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Form 8-K GARMIN LTD For: Oct 26

October 26, 2016 9:53 AM EDT

 

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

 

FORM 8-K

 

Current Report Pursuant to Section 13 or 15(d) of

the Securities Act of 1934

 

 

 

Date of Report (Date of earliest event reported): October 26, 2016

 

GARMIN LTD.

(Exact name of registrant as specified in its charter)

 

Switzerland 0-31983 98-0229227
(State or other (Commission (I.R.S. Employer
jurisdiction File Number) Identification No.)
of incorporation)    

Mühlentalstrasse 2

8200 Schaffhausen

Switzerland

(Address of principal executive offices)

 

Registrant’s telephone number, including area code: +41 52 630 1600

 

(Former name or former address, if changed since last report)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

 

oWritten communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

oSoliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

oPre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

oPre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

 

 

 

 

  

Item 2.02. Results of Operations and Financial Condition

 

On October 26, 2016, Garmin Ltd. (“the Company”) issued a press release announcing its financial results for the fiscal third quarter ended September 24, 2016. A copy of the press release is attached as Exhibit 99.1.

 

The information in Item 2.02 and Exhibit 99.1 to this Current Report on Form 8-K is being furnished and shall not be deemed “filed” for the purposes of or otherwise subject to the liabilities under Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Unless expressly incorporated into a filing of Garmin Ltd. under the Securities Act of 1933, as amended, or the Exchange Act made after the date hereof, the information contained in Item 2.02 and Exhibit 99.1 hereto shall not be incorporated by reference into any filing of the registrant, whether made before or after the date hereof, regardless of any general incorporation language in such filing.

 

Item 9.01. Financial Statements and Exhibits

 

(d)Exhibits. The following exhibits are furnished herewith.

 

Exhibit No.   Description
     
99.1   Press Release dated October 26, 2016

 

 

 

SIGNATURE

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

  GARMIN LTD.
   
October 26, 2016 /s/ Andrew R. Etkind
  Andrew R. Etkind
  Vice President, General Counsel and Corporate Secretary

 

 

 

EXHIBIT INDEX

 

Exhibit No.   Description
99.1   Press Release dated October 26, 2016

 

 

 

Exhibit 99.1

 

 

Garmin Reports Third Quarter Revenue and EPS Growth; Raises Guidance

 

Schaffhausen, Switzerland / October 26, 2016/ Business Wire

 

Garmin Ltd. (Nasdaq: GRMN – News) today announced results for the third quarter ended September 24, 2016.

 

Highlights for the third quarter 2016 include:

 

·Total revenue of $722 million, growing 6% over the prior year, with fitness, outdoor, marine and aviation collectively growing 24% over the prior year quarter and contributing 70% of total revenue

 

·Gross margin expanded to 56.2% compared to 53.3% in the prior year quarter, and operating margin expanded to 22.1% compared to 18.5% in the prior year quarter

 

·GAAP EPS was $0.66, a 5% improvement over the prior year quarter, and pro forma EPS(1) was $0.75, a 47% improvement over the prior year quarter

 

·Launched new product categories with the vivofit® jr., our first wearable and companion mobile application designed for kids, and the fēnix® Chronos, a luxury activity watch crafted with premium materials

  

(in thousands,  13-Weeks Ended   39-Weeks Ended 
except per share data)  Sept 24,   Sept 26,   Yr over Yr   Sept 24,   Sept 26,   Yr over Yr 
   2016   2015 (2)   Change   2016   2015 (2)   Change 
Net sales  $722,250   $679,690    6%  $2,157,898   $2,038,913    6%
Fitness   189,161    143,216    32%   544,434    432,859    26%
Outdoor   141,006    109,863    28%   370,929    291,299    27%
Marine   70,010    62,315    12%   264,489    230,325    15%
Aviation   107,436    94,232    14%   322,083    294,560    9%
Auto   214,637    270,064    -21%   655,963    789,870    -17%
                               
Gross profit %   56.2%   53.3%        56.0%   55.2%     
                               
Operating profit %   22.1%   18.5%        21.5%   19.8%     
                               
GAAP diluted EPS  $0.66   $0.63    5%  $1.98   $1.69    17%
Pro forma diluted EPS (1)  $0.75   $0.51    47%  $2.10   $1.75    20%

 

(1) See attached table for reconciliation of non-GAAP measures including pro forma diluted EPS

(2) Action camera related net sales for the 13-weeks and 39-weeks ended Sept 26, 2015 have been recast from the Outdoor segment to the Auto segment to conform to the current year presentation.

