CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(In millions)

(Unaudited)

First Quarter of

2020

2019

Cash flow from operating activities:

Net income

$

61.9

$

62.4

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

Depreciation expense

9.8

10.2

Amortization expense

40.4

44.3

Deferred income taxes

4.8

1.1

Stock-based compensation

10.7

16.3

Income from equity method investments, net of dividends

(5.6)

(4.8)

Other, net

14.9

1.8

(Increase) decrease in assets:

Accounts receivable, net

47.9

(13.8)

Inventories

(20.4)

(6.8)

Other current and non-current assets

16.8

6.1

Increase (decrease) in liabilities:

Accounts payable

(12.8)

3.4

Accrued compensation and benefits

(12.6)

(57.0)

Deferred revenue

15.6

77.1

Other current and non-current liabilities

(15.7)

7.3

Net cash provided by operating activities

155.7

147.6

Cash flow from investing activities:

Acquisitions of businesses, net of cash acquired

(198.0)

4.9

Acquisitions of property and equipment

(16.7)

(14.5)

Other, net

0.3

—

Net cash used in investing activities

(214.4)

(9.6)

Cash flow from financing activities:

Issuance of common stock, net of tax withholdings

12.7

25.6

Repurchases of common stock

(50.0)

(40.0)

Proceeds from debt and revolving credit lines

657.5

266.9

Payments on debt and revolving credit lines

(520.2)

(339.7)

Other, net

(0.4)

(7.1)

Net cash provided by (used in) financing activities

99.6

(94.3)

Effect of exchange rate changes on cash and cash equivalents

(13.3)

0.5

Net increase in cash and cash equivalents

27.6

44.2

Cash and cash equivalents - beginning of period

189.2

172.5

Cash and cash equivalents - end of period

$

216.8

$