Bio-techne corp (TECH)
CashFlow / Quarterly
Mar'20Dec'19Sep'19Jun'19Mar'19Dec'18Sep'18Jun'18Mar'18Dec'17Sep'17Jun'17Mar'17Dec'16Sep'16Jun'16Mar'16Dec'15Sep'15Jun'15Mar'15Dec'14Sep'14Jun'14Mar'14Dec'13Sep'13Jun'13Mar'13Dec'12Sep'12Jun'12Mar'12Dec'11Sep'11Jun'11Mar'11Dec'10Sep'10Jun'10Mar'10Dec'09Sep'09
CASH FLOWS FROM OPERATING ACTIVITIES:
Net earnings

36,433

119,620

14,398

16,460

44,654

17,555

17,403

41,701

19,739

48,847

15,863

27,610

22,167

10,028

16,281

25,626

30,291

25,852

22,707

26,329

24,290

33,209

23,907

26,824

31,641

25,055

27,428

28,411

33,118

25,364

25,668

27,241

31,756

25,813

27,521

28,331

31,064

26,534

26,373

25,895

32,388

24,721

26,772

Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation and amortization

21,108

20,553

20,085

19,919

19,322

19,878

19,052

17,152

16,273

15,615

15,423

14,748

16,038

15,606

13,644

10,661

10,828

10,590

10,685

9,499

9,273

9,895

8,559

5,311

4,918

4,856

4,090

3,042

3,001

3,173

3,105

3,101

3,052

3,179

3,135

2,758

1,884

2,050

2,008

2,063

2,002

2,060

2,005

Costs recognized on sale of acquired inventory

0

0

0

935

935

934

935

442

1,431

264

318

267

637

-2,086

4,219

1,992

1,082

1,244

1,113

1,709

897

1,188

3,167

3,168

1,177

1,404

1,731

1,005

1,032

1,200

1,264

1,703

1,955

1,767

2,148

1,835

0

0

0

-

-

-

-

Deferred income taxes

-6,164

15,412

-607

-2,468

-2,008

-5,338

-3,768

1,314

-4,493

-41,353

-2,184

1,890

-939

-3,214

-1,170

-1,245

57

-321

-1,115

2,098

289

534

-1,617

1,245

-1,092

-1,677

-1,329

-480

-567

-710

-777

390

-281

-6,406

-1,066

0

1,839

544

811

891

-1,865

-547

-30

Stock-based compensation expense

7,855

10,129

8,366

8,129

5,725

6,861

11,565

14,653

4,748

5,044

3,795

3,412

3,974

4,069

3,176

2,754

2,317

2,321

2,038

1,232

1,288

2,075

1,362

888

740

1,326

569

490

286

785

303

252

241

858

290

201

87

714

136

175

81

777

102

Fair value adjustment to contingent consideration payable

-705

-600

700

-900

-400

-500

-200

0

200

12,400

7,500

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Fair value adjustment on available for sale investments

-411

-121,257

10,401

18,974

-12,273

7,164

2,202

-

-

-

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Other operating activity

-866

28

164

70

-85

123

2,217

-888

108

1,279

277

3,126

375

-1,024

-262

-508

433

-178

-26

123

29

73

-68

-168

-148

-156

-120

-381

-170

-105

-107

-240

118

-89

-19

5

-47

-137

-46

-328

31

10

65

Net (gain) loss from equity method investees

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-42

-41

-45

-143

-217

-198

-182

-197

-219

-328

-309

-367

-496

-338

Change in operating assets and operating liabilities, net of acquisition:
Trade accounts and other receivables, net

