Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Jun. 30, 2017
Jun. 30, 2016
Jun. 30, 2015
Cash flows from operating activities:      
Net earnings $ 76,086 [1] $ 104,476 $ 107,735
Adjustments to reconcile net earnings to net cash provided by operating activities:      
Depreciation and amortization 60,036 42,764 37,226
Costs recognized on sale of acquired inventory 3,037 5,431 6,961
Deferred income taxes (3,433) (2,624) 1,304
Stock-based compensation expense 14,631 9,430 5,957
Gain on sale of CyVek (8,300)
Fair value adjustment to contingent consideration payable 18,400
Contingent consideration and ACD compensation, operating (13,322)
Other operating activity 1,942 (566) (157)
Change in operating assets and liabilities, net of acquisitions:      
Trade accounts and other receivables (19,686) (22,981) (11,747)
Inventories (732) (6,626) (4,714)
Prepaid expenses (2,088) (381) (620)
Trade accounts payable and accrued expenses 5,695 8,924 2,154
Salaries, wages and related accruals 2,183 5,725 1,679
Income taxes payable 699 298 1,881
Net cash provided by operating activities 143,448 143,870 139,359
Cash flows from investing activities:      
Purchase of available-for-sale investments (3,069)
Proceeds from sale and maturities of available-for-sale investments 6,079 776 13,466
Additions to property and equipment (15,179) (16,898) (19,905)
Acquisitions, net of cash acquired (253,785) (91,423) (420,102)
Investment in unconsolidated entity (40,000)
Other investing activities (25) 49
Net cash used in investing activities (305,954) (107,570) (426,492)
Cash flows from financing activities:      
Cash dividends (47,325) (47,607) (47,107)
Proceeds from stock option exercises 5,257 5,458 9,731
Excess tax benefit from stock option exercises 514 566 615
Borrowings under line-of-credit agreement 368,500 77,000 163,000
Payments on line-of-credit (116,500) (58,500) (94,964)
Contingent consideration and ACD compensation, financing (21,060)
Net cash provided by (used in) financing activities 189,386 (23,083) 31,275
Effect of exchange rate changes on cash and cash equivalents 495 (3,512) (8,178)
Net change in cash and cash equivalents 27,375 9,705 (264,036)
Cash and cash equivalents at beginning of year 64,237 54,532 318,568
Cash and cash equivalents at end of year $ 91,612 $ 64,237 $ 54,532
[1] During the fourth quarter, management identified certain errors related to purchase accounting items for the ACD acquisition recorded during the first quarter of fiscal year 2017. These items impact the cost recognized upon the sale of acquired inventory, other acquisition related costs recorded within selling, general and administrative costs, and income taxes and resulted in a favorable impact to previously reported quarterly results as outlined in the table below.