Trimble Reports Second Quarter 2013 Revenue of $576.3 Million, GAAP EPS of $0.21 and Non-GAAP EPS of $0.38

    

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS 

(In thousands)

(Unaudited)



First Two Quarters of



2013


2012






Cash flow from operating activities:





    Net Income


$         103,885


$ 103,237






    Adjustments to reconcile net income to net cash provided by





       operating activities:





         Depreciation expense


12,854


11,300

         Amortization expense


79,095


57,875

         Provision for doubtful accounts


261


1,486

         Deferred income taxes


(13,732)


381

         Stock-based compensation


17,253


15,944

         Income from equity method investments


(11,414)


(13,255)

         Excess tax benefit for stock-based compensation


(7,616)


(15,254)

         Provision for excess and obsolete inventories


569


4,993

         Other non-cash items


(494)


(1,851)






    Add decrease (increase) in assets:





         Accounts receivables


(24,071)


(38,589)

         Other receivables


(1,558)


(6,638)

         Inventories


(14,725)


594

         Other current and non-current assets


(12,165)


(8,904)






    Add increase (decrease) in liabilities:





         Accounts payable


(18,936)


4,148

         Accrued compensation and benefits


(7,166)


2,270

         Deferred revenue


55,994


32,117

         Accrued warranty expense


(154)


(1,814)

         Other current and non-current liabilities


14,163


7,054

 Net cash provided by operating activities 


172,043


155,094






 Cash flow from investing activities: 





      Acquisitions of businesses, net of cash acquired 


(178,953)


(337,676)

      Acquisitions of property and equipment 


(39,431)


(21,308)

      Dividends received from equity method investments 


2,526


221

      Other 


730


(706)

 Net cash used in investing activities 


(215,128)


(359,469)






 Cash flow from financing activities: 





      Issuance of common stock, net 


23,954


27,162

      Excess tax benefit for stock-based compensation 


7,616


15,254

      Proceeds from long-term debt and revolving credit lines 


239,613


436,500

      Payments on short-term and long-term debt  


(252,780)


(304,013)

 Net cash provided by financing activities 


18,403


174,903






 Effect of exchange rate changes on cash and cash equivalents 


(4,017)


(3,212)






 Net decrease in cash and cash equivalents 


(28,699)


(32,684)

 Cash and cash equivalents - beginning of period 


157,771


154,621






 Cash and cash equivalents - end of period 


$         129,072


$ 121,937


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