Trimble Inc. today announced financial results for the second quarter of 2017.

 

 

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(In millions)

(Unaudited)

         

First Two Quarters of

         

2017

 

2016

               

Cash flow from operating activities:

       
 

Net Income

 

$  100.4

 

$    55.3

               
 

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

       
     

Depreciation expense

 

17.7

 

18.8

     

Amortization expense

 

69.1

 

79.9

     

Provision for doubtful accounts

 

0.9

 

2.4

     

Deferred income taxes

 

(0.2)

 

0.5

     

Stock-based compensation

 

28.9

 

26.7

     

Income from equity method investments

 

(14.1)

 

(8.7)

     

Divestiture gain, net

 

(8.0)

 

(2.7)

     

Provision for excess and obsolete inventories

 

1.6

 

8.8

     

Other non-cash items

 

(1.6)

 

3.0

               
 

Decrease (increase) in assets:

       
     

Accounts receivable

 

(31.0)

 

(18.2)

     

Other receivables

 

2.8

 

(1.5)

     

Inventories

 

(1.8)

 

11.2

     

Other current and non-current assets

 

(14.0)

 

(7.8)

               
 

Increase (decrease) in liabilities:

       
     

Accounts payable

 

22.0

 

6.4

     

Accrued compensation and benefits

 

14.1

 

2.2

     

Deferred revenue

 

49.4

 

53.8

     

Accrued warranty

 

0.1

 

(0.7)

     

Other liabilities

 

12.4

 

(33.8)

Net cash provided by operating activities

 

248.7

 

195.6

               

Cash flow from investing activities:

       
 

Acquisitions of businesses, net of cash acquired

 

(129.8)

 

(20.0)

 

Acquisitions of property and equipment

 

(15.6)

 

(12.2)

 

Purchases of equity method investments

 

 

(1.5)

 

Purchases of short-term investments

 

(137.6)

 

 

Net proceeds from sales of businesses

 

20.1

 

10.7

 

Proceeds from maturities of short-term investments

 

56.8

 

 

Proceeds from sales of short-term investments

 

90.6

 

 

Dividends received from equity method investments

 

5.0

 

10.7

 

Other

 

0.2

 

(0.3)

Net cash used in investing activities

 

(110.3)

 

(12.6)

               

Cash flow from financing activities:

       
 

Issuance of common stock, net of tax withholdings

 

49.8

 

25.0

 

Repurchases and retirement of common stock

 

(20.4)

 

(88.3)

 

Proceeds from debt and revolving credit lines

 

340.0

 

202.0

 

Payments on debt and revolving credit lines

 

(350.1)

 

(207.0)

Net cash provided by (used in) financing activities

 

19.3

 

(68.3)

               

Effect of exchange rate changes on cash and cash equivalents

 

11.1

 

1.2

               

Net increase in cash and cash equivalents

 

168.8

 

115.9

Cash and cash equivalents - beginning of period

 

216.1

 

116.0

               

Cash and cash equivalents - end of period

 

$  384.9

 

$  231.9


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