Garmin Ltd. and Subsidiaries |
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Condensed Consolidated Statements of Cash Flows (Unaudited) |
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(In thousands) |
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| 26-Weeks Ended |
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| June 29, 2024 |
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| July 1, 2023 |
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Operating Activities: |
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Net income |
| $ | 576,591 |
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| $ | 490,266 |
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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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| 67,890 |
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| 64,816 |
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Amortization |
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| 21,047 |
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| 22,788 |
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Loss (gain) on sale or disposal of property and equipment |
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| 128 |
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| (124) |
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Unrealized foreign currency losses (gains) |
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| 3,165 |
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| (13,054) |
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Deferred income taxes |
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| (35,778) |
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| (68,859) |
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Stock compensation expense |
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| 65,983 |
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| 43,397 |
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Realized loss on marketable securities |
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| 29 |
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| 59 |
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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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| (8,600) |
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| (62,832) |
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Inventories |
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| (11,368) |
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| 111,531 |
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Other current and noncurrent assets |
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| (39,759) |
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| 2,769 |
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Accounts payable |
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| 92,065 |
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| 45,206 |
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| Other current and noncurrent liabilities |
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| (62,099) |
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| (39,484) |
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| Deferred revenue |
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| 667 |
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| 4,711 |
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| Deferred costs |
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| (2,516) |
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| (990) |
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| Income taxes |
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| 23,181 |
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| (47,288) |
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| Net cash provided by operating activities |
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| 690,626 |
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| 552,912 |
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| Investing activities: |
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| Purchases of property and equipment |
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| (70,325) |
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| (99,346) |
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| Purchase of marketable securities |
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| (281,297) |
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| (68,978) |
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| Redemption of marketable securities |
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| 203,775 |
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| 98,885 |
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| Net cash from (payments for) acquisitions |
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| 5,011 |
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| — |
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| Other investing activities, net |
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| (321) |
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| (695) |
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| Net cash used in investing activities |
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| (143,157) |
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| (70,134) |
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| Financing activities: |
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| Dividends |
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| (284,246) |
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| (279,442) |
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| Proceeds from issuance of treasury shares related to equity awards |
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| 24,530 |
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| 21,946 |
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| Purchase of treasury shares related to equity awards |
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| (16,264) |
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| (9,397) |
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| Purchase of treasury shares under share repurchase plan |
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| (9,713) |
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| (70,181) |
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| Net cash used in financing activities |
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| (285,693) |
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| (337,074) |
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| Effect of exchange rate changes on cash and cash equivalents |
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| (17,761) |
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| 599 |
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| Net increase in cash, cash equivalents, and restricted cash |
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| 244,015 |
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| 146,303 |
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| Cash, cash equivalents, and restricted cash at beginning of period |
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| 1,694,156 |
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| 1,279,912 |
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| Cash, cash equivalents, and restricted cash at end of period |
| $ | 1,938,171 |
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| $ | 1,426,215 |
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