In addition, we have one additional payment of $0.45 due on March 29,
2013 to shareholders of record on March 15, 2013.
On February 15, our Board of Directors authorized the Company to
repurchase up to $300 million of the Company's shares as market and
business conditions warrant through December 31, 2014. The repurchases
may be made from time to time on the open market at prevailing market
prices or in negotiated transactions off the market. The Company views
the stock repurchase as an appropriate use of cash given the long-term
growth prospects of the Company and ongoing free cash flow generation.
2013 Guidance
|
�
|
�
|
2013 Guidance
|
|
Revenue
|
�
|
$2.5 - 2.6 B
|
|
Gross Margin
|
|
53 - 54%
|
|
Operating Income
|
|
$480 - $500 M
|
|
Operating Margin
|
|
19 - 20%
|
|
EPS (Pro Forma)
|
|
$2.30 - $2.40
|
|
|
|
�
|
We expect 2013 revenue of $2.5 - $2.6 billion as growth in the outdoor,
fitness, marine and aviation segments partially offset ongoing declines
in the PND market. We anticipate gross margins to be stable to slightly
improved at 53-54% while operating margins decline slightly to 19-20%
due to ongoing research and development investment. This results in a
currently forecasted 2013 EPS range of $2.30 - $2.40. This EPS range
assumes an effective tax rate of 14% and a full-year EUR/USD currency
exchange rate of 1.30.
Non-GAAP Measures
Pro Forma net income (earnings) per share
Management believes that net income per share before the impact of
foreign currency translation gain or loss is an important measure. The
majority of the Company's consolidated foreign currency gain or loss
results from transactions involving the Euro, the British Pound Sterling
and the Taiwan Dollar and from the exchange rate impact of the
significant cash and marketable securities, receivables and payables
held in U.S. dollars at the end of each reporting period by the
Company's various non U.S. subsidiaries. Such gain or loss is required
under GAAP because the functional currency of the subsidiaries differs
from the currency in which various assets and liabilities are held.
However, there is minimal cash impact from such foreign currency gain or
loss. Accordingly, earnings per share before the impact of foreign
currency translation gain or loss allow an assessment of the Company's
operating performance before the non-cash impact of the position of the
U.S. Dollar versus other currencies, which permits a consistent
comparison of results between periods.
The following table contains a reconciliation of GAAP net income per
share to pro forma net income per share.
|
Garmin Ltd. And Subsidiaries
|
|
Net income per share (Pro Forma)
|
|
(in thousands, except per share information)
|
|
|
�
|
|
�
|
|
�
|
|
�
|
|
|
|
|
13-Weeks Ended
|
�
|
14-Weeks Ended
|
�
|
52-Weeks Ended
|
�
|
53-Weeks Ended
|
|
|
|
December 29,
|
|
December 31,
|
|
December 29,
|
|
December 31,
|
|
|
|
2012
|
�
|
2011
|
|
2012
|
�
|
2011
|
|
|
|
|
|
|
|
|
|
�
|
|
Net Income (GAAP)
|
|
$
|
129,294
|
|
$
|
165,556
|
|
$
|
542,403
|
|
$
|
520,896
|
|
Foreign currency (gain) / loss, net of normalized tax effects
|
|
$
|
3,254
|
|
$
|
21,930
|
|
$
|
17,389
|
|
$
|
10,790
|
|
Net income (Pro Forma)
|
|
$
|
132,548
|
|
$
|
187,486
|
|
$
|
559,792
|
|
$
|
531,686
|
|
|
|
|
|
|
|
|
|
�
|
|
Net income per share (GAAP):
|
|
|
|
|
|
|
|
|
|
Basic
|
|
$
|
0.66
|
|
$
|
0.85
|
|
$
|
2.78
|
|
$
|
2.68
|
|
Diluted
|
|
$
|
0.66
|
|
$
|
0.85
|
|
$
|
2.76
|
|
$
|
2.67
|
|
|
|
|
|
|
|
|
|
�
|
|
Net income per share (Pro Forma):
|
|
|
|
|
|
|
|
|
|
Basic
|
|
$
|
0.68
|
|
$
|
0.96
|
|
$
|
2.87
|
|
$
|
2.74
|
|
Diluted
|
|
$
|
0.68
|
|
$
|
0.96
|
|
$
|
2.85
|
|
$
|
2.73
|
|
|
|
|
|
|
|
|
|
�
|
|
Weighted average common shares outstanding:
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
195,101
|
|
|
194,319
|
|
|
194,909
|
|
|
194,105
|
|
Diluted
|
|
|
196,275
|
|
|
195,100
|
|
|
196,213
|
|
|
194,894
|
|
|
|
|
|
|
|
|
|
|
|
|
|
�
|
Free cash flow
Management believes that free cash flow is an important financial
measure because it represents the amount of cash provided by operations
that is available for investing and defines it as operating cash flow
less capital expenditures for property and equipment.
