CoreLogic Reports First 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.
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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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March 31,
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(in thousands)
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2019
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2018
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Cash flows from operating activities:
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Net income
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$
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1,687
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$
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28,287
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Less: Loss from discontinued operations, net of tax
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(46
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)
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(75
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)
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Net income from continuing operations
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1,733
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28,362
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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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49,219
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46,140
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Amortization of debt issuance costs
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1,302
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1,376
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Amortization of operating lease assets
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4,036
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—
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Provision for bad debt and claim losses
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3,788
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2,847
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Share-based compensation
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9,892
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8,677
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Equity in losses/(earnings) of affiliates, net of taxes
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422
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|
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(233
|
)
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Deferred income tax
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4,346
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6,250
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Gain on investment and other, net
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(734
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)
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(161
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)
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Change in operating assets and liabilities, net of acquisitions:
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Accounts receivable
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(5,489
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)
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12,745
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Prepaid expenses and other current assets
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(2,778
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)
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(764
|
)
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Accounts payable and other accrued expenses
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(7,665
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)
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4,987
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Contract liabilities
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173
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(2,756
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)
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Income taxes
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10,966
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(482
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)
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Dividends received from investments in affiliates
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—
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776
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Other assets and other liabilities
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(4,630
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)
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(7,556
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)
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Net cash provided by operating activities - continuing operations
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64,581
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100,208
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Net cash provided by operating activities - discontinued operations
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—
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2
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Total cash provided by operating activities
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$
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64,581
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$
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100,210
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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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(24,020
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)
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$
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(9,940
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)
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Purchases of capitalized data and other intangible assets
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(8,947
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)
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(9,544
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)
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Cash paid for acquisitions, net of cash acquired
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—
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(20,533
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)
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Cash received from sale of business-line
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1,082
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—
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Proceeds from sale of property and equipment
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—
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100
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Proceeds from investments
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1,157
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|
980
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Net cash used in investing activities - continuing operations
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(30,728
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)
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(38,937
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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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(30,728
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)
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$
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(38,937
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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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—
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$
|
95
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Repayment of long-term debt
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(25,563
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)
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(45,722
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)
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Proceeds from issuance of shares in connection with share-based
compensation
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2,758
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15,473
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Payment of tax withholdings related to net share settlements
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(8,551
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)
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(10,532
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)
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Shares repurchased and retired
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—
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(18,479
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)
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Contingent consideration payments subsequent to acquisitions
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(600
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)
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—
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Net cash used in financing activities - continuing operations
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(31,956
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)
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(59,165
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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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—
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Total cash used in financing activities
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$
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(31,956
|
)
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|
$
|
(59,165
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)
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Effect of exchange rate on cash, cash equivalents and restricted cash
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(200
|
)
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311
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Net change in cash, cash equivalents and restricted cash
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$
|
1,697
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|
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$
|
2,419
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Cash, cash equivalents and restricted cash at beginning of period
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98,250
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132,154
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Less: Change in cash, cash equivalents and restricted cash -
discontinued operations
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—
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2
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Plus: Cash swept from discontinued operations
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—
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2
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Cash, cash equivalents and restricted cash at end of period
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$
|
99,947
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$
|
134,573
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