CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS | |||
(In millions) | |||
(Unaudited) | |||
|
First Quarter of | ||
|
2016 |
|
2015 |
|
|
|
|
Cash flow from operating activities: |
|
|
|
Net Income |
$ 19.7 |
|
$ 34.0 |
|
|
|
|
Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
|
Depreciation expense |
9.1 |
|
8.7 |
Amortization expense |
40.3 |
|
40.7 |
Provision for doubtful accounts |
0.6 |
|
1.0 |
Deferred income taxes |
(0.1) |
|
(1.3) |
Stock-based compensation |
13.7 |
|
12.5 |
Income from equity method investments |
(2.9) |
|
(3.0) |
Acquisition / divestiture (gain)/loss |
(3.1) |
|
(5.8) |
Excess tax benefit for stock-based compensation |
(1.2) |
|
(0.7) |
Provision for excess and obsolete inventories |
4.1 |
|
0.8 |
Other non-cash items |
0.7 |
|
11.0 |
|
|
|
|
Add decrease (increase) in assets: |
|
|
|
Accounts receivables |
(14.1) |
|
(28.9) |
Other receivables |
(2.2) |
|
4.9 |
Inventories |
3.1 |
|
(6.4) |
Other current and non-current assets |
(4.9) |
|
(8.0) |
|
|
|
|
Add increase (decrease) in liabilities: |
|
|
|
Accounts payable |
11.9 |
|
11.2 |
Accrued compensation and benefits |
(13.5) |
|
(15.0) |
Deferred revenue |
54.1 |
|
49.4 |
Accrued warranty |
(0.7) |
|
(1.5) |
Accrued liabilities |
(1.4) |
|
3.6 |
Net cash provided by operating activities |
113.2 |
|
107.2 |
|
|
|
|
Cash flow from investing activities: |
|
|
|
Acquisitions of businesses, net of cash acquired |
(15.8) |
|
(36.9) |
Acquisitions of property and equipment |
(4.9) |
|
(10.6) |
Purchases of equity investments |
(0.4) |
|
(1.3) |
Net proceeds from sale of businesses |
8.1 |
|
12.6 |
Dividends received from equity method investments |
5.0 |
|
- |
Other |
(0.3) |
|
0.8 |
Net cash used in investing activities |
(8.3) |
|
(35.4) |
|
|
|
|
Cash flow from financing activities: |
|
|
|
Issuance of common stock, net of tax withholdings |
16.1 |
|
14.7 |
Repurchases and retirement of common stock |
(12.2) |
|
(12.6) |
Excess tax benefit for stock-based compensation |
1.2 |
|
0.7 |
Proceeds from debt and revolving credit lines |
92.0 |
|
130.0 |
Payments on debt and revolving credit lines |
(147.0) |
|
(198.0) |
Net cash used in financing activities |
(49.9) |
|
(65.2) |
|
|
|
|
Effect of exchange rate changes on cash and cash equivalents |
3.7 |
|
(8.9) |
|
|
|
|
Net increase (decrease) in cash and cash equivalents |
58.7 |
|
(2.3) |
Cash and cash equivalents - beginning of period |
116.0 |
|
148.0 |
|
|
|
|
Cash and cash equivalents - end of period |
$ 174.7 |
|
$145.7 |