Trimble Reports Fourth Quarter and Fiscal 2012 Results

 

 

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS 

(In thousands)

(Unaudited)



Fiscal Years



2012


2011






Cash flow from operating activities:





    Net Income


$   189,716


$  148,909






    Adjustments to reconcile net income to net cash provided by





       operating activities:





         Depreciation expense


23,691


20,509

         Amortization expense


125,707


85,160

         Provision for doubtful accounts


2,030


1,913

         Deferred income taxes


(1,369)


(26,305)

         Stock-based compensation


32,660


28,451

         Income from equity method investments


(24,727)


(15,349)

         Excess tax benefit for stock-based compensation


(25,345)


(14,762)

         Acquisition / divestiture gain


(7,257)


(264)

         Provision for excess and obsolete inventories


6,234


8,410

         Other non-cash items


(4,221)


3,149






    Add decrease (increase) in assets:




-

         Accounts receivables


(24,388)


(31,874)

         Other receivables


(5,017)


30,141

         Inventories


(8,402)


(30,139)

         Other current and non-current assets


(7,945)


10,519






    Add increase (decrease) in liabilities:




-

         Accounts payable


25,985


(4,310)

         Accrued compensation and benefits


7,889


2,469

         Deferred revenue


16,560


18,775

         Accrued warranty expense


(1,520)


644

         Other current and non-current liabilities


20,419


5,583

 Net cash provided by operating activities 


340,700


241,629






 Cash flow from investing activities: 





      Acquisitions of businesses, net of cash acquired 


(728,114)


(759,737)

      Acquisition of property and equipment 


(54,071)


(23,278)

      Acquisitions of intangible assets 


(1,170)


(1,666)

      (Purchases) sales of equity method investments 


4,913


(3,267)

      Dividends received 


13,178


12,398

      Other 


978


1,985

 Net cash used in investing activities 


(764,286)


(773,565)






 Cash flow from financing activities: 





      Issuance of common stock, net 


59,187


45,869

      Excess tax benefit for stock-based compensation 


25,345


14,762

      Proceeds from long-term debt and revolving credit lines 


1,199,352


734,225

      Payments on short-term and long-term debt  


(857,477)


(330,689)

 Net cash provided by financing activities 


426,407


464,167






 Effect of exchange rate changes on cash and cash equivalents 


329


1,602






 Net increase (decrease) in cash and cash equivalents 


3,150


(66,167)

 Cash and cash equivalents - beginning of period 


154,621


220,788






 Cash and cash equivalents - end of period 


$   157,771


$  154,621


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