MORN Stock Cash Flow Statements

Morningstar Quarterly Cash Flow Statements Chart

Quarterly

Annual

Stock-Based Compensation

Operating Cash Flow

Investing Cash Flow

Financing Cash Flow

Free Cash Flow

Capital Expenditure

Morningstar Quarterly Cash Flow Statements Table

Quarterly

Annual

Unit: USD	2025-06-30	2025-03-31	2024-12-31	2024-09-30	2024-06-30	2024-03-31	2023-12-31	2023-09-30	2023-06-30	2023-03-31	2022-12-31	2022-09-30	2022-06-30	2022-03-31	2021-12-31	2021-09-30	2021-06-30	2021-03-31	2020-12-31	2020-09-30	2020-06-30	2020-03-31	2019-12-31	2019-09-30	2019-06-30	2019-03-31	2018-12-31	2018-09-30	2018-06-30	2018-03-31	2017-12-31	2017-09-30	2017-06-30	2017-03-31	2016-12-31	2016-09-30	2016-06-30	2016-03-31	2015-12-31	2015-09-30	2015-06-30	2015-03-31	2014-12-31	2014-09-30	2014-06-30	2014-03-31	2013-12-31	2013-09-30	2013-06-30	2013-03-31	2012-12-31	2012-09-30	2012-06-30	2012-03-31	2011-12-31	2011-09-30	2011-06-30	2011-03-31