The following table contains a reconciliation of GAAP net cash provided
by operating activities to free cash flow.
|
Garmin Ltd. And Subsidiaries
|
|
Free Cash Flow
|
|
(in thousands)
|
|
|
�
|
|
�
|
|
�
|
|
�
|
|
|
|
|
13-Weeks Ended
|
|
14-Weeks Ended
|
�
|
52-Weeks Ended
|
|
53-Weeks Ended
|
|
|
|
December 29,
|
|
December 31,
|
|
December 29,
|
|
December 31,
|
|
|
|
2012
|
|
2011
|
|
2012
|
|
2011
|
|
|
|
|
|
|
|
|
|
�
|
|
Net cash provided by operating activities
|
|
$
|
174,711
|
|
|
$
|
224,858
|
|
|
$
|
684,745
|
|
|
$
|
822,334
|
|
|
Less: purchases of property and equipment
|
|
�
|
($11,564
|
)
|
|
�
|
($11,843
|
)
|
|
�
|
($38,445
|
)
|
|
�
|
($38,366
|
)
|
|
Free Cash Flow
|
|
$
|
163,147
|
�
|
|
$
|
213,015
|
�
|
|
$
|
646,300
|
�
|
|
$
|
783,968
|
�
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
�
|
Net deferred revenues and costs
The following table illustrates the net effect of deferred revenues and
costs associated with certain products bundled with content and services
in the current quarter and year-to-date periods. These deferred revenues
and costs are being amortized over the estimated economic lives of the
products. Additional details will be available in the Annual Report on
Form 10-K for the year ended December 29, 2012 that will be filed by
Garmin with the Securities and Exchange Commission (Commission file
number 0-31983) next week.