 

Executive Overview from Cliff Pemble, President and Chief Executive Officer:

 

“Our strong year continued in the third quarter of 2016, reporting solid results with four of our five business segments delivering double digit sales growth and increased profitability,” said Cliff Pemble, president and chief executive officer (CEO) of Garmin Ltd. “We are excited to see the continued positive customer reception of our fitness and outdoor wearables. Aviation and marine also achieved impressive double-digit growth on strong product offerings. We are maintaining our focus on innovation, diversification and market expansion to drive further growth opportunities in all business segments. Given the strong revenue and margin performance in the third quarter, we are raising our revenue and EPS guidance for the full year.”

 

 

 

 

Fitness:

 

 

 

The fitness segment posted strong revenue growth of 32% in the quarter driven by wrist heart rate wearable devices and cycling. Gross margin increased year-over-year to 55%, while operating margin improved to 24% resulting in a 68% growth in operating income. During the quarter, we began shipping both the recently announced Forerunner® 35, bringing Garmin ElevateTM wrist based heart rate technology to an affordable, sleek, easy-to-use GPS device, and vívofit® jr., our first kid inspired activity tracker featuring a comfortable design, one+ year battery life and a parent controlled mobile app created to help motivate kids to stay active.

 

Outdoor:

 

The outdoor segment achieved strong revenue growth of 28% driven primarily by wearable devices. Gross margin increased year-over-year to 63%, while operating margin improved to 35% resulting in a 32% increase in operating income. We recently launched our fēnix® Chronos line, crafted from premium jeweler’s grade materials to suit every style without sacrificing the rugged multisport capabilities customers have come to recognize within our fēnix line.

 

Marine:

 

The marine segment posted solid third quarter revenue growth of 12% driven by our strong lineup of chart plotters, fish finders, and entertainment systems. Gross margin increased year-over-year to 57%, while operating margin improved to 15% resulting in operating income growth of 80%. For the second year in a row Garmin was recognized as the Manufacturer of the Year by the NMEA (National Marine Electronics Association), winning awards across a broad range of product categories. Garmin also received the prestigious IBEX award in the OEM Electronics category with our well received, FantomTM marine radar series.

 

     

Aviation:

 

The aviation segment posted solid revenue growth of 14% in the quarter despite ongoing softness in the overall aviation market. Our performance was driven by growth in both OEM and Aftermarket sales, which was led by demand for Automatic Dependent Surveillance Broadcast (ADS-B) systems. Gross margin was 75% and operating margin improved to 28%, resulting in operating income growth of 28%. During the quarter, we received certification and made our first delivery of the G5000TM integrated flight deck for the Beechjet 400A/Hawker 400XP aircraft.

 

 

 

 

Auto:

 

The auto segment recorded revenue decline of 21%, primarily due to the ongoing PND market contraction and headwinds caused by additional revenue deferrals associated with certain auto OEM products. Gross margin improved to 44%, and operating margin was consistent year-over-year at 12%. During the quarter, we launched the VIRB® Ultra 30, an ultra HD 4K/30fps action camera, built ready for adventure with voice control, a LCD color touchscreen and high precision sensors and GPS.

 

Additional Financial Information:

 

Total operating expenses in the quarter were $246 million, a 4% increase from the prior year. Research and development investment increased 10%, with growth primarily focused on aviation and our active lifestyle products in fitness and outdoor. Advertising decreased 11%, driven primarily by year-over-year decreases in auto. Selling, general and administrative expense increased 3%, but improved as a percent of sales.

 

The effective tax rate in the third quarter of 2016 was 16.5%, down from 27.6% in the prior year quarter.  The decrease in the effective tax rate is primarily due to projected income mix by jurisdiction compared to the prior year.