operating activities
consolidated net income	89,000,000	78,500,000	116,900,000	119,700,000	69,100,000	64,200,000	73,500,000	39,100,000	36,100,000	-7,600,000	3,300,000	-9,000,000	30,100,000	46,100,000	56,500,000	49,000,000	32,900,000	54,900,000	75,300,000	76,200,000	48,200,000	23,900,000	27,600,000	49,100,000	42,100,000	33,200,000	42,400,000	56,900,000	41,800,000	41,900,000	38,900,000	33,900,000	46,100,000	18,000,000	70,300,000	30,200,000	31,800,000	28,700,000	37,300,000	33,500,000	32,200,000	29,800,000	31,536,000	30,151,000	-9,774,000	26,346,000	31,298,000	31,434,000	31,100,000	29,575,000	32,929,000	27,036,000	27,884,000	20,113,000	28,018,000	21,370,000	26,487,000	22,439,000
adjustments to reconcile consolidated net income to net cash flows from operating activities:
depreciation and amortization	48,500,000	47,300,000	48,400,000	45,700,000	49,100,000	47,200,000	46,500,000	46,600,000	47,000,000	44,800,000	44,800,000	44,200,000	40,000,000	37,600,000	38,400,000	38,100,000	37,600,000	36,600,000	35,800,000	35,800,000	33,700,000	34,200,000	33,700,000	34,600,000	25,900,000	23,500,000	25,500,000	24,700,000	23,600,000	22,900,000	26,400,000	21,800,000	21,500,000	21,500,000	18,700,000	18,100,000	17,300,000	16,600,000	16,600,000	16,400,000	16,300,000	15,100,000	14,550,000	14,558,000	13,391,000	12,387,000	11,835,000	11,257,000	11,262,000	11,339,000	11,480,000	10,822,000	10,619,000	10,175,000	11,201,000	10,947,000	10,563,000	10,202,000
deferred income taxes	-6,900,000	-6,900,000	-13,800,000	-7,100,000	-6,400,000	-7,500,000	-21,800,000	-3,800,000	-8,800,000	2,000,000	-9,800,000	-10,600,000	-10,200,000	-6,700,000	-3,600,000	-3,700,000	-2,300,000	-2,500,000	-4,600,000	-2,800,000	-200,000	900,000	-3,200,000	-1,000,000	-1,400,000	-400,000	-7,600,000	900,000	-100,000	5,700,000																					5,824,000	193,000
stock-based compensation expense	18,400,000	9,100,000	15,900,000	13,200,000	14,200,000	11,400,000	11,100,000	14,700,000	14,800,000	12,200,000	25,100,000	22,100,000	22,100,000	13,900,000	10,900,000	11,100,000	11,800,000	8,100,000	9,100,000	9,900,000	10,300,000	7,300,000	11,100,000	10,800,000	12,500,000	10,000,000	7,800,000	7,300,000	10,000,000	6,600,000	7,600,000	5,500,000	5,700,000	5,300,000	3,900,000	2,800,000	3,800,000	4,000,000	3,900,000	4,600,000	4,600,000	4,300,000	4,371,000	4,951,000	4,363,000	3,939,000	3,890,000	3,416,000	3,954,000	3,783,000	7,311,000	3,994,000	3,734,000	3,866,000	3,860,000	3,951,000	3,843,000	3,649,000
benefit from bad debt	-600,000	2,500,000	1,800,000	1,800,000	3,100,000	1,400,000	1,700,000	1,100,000	1,500,000	1,000,000	1,700,000	800,000			-100,000	1,000,000	-100,000	1,100,000	600,000	-100,000	800,000	1,500,000	1,700,000	100,000	0	500,000	-100,000	1,500,000	300,000	800,000	1,000,000	300,000			600,000	500,000														175,000	26,000	273,000	192,000	525,000	161,000	546,000	245,000	285,000
equity in investments of unconsolidated entities	1,200,000	2,600,000	12,100,000	2,600,000	1,200,000	1,500,000	2,700,000	1,600,000	1,800,000	1,300,000
other	100,000	-1,100,000	-400,000	1,300,000	12,500,000	-11,000,000	-12,300,000	-2,300,000	-3,900,000	-2,700,000	-10,100,000	20,500,000	13,500,000	-9,000,000	-100,000	2,800,000	-900,000	-2,700,000	-1,300,000	500,000	-5,200,000	9,000,000	-300,000	700,000	-2,500,000	3,200,000	800,000	-2,300,000	-1,900,000	900,000	-1,100,000	1,100,000	1,400,000	400,000								600,000	153,000	-59,000	-1,000	260,000	391,000	-676,000	-204,000	892,000	-200,000	-403,000	435,000	310,000	-1,015,000	822,000
changes in operating assets and liabilities:
accounts receivable	-34,700,000	17,300,000	-38,500,000	8,100,000	-13,600,000	13,700,000	-43,500,000	20,200,000	-24,700,000	9,800,000	-18,800,000	15,600,000	-26,800,000	-8,600,000	-29,900,000	-10,800,000	-900,000	-26,300,000	-14,700,000	3,400,000	4,400,000	-2,300,000	-19,300,000	28,100,000	4,500,000	-2,000,000	-500,000	-11,000,000					-700,000	4,000,000		12,100,000
