Trimble Reports Second Quarter 2014 Results

 

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS 

(In thousands)

(Unaudited)



First Two Quarters of



2014


2013






Cash flow from operating activities:





    Net Income


$146,152


$ 103,885






    Adjustments to reconcile net income to net cash provided by





       operating activities:





         Depreciation expense


15,621


12,854

         Amortization expense


78,443


79,095

         Provision for doubtful accounts


869


261

         Deferred income taxes


(1,700)


(13,732)

         Stock-based compensation


21,087


17,253

         Income from equity method investments


(8,688)


(11,414)

         Gain on an equity sale


(15,091)


-

         Excess tax benefit for stock-based compensation


(13,505)


(7,616)

         Provision for excess and obsolete inventories


1,731


569

         Other non-cash items


(1,867)


(494)






    Add decrease (increase) in assets:





         Accounts receivables


(42,563)


(24,071)

         Other receivables


(3,708)


(1,558)

         Inventories


(21,335)


(14,725)

         Other current and non-current assets


(8,001)


(12,165)






    Add increase (decrease) in liabilities:





         Accounts payable


452


(18,936)

         Accrued compensation and benefits


5,625


(7,166)

         Deferred revenue


49,042


55,994

         Accrued warranty expense


1,070


(154)

         Other liabilities


10,954


14,163

 Net cash provided by operating activities 


214,588


172,043






 Cash flow from investing activities: 





      Acquisitions of businesses, net of cash acquired 


(25,094)


(178,953)

      Acquisitions of property and equipment 


(28,425)


(39,431)

      Dividends received from equity method investments 


22,463


2,526

      Other 


(2,684)


730

 Net cash used in investing activities 


(33,740)


(215,128)






 Cash flow from financing activities: 





      Issuance of common stock, net of tax withholdings 


39,322


23,954

      Excess tax benefit for stock-based compensation 


13,505


7,616

      Proceeds from debt and revolving credit lines 


17,000


239,613

      Payments on debt and revolving credit lines 


(119,517)


(252,780)

 Net cash provided by (used in) financing activities 


(49,690)


18,403






 Effect of exchange rate changes on cash and cash equivalents 


534


(4,017)






 Net increase (decrease) in cash and cash equivalents 


131,692


(28,699)

 Cash and cash equivalents - beginning of period 


147,227


157,771






 Cash and cash equivalents - end of period 


$278,919


$ 129,072


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