Trimble Announces First Quarter 2012 Revenue of $502.3 Million, Up 31 Percent; Non-GAAP Earnings per Share of $0.68, Up 36 Percent, as Compared to First Quarter 2011

 

 

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS 

(In thousands)

(Unaudited)



First Quarter of



2012


2011






Cash flow from operating activities:





    Net Income


$      50,072


$   38,872






    Adjustments to reconcile net income  to net cash provided by





       operating activities:





         Depreciation expense


5,562


4,603

         Amortization expense


28,797


16,065

         Provision for doubtful accounts


587


359

         Deferred income taxes


146


(1,393)

         Stock-based compensation


7,789


6,798

         Income from equity method investments


(6,192)


(2,763)

         Excess tax benefit for stock-based compensation


(7,580)


(8,357)

         Provision for excess and obsolete inventories


3,111


2,489

         Other non-cash items


(977)


577






    Add decrease (increase) in assets:





         Accounts receivables


(46,425)


(40,624)

         Other receivables


2,211


5,776

         Inventories


5,928


(8,717)

         Other current and non-current assets


(7,972)


4,927






    Add increase (decrease) in liabilities:





         Accounts payable


4,205


16,377

         Accrued compensation and benefits


(1,895)


(10,241)

         Deferred revenue


29,569


(1,219)

         Accrued warranty expense


(728)


(40)

         Other current and non-current liabilities


1,450


4,438

 Net cash provided by operating activities 


67,658


27,927






 Cash flow from investing activities: 





      Acquisitions of businesses, net of cash acquired 


(101,392)


(38,979)

      Acquisition of property and equipment 


(7,644)


(4,036)

      Acquisitions of intangible assets 


(755)


(250)

      Other 


251


44

 Net cash used in investing activities 


(109,540)


(43,221)






 Cash flow from financing activities: 





      Issuance of common stock, net 


26,682


27,785

      Excess tax benefit for stock-based compensation 


7,580


8,357

      Proceeds from long-term debt and revolving credit lines 


181,500


-

      Payments on short-term and long-term debt  


(122,850)


(672)

 Net cash provided by financing activities 


92,912


35,470






 Effect of exchange rate changes on cash and cash equivalents 


3,495


3,378






 Net increase in cash and cash equivalents 


54,525


23,554

 Cash and cash equivalents - beginning of period 


154,621


220,788






 Cash and cash equivalents - end of period 


$    209,146


$  244,342


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