Borrowings under revolving credit facility, net

  
IDEXX LABORATORIES, INC.  AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS(in thousands) (Unaudited)   


|  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
|  |  |  |  |  |  |  |  |  |  |  |  |
|  | For the Nine Months EndedSeptember 30, |
|  | 2022 |  | 2021 |
|  |   |  |   |
| Cash Flows from Operating Activities: |   |  |   |
| Net income | $ | 506,882  |  |  | $ | 582,073  |  |
| Adjustments to reconcile net income to net cash provided by operating activities: |  |  |  |
| Depreciation and amortization | 83,180  |  |  | 76,901  |  |
| Impairment charges | 2,346  |  |  | 5,148  |  |
| Provision for credit losses | 5,112  |  |  | 1,719  |  |
| Deferred income taxes | (36,890) |  |  | 4,049  |  |
| Share-based compensation expense | 36,491  |  |  | 28,042  |  |
| Other | 2,032  |  |  | 2,402  |  |
| Changes in assets and liabilities: |  |  |  |
| Accounts receivable | (35,061) |  |  | (49,050) |  |
| Inventories | (99,621) |  |  | (46,891) |  |
| Other assets and liabilities | (87,566) |  |  | (51,961) |  |
| Accounts payable | (3,930) |  |  | 637  |  |
| Deferred revenue | (3,419) |  |  | (7,487) |  |
| Net cash provided by operating activities | 369,556  |  |  | 545,582  |  |
| Cash Flows from Investing Activities: |  |  |  |
| Purchases of property and equipment | (99,609) |  |  | (87,761) |  |
| Acquisition of intangible assets | (10,000) |  |  | —  |  |
| Equity investment | (25,000) |  |  | —  |  |
| Acquisitions of a business, net of cash acquired | (11,512) |  |  | (161,166) |  |
| Net cash used by investing activities | (146,121) |  |  | (248,927) |  |
| Cash Flows from Financing Activities: |  |  |  |
| Borrowings under revolving credit facility, net | 559,500  |  |  | —  |  |
| Payment of senior debt | (75,000) |  |  | (50,000) |  |
| Payments of acquisition-related contingent consideration and holdbacks | (5,730) |  |  | (1,500) |  |
| Repurchases of common stock, net | (745,691) |  |  | (502,021) |  |
| Proceeds from exercises of stock options and employee stock purchase plans | 23,257  |  |  | 37,428  |  |
| Shares withheld for statutory tax withholding payments on restricted stock | (10,552) |  |  | (15,501) |  |
| Net cash used by financing activities | (254,216) |  |  | (531,594) |  |
| Net effect of changes in exchange rates on cash | (14,497) |  |  | (3,786) |  |
| Net decrease in cash and cash equivalents | (45,278) |  |  | (238,725) |  |
| Cash and cash equivalents at beginning of period | 144,454  |  |  | 383,928  |  |
| Cash and cash equivalents at end of period | $ | 99,176  |  |  | $ | 145,203  |  |
|  |   |  |   |
| Supplemental Cash Flow Information: |  |  |  |
| Cash paid for income taxes | $ | 179,720  |  |  | $ | 96,103  |  |
| Unpaid property and equipment, reflected in accounts payable and accrued liabilities | $ | 19,661  |  |  | $ | 14,734  |  |
|  |  |  |  |
| The accompanying notes are an integral part of these condensed consolidated financial statements. |

  
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