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CORELOGIC, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS UNAUDITED |
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| For the Six Months Ended | |||||||||
| June 30, | |||||||||
| (in thousands) | 2017 | 2016 | |||||||
| Cash flows from operating activities: | |||||||||
| Net income | $ | 56,698 | $ | 67,902 | |||||
| Less: Income/(loss) from discontinued operations, net of tax | 2,495 | (62 | ) | ||||||
| Less: Gain from sale of discontinued operations, net of tax | 312 | — | |||||||
| Net income from continuing operations | 53,891 | 67,964 | |||||||
| Adjustments to reconcile net income from continuing operations to net cash provided by operating activities: | |||||||||
| Depreciation and amortization | 86,343 | 82,935 | |||||||
| Amortization of debt issuance costs | 2,870 | 2,966 | |||||||
| Provision for bad debt and claim losses | 7,939 | 6,927 | |||||||
| Share-based compensation | 20,939 | 19,318 | |||||||
| Excess tax benefit related to stock options | — | (1,816 | ) | ||||||
| Equity in losses of affiliates, net of taxes | 1,004 | 11 | |||||||
| Gain on sale of property and equipment | (231 | ) | (16 | ) | |||||
| Deferred income tax | 6,193 | 9,048 | |||||||
| Loss/(gain) on investments and other, net | 3,418 | (2,184 | ) | ||||||
| Change in operating assets and liabilities, net of acquisitions: | |||||||||
| Accounts receivable | (2,070 | ) | (20,473 | ) | |||||
| Prepaid expenses and other current assets | (4,161 | ) | (18,126 | ) | |||||
| Accounts payable and accrued expenses | (74,371 | ) | (21,620 | ) | |||||
| Deferred revenue | 24,675 | 22,147 | |||||||
| Income taxes | (13,445 | ) | 27,461 | ||||||
| Dividends received from investments in affiliates | 1,097 | 6,921 | |||||||
| Other assets and other liabilities | 22,357 | (8,135 | ) | ||||||
| Net cash provided by operating activities - continuing operations | 136,448 | 173,328 | |||||||
| Net cash provided by/(used in) operating activities - discontinued operations | 3,663 | (84 | ) | ||||||
| Total cash provided by operating activities | $ | 140,111 | $ | 173,244 | |||||
| Cash flows from investing activities: | |||||||||
| Purchase of subsidiary shares from noncontrolling interests | $ | — | $ | (18,023 | ) | ||||
| Purchases of property and equipment | (20,237 | ) | (27,858 | ) | |||||
| Purchases of capitalized data and other intangible assets | (17,202 | ) | (17,927 | ) | |||||
| Cash paid for acquisitions, net of cash acquired | — | (396,816 | ) | ||||||
| Purchases of investments | (70,000 | ) | (615 | ) | |||||
| Proceeds from sale of property and equipment | 304 | 16 | |||||||
| Change in restricted cash | 508 | (83 | ) | ||||||
| Net cash used in investing activities - continuing operations | (106,627 | ) | (461,306 | ) | |||||
| Net cash provided by investing activities - discontinued operations | — | — | |||||||
| Total cash used in investing activities | $ | (106,627 | ) | $ | (461,306 | ) | |||
| Cash flows from financing activities: | |||||||||
| Proceeds from long-term debt | $ | 70,000 | $ | 390,000 | |||||
| Repayment of long-term debt | (35,234 | ) | (101,665 | ) | |||||
| Shares repurchased and retired | (40,950 | ) | (29,126 | ) | |||||
| Proceeds from issuance of shares in connection with share-based compensation | 4,504 | 9,801 | |||||||
| Payment of tax withholdings related to net share settlements | (13,420 | ) | (9,098 | ) | |||||
| Excess tax benefit related to stock options | — | 1,816 | |||||||
| Net cash (used in)/provided by financing activities - continuing operations | (15,100 | ) | 261,728 | ||||||
| Net cash provided by financing activities - discontinued operations | — | — | |||||||
| Total cash (used in)/provided by financing activities | $ | (15,100 | ) | $ | 261,728 | ||||
| Effect of exchange rate on cash | (993 | ) | (389 | ) | |||||
| Net change in cash and cash equivalents | $ | 17,391 | $ | (26,723 | ) | ||||
| Cash and cash equivalents at beginning of period | 72,031 | 99,090 | |||||||
| Less: Change in cash and cash equivalents - discontinued operations | 3,663 | (84 | ) | ||||||
| Plus: Cash swept from/(to) discontinued operations | 3,663 | (84 | ) | ||||||
| Cash and cash equivalents at end of period | $ | 89,422 | $ | 72,367 | |||||
CoreLogic Reports Second Quarter 2017 Financial Results
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Please refer to the full Form 10-Q filing for the complete financial
statements and related notes that are an integral part of the financial
statements.
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