Trimble Reports Fourth Quarter and Full Year 2013 Results

 

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS 

(In thousands)

(Unaudited)



Fiscal Years



2013


2012






Cash flow from operating activities:





    Net Income


$         218,166


$         189,716






    Adjustments to reconcile net income to net cash provided by operating activities:





         Depreciation expense


26,736


23,691

         Amortization expense


162,841


125,707

         Provision for doubtful accounts


1,909


2,030

         Deferred income taxes


(14,963)


(1,369)

         Stock-based compensation


36,442


32,660

         Income from equity method investments


(20,680)


(24,727)

         Acquisition / divestiture (gain)/loss


1,430


(7,257)

         Excess tax benefit for stock-based compensation


(13,540)


(25,345)

         Provision for excess and obsolete inventories


3,157


6,234

         Other non-cash items


(657)


(4,221)






    Add decrease (increase) in assets:





         Accounts receivables


(4,070)


(24,388)

         Other receivables


2,302


(5,017)

         Inventories


(11,351)


(8,402)

         Other current and non-current assets


(11,811)


(7,945)






    Add increase (decrease) in liabilities:





         Accounts payable


(15,834)


25,985

         Accrued compensation and benefits


4,047


7,889

         Deferred revenue


29,394


16,560

         Accrued warranty expense


675


(1,520)

         Other liabilities


20,442


20,419

 Net cash provided by operating activities 


414,635


340,700






 Cash flow from investing activities: 





      Acquisitions of businesses, net of cash acquired 


(258,797)


(728,114)

      Acquisitions of property and equipment 


(70,877)


(54,071)

      Dividends received from equity method investments 


7,672


13,178

      Other 


(2,762)


4,721

 Net cash used in investing activities 


(324,764)


(764,286)






 Cash flow from financing activities: 





      Issuance of common stock, net of tax withholdings 


47,706


59,187

      Excess tax benefit for stock-based compensation 


13,540


25,345

      Proceeds from debt and revolving credit lines 


407,678


1,199,352

      Payments on debt and revolving credit lines 


(567,343)


(857,477)

 Net cash provided by (used in) financing activities 


(98,419)


426,407






 Effect of exchange rate changes on cash and cash equivalents 


(1,996)


329






 Net increase (decrease) in cash and cash equivalents 


(10,544)


3,150

 Cash and cash equivalents - beginning of period 


157,771


154,621






 Cash and cash equivalents - end of period 


$         147,227


$         157,771


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