CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS | |||
(In millions) | |||
(Unaudited) | |||
| |||
| First Quarter of | ||
| 2022 |
| 2021 |
Cash flow from operating activities: |
|
|
|
Net income | $ 110.3 |
| $ 114.6 |
Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
|
Depreciation expense | 10.0 |
| 10.3 |
Amortization expense | 34.6 |
| 35.8 |
Deferred income taxes | (16.8) |
| 0.4 |
Stock-based compensation | 28.3 |
| 27.2 |
Other, net | 16.7 |
| (3.8) |
(Increase) decrease in assets: |
|
|
|
Accounts receivable, net | (34.6) |
| 40.0 |
Inventories | (42.7) |
| (0.9) |
Other current and non-current assets | (14.6) |
| 2.8 |
Increase (decrease) in liabilities: |
|
|
|
Accounts payable | 7.8 |
| 14.5 |
Accrued compensation and benefits | (75.6) |
| (25.0) |
Deferred revenue | 73.3 |
| 9.2 |
Other current and non-current liabilities | 56.3 |
| 3.1 |
Net cash provided by operating activities | 153.0 |
| 228.2 |
Cash flow from investing activities: |
|
|
|
Purchases of property and equipment | (14.5) |
| (10.6) |
Other, net | 1.1 |
| 1.4 |
Net cash used in investing activities | (13.4) |
| (9.2) |
Cash flow from financing activities: |
|
|
|
Issuance of common stock, net of tax withholdings | (2.4) |
| 8.0 |
Repurchases of common stock | (104.7) |
| (40.0) |
Proceeds from debt and revolving credit lines | 118.8 |
| 180.8 |
Payments on debt and revolving credit lines | (118.8) |
| (335.7) |
Other, net | (2.6) |
| — |
Net cash used in financing activities | (109.7) |
| (186.9) |
Effect of exchange rate changes on cash and cash equivalents | 1.6 |
| (5.2) |
Net increase in cash and cash equivalents | 31.5 |
| 26.9 |
Cash and cash equivalents - beginning of period | 325.7 |
| 237.7 |
Cash and cash equivalents - end of period | $ 357.2 |
| $ 264.6 |