growth in wearable products. Aviation revenue increased due to growth in OEM product categories. The increase in marine revenue was primarily driven by contributions from the Company's acquisition of JL Audio. Auto OEM revenue increased primarily due to increased shipments of domain controllers.

Gross Profit


Gross Profit	13-Weeks Ended March 30, 2024			Year-over-Year Change			13-Weeks Ended April 1, 2023
Fitness	$	194,802			61	%	$	120,910
Percentage of Segment Net Sales		57	%					49	%
Outdoor		242,739			18	%		204,948
Percentage of Segment Net Sales		66	%					62	%
Aviation		162,626			5	%		154,454
Percentage of Segment Net Sales		75	%					72	%
Marine		179,252			20	%		149,631
Percentage of Segment Net Sales		55	%					54	%
Auto OEM		22,720			(1	%)		22,851
Percentage of Segment Net Sales		18	%					28	%
Total	$	802,139			23	%	$	652,794
Percentage of Total Net Sales		58	%					57	%

Gross profit dollars in the ~~third~~first quarter of ~~2017 from 3,848~~2024 increased 23%, primarily due to the increase in net sales when compared to the ~~same period of 2016.~~

~~Auto segment revenue decreased 12% from~~year-ago quarter, as described above. Consolidated gross margin increased 120 basis points when compared to the year-ago quarter primarily due to ~~the ongoing PND market contraction. Revenues~~favorable product mix within certain segments, partially offset by unfavorable segment mix.

The fitness, outdoor, and marine gross margin increases of 740 basis points, 390 basis points, and 120 basis points respectively, were primarily attributable to favorable product mix within those segments. The aviation gross margin increase of 270 basis points was primarily attributable to lower warranty costs. The auto OEM gross margin decrease of 1,040 basis points was primarily attributable to unfavorable product mix.

Operating Expense


Operating Expense	13-Weeks Ended March 30, 2024			Year-over-Year Change			13-Weeks Ended April 1, 2023
Research and development expense		242,535			10	%		221,485
Percentage of Total Net Sales		18	%					19	%
Selling, general and administrative expenses		261,194			11	%		234,327
Percentage of Total Net Sales		19	%					20	%
Total	$	503,729			11	%	$	455,812
Percentage of Total Net Sales		36	%					40	%

Total operating expense in the fitness segment decreased 12% from the year-ago quarter driven by the general decline of the basic activity tracker market and the timing of product introductions. The marine increase of 10% is primarily due to strong chartplotter and fishfinder sales in the current quarter. Revenues in the outdoor segment increased 31% from the year-ago quarter primarily driven by significant growth in the wearable category. Aviation revenues increased 16% when compared to the year-ago quarter, driven by both strong aftermarket and OEM sales.

~~Cost of Goods Sold~~

13-weeks ended September 30, 2017 13-weeks ended September 24, 2016 Year over Year
Cost of Goods % of Revenues Cost of Goods % of Revenues $ Change % Change
Outdoor $ 66,762 36 % $ 52,509 37 % $ 14,253 27 %
Fitness 71,012 42 % 85,798 45 % (14,786 ) -17 %
Marine 32,738 42 % 30,119 43 % 2,619 9 %
Auto 105,092 56 % 120,999 56 % (15,907 ) -13 %
Aviation 33,808 27 % 26,845 25 % 6,963 26 %
Total $ 309,412 42 % $ 316,270 44 % $ (6,858 ) -2 %

Third quarter 2017 cost of goods sold was $6.9 million or 2% lower than the prior year quarter. This decrease in cost of goods sold dollars, combined with the increase in revenues discussed above, resulted in a 220 basis point decrease in cost of goods sold as a percent of revenues compared to the year-ago quarter.

In the auto segment, the decline in cost of goods sold was largely consistent with the segment revenue declines. In the marine segment, the increase in cost of goods sold was largely consistent with the segment revenue increases. In the outdoor and fitness segments, the decreases in cost of goods sold as a percent of revenue resulted from a shift in product mix toward higher margin products. In the aviation segment, the increase in cost of goods as a percentage of revenue resulted primarily from slightly increased warranty costs compared to the year-ago quarter.

~~Gross Profit~~

13-weeks ended September 30, 2017 13-weeks ended September 24, 2016 Year over Year
Gross Profit % of Revenues Gross Profit % of Revenues $ Change % Change
Outdoor $ 118,175 64 % $ 88,497 63 % $ 29,678 34 %
Fitness 96,135 58 % 103,363 55 % (7,228 ) -7 %
Marine 44,574 58 % 39,891 57 % 4,683 12 %
Auto 83,961 44 % 93,638 44 % (9,677 ) -10 %
Aviation 90,820 73 % 80,591 75 % 10,229 13 %
Total $ 433,665 58 % $ 405,980 56 % $ 27,685 7 %

~~Gross profit dollars in the third~~first quarter of ~~2017~~2024 increased 7% while gross margin increased 220 basis points compared to the third quarter of 2016. Gross margin remained relatively flat across all segments, except for fitness and aviation, which increased and decreased, respectively, as discussed above.

~~Advertising Expense~~

13-weeks ended September 30, 2017 13-weeks ended September 24, 2016
Advertising Advertising Year over Year
Expense % of Revenues Expense % of Revenues $ Change % Change
Outdoor $ 8,092 4 % $ 6,459 5 % $ 1,633 25 %
Fitness 14,089 8 % 14,616 8 % (527 ) -4 %
Marine 2,618 3 % 2,941 4 % (323 ) -11 %
Auto 6,340 3 % 6,992 3 % (652 ) -9 %
Aviation 1,310 1 % 1,948 2 % (638 ) -33 %
Total $ 32,449 4 % $ 32,956 5 % $ (507 ) -2 %

~~Advertising expense decreased 2%~~11% in absolute dollars and was relatively flat as a percent of revenues compared to the year-ago quarter. The overall decrease in absolute dollars was driven primarily by decreases cooperative advertising, partially offset by an increase in outdoor media.

~~Selling, General and Administrative Expense~~

13-weeks ended September 30, 2017 13-weeks ended September 24, 2016
Selling, General & Selling, General & Year over Year
Admin. Expenses % of Revenues Admin. Expenses % of Revenues $ Change % Change
Outdoor $ 27,574 15 % $ 20,074 14 % $ 7,500 37 %
Fitness 27,858 17 % 27,294 14 % 564 2 %
Marine 8,681 11 % 13,041 19 % (4,360 ) -33 %
Auto 30,231 16 % 30,875 14 % (644 ) -2 %
Aviation 7,450 6 % 5,675 5 % 1,775 31 %
Total $ 101,794 14 % $ 96,959 13 % $ 4,835 5 %

Selling, general and administrative expense increased 5% in absolute dollars and was relatively flat as a percent of revenues compared to the year-ago quarter. The outdoor and aviation segment increases were relatively flat as a percent of revenues. The increase as a percent of revenues in the fitness segment was primarily attributable to information technology and selling-related costs. The auto segment increase as a percent of revenues, and the marine segment decrease as a percent of revenues are primarily due to legal related costs.

~~Research and Development Expense~~

13-weeks ended September 30, 2017 13-weeks ended September 24, 2016
Research & Research & Year over Year
Development % of Revenues Development % of Revenues $ Change % Change
Outdoor $ 14,699 8 % $ 12,693 9 % $ 2,006 16 %
Fitness 20,696 12 % 16,679 9 % 4,017 24 %
Marine 14,855 19 % 13,577 19 % 1,278 9 %
Auto 31,419 17 % 30,976 14 % 443 1 %
Aviation 47,963 38 % 42,524 40 % 5,439 13 %
Total $ 129,632 17 % $ 116,449 16 % $ 13,183 11 %

Research and development expense increased 11% primarily due to engineering personnel costs related to our wearable product offerings and aviation. In absolute dollars, research and development costs increased $13.2 million when compared with the year-ago quarter and increased 130 basis points as a percent of revenue. Our research and development spending is focused on product development, improving existing software capabilities, and exploring new categories.

