Garmin Ltd. and Subsidiaries |
| |||||||
Condensed Consolidated Statements of Cash Flows (Unaudited) |
| |||||||
(In thousands) |
| |||||||
|
|
|
|
|
|
|
|
|
|
| 39-Weeks Ended |
| |||||
|
| September 28,
|
|
| September 30,
|
| ||
Operating Activities: |
|
|
|
|
|
|
|
|
Net income |
| $ | 975,703 |
|
| $ | 747,509 |
|
Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
|
|
|
|
|
|
Depreciation |
|
| 102,343 |
|
|
| 98,483 |
|
Amortization |
|
| 30,849 |
|
|
| 33,751 |
|
Gain on sale or disposal of property and equipment |
|
| (48) |
|
|
| (50) |
|
Unrealized foreign currency (gains) losses |
|
| (25,486) |
|
|
| 9,927 |
|
Deferred income taxes |
|
| (53,966) |
|
|
| (90,214) |
|
Stock compensation expense |
|
| 101,039 |
|
|
| 66,214 |
|
Realized loss on marketable securities |
|
| 29 |
|
|
| 56 |
|
Changes in operating assets and liabilities, net of acquisitions: |
|
|
|
|
|
|
|
|
Accounts receivable, net of allowance for doubtful accounts |
|
| (103,567) |
|
|
| (54,756) |
|
Inventories |
|
| (163,865) |
|
|
| 111,459 |
|
Other current and noncurrent assets |
|
| (47,413) |
|
|
| 28,288 |
|
Accounts payable |
|
| 124,315 |
|
|
| 55,340 |
|
Other current and noncurrent liabilities |
|
| (6,987) |
|
|
| 430 |
|
Deferred revenue |
|
| 5,885 |
|
|
| 7,063 |
|
Deferred costs |
|
| (3,987) |
|
|
| (1,152) |
|
Income taxes |
|
| 13,737 |
|
|
| (102,024) |
|
Net cash provided by operating activities |
|
| 948,581 |
|
|
| 910,324 |
|
|
|
|
|
|
|
|
|
|
Investing activities: |
|
|
|
|
|
|
|
|
Purchases of property and equipment |
|
| (108,869) |
|
|
| (144,876) |
|
Purchase of marketable securities |
|
| (363,783) |
|
|
| (116,039) |
|
Redemption of marketable securities |
|
| 277,334 |
|
|
| 145,094 |
|
Net cash from (payments for) acquisitions |
|
| 5,011 |
|
|
| (150,853) |
|
Other investing activities, net |
|
| (458) |
|
|
| (1,018) |
|
Net cash used in investing activities |
|
| (190,765) |
|
|
| (267,692) |
|
|
|
|
|
|
|
|
|
|
Financing activities: |
|
|
|
|
|
|
|
|
Dividends |
|
| (428,373) |
|
|
| (419,166) |
|
Proceeds from issuance of treasury shares related to equity awards |
|
| 24,530 |
|
|
| 21,946 |
|
Purchase of treasury shares related to equity awards |
|
| (16,313) |
|
|
| (9,397) |
|
Purchase of treasury shares under share repurchase plan |
|
| (29,278) |
|
|
| (79,533) |
|
Net cash used in financing activities |
|
| (449,434) |
|
|
| (486,150) |
|
|
|
|
|
|
|
|
|
|
Effect of exchange rate changes on cash and cash equivalents |
|
| 7,536 |
|
|
| (12,854) |
|
|
|
|
|
|
|
|
|
|
Net increase in cash, cash equivalents, and restricted cash |
|
| 315,918 |
|
|
| 143,628 |
|
Cash, cash equivalents, and restricted cash at beginning of period |
|
| 1,694,156 |
|
|
| 1,279,912 |
|
Cash, cash equivalents, and restricted cash at end of period |
| $ | 2,010,074 |
|
| $ | 1,423,540 |
|