Garmin Reports Fourth Quarter Results Highlighting EPS Growth and Revenue Growth in All Segments

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)
53-Weeks Ended       52-Weeks Ended
December 31, December 25,
2011       2010
Net Operating Profit After Taxes (NOPAT):
Operating Income (EBIT) $553,767 $636,676
Less: Taxes on Operating Income ($59,973 )       ($100,812 )
Net Operating Profit after Taxes (NOPAT) $493,794         $535,864  
Invested Capital (IC):
Total Assets $4,471,338 $3,988,688
Less: Cash & Marketable Securities ($2,495,316 ) ($2,062,755 )
Less: Deferred Income Taxes ($150,147 ) ($107,241 )
Less: Non-Interest Bearing Current Liabilities ($858,279 )       ($669,037 )
Operating Invested Capital (IC) $967,596         $1,149,655  
Return on Invested Capital 51 %       47 %
Note: Tax effects are based on respective periods' normalized effective tax rate.

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