Garmin Ltd. and Subsidiaries |
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Consolidated Statements of Cash Flows (Unaudited) |
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(In thousands) |
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| 52-Weeks
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| 53-Weeks
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| December 30,
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| December 31,
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Operating Activities: |
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Net income |
| $ | 1,289,636 |
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| $ | 973,585 |
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Adjustments to reconcile net income to net cash provided by operating activities: |
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Depreciation |
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| 132,347 |
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| 118,743 |
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Amortization |
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| 45,225 |
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| 45,110 |
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Loss (gain) on sale of property and equipment |
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| 215 |
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| (2,083) |
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Unrealized foreign currency (gains) losses |
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| (25,541) |
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| (5,867) |
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Deferred income taxes |
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| (340,774) |
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| (143,286) |
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Stock compensation expense |
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| 101,422 |
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| 76,801 |
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Realized losses (gains) on marketable securities |
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| 62 |
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| 986 |
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Changes in operating assets and liabilities, net of acquisitions: |
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Accounts receivable, net of allowance for doubtful accounts |
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| (129,120) |
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| 167,336 |
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Inventories |
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| 244,506 |
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| (363,327) |
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Other current and noncurrent assets |
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| 7,887 |
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| 72,185 |
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| Accounts payable |
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| 28,503 |
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| (131,268) |
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| Other current and noncurrent liabilities |
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| 52,188 |
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| (71,756) |
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| Deferred revenue |
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| 10,411 |
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| (2,379) |
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| Deferred costs |
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| (2,661) |
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| 3,591 |
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| Income taxes |
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| (38,041) |
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| 49,888 |
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| Net cash provided by operating activities |
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| 1,376,265 |
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| 788,259 |
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| Investing activities: |
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| Purchases of property and equipment |
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| (193,524) |
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| (244,286) |
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| Proceeds from sale of property and equipment |
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| 218 |
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| 2,402 |
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| Purchase of intangible assets |
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| (1,504) |
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| (1,907) |
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| Purchase of marketable securities |
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| (170,681) |
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| (1,051,994) |
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| Redemption of marketable securities |
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| 183,372 |
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| 1,164,116 |
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| Acquisitions, net of cash acquired |
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| (150,853) |
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| (13,455) |
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| Net cash used in investing activities |
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| (332,972) |
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| (145,124) |
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| Financing activities: |
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| Dividends |
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| (558,769) |
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| (679,096) |
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| Proceeds from issuance of treasury shares related to equity awards |
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| 44,063 |
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| 62,221 |
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| Purchase of treasury shares related to equity awards |
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| (22,815) |
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| (22,730) |
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| Purchase of treasury shares under share repurchase plan |
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| (98,988) |
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| (201,012) |
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| Net cash used in financing activities |
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| (636,509) |
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| (840,617) |
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| Effect of exchange rate changes on cash and cash equivalents |
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| 7,460 |
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| (21,449) |
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| Net increase (decrease) in cash, cash equivalents, and restricted cash |
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| 414,244 |
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| (218,931) |
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| Cash, cash equivalents, and restricted cash at beginning of year |
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| 1,279,912 |
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| 1,498,843 |
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| Cash, cash equivalents, and restricted cash at end of year |
| $ | 1,694,156 |
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| $ | 1,279,912 |
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Garmin announces fourth quarter and fiscal year 2023 results
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