GARMIN LTD GRMN Cash Flow

Garmin ltd (GRMN)

CashFlow / Quarterly

Mar'20	Dec'19	Sep'19	Jun'19	Mar'19	Dec'18	Sep'18	Jun'18	Mar'18	Dec'17	Sep'17	Jun'17	Mar'17	Dec'16	Sep'16	Jun'16	Mar'16	Dec'15	Sep'15	Jun'15	Mar'15	Dec'14	Sep'14	Jun'14	Mar'14	Dec'13	Sep'13	Jun'13	Mar'13	Dec'12	Sep'12	Jun'12	Mar'12	Dec'11	Sep'11	Jun'11	Mar'11	Dec'10	Sep'10	Jun'10	Mar'10	Dec'09	Sep'09	Jun'09	Mar'09
Operating Activities:
Net income
161,180	360,791	227,866	223,656	140,173	190,150	184,215	190,341	129,374	142,551	151,074	176,978	238,404	143,515	125,054	161,063	88,092	132,383	119,299	137,752	66,793	210,245	-146,834	181,982	118,818	163,585	187,670	172,491	88,666	129,294	140,348	185,903	86,858	165,556	150,381	109,477	95,482	132,907	279,552	134,815	37,329	278,408	215,133	161,871	48,538
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation
18,198	19,418	17,977	17,694	16,832	16,896	16,102	15,786	16,014	15,884	14,453	14,900	14,658	15,469	13,670	13,579	13,078	13,375	13,021	12,635	12,280	12,573	12,124	12,064	11,672	11,636	11,500	12,721	12,619	12,607	12,674	13,561	13,790	14,052	13,165	13,554	13,839	13,732	13,009	13,203	13,543	16,750	13,610	12,761	13,574
Amortization
10,006	9,142	8,904	9,029	7,179	7,822	7,154	9,288	7,132	6,669	6,415	6,203	7,070	8,329	7,363	7,737	7,115	6,602	7,232	6,631	6,584	8,877	5,983	6,982	6,740	6,699	9,051	6,307	8,271	16,643	-2,517	12,100	11,609	20,153	8,911	2,278	8,583	8,693	7,662	16,475	8,334	13,846	10,031	7,826	8,088
(Gain) loss on sale of property and equipment
1,846	228	99	133	-227	-12	-551	1,027	15	46	128	64	-8	658	-91	-26	-38	8	610	-396	-24	-436	80	45	617	765	-13	8	-36	350	28	-1	-10	-215	2,715	-310	2	340	-40	12	-6	8	-102	105	3
Provision for doubtful accounts
-	-	-	-	-	-	649	559	57	-	200	645	-294	1,577	1,011	1,263	285	-740	-282	-419	-1,080	-712	-1,605	2,572	-189	530	322	-26	727	161	530	1,219	1,037	-4,529	2,664	4,421	-858	-1,372	-2,552	-1,812	1,260	-4,523	8,414	-4,122	-1,101
Provision for obsolete and slow moving inventories
-	-	-	-	-	-	5,994	7,766	3,959	-	5,432	3,879	7,193	5,515	5,051	7,866	8,026	13,332	3,356	2,225	4,344	4,852	4,637	13,030	3,384	4,926	3,948	5,984	6,033	7,208	519	-4,582	7,858	13,457	9,588	-2,649	-4,349	-8,653	4,097	7,169	3,140	44,014	3,198	6,402	7,709
Unrealized foreign currency losses
-16,856	-4,010	-21,464	9,935	-3,124	-9,632	-1,757	-2,918	517	-3,895	8,539	16,246	-42,571	6,411	-16,338	-8,610	5,412	-7,458	28,573	-11,169	-47,877	22,037	-15,127	-22,817	15,334	22,847	1,277	15,501	495	-15,068	-6,418	-14,930	-3,626	-23,949	21,729	-15,496	-867	-24,135	9,245	-95,653	47,773	-34,416	22,443	4,073	420
Deferred income taxes
10,378	-106,370	10,935	-2,028	9,105	18,801	9,177	10,584	416	53,314	16,070	12,048	-171,432	10,566	-747	-9,980	3,906	101	15,121	-5,678	-3,647	-	-	-2,871	5,942	5,080	-2,748	4,106	1,493	-24,696	-2,116	-2,997	-2,271	-54,904	5,280	6,126	1,023	-	-	-	-1,546	-24,013	-365	2,482	-3,200
Stock compensation expense
15,559	15,847	16,592	15,832	15,129	14,297	14,347	14,307	13,440	12,294	12,056	12,179	8,206	12,039	9,704	11,335	8,172	6,694	4,854	6,973	7,769	5,305	5,529	7,134	6,325	6,984	4,630	5,540	5,438	2,910	8,321	8,199	9,844	12,954	9,943	8,649	8,666	10,920	10,313	9,399	9,700	12,114	10,473	10,442	10,587
