Garmin announces third quarter 2024 results

 

Garmin Ltd. and Subsidiaries


Condensed Consolidated Statements of Cash Flows (Unaudited)


(In thousands)













39-Weeks Ended




September 28,
2024



September 30,
2023


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



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