Garmin Reports Fourth Quarter Results with Increased Global Market Share and Significant Inventory Reduction

Return on invested capital (ROIC)

Management defines return on invested capital (ROIC) as net operating profit after taxes divided by operating invested capital. Management believes that ROIC provides greater visibility into how effectively Garmin deploys capital. ROIC is not a measure of financial performance under accounting principles generally accepted in the United States (GAAP), and may not be defined and calculated by other companies in the same manner as Garmin does. ROIC should not be considered in isolation or as an alternative to net income as an indicator of company performance.

The following table contains a GAAP reconciliation of return on invested capital.

Garmin Ltd. And Subsidiaries
Return on Invested Capital (ROIC)
(in thousands)
52-Weeks Ended
December 27,

December 29,

2008   2007
Net Operating Profit After Taxes (NOPAT):
Operating Income (EBIT) $ 862,017 $ 907,351
Less: Taxes on Operating Income   ($181,518 )     ($123,262 )
Net Operating Profit after Taxes (NOPAT) $ 680,499     $ 784,089  
Invested Capital (IC):
Total Assets $ 2,890,990 $ 3,291,460
Less: Cash & Marketable Securities ($971,230 ) ($1,132,194 )
Less: Deferred Income Taxes ($49,825 ) ($107,376 )
Less: Non-Interest Bearing Current Liabilities   ($445,585 )     ($801,883 )
Operating Invested Capital (IC) $ 1,424,350     $ 1,250,007  
Return on Invested Capital   48 %     63 %

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