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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS | |||||||
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(In millions) | |||||||
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(Unaudited) | |||||||
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First Quarter of | ||
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2018 |
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2017 |
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* As Adjusted | |
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Cash flow from operating activities: |
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Net income |
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$ 58.7 |
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$ 49.8 | ||
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Adjustments to reconcile net income to net cash provided by |
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operating activities: |
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Depreciation expense |
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8.5 |
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8.9 |
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Amortization expense |
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40.5 |
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33.3 |
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Stock-based compensation |
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17.4 |
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13.7 |
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Income from equity method investments |
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(0.1) |
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(2.7) |
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Other non-cash items |
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(7.4) |
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(9.7) |
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Decrease (increase) in assets: |
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Accounts receivable |
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(29.4) |
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(34.0) |
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Inventories |
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(21.7) |
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(2.4) |
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Other current and non-current assets |
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(10.6) |
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(4.7) |
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Increase (decrease) in liabilities: |
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Accounts payable |
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11.1 |
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3.5 |
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Accrued compensation and benefits |
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(41.6) |
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(14.8) |
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Deferred revenue |
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69.6 |
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53.3 |
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Other liabilities |
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(12.1) |
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9.8 |
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Net cash provided by operating activities |
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82.9 |
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104.0 | |||
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Cash flow from investing activities: |
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Acquisitions of businesses, net of cash acquired |
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(518.7) |
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(78.5) | ||
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Acquisitions of property and equipment |
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(18.2) |
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(5.7) | ||
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Purchases of short-term investments |
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(24.0) |
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(59.0) | ||
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Proceeds from maturities of short-term investments |
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6.2 |
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24.4 | ||
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Proceeds from sales of short-term investments |
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196.8 |
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3.9 | ||
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Other |
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4.4 |
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19.6 | ||
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Net cash used in investing activities |
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(353.5) |
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(95.3) | |||
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Cash flow from financing activities: |
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Issuance of common stock, net of tax withholdings |
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25.3 |
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39.6 | ||
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Repurchases of common stock |
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(53.0) |
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(14.2) | ||
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Proceeds from debt and revolving credit lines |
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591.0 |
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252.0 | ||
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Payments on debt and revolving credit lines |
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(383.0) |
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(226.1) | ||
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Other |
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— |
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(0.3) | ||
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Net cash provided by financing activities |
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180.3 |
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51.0 | |||
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Effect of exchange rate changes on cash and cash equivalents |
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6.3 |
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5.0 | |||
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Net increase (decrease) in cash and cash equivalents |
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(84.0) |
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64.7 | |||
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Cash and cash equivalents - beginning of period |
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358.5 |
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216.1 | |||
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Cash and cash equivalents - end of period |
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$ 274.5 |
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$ 280.8 | |||
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* Prior period information has been restated for the adoption of ASC 606, Revenue from Contracts with Customers, and ASU No. 2016-15, Statement of Cash Flows: Classification of Certain Cash Receipts and Cash Payments. |
