CoreLogic, Inc. |
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Condensed Consolidated Statements of Cash Flows |
||||||||||
(Unaudited) |
||||||||||
|
|
|||||||||
|
For the Nine Months Ended
|
|||||||||
(in thousands) |
2020 |
|
2019 |
|||||||
Cash flows from operating activities: |
|
|
|
|||||||
Net income |
$ |
205,969 |
|
|
|
$ |
19,298 |
|
|
|
Less: Income from discontinued operations, net of tax |
28,149 |
|
|
|
11,073 |
|
|
|||
Net income from continuing operations |
177,820 |
|
|
|
8,225 |
|
|
|||
Adjustments to reconcile net income from continuing operations to net cash provided by operating activities: |
|
|
|
|||||||
Depreciation and amortization |
130,639 |
|
|
|
132,767 |
|
|
|||
Amortization of debt issuance costs |
3,710 |
|
|
|
3,836 |
|
|
|||
Amortization of operating lease assets |
11,067 |
|
|
|
11,675 |
|
|
|||
Impairment loss |
1,228 |
|
|
|
47,834 |
|
|
|||
Provision for bad debt and claim losses |
14,020 |
|
|
|
10,998 |
|
|
|||
Share-based compensation |
33,898 |
|
|
|
26,018 |
|
|
|||
Equity in earnings of affiliates, net of taxes |
(1,859 |
) |
|
|
(498 |
) |
|
|||
| Gain on sale of property and equipment |
1,360 |
|
|
|
(3 |
) |
|
|||
| Loss on early extinguishment of debt |
— |
|
|
|
1,453 |
|
|
|||
| Deferred income tax |
56 |
|
|
|
(10,642 |
) |
|
|||
| Impairment loss on investment in affiliates |
— |
|
|
|
1,511 |
|
|
|||
| Gain on investments and other, net |
(37,154 |
) |
|
|
(847 |
) |
|
|||
| Tax indemnification release |
— |
|
|
|
13,394 |
|
|
|||
| Change in operating assets and liabilities, net of acquisitions: |
|
|
|
|||||||
| Accounts receivable |
(33,159 |
) |
|
|
(23,218 |
) |
|
|||
| Prepaid expenses and other current assets |
(2,104 |
) |
|
|
(7,201 |
) |
|
|||
| Accounts payable and other accrued expenses |
54,847 |
|
|
|
(19,894 |
) |
|
|||
| Contract liabilities |
102,302 |
|
|
|
19,899 |
|
|
|||
| Income taxes |
(32,815 |
) |
|
|
31,239 |
|
|
|||
| Dividends received from investments in affiliates |
109 |
|
|
|
— |
|
|
|||
| Other assets and other liabilities |
(45,550 |
) |
|
|
(29,122 |
) |
|
|||
| Net cash provided by operating activities - continuing operations |
378,415 |
|
|
|
217,424 |
|
|
|||
| Net cash provided by operating activities - discontinued operations |
40,687 |
|
|
|
29,669 |
|
|
|||
| Total cash provided by operating activities |
$ |
419,102 |
|
|
|
$ |
247,093 |
|
|
|
| Cash flows from investing activities: |
|
|
|
|||||||
| Purchases of property and equipment |
$ |
(40,187 |
) |
|
|
$ |
(52,807 |
) |
|
|
| Purchases of capitalized data and other intangible assets |
(28,717 |
) |
|
|
(25,845 |
) |
|
|||
| Cash paid for acquisitions, net of cash acquired |
(12,045 |
) |
|
|
(13,280 |
) |
|
|||
| Purchases of investments |
(1,315 |
) |
|
|
(658 |
) |
|
|||
| Cash received from sale of business-lines |
— |
|
|
|
4,109 |
|
|
|||
| Proceeds from sale of property and equipment |
— |
|
|
|
3 |
|
|
|||
| Proceeds from investments and other |
48,035 |
|
|
|
5,591 |
|
|
|||
| Net cash used in investing activities - continuing operations |
(34,229 |
) |
|
|
(82,887 |
) |
|
|||
| Net cash used in investing activities - discontinued operations |
(9,259 |
) |
|
|
(13,987 |
) |
|
|||
| Total cash used in investing activities |
$ |
(43,488 |
) |
|
|
$ |
(96,874 |
) |
|
|
| Cash flows from financing activities: |
|
|
|
|||||||
| Proceeds from long-term debt |
$ |
— |
|
|
|
$ |
1,770,000 |
|
|
|
| Debt issuance costs |
— |
|
|
|
(9,621 |
) |
|
|||
| Repayment of long-term debt |
(102,461 |
) |
|
|
(1,844,155 |
) |
|
|||
| Proceeds from issuance of shares in connection with share-based compensation |
8,487 |
|
|
|
8,391 |
|
|
|||
| Payment of tax withholdings related to net share settlements |
(9,816 |
) |
|
|
(9,645 |
) |
|
|||
| Shares repurchased and retired |
(9,273 |
) |
|
|
(61,607 |
) |
|
|||
| Dividends paid |
(61,062 |
) |
|
|
— |
|
|
|||
| Contingent consideration payments subsequent to acquisitions |
— |
|
|
|
(600 |
) |
|
|||
| Net cash used in financing activities - continuing operations |
(174,125 |
) |
|
|
(147,237 |
) |
|
|||
| Net cash used in financing activities - discontinued operations |
(6 |
) |
|
|
(12 |
) |
|
|||
| Total cash used in financing activities |
$ |
(174,131 |
) |
|
|
$ |
(147,249 |
) |
|
|
| Effect of exchange rate on cash, cash equivalents, and restricted cash |
(2,042 |
) |
|
|
637 |
|
|
|||
| Net change in cash, cash equivalents, and restricted cash |
199,441 |
|
|
|
3,607 |
|
|
|||
| Cash, cash equivalents, and restricted cash at beginning of period |
114,679 |
|
|
|
94,679 |
|
|
|||
| Less: Change in cash, cash equivalents, and restricted cash - discontinued operations |
31,422 |
|
|
|
15,670 |
|
|
|||
| Plus: Cash swept from discontinued operations |
30,135 |
|
|
|
17,697 |
|
|
|||
| Cash, cash equivalents, and restricted cash at end of period |
$ |
312,833 |
|
|
|
$ |
100,313 |
|
|
|
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.
