FLIR SYSTEMS INC

CIK:0000354908|SEC Filings

CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands	3 Months Ended
CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands	Mar. 31, 2021	Mar. 31, 2020
Income Statement [Abstract]
Revenue	$ 467,313	$ 450,923
Cost of Goods and Services Sold	258,115	231,555
Gross profit	209,198	219,368
Operating expenses:
Research and development	52,246	53,847
Selling, general and administrative	103,868	116,242
Restructuring expenses	622	20,784
Total operating expenses	156,736	190,873
Earnings from operations	52,462	28,495
Interest expense	6,115	6,961
Interest income	(41)	(349)
Other income (loss), net	(3,622)	(1,315)
Earnings before income taxes	50,010	23,198
Income tax provision	11,203	7,774
Net earnings	$ 38,807	$ 15,424
Net earnings per share:
Basic earnings per share (in dollars per share)	$ 0.30	$ 0.12
Diluted earnings per share (in dollars per share)	$ 0.29	$ 0.11
Weighted Average Number of Shares Outstanding, Basic	131,183	133,596
Weighted Average Number of Shares Outstanding, Diluted	132,596	134,927

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Adjustments to reconcile net earnings to net cash provided by operating activities:
Net earnings	$ 38,807	$ 15,424
Depreciation and amortization	23,861	24,225
Stock-based compensation	9,760	7,646
Gain (Loss) on Disposition of Assets	(30)	2,991
Deferred income taxes	23	(165)
Other, net	(6,987)	(3,152)
(Decrease) increase in cash, net of acquisitions, resulting from changes in:
Accounts receivable	(40,407)	12,118
Inventories	8,542	(14,453)
Prepaid expenses and other current assets	3,273	382
Other assets	3,443	(391)
Accounts payable	(5,783)	1,592
Deferred revenue	2,927	2,140
Accrued payroll and other liabilities	(16,777)	11,084
Accrued income taxes	5,410	(6,259)
Other long-term liabilities	(1,758)	(2,316)
Net cash provided by operating activities	24,304	50,866
CASH FLOWS FROM INVESTING ACTIVITIES:
Additions to property and equipment, net	(14,183)	(12,717)
Net cash used in investing activities	(14,183)	(12,717)
CASH FLOWS FROM FINANCING ACTIVITIES:
Net proceeds from credit facility and long-term debt, including current portion	0	175,000
Repayments of credit facility	(3,285)	(3,021)
Repurchase of common stock	0	(150,000)
Dividends paid	(22,319)	(22,728)
Proceeds from shares issued pursuant to stock-based compensation plans	1,082	1,459
Payment, Tax Withholding, Share-based Payment Arrangement	(833)	(879)
Net cash used in financing activities	(25,355)	(169)
Effect of exchange rate changes on cash and cash equivalents	(5,258)	(13,957)
Net (decrease) increase in cash and cash equivalents	(20,492)	24,023
Cash, cash equivalents and restricted cash, beginning of year	297,795	284,592
Cash, cash equivalents and restricted cash, end of period	$ 277,303	$ 308,615

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Current assets:
Cash and cash equivalents	$ 277,303	$ 297,795
Accounts receivable, net	391,331	353,561
Inventories	457,007	472,237
Prepaid expenses and other current assets	97,568	104,646
Total current assets	1,223,209	1,228,239
Property and equipment, net	269,269	267,682
Deferred income taxes, net	35,610	36,210
Goodwill	1,386,847	1,394,364
Intangible assets, net	197,632	209,636
Other assets	116,235	116,217
Total assets	3,228,802	3,252,348
Current liabilities:
Accounts payable	150,541	157,592
Deferred revenue	28,568	25,862
Accrued payroll and related liabilities	77,330	98,911
Accrued product warranties	18,397	17,019
Advance payments from customers	13,730	10,940
Accrued expenses	34,617	41,347
Accrued income taxes	27,852	28,941
Other current liabilities	44,708	44,053
Long-term debt, current portion	12,945	13,473
Total current liabilities	408,688	438,138
Long-term debt, net of current portion	712,866	724,919
Deferred income taxes	43,159	43,708
Accrued income taxes	60,699	60,248
Other long-term liabilities	93,516	101,961
Shareholders’ equity:
Preferred stock, $0.01 par value, 10,000 shares authorized; no shares issued at March 31, 2021, and December 31, 2020	0	0
Common stock, $0.01 par value, 500,000 shares authorized; 131,575 and 131,360 shares issued, 131,368 and 131,153 shares outstanding at March 31, 2021, and December 31, 2020, respectively, and additional paid-in capital	42,101	31,767
Retained earnings	2,033,585	2,017,097
Treasury Stock, Carrying Basis	(7,504)	(7,504)
Accumulated other comprehensive loss	(158,308)	(157,986)
Total shareholders’ equity	1,909,874	1,883,374
Total liabilities and shareholders' equity	$ 3,228,802	$ 3,252,348