Garmin Ltd. and Subsidiaries

Consolidated Statements of Cash Flows (Unaudited)

(In thousands)

52-Weeks
Ended

53-Weeks
Ended

December 30,
2023

December 31,
2022

Operating Activities:

Net income

$

1,289,636

$

973,585

Adjustments to reconcile net income to net cash provided by operating activities:

Depreciation

132,347

118,743

Amortization

45,225

45,110

Loss (gain) on sale of property and equipment

215

(2,083)

Unrealized foreign currency (gains) losses

(25,541)

(5,867)

Deferred income taxes

(340,774)

(143,286)

Stock compensation expense

101,422

76,801

Realized losses (gains) on marketable securities

62

986

Changes in operating assets and liabilities, net of acquisitions:

Accounts receivable, net of allowance for doubtful accounts

(129,120)

167,336

Inventories

244,506

(363,327)

Other current and noncurrent assets

7,887

72,185

Accounts payable

28,503

(131,268)

Other current and noncurrent liabilities

52,188

(71,756)

Deferred revenue

10,411

(2,379)

Deferred costs

(2,661)

3,591

Income taxes

(38,041)

49,888

Net cash provided by operating activities

1,376,265

788,259

Investing activities:

Purchases of property and equipment

(193,524)

(244,286)

Proceeds from sale of property and equipment

218

2,402

Purchase of intangible assets

(1,504)

(1,907)

Purchase of marketable securities

(170,681)

(1,051,994)

Redemption of marketable securities

183,372

1,164,116

Acquisitions, net of cash acquired

(150,853)

(13,455)

Net cash used in investing activities

(332,972)

(145,124)

Financing activities:

Dividends

(558,769)

(679,096)

Proceeds from issuance of treasury shares related to equity awards

44,063

62,221

Purchase of treasury shares related to equity awards

(22,815)

(22,730)

Purchase of treasury shares under share repurchase plan

(98,988)

(201,012)

Net cash used in financing activities

(636,509)

(840,617)

Effect of exchange rate changes on cash and cash equivalents

7,460

(21,449)

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

414,244

(218,931)

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

1,279,912

1,498,843

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

$

1,694,156

$

1,279,912