MORNINGSTAR, INC. MORN Cash Flow

Morningstar, inc. (MORN)

CashFlow / Yearly

Dec'19	Dec'18	Dec'17	Dec'16	Dec'15	Dec'14	Dec'13	Dec'12	Dec'11	Dec'10	Dec'09	Dec'08
Operating activities
Consolidated net income
152,000	183,000	136,900	161,000	132,800	78,300	123,400	107,962	98,314	86,457	81,997	90,026
Adjustments to reconcile consolidated net income to net cash flows from operating activities:
Depreciation and amortization
117,700	96,700	91,200	70,700	64,400	54,900	45,700	43,096	42,913	39,664	31,961	25,996
Deferred income taxes
6,000	1,100	14,100	-4,700	-2,900	-3,000	1,100	-6,316	4,436	-211	2,207	11,901
Stock-based compensation expense
44,400	31,700	24,100	14,500	17,400	17,600	15,000	18,905	15,303	13,793	11,593	11,281
Provision for bad debt
2,300	2,500	2,300	1,300	500	500	800	1,016	1,237	413	1,292	242
Income (Loss) from Equity Method Investments
-900	-2,100	-1,300	-200	1,800	0	1,400	2,027	1,848	1,422	1,165	1,321
Gain on sale of business
0	0	16,700	0	-	-	-	-	-	-	-	-
Gain on sale of a product line
0	10,500	0	0	0	-	-	-	-	-	-	-
Gain on sale of equity investments
19,500	5,600	0	0	-	-	-	-	-	-	-	-
Gain on sale of discontinued operations, Net of Tax
-	-	-	-	-	-	-	5,188	0	0	-	-
Gain on sale of cost-method investment
-	-	-	-	-	400	0	-2,034	0	0	-	-
Equity Method Investments Holding Gain
-	-	-	37,100	0	5,200	3,600	0	0	4,564	352	-
Excess tax benefits from stock-option exercises and vesting of restricted stock units
-	-	-	-	-	-	5,900	7,210	9,525	7,507	8,693	26,638
Other, net
-1,100	2,500	-1,800	6,800	1,100	700	1,800	-142	-592	90	-575	727
Changes in operating assets and liabilities:
Accounts receivable
-11,300	29,600	1,200	100	6,900	25,900	1,600	17,124	3,858	23,652	-12,364	658
Other assets
-	-	-	-1,100	-700	5,300	2,300	-223	-2,728	2,341	-2,521	-1,573
Deferred commissions
-	-	-	0	-	-	-	-	-	-	-	-
Accounts payable and accrued liabilities
3,200	6,000	700	3,400	4,700	-2,000	-1,200	1,173	-4,821	-759	-9,476	691
Accrued compensation and deferred commissions
17,100	15,600	20,200	-8,800	7,000	19,500	3,200	-8,861	10,176	12,166	-26,729	-2,333
Income taxes, current
-11,600	-12,400	9,700	1,000	10,100	2,300	16,800	-1,205	10,751	4,569	11,676	22,078
Deferred revenue
28,100	28,600	2,500	6,700	10,600	-1,700	3,700	7,769	9,578	5,752	-8,704	-1,595
Deferred rent
-	-	-	-2,900	-300	3,000	-1,500	407	-1,030	1,364	5,679	18,906
Other assets and liabilities
-	-	-	4,800	500	-1,300	-1,500	-1,432	-1,098	-638	-1,076	-1,537
Other assets and liabilities
6,600	-10,300	8,600	-	-	-	-	-	-	-	-	-
Cash provided by operating activities
334,400	314,800	250,100	213,700	241,500	136,600	186,700	145,996	164,976	123,416	101,256	149,339
Investing activities
Purchases of investment securities
36,200	35,700	34,900	32,000	34,700	20,400	140,100	145,491	383,281	186,283	176,770	134,117
Proceeds from maturities and sales of investment securities
35,800	51,200	42,200	28,600	30,000	111,600	171,200	260,317	297,956	214,929	92,851	109,172
Capital expenditures
80,000	76,100	66,600	62,800	57,300	58,300	33,600	30,039	23,322	14,771	12,372	48,519
Acquisitions, net of cash acquired
681,900	400	1,000	191,600	11,100	64,400	11,100	0	-300	102,324	74,175	105,410
Proceeds from sale of a business, net
0	0	23,700	0	-	-	-	-	-	-	-	-
Proceeds from sale of a product line
0	10,500	0	0	0	-	1,000	5,734	0	0	-	-
Proceeds from sale of equity-method investments, net
17,600	7,900	0	0	-	-	-	-	-	-	-	-
Purchases of equity- and cost-method investments
1,500	7,400	24,800	16,500	6,200	0	2,800	10,304	2,450	0	-	-
Other, net
100	-100	-600	-100	200	-300	-500	25	-30	-500	4,209	250
Cash used for investing activities
-746,300	-49,900	-60,800	-274,200	-79,500	-31,200	-14,900	80,192	-110,767	-87,949	-174,675	-179,124
Financing activities
Common shares repurchased
4,900	20,900	42,300	48,800	97,000	76,700	153,500	251,813	40,672	3,785	0	-
Dividends paid
47,800	42,600	39,300	37,900	33,700	30,500	17,400	25,487	10,041	0	0	-
Proceeds from short-term debt
-	-	-	40,000	50,000	30,000	0	0	-	-	-	-
Repayment of short-term debt
-	-	-	15,000	45,000	0	0	-	-	-	-	-
Proceeds from long-term debt
610,000	0	0	190,000	0	0	-	-	-	-	-	-
Repayment of long-term debt
165,600	110,000	70,000	0	0	-	-	-	-	-	-	-
Proceeds from stock-option exercises
200	100	200	400	3,900	6,600	4,500	9,101	12,866	9,220	16,439	23,428
Employee taxes paid from withholding of restricted stock units
15,200	13,300	4,800	5,000	5,600	5,800	5,800	4,292	4,164	-	-	-
Excess tax benefits from stock-option exercises and vesting of restricted stock units
-	-	-	-	-	-	5,900	7,210	9,525	7,507	8,693	26,638
Other, net
-3,000	-2,100	-1,300	0	-100	300	-100	105	-110	-417	188	671
Cash used for financing activities
373,700	-188,800	-157,500	123,700	-127,500	-76,100	-166,400	-265,176	-32,596	12,525	25,320	50,737
Effect of exchange rate changes on cash and cash equivalents
3,000	-15,000	17,300	-11,200	-12,600	-12,300	-1,100	2,440	-1,352	1,688	4,704	-6,637
Net (decrease) increase in cash and cash equivalents
-35,200	61,100	49,100	52,000	21,900	17,000	4,300	-36,548	20,261	49,680	-43,395	14,315
Supplemental disclosure of cash flow information:
Cash paid for income taxes
63,300	67,000	47,100	58,000	50,100	30,400	40,400	47,355	38,054	37,624	38,009	19,782
Cash paid for interest
11,000	3,700	5,400	-	-	-	-	-	-	-	-	-
Cash paid for interest
-	-	-	1,200	400	300	0	-	-	-	-	-
Supplemental information of non-cash investing and financing activities:
Unrealized gain (loss) on available-for-sale investments
3,900	-2,700	2,000	1,200	-2,000	-400	-300	1,723	-1,480	394	-177	672
Software and equipment obtained under long-term financing arrangement
-	-	-	9,000	5,300	0	4,900	4,551	0	0	-	-