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CORELOGIC, INC. |
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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS |
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UNAUDITED |
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| For the Six Months Ended | ||||||||||
| June 30, | ||||||||||
| (in thousands) | 2018 | 2017 | ||||||||
| Cash flows from operating activities: | ||||||||||
| Net income | $ | 86,803 | $ | 56,698 | ||||||
| Less: (Loss)/income from discontinued operations, net of tax | (91 | ) | 2,495 | |||||||
| Less: Gain from sale of discontinued operations, net of tax | — | 312 | ||||||||
| Net income from continuing operations | 86,894 | 53,891 | ||||||||
| Adjustments to reconcile net income from continuing operations to net cash provided by operating activities: | ||||||||||
| Depreciation and amortization | 93,536 | 86,343 | ||||||||
| Amortization of debt issuance costs | 2,744 | 2,870 | ||||||||
| Provision for bad debt and claim losses | 7,480 | 7,939 | ||||||||
| Share-based compensation | 19,799 | 20,939 | ||||||||
| Equity in (earnings)/losses of affiliates, net of taxes | (3,070 | ) | 1,004 | |||||||
| Gain on sale of property and equipment | (19 | ) | (231 | ) | ||||||
| Deferred income tax | 8,743 | 6,193 | ||||||||
| (Gain)/loss on investment and other, net | (2,289 | ) | 3,418 | |||||||
| Change in operating assets and liabilities, net of acquisitions: | ||||||||||
| Accounts receivable | 259 | (2,070 | ) | |||||||
| Prepaid expenses and other current assets | (6,075 | ) | (4,161 | ) | ||||||
| Accounts payable and other accrued expenses | (27,234 | ) | (74,371 | ) | ||||||
| Contract liabilities | (13,692 | ) | 24,675 | |||||||
| Income taxes | (9,704 | ) | (13,445 | ) | ||||||
| Dividends received from investments in affiliates | 775 | 1,097 | ||||||||
| Other assets and other liabilities | (9,732 | ) | 22,357 | |||||||
| Net cash provided by operating activities - continuing operations | 148,415 | 136,448 | ||||||||
| Net cash (used in)/provided by operating activities - discontinued operations | (4 | ) | 3,663 | |||||||
| Total cash provided by operating activities | $ | 148,411 | $ | 140,111 | ||||||
| Cash flows from investing activities: | ||||||||||
| Purchases of property and equipment | $ | (21,378 | ) | $ | (20,237 | ) | ||||
| Purchases of capitalized data and other intangible assets | (18,589 | ) | (17,202 | ) | ||||||
| Cash paid for acquisitions, net of cash acquired | (141,056 | ) | — | |||||||
| Purchases of investments | — | (70,000 | ) | |||||||
| Proceeds from sale of property and equipment | 197 | 304 | ||||||||
| Proceeds from investments | 980 | — | ||||||||
| Net cash used in investing activities - continuing operations | (179,846 | ) | (107,135 | ) | ||||||
| Net cash provided by investing activities - discontinued operations | — | — | ||||||||
| Total cash used in investing activities | $ | (179,846 | ) | $ | (107,135 | ) | ||||
| Cash flows from financing activities: | ||||||||||
| Proceeds from long-term debt | $ | 120,095 | $ | 70,000 | ||||||
| Repayment of long-term debt | (68,898 | ) | (35,234 | ) | ||||||
| Proceeds from issuance of shares in connection with share-based compensation | 17,566 | 4,504 | ||||||||
| Payment of tax withholdings related to net share settlements | (11,682 | ) | (13,420 | ) | ||||||
| Shares repurchased and retired | (63,322 | ) | (40,950 | ) | ||||||
| Net cash used in financing activities - continuing operations | (6,241 | ) | (15,100 | ) | ||||||
| Net cash provided by financing activities - discontinued operations | — | — | ||||||||
| Total cash used in financing activities | $ | (6,241 | ) | $ | (15,100 | ) | ||||
| Effect of exchange rate on cash, cash equivalents and restricted cash | 1,379 | (993 | ) | |||||||
| Net change in cash, cash equivalents and restricted cash | (36,297 | ) | 16,883 | |||||||
| Cash, cash equivalents and restricted cash at beginning of period | 132,154 | 89,974 | ||||||||
| Less: Change in cash, cash equivalents and restricted cash - discontinued operations | (4 | ) | 3,663 | |||||||
| Plus: Cash swept (to)/from discontinued operations | (4 | ) | 3,663 | |||||||
| Cash, cash equivalents and restricted cash at end of period | $ | 95,857 | $ | 106,857 | ||||||
CoreLogic Reports Second 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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