|
Garmin Ltd. And Subsidiaries
|
|
Net Deferred Revenue Impact (Unaudited)
|
|
(In thousands, except per share information)
|
|
|
�
|
|
�
|
|
�
|
|
�
|
|
|
|
|
13-Weeks Ended
|
�
|
14-Weeks Ended
|
�
|
52-Weeks Ended
|
�
|
53-Weeks Ended
|
|
|
|
December 29,
|
|
December 31,
|
|
December 29,
|
|
December 31,
|
|
|
|
2012
|
|
2011
|
|
2012
|
|
2011
|
|
Net sales
|
|
$
|
(33,035
|
)
|
|
$
|
(71,976
|
)
|
|
$
|
(68,303
|
)
|
|
$
|
(179,333
|
)
|
|
Cost of goods sold
|
|
�
|
(6,510
|
)
|
|
�
|
(14,793
|
)
|
|
�
|
(15,451
|
)
|
|
�
|
(36,117
|
)
|
|
Gross profit
|
|
|
(26,525
|
)
|
|
|
(57,183
|
)
|
|
|
(52,852
|
)
|
|
|
(143,216
|
)
|
|
|
|
|
|
|
|
|
|
�
|
|
Operating income
|
|
|
(26,525
|
)
|
|
|
(57,183
|
)
|
|
|
(52,852
|
)
|
|
|
(143,216
|
)
|
|
|
|
|
|
|
|
|
|
�
|
|
Income tax provision based on normalized tax effects
|
|
�
|
(4,386
|
)
|
|
�
|
(6,045
|
)
|
|
�
|
(6,950
|
)
|
|
�
|
(15,510
|
)
|
|
|
|
�
|
�
|
�
|
�
|
�
|
�
|
�
|
|
Net income
|
|
$
|
(22,139
|
)
|
�
|
$
|
(51,138
|
)
|
�
|
$
|
(45,902
|
)
|
�
|
$
|
(127,706
|
)
|
|
|
|
|
|
|
|
|
|
�
|
|
Net income per share:
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
-$0.11
|
|
|
|
-$0.26
|
|
|
|
-$0.24
|
|
|
|
-$0.66
|
|
|
Diluted
|
|
|
-$0.11
|
|
|
|
-$0.26
|
|
|
|
-$0.23
|
|
|
|
-$0.66
|
|
Return on invested capital (ROIC)
Management defines return on invested capital (ROIC) as net operating
profit after taxes divided by operating invested capital. Management
believes that ROIC provides greater visibility into how effectively
Garmin deploys capital. ROIC is not a measure of financial performance
under accounting principles generally accepted in the United States
(GAAP), and may not be defined and calculated by other companies in the
same manner as Garmin does. ROIC should not be considered in isolation
or as an alternative to net income as an indicator of company
performance.
The following table contains a GAAP reconciliation of return on invested
capital.
|
Garmin Ltd. And Subsidiaries
|
|
Return on Invested Capital (ROIC)
|
|
(in thousands)
|
|
|
�
|
|
�
|
|
|
|
|
52-Weeks Ended
|
�
|
53-Weeks Ended
|
|
|
|
December 29,
|
|
December 31,
|
|
|
|
2012
|
�
|
2011
|
|
Net Operating Profit After Taxes (NOPAT):
|
|
|
|
|
|
Operating Income (EBIT)
|
|
$
|
604,160
|
|
|
$
|
553,767
|
|
|
Less: Taxes on Operating Income
|
|
�
|
($79,447
|
)
|
�
|
�
|
($59,973
|
)
|
|
Net Operating Profit after Taxes (NOPAT)
|
|
$
|
524,713
|
�
|
�
|
$
|
493,794
|
�
|
|
|
|
|
|
�
|
|
Invested Capital (IC):
|
|
|
|
|
|
Total Assets
|
|
$
|
4,819,124
|
|
|
$
|
4,471,338
|
|
|
Less: Cash & Marketable Securities
|
|
|
($2,872,575
|
)
|
|
|
($2,495,315
|
)
|
|
Less: Deferred Income Taxes
|
|
|
($162,704
|
)
|
|
|
($142,307
|
)
|
|
Less: Non-Interest Bearing Current Liabilities
|
|
�
|
($909,026
|
)
|
�
|
�
|
($858,279
|
)
|
|
Operating Invested Capital (IC)
|
|
$
|
874,819
|
�
|
�
|
$
|
975,437
|
�
|
|
|
|
�
|
�
|
�
|
|
Return on Invested Capital
|
|
�
|
60
|
%
|
�
|
�
|
51
|
%
|
|
|
|
|
|
�
|
Earnings Call Information
The information for Garmin Ltd.'s earnings call is as follows:
An archive of the live webcast will be available until March 27, 2013 on
the Garmin website at http://www.garmin.com.
To access the replay, click on the Investor Relations link and click
over to the Events Calendar page.
