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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Reconciliation of net income to cash provided by operating activities:      
Net income $ 181,788 $ 339,982 $ 169,672
Adjustments for:      
Depreciation and amortization 57,178 36,386 19,216
Provision for credit losses on receivables 824 3,023 649
Net realized and unrealized losses (gains) 1,476 (24,321) 1,678
Amortization of net premium on debt securities investments 2,162 3,624 4,261
Payments for title losses less than provisions 9,635 54,744 33,229
Adjustments for insurance recoveries of title losses 220 (220) 228
Decrease (increase) in receivables – net 10,154 (18,822) (6,598)
Decrease (increase) in other assets – net 2,503 (5,931) (5,380)
(Decrease) increase in payables and accrued liabilities – net (87,502) (22,316) 62,738
Change in net deferred income taxes 293 12,721 (9,747)
Net income from equity investees (3,257) (9,488) (3,504)
Dividends received from equity investees 3,659 9,180 3,704
Stock-based compensation expense 12,282 11,966 5,751
Other – net 445 (237) (91)
Cash provided by operating activities 191,860 390,291 275,806
Investing activities:      
Proceeds from sales of investments in securities 66,695 69,293 37,240
Proceeds from matured investments in debt securities 37,089 74,528 58,729
Purchases of investments in securities (207,512) (143,925) (118,301)
Net (purchases) sales of short-term investments (7,220) 2,358 3,894
Purchases of property and equipment (47,948) (39,799) (14,992)
Proceeds from the sale of property and equipment, and other assets 644 10,682 230
Net cash paid for acquisition of businesses (142,859) (599,984) (199,537)
Other – net 446 (18,429) 1,367
Cash used by investing activities (300,665) (645,276) (231,370)
Financing activities:      
Proceeds from notes payable 39,499 1,197,351 16,456
Payments on notes payable (76,486) (809,816) (25,581)
Purchase of remaining interest of consolidated subsidiaries (3,838) (5,616) 0
Cash dividends paid (44,672) (36,637) (30,226)
Distributions to noncontrolling interests (20,640) (16,407) (13,944)
Payment of acquisition contingent consideration (19,764) (11,560) 0
Issuance of Common Stock 0 0 108,961
Repurchases of Common Stock (3,262) (2,252) (1,054)
Proceeds from stock option and employee stock purchase plan exercises 5,828 2,715 0
Other - net 115 (7,404) (311)
Cash (used) provided by financing activities (123,220) 310,374 54,301
Effects of changes in foreign currency exchange rates (5,527) (2,153) 3,337
(Decrease) increase in cash and cash equivalents (237,552) 53,236 102,074
Cash and cash equivalents at beginning of year 485,919 432,683 330,609
Cash and cash equivalents at end of year 248,367 485,919 432,683
Net changes in financial statement amounts due to acquisition of businesses:      
Goodwill acquired 149,436 493,383 182,587
Intangible assets acquired 12,621 211,591 37,835
Receivables and other assets acquired 8,038 5,316 13,677
Fixed assets and title plants acquired 669 14,277 0
Liabilities recognized (27,760) (102,047) (34,562)
Deferred tax liabilities, net recognized 0 (16,587) 0
Noncontrolling interests recognized (145) (5,949) 0
Net cash paid for acquisition of businesses 142,859 599,984 199,537
Income taxes paid, net 60,088 106,101 44,756
Interest paid $ 17,398 $ 2,828 $ 2,604