| CORELOGIC, INC. | |||||
| CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS | |||||
| UNAUDITED | |||||
| For the Nine Months Ended | |||||
| September 30, | |||||
| (in thousands) | 2018 | 2017 | |||
| Cash flows from operating activities: | |||||
| Net income | $109,254 | $87,453 | |||
| Less: (Loss)/income from discontinued operations, net of tax | (175) | 2,421 | |||
| Less: Gain from sale of discontinued operations, net of tax | — | 310 | |||
| Net income from continuing operations | 109,429 | 84,722 | |||
| Adjustments to reconcile net income from continuing operations to net cash provided by operating activities: | |||||
| Depreciation and amortization | 142,030 | 131,668 | |||
| Amortization of debt issuance costs | 4,103 | 4,263 | |||
| Provision for bad debt and claim losses | 11,113 | 12,268 | |||
| Share-based compensation | 29,574 | 29,558 | |||
| Equity in (earnings)/losses of affiliates, net of taxes | (2,909) | 1,232 | |||
| Gain on sale of property and equipment | (19) | (227) | |||
| Deferred income tax | 10,279 | (7,038) | |||
| (Gain)/loss on investment and other, net | (5,124) | 6,513 | |||
| Change in operating assets and liabilities, net of acquisitions: | |||||
| Accounts receivable | 2,619 | (5,655) | |||
| Prepaid expenses and other current assets | (7,617) | 2,414 | |||
| Accounts payable and other accrued expenses | (22,037) | (40,681) | |||
| Contract liabilities | (18,406) | 26,037 | |||
| Income taxes | 7,847 | 644 | |||
| Dividends received from investments in affiliates | 775 | 1,198 | |||
| Other assets and other liabilities | (9,353) | 21,765 | |||
| Net cash provided by operating activities - continuing operations | 252,304 | 268,681 | |||
| Net cash (used in)/provided by operating activities - discontinued operations | (4) | 3,660 | |||
| Total cash provided by operating activities | $252,300 | $272,341 | |||
| Cash flows from investing activities: | |||||
| Purchases of property and equipment | $(41,020) | $(28,534) | |||
| Purchases of capitalized data and other intangible assets | (25,013) | (25,744) | |||
| Cash paid for acquisitions, net of cash acquired | (140,977) | (188,372) | |||
| Cash received from sale of business-line | 3,245 | — | |||
| Proceeds from sale of property and equipment | 198 | 316 | |||
| Proceeds from investments | 980 | — | |||
| Net cash used in investing activities - continuing operations | (202,587) | (242,334) | |||
| Net cash provided by investing activities - discontinued operations | — | — | |||
| Total cash used in investing activities | $(202,587) | $(242,334) | |||
| Cash flows from financing activities: | |||||
| Proceeds from long-term debt | $120,095 | $1,995,000 | |||
| Debt issuance costs | — | (14,294) | |||
| Repayment of long-term debt | (114,626) | (1,796,661) | |||
| Proceeds from issuance of shares in connection with share-based compensation | 19,585 | 6,330 | |||
| Payment of tax withholdings related to net share settlements | (12,623) | (13,629) | |||
| Shares repurchased and retired | (87,028) | (132,460) | |||
| Net cash (used in)/provided by financing activities - continuing operations | (74,597) | 44,286 | |||
| Net cash provided by financing activities - discontinued operations | — | — | |||
| Total cash (used in)/provided by financing activities | $(74,597) | $44,286 | |||
| Effect of exchange rate on cash, cash equivalents and restricted cash | 2,039 | (1,324) | |||
| Net change in cash, cash equivalents and restricted cash | (22,845) | 72,969 | |||
| 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) | 3,660 | |||
| Plus: Cash swept (to)/from discontinued operations | (4) | 3,660 | |||
| Cash, cash equivalents and restricted cash at end of period | $109,309 | $162,943 | |||
CoreLogic Reports Third 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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