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 |
|