Delaware | 001-34480 | 26-2994223 | ||
(State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) |
545 Washington Boulevard, Jersey City, NJ | 07310 | |
(Address of principal executive offices) | (Zip Code) |
¨ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
¨ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
¨ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
¨ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Exhibit No. | Description | |
99.1 | Press Release dated August 2, 2016 |
VERISK ANALYTICS, INC. | ||||
Date: August 2, 2016 | By: | /s/ Kenneth E. Thompson | ||
Name: | Kenneth E. Thompson | |||
Title: | Executive Vice President, General Counsel and Corporate Secretary |
• | Revenue from continuing operations grew 16.3%; organic revenue growth from continuing operations was 5.4%. |
• | Income from continuing operations decreased 32.8% to $107 million; adjusted EBITDA from continuing operations increased 12.4% to $245 million. |
• | Diluted GAAP earnings per share from continuing operations (GAAP EPS) decreased 34.7% to $0.62; diluted adjusted earnings per share from continuing operations (Adjusted EPS) increased 1.4% to $0.73. |
• | Net cash provided by operating activities from continuing operations less capital expenditures from continuing operations was $305 million year to date, an increase of 21.1%. |
For the Three Months Ended | For the Six Months Ended | ||||||||||||||||||||
June 30, | June 30, | ||||||||||||||||||||
2016 | 2015 | Change | 2016 | 2015 | Change | ||||||||||||||||
Revenues from continuing operations | $ | 498.3 | $ | 428.6 | 16.3 | % | $ | 991.0 | $ | 812.9 | 21.9 | % | |||||||||
Income from continuing operations | $ | 106.8 | $ | 158.9 | (32.8 | )% | $ | 216.5 | $ | 255.3 | (15.2 | )% | |||||||||
Adjusted EBITDA from continuing operations | $ | 245.2 | $ | 217.9 | 12.4 | % | $ | 493.6 | $ | 418.2 | 18.0 | % | |||||||||
Adjusted net income from continuing operations | $ | 124.3 | $ | 120.0 | 3.7 | % | $ | 251.7 | $ | 221.0 | 13.9 | % | |||||||||
Diluted GAAP EPS from continuing operations | $ | 0.62 | $ | 0.95 | (34.7 | )% | $ | 1.26 | $ | 1.55 | (18.7 | )% | |||||||||
Diluted adjusted EPS from continuing operations | $ | 0.73 | $ | 0.72 | 1.4 | % | $ | 1.47 | $ | 1.34 | 9.7 | % |
• | Insurance category revenue increased 6.2%, led by strong growth in loss quantification and claims analytics solutions. Underwriting solutions also grew in the quarter. Catastrophe modeling solutions saw a modest decline versus the prior year. |
• | Financial services category revenue increased 15.9% in the quarter, with solid demand for both core and newer solutions. |
• | Energy and specialized markets category revenue grew 70.4%. Organic revenue, excluding the recently acquired Wood |
For the Three Months Ended | For the Six Months Ended | ||||||||||||||||||||
June 30, | June 30, | ||||||||||||||||||||
2016 | 2015 | Change | 2016 | 2015 | Change | ||||||||||||||||
Insurance | $ | 175.5 | $ | 165.3 | 6.2 | % | $ | 347.0 | $ | 319.0 | 8.8 | % | |||||||||
Financial services | 30.6 | 26.4 | 15.9 | % | 59.1 | 61.6 | (4.0 | )% | |||||||||||||
Energy and specialized markets | 111.1 | 65.2 | 70.4 | % | 224.0 | 89.7 | 149.9 | % | |||||||||||||
Total Decision Analytics | $ | 317.2 | $ | 256.9 | 23.5 | % | $ | 630.1 | $ | 470.3 | 34.0 | % |
• | Revenue growth in industry-standard insurance programs was 6.0%, and 5.7% on an organic basis, resulting primarily from the annual effect of growth in 2016 invoicing effective from January 1 and growth from new solutions. |
