CoreLogic Reports Second Quarter 2017 Financial Results

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.


CORELOGIC, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS UNAUDITED

	For the Six Months Ended
	June 30,
(in thousands)	2017			2016
Cash flows from operating activities:
Net income	$	56,698		$	67,902
Less: Income/(loss) from discontinued operations, net of tax	2,495			(62		)
Less: Gain from sale of discontinued operations, net of tax	312			—
Net income from continuing operations	53,891			67,964
Adjustments to reconcile net income from continuing operations to net cash provided by operating activities:
Depreciation and amortization	86,343			82,935
Amortization of debt issuance costs	2,870			2,966
Provision for bad debt and claim losses	7,939			6,927
Share-based compensation	20,939			19,318
Excess tax benefit related to stock options	—			(1,816		)
Equity in losses of affiliates, net of taxes	1,004			11
Gain on sale of property and equipment	(231		)	(16		)
Deferred income tax	6,193			9,048
Loss/(gain) on investments and other, net	3,418			(2,184		)
Change in operating assets and liabilities, net of acquisitions:
Accounts receivable	(2,070		)	(20,473		)
Prepaid expenses and other current assets	(4,161		)	(18,126		)
Accounts payable and accrued expenses	(74,371		)	(21,620		)
Deferred revenue	24,675			22,147
Income taxes	(13,445		)	27,461
Dividends received from investments in affiliates	1,097			6,921
Other assets and other liabilities	22,357			(8,135		)
Net cash provided by operating activities - continuing operations	136,448			173,328
Net cash provided by/(used in) operating activities - discontinued operations	3,663			(84		)
Total cash provided by operating activities	$	140,111		$	173,244
Cash flows from investing activities:
Purchase of subsidiary shares from noncontrolling interests	$	—		$	(18,023	)
Purchases of property and equipment	(20,237		)	(27,858		)
Purchases of capitalized data and other intangible assets	(17,202		)	(17,927		)
Cash paid for acquisitions, net of cash acquired	—			(396,816		)
Purchases of investments	(70,000		)	(615		)
Proceeds from sale of property and equipment	304			16
Change in restricted cash	508			(83		)
Net cash used in investing activities - continuing operations	(106,627		)	(461,306		)
Net cash provided by investing activities - discontinued operations	—			—
Total cash used in investing activities	$	(106,627	)	$	(461,306	)
Cash flows from financing activities:
Proceeds from long-term debt	$	70,000		$	390,000
Repayment of long-term debt	(35,234		)	(101,665		)
Shares repurchased and retired	(40,950		)	(29,126		)
Proceeds from issuance of shares in connection with share-based compensation	4,504			9,801
Payment of tax withholdings related to net share settlements	(13,420		)	(9,098		)
Excess tax benefit related to stock options	—			1,816
Net cash (used in)/provided by financing activities - continuing operations	(15,100		)	261,728
Net cash provided by financing activities - discontinued operations	—			—
Total cash (used in)/provided by financing activities	$	(15,100	)	$	261,728
Effect of exchange rate on cash	(993		)	(389		)
Net change in cash and cash equivalents	$	17,391		$	(26,723	)
Cash and cash equivalents at beginning of period	72,031			99,090
Less: Change in cash and cash equivalents - discontinued operations	3,663			(84		)
Plus: Cash swept from/(to) discontinued operations	3,663			(84		)
Cash and cash equivalents at end of period	$	89,422		$	72,367

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