This release includes projections and other forward-looking statements
regarding Garmin Ltd. and its business. Any statements regarding the
company's estimated earnings and revenue for fiscal 2013, the Company's
expected segment revenue growth rate, margins, new products to be
introduced and the Company's plans and objectives are forward-looking
statements. The forward-looking events and circumstances discussed in
this release may not occur and actual results could differ materially as
a result of risk factors affecting Garmin, including, but not limited
to, the risk factors that are described in the Annual Report on Form
10-K for the year ended December 31, 2011 filed by Garmin with the
Securities and Exchange Commission (Commission file number 0-31983). A
copy of such Form 10-K can be downloaded from http://www.garmin.com/aboutGarmin/invRelations/finReports.html.
The global leader in satellite navigation, Garmin Ltd. and its
subsidiaries have designed, manufactured, marketed and sold navigation,
communication and information devices and applications since 1989 - most
of which are enabled by GPS technology. Garmin's products serve
automotive, mobile, wireless, outdoor recreation, fitness, marine,
aviation, and OEM applications. A member of the S&P 500 Index, Garmin
Ltd. is incorporated in Schaffhausen, Switzerland, and its principal
subsidiaries are located in the United States, Taiwan and the United
Kingdom. For more information, visit Garmin's virtual pressroom at www.garmin.com/pressroom
or contact the Media Relations department at 913-397-8200.
Garmin, n�vi, Approach, and Forerunner are registered trademarks, and
Real Directions, Edge, BarkLimiter and Delta are trademarks of Garmin
Ltd. or its subsidiaries. All other brands, product names, company
names, trademarks and service marks are the properties of their
respective owners. All rights reserved.
|
�
|
|
Garmin Ltd. And Subsidiaries
|
|
Condensed Consolidated Balance Sheets
|
|
(In thousands, except share information)
|
|
|
�
|
|
�
|
|
|
|
|
December 29,
|
|
December 31,
|
|
|
|
2012
|
�
|
2011
|
|
Assets
|
|
|
|
|
|
Current assets:
|
|
|
|
|
|
Cash and cash equivalents
|
|
$
|
1,231,180
|
|
|
$
|
1,287,160
|
|
|
Marketable securities
|
|
|
153,083
|
|
|
|
111,153
|
|
|
Accounts receivable, net
|
|
|
603,673
|
|
|
|
607,450
|
|
|
Inventories, net
|
|
|
389,931
|
|
|
|
397,741
|
|
|
Deferred income taxes
|
|
|
68,785
|
|
|
|
53,670
|
|
|
Deferred costs
|
|
|
53,948
|
|
|
|
40,033
|
|
|
Prepaid expenses and other current assets
|
|
�
|
35,520
|