accounts payable and accrued liabilities	-4,500,000	200,000	4,900,000	3,700,000	5,300,000	-4,300,000	4,300,000	3,200,000	-3,200,000	-5,800,000	-7,400,000	1,600,000	6,500,000	-2,700,000	8,500,000	7,300,000	-2,000,000	-6,700,000	-2,500,000	-6,300,000	700,000	-1,400,000	8,200,000	-500,000	-1,000,000	-3,500,000	100,000	6,800,000						2,300,000			-600,000	2,200,000	3,400,000	-700,000	-200,000	2,200,000			56,657,000	4,539,000			238,000	400,000			-51,000	703,000
accrued compensation and deferred commissions	42,500,000	-120,500,000	60,800,000	47,700,000	47,600,000	-79,200,000	33,700,000	15,400,000	41,000,000	-75,200,000	18,100,000	47,200,000	5,900,000	-108,700,000	49,500,000	36,700,000	33,500,000	-61,700,000	34,300,000	23,000,000	20,900,000	-60,000,000	25,200,000
income taxes, current	-46,200,000	20,100,000		14,800,000	-5,900,000	16,300,000	9,500,000	6,900,000	-21,600,000	-2,600,000	18,300,000	3,500,000	-20,000,000	17,100,000	2,000,000	3,300,000	-15,500,000	4,100,000	5,300,000	-9,500,000	11,500,000	700,000		-7,800,000	-6,900,000	8,500,000		-1,900,000	-20,500,000	8,700,000
deferred revenue	-12,500,000	47,900,000	11,600,000	-14,100,000	-17,400,000	50,000,000	23,100,000	-16,900,000	1,300,000	43,400,000	20,900,000	-25,700,000	11,000,000	53,800,000	15,500,000	-12,500,000	14,300,000	60,900,000	8,000,000	-19,200,000	4,600,000	36,100,000	7,100,000	-16,200,000	-700,000	37,900,000	7,600,000	-17,800,000	5,700,000	33,100,000	-3,700,000	-12,500,000	-3,400,000	22,100,000	2,600,000	-9,500,000	-5,700,000	19,300,000	-2,500,000	-6,000,000	1,700,000	17,400,000		-8,254,000	-1,349,000	10,151,000	-2,346,000	-5,019,000	-6,746,000	17,769,000	85,000	-4,649,000	-1,832,000	14,165,000	8,960,000	-7,579,000	-1,650,000	9,847,000
other assets and liabilities	4,700,000	-6,000,000	-200,000	-200,000	-6,100,000	-10,100,000	9,300,000	4,900,000	-56,800,000	52,400,000	12,900,000	-10,300,000	600,000	-16,000,000	-5,300,000	6,300,000	-1,100,000	-5,600,000	300,000	6,200,000	-2,600,000	-2,000,000	-2,900,000	3,500,000	-1,600,000	-5,600,000
cash from operating activities	99,000,000	91,000,000	153,400,000	191,900,000	152,700,000	93,600,000	137,800,000	130,700,000	24,500,000	23,400,000	103,500,000	102,100,000	68,700,000	23,500,000	135,900,000	122,600,000	127,200,000	64,200,000	114,600,000	93,400,000	127,600,000	48,700,000	82,500,000	105,700,000	87,200,000	59,000,000	105,300,000	79,800,000	69,800,000	59,900,000	85,400,000	62,500,000	55,700,000	46,500,000	70,500,000	60,400,000	71,400,000	11,400,000	52,400,000	75,600,000	75,900,000	35,000,000	56,933,000	8,600,000	54,804,000	11,884,000	54,445,000	47,078,000	58,462,000	26,673,000	53,680,000	37,527,000	49,165,000	5,624,000	58,660,000	45,160,000	46,810,000	14,346,000
investing activities
purchases of investment securities	-11,900,000	-3,300,000	-3,500,000	-2,900,000	-2,400,000	-7,200,000	-6,800,000	-3,700,000	-2,400,000	-2,800,000	-2,900,000	-9,300,000	-8,400,000	-15,900,000	-16,600,000	-11,800,000	-21,800,000	-20,900,000	-16,000,000	-9,200,000	-17,900,000	-13,300,000
proceeds from maturities and sales of investment securities	21,600,000	4,500,000	3,500,000	3,900,000	2,300,000	17,400,000	7,200,000	12,000,000	6,400,000	5,500,000	1,800,000	8,800,000	14,200,000	18,200,000	18,200,000	11,600,000	13,700,000	15,300,000	5,900,000	13,000,000	14,000,000	14,000,000
capital expenditures	-36,600,000	-32,200,000	-40,600,000	-36,100,000	-31,900,000	-34,100,000	-30,000,000	-29,300,000	-30,300,000	-29,500,000	-36,100,000	-33,700,000	-31,700,000	-28,000,000	-30,200,000	-30,200,000	-18,700,000	-22,700,000	-22,000,000	-22,600,000	-17,000,000	-15,100,000	-22,900,000	-20,100,000	-18,300,000	-18,700,000	-20,900,000	-19,600,000
free cash flows	62,400,000	58,800,000	112,800,000	155,800,000	120,800,000	59,500,000	107,800,000	101,400,000	-5,800,000	-6,100,000	67,400,000	68,400,000	37,000,000	-4,500,000	105,700,000	92,400,000	108,500,000	41,500,000	92,600,000	70,800,000	110,600,000	33,600,000	59,600,000	85,600,000	68,900,000	40,300,000	84,400,000	60,200,000
acquisitions, net of cash acquired	-600,000	-38,500,000									100,000	-200,000	-639,800,000	-6,800,000	-200,000				0	-52,300,000	-11,000,000	-4,500,000	-8,000,000																																0	-269,000
purchases of investments in unconsolidated entities	-1,300,000	-1,200,000	-500,000	-3,200,000	-800,000	-2,800,000	-2,600,000	-200,000	-800,000	-100,000	-1,100,000	-1,700,000