 

In the third quarter 2016, we generated $199 million of free cash flow (see attached table for reconciliation of this non-GAAP measure). We continued to return cash to shareholders with our quarterly dividend of approximately $96 million and our share repurchase activity, which totaled approximately $20 million in the third quarter. We have approximately $103 million remaining in the share repurchase program authorized through December 31, 2016, and expect to repurchase as business and market conditions warrant. We ended the quarter with cash and marketable securities of approximately $2.4 billion.

 

2016 Guidance:

 

Based on our performance in the first three quarters of 2016, we are updating our full year guidance. We now anticipate revenue of approximately $2.95 billion, driven primarily by a stronger outlook for all of our segments except auto. We anticipate our full year pro forma EPS will be approximately $2.65 based on gross margin of approximately 55%, operating income of approximately $580 million and a full year effective tax rate of approximately 18.5% (see below details on forward-looking pro forma EPS).

 

 

 

 

Webcast Information/Forward-Looking Statements:

 

The information for Garmin Ltd.’s earnings call is as follows:

 

When: Wednesday, October 26, 2016 at 10:30 a.m. Eastern
Where: http://www.garmin.com/en-US/company/investors/events/
How: Simply log on to the web at the address above or call to listen in at 855-757-3897

 

An archive of the live webcast will be available until December 29, 2016 on the Garmin website at 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 that are commonly identified by words such as “would,” “may,” “expects,” “estimates,” “plans,” “intends,” “projects,” and other words or phrases with similar meanings. Any statements regarding the Company’s GAAP and pro forma estimated earnings, EPS and revenue for fiscal 2016, the Company’s expected segment revenue growth rates, margins, currency movements, expenses, pricing, new products to be introduced in 2016 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 and uncertainties 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 26, 2015 filed by Garmin with the Securities and Exchange Commission (Commission file number 0-31983). A copy of Garmin’s 2015 Form 10-K can be downloaded from http://www.garmin.com/aboutGarmin/invRelations/finReports.html.

 

Garmin, the Garmin logo, the Garmin delta, fēnix, Forerunner, vívofit, vívosmart and VIRB are trademarks of Garmin Ltd. or its subsidiaries and are registered in one or more countries, including the U.S.; Garmin Elevate, Fantom and G5000, 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

 

Investor Relations Contact: Media Relations Contact:
Teri Seck Ted Gartner
913/397-8200 913/397-8200
[email protected] [email protected]

 

 

 

 

Garmin Ltd. And Subsidiaries

Condensed Consolidated Statements of Income (Unaudited)

(In thousands, except per share information)

 

   13-Weeks Ended   39-Weeks Ended 
   Sept 24,   Sept 26,   Sept 24,   Sept 26, 
   2016   2015   2016   2015 
Net sales  $722,250   $679,690   $2,157,898   $2,038,913 
                     
Cost  of goods sold   316,270    317,500    949,110    913,352 
                     
Gross profit   405,980    362,190    1,208,788    1,125,561 
                     
Advertising expense   32,956    36,887    109,441    110,352 
Selling, general and administrative expense   96,959    94,057    296,246    290,359 
Research and development expense   116,449    105,789    339,008    321,031 
Total operating expense   246,364    236,733    744,695    721,742 
                     
Operating income   159,616    125,457    464,093    403,819 
                     
Other income (expense):                    
Interest income   8,226    6,851    24,109    22,295 
Foreign currency gains (losses)   (19,421)   30,573    (30,003)   (14,177)
Other income   1,344    2,010    2,914    2,707 
Total other income (expense)   (9,851)   39,434    (2,980)   10,825 
                     
Income before income taxes   149,765    164,891    461,113    414,644 
                     
Income tax provision   24,711    45,592    86,904    90,800 
                     
Net income  $125,054   $119,299   $374,209   $323,844 
                     
Net income per share:                    
Basic  $0.66   $0.63   $1.98   $1.69 
Diluted  $0.66   $0.63   $1.98   $1.69 
                     
