Trimble Third Quarter Revenue of $504.8 Million Up 21 Percent and Non-GAAP Earnings Per Share of $0.68 Up 31 Percent Versus Prior Year

 

 

 

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS 

(In thousands)

(Unaudited)



First Three Quarters of



2012


2011






Cash flow from operating activities:





    Net Income


$     157,037


$  120,246






    Adjustments to reconcile net income to net cash provided by





       operating activities:





         Depreciation expense


16,910


14,683

         Amortization expense


89,315


56,747

         Provision for doubtful accounts


1,428


954

         Deferred income taxes


646


(10,175)

         Stock-based compensation


23,628


21,033

         Income from equity method investments


(19,708)


(11,001)

         Excess tax benefit for stock-based compensation


(16,673)


(11,698)

         Provision for excess and obsolete inventories


6,372


6,915

         Other non-cash items


(3,019)


2,738






    Add decrease (increase) in assets:





         Accounts receivables


(39,496)


(43,117)

         Other receivables


(7,996)


13,471

         Inventories


(4,650)


(11,344)

         Other current and non-current assets


(2,844)


7,005






    Add increase (decrease) in liabilities:





         Accounts payable


7,828


2,039

         Accrued compensation and benefits


6,375


(1,921)

         Deferred revenue


12,390


7,638

         Accrued warranty expense


(2,491)


402

         Other current and non-current liabilities


18,842


(2,794)

 Net cash provided by operating activities 


243,894


161,821






 Cash flow from investing activities: 





      Acquisitions of businesses, net of cash acquired 


(355,484)


(758,243)

      Acquisition of property and equipment 


(34,126)


(16,002)

      Acquisitions of intangible assets 


(795)


(1,666)

      Purchases of equity method investments 




(3,267)

      Dividends received 


2,140


7,500

      Other 


303


(168)

 Net cash used in investing activities 


(387,962)


(771,846)






 Cash flow from financing activities: 





      Issuance of common stock, net 


37,142


40,182

      Excess tax benefit for stock-based compensation 


16,673


11,698

      Proceeds from long-term debt and revolving credit lines 


478,556


702,225

      Payments on short-term and long-term debt  


(401,062)


(225,942)

 Net cash provided by financing activities 


131,309


528,163






 Effect of exchange rate changes on cash and cash equivalents 


(22)


(671)






 Net decrease in cash and cash equivalents 


(12,781)


(82,533)

 Cash and cash equivalents - beginning of period 


154,621


220,788






 Cash and cash equivalents - end of period 


$     141,840


$  138,255


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