Trimble Reports First Quarter 2018 Results

 

NEW ACCOUNTING STANDARDS ADOPTION IMPACT

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(In millions)

(Unaudited)






As Reported


ASC 606 Adjustments
*ASU 2016-15 Adjustments


As Adjusted






Fiscal Years


Fiscal Years


Fiscal Years






2017


2016


2017


2016


2017


2016

















Cash flow from operating activities:














Net income


$   121.2


$   132.2


$   (2.7)


$      —


$   118.5


$   132.2


















Adjustments to reconcile net income to net cash provided by















operating activities:
















Depreciation expense


34.6


37.0




34.6


37.0




Amortization expense


148.8


150.8




148.8


150.8




Stock-based compensation


64.8


52.6




64.8


52.6




Income from equity method investments


(29.5)


(17.6)


18.1

*

17.6

*

(11.4)





Other non-cash items


6.9


19.0


(8.2)


(0.6)


(1.3)


18.4


















Decrease (increase) in assets:
















Accounts receivable


(41.6)


1.2


(1.1)


2.6


(42.7)


3.8




Inventories


(38.7)


24.0


1.4


2.2


(37.3)


26.2




Other current and non-current assets


(15.5)


0.2


5.5


2.0


(10.0)


2.2


















Increase (decrease) in liabilities:
















Accounts payable


25.9


10.9


(0.2)


(0.1)


25.7


10.8




Accrued compensation and benefits


33.7


0.6


0.3


(0.3)


34.0


0.3




Deferred revenue


16.4


26.1


2.9


(6.6)


19.3


19.5




Income taxes payable


88.2


(16.1)




88.2


(16.1)




Accrued liabilities


(3.3)


(7.3)


1.8

*

0.7

*

(1.5)


(6.6)

Net cash provided by operating activities


411.9


413.6


17.8


17.5


429.7


431.1

















Cash flow from investing activities:














Acquisitions of businesses, net of cash acquired


(293.1)


(38.8)


12.9

*

15.1

*

(280.2)


(23.7)


Acquisitions of property and equipment


(43.7)


(26.0)




(43.7)


(26.0)


Purchases of short-term investments


(288.0)


(113.3)




(288.0)


(113.3)


Proceeds from maturities of short-term investments


122.1


2.4




122.1


2.4


Proceeds from sales of short-term investments


97.7





97.7



Dividends received from equity method investments


18.1


17.6


(18.1)

*

(17.6)

*



Other


20.9


13.7




20.9


13.7

Net cash used in investing activities


(366.0)


(144.4)


(5.2)


(2.5)


(371.2)


(146.9)

















Cash flow from financing activities:














Issuance of common stock, net of tax withholdings


73.8


67.5




73.8


67.5


Repurchases and retirement of common stock


(285.3)


(119.5)




(285.3)


(119.5)


Proceeds from debt and revolving credit lines


786.0


355.0




786.0


355.0


Payments on debt and revolving credit lines


(495.4)


(465.3)




(495.4)


(465.3)


Other




(12.6)

*

(15.0)

*

(12.6)


(15.0)

Net cash provided by (used in) financing activities


79.1


(162.3)


(12.6)


(15.0)


66.5


(177.3)

















Effect of exchange rate changes on cash and cash equivalents


17.4


(6.8)




17.4


(6.8)

















Net increase in cash and cash equivalents


142.4


100.1


0.0


0.0


142.4


100.1

Cash and cash equivalents - beginning of period


216.1


116.0




216.1


116.0

















Cash and cash equivalents - end of period


$   358.5


$   216.1


$    0.0


$    0.0


$   358.5


$   216.1


















*

ASU No. 2016-15, Statement of Cash Flows adoption reclassification adjustments were included in specified lines in fiscal 2017 and 2016.


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