Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows (Unaudited)

v3.20.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Mar. 31, 2020
Mar. 31, 2019
Mar. 31, 2020
Mar. 31, 2020
Mar. 31, 2019
Cash flows from operating activities:          
Net income $ 78,009 $ 192,645 $ 804,710   $ 957,689
Adjustments to reconcile net income to net cash provided by operating activities:          
Goodwill impairment 256,649 0 256,649   0
Depreciation and amortization     269,112   105,338
Loss on extinguishment of debt 22,538 0 22,538   0
Loss on unrealized foreign exchange and other     1,394   4,863
Stock-based compensation expense     85,003   66,026
Changes in assets and liabilities, net of assets acquired and liabilities assumed in business acquisitions:          
Accounts receivable     (128,793) $ (129,150) (92,586)
Inventories     (18,208)   (72,740)
Other assets     (29,271)   15,057
Accounts payable     41,239   (17,795)
Deferred system revenue     54,035   (67,428)
Deferred service revenue     7,574   (16,485)
Other liabilities     (18,460)   (54,768)
Settlement of treasury lock agreement     (21,518)   0
Net cash provided by operating activities     1,326,004   827,171
Cash flows from investing activities:          
Acquisition of non-marketable securities     0   (630)
Business acquisitions, net of cash acquired     (78,600)   (1,818,283)
Capital expenditures     (110,885)   (74,652)
Proceeds from disposition of non-marketable securities     1,086   0
Purchases of available-for-sale securities     (564,655)   (2,686)
Proceeds from sale of available-for-sale securities     104,770   239,528
Proceeds from maturity of available-for-sale securities     491,269   443,107
Purchases of trading securities     (68,657)   (62,428)
Proceeds from sale of trading securities     72,619   64,623
Net cash used in investing activities     (153,053)   (1,211,421)
Cash flows from financing activities:          
Proceeds from issuance of debt, net of issuance costs     742,004   1,186,263
Proceeds from revolving credit facility     250,000   900,000
Repayment of debt     (996,033)   (902,474)
Common stock repurchases     (829,084)   (750,216)
Payment of dividends to stockholders     (389,659)   (350,900)
Issuance of common stock     25,285   20,556
Tax withholding payments related to vested and released restricted stock units     (40,733)   (30,575)
Payment of contingent consideration payable     (60)   (513)
Net cash (provided by) used in financing activities     (1,238,280)   72,141
Effect of exchange rate changes on cash and cash equivalents     (4,490)   (110)
Net (decrease) increase in cash and cash equivalents     (69,819)   (312,219)
Cash and cash equivalents at beginning of period     1,015,994   1,404,382
Cash and cash equivalents at end of period $ 946,175 $ 1,092,163 946,175 $ 946,175 1,092,163
Supplemental cash flow disclosures:          
Income taxes paid     162,718   164,701
Interest paid     114,662   55,529
Non-cash activities:          
Issuance of common stock for the acquisition of Orbotech - financing activities     0   1,330,786
Contingent consideration payable - financing activities     6,128   6,740
Dividends payable - financing activities     4,578   6,494
Unsettled common stock repurchase - financing activities     0   5,988
Accrued debt issuance costs - financing activities     193   2,530
Accrued purchases of land, property and equipment - investing activities     $ 17,137   $ 6,370