VERISK ANALYTICS, INC. VRSK Cash Flow

Verisk analytics, inc. (VRSK)

CashFlow / Quarterly

Mar'20	Dec'19	Sep'19	Jun'19	Mar'19	Dec'18	Sep'18	Jun'18	Mar'18	Dec'17	Sep'17	Jun'17	Mar'17	Dec'16	Sep'16	Jun'16	Mar'16	Dec'15	Sep'15	Jun'15	Mar'15	Dec'14	Sep'14	Jun'14	Mar'14	Dec'13	Sep'13	Jun'13	Mar'13	Dec'12	Sep'12	Jun'12	Mar'12	Dec'11	Sep'11	Jun'11	Mar'11	Dec'10	Sep'10	Jun'10	Mar'10
Cash flows from operating activities:
Net income
171,700	132,200	32,900	150,400	134,400	146,200	166,000	153,500	133,000	204,600	120,700	121,000	108,800	109,300	127,500	261,800	92,600	113,757	131,814	163,320	98,686	97,328	99,015	88,099	115,558	87,223	96,441	84,205	80,511	98,299	82,911	73,331	74,601	80,318	70,987	65,577	65,876	65,893	62,880	58,404	55,375
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization of fixed assets
46,100	47,600	45,800	45,700	46,600	43,700	39,500	41,600	40,500	36,200	33,800	31,800	33,800	28,500	29,400	29,400	38,900	34,049	33,501	28,628	24,442	23,050	21,951	20,723	20,776	20,550	17,704	16,811	15,214	13,176	12,714	13,090	11,644	10,869	10,798	10,855	11,305	10,820	10,035	9,944	9,929
Amortization of intangible assets
41,000	37,900	33,300	33,600	33,200	32,400	33,200	32,000	33,200	28,200	27,400	23,900	22,300	22,100	22,700	23,800	29,800	33,368	18,543	28,812	14,141	14,269	14,187	14,221	14,323	14,503	15,393	17,196	17,207	17,359	15,442	12,187	8,587	8,663	8,797	8,877	8,455	6,916	6,158	7,020	7,304
Amortization of debt issuance costs and original issue discount, net of original issue premium
300	-7,400	1,600	1,000	900	-7,300	1,000	1,100	1,000	-7,300	1,000	1,000	1,100	-9,000	6,500	-1,400	-1,100	-1,129	-1,136	-9,439	-1,195	-611	-667	-661	-661	-665	-680	-680	-688	-688	-553	-551	-545	-449	-452	-445	-309	-307	-367	-394	-395
Provision for doubtful accounts
1,500	2,100	1,800	2,100	1,200	1,500	1,300	1,300	1,500	600	600	0	800	900	200	800	500	154	695	331	125	847	606	574	-227	1,294	555	335	298	489	115	106	355	426	295	406	151	86	36	421	105
Realized gain on subordinated promissory note
-	-	-	-	-	-	-	-	-	-	-	-	-	3,100	3,200	3,900	4,300	3,501	2,606	4,148	3,821	3,687	3,910	3,802	3,901	3,756	3,817	3,787	3,570	3,630	3,295	3,255	2,931	2,985	3,222	3,297	3,111	2,922	2,922	2,879	2,850
Other operating expenses
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-42	44	37	546	274	-277	226	566
Realized gain on subordinated promissory note
-	-	0	-	-	-	12,300	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Gain on sale of assets
19,400	-	-6,200	-	0	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Stock-based compensation expense
19,600	6,300	8,800	18,400	9,200	8,400	10,300	11,000	8,800	7,600	8,800	8,900	6,500	6,200	7,300	11,000	5,500	5,071	6,424	14,823	4,224	3,977	5,266	6,074	4,983	4,342	5,790	6,384	4,571	5,393	5,650	9,207	4,446	5,368	4,957	8,513	3,818	5,308	5,706	6,398	3,886
Gain on sale of subsidiary
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-10	0	0	65,410	0	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-
Realized loss (gain) on available-for-sale securities, net