Weighted average common shares outstanding:                    
Basic   188,692    190,342    189,027    191,068 
Diluted   189,238    190,822    189,376    191,523 

 

 

 

 

Garmin Ltd. And Subsidiaries

Condensed Consolidated Balance Sheets

(In thousands, except per share information)

 

   (Unaudited)     
   Sept 24,   December 26, 
   2016   2015 
Assets          
Current assets:          
Cash and cash equivalents  $912,559   $833,070 
Marketable securities   201,560    215,161 
Accounts receivable, net   461,355    531,481 
Inventories, net   534,683    500,554 
Deferred costs   46,569    49,176 
Prepaid expenses and other current assets   90,733    81,645 
Total current assets   2,247,459    2,211,087 
           
Property and equipment, net   454,246    446,089 
           
Marketable securities   1,327,347    1,343,387 
Restricted cash   265    259 
Noncurrent deferred income tax   121,084    116,518 
Noncurrent deferred costs   51,395    38,769 
Intangible assets, net   301,983    245,552 
Other assets   88,127    97,730 
Total assets  $4,591,906   $4,499,391 
           
Liabilities and Stockholders' Equity          
Current liabilities:          
Accounts payable  $148,030   $178,905 
Salaries and benefits payable   86,104    70,601 
Accrued warranty costs   38,872    30,449 
Accrued sales program costs   49,172    67,613 
Deferred revenue   146,384    164,982 
Accrued royalty costs   34,801    30,310 
Accrued advertising expense   22,775    33,547 
Other accrued expenses   81,313    74,926 
Income taxes payable   24,004    21,674 
Dividend payable   288,540    192,991 
Total current liabilities   919,995    865,998 
           
Deferred income taxes   56,463    56,210 
Non-current income taxes   117,276    101,689 
Non-current deferred revenue   134,236    128,731 
Other liabilities   1,707    1,637 
           
Stockholders' equity:          
Shares, CHF 0.10 par value, 198,077 shares authorized and issued; and 188,446 shares outstanding at September 24, 2016          
Shares, CHF 10.00 par value, 208,077 shares authorized and issued; and 189,722 shares outstanding at December 26, 2015   17,979    1,797,435 
Additional paid-in capital   1,862,801    62,239 
Treasury stock   (464,163)   (414,637)
Retained earnings   1,919,846    1,930,517 
Accumulated other comprehensive income   25,766    (30,428)
Total stockholders' equity   3,362,229    3,345,126 
Total liabilities and stockholders' equity  $4,591,906   $4,499,391 

 

 

 

 

Garmin Ltd. And Subsidiaries

Condensed Consolidated Statements of Cash Flows (Unaudited)

(In thousands)

 

   39-Weeks Ended 
   Sept 24,   Sept 26, 
   2016   2015 
Operating activities:          
Net income  $374,209   $323,844 
Adjustments to reconcile net income to net cash provided by operating activities:          
Depreciation   40,327    37,936 
Amortization   22,215    20,447 
Loss (gain) on sale or disposal of property and equipment   155    (190)
Provision for doubtful accounts   2,559    (1,781)
Deferred income taxes   (6,821)   5,796 
Unrealized foreign currency loss   19,536    30,473 
Provision for obsolete and slow moving inventories   20,943    9,925 
Stock compensation expense   29,211    19,596 
Realized gain on marketable securities   (1,068)   (76)
Changes in operating assets and liabilities:          
Accounts receivable   76,372    123,875 
Inventories   (41,002)   (111,008)
Other current and non-current assets   3,400    (110,695)
Accounts payable   (40,694)   16,864 
Other current and non-current liabilities   1,942    (44,636)
Deferred revenue   (13,660)   (49,790)
Deferred cost   (9,906)   7,080 
Income taxes payable   14,648    (155,529)
Net cash provided by operating activities   492,366    122,131 
           
Investing activities:          
Purchases of property and equipment   (42,157)   (53,297)
Proceeds from sale of property and equipment   15    670 
Purchase of intangible assets   (4,706)   (2,817)
Purchase of marketable securities   (739,676)   (649,881)
Redemption of marketable securities   772,733    720,717 
Change in restricted cash   (6)   48 
Acquisitions, net of cash acquired   (62,137)   (12,632)
Net cash (used in) provided by investing activities   (75,934)   2,808 
           
