CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(In millions)

(Unaudited)

Year of

2023

Cash flow from operating activities:

Net income

$                  311.3

$                  449.7

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

Depreciation expense

38.3

40.2

Amortization expense

212.3

131.6

Deferred income taxes

(104.6)

(40.0)

Stock-based compensation

145.4

120.4

Divestitures gain, net

(9.2)

(99.0)

Other, net

11.6

41.7

(Increase) decrease in assets:

Accounts receivable, net

(36.4)

(55.4)

Inventories

67.6

(113.5)

Other current and non-current assets

(67.2)

(46.3)

Increase (decrease) in liabilities:

Accounts payable

(12.4)

(24.8)

Accrued compensation and benefits

20.8

(54.2)

Deferred revenue

26.0

108.6

Income taxes payable

(4.0)

(38.3)

Other current and non-current liabilities

(2.4)

(29.5)

Net cash provided by operating activities

597.1

391.2

Cash flow from investing activities:

Acquisitions of businesses, net of cash acquired

(2,088.9)

(373.5)

Purchases of property and equipment

(42.0)

(43.2)

Net proceeds from divestitures

17.0

215.4

Other, net

45.8

(25.0)

Net cash used in investing activities

(2,068.1)

(226.3)

Cash flow from financing activities:

Issuance of common stock, net of tax withholdings

6.7

(13.6)

Repurchases of common stock

(100.0)

(394.7)

Proceeds from debt and revolving credit lines

3,847.1

814.8

Payments on debt and revolving credit lines

(2,292.9)

(590.2)

Other, net

(29.4)

(15.3)

Net cash provided by (used in) financing activities

1,431.5

(199.0)

Effect of exchange rate changes on cash and cash equivalents

7.4

(20.6)

Net decrease in cash and cash equivalents

(32.1)

(54.7)

Cash and cash equivalents - beginning of period

271.0

325.7

Cash and cash equivalents - end of period ⁽¹⁾

$                  238.9

$                  271.0

⁽¹⁾ Includes $9.1 million of cash and cash equivalents classified as held for sale as of December 29, 2023.