Verisk Analytics Inc
For the period ended Dec 31, 2023. Filed Feb 21, 2024.
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FY2023 · Filed Feb 21, 2024
VRSK$204.02+1.7%Stored close · as of Nov 10, 2026
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Item 8. Consolidated Statements of Cash Flows
| 2023 | 2022 | 2021 | |
|---|---|---|---|
| (in millions) | |||
| Cash flows from operating activities: | |||
| Net income | $614.4 | $954.3 | $666.3 |
| Adjustments to reconcile net income to net cash provided by operating activities: | |||
| Depreciation and amortization of fixed assets | 206.8 | 197.1 | 206.9 |
| Amortization of intangible assets | 74.6 | 142.9 | 176.7 |
| Amortization of debt issuance costs and original issue discount, net of original issue premium | 1.5 | 1.1 | 1.4 |
| Provision for doubtful accounts | 8.7 | 7.0 | 17.7 |
| Loss (gain) on sale of assets, net | 131.1 | (393.9) | — |
| Impairment of cost-based investments | 6.5 | — | — |
| Stock-based compensation expense | 54.0 | 56.5 | 55.7 |
| Impairment of long-lived assets | — | 377.4 | 134.0 |
| Deferred income taxes | 52.7 | (261.0) | 49.8 |
| Loss on disposal of fixed assets, net | 3.8 | 1.1 | 0.4 |
| Acquisition related liability adjustment | (20.0) | — | — |
| Changes in assets and liabilities, net of effects from acquisitions: | |||
| Accounts receivable | (83.0) | (57.7) | (29.7) |
| Prepaid expenses and other assets | (56.9) | (8.4) | (33.6) |
| Operating lease right-of-use assets, net | 26.8 | 46.6 | 41.3 |
| Income taxes | (55.8) | 25.6 | (5.7) |
| Accounts payable and accrued liabilities | 46.5 | (21.2) | (80.8) |
| Deferred revenues | 81.2 | 64.5 | 32.4 |
| Operating lease liabilities | (27.1) | (43.9) | (41.3) |
| Other liabilities | (5.1) | (29.0) | (35.8) |
| Net cash provided by operating activities | 1,060.7 | 1,059.0 | 1,155.7 |
| Cash flows from investing activities: | |||
| Acquisitions and purchases of controlling interests, net of cash acquired of $8.0, $17.4, and $9.3, respectively | (83.3) | (448.9) | (289.8) |
| Proceeds from sale of businesses | 3,066.4 | 1,073.3 | — |
| Investments in nonpublic companies | (2.2) | (46.0) | (23.6) |
| Escrow funding associated with acquisitions | (3.8) | (2.3) | (9.2) |
| Capital expenditures | (230.0) | (274.7) | (268.4) |
| Payment of contingent liability related to acquisitions | — | — | (1.2) |
| Other investing activities, net | (0.6) | — | 0.2 |
| Net cash provided by (used in) investing activities | 2,746.5 | 301.4 | (592.0) |
VERISK ANALYTICS, INC.
| 2023 · 2022 · 2021 | |||||
|---|---|---|---|---|---|
| (in millions) | |||||
| Cash flows from financing activities: | |||||
| (Repayment of) proceeds from short-term debt, net | (1,265.0) | 380.0 | 560.0 | ||
| Repayments of current portion of long-term debt | - | (350.0) | (450.0) | ||
| Proceeds from issuance of long-term debt, inclusive of original issue premium and net of original issue discount | 495.2 | - | - | ||
| Proceeds from issuance of short-term debt with original maturities less than three months | - | 400.0 | - | ||
| Repayment of short-term debt with original maturities greater than three months | (125.0) | - | - | ||
| Payment of debt issuance costs | (6.0) | - | - | ||
| Repurchases of common stock | (2,762.3) | (1,662.5) | (475.0) | ||
| Net share settlement of taxes from restricted stock and performance share awards | (15.3) | (20.7) | (11.8) | ||
| Proceeds from stock options exercised | 141.9 | 132.5 | 84.3 | ||
| Treasury stock shares repurchased not yet settled | (37.5) | - | — | ||
| Dividends paid | (196.8) | (195.2) | (188.2) | ||
| Other financing activities, net | (15.7) | (14.3) | (18.2) | ||
| Net cash used in financing activities | (3,786.5) | (1,330.2) | (498.9) | ||
| Effect of exchange rate changes | (10.7) | (17.8) | (3.3) | ||
| Increase in cash and cash equivalents | 10.0 | 12.4 | 61.5 | ||
| Cash and cash equivalents, beginning of period | 292.7 | 280.3 | 218.8 | ||
| Cash and cash equivalents, end of period | $302.7 | $292.7 | $280.3 | ||
| Supplemental disclosures: | |||||
| Income taxes paid | $276.0 | $324.5 | $175.0 | ||
| Interest paid | $111.2 | $134.3 | $129.0 | ||
| Noncash investing and financing activities: | |||||
| Deferred tax liability established on date of acquisitions | $8.7 | $14.0 | $21.0 | ||
| Net assets sold as part of the dispositions, net of cash sold | $3,211.8 | $ | - | $ | - |
| Finance lease additions, net of disposals | $45.6 | $5.2 | $7.0 | ||
| Operating lease additions, net of terminations | $34.3 | $21.7 | $22.4 | ||
| Fixed assets included in accounts payable and accrued liabilities | $2.2 | $0.2 | $5.3 | ||
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