Trimble Announces Record 2018 Financial Results


*  Prior-period information has been restated for the adoption of ASC 606, Revenue from Contracts with Customers.

 

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(In millions)

(Unaudited)






Fiscal Years






2018


2017








* As Adjusted









Cash flow from operating activities:






Net Income


$      283.3


$         118.5










Adjustments to reconcile net income to net cash provided by







operating activities:








Depreciation expense


35.6


34.6




Amortization expense


179.6


148.8




Stock-based compensation


76.9


64.8




Income (loss) from equity method investments


1.9


(11.4)




Other non-cash items


14.7


(1.3)










Decrease (increase) in assets:








Accounts receivable, net


(51.0)


(42.7)




Inventories


(45.0)


(37.3)




Other current and non-current assets


(22.6)


(10.0)










Increase (decrease) in liabilities:








Accounts payable


(2.0)


25.7




Accrued compensation and benefits


18.6


34.0




Deferred revenue


76.3


19.3




Other liabilities


(79.6)


86.7

Net cash provided by operating activities


486.7


429.7









Cash flow from investing activities:






Acquisitions of businesses, net of cash acquired


(1,763.5)


(280.2)


Acquisitions of property and equipment


(67.6)


(43.7)


Purchases of short-term investments


(24.0)


(288.0)


Proceeds from maturities of short-term investments


6.2


122.1


Proceeds from sales of short-term investments


196.8


97.7


Other


2.5


20.9

Net cash used in investing activities


(1,649.6)


(371.2)









Cash flow from financing activities:






Issuance of common stock, net of tax withholdings


40.2


73.8


Repurchases of common stock


(93.0)


(285.3)


Proceeds from debt and revolving credit lines


2,976.4


786.0


Payments on debt and revolving credit lines


(1,925.1)


(495.4)


Other


(9.1)


(12.6)

Net cash provided by financing activities


989.4


66.5









Effect of exchange rate changes on cash and cash equivalents


(12.5)


17.4









Net increase (decrease) in cash and cash equivalents


(186.0)


142.4

Cash and cash equivalents - beginning of period


358.5


216.1









Cash and cash equivalents - end of period


$      172.5


$         358.5



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