-500	200	100	200	400	-400	200	100	0	-	-	-	-	-200	0	-100	-200	-181	-33	20	-6	178	7	126	-11	7	1	93	-193	6	-638	-30	330	285	-86	125	362	25	9	29	32
Deferred income taxes
-100	-1,900	-27,400	-3,300	3,300	27,000	-7,600	-500	-600	-69,500	-4,000	600	-700	16,500	-7,800	-11,700	17,800	-5,548	8,888	-7,896	506	27,948	171	121	-3,640	38,252	4,881	385	622	63,787	9	-186	-349	23,404	-3,743	1,818	-158	12,187	-2,400	-466	973
Loss on disposal of fixed assets, net
-300	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Loss on disposal of fixed assets, net
-	-	0	0	-	-	-100	-100	-	-	-	-	-	-100	-100	-900	100	-381	-1	18	-15	-490	225	-52	-683	-152	-48	-2	-426	-509	-67	-28	7	-233	-414	-125	-96	-158	-43	-27	-11
Excess tax benefits from exercised stock options
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	28,257	17,755	27,806	36,128	-	-	-	-	-	-	-	-	33,932	5,047	9,889	147
Other operating activities, net
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	-420	-35	7	-50	-233	28	-10	1	-103	-15	-15	-381	153	15	15
Changes in assets and liabilities, net of effects from acquisitions:
Accounts receivable
96,500	15,800	-35,200	8,100	81,600	33,100	-18,500	-71,900	74,700	49,500	2,300	-37,300	31,000	38,300	-11,400	-55,200	34,000	54,260	-1,670	-44,075	6,094	30,970	11,344	5,108	7,078	7,369	-18,227	-4,033	12,785	3,399	-10,626	-20,827	34,479	1,481	7,466	-20,496	37,475	-16,095	11,960	-14,005	42,699
Prepaid expenses and other assets
18,500	18,100	9,200	-9,800	2,200	5,800	2,400	13,100	6,900	4,200	8,200	13,500	4,700	4,100	15,800	10,700	-4,100	-9,338	7,085	-6,886	-2,861	-2,502	-1,491	10,961	2,632	-2,341	3,031	-928	2,624	6,576	-2,837	-7,170	2,881	-509	-4,853	192	7,890	-2,230	-4,173	913	4,591
Operating lease right-of-use assets, net
9,300	41,100	9,900	-8,500	8,800	-	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Income taxes
41,000	1,100	2,700	-14,100	25,300	-16,800	10,700	-21,200	24,400	8,600	17,400	-51,400	48,100	-36,600	-16,400	12,100	49,600	6,864	32,858	-45,093	56,951	-31,669	561	-26,468	71,276	-8,893	24,383	-23,429	47,600	-15,797	39,579	12,664	47,265	-	-	-	-	-	-	-	-
Acquisition-related liabilities
200	-	44,900	-	8,400	-	200	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Federal and foreign income taxes
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	41,222	-28,251	35,954	-	9,276	-15,208	32,937
State and local income taxes
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	5,522	-4,970	4,830	-	4,155	-7,792	6,405
Accounts payable and accrued liabilities
-62,000	14,800	138,700	33,200	-35,800	15,200	41,100	4,800	-3,000	6,800	38,300	11,700	-28,300	4,600	19,200	19,700	-46,100	-7,657	26,218	5,776	-33,169	14,864	24,510	6,212	-32,886	21,755	25,100	23,373	-36,206	8,088	27,292	-3,158	-20,966	2,959	27,699	6,910	-22,100	7,595	15,072	7,088	-25,415
Deferred revenues
237,600	-60,100	-95,300	-50,900	217,700	-50,500	-72,500	-75,300	199,100	-18,000	-63,800	-57,100	168,100	-22,900	-77,900	-53,900	146,500	-12,774	-69,077	-68,630	106,935	-4,551	-55,015	-34,652	116,318	-16,402	-43,494	-26,877	113,743	-19,095	-37,450	-35,062	112,100	-12,468	-25,679	-33,537	84,057	-8,567	-26,408	-32,314	88,273
Operating lease liabilities