Financing activities:          
Dividends paid   (289,331)   (281,247)
Purchase of treasury stock under share repurchase plan   (65,221)   (108,057)
Purchase of treasury stock related to equity awards   (184)   (241)
Proceeds from issuance of treasury stock related to equity awards   10,210    8,554 
Tax benefit from issuance of equity awards   365    1,257 
Net cash used in financing activities   (344,161)   (379,734)
           
Effect of exchange rate changes on cash and cash equivalents   7,218    (26,566)
           
Net increase (decrease) in cash and cash equivalents   79,489    (281,361)
Cash and cash equivalents at beginning of period   833,070    1,196,268 
Cash and cash equivalents at end of period  $912,559   $914,907 

 

 

 

 

Garmin Ltd. And Subsidiaries

Net Sales, Gross Profit, and Operating Income by Segment (Unaudited)

(In thousands)

 

   Reporting Segments 
   Outdoor   Fitness   Marine   Auto   Aviation   Total 
                         
13-Weeks Ended September 24, 2016                              
                               
Net sales  $141,006   $189,161   $70,010   $214,637   $107,436   $722,250 
Gross profit  $88,497   $103,363   $39,891   $93,638   $80,591   $405,980 
Operating income  $49,271   $44,774   $10,332   $24,795   $30,444   $159,616 
                               
13-Weeks Ended September 26, 2015 (3)                              
                               
Net sales  $109,863   $143,216   $62,315   $270,064   $94,232   $679,690 
Gross profit  $66,442   $77,261   $34,115   $114,331   $70,041   $362,190 
Operating income  $37,409   $26,577   $5,737   $32,012   $23,722   $125,457 
                               
                               
39-Weeks Ended September 24, 2016                              
                               
Net sales  $370,929   $544,434   $264,489   $655,963   $322,083   $2,157,898 
Gross profit  $232,652   $295,463   $148,554   $292,770   $239,349   $1,208,788 
Operating income  $125,721   $114,422   $49,172   $82,984   $91,794   $464,093 
                               
39-Weeks Ended September 26, 2015 (3)                              
                               
Net sales  $291,299   $432,859   $230,325   $789,870   $294,560   $2,038,913 
Gross profit  $181,525   $248,795   $128,204   $351,223   $215,814   $1,125,561 
Operating income  $98,135   $94,286   $34,204   $99,887   $77,307   $403,819 

 

(3) Action camera related operating results for the 13-weeks and 39-weeks ended September 26, 2015 have been recast from the Outdoor segment to the Auto segment to conform to the current year presentation.

 

Garmin Ltd. And Subsidiaries

Net Sales by Geography (Unaudited)

(In thousands)

 

   13-Weeks Ended   39-Weeks Ended 
   Sept 24,   Sept 26,   Yr over Yr   Sept 24,   Sept 26,   Yr over Yr 
   2016   2015   Change   2016   2015   Change 
Net sales  $722,250   $679,690    6%  $2,157,898   $2,038,913    6%
Americas   348,637    335,041    4%   1,073,610    1,057,359    2%
EMEA   274,756    261,548    5%   810,205    744,352    9%
APAC   98,857    83,101    19%   274,083    237,202    16%

 

EMEA - Europe, Middle East and Africa; APAC - Asia Pacific and Australian Continent

 

 

 

 

Non-GAAP Financial Information

 

To supplement our financial results presented in accordance with GAAP, this release includes the following measures defined by the Securities and Exchange Commission as non-GAAP financial measures: pro forma net income (earnings) per share, forward-looking pro forma earnings per share, and free cash flow. These non-GAAP measures are not based on any comprehensive set of accounting rules or principles and should not be considered a substitute for, or superior to, financial measures calculated in accordance with GAAP, and may be different from non-GAAP measures used by other companies. Management believes providing investors with an operating view consistent with how it manages the Company provides enhanced transparency into the operating results of the Company.