~~Operating Income~~

13-weeks ended September 30, 2017 13-weeks ended September 24, 2016 Year over Year
Operating Income % of Revenues Operating Income % of Revenues $ Change % Change
Outdoor $ 67,810 37 % $ 49,271 35 % $ 18,539 38 %
Fitness 33,492 20 % 44,774 24 % (11,282 ) -25 %
Marine 18,420 24 % 10,332 15 % 8,088 78 %
Auto 15,971 8 % 24,795 12 % (8,824 ) -36 %
Aviation 34,097 27 % 30,444 28 % 3,653 12 %
Total $ 169,790 23 % $ 159,616 22 % $ 10,174 6 %

~~Operating income increased 6% in absolute dollars and increased 70~~decreased 330 basis points as a percent of revenue when compared to the ~~third~~year-ago quarter.

Research and development expense increased 10% in absolute dollars and decreased 180 basis points as a percent of revenue when compared to the year-ago quarter. The absolute dollar expense increase was primarily due to higher engineering personnel costs.

Selling, general and administrative expenses increased 11% in absolute dollars and decreased 150 basis points as a percent of revenue when compared to the year-ago quarter. The absolute dollar expense increase was primarily attributable to increased personnel-related expenses, including the impact of the Company's acquisition of JL Audio.

Operating Income


Operating Income (Loss)	13-Weeks Ended March 30, 2024			Year-over-Year Change			13-Weeks Ended April 1, 2023
Fitness	$	68,133			544	%	$	10,578
Percentage of Segment Net Sales		20	%					4	%
Outdoor		106,950			39	%		76,743
Percentage of Segment Net Sales		29	%					23	%
Aviation		52,134			(10	%)		57,695
Percentage of Segment Net Sales		24	%					27	%
Marine		87,692			22	%		71,908
Percentage of Segment Net Sales		27	%					26	%
Auto OEM		(16,499	)		(17	%)		(19,942	)
Percentage of Segment Net Sales		(13	%)					(24	%)
Total	$	298,410			51	%	$	196,982
Percentage of Total Net Sales		22	%					17	%

Total operating income in the first quarter of ~~2016.~~2024 increased 51% in absolute dollars and increased 440 basis points as a percent of revenue when compared to the year-ago quarter. The ~~growth~~increase in operating income ~~on an absolute dollar and percent of revenue basis resulted from revenue growth and an~~was driven by the increase in sales, increase in gross margin, ~~percent, partially offset by increased~~and lower operating expenses as a percent of revenue, as ~~discussed~~described above. The improved performance in fitness, outdoor, marine, and auto OEM was partially offset by a decrease in aviation.

Other Income (Expense)

	13-weeks ended			13-weeks ended
	September 30, 2017			September 24, 2016
Other Income (Expense)							13-Weeks Ended March 30, 2024		13-Weeks Ended April 1, 2023
Interest income	$	9,207		$	8,226		$	25,027	$	15,899
Foreign currency gains (losses)		8,579			(19,421	)
Other		(1,520	)		1,344
Foreign currency gains								2,282		7,688
Other income								1,321		1,203
Total	$	16,266		$	(9,851	)	$	28,630	$	24,790

The average interest rate return on cash and investments during the ~~third~~first quarter of ~~2017~~2024 was ~~1.6%~~3.1%, compared to ~~1.5%~~2.4% during the same quarter of ~~2016. Interest income increased primarily due to slightly higher yields on fixed-income securities.~~2023.

Foreign currency gains and losses for the Company are ~~typically~~ driven by movements ~~in the Taiwan Dollar, Euro, and British Pound Sterling~~of a number of currencies in relation to the U.S. Dollar. The Taiwan Dollar is the functional currency of Garmin Corporation, the Euro is the functional currency of several subsidiaries, and the U.S. Dollar is the functional currency of Garmin (Europe) Ltd., ~~and the Euro is the functional currency of most of our other European subsidiaries,~~ although some transactions and balances are denominated in British Pounds. Other notable currency exposures include the Australian Dollar, Chinese Yuan, Japanese Yen, and Polish Zloty. The majority of the Company’s consolidated foreign currency gain or loss is typically driven by the significant cash and marketable securities, receivables and payables held in a currency other than the functional currency at a given legal entity. Due to the relative size of the entities using a functional currency other than the Taiwan Dollar, Euro, and British Pound Sterling, currency fluctuations related to these entities are not expected to have a material impact on the Company’s financial statements.

The ~~$8.6~~$2.3 million currency gain recognized in the ~~third~~first quarter of ~~2017~~2024 was primarily due to the ~~weakening of~~U.S. Dollar strengthening against the Taiwan Dollar, partially offset by the U.S. Dollar strengthening against the Polish Zloty, Australian Dollar, and Euro within the 13-week period ended March 30, 2024. During this period, the U.S. Dollar strengthened 3.9% against the Taiwan Dollar, resulting in a gain of $21.6 million, while the U.S. Dollar strengthened 1.8% against the Polish Zloty, 4.6% against the Australian Dollar, and 2.2% against the Euro, resulting in losses of $6.8 million, $3.3 million, and $3.0 million, respectively. The remaining net currency loss of $6.2 million was related to the impacts of other currencies, each of which was individually immaterial.

The $7.7 million currency gain recognized in the first quarter of 2023 was primarily due to the U.S. Dollar weakening against the Polish Zloty, British Pound Sterling, Chinese Yuan, and Euro, partially offset by the U.S. Dollar weakening against the Taiwan Dollar, within the ~~13-weeks~~13-week period ended ~~September 30, 2017.~~April 1, 2023. During this period, the U.S. Dollar weakened ~~3.4%~~2.7% against the ~~Euro and 2.8%~~Polish Zloty, 2.0% against the British Pound Sterling, 1.3% against the Chinese Yuan, and 1.3% against the Euro, resulting in gains of ~~$8.0~~$4.5 million, $1.3 million, $0.7 million, and ~~$0.7~~$0.5 million respectively, while the U.S. Dollar weakened ~~0.3%~~0.4% against the Taiwan Dollar, resulting in a loss of ~~$1.6~~$1.1 million. The remaining net currency gain of ~~$1.5~~$1.8 million was related to the impacts of other currencies, ~~and timing~~each of ~~transactions.~~which was individually immaterial.

The $19.4 million currency loss recognized in the third quarter of 2016 was primarily due to the weakening of the U.S. Dollar against the Taiwan Dollar within the 13-weeks ended September 24, 2016. During this period, the U.S. Dollar weakened 3.5% against the Taiwan Dollar, resulting in a loss of $20.9 million, while the U.S. Dollar weakened 1.0% against the Euro, resulting in a gain of $2.6 million. The remaining net currency loss of $1.1 million was related to other currencies and timing of transactions.16

Income Tax ~~(Benefit)~~ Provision

The Company recorded income tax expense of ~~$38.6~~$51.1 million in the 13-week period ended ~~September~~March 30, ~~2017,~~2024, compared to income tax expense of ~~$24.7~~$19.4 million in the 13-week period ended ~~September 24, 2016.~~April 1, 2023. The effective tax rate was ~~20.8%~~15.6% in the ~~third~~first quarter of ~~2017,~~2024, compared to ~~16.5%~~8.8% in the ~~third~~first quarter of ~~2016.~~2023. The ~~430 basis points~~ increase ~~to the third quarter of 2017~~in effective tax rate ~~compared to the prior year quarter is~~between comparative periods was primarily due to the ~~Company’s election~~increase in ~~February 2017 to align certain~~the combined federal and cantonal Switzerland ~~corporate~~statutory tax ~~positions with evolving international tax initiatives, and shifts~~rate in ~~projected income mix by jurisdiction, partially offset by the release of reserves related to uncertain tax positions due~~response to the ~~expiration~~implementation of ~~certain statutes of limitations during the third quarter of 2017.~~global minimum tax requirements.

Net Income

As a result of the above, net income for the ~~13-weeks~~13-week period ended ~~September~~March 30, ~~2017~~2024 was ~~$147.4~~$276.0 million compared to ~~$125.1~~$202.3 million for the 13-week period ended ~~September 24, 2016,~~April 1, 2023, an increase of ~~$22.4~~$73.7 million.

~~Comparison of 39-Weeks Ended September 30, 2017 and 39-Weeks Ended September 24, 2016~~

~~Net Sales~~

39-weeks ended September 30, 2017 39-weeks ended September 24, 2016 Year over Year
Net Sales % of Revenues Net Sales % of Revenues $ Change % Change
Outdoor $ 495,589 23 % $ 370,929 17 % $ 124,660 34 %
Fitness 485,999 22 % 544,434 26 % (58,435 ) -11 %
Marine 290,302 13 % 264,489 12 % 25,813 10 %
Auto 555,059 25 % 655,963 30 % (100,904 ) -15 %
Aviation 371,559 17 % 322,083 15 % 49,476 15 %
Total $ 2,198,508 100 % $ 2,157,898 100 % $ 40,610 2 %

Net sales increased 2% for the 39-week period ended September 30, 2017 when compared to the year-ago period. All segments had an increase in revenue except for auto and fitness. Auto was the largest portion of our revenue mix at 25% in the first three quarters of 2017 compared to 30% in the same period of 2016.

