Garmin Reports First Quarter 2009 Results
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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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13-Weeks Ended
|
|
|
|
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March 28,
|
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March 29,
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|
|
|
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2009
|
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2008
|
|
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Operating Activities:
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|
|
|
|
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Net income
|
|
$48,538
|
|
|
$147,779
|
|
|
Adjustments to reconcile net income to net cash
|
|
|
|
|
|
provided by operating activities:
|
|
|
|
|
|
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Depreciation
|
|
13,574
|
|
|
9,861
|
|
|
|
Amortization
|
|
8,088
|
|
|
7,775
|
|
|
|
Gain on sale of property and equipment
|
|
(3
|
)
|
|
(1
|
)
|
|
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Provision for doubtful accounts
|
|
(1,101
|
)
|
|
350
|
|
|
|
Deferred income taxes
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|
(3,200
|
)
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|
17,067
|
|
|
|
Foreign currency transaction gains/losses
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|
(420
|
)
|
|
64,946
|
|
|
|
Provision for obsolete and slow moving inventories
|
|
7,709
|
|
|
11,669
|
|
|
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Stock compensation expense
|
|
10,587
|
|
|
9,124
|
|
|
|
Realized losses/(gains) on marketable securities
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|
1,274
|
|
|
(5,245
|
)
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|
Changes in operating assets and liabilities, net of acquisitions:
|
|
|
|
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Accounts receivable
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|
318,095
|
|
|
458,821
|
|
|
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Inventories
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|
58,876
|
|
|
(169,501
|
)
|
|
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Other current assets
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(1,128
|
)
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|
9,946
|
|
|
|
Accounts payable
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|
(77,595
|
)
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(159,590
|
)
|
|
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Other current and non-current liabilities
|
|
(88,727
|
)
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(137,588
|
)
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|
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Income taxes payable
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|
3,993
|
|
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(60,701
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)
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Purchase of licenses
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|
856
|
|
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(12,247
|
)
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Net cash provided by operating activities
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|
299,416
|
|
|
192,465
|
|
|
|
|
|
|
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Investing activities:
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Purchases of property and equipment
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(13,136
|
)
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(26,690
|
)
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Proceeds from sale of property and equipment
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-
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|
|
8
|
|
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Purchase of intangible assets
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(872
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)
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(2,562
|
)
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Purchase of marketable securities
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(68,662
|
)
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(265,758
|
)
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Redemption of marketable securities
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|
16,638
|
|
|
102,374
|
|
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Change in restricted cash
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43
|
|
|
(11
|
)
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Acquisitions, net of cash acquired
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|
-
|
|
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(23,725
|
)
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Net cash used in investing activities
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(65,989
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)
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(216,364
|
)
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|
|
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Financing activities:
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|
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Proceeds from issuance of common stock from
|
|
|
|
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stock purchase plan
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119
|
|
|
1,524
|
|
|
Stock repurchase
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|
(1,849
|
)
|
|
(90,050
|
)
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|
Tax benefit related to stock option exercise
|
|
26
|
|
|
1,633
|
|
|
Net cash used in financing activities
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|
(1,704
|
)
|
|
(86,893
|
)
|
|
|
|
|
|
|
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Effect of exchange rate changes on cash and cash equivalents
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|
(5,729
|
)
|
|
1,918
|
|
|
|
|
|
|
|
|
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Net increase/(decrease) in cash and cash equivalents
|
|
225,994
|
|
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(108,874
|
)
|
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Cash and cash equivalents at beginning of period
|
|
696,335
|
|
|
707,689
|
|
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Cash and cash equivalents at end of period
|
|
$922,329
|
|
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$598,815
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