Trimble Reports First Quarter 2018 Results

 

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(In millions)

(Unaudited)






First Quarter of






2018


2017







* As Adjusted









Cash flow from operating activities:






Net income


$     58.7


$          49.8










Adjustments to reconcile net income to net cash provided by







operating activities:








Depreciation expense


8.5


8.9




Amortization expense


40.5


33.3




Stock-based compensation


17.4


13.7




Income from equity method investments


(0.1)


(2.7)




Other non-cash items


(7.4)


(9.7)










Decrease (increase) in assets:








Accounts receivable


(29.4)


(34.0)




Inventories


(21.7)


(2.4)




Other current and non-current assets


(10.6)


(4.7)










Increase (decrease) in liabilities:








Accounts payable


11.1


3.5




Accrued compensation and benefits


(41.6)


(14.8)




Deferred revenue


69.6


53.3




Other liabilities


(12.1)


9.8

Net cash provided by operating activities


82.9


104.0









Cash flow from investing activities:






Acquisitions of businesses, net of cash acquired


(518.7)


(78.5)


Acquisitions of property and equipment


(18.2)


(5.7)


Purchases of short-term investments


(24.0)


(59.0)


Proceeds from maturities of short-term investments


6.2


24.4


Proceeds from sales of short-term investments


196.8


3.9


Other


4.4


19.6

Net cash used in investing activities


(353.5)


(95.3)









Cash flow from financing activities:






Issuance of common stock, net of tax withholdings


25.3


39.6


Repurchases of common stock


(53.0)


(14.2)


Proceeds from debt and revolving credit lines


591.0


252.0


Payments on debt and revolving credit lines


(383.0)


(226.1)


Other



(0.3)

Net cash provided by financing activities


180.3


51.0









Effect of exchange rate changes on cash and cash equivalents


6.3


5.0









Net increase (decrease) in cash and cash equivalents


(84.0)


64.7

Cash and cash equivalents - beginning of period


358.5


216.1









Cash and cash equivalents - end of period


$   274.5


$        280.8









*  Prior period information has been restated for the adoption of ASC 606, Revenue from Contracts with Customers, and ASU No. 2016-15, Statement of Cash Flows: Classification of Certain Cash Receipts and Cash Payments.


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