~~Total unit sales decreased to 10,495 in the first three quarters of 2017 from 11,374 in the same period of 2016.~~

Auto segment revenue decreased 15% from the year-ago period, primarily due to the ongoing PND market contraction. Revenues in the fitness segment decreased 11% from the year-ago period driven by the general decline of the basic activity tracker market and the timing of product introductions. Outdoor, marine, and aviation revenues increased 34%, 10%, and 15%, respectively, when compared to the year-ago period. Growth in outdoor was driven by the significant growth in the wearable category. Our marine segment growth was distributed broadly across most product categories. Aviation revenues increased primarily due to growth in aftermarket sales.

~~Cost of Goods Sold~~

39-weeks ended September 30, 2017 39-weeks ended September 24, 2016 Year over Year
Cost of Goods % of Revenues Cost of Goods % of Revenues $ Change % Change
Outdoor $ 176,132 36 % $ 138,277 37 % $ 37,855 27 %
Fitness 209,985 43 % 248,971 46 % (38,986 ) -16 %
Marine 123,612 43 % 115,935 44 % 7,677 7 %
Auto 308,128 56 % 363,193 55 % (55,065 ) -15 %
Aviation 97,005 26 % 82,734 26 % 14,271 17 %
Total $ 914,862 42 % $ 949,110 44 % $ (34,248 ) -4 %

Cost of goods sold decreased 4% in absolute dollars for the 39-weeks ended September 30, 2017 when compared to the year-ago period. This decrease in cost of goods sold dollars, combined with the increase in revenues discussed above, resulted in a 240 basis point decrease in cost of goods sold as a percent of revenues compared to the year-ago quarter.

In the auto segment, the cost of goods decline was largely consistent with the segment revenue decline. In the outdoor and fitness segments, the decreases in cost of goods sold as a percent of revenues resulted from a shift in product mix toward higher margin products. The marine and aviation segment increases in cost of goods sold were largely consistent with the segment revenue increases.

~~Gross Profit~~

39-weeks ended September 30, 2017 39-weeks ended September 24, 2016 Year over Year
Gross Profit % of Revenues Gross Profit % of Revenues $ Change % Change
Outdoor $ 319,457 64 % $ 232,652 63 % $ 86,805 37 %
Fitness 276,014 57 % 295,463 54 % (19,449 ) -7 %
Marine 166,690 57 % 148,554 56 % 18,136 12 %
Auto 246,931 44 % 292,770 45 % (45,839 ) -16 %
Aviation 274,554 74 % 239,349 74 % 35,205 15 %
Total $ 1,283,646 58 % $ 1,208,788 56 % $ 74,858 6 %

Gross profit dollars in the 39-weeks ended September 30, 2017 increased 6% while gross profit margin increased 240 basis points compared to the year-ago period. Growth in sales of higher margin segments contributed to the increase in gross profit dollars and gross margin percentage. Fitness gross margin increased to 57%, primarily due to product mix. All other segment gross margin rates are relatively consistent between fiscal periods.

~~Advertising Expenses~~

39-weeks ended September 30, 2017 39-weeks ended September 24, 2016
Advertising Advertising Year over Year
Expense % of Revenues Expense % of Revenues $ Change % Change
Outdoor $ 26,671 5 % $ 18,319 5 % $ 8,352 46 %
Fitness 45,235 9 % 51,844 10 % (6,609 ) -13 %
Marine 12,620 4 % 12,267 5 % 353 3 %
Auto 17,236 3 % 21,790 3 % (4,554 ) -21 %
Aviation 4,221 1 % 5,221 2 % (1,000 ) -19 %
Total $ 105,983 5 % $ 109,441 5 % $ (3,458 ) -3 %

Advertising expense decreased 3% in absolute dollars and was relatively flat as a percent of revenues compared to the year-ago period. The decrease in absolute dollars was primarily in fitness and auto, driven primarily by decreases in cooperative advertising and media spending. This was partially offset by an increase in outdoor media.

~~Selling, General and Administrative Expenses~~

39-weeks ended September 30, 2017 39-weeks ended September 24, 2016
Selling, General & Selling, General & Year over Year
Admin. Expenses % of Revenues Admin. Expenses % of Revenues $ Change % Change
Outdoor $ 74,182 15 % $ 54,321 15 % $ 19,861 37 %
Fitness 81,537 17 % 82,104 15 % (567 ) -1 %
Marine 48,798 17 % 46,579 18 % 2,219 5 %
Auto 83,620 15 % 94,665 14 % (11,045 ) -12 %
Aviation 20,958 6 % 18,577 6 % 2,381 13 %
Total $ 309,095 14 % $ 296,246 14 % $ 12,849 4 %

Selling, general and administrative expense increased 4% in absolute dollars and was relatively flat as a percent of revenues compared to the year-ago period. The absolute dollar increase was primarily attributable to legal costs and information technology costs. Fitness increased as a percent of revenues primarily due to increased information technology and selling-related costs. Variances by segment are primarily due to the allocation of certain selling, general and administrative expenses based on percent of total revenues.

~~Research and Development Expense~~

39-weeks ended September 30, 2017 39-weeks ended September 24, 2016
Research & Research & Year over Year
Development % of Revenues Development % of Revenues $ Change % Change
Outdoor $ 42,060 8 % $ 34,291 9 % $ 7,769 23 %
Fitness 59,790 12 % 47,093 9 % 12,697 27 %
Marine 44,412 15 % 40,536 15 % 3,876 10 %
Auto 95,509 17 % 93,331 14 % 2,178 2 %
Aviation 137,312 37 % 123,757 38 % 13,555 11 %
Total $ 379,083 17 % $ 339,008 16 % $ 40,075 12 %

Research and development expense increased 12% primarily due to engineering personnel costs related to our wearable product offerings and aviation. In absolute dollars, research and development costs increased $40.1 million when compared with the year-ago period, and increased 150 basis points as a percent of revenue. Our research and development spending is focused on product development, improving existing software capabilities, and exploring new categories.

~~Operating Income~~

39-weeks ended September 30, 2017 39-weeks ended September 24, 2016 Year over Year
Operating Income % of Revenues Operating Income % of Revenues $ Change % Change
Outdoor $ 176,544 36 % $ 125,721 34 % $ 50,823 40 %
Fitness 89,452 18 % 114,422 21 % (24,970 ) -22 %
Marine 60,860 21 % 49,172 19 % 11,688 24 %
Auto 50,566 9 % 82,984 13 % (32,418 ) -39 %
Aviation 112,063 30 % 91,794 29 % 20,269 22 %
Total $ 489,485 22 % $ 464,093 22 % $ 25,392 5 %

Operating income increased 5% in absolute dollars and increased 80 basis points as a percent of revenue when compared to the year-ago period. The growth in operating income on an absolute dollar and percent of revenue basis resulted from revenue growth and an increase in gross margin percent, partially offset by increased operating expenses as a percent of revenue, as discussed above.

~~Other Income (Expense)~~

39-weeks ended 39-weeks ended
September 30, 2017 September 24, 2016
Interest income $ 26,931 $ 24,109
Foreign currency gains (losses) (13,808 ) (30,003 )
Other (805 ) 2,914
Total $ 12,318 $ (2,980 )

The average returns on cash and investments during the 39-weeks ended September 30, 2017 and the 39-weeks ended September 24, 2016 were 1.5% and 1.4%, respectively. Interest income increased primarily due to slightly higher yields on fixed-income securities.

The $13.8 million currency loss recognized in the first three quarters of 2017 was primarily due to the weakening of the U.S. Dollar against the Taiwan Dollar, partially offset by the U.S. Dollar weakening against the Euro, and the British Pound Sterling within the 39-weeks ended September 30, 2017. During this period, the U.S. Dollar weakened 7.1% against the Taiwan Dollar, resulting in a loss of $43.1 million, while the U.S. Dollar weakened 12.3% against the Euro and 8.6% against the British Pound Sterling, resulting in gains of $22.2 million and $4.2 million, respectively. The remaining net currency gain of $2.9 million was related to other currencies and timing of transactions.

