Trimble Announces Fourth Quarter and Full Year 2020 Results

 

 

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(In millions)

(Unaudited)

 



Fiscal Years


2020


2019

Cash flow from operating activities:




Net income

$

390.6



$

514.5


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




Depreciation expense

39.7



39.4


Amortization expense

157.8



167.8


Provision for credit losses

7.1



6.5


Deferred income taxes

(52.9)



(220.2)


Non-cash restructuring expense

11.4



2.1


Stock-based compensation

83.0



75.0


Income from equity method investments, net of dividends

(21.0)



(7.8)


Provision for excess and obsolete inventories

16.2



7.3


Other, net

16.5



(10.4)


(Increase) decrease in assets:




Accounts receivable, net

(14.0)



(96.0)


Inventories

(5.0)



(21.3)


Other current and non-current assets

2.5



11.0


Increase (decrease) in liabilities:




Accounts payable

(15.7)



14.5


Accrued compensation and benefits

34.9



(46.4)


Deferred revenue

65.7



148.2


Other current and non-current liabilities

(44.8)



0.8


Net cash provided by operating activities

672.0



585.0


Cash flow from investing activities:




Acquisitions of businesses, net of cash acquired

(201.9)



(220.8)


Purchases of property and equipment

(56.8)



(69.0)


Other, net

26.9



14.5


Net cash used in investing activities

(231.8)



(275.3)


Cash flow from financing activities:




Issuance of common stock, net of tax withholdings

10.0



29.1


Repurchases of common stock

(81.6)



(179.8)


Proceeds from debt and revolving credit lines

1,173.8



1,195.4


Payments on debt and revolving credit lines

(1,486.0)



(1,322.9)


Other, net

(16.5)



(14.4)


Net cash used in financing activities

(400.3)



(292.6)


Effect of exchange rate changes on cash and cash equivalents

8.6



(0.4)


Net increase in cash and cash equivalents

48.5



16.7


Cash and cash equivalents - beginning of period

189.2



172.5


Cash and cash equivalents - end of period

$

237.7



$

189.2



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