�
|
|
�
|
77,630
|
�
|
|
Total current assets
|
|
|
2,536,120
|
|
|
|
2,574,837
|
|
|
|
|
|
|
�
|
|
Property and equipment, net
|
|
|
409,751
|
|
|
|
417,105
|
|
|
|
|
|
|
�
|
|
Marketable securities
|
|
|
1,488,312
|
|
|
|
1,097,002
|
|
|
Restricted cash
|
|
|
836
|
|
|
|
771
|
|
|
Noncurrent deferred income tax
|
|
|
93,920
|
|
|
|
88,637
|
|
|
Noncurrent deferred costs
|
|
|
42,359
|
|
|
|
40,823
|
|
|
Intangible assets, net
|
|
|
232,597
|
|
|
|
246,646
|
|
|
Other assets
|
|
�
|
15,229
|
�
|
|
�
|
5,517
|
�
|
|
Total assets
|
|
$
|
4,819,124
|
�
|
|
$
|
4,471,338
|
�
|
|
|
|
|
|
�
|
|
Liabilities and Stockholders' Equity
|
|
|
|
|
|
Current liabilities:
|
|
|
|
|
|
Accounts payable
|
|
$
|
131,263
|
|
|
$
|
164,010
|
|
|
Salaries and benefits payable
|
|
|
55,969
|
|
|
|
45,964
|
|
|
Accrued warranty costs
|
|
|
37,301
|
|
|
|
46,773
|
|
|
Accrued sales program costs
|
|
|
57,080
|
|
|
|
52,262
|
|
|
Deferred revenue
|
|
|
252,375
|
|
|
|
188,987
|
|
|
Accrued license fees
|
|
|
71,745
|
|
|
|
99,025
|
|
|
Accrued advertising expense
|
|
|
25,192
|
|
|
|
31,915
|
|
|
Other accrued expenses
|
|
|
69,806
|
|
|
|
67,912
|
|
|
Deferred income taxes
|
|
|
332
|
|
|
|
5,782
|
|
|
Income taxes payable
|
|
|
32,031
|
|
|
|
77,784
|
|
|
Dividend payable
|
|
�
|
175,932
|
�
|
|
�
|
77,865
|
�
|
|
Total current liabilities
|
|
|
909,026
|
|
|
|
858,279
|
|
|
|
|
|
|
�
|
|
Deferred income taxes
|
|
|
2,467
|
|
|
|
4,951
|
|
|
Non-current income taxes
|
|
|
181,754
|
|
|
|
161,904
|
|
|
Non-current deferred revenue
|
|
|
193,047
|
|
|
|
188,132
|
|
|
Other liabilities
|
|
|
1,034
|
|
|
|
1,491
|
|
|
|
|
|
|
�
|
|
Stockholders' equity:
|
|
|
|
|
|
Shares, CHF 10 par value, 208,077,418 shares authorized and issued;
|
|
|
|
|
|
195,591,854 shares outstanding at December 29, 2012 and
|
|
|
|
|
|
194,622,617 shares outstanding at December 31, 2011
|
|
|
1,797,435
|
|
|
|
1,797,435
|
|
|
Additional paid-in capital
|
|
|
72,462
|
|
|
|
61,869
|
|
|
Treasury stock
|
|
|
(81,280
|
)
|
|
|
(103,498
|
)
|
|
Retained earnings
|
|
|
1,604,625
|
|
|
|
1,413,582
|
|
|
Accumulated other comprehensive income
|
|
�
|
138,554
|
�
|
|
�
|
87,193
|
�
|
|
Total stockholders' equity
|
|
�
|
3,531,796
|
�
|
|
�
|
3,256,581
|
�
|
|
Total liabilities and stockholders' equity
|
|
$
|
4,819,124
|
�
|
|
$
|
4,471,338
|
�
|
|
|
|
|
|
�
|
|
�
|
|
Garmin Ltd. And Subsidiaries
|
|
Condensed Consolidated Statements of Income (Unaudited)
|
|
(In thousands, except per share information)
|
|
|
�
|
|
�
|
|
�
|
|
�
|
|
|
|
|
13-Weeks Ended
|
�
|
