CoreLogic, Inc. Condensed Consolidated Statements of Cash Flows (Unaudited) |
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|
For the Nine Months Ended |
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|
September 30, |
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(in thousands) |
2019 |
|
2018 |
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Cash flows from operating activities: |
|
|
|
|||||
Net income |
$ |
19,298 |
|
|
$ |
109,254 |
|
|
Less: Loss from discontinued operations, net of tax |
(17,456 |
) |
|
(175 |
) |
|||
Net income from continuing operations |
36,754 |
|
|
109,429 |
|
|||
Adjustments to reconcile net income from continuing operations to net cash provided by operating activities: |
|
|
|
|||||
Depreciation and amortization |
142,042 |
|
|
141,948 |
|
|||
Amortization of debt issuance costs |
3,836 |
|
|
4,103 |
|
|||
Amortization of operating lease assets |
11,675 |
|
|
— |
|
|||
Impairment loss |
47,912 |
|
|
82 |
|
|||
Provision for bad debt and claim losses |
11,546 |
|
|
11,113 |
|
|||
Share-based compensation |
26,863 |
|
|
29,574 |
|
|||
Equity in earnings of affiliates, net of taxes |
(497 |
) |
|
(2,909 |
) |
|||
Gain on sale of property and equipment |
(3 |
) |
|
(19 |
) |
|||
Loss on early extinguishment of debt |
1,453 |
|
|
— |
|
|||
Deferred income tax |
(10,642 |
) |
|
10,279 |
|
|||
Loss/(gain) on investments and other, net |
473 |
|
|
(5,124 |
) |
|||
Tax indemnification release |
13,394 |
|
|
— |
|
|||
Change in operating assets and liabilities, net of acquisitions: |
|
|
|
|||||
Accounts receivable |
(33,071 |
) |
|
2,619 |
|
|||
Prepaid expenses and other current assets |
(7,132 |
) |
|
(7,617 |
) |
|||
Accounts payable and other accrued expenses |
(18,023 |
) |
|
(22,037 |
) |
|||
Contract liabilities |
19,629 |
|
|
(18,406 |
) |
|||
Income taxes |
31,239 |
|
|
7,847 |
|
|||
Dividends received from investments in affiliates |
— |
|
|
775 |
|
|||
Other assets and other liabilities |
(29,208 |
) |
|
(9,353 |
) |
|||
Net cash provided by operating activities - continuing operations |
248,240 |
|
|
252,304 |
|
|||
Net cash used in operating activities - discontinued operations |
(1,148 |
) |
|
(4 |
) |
|||
Total cash provided by operating activities |
$ |
247,092 |
|
|
$ |
252,300 |
|
|
Cash flows from investing activities: |
|
|
|
|||||
Purchases of property and equipment |
$ |
(63,196 |
) |
|
$ |
(41,020 |
) |
|
Purchases of capitalized data and other intangible assets |
(29,443 |
) |
|
(25,013 |
) |
|||
Cash paid for acquisitions, net of cash acquired |
(13,280 |
) |
|
(140,977 |
) |
|||
Purchases of investments |
(658 |
) |
|
— |
|
|||
Cash received from sale of business-lines |
4,109 |
|
|
3,245 |
|
|||
Proceeds from sale of property and equipment |
3 |
|
|
198 |
|
|||
Proceeds from investments |
5,591 |
|
|
980 |
|
|||
Net cash used in investing activities - continuing operations |
(96,874 |
) |
|
(202,587 |
) |
|||
Net cash provided by investing activities - discontinued operations |
— |
|
|
— |
|
|||
Total cash used in investing activities |
$ |
(96,874 |
) |
|
$ |
(202,587 |
) |
|
Cash flows from financing activities: |
|
|
|
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Proceeds from long-term debt |
$ |
1,770,000 |
|
|
$ |
120,095 |
|
|
Debt issuance costs |
(9,621 |
) |
|
— |
|
|||
Repayment of long-term debt |
(1,844,155 |
) |
|
(114,626 |
) |
|||
Proceeds from issuance of shares in connection with share-based compensation |
8,391 |
|
|
19,585 |
|
|||
Payment of tax withholdings related to net share settlements |
(9,645 |
) |
|
(12,623 |
) |
|||
Shares repurchased and retired |
(61,607 |
) |
|
(87,028 |
) |
|||
Contingent consideration payments subsequent to acquisitions |
(612 |
) |
|
— |
|
|||
Net cash used in financing activities - continuing operations |
(147,249 |
) |
|
(74,597 |
) |
|||
Net cash provided by financing activities - discontinued operations |
— |
|
|
— |
|
|||
Total cash used in financing activities |
$ |
(147,249 |
) |
|
$ |
(74,597 |
) |
|
Effect of exchange rate on cash, cash equivalents and restricted cash |
637 |
|
|
2,039 |
|
|||
Net change in cash, cash equivalents and restricted cash |
3,606 |
|
|
(22,845 |
) |
|||
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 |
(1,148 |
) |
|
(4 |
) |
|||
Plus: Cash swept from discontinued operations |
(1,148 |
) |
|
(4 |
) |
|||
Cash, cash equivalents and restricted cash at end of period |
$ |
101,856 |
|
|
$ |
109,309 |
|
|
|
|
|
|
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Supplemental disclosures of cash flow information: |
|
|
|
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Cash paid for interest |
$ |
53,202 |
|
|
$ |
50,108 |
|
|
Cash paid for income taxes |
$ |
11,558 |
|
|
$ |
25,406 |
|
|
Cash refunds from income taxes |
$ |
16,812 |
|
|
$ |
3,271 |
|
|
Non-cash investing activities: |
|
|
|
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Capital expenditures included in accounts payable and other accrued expenses |
$ |
11,286 |
|
|
$ |
16,911 |
|