 

Pro forma net income (earnings) per share

 

Management believes that net income per share before the impact of foreign currency gain or loss and certain income tax adjustments, as discussed below, is an important measure. The majority of the Company’s consolidated foreign currency gain or loss is typically driven by movements in the Taiwan Dollar and the Euro in relation to the U.S. Dollar and the related exchange rate impact on the significant cash, receivables, and payables held in a currency other than the functional currency at one of the Company’s subsidiaries. However, there is minimal cash impact from such foreign currency gain or loss. The Company’s income tax expense is periodically impacted by material net releases of reserves primarily related to completion of audits and/or the expiration of statutes affecting prior periods. Thus, reported income tax expense is not reflective of the income tax expense that is incurred related to the current period earnings. Accordingly, earnings per share before the impact of foreign currency translation gain or loss and income tax adjustments that materially impact the effective tax rate permit a consistent comparison of the Company’s operating performance between periods.

 

The net release of other uncertain tax position reserves, amounting to approximately $5.8 million and $7.2 million for the 39-weeks ended September 24, 2016 and September 26, 2015, respectively, have not been included as pro forma adjustments in the following presentation of pro forma net income as such amounts have been considered immaterial, tend to be more recurring in nature or are comparable between periods. The tax effect of foreign currency gains (losses) was calculated using effective tax rates of 16.5% and 27.6% for the third quarters of 2016 and 2015, respectively and 18.8% and 21.9% for the year-to-date 2016 and 2015. The effective tax rate is calculated by taking the Income tax provision divided by Income before taxes, as presented on the face of the Condensed Consolidated Statements of Income both on a quarterly and year-to-date basis.

 

 

 

 

Garmin Ltd. And Subsidiaries

Net income per share (Pro Forma)

(in thousands, except per share information)

 

   13-Weeks Ended   39-Weeks Ended 
   Sept 24,   Sept 26,   Sept 24,   Sept 26, 
   2016   2015   2016   2015 
                 
Net Income (GAAP)  $125,054   $119,299   $374,209   $323,844 
Foreign currency gains (losses)   19,421    (30,573)   30,003    14,177 
Tax effect of foreign currency gains (losses)   (3,204)   8,453    (5,654)   (3,104)
Net income (Pro Forma)  $141,271   $97,179   $398,558   $334,917 
                     
Net income per share (GAAP):                    
Basic  $0.66   $0.63   $1.98   $1.69 
Diluted  $0.66   $0.63   $1.98   $1.69 
                     
Net income per share (Pro Forma):                    
Basic  $0.75   $0.51   $2.11   $1.75 
Diluted  $0.75   $0.51   $2.10   $1.75 
                     
Weighted average common shares outstanding:                    
Basic   188,692    190,342    189,027    191,068 
Diluted (GAAP)   189,238    190,822    189,376    191,523 

 

Forward-looking pro forma earnings per share

 

The Company has not provided a GAAP reconciliation for forward-looking pro forma earnings per share because such measure cannot be provided without unreasonable efforts on a forward-looking basis due to the high variability and low visibility with respect to non-operating foreign currency exchange gains and losses and the related tax effects of such gains and losses. The impact of such foreign currency gains and losses, net of tax effects, was $0.12 per share for the 39-weeks ended September 24, 2016, as indicated above. No other pro forma income tax adjustments have been included in forward-looking pro forma earnings per share.

 

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 plus one-time cash payments associated with our inter-company restructuring less capital expenditures for property and equipment.

 

 

 

 

Garmin Ltd. And Subsidiaries

Free Cash Flow

(in thousands)

 

   13-Weeks Ended   39-Weeks Ended 
   Sept 24,   Sept 26,   Sept 24,   Sept 26, 
   2016   2015   2016   2015 
(in thousands)                
Net cash provided by operating activities  $212,994   $137,834   $492,366   $122,131 
Less: purchases of property and equipment   (13,543)   (13,565)   (42,157)   (53,297)
Plus: taxes paid related to inter-company restructuring   -    -    -    182,800 
Free Cash Flow  $199,451   $124,269   $450,209   $251,634 

 

 

 

 

 



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