Garmin Reports 2012 Results; Initiates $300 Million Share Repurchase Program

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  
 

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