CoreLogic, Inc.
Consolidated Statements of Cash Flows
(Unaudited)
|
For the Year Ended |
||||||
|
December 31, |
||||||
(in thousands) |
2020 |
|
2019 |
||||
Cash flows from operating activities: |
|
|
|
||||
Net income |
$ |
301,355 |
|
|
$ |
49,380 |
|
Less: Income from discontinued operations, net of tax |
34,363 |
|
|
15,610 |
|
||
Less: Gain from sale of discontinued operations, net of tax |
2,742 |
|
|
— |
|
||
Net income from continuing operations |
264,250 |
|
|
33,770 |
|
||
Adjustments to reconcile net income from continuing operations to net cash provided by operating activities: |
|
|
|
||||
Depreciation and amortization |
174,445 |
|
|
175,100 |
|
||
Impairment loss |
2,309 |
|
|
47,834 |
|
||
Amortization of debt issuance costs |
4,935 |
|
|
5,077 |
|
||
Amortization of operating lease assets |
14,855 |
|
|
15,402 |
|
||
Provision for bad debts and claim losses |
22,711 |
|
|
15,341 |
|
||
Share-based compensation |
45,060 |
|
|
35,171 |
|
||
Equity in earnings of investee, net of taxes |
(1,859) |
|
|
(556) |
|
||
Loss on early extinguishment of debt |
— |
|
|
1,892 |
|
||
Deferred income tax |
23,639 |
|
|
2,069 |
|
||
| Impairment loss on investment in affiliates |
— |
|
|
1,511 |
|
||
| Tax indemnification release |
— |
|
|
13,394 |
|
||
| Gain on investments and other, net |
(42,153) |
|
|
(2,329) |
|
||
| Change in operating assets and liabilities, net of acquisitions: |
|
|
|
||||
| Accounts receivable |
(55,829) |
|
|
(33,491) |
|
||
| Prepaid expenses and other assets |
(2,570) |
|
|
(7,300) |
|
||
| Accounts payable and other accrued expenses |
(21,095) |
|
|
1,283 |
|
||
| Contract liabilities |
144,548 |
|
|
50,380 |
|
||
| Income taxes |
(32,397) |
|
|
22,210 |
|
||
| Dividends received from investments in affiliates |
109 |
|
|
1,987 |
|
||
| Other assets and other liabilities |
(49,780) |
|
|
(31,413) |
|
||
| Net cash provided by operating activities - continuing operations |
491,178 |
|
|
347,332 |
|
||
| Net cash provided by operating activities - discontinued operations |
44,594 |
|
|
16,884 |
|
||
| Total cash provided by operating activities |
$ |
535,772 |
|
|
$ |
364,216 |
|
| Cash flows from investing activities: |
|
|
|
||||
| Purchases of property and equipment |
$ |
(57,668) |
|
|
$ |
(79,265) |
|
| Purchases of capitalized data and other intangible assets |
(41,442) |
|
|
(35,481) |
|
||
| Cash paid for acquisitions, net of cash acquired |
(12,045) |
|
|
(13,283) |
|
||
| Cash received from sale of business-lines |
— |
|
|
4,109 |
|
||
| Cash received from sale of discontinued operations |
7,506 |
|
|
— |
|
||
| Purchases of investments |
(1,315) |
|
|
(658) |
|
||
| Proceeds from investments and other |
51,358 |
|
|
5,594 |
|
||
| Net cash used in investing activities - continuing operations |
(53,606) |
|
|
(118,984) |
|
||
| Net cash used in investing activities - discontinued operations |
(12,113) |
|
|
(16,845) |
|
||
| Total cash used in investing activities |
$ |
(65,719) |
|
|
$ |
(135,829) |
|
| Cash flows from financing activities: |
|
|
|
||||
| Proceeds from long-term debt |
$ |
300,000 |
|
|
$ |
1,770,000 |
|
| Debt issuance costs |
— |
|
|
(9,621) |
|
||
| Debt extinguishment premium |
— |
|
|
(425) |
|
||
| Repayments of long-term debt |
(103,197) |
|
|
(1,883,955) |
|
||
| Shares repurchased and retired |
(509,259) |
|
|
(86,675) |
|
||
| Proceeds from issuance of shares in connection with share-based compensation |
11,256 |
|
|
10,149 |
|
||
| Payment of tax withholdings related to net share settlements |
(22,529) |
|
|
(10,026) |
|
||
| Contingent consideration payments subsequent to acquisitions |
— |
|
|
(600) |
|
||
| Cash dividends |
(85,722) |
|
|
— |
|
||
| Net cash used in financing activities - continuing operations |
(409,451) |
|
|
(211,153) |
|
||
| Net cash used in financing activities - discontinued operations |
(6) |
|
|
(12) |
|
||
| Total cash used in financing activities |
$ |
(409,457) |
|
|
$ |
(211,165) |
|
| Effect of exchange rate on cash, cash equivalents and restricted cash |
4,007 |
|
|
230 |
|
||
| Net change in cash, cash equivalents and restricted cash |
$ |
64,603 |
|
|
$ |
17,452 |
|
| Cash, cash equivalents and restricted cash at beginning of year |
114,678 |
|
|
94,679 |
|
||
| Less: Change in cash, cash equivalents and restricted cash - discontinued operations |
32,475 |
|
|
27 |
|
||
| Plus: Cash swept from discontinued operations |
31,027 |
|
|
2,574 |
|
||
| Cash, cash equivalents and restricted cash at end of year |
$ |
177,833 |
|
|
$ |
114,678 |
|
