Trimble Reports First Quarter 2013 Results

 

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS 

(In thousands)

(Unaudited)



First Quarter of



2013


2012






Cash flow from operating activities:





    Net Income


$         48,932


$          50,072






    Adjustments to reconcile net income to net cash provided by





       operating activities:





         Depreciation expense


6,193


5,562

         Amortization expense


39,332


28,797

         Provision for doubtful accounts


65


587

         Deferred income taxes


(11,809)


146

         Stock-based compensation


8,818


7,789

         Income from equity method investments


(4,257)


(6,192)

         Excess tax benefit for stock-based compensation


(4,784)


(7,580)

         Provision for excess and obsolete inventories


584


3,111

         Other non-cash items


104


(977)






    Add decrease (increase) in assets:





         Accounts receivables


(61,956)


(46,425)

         Other receivables


5,027


2,211

         Inventories


(20,218)


5,928

         Other current and non-current assets


(10,867)


(7,972)






    Add increase (decrease) in liabilities:





         Accounts payable


(6,081)


4,205

         Accrued compensation and benefits


(12,037)


(1,895)

         Deferred revenue


51,964


29,569

         Accrued warranty expense


439


(728)

         Other current and non-current liabilities


7,939


1,450

 Net cash provided by operating activities 


37,388


67,658






 Cash flow from investing activities: 





      Acquisitions of businesses, net of cash acquired 


(65,192)


(101,392)

      Acquisitions of property and equipment 


(14,927)


(7,644)

      Acquisitions of intangible assets 


-


(755)

      Sales of equity method investments 


2,430


-

      Dividends received 


1,284


-

      Other 


-


251

 Net cash used in investing activities 


(76,405)


(109,540)






 Cash flow from financing activities: 





      Issuance of common stock, net 


14,437


26,682

      Excess tax benefit for stock-based compensation 


4,784


7,580

      Proceeds from long-term debt and revolving credit lines 


113,000


181,500

      Payments on short-term and long-term debt  


(103,981)


(122,850)

 Net cash provided by financing activities 


28,240


92,912






 Effect of exchange rate changes on cash and cash equivalents 


(3,442)


3,495






 Net increase (decrease) in cash and cash equivalents 


(14,219)


54,525

 Cash and cash equivalents - beginning of period 


157,771


154,621






 Cash and cash equivalents - end of period 


$        143,552


$         209,146


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