Verisk Reports Fourth-Quarter 2019 Financial Results

CONSOLIDATED STATEMENTS OF CASH FLOWS
For the Years Ended December 31, 2019 and 2018

  Three Months Ended December 31,  Twelve Months Ended December 31,
            
   2019   2018   2019   2018
            
  (in millions)
Cash flows from operating activities:           
Net income$132.2  $146.2  $449.9  $598.7 
Adjustments to reconcile net income to net cash provided by operating activities:           
Depreciation and amortization of fixed assets 47.7   43.7   185.7   165.3 
Amortization of intangible assets 37.9   32.3   138.0   130.8 
Amortization of debt issuance costs and original issue discount, net of original issue premium 0.4   1.1   3.9   4.2 
Provision for doubtful accounts 2.1   1.5   7.2   5.6 
Realized gain on subordinated promissory note          (12.3)
Other operating expenses       6.2    
Stock-based compensation expense 6.3   8.4   42.7   38.5 
Realized (gain) loss on available-for-sale securities, net (0.2)  0.4   (0.9)   0.1  
Deferred income taxes   (1.9 )     27.0       (29.3 )     18.3  
Loss on disposal of fixed assets, net   0.3       0.1       0.3       0.3  
Changes in assets and liabilities, net of effects from acquisitions:                      
Accounts receivable   (15.8 )     (33.1 )     (70.3 )     (17.4 )
Prepaid expenses and other assets   0.2       (5.8 )     (19.7 )     (28.2 )
Operating lease right-of-use assets, net   22.8             51.3        
Income taxes   1.1       (16.8 )     15.0       (2.9 )
Acquisition-related liabilities   29.9       9.3       70.4       9.7  
Accounts payable and accrued liabilities   (1.8 )     20.3       150.9       58.1  
Deferred revenues   (60.1 )     (50.5 )     11.4       0.8  
Operating lease liabilities   (22.3 )           (49.5 )      
Other liabilities   (2.4 )     (10.7 )     (6.9 )     (35.2 )
Net cash provided by operating activities   176.4       173.4       956.3       934.4  
Cash flows from investing activities:                      
Acquisitions, net of cash acquired of $3.6 and $0, and $10.4 and $3.1, respectively   (589.7 )     (76.3 )     (699.2 )     (138.2 )
Escrow funding associated with acquisitions         (8.6 )     (4.5 )     (14.9 )
Proceeds from subordinated promissory note                     121.4  
Capital expenditures   (64.0 )     (76.5 )     (216.8 )     (231.0 )
Other investing activities, net   0.3       (0.2 )     (7.4 )     (2.7 )
Net cash used in investing activities   (653.4 )     (161.6 )     (927.9 )     (265.4 )
                       
  Three Months Ended December 31,   Twelve Months Ended December 31,
                       
    2019     2018     2019     2018
                       
  (in millions)
Cash flows from financing activities:                      
Proceeds (repayment) of short-term debt, net   485.0       130.0       80.0       (300.0 )
Repayments of current portion of long-term debt               (250.0 )      
Proceeds from issuance of long-term debt, inclusive of original issue premium and net of original issue discount               619.7        
Payment of debt issuance costs   (1.0 )           (6.3 )      
Repurchases of common stock   (100.0 )     (156.4 )     (300.0 )     (438.6 )
Net share settlement of taxes from restricted stock awards   (0.4 )     (0.2 )     (5.5 )     (3.7 )
Proceeds from stock options exercised   6.6       12.6       52.4       87.3  
Dividends paid   (40.8 )           (163.5 )      
Other financing activities, net   (3.7 )     (7.3 )     (15.9 )     (14.8 )
Net cash provided by (used in) financing activities   345.7       (21.3 )     10.9       (669.8 )
Effect of exchange rate changes   4.4       1.4       6.1       (2.0 )
Net increase (decrease) in cash and cash equivalents, including cash classified within current assets held for sale   (126.9 )     (8.1 )     45.4       (2.8 )
Less: Decrease in cash classified within current assets held for sale   (0.3 )           (0.3 )      
(Decrease) increase in cash and cash equivalents   (127.2 )     (8.1 )     45.1       (2.8 )
Cash and cash equivalents, beginning of period   311.8       147.6       139.5       142.3  
Cash and cash equivalents, end of period $ 184.6     $ 139.5     $ 184.6     $ 139.5  
Supplemental disclosures:                      
Income taxes paid $ 40.9     $ 21.5     $ 139.8     $ 103.2  
Interest paid $ 42.7     $ 43.8     $ 119.9     $ 125.2  
Noncash investing and financing activities:                      
Deferred tax liability established on date of acquisitions $ 40.6     $ 0.5     $ 43.4     $ 5.6  
Right-of-use assets obtained in exchange for new operating lease liabilities $     $     $ 247.6     $  
Finance lease additions $ 1.0     $ 8.5     $ 20.2     $ 21.3  
Operating lease additions, net of terminations $ 10.4     $     $ 13.7     $  
Tenant improvement $ 0.1     $ 0.2     $ 1.7     $ 0.3  
Fixed assets included in accounts payable and accrued liabilities $ 1.6     $ 0.3     $ 1.6     $ 0.3  
Dividend payable included in other liabilities $ 0.6     $     $ 0.6     $  

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