Realized (gain) loss on marketable securities
272	586	153	120	-60	-346	-250	-35	-196	-397	-10	-293	-291	-246	880	-264	452	-21	-288	24	340	1,190	-493	1,352	-1,544	2,914	685	1,205	1,073	1,333	184	828	635	-1,311	1,457	2,684	1,492	-1,360	-1,492	1,275	-805	2,631	1,384	-2,548	1,274
Changes in operating assets and liabilities, net of acquisitions:
Accounts receivable, net of allowance for doubtful accounts
-197,157	137,712	-8,782	107,367	-112,896	104,665	-63,856	139,594	-187,693	124,049	-61,197	111,468	-135,253	67,372	-51,957	105,621	-130,036	101,402	-63,859	69,432	-129,448	101,721	-9,006	71,881	-137,198	89,509	-17,498	41,707	-152,307	92,231	14,383	67,744	-185,166	86,494	8,792	61,703	-327,151	221,527	13,176	72,045	-436,446	-46,303	-54,885	-84,929	318,095
Inventories
47,318	-40,453	124,563	46,992	39,067	-11,402	64,473	-21,789	26,455	-79,127	52,010	-6,777	41,398	-38,547	24,330	-2,201	18,873	10,710	65,373	-11,262	56,897	-30,782	45,461	-2,271	64,083	-26,744	32,177	-1,448	13,608	-48,758	54,765	-22,510	12,506	-52,270	79,314	-31,726	11,067	-119,148	131,998	14,104	50,168	-104,529	-45,704	30,168	58,876
Other current and non-current assets
4,367	-465	18,168	71,300	-2,930	-2,256	-9,943	13,878	-9,037	11,973	3,307	13,862	-7,534	1,166	-4,265	-3,072	3,937	-3,335	35,970	63,188	11,537	901	-5,819	2,700	1,591	3,684	3,976	-34,968	49,321	-25,666	-3,908	6,807	-16,950	24,283	5,223	11,118	20,372	17,938	-19,353	-2,996	-2,146	14,773	-20,412	-1,287	-1,128
Accounts payable
-39,851	-1,331	21,563	38,746	-32,786	8,027	30,983	38,326	-36,708	7,286	-3,584	23,238	-44,180	29,198	-8,403	13,224	-45,515	19,215	23,948	18,873	-25,957	12,190	11,389	5,813	-20,411	-3,893	22,483	17,830	-18,377	-18,658	6,356	31,692	-58,319	-20,726	7,479	4,491	-17,573	-68,303	39,197	42,469	-94,717	16,257	45,793	54,420	-77,595
Other current and non-current liabilities
-98,219	91,061	-21,400	43,029	-76,030	55,922	-8,008	50,698	-99,935	43,030	10,759	32,876	-81,038	42,824	12,748	20,800	-31,606	65,378	9,172	19,600	-73,408	18,464	73,829	4,185	-80,011	28,944	34,542	5,523	-100,784	30,604	39,488	24,766	-128,093	11,246	70,569	47,852	-190,770	116,656	-67,475	23,211	-216,868	84,999	92,054	83,889	-88,727
Deferred revenue
-10,078	-3,282	-1,498	492	-6,744	-2,285	-7,440	885	-8,368	724	-5,841	-3,596	-12,041	-19,073	-594	-729	-12,337	6,452	-10,954	-8,966	-29,870	-6,831	-14,447	-20,975	-45,290	6,463	3,339	-2,623	-23,329	32,654	19,784	16,377	-884	64,343	31,468	61,802	21,826	65,751	28,127	23,139	14,286	-	-	-	0
Deferred costs
-3,511	-3,009	-2,450	-1,938	-1,938	-30	-4,619	845	-1,807	1,064	-569	-243	-2,647	-11,802	3,817	3,593	2,496	7,665	-188	-422	-6,470	107	-1,353	-1,654	-8,129	2,147	4,435	435	-4,813	6,880	3,909	4,838	-186	12,945	8,523	10,747	3,905	20,914	3,921	3,858	2,752	-	-	-	-
Income taxes payable