The $30.0 million currency loss recognized in the first three quarters of 2016 was primarily due to the weakening of the U.S. Dollar against the Taiwan Dollar within the 39-weeks ended September 24, 2016. During this period, the U.S. Dollar weakened 5.0% against the Taiwan Dollar, resulting in a loss of $32.1 million, while the U.S. Dollar weakened 2.3% against the Euro, resulting in a gain of $3.3 million. The remaining net currency loss of $1.2 million was related to other currencies and timing of transactions.

~~Income Tax Provision~~

The Company recorded an income tax benefit of $54.4 million in the first three quarters of 2017, compared to income tax expense of $86.9 million in the first three quarters of 2016. The effective tax rate was (10.8%) for the first three quarters of 2017, compared to 18.8% for the first three quarters of 2016. In the first three quarters of 2017, a $168.8 million income tax benefit was recognized due to revaluation of deferred tax assets. The Company also recognized income tax expense of $7.3 million associated with the expiration of share-based awards in the first three quarters of 2017. Prior to the adoption of ASU 2016-09 in fiscal 2017, the tax effect of such expirations would have been recorded to additional paid-in capital, rather than as a discrete tax item. Excluding the effect of these discrete tax items, the effective tax rate for the first three quarters of 2017 increased 250 basis points compared to the effective tax rate in the first three quarters of 2016. This remaining 250 basis point increase in effective tax rate was primarily due to the Company’s election in February 2017 to align certain Switzerland corporate tax positions with evolving international tax initiatives.

~~Net Income~~

As a result of the various factors noted above, net income increased 49% to $556.2 million for the 39-weeks ended September 30, 2017 compared to $374.2 million for the 39-weeks ended September 24, 2016.

Liquidity and Capital Resources

~~Operating Activities~~We primarily use cash flow from operations, and expect that future cash requirements may be used, to fund our capital expenditures, support our working capital requirements, pay dividends, fund share repurchases, and fund strategic acquisitions. We believe that our existing cash balances and cash flow from operations will be sufficient to meet our short- and long-term projected working capital needs, capital expenditures, and other cash requirements.

39-Weeks Ended
September 30, September 24,
(In thousands) 2017 2016
Net cash provided by operating activities $ 462,577 $ 492,366

~~The $29.8 million decrease in~~Cash, Cash Equivalents, and Marketable Securities

As of March 30, 2024, we had approximately $3.3 billion of cash, ~~provided by operating activities in the first three quarters of 2017 compared to the first three quarters of 2016 was primarily due to the following:~~

the impact of deferred income taxes providing $137.0 million less cash, primarily related to the revaluation of certain Switzerland deferred tax assets as discussed in the Results of Operations section above, partially offset by the utilization of certain deferred tax assets

inventories and related provisions for obsolete and slow moving inventories providing $50.1 million less cash primarily due to higher raw materials and work-in-process balances in anticipation of longer lead times for certain raw material components, new product introductions, and continued strong demand for certain key product categories

other current and noncurrent liabilities providing $39.3 million less cash primarily due to timing of payments for salaries and benefits payable, accrued sales program costs, and accrued advertising expenses

~~the impact of income taxes payable providing $15.4 million less cash due to the timing of disbursements and~~

~~other current and noncurrent assets providing $13.0 million less cash primarily related to the timing of prepayments for indirect taxes and equipment~~

~~Partially offset by:~~

~~net income increasing $182.0 million as discussed in the Results of Operations section above~~

~~deferred revenue providing a $19.4 million larger working capital benefit~~

~~accounts payable providing $16.2 million more cash primarily due to the timing of disbursements and~~

~~accounts receivable providing $8.6 million more cash primarily due to the timing of collections~~

~~Investing Activities~~

39-Weeks Ended
September 30, September 24,
(In thousands) 2017 2016
Net cash used in investing activities $ (89,086 ) $ (75,934 )

~~The $13.2 million increase in~~ cash ~~used in investing activities in the first three quarters of 2017 compared to the first three quarters of 2016 was primarily due to the following:~~

~~increased purchases of property and equipment of $43.1 million and~~

~~decreased net redemptions of marketable securities of $15.7 million~~

~~Partially offset by:~~

~~decreased cash payments for acquisitions of $49.7 million~~

~~It is management’s goal to invest the on-hand~~equivalents and marketable securities. Management invests idle or surplus cash in accordance with the Company's investment policy, which has been approved by the Company’s Board of ~~Directors of each applicable Garmin entity holding the cash.~~Directors. The investment policy’s primary ~~purpose is~~objectives are to preserve capital, maintain an acceptable degree of liquidity, and maximize yield within the constraint of low credit risk. Garmin’s average interest rate returns on cash and investments during the first ~~three quarters~~quarter of ~~2017~~2024 and ~~2016~~2023 were ~~approximately 1.5%~~3.1% and ~~1.4%~~2.4%, respectively.

~~The Company’s investment policy targets low risk investments with the objective of minimizing the potential risk of principal loss.~~ The fair value of our securities varies from period to period due to changes in interest rates, in the performance of the underlying collateral, and in the credit performance of the underlying issuer, among other factors. See ~~Footnote 8~~Note 4 for additional information regarding marketable securities.

~~Financing Activities~~Cash Flows

39-Weeks Ended
September 30, September 24,
(In thousands) 2017 2016
Net cash used in financing activities $ (355,112 ) $ (344,161 )

Cash provided by operating activities totaled $435.3 million for the first quarter of 2024, compared to $279.2 million for the first quarter of 2023. The ~~$11.0 million~~increase was primarily due to an increase in cash received from customers primarily driven by higher net sales, partially offset by increases in cash paid for cost of goods sold and operating expenses in the first quarter of 2024 compared to the first quarter of 2023.

Cash used in investing activities totaled $36.9 million for the first quarter of 2024, compared to $7.9 million for the first quarter of 2023. The increase was primarily due to net purchases of marketable securities in the first quarter of 2024, compared to the net redemptions of marketable securities in the first quarter of 2023, partially offset by a decrease in purchases of property and equipment.

Cash used in financing activities totaled $156.2 million for the first quarter of 2024, compared to $192.3 million for the first quarter of 2023. This decrease was primarily due to lower purchases of treasury shares under the share repurchase plan and partially offset by an increase in the purchase of treasury shares related to equity awards in the first ~~three quarters~~quarter of ~~2017~~2024 compared to the first ~~three quarters~~quarter of ~~2016 was~~2023.

Use of Cash

Operating Leases

The Company has lease arrangements for certain real estate properties, vehicles, and equipment. Leased properties are typically used for office space, distribution, and retail. As of March 30, 2024, the Company had fixed lease payment obligations of $155.7 million, with $34.5 million payable within 12 months.

Inventory Purchase Obligations

The Company obtains various raw materials and components for its products from a variety of third party suppliers. The Company’s inventory purchase obligations are primarily ~~due to~~noncancelable. As of March 30, 2024, the ~~following:~~Company had inventory purchase obligations of $773.5 million, with $623.1 million payable within 12 months.

~~increased purchases of treasury stock of $9.3 million under our share repurchase authorization and~~

~~increased purchases of treasury stock of $3.4 million related to equity awards~~

Our declared dividend has increased from $0.45 per share for the eight calendar quarters beginning in June 2012 to $0.48 per share for the four calendar quarters beginning in June 2014 to $0.51 per share for the twelve quarters beginning in June 2015.Other Purchase Obligations

WeThe Company’s other purchase obligations primarily use cash flow from operations to fund our capital expenditures, to support our working capital requirements, to pay dividends, and to fund share repurchases. We expect that future cash requirements will principally beconsist of noncancelable commitments for capital expenditures working capital, payment of dividends declared, share repurchases and the funding of strategic acquisitions. We believe that our existing cash balances and cash flow from operations will be sufficient to meet our long-term projected capital expenditures, working capital and other ~~cash requirements.~~indirect purchases in connection with conducting our business. As of March 30, 2024, the Company had other purchase obligations of $396.8 million, with $210.2 million payable within 12 months.