• | Property-specific rating and underwriting information revenue grew 3.8% in the second quarter. Growth was led by an increase in commercial underwriting solutions subscription revenue. |
For the Three Months Ended | For the Six Months Ended | ||||||||||||||||||||
June 30, | June 30, | ||||||||||||||||||||
2016 | 2015 | Change | 2016 | 2015 | Change | ||||||||||||||||
Industry-standard insurance programs | $ | 138.6 | $ | 130.7 | 6.0 | % | $ | 276.0 | $ | 261.3 | 5.6 | % | |||||||||
Property-specific rating and underwriting information | 42.5 | 41.0 | 3.8 | % | 84.9 | 81.3 | 4.4 | % | |||||||||||||
Total Risk Assessment | $ | 181.1 | $ | 171.7 | 5.5 | % | $ | 360.9 | $ | 342.6 | 5.3 | % |
• | The 20.8% increase to $141 million in Decision Analytics adjusted EBITDA from continuing operations was the result of acquisitions and profitable growth of the business. |
• | Second-quarter 2016 adjusted EBITDA in Risk Assessment increased 2.9% to $105 million as a result of revenue growth and good expense management, partially offset by anticipated increases in hiring to support future growth in the business. |
Three Months Ended | Three Months Ended | |||||||||||||||||||||||||||||||
June 30, 2016 | June 30, 2015 | Change | ||||||||||||||||||||||||||||||
DA | RA | Total | DA | RA | Total | DA | RA | Total | ||||||||||||||||||||||||
Revenues | $ | 317.2 | $ | 181.1 | $ | 498.3 | $ | 256.9 | $ | 171.7 | $ | 428.6 | 23.5 | % | 5.5 | % | 16.3 | % | ||||||||||||||
Cost of revenues | (123.4 | ) | (55.0 | ) | (178.4 | ) | (104.2 | ) | (50.4 | ) | (154.6 | ) | 18.4 | % | 9.1 | % | 15.4 | % | ||||||||||||||
SG&A | (54.1 | ) | (21.5 | ) | (75.6 | ) | (62.5 | ) | (20.0 | ) | (82.5 | ) | (13.5 | )% | 8.3 | % | (8.2 | )% | ||||||||||||||
Depreciation and amortization of fixed and intangible assets | (46.0 | ) | (7.1 | ) | (53.1 | ) | (39.1 | ) | (6.4 | ) | (45.5 | ) | 17.9 | % | 9.5 | % | 16.7 | % | ||||||||||||||
Investment income and others, net | 0.9 | — | 0.9 | (0.4 | ) | 0.2 | (0.2 | ) | (332.2 | )% | (128.4 | )% | (427.3 | )% | ||||||||||||||||||
Interest expense | NA | NA | (31.5 | ) | NA | NA | (37.7 | ) | NA | NA | (16.5 | )% | ||||||||||||||||||||
Provision for income tax | NA | NA | (53.8 | ) | NA | NA | (34.4 | ) | NA | NA | 56.3 | % | ||||||||||||||||||||
Gain on derivative | — | — | — | 85.2 | — | 85.2 | (100.0 | )% | — | % | (100.0 | )% | ||||||||||||||||||||
Income from continuing operations | NA | NA | 106.8 | NA | NA | 158.9 | NA | NA | (32.8 | )% | ||||||||||||||||||||||
plus: Interest expense | NA | NA | 31.5 | NA | NA | 37.7 | NA | NA | 16.5 | % | ||||||||||||||||||||||
plus: Provision for income tax | NA | NA | 53.8 | NA | NA | 34.4 | NA | NA | 56.3 | % | ||||||||||||||||||||||
plus: Depreciation and amortization | 46.0 | 7.1 | 53.1 | 39.1 | 6.4 | 45.5 | 17.9 | % | 9.5 | % | 16.7 | % | ||||||||||||||||||||
minus: Nonrecurring items related to the Wood Mackenzie acquisition, net of tax | — | — | — | (58.6 | ) | — | (58.6 | ) | (100.0 | )% | — | % | (100.0 | )% | ||||||||||||||||||
Adjusted EBITDA from continuing operations | $ | 140.6 | $ | 104.6 | $ | 245.2 | $ | 116.4 | $ | 101.5 | $ | 217.9 | 20.8 | % | 2.9 | % | 12.4 | % | ||||||||||||||
Income from continuing operations margin | NA | NA | 21.4 | % | NA | NA | 37.1 | % | ||||||||||||||||||||||||
Adjusted EBITDA from continuing operations margin | 44.3 | % | 57.7 | % | 49.2 | % | 45.3 | % | 59.1 | % | 50.9 | % |
Six Months Ended | Six Months Ended | |||||||||||||||||||||||||||||||