7,258

-11,355

1,405

1,864

20,984

459

-8,307

12,099

9,237

-9,086

-9,550

-257

13,537

-3,770

10,176

8,365

20,029

-9,176

3,763

4,431

8,959

-1,221

-422

-8,007

9,753

-2,997

106

15

5,964

-2,592

-1,053

-2,549

5,908

328

-1,591

-2,236

7,019

-1,261

102

-1,932

9,252

-3,819

533

Inventories

5,628

3,661

720

2,097

3,338

1,534

6,678

1,751

4,063

2,067

5,446

-2,844

1,079

83

2,414

2,389

-322

1,383

3,176

-168

623

1,933

2,326

2,191

-539

947

296

184

670

278

1,084

-9

657

703

226

1,004

-217

-39

273

-308

608

500

1,568

Other current assets

-70

-1,229

2,549

-302

-1,258

904

1,354

-1,924

463

-1,273

-48

175

2,148

370

-605

-665

-464

744

766

25

95

508

-8

516

69

-336

305

-207

47

-59

252

83

400

-152

145

-119

-110

-99

72

-161

153

-9

203

Trade accounts payable, accrued expenses, contract liabilities, and other

2,916

5,659

1,456

-1,876

2,592

2,278

3,107

3,361

6,401

-4,173

-563

-1,603

2,050

1,116

4,132

3,434

7,561

-1,655

-416

664

533

2,444

-1,487

793

1,569

-166

-828

458

-475

42

218

-60

206

-163

1,598

-938

1,189

-547

-295

251

260

-887

302

Contingent consideration payable

-

-

-

-

-

-

-

-

-

-

-

-

-

-

1,900

0

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Salaries, wages and related accruals

5,095

798

-10,983

5,115

3,835

4,539

-8,476

4,070

-4,613

4,089

-3,635

-1,644

2,561

7,001

-7,257

3,829

2,883

717

-1,704

986

315

-2,150

2,528

-429

1,320

-1,277

1,420

-728

1,026

-790

400

-665

1,604

-1,078

825

-118

1,803

-636

219

-259

954

-567

286

Income taxes payable

-2,231

11,153

1,233

-1,051

429

-4,034

-4,864

11,983

5,593

-11,122

3,750

-1,501

2,338

-2,988

2,850

-264

1,794

-7,436

6,204

-967

3,597

-1,876

1,127

-5,085

3,796

-741

91

-1,955

2,134

-234

-782

2,691

-346

-2,953

-1,449

1,503

974

-651

1,607

-43

-861

-1,117

503

Net cash provided by operating activities

49,469

70,418

40,539

55,946

39,662

46,563

39,448

64,839

21,650

39,182

44,696

50,848

25,020

41,351

26,502

36,648

37,137

38,539

31,833

37,139

30,776

35,726

35,718

37,921

34,934

31,322

32,585

29,987

33,025

31,287

29,263

37,413

34,463

20,438

34,432

34,672

32,386

29,433

30,703

31,780

23,218

28,233

28,029

CASH FLOWS FROM INVESTING ACTIVITIES:
Proceeds from sales of available-for-sale investments

