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4,740,144 HENRY SCHEIN, INC.CONSOLIDATED STATEMENTS OF CASH FLOWS(in thousands)(unaudited)Three Months EndedSix Months EndedJune 30,June 25,June 30,June 25,2012201120122011Cash flows from operating activities:Net income$107,302$
105,056$196,363$
188,027Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 30,96929,12161,38957,469Stock-based compensation expense 11,2959,61520,04917,960Provision for losses on trade and otheraccounts receivable 1,4939942,6372,722Provision for (benefit from) deferred incometaxes 467(3,493)(7,715)(10,265)Equity in earnings of affiliates (3,073)(4,133)(4,464)(5,786)Distributions from equity affiliates2,6837316,0071,180Other 958(39)3,8592,242Changes in operating assets and liabilities,net of acquisitions:Accounts receivable (1,896)(20,892)(59,329)(9,902)Inventories 1,19210,846(11,340)3,902Other current assets (20,482)(9,969)(8,078)(11,100)Accounts payable and accrued expenses 47,59020,161(69,485)(49,977)Net cash provided by operating activities 178,498137,998129,893186,472Cash flows from investing activities:Purchases of fixed assets (9,149)(10,306)(21,372)(20,764)Payments for equity investments and businessacquisitions, net of cash acquired (101,368)(10,022)(120,348)(143,636)Proceeds from sales of available-for-sale securities 2,875504,0252,150Other (2,334)1,382(4,385)1,897Net cash used in investing activities (109,976)(18,896)(142,080)(160,353)Cash flows from financing activities:Proceeds from (repayments of) bank borrowings 76,400(47,989)26,3847,671Proceeds from issuance of long-term debt 50101100,0503,101Debt issuance costs (213)(2,745)(213)(2,847)Principal payments for long-term debt (24,725)(22,390
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