CoreLogic, Inc. |
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Condensed Consolidated Statements of Cash Flows |
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(Unaudited) |
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|
For the Three Months Ended
|
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|
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(in thousands) |
2021 |
|
2020 |
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Cash flows from operating activities: |
|
|
|
||||||
Net income |
$ |
53,562 |
|
|
|
$ |
33,819 |
|
|
Less: Income from discontinued operations, net of tax |
3,907 |
|
|
|
9,535 |
|
|
||
Less: Loss from sale of discontinued operations, net of tax |
(5,288 |
) |
|
|
— |
|
|
||
Net income from continuing operations |
54,943 |
|
|
|
24,284 |
|
|
||
Adjustments to reconcile net income from continuing operations to net cash provided by
|
|
|
|
||||||
Depreciation and amortization |
44,781 |
|
|
|
43,578 |
|
|
||
Amortization of debt issuance costs |
1,237 |
|
|
|
1,235 |
|
|
||
Amortization of operating lease assets |
3,660 |
|
|
|
3,656 |
|
|
||
Provision for bad debt and claim losses |
5,089 |
|
|
|
3,357 |
|
|
||
Share-based compensation |
9,634 |
|
|
|
7,961 |
|
|
||
Equity in earnings of affiliates, net of taxes |
— |
|
|
|
(512 |
) |
|
||
| Deferred income tax |
2,942 |
|
|
|
2,092 |
|
|
||
| Loss on investments and other, net |
502 |
|
|
|
3,857 |
|
|
||
| Change in operating assets and liabilities, net of acquisitions: |
|
|
|
||||||
| Accounts receivable |
(16,570 |
) |
|
|
7,709 |
|
|
||
| Prepaid expenses and other current assets |
(5,755 |
) |
|
|
3,538 |
|
|
||
| Accounts payable and other accrued expenses |
26,907 |
|
|
|
(15,459 |
) |
|
||
| Contract liabilities |
79,954 |
|
|
|
24,457 |
|
|
||
| Income taxes |
20,749 |
|
|
|
4,930 |
|
|
||
| Dividends received from investments in affiliates |
— |
|
|
|
185 |
|
|
||
| Other assets and other liabilities |
(39,936 |
) |
|
|
(9,808 |
) |
|
||
| Net cash provided by operating activities - continuing operations |
188,137 |
|
|
|
105,060 |
|
|
||
| Net cash provided by operating activities - discontinued operations |
1,156 |
|
|
|
7,804 |
|
|
||
| Total cash provided by operating activities |
$ |
189,293 |
|
|
|
$ |
112,864 |
|
|
| Cash flows from investing activities: |
|
|
|
||||||
| Purchases of property and equipment |
$ |
(12,447 |
) |
|
|
$ |
(12,344 |
) |
|
| Purchases of capitalized data and other intangible assets |
(8,599 |
) |
|
|
(8,540 |
) |
|
||
| Cash paid for acquisitions, net of cash acquired |
(8,072 |
) |
|
|
(11,760 |
) |
|
||
| Purchases of investments |
— |
|
|
|
(631 |
) |
|
||
| Cash received from sale of discontinued operations |
49,838 |
|
|
|
— |
|
|
||
| Proceeds from investments and other |
— |
|
|
|
651 |
|
|
||
| Net cash provided by/(used in) investing activities - continuing operations |
20,720 |
|
|
|
(32,624 |
) |
|
||
| Net cash used in investing activities - discontinued operations |
(1,694 |
) |
|
|
(2,892 |
) |
|
||
| Total cash provided by/(used in) investing activities |
$ |
19,026 |
|
|
|
$ |
(35,516 |
) |
|
| Cash flows from financing activities: |
|
|
|
||||||
| Repayment of long-term debt |
$ |
(100,708 |
) |
|
|
$ |
(723 |
) |
|
| Proceeds from issuance of shares in connection with share-based compensation |
3,109 |
|
|
|
2,932 |
|
|
||
| Payment of tax withholdings related to net share settlements |
(21,417 |
) |
|
|
(8,051 |
) |
|
||
| Shares repurchased and retired |
— |
|
|
|
(2,431 |
) |
|
||
| Dividends paid |
(24,140 |
) |
|
|
(17,374 |
) |
|
||
| Contingent consideration payments subsequent to acquisitions |
(6,448 |
) |
|
|
— |
|
|
||
| Net cash used in financing activities - continuing operations |
(149,604 |
) |
|
|
(25,647 |
) |
|
||
| Net cash used in financing activities - discontinued operations |
(41 |
) |
|
|
— |
|
|
||
| Total cash used in financing activities |
$ |
(149,645 |
) |
|
|
$ |
(25,647 |
) |
|
| Effect of exchange rate on cash, cash equivalents, and restricted cash |
(561 |
) |
|
|
(4,690 |
) |
|
||
| Net change in cash, cash equivalents, and restricted cash |
58,113 |
|
|
|
47,011 |
|
|
||
| Cash, cash equivalents, and restricted cash at beginning of period |
177,833 |
|
|
|
114,679 |
|
|
||
| Less: Change in cash, cash equivalents, and restricted cash - discontinued operations |
(579 |
) |
|
|
4,912 |
|
|
||
| Plus: Cash swept from discontinued operations |
941 |
|
|
|
4,051 |
|
|
||
| Cash, cash equivalents, and restricted cash at end of period |
$ |
237,466 |
|
|
|
$ |
160,829 |
|
|
|
CoreLogic Reports Record First Quarter 2021 Revenue, Operating Income, Profit Margins and Cash Flow
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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