CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS | ||||
(In thousands) | ||||
(Unaudited) | ||||
|
|
First Three Quarters of | ||
|
|
2013 |
|
2012 |
|
|
|
|
|
Cash flow from operating activities: |
|
|
|
|
Net Income |
|
$ 158,505 |
|
$ 157,037 |
|
|
|
|
|
Adjustments to reconcile net income to net cash provided by |
|
|
|
|
operating activities: |
|
|
|
|
Depreciation expense |
|
19,630 |
|
16,910 |
Amortization expense |
|
120,713 |
|
89,315 |
Provision for doubtful accounts |
|
1,204 |
|
1,428 |
Deferred income taxes |
|
(13,520) |
|
646 |
Stock-based compensation |
|
26,158 |
|
23,628 |
Income from equity method investments |
|
(15,908) |
|
(19,708) |
Excess tax benefit for stock-based compensation |
|
(8,803) |
|
(16,673) |
Provision for excess and obsolete inventories |
|
1,551 |
|
6,372 |
Other non-cash items |
|
738 |
|
(3,019) |
|
|
|
|
|
Add decrease (increase) in assets: |
|
|
|
|
Accounts receivables |
|
(28,466) |
|
(39,496) |
Other receivables |
|
4,047 |
|
(7,996) |
Inventories |
|
2,645 |
|
(4,650) |
Other current and non-current assets |
|
(22,765) |
|
(2,844) |
|
|
|
|
|
Add increase (decrease) in liabilities: |
|
|
|
|
Accounts payable |
|
(22,467) |
|
7,828 |
Accrued compensation and benefits |
|
(2,738) |
|
6,375 |
Deferred revenue |
|
46,891 |
|
12,390 |
Accrued warranty expense |
|
347 |
|
(2,491) |
Other current and non-current liabilities |
|
10,646 |
|
18,842 |
Net cash provided by operating activities |
|
278,408 |
|
243,894 |
|
|
|
|
|
Cash flow from investing activities: |
|
|
|
|
Acquisitions of businesses, net of cash acquired |
|
(200,401) |
|
(355,484) |
Acquisitions of property and equipment |
|
(57,646) |
|
(34,126) |
Dividends received from equity method investments |
|
7,672 |
|
2,140 |
Increase in restricted cash |
|
(6,696) |
|
- |
Other |
|
663 |
|
(492) |
Net cash used in investing activities |
|
(256,408) |
|
(387,962) |
|
|
|
|
|
Cash flow from financing activities: |
|
|
|
|
Issuance of common stock, net of tax withholdings |
|
37,667 |
|
37,142 |
Excess tax benefit for stock-based compensation |
|
8,803 |
|
16,673 |
Proceeds from long-term debt and revolving credit lines |
|
332,021 |
|
478,556 |
Payments on short-term and long-term debt |
|
(440,886) |
|
(401,062) |
Net cash provided by (used in) financing activities |
|
(62,395) |
|
131,309 |
|
|
|
|
|
Effect of exchange rate changes on cash and cash equivalents |
|
(2,119) |
|
(22) |
|
|
|
|
|
Net decrease in cash and cash equivalents |
|
(42,514) |
|
(12,781) |
Cash and cash equivalents - beginning of period |
|
157,771 |
|
154,621 |
|
|
|
|
|
Cash and cash equivalents - end of period |
|
$ 115,257 |
|
$ 141,840 |
Trimble Reports Third Quarter 2013 Revenue of $556.5 Million, GAAP EPS of $0.21 and Non-GAAP EPS of $0.39
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