CoreLogic, Inc.
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For the Six Months
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(in thousands) |
2020 |
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2019 |
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Cash flows from operating activities: |
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Net income/(loss) |
$ |
92,824 |
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$ |
(3,885) |
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Less: Income/(loss) from discontinued operations, net of tax |
13 |
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(94) |
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Net income/(loss) from continuing operations |
92,811 |
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(3,791) |
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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 |
93,544 |
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96,325 |
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Amortization of debt issuance costs |
2,493 |
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2,583 |
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Amortization of operating lease assets |
7,284 |
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7,923 |
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Impairment loss |
1,228 |
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47,834 |
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Provision for bad debt and claim losses |
7,893 |
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7,577 |
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Share-based compensation |
21,838 |
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17,755 |
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Equity in (earnings)/losses of affiliates, net of taxes |
(888) |
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108 |
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Loss on early extinguishment of debt |
— |
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1,453 |
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Deferred income tax |
3,087 |
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(8,291) |
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| (Gain)/loss on investments and other, net |
(4,089) |
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2,150 |
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| Tax indemnification release |
— |
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13,394 |
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| Change in operating assets and liabilities, net of acquisitions: |
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| Accounts receivable |
(9,545) |
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(38,845) |
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| Prepaid expenses and other current assets |
(4,767) |
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(6,189) |
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| Accounts payable and other accrued expenses |
4,889 |
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(24,962) |
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| Contract liabilities |
66,786 |
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12,329 |
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| Income taxes |
(7,893) |
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15,890 |
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| Dividends received from investments in affiliates |
109 |
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— |
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| Other assets and other liabilities |
(31,660) |
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(22,649) |
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| Net cash provided by operating activities - continuing operations |
243,120 |
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120,594 |
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| Net cash provided by operating activities - discontinued operations |
18 |
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— |
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| Total cash provided by operating activities |
$ |
243,138 |
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$ |
120,594 |
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| Cash flows from investing activities: |
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| Purchases of property and equipment |
$ |
(31,855) |
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$ |
(44,714) |
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| Purchases of capitalized data and other intangible assets |
(18,535) |
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(18,307) |
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| Cash paid for acquisitions, net of cash acquired |
(12,046) |
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(41) |
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| Purchases of investments |
(631) |
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(658) |
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| Cash received from sale of business-lines |
— |
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1,082 |
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| Proceeds from investments and other |
2,281 |
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1,157 |
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| Net cash used in investing activities - continuing operations |
(60,786) |
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(61,481) |
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| Net cash provided by investing activities - discontinued operations |
— |
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— |
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| Total cash used in investing activities |
$ |
(60,786) |
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$ |
(61,481) |
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| Cash flows from financing activities: |
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| Proceeds from long-term debt |
$ |
— |
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$ |
1,770,000 |
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| Debt issuance costs |
— |
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(9,621) |
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| Repayment of long-term debt |
(101,680) |
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(1,789,702) |
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| Proceeds from issuance of shares in connection with share-based compensation |
5,785 |
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6,559 |
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| Payment of tax withholdings related to net share settlements |
(9,346) |
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(9,267) |
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| Shares repurchased and retired |
(9,273) |
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(29,030) |
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| Dividends paid |
(34,839) |
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— |
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| Contingent consideration payments subsequent to acquisitions |
— |
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(600) |
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| Net cash used in financing activities - continuing operations |
(149,353) |
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(61,661) |
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| Net cash provided by financing activities - discontinued operations |
— |
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— |
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| Total cash used in financing activities |
$ |
(149,353) |
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$ |
(61,661) |
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| Effect of exchange rate on cash, cash equivalents, and restricted cash |
(1,553) |
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26 |
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| Net change in cash, cash equivalents, and restricted cash |
31,446 |
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(2,522) |
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| Cash, cash equivalents, and restricted cash at beginning of period |
115,702 |
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98,250 |
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| Less: Change in cash, cash equivalents, and restricted cash - discontinued operations |
18 |
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— |
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| Plus: Cash swept from discontinued operations |
18 |
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— |
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| Cash, cash equivalents, and restricted cash at end of period |
$ |
147,148 |
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$ |
95,728 |
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CoreLogic Delivers Strong Second Quarter Revenue and Profit Growth and Record Free Cash Flow; Raises Full-year 2020 Financial Guidance
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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