Garmin 2009 Annual Report Download - page 86

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December26,December27, December29,
2009 2008 2007
OperatingActivities:
Netincome $703,950 $732,848 $855,011
Adjustmentstoreconcilenetincometonetcashprovided
byoperatingactivities:
 Depreciation 56,695 46,910 35,524
Amortization 39,791 31,507 28,513
Lossonsaleofpropertyandequipment (14) 124 560
Provisionfordoubtfulaccounts (1,332) 32,355 3,617
Provisionforobsoleteandslow‐movinginventories 61,323 24,461 34,975
Unrealizedforeigncurrencylosses/(gains) 7,480 15,887 (926)
Deferredincometaxes (25,096) 50,887 (57,843)
Stockcompensation 43,616 38,872 22,164
Realizedgainsonmarketablesecurities (2,741) (50,884) (5,101)
Changesinoperatingassetsandliabilities,netofacquisition:
Accountsreceivable (131,978) 206,101 (477,108)
Inventories 61,189 83,035 (224,180)
Prepaidexpensesandothercurrentassets 2,740 (4,356) 6,213
Licensefees (13,735) (15,289) (23,569)
Accountspayable 38,875 (236,287) 174,781
Othercurrentandnon‐currentliabilities 172,215 (4,507) 253,909
Deferredrevenue 65,706 680 ‐
Incometaxespayable 15,772 (90,180) 55,548
Netcashprovidedbyoperatingactivities 1,094,456 862,164 682,088
Investingactivities:
Purchasesofpropertyandequipment (49,199) (119,623) (156,777)
Proceedsfromsaleofpropertyandequipment 5 19 5
Purchaseofintangibleassets (7,573) (6,971) (2,918)
Purchaseofmarketablesecurities (776,966) (373,580) (1,672,041)
Redemptionofmarketablesecurities 285,970 504,324 1,784,816
Acquistions,netofcashacquired ‐ (60,131) (128,751)
Changeinrestrictedcash (106) (387) (29)
Netcashusedininvestingactivities (547,869) (56,349) (175,695)
Financingactivities:
Dividends (149,846) (150,251) (162,531)
Paymentonlong‐termdebt ‐ ‐ (248)
Proceedsfromissuanceofcommonstockthrough
stockpurchaseplan 3,712 9,029 5,730
Proceedsfromissuanceofcommonstockfrom
exerciseofstockoptions 3,783 2,875 11,278
Taxbenefitrelatedtostockoptionexercise 1,366 2,143 17,434
Purchaseofcommonstock (20,258) (671,847) (7,780)
Netcashusedinfinancingactivities (161,243) (808,051) (136,117)
Effectofexchangeratechangesoncashandcashequivalents 9,902 (9,118) 92
Netincrease/(decrease)incashandcashequivalents 395,246 (11,354) 370,368
Cashandcashequivalentsatbeginningofyear 696,335 707,689 337,321
Cashandcashequivalentsatendofyear $1,091,581 $696,335 $707,689
Seeaccompanyingnotes.
FiscalYearEnded
GarminLtd.AndSubsidiaries
ConsolidatedStatementsofCashFlows
(InThousands)
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