Trimble Reports First Quarter 2016 Results

 

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS 

(In millions)

(Unaudited)


First Quarter of


2016


2015





Cash flow from operating activities:




    Net Income

$              19.7


$  34.0





    Adjustments to reconcile net income to net cash provided by operating activities:




         Depreciation expense

9.1


8.7

         Amortization expense

40.3


40.7

         Provision for doubtful accounts

0.6


1.0

         Deferred income taxes

(0.1)


(1.3)

         Stock-based compensation

13.7


12.5

         Income from equity method investments

(2.9)


(3.0)

         Acquisition / divestiture (gain)/loss

(3.1)


(5.8)

         Excess tax benefit for stock-based compensation

(1.2)


(0.7)

         Provision for excess and obsolete inventories

4.1


0.8

         Other non-cash items

0.7


11.0





    Add decrease (increase) in assets:




         Accounts receivables

(14.1)


(28.9)

         Other receivables

(2.2)


4.9

         Inventories

3.1


(6.4)

         Other current and non-current assets

(4.9)


(8.0)





    Add increase (decrease) in liabilities:




         Accounts payable

11.9


11.2

         Accrued compensation and benefits

(13.5)


(15.0)

         Deferred revenue

54.1


49.4

         Accrued warranty

(0.7)


(1.5)

         Accrued liabilities

(1.4)


3.6

 Net cash provided by operating activities 

113.2


107.2





 Cash flow from investing activities: 




      Acquisitions of businesses, net of cash acquired 

(15.8)


(36.9)

      Acquisitions of property and equipment 

(4.9)


(10.6)

      Purchases of equity investments 

(0.4)


(1.3)

      Net proceeds from sale of businesses 

8.1


12.6

      Dividends received from equity method investments 

5.0


-

      Other 

(0.3)


0.8

 Net cash used in investing activities 

(8.3)


(35.4)





 Cash flow from financing activities: 




      Issuance of common stock, net of tax withholdings 

16.1


14.7

      Repurchases and retirement of common stock 

(12.2)


(12.6)

      Excess tax benefit for stock-based compensation 

1.2


0.7

      Proceeds from debt and revolving credit lines 

92.0


130.0

      Payments on debt and revolving credit lines 

(147.0)


(198.0)

 Net cash used in financing activities 

(49.9)


(65.2)





 Effect of exchange rate changes on cash and cash equivalents 

3.7


(8.9)





 Net increase (decrease) in cash and cash equivalents 

58.7


(2.3)

 Cash and cash equivalents - beginning of period 

116.0


148.0





 Cash and cash equivalents - end of period 

$            174.7


$145.7


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