CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(In millions)

(Unaudited)

First Three Quarters of

2019

2018

Cash flow from operating activities:

Net income

$

235.1

$

196.5

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

Depreciation expense

29.7

26.2

Amortization expense

128.6

132.9

Deferred income taxes

4.4

(27.4)

Stock-based compensation

52.1

53.1

Income from equity method investments, net of dividends

(9.5)

(0.2)

Other, net

4.3

14.4

(Increase) decrease in assets:

Accounts receivable, net

16.8

(15.8)

Inventories

1.7

(29.0)

Other current and non-current assets

10.4

(4.1)

Increase (decrease) in liabilities:

Accounts payable

13.6

9.2

Accrued compensation and benefits

(52.3)

(13.8)

Deferred revenue

33.4

53.8

Other current and non-current liabilities

(5.5)

(11.0)

Net cash provided by operating activities

462.8

384.8

Cash flow from investing activities:

Acquisitions of businesses, net of cash acquired

(28.6)

(1,741.4)

Acquisitions of property and equipment

(54.6)

(53.1)

Purchases of short-term investments

—

(24.0)

Proceeds from maturities of short-term investments

—

6.2

Proceeds from sales of short-term investments

—

196.8

Other, net

14.5

2.7

Net cash used in investing activities

(68.7)

(1,612.8)

Cash flow from financing activities:

Issuance of common stock, net of tax withholdings

28.4

52.3

Repurchases of common stock

(179.8)

(53.0)

Proceeds from debt and revolving credit lines

818.0

2,694.8

Payments on debt and revolving credit lines

(1,033.6)

(1,602.2)

Other, net

(10.2)

(8.9)

Net cash provided by (used in) financing activities

(377.2)

1,083.0

Effect of exchange rate changes on cash and cash equivalents

(4.8)

(8.1)

Net increase (decrease) in cash and cash equivalents

12.1

(153.1)

Cash and cash equivalents - beginning of period

172.5

358.5

Cash and cash equivalents - end of period

$

184.6

$