Trimble Reports Third Quarter 2013 Revenue of $556.5 Million, GAAP EPS of $0.21 and Non-GAAP EPS of $0.39

 

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS 

(In thousands)

(Unaudited)



First Three Quarters of



2013


2012






Cash flow from operating activities:





    Net Income


$        158,505


$ 157,037






    Adjustments to reconcile net income to net cash provided by





       operating activities:





         Depreciation expense


19,630


16,910

         Amortization expense


120,713


89,315

         Provision for doubtful accounts


1,204


1,428

         Deferred income taxes


(13,520)


646

         Stock-based compensation


26,158


23,628

         Income from equity method investments


(15,908)


(19,708)

         Excess tax benefit for stock-based compensation


(8,803)


(16,673)

         Provision for excess and obsolete inventories


1,551


6,372

         Other non-cash items


738


(3,019)






    Add decrease (increase) in assets:





         Accounts receivables


(28,466)


(39,496)

         Other receivables


4,047


(7,996)

         Inventories


2,645


(4,650)

         Other current and non-current assets


(22,765)


(2,844)






    Add increase (decrease) in liabilities:





         Accounts payable


(22,467)


7,828

         Accrued compensation and benefits


(2,738)


6,375

         Deferred revenue


46,891


12,390

         Accrued warranty expense


347


(2,491)

         Other current and non-current liabilities


10,646


18,842

 Net cash provided by operating activities 


278,408


243,894






 Cash flow from investing activities: 





      Acquisitions of businesses, net of cash acquired 


(200,401)


(355,484)

      Acquisitions of property and equipment 


(57,646)


(34,126)

      Dividends received from equity method investments 


7,672


2,140

      Increase in restricted cash 


(6,696)


-

      Other 


663


(492)

 Net cash used in investing activities 


(256,408)


(387,962)






 Cash flow from financing activities: 





      Issuance of common stock, net of tax withholdings 


37,667


37,142

      Excess tax benefit for stock-based compensation 


8,803


16,673

      Proceeds from long-term debt and revolving credit lines 


332,021


478,556

      Payments on short-term and long-term debt  


(440,886)


(401,062)

 Net cash provided by (used in) financing activities 


(62,395)


131,309






 Effect of exchange rate changes on cash and cash equivalents 


(2,119)


(22)






 Net decrease in cash and cash equivalents 


(42,514)


(12,781)

 Cash and cash equivalents - beginning of period 


157,771


154,621






 Cash and cash equivalents - end of period 


$        115,257


$ 141,840


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