CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(In millions)

(Unaudited)

First Two Quarters of

2023

Cash flow from operating activities:

Net income

$                  173.4

$                  278.3

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

Depreciation expense

19.9

20.0

Amortization expense

96.8

66.9

Deferred income taxes

(61.8)

(24.9)

Stock-based compensation

73.9

61.3

Change in fair value of derivatives

(27.2)

(0.7)

Divestitures gain, net

(5.1)

(97.1)

Other, net

17.8

13.3

(Increase) decrease in assets:

Accounts receivable, net

20.2

(1.5)

Inventories

24.2

(72.4)

Other current and non-current assets

(19.3)

(25.6)

Increase (decrease) in liabilities:

Accounts payable

(1.7)

(7.9)

Accrued compensation and benefits

(5.6)

(46.4)

Deferred revenue

(13.3)

67.3

Other current and non-current liabilities

58.9

(28.8)

Net cash provided by operating activities

351.1

201.8

Cash flow from investing activities:

Acquisitions of businesses, net of cash acquired

(2,080.5)

—

Purchases of property and equipment

(19.0)

(28.5)

Net proceeds from divestitures

9.2

210.5

Other, net

40.1

(9.7)

Net cash (used in) provided by investing activities

(2,050.2)

172.3

Cash flow from financing activities:

Issuance of common stock, net of tax withholdings

(9.6)

(21.7)

Repurchases of common stock

—

(304.7)

Proceeds from debt and revolving credit lines

3,010.8

138.2

Payments on debt and revolving credit lines

(1,332.7)

(138.2)

Other, net

(6.5)

(8.9)

Net cash provided by (used in) financing activities

1,662.0

(335.3)

Effect of exchange rate changes on cash and cash equivalents

3.4

(14.4)

Net (decrease) increase in cash and cash equivalents

(33.7)

24.4

Cash and cash equivalents - beginning of period

271.0

325.7

Cash and cash equivalents - end of period

$                  237.3

$                  350.1