CoreLogic Reports Second Quarter 2018 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)	2018			2017
Cash flows from operating activities:
Net income	$	86,803		$	56,698
Less: (Loss)/income from discontinued operations, net of tax	(91		)	2,495
Less: Gain from sale of discontinued operations, net of tax	—			312
Net income from continuing operations	86,894			53,891
Adjustments to reconcile net income from continuing operations to net cash provided by operating activities:
Depreciation and amortization	93,536			86,343
Amortization of debt issuance costs	2,744			2,870
Provision for bad debt and claim losses	7,480			7,939
Share-based compensation	19,799			20,939
Equity in (earnings)/losses of affiliates, net of taxes	(3,070		)	1,004
Gain on sale of property and equipment	(19		)	(231		)
Deferred income tax	8,743			6,193
(Gain)/loss on investment and other, net	(2,289		)	3,418
Change in operating assets and liabilities, net of acquisitions:
Accounts receivable	259			(2,070		)
Prepaid expenses and other current assets	(6,075		)	(4,161		)
Accounts payable and other accrued expenses	(27,234		)	(74,371		)
Contract liabilities	(13,692		)	24,675
Income taxes	(9,704		)	(13,445		)
Dividends received from investments in affiliates	775			1,097
Other assets and other liabilities	(9,732		)	22,357
Net cash provided by operating activities - continuing operations	148,415			136,448
Net cash (used in)/provided by operating activities - discontinued operations	(4		)	3,663
Total cash provided by operating activities	$	148,411		$	140,111
Cash flows from investing activities:
Purchases of property and equipment	$	(21,378	)	$	(20,237	)
Purchases of capitalized data and other intangible assets	(18,589		)	(17,202		)
Cash paid for acquisitions, net of cash acquired	(141,056		)	—
Purchases of investments	—			(70,000		)
Proceeds from sale of property and equipment	197			304
Proceeds from investments	980			—
Net cash used in investing activities - continuing operations	(179,846		)	(107,135		)
Net cash provided by investing activities - discontinued operations	—			—
Total cash used in investing activities	$	(179,846	)	$	(107,135	)
Cash flows from financing activities:
Proceeds from long-term debt	$	120,095		$	70,000
Repayment of long-term debt	(68,898		)	(35,234		)
Proceeds from issuance of shares in connection with share-based compensation	17,566			4,504
Payment of tax withholdings related to net share settlements	(11,682		)	(13,420		)
Shares repurchased and retired	(63,322		)	(40,950		)
Net cash used in financing activities - continuing operations	(6,241		)	(15,100		)
Net cash provided by financing activities - discontinued operations	—			—
Total cash used in financing activities	$	(6,241	)	$	(15,100	)
Effect of exchange rate on cash, cash equivalents and restricted cash	1,379			(993		)
Net change in cash, cash equivalents and restricted cash	(36,297		)	16,883
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		)	3,663
Plus: Cash swept (to)/from discontinued operations	(4		)	3,663
Cash, cash equivalents and restricted cash at end of period	$	95,857		$	106,857

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