Trimble Reports First Quarter 2014 Results

 

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS 

(In thousands)

(Unaudited)



First Quarter of



2014


2013






Cash flow from operating activities:





    Net Income


$          68,125


$  48,932






    Adjustments to reconcile net income to net cash provided by





       operating activities:





         Depreciation expense


7,520


6,193

         Amortization expense


40,569


39,332

         Provision for doubtful accounts


516


65

         Deferred income taxes


(1,454)


(11,809)

         Stock-based compensation


10,112


8,818

         Income from equity method investments


(3,463)


(4,257)

         Gain on an equity sale


(15,091)


-

         Excess tax benefit for stock-based compensation


(10,211)


(4,784)

         Provision for excess and obsolete inventories


1,089


584

         Other non-cash items


(728)


104






    Add decrease (increase) in assets:





         Accounts receivables


(61,875)


(61,956)

         Other receivables


(1,661)


5,027

         Inventories


(13,395)


(20,218)

         Other current and non-current assets


(2,224)


(10,867)






    Add increase (decrease) in liabilities:





         Accounts payable


10,487


(6,081)

         Accrued compensation and benefits


(11,503)


(12,037)

         Deferred revenue


47,077


51,964

         Accrued warranty expense


382


439

         Other liabilities


19,123


7,939

 Net cash provided by operating activities 


83,395


37,388






 Cash flow from investing activities: 





      Acquisitions of businesses, net of cash acquired 


(10,961)


(65,192)

      Acquisitions of property and equipment 


(13,574)


(14,927)

      Dividends received from equity method investments 


12,443


1,284

      Other 


(2,050)


2,430

 Net cash used in investing activities 


(14,142)


(76,405)






 Cash flow from financing activities: 





      Issuance of common stock, net of tax withholdings 


32,465


14,437

      Excess tax benefit for stock-based compensation 


10,211


4,784

      Proceeds from debt and revolving credit lines 


17,000


113,000

      Payments on debt and revolving credit lines 


(110,805)


(103,981)

 Net cash provided by (used in) financing activities 


(51,129)


28,240






 Effect of exchange rate changes on cash and cash equivalents 


(125)


(3,442)






 Net increase (decrease) in cash and cash equivalents 


17,999


(14,219)

 Cash and cash equivalents - beginning of period 


147,227


157,771






 Cash and cash equivalents - end of period 


$        165,226


$ 143,552







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