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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| 39-Weeks Ended |
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| September 24,
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| September 25,
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Operating Activities: |
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Net income |
| $ | 680,313 |
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| $ | 796,064 |
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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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| 88,005 |
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| 75,272 |
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Amortization |
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| 34,349 |
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| 38,485 |
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(Gain) loss on sale or disposal of property and equipment |
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| (1,652) |
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| 246 |
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Unrealized foreign currency losses |
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| 45,498 |
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| 24,390 |
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Deferred income taxes |
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| (101,133) |
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| 8,358 |
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Stock compensation expense |
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| 57,871 |
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| 68,656 |
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Realized loss (gain) on marketable securities |
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| 982 |
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| (513) |
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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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| 156,666 |
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| 197,024 |
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Inventories |
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| (442,312) |
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| (357,387) |
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Other current and noncurrent assets |
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| 29,299 |
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| (31,398) |
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Accounts payable |
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| (64,199) |
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| 57,602 |
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| Other current and noncurrent liabilities |
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| (84,287) |
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| (39,941) |
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| Deferred revenue |
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| (3,299) |
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| (6,914) |
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| Deferred costs |
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| 3,426 |
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| 7,547 |
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| Income taxes |
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| 20,067 |
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| 5,974 |
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| Net cash provided by operating activities |
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| 419,594 |
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| 843,465 |
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| Investing activities: |
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| Purchases of property and equipment |
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| (184,928) |
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| (187,960) |
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| Proceeds from sale of property and equipment |
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| 1,693 |
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| 26 |
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| Purchase of intangible assets |
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| (1,411) |
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| (1,408) |
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| Purchase of marketable securities |
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| (1,044,942) |
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| (1,081,789) |
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| Redemption of marketable securities |
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| 923,894 |
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| 975,318 |
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| Acquisitions, net of cash acquired |
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| (13,455) |
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| (15,893) |
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| Net cash used in investing activities |
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| (319,149) |
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| (311,706) |
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| Financing activities: |
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| Dividends |
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| (399,074) |
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| (362,602) |
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| Proceeds from issuance of treasury stock related to equity awards |
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| 41,052 |
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| 35,733 |
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| Purchase of treasury stock related to equity awards |
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| (14,750) |
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| (17,636) |
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| Purchase of treasury stock under share repurchase plan |
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| (105,206) |
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| — |
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| Net cash used in financing activities |
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| (477,978) |
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| (344,505) |
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| Effect of exchange rate changes on cash and cash equivalents |
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| (38,265) |
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| (6,172) |
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| Net (decrease) increase in cash, cash equivalents, and restricted cash |
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| (415,798) |
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| 181,082 |
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| Cash, cash equivalents, and restricted cash at beginning of period |
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| 1,498,843 |
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| 1,458,748 |
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| Cash, cash equivalents, and restricted cash at end of period |
| $ | 1,083,045 |
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| $ | 1,639,830 |
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Garmin announces third quarter 2022 results
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