CoreLogic Reports First Quarter 2018 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 Three Months Ended
	March 31,
(in thousands)	2018			2017
Cash flows from operating activities:
Net income	$	28,287		$	15,438
Less: (Loss)/income from discontinued operations, net of tax	(75		)	2,417
Less: Gain from sale of discontinued operations, net of tax	—			313
Net income from continuing operations	28,362			12,708
Adjustments to reconcile net income from continuing operations to net cash provided by operating activities:
Depreciation and amortization	46,140			43,472
Amortization of debt issuance costs	1,376			1,440
Provision for bad debt and claim losses	2,847			3,758
Share-based compensation	8,677			12,167
Equity in (earnings)/losses of affiliates, net of taxes	(233		)	723
Deferred income tax	6,250			8,911
Gain on investment and other, net	(161		)	(935		)
Change in operating assets and liabilities, net of acquisitions:
Accounts receivable	12,745			10,952
Prepaid expenses and other current assets	(764		)	4,952
Accounts payable and accrued expenses	4,987			(11,267		)
Contract liabilities	(2,756		)	15,447
Income taxes	(482		)	(2,293		)
Dividends received from investments in affiliates	776			—
Other assets and other liabilities	(7,537		)	(4,357		)
Net cash provided by operating activities - continuing operations	100,227			95,678
Net cash provided by/(used in) operating activities - discontinued operations	2			(25		)
Total cash provided by operating activities	$	100,229		$	95,653
Cash flows from investing activities:
Purchases of property and equipment	(9,940		)	(8,671		)
Purchases of capitalized data and other intangible assets	(9,544		)	(8,441		)
Cash paid for acquisitions, net of cash acquired	(20,533		)	—
Proceeds from sale of property and equipment	100			3
Proceeds from investments	980			—
Net cash used in investing activities - continuing operations	(38,937		)	(17,109		)
Net cash provided by investing activities - discontinued operations	—			—
Total cash used in investing activities	$	(38,937	)	$	(17,109	)
Cash flows from financing activities:
Proceeds from long-term debt	$	95		$	—
Repayment of long-term debt	(45,722		)	(17,641		)
Shares repurchased and retired	(18,479		)	(19,837		)
Proceeds from issuance of shares in connection with share-based compensation	15,473			2,390
Payment of tax withholdings related to net share settlements	(10,532		)	(12,262		)
Net cash used in financing activities - continuing operations	(59,165		)	(47,350		)
Net cash provided by financing activities - discontinued operations	—			—
Total cash used in financing activities	$	(59,165	)	$	(47,350	)
Effect of exchange rate on cash, cash equivalents and restricted cash	311			(814		)
Net change in cash, cash equivalents and restricted cash	$	2,438		$	30,380
Cash, cash equivalents and restricted cash at beginning of period	129,869			89,974
Less: Change in cash, cash equivalents and restricted cash - discontinued operations	2			(25		)
Plus: Cash swept from/(to) discontinued operations	2			(24		)
Cash, cash equivalents and restricted cash at end of period	$	132,307		$	120,355

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