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

$