14-Weeks Ended
|
�
|
52-Weeks Ended
|
�
|
53-Weeks Ended
|
|
|
|
December 29,
|
|
December 31,
|
|
December 29,
|
|
December 31,
|
|
|
|
2012
|
|
2011
|
|
2012
|
|
2011
|
|
Net sales
|
|
$
|
768,548
|
|
|
$
|
909,644
|
|
|
$
|
2,715,675
|
|
|
$
|
2,758,569
|
|
|
|
|
|
|
|
|
|
|
�
|
|
Cost of goods sold
|
|
�
|
394,694
|
�
|
|
�
|
475,857
|
�
|
|
�
|
1,277,195
|
�
|
|
�
|
1,419,977
|
�
|
|
|
|
|
|
|
|
|
|
�
|
|
Gross profit
|
|
|
373,854
|
|
|
|
433,787
|
|
|
|
1,438,480
|
|
|
|
1,338,592
|
|
|
|
|
|
|
|
|
|
|
�
|
|
Advertising expense
|
|
|
46,806
|
|
|
|
55,660
|
|
|
|
138,757
|
|
|
|
145,024
|
|
|
Selling, general and administrative expense
|
|
|
94,026
|
|
|
|
93,383
|
|
|
|
369,790
|
|
|
|
341,217
|
|
|
Research and development expense
|
|
�
|
83,263
|
�
|
|
�
|
84,655
|
�
|
|
�
|
325,773
|
�
|
|
�
|
298,584
|
�
|
|
Total operating expense
|
|
�
|
224,095
|
�
|
|
�
|
233,698
|
�
|
|
�
|
834,320
|
�
|
|
�
|
784,825
|
�
|
|
|
|
|
|
|
|
|
|
�
|
|
Operating income
|
|
|
149,759
|
|
|
|
200,089
|
|
|
|
604,160
|
|
|
|
553,767
|
|
|
|
|
|
|
|
|
|
|
�
|
|
Other income (expense):
|
|
|
|
|
|
|
|
|
|
Interest income
|
|
|
8,830
|
|
|
|
9,494
|
|
|
|
35,108
|
|
|
|
32,812
|
|
|
Foreign currency
|
|
|
(3,898
|
)
|
|
|
(24,523
|
)
|
|
|
(20,022
|
)
|
|
|
(12,100
|
)
|
|
Other
|
|
�
|
219
|
�
|
|
�
|
67
|
�
|
|
�
|
5,282
|
�
|
|
�
|
9,682
|
�
|
|
Total other income (expense)
|
|
�
|
5,151
|
�
|
|
�
|
(14,962
|
)
|
|
�
|
20,368
|
�
|
|
�
|
30,394
|
�
|
|
|
|
|
|
|
|
|
|
�
|
|
Income before income taxes
|
|
|
154,910
|
|
|
|
185,127
|
|
|
|
624,528
|
|
|
|
584,161
|
|
|
|
|
|
|
|
|
|
|
�
|
|
Income tax provision
|
|
�
|
25,616
|
�
|
|
�
|
19,571
|
�
|
|
�
|
82,125
|
�
|
|
�
|
63,265
|
�
|
|
|
|
|
|
|
|
|
|
�
|
|
Net income
|
|
$
|
129,294
|
�
|
|
$
|
165,556
|
�
|
|
$
|
542,403
|
�
|
|
$
|
520,896
|
�
|
|
|
|
|
|
|
|
|
|
�
|
|
Net income per share:
|
|
|
|
|
|
|
|
|
|
Basic
|
|
$
|
0.66
|
|
|
$
|
0.85
|
|
|
$
|
2.78
|
|
|
$
|
2.68
|
|
|
Diluted
|
|
$
|
0.66
|
|
|
$
|
0.85
|
|
|
$
|
2.76
|
|
|
$
|
2.67
|
|
|
|
|
|
|
|
|
|
|
�
|
|
Weighted average common
|
|
|
|
|
|
|
|
|
|
shares outstanding:
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
195,101
|
|
|
|
194,319
|
|
|
|
194,909
|
|
|
|
194,105
|
|
|
Diluted
|
|
|
196,275
|
|
|
|
195,100
|
|
|
|
196,213
|
|
|
|
194,894
|
|
|
�
|
|
Garmin Ltd. And Subsidiaries
|
|
Condensed Consolidated Statements of Cash Flows (Unaudited)
|
|
(In thousands)
|
|
�
|
|
|
�
|
52-Weeks Ended
|
�
|
53-Weeks Ended
|
|
|
|
December 29,
|
�
|
December 31,
|
|
|
|
2012
|
|
2011
|
|