cash from investing activities	-23,900,000	-70,700,000	24,100,000	14,100,000	-32,800,000	-26,700,000	-32,800,000	-21,300,000	-27,100,000	-700,000	-38,300,000	-36,000,000	-691,300,000	-33,700,000	-42,300,000	-56,200,000	-35,800,000	-33,400,000	900,000	-67,500,000	-37,700,000	-19,500,000	-30,000,000	-678,300,000	-18,500,000	-19,500,000	-10,900,000	-13,000,000																		51,482,000				49,232,000	31,955,000	45,274,000
financing activities
common shares repurchased	-112,000,000	-109,600,000					0	0			-8,300,000	-15,200,000	-91,900,000	-110,600,000	-1,200,000				-4,300,000	-17,600,000	0	-20,000,000	0	0	0	-4,900,000	-10,100,000	0
dividends paid	-19,300,000	-19,500,000	-17,300,000	-17,400,000	-17,300,000	-17,300,000	-16,000,000	-16,000,000	-16,000,000	-15,900,000	-15,300,000	-15,300,000	-15,400,000	-15,500,000	-13,600,000	-13,600,000	-13,500,000	-13,500,000	-12,800,000	-12,900,000	-12,800,000	-12,900,000	-11,900,000	-12,000,000	-12,000,000	-11,900,000	-10,700,000	-10,600,000
proceeds from revolving credit facility	120,000,000	145,000,000	0	0	0	90,000,000	0	30,000,000	135,000,000	95,000,000	15,000,000	20,000,000	265,000,000	175,000,000	0
repayment of revolving credit facility	-85,000,000	-40,000,000	0	0	0	-105,000,000	-75,000,000	-120,000,000	-105,000,000	-65,000,000	-55,000,000	-90,000,000	-180,000,000	-30,000,000	0
repayment of term facility			-166,300,000	-35,000,000	-50,000,000	-8,100,000	-8,100,000	-8,100,000	-8,200,000	-8,100,000	-8,200,000	0			-15,000,000	0	-30,000,000	-45,000,000
employee taxes withheld for stock awards			-3,700,000	-7,900,000	-14,300,000	-3,200,000	-4,300,000	-6,000,000	-10,600,000	-9,300,000
cash from financing activities	-108,500,000	-24,100,000	-199,100,000	-60,200,000	-81,600,000	-43,500,000	-103,400,000	-120,100,000	-6,100,000	-48,800,000	-76,700,000	-57,100,000	537,100,000	11,800,000	-36,300,000	-20,200,000	-89,300,000	-66,000,000	-57,600,000	-34,000,000	-63,700,000	-26,900,000	-49,600,000	517,500,000	-33,500,000	-60,700,000	-43,600,000	-48,200,000														7,000,000															-846,000	6,335,000
effect of exchange rate changes on cash and cash equivalents	25,400,000	12,600,000	-28,600,000	15,900,000	-800,000	-7,600,000	11,300,000	-7,600,000	-200,000	1,700,000	15,400,000	-16,500,000	-17,800,000	-1,900,000	-500,000	-6,800,000	1,900,000	-3,700,000	13,500,000	5,500,000	5,000,000	-13,900,000	9,400,000	-6,900,000	-500,000	1,000,000	-4,500,000	-2,700,000	-12,100,000	4,300,000	1,800,000	4,900,000	6,900,000	3,700,000				2,700,000							1,033,000	609,000					433,000			2,110,000			992,000	2,561,000
net increase in cash and cash equivalents	-8,000,000	8,800,000	-50,200,000	161,700,000	37,500,000	15,800,000					3,900,000								71,400,000	-2,600,000			12,300,000	-62,000,000	34,700,000	-20,200,000	46,300,000	15,900,000	-3,900,000	2,800,000	37,900,000	-15,300,000	19,800,000	6,700,000	39,700,000				-16,600,000	-1,900,000	21,000,000	19,400,000	-4,168,000	13,064,000	-28,379,000	36,473,000	-8,799,000	7,149,000	-55,082,000	61,003,000							1,649,000	13,198,000
cash and cash equivalents—beginning of period	0	502,700,000	0	0	0	337,900,000	0	0	0	376,600,000	0	0	0	483,800,000	0	0	0	422,500,000	0	0	0	334,100,000	0	0	0	369,300,000	0	0	0	308,200,000	0	0	0	259,100,000	0	0	0	207,100,000	0	0	0	185,200,000	0	0	0	168,160,000	0	0	0	163,889,000	0	0	0	200,437,000	0	0	0	180,176,000
cash and cash equivalents—end of period	-8,000,000	511,500,000	-50,200,000	161,700,000	37,500,000	353,700,000	12,900,000	-18,300,000	-8,900,000	352,200,000	3,900,000	-7,500,000	-103,300,000	483,500,000	56,800,000	39,400,000	4,000,000	383,600,000	71,400,000	-2,600,000	31,200,000	322,500,000	12,300,000	-62,000,000	34,700,000	349,100,000	46,300,000	15,900,000	-3,900,000	311,000,000	37,900,000	-15,300,000	19,800,000	265,800,000	39,700,000	17,000,000	17,200,000	185,200,000	-16,600,000	-1,900,000	21,000,000	204,600,000	-4,168,000	13,064,000	-28,379,000	204,633,000	-8,799,000	7,149,000	-55,082,000	224,892,000	11,708,000	4,682,000	-17,849,000	165,348,000	26,167,000	-20,753,000	1,649,000	193,374,000
