CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (In millions) (Unaudited) | |||
| |||
| Year of | ||
| 2023 |
| 2022 |
Cash flow from operating activities: |
|
|
|
Net income | $ 311.3 |
| $ 449.7 |
Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
|
Depreciation expense | 38.3 |
| 40.2 |
Amortization expense | 212.3 |
| 131.6 |
Deferred income taxes | (104.6) |
| (40.0) |
Stock-based compensation | 145.4 |
| 120.4 |
Divestitures gain, net | (9.2) |
| (99.0) |
Other, net | 11.6 |
| 41.7 |
(Increase) decrease in assets: |
|
|
|
Accounts receivable, net | (36.4) |
| (55.4) |
Inventories | 67.6 |
| (113.5) |
Other current and non-current assets | (67.2) |
| (46.3) |
Increase (decrease) in liabilities: |
|
|
|
Accounts payable | (12.4) |
| (24.8) |
Accrued compensation and benefits | 20.8 |
| (54.2) |
Deferred revenue | 26.0 |
| 108.6 |
Income taxes payable | (4.0) |
| (38.3) |
Other current and non-current liabilities | (2.4) |
| (29.5) |
Net cash provided by operating activities | 597.1 |
| 391.2 |
Cash flow from investing activities: |
|
|
|
Acquisitions of businesses, net of cash acquired | (2,088.9) |
| (373.5) |
Purchases of property and equipment | (42.0) |
| (43.2) |
Net proceeds from divestitures | 17.0 |
| 215.4 |
Other, net | 45.8 |
| (25.0) |
Net cash used in investing activities | (2,068.1) |
| (226.3) |
Cash flow from financing activities: |
|
|
|
Issuance of common stock, net of tax withholdings | 6.7 |
| (13.6) |
Repurchases of common stock | (100.0) |
| (394.7) |
Proceeds from debt and revolving credit lines | 3,847.1 |
| 814.8 |
Payments on debt and revolving credit lines | (2,292.9) |
| (590.2) |
Other, net | (29.4) |
| (15.3) |
Net cash provided by (used in) financing activities | 1,431.5 |
| (199.0) |
Effect of exchange rate changes on cash and cash equivalents | 7.4 |
| (20.6) |
Net decrease in cash and cash equivalents | (32.1) |
| (54.7) |
Cash and cash equivalents - beginning of period | 271.0 |
| 325.7 |
Cash and cash equivalents - end of period (1) | $ 238.9 |
| $ 271.0 |
|
|
|
|
(1) Includes $9.1 million of cash and cash equivalents classified as held for sale as of December 29, 2023. |
Trimble Announces Fourth Quarter and Full Year 2023 Results and Initiates 2024 Guidance
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