CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (In millions) (Unaudited) | |||||||
| |||||||
| Fiscal Years | ||||||
| 2019 |
| 2018 | ||||
Cash flow from operating activities: |
|
|
| ||||
Net income | $ | 514.5 |
|
| $ | 283.3 |
|
Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
| ||||
Depreciation expense | 39.4 |
|
| 35.6 |
| ||
Amortization expense | 167.8 |
|
| 179.6 |
| ||
Deferred income taxes | (220.2) |
|
| (47.6) |
| ||
Stock-based compensation | 75.0 |
|
| 76.9 |
| ||
Income (loss) from equity method investments, net of dividends | (7.8) |
|
| 1.9 |
| ||
Other, net | 5.5 |
|
| 21.3 |
| ||
(Increase) decrease in assets: |
|
|
| ||||
Accounts receivable, net | (96.0) |
|
| (51.0) |
| ||
Inventories | (21.3) |
|
| (45.0) |
| ||
Other current and non-current assets | 11.0 |
|
| (17.6) |
| ||
Increase (decrease) in liabilities: |
|
|
| ||||
Accounts payable | 14.5 |
|
| (2.0) |
| ||
Accrued compensation and benefits | (46.4) |
|
| 18.6 |
| ||
Deferred revenue | 148.2 |
|
| 76.3 |
| ||
Other current and non-current liabilities | 0.8 |
|
| (43.6) |
| ||
Net cash provided by operating activities | 585.0 |
|
| 486.7 |
| ||
Cash flow from investing activities: |
|
|
| ||||
Acquisitions of businesses, net of cash acquired | (220.8) |
|
| (1,763.5) |
| ||
Acquisitions of property and equipment | (69.0) |
|
| (67.6) |
| ||
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 |
|
| 2.5 |
| ||
Net cash used in investing activities | (275.3) |
|
| (1,649.6) |
| ||
Cash flow from financing activities: |
|
|
| ||||
Issuance of common stock, net of tax withholdings | 29.1 |
|
| 40.2 |
| ||
Repurchases of common stock | (179.8) |
|
| (93.0) |
| ||
Proceeds from debt and revolving credit lines | 1,195.4 |
|
| 2,976.4 |
| ||
Payments on debt and revolving credit lines | (1,322.9) |
|
| (1,925.1) |
| ||
Other, net | (14.4) |
|
| (9.1) |
| ||
Net cash provided by (used in) financing activities | (292.6) |
|
| 989.4 |
| ||
Effect of exchange rate changes on cash and cash equivalents | (0.4) |
|
| (12.5) |
| ||
Net increase (decrease) in cash and cash equivalents | 16.7 |
|
| (186.0) |
| ||
Cash and cash equivalents - beginning of period | 172.5 |
|
| 358.5 |
| ||
Cash and cash equivalents - end of period | $ | 189.2 |
|
| $ | 172.5 |
|