CoreLogic Reports Second Quarter 2019 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)

2019

2018

Cash flows from operating activities:

 

 

Net (loss)/income

$

(3,885

)

$

86,803

 

Less: Loss from discontinued operations, net of tax

(94

)

(91

)

Net (loss)/income from continuing operations

(3,791

)

86,894

 

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

 

 

Depreciation and amortization

96,325

 

93,487

 

Amortization of debt issuance costs

2,583

 

2,744

 

Amortization of operating lease assets

7,923

 

 

Impairment loss

47,834

 

49

 

Provision for bad debt and claim losses

7,577

 

7,480

 

Share-based compensation

17,755

 

19,799

 

Equity in losses/(earnings) of affiliates, net of taxes

108

 

(3,070

)

Gain on sale of property and equipment

 

(19

)

Loss on early extinguishment of debt

1,453

 

 

Deferred income tax

(8,291

)

8,743

 

Loss/(gain) on investments and other, net

2,150

 

(2,289

)

Tax indemnification release

13,394

 

 

Change in operating assets and liabilities, net of acquisitions:

 

 

Accounts receivable

(38,845

)

259

 

Prepaid expenses and other current assets

(6,189

)

(6,075

)

Accounts payable and other accrued expenses

(24,962

)

(27,234

)

Contract liabilities

12,329

 

(13,692

)

Income taxes

15,890

 

(9,704

)

Dividends received from investments in affiliates

 

775

 

Other assets and other liabilities

(22,649

)

(9,732

)

Net cash provided by operating activities - continuing operations

120,594

 

148,415

 

Net cash used in operating activities - discontinued operations

 

(4

)

Total cash provided by operating activities

$

120,594

 

$

148,411

 

Cash flows from investing activities:

 

 

Purchases of property and equipment

$

(44,714

)

$

(21,378

)

Purchases of capitalized data and other intangible assets

(18,307

)

(18,589

)

Cash paid for acquisitions, net of cash acquired

(41

)

(141,056

)

Purchases of investments

(658

)

 

Cash received from sale of business-line

1,082

 

 

Proceeds from sale of property and equipment

 

197

 

Proceeds from investments

1,157

 

980

 

Net cash used in investing activities - continuing operations

(61,481

)

(179,846

)

Net cash provided by investing activities - discontinued operations

 

 

Total cash used in investing activities

$

(61,481

)

$

(179,846

)

Cash flows from financing activities:

 

 

Proceeds from long-term debt

$

1,770,000

 

$

120,095

 

Debt issuance costs

(9,621

)

 

Repayment of long-term debt

(1,789,702

)

(68,898

)

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

6,559

 

17,566

 

Payment of tax withholdings related to net share settlements

(9,267

)

(11,682

)

Shares repurchased and retired

(29,030

)

(63,322

)

Contingent consideration payments subsequent to acquisitions

(600

)

 

Net cash used in financing activities - continuing operations

(61,661

)

(6,241

)

Net cash provided by financing activities - discontinued operations

 

 

Total cash used in financing activities

$

(61,661

)

$

(6,241

)

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

26

 

1,379

 

Net change in cash, cash equivalents and restricted cash

(2,522

)

(36,297

)

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

 

(4

)

Plus: Cash swept from discontinued operations

 

(4

)

Cash, cash equivalents and restricted cash at end of period

$

95,728

 

$

95,857

 


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