Q3 2016 EarningsOctober 26, 2016

1

Safe Harbor StatementThese materials include projections and other forward-looking statements. These statements are based on the current expectations of Garmin Ltd. and are naturally subject to uncertainty and changes in circumstances. Forward-looking statements include, without limitation, statements containing words such as "proposed" and “intends” or “intended” and "expects" or "expected." Any statements regarding Garmin’s revenue, GAAP and pro forma estimated earnings and EPS, and tax rate for fiscal 2016, Garmin’s expected segment revenue growth rates, margins, currency movements, expenses, pricing, new products to be introduced in 2016 and Garmin’s plans and objectives are forward-looking statements. By their nature, forward-looking statements involve risk and uncertainty because they relate to events and depend on circumstances that will occur in the future. There are a number of factors that could cause actual results and developments to differ materially from those expressed or implied by such forward-looking statements. Other unknown or unpredictable factors could cause actual results to differ materially from those in the forward-looking statements. These factors include those discussed or identified in the filing by Garmin Ltd. with the U.S. Securities and Exchange Commission in its Annual Report on Form 10-K. Garmin Ltd. does not undertake any obligation to update publicly or revise forward-looking statements, whether as a result of new information, future events or otherwise, except to the extent legally required.

2

Business Update

Cliff PemblePresident and CEO

3

3rd Quarter Financial Review

• Consolidated revenue of $722 million, up 6%

• Fitness, outdoor, marine and aviation segments combined grew 24% and contributed 70% of total revenue

• Expanded gross margin and operating margin to 56.2% and 22.1%, respectively

• Operating income growth of 27%

• GAAP EPS of $0.66 and pro forma EPS of $0.75

• Launched new product categories with the vívofit jr. and fēnix Chronos

Solid third quarter revenue, four of five segments attained double digit sales and operating income growth

4

Fitness3rd Quarter Business Review• Revenue growth of 32% driven by strong

demand for wearables

• Gross and operating margin of 55% and 24%, respectively

• Operating income growth of 68%

Market/Product Update• Introduced and shipped our newest fitness wearables;

Forerunner 35 and vívofit jr.

• Partnered with Cerner to incorporate health and wellness data into their wellness and population health solutions

5

Outdoor3rd Quarter Business Review

• Revenue growth of 28% driven by strong demand for outdoor wearables

• Gross margin and operating margin expanded to 63% and 35%, respectively

• Operating income growth of 32%

Market/Product Update

• Launched the fēnix Chronos, adding luxury and more style to our popular multisport line of fēnix watches

• Launched updated Rino 700 series, a rugged two-way radio

6

Marine3rd Quarter Business Review• Revenue growth of 12% with growth in

multiple product lines

• Gross margin and operating margin of 57% and 15%, respectively

• Operating income growth of 80%

Market/Product Update• Honored with eight awards by NMEA

including Manufacturer of the Year

• Honored with IBEX Innovation award in the OEM electronics category

7

Aviation3rd Quarter Business Review• Revenue growth of 14%

• Gross margin and operating margin remain strong at 75% and 28%, respectively

• Operating income growth of 28%

Market/Product Update• Received final certification of the

G5000 equipped Beechjet 400A / Hawker 400XP

• Announced the expansion of our integrated flight deck to include a G5000 modernization for the Citation Excel and XLS

8

Auto

3rd Quarter Business Review• Revenue declined 21%

• Gross margin expanded to 44% while operating margin remained consistent at 12%

Market/Product Update• PND global market share continues to be

strong

• Launched VIRB Ultra, a HD 4K action camera

`̀

9

2016 Guidance Update

Updated Prior

Revenue ~ $2.95B ~ $2.9B

Gross Margin ~ 55% ~ 55%

Operating Income ~$580M ~$550M

Tax Rate ~ 18.5% ~ 19.5%

Pro Forma EPS ~ $2.65 ~ $2.50

10

2016 Revenue Guidance by Segment

Updated Growth

Prior Growth

Fitness ~22% ~20%

Outdoor ~24% ~20%

Marine ~13% ~10%

Aviation ~7% ~5%

Auto ~(17%) ~(17%)

Total ~5% ~3%

11

Financial Update

Doug BoessenCFO and Treasurer

12

Q3 Income Statement

($ Millions) Q3 2016 Q3 2015 ChangeRevenue $722 $680 6%Gross Profit 406 362 12%

Gross Margin % 56.2% 53.3% 290 bps

Total Operating Expense 246 237 4%Operating Income 160 125 28%

Operating Margin % 22.1% 18.5% 360 bps

Other Income/(Expense) (10) 39Income Tax 25 46Net Income (GAAP) 125 119 5%Net Income Pro-Forma 141 97 45%

EPS (GAAP) $0.66 $0.63 5%EPS Pro-Forma $0.75 $0.51 47%

Units Shipped (K) 3,848 3,861

13

Q3 Revenue

Action camera related net sales for the 13-weeks ended September 26, 2015 have been recast from the Outdoor segment to the Auto segment to conform to the current year presentation.