-5,020	-26,874	3,368	-20,407	9,616	8,079	-5,957	15,935	17,063	-12,719	-6,076	-1,591	6,943	-11,631	4,513	18,868	-8,733	4,515	19,259	-177,590	2,802	-59,801	153,316	3,499	-1,053	13,981	-33,088	-1,115	-14,053	-2,714	4,457	-20,557	-11,998	42,671	8,046	-13,483	-16,550	27,855	32,154	-3,723	-4,048	-12,426	33,338	-9,133	3,993
License fees
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	3,218	444	2,900	-	2,571	76	396	17,525	3,146	-7,792	856
Net cash provided by operating activities
225,874	234,379	188,952	110,636	164,582	217,738	263,719	223,873	214,190	198,265	198,750	143,432	120,395	213,316	212,994	149,985	129,387	158,336	137,835	-97,359	81,655	145,017	142,342	164,179	71,173	149,813	216,610	204,298	59,363	174,711	164,901	222,905	122,228	224,858	186,523	203,354	207,599	184,422	204,348	181,736	200,131	245,901	292,867	256,272	299,416
Investing activities:
Purchases of property and equipment
41,361	26,562	30,974	30,401	30,094	32,909	29,774	66,736	26,336	54,485	45,399	14,274	25,538	48,803	13,543	14,706	13,908	27,295	13,565	21,589	18,143	18,510	18,068	21,224	15,537	14,758	11,602	18,107	11,616	11,564	9,455	11,668	5,758	11,843	12,208	7,137	7,178	9,249	9,763	9,285	3,935	13,758	12,098	10,207	13,136
Proceeds from sale of property and equipment
1,907	159	99	224	47	304	14	1,161	121	97	143	114	7	661	15	0	0	7,251	5	1	664	0	79	60	609	820	1	52	12	732	11	12	2	-	-	-	-	-	-	-	-	-	-	-	-
Purchase of intangible assets
953	515	1,009	440	413	1,618	530	830	1,622	3,163	2,733	5,114	1,222	1,009	1,875	1,115	1,716	1,072	878	1,222	717	-4,702	7,866	445	1,111	-452	900	327	347	1,609	492	1,753	2,929	-1,678	6,024	-39	2,626	-4,008	-338	3,200	5,029	112	3,965	2,624	872
Purchase of marketable securities
344,342	456,032	141,152	109,100	83,068	89,002	104,792	68,764	140,623	149,610	194,166	147,831	96,049	165,413	282,243	306,363	151,070	266,040	169,791	225,349	254,741	260,177	211,353	236,257	298,695	192,925	227,711	229,911	258,604	425,572	364,409	389,181	250,431	336,590	315,206	157,496	363,263	280,726	244,250	94,759	74,303	150,811	284,732	272,761	68,662
Redemption of marketable securities
311,935	424,991	150,923	101,953	80,907	54,537	101,914	61,899	65,253	179,935	176,657	169,193	109,526	184,617	306,207	229,062	237,464	198,424	179,932	232,034	308,751	288,898	216,891	367,101	223,786	255,027	108,378	199,161	270,925	250,077	271,192	257,186	207,143	179,473	336,312	164,814	98,614	133,995	240,150	148,277	146,073	175,219	42,578	51,535	16,638
Proceeds from repayment of loan receivable
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	-42,872	-94,507	-36,339	91,688	63,696	18,324	0	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-
Acquisitions, net of cash acquired
6,058	24,979	-704	276,014	0	0	19,753	0	9,417	78,071	4,900	7,500	0	15,808	0	0	62,137	26,055	0	0	12,632	0	18,871	0	0	-	-	-	-	3,687	1,192	2	2,816	-	-	-	-	-	-	-	-	-	-	-	-
Change in restricted cash
-	-	-	-	-	-	-	-	-	-	-	-	-	-	8	-4	2	0	-19	-34	5	15	43	4	-3	-3	3	-588	1	6	5	-3	57	-628	6	4	112	321	20	-5	-1,106	3	-22	168	-43
Net cash used in investing activities