supplemental disclosure of cash flow information
cash paid for income taxes	79,500,000	14,200,000	49,600,000	21,900,000	31,600,000	12,500,000	26,500,000	13,600,000	24,000,000	9,100,000	18,200,000	12,500,000	37,600,000	7,000,000	20,400,000	16,300,000	31,700,000	12,500,000	18,200,000	29,400,000	3,800,000	6,800,000	17,400,000	22,600,000	19,900,000	3,400,000	11,700,000	17,300,000	33,200,000	4,800,000	9,600,000	8,600,000	24,800,000	4,100,000	14,700,000	12,800,000	12,300,000	18,200,000	22,800,000	12,800,000	12,000,000	2,500,000	8,348,000	2,153,000	11,106,000	8,785,000	12,664,000	13,189,000	13,884,000	627,000	14,192,000	11,758,000	15,852,000	5,553,000	9,617,000	7,333,000	14,142,000	6,962,000
cash paid for interest	10,700,000	6,400,000	10,500,000	11,700,000	13,700,000	11,500,000	16,500,000	13,700,000	16,300,000	11,900,000	10,700,000	10,700,000	4,400,000	2,600,000	2,300,000	2,500,000	2,500,000	3,100,000	3,400,000	1,900,000	2,100,000	3,700,000	4,500,000	5,300,000	100,000	1,100,000	1,000,000	800,000	1,100,000	800,000	1,600,000	1,300,000	1,300,000	1,200,000	400,000	300,000	300,000	200,000
gain on equity method transaction							0	0	0	-49,600,000
gain on sale of business			0
gain on sale of customer assets
acquisition earn-out accrual											3,600,000			7,100,000	-4,700,000	-4,100,000
income taxes
proceeds from sale of business			200,000
proceeds from sale of customer assets
proceeds from sale of equity method investments							0	0	0	26,200,000
proceeds from term facility											0	50,000,000
payment of acquisition-related earn-outs							0	0	0	-45,500,000	0	0			0	0
supplemental disclosure of cash flow information:
net decrease in cash and cash equivalents								-18,300,000	-8,900,000	-24,400,000			-103,300,000	-300,000		39,400,000	4,000,000	-38,900,000				-11,600,000
equity in net (income) loss of unconsolidated entities											900,000	1,300,000			-800,000	-1,900,000	-1,000,000	-1,700,000
gain on sale of equity method investments
holding gain on previously held equity interest
changes in operating assets and liabilities
proceeds from 2030 notes
proceeds from stock-option exercises															0	0			600,000	900,000	300,000	100,000	100,000				0				0	0			0	0	0	400,000	200,000	500,000	1,400,000	1,800,000	2,840,000	1,694,000	794,000	1,278,000	1,360,000	362,000	804,000	2,006,000	2,049,000	1,979,000	-3,125,000	3,906,000	2,072,000	1,978,000	-269,000	4,921,000
supplemental information of non-cash investing and financing activities:
unrealized gain on available-for-sale investments											800,000	0	-500,000	100,000	800,000	-2,000,000	1,800,000	1,500,000	3,700,000	300,000	2,900,000	-5,100,000	1,500,000	-200,000	600,000	2,000,000	-2,500,000	400,000	300,000	-900,000	-1,500,000	800,000	900,000	1,800,000	-300,000	1,100,000	-400,000	800,000	4,200,000	-2,500,000	100,000	200,000	-92,000	-540,000	77,000	193,000	-2,003,000			1,102,000	-498,000	1,615,000	-892,000	1,498,000	1,118,000	-2,818,000	-389,000	609,000
employee taxes withheld for restricted stock units												-6,500,000	-11,400,000	-7,100,000	-6,600,000	-3,900,000	-12,200,000	-6,300,000
supplemental information of non-cash investing activities:
equity in net income of unconsolidated entities														-400,000						-600,000	500,000	800,000	-1,000,000	1,100,000	-700,000	1,500,000	500,000	-300,000	400,000	1,500,000		0	200,000	800,000
purchases of equity-method investments														-1,000,000
purchases of equity- and cost-method investments																	-9,300,000	-5,200,000	-2,200,000	2,000,000	-6,000,000	-500,000
acquisition earn-out																		5,700,000	0
gain on sale of a product line
proceeds from sale of a product line																											0	0	0	10,500,000
holding gain on previously-held equity interest
proceeds from long-term debt																				5,000,000	0	55,000,000	0
repayment of long-term debt																				-7,800,000	-42,800,000	-37,800,000	-32,800,000	-77,800,000	-15,000,000	-40,000,000	-20,000,000	-35,000,000
employee taxes paid from withholding of restricted stock units																				-2,100,000	-7,000,000	-10,700,000		-2,900,000	-5,300,000	-4,600,000		-2,200,000