($ M) Q3 2016 Q3 2015 ChangeFitness $189 $143 32%Outdoor 141 110 28%Marine 70 63 12%Aviation 107 94 14%Auto 215 270 (21%)Total $722 $680 6%

Revenue by Segment

14

Q3 Revenue & Operating Income

30%

26%19%

15%10%

Q3 2016 Revenue

Auto Fitness Outdoor Aviation Marine

40%

21%

16%

14%9%

Q3 2015 Revenue

Auto Fitness Outdoor Aviation Marine

16%

28%31%

19%6%

Q3 2016 Operating Income

Auto Fitness Outdoor Aviation Marine

26%

21%29%

19%5%

Q3 2015 Operating Income

Auto Fitness Outdoor Aviation Marine

15

106 106 108 114 116

-

20

40

60

80

100

120

140

Q315

Q415

Q116

Q216

Q316

R&D ($M)

Operating Expenses

37

57

32 44

33

-

20

40

60

80

100

120

140

Q315

Q415

Q116

Q216

Q316

Advertising ($M)

94 105

96 104

97

-

20

40

60

80

100

120

140

Q315

Q415

Q116

Q216

Q316

SG&A ($M)

16

Balance Sheet/Cash Flow/TaxesBalance Sheet• Ended quarter with approximately $2.4 billion of cash and marketable securities

• Accounts receivable decreased sequentially due to seasonal trends but increased year-over-year on stronger sales

• Inventory balance increased on a sequential basis as we prepared for the fourth quarter and remains higher year-over-year due to new product offerings

Cash Flow • Generated $199 million of free cash flow in Q3 2016

• Repurchased approximately $20 million in company stock in Q3 2016

Taxes• Q3 2016 Effective Tax Rate (ETR) of 16.5% compared to 27.6% in Q3 2015

Q3 2016 EarningsOctober 26, 2016

18

AppendixOctober 26, 2016

19

To supplement our financial results presented in accordance with GAAP, this presentation includes the following measures defined by the Securities and Exchange Commission as non-GAAP financial measures: pro forma net income (earnings) per share, forward-looking pro forma earnings per share and free cash flow. These non-GAAP measures are not based on any comprehensive set of accounting rules or principles and should not be considered a substitute for, or superior to, financial measures calculated in accordance with GAAP, and may be different from non-GAAP measures used by other companies. Management believes providing investors with an operating view consistent with how it manages the Company provides enhanced transparency into the operating results of the Company.

Non-GAAP Financial Information

20

Management believes that net income per share before the impact of foreign currency gain or loss and certain income tax adjustments, as discussed below, is an important measure. The majority of the Company’s consolidated foreign currency gain or loss is typically driven by movements in the Taiwan Dollar and the Euro in relation to the U.S. Dollar and the related exchange rate impact on the significant cash, receivables, and payables held in a currency other than the functional currency at one of the Company’s subsidiaries. However, there is minimal cash impact from such foreign currency gain or loss. The Company’s income tax expense is periodically impacted by material net releases of reserves primarily related to completion of audits and/or the expiration of statutes affecting prior periods. Thus, reported income tax expense is not reflective of the income tax expense that is incurred related to the current period earnings. Accordingly, earnings per share before the impact of foreign currency translation gain or loss and income tax adjustments that materially impact the effective tax rate permit a consistent comparison of the Company’s operating performance between periods.

The net release of other uncertain tax position reserves, amounting to approximately $5.8 million and $7.2 million for the 39-weeks ended September 24, 2016 and September 26, 2015, respectively, have not been included as pro forma adjustments in the following presentation of pro forma net income as such amounts have been considered immaterial, tend to be more recurring in nature or are comparable between periods. The tax effect of foreign currency gains (losses) was calculated using effective tax rates of 16.5% and 27.6% for the third quarters of 2016 and 2015, respectively and 18.8% and 21.9% for the year-to-date 2016 and 2015. The effective tax rate is calculated by taking the Income tax provision divided by Income before taxes, as presented on the face of the Condensed Consolidated Statements of Income both on a quarterly and year-to-date basis.

Pro Forma Net Income (Earnings) Per Share

21

Note: Tax effects are based on respective periods’ normalized effective tax rate.

13-Weeks EndedSept 24, Sept 26, Sept 24, Sept 26,

2016 2015 2016 2015

Net Income (GAAP) $125,054 $119,299 $374,209 $323,844

Foreign currency gains (losses) 19,421 (30,573) 30,003 14,177 Tax effect of foreign currency gains (losses) (3,204) 8,453 (5,654) (3,104) Net income (Pro Forma) $141,271 $97,179 $398,558 $334,917

Net income per share (GAAP): Basic $0.66 $0.63 $1.98 $1.69 Diluted $0.66 $0.63 $1.98 $1.69

Net income per share (Pro Forma): Basic $0.75 $0.51 $2.11 $1.75 Diluted $0.75 $0.51 $2.10 $1.75

Weighted average common shares outstanding: Basic 188,692 190,342 189,027 191,068 Diluted (GAAP) 189,238 190,822 189,376 191,523

39-Weeks Ended

Net income per share (Pro Forma)(in thousands, except per share information)

22

The Company has not provided a GAAP reconciliation for forward-looking pro forma earnings per share because such measure cannot be provided without unreasonable efforts on a forward-looking basis due to the high variability and low visibility with respect to non-operating foreign currency exchange gains and losses and the related tax effects of such gains and losses. The impact of such foreign currency gains and losses, net of tax effects, was $0.12 per share for the 39-weeks ended September 24, 2016, as indicated above. No other pro forma income tax adjustments have been included in forward-looking pro forma earnings per share.

Forward-looking Pro Forma Earnings Per Share

23

Free Cash Flow

Management believes that free cash flow is an important financial measure because it represents the amount of cash provided by operations that is available for investing and defines it as operating cash flow plus non-recurring cash payments associated with our inter-company restructuring less capital expenditures for property and equipment.

13-Weeks EndedSept 24, Sept 26, Sept 24, Sept 26,

2016 2015 2016 2015(in thousands)Net cash provided by operating activities $212,993 $137,834 $492,365 $122,131Less: purchases of property and equipment (13,543) (13,565) (42,157) (53,297) Plus: taxes paid related to inter-company restructuring - - - 182,800 Free Cash Flow $199,450 $124,269 $450,208 $251,634

Garmin Ltd. And SubsidiariesFree Cash Flow(in thousands)

39-Weeks Ended