CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS | ||||
(In millions) | ||||
(Unaudited) | ||||
|
|
First Two Quarters of | ||
|
|
2015 |
|
2014 |
|
|
|
|
|
Cash flow from operating activities: |
|
|
|
|
Net Income |
|
$ 59.8 |
|
$ 146.2 |
|
|
|
|
|
Adjustments to reconcile net income to net cash provided by |
|
|
|
|
operating activities: |
|
|
|
|
Depreciation expense |
|
17.9 |
|
15.6 |
Amortization expense |
|
81.5 |
|
78.4 |
Provision for doubtful accounts |
|
1.2 |
|
0.9 |
Deferred income taxes |
|
(0.8) |
|
(1.7) |
Stock-based compensation |
|
24.5 |
|
21.1 |
Income from equity method investments |
|
(9.4) |
|
(8.7) |
Gain on an equity sale |
|
- |
|
(15.1) |
Acquisition / divestiture (gain)/loss |
|
(5.6) |
|
4.3 |
Excess tax benefit for stock-based compensation |
|
(0.9) |
|
(13.5) |
Provision for excess and obsolete inventories |
|
2.0 |
|
1.7 |
Other non-cash items |
|
10.0 |
|
(6.2) |
|
|
|
|
|
Add decrease (increase) in assets: |
|
|
|
|
Accounts receivables |
|
1.3 |
|
(42.6) |
Other receivables |
|
3.7 |
|
(3.7) |
Inventories |
|
(11.8) |
|
(21.3) |
Other current and non-current assets |
|
(8.3) |
|
(8.0) |
|
|
|
|
|
Add increase (decrease) in liabilities: |
|
|
|
|
Accounts payable |
|
6.1 |
|
0.5 |
Accrued compensation and benefits |
|
(0.8) |
|
5.6 |
Deferred revenue |
|
49.5 |
|
49.0 |
Accrued warranty expense |
|
(1.4) |
|
1.1 |
Other liabilities |
|
(14.5) |
|
11.0 |
Net cash provided by operating activities |
|
204.0 |
|
214.6 |
|
|
|
|
|
Cash flow from investing activities: |
|
|
|
|
Acquisitions of businesses, net of cash acquired |
|
(59.1) |
|
(25.1) |
Acquisitions of property and equipment |
|
(26.5) |
|
(28.4) |
Purchases of equity investments |
|
(2.8) |
|
(2.6) |
Net proceeds from sale of business |
|
12.6 |
|
- |
Dividends received from equity method investments |
|
7.7 |
|
22.5 |
Other |
|
0.4 |
|
(0.1) |
Net cash used in investing activities |
|
(67.7) |
|
(33.7) |
|
|
|
|
|
Cash flow from financing activities: |
|
|
|
|
Issuance of common stock, net of tax withholdings |
|
16.0 |
|
39.3 |
Repurchase and retirement of common stock |
|
(73.0) |
|
- |
Excess tax benefit for stock-based compensation |
|
0.9 |
|
13.5 |
Proceeds from debt and revolving credit lines |
|
220.0 |
|
17.0 |
Payments on debt and revolving credit lines |
|
(312.1) |
|
(119.5) |
Net cash used in financing activities |
|
(148.2) |
|
(49.7) |
|
|
|
|
|
Effect of exchange rate changes on cash and cash equivalents |
|
(7.1) |
|
0.5 |
|
|
|
|
|
Net increase (decrease) in cash and cash equivalents |
|
(19.0) |
|
131.7 |
Cash and cash equivalents - beginning of period |
|
148.0 |
|
147.2 |
|
|
|
|
|
Cash and cash equivalents - end of period |
|
$ 129.0 |
|
$ 278.9 |