Trimble Reports Fourth Quarter and Full Year 2014 Results

 

 

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS 

(In thousands)

(Unaudited)

   

Fiscal Years

   

2014

 

2013

         

Cash flow from operating activities:

       

    Net Income

 

$   213,888

 

$ 218,166

         

    Adjustments to reconcile net income to net cash provided by

       

       operating activities:

       

         Depreciation expense

 

33,129

 

26,736

         Amortization expense

 

158,512

 

162,841

         Provision for doubtful accounts

 

3,747

 

1,909

         Deferred income taxes

 

(1,650)

 

(14,963)

         Stock-based compensation

 

43,398

 

36,442

         Income from equity method investments

 

(12,368)

 

(20,680)

         Gain (loss) on an equity sale

 

(15,091)

 

-

         Acquisition / divestiture (gain)/loss

 

2,899

 

1,430

         Excess tax benefit for stock-based compensation

 

(14,098)

 

(13,540)

         Provision for excess and obsolete inventories

 

4,817

 

3,157

         Other non-cash items

 

4,653

 

(657)

         

    Add decrease (increase) in assets:

       

         Accounts receivables

 

(10,882)

 

(4,070)

         Other receivables

 

(2,321)

 

2,302

         Inventories

 

(31,778)

 

(11,351)

         Other current and non-current assets

 

(7,101)

 

(11,811)

         

    Add increase (decrease) in liabilities:

       

         Accounts payable

 

(7,185)

 

(15,834)

         Accrued compensation and benefits

 

527

 

4,047

         Deferred revenue

 

45,865

 

29,394

         Accrued warranty expense

 

3,045

 

675

         Other liabilities

 

(4,923)

 

20,442

 Net cash provided by operating activities 

 

407,083

 

414,635

         

 Cash flow from investing activities: 

       

      Acquisitions of businesses, net of cash acquired 

 

(307,945)

 

(258,797)

      Acquisitions of property and equipment 

 

(47,312)

 

(70,877)

      Acquisitions of intangible assets 

 

(7,633)

 

(242)

      (Purchases) sales of equity method investments 

 

(10,939)

 

2,430

      Dividends received from equity method investments 

 

32,231

 

7,672

      Other 

 

(2,448)

 

(4,950)

 Net cash used in investing activities 

 

(344,046)

 

(324,764)

         

 Cash flow from financing activities: 

       

      Issuance of common stock, net of tax withholdings 

 

56,095

 

47,707

      Repurchase and retirement of common stock 

 

(97,757)

 

-

      Excess tax benefit for stock-based compensation 

 

14,098

 

13,540

      Proceeds from debt and revolving credit lines 

 

816,166

 

407,678

      Payments on debt and revolving credit lines 

 

(840,126)

 

(567,344)

 Net cash used in financing activities 

 

(51,524)

 

(98,419)

         

 Effect of exchange rate changes on cash and cash equivalents 

 

(10,741)

 

(1,996)

         

 Net decrease in cash and cash equivalents 

 

773

 

(10,544)

 Cash and cash equivalents - beginning of period 

 

147,227

 

157,771

         

 Cash and cash equivalents - end of period 

 

$   148,000

 

$ 147,227


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