CoreLogic Reports Third 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.

 

CoreLogic, Inc.

Condensed Consolidated Statements of Cash Flows

(Unaudited)

 

 

For the Nine Months Ended

 

September 30,

(in thousands)

2019

 

2018

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:

 

 

 

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

 

 

 

 

 

Supplemental disclosures of cash flow information:

 

 

 

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:

 

 

 

Capital expenditures included in accounts payable and other accrued expenses

$

11,286

 

 

$

16,911

 


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