Operating Activities:
|
|
|
|
|
|
Net income
|
|
$
|
542,403
|
|
|
$
|
520,896
|
|
|
Adjustments to reconcile net income to net cash
|
|
|
|
|
|
provided by operating activities:
|
|
|
|
|
|
Depreciation
|
|
|
52,632
|
|
|
|
54,610
|
|
|
Amortization
|
|
|
37,835
|
|
|
|
39,925
|
|
|
Gain on sale of property and equipment
|
|
|
(367
|
)
|
|
|
(2,192
|
)
|
|
Provision for doubtful accounts
|
|
|
4,678
|
|
|
|
2,317
|
|
|
Deferred income taxes
|
|
|
(32,080
|
)
|
|
|
(42,475
|
)
|
|
Unrealized foreign currency losses
|
|
|
40,042
|
|
|
|
18,583
|
|
|
Provision for obsolete and slow moving inventories
|
|
|
11,003
|
|
|
|
16,047
|
|
|
Stock compensation expense
|
|
|
29,274
|
|
|
|
40,212
|
|
|
Realized gains on marketable securities
|
|
|
(2,980
|
)
|
|
|
(4,322
|
)
|
|
Changes in operating assets and liabilities, net of acquisitions:
|
|
|
|
|
|
Accounts receivable
|
|
|
9,077
|
|
|
|
169,543
|
|
|
Inventories
|
|
|
3,997
|
|
|
|
(6,385
|
)
|
|
Other current and non-current assets
|
|
|
39,717
|
|
|
|
(60,996
|
)
|
|
Accounts payable
|
|
|
(38,929
|
)
|
|
|
(26,329
|
)
|
|
Other current and non-current liabilities
|
|
|
(33,235
|
)
|
|
|
(61,103
|
)
|
|
Deferred revenue
|
|
|
67,931
|
|
|
|
179,439
|
|
|
Deferred costs
|
|
|
(15,441
|
)
|
|
|
(36,120
|
)
|
|
Income taxes payable
|
|
�
|
(30,812
|
)
|
|
�
|
20,684
|
�
|
|
Net cash provided by operating activities
|
|
|
684,745
|
|
|
|
822,334
|
|
|
|
|
|
|
�
|
|
Investing activities:
|
|
|
|
|
|
Purchases of property and equipment
|
|
|
(38,445
|
)
|
|
|
(38,366
|
)
|
|
Proceeds from sale of property and equipment
|
|
|
757
|
|
|
|
4,127
|
|
|
Purchase of intangible assets
|
|
|
(6,783
|
)
|
|
|
(6,933
|
)
|
|
Purchase of marketable securities
|
|
|
(1,429,593
|
)
|
|
|
(1,172,555
|
)
|
|
Redemption of marketable securities
|
|
|
985,598
|
|
|
|
779,213
|
|
|
Change in restricted cash
|
|
|
(65
|
)
|
|
|
506
|
|
|
Acquisitions, net of cash acquired
|
|
�
|
(7,697
|
)
|
|
�
|
(54,190
|
)
|
|
Net cash used in investing activities
|
|
|
(496,228
|
)
|
|
|
(488,198
|
)
|
|
|
|
|
|
�
|
|
Financing activities:
|
|
|
|
|
|
Dividends paid
|
|
|
(253,386
|
)
|
|
|
(310,763
|
)
|
|
Issuance of treasury stock related to equity awards
|
|
|
22,798
|
|
|
|
22,337
|
|
|
Tax benefit from issuance of equity awards
|
|
|
(516
|
)
|
|
|
3,313
|
|
|
Purchase of treasury stock
|
|
�
|
(18,745
|
)
|
�
|
�
|
(22,300
|
)
|
|
Net cash used in financing activities
|
|
|
(249,849
|
)
|
|
|
(307,413
|
)
|
|
|
|
|
|
�
|
|
Effect of exchange rate changes on cash and cash equivalents
|