June 30, 2016 | June 30, 2015 | Change | ||||||||||||||||||||||||||||||
DA | RA | Total | DA | RA | Total | DA | RA | Total | ||||||||||||||||||||||||
Revenues | $ | 630.1 | $ | 360.9 | $ | 991.0 | $ | 470.3 | $ | 342.6 | $ | 812.9 | 34.0 | % | 5.3 | % | 21.9 | % | ||||||||||||||
Cost of revenues | (245.0 | ) | (106.7 | ) | (351.7 | ) | (187.0 | ) | (101.3 | ) | (288.3 | ) | 31.0 | % | 5.3 | % | 22.0 | % | ||||||||||||||
SG&A | (106.4 | ) | (40.2 | ) | (146.6 | ) | (93.2 | ) | (39.0 | ) | (132.2 | ) | 14.3 | % | 3.2 | % | 11.0 | % | ||||||||||||||
Depreciation and amortization of fixed and intangible assets | (94.8 | ) | (14.1 | ) | (108.9 | ) | (59.9 | ) | (12.5 | ) | (72.4 | ) | 58.2 | % | 13.1 | % | 50.4 | % | ||||||||||||||
Investment income and others, net | 1.0 | (0.1 | ) | 0.9 | (1.0 | ) | 0.2 | (0.8 | ) | (204.7 | )% | (154.3 | )% | (217.1 | )% | |||||||||||||||||
Interest expense | NA | NA | (63.5 | ) | NA | NA | (55.9 | ) | NA | NA | 13.5 | % | ||||||||||||||||||||
Provision for income tax | NA | NA | (104.7 | ) | NA | NA | (93.2 | ) | NA | NA | 12.3 | % | ||||||||||||||||||||
Gain on derivative | — | — | — | 85.2 | — | 85.2 | (100.0 | )% | — | % | (100.0 | )% | ||||||||||||||||||||
Income from continuing operations | NA | NA | 216.5 | NA | NA | 255.3 | NA | NA | (15.2 | )% | ||||||||||||||||||||||
plus: Interest expense | NA | NA | 63.5 | NA | NA | 55.9 | NA | NA | 13.5 | % | ||||||||||||||||||||||
plus: Provision for income tax | NA | NA | 104.7 | NA | NA | 93.2 | NA | NA | 12.3 | % | ||||||||||||||||||||||
plus: Depreciation and amortization | 94.8 | 14.1 | 108.9 | 59.9 | 12.5 | 72.4 | 58.2 | % | 13.1 | % | 50.4 | % | ||||||||||||||||||||
minus: Nonrecurring items related to the Wood Mackenzie acquisition, net of tax | — | — | — | (58.6 | ) | — | (58.6 | ) | (100.0 | )% | — | % | (100.0 | )% | ||||||||||||||||||
Adjusted EBITDA from continuing operations | $ | 279.7 | $ | 213.9 | $ | 493.6 | $ | 215.7 | $ | 202.5 | $ | 418.2 | 29.6 | % | 5.6 | % | 18.0 | % | ||||||||||||||
Income from continuing operations margin | NA | NA | 21.8 | % | NA | NA | 31.4 | % | ||||||||||||||||||||||||
Adjusted EBITDA from continuing operations margin | 44.4 | % | 59.3 | % | 49.8 | % | 45.9 | % | 59.1 | % | 51.5 | % |
• | Adjusted EBITDA does not reflect our cash expenditures or future requirements for capital expenditures or contractual commitments. |
• | Adjusted EBITDA does not reflect changes in, or cash requirements for, our working capital needs. |
• | Although depreciation and amortization are noncash charges, the assets being depreciated and amortized often will have to be replaced in the future, and adjusted EBITDA does not reflect any cash requirements for such replacements. |
• | Other companies in our industry may calculate adjusted EBITDA differently than we do, limiting the usefulness of their calculations as comparative measures. |
For the Three Months Ended | For the Six Months Ended | ||||||||||||||||||||
June 30, | June 30, | ||||||||||||||||||||
2016 | 2015 | Change | 2016 | 2015 | Change | ||||||||||||||||
Income from continuing operations | $ | 106.8 | $ | 158.9 | (32.8 | )% | $ | 216.5 | $ | 255.3 | (15.2 | )% | |||||||||
plus: Amortization of intangible assets | 23.8 | 22.8 | 47.7 | 30.3 | |||||||||||||||||
less: Income tax effect on amortization of intangible assets | (6.3 | ) | (5.8 | ) | (12.5 | ) | (8.7 | ) | |||||||||||||
less: Nonrecurring items related to the Wood Mackenzie acquisition | — | (45.2 | ) | — | (45.2 | ) | |||||||||||||||
