DEAR SHAREHOLDER

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DEAR SHAREHOLDER, Investors are increasingly interested in the purpose a company serves the values it embraces and the strategies. it employs We welcome the focus on these essential qualities as Garmin has always been a company of strong. purpose built on a foundation of time honored values and guided by proven strategies. Our purpose embodied in our mission is to be an enduring company by creating superior products for automotive. aviation marine outdoor and sports that are an essential part of our customers lives. The culture of our company reflects the values we embrace The foundation of our culture is honesty integrity. and respect for our associates customers and business partners Our associates are fully committed to serving. customers and their fellow associates through outstanding performance and accomplishing what we say we will do. We employ five key strategies to create sustainable long term value for our shareholders. We hire talented associates and provide them with competitive compensation generous benefits career. growth opportunities and a fun and engaging work environment that encourages long term contributions. We offer products with essential utility leading edge technologies compelling features and exceptional. ease of use to create clear differentiators our customers appreciate and desire. We embrace a vertically integrated business model with strategic design manufacturing distribution sales. and support centers around the world to maximize our value to customers. We relentlessly pursue innovation to create new products and markets that lead to growth opportunities and. We continuously reinvest in people facilities and equipment to focus on long term success and stability. Our focus on our mission values and strategies is unmistakably evident Revenue grew 2 for the full year and. operating income grew 7 ahead of revenue due to strong margin performance Outdoor aviation marine and. fitness grew 9 on a combined basis generated 76 of our revenue and 90 of our operating income for the year. We believe that we are well positioned for long term success and value creation With this in mind our Board of. Directors is proposing to increase our dividend which is one of several items we are asking shareholders to approve. at our 2018 annual meeting, In addition to strong financial performance I am very pleased to report that we have also been recognized as a solid. corporate citizen Last year Garmin was named one of the Global 2000 World s Best Employers placing 430 out of. the 360 000 companies that were evaluated We were also named as one of Forbes Magazine s Just 100 America s. Best Corporate Citizens This ranking took into consideration companies focus on seven metrics producing quality. goods treating customers well minimizing environmental impact supporting the communities we operate in. committing to ethical and diverse leadership and above all treating workers well For the last 14 consecutive years. Garmin was ranked 1 in avionics support by Professional Pilot Magazine and by Aviation International News and. we were named manufacturer of the year by the National Marine Electronics Association for the third consecutive. year Our global team of associates delivered strong financial performance and so much more in 2017 and I am. proud of all that they accomplished, I want to thank our shareholders for your interest in Garmin as we look forward to another successful year together. CLIFF PEMBLE PRESIDENT AND CEO,UNITED STATES,SECURITIES AND EXCHANGE COMMISSION. Washington D C 20549, X ANNUAL REPORT PURSUANT TO SECTION 13 OR 15 d OF THE.
SECURITIES EXCHANGE ACT OF 1934,For the fiscal year ended December 30 2017. TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 d OF THE. SECURITIES EXCHANGE ACT OF 1934,For the transition period from to. Commission file number 0 31983,GARMIN LTD, Exact name of registrant as specified in its charter. Switzerland 98 0229227, State or other jurisdiction I R S Employer Identification No. of incorporation or organization,M hlentalstrasse 2.
8200 Schaffhausen N A,Switzerland Zip Code,Address of principal executive offices. Registrant s telephone number including area code 41 52 630 1600. Securities registered pursuant to Section 12 b of the Act. Registered Shares CHF 0 10 Per Share Par Value The Nasdaq Stock Market LLC. Title of each class Name of each exchange on which registered. Securities registered pursuant to Section 12 g of the Act None. Indicate by check mark if the registrant is a well known seasoned issuer as defined in Rule 405 of the Securities Act YES NO. Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15 d of the Act YES. Indicate by check mark whether the registrant 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 registrant was required to. file such reports and 2 has been subject to such filing requirements for the past 90 days YES NO. Indicate by check mark whether the registrant has submitted electronically and posted on its corporate website if any every. Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulations 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. Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S K 229 405 of this chapter is not. contained herein and will not be contained to the best of registrant s knowledge in definitive proxy or information statements. incorporated by reference in Part III of this Form 10 K or any amendment to this Form 10 K. Indicate by check mark whether the registrant is a large accelerated filer an accelerated filer a non accelerated filer smaller. reporting company or emerging growth company See the definitions of large accelerated filer accelerated filer smaller. reporting company and emerging growth company in Rule 12b 2 of the Exchange Act. Large Accelerated Filer Accelerated Filer,Non accelerated Filer Smaller reporting company. Do not check if a 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. Indicate by check mark whether the registrant is a shell company as defined in Rule 12b 2 of the Exchange Act. Aggregate market value of the common shares held by non affiliates of the registrant as of July 1 2017 based on the. closing price of the registrant s common shares on the Nasdaq Stock Market for that date was 6 129 443 292. Number of shares outstanding of the registrant s common shares as of February 16 2018. Registered Shares CHF 0 10 par value 198 077 418 including treasury shares. Documents incorporated by reference, Portions of the following document are incorporated herein by reference into Part III of the Form 10 K as indicated. Part of Form 10 K into,Document which Incorporated.