~~Off-Balance Sheet Arrangements~~

~~We do not have any off-balance sheet arrangements.~~

Critical Accounting Policies and Estimates

General

~~Garmin’s~~Our discussion and analysis of ~~its~~ financial condition and results of operations are based upon ~~Garmin’s~~the Company’s condensed consolidated financial statements, which have been prepared in accordance with accounting principles generally accepted in the United States. The presentation of these financial statements requires ~~Garmin~~management to make estimates and judgments that affect the reported amounts of assets, liabilities, revenues and expenses, and related disclosure of contingent assets and liabilities. On an on-going basis, ~~Garmin evaluates its~~we evaluate our estimates, including those related to customer sales programs and incentives, product returns, bad debts, inventories, investments, intangible assets, income taxes, warranty obligations, and contingencies and litigation. ~~Garmin bases its~~We base our estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying value of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates under different assumptions or conditions.

For a description of the significant accounting policies and methods used in the preparation of the Company’s condensed consolidated financial statements, refer to Note 2,1, “Summary of Significant Accounting Policies” in the Notes to the Consolidated Financial Statements in Part II, Item 8 and “Critical Accounting Policies and Estimates” in Part II, Item 7 of the Company’s Annual Report on Form 10-K for the fiscal year ended December ~~31, 2016.~~30, 2023. There were no ~~material~~significant changes to the Company’s critical accounting policies and estimates ~~other than the following accounting policy which became a critical accounting policy, during~~in the 13-week ~~and 39-week periods~~period ended ~~September~~March 30, ~~2017.~~2024.

~~Legal and Other Contingencies~~

In the normal course of business, the Company and its subsidiaries are parties to various legal claims, investigations and complaints, including matters alleging patent infringement and other intellectual property claims. We evaluate, on a quarterly and annual basis, developments in legal proceedings, investigations, claims, and other loss contingencies that could affect any required accrual or disclosure or estimate of reasonably possible loss or range of loss. An estimated loss from a loss contingency is accrued by a charge to income if it is probable that an asset has been impaired or a liability has been incurred and the amount of the loss can be reasonably estimated. If a range of loss is estimated, and some amount within that range appears to be a better estimate than any other amount within that range, then that amount is accrued. If no amount within the range can be identified as a better estimate than any other amount, the Company accrues the minimum amount in the range.

If an outcome unfavorable to the Company is determined to be probable, but the amount of loss cannot be reasonably estimated or is determined to be reasonably possible, but not probable, we disclose the nature of the contingency and an estimate of the possible loss or range of loss or a statement that such an estimate cannot be made. The Company’s aggregate range of reasonably possible losses includes (1) matters where a liability has been accrued and there is a reasonably possible loss in excess of the amount accrued for that liability, and (2) matters where a loss is believed to be reasonably possible, but not probable, and a liability therefore has not been accrued. This aggregate range only represents the Company’s estimate of reasonably possible losses and does not represent the Company’s maximum loss exposure. In assessing the probability of an outcome in a lawsuit, claim or assessment that could be unfavorable to the Company, we consider the following factors, among others: a) the nature of the litigation, claim, or assessment; b) the progress of the case; c) the opinions or views of legal counsel and other advisers; d) our experience in similar cases; e) the experience of other entities in similar cases; and f) how we intend to respond to the lawsuit, claim, or assessment. Costs incurred in defending lawsuits, claims or assessments are expensed as incurred.

Item 3. Quantitative and Qualitative Disclosures About Market Risk

There are numerous market risks that can affect our future business, financial condition and results of operations. In addition to the other information set forth in this report, you should carefully consider the factors discussed in Part II, ~~“Item 7A. Quantitative~~Item 7A, "Quantitative and Qualitative Disclosures About Market Risk” in our Annual Report on Form 10-K for the fiscal year ended December ~~31, 2016.~~30, 2023. There have been no material changes during the 13-week ~~and 39-week periods~~period ended ~~September~~March 30, ~~2017~~2024 in the risks described in our Annual Report on Form 10-K related to market sensitivity, inflation, foreign currency exchange rate risk and interest rate risk.

Item 4. Controls and Procedures

(a)Evaluation of disclosure controls and procedures.The Company maintains a system of disclosure controls and procedures that are designed to provide reasonable assurance that information, which is required to be timely disclosed, is accumulated and communicated to management in a timely fashion. A control system, no matter how well conceived and operated, can provide only reasonable, not absolute, assurance that the objectives of the control system are met. As of ~~September~~March 30, ~~2017,~~2024, the Company carried out an evaluation, under the supervision and with the participation of the Company’s management, including the Company’s Chief Executive Officer and Chief Financial Officer, of the effectiveness of the Company’s disclosure controls and procedures. Based upon that evaluation, the Chief Executive Officer and Chief Financial Officer concluded as of ~~September~~March 30, ~~2017~~2024 that our disclosure controls and procedures were effective such that the information relating to the Company, required to be disclosed in our Securities and Exchange Commission ~~("SEC")~~(SEC) reports (i) is recorded, processed, summarized and reported within the time periods specified in SEC rules and forms, and (ii) is accumulated and communicated to the ~~Company's~~Company’s management, including our Chief Executive Officer and Chief Financial Officer, as appropriate to allow timely decisions regarding required disclosure.

(b)Changes in internal control over financial reporting. There has been no change in the Company’s internal controls over financial reporting that occurred during the Company’s fiscal quarter ended ~~September~~March 30, ~~2017~~2024 that has materially affected, or is reasonably likely to materially affect, the Company’s internal control over financial reporting.

Part II - Other Information

Item 1. Legal Proceedings

The following information supplements and amends the discussion set forth under Part I, Item 3 "Legal Proceedings" in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2016 and the Company’s Quarterly Report on Form 10-Q for the fiscal quarter ended July 1, 2017.

~~In the Matter of Certain Marine Sonar Imaging Devices, Including Downscan and Sidescan Devices, Products Containing the Same, and Components Thereof~~

On October 24, 2017, the U.S. Court of Appeals for the Federal Circuit (the “Federal Circuit”) denied Navico’s combined petition for panel rehearing and rehearing en banc. On October 31, 2017, the Federal Circuit issued its mandate confirming their June 2017 decisions holding that all asserted claims of the ‘840 patent and the ‘550 patent are invalid in view of the prior art and confirming that Garmin does not infringe the ‘499 patent. Although there can be no assurance that an unfavorable outcome of this litigation would not have a material adverse effect on our operating results, liquidity or financial position, Garmin believes that the claims in this lawsuit are without merit and intends to vigorously defend this action.

~~Navico Inc. And Navico Holding AS v. Garmin International, Inc .and Garmin USA, Inc. (U.S: District Court for the Eastern District of Texas)~~

A jury trial took place on September 5-8, 2017. On September 7, 2017, during the trial, the court granted Garmin’s motion for judgment as a matter of law dismissing Navico’s claim for false advertising. On September 8, 2017, the jury returned a verdict finding that Navico had proven infringement of the ‘022 and ‘168 patents, Garmin’s infringement was willful, and Navico should be awarded damages of $38 million. On October 10, 2017, Navico filed post-trial motions. On October 20, 2017, Garmin filed a motion for judgment as a matter of law and/or a motion for a new trial On October 23, 2017, Garmin filed its responses to Navico’s post-trial motions. All post-trial motions are scheduled for oral argument on November 28, 2017. Although there can be no assurance that an unfavorable outcome of this litigation would not have a material adverse effect on our operating results, liquidity or financial position, Garmin believes that the claims in this lawsuit are without merit and intends to vigorously defend this lawsuit.

~~Visteon Global Technologies, Inc. and Visteon Technologies LLC v. Garmin International, Inc.~~

~~On October 27, 2017 the parties entered into a settlement agreement pursuant to which this lawsuit will be dismissed.~~

In the normal course of business, the Company and its subsidiaries are parties to various legal claims, actions, and complaints, including matters involving patent infringement, other intellectual property, product liability, customer claims and various other risks. It is not possible to predict with certainty whether or not the Company and its subsidiaries will ultimately be successful in any of these legal matters, or if not, what the impact might be. However, the Company’s management does not expect that the results in any of these legal proceedings will have a material adverse effect on the Company’s business, results of operations, financial position or cash flows. For additional information, see Note 8 – Commitments and Contingencies in the above Condensed Consolidated Financial Statements and Part I, Item 3, “Legal Proceedings” in the Company’s Annual Report on Form 10-K for the fiscal year ended December 30, 2023.

