Garmin Ltd. and Subsidiaries

Condensed Consolidated Statements of Cash Flows (Unaudited)

(In thousands)

39-Weeks Ended

September 30,
2023

September 24,
2022

Operating Activities:

Net income

$

747,509

$

680,313

Adjustments to reconcile net income to net cash provided by

   operating activities:

Depreciation

98,483

88,005

Amortization

33,751

34,349

Gain on sale or disposal of property and equipment

(50)

(1,652)

Unrealized foreign currency losses

9,927

45,498

Deferred income taxes

(90,214)

(101,133)

Stock compensation expense

66,214

57,871

Realized loss on marketable securities

56

982

Changes in operating assets and liabilities, net of acquisitions:

Accounts receivable, net of allowance for doubtful accounts

(54,756)

156,666

Inventories

111,459

(442,312)

Other current and noncurrent assets

28,288

29,299

Accounts payable

55,340

(64,199)

Other current and noncurrent liabilities

430

(84,287)

Deferred revenue

7,063

(3,299)

Deferred costs

(1,152)

3,426

Income taxes

(102,024)

20,067

Net cash provided by operating activities

910,324

419,594

Investing activities:

Purchases of property and equipment

(144,876)

(184,928)

Proceeds from sale of property and equipment

157

1,693

Purchase of intangible assets

(1,175)

(1,411)

Purchase of marketable securities

(116,039)

(1,044,942)

Redemption of marketable securities

145,094

923,894

Acquisitions, net of cash acquired

(150,853)

(13,455)

Net cash used in investing activities

(267,692)

(319,149)

Financing activities:

Dividends

(419,166)

(399,074)

Proceeds from issuance of treasury stock related to equity awards

21,946

41,052

Purchase of treasury stock related to equity awards

(9,397)

(14,750)

Purchase of treasury stock under share repurchase plan

(79,533)

(105,206)

Net cash used in financing activities

(486,150)

(477,978)

Effect of exchange rate changes on cash and cash equivalents

(12,854)

(38,265)

Net increase (decrease) in cash, cash equivalents, and restricted cash

143,628

(415,798)

Cash, cash equivalents, and restricted cash at beginning of period

1,279,912

1,498,843

Cash, cash equivalents, and restricted cash at end of period

$

1,423,540

$

1,083,045