CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
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| First Quarter of | ||
| 2024 |
| 2023 |
Cash flow from operating activities: |
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Net income | $ 57.2 |
| $ 128.8 |
Adjustments to reconcile net income to net cash provided by
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Depreciation and amortization | 62.9 |
| 44.5 |
Deferred income taxes | (13.8) |
| (33.8) |
Stock-based compensation | 36.4 |
| 33.5 |
Other, net | (2.3) |
| (27.8) |
(Increase) decrease in assets: |
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|
Accounts receivable, net | 63.9 |
| 62.1 |
Inventories | 8.8 |
| (11.1) |
Other current and non-current assets | 8.1 |
| (6.2) |
Increase (decrease) in liabilities: |
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Accounts payable | 26.5 |
| (9.1) |
Accrued compensation and benefits | (46.3) |
| (26.5) |
Deferred revenue | 60.8 |
| 19.5 |
Income taxes payable | (18.1) |
| 31.6 |
Other current and non-current liabilities | (10.3) |
| 3.2 |
Net cash provided by operating activities | 233.8 |
| 208.7 |
Cash flow from investing activities: |
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Acquisitions of businesses, net of cash acquired | — |
| (33.3) |
Purchases of property and equipment | (6.8) |
| (6.4) |
Other, net | 3.3 |
| 12.0 |
Net cash used in investing activities | (3.5) |
| (27.7) |
Cash flow from financing activities: |
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Issuance of common stock, net of tax withholdings | 12.0 |
| 14.0 |
Repurchases of common stock | (175.0) |
| — |
Proceeds from debt and revolving credit lines | 521.2 |
| 1,097.1 |
Payments on debt and revolving credit lines | (555.8) |
| (523.4) |
Other, net | (4.6) |
| (4.3) |
Net cash (used in) provided by financing activities | (202.2) |
| 583.4 |
Effect of exchange rate changes on cash and cash equivalents | (5.4) |
| 2.7 |
Net decrease in cash and cash equivalents | 22.7 |
| 767.1 |
Cash and cash equivalents - beginning of period (1) | 238.9 |
| 271.0 |
Cash and cash equivalents - end of period (1) | $ 261.6 |
| $ 1,038.1 |
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(1) Include $6.5 million and $9.1 million of cash and cash equivalents classified as held for sale as of March 29, 2024 and
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