MTS SYSTEMS CORPORATION | |||||||||||||||
Condensed Consolidated Statements of Cash Flows | |||||||||||||||
(unaudited - in thousands) | |||||||||||||||
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| Three Months Ended |
| Nine Months Ended | ||||||||||||
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| June 29, 2019 |
| June 30, 2018 |
| June 29, 2019 |
| June 30, 2018 | ||||||||
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Cash Flows from Operating Activities |
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Net income | $ | 13,585 |
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| $ | 8,979 |
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| $ | 38,246 |
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| $ | 50,568 |
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Adjustments to reconcile net income to net cash provided by (used in) operating activities |
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Stock-based compensation | 2,609 |
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| 2,088 |
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| 7,298 |
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| 5,378 |
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Fair value adjustment to acquired inventory | 157 |
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| — |
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| 1,141 |
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| — |
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Depreciation and amortization | 9,685 |
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| 8,510 |
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| 28,153 |
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| 25,858 |
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(Gain) loss on sale or disposal of property and equipment | 42 |
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| 12 |
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| 552 |
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| 171 |
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Amortization of financing fees | 708 |
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| 1,198 |
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| 2,807 |
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| 3,824 |
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Deferred income taxes | (187) |
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| 465 |
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| (1,430) |
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| (30,189) |
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Other | 370 |
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| 436 |
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| 1,457 |
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| 2,123 |
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Changes in operating assets and liabilities | (7,668) |
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| (6,835) |
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| (28,254) |
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| (5,622) |
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Net Cash Provided by (Used in) Operating Activities | 19,301 |
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| 14,853 |
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| 49,970 |
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| 52,111 |
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| Cash Flows from Investing Activities |
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| Purchases of property and equipment | (8,028) |
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| (4,409) |
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| (17,377) |
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| (9,777) |
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| Proceeds from sale of property and equipment | — |
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| — |
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| 10 |
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| 69 |
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| Purchases of business, net of cash acquired | (1,700) |
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| — |
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| (83,526) |
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| — |
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| Other | — |
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| — |
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| (285) |
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| 823 |
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| Net Cash Provided by (Used in) Investing Activities | (9,728) |
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| (4,409) |
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| (101,178) |
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| (8,885) |
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| Cash Flows from Financing Activities |
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| Proceeds from issuance of long-term debt | — |
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| — |
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| 80,391 |
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| — |
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| Payments on financing arrangements, net | (2,438) |
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| (19,591) |
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| (9,221) |
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| (70,038) |
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| Cash dividends | (5,375) |
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| (5,291) |
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| (16,099) |
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| (15,958) |
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| Proceeds from exercise of stock options and employee stock purchase plan | 996 |
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| 956 |
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| 1,697 |
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| 1,701 |
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| Payments to purchase and retire common stock | (986) |
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| (549) |
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| (1,384) |
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| (1,306) |
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| Net Cash Provided by (Used in) Financing Activities | (7,803) |
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| (24,475) |
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| 55,384 |
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| (85,601) |
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| Effect of Exchange Rate Changes on Cash and Cash Equivalents | (157) |
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| (3,944) |
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| (245) |
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| 45 |
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| Cash and Cash Equivalents |
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| Increase (decrease) during the period | 1,613 |
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| (17,975) |
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| 3,931 |
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| (42,330) |
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| Balance, beginning of period | 74,122 |
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| 84,378 |
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| 71,804 |
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| 108,733 |
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| Balance, End of Period | $ | 75,735 |
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| $ | 66,403 |
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| $ | 75,735 |
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| $ | 66,403 |
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MTS Reports Fiscal 2019 Third Quarter Financial Results
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