|
|
5,352
|
|
|
|
(499
|
)
|
|
|
|
�
|
|
�
|
|
Net (decrease)/increase in cash and cash equivalents
|
|
|
(55,980
|
)
|
|
|
26,224
|
|
|
Cash and cash equivalents at beginning of period
|
|
�
|
1,287,160
|
�
|
|
�
|
1,260,936
|
�
|
|
Cash and cash equivalents at end of period
|
|
$
|
1,231,180
|
�
|
|
$
|
1,287,160
|
�
|
|
�
|
|
Garmin Ltd. And Subsidiaries
|
|
Revenue, Gross Profit, and Operating Income by Segment (Unaudited)
|
|
|
�
|
|
�
|
|
�
|
|
�
|
|
�
|
|
�
|
|
|
|
|
Reporting Segments
|
|
|
|
Outdoor
|
|
Fitness
|
|
Marine
|
|
Auto/
Mobile
|
|
Aviation
|
|
Total
|
|
|
|
|
|
|
|
|
|
|
|
|
|
�
|
|
13-Weeks Ended December 29, 2012
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
�
|
|
Net sales
|
|
$
|
118,517
|
|
$
|
103,973
|
|
$
|
39,516
|
|
|
$
|
436,654
|
|
$
|
69,888
|
|
$
|
768,548
|
|
Gross profit
|
|
$
|
73,990
|
|
$
|
62,570
|
|
$
|
19,995
|
|
|
$
|
166,153
|
|
$
|
51,146
|
|
$
|
373,854
|
|
Operating income
|
|
$
|
46,579
|
|
$
|
35,791
|
|
|
($1,583
|
)
|
|
$
|
50,557
|
|
$
|
18,415
|
|
$
|
149,759
|
|
|
|
|
|
|
|
|
|
|
|
|
|
�
|
|
14-Weeks Ended December 31, 2011
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
�
|
|
Net sales
|
|
$
|
121,045
|
|
$
|
94,752
|
|
$
|
43,250
|
|
|
$
|
579,193
|
|
$
|
71,404
|
|
$
|
909,644
|
|
Gross profit
|
|
$
|
82,161
|
|
$
|
60,989
|
|
$
|
25,868
|
|
|
$
|
218,738
|
|
$
|
46,031
|
|
$
|
433,787
|
|
Operating income
|
|
$
|
59,707
|
|
$
|
40,808
|
|
$
|
9,285
|
|
|
$
|
77,750
|
|
$
|
12,539
|
|
$
|
200,089
|
|
�
|
�
|
�
|
�
|
�
|
�
|
�
|
�
|
�
|
�
|
�
|
�
|
�
|
|
|
|
|
|
|
|
|
|
|
|
|
|
�
|
|
52-Weeks Ended December 29, 2012
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
�
|
|
Net sales
|
|
$
|
401,747
|
|
$
|
321,788
|
|
$
|
208,136
|
|
|
$
|
1,492,440
|
|
$
|
291,564
|
|
$
|
2,715,675
|
|
Gross profit
|
|
$
|
260,564
|
|
$
|
204,615
|
|
$
|
125,201
|
|
|
$
|
642,913
|
|
$
|
205,187
|
|
$
|
1,438,480
|
|
Operating income
|
|
$
|
164,611
|
|
$
|
111,807
|
|
$
|
34,000
|
|
|
$
|
220,766
|
|
$
|
72,976
|
|
$
|
604,160
|
|
|
|
|
|
|
|
|
|
|
|
|
|
�
|
|
53-Weeks Ended December 31, 2011
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
�
|
|
Net sales
|
|
$
|
363,223
|
|
$
|
298,163
|
|
$
|
221,730
|
|
|
$
|
1,590,598
|
|
$
|
284,855
|
|
$
|
2,758,569
|
|
Gross profit
|
|
$
|
238,850
|
|
$
|
181,759
|
|
$
|
129,653
|
|
|
$
|
597,017
|
|
$
|
191,313
|
|
$
|
1,338,592
|
|
Operating income
|
|
$
|
161,511
|
|
$
|
102,101
|
|
$
|
57,645
|
|
|
$
|
160,837
|
|
$
|
71,673
|
|
$
|
553,767
|
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