COVANCE INC.CONSOLIDATED STATEMENTS OF CASH FLOWSFOR THE NINE MONTHS ENDED SEPTEMBER 30, 2013 AND 2012(Dollars in thousands)(UNAUDITED)Nine Months Ended September 3020132012Cash flows from operating activities: Net income$
,835 Adjustments to reconcile net income to net cash provided byoperating activities:Depreciation and amortization95,07287,285Non-cash impairment charges-44,610Non-cash compensation expense associated with employee benefitand stock compensation plans29,86329,774Deferred income tax benefit(6,787)(23,648)Gain on sale of investments(16,400)(1,459)Loss on sale of business-169Loss on disposal of property and equipment487674Equity investee earnings-(17)Changes in operating assets and liabilities, net of business sold:Accounts receivable(14,382)(10,404)Unbilled services(10,477)(27,561)Inventory(246)9,115Accounts payable17,5902,565Accrued liabilities(24,736)(1,396)Unearned revenue10,74633,374Income taxes20,228568Other assets and liabilities, net(21,474)(51,581)Net cash provided by operating activities212,845152,903Cash flows from investing activities: Capital expenditures(103,703)(105,199) Purchase of short-term investments(109,794)- Proceeds from sale of investments17,7814,682 Other, net5281,006Net cash used in investing activities(195,188)(99,511)Cash flows from financing activities: Net (repayments) borrowings under revolving credit facility(55,000)310,000 Stock issued under option plans57,1725,794 Purchase of treasury stock(29,505)(322,452)Net cash used in financing activities(27,333)(6,658)Effect of exchange rate changes on cash(348)5,535Net change in cash and cash equivalents(10,024)52,269Cash and cash equivalents, beginning of period492,824389,103Cash and cash equivalents, end of period$
COVANCE INC.GAAP to Pro Forma ReconciliationQ3 2013(Dollars in thousands, except per shar
|SOURCE Covance Inc.|
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