v3.19.2
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Jun. 30, 2019
Jun. 30, 2018
Jun. 30, 2017
Cash flows from operating activities:      
Net earnings $ 96,072 $ 126,150 $ 76,086
Adjustments to reconcile net earnings to net cash provided by operating activities:      
Depreciation and amortization 78,171 64,463 60,036
Costs recognized on sale of acquired inventory 3,739 2,455 3,037
Deferred income taxes (13,582) (46,716) (3,433)
Stock-based compensation expense 32,280 28,240 14,631
Fair value adjustment to contingent consideration payable (2,000) 20,100 18,400
Contingent consideration payments (26,600) (11,800)
Gain on investment, net (3,702) (397)
Fair value adjustment on available for sale investments 16,067
Other operating activity 2,325 776 2,215
Change in operating assets and liabilities, net of acquisitions:      
Trade accounts and other receivables (15,000) (2,700) (19,686)
Inventories (13,647) (13,327) (732)
Prepaid expenses (698) 2,782 (2,088)
Trade accounts payable and accrued expenses 6,101 5,026 5,695
Salaries, wages and related accruals 5,013 (89) 661
Income taxes payable (9,520) 10,204 699
Net cash provided by operating activities 181,619 170,367 143,721
Cash flows from investing activities:      
Proceeds from sale and maturities of available-for-sale investments 21,579 36,390 6,079
Purchase of available-for-sale investments (43,475) (8,571) (3,069)
Additions to property and equipment (25,411) (20,934) (15,179)
Acquisitions, net of cash acquired (289,492) (67,851) (253,785)
Investment in unconsolidated entity 21,574 (40,000)
Other investing activities 680
Net cash used in investing activities (336,799) (38,712) (305,954)
Cash flows from financing activities:      
Cash dividends (48,364) (47,973) (47,325)
Proceeds from stock option exercises 37,950 19,170 5,257
Re-purchases of common stock (15,405)
Excess tax benefit from stock option exercises 514
Borrowings under line-of-credit agreement 580,000 55,000 368,500
Payments on line-of-credit (413,500) (59,500) (116,500)
Contingent consideration payments (61,900) (20,316)
Other financing activities (6,297) (3,985) (1,017)
Net cash provided by (used in) financing activities 134,384 (99,188) 189,113
Effect of exchange rate changes on cash and cash equivalents (308) (2,089) 495
Net change in cash and cash equivalents (21,104) 30,378 27,375
Cash and cash equivalents at beginning of year 121,990 91,612 64,237
Cash and cash equivalents at end of year $ 100,886 $ 121,990 $ 91,612

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