CoreLogic Reports Fourth Quarter and Full-Year 2018 Financial Results
Please refer to the full Form 10-K filing for the complete financial
statements and related notes that are an integral part of the financial
statements.
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CORELOGIC, INC.
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CONSOLIDATED STATEMENTS OF CASH FLOWS
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UNAUDITED
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For the Year Ended
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December 31,
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(in thousands)
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2018
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2017
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Cash flows from operating activities:
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Net income
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$
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121,864
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$
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152,162
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Less: (Loss)/income from discontinued operations, net of tax
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(587
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)
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2,315
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Less: Gain/(loss) from sale of discontinued operations, net of tax
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—
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313
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Net income from continuing operations
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122,451
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149,534
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Adjustments to reconcile net income from continuing operations to
net cash provided by operating activities:
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Depreciation and amortization
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199,717
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177,806
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Amortization of debt issuance costs
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5,434
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5,650
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Provision for bad debts and claim losses
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13,467
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16,725
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Share-based compensation
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37,196
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35,867
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Equity in (earnings)/losses of investee, net of taxes
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(1,493
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)
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1,186
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Gain on sale of property and equipment
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(32
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)
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(246
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)
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Loss on early extinguishment of debt
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—
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1,775
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Deferred income tax
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26,940
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(40,769
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)
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Impairment loss on investment in affiliates
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—
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3,811
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(Gain)/loss on investments and other, net
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(18,005
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)
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2,316
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Change in operating assets and liabilities, net of acquisitions:
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Accounts receivable
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21,093
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15,522
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Prepaid expenses and other assets
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(1,158
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)
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4,942
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Accounts payable and other accrued expenses
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(17,957
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)
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(44,629
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)
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Contract liabilities
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(15,983
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)
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36,577
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Income taxes
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(1,142
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)
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(43
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)
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Dividends received from investments in affiliates
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775
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1,198
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Other assets and other liabilities
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(16,185
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)
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14,987
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Net cash provided by operating activities - continuing operations
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355,118
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382,209
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Net cash (used in)/provided by operating activities - discontinued
operations
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(5
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)
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3,655
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Total cash provided by operating activities
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$
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355,113
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$
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385,864
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Cash flows from investing activities:
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Purchases of property and equipment
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$
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(62,304
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)
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$
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(40,508
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)
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Purchases of capitalized data and other intangible assets
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(35,075
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)
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(34,990
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)
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Cash paid for acquisitions, net of cash acquired
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(219,588
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)
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(188,854
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)
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Cash received from sale of business-line
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3,178
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—
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Purchases of investments
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—
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(5,900
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)
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Proceeds from sale of property and equipment
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207
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335
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Proceeds from sale of investments and other
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4,716
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1,000
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Net cash used in investing activities - continuing operations
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(308,866
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)
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(268,917
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)
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Net cash provided by investing activities - discontinued operations
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—
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—
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Total cash used in investing activities
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$
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(308,866
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)
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$
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(268,917
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)
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Cash flows from financing activities:
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Proceeds from long-term debt
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$
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191,291
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$
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1,995,000
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Debt issuance costs
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—
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(14,294
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)
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Repayments of long-term debt
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(173,236
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)
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(1,842,290
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)
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Shares repurchased and retired
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(109,063
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)
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(207,416
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)
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Proceeds from issuance of shares in connection with share-based
compensation
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21,140
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9,595
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Minimum tax withholdings related to net share settlements
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(12,858
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)
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(14,043
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)
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Net cash used in financing activities - continuing operations
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(82,726
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)
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(73,448
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)
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Net cash provided by financing activities - discontinued operations
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—
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—
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Total cash used in financing activities
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$
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(82,726
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)
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$
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(73,448
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)
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Effect of exchange rate on cash, cash equivalents and restricted cash
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2,575
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(1,325
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)
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Net change in cash, cash equivalents and restricted cash
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$
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(33,904
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)
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$
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42,174
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Cash, cash equivalents and restricted cash at beginning of year
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132,154
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89,980
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Less: Change in cash, cash equivalents and restricted cash -
discontinued operations
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(5
|
)
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3,655
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Plus: Cash swept (to)/from discontinued operations
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(5
|
)
|
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3,655
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Cash, cash equivalents and restricted cash at end of year
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$
|
98,250
|
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$
|
132,154
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