less: Income tax effect on one-time items related to the Wood Mackenzie acquisition | — | (10.7 | ) | — | (10.7 | ) | |||||||||||||||
Adjusted net income from continuing operations | $ | 124.3 | $ | 120.0 | 3.7 | % | $ | 251.7 | $ | 221.0 | 13.9 | % | |||||||||
Basic adjusted EPS from continuing operations | $ | 0.74 | $ | 0.73 | 1.4 | % | $ | 1.50 | $ | 1.37 | 9.5 | % | |||||||||
Diluted adjusted EPS from continuing operations | $ | 0.73 | $ | 0.72 | 1.4 | % | $ | 1.47 | $ | 1.34 | 9.7 | % | |||||||||
Weighted average shares outstanding (in millions) | |||||||||||||||||||||
Basic | 168.3 | 164.1 | 168.4 | 161.1 | |||||||||||||||||
Diluted | 171.2 | 167.6 | 171.3 | 164.5 |
Six Months Ended | ||||||||||
June 30, | ||||||||||
2016 | 2015 | Change | ||||||||
Operating cash flow from continuing operations | $ | 357.0 | $ | 301.5 | 18.4 | % | ||||
less: Capital expenditures from continuing operations | (51.5 | ) | (49.3 | ) | 4.6 | % | ||||
Free cash flow from continuing operations | $ | 305.5 | $ | 252.2 | 21.1 | % |
2016 | 2015 | ||||||
(In thousands, except for share and per share data) | |||||||
ASSETS | |||||||
Current assets: | |||||||
Cash and cash equivalents | $ | 196,402 | $ | 138,348 | |||
Available-for-sale securities | 3,372 | 3,576 | |||||
Accounts receivable, net of allowance for doubtful accounts of $3,137 and $2,642, respectively | 241,326 | 250,947 | |||||
Prepaid expenses | 30,870 | 34,126 | |||||
Income taxes receivable | 5,748 | 48,596 | |||||
Other current assets | 19,199 | 52,913 | |||||
Current assets held-for-sale | — | 76,063 | |||||
Total current assets | 496,917 | 604,569 | |||||
Noncurrent assets: | |||||||
Fixed assets, net | 334,631 | 350,311 | |||||
Intangible assets, net | 1,104,262 | 1,245,083 | |||||
Goodwill | 2,629,941 | 2,753,026 | |||||
Pension assets | 39,534 | 32,922 | |||||
Other assets | 119,778 | 25,845 | |||||
Noncurrent assets held-for-sale | — | 581,896 | |||||
Total assets | $ | 4,725,063 | $ | 5,593,652 | |||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||
Current liabilities: | |||||||
Accounts payable and accrued liabilities | $ | 163,413 | $ | 222,112 | |||
Short-term debt and current portion of long-term debt | 2,256 | 874,811 | |||||
Pension and postretirement benefits, current | 1,831 | 1,831 | |||||
Deferred revenues | 431,171 | 340,833 | |||||
Income tax payable | 16,495 | — | |||||
Current liabilities held-for-sale | — | 39,670 | |||||
Total current liabilities | 615,166 | 1,479,257 | |||||
Noncurrent liabilities: | |||||||
Long-term debt | 2,273,032 | 2,270,904 | |||||
Pension benefits | 12,698 | 12,971 | |||||
Postretirement benefits | 1,868 | 1,981 | |||||
Deferred income taxes, net | 314,705 | 329,175 | |||||
Other liabilities | 57,730 | 58,360 | |||||
Noncurrent liabilities held-for-sale | — | 68,993 | |||||
Total liabilities | 3,275,199 | 4,221,641 | |||||
Commitments and contingencies | |||||||
Stockholders’ equity: | |||||||
Common stock, $.001 par value; 2,000,000,000 shares authorized; 544,003,038 shares issued and 168,719,149 and 169,424,981 shares outstanding, respectively | 137 | 137 | |||||
Additional paid-in capital | 2,071,497 | 2,023,390 | |||||
Treasury stock, at cost, 375,283,889 and 374,578,057 shares, respectively | (2,680,728 | ) | (2,571,190 | ) | |||
Retained earnings | 2,516,101 | 2,161,726 | |||||
Accumulated other comprehensive losses | (457,143 | ) | (242,052 | ) | |||
Total stockholders’ equity | 1,449,864 | 1,372,011 | |||||