gain on sale of equity investments																							0				0
income taxes—current																															8,100,000			6,600,000	-5,300,000				-10,400,000	4,800,000	1,800,000	13,900,000	-1,268,000			7,221,000	-411,000	3,512,000	-794,000	14,487,000		2,695,000	-2,844,000	7,369,000
proceeds from sale of a business																															0	0															0	0
proceeds from sale of equity-method investments
gain on sale of product line																												0
purchases of investments																								-9,000,000	-10,200,000	-8,900,000	-12,000,000	-7,200,000
proceeds from maturities and sales of investments																								8,100,000	10,800,000	8,900,000	28,900,000	6,600,000	8,000,000	7,700,000	21,600,000	8,400,000	6,500,000	5,700,000	7,000,000	6,000,000	5,400,000	10,200,000	5,200,000	4,300,000	14,600,000	5,900,000	8,431,000	7,621,000	21,787,000	73,712,000	62,644,000	12,471,000	34,976,000	61,152,000	43,967,000	54,827,000	-176,623,000	338,146,000	29,447,000	55,061,000	88,001,000	62,359,000
proceeds from sale of equity investments
purchases of equity investments																								-200,000	-100,000	-1,100,000		-300,000
deferred commissions																									100,000	800,000	1,100,000	1,100,000	1,300,000	21,600,000
accrued compensation																									16,900,000	-48,600,000	22,100,000	14,200,000			20,000,000												16,108,000
holding gain upon acquisition of additional ownership of equity-method investments
changes in operating assets and liabilities, net of effects of acquisitions:
other assets																											4,600,000	5,400,000	-400,000	3,800,000																									732,000	1,388,000	-845,000	1,453,000
deferred rent																											-600,000	400,000													0	100,000	2,994,000								116,000	-177,000	-248,000	716,000
other liabilities																											300,000	-500,000						100,000	1,500,000	1,500,000	1,600,000	200,000	100,000																			91,000
proceeds from short-term debt																																			0	0	0	40,000,000	35,000,000	0	0	15,000,000	0
repayment of short-term debt
software and equipment obtained under long-term financing arrangement																															-2,500,000	1,100,000				5,600,000
benefit from (recoveries of) bad debt																																		500,000
gain on sale of cost-method investment
software obtained under long-term financing arrangement
benefit from (recoveries of) bad debts																																									100,000	300,000
excess tax benefits from stock-option exercises and vesting of restricted stock units																																							500,000	0	1,000,000	1,100,000	1,504,000	1,032,000	1,340,000	573,000	1,805,000	251,000	2,255,000	1,587,000	2,203,000	459,000	1,235,000	3,313,000	1,904,000	1,450,000	2,049,000	4,122,000
benefit from bad debts																																																269,000
holding gain upon acquisition of additional ownership of equity and cost method investments
equipment obtained under long-term financing arrangement																																								0	0	1,300,000					0			4,860,000
gain on sale of discontinued operations, net of tax
(gain) loss on sale of cost-method investment
holding gain upon acquisition of additional ownership of equity method investments
loss on sale of cost-method investment
purchases of equity and cost method investments
purchases of cost method investments
deferred income tax expense
income taxes payable																																																								6,700,000	-2,555,000	5,297,000
deferred income tax benefit
stock-based compensation
excess tax benefits from stock option exercises and vesting of restricted stock units
changes in operating assets and liabilities, net of effect of acquisitions:
proceeds from stock option exercises
cash and cash equivalents — beginning of year
cash and cash equivalents — end of year
supplemental disclosures of cash flow information
supplemental information of non-cash investing and financing activities

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