CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(In millions)

(Unaudited)

First Quarter of

2023

Cash flow from operating activities:

Net income

$                  128.8

$                  110.3

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

Depreciation expense

9.8

10.0

Amortization expense

34.7

34.6

Deferred income taxes

(33.8)

(16.8)

Stock-based compensation

33.5

28.3

Change in fair value of derivatives

(26.9)

(0.1)

Other, net

(0.9)

16.8

(Increase) decrease in assets:

Accounts receivable, net

62.1

(34.6)

Inventories

(11.1)

(42.7)

Other current and non-current assets

(6.2)

(14.6)

Increase (decrease) in liabilities:

Accounts payable

(9.1)

7.8

Accrued compensation and benefits

(26.5)

(75.6)

Deferred revenue

19.5

73.3

Other current and non-current liabilities

34.8

56.3

Net cash provided by operating activities

208.7

153.0

Cash flow from investing activities:

Acquisitions of businesses, net of cash acquired

(33.3)

—

Purchases of property and equipment

(6.4)

(14.5)

Other, net

12.0

1.1

Net cash used in investing activities

(27.7)

(13.4)

Cash flow from financing activities:

Issuance of common stock, net of tax withholdings

14.0

(2.4)

Repurchases of common stock

—

(104.7)

Proceeds from debt and revolving credit lines

1,097.1

118.8

Payments on debt and revolving credit lines

(523.4)

(118.8)

Other, net

(4.3)

(2.6)

Net cash provided by (used in) financing activities

583.4

(109.7)

Effect of exchange rate changes on cash and cash equivalents

2.7

1.6

Net increase in cash and cash equivalents

767.1

31.5

Cash and cash equivalents - beginning of period

271.0

325.7

Cash and cash equivalents - end of period

$              1,038.1

$                  357.2