10,500	22,300	8,700	9,400	9,100	-	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Pension and postretirement benefits
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-3,152	-3,423	-3,865	-3,264	-5,037	-3,699	-2,555	-3,509	-4,860	-2,433	-2,169	-1,930	-8,020	-7,001	-79,218	-11,590	1,617	-5,469	-5,398	-4,349	-	-	-	-
Other liabilities
500	-6,200	-7,500	600	6,200	-5,800	-300	200	-29,300	-1,300	-7,300	-2,300	-6,900	-1,000	-3,800	6,800	-6,800	627	5,138	-2,599	-391	-478	326	-568	-280	-8,577	-6,964	-22,346	-3,706	-5,727	-516	-5,348	-2,269	-16,483	-427	-4,558	-608	4,462	-5,558	-4,365	1,049
Net cash provided by operating activities
362,600	176,300	213,600	200,300	366,100	173,500	226,600	207,300	327,000	151,400	162,300	111,900	317,900	93,100	99,300	81,200	303,900	103,643	164,543	84,511	270,990	110,765	91,800	54,007	232,828	120,468	139,761	55,434	191,257	147,232	133,562	-2,178	189,613	51,967	136,667	41,506	145,581	94,225	68,773	35,845	137,189
Cash flows from investing activities:
Acquisitions, net of cash acquired of $0 and $3.7, respectively
0	589,700	40,400	0	69,100	76,300	500	39,600	21,800	199,000	564,500	43,300	66,500	22,500	39,000	6,200	0	46,474	0	2,811,354	405	31,199	0	0	4,001	0	0	983	0	26,422	411,761	553	330,777	-	-	-	-	183,192	0	159	6,227
Proceeds from sale of assets
23,100	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Proceeds from subordinated promissory note
-	-	0	-	-	-	121,400	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Proceeds from sale of subsidiary
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	30	-3,830	0	155,000	0	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-
Payments to Acquire Equity Method Investments
63,800	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	101	0	0	0	5,000	0	0	0	0	250	0	0	2,000	-	-	-	-	-	-	-	-
Escrow funding associated with acquisitions
-	-	4,500	0	-	8,600	0	5,900	400	10,700	18,400	2,700	9,800	2,000	4,400	0	0	-	-	-	-	-	-	-	-	-	-	-	-	1,000	20,800	0	17,000	-	-	-	-	14,480	0	0	1,500
Capital expenditures
52,900	64,000	60,700	46,900	45,200	76,500	55,200	56,100	43,200	69,700	41,300	41,400	31,100	57,900	36,400	31,400	30,800	60,373	45,673	35,332	24,760	43,808	27,228	39,620	36,144	38,061	44,410	35,440	28,065	18,649	19,192	19,090	17,442	17,904	13,754	14,523	13,648	16,435	6,636	8,072	7,498
Purchases of available-for-sale securities
-	-	-	0	-	-	-	0	100	-	100	100	100	100	100	100	0	111	25	21	8	117	51	26	6	867	36	1,220	3,747	467	189	337	791	127	84	378	960	192	62	10	252
Proceeds from sales and maturities of available-for-sale securities
-	-	-	500	-	-	-	100	100	-	100	200	100	100	100	200	100	107	51	181	49	119	100	265	16	1,659	-1	2,061	3,765	454	275	305	898	8	18	550	1,154	98	134	176	335
Other investing activities, net
-6,100	-800	800	1,400	6,000	100	-500	0	3,100	7,100	0	0	0	-9,600	0	0	600	0	0	0	0	-	-	-	-	159	0	0	-439	-	-	-	-	-	-	-	-	0	0	-496	213
Net cash used in investing activities
