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 28,
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| September 30,
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Operating Activities: |
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Net income |
| $ | 975,703 |
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| $ | 747,509 |
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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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| 102,343 |
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| 98,483 |
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Amortization |
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| 30,849 |
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| 33,751 |
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Gain on sale or disposal of property and equipment |
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| (48) |
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| (50) |
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Unrealized foreign currency (gains) losses |
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| (25,486) |
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| 9,927 |
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Deferred income taxes |
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| (53,966) |
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| (90,214) |
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Stock compensation expense |
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| 101,039 |
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| 66,214 |
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Realized loss on marketable securities |
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| 29 |
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| 56 |
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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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| (103,567) |
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| (54,756) |
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Inventories |
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| (163,865) |
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| 111,459 |
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Other current and noncurrent assets |
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| (47,413) |
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| 28,288 |
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Accounts payable |
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| 124,315 |
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| 55,340 |
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| Other current and noncurrent liabilities |
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| (6,987) |
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| 430 |
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| Deferred revenue |
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| 5,885 |
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| 7,063 |
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| Deferred costs |
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| (3,987) |
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| (1,152) |
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| Income taxes |
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| 13,737 |
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| (102,024) |
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| Net cash provided by operating activities |
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| 948,581 |
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| 910,324 |
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| Investing activities: |
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| Purchases of property and equipment |
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| (108,869) |
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| (144,876) |
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| Purchase of marketable securities |
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| (363,783) |
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| (116,039) |
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| Redemption of marketable securities |
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| 277,334 |
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| 145,094 |
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| Net cash from (payments for) acquisitions |
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| 5,011 |
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| (150,853) |
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| Other investing activities, net |
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| (458) |
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| (1,018) |
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| Net cash used in investing activities |
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| (190,765) |
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| (267,692) |
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| Financing activities: |
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| Dividends |
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| (428,373) |
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| (419,166) |
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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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| (16,313) |
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| (9,397) |
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| Purchase of treasury shares under share repurchase plan |
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| (29,278) |
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| (79,533) |
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| Net cash used in financing activities |
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| (449,434) |
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| (486,150) |
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| Effect of exchange rate changes on cash and cash equivalents |
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| 7,536 |
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| (12,854) |
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| Net increase in cash, cash equivalents, and restricted cash |
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| 315,918 |
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| 143,628 |
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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 |
| $ | 2,010,074 |
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| $ | 1,423,540 |
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Garmin announces third quarter 2024 results
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