Item 1A. Risk Factors

There are many risks and uncertainties that can affect our future business, financial performance or share price. In addition to the other information set forth in this report, you should carefully consider the factors discussed in Part I, ~~“Item 1A. Risk~~Item 1A, “Risk Factors” in our Annual Report on Form 10-K for the fiscal year ended December ~~31, 2016.~~30, 2023. There have been no material changes during the 13-week ~~and 39-week periods~~period ended ~~September~~March 30, ~~2017~~2024 in the risks described in our Annual Report on Form 10-K. These risks, however, are not the only risks facing our Company. Additional risks and uncertainties, including those not currently known to us or that we currently deem to be immaterial, also may materially adversely affect our business, financial condition and/or operating results.

~~Item 2.~~

~~Unregistered Sales of Equity Securities and Use of Proceeds~~

~~Items (a)~~Item 2. Unregistered Sales of Equity Securities and ~~(b) are not applicable.~~Use of Proceeds

~~(c)~~ Issuer Purchases of Equity Securities

~~The~~There were no repurchases of our common shares during the three months ended March 30, 2024.

On February 16, 2024, the Board of Directors approved a share repurchase program ~~on February 13, 2015,~~(the "2024 Program"), authorizing the Company to purchase up to $300 million of its common shares, exclusive of the cost of any associated excise tax. The share repurchase authorization expires on December 26, 2026. As of March 30, 2024 the Company had repurchased no shares, leaving $300 million available to repurchase shares under the 2024 Program. Refer to Note 9 of the Condensed Consolidated Financial Statements for additional information related to share repurchases.

Item 3. Defaults Upon Senior Securities

None.

Item 4. Mine Safety Disclosures

Not applicable.

Item 5. Other Information

During the 13-week period ended March 30, 2024, no directors or officers (as defined in Rule 16a-1(f) of the Securities Exchange Act of 1934) of the Company adopted or terminated any “Rule 10b5-1 trading arrangement” or “non-Rule 10b5-1 trading arrangement,” as ~~market~~each term is defined in Item 408(a) of Regulation S-K, except as follows:

•

On March 1, 2024, Clifton Pemble, President and ~~business~~Chief Executive Officer, adopted a new written trading plan intended to satisfy the affirmative defense conditions ~~warrant. In December 2016,~~of Rule 10b5-1(c) under the ~~Board~~Exchange Act for the potential sale of ~~Directors authorized an extension through December 31, 2017~~up to ~~purchase remaining~~(i) 15,931 shares of our common ~~shares. The following table lists~~shares, and (ii) 100% of the ~~Company’s share purchases~~net shares (net of tax withholding) resulting from the vesting of 31,206 gross shares of our common shares relating to equity awards during the ~~third quarter~~plan period, subject to certain conditions. The first trade date will not occur until June 17, 2024 at the earliest, and the plan's maximum duration is until March 1, 2025.

•

On March 5, 2024, Patrick Desbois, Executive Vice President, Operations, adopted a new written trading plan intended to satisfy the affirmative defense conditions of ~~2017:~~Rule 10b5-1(c) under the Exchange Act for the potential sale of up to 4,126 shares of our common shares, subject to certain conditions. The first trade date will not occur until June 4, 2024 at the earliest, and the plan's maximum duration is until July 31, 2024.

Item 6. Exhibits

Period Total # of
Shares Purchased Average Price
Paid Per Share Maximum Number of Shares (or
Approx. Dollar Value of Shares in
thousands) That May Yet be
Purchased Under the Plan
July 2, 2017 - July 29, 2017 0 $ 0.00 $ 11,397
July 30, 2017 - August 26, 2017 125,201 $ 51.65 $ 4,930
August 27, 2017 - September 30, 2017 79,270 $ 51.71 $ 831
Total 204,471 $ 51.68 $ 831

~~Item 3.~~
Exhibit 3.1	~~Defaults Upon Senior Securities~~	Articles of Association of Garmin Ltd., as amended and restated on June 9, 2023 (incorporated by reference to Exhibit 10.3 of the Registrant’s Current Report on Form 8-K filed on June 12, 2023).

~~None~~

~~Item 4.~~

~~Mine Safety Disclosures~~

~~Not applicable~~

~~Item 5.~~

Exhibit 3.2

~~Other Information~~

Organizational Regulations of Garmin Ltd., as amended on October 25, 2019 (incorporated by reference to Exhibit 3.2 of the Registrant’s Amendment No.1 to Current Report on Form 8-K/A filed on November 21, 2019).

~~Not applicable~~

~~Item 6.~~

~~Exhibits~~

Exhibit ~~31.1~~31.1‡		Certification of Chief Executive Officer pursuant to Exchange Act Rule 13a-14(a) or 15d-14(a).

Exhibit ~~31.2~~31.2‡		Certification of Chief Financial Officer pursuant to Exchange Act Rule 13a-14(a) or 15d-14(a).

Exhibit ~~32.1~~32.1†		Certification of Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of ~~2002~~2002.

Exhibit ~~32.2~~32.2†		Certification of Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of ~~2002~~2002.

Exhibit ~~101.INS~~101.INS‡		Inline XBRL Instance Document – the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.

Exhibit ~~101.SCH~~101.SCH‡		Inline XBRL Taxonomy Extension Schema With Embedded Linkbase Documents

Exhibit ~~101.CAL~~104‡		Cover Page Interactive Data File (formatted as Inline XBRL ~~Taxonomy Extension Calculation Linkbase~~

and contained in Exhibit ~~101.LAB~~		~~XBRL Taxonomy Extension Label Linkbase~~

~~Exhibit 101.PRE~~		~~XBRL Taxonomy Extension Presentation Linkbase~~

~~Exhibit 101.DEF~~		~~XBRL Taxonomy Extension Definition Linkbase~~101)

‡ Filed herewith.

† Furnished herewith.

SIGNATURES

~~SIGNATURES~~

Pursuant to the requirements of the Securities Exchange Act of 1934, the Company has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.


	GARMIN LTD.

	By	/s/ Douglas G. Boessen
		Douglas G. Boessen
		Chief Financial Officer
		(Principal Financial Officer and
		Principal Accounting Officer)

Dated: ~~November~~May 1, ~~2017~~

2024

~~INDEX TO EXHIBITS~~

~~Exhibit No.~~		~~Description~~

~~Exhibit 31.1~~		~~Certification of Chief Executive Officer pursuant to Exchange Act Rule 13a-14(a) or 15d-14(a).~~

~~Exhibit 31.2~~		~~Certification of Chief Financial Officer pursuant to Exchange Act Rule 13a-14(a) or 15d-14(a).~~

~~Exhibit 32.1~~		~~Certification of Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002~~

~~Exhibit 32.2~~		~~Certification of Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002~~

~~Exhibit 101.INS~~		~~XBRL Instance Document~~

~~Exhibit 101.SCH~~		~~XBRL Taxonomy Extension Schema~~

~~Exhibit 101.CAL~~		~~XBRL Taxonomy Extension Calculation Linkbase~~

~~Exhibit 101.LAB~~		~~XBRL Taxonomy Extension Label Linkbase~~

~~Exhibit 101.PRE~~		~~XBRL Taxonomy Extension Presentation Linkbase~~

~~Exhibit 101.DEF~~		~~XBRL Taxonomy Extension Definition Linkbase~~


Switzerland		98-0229227
(State or other jurisdiction		(I.R.S. Employer
of incorporation or organization)	~~98-0229227~~	~~(I.R.S. Employer~~ identification no.)

