Trimble Reports Second Quarter 2016 Results

 

 

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS 

(In millions)

(Unaudited)

 

First Two Quarters of

 

2016

 

2015

       

Cash flow from operating activities:

     

    Net Income

$                   55.3

 

$  59.8

       

    Adjustments to reconcile net income to net cash provided by

     

       operating activities:

     

         Depreciation expense

18.8

 

17.9

         Amortization expense

79.9

 

81.5

         Provision for doubtful accounts

2.4

 

1.2

         Deferred income taxes

0.5

 

(0.8)

         Stock-based compensation

26.7

 

24.5

         Income from equity method investments

(8.7)

 

(9.4)

         Divestiture gain, net

(2.7)

 

(5.6)

         Excess tax benefit for stock-based compensation

(3.1)

 

(0.9)

         Provision for excess and obsolete inventories

8.8

 

2.0

         Other non-cash items

3.0

 

10.0

       

    Decrease (increase) in assets:

     

         Accounts receivables

(18.2)

 

1.3

         Other receivables

(1.5)

 

3.7

         Inventories

11.2

 

(11.8)

         Other current and non-current assets

(7.8)

 

(8.3)

       

    Increase (decrease) in liabilities:

     

         Accounts payable

6.4

 

6.1

         Accrued compensation and benefits

2.2

 

(0.8)

         Deferred revenue

53.8

 

49.5

         Accrued warranty

(0.7)

 

(1.4)

         Other liabilities

(33.8)

 

(14.5)

 Net cash provided by operating activities 

192.5

 

204.0

       

 Cash flow from investing activities: 

     

      Acquisitions of businesses, net of cash acquired 

(20.0)

 

(59.1)

      Acquisitions of property and equipment 

(12.2)

 

(26.5)

      Purchases of equity method investments 

(1.5)

 

(2.8)

      Net proceeds from sale of businesses 

10.7

 

12.6

      Dividends received from equity method investments 

10.7

 

7.7

      Other 

(0.3)

 

0.4

 Net cash used in investing activities 

(12.6)

 

(67.7)

       

 Cash flow from financing activities: 

     

      Issuance of common stock, net of tax withholdings 

25.0

 

16.0

      Repurchases and retirement of common stock 

(88.3)

 

(73.0)

      Excess tax benefit for stock-based compensation 

3.1

 

0.9

      Proceeds from debt and revolving credit lines 

202.0

 

220.0

      Payments on debt and revolving credit lines 

(207.0)

 

(312.1)

 Net cash used in financing activities 

(65.2)

 

(148.2)

       

 Effect of exchange rate changes on cash and cash equivalents 

1.2

 

(7.1)

       

 Net increase (decrease) in cash and cash equivalents 

115.9

 

(19.0)

 Cash and cash equivalents - beginning of period 

116.0

 

148.0

       

 Cash and cash equivalents - end of period 

$                 231.9

 

$129.0


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