Trimble Reports Fourth Quarter and Full Year 2016 Results

 

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(In millions)

(Unaudited)






Fiscal Years






2016


2015









Cash flow from operating activities:






Net Income


$  132.2


$  120.7










Adjustments to reconcile net income to net cash provided by







operating activities:








Depreciation expense


37.0


36.7




Amortization expense


150.8


162.4




Provision for doubtful accounts


3.0


1.9




Deferred income taxes


0.4


0.9




Stock-based compensation


52.6


50.1




Income from equity method investments


(17.6)


(17.9)




Divestiture gain, net


(3.5)


(3.9)




Excess tax benefit for stock-based compensation


(6.5)


(2.1)




Provision for excess and obsolete inventories


15.8


12.3




Other non-cash items


3.3


10.0










Decrease (increase) in assets:








Accounts receivables


1.2


0.3




Other receivables


1.4


8.5




Inventories


24.0


(2.9)




Other current and non-current assets


(1.2)


(7.6)










Increase (decrease) in liabilities:








Accounts payable


10.9


(6.4)




Accrued compensation and benefits


0.6


(0.1)




Deferred revenue


26.1


28.1




Accrued warranty expense


(1.1)


(2.0)




Other liabilities


(22.3)


(34.1)

Net cash provided by operating activities


407.1


354.9









Cash flow from investing activities:






Acquisitions of businesses, net of cash acquired


(38.8)


(156.3)


Acquisitions of property and equipment


(26.0)


(43.9)


Purchases of equity method investments


(1.5)


(5.5)


Acquisitions of intangible assets


(0.3)


(0.1)


Purchases of available-for-sale investments


(113.3)



Proceeds from maturities of available-for-sale investments


2.4



Net proceeds from sales of businesses


14.4


12.1


Dividends received from equity method investments


17.6


20.0


Other


1.1


1.3

Net cash used in investing activities


(144.4)


(172.4)









Cash flow from financing activities:






Issuance of common stock, net of tax withholdings


67.5


29.7


Repurchases and retirement of common stock


(119.5)


(234.4)


Excess tax benefit for stock-based compensation


6.5


2.1


Proceeds from debt and revolving credit lines


355.0


555.0


Payments on debt and revolving credit lines


(465.3)


(555.2)

Net cash used in financing activities


(155.8)


(202.8)









Effect of exchange rate changes on cash and cash equivalents


(6.8)


(11.7)









Net increase (decrease) in cash and cash equivalents


100.1


(32.0)

Cash and cash equivalents - beginning of period


116.0


148.0









Cash and cash equivalents - end of period


$  216.1


$  116.0


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