CoreLogic Delivers Record Quarterly Revenue and Strong Double Digit Growth in Operating Income, Margins and Cash Flow

CoreLogic, Inc.

Condensed Consolidated Statements of Cash Flows

(Unaudited)

 

 

 

For the Nine Months Ended
September 30,

(in thousands)

2020

 

2019

Cash flows from operating activities:

 

 

 

Net income

$

205,969

 

 

 

$

19,298

 

 

Less: Income from discontinued operations, net of tax

28,149

 

 

 

11,073

 

 

Net income from continuing operations

177,820

 

 

 

8,225

 

 

Adjustments to reconcile net income from continuing operations to net cash provided by operating activities:

 

 

 

Depreciation and amortization

130,639

 

 

 

132,767

 

 

Amortization of debt issuance costs

3,710

 

 

 

3,836

 

 

Amortization of operating lease assets

11,067

 

 

 

11,675

 

 

Impairment loss

1,228

 

 

 

47,834

 

 

Provision for bad debt and claim losses

14,020

 

 

 

10,998

 

 

Share-based compensation

33,898

 

 

 

26,018

 

 

Equity in earnings of affiliates, net of taxes

(1,859

)

 

 

(498

)

 

Gain on sale of property and equipment

1,360

 

 

 

(3

)

 

Loss on early extinguishment of debt

 

 

 

1,453

 

 

Deferred income tax

56

 

 

 

(10,642

)

 

Impairment loss on investment in affiliates

 

 

 

1,511

 

 

Gain on investments and other, net

(37,154

)

 

 

(847

)

 

Tax indemnification release

 

 

 

13,394

 

 

Change in operating assets and liabilities, net of acquisitions:

 

 

 

Accounts receivable

(33,159

)

 

 

(23,218

)

 

Prepaid expenses and other current assets

(2,104

)

 

 

(7,201

)

 

Accounts payable and other accrued expenses

54,847

 

 

 

(19,894

)

 

Contract liabilities

102,302

 

 

 

19,899

 

 

Income taxes

(32,815

)

 

 

31,239

 

 

Dividends received from investments in affiliates

109

 

 

 

 

 

Other assets and other liabilities

(45,550

)

 

 

(29,122

)

 

Net cash provided by operating activities - continuing operations

378,415

 

 

 

217,424

 

 

Net cash provided by operating activities - discontinued operations

40,687

 

 

 

29,669

 

 

Total cash provided by operating activities

$

419,102

 

 

 

$

247,093

 

 

Cash flows from investing activities:

 

 

 

Purchases of property and equipment

$

(40,187

)

 

 

$

(52,807

)

 

Purchases of capitalized data and other intangible assets

(28,717

)

 

 

(25,845

)

 

Cash paid for acquisitions, net of cash acquired

(12,045

)

 

 

(13,280

)

 

Purchases of investments

(1,315

)

 

 

(658

)

 

Cash received from sale of business-lines

 

 

 

4,109

 

 

Proceeds from sale of property and equipment

 

 

 

3

 

 

Proceeds from investments and other

48,035

 

 

 

5,591

 

 

Net cash used in investing activities - continuing operations

(34,229

)

 

 

(82,887

)

 

Net cash used in investing activities - discontinued operations

(9,259

)

 

 

(13,987

)

 

Total cash used in investing activities

$

(43,488

)

 

 

$

(96,874

)

 

Cash flows from financing activities:

 

 

 

Proceeds from long-term debt

$

 

 

 

$

1,770,000

 

 

Debt issuance costs

 

 

 

(9,621

)

 

Repayment of long-term debt

(102,461

)

 

 

(1,844,155

)

 

Proceeds from issuance of shares in connection with share-based compensation

8,487

 

 

 

8,391

 

 

Payment of tax withholdings related to net share settlements

(9,816

)

 

 

(9,645

)

 

Shares repurchased and retired

(9,273

)

 

 

(61,607

)

 

Dividends paid

(61,062

)

 

 

 

 

Contingent consideration payments subsequent to acquisitions

 

 

 

(600

)

 

Net cash used in financing activities - continuing operations

(174,125

)

 

 

(147,237

)

 

Net cash used in financing activities - discontinued operations

(6

)

 

 

(12

)

 

Total cash used in financing activities

$

(174,131

)

 

 

$

(147,249

)

 

Effect of exchange rate on cash, cash equivalents, and restricted cash

(2,042

)

 

 

637

 

 

Net change in cash, cash equivalents, and restricted cash

199,441

 

 

 

3,607

 

 

Cash, cash equivalents, and restricted cash at beginning of period

114,679

 

 

 

94,679

 

 

Less: Change in cash, cash equivalents, and restricted cash - discontinued operations

31,422

 

 

 

15,670

 

 

Plus: Cash swept from discontinued operations

30,135

 

 

 

17,697

 

 

Cash, cash equivalents, and restricted cash at end of period

$

312,833

 

 

 

$

100,313

 

 

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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