-87,500	-653,400	-106,400	-47,800	-120,300	-161,600	66,200	-101,500	-68,500	-281,600	-629,200	-87,300	-107,400	-86,100	-71,300	681,900	-31,300	-111,115	-29,944	-2,840,033	-25,225	-74,975	-31,009	-39,381	109,865	-38,269	-44,359	-35,390	-27,608	-44,879	-451,667	-19,925	-367,112	-17,723	-13,820	-159,132	-13,454	-214,201	-6,564	-7,995	-14,929
Cash flows from financing activities:
Repayments of short-term debt, net
75,000	-	-	-	245,000	-	-	-	-	-	-	-	100,000	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	-62,945	62,945
Proceeds from issuance of short-term debt with original maturities greater than three months
20,000	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Proceeds (repayment) of short-term debt, net
-	-	-60,000	-100,000	-	130,000	-195,000	0	-235,000	-	-	-	-	100,000	0	-705,000	-165,000	-15,000	-120,000	160,000	-130,000	160,000	0	0	0	0	0	0	-10,000	-105,000	312,224	25,000	125,000	-12,311	-50,608	88,865	-15,946	-	-	-	-
Repayments of current portion of long-term debt
0	0	0	0	250,000	0	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Proceeds from issuance of long-term debt, inclusive of original issue premium and net of original issue discount
0	0	221,800	0	397,900	0	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Payment of debt issuance costs
0	1,000	1,200	1,200	2,900	0	0	0	0	-	-	-	-	-	-	-	-	0	889	13,953	9,100	500	0	0	0	-	-	-	-	-	-	-	-	3,293	108	4,178	256	0	1,781	0	0
Repurchases of common stock
173,800	100,000	75,000	50,000	75,000	156,400	102,800	143,200	36,200	100	10,100	166,800	99,300	144,300	66,100	0	116,400	20,456	0	0	0	595,407	60,973	33,959	88,161	116,441	25,375	113,465	22,130	-	21,768	69,513	36,792	-	-	-	73,578	-	-	-	-
Net share settlement of taxes from restricted stock awards
-	-	0	5,100	-	-	0	3,500	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Excess tax benefits from exercised stock options
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	28,257	17,755	27,806	36,128	-	-	-	-	-	-	-	-	33,932	5,047	9,889	147
Proceeds from stock options exercised
19,200	6,600	13,500	20,700	11,600	12,600	27,700	29,500	17,500	9,000	3,600	14,900	7,500	8,500	16,300	11,600	4,700	7,548	13,180	9,767	8,336	3,745	5,932	7,119	7,804	29,042	20,798	18,073	12,455	24,817	10,118	18,864	14,589	14,912	10,401	14,453	3,579	15,321	3,428	16,733	0
Dividends paid
43,900	40,800	40,800	41,000	40,900	0	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Other financing activities, net
-1,900	-3,700	-6,900	-3,200	-2,100	-7,300	-1,300	-5,700	-500	-700	-1,400	-5,200	-500	-500	-900	-2,400	-1,100	-1,247	-2,215	-1,276	-1,293	-1,252	-2,353	-827	-1,268	-1,420	-1,239	-1,954	-2,157	-1,398	-1,710	-1,317	-2,124	-	-	-	-	-	-	-	-
Net cash used in financing activities
-255,400	345,700	51,400	-179,800	-206,400	-21,300	-271,400	-122,900	-254,200	128,200	467,100	-40,500	-192,300	-36,300	-51,400	-698,700	-277,800	-22,222	-100,129	2,735,421	-132,057	-427,466	-47,202	-22,807	-81,625	-96,167	-88,061	-114,540	14,296	-110,449	318,673	4,658	100,673	104,714	-121,416	68,123	-86,201	67,793	-61,963	-51,819	-62,798
Effect of exchange rate changes
-200	4,500	-100	1,100	600	1,300	-5,800	-700	3,200	2,300	1,100	1,600	1,700	-300	-8,300	200	-1,300	-783	-11,136	12,745	-220	-1,513	-547	253	507	-434	275	-275	-406	145	4	-287	153	-201	-555	235	338	-98	182	-196	3
