|
CORELOGIC, INC. | |||||||
|
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS | |||||||
|
UNAUDITED | |||||||
|
| |||||||
|
|
For the Six Months Ended | ||||||
|
|
June 30, | ||||||
|
(in thousands) |
2015 |
|
2014 | ||||
|
Cash flows from operating activities: |
|
|
| ||||
|
Net income |
$ |
62,433 |
|
|
$ |
13,693 |
|
|
Less: Loss from discontinued operations, net of tax |
(329) |
|
|
(10,363) |
| ||
|
Net income from continuing operations |
62,762 |
|
|
24,056 |
| ||
|
Adjustments to reconcile net income from continuing operations to net cash provided by operating activities: |
|
|
| ||||
|
Depreciation and amortization |
73,192 |
|
|
64,872 |
| ||
|
Impairment loss |
58 |
|
|
4,222 |
| ||
|
Provision for bad debt and claim losses |
5,754 |
|
|
6,958 |
| ||
|
Share-based compensation |
18,539 |
|
|
15,760 |
| ||
|
Excess tax benefit related to stock options |
(5,641) |
|
|
(6,275) |
| ||
|
Equity in earnings of affiliates, net of taxes |
(8,434) |
|
|
(6,257) |
| ||
|
Gain on sale of property and equipment |
— |
|
|
(24) |
| ||
|
Loss on early extinguishment of debt |
1,589 |
|
|
763 |
| ||
|
Deferred income tax |
(1,113) |
|
|
3,339 |
| ||
|
Loss/(gain) on investments and other, net |
1,047 |
|
|
(2,642) |
| ||
|
Change in operating assets and liabilities, net of acquisitions: |
|
|
| ||||
|
Accounts receivable |
(52,792) |
|
|
7,703 |
| ||
|
Prepaid expenses and other current assets |
(1,561) |
|
|
1,815 |
| ||
|
Accounts payable and accrued expenses |
(16,582) |
|
|
(30,314) |
| ||
|
Deferred revenue |
46,724 |
|
|
(12,369) |
| ||
|
Income taxes |
(3,355) |
|
|
44,723 |
| ||
|
Dividends received from investments in affiliates |
16,488 |
|
|
26,052 |
| ||
|
Other assets and other liabilities |
(3,548) |
|
|
(14,279) |
| ||
|
Net cash provided by operating activities - continuing operations |
133,127 |
|
|
128,103 |
| ||
|
Net cash (used in)/provided by operating activities - discontinued operations |
(7,372) |
|
|
7,430 |
| ||
|
Total cash provided by operating activities |
$ |
125,755 |
|
|
$ |
135,533 |
|
|
Cash flows from investing activities: |
|
|
| ||||
|
Purchases of property and equipment |
$ |
(21,496) |
|
|
$ |
(26,296) |
|
|
Purchases of capitalized data and other intangible assets |
(18,707) |
|
|
(16,533) |
| ||
|
Cash paid for acquisitions, net of cash acquired |
— |
|
|
(670,036) |
| ||
|
Purchases of investments |
(2,516) |
|
|
— |
| ||
|
Proceeds from sale of property and equipment |
— |
|
|
36 |
| ||
|
Change in restricted cash |
654 |
|
|
(494) |
| ||
|
Net cash used in investing activities - continuing operations |
(42,065) |
|
|
(713,323) |
| ||
|
Net cash used in investing activities - discontinued operations |
— |
|
|
— |
| ||
|
Total cash used in investing activities |
$ |
(42,065) |
|
|
$ |
(713,323) |
|
|
Cash flows from financing activities: |
|
|
| ||||
|
Proceeds from long-term debt |
$ |
14,375 |
|
|
$ |
690,017 |
|
|
Debt issuance costs |
(6,452) |
|
|
(14,042) |
| ||
|
Repayment of long-term debt |
(36,078) |
|
|
(56,550) |
| ||
|
Proceeds from issuance of stock related to stock options and employee benefit plans |
18,109 |
|
|
4,440 |
| ||
|
Minimum tax withholding paid on behalf of employees for restricted stock units |
(12,742) |
|
|
(15,034) |
| ||
|
Shares repurchased and retired |
(58,720) |
|
|
(32,041) |
| ||
|
Excess tax benefit related to stock options |
5,641 |
|
|
6,275 |
| ||
|
Net cash (used in)/provided by financing activities - continuing operations |
(75,867) |
|
|
583,065 |
| ||
|
Net cash provided by financing activities - discontinued operations |
— |
|
|
— |
| ||
|
Total cash (used in)/provided by financing activities |
$ |
(75,867) |
|
|
$ |
583,065 |
|
|
Effect of exchange rate on cash |
1,132 |
|
|
903 |
| ||
|
Net increase in cash and cash equivalents |
8,955 |
|
|
6,178 |
| ||
|
Cash and cash equivalents at beginning of period |
104,677 |
|
|
134,419 |
| ||
|
Less: Change in cash and cash equivalents - discontinued operations |
(7,372) |
|
|
7,430 |
| ||
|
Plus: Cash swept (to)/from discontinued operations |
(7,876) |
|
|
7,057 |
| ||
|
Cash and cash equivalents at end of period |
$ |
113,128 |
|
|
$ |
140,224 |
|
|
|
|
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. |
