CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In millions)
(Unaudited)

First Quarter of

2021

2020

Cash flow from operating activities:

Net income

$

114.6

$

61.9

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

Depreciation expense

10.3

9.8

Amortization expense

35.8

40.4

Provision for credit losses

(0.8)

6.4

Deferred income taxes

0.4

4.8

Stock-based compensation

27.2

10.7

Income from equity method investments, net of dividends

(3.8)

(5.6)

Other, net

0.8

8.5

(Increase) decrease in assets:

Accounts receivable, net

40.0

47.9

Inventories

(0.9)

(20.4)

Other current and non-current assets

2.8

16.8

Increase (decrease) in liabilities:

Accounts payable

14.5

(12.8)

Accrued compensation and benefits

(25.0)

(12.6)

Deferred revenue

9.2

15.6

Other current and non-current liabilities

3.1

(15.7)

Net cash provided by operating activities

228.2

155.7

Cash flow from investing activities:

Acquisitions of businesses, net of cash acquired

(1.2)

(198.0)

Purchases of property and equipment

(10.6)

(16.7)

Other, net

2.6

0.3

Net cash used in investing activities

(9.2)

(214.4)

Cash flow from financing activities:

Issuance of common stock, net of tax withholdings

8.0

12.7

Repurchases of common stock

(40.0)

(50.0)

Proceeds from debt and revolving credit lines

180.8

657.5

Payments on debt and revolving credit lines

(335.7)

(520.2)

Other, net

—

(0.4)

Net cash (used in) provided by financing activities

(186.9)

99.6

Effect of exchange rate changes on cash and cash equivalents

(5.2)

(13.3)

Net increase in cash and cash equivalents

26.9

27.6

Cash and cash equivalents - beginning of period

237.7

189.2

Cash and cash equivalents - end of period

$

264.6

$

216.8