| CORELOGIC, INC. | ||||||||||||
| CONSOLIDATED STATEMENTS OF CASH FLOWS | ||||||||||||
| UNAUDITED | ||||||||||||
| For the Year Ended | ||||||||||||
| December 31, | ||||||||||||
| (in thousands) | 2018 | 2017 | ||||||||||
| Cash flows from operating activities: | ||||||||||||
| Net income | $ | 121,864 | $ | 152,162 | ||||||||
| Less: (Loss)/income from discontinued operations, net of tax | (587 | ) | 2,315 | |||||||||
| Less: Gain/(loss) from sale of discontinued operations, net of tax | — | 313 | ||||||||||
| Net income from continuing operations | 122,451 | 149,534 | ||||||||||
| Adjustments to reconcile net income from continuing operations to net cash provided by operating activities: | ||||||||||||
| Depreciation and amortization | 199,717 | 177,806 | ||||||||||
| Amortization of debt issuance costs | 5,434 | 5,650 | ||||||||||
| Provision for bad debts and claim losses | 13,467 | 16,725 | ||||||||||
| Share-based compensation | 37,196 | 35,867 | ||||||||||
| Equity in (earnings)/losses of investee, net of taxes | (1,493 | ) | 1,186 | |||||||||
| Gain on sale of property and equipment | (32 | ) | (246 | ) | ||||||||
| Loss on early extinguishment of debt | — | 1,775 | ||||||||||
| Deferred income tax | 26,940 | (40,769 | ) | |||||||||
| Impairment loss on investment in affiliates | — | 3,811 | ||||||||||
| (Gain)/loss on investments and other, net | (18,005 | ) | 2,316 | |||||||||
| Change in operating assets and liabilities, net of acquisitions: | ||||||||||||
| Accounts receivable | 21,093 | 15,522 | ||||||||||
| Prepaid expenses and other assets | (1,158 | ) | 4,942 | |||||||||
| Accounts payable and other accrued expenses | (17,957 | ) | (44,629 | ) | ||||||||
| Contract liabilities | (15,983 | ) | 36,577 | |||||||||
| Income taxes | (1,142 | ) | (43 | ) | ||||||||
| Dividends received from investments in affiliates | 775 | 1,198 | ||||||||||
| Other assets and other liabilities | (16,185 | ) | 14,987 | |||||||||
| Net cash provided by operating activities - continuing operations | 355,118 | 382,209 | ||||||||||
| Net cash (used in)/provided by operating activities - discontinued operations | (5 | ) | 3,655 | |||||||||
| Total cash provided by operating activities | $ | 355,113 | $ | 385,864 | ||||||||
| Cash flows from investing activities: | ||||||||||||
| Purchases of property and equipment | $ | (62,304 | ) | $ | (40,508 | ) | ||||||
| Purchases of capitalized data and other intangible assets | (35,075 | ) | (34,990 | ) | ||||||||
| Cash paid for acquisitions, net of cash acquired | (219,588 | ) | (188,854 | ) | ||||||||
| Cash received from sale of business-line | 3,178 | — | ||||||||||
| Purchases of investments | — | (5,900 | ) | |||||||||
| Proceeds from sale of property and equipment | 207 | 335 | ||||||||||
| Proceeds from sale of investments and other | 4,716 | 1,000 | ||||||||||
| Net cash used in investing activities - continuing operations | (308,866 | ) | (268,917 | ) | ||||||||
| Net cash provided by investing activities - discontinued operations | — | — | ||||||||||
| Total cash used in investing activities | $ | (308,866 | ) | $ | (268,917 | ) | ||||||
| Cash flows from financing activities: | ||||||||||||
| Proceeds from long-term debt | $ | 191,291 | $ | 1,995,000 | ||||||||
| Debt issuance costs | — | (14,294 | ) | |||||||||
| Repayments of long-term debt | (173,236 | ) | (1,842,290 | ) | ||||||||
| Shares repurchased and retired | (109,063 | ) | (207,416 | ) | ||||||||
| Proceeds from issuance of shares in connection with share-based compensation | 21,140 | 9,595 | ||||||||||
| Minimum tax withholdings related to net share settlements | (12,858 | ) | (14,043 | ) | ||||||||
| Net cash used in financing activities - continuing operations | (82,726 | ) | (73,448 | ) | ||||||||
| Net cash provided by financing activities - discontinued operations | — | — | ||||||||||
| Total cash used in financing activities | $ | (82,726 | ) | $ | (73,448 | ) | ||||||
| Effect of exchange rate on cash, cash equivalents and restricted cash | 2,575 | (1,325 | ) | |||||||||
| Net change in cash, cash equivalents and restricted cash | $ | (33,904 | ) | $ | 42,174 | |||||||
| Cash, cash equivalents and restricted cash at beginning of year | 132,154 | 89,980 | ||||||||||
| Less: Change in cash, cash equivalents and restricted cash - discontinued operations | (5 | ) | 3,655 | |||||||||
| Plus: Cash swept (to)/from discontinued operations | (5 | ) | 3,655 | |||||||||
| Cash, cash equivalents and restricted cash at end of year | $ | 98,250 | $ | 132,154 | ||||||||
CoreLogic Reports Fourth Quarter and Full-Year 2018 Financial Results
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Please refer to the full Form 10-K filing for the complete financial
statements and related notes that are an integral part of the financial
statements.
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