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

9,030

21,645

12,700

-

9,830

10,337

6,200

10,360

14,846

28,890

10,195

36,381

42,292

36,038

19,308

19,453

6,470

998

124

Proceeds from sale and maturities of available-for-sale investments

54,269

57,087

11,311

4,364

11,881

5,334

0

29,827

0

3,061

3,502

2,455

2,032

1,592

0

-4

-3,150

0

3,930

1,470

2,116

0

9,880

242,656

12,561

18,103

16,090

49,623

31,665

10,721

11,601

11,162

19,338

12,172

24,763

7,655

7,414

2,124

22,308

13,130

14,020

7,180

5,225

Purchases of available-for-sale investments

25,629

9,228

15,871

5,782

11,693

14,306

11,694

5,510

0

3,061

0

1,444

0

-5,211

6,836

0

0

0

0

-

-

-

-

17,463

17,406

44,867

27,010

23,613

46,479

21,501

21,119

23,004

39,964

39,732

44,311

19,842

50,935

37,660

42,929

52,491

111,710

6,055

6,365

Additions to property and equipment

9,282

14,564

10,525

11,692

4,925

4,604

4,190

5,818

3,508

6,335

5,273

5,868

4,016

2,853

2,442

3,054

2,836

4,887

6,121

6,934

4,924

3,142

4,905

2,102

4,261

3,647

3,811

5,346

6,373

8,220

2,515

1,133

1,587

2,201

1,096

1,273

592

713

1,052

1,123

1,366

1,592

563

Acquisitions, net of cash acquired

0

0

0

17,206

-1

58

272,229

2,785

54,422

10

10,634

-156

-1,988

-3,075

259,004

535

8,000

-82

82,970

0

0

59,927

360,175

6,031

0

100

103,049

0

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

Other investing activities

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

5

-168

138

-944

168

337

87

-123

489

0

0

-

-

-

0

-

-

-

-

Distributions from unconsolidated entities

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-340

0

446

-

-

-

85

-

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

Net cash provided by (used in) investing activities

19,358

33,295

-15,085

-30,316

-4,736

-13,634

-288,113

37,968

-57,930

-6,345

-12,405

-4,701

4

-32,975

-268,282

-3,618

-13,986

-4,805

-85,161

-5,521

-3,148

-63,069

-354,754

163,685

-81

-8,783

-105,133

-4,759

-11,525

-9,000

-5,920

-2,534

-7,856

-829

-10,449

-108,981

-2,628

-211

-2,365

-21,031

-92,586

581

-1,579

CASH FLOWS FROM FINANCING ACTIVITIES:
Cash dividends

12,279

12,196

12,169

12,127

12,086

12,085

12,066

12,032

11,995

11,988

11,958

11,511

11,943

11,939

11,932

11,909

11,902

11,902

11,894

11,889

11,883

11,863

11,472

11,469

11,440

11,434

11,051

11,050

11,053

11,048

10,312

10,311

10,320

10,361

10,026

10,029

10,022

10,011

9,629

9,693

9,699

9,685

9,311

Proceeds from stock option exercises

11,243

18,295

8,952

10,921

8,169

2,407

16,453

5,446

7,025

2,893

3,806

1,627

1,525

79

2,026

3,535

748

47

1,128

-1

2,702

5,166

1,864

3,198

1,568

2,415

1,145

281

0

688

136

180

622

0

45

1,361

0

2,562

867

222

2,405

612

22

Purchase of common stock for stock bonus plans

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

0

573

0

0

0

907

0

0

0

294

0

0

0

607

Re-purchase of common stock

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

2,315

3,535

7,073

10,675

0

0

0

1,940

-

-

-

-

Proceeds from long-term debt

-

-

-

-

-

-

-

-

-

-

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Excess tax benefit from stock option exercises

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

134

180

78

-

-

36

4

6

5

63

1

0

38

6

7

428

6

330

83

19

126

41

10

Proceeds from long-term debt

40,000

0

0

0

0

0

580,000

0

30,000

25,090

-90

0

90

24,910

343,500

0

0

0

77,000

0

0

38,000

125,000

-

-

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Repayments of long-term debt

3,125

103,125

19,125

17,125

23,125

16,125

357,125

53,500

0

0

6,000

0

0

24,987

91,513

24,000

8,500

1,500

24,500

74,011

1,953

6,000

13,000

-

-

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Payment of contingent consideration

-

-

-

-

-

-

-

3,100

23,800

0

35,000

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Debt issuance costs

-

-

0

-

-

-

3,004

-

-

-

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Other financing activity

-114

-1

-1,927

-1,566

0

-3,004

-1,727

354

-2,182

-355

-1,802

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Net cash provided by (used in) financing activities

-17,786

-97,027

-24,269

-19,897

-27,043

-41,207

222,531

-62,832

-952

15,550

-50,954

-16,645

-24,520

-12,056

242,334

-32,334

-19,535

-13,366

41,865

-85,678

-11,000

25,483

102,470

-8,009

-9,912

-8,983

-9,902

-12,584

-11,048

-10,297

-10,748

-12,446

-13,195

-17,428

-21,556

-8,240

-10,016

-7,119

-10,913

-23,027

-8,566

-9,032

-9,886

Effect of exchange rate changes on cash and cash equivalents

-5,117

3,715

-2,180

-407

1,791

-510

-1,182

-4,593

2,382

607

-485

2,270

400

-7,423

5,248

-2,172

-355

-6,758

5,773

2,145

-3,149

-3,411

-3,763

1,368

260

990

2,520

429

-3,025

491

1,535

-1,038

874

-422

-805

1,534

3,011

-1,240

3,448

-1,819

-9,381

1,012

-2,747

Net increase (decrease) in cash and cash equivalents

45,924

10,401

-995

5,325

9,675

-8,788

-27,316

35,382

-34,850

48,994

-19,148

31,772

904

-10,653

5,352

-1,476

3,261

13,610

-5,690

-51,915

13,479

-5,271

-220,329

194,965

25,201

14,546

-79,930

13,073

7,427

12,481

14,130

21,395

14,286

1,759

1,622

-81,015

22,753

20,863

20,873

-14,097

-87,315

20,794

13,817

Supplemental disclosure of cash flow information:
Cash paid for income taxes

17,814

4,585

2,452

-

15,825

2,365

8,447

-

3,247

1,486

2,144

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Cash paid for interest

4,327

4,777

5,092

-

-2,525

15,906

3,229

-

3,230

21,802

6,071

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-