## Equity in Earnings of Affiliates, net of tax 

Our consolidated equity in earnings of affiliates, net of tax was $0.6 million for the year ended December 31, 2019, an unfavorable variance of $0.9 million when compared to 2018. We had equity interests in various affiliates which had lower earnings in 2019 compared to 2018. 

## Income (loss) from Discontinued Operations, Net of Tax 

Our consolidated income/(loss) from discontinued operations, net of tax was $15.6 million for the year ended December 31, 2019, an unfavorable variance of $32.2 million, when compared to 2018. This is primarily due to lower income from our reseller businesses related to decreased market volumes, market-share losses, and pricing as well as a $23.0 million legal settlement, prior to an associated tax benefit, resulting from an appellate court decision. 

## Liquidity and Capital Resources 

Cash and cash equivalents totaled $167.4 million and $104.2 million as of December 31, 2020 and 2019, respectively, representing an increase of $63.3 million. As of December 31, 2020, our cash balances held in foreign jurisdictions totaled $67.6 million and are primarily related to our international operations. We plan to maintain significant cash balances outside the US for the foreseeable future. 

Restricted cash of $10.4 million and $10.5 million at December 31, 2020 and 2019, respectively, is comprised of deposits that are pledged for various letters of credit/bank guarantees secured by us, escrow accounts due to acquisitions and divestitures as well as short-term investments within our deferred compensation plan trust. 

## Cash Flow 

Operating Activities. Cash provided by operating activities reflects net income adjusted for certain non-cash items and changes in operating assets and liabilities. Total cash provided by operating activities was $535.8 million, $364.2 million and $355.1 million for the years ended December 31, 2020, 2019, and 2018, respectively. Cash provided by discontinued operating activities was $44.6 million, $16.9 million and $49.3 million for the years ended December 31, 2020, 2019, and 2018, respectively. The increase in cash provided by operations were primarily due to higher net income as adjusted for non-cash activities and favorable changes in working capital items. 

The increase in cash provided by operating activities in 2019 relative to 2018 was primarily due to favorable changes in working capital offset by lower net income from continuing and discontinued operations, as adjusted for non-cash activities, and increased cash used discontinued operations principally related to the impact of a 2019 legal settlement. Ple ase refer to Note 18 - Discontinued Operations of the Notes to Consolidated Financial Statements included in Item 8 - Financial Statements and Supplementary Data  of Part II of this Annual Report on Form 10-K fo r further information. 

Investing Activities. Total cash used in investing activities consisted primarily of capital expenditures, acquisitions, and dispositions. Cash used in investing activities was approximately $65.7 million, $135.8 million, and $308.9 million for the years ended December 31, 2020, 2019, and 2018, respectively. Cash used in discontinued investing activities was $12.1 million, $16.8 million, and $13.2 million for the years ended December 31, 2020, 2019, and 2018, respectively. 

Cash used in investing activities from continuing operations during 2020 was primarily related to investments in property and equipment and capitalized data of $57.7 million and $41.4 million, respectively. Additionally, we paid net cash of $12.0 million primarily related to the Location acquisition and made other investments of $1.3 million. These outflows were partially offset by proceeds from investments of $51.4 million and net cash received from the sale of a discontinued operation of $7.5 million. Cash used in discontinued investing activities consisted of capital expenditures. 

Cash used in investing activities from continuing operations during 2019 was primarily related to investments in property and equipment and capitalized data of $79.3 million and $35.5 million, respectively. Additionally, we paid net cash of $13.3 million primarily related to the NTS acquisition and made other investments of $0.7 million. These outflows were partially offset by proceeds from the sale of investments of $5.6 million, as well as $4.1 million in proceeds from the sale of a business-line. Cash used in discontinued investing activities consisted of capital expenditures. 

Cash used in investing activities from continuing operations during 2018 was primarily related to net cash paid for acquisitions, including eTech Solutions Limited for $21.2 million, a la mode technologies for $120.3 million, Breakaway Holdings, LLC for $12.6 million, and Symbility Solutions Inc., for $66.0 million. Further, we had investments in property and equipment and 