Mühlentalstrasse 2
8200Schaffhausen
Switzerland		N/A
(Address of principal executive offices)	~~N/A~~	(Zip Code)


Registered Shares, $0.10 Per Share Par Value	GRMN	New York Stock Exchange
(Title of each class)	(Trading Symbol)	(Name of each exchange on which registered)

	(Unaudited)
	September 30,			December 31,
	2017			2016
Assets
Current assets:
Cash and cash equivalents	$	891,279		$	846,883
Marketable securities		253,699			266,952
Accounts receivable, net		457,391			527,062
Inventories, net		575,335			484,821
Deferred costs		47,483			47,395
Prepaid expenses and other current assets		107,287			89,903
Total current assets		2,332,474			2,263,016

Property and equipment, net		554,441			482,878

Marketable securities		1,210,323			1,213,285
Restricted cash		117			113
Deferred income taxes		262,473			110,293
Noncurrent deferred costs		69,286			56,151
Intangible assets, net		313,269			305,002
Other assets		93,008			94,395
Total assets	$	4,835,391		$	4,525,133

Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable	$	158,591		$	172,404
Salaries and benefits payable		89,124			88,818
Accrued warranty costs		35,669			37,233
Accrued sales program costs		53,826			80,953
Deferred revenue		138,570			146,564
Accrued royalty costs		37,895			36,523
Accrued advertising expense		20,099			37,440
Other accrued expenses		105,783			70,469
Income taxes payable		15,250			16,163
Dividend payable		191,238			96,168
Total current liabilities		846,045			782,735

Deferred income taxes		68,204			61,220
Noncurrent income taxes		123,905			121,174
Noncurrent deferred revenue		155,814			140,407
Other liabilities		1,738			1,594

Stockholders' equity:
Shares, CHF 0.10 par value, 198,077 shares authorized and issued; 187,500 shares outstanding at September 30, 2017 and 188,565 shares outstanding at December 31, 2016		17,979			17,979
Additional paid-in capital		1,851,529			1,836,047
Treasury stock		(506,799	)		(455,964	)
Retained earnings		2,230,489			2,056,702
Accumulated other comprehensive income (loss)		46,487			(36,761	)
Total stockholders' equity		3,639,685			3,418,003
Total liabilities and stockholders' equity	$	4,835,391		$	4,525,133


	March 30, 2024			December 30, 2023
Assets
Current assets:
Cash and cash equivalents	$	1,921,782		$	1,693,452
Marketable securities		274,579			274,618
Accounts receivable, net		694,690			815,243
Inventories		1,302,230			1,345,955
Deferred costs		18,329			16,316
Prepaid expenses and other current assets		305,674			318,556
Total current assets		4,517,284			4,464,140

Property and equipment, net of accumulated depreciation of $1,048,936 and $1,030,588		1,206,401			1,224,097
Operating lease right-of-use assets		136,285			143,724
Noncurrent marketable securities		1,133,958			1,125,191
Deferred income tax assets		763,083			754,635
Noncurrent deferred costs		10,480			11,057
Goodwill		601,618			608,474
Other intangible assets, net		176,647			186,601
Other noncurrent assets		88,124			85,650
Total assets	$	8,633,880		$	8,603,569

Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable	$	243,087		$	253,790
Salaries and benefits payable		192,832			190,014
Accrued warranty costs		55,219			55,738
Accrued sales program costs		77,592			98,610
Other accrued expenses		191,474			245,874
Deferred revenue		100,740			101,189
Income taxes payable		256,442			225,475
Dividend payable		—			139,997
Total current liabilities		1,117,386			1,310,687

Deferred income tax liabilities		113,932			114,682
Noncurrent income taxes payable		16,128			16,521
Noncurrent deferred revenue		33,928			36,148
Noncurrent operating lease liabilities		105,859			113,035
Other noncurrent liabilities		550			436

Stockholders’ equity:
Common shares (194,901 and 195,880 shares authorized and issued; 192,079 and 191,777 shares outstanding)		19,490			19,588
Additional paid-in capital		2,135,384			2,125,467
Treasury shares (2,822 and 4,103 shares)		(226,921	)		(330,909	)
Retained earnings		5,440,200			5,263,528
Accumulated other comprehensive income (loss)		(122,056	)		(65,614	)
Total stockholders’ equity		7,246,097			7,012,060
Total liabilities and stockholders’ equity	$	8,633,880		$	8,603,569

	39-Weeks Ended
	September 30,			September 24,
	2017			2016
Operating activities:
Net income	$	556,175		$	374,209
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation		44,011			40,327
Amortization		19,688			22,215
(Gain) loss on sale or disposal of property and equipment		(184	)		155
Provision for doubtful accounts		551			2,559
Deferred income taxes		(143,846	)		(6,821	)
Unrealized foreign currency loss		17,504			19,536
Provision for obsolete and slow moving inventories		16,504			20,943
Stock compensation expense		32,441			29,211
Realized loss (gain) on marketable securities		594			(1,068	)
Changes in operating assets and liabilities:
Accounts receivable		84,982			76,372
Inventories		(86,631	)		(41,002	)
Other current and non-current assets		(9,635	)		3,400
Accounts payable		(24,526	)		(40,694	)
Other current and non-current liabilities		(37,403	)		1,942
Deferred revenue		5,726			(13,660	)
Deferred costs		(12,650	)		(9,906	)
Income taxes payable		(724	)		14,648
Net cash provided by operating activities		462,577			492,366

Investing activities:
Purchases of property and equipment		(85,211	)		(42,157	)
Proceeds from sale of property and equipment		264			15
Purchase of intangible assets		(9,069	)		(4,706	)
Purchase of marketable securities		(438,046	)		(739,676	)
Redemption of marketable securities		455,376			772,733
Change in restricted cash		-			(6	)
Acquisitions, net of cash acquired		(12,400	)		(62,137	)
Net cash used in investing activities		(89,086	)		(75,934	)

Financing activities:
Dividends paid		(287,318	)		(289,331	)
Purchase of treasury stock under share repurchase plan		(74,523	)		(65,221	)
Purchase of treasury stock related to equity awards		(3,587	)		(184	)
Proceeds from issuance of treasury stock related to equity awards		10,316			10,210
Tax benefit from issuance of equity awards		-			365
Net cash used in financing activities		(355,112	)		(344,161	)

Effect of exchange rate changes on cash and cash equivalents		26,017			7,218

Net increase in cash and cash equivalents		44,396			79,489
Cash and cash equivalents at beginning of period		846,883			833,070
Cash and cash equivalents at end of period	$	891,279		$	912,559

x
☒	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

¨
☐	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934


Large Accelerated Filer	☑	Accelerated Filer	☐
Non-accelerated Filer	☐	Smaller reporting company	☐
		Emerging growth company	☐


				Page

Part I - Financial Information				1

Item 1.		Condensed Consolidated Financial Statements		3 1

	~~Condensed Consolidated Balance Sheets at September 30, 2017 (Unaudited) and December 31, 2016~~		3

	Condensed Consolidated Statements of Income for the ~~13-weeks~~13-Weeks ended March 30, 2024 and ~~39-weeks ended September 30, 2017 and September 24, 2016~~April 1, 2023 (Unaudited)		4 1

		Condensed Consolidated Statements of Comprehensive Income for the ~~13-weeks~~13-Weeks ended March 30, 2024 and ~~39-weeks ended September 30, 2017 and September 24, 2016~~April 1, 2023 (Unaudited)		5 2

		Condensed Consolidated Balance Sheets at March 30, 2024 and December 30, 2023 (Unaudited)		3

		Condensed Consolidated Statements of Cash Flows for the ~~39-weeks~~13-Weeks ended ~~September~~March 30, ~~2017~~2024 and ~~September 24, 2016~~April 1, 2023 (Unaudited)		6 4

		Condensed Consolidated Statements of Stockholders’ Equity for the 13-Weeks ended March 30, 2024 and April 1, 2023 (Unaudited)		5

		Notes to Condensed Consolidated Financial Statements (Unaudited)		7 6

Item 2.		~~Management's~~Management’s Discussion and Analysis of Financial Condition and Results of Operations		21 14

Item 3.		Quantitative and Qualitative Disclosures About Market Risk		32 19

Item 4.		Controls and Procedures		32 19

Part II - Other Information				20

Item 1.		Legal Proceedings		34 20

Item 1A.		Risk Factors		34 20

Item 2.		Unregistered Sales of Equity Securities and Use of Proceeds		35 20

Item 3.		Defaults Upon Senior Securities		35 20

Item 4.		Mine Safety Disclosures		35 20

Item 5.		Other Information		35 21

Item 6.	~~Exhibits~~	Exhibits	35	22

Signature Page				37

~~Index to Exhibits~~			38 23


	Common Shares			Additional Paid-In Capital			Treasury Shares			Retained Earnings			Accumulated Other Comprehensive Income (Loss)			Total
Balance at December 31, 2022	$	17,979		$	2,042,472		$	(475,095	)	$	4,733,517		$	(114,533	)	$	6,204,340
Net income		—			—			—			202,327			—			202,327
Translation adjustment		—			—			—			—			16,891			16,891
Adjustment related to unrealized gains (losses) on available-for-sale securities net of income tax effects of $2,613		—			—			—			—			11,076			11,076
Comprehensive income																	230,294
Dividends		—			—			—			(114	)		—			(114	)
Issuance of treasury shares related to equity awards		—			(14,865	)		14,865			—			—			—
Stock compensation		—			20,732			—			—			—			20,732
Purchase of treasury shares related to equity awards		—			—			(9,169	)		—			—			(9,169	)
Purchase of treasury shares under share repurchase plan, including any associated excise tax		—			—			(41,079	)		—			—			(41,079	)
Balance at April 1, 2023	$	17,979		$	2,048,339		$	(510,478	)	$	4,935,730		$	(86,566	)	$	6,405,004