-78,872	-82,938	-21,409	-313,778	-32,621	-68,688	-52,921	-73,270	-112,624	-105,297	-70,398	-5,412	-13,276	-45,749	8,553	-93,118	8,631	-114,787	-4,278	-16,091	23,177	14,898	-39,231	152,103	3,562	84,964	-229,186	-112,265	-17,955	-191,629	-104,350	-145,403	-54,846	-164,029	-49,820	216	-274,565	-164,274	-13,545	41,038	63,912	10,547	-258,195	-234,232	-65,989
Financing activities:
Dividends
108,571	108,359	0	108,218	200,687	-1	100,063	99,940	96,146	95,658	95,627	95,663	96,028	192,121	96,220	96,545	96,566	96,870	97,322	91,961	91,964	92,052	92,449	87,721	87,853	87,850	0	87,901	175,956	0	87,748	87,723	77,915	-	-	-	-	-	-	-	-	-	-	-	-
Issuance of treasury/common stock related to equity awards
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	71	0	3,593	119
Tax benefit from issuance of equity awards
-	-	-	-	-	-	-	-	-	-	-	-	-	1,327	363	0	2	-3,306	18	840	399	-4,506	988	1,235	2,199	4,173	111	42	258	-2,326	506	444	860	1,771	345	410	787	2,118	479	490	1,408	911	390	39	26
Proceeds from issuance of treasury stock related to equity awards
-	-	-	-	-	12,118	382	12,216	1,926	11,544	0	10,316	0	8,438	1,240	8,867	103	8,519	-6	8,314	246	7,992	1,363	10,291	1,107	9,150	5,435	6,711	1,474	11,827	838	7,250	2,883	5,418	1,282	6,696	8,941	3,096	917	2,727	2,725	-	-	-	-
Purchase of treasury stock related to equity awards
11,580	12,914	18	260	12,694	9,746	9	338	6,562	9,186	5	130	3,452	7,147	11	157	16	5,345	1	151	89	-	-	-	-	16,633	63	7,305	62	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Purchase of treasury stock under share repurchase plan
-	-	-	-	-	-	-	-	-	0	10,566	36,084	27,873	28,012	20,124	25,301	19,796	23,356	50,762	41,035	16,260	-	-	-	-	31,496	13,573	13,353	0	0	0	-311	311	-11,675	39	5,736	5,900	2,550	139,050	37,122	47,206	18,350	59	0	1,849
Net cash used in financing activities
-120,151	-107,133	-18	-95,496	-213,381	2,373	-99,690	-88,062	-100,782	-93,300	-106,198	-121,561	-127,353	-217,515	-114,752	-113,136	-116,273	-120,358	-148,073	-123,993	-107,668	-96,048	-169,224	-216,759	-117,591	-122,656	-8,090	-101,806	-174,286	-2,702	-86,486	-86,178	-74,483	-159,364	-153,247	1,370	3,828	2,914	-137,654	-333,008	-43,073	-165,190	1,709	3,942	-1,704
Effect of exchange rate changes on cash and cash equivalents
-5,602	5,892	-10,341	2,793	-4,286	-6,160	-1,433	-14,934	6,717	695	9,565	9,524	6,932	-15,874	4,300	54	2,864	-5,028	-8,760	4,238	-22,044	-22,157	-14,215	-1,328	398	-1,672	5,876	-177	-4,862	3,727	5,289	-9,396	5,732	-3,711	-12,921	3,316	12,817	1,909	9,647	-7,940	-21,208	-11,440	16,473	10,598	-5,729
Net increase (decrease) in cash, cash equivalents, and restricted cash
21,249	50,200	157,184	-295,845	-85,706	145,263	109,675	47,607	7,501	363	31,719	25,983	-13,302	-65,822	111,095	-56,215	24,609	-81,837	-23,276	-233,205	-24,880	41,710	-80,328	98,195	-42,458	110,449	-14,790	-9,950	-137,740	-15,893	-20,646	-18,072	-1,369	-102,246	-29,465	208,256	-50,321	24,971	62,796	-118,174	199,762	79,818	52,854	36,580	225,994
Supplemental disclosure of non-cash investing and financing activities
Cash paid for acquisitions, net of cash acquired
6,058	24,979	-704	276,014	0	0	19,753	0	9,417	78,071	4,900	7,500	0	-	-	-	-	-	-	-	-	-	18,871	0	0	-	-	-	-	3,687	1,192	2	2,816	-	-	-	-	-	-	-	-	-	-	-	-