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CORELOGIC, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS UNAUDITED |
|||||||||
| For the Three Months Ended | |||||||||
| March 31, | |||||||||
|
(in thousands) |
2018 | 2017 | |||||||
| Cash flows from operating activities: | |||||||||
| Net income | $ | 28,287 | $ | 15,438 | |||||
| Less: (Loss)/income from discontinued operations, net of tax | (75 | ) | 2,417 | ||||||
| Less: Gain from sale of discontinued operations, net of tax | — | 313 | |||||||
| Net income from continuing operations | 28,362 | 12,708 | |||||||
| Adjustments to reconcile net income from continuing operations to net cash provided by operating activities: | |||||||||
| Depreciation and amortization | 46,140 | 43,472 | |||||||
| Amortization of debt issuance costs | 1,376 | 1,440 | |||||||
| Provision for bad debt and claim losses | 2,847 | 3,758 | |||||||
| Share-based compensation | 8,677 | 12,167 | |||||||
| Equity in (earnings)/losses of affiliates, net of taxes | (233 | ) | 723 | ||||||
| Deferred income tax | 6,250 | 8,911 | |||||||
| Gain on investment and other, net | (161 | ) | (935 | ) | |||||
| Change in operating assets and liabilities, net of acquisitions: | |||||||||
| Accounts receivable | 12,745 | 10,952 | |||||||
| Prepaid expenses and other current assets | (764 | ) | 4,952 | ||||||
| Accounts payable and accrued expenses | 4,987 | (11,267 | ) | ||||||
| Contract liabilities | (2,756 | ) | 15,447 | ||||||
| Income taxes | (482 | ) | (2,293 | ) | |||||
| Dividends received from investments in affiliates | 776 | — | |||||||
| Other assets and other liabilities | (7,537 | ) | (4,357 | ) | |||||
| Net cash provided by operating activities - continuing operations | 100,227 | 95,678 | |||||||
| Net cash provided by/(used in) operating activities - discontinued operations | 2 | (25 | ) | ||||||
| Total cash provided by operating activities | $ | 100,229 | $ | 95,653 | |||||
| Cash flows from investing activities: | |||||||||
| Purchases of property and equipment | (9,940 | ) | (8,671 | ) | |||||
| Purchases of capitalized data and other intangible assets | (9,544 | ) | (8,441 | ) | |||||
| Cash paid for acquisitions, net of cash acquired | (20,533 | ) | — | ||||||
| Proceeds from sale of property and equipment | 100 | 3 | |||||||
| Proceeds from investments | 980 | — | |||||||
| Net cash used in investing activities - continuing operations | (38,937 | ) | (17,109 | ) | |||||
| Net cash provided by investing activities - discontinued operations | — | — | |||||||
| Total cash used in investing activities | $ | (38,937 | ) | $ | (17,109 | ) | |||
| Cash flows from financing activities: | |||||||||
| Proceeds from long-term debt | $ | 95 | $ | — | |||||
| Repayment of long-term debt | (45,722 | ) | (17,641 | ) | |||||
| Shares repurchased and retired | (18,479 | ) | (19,837 | ) | |||||
| Proceeds from issuance of shares in connection with share-based compensation | 15,473 | 2,390 | |||||||
| Payment of tax withholdings related to net share settlements | (10,532 | ) | (12,262 | ) | |||||
| Net cash used in financing activities - continuing operations | (59,165 | ) | (47,350 | ) | |||||
| Net cash provided by financing activities - discontinued operations | — | — | |||||||
| Total cash used in financing activities | $ | (59,165 | ) | $ | (47,350 | ) | |||
| Effect of exchange rate on cash, cash equivalents and restricted cash | 311 | (814 | ) | ||||||
| Net change in cash, cash equivalents and restricted cash | $ | 2,438 | $ | 30,380 | |||||
| Cash, cash equivalents and restricted cash at beginning of period | 129,869 | 89,974 | |||||||
| Less: Change in cash, cash equivalents and restricted cash - discontinued operations | 2 | (25 | ) | ||||||
| Plus: Cash swept from/(to) discontinued operations | 2 | (24 | ) | ||||||
| Cash, cash equivalents and restricted cash at end of period | $ | 132,307 | $ | 120,355 | |||||
CoreLogic Reports First Quarter 2018 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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