CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS | ||||
(In thousands) | ||||
(Unaudited) | ||||
|
|
First Two Quarters of | ||
|
|
2012 |
|
2011 |
|
|
|
|
|
Cash flow from operating activities: |
|
|
|
|
Net Income |
|
$ 103,237 |
|
$ 93,050 |
|
|
|
|
|
Adjustments to reconcile net income to net cash provided by |
|
|
|
|
operating activities: |
|
|
|
|
Depreciation expense |
|
11,300 |
|
9,175 |
Amortization expense |
|
57,875 |
|
32,641 |
Provision for doubtful accounts |
|
1,486 |
|
640 |
Deferred income taxes |
|
381 |
|
(4,139) |
Stock-based compensation |
|
15,944 |
|
13,927 |
Income from equity method investments |
|
(13,255) |
|
(6,181) |
Excess tax benefit for stock-based compensation |
|
(15,254) |
|
(10,950) |
Provision for excess and obsolete inventories |
|
4,993 |
|
4,731 |
Other non-cash items |
|
(1,851) |
|
2,031 |
|
|
|
|
|
Add decrease (increase) in assets: |
|
- |
|
|
Accounts receivables |
|
(38,589) |
|
(30,650) |
Other receivables |
|
(6,638) |
|
5,988 |
Inventories |
|
594 |
|
(16,100) |
Other current and non-current assets |
|
(8,904) |
|
1,478 |
|
|
|
|
|
Add increase (decrease) in liabilities: |
|
|
|
|
Accounts payable |
|
4,148 |
|
8,776 |
Accrued compensation and benefits |
|
2,270 |
|
(5,453) |
Deferred revenue |
|
32,117 |
|
8,588 |
Accrued warranty expense |
|
(1,814) |
|
(87) |
Other current and non-current liabilities |
|
7,054 |
|
3,251 |
Net cash provided by operating activities |
|
155,094 |
|
110,716 |
|
|
|
|
|
Cash flow from investing activities: |
|
|
|
|
Acquisitions of businesses, net of cash acquired |
|
(337,676) |
|
(91,449) |
Acquisition of property and equipment |
|
(21,308) |
|
(9,322) |
Acquisitions of intangible assets |
|
(785) |
|
(566) |
Dividends received |
|
221 |
|
7,500 |
Other |
|
79 |
|
(624) |
Net cash used in investing activities |
|
(359,469) |
|
(94,461) |
|
|
|
|
|
Cash flow from financing activities: |
|
|
|
|
Issuance of common stock, net |
|
27,162 |
|
30,663 |
Excess tax benefit for stock-based compensation |
|
15,254 |
|
10,950 |
Proceeds from long-term debt and revolving credit lines |
|
436,500 |
|
144,225 |
Payments on short-term and long-term debt |
|
(304,013) |
|
(177,831) |
Net cash provided by financing activities |
|
174,903 |
|
8,007 |
|
|
|
|
|
Effect of exchange rate changes on cash and cash equivalents |
|
(3,212) |
|
4,761 |
|
|
|
|
|
Net increase (decrease) in cash and cash equivalents |
|
(32,684) |
|
29,023 |
Cash and cash equivalents - beginning of period |
|
154,621 |
|
220,788 |
|
|
|
|
|
Cash and cash equivalents - end of period |
|
$ 121,937 |
|
$249,811 |
| ||||||||||||
| ||||||||||||
| ||||||||||||
| ||||||||||||
| ||||||||||||
REPORTING SEGMENTS | ||||||||||||
(Dollars in thousands) | ||||||||||||
(Unaudited) | ||||||||||||
| ||||||||||||
|
|
|
|
|
Reporting Segments | |||||||
|
|
|
|
|
Engineering |
|
|
|
|
|
| |
|
|
|
|
|
and |
|
Field |
|
Mobile |
|
Advanced | |
|
|
|
|
|
Construction |
|
Solutions |
|
Solutions |
|
Devices | |
|
|
|
|
|
|
|
|
|
|
|
| |
SECOND QUARTER OF FISCAL 2012 : |
|
|
|
|
|
|
|
| ||||
|
Revenues |
|
|
$ 284,175 |
|
$123,371 |
|
$ 81,402 |
|
$ 28,612 | ||
|
|
|
|
|
|
|
|
| ||||
|
Operating income before corporate allocations: |
|
$ 59,473 |
|
$ 46,623 |
|
$ 5,624 |
|
$ 3,913 | |||
|
Operating margin (% of segment external net revenues) |
|
20.9% |
|
37.8% |
|
6.9% |
|
13.7% | |||
|
|
|
|
|
|
|
|
|
|
|
| |
SECOND QUARTER OF FISCAL 2011 : |
|
|
|
|
|
|
|
| ||||
|
Revenues |
|
|
$ 236,668 |
|
$104,029 |
|
$ 40,224 |
|
$ 26,248 | ||
|
|
|
|
|
|
|
|
|
|
|
| |
|
Operating income (loss) before corporate allocations: |
|
$ 46,987 |
|
$ 42,543 |
|
$ (2,684) |
|
$ 2,607 | |||
|
Operating margin (% of segment external net revenues) |
|
19.9% |
|
40.9% |
|
(6.7%) |
|
9.9% | |||
|
|
|
|
|
|
|
| |||||
FIRST TWO QUARTERS OF FISCAL 2012 : |
|
|
|
|
|
|
|
| ||||
|
Revenue |
|
|
$ 533,060 |
|
$270,870 |
|
$159,785 |
|
$ 56,112 | ||
|
|
|
|
|
|
|
|
|
|
|
| |
|
Operating income before corporate allocations: |
|
$ 99,550 |
|
$108,984 |
|
$ 12,982 |
|
$ 7,252 | |||
|
Operating margin (% of segment external net revenues) |
|
18.7% |
|
40.2% |
|
8.1% |
|
12.9% | |||
|
|
|
|
|
|
|
|
| ||||
FIRST TWO QUARTERS OF FISCAL 2011 : |
|
|
|
|
|
|
|
| ||||
|
Revenue |
|
$ 426,702 |
|
$227,082 |
|
$ 84,645 |
|
$ 53,033 | |||
|
|
|
|
|
|
|
|
| ||||
|
Operating income (loss) before corporate allocations: |
|
$ 69,766 |
|
$ 95,048 |
|
$ (4,018) |
|
$ 6,470 | |||
|
Operating margin (% of segment external net revenues) |
|
16.4% |
|
41.9% |
|
(4.7%) |
|
12.2% |