	Common Shares			Additional Paid-In Capital			Treasury Shares			Retained Earnings			Accumulated Other Comprehensive Income (Loss)			Total
Balance at December 30, 2023	$	19,588		$	2,125,467		$	(330,909	)	$	5,263,528		$	(65,614	)	$	7,012,060
Net income		—			—			—			275,961			—			275,961
Translation adjustment		—			—			—			—			(59,055	)		(59,055	)
Adjustment related to unrealized gains (losses) on available-for-sale securities net of income tax effects of $812		—			—			—			—			2,613			2,613
Comprehensive income																	219,519
Dividends		—			—			—			(214	)		—			(214	)
Issuance of treasury shares related to equity awards		—			(20,802	)		20,802			—			—			—
Stock compensation		—			30,719			—			—			—			30,719
Purchase of treasury shares related to equity awards		—			—			(15,987	)		—			—			(15,987	)
Purchase of treasury shares under share repurchase plan, including any associated excise tax		—			—						—			—			—
Cancellation of treasury shares		(98	)		—			99,173			(99,075	)		—			—
Balance at March 30, 2024	$	19,490		$	2,135,384		$	(226,921	)	$	5,440,200		$	(122,056	)	$	7,246,097

	Reportable Segments
	Outdoor		Fitness		Marine		Auto		Aviation		Total

13-Weeks Ended September 30, 2017

Net sales	$	184,937	$	167,147	$	77,312	$	189,053	$	124,628	$	743,077
Gross profit	$	118,175	$	96,135	$	44,574	$	83,961	$	90,820	$	433,665
Operating income	$	67,810	$	33,492	$	18,420	$	15,971	$	34,097	$	169,790

13-Weeks Ended September 24, 2016

Net sales	$	141,006	$	189,161	$	70,010	$	214,637	$	107,436	$	722,250
Gross profit	$	88,497	$	103,363	$	39,891	$	93,638	$	80,591	$	405,980
Operating income	$	49,271	$	44,774	$	10,332	$	24,795	$	30,444	$	159,616

39-Weeks Ended September 30, 2017

Net sales	$	495,589	$	485,999	$	290,302	$	555,059	$	371,559	$	2,198,508
Gross profit	$	319,457	$	276,014	$	166,690	$	246,931	$	274,554	$	1,283,646
Operating income	$	176,544	$	89,452	$	60,860	$	50,566	$	112,063	$	489,485

39-Weeks Ended September 24, 2016

Net sales	$	370,929	$	544,434	$	264,489	$	655,963	$	322,083	$	2,157,898
Gross profit	$	232,652	$	295,463	$	148,554	$	292,770	$	239,349	$	1,208,788
Operating income	$	125,721	$	114,422	$	49,172	$	82,984	$	91,794	$	464,093

	As of December 31, 2016
	Less than 12 Consecutive Months					12 Consecutive Months or Longer
	Gross Unrealized Losses			Fair Value		Gross Unrealized Losses			Fair Value
U.S. Treasury securities	$	(288	)	$	24,260	$	-		$	-
Agency securities		(991	)		49,255		-			-
Mortgage-backed securities		(3,702	)		159,665		(1,870	)		64,645
Corporate securities		(18,856	)		765,712		(1,699	)		40,910
Municipal securities		(2,762	)		130,994		(97	)		6,326
Other		(3	)		4,058		(6	)		6,919
Total	$	(26,602	)	$	1,133,944	$	(3,672	)	$	118,800


	Amortized Cost		Fair Value
Due in one year or less	$	279,010	$	274,579
Due after one year through five years		1,173,293		1,115,240
Due after five years through ten years		13,661		12,512
Due after ten years		7,579		6,206
Total	$	1,473,543	$	1,408,537


	March 30, 2024		December 30, 2023
Raw materials	$	488,357	$	493,493
Work-in-process		174,085		160,919
Finished goods		639,788		691,543
Inventories	$	1,302,230	$	1,345,955

	13-Weeks Ended September 30, 2017
	Foreign Currency Translation Adjustment		Net unrealized gains (losses) on available- for-sale securities			Total
Balance - beginning of period	$	56,095	$	(15,948	)	$	40,147
Other comprehensive income before reclassification		5,804		519			6,323
Amounts reclassified from accumulated other comprehensive income		-		17			17
Net current-period other comprehensive income		5,804		536			6,340
Balance - end of period	$	61,899	$	(15,412	)	$	46,487

13-Weeks Ended September 30, 2017
Details about Accumulated Other Comprehensive Income Components	Amount Reclassified from Accumulated Other Comprehensive Income			Affected Line Item in the Statement Where Net Income is Presented

Unrealized gains (losses) on available-for-sale securities	$	(10	)	Other income (expense)
		(7	)	Income tax benefit (provision)
	$	(17	)	Net of tax

	13-weeks ended September 30, 2017					13-weeks ended September 24, 2016					Year over Year
	Net Sales		% of Revenues			Net Sales		% of Revenues			$ Change			% Change
Outdoor	$	184,937		25	%	$	141,006		19	%	$	43,931			31	%
Fitness		167,147		23	%		189,161		26	%		(22,014	)		-12	%
Marine		77,312		10	%		70,010		10	%		7,302			10	%
Auto		189,053		25	%		214,637		30	%		(25,584	)		-12	%
Aviation		124,628		17	%		107,436		15	%		17,192			16	%
Total	$	743,077		100	%	$	722,250		100	%	$	20,827			3	%

	13-weeks ended September 30, 2017					13-weeks ended September 24, 2016
	Advertising					Advertising					Year over Year
	Expense		% of Revenues			Expense		% of Revenues			$ Change			% Change
Outdoor	$	8,092		4	%	$	6,459		5	%	$	1,633			25	%
Fitness		14,089		8	%		14,616		8	%		(527	)		-4	%
Marine		2,618		3	%		2,941		4	%		(323	)		-11	%
Auto		6,340		3	%		6,992		3	%		(652	)		-9	%
Aviation		1,310		1	%		1,948		2	%		(638	)		-33	%
Total	$	32,449		4	%	$	32,956		5	%	$	(507	)		-2	%

	13-weeks ended September 30, 2017					13-weeks ended September 24, 2016
	Selling, General &					Selling, General &					Year over Year
	Admin. Expenses		% of Revenues			Admin. Expenses		% of Revenues			$ Change			% Change
Outdoor	$	27,574		15	%	$	20,074		14	%	$	7,500			37	%
Fitness		27,858		17	%		27,294		14	%		564			2	%
Marine		8,681		11	%		13,041		19	%		(4,360	)		-33	%
Auto		30,231		16	%		30,875		14	%		(644	)		-2	%
Aviation		7,450		6	%		5,675		5	%		1,775			31	%
Total	$	101,794		14	%	$	96,959		13	%	$	4,835			5	%

	13-weeks ended September 30, 2017					13-weeks ended September 24, 2016
	Research &					Research &					Year over Year
	Development		% of Revenues			Development		% of Revenues			$ Change		% Change
Outdoor	$	14,699		8	%	$	12,693		9	%	$	2,006		16	%
Fitness		20,696		12	%		16,679		9	%		4,017		24	%
Marine		14,855		19	%		13,577		19	%		1,278		9	%
Auto		31,419		17	%		30,976		14	%		443		1	%
Aviation		47,963		38	%		42,524		40	%		5,439		13	%
Total	$	129,632		17	%	$	116,449		16	%	$	13,183		11	%

Period	Total # of Shares Purchased		Average Price Paid Per Share		Maximum Number of Shares (or Approx. Dollar Value of Shares in thousands) That May Yet be Purchased Under the Plan
July 2, 2017 - July 29, 2017		0	$	0.00	$	11,397
July 30, 2017 - August 26, 2017		125,201	$	51.65	$	4,930
August 27, 2017 - September 30, 2017		79,270	$	51.71	$	831
Total		204,471	$	51.68	$	831