Increase in cash and cash equivalents
19,500	-127,200	158,500	-26,200	40,000	-8,100	15,600	-17,800	7,500	300	1,300	-14,300	19,900	-29,600	-31,700	64,600	-6,500	-30,477	23,334	-7,356	113,488	-393,189	13,042	-7,928	261,575	-14,402	7,616	-94,771	177,539	-7,951	572	-17,732	-76,673	138,757	876	-49,268	46,264	-52,281	428	-24,165	59,465
Cash and cash equivalents classified within current assets held for sale, beginning of period
300	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Supplemental disclosures:
Income taxes paid
4,100	40,900	37,500	53,900	7,500	21,500	23,700	52,900	5,100	35,700	44,900	100,900	4,800	67,800	71,800	146,800	2,800	46,627	23,953	84,656	3,258	65,038	57,838	80,032	2,592	24,643	31,174	70,840	189	-3,501	13,281	36,497	1,239	35,191	1,602	77,573	3,351	16,864	33,200	62,929	616
Interest paid
22,600	42,800	16,500	45,300	15,300	43,800	17,500	44,600	19,300	45,100	14,100	40,900	13,800	40,800	12,900	45,400	17,500	49,515	18,606	20,649	17,328	16,633	16,565	17,045	16,957	17,066	18,989	19,410	19,619	19,546	14,812	20,260	6,359	22,282	7,879	8,518	9,479	8,638	8,052	8,071	8,228
Noncash investing and financing activities:
Debt issuance costs included in accounts payable and accrued liabilities
0	-	1,300	-	1,000	-	0	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Repurchases of common stock included in accounts payable and accrued liabilities
-	-	-	0	-	-	-	1,000	3,600	-	-	-11,200	11,200	-	-	-	0	-	-	-	-	-	-	-	3,605	-	-928	2,635	915	-	-983	-1,396	3,332	-	-	-	-	-	-	-	0
Deferred tax asset established on date of acquisition
0	40,400	2,900	0	100	500	0	3,500	1,600	21,200	45,200	2,100	5,900	900	3,500	300	0	-	-	-	-	-	-	-	-	2,374	-1,530	0	343	159,811	-38,474	0	-40,358	-	-	-	-	-	-	-	-
Right-of-use assets obtained in exchange for new operating lease liabilities
0	0	0	0	247,600	0	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Finance lease obligations
1,500	1,000	9,800	7,700	1,700	8,500	1,400	3,700	7,700	6,700	3,700	500	0	200	10,900	300	300	562	253	489	416	1,318	3,408	764	510	1,498	6,908	1,108	998	325	501	2,621	422	-435	-330	1,093	6,920	289	663	27	575
Operating lease additions, net of terminations
1,600	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Operating lease obligations
-	-	2,000	1,300	-	-	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Tenant improvement
-	-	900	700	-	-	100	0	-	-	-	-	-	-	-	-	-	420	720	448	0	244	-3	60	8,799	0	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-
Fixed assets included in accounts payable and accrued liabilities
700	0	500	400	700	-3,400	1,800	900	1,000	1,600	-1,000	600	1,700	-400	700	-100	1,700	2,172	-4,053	3,802	856	-1,562	415	625	622	3,070	-536	-984	4,410	3,948	-866	359	1,505	2,659	471	-3	310	1,395	75	-147	815
Dividend payable included in other liabilities
1,000	-400	800	100	100	-	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Gain on sale of assets
3,500	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Held for sale assets contributed to a nonpublic company
65,900	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-