Total liabilities and stockholders’ equity | $ | 4,725,063 | $ | 5,593,652 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2016 | 2015 | 2016 | 2015 | ||||||||||||
(In thousands, except for share and per share data) | |||||||||||||||
Revenues | $ | 498,296 | $ | 428,599 | $ | 990,997 | $ | 812,892 | |||||||
Expenses: | |||||||||||||||
Cost of revenues (exclusive of items shown separately below) | 178,466 | 154,639 | 351,743 | 288,423 | |||||||||||
Selling, general and administrative | 75,557 | 82,336 | 146,594 | 132,050 | |||||||||||
Depreciation and amortization of fixed assets | 29,388 | 22,677 | 61,275 | 42,065 | |||||||||||
Amortization of intangible assets | 23,806 | 22,904 | 47,677 | 30,359 | |||||||||||
Total expenses | 307,217 | 282,556 | 607,289 | 492,897 | |||||||||||
Operating income | 191,079 | 146,043 | 383,708 | 319,995 | |||||||||||
Other income (expense): | |||||||||||||||
Investment income (loss) and others, net | 846 | (259 | ) | 890 | (761 | ) | |||||||||
Gain on derivative instruments | — | 85,187 | — | 85,187 | |||||||||||
Interest expense | (31,435 | ) | (37,662 | ) | (63,467 | ) | (55,924 | ) | |||||||
Total other income (expense), net | (30,589 | ) | 47,266 | (62,577 | ) | 28,502 | |||||||||
Income from continuing operations before income taxes | 160,490 | 193,309 | 321,131 | 348,497 | |||||||||||
Provision for income taxes | (53,754 | ) | (34,392 | ) | (104,665 | ) | (93,207 | ) | |||||||
Income from continuing operations | 106,736 | 158,917 | 216,466 | 255,290 | |||||||||||
Discontinued operations | |||||||||||||||
Income from discontinued operations | 254,745 | 7,717 | 256,525 | 12,021 | |||||||||||
Provision for income taxes from discontinued operations | (99,745 | ) | (3,314 | ) | (118,616 | ) | (5,305 | ) | |||||||
Income from discontinued operations | 155,000 | 4,403 | 137,909 | 6,716 | |||||||||||
Net income | $ | 261,736 | $ | 163,320 | $ | 354,375 | $ | 262,006 | |||||||
Basic net income per share: | |||||||||||||||
Income from continuing operations | $ | 0.64 | $ | 0.97 | $ | 1.29 | $ | 1.59 | |||||||
Income from discontinued operations | 0.92 | 0.02 | 0.81 | 0.04 | |||||||||||
Basic net income per share | $ | 1.56 | $ | 0.99 | $ | 2.10 | $ | 1.63 | |||||||
Diluted net income per share: | |||||||||||||||
Income from continuing operations | $ | 0.62 | $ | 0.95 | $ | 1.26 | $ | 1.55 | |||||||
Income from discontinued operations | 0.91 | 0.02 | 0.81 | 0.04 | |||||||||||
Diluted net income per share | $ | 1.53 | $ | 0.97 | $ | 2.07 | $ | 1.59 | |||||||
Weighted average shares outstanding: | |||||||||||||||
Basic | 168,296,318 | 164,141,804 | 168,375,034 | 161,114,861 | |||||||||||
Diluted | 171,218,782 | 167,586,100 | 171,349,833 | 164,533,656 |
2016 | 2015 | ||||||
(In thousands) | |||||||
Cash flows from operating activities: | |||||||
Net income | $ | 354,375 | $ | 262,006 | |||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||
Depreciation and amortization of fixed assets | 68,331 | 53,070 | |||||
Amortization of intangible assets | 53,581 | 42,953 | |||||
Amortization of debt issuance costs and original issue discount | 2,472 | 10,634 | |||||
Allowance for doubtful accounts | 1,327 | 456 | |||||
KSOP compensation expense | 8,214 | 7,969 | |||||
Stock based compensation | 16,468 | 19,047 | |||||
Gain on derivative instruments | — | (85,187 | ) | ||||
Gain on sale of discontinued operations | (269,385 | ) | — | ||||
Realized loss (gain) on available-for-sale securities, net | 274 | (14 | ) | ||||
Deferred income taxes | 6,123 | (7,390 | ) | ||||
