CoreLogic Reports Third 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.
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CORELOGIC, INC.
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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
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UNAUDITED
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For the Nine Months Ended
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September 30,
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(in thousands)
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2018
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2017
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Cash flows from operating activities:
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Net income
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$109,254
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$87,453
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Less: (Loss)/income from discontinued operations, net of tax
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(175)
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2,421
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Less: Gain from sale of discontinued operations, net of tax
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—
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310
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Net income from continuing operations
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109,429
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84,722
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Adjustments to reconcile net income from continuing operations to
net cash provided by operating activities:
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Depreciation and amortization
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142,030
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131,668
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Amortization of debt issuance costs
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4,103
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4,263
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Provision for bad debt and claim losses
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11,113
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12,268
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Share-based compensation
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29,574
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29,558
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Equity in (earnings)/losses of affiliates, net of taxes
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(2,909)
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1,232
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Gain on sale of property and equipment
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(19)
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(227)
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Deferred income tax
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10,279
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(7,038)
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(Gain)/loss on investment and other, net
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(5,124)
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6,513
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Change in operating assets and liabilities, net of acquisitions:
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Accounts receivable
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2,619
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(5,655)
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Prepaid expenses and other current assets
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(7,617)
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2,414
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Accounts payable and other accrued expenses
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(22,037)
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(40,681)
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Contract liabilities
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(18,406)
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26,037
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Income taxes
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7,847
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644
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Dividends received from investments in affiliates
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775
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1,198
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Other assets and other liabilities
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(9,353)
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21,765
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Net cash provided by operating activities - continuing operations
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252,304
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268,681
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Net cash (used in)/provided by operating activities - discontinued
operations
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(4)
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3,660
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Total cash provided by operating activities
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$252,300
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$272,341
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Cash flows from investing activities:
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Purchases of property and equipment
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$(41,020)
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$(28,534)
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Purchases of capitalized data and other intangible assets
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(25,013)
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(25,744)
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Cash paid for acquisitions, net of cash acquired
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(140,977)
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(188,372)
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Cash received from sale of business-line
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3,245
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—
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Proceeds from sale of property and equipment
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198
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316
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Proceeds from investments
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980
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—
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Net cash used in investing activities - continuing operations
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(202,587)
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(242,334)
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Net cash provided by investing activities - discontinued operations
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—
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—
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Total cash used in investing activities
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$(202,587)
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$(242,334)
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Cash flows from financing activities:
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Proceeds from long-term debt
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$120,095
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$1,995,000
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Debt issuance costs
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—
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(14,294)
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Repayment of long-term debt
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(114,626)
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(1,796,661)
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Proceeds from issuance of shares in connection with share-based
compensation
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19,585
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6,330
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Payment of tax withholdings related to net share settlements
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(12,623)
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(13,629)
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Shares repurchased and retired
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(87,028)
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(132,460)
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Net cash (used in)/provided by financing activities - continuing
operations
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(74,597)
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44,286
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Net cash provided by financing activities - discontinued operations
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—
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—
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Total cash (used in)/provided by financing activities
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$(74,597)
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$44,286
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Effect of exchange rate on cash, cash equivalents and restricted cash
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2,039
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(1,324)
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Net change in cash, cash equivalents and restricted cash
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(22,845)
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72,969
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Cash, cash equivalents and restricted cash at beginning of period
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132,154
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89,974
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Less: Change in cash, cash equivalents and restricted cash -
discontinued operations
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(4)
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3,660
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Plus: Cash swept (to)/from discontinued operations
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(4)
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3,660
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Cash, cash equivalents and restricted cash at end of period
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$109,309
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$162,943
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