| CORELOGIC, INC. | ||||||||||
| CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS | ||||||||||
| UNAUDITED | ||||||||||
| For the Three Months Ended | ||||||||||
| March 31, | ||||||||||
| (in thousands) | 2019 | 2018 | ||||||||
| Cash flows from operating activities: | ||||||||||
| Net income | $ | 1,687 | $ | 28,287 | ||||||
| Less: Loss from discontinued operations, net of tax | (46 | ) | (75 | ) | ||||||
| Net income from continuing operations | 1,733 | 28,362 | ||||||||
| Adjustments to reconcile net income from continuing operations to net cash provided by operating activities: | ||||||||||
| Depreciation and amortization | 49,219 | 46,140 | ||||||||
| Amortization of debt issuance costs | 1,302 | 1,376 | ||||||||
| Amortization of operating lease assets | 4,036 | — | ||||||||
| Provision for bad debt and claim losses | 3,788 | 2,847 | ||||||||
| Share-based compensation | 9,892 | 8,677 | ||||||||
| Equity in losses/(earnings) of affiliates, net of taxes | 422 | (233 | ) | |||||||
| Deferred income tax | 4,346 | 6,250 | ||||||||
| Gain on investment and other, net | (734 | ) | (161 | ) | ||||||
| Change in operating assets and liabilities, net of acquisitions: | ||||||||||
| Accounts receivable | (5,489 | ) | 12,745 | |||||||
| Prepaid expenses and other current assets | (2,778 | ) | (764 | ) | ||||||
| Accounts payable and other accrued expenses | (7,665 | ) | 4,987 | |||||||
| Contract liabilities | 173 | (2,756 | ) | |||||||
| Income taxes | 10,966 | (482 | ) | |||||||
| Dividends received from investments in affiliates | — | 776 | ||||||||
| Other assets and other liabilities | (4,630 | ) | (7,556 | ) | ||||||
| Net cash provided by operating activities - continuing operations | 64,581 | 100,208 | ||||||||
| Net cash provided by operating activities - discontinued operations | — | 2 | ||||||||
| Total cash provided by operating activities | $ | 64,581 | $ | 100,210 | ||||||
| Cash flows from investing activities: | ||||||||||
| Purchases of property and equipment | $ | (24,020 | ) | $ | (9,940 | ) | ||||
| Purchases of capitalized data and other intangible assets | (8,947 | ) | (9,544 | ) | ||||||
| Cash paid for acquisitions, net of cash acquired | — | (20,533 | ) | |||||||
| Cash received from sale of business-line | 1,082 | — | ||||||||
| Proceeds from sale of property and equipment | — | 100 | ||||||||
| Proceeds from investments | 1,157 | 980 | ||||||||
| Net cash used in investing activities - continuing operations | (30,728 | ) | (38,937 | ) | ||||||
| Net cash provided by investing activities - discontinued operations | — | — | ||||||||
| Total cash used in investing activities | $ | (30,728 | ) | $ | (38,937 | ) | ||||
| Cash flows from financing activities: | ||||||||||
| Proceeds from long-term debt | $ | — | $ | 95 | ||||||
| Repayment of long-term debt | (25,563 | ) | (45,722 | ) | ||||||
| Proceeds from issuance of shares in connection with share-based compensation | 2,758 | 15,473 | ||||||||
| Payment of tax withholdings related to net share settlements | (8,551 | ) | (10,532 | ) | ||||||
| Shares repurchased and retired | — | (18,479 | ) | |||||||
| Contingent consideration payments subsequent to acquisitions | (600 | ) | — | |||||||
| Net cash used in financing activities - continuing operations | (31,956 | ) | (59,165 | ) | ||||||
| Net cash provided by financing activities - discontinued operations | — | — | ||||||||
| Total cash used in financing activities | $ | (31,956 | ) | $ | (59,165 | ) | ||||
| Effect of exchange rate on cash, cash equivalents and restricted cash | (200 | ) | 311 | |||||||
| Net change in cash, cash equivalents and restricted cash | $ | 1,697 | $ | 2,419 | ||||||
| Cash, cash equivalents and restricted cash at beginning of period | 98,250 | 132,154 | ||||||||
| Less: Change in cash, cash equivalents and restricted cash - discontinued operations | — | 2 | ||||||||
| Plus: Cash swept from discontinued operations | — | 2 | ||||||||
| Cash, cash equivalents and restricted cash at end of period | $ | 99,947 | $ | 134,573 | ||||||
CoreLogic Reports First Quarter 2019 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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