Company s Definitive Proxy Statement for the 2018 Annual Meeting of Shareholders which will Part III. be filed no later than 120 days after December 30 2017. Garmin Ltd,2017 Form 10 K Annual Report,Table of Contents. Cautionary Statement With Respect To Forward Looking Comments 4. Item 1 Business 4,Item 1A Risk Factors 21,Item 1B Unresolved Staff Comments 34. Item 2 Properties 34,Item 3 Legal Proceedings 35,Item 4 Mine Safety Disclosures 36. Executive Officers of the Registrant 36, Item 5 Market for Registrant s Common Equity Related Stockholder Matters and Issuer Purchases of. Equity Securities 38,Item 6 Selected Financial Data 40.
Item 7 Management s Discussion and Analysis of Financial Condition and Results of. Operations 42, Item 7A Quantitative and Qualitative Disclosures About Market Risk 56. Item 8 Financial Statements and Supplementary Data 58. Item 9 Changes in and Disagreements with Accountants on Accounting and Financial. Disclosure 93,Item 9A Controls and Procedures 93,Item 9B Other Information 96. Item 10 Directors Executive Officers and Corporate Governance 97. Item 11 Executive Compensation 98, Item 12 Security Ownership of Certain Beneficial Owners and Management and Related Stockholder. Matters 98, Item 13 Certain Relationships and Related Transactions and Director Independence 99. Item 14 Principal Accounting Fees and Services 99, Item 15 Exhibits Financial Statement Schedules 100.
Item 16 Form 10 K Summary 106,Signatures 108,Statutory Financial Statements S 1. CAUTIONARY STATEMENT WITH RESPECT TO FORWARD LOOKING COMMENTS. The discussions set forth in this Annual Report on Form 10 K contain statements concerning potential future. events Such forward looking statements are based upon assumptions by the Company s management as of the. date of this Annual Report including assumptions about risks and uncertainties faced by the Company In addition. management may make forward looking statements orally or in other writings including but not limited to in press. releases in the annual report to shareholders and in the Company s other filings with the Securities and Exchange. Commission Readers can identify these forward looking statements by their use of such verbs as expects. anticipates believes or similar verbs or conjugations of such verbs Forward looking statements include any. discussion of the trends and other factors that drive our business and future results in Item 7 Management s. Discussion and Analysis of Financial Conditions and Results of Operations Readers are cautioned not to place. undue reliance on these forward looking statements which speak only as of their date If any of management s. assumptions prove incorrect or should unanticipated circumstances arise the Company s 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 under Item 1A. Risk Factors Readers are strongly encouraged to consider those factors when evaluating any forward looking. statements concerning the Company Except as may be required by law the Company does not undertake to update. any forward looking statements in this Annual Report to reflect future events or developments. Item 1 Business, This discussion of the business of Garmin Ltd Garmin or the Company should be read in conjunction. with and is qualified by reference to Management s Discussion and Analysis of Financial Condition and Results of. Operations under Item 7 herein and the information set forth in response to Item 101 of Regulation S K in such. Item 7 is incorporated herein by reference in partial response to this Item 1 Garmin has identified five reportable. segments for external reporting purposes auto aviation marine outdoor and fitness There are two operating. segments auto PND and auto OEM that are not reported separately but are aggregated within the auto reportable. segment Each operating segment is individually reviewed and evaluated by our Chief Operating Decision Maker. CODM who allocates resources and assesses performance of each segment individually The segment and. geographic information included in Item 8 Financial Statements and Supplementary Data under Note 8 is. incorporated herein by reference in partial response to this Item 1. Garmin was incorporated in Switzerland on February 9 2010 as successor to Garmin Ltd a Cayman Islands. company Garmin Cayman Garmin Cayman was incorporated on July 24 2000 as a holding company for Garmin. Corporation a Taiwan corporation in order to facilitate a public offering of Garmin Cayman shares in the United. States On June 27 2010 Garmin became the ultimate parent holding company of the Garmin group of companies. pursuant to a share exchange transaction effected for the purpose of changing the place of incorporation of the. ultimate parent holding company of the Garmin group from the Cayman Islands to Switzerland the. Redomestication Pursuant to the Redomestication all issued and outstanding Garmin Cayman common shares. were transferred to Garmin and each common share par value U S 0 005 per share of Garmin Cayman was. exchanged for one registered share par value 10 Swiss francs CHF per share of Garmin At the Company s Annual. General Meeting on June 10 2016 the Company s shareholders approved the cancellation of 10 000 000 registered. shares of the Company held by the Company the Formation Shares and the reduction in par value of each share. of the Company from CHF 10 to CHF 0 10 and the amendment of the Company s Articles of Association to effect a. corresponding share capital reduction This share cancellation has reduced authorized shares from 208 077 418. shares to 198 077 418 shares with an incremental 99 038 709 conditional shares that may be issued through the. exercise of option rights which are granted to Garmin employees or members of its Board of Directors Garmin. owns directly or indirectly all of the operating companies in the Garmin group. Garmin s annual report on Form 10 K quarterly reports on Form 10 Q current reports on Form 8 K proxy. statement and Forms 3 4 and 5 filed by Garmin s directors and executive officers a. Garmin was ranked 1 in avionics support by Professional Pilot Magazine and by Aviation International News and we were named manufacturer of the year by the National Marine Electronics Association for the third consecutive year Our global team of associates delivered strong financial performance and so much more in 2017 and I am

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