Table of Contents Year Ended December 31, 2019 Compared to Year Ended December 31, 2018 Operating Revenues Cost of Services (exclusive of depreciation and amortization) Selling, General and Administrative Expense Depreciation and Amortization Impairment Loss Our consolidated operating revenues were $1.4 billion for the year ended December 31, 2019, an increase of $4.5 million when compared to 2018, and consisted of the following: Our PIRM segment revenues increased by $16.2 million, or 2.5%, when compared to 2018. Acquisition activity contributed $46.2 million in 2019. Excluding acquisition activity, the decrease of $30.0 million was primarily due to lower property insights revenues of $25.8 million as well as lower insurance and spatial solutions revenues of $4.2 million. Property insights included unfavorable foreign exchange translation of $9.8 million and weaker market conditions in Australia which negatively impacted revenues by $8.9 million. Our UWS segment revenues decreased by $9.2 million, or 1.2%, when compared to 2018. Acquisition activity contributed $13.2 million in 2019. Excluding acquisition activity, the decrease of $22.4 million was primarily due to lower valuation solutions revenues of $37.0 million due to our business exits and transformation initiatives which lowered our segment revenues by approximately $61.9 million offset by higher market volumes of $24.9 million. Further, property tax solutions was also impacted by a discrete prior year benefit of accelerated revenue recognition of approximately $23.7 million. These decreases were partially offset by higher market volumes, which increased flood data solutions revenues by $11.4 million and property tax solutions revenue by $3.2 million. Our corporate and eliminations revenues were comprised of intercompany revenue eliminations between our operating segments. Our consolidated cost of services was $632.1 million for the year ended December 31, 2019, a decrease of $30.2 million, or 4.6%, when compared to 2018. Acquisition activity contributed $26.8 million of additional cost in 2019. Excluding acquisition activity, the decrease of $56.9 million was primarily due to favorable product mix due to the impact of our AMC transformation program and business exits. Our consolidated selling, general and administrative expenses was $463.8 million for the year ended December 31, 2019, an increase of $35.9 million, or 8.4%, when compared to 2018. Acquisition activity contributed an increase of $23.6 million in 2019. Excluding acquisition activity, the increase of $12.3 million was primarily due to higher productivity-related investments of $16.8 million, higher severance expense of $4.9 million, and higher personnel-related costs of $8.6 million, partially offset by lower outsourced services of $12.5 million, and lower other expenses of $5.5 million. Our consolidated depreciation and amortization expense was $175.1 million for the year ended December 31, 2019, a decrease of $6.0 million, or 3.3%, when compared to 2018. Excluding acquisition activity of $6.6 million, the decrease of $12.6 million is primarily due to assets that were fully impaired. Our consolidated impairment loss totaled $47.8 million for the year ended December 31, 2019, and increase of $40.1 million when compared to 2018, representing write-offs of client lists of $32.3 million, software of $12.3 million and licenses of $3.3 million related to the transformation of our AMC business in 2019, offset by impairment charges related to software of $7.7 million in 2018. 38 (in thousands, except percentages) 2019 2018 $ Change % Change PIRM $ 663,016  $ 646,804  $ 16,212  2.5  % UWS 787,368  796,550  (9,182) (1.2) Corporate and eliminations (9,511) (6,984) (2,527) 36.2  Operating revenues $ 1,440,873  $ 1,436,370  $ 4,503  0.3  %