CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(In millions)

(Unaudited)

First Three Quarters of

2023

Cash flow from operating activities:

Net income

$                  248.3

$                  364.1

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

Depreciation expense

29.5

30.1

Amortization expense

155.7

97.9

Deferred income taxes

(104.0)

(41.3)

Stock-based compensation

112.5

93.2

Divestitures gain, net

(10.6)

(103.1)

Other, net

(5.9)

22.7

(Increase) decrease in assets:

Accounts receivable, net

24.0

13.2

Inventories

46.3

(99.5)

Other current and non-current assets

(35.5)

(31.7)

Increase (decrease) in liabilities:

Accounts payable

5.0

(3.8)

Accrued compensation and benefits

12.3

(52.9)

Deferred revenue

(39.7)

14.3

Income taxes payable

62.5

(16.6)

Other current and non-current liabilities

(2.2)

(1.5)

Net cash provided by operating activities

498.2

285.1

Cash flow from investing activities:

Acquisitions of businesses, net of cash acquired

(2,088.9)

(318.1)

Purchases of property and equipment

(32.2)

(36.6)

Net proceeds from divestitures

15.1

214.3

Other, net

41.6

(11.8)

Net cash used in investing activities

(2,064.4)

(152.2)

Cash flow from financing activities:

Issuance of common stock, net of tax withholdings

8.0

(4.8)

Repurchases of common stock

—

(394.7)

Proceeds from debt and revolving credit lines

3,398.8

529.3

Payments on debt and revolving credit lines

(1,856.8)

(235.9)

Other, net

(29.3)

(8.9)

Net cash provided by (used in) financing activities

1,520.7

(115.0)

Effect of exchange rate changes on cash and cash equivalents

(2.6)

(34.9)

Net decrease in cash and cash equivalents

(48.1)

(17.0)

Cash and cash equivalents - beginning of period

271.0

325.7

Cash and cash equivalents - end of period ⁽¹⁾

$                  222.9

$                  308.7