Loss (gain) on disposal of fixed assets, net | 811 | (3 | ) | ||||
Excess tax benefits from exercised stock options and restricted stock awards | (6,570 | ) | (8,419 | ) | |||
Changes in assets and liabilities, net of effects from acquisitions: | |||||||
Accounts receivable | 21,179 | 37,981 | |||||
Prepaid expenses and other assets | (1,503 | ) | 9,747 | ||||
Income taxes | 61,707 | 11,858 | |||||
Accounts payable and accrued liabilities | (26,399 | ) | (27,393 | ) | |||
Deferred revenues | 92,581 | 38,305 | |||||
Pension and postretirement benefits | (5,232 | ) | (7,129 | ) | |||
Other liabilities | 131 | (2,990 | ) | ||||
Net cash provided by operating activities | 378,485 | 355,501 | |||||
Cash flows from investing activities: | |||||||
Acquisitions, net of cash acquired of $1,034 and $35,398, respectively | (6,200 | ) | (2,811,759 | ) | |||
Purchase of non-controlling interest in non-public companies | — | (101 | ) | ||||
Proceeds from sale of discontinued operations | 719,374 | — | |||||
Escrow funding associated with acquisition | — | (78,694 | ) | ||||
Proceeds from the settlement of derivative instruments | — | 85,187 | |||||
Capital expenditures | (62,231 | ) | (60,092 | ) | |||
Purchases of available-for-sale securities | (25 | ) | (29 | ) | |||
Proceeds from sales and maturities of available-for-sale securities | 283 | 230 | |||||
Other investing activities, net | (620 | ) | — | ||||
Net cash provided by (used in) investing activities | 650,581 | (2,865,258 | ) | ||||
Cash flows from financing activities: | |||||||
Proceeds from issuance of long-term debt, net of original issue discount | — | 1,243,966 | |||||
(Repayment) proceeds of short-term debt, net | (870,000 | ) | 30,000 | ||||
Proceeds from issuance of short-term debt with original maturities greater than three months | — | 830,000 | |||||
Repayment of current portion of long-term debt | — | (170,000 | ) | ||||
Repayment of long-term debt | — | (50,000 | ) | ||||
Payment of debt issuance costs | — | (23,053 | ) | ||||
Repurchases of common stock | (116,363 | ) | — | ||||
Excess tax benefits from exercised stock options and restricted stock awards | 6,570 | 8,419 | |||||
Proceeds from stock options exercised | 16,326 | 18,103 | |||||
Proceeds from issuance of stock as part of a public offering | — | 720,848 | |||||
Net share settlement of restricted stock awards | (2,930 | ) | (2,350 | ) | |||
Other financing activities, net | (3,536 | ) | (2,569 | ) | |||
Net cash (used in) provided by financing activities | (969,933 | ) | 2,603,364 | ||||
Effect of exchange rate changes | (1,079 | ) | 12,525 | ||||
Increase in cash and cash equivalents | 58,054 | 106,132 | |||||
Cash and cash equivalents, beginning of period | 138,348 | 39,359 | |||||
Cash and cash equivalents, end of period | $ | 196,402 | $ | 145,491 | |||
Supplemental disclosures: | |||||||
Taxes paid | $ | 149,597 | $ | 87,914 | |||
Interest paid | $ | 62,902 | $ | 37,977 | |||
Noncash investing and financing activities: | |||||||
Promissory note received for sale of discontinued operations | $ | 82,900 | $ | — | |||
Equity interest received for sale of discontinued operations | $ | 8,400 | $ | — | |||
Deferred tax liability established on date of acquisition | $ | 293 | $ | 258,976 | |||
Tenant improvement included in other liabilities | $ | 34 | $ | 448 | |||
Capital lease obligations | $ | 637 | $ | 905 | |||
Capital expenditures included in accounts payable and accrued liabilities | $ | 1,629 | $ | 4,658 |